HomeMy WebLinkAboutCity Council Resolution 1983-331r.:
RESOLUTION NO. 83-331
RELATING TO THE ISSUANCE OF REVENUE BONDS PURSUANT Ti, CHAPTER 462C,
MINNESOTA STATUTES; CALLING FOR A PUBLIC HEARING ON A HOUSING
PROJECT TO BE HELD JULY 11, 1983 AT 7.30 P.M.
Member Neils introduced the
following resolution and moved its adoption:
RESOLUTION RELATING TO THE ISSUANCE: OF
REVENUE BONDS PURSUANT TO CHAPTER 462C,
MINNESOTA STATUTES= CALLING FOR A PUBLIC
HEARING ON A HOUSING PROJECT
BE IT RESOLVED, by the City Council of the City
of Plymouth, Minnesota (the City), as follows:
Section 1. Recitals.
1.01. By the provisions of Minnesota Statutes,
Chapter 462C, as amended (the Act), the City is authorized
to plan, administer, issue and sell revenue bonds to make or
purchase loans to finance one or more multifamily housing
developments within its boundaries, which revenue bonds or
obligations shall be payable fully from the revenues of the
development and other sources pledged to the payment thereof.
1.02. The City has caused to be prepared a
proposed program for a multifamily development (the Program)
which has been placed on file with, and is available for
public inspection at, the office of the City Clerk.
1.03. The Act provides that the City hold a
public hearing on the Program prior to its adoption, which
hearing is to be held after notice is published at least 15
days prior to the date set for the hearing.
1.04. The revenue bonds of the City would be
"industrial revenue bonds" within the meanina of Section 103
of the Interral Revenue Code of 1954, as amended (the Code).
Section 103(k) of the Code, and the regulations promulgated
and proposed thereunder, provides that the City hold a public
hearing on the Project and the revenue bonds prior to approving
the revenue bonds, which hearing is to be held after notice
is published at least 14 days prior to the date for the hearing.
Section 2. Public Hearing.
2.01. A public hearing on the Program, including
the Project and the revenue bonds, is hereby called and shall
be held on July 11, 1983, at 7:30 o'clock p.m., at the City Hall.
2.02. The City Clerk is hereby authorized to
cause Notice of the Public Hearing to be published in a
newspaper circulating generally in the City, once, at least
15 days before the hearing, in substantially the following
form:
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Passed and adopted by the City Council of the
City of Plymouth, Minnesota this 20th day of June, 1963.
Attest:
Laurie Houk
City Clerk
(SEAL)
Acting Mayor Schneider
Mayor
The motion for the adoption of the foregoing
resolution was duly seconded by Member Moen
and upon vote being taken thereon, the following voted in
favor thereof:
and the follwoing voted against the same:
whereupon the resolution was declared duly passed and adopted
and was signed by the Mayor, which was attested by the
City Clerk.
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NOTICE OF P, 'TIC HEARING
NOTICE IS HEREBY GIVEN by the City Council of the
City of Plymouth, Minnesota (the City), that it will hold a
public hearing at the City Hall in Plymouth, Minnesota on
the 11th day of July, 1983, at 7x30 o'clock p.m. to
consider a proposed Program for the Acquisition and Rehabilitation
of a Multifamily Housing Development (the Program) to be
financed by the issuance 6f revenue bonds or notes of the
City pursuant to Minnesota Statutes, Chapter . — (the
Housing Bond Act), in an aggregate principal amount not to
exceed $5,250,000.
The Program describes a development which will
consist generally of the acquisition and rehabilitation of
126 rental housing units, together with related facilities,
located at 3610, 3630, 3636, 3640 and 3660 North Lancaster Lane
in the City, by Lancaster Village Partnership, a Minnesota Partnership.
The bonds or other obligations issued to finance the development
will be payable solely from the revenues pledged to the payment
thereof and shall not constitute a debt of the Ctty. The
Program describes the need for the development and the method
of financing proposed and states that the development is
to be constructed pursuant to Section 462.05, subdivision
2, of the Housing Bond Act.
A copy of the Program is on file and available
for inspection in the office of the City Manager at the
City Hall.
All persons interested may appear and be heard at
the time -and place set forth above, or may file written
comments with the City Manager prior to the date of the
hearing set forth above.
June, 1983.
Dated at Plymouth, Minnesota this 20th day of
BY ORDER OF THE CITY COUNCIL
Laurie Houk CitX Clerk
Name and Title
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