02-888O�R�GiNAL
Council File # ��— �rr
Resolution # �7
Green Sheet # 101893
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Committee: Date
1 RESOLUTION OF THE CITY OF SAINT PAUL, MINNESOTA
2 GIVING APPROVAL TO THE ISSUANCE OF
3 MULTIFAMILY HOUSING REVENUE REFUNDING BONDS
a (GNMA COLLATERAI,IZED MORTGAGE LOAN —
5 BTJRI.INGTON APARTMENTS PROJECT) SERIES 2002
6 District 10
a WHEREAS,
9 (a) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the
10 "HRA") and the Port Authority of the City of Saint Paul (the "Port Authorit}�') (collectively the
il "Issuer") haue previously issued their $15,270,000 Multifamily Housing Revenue Refunding
12 Revenue Bonds (GNMA Collateralized Mortgage Loan — Burlington Aparhnents Project), Series
13 1996A (the "1996A Bonds"); their $1,577,000 Taacable Multifamily Housing Revenue Bonds
14 (GMNACollateralizedMortgageLoan—BurlingtonAparhnentsProject),Series1996B(the"1996B
15 Bonds"); and their $4,170,000 Subordinate Multifamily Housing Revenue Refunding Bonds
16 (Burlington Aparhnents Project), Series 1996C (the "1996C Bonds") (collectively, the "1996
17 Bonds"); and
18
19 (b) By its Resolution CF No. 96-199, the City Council of the City of Saint Paul has
20 previously approved the issuance of the 1996 Bonds, including any revenue bonds subsequently
21 issued to refixnd them; and
22
23 �) Burlington Housing Associates, L.L.P. (the "Owner") has now proposed that the
24 Issuer issue theirMultifamilyHousingRevenue RefundingBonds (GNMA CollateralizedMortgage
25 Loan— Burlington Apartments Project) Series 2002 (the "2002 Bonds") on a parity with the 1996A
26 Bonds and 1996B Bonds, to refund the 1996C Bonds; and
z7
28 (d) The maturity of the 2002 Bonds will be longer than the mahxrity of the 1996C Bonds,
29 which will be refunded; and
30
31 (e) Section 147( fl of the Internal Revenue Code of 1986, as amended, requires that, as
32 a result of the extension of the maturity of the 1996C Bonds, that a public hearing be held on the
33 issuance of the 2002 Bonds, and that the approval of the City Council be provided thereto; and
34
- OfZI GI1�AL o � - ���
35 ( fl A pubfic hearing on the proposed issuance of the 2002 Bonds was held by the Port
36 Authority on September 24, 20�2, afterpublished notice, at whichpublic hearing all those appearing
3� at said hearing who desire to speak were heard and written comments were accepted.
38
39 NOW, THEREFORE, IT IS RESOLVED, by the City Council of the Saint Paul, that:
40
41 1. For purposes of Section 147(fl of the Internal Revenue Code of 1986, as aznended,
42 and following the public hearing held by the Port Authority on September 24, 2002, the City Council
43 hereby consents to the issuance of the 2002 Bonds on such terms and conditions as the Issuer may
44 deternune, and authorizes the Issuer acting jointly or independently, pursuant to this Resolution, to
45 take all actions necessary or desirabie in connection therewith, and no fin�tt�.er approval or
46 authorization of the City shall be required for purposes of issuing the 20Q2 Bonds or any revenue
4� bonds subsequently issued to refund the same.
48
49 2. Nothing in this Resolution or the documents prepared pursuant hereto or to
5o resolutions adopted separately by the Issuer shall authorize flie expenditure of any municipal funds
51 on the refunding other than the revenues pledged to the payment thereof. The 2002 Bonds shall not
52 constitute a charge, lien ar encumbrance, legal or equitable, upon any property or funds of the City
53 or the Issuer except the revenue and proceeds pledged to the payment thereof, nor shall the City or
54 the Issuer be subj ect to any liability thereon. The holder of t e on s s never ave e nght
55 to compel any exercise of the taYing power of the City or the Issuer to pay the outstanding principal
56 on the 2002 Bonds or the interest thereon, or to enfarce payment thereon against any property of the
57 City or the Issuer (other than the revenues pledged to the payment thereo fl. The 2002 Bonds shall
58 recite in substance that the 2002 Bonds, including the interest thereon, are payable solely from the
59 revenues and proceeds pledged to the payinent thereo£ The 2002 Bonds shall not constitute a debt
60 of the City or the Issuer within the meaning of any constitutional or statutory limitation.
61 '
62
C�r�---�'S�? ° o �.
Aequestecl by Department oE:
lannin� & omom' Develo ment
R -
J�C� �1
DEP:`.ILI'IVIENT/OFFICE/COUNCII.: DATE INITTATED GREEN SHEET No.•101893
PED/WestTeam 9/13102 ' C��--p'�"i"
CONTACT PERSON & PHONE: 7�[TrAUUA1'E INI77nUUa1'E
7oan Trulsen 66694 � 1 D�en�crn��r Dm. cmt covr�cu.
MIJST BE ON COUNCII, AGENDA BY (DATE) �SI� ? CI1Y ATIORNEY� _ C1TY CLERK
3 FINANCTAI, SERV D FINANCIAL SERV/ACCTG
September25 F��g 4MAYOR(ORASST.) _CNII.SERVICECOMMISSION
ROI7TING (� � �^,�`
fY .� ORDER (���_
�.0
TOTAL # OF SIGNATURE PAGES _1_(CLIP ALL LOCATIONS FOR SIGNATORE) �
ACTIONT2EQUESTED:
RECOMMENDA7TONS: Approve (A) or Reject �) PERSONAI. SERVICE CONTRACPS M[JST ANSR'ER THE FOLLOWING
QUESTIONS:
PL.ANNING COMMISSION 1. Has this person/firm ever workeA under a contract for this depar[ment?
CIB COMMITTEE Yes No
CNII. SERVICE COMMISSION 2. Has this person/firm ever been a ciry employee?
Yes No
3. Does this person/firm possess a sld1l not nomtally possessed by any current city employee?
Yes No
Eaplain all yes answers on separate sheet and attach to green sheet _
INITIATING PROBLEM, ISSUE, OPPORI'UNITY (W6o, What, When, Where, Why):
RESOLUTION OF THE CITY OF SAINT PAUL, MINNESOTA GIVING APPROVAL TO THE
ISSUANCE OF MULTIFANIILY AOUSING REVENUE REFUNDING BONDS (GNIVIA -
COLLATERAI..IZED MORTGAGE LOAN — BURLINGTON APARTMENTS PROJECT) SERIES 2002
ADVANTAGESIFAPPROVED:
Bonds will be refunded
DISADVANTAGES IF APPROVED:
None
DISADVANTAGES IF NOT APPROVED:
Non-rated bonds won't be refunded to Triple A rated bonds
TOTAL AMOiJNT OF TRANSACTION: $ 4,11Q000 COST/REVENUE BUDGETED:
F[JNDING SOURCE: �--� �� � y� f y C� 4JwT ACTIVTTY NUMBER: �� �P' ''`'� A �� 1 `� . ""
FINANCIAL INFORMATION: (EXPLAIN) 7Vb �� �� d� 6l �� �� f �-�� Cl �'1� f V1 J27 { fd�' .F.
M �BONDS�Bwtmgron Apamnents\gernshcet wpd _