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HomeMy WebLinkAbout1994-143 CCR1 1 1 Member Celia s c o t t introduced the following resolution and moved its adoption: RESOLUTION NO. 93-143 RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF TAX-EXEMPT BONDS AND AUTHORIZING APPLICATION FOR LOCATION 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 proposes to issue its general or special obligations in an aggregate principal amount not exceeding $7,500,000 (the "Bonds to finance the acquisition and rehabilitation of a qualified residential rental project known as the Four Courts Apartments (the "Project located in the City of Brooklyn Center, Minnesota. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center that: 1. The City Council hereby states its preliminary intention to issue its tax exempt bonds in the aggregate pincipal amount not exceeding $7,500,000 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 irrevc.,able commitment on the part of the City to issue the Bonds. July 11, 1994 Date ATTEST: Jeutiox. Deputy Clerk Todd Paulson, Mayor The motion for the adoption of the foregoing resolution was duly seconded by member Dave Rosene and upon vote being taken thereon, the following voted in favor thereof: Todd Paulson, Celia Scott, Dave Rosene, and Kristen Mann; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.