260620 WHIT_E���� �-C� CLERK COUIICll ��U���
PINK' - fINANCE
`�ANA�V +.pE ARTMENT GITY OF SAINT PALIL
-�u�E; t '+r ."�►* ' File N 0.
s� ' � � �� o nci Resolution
` .
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, that �he Gouncil of the City of Saint Paul hereby finds
that the cash in the City' s treasury will be inadequate to meet the City' s
obligations as they shall become due and that it is necessary to borrow funds
in anticipation of the receipt of taxes during the current calendar year;
and be it
FURTHER RESOLVED, that this Council determines that the amount of
funds necessary to meet such obligations shall be the sum of �4,000,000.00,
and that the City' s portion of the uncollected property taxes for the current�•
year is in excess of �4,000,400.00; and be it
FURTHER. RESOLVED, that, pursuant to the authority granted the Council
by Section 10.16 of the City' s Home Rule Gharter and in accordance with the pro-
visions set forth in Section 475. 60, Minnesota Statutes, the Director of the
Department of Finance and Management Services is hereby authorized and directed
to perform all acts necessary so as to advertise and receive bids for the sale
of the obligations of the City of Saint Paul to borrow the sum of �,�000,000.00
with interest at a rate not to exceed seven percent ('7�) per annum to be payable
by the City six months from the date of issue, the principal and interest for
�-_r`�ymen� of the obligations to be a first charge on the monies received by the
City' s treasury from the taxes levied in the year for which the obligations
were sold, provided that any such obligations shall not b� sold for less than
par and accrued interest to date of delivery; and be it
FURTHER RESOLVED, that in accordance with Ordinance 15082, G.F. 258244,
approved May 5, 1972, the form of this obligation shall be determined by the
Sinking Fund Committee with the advice of the City Attorney, and the obligations
shall be manually signed and attested in accordance with the provisions of
said ordinance; and be it
COUNCILMEN Requested by Department of:
Yeas Nays
Hunt � Finance nd Mana ement Servi ces
Konopatzki In Favor
Levine
Meredith Against BY
Sprafka irect r
Tedesco
Mme.President Butler
Form Approved ity Attor
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by Maxor: Date Approv d by 'on to Council
.
gy By
v �
WHI7E -�ITY CLERK CO1111C11 �V�62�
PINK �sFIE�AN�E � � GITY OF SAINT PAITL
� 6ANARV -D ARTMENT hr v �
m���`+�►r o« � File N O.
� ' - Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
2 .
FURTHER RESOLVED, tha.t sealed bids be received in the office of
the Department of Fina.nce and Management Services, 109 City Hal1, Saint
Paul, Minnesota� u to 10:00 A. M. , CS'�, Febra�sry 21, 1q73 , for the
borrowing of all or��e-�Of said $4,000,000.00, after giving due published
notice in the Saint Paul Legal Ledger, the official newspaper of the City
of Saint Paul� having general circulation in the city, and in Commercial
West� a fina.ncial periodical published in a cify of the first class in the
Stat"e of Minnesota, which circulates throughout the state; tha.t the Director
sha.11 open and read said bids received and ma.ke a recommendation to the City
Council at their meeting tha.t day of the bidder offerin the lowest inte "rest
rate for the borrowing, not exceeding seven percent (7%� per annum; a�d the
Council sha.11 ma.ke a prompt award thereof; or reject any and all bids.
COUNCILMEN
Yeas Nays Requested by Department of:
Hunt
Konopatzki In Favor
Levine
Meredith � Again�t BY
�
Tedesco .
Mme.President Butler
FEB 6 �973 Form Approved by City Attorney
Adopted by Council: Date
Certifi a ed by Co '1 tary BY
By
Approve by May : Date Approved by Mayor for Submission to Council
gy By
- Pusus��o FEB 81973
�������
CITY OF SAINT PAUL
OFFICE OF THE CITY ADMINISTRATOR
FRANK D. MARZITELLI
February 5, 1973
To: i�ayor Lawrence D. Cohen and �Ir. Phil Lee
Fr: Frank 0. i�arzitelli �
�
Re: Council Resolution/ City to orrow �4,000,000-Uncollected Property Taxes
I have reviewed the above Council Resolution with Robert Trudeau and
Jerome J. Segl and I recommend approval of same.
FD�1:mc
Attached
City Hall, Saint Paul, Minnesota 55102
O
� _ _:. ._.
YlHiTE .-� CITV CLEFtK . �
PI`�K- - FiNANCE ! �ay�to���
. "ANAi-.�Y - L:�PARTMENT UT ■ �� �
vn
. `���l.Ul. - MAYOR . 1 1 O F �.�I�T j�.�I; j, ounci .
. . File N 0. `"���
�
� �'ouncil .�Zesolution
Precented By
Referred To Committee: Date __� __,__
: Out o� Committee By Date
; RESOLV�D, that the Council of the City of 5aint Paul hereb� .t`i.nds
. t�3at the cash in the City' s treasury wi11 be inadeq��ate to meet the Cit�-' s
cbli�ations as they shall become due and that it is necessary to borroiY fu�ids
in �.nticipation of the receipt of taxes during the �urrent calendar year;
and be it - _
-;=- FURTHER RESOLVED, that this Gouncil determines that the amount of
f�ands necessary to meet such obligations shall be the sum of �4,0OO,OUO.UO,
and that the City' s portion of the uncollected property taxes for the c�,iri-ent
year is in excess of �4,000,000.00; and be it .
� FURTHER RESOLVED, that, pursuant to the authority granted the Council
by Sec�tion 10. 16 0� the City' s Home Rule Charter and in accordance with the pro-
visions set forth in Section 475.60, Minnesota Statutes, the Director of the
Department of .Ffnance and Management Services is hereby authorized and clirected
to perform all acts necessary so as to advertise and receive bids for the sale
of the ob?igations of the City of Saint Paul to borrow the sum of �,p00,�000.00� '_.
with interest at a rate not to exceed seven percent i7�fO) per annum to be payable
by the City six months from the date of issue, the principal and interest for
repat�nent o� the obligations to be a first charge on the moni�s received t�y the
City's tr•easury from the taxes levied in the year for which the obligations
tiJere sold, provic�ed that any such obligations shall not be sold for less than
par and accrued interest to date of delivery; and be it
FURTHER RESOLVID, that in accordance with Ordinance 15082, C.F. 258244,
approved May 5, 1972, the form of this obligation shall be determined by the
Sinl�ing Fund Committee with the advice of the City Attorney, and the obligations
shall be manually signed and attested in accordance with the provisions of
said ordinance; and be it
COUIVCILMEN
Yeas Nays Requested by Department of:
Hunt
Konopatzki In Favor
Levine _ °
b'Ieredith Against BY
Spraika
Tedesco
iVIme.President Butler
Adopted by Council: Date
Form Approved y ity Attor
Certified Passed by Council Secretary By
By
Approved by hlayor: Date _ Approved by Mayor for Submission to Council
�
By _ _ By
t���Fi1TE - UTV GLP:HK � . .
PINK •t FINp.�:CE ■/� T (` COU1lC1I ■■/�
:A�d�tirzY -- pEPqRTMEN 7� tJ 1 TY C��' ►_.1�� I ���I• I'.� I T Ii
�L-yl,.Ur. ... .viriaYOR �� Os�V
; . � File ��.
� C'ouncil .�esolutio�
Presented By
Referred T.o . Committee: Date __
Qut ��t Comrnittee By Date —
2 . —_ --
F'tTRTHER R�SOLVED, tha.t sealed bids be received in the office of
�he De�artment of Fina.nce and Ma.nagement S'ervices,, 109 City Hall, Saint
?au1, I�finnesota, up to 10 0 00 A. M. , CST, Febru�a,ry 21, 1973 , f or the
borzo�ving of all or none of said $4,000,000.00, after giving due published
notice in the Saint Pau1 Legal Ledger, the official newspaper o� the City
; of Saint Paul, ha.ving general circulation in the city, and in Commercial
�;. West, a financial periodical published in a city of the first class in the
- ; State of Minnesota� which circulates throughout the state; that the Director
: shall open and read said bids received and make a recommendation to the City
� Council at their meeting that day of the bidder offerin the lowest interest
rate for the borrowing, not exceeding seven percent (7%� per annum; and the
Council shall make a prompt award thereof; or reject any and alI bids .
COU[VCILMEIV
Yeas Nays Requested by Department of:
Hunt f
Konopatzki (C� In Favor
Levine
6-Teredith � Against BY
�"�'
Tedesco
Mme.President Butler
Adopted by Council: Date FEB 6 �973 Form Approved by City Attorney
Certified Passed by Council Secretary By
By
Approved by btayor:' Date FE8 61973 Approved by Mayor for Submission to Council
By BY
,