HomeMy WebLinkAboutCity Council Resolution 1989-265CITY OF PLYKOUTS, MINNESOTA
RESOLUTION NO. 89- 265
Authorizing publication of a notice of public hearing
and providing preliminary approval of the issuance of
a series of revenue refunding bonds with respect to a
multifamily rental housing development
WHEREAS, the City of Plymouth, Minnesota (the "City") is
authorized by Minnesota Statutes, Chapter 462C, as amended, and
Chapter 462A, as amended (the 'Acts"), to issue revenue bonds to
finance multifamily rental housing developments within the City
and to issue revenue refunding bonds to refund bonds issued for
such purposes; and
whereas, on October 1, 1984, the City Council of the City
adopted Resolution No. 84-698 authorizing issuance of $9,190,000
principal amount of Multifamily Housing Development Revenue Bonds
(Fox Forest Apartments Project), Series 1984 (the 'Series 1984
Bonds'), which were subsequently issued on October 2, 1984; and
WHEREAS, the proceeds of the Series 1984 Bonds were loaned
to Cheyenne Land Company, a Minnesota general partnership (the
'owner'), and used to acquire and construct a 160 -unit
multifamily rental housing development located at 1796 Magnolia
Lane in the City; and
WHEREAS, the Owner has requested that the City issue
$8,600,000 principal amount of Multifamily Housing Development
Revenue Refunding Bonds (Fox Forest Apartments Project), Series
1989 (the 'Series 1989 Bonds'), to refund the Series 1984 Bonds;
and
WHEREAS, applicable Federal law provides that the Series
1989 Bonds cannot qualify as tax-exempt bonds unless issuance of
the Series 1989 Bonds is approved by the City Council of the City
after a public hearing preceded by publication of a notice of
such public hearing, at least 14 days prior to the date of the
hearing, in a newspaper of general circulation in the City;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA:
Section 1. Notice of a public hearing to be held by the
City Council of the City at a regular meeting of the City Council
on June 5, 1989, is hereby authorized to be published in any
newspaper of general circulation in the City deemed appropriate
by the City Manager.
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RESOLUTION NO. 89-265
Section 2. Subject to the public hearing to be held on June
5, 1989, and the adoption of a resolution of the City Council
authorizing issuance of the Series 1989 Bonds, the City Council
hereby preliminarily approves the issuance of the Series 1989
Bonds and the application of the proceeds of such obligations to
the refunding of the Series 1984 Bonds.
Section 3. Any costs or expenses of the City incurred in
connection with the foregoing shall be paid or reimbursed by the
Owner.
Section 4. This Resolution shall be in full force and
effect from and after its passage by the City Council.
Adopted and approved this 15th day of May, 1989, by the Mayor and
City Council of the City.
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NOTICE OF PUBLIC HEARING
Notice is hereby given that the City Council of the City of
Plymouth, Minnesota (the •City") will meet on June 5. ,
1989, at 7:30 P.M. at the City offices in Plymouth, Minnesota,
for the purpose of conducting a public hearing on the proposal to
adopt a resolution authorizing the issuance of revenue bonds of
the City to refund outstanding revenue bonds of the City issued
in 1984 to finance the acquisition, construction, and equipping
of a multifamily rental housing facility (the 'Project"'). The
Project is commonly known as Fox Forest Apartments and consists
of 160 units of rental dwelling units in twenty eight -unit
buildings located at 1796 Magnolia Lane in the City. The revenue
bonds are proposed to be issued in the principal amount of
$8,600,000 and the proceeds derived from the sale of the revenue
bonds will be applied to the redemption of revenue bonds
presently outstanding in the principal amount of $9,010,000. The
revenue bonds will be special limited obligations of the City.
No owner of any such bonds will ever have the right to compel any
exercise of the taxing power of the City to pay the bonds, or to
enforce payment against any property of the City except from the
Project.
All persons interested may appear and be heard at the time
and place set forth above.
BY ORDER OF THE CITY
COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA