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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