95-03HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF CHANHASSEN, MINNESOTA
RESOLUTION NO. 3-95
RESOLUTION APPROVING AND AUTHORIZING ~ EXECIH~ON OF A
JOINT POWERS AGREEMENT WITH ~ CARVER COUNTY HOUSING AND
REDEVELOPMENT AUTHORITY AND ~ CITY OF CHANHASSEN,
MINNESOTA IN SUPPORT OF ~ ISSUANCE OF HOUSING AND
DEVELOPMENT GROSS REVENUE BONDS (CHANHASSEN APARTMENTS
PROJECT) SERIF~S 1995A AND HOUSING AND DEVELOPMENT REVENUE
BONDS (CITY OF CHANHASSEN, MINNESOTA UNLIMITED TAX GENERAL
OBLIGATION -- CHANHASSEN APARTMENTS PROJECT) SERIES 1995B
BE IT HEREBY RESOLVED by the Board of Commi~ioners of The Housing and
Redevelopment Authority of the City of Chanhass~ Minnesota (the "Authority") as follows:
1. The Carver County Homing and Redevelopment Authority (the "Issuer"), a public
body corporate and politic, organized under Minnesota Statutes, Soc~ion 469.001 through 469.047
(the "Act") proposes to issue its Housing and Development Gross Revenue Bonds (Chanhassen
Apartments Project) Series 1995A (the "Series A Bonds") in the aggregate principal amount not
exceeding $600,000 and its Housing and Development Revenue Bonds (City of Chanhassen,
Minnesota Unlimited Tax General Obligation -- Chanhassen Apartments Project) Series 1995B
in the aggregate principal amount not exceeding of $4,131,542 (the "Series B Bonds" and
tQgether with the Series A Bonds, the "Bonds") to finance an approximately 63-unit multi_family
housing facility for senior citizens of low and moderate income (the "Project"), which constitutes
a qualified housing development project as defined in the Act.
2. The Board of Commissioners hereby finds and determines that it is in the best
interest of the public health, safety and welfare of the City of Chanhassen, Minnesota (the
"City"), that the Issuer issue the Bonds for the pm'pose of acq~ and constructing the Project.
3. A Joint Powers Agreement (the "Joint Powers Agreement") among the Authority,
the City and the Issuer providing for (i) a $350,000 contribution by the City to the debt service
reserve fund created under the Indenture of Trust dated as of May 1, 1995 between the Authority
and the trustee named therein, and (ii) the pledge of certain amounts from the Authority's and
the Issuer's annual tax levies to support the operations of the Project and the annual debt service
on the Bonds, has been submitted to the Board of Commi~ioners for approval.
4. It is hereby found, determined and declared that the implementation of the Project,
and the issuance and sale of the Bonds by the Issuer, and the execution and delivery of the Joint
307091.1
Powers Agreement and the performance of all covenants and agreements of the Authority
contained therein are authorized under the constitution and laws of the State of Minnesota.
5. The Joint Powers Agreement is hereby approved in substantially the form on file
with the Authority on the date hereof. The Chair and the Secretm3r of the Authority are hereby
directed and authorized to execute said Agreement on behalf of the Authority. The form and
terms of the Joint Powers Agreement may be varied prior to execution and delivery by the parties.
thereto, provided that any such variance shall not be, in the opinion of the Chair and Secretary,
materially adverse to the interests of the Authority. The execution and delivery of the Joint
Powers Agreement as provided in this Section 5 shall be conclusive evidence of the determination
that any such variance was not materially adverse to the interests of the Authority.
ADOPTED: May __, 1995
Execut±ve D±~e~
30709 I. I