273339 �-..WHITE - C�TY CLERK j������
FC�ANARV - DEPARTMENT COl1flC1I �� � � �
BLUE - MAVOR GITY OF SAINT PAUL File NO.
' Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
PRELIMINARY RESOLUTION AUTHORIZING A REHABILITATION
LOAN FINANCING PROGRAI�'! UNDER CHAPTER 260, LAWS OF
MINNESOTA FOR 1975 AND MINNESOTA STATUTES, CHAPTER
462A AND CITY OF SAINT PAUL ORDINANCES NOS. 15975
AND 16504 AND AUTHORIZING THE ISSUANCE OF REVENUE BONDS
WHEREAS, the City desires to make available below market
interest rate rehabilitation loans to persons of low and moderate
income to make possible the rehabilitation of residences within the
geographic limits of the City upon terms and conditions not other-
wise generally affordable to such persons in the private loan mar-
ket; and
WHEREAS, the Department of Planning and Economic Development
of the City has proposed that the City undertake a program (the "Re-
habilitation Loan Program") to make available such below market
interest rate rehabilitation loans, and that the City issue revenue
bonds pursuant to Chapter 260, Laws of Minnesota for 1975 (the "Act") ,
Minnesota Statutes, Chapter 462A ( "Chapter 462A") , City of Saint
Paul Ordinances Nos. 15975 and 16504 (collectively, the "Ordinances")
- and Council Resolution (Council File) No. 272352 (the "Community
Development Resolution") to firiance the Reha.�ili�ation Loan Program;
NOW THEREFORE, BE IT RESOLVED by the City Council of the
City of Saint Paul, as follows :
a. The Department of Planning and Economic Development,
in consultation with the City's fiscal consultant Springsted
Incorporated, and in consultation with underwriters and bond
counsel, is authorized to formulate ,a specific program to pro-
vide rehabilitation loans to persons of low and moderate income
as part of the housing program authorized by the Act.
�',
� —
COUNCILMEN ' �"'
Yeas Nays Requested Depart�t o •
Butler
Hozza [n F avor
Hunt
Levine __ Against BY --
Maddox r�; `
Showalter `"i-
Tedesco For pprov d by Cit Attorne
Adopted by Council: Date � •
Certified Passed by Council Secretary ��
gy,
/#p by Mavor: Dat App oved by Ma r for Sub ssion to Council
BY - BY
�
s
b. The Departme�t of Planning and Economic Development is directed i
to forcnuiate r�gu.ations f�r the Rehabilitation Loan Program, which regulations
or criteria shall be s�.�bmitted to the City Council and approved by it. Such ,eguta�i..:�s
or criteria shall provide that:
l. �erms and conditions for �Ae"Re.i�b��.�.tation
Loan Program may be contained in any indenture or other
' agreement entered into by the City, and approved by the
Council, in connection with the issuance of revenue bonds
to finance the Rehabilitation Loan Program.
2. Loans made pursuant to the Rehabilitation Loan
Program shall be made only if a determinatian is made by
the City, or on the City's behalf, that financi.ng •is no-�
• otherwise available from private lenders upQn terms and
conditions which are affordable to the rehabilitation
loan ap�licant.
3 . The Rehabilitation Loan Pro�ram shall comply in
a.11 respects with. the aforesaid Act, Chapter 462A,
�i33.i1cii1�E3� �`IC� COrilIiti3ri"�'g% D�vBi�YItt�I1i: R@SO�.l"tf:1Ct1Z� 3S i:fl�y
may from time to time exist, and with the regulations
promulqated ther.eunder. �
4 , The Department of Planning and Economic Develop-
ment may contract with such privat� parties as may be
necessary to effectuate the Rehabilitation Loan Pro�ram,
ar.d t� maK� ixs� o.f P�ist�inc� �.end?_ns irstitutions and staff.
c. Tne Rehabilitation Loan Program may k�e financed by
the issuance c�� r�ve��ue bonds as authcrized �y th� A^t, Cr�apter
462A, Ordinances and the Community Development Resalution. The
R�haLilitation Loan Program, and all documents in conn�ction
therewith, shall provide that such revenue bonds shall be
payable solely from the re�enues of the Rehabilitation Laan
Program, or any def�uli. rEServe createc� in cvnnection therewith,
and shall not be a charge against the credit or taxing power
of the City, within the meaning of any constitutional or statury
provision.
u. �i°ne vepartment of Planrzing and Economic �evelopmer�t
is authorized to retain the services of Piper, Jaffray & Hop--
::�od, In:;�rparateu, and Lain, Kalman & Quaii, Incorporated,
as uriderwriters in connection with such revenue bonds. Said
services may include market analysis. The Department of
�Zarining and Econ�mi� Deve3.o�mer.t iti, furthzr authorized to
negotiate for the retention of the services of bond cour,sel
WHITE - CITV CLERK t
B U€ - MAVORE GITY OF SAINT PAUL F1eci1N0. ��'-'" "�' '_'
CAN.qRY - DEPARTMENT
' Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
in connection with said revenue bonds, and the retention of
bond counsel in connection with such revenue bonds shall be
submitted to the City Council for approval.
e. All indentures , agreements, bond purchase agreements
or contracts of purchase, and other documents in connection with
the Rehabilitation Loan Program and such revenue bonds shall be
submitted to the City Council for approval prior to the issuance
of such revenue bonds .
COUNCILMEN Requested by Department oE:
Yeas Nays
�� � [n Favor
---��eaaa �
Hunt
Ixvine _ � __ Against BY
Maddox
Showalter ,1UL 17 1979
Te Form rove by City Attorney
Adopte Counci . Date _ � , J .
B ff
C �fied Yas� by un ' Secretary
v
Ap v d by INavor: Date �'��- 2' O ,� Ap oved by May r for Submi ion to Council
BY — BY
.�.;�� J U L 2 8 t979