93-8072r29
RESOLUTION NO. 8072
RESOLUTION CALLING FOR A PUBLIC HEARING ON
PROPOSED ISSUANCE OF REFUNDING REVENUE BONDS
UNDER MINNESOTA STATUTES, CHAPTER 462C FOR A
MULTI-FAMILY HOUSING DEVELOPMENT
BE IT RESOLVED, by the City Council of the City of
Richfield, Minnesota (the "Issuer"), as follows:
Section 1. Findings and Authorization.
1.1 Pursuant to Minnesota Statutes, Chapter 462C, as
amended (the "Act"), an issuer is authorized to issue refunding
revenue bonds to refund bonds previously issued to finance a
housing program consisting of the acquisition, construction,
rehabilitation, improvement or betterment of multifamily
developments.
1.2 Representatives of Market Plaza Housing Limited
Partnership, a Minnesota limited partnership (the "Owner"), have
requested the Issuer to issue its revenue bonds or notes in order
to refund bonds previously issued to finance Market Towers
Apartments, a 166-unit rental housing project located at 6501
Woodlake Drive.
Section 2. Public Hearing.
2.1 The Issuer will conduct a public hearing on the
proposal to issue refunding revenue bonds on December 13, 1993,
at 7:00 p.m., pursuant to the requirements of Section 147(f) of
the Internal Revenue Code of 1986, as amended. .The City Clerk of
the Issuer is authorized and directed to cause the public notice,
substantially in the form attached hereto as Appendix A, to be
published in a newspaper of general circulation in the City of
Richfield no later than November 29, 1993, and in the official
newspaper of the Issuer.
Adopted: November 22, 1993.
Martin J. r h, Mayor
Attest:
i~~~ P
Thomas P. Ferber, City Clerk
Resolution No. 8072
Page 2
APPENDIX A
NOTICE OF PUBLIC HEARING ON PROPOSED ISSUANCE
OF REFUNDING REVENUE BONDS UNDER MINNESOTA
STATUTES,, CHAPTER 462C FOR A MULTIFAMILY
HOUSING DEVELOPMENT
CITY OF RICHFIELD
NOTICE IS HEREBY GIVEN that the Richfield City Council (the
"Council") will hold a public hearing on Monday December 13, 1993
at 7:00 p.m. at City Hall, 6700 Portland Avenue, Richfield,
Minnesota, to consider the issuance of refunding revenue bonds
under Minnesota Statutes, Chapter 462C, as amended, to refund
bonds previously issued by the City of Richfield to finance a
multifamily housing development known as Market Towers
Apartments, a 166-unit rental housing project located at 65,01
Woodlake Drive. The owner of the project is Market Plaza Housing
Limited Partnership, a Minnesota limited partnership. The
aggregate face amount of revenue bonds proposed to be issued is
presently estimated not to exceed $8,010,000.
The revenue bonds will be issued by the City of Richfield.
The revenue bonds will be limited obligations of the issuer
payable solely from the revenues pledged to the payment thereof,
and will not be a general obligation of, or be secured by the
taxing power of the City of Richfield.
Anyone desiring to be heard during this public hearing will
be afforded an opportunity to do so.
Dated: November 22, 1993
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Thomas P. Ferber, City Clerk