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MINUTES <br />CZTY COUNCIL <br />JANUARY 22~ 1997 <br />REFUNDING Mayor Fahey reported that Cedars Lakeside Apartments <br />BONDS & is requesting City approval of the issuance of <br />TAXABLE $6,840,000 Multifamily Housing Revenue Refunding <br />HOUSING BONDS- Bonds, Series 1997A and $342,500 Taxable Multifamily <br />CEDARS Housing Revenue Bonds, Series 1997B. The issuance of <br />LARESIDE these bonds will allow for improvements to be made at <br />APARTMENTS the apartment complex. City approval of the bonds <br />provides for a more favorable interest rate, and does <br />not result in any liability for the bonds on the part <br />of the City. Fahey noted that the public hearing on <br />this matter was held at the December 18, 1996 Council <br />meeting. <br />Morelan asked about the loan origination fee. The <br />Administrator reported that based on City policy a loan <br />origination fee of 1/4 percent will be charged. The <br />Administrator also pointed out that the Council has not <br />clarified its policy as to the use of these fees. <br />Mrs. 5calze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 97-1-18 - RESOLUTION AUTHORIZING THE <br />ISSUANCE OF $6,840,000 MULTIFAMILY HOUSING REVENUE <br />REFUNDING BONDS (GNMA COLLATERALIZED MORTGAGE <br />LOAN/CEDARS LAKESIDE APARTMENTS PROJECT), SERIES 1997A <br />AND $342,500 TAXABLE MULTIFAMILY HOUSING REVENUE BONDS <br />(GNMA COLLATERALIZED MORTGAGE LOAN/CEDARS LAKESIDE <br />APARTMENTS PROJECT), SERIES 1997B AND AUTHORIZING THE <br />EXECUTION OF NECESSARY DOCUMENTS SUBJECT TO FINAL <br />REVIEW AND APPROVAL BY THE CITY ATTORNEY <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Scalze, LaValle, Pedersen, Morelan, Fahey. <br />Nays (0). Resolution declared adopted. <br />REQUEST FOR Fahey read Mr. Harvey Anderson's letter dated December <br />AMENDMENT 9, 1996 requesting an amendment to the City's Gambling <br />TO GAMBLING Ordinance to allow charitable organizations from <br />ORDINANCE- outside the City to operate pull-tab sites within <br />HARVEY Little Canada. Mr. Anderson is the owner of the Saxon <br />ANDERSON Lanes. <br />Fahey noted that unless there is a motion made by the <br />Council to amend the City's Gambling Ordinance, the <br />Ordinance stands as is. Fahey pointed out that when <br />the ordinance was developed several years ago, the <br />Council spent a great deal of time and energy on it. <br />Fahey noted that the ordinance is also consistent with <br />those of surrounding cities. <br />2 <br />