261949 WH17E -- CITY CLERK
PINK �'�FINANCE COUI1C11 QA�
BkUERV.� MAYORTMENT (jITY OF SAINT PALTL File N0. � *-�`�+7 -
-�� � ; Co cil Resolution
.
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, Tha.t the Council of the City of Saint Paul hereby
finds that the cash in the City' s treasury will be inadequa.te to
meet the City' s obligations as they shall become due and tha.t it is
necessary to borrow funds in anticipa.tion of the receipt of taxes
during the current calendar year; and be it
FURTHER RESOLVED, Tha.t this Council determines that the amount
of funds necessary to meet such obligations shall be the sum of
$6,000,000.00, and that the City' s portion of the uncollected prop-
erty taxes for the current year is in excess of $6,000,000.00; and
be it
FURTHER RESOLVED, Tha.t pursuant to the authority granted the
Council by Section 10. 16 of the City' s Home Rule Cha.rter and in
accordance with the provisions set forth in Section 475.60,
Minnesota Statutes, the Director of the Department of Fina.nce 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
$6,000,000.00 with interest at a rate not to exceed seven percent
(7%) per annum to be pa.yable by the City in the current calendar
year, the principal and interest for repayment of the obligations
to be a first cha.rge on the monies received by the City' s treasury
from the taxes levied in the year for which the obligations were
sold� provided tha.t any such obligations shall not be sold for less
tha.n par and accrued interest to date of delivery; and be it
- FURTHER RESOLV�D� Tha.t in accordance with Ordinance 150$2,
C. F. 258244, approved Ma.y 5, 1972, the form of this obligation
sha.11 be determined by the Sinking Fund Committee with the advice
of the City Attorney, and the obligations sha.11 be ma.nually signed
and attested in accordance with the provisions of said ordina.nce;
and be it
COUIVCILMEIV Requested by Department of:
Yeas Butler Nays � �f ('') Ar
� r� Y�� C� �6 /vl_ � � c.�C� (�'V���J
Konopatzki In Favor
Levine
Meredith Against BY
�paoef�c Roedler
Tedesco
Mme.President�X Htlrlt
Form Approved b City ttorney
Adopted by,Council: Date �
Certified Passed by Council Secretary BY
By
Approved by Maxor: Date Approvejd b a r f o Council
�
u
By BY
WHITE �— CITY CLERK
PIN�I( =FINANCE COIIIICll
pCANARY — C,�cPARTMENT GITY OF SAINT PALTL - ��,���C�_
BLU� f MAYOR File NO.
•��=� � � Council Resolution
Presented By �
Referred To Committee: Date
Out of Committee By Date
2 .
FURTHER RESOLVED, 'I'hat sealed bids be received in the office
- of the Department of Finance and Ma.na.gement Services, 109 City
Hall, Saint Paul, Minnesota, up to 10:00 A.M. , September 12, 1973,
for the borrowing of a11 or none of said $6,000,000.00, after
giving due published notice in the Saint Paul Legal Ledger, the
official newspaper of the City of Saint Paul�- having general cir-
culation in the city, and in Commercial West, a financial pe'riodical
published in a city of the first class in the State 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 that day of the bidder offering the lowest
interest rate for the borrowing� not exceeding seven percent (7%)
p�r annum; and the Council sha.11 make a prompt award thereof; or
reject any and ail bids .
COUNCILMEIV Requested by Department of� �
Yeas t er Nays
� —�— ��:�c�. h v�c eS
Konopatzki In Favor
Levine
Meredith J Against By
� Roedler
Tedesco
Mme.President� �
Adopted by Council: Date
AU G 2 3 1973 Form Approved by ity Attorney
Certi 'ed sed by C c' etary BY �'
By � _
Approv by M or� Date AUG �9 Appro d by M or ion uncil
By BY
�ueu�+wo .AU� z 1�I 3
` ` ������,
� :��
CITY OF SAINT PAUL
� OFFICE OF THE CITY ADMINISTRATOR
FRANK D. MARZITELLI
August 22, 1973
T0: Ma.yor Lawrence D. Cohen
FR: Frank D. Marzitelli
RE: Attached Resolution
I have reviewed the attached resolution requested by Mr. Robert
Trudeau, Director of Finance and Ma.nagement Services. The
contents of the resolution have also been discussed with Mr.
Roger Mattson, Budget Director, and Mr. Trudeau.
I concur with the recommendation of Mr. Trudeau and Mr. Mattson in
this matter and recommend your approval for submission to the City
Council.
FDM/ca
Attach.
City Hall, Saint Paul, Minnesota 55102
O
_. - �� �, ,��
. �1_,,
CITY OF SAINT PAUL
OFFICE OF THE CITY ATTORNEY
August 21, 1973 R. SCOTT DAVIES
Mr. Clemens J. Schleck
Chief Accountant
Department of Finance
and Ma.nagement Services
City of Saint Paul
Building
Dear Mr. Schleck: i
Enclosed please find resolution authorizing the borrowing
of Six Million Dollars in anticipation of receipt of taxes,
and authorizing the request for bids to be delivered to
your depa.rtment: on September 12, 1973.
The Council' s Subcommittee on Fina.nces and Sinking Fund
have approved the borrowing, and the resolution, therefor�,
should be submitted to Councilma.n Konopatzki, as cha.irman
of the said committee, for submission to the City Council.
You will note that in accordance with Section 10. 16 of the
City Charter, the borrowing must be repaid during the cur-
rent calendar year. In submitting your request for bids,
you should establish the date on which the loan shall be
repaid.
Please notify me if you desire our office to prepa:re pro-
posed form of notice. As usual, we will issue legal
opinion as to the legality of the proposed borrowing, and
your notice may so state.
Very truly yours,
JER J. S
Assi tant Cit Attor ey
JJS:er
Encl.
cc:Robert Trudeau, Dir. � Depa.rtment of Fina.nce
Barbara Asbury, Dept. of Finance
City Hall, Saint Paul, Minnesota 55102
� 612 298-5121