HomeMy WebLinkAbout91-83 - ADMIN Resolution - City Council - 1991/04/15fI
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RESOLUTION NO. 91_P
A RESOLUTION RELATING TO THE
PROPOSED ISSUANCE OF MORTGAGE
REVENUE REFUNDING BONDS, AND CALLING
A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council (the "Council") of the
City of St. Louis Park, Minnesota (the "City") as follows:
Section 1
1.01. The City, acting pursuant to authority granted
to it under the Minnesota Municipal Housing Programs Act,
Minnesota Statutes Chapter 462C, as amended (the "Act"), issued
as of December 1, 1980 $20,200,000 of its Mortgage Revenue Bonds
Series 1980 (the "Prior Bonds") for the purpose of acquiring
single family mortgage or rehabilitation loans within the City.
1.02. Pursuant to Minnesota Statutes, Section
462C.07(1), the City in the purchasing of single family housing
loans and the issuance of revenue bonds or other obligations may
exercise any of the powers the Minnesota Housing Finance Agency
may exercise. Pursuant to Minnesota Statutes, Section
462A.08(2) the Agency, and thus the City, may issue bonds or
notes for the purpose of refunding bonds or notes presently
outstanding.
1.03. The City has received a proposal to issue
$5,865,000 of its single family mortgage revenue refunding bonds
(the "Bonds") for the purpose of refunding on June 1, 1991 the
Prior Bonds.
1.04. Section 147(f) of the Internal Revenue Code of
1986, as amended, and the regulations promulgated thereunder,
generally provides that the Council of the City may approve
bonds only after conducting a public hearing thereon. No public
hearing under said Section 147(f) was held prior to the issuance
of the Prior Bonds, and thus, is required prior to approval of
the Bonds.
1.05. The City has caused to be prepared a notice of
public hearing, attached hereto as Exhibit A, with the request
that the Council establish the date of the public hearing and
authorize publication of the notice.
egtion 2
2.01. The Council will conduct, and there is hereby
called, a public hearing on the proposal to issue bonds to
refund on June 1, 1991 the Prior Bonds,_said public hearing to
be held on May 6, 1991 at 7:00 p.m.
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2.02. The City Clerk of the City is hereby authorized
to cause a notice of public hearing, substantially in the form
of Exhibit A hereto, to be published in,a newspaper of general
circulation available to residents of the City.
2.03. This resolution shall become effective
immediately upon its passage and without publication.
Adopted this 15th day of April, 1991.
(p) 416, -.1A -
Reviewed for administration: Approved as to form and
execution:
W t-iJ'x"
Vitflaktiate
City Manager City Attorney
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EXHIBIT A
CITY OF ST. LOUIS PARK
(OFFICIAL PUBLICATION)
NOTICE OF A PUBLIC HEARING
ON A PROPOSAL TO ISSUE SINGLE FAMILY
MORTGAGE REVENUE REFUNDING BONDS
NOTICE IS HEREBY GIVEN that the City Council of the -City
of St. Louis Park, Minnesota (the "City") will meet on May 6,
1991, at 7:00 P.M. at the Council Chambers of City Hall, 5005
Minnetonka Boulevard, St. Louis Park, Minnesota, for the purpose
of conducting a public hearing on a proposal to issue up to
$5,865,000 of single family mortgage revenue refunding bonds
(the "Bonds") to refund and redeem on June 1,°1991, the City's
the outstanding principal amount of Residential Mortgage Revenue
Bonds Series 1980 (the "Prior Bonds") dated December 1, 1980 and
in the original aggregate principal amount of $20,200,000, of
which $5,865,000 is expected to be outstanding on the date of
issuance of the Bonds. The Prior Bonds were originally issued
to enable the City to purchase mortgage loans with respect to
single family residences of low or moderate income families
located within the City pursuant to Resolution No. 6744 adopted
December 30, 1980.
At the time and place of the hearing, all parties shall be
given the opportunity to be heard on the proposal, and any
interested person may also submit any written comments to the
City Clerk prior to the date of the hearing.
April A/, 1991.
(PUBLISHED IN ST. LOUIS PARK SAILOR APRIL 24, 1991)
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