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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