Title
Amending the City's Operating and Capital Improvement Budget to reflect the final sale details resulting from the issuance of the Tax-Exempt Sales Tax Revenue and Refunding Bonds (Neighborhood and Economic Development Projects) Series 2024C.
Body
WHEREAS, on January 17, 2024, the City Council adopted RES 24-29 preliminarily approving the 2024 Bond Sale and on July 29, 2024 adopted RES 24-1121 to issue and sell the 2024 Bonds to the Underwriters subject to the approval of the Pricing Committee and compliance with a set of parameters and executed by a Bond Purchase Agreement which closed on August 15, 2024; and
WHEREAS, the Tax-Exempt Sales Tax Revenue Refunding Bonds, Series 2024C refunded the Sales Tax Revenue Refunding Bonds, Series 2014G; and
WHEREAS, the city defeased, redeemed and prepaid the Tax-Exempt Sales Tax Refunding Bond, series 2019C; and,
WHEREAS, the spending and financing budgets need to be adjusted in the debt service fund and sales tax fund 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, does certify that there are available for appropriation, funds of $35,515,209.27 in excess of those estimated in the City Capital and Operating Budget and;
THEREFORE BE IT RESOLVED, that the Council of the City of Saint Paul, upon recommendation of the Mayor, that $35,515,209.27 is available for appropriation in the City Capital and Operating Budget, and said budgets, as heretofore adopted by Council, is hereby further amended by the particulars as specified in the attached financial analysis.
Financial Analysis
See Attachment