HomeMy WebLinkAbout95- 148 - ADMIN Resolution - City Council - 1995/10/16Bo
RESOLUTION NO. 95.,_148
RESOLUTION RELATING TO THE ISSUANCE OF
REVENUE REFUNDING BONDS, CALLING A PUBLIC HEARING
AND AUTHORIZING AN AGREEMENT AS TO INDEMNITY
AND PAYMENT OF EXPENSES IN CONNECTION THEREWITH
BE IT RESOLVED by the City Council (the "City Council") of the City of St. Louis
Park, Minnesota (the "City"), as follows:
Section 1. Recitals: Findings.
1.01. Minnesota Statutes, Chapter 462C, Chapter 462A and Chapter 475, as amended
(the "Act"), authorize the City to issue revenue bonds to finance programs or developments
'described in any housing plan, upon approval of the program as provided in the Act,
including one or more rental housing developments within its boundaries and to refund any
bonds then outstanding including the payment of any redemption premiums thereon and any
interest accrued or to accrue to the redemption date next succeeding the date of delivery of
the refunding bonds.
1.02. The Home Rule Charter of the City authorizes the issuance of bonds "for any
public purpose not prohibited by law".
1.03. On December 18, 1985, the City issued its $17,000,000 aggregate principal
amount Multifamily Housing Revenue Bonds, Series 1985 (Park Boulevard Towers Project),
pursuant to the Act (the "Series 1985 Bonds"), to finance the acquisition, construction and
equipping of a 207 unit, 13 story elderly apartment complex located in the City at 3663 Park
Center Boulevard, St. Louis Park, Minnesota, 55416, on a 3.1 acre site (the "Project") by Park
Boulevard Housing Limited Partnership (the "Borrower"), a Minnesota limited partnership.
Series 1985 Bonds in the aggregate principal amount of $17,000,000 were remarketed in
April 1987 by a Remarketing Offering Memorandum dated November 24, 1986.
1.04. The Council has received a proposal from the Borrower that the City issue its
rental revenue refunding bonds (the "Bonds") in one or more series in an aggregate principal
amount of approximately $17,000,000 to refund all of the outstanding principal amount of the
Series 1985 Bonds. ,
BOND/22097197 3857-383
10/9/95
1.05. The City hereby finds and determines the issuance of the Bonds is authorized
under the Act and the City's Home Rule Charter and constitutes a public purpose under the
City's Home Rule Charter for which bonds can be issued.
1.06. Section 147(f)(2)(D) of the Internal Revenue Code of 1986, as amended (the
"Code"), and Section 1313(b)(3)(A) of the Tax Reform Act of 1986 require a public hearing
following reasonable public notice prior to the approval of the Bonds by the Council.
1.07. The Borrower has presented to the City a form of public notice, attached hereto
as Exhibit A, with a request that the City Council establish a date for a public hearing and
authorize publication of the form of public notice provided by the Borrower.
1.08. The City hereby finds and determines that prior to holding a public hearing on
the proposed issuance of the Bonds, the City requires the Borrower to authorize, execute and
deliver to the City an Agreement as to Indemnity and Payment of Fees and Expenses (the
"Agreement"), substantially in the form attached hereto as Exhibit B and in form and
substance acceptable to the Mayor, City Manager and City Clerk herein authorized to execute
the Agreement on behalf of the City.
Section 2. Public Hearing.
2.01 The City will conduct, and there is hereby called, a public hearing on the
proposal of the Borrower that the City issue the Bonds on Monday, the 6th day of November,
1995 at 7:30 o'clock p.m.
2.02 The prior publication by the City Clerk of the City of a public notice,
substantially in the form of the notice attached hereto as Exhibit A, in the official newspaper
of the City is hereby authorized, ratified and confirmed.
2.03 The holding of the public hearing as set forth herein is subject to the Borrower
authorizing, executing and delivering to the City the Agreement.
Section 3. Agreement Authorized.
3.01 The Mayor, the City Manager and the City Clerk are hereby authorized to
execute the Agreement in substantially the form attached hereto as Exhibit B with such
changes or amendments as such officers deem appropriate. In the absence of the Mayor, the
Acting Mayor or, in the absence of the Acting Mayor, any member of the Council, is
authorized to execute the Agreement. In the absence of the City Manager or the City Clerk,
any person authorized to act as City Manager or City Clerk, as the case may be, is authorized
to execute the Agreement. ,
Section 4. Effective Date.
130ND22097197 3857-383 10/9/95
Aig . 4s-1 4/461
4.01 This resolution shall become effective immediately upon its passage and without
publication.
Adopted this 16th day of October, 1995.
ATTEST:
QC
City Clerk
Reviewed for administration:
BOND/22097197 3857-383
Approved as to form and execution:
ty Attorney
3 10/9/95