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• <br /> WHEREAS, to provide financing for such senior citizen facil- <br /> ities, it is deemed necessary and advisable that the City issue <br /> and sell its unlimited tax levy general obligation bonds in the <br /> principal amount of $6, 600, 000; and <br /> WHEREAS, the Constitution and laws of the State of Washington <br /> provide that the question of whether or not unlimited tax general <br /> obligation bonds may be issued and sold for capital purposes must <br /> be submitted to the qualified electors of the City for their <br /> ratification or rejection; <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF EVERETT AS <br /> FOLLOWS: <br /> Section 1 . Findings. The City Council hereby makes the <br /> following findings: <br /> A. Hardships imposed by the shortage of housing in Everett <br /> fall most severely upon elderly and handicapped persons of low <br /> income. Such persons frequently are limited to low, fixed incomes <br /> and have increasingly been unable to find any decent, safe and <br /> affordable housing. <br /> B. The Everett Housing Authority requires capital funds for <br /> housing development to alleviate the housing shortage in Everett. <br /> Existing sources of funds for capital expenditures, including <br /> federal grants and housing assistance programs, are insufficient <br /> to meet fully the existing and projected need for housing <br /> assistance. <br /> C. Financial assistance to the Everett Housing Authority in <br /> the amount of $5, 500, 000 would make it possible for the authority <br /> to provide approximately ninety additional units of housing for <br /> elderly persons within the City. <br /> D. The present senior citizen housing facilities located in <br /> the City are inadequate to serve the present and projected needs <br /> -2- FWW75 87/11/30 <br />