98-1131C}RIGI�AL
Resolution #
Green Sheet # SO�S �
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Council File # �" + ( �'
Committee :
��
Date
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>5
RESOLi3TION AUTHORIZING CARRYFORWARD OF
UNLJSED PRIVATE ACTIVITY BOND VOLUME CAP
WI�REAS, the City of Saint Paul, Minnesota (the "City") is an "entitlement issuer" within the meaning
of Minnesota Statutes, Section 474A.02, subd. 7; and
WHEREAS, the City's entitlement allocation for 1998 under Minnesota Statutes, Chapter 474A.03,
subd. 2a(3) is $15,802,000; and
WHEREAS, the City may, under § 146(f j of the Internal Revenue Code of 1986, as amended, and under
Minnesota Statutes, Chapter 474A, "carryforward" all or a portion of the City's unused entitlement
allocation for the year 1998; and
WHEREAS, it is in the best interest of the citizens of Saint Paul that the City "cattyforward" far
qualified mortgage bonds and/or mortgage credit certificates any part of its entitlement allocation which
remains unused at the end of 1998;
NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Saint Paul, Minnesota, that
the City hereby elects to carryforward any part of the City's 1998 entitlement allocation awarded to the
City pursuant to Minnesota Statutes, Chapter 474A which remains unused at the end of 1998, far the
putposes of qualified mortgage bonds andfor mortgage credit certificates; and
FURTHER BE IT RESOLVED that the City's Director of Planning and Economic Development is
hereby authorized and directed to file with the Internal Revenue Service a Form 8328 specifying the
amount of entitlement allocation carried forwazd by the City from the year 1498, and further specifying
that such amount be carried forwazd for the purposes of qualified mortgage bonds or mortgage credit
certificates. A copy of said Form 8328 shall be provided to the Minnesota Department of Finance in
accordance with Minnesota Statutes, Chapter 474A. The Form 8328 sha11 be filed with the Internal
Revenue Service and with the Minnesota Depariment of Finance on or before the last Monday in
December, 1998; and
FURTHER BE IT RESOLVED that any amount carried forward for the purposes of qualified mortgage
bonds andlor mortgage credit certificates may be utilized by the Housing and Redevelopment Authority
of the City of Saint Paul, Minnesota (the "Authority") pursuant to the current single family housing
finance program approved by the City pursuant to Minnesota Statutes, Chapter 462C. The Authority
ORIGINAL
°j�'�113�
36 may, at its option, delegate its authority to issue bonds or mortgage credit certificates pursuant to the
37 carryforward election to the Minneapolis/Saint Paul Housing Finance Board. The proceeds of bonds or
38 mortgage credit certificates issued by the Minueapolis/Saint Paul Housing Finance Board may be
39 applied without regard to jurisdictional boundaries as provided in Miunesota Statutes, Section 462C.12,
40 subd.3.
41
Requested by Department of:
Plannin & Economic Develo ment
By: J � � ��
AF
Form Approved by Ci At o e
By:
N° 52056
ATEINITIA— TEp – �, GREEN SHEE ��_
12-15-98 INITIAVDAT INITIAUDATE
� 9EPAqTNENT DIRECT �� � CItY COUNqL
ISSIGN �ICITVATfORNEV '�' �CINCLERK
iVMBEP FOR 4L-�
�p��G p gUDGET DIRECTOR� O PIN. 8 MGS SEAVICES DIR.
�� � MAYOR (OR ASS�STqNT� //�/ � � �
s�r -i.
TOTAL # QF SIGNATURE PAGES (lna (11 (CLIP ALL l000.TiONS FOR SIGNATURE)
Authority to carryforward any part of the Ciry's 1998 entitlement aliocation awarded to the Ciry pursuant to
Minnesota Statutes, Chapter 474A which remains unused at the end of 1998, for the purposes of qualified
mort�age bonds andlor mortga�e credit certificates.
flECOMMENDATIONS: ApO�e (A) or Re�ec[ (R)
_ 7LANNING COMMISSION _ CIVIL SERVICE
_ GIB COMMITTEE _
_ STAFF _
_ OISTRICTCOIfRT _
SUPPOFTS WHICH COUNGIL O&IECTIVE>
PERSONAI SERVtCE CONTRACTS MUST ANSWER THE FOLLOWING AUESTtON5:
1. Has riris personfiirm ever warked under a corrtract tor this de0artmerrt�
VES NO
2. Has this personRirm ever been a city employee�
YES NO
3. Does this person/tirm possess a skiii not normally possessetl by any current ciry employee?
YES NO
Explaln all yes answers on aeperate eheet a�d attach to green sheet
The Internal Revenue Code allows the carryforward of unused Revenue Bond allocation when authorized by the
City Council in the form of a resoiution.
The City will be able to issue bonds and assist more low/mod income persons with Low Interest Loans in 1999.
�. .,
None.
1 nr��
�. i
The City will lose unused 1998 Revenue Bond ailocations.
OTAL AMOURT OF 7RANSACTION S� ��� O COST/REVENUE BUDGE7ED (CIRCLE ONE) YES
UNDIWG SOURCE ,�'yLn =-�P:QtP'�Y�� ��.�,� pCTIVITY NUMBER �7L r��F� �.e�C�
NO
VANqAL INFOflMATION: �EXPLpiN)
��-����
C1TY OF SAINT PAUL CITY COUNCIL REPORT
December 14, 1998
Re: Issuance of Mortgage Revenue Bonds under the Disaster Declaration
and the Authority to Carryforward unused Bond Volume Cap
Purpose
The purpose of this report is to inform the Saint Paul City Council o£
1. the issuance by the Minueapolis(Saint Pau1 Housing Finance board o£
A. Single Family Mortgage Revenue bonds and Mortgage Revenue Refunding
Bonds, to finance the Board's 1998 Single Family Housing Program and to
"recycle" certain prepayments and repayments of previously issued single family
mortgage revenue bonds, and;
B. Single Family Mortgage Revenue Convertible Option bonds (Fannie Mae,
FHLMC and GNMA Mortgage-Backed Securities Program), Series 1998A and its
Single Family Mortgage Revenue Refunding Convertible Option bonds, Series
1998B, to finance the Board's 1998 Single Family Housing Program and to
"recycle" certain prepayments and repayments of previously issued single family
mortgage revenue bonds.
2. And to request the authority (see attached resolution) to carryforward any unused private
activity bond volume cap for use in 1949.
BackgroundlHistory
In 1998, the Federal government as a component to the Federal Disaster Declaration issued
Disaster Area Exception Rules related to eligibility requirements for borrowers under the Singie
Family Mortgage Revenue bond lending programs. The exceptions aze affected by State Laws
but generally a11ow for more fle�bility, such as:
a. No requirement for first-time homebuyers
b. 1/3 of loans at 175% of inedian income and 2(3 of loans at 120 to 140% of inedian
income depending on family size. (Rather than 100% to115% of inedian income)
c. 110% of average azea purchase price: $164,092 for new homes and $137,577 for existing
(rather than 90% of area purchase price)
Recommendation
The above described bond issue use $14,000,000 of the City's 1998 bond voluxne ailocation.
The $5,802,000 remaining in the allocation can be carried over to 1999. Staff recommends the
adoption of the attached resolution required by the Minnesota Department of Finance to
carryforward the City's unused bond volume cap.
A1 Cazlson/Joan Trulsen
266-66161266-6694
�-�t
From: Joan Trulsen
To: CCOUnci1.COUNCZL.scottr,
Date: 12J15798 5:09pm
Subjecta greensheet 52056
Hi Dan and Scott,
CCouncil.COUNCIL.danb
This morning you should receive a packet from Nancy Anderson that contains a
resolution from PED that authorizes the carryover of the City's vnused 1998 mortgage
revenue bond allocation.
The city's allocation is $15,802,Q0�. We will spend lOM, and can carry the remaining
$5,802,000 over ta 1994.
This is simply a bookkeeping item and could be put oa the coasent ageada iE you see
fit.
Please let me know i£ you have any questions.
CC: CCouncil.COUNCIL.jana
C}RIGI�AL
Resolution #
Green Sheet # SO�S �
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Council File # �" + ( �'
Committee :
��
Date
2
3
4
5
6
7
8
9
14
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
>5
RESOLi3TION AUTHORIZING CARRYFORWARD OF
UNLJSED PRIVATE ACTIVITY BOND VOLUME CAP
WI�REAS, the City of Saint Paul, Minnesota (the "City") is an "entitlement issuer" within the meaning
of Minnesota Statutes, Section 474A.02, subd. 7; and
WHEREAS, the City's entitlement allocation for 1998 under Minnesota Statutes, Chapter 474A.03,
subd. 2a(3) is $15,802,000; and
WHEREAS, the City may, under § 146(f j of the Internal Revenue Code of 1986, as amended, and under
Minnesota Statutes, Chapter 474A, "carryforward" all or a portion of the City's unused entitlement
allocation for the year 1998; and
WHEREAS, it is in the best interest of the citizens of Saint Paul that the City "cattyforward" far
qualified mortgage bonds and/or mortgage credit certificates any part of its entitlement allocation which
remains unused at the end of 1998;
NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Saint Paul, Minnesota, that
the City hereby elects to carryforward any part of the City's 1998 entitlement allocation awarded to the
City pursuant to Minnesota Statutes, Chapter 474A which remains unused at the end of 1998, far the
putposes of qualified mortgage bonds andfor mortgage credit certificates; and
FURTHER BE IT RESOLVED that the City's Director of Planning and Economic Development is
hereby authorized and directed to file with the Internal Revenue Service a Form 8328 specifying the
amount of entitlement allocation carried forwazd by the City from the year 1498, and further specifying
that such amount be carried forwazd for the purposes of qualified mortgage bonds or mortgage credit
certificates. A copy of said Form 8328 shall be provided to the Minnesota Department of Finance in
accordance with Minnesota Statutes, Chapter 474A. The Form 8328 sha11 be filed with the Internal
Revenue Service and with the Minnesota Depariment of Finance on or before the last Monday in
December, 1998; and
FURTHER BE IT RESOLVED that any amount carried forward for the purposes of qualified mortgage
bonds andlor mortgage credit certificates may be utilized by the Housing and Redevelopment Authority
of the City of Saint Paul, Minnesota (the "Authority") pursuant to the current single family housing
finance program approved by the City pursuant to Minnesota Statutes, Chapter 462C. The Authority
ORIGINAL
°j�'�113�
36 may, at its option, delegate its authority to issue bonds or mortgage credit certificates pursuant to the
37 carryforward election to the Minneapolis/Saint Paul Housing Finance Board. The proceeds of bonds or
38 mortgage credit certificates issued by the Minueapolis/Saint Paul Housing Finance Board may be
39 applied without regard to jurisdictional boundaries as provided in Miunesota Statutes, Section 462C.12,
40 subd.3.
41
Requested by Department of:
Plannin & Economic Develo ment
By: J � � ��
AF
Form Approved by Ci At o e
By:
N° 52056
ATEINITIA— TEp – �, GREEN SHEE ��_
12-15-98 INITIAVDAT INITIAUDATE
� 9EPAqTNENT DIRECT �� � CItY COUNqL
ISSIGN �ICITVATfORNEV '�' �CINCLERK
iVMBEP FOR 4L-�
�p��G p gUDGET DIRECTOR� O PIN. 8 MGS SEAVICES DIR.
�� � MAYOR (OR ASS�STqNT� //�/ � � �
s�r -i.
TOTAL # QF SIGNATURE PAGES (lna (11 (CLIP ALL l000.TiONS FOR SIGNATURE)
Authority to carryforward any part of the Ciry's 1998 entitlement aliocation awarded to the Ciry pursuant to
Minnesota Statutes, Chapter 474A which remains unused at the end of 1998, for the purposes of qualified
mort�age bonds andlor mortga�e credit certificates.
flECOMMENDATIONS: ApO�e (A) or Re�ec[ (R)
_ 7LANNING COMMISSION _ CIVIL SERVICE
_ GIB COMMITTEE _
_ STAFF _
_ OISTRICTCOIfRT _
SUPPOFTS WHICH COUNGIL O&IECTIVE>
PERSONAI SERVtCE CONTRACTS MUST ANSWER THE FOLLOWING AUESTtON5:
1. Has riris personfiirm ever warked under a corrtract tor this de0artmerrt�
VES NO
2. Has this personRirm ever been a city employee�
YES NO
3. Does this person/tirm possess a skiii not normally possessetl by any current ciry employee?
YES NO
Explaln all yes answers on aeperate eheet a�d attach to green sheet
The Internal Revenue Code allows the carryforward of unused Revenue Bond allocation when authorized by the
City Council in the form of a resoiution.
The City will be able to issue bonds and assist more low/mod income persons with Low Interest Loans in 1999.
�. .,
None.
1 nr��
�. i
The City will lose unused 1998 Revenue Bond ailocations.
OTAL AMOURT OF 7RANSACTION S� ��� O COST/REVENUE BUDGE7ED (CIRCLE ONE) YES
UNDIWG SOURCE ,�'yLn =-�P:QtP'�Y�� ��.�,� pCTIVITY NUMBER �7L r��F� �.e�C�
NO
VANqAL INFOflMATION: �EXPLpiN)
��-����
C1TY OF SAINT PAUL CITY COUNCIL REPORT
December 14, 1998
Re: Issuance of Mortgage Revenue Bonds under the Disaster Declaration
and the Authority to Carryforward unused Bond Volume Cap
Purpose
The purpose of this report is to inform the Saint Paul City Council o£
1. the issuance by the Minueapolis(Saint Pau1 Housing Finance board o£
A. Single Family Mortgage Revenue bonds and Mortgage Revenue Refunding
Bonds, to finance the Board's 1998 Single Family Housing Program and to
"recycle" certain prepayments and repayments of previously issued single family
mortgage revenue bonds, and;
B. Single Family Mortgage Revenue Convertible Option bonds (Fannie Mae,
FHLMC and GNMA Mortgage-Backed Securities Program), Series 1998A and its
Single Family Mortgage Revenue Refunding Convertible Option bonds, Series
1998B, to finance the Board's 1998 Single Family Housing Program and to
"recycle" certain prepayments and repayments of previously issued single family
mortgage revenue bonds.
2. And to request the authority (see attached resolution) to carryforward any unused private
activity bond volume cap for use in 1949.
BackgroundlHistory
In 1998, the Federal government as a component to the Federal Disaster Declaration issued
Disaster Area Exception Rules related to eligibility requirements for borrowers under the Singie
Family Mortgage Revenue bond lending programs. The exceptions aze affected by State Laws
but generally a11ow for more fle�bility, such as:
a. No requirement for first-time homebuyers
b. 1/3 of loans at 175% of inedian income and 2(3 of loans at 120 to 140% of inedian
income depending on family size. (Rather than 100% to115% of inedian income)
c. 110% of average azea purchase price: $164,092 for new homes and $137,577 for existing
(rather than 90% of area purchase price)
Recommendation
The above described bond issue use $14,000,000 of the City's 1998 bond voluxne ailocation.
The $5,802,000 remaining in the allocation can be carried over to 1999. Staff recommends the
adoption of the attached resolution required by the Minnesota Department of Finance to
carryforward the City's unused bond volume cap.
A1 Cazlson/Joan Trulsen
266-66161266-6694
�-�t
From: Joan Trulsen
To: CCOUnci1.COUNCZL.scottr,
Date: 12J15798 5:09pm
Subjecta greensheet 52056
Hi Dan and Scott,
CCouncil.COUNCIL.danb
This morning you should receive a packet from Nancy Anderson that contains a
resolution from PED that authorizes the carryover of the City's vnused 1998 mortgage
revenue bond allocation.
The city's allocation is $15,802,Q0�. We will spend lOM, and can carry the remaining
$5,802,000 over ta 1994.
This is simply a bookkeeping item and could be put oa the coasent ageada iE you see
fit.
Please let me know i£ you have any questions.
CC: CCouncil.COUNCIL.jana
C}RIGI�AL
Resolution #
Green Sheet # SO�S �
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Council File # �" + ( �'
Committee :
��
Date
2
3
4
5
6
7
8
9
14
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
>5
RESOLi3TION AUTHORIZING CARRYFORWARD OF
UNLJSED PRIVATE ACTIVITY BOND VOLUME CAP
WI�REAS, the City of Saint Paul, Minnesota (the "City") is an "entitlement issuer" within the meaning
of Minnesota Statutes, Section 474A.02, subd. 7; and
WHEREAS, the City's entitlement allocation for 1998 under Minnesota Statutes, Chapter 474A.03,
subd. 2a(3) is $15,802,000; and
WHEREAS, the City may, under § 146(f j of the Internal Revenue Code of 1986, as amended, and under
Minnesota Statutes, Chapter 474A, "carryforward" all or a portion of the City's unused entitlement
allocation for the year 1998; and
WHEREAS, it is in the best interest of the citizens of Saint Paul that the City "cattyforward" far
qualified mortgage bonds and/or mortgage credit certificates any part of its entitlement allocation which
remains unused at the end of 1998;
NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Saint Paul, Minnesota, that
the City hereby elects to carryforward any part of the City's 1998 entitlement allocation awarded to the
City pursuant to Minnesota Statutes, Chapter 474A which remains unused at the end of 1998, far the
putposes of qualified mortgage bonds andfor mortgage credit certificates; and
FURTHER BE IT RESOLVED that the City's Director of Planning and Economic Development is
hereby authorized and directed to file with the Internal Revenue Service a Form 8328 specifying the
amount of entitlement allocation carried forwazd by the City from the year 1498, and further specifying
that such amount be carried forwazd for the purposes of qualified mortgage bonds or mortgage credit
certificates. A copy of said Form 8328 shall be provided to the Minnesota Department of Finance in
accordance with Minnesota Statutes, Chapter 474A. The Form 8328 sha11 be filed with the Internal
Revenue Service and with the Minnesota Depariment of Finance on or before the last Monday in
December, 1998; and
FURTHER BE IT RESOLVED that any amount carried forward for the purposes of qualified mortgage
bonds andlor mortgage credit certificates may be utilized by the Housing and Redevelopment Authority
of the City of Saint Paul, Minnesota (the "Authority") pursuant to the current single family housing
finance program approved by the City pursuant to Minnesota Statutes, Chapter 462C. The Authority
ORIGINAL
°j�'�113�
36 may, at its option, delegate its authority to issue bonds or mortgage credit certificates pursuant to the
37 carryforward election to the Minneapolis/Saint Paul Housing Finance Board. The proceeds of bonds or
38 mortgage credit certificates issued by the Minueapolis/Saint Paul Housing Finance Board may be
39 applied without regard to jurisdictional boundaries as provided in Miunesota Statutes, Section 462C.12,
40 subd.3.
41
Requested by Department of:
Plannin & Economic Develo ment
By: J � � ��
AF
Form Approved by Ci At o e
By:
N° 52056
ATEINITIA— TEp – �, GREEN SHEE ��_
12-15-98 INITIAVDAT INITIAUDATE
� 9EPAqTNENT DIRECT �� � CItY COUNqL
ISSIGN �ICITVATfORNEV '�' �CINCLERK
iVMBEP FOR 4L-�
�p��G p gUDGET DIRECTOR� O PIN. 8 MGS SEAVICES DIR.
�� � MAYOR (OR ASS�STqNT� //�/ � � �
s�r -i.
TOTAL # QF SIGNATURE PAGES (lna (11 (CLIP ALL l000.TiONS FOR SIGNATURE)
Authority to carryforward any part of the Ciry's 1998 entitlement aliocation awarded to the Ciry pursuant to
Minnesota Statutes, Chapter 474A which remains unused at the end of 1998, for the purposes of qualified
mort�age bonds andlor mortga�e credit certificates.
flECOMMENDATIONS: ApO�e (A) or Re�ec[ (R)
_ 7LANNING COMMISSION _ CIVIL SERVICE
_ GIB COMMITTEE _
_ STAFF _
_ OISTRICTCOIfRT _
SUPPOFTS WHICH COUNGIL O&IECTIVE>
PERSONAI SERVtCE CONTRACTS MUST ANSWER THE FOLLOWING AUESTtON5:
1. Has riris personfiirm ever warked under a corrtract tor this de0artmerrt�
VES NO
2. Has this personRirm ever been a city employee�
YES NO
3. Does this person/tirm possess a skiii not normally possessetl by any current ciry employee?
YES NO
Explaln all yes answers on aeperate eheet a�d attach to green sheet
The Internal Revenue Code allows the carryforward of unused Revenue Bond allocation when authorized by the
City Council in the form of a resoiution.
The City will be able to issue bonds and assist more low/mod income persons with Low Interest Loans in 1999.
�. .,
None.
1 nr��
�. i
The City will lose unused 1998 Revenue Bond ailocations.
OTAL AMOURT OF 7RANSACTION S� ��� O COST/REVENUE BUDGE7ED (CIRCLE ONE) YES
UNDIWG SOURCE ,�'yLn =-�P:QtP'�Y�� ��.�,� pCTIVITY NUMBER �7L r��F� �.e�C�
NO
VANqAL INFOflMATION: �EXPLpiN)
��-����
C1TY OF SAINT PAUL CITY COUNCIL REPORT
December 14, 1998
Re: Issuance of Mortgage Revenue Bonds under the Disaster Declaration
and the Authority to Carryforward unused Bond Volume Cap
Purpose
The purpose of this report is to inform the Saint Paul City Council o£
1. the issuance by the Minueapolis(Saint Pau1 Housing Finance board o£
A. Single Family Mortgage Revenue bonds and Mortgage Revenue Refunding
Bonds, to finance the Board's 1998 Single Family Housing Program and to
"recycle" certain prepayments and repayments of previously issued single family
mortgage revenue bonds, and;
B. Single Family Mortgage Revenue Convertible Option bonds (Fannie Mae,
FHLMC and GNMA Mortgage-Backed Securities Program), Series 1998A and its
Single Family Mortgage Revenue Refunding Convertible Option bonds, Series
1998B, to finance the Board's 1998 Single Family Housing Program and to
"recycle" certain prepayments and repayments of previously issued single family
mortgage revenue bonds.
2. And to request the authority (see attached resolution) to carryforward any unused private
activity bond volume cap for use in 1949.
BackgroundlHistory
In 1998, the Federal government as a component to the Federal Disaster Declaration issued
Disaster Area Exception Rules related to eligibility requirements for borrowers under the Singie
Family Mortgage Revenue bond lending programs. The exceptions aze affected by State Laws
but generally a11ow for more fle�bility, such as:
a. No requirement for first-time homebuyers
b. 1/3 of loans at 175% of inedian income and 2(3 of loans at 120 to 140% of inedian
income depending on family size. (Rather than 100% to115% of inedian income)
c. 110% of average azea purchase price: $164,092 for new homes and $137,577 for existing
(rather than 90% of area purchase price)
Recommendation
The above described bond issue use $14,000,000 of the City's 1998 bond voluxne ailocation.
The $5,802,000 remaining in the allocation can be carried over to 1999. Staff recommends the
adoption of the attached resolution required by the Minnesota Department of Finance to
carryforward the City's unused bond volume cap.
A1 Cazlson/Joan Trulsen
266-66161266-6694
�-�t
From: Joan Trulsen
To: CCOUnci1.COUNCZL.scottr,
Date: 12J15798 5:09pm
Subjecta greensheet 52056
Hi Dan and Scott,
CCouncil.COUNCIL.danb
This morning you should receive a packet from Nancy Anderson that contains a
resolution from PED that authorizes the carryover of the City's vnused 1998 mortgage
revenue bond allocation.
The city's allocation is $15,802,Q0�. We will spend lOM, and can carry the remaining
$5,802,000 over ta 1994.
This is simply a bookkeeping item and could be put oa the coasent ageada iE you see
fit.
Please let me know i£ you have any questions.
CC: CCouncil.COUNCIL.jana