03-252� Council File # !/3—��0�
RESOLUTION Green Sheet # 105370
C{TY OF SAINT PAUL, MINNESOTA Z3
a
Presented By
Referred To
1 WHEREAS, the City of Saint Paul is plauning to implement Municipal State Aid Street Projects in 2003
2 which will requue State Aid funds in excess of those available in its State Aid Construcrion Account, and
3
4 WHEREAS, the City of Saint Paul is prepazed to proceed with the construc[ion of said projects tluough
5 the use of advance encumbcances from the general State Aid Conshuction Account to supplement the
6 available funds in the City's State Aid Conshvction Account, and
7
8 WHEREAS, repayment of the funds so advanced will be made in accordance with the provisions of Minnesota
9 Statutes 162.14, Subdivision 6 and Minttesota Rules, Chapter 8820.
10
11 NOW, THEREFORE BE IT RESOLVED: That the Commissioner of Transportation be and is hereby requested
12 to approve this advance for financing approved Municipal State Aid Street Projects of the City of Saint Paul
13 in an amount up to $3,000,000 in accordance with Minnesota Rules 8820.1500, Subpazagraph 10.b, and to
14 authorize repayment from future yeaz allocations in amounts listed below until fuliy repaid (maximum 3
15 yeaz repayment)
16
17 $1,000,000.00 CY 2004
18 $1,000,000.00 CY 2005
19 $1,000,000.00 CY 2006
Committee: Date
enana� v -
a e�
Bostrom
�'0 7 Pman
Harris
Lantry
Reiter
� Yeas lI Nays Absent
� �I
Form Approved by City Attorney:
✓
J
Adopted by Council: Date �h�� /� ��d3
Adoption Certified by Council Secretary
By:
Appi
By:
Approval Recommended by Office of
Financial rvises Director•
B "`�
Public Works
Paul Kurtz - 2666203
NNST flE ONCOUNCf�AGENDABY (DA'(E)
oareiwna-rEO I GRE
2/14/2003 .
�+ 5
CITY ATfORNEY
NUA9BER PoR
SWUSMG � FIWNKYALSEFiVICESD�R
ORDER
SHEET
�3-a.a"a
No. 106370
INIiaVD3te
CITY WUNGI
� ❑ CRY CLERK
� FlNANqALSERV/ACCTG
❑ MAYORIOftASSI$TAM)
❑
TOTAL # OF SIGNRTURE PAGES
❑
1 (CLIP ALL LOCATIONS FOR SIGNATUR�
ACTION REQUESLED
Approval of attached Council Resolution approving the use of advance financing from the State of Minnesota not to exceed $3 million
dollazs for the 2003 MSA Program.
RECAMMENDA710NS:ApP�aeB (A) a Rajxx (R)
_� PLANNINGCOMMISSION
_ CIBCOMMITfEE
1. Has ihis persoNfirtn ever worKed under a conVact for Mis departmeM?
YES NO
2. Has this persoNflrm ever been a city employee?
YES tJ0
3. Oces Mis person(firm possess a skill `wt normally possessetl by any curcent city employee?
YES NO
4. IS Nis perSONfirtn a targetetl ventloR
YES NO
The Ciry is planning to implement MSA Street Projects in 2003 which witl require State Aid funds in excess of those available in its State
Aid Construcrion Account. The City is prepared to proceed with the conshvction of said pro}ects through the use of advance encumbrances
from the general State Aid Construction Account to suppJement the available funds in their State Aid Construction Account and to make
repayment from future yeazs allocazions.
iDVANTAGESIFAPPROVEb.
The City will be able to maintain a posirive cash flow in the capital spending accounts through the use of no-interest advance encumbrances
from the general State Aid Construction Account.
DISADVANTAGESIFAPPROVED:
None.
. - '�
F F
rr, s,,� :` ti ��6DJ
�ISADVANTAGES IF NOTAPPFIOVED:
The city's capital cash spending account could go into a deficit condiflon for a portion of 2003 necessitating short term borrowing of city
funds that could otherwise be invested.
fOTALAMOUNTOFTRANSACTION$ 3,000,000.00 C0.ST/REVENUEBUDGETED(CIRCI:EONE) YES No
PUNDING SOURCE MSA Advance Funding ACTIVIT/ NUMBER Various CPL Projects
F�NANCIAL INFORMATION (EXPW N)