00-1204ORIGINAL
coun��l F�ie # oe _�aoy
Resolution #
Presented By
Referred To
Green Sheet # 3 ` .�. � t
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA I(
Committee: Date
APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY
MORTGAGE REVENUE BONDS TO PROVIDE FOR THE
RECYCLING OF PROGRAM MONIES TO MAKE ADDITIONAL
LOANS FOR LOW OR MODERATE PERSONS AND FAMILTES AND
APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS
DOCUMENTS IN CONNECTION THEREWITH. CITYWIDE
10 WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
11 Minnesota (the HRA), either (a) on its own behalf, or (b) acting tt�rough the Minneapolis/Saint
12 Paul Housing Finance Board (the MHFB), pursuant to that certain 7oint Powers Agreement, as
13 amended, by and between the I�IRA, the Minneapolis Community Development Agency (the
14 MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the
15 Ciry), from time to rime has issued individually or joinfly with other issuers various series of
16 single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the
17 Prior Bonds), for the purpose of providing below-market interest rate financing to low or
18 moderate income persons and families (Qualified Buyers); and
19
2o WHEREAS, the federal taac law permits the issuance of tas-exempt refunding bonds to
21 refund certain principal amounts of the Prior Bonds as they mature or become subject to
22 redemption prior to maturity; and
23
24 WHEREAS, it is the policy of the IIRA to `Yecycle" the resource represented by the Prior
25 Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to
26 provide for the origination of additional single family loans to Qualified Buyers; and
27
2s WHEREAS, because the various series of Refunding Bonds are due and become subject
29 to redemption at various times during the calendaz year in relatively small pnincipal amounts
3o which can not efficiently and economically be refunded by the issuance of separate series of
31 refunding bonds, the I-IRA, in cooperation with the City, Minneapolis, the MCDA and the
32 MIIFB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time
33 to time, to provide for the refunding of the Prior Bonds, and to periodically issue Refunding
34 Bonds in principal amounts sufficient to reimburse such escrow deposits;
35
ORIGINAL
36
;7
38
39
NOW THEREFORE, be it zesolved by the City Council of the City of Saint Paul,
Minnesota, as follows:
0 0-��.oy
1. The Executive Director of the HRA or his designee, is hereby authorized and
40 directed to take such actions as aze necessary or convenient to implement the City's policy of
41 masimizing the resource represented by the Prior Bonds. Without limiting the generality of the
42 foregoing, the Executive Director is specifically authorized to execute and deliver, from time to
43 time, escrow agreements, including any amendments thereto, and to do all other things necessary
44 or convenient to provide for the deposit of funds made available by the City, the HRA or the
45 MIIFB (Escrow Deposits) to refund Prior Bonds becoming due or subject to prepayment from
46 tnne to time.
47
4s 2. The City hereby approves the issuance by the HRA, individually or in cooperation
49 with the MCDA, the 1VIFIFB and Minneapolis of the Refunding Bonds at such times and in such
5o amounts as are effective and economical, in an aggregate principal amount from time to time
51 identified by the Executive Director of the E�RA, or his designee in writing and filed in the
52 official records of the HRA, and estimated to be between $30,000,000 and $40,000,000 in 2001,
53 to reimburse the City, the IIRA or the 1VIHFB for any and all escrow deposits made by them,
54 respectively, all for the purpose ofproviding for the origination of additional single family
55 mortgage loans to be made to Qualified Buyers.
56
57 3. All actions of the members, employees and staff of the City or the HRA
58 heretofore taken in furtherance ofthe policies ofthe City and the HRA stated herein are hereby
59 approved, ratified and confirmed.
ORIGI�IAL
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
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78
79
80
sl
82
83
84
85
86
Schedule A
Prior Bonds:
tsonas or
Phase IV, Series A, B& C
Phase V, Series A, B& C
Phase VI, Series B
Phase IX, Series A
Phase X, Series A
Phase XI, Series A& B
Phase II Refunding, Series A and Series B
Saint Paul Middle Income, Phase I
Saint Paul Middle Income, Phase II
Saint Paul Middle Income, Phase III
Home Ownership and Renovation, Phase III
Home Ownership Program, Phase V
Home Ownership Program
CityLiving Home Programs Convertible Option Bonds, �
Home
CityLiving Home Prog
g Home Programs Con
CitvLiving Home
I�'_a
5/1/1987
11/1/1987
8/1/1988
1
ao -��oy
6/6/1996
12/1/1991
(supplemented
4/15/1997
8/11/1998
12/29/1998
(remarketed
8/31/1999
4/18/2000
3onds Series A-3 10.
B 10.
Requested by Department of:
Plannina & Economic Development
BY° ` 7�
Adopted by Council: Date �}�OD Form Approved by City Attorney
Adoption Certi£ied by Council Secretary „�J� �/�_,-�_/
���,� �,�a.� i� rrt,t>�,r�
By:
B �' ` v
Approved by Mayor: Date - ( Approved by Mayor Eor Submission to Council
�
BY. � ��_%v�"v�.
By:
ries A-1, A-2 & ?
Series B-1 & B-2
Series A-1 & A-2
�Er.�xx�i�rr,��o�c�co�,cn,: DA�r�, ��D GREEN SHEET No.: 39319
PED/West Team 12/13/00 ��` �io y
CONfACT PERSON & PHONE: r � 7NI77AL/DaTE 7P117'fALJDATE
Joan Trulsen 66694 '�*/ 1 D�e,�t Dm _' a crrv couivcu.
MUST BE ON COUNCII. AGENDA BY (DATE) �
z crrv nrrotzx� --�-
FINANCIAL SERV DIR FINANCL4L SERV/ACCTG
December 27 � 2��� FN�U�MBEA 3 MAYOR (OR ASST.) _
ROI7TING
Consent Agenda o��
Sponsor:
Conncil Chair Dan Bostrom
TOTAL N OF SIGNA7'URE PAGES 1_(CLIl' ALL LOCATIONS FOR SIGIVATURE)
ACCION REQUESTED: SIGNATLTRES
RECOMMENDATIONS: Approve (A) or Reject (R) PERSONAL SERVICE CONTRACfS M[TST ANSR'ER THE FOLLOR'ING
QUESTTONS:
PLANNING COMMISSION 1. Has this person/finn ever worked under a conhact for this deparhnent?
CIB COMMITTEE Yes No
CIVIL SERVICE COMMISSION 2. Has tfiis person/finn ever been a city emptoyee?
Yes No
3. Does this person/firm possess a sldll not nortnally possessed by any cmrent city employee7
Yes No
Explain all yes answers on sepante sheet antl attach to green sheet
TNITIATINGPROBLEM, ISSUE, OPPORI'UNITY(Who, What, When, Where, Why):
Approving a program of refunding single famiiy mortgage revenue bonds to provide for the recycling of program
monies to make addirionalloans for low ar moderate income persons and fanulies.
� ADVANTAGESIFAPPROVED:
The Recycling Program eacpands the City's bonding authority and enhances future issuance of additional revenue
bonds.
���� �����
DISADVANTAGESIFAPPROVED: �i;,� `�, =�' ���3.9
None
DISADVANTAGES IF NOT APPROVED:
Less funds available far the mortgage revenue bond program
TOTAL AMOUNT OF'PRANSAC7TON: $ COST/REVENUE BUDGETED: ti u�. �`<w'� ._--- .-___ _...-
FUNDINGSOTJRCE: ACTIVl1'YNIJMBER V��� � � �`�"�.y
U
FINANCIAL INFORMATION: (EXPLAIN)
��TY �
M \Users\TRULSEMBONDS4erycling�recylc gansl+eet
ORIGINAL
coun��l F�ie # oe _�aoy
Resolution #
Presented By
Referred To
Green Sheet # 3 ` .�. � t
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA I(
Committee: Date
APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY
MORTGAGE REVENUE BONDS TO PROVIDE FOR THE
RECYCLING OF PROGRAM MONIES TO MAKE ADDITIONAL
LOANS FOR LOW OR MODERATE PERSONS AND FAMILTES AND
APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS
DOCUMENTS IN CONNECTION THEREWITH. CITYWIDE
10 WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
11 Minnesota (the HRA), either (a) on its own behalf, or (b) acting tt�rough the Minneapolis/Saint
12 Paul Housing Finance Board (the MHFB), pursuant to that certain 7oint Powers Agreement, as
13 amended, by and between the I�IRA, the Minneapolis Community Development Agency (the
14 MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the
15 Ciry), from time to rime has issued individually or joinfly with other issuers various series of
16 single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the
17 Prior Bonds), for the purpose of providing below-market interest rate financing to low or
18 moderate income persons and families (Qualified Buyers); and
19
2o WHEREAS, the federal taac law permits the issuance of tas-exempt refunding bonds to
21 refund certain principal amounts of the Prior Bonds as they mature or become subject to
22 redemption prior to maturity; and
23
24 WHEREAS, it is the policy of the IIRA to `Yecycle" the resource represented by the Prior
25 Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to
26 provide for the origination of additional single family loans to Qualified Buyers; and
27
2s WHEREAS, because the various series of Refunding Bonds are due and become subject
29 to redemption at various times during the calendaz year in relatively small pnincipal amounts
3o which can not efficiently and economically be refunded by the issuance of separate series of
31 refunding bonds, the I-IRA, in cooperation with the City, Minneapolis, the MCDA and the
32 MIIFB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time
33 to time, to provide for the refunding of the Prior Bonds, and to periodically issue Refunding
34 Bonds in principal amounts sufficient to reimburse such escrow deposits;
35
ORIGINAL
36
;7
38
39
NOW THEREFORE, be it zesolved by the City Council of the City of Saint Paul,
Minnesota, as follows:
0 0-��.oy
1. The Executive Director of the HRA or his designee, is hereby authorized and
40 directed to take such actions as aze necessary or convenient to implement the City's policy of
41 masimizing the resource represented by the Prior Bonds. Without limiting the generality of the
42 foregoing, the Executive Director is specifically authorized to execute and deliver, from time to
43 time, escrow agreements, including any amendments thereto, and to do all other things necessary
44 or convenient to provide for the deposit of funds made available by the City, the HRA or the
45 MIIFB (Escrow Deposits) to refund Prior Bonds becoming due or subject to prepayment from
46 tnne to time.
47
4s 2. The City hereby approves the issuance by the HRA, individually or in cooperation
49 with the MCDA, the 1VIFIFB and Minneapolis of the Refunding Bonds at such times and in such
5o amounts as are effective and economical, in an aggregate principal amount from time to time
51 identified by the Executive Director of the E�RA, or his designee in writing and filed in the
52 official records of the HRA, and estimated to be between $30,000,000 and $40,000,000 in 2001,
53 to reimburse the City, the IIRA or the 1VIHFB for any and all escrow deposits made by them,
54 respectively, all for the purpose ofproviding for the origination of additional single family
55 mortgage loans to be made to Qualified Buyers.
56
57 3. All actions of the members, employees and staff of the City or the HRA
58 heretofore taken in furtherance ofthe policies ofthe City and the HRA stated herein are hereby
59 approved, ratified and confirmed.
ORIGI�IAL
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
sl
82
83
84
85
86
Schedule A
Prior Bonds:
tsonas or
Phase IV, Series A, B& C
Phase V, Series A, B& C
Phase VI, Series B
Phase IX, Series A
Phase X, Series A
Phase XI, Series A& B
Phase II Refunding, Series A and Series B
Saint Paul Middle Income, Phase I
Saint Paul Middle Income, Phase II
Saint Paul Middle Income, Phase III
Home Ownership and Renovation, Phase III
Home Ownership Program, Phase V
Home Ownership Program
CityLiving Home Programs Convertible Option Bonds, �
Home
CityLiving Home Prog
g Home Programs Con
CitvLiving Home
I�'_a
5/1/1987
11/1/1987
8/1/1988
1
ao -��oy
6/6/1996
12/1/1991
(supplemented
4/15/1997
8/11/1998
12/29/1998
(remarketed
8/31/1999
4/18/2000
3onds Series A-3 10.
B 10.
Requested by Department of:
Plannina & Economic Development
BY° ` 7�
Adopted by Council: Date �}�OD Form Approved by City Attorney
Adoption Certi£ied by Council Secretary „�J� �/�_,-�_/
���,� �,�a.� i� rrt,t>�,r�
By:
B �' ` v
Approved by Mayor: Date - ( Approved by Mayor Eor Submission to Council
�
BY. � ��_%v�"v�.
By:
ries A-1, A-2 & ?
Series B-1 & B-2
Series A-1 & A-2
�Er.�xx�i�rr,��o�c�co�,cn,: DA�r�, ��D GREEN SHEET No.: 39319
PED/West Team 12/13/00 ��` �io y
CONfACT PERSON & PHONE: r � 7NI77AL/DaTE 7P117'fALJDATE
Joan Trulsen 66694 '�*/ 1 D�e,�t Dm _' a crrv couivcu.
MUST BE ON COUNCII. AGENDA BY (DATE) �
z crrv nrrotzx� --�-
FINANCIAL SERV DIR FINANCL4L SERV/ACCTG
December 27 � 2��� FN�U�MBEA 3 MAYOR (OR ASST.) _
ROI7TING
Consent Agenda o��
Sponsor:
Conncil Chair Dan Bostrom
TOTAL N OF SIGNA7'URE PAGES 1_(CLIl' ALL LOCATIONS FOR SIGIVATURE)
ACCION REQUESTED: SIGNATLTRES
RECOMMENDATIONS: Approve (A) or Reject (R) PERSONAL SERVICE CONTRACfS M[TST ANSR'ER THE FOLLOR'ING
QUESTTONS:
PLANNING COMMISSION 1. Has this person/finn ever worked under a conhact for this deparhnent?
CIB COMMITTEE Yes No
CIVIL SERVICE COMMISSION 2. Has tfiis person/finn ever been a city emptoyee?
Yes No
3. Does this person/firm possess a sldll not nortnally possessed by any cmrent city employee7
Yes No
Explain all yes answers on sepante sheet antl attach to green sheet
TNITIATINGPROBLEM, ISSUE, OPPORI'UNITY(Who, What, When, Where, Why):
Approving a program of refunding single famiiy mortgage revenue bonds to provide for the recycling of program
monies to make addirionalloans for low ar moderate income persons and fanulies.
� ADVANTAGESIFAPPROVED:
The Recycling Program eacpands the City's bonding authority and enhances future issuance of additional revenue
bonds.
���� �����
DISADVANTAGESIFAPPROVED: �i;,� `�, =�' ���3.9
None
DISADVANTAGES IF NOT APPROVED:
Less funds available far the mortgage revenue bond program
TOTAL AMOUNT OF'PRANSAC7TON: $ COST/REVENUE BUDGETED: ti u�. �`<w'� ._--- .-___ _...-
FUNDINGSOTJRCE: ACTIVl1'YNIJMBER V��� � � �`�"�.y
U
FINANCIAL INFORMATION: (EXPLAIN)
��TY �
M \Users\TRULSEMBONDS4erycling�recylc gansl+eet
ORIGINAL
coun��l F�ie # oe _�aoy
Resolution #
Presented By
Referred To
Green Sheet # 3 ` .�. � t
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA I(
Committee: Date
APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY
MORTGAGE REVENUE BONDS TO PROVIDE FOR THE
RECYCLING OF PROGRAM MONIES TO MAKE ADDITIONAL
LOANS FOR LOW OR MODERATE PERSONS AND FAMILTES AND
APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS
DOCUMENTS IN CONNECTION THEREWITH. CITYWIDE
10 WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
11 Minnesota (the HRA), either (a) on its own behalf, or (b) acting tt�rough the Minneapolis/Saint
12 Paul Housing Finance Board (the MHFB), pursuant to that certain 7oint Powers Agreement, as
13 amended, by and between the I�IRA, the Minneapolis Community Development Agency (the
14 MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the
15 Ciry), from time to rime has issued individually or joinfly with other issuers various series of
16 single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the
17 Prior Bonds), for the purpose of providing below-market interest rate financing to low or
18 moderate income persons and families (Qualified Buyers); and
19
2o WHEREAS, the federal taac law permits the issuance of tas-exempt refunding bonds to
21 refund certain principal amounts of the Prior Bonds as they mature or become subject to
22 redemption prior to maturity; and
23
24 WHEREAS, it is the policy of the IIRA to `Yecycle" the resource represented by the Prior
25 Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to
26 provide for the origination of additional single family loans to Qualified Buyers; and
27
2s WHEREAS, because the various series of Refunding Bonds are due and become subject
29 to redemption at various times during the calendaz year in relatively small pnincipal amounts
3o which can not efficiently and economically be refunded by the issuance of separate series of
31 refunding bonds, the I-IRA, in cooperation with the City, Minneapolis, the MCDA and the
32 MIIFB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time
33 to time, to provide for the refunding of the Prior Bonds, and to periodically issue Refunding
34 Bonds in principal amounts sufficient to reimburse such escrow deposits;
35
ORIGINAL
36
;7
38
39
NOW THEREFORE, be it zesolved by the City Council of the City of Saint Paul,
Minnesota, as follows:
0 0-��.oy
1. The Executive Director of the HRA or his designee, is hereby authorized and
40 directed to take such actions as aze necessary or convenient to implement the City's policy of
41 masimizing the resource represented by the Prior Bonds. Without limiting the generality of the
42 foregoing, the Executive Director is specifically authorized to execute and deliver, from time to
43 time, escrow agreements, including any amendments thereto, and to do all other things necessary
44 or convenient to provide for the deposit of funds made available by the City, the HRA or the
45 MIIFB (Escrow Deposits) to refund Prior Bonds becoming due or subject to prepayment from
46 tnne to time.
47
4s 2. The City hereby approves the issuance by the HRA, individually or in cooperation
49 with the MCDA, the 1VIFIFB and Minneapolis of the Refunding Bonds at such times and in such
5o amounts as are effective and economical, in an aggregate principal amount from time to time
51 identified by the Executive Director of the E�RA, or his designee in writing and filed in the
52 official records of the HRA, and estimated to be between $30,000,000 and $40,000,000 in 2001,
53 to reimburse the City, the IIRA or the 1VIHFB for any and all escrow deposits made by them,
54 respectively, all for the purpose ofproviding for the origination of additional single family
55 mortgage loans to be made to Qualified Buyers.
56
57 3. All actions of the members, employees and staff of the City or the HRA
58 heretofore taken in furtherance ofthe policies ofthe City and the HRA stated herein are hereby
59 approved, ratified and confirmed.
ORIGI�IAL
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
sl
82
83
84
85
86
Schedule A
Prior Bonds:
tsonas or
Phase IV, Series A, B& C
Phase V, Series A, B& C
Phase VI, Series B
Phase IX, Series A
Phase X, Series A
Phase XI, Series A& B
Phase II Refunding, Series A and Series B
Saint Paul Middle Income, Phase I
Saint Paul Middle Income, Phase II
Saint Paul Middle Income, Phase III
Home Ownership and Renovation, Phase III
Home Ownership Program, Phase V
Home Ownership Program
CityLiving Home Programs Convertible Option Bonds, �
Home
CityLiving Home Prog
g Home Programs Con
CitvLiving Home
I�'_a
5/1/1987
11/1/1987
8/1/1988
1
ao -��oy
6/6/1996
12/1/1991
(supplemented
4/15/1997
8/11/1998
12/29/1998
(remarketed
8/31/1999
4/18/2000
3onds Series A-3 10.
B 10.
Requested by Department of:
Plannina & Economic Development
BY° ` 7�
Adopted by Council: Date �}�OD Form Approved by City Attorney
Adoption Certi£ied by Council Secretary „�J� �/�_,-�_/
���,� �,�a.� i� rrt,t>�,r�
By:
B �' ` v
Approved by Mayor: Date - ( Approved by Mayor Eor Submission to Council
�
BY. � ��_%v�"v�.
By:
ries A-1, A-2 & ?
Series B-1 & B-2
Series A-1 & A-2
�Er.�xx�i�rr,��o�c�co�,cn,: DA�r�, ��D GREEN SHEET No.: 39319
PED/West Team 12/13/00 ��` �io y
CONfACT PERSON & PHONE: r � 7NI77AL/DaTE 7P117'fALJDATE
Joan Trulsen 66694 '�*/ 1 D�e,�t Dm _' a crrv couivcu.
MUST BE ON COUNCII. AGENDA BY (DATE) �
z crrv nrrotzx� --�-
FINANCIAL SERV DIR FINANCL4L SERV/ACCTG
December 27 � 2��� FN�U�MBEA 3 MAYOR (OR ASST.) _
ROI7TING
Consent Agenda o��
Sponsor:
Conncil Chair Dan Bostrom
TOTAL N OF SIGNA7'URE PAGES 1_(CLIl' ALL LOCATIONS FOR SIGIVATURE)
ACCION REQUESTED: SIGNATLTRES
RECOMMENDATIONS: Approve (A) or Reject (R) PERSONAL SERVICE CONTRACfS M[TST ANSR'ER THE FOLLOR'ING
QUESTTONS:
PLANNING COMMISSION 1. Has this person/finn ever worked under a conhact for this deparhnent?
CIB COMMITTEE Yes No
CIVIL SERVICE COMMISSION 2. Has tfiis person/finn ever been a city emptoyee?
Yes No
3. Does this person/firm possess a sldll not nortnally possessed by any cmrent city employee7
Yes No
Explain all yes answers on sepante sheet antl attach to green sheet
TNITIATINGPROBLEM, ISSUE, OPPORI'UNITY(Who, What, When, Where, Why):
Approving a program of refunding single famiiy mortgage revenue bonds to provide for the recycling of program
monies to make addirionalloans for low ar moderate income persons and fanulies.
� ADVANTAGESIFAPPROVED:
The Recycling Program eacpands the City's bonding authority and enhances future issuance of additional revenue
bonds.
���� �����
DISADVANTAGESIFAPPROVED: �i;,� `�, =�' ���3.9
None
DISADVANTAGES IF NOT APPROVED:
Less funds available far the mortgage revenue bond program
TOTAL AMOUNT OF'PRANSAC7TON: $ COST/REVENUE BUDGETED: ti u�. �`<w'� ._--- .-___ _...-
FUNDINGSOTJRCE: ACTIVl1'YNIJMBER V��� � � �`�"�.y
U
FINANCIAL INFORMATION: (EXPLAIN)
��TY �
M \Users\TRULSEMBONDS4erycling�recylc gansl+eet