HomeMy WebLinkAbout7536 (Res.)
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CITY OP STILLWATER
RESOLUTION nO. 7536
RATIPYING APPROVAL OP A HOUSING PLAN AND ADOP'l'ING A
HOUSING BOND PROGRAM POR THE ISSUANCE OP SINGLE
PAMlLY MORTGAGE RBVENUE BONDS, AUTHORIZING
SUBMlSSION OP SAME TO THE MINNESOTA HOUSING PINANCE
AGBNCY, AUTHORIZING THE ISSUANCE OP BONDS PURSUANT
TJmRRRY BY THE WASHINGTON COUNTY HOUSING AND
REDEVELOPMENT AUTHORITY, AND APPROVING A POLICY
REPORT OP THE WASHDIGTON COUNTY HOUSING AND
REDEVELOPMENT AUTHORITY
WHEREAS, pursuant to the Minnesota Mw1icipaI Housing Act, Minnesota
Statutes, Chapter 462C (the "Act"), the City of Stillwater (the "City") is authorized
to adopt a housing plan and carry out programs for the financing of singIe family
housing which is affordable to persons of Iow and moderate income; and
WHEREAS, the Act requires adoption of the housing plan after a public
hearing held thereon after publication of notice in a newspaper of general
circulation in the City at least thirty days in advance of the hearing; and
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WHEREAS, the City on June 4, 19115 heId a public hearing on the City's
Housing Plan (the "Plan") and by the passage of ResoIution No. 7481 (the "Plan
Resolution") adopted the Plan; and
WHEREAS, on October 14 . 1985 notice of a public hearing on the
Plan and a single family mortgage revenue bond program (the "Program") was
published in a newspaper of general circulation in the City; and
WHEREAS, the Plan provides for programs for the issuance of bonds to
finance the acquisition of singIe family housing primarily by persons and families of
Iow or moderate income in accordance with the goals, conditions and requirements
of the Plan; and
WHEKEAS, the Act requires adoption of a housing finance program after a
public hearing held thereon after publication of notice in a newspaper of general
circulation in the City at least fifteen days in advance of the hearing; and
WHEREAS, the City has on this date conducted a public hearing on the Plan
and on the Program; and
WHEREAS, the Program was submitted to the Metropolitan Council at the
time of publication of notice of the pUblic hearing, and the Metropolitan Council
has been afforded an opportunity to present comments at the public hearing, all as
required by the Act; and
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WHEREAS, the Program proYjdes for the issuance of singIe family mortgage
revenue bonds in an aggregate. amount not exceeding $10,000,000 (the "Bonds") to
finance the Bcquisi tion ofsiilgle. family housing primarily by persons and families of
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Iow or moderate income and first-time homebllJersl all as more fuIIy described in
the Program (fn :fU,e'oi n. the offi"ce of the Cl ty l.l e rk .
WHEREAS, the Act further requires submission of the Program to the
MiMesota Housing Finance Agency (the "MHFA") by January 2nd, 1986 in order to
be considered for an allocation by the MHFA of authority to issue qualified
mortgage bonds in 1986 pursuant to MIMesota Statutes, Section 462C.09; and
WHEREAS, the City pursuant to Ordinance No. 633 (the "Ordinance"), has
authorized the Washington County Housing and Redevelopment Authority (the
"County Authority") to exercise the City's powers under MiMesota Statutes,
Section 462C.01 through 462C.08; and
WHEREAS, in order to issue single family mortgage revenue bonds in 1986
the interest on which is exempt from federal income taxation, the County
Authority must submit to the Internal Revenue Service on or before December 31,
1985 a policy report (the "Report'') and such Report must be published by the
applicabIe eIected representative of the County Authority; and
WHEREAS, In the case of an aut/lOrity, like the County Authority, which
issues qualified mortgage bonds on behalf of two or more governmental units, a
combined public hearing on the Report may be heId as Iong as the combined hearing
is a joint undertaking that provides alI residents of each of such units a reasonabIe
opportunity to be heard.
NOW, THEREF01i.E, BE IT RESOLVED by the City Council of the City of
Stillwater:
1. That the City's approval of the Plan by ResoIution No. 7481, adopted
on June 4, 1985 is hereby ratified and confirmed.
2. That the Program for the issuance of singIe family housing revenue
bonds in an aggregate principal amount not exceeding $10,000000 (the "Bon~") ia.
hereby in all respects adopted in the form on fi 1 ei n the of!i'ce of the Cl ty Clerk.
3. That the City hereby approves issuance of the Bonds by the County
Authority pursuant to the Ordinance and hereby authorizes the County Authority to
cause the Program to be submitted to the MHF A, to do all other things and take all
other actions as may be necessary or appropriate to carry out the Program in
accordance with the Act and any other applicabIe laws and regulations, and to issue
the Bonds.
4. That the City hereby requests that the County Authority, or the
Board of Commissioners of Washington County hold a combined public hearing on
the Report on behalf of the City, as well as any other cities on behalf of whiCh the
County Authority expects to issue qualified mortgage bonds in 1986.
5. The law firm of Holmes ole Graven, Chartered is hereby designatecfils
Bond Counsel and, Miller &: Schroeder FinllllCiaI, Inc. is hereby designated as
underwriter of the Bonds to be issued in connection with the Program, their fees to
be paid out of. t!:Jeproceeds of the bonds when and if issued.
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ADOPTED: November 19 , 19B5
~ Published: November 29, 1985.
ATTEST:
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