2004-56
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CITY OF CHANHASSEN, MINNESOTA
Resolution No. 2004-56
Approving the issuance by The Carver County Housing And Redevelopment
Authority of its Housing Development Refunding Bonds (City of Chanhassen,
Minnesota Unlimited Tax General Obligation - Chanhassen Apartments
Project), Series 2004 in an aggregate principal amount not to exceed
$5,000,000 and the pledge of the full faith and credit of the City of
Chanhassen thereto, and authorizing the execution and delivery of
related documents.
WHEREAS, pursuant to Minnesota Statutes, Sections 469.001 through 469.047 (the
"Act"), The Carver County Housing and Redevelopment Authority (the "Authority") is
authorized to undertake housing development projects and to issue bonds to finance such
projects; and
WHEREAS, the Authority has previously issued its Housing and Development Gross
Revenue and Limited Tax Bonds (Chanhassen Apartments Project) Series 1995A and its
Housing and Development Revenue Bonds (City of Chanhassen, Minnesota Unlimited Tax
General Obligation - Chanhassen Apartments Project) Series 1995B (together, the "Prior Bonds")
the proceeds of which were used to construct a senior housing facility in the City which is owned
by the Authority (the "Project") and which constitutes a "qualified housing development project"
under the Act; and
WHEREAS, in order to refund the Prior Bonds, the Authority proposes issue its Housing
Development Refunding Bonds (City of Chanhassen, Minnesota Unlimited Tax General Obligation
- Chanhassen Apartments Project), Series 2004 (the "Refunding Bonds"), in an aggregate principal
amount not exceeding $5,000,000, and to pledge the full faith and credit of the City of Chanhassen
(the "City") thereto; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.034, Subd. 2, the Authority is
authorized to pledge the full faith and credit of the City to bonds issued to finance qualified
housing development projects following (a) a determination by the Authority 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 maximum aggregate principal amount of the Refunding Bonds is within
the statutory limitation in Section 469.034, Subd. 2(c) on the amount of such bonds to which the
full faith and credit of the City may be pledged; and
WHEREAS, on the date hereof, the City has conducted a public hearing following
publication of notice pursuant to Minnesota Statutes, Section 469.034, subd. 2; and
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WHEREAS, in connection with the issuance of the Prior Bonds, the Authority, the City
and the Housing and Redevelopment Authority of the City of Chanhassen have entered into that
certain Joint Powers Agreement for a Multifamily Housing Revenue Bond Program, dated as of
August 1, 1995 (the "Joint Powers Agreement"); and
WHEREAS, in connection with the issuance of the Refunding Bonds, the Authority, the
City and the City HRA propose to enter into an agreement amending the Joint Powers
Agreement;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Chanhassen, Minnesota, as follows:
1. That the City hereby approves the issuance by the Authority of the Refunding Bonds in an
aggregate principal amount of up to $5,000,000, and the pledge by the Authority of the
full faith and credit of the City thereto, subject to a final determination by the Authority
that the projected revenues pledged to the payment of the Bonds will equal or exceed
110% of the principal and interest due on the Bonds for each year of their term.
2. That the Mayor and City Manager are authorized to execute and deliver on behalf of the
City an Amendment to Joint Powers Agreement for a Multifamily Housing Revenue
Bond Program in substantially the form on file with the City on the date hereof, with such
modifications as may be approved by the Mayor and City Manager, and any related
documents as may be necessary or convenient in connection with the issuance of the
Refunding Bonds. Execution and delivery of such Amendment shall constitute
conclusive evidence that any modifications have been approved by the Mayor and City
Manager.
Adopted on this 9th day of August, 2004.
ATTEST:
~A
Thomas A. Furlong, Mayor
YES
Furlong
Ayotte
Labatt
Lundquist
Peterson
NO
None
ABSENT
None
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