Resolution - #98-11-279 - 11/24/1998

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Councilmember Beyer introduced the following resolution and moved for its adoption: RESOLUTION #98-11-279 RESOLUTION APPROVING THE ISSUANCE BY THE ANOKA COUNTY HOUSING AND REDEVELOPMENT AUTHORITY OF ITS HOUSING DEVELOPMENT REVENUE BONDS (CITY OF RAMSEY UNLIMITED TAX GENERAL OBLIGATION), SERIES 1998a IN THE AGGREGATE PRINCIPAL AMOUNT OF $3,000,000 TO WHICH BONDS THE GENERAL OBLIGATION OF THE CITY OF RAMSEY IS PLEDGED AND AUTHORIZING EXECUTION OF DOCUMENTS WHEREAS, pursuant to Minnesota Statutes, Section 469.017, the Anoka County Housing and Redevelopment Authority (the "Issuer") is authorized to undertake housing development projects and to acquire and construct multifamily rental housing for the purposes of providing housing for low and moderate income persons and families, including elderly persons; and WHEREAS, pursuant to Minnesota Statutes, Section 469.034, Subd. 2, the Issuer is authorized to issue bonds backed by the full faith and credit of the City of Ramsey, Minnesota (the "City") to finance a housing development project following (a) a determination by the Issuer that pledged revenues will equal or exceed 110% of the principal and interest due on such bonds for each year, and (b) approval by the City of the principal amount of the Bonds following a public hearing and WHEREAS, the Project constitutes a "qualified housing development project", which is defined under Minnesota Statues, Section 469.034, Subd. 2, to include a housing development project providing housing for the elderly; and WHEREAS, on the date hereof after due publication of notice in the official newspaper of the City, the City conducted a public hearing pursuant to Minnesota Statues, Section 469.034, subd, 2; NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNEOSTA AS FOLLOWS: That the City hereby finds, determines and declares that the construction and operation by the Issuer of the Project in the City is in the best interest of the City and its residents. That the City hereby approves the issuance by the Issuer of $3,000,000 aggregate principal amount of Housing Development Gross Revenue Bonds (City of Ramsey Unlimited Tax General Obligation), Series 1998A (the "Bonds"), to which Bonds, and the payment of principal of and interest thereon, the Issuer will pledge the City's general obligation, being its full faith and credit and taxing power, as authorized by Minnesota Statutes, Section 469.034,subd. 2.