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O-5067
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8/20/2008 9:06:02 AM
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oRDiNANCE 'NO: )0~? <br /> <br />AN ORDINANCE OF ~HE ~i~'d~ON~iL 0~ ~HE CITy OF RigERsiDE <br /> pROgiDi~b FbR <br /> MULTXFAMibY RENTAL HOUSING REVENUE BOND~ <br /> <br /> BE IT ENACTED BY THE cOUNCiL OF ~HE cITY OF RivERSiDE AS <br />FOLLOWS: <br /> <br />ARTICLE i <br /> <br />RECITALS, FINDINGS AND DEFINITIONS <br /> <br />Section 1. Recitals. <br /> <br /> A. The City of Riverside ('the ]'~i~y{~) is a municipal <br />corp0ra~on organized, and ekisting under the C0~stit~tion of <br />the sta~e of California and the Charter of the City (the <br />"Charter"); <br /> <br /> B. PUrsuant to A~ticie Xi; section 5 of the california <br />Constitution and the charter, the City COUncil has {he ~ight <br />an'd~p0w~r to make ail i~WS and reguiRtions in ~e~pect. to <br />municipal affairs and to issue re~nUe bonds for an~ lawful <br />purpose pursuant to a p~ocedural ordinance. <br /> <br /> C. The city CoUncil has heard testimony and received <br />reports which, together With the pe~sohai knowledge of members <br />of the CoUncil, evidehde the need fop the city to pr6vide <br />assistance to promote the development of m~ltifamiiy rental <br />housing Within the City, SPecifically through the issuance of <br />revenue bonds. <br /> <br /> D. The City desires to establish a P~ocedure for <br />pro~idingffinanCiai assistanc~ to promote the development of <br />multifamii~ rental.housing ~ithin the Cit~; a~d thereb~ <br />increase economic development and housing employment <br />opportunities Within the City. <br /> <br /> <br />
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