236959 � r � -
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j� OR16�NAL TO :ITY G�,6RIC � • '' 23�959
� �� CITY OF ST. PAUL couNCi� N�,.
' OFFICE OF THE CITY CLERK FILE
C IL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONE DATF
RESOLVED, By the Council of the City of Saint Paul, that
it satisfactorily appears from the pertinent report of the
Commissioner of Finance and said Council finds that the cash in
said City' s Treasury is and will be inadequate to meet the City' s
�I obligations for the current calendar year to the extent of Six
Million Dollars (�6,000,000.00) , and that said City''s share of
the uncollected portion of the real estate and. perso�al property
taxes levied for the current calen.dar year and to become payable
� to said City for the application to the payment of its said
obligations for the current calendar year represent an amount in
excess of Six Million Dollars (�6,000,000.00) ; that it is
necessar for the meetin of the said City' s aforesaid obliga-
Y �
tions that its Sinking Fund Committee be and said Committee
hereby is authorized in behalf of said Gity, under and pursuant
to Seetion 219 of said City' s Home Rule Charter, to borrow the
sum of Six Million Dollars (�6,000,000.00) and to execute and
deliver the notes of said City therefor in the aggregate princi-
pal sum of Six Million Dollars (�6,000,000.00) payable within
the curren.t calendar year and within not to exceed six months
from the date of the same, with interest on said principal sum
at a rate not to exceed four per centum (4°�0) per annum, and to
ple�,ge 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
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� FURTHER RESOLVED, That in. the event of such borrowing here-
� � under, the sum borrowed, Six Million Dollars (�6,000,000.00) shall
o � be deposited in the City Treasury to supply said cash deficiency
�' o � therein in respect of the funds availala7e for- the meeting of said
�, � City' s obligations during the current calendar year, such cash
�' rn deficiency being, as aforesaid in the principal amount of Six
� , p Million Dollars (�6,000,000.00� and that, to the extent of any
� � , such borrowing hereunder, on behalf of said City, for said pur-
� - pose, said City' s share of such uneolleeted real estate and
� � personal property tax levies for the current year shall be
hereby deemed pledged to secure the repayment of the sum or
sums borrowed as evidenced by said City' s note or notes, both
COUNCILMEN Adopted by the Council 19_
Yeas Nays
Carlson
Dalgliah Approver_l 19___
Holland _�n Favor
Meredith
Mayor
Peterson
A gainst
Tedesco
Mr. President, Byrne
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ORIfE1NAL TO CITY U-6RK �
,. CITY OF ST. PAUL F,OE NCIL N�,.
• OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION-GENERAL FORM
PRESENTED BY
COMMISSIONER DATF
principal and interest, which shall be executed and delivered
; hereunder, said City' s share of such uncollected tax levies for
Ithe current year representing an amount in excess of Six Million
Dollars (�6,000,000.00) plus interest thereon at not to e:�ceed
i four per centum (4%) per annum which might accrue on any such
f
authorized notes.
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FE� � 196$
COUNCILMEN Adopted by the Council 19—
i' Yeas Nays ��.� �� �9Sg
Carlson
; Dalglish � Approvec� 19___
Holland Tn Favor
Meredith �
� Mayor
Peterson
Tedesco A gainst
Mr. President, Byrne
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� ��5� F�� � �96� �O
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� DEPARTMENT OF FINANCE
CITY OF SAINT PAUL 2����
MINNESOTA �
I13 Court House,5b102
JAMES J. DALGLISH, Commissioner
LOUIS H. McKENNA, Deputy Commissioner ZONIIYGF �l�AL ,. Phone:223-4b46
Notice is here heidv befo�i�et the Cit�
I hearin(c will be Y
Counefl at 10 A.M. on Dccember 7.`
1967, itt the City, Council CLamber Sn�
tke City Hall and Coult Howe. in the
matter ot th� appeal 04 Hanover,
: Ayartmea uader Chspters 80 to 84�
iaclvsive �t. Paul LeB�slative Code,1
Zoning G�ode, to extend `C^R�idarce,
zonfnB to •,B•• Re�ide�ce soned Part o!',
� site all located on the following de-
' eeribed rnpert�: That rtioa�� Lot
' February 2, 1968 �a o� �e w��� u�°f �O°�'a��.o�t
4 at a.pofnt �.77 teet north bt the
Southwebi cornra ot caid Lot 4 aad
eXtended Easter�y to the Easterly Line,
oK aaid Lot 4 to a polnt �68.44 leeti
Norther of the SouUleaat corner ot
satd. I.o� 4, Block" 4. We�tera Area
Addition, loCatxrd on the Northwest'
corner of Ravoux and 1+'arrin�Ca
Honorable Ma or and s��'
Y Dabed Navembor �, 1967.
Members of the City Council xt,xnY a.u���*�•
c�cr c��.
i (Noveenb�r 2S. 1987)
Gentlemen: !
The City's cash balances, including short term investments, total
�' approximately $800,000.00 today. As you know, substantial receipts
are few and far between during the first four to five months each
' year, even though spending is pretty well distributed throughout
'I the year.
On February 10, 1967, we borrowed $6,000,000.00 for a period not
to exceed six months. This was necessary to finance the various
! obligations until substantial tax receipts were received.
The cash on hand, along with other receipts, will last until the
end of next week. It appears that borrowing will be necessary on
February 8, 1968. The Sinking Fund Committee, which met January 23
to discuss this matter, recommends that $6,000,000.00 be borrowed
when necessary for a period not to exceed six months. I would
like to introduce the following resolution which will enable the
i Sinking Fund Committee to act on this matter.
S' erely your ,�
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J mes J. Dalglis
omm's oner o ' ance
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