217855 .-
PUBLISH�D � -a- �� �.�►���5
ORIGINAL TO CITY CLERK
CITY OF ST. PAUL FILENCIL NO.
OFFICE OF THE CITY CLERK ;
OUN II� RESOLUTION—GENERAL FORM ��u`;�;i��ree Je v o�„s, May i
PRESENTED BY ,� X-�ed,.�By the Council of the City
' El13t1 �t ?aul, },ha it saUsPactorily ap-
COMMISSIONE DATF °•?- �rm t;�te Fr 'inent report of tl:,
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RESOLVID, by the Council of the City oP Saint Paul,that it sa is-
factorily appears from the pertinent report of the Commissioner of Finarice and
said Council finds that the cash in said City's Treasury is a.nd will belinadequate
to meet the City's obligations for the current calendar yeax to the extent of
Four Million Dollars, and that said City's share of the uncollected por�ion of the
real estate�a.nd personal property taxes levied for the current calendax �year �
and to become\payable to said City for application to the payment of its� said
obligations- for° the current calendax yeax represent an amount in excess �of Four
' Million Dollaxs; that it is necessary for the meeting of said City's afo,r esaid �
obligations that its Sinking Fund Committee be and said Coimmittee hereby� is
authorized, in behalf of said City, under a.nd pursuant to Section 219 of� said
City's Home Rule 'Chaxter, to borrow the sum of Four Million Dollars and +to
execute a.nd deliver the notes of said City therefor in tl�e�• aggregate pri�cipal
sum of Four Million Dollar s,payable within the current calendax yeax and� within �
not to exceed ninety days from the date of the same, with interest on sa�.d principal i
sum at a rate not to exceed �� per annum, and .to pledge the shaxe of said City in
the aforesaid uncollected portion of said real estate and personal prope _y tax
levies for the current calendax year; and '
,
RESOLVED FURTHER, that i.n event of such borrowing hereunder, t�e sum �
borrowed, Four Million Dollars, shall be deposited in the City Treasury to ;
supply said cash deficiency therein in respect of the ftiinds.available for the �
meeting of said City's obligations during the current calendax yeax, suc� cash �
deficiency being, as aforesai�., in the principal a.mount of Four Million Dollaxs, 1
' and that, to the extent of any such borrowing, hereunder, on behalf of said
City, for said purpose, said City's shaxe 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 evidencedlby
the said City's note or notes, both pri.nci�al�and interest, which shall be Y '
executed and delivered hereunder, said City's shaxe of such uncollected �ax
levies for the current year representing an amount in excess of Four Million �
Dollars plus interest thereon at not to exceed �+� per annum which might accrue on any
such- authorized notes. '
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� ��'� � o � AP�t� 19�
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, COUNCILMEN ,� Adopted by the Council 19—
� Yeas Nays IR' TOR Q,� �py�/, 3 I �9�
Dalglish AP R J
' Holland Appr ved ig_
�g� � In Favor
A�aen �
Peterson ,
� � Mayor ;
A gainst '
�tosen � -- .« • ,
Mr. President, Vavoulis:^, f , '
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iont e-sz � � _
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