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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 ,,� ���� .. . � 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 � • � �.�.. ��� � i��� . rhr,�,�.�c. �.ti�,,w.... � �..:� �,�..�r X��,.�.:� ��r�...�. +�o.H..t. 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.