City-Wide Affordable Housing Bond Issuance
For the purpose of authorizing the issuance of special obligation bonds
and the pledge, subject to appropriation, of Tax Increment Revenues (as
such term is defined herein) to the payment of debt service thereon;
providing that such bonds may be issued from time to time and in one or
more issues or series in an aggregate principal amount not exceeding
$65,000,000 (to support, subject to additional Mayor and City Council
approval, a borrowing program in the aggregate principal amount of
$150,000,000) for the purpose of financing costs associated with the
rehabilitation of vacant units and the development of affordable housing,
certain public infrastructure improvements, and other related costs,
including, without limitation, the Project (defined herein), and other
necessary improvements to, from, or within the development district, and
certain other improvements permitted by the Tax Increment Act (defined
herein); providing for the method and sources of payment for such special
obligation bonds; authorizing the Board of Finance to specify, prescribe,
determine, provide for and approve the details, forms, documents or
procedures in connection with such special obligation bonds and any other
matters necessary or desirable in connection with the authorization,
issuance, sale, and payment of such special obligation bonds; authorizing
the Board of Finance to specify, prescribe, determine, provide for, and
approve the method and sources of such pledge, the details, forms,
documents, or procedures in connection with such pledge, and any other
matters necessary or desirable in connection with such pledge; providing
for a special effective date; providing that the City, in each fiscal year in
which any such bonds are outstanding, use its best efforts to obtain the
appropriation of the Tax Increment Revenues in the amounts and at the
times specified in a trust agreement or agreements between the City and a
bank or trust company appointed as trustee thereunder; and generally
relating to the issuance and payment of special obligation bonds.
Sponsors:
City Council President (Administration)
