10-23-1985 Additions - Laserfiche WebLink

Home Browse Search

(f) A public hearing on the Project and the financing program therefor will be held after an appropriate housing plan has been duly adopted pursuant to the Act and after notice is published, all as required by Minnesota Statutes, Section 462C.05, subd. 5, at which public hearing all those appearing at said hearing who desire to speak will be heard and written comments, if any, will be considered; (g) No public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. The City hereby gives preliminary approval to the proposal of the Developer that the City undertake the Project, described above, and the program of financing therefor pursuant to the Act, consisting of the acquisition, construction and equipping of multi - family rental housing facilities within the City pursuant to the Developer's specifications and to a revenue agreement between the City and the Developer on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in a total principal amount not to exceed $6,545,000 to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project; and said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purchasers of the Bonds, or a trustee for the holder(s) of the Bonds; and the City, hereby undertakes preliminarily to issue its bonds in accordance with such terms and conditions, subject to consideration of matters raised at the public hearing and subject to adoption of a Housing Plan under the Act, approval of such Plan by the Metropolitan Council and adoption and approval of a financing program for this Project. 2. At the option of the City, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided that any such financing structure must be consented to by the Developer.