89-1138 . • .� �-�' � �
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WNITE - CITV CLERK CQUI1C11
PINK - FINANCE GITY OF � AINT PAUL
CANARV - DEPARTMENT �//3�
BLUE - MAVOR F�le NO. -
ouncil esolution �' %��- �'�
� �
. , , � ,___ ;
Presented By
Referred To Committee: Date �
�
�-�y
Out of Committee By late
WHEREAS, this year the Port Authority pr oses to pay off the general
obligation bond retirement funds paya le in 1989 by levying �1,639,504 against
St. Paul property taxes and by transf rr ng $200,000 to gene�al obligation
bond retirement from the Port Authori y perating fund; and !
.
WHEREAS, St. Paul residents are faced wi h a possible 7� incXease in property
taxes due to the veto of the tax bill an a proposed 25� inc�'ease in sewer
rates in 1990; ;
NOW, THEREFORE, BE IT RESOLVED, that he Council of the Cityiof St. Paul directs
the St. Paul Port Authority to use fu ds from its net incomei to refund to
St. Paul taxpayers the $1,639,504 whi h s being collected firom the taxpayers
in 1989; and �
BE IT FURTHER RESOLVED, that the Cit Co ncil directs the Pdrt Authority to
notify the Ramsey County Auditor on b fore the lst of Oc�,ober, 1989, that
the Port Authority will use funds av il le in its own treasury from earnings
or other income to pay the principal an interest on its ge�eral obligation
bonds and that there will be no levy on the taxpayers of Sti Paul in 1990; and
BE IT FINALLY RESOLVED, that the Cit C uncil recommends th�.t the Port Authority
amend Basic Resolution 876's require en that the fund balai�ce in the
Accumulated Net Revenue Fund must ex ee three times the ma�imum debt service
payment on special revenue bonds for pr jects being paid fo� by the Port Authority,
so that more of these fund balances an be used to reduce thx levies for general
obligatianbonds in the future. �
COUNCIL MEMBERS �,, Requested by Depart�nent of:
Yeas Nays �,.� i
Dimond ` I
�� '�•i—,f��`F [n Favo !
Goswitz , � �f. i
Rettman
s�ne�be� � , :/�° ' � _ Against gy �
Sonnen ,__,�tt.,,' .`
Wilson � ! I i � !
} �°` Form Approved by C�ity Attorney
Adopted by Councit: Date i
Certified Passed by Council Secretary By— i
By il
t#pproved by Nlavor. Date _ Approved by Mayor �or Submission to Council
By - By
, W I �c�=r«�
.�ENT/OFFICE/COUNCIL DATE INITIATED � ��O
Councilmember Kiki Sonnen 6/14/8 GREEN SHEETI NO.
CONTACT PER30N&PHONE PARTMENT DIRECTOR INITIAU DATE O��NqL INITIAUDATE
Kiki Sonnen or Moll 298- Nu�� AITORNEY �CITY CLERK
MUST BE ON COUNCIL/U3ENDA BY(DA7� ROUTINO DOET DIRECTOR �FIN.6 MOT.8ERVICES DIR.
YOR(OR ASSISTA �
TOTAL�OF SKiNATURE PAGES (CLIP ALL L AT NS FOR 81GNATUR�
ACTION REWESTED:
Return $1.6 million in Port Authority pro rt ta�c levy to St. P ul taxpayers.
RECOMMENDAT10N3:Approve(Iq or Rejsct(R) COUNCIL M EE/RESEARCH REPORT OPTION
ANALY8T PHONE NO.
_PLANNINO OOMMISSION _CIVIL SERViCE COMMIBSION
_pB OOMMITTEE _
COMMENTB:
_STAFF —
_DI8TRICT COURT —
SUPPORTS WHICH COUNqL 08JECTIVE?
INITIATINO PROBLEM�18SUE.OPPORTUNfTY(Who.WM1,WMn�Whsro.Wh�:
- Increasing property taxes, assessments, se ice charges are d iving property owners
out of St. Paul.
ADVANTAQE3 IF APPFbVED:
- Decreases property tax burden on St. P ul residents and busi esses.
- Holds Port Authority more accountsble or their spending.
DISADVMITAOEB IF APPROVED:
- Requires Port Authority to readjust t ei budget.
DISADVANTAOE3 IF NOT APPROVED:
- Does nothing to address tax burden o S . Paul residents an businesses.
Cour;c�► I�esearch Center,
JUN 1� i9�
TOTAI AMOUNT OF TRANSACTION a COST/REVENUE StlDOET (CIRCLE ON� YES NO
FUNDING SOURCE ACTIVITY NUMBER
FlNANpAI INFORMATION:(EXPWI�