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NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF <br /> BONDS TO REFUND CERTAIN HOUSING DEVELOPMENT <br /> REVENUE BONDS OF THE CITY <br /> • CITY OF ST. ANTHONY, MINNESOTA <br /> NOTICE IS HEREBY GIVEN that the City Council of the <br /> City of St . Anthony, Minnesota (the "City" ) , will meet on <br /> September 13, 1988, at 8: 00 P .M. , at the City Hall , at 3301 <br /> Silver Lake Road, St . Anthony, Minnesota, for the purpose of <br /> conducting a public hearing on a proposal that the City issue <br /> its refunding revenue bonds (the "Refunding Bonds" ) , under <br /> Minnesota Statutes, Chapter 462C, as amended, in order to refund <br /> the City ' s $11 , 990, 000 Multifamily Housing Revenue Bonds (Arkand <br /> Limited Partnership III Project ) (the "Refunded Bonds" ) . In <br /> connection with the issuance of the Refunding Bonds, St . Anthony <br /> LaNel , a Minnesota general partnership (the "Partnership" ) <br /> will use certain proceeds of the Refunded Bonds to finance <br /> the acquisition, construction and equipping of a multifamily <br /> rental housing development containing approximately 201 housing <br /> units and related facilities , to be located in the City in <br /> the 2500 to 2600 block of Kenzie Terrace, generally south of <br /> Kenzie Terrace and east of Wilson Street N.E. (the "Project" ) . <br /> The Project will be owned and operated by the Partnership. <br /> The maximum aggregate principal amount of the proposed Refunding <br /> Bonds is $11, 990, 000. The Refunding Bonds will be limited <br /> obligations of the City, and the bonds and interest thereon <br /> • will be payable solely from the revenues pledged to the payment <br /> thereof, except that such bonds may be secured by a mortgage <br /> and other encumbrance on the Project . No holder of any such <br /> Refunding Bonds will ever have the right to compel any exercise <br /> of the taxing power of the City to pay the Refunding Bonds <br /> or the interest thereon, nor to enforce the payment against <br /> any property of the City except moneys payable by the Partnership <br /> to the City and pledged to the payment of the Refunding Bonds . <br /> All persons interested may appear and be heard at <br /> the time and place set forth above , or may file written comments <br /> with the City Manager prior to the date of the hearing set <br /> forth above. <br /> By /s/ David Childs <br /> City Manager <br />