04-1172Council File # O�_ � �� �
Resolution #
Green Sheet # ��'� ��
Presented By
Referred To
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
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Committee: Date
1 APPROVING A PROGRAM OF REFUNDING SINGLE FAMILY MORTGAGE REVENiJE BONDS TO
2 PROVIDE FOR THE RECYCLING OF PROGRAM MONTES TO MAKE ADDITIONAL LOANS FOR
3 LOW OR MODERATE PERSONS AND FAMILIES AND APPROVING AND AUTHORIZING THE
4 EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH
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7 WHEREAS, the City of Saint Paul (the City), either (a) on its own behalf (b) acting through the
8Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the HRA) or (c) acting through
9the Minneapolis/Saint Paul Housing Finance Board (the MHFB), pursuant to that certain Joint Powers
lOAgreement, as amended, by and between the HRA and the City of Minneapolis (Minneapolis) and accepted
llby the City, from time to time has issued individually or jointly with other issuers various series of single
12family mortgage revenue bonds, as listed on E�iibit A attached hereto, (the Pr-ior Bonds), for the purpose of
13providing below-market interest rate financing to low and moderate income persons and families (Qualified
14BuyeNS); and
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16 WHEREAS, the federal tax law permits the issuance of tax-exempt refunding bonds to refund certain
17principal amounts of the Prior Bonds as they mature or become subject to redemption prior to maturity; and
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19 WHEREAS, it is the policy of the City to "recycle" the resource represented by the Prior Bonds by
2Chuthorizing the MHFB to issue refunding bonds (the Refunding Bonds) to the greatest extent possible to
2lprovide for the origination of additional single family loans to Qualified Buyers; and
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23 WHEREAS, because the Prior Bonds are due and become subject to redemption at various times
24during the calendaz year in relatively small principal amounts which cannot efficiently and economically be
25refunded by the issuance of separate series of Refunding Bonds, the City, in cooperation with Minneapolis
2E�nd the HRA, proposes to make a loan or loans to the MHFB in amounts sufficient, from time to time, to
27permit the MHFB to refund the Prior Bonds, which loan or loans would be repaid with the proceeds of
28Refunding Bonds issued periodically by the MHFB;
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30
31 NOW THEREFORE, be it resolved by the City Council of the City of Saint Paul, as follows:
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33 1. The Director of the Department of Planning and Economic Development or her designee is hereby
34authorized and directed to take such actions as are necessary or convenient to implement the City's policy of
35maximizing the resource represented by the Prior Bonds. Without limiting the generality of the foregoing, the
3�irector is specifically authorized to execute and deliver, from time to time, agreements, including any
37amendments thereto, and to do a11 other things necessary or convenient to provide for the loan of funds to the
3&MHFB, which loan is to be secured by escrow deposits made by MHFB of proceeds of the Prior Bonds
39(Escrow Deposits) and to provide far the repayment of such loan from the proceeds of Refunding Bonds to be
lissued by the MHFB from time to time.
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2. The City intends that the MIIFB will issue Refunding Bonds at such times and in such amounts as
4are effective and economical and wili use the proceeds to reimburse the City for any and all Escrow Deposits
Sdescribed in paragraph 1, all for the purpose of providing far the origination of additional single family
6mortgage loans to be made to Qualified Buyers.
3. All actions of the members, employees and staff of the City heretofore taken in furtherance of
9the policies of the City stated herein are hereby approved, ratified and confirmed.
o�- � ���--
Requested 6y Department of:
Plannin & �•ronomic Develo ment
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gy: 6'
Approved by Financial Servi es
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Form Approve
Adoption Certified by Qo�ncil Secretary
Hy:
Approved by Mayor: � �aa�.e �
By:
by
By:
Adopted by Council : Da�e ��y,yy�y�.Q�\ � j a.(�
E�ibit A
Prior Bonds
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15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Single Family Mortgage Revenue Bonds or Refunding Bonds:
Phase IV, Series A, B& C
Phase V, Series A, B& C
Phase VI, Series A
Phase IX, 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 Ownerskup Program
CityLiving Home Programs Convertible Option Bonds, Series A& B
CityLiving Home Prograrus, 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 Prob ams 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
2002A-4
CityLiving Home Programs, Series 2003A-1 & Series 2003B-1
CityLiving Home Programs, Series 2003A-2 & Series 2003B-2
CityLiving Home Programs, Series 2004B
CityLiving Home Programs, Series 2004B-2
CityLiving Home Programs, Series 2004A-1
o �t - i i��-.
Issue Date
5/1/1987
11/1/1987
8/1l1988
8/29/1991
ll/30/1994; 9/1/1996
7/23/1997
12l29/1998
12/1/1991
(supplemented
6f ll1994)
3/6/1995
4/15/1997
8/11/1998
12/29/1998
(remarketed
6/22/1999)
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
4f30(2003
10/1/2003
Effective 3/15/2004;
Issued 9I112004
Effecrive 6/1/2004;
Issued 11/1/2004
Effective 8/4/2004;
Issued 1/3/2005
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Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet
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Deparhrentloffice/mund: DaFe InitiaGed:
PE -��&��D���t �-�� Green Sheet NO: 3024567
ContactPerson&Phone: Deoartment SerRToPerson InitiaVDate
Stephaiie Haxlcirr.,rn � 0 & o '
�� Assign 1 E no " do t"
Must Be on Counal AAe�Ma by (Date): Number y
Fw
R �� g 3 0•a Ma odA ' t
ONer 4 ' anci
5 w
6 ' Cler
Tofal / of SignaW re Pages _(Clip NI Locations for Signature)
Action Requesfed:
Approving a program of including single fawily mortgage revenue bonds to provide for the recyciing of program monies to wake
additional loans for low or moderate income persons and families.
RecommeMatiais: Appm�e (A) ar Reject (R): Personal Service Co�atts Must Mswerihe Following Questions:
Planning Cpnmissim
1. Has this person/firtn eeer worked under a contract forthis departmeM?
CB Committee Yes No
CiWI Sertice Commission 2. Flas this petsoNfirtn e�ef be� a city employee?
Yes No
3. Does this person/firm possess a skil( not nonnally possessed by any
currerrt city employee?
Yes No
Explain all yes answers on separate sheet and alfach to green sheM
Mitiating Problem, lswes, OppuRUnity (Who, WhakM�t+en, Where, Why):
Annually, the CiTy of Saint Paul individudally and/or jointly through the Miuneapolis/Saint Paul Housing Finance Boazd (MHFB)
issues Single Family Mortgage Revenue Bonds. Each year, Refunding Bonds are issued in order to masimize the funds available fo
single family loans.
AdvantagesifAppcoved:
The Recycling Program expands the City's bonding authoriTy and enhances future issuance of additional revenue bonds.
DisadvaMa9es If App�oved:
None.
Disadvantages If Not Approved:
Less fimds will be available for the mortgage revenue bond pmgram.
TotalAmountof p CosURevenueBudgeted:
Trsnsaction:
Pu�ding Source: qctivily Number:
Financial Information: .
�Expfain)
December 10, 2004 9:31 AM Page 1