HomeMy WebLinkAboutCity Council Resolution 2003-202CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE
I, the undersigned, being the duly qualified and acting recording officer of the
City of Plymouth, Minnesota (the "City"), hereby certify that the attached resolution is a
true copy of Resolution No. 2003-202, entitled: "RESOLUTION GIVING
PRELIMINARY APPROVAL TO THE ISSUANCE OF VARIABLE RATE DEMAND
MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (HARBOR LANE
APARTMENTS PROJECT), SERIES 2003, PURSUANT TO MINNESOTA
STATUTES, CHAPTERS 462A AND 462C; ON BEHALF OF OPR LIMITED
PARTNERSHIP" (the "Resolution"), on file in the original records of the City in my
legal custody; that the Resolution was duly adopted by the City Council of the City at a
meeting on April 22, 2003, and that the meeting was duly held by the City Council and
was attended throughout by a quorum, pursuant to call and notice of such meeting given
as required by law; and that the Resolution has not as of the date hereof been amended or
repealed.
I further certify that upon vote being taken on the Resolution at said meeting, the
following Councilmembers voted in favor thereof: _All members voted in favor
and the following voted against the same:
and the following abstained from voting thereon or were absent:
WITNESS my hand officially this 22nd day of April, 2003.
City Clerk
The Mayor stated that this was the time and place fixed by a resolution of this
Council for a public hearing to be held on the proposal that the City refinance a project
(the "Project"), on behalf of OPR Limited Partnership, a Minnesota limited partnership
(the "Borrower"), pursuant to Minnesota Statutes, Chapters 462A and 462C, as amended.
The City Clerk presented an affidavit showing publication of the notice of public hearing
at least once not less than fourteen (14) nor more than thirty (30) days prior to the date
fixed for the public hearing, in the Plymouth Sun Sailor, being the official newspaper of
the City and a newspaper of general circulation in the City. The affidavit was examined,
found to be satisfactory and ordered placed on file with the City Clerk.
The Mayor then opened the meeting for the public hearing on the proposal to
refinance the Project on behalf of the Borrower. The purpose of the hearing was
explained, the natures of the Project and of the proposed variable rate revenue refunding
bond were discussed and all persons present who desired to do so were afforded an
opportunity to express their views with respect to the proposal to refinance the Project.
After all persons who wished to do so had stated or filed their views on the
proposal, the Mayor declared the public hearing to be closed.
RESOLUTION NO. 2003-202
RESOLUTION GIVING PRELIMINARY APPROVAL
TO THE ISSUANCE OF VARIABLE RATE DEMAND
MULTIFAMILY HOUSING REVENUE REFUNDING
BONDS (HARBOR LANE APARTMENTS PROJECT),
SERIES 2003, PURSUANT TO MINNESOTA
STATUTES, CHAPTERS 462A AND 462C; ON
BEHALF OF OPR LIMITED PARTNERSHIP
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the
"City"), as follows:
Section 1. Recitals
1.1 OPR Limited Partnership, a Minnesota limited partnership (the
"Borrower"), has proposed that the City refinance its Multifamily Housing Revenue
Bonds (Harbor Lane Apartments Project), Series 1993, issued in the original principal
amount of $9,135,000 (the "Refunded Bonds"), through the issuance by the City,
pursuant to Minnesota Statutes, Chapters 462A and 462C (collectively, the "Act"), of its
Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (Harbor Lane
Apartments Project), Series 2003 (the "Bonds"), and loan the proceeds to the Borrower.
The proceeds of the Refunded Bonds were loaned to the Borrower and used by the
Borrower to finance the acquisition and rehabilitation of a 313 -unit multifamily rental
housing facility known as "Harbor Lane Apartments" located in the City (the
"Property"). The Borrower has requested that the City consider the issuance of the
Bonds, in a principal amount not to exceed $6,965,000, to assist in the refinancing of the
Property.
1.2 The Borrower will request that Fannie Mae, a corporation organized and
existing under the Federal National Mortgage Association Charter Act, 12 U.S.C. § 1716
et seq. ("Fannie Mae"), facilitate the refinancing of the Property and the issuance of the
Bonds by providing credit enhancement and liquidity support for the Bonds pursuant to a
credit facility.
1.3 The City is authorized by Minnesota Statutes, Chapter 462C (the "Act"),
to issue its revenue bonds (the "Bonds") to refinance multifamily housing developments
such as the Proporty.
Section 2. Preliminary Approval of Bond Financing
2.1 On the basis of the information given the City to date, preliminary
approval is hereby given to the issuance of the Bonds, in an amount not to exceed
$6,965,000, to provide tax-exempt financing to refund the Refunded Bonds. The
adoption of this resolution shall not be deemed, however, to establish a legal obligation
on the part of the City or its Council to issue or to cause the issuance of the Bonds. All
details of the Bonds and the provisions for payment thereof shall be subject to final
approval of this Council prior to their issuance. The Bonds, if issued, shall not constitute
a charge, lien or encumbrance, legal or equitable, upon any property of the City, except
the revenues to be received from the operation of the Property and owner thereof
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 said
revenues and funds specifically pledged to the payment thereof, and shall not constitute a
debt or pecuniary liability of the City within the meaning of any constitutional or
statutory limitation.
Adopted this 22nd day of April, 2003.