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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 _
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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
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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.
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(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.
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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
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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
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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
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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)
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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)