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90-117 0 R l�G I �1 A L r' ' Council File # ��// Green Sheet # �e�� R SOLUTION ,- -� CITY OF SA1 r PAUL, MINNESOTA � (� � Presented By Referred To Committee: Date GIVING FINAL APPROVAL TO TH� ISSUANCE BY THE P�INNEAPOLIS/SAINT PAUL FiOUSING FINANCE BOARD OF SINGLE FAMILY MORTGAGE REVENUE BONDS TO FINANCE THE P�INNEAPOLIS /SAINT PAUL 1990 SINGLF FAMILY HOUSING PROGRAM 6VHEREAS, pursuant to the Minnesota D4unicipal Housing Act, Plinnesota Statutes, Chapter 462C (the "Act" ) , the City of Saint Paul, Minnesota (the "City" ) is authorized to adopt a housing plan and carry out programs for the financing of sinqle family housing for persons of low and moderate income; and �vHERFAS, the City Council (the "City Council" ) of the City has prepared the Housing Plan for the City of Saint Paul, Minnesota (the "Plan" ) , which Plan has been adopted pursuant to the Act; and r^]HEREAS, after the notice and public hearing required by the Act, the Minneapolis/Saint Paul Housing Finance Board (the "Board" ) has approved a joint Single Family Housinc� Finance Program (the "Program" ) pursuant to the Act to provide for the join financing of sin_qle family owner-occupied housing in the City and in the City of Minneapolis, Minnesota, from obligations issued utilizing entitlement bonding authority from calendar year 1990, and bonding authority carried f_orward from 1989 (the "Proqram" ) ; and TVHEREAS, the Program has been submitted to the Minnesota Housing Finance Agency and the Metropolitan Council in accordance with A�innesota Statutes, Section 462C. Q4, Subd. 1 and Subd. 2 ; and �1HEREAS, the Program provides for the issuance of single family mortgage revenue bonds or obligations in one or more series pursuant to the Act (the "Bonds" ) to make or purchase or cause to be purchased mortgage loans , or to purchase securities and proceeds of which would be used to purchase r.mort�aqe loans , to finance the acquisition anc�/or rehabilitation, primarily by low and moderate income persons and iamilies, of single family housing Iocated within the geographic boundaries of the two Cities ; and ORiGINAL y* � �= �°_,'�' WHEREAS, the Cities of Minneapolis and Saint Paul have available 1989 carry forward allocation and 1989 entitlement allocation which may be used for the issuance of single family mortgage revenue bonds ; and 44HEREAS, it is proposed that the Board be authorized to issue bonds to finance the Program pursuant to the Joint Powers Agreement creating the Minneapolis/Saint Paul Housing Finance Board dated December 1 , 1984 , as amended as of November 1, 1986; and WHEREAS, the Board is authorized pursuant to the Act and the Joint Powers Agreement to issue revenue bonds to finance the Program and to refund prior bonds ; and WHEREAS, it appears that the Program and the issuance of obligations by the Board are in the best interests of the City; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAINT PAUL, MINNESOTA AS FOLLOWS: l . The Program is hereby approved, subject to final agreement by the Board and the purchasers of the obligations to be issued to finance the Program, as to the ultimate details of the Program and the financing therefor. 2 . The issuance by the Board of revenue bonds in an aggregate principal amount not to exceed $55, 000 , 000 (the "Bonds" ) to finance the Program is hereby finally approved. 3 . The Bonds may be issued in one or more series at the time or times and pursuant to terms determined by the Board, and be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the bonds , provided that any such financing structure must be approved by the Board. 4 . The Board is authorized to take all actions which may be necessary or desirable in connection with the refunding of prior bonds and the issuance of the Bonds , acting on behalf of the City, and no further approval or consent of the City shall be required prior to the issuance of the Bonds by the Board, or prior to the taking of any action by the Board to undertake and implement the Program. C� � I � I �VAL �4 � " �90 -�� � 5 . The City authorizes the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority" ) to issue its single family mortgage revenue bonds to finance the Program. The Authority may delegate its authority to issue bonds hereunder to the Board. Any issue by the Authority or Board shall be subject to the same terms and conditions set forth herein for the issuance by the Board. 6 . tlothing in the resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Program other than as specified and authorized by separate actions of the City and other than the revenues derived from the Program or otherwise qranted to the City for this purpose . The Bonds shall not constitute a charqe, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof , nor shall the City be subject to any liability thereon. The Holders of the Bonds shall never have the right to compel any exercise of the taxinc� power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment hereon against any property of the City. The Bonds shall recite in substance that Bonds , including the interest thereon, are payable solely froM the revenue and proceeds pledged to the payment thereof. The l�onds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation of indebtedness. e A Navs Absent Re d by Dep ment of: zmon oswi z �— — on " �''�����' acca ee � e man �_ une i son � BY� �.L� e Adopted by Councils Date JA N 2 3 1990 Form Approved by City Attorney Adoption Certified by Council Secretary , �� ya r. BY' "�� A proved by Mayor for Submission to Approved y Mayor: Date / ��//fU �A� 2 � �9�uncil � By: �'���.�� By: /i�l/.l�d_�f���� ��sNEO �r-_� - � �990 . �-9a-ii? DEPARTMENTlOFFIf�JCOUNqL DATE INRIATED /���-��,N�- l-/�-9� GREEN S ET No. 8 21 A� CONTACT PERSON 6 PNONE �DEPARLMENT DIRECTOR � �� �/1� ' O CRY COUNqL V 1 C le/f� /�/fl 3��� NUMB6i FOR �GTY MTORNEY /�C� GTY CLERK MUHT BE ON COUNdL AQENDA BY(DA ROUTN�1(� �BUDOET DIRECTOIi �flN.3 MOT.8ERVICEB DIR. � � ��l�.� m �IAYOR(OF��ASSISTANn � TOTAL N OF SIGINATURE PA�3 8 (CLIP ALL LOCATIONS FOR SIGNATUR� ACTIONREQUESTED: , / ��A/ �ffL ��`-�iK- B °� � �"`7'`'�"'� J�f T4�C� y'� }�t� �� U � �� RECOMMENDATIONS:Apprwr�(A)a (t� COUNCIL COMMITTEE/RE8EARCH REPORT —PLANNINO COMMISSION L SERVIG�15810�W �A�YST PHONE NO. _CIB COMMITTEE _ _STAFF MENTS: _DIBTRICT COURT _ SUPPORTS WHICH COUNCIL OBJECTIVE ������ QFF CE INITIATIN(i PF�BLEM,ISSUE,OPPORTU (Who,Whet,When,Where,Why): �Q.�ic� �it-..�-C 'G�� �"Y S Y�-u.�i`C� G2�:�Y%� �YJ L�2f.ccJ ��Cc� �-�-�c.�_ �7�-C.Co �L e�Z/L�-f" _ !/YkG /�yrc.i� !�i`' S�Rt.c�, G�c�c--cw . � S�C �t.�� LX:(�Gt�-cGt.� S�- '�LtJ6 �-e�o /,�/�P �� cuc� y�'�� ���+�-r, �� s!-0 o�¢,�. � /�o�s/�Pc�.Q �d� 1�°.�. Q"�`�d- �lvnc� ce�.G cc1 2ch_c, �io .�-h�- ar.��C,c/a-H..�uu�c, �° S� �w)�� 7rue�L�s��,2- 2...�c�ou� �r,d��.�/�.�uC- �,,-�:c.c- u.�c. �-v�u,,.c�-,,:.�1 aPja.��'�C.:� �.�t henu�t�,r�o �-r`ve S�e� �f.ur . 0 ADVANTAOES IF APPROVED: `��ic, %�1�''i,�-tJe-�— . `�¢,ti�`�'� u�c,[.� �'Le-Uc�.C. �xG�� �SD �-v[,Q.�----�r,,,c., �� �/ �,cw —��7��� �t' G�9iru"r'c�'v,� ' DISADVANTAOES IF APPROVED: /1/0 N� DISADVANTA(�ES IF NOT APPROVED: `LGl��'(.�/Q-�c�"h�-�o � �C`�rw`'.t G-n �ac�-c �ti",`, �cx� �o �"`l�C�t- • '�,� ����,rA/.�_�-w,, /�,. ,�,e �xt� 'vto-� �cL �a,L o�-Gdwrn �u+�... ���� � �u�w .�-�'`i` fi Q �U,e/L�� �ccivwzcJ vu � o..., c.0 h.c.c,l.. /�e �-a-a.�... �lGO�..-.C.o• TOTAL AMOUNT OF TRANSACTION a C08T/I�VENUE SIJDOETED(qRCLE ON� YES O,f� � � FUNDINO SOURCE ACTIYITY NUMBER FlNANCIAL INFORAAATION:(D(PWN) Na o�o NOTE: COMPLETE DIflECTIONS ARE INCLUDED IN THE GREEN SHEET INSTRUCTIONAL MANUAL AVAILABIE IN THE PURCHASING OFFICE(PHONE NO.298-4225). ROUTING ORDER; Below are preferred routings for the five moat frequent rypes of dxuments: CONTRACTS (assumes authorized COUNCIL RESOWTION (Amend, BdgtsJ budget exists) Accept. Grants) 1. Outside Agency 1. Department Director 2. Initiating Department 2. Budget Director 3. City Attorney 3. City Attomey 4. Mayor 4. MayodAssistant 5. Finance&Mgmt Svcs. Director. 5. Ciry Council 6. Fnance Accounting 6. Chief Accountant, Fin&Mgmt Svcs. ADMINISTRATIVE ORDER (Budget COUNCIL RESO�UTION (all others) Revision) and ORDINANCE 1. Activiry Manager 1. Initiating Department Director 2. Department Accountant 2. Gty Attorney 3. Department Director 3. MayoNAssistant 4. Budget Director 4. Gry Council 5. City Clerk 6. Chief Accountant, Fin 8 Mgmt Svcs. ADMINISTRATIVE ORDERS (all others) 1. lnitiating Department 2. City Attomey 3. MayoNAssistant 4. City Clerk TOTAL NUMBER OF SIGNATURE PAGES Indicate the#of pages on which signatures are required and a rcli each of these pages. ACTION RE(�UESTED Describe what the proJecUrequest seeks to accomplish in either chronologi- cal order or order of importance,whichever is most appropriate for the issue. Do not write complete sentencc�s. Begin each item in your list with a verb. RECOMMENDATIONS Complete if the issue in question has been presented before any body, public or private. SUPPORTS WHICH OOUNCIL OBJECTIVE? Indicate which Council objective(s)your projecUrequest supports by listing the key word(s)(HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT, BUDGET, SEWER SEPARATION). (SEE COMPLETE LIST IN INSTRUCTIONAL MANUAL.) COUNCIL COMMITTEEIRESEARCH REPORT-OPTIONAL AS REQUESTED BY COUNCIL INITIATING PROBLEM, ISSUE,OPPORTUNITY Explain the situation or conditions that created a need for your project or request. ADVANTAGES IF APPROVED Indicate whether this is simply an annuel budget procedure required by law/ charter or whether there are speciflc wa in which the Ciry of Saint Paul and its citizens wiil benefit from this pro�icUactbn. DISADVANTACiES IF APPROVED What negative effects or maJor changes to existing or past processes might this project/request produce if it fs pessed(e.g.,treffic delays, noise, tax increases or assessments)?To Whom?When�For how long? DISADVANTAC3ES IF NOT APPROVED What will be the negative conaequences if the promised action is not approved? Inabiliry to deliver service?Continued high traffic, nase, accident rate?Loss of revenue? FINANCIAL IMPACT Although you must tailor the information you provide here to the fssue you are addressing, in peneral you must answer two questions: How much is it going to cost?Who is going to pay?