"BONDS." Notes, interim certificates, bonds, or other obligations of the city.
"CONTRACTING PARTY." Any individual, partnership, firm, company, corporation, association, trust, estate, or other legal entity which enters into a lease or loan agreement with the city.
"COST." Includes the sum total of all reasonable or necessary costs incidental to a housing development including, without limitation, real property; studies and surveys; plans and specifications; architectural and engineering services; legal, marketing, or other special services; financing, acquisition, demolition, construction, equipment, and site development of new and rehabilitated buildings; the relocation of utilities, public ways, and parks; the rehabilitation, reconstruction, repair, or remodeling of existing buildings; and all other necessary and incidental expenses including a debt service reserve fund together with interest on bonds to a date 6 months subsequent to the estimated date of completion.
"ELDERLY AND HANDICAPPED PERSONS OF LOW INCOME." Elderly and handicapped families and persons who lack the amount of income necessary to enable them to live in decent, safe, and sanitary dwellings without overcrowding.
"HOUSING DEVELOPMENT." A specific work or improvement undertaken to provide dwelling accommodations for persons of low income, including the acquisition, construction, or reconstruction of lands, buildings, and community facilities and to provide nonhousing facilities which are an integral part of the work or improvement.
"LEASE." Includes a lease containing an option to purchase the housing development for a nominal sum upon payment in full, or provision therefor, of all bonds issued in connection with the housing development and all interest and other expenses incurred in connection with the housing development.
"LOAN AGREEMENT." An agreement providing for the city to loan the proceeds derived from the issuance of bonds to a contracting party to be used to pay the cost of one or more housing developments and providing for the repayment of the loan by the contracting party, and which may provide for the loan to be secured or evidenced by one or more notes, debentures, bonds, or other secured or unsecured debt obligations of the contracting party, delivered to the trustee under the mortgage or indenture of trust pursuant to which the bonds were issued.
(Ord. 6491, passed 8-9-77)