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AN ORDINANCE CREATING THE CITY OF JONESBORO, ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD PURSUANT TO THE PROVISIONS OF ACT NO. 142 OF THE ACTS OF ARKANSAS OF 1975; APPOINTING THE INITIAL MEMBERS THEREOF; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY (NOTE: THIS ORDINANCE WAS AMENDED BY ORD-80:1915 ON APRIL 7, 1980)
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), pursuant to the provisions of Act No. 142 of the Acts of the General Assembly of the State of Arkansas for the year 1975 (the “Act”), is authorized to establish public facilities boards for the purposes set forth in the Act, which includes assisting in the financing of residential housing facilities within or near the City, and
WHEREAS, the providing of decent, safe and sanitary residential housing facilities will be aided by the creation of a public facilities board to assist in the financing of residential housing facilities, and
WHEREAS, funds may be obtained by a public facilities board on such terms and under such conditions as will materially assist persons of low and moderate income to obtain financing of residential housing facilities under conditions more favorable than would otherwise be available:
NOW, THEREFORE, be it ordained by the City Council of the City of Jonesboro, Arkansas:
Section 1: Findings: The City Council of the City hereby finds and determines:
(a) There exists within and near the City a shortage of decent, safe and sanitary residential housing facilities available for rehabilitation, construction or purchase on terms that persons and families of low moderate income can afford to pay.
(b) Existing economic conditions including high rates of interest on residential mortgage loans, and a shortage of funds within lending institutions in the State of Arkansas for residential mortgage loans are operating (i) to further restrict the rehabilitation, construction and purchase of residential housing by persons of low and moderate income...
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