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173615857v1 <br /> <br />City of Little Canada <br />June 17, 2025 <br />Page 3 <br /> <br /> <br />adoption of the preliminary resolution, it will have established a reasonably early inducement date. That <br />will allow for the reimbursement out of bond proceeds, when the Bonds are finally issued, for certain costs <br />that the Borrower may expend prior to the issuance of the Bonds. The adoption of the resolution on June <br />27th would allow for reimbursement of any such expenditures made as far back as April 29, 2025. <br />If the Project is awarded an allocation on July 7th the Bonds must be issued by the end of calendar <br />year 2025. Subsequent to the award of an allocation, at a date to be determined in consultation with all <br />parties, a public hearing on the Project and the issuance of the Bonds will be held by the City Council. At <br />the time the public hearing notice is published, a housing program will be submitted to the Metropolitan <br />Council for its review and comment. Taft, as bond counsel, will draft the documents related to and assist <br />the City in these matters. <br />I will be in attendance at the City Council Workshop on Monday, June 23rd to answer any questions. <br />In the meantime, please feel free to contact me or Maren Magill if you have any further questions or <br />comments. <br /> Very truly yours, <br /> <br /> <br />Catherine J. Courtney <br /> <br /> <br />cc: Maren Magill <br /> <br /> <br /> <br />