00-26Council File # �0 �' a��
•
^.� , - -
Presented By
Referred To
Resolution #
Green Sheet # 1'0�3 Z..7
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
��
Committee: Ddte
z
3
4
6
7
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
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 FAMILIES AND
APPROVIfVG AND AUTHORIZING THE EXECUT{ON OF VARIOUS DOCUMENTS IN
CONNECT{ON THEREWITH
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota (the NR,4), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint
Paul Housing Fi�ance Board (the MHFB), pursuant to that certain Joint Powers Agreement, as
amended, by and between the HRA, the Minneapolis Community Development Agency (the
MCDA} and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the
City), from time to time has issued individually or jointly with other issuers various series of
singie family mortgage revenue bonds, including those fisted on Schedule A attached hereto
(the Prior Bonds), fior the purpose of providing below-market interest rate financing to low or
moderate income persons and families (G2ualified Buyers); and
WHEREAS, the federal tax law permits the issuance of tax-exempt refunding bonds to
refund certain principal amounts of the Prior Bonds as they mature or become subject to
redemption prior to maturity; and
?4 WHEREAS, it is the policy of the HRA to "recycle" the resource represented by the Prior
?5 Bonds by issuing refunding bonds (fhe Refunding Bonds) to the greatest extent possible to
?6 provide for the origination of additional single family loans to Qualified Buyers; and
��
$
9 WHEREAS, because the various series of Refunding Bonds are due and become
0 subject to redemption at various times during the calendar year in relatively smafl principat
1 amounts which can not efficiently and economicaily be refunded by the issuance of separate
2 series of refunding bonds, the HRA, in cooperation with the Gity, Minneapolis, the MCDA and
3 the MHFB, proposes that there be deposited in certain escrow accounts moneys sufficient,
E from time to time, to provide for the refunding of the Prior Bonds, and to periodically issue
� Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits;
£ A'S��jyV=lJ '.'..A�
}� S �
�,���`� `.
38
39
40
41
NOW THEREFORE, be it resofved by the Ciiy Council of the City of Saint Paul,
Minnesota, as follows:
60 -�-G
42 1. The Executive Director of the HRA or his designee, is hereby authorized and
43 directed to take such actions as are necessary or convenient to implement the City's policy of
44 maximizing the resource represented by the Prior Bonds. Without limiting the generalify of the
45 foregoing, the Executive Director is specifically authorized to execute and deliver, from time to
4b time, escrow agreements and to do all other things necessary or convenient to provide for the
47 deposit of funds made available by the City, the HRA or the MHFB (Escrow Deposits) to
48 refund Prior Bonds becoming due or subject to prepayment from time to time,
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
2. The City hereby approves the issuance by the HRA, individually or in
cooperation with the MCDA, the MHFB and Minneapolis of the Refunding Bonds at such
times and in such amounts as are effective and economical, in an aggregate principal amount
from time to time identified by the Executive Director of the HRA, or his designee in writing and
filed in the official records of the HRA, and estimated to be between $30,000,000 and
$40,000,000 in 2000, to reimburse the City, the HRA or the MHFB for any and all escrow
deposits made by them, respectively, all for the purpose of providing for the origination of
additional singfe family mortgage loans to be made to Qualified Buyers.
3. Ali actions of the members, empfoyees and staff of the City or the HRA
heretofore taken in furtherance of the poficies of the City and the HRA stated herein are
hereby approved, ratified and confirmed.
Requested by Department of:
Plannin & Eco �mic Dev lo ment
By: .
Form Approved by City Attorney
�
Approved by
�
�S t�, z�
� iiI i ��,
Mayor: 7 Date �LL Approved by Ma fo'r Subm' ion to Counail
By: � :
Adopted by Council: Date �,,,,� ���.ppa
Adoption Certified by Council Secretary
00 -�.b
Schedule A
Prior Bonds:
Single Family Mortgage Revenue Bonds or Refunding
Bonds:
Phase !V, Series A, B& C
Phase V, Series A, B& C
Phase Vl, Series B
Phase VII, Series A
Phase VIII, Series A
Phase IX, Series A
Phase X, Series A
Phase XI, Series A& B
Phase XII, Series A& B
Phase li Refunding, Series A and Series B
Saint Paul Middle Income, Phase 1
Saini Paul Middie Income, Phase 11
Saint Paul Middle fncome, Phase I11
Home Ownership and Renovation, Phase 1
Home Ownership and Renovation, Phase II
-lome Ownership and Renovation, Phase III
Home Ownership Program, Phase V
Home Ownership Program
Convertible Option Bonds, Series A& B
Home Programs, Series A-1, A-2 & A-3
ia Home Proarams. Series B-1 & B-2
/ssue Date
5/1 /1987
11l111987
8/1l1988
4l13/1989
2/8/1990
8l29/1991
11 J30/1994;
911l1996
7/23l1997
12/29/1998
6/6/1996
12/1/1991
(supplemented
6/1/1994)
3/611995
4/15/1997
7/1119$9
6!1l1991
12(1(1993
1 f5f 1995
8f11 /1998
12/29/1998
(remarkefed
6/22l1999)
8/19/1999
8131/1999
GREEN
�'— ��-^0��0
D, 3aS�r�m '� S�Owsrar
TOTAL # OF SIGNATURE PAGES One f 1)
Approving a program of refunding Single Family Mortgage Revenue Bonds to provide for the recycling of program
monies to make additional loans for tow or moderate persons and families and approving and authorizing o#
various documents i� connedio� therewith.
a
PUINNING CAMMISSION
CIB COMMI7'fEE
GVfL SERVICE CAMM{SSION
�
Authorizes the HRA director to take actions to implement the City's policy of maximizing resources and the
issuance of Refunding Bonds as appropriate.
iry_.�::r.r;a�
Additionai loans wiil be available for low or moderate income families.
None.
���
� u.r.,,ar. �. �1 2 2'i °I� ❑ enasuc
❑,�„G..,�� �b ....�..
�.,,faRl�,lti..,,N.,�� Y _ � / V(!
(CLIP ALL LOCATIONS FOR SIGNATUR�
Has thie perso�rm everxrorked under a conuact hr thie depanmenrt
YES NO
Hes Mis pereoNfirm e�er been a dly empbyce?
YES NO
Dces this persoMrtn poeaece a sMll not noimeltyposaesaed by arry cuReM city emPbyee7
YES NO
Is Mis pe�sa�fim+a �e[ed vmda(t
YES NO
�
�`�`�° �:., �, w '� �-� ��o���
.� _
�
op-Zfo
No 10i?23
�
��
Additional loans will not be available.
oF rrwr�sacnorr s ' � '
COET/REVENUE BUDGETm (CIRCLE ON�
YES NO
ACiNfTY NU►IBER
Rasa�ru�; ��..r�ns�r
� y,�
4 � �
Council File # �0 �' a��
•
^.� , - -
Presented By
Referred To
Resolution #
Green Sheet # 1'0�3 Z..7
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
��
Committee: Ddte
z
3
4
6
7
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
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 FAMILIES AND
APPROVIfVG AND AUTHORIZING THE EXECUT{ON OF VARIOUS DOCUMENTS IN
CONNECT{ON THEREWITH
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota (the NR,4), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint
Paul Housing Fi�ance Board (the MHFB), pursuant to that certain Joint Powers Agreement, as
amended, by and between the HRA, the Minneapolis Community Development Agency (the
MCDA} and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the
City), from time to time has issued individually or jointly with other issuers various series of
singie family mortgage revenue bonds, including those fisted on Schedule A attached hereto
(the Prior Bonds), fior the purpose of providing below-market interest rate financing to low or
moderate income persons and families (G2ualified Buyers); and
WHEREAS, the federal tax law permits the issuance of tax-exempt refunding bonds to
refund certain principal amounts of the Prior Bonds as they mature or become subject to
redemption prior to maturity; and
?4 WHEREAS, it is the policy of the HRA to "recycle" the resource represented by the Prior
?5 Bonds by issuing refunding bonds (fhe Refunding Bonds) to the greatest extent possible to
?6 provide for the origination of additional single family loans to Qualified Buyers; and
��
$
9 WHEREAS, because the various series of Refunding Bonds are due and become
0 subject to redemption at various times during the calendar year in relatively smafl principat
1 amounts which can not efficiently and economicaily be refunded by the issuance of separate
2 series of refunding bonds, the HRA, in cooperation with the Gity, Minneapolis, the MCDA and
3 the MHFB, proposes that there be deposited in certain escrow accounts moneys sufficient,
E from time to time, to provide for the refunding of the Prior Bonds, and to periodically issue
� Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits;
£ A'S��jyV=lJ '.'..A�
}� S �
�,���`� `.
38
39
40
41
NOW THEREFORE, be it resofved by the Ciiy Council of the City of Saint Paul,
Minnesota, as follows:
60 -�-G
42 1. The Executive Director of the HRA or his designee, is hereby authorized and
43 directed to take such actions as are necessary or convenient to implement the City's policy of
44 maximizing the resource represented by the Prior Bonds. Without limiting the generalify of the
45 foregoing, the Executive Director is specifically authorized to execute and deliver, from time to
4b time, escrow agreements and to do all other things necessary or convenient to provide for the
47 deposit of funds made available by the City, the HRA or the MHFB (Escrow Deposits) to
48 refund Prior Bonds becoming due or subject to prepayment from time to time,
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
2. The City hereby approves the issuance by the HRA, individually or in
cooperation with the MCDA, the MHFB and Minneapolis of the Refunding Bonds at such
times and in such amounts as are effective and economical, in an aggregate principal amount
from time to time identified by the Executive Director of the HRA, or his designee in writing and
filed in the official records of the HRA, and estimated to be between $30,000,000 and
$40,000,000 in 2000, to reimburse the City, the HRA or the MHFB for any and all escrow
deposits made by them, respectively, all for the purpose of providing for the origination of
additional singfe family mortgage loans to be made to Qualified Buyers.
3. Ali actions of the members, empfoyees and staff of the City or the HRA
heretofore taken in furtherance of the poficies of the City and the HRA stated herein are
hereby approved, ratified and confirmed.
Requested by Department of:
Plannin & Eco �mic Dev lo ment
By: .
Form Approved by City Attorney
�
Approved by
�
�S t�, z�
� iiI i ��,
Mayor: 7 Date �LL Approved by Ma fo'r Subm' ion to Counail
By: � :
Adopted by Council: Date �,,,,� ���.ppa
Adoption Certified by Council Secretary
00 -�.b
Schedule A
Prior Bonds:
Single Family Mortgage Revenue Bonds or Refunding
Bonds:
Phase !V, Series A, B& C
Phase V, Series A, B& C
Phase Vl, Series B
Phase VII, Series A
Phase VIII, Series A
Phase IX, Series A
Phase X, Series A
Phase XI, Series A& B
Phase XII, Series A& B
Phase li Refunding, Series A and Series B
Saint Paul Middle Income, Phase 1
Saini Paul Middie Income, Phase 11
Saint Paul Middle fncome, Phase I11
Home Ownership and Renovation, Phase 1
Home Ownership and Renovation, Phase II
-lome Ownership and Renovation, Phase III
Home Ownership Program, Phase V
Home Ownership Program
Convertible Option Bonds, Series A& B
Home Programs, Series A-1, A-2 & A-3
ia Home Proarams. Series B-1 & B-2
/ssue Date
5/1 /1987
11l111987
8/1l1988
4l13/1989
2/8/1990
8l29/1991
11 J30/1994;
911l1996
7/23l1997
12/29/1998
6/6/1996
12/1/1991
(supplemented
6/1/1994)
3/611995
4/15/1997
7/1119$9
6!1l1991
12(1(1993
1 f5f 1995
8f11 /1998
12/29/1998
(remarkefed
6/22l1999)
8/19/1999
8131/1999
GREEN
�'— ��-^0��0
D, 3aS�r�m '� S�Owsrar
TOTAL # OF SIGNATURE PAGES One f 1)
Approving a program of refunding Single Family Mortgage Revenue Bonds to provide for the recycling of program
monies to make additional loans for tow or moderate persons and families and approving and authorizing o#
various documents i� connedio� therewith.
a
PUINNING CAMMISSION
CIB COMMI7'fEE
GVfL SERVICE CAMM{SSION
�
Authorizes the HRA director to take actions to implement the City's policy of maximizing resources and the
issuance of Refunding Bonds as appropriate.
iry_.�::r.r;a�
Additionai loans wiil be available for low or moderate income families.
None.
���
� u.r.,,ar. �. �1 2 2'i °I� ❑ enasuc
❑,�„G..,�� �b ....�..
�.,,faRl�,lti..,,N.,�� Y _ � / V(!
(CLIP ALL LOCATIONS FOR SIGNATUR�
Has thie perso�rm everxrorked under a conuact hr thie depanmenrt
YES NO
Hes Mis pereoNfirm e�er been a dly empbyce?
YES NO
Dces this persoMrtn poeaece a sMll not noimeltyposaesaed by arry cuReM city emPbyee7
YES NO
Is Mis pe�sa�fim+a �e[ed vmda(t
YES NO
�
�`�`�° �:., �, w '� �-� ��o���
.� _
�
op-Zfo
No 10i?23
�
��
Additional loans will not be available.
oF rrwr�sacnorr s ' � '
COET/REVENUE BUDGETm (CIRCLE ON�
YES NO
ACiNfTY NU►IBER
Rasa�ru�; ��..r�ns�r
� y,�
4 � �
Council File # �0 �' a��
•
^.� , - -
Presented By
Referred To
Resolution #
Green Sheet # 1'0�3 Z..7
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
��
Committee: Ddte
z
3
4
6
7
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
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 FAMILIES AND
APPROVIfVG AND AUTHORIZING THE EXECUT{ON OF VARIOUS DOCUMENTS IN
CONNECT{ON THEREWITH
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota (the NR,4), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint
Paul Housing Fi�ance Board (the MHFB), pursuant to that certain Joint Powers Agreement, as
amended, by and between the HRA, the Minneapolis Community Development Agency (the
MCDA} and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the
City), from time to time has issued individually or jointly with other issuers various series of
singie family mortgage revenue bonds, including those fisted on Schedule A attached hereto
(the Prior Bonds), fior the purpose of providing below-market interest rate financing to low or
moderate income persons and families (G2ualified Buyers); and
WHEREAS, the federal tax law permits the issuance of tax-exempt refunding bonds to
refund certain principal amounts of the Prior Bonds as they mature or become subject to
redemption prior to maturity; and
?4 WHEREAS, it is the policy of the HRA to "recycle" the resource represented by the Prior
?5 Bonds by issuing refunding bonds (fhe Refunding Bonds) to the greatest extent possible to
?6 provide for the origination of additional single family loans to Qualified Buyers; and
��
$
9 WHEREAS, because the various series of Refunding Bonds are due and become
0 subject to redemption at various times during the calendar year in relatively smafl principat
1 amounts which can not efficiently and economicaily be refunded by the issuance of separate
2 series of refunding bonds, the HRA, in cooperation with the Gity, Minneapolis, the MCDA and
3 the MHFB, proposes that there be deposited in certain escrow accounts moneys sufficient,
E from time to time, to provide for the refunding of the Prior Bonds, and to periodically issue
� Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits;
£ A'S��jyV=lJ '.'..A�
}� S �
�,���`� `.
38
39
40
41
NOW THEREFORE, be it resofved by the Ciiy Council of the City of Saint Paul,
Minnesota, as follows:
60 -�-G
42 1. The Executive Director of the HRA or his designee, is hereby authorized and
43 directed to take such actions as are necessary or convenient to implement the City's policy of
44 maximizing the resource represented by the Prior Bonds. Without limiting the generalify of the
45 foregoing, the Executive Director is specifically authorized to execute and deliver, from time to
4b time, escrow agreements and to do all other things necessary or convenient to provide for the
47 deposit of funds made available by the City, the HRA or the MHFB (Escrow Deposits) to
48 refund Prior Bonds becoming due or subject to prepayment from time to time,
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
2. The City hereby approves the issuance by the HRA, individually or in
cooperation with the MCDA, the MHFB and Minneapolis of the Refunding Bonds at such
times and in such amounts as are effective and economical, in an aggregate principal amount
from time to time identified by the Executive Director of the HRA, or his designee in writing and
filed in the official records of the HRA, and estimated to be between $30,000,000 and
$40,000,000 in 2000, to reimburse the City, the HRA or the MHFB for any and all escrow
deposits made by them, respectively, all for the purpose of providing for the origination of
additional singfe family mortgage loans to be made to Qualified Buyers.
3. Ali actions of the members, empfoyees and staff of the City or the HRA
heretofore taken in furtherance of the poficies of the City and the HRA stated herein are
hereby approved, ratified and confirmed.
Requested by Department of:
Plannin & Eco �mic Dev lo ment
By: .
Form Approved by City Attorney
�
Approved by
�
�S t�, z�
� iiI i ��,
Mayor: 7 Date �LL Approved by Ma fo'r Subm' ion to Counail
By: � :
Adopted by Council: Date �,,,,� ���.ppa
Adoption Certified by Council Secretary
00 -�.b
Schedule A
Prior Bonds:
Single Family Mortgage Revenue Bonds or Refunding
Bonds:
Phase !V, Series A, B& C
Phase V, Series A, B& C
Phase Vl, Series B
Phase VII, Series A
Phase VIII, Series A
Phase IX, Series A
Phase X, Series A
Phase XI, Series A& B
Phase XII, Series A& B
Phase li Refunding, Series A and Series B
Saint Paul Middle Income, Phase 1
Saini Paul Middie Income, Phase 11
Saint Paul Middle fncome, Phase I11
Home Ownership and Renovation, Phase 1
Home Ownership and Renovation, Phase II
-lome Ownership and Renovation, Phase III
Home Ownership Program, Phase V
Home Ownership Program
Convertible Option Bonds, Series A& B
Home Programs, Series A-1, A-2 & A-3
ia Home Proarams. Series B-1 & B-2
/ssue Date
5/1 /1987
11l111987
8/1l1988
4l13/1989
2/8/1990
8l29/1991
11 J30/1994;
911l1996
7/23l1997
12/29/1998
6/6/1996
12/1/1991
(supplemented
6/1/1994)
3/611995
4/15/1997
7/1119$9
6!1l1991
12(1(1993
1 f5f 1995
8f11 /1998
12/29/1998
(remarkefed
6/22l1999)
8/19/1999
8131/1999
GREEN
�'— ��-^0��0
D, 3aS�r�m '� S�Owsrar
TOTAL # OF SIGNATURE PAGES One f 1)
Approving a program of refunding Single Family Mortgage Revenue Bonds to provide for the recycling of program
monies to make additional loans for tow or moderate persons and families and approving and authorizing o#
various documents i� connedio� therewith.
a
PUINNING CAMMISSION
CIB COMMI7'fEE
GVfL SERVICE CAMM{SSION
�
Authorizes the HRA director to take actions to implement the City's policy of maximizing resources and the
issuance of Refunding Bonds as appropriate.
iry_.�::r.r;a�
Additionai loans wiil be available for low or moderate income families.
None.
���
� u.r.,,ar. �. �1 2 2'i °I� ❑ enasuc
❑,�„G..,�� �b ....�..
�.,,faRl�,lti..,,N.,�� Y _ � / V(!
(CLIP ALL LOCATIONS FOR SIGNATUR�
Has thie perso�rm everxrorked under a conuact hr thie depanmenrt
YES NO
Hes Mis pereoNfirm e�er been a dly empbyce?
YES NO
Dces this persoMrtn poeaece a sMll not noimeltyposaesaed by arry cuReM city emPbyee7
YES NO
Is Mis pe�sa�fim+a �e[ed vmda(t
YES NO
�
�`�`�° �:., �, w '� �-� ��o���
.� _
�
op-Zfo
No 10i?23
�
��
Additional loans will not be available.
oF rrwr�sacnorr s ' � '
COET/REVENUE BUDGETm (CIRCLE ON�
YES NO
ACiNfTY NU►IBER
Rasa�ru�; ��..r�ns�r
� y,�
4 � �