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CITY OF ORONO <br /> HENNEPIN COUNTY <br /> STATE OF ;MINNESOTA <br /> Council member Flint introduced the following resolution and moved <br /> its adoption: <br /> RESOLUTION NO. 4 6 5 <br /> RESOLUTION APPROVING HOUSING PROGRAM AND <br /> STATING INTENT TO ISSUE HOUSING REVENUE BONDS <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Orono, <br /> Minnesota (the "City"), as follows: <br /> 1. On May 14, 2001 this Council held public hearings on a Program for <br /> the Financing of a Multifamily Rental Housing Development for Seniors (the <br /> "Housing Program") and on the issuance of up to $9 million of housing revenue <br /> bonds (the "Housing Bonds")pursuant to Minnesota Statutes, Chapter 462C to <br /> finance the Program. The Program provides for acquisition of land and construction <br /> of 62 units of multifamily housing for seniors to be located at Brown Road and <br /> Wayzata Boulevard and to be owned by Wedum Foundation or Orono Senior <br /> Housing, LLC. <br /> 2. The Program is hereby approved. <br /> 3. The issuance of the Bonds given preliminary approval. The City <br /> intends to issue the Bonds subject to negotiation and consideration of the terms <br /> thereof and related documents. City staff, the City Attorney and bond counsel are <br /> authorized to negotiate and prepare appropriate documents relating to the Bonds for <br /> consideration by this Council. <br /> The motion for the adoption of the foregoing resolution was seconded by <br /> Council member White , and upon a vote being taken thereon <br /> the following voted in favor thereof: <br /> Mayor Peterson <br /> Council Member Nygard <br /> Council Member Sansevere <br /> and the following voted against the same: <br /> None <br />