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HomeMy WebLinkAboutResolution 88-72~T~ OF C~LUM]~ H~I~HT~ ~& RESOLUTION NO. 88-72 ADOPTING A BOND PROGRAM FOR THE ISSUANCE OF SINGLE FAMILY MORTGAGE REVENUE BONDS AND 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, Minnesota (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 Iow and moderate income in the City; 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 heretofore adopted a housing plan (the "Plan"), following a public hearing conducted in all respects in accordance with 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 Iow or moderate income in accordance with the conditions and requirements of the Act; and WHEREAS, the Act requires adoption of a housing finance program following a public 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 on the date hereof has conducted a public hearing on a single family housing bond program a copy of which program is attached hereto as Exhibit A (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 on such Program, 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 by the City 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 in the City primarily by persons and families of Iow or moderate income and first-time homebuyers, all as more fully described in the Program. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota: 1. ~l~at the Program for the issuance of single family housing revenue bonds in an aggregate princtp&l amount not exceeding $10,000,0~0 (the "Bonds.) is hereby in all residers adopted in the form attached hereto as Exhibit A. 2. That the City hereby approves the issuance of the Bonds pursuant to the Program and hereby authorizes (a) the submission of the Program to the Minnesota Housing Finance Agency ("MHFA"); (b) the submission of an application to the MHFA for an allocation of authority to issue mortgage bonds; and (e) such actions by the staff of the City as may be necessary or appropriate to carry out the Program in accordance with the Act and any other applicable laws and regulations. ADOPTED: October 24, , 1988 Offered by: Petkoff Seconded by: Pauison Roll call: All ayes F- ne 5tuoent, Co-6ncil Secretary Mayor Dale V. Hadtrath ATTEST: Will"~m J Elrite, City Cle'rk