The proceeds of the bonds shall be applied to the cost of affordable housing projects
or infrastructure projects, including all costs of issuing the bonds and the costs
of any insurance or other credit enhancement authorized by section 4.54.080.
The City may apply bond proceeds designated for affordable housing projects directly
to acquire, rehabilitate, preserve or construct affordable housing and/or indirectly
as loans, grants, or other disbursements to qualified individuals, business entities,
corporations, partnerships, associations, and government agencies for such affordable
housing projects. Proceeds of the bonds may be used to pay or reimburse the City for
the costs of City staff when they are performing work on or necessary and incidental
to the bond projects; but, as to the affordable housing bond funds, no more than five
percent of bond proceeds may be spent on City staff costs.
(Ord. No. 13403, § 2, 11-29-2016)
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