HomeMy WebLinkAboutCity Council Resolution 1992-482CITY OF PLYMOUTH
RESOLUTION NO. 92-482
RESOLUTION CALLING FOR REFUNDING MULTIFAMILY
HOUSING REVENUE BONDS PURSUANT TO MINNESOTA
STATUTE 462C, AND AUTHORIZING THE PUBLICATION
OF A NOTICE OF THE HEARING
WHEREAS, Minnesota Statutes Section 462C, relating to municipal housing (the
"Act"), gives municipalities the power to issue revenue bonds to finance multifamily
housing developments; and
WHEREAS, the City issued its $3,750,000 Housing Development Revenue Note
(Lancaster Village Apartments Project), dated December 30, 1983 in favor of First
Bank National Association, successor through merger to First National Band of
Minneapolis (the "1983 Note"); and
WHEREAS, the City has received from Lancaster Village Partnership, a partnership
organized under the laws of the State of Minnesota (the "Company"), a proposal that
the City assist in redeeming and refunding the 1983 Note thereby refinancing the
project hereinafter described, through the issuance of its mutifamily housing revenue
refunding bonds (the "Bonds") pursuant to the Act; and
WHEREAS, in connection with consideration of the request of the Company it is
necessary for the City to hold a public hearing on the proposal.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA, as follows:
1. A public hearing on the proposal of the Company will be held at the time and place
set forth in the Notice of Public Hearing hereto attached.
2. The general nature of the proposal and the project and an estimate of the principal
amount of refunding Bonds to be issued are described in the attached form of
Notice of Public Hearing.
3. The Clerk is hereby authorized and directed to cause notice of the hearing to be
given one publication in the official newspaper of the City, not less than 15 days
prior to the date fixed for the hearing, substantially in the form of the attached
Notice of Public Hearing.
Adopted by the City Council on August 17, 1992.