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Last modified
7/17/2007 8:35:40 AM
Creation date
12/2/2004 8:25:50 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8959
Resolution Title
Authorizing the issuance of $23,000,000 of Housing Revenue Bonds to finance College Properties, Inc., senior housing project
Resolution Date Passed
7/26/1993
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<br />Bonds. The Bonds shall recite in substance that Bonds, including <br />the interest thereon, are payable solely from the revenue and <br />proceeds pledged to the payment thereof. The Bonds shall not <br />constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation. <br /> <br />9. In anticipation of the approval by all necessary <br />entities of the housing program and the issuance of the Bonds to <br />finance all or a portion of the Project, and in order that <br />completion of the project will not be unduly delayed when <br />approved, the Developer is hereby authorized to make such <br />expenditures and advances toward payment of that portion of the <br />costs of the Project to be financed from the proceeds of the <br />Bonds, as the Developer considers necessary, including the use of <br />interim, short-term financing, subject to reimbursement from the <br />proceeds of the Bonds if any when delivered but otherwise without <br />liability on the part of the city. <br /> <br />Adopted by the City council of the City of Roseville, <br />Minnesota this 26th day of July, 1993. <br /> <br />244231 <br /> <br />5 <br />
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