248832 -• - 24�fi��2
ORI6IMAL TS?CtTY CLERK '
, �- ` "` CITY OF ST. PAUL FOENCIL NO.
�� OFFICE OF THE CITY CLERK
O C R OLUTION-GENERAL FORM
PRESENTED BY
COMMISSIONE DATF
•
RES ED� By the Council of the City of Saint Paul,
at it satisfactorily appears from the pertinent report of
the Commissioner of Finance and said Council Finds that the
cash in said Gity' s Treasury is and will be inadequate to
meet the City� s obligations for the current caleridar year
to the extent of Two Million Dollars (�2, 000�000.00) � and
that said Cityts share of the uncollected portion of the real
estate and personal property taxes levied for the current cal-
endar year and to become payable to said Gity for the a�plica-
tion to the payment of its said obligations for the current
calendar year represent an amount in excess of Two Million
Dollars (�2,000�000.00) ; that it is necessary for the meeting
of the said City�s aforesaid obligations that its Sinking
Fund Committee be and said Gommittee hereby is authorized in
behalf of said City, under and pursuant to Section 219 of said
City' s Home Rule Gharte�, to borrow the sum of Two Million
Dollars (�2, 000�000.00) and to execute and deliver the notes
of said City therefor in ,the aggregate principal sum of Two
Million Dollars (�2, 000,000.00) payable within the current
calendar year and within not to exceed ninety (90) days from
the date of the same , with interest on said principal sum at a
rate not to exceed six percent (6�0) per annum, and to pledge
the share of said City in the aforesaid uncollected portion
of said real estate and personal property tax levies for the
'''� current calendar year; and be it
v
:�
�
~ FURTHER RESOLVED� That in the event of such borrow-
� ing hereunder, the sum borrowed, Two Milli�on Dollars
:� � (�2, 000,000. 00) shall be dep osited in the City Treasury to
n� O supply said cash deficiency therein in respect of the fu nds
� m available for the meeting of said City' s obligations during
� the current calendar year , such cash deficiency being , as
� aforesaid, in the principal amount of Two Million Dollars
� (�2,000,000.00) and that, to the extent of any such borrowing
= hereunder, on behalf of said Gity, for said purpose, said
" Gity' s share of such uncollected real estate and persbnal
property tax levies for the current year shall be hereby
deemed pledged to secure the repayment of the sum or sums
COUNCILMEN Adopted by the Council 19—
Yeas Nays
Carlson
Dalglish Approved 19—
Meredith _�n Favor
Peterson
Sprafka Mayor
A gainst
Tedesco
Mr. President, Byrne
O
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ORI61NALrTO C�ITY�CLERK � � ������U ��/�
� �� ,: ' CITY OF ST. PAUL FOENCIL NO.
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION-GENERAL FORM
PRESENTED BY
COMMISSIONER DATF
Page 2.
borrowed as evidenced by said City�s note or notes, both
principal and interest, which shall be executed and delivered
hereunder, said City' s share of such uncollected tax levies
for the current year representing an amount in excess of
Two Million Dollars (�2, 000, 000.00) plus interest thereon
at a rate not to exceed six percent (6°�0) per annum which
might accrue on any such authorized notes.
MAY 1 � ��
COUNCILMEN Adopted by the Councit 19—
Yeas Nays �/�Y 1 � �970
Carlson
Dalglish Approve� 19—
Meredith � Tn Favor
Peterson �
Sprafkz J Mayor
Tedesco A gainst
Mr. President, Byrne
PUBLISHED �IAY 13 �9�0
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DEPARTMENT OF FINANCE ,�
_ OF THE ������r
CIN OF SAINT PAUL � �
INTIGI•DEPARTMENTAL COMMUNICATION
��
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� May 8, 1970 �
?o: James J . Dalglish
' Conmissioner of Finance
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From: Gary R. Norstrem
Chief Cashier r
The casi� balances including short term investments for all city accaunts
except the Civic Center and CIB Bond Funds aatounts to $1,350,000.00 today.
Based on a check of anticipated receipts and expenditures between now and
�une 1, 1970, it appears that these balances will be insufficient to cover
expenses on May 15, 1970, which is a payday.
The Civic Center Bond Fund holds short term investments totaling $3,500,000
oE which $600,000 matures on May 15, 1970 and will be available as part of
our operating cash. The CIB Bond Fund holds short term investments totaling
$2,000,000 and April 30, 1970 balances in that account are over that figure.
The County Treasurer is now collecting the first half property tax which is
due in his office by the end of` the month. It appears that we probably will
be able to receive nearly $1,500,000 of the Property Tax money from the County
by that time. After 3une 1, we will be .receiving monies from advances on the
May Tax Settlement, Sales and Relief Property Tax payments from the State and
other receipts sufficient to rebuild our operating cash status to carry us
through the summer.
Section 219 of the City Charter authorizes tax anticipation loans but does
limit the length of time this money may be borrawed to 6 months. In the past
sufficient funds have been available to repay this type of loan by August,
although in some cases a new loan was necessary in September.
Rnec�d c►n tl��� nhc�vc inLormntion and expenditure eatimaCes of approximately
$3�UUU,uOO �Iurinj; t:lu� luet half of M+�y, i would recommend Chet the 8lnking
�und Connnittee borrow in anticipaCion of taxea $2,000,000 on May 15th for a
period of three months as authorized under Section 219.
cc: Thomas R. Byrne •
JJoseph J. Mitchell
Clem Schleck
DUPLICATE T') PRINTER „��LY�,��j���
CITY OF ST. PAUL �oE Nca NO.
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONER DATF
RESOLVED, By the Couneil of the City of Smint d�aul,
that it satisfactarily appears from the pertinent report of
the Comm�ssioner of Finanee a.nd said Couneil Finds that the
cash in said City� s Treasury is and will be �a�adequate to
meet the City� s o�li�ations for the current calendar year
to tYie extent o� Two Million Doll�rs (�2, OOU,000.00} � and
that said City' s share of the uneolleeted portion of tt�e real
estate and Personal proPerty taxes levied for the eurrent cal—
enda.r year and to becoffie payable to eaid City for the applica—
tion to the payment of its said obligations �or the current
calendar year represent an amount in exeess o� Twa Million
�ollars (�2,000,00(?.00) ; that it ia neceasary for the meeting
of the said City' s aforesaid obligations that its Sinking
Fund Committee be and sz�id Comm�.ttee hereby is authorized in
l��h�,�:� of said City, under and pursuant to Section 219 of said
�ity' s Home F�ule Charter, to borrow the 3L1II1 0� Twa Azillion
Dollars (�2,00O,OOQ.00) anc� to execute and deliver the not es
of said City therefor in� the aggregate principal sum of Two
�lillion t�ollars {�2,UOO,U00.00) payable within the ourrent
calendar year and within not tc� exeeed ninety (90) days from
the date of t�ze same, with interest on. said principal sum at a
rate not ta egceed six pereent (6f) per annum, an.d to pledge
the share o� said City in the �foresaid uncolleeted portion
of said real estate and persanal property tax levies for the
current calendar year; and be it
FURTHLR RESOLVED, That in the ev�nt o� such borrow—
ing hereunder, the sum borrowed, Two Million Dollars
(�2,t�00,000.00) shall be dep osited in the City Treasury to
supply saia cash deficiency therein in respect of the funds
available �or th� meeting of eaid City's obligations durin�
the current calendar year, sueh aaah defieiency being, as
aforesaid, ir� the principal amount of Two T�Iillion Dollars
(�2, 000,�00.00) and that, to the extent of any such borrowing
hereunder, on behalf of said City, for aaid purpose, said
City� s shnre of auch uneolleeted real eatate and personAl
property tax levies for the eurrent year shall be hereby
deemed pledged to secure the rep�yment of the sum or sums ,
COUNCILMEN Adopted by the Council 19_
Yeas Nays
Carlson
Dalglish Approve� 19—
Meredith __In Favor
Peterson
Sprafka Maqor
A gainst
Tedesco
Mr. President, Byrne
O
DUPLICATE TO PRINTER � -
CITY OF ST. PAUL couNCa �`�
OFFICE OF THE CITY CLERK �`E Nd• �� �-����};;��
COUNCIL RESOLUTION—GENERAL FORM
PRESENTED 8Y
COMMISSIONER DATF
P8�0 2.
borrQwed as evicienced by said City's note or notes, both
pr�ncipal and interest, whieh shall be executed and delivered
la.ereunder, said City' s ahare of such uncollected tax levies
for the current year reprQSenting an amount in excess o�'
T��o Million Dollars (�p2,0U0,000.UU) plus intereat thereon
at a r�te not to E�ceed �i.x peroent (6jo) per annum whicli
might accrue on any such authorized noi;es.
wr *y _ =��r:'
Wg��� t* 'i ��
COUNCILMEN Adopted by the Council 19—
Yeas Nays /� -
Carlson ' �
Dalglish Approved 19_
Meredith _ Tn Favor
Peterson
Sprafka ��A
Mayor
Tedesco gainst
Mr. President, Byrne
O