86-1688 WHITE - CITV CIERK
PINK - FINANCE I TY OF SA I NT PA LT L Council ,(?G `�d'J�
CAI�ARV -pEPARTMENT �
BLUE - MAVOR U
File N .
ouncil Resolution
Presented By
• Referred To Committee: Date
Out of Commi tee By Date
2. Upon pproval thereof by the City Attorney, the appropriate officers
of the City are he eby au orized and directed to execute and deliver such certi icates
of other documen s as ma be required to evidence or prove the City's execution
of the First Amen ed Joi Powers Agreement. Any such certificate, when exe ted
and delive ed, sh 1 be de med to be a representation of the City as to the truth of
the matte s set f rth her n.
COUNCILMEN Requested b Department of:
Yeas p�� Nay �
Nicosia [n Favor
Rettman
Scheibel � _
Sonnen __ Ageillst BY
�A'edeeao
W ilson
Adopted by Council: Date �E � � t�u Form Approv City Attorne
B ✓�'����������
Certified Pa s d y oun .il Se a Y
By
Appro d by lVlavor. Da � 2 � ' Approve Mayoc for Submis ' to � ncil
B _ By
PUBtI HED J N - 3198�
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, F AM NDED JOINT POWERS AGREEMENT
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Creating the
NEAPOLIS/SAINT PAIIL
OUSING FINANCE BOARD
Or' " Dated as of December 1, 1984
F' t Ame ment Dated ss of November 1, 1986 �
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INT POWERS AGREEMENT
THIS JOINT POWE S AGREEMENT is entered into as of the lst day of
December, 1984, b and be ween the Housing and Redevelopment Authority of t e
City of Saint Pa , Minn sota (the "HRA"), and the Minneapolis Commun ty
Development Agen y (the "CDA") (collectively, the "Authorities"), each a b y
corporate and polit c organ zed under the laws of the State of Minnesota, pursu nt
to Minneso a Sta tes, S etion 471.59, including subdivision 11 thereof, a d
Chapter 46�, and a ended s of November 1, 1986 by the Authorities and the C ty
of Minneapolis ("Mi neapoli "), a political subdivision of the State of Minnesota.
1. State ent of Pur ose and Powers to be Exercised. There is a need in
both the City of S int Pa 1, Minnesota, and the City of Minneapolis, Minne ta
(collectively, the " ities"), to preserve the quality of life through the maintenan e,
provision a d pres rvation of adequate housing stock, to encourage new hous'
constructior� and t e reha ilitation of substandard structures, to provide in n
timely fashi!on affo dable h using primarily to persons of low and moderate inco e
who are unable to afford ousing at current market interest rates or to ob in
housing financing b cause f the severely restricted mortgage credit market, d
to provide financin to pro iders of residential housing at rents and interest ra es
which perm�t the d velop ent or rehabilitation of housing at costs affordable to
persons of Ilow an mode ate income. in order to promote the public heal h,
welfare an� prospe ity, th Authorities and 'Vlinneapolis hereby undertake to et
jointly in furthera ce of t e foregoing purposes and to undertake to create he
joint housing financ board provided for herein for the public purposes of provid ng
decent, safe, sanita y and a fordable housing to residents of the Cities.
The owers o be e ercised by the Authorities and Minneapolis or by he
Board (as ereafte defin ) are the powers conferred upon each City and th ir
designated , ousing and red velopment authorities in Minnesota Statutes, Chap er
462C, the powers conferr d on the Authorities by Minnesota Statutes, Sect on
462.411 et s ., an the p wers now or hereafter conferred upon the Authorit es
under any general or spec al law of the State of Minnesota, and, in the case of
� '.Viinneapolis, the p wers fo merly conferred on the CDA under generai or spe ial
� law or by o inanc and r erved to the City of Minneapolis by its Ordinance o.
� 86-OR-36, �includi g with ut limitation, the (i) power to undertake financ ng
programs to imple ent ind vidual components of the housing plan developed by nd
for each City purs ant to innesota Statutes, Chapter 462C, and to issue reve ue
bonds to finance s ch prog ams, (ii) the power to undertake projects and progra s
to implement the purpos s of Minnesota Statutes, Chapter 462, and to is ue
revenue bonds to finance such programs and projects, (iii) the power to is ue
' . revenue bor�ds and to use he proceeds thereof to carry out the powers confer ed
upon either!City o Author ty by any general or special law heretofore or hereaf er
enacted and appro ed, and (iv) the power to act as a joint board to implement ny
project or progra and t use for that purpose the proceeds of revenue bo ds
issued by the Boar or by e Authorities or Cities. Subject to any further act on
of such City, the ity of S int Paul hereby specifically designates the HRA and he
Board to xercise its po ers under iViinnesota Laws 1981, Chapter 222, nd
iViinnesota �tatute , Chapt r 474A, or.any successor bonding authority allocat on
law, to issule bond subjec to the Internal Revenue Code of 1986, as amended, in
the amount set ou in sai Chapter 222 or as allocated to either City under s id
Chapter 474A or ny suc essor bonding authority allocation law and to use he
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�. proceeds thereof w thin ei her City. Subject to any further action by such Ci ,
the City of Minne olis he eby specifically designates the Board to exercise s
� powers und�r Minn sota La s 1981, Chapter 222, and Minnesota Statutes, Chapt r
474A, or any succ sor bon ing authority allocation law, to issue bonds subject o .
� the Interna� Reven e Cod of 1986, as amended, in the amount set out in s 'd
Chapter 22 or a alloca d to either City under said Chapter 474A, or a y
successor bonding thority allocation law, and to use the proceeds thereof wit in
either City.l
2. Meth d b Ac ievin Pur ose• Manner of Exercisin Power. The Ci y
of Saint Pa41 has p eviousl adopted an ordinance designating the HRA to exerc' e
its powers �nder innesot Statutes, Chapter 462C or any related special la .
Pursuant to the ap roval a d consent of the Cities provided by their respecti e
� ordinances jand e 'denced by their acknowledgennent and acceptance of t is
Agreement below, he HR �and the City of Minneapolis, or if duly designated y
the City of Minn polis, he CDA, shall exercise the power of a housing a d
redevelopm�nt aut ority er Minnesota Statutes, Chapter 462C, or any relat d
special law, either intly b and through the Board or jointly by themselves.
The �iftA a Minn polis have each adopted a resolution designating t e
Board to implemen any pr ject or program which eithec the HRA or Minneapolis is
authorized �o unde take der Minnesota Statutes, Chapter 462 or 462C and o �
exercise th power confe ed on the Authorities by Minnesota Statutes, Secti n
• 462.411 et se . or a y gene al or special law af the State of Minnesota and to iss e
revenue bon�ds and se the p oceeds thereof as set forth herein.
The Board c eated h reby shall have the same powers, except as provid d
herein, subj�eet to he sam conditions and limitations which would apply if t e
powers enu�lnerated above, including the power to issue the bonds or obligatio s,
were exercised by he HR or Minneapolis, and for that purpose any reference in
any statute� law or charte provisions authorizing the exercise of said powers r
authorizing the iss ance o bonds under Chapters 462 or 462C or any general or
special law may be conside ed a reference to the Board. Accordingly,, the Bo rd
shall have t�e pow r to ad pt such regulations or resolutions as shall be necess ry
or convenient to ex rcise s ch powers and to the extent permitted by law, to iss e
and sell revenue nds or obligations with respect to which the Board shall e
obligated, �nd to adopt r enter into such other resolutions, documents a d
agreements as shal be nec ssary or convenient to properly manage, administer a d
operate the projec s or pr grams utilizing the proceeds of bonds or obligati ns
issued by tlhe Boar or th HRA or 1�Iinneapolis and such other funds as may e
. made available for se in c njunction with the projects or programs.
The �roject or pro rams shall be managed, administered and operated in
the manner provid d here n and in the documents related thereto. Except as
• otherwise provided herein, he Board may act singularly, without any consent by or
action of thle Auth rities o 'Vlinneapolis, with respect to the administration of e
projects or progra s to the extent provided in the related documents.
3. � Limit tions o the Powers of the Board. The powers of the Board re
hereby expressly imited to those powers necessary or convenient for e
implementa�tion o projec s and programs for the acquisition, developme t,
constructiorh, reha ilitatio improvement and financing of decent, safe, sanit ry
and affordable resi ential ousing facilities and facilities funetionally related d
subordinate j theret or nec sary in connection therewith.
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The powers f the B ard shall be further limited as follows:
undel (a) The B ard shall not undertake to issue bonds or obligati ns
� Chap er 462 or otherwise implement a Chapter 462C program or
project unt 1 and nless either the City of Saint Paul or the City of
Minneapolis (if the roceeds are to be used solely within one City) or b th
Cities (if th proce ds are to be used within both Cities) have approved he
finar�cing pr gram a provided in Chapter 462C and adopted a resolution or
reso�utions authori ing any or all of the Authorities or the Cities to
unde take t e finan ing programs by the issuance of bonds or obligations by
the Board d any r all of the Authorities or the Cities, as appropria e,
have adopt d a re olution designating the Board to issue the bonds or
obligation o their ehalf. Any action herein required to be taken by eit er
City may b taken y its respective Authority upon authorization by s ch
City in acco dance ith applicable laws and ordinances.
, (b) The B ard shall not undertake to issue bonds or obligati ns
unde'r Chap r 462 r implement any project or program under Chapter 62
until and u less eit er the HRA or CDA (if the proceeds are to be u ed
within the j risdicti n of one City) or both of them (if the proceeds are to
be used wit in the risdiction of both Cities) have adopted a resolution or
reso utions approvi g the financing of the project or program nd
desi�nating he Boa to issue the bonds or obligations on their behalf.
(c) The B ard shall not undertake to issue bonds or obligati ns
under any o her gen ral or special law or implement any project or progr m
hereunder u til and unless either the appropriate City or Authority (if he
proceeds ar to be sed within the jurisdiction of one City or Authority) or
both��, Cities or Au horities (if the proceeds are to be used within he
. juris iction of bot Cities or Authorities) have adopted a resolution or
reso utions approvi g the financing of the project or program nd
designating he Boa to issue the bonds or obligations on their behalf.
. (d) The B ard may not pledge the full faith and credit or tax ng
power of eit er Cit or either Authority for any purpose whatsoever.
(e) The b nds or obligations shall be issued in conformance ith
� the provisio s of C apter 462, Chapter 462C, Chapter 474A or any ot er
applicable g neral o special law, as appropriate.
�f) The B ard shall not undertake any other project or progr m
exce t purs ant to resolution or resolutions adopted by any or all of he
' � Autt�orities nd Min eapolis, as appropriate.
(g) The B ard shall not issue bonds or obligations in its own na e
unless the ard ha received an opinion of recognized bond counsel to he
effect that he Bo d has the requisite power and authority to issue bond or
obligations which re valid and enforceable under 17innesota law, nd
furt er to he effe t (if the Board proposes to issue tax exempt bonds or
obli ations) thaY th Board has •the requisite power and authority to is ue
bon s or ob 'gatio the interest on which is exempt from federal inco e
taxation.
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Nothi g here n shall e construed to limit the powers of the Board to th
• issuance of evenu bonds r obligations the interest on which is exempt fro
� federal inco e taxa ion.
4. . ' Defini ions. this Agreement, unless a different meaning clear �
appears froni the c text, t e following terms shall have the following respecti
meanings:
Authorities: the 1�4i neapolis Community Development Agency and t
Housing and Redev lopmen Authority of the City of Saint Paul, !Viinnesota, a
their successors and assigns;
Board: The 1� nneapo s/Saint Paul Housing Finance Board created herein;
Bonds: Any b nds or ther obligations issued by the Board in the exercise f
its powers granted ereund r or by the Authorities in the exercise of their joi t
powers granted her under; nd such bonds or obligations may be issued, for a y
partieular series, in the for of a single debt instrument, or upon such terms a d
conditions, o,onsiste t with his Agreement, as the Board or Authorities shall dee
appropriate;i,
Citie : The ity of Minneapolis, Minnesota, and the City of Saint Pa , .
:Vlinnesota, ,
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� Minn�apolis: he Cit of Minneapolis, Minnesota;
Pro ram: A housi g finance program pursuant to l�Zinnesota Statute ,
Chapters 462 and 62C, o any other general or special law, approved by t e
respective governin bodies of the Cities and Authorities, or both, as appropriat ,
and pursuant to whi h the p oceeds of a series of Bonds shall be used to finance t e
purposes of the Pro ram;
Project: Any reside ial housing project or development authorized und r
1�linnesota Statutes, Chapte s 462 or 462C, or any other general or special law o
be financed from th proce s of one or more series of Bonds.
5. Creat on of he :Vlinnea olis/Saint Paul Housin Finanee Boar •
Powers and Duties. There is hereby created the Minneapolis/Saint Paul Housi g
Finance Bosird repr sentati e of the Authorities and Minneapolis, consisting of n t
;nore than �ix me bers an having the powers and duties provided herein wi h
respect to he dev lopmen , implementation and administration of Programs a d
• . Projects an the iss ance o Bonds therefor.
6. I, Memb rs. T e Board shall consist of not more than six membe s.
One-half ofl said embers shall be nominated by the Chair of the HRA a d
approved by' its gov rning b dy, and shall reside in the City of Saint Paul. Memb s
of the Board appoi ed by t e HRA must be commissioners of the HRA. One-h lf
of said mernbers s all be appointed by the Minneapolis City Council, and sh 11
reside in the City o 1�Iinne polis. Members of the Board appointed by Minneapo is
must be members f the ity Couneil. Members shall hold office for a term f
four years or until heir su cessors are appointed and qualified; provided that t e
initial members of he Bo may be appointed for terms of more or less than f r
years, if so nomina ed and pproved by the appropriate governing body. Vacanc' s
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shall be filled in th mann r provided above for appointment. a member may e
removed at any tim with o without cause by the appropriate governing body a d
shall be rerr�oved u on ceas ng to be a Commissioner of the HRA or a Minneapo 's
Council mernber, as applice le. Members shall receive no compensation, but m y
be reimbursed for heir ac ual costs and expenses incurred in carrying out th ir
duties as melmbers f the B rd.
7. , Meeti s. M tings of the Board shall be held at such times, but t
least once a�hnually, and at uch places and with such notice as shall be provided n
such by-laws as the Board ay adopt. Matters concerning the agenda of ineetin s,
minutes of �neeting , rules of order or procedure, quorum requirements and t e
number of vbtes re uired f effective Board action shall be as set forth in any b -
laws or resolutions dopted y the Board.
8. � Offic s and m lo ees. The members of the Board shall elect fro
among their numbe a Chai , a Treasurer (who shall also act as Vice Chair) and a
Secretary. �'he Bo rd may employ or retain such employees, staff, legal couns 1,
advisors, consultant or inv tment bankers as the Board shall deem necessary r
desirable in connec ion wit its Projects or Programs. The compensation, benefi s
and expense� of suc perso shall be as agreed to between such persons and t e
Board, provided tha any su h compensation, benefits or expenses shall only be pa d
for services rendere or exp nses incurred in furtherence of the purposes for whi h
the Board isi create , and t en only to the extent not inconsistent with Section 5
hereof.
9. ! Sourc and Co tribution of Funds. The source of funds for the Boa d .
and for the Projects and Pro rams undertaken by the Board shall be the proceeds f
the Bonds a�}d such ther pr perties and revenues as shall be loaned or contribut d
to or derived from a Progra or Project.
10. Bud e and Di bursements. The Board may, but need not, require n
annual budg�t or it elf or r any Project or Program. Moneys and funds shall e
held, applied, disb rsed, nd accounted for as set forth in the documen s,
. agreements q�r ir�tr ments elating to each Project or Progr�m or in such mann r
not inconsist�ent wit such d cuments, agreements or instruments as the Board m y
� determine.
' 11. � Liabili for ebts and Obli ations. The Board shall not do any act r
• thing the effect of hich i to create a charge on or lien against the property r
revenues of �he Aut orities or the Cities, other than ths revenues of a Program r
Project financed by onds is ued by the Board, and then only to the extent requir d
by or not inconsiste t with he indenture of trust or other instrument or resoluti n
� � entered into jby the oard in connection with the issuance of the Bonds.
The Bonds sh 11 be s ecial, limited obligations of the Board or the HRA, t e
MCDA or �+i�nneapo is, as a propriate, payable solely from proceeds, revenues a d
other amounts pled ed ther to and more fully described in the indenture of trust r
other instrument or esoluti n relating thereto. The Bonds and the interest there n
shall neitherl constit te nor ive rise to an indebtedness, pecuniary liability, gener 1
or moral obligation r a ple e of the faith or loan of credit of the Authorities, t e
cities, the S�ate of Minnes ta or any political subdivision of the above, within t e
meaning of any Co titution 1 or statutory provisions.
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. 12. Term of A reement• Termination. This Agreement may e
. termineted �by con urrent action of the Authorities and Minneapolis upon t e
� retirement pr defe sance f the last outstanding Bonds, and this Agreement m y
not be term�nated i advan e of such retirement or defeasance.
13. � Distri ution f �ssets u on Termination. Upon termination of t is
Agreement and dis olution f the board, all properties acquired by the board a d
any surplus� mone s shall be returned or distributed to the Authorities a d
Minneapolisiin such proport on as the Board shall then determine.
14. Amen ments. This Agreement may be amended by the Authoriti s
and Minnea�olis at any ti e by a written instrument executed by both of the ,
which amen�lment, o be ef ective, must be consented to by the City of Saint Pa 1.
To the extef►t Minn sota St tutes, Section 471.59, or ?Viinnesota Statutes, Chapt
462 or 462C, or Mi nesota aws 1981, Chapter 222, or any other applicable gene 1
or special l�w of t e State of Minnesota, shall be amended or supplemented, t is
Agreement hall be deeme amended to the extent required to conform to such 1 w
as amended�r supp emente , subject however to the next succeeding sentence. o
amendment hereto ay im air the rights of the holders of any of the Bonds, unl s
they have c�nsente to suc amendment in the manner provided for amendment f �
the indenture of t ust or other resolution, instrument or resolution pertaini g
thereto. � �
- 15. ! Benef t. Any net earnings of the Board (beyond those required r
retirement af Bond or to mplement the public purposes for which the board is
created) ma�y not i re to t e benefit of any person other than the Authorities a d
'.Viinneapolis.
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IN WITNESS WHER OF, The Housing and Redevelopment Authority of t e
City of Sair�t Paul, Minne ta, has caused this Agreement to be executed on s
behalf by it Chair Execu 've Director and Director, DepartFnent of Finance a d
Managemen� Servic s, and has caused the seal of said Authority to be hereun o
affixed and duly ttested by its Secretary; and the Minneapolis Communi y
Developmen�t Agen has c sed this Agreement to be executed on its behalf by s
Chair, Executive irector and Finance Officer and has caused the seal of s id
Authority td be her unto af ixed and duly attested by its Secretary; and the City f
Minneapolis has ca sed thi Agreement to be executed on its behalf by its May r
and Financel Office , and h s caused the seal of said City to be hereunto affix d
and duly attested b its Cit Clerk; all as of the day and year first above written.
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- THE HOUSING AND REDEVELOPMENT
I AUTHORITY OF THE CITY OF
SAINT PAUL, MINNESOTA
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(SEAL)
i gy
Its Chair
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By
Its Se retary
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Its Executive Director
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ts irector o inance and
; iVlanagement Services
Approved as Ito For :
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Assi tant C ty Atto ney
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- MINNEAPOLIS COMMUNITY
' I DEVELOPMENT AGENCY
(SEAL) • I �
By
� Its Chair
By
! Its Executive Director
By
' Its Finance Officer
Attest: I
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By
. j Its Se retary
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CITY OF MINNEAPOLIS, MINNESOTA
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(SEAL)
By
! Its Mayor
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By
, Its Finance Officer
Attest: j
By
Its Ci y Clerk
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' CKNO LEDGEMENT AND ACCEPTANCE
� T}ie fpregoin has be n consented to and approved by the City of Saint Pa ,
. iVlinnesota. Said ity agr es to be bound by the terms and conditions of t e �
foregoing Agreeme and to take no action in derogation thereof.
IN WITNESS HERE F, said City has caused by its Mayor and its Directo ,
Department of Fina ee and Management Services, and attested by its City Cler ,
and its seal �o be he eunto d ly affixed and attested.
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CITY OF SAINT PAUL, MINNESOTA
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(SEAL)
' By
Its Mayor
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By .
i Director, Department of Finance .
and Management Services
� Attest: �
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i City lerk
Approved as Ito For :
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Assi tant C ty Atto ney
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PEO - Housing DEPARTMENT �%�``�o����� N° 053�9
. Nancy Wes ! CONTACT
- 3350 PHONE .
December 11 19 6 ! DATE ���r� e
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ASSIGN NUMBER FOR RO TING DER C 'i All Locations for: Si nature :
��',�artment Direc ar 4 Director of Managemen /Mayor
Finance and Mana ement ervicel Director � 6 Cit Clerk
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Budget Director T Deputy Director - Hou ing
ity Attorney , 5 Council Memb�r Wilson
W T WILL BE ACNIEVE BY, T ING AC �ION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
By signing the attach d, you � ill be preparing, for the City Cbuncil 's cons deration,
a resolution a provin the F st Amended Joint Powers A reement. This Agree ent
created the Mi neapol s/sain au ousing �inance Boar . R�.�;� �p
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COST BENEFIT BUDGET RY AN PERSON ,EL IMPACTS AN ICIPATED: ' MAYOR'S FH��
This is a tech ical a ndmen � made necessa y because of recent changes in t e
Minneapolis/MC A stru ture t rough which th City af Minneapolis took over s me
powers forrr�rT held y the �OA. Because f the City of Minneapolis' new r le,
bond counsel h s advi ed tha jan amendment is required in order to join Minn apolis �
in to the agre ment.
�INANCING SOURCE AND BUDGE ACTIVII�Y NU{�ER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of 'T ansac ion: N/A quired if under �
� $10,000) . "
Fu�ding Source; N/A
Activity Number: FEO P oject �33502 •
ATTACHMENTS List an Numb r All Itachments :
1 . City Counc 1 Re�o ution
2. First Amen ed Joi t Powe � Agreement -
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DEPARTMENT REVIEW _ CITY ATTORNEY REVIEW
Yes No Counci Resolution quired? ' Resolution Required? Yes No
Yes No Insura ce Re uired? , Insurance SufficientY Yes No
Yes No Insura ce At ched: i � .
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( EE •REV SE SIDE FOR INSTRUCTIONS)
Revised 12/84