Res 1990 - 65 Authorizing Issuance, Sale & Delivery of the Issuer's Multifamily Housing Refunding Revenue Bonds.�
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RESOLUTION
of the
CITY OF MENDOTA HEIGHTS
RESOLUTION NO. 90-.65
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA (THE "ISSUER")
AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF
THE ISSUER'S MULTIFAMILY HOUSING REFUNDING
REVENUE BONDS (LEXINGTON HEIGHTS APARTMENTS
PROJECT) SERIES 1990B (THE "BONDS"), WHICH BONDS AND
THE INTEREST AND ANY PREMIUM THEftEON SHALL BE
PAYABLE SOLELY � FROM REVENUES PLEDGED THERETO;
APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST,
A LOAN AGREEMENT, AN AMENDED AND RESTATED
REGULATORY AGREEMENT AND A BOND PURCHASE
AGREEMENT; APPROVING THE USE OF AN OFFICIAL
STATEMENT; APPROVING THE FORM OF � AND
AUTHORIZING THE EXECUTION AND DELIVERY OF THE
BONDS; AND PROVIDING FOft THE SECURITY, RIGHTS AND
REMEDIES OF THE OWNERS OF SAID BONDS
WHEREAS, the City of Mendota Heights, Minnesota (the "Issuer") is a municipal
corporation and political subdivision of the State of Minnesota; and
WHEREAS, pursuant to the Constitution and laws of the State of Minnesota,
particularly Minnesota Statutes, Chapter 462C, as amended (the "Act"), the Issuer is
authorized to carry out the public purposes described therein and contemplated
thereby by issuing its revenue bonds to finance the cost of the acquisition,
construction, improving and equipping of multifamily housing developments to be
located within its corporate boundaries; and
WHEREAS, the Issuer has previously issued its $11,000,000 Housing Mortgage
Revenue Bonds (Lexington Heights Apartments Project) dated December 1, 1983 (the
"Prior Bonds"); and '
WHEREAS, thE
Heights Associates
"Compar�y") � for the
multifamily housing
"Project"); and •
� Issuer loaned the proceeds of the Prior Bonds to Lexington
Limited Partnership, a Minnesota limited partnership (the
purpose of acquiring, constructing and equipping a 225-unit
development within the corporate boundaries of the Issuer (the
` WHEREAS, the Company has requested the Issuer to issue .its Multifamily
Housing Refunding Revenue Bonds (Lexington Heights Apartments Project) Series
1990B in an aggregate principal amount of not to exceed $2,500,000 (the "Bonds") to
provide for the funding of a loan (the_"Loan") to the Company for the purpose of
refunding of the Prior Bonds on or about December 1, 1990; and -