(A) The mortgage credit certificate election (the “election”), whereby the municipality elects not to issue qualified mortgage bonds in the amount set forth therein in order to establish the mortgage credit certificate program, the total proceeds of which shall not exceed 25% of the nonissued amount set forth in the election, is approved in all respects.
(B) The amount of qualified mortgage bonds elected not to be issued shall be $1,323,032, or such lesser amount as is set forth in the election as executed by the Mayor of the municipality, his or her execution thereof to constitute conclusive evidence of his or her and the City Council’s approval of the lesser amount.
(C) The Mayor of the municipality is authorized to execute, deliver and file the election on behalf of, and as the act and deed of, the municipality, the election to be in substantially the form before this meeting and approved, or with such changes therein as shall be approved by the Mayor of the municipality, his or her execution thereof to constitute conclusive evidence of his or her approval of any and all changes therein from the form of the election before this meeting.
(D) The municipality reserves its right to revoke the election, in whole or in part, during 1992, but the revocation shall be limited to that portion of its allocation not theretofore used to issue certificates.
(2000 Code, § 3.16.090)