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<br />~, <br /> <br />~ <br /> <br />THE CITY OF NEW BRIGHTON t MINNESOTA <br /> <br />RESOLUTION NO. 94-86 <br />GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF <br />TAX-EXEMPT BONDS AND AUTHORIZING APPLICATION <br />FOR ALLOCATION OF BONDING AUTHORITY <br /> <br />WHEREAS, the City of New Bl'1chton, M1nnesota (the "City") is authorized to <br />issue tax-exempt bonds subject to the annual statewide volume cap on such banda; <br />and <br /> <br />WHEREAS, the City proposes to issue 1ta cenere.l or special obIipUons m an <br />aggrepte principal amount not exceedinc $11,500,000 (the "Bondsft) to finance the <br />acquisition and rehabllitation of a qualified residentJal rental project known as the <br />PolyneliWm Village Apartments (the "Project") located in the City ot New Brichton, <br />MInnesota; <br /> <br />NOW t 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 preUminery intention to wsue its tax- <br />exempt bonds in the qpoepte principal amount not exceedinc $11 ,500,000 to finance <br />the cost of the Project. <br /> <br />2. The City Manager and authorized officers of the City, topther with <br />Holmes It Graven, Chartered, as bond counsel with respect to the Bonda, are hereby <br />authorized to prepare and submit to the State of Minnesota Department of F1nanoe, <br />an AppUeation tor Allocation of Bondinc Authority tOI' Tax Exempt Financinc under <br />Federal Tax Law, in accordance with the provisions of Minnesota Statutes, Chapter <br />474A. <br /> <br />3. That the foreiOine prelimh""ll'Y approval of the issuance of Bonds shall <br />be subject to final determination by the City of terms and conditions and shall not <br />constitute an irrevocable commitment on the part of the City to issue the Bonda. <br /> <br />4. This resolution constitutes a declaration of official intent to reimburse <br />trom bond proceeds for expenditures to be made with respect to the Project from and <br />after the date hereof, and. prior to the date of iasuance of the Bonds. Any such <br />reimbursement shall be made in accordance with the requirements of Section 1.150-2 <br />of the TNUury Regulations. <br /> <br />Adopted by the City Council on th1a 12th day of Jut v <br /> <br />, 1994. <br /> <br />,-.:"_. ~'~ <br /> <br />\ ' '"://" A"--) /' /;7 ,:/1" <br />"-;7(/-dLlj :_-~,~--~-"'-'" <br />Robert 1. Benke:;:-Mayo~ <br /> <br />1a~ ~ 0+<:__, <br /> <br />Matthew S. Fulton. Manager <br /> <br />_A/, ~ <br /> <br />Marg~Finaru:e Director <br />