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(a) "Bond" or "Bonds" • mean's, any or all of the general <br /> obligation bonds of the City issued pursuant to this ordinance, or <br /> any series of such bonds. <br /> ( b) "City" means the City of Everett, Washington. <br /> (c) "Housing Authorities Law" means Chapter 35 .82 RCW as <br /> now or hereafter amended. <br /> ( d) "Housing Authority" means the Housing Authority of the <br /> City of Everett, body corporate and politic created pursuant to RCW <br /> 35 .82 .030 within the corporate limits of the City. <br /> (e) "Housing Cooperation Agreement" means an agreement or <br /> agreements, or amendments thereto, between the City and the Housing <br /> Authority connected with the assistance contemplated in this <br /> ordinance. <br /> ( f) "Housing Cooperation Law" means Chapter 35 .83 RCW as <br /> now or hereafter amended. <br /> (g) "Legislative Authority" means the Mayor and City <br /> Council of the City. <br /> (h) "Low-income Elderly Persons" means individuals <br /> qualifying as such under the requirements of the Housing Authority <br /> now existing or as duly amended. <br /> Section 2 . The City Council finds that there exists a <br /> critical shortage of low-income senior citizen housing in the City. <br /> The Housing Authority is unable to provide sufficient capital funds <br /> to provide such needed housing, and other existing sources of funds <br /> for capital expenditures, including federal grants, and housing <br /> assistance programs are insufficient to meet fully the existing and <br /> projected need for such housing. <br /> Financial assistance to the Housing Authority in the amount <br /> of not to exceed $2 ,000 ,000 would make it possible for the Housing <br /> Authority together with its own resources to provide approximately <br /> 103 additional units of housing for Low-income Elderly Persons <br /> within the City and related facilities serving these units. <br /> 2 <br />