HomeMy WebLinkAbout6489 - ADMIN Resolution - City Council - 1980/02/04r
NOTE: THE CITY COUNCIL RESCINDED
THIS RESOLUTION ON February 25, 1980.
RESOLUTION NUMBER No. 6489
RESOLUTION GIVING PRELIMINARY APPROVAL TO
A PROPOSED MORTGAGE FINANCE PROGRAM
FEBRUARY 4, 1980
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WHEREAS, the Legislature of the State of Minnesota enacted Laws
of Minnesota 1979, Chapter 306, Sections 1-8, (the "Act") authorizing
cities within the State of Minnesota to issue revenue bonds or obliga-
tions to finance programs of making or purchasing mortgage loans to
finance the acquisition of single family housing by persons and families
of low and moderate income; and
WHEREAS, pursuant to provisions of the Act, prior to issuing any
revenue bonds or obligations for the purpose of financing programs of
making or purchasing mortgage loans for such persons or families of
low and moderate income, the City of St. Louis Park (the "City") must
first prepare and adopt a housing plan in accordance with the provisions
of the Act, and the City adopted such a housing plan on October 2, 1979;
and
WHEREAS, the City, pursuant to provisions of the Act, adopted
n October 2, 1979 a program, as part of its housing plan, providing
for the issuance up to $48,883,000 of revenue bonds to finance residen-
tial mortgage loans; and
WHEREAS, the City intends to provide a program for the issuance
of such bonds and the financing of such mortgage loans, including the
City making a commitment and contribution to housing programs of
federal funds otherwise allocated and made available to the City
for such purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of St. Louis Park:
Section 1. The City shall proceed to supplement its previously
adopted aforementioned housing plan in accordance with the provision
of the Act and thereafter proceed to initiate procedures for the
sale of mortgage revenue bonds to finance qualifying residents of
the City, with assistance of such mortgage lenders as may be desig-
nated by the City as hereinafter provided.
Section 2. On, , 1980, the City Council will con-
sider applications by all fiscal consultants desiring to assist
the City as mortgage lender underwriters, fiscal agents or by whatever
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name known to assist the City in the offer and sale of mortgage revenue
bonds to fund the City's adopted housing program in order to make
ingle family residential mortgages available to qualifying residents
f the City in accordance with then applicable standards defining
eligible persons of low and moderate income.
Section 3. On , 1980, the City Council will conduct
a public hearing for purposes of determining the contribution by the
City of sufficient federal funds necessary to finance properly its
aforementioned adopted housing plan in accordance with the provisions
of the Act and as may be required in light of the for the
issuance of mortgage revenue bonds to finance residential mortgage
loans as has otherwise been specified by the City.
Section 4. Upon election of appropriate fiscal agents to assist
the City in implementation of proper funding, financing and issuing
of mortgage revenue bonds to finance residential mortgages under the
City's adopted housing plan, and appropriate City funding of that
housing plan and related program, the City shall proceed to the actual
issuance of bonds pursuant to adopted program, which impacts an action
by the City and subject in all respects to the final approval of the
City, acting in good faith of all agreements and other documents
reasonably necessary to complete the sale and issuance of such bonds
in accordance with all then pertinent laws, rules and regulations
lirhen and there in effect.
Section 5. This resolution shall become effective immediately
upon its adoption and approval.
Adopted by the City Council February 4, 1980.
' ied for ad is ation:
II
CitManager
Aplp owed as to form and legality:
City ttorney