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Council Fi1e # � � � '1gs
ReSOlution #
Green Sheet # l �� e�3�
Presented By
RESOLUTION a �
CITY OF SAINT PAUL, MINNESOTA
Referred To " Committee: Date
APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY MORTGAGE
REVENUE BONDS TO PROVIDE FOR THE RECYCLING OF PROGRAM
MONIES TO MAKE ADDITIONAL LOANS FOR LOW OR MODERATE
INCOME PERSONS AND FAMILIES A.ND APPROVING AND
AUTHORIZING THE EXECUTION OF VARIOUS
DOCUMENTS IN CONNECTION THEREWITH
io WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
i i (the HRA), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint Paul Housing
i2 Finance Board (the MHFB), pursuant to that certain Joint Powers Agreement, as amended, by and
is between the III2A, the Minneapolis Community Development Agency (the MCDA) and the City of
i4 Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the City), from time to time has
is issued individually or jointly with other issuers various series of single family mortgage revenue
16 bonds, including those listed on Schedule A attached hereto (the Prior Bonds ), for the purpose of
i� providing below-market interest rate financing to low ar moderate income persons and families
is (Qualified Buyers); and
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2o WHEREAS, the federal tax law permits the issuance of tax-exempt refunding bonds to refund
zi certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to
22 maturity; and
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24 WHEREAS, it is the policy of the HRA to "recycle" the resource represented by the Prior
2s Bonds by issuing refunding bonds (the Refunding Bonds ) to the greatest eatent possible to provide
z6 for the origination of additional single family loans to Qualified Buyers; and
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z8 WHEREAS, because the various series of Refunding Bonds are due and become subject to
29 redemption at various times during the calendar year in relatively small principal amounts which can
3o not efficiently and economically be refunded by the issuance of separate series of refunding bonds,
3i the IIRA, in cooperation with the Ciry, Minneapolis, the MCDA and the IVIHFB, proposes that there
sz be deposited in certain escrow accounts moneys sufficient, from time to time, to provide for the
s3 refunding of the Prior Bonds, and to periodically issue Refunding Bonds in principal amounts
sa sufficient to reimburse such escrow deposits;
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NOW THEREFORE, be it resolved by the City Council of the City of Saint Paul, Mimiesota,
as follows:
1. The Executive Director of the HRA or his designee, is hereby authorized and directed to
take such actions as are necessary or convenient to unplement the City's policy of maximizing the
resource represented by the Prior Bonds. Without limiting the generality of the faregoing, the
Executive Director is specifically authorized to execute and deliver, from time to time, escrow
agreements, including any amendments thereto, and to do all other things necessary or convenient to
provide for the deposit of funds made available by the City, the HRA or the MI�'B (Escrow
Deposits) to refund Prior Bonds becoming due or subject to prepayment from time to time.
as 2. The City hereby approves the issuance by the HRA, individually or in cooperation with
49 the MCDA, the MHFB and Minneapolis of the Refunding Bonds at such times and in such amounts
so as are effective and economical, in an aggregate principal amount from time to time identified by the
st Executive Director of the HRA, or his designee in writing and filed in the official records of the
sz HRA, and estimated to be between $30,000,000 and $40,000,000 in 2002, to reimburse the City, the
ss HI2A or the MIIFB for any and all escrow deposits made by them, respectively, all for the purpose of
sa providing for the origination of additional single family mortgage loans to be made to Qualified
55 Buyers.
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3. All actions of the members, employees and staff of the City or the IIRA heretofore
taken in furtherance of the policies of the City and the HI2A stated herein are hereby approved,
ratified and confirmed.
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Schedule A
Prior Bonds:
�����
Sin Ze Famil Morl a e Revenue Bonds or Re undin Bonds: Issue Date
Phase IV, Series A, B& C 5/1/1987
Phase V, Series A, B& C 11/1/1987
Phase VI, Series A& B 8/1/1988
Phase IX, Series A 8/29/1991
Phase X, Series A 11/30/1994; 9/1/1996
Phase XI, Series A& B 7l23/1997
Phase XII, Series A& B 12/29/1998
Saint Paul Middle Income, Phase I, Series B, C& D 12/1/1991
(supplemented
6/1/1994)
Saint Paul Middle Income, Phase II 3/6/1995
Saint Paul Middle Income, Phase III 4/15/1997
Home Ownershi and Renovation, Phase III 12/1/1993
Home Ownershi Pro am 8/11/1998
CityLiving Home Programs Convertible Option Bonds, Series A& B 12/29/1998
(remazketed
6/22/1999)
CityLivin Home Programs, Series 1999A-1, 1999A-2 & 1999A-3 8/19/1999
CityLiving Home Pro rams, Series 1999B-1 & 1999B-2 8/31/1999
CityLivin Home Prograsns, Series 2000A-1 & 2000A-2 4/18/2000
CityLiving Home Programs Convertible Option Bonds Series 2000A-3 10/4/2000
CityLiving Home Programs Series 2000B 10/4/2000; 9/7/2001
CityLiving Home Programs, Series 2001A-1, 2001A-2, 2001A-3 & 5/3/2001
2001A-4
Requested by Department of:
Plannin & Economic evelo ment
By:
Approved by Financial Services
By:
Adoption Certified by Council Secretary
By: "�I� 'a' �
1 J
Approved by Mayor: Date ��/
By: �
Form Approved by City A orney
By:
Approved by Mayor for Submis ion to Council
By: Z ��
Adopted by Council: Date n a� ,�� o`
V
nErnx�NTio��cFrcouivcn,: DATE INIT�nTED GREEN SHEET No.: 110234 61-1�
PED/East Team 11/27/01
CONTACC PERSON & PHONE: INITIAi,�� IN1T7A7JUATE
Jenny Wolfe, 6-6555 � � DEP,u�rMtNT Dm. a crrYCOUivcu,
NNST BE ON COUNCII, AGENDA BY (DATE) �IGN ,�
12/12/01 Consent Agenda F N O�� �--_ - A��Y —IIUM�N �uc�rs
gpi71•ING FINANCIAL SERV DIIL _FINANCIAI, SERV/ACCTG
ORDER
3 MAYOR(ORASST.) `
TOTAL # OF SIGNAT[JRE PAGES One (1) {CLIP ALL LOCATIONS FOR SIGNAT'IJRE)
ACCION REQUESTED:
Approving a program of refunding single family mortgage revenue bonds to provide for the recycling of
program monies to make additional loans for low or moderate income persons and families.
RECOMhfENDATtONS: Approve (A) or Reject (R) PERSONAL SERVICE CONTRACTS MUST ANSWER TAE FOLLOWING
QUESTIONS: "
PLANNING COMIvIISSION I. Hu this person/fvm ever worked under a contraa for this departrnent?
CIB COMbIlTTEE Yes No
C1VIL SERVICE COMIvIISSION 2. Hu this person/fitm ever been a city employee?
Yes No
- 3. Does this person/fum possess a skill not normally possessed by any cnrrem city employee?
Yes No
Eaplain all yes answers on separate sheet and attach to green sheet
INTTIATING PROBLEM, ISSUE, OPPORTi1NITY (Who, What, When, Where, Why):
Annually, the City of Saint Paul individually and/or jointly through the Minneapolis/Saint Paul Housing
Finance Board (MHFB) issues Single Family Mortgage Revenue Bonds. Each year, Refunding Bonds are
issued in order to maximize the funds available for single family loans.
ADVANTAGES IF APPROVED:
The Recycling Program expands the City's bonding authority and enhances future issuance of additional
revenue bonds.
DISADVANTAGES IF APPROVED:
None.
DISADVANTAGES IF NOT APPROVED: �
Less funds will be available for the mortgage revenue bond program.
TOTAL AMOUNT OF TRANSACTION: $ O COST/REVENUE BUDGETED (CIIiCLE ONE): YES NO
FONDINGSOURCE: NA ACTIVI'I'YNUMBER:
FINANCIAL INFORMATEON: (EXPLAIN) ,��,� ��.��
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