ORDINANCE
NO. 588
AND
AUTHORIZING COUNTY OFFICERS TO IMPLEMENT THE PROGRAM
The Board
of Supervisors of the County of Riverside, State of California, do ordain as
follows:
Section 1. There is a shortage in the County of
Riverside of housing which is affordable by persons on the lower end of
purchasing spectrum, and a consequent need to encourage the construction of
homes affordable by such persons and otherwise to increase the housing supply
in the County for such persons.
Section 2. The Board of Supervisors of the County
intends to issue bonds, pursuant to Part 5 of Division 31 of the Health and
Safety Code of the State of California (the "Act"), to provide
financing for the acquisition of housing in the County.
Section 3. The County hereby establishes a home
mortgage finance program (the "Program") pursuant to the Act and
hereby determines to issue revenue bonds pursuant to said Act to provide funds
for the program.
Section 4. The County hereby finds and declares that
the Program will serve the public purposes of increasing the housing supply and
of providing financing for decent, safe and sanitary housing which is
affordable by people on the lower end of the purchasing spectrum.
Section 5. With the consent of any cities within the
County, the Program shall be operated by the County within the geographical
boundaries of any such cities as well as within the unincorporated areas of the
County.
Section 6. The proper officers of the County are hereby
authorized and directed to perform any acts and enter into and execute any
agreements or other documents that they may deem necessary or appropriate to
implement the Program.
Section 7. The provisions of this ordinance, being
necessary for the welfare of the County and its inhabitants, shall be liberally
construed to effect its purpose.
Section 8. Pursuant to the provisions of Health and
Safety Code Section 52031, this ordinance becomes effective immediately after
adoption and within 15 days of adoption shall be published once with the names
of the supervisors voting for and against it in the Press Enterprise a
newspaper of general circulation published in the County.
ADOPTED: 12‑22‑81 (Eff.:
Urgency)