My WebLink
|
Help
|
About
|
Sign Out
Home
Res_11621
Roseville
>
City Council
>
City Council Resolutions
>
11xxx
>
11600
>
Res_11621
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/16/2019 1:22:59 PM
Creation date
7/16/2019 1:22:58 PM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Resolutions
Meeting Date
7/15/2019
Meeting Type
Work Session
Resolution #
11621
Resolution Title
CALLING FOR PH ON A HOUSING FINANCE PROGRAM & GIVING PREL APP TO THE ISSUANCE OF HOUSING FACILITY REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
Resolution Date Passed
7/15/2019
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
7
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
7. On the basis of information available to the City it appears, and the City hereby <br /> finds, that the Project constitutes a multifamily housing development within the meaning of <br /> subdivision 5 of Section 462C.02 of the Housing Program Act;that the availability of the financing <br /> under the Housing Program Act and the willingness of the City to furnish such financing will be a <br /> substantial inducement to the Borrower to undertake the Project, and that the effect of the Project, <br /> if undertaken, will be to encourage the construction and maintenance of new and existing <br /> multifamily rental housing opportunities for residents of the community, and to promote more <br /> intensive development and use of land within the community. <br /> 8. The Project and the program to finance the Project by the issuance of revenue <br /> obligations, are hereby given preliminary approval by the City subject to holding a public hearing <br /> thereon and final approval by the City,the Borrower,and the purchasers of the Bonds as to ultimate <br /> details of the financing of the Project. <br /> 9. Briggs and Morgan, Professional Association, acting as bond counsel, is hereby <br /> directed to prepare a housing program for financing the Project in accordance with the provisions <br /> of Minnesota Statutes, Section 462C.03. <br /> 10. The Borrower has agreed and it is hereby determined that any and all costs incurred <br /> by the City in connection with the financing of the Project whether or not the Project is carried to <br /> completion will be paid by the Borrower. <br /> 11. Briggs and Morgan,Professional Association, acting as bond counsel,is authorized <br /> to assist in the preparation and review of necessary documents relating to the Project, to consult <br /> with Borrower and the purchaser of the Bonds as to the maturities, interest rates and other terms <br /> and provisions of the Bonds and as to the covenants and other provisions of the necessary <br /> documents and submit such documents to the City for final approval. <br /> 12. Nothing in this Resolution or the documents prepared pursuant hereto shall <br /> authorize the expenditure of any municipal funds on the Project other than the revenues derived <br /> from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute <br /> a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except <br /> the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any <br /> liability thereon. The holder of the Bonds shall never have the right to compel any exercise of the <br /> taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or <br /> to enforce payment thereon against any property of the City, except such property as may be <br /> expressly pledged for the security of the Bonds. The Bonds shall recite in substance that the Bonds, <br /> including the interest thereon, are payable solely from the revenue and proceeds pledged to the <br /> payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any <br /> constitutional or statutory limitation. <br /> 13. Subject to final approval of the Project by the City and in anticipation of the <br /> approval by all necessary entities of the housing program and the issuance of the Bonds to finance <br /> all or a portion of the Project,and in order that completion of the Project will not be unduly delayed <br /> when approved, the Borrower is hereby authorized to make such expenditures and advances <br /> toward payment of that portion of the costs of the Project to be financed from the proceeds of the <br /> Bonds, as the Borrower considers necessary, including the use of interim, short term financing, <br /> 3 <br /> i <br />
The URL can be used to link to this page
Your browser does not support the video tag.