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89-1430 - C�TV CLERK �- FINANCE j TY F I NT PA U L Council nRV - DEPARTMENT G O S /��a _UE ti- MAVOR i FI�e NO• ��� - � � ° � uncil� esolution ��y� � --� Presente y h I ��/� � efer o Committee: Date Out of Committee By Date WHEREAS, federal law mandates strii�g nt requirements for the reporting, traeking, and rebate of� a bitrage earnings for tax exempt bond funds, and ; WHEREAS, the law also grants a ten; y ar temporary period free from yield restrietions on certain debt; s rvice funds, and WHEREAS, the ten year temporary pe�ri d has elapsed for the Downtown and Seventh Plaee Tax Inerement de�bt service funds and therefore, because of the complexity of inter�pr ting this law, it is neeessary to hire bond counsel to determine the a ounts subjeet to arbitrage and define the arbitrage earnings, and WHEREAS, expenditures for this task re projeeted to be in the amount of $12 ,000 in total for the three bo d issues in the Downtown and 7th Place Tax Inerement Distriet , and ; WHEREAS, this $12 ,000 expenditure ;wi 1 be paid from interest earnings on the Downtown and Seventh Plaee � Ta Inerement Fund, and WHEREAS, The Mayor pursuant to Se�t on 10 .07 . 1 of the City Charter, does certify that there are availab e for appropriation revenues in exeess of those estimated in the �19 9 budget ; and WHEREAS, The Mayor reeommends the� f llowing changes to the 1989 budget: ' ; COUNCIL MEMBERS Requested by Department of: Yeas Nays ; Dimond � Finance and Management Services Lo� in Fa�or Gos�vitz � Rettman B Scheibe� __ A ga i n�t Y � Sonnen ' � Wilson ; ; Form Approved by City Attor y Adopted hy Council: Date Certified Passed by Council Secretary � gY — sy � Approved by Mavor: Date _ Appro d Mayor Eor Sub ss' n �ouncil By ' 1 � ::� � . ���,��a _ DEPARTMENT/OFFICE/COUNqL � ° DATE INITIATED j 0 �S Finance and Management e ices 6/28/89 GREEN SHEET No. I DATE INITIAUDATE CONTACT PERSON 8 PHONE PARTMENT OIRECTOR �CITV COUNCIL Shirley Davis 292-7038 N� �Ty pnopNEy �(MTY(XERK MU$T�ON OOUNpL AOENDA BY(DA ROUi�10 OOET DIRECTOR flN.&M(�T.8 CE8 DIR. AY�i(OR A8818TANT) � TOTAL i�OF SI�aNATURE PAOES (CLIP ALL L A ONS FOR SIQiNATURE) 7 �z►- ACTION REQUEBTED: �.�j�I(ic.¢i This resolution establishes a budget to pay arbitraqe e nses. The money for these expenses is interest earninqs and is available. RECEIVED RECOMMENDA710N8:Appraro(/y or Rysct(Fq COUNf�L M _PLANNINO COMMI3810N _qVIL SERVICE COMMISSION ��Y� 9 PHONE NO. _pB OOMMITfEE , —srn� _ coMMeNTS: DEPqRTINENT 1RECTpR _oiss�ucT couRr _ �'•vp MANAGEIV! OF FINANCE SUPPORTS WHICH OOUNdL OBJEC71VE7 ENr SERV��',ES INITIATINO PROBLEM.ISSUE�OPPORTUNIIY(1Nho.Wlut,Nllbn��Nhere�Why): Federal law qrants a 10 pear temporary period free fr m y eld restriction for certain debt service funds. This 10 year temporarp period has elapsed for Park Nursery (1 ond issue) and Downtown and 7th Place (3 bond issues) tax increment bond issues. It was necessary to hire ond counsel to determine the amounts subject to arbitrage and define the arbitraqe eaminqs. ADVANTAOEB IF APPROVED: The Citp will meet federal regulations conceminq arb tra e and debt service funds thereby assurinq the tax exempt status for holders of City bonds. DISADVANTA(iE8 IF APPROVED: None. The Citp must conform to the law to preserve the tax xe t status. DISADVANTAOES IF NOT APPROVED: City Bonds could become taxable, the City would lose re it4bility in the market place, and the possibility of a lower credit ratinq. Cou�;erf f�e�ea�ch Center. f�UG 3 i��9 T TAL AMOU TRANSACTI = COST/REVENUE BUDOETED(qRq.E ON� YES NO ��- � ��• ACTIVITY NUMBER� ���� D FUNDING 80URCE FlNANqAI INFORMATION:(EXPLAII� . ' ��O ~� � . � . � . �fid I • • . U"'�I/��� �! �� Current Amended ' Budget Changes Budget FINANCING PLAN --_____ _______ _______ 967 Downtown and 7th Plaee TIGO Debt Service Fund 89110 Downtown and 7th Plaee TIGO Debt Service Aceount 6602 Interest on Investments - 0 - 12,000 12 , 000 All Other Finaneing 2 ,200 , 560 - 0 - 2 ,200 , 560 ---------- ------- --------- Total Financing � 2 , 200 , 560 12 ,000 2 , 212 , 560 ,I I I ' �I II 2 WHITE - CITV CLERK COIIRCll -__� I��� PINK - FINANCE G I TY O F �'����S I NT PA iT L CANARV - DEPARTMENT ,� BLUE yMAVOR ' F�le NO. - r � Council esolution Presented By ' Referred To ' Committee: Date Out of Committee By Date SPENDING PLAN ' 967 Downtown and 7th Place ' TIGO Debt Service Fund ' 89110 Downtown and 7th Place ', TIGO Debt Service Account 0605 Arbitrage Expense - 0 - 12 ,000 12 ,000 All Other Spending � 2,200,560 - 0 - 2 ,200 ,560 ', 2 ,200,560 12 ,000 2 ,212 ,560 NET CHANGE ' $12 ,000 RESOLVED, That the City Council �pp oves these changes to the 1989 budget. ', ', Approval Recommended � � �,_. ', Budget i ector COUNCIL MEMBERS ', Requested by Department of: Yeas Nays Dimond I M �ng � In Favor ' Goswitz ' sche�be� v -- Against ', BY Sonnen �/fyf�"t� Wilson l � SEP�"�1 ,9� '' Form Approved by City Att rne Adopted by Council: Date ! Certified a; ed by Counc'1 Secretary ' BY gy, . L�.(� ��� ' App by Ylavor. Da e _ �EP 2 2 1��� ' p►PPc ve by Mayor for Su issi to &'ouncil B �� S E P 3 0198� 3 . . , ' i `�� �'T� '" � �� : ''�: ' i' i�i��i:`;; ; CZTY OF � INT PAUL .\tct ei::1J OFFICE OF THE CITY COUNCIL Commi!tt e Report - Finance Mana ement Personnel Committee Septem�ber 11, 1989 � � 1. Approval of minutes of August 2!1, 989, meeting. Approved 2a. Resolution 89-1427 - amending tl'he 989 budget and Approved adding $8,673 to the Financing iand Spending Plans for G.O. Special Assessment, 1�87 nd 1988 Bonds- arbitrage interest ear.nings. (�Re rred from Council August 15) � 2b. Resolution 89-1428 - amending �he 1989 budget and Approved adding $123,194 to the Financiig nd Spending Plans for General Debt Service Fund, 19 7� and 1988 Bonds- � arbitrage interest earnings. 4Re erred from Council August 15) 2c. Resolution 89-1429 - amending the 1989 budget and Approved adding $118,850 to the Financi�hg nd Spending Plans for Sewer Service Bond Fund - rb trage interest earnings. (Referred from Coun�il August 15 . eso ution 89-1430 - amending he 1989 budget and Approve adding $12,000 to the Financin a d Spending Plans for powntown & 7th Place TIGO �eb Service - arbitrage interest earnings. (Referred ro Cnun�11 August 15) 2e. Resolution 89-1431 - amending the 1989 budget and Approved adding $7,000 to the Financingl an Spending Plans for Park Nursery Development TIG Debt Service - arbitrage interest earnings. (R erred from Council August 15) i 3. Resolution 89-1301 - amendinglth 1989 budget by Approved adding $42,445 to the Financi g nd Spending Plans for the Rental Dwelling Regis�ra ion Program. (Referred from Council July 2�, aid over August 21) - : 4. Resolution 89-1300 - amending th 1989 budget by Approved� adding $10,800 to the Financir�g nd Spending Plans for the Alarm Permit Program. l ( eferred from Council July 25) i i CI TY HALL S�VE TH FLOOR SAINT PAUL, MINNESOTA 55102 •+�-46 I Finance Committee Report September 11, 1989 5. Resolution 89-1325 - amending the 1989 budget by Approved adding $30,000 to the Financing and Spending Plans in the Fire Department for new roof at Fire Station No. 10. (Referred from Council August 1) 6. Resolution 89-1423 - amending the 1989 budget by Approved adding $11,706 to the Financing and Spending Plans of General Fund - Fire Department salaries - overtime. (Referred from Council August 15) 7. Resolution 89-1424 - amending the 1989 budget and Approved adding $52,451.96 to the Financing and Spending Plans for Friends of the Library. {Referred from Council August 15) 8. Resolution 89-1425 - amending the 1989 budget and Approved adding $30,000 to the Financing and Spending Plans for Community Services Library materials. (Referred from Council August 15) 9. Resolution 89-1492 - amending the 1989 budget by Approved as amended adding $20,000 to the Financing and Spending Plans for physical examinations for potential city employees. (Referred from Council August 22) 10. Resolution 89-1521 - amending the 1989 budget by Approved adding $70,000 to the Financing and Spending Plans for the Public Works Traffic, Signal , Lighting and Maintenance fund. (Referred from Council August 29) 11. Resolution 89-1540 - amending the 1989 budget by Approved Substitute adding $246,151 to the Financing and Spending Plans Resolution for CIS computer upgrading. (Referred from Council August 31) 12. Resolution 89-1243 - approving the appointment by Denied the Mayor of James C. Sargent to serve as a Commis- sioner of the Civil Service Commission. (Referred from Council July 13, laid over July 31) 13. Resolution 89-1469 - authorizing district councils to Denied use funds allocated for neighborhood cleanup projects in addition to the Neighborhood Cleanup Day; and that District 15 Community Council is authorized to utilize its neighborhood cleanup allocation for printing and distribution of solid waste reduction and recycling brochure. (Referred from Council August 17) 14. Ordinance 89-1266 - amending Chapter 370 of the Approved Legislative Code pertaining to appointment of members to the Board of Examiners for Certificate of Competency holders. (Referred from Council July 25, laid over August 21)