HomeMy WebLinkAboutResolution 87-32 RI/SOLUTION NO. $ ~- 3 2
CITY OF COLUMBIA HEIG~ MINNESOTA
RESOLUTION APPROVING PARTICIPATION IN THE DAKOTA
COUNTY HOUSING AND REDEVELOPMENT AUTHORITY,
MINNEAPOLIS/SAINT PAUL HOUSING FINANCE BOARD, AND
WASHINGTON COUNTY HOUSING AND REDEVELOPMENT
AUTHORITY JOINT SINGLE FAMILY MORTGAGE REVENUE BOND
PROGRAM AS DEFINED HEREIN AND AUTHORIZING EXECUTION
OF A JOINT POWERS AGREEMENT.
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the
"Act") the City of Columbia Heights (the "City") is authorized to issue revenue
bonds to finance single family residential rental facilities within the jurisdiction of
the City; and
WHEREAS, pursuant to 1971 Minnesota Laws, Chapter 333, as amended, The
Dakota County Housing and Redevelopment Authority (the "Dakota County
Authority") has all powers and duties of a housing and redevelopment authority
under the municipal housing and redevelopment act, Minnesota Statutes, Sections
462.411 to 462.711, as amended; and
WHEREAS, pursuant to 1974 Minnesota Laws, Chapter 475, The Washington
County Housing and Redevelopment Authority (the "Washington County Authority")
has all powers and duties of a housing and redevelopment authority under the
municipal housing and redevelopment act, Minnesota Statutes, Sections 462.411 to
462.711, as amended; and
WHEREAS, pursuant to Minnesota Statutes, Section 462.12, the
Minneapolis/Saint Paul Housing Finance Board (the "Minneapolis/Saint Paul Board")
is authorized to exercise the powers conferred upon the Cities of Minneapolis and
Saint Paul, the Minneapolis Community Development Agency and the Housing and
Redevelopment Authority in and for the City of Saint Paul, Minnesota, by
Minnesota Statutes, Chapters 462C and 462, among other things; and
WHEREAS, pursuant to the Act, the Dakota County Authority, the
Minneapolis/Saint Paul Board, and the Washington County Authority (collectively
the "Authorities") are authorized to issue revenue bonds to finance single family
residential rental facilities within Dakota County, Washington County and the
Cities of Minneapolis and Saint Paul; and
WHEREAS, pursuant to Minnesota Statutes, Section 471.59 (the "Joint
Powers Act"), the City and the Authorities are authorized to enter into an
agreement for the exercise of such powers by the Authorities on behalf of the City;
and
WHEREAS, the City has previously approved a program (the "Program") for
the issuance of single family mortgage revenue bonds pursuant to and in
accordance with Minnesota Statutes, Chapter 462C, after a duly noticed public
hearing and has received an allocation of authority for issuance of single family
bonds under Minnesota Statutes, Chapter 474A in the amount of $10,000,000; and
WHEREAS, the Authorities propose to jointly issue their single family
housing revenue bonds to finance various single family residential programs in
various cities, and acting on behalf of the City, to finance the Program (the ~Joint
Program"); and
WHEREAS, it appears that participation by the City in the Joint Program
will result in significant financial benefit to the City and will accordingly
ultimately result in lower housing costs to residents of the City; and
WHEREAS, there has been submitted to the City a form of Joint Powers
Agreement providing for participation of the City in the Joint Program and the
issuance by the Authorities of obligations to finance the Program;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of
Columbia Heights as follows:
1. The City gives final approval to the issuance of obligations pursuant
to the Act to finance the Program.
2. The City approves the participation of the City in the Joint Program
undertaken by the Authorities for the purpose of financing the Program and
authorizes the staff of the City to cooperate with the Authority with respect to
such participation.
3. The City approves the form of Joint Powers Agreement submitted to
the City, and the Mayor and City Clerk (or, in their absence or unavailability, any
other member of the City Council or City officer, respectively) and such other
officers or employees of the City as may be appropriate are hereby authorized and
directed to execute the Joint Powers Agreement, with only such alterations,
additions or deletions as may be necessary or desirable to effectuate the purposes
of this resolution and are not, in the opinion of the City Attorney, materially
adverse to the interests of the City. The execution of the Joint Powers Agreement
by the parties herein authorized to sign shall be conclusive evidence of such
determination.
4. If the mortgage rate to be provided by the Program is greater than
8 3/8%, the consent of the City Council shall be required prior to the issuance of
the Bonds.
Dated this 21st day of April, 1987.
ATTEST:
CITY CLERK
MAYOR
~egular Council Heeting
~tt 27, ~987
page 7
2. Sale. This City Council (the "Council") shall meet at the time and place
specified in the forms of Official Notice of Bond Sale for the Bonds attached
hereto as Exhibit B for the purpose of opening and considering sealed bids for,
and award the sale of the Refunding Bonds.
3. Notice of Bond Sale. The Council hereby authorizes and directs the City
Manager or his designee to cause to be published the notice of advertisement
for sealed bids for the Refunding Bonds in the official newspaper of the City,
and in Commercial West, at Minnepolis, Minnesota, in substantially the form
attached hereto as Exhibit B. Each and all of the terms, and provisions set
forth in such notices are adopted and confirmed as the terms and conditions
of the Bonds and the sale thereof.
4. Official Terms of Offering. The Official Terms of Offering of the Bonds in
substantially the form attached hereto as Exhibit A shall constitute the terms
and conditions for the sate of the Refunding Bonds, and the Council hereby
authorizes the incorporation of such terms and conditions in the material to
be distribured to prospective bidders for the Refunding Bonds.
5. Information and bidding forms may be obtained from the undersigned or from
Miller & Schroeder Financial, Inc., 7900 Xerxes Avenue South, Minneapolis, Min-
nesota 55440; telephone: 612-83t-15OO, financial consultants to the City.
6. This ordinance shall be in full force and effect from and after 30 days
after its passage.
First Reading:
Second Reading:
Offered By:
Seconded By:
Roll Call:
Date of Passage:
April 13, 1987
April 27, 1987
Carlson
Paulsen
All ayes
April 27, 1987
Mayor Bruce G. Nawrocki
Jo-Anne Student, Councii Secretary
~a~ on Single Family Mortgage Revenue Bond Issue
The bond counsel advised the Council that he hopes to lock into a 8½% interest
rate tomorrow on this bond issue. Previously, the Council had authorized the
interest rate to be set at a high of 8 3/8%. The Council was also advised that
the entire ten million dollars for this bond issue was secured. The HRA's Com-
munity Development Director advised the Council as to who the originators were.
He noted that four million dollars of this issue is being set aside for Rottlund
Builders who is proposing to develop an area around Sullivan Lake.
Motion by Petkoff, second by Paulson that if the mortgage rate to be approved by
the program is greater than 8½% then consent of the City Council is required.
Roll call: All ayes
Second Reading of Ordinance No. 1146; Regarding Suburban Rate Authority Uniform
Electric Franchise
Motion by Carlson, second by Peterson to waive the reading of the ordinance there
being ample copies available to the public. Roll call: All ayes