Ordinance 826-81 - Laserfiche WebLink

Authority agree are necessary and appropriate to carry out the • purposes of this ordinance, subject to the following : ( a) Proceeds of the sale of the Bonds shall be expended solely for capital costs of housing projects for Low-income Elderly Persons. The term "capital costs" shall be construed consistently with the term "capital purposes" in Article VII , § 2(b) of the Washington Consti- tution and RCW 84 .52 .056 but subject thereto may include the costs of property acquisition and development, engineering, architecture , planning, financial , legal , relocation and other services lawfully incurred incident to the development of housing projects and their financing, including the costs incident to issuance of the Bonds and interim financing, as well as the costs of acquiring, equipping, installing, rehabilitating , or constructing housing units and related facilities serving such units. The term capital costs shall not include replacement of equipment. ( b) All property paid for or financed with the proceeds of the sale of the Bonds shall be owned by the Housing Authority but may be leased, mortgaged or otherwise encumbered to the extent per- mitted by law and the Housing Cooperation Agreement. All housing units developed, purchased, constructed or rehabilitated with the proceeds of the sale of the Bonds shall be managed by the Housing Authority or its agents. ( c) The obligation of the City shall be limited to carrying out the provisions of the Housing Cooperation Agreement. All contracts for the development, acquisition, construction or rehabilitation of the housing provided pursuant to this ordinance and the responsibility for subsequent maintenance and operation shall be obligations of the Housing Authority. (d) If the City and the Housing Authority deem appro- priate, the Housing Cooperation Agreement may provide that bond proceeds be advanced to the Housing Authority on a reimbursable basis in accordance with RCW 35 .83 .050 , in which case rentals in 4