DISCLAIMER

 

06-0642R


RESOLUTION AUTHORIZING EXECUTION OF LOAN AGREEMENTS TO FUND A REVOLVING MAINTENANCE FUND FOR AFFORDABLE HOUSING.

BY PRESIDENT REINERT:

     RESOLVED, that the proper city officials are authorized to execute and implement a loan agreement, on file with the city clerk as Public Document No.  ___________, and a promissory note, on file with the city clerk as Public Document No. ___________, with Greater Minnesota Housing Fund, each in the amount of $200,000 for the purpose of establishing a revolving maintenance fund to be used for the city’s tenant remedies action to help attain compliance with applicable housing and safety codes for affordable housing, terms - no interest, ten year term.


STATEMENT OF PURPOSE:  This resolution establishes a revolving maintenance fund to be used for the city’s tenant remedies action to help attain compliance with applicable housing and safety codes for affordable housing.