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.
City Council President (Administration)
Sponsors:
A motion was made by member Dorsey, seconded by member Ramos, that
Ordinance 24-0594 be Recommended Favorably with Amendments. The motion
carried by the following vote:
12 -
Yes:
"Yitzy" Schleifer, Bullock, Burnett, Conway, Ramos, Porter, Nicholas J. Mosby,
Stokes Sr., Dorsey, Middleton, Cohen, and Glover
1 - Costello
No:
2 - Torrence, and McCray
Absent:
