01-1062� ' .°"� { i G t� 9
t t� � i �{ t`i ' S f
1 .�, 9 { t i�.s f i W('�i io..
Green Sheet # 113�1'15
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Presented By
RefeTred To
Council File # f] \� l�G,�.
�
3a
Committee: Date
WF3EREAS, the cash balances within various funds of the City exceed short term needs, and currently are
invested by the Financial Service Office, Treasury Section, to yield approxunately 5.5% in 2000-01, and
WF3EREAS, the City or HRA have inifiatives that cannot be financed under current City or State bonding or
borrowing authority or laws, and
WI-IEREAS, the City has the authority to bonow between funds, and has established an Internal Borrowing
Fund to control and monitor the transactions beriveen funds, and
WHEREAS, the City will assign the Financial Services Director and City Treasurer as advisory council to
review and advise the City on transactions for the use of cash float between funds so as to maintain integrity
of the City cash with the minimum risk far the City, and
WHEREAS, the HIZA wants to raise sufficient financing to provide short term loan to the 2001 Upper
Landing project and has executed a special fund loan agreement with the City to accomplish that financing
pursuant to CF O1-242, and
WHEREAS, an independent analysis has confirmed that the City can provide the financing at a lower cost
then the proposed transaction, and
WHEREAS, there will be secure assets with sufficient revenue streams dedicated to the Internal Borrowing
Fund to support repayxnent of principal, with interest, to the funds advancing the use of cash, now
THEREFORE BE IT RESOLVED, the City Council approves the use of the Internal Borrowing Fund to do
interfund transactions of cash within the city funds as allowed by law, and
BE IT FURTHER RESOLVED, that all loans created by the Internal Borrowing Fund must be approved by
City Council Resolution and the loan herein set forth in tkus Resolution is approved, and
BE IT FURTHER RESOLVED, that all loans pay interest floating with the City treasury portfolio investment
rate, but not to exceed 6.5%, and
BE IT FURTHER RESOLVED, the Financial Services Director and the City Treasurer will adjust the cash
float to "cash rich" fixnds allowed by law, to provide secure financing for the transactions and assure that
interest in paid and properly credited, now
BE IT FURTHER RESOLVED, that all internal borrowing and pledges of repayment be reviewed and rated
for investment quality by an impartial Saint Paul financial insritution and that information be provided City
Council for consideration in its decision, and
�"` —� � .,.1 � n r e
E S�',�` i i�. E 1� i - ` 4
����R��ORE,� the i�ayor, pursuant to section 10.07.1 of the City Charter, recommends the following p(. �p`y.
changes to the 2001 budget:
FINANCING PLAN: Intemal Borrowing Fund
GL 07010301 6928 Advance from Other Funds
GL 070 10301 6604 Inteiest on Advance
AIl Other Financing
SPENDING PLAN: Intemal Botrowing Fund
GL 070 10301 0535 Advance to HRA TI Capital Project Fund 148
GL 070 10301 0619 Interest Expense
All Other Spending
FINANCING PLAN:
GL 001 00000 6202 Cash Advance
GL 930 00000 6202 Cash Advance
GL 260 00000 6202 Cash Advance
GL I I7 00000 6202 Cash Advance
GL 145 00000 6202 Cash Advance
GL 130 00000 6202 Cash Advance
SPENDING PLAN:
GL 001 00000 0535 Advance to Internal Borrowing Fund
GL 930 00000 0535 Advance to Intemal Borrowing Fund
GL 260 00000 0535 Advance to Intemal Borrowing Fund
GL 117 00000 0535 Advance to InYernal Borrowing Fund
GL 145 00000 0535 Advance to Internal Bonowing Fund
GL 130 00000 0535 Advance to Intemal Borrowing Fund
RESOLVED, that the City Council approves these changes to the 2001 budget.
Adoption Certified by Council Secretary
$Y � � \ _� �i'}
Approved by Mayor: Date
�
i
�. � ii � �/ ./
C�trent
Bud¢et
0
0
0
0
�
0
0
0
0
0
0
0
0
0
Chan¢es
6,000,000
82,500
0
6,082.500
6,000,000
82,500
0
6,082.500
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1 000,000
6,000 000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1.000.000
6.000,000
Aequested by Department of:
Amended
BudQet
6,000,000
82,500
0
6.082,500
6,000,000
82,500
0
6.082,500
I,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1.000.000
6.000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
6.000.000
Otfice of Financial Services
B �a. ��o-n.�. M
Approv F'nancial S rvices
By:G �
Form Approved by City Attorney
By.// .� � C..o - i �., p-�
Approved b Mayor f r Submissioa to Council
B � ne ✓w`�—
Adopted by CounciZ: Date � z.�. In ) �.p �\
)
�
of Financial Services
�CT PERSON & PHONE
pATE INfMTED
,o�o,��oo, I GREEN SHEET
OEPARTMINI�IRELiOR
�7.2���
TOTAL # OF SIGNATURE PAGES
CrtYCWNGL
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113475
� CftYATTORNEY � CtfYLLERK
❑2 Flwwcw�sEmncESmR��� Flruncw.sazvrnccTc
❑4 ranraz ❑1 rre�re�
(CL1P ALL LOCATI S FOR SIGNATURE)
budget and financing for Internal Borrowin9 Fund" to the HRA for the Upper Landing prqect.
or
PLANNING COMMISSION
CIB COMMITTEE
CIVIL SERVICE COMMISSION
Has this persoNfirm ever worked under a corkrdct for this tlepartment?
YES NO
Has llus persoNfirtn ever been a city employee?
VES NO
Does this persoNfrm possess a skili not nortnally possessed by any current ciry employee>
YES NO
Is this persoNfrm a targeted vendoR
YES NO
tion 07-242 passed by fhe City Council on March 14, 2001 approved the City's loan to the Housing and Redevelopment Authority
Upper Landing Project.
���`,^.,�
City wili have a finanancing source and butlget to Tuntl the loan to the HRA for the Uppper Lantling Project
IF NOT APPROVED
loan to the Upper Landing Projec[ will not be funded.
OF TRANSAC710N $ se o00 000
,ri�
WST/REVENUE BU�GETED (CIRCLE ONE)
YES NO
SOURCE ACTMN NUMBER