Laserfiche WebLink
BEST & FLANAGAN LLP <br />225 South Sixth Street, Suite 4000 Minneapolis, Minnesota 55402 <br />TEL 612.339.7121 FAX 612.339.5897 BESTLAW.COM <br />BEST & FLANAGAN <br />September _, 2013 <br />Ms. Judith L. Foley <br />U. S. Bank National Association <br />EP- MN -WS3C <br />60 Livingston Avenue <br />St. Paul, MN 55107 -2292 <br />Mr. Joel Hanson <br />City Administrator <br />City of Little Canada <br />515 Little Canada Road East <br />Little Canada, MN 55117 <br />Ken Regan <br />Montreal Courts, LLP <br />1707 Gold Drive South, Suite 200 <br />Fargo, ND 58103 <br />Re: City of Little Canada, Minnesota <br />$16,595,000 Multifamily Housing Revenue Bonds <br />(Housing Alternatives Development Company Project), Series 1997A <br />and <br />$3,100,000 Subordinate Multifamily Housing Revenue Bonds <br />(Housing Alternatives Development Company Project), Series 1997B <br />Ladies and Gentlemen: <br />The Bonds described above (the "Bonds ") were issued by the City of Little Canada, Minnesota (the <br />"City ") pursuant to an Indenture of Trust, dated as of December I, 1997 between the City and First <br />Trust National Association, whose interests as trustee have been transferred to U.S. Bank National <br />Association as successor to First Trust National Association (the "Trustee "). The proceeds of the <br />Bonds were used to finance a loan to Housing Alternatives Development Company (the <br />"Company ") to finance the acquisition and renovation of the approximately 444 unit Montreal <br />Courts Apartments Project (the "Project ") located in the City. <br />In connection with the issuance of the Bonds the City, the Company and the Trustee entered into a <br />Regulatory Agreement, dated as of December 1, 1997 (the "Regulatory Agreement "). Section 15 of <br />the Regulatory Agreement contains certain provisions regarding the requirements for the termination <br />