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A.
All moneys received pursuant to the provisions of this chapter, whether revenues, proceeds from the sale of revenue bonds or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Any bank or trust company in which such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes specified in this chapter, subject to the terms of the resolution authorizing the revenue bonds.
B.
The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the city and for their health and welfare.
C.
This chapter, being necessary for the welfare of the city and its inhabitants, shall be liberally construed to effect is purposes.
D.
If the jurisdiction of the city to order a proposed act is not affected, an omission of any officer or the city in proceedings under this chapter or any other defect in the proceedings shall not invalidate the proceedings or revenue bonds issued pursuant to this chapter.
E.
This chapter is full authority for the issuance of revenue bonds by the city for the purpose of financing rental housing.
F.
This chapter shall be deemed to provide a complete, additional, and alternative method for doing the things authorized hereby, and shall be regarded as supplemental and additional to the powers conferred by other laws. The issuance of revenue bonds and refunding revenue bonds under the provisions of this chapter need not comply with the requirements of any other law applicable to the issuance of bonds to the extent not inconsistent with the laws of the State of California.
G.
An action may be brought pursuant to Chapter 9 (commencing with Section 860) of Part 2 of Title 10 of the Code of Civil Procedure, or under any other applicable law or legal procedure, to determine the validity of bonds, proceedings, agreements or indentures, including, without limiting the generality of the foregoing, the legality of all proceedings theretofore taken pursuant to this chapter.
(Ord. 301 §13, 1981).