Loading...
91-2255 �I�C����l�. � �i -�1.5� � ��.r � ( tCouncil File # . § tri` ? .'`�..._....�.-' ����� Green Sheet # RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented By Referred To Committee: Date PRELIMINARY RESOLUTION 1992 GENERAL OBLIGATION BOND ISSUES Resolved, That for purposes of funding the Capitol Improvement Budget for 1992, of funding certain street improvements in connection with the Sewer Separation Program, refunding Ta�c Increment Bonds and Water Pollution Abatement bonds, and Taxable General Obligation Home Loan Bonds, the City of Saint Paul in accordance with the appropriate statutory and charter provisions does hereby give preliminary approval for the issuance of General Obligation Bonds in 1992 as follows: a) General Obligation Capital Improvement Bonds in the estimated aggregate amount of Eleven Million Five Hundred Thousand ($11,500,000) Dollars; and b) General Obligation Street Improvement special Assessment Bonds in the aggregate amount of Two Million Fifteen Thousand ($2,015,000) Dollars; c) General Obligation T� Increment Refunding Bonds in the estimated aggregate amount of Four Million Eight Hundred and Seventy Thousand ($4,870,000) Dollars; d) General Obligation Water Pollution Abatement Refunding Bonds in the estimated aggregate amount of Four Million Ninety Thousand ($4,090,000) Dollars; and e) Taxable General Obligation Home Loan Bonds in the estimated aggregate amount of Two Million Five Hundred Thousand ($2,500,000) Dollars. �������������.`� �� � i i�� J` Further Resolved, That the Director, Department of Finance and Management Services is hereby authorized to initiate all necessary actions toward the sale of the aforementioned bonds and to report to the City Council his recommendations for the offering and sale thereof, including his recommendation respecting the manner of acceptance of bids, no later than January 9, 1992, following which the Council will consider a resolution fi}ung the amount and maturity of the 1992 general obligation bonds, determining the manner for the City's acceptance of bids, and providing for the sale of said bonds. Y� Nays Absent Requested by Department of: imon .� - Finance and Management Services ��c a e�� i` e man ..-� ��� une r- By: c� Form Appr d by City Attorney Adopted by Council: Date � ;Z -r�2 - � � Adoption C rtified by Co�ci Secretary g � ;, c� � f� Y� B ��`� _� �. y� Appr�e by Mayor for Submission to Approved b ayor: Date 'L''��`'� Coun4ilj� DE C � 1991 B : V �j�.�a,,��;��/* sy: y � all���� i;�r � 1°91 • qJ-i%5� y�tT7��• R� •. CITY OF SAINT PAUL a � ; ���������� ; OFFICE OF THE CITY ATTORNEY M AO • ��s• JANE A. MC PEAK, CITY ATTORNEY 800 Landmark Towers Saint Paul,Minnesota 55102 612-298-5121 JAMES SCHEIBEL FAX 612-298-5619 MAYOR November 25, 1991 Ms. Shirley Davis Finance Department Room 219 City Hall Re: Resolution-1992 GO Bonds Dear Ms. Davis: Attached please find the amended resolution whereby the City Council approves issuance of GO bonds in 1992 and directs the Finance Director to take the necessary steps to provide for the sale of these bonds. Please let me know if you have any changes. I'm sending a copy of this to Rich Martin for his information. Your truly, JERO E . SEGAL Assistant City Attorney JJS:s Enc. cc: Richard Martin, Esq. 9 I-�Z55 � . - :�-: CITY OF SAINT PAUL INTEROEPARTMENTAL MEMORANDUM November 6, 1991 TO: Stacy Becker Catherine Polta Tom Cran Bob Pulscher Dan Dunford Richard Rupert Bob Geurs Jerry Segal Jose Jovellana Jim Snyder Martha Rantorowicz Tony Stemberger M�ECEIVED Nancy Langne Peter White • �ov o 5 �g91 FROM: Shirley Davis ���Y CLERK RE: 1992 General Obligation Bond Sale Meeting: November 13, 1991 10:30 - 12 Noon, Room 316 City Hall The first planning meeting for the 1992 general obligation bond sale will be on Wednesday, Navember 13, 1991 at 10:30 a.m. in Room 316 City Hall (agenda below) . Attached is a preliminary bond sale schedule leading to a sale date of February 10, 1992 with Council approval on February 11, 1992 . Bond proceeds will be available for department spending after March 9, 1992. Please mark your calendars. AGENDA $12, 000, 000 General Obligation Capital Improvement Bonds $ 2,950,000 General Obliqation Street Improvement Special Assessment Bonds $ 4,870, 000 General Obligation Tax Increment Refunding Bonds A. Project costs and sizing of the bond issues B. Investment earnings 1. Subsidize construction costs and reduce the size of the bond issue 2. Reduce debt service costs C. Expenditure of bond proceeds l. Two year spenddown 2. Construction drawdown schedules D. Debt service financing 1. 1991 levy for debt service 2 . Amount of assessments to be levied E. Reimbursement regulations/guidelines F. Additional items cc: Richard Gehrman Ken Peterson Gary Norstrem I�olly O'Rouke Janice Rettman Ron Kline Greg Blees 91-lla�S �/ I�ECEIVE� SCSBDIILB N o v o 51991 � 1992 Bo�m s� �;I�Y CLERK CITY OF SAINT PAIIL� MIN1�iF80TA $12,000,00o General Obliqation Capital Improvement Bonds $ 2,950,00o General obliqation Street Improvement Special Assesssant Bonds $ 4,870,000 General Obliqation Taz Increment Refundinq Bonds Nov. 13 (Wed) Bond Sale Meeting. 10:30 a.m. , Room 316 City Hall (Ramsey County Medium Size Conference Room) . Nov. 25 (Mon) Preliminary Resolution authorizing initiation of steps necessary for the issuance to Treasury from City Attorney. (P.M. ) Nov. 26 (Tues) Preliminary Resolution to Council Research. (FOR ACTION) Dec. 3 (Tues) City budget adopted. (Tentative Date) Dec. 4 (Wed) Preliminary Resolution to City Clerk (FOR ACTION AGENDA ITEM) . Copies to a11 Councilmembers. �! Dec. 12 (Thurs) Preliminary Resolution authorizing initiation <� of steps necessary for the issuance of bonds to full council. (FOR ACTION) Dec. 12 (Thurs) Deadline for Springsted to submit to Treasury the list of items needed for the official statement. (A.M. ) Dec. 12 (Thurs) Springsted will nesd final bonding numbers (projects costs and budgets) by this date. (A.M. ) Dec. 16 (Mon) Final bonding numbers from Springsted to Briggs and Morqan. (A.M. ) 1 91- ZZ55 ,/ Dec. 18 (Wed) Second Resolution (calling for sale of bonds) in full from Brigqs and Morgan to Treasury . for distribution to Council Research. Copies for all Council persons. (P.M. ) Dec. 23 (Mon) Resolution calling for Sale of Bonds from Research to Clerk for placement on agenda. (Resolution Instructions: for Council Agenda of January 2, 1992 to be laid over "for action" on January 9, 1992. Resolution copy to Mary Wandersee for placement on Finance Committee Agenda of January 6, 1992) . Dec. 27 (Fri) All information for Official Statement (except 91 financials) to Springsted. (P.M. ) Jan. 3 (Fri) Resolution calling fo= Sale of Bonds to Council with instructions to layover until January 9, 1992 - for action item on January 9, 1992. Jan. 6 (Mon) Bond Sale Recommendations (Springsted) to Treasury for distribution to Council and Mayor. Jan. 6 (Mon) Finance Committee meeting approves resolution calling for sale of the Bonds. (P.M. ) Jan. 8 (Wed) Official Statement draft to be distributed to all interested parties. (P.M. ) Jan. 9 (Thurs) Full Council hearing on Resolution calling for sale of bonds. Jan. 13 (Mon) Official Statement review. Jan. 17 (Fri) Final Official Statement review by a designated small group of 3-4 people. (P.M. ) Jan. 22 (Wed) Final draft of O/S, Budgets, Financial Statements and City publications mailed to 5tandard & Poor's and Moody's and distributed to interested parties. (P.M. ) 2 �1 -Z255J 1991 Preliminary Financials from Accounting to Treasury for mailing to Rating Agencies. - (A.M. ) O/S sent to printer for mailing to underwriters. Letter to all Council members reminding them of Bond Sale date. Follow-up phone calls for Council Calendar and notice to Molly O'Rourke. (If necessary) . Notice of Sale Published. Jan. 24 (Fri) Distribution of printed Official Statements to City. (P.M. ) Jan. 28 (Tues) Rating Agency teleconference. 9:00 a.m. - noon. Feb. 3 (Mon) Resolution awarding the Bonds preparPd by Briggs and Morgan - received by Trea�ury in draft form for distribution to Council for Agenda Item on February il, 1992. Feb. 10 (Mon) 11:00 a.m. Receive and open bids. Feb. 11 (Tues) 11:00 a.m. City Council awards bids. Five Council votes necessary. Week of Mar. 9, 1992 Settlement for bond issues. Prepared by the Department of Finance and Management Services, Treasury Division. For further information contact: Gary Norstrem, Treasurer 292-7016 Shirley Davis, Municipal Debt Manager 292-7038 prebdsch.92/c: Shirley Davis October 31, 1991 3 . q1-GZ551� CITY OF SAINT PAIIL, MII�T�i880TA DISTRIBIITION LIST FOR 1992 BOND SALE Department of Finance and Manaq�►ent Services 234 City Hall Richard Gehrman, Director (612) 298-4637 Treasurp Division . 219 City Hall Gary Norstrem, Treasurer (612) 292-7016 Shirley Davis, Municipal Debt Manager (612) 292-7038 Martha Rantorowicz, Accountant (612) 292-6104 Accountinq Division 234 City Hall James Snyder, Chief Accountant (612) 298-4118 Jose Jovellana, Accountant (612) 292-6741 � Real Estate Division 218 City Hall Peter White, Civil Engineer - (612) 298-5317 Citp Clerk 386 City Hall . Molly O'Rourke, City Clerk (612) 298-4231 city Council 716 City Hall Janice Rettman, Councilmember and Chair, Finance Committee (612) 298-5289 730 City Hall Greg Blees, Council Fiscal Policy Director (612) 298-4642 Mayor�s Office 347 City Hall Ren Peterson, Chief of Staff . (612) 298-4323 1 �1-22,55 � Budqet otfice 367 City Hall Stacy Becker, Budget Director - Thomas C. Cran, Budget Analyst (612) 298-4140 City Attorney 647 City Hall Jerry Segal, Assistant City Attorney (612) 298-5121 Department of Planninq and Bcoaomic Development 25 West Fourth Street - 13th Floor City Hall Annex Bob Geurs, Prnject Manager (612) 228-3221 Department of public Works 25 West Fourth Street - 6th Floor City Hall Annex Dan Dunford, Assistant Director (612) 292-6750 Richard Rupert, Accountant (612) 292-6794 Bond Counsel Tony Stemberger, Lawyer Briggs and Morgan Professional Association 2200 First National Bank Building Saint Paul, Minnesota 55101 (612) 292-1215 Financial l�idvisor Robert Pulscher, CEO Nancy Langness, Vice President Catherine Polta, Assistant Vice President Springsted Incorporated 85 East Seventh Place, Suite 100 Saint Paul, Minnesota 55101-2143 (612) 223-3000 November 5, 1991 911istbd.sal/b:aw8 2 ✓ �l - ZZ55 SCHEDIILE �- 1992 BOND SALE CITY OF SAINT PAIIL, MINN880TA $12,000,00o General obliqation Capital Improvement Bonds $ 2,950,000 General Obliqation Street Impronement Special Assessment Bonds $ 4,870,000 General Obliqation Taz Increment Refundinq Bonds Nov. 13 (Wed) Bond Sale Meeting. 10:30 a.m. , Room 316 City Hall (Ramsey County Medium Size Conference Room) . Nov. 25 (Mon) Preliminary Resolution authorizing initiation of steps necessary for the issuance to Treasury from City Attorney. (P.M. ) Nov. 26 (Tues) Preliminary Resolution to Council Research. (FOR �CTION) Dec. 3 (Tues) City budget adopted. (Tentative Date) Dec. 4 (Wed) Preliminary Resolution to City Clerk (FOR ACTION AGENDA ITEM) . Copies to all Councilmembers. Dec. 12 (Thurs) Preliminary Resolution authorizing initiation of steps necessary for the issuance of bonds to full council. (FOR ACTION) Dec. 12 (Thurs) Deadline for Sprinqsted to submit to Treasurv the list of items needed for the official statement. (A.M. ) Dec. 12 (Thurs) Springsted will need final bonding numbers (projects costs and budgets) by this date. (A.M. ) Dec. 16 (Mon) Final bonding numbers from Springsted to Briggs and Morgan. (A.M. ) 1 . ' 9� ` LZJr.� BCHEDIILE 1992 BOND SALF CITY OF SAINT PAIIL, MINNLr80TA $12,000,00o Qeneral obliqation Capital Improvement Bonds $ 2,950,000 Qeneral Obliqation Street Improvement Special Assessment Bonda $ 4,870,000 aeneral obliqation Tau increment Refundinq Bonds �C Nov. 13 (Wed) Bond Sale Meeting. 10:30 a.m. , Room 218 City Hall Conference Room. Nov. 25 (Mon) Preliminary Resolution authorizing initiation of steps necessary for the issuance .to Treasury from City Attorney. (P.M. ) Nov. 26 (Tues) Preliminary Resolution to Council Research. (FOR ACTION) Dec. 3 (Tues) City budget adopted. (Tentative Date) Dec. 4 (Wed) Preliminary Resolution to City Clerk (FOR ACTION AGENDA ITEM) . Copies to all Councilmembers. �-- ��� e ��a. 12 (Thurs) Preliainary Re�iutio� at�th�rizinq ini�iation �„_ � of �tepwe necessary for t11e issnance of bonds � ' ta full council. (FOR ACTION) Dec. 12 (Thurs) Deadline for Springsted to submit to Treasury the list of items needed for the official statement. (A.M. ) Dec. 12 (Thurs) Springsted will need final bonding numbers (projects costs and budgets) by this date. (A.M. ) Dec. 16 (Mon) Final bonding numbers from Springsted to Briggs and Morgan. (A.M. ) 1 � 91- Z�55 Dec. 18 (Wed) Second Resolution (calling for sale of bonds) in full from Briggs and Morgan to Treasury for distribution to Council Research. Copies for all Council persons. (P.M. ) Dec. 23 (Mon) Resolution calling for Sale of Bonds from Research to Clerk for placement on agenda. (Resolution Instructions: for Council Agenda of January 2, 1992 to be laid over "for action" on January 9, 1992. Resolution copy to Mary Wandersee for placement on Finance Committee Agenda of January 6, 1992) . Dec. 27 (Fri) Al1 information for Official Statement (except 91 financials) to Springsted. (P.M. ) Jan. 3 (Fri) Resolution calling for Sale of Bonds to Council with instructions to layover until January 9, 1992 - for action item on January 9, 1992. Jan. 6 (Mon) Bond Sale Recommendations (Springsted) to Treasury for distribution to Council and Mayor. Jan. 6 (Mon) Finance Committee meeting approves resolution calling for sale of the Bonds. (P.M. ) Jan. 8 (Wed) Official Statement draft to be distributed to all interested parties. (P.M. ) Jan. 9 (Thurs) Full Council hearing on Resolution calling for sale of bonds. Jan. 13 (Mon) Official Statement review. Jan. 17 (Fri) Final Official Statement review by a designated small group of 3-4 people. (P.M. ) Jan. 22 (Wed) Final draft of 0/S, Budgets, Financial Statements and City publications mailed to Standard & Poor's and Moody's and distributed to interested parties. (P.M. ) 2 . � q�- 225� 1991 Preliminary Financials from Accounting to Treasury for mailing to Rating Agencies. (A.M. ) O/S sent to printer for mailing to underwriters. Letter to all Council members reminding them of Bond Sale date. Follow-up phone calls for Council Calendar and notice to Molly O'Rourke. (If necessary) . Notice of Sale Published. Jan. 24 (Fri) Distribution of printed Official Statements to City. (P.M. ) Jan. 28 (Tues) Rating Agency teleconference. 9:00 a.m. - noon. Feb. 3 (Mon) Resolution awarding the Bonds prepared by Briggs and Morgan - received by Treasury in draft form for distribution to Council for Agenda Item on February ll, 1992. Feb. l0 (Mon) 11:0o a.m. Receive and open bids. �;,. "' ` l / .,��. i� t.i�ur�i . 3.i:o�o a.s. Cit� 00��1 ,aKard3 bids. �i�re L` " � ^ Council votes necessary. Week of Mar. 9, 1992 Settlement for bond issues. Prepared by the Department of Finance and Management Services, Treasury Division. For further information contact: Gary Norstrem, Treasurer 292-7016 Shirley Davis, Municipal Debt Manager 292-7038 prebdsch.92/c: Shirley Davis October 24, 1991 3 q1- 2255 CITY OF BAINT PAIIL, �[INNSBOTA DISTRIHIITION LIST FOR 1992 BOND SALE Department of Finance and l[anaqemeat Services 234 City Hall Richard Gehrman, Director (612) 298-4637 Treasury Division 219 City Hall Gary Norstrem, Treasurer (612) 292-7016 Shirley Davis, Municipal Debt Manager (612) 292-7038 Martha Kantorowicz, Accountant (612) 292-6104 Accountinq Division 234 City Hall James Snyder, Chief Accountant (612) 298-4118 Jose Jovellana, Accountant (612) 292-6741 Real Estate Division 218 City Hall Peter White, Civil Engineer (612) 298-5317 City Clerk 386 City Hall Molly O'Rourke, City Clerk (612) 298-4231 City Council 716 City Hall Janice Rettman, Councilmember and Chair, Finance Committee (612) 298-5289 730 City Hall Greg Blees, Council Fiscal Policy Director (612) 298-4642 Mayor�s office 347 City Hall Ken Peterson, Chief of Staff (612) 298-4323 1 .. qi-z2� Budqet Office 367 City Hall Stacy Becker, Budget Director Thomas C. Cran, Budget Analyst (612) 298-4140 City l�ttorney 647 City Hall Jerry Segal, Assistant City Attorney (612) 298-5121 Department of Planninq and Economic Development 25 West Fourth Street - 13th Floor City Hall Annex Bob Geurs (612) 228-3221 Department of Public Works 25 West Fourth Street - 6th Floor City Hall Annex Dan Dunford, Assistant Director (612) 292-6750 Richard Rupert, Accountant (612) 292-6794 Bond Counsel Tony Stemberger, Lawyer Briggs and Morgan Professional Association 2200 First National Bank Building Saint Paul, Minnesota 55101 (612) 291-1215 Financial Advisor Robert Pulscher, CEO Nancy Langness, Vice President Catherine Polta, Assistant Vice President Springsted Incorporated 85 East Seventh Place, Suite 100 Saint Paul, Minnesota 55101-2143 (612) 223-3000 October 24, 1991 911istbd.sal/b:aw8 2 . 91 -2255 ✓ • DEPARTMENT/OFFICE/COUNCIL DATE INITIATED N�i _14 8 5 8 Finance & Manaqement Servi e � 11-25-91 G R E EN S H E ET CONTACT PERSON&PHONE INITIAL/DATE INITIAL/DATE �DEPARTMENT DIRECTOR �CITY COUNCIL Shirley Davis (292—�O3H) ASSIGN �CITYATTORNEY �CITYCLERK NUMBER FOR MUST BE ON C NCIL AGENDA BY(DATE ROUTING BUDGET DIRECTOR �IN.&M(3T.SERVICES DIR. ORDEH MAYOR(OR ASSISTANn December 1991 ❑ TOTAL#OF SIGNATURE PAGES (CLIP ALL LOCATIONS FOR SIGNATURE) ACTION REQUESTED: This Preliminary Resolution gives the Department of Finance and Manaqement Services the authority to�ajiitiate all necessary action leadinq to the issuance of City general obliqation bonds on February 11, 1992. RECOMMENDATIONS:Approve(A)or Reject(R) PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING GUESTIONS: _PLANNINO COMMISSION _ CIVIL SERVICE COMMISSION �• Has thfs person/firm ever worked under a contrect for this depa�tment? �CIB COMMITTEE _ YES NO 2. Has this person/firm ever been a city employee? �STAFF _ YES NO _ DISTRiCT COUR'r _ 3. Does this person/firm possess a skill not normally possessed by any current city employee? SUPPORTS WHICH COUNCIL OBJECTIVE9 YES NO Explain all yes answers on separate sheet end attach to gresn shsst �' INITIATING PROBLEM,ISSUE,OPPORTUNITY(Who,Whet,When,Where,Why): � PLEASE PLACE THIS RESOLUTION "FOR ACTION" ON THE COUNCIL AGENDA OF DECEMBER/1�",1199L �.� These bonds are for purposes of funding the 1992 Capital Improvement Budqet�-funding certain s,�reet improvements, refundinq WPA and tax increment bond issues, and funding housing loans. $11,500,000 G.O. Capital Improvement�nnds _. 2,015,000 G.O. Street Improvement Special Assessment i3onds 4,870,000 G.O. Tax Increment Refunding Bonds 4,090,000 G.O. W.P.A. Refunding Bonds 2,500,000 Taxable G.O. Home Loan Bonds ADVANTAGES IF APPROVED: This resolution is relimina as it onl authorizes the De artment of Finance and Mana ement Services to be i e on sa e rocess. e ai e on e t e u council on anuarp 9, 1992. � �'�. : ���;r � RECEIVED t . DISADVANTAGESIFAPPROVED: NOV 2 �99� Nox�. RECEIVED MAYOR'8 OFFICE �EC 0 51991 CI TY CLERK DI3ADVANTAOES IF NOT APPROVED: Bond sale procedures are dictated by City Charter and State Statute. This preliminary resolution must be ! passed to fulfill the requirements of law. C���tC�l �'�,...e..��,y� ,. .:..:,, �'�€���� �►;�:� 0'� 1991 TOTAL AMOUNT OF TRANSACTION S 24�975�000 COST/REVENUE BUDGETED(CIRCLE ONE) YES NO FUNDING SOURCE ACTIVITY NUMBER FINANCIAL INFORMATION:(EXPLAIN) �� . NOTE: COMPLETE DIRECTIONS ARE INCLUDED IN THE GREEN SHEET INSTRUCTIONAL MANUAL AVAILABLE IN THE PURCHASING�FFICE(PHONE NO.298-4225). ROUTINC�ORDER: Below are correct routings for the five most frequent rypes of documents: CONTRACTS(assumes suthorized budget exists) COUNCIL RESOLUTION (Amend Budgets/Accept.Grants) 1. Outside Agency 1. Department Director 2. Department Director 2. City Attorney 3. City Attorney 3. Budget Director 4. Mayor(for contracts over$15,000) 4. Mayor/Assistant 5. Human Rights(for contracts over$50,000) 5. City Council 6. Finance and Management Services Director 6. Chief Accountant, Finance and Management Services 7. Finance Accounting ADMINISTRATIVE ORDERS(Budget Revision) COUNCIL RESOLUTION (all others,and Ordinances) 1. Activity Manager 1. Department Director 2. Department Accountant 2. City Attorney 3. Department Director 3. Mayor Assistant 4. Budget Director 4. City Council 5. City Clerk 6. Chiet Accountant, Finance and Management Services ADMINISTRATIVE ORDERS(all others) 1. Department Director 2. City Attorney 3. Finance and Management Services Director 4. City Clerk TOTAL NUMBER OF SIGNATURE PAGES Indicate the�of pages on which signatures are required and paperciip or flag each of these pages. ACTION REQUESTED Describe what the project/request seeks to accomplish in either chronologi- cal order or order of importance,whichever is most appropriate for the issue. Do not write complete sentences. Begin each item in your list with a vjrb. _ _ _ : _ . _ _ _ ,_._ _ _. _ RECOMMENDATIONS Camplete if the issue in question has been presented before any body,public � ' or private. SUPPORTS WHICH COUNCIL OBJECTIVE? Indicate which Council objective(s)your projecUrequest supports by listing the key word(s)(HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT, BUDGET,SEWER SEPARATION). (SEE COMPLETE LIST IN INSTRUCTIONAL MANUAL.) PERSONAL SERVICE CONTRACTS: This information will be used to determine the city's liability for workers compensation claims,taxes and proper civil service hiring rules. INITIATING PROBLEM, ISSUE,.OPPQRTUNITY Explain the situation or conditions that created a need for your project or request. ADVANTAGES IF APPROVED Indicate whether this is simply an annual budget procedure required by law/ charter or whether there are specific ways in which the Ciry of Saint Paul and its citizens will benefit trom this proJecUaction. DISADVANTAGES IF APPROVED What negative effects or major changes to existing or past processes might this projecUrequest produce if it is passed(e.g.,traffic delays, noise, tax increases or assessments)?To Whom?When?For how long? DISADVANTAGES IF NOT APPROVED What will be the negative consequences if the promised action is not approved?Inability to deliver service?Continued high traffic, noise, accident rate?Loss of revenue? FINANCIAL IMPACT Although you must tailor the information you provide here to the issue you are addressing, in generai you must answer two questions: How much is it going to cost?Who is going to pay?