86-1665 WH17E - CITY CLERK
PINK - FINANCE G I . Y OF SA I NT PAU L Council . �
- CANARV - DEPARTMENT f
- BL�E -�iNAVOR Flle NO•
�C u 'l Resolution
.�
! '�._� �
Presented By '
Referred Committee: Date
Out of Committ e By Date
ESOL TION ELEGATING BONDING AUTHORITY TO THE
MINN APOLI /SAINT PAUL HOUSING FINANCE BOARD
A D AP ROVIN CARRY-FORWARD OF BONDING AUTHORITY
WHEREAS: I
A. Purs ant t Minnesota Laws 1986, Chapter 465 , Ar icle
I, the City of St. Paul has been allocated a portion of the
bonding authori y ava' lable in the State of Minnesota for cal ndar
year 1986 unde Sec ion 146 of the Internal Revenue Cod of
1986 (the "Code' ) ;
B. A p rtion of the bonding authority allocated t the
City by he A locat' on Act will not be utilized by the City
or any of ' ts a encie during 1986 ;
C. Ther wil be a need in calendar year 1987 fo the
Minneapolis/Sai t Pa 1 Housing Finance Board (the "Board" ) to
issue qua ifie mort age bonds under Section 143 of the Code
and to iss e ex mpt f cility bonds for residential rental pro 'ects
under Sec ion 42 o the Code, in both cases for the pu pose
of financ' ng ho sing rograms for low and moderate income pe sons
residing ithin the C ties of Minneapolis and Saint Paul;
D. Thi Cou cil hereby finds and determines tha it
will be in the best interest of the City and its residen s if
bonding authori y ava' lable to the City, but not used in cal ndar
year 1986, be c rried forward into calendar year 1987 to fin nce,
in whole or in part, the housing finance programs of the oard
to be undertake in 1 87 ;
COUNCILMEN Requested by DepartmPnt of:
Yeas p�� Nays ��
��"Z In Favor
Nicosia
Scheibel
Sonnen A gai n s t BY
Tedesco
Wilson
Form Appr ve by City Attorney
Adopted by Council: Date ' � .
Certified Passed by Councll Secret ry By ,
B} ��'��'
Approved by iVlavor: Oate Approved by Mayor for Submission to Cou cil
By BY
� WHITE - C�TV CLERK
PINK - FINANCE G TY OF SA I NT PAU L Council !
� . . CANARV - DEPARTMENT Flle NO. �-/
BL�E -.MAVOR
C uncil Resolution -
Presented By
Referred To Committee: Date
Out of Committ e By Date
NOW THE FORE, BE IT RESOLVED by the City Counci of
the City o St. Paul, Minnesota, as follows :
1. The City hereby delegates to the Board the ower
and author'ty t issu :
a. $5,5 0, 000 of qualified mortgage bonds nder
Section 43 o the Code (which amount shall be com ined
with any bond'ng authority for qualified mortgage onds
similarl del gated to the Board by the Cit of
Minneapo is ) , nd for that purpose to utilize an equiv lent
principa amou t of the bonding authority allocate to
this Ci und r the Allocation Act for calendar year
1986;
' b. $3, 000, 000 of exempt facility bonds for
res 'dent'al r ntal projects under Section 142 of the
Cod (wh' ch a ount shall be combined with any bo ding
aut orit for xempt facility bonds for residential r ntal
pro 'ects simil rly delegated to the Board by the City
of Minn apoli ) , and for that purpose to utiliz an
equ'vale t pr ' ncipal amount of the bonding auth rity
all cate to this City under the Allocation Act for
cal ndar year 986.
I
2. ' This Counc 1 has been informed that the Board in ends
to car,ry forwa d th bonding authority delegated above into
calendar year 987 , nd in calendar year 1987 to utilize that
bonding authori y to inance its programs. Such a carry-fo ward
of bonding auth rity pursuant to the Allocation Act and Se tion
146 of the Code, by t e Board, is hereby approved.
3. This Resol tion shall take effect immediately.
COUNCILMEN R uested b De rtment of:
Yeas Nays � Y �
Drew
� ��� In Favor
Nicosia
Scheibel
Sonnen � A gainst BY
Tedesco
W i Ison
�E I 8 �� Form Approved by City Attorney
Adopted by Council: Date • .
Certified Ya b Coun 1 Se r BY �
12-I�-
ss�
t�ppr by iWavor: D _p Approved by Mayor for Submission to Cou cil
LJ
By BY
p, ?�c.��� 'A N 101987
_ . . . p� p �d�L/GG�" 0 05390
' DEPARTMENT � _ .
r ' S CONTACT �
�3 PHONE
,� �� DATE �'�r� .Q
ASSIG NUMBER FOR RQ , ING OR ER C1 ' All Locations for Si nature :
partment Direct r � Director of Management yor
F �aance and Manag ment S rvices Director � � City Clerk
Budget Dir.ector ,' �.
� City Attorney
WHAT WILL BE ACHIEYED QY TAK NG ACT N ON THE ATTACHED MATERIALS? (Purpose/
� . , Rationale) : ����`��
. w� ,
�j �- �-e.Cn � � o � r��
a a�'�1� v Q rr�,�.c,Q.� ,Ce- �c��-o�-�-�
� �l�� a nC� �-e- . �C.i,Q�
COST BENEFIT BUDGETA Y AND ERSONN L IMP TS ANTICIPATED:
Qn �
�INANCING SOURC� AND UDGET CTIVIT NUMBER CHARGED OR CREDITED: (Mayor's signa-
� ture not re-
Total Amount of."Tr nsacti n: quired if under
- � ,� , $10,00a)
Funding Source: ! ,- i
- ;0 n-�
Activity Number: . •
ATTACHMENTS List and Numbe Al1 At achments : .
/ • �aun� � l �e� o �u '�r� ,
;
DEPARTMENT REVIEW _ GITY ATTORNEY REYIEW
Yes No Council Resol ion Re uired? � � Resotution Required? es No
Yes No Insuran e Req red? Insuranc� Sufficient? es No
Yes No In.suran e Att hed:
� (S •REVE E SIDE FOR INSTRUCTIONS) .
Revised 12/84
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�1 s'L -/ -� �nd /��,2 _;,�6 _�� ,
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3rd � �— - �'7 Adopted /`/3 �
i , Y s Nays
' DREW
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NICOSIA . ;
� RETTMAN '�
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SCHEIBEL .� '7 ���
i • .
SONNEN
, WILSON
�
MR. , ESIDENT TEDE5C0
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