$11,000 Multifamily Housing Revenue Refunding Bonds The Pointe at St Joseph Project

Home Browse Search

• facilities through the issuance of its revenue bonds. By Ordinance No. 7468-85, and in accordance with a Trust Indenture dated as of December 15, 1985 (the "Original Indenture") the City heretofore issued its Multifamily Housing Revenue Bonds (Raintree Point Associates, Ltd. Project) (the "Original Bonds" ) for the purpose of loaning the proceeds thereof pursuant to a Loan Agreement dated as of December 15, 1985 (the "Original Loan Agreement" ) to Raintree Point Associates, Ltd. , an Indiana limited partnership (the "Original Developer" ) to finance the acquisition and construction of a multifamily rental housing project to be located on approximately 7 . 5 acres on Parcel "A" (in the East Bank Development Area of the City (the "Project" ) , to be occupied in part by persons of low and moderate income in accordance with Section 103 (b) (4) (A) of the Internal Revenue Code of 1954, as amended. By Ordinances No. 7857-88 and No. 7917-88 the City authorized (i ) the remarketing of the Original Bonds as reissued bonds (the "Remarketed Bonds" ) on March 15, 1988 and September 15, 1988, respectively, and (ii) certain amendments to the Original Indenture and Original Loan Agreement. In connection with the sale of the Remarketed Bonds on March 15, 1988, all right and interest of the Original Developer in the Project and Loan Agreement was assigned to Can-American South Bend Limited Partnership, a Minnesota limited partnership (the "Owner" ) . The Owner has requested that the City, pursuant to the Act, issue its Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph Project) Series A in the aggregate principal amount of $9, 155, 000 (the "Refunding A Bonds" ) , a Multifamily Housing Revenue Refunding Bond (The Pointe at St. Joseph Project) Series B in the aggregate principal amount of $1, 845, 000 (the "Refunding B Bond" ) , Multifamily Housing Revenue Bonds (The Pointe at St. Joseph Project) Series A in an aggregate principal amount not to exceed $525, 000 (the "New Money Series A Bonds" ) , and a Multifamily Housing Revenue Bond (The Pointe at St. Joseph Project) Series B in an aggregate principal amount not to exceed $100, 000 (the "New Money B Bond" ) . The Refunding A Bonds and Refunding B Bond are collectively referred to as the "Refunding Bonds", and the New Money A Bonds and New Money B Bond are collectively referred to as the "New Money Bonds" . Collectively, the Refunding Bonds and New Money Bonds are referred to herein as the "Bonds" . The Refunding Bonds are proposed for the purpose of loaning thereof the proceeds to the Owner to refund in part the Remarketed Bonds, and to permit the unexpended proceeds of the Original Bonds to be utilized by the Owner for the acquisition, construction and equipping of approximately 192 units of the Project (the "Refunding Project" ) . The New Money Bonds are proposed for the purpose of loaning the proceeds thereof to the Owner for the acquisition, construction and equipping of - 2 -