07-86Counci{ File # � �—��o
GreenSheet# 3036373
RESOLUTION
OF SAlNT PAUL, MINNESOTA ��
Presented By
Referred To Committee: Date
RESOLUTION OF THE
CITY OF SAINT PAUL, MINNESOTA
[BROWNFIELDS REDEVELOPMENT PROGRAM]
WHEREAS, pursuant to C.R No. 03-1019 adopted by the City Council of the City of 5aint Paul (the "City
Council") on November 19, 2003 and Resolution No. 4040 adopted by the Port Authority of the City of Saint Paul
(the "Port Authorit�') on October 28, 2003, the Port Authority has previously issued its $5,060,000 Tasable
Limited Tac Supported Business Development Program Reserve Bonds, Series 2003-19 (the "Series 2003 Bonds")
to provide funds which were used to capitalize a business development bond program (the `Business Development
Finance Program"); and'
WHEREAS, the Series 2003 Bonds were secured and paid from the proceeds of a tax levy under Minn.
Stat. §469.053, Subd. 4(the "TaY Levy Act") that the Port Authority is enfitled to request, and that the City is
required (upon such request) to levy for the benefit of the Port Authority; and
WEIEREAS, the Series 2003 Bonds were issued pursuant to an Tndenture of Trust dated as of December 1,
2003 (the "Prior Indenhu which provided far the issuance of additional parity lien bonds under certain
circumstances; and
WHEREAS, the Port Authority and City's Finance Deparhnent have agreed that additional bonds should be
issued under the Prior Indenture, and secured by a taac levy made by the Port Authority under the Tax Levy Act, to
provide funds to the Port Authority for Brownfields remediation and redevelopment; and
WHEREAS, it is now proposed that the Port Authority issue its Limited Tax-Supparted Brownfields
Redevelopment Program Bonds in the approxnnate principai amount of $12,665,000, Series 2007-2 (the "Series
2007 Bond") under and secured by the terms of an Amended and Restated Indenture of Trust (the "Indenture")
between the Port Authority and U.S. Bank National Association (the "Trustee") to be payable, on a parity of lien
with the Series 2003 Bonds, solely from a tax levy to be requested by the Port Authority under Minnesota Statutes,
Section 469A53, and not as a separate obligarion of the Port Authority; and
WFIEREAS, it is proposed that the Indenture supersede and replace, in a11 respects, the Prior Indenture.
NOW THEREFORE, in consideration of the foregoing, it is hereby resolved by the City Council of the City
of Saint Paul, as follows:
1. The issuance of the Series 2007 Bonds, the creation of the Brownfields Redevelopment Program
and the continuation of the Business Development Finance Program, as described above and in the materials
7987673v2
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presented to the City Councii in connection with this action, are hereby approved, subject to the establishment by
the Port Authority of the e�cact detail, inciuding principal amount, maturities, interest rates, discount, and
redemprion features.
2. In accardance with Laws of Minnesota 1976, Chapter 234, the City Council hereby consents to the
issuance of the Series 2007 Bonds, the exact details of which, including but not limited to, provisions relating to the
principal amount, maturities, interest rates, discount, redemption, and for the issuance of additional bonds are to be
detemvned by the Port Authority, pursuant to a resolution adopted by the Port Authority, and the City Council
hereby authorizes the issuance of any refunding bonds which are found by the Port Authority to be necessary for
carcying out the purposes for which the Series 2007 Bonds ate to be issued.
3. The Port Authority is hereby authorized and directed to request a Mandatory Levy in each of the
years beginning 2006 (payable 2007 and end 2036 (payable 2037) in the annual amount needed to pay debt service
on the Series 2003 Bonds and the Series 2007 Bonds.
4. In addition to the Mandatory levy referred to in paragraph 3, above, the Port Authority is hereby
authorized and directed to request a Mandatory Levy in each of the yeazs begirming 2004 and ending 2011 to
provide ongoing funding for the Business Development Finance Program, as previously approved by the City.
5. The City hereby agrees that it wili take no action that would adversely affect the Port Authority's
ability to request and/or receive a Mandatory Levy under Minn. Stat. §469.053, Subd. 4.
Yeas Nays Absent
Benanav
�
Bostrom �
Harris
�
Helgen �
Lantry `
Montgomery �
Thune �
Adopted by Council: Date ����/��
Adoption Certified by Cou cil Secretary
B i .
Approved by te � b
By:
Reques by pepartmen�f: ,
�11��lG� 0 � �n G! a.l s�rf'lL�J'
P
By: �
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Form Appro d by t ttorney
By:
Approvqet"by,PVla for u mis ' n to ouncil
By: �� �.
i9a�6�s�rz
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� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
FS — F'inancialServices
Contact Person & Phone:
Tadd P. Hudey
&8837
Must 6e on Council Agend
07-FEB-07
Doc. Type: RESOLUTtON
E-DOCUment Required: N
Document Contact:
Contact Phone:
22-JAN-07
� 6
Assign 1
Number 2
For
Routing 3
Order a
5
Total # of Signawre Pages �(C{{p pp �o�y�ions for Signature)
Green Sheet NO: 3036373
' anoal Services
inancialServices De ardnentDirector
' Attorne
a ar's Office Ma orlAssistant
ouncil
it Cierk Ci CSetk
Approve attached Resolution in wtuch the Port Authority issues its Limited Taz-Supported Brownfields Redevelopment Pzogram
Bonds in the approximate principal amount of $12,665,000, Series 2007-2.
iaanons: npprove (A) or H
Planning Commission
CIB Committee
Civil Service Commission
t. Has this persoNfirm ever worked under a coatract foc this department?
Yes No
2. Has this person/firm ever been a city employee?
Yes No
3. Does this person7firm possess a skiil not normaliy possessetl by any
cutrent city employee?
Yes No
Expiain a!t yes artswers on separete sheet end atcach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
The issuance of these bonds will provide funding for the Port Authority to finance its BrownField Business Finance Program.
Advantages ff Approved:
Port Authority's Brownfieid Business Finance Program will be funded.
Disadvantages If Approved:
None.
Disadvantages If Noi Approved:
Port Authoriry's Brownfield Business Finance Pcogram will not be funded
Transaction:
Funding Source:
Flnancial lnformation:
(Explain)
Activity Number:
�T`�a i si: % _
.IAN � � 2DD7
Cost/Revenue Budgeted:
January 22, 2007 3:52 PM Page 1