273246 WHITE - CITV CLERK �����
PINK - FINANCE COUnC1I
CANAWtI - DEPARTMENT G I TY OF SA I NT PAU L �, � �
BLUE - MAVOR File NO.
�i�At�y',� . o�ncil Resolution
��
� �
Presented By j
Referred To �f� Committee: Date
Out of Committee By Date
WHEREAS, Chapter 475 provides that the governing body of any
municipality issui.ng 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 revenue�
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 ,865,000
General Obligation Cagital Improvement Bonds, Series 1979 , issued and
sold as authorized by Resolution of this Coun�il, Council File No.
273244 , when and as the same mature and for an additional direct
a�x 'in an amount not le�s than five percent (5.00�) in excess of the
sum required to pay �uch principal and interest when the same mature,
there is hereby levied on all o€ the taxable property in the City of
Saint Paul, in addition to all other taxes, a tax for the payment of
said $4,865,000 of bonds, the following direct, annual irrevocable
taxes, �o=wit:
COUNGLMEN Requested by Department of:
Yeas Nays
Butler Fin ce and gement Services
Hozza [n Favor
Hunt
I.evine __ Against BY
Maddox Director
Showalter
Tedesco Form Approved by City Attorney
Adopted hy Council: Date
Certified Yassed by Council Secretary BY �
sy
!#pproved by :Navor. Date _ Approved by Mayor for Submission ta Council
By _ BY
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3.
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 special account in the sinking fund, 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
obtain from the County Auditor and deliver to the purchaser a
certificate of the County Auditor that the issue has been entered
on his regis�er ar�d 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
� �NHITE - C�TV CLERK x
PINKC'� - FINANCE G I TY O F SA I NT PA IT L Council �,'�����
CAN RV - DEPARTMENT File NO•
jl.UE - MAVOR
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
4.
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 Fund of the City of Saint Paul hereby is created.
COUNCILMEN
Yeas Nays Requested by Department of:
�� � [n Favor
•�ieaee
Hunt
Levine �__ R gai n s t BY
Maddox
Tedesco �� 2 g 1979 Form Approve ity Attorn�y
Adopted by Coun � . Date
. �
tifie assed .il Fie tary BY
�
App by 1�lavor. e — , JUL �G+ 1979 Approve by Mayor for Submission to Council
Bv — By
�.tsN�D JU L 7 t979