Res 1990 - 09 Giving Preliminary Approval to the Issuance of Revenue Refunding Bonds by MHTHE CITY OF MENDOTA HEIGHTS, MINNESOTA
RESOLUTION NO. 90-09
GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF
REVENUE REFUNDING BONDS BY
THE CITY OF MENDOTA HEIGHTS, MINNESOTA
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, the City of
Mendota Heights, Minnesota (the "City") proposes to issue up to $11,000,000 of
revenue refunding bonds in one or more series (the "Bonds") for the purpose of
refunding the outstanding principal amount of the City's Housing Mortgage
Revenue Bonds (Lexington Heights Apartments Project), dated as of December 1,
1983 (the "1983 Bonds"), which 1983 Bonds were issued to finance the construction
of the. 225-unit multifamily rental housing development located at 2300 South
Lexington, in the City (the "Project") owned and operated by T�exington Heights
Associates Limited Partnership (the "Company"); and
WHEREAS, the City has on this date conducted a public hearing as required
under Section 147(f) of the Internal Revenue Code of 1986, as amended, regarding
the issuance of the Bonds for which notice was published in a newspaper of general
circulation in the City on or before February 20, 1990.
NOW, THEREFORE, BE IT RESOLVED by tl�e City Council of the City of
Mendota Heights, Minnesota:
1. The issuance of the Bonds for such purposes and in an amount not to
exeeed $11,000,000 is preliminarily approved, subject to the mutual agreement of
this body, the Company and the initial purchaser of the Bonds as to the details of
the Bonds and provisions for their payment. In all events, it is understood,
however, that the Bonds of the City shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the City except the Project,
and the Bonds, when, as, and if issued, shall recite in substance that the Bonds,
including interest thereon, are payable solely from the revenues received from the
Project and property pledged to the payment thereof, and shall not consitute a debt
of the City.
2. The adoption of this preliminary resolution does not constitute a
guarantee or firm commitment that the City will issue the Bonds as requested by
the Company. The City retains the right in its sole discretion to withdraw from
participation and aceordingly not to issue the Bonds, or issue the Bonds in an
amount less than $11,000,000, should the parties to the transaction be unable to
reach agreement as to the terms and conditions of any of the documents required
for the transaction.
Adopted this 6th day of Mareh, 1990.
ATTEST:
�
�-r-� �`°_ i����l.��