02-26-97 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL FEBRUARY 26~ 1997 conditions in the loan agreement. The loan agreement would be finalized at the same time the final resolution is adopted approving the financing. Ippel pointed out the bonds which would be issued are payable solely with revenues of the company and are not a general obligation of the City. The City is in no manner obligated to pay these bonds. The City is merely the issuer so that the bonds can bear tax exempt interest. Pedersen asked the administrative fee associated with this issue. The Administrator replied that the fee is 1% for a new issue. Mr. LaValle introduced the following resolution and moved its adoption: RESOLUTION N0. 97-2-46 - RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTIFAMILY RENTAL HOUSING DEVELOPMENT PROJECT, GIVING PRELIMINARY APPROVAL TO THE PROJECT AND THE ISSUANCE OF HOUSING REVENUE BONDS, PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AND AUTHORIZING THE PREPARATION OF A HOUSING PROGRAM (HOUSING ALTERNATIVES DEVELOPMENT COMPANY PROJECT) The foregoing resolution was duly seconded by Morelan. Ayes (4) LaValle, Morelan, Scalze, Pedersen. Nays (0). Resolution declared adopted. RECESS At this point in the meeting, 9:10 P.M., Council took a short recess. The meeting was reconvened at 9:22 P.M. CONSENT Mr. Morelan introduced the following resolution and AGENDA moved its adoption: RESOLUTION NO. 97-2-47 - APPROVING THE CONSENT AGENDA WHICH CONTAINS THE FOLLOWING ITEMS: *CLOSING FUNDS 403, 458, 500 AND TRANSFERRING REMAINING BALANCES TO FUND 450; *DELETING CHAPTER 1302 OF THE MUNICIPAL CODE REGULATING PONTOON AIRCRAFT; *APPROVING THE ADJUSTMENT IN PURCHASE PRICES FOR 20 W. LITTLE CANADA ROAD AND 2942 CONDIT STREET AS RECOMMENDED BY THE CITY ADMINISTRATOR. The foregoing resolution was duly seconded by LaValle. 15