Sec. 38.  Municipal Housing Finance Fund.

(a)  There is hereby established in the City Treasury a Municipal Housing Finance Fund. All monies derived from the sale of revenue bonds, notes, and other evidences of indebtedness authorized by Subsection (b) hereof and such other monies as the Council may from time to time direct, other than the proceeds of taxes levied by the City of Los Angeles, shall be deposited into the Municipal Housing Finance Fund unless the City Council and the Mayor approve the deposit of such monies directly with the trustee for the bonds, notes, or other evidences of indebtedness. No money shall be expended from the Municipal Housing Finance Fund except for the purposes set forth in Subsection (b) hereof.  (Amended, 1986.)

(b)  The City Council may issue revenue bonds, notes, and other evidences of indebtedness from time to time and the proceeds therefrom may be used for the purpose of acquiring, developing, constructing and rehabilitating, and for the purpose of making loans for the financing or refinancing of the acquisition, development, construction and rehabilitation of, single family and multi-family residential housing developments, including low and moderate-income housing developments and market rate housing developments. The revenue bonds, notes, and other evidences of indebtedness shall be issued in accordance with a procedure established by ordinance. The procedure may, but need not, conform to any or all of the requirements of Subsection (4) of Section 3 of this Charter. The City may cooperate with and receive aid from other agencies of government in accomplishing the purposes described in this Subsection (b), but shall make no contributions to the payment of interest or principal due on any such revenue bonds, notes, or other evidences of indebtedness, from taxes imposed by the City of Los Angeles. Money in the Municipal Housing Finance Fund not immediately needed for the purposes of this Subsection (b) may be deposited or invested in the same manner as other funds of the City, but interest earned on such money shall be credited to the Municipal Housing Finance Fund. The provisions of Section 382 shall not apply to the Municipal Housing Finance Fund.  (Amended, 1986.)

(c)  The City Council shall, by ordinance, provide for the authority to expend money in said Fund. The person with authority to expend shall be called the Municipal Housing Finance Fund Administrator, shall be appointed by the Mayor, with the concurrence of the City Council and shall be exempt from the provisions of Article IX. The Administrator shall report to the Mayor and to the City Council, or to a committee of the City Council should the City Council so direct, on a quarterly basis as to the progress of activities to carry out the purposes described in Subsection (b). (Added, 1980)

(d)  Notwithstanding Charter Section 420.1, any required signatures to the revenue bonds, notes, or other evidences of indebtedness issued pursuant to this Section 38, may be by facsimile or by autograph.  (Added, 1986.)