Laserfiche WebLink
MORTGAGE REVENUE BOND <br /> ALLOTMENT AGREEMENT <br /> for 1993 <br /> THIS AGREEMENT shall have an effective date of the 12th day of May, 1993,and is <br /> made and entered into by and between the Minnesota Housing Finance Agency,a public body <br /> corporate and politic of the State of Minnesota(hereinafter referred to as the"MHFA"),and the <br /> entities(hereinafter individually referred to as a"Recipient",and collectively referred to as the <br /> "Recipients") identified in Exhibit A which is attached hereto and incorporated herein by <br /> reference. <br /> WITNESSETH: <br /> WHEREAS,Section 146 of the Internal Revenue Code of 1986,as amended,(hereinafter <br /> referred to as the "IRC") establishes an annual volume cap for the issuance of private activity <br /> bonds;and <br /> WHEREAS, IRC §146(e) allows States to enact legislation to allot that State's annual <br /> volume cap for private activity bonds amongst different entities located within that State;and <br /> WHEREAS, the allocation of annual volume cap for private activity bonds amongst <br /> different entities located within the State of Minnesota is vested in the Commissioner of Finance for <br /> the State of Minnesota(hereinafter referred to as the"Commissioner of Finance");and <br /> WHEREAS,the State of Minnesota,pursuant to the authority granted under IRC§146(e), <br /> enacted Minn.Stat.§474A.061 Subd.2a(1992),which such statute,along with any amendments <br /> thereto which have been or will be made by the 1993 Minnesota State Legislature,establishes a <br /> procedure for the allotment of qualified mortgage bonds (hereinafter referred to as "Qualified <br /> Mortgage Bonds"),as such term is used in IRC§143(a);and <br /> WHEREAS, each Recipient has, pursuant to the requirements contained in Minn. Stat. <br /> §474A.061 Subd.2a(a)(1992),along with any amendments thereto which have been or will be <br /> made by the 1993 Minnesota State Legislature, submitted an application to the MHFA for an <br /> allotment of Qualified Mortgage Bonds;and <br /> WHEREAS, Minn. Stat. §474A.061 Subd. 2a (b) (1992), along with any amendments <br /> thereto which have been or will be made by the 1993 Minnesota State Legislature,requires that the <br /> MHFA and the Recipients must,before the MHFA can forward an allotment of Qualified Mortgage <br /> Bonds to the Commissioner of Finance, negotiate the terms of and enter into an agreement <br /> regarding the allotment of Qualified Mortgage Bonds amongst the Recipients;and <br /> WHEREAS, the provisions contained in IRC §143(a)(1)(B) preclude the issuance of <br /> Qualified Mortgage Bonds after the 30th day of June,1992;and <br /> WHEREAS, the Federal Congress is considering amending IRC§143(a)(1)(B) to allow <br /> for the issuance of Qualified Mortgage Bonds after the 30th day of June,1992;and <br /> WHEREAS,the MHFA and the Recipients believe that the Federal Congress will amend <br /> IRC§143(a)(1)(B)to authorize and-allow for the issuance of Qualified Mortgage Bonds after the <br /> 30th day of June, 1992,and wish to enter into an agreement regarding the allotment of Qualified <br /> Mortgage Bonds so that such bonds can be issued as soon as IRC §143(a)(1)(B)is so amended; <br /> and <br /> WHEREAS,the MHFA and the Recipients have negotiated and agreed to the terms which <br /> are to be included in such agreement regarding the allotment of Qualified Mortgage Bonds amongst <br /> the Recipients. <br /> • <br /> MHFA Qualified Mortgage Bonds 1 (Ver-5/11/93) <br /> Allotment Agreement <br />