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HomeMy WebLinkAboutOrdinance 1022ORDINANCE No. 1022 BEING AN ORDINANCE GIVING PRELIMINARY APPROVAL OF THE ISSUANCE OF SINGLE FAMILY MORTGAGE REVENUE BONDS UNDER THE 1982 SINGLE FAMILY HOUSING BOND PROGRAM WHEREAS, the City Council of the City of Columbia Heights (the "Council") has by Resolution Number 82-5_4, dated Au9. 31 ,1982, approved the 1982 Single Family Housing Bond Program--~-~he "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 $8,408,000; and WHEREAS, the City was notified by letter dated September 27, 1982 that the MHFA has approved the Program and has allocated to the City the authority to issue its Single Family Mortgage Revenue Bonds in such amount; and WHEREAS, on the basis of information available to the City to date, it appears that 'it would be in the best interest of the City to issue its mortgage revenue bonds in the aggregate principal amount of $8,408,000. NOW, THEREFORE, The City Council of the City of Columbia Heights hereby ordains as foliows: 1. The issuance by the City of its $8,408,000 Single Family Mortgage Revenue Bonds 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 provisions for their payment. In all events, it is Ur~derstood, 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 constitute a debt of the City. 2. Miller & Schroeder Municipals, Inc. has advised the Council that it will underwrite the bonds in a principal amount not to exceed $8,408,000 under terms and conditions to be determined by the City and Miller & Sehroeder Municipals, Inc. 3. 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 connection therewith. 4. This ordinance shall be in full force and eff, (30) days after its passage. and after thirty First Reading: October ]2, ]982 Second Reading: October 2], 1982 Offered by: Hent§es Seeonded by: Hov]and RO~ Call: Hovland Date of Passage: October SecreTarY to ~"~ncil , Petkoff, Hentges, Newrocki--aye No nay votes 21, 1982