HomeMy WebLinkAboutCity Council Resolution 1993-406PLYMOUTH CITY COUNCIL
RESOLUTION NO. 93-406
RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $6.700.000 AGGREGATE
PRINCIPAL AMOUNT OF HOUSING DEVELOPMENT BONDS TO BE ISSUED BY THE
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY AND APPROVING THE
PLEDGE OF THE GENERAL OBLIGATION OF THE CITY OF PLYMOUTH TO THE
PAYMENT OF PRINCIPAL OF AND INTEREST ON THE BONDS
WHEREAS, pursuant to Minnesota Statutes, Section 469.017, the Housing and
Redevelopment Authority in and for the City of Plymouth, Minnesota (the
"Authority") is authorized to undertake housing development projects and to
acquire and construct multifamily rental housing for the purpose of providing
housing for low and moderate income persons and families; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.034, the Authority
is authorized to issue bonds to finance a housing development project and upon
(a) a determination by the Authority that pledged revenues will equal or
exceed 110% of the principal and interest due on such bonds for each year and
(b) approval by the City of Plymouth of the principal amount of the bonds to
be issued by the Authority following a public hearing, the Authority may
pledge the general obligation of the City of Plymouth to the Authority's bonds
issued for the purpose of financing a qualified housing development project;
and
WHEREAS, the Authority has developed and adopted a financing program for
the acquisition and construction of multifamily housing facilities (the
"Program") pursuant to which it proposes to undertake a qualified housing
development project in the City of Plymouth designed for occupancy by elderly
persons of low and moderate income (the "Project"); and
WHEREAS, the City desires to extend its support to the Project by
pledging its general obligation to the Authority's bonds; and
WHEREAS, on July 19. 1993, the Plymouth City Council (the "City") held a
public hearing at 7:00 p.m. at the Plymouth City Hall. 3400 Plymouth
Boulevard. Plymouth. Minnesota. for which notice was published in advance
regarding the issuance of up to $6,700,000 aggregate principal amount of
general obligation housing development bonds (the "Bonds") to be issued by the
Authority to finance the Program and to which the full faith and credit of the
City will be pledged. all in accordance with the requirements of Minnesota
Statutes, Section 469.034;
RESOLUTION NO. 93-406
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH:
1. That the City hereby approves the issuance by the Authority of up to
$6,700,000 aggregate principal amount of housing development bonds to which
the full faith and credit of the City will be pledged, the proceeds of which
Bonds will be used by the Authority to finance the Program.
2. That such approval is conditioned upon a determination by the
Authority to be made in the Authority's resolution approving the sale of the
Bonds that the revenues pledged to the payment of the Bonds will equal or
exceed 110% of the principal and interest due on the Bonds for each year of
their term.
3. That the $6,700.000 maximum principal amount of the Bonds does not
exceed one—half of one percent of the taxable market value of the City.
4. That the City hereby approves the pledge of its general obligation
to the payment of principal of and interest on the Bonds.
Adopted this 19th day of July. 1993.
Attest:
City Clerk
7060P
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By:
Mayor
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