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0575 q1 ORDINANCE NO. 5 7 5 AN ORDINANCE Al"lliNDING SECTION 1 AND SECTION 4 OF Ol<lJINANrF: NO. 516 OF 1978; DECIARING AN flvltd-{(jt;i\ICYi AND FOR GrHER PURPOSES. (REGARDI:NG RESIDENTIAL HOUSI:NG FACILITIES BOARD) NOVJ, ~'ORE, BE 1-'11 ORDAIN1:ill BY THE CITY COUNCIL OF THE CITY OF JACKSON- VIILE, ARKANSAS, THAT: SEC'l'ION 1. Section 1 of Ordinance No. 516 of 1978, as amended is hereby amended to read as follows: (f) There exists within the City of Jacksonville, Arkansas a need to provide funds for mortgage financing of rental units for persons of low and moderate inculLLe. SECTION 2. Section 4 of OLdinance No. 516 of 1978, as amended is hereby amended to read as follows: "Section 4. Powers. The Board is t:1LLJ::JOwered, fruLL time to time, to loa.n, acquire, construct, reconstruct, ex- tend, equip, l.1utJrove, sell, lease, and contract concern- ing (which shall include the purchase of mortgage loans and the making of loans to mortgage lenders) residential housing facilities as shall be determined by the Boa.rd to be necess~ry to effect the purposes of this Ordinance to provide decent, safe and sanitary residential housing facili ties wi thin the City. In addition, the Board shall have each of the powers set forth in Section 7 of the Act, as dlLLended, and alJl!ropriate to the purposes for which the Board is created. The Board nay enter into such contractual or cooperative agret:'J.LLents with such persons as may, in its discretion, be advisable to accuLLp1ish the purposes of this Ordinance, including without limitation, deparlJ.LLents, agencies or ins trurnenta:l i ties of the United States of America, the State of Arkansas or the City, e.g. the DeparULLent of Housing and Urban Develo1:JLuent, the Federal Housing Administration, the :Axkansas Housing Authority. SECTICN 3. This Ordinance being necessary for the iLLlLuediate preserva- tion of the public health, safety, welfare and morale of the citizens of the City of Jacksonville, Arkansas, an C::LUergency is hereby declared to exist and the above Ordinance shall be in full force and effect illlLLLediately aftpr its passage. * APPROVNJ THIS 21st DAY OF February , 1980. CITY OF JACKSONVILLE, ARKANSAS A'l.l'.t;ST: MA~.~ ~. lJ~ ~~ ~ ~ CITY C~ I (j APPROV12J AS TO FORM: 1:::-.0 ~2"~ CITY kl.l ORN~y - * ~1tJ:{(jt;i\CY CLAUSE Nor jQf'FEC'l'tV BY VOl'.t; OF COUNCIL. ORDINANCE BECamS tJ:i'j;'ECTIVE 21ST DAY OF MARCH, 1980. (NANCY GliliREN, CITY C~)