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98-636Council File # — 1g' (n3b �RIGINa� Presented By Referred To RESOLUTION Green Sheet # 32333 CtTY OP SAINT PAUL, MtNNESOTA 1 �} Committee: Date 2 3 4 5 6 7 8 9 10 11 � 13 14 15 16 17 18 19 � 21 22 � 24 25 26 27 � 2.9 � 31 32 33 34 35 36 37 38 39 WHEREA.S, the Mayor pursuant to Section 10.07.1 of the Charter of the City of Saint Paui, does certify that there are available for appropriation total revenues in excess of those estimated in the 199$ budget; and WHEREA.S, Council File 277510, adopted October 1, 1981, did establish certain Special Fund Policies; and Wf�REAS, the Saint Paul Sewer Utility did sell Sewer Revenue Bor.ds, Series 1988A authorized by Council File CF 88-835, adopted May 25, 1988; and Wf�Ii.EAS, the Saint Paul Sewer Utility did sell Sewer Revenue Refunding Bonds, Series 1993 authorized by Council File CF 93-412 adopted April 8, 1993; and WHEREA.S, the Sewer Revenue Refunding Bonds Series 1993 were sold with intent to crossover refinance the Sewer Revenue Bonds Series 1988A on December 1, 1998; and WI�E�EAS, an escrow account was established when the Series 1993 Bonds were issued to ensure these proceeds remained in reserve for this crossover refinancing; and WHEREA.S, use of these escrowed bond proeeeds for refunding the Series 1988A Revenue Bonds must be reflected in the books and records of the Sewer Utility Enterprise Fund; and WHEEtEAS, the spending and financing required for this refunding transaction on December 1, 1998 were not contemplated in the 1998 operating budget of the Sewer Utility Enterprise Fund due to the large and unusual nature of the transaction; and W��EtF,�1S, the Mayor pursuant to Section 10.07.4 of the City Charter, recommends the following changes to the 1998 budget: Page 1 of 2 ORIGINAL � � � 43 44 �5 46 47 � 49 50 52 �a3 55 56 57 58 59 60 61 6'2 63 64 � E6 67 � 69 70 Financing Plan 260 Sewer Utility Enterprise Fund 22222 Revenue Bond Debt Service 9133 Inv - Future Debt Service (Escrow) 9126 Inv - Future Debt Service 9926 Contribution to Retained Earnings All other Utility Financing the Same Total Financing Pian S�ending Plan 260 Sewer Utility Enterprise Fund 22222 Revenue Bond Debt Service 0610 Revenue Bond Debt Interest 0621 Long Term Debt Maturity All other Fund Spending the Same Total Spending Plan �i8' -G3� Current Budeet Chan�e Revised Budeet GO �51,206,317 GO �2,573,000 (�233,002) �33,483 �45.879.845 �0 �45,646,843 �53,812,800 Current Bud�et Chan�e �4,428,790 �532,800 �3,535,000 �53,280,000 $37.683.053 $0 $45,646,843 $53,812,800 S51,206,317 �2,573,000 (�199,519) $45.879.845 �99,459,643 Revised Budeet .��'l��1 �;� $56,815,000 �37,683.053 �99,459,643 Now, therefore, be it RFSOLUED, that the Council and Mayor of the City of Saint Paul do hereby adopt these additions to the 1998 budget. Page 2 of 2 Benanav Blakey Bostrom Co7Pman Harris Lantry Reiter Absent � � U Adopted by Council: Date �' t Adopt�on Certified by Council Secretary By: Approved By By: �� Requested by Department of: Public Works By: rP i �\ App�� R�nded by Budget Director: By: ��fY" `Yr— }�_ _"� -� - o-�� DEPAPTMENLOFFlCElCOUNCIL Publ"tw Work;� CONTACTPERSOY&PHONE Ro�er Puchreiter 266-6248 MUST 8E ON COUNQL AGENDA BY (DA7E) December 1, 1998 TOTAL � OF SIGNATURE PAGES {CLIP ALL LOCATIONS FOR SIGNATURE) � ACTION REQUESTEO Approve attached resolution increasin� the spendin� and financing budgets of the Sewer Uuliry Enterprise Fund to provide for the planned December 1, 1998 Sewer Revenue Bond Crossover refinancino a�ithin approved limits. �{�(�� JU!V 29 1998 ��€; :�:3�"S £3��€�� ftECOMMEN0AT10N5Apprwe (A) ar Re�ect (R) PLANNING COMMISSION CIB COMMIrEE CP4L SERVICE COMMISS�ON A $ewer UUfty Management Fy��c�3 GREEN SHEET DEPARiMEMDIRECTOR No. 32333 �� q� CIN COUNCIL ASSIGN � �'f ; 6 CITY ATTORNEY CIN CLEPK NUMBERFqR fl0UtlNfi � ❑ �q�ER FlNANCIALSEAVICESDIR $ FlNANCIALSEftV/ACCTG � MAYOR(OR ASSIST ❑ FunC Mariager t� Q ❑ Deoaronen[PCrountant 7. Has Ihis persoNfirm ever worketl unaer a contract for this department? YES NO 2. Has this persoNfirtn ever been a ciry employee? YES NO 3. Does Ihis person/firm possess a skill not nortnally possessed by any wrrent ciry employee? YES NO 4 Is this person/firtn a targetetl ventlof� YES NO ExQlain all yes answers on separate sheet and attach to green sheet INITIATING PP.OBIEM. ISSUE.OPPORTUNIN (WHO. WHAT, WHEN. WHERE, WHV): • In April 1993 the City issued additional Sewer Revenue bonds to °cross-over" refund the Series 1988A Sewer Revenue Bonds maturing in the years 1999 through 2008 on December 1, 1998. At December 1, 1998 there will be $53,280,000 outstanding of the Series 1988A Revenue Bonds. This amount outstanding ($53,280,000) is calculated afrer the 1998 principal payment is made on December 1, 1998. • The Series 1988A Bond Agreement specifies payment of a one percent (1%) premium on any principal amount redeemed in advance oT the agreed redemption date. This calculates to $532,800. • The proceeds of the 1993 bond issue have been invested with American Bank, now Firstaz Bank in an escrow account since the sale. The value of the escrow accoun[ a[ December 1, 1998 is estimated to be $� 1,206,317 (this estima[e as of December 31, 1997). • The Series 1988A Bond Agreement directed a tzn percent QO%) reserve of $7,845,000 to be held. The Series 1993 bonds also directs the mainYenance of a[en percent (10%) reserve, which is $�,272,000. • The escrow account was never intended to completely cover the amount of the refinancing. The 1993 official statement specifies use of the difference between the original $7,845,000 reserve and the newly calculated $5,272,000 on December 1, 1998 to satisfy �2,573,000 of the redemgcion obtigation. • A small amount ($33,483) of Retained Earnings is necessary to make this refinancina a balanced bud�et transaction. \DVANTAGES IF APPAOVED: The Sewer UUlity will accomplish the planned Revenue Bond refinancing within approved spending and £nancin� limits estabtished by the Administradon and City Council. n.,,,r+rit .C's�S?�,G3i�i0T?� DISPDVANTAGES IF APPROVED: None. DISADVANTAGES IF NOT APPFOVED: Bud�et and actual amounis in the records of the Sewer Utiliry will not reflect this refinancing transaction. FINANCIAL INFORMATON (IXPLAIN) TOTALAMOOMOFTRANSAGTION$ »,512,$OO COSTIREYENUEBUUGETE�(CtRCLEONE) YES NO FUNDING SOURCE $SCiOw aCCOUnt and debt 58NiCe Teserves ACT�� NUMBER 22222 � """— � .--,: ,_"____,_„_�..-.-.-. . _ _�.-.,_-'_""_.��:...,. . . ' ._ --A-- "- -. ^_ --_._ � . . "_'—�_,_..,,,,�.,,-�.,,.,-- Council File # — 1g' (n3b �RIGINa� Presented By Referred To RESOLUTION Green Sheet # 32333 CtTY OP SAINT PAUL, MtNNESOTA 1 �} Committee: Date 2 3 4 5 6 7 8 9 10 11 � 13 14 15 16 17 18 19 � 21 22 � 24 25 26 27 � 2.9 � 31 32 33 34 35 36 37 38 39 WHEREA.S, the Mayor pursuant to Section 10.07.1 of the Charter of the City of Saint Paui, does certify that there are available for appropriation total revenues in excess of those estimated in the 199$ budget; and WHEREA.S, Council File 277510, adopted October 1, 1981, did establish certain Special Fund Policies; and Wf�REAS, the Saint Paul Sewer Utility did sell Sewer Revenue Bor.ds, Series 1988A authorized by Council File CF 88-835, adopted May 25, 1988; and Wf�Ii.EAS, the Saint Paul Sewer Utility did sell Sewer Revenue Refunding Bonds, Series 1993 authorized by Council File CF 93-412 adopted April 8, 1993; and WHEREA.S, the Sewer Revenue Refunding Bonds Series 1993 were sold with intent to crossover refinance the Sewer Revenue Bonds Series 1988A on December 1, 1998; and WI�E�EAS, an escrow account was established when the Series 1993 Bonds were issued to ensure these proceeds remained in reserve for this crossover refinancing; and WHEREA.S, use of these escrowed bond proeeeds for refunding the Series 1988A Revenue Bonds must be reflected in the books and records of the Sewer Utility Enterprise Fund; and WHEEtEAS, the spending and financing required for this refunding transaction on December 1, 1998 were not contemplated in the 1998 operating budget of the Sewer Utility Enterprise Fund due to the large and unusual nature of the transaction; and W��EtF,�1S, the Mayor pursuant to Section 10.07.4 of the City Charter, recommends the following changes to the 1998 budget: Page 1 of 2 ORIGINAL � � � 43 44 �5 46 47 � 49 50 52 �a3 55 56 57 58 59 60 61 6'2 63 64 � E6 67 � 69 70 Financing Plan 260 Sewer Utility Enterprise Fund 22222 Revenue Bond Debt Service 9133 Inv - Future Debt Service (Escrow) 9126 Inv - Future Debt Service 9926 Contribution to Retained Earnings All other Utility Financing the Same Total Financing Pian S�ending Plan 260 Sewer Utility Enterprise Fund 22222 Revenue Bond Debt Service 0610 Revenue Bond Debt Interest 0621 Long Term Debt Maturity All other Fund Spending the Same Total Spending Plan �i8' -G3� Current Budeet Chan�e Revised Budeet GO �51,206,317 GO �2,573,000 (�233,002) �33,483 �45.879.845 �0 �45,646,843 �53,812,800 Current Bud�et Chan�e �4,428,790 �532,800 �3,535,000 �53,280,000 $37.683.053 $0 $45,646,843 $53,812,800 S51,206,317 �2,573,000 (�199,519) $45.879.845 �99,459,643 Revised Budeet .��'l��1 �;� $56,815,000 �37,683.053 �99,459,643 Now, therefore, be it RFSOLUED, that the Council and Mayor of the City of Saint Paul do hereby adopt these additions to the 1998 budget. Page 2 of 2 Benanav Blakey Bostrom Co7Pman Harris Lantry Reiter Absent � � U Adopted by Council: Date �' t Adopt�on Certified by Council Secretary By: Approved By By: �� Requested by Department of: Public Works By: rP i �\ App�� R�nded by Budget Director: By: ��fY" `Yr— }�_ _"� -� - o-�� DEPAPTMENLOFFlCElCOUNCIL Publ"tw Work;� CONTACTPERSOY&PHONE Ro�er Puchreiter 266-6248 MUST 8E ON COUNQL AGENDA BY (DA7E) December 1, 1998 TOTAL � OF SIGNATURE PAGES {CLIP ALL LOCATIONS FOR SIGNATURE) � ACTION REQUESTEO Approve attached resolution increasin� the spendin� and financing budgets of the Sewer Uuliry Enterprise Fund to provide for the planned December 1, 1998 Sewer Revenue Bond Crossover refinancino a�ithin approved limits. �{�(�� JU!V 29 1998 ��€; :�:3�"S £3��€�� ftECOMMEN0AT10N5Apprwe (A) ar Re�ect (R) PLANNING COMMISSION CIB COMMIrEE CP4L SERVICE COMMISS�ON A $ewer UUfty Management Fy��c�3 GREEN SHEET DEPARiMEMDIRECTOR No. 32333 �� q� CIN COUNCIL ASSIGN � �'f ; 6 CITY ATTORNEY CIN CLEPK NUMBERFqR fl0UtlNfi � ❑ �q�ER FlNANCIALSEAVICESDIR $ FlNANCIALSEftV/ACCTG � MAYOR(OR ASSIST ❑ FunC Mariager t� Q ❑ Deoaronen[PCrountant 7. Has Ihis persoNfirm ever worketl unaer a contract for this department? YES NO 2. Has this persoNfirtn ever been a ciry employee? YES NO 3. Does Ihis person/firm possess a skill not nortnally possessed by any wrrent ciry employee? YES NO 4 Is this person/firtn a targetetl ventlof� YES NO ExQlain all yes answers on separate sheet and attach to green sheet INITIATING PP.OBIEM. ISSUE.OPPORTUNIN (WHO. WHAT, WHEN. WHERE, WHV): • In April 1993 the City issued additional Sewer Revenue bonds to °cross-over" refund the Series 1988A Sewer Revenue Bonds maturing in the years 1999 through 2008 on December 1, 1998. At December 1, 1998 there will be $53,280,000 outstanding of the Series 1988A Revenue Bonds. This amount outstanding ($53,280,000) is calculated afrer the 1998 principal payment is made on December 1, 1998. • The Series 1988A Bond Agreement specifies payment of a one percent (1%) premium on any principal amount redeemed in advance oT the agreed redemption date. This calculates to $532,800. • The proceeds of the 1993 bond issue have been invested with American Bank, now Firstaz Bank in an escrow account since the sale. The value of the escrow accoun[ a[ December 1, 1998 is estimated to be $� 1,206,317 (this estima[e as of December 31, 1997). • The Series 1988A Bond Agreement directed a tzn percent QO%) reserve of $7,845,000 to be held. The Series 1993 bonds also directs the mainYenance of a[en percent (10%) reserve, which is $�,272,000. • The escrow account was never intended to completely cover the amount of the refinancing. The 1993 official statement specifies use of the difference between the original $7,845,000 reserve and the newly calculated $5,272,000 on December 1, 1998 to satisfy �2,573,000 of the redemgcion obtigation. • A small amount ($33,483) of Retained Earnings is necessary to make this refinancina a balanced bud�et transaction. \DVANTAGES IF APPAOVED: The Sewer UUlity will accomplish the planned Revenue Bond refinancing within approved spending and £nancin� limits estabtished by the Administradon and City Council. n.,,,r+rit .C's�S?�,G3i�i0T?� DISPDVANTAGES IF APPROVED: None. DISADVANTAGES IF NOT APPFOVED: Bud�et and actual amounis in the records of the Sewer Utiliry will not reflect this refinancing transaction. FINANCIAL INFORMATON (IXPLAIN) TOTALAMOOMOFTRANSAGTION$ »,512,$OO COSTIREYENUEBUUGETE�(CtRCLEONE) YES NO FUNDING SOURCE $SCiOw aCCOUnt and debt 58NiCe Teserves ACT�� NUMBER 22222 � """— � .--,: ,_"____,_„_�..-.-.-. . _ _�.-.,_-'_""_.��:...,. . . ' ._ --A-- "- -. ^_ --_._ � . . "_'—�_,_..,,,,�.,,-�.,,.,-- Council File # — 1g' (n3b �RIGINa� Presented By Referred To RESOLUTION Green Sheet # 32333 CtTY OP SAINT PAUL, MtNNESOTA 1 �} Committee: Date 2 3 4 5 6 7 8 9 10 11 � 13 14 15 16 17 18 19 � 21 22 � 24 25 26 27 � 2.9 � 31 32 33 34 35 36 37 38 39 WHEREA.S, the Mayor pursuant to Section 10.07.1 of the Charter of the City of Saint Paui, does certify that there are available for appropriation total revenues in excess of those estimated in the 199$ budget; and WHEREA.S, Council File 277510, adopted October 1, 1981, did establish certain Special Fund Policies; and Wf�REAS, the Saint Paul Sewer Utility did sell Sewer Revenue Bor.ds, Series 1988A authorized by Council File CF 88-835, adopted May 25, 1988; and Wf�Ii.EAS, the Saint Paul Sewer Utility did sell Sewer Revenue Refunding Bonds, Series 1993 authorized by Council File CF 93-412 adopted April 8, 1993; and WHEREA.S, the Sewer Revenue Refunding Bonds Series 1993 were sold with intent to crossover refinance the Sewer Revenue Bonds Series 1988A on December 1, 1998; and WI�E�EAS, an escrow account was established when the Series 1993 Bonds were issued to ensure these proceeds remained in reserve for this crossover refinancing; and WHEREA.S, use of these escrowed bond proeeeds for refunding the Series 1988A Revenue Bonds must be reflected in the books and records of the Sewer Utility Enterprise Fund; and WHEEtEAS, the spending and financing required for this refunding transaction on December 1, 1998 were not contemplated in the 1998 operating budget of the Sewer Utility Enterprise Fund due to the large and unusual nature of the transaction; and W��EtF,�1S, the Mayor pursuant to Section 10.07.4 of the City Charter, recommends the following changes to the 1998 budget: Page 1 of 2 ORIGINAL � � � 43 44 �5 46 47 � 49 50 52 �a3 55 56 57 58 59 60 61 6'2 63 64 � E6 67 � 69 70 Financing Plan 260 Sewer Utility Enterprise Fund 22222 Revenue Bond Debt Service 9133 Inv - Future Debt Service (Escrow) 9126 Inv - Future Debt Service 9926 Contribution to Retained Earnings All other Utility Financing the Same Total Financing Pian S�ending Plan 260 Sewer Utility Enterprise Fund 22222 Revenue Bond Debt Service 0610 Revenue Bond Debt Interest 0621 Long Term Debt Maturity All other Fund Spending the Same Total Spending Plan �i8' -G3� Current Budeet Chan�e Revised Budeet GO �51,206,317 GO �2,573,000 (�233,002) �33,483 �45.879.845 �0 �45,646,843 �53,812,800 Current Bud�et Chan�e �4,428,790 �532,800 �3,535,000 �53,280,000 $37.683.053 $0 $45,646,843 $53,812,800 S51,206,317 �2,573,000 (�199,519) $45.879.845 �99,459,643 Revised Budeet .��'l��1 �;� $56,815,000 �37,683.053 �99,459,643 Now, therefore, be it RFSOLUED, that the Council and Mayor of the City of Saint Paul do hereby adopt these additions to the 1998 budget. Page 2 of 2 Benanav Blakey Bostrom Co7Pman Harris Lantry Reiter Absent � � U Adopted by Council: Date �' t Adopt�on Certified by Council Secretary By: Approved By By: �� Requested by Department of: Public Works By: rP i �\ App�� R�nded by Budget Director: By: ��fY" `Yr— }�_ _"� -� - o-�� DEPAPTMENLOFFlCElCOUNCIL Publ"tw Work;� CONTACTPERSOY&PHONE Ro�er Puchreiter 266-6248 MUST 8E ON COUNQL AGENDA BY (DA7E) December 1, 1998 TOTAL � OF SIGNATURE PAGES {CLIP ALL LOCATIONS FOR SIGNATURE) � ACTION REQUESTEO Approve attached resolution increasin� the spendin� and financing budgets of the Sewer Uuliry Enterprise Fund to provide for the planned December 1, 1998 Sewer Revenue Bond Crossover refinancino a�ithin approved limits. �{�(�� JU!V 29 1998 ��€; :�:3�"S £3��€�� ftECOMMEN0AT10N5Apprwe (A) ar Re�ect (R) PLANNING COMMISSION CIB COMMIrEE CP4L SERVICE COMMISS�ON A $ewer UUfty Management Fy��c�3 GREEN SHEET DEPARiMEMDIRECTOR No. 32333 �� q� CIN COUNCIL ASSIGN � �'f ; 6 CITY ATTORNEY CIN CLEPK NUMBERFqR fl0UtlNfi � ❑ �q�ER FlNANCIALSEAVICESDIR $ FlNANCIALSEftV/ACCTG � MAYOR(OR ASSIST ❑ FunC Mariager t� Q ❑ Deoaronen[PCrountant 7. Has Ihis persoNfirm ever worketl unaer a contract for this department? YES NO 2. Has this persoNfirtn ever been a ciry employee? YES NO 3. Does Ihis person/firm possess a skill not nortnally possessed by any wrrent ciry employee? YES NO 4 Is this person/firtn a targetetl ventlof� YES NO ExQlain all yes answers on separate sheet and attach to green sheet INITIATING PP.OBIEM. ISSUE.OPPORTUNIN (WHO. WHAT, WHEN. WHERE, WHV): • In April 1993 the City issued additional Sewer Revenue bonds to °cross-over" refund the Series 1988A Sewer Revenue Bonds maturing in the years 1999 through 2008 on December 1, 1998. At December 1, 1998 there will be $53,280,000 outstanding of the Series 1988A Revenue Bonds. This amount outstanding ($53,280,000) is calculated afrer the 1998 principal payment is made on December 1, 1998. • The Series 1988A Bond Agreement specifies payment of a one percent (1%) premium on any principal amount redeemed in advance oT the agreed redemption date. This calculates to $532,800. • The proceeds of the 1993 bond issue have been invested with American Bank, now Firstaz Bank in an escrow account since the sale. The value of the escrow accoun[ a[ December 1, 1998 is estimated to be $� 1,206,317 (this estima[e as of December 31, 1997). • The Series 1988A Bond Agreement directed a tzn percent QO%) reserve of $7,845,000 to be held. The Series 1993 bonds also directs the mainYenance of a[en percent (10%) reserve, which is $�,272,000. • The escrow account was never intended to completely cover the amount of the refinancing. The 1993 official statement specifies use of the difference between the original $7,845,000 reserve and the newly calculated $5,272,000 on December 1, 1998 to satisfy �2,573,000 of the redemgcion obtigation. • A small amount ($33,483) of Retained Earnings is necessary to make this refinancina a balanced bud�et transaction. \DVANTAGES IF APPAOVED: The Sewer UUlity will accomplish the planned Revenue Bond refinancing within approved spending and £nancin� limits estabtished by the Administradon and City Council. n.,,,r+rit .C's�S?�,G3i�i0T?� DISPDVANTAGES IF APPROVED: None. DISADVANTAGES IF NOT APPFOVED: Bud�et and actual amounis in the records of the Sewer Utiliry will not reflect this refinancing transaction. FINANCIAL INFORMATON (IXPLAIN) TOTALAMOOMOFTRANSAGTION$ »,512,$OO COSTIREYENUEBUUGETE�(CtRCLEONE) YES NO FUNDING SOURCE $SCiOw aCCOUnt and debt 58NiCe Teserves ACT�� NUMBER 22222 � """— � .--,: ,_"____,_„_�..-.-.-. . _ _�.-.,_-'_""_.��:...,. . . ' ._ --A-- "- -. ^_ --_._ � . . "_'—�_,_..,,,,�.,,-�.,,.,--