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The definitions set forth in this section shall govern the construction of this chapter, unless the context otherwise requires: A.
"Construction loan" means a loan to a participating party, or his designee, made for the purposes of facilitating rental housing pursuant to this chapter.
B.
"Financing" and "financed" means the lending of moneys or any other thing of value for the purpose of facilitating rental housing pursuant to this chapter.
C.
"Insured loan" means a construction loan or a mortgage loan insured or guaranteed, in whole or in part, by any instrumentality of the United States or the State of California, or by any person licensed to insure mortgages in this state. Construction or mortgage loans made hereunder may be but are not required to be, insured loans.
D.
"Local codes" means the applicable city, state and federal standards for rental housing, including any higher standards adopted by the city or the redevelopment agency of the city for any of the redevelopment project areas.
E.
"Mortgage loan" means a loan secured by a mortgage or trust deed.
F.
"Participating party" means any person, corporation, partnership, firm, or other entity or group of entities requiring financing for rental housing pursuant to the provisions of this chapter. No elective officer of the state or any of its political subdivisions, including, without limitation, the city or employee of the city nor of the redevelopment agency of the city shall be eligible to be a participating party under the provisions of this chapter.
G.
"Qualified mortgage lender" means a mortgage lender authorized by the city to do business with the city and to aid in financing pursuant to this chapter on behalf of the city, for which service the qualified mortgage lender will be reasonably compensated. Such a qualified mortgage lender shall be a state or national bank, federal or state-chartered savings and loan association, or trust company or mortgage banker which is capable of providing service or otherwise aiding in the financing of mortgages on rental housing within the jurisdiction of the city.
H.
"Rental housing" means a rental housing development as defined in Health and Safety Code Section 50735.
I.
"Revenue bonds" or "bonds" means any bonds, notes, interim certificates, debentures, or other obligations issued pursuant to this chapter and which are payable exclusively from revenues and from any other funds specified in this chapter upon which the revenue bonds may be made a charge and from which they are payable. Revenue bonds or bonds does not include any obligations, the interest upon which is not exempt from Federal income tax under the Internal Revenue Code of 1954, as amended.
J.
"Revenues" means all amounts received as repayment of principal, interest, and all other charges received for, and all other income and receipts derived by, the city from the financing of rental housing, including, without limitation, moneys deposited in a sinking, redemption, or reserve fund or other fund to secure the Revenue Bonds or to provide for the payment of the principal of, or interest on, the Revenue Bonds and also including, where applicable, the proceeds of mortgage insurance and guarantee claims.
(Ord. 301 §2, 1981).