Title
Amending the 2018 Recycling and Solid Waste Fund budget to establish the spending and financing for the purchase and implementation of new solid waste carts for the organized collection of trash in the City.
Body
WHEREAS, on November 8, 2017, City Council adopted RES 17-1776 authorizing the City to enter into a trash hauling contract with St. Paul Haulers, LLC for organized trash collection; and
WHEREAS, the purchase of new wheeled, lidded solid waste carts in fiscal year 2018 is required to move forward with the timeline for organized trash collection; and
WHEREAS, on February 28, 2018, the City Council adopted RES 18-342 granting preliminary approval to issue $4,000,000 of trash cart revenue notes (the “Notes”), to fund the purchase and implementation of new solid waste carts to be payable from solid waste fees; and
WHEREAS, a resolution for the issuance and sale of the notes will be brought forward to the City Council at a later date to finance the full cost of the purchase and implementation of new solid waste carts.
THEREFORE, BE IT RESOLVED, by the Council of the City of Saint Paul, upon recommendation of the Mayor, that $4,000,000 is available for appropriation in the 2018 budget, and said budget, as heretofore adopted by Council, is hereby further amended by the particulars as specified in the attached financial analysis; and
BE IT FURTHER RESOLVED, the City reserves the right to make expenditures and reimburse such expenditures from the proceeds of any obligations issued to finance this purchase. This resolution is intended to constitute a declaration of the City’s official intent, for purposes of Section 1.150-2 of the Treasury Regulations, with respect to certain original expenditures made from any sources other than the proceeds of the obligations, in conjunction with the capital projects financed thereby for the capital project identified.
Financial Analysis
See attached