84-228 WHITE - CITV CLERK
PINK - FINANCE G I TY OF SA I NT PA U L Council
C0.NARV.`�DEPARTMENT
BLUE MAVOR File �0• � -��
� �� C uncil Resolution
,
Presented By ��� ���
Referred To Committee: Date
Out of Committee By Date
WHEREAS, Chapter 475 provides that the governing body of
any municipality issuing general obligations shall, prior to
the delivery of the obligations, levy by resolution a direct
general ad valorem tax upon all taxable property in the
municipality, to be spread upon the tax rolls for each year of
the term of the obligations, and said law also provides that
the tax levies for all years shall be specified and such that
if collected in full, they, together with estimated collections
of special assessments and other revenues pledged for the
payment of said obligations, will produce at least five percent
(5.00�) in excess of the amounts needed to meet when due the
principal and interest payments on the obligations, and said
law further provides that said resolution shall create a
separate sinking fund for each issue of obligations, and shall
irrevocably appropriate the taxes so levied and any special
assessments or other revenues so pledged to that fund or
account;
NOW THEREFORE, BE IT RESOLVED that for the purpose of
providing for the payment of the principal and interest upon
the $8,110,000 General Obligation Capital Improvement Bonds,
Series 1984, issued and sold as authorized by Resolution of
this Council, Council File No. 84-104 `„ihen and as the same
mature and for an additional direct tax in an amount not less
than five percent (5.00$) in excess of the sum required to pay
such principal and interest when the same mature, there is
hereby levied on all of the taxable property in the City of
Saint Paul, in addition to all other taxes, the following
direct, annual irrevocable taxes, to-wit:
COUNCILMEIV Requested by Department of:
Yeas Nays
Fletcher
°fB1N In Favor
Masanz
Nicosia
sche�be� _ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Yassed by Council Secretary BY
By
A�pproved by Mavor: Date Approved by Mayor for Submission to Council
By BY
. _ � C�� ��aa�
,
Levy Year LevY Amount
1983 *$1,�34,958
1984 1,229, 354
1�85 1,230,994
1986 1,207,632
19£i7 1,210,519 •
1988 1,234, 144 -
1989 1,223 ,841
1990 1,233,685 �-. _
1991 1,237 ,622
1992 1,232,963 _
*heretofore levied �
FURTHER RESOLVED that in the event any principal and
interest come due prior to the receipt of the proceeds of said
taxes, it shall be paid promptly, when due, out of the general
fund of the said City of Saint Paul, and reimbursement therefor
shall be made when said taxes shall have b�en received; and be
it
FURTHER RFSOLVED that there shall be created a separate
sinking fund, or a special account in the City Sinking Fund,
for said obligations, and that the taxes received for the
payment thereof are hereby irrevocably appropriated to said
accour�t, and that the City Clerk be and is hereby instructed to
file in the office of the County Auditor of Ramsey County a
certified copy of this Resolution, together with full
information regarding the bonds for which this tax is levied,
and the City Clerk is hereby ordered and directed to secure
from the County Auditor a certificate that he has entered the
obligations in the tax register as required under the
provisions of Chapter 475, Minnesota Statutes, and that the tax
levy required for the purpose has been made; and be it
FURTHER RESOLVED that such taxes shall be collected, and
the payment thereof enforced at the same time and with and in
like manner as other taxes of the City of Saint Paul, and when
collected shall be used solely for paying the interest and
principal of said bonds when and as the same mature; and be it
N�HITE - CI7V CLERK
PINK s FINANCE G I TY O F SA I NT PA U L Council `
CANARY -�pEPARTMENT /'}/
BLUE .- MAVOR File NO. �• ��
�
' Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
FINALLY RESOLVED that in compliance with and for the
purpose specified by the pertinent provisions of said Chapter
475, said special sinking fund in the nature of a special
account in the regular Sinking Fund of the City of Saint Paul
hereby is created.
COUNCILMEN Requested by Department of:
Yeas Nays
Fietcher F' and Managemex+�t Services
0'8'" In Favor
Masanz
Nlcosla
scheibei � _ Against BY
Tedesco
Wilson
FEB 2 1 1984 Form Approved by City tt r ey
Adopted by Council: Date �
Certifie Passed y C cil . �retary $y /
By
l�pproved . vor• Dat FEB 2 3 198� A ro by Mayor for S m on to Council
'.''" BY o BY
U PUBLISHED MAR - 31984
, � �V V,-`1
S�''� -► ��,,� �'
F' ance and Management Ser�i�t�ENT S• C� p����
Ga' Norstrem a
� �ONTACT .
292-7016 pNONE
—_ ree�, ee
Februar 9 1984
(Routing and Explanati� Sheet)
Assi9n Number for R��+ting Ortkr (Clip Ai1; L�ations fow Mayoral Signatur�):
J
partment Di re r � �
,
����..�
Ci ty Attorney �� _
��
t/MlaYar
�-Finance ar�d Manage�nent er ces tor
,�_ City Clerk
_„_ Budget Di rector
4 Couacilman Scheibel
What �Ji11 be Achieved by Taking Act�on on the Attar.�ed Materials? (,Purpose/Rational�):
The passage of the attached resolutions will set a tax levy on the bonds
sold and by copy of the Resolutions this levy will be certified to the
County Auditor.
1. G.O. Urban Renewal Bonds Series 1984 $ 500,000
. 2. G.O. Water Pollution Abatemffiai�tSeries 1984 3,590,000
3. G.O. Capital Improvement Bonds Series 1984 8,110,000
Einancial , Budgetary and Pecsormel Impacts Anticipated:
MSA 475 requires this action.
fur�ding Sour�c� and Fund Act�vity Number Cha�+oed or Grr�dit+�d:
Attachaents (L�d_ Nu�er all Attactua�nts):
(3)Council Resolutions
1. G.O. Urban Renewal Bonds Series 1984 $500,000
2. G.O. Gapital Improvement Bonds Series 1984 $8,1i0,000
3. G.O. Water Pollution Abatement Series 1984 $3,590,000
z�l�
DEPARTMdV7 REYIEI�I CITY ATTORNEY REVIEVJ
x Yes No Gouncil Resolution Required? Resotution Required? �G Yes No
Yes No Insurance Required? Insurance SuTficient? � Yes �la
Yes No Insurance Attached?
Revision of October, 1982
(�ee Reverse Side for Instructions)