RES 1983-40 - 00005694RESOLUTION NO. 40 - 1983
RESOLUTION APPROVING THE USE OF A GENERAL RESERVE BOND
FUND SYSTEM; HOUSING, COMMERCIAL AND INDUSTRIAL PROGRAMS;
AND A OOMMERCIAL BUILDING REHABILITATION IRAN PROGRAM
WHEREAS, The City Council has authorized the City staff to investigate a
' general reserve bond fund system; housing, commercial and industrial programs;
and a commercial building rehabilitation loan program as authorized by
Minnesota Statutes, 459.31 to 459.34; and a General Reserve System and Bond
Fund Program to provide additional security for bonds issued by the City under
Minnesota Statutes, Chapter 474 (electively, the "Programs "); and
WHEREAS, The City staff working in conjunction with the law firm of O'Connor
and Hannan and the investment banking firm of Piper, Jaffray & Hopwood, Inc.
investigated the programs and the use of them to promote and enhance
development in the City of Fridley; and
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WHEREAS, The staff has presented the outline and background of these programs
to the City Council;
NOW, THEREFORE, BE IT RESOLVED, that in order to promote the housing,
commercial, industrial and other development goals of the City in an orderly,
efficient and economical manner, the City Council hereby adopts a General
Reserve Bond Fund System; Housing, Commercial and Industrial Programs; and a
Commercial Building Rehabilitation Loan Program; (electively, the "Programs ");
BE IT FURTHER RESOLVED THAT, the staff is hereby authorized to work with the
law firm of O'Connor & Hannan and the investment banking firm of Piper,
Jaffray & Hopwood, Inc. to develop the legal framework for implementation of
these programs.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 2ND DAY OF
MAY, 1983.
ATTEST:
SIDNEY C. - CITY CLERK
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WILLIAM J. NEE - YOR
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