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10-280��h���o�`�"3k]���'� Council File # 10-280 Green Sheet # 3101776 CITY MINNESOTA �-�j Presen[ed by RESOLUTION ADOPTING 2010 BUDGET AMENDMENT RELATING TO 2010 POLICE CARS AND FIRE VEffiCLES FOR CAPITAL LEASE AGREEMENT -06612 #3 WITH SUNTRUST 4 Whereas, this same date of Marcb 17, 2010 the Council of the City of Saint Paul has considered a resolution CF 10-xxx a�thorizing the 5 execurion and delivery of a 2010 capital lease agreement for three years, equipmen[ schedule No. 03, ar� escrow aa eement, a�d related 6 documents, arid determining other matters in connection therewith; and � Whereas, the above mentioned agreement provides for ar� approximately three yeaz capital lease (37 months) in the approximate pri�cipal 8 amoun[ of $2,083,500 at ao interest rate per annum of 2.80% for the acquisition for (1) SPPD of approximately 48 vehicles of which 36 police 9 vehicles aze new aod 12 late mode] vehicles and (2) 4 fire vehicles, to be acquiied with money segregated pursuant to an Escrow Agreement, 10 dated on or before Mazch 30, 2010, by and behueen the City and a financing affiliate of SunTmst Bank, a Geocgia banking corpocafio�, its 11 successors and assigns; and 12 Whereas, 2010 debt service payment will be [ransfeRed from STAR fund 930 Public Safety Capi[ai Program to Fund 967. These funds were 13 pceviously budgeted and approved as part of 2010 budget; and 14 Whereas, the City Cou�cil held a pubhc heazing on this budget amendmenc on the same day; and 15 Whereas, the Mayor, pursuant to Sectiou lO.OZ 1 of the City Charter, does certify that there are fuuds of $2,083,500 aze available tor lfi appropriatlon in excess of those estima[ed in the ZO10 Budget; and 17 Whereas, the Mayor recommends the following changes ro the 2010 Budget 18 General Fund 001 Police Department 19 2� Financing Plan 21 001-04307-6205 Capital Lease 22 Other Finaz�ciug 23 Total changes to financing 24 25 Spendfng Plctrz Zfi 001-04307-0821 Cazs 27 001-04307-0890 LegaUOther Lease expenses 28 Other Spending 29 Total cfianges to spending 30 31 General Fund 001 Fire Depaztment 32 33 Financing Plan 34 001-05120-6205 Capital I.ease 3$ Other Financing 3fi TotaL changes to financing 37 3$ Spending Plan 39 �QL-05120-0822 Fire Vehicles 40 001-05120-0890 LegaUOther I,ease expe�ses 41 Other Spending 42 Total changes to spending 43 Cuirent Budeet $0 $0 $0 Cuirent Bud2et $0 $0 � $0 Current Budeet $0 $� $0 Cutrent BudeeT $0 $0 �_ $ Chanees Amended Budeet $912,500 $912,500 $0 �0 $912,500 $912,500 Chanees Amended Budeet $899,328 $899,328 $ 13,192 $ 13,172 �0 � $912,500 $912,500 Chan¢es Amended Budeet $1,171,000 $0 $1,171,000 Chanees $1,171,00� $0 $1,171,W� Amended Budeet $ 14,210 $0 $1,171,000 $ 14,210 $0 $],171,000 44 COMNIENT ON NEED FOR 2010 BUDGET AMENDMENT: Funds for this Budget Amendme�t are furnished by an Escrow fund from 45 SunTrust for $2,083,500 to reimburse spending in the Police and Fire General Fund Account. 46 fS�b�:Z�] 4� Be i[ resolved, chat the City Council approves [hese changes to the 2010 Budget. 48 Requested by Departmeot of: Office of Financial Servi � By � f Approved b f i Sy: Approved by City torn By: � �l Adoption Certified by Council Secretary By: By: � Approved ay . Date ����7�J�U - T B n ;'���t 1� � � Green Sheet Green Sheet c�reen anCC� ��_�•. --••--- - Green Sheet NO; 3101776 FS —F�nancialServices Contacf ?erson 8 Phone: Bob Guers 266-8837 � rylust ge on Council Agenda by (Date): � �-MaR-i o I Doa Type: PUBLIC HEARING I (RESOLUTfON) _ I E-Document Required: N DocumeM Gontad: Bob Guers Contact Phone: 266-8837 10 MAR 2010 � Assign Number For Ruuti�g Orde� � 10-280 3 IMavors umce - � I � 4 ICouncil C�n, C�erk I 5 ICiri Clerl - ' I j � ` �� I ,. I ToWI �f of Signature Pages _(Ciip All Locations for Signature) qcfion Requested: Adopting 2010 Budget Amendment relating to 2010 police cazs and fire vehicles for capital leases agreement 06612-#3 �nt Sunh'ust Recommendations: Approve (A) or Re�ect (R): Plannmg Commission CIB Committee Civil Service Commission Personal Service CoMracts Must Answer the FoNowing Questions: 1. Has tMs personlfirm ever worked under a contract for this department� Yes No 2. Has th�s pe�sonlfiRn ever been a city employee7 Yes No 3. Does this personifirtn possess a skill not normally possessed by any current city empioyee? Yes No Explain all yes answers on separate sheet and attach to green sheet. �n[tiati�g Problem, Vssues, Opportunity (Who, What, When, Where, Why): 2010 Budget authorizes purchasing through a lease for police and fire vehicles up to $22M Advantages If Approved: City will get a 37 month lease with Simtrust at 2.80% Disadvantages If Approved: None known Disadvantages If Not Approved: There will be no budget authority to purchase police and fire vehicles ToWI Amount of Transaction: Fuoding Snurce: Financial information: (Expiain) $2,083,50QA Lease CosURevenue Budgeted: pc{ivity Number: 05120 PanP � nnarch 10_ 2010 9:�4 AM Coancil File # 10-280- Green Sheet # 3101776 RESOLUTION Presented by � PAUL, M(NNESOTA RESOLUTION ADOPTING 2010 BUDGET AMENDMENT RELATING TO 2010 POLICE CARS AND FIRE VEHICLES FOR CAPITAL LEASE AGREEMENT -06612 #3 WITH SUNTRUST 4 Whereas, this same date of Mazch 27, 2Q10 the Councii of the Ci[y of Sain[ Paul has considerzd a resolunou CF 10-zex auchorizing [he 5 execution and delivery of a 2010 capital lease agreement for three yeazs, equipment schedule No_ 03, an escrow agreement, and related 6 documencs, and determining other matters in connection therewith; and 7 Whereas, the above mentioned agreement provides for an approximately three year capiial ]ease (37 months) in the approximate principal 8 amou�t of $2,083,500 at an interest rate per annum of 280% for the acquisition foc (1) SPPD of appcoximately 48 vehides of which 36 police 9 vehicles are �ew and 12 late model vehicles and (2) 4 fire vehicles, to be acquired with mo�ey segegated pursuant to an Escrow Agreement, 10 dated on or beforz March 3Q 201Q by and between the Ciry a�d a ftnancing a�liate of SlmTmst Bank, a Geocgia banking corporarion, its 11 successors and assigns; and I Z Whereas, 2010 debt service payment will be transferred from STAR fund 930 Public Safety Capital Program to Fu�d 967. These funds were 13 previously budgeted and approved as part of 20] 0 budget ar�d 14 Whereas, che City Councii held a public hearing on this budget amendment o� the same day; and 15 Whereas, [he Mayor, parsuant ro Secrion 10.071 of the City Chartec, does certify that there aze funds of $2,083,500 aze available fot 1 f> appropriatlon in excess of those estimated in the 2010 Budget and 17 Whereas, the Mayoc recommends the following changes to the 2010 Budget: 18 General Fund 001 Police Department 19 20 Finarzcing Plan 21 001-04307-6205 CapitaL Lease 22 Other Financing 23 Total chaqges to financing 24 25 Spending Plan 26 ooi-oa3o�-oa2t cazs 2� 001-04307-0890 LegallOther Leaseexpenses Z$ Other Spending 29 Total changes to spending 30 31 General Fund 001 Fire Department 32 33 Ftnancing Plan 34 001-05120-6205 Capital Lease 35 Other Financing 3f) Total changes ro financing 37 38 spentting Plaa 39 OOI-05120-0822 Piie Vehicles 4� 001-05120-Q890LegaVOtherLeaseexpenses 41 Other Spending 42 Total changes to spendittg 43 Cla�en[ Budeei $0 �_ $0 Current Budeet $o $0 $0 $0 Current Bndeet $0 $0 $0 Current BudEet $0 $0 �— $ Chanees $912,500 � — $912,900 Chanees $899,328 $ 13,172 �— $912,500 Chan es $1,171,009 $0 $1,171,000 Chan¢es $1,569,790 $ 14,210 �— $1,171,000 Amended Bud¢et $912,500 � $9 ] 2,500 Amended Budeet $899,328 $ 13,172 $0 $912,500 Amended Budeec $1,171,00 � $1,171,00 Amended Budaet $1,569,790 $ 14,210 � $1,171,000 � COMMENT ON NEED FOR 2010 BUDGET AMENDMENf: Funds fot this Budget Amendment are fumished by an Escrow fund from 45 SunTrust for $2,083,500 to reimburse spending in Ihe Police and Fire Genera] Fund Account. 46 47 Be it resolved, that the City Council appmves these changes to the 2010 Budget. 48 Yeas Nays Absent Bostrom Carter Harris Helgen Lantry Stazk Thune Adopted by CounciL• Date Adopdon Certifred by Councit Secretary By: Approved by Mayor: Date By: Requested by Department of: Office of Financial Services By: Appcoved by the Office of Pi�ancial Services By: Appioved by City Attorney By: Approved by Mayor for Submission to Council By: