HRA RES 1995-08 14
BRA RESOLUTION NO. 8 - 1995
RESOLUTION AUTHORIZING THE EXECUTION OF A MEMORANDUM OF
UNDERSTANDING BY AND BETWEEN THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY
AND THE NORTHEAST STATE BANK OF MINNEAPOLIS
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority has established a Home Improvement Loan Program (the
"Program") for the residents of the City of Fridley (the "City") .
1.02. It has been proposed that the Authority enter into the necessary
agreements to expand the Program by executing a Memorandum of
Understanding (the "Memorandum") with the Northeast State Bank of
Minneapolis (the "Bank") as a participating lender.
Section 2. Findings.
2.01. The Authority hereby finds that the Memorandum promotes the purposes of
the Program and Authority as those purposes are defined in Minnesota
Statutes, Section 469.001, et. seq. (the "Act") .
Section 3. Authorization for Execution of Memorandum.
3.01. The Authority hereby approves the Memorandum substantially in the form
presented to the Authority and authorizes its Chairman and Executive
Director to execute the Memorandum on behalf of the Authority with such
additions and modifications as those officers may deem desirable or
necessary as evidenced by the execution thereof.
PASSED AND ADOPTED BY THE HOUSING & REDEVELOPMENT AUTHORITY OF THE CITY OF
FRIDLEY THIS 9TH DAY OF MARCH, 1995.
LAWRENCE R. COMMERS - CHAIRMAN
ATTEST:
10/41, ofkm)VILL.014
WILLIAM W. BURNS - EXECUTIVE DIRECTOR