03-1067� Council Fi1e # U.]' �d��
Resolution #
Green sheet # ���
RESOLUTION
� C)T1�OF S�41NT PAUL, MINNESOTA � q
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Presented By
Referred To
Committee: Date
RESOLUTION AUTHORIZING CARRYFORWARD OF
UNUSED PRIVATE ACTIVITY BOND VOLUIVIE CAP
WHEREAS, the City of Saint Paui, Mivuesota (the "Cit}�� is an"entitlement issuer" within the
meaning of Minnesota Statutes, Section 474AA2, subd. 7; and
WHEREAS, the City's entitlement allocation for 2003 under Minnesota Statutes, Chapter 474A.03,
subd. 2a(3) is $25,397,000; and
13 WHEREAS; the City may, under § 146(� of the Internal Revenue Code of 1986, as amended, and under
14 Minnesota Statutes, Chapter 474A, "cariyforward" all or a portion of the City's unused entitlement
15 allocation for the year 2003; and
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WHEREAS, the City has designated a portion of its 2003 entitlement allocation to multifamily rental
projects for which the bonds have not yet closed; and
WHEREAS, it is in the best interest of the public health, safety and welfare that, to the extent any
entitlement allocation remains unused at the end of this year, the City "canyforward" such allocarion for
qualified residential rental projects;
24 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, as
25 follows:
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1. The City hereby elects to canyforward any part of its 2003 enritlement allocation which remains
unused at the end of 2003 for the purpose of qualified residential rental bonds.
03- tolo,�
30 2. The City's Director of Plarnung and Economic Development is hereby authorized and directed
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to file with the Intemal Revenue Service a Form 8328 specifying the amount of entitlement allocation to be
cazried forwazd as described above. The Form 8328 shall be filed with the Intemal Revenue Service on or
before February 15, 2004. The City directs the Director to notify the Mimiesota Department of Finance of
the specific amount of such carryforwazd at such time and as required by Mimiesota Statutes, Chapter 474A.
36 3. Any amount carried forward for the purposes of qualified residential rental bonds may be
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Requested by Department of:
Plannin & Economic Develo ment
By: -
Approved by Financial Services
By:
utilized by the Housing and Redevelopment Authority of the City of Saint Paui, Mnuiesota (the
"Authorit}�') pursuant to a mulrifamily housing finance program approved by the City pursuant to
Minnesota Statutes, Chapter 462C. The Authority may, at its option, delegate its authority to issue bonds
pursuant to the can•yforwazd election to the Minneapolis/Saint Paul Housing Finance Board. The proceeds
of bonds issued by the Minneapolis/Saint Paul Housing Finance Board may be applied without regard to
jurisdicrional boundaries as provided in Minnesota Statutes, Secrion 462C12, subd. 3.
Adoption Certified by Council Secretary
BY:
Approved by
By:
Form Approved by City Attorney
�y
Adopted by Council: Date �/F. 1. y�,ull�3
^� Green Sheet Green Sheet Green SheeY Green Sheet Green Sheet Green
u 3- � Sheet
DepartmenUoffice/council: Date Initiated:
PE — P�anning&EconomicDevelopment 17-NOV-03 Green Sheet NO: 3007957 -
Contact Person 8� Phone• De�artment Sent To Person InitiaVDate
Jenny Wolfe � 0 la nio & Economic D velo Ga eltier
6-6555 pujyn 1 lannin &EconomicD velo De artmentDirector �
Must Be on Council /\qenda by (Oate): Number 2 � Attom c allBell
03-DEG03 � For
Routing 3 or•s Office Ma odAssisqnt
Orde� 4 uncil r ident Bostrom
5 ' Clerk Ci Qerk
Total # of Signature Pages (Clip All Locations for Signature)
Action Requested:
Approval to "cazryforwazd" the City's unused 2003 entiflement allocation (bonding authority) for the puipose of yeaz 2004 qualified
residential rental projects.
Recommendations: Approve (A) or Reject (R): Personal Service Contracts Must Answer the Following Questions:
Pianning Commission 1. Has this person/firm ever worked under a contract for this departmenY?
CIB Committee Yes No
Civil Service Commission 2. Has this person/firtn ever been a ciry employee?
Yes No
3. Does this person/firm possess a skill not nortnally passessed by any
curreni city employee?
Yes No
Explain all yes answers on separate sheet and atWch to green sheet
Initiating Probiem, Issues, Opportuoity (Who, What, When, Where, Why):
At the end of each yeaz, the State of Minnesota and the IRS require that the City "carryforward" any portion of the City's unused
bonding entitlement allocation which can then be used in the following yeaz.11us yeaz's deadline is December 29, 2003.
Advantapes If Approved:
Qualified Residential Rental Bonds can be issued during 2004 for the benefit of Iow or moderate income individuals.
Disadvanfastes If Approved:
None
Disadvantages If Not Approved: �
Up to $25,397,000 of bonding authority will be lost.
Total Amount of CostlRevenue Budgeted:
Transaction: �
Fundinq Source: ActivitV Number.
Financial Information:
(Explain)