HomeMy WebLinkAboutResolution 86-70 CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 86-70
ADOPTING A HOUSING BOND PROGRAM FOR TtIE ISSUANCE OF
SINGLE FAMILY MORTGAGE REVENUE BONDS, AUTHORIZING
SUBMISSION OF SAME TO THE MINNESOTA HOUSING FINANCE
AGENCY
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 Act requires adoption of a housing finance program after a
publie hearing held thereon after publication of notice 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
iow 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, 1987 in order to
be considered for an allocation by the MHFA of au'ehority to issue qualified
mortgage bonds pursuant to Minnesota Statutes, Section 462C.09; 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 Ao
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.
ADOPTED: December 2.2 . , 1986
ATTEST:
Mayor
Offered by: Carlson
Seconded by: Paulson
Roll call: At1 ayes
~ ~ retary
~/~-Anne S t uoen t~ec
Me~-Bruce G. Nawrocki.
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