264994 WHITE - CITV CLERK �� ���,3 S
PINK � - FINANCE GITY OF SAINT PALTL Council
CANARY- DEPARTMENT File NO. ����tl�
BLUE •- MAYOR
� ��Counc 'l Resolution
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Presented By � ' �,� •�...�,.
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Referred To Committee: Date
Out of Committee By Date
RESOLVED, Z'hat pursuant to the authority contained in Minnesota Statutes, Section 475.71,
the Council of the City of Saint Paul, does hereby suthorize the Mayor, the Director of
of the Department of Finance and Management Services, and the City Clerk, to issue
one (1) registered bond of the City of Saint Paul in the amount of $20,000 to
Mrs, Lillian Bolotin Rev, Tr, dated 2/21/74, Miami, Florida, in exchange for 8eg�stered
Bond No. 34 issued in lieu of Sewage Disposal System Bonds, Series B-1969, dated
November 1, 1969, 6.30%, due November 1, 1997, Numbered 71333-71336 inclusive; said
registered bond to be issued at the office of the Department of Finance and Management
Services, and to be done under the supervision and direction of the Sinking Fund Committee;
provided, however, that such registered bond so issued shall not incur any new liability
on the City or extend the time of maturity of the coupon bonds which have been authorized
or issued, and in place of which they are ordered issued, but shall only bind the City
to the same manner and to the same extent as bound by said coupon bonds, or as provided
in and by Chapter 475, Minnesota Statutes; the manner of cancellation of such registered
bond and the form of registered bond to be prescribed by the Sinking Fund Committee.
The Department of Finance and Management Services is authorized to pay current interest
on such registered bond by check.
COUIVCILMEIV Requested by Dep me of: F'nance and Management
Yeas Nays
Christensen '� Services
Hozza � In Favor irec or—
Levine
Sylv�e}s er J Against BY G
�� Barbara Asbury - ond Registrar
President Hunt
� Form Approved by ity ttorney
Adopted by Council: Date � t ��
Certified P Council Se retary � By
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Approv y ayor: e Approve y ayor sion t ouncil
By By
Pt�B��sH� FE8 '! 51975
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GITY OF SAINT PAiTI,
OFFIGE OF THE MAYOA
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�W��e���eme
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February 3, 1975
LAWAENGE D. GOHEN
MnYOa
Roger Mattson,
Director
Finance and Management Services
Ro�er:
I a�;ree that we should expedite the transfer
of bonds , but would point out that one of the
problems in delays of processin� resolutions
is the new Council schedule of ineetin� for
official business on only Tuesdays and
Thursdays .
Our office seldom if ever holds up routine
resolutions .
In the case of the woman who waited 13 days
for processin�, I don't fincl that unreasonable
as on the open ma.rket, transfer of stock or
bond certificates takes two weeks to a month
and sometime lon�er.
Sincerely,
Lawrence Cohen,
. Ma.yo
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S�URCE: Depa�tment of Finance and I�Sanag�men� Ss2vf!�e� .�
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.. �� ACT�ON REQUESTED: �lpproval and referral to the Cit� Co�ici�: : '
for action
ATTACHM�N�'Ss Resolution arid letter #rc�a Roger A. 'Mattse��
' D�rect�or of Finance and 1�nage.ment Servi�as. . >�
" concer�i.ng processing of 'this type af resolu�ian. :
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CITY OF SAINT PAUL
DEPARTMENT OF FINANCE AND MANAGEMENT SERVICES
Office of Director
113 CITY HALL
R�� M�n SAINT PAUL,MINNESOTA 55102 .
Director
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REPORT TO THOMAS J. KELLEY, CITY ADMINISTRATOR '
DATE: January 31, 1975
REGARDING: Council Resolution - Transfer of Ownership, City of Saint Paul
Registered Bond
DATA: On a sporadic basis, we have the necessary function of providing
for the transfer of ownership of City of Saint Paul registered bonds.
There is a legal requirement which requires such bond transfers to be
handled through the Council Resolution process. The Council Resolution
process should involve no more than five working days, as this would
permit at least one day to have the resolution prepared in my office,
one day to clear the City Attorney's office, one day for processing
through your office and the Mayor, and one day for adoption by the
Council.
It is essential that such transfers, even though infrequent, should
receive expedient treatment. The reason for this is that these in-
volve people who are potential buyers of our future bond issues.
The last transfer of a registered bond started through the process from
my office on January 8, 1975. The Council adopted this resolution on
January 21, and the Mayor signed the resolution on January 24. Needless
to say, the recipient of this poor service was not pleased that the
transaction took 13 business days to complete.
Attached to this report is another Council Resolution transferring a
registered bond. I am having it hand delivered to your office in the
hope that it can be expediently processed.
SOURCE: Department of Finance and Management Services
ACTION
REQUESTED: That routine Council Resolutions such as this recieve expedient handling
at all signature points.
ATTACHMENTS: Council Resolution.
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