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HOUSING AND REDEVELOPMENT AUTHORITY OF ST.ANTHONY ®� <br /> RESOLUTION NO. 04-008 <br /> RESOLUTION APPROVING POLICY FOR <br /> ISSUANCE OF REVENUE BONDS <br /> WHEREAS,the Housing and Redevelopment Authority of St.Anthony is authorized to issue <br /> revenue bonds for various entities pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, <br /> Sections 469.152 to 469.165; and <br /> WHEREAS, a number of cities have developed policies for the issuance of such bonds,which, <br /> among other things, impose a fee based upon the principal amount of the revenue bonds issued payable <br /> upon the issuance of such revenue bonds; and <br /> WHEREAS,the Housing and Redevelopment Authority does not currently have a policy in place <br /> for the issuance of such revenue bonds and the Housing and Redevelopment Authority believes it is in the <br /> best interest of the Housing and Redevelopment Authority to adopt such a policy. <br /> NOW,THEREFORE,BE IT RESOLVED by the Housing and Redevelopment Authority of the <br /> City of St. Anthony,that the following policy shall apply to the issuance by the Housing and <br /> Redevelopment Authority of revenue bonds pursuant to Minnesota Statutes, Chapter 462C or Section <br /> 469.152 to 469.165: <br /> 1. All expenses of the Housing and Redevelopment Authority related to the issuance of such <br /> revenue bonds must be paid by the applicant,whether or not the revenue bonds are issued. <br /> 2. The Housing and Redevelopment Authority shall be under no obligation to issue any <br /> such revenue bonds and reserves the right to decline to issue any such revenue bonds for any reason. <br /> 3. An issuance fee of 1% of the original principal amount of the revenue bonds shall be paid <br /> to the Housing and Redevelopment Authority upon the issuance of the revenue bonds. <br /> 4. The issuance of such revenue bonds must not adversely.affect the ability of the Housing <br /> and Redevelopment Authority to issue qualified tax-exempt obligations under Section 265(b)of the <br /> Internal Revenue Code of 1986, as amended, for Housing and Redevelopment Authority purposes. <br /> 5. The Housing and Redevelopment Authority reserves the right to select bond counsel and <br /> other consultants or advisors with respect to any revenue bonds,the fees and expenses of which shall be <br /> paid by the applicant,whether or not the bonds are issued. <br /> Adopted this 8'h day of June,2004. <br /> Chair <br /> ATTEST: <br /> City Clerk <br /> Reviewed for Administration: <br /> Executive Director <br />