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97-419�t � � � 5 (i k ,�.,. � . , . '.� . y �". . : Presented By Referred To Council File # ~ //� Ordinance # � �.SO,�w.�0� Green Sheet # 30396 -eRBitV�ivC�' �/ AINT PAUL, MINNESOTA Committee: Date APPROVIl�G A PROGRAM OF REFUNDING SINGLE FAMII�Y MORTGAGE REVENiTE BOND5 TO PROVIDE FOR THE RECYCLING OF PROGRAM MONIES TO MAKF ADDTTIONAL LOANS FOR LOW OR MODERATE PERSONS AND FAMII.IES AND APPROVING AND AUTAORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWTTH 9 10 I1 12 13 14 15 16 WFIEREAS, the Aousing and ftedevelopment Authority of the CiTy of Saint Paul, Minnesota (the I�RA), either (a) on its own behalf, or (b) acting through the MinneapolislSaint Paul Housing Flnance Boazd (the MHPB), pursuant to that certain 7oint Powers Agreement, as amended, by and between the HI2A, Uie Minneapolis Community Development Agency (the MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the Ciay), from time to time has issued individually or jointly with other issuers vazious series of single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the Prior Bonds), for the purpose of providing below-market interest rate financing to low or moderate income persons and famtlies (Qualifred Buyers); 17 and 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 i5 �6 7 S WIIEREAS, the federal tax law permits the Issuance of tax-exempt refunding bonds to refund certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to mahuity; and WFIEREAS, it is the policy of the IIItA, to "recycle" the resaurce represented by the Prior Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to provide for the origination of addifional single family loans to Qualified Buyers; and WFIEREAS, because the various series of Refunding Bonds aze due and become subject to redemption at vazious times during the calendar year in ralatively small principal amounts which can not efficiently and economically be refunded by the issuance of sepazate series of refunding bonds, the IiI2A, in cooperation with the City, Minneapolis, the MCDA and the MI�FB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time to time, to provide far the refunding of the Prior Bonds, and to periodically issue Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits; NOW THEREFORE, be it resolved by the City Council of the City of Saint Paul, Minnesota, as follows: 1. The City hereby approves the issuance by the HRA, individually or in cooperation with the MCDA, the MFIFB and Minneapolis of the Refunding Sonds at such times and in such amounts as ue effective and economical, in an aggregate principal amount &om tune to time identified by the Executive Director of the �IRA, or his designee in writing and filed in the official rewrds of the F�RA and the City, but in any event not exceeding Saint PaW Resoluaon - Recycling 1517687 �� 39 40 41 42 43 44 45 $2Q000,000, to reimburse the CiTy, the HRA or the MI�B for any and all escrow deposits made by them, respectively, all for the purpose of providing for the origination of additional single family mortgage loans to be made to Qualified Buyers. 2. All actions of the members, employees and staff of the City or the I3RA heretofore taken in furtherance of the policies of the City and the FIRA stated herein aze hereby approved, ratified and confirmed. Requested by Department of: By: App By: �� roved by Mayor- D�ate �( 3 `� g ° �_ • ✓ Saint PauL Resoluaon - Ruyclmg 1577687 P1a n' & Econom' Deve o te t By: � Form Appro by City At ey By: Approved b�yor £gr Submission to Council ///! / !%y" � }—, By: —� MCDA Resolution Adoption Certified by Council Secretary GREEN Raty Lindblad, 266-6614 CEN ATfORNEY MAYOP (OR ASSIS TOTAL # OF SIGNATURE 1 iCLIP ALL LOCATIONS FOR SIGNATUREj 9�-�� N_ 30 96 --- - --�� emavoa're crrv couNCa FIN. & MGT. SEFVICES DiH. Approval of a program to "recycle" tax-exempt �ortgage revenue bonding authority from previous joint Saint Paul/Minneapolis single family housing programs. _ PLANNING COMMISSION _ CIVIL SERVIGE COMMISSION _ CIB COMMITiEE � _ _ STAFF __ _ DISTflICf COl1RT _ SUPPORTS WNICH COUNCIL OBJECTIVEI INITIATING PROBLEM. ISSUE, PEHSONAL SERVICE CONTHACTS MUST ANSWEH THE FOLLOWING �UESTIONS: t Has this personJfirm ever worked under a croMract for ihis tleparlmeM? - YES NO 2. Has this person/firm ever been a ciry employee? YES NO 3. Does this parsonNirm possess a skill no[ normally possessed by any curreM ciry employee? YES NO Ezplain all yes answers on separate sheet antl atteeh ro green sheet Estimates indicate a potential to capture and recycle approximately $12 million in tax- exempt authority annually. This would increase the two central cities' ability to offer attractive below-market interest rate financing to first time home buyers. The two central cities would be able to increase their capacity to offer attractive financing to first time home buyers, offering the cities a competitive advantage over Cheir suburban neighbors when fam'ilies are shopping for their first home. ��ti4�� " � � �� rtAYfls�'S 0�'FICE �� . �...tp, � : � .- '«.g � � . °° E a' 'sA. ��'� � � 199T t � � '► Tax-exempt authority is lost. Not only is this a lost opportunity, but ogens the two cities up for critism of wasting a precious resource from entities that would like to reduce or take away the cities` entitlement allocations of bonding authority. TOTAI AMOUNT OF TRANSACTION , .�;� APR 14 i997 Q�� COST/REVENUE BUDGETED (CIRCIE ONE) YES NO °UNDIfdG SOURCE ACTIVITY NUMBER 'INANCIAI INFORMATION� (EXPLAIN) 97-`�/9 Schedule A Prior Bonds: SainC Paul FIltA- Recycling MCDA Resolurion 1317594 �t � � � 5 (i k ,�.,. � . , . '.� . y �". . : Presented By Referred To Council File # ~ //� Ordinance # � �.SO,�w.�0� Green Sheet # 30396 -eRBitV�ivC�' �/ AINT PAUL, MINNESOTA Committee: Date APPROVIl�G A PROGRAM OF REFUNDING SINGLE FAMII�Y MORTGAGE REVENiTE BOND5 TO PROVIDE FOR THE RECYCLING OF PROGRAM MONIES TO MAKF ADDTTIONAL LOANS FOR LOW OR MODERATE PERSONS AND FAMII.IES AND APPROVING AND AUTAORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWTTH 9 10 I1 12 13 14 15 16 WFIEREAS, the Aousing and ftedevelopment Authority of the CiTy of Saint Paul, Minnesota (the I�RA), either (a) on its own behalf, or (b) acting through the MinneapolislSaint Paul Housing Flnance Boazd (the MHPB), pursuant to that certain 7oint Powers Agreement, as amended, by and between the HI2A, Uie Minneapolis Community Development Agency (the MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the Ciay), from time to time has issued individually or jointly with other issuers vazious series of single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the Prior Bonds), for the purpose of providing below-market interest rate financing to low or moderate income persons and famtlies (Qualifred Buyers); 17 and 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 i5 �6 7 S WIIEREAS, the federal tax law permits the Issuance of tax-exempt refunding bonds to refund certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to mahuity; and WFIEREAS, it is the policy of the IIItA, to "recycle" the resaurce represented by the Prior Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to provide for the origination of addifional single family loans to Qualified Buyers; and WFIEREAS, because the various series of Refunding Bonds aze due and become subject to redemption at vazious times during the calendar year in ralatively small principal amounts which can not efficiently and economically be refunded by the issuance of sepazate series of refunding bonds, the IiI2A, in cooperation with the City, Minneapolis, the MCDA and the MI�FB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time to time, to provide far the refunding of the Prior Bonds, and to periodically issue Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits; NOW THEREFORE, be it resolved by the City Council of the City of Saint Paul, Minnesota, as follows: 1. The City hereby approves the issuance by the HRA, individually or in cooperation with the MCDA, the MFIFB and Minneapolis of the Refunding Sonds at such times and in such amounts as ue effective and economical, in an aggregate principal amount &om tune to time identified by the Executive Director of the �IRA, or his designee in writing and filed in the official rewrds of the F�RA and the City, but in any event not exceeding Saint PaW Resoluaon - Recycling 1517687 �� 39 40 41 42 43 44 45 $2Q000,000, to reimburse the CiTy, the HRA or the MI�B for any and all escrow deposits made by them, respectively, all for the purpose of providing for the origination of additional single family mortgage loans to be made to Qualified Buyers. 2. All actions of the members, employees and staff of the City or the I3RA heretofore taken in furtherance of the policies of the City and the FIRA stated herein aze hereby approved, ratified and confirmed. Requested by Department of: By: App By: �� roved by Mayor- D�ate �( 3 `� g ° �_ • ✓ Saint PauL Resoluaon - Ruyclmg 1577687 P1a n' & Econom' Deve o te t By: � Form Appro by City At ey By: Approved b�yor £gr Submission to Council ///! / !%y" � }—, By: —� MCDA Resolution Adoption Certified by Council Secretary GREEN Raty Lindblad, 266-6614 CEN ATfORNEY MAYOP (OR ASSIS TOTAL # OF SIGNATURE 1 iCLIP ALL LOCATIONS FOR SIGNATUREj 9�-�� N_ 30 96 --- - --�� emavoa're crrv couNCa FIN. & MGT. SEFVICES DiH. Approval of a program to "recycle" tax-exempt �ortgage revenue bonding authority from previous joint Saint Paul/Minneapolis single family housing programs. _ PLANNING COMMISSION _ CIVIL SERVIGE COMMISSION _ CIB COMMITiEE � _ _ STAFF __ _ DISTflICf COl1RT _ SUPPORTS WNICH COUNCIL OBJECTIVEI INITIATING PROBLEM. ISSUE, PEHSONAL SERVICE CONTHACTS MUST ANSWEH THE FOLLOWING �UESTIONS: t Has this personJfirm ever worked under a croMract for ihis tleparlmeM? - YES NO 2. Has this person/firm ever been a ciry employee? YES NO 3. Does this parsonNirm possess a skill no[ normally possessed by any curreM ciry employee? YES NO Ezplain all yes answers on separate sheet antl atteeh ro green sheet Estimates indicate a potential to capture and recycle approximately $12 million in tax- exempt authority annually. This would increase the two central cities' ability to offer attractive below-market interest rate financing to first time home buyers. The two central cities would be able to increase their capacity to offer attractive financing to first time home buyers, offering the cities a competitive advantage over Cheir suburban neighbors when fam'ilies are shopping for their first home. ��ti4�� " � � �� rtAYfls�'S 0�'FICE �� . �...tp, � : � .- '«.g � � . °° E a' 'sA. ��'� � � 199T t � � '► Tax-exempt authority is lost. Not only is this a lost opportunity, but ogens the two cities up for critism of wasting a precious resource from entities that would like to reduce or take away the cities` entitlement allocations of bonding authority. TOTAI AMOUNT OF TRANSACTION , .�;� APR 14 i997 Q�� COST/REVENUE BUDGETED (CIRCIE ONE) YES NO °UNDIfdG SOURCE ACTIVITY NUMBER 'INANCIAI INFORMATION� (EXPLAIN) 97-`�/9 Schedule A Prior Bonds: SainC Paul FIltA- Recycling MCDA Resolurion 1317594 �t � � � 5 (i k ,�.,. � . , . '.� . y �". . : Presented By Referred To Council File # ~ //� Ordinance # � �.SO,�w.�0� Green Sheet # 30396 -eRBitV�ivC�' �/ AINT PAUL, MINNESOTA Committee: Date APPROVIl�G A PROGRAM OF REFUNDING SINGLE FAMII�Y MORTGAGE REVENiTE BOND5 TO PROVIDE FOR THE RECYCLING OF PROGRAM MONIES TO MAKF ADDTTIONAL LOANS FOR LOW OR MODERATE PERSONS AND FAMII.IES AND APPROVING AND AUTAORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWTTH 9 10 I1 12 13 14 15 16 WFIEREAS, the Aousing and ftedevelopment Authority of the CiTy of Saint Paul, Minnesota (the I�RA), either (a) on its own behalf, or (b) acting through the MinneapolislSaint Paul Housing Flnance Boazd (the MHPB), pursuant to that certain 7oint Powers Agreement, as amended, by and between the HI2A, Uie Minneapolis Community Development Agency (the MCDA) and the City of Minneapolis (Minneapolis) and accepted by the City of Saint Paul (the Ciay), from time to time has issued individually or jointly with other issuers vazious series of single family mortgage revenue bonds, including those listed on Schedule A attached hereto (the Prior Bonds), for the purpose of providing below-market interest rate financing to low or moderate income persons and famtlies (Qualifred Buyers); 17 and 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 i5 �6 7 S WIIEREAS, the federal tax law permits the Issuance of tax-exempt refunding bonds to refund certain principal amounts of the Prior Bonds as they mature or become subject to redemption prior to mahuity; and WFIEREAS, it is the policy of the IIItA, to "recycle" the resaurce represented by the Prior Bonds by issuing refunding bonds (the Refunding Bonds) to the greatest extent possible to provide for the origination of addifional single family loans to Qualified Buyers; and WFIEREAS, because the various series of Refunding Bonds aze due and become subject to redemption at vazious times during the calendar year in ralatively small principal amounts which can not efficiently and economically be refunded by the issuance of sepazate series of refunding bonds, the IiI2A, in cooperation with the City, Minneapolis, the MCDA and the MI�FB, proposes that there be deposited in certain escrow accounts moneys sufficient, from time to time, to provide far the refunding of the Prior Bonds, and to periodically issue Refunding Bonds in principal amounts sufficient to reimburse such escrow deposits; NOW THEREFORE, be it resolved by the City Council of the City of Saint Paul, Minnesota, as follows: 1. The City hereby approves the issuance by the HRA, individually or in cooperation with the MCDA, the MFIFB and Minneapolis of the Refunding Sonds at such times and in such amounts as ue effective and economical, in an aggregate principal amount &om tune to time identified by the Executive Director of the �IRA, or his designee in writing and filed in the official rewrds of the F�RA and the City, but in any event not exceeding Saint PaW Resoluaon - Recycling 1517687 �� 39 40 41 42 43 44 45 $2Q000,000, to reimburse the CiTy, the HRA or the MI�B for any and all escrow deposits made by them, respectively, all for the purpose of providing for the origination of additional single family mortgage loans to be made to Qualified Buyers. 2. All actions of the members, employees and staff of the City or the I3RA heretofore taken in furtherance of the policies of the City and the FIRA stated herein aze hereby approved, ratified and confirmed. Requested by Department of: By: App By: �� roved by Mayor- D�ate �( 3 `� g ° �_ • ✓ Saint PauL Resoluaon - Ruyclmg 1577687 P1a n' & Econom' Deve o te t By: � Form Appro by City At ey By: Approved b�yor £gr Submission to Council ///! / !%y" � }—, By: —� MCDA Resolution Adoption Certified by Council Secretary GREEN Raty Lindblad, 266-6614 CEN ATfORNEY MAYOP (OR ASSIS TOTAL # OF SIGNATURE 1 iCLIP ALL LOCATIONS FOR SIGNATUREj 9�-�� N_ 30 96 --- - --�� emavoa're crrv couNCa FIN. & MGT. SEFVICES DiH. Approval of a program to "recycle" tax-exempt �ortgage revenue bonding authority from previous joint Saint Paul/Minneapolis single family housing programs. _ PLANNING COMMISSION _ CIVIL SERVIGE COMMISSION _ CIB COMMITiEE � _ _ STAFF __ _ DISTflICf COl1RT _ SUPPORTS WNICH COUNCIL OBJECTIVEI INITIATING PROBLEM. ISSUE, PEHSONAL SERVICE CONTHACTS MUST ANSWEH THE FOLLOWING �UESTIONS: t Has this personJfirm ever worked under a croMract for ihis tleparlmeM? - YES NO 2. Has this person/firm ever been a ciry employee? YES NO 3. Does this parsonNirm possess a skill no[ normally possessed by any curreM ciry employee? YES NO Ezplain all yes answers on separate sheet antl atteeh ro green sheet Estimates indicate a potential to capture and recycle approximately $12 million in tax- exempt authority annually. This would increase the two central cities' ability to offer attractive below-market interest rate financing to first time home buyers. The two central cities would be able to increase their capacity to offer attractive financing to first time home buyers, offering the cities a competitive advantage over Cheir suburban neighbors when fam'ilies are shopping for their first home. ��ti4�� " � � �� rtAYfls�'S 0�'FICE �� . �...tp, � : � .- '«.g � � . °° E a' 'sA. ��'� � � 199T t � � '► Tax-exempt authority is lost. Not only is this a lost opportunity, but ogens the two cities up for critism of wasting a precious resource from entities that would like to reduce or take away the cities` entitlement allocations of bonding authority. TOTAI AMOUNT OF TRANSACTION , .�;� APR 14 i997 Q�� COST/REVENUE BUDGETED (CIRCIE ONE) YES NO °UNDIfdG SOURCE ACTIVITY NUMBER 'INANCIAI INFORMATION� (EXPLAIN) 97-`�/9 Schedule A Prior Bonds: SainC Paul FIltA- Recycling MCDA Resolurion 1317594