1984-2551s
HRA RESOLUTION N0. 25S
RESOLUTION AUTHORIZING THE ALLOCATION OF SINGLE FAMILY MORTGAGE
REVENUE BOND AUTHORITY PROVIDED UNDER MINNESOTA STATUTES
CHAPTER 462C TO EXPIRE
WHEREAS, Minnesota Statutes, Chapter 462C (Act) authorizes
the City to develop and administer programs to issue mortgage
revenue bonds to finance the acquisition and construction of
single family housing and multi-family housing within its
boundaries far occupancy primarily by parsons of low and
moderate income as defined by the Aet; and
WHEREAS, the City Council adopted an ordinance authorizing
the Housing and Redevelopment Authority of the City (HRA) to
exercise powers granted by the Act on behalf of the City; and
WHEREAS, in accordance with the Act the HRA and City Council
prepared, held a public hearing on and adopted a Housing Plan
and Program (Plan); and
1
WHEREAS, in accordance with the Act, which includes
procedures for reviewing plans and programs and allocating a
share of mortgage revenue bond authority available within the
state, the Minnesota Housing Finance Agency (MHFA) authorized on
January 26, 1984 an allocation of $4,000,000 to the City of
Richfield and its HRA; and
WHEREAS, it has been determined that the HRA in advance of a
September 1 deadline contained within the Act, must notify MHFA
that there is no intent to issue mortgage revenue bonds prior to
the end of the 1g$4 calendar year.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota:
-That the $4,000,000 allocation of mortgage revenue
bond authority provided to Richfield for 1884 shall be
permitted to expire
-That the Executive Director is authorized to take
those actions necessary to notify the Minnesota
Housing Finance Agency prior to September 1, 1884, of
this decision.
Passed by the Housing
the City of Richfield this
ATTEST:
and Redevelopment Authority in and for
20th day of ugust, 1884.
1=Yfomas Harms, Chairman
an Helmberger, Sec etary