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Authorizing carryforward of unused Private Activity Bond Volume Cap.
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WHEREAS, 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 of private activity bond volume cap for 2025 under Minnesota Statutes, Chapter 474A.03, subdivisions 1 and 2a was $50,804,691 (the “2025 Allocation”); and
WHEREAS, the City does not expect to issue any of its private activity bonds allocable to its 2025 Allocation on or prior to December 31, 2025; and
WHEREAS, the City may, under § 146(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and under Minnesota Statutes, Chapter 474A, “carryforward” all or a portion of the City’s unused 2025 Allocation for use in calendar years 2026, 2027 and 2028; and
WHEREAS, the City has determined that there continues to be a shortage of financing for residential rental projects which persons and families residing or desiring to reside in the City can afford; and
WHEREAS, the City expects to issue its carryforward of unused 2025 Allocation in calendar years 2026 and 2027 with multiple projects in the pipeline; and
WHEREAS, private activity volume cap is a limited resource, and it is in the best interest of the public health, safety and welfare that the City carryforward for qualified carryforward purposes its unused 2025 Allocation as of December 31, 2025.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota (the “Council”), as follows:
1. The Council hereby elects to carryforward the City’s unused 2025 Allocation as of December 31, 2025 for the purpose of issuing qualified residential rental bonds.
2 The Director of the Department of Planning and Economic Development of the City, or authorized designee (the “Director”) is hereby authorized and...
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