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89-14 '�TE - C�TV CLERK cA�RV - DEPA"a`T ENT I GITY OF SAINT PAUL Council �f l` IBLIlE - M/tVOR � I File NO. � ��" � Council Resolution � Presented By � � � nc�nc� �3��'�j Referred To Committee: Date Out of Commit�ee By Date PROVIDING FOR THE PUBLIC SALE OF �'IVE ISSUES OF GENERAL OBLIGATION BONDS � A. WHEREAS, it is necessary and appropriate that the City of aint Paul, Minnesota (the "City" ) , issue five separate iss es of general obligation bonds, as follows: (1 ) $11, 750 , 00 General Obligation Capital Improvement Bonds, Series 1989A (the "CIB Bonds" ) , for the purposes set forth in paragraph 2 below, ( 2 ) $2, 000 , 000 General Obligation Street Improvement pecial Assessment Bonds, Series 1989B (the "Special Assessment B nds" ) , to d.efray the expense of the construction of various s reet improvements in the City, ( 3 ) $5, 000, 000 General Obligation Como Conservatory Bonds, �eries 1989C (the "Como Bonds" ) , �o defray part of the expense of renovating the Comq Par�c Conservatory, ( 4 ) $5, 500 , 000 General Obligation ��darner/Shepa�rd Road Bonds, Series 19�9D (the "Road Bonds" ) , and ( 5 ) $2, 2I75, 000 General Obligation Capital Improvement Refundimg Bo�nds, Series 1989E (the "Refunding Bonds" ) , to defray �he �xpense of a crossover advance refunding of the 1991 anc� 199�2 maturities of the City' s General Obligation Capital Imp�ovement Bonds, Series 1982, which are callable on March 1, 1990 ; and B; WHEREAS, collectively all five issues are referred to here�n a$ the "Bonds" : � � I i i COUNCIL MEMBB,RS j Requested by Department of: Yeas , Nays ! Dimond ' to� ' ' In Favor Goswitz Rettman Sc6eibel ' Against BY Sonnen i Wilson � Form Approved by City Attorney Adopted by Council; IDate Certified Yassed by,'Counc�ll Secretary BY By Approved by Ulavor: Dat Approved by Mayor for Submission to Council gy _ BY � � � • • �'�Q--t� i . NOIW, THEREFORE, BE IT RESOLVED by the City Council of the City bf Saint Paul, Minnesota, as follows: l. Fi' din s ; Amounts and Pur oses . It is hereby found, determined a d declared that the City should issue the Bonds in the above' amounts and for the purposes respectively stated above or in �aragraph 2 hereof for each issue of the Bonds. 2. CI Bonds ; Pur ose. Pursuant to the provisions of Laws of M nnesota 1971, Chapter 773, as amended by Laws of Minnesota � l974, Chapter 351, Laws of Minnesota 1976, Chapter 234, Laws oflMinnesota 1978, Chapter 788, Laws of Minnesota 1981, Chapte 369, Laws of Minnesota 1983, Chapter 302, and Laws of Minn�sota 1988, Chapter 513 (said Laws being collec- tively refer�ed to herein as the "CIB Laws" ) , and pursuant to applicabl� Ordinances and provisions of the City' s Legisla- tive Cod�, t e CIB Bonds are hereby authorized and shall be issued and s ld as general obligation bonds of the City in the aggr�gat principal amount of Eleven Million Seven Hundred Fifty Thqusa�d Dollars ( $11, 750,000. 00 ) for the purpose of procurem�nt y the City of funds in said amount to be used by the City e�xclusively for the acquisition, construction and repair of'; capital improvements of the City authorized in the Capita'�1 Improvement Budget of the City for the year 1989 , pravide�l that the proceeds of the CIB Bonds shall be expended onlylupon projects which have been reviewed and have received a pr�ority rating from the capital improvements com- mittee design�ted pursuant to Laws of 1978, Chapter 788, Section 2, as amended. i 3 . CIBIBonds ; Authorit . The CIB Bonds shall be issued in accordance with the CIB Laws and in accordance with the further provi •ions of the City Charter and Minnesota Statutes, Chapter 475, �11 as more fully provided in the Charter and CIB Laws. '� 4 . CIB !Bonds ; Amount. In accordance with the CIB Laws the City may ijssue up to the $13, 300 , 000 of bonds in 1989 if such amountl is not greater than one-fourth of one percent ( 0. 25� ) of th� assessor' s estimated market value of taxable property in thle City and if the City' s local general obligation debt is l�ss t'han six percent ( 6� ) of market value calculated as of December 31 of the preceding year; and it is therefore authorize� to iissue the $11, 750, 000 of CIB Bonds herein proposed to be issued, �since the assessor' s estimated market value for real ¢rope�rty alone is $7, 230, 546, 510 and one-fourth of one percer�t of' such amount is $18, 076, 366. 28 , and the City' s local general bbligation debt is not greater than $208, 425, 000, representi''ng 2�� 88260 of the market value as of December 31, 1988 (six perc�nt would be $433, 832, 790. 70 ) . 5 . �Ieetin . Unless this City Council shall adopt resolu- tions setting orth terms and provisions of the Bonds and delegating cerikain matters to the Director, Department of Finance and Max�agement Services, this City Council shall meet at the time anc� place specified in each of the Official Terms -V C L ER K .��..� / .. - FJfIANCE CITY OF SAINT PAI.TL Council Q �/ „ANARV - OEPARTMENT BLUE - MAVOR File NO. 7'/T Council Resolution Presented By �, Referred To Committee: Date Out of Committee By Date of Offering attached hereto for the purpose of considering bids for, and awarding the sale of, the Bonds. The Director, Department of Finance and Management Services, shall open sealed �ids ;at the time and place specified in each of the Officia�. Ter�ns of Offering. 6. Official Terms of Offerin . Sealed bids for the Bonds shall e received in accordance with the Official Terms of Offering Ifor such Bonds, a copy of each of which has been presented to the 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 co ditions of the Bonds and of the sale thereof substantiall as set forth in the Official Terms of Offering are hereby a proved and confirmed, and each of the Official Terms of Off ring is hereby adopted in substantially such form. Each �fficial Terms of Offering, or the Notice 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 t e St. Paul Legal Ledger (the official City news- paper) and i Northwestern Financial Review or Finance and Commeres, an may be published, at the option of the Director, Department o Finance and Management Services, in such forms or in a 'shor ened combined form, in one or more financial newspapers o journals published in New York or Chicago. The Official Terms of Offering and Notices of Sale may be modified to ecognize the fact of, or possibility of, the delegation n ted above in paragraph 5. 7 . Of icial Statement. The Director, Department of Finance and anagement Services, and other officers or employees are hereby authorized to cooperate with Springsted Incorporated and Briggs a�d Morgan, Professional Association, to prepare an Official �Statement of the City with respect to the Bonds. COUNCIL MEMBERS ' Yeas Nays ' Requested by Department of: v;mona i -�'► Finance and Mana ement Services �ng ' [n Favor coswitz ' � �( ; J' scn�ne� � Against BY �, Sonnen ' Wilson ' �Ary j �l �ggg Form Approved by City Attorne Adopted by Council: D te CertiEied Pa: d aunci , r By �� z z—�� g�, A►pproved by avo • U _ Appro e Mayo ubmi ion to Coun il BY ��-- Pl�iSH�t� `��''``� �? � 1989 " . EXHIBIT A .�! J_ /LyL �`��✓ OFFICIAL TERMS OF OFFERING $11,750,000 ! CITY OF SAINT PAUL, MINNESOTA C�PERAL dBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1989A (Global Book Entry System) THE SALE Sealed bids for the Bond will be opened by Eugene A. Schiller, Director, Department of Finance and Management Services or� Monday, February 13, 1989, at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporat�ed, Financial Advisor to the City, 85 East Seventh Place, Suite (00, Saint Paul, Minnesota 55101-2�143 (612) 223-3000. Consideration for award of the Bonds will be no later than 12:00 Noon, Centrall Time, on Tuesday, February 14, 1989, by the City Council or by delegation to Director, Departmenti of Finance and Management Services. � � ' THE BONDS Details of the Bonds. „The Bonds will be issued using a Global Book Entry System. One Global Certificate representing the aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") w�ill be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee bf the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (�'he 'SEC") registered depository, an Illinois trust company, a member of the Federal Reserve System and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. The Bonds will be,dated' March I, 1989 and will bear interest payable on March I and September I of each year, commencing September I, I989. The Bonds will mature March I in the amounts and years as follows: $ 825,000 19190 $1 , 125,000 1994 $1 ,350,000 1997 $ 925,000 1 �91 $1 ,200,000 1995 $1 ,450,000 1998 $I ,000,000 1 �92 $1 ,275,000 1996 $I ,550,000 1999 $I ,OS0,000 1 93 Optional Redemption. The Bonds will not be subject to payment in advance of their respective stated maturity date. Security and Purpose. The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be �sed to finance apprbved projects from the City's 1989 Capital Improvement Budget and Program. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bon�s. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or c�ct through, participants (the "Participants") of the Depository, other SEC registered depositoriesl and clearing corporations, who collectively comprise the National Clearance and Settlement System (the "National System"). The ownership of the Bonds will be shown on, and transfer of ownership will be effected through, records maintained by the Depository. The responsibility for maintaining, reviewing and supervising I �� such records rest collectively with the specific Participants and the relevant units of the National System through w�iom the investors purchase or maintain the custody of the Bonds. Individual purchas�es of l;the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through'book ' ntries made on the books and records of the National System. Payments to Bondowne s. Payment of principal of and interest on the Bonds will be made by the City to the Depository throu�gh its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will cre�dit payments on the Bonds to the Participants, as listed on the records of the Depository on th� fift enth calendar day preceding each interest payment date. Transfer of such payments to the Participants is the responsibility of the Depository. Transfer of such payments by the Participants !,is th responsibility of the Participants. Bondowners will receive interest and principal paymen�ts th 'ough their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not'' Part cipants, will receive payments from Participonts or others who received payments directly or in irectly from Participants. Globa) Certificat�s. s part of the Global Book Entry System, the Bonds are authorized only in the denomination of the entire outstanding principal amount of a given maturity and are not exchangeable for bonds of smaller denominations, unless replacement bonds are authorized. The City (or any successor registrar) will register on the registration books maintained for the Global Certificates any transfler requested by the registered owner. Initially, the owner registered on the � City's registrotion book�s will be Kray & Co. Despite the larger authorized denomination o� the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 dendminations in each Globa) Certificate. ' TERMS OF SALE Minimum Bid and GoodlFaith Deposit. A sealed bid for not less than $I 1,609,000 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. ANso prior to the time set for bid opening, a certified or cashier's check in the amount of $I 17,500, p�iyable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporpted, the City's Financial Advisor. No bid will be considered for which said check has not been fiMed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchas�r, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the blds is adjourned, recessed, or continued to another date without award of the Bonds having been mad�e. Type of Bid. No rate ,for any maturity shal l be more than I .0% lower than any prior rate. Bonds of the same maturity shal'1 bear a single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upon award of any other offering of obligations by the City. , 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, from, or the addition of any amount less than par, to, the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the to�al net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve jthe right to: (i) waive non-substantive informalities of any bid or of matters relating to the receip� of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid wMich the City determines to have failed to comply with the terms herein. �'j�- /� ' SETTLEMENT AND DELIVERY Delivery, Payme�t arrd Ownership of the Bonds. Within 40 days following the date of award of the Bonds, the Global C�rtificates will be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equivalent funds, which shall be received at the offices of the City, or its designee, not later tNan I:00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payiment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shall be required to deposit the Global Certificates with the Depository. Legal Opinion and Trdtnscript. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinidn of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Nlinnesota, which op�nion will be attached to the Global Certificates, and of customary closing papers, including a n�-litigation certificate. At settlement the Purchaser will be furnished with a certificate signed by�appropriate officers of the City to the effect that the Official Statement did not as of the date of �the Off icial Statement, and does not as of the date of settlement, contain any untrue statement of p material fact or omit to state a material fact necessary in order to make the statements therein, in tight of the circumstances under which they were made, not misleading. , ' OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid openimg. The Purchaser will be provided with I50 copies of the Official Statement. Dated January 17, 19$9 BY ORDER OF THE CITY COUNCIL /s/ Eugene A. Schiller, Director Department of Finance and Management Services � �1 I ��- �� OFFICIAL TERMS OF OFFERING $2,000,000 CITY OF SAINT PAUL, MINt�SOTA GENERAL OBLIGATION STREET IMPROVEMENT SPECIAL ASSESSMENT BONDS, SERIES 1989B ' (Global Book Entry System) ', TF� SALE Sealed bids for the Bonds will be opened by Eugene A. Schiller, Director, Department of Finance and Management Services pn Monday, February 13, 1989, at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorpor�ited, Financial Advisor to the City, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101t2143 (612) 223-3000. Consideration for award of the Bonds will be no later than 12:00 Noon, Cent�al Time, on Tuesday, February 14, 1989, by the City Council or by delegation to Director, Departmerht of Finance and Management Services. ' Tt-� BONDS Details of the Bonds. ' The Bonds will be issued using a Global Book Entry System. One Global Certificate representir�g the aggregate principal amount of the Bonds moturing in each year (the "Global Certificates") r�vill be issued and fully registered as to principal' and interest in the name of Kray & Co. as nomine of the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission�the "SEC") registered depository, an Illinois trust company, a member of the Federal Reserve Systdm and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. The Bonds will be dated March I, 1989 and will bear interest payable on March I and September I of each year, comm�ncingi September I, 1989. The Bonds will mature March I in the amounts and years as follows: $125,000 1991-1992 $100,000 1993-2008 $75,000 2009-2010 Optional Redemption. The City may elect on Morch I, 1999, and on any interest payment date thereafter to prepay Bpnds due on or after March I, 2000. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity dat� will be prepaid first. If a maturity is prepaid only in part, prepayments will be in increments of $5,�00 of principal. All such prepayments shall be at a price of par plus accrued interest. Securifr and Purpose. The Bonds will be general obligations of the City to which the City will pledge special assessmenis agpinst benefited property. In addition, the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to finance improvements within th�e City. ' GLOBAL BOOK ENTRY SYSTEM Ownership of the Bond$. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or a�t through, participants (the "Participants") of the Depository, other SEC registered depositories and clearing corporations, who collectively comprise the National Clearance and Settlement System �the "National System"). - . � � �� ' ��/� � �• The ownership of the Bonds will be shown on, and transfer of ownership will be effected through, records maintained by th';�e Depository. The responsibility for maintaining, reviewing and supervising such records rests collectively with the specific Participants and the relevant units of the National System through whom the investors purchase or maintain the custody of the Bonds. Individual purchases of the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book entries made on the books and records of the National System. Payments to Bondowners. Payment of principal of and interest on the Bonds will be made by the City to the Depository throug� its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credlit payments on the Bonds to the Participants, as listed on the records of the Depository on the fifteelnth calendar day preceding each interest payment date. Transfer of such payments to the Partici ants is the responsibility of the Depository. Transfer of such payments by the Participants is the responsibility of the Participants. Bondowners will receive interest and principal payments thr ugh their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Parti�ipants, will receive payments from Participants or others who received payments directly or ind rectly from Participants. Global Certificates. As��; part of the Global Book Entry System, the E3onds are authorized only in the denomination of the e�ntire outstanding principal amount of a given maturity and are not exchangeable for bonds of smaller denominations, unless replacement bonds are authorized. The City (or any successor regisitrar) will register on the registration books maintained for the Global Certificates any transfer requested by the registered owner. Initially, the owner registered on the City's registration books will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, th� Depository will recognize and enter on its books in the National System interests in $5,000 denorninations in each Global Certificate. i TERMS OF SALE Minimum Bid and Good �aith Deposit. A sealed bid for not less than $2,000,000 (par) and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount o� $20,000 payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in tHe event the Purchaser fails to comply with the accepted bid. The City will deposi# the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the: time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Type of Bid. No rate for any maturity shall be more than I.S% 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 bid may be conditioned upon award of any other offering of obligations by the City. , AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the pr�mium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the '' Bonds from 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. , -- - - � ��_;y . � � The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the'receipi of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid vjrhich the City determines to have failed to comply with the terms herein.. ; SETTLEMENT AND DELIVERY Delivery, Paymer�t a�nd Ownership of the Bonds. Within 40 days following the date of award of the Bonds, the Global C�ertificates will be delivered without cost to the Purchaser at a place mutually satisfactory to the C;ity and the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, orl equivalent funds, which shall be received at the offices of the City, or its designee, not later tlhan I :00 P.M., Central Time of the day of settlement. Except as compliance with the terms of p yment for the 8onds shall have been made impossible by action of the City, or its agents, the Purchas�r shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-co�pliance with said terms for payment. The successful bidder, as a condition of delivery of the BondS, shall be required to deposit the Global Certificates with the Depository. i Legal Opinion and T�ranscript. Delivery of the Bonds 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, which apinion will be attached to the Global Certificates, and of customary closing papers, including a no-litigation certificate. At settlement the Purchaser will be furnished with a certificate signed I�y appropriate officers of the City to the effect that the Official Statement did not as of the date qf the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, 1989 BY ORDER OF THE CITY COUNCIL �� s Eu ene A. Schiller Director / / g � , Department of Finance and Management Services � II � � � EXHIBIT A �9 -/�j'L' /,, ,�: OFFICIAL TERNIS OF OFFERING ' $5,000,000 ' CITY OF SAINT PAI�, MINNESOTA GENERAIL OBLIGATION COMO CONSERVATORY BONDS, SERIES I 989C '� (Global Book Entry System) II THESALE Sealed bids for the Bor�ds will be opened by Eugene A. Schiller, Director, Department of Finance and Management Services pn Monday, February 13, 1989, at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorpor�ted, Financial Advisor to the City, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101t2143 (612) 223-3000. Consideration for award of the Bonds will be no later than 12:00 Noon, Centr�al Time, on Tuesday, February 14, 1989, by th� City Council or by delegation to Director, Department of Finance and Management Services. THE BONDS . Details of the Bonds. , The Bonds will be issued using a Global Book Entry System. One Global Certificate representing the aggregate principa) amount of the Bonds maturing in each year (the "Global Certificates") v�ill be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee of the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (the 'SEC") registered depository, an Illinois trust company, a member of the Federal Reserve System and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. The Bonds will be dated March I, 1989 and will bear interest payable on March I and S^ptember I of each year, commencing September I, I 989. The Bonds will mature March I in the amounts and years as f ol I ows: $450,000 1990-1991 � $450,000 1994 $525,000 1996 $600,000 1998 $425,000 1992-1993 ' $500,000 1995 $550,000 1997 $625,000 1999 Optional Redemption. The Bonds will not be subject to payment in advance of their respective stated maturity date. ' Security and Purpose. The Bonds will be general obligations of the City to which the City will pledge its full faith and credit alnd power to levy direct general ad valorem taxes. In addition, the City will pledge grant monies rec�eived from the State of Minnesota. The proceeds will be used to finance improvements to the Corno Conservatory. ' GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act� through, participants (the "Participants") of the Depository, other SEC registered depositories a d clearing corporations, who collectively comprise the National Clearance and Settlement System (t�ie "National System"). The ownership of the Boinds will be shown on, and transfer of ownership will be effected through, records maintained by the Depository. The responsibility for maintaining, reviewing and supervising such records rests collecftively with the specific Participants and the relevant units of the National System through whom the investors purchase or maintain the custody of the Bonds . i ��-�� __ Individual purchases of the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book,entries made on the books and records of the National System. Payments to Bor�ownets. Payment of principal of and interest on the Bonds will be made by the City to the Depository thro�gh its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will cr it payments on the Bonds to the Participants, as listed on the records of the Depository on the fift enth calendar day preceding each interest payment date. Transfer of such payments to the Parti ipants is the responsibility of the Depository. Transfer of such payments by the Participants is th responsibility of the Participants. Bondowners will receive interest and principal payments th�ough their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Par�icipants, will receive payments from Participants or others who received payments directly or i directly from Participants. Global Certificates. �►s part of the Global Book Entry System, the Bonds are authorized only in the denomination of the entire outstanding principal amount of a given maturity and are not exchangeable for bond of smaller denominations, unless replacement bonds are authorized. The City (or any successor re istrar) will register on the registration books maintained for the Global Certificates any trans er requested by the registered owner. Initially, the owner registered on the City's registration booNcs will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denominations in each Global Certificate. TERMS OF SALE Minimum Bid and Good Faith Deposit. A sealed bid for not less than $4,940,000 and accrued interest on the total principal dmount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. A�Iso prior to the time set for bid opening, a certified or cashier's check in the amount of $50,000, p�yable to the order of the City, shall have been f iled with the undersigned or SPRINGSTED Incorpor,ated, the City's Financia) Advisor. No bid will be considered for which said check has not been f!iled. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purcha�er, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Type of Bid. No rate for any maturity shall be more than I.0% lower than any prior rate. Bonds of the same maturity shqll bear a single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upon award of any other offering of obligations by the City. AWARD The Bonds will be awqrded to the Bidder offering the lowest dollar interest cost to be determined by the ded�ction of the premium, if any, from, or the addition of any amount less than par, to, the total dollar interest on tMe Bonds from their date to their final scheduled maturity. The City's computation of the t�tal net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reservei the right to: (i) waive non-substantive informalities of any bid or of matters relating to the recei�pt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. � i . ' ��=i� t SETTLEMENT AND DELIVERY Delivery, Payment arid (Dwnership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certi�icates will be delivered without cost to the Purchaser at a place mutually satisfactory to the City �nd the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or eq�ivalent funds, which shalt be received at the offices of the City, or its designee, not later than; I :00 P.M., Central Time of the day of settlement. Except as compliance with the terms of paym�nt for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser sh�all be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shlall be required to deposit the Global Certificates with the Depository. Legal Opinion and Transjcript. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinion df Faegre & Benson of Minneapolis, Minnesota, which opinion will be attached to the Global Certificatjes, and of customary closing papers, including a no-litigation certificate. At settlement the Purchas�r will be furnished with a certificate signed by appropriate officers of the City to the effect that the Official Statement did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were ePade, not misleading. , OFFICIAL STATEMENT Underwriters may obtailn a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, 1989! BY ORDER OF THE CITY COUNCIL , /s/ Eugene A. Schiller, Director Department o.f Finance and Management Services i I I I I '' EXHIBIT A ` �_/� ', OFFICIAL TERMS OF OFFERING $5,500,000 ; CITY OF SAINT PAUL, MINNESOTA GEI�ERAL O¢LIGATION WARNER/SHEPARD ROAD BONDS, SERIES I 989D �; (Global Book Entry System) I THE SALE Sealed bids for the Bonds' will be opened by Eugene A. Schiller, Director, Department of Finance and Management Services on� Monday, February 13, 1989, at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporated, Financial Advisor to the City, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2�43 (612) 223-3000. Consideration for award of the Bonds will be no later than 12:00 Noon, Centra� Time, on Tuesday, February 14, I 989, by the City Council or by delegation to Director, Department �of Finance and Management Services. TF�E BONDS • Details of the Bonds. The Bonds will be issued using a Global Book Entry System. One Global Certif icate representing, the aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") will be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee di the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commiss�on (tMe 'SEC") registered depository, an Illinois trust company, a member of the Federal Reserve System and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. The Bonds will be dated March I, 1989 and will bear interest payable on March I and September I of each year, commencing S�eptember I, 1989. The Bonds will mature March I in the amounts and years as follows: $410,000 1990 $490,000 1993 $595,000 1996 $675,000 1998 $435,000 1991 $520,000 1994 $635,000 1997 $725,000 1999 $460,000 1992 $555,000 1995 Optional Redemption. The Bonds will not be subject to payment in advance of their respective stated maturity date. ' Security and Purpose. The Bonds will be general obligations of the City to which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to finance improvements to Warner and Shepard Roads within the City. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds.�! Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or ac�t through, participants (the "Participants") of the Depository, other SEC registered depositories nd clearing corporations, who collectively comprise the National Clearance and Settlement System (�he "National System"). The ownership of the B�nds will be shown on, and transfer of ownership will be effected through, records maintained by t e Depository. The responsibility for maintaining, reviewing and supervising such records rests;colle tively with the specific Participants and the relevant units of the National System through whom th investors purchase or maintain the custody of the Bonds. . i �-��` I ivi ual urchases of tlN�e Bonds ma be in the amount of 5 000 or n m Iti I th r o nd d p y $ , ay u pe eefofasingle maturity, through book entries made on the books and records of the National System. Payments to Bondowners,. Payment of principal of and interest on the Bonds will be made by the City to the Depository throu�h its nominee Kray & Co., the registered owner of the Global Certif icates. The Depository will credjit payments on the [3onds to the Participants, as listed on the records of the Depository on the fifteenth calendar day preceding each interest payment date. Transfer of such payments to the Partici�pants is the responsibility of the Depository. Transfer of such payments by the Participants is the ;responsibility of the Participants. Bondowners will receive interest and principal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Parti�ipants, will receive payments from Participants or others who received payments directly or ind�rectly from Participants. Global Certificates. A� part of the Global Book Entry System, the Bonds are authorized only in the denomination of the entire outstanding principal amount of a given maturity and are not exchangeable for bonds af smaller denominations, unless replacement bonds are authorized. The City (or any successor regi�trar) will register on the registration books maintained for the Global Certificates any transfer requested by the registered owner. Initially, the owner registered on the City's registration books will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denor,ninations in each Global Certificate. TERMS OF SALE Minimum Bid and Good f�aith Deposit. A sealed bid for not less than $5,434,000 and accrued interest on the total principal ariiount of the Bonds shall be f iled with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $55,000, pay�able to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporafted, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the tpme set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Type of Bid. No rate for any maturity shall be more than I.0% 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 bid may be conditioned upoh award of any other offering of obligations by the City. ' AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the prlemium, if any, from, or the addition of any amount less than par, to, the total dollar interest on th� Bonds from 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 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 th� City determines to have failed to comply with the terms herein. • . ��i�- , SETTLEMENT AND DELIVERY Delivery, Payment and �wnership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certi�icates will be delivered without cost to the Purchaser at a place mutually satisfactory to the City pnd the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or eq�ivalent funds, which shall be received at the offices of the City, or its -- designee, not later than'' I :00 P.M., Central Time of the day of settlement. Except as compliance with the terms of paym�nt for the Bonds shall have been made impossible by action of the City, or its agents, the Purchoser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, sh,bll be required to deposit the Global Certificates with the Depository. Legal Opinion and Trans�ript. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinion af Faegre & Benson of Minneapolis, Minnesota, which opinion will be attached to the Global Certificates, and of customary closing papers, including a no-litigation certificate. At settlement the Purchassr will be furnished with a certificate signed by appropriate officers of the City to the effect that the Official Statement did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact ne�essary in order to make the statements therein, in light of the circumstances under which they were rrhade, not misleading. , OFFICIAL STATEMENT Underwriters may obtairh a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening., The Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, 1989 , BY ORDER OF THE CITY COUNCIL /s/ Eugene A. Schiller, Director Department of Finance and Management Services i , � EXHIBIT A a � � � � . '' ` �'' � � OFF A ICI L TERMS OF OFFERING . ' � ; $2,275,000� ; CITY OF SAINT PAUL, MINNESOTA GEhERAL OBLIGA�ION CAPITAL IMPROVEMENT REFUNDING BONDS, SERIES I 989E , (Global Book Entry System) ; THESALE Sealed bids for the Bonds �will be opened by Eugene A. Schiller, Director, Department of Finance and Management Services on �Monday, February 13, 1989, at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporate�d, Financial Advisor to the City, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota SSI01-2143 (612) 223-3000. Consideration for award of the Bonds will be no later than 12:00 Noon, Central Time, on Tuesday, February 14, 1989, by the City Council or by delegation to Director, Department of Finance and Management Services. THE BONDS , Details of the Bonds. The Bonds will be issued using a Global Book Entry System. One Global Certificate repres�ntingl the aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") will be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee qf the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (tY�e 'SEC") registered depository, an Illinois trust company, a member of the Federal Reserve System and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. The Bonds will be dated March I, 1989 and will bear interest payable on March I and September I of each year, commencing $eptember I, 1989. The Bonds will mature March I in the amounts and years as follows: ; $I , 100,000 1991 $1 , 175,000 1992 * The City reserves the right, a f ter bids are opened and prior to award, to increase or reduce the principal amount of the Bonds of fered for saIe. Any such increase or reduction will be in the 1992 maturity nnd wiil be in an amount not to exceed $25,000. In the event the principai amount of the Bonds is increased or reduced, any premium offered or any discount taken by the successfuI bidder will be increased or reduced by a percentage equal to the percenta.qe by which the principal amount of the Bonds is increased or reduced. Optional Redemption. The Bonds will not be subject to payment in advance of their respective stated maturity date. Security and Purpose. 'The Bonds will be general obligations of the City to which the City will pledge its full faith and creditland power to levy direct general ad valorem taxes. The proceeds will be used to refund all of the outstanding Bonds maturing in the years 1991-1992 of the City's General Obligation Capital Imp'rovement Bonds, Series I 982, dated March I, I 982. C�.08AL BOOK ENTRY SYSTEM Ownership of the Bonds. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act through, participants (the "Participants") of the Depository, other SEC . ��-i�� registered depositories and clearing corporations, who collectively comprise the National Clearance and Settlement System (the "National System"). The ownership of the' Bonds will be shown on, and transfer of ownership will be effected through, records maintained byi the Depository. The responsibility for maintaining, reviewing and supervising such records rests collectively with the specific Participants and the relevant units of the National System through whom'the investors purchase or maintain the custody of the Bonds. Individual purchases o,f the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through boolk entries made on the books and records of the National System. Payments to Bondowners. Payment of principal of and interest on the Bonds will be made by the City to the Depository through its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credit payments on the Bonds to the Participants, as listed on the records of the Depository on the fif#eenth calendar day preceding each interest payment date. Transfer of such payments to the Parti'cipants is the responsibility of the Depository. Transfer of such payments by the Participants is the responsibility of the Participants. Bondowners will receive interest and principal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Par�icipants, will receive payments from Participants or others who received payments directly or imdirectly from Participants. � Global Certificates. As part of the Global Book Entry System, the Bonds are authorized only in the denomination of the �� entire outstanding principal amount of a given maturity and are not exchangeable for bondS of smaller denominations, unless replacement bonds are authorized. The City (or any successor registrar) will register on the registration books maintained for the Global Certificates any transfer requested by the registered owner. Initially, the owner registered on the City's registration books will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denominations in each Global Certificate. TERMS OF SALE Minimum Bid and,Good Faith Deposit. A sealed bid for not less than $2,252,250 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $22,750, payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the i�ime set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the E3onds having been mad�. Type of Bid. No rate #or any maturity shall be more than I.Oqo 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 bid may be conditioned upoh award of any other offering of obligations by the City. , AWARD The Bonds will be awar�fed to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the pr�mium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the' Bonds from their date to their final scheduled maturity. The City's _ — ' ��—/`� - I � com utation of the total net dollar interest cost of h ' p eac 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 C'ity determines to have failed to comply with the terms herein. SETTLEMENT AND DELIVERY Delivery, Payment md O�vnership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certifi,�ates will be delivered without cost to the Purchaser at a place mutually satisfactory to the City amd the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equiivalent funds, which shall be received at the offices of the City, or its designee, not later than I':00 P.M., Central Time of the day of settlement. Except as compliance with the terms of paymerrt for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shqll be liable to the City for any loss suffered by the City by reason of the Purchaser's non-complian�e with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shal) be required to deposit the Global Certificates with the Depository. Legal Opinion md Tr�sc�-ipt. Delivery of the Bonds will be subject to receipt by the Purchaser of an � approving legal opinion o�Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opiniom will be attached to the Global Certificates, and of customary closing papers, including a no-litigation certificate. At settlement the Purchaser will be furnished with a certif icate signed by appropriate off icers of the City to the effect that the Official Statement did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT - Underwriters may obtain�a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, i 989 BY ORDER OF THE CITY COUNCIL , /s/ Eugene A. Schiller, Director Department of Finance and Management Services � I ��"�� I 569T ; . EXHIBIT B - I ' NOTICE OF SALE �!, $11, 750, 000 ' CITY OF SAINT PAUL ; RAMSEY COUNTY ' MINNESOTA � GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS , SERIES 1989A I ' (Global Book Entry System) These bond� will be offered Monday, February 13 , 1989 . Sealed bids will �e opened at 2 : 00 o 'clock P.M. , Central Time, at the office of 5pringsted Incorporated, Financial Advisor to the City, by t�e City ' s Director of Finance and Management Services . ' Consideration of the bids and award of the sale of the bonds �y the City Council will be at 10 : 00 o ' clock A.M. , Central Ti}ne, on Tuesday, February 14 , 1989 . The bonds will be dated M�rch 1, 1989 , as the date of original issue . Interest w�ll be payable on September l , 1989 , and semi- annually thereafter. The bonds will be general obligations of the Issuer�for which its unlimited taxing powers will be pledged. � he bonds will be issued in global book entry form only. The� bonds will mature on March 1 in the years and amounts aslfollows : . j1990 $ 825, 000 1995 $1, 200, 000 !1991 925, 000 1996 1 , 275, 000 1992 1 , 000, 000 1997 1, 350 , 000 1993 1, 050, 000 1998 1, 450 , 000 '1994 1, 125, 000 1999 1 , 550, 000 The B�'bnds will not be subject to payment in advance of their resp ctive stated maturity dates . Sealed bids for not less than �$11, 609 , 000 and accrued interest on the principal sum of $11',, 750, 000 will be accepted. An acceptable approving legal opir�ion will be furnished by Briggs and Morgan, Professior�al Association, of St. Paul and Minneapolis , Minnesota.' The proceeds of the bonds will be used to finance the constr�uction of various capital improvements in the City. Bidders st�ould be aware that the Official Terms of Offering to be pul�lis�ed in the Official Statement for the bonds may contain a ditional bidding terms and information relative to i � ' ��-iY the bo�ds . � In the event of a variance between statements. in this Nbtic ' of Sale and said Official Terms of Offering, the provis�.ons of the latter shall be those �o be complied with. Dated: Jan�ary 17 , 1989 BY ORDER OF THE CITY COUNCIL i � I ; Ls/ F.uqene A. Schiller ' Director, Department of Finance and Management � Services Additionali' information may be obtjained from: SPRINGSTEa INCORPORATED 85 East S�venth Place Suite 100 ; Saint Pau7� , Minnesota 55101-2143 Telephone ;No. : ( 612 ) 223-3000 i � � '' .��-�� a� ;�.r� ,.�c�` '� • 569T II NOTICE OF SALE ; � $2,000,000 i CITY OF SAINT PAUL RAMSEY COUNTY MINNESOTA 'I GENERAL OBLIGATION STREET IMPROVEMENT ISPECIAL ASSESSMENT BONDS, 5ERIES 1989B (Global Book Entry System) These bonds � will be offered Monday, February 13, 1989 . Sealed bids will b� opened at 2 :00 o'clock P,,M. , Central Time, at the office of S�ringsted Incorporated, Financial Advisor to the City, by th� City' s Director of Finance and Management Services . �onsideration of the bids and award of the sale of the bonds b the City Council will be at 10:00 o 'clock A.M. , Central Tim , on Tuesday, February 14, 1989 . The bonds will be dated Ma�ch 1, 1989, as the date of original issue. Interest wi�l be payable on September 1, 1989, and semiannuall�► 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 �'orm only. The bonds will mature on March 1 in the years and ar�ounts as follows: � ' 1�91 $125,000 2001 $100,000 ' 1�92 125,000 2002 100,000 1�93 100,000 2003 100,000 1 94 100,000 2004 100,000 1995 100,000 2005 100,000 1�96 100,000 2006 100,000 1�97 100,000 2007 100, 000 1�98 100,000 2008 100,000 1�99 100,000 2009 75,000 2q00 100,000 2010 75,000 The Cii�y may elect on March 1, 1999, and on any interest payment dat� thereafter to prepay bonds due on or after March 1, 20 0, at a price of par plus accrued interest. Sealed ]bids for not less than $2,000,000 (par) and accrued interest on ,the principal sum of $2, 000,000 will be accepted. An acce�tabl�e approving legal opinion will be furnished by Briggs �nd l�organ, Professional Association, of St. Paul and Minneapolis� Minnesota. The proceeds of the bonds will be I � . �y-�� used to 'fina$�ce the construction of various street improvements� in the City. Bidders should be aware that the Official Te�s of Offering to be published in the Official Statement fo the bonds may contain additional bidding terms and infarmat�ion relative to the bonds . In the event of a variance betlween statements in this Notice of Sale and said Official; Te�s of Offering, the provisions of the latter shall be those to e complied with. Dated: Januajry 17, 1989 BY ORDER OF THE CITY COUNCIL � � /s/ EuQene A. Schiller � Director, Department of Finance and Management '� Services Additianal �nformation may be obta�ned from: SPRINGSTED $NCORPORATED 85 East Sev�nth Place Suite 100 ; Saint Paul, iMinnesota 55101-2143 Telephone Nb. s (612) 223-3000 � I ; . i i , i �I ; . j I , ; � ; I� ' i � ��:� ' r � !, 569T NOTICE OF SALE $5, 000 , 000 CITY OF SAINT PAUL ' RAMSEY COUNTY MINNESOTA GENERAL OBLIGATION COMO CONSERVATORY BONDS, SERIES 1989C (Global Book Entry System) These bonds will be offered Monday, February 13, 1989. Sealed bids will be' opened at 2:00 o'clock P.M. , Central Time, at the office of Springsted Incorporated, Financial Advisor to the City, by the', City' s Director of Finance and Management Services. Cansideration of the bids and award of the sale of the bonds by the City Council will be at 10:00 o'clock A.M. , Central Time; on Tuesday, February 14, 1989. The bonds will be dated Mar�h 1, 1989, as the date of original issue. Interest will be payable on September 1, 1989, and semi- annually thereafter. The bonds will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. Th� bonds will be issued in global book entry form only. Tt�e bonds will mature on March 1 in the years and amounts as follows: 1990 $450,000 1995 $500,000 1991 450,000 1996 525,000 1992 425,000 1997 550,000 1993 425,000 1998 600,000 1994 450,000 1999 625,000 The Bonds will not be subject to payment in advance of their respec�ive stated maturity dates. Sealed bids for not less than $4�940,000 and accrued interest on the principal sum of $S, OOO,OOQ will be accepted. An acceptable approving legal opinion will 'be furnished by Faegre & Benson, Minneapolis, Minnesota. 7�he proceeds of the bonds will be used to finance the renovatibn and improvement of the Como Park Conservatory in the City. Bidders should be aware that the Official Terms of Offering �o be published in the Official Statement for the bonds may contain additional bidding terms and information , �� !�� ,v . , � relative ,to the bonds. In the event of a variance between statementi�s in this Notice of Sale and said Official Terms of Offering,', the provisions of the latter shall be those to be complied t�ith. Dated: Ja�huary 17, 1989 BY ORDER OF THE CITY COUNCIL ' s Eu ene . /1 A Schiller 9 Director, De artment of P Finance and Management Services Additional� ' information may be obt�ined from: SPRINGSTED INCORPORATED 85 East Seventh Place Suite 100 Saint Paul,l Minnesota 55101-2143 Telephone No. : (612) 223-3000 ��`�!�� _ ;, - - :' ; 569T �� I I NOTICE OF SALE i $5, 500, 000 I� CITY OF SAINT PAUL � RAMSEY COUNTY ` MINNE50TA ii � ��, GENERAL OBLIGATION WARNER`SHEPARD ROAD ��i BONDS, SERIES 1989D I�', (Global Book Entry System) These bonds� will be offered Monday, February 13, 1989 . Sealed bids will bje opened at 2 :00 o 'clock P.M. , Central Time, at the office of Sl�ringsted Incorporated, Financial Advisor to the City, by th�e City' s Director of Finance and Management Services . Gonsideration of the bids and award of the sale of the bonds bt� the City Council will be at 10:00 o'clock A.M. , Central Tim�, on Tuesday, February 14 , 1989 . The bonds will be dated Ma�ch 1, 1989, as the date of original issue. Interest will be payable on September 1, 1989, and semi- annually th�reafter. The bonds will be general obligations of the Issuer �or which its unlimited taxing powers will be pledged. The bonds will be issued in global book entry form only. The l�onds will mature on March 1 in the years and amounts as follows: 19',90 $410,000 1995 $555,000 19191 435,000 1996 595,000 19�2 460,000 1997 635,000 19�3 490,000 1998 675,000 1994 520,000 1999 725,000 The Bonds will not be subject to payment in advance of their respec�ive stated maturity dates . Sealed bids for not less than $5,434,000 and accrued interest on the principal sum of $5,500,OOQ will be accepted. An acceptable approving legal opinion will be furnished by Faegre & Benson, Minneapolis, Minnesota. The proceeds of the bonds will be used to finance the construct'ion of improvements to Warner and Shepard Roads in the City. Bidders should be aware that the Official Terms of Offering tp be published in the Official Statement for the bonds may contain additional bidding terms and information . �� , �i p:� 1�, � �� _ , relative to thle bonds . In the event of a variance between statements in Ithis Notice of Sale and said Official Terms of Offering, thelprovisions of the latter shall be those to be complied with.i Dated: January� 17, 1989 BY ORDER OF THE CITY COUNCIL I I i �s/ Euqene A. Schiller Director, Department of Finance and Management iServices Additional in�ormation may be obtain d from: SPRINGSTED IN�ORPORATED 85 East Seventh Place Suite 100 Saint Paul, M�.nnesota 55101-2143 Telephone No. : (612) 223-3000 i I ��—i�- , ,�n, , y,,`��. 569T NOTICE OF SALE $2, 275, 000* CITY OF SAINT PAUL ; RAMSEY COUNTY ; MINNESOTA G�NERAL OBLIGATION CAPITAL IMPROVEMENT REFUNDING BONDS, SERIES 1989E ' (Global Book Entry System) These bonds wrill be offered Monday, February 13, 1989 . Sealed bids will be opened at 2 :00 o 'clock P.M. , Central Time, at the office of Springsted Incorporated, Financial Advisor to the City, by the ;City' s 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 10:00 o 'clock A.M. , Central Time� on Tuesday, February 14 , 1989 . The bonds will be dated Mar�h 1, 1989, as the date of original issue. Interest wil� be payable on September 1, 1989, and semi- annually the�eafter. The bonds will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. Th� bonds will be issued in global book entry form only. The b�nds will mature on March 1 in the years and amounts as follows: 1980 $1, 100,000 1992 $1, 175,000* The City res�rves the right after receipt of bids to increase or decrease the principal due in 1992 by not more than $25,000. The purchase price bid will be adjusted pro rata to reflect any adjustments of the principal amount. The Bonjds will not be subject to payment in advance of their respec�tive stated maturity dates . Sealed bids for not less than $2,252,250 and accrued interest on the principal sum of $2,275,00!0 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 in a crossover advance refunding o� the principal of all of the outstanding bonds maturing in the years 1991 and 1992 of the City' s General Obligation C�apital Improvement Bonds, Series 1982 . Bidders should be aWare that the Official Terms of Offering to be published irl the Official Statement for the bonds may contain I � i j I i additional bilding terms and information relative to the bonds . In th� event of a variance between statements in this Notice of Sal�e and said Official Terms of Offering, the provisions of� the latter shall be those to be complied with. Dated: Janua�y 17, 1989 BY ORDER OF THE CITY COUNCIL � /s/ Euqene A. Schiller Director, Department of Finance and Management Services Additional information may be obtained from: SPRINGSTED INCORPORATED 85 East Seve�th Place Suite 100 Saint Paul, Minnesota 55101-2143 Telephone Na. : (612) 223-3000 *5ubject to change after receipt of bids � �� t� .,j�,/ Finance � Manag e t ervices zi2ziss EEN EET MO. Q�� p CONTA PE OEr�mMeur OmEC�OA tMt�iCp�T� Gary Norstrem/S r]:ey Davis '�" 2 �a�e+r�aw�c.�on �urraea�c PtUM�HR FOR p � • AounNC — wooEro�cc,op ' ►� Council Research Treasury Divisio ' 2 2-7038 oRO�: T an�,ra�� SLfBJ CT/DESCRIPTION OF E RecuESt:pr�vide or the sale o ive issues o geaera o gat on on s: . 11,750,000 G.O. Cap tal Improvement Bot�ds, 5eries 1989A . 1,620,000 G.O. Str et Improvement Special Ass�ssment Bogds, Series 1989B . 5,000,000 G.O. Com Conservatorq Bonds, Series 1989C . 5,500,000 G.O. War e�/Shepard Road Bonds, Series 1989D . 2 275,000 G.O. ef ndin Bands, Series 1989E RECOMMENDATIONS:(APArow 1� a R�j�Ct �) CAUNGI RESEARCIi RErORT: PLAIM�M10�M�i1S8WN SERVICE COI�M�910N OATE M . DATE OVT� . MIALYST � P110NE N0. . 20oWi8 OQ�� SCI�D01.YONim A STAFR . R COWM85KlN COMPLETE AS 14 _�—M01 MrFO.AOOEO'� �_FOR A00�1 M�iO� ��iEEQOAdC ADOlO• ... �'"�''� A C B Committee . . ��: $�"M�"�� A B nd Counsel A F nancial Advis INRUITN6 PROBLEM.fSSUE,OiP TU tTY Who.What,Wh�n.WFrrt.WhY)� 1) Detexmiaes amo nt'� o bands to be sold. 2) Sets the date nd, t me of the sale and defines the "Official Terms of the Offering". 3) Provides autho ity or the publication. of the notice of the sale. 4) Adapts the "Of ic�a Terms of the Offering" :of the issue. JUSTIFICATION .(co t/be efits, advantages, results) : Issuance of the bonds (issues 1989A-1989D) _. carries out the C ty $ 11e�bligation bonding program as identified in the 1989 Capital Improve-.' ment Budget. . .- , - _ - _ _ _ . _ _ - $2,275�,000 G.O. Refu ��ing Bonds, Series 1989E, is a crossovez refunding issue being recommendei at this time. hese onds would refund the 1982 Capital Improvemer►t Bonds which have a coupon rate of 10.75x or! 1 1 and 9.5 for 1992. The present value savings of the refundin�" is in excess of $70,0 O. i l particulars on this issue will be presented to Counc3.1 on - January 4, 1988 ini, t Bond Recom�mendations to be distributed at that time. , . , a GONSEOUENCES(Wh�t.WMn,and o Whpm): 1) The failure of th�. esolution would require a. rescheduling of the issue at a later date, thereby imposi g ig er interest rates and delays to City construction projects. 2) The refunding 'ssue ay�be aborted prior to sale if rates do not permit the level of savings as specified b tl�e 989 Budget Goals & Policies (p. 28) .(.�iu�►u.tnt. R�t.�t-� Ua,Et�.t �'�n�✓ . 7n.u.a..t ,t.�+-e.e��C. "5a,a-oo). ALTERNATIVES: PROS GONS: �sroar��cr�MS: it anaua y se s on s to nanc`� ,�, e apxta provemeat u get pro,�ects 2) Refunding issue qan be scheduled at the same time ta :al.eviate additionaZ bond sale e�penses thereby providing et'te savings to the City. LEGAL�BUEf: I Sale of these bond fiol ows procedures set forth in the City Charter & State Statutes which ve be n addressed b it;y ttorne & Bond Cou se1. �� 9�-��G�� Gi��- `a# � 6oz. � o� ee�.UC� -.�� ` '� ,� 1�� .St�9�" � nERronwu�r.�•w&rc oFr aro�sonwc�r�oaa�rtto�+�us: City of Saint Paul general ob2igatiDn bonds have been rated AA+ by Standard a�nd Poars and Aa. by Moodys Investor's-Service. sT�ut�o�Erts tus�� .osmoN t•.-.o� —� i—w�rES,�n rM► �u►iww�te�wr+�.p�nwr.� FINANCIALi11APACT ""`T"EE""�tDi"� '"0ND1�"" N01�� The proiect � . osts�T+�.=out�.ined i.a °PffR""'r�g�°�ET' the i989 Capita7. RevEwuES c�n�rrEC.....__.......... .._..._............w.�......... Improvement Budget a� EXPENSES: xecommended bq the sw�es�Fr�.ee�+�ma.........�.�.:........................................ CIB Committee aad ea�......._..........................�......�.._............................. adopted by the Mayor svov�....._....__...._.�...:............._._....__......._........_..... � & City Council. Whe� co��.as w�s.�...............�.....__................._............... appropriat e, it �s�.- • qh., advantageou�s to s�12 PRO�r t�oss> .................... refunding bonds; with ......_...................................._............. FUNDING SOURCE FOR AWY LOSS(Ntme and Amouri) • OL�12Y'• j.SSl1eS.�'his: .= ' prnvida;s.;,e�viiti�]i;"by GAPITA6IMPROVEMENTBUOGET: . spreading cost� of �o�s�cosrs....._......._........................._�._................................ issuance. This issu �. �tcoursinoNCOSTS..._....:...._.....,..:..: .................... will nat be �old if ..._�....._....... coNSrRUCtioN costs ................................................................ savings aren't con- }$ sistent with City � TOTAL ................... policy as outl�ned i ................................................................................. ' SOURCE OF FUNDING(Name and Amount) - tt12 1989 Budget Goal & Policies Book � IMPACT ON BUDGET: �P. 2 8� . AMOUNT CURRENTIY BUDGETED....:......................................... ' - AMOUNT IN EXCESS OF CURRENT BUDGET ,,,,,,,,,,,,,,,,,,,,,,,,,,,, 50URCE OF AMOUNT OVER BUDGET.................:...................... PROPERTY TAXES GENERATED i�OST) ,,,,,,,,, IMPLEMENTATION RESPONS181LITY: DEPT/OFF�E DrvtS10N iUND TRLE �'inance and Management Services Treasury Geaeral Debt Service Funds BUpGEi ACTWITY NUMBER i TIT1.E �� Tom Cran FIOW PERFORMANCE WILL QE MEASURED?: PROGRAM O�JffCTIVES: PROGRAM INDICATQRS 18T YR. 2ND YR. EVALUATION RESPONSIBiIlTY: �"� Gar Norstrem Fina e`�and Mana emeat �-"�016 R�aRr ro cow+rcrc of DATE y s �n►s�o�ARr�A�r PFR RMANCf R PQR78Y 5�1-89 __._ _ _.__...._- -- i M' " 1• I �� ' CITY OF SAINT PAUL %litiil6�n;� OFFICF OF 'rHE CITY COIINCIL - Committee Report � Financ�. Manaaement. & Personnel Committee ' January 9, 1989 1 . A�provai pfi minutes oF December 12 and December 19 Approved meetings.; 2. Resolutic#n 88-1917 - amending the 1987 CIB budget Gy Approved substitute adding $¢,700,000 to the Financing and Spending Pians resolution for to provi�e funds for levee and floodwa� l improvements playground. � on the M ssissippi� River and the Adventure Playground Floodwall portion canstruc�ion on Harriet Island. (Referred fram Council - December,' 8) laid over to 1/23 ...��,�-_. --- . , Re�1 ut i i1'` : t��+��zi ng the �nc� o� CI� Bonds Ap�proved subs�i.tu Ser'i e�5 � 89A ($1 1 ,750,000) ; Street f1'r�rovement Spec`ia 1 resoluti4tt As es$m nt Bonds .�Series 1989B ($1 ,620,000) ; Como Conser-- va orq nds Series 198�9C ($S,OOO,flf�?; Warner/Shepard Ro d �,s 5eries �9D ($5.51�0,0, ; and Refunding �nds , �,�5 989E ($2,275.000) . (Refe ''�rom Counci} Janu- S - .�' } i 4. Resolut,�on 88-1918 - adopting the St. Paul Capital Allo- Laid over to 1/23 . cation �olicy for the years 1990 through 1994 and trans- mitting� it to neighborhood contacts, Lona Range CIB Committ�ee and its task force, the Planning Commission and Cit�y staff. (Referred from Council December 8, laid over D�cember 12 and 19) i 5. Ordinar�ce 88-1911 - amending Section S.O:s of the Admin- Approved istrat#ve Code pertaining to the Division of Accounting and esitab i i sh i ng report i ng 1 eve 1 s for- the Compr-ehens i ve Annual � Financial Report. (Referred from Council December 8) 6. Lette!r ofi the State Auditor's Office submitting their Discussed repor�t on the St. Paul Police Relief Association for the yiear ended December 31 , 1987. {Referred from Coun�il November 17) 7. Disc�ssion of Fire Relief As�ociation pension consoli- Discussed dati�n vote. , i CITY HALL ' SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 • ; s�.4a � � � is. �esc�1 ui:.i on tsZ3-1 j45-A - e�tab 1 i sh i ng �ne ratz ef pay Laid over to 1/23 ror E.D.P. Aide in Grade c4, Section ID2 of the Tecr�n9cal Star�dard R�ngES in tne Saiary Plan a�d F�ates of Compensat i on Reso 1 ut i on. (Refer-red f��om Councii Uzcember 131 9. Resoiution 88-1G45 - cnanging the rate af pay tor Laid over to 1/23 E:nvironmental Health Director in Section tD4 of tne Professional Supervisory Star�dar-d Ranges in the Salary Pian anc Rdtes of Compensation Res�lution. (R�Ferred from Cour�cil December� I3> 10. Resolution 88-I947 - changin�a the rate af pay for Laid over to 1/23 Nouse Custodian I in Section IIB in the Saiary Plar ant! Rates of Compensation Resalution. {Referred from Cauncil DecemGer 13� il . Resolution �38-194�1 - es�abiishinq the rate of p�y Laid over to 1/23 ror Muricipai cquizsment Coardinator in �rade 07, Section IU3 of the Professional Non-5u�ervisory Standard Ranges 9n the :�alary Pian and R�tes cf Comp�nsation Resoiution. (Referred from Councii Ger_ember t3, laid over� December 19? 12. Re�oiution 88-2032 - app�aving tt�e r�eappointnents Approved by the Mayor or" persons as listed to serve on the St. Paul Affirmative Action Advisary Committee. (Refe��r•ed fro��r� Counc i 1 Gecember 22) 13. Resolutian $�-4 - am�r�cling Section 28.8 of the Civii Laid over Service Rules pertaining to compensation. (Referred from Council Januarv 3) 14. Request of Biii and Sue Rosenbt�um ta appear �efo�e � tiie commi ttee. I �c2��G.�^�(iC,� �` . , ,�� : ._ ; _ - -- _ _ _ ___ - -___ --- _ - - --_ _ ----- WHI7E — GTV CLERR i �II� � � C01111CII PINK - FINANGE GITY OF SAINT PAITL �� CANARV - DEPARTMENT-; II I �'� BLUE - MAVOR '� Flle NO• � �� Council R�solution ��` , Presented By Referred To Committee: Date Out of Committe�e By Date ', PROVID G FOR THE PUBLIC SALE OF '� F VE ISSUES F GENERAL OBLIGATION BONDS I i I I�A. WHEREAS, it is necessary and appropriate that the City o� Sa nt Paul, Minnes ta (the "City" ) , issue five separate ilssue of general obli tion bonds, as follows: ( 1 ) $11,750, 00 General Obligati Capital Improvement Bonds, Series 1989�, ( he "CIB Bonds" ) , f the purposes set forth in paragra h 2 below, ( 2 ) $1, 620, 0 General Obligation Street Improvemen Sp cial Assessment Bonds Series 1989B (��he "Special Assessment Bon s" ) , to defray the exp nse of the construction of various!, str et improvements in the i�y, ( 3 ) $5, 000, 000 General Ob!,liga ion Como Conservatory Bo ds, Series 1989C (the "Como Bonds" ) , to defray part of the exp se of renovating the Como Park onservatory, ( 4 ) $5, 500 , 00 General Obligation Warner/Shepard Road Bonds, Series 1989D (t "Road Bonds" ) , and ( 5 ) $2, 275 000 General Obligation Capit Improvement Refunding Bond , Series 1989E (the "Refundin Bonds" ) , to defray the', exp nse of a crossover advance ref ding of the 1991 and 1',992 aturities of the City' s General bligation Capital Improv ment Bonds, Series 1982, which a e callable on March 1', 19 0 ; and ��. jaHEREAS, collectively all five issu s are referred to herein ,�as t e "Bonds" : i i � � COUNCIL MEMBERS � Yeas Nays' Requested by Department of: Dimond I.o� In Favor Goswitz Rettman s�6eine� _ Against BY Sonnen ' Wilson �' , Form Approved by City Attorney Adopted by Council: ', Date Certified Passed by Council Secr tary By sy ', Approved by iVlavor. Dat� Approved by Mayor for Submission to Council By - BY � � ' �'9-i�- , • EXHIBIT A ' �✓ �� ..� ' OFFICIAL TERNIS OF OFFERING $1,620,000 I CITY OF SAINT PAI�., MINNESOTA GEPERAL OBLI�ATIQN STREET IMPROVEMENT SPECIAL ASSESS NT BONDS, SERIES 19898 ' (Global Book Entry System) THE SALE Sealed bids for the Bond� will be opened by Eugene A. Schiller, Di ector, Department of Finance and Management Services oh Monday, February 13, 1989, at 2:00 P. ., Central Time, at the offices of SPRINGSTED Incorporated, Financial Advisor to the City, 85 st Seventh Place, Suite 100, Saint Paul, Minnesota 55101-�143 (612) 223-3000. Consideration for award of the Bonds will be no later than 12:00 Noon, Centrd�l Time, on Tuesday,.February I 4, I 989 by the City Council or by delegation to Director, Department of Finance and Management Services. � . � THE BONDS • Details of the Bonds. i The Bonds will be issued using a lobal Book Entry System. One Global Certificate representinl� the aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") v�ill be issued and fully registered as to principal and interest in the name of Kray & Co. as nomineeiof the Midwest Securities Trust ompany (the "Depository"), a Securities and Exchange Commission C'the '5EC") registered depositor , an Illinois trust company, a member of the Federal Reserve SysteM and a "clearing corporatio " within the meaning of the Illinois Uniform Commercial Code. The Bonds will be date� March I, 1989 and will b r interest payable on March I and September I of each year, commencin� September I, I 989. The onds will mature March I in the amounts and years as follows: ' ,' $100,000 1991 $80,000 1992-2010 Optional Redemption. ; The City may e ct on March I, I 999, and on any interest payment date thereafter to prepay Bpnds due on or a er March I, 2000. R^demption may be in whole or in part of the Bonds subject to prepayment. If demption is in part, those Bonds remaining unpaid which have the latest maturity date will be pre id first. If a rnaturity is prepaid only in part, prepayments will be in increments of $5,000 of prin pal. All such prepayments shall be at a price of par plus accrued i nterest. Security and Purpose. I The B ds wil) be general obligations of the City to which the City will pledge special assessments a�ainst enefited property. In addition, the City will pledge its full faith and credit and power to evy irect general ad valorem taxes. The proceeds will be used to finance improvements within t�he ty. i , � GLOBAL 800K ENTRY SYSTEM ; Ownership of thie Boryds. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act through, participants (the "Participants") of the Depository, other SEC registered depositorids and clearing corporations, who collectively comprise the National Clearance and Settlement 5ysterl� (the "National System"). � ' � ' I ' I The ownership of the onds will be shown on, and transfer of ownership will be effected through, records maintained by �he Depository. The responsibility for maintaining, reviewing and supervising such records rests coll ctively w'ith the specific Participants and the relevant units of the National System through whom �he investors purchase or maintain the custody of the Bonds. � Individual purchases of the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through booklentries made on the books and records of the National System. I Payments to Bondowne�rs. Payment of principal of and interest on the Bonds will be made by the City to the Depository throWgh its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credit payments on the Bonds to the Participants, as listed on the records of the Depository on the fift'�eenth calendar day preceding each interest payment date. Transfer of such payments to the Parti�ipants is the responsibility of the Depository. Transfer of such payments by the Participants is th�e responsibility of the Participants. Bondowners will receive interest and principal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Participants, will receive payments from Participants or others who received payments directly or irndirectly from Participants. Global Certificates. �s part of the Global Book Entry System, the Bonds are authorized only in the denomination of the� entire outstanding principal amount of a given maturity and are not exchangeable for bondis of smaller denominations, unless replacement bonds are authorized. The City � (or any successor registrar) will register on the registration books maintained for `the Global Certificates any tran�fer requested by the registered owner. Initially, the owner registered on the City's registration books will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, tfhe Depository will recognize and enter on its books in the National System interests in $5,000 denominations in each Global Certificate. ' TERMS OF SALE Minimum Bid and Go¢d Faith Deposit. A sealed bid for not less than $1,620,000 (par) and accrued interest on the total jprincipal amount of the Bonds shall be filed with the undersigned prior to the time set for the open#ng of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount' of $16,200, payable to the order of the City, shall have been filed with the undersigned or SPRIN�STED Incorporated, the City's Financial Advisor. No bid will be considered for which said check hasj not been filed. The check of the Purchaser will be retained by the City as liquidated damages i the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of he Purchaser, the amount of which wil) be deducted at settlement. No bid shall be withdrawn after he time set for opening bids, unless the meeting of the City scheduled for consideration of the �ids is adjourned, recessed, or continued to another date without award of the Bonds having been mdde. Type of Bid. No rat� for any maturity shall be more than I.S% 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 bid may be conditioned upon award of any other offering of obligations by the City. AWARD The E3onds will be avuiarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the,premium, if any, from, or the addition of any amount less than par, to, the total dollar interest on t:he Bonds from their date to their final scheduled maturity. The City's computation of the t�otal net dollar interest cost of each bid, in accordance with customary practice, will be controlling. i . . i The City will reserve t I e 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) re�ect any bid which thej City determines to have fa�led to comply with the terms herein. ' SETTLEMENT AND DELIVERY Delivery, Payment and!Ownership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Cerf�ificates will be delivered without cost to the Purchaser at a place mutually satisfactory to the Cityi and the P�rchaser. On the date of settlement payment for the Bonds shall be made in federal, or equivalent funds, which shall be received at the offices of the City, or its designee, not later thah I :00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payrnent for the 8onds shall have been made impossible by action of the City, or its agents, the Purchaser $hall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, �hall be required to deposit the Globa) Certificates with the Depository. Legal Opinion and Trarlscript. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinionj of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opiriion will be attached to the Global Certificates, and of customary closing papers, including a no�litigation certificate. At settlement the Purchaser will be furnisj�ed with a � certificate signed by �ppropriate officers of the City to the effect that the Officia) Statement did not as of the date of t�e Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in 'light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Underwriters may obt I in a copy of the Official Statement by request to the City's Financial Advisor prior to the bid openin�. The Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, 1989 BY ORDER OF THE CITY COUNCIL ; ! /s/ Eugene A. Schiller, Director iDepartment of Finance and Management Services I I � � ; ��9-i�� . � ��. 569T � � NOTICE OF SALE � ' S1 620 000 � , , CITY OF SAINT PAUL ; RAMSEY COUNTY � MINNESOTA � GENERAL OBLIGATION STREET IMPROVEMENT I i � SPECIAL ASSESSMENT BONDS, SERIES 1989 ! (Global Book Entry System) These bonc�s will be offered Monday, February 3, 1989 . Sealed bids willibe opened at 2 : 00 o ' clock P.M. , Ce tral Time, at the office ofjSpringsted Incorporated, Financia Advisor to the City, by �he City' s Director of Finance an Management Services . � Consideration of the bids and ward of the sale of the bondsjby the City Council will be at 10 : 00 o ' clock A.M. , Central T;ime, on Tuesday, February 14 , 989 . The bonds will be dated �Iarch 1, 1989 , as the date of original issue. Interest �ill be payable on September 1 , 1989 , and semiannua;lly thereafter. The bonds ill be general obligatiolns of the Issuer for which its unlimited taxing powers will be pledged. The bonds ill be issued in global book ent�jy form only. The bonds ill mature on March 1 in the years anc� amounts as follows : � 1991 $100 , 000 2001 $80, 000 � 1992 80 , 000 2002 80, 000 i 1993 80 , 000 2003 80, 000 i 1994 80 , 00 2004 80 , 000 199� 80, 0 200.5 80,000 I 1996 80, 0 2006 80,000 I 1997 80 00 2007 80,000 � 1998 8 , 000 2008 80,000 ! 1999 0, 000 2009 80,000 � 2000 80 , 000 2010 80,000 Thq� City may e ect on March 1, 1999 , and on any interest payment ,idate there fter to prepay bonds due on or after March 1,', 2000, at,�a price of par plus accrued interest. Sealed �ids for not less than $1, 620,000 (par) and accrued interes# on the principal sum of $1, 620, 0-00 will be accepted. An acceptable approving legal opinion will be furnished by Briggs �nd Morgan, Professional Association, of St. Paul and Minneap�lis , Minnesota . The proceeds of the bonds will be i ; .. I ' . � - �. ��4-/� � used to fir�ance the construction of various street improv�men s in the City. Bidders should be aware that the Offici�l T rms of Offering to be published in the Official Statem�nt or the bonds may contain additional bidding terms and inform�tion relative to the bonds . In the event of a variance b�tween statements in this Notice of Sa e and said Official T�rms of Offering, the provisions of t e latter shall � be tho'se tp be complied with. Dated: Jan�ary 17 , 1989 BY ORDER OF T E CITY COUNCIL � � � s Eu en A. Schiller iDirec or, Department of � Fina ce and Management � Ser ices I Additiona information may be ob ained from: SPRINGSTE INCORPORATED 85 East S�venth Place Suite 100i Saint Pau� , Minnesota 55101-2143 Telephone� No. : ( 612 ) 223-3000 I � . i i i � !1 , ;' ! ` i � � i � � ; i ' � � _ ' i _- -- ------------ — _ _ i _ _ _ _ _ WHITE - C�TY CLERK � COLLI1C11 PINK - FINANCE ! G I TY O F SA I NT PAiT L CANARV - DEPARTMENT �� 1 BLUE - MAYOR File NO. Council Resolution (- J Presented By ' eferred To I Committee: Date �� / Out of Comrtiittee y Date PRO DING FOR THE PUBLIC SALE OF FIVE ISS S OF GENERAL OBLIGATION BONDS A WHEREAS, it is necessary and appropriate that the Cit� of Saint Paul, Min esota (the "City" ) , issue five separat is ues of general o igation bonds, as follows : (1 ) $11� 750 000 General Oblig ion Capital Improvement Bonds, Series }1989 (the "CIB Bonds" ) , for the purposes set forth in para�rap 2 below, (2 ) $1,62 000 General Obligation Street Improve�nent Special Assessment Bo ds, Series 1989B (the "Special Assessm�ent onds" ) , to defray the xpense of the construction of varibus treet improvements in t e City, (3 ) $5, 000 , 000 GenerallObl gation Como Conservatory Bonds, Series 1989C (the "Como B'pnds ' ) , to defray part of the xpense of renovating the Co o Pa k Conservatory, (4 ) $5, 500 000 General Obligation Warner�Shep rd Road Bonds , Series 1989 (the "Road Bonds" ) , and ( 5 )I $2, 75, 000 General Obligation R unding Bonds, Series 1989E (the 'Refunding Bonds" ) , to defray he expense of a crossovler a vance refunding of the 1991 a 1992 maturities of the 'ICity' s General Obligation Capital I rovement Bonds, Seriesl1982, which are callable on March l, 1990 ; and B. WHEREAS, collectively all five issues are referred to her�in as the "Bonds" : . � 1 � COUNCIL MEMB�RS Requested by Department of: Yeas I Nays nimond F' nce and Mana ement Services Long In Favor casw�tz / Rettman B �be1y,�� I Against Y Sonnen Wilson � Form Approved b City At rn ' Adopted by Council{ Date � �2- z z-�� Certified Passed bylCounc.'1 Secretary BY By Approved May r Subm'tssion to ouncil t�pproved by Mavor:� Dat � By I , i I _ �� . WMITE - CITV CLERK ,� _ - � � �', � ' ,, COI�QCII�,� .. . / .. .. P�NK _ F�N�N�E ' G I TY OF SA I NT PAU L �j J� CAN�ARY - DEPARTMENT � BLUE� -MAVOR File �O. �• , . � t Council Resolution � .w � Presented By ` .t �ferred To � ' � Committee: Date � -�'` �� ; !,i Out of Comm ttee y Date � P�IDII�G !�!S 3II8 ?OES.IC S�E Ot ?IVE I$Sfi1l� O! 6�L t3ELIQi'!'I�fM H� �1. 11�, i� is a�as�rary aac'i appropriataa �urt th� Cit of at Paal, 1t�.m�ssota ttf� 'CitT•I, issr� ti� •�parat i� o! gea�ucal +�bliqatio� bo�d�s u follars s I1) fll, 50, 0 �taaral 0�►13qatic�r Capital I��r�st �o�ds. Srriss �!�► �t�a 'CIH Hoxds"): #c►r tb� parposars s!t f�rtb . in pu �ph 2 b�I.o�r, {2� �1,i28,000 6i�ussl �li�ttioa 8trat t p�cial us�t sox�ds, Ssri�ra 19olH iths •Sp�ef�l �s t •}. !t� e3�frar ths �t�s� �►f � t�o�stroctioa _ . o�E �ri s i�rov�t� ia t� Cf tp: t 3) �i�i��80,�80 6��ra1 lf tioa Ca�w Coas�rvatory D�ds, �ri� 19alC t th� �CO�D �� r '�O de�tiy Qirt O� t� �ipfA�i O� l�fOli�� th� Par Conssrsatosy, (t) iS,500.80A +��ral E�ligatioa I�r�ez/ pa d l�Lcad �rda, S�r1ts 19i9�► i tl� •R�ad so�la"). a�d {5} �Z,2 S,1�A0 C�naral Obligati�t �e#m�tuq �e�li. 8�siu 1!e!E � � �1ail8�A9 �1��: t0 �tftiY L� ii�i O! ,t �t ad rsi�eadisg oi tht 1!!1 aad 1li12��tariti�s - oi t� tY' Gea�r�►1 4Dliqatio� C�pital Z�pro�t D�ds, � .� 8�si�s l�2, which are callable c�a iitrah 1, 19l0� aad - H. If�►8, c�ol2eetis�lT all !i� issa�s ar� s�lats� - `.� � to as tba "Do�ds': -,,.. � _ �, � , COUNCIL MEMBE Requested by Department of: Yeas ays Dimond � �� [n Favor j Goswiti ' Rettman �.i _ i .;` sche;n� Against By Sonnen `' r Wilson Form Approved by City Attorney Adopted by Council: D te Certified Passed C uncil cretar BY �`�'�°��'' '� ��Yf�� ', �r bY Y B�� F• Approved by 1Aavor: ate Approved��by Mayor for Submission to Council �'-�........... . By BY , ` ,'',,., I�'' i�, ��r--/� NdW, �THEREFORE, BE IT RESOLVED by the City Council of the Cit� '�Saint Paul, Minnesota, as follows : l. ind s; Amounts and Pur oses . It is hereby found, determined and clared that the City should issue the Bonds in the above a o ts and for the purposes respectively stated above or in pa�agr�ph 2 hereof for each issue of the Bonds. � 2. �IB �onds;�`,,,Purpose. Pursuant to the provisions of Laws of^'� Min esota �971, Chapter 773, as amended by Laws of Minnesota 1�74, Cha'�ter 351, Laws of Minnesota 1976, Chapter 234 , Laws of M nnesota '1978 , Chapter 788 , Laws of Minnesota 1981, Chapter 69, Laws �f Minnesota 1983 , Chapter 302 , and Laws of Minnes ta 1988 , C�iiapter 513 (said Laws being collec- tively referre to herein "�s the "CIB Laws" ) , and pursuant to applicable �rdinances ari� provisions of the City' s Legisla- tive Code, ', theICIB Bonds are'�hereby authorized and shall be issued and sol� as general ob��ligation bonds of the City in the aggregate principal amounta� of Eleven Million Seven Hundred Fifty ThousandiDollars ( $11,75�,� 000 . 00 ) for the purpose of procurement by ' the City of funds�, in said amount to be used by the Cit� ex�lusively for the cquisition, construction and repair' of �apital improvement of the City authorized in the CapitallImprovement Budget f the City for the year 1989 , proviided ; that the proceeds of the CIB Bonds shall be expended only pon projects which ha e been reviewed and have received a'Ipri rity rating from the pital improvements com- mittee designa ed pursuant to Laws of 978 , Chapter 788, Section 2, as amended. 3. CIB �onds ; Authority. The CIB Bonds shall be issued in accorda�nce ith the CIB Laws and in ac ordance with the further prlovis�ons of the City Charter an Minnesota Statutes, Chapter 475, a�l as more fully provided in the Charter and CIB Laws. � 4 . CIB onds ; Amount. In accordance ' th the CIB Laws the City may i sue up to the $13, 300, 000 of b nds in 1989 if such amountiis not greater than one-fourth �f one percent (0 . 25� ) of thelassessor ' s estimated market val�e of taxable property in th� City and if the City' s local ge�eral obligation debt is less t an six percent (6� ) of market va�,ue calculated as of Decdmber 31 of the preceding year; and it '�s therefore authorized to ' ssue the $11, 750 , 000 of CIB Bonds �erein proposed to be issued, ince the assessor' s estimated marki�t value for real prope�ty alone is $7, 230 , 546, 510 and one-��fourth of one percent of such amount is $18 , 076 , 366. 28 , and �he City' s local general iobligation debt is not greater than �, . � - � - "� , representing ,-�4 � ' �` � of the market value as of Dece�ber 31, 1988 (six ,perc nt would be $433 ,832 , 790 . 70 ) . , � 5. Meetin . Unless this City Council shall adopt resolu- tions setting forth terms and provisions of the Bonds and delegating certain matters to the Director•, Department of Finance ar�d M nagement Services, this City Council shall meet at the tin�e a d place specified in each of the Official Terms �AT� °"��""�° °"�`°�° GREEN SHEET wa Q 3�$ Finance � Manageraent ervi es 2/22/88 Q CONTAC7 PER9M1 �. OEPARIMWT O�GTd9 ANYCN(W►A6�ISfMIf) . . Gary Norstrem/Shirley Davi "��" 2 �+�+*s�or,� �cm�a�c NUMdER FOA � � Routu�c .uaorro�c� +T Counc3l Research Treasury Division 2 2-;70 8 °R@�' crn�r� '� SUBJECT/DE N OF PRE1JfC RE U :provide or t e sa e o ive issues o genera o �.gat on on . 11,750,000 G.O. Cap tal mpravement Bonds, Series 1989A . 1,620,000 G.O. Str et I provement Special Assessment Bonds, Series 1989B . S,OOO,OQO G.O. Co Con ervatory Bonds, Series 1989C � . 5,500,000 G.O. War er/S epard Road Bonds, Series 1989D 2,275,OQ0 G.O. Ref ndin Bonds, Series 1989E RECOtAMENOATIONS:(ADW�f�)a M�(R)) COUNqL WESEARCN NEPORT: . PlAl9rRK�-COMI�ION . 36FN�CE OATE n�l � � DATE OVf MUkVBT � NqNE NQ. � . 2GNMq COMM�aON a5 BQARD A ST� fq COM iSSi� C�LEiE�S M +_A�'L�D.�` ��F��1 M�IO� _FE�• a�T"'�T� A IB' C ittee . � ocvurr�ran: g�'"�"*$'^"�"�� A ond ounsel A inan ial Advis tNIT1ATtNG PA08LE1�ISSYE. (Who. WFwn.WMre.Why): 1) Determines amount f bo ds to be sold. 2) Sets the date and irne f the sale and defines the "Official Terms of the Offering". 3) Provides authority for he publication of the notice of the sale. 4) Adopts the '.'Offici 1 Te s of the Offering" of the issue. JUSTIFICATION _(cost/ en�fi s, advantages, results) : Issuance of the bonds (issues 1989A�-19$9D) carries out the City ge�e -obligation bonding program as identified in the 1989 Capital Improve- ment Budget. _ - - �- - . - -- - • - - $2,275�,000 G,O. Re undi g Bonds, Series 1989E, is a crossover refunding issue being recommendec. at this titne. - The e bo ds would refund the 1982 Capital Improvement Bands which have a coupon rate of 10.75X for 1991 and 9.5 for 1992. The present value savings of the refunding" is in excess of $70,000. A�1 particulars on this issue will be presented to Council on January 4, 1988 in the ond Recommendations to be distributed at that time. � CONSEQUENCES(Wha�4vhen,and To ): 1) The failure of th re olution would require a. rescheduling of the issue at a Iater date, thereby imposing' ighe interest rates and delays to City construction projects. � 2) The refunding iss e ma e aborted prior to sale if. rates o not permit the level of savings as specified by t e 19 9 Budget Goals & Policies (p. .28) �/11i�v/�h�iei ��C' S''►'��^� . shu.S��c�'97i. 5�� ALTERNATIVES: PROS CONS �v��.:�: S� P1C��u�C� C��L�� 2 � i��$ NISTORY/PRECEDENTS: e ity annua y _se s on s to inaace t e ap ta provement u get proj ects 2) Refunding issues can e scheduled at the same time ta ��eviate addit.ional bond sale expenses thereby providing b tt�er savings to the Citq. LEOAL 16SUES: Sale of these bonds fq1Z ws procedures set forth in the City Charter & State Statutes which have been addressed by C ty A torney & Bond Counsel. �, �i,.d fo fr 6 ��o �.a/�i, �9 AY fiC��dg�� _ — � { PERFOAMANGE'FI�TOltY OF SPO�YG f'IRM/011GAi�tA710NlPRINGIPALS: City of Saint Paul general ab].igatian boads have been rated AA+ by Staadard and Poors and Aa by Moodys Iavestor's-Service. sTRKEtio�oEas tu�U Poenaw�•.-.o� —i i—w+u�s�srt n�n runow�E�.wr+wp�r► FINANCtAL lMPACT '`�"YE""��"'°i"� SE`�""°r� ''�S` The pro i ect �.. . osts are.;out�.ined in or+�EV►n�ra eu�cEr: the 1989 Capital REYENUES QENERATED ................». ........... ................ mPrOVEID@IIt Budget a� ........».. ..... exPeNSes: recom�ended by the sa�.►i.S�F�„,�.e�+m.....................:...._..............._........... CIB Co�nittee and : eawwn.m.........._..............................._......._.........:..._......... adopted by the Mayor s�ch................_.............:............................_._..__..._..... - & City Counc�.l. Whei corn�ra�s�:............._......................._.................... aPPropriate, it �s�.. . �„� advantageou-s to sell rRO�c�oss) .................................................................._.....:...... refunding bonds, with FUNDINCi 60URCE FOR ANY LOSS(Name and AmouM) � O�YYeY' 1SSUES.•This: .-�. " pzflvida.;e.�aaviii��i�'by CAPITALIIuiPROVEAAENTBUDGET: . spreading cost� of n�aN�osrs................. ............................ ....... issuance. This issui ............... .........._. �cowsmoN cosTS............................:..................................._.... ` will not be sold if : cor+sraucr►oN cosrs ........................................................__.:... � savings aren't con— sistent with City TOTAL......................................... .............. policy as outl:ned i� ............................................. g SOURCE OF FUN�ING(Name and Ampunt) 'tllE 1989 Bud et Goal; & Policies Book IMPACT ON BUDGET: �P. 28� . AMOUNT CURR2NTlY BUDGETED................................:............. AMOUNT IN EXGESS OF CURRENT BUDGET ,,,,,,,,,;,;,,,,,,,,,,,,,,,, SOURCE OF AMOUNT OVER BUDGET,,,,,,,,,,,,,,,,,,,,,,,,,,,,;,,,,,,,,,,, PROPERTY TAXES GENERATED (LOST) ,,,,,,,,, lMPLEMENTATION RESPONSIBILITY: DEPTlCFFICE DIVISION FUND TRLE Finance and Management Services Treasury General Debt Service Funds euocer�crnm►�A a rme ACTNRY b1ANAGER Tom Cran MOW PERFORMANCE WILL BE Iri�ASURED?: PROGRAM 08JEC?iVEB: PROGRAM UiDICATORS iST YR. 2ND YR. LYALUA710N REaPON3181LRY: ��ON Gar Norstrem Finsn °�aad Mana ement L yL�016 REPOoRT TO COLNYCK OF Te y s flRST OUARTERLY PIFRfORMANCf RE AT Y ��1—H9 � EXHIBIT A �, , ��—/ OFFICIAL TERMS OF OFFERING $I I,750,000 � CITY OF SAINT PAUL, MINt�SOTA GENERAL O�LIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1989A ' (Global Book Entry System) TF� SALE Sealed bids for the Bonds iwill be opened by Eugene A. Schiller, Director of Finance and Management Services on Monday, Febr�uary 13, 1989, at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporated, Financial A visor to the City, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143 (612) 223-30 0. Consideration for award of the Bonds will be by the City Council at 10:00 A.M., Central Time, on Tuesday, February 14, 1989. THE BONDS Details of the Bonds. The Bonds will be issued using a Global Book Entry System. One Global Certificate representing 'the aggregate principal amount of the.Bonds maturing in each year (the "Global Certificates") will be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee of the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (thle "SEC") registered depository, an Illinois trust company, a member of the Federal Reserve System ' and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. i The Bonds will be dated I�Vlarch I, 1989 and will bear interest payable on March I and September I of each year, commencing September I, 1989. The Bonds will mature March I in the amounts and years as follows: $ 825,000 199p $1 , 125,000 1994 $1 ,350,000 1997 $ 925,000 ' 1991 $1 ,200,000 1995 $1 ,450,000 1998 $I ,000,000 199� $1 ,275,000 1996 $1 ,550,000 1999 $1 ,050,000 199� Optiona) Redemption. Thhe Bonds will not be subject to payment in advance of their respective stated maturity date. Security and Purpose. �he Bonds will be genera) obligations of the City for which the City will pledge its full faith'� and redif and power to levy direct general ad valorem taxes. The proceeds will be used to finance approv!ed projects from the City's 1989 Capital Improvement Budget and Program. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds.; Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act through, participants (the "Participants") of the Depository, other SEC registered depositaries at�d clearing corporations, who collectively comprise the National Clearance and Settlement System (tihe "National System"). The ownership of the Bonds will be shown on, and transfer of ownership will be effected through, records maintainedl by the Depository. The responsibility for maintaining, reviewing and supervising . , �� such records rests collect�,ively with the specific Participants and the relevant units of the National System through whom the linvestors purchase or maintain the custody of the Bonds. � Individual purchases of th� Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book enitries made on the books and records of the National System. Payments to Bondowners., Payment of principal of and interest on the Bonds will be made by the City to the Depository throughl its nominee Kroy & Co., the registered owner of the Global Certificates. The Depository will credit payments on the Bonds to the Participants, as listed on the records of the Depository on the fiifteenth calendar day preceding each interest payment date. Transfer of such payments to the Particip�nts is the responsibility of the Depository. Transfer of such payments by the Participants is the rlesponsibility of the Participants. Bondowners will receive interest and principal payments throygh their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Participants, will receive payments from Participants or others who received payments directly or indir�ectly from Participants. Global Certificates. As jpart of the Global Book Entry System, the Bonds are authorized only in the denomination of the entire outstanding principa) amount of a given maturity and are not exchangeable for bonds of smaller denominations, unless replacement bonds are authorized. The City (or any successor registjrar) will register on the registration books maintained for the Global Certificates any transfer� requested by the registered owner. Initially, the owner registered on the City's registration books �+ill be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the IDepository will recognize and enter on its books in the National System interests in $5,000 denominations in each Global Certificate. TERMS OF SALE Minimum Bid and Good F�ith Deposit. A sealed bid for not less than $I 1,609,000 and accrued interest on the total principal am�unt of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Als�prior to the time set for bid opening, a certified or cashier's check in the amount of $I 17,500, pay ble to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporat�d, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bid� is adjourned, recessed, or continued to another date without award of the Bonds having been made.', Type of Bid. No rate fo�- any maturity shall be more than I.0% lower than any prior rate. Bonds of the same maturity shall dear a single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upon iaward of any other offering of obligations by the City. AWARD The Bonds will be d�ward�d to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the prei+nium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the Bonds from 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 th�e right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt c}f bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the �City determines to have failed to comply with the terms herein. , , � ��-�� SETTLEMENT AND DELIVERY Delivery, Payment and Ownership of the Bonds. Within 40 days foliowing the date of award of the Bonds, the Global Certifi�cates will be delivered without cost to the Purchaser at a place mutually satisfactory to the City amd the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equ�valent funds, which shall be received at the offices of the City, or its designee, not later #han �:00 P.M., Central Time of the day of settlement. Except as compliance with the terms of paymerit for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shqll be liable to the City for any loss suffered by the City by reason of the Purchaser's non-complian�e with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, sha�l be required to deposit the Global Certificates with the Depository. I Lega) Opinion and Transc�ript. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinion of!Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, �'Vlinnesota, which opiniom will be attached to the Global Certificates, and of customary closing papers, including a no-litpgation certificate. At settlement the Purchaser will be furnished with a certificate signed by app�ropriate officers of the City to the effect that the Official Statement did not as of the date of thel,Official Statement, and does not as of the date of settlement, contain any untrue statement of a mpterial fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Underwriters may obtainla copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. ,'The Purchaser will be provided with 150 copies of the Official Statement. Dated January 17, 1989 ',' BY ORDER OF THE CITY COUNCIL /s/ Eugene A. Schiller, Director Department of Finance and Management Services , ; , . � EXHIBIT A �4 `� /� OFFICIAL TERMS OF OFFERING $1,620,000 CITY OF SAINT PAUL, MINNESOTA GEPERAL OBLIGATIOIv� STREET IMPROVEMENT SPECIAL ASSESSMENT BONDS, SERIES 19898 (Global Book Entry System) THESALE Sealed bids for the Bonds will be opened by Eugene A. Schiller, Director of Finance and Management Services on Monday, Febp�uary 13, 1989 at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporated, Finan�ial Advisor to the City, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143 (612) 223-30p0. Consideration for award of the Bonds will be by the City Council at 10:00 A.M., Central Timea on Tuesday, February 14, 1989. ' THE BONDS Details of the Bonds. T�he Bonds will be issued using a Global Book Entry System. One Global Certificate representing ,the aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") wilil be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee o� the PJlidwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (thje "SEC") registered depository, an Illrnois trust company, a member of the Federal Reserve System; and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. ' The Bonds will be dated 1Nlarch I, 1989 and will bear interest payable on March I and September I of each year, commencing S�ptember I, 1989. The Bonds will mature March I in the amounts and years as follows: $100,000 1991 $80,000 1992-2010 Optional Redemption. The City may elect on March I, 1999, and on any interest payment date thereafter to prepay Bon�s due on or after March I, 2000. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If a maturity is prepaid only in part, prepayments will � be in increments of $S,OqO of principal. All such prepayments shall be at a price of par plus accrued interest. Security and Purpose. The Brnds will be general obligations of the City to which the City will pledge special assessments against benefited property. In addition, the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to finance improvements within the City. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds, Purchases of Bonds by investors may be rnade through banks, brokers or dealers who are, or aclt through, participants (the "Participants") of the Depository, other SEC registered depositories nd clearing corporations, who collectively comprise the National Clearance and Settlement System ( he "National System"). . - I �� The ownership of the Bonds will be shown on, and transfer of ownership will be effected through, records maintained by the!Depository. The responsibility for maintaining, reviewing and supervising such records rests collecti�vely with the specific Participants and the relevant units of the National System through whom the �nvestors purchase or maintain the custody of the Bonds. Individual purchases of th� Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book en�`ries made on the books and records of the National System. Payments to Bondowners. ', Payment of principal of and interest on the Bonds will be made by the City to the Depository through'�its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credifj payments on the Bonds to the Participants, as listed on the records of the Depository on the fifteenith calendar day preceding each interest payment date. Transfer of such payments to the Participq�nts is the responsibility of the Depository. Transfer of such payments by the Participants is the riesponsibility of the Participants. Bondowners will receive interest and principal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Partici�ants, will receive payments from Participants or others who received payments directly or indiriectly from Participants. Global Certificates. As �part of the Global Book Entry System, the Bonds are authorized only in the denomination of the erltire outstanding principal amount of a given maturity and are not exchangeable for bonds of smaller denominations, unless replacement bonds are authorized. The City (or any successor registlrar) will register on the registration books maintained for the Global Certificates any transferi requested by the registered owner. Initially, the owner registered on the City's registration books vvill be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the !Depository will recognize and enter on its books in the National System interests in $5,000 denom�inations in each Global Certificate. 1 � i , TERMS OF SALE Minimum Bid and Good aith Deposit. A sealed bid for not less than $1,620,000 (par) and accrued interest on the total pri cipal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening,of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of�j $I 6,200, payable to the order of the City, shall have been f iled with the undersigned or SPRINGStED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has nqt been filed. The check of the Purchaser will be retained by the City as liquidated damages in th� event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the�Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bid� is adjourned, recessed, or continued to another date without award of the Bonds having been made. Type of Bid. No rate fqr any maturity shall be more than I.5% lower than any prior rate. Bonds of the same maturity shall bear Q single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upor� award of any other offering of obligations by the City. ' AWARD The E3onds will be awar �ed to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the pr�mium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the tot I net dollar interest cost of each bid, in accordance with customary practice, will be controlling. _� . � �� The City will reserve the ri�ht to: (i) waive non-substantive informalities of any bid or of matters relating to the receip# of b�ds and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City� determines to have failed to comply with the terms herein. SETTLEMENT AND DELIVERY Delivery, Payment and Ow�ership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certificc�tes will be delivered without cost to the Purchaser at a place mutually satisfactory to the City and!the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equiv�lent funds, which shall be received at the offices of the City, or its designee, not later than I :(�0 P.M., Central Time of the day of settlement. Except as comp►iance with the terms of payment ;for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall, be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shallibe required to deposit the Global Certificates with the Depository. Legal Opinion and Transcri� t. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinion of �riggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion iwill be attached to the Global Certificates, and of customary closing papers, including a no-liti�ation certificate. At settlement the Purchaser will be furnished with a certificate signed by apprppriate officers of the City to the effect that the Official Statement did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in lighjt of the circumstances under which they were made, not misleading. IOFFICIAL STATEMENT Underwriters may obtain � copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening, he Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, 1989 BY ORDER OF THE CITY COUNCIL /s/ Eugene A. Schiller, Director Department of Finance and Management Services � I i ' , � EXHIBIT A �j��%C�--�� !�1`_ ', OFFICIAL TERMS OF OFFERING $5,000,000 ' CITY OF SAINT PAUL, MINNESOTA GEN�RAL IIOBLIGATION COMO CONSERVATORY BONDS, SERIES I 989C �I , (Global Book Entry System) ; ' TF� SALE Sealed bids for the Bond$ will be opened by Eugene A. Schiller, Director of Finance and Management Services on Monday, February 13, 1989 at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporated, Financial �Advisor to the City, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143 (612) 223-3I000. Consideration for award of the Bonds will be by the City Council at 10:00 A.M., Central Tim�, on Tuesday, February 14, 1989. ' THE BONDS Details of the Bonds. �The Bonds will be issued using a Global aook Entry System. One Global Certificate representin the aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") w�ll be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee �f the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (the "SEC") registered depository, an Ill�nois trust company, a member of the Federal Reserve �ysterYh and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code.' The Bonds will be dated�March I, 1989 and will bear interest payable on March I and September I of each year, commencing eptember I, 1989. The Bonds will mature March I in the amounts and years as follows: $450,000 1990-1991 $450,000 1994 $525,000 1996 $600,000 1998 $425,000 1992-1993 $500,000 1995 $SS0,000 1997 $625,000 1999 Optional Redemption. The Bonds will not be subject to payment in advance of their respective stated maturity date. Security and Purpose. The Bonds will be general obligations of the City to which the City will pledge its full faith and credit q�nd power to levy direct general ad valorem taxes. In addition, the City will pledge grant monies re¢eived from the State of Minnesota. The proceeds will be used to finance improvements to the Coiino Conservatory. GLOBAL BOOK ENTRY SYSTEM Ownership of the �onds, Purchases of Bonds by investors may be made through banks, brokers or � dealers who are, or adt through, participants (the "Participants") of the Depository, other SEC registered depositories nd clearing corporations, who collectively comprise the National Clearance and Settlement System (�he "National System"). The ownership of the Bpnds will be shown on, and transfer of ownership will be effected through, records maintained by tlhe Depository. The responsibility for maintaining, reviewing and supervising such records rests colle�tively with the specific Participants and the relevant units of the National System through whom tF�e investors purchase or maintain the custody of the Bonds. . ��,�� Individual purchases of thie Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book entries made on the books and records of the National System. Payments to Bondowners� Payment of principal of and interest on the Bonds will be made by the City to the Depository througM its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will, credijt payments on the Bonds to the Participants, as listed on the records of the Depository on the fifteehth calendar day preceding each interest payment date. Transfer of such payments to the Particippnts is the responsibility of the Depository. Transfer of such payments by the Participants is' the responsibility of the Participants. Bondowners will receive interest and principal payments throwgh their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Partic�pants, will receive payments from Participants or others who received payments directly ar indi�ectly from Participants. Global Certificates. As 'part of the Global Book Entry System, the Bonds are authorized only in the denomination of the ert�tire outstanding principal amount of a given maturity and are not exchangeable for bonds af smaller denominations, unless replacement bonds are authorized. The City (or any successor regis�rar) will register on the registration books maintained for the Global Certificates any transfe requested by the registered owner. Initially, the owner registered on the City's registration books j,rvill be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denorr�inations in each Global Certificate. ' TERMS OF SALE Minimum Bid and Good Floith Deposit. A sealed bid for not less than $4,940,000 and accrued interest on the total principal ambunt of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Als� prior to the time set for bid opening, a certified or cashier's check in the amount of $50,000, pay ble to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporat�d, the City's Financial Advisor. No bid will be considered for which said check has not been file�i. The check of the Purchaser will be retained by the City as liquidated damages in the event the} Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser� the amount of which will be deducted at settlement. No bid shall be withdrawn after the tirine set for opening bids, unless the meeting of the City scheduled for consideration of the bid$ is adjourned, recessed, or continued to another date without award of the Bonds having been made.! Type of Bid. No rate fqr any maturity shall be more than I.0% lower than any prior rate. Bonds of the same maturity shall �ear a single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upon award of any other offering of obligations by the City. AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the pretnium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the 'Bonds from 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 any bid or of matters relating to the receipt pf bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid whi�h the'�,City determines to have failed to comply with the terms herein. ' ; . ��q--i� � SETTLEMENT AND DELIVERY Delivery, Payment and Owrlership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certificqtes will be delivered without cost to the Purchaser at a place mutually satisfactory to the City andi the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equivq�lent funds, which shall be received at the offices of the City, or its designee, not later than I :mO P.M., Central Time of the day of settlement. Except as compliance with the terms of payment'for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shalli be liable to the City for any loss suffered by the City by reason of the Purchaser's non-complianc� with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shall be required to deposit the Global Certificates with the Depository. Legal Opinion and Transcrijpt. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinion of �riggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be attached to the Global Certificates, and of customary closing papers, including a no-liti�ation certificate. At settlement the Purchaser will be furnished with a certificate signed by apprbpriate officers of the City to the effect that the Official Statement did not as of the date of the 47fficial Statement, and does not as of the date of settlement, contain any untrue statement of a mafterial fact or omit to state a material fact necessary in order to make the statements therein, in ligwt of the circumstances under which they were made, not misleading. OFFICIAL STATENIENT Underwriters may obtain ia copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. �fhe Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, 1989 ; BY ORDER OF THE CITY COUNCIL i i � /s/ Eugene A. Schiller, Director Department of Finance and Management Services i r EXHIBIT A ��,;` .� �rr OFFICIAL TERMS OF OFFERWG $5,500,000 CITY OF SAINT PAUL, MINNESOTA GEI�ERAL �BLIGATION WARI�R/SHEPARD ROAD BONDS, SERIES 1989D (Global Book Entry System) THE SALE Sealed bids for the Bond� will be opened by Eugene A. Schiller, Director of Finance and Management Services on Monday, Fe�ruary 13, 1989 at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporated, Financial a4dvisor to the City, 85 East Seventh Place, Suite 100, Saint Paul, fVlinnesota 55101-2143 (612) 223-31000. Consideration for award of the Bonds will be by the City Council at 10:00 A.M., Central Tim�e, on Tuesday, February 14, 1989. ' THE BONDS Details of the Bonds. 'The Bonds will be issued using a Global Book Entry System. One Global Certificate representin� the aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") w!ill be issued and fully registered as to principal and interest in the name of Kray & Co. as nominee pf the Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (tlhe "SEC") registered depository, an Illinois trust company, a member of the Federal Reserve System and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. The Bonds will be dated �March I, 1989 and will bear interest payable on March I and September I of each year, commencing eptember I, 1989. The Bonds will mature March I in the amounts and years as follows: ' $410,000 1990 ' $490,000 1993 $595,000 1996 $675,000 1998 $435,000 1991 $520,000 1994 $635,000 1997 $725,000 1999 $460,000 1992 ', $555,000 1995 Optional Redemption. �he Bonds will not be subject to payment in advance of their respective stated maturity date. ' Security and Purpose. l�he Bonds will be general obligations of the City to which the City will pledge its full faith and credit pnd power to levy direct general ad valorem taxes. The proceeds will be used to finance improvementa to WQrner and Shepard Roods within the City. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds�. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or a�t through, participants (the "Participants") of the Depository, other SEC registered depositories pnd clearing corporations, who collectively comprise the National Clearance and Settlement System �the "National System"). The ownership of the onds will be shown on, and transfer of ownership will be effected through, records maintained by t e Depository. The responsibility for maintaining, reviewing and supervising such records rests colle tively with the specific Participants and the relevant units of the National System through whom t e investors purchase or maintain the custody of the Bonds. . . , ��-/� Individual purchases of the!Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book ent ies made on the books and records of the National System. Payments to Bondowners. ayment of principal of and interest on the Bonds will be made by the City to the Depository through �ts nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credit 'Ipayments on the [3onds to the Participants, as listed on the records of the Depository on the fifteenth calendar day preceding each interest payment date. Transfer of such payments to the Participar�ts is the responsibility of the Depository. Transfer of such payments by the Participants is the re�sponsibility of the Participants. Bondowners will receive interest and principal payments throu h their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Particip�nts, will receive payments from Participants or others who received payments directly or indire�tly from Participants. Global Certificates. As p�rt of the Global Book Entry System, the Bonds are authorized only in the denomination of the entFre outstanding principal amount of a given maturity and are not exchangeable for bonds of ismaller denominations, unless replacement bonds are authorized. The City (or any successor registrpr) will register on the registration books maintained for the Global Certificates any transfer requested by the registered owner. (nitially, the owner registered on the City's registration books w�ll be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the epository will recognize and enter on its books in the National System interests in $5,000 denomir�ations in each Global Certificate. TERMS OF SALE Minimum Bid and Good Failth Deposit. A sealed bid for not less than $5,434,000 and accrued interest on the total principal amownt of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also ' rior to the time set for bid opening, a certified or cashier's check in the amount of $55,000, payab e to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporate , the City's Financial Advisor. No bid will be considered for which said check has not been filed.l The check of the Purchaser will be retained by the City as liquidated damages in the event the F�urchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, �he amount of which will be deducted at settlement. No bid shall be withdrawn after the tim set for opening bids, unless the meeting of the City scheduled for consideration of the bids �s adjourned, recessed, or continued to another date without award of the Bonds having been made. , Type of Bid. No rate for any maturity shall be more than I.0% lower than any prior rate. Bonds of the same maturity shall b�ar a single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upon alward of any other offering of obligations by the City. : AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the prem'�ium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the B�onds from their date to their final scheduled maturity. The City's computation of the total met dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the'i 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 determines to have failed to comply with the terms herein. . � �,/��1� SETTLEMENT AND DELIVERY Delivery, Payment and Ow�ership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certificmtes will be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equivplent funds, which shall be received at the offices of the City, or its designee, not later than I :pO P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shal�h be liable to the City for any loss suffered by the City by reason of the Purchaser's non-complianc�e with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shal) be required to deposit the Global Certificates with the Depository. Legal Opinio� and Transcript. Delivery of the Bonds will be subject to receipt by the Purchaser of an approving legal opinion of iBriggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be attached to the Globa) Certificates, and of customary closing papers, including a no-litilgation certificate. At settlement the Purchaser will be furnished with a certificate signed by app�opriate officers of the City to the effect that the Official Statement did not as of the date of the ,!Official Statement, and does not as of the date of settlement, contain any untrue statement of a m�iterial fact or omit to state a material fact necessary in order to make the statements therein, in IigY�t of the circumstances under which they were made, not misleading. ; OFFICIAL STATEMENT Underwriters may obtainj a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. ,' The Purchaser will be provided with 75 copies of the Official Statement. Dated January 17, 1989 ; BY ORDER OF THE CITY COUNCIL , ; /s/ Eugene A. Schiller, Director Department of Finance and Management Services � EXHIBIT � ., � ��/r OFFICIAL TERMS OF OFFERING $2,275,000 ; CITY OF SAINT PAUL, MINNESOTA GEPER�d►L OBLIGATION REFUNDWG BONDS, SERIES 1989E , (Global Book Entry System) i i THESALE Sealed bids for the Bonds will be opened by Eugene A. Schiller, Director of Finance and Management Services on Monday, Febru ry 13, 1989 at 2:00 P.M., Central Time, at the offices of SPRINGSTED Incorporated, Financial Advisor to the City, 85 East Seventh Place, S�ite 100, Saint Paul, Minnesota 55101-2143 (612) 223-3000. Consideration for award of the Bonds will be by the City Council at 10:00 A.M., Central Time, o Tuesday, February 14, 1989. ; THE BONDS Details of the Bonds. Th� [3onds will be issued using a Global Book Entry System. One Global Certificate representing tNe aggregate principal amount of the Bonds maturing in each year (the "Global Certificates") will Ibe issued and fully registered as to principal and interest in the name of Kray & Co. as nominee of 1`he Midwest Securities Trust Company (the "Depository"), a Securities and Exchange Commission (the "'SEC") registered depository, an Illinois trust company, a member of the Federal Reserve System and a "clearing corporation" within the meaning of the Illinois Uniform Commercial Code. The Bonds will be dated M�rch I, 1989 and will bear interest payable on March I and September I of each year, commencing Sepltember I, 1989. The Bonds will mature March I in the amounts and years as follows: ' j,$I , 100,000 1991 $1 , 175,000 1992 ' Optional Redemption. The Bonds will not be subject to payment in advance of their respective stated maturity date. Security and Purpose. The� Bonds will be general obligations of the City to which the City will pledge its full faith and credit an�power to levy direct general ad valorem taxes. The proceeds will be used to refund all of the out tanding Bonds maturing in the years 1991-1992 of the City's General Obligation Capital Improv�ment Bonds, Series 1982, dated March I, 1982. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act through, participants (the "Participants") of the Depository, other SEC registered depositories and clearing corporations, who collectively comprise the National Clearance and Settlement System (th�e "National System"). The ownership of the Bor�ds will be shown on, and transfer of ownership will be effected through, records maintained by the Depository. The responsibility for maintaining, reviewing and supervising such records rests collectiively with the specific Participants and the relevant units of the National System through whom the investors purchase or maintain the custody of the Bonds. - - — �� . �-�—�� Individual purchases of t�e Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book ehtries made on the books and records of the National System. Payments to Bondownersi. Payment of principal of and interest on the Bonds will be made by the City to the Depository throug� its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credlit payments on the Bonds to the Participants, as listed on the records of the Depository on the 'fifteeknth calendar day preceding each interest payment date. Transfer of such payments to the Partici�ants is the responsibility of the Depository. Transfer of such payments by the Participants is the Iresponsibility of the Participants. Bondowners will receive interest and principal payments thrdugh their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Partiaipants, will receive payments from Participants or others who received payments directly or indilrectty from Participants. , Global Certificate�. AsI part of the Global Book Entry System, the Bonds are authorized only in the denomination of the �ntire outstanding principal amount of a given maturity and are not exchangeable for bonds �f smaller denominations, unless replacement bonds are authorized. The City (or any successor regis�trar) will register on the registration books maintained for the Global Certificates any transfe�- requested by the registered owner. Initially, the owner registered on the City's registration bookslwill be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denor�inations in each Global Certificate. TERMS OF SALE Minimum Bid and Good Faith Deposit. A sealed bid for not less than $2,252,250 and accrued interest on the tota) principal arriount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Als�o prior to the time set for bid opening, a certified or cashier's check in the amount of $22,750, payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporatled, the City's Financial Advisor. No bid will be considered for which said check has not been fil d. The check of the Purchaser will be retained by the City as liquidated damages in the event th Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchase , the amount of which will be deducted at settlement. No bid shall be withdrawn after the til�ne set for opening bids, unless the meeting of the City scheduled for consideration of the bidjs is adjourned, recessed, or continued to another date without award of the Bonds having been made. Type of Bid. No rate f�r any maturity shall be more than I.0% lower than any prior rate. [3onds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upo award of any other offering of obligations by the City. AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the pr�mium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the 'Bonds from their date to their final scheduled maturity. The City's computation of the tota� net dollar interest cost of each bid, in accordance with customary practice, will be controlling. ; The City will reserve ttne right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt pf bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid whieh thel City determines to have failed to comply with the terms herein. , • ` 1�Y0 / �� SETTLEMENT AND DELIVERY Delivery, Payment and Ow��rship of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certificates wilt be delivered without cost to the Purchaser at a place mutually satisfactory to the City and �'the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equivaIl�ent funds, which shall be received at the offices of the City, or its designee, not later than I :0�0 P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance,' with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shall be required to deposit the Global Certificates with the Depository. Legal Opinion and Trp�scri�t. Delivery of the Bonds wil) be subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion 'will be attached to the Global Certificates, and of customary closing papers, including a no-litigation certificate. At settlement the Purchaser will be furnished with a certificate signed by appr�priate officers of the City to the effect that the Official Statement did not as of the date of the fficial Statement, and does not as of the date of settlement, contain any untrue statement of a ma erial fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. "fhe Purchaser will be provided with 75. copies of the Official Statement. Dated January 17, 1989 BY ORDER OF THE CITY COUNCIL /s/ E ugene A. Sch i I I er, D i rector Department of Finance and Management Services ;' � i i � � �� 569T . I EXHIBIT B NOTICE OF SALE ' $11, 750, 000 CITY OF SAINT PAUL R.AMSEY COUNTY ; MINNESOTA GENERAL OBLIGATION CAPITAL i IMPROVEMENT BONDS, SERIES 1989A � (Global Book Entry System) i These bor�ds w�ill be offered Monday, February 13 , 1989 . Sealed bids will be �opened at 2 : 00 o 'clock P.M. , Central Time, at the office of Springsted Incorporated, Financial Advisor to the City, by thei,City' s Director of Finance and Management Services , Cdnsideration of the bids and award of the sale of the bonds by 'the City Council will be at 10 : 00 o ' clock A.M. , Central Time� on Tuesday, February 14 , 1989 . The bonds will be dated, Mar�h 1, 1989, as the date of original issue. Interest wil be payable on September 1 , 1989 , and semi- annually the�eafter. The bonds will be general obligations of the Issuer fc�r which its unlimited taxing powers will be pledged. Th� bonds will be issued in global book entry form only. The b�nds will mature on March 1 in the years and amounts as f�llows : 19�0 $ 825, 000 1995 $1, 200, 000 19�1 925, 000 1996 1, 275, 000 19�2 1, 000, 000 1997 1, 350,000 19�3 1, 050, 000 1998 1, 450, 000 19�4 1, 125 , 000 1999 1,550, 000 Th� Bonjds will not be subject to payment in advance of their respecltive stated maturity dates . Sealed bids for not less than $1�1, 609 ,000 and accrued interest on the principal sum of $11, 7�50, 000 will be accepted. An acceptable approving legal opinidn will be furnished by Briggs and Morgan, Professionalj Association, of St. Paul and Minneapolis, Minnesota. !The proceeds of the bonds will be used to finance the construqtion of various capital improvements in the City. Bidders ' sho�ld be aware that the Official Terms of Offering to be publishec� in the Official Statement for the bonds may contain add�.tional bidding terms and information relative to �� ; the bonds . $n the event of a variance between statementS, in this Notice df Sale and said Official Terms of Offering, the provisions o� the latter shall be those to be complied with. Dated: January 17 , 1989 BY ORDER OF THE CITY COUNCIL /s/ Fugene R. Schiller Director, Department of Finance and Management Services Additional "nformation may be obta�ned from: SPRINGSTED I�NCORPORATED 85 East Sev�nth Place Suite 100 Saint Pau1 , ;Minnesota 55101-2143 Telephone Nd . : ( 612 ) 223-3000 I i i i i �,-�y-�� 569T ; NOTICE OF SALE � $1, 620, 000 I CITY OF SAINT PAUL � RAMSEY COUNTY MINNESOTA GENERAL OBLIGATION STREET IMPROVEMENT SPECIAL ASSESSMENT BONDS, SERIES 1989B � (Global Book Entry System) These bondjs will be offered Monday, February 13, 1989 . Sealed bids will �be opened at 2 :00 o ' clock P.M. , Central Time, at the office oflSpringsted Incorporated, Financial Advisor to the City, by t�he City' s Director of Finance and Management Services . Consideration of the bids and award of the sale of the bonds ;by the City Council will be at 10:00 o 'clock A.M. , Central T�.me, on Tuesday, February 14, 1989 . The bonds will be dated march 1, 1989 , as the date of original issue. Interest �ill be payable on September 1, 1989, and semiannua�ly thereafter. The bonds will be general obligatio$�s of the Issuer for which its unlimited taxing powers wi�l be pledged. The bonds will be issued in global book entr form only. The bonds will mature on March 1 in the years and�amounts as follows : � ; 1991 $100,000 2001 $80,000 i 1992 80, 000 2002 80, 000 � 1993 80, 000 2003 80, 000 � 1994 80, 000 2004 80,000 � 199� 80, 000 200.5 80,000 ; 1996 80, 000 2006 80,000 j 1997 80, 000 2007 80,000 1998 80, 000 2008 80,000 1999 80, 000 2009 80,000 , � 2000 80, 000 2010 80,000 The� City may elect on March 1, 1999 , and on any interest payment jdate thereafter to prepay bonds due on or after March 1,; 2000, at a price of par plus accrued interest . Sealed b�ids for not less than $1, 620,000 (par) and accrued interest� on the principal sum of $1, 620, 000 will be accepted. An acceptable approving legal opinion will be furnished by Briggs and Morqan, Professional Association, of St . Paul and Minneapolis , Minnesota . The proceeds of the bonds will be � � �� used to finajnce the construction of various street improvementsl in the City. Bidders should be aware that the Official Te�ms of Offering to be published in the Official Stateme�t fqr the bonds may contain additional bidding terms and informa#ion relative to the bonds . In the event of a variance bet�ween statements in this Notice of Sale and said Official Te�}ms of Offering, the provisions of the latter shall be those to ;be complied with. Dated: Janu�ry 17 , 1989 BY ORDER OF THE CITY COUNCIL , ! Ls/ Eugene A. Schiller Director, Department of Finance and Management Services Additional Information may be obta ned from: SPRINGSTED NCORPORATED 85 East Sev�nth Place Suite 100 ' Saint Pau1, � Minnesota 55101-2143 Telephone N�. : ( 612 ) 223-3000 ; ,II I I ��,_/� 569T NOTICE OF SALE $5 , 000, 000 CITY OF SAINT PAUL RAMSEY COUNTY � MINNESOTA !GENERAL OBLIGATION COMO CONSERVATORY BONDS, SERIES 1989C (Global Book Entry System) I These borids ill be offered Monday, February 13, 1989 . Sealed bids wi11 be opened at 2 : 00 o 'clock P.M. , Central Time, at the office of Sp ingsted Incorporated, Financial Advisor to the City, by the City' s Director of Finance and Management Services. C nsideration of the bids and award of the sale of the bonds by� the City Council will be at 10: 00 o ' clock A.M. , Central Timel, on Tuesday, February 14 , 1989 . The bonds will be dated March 1, 1989, as the date of original issue. Interest wiljl be payable on September 1, 1989 , and semi- annually th�reafter. The bonds will be general obligations of the Issuer $or which its unlimited taxing powers will be pledged. Tl�e bonds will be issued in global book entry form only. The lponds will mature on March 1 in the years and amounts as �ollows : 11990 $450, 000 1995 $500, 000 1'991 450, 000 1996 525, 000 1992 425, 000 1997 550, 000 1i993 425 , 000 199II 600, 000 ]�994 450, 000 1999 625, 000 The Bc�nds will not be subject to payment in advance of their resp�ctive stated maturity dates . Sealed bids for not less t�han 4 , 940,000 and accrued interest on the principal sum of $5,i000, b00 will be accepted. An acceptable approving legal opinion wi�l be furnished by Briggs and Morgan, Professional Associatio�n, of St. Paul and Minneapolis, Minnesota. The proceeds oif the bonds will be used to finance the renovation and improviement of the Como Park Conservatory in the City. Bidders st�ould be aware that the Official Terms of Offering to be publisl�ed in the Official Statement for the bonds may contain additional bidding terms and information relative to j ��q-i� the bonds . i In the event of a variance between statements in. this Notic� of Sale and said Official Terms of Offering, the provisions of the latter shall be those to be complied with. Dated: January 17 , 1989 BY ORDER OF THE CITY COUNCIL /s/ Eugene A. Schiller Director, Department of Finance and Management Services Additional information may be obtpined from: SPRINGSTED INCORPORATED 85 East Set�enth Place Suite 100 ' Saint Paul� Minnesota 55101-2143 Telephone No . : ( 612 ) 223-3000 I � �� 569T NOTICE OF SALE $5, 500, 000 , CITY OF SAINT PAUL RAMSEY COUNTY MINNESOTA GENERAL OBLIGATION WARNER�SHEPARD ROAD BONDS, SERIES 1989D (Global Book Entry System) These bondsiwill be offered Monday, February 13, 1989 . Sealed bids will b� opened at 2 : 00 o ' clock P.M. , Central Time, at the office of S ringsted Incorporated, Financial Advisor to the City, by th City' s Director of Finance and Management Services . onsideration of the bids and award of the sale of the bonds b�y the City Council will be at 10 :00 o ' clock A.M. , Central Tim�e, on Tuesday, February 14 , 1989 . The bonds will be dated Ma�rch 1, 1989 , as the date of original issue. Interest wi,'ll be payable on September 1, 1989 , and semi- annually thereafter. The bonds will be general obligations of the IsSuer : for which its unlimited taxing powers will be pledged. �he bonds will be issued in global book entry form only. The bonds will mature on March 1 in the years and amounts asifollows: i I1990 $410, 000 1995 $555, 000 i1991 435,000 1996 595, 000 I1992 460,000 1997 635, 000 ;1993 490,000 1998 675,000 '1994 520,000 1999 725, 000 The onds will not be subject to payment in advance of their res ective stated maturity dates . 5ealed bids for not less than $5,434,000 and accrued interest on the principal sum of $5, 500!, 000 will be accepted. An acceptable approving legal opini:on w'ill be furnished by Briggs and Morgan, Professional Associati,!on, of St. Paul and Minneapolis, Minnesota. The proceeds 'of the bonds will be used to finance the construction of innpro�ements to Warner and Shepard Roads in the City. Bidders hould be aware that the Official Terms of Offering to be publi�hed in the Official Statement for the bonds may contain �dditional bidding terms and information relative to i ' i I �� / � V I '/ the bonds . IrY the event of a variance between statements in this Notice o� Sale and said Official Terms of Offering, the provisions of the latter shall be those to be complied with. Dated: Januar� 17 , 1989 BY ORDER OF THE CITY COUNCIL /s/ Eugene A. Schiller Director, Department of Finance and Management Services Addition�l iriformation may be ol�tai ed from: SPRINGST�D II�CORPORATED 85 East Seve�th Place Suite 100 � Saint Paul, innesota 55101-2143 Telephone No. : ( 612 ) 223-3000 � � � ; � I i i . � ��-/� 569T � NOTICE OF SALE j $2 , 275,000 I CITY OF SAINT PAUL RAMSEY COUNTY i MINNESOTA GENERAL OBLIGATION REFUNDING BONDS, SERIES 1989E (Global Book Entry System) These bonds �will be offered Monday, February 13, 1989 . Sealed bids will bei opened at 2 :00 o 'clock P.M. , Central Time, at the office of Springsted Incorporated, Financial Advisor to the City, by th City' s Director of Finance and Management Services . �onsideration of the bids and award of the sale of the bonds b� the City Council will be at 10: 00 o 'clock A.M. , Central Tim , on Tuesday, February 14 , 1989 . The bonds will be dated Ma�ch 1, 1989 , as the date of original issue. Interest wi 1 be payable on September 1, 1989, and semi- annually th�reafter. The bonds will be general obligations of the Issuer �or which its unlimited taxing powers will be pledged. T�e bonds will be issued in global book entry form only. The }�onds will mature on March 1 in the years and amounts as �follows : 1I990 $1, 100, 000 1992 $1, 175,000 The Blnds will not be subject to payment in advance of their resp ctive stated maturity dates . Sealed bids for not less than 2 , 252 , 250 and accrued interest on the principal sum of $2 ,275, 00 will be accepted. An acceptable approving legal opinion wi�l be furnished by Briggs and Morgan, Professional Associatio�, of St. Paul and Minneapolis, Minnesota. The proceeds o� the bonds will be used in a crossover advance refunding �f the principal of all of the outstanding bonds maturing i{� the years 1991 and 1992 of the City' s General Obligation; Capital Improvement Bonds, Series 1982 . Bidders should be i�ware that the Official Terms of Offering to be published iin the Official Statement for the bonds may contain �� additional bidding terms and information relative to the bonds . In thje event of a variance between statements in this Notice of Sa�e and said Official Terms of Offering, the provisions o the latter shall be those to be complied with. 1 � Dated: Janua�y 17 , 1989 BY ORDER OF THE CITY COUNCIL 1s/ Eugene A. Schiller Director, Department of Finance and Management Services Additior�al i;�nformation may be obtai�ned from: SPRINGSTED �NCORPORATED 85 East Sev�nth Place Suite 100 � Saint P�ul, Minnesota 55101-2143 Telephohe No. : ( 612 ) 223-3000 I' � i I