HomeMy WebLinkAbout1986-193 CCR1
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Member Gene Lhotka
resolution and moved its adoption:
RESOLUTION NO. 86 -193
introduced the following
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING
ON A PROPOSED SINGLE FAMILY HOUSING BOND PROGRAM
PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C,
AUTHORIZING PUBLICATION OF NOTICE THEREFOR,
WHEREAS, Minnesota Statutes, Chapter 462C, authorizes a
city to plan and administer programs to make or purchase loans to
finance the acquisition or rehabilitation of single family
housing by low and moderate income persons and families anywhere
within its boundaries after adoption of a housing plan; and
WHEREAS, the housing plan must be considered at a
public hearing held after notice published at least 30 days prior
to the date of said hearing after which the housing plan may be
adopted by resolution of the governing body of the city with or
without amendment; and
WHEREAS, the City of Brooklyn Center (the "City has
adopted a housing plan in accordance with Minnesota Statutes,
Chapter 262C; and
WHEREAS, the City's Housing Plan (the "Plan provides
for programs for the issuance of bonds to make or purchase
mortgage loans which finance the acquisition of single family
housing which is affordable to persons and families of low and
moderate income consistent with the goals and requirements of the
Plan; and
WHEREAS, a program for the issuance of bonds to finance
single family housing must be considered at a public hearing
after notice published at least 15 days prior to the date of said
hearing after which the program may be adopted by resolution of
the governing body of the city with or without amendment; and
WHEREAS, any program for the issuance of housing
revenue bonds must be submitted to the Metropolitan Council on or
before the date of the notice of public hearing is published; and
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The City Council of the City of Brooklyn Center
will conduct a public hearing on the proposed
single family housing program for 1986 on December
22, 1986 at 7:30 p.m.
2. The City Manager of Brooklyn Center is hereby
authorized to cause a public notice, substantially
in the form of the notice attached hereto as
Exhibit A, to be published once in a newspaper of
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RESOLUTION NO. 86 -193
3. The City Manager of the City is hereby authorized
submit the single family housing bond program to
the Metropolitan Council on or before the date the
notice of public hearing is published.
4. The law firm of Holmes Graven, Chartered is
hereby authorized to act as Bond Counsel to assist
with the preparation of the housing bond program
relating to the Project and with the preparation
of any other documents necessary with respect to
the issuance of bonds in connection with the
program and the underwriting firm of Miller
Schroeder Municipals, Inc. is hereby designated as
Underwriter for the sale of such bonds; the
payment or reimbursement of the fees or expenses
of Bond Counsel and the Underwriter to be paid or
reimburse from the program revenues. The City
Manager, City Attorney and other officers,
employees and agents of the City are hereby
authorized to assist Bond Counsel in the
preparation of the program and any other necessary
documents.
November 24. 1986
Date
ATTEST: oCl/ Is/1..'
Clerk
general circulation in the City at least fifteen
(15) days prior to the date established for the
public hearing by the preceding paragraph of this
resolution.
The motion for the adoption of the foregoing resolution was duly
seconded by member Celia Scott 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.
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RESOLUTION NO. 86 -193
EXHIBIT A
NOTICE OF PUBLIC HEARING ON A SINGLE FAMILY
HOUSING PROGRAM UNDER MINNESOTA
STATUTES, CHAPTER 462C, AS AMENDED.
THE CITY OF BROOKLYN CENTER, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of Brooklyn
Center, Minnesota (the "City will meet on December 22, 1986, at 7 :30 p.m. at
the City offices at 6301 Shingle Creek Parkway in Brooklyn Center, Minnesota, for
the purpose of conducting a public hearing on the adoption of a housing bond
program by the City, prepared in compliance with Minnesota Statutes, Chapter
462C. The program provides for the issuance by or on behalf of the City of
revenue bonds in an amount not exceeding $10,000,000 (the "Bonds to undertake a
program of making or purchasing mortgage loans made to acquire or rehabilitate
single family housing in the City by low or moderate income persons or families.
The Bonds shall be limited obligations and the bonds and interest thereon shall be
payable solely from the revenues pledged to the payment thereof, except that such
bonds may be secured by a mortgage and other encumbrance on the Project. No
holder of any such bonds shall ever have the right to compel any exercise of the
taxing power of the City to pay the bonds, or the interest thereon, nor to enforce
payment against any property of the City except revenues of the program.
All persons interested may appear and be heard at the time and place set
forth above.
November 24, 1986, 1986.
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BY ORDER OF THE CITY COUNCIL
OF THE C Y s,F :mot. KYN CENTER
By 1e
*y Manager