90-116 0 R I ��r N A�.. Council File ,� � "���
• Green Sheet ,� /Q.S,3
RESOLUTION
� .CITY SAINT PAUL, MINNESOTA �l
presented By
Referred To Committee: Date
PROVIDING FOR THE PUBLIC SALE OF
TWO ISSUES OF GENERAL OBLIGATION BONDS
A. WHEREAS, it is necessary and appropriate that
the City of Saint Paul, Minnesota (the "City" ) , issue two
separate issues of general obligation bonds, as follows : ( 1)
$12 , 500, 000 General Obligation Capital Improvement Bonds,
Series 1990A (the "CIB Bonds" ) , for the purposes set forth in
paragraph 2 below, and ( 2 ) $3, 150,000 General Obligation
Street Improvement Special Assessment Bonds, Series 1990B (the
� "Special Assessment Bonds " ) , to defray the expense of the
construction of various street improvements in the City; and
B. WHEREAS, collectively both issues are referred
to llerein as the "Bonds " :
NOW, TI�iEREFORE, BE IT RESOLVED by the City Council
of the City of Saint Paul, Minnesota, as follows:
l . Findings; Amounts and Purposes . It is hereby found,
determined and declared that the City should issue the Bonds
. in the above amounts and for the purposes respectively stated
above or in paragraph 2 hereof for each issue of the Bonds .
0 R��i G�I N A�L � �9° �'�
2 . CIB Bonds; Purpose. Pursuant to the provisions of
Laws of Minnesota 1971, Chapter 773, as amended by Laws of
Minnesota 1974 , Chapter 351, Laws of Minnesota 1976, Chapter
234 , Laws of Minnesota 1978, Chapter 788, Laws of Minnesota
1981, Chapter 369 , Laws of Minnesota 1983, Chapter 302, and
Laws of Minnesota 1988, Chapter 513 (said Laws being
collectively referred to herein as the "CIB Laws" ) , and
pursuant to applicable Ordinances and provisions of the City' s
Legislative Code, the CIB Bonds are hereby authorized and
shall, be issued and sold as general obligation bonds of the
City in the aggregate principal amount of Twelve Million Five
Hundred Thousand Dollars ( $12,500, 000 . 00) for the purpose of
procurement by the City of funds in said amount to be used by
the City exclusively for the acquisition, construction and
repair of capital improvements of the City authorized in the
Capital Improvement Budget of the City for the year 1990,
provided that the proceeds of the CIB Bonds shall be expended
only upon projects which have been reviewed and have received
a priority rating from the capital improvements committee
designated pursuant to Laws of 1978, Chapter 788, Section 2,
as amended.
3 . CIB Bonds; Authority. The CIB Bonds shall be issued
in accordance with the CIB Laws and in accordance with the
further provisions of the City Charter and Minnesota Statutes,
Chapter 475, all as more fully provided in the Charter and CIB
liaws .
4 . CIB Bonds; Amount. In accordance with the CIB Laws
the City may issue up to the $14 ,000,000 of bonds in 1990 if
such amount is not greater than one-fourth of one percent
( 0 . 25�) of the assessor' s estimated market value of taxable
property in the City and if the City' s local general
obligation debt is less than six percent (6�) of market value
calculated as of December 31 of the preceding year; and it is
therefore authorized to issue the $12,500, 000 of CIB Bonds
herein proposed to be issued, since the assessor' s estimated
market value for real property alone is $7 ,093,988,509 and
one-fourth of one percent of such amount is $17 ,734,971 . 27,
and th� Cit�r' s 1��::�1 general c,b13_gation debt is not greater
i:han $225, 584 , 795, representing 3 . 1799� of the market value as
of December 31, 1989 (six percent would be $425,639, 310 .50) .
5 . Meeting. This City Council shall meet at the time
and place specified in each of the Official Terms of Offering
attached hereto for the purpose of considering bids for, and
awarding the sale of, the Bonds . The acting Director,
Department of Finance and Management Services, shall open
0 R l G�1�1�A L . � �� ���
sealed bids at the time and place specified in each of the -
Official Terms of Offering.
6 . Official Terms of Offering. Sealed bids for the -
Bonds shall be received in accordance with the Official Terms
oi Offering for such Bonds, a copy of each of which has been
presented to the City Council and is attached hereto as
Exhibit A. A copy of each Official Terms of Offering is
hereby directed to be placed on file in the office of the City
Clerk. The terms and conditions of the Bonds and of the sale
thereof substantially as set forth in the Official Terms of
Offering are hereby approved and confirmed, and each of the
Official Terms of Offering are hereby approved and confirmed,
and each of the Official Terms of Offering is hereby adopted
in substantially such form. Each Official Terms of Offering,
or the Notices of Sale set forth as Exhibit B hereto, shall be
published not less than ten ( 10) days in advance of the date
of sale, as provided by law, in the St . Paul Legal Ledger (the
, official City newspaper) and in Northwestern Financial Review
or Finance and Commerce, and may be published, at the option
of the acting Director, Department of Finance and Management
Services, in such forms or in a shortened combined form
( including a combination including water revenue bonds) , in
one or more financial newspapers or journals published in New
York or Chicago.
7 . Official Statement. The acting Director, Department
oF Finance and Management Services, and other officers or
employees are hereby authorized to cooperate with Springsted
Incorporated and Briggs and Morgan, Professional Association,
to prepare an Official Statement of the City with respect to
the Bonds .
eas Navs Absent Requested by Department of:
imon
oswi '"�'
on �- Finance an Management Services
acca ee �,
e man �.
urie �
i son � By:
Adopted by Councils Date �AN 2 3 1990 Form Approved City torney
Adoption rtified by Council Secretary
By: /
By' Appro d by Mayor for Submission to
Approved by Mayor: Date //���9d JAN 2 4 199�ouncil n
�'
BY: ,���,�/
By:
PU�ISHED �r[3 `- 31990
. _ . , . @��6 -���
DEPARTMENTI'OFFlCFJCaINqI DATE INITIATED 10 5 5
Finance and Manaqement S rvices 1-11-90 GREEN SHEET N�. iNmnwn� .
CONTACT PERSOM 8 PHONE �DEPARTMENT DIRECTOR a CITY COUNCIL
Gary Norstrem/Shirley Da is ��� Q Cm nTroRNEV 5 CiTr aeRK
MUST BE ON OOUNpL AOENDA BY(DA ROUTINQ �BUO�ET DIRECTOR FIN.�MOT.SERVICE8 DIR.
Janua 23 1990 0�Y������
TOTAL#�OF SIGNATURE PA 2 (CLIP ALL LOCATIONS FOR SIQNATUR�
ACTION REOUESTED:
Provide for the sale of wo issues of qeneral obligation bonds:
1. $12,500,000 Genera Obliqation Capital Improvement Bonds, Series 1990A
2. 3,150,000 Genera Obligation Street Improvement Special Assessment Bonds 1990B
REWMMENDATION8:Approvs(ly a (F� COUNCII COMMITTEE/RESEARCFI l�PORT OPTIONAL
_PLANNINO COMMISSION _CIVIL SERVICE COMMISSION �ALYST PHONE NO.
�cis CoM�e A n C
p �� A Financial Advisor �MME�rs: �990
—o����,� — °�F��;� oF rHE
suPPORrs w►+ia+oouNa�oe.iec� ��D PARTMENT o�F�'EC7pR
INITIATIN(i PROBLEM,issue,o�rru mr Mn,o.wnu.wna�.wnere,wh»: T SERVICES
1) Determinesamount of b nds to be sold.
2) Sets the date and tim of the sale and defines the "Official Terms of the Offerinq."
3) Provides authority fo the publication of the notice of sale.
4) Adopts the "Official erms of the Offering" of the issue.
ADVANTAQES IF APPROVED:
Issuance of the bonds c ries out the City's qeneral obligation bondinq proqram as identified in the 1990
Capital Improvement Budq t adopted by the City Council.
DISADVANTAOES IF APPROVED:
NONE
DI8ADVANTAQES IF NOT APPROVED:
The failure of this reso ution would require reschedulinq of these issues at a later date, thereby imposinq
a possibility of higher nterest rates and delays to City construction projects.
l:ouncu kesearch Cente�:
JAN 121g9p
TOTAL AMOUNT OF TRANSA i 15,650,000 COgT/REVENUE BUDOETED(qi�LE ONE) � NO
General t Service Fund
FUNDING SOURCE Special sessments ACTMTY NUMBER
FINANdAL INWRMATWN:(EXPWN)
NOTE: COMPLETE DIRECTIONS ARE INCLUDED IN THE GREEN SHEET INSTRUCTIONAL •
MANUAL AVAILABLE IN THE PURCHASIN(3 OFFICE(PHONE NO.298-4225).
ROUTING ORDER: --• -
Below are preferred routings for the five most frequent rypes of dxuments:
CONTRACTS (asaumes authorized �_.. COUNCIL RESOLUTION (Amend, Bdgts./
budget exists) Axept. Grants)
1. Outside Agency 1. Department Director
2. Inkiating Department 2. Budget Director
3. Ciry Attorney 3. Ciry Attorney
4. Mayor 4. MayodAssistant
5. Flnance&Mgmt Svcs. Director 5. Ciry Council
6. Fnance Axounting 6. Chief AccouMant, Fin 8�Mgmt Svcs.
ADMINISTRATIVE OF�ER (Budget COUNCIL RESOLUTION (all others)
Revision) and ORDINANCE
1. Activity Manager 1. Initiating Department Director
2. Departmerit Accountant ' 2• City Attorney
3. pepartmeM Director 3. MayoNAssistant
4. , �udget Director 4. City Council
5 :�ity Clerk '
6. Chiei AccouMant, Fin&Mgmt Svcs.
ADMINISTRATIVE ORDERS (all others)
1. Initiating Department
2. City Attorney
3. Mayor/Aasistent
4. City qerk
TOTAL NUMBER OF SIGNATURE PAGES
Indicate the#of pages on which signatures are required and�perclip
each of these pages.
ACTION REOUESTED
Describe what the projecUrequest seeks to axomplish in either chronologi-
cal oMer or order of importance,whichever is most appropriate for the
issue. Do not write complete sentences. Begin each Item in your Iist with
a verb.
RECOMMENDATIONS
Complete if the issue in question has been presented before any body, public
or private.
SUPPORTS WHICkI COUNCIL OBJECTIVE?
Indicate which Council objective(s)your projecUrequest supports by listing
the key word(s)(HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT,
BUDGET,SEWER SEPARATION). (SEE COMPLETE LIST IN INSTRUCTIONAL MANUAL.)
COUNCIL COMMITI'EE/RESEARCH REPORT-OPTIONAL AS REQUESTED BY COUNCIL
INITIATING PROBLEM, ISSUE,OPPORTUNITY
Explain the situation or conditions that created a need for your project
or request.
ADVANTAOES IF APPROVED
Indicate whether this fs aimply an annual budget prxedure required by law/
chaRer or whether there are specific wa in which the City of Saint Paul
end its citizens will beneNt from this pro�ictlaction.
DISADVANTAGES IF APPROVED
What negative effects or mejor changes to existing or past processes might
this projecUrequ�t produce if it is pessed(e.g.,traffic delays, noise,
tax increases or assessments)?To Whom?When?For how long?
DISADVANTAGES IF NOT APPROVED
What will be the negative�nsequences if the promised action is not
approved?Inability to deliver service7 Continued high traffic, noise,
accident rate? Loss of revenue?
FINANCIAL IMPACT
Although you must tailor the information you provide here to the issue you
are addressing, in general ycw must answer two questions: How much is it
going to c�st?Who is going to pay?
'. �� EX�IIBIT A
�' 90 -���
OFFiC1AL TERMS OF OFFERING
s,�,soo,000
CITY OF SAINT PAUL, MINNESOTA
GENERAL OBU(3ATION CAPRAL IMPROVEMENT BONDS, SERIES 1990A
(BOOK ENTRY ONL1�
Sealed bids for the Bonds will be received by Edward J. Wam, Acting Director, Department of
Finance and Management Services, on Monday, March 12, 1990, until 11:00 A.M., Central
Time, at the offices of SPRINGSTED Incorpo�ated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 55101-2134 after which time they will be opened and tabulated. Consideration for
award of the Bonds will be at 11:00 A.M., Central Time, on Tuesday, March 13, 1990, by the
City Council.
DETAILS OF THE BONDS
The Bonds will be dated April 1, 1990, as the date of original issue, and will bear interest ,
payable on March 1 and September 1 of each year, commencing September 1, 1990. Interest
will be computed on the basis of a 360-day yea� of twelve 30-day months and will be rounded
pursuant to rules of the MSRB.
The Bonds will mature March 1, in the years and amounts as follows:
1991 $ 925,000 1995 $1,200,000 1998 $1,425,000
1992 $1,025,000 1996 $1,275,000 1999 $1,500,000
1993 $1,075,000 1997 $1,350,000 2000 $1,600,000
1994 $1,125,000
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of
8ond Certificates made to the public. The Bonds will be issued in fully registered form and one
Bond Certiflcate, representing the aggregate principal amount of the Bonds maturing in each
year, will be registered in the name of Kray 8� Co. as nominee of Midwest Securities Trust
Company ("MSTC"), Chicago, Illinois, which will act as securities depository of the Bonds.
Individual pu�chases of the Bonds may be made in the principal amount of $5,000 or any
multiple thereof of a single maturity through book entries made on the books and records of
MSTC and its participants. Principal and interest are payable by the City to MSTC or its
nominee as registered owner of the Bonds. Transfer of principa! and interest payments to
participants of MSTC wiU be the responsibility of MSTC; transfer of principal and interest
payments to beneficial owners by participants will be the responsibility of such participants and
other nomine�s of beneficial owners. The successful bidder, as a condition of delivery of the
Bonds, will be required to deposit the Bond Certficates with MSTC.
OPTIONAL REDEMPTION
The City may elect on March 1, 1996, and on any day thereafter, to prepay Bonds due on or
after March 1, 1997. Redemption may be in whole or in part and if in part, in inverse order of
maturity. If less than all Bonds of a maturity are called for redemption, the City will notify MSTC
of the particular amount of such maturity to be prepaid. MSTC will determine by lot the amount
of each participant's interest in such maturity to be redeemed and each participant will then
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. �. . . G,� 90 - ���
select by lot the be�eficial ownership interests in such maturity to be redeemed. All
prepayments ahaa be at a price of par and accxued irrteres�
SECURITY AND PURPOSE
The Bonds wiN b� �eneral obiigaUons of the Ciiy for which the City wifl pledge its full faith and
credit and powK to levy direct general ad valorem taxes. The proceeds will be used to finance
approved projects trom the City's 1990 Capital Improveme�t Budget and Program.
TYPE OF BIO
Bids shall be fo� not less than $12,375,000 and accrued iMerest on the total p�incipal amount
of the 8onds, and shall be accompanied by a certified or cashier's check in the amount of
$125�000, payable to the orde� of the City. No bid will be considered fo�which said check has
not been received. The City will deposit the chedc of the purchaser, the amount of which will
be deducted at setdemeM and no interest will accxue to the purchaser. In the event the
purchaser faiis to compiy with the accepted bid� said amount will be retained by the City. No
bid can be withdrawn after the tlme set for receiving bids unless the meeting of the City
scheduled for award of the bids is adjourned, recessed, or continued to another date without
award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of
196. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate
from the date of the Bonds to the date of maturity. No conditional bid will be accepted. �
AWARD
The Bonds will be awa�ded to the bidder offering the lowest dollar inte�est cost to be
determined by the deduction of the premium, 'rf any, from, or the addition of arry amount less
than par, to the total dollar inte�est on the Bonds from their date to their final scheduled
maturity. The City's computation of the total net dollar inte�est cost of each bid, in accordance
with customary practice, will be controlling.
The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters
relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and,
(iii) reject any bid which the City dete�mines to have failed to comply with the terms herein.
CUSIP NUMBERS
If the Bonds qualify for assignmerrt of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to pri� such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau cha�ge for the assignmer�t of CUSIP identfication numbers
shall be paid by the purchaser.
SETTLEMENT
The Bonds wip ba delivered without cost to the pu�chaser within 40 days following the date of
their award. Delivery will be subject to receipt by the purchaser of an approving legal opinion
of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, and
of customary closing papers, induding a no-lfigation certiflcate. On the date of settlement
paymeM for the Bonds shall be made in federal, or equivaler�t, funds which shatl be received at
the offices of the City or its designee not �ater than 12:00 Noon, Central Time. Except as
compliance with the terms of paymeM for the Bonds shall have been made impossible by
ac�on of the City� or its ageMs,the purchaser shall be liable to the City for any bss suffered by
the City by reasons of the purchaser's non-compliance with said terms fo� payment.
ii
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OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
information relativve to the Bonds, and said Oiticial Statement will serve as a nearly-final Official
Statement as required by Rule 15c2-12 of the Secu�ities and Exchange Commission. For
copies of the Offidal Statement and the Official Bid Form or for any additional information prior
to sale, any prospective purchaser is referred to the Financial Advisor to the City� Springsted
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 551 01-21 34, telephone
(612) 223-3000.
The Official Statement, when further suppiemer�ted by an addendum or addenda specitying the
maturity dates, principai amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any
undervvriter or underwriting syndicate submitting an Official Bid Form therefor, the City agrees
that, no more than seven business days after the date of such award, it shall provide without
cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 500
copies of the Offlcial Statement and the addendum o� addenda described above. The City
shall designate the senior managing underwriter of the syndicate to which the Bonds are
awarded as its agent for purposes of distributing copies of the Final Offlcial Statement to each
Participating Undervvriter. Any undervvriter executing and delivering an Official Bid Form with
respect to the Bonds agrees thereby that'rf its bid is accepted by the City (i) it shall accept such �
designation and (ii) it shall enter into a contractual relationship with all Participating
Undervvrite�s of the Bonds for purposes of assuring the receipt by each such Participating
Underwriter of the Final Official Statement.
Dated February 6, 1990 BY ORDER OF THE CITY COUNCIL
/s/ Edward J. Warn
Acting Director, Department of
Finance and Management Services
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�� �XHIBIT A
� 9a -���
OFFICIAL TERMS OF OFFERING
53,1 SO,000
CRY OF SAINT PAUL, MINNESOTA
C3ENERAL OBLlt3ATION STREET IMPROVEMENT SPECiAL
ASSESSMENT BONDS, SERIES 19908
(BOOK ENTRY ONLI�
Sealed bids for the Bonds will be received by Edward J. Wam, Acting Director, Department of
Finance and Management Services, on Monday, March 12, 1990, until 11:00 A.M., Central
Time, at the oifices of SPRINGSTED Incorpo�ated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 551 01-21 34 after which time they wiil be opened and tabulated. Consideration for
award of the Bonds will be at 11:00 A.M., CenVal Time, on Tuesday, March 13, 1990, by the
City Council.
DETAILS OF THE BONDS
The Bonds will be dated April 1, 1990, as the date of original issue, and will bear interest
payable on March 1 and September 1 of each year, commencing September 1, 1990. Interest
will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded
pursuant to rules of the MSRB.
The Bonds will mature March 1 in the years and amounts as follows:
1992 $600,000 1999 $130,000 2006 $130,000
1993 $150,000 2000 $130,000 2007 $130,�0
1994 $150,000 2001 $130,000 2008 $130,000
1995 $140,000 2002 $130,000 2009 $130,OOQ
1996 $140,000 2003 $130,000 2010 $130,000
1997 $140,000 2004 $130,000 2011 $130,000
1998 $140,000 2005 $130,000
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of
Obligation Certificates made to the public. The Bonds will be issued in fully registered form
and one Bond Certificate, representing the aggregate principal amount of the Bonds maturing
in each year, will be registered in the name of Kray 8 Co. as nominee of Midwest Securities
Trust Company ("MSTC"), Chicago, Illinois, which will act as securities depository of the Bonds.
Individual purchases of the Bonds may be made in the principal amount of $5,000 or any
multiple thereof of a single maturity through book entries made on the books and records of
MSTC and its participants. Principal and interest are payable by the City to MSTC or its
nominee as registered owner of the Bonds. Transfe� of p�incipal and interest payments to
participants of MSTC will be the responsibility of MSTC; transfer of principal and interest
payments to beneflcial owners by participants will be the responsibility of such participants and
other nomine�s of beneficial owners. The successful bidder, as a condition of delivery of the
Bonds, will be required to deposit the Bond Certificates with MSTC.
OPTIONAL REDEMPTION
The City may elect on March 1, 1996, and on any day thereafter, to prepay Bonds due on or
after March 1, 1997. Redemption may be in whole or in part and 'rf in part, in inverse order of
i
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� maturity. If less than all Bonds of a maturity are cailed tor redemption, the City wili noMy MSTC
of the partkul�r amount of such mat�,iriiy to be prepaid. MSTC wiil determine by lot the amount
of each p�vrt�par�s interest in such maturity to be redeemed and each participaM will then
se�ect by lo� ttN berte�Wal ovmership iriterests in such maturity to be redeemed. All
prepayments shaN b�at a prics of par and�xued iMerest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City fo� which the Ciiy wiil pledge its full fa;th and
credit and power to levy direct general ad valo�em taxes. In addition the City will pledge
special assessments against benefited property. The proceeds will be used to finance
improvements within the City.
TYPE OF BID
Bids shall be for not less than $3,150,000 (par) and accrued interest on the total principai
amount of the Bonds, and shail be accompanied by a certified o� cashier's check in the
amount of $31,500, payable to the order of the City. No bid will be considered for which said
check has nct been received. The City will deposit the check of the purchaser, the amount of
which will be deducted at settlement and no interest will accrue to the purchaser. In the event
the purchaser fails to comply with the accepted bid, said amount will be retained by the City.
No bid can be withdrawn after the time set for receiving bids unless the meeting of the City '
scheduled for awa�d of the bids is adjourned, recessed, or continued to another date without
award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of
196. There is no limit on the interest rate spread if bid in ascending o�der; however, no rate for
any matu�ity shall be more than t.596 lower than any prior rate. Bonds of the same maturity
shall bear a single rate from the date of the Bonds to the date of maturity. No condi�onal bid
will be accepted.
AWARD
The Bonds will be awarded to the bidder offering the lowest dollar interest cost to be
determined by the deduction of the premium, if any, hom the total dollar interest on the Bonds
hom their date to their final scheduled maturity. The City's computation of the total net dollar
interest cost of each bid, in accordance with customary practice, will be controlling.
The City will reserve the right to: (i)waive non-substantive informalities of arnr bid or of matters
relating to the receipt of bids and award of the Bonds, (ii) reject al! bids without cause, and,
(iii) reject any bid which the City determines to have failed to comply with the terms herein.
CUSIP NUMBERS
If the Bonds quality for assignmeM of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
the�eto will c�tltute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Buresu charge fo�the assignment of CUSIP identification numbers
shall be pafd by the purchaser.
SEri'LEMENT
The Bonds wfll be delivered without cost to the purchaser within 40 days following the date of
their award. Delivery will be subject to receipt by the purchaser of an approving legal opinion
of Briggs and Morgan, Professional Assoaation, of Saint Paul and Minneapolis, Minnesota, and
of customary closing papers, induding a no-litigation certificate. On the date of settlement
payment fo�the Bonds shall be made in federal, or equivalent, funds which shatl be received at
the offices of the Ciiy or its designee not later than 12:00 Noon, Central Time. Except as
ii
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compliance with the terms of payment for the Bonds shail have been made impossible by
action of the City� or its agents,the purchaser shali be liable to the City for any loss suffered by
the City by reasons of the purchaser's non-compliance with said terms for payment.
OFFICIAL STATEMENT
The City has autho�zed the prepa�ation of an Official Statement containing pertinent
information relative to the Bonds, and said Offiaai Statement will serve as a nearly-final Officiai
Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. For
copies of the Offiaal Statement and the Offfcial Bid Form or for any additional information prior
to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted
Incorpo�ated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 551 01-21 34, telephone
(612� 223-3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principai amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Offlcial StatemenC of the City with respect
to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any
undenivriter or underwriting syndicate submitting an Official Bid Form the�efor, the City agrees
that, no more than seven business days after the date of such award, it shall provide without
cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 125 ,
copies of the Official Statement and the addendum or addenda described above. The City
shall designat� the senior managing underwriter of the syndicate to which the Bonds are
awarded as its agent for purposes of distributing copies of the Final Official Statement to each
Participating Underwriter. Any undervvriter executing and delivering an Official Bid Form with
respect to the 8onds agrees thereby that if its bid is accepted by the City (i) it shall accept such
designation and (ii) it shall enter into a contractual relationship with all Participating
Underwriters of the Bonds for purposes of assuring the receipt by each such Participating
Underwriter of the Final Official Statement.
Dated February 6, 1990 BY ORDER OF THE CITY COUNCIL
/s/ Edward J. Warn
Acting Director, Department of
Finance and Management Services
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504S
EXHIBIT B
NOTICE OF SALE
$12 , 500, 000
CITY OF SAINT PAUL
RAMSEY COUNTY
MINNESOTA
GENERAL OBLIGATION CAPITAL
IMPROVEMENT BONDS, SERIES 1990A
(Global Book Entry System)
These bonds will be offered Monday, March 12, 1990 . Sealed
bids will be opened at 11 :00 o ' clock A.M. , Central Time, at
the office of Springsted Incorporated, Financial Advisor to
the City, by the City' s acting Director of Finance and
Management Services . Consideration of the bids and award of
ttie sale of the bonds by the City Council will be at 11:00
o ' clock A.M. , Central Time, on Tuesday, March 13, 1990 . The
bonds will be dated April 1, 1990, as the date of original
issue . Interest will be payable on September 1, 1990, and
se��iannually thereafter. The bonds will be general
obligations of the Issuer for which its unlimited taxing
powers will be pledged. The bonds will be issued in global
book entry form only. The bonds will mature on March 1 in the
years and amounts as follows :
1991 $ 925, 000 1996 $1, 275, 000
1992 1, 025, 000 1997 1, 350, 000
1993 1, 075,000 1998 1,425, 000
1994 1, 125,000 1999 1, 500, 000
1995 1,200, 000 2000 1,600,000
The City may elect on March 1, 1996, and on any day
thereafter to pay bonds due on or after March 1, 1997 , at a
�rice of par plus accrued interest . Sealed bids for not less
than .$12 , 375, 000 and accrued interest on the principal sum of
$12 , 500,000 will be accepted. An acceptable approving legal
opinion will be furnished by Briggs and Morgan, Professional
Association, of St . Paul and Minneapolis, Minnesota. The
proceeds of the bonds will be used to finance the construction
of variaus capital improvements in the City. Bidders should
be aware that the Official Terms of Offering to be published
in the Official Statement for the bonds may contain additional
- . . _ �yo-���
bidding terms and information relative to the bonds . In the
event of a variance between statements in this Notice of Sale
and said Official Terms of Offering, the provisions of the
latter shall be those to be complied with.
Dated: February 6 , 1990 BY ORDER OF THE CITY COUNCIL
/s/ Edward J. Warn
Acting Director,
Department of Finance
and Management Services
Additional information
may be obtained from: •
SPR7NGSTED INCORPORATED
85 East 5eventh Place
Suite 100
Saint Paul, Minnesota 55101-2143
Telephone No. : ( 612 ) 223-3000
Y.
� . � 10 -�/(o
504S
NOTICE OF SALE
$3, 150,000
CITY OF SAINT PAUL
RAMSEY COUNTY
MINNESOTA
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BONDS, SERIES 1990B
(Global Book Entry System)
These boncis will be offered Monday, March 12 , 1990 . Sealed
bids will be opened at 11:00 o 'clock A.M. , Central Time, at
the office of Springsted Incorporated, Financial Advisor to
tlie City, by the City' s acting Director of Finance and
Management Services . Consideration of the bids and award of
the sale of the bonds by the City Council will be at 11 :00
o ' clock A.M. , Central Time, on Tuesday, March 13, 1990 . The
bonds will be dated April 1, 1990, as the date of original
issue. Interest will be payable on September 1, 1990, and
semiannually thereafter. The bonds will be general
obligations of the Issuer for which its unlimited taxing
powers will be pledged. The bonds will be issued in global
book entry form only. The bonds will mature on March 1 in the
years and amounts as follows :
1992 $600, 000 2002 $130,000
1993 150, 000 2003 130,000
1994 150, 000 2004 130, 000
1995 140, 000 2005 130,000
1996 140, 000 2006 130,000
1997 140, 000 2007 130,000
1998 140, 000 2008 130,000
1999 130, 000 2009 130, 000
2000 130,000 2010 130,000
2001 130, 000 2011 130, 000
The City may elect on March 1, 1996 , and on any day
thereafter to prepay bonds due on or after March 1, 1997, at a
price of par plus accrued interest. Sealed bids for not less
than $3, 150,000 (par) and accrued interest on the principal
sum of $3, 150, 000 will be accepted. An acceptable approving
legal opinion will be furnished by Briggs and Morgan,
Professional Association, of St. Paul and Minneapolis,
Minnesota. The proceeds of the bonds will be used to finance
- _ . ���-���
the construction of various street improvements in the City.
Bidders should be aware that the Official Terms of Offering to
be published in the Official Statement for the bonds may
contain additional bidding terms and information relative to
the bonds . In the event of a variance between statements in
this Notice of Sale and said Official Terms of Offering, the
provisions of the latter shall be those to be complied with.
Dated: February 6 , 1990 BY ORDER OF THE CITY COUNCIL
/s/ Edward J. Warn
Acting Director,
Department of Finance
and Management Services
Additional information
may be obtained from:
SPRINGSTED INCORPORATED
85 East Seventh Place
Suite 100
Saint Paul, Minnesota 55101-2143
Telephone No . : ( 612 ) 223-3000