RES 2003_2026010509170700 - Laserfiche WebLink

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1.06. White Bear Lake has prepared a housing program (the "Program" or the: Housing Prograrii"), with respect to the acquisition; construction; and equipping of the Project. White. Bear Lake has conducted a public hearing on the Housing Program, following publication of notice at least fifteen days prior to thedate of the White Bear Lake public hearing:.all in conformance with the requirements ofthe.Act. The Housing Program Wa§.prepared acid submitted to the metropalitan.Coubeil for its review in accordance with the requirements ofihe�Act. The preparation of the Housing Program and- the subriiission. of the Program to the. Metropolitan Council was ratified, cotiPtnned, and approved, w.idiout:atnefidment: by the City Council of White Bear Lake: 1.07, Under Section 147(f) of the internal Revenue Code of 1 "6, as amended (the "Code''), prior to the issuance of the Bonds a public hearing duly noticed must be held by the City. Council. Section 2: Preliminary Findinzs.. Based on representations made .by the Borrower to the City Iodate, the: City Council of the:City hereby makes -the fallowing.preliminary findings, dq� rminations,:and declarations; (a) The Project consists ofasetiior-independentlivingmpldfam lyTental housine.developmentdesigned .and intended to be used ,for rental. occupancy... (b) The proceeds ofthe Bonds wilt be loaned.to1he- Borrowerand the..proceeds of the loan will be applied -to rile acquisition, construction, and. equipping of.the Project,. to establish one or more rese yes:for the Bonds and the Project, and to the payment of costs related to the. issuance .of the Bonds. The City will enter into a Loan Agreement with the Borrower requiring loan repayments frotn.the.Borrower in amounts sufficient to repay then loan when due and requiring: the Borrower.to pay all costs of'maintaining-mid insuring the* -Project, .including taxesAlereon.. {cy The issuance -:of. the. Bonds to finance all or a portion of the *Wsts of the Project is in file public interest. (d) The Bonds will be limited obligations of the .City payable solely from the revenues pledged to the payment thereof, and will..not be.a general or moral obligation of or be secured by the. full faith and credit or taxing holders of the Ci(y.. Section.3. Public Hearing, J.01. The City Council of the City s Wl meet:at 7:00 pain. on Monday, April 15, 2092, to conduct a public hearing with. respect to.the proposal to. issue the Bonds,as requested by the Borrower, �'.02. it shall be the .8orrower's.respgnsibility to publish notice of the hea;ittg in substantially the form attached hereto as Exhibit A in a newspaper ofgeneral cwgt lgd9nJrrthe Cityonce,.at least fifteen days prior to the date of the public hearing. Section 4.. Preliminary Anaroval. 01. Subject-wtlie.public hearing to be. held. in accordance With Section 3 hereof, and subject to the:ternis of Section 7 hereof, this City Council hereby gives pre lilil i naryapprovatto theUsuance of the Bonds i6theapproximate aggregate principal amount not to exceed $10,000,000 to finance all or a portion of.the costs of the Project pursuant to the .Housing Programof tile. City of White Bear Lake, subjectto final approval following. the preparation of bond documents. and subject to.a final determination by this Council that.the financing-ofthe Projedt and the issuance of the Bonds are in the best1nterest of the City. The City hereby authorizes the preparation of alpitil powers agreement in consultation with officials of White` Bear Lake. -2-