95-6361
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
�mera�
����t)�1s
Presented By
Referred To
council Fi1e # �5 — l� 3 �,
Green Sheet # � � � �i a
RF�OLUTION APPROVING AND AU'IHORIZING THE EXECUTION OF
A PLEDGE AGREEMENT IN CONNECTION WI'I'H THE
ISSUANCE OF PAI2KING REVENUE BONDS, SERIES 1995A
VARIABLE RATE DEMAND PARKING REVENUE BONDS
SERIES 1995B AND EXfIIBTT HALL PARKING RAMP
SUBORDINATED REVENUE NOTES, SERIF.S 1995
►L+I:I 1:7�I_r.`7
1. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority")
has heretofore adopted its Generai Revenue Bond Resolution No. 95-6/14-1 (the °General Revenue
Bond Resolution") authorizing the issuance of certain revenue bonds of the Authority to finance
certain public parking facilities.
2. The Authority proposes to issue its Pazking Revenue Bonds, Series 1995A in the approximate
principal amount of $12,145,000 (the "Series 1995A Bonds") pursuant to the General Bond
Resolution and First Supplemental Bond Resolution No. 95-6/14-2 to refund in advance of their
maturity, the Authority's Parking Revenue Bonds, Series 1992A.
3. Pursuant to the General Bond Resolution and Second Supplemental Bond Resolution No. 95-6/14-3,
the Authority proposeS to issue its Variable Rate Demand Pazldng Revenue Bonds Series 1995B in
the appro�mately principal amount of $ 8,000,000 (the "Series 1995B Bonds"), and pursuant to
Subordinated Note Resolution No. 95-6/14-4, the Authority proposes to issue its Exhibit Hall
Parking Ramp Subardinated Revenue Notes, Series 1995, in the approximate principal amount of
$2,000,000 (the "Subordinated Notes") to finance the construction of the Civic Center Exhibit Hall
Pazking Ramp.
4. Pursuant to the terms of a proposed Pledge Agreement dated June l, 1995, (the "Pledge
Agreement") by and between the City and the Authority, the City will pledge certain sums held in
the Parldng and Transit Fund to the Authority for the benefit of the holders of the Series 1995A
Bonds, Series 1995B Bonds and Subordinated Notes.
5. Pursuant to two separate Bond Purchase Agreements (collectively, the "Bond Purchase
Agreements"), by and among the Authority, the City and Miller & Schroeder Financial, Inc., and
Norwest Investment Services, Inc (collecuvely, the "Purchasers"). the Purchasers have agreed to
purchase the Series 1995A and the Series 1995B Bonds.
5. The form of the Pledge Agreement and the Bond Purchase Agreement have been submitted to the
City Council for approval and the Authority has requested that the City Council approve and
authorize the execution of the same.
��_�3�
44 RFSOLVED:
45
46 1. The City Council hereby approves and authorizes the Mayor, Director, Department of Planning
47 and Economic Development and Director, Department of Finance and Management Services to
48 execute the Pledge Agreement in substantially the form submitted. Any other documents,
49 agreements and certificates necessary for the issuance for the Series 1995A Bonds, Series 1995B
50 Bonds, and Subordinaterl Notes by the Authority shall also be executed by the appropriate officers
51 of the City.
52
53 2.
54
55
56
57
58
59
60 3.
61
62
63
64
65
66
67
68
69
The Mayoz and Clerk and other officers of the Ciry are authorized and duected to prepare and
furnish certified copies of all proceedings and records of the City relating to the transaction
describerl above, and such other affidavits and legality of the Pledge Agreement as such facts
appear from the books and records in the officers' custody and control of as otherwise known to
them; and all such certified copies, certificates and affidavits, including any heretofore furnished,
shall constitute representations of the City as to the truth of all statements contained therein.
The approval hereby given to the Pledge Agreement includes approval of such additional details
therein and such modifications thereof, deledons therefrom and addidons thereto as may be deemed
necessary and appropriate and be approved by the City's staff, City Attorney and Bond Counsel
prior to their execution; said staff, City Attorney and Bond Counsel are hereby authorized to
approve said changes on behalf of the City. The officers of the City herein authorized shall be
conclusive evidence of the approval of such documents in accordance with the terms hereof. In the
absence of the Mayor, Director, Department of Planning and Economic Development and Director,
Department of Finance and Management Services, any of the documents authorized by this
resolution to be executed may be executed by any other appropriate officers.
Requested by Department of:
Plannin & Economic Develo ment
By:
Form Approved by City Attorney
Adoption Certified by
BY� a
Approved bg � lr � i r �y� : ]
By: �/�v✓G���
Secretary
a
i
f i -? �/. %
By:
Approved by Mayor for Submission to
Council
By'
Adopted by Council: Date L�,� �y \q95
gs � 3�
DEPAfl7MENT/OFFICE/COUNGL � DATE INITIATED
PED 5/22/95 GREEN SHEF N_ 21782
CONTACT PERSON 8 PHONE INfTiAUDA INRIAVDATE
, �DEPAflTMENTDIRECfOF �CIiYCAUNdL
Jim 0'Leary 266-6643 ^�wN �cmnrror+r+er �CRYCIERK
MUSS 9E ON CAUNCiL AGENDA BY (DA7E) N �FOfl �� DfPECTO ��IN. & MCL SERVICES Dlfl.
V i+l 2 Q r "i J OHDEH MAYOR (OP ASSISTANT) �
TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS POR SIGNATUR�
ACTION RE�UESTED: •
AuthorizaCion for proper city officials to execute the Pledge Agreement for the Civic
Center Eghibit Hall Parking Ramp Project. The Pledge Agreement impacts on the Parking
and Transit Eund.
RECOMMENDATIONS: Approva (A) 6r Rejeet (R) PERSONAL SEBVICE CONTRACTS MUST ANSWER THE FOLLOWING �UESTIONS:
_ PLqNNING CAMMISSION _ CIVIL SEFVICE CAMMISSION �� Has this persoNfirm ever worked under a contrect for this department?
_ CIB COMMITfEE VES NO
— 2. Has Nis perso�rm ever been a city employee?
_ S7AFF — YES NO
_ DISTRIC7 COUR7 _ 3. Does this person/firm possess a skill not normally possessed by any curtent city employee?
SUPPORTS WHICH CAUNCIL OBJECTIVE7 YES NO
Explaln all yes enswers on seperate sheet and attach to green sheet
INITIATING PROBLEM. ISSUE, OPPOflTUNIN (Who. Whet, When, Where, Why):
The construction of the Civic Center Exhibit Hall Parking Ramp requires the pledge of
the Parking and Transit Fund as security for the refunding (Series A) and new money (Series
B) revenue bonds.
ADVANTAGES IF APPROVED:
The project will proceed
DISADVANTAGES IPAPPROVED
The Parking and Transit Fund will be pledged to do additional financing, we will need to
meet certain tests related to debt service coverage.
DISADVANTAGES IF NOTAPPflOVED'
The parking ramp project will not proceed. �AY ,�3 �995
� �, �
� �Q r
CITY ATTORNEY
��:�` � `� ,,, a
TOTAL AMOUNT OF THANSACTION $ N � A CO57/REVENUE BUDGE7ED (CIHCLE ONE) YES NO
FUNDING SOUHCE ACTIVITY NUMBER
FINANCIAL INFORMATION: (EXP�AIN)