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HomeMy WebLinkAboutResolution 92-19CITY OF COLUMBI~ HEIGHTS RESOLUTION 92-29 GZVZNG PRELZMZNARY ~PPROV~J~ TO THE ZSSUANCE OF BONDS TO REFUND THE CZTY OF BROOKLYN CENTER, CZTY OF COLUMBZ~ HEZGHTS, CZTY OF MOORHEAD ~ THE HOUSZNG AND REDEVELOPMENT &UTHORZTY ZN AND FOR THE CZTY OF ROBBZNSDZtLE, MZNNESOT~, SZNGLE FAMZLY MORTGAGE REVENUE BONDS, BERZES 1982. WHEREAS, the City of Brooklyn Center, the City of Columbia Heights, the City of Moorhead and the Housing and Redevelopment Authority in and for the City of Robbinsdale, Minnesota (together, the "Issuers") have jointly issued their Single Family Mortgage Revenue Bonds Series 1982 (the "1982 Bonds") for the purpose of financing the acquisition of home mortgages for iow and moderate income first time homebuyers; and WHEREAS, proposals have been made to the Issuers which indicate that the issuance by the Issuers of revenue refunding bonds ("Refunding Bonds") for the purpose of refunding of the 1982 Bonds will release significant cash to the Issuers; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Columbia. Heights, Minnesota (the "City") as follows: 1. The City hereby finds and determines that it is in the best interest of the public health, safety and welfare of the City of Columbia Heights that the City, together with the other entities which constitute the Issuer, jointly issue their Refunding Bonds to refund the outstanding principal amount of the 1982 Bonds, and the City hereby preliminarily approves the issuance of such Refunding Bonds. Such approval is subject to the mutual agreement of the Issuers of the terms and conditions of the Refunding Bonds and provisions for their payment. In any event it is understood that the Refunding Bonds shall not constitute a charge, lien or encumbrance legal or equitable upon any property of the City except the trust estate pledged thereto. 2. Miller & Schroeder, Financial, Inc., is hereby authorized to act as the underwriter for the Refunding Bonds. The law firm of Holmes and Graven Chartered, is hereby authorized to act as bond counsel, and to assist in the preparation and review of necessary documents relating to the Refunding Bonds. Springsted, Inc., is hereby authorized to act as fiscal consultant with respect to the issuance of the Bonds. The City officers and staff are hereby authorized to assist the working group in the preparation of documents. Payment of fees and expenses of the transaction will be paid only from funds available from the transaction. 3. The adoption of this resolution does not constitute a guarantee or firm commitment that the City will approve the issuance of the Refunding Bonds. The City retains the right in its sole discretion to withdraw from participation and not to issue the Refunding Bonds if the City should deter- mine at any time prior to issuance thereof that the it is not in the best interest of the City to issue the Refunding Bonds. Adopted by the City Council of the City of Columbia Heights on the 27th day of July , 1992. Motion by: Nawrocki Seconded by: Ruettimann /6Anne Student, ~b~ecretary