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99-194Council File # `�' �q� 1 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 oR��iNa� Presented By Resolution # Green Sheet # 5 ac c� y RESOLUTION CITY OF SAINT PAUL, MINNESOTA Referred To Committee: Date �� APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY MORTGAGE REVENUE BONDS TO PROVIDE FOR THE RECYCLING OF PROGRAM MO�ES TO MAKE ADDITIONAL LOANS FOR LOW OR MODERATE PERSONS AND FAMILIES AND APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH WI3EREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the HRA), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint Paul Housing Finance Board (the MHFB), pursuantto that certain Joint Powers Agreement, as amended, by and between the HRA, the Minneapolis Community Development Agency (the MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the City), from time to time has issued individually or jointly with other issuers various series of single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the Prior Bonds), far the purpose of providing below-market interest rate financing to low or moderate income persons and families (QualifiedBuyers); and WIIEREAS, the federal taY law permits the issuance of tax-exempt refunding bonds to refund certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to maturity; and WHBREAS, it is the policy of the HRA to "recycle° the resource represented by the Prior Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to provide far the origination of additional single family loans to Qualified Buyers; and WHEREAS, because the various series of Refunding Bonds are due and become subject to redemption at various times during the calendar year in relatively small principal amounts which can not efficiently and economically be refunded by the issuance of separate series of refunding bonds, the I�RA, in cooperation with the City, Minneapolis, the MCDA and the MHFB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time to time, to provide for the refunding of the Prior Bonds, and to periodically issue Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits; NOW THEREFORE, be it resolved by the City Council ofthe City of Saint Paul, Minnesota, as follows: 1. The Executive Director of the HRA or his designee, is hereby authorized and directed to take such actions as are necessary or convenient to implement the City's policy of m�imizing the resource represented by Saint Paul Resolution - Recycling 1762224 01 Q9 - ►9�} 37 the Prior Bonds. Without limiting the generality of the foregoing, the Executive Director is specifically 38 authorized to execute and deliver, from time to time, escrow agreements, pay fees, and to do all other things 39 necessary or convenient to provide for the deposit of funds made available by the City, the HI2A or the MHFB 40 (Escrow Deposits) to refund Prior Bonds becoming due or subject to prepayment from tune to tune. 41 42 2. The City hereby approves the issuance by the IIRA, individually or in cooperarion with the 43 MCDA, the NII�'B and Minneapolis of the Refunding Bonds at such times and in such amounts as aze efFective 44 and economical, in an aggregate principal amount from time to time identified by the Executive Director of the 45 HRA, or his designee in writing and filed in the official records of the IIF2A, and estimated to be between 46 $30,000,000 and $40,000,000 in 1999, to reunburse the City, the HRA or the MHFB for any and all escrow 47 deposits made by them, respectively, all for the purpose of providing for the origination of additional single 48 family mortgage loans to be made to Qualified Buyers. 49 50 3. All actions of the members, employees and staff of the City or the HRA heretofare taken in 51 fiu•therance of the policies of the City and the HRA stated herein aze hereby approved, ratified and confirmed. 52 ORIGINAL Saint Paul Resolution - Recycling I'762224.01 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 ORIGINA� Schedule A ' ' Prior Bonds: Q q -1�14 Single Family Mortgage Revenue Sonds or Refunding Bonds: Issue Date Phase IV, Series A, B& C 5/1/87 Phase V, Series A, B& C I1/1/87 Phase VI, Series B 8/1/88 Phase VII, Series A 4/13/89 Phase VIII, Series A 2/8/90 Phase IX, Series A 8/29/91 Phase X, Series A 11/30/94; 9/1/96 Phase XI, Series A& B 7/23/97 Phase XII, Series A& B 12/29/98 Phase II Refunding, Series A and Series B 6/6/96 Saint Paul Middle Income, Phase I 12/1/91 (supplemented 6/1/94) Saint Paul Middle Income, Phase II 3/6/95 Saint Paul Middle Income, Phase III 4/15/97 Home Ownership and Renovation, Phase I 7/1/89 Home Ownership and Renovation, Phase II 6/1/91 Home Ownership and Renovation, Phase III 12/1/93 Home Ownership Program, Phase V 1/5/95 Home Ownership Program 8/11/98 Convertible Option Bonds, Series A& B 12/29/98 Requested by Department of: Plannin & Economic e10 ment BY _ � ��/20 Adoption Certifie by Council Secr BY: � ��1 ��^I��OJ�i Approved by Mayor te ,,`�� /�� By: Saint Paul Resolution - Recycling 1762224.01 Form Approved by C' y�ney I By: � J Approved by Mayor r Submissi o Cou 1 By Adopted by Council: Date ,�y� `� �\�� i N° 52064 a4 _Iq4 OEPARiMENTNFfICErCOUNQL � DATE INITIATED � � � � PED/SouthwestTeam � 02-17-99 GREEN SHEET CONTNGTPERSON 8 PHONE INITIAL/DATE INITIAVpATE Q DEPARTMENT DIRECTOR � CINCOUNQI ASSIGN CITYATTORNEY 2 dTVCLERK n T�ul52n 266-6694 NUMBERFOR � �' � MUS BE ON CAUNCIL AGENDA BV (DATE) pOUTING O BUDGET DIFiECTOR O FIN 8 MGT SEFVICES DIR. OFOEfl �MAYOR(ORASSISTAIJn �AmyFilice rua 24 1999 TOTAL # OF SIGNATURE PAGES One (11 (CLIP ALL LOCATIONS FOR SIGNATURE) (iQl�� Qqn��I'µ'S�¢1t - �30d C(� AGfION FEQUESTED: Approving a program of refunding Single Family Mortgage Revenue Bonds to provide for the recycling of program monies. RECAMMENDAnONS: npprove (A) or Reien (R) pEHSONAL SERVICE CONTflACTS MUST ANSWER THE FOLLOWING OUESTIONS: _ PLANNING COMMISSION _ CIVIL SERVICE COMMISSION �- Has ihis personlfirm ever worketl untler a contract for this tlepartment? _ CIB COMMfREE YES NO — 2. Has this personRirm ever been a ciry empioyee� _ STAFF — VES NO _ DIS7RiC7 COUR7 _ 3. Does [his person/firm possess a skill not normally possessetl by any currant city emD�oyee? SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO Explain eii yes answers on separete sheet and ettech to graen sheet INITIATING PflOBLEM. ISSUE. OPPORTUNITY (VJho. Vfiat. WM1en. Where. Why): Authorizes the HRA director to take actions to implement the City's policy of maximizing resources and the issuance of Refunding Bonds as appropriate. ADVANTAGES IF APPROVED: Additional loans will be available for low or moderate income families. DISADVANTAGES IF AGPROVED None. DISADVANTAGES IF NOTAPPROVED' �mE�r,�'• �;�-.�� rs.`�.:.:;: � Additional loans will not be available. �E , �� m�� FEg 19199 � OFEICE TOTAL AMOUNT OF TRANSACTION 5 � COST/REVENUE BUDGETED (GIRCLE ONE) YES NO FUNDIIdG SOURCE ACTIVITV NUMBER FINANCIAL INFORIJATiON: (EXPt,AIN) Council File # `�' �q� 1 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 oR��iNa� Presented By Resolution # Green Sheet # 5 ac c� y RESOLUTION CITY OF SAINT PAUL, MINNESOTA Referred To Committee: Date �� APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY MORTGAGE REVENUE BONDS TO PROVIDE FOR THE RECYCLING OF PROGRAM MO�ES TO MAKE ADDITIONAL LOANS FOR LOW OR MODERATE PERSONS AND FAMILIES AND APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH WI3EREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the HRA), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint Paul Housing Finance Board (the MHFB), pursuantto that certain Joint Powers Agreement, as amended, by and between the HRA, the Minneapolis Community Development Agency (the MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the City), from time to time has issued individually or jointly with other issuers various series of single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the Prior Bonds), far the purpose of providing below-market interest rate financing to low or moderate income persons and families (QualifiedBuyers); and WIIEREAS, the federal taY law permits the issuance of tax-exempt refunding bonds to refund certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to maturity; and WHBREAS, it is the policy of the HRA to "recycle° the resource represented by the Prior Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to provide far the origination of additional single family loans to Qualified Buyers; and WHEREAS, because the various series of Refunding Bonds are due and become subject to redemption at various times during the calendar year in relatively small principal amounts which can not efficiently and economically be refunded by the issuance of separate series of refunding bonds, the I�RA, in cooperation with the City, Minneapolis, the MCDA and the MHFB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time to time, to provide for the refunding of the Prior Bonds, and to periodically issue Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits; NOW THEREFORE, be it resolved by the City Council ofthe City of Saint Paul, Minnesota, as follows: 1. The Executive Director of the HRA or his designee, is hereby authorized and directed to take such actions as are necessary or convenient to implement the City's policy of m�imizing the resource represented by Saint Paul Resolution - Recycling 1762224 01 Q9 - ►9�} 37 the Prior Bonds. Without limiting the generality of the foregoing, the Executive Director is specifically 38 authorized to execute and deliver, from time to time, escrow agreements, pay fees, and to do all other things 39 necessary or convenient to provide for the deposit of funds made available by the City, the HI2A or the MHFB 40 (Escrow Deposits) to refund Prior Bonds becoming due or subject to prepayment from tune to tune. 41 42 2. The City hereby approves the issuance by the IIRA, individually or in cooperarion with the 43 MCDA, the NII�'B and Minneapolis of the Refunding Bonds at such times and in such amounts as aze efFective 44 and economical, in an aggregate principal amount from time to time identified by the Executive Director of the 45 HRA, or his designee in writing and filed in the official records of the IIF2A, and estimated to be between 46 $30,000,000 and $40,000,000 in 1999, to reunburse the City, the HRA or the MHFB for any and all escrow 47 deposits made by them, respectively, all for the purpose of providing for the origination of additional single 48 family mortgage loans to be made to Qualified Buyers. 49 50 3. All actions of the members, employees and staff of the City or the HRA heretofare taken in 51 fiu•therance of the policies of the City and the HRA stated herein aze hereby approved, ratified and confirmed. 52 ORIGINAL Saint Paul Resolution - Recycling I'762224.01 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 ORIGINA� Schedule A ' ' Prior Bonds: Q q -1�14 Single Family Mortgage Revenue Sonds or Refunding Bonds: Issue Date Phase IV, Series A, B& C 5/1/87 Phase V, Series A, B& C I1/1/87 Phase VI, Series B 8/1/88 Phase VII, Series A 4/13/89 Phase VIII, Series A 2/8/90 Phase IX, Series A 8/29/91 Phase X, Series A 11/30/94; 9/1/96 Phase XI, Series A& B 7/23/97 Phase XII, Series A& B 12/29/98 Phase II Refunding, Series A and Series B 6/6/96 Saint Paul Middle Income, Phase I 12/1/91 (supplemented 6/1/94) Saint Paul Middle Income, Phase II 3/6/95 Saint Paul Middle Income, Phase III 4/15/97 Home Ownership and Renovation, Phase I 7/1/89 Home Ownership and Renovation, Phase II 6/1/91 Home Ownership and Renovation, Phase III 12/1/93 Home Ownership Program, Phase V 1/5/95 Home Ownership Program 8/11/98 Convertible Option Bonds, Series A& B 12/29/98 Requested by Department of: Plannin & Economic e10 ment BY _ � ��/20 Adoption Certifie by Council Secr BY: � ��1 ��^I��OJ�i Approved by Mayor te ,,`�� /�� By: Saint Paul Resolution - Recycling 1762224.01 Form Approved by C' y�ney I By: � J Approved by Mayor r Submissi o Cou 1 By Adopted by Council: Date ,�y� `� �\�� i N° 52064 a4 _Iq4 OEPARiMENTNFfICErCOUNQL � DATE INITIATED � � � � PED/SouthwestTeam � 02-17-99 GREEN SHEET CONTNGTPERSON 8 PHONE INITIAL/DATE INITIAVpATE Q DEPARTMENT DIRECTOR � CINCOUNQI ASSIGN CITYATTORNEY 2 dTVCLERK n T�ul52n 266-6694 NUMBERFOR � �' � MUS BE ON CAUNCIL AGENDA BV (DATE) pOUTING O BUDGET DIFiECTOR O FIN 8 MGT SEFVICES DIR. OFOEfl �MAYOR(ORASSISTAIJn �AmyFilice rua 24 1999 TOTAL # OF SIGNATURE PAGES One (11 (CLIP ALL LOCATIONS FOR SIGNATURE) (iQl�� Qqn��I'µ'S�¢1t - �30d C(� AGfION FEQUESTED: Approving a program of refunding Single Family Mortgage Revenue Bonds to provide for the recycling of program monies. RECAMMENDAnONS: npprove (A) or Reien (R) pEHSONAL SERVICE CONTflACTS MUST ANSWER THE FOLLOWING OUESTIONS: _ PLANNING COMMISSION _ CIVIL SERVICE COMMISSION �- Has ihis personlfirm ever worketl untler a contract for this tlepartment? _ CIB COMMfREE YES NO — 2. Has this personRirm ever been a ciry empioyee� _ STAFF — VES NO _ DIS7RiC7 COUR7 _ 3. Does [his person/firm possess a skill not normally possessetl by any currant city emD�oyee? SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO Explain eii yes answers on separete sheet and ettech to graen sheet INITIATING PflOBLEM. ISSUE. OPPORTUNITY (VJho. Vfiat. WM1en. Where. Why): Authorizes the HRA director to take actions to implement the City's policy of maximizing resources and the issuance of Refunding Bonds as appropriate. ADVANTAGES IF APPROVED: Additional loans will be available for low or moderate income families. DISADVANTAGES IF AGPROVED None. DISADVANTAGES IF NOTAPPROVED' �mE�r,�'• �;�-.�� rs.`�.:.:;: � Additional loans will not be available. �E , �� m�� FEg 19199 � OFEICE TOTAL AMOUNT OF TRANSACTION 5 � COST/REVENUE BUDGETED (GIRCLE ONE) YES NO FUNDIIdG SOURCE ACTIVITV NUMBER FINANCIAL INFORIJATiON: (EXPt,AIN) Council File # `�' �q� 1 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 oR��iNa� Presented By Resolution # Green Sheet # 5 ac c� y RESOLUTION CITY OF SAINT PAUL, MINNESOTA Referred To Committee: Date �� APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY MORTGAGE REVENUE BONDS TO PROVIDE FOR THE RECYCLING OF PROGRAM MO�ES TO MAKE ADDITIONAL LOANS FOR LOW OR MODERATE PERSONS AND FAMILIES AND APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH WI3EREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the HRA), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint Paul Housing Finance Board (the MHFB), pursuantto that certain Joint Powers Agreement, as amended, by and between the HRA, the Minneapolis Community Development Agency (the MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the City), from time to time has issued individually or jointly with other issuers various series of single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the Prior Bonds), far the purpose of providing below-market interest rate financing to low or moderate income persons and families (QualifiedBuyers); and WIIEREAS, the federal taY law permits the issuance of tax-exempt refunding bonds to refund certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to maturity; and WHBREAS, it is the policy of the HRA to "recycle° the resource represented by the Prior Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to provide far the origination of additional single family loans to Qualified Buyers; and WHEREAS, because the various series of Refunding Bonds are due and become subject to redemption at various times during the calendar year in relatively small principal amounts which can not efficiently and economically be refunded by the issuance of separate series of refunding bonds, the I�RA, in cooperation with the City, Minneapolis, the MCDA and the MHFB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time to time, to provide for the refunding of the Prior Bonds, and to periodically issue Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits; NOW THEREFORE, be it resolved by the City Council ofthe City of Saint Paul, Minnesota, as follows: 1. The Executive Director of the HRA or his designee, is hereby authorized and directed to take such actions as are necessary or convenient to implement the City's policy of m�imizing the resource represented by Saint Paul Resolution - Recycling 1762224 01 Q9 - ►9�} 37 the Prior Bonds. Without limiting the generality of the foregoing, the Executive Director is specifically 38 authorized to execute and deliver, from time to time, escrow agreements, pay fees, and to do all other things 39 necessary or convenient to provide for the deposit of funds made available by the City, the HI2A or the MHFB 40 (Escrow Deposits) to refund Prior Bonds becoming due or subject to prepayment from tune to tune. 41 42 2. The City hereby approves the issuance by the IIRA, individually or in cooperarion with the 43 MCDA, the NII�'B and Minneapolis of the Refunding Bonds at such times and in such amounts as aze efFective 44 and economical, in an aggregate principal amount from time to time identified by the Executive Director of the 45 HRA, or his designee in writing and filed in the official records of the IIF2A, and estimated to be between 46 $30,000,000 and $40,000,000 in 1999, to reunburse the City, the HRA or the MHFB for any and all escrow 47 deposits made by them, respectively, all for the purpose of providing for the origination of additional single 48 family mortgage loans to be made to Qualified Buyers. 49 50 3. All actions of the members, employees and staff of the City or the HRA heretofare taken in 51 fiu•therance of the policies of the City and the HRA stated herein aze hereby approved, ratified and confirmed. 52 ORIGINAL Saint Paul Resolution - Recycling I'762224.01 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 ORIGINA� Schedule A ' ' Prior Bonds: Q q -1�14 Single Family Mortgage Revenue Sonds or Refunding Bonds: Issue Date Phase IV, Series A, B& C 5/1/87 Phase V, Series A, B& C I1/1/87 Phase VI, Series B 8/1/88 Phase VII, Series A 4/13/89 Phase VIII, Series A 2/8/90 Phase IX, Series A 8/29/91 Phase X, Series A 11/30/94; 9/1/96 Phase XI, Series A& B 7/23/97 Phase XII, Series A& B 12/29/98 Phase II Refunding, Series A and Series B 6/6/96 Saint Paul Middle Income, Phase I 12/1/91 (supplemented 6/1/94) Saint Paul Middle Income, Phase II 3/6/95 Saint Paul Middle Income, Phase III 4/15/97 Home Ownership and Renovation, Phase I 7/1/89 Home Ownership and Renovation, Phase II 6/1/91 Home Ownership and Renovation, Phase III 12/1/93 Home Ownership Program, Phase V 1/5/95 Home Ownership Program 8/11/98 Convertible Option Bonds, Series A& B 12/29/98 Requested by Department of: Plannin & Economic e10 ment BY _ � ��/20 Adoption Certifie by Council Secr BY: � ��1 ��^I��OJ�i Approved by Mayor te ,,`�� /�� By: Saint Paul Resolution - Recycling 1762224.01 Form Approved by C' y�ney I By: � J Approved by Mayor r Submissi o Cou 1 By Adopted by Council: Date ,�y� `� �\�� i N° 52064 a4 _Iq4 OEPARiMENTNFfICErCOUNQL � DATE INITIATED � � � � PED/SouthwestTeam � 02-17-99 GREEN SHEET CONTNGTPERSON 8 PHONE INITIAL/DATE INITIAVpATE Q DEPARTMENT DIRECTOR � CINCOUNQI ASSIGN CITYATTORNEY 2 dTVCLERK n T�ul52n 266-6694 NUMBERFOR � �' � MUS BE ON CAUNCIL AGENDA BV (DATE) pOUTING O BUDGET DIFiECTOR O FIN 8 MGT SEFVICES DIR. OFOEfl �MAYOR(ORASSISTAIJn �AmyFilice rua 24 1999 TOTAL # OF SIGNATURE PAGES One (11 (CLIP ALL LOCATIONS FOR SIGNATURE) (iQl�� Qqn��I'µ'S�¢1t - �30d C(� AGfION FEQUESTED: Approving a program of refunding Single Family Mortgage Revenue Bonds to provide for the recycling of program monies. RECAMMENDAnONS: npprove (A) or Reien (R) pEHSONAL SERVICE CONTflACTS MUST ANSWER THE FOLLOWING OUESTIONS: _ PLANNING COMMISSION _ CIVIL SERVICE COMMISSION �- Has ihis personlfirm ever worketl untler a contract for this tlepartment? _ CIB COMMfREE YES NO — 2. Has this personRirm ever been a ciry empioyee� _ STAFF — VES NO _ DIS7RiC7 COUR7 _ 3. Does [his person/firm possess a skill not normally possessetl by any currant city emD�oyee? SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO Explain eii yes answers on separete sheet and ettech to graen sheet INITIATING PflOBLEM. ISSUE. OPPORTUNITY (VJho. Vfiat. WM1en. Where. Why): Authorizes the HRA director to take actions to implement the City's policy of maximizing resources and the issuance of Refunding Bonds as appropriate. ADVANTAGES IF APPROVED: Additional loans will be available for low or moderate income families. DISADVANTAGES IF AGPROVED None. DISADVANTAGES IF NOTAPPROVED' �mE�r,�'• �;�-.�� rs.`�.:.:;: � Additional loans will not be available. �E , �� m�� FEg 19199 � OFEICE TOTAL AMOUNT OF TRANSACTION 5 � COST/REVENUE BUDGETED (GIRCLE ONE) YES NO FUNDIIdG SOURCE ACTIVITV NUMBER FINANCIAL INFORIJATiON: (EXPt,AIN)