267940 WHI7E - CITV CLERI( � C011I1C11 I�vV�g���
PINK - FINANCE GITY OF SAINT PAUL t
CANA-RY - DEPARTMENT �
BLUE - MAYOR _ ""f F11E NO.
r �"` . � ouncil 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
apread 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 tk�at if
° collected in full they, togetl�er with estimated collections of special assessments and _
� other revenues pledged for the payment of said obligations, will produce at least
' `�ive percent (5%) in excess of the amounts needed to meet when due the principatl 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 $6,000,000.00 General Obligation Capital Improvement Bonds, Series
1976, issued and sold as suthorized by Resolution of this Council, Council File No. 267896,
when and as the same mature and for an additional direct tax in an amount not less than
ffve percent (5%) 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, ta-wit:
COU[VCILMEN
Yeas Nays Requested by Department of:
Butler �
Hozza In Favor
Hunt
Levine __ Against BY
Roedler
�Sylvester
Tedesco
Form Approved by Ci y Att rney
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by Mayor. Date Approve Mayor for ubmi s on o lrbuncil
By BY
� t , . � . . . . ' ������ .
* '
• _ � 7 �
Tax required by
Chapter 475,
Minnesota Statutes
as amended, in
Levy Budget Collection Tax for Tax for excess of Principal TotaZ
Year Year Year 'Principal Interest and Interest Tax
1976 1977-78 1977 460,000 371,200 41,560 872,76p
1977 1978-79 1978 580,Q00 257,240 4Z,862 879,102
1978 1979-80 1979 610,000 230,560 42,028 882,588
1979 1980-81 1980 640,000 202,500 42,125 884,625
1980 1981-82 1981 670,000 173,060 42,Z53 885,213
1981 1982-83 1982 710,000 142,240 42,612 8g4,g52
1982 1983-84 1983 ` 740,000 109,580 42,479 892,059
1983 I984-85 1984 780 000 75,540 42 777 ggg 317
1984 1985-86 1985 , 810,000 38,880 42,444 891,324
6,OQ0,000 1.600.800 3_8Q�/Q 7•9g�0.g��p�
� WHITE - CITV CLERK - COUIICII ��� �� .
PINK -.FINANCE -
CANARV - DEPARTMENT GITY OF SAINT -PALTL ��
� BLIJE - MAYOR File NO.
'' � � � Council Resolution
.
Presented By
�
Referred To Committee: Date
Out of Committee By Date
-3-
and be it
FURTHER RESOLVED, That in the event any principal and interest come due prior to
the receipt of the proceeds of said taxes, it sha11 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
FURTEIER 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, Mi.nnesota
Statutes, and that the tax levy required for the purpose has been made; and be it
FURTI�R 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 ent�red
on his registar and that a tax has been levied as required by law, in accordance with
the provisions af Chapter 475; and be it
FURTHER RESOLVED, That auch 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 pa�ri�g 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.
COUNCILMEN
Yeas Nays Requested by Department of:
Butler J�bsTrAll� �'�' Finance and gement Services
,,� in Favor
�iunt � Z7
�e � __ Against BY �
�Roedler Direetor
�6ylvester � �6' S'��/�
�Tedesco
Adopted by ncii: Date SEP 3 4 t976 Form Approved by C' y Att rney
Certif Pas e y Coun ' etary BY
,
Approve av r: Date Approve Mayor f Sub i si tq,�ouncil
By BY
PUBLISHED 0 CT 9 19 6
_ � ����P
�
STATE OF P2I:JNESOTA ) CERTI�ICATION AS TO TAX LEVY
) SS APdD REGISTRY OF BO:JDS UPON
COUNTY OF RAMSEY ) COUNTY AUDITOR'S BOND REGISTER
I, the undersigned, being the duly q�aalified County
Auditor of Ramsey County, do hereby certify that there was
filed in my office on the 7th day of October , 1976,
a certified copy of Council File No. 267940 adopted
�eptember 30, 1976 by the City Council of the
City of Saint Paul, levying taxes for $6,000,000 General
Obligation Capital Improvement Bonds, Series 1976, as the
same fall due and to pay and discharge the principal and
-� interest thereof when due.
It is further certified that pursuant to Section
475 . 63 Minnesota Statutes Annotated that said bond issue
has been entered and registered upon the County Auditorts
bond register File Noe 893 and that such
tax for the payment thereof has been levied as required
b� law.
WIT�TESS, my hand and official seal this 7th day
o f Oct�ber , 1 g 7 6,
LOU MC KENNA
COUNTY AUDI R, COUNTY OF RAMSEY
Deputy
Entered in Bond Register
i, October 7, 1976