HomeMy WebLinkAbout85-05 - ADMIN Resolution - City Council - 1985/01/21RESOLUTION NO. 85-05
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SAINT LOUIS PARK, MINNESOTA (THE
"ISSUER") AUTHORIZING THE ISSUANCE, SALE AND
DELIVERY OF THE $15,000,000 VARIABLE RATE
DEMAND PURCHASE HOUSING DEVELOPMENT
REVENUE BONDS (EXCELSIOR PARTNERS PROJECT)
(THE 'BONDS"), WHICH BONDS AND THE INTEREST
AND ANY PREMIUM THEREON SHALL BE PAYABLE
SOLELY FROM THE REVENUES DERIVED FROM THE
LOAN AGREEMENT; APPROVING THE FORM OF
AND AUTHORIZING THE EXECUTION AND
DELIVERY OF AN INDENTURE OF TRUST, A BOND
PURCHASE AGREEMENT, A REMARKETING
AGREEMENT, A REGULATORY AGREEMENT, A
DECLARATION OF RESTRICTIVE COVENANTS, AND
A LOAN AGREEMENT; APPROVING THE FORMS OF
A COMBINATION MORTGAGE, SECURITY
AGREEMENT AND FIXTURE FINANCING
STATEMENT, A DISBURSING AGREEMENT, AND AN
ASSIGNMENT OF LEASES AND RENTS; APPROVING
THE FORM OF AND AUTHORIZING THE EXECUTION
AND DELIVERY OF THE BONDS; AND PROVIDING
FOR THE SECURITIES, RIGHTS AND REMEDIES OF
THE HOLDER OF SAID BONDS
WHEREAS, the City of Saint Louis Park, Minnesota (the "Issuer") is a home -
rule charter city duly organized and existing under the Constitution and law of the
State of Minnesota; and
WHEREAS, pursuant to the Constitution and laws of the State of Minnesota,
particularly Minnesota Statutes, Chapters 462A and 462C, as amended (the "Acts"),
the Issuer is authorized to carry out the public purposes described therein and
contemplated thereby by issuing its revenue bonds to defray, in whole or in part,
the development costs of a rental housing development, and by entering into any
agreements made in connection therewith and pledging them as security for the
payment of the principal of and interest on any such revenue bonds (the
"Program"); and
WHEREAS, to provide a means of financing the cost of a rental housing
development that will provide decent, safe and sanitary housing for low and
moderate income residents of the City of Saint Louis Park (the "City") at rents
they can afford, and further (1) to provide for and promote the public health,
safety, morals and welfare; (2) to provide for efficient and well-planned urban
growth and development, including the elimination and prevention of potential
urban blight, and the proper coordination of industrial facilities with the public
services, mass transportation and multifamily housing developments, and (3) to
assist persons of low and moderate income in obtaining safe and sanitary housing at
rents which they can afford, which constitute valid public purposes for the issuance
of revenue bonds under the Acts, the Issuer has developed a program with respect
to (i) the issuance by the Issuer of its Floating Rate Housing Development Revenue