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