This resolution authorizes the City of Saint Paul, Minnesota to carry forward unused private activity bond volume cap from 2008. Specifically, it allows $20 million in general volume cap and $9.8 million in general volume cap to be carried forward for qualified mortgage revenue bonds and residential rental bonds, respectively. It also allows the entire $14.8 million in 2008 Housing Act volume cap to be carried forward for qualified housing issues like single family bonds or residential rental bonds. The resolution designates the city's Director of Planning and Economic Development to file the necessary forms with the IRS by February 15, 2009 to execute the carryforward and notify the state. The carried forward amounts may be used by the city's Housing and Redevelopment Authority or

1. Council File #
Green Sheet #
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented by
1 RESOLUTION AUTHORIZING CARRYFORWARD OF
2 UNUSED PRIVATE ACTIVITY BOND VOLUME CAP
3
4
5 WHEREAS, the City of Saint Paul, Minnesota (the “City”) is an “entitlement issuer” within the
6 meaning of Minnesota Statutes, Section 474A.02, subd. 7; and
7
8 WHEREAS, the City’s entitlement allocation for 2008 under Minnesota Statutes, Chapter 474A.03,
9 subd. 2a(3) is $29,804,000 (“General Volume Cap”); and
10
11 WHEREAS, the Housing Assistance Tax Act of 2008 amended § 146 of the Internal Revenue Code
12 of 1986, as amended (the “Code”), to provide for a temporary increase in private activity volume cap in
13 2008 (the “2008 Housing Act Volume Cap”); and
14 WHEREAS, the City’s entitlement allocation of 2008 Housing Act Volume Cap is $14,792,000;
15 and
16 WHEREAS, the City has not yet issued any bonds in 2008 attributable to its General Volume Cap,
17 and does not expect to do so prior to the end of 2008;
18 WHEREAS, the City does not expect to issue bonds in 2008 attributable to the 2008 Housing Act
19 Volume Cap; and
20 WHEREAS, the City may, under § 146(f) of the Internal Revenue Code of 1986, as amended, and
21 under Minnesota Statutes, Chapter 474A, “carryforward” all or a portion of the City’s unused General Volume
22 Cap and 2008 Housing Act Volume Cap; and
23
24 WHEREAS, it is in the best interest of the public health, safety and welfare that the City carryforward
25 for qualified carryforward purposes its General Volume Cap and 2008 Housing Act Volume Cap remaining
26 unused on December 31, 2008.
27
28 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota,
29 as follows:
30
31 1. The City hereby elects to carryforward $20,000,000 of its General Volume Cap for qualified
32 mortgage revenue bonds or mortgage credit certificates.
33
34 2. The City hereby elects to carryforward $9,804,000 of its General Volume Cap for qualified
35 residential rental bonds.
36
37 3. The City hereby elects to carryforward the entire $14,792,000 of its 2008 Housing Act
38 Volume Cap for “qualified housing issues,” as permitted by IRS Notice 2008-79. Pursuant to such Notice,

2. 39 “qualified housing issues” include certain single family bonds, mortgage credit certificates or qualified
40 residential rental bonds.
41
42 4. The City’s Director of Planning and Economic Development is hereby authorized and directed
43 to execute and cause to be filed with the Internal Revenue Service separate Forms 8328 specifying the amount
44 of General Volume Cap and 2008 Housing Act Volume Cap to be carried forward as described above. The
45 Forms 8328 shall be filed with the Internal Revenue Service on or before February 15, 2009. The Director is
46 further authorized to notify the Minnesota Department of Management and Budget of such carryforward at
47 such time and as required by Minnesota Statutes, Chapter 474A.
48
49 5. Any amount carried forward may be utilized by the Housing and Redevelopment Authority of
50 the City of Saint Paul, Minnesota (the “Authority”). The Authority may, at its option, delegate its authority to
51 issue bonds pursuant to the carryforward election to the Minneapolis/Saint Paul Housing Finance Board (the
52 “Board”). The proceeds of bonds issued by the Board may be applied within the jurisdictional boundaries of
53 the Board as provided in Minnesota Statutes, Section 462C.12, subd. 3.
Yeas Nays Absent Requested by Department of:
Thune
Bostrom
Harris
Helgen
By:
Lantry
Carter
Stark Form Approved by City Attorney
By:
Adopted by Council: Date
Adoption Certified by Council Secretary Form Approved by Mayor for Submission to Council
By: By:
Approved by Mayor: Date
By: