Res 2003- 34 Establishing Date for Public HearingCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 03-34
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J VAof
WHEREAS, pursuant to and in accordance with the provisions of Minnesota Statutes,
Chapter 462C, as amended (the "Act"), by appropriate action duly taken by the governing body of the
City of Mendota Heights, Minnesota (the "City) in furtherance of the purposes of the Act, the City is
authorized to issue revenue bonds to finance the acquisition, construction, improving and equipping
of certain facilities located within the corporate boundaries of the City; and
WHEREAS, the City has previously issued its Housing Mortgage Revenue Bonds (Lexington
Heights Apartments Project) Series 1983 (the "Prior Bonds"); and
-� WHEREAS, the City loaned the proceeds of the Prior Bonds to Lexington Heights Associates
Limited Partnership, a Minnesota limited partnership (the "Company"), for the purpose of acquiring,
construction and equipping of a 225 -unit multifamily housing development located within the
corporate boundaries of the City (the "Project"); and
WHEREAS, the City has previously issued its $9,100,000 Multifamily Housing Revenue
Refunding Bonds (Lexington Heights Apartments Project) Series 1991A (the "Series A Bonds") and
its $1,870,000 Multifamily Housing Revenue Refunding Bonds (Lexington Heights Apartments
Project) Series 1991B (the "Series B Bonds") (the Series A Bonds and the Series B Bonds
collectively referred to as, the 'Bonds"), the proceeds of which were used to provide for the funding
of a loan (the "Loan") to the Company for the purpose of refunding the Prior Bonds; and
WHEREAS, the Series A Bonds were issued under a Trust Indenture, dated as of April 1,
1991, as amended by a First Supplemental Indenture of Trust, dated as of October 1, 1996, and a
Second Supplemental Indenture of Trust, dated as of October 1, 1998 (the "Series A Indenture") and
the Series B Bonds were issued under a Trust Indenture, dated as of April 1, 1991, as amended by a
First Supplemental Indenture of Trust, dated as of October 1, 1996, and a Second Supplemental
Indenture of Trust, dated as of October 1, 1998 (the "Series B Indenture") (the Series A Indenture
and the Series B Indenture collectively referred to as the "Indentures"); and
WHEREAS, Riley Family Lexington Heights Limited Partnership, as successor to the
Company, desires to restructure the financing on the Bonds by certain amendments to be made to the
Indentures, including the restructuring of payments of principal on and extending maturity dates for
the Bonds; and
WHEREAS, prior to approving the proposed amendments to the Indentures, such proposed
amendments must be considered at a public hearing after notice, published at least 15 days before the
hearing, in a newspaper circulating generally within the City; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota
Heights, Minnesota;
1. That the City Council of the City will conduct a public hearing on the proposal to
amend the Indentures to provide new principal payment schedules for the Bonds on June 17, 2003, at
approximately 7:30 P.M.
2. That the City Clerk will cause a public notice to be published once in a newspaper
circulating generally with the boundaries of the City not less than fifteen (15) days prior to the date
established for the public hearing by the preceding paragraph of this Resolution.
3. The Mayor and City Administrator are hereby authorized and directed to take all steps
necessary and desirable to proceed with the amendments to the Indentures.
ATTEST: '# "�
City Clerk
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