Res 1998 - 31 Establishing the Date for a Public Hearing on Proposed Amendments to the Financing of a Project (Lexington Heights Apartments Project), Under MN Statutes, Ch. 462C, as Amended & Authorizing Certain other Actions in Connection TherewithCITY OFFMENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 98- 31
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON PROPOSED
AMENDMENTS TO THE FINANCING OF A PROJECT (LEXINGTON HEIGHTS
APARTMENTS PROJECT), UNDER MINNESOTA STATUTES, CHAPTER 462C,
AS AMENDED AND AUTHORIZING CERTAIN
OTHER ACTIONS IN CONNECTION THEREWITH
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 1991 B (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 (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 (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 adoption of new principal
payment schedules for the Bonds; and
WHEREAS, prior to approving the amendments to the Indentures containing
new principal payments schedules for the Bonds, such 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 July 7, 1998, 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. That the borrower agrees to pay all City expenses in connection with
the proposed refinancing.
4. 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.
Adopted by the City Council of the City of Mendota Heights this 2nd day of June,
1998
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By A,.,4 V. ./tj.,-tg
Mayor
ATTEST:
Kathleen M. Swanson
City Clerk