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276467 WHITE - CITY CLERK �.• ►�y PINK - FiNANCE � �" • � CANARY - DEPARTMENT C I T Y O F S A I N T PA II L COUflC1I � L1� I BLUE - MAYOR �� File N 0. - , � C cil Resolution Presented By -Gl�J? Referred To Committee: Date Out of Committee By Date WHEREAS, the City Council of the City of Saint Paul recog- nizes the public purpose and benefits in initiating programs to conserve the use of residential energy consumption; and WNEREAS, the City Council recognizes that the public benefit is such that loans may be made on a graduated scale and priority with regard to income; and FURTHER WHEREAS, the City Council recognizes the particular hardship the rising cost of energy has on low- and moderate-income households; NOW, THEREFORE BE IT RESOLVED, that the City Council ap- proves for submission to the State Legislature the enclosed bill authorizing the adoption of a local ordinance or ordinances to develop and administer a program or programs for the making or purchasing of energy improvement or energy rehabilitation loans; and FURTHER BE IT RESOLVED, that the City Council will , in ap- proving its final ordinance, place limitations and priorities ensuring that the maximum program benefit will be provided to low- and moderate-income households. COUNCILMEN Requestgd by Department of: Yeas Nays Hunt Lev�ne In Favor Maddox McMahon showa�ter � __ Against BY — �edexo Wilson Adopte y Coun 1: Date ��rt 5 198� Form Approved by City Attorney ertifie assed by Council Secreta BY sy �'1� _ Appro . avor: Date Appro d by Mayor for mi ion to Council B BY - ���st�� MAP 1 4 19 81 _ �, :• ..� ^ i i • �' . " ' ��� y�� ., , , � � ;,: ,; ,.`.�.X . �.. _ - U � � � - - . Energy� Bill . Holmes & Graven . • 02/24/8] A bill f or an ac t relating to the cities of DZinneapolis and Satnt Paul; authorizing the implementation of energy conservation � programs; authorizing the financing of residential - energy conservation programs; authorizing the issuance � of qualified mortgage bonds. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF �1II�NESOTA: Section 1. [Mirineapolis, City of; Saint Paul�City of; Residential Energy Conservation Program; Purpose.] The legislature of the state of 17innesote finds � and declares that the state faces�potential serious shortages in energy resaurces and that energy conservation requires expanded..authority and technical capability � in order to encourage minimization of the use of traditional energy sources in the housing sector; th�t accomplishing this is a public purpose; that it is in the public interest to authorize the city of AZinneapolis and the city of Saint Paul to provide existing single family, existing muttifamily and existing rental housing Ivans for energy improvements. � ��� �yl�) Sec. 2. [Residential Energy Conservation Program.} rotKithstanding the ��� � � `'`?. provisions of any law or charter to the contrary the city of A�linneapolis and the city of Saint Paul, individually or jointly are authorized to devel�p and administer a program or programs for the making or purchasing of energy improvement or energy rehabilitation loans with respect to housing located�anywhere within their respective bounderies;�n such terms and conditions as set forth in this act and an � ; ��,:,�;, �;—,, . ordinance�which s}iall be adopted by the governing body* or bodies af 41�e municipality or municipalities establishing such program. At least _?5°,Ei of the proceeds of each energy improvement or energy rehabilitation loan shall be used for housing repairs and improvements (1) which the city determines are (a).used ar useful to conserve energy or (b) to convert or retrofit an existing structure for the purpose of using an energy source which does not depend on nuclear or nanrenew- able petroleu m based resources, and (2) .which, when installed or completed�will with respect to each housing unit directly result in s cost effective reduction of energy utilization from nuclear or nonrenewable petroleum based resources. The . 1. . ..y_f � '. . ordinancef establishing �the program shall establish the manner of determining whether the housing repairs and improvements will directly resuZt in the required cost effective reduction of energy utilization:� Such louns may �e made without 1 . . , ,. - .r: � � , ,, ` , '" . _ " � regard to income level of the loan recipient, shall bear interest at sUCh rate or rates as are established by the city or cities, shall be for a term of not to exceed � 20 years and. may.be�secured by a mortgage ar other security interest. The pow�ers .�....�--- granted to each city by sections 1 to S of this Act are supplemental and in addition to those granted. by AZinnesota Statutes, Chapter 462C and any other law or charter. - , ` � �� � ��� ��� � � Sec. 3. [Limitati� A program may be established pursu t to this Act only after the city esteblishing the program determines that: (1) There is a continued need to reduce consumption of energy from ' nonrewable petroleum besed resources. . - (2) There are housing units within the jurisdiction of the city which are � in need�of energy improvements and energy rehabilitation. � •(3) Private sources of financing are not reasonably available to provide the needed loans for energy improvements and energy rehabilitation. (4) The tyPes of energy improvements and energy rehabilitation tYill reduce the consumption of energy from non-renewable petroleum based resources or from nuclear sources. � . � . Findings mede by the city.pursuant to this section shall be conclusive and final. . See. 4. [Revenue Bonds.� Subdivision 1. To finance the program or programs authorized by this act, the city council of the city of Alinneapolis and the eity council. of the city of Saint Paul individually or jointly may, by resolution, authorize, issue, and sell revenue.bonds or obligations, which are payable from the revenues of the programs authorized by this act. ��� �:��' (� ��%�S l�� . �, , ��,��,P �y�'%�,�.a � ���Ql. � . ✓�2�/� , d �� Subd. 2. rotwithstanding the provisions of any other Iaw, general or special �)� --- • ." . N`to the contrary, and in addition to the authority eontained in any other Iaw, the :�ti°� . � eity of A7iru�eapolis and the city of Saint Paul individually or jointly may eaercise '� any and all of the same powers in relation to the making or purchasing of loans vr ��,{� �-t�PI"u"" ' other securities snd in the issuing of revenue bonds or obligations in furtherance of V the programs suthorized by this act as the R�innesota housing finanee agency is authorized to exercise under the provi.sions of Minnesota Statutes, chapter 4S2A, . without regard to any of the limitations.set forth in &4innesota Statutes, chapter 475.. The revenue bonds or obligations shall be payable from all �r a portion of program revenues and other. sources .of city revenue, except that the city shall not levy or pledge to levy any ad valorem tax upon real property for the purpose of paying principal of or interest on such revenne bonds or obligations. C,4 ' ' ��� . ��'�.��-�'� ��� � 2 . ._ __, ., . . �_::�, . . . � - . ,�. _ � , :�, ,,. � +,a e,"C�C1l-f1Q .��.t�• G�c�..-2�� C � � . � �.. � �/'f"� �'G�t�►..�('� ' • � Sec. 5. [Exercise of Powers.) Eithec or both cities may by ordinance �uthorize the housing and redevelopment authority or the port� authority for tl�eir respective city to exercise�any or all of the powers granted to each city by the Act� b • in �+�hich event the sources of city revenue that may be pledged to the payment of revenue bonds or obligations shali include any revenues of such housing and redevelopment authority or part authority. Sec. 6. [Qualified RZortgage Bonds.7 Subdivision 1. In accordance tivith Section 103A(gx6)(A) of the Internai Reuenue Code of 1954 as amended, the city of ;1'iinneapolis is authorized to issue qualified mortgage bonds as that term is defined . � . in and as such bonds are go�erned by Section 103A of the Internal Revenue Code of . 1954, as amended, during any calendar year in an amount equal to the greater of (1) $16,000,000 or (2) four and one-half percent (4-1/2%) times the average a.nnual aggregate principal amount of all first mortgages, second mortgages, contracts for deed and such other "owner financing" as is �included .in Section 103A(1)(i) of the Internal R.evenue Code of 1954, as amended, for owner-occupied residences Iocated within the city of Minneapol�s during the preceding three years� Such bonds shall be issued pursuant to authority contained in a special or general law. - Subd. 2. In s�ccordance with Section 103A(g)(6)(A) of the Internal Revenue Code of 1954 as amended, the city of Saint Paul is auYhorized to issue qualified mortgage bonds as that term is defined and as such bbnds are governed by in Section 103A of the Internal Revenue Code of 1954, as amended, during an,y calendar year in an amount equal to the greater of (1) 58,500,000 or (2) four and one-half percent (�-1/29n) times the average annual aggrega�e �principal amount of all first mortgages,- second mortgages, contracts for deed and such other "owner fin2..ncing" as is included in Section 103A(1)(i) of the Internal Revenue Code of 1�954, �. . as amendeci, for owner-occupied residences lqc�ted within the city of Saint Paul during the preceding three years. Such bonds shsll be issued pursuant to authority contained in a special or general law. � � See. 7. (Effective Date.] Sections 1 to 5 of Yhis Act are effective with respect to each city upon the day of compliance with h4innesota Statutes, section 64�.021, subdivision 3. Section 6 of this Act is effective the day �'ollowing final enactment. � • � . . �3 ' .