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96-30S w1os�;-�-�.� a. �- �(�o � 4 G r��.�a��, _ �r,.� � RESOLUTtON SAINT PAUL, MINNESOTA Prese�ed By: Referred To: Current Budget � WHERE,0.S, the origirtal construction budget for the Civic Center reflected the projected net bond proceeds oF z$59,541,770 and the net proceeds from the revenue bond financing were $58,837,956 ; and a WHEREAS, Yhe debt service reserve funds of $4,500,000 generated interest earnings dedicated for the Civic s Center construction, currently estimated at $636,982 for the period ending when the DSR is to be reteased; and S�ns.e-t' �.awau��a � WHEREAS, the construefion account also generates interest eamings from the cash flow of construction costs, a both actual and estimated, are currently estimated at $9,045,000 for ihe life of the construction project; and s 0 � SWHEREAS, the Council wi11 decide how the debt service reserve funds of $4,SQQ,001 �Z s � 13 �a WHEREAS, the Mayor, pursuant to sec.10.�7.04 of the city charter, recommends tfie folfowing changes to the �s 1996 budget: �s n �a �s FINANCING PLAN: Zo Department of Civic Ce�ter zi zz P7 930 903�0 6602 Interest Earnings zs P7 930 90300 7306 Trsfr HRA (bond Proceeds) za All Other Fund Financing 25 zs SPENDIIVG PLAN: z� Department of Civic Center za ze P7 930 90300 0898 0 59,541,770 0 59,541 770 59,541,770 Council File # ��_ �4 GreenSheet# 24759 ti_ �� Committee: Date Change q o �IS , oao -9;68�t-982' (703,813) 0 -S�}�8-989 $ 34l \7'1 —r ---- � ----- ��._._.�.: . so All Other Fund Spendmg 0 0 st 59,541,770 °:°v�o�vv az $�341 �3'� �s RESOLVED, that the Cky Council approves these changes to the 1996 budge�� (See at By: Appr By: for continuation of resolution) Requested by Department of: Amended Budget � 04S,00a_ 9,681,982 58,837,957 0 � 4�. PP�, 9s7 4,7 d82 SS 0 �9sJ-� G�i', Y8's, 4S? Civic Center- Construction By: Chris Approval Recommended by Budget Dire By: �� IY� i�� .c� Form By: .�, by City for Council: (FAUUTrmoncmlCCEDS[t-Mxal oi-03se Adopted by Council: Date p Adoption Certified by Council Secretary: Page 2(continuation of C.F. 96-30) RESOLUTION CiTY OF SAINT PAUL, MINNESOTA Council File # �i —.3 � t.. � Green Sheet # � Presented by Refened To Committee Date If�li:�i:i�i 7 hment A of ER RESOLVED fund anv or Blakey Bos from Guerin Hanis Megard Rettman Thune Adopted by Council: Date Adoption Certified by Co � 3y: �pproved by M or: Date Y' that it is the intent of the C service reserve funds and the Secretary reserve ed in or th Form By: should infer that the Januarv 9. 1996 memora by Department o£ by City Attorney Approved by Mayor for Submiss to Council By: of the with Gouncil ,� e'� w�n � rr. � n1 n M� c� �� 3 � Further Resolved that it is the intent of the city council to fletermine the use of the 54.5 million debt service reserve fnnc3s and the interest earnings in accordance with attachment "A" of the bond documents;�� Further Resolved nothing in this budget amendment should infer that the City Council will fund any or part of the list attached in the January 9, 1996 memorandum page 3 from the debt service reserve funds and/or the interest earnings. � �( I�anson Civic Center 224-7362 � NO. 241 __ 'ECfPIIt3(1N&PWNE u DFPAR9'f.�MDIlt£CfOR u CP(YWUNCII f idl �✓ Reid 266-8553 �� Q cnrn,TOxrt�Y � cma,nuc -T � '�ONCYKINCILA(ff19AB1'(DAtE) ,� o �,.n� o �,.�,�.�n� � 1dAYOR(ORA55(SLili� Q6 �ACCOIAStANt TAL# OF SiGNATORE PAGES (CLIP ALL LOCATIONS FOR SIGNATORE) >x�uac�srm k r sx, .nd Civic Cellter constrvction budget to refled additional Snancing fmm iuterest eaznings. �� i 0 199& ��ui�� _avn sxvxEmia�usswN 1. Has t6is rers�(fi�m eve[ wmked under a contract for this departmem7 _ YfiS NO _ 2 Has this ppsoNfitm ever 6een a city emplpyee? _ Y£S NO cervsa 3. Does tfiis peisnalfum possess a skill nut nomullYposeessed by any cmrent ciTy employee? YES NO s6eet add attuh to R'MTTNGPR�BLEM1iI550&OPPOAIVM'IY(VILo. WWS �L k'bf+e. WhY} The Civic Center constcuction budget was originally set at the "net" proceeds from the $65,000,000 sale of bonds. That "neY' was budgeted at 59,541,790 and the actual was $58,837,959. budget now needs to be changed to reflect the less than budgeted bond proceeds and anticipated interest eanutigs fi�om the cash flow ices of the constrnction account Civic Center will Lave the financing in place to best plan at this time the best conss�uction of the facility . DISADVANTAGFS IF APPROVID: none '✓1DVANTpGE4OF NO'f APPROVED: � he Civic Center will be forced to plan and begiu constructian on a facility Yhat can only have "add-ons" for best use of the addiflonal financing. .aMOVnr or rxnxsxrnon $ 9 681 982 813 cosvx�veruaavuceren�cmci,ao,vs� �� NO ccsouxca inieresc eam�ngs s nona proceeaswcnnrr�vumaax F'/ - y3U - 9U3UU - 0898 [AL S4'�RM0.T[ON: @9 W.B.') SaintPaulBUdgef0lfice (F:44�1rikeadlcrantCCJE OSR .WK6) 6f-03.86 �-3� � � � � � � � � � Council File # � 'P'R C S � N'l` �.p Green Sheet# __�� RESOLUSION � � C{TY OF SAINT PAUL, MINNESOTA �� ,` Presented By: Micha¢I Harris �� Referted Ta Committee: Oate , z 3 a s 6 � a s ia ,� �z 13 ,a �s �s �� a 79 p 21 Zz 23 2b zs zs z� zs 29 30 31 32 33 34 WHEREAS, the original construction budget for the Civic Center reflected the projected net bond proceeds of $59,541,770 and the net proceeds from the revenue bond financing were $58,837,956 ; and WHEREAS, the debt service reserve funds of $4,500,000 generated interest eamings dedicated for the Civic Center consfruction, currently estimated at $636,982 for the period ending when the DSR is to be refeased; and UtlHEREAS, the Councit wiit decide how the debt service reserve funds of $4,500,000 and the inferest eamings geneiated by the debt €eserve funcTs wit€ be„spenY, and � " , �_ �- � . _ , � WHEREAS, the constructio� account aiso generates interest eamings from the cash flow of construction costs, both actuai and estimated, are current�y estimated at $9,045,000 for the life of the construction project; and WHEREAS, the Mayor, pursuant to sec. 10A7.04 of the city charter, recommends the following changes to the 1996 budget: Current Budget Change FINANCING PLAN: Department of Civic Center P7 930 90300 6602 Interest Earnings 0 P7 930 90300 7306 Trsfr HRA (bond Proceeds) 59,541,770 A�i Other Fund Financing 0 59 541,770 SPENDiNG PLAN: Department of Civic Center P7 930 90300 0898 AIi Other Fund Spending 9,045,000 (763,813) 0 8,341,187 59,541,770 8,341,787 0 d 59 541,770 8,341,187 RESOLVED, that the City Council approves these changes to the 1996 budget. Adoption Certified by Council Secretary: By: Approved by Mayor. Date By: Requested by Department of: Civic Center - Construction By: Chns Hanson Amended Budget 9��4r3,��Q 58,537,957 0 67.8&2,957 67,852,957 0 ' `67.882 957 Approval Recommended by Budget Director: By: Form Approved by C1ty Attorney: By: Approved by Mayor for Submission to Council: By: '9auitPaWBupqef�[e(F:�LH39nae0c2n1CC1EC3ft.WK4) 01-09-96 Adopted by Councii: Date �^, ^-� v� o � * ¢ 41;�[_i��,};� $°P 4 "� _ a � `� , . , , . � Preseirted By: Referred To: :l■ i z 3 a s 6 7 a s m n �z 13 ia 15 16 77 is 19 zo 21 2z 23 24 25 zs z� 28 zs � 31 32 33 3C � 59,541,770 � 59,541,770 WHEREAS, the original construction budget for the Civic Cerrter reflected onry the "net" proceeds from the revenue bond financing; and , WHEREAS, the debt service reserve fu�ds of $4,SOQ65� generated interest eamings dedicated for Civic Ce�ter construction, currently estimated at $636,982 for the period ending when the DSR is to be r eased; and WHEREAS, the construc6on account afso generates interest earnings from the cash flow of nstruction expenditures both actual and estimated, currerrtly estimated at $9,045,000 for the life of th construction project; c and WHEREAS, the Mayor, pursuant to sec. 10.07.04 of the city charter, recom ends the following changes to the 1996 budget: FINANCING PLAN: Department of Civic Center P7 930 90300 6602 Interest Earnings P7 930 90300 7306 Trsfir HRA (6ond i All Other Fund Financing SPENDING PLAN: Department of Civic Center P7 93d 90300 0&98 All Other Fund Spending RESOLVED, that the City Council 59,541,770 0 59,541,770 Councii Piie # / 10 � �`�' Green Sheet# 2415�� a� Committee: 6ate Change 9,681,982 � Q 9,681 982 9,681,982 0 9.681,982 these changes to the 1996 budget. Amended 8udget 9,681,982 59,541,770 � 69,223,752 69,223,752 0 69,223,752 Guerin HaRis � �pted by �ption Certifi�6 by Council Secretary: �oved by Mayor: Date Requested by Department of: CivicCenter- nst cti n By: Chris Hanson Approvai Recommended 6y Budget Director. By: _� y � � Form App ed by City Attom . By: Approved by Mayor fo S mission to Council; BY� � A,b(�� •sv�a>awewi¢n we(c:41��s3vesancrnxcc�_osrt.w�wl ut�� Civic Center 224-7362 Reid 266-8553 OF SIGNATITRE PAGES ,a,��,,,� l � �'3� o�-o�-ss GREEN SHEET No. 2415� �1 DFPARiMEN[DIXEC[OR �5 CI'lYCAUNCO. ta�5kx � dt'SAITORNEY O QIYGI.FRK ami O H�1DC�TDRiE(.TOR� � FIN.&MGI.4RVf(�SDIIt � MAYOB<ORASSISIl13IJ �6 �'ACWUNYNlI' (CIdP ALL LOCATIONS FOR SIGNATUR&) Civic Center constn�ction budget to reflect additional financing from interest earaings. �C4.ilVkE✓ ��?+"� p3 1996 PLANlID:GC�9SS[ON _CNII.ffitNC6CWR.4SS10N _em conumn'g _A STAFF _ __DISRtICICOURi _ 1. Has this persodfirm everwmked wder a contrnct for flus depaHment'.> YES NO 2. Has this person/Srm evet been a city employce? YES NO 3. Dces this Persoa/fum poaseas a skill aot nomially posvesved by any cmrent ciTy employce? YES NO (ExDlain all ves aaswers on uDarate sheet and attach to ereen s6eet.) Jl]'IATINGPROBLFM.ISSOE OPPOR'111MTY(Who, G'Lal. FNr+4 ��. �SY The Civic Center construcrion budget was originally set at the "net" proceeds from the $65,000,000 sale of bonds. Tfiat "net" was $59,541,770, �nd now needs to be changed to reflect the anticipated interest eaznings from the cash flow balances of the conshuction account. Center will have the financing in ptace to best plan at this tune the best cqnshuction of the facility . none fSADV AN]'AGES OF NOT APPROV£D: The Civic Center will be forced to plan and begin construction on a facility that can only have "add-ons" for best use of the additional fivancing. $ 968��982 casrmxvenoeawcsreu�cmcl.aoxa� � no � Saint Paul BudgN �ee (F:\\N23Veso�crenlCCIE DSR .WK4J Ot-0338