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88-068
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88-068
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8/8/2005 1:33:09 PM
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8/8/2005 11:25:13 AM
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<br />,~ <br /> <br />F <br />i. <br /> <br />,.! <br /> <br />RESOLUTION NO. 88-68 <br />RESOLUTION AUTHORIZING A PROJECT UNDER <br />MINNESOTA STATUTES, CHAPTER 462C <br />AND AUTHORIZING THE ISSUANCE OF MULTIFAMILY <br />HOUSING REVENUE BONDS <br />TO FINANCE THE PROJECT <br />(GOLDEN POND HOUSING PROJECT) <br /> <br />BE IT RESOLVED by the Council of the City of New <br /> <br />Brighton, Minnesota, as follows: <br /> <br />1. The Council has previously received a proposal <br /> <br />from Golden Pond Limited Partnership, a Minnesota limited <br /> <br />partnership (the "Company") that the City of New Brighton (the <br /> <br />"City") undertake a multifamily housing development program to <br /> <br />finance in part a certain rental project as herein described, <br /> <br />pursuant to Minnesota Statutes, Chapter 462C (the "Act"), <br /> <br />through the issuance by the City of its $3,430,000 Multifamily <br /> <br />Housing Revenue Bonds, Series 1988 (Golden Pond Housing <br /> <br />Project) (the "Bonds"), and in accordance with a Bond Purchase <br /> <br />Agreement (the "Bond Purchase Agreement") between the City, <br /> <br />the Company and Piper, Jaffray & Hopwood Incorporated (the <br /> <br />"Bond Purchaser"). <br /> <br />2. The Company desires to construct and equip on <br /> <br />certain real estate to be owned by it and located in the City <br /> <br />an 82-unit multifamily housing rental facility (hereinafter <br /> <br />referred to as the "Project"). The Project will provide <br />
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