273247 wHiTE - CiTr CLERK COt1tIC11 r��'��
PINK ' -�FINANCE G I TY O F SA I NT PA U L
CANARV - DEPARTMENT
BLUE � - MAVOR File NO.
� 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 Requeste Department of
-�til� �
„��, [n Favor
Hunt
Levine �___ Against B
Maddox /
i
Tedesco 9 1979 Form Approve City Attorney
Adopted by Council: Date T-��
i �
Cert ied assed ouncil , cretary By
sy f�j�'�
� . ���� � '� Approved y Mayor for Submission to Council
t�pprove � avor: at
By BY —
�t�m JUL- '� 1979
WHITE =�TV CLERK ������-�
C NK�RV:- DEPARTMENT GITY OF SAINT PALTL COUI1C11 �
Bl_U� - MAVOF File �O.
��A�'y'� o�ncil Resolution
�
,
Presented By r _
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 m�eet 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 $2,655,000
General Obligation Water Pollution Abatement Bonds, Series 1979 ,
issued and sold as authorized by Resolution of this Council, Council
File No. 273245 , when and as the same mature and for an
additiona irec 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 $2,655 ,000
of bonds, the following direct, annual irrevocable taxes, to-wit:
COUNC[LMEN Requested by Department of:
Yeas Nays Fi c and. n e t Services
Butler [n Favor
Hozza
Hunt
Ixvine _ __ Against BY 1 0
Maddox
Showalter
Tedesco Form Approved by City Attorne
Adopted by Council: Date
Certified Vassed by Council Secretary BY '�
By
Approved by Mavor: Date _ Approved by 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 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 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