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(A) The Council hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the city to be authorized to provide financing to health institutions that provide essential services to residents of the city in order to aid such health institutions in costs and thereby to enable such health institutions to establish lower rates and charges than would otherwise prevail and to provide better service at such rates and charges. Unless the city intervenes to provide such financing, such rates and charges may increase at an ever accelerated pace because such health institutions cannot obtain financing at equivalent cost from private sources.
(B) In addition, the Council hereby finds and declares that there is a great need for housing and health care for aged persons residing in the city. It is necessary, essential, a public purpose, and a municipal affair for the city to be authorized to provide financing to life care facilities within the city in order to aid in the establishment of life care facilities to provide care to the aged at prices they can afford. Unless the city intervenes to provide such financing, life care facilities may not be constructed and those which are constructed may be at higher rates and charges than if such financing were provided and may therefore be too expensive for many of the aged persons who require their services.
('86 Code, § 3.42.020) (Ord. 3982, passed - - )