09-410Council File # Il /' Tl D
Green Sheet # 3069156
Presentetl Sy:
Referred To:
RESOLUTION
OF SAINT PAUL, MINNESOTA / �
Y
Committee; Date
� WHEREAS, Council Eile 08-1130, was approved Qctober 15, 2008, to increase the spending authority from $t,�0�,000.0� to
2 $3,000,000.00 to allow site and foandation work for Station 1 and 10 and Headquarters to start in November 2008,
3 ratherthan delaying construciion commencement untii January 2009; and
5 WHEREAS, co�struction is underway and as of March 31, 2009, the project has spent $2,141,000.00 and is expected to spend
s $3,000,000.00 over Apnl, May, and June 2009; and
7
s WFiEREAS, ihe additional $3,000,000.00 will be used for a portion ofi construction of ihe Fire Station and Headquarters building
s envelope, mechanical, electncat and interior fmishes, and reai estate acquired for the site: and
io
i� WHERE.AS, the Fire Departmentwishes to obtain sufficientfinancing to provide a shoct-terzn loan to the Statio� 1 and l0 and
72 Headquarters project in order to finance the construc5on, and the Office of Financial Services has preQared a"Record of
�3 Intertund Loan" agreement to accomplish that financing; and
74
15 WHEREAS, an analysis has confirmed that the aty can provide the financing by an intemal loan cheaper than a
ts current market transaction; and
17
1s WHEREAS, there will be secure assets dedicated to the Internal Loan Fund to support repayment of principte; with interest,
1s to the funds advanang the use of cash; and
20
2t WHEREAS, the temporary financing for the Station 1 and 10 and Headquarters project prowded by the fntemal Loan Fund will
22 ultimately be replaced by perznanent financing provided by the city's issuance of Public Safety Bonds payable from the Debt
23 Service Fund; and
24
25 WHEREAS, the Station 1 and 10 and Headquarters Public Safety Bonds in the amount of approximately
26 $15.5 million will be issued in 2009; and
27
28 WHEREAS, the details of the advances from the Intemal Loan Fund and the issuance of the bonds are set forth in the
29 Record ofinterfund Loan;now
30
3t THEREFORE BE IT RESOLVED, the City Council approves the use of the Internaf Loan Fund to {end cash to the Fire
32 Department for the Station 1 and 10 and Headquarters project; and
33
3a BE IT FURTHER RESOLVED, that the proposal set forth in this resolution is approved and the Director of Financial Services
35 and the Fire Chief shall execute the Record of Interfund Loan to memorialize the iransaction; and
36
3� BE IT FURTHER RESOLVED, that the Financial Services Director and the Treasurer will use the cash from the City pool
3S allowed by law, to provide secure financing for the transactions and assure the interest is paid and properly credited; and
39
ao BE fT FURTHER RESOLVED, that all intemat borrowing a�d pfedges of repayment be reviewed and rated for investment
a� quality by an impaRial Saint Paul financial institution and that information be provided to the City Council for consideration in
a2 rts decision; and
43
aa BE IT FURTHER RESOLVED, that the proper city o�ciais are authorized to enter into contracts and spend funds under
a5 the authority of Council File 08-1378 which approved the 2009 Capital Improvement Budgei which includes an appropriation ot
as $15.5 million for this project; and
a�
as BE IT FURTHER RESOLVED, that the City intends to sell either Public Safety Bonds or Bwld America Bonds for approximately
a9 $15.5 million which will close on or about June 1, 2009 will repay the Internal Loan from Fund 070 inciuding interest at the pool rate; and
so
5� BE IT FURTHER RESOLVE, the C�ty reconfirms its intention under GF 08-14, as required under federal law, to
52 reimburse the City for associated costs for Station 1 and 10 and Headquarters from proceeds of either Build America Bonds
53 or a future tax -exempt issue;
54
55 THEREFORE, the Mayor pursuant to Sec. 10.07.01 of the Ciry Charter, certifies that $3,000,000 is available for appropriation
56 in the 2009 budget and recommends changes to the 2009 operating budget; and
Council File # ���.���
Greensheet# 3069156
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By:
Referred To: Committee: Date
5� THEREFORE BE IT RESOLVED, by the Council of the City of Saint Paui, upon recommendation of the Mayor and the
ss advice of the Long Range Capital Improvement Budget Committee, that the 2008 Capital Improvement Budget, as well as the
s9 2D09 operating budget be amended in the following manner:
60
67
62
63
sa FINANCING PLAN: Current Budget Change Budget
65 C08 2005 Capital Improvement Projects
6s 5f004 - Fire Station 1& 10 & HQ
67 6925 - Advance From Other Funds 3,000,��0.0� 3,000,0�0.00 6,�00.�00 �0
ss Total Activity Budget 3,000,000.00 3,000,000.00 6,000,000.00
69
7o SPENDING PLAN:
7� COS 2008 Capital Improvement Projects
7z 51004 - Fire Station 1& 10 & HQ
73 0881 - Acquisition of Land 1,314,OO�.Q� - 1,314,0�0.�0
74 0892-ArchitectFeesCapitalized 1,000,000.00 - 1,000,000.00
�s 0894 - Construction General 686,000.00 3,OOQ000.00 3,686,000.00
7s Total Activity Budget 3,000,000.00 3,000,000.00 6,000,000.00
77
78
79
80
aa FINANCING PLAN: Current Budget Change Budget
82 070 - Internal Borrowing Fund
s3 10304- Fire Station 1& 10 & HQ
aa 6928 - Advance From City Cash Pool 3,000,000.00 3,000,OOO.DO 6,000,000.00
a5 6604 - lnterest on Advance 90,000.00 30,000.00 120,000 00
a6 Total Activity Budget 3,090,000.00 3,030,000.00 6,120,000.00
E7
as SPENDING PLAN:
8s 070 - Intemal Borrowing Fund
90 10304- Fire Station 1& 10 & HQ
9i 0535 - Advance to Other Funds 3,000,000.00 3,000,000.00 6,0�0,000.00
92 0619-InterestExpense 90,000.00 30,000.00 120,000.00
93 Total Activity Budget 3,090,000.00 3,030,000.00 6,120,000.00
94
95
96
97
e8 FINANCING PLAN: Current Budget Change Budget
99 001 - General Fund
900 00000-Non Department
�o� 6202 - Cash Advance 3,090,000.00 3,030,000.00 6,120,000.00
102 Totat Actroity Budget 3,090,D00.00 3,030,000.00 6,520,000.00
103
ioa SPENDING PLAN:
ios 001-GenerelFund
706 00000-NOn Department
io7 0535 - Advance to Internal Borrowing Fund 3,09Q000.00 3,030,000.00 6,120,OD0.00
ioa Total Activity Budget 3,090,000.60 3,03Q000.00 6,120,000.00
Requested by Department of:
�
�
Adopted by Council: Date �� Sfj/�
Adoption Certified by Council Secretary:
By:
Approved by or: D t �7
i
By:
Council File #
Green Sheet#
U�l - ��,/D
3069156
oval,�Recommended by Dirgctor of Financial Services:
�
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green 5heet �
6��- �l�
DepartmenUOfficelGouncil: ' Date Initiated:
, FR -F��e ; o, ` Gr Sheet NO: 3069156
Contact Person & Phone: � Department Sent To Person InitiaUDate ;
Fire Chief Tim BuUer � � 0 Fue ' —�___ ,
222-0477 �, 1 Fre Depar[mentDirecror �,
Must Be on Council Agenda by (Date):
' Doc. Type: RESOLUTION W/$
! TRANSACTION
�' E-DOCUmentRequired: Y
� Document Contact: Jill LaCasse
j Contact Phone: 228-6257
Assign 2
Num6er 3
Por j
Routing I 4
Order � 5
I 6
Total # of Signature Pages _(Clip All LoWtions for Signature)
�—
I Acnon Requestea: -
� Approval of the attached Council Resolution adjusting [he Department of Fire and Safety Services' Capital Froject Fund financing
� and spending plans for the new Fire Station 1 and 10 and HeadquaRers buitding as we1L as establish financing and spending plans and
I aclmowledge the temporary loan from the Intemal Bonowing Fund.
Recommendations: Approve (A) or Reject (R):
Planning Commission
CIB Committee
Crvd Service Commission
Personal Service Contracks Must Answer the Following Questions:
7. Has this person/firm ever worked under a contract for this department?
Yes No
2. Has this person/firm ever been a city employee?
Yes No
3. Does ihis person/frm possess a sKill not normally possessed by any
current city employee?
Yes No
Expiain all yes answers on separate sheet and attach to green sheet.
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why): I,
The Deparhnent of Fire and Safety Services is building a new Fire Station 1 and 10 and Headquazters building and addirional funding
is needed to continue construction on the project.
Advantages If Approved:
The Fire Station 1 and 10 and Headquarters project will be able to stay on track and meet the completion deadline of December 2009.
DisadvanWges IfApproved:
None.
Disadvantages If Not Approved:
The Deparhnent of Fire and Safety Services will not have the addirional funding available to continue the construction of the new Fire
Station 1 and 10 and Aeadquarters.
Totai Amount of
Transaction:
CosURevenue Budgeted:
Funding source: Internal Loan from Fund 070 qctiviryr Number:
$3,000,000.00
Financial Informatfon:
(Expiain)
April 1, 2009 2:09 PM
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