Title 1 — GENERAL PROVISIONS AND DEFINITIONS SEC. 43.1.1. TITLE.

This Article may be cited as the Residential Mortgage Revenue Bond Law.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

The Board of Supervisors hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the City and County to make, purchase and contract for the making of below-market-interest-rate loans for the purpose of providing mortgage financing for the acquisition, construction, or rehabilitation of housing in the City and County to encourage the availability of adequate housing and home finance for persons and families, including those of low or moderate income, and to develop viable communities by providing decent housing and an enhanced living environment.

The City and County can promote such interests pursuant to this Article without adversely affecting areas outside the City and County and without conflicting with efforts by the State of California to solve problems of statewide concern.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

This Article is full authority for the issuance of bonds by the City and County for the purposes specified herein.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

This Article shall be deemed to provide a complete, additional, and alternative method for doing the things authorized thereby, and shall be regarded as supplemental and additional to the powers conferred by other laws. The issuance of bonds under the provisions of this Article need not comply with the requirements of any other law applicable to the issuance of bonds.

The purposes authorized hereby may be effectuated and bonds may be issued for any such purposes under this Article notwithstanding that any other law may provide for such purposes or for the issuance of bonds for like purposes and without regard to the requirements, restrictions, limitations or other provisions contained in any other law.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

Unless the context otherwise requires, the terms defined in this Article shall have the following meanings:

(a) "Board of Supervisors" means the Board of Supervisors of the City and County of San Francisco.

(b) "Bonds" means any bonds, notes, certificates, debentures or other obligations issued by the City and County pursuant to this Article and payable as provided in this Article.

(c) "City" means the City and County of San Francisco.

(d) "Cost" means the total of all costs incurred by or on behalf of a participating party to carry out all works and undertakings and to obtain all rights and powers necessary or incident to the acquisition, construction, or rehabilitation of a residence. "Cost" may include all costs of issuance of bonds for such purposes and costs for construction undertaken by a participating party as its own contractor.

(e) "Participating party" means any individual, association, corporation, partnership or other entity which is approved by the City and County to undertake the financing of the costs of a residence pursuant to this Article.

(f) "Residence" means real property improved with a residential structure. "Residence" includes condominium and cooperative dwelling units, real property improved with single-family residential structures, and real property improved with multi-family residential structures.

(g) "Revenues" means amounts received by the City and County as payments of principal, interest, and all other charges with respect to a loan under this Article; as payments under a lease, sublease or sale agreement with respect to a residence; as proceeds received by the City and County from mortgage, hazard or other insurance on or with respect to such a loan (or any property securing such loan), lease, sublease or sale agreement, all other rents, charges, fees, income and receipts derived by the City and County from the financing of a residence under this Article; any amounts

received by the City and County as investment earnings on moneys deposited in any fund securing bonds and such other legally available moneys as the Board of Supervisors may, in its discretion, lawfully designate as revenues, resolution, or any indenture authorized by such resolution to be entered into by the City and County.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

None of the Revenues, as defined by this Article, shall be taken into account in any manner in determining the City and County's compliance with Article XIIIB of the California Constitution.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)