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0516 • . w ' s r • q ,� ���� ORDINANCE NO. -TA; ( ) AN ORDINANCE CREATING THE CITY OF JACKSONVILLE x/ RESIDENTIAL HOUSING FACILITIES BOARD PURSUANT TO THE PROVISIONS OF ACT NO. 142 OF THE ACTS OF CU ARKANSAS OF 1975; PROVIDING FOR THE APPOINTMENT / OF THE INITIAL MEMBERS THEREOF; PRESCRIBING OTHER ^' MATTERS RELATING THERETO; AND DECLARING AN 7� r EMERGENCY. yJ WHEREAS, the City of Jacksonville, Arkansas (the "City"), pursuant to the provisions of Act No. 142 of the Acts of the _ cpri r General Assembly of the State of Arkansas for the year 1975 (the "Act "), is authorized to establish public facilities boards for the purposes set forth in the Act, which includes assisting in the financing of residential housing facilities within the City, and WHEREAS, the providing of decent, safe and sanitary residential housing facilities will be aided by the creation of a public facilities board to assist in the financing of residential housing facilities, and WHEREAS, funds may be obtained by a public facilities board on such terms and under such conditions as will materially assist persons of low and moderate income to obtain financing of residential housing facilities under conditions more favorable than would otherwise be available: NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JACKSONVILLE, ARKANSAS: Section 1. Findings. The Board of Directors of the City hereby finds and determines: (a) There exists within the City a • shortage of decent, safe and sanitary residential housing facilities available for rehabilitation, con- struction or purchase on terms that persons and families of low and moderate income can afford to pay. 1 -2- (b) Existing economic conditions including high rates of interest on residential mortgage loans, and a shortage of funds within lending institutions in the State of Arkansas for residential mortgage loans are operating (i) to further restrict the rehabilitation, construction and purchase of residential housing by persons of low and moderate income at reasonably afford- able costs, (ii) to create unemployment and hardship within the residential construction industry adversely affecting residents of the City and (iii) to reduce and limit the value of property within the City, all of which adversely affect the City's tax revenues and which, if not alleviated, will lead to further urban blight and decay and result in disproportionately large expenditures for services by the City. (c) The availability of mortgage financing to assist such persons and families in the rehabilitation, construction or purchase of decent, safe and sanitary residential housing facilities will be aided by the providing of funds for mortgage financing of residential housing facilities by the creation of a public facilities • board pursuant to the provisions of the Act. • ( d) The providing of financial assistance in order to enable persons and families of low and moderate income to finance the costs of decent, safe and sanitary _ residential housing facilities is a proper public purpose as declared by the Act, and this determination of the Board of Directors of the City. ..(e) The public purpose of financing residential housing facilities may best be served by establishing a public facilities board to purchase mortgages on such residential housing facilities or make loans to mortgage lenders to provide financing for residential housing facilities as provided in the Act. • , , I I -3- Section 2. Creation of Board. Pursuant to the authority of the Act there is hereby created and established the "City of Jacksonville, Arkansas Residential Housing Facilities Board" (hereinafter referred to as the "Board ") with authority as here- inafter provided to accomplish, finance, contract and make or pur- chase mortgage loans concerning, and otherwise act in such manner as may be permitted by the Act to provide decent, safe and sanitary residential housing facilities within the City. Section 3. Members of the Board; Term of Office. The Board shall consist of five persons. The initial members shall be appointed by the Mayor of the City after consultation with the City Council. The members shall serve for terms of one, two, three, four, and five years, respectively. Successor members shall be selected as provided in the Act. The members of the Board shall _ be residents of the City and shall take and file with the City Clerk the oath of office as prescribed by the Act. As soon as practicable after the enactment of this Ordinance each member of the Board shall qualify by taking and filing with the City Clerk the oath of office as prescribed by the Act. Section 4. Powers. The Board is empowered, from time to time, to loan, acquire, construct, reconstruct, extend, equip, improve, sell, lease, and contract concerning (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 Board to be necessary to effect the purposes of this Ordinance to provide decent, safe and sanitary residential housing facilities within • the City. In addition, the Board shall have each of the powers set forth in Section 7 of the Act, as amended, and appro- priate to the purposes for which the Board is created. The Board may enter into such contractual or cooperative agreements with such persons as may, in its discretion, be advisable to accomplish the purposes of this Ordinance, including without limitation, departments, agencies or instrumentalities of the United States I - • -4- of America, the State of Arkansas or the City, e.g. the Department of Housing and Urban Development, the Federal Housing Administration, the Arkansas Housing Development Agency, and the Little Rock Housing Authority. The City Council reserves the right to select or approve the underwriter or underwriters for any such bonds and to select or approve the mortgage lenders and servicing institutions with which the Board shall contract. Section 5. Issuance of Bonds. The Board is authorized to issue revenue bonds, from time to time, and to use the proceeds, either alone or together with other available funds and revenues, to accomplish the purposes for which the Board is created as the same relates to the providing of decent, safe and sanitary residential housing facilities. Such revenue bonds shall be obligations only of the Board and shall not constitute an indebtedness for which the faith and credit of the City or any of its revenues are pledged, and the principal and interest on the bonds shall be payable from and secured by a pledge of revenues derived from resi- dential housing facilities financed, in whole or in part, from bond proceeds and as authorized by, and in accordance with the provisions of the Act, together with such other collateral as may properly be pledged under the Act and as the Board in its discretion may determine. Section 6. Organization; Reports. As soon as practicable.. after the adoption of this Ordinance the Board shall meet and elect such officers as shall be required by the Act. The Board may adopt such by -laws and other rules and regulations as shall be necessary for the conduct of its business and consistent with the provisions of the Act. The Board shall cause to be filed with the City Clerk of the City the annual report described - in Section 18 of the Act. Section 7. Severability. If any provisions of this Ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect the other provisions -5- l i or applications of this Ordinance which can be given effect with- out the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Section 8. General Repeal. All Ordinances of the City, or parts thereof, in conflice with this Ordinance are hereby repealed to the extent of such conflict. Section 9. Emergency. It is hereby found and determined - that there is an immediate and urgent need for the providing of decent, safe and sanitary housing for persons in the City and the providing of financial assistance to persons of low and moderate income to purchase such housing, and that the creation of the Board and the exercise of the duties and powers provided in this Ordinance is necessary to the preservation of the public peace, health and safety. Therefore, an emergency is declared to exist and this Ordinance shall be in full force and effect from and after its passage. PASSED: October 19 , 1978. APPROVED: ATTEST: � r Y May or Citt Clerk (SEAL) l w ✓ CERTIFICATE The undersigned, City Clerk of the City of Jacksonville, Arkansas, hereby certifies that the foregoing pages, numbered from 1 to 6, inclusive, are a true and perfect copy of Ordinance No. 5/6 , adopted at a /tpg /a,* session of the City Council of the City of Jacksonville, Arkansas, held at the regular meeting place in said City at7oo m., on the /9 day of (]r7 d.h , 1978, and that the Ordinance is of record in Ordinance Record Book No. aZ , Page d y , now in my possession. GIVEN under my hand and seal on this 23 -? day of Ce7,44J , 1978. r City Clerk (SEAL)