90-2176 � � I G 1 N A l� Counci l Fi le # ` c�.' " ,�
QR
Green Sheet �t
RESOLUTION
' CITY OF S T PAUL, MINNESOTA
� ' ►
Presented By
Referred To Camiittee: Date
__________________�____�_________________________________________________________________
WHEREAS, between 1961 and 1976 the Port Authority of the City, with the consent of the City
Council, issued certain general obligation bonds pursuant to authority contained in Minnesota
Statutes Section 458.193 now renumbered and recodified as Section 469.060 (the "Bonds");
WHEREAS, in 1989 pursuant to authority of Section 469.060 Subdivision 6, the Port Authority
levied tu�es to pay 1990 debt service on the Bonds which levy took into account anticipated
reimbursement by the State of Minnesota of levy amounts lost by reason of homestead credits;
WHEREAS, the 1990 Legislature revised the homestead credit reimbursement law in a manner
which made the reimbursement provision inapplicable to the Port Authority with result that the
Authority does not have sufficient available funds to fully meet the its 1990 debt service payments;
WHEREAS, in accordance with the requirements of Section 469.060 Subdivision 5, the Bonds are
secured by the pledge of the full faith, credit and resources of the City of Saint Paul in addition to
the ta�c levy which pledge is redeemable in the event of a tax levy shortfall and payment default by
the Authority;
WHEREAS, in order to enable the Authority to meet the 1990 debt service payment on the Bonds,
the Authority has reguested and the City is willing to provide a short term loan from the City in the
amount of $295,000 'with interest at the rate of 8.2% per annum with principal payments of
$35,000 on December 16, 1991, of $180,000 on December 16, 1992 and of $80,000 on December 16,
1993, together with intere�t accrued on these dates (the "Loan"), which payments will be met by taac
levies under Section 469.OS3 Subdivisions 4 and 6; and
WHEREAS, pursuapt to Section 10.07.1 of the City Charter, the Mayor certifies that there are
revenues avaiiable t;o cover a suppiemental appropriation for the Loan; now thereiore, be ii
RESOLVED, by the Council of the City of Saint Paul that the Loan is hereby approved and the
proper City officers are authorized to disburse the Loan proceeds after receipt of such Loan
documents executed by the Port Authority as the City Attorney may require.
, �
- ��- .����
. �
RESOLVED FURTHER, that the City Council adopts the following changes to the 1990 Budget:
C�rrent Amended
Budget Change Budget
------- ------ -------
FINANCING PLAN
--------------
001 General Fund
9890 Unreserved Fund
Balance -0- 295,000 295,000
All Other Financing 133,119,288 -0- 133,414,288
----------- ------- -----------
133,119,288 295,000 133,414,288
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SPENDING PLAN
001 General Fund
01200 Treasury '
0519 Outside Loans -0- 295,000 295,000
All Other Spending 133,119,288 -0- 133,414,288
----------- ------- -----------
133,119,288 295,000 133,414,288
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
�-
_ �� �,�X.�.�.
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_______________________�_______________________________--_______ __________________________
________________________________________
Yeas Na s Absent Requested by Department of:
Dimond
Goswttz
Lon �
Macca e �
Rettman --
Thune
Wilson ` BY�
_________________°�____—_�___—_________
Adopted by Council: Date
DEC 6 1990 Form Approved by City A orney
Adoption Certified by Council Secretary BY. � �
. � ,
BY' Appro ed by Mayor for Submission to
pp Y Y n�C � �ggp Counci t
A roved b Ma or: Date '
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1 ` ` J�
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� .��i�<;/�/'�,�� By: �,��Jf.e�•� /� �!.- � ___
By: ,
_,�._. � .
� Pl�������D !���� 1 ,� 1990_
~ COUf1C1� f 1 Le� � �/ ��
I Green Sheet #
i RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By I
Referred To Carmittee: Date
__________________�________________________________________------------------------------
------------------------------
WHEREAS, between 196� and 1976 the Port Authority of the City, with the consent of the City
Council, issued certain ge�eral obligation bonds pursuant to authority contained in Minnesota
Statutes Section 458,193 npw renumbered and recodified as Section 469.060 (the "Bonds");
WHEREAS, in 1989 purs�ant to authority of Section 469.060 Subdivision 6, the Port Authority
levied taxes to pay 1990 d�ebt service on the Bonds which levy took into account anticipated
reimbursement by the State of Minnesota of levy amounts lost by reason of homestead credits;
WHEREAS, the 19�0 Legislature revised the homestead credit reimbursement law in a manner.
which made the reimburs�ment provision inapplicable to the Port Authority with result that the
Authority does not lhave sufficient available funds to fully meet the its 1990 debt service payments;
WHEREAS, in accordance with the requirements of Section 469.060 Subdivision 5, the Bonds are
secured by the pled�e of the full faith, credit and resources of the City of Saint Paul in addition to
the tax levy which p�ledge is redeemable in the event of a tax levy shortfall and payment default by
the Authority;
WHEREAS, in ord�r to enable the Authority to meet the 1990 debt service payment on the Bonds,
the Authority has r�questled and the City is willing to provide a short term loan from the City in the
amount of $295,000 j with interest at the rate of 8.2% per annum with principal payments of
$35,000 on Decemb�er 16, 1991, of $180,000 on December 16, 1992 and of $80,000 on December 16,
1993, together with inter�st accrued on these dates (the "Loan"), which payments will be met by tax
levies under Section 469.(�53 Subdivisions 4 and 6; and
WHEREAS, pursu�nt to ISection 10.07.1 of the City Charter, the Mayor certifies that there are
revenues available �o cov�r a supplemental appropriation for the Loan; now therefore, be it
RESOLVED, by th'le Cou�ncil of the City of Saint Paul that the Loan is hereby approved and the
proper City officersi are thorized to disburse the Loan proceeds after receipt of such Loan
documents execute� by t�e Port Authority as the City Attorney may require.
I
w
< '
RESOLVED FURT�iER, '�that the City Council adopts the following changes to the 1990 Budget:
Current Amended
Budg�t Change Budget
FINANCING PLAN
001 General Fund
9890 Unreserved Fund
Balance -0; 295,000 295,000
All Other Financi�g 133,119,288 -0- 133,414,288
- ------;- ------- ----------- '
133,119,288 295,000 133,414,288
- - - - - - - - - - - - - - - -- - - - - - -- - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SPENDING PLAN
001 General Fund
01200 Treasury '
0519 Outside Loans ��� -0- 295,000 295,000
All Other Spending 1�3,119,288 -0- 133,414,288
----------- ------- -----------
' 133,119,288 295,000 133,414,288
' - - - - - - - - - - - - - - - - - - - -- - - - - - - - -
- - - - - - - - - - - - - -- - - - - - - - - - - - - - -
i
i
�
___________________�---- ----------------------------------------------------------
----�------------------------------------------------------------------
______________________�-______-_________
_ Yeas Na s Absent Requested by Department of:
Dimon �
Gosuitz
Lon
Maccabee
Rettman
Wiuson By:
_________________�____�-______-_________
Form Approved by City Attorney
Adopted by Council: Date
Adoption Certified � by Cauncil Secretary BY.
BY' Approved by Mayor for Submission to
Council
Approved by Mayo�: Date
By: By�
;
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