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.
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Adopted by Councils Date JA N 2 3 1990 Form Approved by City Attorney
Adoption Certified by Council Secretary , �� ya
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BY' "�� A proved by Mayor for Submission to
Approved y Mayor: Date / ��//fU �A� 2 � �9�uncil
� By: �'���.��
By: /i�l/.l�d_�f����
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DEPARTMENTlOFFIf�JCOUNqL DATE INRIATED
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CONTACT PERSON 6 PNONE �DEPARLMENT DIRECTOR �
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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.
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TOTAL N OF SIGINATURE PA�3 8 (CLIP ALL LOCATIONS FOR SIGNATUR�
ACTIONREQUESTED: , / ��A/ �ffL ��`-�iK- B °� � �"`7'`'�"'� J�f T4�C� y'� }�t�
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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):
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ADVANTAOES IF APPROVED:
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DISADVANTAOES IF APPROVED:
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DISADVANTA(�ES IF NOT APPROVED:
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TOTAL AMOUNT OF TRANSACTION a C08T/I�VENUE SIJDOETED(qRCLE ON� YES O,f�
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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?