274669 WH17E - CITV CLERK COU11C11.
PINK - FINANCE - � TF' '
CANARY - DEPARTMENT GITY OF SAINT 1 AUL �
BLUE - MAVOR File NO•
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, ,, ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, That upon the recommendation of the Director of Finance and
Management Services, the Council of the City of Saint Paul does hereby designate
American National Bank, Saint Paul, as the City's paying agent in relation to the
sale of $6,630,000 General Obligation Capital Improvement Bonds, Series 1980, and
$4,080,000 General Obligation Water Pollution Abatement Bonds, Series 1980, and
the proper City officers are hereby authorized and directed to execute the Paying
Agency Agreements on behalf of the City of Sa.int Paul.
COUIVCILMEN
Yeas Nays Requested by Department of:
Hozza Fi ce a m �
In Favor
Hunt
levine (�I B
Maddox ° _ Against �
McMahon
Showalter
Tedesco ��p/� Form Approved by, ity ttorney j
Adopted by Council: Date ��_��f� � : ' ,�
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Certified ss d by Council retar BY
B ' F '
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t\ � ' APR 7 /� App ve Ma for Sub s lon to Council
App�i�e, by ;Navor: Dat _ _ �98k�--- �•
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By _ BY
�i.isxEt� APR 1 � t980
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RUBY HUNT �Q�F��n inctr;es �he TC>IE�:�inc
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repor� on C. F_ � � C7rd�nance � .
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The Finance Committee, at its meeting of March 31 , 1980, recar�mended
"approval. of the. following- �
1 . Resolution changing tlie grade for Administrative Manager- . .
Planning and Economic Development from its present Grade 22
to Grade 24 of Section 3 . K (Prof/Admin . Supvs. �roup) . (10762-RH)
2 . Resolution designating pa�ing agent far *�6,630, 000 C�.pital ' �
Imp�ovemerrt Bonds and $4 , 080, 000 h'ater Polluti.on Ab.atement � � �
bonds� . ' . � _ .
" 3: �Resolution trans£ers�ing $22 , 152 to provide funds to add two - -
persons to the staf£ of the Department of Human Rights . _
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Et,`,=.L :� Sf.:�'f;;ti�tiC kJ.C.):: C:1�;�I' I':i[i.l., �<<\�;;S�iE'.� S�'_C'?
_ t�r viz = ��/���5 ,
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� Rev.: -�.9�'���► ,
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EXPtANJ�TION QF ADMINISTRATIyE ORflERS, R��.
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�dte: March 25, 1980 - ,
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`;o: r�voR ��o�c� �aTa��R
FR: B ernard �. Carlson . � . ; �:
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Rf; CaunciY Rerolution designatin `y'tng Agent for $b,630,Q00 G.{�. G�pi#�I. ��
� Impro�ent Bonds and $4,080, 00 G.O. Water Pollution Alaat�nent Bond� �:
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���rioN REQU�STED: ' t,
The passage of the attached resolu�tion names American N.at�t�ial Bank, �t. P�et�3,x
as . a 'n a ent for the two Cit Bond issues, `v�rhich is a chan e from t#�e a�s►t; � � �`
P Yi 8 8 Y B P
when the.City has designated two banks as co-�payi��� agentt+a - one local ba�
a�d one �Tew York bank,
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FURP05E ik� RATIQidA!E FOR�THZS ACTI�N: ;
As a�ur��xig� sys�� h�ve changed over the years, we ha�� found it very
diffi�t�lf, if not impossible, to balance our recards to those a� the two ba�ks, ° �
,; P�robl�s oacur in a number of w�ys,. the most sig�ificant being in tI� tra,risfier''af" �
funds from one bank to another and having these func�s deb�ted,lc�edited ta �e ;;. � °.
wrong aecounts. We also have d�fficulty wi#h the banks d���'e"r�ent rnar�th�y Cutc�;ff • _,
dat+�s to�r their bank statemen#s. Even when we are able to obtain coincid�ng. a�i��f � z
dates, or�e bank wi.11 post maturin� items received in the month prio� to ith e 3r m����i"�. '%
- We are spending far too much staff time atternpting to'correct errors m�ade lay t�ic� k
banks :,and tracing down debits made in one accaunt vvitl� cr�dita in anotk�er: i
Therefore, we recommend tYiat the City designate a si.ngle gaying age�tt for
these and future bond sales. This, `rn our judgment, is the �ost �fficient �
: manner in �vvhieh to proceed. _ . _ _ ; '
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;A'TTACt�lENTS:
Proposec� council resalution.. . ,
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