SEC. 40.4. ISSUANCE OF BONDS.

The Board of Supervisors may from time to time by resolution authorize procedures for the issuance of bonds for the purpose of establishing a loan fund to be used to assist property owners with the rehabilitation of residential structures as required in a City and County-wide program of systematic enforcement of rehabilitation standards in multi-family buildings. The repayment of principal, interest and other charges on the loans to the property owners, together with such other moneys as the Board of Supervisors may, in its discretion, make available therefor, shall be the sole source of funds pledged by the City and County for repayment of such bonds.

Bonds issued under the provisions of this Chapter shall not be deemed to constitute a debt or liability of the City and County or a pledge of the faith and credit of the City and County, but shall be payable solely from the funds specified in this Section. The issuance of such bonds shall not directly, indirectly or contingently obligate the Board of Supervisors to levy or to pledge any form of taxation whatever therefore, or to make any appropriation for their payment.

(Added by Ord. 482-80, App. 10/17/80)