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File #: RES PH 19-169    Version: 1 Name:
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 8/21/2019
Title: Amending the City's Capital Improvement Budget and Operating Budget to reflect the final sale details resulting from the issuance of the G.O. Various Improvement Bonds, Series 2019D; and the G.O. Public Safety Refunding Bonds, Series 2019E.
Sponsors: Amy Brendmoen
Ward: Bond Sale
Attachments: 1. Financial Analysis RES PH 19-169 Revised Final
Related files: RES 19-167, RES 19-727

Title

Amending the City's Capital Improvement Budget and Operating Budget to reflect the final sale details resulting from the issuance of the G.O. Various Improvement Bonds, Series 2019D; and the G.O. Public Safety Refunding Bonds, Series 2019E.

 

Body

WHEREAS, on February 6, 2019, the City Council adopted RES 19-167 preliminarily approving the 2019 Bond Sale and on May 15, 2019 adopted RES 19-727 awarding the sale of the bonds which closed on June 19, 2019; and

 

WHEREAS, the 2019 bonds have multiple budgeted uses, funding the City’s 2019 Capital Improvement Budget (“CIB”); and

 

WHEREAS, the spending and financing budgets need to be adjusted in the bond proceeds accounts, the City’s debt fund, and the capital project accounts to reflect the final results of the sale and transfer budget authority to CIB contingency; and

 

WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there are unencumbered funds of $43,515 in the City’s CIB that may be appropriation; NOW

 

THEREFORE, BE IT RESOLVED, that the Council of the City of Saint Paul, upon recommendation of the Mayor, that $43,515 is available for appropriation in the City Capital Budget, and 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 received this request on August 12, 2019, and recommends approval.

 

 

Date NameDistrictOpinionCommentAction
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