276487 WHITE - CITY CLERK A
PINK - FINANCE COI1tIC1I ����
CANARY - DEPARTMENT G I TY OF SA I NT ��U L i�
BLUE ,. MAYOR File N O.
' ouncil Resolution
Presented
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 $4,685,000 General Obligation Water Pollution Abatement
Bonds, Series 1981, issued and sold as authorized by Resolution
of this Council, Council File No. 276271 , when 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 as
required by said Chapter 475, there is hereby levied on all of
the taxable property in the City of Saint Paul, in addition to
all other taxes, a tax for the payment of said bonds, the
following direct, annual irrevocable taxes, to-wit:
COUNCILMEN
Yeas Nays Requestgd by Department of:
Hunt Fi nce & t. Services
Levine I(1 FavOr
Maddox
McMahon B
snoweite� __ Against ,1� �
Tedesco 7/ ,
Wils �?7-v
Form Appr . y City At orne
Ado by Counci . Date —
ertified P� :ed by Se retary BY �
Approved by ;Nayor: Date _ Approv Mayor for u iss' n to ouncil
gy _ _ BY
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FURTHER 1tESOLVED that in the event any principal and
interest corne 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 5aint Paul, and reimbursement there�or
shall be made when said �axes shall have been received; and be
it
FURTHER RESOLVED that ther_e shall be created a separate
sinking fund, or a special account in the sinking fund, for
said obligations, and that the taxes received for the payment
thereof are hereby irrevocably appronriated to said account,
and that the City Clerk be and is hereby instructed to file in
the office of the County Auditor of Ramsey County a certified
co�y of this resolution, together witn f_ull information
regarding the bonds for which this tax is levied, and the Ca.ty
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 undPr the provis�.ons of Chapter
475, Minnesota Statutes, and that. the tax levy required for th�
� purnose has been made; anci be it •
FURTHER RFSOLVED that before the said bonds� shall be
del�.vered to the purchaser, th� Council of the City of_ Saint
' Paul shall obtain �rom the County Auditor and deliver to the
purchaser a certificate of the County Auditor that the issue .
has been entered on his register and that a tax has been levied
as required by law, in accordance with the provisions of
Chapter 475; and be it
FURTHER RESOLVED that such taxes shall be collected, and
the payment thereof enforced at the sar,ie time and with and in
like manner as other taxes of the City of �aint Paul, and when
collected shall be used solely for paying the interest anc�
principal of said bonds when and as the same mature; and be it