11-19-1996 Minutes - Laserfiche WebLink

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:L ct~;:: 3(Pj THE COUNTY OF HALL, IN THE STATE OF NEBRASKA RESOLUTION NO. ~- CJtJ~Y "A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $500,000 IN PRINCIPAL AMOUNT OF DEVELOPMENT REVENUE BONDS (MID- NEBRASKA FOUNDATION, INC., PROJECT), SERIES 1996; MAKING DETERMINATIONS PURSUANT TO A PUBUC HEARING; APPROVING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT BETWEEN THE COUNTY AND MID-NEBRASKA FOUNDATION, INC., A NEBRASKA NONPROFIT CORPORATION; APPROVING THE EXECUTION AND DELIVERY OF AN ESCROW AGREEMENT; MAKING CERTAIN DETERMINATIONS; PRESCRIBING THE FORM OF SAID BONDS;. PROVIDING FOR THE PLEDGING OF REVENUES RELATED TO A SPECIFIC PROJECT AS PAYABLE UNDER SAID LOAN AGREEMENT; DETERMINING THAT SAID BONDS SHALL NOT CONSTITUTE NOR GIVE RISE TO ANY PECUNIARY UABIUTY OF THE COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS." BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF HALL, IN THE STATE OF NEBRASKA, AS FOLLOWS: Section 1. The Board of Supervisors of The County of Hall, in the State of Nebraska (the "County"), hereby fmd and determine: A. Mid-Nebraska Foundation, Inc., a Nebraska nonprofit corporation, desires to finance the acquisition, construction and equipping of two new residential facilities (fourplexes) to be located at 1011 East Fifth Street and 1021 East Fifth Street, Grand Island, Nebraska (the "Project"), in keeping with the redevelopment plan of the City of Grand Island, Nebraska, for an area previously determined to be blighted and substandard, and the County is willing to provide development revenue fmancing for such project in accordance with the provisions of Sections 13-1101 to 13-1110, R.R.S. Neb. 1943, as amended (the "Act"). B. In connection with providing fmancing for the Project, a public hearing by the Mayor and Council of the City of Grand Island, Nebraska, as required by Section 13-1105(3) of the Act has been held on October 28, 1996, at the City Hall, in Grand Island, Nebraska, and certain determinations have been made by such governing body, including the determinations that: 1. The real estate on which the Project is to be located is within an area which has been previously determined to be blighted and substandard by the Mayor and Council of the City of Grand Island. 2. The Project as described in the notice and at the hearing is within the development plan of said City for such area. . C. In connection with providing fmancing for the Project, a public heanng by the Board of Supervisors as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, has been held pursuant to separate notice published in The Grand Island Daily Independent on November 1, 1996, and based upon the information provided at such hearing the following determinations are hereby made: 1. that a general functional description of the type and use of the Project, namely, two new residential facilities (fourplexes) providing eight living units for individuals with developmental disabilities, including site improvements, fixtures and furnishings, was provided in said notice of hearing and is hereby approved; 2. that the maximum aggregate face amount of the bonds, namely $500,000, to be issued was described in said notice and is hereby approved;