HomeMy WebLinkAboutHousing & Redevelopment Authority Resolution 93-12HRA RESOLUTION 93.12
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING TO AUTHORIZE 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 TO APPROVE 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 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 of the principal amount of the bonds 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 a multifamily housing facility (the "Program') pursuant to which it proposes to
undertake a housing development project in the City of Plymouth designed for occupancy by elderly
persons of low and moderate income (the "Project"); and,
WHEREAS, the Authority desires to issue bonds under the Program backed try the general obligation
of the City; and,
WHEREAS, Minnesota Statutes, Section 469.034 requires the Authority to hold a public bearing on
such a general obligation pledge not less than .15 nor more than 120 days prior to the sale of the bonds;
NOw, THEREFORE, BE IT HEREBY RESOLVED BY THE PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF PLYMOUTH, MINNESOTA:
1. That the Housing and Redevelopment Authority in and for the City of Plymouth will conduct a
public hearing on Tuesday, July 20, 1993, at 7:00 p.m. at the Plymouth City Hall, 3400 Plymouth
Boulevard, Plymouth, Minnesota.
2. That the Executive Director or the Secretary or their designee, is hereby authorized to cause a
public notice substantially in the form attached hereto to be published once in a newspaper of general
circulation in the City of Plymouth prior to the date established for the public hearing by the preceding
paragraph of this resolution.
Adopted by the Housing and Redevelopment Authority on June 15, 1993.
By:
Chair
Attest:
Secretary
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