267941 WHITE — CITV CLERK ' � COUIICII ���3��
PINK — FINANCE _ G I TY O F SA I NT PAU L
CANAR'P— DEPARTMENT
� ,R� ' l!
^BLUe'_ — MAVOR � ��- - � File NO.
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� � `�`��y C uncil Resolution�
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS, Chapter 475 pravides that the governing body of any municipality issuing
general obligations sha11, 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 ro11a 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%) in excess of the amounts needed to meet when due the principal and
interest payments on the obligations, and said law further pravides 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 $1,000,000.00 General Obligation Rehabilitation Loan and Grant Program
Bonds, Series 1976, issued and sold as authorized by Resolution of this Council,
Council File No. 267897, when and as the same mature and for an additional direct tax
in an amount not less than five percent (5%) in excess of the sum required to pay such
principal and interest when the same mature, there is hereby levied on a11 of the
taxable property in the City of Saint Paul, in addition to all other taxes, a tax for
the payment of said $1,000,000.00 of bonds, the following direct, annual, irrevocable
taxes, to—wit:
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COUNCILMEN
Yeas Nays Requested by Department of:
Butler In Favor
Hozza
Hunt
Levine __ Against BY
Roedler
Sylvester
Tedesco
Form Approved by City Attor ey
Adopted by Council: Date
Certified Yassed by Council Secretary BY
By
Approved by AAayor: Date Approve y Mayor for Sub ' s' rLto Council
By BY
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Tax required
by Chapter 475,
Minnesota Statutes
as amended,
in excess
Levy Budget Collection Tax for Tax for of Principal Total
Year Year Year Principal Interest & Interest Tax
1976 1977-78 1977 `I70,000 62,280 6,6I4� . 138,$94
1977 1978-79 1978 90,000 43,490 6,675 14Q,I65
1978 1979-80 1979 90,000 39,350 6,468 135,818
1979 1980-8}. 1480 90,000 35,210 6,261 131,47I
I980 1981-82 1981 100,000 31,070 6,554 137,624
I98Z 1982-83 1982 100,000 26,470 6,324 132,794
1982 1983-84 1983 110,000 21,870 6,594 138,464
1983 1984-85 1984 110,000 16,810 6,341 133,Z51
1984 1985-86 1985 120,000 11,640 6,582 138,222
1985 1986-87 1986 120,000 5,880 6,294 132,ll4
1,000,000 294,Q70 64,707 �„��,Z
WHITE - CITV CLERK COUIICll �p:���C�
. PINK - FINANCE
CANARY - DEPARTMENT GITY OF SAINT PAUL 1 �j
BLUE, - MAVOR FlIC 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 shall be paid promptly, when due,
out of the g�eneral 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
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.
COU[VCILMEN
Yeas Nays Requested by Department of:
Butler Finance and nagement Services
�_ [n Favor
Hunt , )
�e- V __ Against BY � 2T G
Roedler irecto
Sylvester
Tedesco S�P 3 � 19� Form Approved by City ttorney
Adopted b ouncil• Date
C ified Vas by Council Sec tar BY
`
Approved 'Vlayor: Date ' Approv by Mayor for ub s n t Council
gY By -
�P LISHED 0 CT 91976
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STATE OF MINNESOTA ) CERTIFICATION AS TO TAX LEVY
) SS AidD REGISTRY OF BONDS UPON
COUNTY OF �AMSEY ) COUNTY AUDITOP,'S BOP1D REGISTER
I, the undersigned, being the duly qualified County
Auditor of Ramsey County, do her�by certify that there was
filed in my office on the 7th day of October , 1976, a
certified copy of Council File Vo. 26�941 adopted
�tember 30, 1476 by the City Council of the City of Saint
Paul l�vying taxes for $1,000,QJ0 General ��bligation Rehabili-
,'
tation Loan and Grant Program Bonds, Series 1976, as the same
fall due and to pay and discharge the principal and interest
thareof when due .
-..�
It is further certified that pursuant to Section
t}75. 63 �iinnesota Statutes Annotated that said bond issue has
been entered and registered upon the County Auditorts bond
register File No. �92 and that such tax for the
oayment t�ereof has been levied as required by law.
WITNESS, my hand and official seal this lth day
o f october , 19 7 5.
z,ov t�C �ENrU
COFJVTY AUDIT , COUNTY OF R�.MSEY
By
]k3puty
Entered in Bond Register
� October 7, Z976