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<br />i <br /> <br />:'! <br /> <br />THE CITY OF NEW BRIGHTON, MINNESOTA <br /> <br />RESOLUTION NO. ..2.!=.J.41 <br /> <br />GIVING PRELThfiNARY APPROVAL TO THE ISSUANCE OF <br />TAX-EXEMPT BONDS AND AUTHORIZING APPLICATION <br />FOR ALLOCATION OF BONDING AUTHORITY <br /> <br />WHEllEAS, the City at New Brighton, Minnesota (the "City") is authorized to <br />issue tax-exempt bonds subject to the annual statewide volume cap on such bonds; <br />and <br /> <br />WHEREAS, the City has issued its $11,500,000 Rental Housing Revenue Bonds, <br />Series 1994 (Polynesian Village Apartments Project) to finance the acquisition and <br />rehabilitation of a. qualified residential rental project known as the Polynesian Villa.ge <br />Apartments (the "Project") located in the City; a.nd <br /> <br />WHEREAS, the City has been requested to issue additiotlSl special obligation <br />bonds in an aggregate principal amount not exceeding $4,500,000 (the "Bonds") to <br />finance the additional ri:lhabllit&tion expenditures at the Project, and other related <br />costs; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF NEW.BRIGHTON THAT: <br /> <br />1. The City Council hereby states its pre1imi,.,.."'Y intention to issue its taX- <br />exempt bonds in the a.ggrega te principal amount not excee~ $4, S 00 , 000 to finatlce <br />the cost of t.he Project. ,/ <br /> <br />2. The City Manager and authorized officers of tbe City, together with <br />HolmeD & Graven, Chartered, as bond counsel with respect to the Bonds, are hereby <br />authorized to prepare and submit to the State of Minnesota Department of Finance, <br />an Application for Allocation of Bondiug Authority for Tax Exempt Financing under <br />Federal Tax Law, in accordance with the provisions of Minnesota Statutes, Chapter <br />474A. <br /> <br />Attest: <br /> <br />\\.", -t ct cv\' I <br />\ <br /> <br />~~~lton, City Mgr. <br /> <br />~ <br />n:,U.llt <br />