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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE * * * * * * * * * * * Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 27th day of July, 1998, at 6:30 p.m. The following members were present: Maschka, Mastel, Goedeke, Wiski, and Wall, and the following were absent: None. Member Maschka introduced the following resolution and moved its adoption: RESOLUTION NO. 9564 RESOLUTION AUTHORIZING A PUBLIC HEARING IN CONNECTION WITH THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (ROSEPOINTE I PROJECT) WHEREAS, the City of Roseville, Minnesota (the "City") has heretofore issued its Rental Housing Revenue Bonds (RosePointe I Project), Series 1985-A, in the aggregate principal amount of $14,400,000 as amended as of March 20, 1990 (the "Series 1985 Bonds"), of which $13,785,000 in principal amount are outstanding; and WHEREAS, the Series 1985 Bonds were issued for the purpose of making a loan to RosePointe Housing Limited Partnership, a Minnesota limited partnership (the "Borrower"), to finance the acquisition, construction, improvement, and equipping of a 148 unit elderly rental housing facility in the City; and WHEREAS, the Borrower has requested the City to issue its Multifamily Housing Revenue Refunding Bonds (RosePointe I Project), in one or more series, in an aggregate principal amount not to exceed $13,785,000 (the "Refunding Bonds"), to provide funds to be used, with other available funds to refund the outstanding Series 1985 Bonds, thereby achieving a lower rate of interest and an extension of the maturity of the Series 1985 Bonds; and WHEREAS, the City is authorized and empowered by the provisions of Minnesota Statutes Chapter 462C, as amended (the "Act"), to issue its Refunding Bonds to refund the outstanding Series 1985 Bonds; and WHEREAS, Section 1313(a) of the Tax Reform Act of 1986 and Section 147(f) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, require that a public hearing on the proposal to issue the Refunding Bonds be conducted and that notice shall be published in a newspaper of general circulation in the City at least once not less than 14 days prior to the date fixed for the public hearing;