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HomeMy WebLinkAbout1987-090 CCRintroduced the following Member Gene Lhotka resolution and moved its adoption: RESOLUTION NO. 87 -90 RESOLUTION APPROVING PARTICIPATION IN THE DAKOTA COUNTY HOUSING AND REDEVELOPMENT AUTHORITY, MINNEAPOLIS /SAINT PAUL HOUSING FINANCE BOARD, AND WASHINGTON COUNTY HOUSING AND REDEVELOPMENT AUTHORITY JOINT SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAM AS DEFINED HEREIN AND AUTHORIZING EXECUTION OF A JOINT POWERS AGREEMENT, WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act the City of Brooklyn Center (the "City is authorized to issue revenue bonds to finance single family residential rental facilities within the jurisdiction of the City; and WHEREAS, pursuant to 1971 Minnesota Laws, Chapter 333, as amended, The Dakota County Housing and Redevelopment Authority (the "Dakota County Authority has all powers and duties of a housing and redevelopment authority under the municipal housing and redevelopment act, Minnesota Statutes, Sections 462.411 to 462.711, as amended; and WHEREAS, pursuant to 1974 Minnesota Laws, Chapter 475, The Washington County Housing and Redevelopment Authority (the "Washington County Authority has all powers and duties of a housing and redevelopment authority under the municipal housing and redevelopment act, Minnesota Statutes, Sections 462.411 to 462.711, as amended; and WHEREAS, pursuant to Minnesota Statutes, Section 462.12, the Minneapolis /Saint Paul Housing Finance Board (the "Minneapolis /Saint Paul Board is authorized to exercise the powers conferred upon the Cities of Minneapolis and Saint Paul, the Minneapolis Community Development Agency and the Housing and Redevelopment Authority in and for the City of Saint Paul, Minnesota, by Minnesota Statues, Chapters 462C and 462, among other things; and WHEREAS, pursuant to the Act, the Dakota County Authority, the Minneapolis /Saint Paul Board, and the Washington County Authority (collectively the "Authorities are authorized to issue revenue bonds to finance single family residential rental facilities within Dakota County, Washington County, and the Cities of Minneapolis and Saint Paul; and WHEREAS, pursuant to Minnesota Statutes, Section 471.59 (the "Joint Powers Act the City and the Authorities are authorized to enter into an agreement for the exercise of such powers by the Authorities on behalf of the City; and WHEREAS, the City has previously approved a program (the "Program for the issuance of single family mortgage revenue bonds pursuant to and in accordance with Minnesota Statutes, Chapter 462C, after a duly noticed public hearing and has received an allocation of authority for issuance of single family bonds under Minnesota Statutes, Chapter 474A in the amount of $7.5 million; and RESOLUTION NO. 87 -90 WHEREAS, the Authorities propose to jointly issue their single family housing revenue bonds to finance various single family residential programs in various cities, and acting on behalf of the City, to finance the Program (the "Joint Program and WHEREAS, it appears that participation by the City in the Joint Program will result in significant financial benefit to the City and will accordingly ultimately result in lower housing costs to residents of the City; and WHEREAS, there has been submitted to the City a form of Joint Powers Agreement providing for participation of the City in the Joint Program and the issuance by the Authorities of obligations to finance the Program. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center as follows: 1. The City gives final approval to the issuance of obligations pursuant to the Act to finance the Program. 2. The City approves the participation of the City in the Joint Program undertaken by the Authorities for the purpose of financing the Program and authorizes the staff of the City to cooperate with the Authority with respect to such participation. 3. The City approves the form of Joint Powers Agreement submitted to the City, and the Mayor and City Clerk (or, in their absence or unavailability, any other member of the City Council or City officer, respectively) and such other officers or employees of the City as may be appropriate are hereby authorized and directed to execute the Joint Powers Agreement, with only such alterations, additions or deletions as may be necessary or desirable to effectuate the purposes of this resolution and are not, in the opinion of the City Attorney, materially adverse to the interests of the City. The execution of the Joint Powers Agreement by the parties herein authorized to sign shall be conclusive evidence of such determination. April 20, 1987 Date ATTEST:44 /l. At.e11.1 Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Rich Theis and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.