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91-2027����� o� � Council File # �-�� 7 . � Green Sheet � �y•5�� RESOLUTION ClTY OF SAINT PAUL, MINN � Presented By Referred To �I� IrG� � Committee: Date GIVING FINAL APPROVAL TO THE ISSUANCE BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA OF SINGLE FAMILY MORTGAGE REVENUE - BONDS TO FINANCE THE CITY'S 1991 SINGLE FAMILY HOUSING PROGRAM WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter 462C (the "Housing Act"� , the Gity of Saint Paul, Minnesota (the "City") is authorized to adopt a housing plan and carry out programs for the financing of single family housing for persons of low and middle income; and WHEREAS, the City Council (the "City Council") of the City has prepared the Housing Plan for Local Housing for the City of Saint Paul, Minnesota (the "Plan") , which Plan has been adopted pursuant to the Housing Act; and WHEREAS the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") , will undertake a below market interest rate single family mortgage loan program in 1991 and issue revenue obligations as described herein, pursuant to Minnesota Statutes, Chapters 469.001 to 469.047, 462A, 462C (collectively, the "Act") . WHEREAS, pursuant to the Act, the HRA, upon approval by the City, is authorized to issue bonds from time to time and use the proceeds of its bonds to make or purchase mortgage loans or to purchase participations in mortgage loans from lending institutions in order to finance the construction and rehabilitation of, and to facilitate the purchase and sale of residential housing for eligible persons or families under the Act. Yeas Nays Absent Requested by Department of: �rron oswitz n • . � OI2 �9a,ti�+e.ti�' O-�i Y'16. n,.,..� � CI tntmti.,..��YRz�' acca ee ettman �ne i son By' � �. „ ��;�� Form Approved by City Attorney Adopted by Council: Date Q�� �; .: � Adoption Certified by Council Secretary ��;_.�_, �,yy,a,h, /O,f.Z//��/j ._...--�'=-- -�� �--r— By� Approved by Mayor for Submission to �'�"' - Council Approved by Mayor: Date � � '�� n . ��'> B By: J{��,�!�c���'��i�� Y� �� - �!I!!i�lE� NC',1 9'91 ORIG�NA l � ' Council File # �"��a1� Green Sheet # RESOLUTION � CITY OF SAINT PAUL, MINNESOTA Presented By Referred To Committee: Date WHEREAS, the program will provide below market interest rate mortgage loan financing to persons of low to middle income purchasing single family homes or making improvements to their existing homes which will be used as their principal places of residence and located within the geographic limits of the City of Saint Paul. WHEREAS, the Act requires adoption of a housing finance program after a public hearing held thereon after publication of notice in a newspaper of general circulation in the City of Saint Paul at, least fifteen days in advance of the hearing. WHEREAS, the Saint Paul City Council on October 29, 1991 conducted a public hearing on a single family housing bond program a copy of which program is attached hereto as Exhibit A (the "Program") , after publication of notice as required by the Act. WHEREAS, the program was submitted to the Metropolitan Council at the time of publication of notice of the public hearing on such Program, and the Metropolitan Council has been afforded an opportunity to present comments at the public hearing, all as required by the Act. WHEREAS, the Program provides for the issuance of single family mortgage revenue refunding bonds or obligations in one or more series in an aggregate amount not exceeding $30,000,000 pursuant to the Act (the "Bonds") to make or purchase or cause to be purchased mortgage loans, or to purchase securities the proceeds of which would be used to purchase mortgage loans, to finance the acquisition, primarily by low and middle income persons and families of single family housing located within the geographic boundaries of the City; and WHEREAS, it is proposed that the program be approved and the HRA be authorized to issue bonds to finance the Program sub�ect to final approval by the HRA; and WHEREAS, the HRA is authorized pursuant to the Act to issue revenue bonds on behalf of the city; and WHEREAS, it appears that the Program and the issuance of obligations by the HRA are in the best interests of the City; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAINT PAUL, MINNESOTA, AS FOLLOWS: l. The Program is hereby approved, subject to final agreement by the HRA and the purchasers of the obligations to be issued to finance the Program as to the ultimate details of the Program and the financing therefore. The ������� , � Council File # � Q�7 Green Sheet # RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented By Referred To Committee: Date officers of the City and HRA shall cause the Program to be submitted to the Minnesota Housing Finance Agency, and to do all other things and take all �_ other actions as may be necessary or appropriate to carry out the Program in accordance with the Act and any other applicable laws and regulations. 2. The issuance by the HRA of revenue refunding bonds in an aggregate principal amount not to exceed $30,000,000 (the "Bonds") to finance the Program is hereby finally approved. � 3. The Bonds may be issued in one or more series at the time or times and pursuant to terms determined by the HRA, and be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the bonds, provided that any such financing structure must be approved by the HRA, 4. The HRA is authorized to take all actions which may be necessary or desirable in connection with the issuance of the Bonds, acting on behalf of the City, and no further approval or consent of the City shall be required prior to the issuance of the Bonds by the HRA, or prior to the taking of any action by the HRA to undertake and implement the Program. 5. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Program other than as specified and authorized by separate actions of the City and other than the revenues derived from the Program or otherwise granted to the City for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof; nor shall the City be . subject to any liability thereon. The holders of the Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce ������►�. � �,c�'i�doa� payment against any property of the City. The Bonds shall recite in substance that Bonds, including the interest thereon, are payable solely from the revenue and proceeds pledges to the payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation of indebtedness. � Navs Absent Requested by Department of: imon _ oswitz - on �— � � ' �e�,� �n.d..�- —�facca ee —T ettman ,l c�n e i i son � By� ���� 2 g 1991 Form Approved by City Attorney Adopted by Council: Date Adoption Certified b Council cre ary �� �'. Q � ----�:¢.-��.._��GZG.��tt �� ,r�� � ����� / T.r L..i 1 ' By� � Approved by Mayor for Submission to Approved by Mayor Date 0 CT 3 � ►��� Council ��� � ,������ By: ��������fi! By' " PU�IBSHE� �a��/ 9'91 -1'h.io .J�ta..�,c.z"s,:w ht�.�.o.6 bs.�y-'L°''� '' ""�y G�B�ia�bo °�� '�•�1,?, . ' (�i�'�G- �0.�7 DEPA i' NT/OFFICE/COUNCIL DATE INITIATED P.E.D. - HOUSING loi�,i9,. REEN SHE�T Np _ 14587 CONTACT PERSON 8 PHONE INITIAUDATE INITIAL/DATE EPARTMENT DIRECTOR a CITY COUNCIL Victoria Murray 228-3353 A$$�QN �cirrn _ / /�CITYCLERK MUST BE ON COUNCIL AGENDA BY(DATE) NUMBER FOR ❑BUDGET DIRECTOR �FIN.&MGT.SERVICES-0IR. ROUTING ORDER �MAYOR(OH ASSISTAN� � TOTAL#OF SIGNATURE PAGES (CLIP ALL LOCATIONS FOR SIGNATURE) ACTION REQUESTED: Final Council approval authorizing the issuance of Single Family Mortgage Revenue Bonds to finance the City's 1991 Single Family Hdusing Program. RECOMMENDATIONS:Approve(A)or Reject(R) PERSONAL SERVICE CONTRACTS MUST ANSWqR THE FOLLOWING�UESTIONS: � _ PLANNINCi COMMISSION _ CIVIL SERVICE COMMISSION �• Has this personlfirm ever worked under e contrect for this department? _CIB COMMITTEE _ YES NO 2. Has this person/firm ever been a city employee? _STAFF — YES NO _ DiSTRiCT CouRT _ 3. Does this person/firm possess a skill not normally'possessed by any curreM city employee? SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO Explain ell yes answera on separate sheet and attach to groen shest INITIATINCi PROBLEM,ISSUE,OPPORTUNITY(Who,Whet,When,Where,Why): The HRA is developing a program which will provide financial assistance to Middle Income homebuyers and existing homeowners who wish to improve th�ir property in the City of St. Paul. The attaehed resolution authorizes the HRA to issue,-bcar�d which will provide the financing required to carryout the program. '�-''�''°`� OCT 21 �qQ1 ��c,r�r�sc� ^s;.�•'",� ADVANTAGES IF APPROVED: � � By providing favorable financing the City should realize an incr�ase in the number of middle income households in the city. This will strengthen the economic diversity which is necessary for the c�:ty's overall balance. DISADVANTAGES IFAPPROVED: DISADVANTACiES IF NOT APPROVED: Without favorable financing the City may see further reduction o� the number of middle income households. TOTAL AMOUNT OF TRANSACTION a 30�000�000 COST/REVENUE BUDGETED(CIRCLE ONE) YES NO FUNDING SOURCE S.F. Mortgage Revenue R2fUridlriCJ BOrid�CTIVITY NUMBER FINANCIAL INFORMATION:(EXPLAIN) ^�', / (,1/\1 � NOTE: COMPLETE DIRECTIONS ARE INCLUDED IN THE GREEN SHEET INSTRUCTIONAL MANUAL AVAILABLE IN THE PURCHASING fJFFICE (PHONE NO.298-4225). ROUTING ORDER: Below are correct routings for the five most frequent types of documents: , , CONTRACTS(assumes authorized budget exists) COUNCIL RESOLUTION(Amend Budgets/Accept. Grants) 1. Outside Agency 1. Department Director 2. Department Director 2. City Attorney 3. Ciry Attorney 3. Budget Director 4. Mayor(for contracts over$15,000) 4. Mayor/Assistant 5. Human Rights(for contracts over$50,000) 5. City Council 6. Finance and Management Services Director 6. Chief Accountant, Finance and Management Services 7. Finance Accounting ADMINISTRATIVE ORDERS(Budget Revision) COUNCIL RESOLUTION(all others,and Ordinances) 1. Activity Manager 1. Department Director 2. Department Accountant 2. City Attorney 3. Department Director 3. Mayor Assistant 4. Budget Director 4. Ciry Council 5. City Clerk 6. Chief Accountant, Finance and Management Services ADMINISTRATIVE ORDERS(ail others) 1. Department Director 2. City Attorney 3. Finance and Management Services Director 4. Ciry Clerk TOTAL NUMBER OF SIGNATURE PAGES indicate the#of pages on which signatures are required and paperclip or flag each of these pages. ACTION REQUESTED Describe what the projecUrequest seeks to accomplish in either chronologi- cal order or order of importance,whichever is most appropriate for the issue. Do not write complete sentences. Begin each item in your list with a verb. RECOMMENDATIONS Complete if the issue in question has been presented before any body,public or private. SUPPORTS WHICH COUNCIL OBJECTIVE? Indicate which Council objective(s)your projecVrequest supports by listing the key word(s)(HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT, BUDGET, SEWER SEPARATION). (SEE COMPLETE LIST IN INSTRUCTIONAL MANUAL.) PERSONAL SERVICE CONTRACTS: This information will be used to determine the city's liabiliry for workers compensation claims,taxes and proper civil service hiring rules. INITIATING PROBLEM, ISSUE, OPPORTUNITY Explain the situation or conditions that created a need for your project or request. ADVANTAGES IF APPROVED Indicate whether this is simply an annual budget procedure required by law/ charter or whether there are specific ways in which the City of Saint Paul and its citizens will benefit from this projecVaction. DISADVANTAGES IF APPROVED What negative effects or major changes to existing or past processes might this projecUrequest produce if it is passed (e.g.,traffic delays, noise, tax increases or assessments)?To Whom?When? For how long? DISADVANTAGES IF NOT APPROVED What will be the negative consequences if the promised action is not approved? Inability to deliver service?Continued high traffic, noise, accident rate? Loss of revenue? FINANCIAL IMPACT Although you must tailor the information you provide here to the issue you are addressing, in general you must answer two questions: How much is it going to cost?Who is going to pay?