224816 . - �2���� �
ORlO1NAL'i'�ti CITr CLHWK
'` - CITY OF ST. PAUL FOENCIL NO
/QFFICE OF THE CITY CLERK
O N�I b TION—GENERAL FORM
�RESENTED EY -
COMMISSIONE DA�
� , y the Counail of �he City of Saint Paul, tha� it
satisfact ily appears from the pertinent report of the Commisaioner of
Finance and said Couneil finds tY�a t the �ash in said 'City t s Treasury is
and will be inadequate to meet the Cit y's obligat3.ons for the Qurren�
calendar year �o the extent of One Million Seven Hu.r�.dred Thousand Dollars
($1,700,000), and that said City�s share of the un�ollected portion of
the real es�ate and peraonal property taxes levied for the curren� calendar
year and �o become payable to said City for the application �o the payment
of its said obligations for the current calendar year represent an amo�ant
in exeeas of One Mill3.on Seven Hundred Thousand Dollars ($1.,700,000); that
it is neeessary for the meeting of the said City 's aforesaid obligations
that fts Sinking F�nd Committee be a.nd said �Committee hereby is autY�or,ized
in behalf of said City, under and pursuant to Section 219 of said City's
Home Rule Charter�, to� borrow the sum of One Million Seve� Hundped Tho�.sand -
Dollars ($1,700,000) and to execute and deliver the notes of said City
therefor in the a regate principal sum of Or�e Million Seven Hund�ed
Thousand Dollars ��1,700,000) payable within the current calendar year
and within not to exeeed One Hu�dred and Twen�y (120) days from �he date
of the same, with interest on said �principal sum at a rate not to exeeed
� •�'o� per centum '(�b�) per annum, and to pledge the share of said City in
the aforesaid uncollected portio� of said real es�ate and personal properi�y
tax levies for the current calendar year; and
' RESOLVED FtTR�R, ��Yiat in the"�eve"nt of such�b.orrowing hereunder,
the sum borrowed, One Million Seven Hundred Thousand Dollars ($1,700,000) '
shall be deposited in the City Treasury to supply said cash deficien�y
therein in respee� of the funds available for the meeting of said City�s
obligations during the eurrent calendar year, such cash deficieney being,
as aforesaid, in the principal amo�nt of One Million Seven Hundred Thousand
Dollars ($1,700,000) and tha�, to .the extent of any such bnrrowing hereunder,
on beha.lf of said Ci�y, for aaid purpose, said City �s share of sueh uncol-
lected real estate and peraonal property tax levies for the current year
shall be hereby deemed pledged to secure the repaymen� of �he sum or sums
borrowed as evidenced -by said City's note or notes, both principal ar�d
interest, which sha.11 be executed and delivered� Y�ereunder, said City�s
share of such uncollected ta,x levies for the current year �epresentin$ an
amount in exeess of One Million Seven Hundred �housand Dollars ($1,700,000)
plus �nterest therenn at not to exceed �-� per annum which mig�t acerue on
• any such authorized notes . " �� 1 � �9�
COUNCILIuIEN FO �VI PPROV D � dopted .by the Counci� 19.—
Yeas Nays .
Dalglish �� �(Poration unsel A U G 1 U 1�
� Holland ,, Approved 19—
T�es�--- �
Tn Favor `
Meredith �
Mayor
Rosen A�'�'gt � !�llBLISHED AUG 14 1g��
�
' Mr. President, Vavoulis
♦ . ....r
� lOM' 664 . '" "
�� .
, + ^!� `
' ,DUrLICAT[�l ►RINT[R • .. y����
� ' CITY OF ST. PAUL couHCa 'df`
OFFICE OF THE CITY CLERK F��� NO
COUNCIL RESOLUTION--GENERAL FORMt
fRESENTED tY
COMMISSIONE� DA�
R�34L'VED, by th� Eounci�. of the Ci�y of Saint Faul, �ha� i�.
�a�i��'aator�.l�t appeara from the per�3nen� repor� p� �h,e �qmmi.���:pner of
F3nanqe and �a�d Coune�.�, f�ds �Ya.� �he cash in �a3.d �:ity��s Trea�t��y �.s
&nd wi1], be ina,d�qua�� �o meet the City�s ob�.�.ga��.4n� �or ��.e au�n'�
ea�.enda� ye r to �h� e�e�t o� pne Million Seven Hundred Thousancl �)o3.3.ar�
(#1,'�00,��0�, anc1 �hat �aid Ci�y Fa �h,a,re a� tY�e ur�QO3�.eated po�ion o�'
the xea�. e�ta�� and �ersonal prope��y �ax�� lev�.ed for �Ek�e aurren� �alendar
ysax► and �o b�corne payable to sa��i Ci�y for �he app�.�.cation to tk�e paymer��
of it� �a�.d ob�,�.,g���.or�� for -the cux��^en� �alendar year represen� an a�ottn�
in e�c�sg of One M:��.lion �even H�.ndred �ho�isand Dol�.ara ($1,'�OD,OQO); that
�.t is ne�e��az�r �'o� �the niee�ing of �he �a3d Cit�r�s a�'ore�aid Qb�.�ga'�lon�
tha� it� S�.nking Ftxnd Commit�:e� be and sa�d �omrnit��e he�eby is authori.zed
in behalf of said C3.ty, under and pursu&,nt �o SeGtic�n 219 of said �City��
Home 3�u.le Qharter, �o borrQw �he sum of One Mi�.lion Seven H�.nd�ed That���nd
�ollara {$Z,700,000} and to execu�e ar�d d@7.i.ver the no�es of �s.�,d �ity
tk�erefor in �he a re�ate px►ineipa�. �um o� One MiZl.ion Beven Hundrsd
Thousand �olla�� ���.,700,Q00� payab3.e wi�hin tk�e ,curr�n� ca7.enc7er �ea�
and withi�l not �o e�e�ed One Hundxed and Twenty �12Q) days from the dat�
o�' the �ame, w3.th in��rest o� sa�.d principal eum a� a rate no� to �xc��d
�'azr per centi�m ���� per annum, and to p�.�dge the share o#' ea3d ��.�y �.n
�he aforeea.id ux��lo11,�Q�ed portion of �a3d rea�. es�ate and personal proper�y
.,
�a.x levies for the curire�t aslendar year� and
R�34L'V'BD Fi3R'1�R, That ��. the even� of �ueh bbr�ow�.ng h�reuncle�
, the ��n borrowed, One M�.�,��.on 9�ven Hundred Thousand �Uol�.ars ($1,700,000�
� eha11 be deposited ,�n the ��.�y �rea+�ury �o eupply �a3.d �ash d�fi�i�noy
�herein in respec�t o� �h� fundg ava3.�.able for �he meet3.ng of said C�,t���
obl3gations dur�ng ths Qurrent agl�endar year, �auch cash defic�.ex�py b�i�g,
a� a�'oresaid, �.n. the px�.nci�al amour�t o�' On� �iil3.ifln �even Hundred �.'hou�and
7�oYlare (��.,'jOQ,OOd) anci ��.a,t, to the ex�ent o�' an� such borrow�r�g her�under,
on behalf o�' ��.id Ci�y, fox� sa3.d purpQge, �aid Ci�y�a share of such unGOl-
= lected �ea7, e��ate and perec�na,i pro�er��r taa� lev�,e� for the �urr�n� year
�ha15. be hereby de�med p7.edged .�o �ecu�e the repayment af the �u� or �uma
borrowed �.s ev�,der�ced by sa3d C�.�y�T� no�e or notes, batY� prin��.pal and
in�eres�, wh�,aY� aha21 be ex�cu�ed �d de3ivered hereu�ider, e�id �i�y'�
�haxe of such uxl�olleated tax Zeviea for the aurrer�� y�ax� re�resent�.r�g an
a�rioun� in exGeas of One kii3.lioi� Seven Huridred �housand 33o�lar� ($x,700,000�
plue �nteres� the�ef�.n. a� x�o� to �xa�ed �� pe� SY�lriLlil� Wh1dh ]]i3.ght aoaru� on
�.ny euch author3,��d��ot�� .
COiJNCILA�N Adopted by the Council AUG 1019651s-
Yeas Nays
Dalglish A U G� 10196� �
Holland Approv� 19—
� '� T*� FAVOL' `
Meredith
�_�_ � Mayor
Rosen ��t
Mr. President, Vavoulis
ions a�