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Amending the 2016 Grant fund, Recycling and Solid Waste fund, and the Internal Borrowing Fund to reflect the acceptance of outside grants for the purposes of purchasing of new recycling carts and outreach and education on the Saint Paul’s recycling program, exploring alterate financing options and approving an internal loan and authorizing execution of a Record of Internal Loan for the Recycling Carts Project.
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WHEREAS, The purchase of the new wheeled, lidded recycling carts is anticipated in the 2017 Operating Budget; and
WHEREAS, Saint Paul will take delivery of the carts in 2016, thus requiring payment within the same fiscal year; and
WHEREAS, On September 7, 2016, City Council adopted RES PH 16-260 authorizing the city to enter into a grant agreement with The Recycling Partnership to accept a grant of up to $500,000 in support for the purchase of the recycling carts and $50,000 in education and outreach support; and
WHEREAS, On November 11, 2016, City Council adopted RES PH 16-420 authorizing the city to enter into a grant agreement with Ramsey County of up to $1,879,201 in support of the purchase of the recycling carts; and
WHEREAS, The City’s Internal Loan fund will provide financing for the City’s portion of the recycling cart purchase in 2016 for an amount of $1,800,000, as anticipated in the 2017 budget; and
WHEREAS, There are available funds in the City Internal Loan Fund in 2016 for the Recycling Cart project and the advance, until repaid, will bear interest at the monthly City treasury portfolio investment rate (the "Pool Rate"), which is variable and reset monthly by the City; and
WHEREAS, the Record of Internal Loan, attached in substantially final form as Exhibit A, is expected to be repaid from recycling and solid waste rates within 5 years of the initial city advance; and
WHEREAS, The internal loan will be made available to the City’s Recycling and Solid Waste fund and then transferred to the City’s multi-year Grant Fund ensuring that ...
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