CERT TO REPORT TO MN HOUSING FINANCE AGENCY 29.

Home Browse Search

financing by the Authority or the City for Land acquisition and certain public costs, together with an appropriation of funds for a local contribution. Subsection D. Standards and Requirements Relating to the Financing of the Projects Pursuant to the Program. The following standards and requirements shall apply with respect to the operation of the Project by the Owner pursuant to this Program: (1) Substantially all of the proceeds of the sale of the Bonds will be used to provide funds for the acquisition and construction of the Project. The funds will be made available to the Owner pursuant to the terms of the Bond offering, which may include certain covenants to be entered into between the City and the Owner. (2) The Owner will not arbitrarily reject an application from a proposed tenant because of race, color, creed, religion, national origin, sex, marital status, or status with regard to public assistance or disability. (3) No Housing Unit may be in violation of applicable zoning ordinances or other applicable land use regulations, including any urban renewal plan or development district plan, and including the state building code as set forth under Minnesota Statutes, Section 16.83, et seq. Subsection E. Evidence of Compliance. The City may require from the Owner or such other person deemed necessary at or before the issuance of the Bonds, evidence satisfactory to the City of the ability and intention of the Owner to complete the Project, and evidence satisfactory to the City of compliance with the standards and requirements for the making of the financing established by the City, as set forth herein; and in connection therewith, the City or its representatives may inspect the relevant books and records of the Owner in order to confirm such ability, intention and compliance. In addition, the City may periodically require certification from either the Owner or such other person deemed necessary concerning compliance with various aspects of the Program. Subsection F. Issuance of Bonds. To finance the Program authorized by this Section,the City may by resolution authorize, issue and sell its Revenue Bonds in one or more series, and using any additional credit enhancement devices determined by the City to be necessary or desirable for each such series, in an aggregate principal amount estimated to be up to $9,000,000. The Bonds shall be issued pursuant to Section 462C.07, Subdivision 1 of the Act, and shall be payable primarily from the revenues of the Program authorized by this Section. The City anticipates the issuance of such amount prior to the end of 2001. Subsection G. Severability. The provisions of this Program are severable and if any of its provisions, sentences, clauses or paragraphs shall be held unconstitutional, contrary to statute, exceeding the authority of the City or otherwise illegal or inoperative by any court of competent jurisdiction,the decision of such court shall not affect or impair any of the remaining provisions.