Sponsor: Finance
Title
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2024 Capital Improvement Program Bond Series 2024A - Report on Sale
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Recommendation
recommendation
None. For discussion only.
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Background and Rationale
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Bids for the purchase of the Ramsey County’s general obligation bonds, Series 2024A, were accepted from interested investors on February 12, 2024. The bids were considered by the Pricing Committee defined in the Parameters Resolution passed on February 6, 2024. The Ramsey County’s financial advisor, Baker Tilly Municipal Advisors, LLC, will present the results of the bidding process to the Ramsey County Board at 9:00 a.m. on February 20, 2024.
The general obligation bond includes the following:
Approved 2024 CIP Major projects $13,000,000
Approved 2024 CIP Regular projects $ 6,500,000
$19,500,000
Bond counsel Kennedy & Graven will complete the general obligation bond documents. The final resolution reflecting the approved award will be reviewed by the Ramsey County’s financial advisor, Baker Tilly Municipal Advisors, LLC.
A list of the approved 2024A 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 November 28, 2023, 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 2024 CIP Budget and Financing Plan. The debt service required is included in the 2024 budget.
Last Previous Action
On February 6, 2024, the Ramsey County Board approved the parameters for the general obligation bond sales for Series 2024A (Resolution B2024-030).
On December 12, 2023, the Ramsey County Board authorized for 2024A bond sale and set February 12, 2024, as the bond sale and award date for proposals received and report to the Ramsey County Board on February 20, 2024 (Resolution B2023-248).
On December 12, 2023, the Ramsey County Board approved the 2024 Capital Improvement Program bond ordinance (Resolution B2023-247).
On November 28, 2023, the Ramsey County Board waived the second reading of the 2024 Capital Improvement Program bond ordinance (Resolution B2023-209) and held a public hearing.
On November 14, 2023, the Ramsey County Board waived the first reading of the proposed 2024 Capital Improvement Program bond ordinance (Resolution B2023-192).
Attachments
1. Proposed Schedule - 2024 Capital Improvements Program Bond Sale
2. Approved 2024 Capital Improvement Projects