212866ORIGINAL TO CITY CLERK + v""�� �"' 28f)
CITY OF ST. PAUL COUNCIL NO.
OFFICE OF THE CITY CLERK FILE
Council File No. 212666 —By George J.
COUNCIL RESOLUTION - GENERAL FORM vavoulis, Mayor, by request —
PRESENTED 6Y L Resolved, By the' Council of the City
COMMISSIONER __„ DATE fpeahlt orn.t ertiinenttreeprrt,
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RESOLVED, by the Council of the City of Saint Paul, that it satis-
factorily appears from the pertinent report of the Commissioner of Finance and
said Council finds that the cash in said City's Treasury is and will be inadequate
to meet the City's obligations for the current calendar year to the extent of
Two Million Dollars, 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 application to the payment of its said
obligations for the current calendar year represent an amount in excess of Two
Million Dollars; that it is necessary for the meeting of 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 Two Million Dollars and to
execute and deliver the notes of said City therefor in the aggregate principal
sum of Two Million Dollars, payable within the current calendar year and within
six months from the date of the same, with interest on said principal sum at a
rate not to exceed 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 FURTHER, that in event of such borrowing hereunder, the sum
borrowed, Two Million Dollars, shall be deposited 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 Two Million Dollars,
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
the said City's note or notes, both principal and interest, which shall be
executed and delivered hereunder, said City's share of such uncollected tax
levies for the current year representing an amount in excess of Two Million Dollars
plus interest thereon at not to exceed 4% per annum which might accrue on any
such authorized notes.
f. MAy 211963
COUNCILMEN Adopted by the Council 19—
Yeas Nays
ksh-
Loss
Mortinson
Peterson
4tesen --
Mr. President, Vavoulis
loci 6-82
In Favor
Against
MAY 1 1963
Mayor