res_8274 - Laserfiche WebLink

Home

ME546 RESOLUTION NO. 8274 RESOLUTION AUTHORIZING CERTAIN ACTIONS WITH RESPECT TO A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 462C AND RENTAL HOUSING REVENUE BONDS ISSUED TO FINANCE THE PROJECT BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, as follows: 1. The City Council received a proposal from RosePointe Housing Limited Partnership (the "Company") that the City undertake to finance a certain project as herein described pursuant to Minnesota Statutes, Chapter 462C (the "Act") by the issuance by the City of its aggregate principal amount of $17,500,000 Rental Housing Revenue Bonds, Series 1985-A and 1985-B (RosePointe Independent Living Center Project) (the "Bonds") in accordance with a Bond Purchase and Remarketing Agreement dated October 28, 1985 (the "Purchase Agreement") between the City, the Company, and Miller & Schroeder Financial, Inc. (the "Bond Purchaser"). 2. The Project to be financed by the Bonds consists of a 220 dwelling unit multifamily rental housing development and functionally related and subordinate facilities to be constructed in three phases (the -Project"). The Project will be primarily occupied by elderly persons and in part by persons of low income, and will enable the City to provide additional housing opportunities for elderly persons and persons of low income within the City, and will otherwise further the policies and purposes of the Act and the findings made and the resolution adopted by this Council on August 12, 1985. 3. Pursuant to two Loan Agreements dated as of October 1, 1985, between the City and the Company (each, a "Loan Agreement"), the City loaned the proceeds of each series of the Bonds to the Company to finance the costs of each phase of the Project. The payments to be made by the Company under the Loan Agreements are fixed so as to produce revenue sufficient to pay the principal of, premium, if any, and interest on the related series of Bonds when due. The City assigned its rights to such payments and certain other rights under each Loan Agreement to Norwest Bank Minneapolis, National Association (now known as Norwest Bank Minnesota, National Association), in Minneapolis, Minnesota (the "Trustee") as security for the payment of the Bonds pursuant to an Indenture of Trust dated as of October 1, 1985, as supplemented by First Supplemental Indenture of Trust dated as of October 1, 1986 (the "Indenture"). The Company will, pursuant to the Loan Agreements and pursuant to the Declaration of Restrictive Covenants to be entered into by the