HomeMy WebLinkAbout1991-056
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CITY 0' STlLLWATKR, IIIlfHBSOTA
RESOLUTION NO. 91-56
APPROVING THE ISSUANCE BY THE WASHINGTON COUNTY
HOUSING AND REDEVELOPMENT AUTHORITY OF SINGLE
FAMILY MORTGAGE REVENUE BONDS PURSUANT TO THE 1991
BOND PROGRAM FOR THE CITY OF STILLWATER.
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes, Chapter 482C (the "Act"), the City of Stillwater, Minnesota (the "City")
Is authorized to adopt a housing plan and cany out programs for the financing of
sl",le family housing which Is affordable to persons of low and moderate Income In
the CIty; and
WHEREAS, the City has heretofore adopted a housing plan (the "Plan") In
accordance with the Act, a copy of which Is on file with the CIty; and
WHEREAS, the Plan provides for programs for the Issuance of bonds to
finance the acquisition of single family housing primarily by persons and families of
low or moderate Income In accordance with the goals, conditions and requirements
of the Plan; and
WHEREAS, by Ordinance No. 833, the City has authorized the Washington
County Housing and Redevelopment Authority (the "Authority") to exercise on
behalf of the City, the powers conferred by Minnesota Statutes, Chapter 482C; and
WHEREAS, the Act requires adoption of a housl", finance program, a copy
of which Is attached hereto as Exhibit .A (the "Program"), after a public hearing
held thereon for which notice was published In a newspaper of general circulation
In the City at least fifteen (15) days In advance of the hearlnil and
WHERBAS, the Program provides for the Issuance by the Authority, on
behalf of the City, of sl",le family mortpp revenue bonds In an argrepte
amount not ezceedl", $5,000,000 (the "Bonds") to finance the acquisition of single
family houslnr In the City primarily by persons and families of low or moderate
Income and first-time homebuyers, all as more fully described In the Program; and
WHERBAS, the Authority on behalf of the City has conducted a pUblic
hearl", on the Program, following publication of notice as required by the Act; and
WHEREAS, the Program was submitted to the Metropolitan Council at the
time of publication of notice of the public hearlnr on such Program; and the
Metropolitan Council has been afforded an opportunity to present comments at the
public hearing, all as required by the Act; and
WHEREAS, the Act further requires submission of the Program to the
Minnesota HoUsing Finance Agency (the "MHFA") for review.
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NOW, THBRB1'ORB, BB IT RBSOLVBD BY THB CITY COUNCIL 01' THB
CITY 01' STILLWATBR, MINNBSOTA:
That the City hereby approves the Issuance by the Authority of the Bonds
pursuant to the Program and hereby authorizes the staff of the Authority to do all
thlnp and take all actions as may be necessary or appropriate to carry out the
Program In accordance with the Act and any other applicable laws and regulations.
~DOPTED:
April 2
.1991
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ATTBST:
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Mayor