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86-464 M�HITE - CITV CLERK PINK - FINANCE COIIII SI CANARV - DF�PARTMENT G I TY OF SA I NT PAU L /� BLU�E - MAYOR File NO. �v � � ouncil Resolution Presented By Referred To Committee: Date Out of Committee By Date R.ESOLUTION APPROVING AMENDMENT TO JOINT POWERS AGREEMENT FOR A SINGLE FAMILY HOUSING REVENUE BOND PR.OG AM AND AUTHOR.IZING EXECUTION THEREOF WHEREAS: A. The City of Saint Paul has acknowledged and accepted Joint Powers Agreement for a Single Family Housing Revenue Bond Program da d June 1, 1981 (the "Joint Powers AgreementTM), which Joint Powers Agreement w s entered into between the Housing and Redevelopment Authority of the City of aint Paul, Minnesota (the "HRA") and the Minneapolis Community Developm t Agency (the "MCDA") (collectively, the "Authorities") for the purpose of provid ng for the joint undertaking of a program to provide below market interest rate m rtgage loans primarily to persons of low and moderate income to finance the purchase or ehabilitation of homes within the geographic limits of the Cities of Saint Paul and inneapolis, Minnesota; B. The Program authorized by and described in the Joint wers Agreement was financed by the Authorities' $120,000,000 Single Family Housi g Revenue Bonds (Equity Participation Loan Program) dated as of June 1, 1981 (the 1981 Bonds"); the proceeds of which have been used to finance the Program desc ibed in the Joint Powers Agreement; C. The Authorities now propose to issue bonds to refund t 1981 Bonds, and this City Council has been informed that an amendment to the Joint Powers Agreement will be required in connection therewith; COUNCILMEN Requested by Department o Yeas $�11 Nays , Drew `•� (n Favor � NiCOSia scheibel __ Against BY Tedesco Wilson Rettman Form Approved by City Att ney Adopted by Council: Date � Certified Passed by Council Secretary BY By �lpproved by �Navor: Date Approve Mayor for Sub ion o Conncil By _ BY WHITE — CiTV CLERK PINK — FINANCE GITY OF SAINT PAUL Coun il CANnRV,� D�PARTMENT BLUE — MAVOR File NO• �� Council Resolution Presented By Referred To Committee: Date Out of Committee By Date NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint , Paul, Minnesota, as follows: 1. There has been submitted to this City Council a form o Amendment to Joint Powers Agreement for a Single Family Housing Revenue B nd Program (the "Amendment") to be dated as of May 1, 1986, which amends the Jo nt Powers Agreement to permit the issuance of refunding bonds by the Autho ities. The form of the Amendment is hereby approved, and the Amendment is here y authorized to be executed on behalf of the City by the Mayor, Director of the D partment of Planning and Economic Development, and Director of the Department of Fi ance and Management Services upon approval thereof by the office of the City Attorney. 2. Nothing in this Resolution shall be deemed or construe to be in derogation of any of the terms and conditions of the Joint Powers Agreement as amended, and all actions heretofore taken by the Authorities and the agents employees and staff of the Authorities pursuant thereto are hereby ratified and c nfirmed. Yeas CO Jonnen E Na s Requested by Department _ Y �Drew In Favor � Nicosia S�auwL � __ Against BY Tedesco Wilson Rettman APR 1986 � 5 Form Approved by City Att rney Adopted by Council: Date ` Certified P s ed Council cretary BY v, sy Appr d by �Vlavor: a � APR 1 7 1986 Appro d y Mayor for Sub i on Cou�il g _ By pUBIlSHED A P R 2 6 19$6 ! Nancy West - PED Housing DEPARTMENT �o' ��y Np 4097 7494, Ext: 277 ' CONTACT ' April 9, 1986 PHONE DATE 1 Q/�� Q Q,� ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) : �epartment Director 4 Director of nagement/Mayor Finance and Management Services Director 6 City Clerk Budget Directorn� 1 Oe ut Direc or - H u in 3 City Attorney{�1'� 5 Councilman S heib 1 WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpo e/ Ratio ale) : By signing attached resolution, you will be presenting for City C uncil consideration a resolution approving an amendment to the Joint Powers Agreement for a Single Family Housing Revenue Bond Program dated June 1 , 1981 . The amendment a lows the Saint Paul HRA and the MCDA to jointly issue refunding bonds for the 1981 pr gram. _. ,.-.. ��C�.►�✓c=!� COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: ��'' �ol� 1''�.�R `t �� fF;Y�F;';> �'��;L Refunding of 1981 bonds will re-establish admin. fee due Saint Pa 1 H�� and N�G��. In addition, Family Housing Fund will accept for the account of t e two Cities a deposit of $3 million to replenish the Fund's resources. FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR GREDITED: (Mayor's signa- �., � ture t re�� f"otal Amount of Transaction: Not to exceed $100,000,000 quire if u � $10,0 0) g -.� � Funding Source: Taxable bonds ��t=�;;-� ! - 1 - ��. -� (�r;�i ActiVity Number: PED #33001 �,� C�,.�:�;: .-.,., ATTACHMENTS (List and Number All Attachments) : '��'`�`�� =='�r-;�,�`:L (1) City Council Resolution � C 2) Fo.�. � f' /�,�.�n o(�w�` fo a,� �G,,...�.� ,<f�r DEPARTMENT REVIEW CITY ATTORNEY R VIEW x Yes No Council Resolution Required? Resolution Requ red? Yes No Yes x No Insurance Required? Insurance Suffi ien.t? Yes No Yes x No Insurance Rttached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 ; � � . ��. �� _ �� . . ; _ . AMENDMENT TO JOINT POWERS AGREEL�NT FOR A SINGLS FAMILY HOIISING REVENQE BOND P OGRA1rI THIS AMENDMENT TO JOINT POWERS AGREEMENT FOR A SINGLE FAMILY HOUSING REVENUE BOND PROGRAM ( "Amendment" ) h s been entered into as of the first day of May, 1986, by and betwe n the Housing and Redevelopment Authority of the City of Saint Pa 1, Minnesota (the "HRA" ) and the Minneapolis Community Developme t Agency (the "MCDA" ) (collectively, the "Authorities" ) , eac a body corporate and politic organized under the laws of t e State of Minnesota. RECITALS: • A. The Authorities entered into a Joint Po rs Agreement for a Single Family Housing Revenue Bond Program da ed as of June 1, 1981 (the "Joint Powers Agreement" ) pursua to Minnesota Statutes, Section 471.59 and Chapter 462C for the rpose of providing for the joint undertaking by the Authori ies of a program to provide below market interest rate mort ge loans primarily to persons of low and moderate income to finance the purchase or rehabilitation of homes within the geo raphic limits of the Cities of Saint Paul and Minneapolis, Minne ota; � - - B. The--program-authIIrized by the Joint Pow rs Agreement was financed by the Authorities ' Single Family Hou ing Revenue Bonds (Equity Participation Loan Program) dated -as of June 1, 1981 (the "1981 Bonds" ) in the original principal mount of $120,000, 000; - C. It is now proposed that the Authorities should issue .their Collateralized Mortgage Bonds, Series 1986 t be dated as of May 1, 1986 (the "1986 Bonds" ) for. the purpo e of refunding the 1981 Bonds; NOW THEREFORE, it is hereby agreed between he HRA and the MCDA, in consideration of their mutual promise and agreements herein, that the Joint Powers Agreement should be mended as follows : 1. Notwithstanding any provision of the Jo nt Powers � Agreement to the contrary, including particularly he provisions of Section 2 of the Joint Powers Agreement, it is ereby agreed between the HRA and the MCDA that nothing in the J int Powers 1 ^ , - �� - y�y Agreement, as hereby amended, shall be deemed or co strued to limit the right of the Authorities to issue refundi g bonds � from time to time for the purpose of refunding bond or other obligations previously issued �for the purposes desc ibed in the Joint Powers Agreement, including any bonds or bligations issued to refund a prior issue of bonds or obligati ns. It is hereby further agreed that the Authorities shall be entitled , to issue any such refunding bonds from time to time on such terms and conditions as they shall deem appropriate and desirable. 2. Except as hereby expressly amended, all f the terms and provisions of the Joint Powers Agreement shall emain in full force and effect. IN WITNESS WHEREOF, the Housing and Redevelo ment Authority of the City of Saint Paul, Minnesota, has caused th' s Amendment to be executed on its behalf by its Chair, Treasure , Executive Director and Director of Finance and Management Ser ices and the seal of said Authority to be hereunto affixed a d duly attested; - and the Minneapolis Community Development Agency ha caused this_ Amendment to be executed on its behalf by its hair, its Executive .Dir�ctor and Finance Officer and the sea of said Authority to be hereunto affixed and duly attested; all as of � the day and year first above written. HOUSING AND REDEVELOPM T AUTHORITY OF THE CITY OF SAINT UL, MINNESOTA . gy • Its Chair � BY Its Treasurer (SEAL) By Its Executive Direct r Attest: � Secretary By Its Director of Fina ce and Management Services Approved as to form: � Assistant City Attorney � 1 " . '• _ . �� ,� �� ; _ . MINNEAPOLIS COMMUNITY D VELOPMENT AGENCY (SEAL) By Its Chair Attest: Secretary By Its Executive Direct By Its Finance Officer Approved by: Assistant City Attorney �, � . - . . ;��-y�� ACRNOWLEDGMENT AND ACCEPTANCE • � The foregoing Amendment to Joint Powers Agr ment for a Single Family Housing Bond Program has been cons ted to and approved by the City of Minneapolis, Minnesota and he City of Saint Paul, Minnesota. Said Cities agree to be bound by the terms and conditions of the foregoing Amendmen and to take no action in derogation thereof. IN WITNESS WHEREOF, each of said Cities has caused this Acknowledgment and Acceptance to be executed on it behalf by its Mayor and attested by its City Clerk, and its eal to be hereunto duly affixed and attested. CITY OF SAINT PAUL, MI ESOTA � . By Its Mayor By _ Its Director, Depart ent of Planning and Econom' c Development . By . Its Director, Depart. ent of Finance � and Management Servi ces � (SEAL) Attest: City Clerk . Approved as to form: � Assistant City Attorney � , ." .� - � � � � � �.�� -�� ; _ . . CITY OF MINNEAPOLIS, MI NESOTA By . Its Mayor BY Its Finance Officer (SEAL) Attest: City Clerk Approved as to form and execution: Assistant City Attorney