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<br />WHEREAS, the Borrower has requested the City to issue its Multifamily <br /> <br />Housing Refunding Revenue Bonds (Rosepointe II Project), Series 1997, in a <br /> <br />principal amount not to exceed $1,550,000 (the "Refunding Bonds") to refund the <br /> <br />outstanding Bonds as of October 1, 1997, thereby achieving a lower rate of interest <br /> <br />and an extension of the bond maturity; and <br /> <br />WHEREAS, the City is authorized and empowered by the provisions of <br /> <br />Chapter 462C, Minnesota Statutes, as supplemented and amended (the "Act"), to <br /> <br />issue its Refunding Bonds to refund the outstanding 1985 Bonds; and <br /> <br />WHEREAS, Section 1313(a) of the Tax Reform Act of 1986 and Section 147(f) <br /> <br />of the Internal Revenue Code of 1986, and the regulations promulgated thereunder, <br /> <br />require that a public hearing on the proposal to issue the Refunding Bonds be <br /> <br />conducted and that notice shall be published in a newspaper of general circulation <br /> <br />in the City at least once not less than 14 days prior to the date fixed for the public <br /> <br />hearing; <br /> <br />NOW, THEREFORE, Be It Resolved by the City Council of the City of <br /> <br />Roseville, Minnesota, that the City Council shall conduct a public hearing on the <br /> <br />proposal to issue the Refunding Bonds on September 22, 1997, at 6:30 p.m. at the City <br /> <br />Hall. Notice of hearing shall be published in the official newspaper substantially in <br /> <br />the form attached hereto as Exhibit A. <br /> <br />Adopted August 25, 1997. <br /> <br /> <br />ATT~ <br /> <br />City Mahager <br />