96-8353r
28
CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 8353
RESOLUTION CALLING PUBLIC HEARING ON REFINANCING
OF MARKET PLAZA HOUSING PROJECT
WHEREAS, the City has previously issued its Multifamily Housing Revenue
Bonds, Series 1985 (Market Plaza Housing Project) (the" 1985 Bonds"), and loaned the
proceeds of the 1985 Bonds to Market Plaza Housing Limited Partnership, a Minnesota
Limited Partnership (the "Company") to finance the acquisition, construction and
equipping of a multifamily housing project now known as Village Shores (the "Project")
in the City; and
WHEREAS, the Company proposes to refinance the Project through the
issuance by the City of a series of multifamily housing revenue refunding bonds in the
principal amount of $8,010,000, the proceeds of which will be used to redeem the 1985
Bonds prior to maturity; and
WHEREAS, the City has been advised that a public hearing will be required in
connection with the issuance of the refunding bonds;
NOW, THEREFORE, BE IT RESOLVED that this Council will conduct a public
hearing on the proposal to issue refunding bonds to refinance the Project. The hearing
will be conducted on Monday, June 24, 1996 at 7:00 p.m. The City Manager is
authorized to cause notice of the hearing to be published as recommended by Kennedy
& Graven, Chartered, as bond counsel.
Adopted by the City Council of the City of Richfield, Minnesota this 28th day of
May, 1996.
ATTEST:
~l6 /?~~
Thomas P. Ferber, City Clerk