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)
City-Wide Affordable Housing Development District
For the purpose of designating a “development district” to be known as the
“City-Wide Affordable Housing Development District”; providing for and determining
various matters in connection with the establishment of the development district;
creating a special, tax increment fund for the development district; to provide for the
financing of costs associated with the rehabilitation of vacant units and the
development of affordable housing; allocating certain property taxes to that fund;
making certain findings and determinations; providing for a special effective date; and
generally providing for matters relating to the designation and operation of the
development district, the establishment and use of the special, tax increment fund to
provide for the payment by or reimbursement to the City for debt service which the
City is obligated to pay or has paid (whether such obligation is general or limited) on
any special obligation bonds or notes issued by the City, the replenishment of any
reserve fund established for any bonds, and the payment of certain expenses and
administrative costs related to the operation of the development district; and providing
for a special effective date.
Sponsors:
City Council President (Administration)
Third Reader (for final passage)