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2020_0518_CCPacket
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2020_0518_CCPacket
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Roseville City Council
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Council Agenda/Packets
Meeting Date
5/18/2020
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Attachment A <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ROSEVILLE, MINNESOTA <br />***************************** <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Minnesota, was duly held on the 18th day of May, 2020, at 6:00 <br />p.m. <br />The following members were present: <br />and the following were absent: <br />Member __________ introduced the following resolution and moved its adoption: <br />RESOLUTION NO. _____ <br />APPROVING ISSUANCE AND SALE OF <br />MULTIFAMILY HOUSING REVENUE REFUNDING NOTE <br />(TWIN LAKES FAMILY APARTMENTS PROJECT), SERIES 2020 <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C <br />WHEREAS, <br />A. The City of Roseville, Minnesota (the "Governmental Lender") is <br />authorized pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act"), to <br />finance or refinance the making or purchasing of loans with respect to multifamily housing <br />developments within the boundaries of the City of Roseville, Minnesota (the "City") <br />through the issuance of revenue obligations; <br />B. Pursuant to the Act, the full faith and credit of the Governmental Lender <br />will not be pledged to the payment of the principal of, premium, if any, and interest on the <br />Note (as defined below); <br />C. The Governmental Lender has received a proposal from Roseville Leased <br />Housing Associates I, LLLP, a Minnesota limited liability limited partnership (the <br />"Borrower"), that the Governmental Lender issue its revenue obligations (i) to refund and <br />redeem the outstanding principal balance of its $4,346,852 Multifamily Housing Revenue <br />Note (Twin Lakes Family Apartments Project), Series 2019 (the "Prior Note") which was <br />used to provide short-term financing for the acquisition, construction, and equipping of an <br />approximately 228-unit multifamily housing facility and related facilities located at 1717 <br />and 1743 County Road C West in the City of Roseville, Minnesota (the "City") (the <br />"Project"), and (ii) to finance, in part, the remaining costs of acquiring, constructing, and <br />equipping of the Project; <br /> <br />12503154v5 <br /> <br />
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