Res 1990 - 07 Establishing a Date for a Public HearingTHB CITY OF MBNDOTA HEIGHTS, MINNESOTA
RESOLUTION NO. 90-07
ESTABLISHING A DATE FOft A PUBLIC HEARING
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C (the "Aet"), the
City of Mendota Heights, Minnesota proposes to issue up to $11,000,000 of housing
mortgage revenue refunding bonds (the "Bonds"); and
WHER.EAS, under Section 147(f) of the Internal Revenue Code of 1986, as
amended, a public hearing regarding the issuance of the Bonds is required to be
held following publication of notice thereof in a newspaper of general circulation in
the City of Mendota Heights.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Mendota Heights, Minnesota:
1. A public hearing will be held by the City Council on Mareh 6, 1990 at
7:30 p.m. regarding the issuance of the Bonds
2. The City Administrator or his designee is hereby authorized and
direeted to cause notice of such public hearing in substantially the form attached
hereto to be published in a newspaper of general circulation in the City of Mendota
Heights. .
Adopted this 6th day of February, 1990.
ATTEST:
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PIIBLIC HEARING NOTICB
NOTICE OF PUBLIC HEARING ON THE ISSUANCE
OF HOUSING MORTGAGE REVENUE ftEFUNDING
BONDS BY THE CITY OF MENDOTA HEIGHTS,
MINNESOTA.
NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the
City Council of the City of Mendota Heights (the "City"), �Vlinnesota on the
proposed issuance by the City of �l�iendota Heights of refunding bonds pursuant to
Minnesota Statutes Sections 462C, for the purpose of refinancing a 225 unit
multifamily rental housing development located at 2300 South Lexington, Mendota
Height (the "Projeet") owned and operated by Lexington Heights Associates
Limited Partnership (the '�Company").
The hearing will be held at the City Hall, 1101 Victoria Curve, Mendota
Heights, Minnesota on Tuesday, March 6, 1990, at 7:30 o'clock P.M. It is proposed
that $11,000,000 in principal amount of tax-exempt housing mortgage revenue
refunding bonds (the "Bonds") of the City will be issued to prepay and redeem the
outstanding principal balance of the City's $11,000,000 Housing ;Viortgage Revenue
Bonds (Lexington Heights Apartments Project), dated as of December 1, 1983,
originally issued to finance the construction of the Project. At said time and place
the City Council of the City of Mendota Heights shall give all parties who appear
an opportunity to express their views with respect to the proposal to undertake and
finance the Project.
The Bonds shall be limited obligations of the City and the Bonds and interest
thereon shall be payable solely from the revenues pledged to the payrnent thereof,
except that such Bonds may be secured by a mortgage or other encumbrance on the
Project. No holder of any such Bond shall ever have the right to compel the
exercise of any taxing Qower of the City to pay the Bonds, or the interest thereon,
nor to enforce payment against any property of the City except the Project.
City Clerk