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RESOLUTION NO. 79-217 PAGE THREE general description of the proposed residential rehabilitaiton area and a general description of the proposed residential rehabilitation program, shall be disseminated prior to the date thereof by an appropriate method to be determined by resolution of the City Council consistent with Section 37912 of the Act. De SELECTION OF RESIDENTIAL REHABILITATION AREA 1. Following conclusion of the public hearing, the City Council may, by resolution, select the residential rehabilitation area and describe the boundaries thereof. By the same or separate resolution or resolutions, the City Council shall: a. adopt rules implementation of the program; and regulations for the residential rehabilitation b. adopt a plan for public improvements necessary to successful rehabilitation of the re- habilitation area; c. express a commitment that, subject to budgetary and fiscal limitations of the City of Santa Ana, rehabilitation standards will be enforced in ninety five percent (95%) of the residences in the residential rehabilitation area; and d. express a commitment that a plan for public improvements necessary to successful re- habilitation of the residential rehabilitation area will be developed, with citizen participation, for each residential rehabilitation area and that the plan for public improvement shall be adopted by the City Council prior to the financing of residential rehabilitation in any residential rehabilitation area, together with a commitment that, subject to budgetary and fiscal limitations, such plan will be carried out by the City of Santa Ana. E. FINANCING GUIDELINES AND LIMITATIONS 1. Pursuant to Sections 37917 and 37921 of the Act, the City is empowered to acquire and hold interests in land, including deeds of trust, as security for financing residential rehabilitation and to pledge the same as security for repayment of bonds issued under the Act. It is hereby determined that such interests in land include, without limitation, mortgages insured under Title II of the National Housing Act and mortgages guaranteed by the Veterans Administration under the Serviceman's Readjustment Act of 1944, as amended (herein called "insured mortgages"), and that the acquisition of such insured mortgages is necessary and convenient for the financing of residential rehabilitation under the Act. 2. The financing of residential rehabilitation of existing structures in a residential rehabilitation area shall be subject to the following limitations: