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File #: RES PH 20-186    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 9/16/2020
Title: Amending the City's Operating Budget to reflect the final details resulting from the issuance of the Ford Redevelopment Site Special Storm Sewer Charge and Subordinate Sewer System Revenue Bond, Series 2020E.
Sponsors: Chris Tolbert
Ward: Bond Sale, Ford
Attachments: 1. RES PH 20-186 Financial Analysis
Related files: RES PH 19-388, RES 20-62, RES 20-1053

Title

Amending the City's Operating Budget to reflect the final details resulting from the issuance of the Ford Redevelopment Site Special Storm Sewer Charge and Subordinate Sewer System Revenue Bond, Series 2020E.

 

Body

WHEREAS, on January 15, 2020, the City Council adopted RES 20-62 preliminarily approving the 2020 Bond Sale and on August 5, 2020 adopted RES 20-1053 awarding the sale of the bonds which closed on August 12, 2020; and

 

WHEREAS, accounting units for the 2020 Sewer Revenue Bonds were not available when the 2020 budget was adopted; and

 

WHEREAS, the financing and spending budgets need to be adjusted in the Sewer 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 $8,480,000 in excess of those estimated in the City Operating Budget; and

 

NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Saint Paul, upon recommendation of the Mayor, that $8,480,000 is available for appropriation in the City's Operating 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

 

 

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