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Green sheet # ���0�33
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
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Council File # O � ... �a.8�{
Resolution #
Committee: Date
RESOLUTION AUTHORIZING CARRYFORWARD OF
UNUSED PRIVATE ACTIVITY BOND VOLUME CAP
� WHEREAS, the City of Saint Paul, Minnesota (the "City") is an"entitlement issuer" within the
8 meaning of Minnesota Statutes, Section 474A.02, subd. 7; and
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io WHEREAS, the City's entitlement allocation for 2001 under Minnesota Statutes, Chapter
i i 474A.03, subd. 2a(3) is $21,479,000; and
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i3 WHEREAS, the City may, under § 146( fl ofthe Internal Revenue Code of 1986, as amended, and
i4 under Minnesota Statutes, Chapter 474A, "carryforward" a11 or aportion ofthe City's unused entitlement
is allocation for the year 2001; and
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i� WI-IEREAS, it is in the best interest of the public health, safety and welfare that the City
is "carryforward" for qualified mortgage bonds, qualified residential rental bonds and/or mortgage credit
19 certificates its remaining entitlement allocation;
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Presented By
Referred To
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul,
Minnesota, as follows:
1. The City hereby elects to carryforward $479,000 of its 2001 entitlement allocation for the
purpose of qualified mortgage bonds and/or mortgage credit certificates.
2. The Ciry hereby elects to cairyForward $21,000,000 of its 2001 entitlement allocation for
the purpose of qualified residential rental bonds.
so 3. The City's Director of Planning and Economic Development is hereby authorized and
si directed to file with the Internal Revenue Service a Form 8328 specifying the amount of entitlement
s2 allocation to be cazried forward as described above. The Form 8328 shall be filed with the Internal
s3 Revenue Service on or before February 15, 2002. The City directs the Director to notify the Minnesota
sa Department ofFinance of such carryforward at such time and as required by Minnesota Statutes, Chapter
3s 474A.
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36 4. The amount carried forward for the purposes of qualified mortgage bonds and/or mortgage
3� credit certificates may be utilized by the Housing and Redevelopment Authority of the City of Saint
3s Paul, Minnesota (the "Authority") pursuant to a single family housing fmance program approved by the
39 City pursuant to Mimiesota Statutes, Chapter 462C. The Authority may, at its option, delegate its
ao authority to issue bonds and/or mortgage credit certificates pursuant to the carryforward election to the
ai Minneapolis/Saint Paul Housing Finance Board. The proceeds ofbonds or mortgage credit certificates
az issued by the Minneapolis/Saint Paul Housing Finance Board may be applied without regard to
43 jurisdictional boundaries as provided in Mimiesota Statutes, Section 462C.12, subd. 3.
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Adoption Certified by Council Secretary
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Approved by Mayor: Date __
By:
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Requested by Department of:
Plannina & Econom Develonment
By: � /\'7 Y
Approved by Financial Services
By:
Form Approved by C' y orne
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By' � —
Approved by Mayor for Submission to Council
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By:
Adopted by Council: Date � z �
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DEPARTMENT/OFFICE/COUNCII,: DATE INITTATED GREEN SHEET rto.: 710233
PED/East Team 11/27/01 Q�'� �
CONTACT PERSON & PHONE: � ATE I1VIITALDATE
Jenny Wolfe, 6-6555 1 DEPARTMENC DIlL. �� a crrYCOUrrcn,
MUST BE ON COUNCII. AGENDA BY (DATE) �
12/12/01 Consent Agenda FoR�� ? crrYnrro�� xoM.aiviuGfris
ROU1'ING t7NANCIAL SERV DIlL _FINANCIAL SERV/ACCTG
ORDER
3 MAYOR(ORASST.) _
TOTAL # OF SIGNAI'URE PAGES One (1) (CLIP ALL LOCATiONS FOR SIGNAT[JRE)
ACiTON REQUESTED:
Approval to "carryfonvard" the City's unused 2001 entitlement allocation (bonding authority) for the
purpose of year 2002 qualified residential rental projects and qualified mortgage revenue bonds.
RECOMIviF,NDAT[ONS: Approve (A) or Reject (R) PERSONAI. SERVICE CON1'RACT5 MI75T ANSWER'CHE FOLLOWING
QUESTIONS:
PI.ANNING COMMISSION 1. Has this persoiJfirm ever worked under a contract for tivs departrnent?
CID COMMITTEE Yes No
CIVIL SERVICE COMMISSION 2. Has this persodfimi ever been a ciry employee?
Yes No
3. Does this person/firm possess a skill not nortnally possessed by any cursent ciry employee?
Yes No
Eaplain ail yes answers on separate sheet and attach to green sheet
INITIAI'IlVG PROBLEM, ISSUE, OPPORTONIII (W6o, What, When, Where, Why):
At the end of each year, the State of Minnesota and the IRS require that the City "carryforward" any portion
of the City's unused bonding entitlement allocation which can then be used in the following year. This
year's deadline is December 31, 2001.
ADVANTAGESIFAPPROVED:
Qualified Residential Rental Bonds and Mortgage Revenue Bonds can be issued during 2002 for the benefit
of low or moderate income individuals.
DISADVAN'1'AGES IF APPROVED:
None.
DLSADVANTAGES IF NOT APPROVED:
$21,479,000 of bonding authority will be lost.
TOTAL AMOiJNT OF 7'RANSACTION: $ O COST/REVENUE BUDGETED (CII2CLE ONE): YES NO
FIINDINGSOURCE: NA ACTIVITYNUMBER:
FINANCIAL INFORMATION: (EXPLAII�
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