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WRITERS DIRECT DIAL NUMBER <br />(612) 334 -8513 <br />VIA MESSENGER <br />LAW OFFICES <br />BRIGGS AND MORGAN <br />PROFESSIONAL ASSOCIATION <br />2400 IDS CENTER <br />MINNEAPOLIS, MINNESOTA 66402 <br />TELEPHONE 10121 334-8400 <br />FACSIMILE 16121 304-8060 <br />May 11, 1992 <br />SAINT PAUL OFFICE <br />2200 FIRST NATIONAL B■NE BUILDINO <br />SAINT PAUL, MINNESOTA 05101 <br />TELEPHONE 16121 223-6000 <br />PACSIMILE (0121 220 -046o <br />Mr. Joel Hansen <br />City Administrator <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, Minnesota 55117 <br />Re: City of Little Canada - $7,700,000 Multifamily <br />Housing Revenue Bonds, Series 1986 (Cedars <br />Lakeside Limited Partnership Project) (the "Bonds ") <br />Dear Joel: <br />Enclosed is a resolution we respectfully request be considered <br />by the City at its meeting on May 13, 1992. I originally planned <br />to request consideration at the second meeting in May but have now <br />learned that this matter needs to be finalized by May 25. <br />As you may be aware, the partnership owning the project <br />financed from the Bonds filed under Chapter 11 of the United States <br />Bankruptcy Code in December of 1990. On April 25, 1992 the U.S. <br />Bankruptcy Court confirmed the partnership's reorganization plan <br />under Chapter 11. The terms of that plan called for certain <br />modifications to the repayment and structuring of the Bonds. Since <br />the interest rate and repayment terms are being changed, the Bonds <br />are technically being reissued or refunded under the Internal <br />Revenue Code and, unless these amendments are approved by the City <br />and certain other procedural requirements complied with, the Bonds <br />will lose their tax exempt status. <br />Under separate cover I will transmit to you and to Tom Sweeney <br />copies of the amending documents. I'm sorry for requesting that <br />this matter be included on your May 13 agenda since I know your <br />regular agenda was distributed to council members last Friday. <br />However, the plan becomes effective 30 days following the date of <br />the court order (April 25, 1992) confirming it, and the next City <br />Council meeting is not until May 27 which is one day too late. I <br />apologize for this late request. I understand that Larry Brutger <br />will be attending the meeting to discuss any questions the City <br />Council may have. <br />631021 <br />Page 4 <br />