4.3. SR 07-27-1998 - Laserfiche WebLink

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o The second action item requires holding two public hearings which must be held prior to adopting the resolution. The public hearings relate mainly to the city's housing plan and how the bonds relate to the housing plan. Attorneys for Guardian Angels will be present to answer any questions the Council may have regarding the public hearings. The final and most comprehensive document to be acted on by the Council is the resolution approving a housing program and the projects and providing for the issuance and sale of the pooled revenue bonds. This resolution incorporates Council approval of numerous documents. I would like to direct your attention to Page 2 of the resolution, Item 5, Documents Presented. As you can see, by approving the resolution the City Council will also be approving a Joint Powers Agreement, a Loan Agreement with the Wilder Foundation, a Loan Agreement with Guardian Angels, a Loan Agreement with Evans Park, the Trust Indenture, a First Supplemental Trust Indenture, several mortgage and security agreements, assignment of the mortgages, and the bond purchase agreement. Because those documents have just been received, staff and city Bond Counsel Jim O'Meara have not had time to review the documents. However, they will be reviewed prior to Monday's meeting and any staff changes will have been forwarded to Guardian Angels' attorneys prior to the meeting. Also, as a reminder, these bonds do not affect the city's ability to issue future bonds in 1998. The bonds also do not affect the city's credit rating and are not an obligation, in any way, of the city. As I mentioned earlier, st~f/and representatives for both the city and Guardian Angels will be available on Monday to answer any questions you may have regarding this bond issue. Action Requested The City Council is asked to consider the Agreement Compensating the City of Elk River, Minnesota for Inability to Designate Bank Qualified Bonds Sold after August 1, 1998, through December 31, 1998. o The City Council is asked to hold two public hearings, one on the proposed project and issuance of revenue bonds and another on the proposed housing program and project and issuance of revenue bonds. Although these public hearings may be held simultaneously, it may be easiest to open and close each one separately.