234968 ORIGINAL TO CITY CLERK 23���8
G� � CITY OF ST. PAUL PILENCIL NO.
OFFICE OF THE CITY CLERK .
�, 4�;, C N SOLUTION—GENERAL FORM
PRESENTED BY � �
COMMISSIONE DATE
RE VED, by the Council o 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 wi11 be inadequate to meet the City�s
obligations for the current calendar year to the extent of Four Million Dollars
($4,000,000.00) , and that said City's share of the uncollected portion of the real
estate and personal property taxes levied for the current calendar 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 Four Million Dollars
($4,000,000.00); that it is necessary for the meeting of the said City's aforesaid
obligations that its Sinking Fund Committee be and said Committee hereby is authorized
in behalf of said City, under and pursuant to Section 219 of said City's Home Rule
Charter, to borrow the sum of Four Million Dollars ($4,000,000.00) and to execute
and deliyer the notes of said City therefor in the aggregate principal sum of Four
Million Dollars(�4,000,000.00) payable within the current 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%) 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
RESOLVED FURTI�R, That in the event of such borrowing hereunder, the sum borrowed,
Four Million Dollars ($4,000,000.00) shall be deBosited in the City Treasury to
supply said cash deficiency therein in respect of the funds 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 Four Million Dollars
($4,000,000.00) and that, to the extent of any such borrowing hereunder, on behalf
. � of said City, for said purpose, said City's share of such uncollected 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 principal and interest, which shall be executed and
delivered hereunder, said City's share of such uncollecte� tax levies for the
current year representing an amount in excess of Four Million Dollars ($4,000,000.00)
plus interest thereon at not to exceed four per centum (4%) per annum which might
accrue, on any such authorized notes.
' FORM APPROVED
/ ��� �
Asst. Corporation Cou sel ��� 1 � �g��
COUNCILMEN Adopted by the Council 19—
Yeas Nays
� �,�P 1219��
Dalglish Approved 19—
HvH�n� � .
Meredith fn Favor
. �
Peterson u Mayor
Tedeaco A gainst
Mr. President, Byrne �
PDe�ls�� �� 1.6 ����
. . �,�2