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276961 WHITE - CITY CLERK COUI1C11 2�!69�1 PINK ��'• FINANCE - � CANARY - DEPARTMENT .G I T Y O F S A I N T PA U L � BLUE - MAYOR � �Fll@ N O. � � uncil Resolution Presented By Referred To Committee: Date Out of Committee By Date (City of St. Paul - Resolution) RESOLUTION APPROVING THE EQUITY PARTICIPATION LOAN PROGRAM OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA AND MINNEAPOLIS COMMUNITY DEVELOPMENT AGENCY, THE SINGLE FAMILY HOUSING REVENUE BONDS TO FINANCE THE PROGRAM, THE VARIOUS AGREEMENTS RELATING THERETO AND USE OF URBAN DEVELOPMENT ACTION GRANT FUNDS IN CONNECTION THEREWITH WHEREAS: A. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA" ) will undertake, acting jointly with the Minneapolis Community Development Agency (the "MCDA") , a below market interest rate mortgage loan program (the "Equity Participation Loan Program" or the "Program") pursuant to Minnesota Statutes,, Chapter 462A and 462C, Minnesota Statutes, Section 471.59, and Chapter 97, Laws COUNCILMEN Yeas Nays Requestgd by Department of: Hunt Levine In Favor Maddox McMahon B Showalter __ AgeinSt Y Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date — CertifiE:d Yassed by Council Secretary BY sy Approved by ;Nayor: Date _ Approved by Mayor for Submission to Council BY - – — BY ti ,. ��b9sz of Minnesota for 1981, and Chapter 72, Saint Paul, Minnesota, Administrative Code, relating to Housing and Rehabilitation Finance Programs; and B. Chapter 72, Saint Paul, Minnesota, Administrative Code, relating to Housing and Rehabilitation Finance Programs (the "Ordinance" ) authorizes the HRA to exercise, on behalf of the City, the powers conferred upon the City by Minnesota Statutes, Chapter 462C (the "Act") upon the authorization and direction of the City, which authorization and direction was given by Resolution C.F. 274883, adopted May 8, 1980, as amended by Resolution C.F. 275507, adopted August 26, 1980; C. By Resolution No. 81-6/��-� of even date herewith (the "HRA Resolution" ) , the HRA has authorized the issuance, jointly with MCDA, of $120,000,000 Single Family Housing Revenue Bonds (Equity Participation Loan Program) (the "Bonds" ) dated as of June 1, 1981; D. The City of Saint Paul and the City of Minneapolis have applied for, and been granted, Urban Development Action Grants Nos. B-81-AA-27-0027 and B-81-AA-27-0026, respectively, (the "Action Grants" ) the proceeds of which Action Grants shall be applied to assist the Program; E. The Minneapolis/Saint Paul Family Housing Fund, a Minnesota nonprofit corporation (the "Family Fund" ) proposes to 2 , ` �4i�961 participate in the Program by providing certain additional financial assistance to persons of low or moderate income receiving mortgage loans pursuant to the Program; F. The Indenture of Trust pursuant to which the Bonds shall be issued, together with various other Agreements specified in paragraph 9 of the HRA Resolution have been submitted to the HRA for approval, and the HRA has approved such Indenture of Trust and Agreements and authorized such Indenture of Trust and Agreements to be executed; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota as follows: 1. The Council hereby ratifies and confirms the authorization and direction to the HRA to carry out the Equity Participation Loan Program, and to issue the Bonds to finance the Equity Participation Loan Program upon the terms set forth in the HRA Resolution. 2. The Council hereby adopts and confirms the findings and determinations contained in the HRA Resolution; 3. The Council hereby approves the forms of the Agreements specified in paragraph� 9 of the HRA Resolution. The Joint Powers Agreement, the Trustee Action Grant Loan Agreement and the Family Fund Action Grant Loan Agreement specified in such HRA Resolution are authorized and directed to be executed or accepted, and delivered, in the name and on behalf of the 3 .. �rs9sz City by the Mayor, the City Clerk, the Director, Department of Planning and Economic Development and the Director, Department of Finance and Management Services upon execution thereof by the other parties thereto and upon approval of the form thereof by the City Attorney. 4. The form and terms of the documents described in paragraph 9 of the HRA Resolution, including the agreements referred to in Section 3 hereof, may be varied prior to execution and delivery by the parties thereto, provided that any such variance shall not be, in the opinion of bond counsel and the City Attorney, materially adverse to the interests of the City. The execution and delivery of such documents as provided in Section 3 hereof shall be conclusive evidence of the determination that any such variance was not materially adverse to the interests of the City. 5. Pursuant to the Trustee Action Grant Loan Agreement, the Council hereby authorizes and directs the Department of Finance and Management Services to deliver to the Trustee, on the day of issuance of the Bonds, the sum of $250,000, which sum shall be drawn from the City of Saint Paul UDAG Fund. Such Fund shall be reimbursed from funds to be provided under Urban Development Action Grant No. B-81-AA-27-0027 as provided in the Trustee Action Grant Loan Agreement. The Mayor, Director, Department of Finance and 4 �� � �r�ss� Management Services and Director, Department of Planning and Economic Development, or their designees, are hereby authorized and directed to prepare, execute and furnish such certificates and other documents as may be from time to time necessary or desirable to obtain Action Grant funds for the Program pursuant to the Trustee Action Grant Loan Agreement, Family Fund Action Grant Loan Agreement, Grant Agreement and Exhibits thereto, the Letter of Credit to be issued in connection therewith, and other related documents or agreements. 6. In the event any of the officers of the City authorized to execute documents on behalf of the City under this resolution, shall for any reason be unable to do so, any other officer of the City, is hereby directed and authorized to do so on behalf of the City with the same effect as if executed by the officer authorized to do so in this resolution. 7. The Mayor, City Clerk, and other officers of the City are authorized and directed to prepare and furnish when the Bonds are issued, certified copies of all proceedings and records of the City relating to the Bonds and such other affidavits and certificates (including but not limited to those required by the Contract of Purchase) as may be required to show the facts relating to the legality, tax exemption and marketability of the Bonds as such facts appear from the books and records in said officers custody and control or as 5 WHITE - CITY CLERK . �Cli�"7 PINK " � FINANCE COUIICIl V� .i CANARY - DEPARTMENT G I T Y O F S A I N T �PA LT L Bk,ljE` - MAYOR File N O. Council Resolution Presented By Referred To Committee: Date Out of Committee By Date otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements made by the City and contained therein. 8. Co-bond counsel are hereby designated and retained as counsel to the City for the limited purposes of the Action Grants. Co-bond counsel shall not receive additional compensation, over and above that agreed to for their services as co-bond counsel, for services rendered pursuant to this paragraph. 6 COUNCILMEN Yeas Nays Requestgd by Department of: '�k,r*r � �/✓ Levine �_ In Favor Maddox , � � ���te � _ Against BY �� Tedesco YYiLS09 Adopted by Council: Date ��N 5 1981 Form Approved y it ,. � Certifie •5 d b Cou .' Se r BY By Appr by ;Nayor: te N 5 1981 Approved by Mayor for Submission to Council B BY PUBL)SHED JUN 131961 ���s�s� NOTICE OF SPECIAL MEETING OF THE COUNCIL OF THE CITY OF SAINT PAUL, MINNESOTA TO: Ruby Hunt Mayor Latimer Leonard W. Levine Bernard Carlson George McMahon Jim Bellus Joanne Showalter A1 Olson Victor J. Tedesco Ed Starr Bill Wilson Notice is hereby given that a Special Meeting of the Council of Saint Paul, Minnesota, will be held at 10 : 00 a.m. on June 5, 1981, or as soon thereafter as the HRA adjourns its special meeting, in the Council Chambers on the third floor of the City Hall at 15 West Kellogg Boulevard, for the purpose of consideration of the following: RESOLUTION APPROVING THE EQUITY PARTICIPATION LOAN PROGRAM OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA AND MINNEAPOLIS COMMUNITY DEVELOPMENT AGENCY, THE SINGLE FAMILY HOUSING REVENUE BONDS TO FINANCE THE PROGRAM, THE VARIO S AGREEMENTS RELATING THERETO AND USE OF AN DEVELOPMENT ACTION GRANT FUNDS IN CONN T N THE aITH dox President June 4 , 1981 �`1'6961 NOTICE OF SPECIAL MEETING OF THE COMMISSIONERS OF THE HOUSING AND REDEVELOPMENT AUTHOR�TY OF THE CITY OF SAINT PAUL, MINNESOTA TO: Ruby Hunt Mayor Latimer Leonard W. Levine Jim Bellus George P�IcMahon Bernard Carlson Joanne Showalter Delores Arduser Victor J. Tedesco Jim Hart Bill Wilson Notice is hereby given that a Special Meeting of the Commissioners of the Housing and Redevelopment Authority of the City -of Saint Paul, Minnesota, will be held at 10: 00 a.m. on J.une 5 , 1981, in the Council Chambers on the third floor of the City Hall at 15 West Kellogg Boulevard, for the purpose of consideration of the following: RESOLUTION AUTHORIZING THE FINANCING OF AN EQUITY PARTICIPATION LOAN PROGRAM UNDER 1�iINNESOTA STATUTES, CHAPTERS 462A and 462C, AND MINNESOTA STATUTES, SECTION 471.59, AND CHAPTER 97, LAWS OF MINNESOTA FOR 1981, AND CHAPTER 72, SAINT PAUL, MINNESOTA, ADMINISTRATIVE CODE, AUTHORIZING THE ISSUANCE OF SINGLE FAMILY HOUSING REVENUE BONDS TO FINANCE THE PROGRI�,M, AND APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH Chairman Ron Maddox June 4, 1981