Sponsor: Finance
Title
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2025 Capital Improvement Program Bond Series 2025A - Awarding Sale
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Recommendation
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Approve the attached Resolution awarding the sale of General Obligation Capital Improvement Plan Bonds, Series 2025A.
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Background and Rationale
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Each year, Ramsey County issues general obligation bonds that allow for investments in county facilities and to address other capital needs. The bonding process includes many reports to the Ramsey County board, including an ordinance process and resolutions for the sale of the bonds.
Bids for the purchase of Ramsey County’s general obligation bonds, Series 2025A, were accepted from interested investors on February 10, 2025. The county’s financial advisor, Baker Tilly Municipal Advisors, LLC, will present the results of the bidding process to the Ramsey County board at 9 a.m. on February 11, 2025. The Ramsey County board will be requested to consider awarding the sale of the bonds to the most favorable bidder.
The general obligation bond sale includes the following:
Approved 2025 CIP New / Major Renovations Projects $ 13,000,000
Approved 2025 CIP Maintenance projects 6,500,000
$ 19,500,000
Should the bond sale be awarded by the Ramsey County board, bond counsel Kutak Rock LLP, will complete the general obligation bond documents.
A list of the approved 2025 capital improvement program projects is attached and aligns with the strategic priorities set by the Ramsey County board.
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County Goals (Check those advanced by Action)
☐ Well-being ☒ Prosperity ☒ Opportunity ☐ Accountability
Racial Equity Impact
This action by itself does not have a measurable racial equity impact, as the action is just one step in the ordinance process required by the Ramsey County Home Rule Charter to issue bonds. The county plans to issue bonds to finance numerous capital improvement projects, each of which provides programs and services to the community. The racial equity impact should be considered by the county departments during the development of the associated programs and services for each capital project.
Community Participation Level and Impact
Ramsey County issues bonds to finance capital improvements identified in its annual capital improvement plan which is developed with public participation through the Capital Improvement Program Citizen’s Advisory Committee (CIPAC), an advisory committee comprised of 14 residents, appointed by the Ramsey County board, to assure public participation in the decision-making process. CIPAC reviews, rates, and recommends capital improvement projects. The Ramsey County board also held a public hearing on December 3, 2024, as part of the Capital Improvement Program Bond Ordinance process to afford the public an opportunity to comment on each proposed project. Direct community participation should be incorporated through the county departments in the development of the programs and services associated with each capital project.
☒ Inform ☒ Consult ☒ Involve ☐ Collaborate ☐ Empower
Fiscal Impact
The projects and financing are authorized in the 2025 CIP Budget and Financing Plan. The debt service required is included in the 2025 budget.
Last Previous Action
On December 17, 2024, the Ramsey County board authorized for 2025A bond sale and set February 10, 2025, as the bond sale and award date for proposals received and report to the Ramsey County board on February 11, 2025 (Resolution B2024-293).
On December 17, 2024, the Ramsey County board approved the 2025 Capital Improvement Program bond ordinance (Resolution B2024-292).
On December 17, 2024, the Ramsey County board approved the 2025 Capital Improvement Program Budget and Financing (Resolution B2024-291).
On December 3, 2024, the Ramsey County board waived the second reading of the 2025 Capital Improvement Program bond ordinance (Resolution B2024-256) and held a public hearing.
On November 12, 2024, the Ramsey County board waived the first reading of the proposed 2025 Capital Improvement Program bond ordinance and set the date of the public hearing for December 3, 2024 (Resolution B2024-231).
Attachments
1. Resolution awarding the sale of General Obligation Capital Improvement Plan Bonds, Series 2025A
2. Bid Tab 2025A
3. Approved 2025 Capital Improvement Projects
4. Proposed Schedule - 2025 Capital Improvements Program Bond Sale