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WHITE — CITY CLERK
PINK — FINANCE 569T (j I TY OF SA I NT �AU L Council
CANARV - OEPARTMENT
BLUE - MAVOR File NO. '
Council Resolution �J
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Presented By '
��Referred To � Committee: Date � ��� �a �
Out of Committee By Date
LEVYING A TAX FOR THE PAYMENT
OF APP OXIMATELY $2,275,000 GENERAL OBLIGATION
CAPITAL MPROVEMENT REFUNDING BONDS, SERIES 1989E,
AND RATI YING THE ACCEPTANCE OF BID FOR SUCH BONDS
A. WHER AS, the City Council of the City of Saint
Paul, Minnesot (the "City" ) , by a resolution adopted on
February _, 1 89 (the "Bond Resolution" ) , has authorized
the issuance o the City' s General Obligation Capital Improvement
Refunding Bond , Series 1989E, in the approximate principal
amount of $2, 2 5, 000, bearing a date of original issue of
March 1, 1989 (the "Bonds" ) ; and
B. WHER AS, Minnesota Statutes, Section 475 . 61, Sub-
division 1, re uires for general obligations that a tax be
levied to pay he Bonds which, together with estimated
collections of assessments and other revenues pledged for
the payment of said obligations, will produce at least five
percent f5� ) i excess of the amount needed to meet when
due the princi al and interest payments on the Bonds ; and
C. WHERE S, pursuant to Minnesota Statutes, Section
475. 67, Subdivision 13, the levy for the bonds refunded by
the Bonds has been pledged to the payment of the Bonds, and
hence an additional levy is only necessary if the savings
achieved by the refunding in the year ending March 1, 1991,
compared to the bonds refunded, are less than the additional
principal maturing on such date; and
COUNCIL MEMBERS j Requested by Department of:
Yeas Nays /�,'�/ Finance and Ma.nagement Services
Dimond �` �
�ng ,�� FavOi
Goswitz
Rettman ,;�``: ,i �v B
scne�ne� � � A gai n s t Y _.�.��
Sonnen � ,-�'_y
Wilson ',��v�": �
orm Approved by City t � ey
Adopted by Council: D� e� �
Certified Passed by Council ,ecret ry BY�
By�
Approved by Mavor: Date Approv < y Mayor r m� 'on to Council
By
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D. WHEREAS, the Director, Department of Finance and
Management Services, has awarded the sale of the Bonds and
made the other determinations required by the Bond Resolution:
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Saint Pau�l, Ramsey County, Minnesota, as follows :
1 . Tax Levy. To provide moneys for payment of the
principal and interest on the Bonds in addition to the
previously-levied taxes pledged in the Bond Resolution, there
is hereby leuied upon all of the taxable property in the City
a direct annual ad valorem tax which shall be spread upon the
tax rolls an¢1 collected with and as part of other general
property tax�s in the City for the years and in the amounts as
follows : ,
Year of,' Year of
Tax Lev Tax Collection Amount
1989 1990 $
The tax levi s shall be irrepealable so long as any of the
Bonds and in erest thereon are outstanding and unpaid,
provided tha� the City reserves the right and power to reduce
the levies it� the manner and to the extent permitted by
Minnesota StBtutes, Section 475 . 61, Subdivision 3 .
2 . ���� Coveraqe Test. It is hereby found, determined
and declared� that the taxes levied in paragraph 1 above are
such that if�collected in full they, together with estimated
collections f other taxes and other revenues pledged for the
payment of the Bonds, will produce at least five percent ( 5� )
in excess of the amount needed to meet when due the principal
and interest payments on the Bonds .
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WHITE - GTV CLERK
PINK - FINANCE COUIIC11 {�
BLUEQV - MAVORTMENT GITY �OF SAINT PAUL File NO. 0 ����� -
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
3 . Ratif.icatio.n 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 Exk�ibit A and hereby incorporated herein
by reference. Such acceptance and determinations are hereby
ratified and c nfirmed.
COUNCIL MEMBERS - Requesied by Department of:
Yeas Nays
Dimond FirtaACe a�id Management Services �,
��g In Favor �
Goswitz � � !
�hQ1"�� _ Against BY ��!
Sonnen
�Ison !
Form Approved by City At ne
Adopted by Council: Date
Certified Passed by Council Secr tary BY
By "�`� �
Approved by �Vlavor: Date _ Approv y May f Submi ion to Coun il
.,
By —
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EXHIBIT A �� /'3�
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 alnd 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 a�n the officer authorized by paragraph 1 of the
City' s resol;ution adopted on February _, 1989 (the "Bond
Resolution" ) , to accept the bid for the sale of the City' s
approximatel $2 ,275, 000 General Obligation Capital
Improvement efunding Bonds, Series 1989E (the "Bonds " ) .
Terms used b t not defined in this certificate have the
meanings assigned them in the Bond Resolution.
2 . I h�ave been presented affidavits showing publication
of notice of! the sale of the Bonds for which bids were to be
received on ebruary 13, 1989, in accordance with Resolution
No. 89- adopted by the City Council on January 17 , 1989,
and approved by the Mayor on January _, 1989; and I have
examined the affidavits, have found them to comply with the
provisions o Minnesota 5tatutes, Chapter 475, and have
approved the�n and ordered them placed on file in the City' s
records .
3 . Thel, bids set forth on Exhibit A attached hereto were
received pur�uant to the Official Terms of Offering for the
Bonds by the Director, Department of Finance and Management
Services, at the offices of Springsted Incorporated at 2 :00
P.M. , Centra�l Time, on February 13, 1989 .
4 . Aft�r consultation with the City' s financial
consultant, determined not to reject all bids . I have
found, deter�iined and declared that the bid of
, attached hereto as Exhibit B, is the most
favorable bi received, and have accepted such bid for the
Bonds in the amount set forth below and at the purchase price
set forth be�ow and awarded the Bonds to such bidder.
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5 . Th� principal amount of the Bonds shall be $ ,
which is th amount ( 1) which is an integral multiple of
$5,000 betw�en $2, 250, 000 and $2 , 300,000 ( inclusive) , ( 2 )
which is cl sest to $2 , 275, 000, and ( 3) which, at the adjusted
purchase pr ce set forth in paragraph 6 below and the interest
rates set f rth in paragraph 7 below, accomplishes the
crossover r�funding and pays all costs of issuing the Bonds
with the sm llest contribution of other appropriated moneys by
the City.
6 . Th Purchaser has set forth in the bid $
as the purc ase price for $2 , 275, 000 of Bonds . The purchase
price for t e actual $ of Bonds set forth in
paragraph 5 which bears the same ratio to the amount bid as
the actual mount bears to $2,275,000 is $ , which
is the purc�iase price at which I have accepted the bid.
7 . I l�ave determined the amount of the maturities of the
Bonds to be consistent with the amount of the Bonds set forth
in paragrapl� 5, and have set the interest rates on the Bonds
to be those ! interest rates set forth in such bid.
Accordingly� the Bonds shall mature in the amounts and bear
interest at the respective rates per annum set forth opposite
the maturit� years as follows:
Maturi Year Amount Interest Rate
19 1 $1, 100,000 �
19 2
8 . Th appropriation necessary, with proceeds of the
Bonds, to a complish the crossover refunding of the Refunded
Bonds is $
9 . Th reduction in debt service payments accomplished
by the cros over refunding are $ ; net of costs
of issuing he Bonds, the savings are $ , with a
present value of $
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IN WITIESS WHEREOF I have set m hand this 14th da of
, Y Y
February, 1 89 .
Director, Department of Finance
- and Management Services
Certificate �as to Accepting Bid on Approximately $2 , 275, 000
General Obligation Capital Improvement Refunding Bonds, Series
1989E .
Attachments •
Exhibit A: Bid Tabulation
Exhibit! B: Copy of Accepted Bid
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OR eo
- Finance and em t ices O1/17j89 ���`���� �.. 0����
cartnc�r r�nsoM �r o�r«t' �►roA ron�sr�,r�
Shirley Davis '�N � �a�wwe�e,rr a�s o�Cron �cmr«Fwc
oariACr uear. ' NUMRER FOR —
Aoura�a euoo�rox,�c,ow T# Council Research
: Finance 29Z- 038 ; °�R: T:crr�, . � .
Five (5) resolutione to : �. adopted on �ehruar� �4, 1984�.�-to leaty..a.ta7c�.;��f .net�ssary) and
ratify .the acce�tance of bids for:
1; $11,7SO,OUO_Capital I provement Boads 4. $�,500,000 Warner/Shepard Road Bonds
2: $ 2,OD0,040 Street Im . Special Assess. Bonds 5. $2;;275,OU0 Cagital Imp. 8e€undi�g Bonds
3. $ 5,000,000 Como Cons rvatory Bonds
�twMS:tMwov.tN a�cR)) +�anai n�onr: .
� � PUNNMQ COM�810N � CML COMMIBSION 6ATE W�. . � . DRTE OVi.�� � 11NALM8T � . � �(Nq1E Np::.. . .
201�tlW0 COM�pN � 18D!26 . BOMD . - . �. � . .
� � H SfAFP � � � . � .. � QIAHfER C � MI9910N � - COMPLETE A9 IS � � AOD'L INFO.ADDED* RET9 TO COIflA�T �. �COM6TRUEN� ..
.. � . . .. . . - . _fOR AOOL N60. . _iEC-0BAqC ADO�!
wer�uc�rco�cM. A CI$ C mmittee .��.no�+: — �
a�onrsw�«aioou�cwce,�crrvE�A C•ity ttorney -
. A Bond ounsel RECENE[� _
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� �.rnnwo�+�r�+�.op.on„Mrs,►,wno, w►,�.+�,n�..►nnu,►: , , ,.
The pa�saga of the attac ed resolutions is required by Minnesota StatuCes Section 475.61,
Subd. 1 to ievy a ta�e f o :
4
I. $�1�,754,Q04 Cap3tal I provement Bonds
Z. $ 5,Ot�t?,Q�1 •Co�no Cons .rvatory Bonds
�` 3, $ 3,:�i0t),0�+`Warner�S pard Bonds . :
4. $ 2,275,OflE3 Cspital p�co�ement Refunding Boads
.
��+w.�.s.�►: . - �:- :
1. C�sao ba�ds alao have $800,000 grant from the S�ata .in 1989 _for debt se'rvice:
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2. I�su#:ag Ca��o �_.Waxner Shepard bonds fulfi�s require�ent. of law and thereby ca�teels St$te
loans ft�r CSO..
3. ltefu�l�ng isstie deb:t ervice is already levied €or and there is nb impact far �ax page�e
in St. Paul. _
�'tMlllil.lM�w4 md To VNnm}: ._ • ' ' - ,
Thes��resolutions also p ovide the Cou�cil the c�pportuaitp to ratify the 3�id, �ward �
. .�;
Fehruary 14, 19�9, the d y following bid award {02-13-89) . �'
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Cour�cil e�e�rch ^��tter�
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_ - It is possible all bond ale resolutions in the future xill follow the�e procedure._of dele-
gat:�g bid authority be re sale date, with ratification and tax levy a�tharized Qn the sa�e '
date.
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Ali these procedures ar s�� forth ia both i�i3nneseta Stat�tes and City Char.ter and are
reco�areaded by the C�.�y ttorney and Bond Counsel.
' ���3d_
10. Resalution 8�-134 - approving tax levy for $5,500,000 No action required
Warner/Shepa�d Road bonds. (Referred fron Council
Januat-y 26? ,
1. Resolutian 8 -135 - approving tax levy for $2,275,O1��_ No action required
R`e€unding Bo ds. {Referred from Council January 26)
12. ministrativ�e Orders
D-10035 - budget revision in Police General Fund Discussed
(R�ferred from Council January 3)
0-10038 - budget revision in Fire and Safety Services Discussed
Gerieral Fund (Referred from Council January
3) !
D-10041 - budget revision in City Cle�k's Office Discussed
Ger�eral Fund. (Referred from Council
Janluary 3}
D-10043 - aut�orizing payment for sponsorship af Police Discussed
Ski� Team. (Referred from Council January 3)
D-10067 - bud et revision in Public Works-Municipal Lay over one week
Equipment Internal Service Fund.
13. Resolution 89Ii90 - establishing tt�e rate of pay for Approved
Customer Serv'�ice Senior Representative in Grade 29,
Section ID1 0� the Clericai Standard Ranges in the
Salary Plan a�d Rates of Compensation Resolution.
(Referred fror� Council January 19)
14. Resolution 89 91 - estahlishing the rate of pa,y for Approved
Customer Servi ce Representative in Grede 25, SQCtian
ID1 of thz C1 rical Standard Ranges in the Salary Plan
and Rates of ompensation Resolution. (Referred from
Council Janua y 19}
15. Resolution 89 50 - aliowing employees resigning in Approved
1988 who qual �fy for severance p�y the option of
receiving it iln fuli or in five equal installments.
(Referred fronh Council January 12)
16. Resolution 89�92 - amending the Tuitian Reimbursement Laid over one month
Policy in Sect�ion III , H in the Salary Plan and Rates
of Cornpensation Resolution. {Referred from Council
January 19}
17. Discussion of I�',Bureau of Mediation Services Order to Continued discussion
release job evlaluation system data. in three weeks
18. Re�olution 89-,107 - approving continuation of the Laid over one week
process of conisidering the consolidation of the
Fire Department Relief Association with the Public
Employees Reti�rement Association Police and Fire Fund.
(Referred fromiCouncil January 24)
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f CITY OF SAINT PAUL
� uae0ltleli __ . ____.___... - -- --.�.--- --- -
"'ti s�' OFFICE O F '1`AE CITY COUNCIL
Committee Report
� Finance, Manaqement. & Personnel Committee
January 30, 1989
1 . Approvai nr" minutes of Januar�y 23 meeting. Approved
��—. v.�; ,�j n
2. Resolution 89-126 - approving sale ol f C1B Bonds 5eries (/ Approved as-�nded
I 989A (�1 1 ,750,000) . (Refer,red from Counc i 1 J nua►�y 26)
�'/ �'a� ./�"L� �-(/��
3. Resolution 89-127 - approvinq sai�f Street Improvement Approved as �me�d�d
Special Assessment Bonds Series 1989B (�2,000,�00) .
(Re`erred from Council Januai-y 26) � ,y , �/� U �� ,
'C'o�'" ��
4. Resolution �9-128 - ap�roving sal�f Como Conservatory Approved as �e�ed
Bonds Ser�ies 1989C ($5,000,000) . tReferred from Council
January 26) � � �1�.v,�
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5. Reso{ution 89-129 - appr�ving sale of Warner/5hepard Approved as�d
Road E3onds Series 1989D (�5.500,000) . (Referred from
Counc i ! Jar��ary 26) ���.�K�
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6. Re,alution 89-13� - approving sal� Refundir�g 8onds Approve as-t�e�d
Series 1989E ($�,275,000} . (Referred from Council
January 26)
7. �c��ut��on fl5-131 - approving tax levy for $11 ,750,OQ0 No action required
CIB Bonds. (Refer-red from Council January 26)
8. Resolution 89-t32 - approving tax levy for $2,000,000 No action required
�treet Improvement Special Assessment BUnds. (Referred
from Council January 26)
9. Resolution Sy-133 - approving tax levy fc,r �5,OOO,G00 No action required
Como Conservatory Bonds. (Referred from Council '
January 26)
CTTY HALL SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102
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