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253334 25�334 OR161NAL TO CITY CL6RK • CITY OF ST. PAUL FLE N�� NO. OFFICE OF THE CITY CLERK � C UN L RESOLUTION—GENERAL FORM PRESENTED BY � COMMISSIONE � /�,TF RESOLVED, That the Council of the City of Saint Paul hereby approves : "A bill for an act relating to the investing of sinking funds ; amending Minnesota Statutes 1g6g, Section 475.66. �� and recommends the same to the Ramsey County Senate and House delegations. FORM ppQRO�En ��;c�r� Co!�c� e , Asst. Cor�;;�. � Mp,R 31193� COUNCILMEN Adopted by the Council 19— Yeas xaqa �AR � 1 197' Butler Carlson roved 19— Levine �n Favor Meredith � Sprafka Tedesco A Sainat Mr. Preaident, McCarty P'(JBLISHED AP R 3 19 71 �� � - � � _ = 1� . _ � A bill for an act ��� relating to investing of sinking funds; ��� ,., _ _. . . „_ amending Minnesota Statutes 1969, Section 475. 66. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINI�ESOTA: Section 1. That Minnesota Statutes 1969, Section 475 . 66, is amended to read: 475 . 66 /SINKING FUND; SURPLUSES .]� There sha11 always be retained in any sinking fund sufficient cash to provide for the annual payments of principal and interest on the obligations for which the �und was created. Subject to the provisions of any resolutions of the goverr�ing body relating to the maintenance of reserves of cash or investments for the security of holders of such obligat�_ons9 any surplus in a1�.y sinleing fund above such amount ma.y b� invested under the direction of the governin.g body in any general oUligation of the United Statess the state of Minnesota or . any of its municipalities9 and in secur_ities issued by the followinb agencies of the United States : I'ederal Home Loan � Banlcs, Federal Intermediate Credii� Banks, Federal Land Banks, ' Banks �'or Cooperativesf and the I'ederal NaLio�.za1 Mortga.ge Association. Such surplus znay also be used to purchase anSJ , obligation, whether general or special, of the issue for which the fund is created, at such pricey which may include a premium, as sha11 Ue agr.eed to by thc holder, or may be used to redeem any obligation of said issue prior to maturii�y in accordance with ii�s terms . The oUligations representing any such investment may be sold or hyl�othecai�ed by the governing Uody at a-1.zy time, bui� the money so recei.ved 1 . `,� - � � . � . � . • .. . _" - . � rema.ins a part of such fund until used for the purpose for which the fund was created. Any obligation held in the � "� sinking fund from �ahich it is payable may be cancelled at any time when moneys in such fund are sufficient to pay all other obligations issued prior to July 1, 1961, payable therefram with interest to ma.turity or to their earliest redemption dates . Any obligation issued after July l, 1961, , held in the sinking fund from �ahich it is payable riay be cancelled at any time unless otherwise provided in the � oth�r obligations payable from such fund or in a resolution f or ordinance authorizing their iss�uance. f . � � � � 3 � � y � ;� - '� ;� . � �' . � ;� . � vf • ;� . � � �' . Y .tr�� � :� ':T :'� '.�� 4. `�,_� ... . � . ,b'. _ . . . .. � �yyy :` . .�'.�:� . .. :�� '-�-��':� . + DEPARTMENT OF FINANCE ' CITY OF SAINT PAUL � , �� � � MINNESOTA I 13 Court House,55102 ROSALIE L. BUTLER, Commissioner Phone: 223-4646 The attached bill amends the present law, designating specific securities municipalities are suthorized to invest in, to include those securities issued by Banks for Cooperatines. Banks for Cooperatives have the same stature and low risk as the other Government Agency Securities presently named in the law. I believe Banks for Cooperatives were not included due to an oversight when the law was amended in 1965. Minneapolis has been notified of this bill and I am sure will lend their support. Mr. Robert Blixt, Executive Director of the State Board of Investment, will also testify on behalf of this chan�e. �a'� _. e. Gary Norstrem Chief Cashier �O � 8 �� - � , ,,� �.. . �� � �� . � � ' ��-� _ � � a • . ` , , � Si�IlKARY OF PAI37 OV�RTIME r For payroll period trc�a 3/2o to 4/2 ,inclugive Department Water NAME & TITF,E HRS. RATE PAY DATE R�01�� Fabio, Peter L. Dispatching trucks for Wa er Service Foreman � 9.3657 74.92 20 emer enc re airs service calls & Complaints, Dwyer, George W. Answering emergency calls Wat r Serviceman I 71 7.875 59.06 20 f or service & main leaks, Inserra, Robert A, tnrn ons, shut offs,uncapped Water borer 71 7.65 57.38 20 or broken H drants misc. repairs, etc. Buechner, John L. Oiling Equipment to aleviate Power Shovel erator 7 9.675 67.73 22 - 2 the necessit of usin an Auelsman, Henry R. oiler on a full time basis Motor E ui ment erator 5 9.345 46.73 22 - 2 Sculley, Donald E. Power Shovel erator 2 9.675 19.35 22 -2 " " " Braun, Jean D, Dispatching truc s or Water Service Foreman 8 9.365'7 74.92 27 e�ergency repairs, service cal s & omp aints. Anderson, Edward J. Answering emergency calls Water Laboxer ^ 7'� 7.65 57.38 27- f or service & main leaks, Schwantes, Herman A, turn ons, shut oFfs,uncapped Water Serviceman I 71 7.875 59.06 27 or broken Hydrants misc. repairs, etc. Schultz, Michael J. Water Plant Aide 1SD 1SD '7.0525 7.05 30 Re lacin relief man Kutscher, Kurt H. Replacing regular man who Pum in En ineer I 8SD 7.75 62,00 30 was out sick. Bjorklund, Curtis E. Check hydraulic pump & drive Auto Mechanic 1 8.31 8.31 2 on T-15. Breakdown at Syndicate & Donahue Addyman, Robert J. Jr. 2318 University Ave. tJater Service Foreman 2 9.3657 18.73 2 1�" Valve in the street Engen, Grant W. � a o e rep ace , we could Water Serviceman II (Conn) 2 8,10 16.20 2 not shut service off until Frascone, Leo . 3:45 pm ecause o water Ditch Digger 2 7.80 15.60 2 cooled tools & equipment Na , a er . n or e o comp e e,it Ditch Digger 2 7.80 15.60 2 was necessary to work Kopec y, ester over ime Motor Equipment Operator 2 9.345 18.69 2 TOTAL $678.71 ,.