Res 1997-46 00 0 es
RESOLUTION NO. 46 - 1997
RESOLUTION CALLING FOR A PUBLIC HEARING ON A
PROPOSAL FOR A HOUSING FINANCE PROGRAM AND
THE ISSUANCE OF REVENUE BONDS TO FINANCE AN
ELDERLY HOUSING DEVELOPMENT (NOAH'S ARK OF
FRIDLEY PROJECT) PURSUANT TO MINNESOTA LAW,
AND AUTHORIZING THE PUBLICATION OF A NOTICE
OF THE HEARING
WHEREAS, Minnesota Statutes, Chapter 462C (the "Act") , confers upon
cities, the power to issue revenue bonds to finance multifamily
housing developments within the boundaries of the City; and
WHEREAS, the City Council of the City of Fridley, Minnesota (the
"City") , has received from Noah' s Ark Senior Housing, Inc. (the
"Developer") , a proposal that the City undertake a program to assist
in financing a Project hereinafter described, through the issuance of
revenue bonds or obligations (in one or more series) (the "Bonds")
pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the
Developer it is necessary for the City to hold a public hearing on the
housing finance program and proposal pursuant to the Act:
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Fridley, Minnesota, as follows:
1 . A public hearing on the housing finance program and proposal of the
Developer will be held at the time and place set forth in the
Notice of Public Hearing hereto attached.
2 . The housing finance program and general nature of the proposal and
an estimate of the principal amount of Bonds to be issued to
finance the proposal are described in the attached form of Notice
of Public Hearing.
3 . A draft copy of the housing finance program with proposed forms of
all attachments and exhibits is on file in the office of the
Manager.
4 . The Manager is hereby authorized and directed to cause notice of
the hearing to be given one publication in the official newspaper
of the City and also in a newspaper of general circulation
available in the City, not less than 15 days nor more than 30 days
prior to the date fixed for the hearing, substantially in the form
of the attached Notice of Public Hearing.
oeo 27
Page 2 -- Resolution No. 46 - 1997
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 9TH
DAY OF JUNE, 1997.
N N Y JtJ+',R .� N I - MAYOR
ATTEST:
LULa 0. CL
WILLIAM A. CHAMPA - CITY CLERK