§ 4.54.040. General powers.

The City is authorized and empowered:

A.

To issue bonds for the purpose of financing the cost of affordable housing projects and infrastructure projects and for the purpose of refunding bonds.

B.

To establish the terms and conditions for the financings undertaken pursuant to this Chapter.

C.

To employ or contract for such legal, consultant, underwriting, economic feasibility, or other services, as may be necessary in the judgment of the Council for the issuance and sale of bonds.

D.

To establish a Public Oversight Committee to assure fair and equitable distribution of bond funds, comprised of nine members appointed by the Mayor and subject to confirmation by the City Council. Each Councilmember may recommend one Committee member to the Mayor for appointment.

E.

To broadly advertise the availability of the bond programs.

F.

To report semi-annually to the City Council on expenditures and programs related to the bonds.

G.

In addition to all other powers specifically granted in this Chapter, to do all things necessary or convenient to carry out the purposes of this Chapter.

(Ord. No. 13403, § 2, 11-29-2016)