78-137 AUTHORIZING PROVISION OF HOME RULE MORTGAGE FINANCING AND PROVIDING ISSUANCE OF REVENUE BONDS

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. ' ' � (a) "bonds" means the revenue bonds authorized under this Ordinance and includes notes and any ancl all other limited obligations payable as provided hereunder. (b) "municipality" means the City of Decatur, Illinois. t (c) "person" means any individual, partnership, copartnership, firm, company, corporation, lending institution, association, joint stock company, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, agent or assigns. � �(d) "lending institution" means any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages on single family residential housing or multi- ' family residential housing located in the municipality or any holding company for any of the foregoing. (e) "home mortgage" means an interest bearing loan to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on such home, but shall not include a loan primarily for the purpose of refinancing an existing loan. (f) "home" means real property and improvements thereon located within the municipality consisting of single family dwelling units, including but not limited to condominium uni ts. (g) "mortgagor" means a person or persons who has received a home mortgage on a home and whose adjusted gross aggregate income, together with the adjusted gross aggregate income of all persons who intend to reside with such person or persons in one dwelling unit, shall not have been greater than $40 ,000 for the immediately preceding taxable year. Section 2 . Legislative Declaration of Purpose. It is hereby determined and declared that the purpose of this Ordinance is to provide a means of financing th� cost of residential ownership ' that will provide decent, safe and sanitary housing for residents ' of the municipality at prices they can afford, it is further ', determined and declared that such residential ownership will (a) provide for and promote the public health, safety, morals , and welfare; (b) relieve conditions of unemployment and encourage the increase of industry and commercial activity and economic '� developments so as to reduce the evils attendant upon unemployment; �! (c) assist low and moderate income persons in acquiring and owning ' decent, safe and sanitary housing which they can afford; (d) promote ! the integration of families of varying economic means ;