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ORIGINAL TO CITY`CLERK • '
f, CITY OF ST. PAUL FOENCIL NO. ' � °
f�, � OFFICE OF THE CITY CLERK , � � =
COUN IL SOLUTION—GENERAL FORM � � '
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PRESENTED BY
COMMISSIONE � DATF '
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RESOLVED� by the Coun�il of the City of Saint Paul� that i # . �
' satisfactorily appears from the pertinent report of the Commiss }oner ' �
�� ' of Finance and said Council finds that the cash in said City� s � i �
; . Treasury is and will be inadequate to meet the Gity�s obligations � ;
for the current ealendar year to the extent of Six Million Dollars; �
� . . (�6,000�000.00) ,�and that said City� s share -of the uncollected �� � 1 �
portion of the �real estate a�d personal property tages levied for ; � i
the current�alendar year and to become payable to said City for ; �
t he app lica t i on to t he paymen t o f i ts sa i d o b l igat ions for t he �� � � ;
current calendar�;year represent an amount in excess of Six Millh:on � �
, Dollars ($6,000,000.00) ; that it is necessary for the meeting of ; _' `
, the said Cityts aforesaid obligations that its Sinking �Fund f = �
Committee be and said Committee hereby is authorized in behalf ; f
' of said City� under and pursuant to Section 219 of said City� s � ' _
' Home Rule Charter� to borrow the stam of Six Million Dollars � ,i
� (�6�000�000.00) and to execute and deliv.er the notes of said City ;
therefor in the aggregate principal sum of Six Million Dollars
' - (�6�,000�000.00) payable within the current calendar year and � y
a
' within not to exceed six months from the date of the same� with � , �
interest on said prineipal sum at a rat� not to exceed fo�r per � ; �
. centum (4�) per annum� and to pledge the share of said City in _
� �.�,the aforesaid un.collected portion of said real estate and persorial; ;
property tax levies for the current calendar pear; and �} �
� -E
RESOLVED FIIRTHER� That in the event of such borrowing hereunder��
the sum borrowed� Six Million Dollars (�6�000,000.00) shall be
deposited in the City Treasury to supply said cash defieiency � }� :�
' therein in respect of the funds available for the meeting of sai4d ' ��
�Cityts obligations during the current calendar year� such cash � , j
;deficiency being3 as aforesaidt in the principal amount of Six { �
; M i l l i o n D o l l a r s l$6,0 0 0�0 0 0.0 0 1 an d t ha t, to t he ex ten t o f any suc h _
:borrowing hereunder� on behalf of said Cit�� for said purpose� said
�Cityts share of such uncollected real estate and pe.rsonal property; �
tax levies for the �urrent year shall be.hereby deemed pledged �;o j ,
, �seeure the repayment of the sum or s�s borrowed as evidenced by� said� �,
{City s n.ote or notes� both principal and interest� which shall be � I
�executed and delivered hereunc�� said Cityts share of such uncol�lected�
COUNCILMEN FQRM APPROVED � F _
��;L� Adopted by the Council 19�
Yeas I ; Nays
Asst. Corporation Co sel j� � � , i
Carlson ; � .
. Dalglish Approved - 19— `
Holland ` �
' Meredith Tn Favor - � , �
' Peterson Mayor;
` Tedesco A gainst � � �
' Mr. Presid:ent, Byrne , � ' �C E
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ORIGINAL TO CITY CLERK �� ��
�, CITY OF ST. PAUL FIOENCIL NO. � � �
OFFICE OF THE CITY CLERK 1 ; � i
��- , COUNCIL RESOLUTION—GENERAL FORM � - ,� p �
PRES�ENTED BY } �
COMMISSIONER DATF � � `
11
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�
� d
, ;tax levies for the current year representing an amount in exeess _ �
,of Six Million Dollars ($6,000 000.00) plus interest thereon at � � �
' not to exceed four per centum �4�) per annum which might accrue ; ;
;on any such authorized notes. � � '
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,COUNCILMEN
Adopted by the Council � 1g=i
Yea's Carlson Nayg ��� 819��' � y
Dalglish # a
� , - Approved � 19�
I Holland ' -�
Meredith -�--In Favor �� `
� '
Peterson v Mayor
� Tedesco A gainst
, � � � .
Mr. President, Byrne � _
; � �lIBLiSW�fD �EB �'� ��C� E .
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