10-609Council File # ��—�-��
Green Sheet # �/ ��� � �
CITY
Presented By
Referred To
RESOLUTION
�INT P�1UL, MINNESOTA
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Committee: Date
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RESOLUTION APPROVING AND AIJTfIORIZING Tf� EXECUTION OF
A PLEDGE AGREEMENT AND OTHER AGREEMENTS
IN CONNECTION WTFI TF� ISSUANCE OF
HRA PARKING REVENUE REFUNDING BONDS, SERIES 2010A
(PARKING FACILTI'IES PROJECT) AND
HRA PARKING REVENUE REFUNDING BONDS, SERIES 2010B
(SMITA AVENUE PROJECT)
WHEREAS,
1. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
(the "HRA") has adopted its General Revenue Bond Resolution (the "General Bond
Resolution") authorizing the issuance of Revenue Sonds of the HRA to finance or
refinance certain public parking facilities.
2. The HRA proposes to issue its Pazking Revenue Refunding Bonds, Series 2010A
(Pazking Facilities Project) (the "Series 2010A Bonds") in a principal amount of
approximately $25,155,000 and its Parking Revenue Refunding Bonds, Series 2010B
(Smith Avenue Project) (the "Series 2010B Bonds" and, together with the Series 2010A
Bonds, the "Series 2010 Bonds") in a principal amount of approximately $11,8QS,Q00
pursuant to the General Bond Resolution and°First Supplemental Bond Resolution to
provide funds to refund certain outstanding bonds of the Authoriry previously issued to
finance or refinance certain pazking ramps (collectively, the "Refunded Bonds").
23 3. Pursuant to the terms of a proposed Piedge Agreement (the "Pledge AgreemenY')
24 among the City and the HRA, the City will pledge certain sums held in the Parking Meter
25 Collection and Fines Fund (F 230) to the HRA for the benefit of the holders of the Bonds
26 and other Revenue Bonds hereafter issued pursuant to the General Bond Resolution.
27 4. Certain information regarding the City and HRA, including information regarding
28 meter and fine revenues, will be made available to the public pursuant to a Continuing
29 Disclosure Undertaking.
30 5. The forms of the Pledge Agreement and Continuing Disclosure Undertaking have
31 been submitted to the City Council for approval and the HRA has requested that the City
32 Council approve and authorize the execution of the same.
33 6. It will be necessary to pledge the first $2,000,000 of parking fine revenues
34 received by the City and the first $1,OOQ000 of moneys received by the City from the
35 City's parking meters, as set forth in the Pledge Agreement, in order to obtain an A or
36 better rating on the Series 2010 Bonds.
367132v3 NIMD SAI30-113
1 C�- loC�
37 RESOLVED:
38 1. The City Council hereby approves and authorizes the Mayor, Director, Office of
39 Financial Services to execute the Pledge Agreement and Continuina Disclosure
40 Undertaking in substantially the forms submitted. Any other documents, agreements and
41 certificates necessary to the issuance of the Bonds shall also be executed by the
42 appropriate officers of the City.
43 The Mayor and Clerk and other officers of the City are authorized and directed to prepare
44 and fumish certified copies of all proceedinas and records of the City relating to the
45 transaction described above, and such other affidavits and certificates as may be required
46 to show the facts relating to the legality of the Pledge Agreement and Continuing
47 Disciosure Undertaking as such facts appeaz from the books and records in the officers'
48 custody and control or as otherwise known to them; and all such certified copies,
49 certificates and affidavits, including any heretofore furuished, shall constitute
50 representadons of the City as to the truth of all statements contained therein.
51 2. The approval hereby given to the Pledge Agreement includes approval of such
52 additional details therein and such modifications thereof, deletions therefrom and
53 additions thereto as may be deemed necessary and appropriate and be approved by the
54 City's staff, City Attorney and Bond Counsel prior to their execution; said staff, City
SS Attomey and Bond Counsel are hereby authorized to approve said changes on behalf of
56 the City. The execution o£ any instrument by the appropriate officer or officers of the
57 City herein authorized shall be conclusive evidence of the approval of such documents in
58 accordance with the terms hereo£ In the absence of the Mayor, Director, Office of
59 Financial Services, any of the documents authorized by this resolution to be executed
60 may be executed by any other appropriate officers.
61 3. The HRA is hereby authorized to issued the Series 2010 Bonds in an aggregate
62 principal amount not to exceed $41,000,000 and maturing on August 1 in the years and
63 amounts, and bearing interest at the rates until paid or dischazged as agreed to by the
64 Executive Director of the Authority (or her designee), the City Treasurer and the City
65 Debt Manager with the advice of the City's financial advisor, Springsted Incorporated
66 (collectively, the "Pricing Committee").
67 Adopted by the City Council of the City of Saint Paul, Minnesota this 9th
68 day of June, 2010.
367132v3 MMD SA130-113
\ U -�C��
Bostrom
Carter
Harris
Yeas
✓
✓
Approved by the Office
Services /1 ��
B i
Approved by City
By:
Adopted by Council: Date
Nays Absent R d n,� �� ��4f��ul.�
v �
By: �
Adopuon Certified by Coun�il Secretary
BY� � <�/�S�
Approve y M yo�. Date / �j
B
Approved b �
Council
By:
to
�
367132v3 MMD SA130-113
-� i
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Shee��
�
FS —F'nanciai Services
Contact person & Phone:
Bob Geurs
6-8$37
Must Be on Council Agenda 6y (Date):
09-JUN-1D
Doc. Type: RESOLUTION
E-0ocumenf Required: Y
DocumentConiact:
Cotrtaet phone:
01 JUN 2010
�
Assign
Number
For
Routing
Order
Tota1 # of Signature Pages _�Clip q11 locations tor Signature)
Green Sheet NO: 3113776
Z ICi[V Attome 'L — ---1 Attorne
3 Mavnr��nrs.ro �r —.---� 1—�'—°--'Z l�
Adopt attached resolurion approving and authorizing the execurion of a pledge agreement and other agreements in connection with
the issuance of IIRA Paz]cing Revenue Refunding Bonds, Series 2010A (Pazking Facilities Project) and HRA pytlring Revenue
Refunding gonds, Series 2010B (Smith Avenue project)
Recomme�daUons: Approve (A) or Reject (R):
Planni�g Commission
CIB Committee
Civil Service Commission
Personal Service Contraets Must Answer the Pofbwing Questia�s:
1. Has this person�rm ever wortced under a cont2ct for this departrnent?
Yes No
2. Has this personffirm ever been a ciry employee?
Yes No
3. Does Mis person/firtn possess a skill not nortnally possessed by any
cuRent city employee?
Yes No
E�cplai� ali yes answers on separate sheet and attach to green sheet.
Initiating Pro6lem, Issues, Opportunity (Whc, yyhat, When, Where, Why):
The city will pledge $1M of Meters and $2M of Fi� revenue. held in the Pazking Meter Collection and Fines Fund to the HRA for
repayment of Pazking Revenue Refunding Bonds, 5eries 2010A and B in order to receive an "A" rating. Other documents connected
to the refunding bonds need to be executed.
Adva�fages If Approved:
Pledge agreement and other documents will be �ecuted.
Disadvantages If qpproved:
None known.
Disadvantages ff Not Approved:
Pledge agreement and other documents will not be executed.
Total Amount of
Transaction:
Funding Source: N/A
Financial irtformation:
(Explain)
June 2, 2010 9:14 AM
Cost/Revenue Budgeted:
Activity Num6er:
Page 1
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Council File # ��—�-��
Green Sheet # �/ ��� � �
CITY
Presented By
Referred To
RESOLUTION
�INT P�1UL, MINNESOTA
�
Committee: Date
1
�
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
RESOLUTION APPROVING AND AIJTfIORIZING Tf� EXECUTION OF
A PLEDGE AGREEMENT AND OTHER AGREEMENTS
IN CONNECTION WTFI TF� ISSUANCE OF
HRA PARKING REVENUE REFUNDING BONDS, SERIES 2010A
(PARKING FACILTI'IES PROJECT) AND
HRA PARKING REVENUE REFUNDING BONDS, SERIES 2010B
(SMITA AVENUE PROJECT)
WHEREAS,
1. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
(the "HRA") has adopted its General Revenue Bond Resolution (the "General Bond
Resolution") authorizing the issuance of Revenue Sonds of the HRA to finance or
refinance certain public parking facilities.
2. The HRA proposes to issue its Pazking Revenue Refunding Bonds, Series 2010A
(Pazking Facilities Project) (the "Series 2010A Bonds") in a principal amount of
approximately $25,155,000 and its Parking Revenue Refunding Bonds, Series 2010B
(Smith Avenue Project) (the "Series 2010B Bonds" and, together with the Series 2010A
Bonds, the "Series 2010 Bonds") in a principal amount of approximately $11,8QS,Q00
pursuant to the General Bond Resolution and°First Supplemental Bond Resolution to
provide funds to refund certain outstanding bonds of the Authoriry previously issued to
finance or refinance certain pazking ramps (collectively, the "Refunded Bonds").
23 3. Pursuant to the terms of a proposed Piedge Agreement (the "Pledge AgreemenY')
24 among the City and the HRA, the City will pledge certain sums held in the Parking Meter
25 Collection and Fines Fund (F 230) to the HRA for the benefit of the holders of the Bonds
26 and other Revenue Bonds hereafter issued pursuant to the General Bond Resolution.
27 4. Certain information regarding the City and HRA, including information regarding
28 meter and fine revenues, will be made available to the public pursuant to a Continuing
29 Disclosure Undertaking.
30 5. The forms of the Pledge Agreement and Continuing Disclosure Undertaking have
31 been submitted to the City Council for approval and the HRA has requested that the City
32 Council approve and authorize the execution of the same.
33 6. It will be necessary to pledge the first $2,000,000 of parking fine revenues
34 received by the City and the first $1,OOQ000 of moneys received by the City from the
35 City's parking meters, as set forth in the Pledge Agreement, in order to obtain an A or
36 better rating on the Series 2010 Bonds.
367132v3 NIMD SAI30-113
1 C�- loC�
37 RESOLVED:
38 1. The City Council hereby approves and authorizes the Mayor, Director, Office of
39 Financial Services to execute the Pledge Agreement and Continuina Disclosure
40 Undertaking in substantially the forms submitted. Any other documents, agreements and
41 certificates necessary to the issuance of the Bonds shall also be executed by the
42 appropriate officers of the City.
43 The Mayor and Clerk and other officers of the City are authorized and directed to prepare
44 and fumish certified copies of all proceedinas and records of the City relating to the
45 transaction described above, and such other affidavits and certificates as may be required
46 to show the facts relating to the legality of the Pledge Agreement and Continuing
47 Disciosure Undertaking as such facts appeaz from the books and records in the officers'
48 custody and control or as otherwise known to them; and all such certified copies,
49 certificates and affidavits, including any heretofore furuished, shall constitute
50 representadons of the City as to the truth of all statements contained therein.
51 2. The approval hereby given to the Pledge Agreement includes approval of such
52 additional details therein and such modifications thereof, deletions therefrom and
53 additions thereto as may be deemed necessary and appropriate and be approved by the
54 City's staff, City Attorney and Bond Counsel prior to their execution; said staff, City
SS Attomey and Bond Counsel are hereby authorized to approve said changes on behalf of
56 the City. The execution o£ any instrument by the appropriate officer or officers of the
57 City herein authorized shall be conclusive evidence of the approval of such documents in
58 accordance with the terms hereo£ In the absence of the Mayor, Director, Office of
59 Financial Services, any of the documents authorized by this resolution to be executed
60 may be executed by any other appropriate officers.
61 3. The HRA is hereby authorized to issued the Series 2010 Bonds in an aggregate
62 principal amount not to exceed $41,000,000 and maturing on August 1 in the years and
63 amounts, and bearing interest at the rates until paid or dischazged as agreed to by the
64 Executive Director of the Authority (or her designee), the City Treasurer and the City
65 Debt Manager with the advice of the City's financial advisor, Springsted Incorporated
66 (collectively, the "Pricing Committee").
67 Adopted by the City Council of the City of Saint Paul, Minnesota this 9th
68 day of June, 2010.
367132v3 MMD SA130-113
\ U -�C��
Bostrom
Carter
Harris
Yeas
✓
✓
Approved by the Office
Services /1 ��
B i
Approved by City
By:
Adopted by Council: Date
Nays Absent R d n,� �� ��4f��ul.�
v �
By: �
Adopuon Certified by Coun�il Secretary
BY� � <�/�S�
Approve y M yo�. Date / �j
B
Approved b �
Council
By:
to
�
367132v3 MMD SA130-113
-� i
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Shee��
�
FS —F'nanciai Services
Contact person & Phone:
Bob Geurs
6-8$37
Must Be on Council Agenda 6y (Date):
09-JUN-1D
Doc. Type: RESOLUTION
E-0ocumenf Required: Y
DocumentConiact:
Cotrtaet phone:
01 JUN 2010
�
Assign
Number
For
Routing
Order
Tota1 # of Signature Pages _�Clip q11 locations tor Signature)
Green Sheet NO: 3113776
Z ICi[V Attome 'L — ---1 Attorne
3 Mavnr��nrs.ro �r —.---� 1—�'—°--'Z l�
Adopt attached resolurion approving and authorizing the execurion of a pledge agreement and other agreements in connection with
the issuance of IIRA Paz]cing Revenue Refunding Bonds, Series 2010A (Pazking Facilities Project) and HRA pytlring Revenue
Refunding gonds, Series 2010B (Smith Avenue project)
Recomme�daUons: Approve (A) or Reject (R):
Planni�g Commission
CIB Committee
Civil Service Commission
Personal Service Contraets Must Answer the Pofbwing Questia�s:
1. Has this person�rm ever wortced under a cont2ct for this departrnent?
Yes No
2. Has this personffirm ever been a ciry employee?
Yes No
3. Does Mis person/firtn possess a skill not nortnally possessed by any
cuRent city employee?
Yes No
E�cplai� ali yes answers on separate sheet and attach to green sheet.
Initiating Pro6lem, Issues, Opportunity (Whc, yyhat, When, Where, Why):
The city will pledge $1M of Meters and $2M of Fi� revenue. held in the Pazking Meter Collection and Fines Fund to the HRA for
repayment of Pazking Revenue Refunding Bonds, 5eries 2010A and B in order to receive an "A" rating. Other documents connected
to the refunding bonds need to be executed.
Adva�fages If Approved:
Pledge agreement and other documents will be �ecuted.
Disadvantages If qpproved:
None known.
Disadvantages ff Not Approved:
Pledge agreement and other documents will not be executed.
Total Amount of
Transaction:
Funding Source: N/A
Financial irtformation:
(Explain)
June 2, 2010 9:14 AM
Cost/Revenue Budgeted:
Activity Num6er:
Page 1
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