86-709 WHITE - C�TV CLERK
F-INK �s FINANCE G I TY O F SA I NT PA U L C uncil /}
GANARV - DEPARTMENT F le NO. `� �✓ � �D�
BLUE - MAVOR
. - C uncil Resolution
Pcesented By
Referred To Committee: D te
Out of Committee By te
LEVYING A TAX FOR THE
PAYMENT OF $10,700,000
GENERAL OBLIGATION CAPITAL
IMPROVEMENT BONDS, SERIES 1986
WHEREAS, Minnesota Statutes, Chapter 475, rovides that
the governing body of any municipality issuing eneral
obligations shall, prior to the delivery of the obligations,
levy by resolution a direct general ad valorem ax upon all
taxable property in the municipality, to be spr ad upon the tax
rolls for each year of the term of the obligati ns, and said
law also provides that the tax levies for all ars shall be
specified and such that if collected in full, ey, together
with estimated collections of special assessmen s and other
revenues pledged for the payment of said oblig tions, will
produce at least five percent (5.00$) in excess of the amounts
needed to meet when due the principal and inte est payments on
the obligations, and said law further provides that the issuer
shall irrevocably appropriate the taxes so lev'ed and any
special assessments or other revenues so pledg d to a sinking
fund or account for one or more issues of obli ations; and
COUNCILMEN Requested by Departme t of:
Yeas p�gW Nays — �
Nicosia VU�
Rettman I[I F8V0[
Scheibel
��„8� _ Against BY ° ,
T�.S�
wilson
Adopted by Council: Date Form Approved by City At rney
Certified Vassed by Counc.il Secretary BY
By
Approved by :Navor: Date _ Approved Mayor for ubmission to Council
Bv - - — BY
° � :/�= ���-��'9
' WHEREAS, this City Council by paragraph 18 o Resolution
No. 86-618 , adopted on May 13, 1986 , and signed b the Mayor on
May 14, 1986 (the "Bond Resolution") , has authori ed the
issuance of $10,700,0�0 General Obligation Capita Improvement
Bonds, Series 1986 (the "Bonds") , of the City of aint Paul,
Minnesota (the "City" ) , and has made the Bonds pa able from the
General Debt Service Fund of the City or a specia account
which may be established therein (the "Fund" ) ; an
WHEREAS, in anticipation of issuance of the onds and
other general obligation bonds this City Council as heretofore
levied in 1985 ad valorem taxes on all the taxabl property in
the City, in addition to all other taxes; and ad alorem taxes '
and other available funds of the City in the amo nt of ,
$1 ,526 ,595 shall be irrevocably appropriated for the payment �f
the Bonds as provided herein: -
NOW THEREFORE, BE IT RESOLVED by the City C uncil of the
City of Saint Paul, Minnesota, as follows: ,
1. Tax Levy. For the purpose of providing for the
payment of the principal and interest upon the B nds, issued
and sold as authorized by the Bond Resolution, w en and as the
same mature and for an additional direct tax in n amount not
less than five percent (5.00$) in excess of the um required to
pay such principal and interest when the same ma ure, there is
hereby levied on all of the taxable property in he City, in
addition to all other taxes, the following direc , annual
� irrevocable taxes, to-wit:
Collection Principal and Total
Levy Year Year Interest Levy 5$ Overl v Levy Amount
1985 1986 $1 ,453 ,900 $72,695 *$1 ,526 ,595
1986 1987 1 ,465,900 73,295 1,539 , 195
1987 1988 1 ,473 ,400 73 ,670 1 ,547 ,070
1988 1989 1 ,474 ,800 73 ,740 1 ,548,540
1989 1990 1 ,495,650 74 ,783 1 ,570 ,433
1990 1991 1,484 ,150 74 ,208 1 ,558 ,358
1991 1992 1 ,492,500 74 ,625 �,567 ,125
1992 1993 1 ,518 ,900 75,945 1,594 ,845
1993 1994 1 ,486,400 74 ,320 1 ,560,720
1994 1995 1,498 ,000 74 ,900 1 ,572,900
*heretofQre levied or provided for from ot r available
City funds
��
2
WMITE - CITV CLERK
wNK , � FINANCE GITY OF SAINT PAUL C uncil
CANARV - DEPARTMENT
BLUE - MAVOR Fle �0• � _�4�
- oun i solution
Presented By
Referred To Committee: te
Out of Committee By te
2. Pa ent from General Fund; Reimburseme t. In the
event any principal and interest come due prior to the receipt
of the proceeds of said taxes, they shall be pa'd promptly,
when due, out of the general fund of the City, nd
reimbursement therefor shall be made when said axes shall have
been received.
3. Collection; Use. Such taxes shall be ollected, and
the payment t ereof en orced, at the same time nd with and in
like manner as other taxes of the City, and whe collected
shall be used solely for paying the interest an principal of
the Bonds when and as the same mature. Such ta es are hereby
irrevocably appropriated to the Fund. A specia sinking fund
account in the Fund is hereby created for the p yment of the
Bonds.
COUNC[LMEN Requested by Departme of:
Yeas �� Nays , (�
Nicosia Finance and Ma agement Services
Rettma� [n Favor
Scheibel �
Sonnen �" __ Against BY
Tedesco
Wilson
Adopted by Council: Date Ju� � _ �""6 Form Approved by City tto y
Certified Pas e uncil Sec ry BY
B}� `
Approve AA v �J ' �1 Approve y Mayor for S bmission to Council
BY — BY
PUBIISHEO JUN 141986
F DEPAR�MENT 0�`r�9 Nd 3464
.
G CONTACT
292-7016 PHONE
1Kay 28a 14�h DATE 1 e�� ,, �
ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Siqnature) :
Department Director Director o Management/Mayor
� Finance and Management Services Director � City Clerk
Budget Director �
i City Attorney
WHAT WILL BE ACHIEVED BY .TAKING ACTION ON THE ATTACHED MATERIALS? (Pur ose/
Rat onale) :
The passage of the attached Resolution will set a tax levy on the
bonds sold and by copy of the Resolution this levy will be certifi d
to the County Auditor.
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
MSA 475 requires this action.
FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR'CREDITEO: (Mayo 's signa-
ture not re�
Total Amount of Transaction: quir if under
$10, OQ)
Funding Source:
Activity Number:
ATTACHMENTS (List and Number Al1 Attachments) :
Council Resolution $10,700,000 General Obligation Capital Imgrovem t
Bonds, Series 1986
DEPARTMENT REVIEW CITY ATTORNEY VIEW
Yes No Council Resolution Required? Resolution Requ'red? �Yes No
Yes No Insurance Required? Insurance Suffi •ient? Yes No
Yes No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
. ��� - ya �
:0-:
CITY OF SAINT PAUL
INTERDEPARTMENTAL MEMORANDUM
May 28, 1986
,;'�����
.•�a � � �
,�•a s�;,�
�ti ,
.e.. ;, 1� s��i_•Y.�
Councilmember Nicosia �
Councilmember Wilson ,,,
Councilmember Sonnen .,�,:,�:1'.-'���''''
�;'-.,.''' . ,::�g`��-
Councilmember Rettman , ,��,; -��t�`
�p,,�,
Attached is a copy of a Tax I,evy._Resolution, which will e heard
at the Council Finance Cotmu�..ttee=':meeting on Thursday aft rnoon,
Ma.y 29, ig86:
The resolution is being brought to the Committee before t goes
to the City Council because it must be adopted before de ivery of
the proceeds from our recent Bond Sale.
Thank you for your cooperation.
Gary Nors rem
Treasurer
GN:bem
cc: Gene Schiller
C���7C'�
: f� L CITY OF SgI17T PAUL
"���'�'' OF'FZC� OF THF CZTY COIIYCIL
,°ii, .it:m
� Caminittee Repart
F:i�ance l�ana ement � Persannel Ca 'ttee.
MAY 29, 1986
1. Approval of minutes from meeting held May 21, 1986. a roved
2. Resolution amending the 1986 budget by adding $8,000 to t e Financing Plan and
to the Spending Plan for Public i�orks--Infrastructure. a roved
3. Resolution amending the 1986 budget by adding w3°,500 to he Financing Plan
and to the Spending Plan for Parks and Recreation--Supply and Maintenance. approved
4. Resolution amending the 1986 budget by transferring $25,0 0 from Contingent
Reserve to department of Community Services--Parks and Re reation--Ground
Maintenance. approved
5. Resolution amending the 1986 budget and adding $274,000 t the Financing Plan
and to the Spending Plan for Finance and Management Servi es--Citywide
Information Services Division. approved
6. Resolution providing funds from the Hotel-Motel tax to fi ance activities
related to attracting convention business. approved
7. An ordinance amending Chapter 25.02 of the Legislative Co e pertaining to
local taxes on hotels and motels and increasing the room ax for certain
establishments. approved
8. Resolution approving and authorizing the acceptance of a Economic Development
Grant from the State of Minnesota (Economics Laboratory c.). approved
9. Resolution amending C.F. 85-1182 being an agreement for ter library loan
service by the Saint Paul Public Library ror the State D partment of
Corrections, Oak Park Heights facility. approved
10. Resolution approving memorandum of settlenent between th city and the Twin
City Iron Workers Local 512. approved
11. Resolution establishing the title and specifications for Street Services
Worker and abolishing titles and specifications as liste . laid over to 6/26
12. Resolution authorizing formation of the Saint Paul Seed apital Corporation,
� negotiation of terms of carporate documents, and conting nt initial
capitalization of $ZS0,000. approved
�
��� 13. Resolution transferring $5,000 to Community Services for a long-term
� �( comprehensive plan for Saint Paul and Ramsey County park systems. approved
� \
�` 14. �sb��.oA �tt'� tax }.�r � ctn bonds sa3.d.<� � �Te 'to �ouat Audtt:sr.
�r� �Y �T� � �
�rouRht in under suspens3oa of rules - approved
C LL SEVENTH FLOOR SAINT PAUL,MINNESOTA 55102
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