City Council Resolution 1995-01RESOLUTION NO. 95-1
RESOLUTION CALLING A PUBLIC HEARING REGARDING
A PROPOSED HOUSING PLAN AND PROGRAM AND ISSUANCE OF
REVENUE BONDS UNDER MINNESOTA STATUTES, CHAPTER 462C
BE IT RESOLVED by the City Council of the City of Monticello, Minnesota (the
"City") as follows:
Section 1. Recitals.
1.01. Minnesota Statutes, Chapter 462C (the "Act") authorizes the City to
issue revenue bonds to finance the acquisition and construction of multifamily
housing developments.
1.02 . Section 462C . 01 of the Act requires that in order carry out a Project,
the City must develop a housing plan ( "Plan") and a housing program ("Program")
and hold a public hearing thereon.
1.03. Monticello Senior Housing Alliance, Inc., a Minnesota nonprofit
corporation ("Senior Alliance") has proposed that the City issue bonds in the
approximate principal amount not to exceed $3,500,000 (the "Bonds") to finance a
proposed Program under the Act. The proposed Program consists of a 48 -unit
multifamily rental housing facility intended primarily for elderly persons to be
located at 1215 Hart Boulevard in the City.
Section 2. Public Hearing.
2.01. The City Council shall meet at 7: 00 p . m. on Monday, February 13, 1995,
to conduct a public hearing on the proposed housing plan, housing program and
issuance of the Bonds as requested by Senior Alliance.
2.02. The City Administrator is authorized and directed to publish notice of
the hearing in substantially the form attached hereto as Exhibit A in a newspaper of
general circulation in the City once, at least 30 days prior to the date of the public
hearing.
2.03. The Council hereby states its preliminary intention to issue the Bonds
for the Program, subject to adoption of the Plan and Program and compliance with the
terms and conditions of the Act and the final agreement among the City, Senior
Alliance and the initial purchaser of the Bonds as to the terms and conditions
thereof.
Approved by the City Council of the City of Monticello this 9th day of
January, 1995.
AT
City AdminisWator
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MN190-47
EXHIBIT A
CITY OF MONTICELLO
NOTICE OF PUBLIC HEARING ON A HOUSING PLAN AND
ISSUANCE OF REVENUE BONDS TO FINANCE A HOUSING PROGRAM
UNDER MINNESOTA STATUTES, CHAPTER 462C FOR THE ACQUISITION
AND CONSTRUCTION OF A MULTIFAMILY HOUSING DEVELOPMENT
NOTICE IS HEREBY GIVEN that the Monticello City Council (the "Council")
will hold a public hearing on Monday, February 13, 1995 at 7: 00 p.m. at City Hall,
250 East Broadway, Monticello, Minnesota, to consider a housing plan and a program
for the issuance of revenue bonds under Minnesota Statutes, Chapter 462C, as
amended, to finance a multifamily housing development (the "Program") . At the
public hearing, the Council will consider adoption of a resolution approving the
housing plan and giving preliminary or final approval to the issuance of revenue
bonds under the Program for the acquisition and construction of the Monticello
Senior Housing Alliance Project ( the "Project") . The aggregate face amount of
revenue bonds proposed to be issued to finance the Project is presently estimated
not to exceed $3,500,000.
The Project consists of a 48 -unit multifamily rental facility intended primarily
for elderly persons, to be located at 1215 Hart Boulevard in the City of Monticello,
and will be owned and operated by Monticello Senior Housing Alliance, Inc. The
revenue bonds will be issued by the City of Monticello and will be limited obligations
of the issuer payable solely from the revenues pledged to the payment thereof, and
will not be a general obligation of or be secured by the taxing power of the City of
Monticello.
A copy of the proposed housing plan and Program is on file in City Hall.
Anyone desiring to be heard during this public hearing will be afforded an
opportunity to do so.
Dated: [ date of publication]
BY ORDER OF THE CITY
COUNCIL OF THE CITY OF
MONTICELLOI MINNESOTA
B �
City Ad nistrator
Published in the Monticello Times 1/12/95.
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