279642 WHI7E — CITV CLHRK COUIIClI � f'q����lb�
PINK — FINANCE
CANARV — DEPARTMENT G I TY OF SA I NT � PALT L
BLUE —At.�,VOR File NO.
Ci�y Attny/JTH •
O Z P, rdinance N 0. ��� ��,�
Presented By �
Referred To ommittee: Date
Out of Committee By Date
An Ordinance Amending Chapter 10 of the
Charter of the City of Saint Paul Pertaining
to Computation of Net Debt Limit and to
Sale of Tax Anticipation Certificates
THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN:
Section l.
Pursuant to Minnesota Statutes Section 410.12, Subdivision
7, and upon recommendation of the Charter Commission of the City
of Saint Paul, the Charter of the City of Saint Paul as approved
by the voters on November 3, 1970, is hereby amended in 5ection
10.14 thereof so that the same shall read:
Sec. 10.14. Net debt limit of city.
The total net debt of the city shall not exceed
ter� three and one third percent (�9 3 1/3�)
of the ael��eted market value of the taxable
real and personal property w��i��� comprising
the taxable value of the city baeee�-er�-tl�e
�ast-g�eeee����-�e�e�t as ee����ed determined
by the county auditor, as-�ee�rz��eel-b� in
accordance with law. ear�ta�r���e�-tke-teta�
�'���-ar�el-��t�e-�ra��a��en-e�-eaek-e�ass-e�
ta�al��e-�ea�-ar�d-pe��ena�-p�e�e�t�-�a}��}�
�l�e-e���.- After first deducting the amount
of current revenues which are applicable
COUNCILMEN
Yeas Nays Requested by Department of:
Fletcher
Levine In Favor —
Masanz
Nicosia Against BY
Scheibel
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date '
Certified Passed by Council Secretary BY
By -
Approved by Mayor: Date App by Mayar for S iss n to Council
By BY
�.
. _ . . � � �"'����'��'
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within the current fiscal year to the pay-
ment of any debt including tax anticipation
obligations �in calculating the net debt,
each of the following obligations shall be
deducted from the city' s gross debt;
l. Obligations issued for improvements
which are payable wholly or partly
from the proceeds of special assess-
ments levied upon property specially
benefited thereby, including those
which are general obligations of
the city, if the city is entitled
to reimbursement in whole or in
. part from the proceeds of the
special assessments.
2. Warrants or orders having no defin-
ite or fixed maturity.
3. Obligations payable wholly from the
income from revenue-producing
conveniences.
4 . Obligations issued to create or
maintain a special assessment
revolving fund or funds.
5. Obligations issued for the acqui-
sition and betterment of public
water works systems, and public
lighting, heating, or power
systems, and of any combination
thereof, or for any public con-
venience from which a revenue is
or may be derived.
6. The amount of all money and the
face value of all securities held
as a s�n3��ne� debt service fund for
the extinguishment of obligations
other than those deductible under
this subdivision.
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-3-
7. All other obligations which under
the provisions of law authorizing
their issuance are not to be in-
cluded in computing the net debt
of the city.
Section 2 .
Pursuant to Minnesota Statutes Section 410.12, Subdivision
7, and upon recommendation of the Charter Commission, Section
10.16 of the Charter of the City of Saint Paul added by Ordinance
15140 adopted June 28, 1972 and amended by Ordinance 15892 adopted
October 7, 1975 is hereby further amended so that the same shall
read:
Sec. 10.16 . Tax anticipation certificates.
The council by resolution may, ��ithout a vote of the
electorate, from time to time as the cash in the
city' s treasury is inadequate to meet city obliga-
tions as they become due, borrow money by issuing
its notes, bonds, tax anticipation certificates
or other obligations evidencing the indebtedness
of the city therefor and in amounts as the council
may prescribe . Such obligations shall be payable
not later than March 15, in the year following
the calendar year in which they are issued and may
bear interest at such rate payable at such time
or times as the council shall determine. The
amount of such obligations issued shall at the
time of issue not exceed the uncollected portion
of the tax levy for the current year. Such ob-
ligations sold in any one year and the interest
thereon shall be a first charge on the monies
received by the city' s treasury from the taxes
thereafter received in the year in which the ob-
ligations are sold, and no part of such money
shall be used for any other purpose until such
obligations and interest thereon shall have been
paid or the monies for the payment thereof have
been set apart in the city treasury. ide-at�el�
eb��gat�ens-sl�a��-be-se�d-�e�-�ese-tkan-ga�-anel
aee��ee�-��te�est-�e-e�a�e-s�-ele�}�e��.-
� ••r11TE - CITY CIERK COUI1C11 ���f{/�
BLUE - M,�4YOR E GITY OF SAINT PAUL File NO.
CANARV - DEPARTMENT f L�
i
' Ordin�nce Ordinance r10. 1 �� ���
Presented By
Referred To Committee: Date
Out of Committee By Date
-4-
Section 3.
This ordinance shall become effective ninety (90) days
after its passage, approval and publication, unless the
effective date is delayed by the filing of petition pursuant
to Minnesota Statutes Section 410.12 Subdivision 7.
COUNCILME(V
Yeas Nays • Requested by Department of:
Flet hQr F1e�� � jn Favor —
Levi �
Mas z Galles
Nic s a ��nZ � Against BY
e� ei
edesco Nicosia
ilson Scheibel
Tedesco FEg 3 1983 Form Approved b City Attor ey
Adopted by Council���son Date
Certified b Cou i S BY �
Y
Ap o by Mayor: t FEB 4 t�8� Ap ro e Mayor for S is ion to Council
. .
gy B
PllBUSNEO FE B 12 1983
C ��
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CITY CLERK' S _
CERTIFICATE
I, Alb,ert B. Olson, City Clerk of Saint Paul do hereby certify
that Ordinance No. 16997 , Amending Chapter 10 of the Saint Paul _
City Charter Pertaining to Computation of Net Debt Limit and to
Sale of Tax Anticipation Certificates , was passed and adopted by
�he City Council on February 3 , 1983 , Council File No. 279642, was
avproved by the Mayor on February 4, 1983 and was published in St.
Paul Legal Ledger, the official newspaper designated for publication
� of City Council actions and proceedings , on February 12, 1983 ; that
within the 60 days next following said publication and ta the date
hereof, no petition or other document requesting a referendum on
Ordinance No . 16997 has been filed with the City Clerk or in the
_._ _ _._ �
Clerk' s Office pursuant to Minnesota Statutes Section 410. 12, Sub-
division 7 ; and that therefore, in accordance with said statutory
provision and with Section 3 of Ordinance No . 16997 , said Ordinance
and amendment to Saint Paul City Charter Chapter 10 will become
effective 90 days after its passage, approval and publication on
May 13 , 1983 .
Dated at Saint Paul, Minnesota this 9th day of t•4ay, 1983 .
� �� ( SEAL )
Albert B. Olson, ity Clerk
Subscri and sworn to before me
this �_�.y of May, 1983 .
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Very tr�tir yours, • �
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. . , . �.bart B. Olsoa � , •
. C�.tp�Clerk �
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SAINT PAUL CH�►RTER C4MMISSIOh1
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C�TY ;HALL- C � ���� 2
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SAINT PAUL, ,MINNESOTA 55102
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December 2, 1982
Members of the Saint Paul City Council
c/o The City Clerk
' Third Floor, City Hall
Saint Paul, Minnesota 55102
Dear Members of the City Council:
On November 18, 1982, the Saint Paul Charter Commission, at
a meeting at which there was a quorum present, unanimously
adopted the enclosed two resolutions, pertaining to Section .
10.14 and 10.16 to the Saint Paul City Charter.
Yours very truly,
��
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Raymond Fa�icy, President �
. Saint Paul Charter Commission
RF:na
Enclosures - 2
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RESOLUTION
OF THE
SAINT PAUL GHARTER CQMMISSION
BE IT RESOLVED BY THE CHARTER COMMISSION OF THE CITY OF
SAINT PAUL, that Section 10.14 of the Charter of the City of
Saint Paul be amended to read as follows:
Section 10. 14. NET DEBT LIMIT OF CITY. The total
net e t o t e city s a not excee �e� three
and one third percent (�8 3 1/3%) of the a 3tj.e�e�
mar et va ue of the taxable rea7 and personal
property �a��k.�.x com risin the taxable value of
the city �a9ed-ex-� e- as�-p�eee ��g-�e�e�� as
ee�a���ed determined by the county auditor, as-
�eqt3.�.�ed- �'�i accordance with law. eea�a�x�xg
�l�e-�e�a�-€�a.�-and-��t�.e-�a�tj.a��en-e€-eaeh-e�ass
e€-�a�cab�e-�ea�-and-geree�a�-p�eper�q-�r��l���-�l�.e
e���r� After first deductin the amount of current
revenues w ic are a ica e wit in t e current
isca ear to t e a ent o an e t inc u in
tax antici ation o i ations �iri ca cu ating t e
net e t, eac o t e o owing obligations shall
be deducted from the city' s gross debt:
1. Obligations issued for improvements which
are payable wholly or partly from the '
proceeds of special assessments levied upon
property speczally benefited thereby,
including those which are general obliga-
tions of the city, if the city is entitled
to reimbursement in whole or in part from
the proceeds of the special assessments.
2. Warrants or orders having no definite or
fixed maturity.
3. Obligations payable wholly from the income
from revenue-producing conveniences.
4. Obligations issued to create or maintain a
special assessment revolving fund or funds.
• \- •
5. Obligations issued for the acquisition and
betterment of public water works systems, ,
and public lighting, heating, or power systems,
and of any combination thereof, or for any
_ public convenience from which a revenue is or
may be derived.
6. The amount of all money and the face value of
all securities held as a 9�xk��g debt service
fund for the extinguishment of obTigatioT ns—
other than those deductible under this
subdivision.
7. All other obligations which under the provisions
of law authorizing their issuance are not to be
included in computing the net debt of the city.
BE IT FURTHER RESOLVED, that the Charter Commission, pursuant
to Minnesota Statutes Section 410. 12, Subd. 7, recommends to the
Council of the City of Saint Paul that it enact the aforementioned
Charter amendment by ordinance;
BE IT FINALLY RESOLVED, that the President of the Charter
Commission is hereby directed to forward a copy of this Resolution
to the City Clerk of the City of Saint Paul.
2.
,
. - •
RESOLUTION �
OF THE
SAINT PAUL CHARTER .COMMISSION
BE IT RESOLVED BY THE CHARTER COMMISSION OF THE CITY OF
SAINT PAUL, that Section 10. 16 of the Charter of the City of
Saint Paul be amended to read as follows:
Section 10. 16. TAX ANTICIPATION CERTIFICATES. The
Counci y resolution ma.y,� wit out a vote o the
el�ctorate, from time to time as the cash in the
city' s treasury is inadequate to meet city obliga-
tions as they become due, borrow money by issuing
its notes, bonds, tax anticipation certificates
or other obligations evidencing the indebtedness
of the city therefor and in amounts as the council
may prescribe. Such obligations shall be payable
not later than March 15, in the year following
the calendar year in which they are issued and may
bear interest at such rate payable at such time
or times as the council shall determine. The
amount of such obligations issued shall at the
time of issue not exceed the uncollected portion
of the tax levy for the current year. Such ob-
ligations sold in any one year and the interest
thereon shall be a first charge on the monies
received by. the city' s treasury from the taxes
thereafter received in the year in which the ob-
ligations are sold, and no part of such money
shall be used for any other purpose until such
obligations and interest thereon shall have been
paid or the monies for the payment thereof have
been set apart in the city treasury. P1e-st�ek
eb��ga��ens-9ka��-be-ee�d-€e�-�e9e-��.ax-ga�-ax�
aeerxe�-�x�e�ee�-�a-da�e-e�-de���ae��.
BE IT FURTHER RESOLVED, that the Charter Commission, pursuant
to Minnesota Statutes Section 410. 12, Subd. 7, recommends to the
Council of the City of Saint Paul that it �nact the aforementioned
Charter amendment by ordinance;
BE IT FINALLY RESOLVED, that the President of the Charter
Commission is hereby directed to forward a copy of this Resolution
to the City Clerk of the City af Saint Paul.
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�g`�tT�o. ' GITY OF SAINT PAUL
o � '�,� OFFICE OF THE MAYOR
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347 CITY HALL
SAINT PAUL, MINNESOTA 55102
GEORGE LATIMER (612) 298-4323
MAYOR
October 18, 1982
Council President Victor Tedesco
719 City Hall
Saint Paul, Minnesota 55102
Dear Council President Tedesco,
I am writing to request the City Council's support of several technical amendments
to the City Charter. These amenc�nents focus on the need to update the charter
language with respect to current terminology and practices in the calculation of
the city's net debt.
Attached are three doc�unents:
l. A report which explains the need for the charter amendments.
2. An ordinance to be forwarded to the Charter Ca�unission. It is
through this ordinance that the technical amendments to the
charter can be made.
3. A resolution expressing the Council's support for the charter
changes.
As you knaw, the City Charter allaws technical amendments to the charter through
the use of an ordinance which has the approval of the Charter Canmission and the
unanimous approval of the City Council.
City staff from the Finance Department, Budget Section, City Attorney's Office and
Briggs and Morgan (City Bond Counsel) , are pregared to make presentations to the
City Council and the Charter Comanission in support of the proposed change.
Your ti.mely approval of the resolution is respectfully requested.
Sincerely,
GDO LA NIER
May
GL/s�[nj
Attachments
cc: City Council Menbers
Charter Coinnission Members
Nancy Anderson
Peter HaQnes
Albert Olson
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CITY OF SAINT PAUL
INTERDEPARTMENTAL MEMORANDUM
TOs Mayor George Latimer
FROM: Peter Hames, Directc���+��
Finance and Management Services
RE: PROPOSAL TO AMEND THE CITY CHARTER
REGARDING NET DEBT LIMIT -
DATE: October 22, 1982
�'he purpose of this memoranclum is to propose amendments to Se�ction 10
of the Saint Paul City Charter. The intent of the amendments is to
bring the charter's language, with respect to the net clebt of the
city, up to date with the terminology and provisions of current state
statutes. In its present form, calculation of the net debt limit
under the charter is not precisely determinable.
Last January, as we were preparing for the sale of $25,800,000 in
tax-anticipation certificates, we were notified by our bond counsel
that the city had come close to its net debt limit. The City Charter
provides, in Section 10 .14, Net Debt Limit:
"The total net debt of the city shall not exceed �e ,i
�prc�Pnt �0�) o the adjusted market value of the '
taxable real and personal property within the city
based on the last preceding report by the county
auditor, as required by law containing the tatal full
and true valuation of each class of taxable real and
personal property within the city." (Exnphasis
added) . :
As you know, "adjusted market value" is no longer used by county
auditors: Instead, state statute mandates that "market value" be
used. Thus, the charter should be amended to reflect current
terminology and practice.
Further, the charter should be changed to reflect the provisions of
Minnesota Statutes, Section 475.53, Subd. 3, Cities First-Class, which
provides: _
"Unless its charter permits a greater net debt, a
city of the first class may not incur a debt in
excess of one and two-thirds percent of the market
value of all taxable property therein. If the
charter of the city permits a net debt of the city in
�'�.��
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excess of one and two-thirds percent of its
valuation, �.t mav not incur a net debt i.n excess af
thrPP and one-third percen o� the market value of
the taxable property therein. (Emphasis added} .
"The county auditor, at the time of preparing the tax
list of the city, shall compile a statement setting
forth the total assessed value and the total market
value of each class of taxable property in such city
for such year."
In addition to the charter using values which are no Ionger available,
it is also unclear whether the city is subject to a net debt limit of
one and two-thirds percent of market value or three and one-third
percent of market value under the limitations of state law.
The city's net debt limit, when that limit was calcuable under the
charter, was approximately three and one-third percent of market
value, as net debt is now computed. I recommend a second change in
order to make it clear that the city's debt limit under state law
should be three and one-third percent of market value and not one and
two thirds percent.
A third charter change is recommended because of the city's need to
resor� to future borrowing in anticipation of taxes. You will recall
that the payment schedule of state aids to the city was shifted from a
quarterly payment schedule to six payments in the last six months of
the calendar year. This change caused the city to issue
tax-anticipa�ion certificates on February 2, 1982. A similar issuance
will be required in 1983, and into the foreseeable future.
In order to ensure that the city stays raithin its debt limit, which is
threatened because of the need to resort to tax-anticipation
certificates, the following change is proposed to Section 10.I4, Net
Debt Limit of the City:
"�tp*- first deducting the amount of current revenues
which are a,�glicable within the current year to the
p„��,m+„�n.t of any debt includina tax-anticj,,pat�on
tic�ations in calculating the net debt, each of the
following obligations shall be deducted from the
city' s gross debt." (Amendment underscored) .
The third change is also recommended because it will bring the charter
into conformance with Minnesota Statutes Section 475 .51 (Definition of
Net Debt) which provicles in Subd. 4: "'Net Debt' means the amount
remaining after deducting from its gross debt the amount of current
revenues which are applicable within the current fiscal year to the
payment of any debt and the aggregate of the principal of the
following." It will also make it unequivocally clear that tax
anticipation certificates of indebtedness will be excluded in
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calculating the city's debt limit.
The fourth, and last, proposed change is the dele�ion of the last
sentence of Section 10 .16 of the City Chazter. That sentence reads as
follows:
"No obligations shall be sold for less than par and
accrued interest to date of delivery."
Deletion of this sentence will permit the sale of city tax
anticipation certificates on the same basis as other obligations of
the city and of other statutory cities in the state of Minnesota.
Under the provisions of Section 475.56, Minnesota Statutes, discount
bidding of up to two percent (2�) has been permitted since 1967. That
statutory section would govern the sale of tax anticipation
certificates of the city if the sentence referred to above is del.eted.
The principal advantage to discount bidding is that it makes a resale
by the underwriter of the obligations easier because it facilitates
the sale at par by the underwriter, who takes profit by bnying at a
cliscount and selling at par. Otherwise, when the obligations are
purchased at par by the underwriter, he must add a premium to the sale
price in orcler to make a profit, and in the retail market this creates
some resistance. �
Attached is a copy of the proposed amendments to the City Charter.
These changes are, I believe, technical in nature and, therefore, I
recommend charter amendment by ordinance. Three steps are required:
1. Recommendation by the Charter Commission.
2. Public hearing, after published notice, by the
City Council.
3 . Unanimous City Council approval.
I recommend that you submit the proposal to the City Council,
requesting a resolution of support, to be forwarded to the Charter
Commission with your request that the Charter Commission holci a public
hearing on the amenc3�nents and, subsequently, approve the amendments.
PH/smj
Attachment
cc: Greg Blees
Bernie Friel
Jim Hart
Gary Norstrem
Ozzie Springsted
Bob Trudeau
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1�e tolal a�t�,_�9�11 not f�sue adt e�oeea�q,�►�Portion of
�ea q+res�t�l re�m�cs4�9b) �e�'�see 1h.aar�nc�ear.sucn
oitrsaialk�t�ii�l�rmdan8: ��,saNln�aoe�a�s a�d tl�
'P�Md�ol�'4i'�tbr ta:able � iater�t fiaea�ah�11 be�11stt oa
vatne o1.�e elty pr�yy tbe '�T�..
oo�t►aa�11�,ltasamoed�o�trti'itII law. the m�aies�esi.
Alter ;qeit BM�et��tL�-� ot ira�►the taser eec�l M the '
n'rrent �e�t��;u�t•�!'OPlic�6le. I. �D���a�H'b���tOr- .
�d�p�n tlf�+,.a1�qt.wl�l.�r to:the �tO
P$1�t ot`I�Y deb! 1�e1�IfGt taz ' �°�p�fakN a�eh obil�tfoot
������+��� �l�pa�sE tbotceoq�i1 iaw�-�[d
�etb�►t.,bdi�+tthlfoltMrli��at�s ' °i'�'��T����i
shalt be deducted tiam��'s grosa I �!"�!�'���,:�4���f7'';
�� � � �k ��,�rovemmts � '� �� `•. �. ,�;,
�'aiie��Pertlr irem� '�►�O�+dldeCt�'�ll� �ilt
�P�.of�q kvted °�.1�)d�t.�ttat'its p�onyQ�di
I •+�f�M�a1�er4��11+dfetbs trenetscea +M V�4�r�tar s6e,
-�s.��[�ee.�l!Me6are�eral ��f..��-�IRe��tl��m
0�llbr�'eY'tk!"tCll�°'K'tde dt� la bta�` �rt $�C ZO:t!
�j[tleil to eeimbue�nt M w6ok or ln ��7. '" �tx;r,; '..
'P� �a�P•r:the prane�a of the speclal � i'fafe���la�i�t��3.ilM. 'i• '�y.���.,,"�:P:::
. �i•' � 1���'S�-r .i:.;�' � AL�EAT�vOONN
ZZ�Of 0!'d!!E LYVjD$AO dlLIOItE O!��. �`,ST . . �� . .� _.'.' (���.
�•�up� i1�7ab3a w6olly hom the ' (J�1l.1Y� c
iqeptn'i, te�an! rtvesue•producina
s�vaeM�c�s. :
4..061i�yol�hr�tpsicl�ie pr poa(ntain�
��t m+nlvito� fund:os,
��II�NMlt�1l�q�it�n�d
bsttttl�l�at ot ypbtbe pater works,
s�taw�j ani w�b1k I�MIe�.i�qt�.or
P��q'�S.ssd oi aAy inatiao
theiMOt, ar tor wy.pa�e�ve�i�oe
,�. a6id� a eeveaw k os m�y be
Y
F � a+uipiik of all,' '
��d tbe l�iee
� aenibee� tor thl��� a�
e�llptior�ofb�s-.t���ad�ctiMle
uM1a'thi0 s�bdiv�..,..
� �i;aWr.ot�oblf�tfaos t►hk� tmder the
l�4il�ns,,;oi,Iaw_aullwrkins tAeir
l�weat Rz� �of tp, 1N .lnelud� �n
ao�3tie`det$�btq��M►�T:: �;,
�St � -��, - � �^ ._ _ .
- � 2nd � G �`�
3rd � — / � – � � Adopted - ' — �� `y Q"–.�.
Yeas '2 � � �.�
Nays
FLETCHER
LEVINE
�
MASANZ �/ J���r
NICOSIA � � � ,�
� �
SCHEIBEL
WILSON
MR. PRESIDENT TIDESCO