279154A P!:JK£ - FI�IANCE RK � � [�����
.�CANARV - DEPARTMENT GITY OF SAINT PAUL COIlI1C11 ��� �±
BLUE- - MAVOR File NO.
Ordin�nce Ordinance N0. �
Presented By -�?
Referred To Committee: Date
Out of Committee By Date
An Administrative Ordinance estab-
lishing a Special Assessment Revolving
Fund.
THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN:
Section 1.
Fund Established. There is hereby established a Special
Assessment Revolving Fund (hereinafter called "Revolving
Fund") to be administered by the Department of Finance
and Manageinent Services in accordance with the provisions
of this chapter and generally accepted accounting princi-
ples. The director of the department shall provide the
Council with annual statements of the Revolving Fund,
which statements shall be presented at the same time as
is the mayor's proposed budgets.
Section 2 .
Purpose of Fund. The Revolving Fund shall be used to pay
the expenses of that portion of improvements which consti-
tute local improvements within the meaning of Minnesota
Constitution, Article X, Section l, and for which special
assessments are to be levied pursuant to the City Charter
or State law, and shall be used for no other purpose
except that the Revolving Fund may be used to pay the
principal of and interest on obligations issued to finance
the Revolving Fund. The local improvements to be financed
by the Revolving Fund and the amount of advances shall be
designated by resolution of the Council .
COUIVCILME[V
Yeas Nays Request d by Department of: �
� � � ���
Fletcher
�evine In Favor —
Masanz ��
Nicosia Against BY -� `�"" ' '
Scheibel
Tedesco
Wilson
Form Approve by C ty Atto ey
Adopted by Council: Date
Certified Passed by Council Secretary BY
By �
Approved by Mayor: Date Appro e o for Su 's nd" Council
BY BK.
PUBLISHED 0 C T 2 1gg2
M�H17E - CITV CLERK COUI1C11 � "J1�� �}
� B`NU�ARYy EPAOR�MENT GITY OF SAINT PAUL File NO. � � � �
•
r in�nce Ordinance N 0. S
Presented By
Referred To Committee: Date
Out of Committee By Date
Section 3.
Interest. Each local improvement shall pay interest
to the Revolving Fund on the advances at the rate of
interest set by the Director of Finance.
Section 4 .
Repayment to Fund. The City shall credit to the Re-
volving Fund when received all payments of special
assessments levied for projects, the expenses of which
are paid from the Revolving Fund. The amounts credited
to the Revolving Fund shall include any interest pay-
ments received by the City in connection with the pay-
ment of such special assessments.
Section 5.
Funding Source. The sources of funds for the Revolving
Fun s a include, but not be limited to, annual budget
appropriations, obligations issued for the purpose of
creating or preserving the Revolving Fund, special assess-
ments, interest on advances and investment earnings on
Revolving Fund balances.
Section 6 .
Effective Date. This ordinance shall take effect and be
in force thirty days from and after its passage, approval
and publication.
-2-
COU[�1CILMEN Requested by Department of: �
Yeas Nays ,/
Fletcher � 7
Levine In Favor
Masanz
Nicosia �_ Against BY
Scheibel
-�edeS�d`
Wilson 1982
Adopted by Council: Date
SEP 2 1 For Approved Attorney
Certified P e b Counc� Se tar BY �
By
A by Mayor: D e 2 3 198Z Appr y Mayor for Sub ' si n tb Council
g B
P H
� 1 `� F'�.�-. �.
LITV 01
CITY OF SAINT PAUL �� ����I� �
i
;� '; OFFICE OF THE MAYOR
a uuum ".
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���� 347 CITY HALL
SAINT PAUL, MINNESOTA 55102
GEORGE LATIMER (612) 298-4323
MAYOR
,August 23 , .1982
Cauncilman James Scheibel
Seventh k'loor City Hall
Saint Paul , Minnesota 55102
Dear Councilman Scheibel :
Attached is an administrative ordinance establishing a special
assessment revolving fund.
This step is being taken because of the potential need to borrow
money to solve the casfi flow problems in our assessment funds .
Historically, these assessment funds , including street maintenance ,
tree maintenance , and Town 5quare maintenance , have operated with
cash deficits . These deficits are caused by a number of factors ,
including th.e lack of sufficient start-up cash and the fact that
the payments to the funds for the provision of services do not
take place until eighteen months after the service is provided.
Lengthy meetings have been held with our accountants , City Attorney
and bond counsel (Briggs and Morgan) , regarding solving the cash
flow problems . This ordinance is the first step to be taken. This
step simply creates a special assessment revolving fund, which is
consistent with the City Charter.
A report is being prepared for presentation to the City Council .
This report will prapose permanent solutions to the chronic cash
flow problems in the assessment funds . The report will be ready
within the next month. It is necessary to adopt this ordinance
now, because the greatest cash deficit occurs during the month of
November and the revolving fund needs to be established prior to then.
Peter Hames , Director of Finance and Management Services , is ready to
make a presentation in support of the proposed ordinance .
Xour approval of this ordinance is res�ectfully requested.
incer •
O LATIMER
May
cc : Council Members Jerome Segal
Greg Blees Gerald Swanson (Briggs & Morgan)
Jim Hart Bob Trudeau
A1 Olson ��
Gary Norstzem
�.-- l
�r �
.�
lst �� ' � 2nd — —
� —
3rd �-J� -'_ f� —(l� Adopted �^ �j � — ��
{i__
Yeas Nays
FLETCHER �
LEVINE � ` c���
/ �`
MASANZ �
, �.
NICOSIA ������ A �
SCHEIBEL C
WILSON �
MR. PRESIDENT TEDESCO
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