84-230 WHITE - C�TV CLERK
PINK - FINANCE G I TY OF SA I NT PA U L Council /�
CANAR�V - DEPARTMENT File NO. �/ � ��O
BLUE - MAVOR
� � ��� �'�� Council 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 esti.mated 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 $500,000 General Obligation Urban Renewal Bonds, Series
1984, when and as the same mature, and for an additional direct
tax in an amount not less than five percent (5$) in excess of
the sum required to pay such principal and interest when the
same become due, 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:
COUNC[LMEN Requested by Department of:
Yeas Nays
Fletcher
Drew [n 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
6lpproved by 14avor: Date Approved by Mayor for Submission to Council
By By
, . � �� ��-z..3d
Levy Year Levy Amount
1983 $ 88,830*
1984 $ 85,943
1985 $ 82,793
1986 $ 79,485 �-
1987 $ 76,020 �
1988 $ 72,398
1989 $ 6$,670 =-
1990 $ 64,785
1991 $ 60,795 =
1992 $ 56,700
*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 been received; and be
it,
FURTHER RFSOLVED that there is hereby created a
separate sinking fund or a special account in the regular
Sinking Fund of the City, for said obligations, and the taxes
received for the payment thereof are hereby irrevocably
appropriated to said account, and 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 Caunty Auditor a certi.ficate that he has
entered the obligations in the bond register as requir�d 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 shail 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,
WHITE - CITY CLERK
PINK - FINANCE G I TY OF SA I NT PA U L Council /�
CANAUV - DEPARTMENT ,1 X
� BL"JE - - MAVOR File 1\0. U - �3a
�
, 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.
COUIVCILMEN Requested by Department of:
Yeas Nays �
Fietcner Fi and Man gement Services
°feN1 [n Favor
Masanz
Nicosia B
scnetbei __ Against
Tedesco
Wilson
Adopted by Council: Date
FEB Z � �95�} Form Approved by City Attor ey
Certified -ssed by ou .' Sec ry BY
r �
B�' _ �
B 1984 Appr v by yor for S b `on to Council
Approved INa or: D te �-
���BY — BY
PUBLISNED MAR - 3 1984