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<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arden Hills,
<br />Minnesota:
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<br />I. The Housing Program referred to above is hereby approved and adopted by the City and
<br />the issuance of the Bonds of the City, in an aggregate principal amount of not to exceed
<br />$2,250,000, is hereby preliminarily approved for the purpose of providing financing and
<br />refinancing with respect to the Facilities. The Bonds shall not be issued until the City,
<br />the Corporation and the purchaser of the Bonds have agreed upon the details of the Bonds
<br />and the provisions for their payment. The principal of, premium, if any, and interest on
<br />the Bonds, when, as and if issued, shall be payable solely from the revenues to be derived
<br />fTOm the Facilities, including loan repayments to be made by the Corporation with respect
<br />thereto, and the property pledged to the payment thereof, and shall not constitute a debt of
<br />the City within the meaning of any constitutional or statutory limitation.
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<br />2. Submission of the Housing Program to the Metropolitan Council, which submission was
<br />made prior to publication of the notice of public hearing on the Program and the issuance
<br />of the Bonds, is hereby ratified, confirmed and approved.
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<br />3.
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<br />Pursuant to Subdivision 1, Section 462C.07, of the Act, in the making ofa loan to the
<br />Corporation with respect to the Program and in the issuance of the Bonds by the City, the
<br />City may exercise, within its corporate limits, any of the powers the Minnesota Housing
<br />Finance Ageny may exercise under chapter 462A, Minnesota Statutes, without limitation
<br />under the provisions of Chapter 475, Minnesota Statutes.
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<br />4. The Corporation is hereby authorized to enter into such contracts for the rehabilitation,
<br />renovation and improvement of the Facilities as it may reasonably determine to be
<br />necessary or desirable, without advertisement for bids as may be required for municipal
<br />facilities generally, provided, however, that the City shall not be liable on any of such
<br />contracts, and provided further, that the Corporation has agreed to and shall pay any and
<br />all costs incurred by the City in connection with the Program and the Facilities whether or
<br />not the Bonds are issued.
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<br />5. The Bonds are hereby designated as "qualified tax-exempt obligations" within the
<br />meaning of Section 265 (b) (3) of the rnternal Revenue code of 1986, as amended. The
<br />Bonds are to be issued on behalf of an organization described in Section 50 1 (c) (3) of the
<br />Code and are to be issued as "qualified 501 (c) (3) bonds" under Section 145 of the Code.
<br />The City, together with all subordinate entities thereof, does not reasonably expect to
<br />issue tax-exempt obligations, including the Bonds (other than private activity bonds not
<br />constituting "qualified 501 (c) (3) bonds"), which, when added together with all such
<br />obligation heretofore issued by the City, or such subordinate entities, in calendar year
<br />1995, will be an aggregate amount exceeding $10,000,000 in calendar year 1995.
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