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89-131 � WMITE - CITV CLERK PINK - FINANGE 569T G I TY OF SA I NT PA U L Council �( CANARV - DEPARTMENT � /% BLUE - MAVOR File NO• �� Council Resolution � l Presented By . � eferred To ' � Committee: Date ��CO��', Out of Committee By Date LEVYING A TAX FOR THE PAYMENT F $11,750,000 GENERAL OBLIGATION CAPIT IMPROVEI�NT BONDS, SERIES 1989A, AND RATIFYI G THE ACCEPTANCE OF BID FOR SUCH BONDS A. WHERE S, the City Council of the City of Saint Paul, Minnesota (the "City" ) , by a resolution adopted on February _, 19 9 (the "Bond Resolution" ) , has authorized the issuance of the City' s $11, 750, 000 General Obligation Capital Improve ent Bonds, Series 1989A, bearing a date of original issue f March 1, 1989 (the "Bonds" ) ; and �. WHERE S, Minnesota Statutes, Section 475 . 61, Sub- division l, req ires for general obligations that a tax be levied to pay t e Bonds which, together with estimated collections of ssessments and other revenues pledged for the payment of aid obligations, will produce at least five percent ( 5� ) in excess of the amount needed to meet when due the princip 1 and interest payments on the Bonds ; and C. WHERE S, the Director, Department of Finance and Management Serv' ces, has awarded the sale of the Bonds and made the other eterminations required by the Bond Resolution: NOW, THERE ORE, BE IT RESOLVED by the Council of the City of Saint P ul, Ramsey County, biinnesota, as follows : COUNCIL MEMBERS Requested by Department of: Yeas Dimond Nays Finance and Management Services �ng In Favor Goswitz Rettman Scheibel A gai n s t BY Sonnen Wilson � Form Approved by City Att�qcrne Adopted hy Council: Date � / Certified Yassed by Council Secreta BY 'f� � By A►pproved by Mavor. Date Approve y Mayor or mission to Council . By ��=i�/ � , 1 . T x Lev . To provide moneys for payment of the principal and i terest on the Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax �hich shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for th�e years and in the amounts as follows : Year of Year of Tax Levy Tax Collection Amount 1988* 1989* $ * 1989 1990 1990 1991 1991 ' 1992 1992 ' 1993 1993 1994 1994 1995 1995 1996 1996 1997 1997 1998 * heretof re levied or provided from other available City funds The tax levies shall be irrepealable so long as any of the Bonds and inte est thereon are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475 . 61, Subdivision 3 . I 2 WMITE - C�TV CLERK PINK - FINANCE GITY OF SAINT PAUL Council (//� CANARV - DEPARTMENT File NO. �`��r BLUE - MAVOR Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 2 . overa e Test. It is hereby found, determined and declared th t the taxes levied in paragraph 1 above are such that if co lected in full they, together with estimated collections of ther revenues pledged for the payment of the Bonds, will produce at least five percent (5� ) in excess of the amount n eded to meet when due the principal and interest payments on the Bonds. 3. atification of Acce tance of Bid. The Director, Department of Finance and Management Services, has accepted a bid for the s le of the Bonds, and has evidenced such accep- tance and the m king of the other determinations required by the Bond Resolution in a Certificate as to Accepting Bid attached hereto as Exhibit A and hereby incorporated herein by reference. S ch acceptance and determinations are hereby ratified and confirmed. COUNCIL MEMBERS Requested by Department of: Yeas Nays Dimond Finance and ManaQement Services �� In Favor �� ao B �6e1�� Against Y Sonnen Wilson Form Approved by City A torn y Adopted by Council: Date Certified Passed by Council Se retar BY gy, �7� Approved by Ylavor. Date Appr ve y Mayor fo ubm ion to Council 4 By . � �=��-,�' � �, EXHIBIT A - 569T CITY OF SAINT �AUL ) CERTIFICATE AS TO ) ACCEPTING BID COUNTY OF RAMS�Y ) I, the un�iersigned, DO HEREBY CERTIFY that on the date hereof I am the duly qualified and acting Director, Department of Finance and, Management Services, of the City of Saint Paul, Minnesota (the�"City" ) , and as such officer l do hereby further certif as follows: 1 . I am the officer authorized by paragraph 1 of the City' s resolut"on adopted on February , 1989, to accept the bid for the sa�e of the City' s $11, 750, 000 General Obligation Capital Improv�ment Bonds, Series 1989A (the "Bonds" ) . 2 . I hav been presented affidavits showing publication of notice of t�ie sale of the Bonds for which bids were to be received on February 13, 1989 , in accordance with Resolution No. 89- adopted by the City Council on January 17 , 1989 , and approved b the Mayor on January _, 1989; and I have examined the a fidavits, have found them to comply with the provisions of innesota Statutes, Chapter 475, and have approved them jand ordered them placed on file in the City' s records . ' 3 . The bids set forth on Exhibit A attached hereto were received pursu' nt to the Official Terms of Offering for the Bonds by the D'rector, Department of Finance and Management Services, at t e offices of Springsted Incorporated at 2 :00 P.M. , Central ime, on February 13, 1989 . 4 . After consultation with the City' s financial consultant, I etermined not to reject all bids . I have found, determi ed and declared that the bid of ' , attached hereto as Exhibit B, is the most favorable bid received, and have accepted such bid and awarded the Bonds to such bidder. 5 . I ha e set the interest rates on the Bonds to be those interes rates set forth in such bid. Accordingly, the Bonds shall b ar interest at the respective rates per annum set forth opp site the maturity years as follows : �I � G'��9-/�1 Maturity Year Interest Rate Maturity Year Interest Rate 1990 �I � 1995 $ 1991 '� 1996 1992 ' 1997 1993 1998 1994 , 1999 6 . I hav� set the purchase price for the Bonds to be that purchase price set forth in such bid, being $ , plus accrued interest to settlement. IN WITNES5 WHEREOF, I have set my hand this 14th day of February, 1989 .� Director, Department of Finance and Management Services �I I �II Certificate as ,to Accepting Bid on $11,750,000 General Obligation Capi�tal Improvement Bonds, Series 1989A. Attachments : i Exhibit A: Bid Tabulation Exhibit B: Copy of Accepted Bid I � i , �.-., , �� f� r� GITY OF SAINT PAUL � uir�[uin - __ . . --- -... ._... _-------- — "'� °1i ' � I OFFICE OF '1`AE CITY COIINCIL ` /�� . � 1.�� _ i ; Committee Report ; � Finance ' ana ement & Personnei Committee Januar 30 1989 7 Y � � i 1 . Appr-ovai of mir�utes of January 23 meeting. Approved /"'��-� v,,� ,�°`� 2. Resolution 89-i126 - approving sale ol f CIB Bonds 5eries Approved as�nended 1989A (�11 ,75��000) . (Refer-red from Council J nuary 26) � �� 3. Resolution 89-�127 - epproving sai�f Street Improvement Approved as �mex�d 5pecial Asse�sinent Bonds Series 19898 ($2,000,000) . (Re`erred fror� Counci 1 Januat-y 26) � � �/� U � � �� 4. Rzsoiution 89-r128 - ap�roving sal of Como Conservatory Approved s a�e�d,ed Bonds Series �'989C ($5,000,000) . (Referred from CQUncil January 2b) ; J � �� U �,c.�t��.tcc�.. 5. Resoiution 89rt129 - apprnving sale of Warner/Shepard Approved as�d Road Bonds Se�ies 1989D ($5,500,000) . (Referred from Counc i 1 Januat�y 26) ��,Y� � � w � �'�?,�c�C� 6. Re�o i ut i on 89r-130 - approv i ng sa 1� Refund i rig Bond; �� 9' /e " �� d Series 1989E ;($2,275,000) . (Referred from Council � j�j e January 2b) _ �/i f�i Ct�:�'(;,N�� 7. Resolutiotr 85�-1�1 appraving tax levy for $11 ,750,0( ired C`I�B Bonds.� �R�ferT°ed frora Coci�ci 1 January 26) �_ 8. i - - approving tax levy for $2,0OO,OU� � �G ��„` �( c d � 1� ired Street Im provement S pecial Assessment Bonds. (Refer from Counc i 1 �January 2G) CJ � � 9-�a�� 9. Resolution 8'�-133 - approving tax levy for- $5,OOO,GO iired Como Conserv�,tory Bonds. (Referred from Counc i 1 ' �� g_ ��7 January 26) ; ��-/a �' � g y,�� 9 �g-/3� � CITY HALL � SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 f�46 .