02-1178council Fi1e # Q',. � \�7.�
Resolution #
Presented By
Referred To
Green Sheet # ZO � �Q�
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA ��
Committee: Date
1
2
3 RESOLUTION AUTHORIZING CARRYFORWARD OF
4 UNUSED PRIVATE ACTIVITY BOND VOLUME CAP
5
6
7 WHEREAS, the City of Saint Paul, Minnesota (the "City") is an "entitlement issuer" within the meaning
8 of Minnesota Statutes, Section 474A.02, subd. 7; and
�
10 WHEREAS, the City's entitlement allocation for 2002 under Minnesota Statutes, Chapter 474A.03, subd.
11 2a(3) is $25,157,000; and
12
13 WHEREAS,, the City may, under § 146( fl of the Internal Revenue Code of 1986, as amended, and under
14 Minnesota Statutes, Chapter 474A, "carryforward" all or a portion ofthe City's unused entitlement allocation for
15 the year 2002; and
16
17 WHEREAS, it is in the best interest of the public health, safety and welfare that the City "carryforward"
18 for qualified mortgage bonds, qualified residential rental bonds and/or mortgage credit certificates its remaining
19 entitlement allocation;
20
21 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, as
22 follows:
23
24 l. The CiTy hereby elects to cat�ryforward any part of its 2002 entitlement allocation which remains
25 unused at the end of 2002 for the purpose of qualified residential rental bonds.
26
27
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28 2. The City's Director of Planning and Economic Development is hereby authorized and directed to
29 file with the Internal Revenue Service a Form 8328 specifying the amount of entitlement allocation to be carried
30 forwazd as described above. The Form 8328 sha11 be filed with the Internal Revenue Service on or before
31 Febniazy l5, 2003. The City directs the D'uector to notify the Minuesota Department of Finance of such
32 carryforward at such time and as required_by Minnesota Statutes, Chapter 474A.
33
34 3. Any amount carried forwazd for the purposes of qualified residential rental bonds may be utilized
35 by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") pursuant
36 to a multifamily housing finance program approved by the City pursuant to Minnesota Statutes, Chapter 462C.
37 The Authority may, at its option, delegate its authority to issue bonds pursuant to the cariyforward elecrion to the
38 Minneapolis/Saint Paul Housing Finance Board. The proceeds of bonds issued by the Minneapolis/Saint Paul
39 Housing Finance Board may be applied without regazd to jurisdictional boundaries as provided in Minnesota
40 Statutes, Section 462C.12, subd. 3.
41
Adoption Ces
By:
Approved by
By:
Requested by Department of: �
Planninc & Economic evel ment �q�'
� .
_ �^
By:
Approved by Financia Sexv es
By: �k�� �5��
Form Approve
ty:
by
Sy:
Adopted by Council: Date Q o�. \�C �'1a c7a--
✓
„, uErnaxn7Etvxro�zcErcounTCU.: DATE sn�aTm GREEN SHEET No.: 204604
-� ° PED/East Team 11/25/02 �O.l.•�\1i
,.
"� ' CONTACT PERSON & YHONE: �TTnunAT�. INiTt�u✓DAT�
,_ )enny Wolfe, 6-6555 � ���-� nm. a crrYCOVxcu
" MUST BE ON COUNCII, AGENDA BY (DAT� �
: 12/1l/02 Consent Agenda ��� ? �A�rro�� _�N�uc�s
- - ROUTING ��C�-SEAVD _FINANCfALSERV/ACCTG
' ORDER
3 MAYOR(ORASST.) _
'��" � TOTAL # OF SIGNATURE PAGES One (1) (Q.iP ALL LOCATIONS FOR SIGNATURE)
._. . ACiTON REQUFSTED:
�;_
, Approval to "carryfonvard" the City's unused 2002 entitlement allocation (bonding authority) for the
, purpose of year 2003 qualified residential rental projects.
��;
RECOI��IIv�NDA1TOt3S: Apprwe (A) or Reject (R) PERSONAI. SERVICE CONIBACTS M[JST ANSWF.R THE ROLLOR'ING
QUESTIONS:
PLANNING COMbIISSION 1. Has this person/ficm ever worked imder a con4act for this depaNment?
� CIB COMhffITEE Yes No
°'��� � CML SERVICE COAR.�SLSSION 2. Has this pecsonlfvm ever been a city empioyee?
Yes No �
?`� ' 3. Does this person/5rm possess a skill not notmally possessed by any current city employee?
�'' Yes No
r;
�:; Ezplain aR yea aaswera on separate sheet and atkach [o grce¢ sheet
�
��� INIT7ATING PROBLEM, LSSIIE, OPPORTONII'P (Who, Whay When, Where, Why):
ti: At the end of each year, the State of Minnesota and the IRS require that the Ciry "carryforwar�" 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 30, 2002.
�;: :
' ADVANTAGESIRAPFROVED: .
� Qualified Residential Rental Bondscan be issued during 2003 for the benefit of low or moderate income
individuats.
DLSADVANTAGESIFAPPROVED:
None. NOV 2 7 2002
'�� D7SADVANCAGESIFNOTAPPROVED:
Up to $21,851,820 0# bonding authority will be {ost.
� TOTAL AMIOUNP OF TRANSACfI0I3: $ O COST/AEVENUE BUI1GEfED (CIItQ.E ONE): YES NO
FONDINGSOURCE: NA ACCIVITYN[1MBER:
FINAPiC7AL INFORM3TSON: (EXPLAIlH) ,
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