Chapter 26.08 RESIDENTIAL LOAN AND GRANT PROGRAM
Section 26.08.060 City-issued revenue bond rehabilitation program.
The city expects to issue revenue bonds to finance residential rehabilitation only if all other
sources of funding for rehabilitation are found to be substantially inadequate to produce a level
of rehabilitation that will provide for completion of the project in a reasonable length of time and
if the city determines that the bonds can be marketed at a reasonable interest rate.
Revenue bond money will be loaned to property owners at an interest rate higher
than that at
which the bonds were sold for so that property may be rehabilitated while providing for
repayment of the bonds. (Ord. S-40159, 1980)