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I <br /> <br />I <br /> <br />CITY OF RAMSEY, MINNESOTA <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION APPROVING THE ISSUANCE BY THE ANOKA <br />COUNTY HOUSING AND REDEVELOPMENT AUTHORITY OF <br />ITS HOUSING DEVELOPMENT REVENUE BONDS (CITY OF <br />RAMSEY UNLIM2TED TAX GENERAL OBLIGATION), SERIES <br />1998A IN THE AGGREGATE PRINCIPAL AMOUNT OF <br />$3,000,000 TO WHICH BONDS TI-IE GENERAL OBLIGATION OF <br />THE CITY OF RAMSEY IS PLEDGED AND AUTHORIZING <br />EXECUTION OF DOCUMENTS <br /> <br /> WlCtEREAS, pursuant to Minnesota Statutes, Section 469.017, the Anoka <br />County Housing and Redevelopment Authority (the "Issuer") is authorized to <br />undertake housing development projects and to acquire and construct multifamily <br />rental housing for the purposes of providing housing for Iow and moderate income <br />persons and families, including elderly persons; and <br /> <br /> WHEREAS, pursuant to Minnesota Statutes, Section 469.034, Subd. 2, the <br />Issuer is authorized to issue bonds backed by the full l~th and credit of the City or <br />Ramsey, Minnesota (the "City") to finance a housing development project following <br />(a) a determination by the Issuer that pledged revenues will equal or exceed 110% of <br />the principal and interest due on such bonds for each year, and (b) approval by thc <br />City of the principal mount of the Bonds following a public hearing; and <br /> <br /> WHEREAS, the Issuer has approved the issuance of Bonds to f'mance the <br />aequisi6on and common of a 50-unit multifamily housing project (the "Project") <br />for low and moderate income elderly tenants to be located within the City of Ramscy, <br />County of Anoka; and <br /> <br />I <br />I <br /> <br /> WHEREAS, the Project constitutes a "qualified housing development project", <br />which is defined under Minnesota Statutes, Section 469.034, Subd. 2, to include a <br />housing development project providing housing for the elderly; and <br /> <br /> WHEREAS, on the date hereof after due publication of notice in the official <br />newspaper of the City, the City conducted a public hearing pursuant to Minnesota <br />Statutes, Section 469.034, subd. 2; <br /> <br /> NOW, TI-IEREFORE, BE IT RESOLVED, BY TI-rE CITY COUNCIL OF <br />THE CITY OF RAMSEY, M/NNESOTA AS FOLLOWS: <br /> <br /> 1. That the City hereby finds, determines and declares that the <br />construction and operation by the Issuer of the Project in the City is in the best interest <br />of the City and its residents. <br /> <br />M1:4381 la.01 ] <br /> <br />CIT~r APPROVING RESOLUTION <br /> <br /> <br />