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REQUEST FOR COUNCIL ACTION Date+ 08124/98 <br /> Item To.: H-1 <br /> Depart ment Approval- Manager reviewed Agenda Section <br /> Hearings <br /> Item Descripflon: Hearing for the Refunding of Outstanding Revenue Bonds- <br /> Background <br /> i issued housing revenue bonds Series 19$5-A for Rosepointe senior citizen housing <br /> In I�� ,the g <br /> project at <br /> 545 Harrdine Aire in the amount of 14,400,000. There are currently $13,785,000 of <br /> those bonds outstanding. <br /> interest rates <br /> are such that Rose ointe would like to refund the Series 1985-A by issuing refunding <br /> bonds in the amount of 13,785,000. <br /> Financial <br /> issuance and obligation to ay the bonds rest with l oseposnte. The City incurs too <br /> All costs of ss g p <br /> ` n the City will receive a 1% fee to compensate it for the legal and administrative <br /> l�abd�t�. In addition <br /> costs incurred in this issuance. <br /> Staff Recommendation <br /> The request and documents have been reviewed by Mary Ippel, the City's bond counsel (See <br /> e nclosed letter) and star is recommending Council approval. <br /> Motion to approve the attached resolution approving the issuance of refunding bonds by the City of <br /> Roseville for (Rosepointe ) <br /> osepointe Housing Limited Partnership.. <br /> I Proj�ect <br />