274098 MMITE - CITV CLERK COLLIICIl f7��o��/
PINK - FINAnICE G I TY OF� SA I NT PALTL /�
CAfJ;4RV� �PA,�TMENT
BLUE - MAYOR File NV•
Co�ncil Resolu�ion
Presented By
Referred To Committee: Date
Out of Committee By Date
CONCURRING RESOLUTION PERTAINING TO THE
CITY OF SAINT PAUL, MINNESOTA, ACTING BY AND
THROUGH ITS HOUSING AND REDEVELOPMENT AUTHORI�Y,
RESIDENTIAL REHABILITATION REVENUE BONDS
WHEREAS, the Housing and Redevelopment Authority of
the City of Saint Paul (the "HRA" ) has received a proposal from
Piper, Jaffray & Hopwood, Inc. and Dain, Bosworth, Inc. (the
"Underwriters" ) that the City of St. Paul (the "City") acting
by and through the HRA, undertake a below market interest rate
home rehabilitation loan program (the "BMHR Program" or
"Program") pursuant to Chapter 351, Laws of Minnesota for 1974,
Chapter 260, Laws of Minnesota for 1975 and Minnesota Statutes,
Chapter 462A and Chapter 72, Saint Paul Minnesota
Administrative Code, Housing and Rehabilitation Finance
Programs (the "Ordinance") ; and
WHEREAS, the Mayor has designated the HRP� as the
political subdivision by and through which the City shall carry
out the BMHR Program, and issue Residential Rehabilitation
Revenue Bonds (the "Bonds") in the aggregate principal amount
of $47,940,000 to finance the BMHR Program; and
WHEREAS, by Resolution No. 79-12/5-1 of even date
herewith, the HRA has accepted such designation; and
WHEREAS, the City has determined to contribute $500,000
of City funds to the BMHR Proqram to carry out its purposes and
for the further security of the Bonds ; and
COUNCILMEN Requested by Department of:
Yeas I Nays
.�r�Vj��V[a,�o� Plannincr and Economic Development
Hozza [n Favor
Hunt
Levine _ __ Against BY
Maddox
Showalter
Tedesco Form Approv y City At orney
Adopted by Council: Date �
Certified Passed by Council Secretary BY �
Bl' --
t�pproved by :Navor. Date _ App by Mayor for S i o to Council
By - B
�,s,:9 +�,�' 3�;�
` .� {'.�� �_ , t�.
WHEREAS, $500,000 of City funds are available from
repayments of loans made from the proceeds of the City of Saint
Paul, Minnesota, General Obligation Rehabilitation Loan Program
Bonds, Series 1975 and Series 1976; and
WHEREAS, the following documents have been approved,
and authorized to be executed, by the HRA;
a. Indenture of Trust, dated as of December
1, 1979, to be made and entered into between First
Trust Company of Saint Paul, Saint Paul, Minnesota
as trustee (the "Trustee") and the City acting by
and through the HRA (collectively the "Issuer" ) ;
b. A Program Administration Agreement dated
as of December 1, 1979 between the Issuer, Banco
Mortgage Company, as administrator (the
"Administrator" ) , and accepted by the Trustee;
c. A form of First Mortgage Loan Origination
and Sale Agreement, dated as of December 1, 1979,
between the Issuer, the Administrator and various
Sellers (as defined thereiri) , and accepted by the
Trustee;
d. A form of Servicing Agreement, dated as
of December 1, 1979, between the Trustee, the
Adminsitrator and various Servicers (as defined
therein) , and accepted by the Issuer; and
e. A Contract of Purchase dated December 5,
1979 between the Issuer and the Underwriters;
f. An Official Statement of the Issuer dated
December 5, 1979;
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
action of the Mayor in designating the HRA as the political
subdivision by and through which the City shall carry out the
BMHR Program, and issue the Bonds to finance the BMHR Program.
2. The Council hereby adopts and confirms the
findings and determinations of the HRA contained in HRA
Resolution No. 79-12/5-1, adopted December 5, 1979 (the "HRA
Resolution" ) .
-2-
WHITE - CITV CIERK COUnCII /�j�������
PINK - FINANCE GITY OF SAINT PAUL
C/kNA�RY -�DEPARTMENT
BLUE • - MAl'bR File NO.
Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
3. Subject to the approval of the City Attorney, the
forms of Indenture of Trust, Program Admir�istration Agreement,
First Mortgage Loan Origination and Sale Agreements, Servicing
Agreements, Contract of Purchase and Official Statement are
hereby approved, and are directed to be executed on the City's
behalf by the Mayor, Director of Finance and Management
Services, Director of Planning and Economic Development and
City Clerk.
4. 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
$500,000, which sum shall be drawn from accumulated repayments
. of loans made from the proceeds of the City of Saint Paul,
Minnesota, General Obligation Rehabilitation Loan Program
Bonds, Series .1975 and Series 1976.
� 5. The Mayor and Cit Clerk and other officers of
Y
the City are authorized and directed to prepare and furnish
certified copies of all proceedings and records of the City
relating to the Bonds, and such other affidavits and
certificates as may be required to show facts relating to the
legality of the Bonds as such facts appear from the books and
records in said officer's custody or control or as 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.
-3-
COUNCILMEN
Yeas Nays Requested by Department of:
�.Mc/�kor� ,6 Planning and Economic Development
Hozza In Favor ,
Hunt
Levine _ v __ Against BY
Maddox
Showalter
�� ��', 5 ��J� Form Approve City Attorne
Adopted by C i : Date
.---� -
Cert�d Ya:-ed ou : tary j BY
,:B;"r'.�.. .
I
t#ppr�vgdPby �rlavor: D � --_ _ . 19�� _ APP by Mayor for mis ion to Council
j� dE� �
BY -
�1}�3L.1SHE� ��C 1 `^� 197�