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excess of the costs of maintenance and operation of housing • <br /> developed pursuant to this ordinance, reasonably required reserves <br /> for such costs,and other obligations of the Housing Authority shall <br /> be used as provided in the Housing Cooperation Agreement. <br /> (e) Any property or housing units developed, acquired , <br /> constructed and equipped by the Housing Authority with the proceeds <br /> of the Bonds may be sold or otherwise disposed of by the Housing <br /> Authority to the extent permitted by law if utilization of such <br /> housing units for the purposes of this ordinance is no longer <br /> feasible or if such sale or other disposition would further the <br /> purposes of this ordinance by increasing the supply of housing for <br /> Low-income Elderly Persons, but only with the approval of the City <br /> in such manner as may be provided in the Housing Cooperation <br /> Agreement. That portion or proportion of the proceeds of any such <br /> sale, including interest if the sale is on a deferred payment basis, <br /> attributable to the Bond proceeds used in developing, acquiring, <br /> constructing and equipping such units, shall be remitted to the City <br /> for deposit in the Housing Development Fund created by this ordinance <br /> to be used for the same purposes as authorized for use of the Bond <br /> proceeds or for deposit in the Bond Redemption Fund created by <br /> Section 6 of this ordinance. <br /> Section 4 . For the purpose of providing funds necessary to <br /> assist the Housing Authority in paying the capital costs of develop- <br /> ing , acquiring , constructing and equipping housing for Low-income <br /> Elderly Persons and other related facilities pursuant to this ordi- <br /> nance, the City shall issue the Bonds. The Bonds shall be unlimited <br /> tax levy general obligation bonds in the aggregate principal amount <br /> of not to exceed $2 ,000 ,000 . The Bonds shall be issued in such <br /> amounts and at such time or times as found necessary and advisable <br /> by the City Council; may be issued in series; may be combined with <br /> other authorized general obligation bonds of the City and issued <br /> and sold as single issues of City bonds; and shall bear interest <br /> 5 <br />