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HomeMy WebLinkAbout13838ORDINANCE NO. 13,838 AN ORDINANCE AMENDING ORDINANCE NO. 13,528 OF THE CITY OF LITTLE ROCK, ARKANSAS ADOPTED NOVEMBER 7, 1978; INCREASING THE AUTHORITY OF THE CITY OF LITTLE ROCK RESIDENTIAL HOUSING FACILITIES BOARD TO ISSUE REVENUE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas (the "City "), pursuant to the provisions of Act No. 142 of the Acts of the General Assembly of the State of Arkansas for the year 1975, as amended (the "Act "), by Ordinance No. 13,528, adopted November 7, 1978 (hereinafter "Ordinance No. 13,528 "), established the City of Little Rock, Arkansas Residential Housing Facilities Board (the "Board "), for the purpose, among others, of assisting in the financing of residential housing facilities within or near the City; and WHEREAS, pursuant to said Ordinance No. 13,528 the Board on March 28, 1979 issued its Single Family Mortgage Revenue Bonds, 1979 Series A, in the amount of Seventy -five Million Dollars ($75,000,000) in furtherance of =he purposes for whicn the Board was created; and WHEREAS, the providing of decent, safe and sanitary residential housing facilities will be aided by enlarging the Board's authority to issue revenue bonds to allow it to continue to assist in the financing of residential housing facilities; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, PRKANSAS: Section 1. -The Board of Directors of the City hereby finds and determines that there continues to exist within and near the City a shortage of decent, safe and sanitary residential housing facilities available for rehabilitation, construction or purchase on terms that persons and families of low and moderate income can . afford to pay, and the providing of additional financial assistance The term "single- family residential housing" as used herein means a specific work or improvement which provides dwelling accommodations consisting of not more than four units one of which must be occupied by the owner. The Board shall require that for a period of not less than 180 days from the time funds for such program are available for the purchase of mortgages all such funds be made available for qualified single - family residential housing facilities in the corporate limits of the City as now existing or as may hereafter be extended. The Board shall also require in any event that not less than eighty percent (80 %) of the value of all mortgages purchased shall be for qualified single family residential housing facilities in the corporate limits of the City as now existing or as may hereafter be extended and that not more than twenty percent (20 %) of the value of all mortgages purchased may be for qualified single family resi- dential housing facilities outside such corporate limits of the City, which facilities in any event must be within the territorial planning jurisdiction of the City as provided by law." Section 4. If any provisions of this Ordinance or the appli- cation thereof to any person or circumstance is held invalid, such invalidity shall not affect the other provisions or applica- tions of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Section 5. All Ordinances of the City, or parts thereof, in conflict with this Ordinance are hereby repealed to the extent of such conflict. Section 6. It is hereby found and determined that there is an immediate and urgent need for the providing of decent, safe and sanitary housing for persons of low and moderate income in or near the City and the providing of financial assistance to such persons, and that the amendments to Ordinance No. 13,528 and the -3- by the Board in order to enable persons and families of low and moderate income to finance the costs of decent, safe and sanitary residential housing facilities is a proper public purpose as declared by the Act, and this determination of the Board of Directors of the City. Section 2. Section 5 of Ordinance No. 13,528 is hereby amended to read as follows: "Section 5. Issuance of Bonds. The Board is authorized to issue revenue bonds, from time to time, and to use the proceeds, either alone or together with other available funds and revenues, to accomplish the purposes for which the Board is created as the same relates to the providing of decent, safe and sanitary residential housing facilities. Such revenue bonds shall be obligations only of the Board and shall not constitute an indebtedness for which the faith and credit of the City or any of its revenues are pledged, and the principal and interest on the bonds shall be payable from and secured by a pledge of revenues derived from resi- dential housing facilitie, financed, in whole or in part, from bond proceeds and as authorized b,1, and in accordance with the provisions of the Act, together with such other collateral as may properly be pledged under the Act and as the Board in its discretion may determine. The aggregate principal amount of revenue bonds of the Board outstanding at any one time shall not exceed Two Hundred Twenty -five Million Dollars ($225,000,000)." Section 3. Section 6 of Ordinance No. 13,528 is hereby amended to read as follows: "Section 6. Single Family Programs. Notwithstanding any other provision of this Ordinance, until further authorized by subsequent ordinance of the City the Board is authorized to engage only in one or more residential mortgage purchase programs for single - family residential housing. Ira r exercise by the Board of the increased authority, duties and powers provided in this Ordinance are necessary to the preservation of the public peace, health and safety. Therefore, an emergency is declared to exist and this Ordinance shall be in full force and effect from and after its passage. PASSED: July 1 , 1980. ATTEST: GIIAI,t Ty- Clerk (S E A L) APPROVED: -4-