Loading...
HomeMy WebLinkAboutOrdinance 1152ORDINANCE NO. 1152 ORDINANCE GIVING APPROVAL TO A COMBINATION HEALTH CARE AND MULTIFAHILY HOUSING PROGRAM AND ISSUANCE OF REVENUE BONDS ON BEHALF OF CREST VIEW LUTHERAN HOME The City of Columbla Heights, Minnesota (the "City"), does ordain, as follows: Section 1. Recitals. !.01. By the provisions of Minnesota Statutes, Chapter ~62C, as amended (the "Act"), the City is authorized to plan, administer, and develop housing programs, as well as combination health care and multifamily housing programs, and to Issue and sell revenue bonds or obligations to make or purchase loans to finance combination health care and multifamily housing developments within its boundaries, which revenue bonds or obligations shall be payable solely from the revenues of such developments. 1.02. The City has prepared pursuant to the Act a Housing Plan for the City, which Housing Plan has been duly adopted by the City pursuant to the Act (the "Housing Plan"). The Act provides that, prior to issuing revenue bonds or obligations to finance a development described in Section ~62C.05, subd. 7, of the Act, the City shall prepare a Program setting forth the information required by Section ~62C.05, subd, 6, of the Act, submit the Program to the Metropolitan Council, and, after holding a public hearing thereon, submit the Program for approval by the Minnesota Housing Finance Agency, as provided in Section ~62C.O! of the Act, on the basis of the considerations stated In Section q62C.0q of the Act. 1.03. Crest View Lutheran Home, a Minnesota nonprofit corporation (the "Corporation"), has proposed to undertake a combination health care and multifamlly housing development under the Act in accordance with the City's Housing Plan and pursuant to a proposed Program therefo.r (the "Program"), on flle in the office of the City Clerk, a copy of which is attached hereto as Exhibit A. The des- cription of the facilities set forth in the Program is hereby incorporated herein by reference and made a part hereof (the "Facilities"). 1.04. Under the Program it is proposed that the City Issue its Health'Care Facility Revenue Bonds (the "Bonds") pursuant to the Act in such aggregate principal amount as may be necessary to finance or refinance the Facilities, subject to agreement by the Corporation to pay promptly when due all the principal of and interest on the Bonds. 1.O5. A public hearing was held on the Program on July 13, 1987, as provided In the notice of public hearing published in the City's official newspaper no less than 15 days in advance of the hearing. At said hearing all persons present were afforded an opportunity to express their views concerning the Program. Ordinance No. !152 page 2. Section 2. Approvals and Authorization. 2.01. The Program Is hereby adopted by the City pursuant to Section h62C.05, subd. 7, of the Act, and the issuance of the Bonds of the City, in an aggregate princlpal amount of not to exceed $5,000,000 is hereby approved. The Bonds shall not be issued until the Program has been reviewed and approved as pro- vided by the Act and until the City, the Corporation and the purchase of the Bonds have agreed upon the details of the Bonds and the provisions ~or their payment. The prlncipal of, premium, If any, and Interest on the Bonds, when, as and if issued, shall be payable solely from the revenues derived from the Facilities, including loan repayments to be made with respect thereto, and the property pledged to the payment thereof, and shall not constitute a debt of the City within the meaning of any constitutional, statutory or charter limitation. 2.02. The submission of the Program to the Metropolitan Council and the publlcation of notice of the public hearing held thereon are hereby ratified, conflrmed, and approved. The Mayor, City Clerk and other officers and employees of the City are hereby authorized to submit the Program, accompanied by the Houslng Plan, and all required certificates,.to the Minnesota Housing Finance Agency for review and approval pursuant to.Subdivision 2 of Section ~62C.0q of the Act, 2.03. Pursuant to Subdivision 1, Section h62C.07, of the Act, In the making of a loan with respect to the Program and in the issuance of the Bonds or other obligations of the City, the City may exercise, within its corporate limits, any of the powers the Minnesota Housing Finance Agency may exercise under Chapter h62A, Minnesota Statutes, without llmitatlon under the proulsions of Chapter 475, Minnesota Statutes. 2.04. The Corporation has agreed to and shall pay any and al1 costs Incurred by the City in connection with the Program and the Facilitles whether or not the Program is approved by the M~nnesota Housing Finance Agency and whether . or not the Bonds are issued. Section 3. This Ordinance shall be in full force and effect from and after thirty (30) days after its passage. First Reading: Second Reading: Date of Passage: June 22, 1987 July 13, 1987 July 13, 1987 Offered by: Carlson Seconded by: Peterson Roll call: All ayes ATTEST~ ,~ ~ ~liam-J. Elrite, city Clerk