HomeMy WebLinkAboutCity Council Resolution 2006-429CITY OF PLYMOUTH
RESOLUTION NO. 2006-429
RESOLUTION ADOPTING A 501(c)(3) REVENUE BOND FINANCING POLICY
WHEREAS, the City of Plymouth has been granted authority under Minnesota Statutes, Sections
469.152 through 469.165, and Chapter 462C, as amended, to issue tax-exempt 501(c)(3) revenue
bonds under Section 145 of the Internal Revenue Code to provide financing on behalf of certain
entities described in Section 501(c)(3) of the Internal Revenue Code, as amended; and
WHEREAS, the attached policy is in accordance with all federal, state and local laws; and
WHEREAS, the City has created a policy that is in accordance with the City's Comprehensive Plan;
and
WHEREAS, the City desires to have a policy in place that will provide guidance to applicants when
determining whether to submit an application; and
WHEREAS, the City wishes to further support affordable housing by generating revenue to support
housing efforts of the HRA; and
NOW THEREFORE BE IT RESOLVED, that the attached policy is herby adopted by the
Plymouth City Council.
Adopted by the Plymouth City Council on November 14, 2006.