268980 WHITE - CITV CLERK COUIICll �� °���Q
PINK - FINANCE GITY OF SAINT PAUL
� CANARY - DEPARTMENT
BLUE - MAVOR File NO.
� J 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. 00g) 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 reso-
lution 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 $6,000,000. 00 General
Obligation Capital Improvement Bonds, Series 1977, issued and sold
as authorized by Resolution of this Council, Council File No.
268820, when and as the same mature and for an additiona], 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 $6,000,000. 00 of bonds, the following direct,
annual, irrevocable taxes, to-wit:
COUNCILMEN
Yeas Nays Requested by Department of:
Butler�p���/tIN Fin ce and Mana e nt Services
Hozza [n Favor
Hunt
Levine Against B
�eedl�s Director
Sylvester
Tedesco `'<
/ Form Approved y C�ty Att ney
Adopted b�ouncil: !Uate �
Certif� Pass ouncil ecretary BY
By
Approved by 1Qayor: Date Approv by Mayor for Sub iss' r�to Council
gy By
r � ��.
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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
1976 1977 1977 220,000.00 255,150.00 23,757.50
1977 1978 1978 530,000.00 246,130.00 38,806.50 1,313,844.00
1978 1979 1979 555,000.00 224,400.00 38,970.00 818.370.00
1979 1980 1980 585,000.00 201,645.00 39,332.25 825,977.25
1980 1981 1981 610,000.00 177,075.00 39,353.75 826,428.75
1981 1982 1982 640,000.00 151,455.00 39,572.75 831,027.75
1982 1983 1983 665,000.00 124,575.00 39,478.75 829,053,75
1983 1984 1984 700,000.00 96,645.00 39,832.25 836,477.25
1984 1985 1985 730,000.00 66,545.00 39,827.25 836,372.25
1985 1986 1986 7b5,000.00. 34,425.00 39,971.25 839,396.25
6,000,000.00 1,578,045.00 378,902.25 7,956,947.25
and, be it
FURTHER RESOLVED, 1'fiat 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 :�u.nd of•the said City of Saint Paul, and reimbursement therefor shall be �
made wh�n s�id taxes shall hawe been received; snd be it
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-'_.„� w..:.w..-.: .�...'::�� � y��:':A �_ ... .
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 ��r�by 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-
WNITE - CITV CLERK COIIRC11 �"� � • �"�����'� .
PINK - FINANCE GITY OF SAINT PAUL
CANARV - DEPARTMENT
BLUE - MAYOR � Flle NO•
� � � - 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 deiiver 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 5aint 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.
COUNC[LMEN
Yeas Nays Requested by Department of:
Butier—Prl�STJ'�Il� � Fina ce and Man ment Services
�Elozza In Favor
4iunt �
'�Levine � _ Against BY
�,i Director
�Sylvester � �j(j,s7-e-/y7�'o�,j
�Tedesco � �9n; Form Approved by Cit Attorn
Adopted by Council: Date APR 2.
Certified Passed by Council Secretary BY
By
Approve 1+lavor. Date APR 2�9 �9� Approv y Mayoc for Submiss' to ouc il
By BY
PUBLISHED MAY 7 1977
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