Resolution - #09-02-043 - 02/10/2009

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Councilmember Elvig introduced the following resolution and moved for its adoption: RESOLUTION #09-02-043 A RESOLUTION RELATING TO THE ISSUANCE OF REFUNDING BONDS BY THE ANOKA COUNTY HOUSING AND REDEVELOPMENT AUTHORITY IN CONNECTION WITH A HOUSING DEVELOPMENT PROJECT, AUTHORIZING AN AMENDMENT TO THE JOINT POWERS AGREEMENT RELATED THERETO, AND PROVIDING FOR SUPPORT BY THE CITY OF SUCH BONDS THROUGH THE PLEDGE OF FUNDS TO PAY OPERATING AND MAINTENANCE DEFICITS IN CONNECTION THEREWITH. WHEREAS, pursuant to the laws of the State of Minnesota, particularly Minnesota Statutes Sections 469.001 to 469.047 (the "Act"), the Anoka County Housing and Redevelopment Authority (the "Issuer") is authorized to undertake housing development projects to provide safe and sanitary housing affordable by persons of low and moderate income, and to issue its revenue bonds to provide fundsfor such purpose; and WHEREAS, the Issuer has previously adopted and undertaken a program for the acquisition and construction of a 50-unit multifamily rental housing project for low and moderate income elderly tenants (the "Project") located in the City of Ramsey (the "City"), and the Issuer and the City have entered into a joint powers agreement addressing matters relating to the development, financing and operation of the Project; and WHEREAS, for the purpose of financing the Project, the Issuer has previously issued its $3,000,000 Housing Development Bonds (City of Ramsey Unlimited Tax General Obligation - Senior Housing Project), Series 1998A and the City of Ramsey ("Ramsey") has previously issued its $1,195,000 General Obligation Tax Increment Bonds, Series 1999A (together, the "Prior Bonds"); and WHEREAS, the Issuer has determined to issue its Housing Development Bonds (Anoka County, Minnesota General Obligation), Series 2009A (the "Bonds") in the aggregate principal amount of approximately $3,200,000 to finance the refunding of the Prior Bonds for the purpose of reducing debt service costs of the Project; and WHEREAS, the Bonds will be issued under an Indenture of Trust (the "Indenture"), and said Bonds and the interest on said Bonds shall be payable solely from the revenues pledged therefore, including all revenues of the Project, and the Bonds shall not constitute a debt of the Issuer or the City within the meaning of any constitutional or statutory limitation nor give rise to a pecuniary liability of the Issuer or the City or a charge against their general credit or assets and shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the Issuer or the City other than the Issuer's interest in said Project, provided that the full faith and credit of the County of Anoka (the "County") shall be pledged to the payment of principal of and interest on the Bonds; and 1