Title 2 — FINANCING RESIDENCES SEC. 43.1.7. LOANS FOR RESIDENCES.

The City and County may use the proceeds of bonds to make, purchase, or otherwise contract for the making of, a mortgage or other secured or unsecured loan, upon such terms and conditions as the City and County shall deem proper, to any participating party for the costs of a residence.

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

The City and County may use the proceeds of bonds, or other moneys provided by or on behalf of a participating party, to acquire, construct, enlarge, remodel, renovate, alter, improve, furnish, equip and lease as lessee a residence solely for the purpose of selling or leasing as lessor such residence to such participating party, and may contract with such participating party to undertake on behalf of the City and County to construct, enlarge, remodel, renovate, alter, improve, furnish and equip such residence.

The City and County may sell or lease, upon such terms and conditions as the City and County shall deem proper, to a participating party any residence owned by the City and County under this Article, including a residence conveyed to the City and County in connection with a financing under this Article but not being financed hereunder.

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

The City and County may charge participating parties application, commitment, financing and other fees, in order to recover all administrative and other costs and expenses incurred in the exercise of the powers and duties conferred by this Article.

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

The City and County may obtain, or, aid in obtaining, from any department or agency of the United States or of the State of California or any private company, any insurance or guarantee as to, or of, or for the payment or repayment of, interest or principal, or both, or any part thereof, on any loan, lease or sale obligation or any instrument evidencing or securing the same, made or entered into pursuant to the provisions of this Article; and may accept payment in such manner and form as provided therein in the event of default by a participating party, and may assign any such insurance or guarantee as security for bonds.

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

The City and County may fix rents, payments, fees, charges and interest rates for financing under this Article and may agree to revise from time to time such rents, payments, fees, charges and interest rates to reflect changes in interest rates on bonds, losses due to defaults or changes in other expenses related to this Article, including City and County administrative expenses.

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

The City and County may hold deeds of trust or mortgages or security interests in personal property as security for loans under this Article and may pledge or assign the same as security for repayment of bonds. Such deeds of trust, mortgages or security interests, or any other interest of the City and County in any residence, may be assigned to, and held on behalf of the City and County by any bank or trust company appointed to act as trustee by the City and County in any resolution or indenture providing for the issuance of bonds.

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

The City and County may contract for such engineering, architectural, financial, accounting, legal or other professional services as may be necessary in the judgment of the City and County for the purposes of this Article.

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

The City and County shall require that contractors and subcontractors engaged in the construction of facilities financed under this Article shall provide equal opportunity for employment, without discrimination as to race, marital status, sex, color, religion, national origin or ancestry.

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

Except as specifically provided in this Article, the acquisition, construction, or rehabilitation of a residence financed under this Article shall not be subject to any requirements relating to buildings, works or improvements owned or operated by the City and County, and any requirement of public competitive bidding or other procedural restriction imposed on the award of contracts for acquisition or construction of a City and County building, work or improvement or to the lease, sublease, sale or other disposition of City and County property shall not be applicable to any action taken under this Article.

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

The Mayor of the City and County, or a person designated by the Mayor, shall prepare and submit to the Board of Supervisors for approval, rules or regulations, or both, permitted under this Article.

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

In addition to all other powers specifically granted by this Article, the City and County may do all things necessary or convenient to carry out the purposes of this Article, provided, however, that the City and County shall not have the power to operate a residence financed under this Article as a business, except temporarily in the case of a default by a participating party.

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