84-1396 WHITE� - G►TV CLERK
�P�611Z - FINANCE GITY OF SAINT PAUL Council /� /J /
GANARV - DEPARTMENT File NO• �• i/�-/ / •
BLUE L MAVOR
�
r � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
6. The HRA and the MCDA are authorized in connection with the
Program and the issuance of the Bonds for the Program to take such action and to
enter such agreements as are reasonably required to carry out the purposes and
provisions of this Resolution.
7. Nothing in this Resolution or the documents prepared pursuant hereto
shall authorize the expenditure of any municipal funds on the Program other than
the revenues derived from the Program or otherwise granted to the City, the City
of Minneapolis, the HRA or the MCDA for this purpose. The Bonds shall not
constitute a charrge, lien or encumbrance, legal or equitable, upon any property or
funds of the City or HRA except the revenue and proceeds pledged to the payment
thereof, nor shall the City or HRA be subject to any liability thereon. The holders
of the Bonds shall never have the right to compel any exercise of the taxing power
of the City or HRA to pay the outstanding principal on the Bonds or the interest
thereon, or to enforce payment thereon against any property of the City or HRA.
The Bonds shall recite in substance that the Bonds, including the interest thereon,
are payable solely from the revenue and proceeds pledged to the payment thereof.
The Bonds shall not constitute a debt of the City or HRA within the meaning of any
constitutional or statutory limitation.
8. Notwithstanding anything herein to the contrary, a portion of the
mortgage revenue bonds for the Program may be issued by the MCDA acting alone
if it should appear necessary or advisable that such portion not be issued by the
HRA and MCDA acting jointly.
9. The Program shall utilize for 1984 the $8,500,000 in authority to
issue qualified mortgage bonds allocated to the City by Chapter 222 of the laws of
Minnesota for 1981.
Adopted by the City Council of the City of Saint Paul, Minnesota this 16th
day of October, 1984.
COUNCILMEN Requested by Department of:
Yeas ����ays �
N'/✓
°`ew In Favor
Masanz
NFevai�
scheibe� __ Against BY
Tedesco
YYilserr•
OCT 16 �gg� Form Approved by City Attorney
Adopted by Council: Date
Certified Ya_ -e ouncil S t By� _ 6 �
sy
Ap by Mavor: Date •► �riT � App o d by Mayor for Sub i si n to Council
B _ By
FUBLISHED OCT 2 0 19a4
. . . . � �� %'��
� � � EPART��IENT
ONTACT
� 2 HONE r Q�
DATE 1 ��� v
(Routing and Explanation Sheet)
Assign Number for Routing Order �C1ip Al1 Locations fo�,��,�nature):
' � Department Di rector • � ��T 1 � 1984
� City Attorney� � $s�
� Di rector of Management/Mia�yor
�°` `� MAYOR'S OFFICE
Fi nance and Managea�ent Servi ces Di rector
� City Clerk
Budget Di r�ector
What Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale):
.JIJ¢J��t-.
P , . �" ��
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--t�- '� ,���-� �..�
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inancial , Budgetary and Personnel Impacts AnticiQated:
�I��'L�P�
Funding Source and Fund Activity Number Charged or Credited:
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Attachments {List and Nwr�er all Attachments�: ,
DEPARTMENT REYIEW CITY ATTORNEY REYIEI�I
� Yes No Council Resolution Required3 Resoiution Required? Yes No
Yes No Insurance Requtred? Insurance Sufficient? Yes No
Yes No Insurance Attached?
Revision of October, 1982
(�Pe RPVP1"CP SidP for �Instructions)
. � �_� ��-�.���
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CITY OF SAINT PAUL
INTERDEPARTMENTAL MEMORANDUM
Ff LED
DATE: SEPTEMBER 28, 1984 ��p �� � (�3 �y� $�i�
T0: AL OLSON, CITY CLERK ��T� ��-��'K'S (?FF��F
S'� F.,'���;;,, t�('<'t�.
FROM: SHERI PEMBERTON, DEPT. OF PED �,�0
SUBJECT: CITY COUNCIL PUBLIC HEARING FOR OCTOBER 16, 1984
Attached is a copy of the Public Hearing Notice, which will be published
in the St. Paul Legal Ledger and the St. Paul Pioneer Press and Dispatch
on Saturday, September 29, 1984. .
Please place this Public Hearing on the City Council Agenda for ����
�,,,��� ;�,�;,��. A City Council Resolution will be forwarded to you
by the City Attorney's Office, prior to the City Council Meeting.
Thank you.
SAP:rmf
cc: Becky Hartman, Gary Peltier
Attachment
. . . ' ����/-i.����
.- -
NOTICE OF PUBLIC HEARING ON THE
MINNEAPOLLS�AINT PAUL 1984 SINGLE FAMILY
HOUSING PROGftAM TO FINANCE SINGLE FAMILY
MORTGAGE LOANS
Notice is hereby given that the City Council of the City of Saint Paul,
Minnesota (the "City") will meet at the City Council Chamber, City Hall in the
City of Saint Paul, Minnesota at 10:00 a.m. on October 16, 1984, to consider the
proposed Minneapolis-Saint Paul 1984 Single Family Housing Program (the
"Program").
The City has by ordinance authorized the Housina and Redevelopment
Authority of the City of Saint Paul, Minnesota (the "HRA") to execcise, on behalf
of the City, the powers conferred by Minn. Stat. �§462C.01 to 462C.08 (the "Act").
It is proposed that the HRA and the Minneapolis Community Development Agenc.y
(the "MCDA"), which has been authorized to act on behalf of the City of
Minneapolis pursuant to the Act, enter into a joint powers agreement under
IVlinnesota law pursuant to which they will undertake the Program to make or
purchase mortgage loans or to purchase securities, proceeds of which will be
invested in mortgage loans� to finance the acquisition of single family housing
primarily by low and moderate income persons and families anywhere within the
boundaries of the cities of Saint Paul and Minneapolis. To finance the Program,
the HRA and the MCDA will jointly issue and sell one issue of housing revenue
bonds pursuant to Minn. Stat. 462C.07, estimated to be not in excess of $48,500,000
(the "Bonds"), or will delegate their authority to issue the Bonds to a joint housing
finance board or agency to be formed by them under Minnesata law.
The Bonds if and when issued will not be payable out of any funds or
properties of either city, the HRA or the MCDA other than revenues of the
Program or other revenues or assets specifically pledged thereto, alld will not
constitute a charge, lien or encumbrance upon any other property of either city,
the HRA or the MCDA. Neither the cities, the HRA, the MCDA nor the State of
Minnesota or any political subdivision thereof will be liable on the Bonds, and the
Bonds will not be a debt of, or give rise to a charge against the general credit or
taxing power of any of them.
A draft copy of the proposed Program, together with all attachments and
exhibits thereto, is available for public inspeetion beginning October 11 , 1984, from
nine o'clock a.m. to four o'clock p.m., Monday through Friday, at the offices of the
Housing Division, Department of Planning and Economic Development, City Hall
Annex, 12th Floor.
At the time and place fixed for said public hearing, the City Council of the
City will give all persons who appear at the hearing an opportunity to express their
views with respect to the proposed Prograrn.
Dated this 28th day of _ Se�tember_ , 1984.
(BY ORDER OF THE CITY COUNCIL OF
THE CITY UF SAINT PAUL, MINNESOTA)
. By ALBERT OLSnN
City Clerk
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