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amount not to exceed Fifty Million Dollars ($50,000,000), to <br />provide financing for the acquisition, construction and rehabilitation <br />(including refinancing) of single-family housing within the City. <br /> <br /> 3. The foregoing obligations may be issued as part of one <br /> <br />or more housing finance programs of the City under one or more <br />resolutions or indentures. Such notes, bonds, or other securities or <br />certificates of indebtedness shall be issued subject to the conditions <br />that (1) the City shall have first agreed to acceptable terms and <br />conditions for such obligations (and for the sale and delivery thereof), <br />and for the construction loans, mortgage loans, and other agreements <br />to be entered into by the City with respect to any of the foregoing; <br />(2) all requisite governmental approvals shall have first been <br />obtained; and (3) the notes, bonds, or other securities or certificates <br />of indebtedness shall be payable solely from revenues received with <br />respect to construction loans, mortgage loans or other investments <br />made with the proceeds of such obligations, and the full faith and <br />credit of the City shall not be pledged to the payment of the principal <br />of or interest on any such obligations. <br /> <br /> 4. The City Manager is hereby authorized and directed to cause <br />to be prepared any resolution, indenture, contract for origination <br />and servicing of loans, official statement or other documents or <br />agreements necessary or appropriate to effect such financing and to <br />select or employ printers, mortgage lenders, investment bankers and <br />other necessary experts in connection therewith. <br /> <br /> 5. This resolution shall take effect immediately. <br /> <br /> -2- <br /> <br /> <br />