94-8213r75
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 8213
GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF TAX-EXEMPT BONDS
AND AUTHORIZING APPLICATION FOR ALLOCATION OF BONDING AUTHORITY
WHEREAS, the City of Richfield, Minnesota (the "City") is
authorized to issue tax-exempt bonds subject to the annual
statewide volume cap on such bonds; and
WHEREAS, the City proposes to issue its general or special
obligations in an aggregate principal amount not exceeding
$21,000,000 (the "Bonds") to finance the acquisition and
rehabilitation of a qualified residential rental project known as
the Century Court Apartments (the "Project") located in the City
of Richfield, Minnesota;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF RICHFIELD THAT:
1. The City Council hereby states its preliminary intention
to issue its tax exempt bonds in the aggregate principal amount
not exceeding $21,000,000 to finance the cost of the Project.
2. The City Manger and authorized officers of the City,
together with Holmes & Graven, Chartered, as bond counsel with
respect to the Bonds, are hereby authorized to prepare and submit
to the State of Minnesota Department of Finance, one or more
Applications for Allocation of Bonding Authority for Tax Exempt
Financing under Federal Tax Law for the Project, in accordance
with the provisions of Minnesota Statutes, Chapter 474A in an
aggregate principal amount of $21,000,000.
3. That the foregoing preliminary approval of the issuance
of Bonds shall be subject to final determination by the City of
terms and conditions and shall not constitute an irrevocable
commitment on the part of the City to issue the Bonds.
4. This resolution constitutes a declaration of official
intent to reimburse from bond proceeds for expenditures to be
made with respect to the Project from and after the date hereof,
and prior to the date of issuance of the Bonds. Any such
reimbursement shall be made in accordance with the requirements
of Section 1.150-2 of the Treasury Regulations.
Adopted by the City Council on this 29th day of ecember,
1994.
i~
Martin J K' sch, Mayor
ATTEST:
~C
T omas P. Ferber, City Clerk