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
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, ` �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
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�� � �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
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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