HomeMy WebLinkAboutOrdinance 1210ORDINANCE NO. 12 ! 0
ORDINANCE GIVING PRELIMINARY APPROVAL TO A
CARE AND RESIDENTIAL HOUSING PROGRAM AND
BONDS ON BEHALF OF CREST VIEW LUTHERAN HOME
COMBINATION HEALTH
ISSUANCE OF REVENUE
The City of Columbia Heights, Minnesota (the "City"), does ordain, as follows:
Section 1. Reeitais.
1.01.
By the provisions of Minnesota Statutes Chapter 462C, as amended (the "Act"),
the City is authorized to plan, administer, and develop housing pro.'ams, as well
as combination health care and residential housing programs, and to issue and
sell revenue bonds or obligations to make or purchase loans to finance
combination health care and residential 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 Aeta Housing plan for the City, whieh
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 462C.05~ subd. ?, of
the Act, the City shall prepare a Program setting forth the information required
by Section 462C.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
462C.01 of the Act, on the basis of the considerations stated in Section 462C.04
of the Act.
1.03.
Crest View Lutheran Home, a Minnesota nonprofit corporation, or a nonprofit
affiliate thereof (the "Corporation"), has proposed to undertake the acquisition,
construction and equipping of a combination health care and residential housing
development under the Act tn accordance with the City's Housing Plan and
pursuant to a proposed Program therefor (the "Program"), on file in the offiee of
the City Clerk-Treasurer, a copy of which is attached hereto as Exhibit A. The
description of the facilities set forth tn the Program is incorporated herein by
reference and made a part hereof (the WFaeilities").
1.04.
Under the Program it is proposed that the City issue its Residential Care
Facility Revenue Bonds (the "Bonds") pursuant to the Act in such a~,regate
principal amount as may be necessary to finance the acquisition, construction
and equipping of the Facilities, sub:leer to the agreement by the Corporation to
pay promptly when due all the principal of and interest on the Bonds.
1.05.
A public hearing for the Program was held on October 22, 195~, as provided in a
notice of public hearing published tn the City's official newspaper on October 3,
1990 which is a date 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.
Section 2. Approvals and Authorization.
2.01.
The Program is hereby adopted by the City pursuant to Section 462C.04, subd. ?,
of the Act, and the issuance of the Bonds of the City, in an aggregate principal
amount of not to exceed $3,500,000 is hereby approved. The Bonds shall not be
issued until the Program has been reviewed and approved as provided by the Act
and until the City, the Corporation and the purchaser of the Bonds have agreed
upon the details of the Bonds and the provisions for their payment. The principal
of, premium, if any, and interest on the Bonds, when, as and if i.~ued, shall be
payable ~olely from the revenues derived from the Facilities, including loan
repayments to b~ 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 Hmitation.
2.02.
The submission of the Program to the Metropolitan Council and the publication
of notice of the public hearing held thereon are hereby ratified, confirmed, and
approved. The Mayor, City Manager and .other officers and employees of the
City are hereby authorized to submit the Program, accompanied by the Housing
Plan, and all required certificates, to the Minnesota Housing Finance Agency for
review and approval pursuant to Subdivision 2 of Section 462C.04 of the Act.
2.03
Pursuant to Subdivision 1, Section 462C.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 462A,
Minnesota Statutes, without limitation under the provisions of Chapter 475,
Minnesota Statutes.
2.04
The Corporation has agreed to and shall pay any and all costs incurred by the
City in connection with the Program and the Facilities whether or not the
Program is approved by the Minnesota 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:
October 22, 1990
November 13, 1990
November 13, 1990
Offered by: Pete r son
Seconded by: Ruett imann
Roll call: A 11 a ye s
Mayor F.d~ard M. Carlson--
ATTF.~T:
W~flliam J. Elrite, City Clerk-Treasurer