07-1149CITY
Presented by
Council File # b7— /
Green Sheet # 3046314
RESOLUTION ��
SAIfj�T PAUL, MINNESOTA
1 APPROVIlVG A SINGLE FAMII,Y HOUSING FINANCE PROGRAM TO BE FINANCED
2 BY TI� ISSUANCE OF SINGLE FAMILY MORTGAGE REVENiTE BONDS
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5 WIIEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter 462C
6(the "Housing AcY'), the City of Saint Paul, Minnesota (the "Cit�') is authorized to carry out programs for the
7 financing of single family housing for persons of low and moderate income; and
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WHEREAS, the Minneapolis/Saint Paul Housing Finance Board {the `Boazd"), a joint powers board
organized under a Joint Powers Agreement (the "Joint Powers AgreemenY') originaliy dated as of December
1, 1984, and as subsequently amended, by and between the Housing and Redevelopment Authority ofthe City
of-Saint Paul, Minnesota (the "Authority") and the City of Minneapolis, Minnesota ("Miiuieapolis") and
accepted by the City, and under the laws of the State of Minnesota, proposes to undertake a single family
housing finance program relating to the Minneapolis and the Saint Paul entitlement allocations and certain
taxable bonds and refunding bonds (the "Program"), to be fmanced by the issuance of one or more series of
mortgage revenue obligations and mortgage revenue refunding obligations pursuant to Minnesota Statutes,
Sections 469.001 to 469.047, Chapters 462A, 462C and 474A and Secrion 471.59 (together with applicable
predecessor provisions of state law, the "AcP'); and
WHEREAS, pursuant to the Act, the Board is authorized to issue bonds from time to time and to use
the proceeds of its bonds to make or purchase mortgage loans ar to purchase participations in mortgage loans
from lending ins6tutions in order to finance the construcfion and rehabilitation, and to facilitate the purchase
and sale, of single fanuly housing for eligible persons or families under the Act and to issue bonds to refund
previouslyissued bonds;and
WIIEREAS, the Program will provide below mazket interest rate mortgage loan financing or income
t� credits primarily to persons of low or moderate income purchasing single family homes to be used as their
principal places of residence and which are located within the geographic limits of the City or Minneapolis;
and
31 WIIEREAS, the Act requires adoption of the Program after a public hearing held thereon foilowing
32 publication of norice in a newspaper of general circulation in the City and Minneapolis at least fifteen days in
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advance of the hearing; and
WHEREAS, the City Council has on the date hereof conducted a public hearing on the Program, after
publication of notice as required by the Act; and
WI-IEREAS, the Program was submitted to the Metropolitan Council at or before the time of
publication of notice of the public hearing thereon, and the Metropolitan Council was afForded an oppornuuty
to present comments at the public hearing, all as required by the Act; and
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WHEREAS, the Pmgratn provides for the issuance of single family mortgage revenue bonds ar
revenue refunding bonds in one or more series pursuant to the Act (the "Sonds") to make or purchase or cause
to be made or purchased mortgage loans, or to purchase securities the proceeds of which would be used to
purchase mortgage loans to finance the acquisition, prnnarily by low and moderate income persons and
families, of single family housing located within the geographic boundaries of the City or Minneapolis; and
WIIEREAS, it is proposed that the Progratn be approved and the Boazd be authorized to issue Bonds
pursuant to the Program and the Joint Powers Agreement; and
WHEREAS, the Program and the issuance of Bonds by the Board or the Authority aze in the best
interesTs ofthe City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF Tf� CITY OF SAINT
PAUL AS FOLLOWS:
1. The Program is hereby approved in its entirety in substantially the form on file with the City.
58 The officers of the City and the Boazd aze authorized to take all actions as may be necessary or appropriate to
59 cazry out the Program in accordance with the Act and any other applicable laws and regulations.
60 2. The issuance of the Bonds pursuant to the Program is hereby approved subject to agreement by
61 the Board and the purchasers of the Bonds.
62 3. The Bonds may be issued in one or more series at the time or times and pursuant to terms
63 determined by the Board, and be shuctured so as to take advantage of whatever means aze available and are
64 pemutted by law to enhance the security for, or marketability of, the Bonds, provided that any such financing
65 structure must be approved by the Board. All such determinations by the Board must comply with the
66 applicable provisions of the Act and the Internal Revenue Code of 1986, as amended, and regulations
67 promulgated thereunder.
68 4. The Board is authorized to take all actions which may be necessary or desirable in connection
69 with the issuance of the Bonds, acting on behalf of the City, and no further approval or consent of the City
70 shall be required priar to the issuance of the Bonds by the Boazd, or prior to the taking of any action by the
71 Board to undertake and implement the Program.
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72 5. Nothing in this Resolution or the documents prepazed pursuant hereto shall authorize the
73 expenditure of any municipal funds on the Program other than as specified and authorized by separate actions
74 of the City and other than the revenues derived from the Program or otherwise granted to the City for this
75 purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property
76 or funds of the City except the revenues and proceeds piedged to the payment thereof, nor shall the City be
77 subject to any liability thereon. The holders of the Bonds sha11 never have the right to compei any exercise of
78 the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce
79 payment against any property of the City. The Bonds shall recite in substance that the principal and interest
80 thereon, are payable solely from the revenues and proceeds pledged to the payment thereof. The Bonds sha11
81 not constitute a debt of the City within the meaning of any constitutional or statutory limitation of
82 indebtedness.
83 6. Any one or more series of the Bonds may be issued by the Authority in lieu of issuance by
84 the Board, at the discretion of the Authority.
Adopted by Council: Date /a�jJ�"��jJ��
Adoption Certified by Co cil Secretary
BY G�`�7,�
Approved M : Date p
By: f
Requested by Departrnent of:
\
By:
Form Appr ed y City e
By:
1
Form A' oved by ay or n C cil
�
By:
� Green Sfieet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
a�-�r�{y
PE — Planning&EconomicDevebpmeat
Contac[ Person & Phone:
Stephaine Hawkinson
66585
Must Be on Council Agenda by (Date):
05 DEC-07
Doc. Type: PUBLIC HEARING (RESOLUI
E-0ocument Required: Y
Document Confact: Stephaine Hawkins
14NOV-07
�
Assign
Number
For
Routing
Order
Green Sheet NO: 3046314
0 launi &EcunomicDerelo me
1 lanniu & Economic DeveAO me team leader t� �
2 launin & Economic Develo m director
3 ' Attorn Ci Attome
4 or's Office Ma or Office
5 ouncil Ci Counc�l
6
ContactPhone: 66585
Total # of Signature Pages ^ (Clip All Loeations for Signature)
� I Signature on attached Resolution for adoption at a Public hearing on December 5, 2007
Planning Commission
CIB Committee
Civil Service Commission
1. Has this persoNfirtn ever worked under a contract for this department?
Yes No
2. Has this person/firtn ever been a city employee?
Yes No
3. Does ihis personnrm possess a skill not nortnally possessed by any
current city employee?
Yes No
Expiain aN yes answers on separate sheet antl attach to Qreen sheet
Initiating Problem, issues, Opportunfty (Who, What, When, Where, Why):
Approving the 2008 Single Family Housing Program to be finaced by the,issurance of Single Family Mortgage Revenue Bonds. Bond
proceeds will be used to provide loans for low or moderate income perso s and families.
Advantages tf Approved: "
The City is able to provide loans at lower interest rates through the inssuance of tas-free bonds. The program allows the Ciry [o better
serve first time home buyers.
DisadvanWges If Approved:
None
Disadvantages If Not Approved:
Loan funds at lower intecest rate would not be available for low or modeiate income persons.
Trensadion: $0.00
Funding Source:
Financial Information:
(Explafn)
CostlRevenue Budgetetl: nj
Activity Number:
November 14, 2007 1134 AM Page 9