274788 WHITE - CITV GLERK . COUIICIl 2�4��� �
PINK - FINANCE GITY OF SAINT PALTL
C+ARV - OEPARTMENT � �
BLUE - MAVOR ' ..� Flle NO.
� - ' � � ,Co�ncil 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 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 $6,630,000 General Obligation Capital Improvement Bonds,
Series 1980, issued and sold as authorized by Resolution of
this Council, Council File No. 274754 , when and as the same
mature and for an additional direct tax in an amount not less
than five percent (5.00$) in excess of the sum required to pay
such principal and interest when the same mature, 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 $6,630,000 of bonds, the following direct,
annual irrevocable taxes, to-wit:
COUNCILME[V Requested by Department of:
Yeas Nays
Butler Fina�c and ent Services
Hozza In Favor ;�
Hunt
Ixvine __ Against BY ireetor
Maddox
Showalter
Tedesco Form Approved by City Attorney
Adopted by Council: Date
Certified Yassed by Council Secretary B3'
B�
t\pproved by A7avor: Date Approve b Mayor for Submission to Council
By _ _ — By �
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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 shall be created a separate
sinking fund, or a �pecial account in the sinking tund, for
said obligations, and that the taxes received for the payment
thereof are hereby irrevocably appropriated 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
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 entered the obligations in
�'��' the tax register as required 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 before the said bonds shall be
delivered to the purchaser, the Council of the City of Saint .
Paul shall ob�ain from 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 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
WMITE - CITV CLERK COIlI1C1I �� '���V
PINK - F4NANCE GITY OF SAINT PALTL
CAN�ARV - DEPARTMENT V �
BLU� - MAVOR File NO.
� � - � 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 �'und of the City of Saint Paul
hereby is created.
� �.
COUNCILMEN
Yeas Nays Requested by Department of:
�HON r Finance and Man t Services
Hozza '� In Favor
-�IteriE
Levine _ � __ Against `
Maddox irector
Sho
edesco Form Approve by Ci orney
opted by Council: Date QpQ `� � �—
i �
Certified P� e by ounc. Secret BY
B �
A d by Mavor: _ QPR ,`) F'► 1QM Approv b Mayor for Submission to Council
By _ — BY
�'NEO M AY 3 1980
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