City Council Resolution 1995-17THE CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 95-17
ADOPTING A HOUSING PLAN AND PROGRAM FOR THE ISSUANCE OF
SENIOR HOUSING REVENUE BONDS
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes, Chapter 462C (the "Act") , the City of Monticello, Minnesota (the "City")
is authorized to adopt a housing plan and carry out programs for the financing of
multifamily housing facility which is intended primarily for elderly persons or is
affordable to persons of low and moderate income; and
WHEREAS, the City has prepared a housing plan (the "Plan") , a copy of which
is attached hereto as Exhibit A, in accordance with the requirements of the Act; and
WHEREAS, the Authority has prepared a financing program ( the "Program") ,
a copy of which is attached hereto as Exhibit B, providing for the acquisition and
construction of a 48 -unit rental housing facility for elderly persons (the "Project")
to be located in the City; and
WHEREAS, the City has on this date conducted a public hearing on the Plan
and the Program, following publication of notice at least 30 days prior to the date
hereof, all in conformance with the requirements of the Act; and
WHEREAS, the City is not located within the area of jurisdiction of either the
Metropolitan Council or any currently active regional development commission, and
therefore the Plan and Program have not been submitted for review and comment by
such bodies as would otherwise be required under the Act; and
WHEREAS, the Program provides for the issuance by the City of up to
$3,500,000 in revenue bonds to finance the acquisition and construction of the
Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MONTICELLO, MINNESOTA:
1. That the Plan and Program are hereby in all respects adopted.
2. That the staff of the City is hereby authorized to do all other things and
take all other actions as may be necessary or appropriate to carry out the Program
in accordance with the Act and any other applicable laws and regulations.
3. That the issuance of housing revenue bonds by the City pursuant to the
Program is preliminarily approved subject to a final determination by the City that
such issuance is in the best interest of the City and this Resolution shall not be
deemed to obligate the City to issue such bonds.
Adopted this 13th day of March, 1995.
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City Administylkor
11
SJB81897
MN190-47