92-073 - 09-29 Public Hearing Refund Bonds Series 1982Resolution 92-73
September 29, 1992
Member Thompson introduced the following resolution and moved its adoption:
RESOLUTION CALLING FOR PUBLIC HEARING
WITH RESPECT TO THE PROPOSED ISSUANCE
BY THE CITY OF ITS REFUNDING REVENUE BONDS
H. B. ASSOCIATES LIMITED PARTNERSHIP, SERIES 1982
WHEREAS, a proposal has been made to this Council by H. B. Associates Limited
Partnership, a Minnesota limited partnership (the "Borrower"), that the City
issue its Refunding Revenue Bonds (the "Bonds") in order to refinance costs
incurred by the Borrower in connection with a project (the "Project") undertaken
by the Borrower consisting of the acquisition and construction of a commercial
office building in the City of Golden Valley, pursuant to the Minnesota Municipal
Industrial Development Act (the "Act"); and
WHEREAS, the Bonds would be issued for the specific authorized purpose of
causing to be refunded in full the City's outstanding Industrial Development
Revenue Bonds (H. B. Associates Limited Partnership Project), Series 1982 (the
"Refunded Bonds"); and
WHEREAS, in order to comply with the requirements of Section 147(f) of the
Internal Revenue Code of 1986, as amended, this Council has determined to conduct
a public hearing on said proposal and to publish notice of said public hearing
not less than 14 days prior to the date fixed for the hearing; and
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota,
as follows:
1. A public hearing shall be conducted by this Council on the proposal to
undertake the issuance of the Bonds on Tuesday, October 20, 1992 at 7:00 o'clock
P.M. at the City Hall, at which hearing all parties who appear shall be given an
opportunity to express their views with respect to said proposal.
2. Notice substantially in the form attached hereto as Exhibit A, shall be
published at least once not less than 14 days prior to the date fixed for the
hearing, in the official newspaper of the City.
3. The adoption of this resolution does not constitute a preliminary
indication by the City of its intent to issue the Bonds. The issuance of the
Bonds by the City is expressly subject to the final approval by the City of the
Bonds, the Bond documents and such other matters ,os the City shall require.
ry Ad-)5aKKen,
ATTEST:
S irley J N lso , City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Russell, and upon a vote being taken thereon, the following voted in favor
thereof: Bakken, Johnson, Russell, Stockman and Thompson; and the following
voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor and his signature attested by the City
Clerk.
Resolution 92-73 - Continued
EXHIBIT A
NOTICE OF PUBLIC HEARING ON
ISSUANCE OF REFUNDING REVENUE BONDS
BY THE CITY OF GOLDEN VALLEY ON BEHALF OF
H. B. ASSOCIATES LIMITED PARTNERSHIP
September 29, 1992
NOTICE IS HEREBY GIVEN that the City Council of the City of Golden Valley,
Minnesota, will meet at 7:00 P.M. on Tuesday, October 20, 1992 at the City Hall
in the City of Golden Valley, for the purpose of conducting a public hearing on
the proposed issuance of refunding revenue bonds (the "Bonds") by the City in
order to redeem in whole the City's outstanding Industrial Development Revenue
Bonds (H B Associates Limited, Partnership Project), (the "Refunded Bonds").
The facilities to be refinanced by the issuance of the Bonds consist of a
commercial facility located at 4825 Olson Memorial Highway in the City of Golden
Valley (the "Project"). The facility contains approximately 21,000 gross square
feet.
The maximum aggregate face amount of obligations to be issued is $1,265,00.
The owner of the Project is H. B. Associates Limited Partnership, a Minnesota
limited partnership (the "Borrower"). The Project is being leased by the Borrower
to various tenants for use as commercial offices. A loan agreement to be entered
into between the City and the Borrower will require payments to be made by the
Borrower at times and in amounts sufficient to pay all principal of, premium, if
any, and interest on the Bonds when due.
All persons with views on the issuance of the Bonds, or on the facility to
be refinanced thereby, may express their views, orally or in writing, at such
time and place.
BY ORDER OF THE CITY COUNCIL
/s/ Shirley J. Nelson
Its City Clerk