10-355Council File # 10-355
Green Sheet # 3104056
'ION
L, MINNESOTA �
Presented by
APPROVTNG A 2010 HOUSIN� FINANCE PROGRAM AND THE ISSUANCE BY THE
MINNEAPOLIS/SAINT PAUL HOUSING FINANCE BOARD OF SINGLE FAMILY
MORTGAGE REVENUE BONDS AND/OR MORTGAGE CREDIT CERTIFICATES PURSUANT
THERETO
I WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter 462C
2(the "Housing AcY'), the City of Saint Paul, Minnesota (the "City") is authorized to carry out programs far the
3 financing of single family housing for persons of low and moderate income; and
4
5 WI IEREAS, the Minneapolis/Saint Paul Housing Finance Boazd (the `Board") proposes to undertake
6 a 2010 single family housing finance program (the "Program") to issue mortgage revenue bonds and
7 refunding bonds (the "Bonds") or to issue mortgage credit certificates ("MCCs") to provide a tas credit to
8 first-time homebuyers to reduce the cost of financing a home located in the City or Minneapolis, all pursuant
9 to Minnesota Statutes, 5ections 469.001 to 469.047, Chapters 462A, 462C and 474A and Section 471.59
10 (together, the "AcY'); and
11
12 WHEREAS, the Act requires adoprion of the Program after a public hearing held thereon following
13 publication of notice in a newspaper of general circulation in the City and Minneapolis at least fifteen days in
14 advance of the hearing; and
15
16 WHEREAS, the City Council has on the date hereof conducted a public hearing on the Program, after
17 publication of notice as required by the Act; and
18
19 WHEREAS, the Program was submitted to the Metropolitan Council at or before the time of
20 publication of no6ce of the public heazing thereon, and the Metropolitan Council was affarded an opporiunity
21 to present comments at the public hearing, all as required by the Act; and
22
23 WHEREAS, the adoption of the Program and the issuance by the Board of Bonds and/or MCCs are in
24 the best interests of the Ciry.
25
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26 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COU:�ICIL OF THE CITY OF SAINT
27 PAULASFOLLOWS:
28
29 1. The Program is hereby approved in iu entirety in substantially the form on file with the City.
30 The officers of the City and the Boazd aze authorized to take all actions as may be necessary or appropriate to
31 carry out the Program in accordance with the Act and any other applicable laws and regularions.
32 2. The issuance of the Bonds and/or MCCs by the Boazd pursuant to the Progam is hereby
33 approved.
34 3. The Bonds may be issued in one or more series at the time or times and pursuant to terms
35 determined by the Board, and be structured so as to take advantage of whatever means are available and are
36 permitted by law to enhance the security for, or mazketability of, the Bonds, provided that any such financing
37 structure must be approved by the Boazd. The MCCs may be issued at the time or times and pursuant to terms
38 determined by the Board. All such determinations by the Board must comply with the applicable provisions
39 of the Act and the Intemal Revenue Code of 1986, as amended, and regulations promulgated thereunder.
40 4. The Boazd is authorized to take all actions which may be necessary or desirable in connecfion
41 with the issuance of the Bonds and/or MCCs, acting on behalf of the City, and no further approval or consent
42 of the City shall be required prior to the issuance of the Bonds or the MCCs by the Board, or prior to the
43 taking of any action by the Board to undertake and implement the Program.
44 5. Nothing in this Resolution or the documents prepazed pursuant hereto sha11 authorize the
45 expenditure of any municipal funds on the Program other than as specified and authorized by separate actions
46 of the City and other than the revenues derived from the Program or otherwise granted to the City far this
47 purpose. The Bonds sha11 not constitute a charge, lien or encumbrance, legal or equitable, upon any property
48 or funds of the City except the revenues and proceeds pledged to the payment thereof, nor shall the City be
49 subject to any liability thereon. The holders of the Bonds shall never have the right to compel any exercise of
50 the tasing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce
10-355
51 payment against any properry of the City. The Bonds shall recite in substance that the principal and interest
52 thereon, are payable solely from the revenues and proceeds pledged to the payment thereof. The Bonds shall
53 not constitute a debt of the City within the meaning of any constiturional or statutory limitation of
54 indebtedness.
55 6. Any one or more series of the Bonds or the MCCs may be issued by the Authority in lieu of
56 issuance by the Boazd, at the discretion of the Authority.
Bostrom
Carter
Harris
Stazk
Thune
✓
✓
Adopted by Council: Date
Adoption Certified by Co cil Secretary
BY� ✓ / ///il../i/`/7 �fi�S �h
Approvedlp,�y Da ���ZO/D
By� C ��.
Requested by Department o£ Planning and
Eco m' D ,elopment
,. BY, ��
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Approve by the Office f Financial Services
By:
Form Approved �ry A � �
BY: ;�,�,,' id���i'`C
J
Form Approved by Mayor for Submission to Council
B� �r.�,�5�!<,� .3-30��/�
10-355
� Green Sheet Green Sh�et Green Sheet Green Sheet Green Sheet Green Sheet �
DeparhnenUOffice/Council: Date Initiated:
PE _Planning&Economic 24MAR2010 Green Sheet NO: 3104056
Development
Contaet Person 8 Phone: DeoartmeM Serrt To Person Initial/Date
SfephanieHawldfison o ' &Econo�cne�et me � -��
6-8585 1 ' &EconomicDevelo e DFaneNocd uist
��� Z ' &EcanomicDevefo me De artmeutDirector
Must Be on Council Agenda by {Date): Number
07-APR-10 For 3 ' Attorn PeteMcCad ��
Routing 4 ancialServices D'vector
Doc. Type: ����40N O[der 5 or's Office Ma orlASSisisnt
- 6 ounal Comcilmember Tdme
E-Doeument Required: Y 7 " Clerk Ci Qerk
DocumeM Contact: � i
ContactPhone: ° a���e e ��
Topl # of Signature Pages �_ (Clip NI Locations for Signature)
Adion Requested:
Signature on attached Resolurion for adoprion at a Public Hearing on Apri17, 2010. �� � ���
Recommendations: Approve (A) or Rejed (R): Personal Service Contracts Must Answer the Following Questions:
Planning Commission 1. Has this person/firm ever vrorked under a contrac[ for this departmerrt? .
CIBCommittee Yes No
Civil Service Commission 2. Has this person/firtn ever been a city employee?
Yes No ,
3. Does this personffirm possess a skill not nortnally possessed by any
current city employee?
Yes No
Expiain all yes answers on separete sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
Approving the 2010 Single Family Housing Program to be financed by the issuance of Single Family Mortgage Revenue Bonds and
Mortgage Credit Certificates. Bond proceeds will be used to provide loans for low or moderate income persons and fatnilies.
Advanpges If Approved:
The City is able to provide loans at lower interest rates through the issuance of tax-free bonds. The program allows the City to better
serve first time home buyers. The MCCs offer taY advantages.
Disadvantages If Approved: �
None
Disadvantages If Not Approved:
Loan funds at lower interest rate or tax credits would not be available for low or moderate income persons.
Total Amount of
Trensaction: ,�J,=r Cosf/Revenue Budgeted:
Funding Source: Activity Number:
FinanciallnformaGon: \����
(Explain) " �
�
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