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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 � � � � f-- � � �.. r-� F..: �C �, � � � �o � � �a � � �r� ro CoCOmm � mwmw iv C CL� �] O� �J1 �A W N I--� Cd (�"S �C Q7 t-� t� � � r� ►-� � � � K G � � � � � � � � � �D � CD CD W W CA CO C:� � 00 AJ �2 lL? 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' - ����t3'E7 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 _ t_. � ', ' l j; ' � t �Y t� ; f�� � a 4 . }.. ^x . .:. c ..- � ", ''�'�fiY. ��: :; � r ° t� t�1 ��x "x��"����- � .�' ��'' �� '? ' ''� .i '�i _ . _.�t• ��i���� r i ��I'�� .3i"S.'� nRa ' �,�'.<' 1 �x �,'_ ' . � �"` .�.,� � - .. � ' � �i,. >� �" �'f�� � 5 .� 1 . ���i3N',t�T�'' ��'�'�#�����r ' "`� � � �� s- �� 1�Q��-��F3�"A���r Q��t��S �� � x : '' ��� � a�"'"`'f�"�}�' � ��� ,;�", �. . . .I . . . 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