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<br />The City Council of the City of Roseville, Minnesota met in regular, open, <br /> <br />public session at the City Hall on September 22, 1997, at 6:30 P.M., with the following <br /> <br />members present: Mr:!!':C"hkr:!r Mast-el. vliski. Goedeke. and WalL <br /> <br />and the following members absent: <br /> <br />None. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />(Other Business) <br /> <br />The following resolution was introduced: <br /> <br />RESOLUTION NO. 9463 <br /> <br />A RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE <br />RATE DEMAND MULTIFAMILY HOUSING REFUNDING REVENUE BONDS <br />(ROSEPOINTE II PROJECT), SERIES 1997, OF THE CITY FOR THE PURPOSE OF <br />REFUNDING CERTAIN OUTSTANDING REVENUE BONDS OF THE CITY, <br />AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS <br /> <br />BE IT RESOLVED by the City Council of the City of Roseville, <br />Minnesota as follows: <br /> <br />Section 1. Authorization and Recitals. <br /> <br />1.01. General Authority. Pursuant to the provisions of Minnesota <br />Statutes, Chapters 462A and 462C, the City has previously issued its Multifamily <br />Housing Revenue Bonds (RosePointe Project), Series 1985-B (the "Prior Bonds") to <br />finance the acquisition, renovation and construction of an approximately 42 unit <br />elderly housing project located at 2545 Hamline Avenue North in the City (the <br />"Project") by RosePointe Housing Limited Partnership, a Minnesota limited <br />partnership (the "Partnership"). The Prior Bonds are presently outstanding in the <br />principal amount of $1,650,000 (assuming normal principal retirement of $30,000 on <br />October I, 1997). The Partnership has requested that the City authorize the issuance <br />of Variable Rate Demand Multifamily Housing Refunding Revenue Bonds <br />(RosePointe II Project), Series 1997 (the "1997 Bonds"), in a principal amount not to <br />be exceed $1,550,000, the proceeds to be used, along with funds presently held by the <br />trustee for the Prior Bonds, to refund and retire the Prior Bonds on October I, 1997, <br />thereby achieving interest rate savings and reducing the payments required to be <br />made by the Partnership to the City to retire the Project debt. A public hearing on <br />the issuance of the 1997 Bonds has been held this date in accordance with the <br />