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89-133 i , � � � �;�.�-E .. ' ��4 �:� wH�Te - cirr CIERK 569T COt1t1C11 PINK - FI�NANCE GITY OF SAINT PAUL — CANARV — DEPARTMENT BI.UE — MAVOR File NO. Council Resolution 1� Presented B ' / - � � -�9 Referred To Committee: Date Out of Committee By Date LEVYING A TAX FOR THE PAYMENT OF $5,000,000 GENERAL OBLIGATION COM CONSERVATORY BONDS, SERIES 1989C, AND RATIF ING THE ACCEPTANCE OF BID FOR SUCH BONDS A. WHE EAS, the City Council of the City of Saint Paul, Minneso a (the "City" ) , by a resolution adopted on February _, 989 (the "Bond Resolution" ) , has authorized the issuance f the City' s $5, 000, 000 General Obligation Como Conserva ory Bonds, Series 1989C, bearing a date of original issu of March l, 1989 (the "Bonds" ) ; and B. WHE EAS, Minnesota Statutes, Section 475. 61, Sub- division l, r quires for general obligations that a tax be levied to pay the Bonds which, together with estimated collections o assessments and other revenues pledged for the payment o said obligations, will produce at least five percent (5% ) 'n excess of the amount needed to meet when due the princ pal and interest payments on the Bonds ; and C. WHE EAS, the Director, Department of Finance and Management Se vices, has awarded the sale of the Bonds and made the othe determinations required by the Bond Resolution: NOW, THE EFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Ramsey County, Minnesota, as follows: COUNCIL MEMBERS Yeas Nays Requested by Department of: Dimond � Finance and Management Services - �� In �vor Goswitz Rettman �, B s�he;n�� gai n s t Y Sonnen ��' 1 ti% Wilson ;;`��,r �, Form Approved by City At orn Adopted by Councii: Dat � Certified Passed by Council Se tary BY gy, �pproved by Mavor: Date _ Approve ayor f ubmis 'on to Council By B � � ��= �� � or a ent of the 1 . ; Tax Levy. To provide moneys f p ym principal andi' interest on the Bonds there is hereby levied upon all of tlhe taxable property in the City a direct annual ad valorem t�x which shall be spread upon the tax rolls and collected wit�h and as part of other general property taxes in the City forithe years and in the amounts as follows : Year of ! Year of Tax Lev Tax Collection Amount 1988* I 1989* $ -0- * 1989 1990 1990 � 1991 1991 ' 1992 1992 1993 1993 1994 1994 1995 1995 1996 1996 1997 1997 1998 * made �nnecessary by State of Minnesota appropriation The tax leviles shall be irrepealable so long as any of the Bonds and i terest thereon are outstanding and unpaid, provided th t the City reserves the right and power to reduce the levies 'n the manner and to the extent permitted by Minnesota S atutes, Section 475 . 61, Subdivision 3 . � � I I , � 2 i I � WHITE - CITV CLERK PINK - FINANCE G I TY OF SA I NT PAIT L Council 3 CANARV - DEPARTMENT BLUE - MAYOR File NO. ��/� Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 2. Coveraqe Test. It is hereby found, determined and declared t at the taxes levied in paragraph 1 above are such that if c llected in full they, together with estimated collections of other revenues pledged for the payment of the Bonds, wil produce at least five percent (5� ) in excess of the amount eeded to meet when due the principal and interest payments on th Bonds. 3. Ratification of Acceptance of Bid,. The Director, Department of inance and Management Services, has accepted a bid for the ale of the Bonds, and has evidenced such accep- tance and the aking of the other determinations required by the Bond Re olution in a Certificate as to Accepting Bid attached heret as Exhibit A and hereby incorporated herei.n by reference. Such acceptance and determinations are hereby ratified and c nfirmed. COUNCIL MEMBERS Yeas Nays Requested by Department of: Dimond Finance and Management Services ��g In Favor Gosw;tz Rettman B sche;t�� _ Against Y Sowen Wilson Approved by City A or Adopted by Council: Date � ' Certified Passed by Council Secr tary BY By� "� �— Approved by �Vlavor. Date _ Approve May f r Su 'ssion to Council By � EXHIBIT A �� /� 569T CITY OF SAI T PAUL ) CERTIFICATE AS TO ) ACCEPTING BID COUNTY OF SEY ) I, the undersigned, DO HEREBY CERTIFY that on the date hereof I am the duly qualified and acting Director, Department of Finance �nd Management Services, of the City of Saint Paul, Minnesota (�he "City" ) , and as such officer l do hereby further cer�ify as follows : 1 . I �m the officer authorized by paragraph 1 of the City' s reso�ution adopted on February _, 1989 , to accept the bid for the ,sale of the City' s $5, 000,000 General Obligation Como Conser�atory Bonds, Series 1989C (the "Bonds " ) . 2 . I ave been presented affidavits showing publication of notice o the 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 approve by the Mayor on January _, 1989; and I have examined th affidavits, have found them to comply with the provisions f Minnesota Statutes, Chapter 475, and have approved th m and ordered them placed on file in the City' s records . 3 . Th� bids set forth on Exhibit A attached hereto were received pu�suant to the Official Terms of Offering for the Bonds by thQ Director, Department of Finance and Management Services, a� the offices of Springsted Incorporated at 2 :00 P.M. , Central Time, on February 13, 1989 . 4 . Af�er consultation with the City' s financial consultant, I determined not to reject all bids . I have found, dete�mined 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 t such bidder. 5 . I ave set the interest rates on the Bonds to be those inter st rates set forth in such bid. Accordingly, the Bonds shall bear interest at the respective rates per annum set forth o posite the maturity years as follows : , I - ' C�q"�,33 , Maturity Yea� Interest Rate Maturity Year Interest Rate 1990 � 1995 � 1991 1996 1992 1997 1993 1998 1994 1999 6 . I h�ve set the purchase price for the Bonds to be that purchas� price set forth in such bid, being $ , plus accruediinterest to settlement. IN WITN�SS WHEREOF, I have set my hand this 14th day of February, 19�89 . , Director, Department of Finance and Management Services i I Certificate ,as to Accepting Bid on $5, 000,000 General Obligation ($omo Conservatory Bonds, Series 1989C. Attachments Exhibi A: Bid Tabulation Exhibi B: Copy of Accepted Bid i ' I I r_ � �,�� �� r� ' GITY OF SAINT PAUL ` � «�us��zn . , __ . __ _.. -- ----- ���� g�' ' � ' OFFICE OF '1`AE CITY COIINCIL ���=�3� � � �'�, Committee Report I � Finance. ��Manaqement. & Personnel Committee � January 30, 1989 I l . Approvai c,f minutes of Januar�y 23 meeting. Approved /'`�—, v..f� 2. Reso 1 ut i on 89-I126 - approv i ng sa 1 e ol f C I B Boncis Ser i es Approved as-�trenc�ed I 989A ($1 I ,750!,000) . (Refei-red f rom Co�nc i i J nua►-y 26) °f ��� .N"Z^�j r�.Ir�-f/�.�c.c.«^"'- 3. Resolution 89-�a27 - appraving sai�f Street lmprovemeni Approved as �me�d Special Assessment Bonds Series 1989B ($�,000,000} . (Referred froml Counci � Januat-y 26) � , ��, „��, °�,��NY" ""�"`,! ��,��� ri 4. Resoiu�t�on Sy-�28 - approv�ng sal�f Como Conservatory Approved as�a�d gonds Series 1$89C ($5.000,000) . (Re`erred from Council January 26) � /�� �j v�,� X V � 5. Resoiution 89-129 - approving sale of Warner/Snepard Approved as.aiue�d,�d Road Bonds Seri,es 1989D ($5.500,000) . (Referred from Counc i 1 January+ 2b) ����1�,,-c� � �� ��fi«� 6. ReSOlution 89-130 - aFaproving sat of Refundir�g Bonds Approve as-�te�Qd Series 198�E ( 2,275,000) . (Referred from Council January 2b) 7. Resolution 89-1 1 - approving tax levy fo�- $11 ,750,000 No action required CIB Bonds. {Re erred from Council January 26) 8. Resolution 89-1 2 - approving tax levy for $�,000,000 No action required Street Improvem�nt Special Assessment 8�nds. (Referred from Counci 1 Ja�huary 26) 9. Resoluti;on 89-1 3 - approving tax levy far $5,0OO,OL�O No action required Como Conservato y Bonds. (Referred from Councii ' January 26) CITY HALL I SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 I9�- ip46 .