HomeMy WebLinkAbout1982-019 HRARMember Rich Theis introduced the following resolution
and moved its adoption:
RESOLUTION NO. 82-19
RESOLUTION AUTHORIZING THE EXPENDITURE OF $70,000 FOR THE
ISSUANCE OF SINGLE FAMILY MORTGAGE REVENUE BONDS
WHEREAS, the City Council of the City of Brooklyn Center, Minnesota
has adopted a resolution authorizing the issuance of single family mortgage
revenue bonds, in the aggregate principal amount of $31,758,000, which bonds
and the interest and premium thereon shall be payable solely from the revenues
of the program; prescribing the form of and authorizing the execution of an
indenture of trust; authorizing the execution and sale of the bonds and directing
delivery thereof; authorizing acceptance of the bond purchase agreement in
connection with the bonds; authorizing the purchase of mortgage loans and the
contracting for the origination thereof pursuant to the program; authorizing
the contracating for servicing the mortgage loans and for program administration
services pursuant to the program; authorizing the execution of a joint powers
agreement for the issuance of the bonds; approving a preliminary official state-
ment and a form of final official statement and providing for the securities,
rights, and remedies of the holders of said revenue bonds; and
WHEREAS,the City's share of the cost of issuing the single family
mortgage revenue bonds is $70,000; and
WHEREAS, the Housing and Redevelopment Authority in and for the City
of Brooklyn Center, Minnesota desires to facilitate the Single Family Mortgage
Revenue Bond Program in Brooklyn Center.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Brooklyn Center, Minnesota that the Authority
hereby authorizes the expenditure of $70,000 for costs related to the issuance
of the single family mortgage revenue bonds.
December 27, 1982 4 ,r
Date Chairman
Bill Hawes, and Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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,