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HomeMy WebLinkAbout1994-265 CCR1 1 Member Barb Kalligher introduced the following resolution and moved its adoption: RESOLUTION NO. 94 -265 RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF TAX EXEMPT BONDS AND AUTHORIZING APPLICATION FOR ALLOCATION OF BONDING AUTHORITY WHEREAS, the City of Brooklyn Center, Minnesota (the "City") is authorized to issue tax- exempt bonds subject to the annual statewide volume cap on such bonds; and WHEREAS, the City has issued its $7,500,000 Multifamily Housing Revenue Bonds, Series 1994 (Four Courts Apartments Project) to finance the acquisition and rehabilitation of a qualified residential rental project known as the Four Courts Apartments (the "Project located in the City; and WHEREAS, the City has been requested to issue additional special obligation bonds in an aggregate principal amount not exceeding $3,000,000 (the "Bonds") to fmance the additional rehabilitation expenditures at the Project and other related costs; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center that: ATTEST: 1. The City Council hereby states its preliminary intention to issue additional tax exempt bonds in the aggregate principal amount not exceeding $3,000,000 to finance the cost of the Project. 2. The City Manager and authorized officers of the City, together with Holmes Graven, Chartered, as bond counsel with respect to the Bonds, are hereby authorized to prepare and submit to the State of Minnesota Department of Finance an Application for Allocation of Bonding Authority for Tax Exempt Financing under Federal Tax Law, in accordance with the provisions of Minnesota Statutes, Chapter 474A. 3. That the foregoing preliminary approval of the issuance of Bonds shall be subject to final determination by the City of terms and conditions and shall not constitute an irrevocable commitment on the part of the City to issue the Bonds. December 19, 1994 Date Deputy Clerk Todd Paulson, Mayor 1 RESOLUTION NO. 94 -265 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: Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.