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REQUEST FOR COUNCIL ACTION Bate+ 07/27/98 <br /> Item No.: C--1 <br /> Department Approval: Manager Reviewed Agenda Section <br /> Consent <br /> Item Description: Establishing a Hearing for Refunding of Outstanding Revenue Bonds <br /> Rosepointe Pro j ect Series 1 985-A <br /> Background <br /> In 1 985} the City issued housing revenue bonds Series 1985-A for Rosepointe senior citizen housing <br /> project at 2545 Hamline Ave in the amount of 14,400,000. There are currently $13,785,000 of <br /> those bonds outstanding. <br /> Interest rates are such that Rosepointe would like to refund the Series 1985-A by issuing refunding <br /> bonds in the amount of 13,785,000. The attached resolution is to set a public hearing for the <br /> refunding for August 24, 1 998. <br /> Financial <br /> All costs of issuance and obligation to pay the bonds rest with Rosepointe. The City incurs no <br /> liability. In addition the City will receive a 1% fee to compensate it for the legal and administrative <br /> costs incurred in this issuance. <br /> Staff Recommendation <br /> The request has been reviewed by Mary Ippel, the City's bond counsel on this issue and staff is <br /> recommending Council approval, <br /> Council Action <br /> Motion approving the resolution setting the date of a pudic hearing on August 24, 1998 for the <br /> issuance and sale of Housing Refunding Revenue Bonds(Rosepointe I Project) Rosepointe Dousing <br /> Limited Partnership. <br />