201149ORIGINAL TO CITY CLERK _ - --
CITY OF ST. PAUL COUNCIL NO
r OFFICE OF THE CITY CLERK FILE
i COUNCIL RESOLUTION - GENERAL FORM
PRESENTED BY (`��
COMMISSIONER _ �! DATE
RESOLVED, That the Common Council of the City of Saint
Paul hereby approves:
"A BILL FOR AN ACT AUTHORIZING THE CITY OF
SAINT PAUL TO ISSUE CERTIFICATES OF INDEBTEDNESS
IN ANTICIPASION OF THE RECEIPT OF STATE AND
FEDERAL SCHOOL AIDS AND PROVIDING FOR THE PAYMENT
AND SECURITY THEREOF."
and recommends the same to the Ramsey County Senate and House
delegations.
COUNCILMEN
Yeas Nays
DeCourcy
Holland
Loss
Mortinson
Peterson
Rosen
Mr. President, Vavoulis
EM S -60 2
Council File No. 201149 —By George J.
Vavoulis, mayor —
Resolved That the Common Council
of the City of Saint Paul hereby
approves:
"A BILL FOR AN ACT AUTHOR-
IZING THE CITY OF SAINT PAUL'
TO ISSUE CERTIFICATES OF IN-
DEBTEDNESS IN ANTICIPATION
OF THE RECEIPT OF STATE AND
FEDERAL SCHOOL AIDS AND
4 PROVIDING FOR THE PAYMENT
AND SECURITY THEREOF."
and recommends the same to the
Ramsey County Senate and House
delegations.
19Adopted by the Council • March 9,
Approved March 9, 1961.
(March 11, 1961) f
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A BILL FM AN ACT
AUTHORIZING THE CITY OF SAINT PAUL TO
ISSUE CERTIFICATES OF INDEBTMXESS IN
ANTICIPATION OF THE RECEIPT OF STATE
AND FED ML SCHOOL AIDS AND PROVIM:NG
FOR THE PAY MT AND SEGURITY 7HMEOF.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF IMMSOTA;
Section 1. The City of Saint Paul., in anticipation of the receipt
of sneoial state aid fuAft credited to it by the county' auditor of
Ramsey, county in accordance Frith Extra Session Laws 19% Chapter 71,.
Article 9, Section 12, 54bdiviston 3, and of any federal aid fZmds
ubi ch may be similarly Credited to it by authority of the state board
of education under the prarls#ns of sectim 47 or section 50 of said
article its may' by resolutim of its cou=il borrow money and la evidence
thereof issue and seal its negotiable certificates of indebtedness as
provided in this act..
Sac. 2. The priwipal awunt of such certificates i esued at mW
time, plus the principal ammt of such certificates then remaining
outstanding, whether issued in the same or a previous school years plus
the then unpaid acorued interest and interest to accuse to maturity on
all such certificates, shall not exceed the total mount of fazds so
predited iu the then owrent school Isar, less the amo=t of m mh funds
notually received by the city from the county treasurer before the
certificates are issued. In '4ha.s act "school gear" means the period
Lrom and including July I :Ln each calendar year to and inoluding June
30 iu the follmejng calendar year.
Sec. 3. A11 certificates shall, mat-are not later than Jamuary 1
fd2lo%ing the close of the school year an which they are isswd* and
may be made subjeat to redcmpti,on before maturity upon such notice and
at such times and prices as are provided in the resel7ations anthl brining
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their issuance. By the revolution or resolutions authovising each
issue of cetifloates., the council shall fix the amount, date, maturity
or maturities, prepaymexat pravisians, form, denominations, interest
rate or rates, and other detalls of the certificates In a manner
consistent herewith, and shOl pledge the full faith and credit of the
city for the payment thereof, and shall irrevocably apXppriate to a
special fund such amawmr .j stated in dollars, of the state and federal
anal Amde credited to it in the then current school year as shalt be
required to pay the priwipal thereof and interest thereon when due.
Before the certificates are delivered to the purchaser the city clerk
ahan file a certified c opy of the resolution making each appropriation
in the off°iee of the eourttj' 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.
See. 4. Nothing herein shan prevent the city from raceaving and
expending for proper school purposes state and federal aid iMUIS other
than the amount so appropriated, but the cowty audi.tar anali.notify
the county treasurer of the amouat of the unappropriated anal fads
reining to the credit of the oity, after each issue of csrtif`kates,
and when the fuU amowt of such uhappropriated farads for any school
year has been paid to the city the cot aty treasurer shall. noti*r 'ache
caw3ty auditor and city comptroller of that fact before remitting any
additional aid funds.
Sec. 5. if the appropriated aid funds are not wacelmod at the
times and in the amounts squired to pay the cor-tif.: sates and ivberest
thereon when due, the deficiemy- shall. nevertheless be paid out of any
other funds of the city which are not irrevocably appropriated for the
papumt of other obligations,, and the cotzraci l shall levy and cause to
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be extended, assessed, and colleated upon all taxable property vithin
the city, without l mitarbion as to rate cr amounts such ad valorem
taxes as may be rewired to pay' such principal and interest and, to
restore to other funds advances made for that purpose. The om mull.
may also authorize they issuance and sale of additional cerv3.ficates
of indebrWdaess for the purpose of paying and refunding ary such
deficiene y, subSeet to the foregoing linitebions as to maturity and
amount emVuted as of the date of issue of the reZmding certificates.
Sec. 6. All auch, certificates shall be negotiated and sold by
the method. provided In Minuesota Statutes 1957, seacti-cm 475.60, except
that the requirement as to publia sale shall not apAy to an issue of
certificates is the prinelpal 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 notuitlastaruling mW
providion, contained ila.the oity charter or in aW abhor special or
general. Zara of the state. CertMcates of indebtedness ismed
hereunder shall not be :includecl lu eompiating the net debt; of the eity
for the purpose of any ebwter or statutory limitation upon such debt.
Sea. 8. Uxis act shall. become effoctive upon approval by
resolution adopted by the vote of a majority of all members of the
caaacil of the oity of Saint PmI5 and upon compliance with Laws 1959,
Chapter 368.
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A BILL FOR AN ACT
AMORIZING THE CITY OF SAINT PAUL TO
ISSUE CERTIFICATES OF INDEBTEMESS IN
ANTICIPATION OF THE RECEIPT OF STATE
AND FEDERAL SCHOOL AIDS AND PROVIDING
FOR THE PAM -ENT AND SECURITY THEREOF.
BE IT EPIACTED BY THE LEGISLATURE OIL THE STATE OF TMNESOTA:
Section 1. The City of Saint Paul,, in anticipation of the receipt
of sxeoial state aid fatds credited to it by the city auditor of
Ramsey county in accordance with Extra Session Laws 19% Chapter 74
Article V, Section 12, Subdivision 3, and of any federal aid ids
W- ch may be similarly credited to it by authority- of the state 'Lard
of education under the pro =ions of section 47 or section 50 of said
article V, mom- by resolutic a of its council borrow money and in evidence
thereof issue and sell its negotidUe certificates of indebtedness as
provided in this act.
Sac. 2. The principal amount of such certificates issued at any
time, plus the principal amount of such certificates then remainig
ambstanding, whether issued in the same or a prew1ous school year,,, plus
the then -unpaid accrued interest and interest to accrue to maturity on
all such certificates, shin not ezoeed the total amcmt of Zaads so
credited iu the then current schQ61 year, less the amount of soma funds
actuany received by the city from the cmmaty treasm er before the
certificates are issued. In this act "achool year" means the period
from and including July I in each Calendar year to and includIxg June
30 in the following calendar year.
Sec. 3. Ate. certificates shall, mature not later than Jamey 1
f'o1 &Ang the close of the school year in Tah3ch they are issued, and
may be made subject to redemp i(m before maturity upon such na"vice and
s-; such times and prices as are provided in the resolutions authorizing
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their issuance. By the resolution or resolutions authori2ing each
issue of certificates., the council shall, fix the amount, dates maturity
ca- r aturities, prepaynezri provisions, form, denomanationss iuterest
rate or rates$ and other details of the cTeti.fa sates in a" mgnner
consistent herewith, and ehaU. pledge the frill faith and or-edit of the
city for the pUzent thei eof, and shall irrevocably appropriate to a
special frond such amaam, stated in dollars, of the state and federal
aid funds credited to it lu the then Current school year as shalt be
required to pay the pxdnoip2l thereof and :merest thereon waen due.
Before the certificates area delivered to the purchaser the city clerk
shalt file a certified copy of the resolution making such appropriation
in the office of the ctirdty 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 9r= receiv ng and
expending for proper schea purposes state and federal aid fords other
that the amount so appropriateds but the county auditor shat notify
the county treasurer of the amciudnt of the unappropriated aid funds
Maangng to the credit of the City after each issue of Pertifieates,
and when the f`a l amount of such unappropriated minds for any school
year has been paid to the city, the county" treasurer shall not • the
county auditor and city comptrollor of that fact before remitting any
additional aid funds.
sec. 5. if the apprgpriated aid funds are not vece:.ved at the
times and in the amatmts reV.1red to pay the certificates and Merest
-thereon then due, the def ci.e acy shall nevertheless be p4, d aut of any
*bher funds of the city which are not irrevocably appropriated for the
pajment of other obligations, and the coimcil shal.l levy and cays6 to
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be extended, assessed, and adnected upon all taxable property within
the city; -without lisitation as to rate or amaunt, Such ad valor=
taxes as may be required to pair such principal and merest and to
restore to obher funds advances made for that purpose. The +council
may also aubhariao the issuance and sale of additional cerIbificates
of indebtedness for the purpose of paying and reAzading any such
deficiency, subSeet to the foregoing limitations as to matimity and
ammmt eouted as of the lobe of issue of the ref' mding certificates.
Sec. 6. All such certificates sball be negotiated and sold by
the method provided in Mmezota. Statutes 1957, section 475.60., dept
that the requi recant as to public sale shall not apply to aa issue of
certificates in the pr'rcacipal amount of $50,000 or less.
Sec. 7• Certificates of indebtedness W -be issued and sbOl be
see red and paid in accordance ulth this act .notwithatmA ng any
provi 6i on contained ia,the city charter or an any ather special or
general law of the state. Certificates of indebtedness isa uod
harouader sba3.l not be : noluded in coating the net debt of the city
for the purpose of a W- charter or statutory limiitati.cra upon s=h debt.
Sec. 8. This act shall became effective upon apprav l by
resolution adopted by the tots of a majority of all members of the
cm=il of the city of Saint Pain., and upon compliance 14th Ins 1959,
Chapter 368.
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