08-1404Council File # � �
Green Sheet # 3065042
RESOLUTION
-CITY O� SAINT PAUL, MINNESOTA
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Presented by
RESOLUTION AUTHORIZING CARRYFORWARD OF
IJNi7SED PRIVATE ACTIVITY BOND VOLUME CAP
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WHEREAS, the City of Saint Paul, Mimiesota (the "City") is an"entitlement issuer" within the
meaning of Minnesota Statutes, Secrion 474A.02, subd. 7; and
WHEREAS, the City's entitlement allocarion for 2008 under Minnesota Statutes, Chapter 474A.03,
subd. 2a(3) is $29,804,000 ("General Volume Cap'�; and
WHEREAS, the Housing Assistance Tas Act of 2008 amended § 146 of the Internal Revenue Code
of 1986, as amended (the "Code"), to provide for a temporazy increase in private activity volume cap in
2008 (the "2008 Housing Act Volume Cap"); and
14 WHEREAS, the City's entitlement allocation of 2008 Housing Act Volume Cap is $14,792,000;
15 and
16 WHEREAS, the City has not yet issued any bonds in 2008 attributable to its General Volume Cap,
17 and does not expect to do so prior to the end of 2008;
18 WHEREAS, the City does not expect to issue bonds in 2008 attributable to the 2008 Housing Act
19 Volume Cap; and
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WHEREAS, the City may, under § 146(fl of the Internal Revenue Code of 1986, as amended, and
under Minnesota Statutes, Chapter 474A, "canyforwazd" all or a portion of the City's unused General Volume
Cap and 2008 Housing Act Volume Cap; and
VJFIEREAS, it is in the best interest of the public health, safety and welfaze that the City carryforward
for qualified caiiyforwazd purposes its General Volume Cap and 2008 Housing Act Volume Cap remaining
unused on December 31, 2008.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota,
as follows:
1. The Ciry hereby elects to canyforward $20,000,000 of its General Volume Cap for qualified
mortgage revenue bonds or mortgage credit certificates.
2. The City hereby elects to canyforward $9,804,000 of its General Volume Cap for qualified
residential rental bonds.
3. The City hereby elects to cartyforward the entire $14,792,000 of its 2008 Housing Act
Volume Cap for "qualified housing issues," as permitted by IRS Norice 2008-79. Pursuant to such Notice,
b�-i�a�
39 "qualified housing issues" include certain single family bonds, mortgage credit certificates or qualified
40 residential rental bonds.
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4. The City's Director of Plaxuiing and Economic Development is hereby authorized and directed
to execute and cause to be filed with the Intemal Revenue Service sepazate Forms 8328 specifying the amount
of General Volume Cap and 2008 Housing Act Volume Cap to be cazried forwazd as described above. The
Forms 8328 shall be filed with the Internal Revenue Service on or before February 15, 2009. The Director is
fiuther authorized to notify the Mimiesota Department of Management and Budget of such curyforward at
such time and as required by Minnesota Statutes, Chapter 474A.
5. Any amount carried forward may be utilized by the Housing and Redevelopment Authority of
the CiTy of Saint Paul, Minnesota (the "Authority"). The Authority may, at its option, delegate its authority to
issue bonds pursuant to the cairyforwazd election to the Mimieapolis/Saint Paul Housing Finance Boazd (the
"Board"). The proceeds of bonds issued by the Boazd may be applied within the jurisdictional boundaries of
the Boazd as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Requested by Department of:
By:
Form
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Adoption Certified by Coundl Secretary Form
BY� // //iA:i �ir.%icSO�� By:
Approved by Mayor: Date ����9�07� �
s `71L�-,c.� f?�rrn��
Adopted by Council: Date ����13��?DD�'
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
nk �/iln�l
„_.. ,���—
DepartrnenUOffice/Council: Date Initiated:
PE _Planning&Economic 09-DEG08 Green Sheet NO: 3065042
Development
Conpct Person & Phone- � Deoartment Sent To Person 'ti VDate
Stephanie Hawkinson y o lannin &ErnnomicDevelo me Src nauieaaw�dason )2{
266-6585 1 lannin & Ecouomic Develo me De arhment D'vector
Assign Z - Attorne Ci Attome
Must Be on Council Agenda by (Date): Number 3 or's Office Ms or/Assistant
For
Routing 4 ouncil C' Comcil
Doa Type: RESOLUTION Order 5 i Clerk CS Clerk
E-DOCUment Required: Y . 9 � �����
DocumeM Contaet:
Contad Phone: ���` I 1 �HRQS
LU
Total # of Signature Pages _(Clip All Loeations for Signature)
Action Requested: �
Approval to "catryforward" the City�s unused 2008 entitiement alloca6on (bonding authority) for the pucpose of yeaz 2008 qualified
residential single fanuly and rental projecu.
Recommendations: Approve (A) or Reject (R): Personal Service Contrects Must Answer the Following questions:
Planning Commission 1. Has this persoNfirm everworked under a conlract for this deparlment?
CIB Committee Yes No
Civil Service Commission 2. Has this person/firtn ever been a city employee?
Yes No
3. Does fhis person/Tirm possess a skill not normally possessed by any
current city employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheet.
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
At the end of each yeaz, the State of Minnesota and the IRS require that the Ciry "carryforwazd" any portion of the City'sunused
bonding enritlement allocation which can then be used in the following yeaz. This year's deadline is December 31, 2008.
AdvanWgeslfApproved:
Qualified ResidenGal Rental Bonds, Mortgage Revenue Bonds and MCCs can be issued during 2009 for the benefit of low or
moderate income individuals.
Disativantages If Approved:
None.
Disadvanlages If Not Approved:
Up to $29,804,000 of bonding authority will be lost.
Total Amount of $0.00
Trensaction: CosNRevenue Budgeted:
Funding Source: N�A Activity Number: N�A
Financial Information:
(Explain)
December 9, 2008 136 PM Page 1