279885 WHITE - CITV CLERK �^/1/-��
PINK -�FINANCE �J11S�
CPNARV - DEPARTMENT G I TY OF SA I NT PA LT L COUIIC11 /_ /1/1 �
BLUE -'TAAVOR �� �vv
File N 0.
. Council Resolution
,
Presented By ��'/'�'� . LL'�C�l �
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 $505,000 General Obligation Urban Renewal Bonds, Series
1983, when and as the same mature, and for an additional direct
tax in an amount not less than five percent (5$) 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:
COUNCILMEN Requested by Department of:
Yeas Nays
Fletcher
�m� Galles [n Favor
Masanz
NiCOSia
scneibe� __ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
B�
Approved by 1�lavor: Date _ Approved by Mayor for Submission to Council
By _ _ — BY
� � 2�9885
Levy Year Levy Amount
1983 $84, 945
1984 82,058
1985 � 78,908
1986 75,495
1987 71, 978
1988 68,355
� ,�989 64 ,628
1990 , 60 ,743
1991 56 ,700
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 RESOLVED 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 Co�nty 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
ent,ered the obligations in the bond register as required under
the provisions of Chapter 475, Minnesota Statutes, and that the
tax levy required for tYie 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,
WN17E - CITV CLERK ��^('�('\�
Council �jVU
B UE -1v1AVOR E GITY OF SAINT � PAUL File NO.
C`NAFt`' - DEPARTMENT
� , , Council Resolution
, r
Presented By ���'l C�G -�.�
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 Req ted by Department of:
Yeas Nays
Fletcher ���
�� Galles In Favor
Masanz
I�lieeeie+
sche�bei _ __ Against BY
Tedesco
Wilson
Adopted by Council: Date _
FEB 2 4 1983 Form Appr d by City Attorne
Certified Ya_:e b uncil S et BY
Bs� _ �,�', oF ��°o?�
�lpproved bv ;Vlavor: Date �_ Approved for Subm'ssion to Counc 1
�I�� � // �� �
gy __-`-a-�-�-�'„�G__� V-°-- � "l� `� gy �
PU6USNED MAR 5 �983 �
�--
�� �"19��5
Finance and Management EPART�•tENT •
ervi ces - easury
hir ev Davis _ �ONTACT .
292-7038 PHONE ,r.ee.,��, �� '
February 16, 1983 DATE
(Routing and Explanation Sheet)
Assign Nurt�ber for Routing Order (Clip All Locations for Ma�yoral Signature):
Department Director
City Attorney
3 Dire r of Management/Mayor
Finance and Management Services Director
� City Clerk
�Budget Di rector
4 Couacilman Scheibel
What 'll e Achieved b Takin Action on the Attached Materials? Pur ose Rationale :
'1 0. Urban Renewal Bonds series 1983 $505,000
. G.O. Water Pollution Abatement Bonds Series 1983 $6,080,000
3. G.O. Capital Improvement Bonds Series 1983 $5,370,000
The passage of the attached resolutions will set a tax levy on the bonds
sold and by copy of the Reaolutions thia levy will be certified to the
Couaty Auditor.
Fi nanci al , Budgetary and Personnel Irrq�acts Anti ci pated:
MSA 475 requires this action.
Funding Source and Fund Activity Nurnber Charged or Cred#t�d:
Attachments (List and Nu�er all Attachments� :
1. G.O. Urban Renewal Bonds Series 1983 - $505,000 Council Resolution�
2. G.O. Capital Improvement Bonds Series 1983 - $5,370,000 - Council Resolution � 1�
3. G.O. Wat-er Pollution Abatement Bo�ds Series 1983 - $6,080,000 - Council Resolution
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? � Yes No
Yes No Insurance Required? Insurance Sufficient? � Yes No
Yes No Insurance Attached? .
Revision of October, 1982
,
(See Reverse Side for 'instructions)