Title
Resolution Confirming the Reserve for PED Administration Costs from Accumulating Conduit Bond Fees.
Body
WHEREAS, it has been previously understood by PED staff that the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("HRA") had taken formal action reserving accumulating conduit bond fees for PED Administration costs, and as a result has been reserving such fees for many years; and
WHEREAS, PED staff has been unable to locate the existence of such formal action in the form of a HRA Board resolution, and
WHEREAS, any fund balance which is shown as committed according to GASB Statement 54 requirements requires a formal action by the HRA Board as proof for auditing purposes, and
WHEREAS, the purpose of this Resolution is to simply formalize a long standing HRA practice and policy of using accumulating conduit bond fees for PED Administration costs;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota as follows:
1. It is hereby approved and authorized that accumulating conduit bond fees are reserved solely for PED Administration costs. All actions previously taken in this regard by HRA and PED staff are hereby ratified and confirmed as proper and authorized actions of the HRA.
2. The HRA Executive Director and staff are hereby authorized and directed to take all action necessary to implement this Resolution.