HomeMy WebLinkAbout1996-159 CCR1
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Member Kathleen Carmody
and moved its adoption:
RESOLUTION NO. 96 -159
introduced the following resolution
RESOLUTION APPROVING AN AMENDMENT TO A JOINT POWERS
AGREEMENT RELATING TO CERTAIN 1987 MORTGAGE REVENUE
BONDS TO PROVIDE FOR THE RECYCLING OF PROGRAM MONIES
WHEREAS, in 1987, the Minneapolis /St. Paul Housing Finance Board (the
"Board"), jointly with the Dakota County Housing and Redevelopment Authority (the "Dakota
County Authority"), and the Washington County Housing and Redevelopment Authority (the
"Washington County Authority"), and together with the Board and the Dakota County
Authority (the "Issuers issued their $49,180,000 Single Family Mortgage Revenue Bonds,
Series 1987A (the "Series A Bonds $11,320,000 Single Family Mortgage Revenue Bonds,
Series 1987B (the "Series B Bonds and $138,000,000 Single Family Mortgage Revenue
Bonds, Series 1987C (the "Series C Bonds (all together, the "Prior Bonds pursuant to
a Joint Powers Agreement (the "Joint Powers Agreement dated as of May 1, 1987, by and
between the Issuers and the City of East Grand Forks, Minnesota "East Grand Forks the
Housing and Redevelopment Authority in and for the City of St. Cloud, Minnesota (the "St.
Cloud Authority"), the City of Columbia Heights, Minnesota "Columbia Heights the City
of Savage, Minnesota "Savage and the City of Brooklyn Center, Minnesota "Brooklyn
Center (together, the "Joint Parties and
WHEREAS, the Issuers have determined that it is in their best interest that
monies generated from payments and prepayments of mortgage loans pledged to the payment
of the Prior Bonds be recycled to make additional qualified loans, and in furtherance thereof,
the Issuers propose to amend the Joint Powers Agreement by the execution and delivery of a
First Supplement to Joint Powers Agreement for a Single Family Housing Revenue Bond
Program (the "Amendment in substantially the form attached hereto as Exhibit A to
authorize the Dakota County Authority to issue, from time to time, certain refunding bonds
on behalf of the Issuers (the "Refunding Bonds as further described in the Amendment; and
WHEREAS, the City of Brooklyn Center (the "City desires to assist in the
issuance of the Refunding Bonds by authorizing the execution and delivery by the City of the
Amendment.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, that the Amendment is hereby approved, and the Mayor and
City Manager of the City are hereby authorized and directed to execute and deliver the
Amendment on behalf of the City, with such modifications or revisions as may be approved
by the Mayor, and which are not materially adverse to the interests of the City. Execution of
the Amendment by the Mayor shall constitute conclusive evidence of the approval of any such
modifications or revisions.
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RESOLUTION NO. 96 159
August 26, 1996 G� Olvl�sc�a i�
Date 0 Mayor
'��ll,byt r1/N,,,
City Clerk
ATTEST:
The motion for the adoption of the foregoing resolution was duly seconded by member
Kristen Mann and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, Debra Hilstrom, Kristen Mann, and Charles Nichols;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.