The text
The city is recognized to have all powers which are necessary or appropriate for carrying out the purposes of this chapter, including, without limitation, the following powers, together with all other powers necessary or convenient to carry out the purposes of this chapter: A.
To determine the location and character of any rental housing to be financed under the provisions of this chapter;
B.
To make a financing, whether by insured loans or otherwise, to participating parties (or designees, as the case may be) through qualified mortgage lenders or otherwise, for rental housing within the city;
C.
To establish the terms and conditions of financings;
D.
To acquire by deed, purchase, lease, contract, gift, devise, or otherwise any real or personal property, structures, rights, rights-of-way, franchises, easements, and other interests in lands necessary or convenient for the financing of rental housing, upon such terms and conditions as it deems advisable, and to lease, sell, or dispose of the same in such manner as may be necessary or desirable to carry out the objectives and purposes of this chapter;
E.
To provide for the issuance of revenue bonds, from time to time, for the purpose of financing rental housing authorized by this chapter and for the purpose of funding or refunding previously issued revenue bonds;
F.
To establish limitations respecting fees, charges, and interest rates to be used by qualified mortgage lenders for financing rental housing pursuant to this chapter, and, from time to time, to revise such fees, charges, and interest rates to reflect changes in interest rates on the city's revenue bonds, losses due to defaults, changes in loan-servicing charges, or other expenses related to administration of the Rental Housing Financing Program. Any change interest rate shall conform to the provisions of Section 1916.5 of the Civil Code, except that paragraph (3) of subdivision (a) of Section 1916.5 shall not apply and that the "prescribed standard" specified in Section 1916.5 shall be periodically determined by the city council after hearing preceded by public notice to affected parties, and shall reflect changes in interest rates on the city's bonds, and bona fide changes in loan servicing charges related to the administration of a program under the provisions of this chapter;
G.
To pay fees, charges and expenses incurred in a financing for the purpose of rental housing and, with respect to such financings, to collect and disburse, or contract with any person, partnership, association, corporation, or public agency for the collection and disbursal of payments of principal, interest, taxes, insurance, and mortgage insurance;
H.
In connection with a financing, to hold deeds of trust or mortgages, as security for financing rental housing and to pledge or assign the same as security for repayment of revenue bonds. Such deeds of trust or mortgages may (but shall not be required to) be assigned to, and held on behalf of the city, by any bank or trust company appointed to act as trustee or fiscal agent in any indenture or resolution providing for issuance of bonds pursuant to this chapter.
I.
To employ and fix the compensation of engineering, architectural, accounting, legal, collection, or other services, including services in connection with the servicing of loans made to participating parties, as may be necessary in the judgment of the city for the successful financing of rental housing pursuant to this ordinance and to the extent that the city is unable to provide such services; and
J.
To employ and fix the compensation of financing consultants, bond counsel, and other advisors as may be necessary in its judgment to provide for the issuance and sale of any revenue bonds.
(Ord. 301 §4(A), 1981).