94-1102 C ouncil File # 614 �IQ
ORIGINAL
Green Sheet # ?Sri?
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By ./'.. _.
Referred To Committee: Date
RESOLUTION DECLARING
OFFICIAL INTENT TO REIMBURSE
WHEREAS, federal rules for the tax- exemption of bonds require the proceeds to be spent for the
purpose for which the bonds are issued; and
WHEREAS, proceeds used to reimburse expenditures originally paid from a source other than bond
proceeds are not considered expended unless the issuer, within 60 days after payment of the original
expenditure, adopts an official intent to reimburse such expenditure:
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul as follows:
1. Intent. The City intends to reimburse original expenditures for the Project described below
with proceeds of an obligation.
2. Project and Amount. The Project is generally described as MfCarron's Water Treatment
Plant. The maximum principal amount of obligations expected to be issued for the Project is
$14,305,000.
Yeas Nays Absent Requested by Department of:
Blakey
Grimm
Guerin Finance .se Managemen Services
Harris �
Me and �����
xe tman By By: /" fl�r�!!.✓
Tune ✓ ie
CP 0 ,
Adopted by Council: Date kurA44 7 .( Form App +ved by City Attorney
Adoption Certified by Council Secretary /
By: r
Approved /Mayor' D•te /_ _ 7 .r or Sms-on to
by
DEPARTMENT QFFICE cOUNCH . DATE i1 TIATED A
Finance & Mgat.. Services /Treasury 'O7/ .2/94 GREEN SHEET i�r No 2 3 7 7
ImmuDATE
N E DEPARTMENT DIRECTOR CITY COUNCIL iNmA11DA
Martha Kantorowica ' + jJ CITY ATTORNEY • ❑ CITY CLERK
swam POR 0 BUDGET OIBECTOR & MGT. SERVICES In a
- MUST BE ON COUNCIL AGENDA BY (DATE) ROUTt�i
July 27, 1994 OR0EI ID MAYOR (OR ASSISTANT)
TOTAL # OF SIGNATURE PAGES 1 (CUP ALL LOCATIONS FOR SIGNATURE)
ACTION REQUESTED:
The attached resolution allows thl Water Utility :.o be reimbursed by Water Revenue Bond Proceeds for original
expenditures on improvements to M Carron's Water treatment Plant which occur prior to issuance of bonds.
RECOMMENDATR)NR: Approve (A) or Rejecl (R) PEYSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS:
_ PLANNING COMMISSION CIVIL SERVICE COMMISSION 1. ias this personNkm ever worked under a centred for this department?
YES NO
_ Cie COMMITTEE — — 2. Has this persordfirm ever been a city employee?
__ STAFF -- YES NO
DISTRICT COURT 3. Does this person/firm possess a skin not normally possessed by any current city employes?
SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO .
Explain all yes answers on separate sheet and attach to green sheet
INmAT1NG PROBLEM. ISSUE. OPPORTUNITY (Who, Whet, When, Where, Why):
Federal law requires a reimbursement resolution -f an amount of bond proceeds is to be used to reimburse project
costs paid from other sources. It is known the Later Utility will have engineering and other preliminary costs
associated with *Carron's Water Treatment Plant improvements which will be paid from operating revenues. These
costs would be eligible for reimbursement'from the proceeds of the bond issue. This is consistent with Federal
Tax Laws.
ADVANTAGES IF APPROVED:
Preliminary work can begin on MflCarron's Water T:eatment Plant with anticipated reimbursement from Future Revenue
Bond Proceeds.
E ouncil Research Center RECEIVED
JUL 6 1994 UUL ; 2 ORNEY 1994
DISADVANTAGES IF APPROVED: C f 1 Y �y rT
•
None
/Peep,/ fr
DISADVANTAGES IF NOT APPROVED: O �" f: f 1 ( Jy4,94
x.
The City will not be in conformance with Federal . Lai" ! 1 '
1/444 .1:)14/) 4/6"' JUL 14 1994
4.1 t411,-,' s MAYOR'S OFFICE
TOTAL AMOUNT OF TRANSACTION $ COST /REVENUE BUDGETED (CIRCLE ONE) YES NO
FUNDING SOURCE ACTIVITY NUMBER -
FINANCIAL INFORMATION: (EXPLAIN)