178112 f y.r
Original to City Clerk '
178112
' " CITY OF ST. PAUL COUNCIL L NO.
OFFICE, OF THE CITY CLERK ° 26"
0. IL RESO,TIO, / ENERAL FORM ,„0, 1
PRESENTED BY L /J _r �_ISSIOS G —L/ �. �``�� rt .„
-�',' •,tl_ `_911 ,�� :"
Whereas, it appea the reports of the Comptroller and the Commissioner
of Finance, in the premises, and -the Council of the City of Saint Paul finds that it
is necessary to the preserving of the(Permanent Improvement Revolving Fund that the
same be replenished in the sum of $1,000,000 by the authorization therefor and the
issuance and sale of bonds of the City of Saint Paul in the amount and per value of
$1,000,000 and the application of the proceeds thereof to the said purposes, the
preserving and replenishment of said Permanent Improvement Revolving Fund, and that
such should be done with all convenient speed, therefore be its
Resolved, By the Council of the City of Saint Paul, that said City of
Saint Paul issue and sell and its proper city officers, in its behalf, hereby are
authorized and directed to issue and sell bonds of said City of Saint Paul, in the
amount and par value of $1,800,000, for the purpose of the procurement of the
requisite funds therefor and the application of the same, the proceeds of such
issuance and sale of such bonds, to the preserving and replenishment of the said
Permanent Improvement Revolving Fund of said City of Saint Paul;
Resolved Further, that such hereby authorized bonds of said City of
Saint Paul in the aggregate amount and par value of $1090,000 be sold in the manner
provided by law, said bonds to be in denomination of $1,000 each, to be dated the
first day of the month in which the same shall be sold; that such bonds shall bear
a rate of interest not . exceeding 5% per annum, payable semi-annual4y according to
coupons to be attached thereto; "that such bonds shall be serial in form and a
portion thereof shall be payable each year commencing one year after the date of
the same; that none of said bonds shall run for a longer period than twenty years;
that none of said bonds shall-be sold for less than par value and atOrued interest;
that said council shall, by its subsequent resolution, fix the denomination, form,
and dates of maturity of said bonds and other essential characteristics of the same,
as required by applicable provisions of the Home Rule Charter of said City and the
statutes of the State of Minnesota in such cases made and provided.
Resolved Further, that the issuance and sale of said bonds for the afore-
said purposes and the provisions therefor hereunder are authorized by the governing
and• applicable provisions of Sections 217 and 278 of the Home Rule Charter of slid
City and by the governing and applicable provisions of Chapter 475, Minnesota Statutes
1953, as amended, and accordhgly the authorization therefor and the issuance and sale
of said bonds hereunder shall be subject to all of the aforesaid governing and appli-
cable provisions of law.
COUNCILMEN Adopted by the Council 195_
Yeas Nays ' Riti 11
Gibbons
-Halvorson Approved 195_
4Iolland
‘1411b7 4141
e'Marzitelli ±In Favor
/Mortinson Mayor
n Against
ir. President, Dillon PUBLISHED-02—5 '
5M 6-55 2