HomeMy WebLinkAbout6638 - ADMIN Resolution - City Council - 1980/09/02r
RESOLUTION NO. 6638
RESOLUTION OF THE CITY OF ST. LOUIS PARK
DESIGNATING TRUSTEE, PROGRAM ADMINISTRATOR,
MORTGAGE POOL INSURER, SPECIAL HAZARD INSURER
FOR SINGLE FAMILY & MULTIPLE FAMILY
MORTGAGE REVENUE BONDS
FOR THE BOND PROGRAM
WHEREAS, the City of Saint Louis Park (the "City") is authorized pursuant
to Minn. Stat. Chapter 462C (the "Act") to develop a Housing Plan and Program
pursuant to which it may issue revenue bonds to finance mortgage loans for
persons of low and moderate income; and
WHEREAS, the City has formulated such a Housing Plan and authorized the
submission thereof to the Minnesota Housing Finance Agency for its review
pursuant to the Act; and
WHEREAS, the City has reviewed certain proposals from certain institutions
and insurers to perform the functions of trustee for the bondholders, program
administrator and insurers for the mortgage pool and special hazard insurance
in connection with the Housing Program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis
Park that:
1. The City Council hereby selects the following institutions to perform
the functions of trustee for the bondholders and program administrator
in connection with the City's housing program:
Trustee First Trust Company of St. Paul
Program Administrator Banco Mortgage Company
2. The City Council hereby selects the following insurers'to provide the
mortgage pool and special hazard insurance for the mortgage loans to
be purchased by the City pursuant to its Housing Program:
Mortgage Pool Insurer
and
Special Hazard Insurer
ATTEST:
ity Clerk
Reviewed for administration:
MGIC (Mortgage Guaranty Insurance Corporation)
Adopted by the City Council on September 2, 1980
(1-1gef
Mayor
Approved as to form and legality: