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91-2280 ����� ^ Council File � �f�,i�� � _ � . '� .� �� Green Sheet � y( RESOLUTION � . CITY OF SAINT PAUL, MINNESOTA Presented By ( G2Cv�GQ Referred To Committee: Date RESOLUTION AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY ' TO ISSUE BONDS TO REFUND THE RESIDENTIAL REHABILITATION REVENUE BONDS OF 1979 AND AUTHORIZING EXECUTION BY OFFICERS OF THE CITY OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH WHEREAS: A. The City of Saint Paul (the "City"), acting by and through the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA'� issued its $47,940,000 Residential Rehabilitation Revenue Bonds of 1979 (the "Prior Bonds'� pursuant to an Indenture of Trust dated as of December 1, 1979 (the"Original Indenture") befinreen the City, acting by and through the HRA (the "Issuer") and First Trust Company of Saint Paul, as Trustee (the "Prior Bond Trustee"). B. It is now proposed that the HRA should issue its Single Family Mortgage Revenue Bonds, in one or more series (the "Refunding Bonds'�, to refund and pay the Prior Bonds in full on March 1, 1992. C. In connection with the issuance of the Refunding Bonds, the Mortgage Loans financed from the proceeds of the Prior Bonds will be released from the lien of the Original Indenture and pledged by the HRA to secure the Refunding Bonds, and in connection therewith the Program Administration Agreement and each of the Servicing Agreements entered into in connection with the Prior Bonds will be amended and the Program Administrator and the Servicers will thereafter administer and service the Mortgage Loans on behalf of the HRA and the trustee for the Refunding Bonds. NOW THEREFORE, BE IT RESOLVED by the City Council of the C'ity of Saint Paul, Minnesota, as follows: 1. The City hereby approves the proposal that the HRA issue the Refunding � Bonds for the purpose of providing funds to refund and pay the Prior Bonds on March 1, 1992. The HRA is hereby authorized and directed to issue the Refunding Bonds on such terms and conditions as the HRA shall determine, and no further consent or approval of the City shall be required. 2. The forms of the Amendment to Program Administration Agreement and Amendment to Servicing Agreement submitted to this Council are hereby approved. Upon approval thereof by the City Attorney, the Mayor, City Clerk and Director, Department of Finance and Management Services, are hereby authorized and directed �i�;�,�.������.j� � �y��a��`o . � .. ✓ to execute and deliver on behalf of the City the Amendment to Program Administration Agreement and the Amendment to Servicing Agreement, in substantially the form approved with such changes or variations therein as may be necessary and which are approved by the C'rty Attorney. Said officers of the City are hereby further authorized and . directed to execute and deliver on behalf of the City such other agreements, documents. certficates and other items as may be necessary or desirable in connection with the transaction contemplated by the issuance of the Refunding Bonds to refund and pay the Prior Bonds. In the event or disability of any of the foregoing officers of the C'�ty, the officer of the City authorized to act in their place or stead is hereby authorized and directed to take the actions directed by this Resolution in the place or stead of said officer. 3. This Resolution shall take effect upon approval hereby by the Mayor. Yeas Navs Absent Requested by Department of: imon �� T l�nn.u��� �=A�� Ll�crn.-�v�,�, �e� _l- acca ee �- T , � ettman �-- " J� �. � i-'� une i By: �1 � �, I � Form Approved by City Attorney Adopted by Council: Date � �- -/�.� ( - T ' c__ Adoption Certified by Council Se retary ��`�� .��,� �,� 5, � � ? � �__. .�- BY' � Approved by Mayor for Submission to Approved by M or: Dat � -� Z Council ' BY' �- B ����- � `� y� —Z���� P�11 ED DEC 21'91 . � DEPARTMENT/O ICE/COUNCIL DATE INITIATED PGD F 9/R, GREEN SHEET N° _15218 CONTACT PERSON&PHONE INITIAL/DATE INITIAL/DATE DEPARTMENT DIRECTOR CITY COUNCIL V��, a 3�'3 ASSI(iN �CITY ATTORNEY �CITY CLERK MUST BE ON COUNCIL AQ NDA BY(DATE) NUMBER FOR �BUDGET DIRECTOR �FIN.&MOT.SERVICES DIR. ROUTINfi ORDER �MAYOR(OR ASSISTANT) � TOTAL#OF SIGNATURE PAGES � (CLIP ALL LOCATIONS FOR SIGNATURE) ACTION REOUESTED: t s��:a. 8o�.s �ro Y.�� �, Res���� R���, �+�- B o�n.c�o cs.� c q�� um.Q a���'�.� �ecc�zo�,, b y C���{'ti° d� �,�, C� RECOMMENDA710NS:Approve(A)or ReJect(R) PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONB: _ PLANNING COMMISSION _ GIN1L BERVICE COMMISSION �• Has this person/firm ever worked under a contract for this department7 _CIB COMMITTEE _ YES NO 2 Hes this person/firm ever been a city employee? _STAFF — YES NO _ DI3TRICT CouRT _ 3. Does this'person/firm possess a skill not normally possessed by any current city employee? SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO Explaln all yes answers on separate sheet and attach to groen sheet INITIATINCi PROBLEM,ISSUE,OPPORTUNITY(Who,Whet,When,Where,Why): ADVANTA(iES IF APPROVED: DISADVANTACiES IF APPROVED: DISADVANTAOES IF NOT APPROVED: RECEIVED - oEC 101591 CITY CLERK TOTAL AMOUNT OF TRANSACTION S COST/REVENUE BUDGETED(CIRCLE ONE) YES NO FUNDING SOURCE ACTIVITY NUMBER FINANCIAL INFORMATION:(EXPLAIN) NOTE: COMPLETE DIRECTIONS ARE INCLUDED IN THE GREEN SHEET INSTRUCTIONAL ,, , MANUAL AVAILABLE IN THE PURCHASING OFFICE(PHONE NO. 298-4225). � ROUTING ORDER: � Below are correct routings for the five most frequent rypes of documents: CONTRACTS(assumes authorized budgef exists) COUNCIL RESOLUTION (Amend Bu.dgetsfAccept. Grants) 1. Outside Agency 1. Department DireCtor 2. Department Director :. . 2. City Attorney 3. City 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 Managemen#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 (all others) 1. Department Director 2. City Attorney 3. Finance and Management Services Director 4. City 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,pubiic or private. SUPPORTS WHICH COUNCIL OBJECTIVE? Indicate which Council objective(s)your projecUrequest 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 citys liability 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 projecUacUOn. DISADVANTAGES IF APPROVED What negative effects or major changes to existing or past processes might this project/request produce if it is passed(e.g.,traff(c 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 Migh 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?