HomeMy WebLinkAboutOrdinance 1147CITY OF COLUMBIA HEIGHTS
Or,finance No. 1147
AUTHORIZING THE ISSUANCE O1~ SINGLE I~AMI~,Y
MORTGAGE REVENUE BONDS UNDER THE 1987
· SINGLE I~AMII.Y HOUSING BOND PROGRAM.
The City of Columbia Heights does ordain:
1. The City Council (the "Council") of the City of Columbia Heights (the
~City') has adopted a housing plan pursuant to Minnesota Statutest Chapter 462C
(the
2. The Council has adopted a Single Family Housing Bond P~o~ram after
publication of notice and by public hearing as required by the Act which pro, ram
calls for the issuance of $10t000~000 Single Family Mortgage Revenue Bonds of the
City.
3. The program has been submitted to the Minnesota Housing Finance
A~ency as required by law and, pursuant to Minnesota Statutes~ Chapter 474A~ the
City has received an allocation of authority to issue qualified mortgage bonds.
4. On the basis of the information available to the City to date~ it
appears that it would be in the best interests of the City to issue its Single Family
Mortgage Revenue Bonds in the aggregate principal amount of $10~000~000~ and it
further appears that it would be in the best interests of the City to issue its bonds
jointly with other issuers including, without limitation~ The Dakota County Housing
and Redevelopment Authority and The Washington County Housing and
Redevelopment Authority.
5. The issuance by the city of its $10~000~000 Single l~amily Mortgage
Revenue Bonds, Series 1987 is hereby 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 the provisions for their payment. In all eventst it is unde~stood~ however~ that
such bonds of the City shall not constitute a charge, lien or encumbrance legal or
equitable upon any property of the City except the mortgages duly acquired
pursuant to the bond documents; and each bond, when, as, and if issued, shall recite
in substance that the bond, including interest thereon, is payable solely from the
revenues reCeived 'from the program, and shall not eonstitute a debt of the City.
6. The bonds may be issued jointly with other issuers as determined by
resolution of the City.
7. Miller & Sehroeder Finaneial, Inc. is authorized to act as plaCement
agent for the bonds under terms and conditions to be determined by the City and
Miller & Sehroeder Finaneial, Ine.
8. The law firm of Holmes & 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 eonneetion therewith.
8. This ordinance shall be in full foree~ys
after its passage.
Mayor
First reading: Apr i 1 13, 1987
Seeondreading: April 20, 1987
Offered by: Peterson
Seconded by: Pet koff
Roi1 ealh A1 ] ayes
Date of passage: Apr i 1 20, 1987