(a) There is hereby established in the City Treasury a special fund named the Municipal Housing Finance Fund (“Fund”). All money derived from the sale of revenue bonds, notes, or other evidences of indebtedness (“Bonds”) for residential housing developments (“Developments”), as authorized under City Charter Section 248, and such other monies as the City Council may from time to time direct, but no contribution to the payment of interest or principal due on any such Bonds shall be made from taxes imposed by the City, shall be deposited into the Municipal Housing Finance Fund (“Fund”), unless the City Council and the Mayor approve the deposit of such money directly with the trustee for the Bonds.
(b) The Fund shall be administered by the Municipal Housing Finance Administrator, who shall be appointed by the Mayor in accordance with the provisions of Charter Section 508, and shall be exempt from the provisions of Article X of the Charter. The regular term of office of the Administrator shall be two years. 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 status of the Fund and the progress of activities to carry out the purposes of the Fund. All interest or other earnings attributable to money in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund. Pursuant to Charter Section 344 money in the Fund shall not revert to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 157,032, Eff. 9-27-82.
Amended by: Ord. No. 173,302, Eff. 6-30-00, Oper. 7-1-00.