07-476Council File # 07-�7(�
Green Sheet # 3039792
OF
Presented by
RESOLUTION
PAUL, MINNESOTA
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2 Resolution No.
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5 RESOLUTION OF TFIE CTl'Y OF SAIIVT PAUL, NIINNESOTA
6 GIVING APPROVAL TO THE ISSUANCE OF
� MiJLTIFAMILY HOUSING REVENIJE REFUNDING BONDS
8 (BURI.INGTON APARTMENTS PROJECT) SERIES 2007-4
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12 WHEREAS,
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14 (a) The Housing and Redevelopment Authority of the CiTy of Saint Paul, Minnesota (the "HRA")
15 and the Port Authority of the City of Saint Paui (the "Port Authority" and, together with the I�A, the
16 "Issuer") have previously issued their $15,270,000 Multifamily Housing Revenue Refunding Revenue Bonds
17 (GNMA Coliateralized Mortgage Loan — Burlington Apartments Project), Series 1996A (the "1996A
ls Bonds"); their $1,577,000 Taxable Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage
19 Loan — Burlington Apartments Project), Series 1996B (the "1996B Bonds"); and their $4,110,000 Multifamily
2 0 Housing Revenue Refunding Bonds (GNMA Collateralized Mortgage Loan — Barlington Apartments}, Series
21 2002-8 (the "2002 Bonds") (collectively, the "Prior Bonds"); and
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23 (b) By its Resolutions CF No. 96-199 and CF No. 02-888, the City Council of the City of Saint
2 4 Paul has previously approved the issuance of the 1996 Bonds and the 2002 Bonds, respectively, includ'mg any
2 5 revenue bonds subsequently issued to refund them; and
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2 7 (c) Burlington Aparhnents, LLC (the "Owner") has advised the City that the 1996B Bonds will be
2 8 retired from the proceeds of a tasable subordinate loan and has proposed that the Issuer issue their Multifamily
2 9 Housing Revenue Refunding Bonds (Burlington Apartments Project) Series 2007-4 (the "2007 Bonds") in the
3 o approximate principal amount of $18,170,000 to refund the 1996A Bonds and the 2002 Bonds; and
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(d) The Owner has futther advised the Issuer and the City that the average weighted maturity of
the 2007 Bonds will be longer than the average weighted marixrity of the 1996A Bonds and the 2002 Bonds,
which will be refunded; and
(e) Section 147( fl of the Internal Revenue Code of 1986, as amended, requires that, as a result of
the extension of the average weighted maturity of the 1946A Bonds and tl�e 2002 Bonds, a public hearing be
held on the issuance of the 2007 Bonds, and the approval of the City Council be provided thereto; and
4 0 ( fl A public hearing on the proposed issuance of the 2007 Bonds was held by the Port Authority
41 on May 15, 2007, after published notice, at which public hearing all those appearing at said hearing who
4 2 desired to speak weie heazd and written comments were accepted.
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NOW, TF�REFORE, IT IS RESOLVED, by the City Council of the City of Saint Paul, that:
1. For purposes of Secrion 147( fl of the Intemal Revenue Code of 1986, as amended, and
following the public hearing held by the Port Authority on May 15, 2007, the City Council hereby consents to
the issuance of the 2007 Bonds on such terms and conditions as the Issuer may determine, and authorizes the
Issuer acting jointly or independently, pursuant to this Resolution, to take a11 actions necessary or desirable in
connection therewith, and no further approval or authorization of the City shall be required for purposes of
issuing the 2007 Bonds or any revenue bonds subsequently issued to refund the same.
2. Nothing in this Resolufion or the documents prepared pursuant hereto or to resolutions adopted
separately by the Issuer sha11 authorize the expenditure of any municipal funds on the refunding other than the
revenues pledged to the payxnent thereof. The 2007 Bonds shall not constitute a charge, lien or encumbrance,
legal or equitable, upon any properry or funds of the City or the Issuer except the revenue and proceeds
pledged to the payment thereof, nor sha11 the City or the Issuer be subject to any liability thereon. The holder
of the 2007 Bonds shall never have the ri�t to compel any exercise of the taxing power of the City or the
Issuer to pay the outstanding principai of the 2007 Bonds or the interest thereon, or to enforce payment
thereon against any property of the City or the Issuer (other than the revenues pledged to the payment thereo fl.
The 2007 Bonds shall recite in substance that the 2007 Bonds, including the interest thereon, aze payable
solely from the revenues and proceeds pledged to the payment thereof. The 2007 Bonds sha11 not constitute a
debt of the City or the Issuer within the meaning of any constitutional or statutory limitation.
Adoption Certified by Council Secretary
B �'' ./�/ii�i�i` nia
Approved by Date '
Mayor• � �/ � �
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Requested by De artment o£:
� 'd ' alG"l'� ��:. �U
t'(ct�� � c., y -J:
By:
Form Appr e b� rney
By:
Form App by Mayor for Submission
to Cou il
sy:
Approved by the Offic of Financial
Servi
Adopted by Date
Council: � �.�e�7
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� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
PE ��ag��oomicDevelopment I 17-MAY-07
ConWet Person & Phone:
,ban TFUlsen
6-669�
Must Be on Council Agerv
Doc.Type: RESOLUT70N
E-Document Requiretl: Y
DocumentContad: JoanTrulsen
�
Assign
Number
For
Routing
Order
Contact Phone: 6-6697
Totel # of Signature Pages _(Clip All Lowtions for Signature)
Green Sheet NO: 3039792
0 lanoin & Economic Develo me
1 Iannin &EconomicDevelo me Accountin _���� .
2 lannin & Economic Devel me De ar[ment Director
3 " Attome
4 or's OfSCe Ma orfASSistant �
$ OOOCII
6 ' Cferk Cti Clerk
Please pu[ the attached resolution on the consent agenda for May 30, 2007 for approval of the re-issuance of bonds for the
Burlington Aparhnent Project. District 10
Planning Commission 1_ Has this person/firm ever worked under a contrect for this departmenY?
CIB Committee Yes No
Civil Service Commission 2. Has this person/firm ever been a city employee?
Yes No
` 3. Oces this person/firtn possess a skill not normally possessed by any
curtent city employee?
Yes No
Explain all yes answers on separste sheet and attach to grcen sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
City Council appcoval is required fot the Port AuthorirylFTRA joint re-issuance of zevenue bonds for a multifamily housing
development (Burlington Apartments Project). _
Advantages If Approved:
The bonds can be issued.
REGENED
Disadvantages If Approved:
None
MAY 2 3 20Q7
MAYOR'S� OFFICE
DisadvanWges If NotApproved:
The Re-issuance of Revenue Bonds can not proceed.
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Trensaction: CostlRevenue Budgeted: ( � k I4 V'
'�18;17Q,.800,00 t �
Funtling Source: Activity Number. �1 Q G�C L.�(.✓b j
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Financiat Information: Q �-^� p �,�/�`'�
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May 17, 2007 10:28 AM Page 1