Ordinance 826-81 - Laserfiche WebLink

Based upon the foregoing facts and findings , the City Council further finds that the public interest requires that the City assist the Housing Authority in providing funds for the capital costs. of acquiring and constructing such housing and related facili- ties. Such assistance shall be provided in the manner hereinafter set forth and at the time or times deemed most necessary and advisable by the Legislative Authority of the City Council . The City Council further finds and declares that the expenditures of public funds and the acquisition of property or property rights nec- essary for the development, acquisition, construction and equipping of housing for Low-income Elderly Persons pursuant to this ordinance is for a public use and a public and strictly municipal purpose. Section 3 . The City shall aid and cooperate with the Housing Authority in the planning, undertaking, development, acquisition, construction and equipping of housing for Low-income Elderly Persons within the City, together with related facilities . Proceeds of the sale of the Bonds shall be transferred to and used by the Housing Authority, pursuant to a Housing Cooperation Agreement entered into pursuant to the Housing Cooperation Law (Chapter 35 .83 RCW) , to fund as necessary the capital costs of one or more housing projects for Low-income Elderly Persons to be developed , purchased, constructed and equipped by the Housing Authority. The Legislative Authority of the City must approve the Housing Cooperation Agreement by ordinance. The Housing Cooperation Agreement shall contain criteria for projects to be developed, purchased, constructed and equipped by the Housing Authority. The Housing Cooperation Agreement shall also estabish a procedure for City review of proposed projects in accor- dance with such criteria and for disbursement of bond proceeds by the City Treasurer to the Housing Authority, and contain such other provisions as the Legislative Authority of the City and the Housing 3