99-1220OR(�CINAL
Green 5heet # l d ( � � �.
RESOLUTIQN
OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Council File # t 1" ���
Resolution #
o (o
Committee: Date
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RESOLUTION AUTHORIZING CARRYFORWARD OF
UNUSED PRIVATE ACTIVITY BOND VOLUME CAP
WHEREAS, the Ciry of Saint Paul, Minnesota (the "Ciry") is an "entiilement issuer" within the
meaning of Minnesota Statutes, Section 474A.02, subd. 7; and
WHEREAS, the City's entitlement allocation for 1999 under Minnesota Statutes, Chapter474A.03,
subd. 2a(3) is $16,048,000; and
WHEREAS, the City may, under § 146(f) of the Internal Revenue Code of 1986, as amended, and
under Minnesota Statutes, Chapter 474A, "carryforward" all or a portion of the City's unused
entitlement allocation for the year 1999; and
WHEREAS, it is in the best interest of the public health, safety and welfare that the City
"carryfonvard" for qualified mortgage bonds, qualified residential rental bonds and/or mortgage
credit certificates any part of its entitlement allocation which remains unused at the end of 1999;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota,
as fioilows:
1. The City hereby elects to carryforward $12,548,000 of the City's 1999 entitlement allocation
awarded to the City pursuant to Minnesota Statutes, Chapter 474A which remains unused at the
end of 1999, forthe purposes of qualified mortgage bonds, qualified residential rental bonds and/or
mortgage credit certificates.
2. The City's Director of Planning and Economic Development is hereby authorized and directed
to file with the Internal Revenue Service a Form 8328 specifying the amount of entitlement
allocation carried forward by the City from the year 1999, and further specifying that such amount
be carried forward for the purposes of qualified mortgage bonds, qualified residential rental bonds
and/or mortgage credit certificates. A copy of said Form 8328 shali be provided to the Minnesota
Department of Finance in accordance with Minnesota Statutes, Chapter 474A. The Form 8328
shall be filed with the Internal Revenue Service and with the Minnesota Department of Finance on
or before the last Monday in December, 1999.
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aq -IlO.o
3. Any amount carried forward for the purposes of qualified mortgage bonds, qualified residential
rentat bonds andlor mortgage credit certificates may be utilized bythe Housing and Redeve{opment
Authority of the City of Saint Paul, Minnesota (the °Authority") pursuant to the single family housing
finance program and/or multifamily housing finance program approved by the City pursuant to
Minnesota Statutes, Chapter 462C. The Authority may, at its option, delegate its authority to issue
bonds or mortgage credit certificates pursuantto the carryforward election to the Minneapolis/Saint
Paul Housing �inance Board. The proceeds of bonds or mortgage credit certificates issued by the
Minneapolis/Saint Paul Housing Finance Board may be applied without regard to jurisdictional
boundaries as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Requested by Department of:
Plannin & Eco � mic Develo ment
By:
�
Form Approved
Adoption Certified by Council Secretary BY
�'- � � ��pproved by
--
Approved by Mayor: Date �✓ ��7
E9L__-C� By:
by ' y Attor y
i
Mayor for Submission to Council
Adopted by Council: Date �y� aa �.�.��
99-1�ao
PED
Joan Trulsen
Consent
:..•
12-22-99
ROUtiIG
TOTAL � OF SIGNATURE PAGES
GREEN SHEET
L�.i,-arz.: =:ii�:3
No1��259
aiiP'!' = �
� fJ1YA'RCIIIlY ❑ OIYClH11I
❑wWCw�a�ncFSaw. ❑wu.cr�,
, ���
�MYORWR/�f4tf/M1 ❑
(CLIP ALL LOCATIONS FOR SIGNATUR�
Approval to "carryforward" the City's unused 1999 entiClement allocation (bonding authority)
for the purpose of year 2000 issuance of qualified mortgage bonds and moxtgage cxedit
certificates.
PLANNING COMMISSION
CIB CAMMITfEE
CIVIL SERVICE COMMISSION
Has this ce�soNfrm everwwked wNer a mntrad tarthie depai6neM7
ves rio
tias mi pereaufirm ever been a ciy' emvbvce7
YES ND
Daes tlNS PeroorJfirm D� a sldll rat �wrma4YY�aeE DY �Y ��R� �Y �DbY�?
YES NO
Is Mis petanJfum a tarpeted verMa? �
YEA NO
At the end of each year, the State af Minnesota and the IRS require that the City
"carryforward" any portion of the City's unused bonding entitlement allocation, which
can then be used in the following year. This year's deadline is December 27, 1999.
Mortgage Revenue Bonds and Mortgage Credit Certificates can be issued during 2000 for the
benefit of low or moderate income City of Saint Paul home buyers.
None
r
ADVANT�A
w12a�ls
,000 of bonding authority will be lost.
OF TRANSACTION S �
SOURCE
(EXPWN)
��
COST/REVENUE BlfDfiETED (CIRCLE ONq VEE NO
ACTM7YNUMBEft
iJV� li�°L'�i.��xsi'� 6e*""4§
✓
OR(�CINAL
Green 5heet # l d ( � � �.
RESOLUTIQN
OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Council File # t 1" ���
Resolution #
o (o
Committee: Date
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RESOLUTION AUTHORIZING CARRYFORWARD OF
UNUSED PRIVATE ACTIVITY BOND VOLUME CAP
WHEREAS, the Ciry of Saint Paul, Minnesota (the "Ciry") is an "entiilement issuer" within the
meaning of Minnesota Statutes, Section 474A.02, subd. 7; and
WHEREAS, the City's entitlement allocation for 1999 under Minnesota Statutes, Chapter474A.03,
subd. 2a(3) is $16,048,000; and
WHEREAS, the City may, under § 146(f) of the Internal Revenue Code of 1986, as amended, and
under Minnesota Statutes, Chapter 474A, "carryforward" all or a portion of the City's unused
entitlement allocation for the year 1999; and
WHEREAS, it is in the best interest of the public health, safety and welfare that the City
"carryfonvard" for qualified mortgage bonds, qualified residential rental bonds and/or mortgage
credit certificates any part of its entitlement allocation which remains unused at the end of 1999;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota,
as fioilows:
1. The City hereby elects to carryforward $12,548,000 of the City's 1999 entitlement allocation
awarded to the City pursuant to Minnesota Statutes, Chapter 474A which remains unused at the
end of 1999, forthe purposes of qualified mortgage bonds, qualified residential rental bonds and/or
mortgage credit certificates.
2. The City's Director of Planning and Economic Development is hereby authorized and directed
to file with the Internal Revenue Service a Form 8328 specifying the amount of entitlement
allocation carried forward by the City from the year 1999, and further specifying that such amount
be carried forward for the purposes of qualified mortgage bonds, qualified residential rental bonds
and/or mortgage credit certificates. A copy of said Form 8328 shali be provided to the Minnesota
Department of Finance in accordance with Minnesota Statutes, Chapter 474A. The Form 8328
shall be filed with the Internal Revenue Service and with the Minnesota Department of Finance on
or before the last Monday in December, 1999.
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ORl�G1�lAL
aq -IlO.o
3. Any amount carried forward for the purposes of qualified mortgage bonds, qualified residential
rentat bonds andlor mortgage credit certificates may be utilized bythe Housing and Redeve{opment
Authority of the City of Saint Paul, Minnesota (the °Authority") pursuant to the single family housing
finance program and/or multifamily housing finance program approved by the City pursuant to
Minnesota Statutes, Chapter 462C. The Authority may, at its option, delegate its authority to issue
bonds or mortgage credit certificates pursuantto the carryforward election to the Minneapolis/Saint
Paul Housing �inance Board. The proceeds of bonds or mortgage credit certificates issued by the
Minneapolis/Saint Paul Housing Finance Board may be applied without regard to jurisdictional
boundaries as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Requested by Department of:
Plannin & Eco � mic Develo ment
By:
�
Form Approved
Adoption Certified by Council Secretary BY
�'- � � ��pproved by
--
Approved by Mayor: Date �✓ ��7
E9L__-C� By:
by ' y Attor y
i
Mayor for Submission to Council
Adopted by Council: Date �y� aa �.�.��
99-1�ao
PED
Joan Trulsen
Consent
:..•
12-22-99
ROUtiIG
TOTAL � OF SIGNATURE PAGES
GREEN SHEET
L�.i,-arz.: =:ii�:3
No1��259
aiiP'!' = �
� fJ1YA'RCIIIlY ❑ OIYClH11I
❑wWCw�a�ncFSaw. ❑wu.cr�,
, ���
�MYORWR/�f4tf/M1 ❑
(CLIP ALL LOCATIONS FOR SIGNATUR�
Approval to "carryforward" the City's unused 1999 entiClement allocation (bonding authority)
for the purpose of year 2000 issuance of qualified mortgage bonds and moxtgage cxedit
certificates.
PLANNING COMMISSION
CIB CAMMITfEE
CIVIL SERVICE COMMISSION
Has this ce�soNfrm everwwked wNer a mntrad tarthie depai6neM7
ves rio
tias mi pereaufirm ever been a ciy' emvbvce7
YES ND
Daes tlNS PeroorJfirm D� a sldll rat �wrma4YY�aeE DY �Y ��R� �Y �DbY�?
YES NO
Is Mis petanJfum a tarpeted verMa? �
YEA NO
At the end of each year, the State af Minnesota and the IRS require that the City
"carryforward" any portion of the City's unused bonding entitlement allocation, which
can then be used in the following year. This year's deadline is December 27, 1999.
Mortgage Revenue Bonds and Mortgage Credit Certificates can be issued during 2000 for the
benefit of low or moderate income City of Saint Paul home buyers.
None
r
ADVANT�A
w12a�ls
,000 of bonding authority will be lost.
OF TRANSACTION S �
SOURCE
(EXPWN)
��
COST/REVENUE BlfDfiETED (CIRCLE ONq VEE NO
ACTM7YNUMBEft
iJV� li�°L'�i.��xsi'� 6e*""4§
✓
OR(�CINAL
Green 5heet # l d ( � � �.
RESOLUTIQN
OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Council File # t 1" ���
Resolution #
o (o
Committee: Date
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
RESOLUTION AUTHORIZING CARRYFORWARD OF
UNUSED PRIVATE ACTIVITY BOND VOLUME CAP
WHEREAS, the Ciry of Saint Paul, Minnesota (the "Ciry") is an "entiilement issuer" within the
meaning of Minnesota Statutes, Section 474A.02, subd. 7; and
WHEREAS, the City's entitlement allocation for 1999 under Minnesota Statutes, Chapter474A.03,
subd. 2a(3) is $16,048,000; and
WHEREAS, the City may, under § 146(f) of the Internal Revenue Code of 1986, as amended, and
under Minnesota Statutes, Chapter 474A, "carryforward" all or a portion of the City's unused
entitlement allocation for the year 1999; and
WHEREAS, it is in the best interest of the public health, safety and welfare that the City
"carryfonvard" for qualified mortgage bonds, qualified residential rental bonds and/or mortgage
credit certificates any part of its entitlement allocation which remains unused at the end of 1999;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota,
as fioilows:
1. The City hereby elects to carryforward $12,548,000 of the City's 1999 entitlement allocation
awarded to the City pursuant to Minnesota Statutes, Chapter 474A which remains unused at the
end of 1999, forthe purposes of qualified mortgage bonds, qualified residential rental bonds and/or
mortgage credit certificates.
2. The City's Director of Planning and Economic Development is hereby authorized and directed
to file with the Internal Revenue Service a Form 8328 specifying the amount of entitlement
allocation carried forward by the City from the year 1999, and further specifying that such amount
be carried forward for the purposes of qualified mortgage bonds, qualified residential rental bonds
and/or mortgage credit certificates. A copy of said Form 8328 shali be provided to the Minnesota
Department of Finance in accordance with Minnesota Statutes, Chapter 474A. The Form 8328
shall be filed with the Internal Revenue Service and with the Minnesota Department of Finance on
or before the last Monday in December, 1999.
41
42
43
44
45
46
47
48
49
50
51
ORl�G1�lAL
aq -IlO.o
3. Any amount carried forward for the purposes of qualified mortgage bonds, qualified residential
rentat bonds andlor mortgage credit certificates may be utilized bythe Housing and Redeve{opment
Authority of the City of Saint Paul, Minnesota (the °Authority") pursuant to the single family housing
finance program and/or multifamily housing finance program approved by the City pursuant to
Minnesota Statutes, Chapter 462C. The Authority may, at its option, delegate its authority to issue
bonds or mortgage credit certificates pursuantto the carryforward election to the Minneapolis/Saint
Paul Housing �inance Board. The proceeds of bonds or mortgage credit certificates issued by the
Minneapolis/Saint Paul Housing Finance Board may be applied without regard to jurisdictional
boundaries as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Requested by Department of:
Plannin & Eco � mic Develo ment
By:
�
Form Approved
Adoption Certified by Council Secretary BY
�'- � � ��pproved by
--
Approved by Mayor: Date �✓ ��7
E9L__-C� By:
by ' y Attor y
i
Mayor for Submission to Council
Adopted by Council: Date �y� aa �.�.��
99-1�ao
PED
Joan Trulsen
Consent
:..•
12-22-99
ROUtiIG
TOTAL � OF SIGNATURE PAGES
GREEN SHEET
L�.i,-arz.: =:ii�:3
No1��259
aiiP'!' = �
� fJ1YA'RCIIIlY ❑ OIYClH11I
❑wWCw�a�ncFSaw. ❑wu.cr�,
, ���
�MYORWR/�f4tf/M1 ❑
(CLIP ALL LOCATIONS FOR SIGNATUR�
Approval to "carryforward" the City's unused 1999 entiClement allocation (bonding authority)
for the purpose of year 2000 issuance of qualified mortgage bonds and moxtgage cxedit
certificates.
PLANNING COMMISSION
CIB CAMMITfEE
CIVIL SERVICE COMMISSION
Has this ce�soNfrm everwwked wNer a mntrad tarthie depai6neM7
ves rio
tias mi pereaufirm ever been a ciy' emvbvce7
YES ND
Daes tlNS PeroorJfirm D� a sldll rat �wrma4YY�aeE DY �Y ��R� �Y �DbY�?
YES NO
Is Mis petanJfum a tarpeted verMa? �
YEA NO
At the end of each year, the State af Minnesota and the IRS require that the City
"carryforward" any portion of the City's unused bonding entitlement allocation, which
can then be used in the following year. This year's deadline is December 27, 1999.
Mortgage Revenue Bonds and Mortgage Credit Certificates can be issued during 2000 for the
benefit of low or moderate income City of Saint Paul home buyers.
None
r
ADVANT�A
w12a�ls
,000 of bonding authority will be lost.
OF TRANSACTION S �
SOURCE
(EXPWN)
��
COST/REVENUE BlfDfiETED (CIRCLE ONq VEE NO
ACTM7YNUMBEft
iJV� li�°L'�i.��xsi'� 6e*""4§
✓