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