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CITY OF LITTLE CANADA <br />NOTICE OF PUBLIC HEARING <br />ON A PROPOSAL TO ISSUE MULTIFAMILY <br />HOUSING REVENUE REFUNDING BONDS <br />Notice is hereby given that the City Council of the City of <br />Little Canada, Minnesota (the "City "), will meet at the City Hall <br />in the City at 7:30 p.m. on December 18, 1996, to consider the <br />proposal of Cedars Lakeside Limited Partnership, a Minnesota <br />Limited Partnership (the "Company "), that the City assist in <br />refinancing by the issuance of its multifamily housing revenue <br />refunding bonds a 156 -unit multifamily rental housing facility <br />known as Cedars Lakeside located at 2800 Rustic Place (Little <br />Canada Road at Middle Street) in the City of Little Canada. <br />The maximum aggregate estimated principal amount of bonds to <br />be issued for this project is $7,000,000 (tax- exempt) and $400,000 <br />(taxable). The project is owned and operated by the Company. <br />The bonds or other obligations if and when issued will not <br />constitute a charge, lien or encumbrance upon any property of the <br />City except the project, and such bonds or obligations will not be <br />a charge against the City's general credit or taxing powers but <br />will be payable from sums to be paid by the Company pursuant to a <br />revenue agreement. <br />At the time and place fixed for the Public Hearing, the City <br />Council of the City will give all persons who appear at the hearing <br />an opportunity to express their views with respect to the proposal. <br />In addition, interested persons may file written comments <br />respecting the proposal with the City Administrator at or prior to <br />said public hearing. <br />771712.1 <br />Dated this 27TH day of November, 1996. <br />(BY ORDER OF THE CITY COUNCIL) <br />By: /s/ Joel Hanson <br />City Administrator <br />Page 1 <br />