HomeMy WebLinkAboutOrd 79 ORDINANCE NO. 79
AN ORDINANCE OF THE CITY OF CATHEDRAL
CITY ADOPTING A HOME FINANCING PROGRAM.
WHEREAS, there presently exists within the City of Cathedral City (the "City") a
shortage of decent, safe and sanitary housing which is affordable to many persons,
particularly persons in the lower end of the purchasing spectrum, and particularly as high
interest rates have the effect of diminishing the number of otherwise credit worthy
buyers from qualifying for private sector mortgage capital sources; and
WHEREAS, there is a resulting need to encourage the construction of homes
affordable by such persons and otherwise to increase the housing supply within the City
for such persons; and
WHEREAS, this City Council wishes to establish a home financing program
(the"Program") pursuant to Part 5 of Division 31 of the Health and Safety Code of the
State of California (the "Act") and further wishes to declare its intention to authorize an
issue of its mortgage revenue bonds for the purpose of financing the Program; and
WHEREAS, this City Council now finds and determines that it is in the best
interests of the City to engage in the Program pursuant to the Act for persons and
families within the income limits established by the Act for the purpose of encouraging
the construction and purchase of homes in the City that are affordable by such persons;
and
WHEREAS, this encouragement of housing construction will increase the housing
supply in the City; and
WHEREAS, the Act requires that the Program shall comply with the land use
element and the housing element of the General Plan of the City; and
WHEREAS, it will be in the best interests of the City to undertake the program;
NOW THEREFORE,
The city council of the City of Cathedral City does ordain as follows:
SECTION 1. The City hereby adopts the Program pursuant to the Act and hereby
determines to issue its mortgage revenue bonds pursuant to the Act in order to provide
funds for the Program.
E SECTION 2. The City hereby finds and declares that the Program will serve the
public purposes of providing financing for decent, safe and sanitary housing which is
affordable to many persons, particularly those in the lower end of the purchasing
spectrum, and of increasing the housing supply in the City.
SECTION 3. The City hereby finds and declares that the Program complies with the
land use element and the housing element of the General Plan of the City.
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SECTION 4. The City shall operate the Program within the geographical boundaries
of the City.
SECTION 5. The provisions of this Ordinance, being necessary for the welfare of
the City and its inhabitants, shall be liberally construed to effect its purposes.
SECTION 6. This Ordinance shall take effect immediately in accordance with
° ' Health and Safety Code Section 52031, and the City Clerk shall within 15 days after the
passage of this Ordinance, cause it to be posted in at least the 3 public places designated
by resolution of the City Council; shall certify to the adoption and posting of this
Ordinance; and shall cause this Ordinance and its certification, together with proof of
posting, to be entered in the book of ordinances of this City.
The foregoing ordinance was regularly introduced at a regular meeting of the City
Council of the City of Cathedral City duly held on the 18th day of July, 1984, and
thereafter at a regular meeting of said City Council, duly held on the 1st day of
August, 1984, it was duly passed and adopted by the following vote of the Council:
Ayes: Councilmembers Krings, Martin, Murphy and Mayor Pro Tem Smith
Noes: None
Absent: Mayor Case
C /
MAYOR PRO TEM
ATTEST:
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CITY CLERK
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
7-` - /
CI ATTORNEY CITY MANAGER
I HEREBY CERTIFY THAT THE FOREGOING ORDINANCE
NO. 7 9 WAS DULY ADOPTED BY THE CITY COUNCIL
OF THE CITY OF CATHEDRAL CITY, CALIFORNIA, IN A
MEETING THEREOF HELD ON THE / 44- DAY OF
-140 198L, AND THAT SAME WAS POSTED IN AT LEAST THE EE
PUBLIC PLACES SPECIFIED FOR SUCH POSTINGS, BY THE SAID
CITY COUNCIL
CITY CLERK
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