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93-055
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93-055
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<br />~ ~ <br /> <br />;,. <br /> <br />Member <br /> <br />T.F1rc:,nn <br /> <br />introduced the following <br /> <br />resolution and moved its adoption: <br /> <br />RESOLUTION NO. 93-055 <br /> <br />RBSOLUTION RBLATING TO MULTIFAMILY HOUSING RBVBHUB REPUHDIHG BONDS <br />(GOLDBH POND HOUSING PROJECT) SERIES 1993; <br />AUTHORIZING THB ISSUAlfCB OP THB BONDS, THB BXECUTIOH OP <br />DOCUXDITS AND OTHER HATTERS RBLATING THBRETO <br /> <br />BB IT RBSOLVED by the city council (the "Council") of the City <br />of New Brighton, Minnesota (the "City"), as follows: <br /> <br />Section 1. Recitals. It is hereby found, determined and <br />declared as follows: <br /> <br />1.01. General Authoritv. The City is authorized by Minnesota <br />statutes, Chapters 462A and 462C (the "Act"), to issue its revenue <br />bonds to finance a program for the purpose of planning, <br />administering, making or purchasing loans with respect to one or <br />more multifamily housing developments within the boundaries of the <br />Ci ty . Under the Act the city may also issue revenue refunding <br />bonds to refund such revenue obligations. Under the Act, the City <br />has previously issued its Multifamily Housing Revenue Bonds, Series <br />1988 (Golden Pond Housing Project) (the "Prior Bonds"), the <br />proceeds of which were loaned to Golden Pond Limited PartnerShip <br />(the "Company") to acquire, construct and equip an 82-unit <br />multifamily rental housing development (the "project") occupied and <br />intended for occupancy in part by persons of low and moderate <br />income. <br /> <br />1.02. ProDosed Financina: Preliminary proceedinas. The City <br />has received a proposal from the Company that the city issue its <br />Multifamily Housing Revenue Refunding Bonds (Golden Pond Housing <br />Project) Series 1993 (the "Bonds") in the principal amount of <br />$3,315,000 under the Act and lend the proceeds thereof to the <br />Company for the purpose of refunding the outstanding principal <br />amount of the prior Bonds. A public hearing on the proposal to <br />refund the Prior Bonds through the issuance of the Bonds was held <br />on April 13, 1993, after not less than 15 days published notice, <br />at which public hearing all those appearing at said hearing who <br />desired to speak were heard and written comments, if any, were <br />considered. <br /> <br />1.03. Documentation. <br />"Documents") relating to <br />prepared and submitted to <br />be filed in the office of <br /> <br />Forms of the fOllowing documents (the <br />the proj ect and the Bonds have been <br />this Council and are hereby directed to <br />the city Clerk - Finance Director: <br /> <br />11041 <br /> <br />2 <br />
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