273791 ,�,t,�fE - CITV CLERK �����"q'
��+ARt�- DEP R`T ENT GITY OF SAINT PAITL Council z. r _;,.
01_UE - MAYOR File NO.
A
� � � � � ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION INCREASING THE AUTHORIZED
AMOUNT OF REVENUE BONDS WHICH MAY BE ISSUED
TO FINANCE THE SECOND BELOW MARKET
INTEREST RATE MO�TGAGE LOAN PROGRAM
WHEREAS, the Council adopted a Resolution Authorizing the
financing of Second Below Market Interest Rate Mortgage Loan Program
under Chapter 260 , Laws of Minnesota for 1975 and Minnesota Statutes,
Chapter 462A, and authorizing the issuance of �ingle Family Mortgage
Revenue Bonds to finance the Program on May 17, 1979 as Council File
Number 272973 (Council File 272973) ; and
WHEREAS, pursuant to Council File 272973, the City entered
into a Contract of Purchase dated May 24, 1979 by and between the
City and the Managers (as identified therein) ; and
_ WH�REAS, the Council authorized, by Council File 272973,
Single Family Mortgage Revenue Bonds in an amount not to exceed
$75,000 ,000; and
WH�REAS, the Managers and the Department of Planning and
Economic Dev�lopment have proposed that the amount of Single Family
Mortgage Rev�nue Bonds authorized under Council File 272973 be increased;
NOW THEREFORE, BE IT RESOLVED by the Council of the City of
Saint Paul a� follows:
1. The amount of Single Family Mortgage Revenue Bonds
authorized to be issued pursuant to Council File 272973 is hereby
increased to an amount not to exceed $100,000 ,000.
COUNCILMEN
Yeas Nays Requested by Department of:
Butler
Hozza [n Favor
, Hunt �
Levine _ _ Against BY a ,
Maddox � � �
Showalter
Tedesco Form Approved by City ttor y
Adopted by Council: I�ate
Certified Yassed by Council Secretary BY �
sy� r,
Approved by \�►avor. Uate �— Appro by Mayor for Sub i io o Council
By �--- — B
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.t - CITV CLERK � �(�P'��p,�
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C�AIVARV•- DEPANR MENT G�TY OF SA�I�NT PAUL FlecilNO• }°
BLUE - MAVOR
i
� - � Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
2. Notwithstanding anything to the contrary contained in
Council File 272973 or the aioresaid Contract of Purchase, or in any
related document, the proceeds of said Single Family Mortgage Revenue
Bonds may be used to finance any program authorized under Chapter 260,
Laws of Minnesota for 1975, Minnesota Statutes, Chapter 462A, Minnesota
Statutes, Chapter 462C, and Ordinances numbered 15975 and 16504, as
they now exist or may hereafter be amended.
3. The Council may, by ordinance, authorize the Housing
and Redevelopment Authority of the City to exercise, within the
corporate limits of the City, any and all of the nowers which the
�3innesota Housing Finance Agency is authorized to exercise under
Chapter 462A, and which the City is authorized to exercise under
the Act, but only upon the terms and conditions set forth in this
Resolution, and in the Ordinance, and the said Housing and Redevelop-
ment i�uthority shall, if so authorized, issue the revenue bonds
authorized by this Resolution and Council File 272973.
4. Except as set forth in this Resolution, Council File
272973 and the Contract of �urchase are not otherwise modified,
amended or altered.
COUNC[LMEN Requested by Department of:
Yeas Nays
X� McMahon (� �n Favor
Hozza --P—�—
Hunt �"'�
� _�L__ Against BY
Maddox
Showalter
Tedesco � ,� 197(� Form Approved by City Attorney
Adopted by Council: Date '��
Certified Passed by Council 'Secretary BY
t
B5 ..
r ved by ;Wavor: af
��+� Ap ro d by Mayor for S b i sio o Council �
BY - — BY
� I PUB�.ISNED O CT 6 1979
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i c1?! a� LI'1'Y OF �AINT PAUL
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'+ OFP`IGF. OF' TFIE CITY COUNCIL
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,si'�s�s�se
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DAVID H. HOZZA
Councilman
September 28, 1979
: Rose Mix, City Clerk
386 City Hall
St. Paul, Minnesota 55102
Dear l�ose : � �
Please be notified that I have called a special meeting of the
City Council for rionday , October l , 1979 , at 10 : 00 a.m. , at
Room 707, City Hall , to consider adoption of resolutions
(1) authorizing a below market home rehabilitation loan program
revenue bond issue in an amount not to exceed $100 ,000 ,000 , (2)
amending Resolution Council File No. 272973 adopted May 17 , 1979 ,
, authorizing a below market interest rate home mortgage loan program
second revenue bond issue, increasing the amount of said issue from
not to exceed $75 ,000, 000 , to not to exceed $100 , 000 ,000 , and (3)
aut�norizing a below market interest te multi-family housing loan
program revenue bond issue in a amount not to exc d $100 ,000, 000 .
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COUNC P SID 1
i
� We, the undersigned Councilmen, do hereby waive written notice
requirements for a special meeting of the City Council on rlonday,
� October 1, 1979 , at 10 :00 a.m. , at Room 707 , City Hall, for the
! reasons stated above.
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C!"I'Y HAL[. SEVE.N"t'H FLOOK SAIN"C PAU1., MINNf:SO"CA 55102 612/298-464G
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