In order to accomplish the purposes of this chapter, housing units in the city which are financed with mortgage revenue bonds shall be sold only to qualified buyers. The qualified buyers of each such unit shall grant to the city a right of first refusal to purchase the unit pursuant to deed restrictions to be recorded as part of any grant deed with the county recorder of Santa Clara County; provided, that the base price, as set forth in the deed restrictions, shall be increased by two-thirds of the percentage increase in the Consumer Price Index from the date of the purchase of a unit by the seller to the date of receipt by city of the notice of intent to sell.
(Ord. 3505 § 2, 1984: Ord. 3336 § 1 (part), 1982)