HomeMy WebLinkAboutOct 21, 1982OFFICIAL PROCEEDINGS
COLUMBIA HEIGHTS CITY COUNCIL
SPECIAL COUNCIL MEETING
OCTOBER 21, 1982
meeting was called to order by Mayor Nawrocki at 8:15 pm.
1. Roll Call
Hovland, Petkoff, Hentges, Nawrocki--present
.Norberg--absent
2. Purpose of Meetin9
To consider adoption of Ordinance No. 1022; being an ordinance giving preliminary approval
of the issuance of single family mortgage revenue bonds under the lq82
lng program.
5. Presentation of Information
The City Manager explained that Ordinance No. 1022 would grant preliminary approval for the
issuance of mortgage revenue bonds to qualifying home purchasers In the City of Columbia
Heights. The total amount of the mortgage revenue bond sale would be $8,q08,000 and would
authorize Miller and Schroeder Municipals, Inc. and Holmes and Graven to proceed with pre-
paring the necessary documents for this sale. Representatives of Miller and Schroeder
and Holmes and Graven addressed additional specifics of the ordinance as did Roger Jensen,
Director of the Housing and Redevelopment Authority. Considerable discussion followed re-
garding the $7q,000 "local contribution" and the sources from which this money could be
gotten. Also dlscu~sed were what qualifications would be necessary for first time home
buyers to apply for low interest mortgages.
Motion by Hentges, second by Hovland to waive the reading of Ordinance No. 1022 there being
ample copies available to the public. Roll call: All ayes
ORDINANCE NO. 1022
BEING AN ORDINANCE GIVING PRELIMINARY APPROVAL OF THE ISSUANCE OF SINGLE FAMILY
MORTGAGE REVENUE BONDS UNDER THE 1982 SINGLE FAHILY HOUSING BOND PROGRAM
WHEREAS, the City Council of the City of Columbia Heights (the "Council") has by
Resolution Number 82-5h, dated August 31, 1982, approved the 1982 Single Family Housing
Bond Program (the "Program"); and
WHEREAS, the City has submitted the Program to the Minnesota Housing Finance Agency
(the '~MHFA:) for approval, and has applied to the MHFA for authority to issue its Single
Family Mortgage in the aggregate principal .amount of $8,q08,000; and
WHEREAS, on the basis of information available to the City to date, It appears that it
~ould be in the best interest of the City to issue its mortgage revenue bonds in the ag-
gregate principal amount of $8,q08,000.
NOW, THEREFORE, The City Council of the City of Columbia Heights hereby ordains as
follows:
1. The issuance by the City of its $8,408,000 Single Family Mortgage Revenue Bonds is here-
by approved subject to the mutual agreement of this body and the initial purchasers of the
bonds as to the details of the bond issue and provisions for their payment. In all events,
it is understood, however, that such bonds of the City shall not constitute a charge, lien
/encumbrance legal or equitable upon any property of the City except the mortgages duly
:quired pursuant to the bond documents; and each bond, when, as, and if issued, shall re-
ire in substance that the bond, including Interest thereon, is payable solely from the
revenues received from the Program, and shall not constitute a debt of the City.
Special Council Heeting
October 21, 1982
page 2
· Miller and Schroeder Municipals, Inc. has advised the Council that it will underwrite
the bonds in a principal amount not to exceed $8,q08,000 under terms and conditions to be
determined by the City and Miller and Schroeder Municipals, Inc.
3. The law firm of Hol~es and Graven, Chartered is authorized to act as Bond Counsel and
to assist in the preparation and review of necessary documents relating to the Program and
bonds issued in connection therewith.
q. This ordinance shall be in full force and effect from and after thirty (30) days after
its passage.
First Reading:
Second Reading:
Oate of Passage:
October 12, 1982
October 21, 1982
October 21, 1982
Offered By:
Seconded By:
Roll Call:
Hentges
Hovland
Hovland, Petkoff, Hentges, Nawrocki--aye
Norberg-absent
Bruce G. Nawrocki, Nayor
Secretary to the Council
4. Adjournment ~~e
~ S
Notion by Hentges second by Petkoff to adjourn the meeting at 8:
Bruce G. Nawrocki, Nayor
Anne Student, council'" ecret y