The URL can be used to link to this page

85-21 WHITE - CITV CLERK 1 � PINK - FINANCE COUIICII CANARV - DEPARTMENT GITY OF SAINT PALTL File NO. ��_�/ BLUE - MAYOR � C uncil Resolution Presented By � Referred To Committee: Date Out of Committee By Date W�IEREAS, The Mayor, pursuant to Section 10.07.4 of the City Charter, does recommnend the following transfers for the 1985 General Fund Budget: 7'RANSFER FROM: General Government Accounts Contingent Reserve Specified 09061-537 Operating Transfer Out -25,000 Current Amencled Budget Changes Budget TRANSFER T0: General Government Accounts Executive Ac�ministration 09100 Civic Organizations Contributions 09100-545 Contrib. to Outside Agency 144,095 +25,000 169,095 09100- All Other Spending 40,000 0 40,000 184,095 +25,000 209,095 � � 0 Nan1, THEREF'ORE, BE IT RESOLVID, That the City Council adopts these changes to the 1985 Budget. Approved as to Funding: Approval Reco�decl: �� C 'rector of Finance � �,y Budget 'rec r IL�� COUNCILMEN Requested by Department of: Yeas �e��y� Executive ' istration Drew � In Favor Masanz � Nicosia � Scheibel � __ Against Tedesco W ilson Adopted by Council: Date JAN 3 - 1985 Form Approv y City Atto e Certified a • ou cil S cr BY sy � t�ppro y Ylavor: Date N.8 — �,�,��j Ap by Mayor for Sub i ' n o Council By Pt1BLISHED f:�;��? 1? ig85 P �� (� �s�� Execut ive Admin. DEPART��IEN� Elizabeth Tedesco rONTACT . 298-4323 PHONE 12/26/84 DATE �v�� (Routing and Explanation Sheet) Assign Number for Routing Order (Clip All Locations for Ma�yoral Signature): �].''` Department Di rector � City Attorney � Director of Management/Mayor � Finance and Management Services Director 6 City Clerk � Budget Director • What Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale);_ When preparing the 1985 Budget, the City Council. cho�6se to place $25,000 in Contingent Reserve Specified for the Dispute Resolution Center . These funds would be released after the Center received funding from other organizations. The Center has notified the City that it has been awarded a grant from the Lawyer Trust Account Board, and has requested release of the $25,000 . Financial , Budgetary and Personnel Impacts Anticipated: The 1985 Contingent Reserve Specified includes $25,000 for the Center. Payment will be made from the Civic Organizations Contributions activity. An agreement is being executed between the City and the Center. No personnel positions will be affected. Funding Source and Fund Activity Number Charged or Credited: Charge: Contingent Reserve Specified (09061-537) Credit: Civic Organizations Contributions (09100-545) Attachments (List and Number all Attachments� : Council Resolution transferring funds Letter from Robert Friedlander DEPARTMENT REVIEW GITY ATTORNEY REVIEW X Yes No Council Resolution Required? Resolution Required? Yes No Yes X No Insurance Required? Insurance Sufficient? Yes No Yes X No Insurance Attached? � Revision of October, 1982 (See Reverse Side for Instructions) � (v,,��'�'-�� -�-� ' �;��.1 T� R E S O L U T i O N 911 Lafond Avenue Saint Paul, Minnesota 55104 -�. �� ...�R (6121489-4051 � .. December 18, 1984 �e Honorable George Latin�ex Mayor, City of Saint Paul 347 City Hall Saint Paul, Minnesofa 55102 D2ar Mayor Latimer: As you laiow, the 1985 City of Saint Paul budget includes a $25,OOO.QO service contract with the Dispute Resolution Centere `I3ze money has been placed in a "specified contingent reserve acaoun�" ( City Activity #09061) , pending the Center's ability -�o raise funds frcan otYier souroes. We are pleased to infornt you that the Center has received a �i2,500.00 grant from the Iawyer Tru.st A�ccount Board, effective Januaiy 1, 1985. In addition, the Center has submitted a funding p�oposal Lo the Public Safety and Justice Oonanittee of the Ramsey '.�oun�t� Board of Carm:issioners. � Zb ensure tha� +-�� med.iation and conciliation servioes�of .�he Center can oont�.nue to t�e offered tA the citizens of Saint Paul, we ask that you reo�nd the transfer of the funds� fram contingent reserve to active status. Please feel free to oontact me at 489-4051 if you require �urther infonration. 7�.anlc you for your aontinued support and assist�nce. Sincerely, '>��'e��1a��e,�- � � �� Director • �� RF:es cc: City Attorney, Edward Starr � =i ;'_��;�; -� - :2 S!:�' . ^••• •••+�•• v:• .�l�CR A�. <..l"1.'X C�V tJ 1�Cil�1.� •. �=;., i:� ;;::r: ;:,< <.�j ,'s;:�Y��. ' /;� l.�-�.{ D a t e ; December 27, 1984 r�r��:;;:~�"`' . . � �S-�/ ._.. �_ ca �v� � i�i � E REPO � T �" C� _ ��7? P+�3.� I Ci�'�.f Co�.��tc:i� _ � � ��' � �'�� '0��;1 p� Oi? F(NANCE � � " CN/�!(� JAMES SCHEIBEL • " . REGULAR AGE�DA . , • . ' ��r� 1. Resolutioii ametidirig ttie Civil Service Rules concerning leaves of abseiice. (Nicosza)�Uer �i�,t,"� 2. ResvluCion xecluesting tlie biayor to ii2clude Ieave oF absence language 3.n coiitract negotiatio�is occurring after tlie passage o£• tlia.s zesolution. {Nicosia)�� U�Z j(,�� 3.' Resolutiori ameticling t1►e .1984 budget by addxng $IU7,574 to t1►e I�inai�cing and S end.�rig Plan fvr Executive Admiiiistratipn Departmertt. �- Personnel Offi.ce (Persoliliel).�P�,ve� 4. Resolutiori awending Section II of the Salary Plan aiid Rates of Compensation Res lution by establi.slii.�ig tlie.rate of pay� for I3uilcling Nlauritetiarice Engineer. (Persoriiiel)�� .-- Resolutiori amettding t}ie Civil Sexvice.Rules by zTlsertiiig tlie title Lar�clscape 'I'ecli�iic'art in Sectioii 3..L, Grade 30 aiid iiiserting the specifications in Section 32. (Personnel)�� 11 G. Resolution amending Sectioii-5.D of the Civil Service Rules pertaining to Resideiice and allowing 5 po.�nts on only oiie certified appointmeizt for each applicant. (Persorinel)Lf,�,,� �jl� 7. Resolutzori ameridi�ig the Civil Sezvi.ce Rules . 1 ��`�`� by �nserting the title Building Diaa.ntenance Engiiieer iii Sectio�i 3.C, Uiigraded and insertzng tlie specificatior�s in Section 32��e J• • ! Resolution amending the Civic Center Capital Improveme t Budget increasing the F�nancing and Spending by $G9U,993. (Executive AcLnii�istratzon),�P17I1/�f� ?. Resolution an,ending t��e Civic Center Operatirig Fund• incxeasi tg tlie rinaucing and � S,periding by $6GU,UUU. (Executive AcLniiiistration)��19Y� :U. Resolution amending Ufficials• Surety Bond No.. 96854. (rinance}�p�1�� , . ��I. Resolution for sale of Gei}eral Ob 'gafiion Bonds and Tax Anticipation Certificates of �l�� Indebtediiess. (I�ii�aii�e) an��/ r��- '2. Itesoluti.on allot+ing City Signatures on a contract to provide fundin to St. aul Urban Ii�dian 1lealth 13oard Inc., 301 Fuller Avenue. (Conuncuiity Sexvices)�pf^�� - _ .�- I3. Resolution allo�ri�ig Czty Sigiiatures oii a contract t provide uridirig to Nortli Crtd IIealth Center, 1021 t�iarioti Street. (Commuiia.ty Services) �jp��/� � �� . _..-- ---- �;7�'H�LL •• , SL-VENTFi FLOOR • SAINT PAUL,Dtli`\'ESOT�\SS10? . �� ...�...._. _....... . _...._. .___.____.--___.____--- - -. _.__-__ .. __._�_ _ . -- --.. _._.. _ ..__.:__ _.__----..^__,—^-..�. ___ _ . __ _ ____ _ , _.._. �__, _.. ._ __._ .__._....., _........._�, .-�,�--w,..d.T,.��....�-� . 1�. Resolution allowii�g City Signatures on a c nt�act to provide funding to ramily Tree, Inc. 1599 Selby /lvenue. (Co�mmuiity Services)��, � � GJy—_a � , 0 15. Resolution allo�ring City Signatures on a contract to provide. funding to P ce to Face Ilealtli atid Cowiseliiig Service, 73U Mendota Street. (Conunwiity Services)y�n��/� • . `�"� �6. Resolutioti allo«i»g City Sigiiatures oti a coritract to_ provide fundirig to IVest S' e � • � � Community [Iealtli Center, 153_Concord Street. (Commwiity Services) �^ �� - - '�l'�' - _ __- -- :�ems not on prepared. Agenda: � � � 1:' Resolution trans�erring $20,000 from Contin�e:�t Resexve Sp cified to Budget Section (1985 :Budget Trans�er) for Public Financing Study.��}l� �� ;�� S. esolution transferring $25,000 from Contingent Reserve Spe,c�.fied to Civic Or;anizations �Contrioutions�:for the Dispute Resolution Center.� ��P(� i e �'ttee Meetin . � 9 4 nanc C��mu. Y9. Q�p�roval of M�,nutes of Decembex 18, 1 ,8 � S � �J°L[� a WMITE -FITV CLERK , flINK � i FINANCE G I TY O F SA I NT PA U L Council CANqRV - DEPARTMENT �/^ �� BLUE - MAVOR File NO. � � ou cil Resolution Presented By Referred To Committee: Date Out of Committee By Date BE IT RESOLVED by the Council of the City of Saint Paul, as follows: 1. In accordance with the provisions of Section 10.16 of the City Charter of the City of Saint Paul, the Council may without a referendum if the cash in the City' s treasury is inadequate to meet city obligations as they become due, borrow money by issuing its tax anticipation certificates of indebtedness in bearer form in such amounts as the Council may prescribe provided that the amount so borrowed may not exceed the uncollectible portion of the tax for the current year. 2. In accordance with the provisions of Section 103(c) of the Internal Revenue Code of 1954 as amended (the "Code" ) the City may not issue such tax anticipation certi- ficates in an amount greater than its cumulative cash flow deficit computed in accordance with said Code and the regulations proanulgated thereunder (the "Regulations") nor may such certificates remain outstanding for more than thirteen (13) months fran their noaninal date unless the City restricts the yield on the proceeds of such tax anticipation certificates in accordance with said Code and said Regulations; furthermore under the provision of 103 ( j) of said Code if the tax anticipation certificates are to be issued in bearer form they must not mature more than one year after their date of issue. 3. The Council hereby finds, determines and declares that the uncollected portion of its tax levy as of the date hereof, and as of February 20, 1985 (the projected date of delivery of the tax anticipation certificates hereinafter COUIVCILMEN Requested by Department of: Yeas � Nays °fe1N In Favor Masanz Nicosia schetbei __ Against BY Tedesco Wilson Sonnen Form Appro by City tor y Adopted by Council: Date Certified Passed by Council Secretary BY gy, tapproved by \4avor: Date Approve y Mayor for Submission to Council By By . C�� '��°�� -2- authorized to be issued) is in an amount in excess of $16, 300,000 and said Council further finds, determines and declares that the City' s cumulative cash flow deficit coanputed in accordance with the Code and Regulations is $16, 317,869 and the City is therefore authorized to issue tax anticipation certificates of indebtedness in the aggregate principal amount of $16,300,000 whicYt are hereby designated "General Obligation Tax Anticipation Certificates of Indebtedness of 1985" (the "1985 Certificates") and the full faith and credit of the City is hereby pledged for the payment in full of said obligations and the interest thereon. 4. The Council shall meet at the time and place specified in the "Official Terms of Offering" hereinafter con- tained for the purpose of opening and considering sealed bids for and awarding sale of $16,300,000 General Obligation Tax Anticipation Certificates of Indebtedness of 1985, of said City. � 5. The City Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City and in Commercial West not less than ten days in advance of the date of sale, as provided by law, which notice shall be in substantially the following form: . � . � C� ��-�� APPENDIX IV OFFICIAL TERMS OF OFFERING $I 6,300,000 CITY OF SAINT PAUL, MIIVNESOTA GENERAL OBLIGATION TAX ANTICIPATION CERTIFICATES OF INDEBTEDNESS OF 1985 Sealed bids for the Certificates wili be opened by Peter Hames, Director of Finance and Management Services on Tuesday, January 29, 1985 at I I:00 A.M., Saint Paul time, at the offices of SPRINGSTED Incorporated, Financial Advisor to the City, 800 Osborn Building, Saint Paul, Minnesota 55102, 6t2/222-4241. Consideration of the bids for award of the Certificates will be by the City Council the same day at 12:00 Noon, Saint Paul time. DETAILS OF THE CERTIFICATES The Certificates will be dated February 20, 1985 and will mature February 20, 1986. Interest thereon will be payable at maturity. The Certificates shall be in bearer form, non-registrable and will be in the denomination of $5,000 each unless by 12:00 Noon, Saint Paul time, Wednesday, January 30, 1985 the Purchaser requests other denominations in multiple integrals of $5,000. No interest coupon will be attached; the amount of interest to be due will be stated in the text of the Certificate. The Certificate will be issued in anticipation of the collection in 1985 of taxes levied by the City in 1984. The City shall retain all such taxes levied for (i) debt service on its obligations and (ii) all Tax Increment Districts. At such point as there remains uncollected toxes levied in 1984 for the City's General Fund in an amount equal to 120� of the principal of and interest on the Certificates at maturity all such taxes shall be deposited in escrow with The First National Bank of Saint Paul until there is on hand in such escrow account an amount equal to the principal of and interest on the Certificates at maturity. Proceeds of the Certificates, except accrued interest, if any, will be used for the purposes for which taxes were levied by the City in 1984 for collection in 1985. TYPE OF BID A sealed bid for not less than par and accrued interest on the total principal amount of the Certificates shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $75,000, payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Certificates having been made. Bidders shall specify a single rate which shall not exceed the maximum rate permitted by law. No bid may be conditioned upon award of any other offering of obligations by the City. AWARD The Certificates will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from the total dollar interest on the Certificates from their date to their final scheduled maturity. The City's computation of the . - . ��-a� total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Certificates, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. PAYING AGENT Principal and interest will be payable at Chemical Bank, New York, New York. SETTLEMENT The Certificates are expected to be delivered February 20, 1985 at a place mutually satisfactory to the City and the Purchaser. Delivery will be s�bject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan, Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion will not be printed on the Certificates, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Certificates shall be made in federal, or equivalent, funds which shall be received at the offices of the City, or its designee, not later than I:00 P.M., Saint Paul time of the day of settlement. Except as compliance with the terms of payment for the Certificates shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the City, to the effect that the Official Statement did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 50 copies of the Official Statement. Dated 3 January 1985 BY ORDER OF THE CITY COUNCIL /s/ Peter Hames Director, Department of Finance and Management Services _ . . C'� �s-�.z -3- 6. Each and all of the provisions contained in the foregoing "Official Terms of Offering" are hereby adopted as the terms and conditions of said Certificates of Indebtedness and of the sale thereof. 7. For the purpose of escrowing tax receipts so that they are irrevocably segregated with a third party and available for the payment in full of the principal of and interest on the Certificates when due, the City has designated The First National Bank of Saint Paul, St. Pau1, Minnesota, to act as Escrow Agent (Agent) to which taxes shall be remitted as hereinafter provided to be held by said Agent in escrow and remitted to the paying agent for the Certificates at times and in amounts sufficient to pay the Certificates and the interest thereon when due. Said Agent has heretofore indicated its willingness to serve as Agent in accordance with the terms of the Escrow Agreement attached hereto as Exhibit B by letter dated December 20, 1984, attached hereto as Exhibit A. 8. The Escrow Agreement shall be in the form attached hereto as Exhibit B and said Agreement is in all respects hereby approved. Prior to its execution the blanks in said Agreement shall be completed and filled and appropriate dates insertecl all in accordance with the terms and conditions of the sale and award of said Certificates, and upon approval of the caanpleted Escrow Agreement by the City Attorney or his deputy it shall be executed by tlze Mayor, the City Clerk and the Director, Department of Finance and Management Services. 9. The City shall distribute all taxes levied by it in 1984 payable in 1985 (the "Taxes") as follows: a. The City shall retain all Taxes levied by the City for (1) debt service on its obligations and (2) all Tax Increment Districts and shall deposit such Taxes in the appropriate funds of the City. In addition the City shall retain all other Taxes levied by it until there remains unpaid (exclusive of the Taxes described in (1) and (2) of this subparagraph) Taxes in an amount equal to 120$ of the principal of and interest due on the 1985 Certificates on February 20, 1986.