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HomeMy WebLinkAbout87-109 - ADMIN Resolution - City Council - 1987/08/17t 1 • 1 CITY OF ST. LOUIS PARK, MINNESOTA RESOLUTION NO. 87-109 AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY OF ST. LOUIS PARK, MINNESOTA, $8,715,000 MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (OAKMONT PARTNERS PROJECT), SERIES 1987, 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 LOAN AGREEMENT, AND A BOND PURCHASE AND REMARKETING AGREEMENT; APPROVING CERTAIN OTHER DOCUMENTS AND AUTHORIZING EXECUTION OF CERTAIN DOCUMENTS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS; AND PROVIDING FOR THE SECURITY, RIGHTS AND REMEDIES OF THE HOLDERS OF SAID BONDS. WHEREAS, pursuant to the laws of the State of Minnesota, particularly, Minnesota Statutes, Chapter 462C, as amended (the "Acts"), the City of St. Louis Park, Minnesota (referred to herein as the "Issuer" or the "City") 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; and WHEREAS, the Acts provide that the Issuer may exercise any and all of the same powers as are contained in the Acts, including the powers of the Minnesota Housing Finance Agency under the provisions of Minnesota Statutes, Chapter 462A, as amended, (the "State Housing Act"); and WHEREAS, the City Council (the "Council") of the Issuer has developed and adopted the Housing Plan for Local Housing Bonds for the City of St. Louis Park, Minnesota as amended on September 3, 1985 (the "Housing Plan") in compliance with Minnesota Statutes, Chapter 462C; and WHEREAS, the Acts define the term "multifamily housing development" to include a cooperative housing development in which at least 20 percent of the dwelling units are held for occupancy by families or individuals with adjusted gross incomes not in excess of 80% of the median family income estimated by the United States Department of Housing and Urban Development for the St. Louis Park area; and WHEREAS, the Issuer and representatives of Oakmont Development Limited Partnership, a Minnesota limited partnership (the "Developer"), have prepared a program for the issuance of bonds by the Issuer to make a loan to the Developer to finance the acquisition and construction of a multifamily rental housing facility 1 (the "Program"), located at the Northeast corner of the Intersection of West 35th Street and Pennsylvania Avenue in the City, in accordance with the Acts and the requirements of the Local Bond Program Procedural Guide for the Submission of Local Housing Programs to the Minnesota Housing Finance Agency; and WHEREAS, the Issuer is authorized by the Acts to make a loan or loans for the acquisition and preparation of a site and the construction of a new development thereon; and WHEREAS, Minnesota Statutes, Section 462C.04, Subdivision 2 requires that a public hearing be held on each program after one publication of notice in a newspaper circulating generally in the City, at least 15 days before the hearing; and WHEREAS, a public hearing was held on the Program on December 2, 1985, at 7:30 p.m. by the City Council of the City after publication of notice thereof on November 16, 1985, in the Minneapolis Star and Tribune; and WHEREAS, on December 14, 1985, the City Council of the City conducted a special meeting to review the Program, and approved the Program and preliminarily approved the issuance of revenue bonds; and , WHEREAS, Minnesota Statutes, Section 462C.04, Subdivision 2, further requires that each program shall be submitted to the Minnesota Housing Finance Agency (the "MHFA") for review and approval; and WHEREAS, the Program was approved by the MHFA at a special meeting held on December 19, 1985; and WHEREAS, pursuant to the Acts, the State Housing Act and Resolution Number 85-235 of the Issuer, adopted December 16, 1985, the Issuer issued its Housing Development Revenue Note (Oakmont Place Project), Series 1985, in the aggregate principal amount of $8,715,000 payable from the revenues of the Program (the "Note"); and WHEREAS, the Issuer, at the request of the Developer, proposes to issue its $8,715,000 Multifamily Housing Revenue Refunding Bonds (Oakmont Partners Project), Series 1987 (the "Series 1987 Bonds") to refund the entire outstanding principal amount of the Note; and N. WHEREAS, Miller & Schroeder Financial, Inc. (the "Underwriter'9 proposes to purchase the Series 1987 Bonds; and WHEREAS, the Series 1987 Bonds issued under this resolution will be secured by a pledge and assignment of the Loan Agreement, as hereinafter defined, and of the revenues derived by the Issuer from the Loan Agreement, and the Series 1987 Bonds and the interest thereon shall be payable, solely from the revenue pledged therefor and the Series 1987 Bonds shall not constitute a debt of the Issuer within the meaning of any constitutional, charter, or statutory limitation nor constitute nor give rise to a pecuniary liability of the Issuer (other than from the revenues specifically pleged to payment of the Series 1987 Bonds) or a charge 2 r 1