1995-103
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CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 95-103
RESOLUTION ADOPTING A HOUSING PROGRAM AND GIVING
PRELIMINARY APPROVAL FOR THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS FOR THE AUBURN HOUSING PROJECT
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter
462C (the "Act"), the. City of Hopkins (the "City") is authorized to carry out housing
programs for the financing of multifamily housing developments (the "Program"),
including the payment of interest on taxable and tax-exempt bonds, the establishment of
reserves to secure such bonds and the payment of all other expenditures of the City
incident to and necessary or convenient to carry out such program; and
WHEREAS, the Act requires adoption of the Program after a public hearing held thereon after
publication of notice in a newspaper of general circulation within the City at least fifteen
(15) days in advance of the hearing; and
WHEREAS, the City on this date conducted a public hearing on the Program, after publication of
o notice as required by the Act; and
WHEREAS, the Program provides for the issuance of multifamily housing revenue refunding
bonds for the Auburn Housing Project in an aggregate principal amount of approximately
$4,940,000 and taxable multifamily housing revenue bonds in an aggregate principal
amount of approximately $3,179,540 to refinance a 136-unit multifamily rental housing
development, consisting of 102 units located at the southwest comer of Highway 7 and
VanBuren A venue within the City and 34 units located at the southwest comer of Lake
Street and Tyler Avenue within the City (the "Project").
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HOPKINS, MINNESOTA:
1. The Program for the Project is hereby in all respects adopted.
2. The City hereby ratifies the prior publication of the notice of public hearing.
3. The City staff, its consultants and bond counsel are hereby authorized to do all
things and take all actions as may be necessary or appropriate to carry out the
Program in accordance with the Act and any other applicable laws and
regulations.
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4.
The issuance of approximately $4,940,000 principal amount of multifamily
housing revenue refunding bonds and approximately $3,179,540 principal amount
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PRELIMINARY RESOLUTION
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of taxable multifamily housing revenue bonds pursuant to the Program to finance
the Project is hereby given preliminary approval.
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Adopted by the City Council of the City of Hopkins this q ~day of December, 1995.
ATTEST:
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PRELIMINAR Y RESOLUTION
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The motion for the adoption
Councilmember Hes ch
following voted in favor thereof:
Cbtiitcilrnernbers Maxwell, Hesch, Anderson, Kritzler and Mayor Redepenning
of the foregoing resolution was duly seconded by
and upon vote being taken thereon, the
and the following voted against the same:
None
Whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor
and attested to by the City Clerk.
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PRELIMINARY RESOLUTION