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The City Council finds as follows:

A. The City has a vital interest in ensuring the repayment of City rehabilitation loans because monies from loan repayments are expended for housing programs which address the needs of Berkeley citizens for decent, safe, sanitary and affordable housing.

B. City policies governing default of City loans should, to the maximum extent feasible, avoid the displacement of low income persons from their homes while protecting the City’s interest in repayment of its loans.

C. The enactment of separate ordinances to authorize the City Manager to take specific actions in each instance of loan default would cause undue delay and thereby impair the City Manager’s ability to protect the City’s financial interests.

D. In enacting this chapter the City Council is acting pursuant to general laws of the state of California which provide remedies to creditors with security interests in real property. The council seeks to ensure that the City of Berkeley can avail itself, in a timely manner, of remedies available to all other secured creditors. (Ord. 5619-NS § 1, 1984)