NOTICE OF PUBLIC HEARING REGARDING THE ISSUANCE BY THE RED WING HOUSING AND REDEVELOPMENT AUTHORITY OF ITS HOUSING REVENUE REFUNDING BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2,700,000 BACKED BY THE FULL FAITH AND CREDIT OF THE CITY OF RED WING, MINNESOTA
Notice is hereby given that the Board of Commissioners of the Red Wing Housing and Redevelopment Authority (the "Authority"), will hold a public hearing at 3:30 p.m. on August 11, 2009, in the Council Chambers at the City Hall, 315 West 4th Street, in the City of Red Wing, Minnesota (the "City"), regarding the proposed issuance by the Authority of its Housing Revenue Refunding Bonds (City of Red Wing General Obligation) (the "Bonds") in an aggregate principal amount not exceeding $2,700,000. The Bonds will be backed by the full faith and credit of the City in accordance with Minnesota Statutes, Section 469.034, Subdivision 2. Proceeds of the Bonds will be used to refund the Authority's Housing Revenue Refunding Bonds (Jordan Tower II - Section 8 Assisted Housing Project), Series 1998.
As a condition precedent to issuance of the Bonds, the Authority will find that revenues pledged to the Bonds will equal or exceed 110% of the principal and interest due on the Bonds for each year.
At said time and place, the Authority will give all parties to appear the opportunity to express their views with respect to the proposed issuance of the Bonds to finance the Project.