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Amending the City's Capital Improvement Budget and Operating Budget to reflect the final sale details resulting from the issuance of the G.O. Capital Improvement Bonds, Series 2025A and the G.O. Street Reconstruction Bonds, Series 2025B.
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WHEREAS, on January 15th, 2025, the City Council adopted RES 25-28 preliminarily approving the 2025 Bond Sale, and on June 4th, 2025, adopted RES 25-813 and RES 25-814 awarding the sale of the bonds for the series 2025A and 2025B bonds which closed on June 26, 2025; and
WHEREAS, the spending and financing budgets need to be adjusted in the bond proceeds accounts to reflect the final results of the sale; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, certifies that there are unencumbered funds of $47,092,705 in the City’s capital and operating budget that may be appropriated; NOW
THEREFORE, BE IT RESOLVED, by the Council of the City of Saint Paul, upon recommendation of the Mayor that $46,285,299 is available for appropriation in the City Capital and Operating Budget, that said budget, as heretofore adopted by Council, is hereby further amended by the particulars as specified in the attached financial analysis.
Financial Analysis
See attachment.
CIB Recommendation
The St. Paul Long-Range Capital Improvement Budget Committee reviewed this request on July 14, 2025 and recommended approval.