09-1375Council File # Q�� �
Green Sheet # 3089936
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RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented
by
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RESOLUTION AUTHORTZING CARRYFORWARD OF
IJNiJSED PRIVATE ACTIVITY BOND VOLIJME CAP
WIIEREAS, the City of Saint Paul, Mimiesota (the "City") is an"enritlement issuer" within the
meaning of Mnuiesota Statutes, Section 474A.02, subd. 7; and
WIIEREAS, the City's entitlement allocation for 2009 under Mimiesota Statutes, Chapter 474A.03,
subd. 2a(3) is $31,695,000; and
WHEREAS, the City has not yet issued any bonds in 2009 attributable to its entitlement allocation,
and does not expect to do so prior to the end of 2009;
WHEREAS, the City may, under § 146(fl of the Internal Revenue Code of 1986, as amended, and
under Miiuiesota Statutes, Chapter 474A, "carryforwazd" all or a portion of the City's unused entiUement
alloca6on for 2010; and
WHEREAS, it is in the best interest of the public health, safety and welfare that the City carryforward
for qualified carryforward purposes its entitlement allocarion remaining unused on December 31, 2009.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Miunesota,
as follows:
1. The City hereby elects to cariyforwazd $31,695,000 of its 2009 entitlement allocafion for
qualified mortgage revenue bonds or mortgage credit certificates.
2. The City's Director of Plamiing and Economic Development is hereby authorized and directed
to execute and cause to be filed with the Internal Revenue Service a Form 8328 specifying the amount of 2009
entitlement allocation to be carried forward as described above. The Form 8328 shall be filed with the Internal
Revenue Service on or befare Februaiy 15, 2010. The Director is fiuther authorized to no6fy the Minnesota
Department of Management and Budget of such carryforward at such time and as required by Minnesota
Statutes, Chapter 474A.
61�(���
33 3. Any amount carried forward may be utilized by the Housing and Redevelopment Authority of
3 4 the City of Saint Paul, Minnesota (the "Authority"). The Authority may, at its option, de(egate its authority to
35 issue bonds pursuant to the carryforwazd election to the Mimieapolis/Saint Paul Housing Finance Boazd (the
3 6`Board"). The proceeds of bonds issued by the Boazd may be applied within the jurisdictional boundaries of
3 7 the Board as provided in Minnesota Statutes, Section 462G 12, subd. 3.
Yeas Nays Absent
Bostrom
Carter
Harris
Helgen
Lantry `
Stark �/
Thune �
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E2equested by Department of:
i�_ y • �
Approved by the Of£ice of Financial
Services
By:
Adopted by Date
Council: ���/l Form Appr d � t orney
Adoption Certified y Council Secretary Sy:
BY= // ///,� ir i.e�St?e?
Approved by Date Form Approved by Mayor £or Submission
Mayo�` ���'Z`Z(��f to Council�
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� Green Sheet Green Sheet
Green Sheet Green Sheet Green Sheet Green Sheet
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� DepartmenUOffice/Council: Date Initiated:
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i PE _Planning&Economic 30NOV2009 Green Sheet NO: 3089936
Development
� Contact Person & Phone: Departrnent Sent To Person Initial/Date
Stephanie Hawkinson 0 lannin &EconomicDevelo me �— yy
266-6585 I lannine&EwnomicDeveloome De tDireMOr =__ (�.� 1
Asslgn Z , �rypttorney CitvAttorne ���^ I
Must Be on Council Agenda by (Date): Number -���-�=
I 16-DEC-09 For 3 �or`s Office � Mavor/Assistant ✓
Routing 4 ouncil Kath Lan
� Doa T PUBLIC HEARING Order 5 i Cierk Ci Clerk
Y �� (RESOLUTION)
E-DOCUment Requiretl: Y
Document Contact:
Contact Phone:
Total # of Signature Pages _(Clip All Locations for Signature)
Action Requested:
Approval to "carryforward" the City's unused 2009 entitlement allocation (bonding authority) for the ptupose of yeaz 2010 qualified
residen[ial singie family and rental projects.
Recommenda6ons: Approve (A) or Reject (R). Personal Service Contrects Must Answer the Following Questions:
Planning Commission 1. Has this person/firm ever worked under a contract for this department�
CIB Committee Yes No
Civil Service Commission 2. Has this person/frm ever been a city employee?
Yes No
3. Does this person/firm possess a skill not normally possessed by any
curreni ciry employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheet.
Initiating Problem, Issues, Opportunily (Who, What, When, Where, Why):
At the end of each yeaz, the State of Minnesota and the IRS require that the Ciry "carryforward" any portion of the City's unused
bonding entitlement allocation which can then be used in the following yeaz. This yeaz's deadline is December 31, 2009.
Advan W ges If Approved:
Qualified Residential Rental Bonds, Mortgage Revenue Bonds and MCCs can be issued during 2010 for the benefit of low or
moderate income individuals.
Disadvantages If Approved:
None. ��������
t�EG �� �
Disadvantages If Not Approved: �
Up to $31,695,000 of bonding authority will be lost. i.�� q1�-pRNE1r
7otai Amount of
Trensaction: $0.00 Cost/Revenue Budgeted:
Funding Source: Activity Number:
Financial Information:
(Explain)
�J `l
November 30, 2009 11:09 AM Page 1