11-26-1996 Council Agenda - Laserfiche WebLink

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FROM BRIGGS&MORGAN (THU) 11. 21' 96 11:19 /ST. 11:13/N0. 3561674645 P 4/6 RESOLUTION CALLING FOR A PUBLIC LIEARINC ON A PROPOSAL TO ISSUE MULTIFAMILY HOUSING REVENUE REFUNDING BONDS PURSUANT TO MINNESOTA STATUTES, SECTION 462C AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), gives municipalities the power to issue revenue bonds and refunding revenue bonds to carry out programs for the financing of multifamily housing which is affordable to persons of low and moderate income; (b) WHEREAS, the City Council of the City of Little Canada, Minnesota (the "City "), has received from Cedars Lakeside Limited Partnership, a Minnesota Limited Partnership (the "Company "), a proposal that the City assist in refinancing a project hereinafter described, through the issuance of its multifamily housing revenue refunding bonds (the "Bonds ") pursuant to the Act, and (c) WHEREAS, before proceeding with consideration of the request of the Company it is necessary for the City to hold a public hearing on the proposal pursuant to the Internal Revenue Code of 1986, as amended; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, 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 an estimate of the principal amount of Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. The Administrator is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and in a newspaper of general circulation available in the City not less than 15 days nor more than 20 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. 77171Z.1 Page 57