Resolution - #80-013 - 03/11/1980

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Councilman Cox introduced the following resolution and moyed for its adoption: RESOLUTION 80-13 RESOLUTION FROM THE CITY OF RAMSEY ON A PROPOSED MORTGAGE FINANCE'PROGRAM WHEREAS, the Legislature of the State of Minnesota enacted Laws of Minnesota 1979, Chapter 306, Sections 108, (_the "Act"~ authorizing cities within the State of Minnesota to issue revenue bonds or obligatiOns to finance programs of making or purchasing mortgage loans to finance the acquisition of single family housing by persons and families, of low and moderate income; and WHEREAS, pursuant to provisions of the Act, prior to issuing any revenue bonds or obligations for the purpose of financing programs of making or purchasing mortgage loans for such persons or families of low and moderate income, the City of Ramsey (_the "City") must first prepare and adopt a housing plan in accordance with the provisions of the Act; and WHEREAS, the City intends to examine the possibilities for a program for the issuance of such bonds and the financing of such mortgage loans; NOW THEREFORE, BE IT RESOLVED BY T~LE CITY COUNCIL OF THE CITY OF RAMSEY, as follows: Section 1. The Economic Development Committee is hereby authorized to: a) Review and submit to the City Council a housing plan conforming to the requirements of the Act and permitting the City to apply for financing residential mortgage loans and the issuance of revenue bonds for such purposes, and b) to draft such resolutions and take such other actions as shall be necessary or helpful to the City's review of a program to finance mortgage loans. Section 2. The issuance of the bonds pursuant to the pro- gram to be developed by the City is subject in all respects to the approval of the City, acting in good faith, of all agreements and other documents reasonably necessary to complete such issuance. Section 3. This Resolution shall become effective upon its adoption and approval this the llth day of March, 1980.