97-1538Council File # � ' � SJ 6
Green Sheet # ��
RESOLUTION
OF SAINT PAUL, MINNESOTA �
� !
Presented By
Referred To
Committee_ Date
RESOLUTION AUTHOR77.,ING CARRYFORWARD OF
UNUSED PRNATE ACTIVITY BOND VOLiJME CAP
WHEREAS, the Ciry of Saint Paul, IvIimiesota (the "City") is an"entitlement issuer" within the meazung of
Mumesota Statutes, Secfion 474A.02, subd. 7; and
WHEREAS, in 1996 the City carried forward bond allocarion in the amount of $15,580,981; and
Wf IEREAS, in 1997 the City received an entiflement allocation under Mimiesota Statutes, Chapter 474A.03,
subd. 2a(3) in the amount of $16,098,000; and
WI�REAS, in 1997 the City has issued bonds allocable to its entire carryforward and has issued $319,019 of
bonds allocable to its 1997 allocation, leauing unallocated $15,778,981; and
8 WIiEREAS, the City may, under § 146(fl of the Intemal Revenue Code of 1986, as amended, and under
9 Minnesota Statutes, Chapter 474A, "carryforward" a11 or a portion of the City's unused 1997 entiflement
10 allocation; and
11 WHEREAS, the City has determined that the canyforward of the unused portion of its 1997 entitlement
12 allocafion will best facilitate tazc-exempt financings or issuance of mortgage credit certificates projected to be
13 undertaken by or on behalf of the City or the Housing and Redevelopment Authonity In and for the Ciry of St.
14 Paul (the "HIZA") in the year 1998 and thereafter;
15 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Mii�nesota, as
16 follows:
17 1. The City hereby elects to cariyforwazd the rema;n;ng $15,778,981 of its 1997 entitlement
18 allocation for the following purposes: $2,925,000 for exempt facility rental housing revenue bonds for the
19 Haxnpden Square Apartments Project and (n) $13,483,981 foz qualified mortgage bonds or mortgage credit
20 certificates, or both;
21 2. The City's Director of Planning and Economic Development is hereby authorized and directed
22 to file with the Intemal Revenue Service a Form 8328 specifying the amount of entidement allocation carried
��-1 S'��
23 forward by the City for 1997 for the purposes stated above. A copy of said Form 8328 shall be provided to the
24 Mimiesota Deparnnent of Finance in accordance with Mivnesota Statutes, Chapter 474A_ The Form 8328 shall
25 be filed with the Intemal Revenue Service and with the Mivuesota Department of Finance on or before the last
26 Monday in December, 1997.
27 3. The amount specified above to be carried forwazd for the putposes of qualified mortgage bonds
28 and{or mortgage credit certificates may be used by the Authority pursuaut to the 1997 housing fivauce program
29 adopted by the City and the Authority pursuant to Mnuiesota Statutes, Chapter 462C. The Authority may, at
30 its aption, delegate its authority to issue bonds or mortgage credit certificates pursuant to the canyforward
31 election to the MinneapolislSaint Paul Housing Finance Board. "I'he proceeds of bonds or mortgage credit
32 certificates issued by the Mu�neapolis/Saint Paul Housing Finance Board may be applied without regard to
33 jurisdictional boundaries as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Requested by Department of:
Adoption Certified by Covncil Secretary
BY � �._— a �, `��
Approved by Mayor: Date � z I z r (` - j �--
By: �b � �_ ����
Plannin �nom'c eve o m nt
B Y' � �
Form Approved b ity Attorney /�1'q,��j��
O�N�?
By:
Approved by Mayor for Submission to Coun '
Byc
GREEN SHEET
.._�• �� �� wuNCn. e(ibNOn BY (Oatp� ___" NUMlER fOR C� ��
1'.�2It�'� qa��NG OBVOGETOIAEC70
ORDE11 �WY�<�A5515Sqry7�
TOTAL # OF SIGNA7URE PppES �
�C[10N AEWESjEO �`� � C«p A�� tOCA7lptiS FOR SIGNATURE)
AuUtonzation of canyfor� of unused privata acNvity bond volume cap
— PIANNmg CO�n.ttS6�6N
-� � �MI7TEE
�— 37ALF
_ rnaraierco�AT
�- CN4 SEAYICE CpY1µ55fON
�_ �.,��--..�
COUNCIL pQ/EGTIVE7
N° 51903
q�-ts��
e,ircOV�'�"'� fnrc�aVOaie �—
CRY CLEAK ��
CIN 8 MGT SERViCE501R,—�
� r�
D[1n, /
PEASONAL SENVICE COHTqACT$ NUST ANS WEq 7NE FOLLOWINp OUES710NS:
t. Has ��ia osrsonRrcm wer workee unaer e eontract br tAis tlopenment7
YES NO
2. Has Mls oersoMfrm evel pean p Uy amAbyea4
1 'ES NO
3. Does Inlp pe`yoM�rm ppsseas e Bklll rrot normaNy poe�py�ptl 6y any e�rtqnt oyry emwryee�
YES NO
Etplaln s11 yes an�wers pn �epsrate theat anC atfach b yrN� .�see
Saint �1 re azy en���ent allocazion of tax-exempt bonding authpri ev
its 1996 allocacion for the Carling Coach (aka Kendrick Apartments) project and to finance Fhase XI of its fcrst
rY ecy year. In 1997, the city used
time home buyer program. In addition, the city nsed a portion of its 1997 altocation for Phase Xt, Tt is
anticipared that an additional $2.925 million of the 1947 ailocation v„iIl be used to fmance the Hampden Square
Apartmems projea. The remainiag aJlocation should 6e caa(ed forward;nto 1998 for use in the city's single-
family mortgage programs,
tAOEB fF qPpppyEp.
Saint Pau1 retains its valuable tax-exempt bond atloeation.
none
Saint Paul ioses tax.exempt bond a[Iocat�an and reduces {uhve year�s entitIemenfs.
;�ouwr oF TqaNSacrioH s
COST/REVENVE BUOGE7ED (CIRCIE ONE) YES NO
UNDIFIG 90URtE �
M4NQIAL WFpq/�(pT�ay. (EM+UIN) ACTIVITY NUMBEH _._
b020'd b'C££ BZZ 2L9 N0�3 8�JNINNFi'id lftdd 1S £S:St L66i—GT—J3Q
Council File # � ' � SJ 6
Green Sheet # ��
RESOLUTION
OF SAINT PAUL, MINNESOTA �
� !
Presented By
Referred To
Committee_ Date
RESOLUTION AUTHOR77.,ING CARRYFORWARD OF
UNUSED PRNATE ACTIVITY BOND VOLiJME CAP
WHEREAS, the Ciry of Saint Paul, IvIimiesota (the "City") is an"entitlement issuer" within the meazung of
Mumesota Statutes, Secfion 474A.02, subd. 7; and
WHEREAS, in 1996 the City carried forward bond allocarion in the amount of $15,580,981; and
Wf IEREAS, in 1997 the City received an entiflement allocation under Mimiesota Statutes, Chapter 474A.03,
subd. 2a(3) in the amount of $16,098,000; and
WI�REAS, in 1997 the City has issued bonds allocable to its entire carryforward and has issued $319,019 of
bonds allocable to its 1997 allocation, leauing unallocated $15,778,981; and
8 WIiEREAS, the City may, under § 146(fl of the Intemal Revenue Code of 1986, as amended, and under
9 Minnesota Statutes, Chapter 474A, "carryforward" a11 or a portion of the City's unused 1997 entiflement
10 allocation; and
11 WHEREAS, the City has determined that the canyforward of the unused portion of its 1997 entitlement
12 allocafion will best facilitate tazc-exempt financings or issuance of mortgage credit certificates projected to be
13 undertaken by or on behalf of the City or the Housing and Redevelopment Authonity In and for the Ciry of St.
14 Paul (the "HIZA") in the year 1998 and thereafter;
15 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Mii�nesota, as
16 follows:
17 1. The City hereby elects to cariyforwazd the rema;n;ng $15,778,981 of its 1997 entitlement
18 allocation for the following purposes: $2,925,000 for exempt facility rental housing revenue bonds for the
19 Haxnpden Square Apartments Project and (n) $13,483,981 foz qualified mortgage bonds or mortgage credit
20 certificates, or both;
21 2. The City's Director of Planning and Economic Development is hereby authorized and directed
22 to file with the Intemal Revenue Service a Form 8328 specifying the amount of entidement allocation carried
��-1 S'��
23 forward by the City for 1997 for the purposes stated above. A copy of said Form 8328 shall be provided to the
24 Mimiesota Deparnnent of Finance in accordance with Mivnesota Statutes, Chapter 474A_ The Form 8328 shall
25 be filed with the Intemal Revenue Service and with the Mivuesota Department of Finance on or before the last
26 Monday in December, 1997.
27 3. The amount specified above to be carried forwazd for the putposes of qualified mortgage bonds
28 and{or mortgage credit certificates may be used by the Authority pursuaut to the 1997 housing fivauce program
29 adopted by the City and the Authority pursuant to Mnuiesota Statutes, Chapter 462C. The Authority may, at
30 its aption, delegate its authority to issue bonds or mortgage credit certificates pursuant to the canyforward
31 election to the MinneapolislSaint Paul Housing Finance Board. "I'he proceeds of bonds or mortgage credit
32 certificates issued by the Mu�neapolis/Saint Paul Housing Finance Board may be applied without regard to
33 jurisdictional boundaries as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Requested by Department of:
Adoption Certified by Covncil Secretary
BY � �._— a �, `��
Approved by Mayor: Date � z I z r (` - j �--
By: �b � �_ ����
Plannin �nom'c eve o m nt
B Y' � �
Form Approved b ity Attorney /�1'q,��j��
O�N�?
By:
Approved by Mayor for Submission to Coun '
Byc
GREEN SHEET
.._�• �� �� wuNCn. e(ibNOn BY (Oatp� ___" NUMlER fOR C� ��
1'.�2It�'� qa��NG OBVOGETOIAEC70
ORDE11 �WY�<�A5515Sqry7�
TOTAL # OF SIGNA7URE PppES �
�C[10N AEWESjEO �`� � C«p A�� tOCA7lptiS FOR SIGNATURE)
AuUtonzation of canyfor� of unused privata acNvity bond volume cap
— PIANNmg CO�n.ttS6�6N
-� � �MI7TEE
�— 37ALF
_ rnaraierco�AT
�- CN4 SEAYICE CpY1µ55fON
�_ �.,��--..�
COUNCIL pQ/EGTIVE7
N° 51903
q�-ts��
e,ircOV�'�"'� fnrc�aVOaie �—
CRY CLEAK ��
CIN 8 MGT SERViCE501R,—�
� r�
D[1n, /
PEASONAL SENVICE COHTqACT$ NUST ANS WEq 7NE FOLLOWINp OUES710NS:
t. Has ��ia osrsonRrcm wer workee unaer e eontract br tAis tlopenment7
YES NO
2. Has Mls oersoMfrm evel pean p Uy amAbyea4
1 'ES NO
3. Does Inlp pe`yoM�rm ppsseas e Bklll rrot normaNy poe�py�ptl 6y any e�rtqnt oyry emwryee�
YES NO
Etplaln s11 yes an�wers pn �epsrate theat anC atfach b yrN� .�see
Saint �1 re azy en���ent allocazion of tax-exempt bonding authpri ev
its 1996 allocacion for the Carling Coach (aka Kendrick Apartments) project and to finance Fhase XI of its fcrst
rY ecy year. In 1997, the city used
time home buyer program. In addition, the city nsed a portion of its 1997 altocation for Phase Xt, Tt is
anticipared that an additional $2.925 million of the 1947 ailocation v„iIl be used to fmance the Hampden Square
Apartmems projea. The remainiag aJlocation should 6e caa(ed forward;nto 1998 for use in the city's single-
family mortgage programs,
tAOEB fF qPpppyEp.
Saint Pau1 retains its valuable tax-exempt bond atloeation.
none
Saint Paul ioses tax.exempt bond a[Iocat�an and reduces {uhve year�s entitIemenfs.
;�ouwr oF TqaNSacrioH s
COST/REVENVE BUOGE7ED (CIRCIE ONE) YES NO
UNDIFIG 90URtE �
M4NQIAL WFpq/�(pT�ay. (EM+UIN) ACTIVITY NUMBEH _._
b020'd b'C££ BZZ 2L9 N0�3 8�JNINNFi'id lftdd 1S £S:St L66i—GT—J3Q
Council File # � ' � SJ 6
Green Sheet # ��
RESOLUTION
OF SAINT PAUL, MINNESOTA �
� !
Presented By
Referred To
Committee_ Date
RESOLUTION AUTHOR77.,ING CARRYFORWARD OF
UNUSED PRNATE ACTIVITY BOND VOLiJME CAP
WHEREAS, the Ciry of Saint Paul, IvIimiesota (the "City") is an"entitlement issuer" within the meazung of
Mumesota Statutes, Secfion 474A.02, subd. 7; and
WHEREAS, in 1996 the City carried forward bond allocarion in the amount of $15,580,981; and
Wf IEREAS, in 1997 the City received an entiflement allocation under Mimiesota Statutes, Chapter 474A.03,
subd. 2a(3) in the amount of $16,098,000; and
WI�REAS, in 1997 the City has issued bonds allocable to its entire carryforward and has issued $319,019 of
bonds allocable to its 1997 allocation, leauing unallocated $15,778,981; and
8 WIiEREAS, the City may, under § 146(fl of the Intemal Revenue Code of 1986, as amended, and under
9 Minnesota Statutes, Chapter 474A, "carryforward" a11 or a portion of the City's unused 1997 entiflement
10 allocation; and
11 WHEREAS, the City has determined that the canyforward of the unused portion of its 1997 entitlement
12 allocafion will best facilitate tazc-exempt financings or issuance of mortgage credit certificates projected to be
13 undertaken by or on behalf of the City or the Housing and Redevelopment Authonity In and for the Ciry of St.
14 Paul (the "HIZA") in the year 1998 and thereafter;
15 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Mii�nesota, as
16 follows:
17 1. The City hereby elects to cariyforwazd the rema;n;ng $15,778,981 of its 1997 entitlement
18 allocation for the following purposes: $2,925,000 for exempt facility rental housing revenue bonds for the
19 Haxnpden Square Apartments Project and (n) $13,483,981 foz qualified mortgage bonds or mortgage credit
20 certificates, or both;
21 2. The City's Director of Planning and Economic Development is hereby authorized and directed
22 to file with the Intemal Revenue Service a Form 8328 specifying the amount of entidement allocation carried
��-1 S'��
23 forward by the City for 1997 for the purposes stated above. A copy of said Form 8328 shall be provided to the
24 Mimiesota Deparnnent of Finance in accordance with Mivnesota Statutes, Chapter 474A_ The Form 8328 shall
25 be filed with the Intemal Revenue Service and with the Mivuesota Department of Finance on or before the last
26 Monday in December, 1997.
27 3. The amount specified above to be carried forwazd for the putposes of qualified mortgage bonds
28 and{or mortgage credit certificates may be used by the Authority pursuaut to the 1997 housing fivauce program
29 adopted by the City and the Authority pursuant to Mnuiesota Statutes, Chapter 462C. The Authority may, at
30 its aption, delegate its authority to issue bonds or mortgage credit certificates pursuant to the canyforward
31 election to the MinneapolislSaint Paul Housing Finance Board. "I'he proceeds of bonds or mortgage credit
32 certificates issued by the Mu�neapolis/Saint Paul Housing Finance Board may be applied without regard to
33 jurisdictional boundaries as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Requested by Department of:
Adoption Certified by Covncil Secretary
BY � �._— a �, `��
Approved by Mayor: Date � z I z r (` - j �--
By: �b � �_ ����
Plannin �nom'c eve o m nt
B Y' � �
Form Approved b ity Attorney /�1'q,��j��
O�N�?
By:
Approved by Mayor for Submission to Coun '
Byc
GREEN SHEET
.._�• �� �� wuNCn. e(ibNOn BY (Oatp� ___" NUMlER fOR C� ��
1'.�2It�'� qa��NG OBVOGETOIAEC70
ORDE11 �WY�<�A5515Sqry7�
TOTAL # OF SIGNA7URE PppES �
�C[10N AEWESjEO �`� � C«p A�� tOCA7lptiS FOR SIGNATURE)
AuUtonzation of canyfor� of unused privata acNvity bond volume cap
— PIANNmg CO�n.ttS6�6N
-� � �MI7TEE
�— 37ALF
_ rnaraierco�AT
�- CN4 SEAYICE CpY1µ55fON
�_ �.,��--..�
COUNCIL pQ/EGTIVE7
N° 51903
q�-ts��
e,ircOV�'�"'� fnrc�aVOaie �—
CRY CLEAK ��
CIN 8 MGT SERViCE501R,—�
� r�
D[1n, /
PEASONAL SENVICE COHTqACT$ NUST ANS WEq 7NE FOLLOWINp OUES710NS:
t. Has ��ia osrsonRrcm wer workee unaer e eontract br tAis tlopenment7
YES NO
2. Has Mls oersoMfrm evel pean p Uy amAbyea4
1 'ES NO
3. Does Inlp pe`yoM�rm ppsseas e Bklll rrot normaNy poe�py�ptl 6y any e�rtqnt oyry emwryee�
YES NO
Etplaln s11 yes an�wers pn �epsrate theat anC atfach b yrN� .�see
Saint �1 re azy en���ent allocazion of tax-exempt bonding authpri ev
its 1996 allocacion for the Carling Coach (aka Kendrick Apartments) project and to finance Fhase XI of its fcrst
rY ecy year. In 1997, the city used
time home buyer program. In addition, the city nsed a portion of its 1997 altocation for Phase Xt, Tt is
anticipared that an additional $2.925 million of the 1947 ailocation v„iIl be used to fmance the Hampden Square
Apartmems projea. The remainiag aJlocation should 6e caa(ed forward;nto 1998 for use in the city's single-
family mortgage programs,
tAOEB fF qPpppyEp.
Saint Pau1 retains its valuable tax-exempt bond atloeation.
none
Saint Paul ioses tax.exempt bond a[Iocat�an and reduces {uhve year�s entitIemenfs.
;�ouwr oF TqaNSacrioH s
COST/REVENVE BUOGE7ED (CIRCIE ONE) YES NO
UNDIFIG 90URtE �
M4NQIAL WFpq/�(pT�ay. (EM+UIN) ACTIVITY NUMBEH _._
b020'd b'C££ BZZ 2L9 N0�3 8�JNINNFi'id lftdd 1S £S:St L66i—GT—J3Q