HRA RES 2000-15 - 14827^
RESOLUTION NO. HRA 15-2000
A RESOLUTION ADJUSTING A LOAN INTERE5T RATE FOR A HOUSING AND
REHABILITATION PROGRAM FOR THE CITY OF FRIDLEY; PROVIDING FOR
AMENDMENT TO RESOLUTION NO. HRA 8-1996
BE IT RESOLVED by the Board of Commissioners (the "Cominissioners") of the Housing and
Redevelopment Authority in and for the City of rridley, Minnesota (the "Authority"), as follows:
Section 1. Recitals.
1.01. The Authority has previously established, by HRA Resolution No. 8-1996, a housing
rehabilitation program which, among other things, allows the making of loans funded by the
Authority (the "Loan Program").
1.02. The Loan Program currently includes a revolving loan which carries an annual interest rate of
five (5) percent, as described in paragraph 1.B.5 of Schedule A to HRA Resolution No. 8-1996.
1.03. It has been proposed that the Authority now adopt a new interest rate for the Loan Program.
Section 2. Findin�s.
�
� 2.01. The Authority hereby finds that it is desirable for the Loan Program interest rate to conforna
' more closely to the rate(s) established by the Minnesota Housing Finance Agency (the "1V�IFA") for
similar loans.
2.02. The Authority hereby finds that an interest rate of six (6) percent would more closely
conform to the rate(s) esta.blished by the 1V�IFA.
Section 3. Approval.
3.01. The interest rate for the program described above shall be six (6) percent:
PASSED AND ADOPTED BY TI� HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR TI-� CITY OF FRIDLEY, NIINNESOTA, THIS 13� DAY OF JULY, 2000.
�
LAWRENCE R. COMMERS, CHAIltPERSON
ATTEST:
�--, ,
�
�' WILLIAM W. BURN , XECUTIVE DIRECTOR