2-32-930 Payment and interest.

   That the interim note, or notes, be of the form and content as provided in the basic agreement, be dated as of the date of their execution and delivery, shall be expressed to mature on a definite payment date, which date shall be the same for all interim notes issued for a particular project and not to exceed five years from the date that the first interim note with respect to a project has been issued, and interest thereon at the agreed rate of interest shall be payable at the time or times as may be provided for in the basic agreement. The interim notes shall be payable by the city and without notice to the holder at any time before maturity and at any financial institution which shall be designated by the city comptroller, including the place where delivery will be made to a purchaser of the general obligation full faith and credit bonds to be issued pursuant to the provisions of Sections 2-32-680 through 2-32-750 of the Municipal Code, above referred to, or as such bonds may be issued in such manner as may then be provided by law.

   The interim note, or notes, to be issued shall be made payable in the manner as provided in the basic agreement and shall contain such terms and conditions as shall be provided in such interim note ordinance authorizing the temporary borrowing, and such interim note, or notes, shall be an obligation of the city for which the full faith and credit of the city shall be pledged for the payment thereof. The city and the holder, or holders, of its interim note, or notes, may mutually agree that the time of payment of any interim note, or notes, may be extended for a period of not to exceed two years beyond its stated maturity date, and evidence of such extension be noted on the face of such interim note, or notes, so extended by the signatures of the mayor, of the city comptroller and to be attested by the city clerk and also to be signed by an authorized representative of the other parties to the basic agreement. Such ordinance shall further provide that the payment of principal and interest on such interim note, or notes, shall be made simultaneously with the delivery to the purchaser of the general obligation full faith and credit bonds previously authorized or to be authorized and issued by the city. If, for any reason, sufficient funds are not available from the proceeds of bonds to be issued, the city will take such action as may be necessary, including the levy of taxes for such purpose, to provide sufficient funds to pay in full such interim note, or notes, and interest thereon to the date of its payment; that the execution of any such interim notes as herein provided shall not cause any officer signing the same on behalf of the city to be personally liable by reason of such signing and the issuance thereof.

(Prior code § 7-83)

2-32-940 Severance clause.

   If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of these Sections 2-32-900 through 2-32-940 of this ordinance.

(Prior code § 7-84)

ARTICLE XI. FINANCING OF COST OF RESIDENTIAL OWNERSHIP AND DEVELOPMENT (2-32-950 et seq.)

2-32-950 Definitions for Article XI.

   Whenever used in Sections 2-32-950 through 2-32-1080, the following words or terms shall have the following respective meanings unless different meanings clearly appear from the context:

   (a)   "Bonds" means the revenue bonds authorized under this ordinance and includes notes and any and all other limited obligations payable as provided hereunder.

   (b)   "Municipality" means the City of Chicago, Cook County, Illinois.

   (c)   "Person" means any individual, partnership, copartnership, firm, company, corporation, lending institution, association, joint stock company, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, agent or assigns, but shall, when used with reference to a mortgagor or owner of a home, mean a natural person or a trust for the benefit of such natural person.

   (d)   "Residential development" means the acquisition, construction, reconstruction, rehabilitation, repair, alteration, improvement or extension of any land, interest in land, building, structure, facility, system, fixture, improvement, addition, appurtenance, machinery or equipment or any combination thereof, all real and personal property deemed necessary in connection therewith and all real and personal property or improvements functionally related and subordinate thereto, substantially for use by or intended to be occupied substantially by persons of low or moderate income for the purpose of decent, safe and sanitary housing, and in connection therewith nonhousing facilities which are an integral part of or functionally related to such residential development not to exceed ten percent of the cost of such residential development in accordance with the terms contained in this ordinance. Any such residential development shall be located within the municipality.

   (e)   "Development costs" means and includes the sum total of all reasonable or necessary costs incidental to the acquisition, construction, reconstruction, rehabilitation, repair, alteration, improvement and extension of a residential development, including, without limitation, the following: the cost of studies and surveys; plans and specifications; architectural and engineering services; underwriting fees; legal, accounting, marketing and other special services relating to residential development or incurred in connection with the issuance and sale of bonds; necessary application and other fees to federal, state and local government agencies for any requisite approvals for construction, for assisted financing or otherwise; financing, acquisition, demolition, construction, equipment and site development of new and rehabilitated buildings; the relocation of utilities, public ways and parks; the construction of recreational, cultural and commercial facilities; rehabilitation, reconstruction, repair or remodeling of existing buildings and all other necessary and incidental expenses, including trustee and rating agency fees and an initial bond and interest reserve together with interest on bonds issued to finance a residential development to a date six months subsequent to the estimated date of completion; any premiums for mortgage insurance or insurance with respect to bonds; and such other expenses as the municipality may deem appropriate to effectuate the purposes of this ordinance.

   (f)   "Lending institution" means any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages on single-family residential housing or multifamily residential housing located in the municipality or any holding company for any of the foregoing.

   (g)   "Home mortgage" means an interest-bearing loan to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on such home, but shall not include a loan primarily for the purpose of refinancing an existing loan.

   (h)   "Home" means real property and improvements thereon located within the municipality consisting of not more than six dwelling units, including but not limited to condominium units, owned by one mortgagor who occupies or intends to occupy one of such units.

   (i)   "Mortgagor" means a person or persons whose adjusted gross aggregate income, together with the adjusted gross aggregate income of all persons who intend to reside with such person or persons in one dwelling unit, shall not have exceeded $50,000.00 for the immediately preceding taxable year and who has received a home mortgage on a home.

(Prior code § 7-85)

2-32-960 Purpose of Article XI provisions.

   It is hereby determined and declared that the purpose of this ordinance is to provide a means of financing the cost of residential ownership and development that will provide decent, safe and sanitary housing for residents of the municipality at prices they can afford; it is further determined and declared that such residential ownership and development will (a) provide for and promote the public health, safety, morals, and welfare; (b) relieve conditions of unemployment and encourage the increase of industry and commercial activity and economic development so as to reduce the evils attendant upon unemployment; (c) provide for efficient and well-planned urban growth and development including the elimination and prevention of potential urban blight and the proper coordination of industrial facilities with public services, mass transportation and residential development; (d) assist low- and moderate-income persons in acquiring and owning decent, safe and sanitary housing which they can afford; (e) promote the integration of families of varying economic means; and (f) preserve and increase the municipality's ad valorem tax base; and the foregoing are hereby determined and declared to be public purposes and functions pertaining to the government and affairs of the municipality.

(Prior code § 7-86)