05-1155Council File #����5
Green Sheet # 3p28927
RESOLUTION
OF SAINT PAUL, MINNESOTA
Presented
by
2�
RESOLUTION AUTHORTZINC CARRYFORWARD OF
iJNi JSED PRIVATE ACTIVITY BOND VOLI.JME CAP
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WIIEREAS, the City of Saint Paul, Minnesota (the "City") is an"entitlement issuer" within the
meazring of Mimiesota Statutes, Section 474A.02, subd. 7; and
WIIEREAS, the City's entitlement allocation for 2005 under Minnesota Statutes, Chapter 474A.03,
subd. 2a(3) is $27,529,000; and
WHEREAS, the City expects to issue bonds attributable to such allocation by the end of the year in the
amount of $8,917,180; and
WIIEREA5, the City expects to have unused entitlement allocarion for 2005 in the amount of
$18,611,820; and
WIIEREAS, the City may, under § 146(fl of the Internal Revenue Code of 1986, as amended, and
under Minnesota Statutes, Chapter 474A, "canyforward" all or a portion of the City's unused entitlement
aliocarion for the year 2005; and
WIiEREA5, it is in the best interest of the public health, safety and welfare that the City carryforwazd
for qualified cairyforward purposes any 2005 enritlement allocation remaining unused on December 31, 2005.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota,
as follows:
1. The City hereby elects to canyforward $8,000,000 for qualified mortgage bonds and the
balance of its 2005 entitlement allocation which remains unused at the end of 2005 for the purpose of qualified
residential rental bonds.
2. The Ciry's Director of Planning and Economic Development is hereby authorized and directed
to file with the Intemal Revenue Service a Form 8328 specifying the amount of entitlement allocarion to be
carried forward as described above. The Form 8328 sl�ail be filed with the Internal Revenue Service on or
before February 15, 2006. The City directs the D'uector to notify the Miunesota Department of Finance of the
specific amount of such carryforward at such fime and as required by Minnesota Statutes, Chapter 474A.
3. Any amount carried forward for the purposes of qualified residential rental bonds may be
utilized by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority")
�S-1155
3 7 pursuant to a multifamily housing finance program approved by the City pursuant to Minnesota Statutes,
38 Chapter 462C. The Authority may, at its option, delegate its authority to issue bonds pursuant to the
3 9 carryforwazd election to the Mivueapolis/Saint Paul Housing Finance Board. The proceeds of bonds issued by
4 o the Minneapolis/Saint Paul Housing Finance Boazd may be applied without regazd to jurisdictional boundarles
41 as provided in Miiuiesota Statutes, Section 462C.12, subd. 3.
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Requested by Department of:
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Adopted by Date
Council : � �lj�'"�j��� /��,p��
orm Approved by Mayor for Submission
Adoption Certified by Council Secretary to Council �
By:
By:
Approve y Date �� ��,
Mayor: �
By: �i�l/fjtip�J �1_ �
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
uepaf[menuottlCP./councll: I D2te Inftl3tetl: !
P� — Planning & Economic Development j 23NOV-05 � -`
i
Co�rtact Person 8 Phone:
Stephanie Hawkinson
6-6585
Must Be on Council Agenda by (Date):
21-DEGOS
A5�
Num6er
For
Routing
Order
�"���
Green Sheet NO: 3028927
DeoartmeM Sent To Person InitiallDat
0 Plannio¢ & Economic De eloo '� � � � �f �
1 �Plannine & Ecouomic Develoo I Director
2 GiNAttoruev ,
3 IMsyor's O�ce i �. �I�����
4 Council +
5 Hawkiusoo
�, � �/�
Total # of Signature Pages 1 (Clip All Locations for Signature)
Action Requested:
Approval to carryforward the City's unused 2005 entitlement allocation (bonding authorlty) for the purpose of year 2006 qualified
residential rernal pxojects.
dahons: Approve (A) or R
Planning Commission
CIB Committee
Personal
Must Answer the following Questions:
1. Has this personffirm ever worked under a contract for this department?
Yes No
Civil Service Commission 2. Has this person/firm ever been a city employee?
Yes No
3. Does this person/firm possess a skill not normally possessed by any
current city employee?
Yes No
Explain all yes answers on separete sheet and attach to green sheet
tnitiating Problem, issoes, Opportuniry (Who, What, When, Where, Why):
At the end of each year, the State of Minnesota and the IRS require that the Cily carryforwazd any portion of the City�s unused
bonding entitlement allocation which can then be used in the following year. Ttus yeaz's deadline is DecemUer 31, 2005.
Advantages If Approved: .
Qualified Residential Rental Bonds can be issued duzing 2006 fox the benefit of low or modeiate income individuals.
DisadvanWpes If Approved:
None
Disadvantaqes If Not Approved:
Up to $10,611,820 of bonding authority will be lost.
� I Trensaction:
� Fundinp Source:
I Financiallnformation:
; (Explain)
CostlRevenue Budgeted:
Activity Number:
�`�.,. '�'' f��'4�n'3,p,rth e?nr;in�
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