202236ORIGINAL TO CITY CLERV �02236
CITY OF ST. PAUL CIOEUNCIL N
OFFICE OF THE CITY CLERK
CO CIL RE LUTION— GENERAL FORM
PRESENTED BY
COMMISSIONER- DATE
RESOLVED, By the Council of the City of Saint Paul,
that Chapter 678, Laws of Minnesota for 1961, approved on the
20th day of April, 1961, entitled
"AN ACT AUTHORIZING THE CITY OF SAINT PAUL
TO ISSUE CERTIFICATES OF INDEBTEDNESS IN
ANTICIPATION OF THE RECEIPT OF STATE AND
FEDERAL SCHOOL AIDS AND PROVIDING FOR THE
PAYMENT AND SECURITY THEREOF."
a certified copy lbhereof is filed herewith, shall be and said
Act hereby is in all things approved;
RESOLVED FURTHER, That the City Clerk,-as the chief
clerical officer of said City of Saint Paul, shall forthwith
file with the Secretary of State a certificate in form
prescribed by the Attorney General stating the essential
facts necessary to said approval of said Act hereunder and
including a copy of this resolution of approval of said Act.
COUNCILMEN
Yeas Nays
DeCourcy
Holland
Loss Favor
Mortinson
Peterson 16 Against
Rosen
Mr. President, Vavoulis
aM 8.60 QP0
Council File No. 202236 — By Bernard
T. Holland
Resolved, By the Council of the City
of Saint Paul, that Chapter 676, Laws
of Minnesota for 1961, approved on
the 20th day of April, 1961, entitled
"AN ACT AUTHORIZING THE CITY
OF SAINT PAUL TO ISSUE CERTIF-
ICATES. OF INDEBTEDNESS IN
ANTICIPATION . OF THE RECEIPT
OF STATE AND FEDERAL SCHOOL
AIDS AND PROVIDING FOR
THE PAYMENT AND SECURITY
THEREOF."
a certified copy thereof is filed here-
with, •shall be and said Act hereby is
in All things approved;
Resolved Further, That the City
Clerk, as the chief clerical officer of
said City of Saint Paul, shall forthwith
file with the Secretary of State a cer-
tificate in form prescribed by t h e
Attorney General stating the' essential
facts necessary to said approval of said
Act hereunder and including a copy of
this resolution of approval of said Act.
Adopted by the Council May 19, 1961.
Approved May 19, 1961.
(May 27, 1961)
Adopted by the Council 19—
MAY 191969
9—
Mayor
-� QUADRUPLICATE TQ DEPAJITMENT
CITY OF ST. PAUL COUNCIL 202236
OFFICE OF THE CITY CLERK FILE NO.
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATE
RESOLVED, ,Sy the Council of the City of Saint Paul.
that Chapter 678: Laws of Minnesota for 1961, approved on the
20th 4ay Of April.. 1961; entitled
'SAN ACT pt, HORIZING 'I'HZ CITY OF S41W PAUL
TO ISSUE CERTIFICATES OF INDEBTEDNESS IN
ANTICIPATION OF THE RECRIPf OF STATE AND
FEDERAL SCHOOL AIDS AND PROVIDING FOR THE
PAYMENT AND SECURITY THEREOF."
a certified copy thereof Is filed herewith, shall be and said
Act hereby is in all things approved
RESOLVED FURTHER. That the City Clerkg as, the chlof
d arical officer Of Said City of Saint Paul.o shall forthwith
file with the S ocratary of $tote a certificate, in form
proscribed by the Attorney General stating the essentiAl
facts necessary to said approval of said Act hersundtm and
including a copy of this resolution of approval of said Act.
MAY 19 im
COUNCILMEN Adopted by the Council 19—
Yeas Nays
DeCourcy MAY 19
Holland Approved 19—
Loss In Favor
Mortinson
Peterson
Mayor
Rosen Against
Mr. President, Vavoulis
5M 5.60 aQp�.2
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"-- of M I NNE
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H.F.no.
AN ACT c
67
AUTHORIZING THE CITY OF SAINT PAUL TO
ISSUE CERTIFICATES Or I\JESTED\ESS IN
A,\TICIPATION OF THE RECEIPT OF STATE
AND FEDE:RA.L SC'r'.00L AIDS AND PROVIDING
FOR THE PAYMENT AND SECURITY THEREOF.
BE IT ENACTED BY THE LEGISL ?TUBE OF THE STATE OF mI\\ESOTA:
Section 1. The City of Saint Paul, in anticipation of
the receipt of special state aid funds credited to it by the
county auditor of Ramsey county in accordance with Extra
Session Laws 1959, Chapter 71, Article V, Section 12,
Subdivision 3, and of any federal aid funds which may be
similarly credited to it by authority of the state board of
education under the provisions of section 47 or section 50
of said article V,.may by resolution of its council borrow
money and in evidence thereof issue and sell its negotiable
certificates of indebtedness as provided in this act.
Sec. 2. The principal amount of such certificates
issued at'any time, plus the principal amount of such
certificates then remaining outstanding, whether issued in
the same or a previous school year, plus the then unpaid
accrued interest and interest to accrue to maturity on all
such certificates, shall not exceed ninety percent of the
total amount of funds so 'credited in the then current school
year, less the amount of such funds actually received by the
city from the county treasurer before the certificates are
issued. In this act "school year" means the period from
and including July 1 in each calendar year to and including
June 30 in the following calendar year.
Prior to any issuance of certificates of indebtedness
authorized hereunder to be sold by the council of the city
of St. Paul, the city comptroller shall notify the board
H.F.No.
of education of the city of St. Paul of the need to issue
certificates of indebtedness in anticipation of the receipt
of state and federal school aids.
Said board of education shall obtain from the state
board of education a certificate as to the total amount of
said state and federal aids anticipated to be received by
the board of education of the city of St. Paul. Said board
of education shall transmit by resolution to the city
comptroller said certificate who shall immediately report
same to•the city council of the city of St. Paul with a
request for the issuance and sale of certificates of
indebtedness not to exceed 85 percent of the principal
amount, as specified in the certificate.
Sec. 3. All certificates shall mature not later than
January 1 following the close of the school year in which
they are issued, and may be made subject to redemption
before maturity upon such notice and at such times and
prices as are provided in the resolutions authorizing their
issuance. By the resolution or resolutions authorizing each
issue of certificates, the council shall fix the amount,
date, maturity or maturities, prepayment provisions, form,
denominations, interest rate or rates, and other details of
the certificates in a manner consistent herewith, and shall
pledge the full faith and credit of the city for the payment
thereof, and shall irrevocably appropriate to a special fund
such amount, stated in dollars, of the state and federal aid
funds credited to it in the then current school year as
shall be required to pay the principal thereof.and interest
thereon when due. Before the certificates are delivered to
the purchaser the city clerk shall file a certified copy of
the resolution making such appropriation in the office of.
2 '
H.F.K0.1545
the county auditor, and shall obtain and deliver to the
purchaser a certificate of the county auditor that the
issue has been entered on the bond register.
Sec. 4. Nothing herein shall prevent the city from
receiving and exy)endirg for pro.)er school purposes state and
federal aid funds other than the amount so appropriated, but
the county auditor shall notify the county treasurer of the
amount of the unappropriated aid funds -remaining to the
credit of -the city after each issue of certificates, and
% -Jhen the full amount of such unappropriated funds for any
school year has been paid to the city, the county treasurer
shall notify the county auditor and city comptroller of that
fact before remitting any additional aid funds.
Sec. 5. If the appropriated aid funds are not received
at the times and in the amounts recuired to pay the
certificates and interest thereon iahen hue, the deficiency
shall nevertheless be paid out of any other funds of the
city which are not irrevocably appropriated for the pay -mert
of other obligations, and the council shall levy and cause
to be extended, assessed, and collected upon all taxable
property within the city, without li- mitation as to rate or
a:rount, such ad valorem taxes as may be racuired to pay such
principal and interest and to restore to other funds
advances made for that purpose. In the event any state or
federal aids are received subsequent to the tax levy as
provided herein above said amount received shall be applied
to reduce the tax levy for school debt in subsequent years.
The council may also authorize the issuance and sale of
additional certificates of indebtedness for the purpose of
paying and refunding any such deficiency, subject to the
foregoing limitations-as to maturity and amount computed as
of the date of issue of the refunding certificates.
3
x.r.No. 11
Sec. 6. All such certificates shall be negotiated and
sold by the method provided in Minnesota Statutes 1957,
Section 475.60, except that the requirement as to public
sale shall not apply to an issue of certificates in the
principal amount of $50,000 or less.
Sec. 7. Certificates of indebtedness may be issued and
shall be secured and paid in accordance with this act
notwithstanding any provision contained in the city charter
or in any other special or general law of the state.
Certificates of indebtedness issued hereunder shall not be
included in computing the net debt of the city for the
purpose of any charter or statutory limitation upon such
debt.
Sec. 8. The city council may temporarily borrow
from other city funds, in anticipation of the receipt of
special state aid fund-- credited to the school district
in accordance with Subdivision 3, Section 2, to supply
deficiencies in school funds, provided that no fund shall
be so impaired thereby, thot all proper demands thereon
cannot be met.
Sec. 9. This act shall become effective upon approval
by resolution acopted by the vote of a majority of all
members of the council of the city of Saint Paul, and upon
compliance with Laws 1959, Chapter 368.
Speaker of the � se of Representative
FA
W
rs's—ed the House of Representatives this tenth day of April
n the year of Our Lord one thousand nine hundred and
ixty -one.
Chief Clerk, House of Represenr;a�
Passed the Senate this fourteenth day of April in t$elyear
of Our Lord one thousand nine hundred and sixty -one.
Approved C;� ,
Filed
1-
of he Se te.
Governor of the State of Minnesota.
6ecretary of the State of Minnesota.
5