§ 42–2812.02. Findings.

The Council finds that:

(1) Section 1-204.90 provides that the Council may, by resolution, authorize the issuance of District revenue bonds, notes, or other obligations (including refunding bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse and to assist in the financing, refinancing, or reimbursing of undertakings in certain areas designated in § 1-204.90 where the ultimate obligation to repay the revenue bonds, notes, or other obligations is that of one or more governmental persons or entities.

(2) Under § 42-2802, the Council established the Housing Production Trust Fund as a permanent proprietary revolving fund to be administered by the Department to provide assistance in housing production for targeted populations.

(3) The Mayor wishes to issue bonds for the benefit of the Fund and to pledge to repayment of the bonds a portion of the monies deposited into the Fund and to use the proceeds of the bonds to accomplish certain of the purposes of this chapter.

(4) Section 1-204.90 provides that bonds may be issued to assist in undertakings in the area of housing.

(5) The authorization, issuance, sale, and delivery of the bonds are desirable, are in the public interest, and will promote the purposes and intent of § 1-204.90 and of this chapter.