HomeMy WebLinkAboutCity Council Resolution 1995-782Councilmember Edson introduced the following resolution, the
reading of which was dispensed with by unanimous consent, and moved its adoption:
CITY OF PLYMOUTH
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION N0. 95-782
ADOPTING AN AMENDED AND RESTATED
HOUSING PROGRAM FOR THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS AND
GIVING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS IN AN AGGREGATE PRINCIPAL AMOUNT
OF APPROXIMATELY $11,500,000.
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes, Chapter 462C (the "Act"), the City of Plymouth (the "City") is authorized to
cavy out housing programs for the financing of multifamily housing developments
including the payment of interest on taxable and tax exempt bonds, the establishment of
reserves to secure such bonds and the payment of all other expenditures of the City
incident to and necessary or convenient to carry out such program; and
WHEREAS, the City has previously adopted a program relating to the hereinafter
defined Project; and
WHEREAS, the City has determined to amend and restate such program to
provide for the issuance of additional bonds with respect to the Project (the "Progr ann");
and
WHEREAS, the Act requires adoption of the Program after a public hearing held
thereon after publication of notice in a newspaper of general circulation within the City at
least fifteen (15) days in advance of the hearing; and
WHEREAS, the City on this date conducted a public hearing on the Program,
after publication of notice as requited by the Art; and
WHEREAS, the Program provides for the issuance of multifamily housing
revenue refunding bonds in an aggregate principal amount of approximately $8,440,000
and taxable multifamily housing revenue bonds in an aggregate principal amount of
approximately $3,060,000 to refinance a 160 -unit multifamily rental housing
development located at 1796 Malaolia Lane within the City (the "Project").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota, as follows:
1. The Program, as amended and restated, for the Project is hereby in all
respects adopted.
2. The City hereby ratifies the prior publication of the notice of public
hearing.
3. The City staff, its consultants and bond counsel are hereby authorized to
do all things and take all actions as may be necessary or appropriate to carry out the
Program in accordance with the Act and any other applicable laws and regulations.
4. The issuance of approximately S8,440,000 principal amount of
multifamily housing revenue refunding bonds and approximately $3,060,000 principal
amount of taxable multifamily housing revenue refunding bonds pursuant to the Program
to finance the Project is hereby given preliminary approval.
5. Notwithstanding the foregoing, however, the adoption of this resolution
shall not be deemed to establish a legal obligation on the part of the City or its City
Council to issue or cause the issuance of such revenue bonds. The City retains the right
in its sole discretion to withdraw from participation and accordingly not to issue the
j Bonds, or to issue the bonds in an amount less than the amount referred to in this
resolution, should the City, at any time prior to issuance thereof, determine that it is in the
best interests of the City not to issue the bonds, or to issue the bonds in an amount less
than the amount referred to in this resolution, or should the parties to the transaction be
unable to reach agreement as to the terms and conditions of any of the documents
required for the transaction. The Bonds, if issued, shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the City, except the revenues
specifically pledged to the payment thereof, and each Bond, when, as and if issued, shall
recite in substance that the Bond, including interest thereon, is payable solely from the
revenues and property specifically pledged to the payment thereof and shall not constitute
a debt of the city within the meaning of any constitutiondl or statutory limitations.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Lvmangood and upon vote being taken thereon, the
following voted in favor thereof:
Tierney, Lymangood, Anderson, Fdson, Wold
Granath
and the following voted against the same:
None