HomeMy WebLinkAboutResolutions - R-90-1 - 01/03/1990 - Hearing for Fawn Ridge BondsR-90-1
RESOLUTION SETTING HEARING DATE
awn Ridge ApartmentsProject)
WHEREAS, the City Council has heretofore approved an inducement
resolution to assist in the financing of the Fawn Ridge Apartments Project.
WHEREAS, Section 147(f) of the Internal Revenue Code, as amended and
Temporary Treasury Regulations Section 5f.103-2 requires that in order for
bonds or obligations to be issued by the Issuer to assist in the financing
of the Project, this City Council conduct a public hearing, after notice,
and approve the issuance of bonds or the amendment of documents, all as
provided in said Act and Temporary Regulations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
McHENRY, ILLINOIS, as follows:
1. A public hearing upon the issuance of bonds in the aggregate face
amount not to exceed $8,500,000 for said Project shall be held at 8:00
o'clock, p.m., Illinois time, on the 31st day of January, 1990, in the City
Hall, 1111 North Green Street, in the City of McHenry, County of McHenry,
State of Illinois. At such hearing, the City Council of the City of McHenry
shall provide an opportunity for interested persons to be heard and shall
receive and consider communications in writing with reference to the
hearing. The hearing shall provide the fullest opportunity for the
expression of opinion, for argument on the merits, and for introduction of
documentary evidence pertinent to the proposed bond issue. The governing
body shall make and preserve a record of the public hearing, including all
data presented thereat.
2. The City Clerk is hereby requested to publish notice of such
hearing; such notice to be substantially in the form attached hereto, in
accordance with Temporary Treasury Regulations Section 5f.103-2.
3. The City Clerk is hereby directed to forward three (3) certified
copies of this Resolution to the Secretary of the Issuer.
4. All resolutions or parts thereof in conflict with this Resolution
are hereby repealed, but only to the extent of such conflict.
PASSED and APPROVED this 3rd day of January, 1990.
AYES: Bolger, Donahue, Lieder, McClatchey, Patterson, Serritella, Smith, Teta
NAYS: None
ABSENT: None
ABSTAINED: None
or
ATTEST:
i y �e
NOTICE OF PUBLIC HEARING
CITY COUNCIL OF THE CITY OF MCHENRY
(FAWN RIDGE APARTMENTS PROJECT)
NOTICE IS HEREBY GIVEN that the City Council of the City
of McHenry, Illinois will hold a public hearing at 8:00 o'clock,
_p.m., in the City Hall, 1111 North Green street, in t e City of
McHenry, County of McHenry, Illinois, on the 31 st day of January_
1990, pursuant to the requirements of section 147(7)`of the
Internal Revenue Code of 1986, as amended, to consider the pro-
posed issuance by the City of McHenry of its not to exceed
$8,500,000 aggregate principal amount Multifamily Housing Revenue
Bonds (Fawn Ridge Apartments Project), Series 1990 (the "Sonde"),
the proceeds of which will be loaned to McHenry State Bank, not
personally, but as Trustee under a Trust Agreement dated as of
October 2, 1987 and known as McHenry State Bank Land Trust #4169,
an Illinois land trust of which Bran G. Cunat and John C. Cunat
each owned a d09 beneficial interest in said trust, and which
interest has been assigned to Fawn Ridge Limited Partnership, an
Illinois limited partnership of which Brian G. Cunat, John C.
Cunat and Cunat Bros., Inc. are general partners, for use as a
multi -family housing development, to finance certain acquisition
and construction costs and to take out a construction loan, the
proceeds of which are being used to construct approximately 207
residential rental apartments comprising approximately 175,000
square feet on approximately 11.25 acres, located south of
MCCullom Lake Road at Orleans Drive in McHenry, Illinois (the
"Project") and for payment of related fees and costs. The Bonds
and the obligation to pay principal and interest thereon shall
not be deemed to constitute indebtedness or a loan of credit of
the City of McHenry, the State of Illinois or any political
subdivision thereof, or a charge against their general taxing
powers, within the meaning of any constitutional or statutory
provision of the State of Illinois. At a public hearing all
persons will be afforded an opportunity to be heard in regard to
the issuance of the Bonds and the location and nature of the
proposed Project. Subsequent to the public hearing at a regular
or special meeting of the City, the City council shall consider
approval of the Bonds.
CITY OF MCHENRY, ILLINOIS
/s/ Barbara E. Gilpin _
McHenry City `Clerk
KKS/90159/0001/BQO/gs