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management procedures, but the requirement that <br />20% of the units be reserved for low-income families <br />shall be removed from the Shadow Creek Project. <br /> <br />Section 2: The original conditions for the project which <br /> called for 25% of the units to be reserved for low <br /> or moderate income families, as shown in Ordinance <br /> No. 937, shall apply to the Shadow Creek Project. <br /> <br />Section 3: <br /> <br /> The developers of the Shadow Creek Project shall <br />establish a pool of $36,000 to assist families to <br />get into the units with minimum down payments by <br />providing second mortgage loans, and that these <br />second mortgage loans shall be provided for a <br />three-year period at interest rates not to exceed <br />12%. <br /> <br />Section 4: This resolution shall become effective immediately <br /> upon its passage and adoption. <br /> <br />THIS RESOLUTION ADOPTED JUNE 2, 1982 BY THE FOLLOWING VOTE: <br /> <br />AYES Councilmembers <br /> Butler <br />NOES Councilmember Wood <br />ABSENT: None <br />ABSTAIN: None <br />ATTEST: ~ <br /> ROBE <br /> <br />By Doris George, Deputy City Clerk <br /> <br />- Brandes, Mercer, Mohr and ~ayor <br /> <br />E. BUTLER, ~-~YOR <br /> <br />APPROVED AS TO FOPS{: <br /> <br /> <br />