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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 2024A and the G.O. Street Reconstruction Bonds, Series 2024B, amending the budget for 2021E Street Assessment bonds for prepayment and pay off the 2021B G.O. Tax Increment Finance bonds.
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WHEREAS, on January 17th, 2024, the City Council adopted RES 24-29 preliminarily approving the 2024 Bond Sale, and on June 5th, 2024, adopted RES 24-787 and RES 24-789 awarding the sale of the bonds for the series 2024A and 2024 bonds which closed on June 26, 2024; 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 spending and financing budget for the 2021E - Highland Bridge Special Assessment Revenue Bonds to reflect prepayment of principal; and
WHEREAS, the spending and financing budget for the 2021B - GO Temporary Tax Increment Bonds need to reflect the final payment of principal; 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 $33,736,525 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 $33,736,525 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 August 12, 2024 and recommended approval.