3.44.150 Loan agreements.
The city may enter into loan agreements with any participating party with respect to the financing of the rehabilitation of any historical property, which agreements may provide that the architectural and engineering design of the rehabilitated historical property shall be subject to such standards as may be established by the city and that the rehabilitation of any historical property shall be subject to such supervision as the city deems necessary. The terms and conditions of such loan agreements may be as mutually agreed upon, but shall not be inconsistent with the provisions of this chapter. Any such loan agreement may provide the means or methods by which any deed of trust or mortgage taken by the city shall be discharged, and it shall contain a covenant by the participating party to complete the rehabilitation of the historical property whether or not bond proceeds are sufficient therefor, and such other terms and conditions as the city may require. The city is authorized to fix, revise, charge, and collect interest and principal and all other rates, fees, and charges with respect to the financing of the rehabilitation of historical property. Such rates, fees, charges, and interest shall be fixed and adjusted so that the aggregate of such rates, fees, charges, and interest will provide funds sufficient with other revenues and moneys which it is anticipated will be available therefor, if any, to do all of the following:
A. Pay the principal of and interest on outstanding bonds issued to finance such project, as the same shall become due and payable;
B. Create and maintain reserves required or provided for in any resolution authorizing such bonds. A sufficient amount of the revenues may be set aside at such regular intervals as may be provided by the resolution or trust agreement in a sinking or other similar fund, which shall be pledged to, and charged with, the payment of the principal of and interest on such bonds as the same shall become due, and the redemption price of the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time the pledge is made. The rates, fees, interest, and other charges, revenues, or moneys so pledged and thereafter received by the city shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the city, irrespective of whether such parties have notice thereof. Neither the resolution, the trust agreement nor any loan agreement by which a pledge is created need be filed or recorded except in the records of the city. The use and disposition of moneys to the credit of such sinking or other similar fund shall be subject to the provisions of the resolution or trust agreement authorizing the issuance of such bonds.
C. Pay administrative expenses to the extent not paid from proceeds of bonds. (Ord. 2675 § IV(2), 1981)