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Councilmember Shryock introduced the following resolution and moved for its adoption: <br />RESOLUTION #19-078 <br />RESOLUTION GRANTING APPROVAL TO UNDERTAKE A HOUSING OR <br />REDEVELOPMENT PROJECT OF THE ANOKA COUNTY HOUSING AND <br />REDEVELOPMENT AUTHORITY PURSUANT TO MINNESOTA STATUTES, SECTION <br />383E.18, AS AMENDED <br />WHEREAS, at the request of Anoka County Community Action Program, Inc. <br />("ACCAP"), a Minnesota non-profit corporation and an organization described in Section <br />501(c)(3) of the Internal Revenue Code of 1986, as amended (the `Borrower"), the Anoka County <br />Housing and Redevelopment Authority (the "Issuer") is proposing to issue a multifamily housing <br />revenue refunding note (the "Note"), in an aggregate principal amount not to exceed $1,550,000, <br />and apply the proceeds derived from the sale of the Note to make a loan (the "Loan") to the <br />Borrower; and <br />WHEREAS, the Borrower has represented that it intends to apply the proceeds of the Loan <br />to: (i) the refinancing of certain existing indebtedness of the Borrower, the proceeds of which <br />financed the acquisition, construction, and equipping of a low-income multifamily housing <br />development, comprised of five multi -unit townhome structures with approximately 32 units, <br />known as Sunwood Townhomes (also known as Ramsey Townhomes) (the "Project") located at <br />5350 through 5444 Sunwood Drive N.W. in the City of Ramsey, Minnesota (the "City"); (ii) the <br />funding of one or more reserve funds to secure the timely payment of the Note; and (iii) the <br />payment of the costs of issuing the Note; and <br />WHEREAS, the Issuer has represented to the City that on April 9, 2019, the Board of <br />Trustees the Issuer will hold a public hearing on the proposed issuance of the Note to provide <br />refinancing for the Project; and <br />WHEREAS, the Issuer has requested that the City approve the Project pursuant to <br />Minnesota Statutes, Section 383E.18, as amended. <br />NOW THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the Project is hereby approved. <br />a) Be It Further Resolved that the Note to be issued by the Issuer to refinance the Project <br />will not constitute a general or moral obligation of the City, or be secured by any taxing <br />power of the City. <br />b) Be It Further Resolved that the City Administrator and other officers of the City are <br />authorized and directed to furnish to Kennedy & Graven, Chartered, bond counsel to <br />the Issuer ("Bond Counsel"), certified copies of all proceedings and records of the City <br />relating to this resolution ("Resolution") and such other affidavits, certificates, and <br />