Loading...
HomeMy WebLinkAboutResolution 85-72CITY OF COLUMBIA HEIGHTS RESOLUTION NO. 85-72 ADOPTING A HOUSING BOND PROGRAM FOR THE ISSUANCE OF SINGLE FAMILY MORTGAGE REVENUE BONDS, AUTHORIZING SUBMISSION OF SAME TO THE MINNESOTA HOUSING FINANCE AGENCY, AND APPROVING A POLICY REPORT OF THE CITY OF COLUMBIA HEIGHTS WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter 462C (the "Act"), the City of Columbia Heights (the "City") is authorized to adopt a housing plan and carry out programs for the financing of single family housing which is affordable to persons of low and moderate income; and WHEREAS, the Act requires adoption of the housing plan after a public hearing held thereon after publication of notice in a newspaper of general circulation in the City at least thirty days in advance of the hearing; and WHEREAS, the City has adopted a housing plan (the "Plan") after at least thirty (30) days published notice and otherwise as required by the Act; and WHEREAS, the Plan provides for programs for the issuance of bonds to finance the acquisition of single family housing primarily by persons and families of low or moderate income in accordance with the goals, conditions and requirements of the Plan; and WHEREAS, the Aet requires adoption of a housing finance program after a public hearing held thereon after publication of notiee in a newspaper of general circulation in the City at least fifteen days in advance of the hearing; and WHEREAS, the City has on this date conducted a public hearing on a single family housing bond program (the "Program"), after publication of notice as required by the Act; and WHEREAS, the Program was submitted to the Metropolitan Council at the time of publication of notice of the public hearing, and the Metropolitan Council has been afforded an opportunity to present comments at the public hearing, all as required by the Act; and WHEREAS, the Program provides for the issuance of single family mortgage .. revenue bonds in an aggregate amount not exceeding $10,000,000 (the "Bonds") to finance the acquisition of single family housing primarily by persons and families of low or moderate income and first-time homebuyers, all as more fully described in the Program attached hereto as Exhibit A; and WHEREAS, the Act further requires submission of the Program to the Minnesota Housing Finance Agency (the "MHFA") by January 2nd, 1986 in order to be considered for an allocation by the MHFA of authority to issue qualified mortgage bonds pursuant to Minnesota Statutes, Section 462C.09; and 1 WHEREAS, tn order to issue single family mortgage revenue bonds in 1986 the interest on which is exempt from federal income taxation, the City must submit to the Internal Revenue Service on or before December 31, 1985 a policy report (the "Report") and such Report must be published by the applicable elected representative of the City; and WHEREAS, the City on the date hereof has conducted a public hearing on the Report after publication of notice of such hearing at least 15 days prior to the date hereof in a newspaper of general circulation in the City. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Columbia Heights: 1. That the Program for the issuance of single family housing revenue bonds in an aggregate principal amount not exceeding $10,000,000 (the "Bonds") is hereby in all respects adopted in the form attached hereto as Exhibit A. 2. That the City hereby approves issuance of the Bonds pursuant to the Program and hereby authorizes the staff of the City to cause the Program to be submitted to the MHFA, to do all other things and take all other actions as may be necessary or appropriate to carry out the Program in accordance with the Act and any other applicable laws and regulations. 3. That the City hereby approves and adopts the Report in substantially the form attached hereto as Exhibit B, and authorizes and directs the Mayor of the City to execute the Report on behalf of the City and authorizes submission of the Report to the Internal Revenue Service. ADOPTED: December 12, , 1985 Offered by: Hovtand Seconded by: Carlson Roll calt: All ayes ~o'-Anne St~ude~ecretary Bruce ~- Nawrocki, Mayor