03-1066Council File # �� ����
Resolution #
Green Sheet # �
RESOLUTION
SAINT PAUL, MINNESOTA
Presented By
Referred To
Committee: Date
APPROVING A PROGRAM OF REFUNDING SINGLE FANIILY MORTGAGE
REVENUE BONDS TO PROVIDE FOR THE RECYCLING OF PROGRAM MOlvIES
TO MAKE ADDTTIONAL LOANS FOR LOW OR MODERATE PERSONS AND
FAMILIES AND APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS
DOCUMENTS IN CONNECTION THEREWITH
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WHEREAS, the City of Saint Paul (the City), either (a) on its own behalf (b) acting through the
Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the HRA) or (c) acting
through the Minneapolis/Saint Paul Housing Finance Board (the MHFB), pursuant to that certain Joint
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Powers Agreement, as amended, by and between the HRA, the Minneapolis Community Development
Agency and the City of Minneapolis (Minneapolis) and accepted by the City, from time to time has
issued individually or jointly with other issuers various series of single family mortgage revenue bonds,
as listed on Exhibit A attached hereto, (the Prior Bonds), for the purpose of providing below-market
interest rate financing to low and moderate income persons and families (Qualified Buyers); and
WHEREAS, the federal tas law permits the issuance of tax-exempt refunding bonds to refund
certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to
maturity; and
WHEREAS, it is the policy of the City to "recycle" the resource represented by the Prior Bonds
by authorizing the MI-IF`B to issue refunding bonds (the Refunding Bonds) to the greatest extent possible
to provide for the origination of additional single family loans to Qualified Buyers; and
WHEREAS, because the Prior Bonds are due and become subject to redemption at various times
during the calendaz yeaz in relatively small principal amounts which cannot efficiently and economically
be refunded by the issuance of separate series of Refunding Bonds, the City, in cooperation with
Minneapolis and the HRA, proposes to make a loan or loans to the NIFIFB in amounts sufficient, from
time to time, to permit the MF��'B to refund the Prior Bonds, which loan or loans would be repaid with
the proceeds of Refixnding Bonds issued periodically by the NffIFB;
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NOW THEREFORE, be it resolved by the City Council of the City of Saint Paul, as follows:
1. The Director of the Department of Plauving and Economic Development or her designee is
hereby authorized and directed to take such actions as aze necessary or convenient to unplement the
City's policy of marimi�ing the resource represented by the Prior Bonds. Without limiting the
generality of the foregoing, the Duector is specifically authorized to execute and deliver, from tixne to
38 tune, agreements, including any amendments thereto, and to do all other things necessary or convenient
39 to provide for the loan of funds to the MHFB, which loan is to be secured by escrow deposits made by
40 MI�'B of proceeds of the Prior Bonds (Escrow Deposits) and to provide for the repayment of such loan
41 from the proceeds of Refunding Bonds to be issued by the MHF'B from rime to time.
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43 2. The City intends that the IvIHFB will issue Refunding Bonds at such tnnes and in such
44 amounts as are effective and economical and will use the proceeds to reimburse the City for any and all
45 Escrow Deposits described in paragraph 1, all for the purpose of providing for the ori�nation of
46 additional single family mortgage loans to be made to Qualified Buyers.
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3. All actions of the members, employees and staff of the City heretofore taken in
furtherance of the policies of the City stated herein are hereby approved, ratified and confirxned.
Requested by Department of:
Plannin � Economic Develo�ment
By: , � p
u�
Approved by Financial Services
By:
Adoption Certified by Council Secretary
By:
Approved by
By:
d by Ci�i A t aney
/
E
by Mayor for Submission to Council
ny:
Fosm Approve
G.�li"`7� ` (� � �
Adopted by Council: Date //r /'.�, iJ'0���
�3- tot�t�
Exhibit A
Prior Bonds
Family Mortgage Revenue Bonds or Refunding Bonds:
Phase IV, Series A, B& C
Phase V, Series A, B& C
Phase VI, Series A
Phase 1X, Series A
Phase X, Series A
Phase XI, Series A& B
Phase XII, Series A& B
Saint Paul Middle Income, Phase I, Series B,C & D
Saint Paul Middle Income, Phase II
Saint Paul Middle Income, Phase III
Home Ownership Program
CityLiving Home Programs Convertible Option Bonds, Series A& B
CityLiving Home Programs, Series A-1, A-2 & A-3
CityLiving Home Programs, Series B-1 & B-2
CityLiving Home Programs, Series A-1 & A-2
CityLiving Home Programs Convertible Option Bonds Series A-3
CityLiving Home Programs Series B
CityLiving Home Programs, Series A-1, A-2, A-3 & A-4
CityLiving Home Programs, Series 2002A-3 & Series 2002B-1
CityLiving Home Programs, Series 2002A,-1, Series 2002A-2 & Series
iving Home Programs, Series 2003A-1 & Series 2003B-1
ivin¢ Home Proerams, Series 2003A-2 & Series 2003B-2
Issue Date
5/1/1987
11/1/1987
8/1/1988
8/29/1991
11/30/1994; 9/1/1996
7/23/1997
12/29/1998
12/1/1991
(supplemented 6/1/1994
3/6/1995
4/15/1997
8/11/1998
12/29/1998 (remarketed
8/19/1999
8/31/1999
4/18/2000
10/4/2000
9/7/2001
4/25/2002
5/29/2002
4/30/2003
� � Green Sheet Green Sheet
_ �3�10
Green Sheet Green Sheet Green Sheet Green Sheet
Department/office/council: Date Initiated:
pE — Plazming&EconoimcDevelopment 17-NOV-03 Gr.een Sheet NO: 3007956
Confact Person & Phone: Deaartment Sent To Person InitiallDate
JennyWolfe � 0 lannin &Economi Devel Ga Peltier
6E555 A55ign 1 lanoin & Economic Develo De artment Director
Must Be on Councii Pyenda by (Date): Number 2 "tv Attomev McCaWKellv
03-DEG03 . Fo� `V
Routing 3 or's Office Mavor/Assistant
O�def 4 ouncil PresidentBostr m
5 ' Clerk i Clerk
Total # of Signature Pages (Clip All Locations for Signature)
Action Requested:
Approving a program of refunding single family mortgage revenue bonds to provide for the recycling of program monies to make
addirional loans for low or moderate income persons and faznilies.
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Recommendations: Approve (A) or Reject (R): Personal Service Contrads Must Answer the Following Questions:
Planning Commission 1. Has this personlfirm ever worked under a contract for this department?
CIB Committee Yes No
Civil Service Commission 2. Has this personffirm ever been a city employee?
Yes No
3. Dces this person/firm possess a skill not normally possessed by any
curtent city employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
Annually, the City of Saint Paul individually and/or joinfly through the Minneaplis/Saint Paul Housing Finance Boazd (NIIIFB) issues
Single Family Mortgage Revenue Bonds. Each year, Refunding Bonds aze issued in order to maxim;�e the funds available for single
fatnily loans.
AdvantapeslfApproved: �
'fhe Recycling Progxam expands the Ciry's bonding authority and enhances future issuance of additional revenue bonds.
Disadvantaites If Approved: .
None
Disadvantages If Not Approved:
Less funds will be available for the mortgage ievenue bond program.
Total Amount of CosURevenue Budgeted:
Transaction:
Pundinq Source: Activity Number:
Financial Information:
(F�cpiain)