HomeMy WebLinkAboutOrdinance 1528 N.C.S. 08/02/1982li
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SEP 1 1982
URDINANCE NO. 1528 NCS
Introduced by Councilman
John Balshaw
Seconded by Councilman
Roland Bond
AN O~tDINP,NCE PFtOVIDING FOR THE CITY OF
PETALUIvIA HOME MORTGAGE FINANGE PROGRAM
IN ACCORDANCE WITH PART 5 DIVISION 31
OF THE HEALTH AND SAFETY CODE OF THE
STATE OF CALIFORNIA BY ADDING
CHAPTER 4.09 TO THE MUNICIPAL CODE
Recital
WHEREAS, there is a shortage in the City of Petaluma (the "City" )
of decent, safe and sanitary housing, particularly of housing affordable
by persons in the lower end of the purchasing spectrum, and a
consequent need to encourage the construction of homes affordable by
such persons and otherwise to increase the housing supply in the City
for such persons; and
WHEREAS, it is desirable for the City to adopt a home mortgage
finance program to help alleviate such need; and
WHEREAS, in Resolution No. 9513 NCS, adopted on
July 19, 1982, the Couneil of the City authorized the execution of a
Joint Exercise of Powers Agreement, creating the Northern California
Home Mortgage Finarice Authority (the "Authority" ), to exercise jointly
the common powers of the parties thereto pursuant to Chapters 1-5 of
Part 5 of Division 31 of the Health and Safety Code of the State of
California (the "Act") to incur indebtedness and provide financing for
the acquisition, construction and rehabilitation of homes within the
boundaries of said parties (including any city in any county which is a
Ord. 152$ NCS
Page 1 of 3
.
party and which city enters into an agreement to cooperate with the
Authority in the exercise jointly or otherwise of any or all of their
powers for the purpose of financing home mortgages pursuant to the
Act with respect to property within the boundaries of said city);
BE IT 0 RDAINED by the Council of the City of Petaluma as
follows:
Section 1. Chapter 4.09 shall be added to the Petaluma Municipal Code,
said new chapter to read and be numbered as follows:
"Chapter 4.09
CITY OF PETALUMA -
HOME MORTGAGE FINANCE PROGRAM
ARTICLE I
SEC. 4.09.101 TITLE
This chapter may be cited as the City of Petaluma Home Mortgage
Finance Program.
SEC. 4.09.102 PU RPOSE
The City hereby adopts a home mortgage finance program
("Program") pursuant to C hapters 1-5 of Part 5 of Division 31 of the
Health and Safety Code of the State of California ("Act" ) and hereby
declares its intention that the Northern California Home Mortgage
Finance Authority ("Authority") issue revenue bonds pursuant to the
Ord. 1528 NCS Page 2 of 3
Act to provide funds for the purpose of financing the acquisition,
construction and rehabilitation of homes in accordance with the Program
and the home mortgage finance programs of the other parties to the
Authority.
SEC. 4.09.103 FINDINGS
The City hereby finds and declares that the Program will serve
the public purposes of providing financing for decent, safe and
sanitary housing that people in the lower end of the purchasing
spectrurn can afford and of increasing the housing supply.
SEC. 4.09.104 AUTHORIZATION
The proper officers of the City are hereby authorized and directed
to perform any acts and enter into and execute any agreements or other
documents that they may deem necessary to appropriate to implement
the Program."
Section 2. The City Clerk is hereby ordered to publish this
ordinance in accordance with the provisions of the City Charter.
INTRODUCED AND ORDERED POSTED/PUBLISHED this 19th day of
July, 1982.
ADOPTED this 2nd_ _day of August ~ 1982, by the following vote:
AYES: Balshaw, Battaglia, Bond, Cavanagh, Harberson,Perry, Mayor Mattei
Ord. 1528 NCS Page 3 of 3
NOES: None
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