Title
Authorizing carryforward of unused private activity bond volume cap.
Body
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 2011 under Minnesota Statutes, Chapter 474A.03, subd. 2a is $33,991,000; and
WHEREAS, the City does not expect to issue any private activity bonds in 2011 allocable to its 2011 entitlement allocation; and
WHEREAS, the City may, under ยง 146(f) 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; and
WHEREAS, it is in the best interest of the public health, safety and welfare that the City carryforward for qualified carryforward purposes its 2011 entitlement allocation remaining unused on December 31, 2011;
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Saint Paul, Minnesota, as follows:
1. The City hereby elects to carryforward all of its 2011 entitlement allocation for
qualified residential rental bonds.
2 The Director of the Department of Planning and Economic Development is
hereby authorized and directed to execute and cause to be filed with the Internal Revenue Service a Form 8328 specifying the amount of 2011 entitlement allocation to be carried forward as described above. The Form 8328 shall be filed with the Internal Revenue Service on or before February 15, 2012. The Director is further authorized to notify the Minnesota Department of Finance of such carryforward at such time and as required by Minnesota Statutes, Chapter 474A.