89-466 WNITE - CITY CLERK
PINKi� - FINANCE G I TY F SA I NT PA U L Council �^
CANARY - DEPARTMENT �,/y/,
BI.UE - MAVOR File NO. U , � �
Coun " Resolution � �����,
. , l.
Presented By
yJ / �
Referred To Committee: Date
Out of Committee By Date
GIVING FINAL APPROVA T THE ISSUANCE BY THE MINNE-
APOLIS/SAINT PAUL HO S NG FINANCE BOARD OF SINGLE
FAMILY MORTGAGE REVE UE BONDS TO FINANCE THE CITY' S
1989 SINGLE FAMILY HO S NG PROGRAM
WHEREAS, pursuant o the Minnesota Municipal Housing
Act, Minnesota Statutes, ha ter 462C (the "Act" ) , the City
of Saint Paul, Minnesota th "City" ) is authorized to adopt
a housing plan and carry ou p ograms for the financing of single
family housing for persons o ow and moderate income; and
WHEREAS, the City u cil (the "City Council" ) of the
City has prepared the Hous ng Plan for the City of Saint Paul,
Minnesota (the "Plan" ) , w ' c Plan has been adopted pursuant
to the Act; and
WHEREAS, after the no ice and public hearing required
by the Act, the Minneapol s Saint Paul Housing Finance Board
(the "Board" ) has approved r will approve a joint Single Family
Housing Finance Program (t e "Program) pursuant to the Act to
provide for the joint fina ci g of single family owner-occupied
housing in the City and in t e City of Minneapolis, Minnesota,
from obligations issued ut''li ing entitlement bonding authority
for calendar year 1989 , a d bonding authority carried forward
from 1988 (the "Program" ) ; a d
COUNCIL MEMBERS Requeste by De artment of:
Yeas Nays
Dimond � /
�ng [n Fa or
coswitz ' _
RCttID8I1 B � . /� ��
scheibe� A gai n t Y r�
Sonnen
Wilson
Form Approved b City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY �
By
Approved by Mavor: Date Approved, Mayo Sub ' ion to Council
By
, ���=��
WHEREAS, the Progra ay include the issuance by the
Board of its single famil m rtgage revenue bonds to currently
refund a portion of bond p eviously issued by the Cities of
Minneapolis and Saint Pa l, or by the Minneapolis Community
Uevelopment Agency or the H using and Redevelopment Authority
of the City of Saint Paul, innesota, or the Board, or any of
them; and
WHEREAS, the Program h s been submitted to the Minnesota
Housing Finance Agency a d the Metropolitan Council in
accordance with Minnesota S atutes, Section 462C . 04, Subd. 1
and Subd. 2 ; and
WHEREAS, the Program p ovides for the issuance of single
family mortgage revenue on s or obligations in one or more
series in an aggregate a ount not exceeding $35, 000, 000
pursuant to the Act (the ' Bo ds " ) to make or purchase or cause
to be purchased mortgage o ns, or to purchase securities and
proceeds of which would b u ed to purchase mortgage loans, to
finance the acquisition n /or rehabilitation, primarily by
low and moderate income p rs ns and families, of single family
housing located within t e geographic boundaries of the two
Cities; and
WHEREAS, the Cities of Minneapolis and Saint Paul have
available 1988 carry for ar allocation and 1989 entitlement
allocation which may be u ed for the issuance of single family
mortgage revenue bonds; a d
WHEREAS, it is prop se that the Board be authorized to
issue bonds to refund, in pa t, prior bonds and to finance the
Program pursuant to the o nt Powers Agreement creating the
Minneapolis/Saint Paul Ho si g Finance Board dated December 1,
1984 , as amended as of No e er 1, 1986; and
WHEREAS, the Board i uthorized pursuant to the Act and
the Joint Powers Agreeme t o issue revenue bonds to finance
the Program and to refund pr'or bonds; and
WHEREAS, it appears h t the Program and the issuance of
obligations by the Board a e in the best interests of the
City;
NOW THEREFORE, BE IT' R SOLVED BY THE CITY COUNCIL OF THE
CITY OF SAINT PAUL, MINNE OT AS FOLLOWS:
1 . The Program is h eby approved, subject to final
agreement by the Board a d the purchasers of the obligations
2
��. ���
to be issued to finance t e Program, as to the ultimate
details of the Program and th financing therefor.
2 . The issuance by h Board of revenue bonds in an
aggregate principal amoun ot to exceed $35, 000,000 (the
"Bonds " ) to refund, in pa t, prior bonds and to finance the
Program is hereby finally pp oved.
3 . The Bonds may be ' s ued in one or more series at the
time or times and pursuan terms determined by the Board,
and be structured so as o ake advantage of whatever means
are available and are perm t d by law to enhance the security
for, or marketability of, t e bonds, provided that any such
financing structure must b pproved by the Board.
4 . The Board is auth r' zed to take all actions which may
be necessary or desirable in connection with the refunding of
prior bonds and the issuan e of the Bonds, acting on behalf of
the City, and no further a p oval or consent of the City shall
be required prior to the is uance of the Bonds by the Board,
or prior to the taking of n action by the Board to undertake
and implement the P g am; provided, however, that
supplemental indentures o rust with respect to each series
of prior bonds must be ig ed by the government unit which
originally executed the i denture of trust with respect
thereto.
5 . The City author z s the Housing and Redevelopment
Authorii;y of the City f Saint Paul, Minnesota ( the
"Authority" ) to issue its si gle family mortgage revenue bonds
to finance the Program. T e Authority is further authorized
to issue its bonds to re u any prior bonds (whether issued
by the Authority or the C ' ty) to the extent not previously
refunded by the Board. The Authority may delegate its
authority to issue bonds e under to the Board. Any issue by
the Authority or Board s 1 be subject to the same terms and
conditions set forth here n for the issuance by the Board.
6 . Nothing in the esolution or the documents prepared
pursuant hereto shall au horize the expenditure of any
municipal funds on the r gram other than as specified and
authorized by separate a ti ns of the City and other than the
revenues derived from th P ogram or otherwise granted to the
City for this purpose. he Bonds shall not constitute a
charge, lien or encumbr n e, legal or equitable, upon any
property or funds of the C ' ty except the revenue and proceeds
pledged to the payment t e of, nor shall the City be subject
to any liability thereo . The Holders of the Bonds shall
3
WHITE - GTV CLENK
PIN1� - FIjJANCE COUI�CII
CANARV - DEPARTMENT G I TY F SA I NT PA LT L
BLUE - MAVOR File NO. � ��
� •
Coun i Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
never have the right to com e any excercise of the taxing power
of the City to pay the o ts anding principal on the Bonds or
the interest thereon, or t nforce payment hereon against any
property of the City. The Bo ds shall recite in substance that
Bonds, including the intere t thereon, are paypable solely from
the revenue and proceeds p e ged to the payment thereof. The
Bonds shall not constitute d bt of the City within the meaning
of any constitutional or sta ut ry limitation of indebtedness.
COUNCIL MEMBERS Requested by Department of:
Yeas Nays � �� —�
Dimond
�ng [n Favo -�
Goswitz
s�nemi�� � A ga i n s t BY �"' �''.'.°'_"'",..�,-.
Sonnen
"'ii5lse�.,
MAR 2 1 1989 Form Approved by City Attorn
Adopted by Council: Date
Certified Yas y Council Sec t BY—
gy,
A►pprov y lNavor: D r � L � � t7�7 Appr v by May ubmi ion to Council
B 6.��*� ,. B
���rity ,,�
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.. . � P_� 014239 ,
DEPARTMENT �
CONTACT
335?� PHONE �
.3-�/�— 9 DATE .
S N (See r e se sida.)
� Department Director ,� Mayor (or Assistant)
_ Finance and Managem t ervices Dira to ,� City Clerk
Budget Directo
� City Attorn�/ ,,',� ���i '
TOTAL NUMBER OF SIGNATURE PAGES: � ( li all locations for signatura_.)
W C ? <_Furpose/Rationale)
�.�it�, aac�..�t.�.0 C•�, t'�.�...,.`;.t • ��,,�,,,..,5 �M�;,,,,,.0 ��y�,,te�,,,P
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C S T UD E D RSONN T
... `�iQ7Ct '�
F N C NG C V C G 0 D:
(Mayor's signature not requirad if unde $ ,000.)
Total Amount of Transsction: � Activity Number:
Funding ,Source: /
ATTACHMENTS: (List and number all atta hta ts.)
. �IZ�i�i.� �
��
ADMINISTRAT�,VE PROCEDURES
_Yes _No Rules, Regulations, oc dures, or Budget Amendment required7
_Yes �No If yes, are they or � able attached?
DEPARTMENT REVIEW � CITY ATTORNEY REVIEii
�'Yes No Covncil resolution req r ? Resolution required? ��Yes ,_No
_Yes ✓No Insurance required? Insurance sufficient? r�Yes No
_Yes ,�No Insurance attached?
.. .. ,. V . ,q . . 4 . ..
. _ ...:� �.,{:i�y -� � . � � �
�
The GREEN S1iB$T lu� three PURPOS�S: . '
1. to aasist in routi�ig doc�umants and in ecuring required signatures;
2. t�ti br�ef the ravie�rars of docximents on the impacts of approval;
3`. to help ensura that necessary supporti materials are prepared and, if required,
- attac'hed. .
Providing complete information under the 1� ted headings enables ravieNers to make
decis�.ons on the documents and eliminates f llo�r-up contaats that may delay execution.
Below is the greferred ROUTING for the v o d ua� t : �
CONTRACTS (assumas authorized budget eais s)
1. Outside Agency 4. yor
2. Initiating Department 5. inance Director
3. City Attorney 6. nance Accounti�
Note: If a CONTRACT smount is less than 10,000, the Mayor's_ signature is not required,
if the department director signs. A contr ct mus� alMays ba a3gned bq the outside agency
before routing through Citq offices.
�STR�liTIVE ORDER (Budget Revisio�i) A�MINISTRATIVE. ORDEIt (all others}
.1. Activity Manager 1. Initisting Department,
2. Dspart�aent Aaco�tant � 2. C#ty A�eorney
3. Departa►ent Dirac�or 3. Mayor/Assistant
4. Budget Director 4. City Clerk
' S. City Clerk
6. Chief Accountant. Finance and Managem nt Sarvtces
COUNCIL R�SOLUTION (Budgat A�mendment/Grant Acceptsnce) COUNCIL .RESOLUTION (all others)
1. Department Director 1. Department Director
2. Budget Director 2. City Attorney
3. City Attorney , 3. Mayor/Assistant
4. MayorJAssistant 4. City Clerk
5. Chair, Financa, Iigmt. , and Pers. Cte. : 5. City Council
� 6. City Clerk �
7. City Council
8. Chisf Accauntant, Finance and Manageme t Services
The C $ heading provides space to explain the
cost/benefit aspecta of the decision. Costs nd benefits relate both to City bu,dget
(General Fund a�d/or Sp�cial Funds) and to br ader financial impacts (cost to usera,
homeowners. or other groups affected by tha a tion) . The personnel impact is a description
of change or shift of Full-Time Equivalent <F E) positions.
The ADMINIS'�RATIVE �,,OCSDIIRES section must be completed to indicate �rhether additional
administrative procedures, including ruZes, r gulations, or resource proposals are
necessary for implementation of an ordinance r resolution. If yes. the procedures or a
timetable €or the completion of procedures mu t be attached.
SUPPORTING 1�ATERIALS. In the �TTAGI�lENTS sec ion, ideatify all attachments. If the Green
Sheet is well doae, no letter of tranamittal eed be included (unless signing such a letter
is one of the requested actions) .
_
,
te: If an agreement requires evidence of in urance/co-insurance, a Certificate of �
Insurance should be one of t�e attachments at ime of routi.ng. _
ote: Actions �hiah requfre City Council reso utions include contractual relationships
with other ,governmental units; collective barg ining contracts; purchase, sale, or lease of
land; issuance of bonds bq City; eminent domai ; assumption of liability by City, or
granting by �6ity of indemnificatfon; agreement �ith state or federal government under
which they are providing fundi.ng; budget amend ents.