09-09-1992 Council Agenda - Laserfiche WebLink

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1. The City's Housing Plan is hereby confirmed, approved and ratified. The Program is hereby adopted by the City pursuant to Section 462C.05, Subdivision 4 of the Act, and the issuance of the Bonds of the City, in an aggregate principal amount of not to exceed $5,500,000 is hereby approved for the purpose of providing financing for the Facilities. The Bonds shall not be issued until the Program has been reviewed, as required by the Act, and until the City, the Corporation and the original purchaser of the Bonds have agreed upon the details of the Bonds and the provisions for their payment. The principal of, premium, if any, and interest on the Bonds, when, as and if issued, shall be payable solely from the revenues to be derived from the Facilities, including loan repayments to be made by the Corporation with respect thereto, and the property pledged to the payment thereof, and shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 2. Submission of the Program to the Metropolitan Council is hereby ratified, confirmed and approved. The Mayor, Administrator and other officers and employees of the City are hereby authorized to submit the Program to, and to complete and submit all related certificates or accompanying documentation, as may be required by the Agency, to the Minnesota Housing Finance Agency, for review, pursuant to Subdivision 2 of Section 462C.04 of the Act. 3. Pursuant to Subdivision 1, Section 462C.07, of the Act, in the making of a loan to the Corporation with respect to the Program and in the issuance of the Bonds by the City, the City may exercise, within its corporate limits, any of the powers the Minnesota Housing Finance Agency may exercise under Chapter 462A, Minnesota Statutes, without limitation under the provisions of Chapter 475, Minnesota Statutes. 4. The Corporation is hereby authorized to enter into such contracts for the acquisition and construction of the Facilities as it may reasonably determine to be necessary or desirable, without advertisement for bids as may be required for municipal facilities generally, provided, however, that the City shall not be liable on any of such contracts, and, provided further, that the Corporation has agreed to and shall pay any and all costs incurred by the City in connection with the Program and the Facilities whether or not the Program is approved by the Minnesota Housing Finance Agency and whether or not the Bonds are issued. -2- Page 4