HomeMy WebLinkAboutCC RES 96-023 RESOLUTION GRANTING PRELIMINARY APPROVAL TO THE ISSUANCE OF MULTIFAMILY HOUSING REFUNDING REVENUE BONDS Meeting Sheet
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103287
Box: 26
Folder: RES 1996
Document: CC RES 96-023 RESOLUTION GRANTING PRELIMINARY
APPROVAL TO THE ISSUANCE OF MULTIFAMILY HOUSING REFUNDING
REVENUE BONDS
• RESOLUTION NO. 9 6-0 2 3
RESOLUTION GRANTING PRELIMINARY APPROVAL TO
THE ISSUANCE OF MULTIFAMILY HOUSING
REFUNDING REVENUE BONDS
BE IT RESOLVED by the City Council of the City of St. Anthony,
Minnesota (the "City"), as follows:
Section 1. Recitals. The City has received a request from St. Anthony
Nursing Home Limited Partnership, a Minnesota Limited partnership (the
"Partnership"), that the City issue revenue bonds under Minnesota Statutes,
Chapter 462C, as amended (the "Act"), to refund the Multifamily Housing Revenue
Bonds (St. Anthony Nursing Home Project), Series 1985 of the City (the "1985
Bonds"), previously issued under the Act, and to pay costs associated with the
issuance of such revenue bonds and refunding of the 1985 Bonds and costs
associated with the development financed by the 1985 Bonds. Proceeds of the 1985
Bonds were loaned by the City to the Partnership to finance the construction and
equipping of Chandler Place, the Partnership's elderly housing development located
at 3701 Chandler Drive in the City ("Chandler Place"). As required by the Act and
Section 147(f) of the Internal Revenue Code of 1986, the Council has this date held a
public hearing on the issuance of the revenue bonds.
• Section 2. Preliminary Approval. (a) On the basis of the information given
the City to date, it appears that it would be desirable for the City to issue its revenue
bonds in an amount not to exceed $7,200,000 under the provisions of the Act, in one
or more series, to refund the 1985 Bonds and pay costs associated with the issuance
of such bonds and refunding of the 1985 Bonds and costs associated with Chandler
Place, and the issuance of such revenue bonds is given preliminary approval by the
City.
(b) Notwithstanding the foregoing, the adoption of this resolution shall not
be deemed to establish a legal obligation on the part of the City to issue or to cause
an issuance of such revenue bonds. All details of such revenue bond issue and the
provisions for payment thereof shall be subject to the mutual agreement of the City,
the Partnership and the purchaser or purchasers of the revenue bonds and such
further conditions as the City may specify, such agreement on the part of the City to
be evidenced by a resolution of this Council authorizing the issuance of the revenue
bonds on the terms and conditions agreed upon and authorizing the execution of
necessary documents. In all events, it is understood that the revenue bonds shall
not constitute a charge, lien or encumbrance, legal or equitable, upon any property
of the City except the revenues pledged to payment of such revenue bonds, and each
bond, when, as and if issued, shall recite in substance that the bond, including
interest thereon, is payable solely from the loan repayments to be made by the
• Partnership and from any property pledged to the payment thereof and shall not
constitute a debt of the City within the meaning of any constitutional or statutory
limitation.
_r.
• Adopted by the City Council of the City of St. Anthony on this 12th day of
March, 1996.
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Mayor
Attest:
City Jerk
Reviewed for administration:
' CVity Manager -
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