02-1150Council File # O� � �\S'Cj
Resolution #
Presented By
Referred To
Green Sheet # a.0� � 5
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA ��
Committee: Date
1 APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY MORTGAGE REVENUE
2 BONDS TO PROVIDE FOR THE RECYCLING OF PROGRAM MONIES TO MAKE
3 ADDITIONAL LOANS FOR LOW OR MODERATE INCOME PERSONS AND
4 FANIILIES AND APPROVING AND AUTHORIZING THE EXECUTION �
5 OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH
6
7
8 WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the
9 HRA), either (a) on its own behalf, or (b) acting through the Minneapolis/Saint Paul Housing Finance Board
10 (the MHFB), pursuant to that certain Joint Powers Agreement, as amended, by and between the HRA, the
11 Minneapolis Community Development Agency (the MCDA) and the City of Minneapolis (Minneapolis) and
12 accepted by the City of Saint Paul (the Ciry), from time to time has issued individually or jointly with other
13 issuers various series of single family mortgage revenue bonds, including those listed on Schedule A attached
14 hereto (the Prior Bonds), for the purpose of providing below-market interest rate financing to low or
15 moderate income persons and families (Qualifzed Buyers); and
16
17 WHEREAS, the federal tax law permits the issuance of tax-exempt refunding bonds to refund certain
18 principal amounts of the Prior Bonds as they mature or become subject to redemption prior to maturity; and
19
20 WHEREAS, it is the policy of the HRA to "recycle" the resource represented by the Prior Bonds by
21 issuing refixnding bonds (the Refunding Bonds) to the greatest extent possible to provide for the origination of
22 additional single family loans to Qualified Buyers; and
23
24 WHEREAS, because the various series of Refunding Bonds are due and become subject to redemption
25 at various times during the calendar year in relatively sma11 principal amounts which cannot efficiently and
26 economically be refunded by the issuance of sepazate series of refunding bonds, the HRA, in cooperation
27 with the City, Minneapolis, the MCDA and the MHFB, proposes that there be deposited in certain escrow
28 accounts moneys sufficient, from time to time, to provide for the refunding of the Prior Bonds, and to
29 periodically issue Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits;
30
o �,_ ��sq
31 NOW THEREFORE, be it resolved by the City Council of the City of Saint Paul, Minnesota, as
32 follows:
33
34 1. The Executive D'uector of the HRA or her designee, is hereby authorized and directed to take
35 such actions as aze necessary or convenient to implement the City's policy of masisnizing the resource
36 represented by the Prior Bonds. Without limiting the generality of the foregoing, the Executive Director is
37 specifically authorized to execute and deliver, from time to rime, escrow agreements, including any
38 amendments thereto, and to do all other things necessary or convenient to provide for the deposit of funds
39 made available by the Ciry, the HRA or the IvIHFB (Escrow Deposits) to refund Prior Bonds becoming due
40 or subject to prepayxnent from time to time.
41
42 2. The City hereby approves the issuance by the HRA, individually or in cooperation with the
43 MCDA, the MHFB and Minneapolis of the Refunding Bonds at such times and in such amounts as are
44 effective and economical, in an aggregate principal amount from time to time identified by the Execurive
45 Director of the HRA, or his designee in writing and filed in the official records of the HRA, and estimated to
46 be between $30,000,000 and $40,000,000 in 2003, to reimburse the City, the HRA or tke MHFB for any and
47 all escrow deposits made by them, respectively, all far the purpose of providing for the origination of
48 additional single family mortgage loans to be made to Qualified Buyers.
49
50 3. All actions of the members, employees and staff of the City or the HRA heretofore taken in
51 furtherance of the policies of the City and the HRA stated herein are hereby approved, ratified and confirmed.
Requested by Department of:
Plannin & Econo 'c Develo ment �
By. �//`''%� �
Approved by Financial Services
By:
Adoption Certi£ied by Council Secretary Form AF
By:
Approved by
By:
Adopted by Council: Date �,�_ �\t�nn^�_
b i�-��So
Schedule A
Prior Bonds:
; IV, Series A & B
V, Series A, B& C
; VI, Series A & B
ase IX, Series A
ase X. Series A
Saint Paul Middle Income, Phase I, Series B, C& D
Issue Date
5/1/1987
11/1/1987
8/1/1988
8/29/1991
11/30/1994
7/23/1997
12/29/1998
12/1/1991
9!1/1996
Saint Paul Middle Income, Phase II 3/6/1995
Saint Paul Middle Income, Phase III 4/15/1997
Home Ownershi Pro am 8/11/1998
CityLiving Home Programs Convertible Option Bonds, Series A& B 12/29/1998 (remarketed
Series 1
iving Home
Convertible
1999A-3
DA-1 & 2000A-2
Bonds Series 2000A-3
CityLiving Home Programs, Series 2001A-1, 2001A-2, 2001A-3 &
2001A-4
CityLiving Home Programs, Series 2002A-3 & Series 2002B-1
CityLiving Home Programs, Series 2002A,-1, Series 2002A-2 &
8/19/1999
8/31/1999
4/18/2000
10/4/2000
10/4/2000; 9/7/2001
5/3/2001
4/25/2002
5/29/2002
V
DEPAR'PMENT/OFFICE/COUNCII.: DATE IlVITIATED GREEN SHEET No.: 204605
PED/East Team 11/26/02 Q �..\�,
CONTACT PERSON & PAONE: INITIAL/DA1'�✓ nNTI7AL/na7'E
)enny Wolfe, 6-6555 � "^''•�
1 DEPAR'IYNEN'I' DIl2. 4 CP1Y COUNCIL
NNST BE ON COUNCIL AGENDA BY (DATE) �IGN
12/11/02 Consent Agenda F�Ex ? crrrnl _tro�iuGCrrs
ROIITA'G �7NAt�'CIAL SERV DIlL FAIANCIAL SERV/ACCTG
ORDER
3 MAYOR(ORASST.) _
TOTAL # OF SIGNAT[7RE PAGES One (1) (CLIP ALL LOCATIONS FOR SIGNATIJRE)
ACTION 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.
RECOMIv�NDAT[ONS: Approve (A) or Reject (R) PERSONAL SERVICE CONTRACTS MiJST AIVSWER THE FOLLOWING
QUESTIONS:
PLANNING COMbIISSION 1. Has this person/firtn ever worked under a coMract for this department?
CIB COMNIITTEE Yes No '
CIVII. SERVICE COMbIISSION 2. Has this person/firtn evu been a city employee?
Yes No
3. Does this person/fiim possess a skill no[ normally possessed by any cunent ciTy employee?
Yes No
Eaplain all yes answers on separate sheet and attach to green sheet
INITIATING PROBLEM, ISSUE, OPPORTI7NTTY (Who, What, When, Where, Why): ,
Annually, the City of Saint Paul individually and/or jointly through the Minnea olis/Saint Paul Housing
Finance Board (MHFB) issues Single Family Mortgage Revenue Bonds. Each �Y� +fi��i�s�
issued in order to maximize the funds available for single family loans.
DEC Q 3 20�1z
ADVAN'I'AGESIFAPPROVED: � CI I i t1I 1 O1�l1�1G�
The Recycling Program expands the City's bonding authority and enhances future issuance of additional
revenue bonds.
DISADVANTAGES IF APPROVED:
None.
DISADVANTAGES IF NOT APPROVEb:
Less funds wiil be available for the mortgage revenue bond program.
TOTAL AMOUNT OF T12ANSACTION: $ O COST/REVENUE BUDGETED (CII2CLE ONE): YES NO
FONDINGSOURCE: NA ACTIVITYNUMBER:
FINANC[AL IlYFORMATION: (EXPLAI�