235020 ORIGINAI TO CITY GLERK �C���^ r! \
. CITY OF ST. PAUL FIOENCIL N�, v ��%
� OFFICE OF THE CITY CLERK
C UN IL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONE ' DATF
WHEREAS, National banks and other member banks of the
Federal Reserve System are not permitted to underwrite and deal
in revenue bonds of State and Local governments ; and
W�REAS, This prohibition severely restricts the
marketing of revenue bonds and increases interest rates to the
public ; and .
WHEREAS,There is now pending before the Congress S. �306,
to permit national ban.ks and other member banks of the Federal
Reserve System to underwrite and deal in h�:gh quality municipal -
revenue bonds, now, therefore, be it
RESOLVED, By the Council of the City of Saint Paul, th.at
this Council hereby supports this important legislation and urges
the members of the Minnesota delegation in Congress to work for
its enactment; and be it
� FUR,THER RESOLVED� That the City Clerk is instructed to
send copies of this resolution to all members of the Congress
from the State of Minnesota. -�
RM APP Ep � -
orporation C�Se�
SEP 14196�
COUNCILMEN Adopted by the Council 19—
Yeas Nays
'�� ��P 1419��
Dalglish
� Approved 19—
Holland
Meredith Tn Favor
, �
Peterson � Mayor
Tedesco A gainst
Mr. President, Byrne PUBLISF�, S�P 1 ���
�aa
DU►LICA7E TO rRINTER �
CITY OF ST. PAUL ' couNCi� ������'
~ OFFICE OF THE CITY CLERK FILE NO. _
COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONER DATE
WHEREAS� National banke and other member b�nke of the
Federal Reserve Syatem are not permitted to underwrite and de�l
in revenue bonds o� State and Looal governmenta; and
WHEREAS, Thia prohibition aeverely reetriQts �he
marketing o� revenue bonda and inore�eee intereet ra�ea to= the
public; and
WSEREAS,There is now pending before the Congreae S. 1306�
to permit nati,onal bankg and other member banks o� the Federal
Reserve System to underwrite and deal in ��gh quality muniQ�.pal
revenue bonds, nowf therefore, be �.t
ftESOLVED, IIy the Counail o� the City of Saint P�ul� that
this Counoil hereby gupporta thie important legialation and urge�
the members of the Minneaota delega�ion in Congress to work for
its enaotment; and be it -
FIIRTHER RESOLVED, That the City Clerk is instrucsted to
send oopie� o� this resolution to all meml�ers of the Congres�
�rom the State of Minnesota.
SEP 1 �+ 196�
COUNCILMEN
Adopted by the Council I9—
Yeas Nays
•r•,..-varr"�vin—
Dalglish �'�P 1 �'+ 1��
Approved 19—
Holland
Meredith In Favor
Peterson �y�r
Tedesco � Against
Mr. President, Byrne
�zz