HomeMy WebLinkAboutResolution 85-61CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 85-6 ]
RESOLUTION ESTABLISHING THE DATE FOR A
PUBLIC HEARING ON A PROPOSED SINGLE FAMILY
HOUSING BOND PROGRAM PURSUANT TO
MINNESOTA STATUTES, CHAPTER 462C, AND A
PUBLIC HEARING ON A POLICY REPORT UNDER
SECTION 103A OF THE INTERNAL REVENUE CODE,
AUTHORIZING PUBLICATION OF NOTICE
THEREFOR
WHEREAS, Minnesota Statutes, Chapter 462C, authorizes a city to plan and
administer programs to make or purchase loans to finance the acquisition or
rehabilitation of single family housing Dy low and moderate ineoine persons and
families anywhere within its boundaries after adoption of a housing plan; and
WHEREAS, the housing plan must be considered at a public hearing held
after notice published at least 30 days prior to the date of said hearing after which
the housing plan may be adopted by resolution of the governing body of the city
with or without amendment; and
WHEREAS, the City of Columbia Heights (the "City") has adopted a housing
plan in accordance with Minnesota Statutes, Chapter 462C; and
WHEREAS, the City's Housing Plan (the "Plan") provides for programs for
the issuance of bonds to make or purchase mortgage loans which finance the
acquisition of single family housing which is affordable to persons and families of
low and moderate income consistent with the goals and requirements of the Plan;
and
WI-IERr~AS, a program for the issuance of bonds to finance single family
housing must be considered at a public hearing after notice published at least 15
days prior to the date of said i]earing after wi]ich the program may be adopted by
resolution of the governing body of the city with or without amendment; and
WHEREAS, any program for the issuance of housing revenue bonds must be
submitted to the Metropolitan Council on or before the date of the notice of public
hearing is published; and
WHEREAS, pursuant to the Section 103A of the Internal Revenue Code of
1954, as amended (the "Code"), an isauer of qualified mortgage revenue bonds must
prepare, publish ancl submit to the Internal Revenue Service a policy report (a
"Policy Report"), which report must have been the subject of a public hearing
following reasonable public notice.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The City Council of the City of COlumbia Heights will conduct a
public hearing on the proposed single family housing program for 1986 on November
25, 1985 at 7:30 p.m.
2. ?~ne City Manager of Columbia Heights is hereby authorized to cause
a public notice, substantially in the form of the notice attached hereto as Exhibit
A, to be published once in a newspaper of general circulation in the City at least
fifteen (15) days prior to the date estaDlished for the public hearing by the
preceding paragraph of this resolution.
3. The City .Manager of the City is hereby authorized to submit the
single family housing bond program to the Metropolitan Council on or before the
date the notice of public hearing is published.
4. The City Council of the City of Columbia Heights ~ill conduct a
public hearing on a Policy Report in accordance with the requirements of Section
103A of the Code on November 25, 1~85 at 7:~0 p.m.
5. The City Manager is hereby authorized to cause a public notice,
substantially in the form of Exhibit B attached hereto to be published once in a
newspaper of general circulation in the City at least fifteen (15) days prior to the
date established for the public hearing by the preceding paragraph on this
resolutions.
6. The law firm of Holmes & Graven, Chartered is hereby authorized to
act as Bond Counsel to assist with the preparation of the housing bond progra~n
relating to the Project and with the preparation of any other documents necessary
with respect to the issuance of bonds in connection witt~ the Project and the
underwriting firm of Miller & Schroeder Municipals, Inc. is hereby designated as
Underwriter for the sale of such bonds; the payment or reimbursement of the fees
or expenses of Bond Counsel and the Underwriter to be paid or reimburse from the
program revenues. The City ?~lanager, City Attorney and other officers, employees
ana agents of the City are hereby authorized to assist Bond Counsel in the
preparation of the program, the Policy Report and any other necessary documents.
ADOPTED: October 28 , 19~5
Offered by: Hoviand
Seconded by: Peterson
Roll call: All ayes
//~-Anne Student; Counci ~ ~$~C'~etary
Brul
Nawrocki, Mayor