HomeMy WebLinkAbout91-037 i j
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CITY OF LABEVILLE, MINNESOTA
RESOLUTION NO. 91-37
ADOPTING THE 1.991 CITY OF LAKEVILLE BOND PROGRAM FOR
THE ISSUANCE OF SINGLE FAMILY MORTGAGE REVENUE
BONDS.
.WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes, Chapter 462C (the "Act"), the City of Lakeville, Minnesota (the "City") is
authorized to adopt a housing plan and carry out programs for the financing of
single family housing which is affordable to persons of low and moderate income in
the City; and
WHEREAS, the City has heretofore adopted a housing plan (the "Plan") in
accordance with the Act, a copy of which is on file with the City; and
WHEREAS, the Plan provides for. programs for the issuance of bonds to
finance the acquisition of single family housing primarily by persons and families of
low or moderate income in accordance with the goals, conditions and requirements
of the Plan; and
WHEREAS, the Act requires adoption of a housing finance program after a
public hearing held thereon for which notice was published in a newspaper of
general circulation in the City at least fifteen (15) days in advance of the hearing;
and
WHEREAS, the City on the date hereof has conducted a public hearing on a
single family housing bond program a copy of which program is attached hereto as
Exhibit A (the "Program"), following publication of notice as required by the Act;
and
WHEREAS, the Program was submitted to the Metropolitan Council at the
time of publication of notice of the public hearing on such Program; and the
Metropolitan Council has been afforded an opportunity to present comments at the
public hearing, all as required by the Act; and
WHEREAS, the Program provides for the issuance by the Dakota County
Housing and Redevelopment Authority (the "Authority"), on behalf of the. City, of
single family mortgage revenue bonds in an aggregate amount not exceeding
$5,000,000 (the "Bonds") to finance the acquisition of single family housing in the
City primarily by persons and families of low or moderate income and first-time
homebuyers, all as more fully described in the Program;.and
WHEREAS, the Act further requires submission of the Program to the
Minnesota Housing Finance Agency (the "MHFA") for review.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LAKEVILLE, MINNESOTA:
1. That the publication of notice of the public hearing on the Program
and the submission of the Program to the Metropolitan Council are hereby ratified
and approved.
2. That the Program for the issuance of single family housing revenue
bonds in an aggregate principal amount not exceeding $5,000,000 (the "Bonds"),
including without limitation the findings set forth therein, is hereby in all respects
adopted in the form attached hereto as Exhibit A.
3. That the City hereby approves the issuance by the Authority of the
Bonds pursuant to the Program and hereby authorizes the staff of the authority to
(a) cause an application regarding the program to be submitted to the Minnesota.
Department of Finance for an allocation of federal volume cap for tax-exempt
bonds, (b) to cause application for approval of the Program to be submitted to the
Minnesota Housing Finance Agency, and (c) do all other things and take all other
actions as may be necessary or appropriate to carry out the Program in accordance
with the Act and any other applicable .laws and regulations.
ADOPTED: April 1, 1991
ATTEST:
a or
Charlene Friedges, City Jerk
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