270401 M�HITE — CITV CLERK COl1I1C11 � 9 �1 _,
Pj�NK � FINANCE GITY OF SAINT PAUL �� `���
c:ANARY — DEPARTMENT �
BLUE + MAYOR File NO.
- ,
u � cil 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, to-
gether 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 princi-
pal 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 $6,500,000.00 General Obligation Capital
Improvement Bonds, Series 1978� issued and sold as authorized by Resolution
of this Council, Council File No. 270360, 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 $6,500,000.00 of bonds, the following direct, annual, irrevocable
taxes, to-wit:
COUNCILMEN
Yeas Nays Requested by Department of:
Butler Finance and Management Services
Hozza [n Favor
Hunt
Levine __ Against BY
Roedler Director
Sylvester
Tedesco
Form Approved by City At+ rney
Adopted by Council: Date
Certified Passed by Council Secretary BY
Bv --
Approved by Mayoc Date Approved by Mayor for Submission to Council
By ` BY
" �;'."`,�>:��'p�
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Tax required by
� Chapter 475,
Minnesota Statutes
as amended, in
Levy Budget Collection Tax For Tax For excess of Princi- Total
Year Year Year Principal Interest pal and Interest Tax
1977 1978 1978 530,000.00 309,462.50 41,973.50
1978 1979 1979 555,000.00 284,552.50 41,978.50 1,762,967.00
1979 1980 1980 580,000.00 258,467.50 41,923.50 880,391.00
1980 1981 1981 605,000.00 231,207.50 41,810.50 878,018.00
1981 1982 1982 630,000.00 202,470.00 41,624.00 874,094.00
1982 1983 1983 660,000.00 172,545.00 41,628.00 874,173.00
1983 1984 1984 690,000.00 141,195.00 41,560.00 872,755.00
1984 1985 1985 720,000.00 108,420.00 41,421.00 869,841.00
1985 1986 1986 750,000.00 74,220.00 41,211.00 865,431.00
1986 1987 1987 780,000.00 38,220.00 40,911.00 859,131.00
6,500,000.00 1,820,760.00 416,041.00 8,736,801.00
and, be it
FURTHER RTSOLVED, That i� 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 o€ Saint Pa�l, 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
2.
WHITE � CITV CLERK COIlI1C11 /!!
P�yNK � FINANCE TT qy
CANA4V� DEPARTMENT G I TY OF SA I NT PA V L �`-^.���
BLUE - MAVOR File NO. �>��%� �t
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
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
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.
3.
COUNCIL;14Ef�
Yeas Nays Requested by Department of:
Butler � Fina Man e t Services
Hozza In Favor
Hunt
Levine � __ Against BY irec or
Roedler
Sylvester
� �aN � 7 �s�s
Form Approved by City Atto ey
Adopted by ncil: Date
Certif Passe � Council c ry � BY -
Ap v y :Nayor: Date ._ JAN 1 g 1978 Approved by Mayor for Submission to uncil
By, sy
ptlBUSHED !,AN 2 'l 1978
�� o � d �
STr1TE OF MINNESOTA COUI+ITY AUDITOR'S CERTIFICATE
COIT�3TY OF RAPiSEY AS TO TAX LEVY AND REGISTRY OF
BONDS UPON COUNTY AUDITOR`S
BOND REGISTER
I, the undersigned, being the dulp qualified and acting County Auditor
of Raasey Couatq, Minnesota, DO HEREBY CERTIk'Y that on the 19th day of
January , 1978 there was fiZed in my office a certiffed capy of Council
File �to. 270401 adopted on Sanuary I7, 1978, by the City Council of the City
- of St. Paul, levying taxes for $6,500,000 General Obligation Capital Improvement
Boads, Series 1978, as the same fa1T due and to pay and discharge the principal
and inter�st thereof when due.
It is further �ertified that pursuanC to Section 475.63, Minnesota �
StaCutes Annotated that said bond issue has been entered and registered upoa
the County Auditor's bond register File No. 950 aad that such tax for the
payaent thereof has been levied as required by law.
WITI3ESS my hand and the seal of the Gounty Auditor this 19th gay
of Jansary , 1978.
IAU MC KENNA
CU AUDTT
(SE?�L)
Entered in Bond Register Deputy
January 19th , 1978
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