5.4. SR 01-10-2000 - Laserfiche WebLink

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RESOLUTION 00- A RESOLUTION OF THE CITY OF ELK RIVER A RESOLUTION GIVING PRELIMINARY APPROVAL TO AND CALLING A PUBLIC HEARING ON A PROPOSED HOUSING PROGRAM AND HOUSING FACILITIES PROJECTS AND THE PROPOSED ISSUANCE OF REVENUE BONDS THEREFOR BY THE CITY OF ELK RIVER, MINNESOTA, PURSUANT TO A JOINT POWERS AGREEMENT TO BE ENTERED INTO IN CONNECTION THEREWITH WHEREAS, the City Council of the City of Elk River, Minnesota (the "City") has received a request from the nonprofit corporations listed in Exhibit A (such entities collectively referred to as the "Borrowers"), for the City, or the other Participating Jurisdiction described below if so determined by the City and the other Participating Jurisdiction, to issue its revenue bonds (the "Bonds") in an aggregate principal amount not to exceed $10,000,000 pursuant to the Municipal Housing Programs Act, Minnesota Statutes, Chapter 462C, as amended (the "Housing Programs Act", or the "Revenue Bond Act"); and, WHEREAS, the Borrowers have represented to the City that a portion of the proceeds of the Bonds (the "Evans Park Portion") would be loaned to Evans Park, Inc., a Minnesota nonprofit corporation, to pay costs of the Evans Park Project described in Exhibit B (the "Evans Park Project"), and in accordance with the Housing Program developed therfor (the "Housing Program"), substantially in the form attached hereto as Exhibit E, all pursuant to the provisions of the Housing Programs Act; and, WHEREAS, the Borrowers have represented to the City that proceeds of the Bonds not constituting a part of the Evans Park Portion would be applied to finance or refinance costs of acquiring, constructing, equipping, and furnishing certain senior housing and nursing facilities of the other Borrower located in the other Participating Jurisdiction (defined below) (and referred to, together with the Evans Park Project, as the "Projects"); and,