95-04HOUSENG AND REDEVELOPMENT AUTHORITY
OF ~ CITY OF CIIANI~SEN, MINNESOTA
RESOLUTION NO. 4-95
RESOLUTION RATIFYING AND CONFIRMING RF~OLUTION NO. 3-95
AND APPROVING AND AUTItORIZING ~ EXECUTION OF A JOINT
POWERS AGREEMENT WITH ~ CARVER COUNTY HOUSING AND
REDEVELOPMENT AU'IltORITY AND Tmr~ CITY OF CHA_N]IASSEN,
MINNESOTA IN SUPPORT OF ~ ISSUANCE OF HOUSING AND
DEVELOPMENT GROSS REVENUE BONDS (~SEN APARTMENTS
PROJECT) SERIES 1995A AND HOUSING AND DEVELOPMENT REVENUE
BONDS (CITY OF CHAN-BASSEN, MINNESOTA UNI,1M]TED 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 Chanhasse~ 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, Section 469.001 through 469.047
(the "Act") proposes to issue its Homing and Development Gross Revenue Bonds (Chaahassen
Apartments Project) Series 1995A (the "Series A Bonds") in the aggregate principal amount not
exceeding $725,000 and its Housing and Development Revenue Bonds (City of Clmnha.q.sen,
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
together with the Series A Bonds, the "Bonds") to finance an approximately 65-unit multifamily
housing facility for senior citizens of low and moderate income (the "Project"), which constitutes
a qualified housing development project as defmec~l in the Act.
2. By Resolution No. 3-95 (the "Joint Powers Resolution"), the Board of
Commissioners has previously found and determined, among other things, 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 purpose of acq~ and commJcting the Project, and
approved the execution and delivery of a Joint Powers Agreement (the "Joint Powers Agreement")
among the Authority, the City and the Issuer providing for (i) a contribution by the City to the
debt service reserve fund created under an Indenture of Trust to be executed in connection with
the Bonds, 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.
3. Financial projections prepared by the Issuer's financial advisor (the "Financial
Advisor") indicate that the amount of the annual tax levy contemplated by the Joint Powers
Agreement in the form approved by the Joint Powers Resolution must be increased to induce the
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sale of the Bonds at a favorable interest rate and to provide additional security for the Bonds and
operations of the Project; .
4. To induce the sale of the Bonds and to provide additional security for the Bonds
and the operations of the Project, the Authority hereby approves the modification to the Joint
Powers Agreement to increase the annual tax levy pledged by the Authority. Subject to such
modification, the Authority hereby ratifies and confirm.q Resolution No. 3-[15 , and
approves such further modifications to the Joint Powers Agreement which, in the opinion of the
Financial Advisor and the Chair and the Secretary of the Authority shall be necessary or desirable
to further the public purposes herein SlX,'cified. The Chair and the Secretary of the Authority are
hereby directed and authorized to execute and deliver said Agreement, as modified, on behalf of
the Authority.
ADOPTED: August ~ 1995
Attest:
Execut±ve D±~ecto~
341014.3