88-93 WHITE - CIT CLERK �
PINK - FIN N��E C I TY � O SA I NT PA LT L Cou il
CANARV - DEP RTMENT
BLUE - MAV R File NO. ��,���
� � ' � Counc 'l Resolution `
Presented B
Re rred Ta Committee: Dat
Out of Committee By Dat
5. Meeting. This City Council shall meet at he time
a place specified in each o the Official Terms of pffering
at ached hereto for the purpo e of considering bids �r, and
a rding the sale of, the Bon s. The Director, Depa ment
of Finance and Management Ser ices, shall open seale : bids
at the time and place specifi d in each of the Offic'�l Terms
of Offering.
6. Official Terms of O ferin . Sealed bids f the
Sp cial Assessment Bonds, and for the CIB Bonds and ban
Re ewal Bonds in combination, shall be received in a ordance
wi h the Official Terms of Of ering for such Bonds, copy
of each of which has been pre ented to the Council a is
at ached hereto as Exhibit A. A copy of each Offici � Terms
of Offering is hereby directe to be placed on file the
of ice of the City Clerk. Th terms and conditions �' the
Bo ds and of the sale thereof substantially as set f th in
th Official Terms of Offerin are hereby approved a confirmed,
an each of the Official Term of Offering is hereby dopted
in substantially such form. ach Official Terms of fering,
or the Notice of Sale set for h as Exhibit B hereto, ' hall
be published not less than te (10 ) days in advance the
da e of sale, as provided by aw, in the St. Paul Le 1 Led er
(t e official City newspaper) and in Commercial West r Finance
an Commerce, and may be publ shed, at the option of he Director,
De artment of Finance and Man gement Services, in a nancial
ne spaper or journal publishe in New York or Chicag �
7. Official Statement. The Director, Departme t of
Fi ance and Management Servic s, and other officers �r employees
ar hereby authorized to coop rate with Springsted I �orporated
an Briggs and Morgan, Profes ional Association, to �epare
an Official Statement of the ity with respect to th IBonds .
COUN ILMEN
Yeas D].mOn Nays Requested by Depactment of
Goswi z Finance and Managem t Services
.y�, In Favor r
Ret �,
Schei 1
Against BY
Sonne
Wilso JAN � � �988 Form Approved by City Atto
Adopted by C uncil: Date
Certified Pa:• y Council et BY
gy, r
JIQ r e b a or for S I o uncil
t�pprove iN vo : D N 2 5 ��� APP � Y M Y
c
By
PUBLISNED J A N 3 0 198
�� s _ ���93
; w►te�rru anTe eo1�MCRfeo {+�
gitiaace & i�#aaage.�ent Seruic ,� O1/08 88 ����� � � NQ:O�V��"
oe+��oa+�Ctaa �wira+roA�ee�erui,i
G�ry �Qot� ��n�Shi�ley Davi � � �aw�s� �cma� � �
: c�rrr � � -
e�rooer �,.,� '
�reasury. ivision 292-7 38 �= . cm,,, � - �o -
Provid for the sale of three issues o generai ob�igatioa bonds:
�) �11,25 ,:000 G.O. Capital Improvement onds, Series 19$$ ;
2) S0 ,OUO G.O. Urban Renewal Bon�ds, Series 1988
3) 2,70 ,000 G.O. Street Imgrovement S eciaL Assessmeat Bonds, Ser s 1988
;(�vP►ov"ta1 or�(�).) co�MC� atnoar:
a�Na+wa aN crow seRV��aN on�x� o��arr �ver r�a�No.
zOwie reo eas sC►+oot eokto 1 t'�'' t'!�'� �S
�_Ssu+� Cr+�arEA CownssK� �s�s �_noot n�o.AooED* _ ��r _o��aE��*
- oam�cr —� Capital Improv n� : ����r.. �r c� Ct.lS I�wR.���– st.�+.^►..:.�
eur«r►rariiwcr, oer�cnve� omm ttee � •m�#-s ��, ��s !1 tne �+��/'
- A�: Bond Counsel , � � �V:,_>s
A�' Financial Advis : � 1� 1 • 6 s� �'[ffg Ca�:•�••l Iw� w� fi�.•�s �ft1. L f•�+�
e A(o �4 R t�+rb.... �'s«..w+►1 a[���r�� 8
n fS 7 t1�'i S�frs.�rl. l.�.��roro++� ■� �..J�s 2•7 w.�
9 �Y1A YQ!(v n�V r ...�.
MMit,CNQI17{MRTY(Who.iMiet.VVllsn.Wllsre.WhY):
13 Dete nes the amount of bonds to be old. -
2) - Sets he date and time of the sale an defines the "Official Term of the Offering".
- 3) Prov' es authority`for the publicatio - af the notice of the sa3:e. `
4)` Ado�r the "Official Terms of the Off ring" of the 'issue. -
ne.�ee�>: _ - :
���uanc� f Che bonds carries out the Cap tal` Improvement Bonding Pro am as identified ia the
198$ Cep al Zmprovement Budget. ,
�CU +ba.R.�a`ro�,e�,+Y , . _., -
:� � The €ail e of this resolution would requ re a rescheduliag of the is e at a.later date
�hereby posing additional costs and del gs to City Depa�tments for nstruction p�o�ects.
'�t.�: . , �nos
The.City anmually sells bonds to fund;the Capital Improvemeat Bud�get.
u�a�u.�:
. 5ale of hese bonds follows grocedure� s f�rth in the City Charter . d St e Statute:.
. These ha e been addressed by the City Att rney and Bond Counsel. _
' t
P�p�'H�1l�Y OF'�ONS0�1(i M1R7 ' � � '
". : ,,:,.. ,
Freviously City of St. Paul general. obligation bonds'ha.ve been rated AAt b�y Standard & Poors
and Aa by M�oodys Investors Serviee and these_ issues are expected'to be similarly rated.
srxxEHO�(uat) Posrt�oN c±,-:o) 'i i'wa..�rfsnPrz�v�►� w►,�oru►��s„�,me�n wr���
FINANCIAL �PACT � � ,apsr w�u►�Start Date) SECOND YEAR rrores: <
. The funding for aIl
o��auoc+Er: - , pro3 ects is outlined
REVENUES GENERATEO .`.........:...:.............................................. " ': lII the 1988 Capital
�r�s; � � ` Improvement Budget
Salaries/Frir�ge 8enefits.......................................................: . 8.S adopted by the
e�wro�..................................................................:........... Mayor and the Saint
sw�pi�es ................:............:.........: ......... _ Paul City Council.
,,.:_..
GoMracts for Service...................:.........................................
OFher
PROFR(LOSS) .........................................................................:......
FlINDING SOURCE FOR ANY LOSS(Name and Artwunt)
CAMTAL IMPROYEMENT BUO(3ET:
DE81tiN COSTS
ACOI�N C(�T� . _ _ _
CON8TRUCTION COSTS
TOTAL
................................................:...................................................
SflURCE oF FkNrDMp(Name and Arnamq
IMPAC'1'!f}N BUDGSET:
AtAt)UNT CUR9ENfLY BUDfiETEQ......................:.........:..: ....::.. _ _ _ _
AMOUNT IN EXCESS OF CURRENT BUD(iET ............................ , .
,=-
�URCE OF AWIOUMT OYER BUDQET
PROPERTY TAXES GENERATED (LOST) .,,.,...,
MAPL�NTA710N RESPONSJBILITY:
�OEPT/OFFICE � DIVISION � ' FUND TITLE � �
Ma or's Office Budget General Debt Service Funds
� B{JDCiET ACTNITY•NIMABEfl&TITLE . ... ACTNITY MANAGEH ...-.
89988 76588 Greg Blees/Tom Gran
HONI PERFORMRNCE WIIL BE IMEASURED?:
PACORAM OBJ�C7IYES: PRO(iRAM INDICATORS 73T YR. 2ND YR.
EVAI:NA710N RESPONSIBlLITY:
a�3oro . Prbr�E IiEPOAT TO GDt/NCq.OF
Gary Norstrem �inanee & Mgmt. Serv.N0l016 �rrrsrou�areRir �+�2�/88
/!ERFORNANCE A T. y _. ...
ORIG{NATOR o��iwruTeo o��carr�o ('�d d "�v
Finance & agement Servic , o�iosiss _ . G R E E N S E T N0.0 0 0 3 6
���� ��� ������
Gary tiorstr /Shirley Davi nssian ,�a��,,,�o,��, �,n,c� � �
NUMBER F � _
o . v� . ROUTiNG aiot3er o�raq
~Treasury Di ision 292-7 38 �oa+: �,,,,
,, �,o
SUBJECT/DESCRIPTI O PqOJECT/REGU _
Provide or the sale of three issues of g eral obligatioa. bonds:
1) $11,250, 00 G.O. Capital Impronement Bon s, Series 198$.
2) 500, 00 G.O. Urban Renewal Bonds, Se ies 1988
3) 2,700, 00 G.O. Street Improvement Spec al Assessment Bonds, Series 988
RBCOAAIYIENDAl10N8:( rove(A)or Raject(q)� COUNpL RES RCH REPORT:
AJINNIN6 CO CML SERVICE COMNMSSION DATE M � G►TE OUT ANKYST i RION6 NO. �
—7�—ZdWNO COAAMISB ISD 62S SC1100L 801� . .
�'i S'TARF ClIARTER COAAMNSSION A81S ADDl MNO.AOOED* RET'D ACT . COP18TfTU6MY .
_ �_ROR INfO.*' . T�RL°PDBACK A006D#.
o�ca,HCa � Capital Improv nt
���:
su�o�,s w►�a�� omm t t ee .,
�. A Bond Counsel ���'�i����
:'_. A Financial Advis aN � h „�_ �,
.�:.
ti f���
�/1 ���+,r�.r. .... �
�/1..
WITIATUNi PROBLEM. E OPPORTUI�NT1f(WhO,WhaG Wh�n.Whsre.WhYI:
1) Determi es the amount of bonds to be sol .
2) Sets th date aad time of the sale and d fines the "Official Terms o the Offeri.ng".
�- 3) Provide authority for the publication o the notice of the sale.
4) Adopts he "Official Terms of the Offeri g" of the issue.
,I
JUSTIFICATION(CwtlB tits.AdvaMe9es.Rea�l:
`" Issuance of the bonds carries out the Capita Improvement Bonding Progr � as identified in the
198a Capita Improvement Budget.
CONSECUENCES(VVhat. .an�To Whan►:
The failure of this resolution would require a rescheduling of the issue t a later date
- thereby imp sing additional costs aad delays to �Citq Departmeats for con ruction projects.
;,_� .
,�.: . .. _._ .
�teroumr�s: vn coNs
'I
i
i
�wrroarivn�ceo�rrrs� !�
�,;:The City uallq se11s bonds to fund the Ca ital Improvemeat Budget. !
�
k- �
.��.�a+w.�saues:
" Sale of the e boads follows procedures set.�f rth in the City Cl�arter and ta e Statute.
These have een addressed bq the Citq Attorn y aad Bond Couasel. � `
PE.�FORMANCE HISTORY OF SPONSORING flRM/ORanNRAT10N/PHINC1PA�s:
� Pr�eviously City of St. Paul general obligatioa boads have been rated AA+ by Standard & Poors
and Aa by Moodys Investors Service and these issues are expected to be similarly rated.
�: _ . ,
sTAK�1o�oERS(un� no�1+.-.rn -i r wa�ns,sh�rn+►; wmow�.E�sa�.�.�e.wr��nw�s►
�`. . . .
�:r . ... .. . .
rs-^
y.-��_ . . ..� ._. . .,_ . ... .�. , �
'.�-,.
�-�- . .-' . -
'`" FlNANCIAL IMPACT �'�""j911°Mi► �ONO 1eA" NO�`
The funding for all
� oP�u►rn�suoaEr: proj ects is outlined
: RENENUES GENERATED ......._..............................._.................._. �ll the 1988 Capital
- �P�; Improvement Budget
�, �,�F,�„��,,,,�, as adopted by the
......................................_._........_.
' EQ�; m�c Ma.yor and the Saint
P ............................................................................
�„ 11Q8 .� Paui City Council.
aa ............................................................................._.
Cor»racts tw Service.............................................................
Other
PRORIT(LOSS) ........................................................_....._................
RUNOtNG SOURCE FOR ANY I.OSS(Name and Mwuntl . .
CAPITAL IMPROVEMENT BUDGET:
DESIGN COS1'S................................................................................
ACOUISI110N COSTS......................................................................
CONSTRUCTION COSTS ................................................................
TOTAL....................................................................................................
SOURCE OF FUNDING(Name and Amounq
IMPACT ON BUDGET:
AMOUNT CUAiilNTLY BUDGETED...................................».....,,»
AIuIOUNT IN O(CESS OF CURRENT BUO�iET .........................._
SOURCE OF AAAOUNT OVER BUDGET........................................
.,, PROPERTY TAXES GENERATED (LOST) .........
w
u��rAnoN R�sPOas�ewrr•
OEPTlOfFlCE OMSION FUND TTTLE
�~` Ma cr's Office Budget General Debt Service Fu�ds
' suoc,�r�c„vmr nu�R s rme ncnvrrr wvw�o�n
'' 89988 76588 Greg Blees/Tom Cran
HOW PEAFORMANCE W1LL BE MEASUNEO?:
PROORAIiA 08JECTIVE3: PROGRAM INOICATORS 1ST YR. 2N0 YR.
'___ •
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. ... ,__ . .. _. .__._.,._ . . ., .: . . . , . . . . . . _ _. .._ . .
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� @iIAWATION RESPONS181LITY: - -
PG ry Norstrem �inance & Mgmt. Ser�vE�O1G p�pTj/�q�R��1LOF �f+�20/88
PEAFORMANCF REPORT BY
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, EXHIB T A ��C ��_�j
� � � OFFICIAL MS OF OFFERING
� , I
$I ,750,000 i
CiTY OF SA1 PAUL, MINNESOTA f
GEi�ERAL OBUGA ON BONDS, SERIES I 988 I
CO 1STiNG OF:
I
$I ,250,000 i.
GEI�RAL OBLIGATION CAPITA IMPROVEMENT BONDS, SERI S I 9888
C1B's) �I
AND I
500,000 �
GENERAL OBLIGATION URB N RENEWAL BONDS, SERIES 1�88C
URB's)
(Global B Entry System) I
SALE
Sealed bi s for the Bonds wiil be opened by Eu ene A. Schiller, Director of Fi nce and Management
Services n Monday, February 22, I°88, at I: 0 P.M., Central Time, at the o fices of SPRINGSTED
Incorpora ed, Financial Advisor to the City, 8 East Seventh Place, Suite 100, ;Saint Paul, Minnesota
55101-21 3 (612) 223-3000. Consideration fo award of the Bonds will be by t ie City Council at °:00
A.M., Ce tral Time, on Tuesday, February 23, °88.
T BONDS �
Details tfie Bonds. The Bonds will be is ed using a Global Book Entry I'System. One Global
Certifica e representing the aggregate princi al amount of the Bonds matu 'ing in each year (the
"Global ertificates") will be issued and fully registered as to principal and i terest in the name of
Kray & o. as nominee of the Midwest Securi ies Trust Company (the "Deposi ory"), a Securities and
Exchang Commission (the "SEC") registered epository, an Illinois trust com any, a member of the
Federal .eserve System and a "clearing co poration" within the meaning f the Illinois Uniform
Commer ial Code.
The Bon s will be dated {vlarch I, I°88 and ill bear interest payable on Ma I h and September I of
each yea , commencing September I, I°88. e Bonds will mature March I in the amounts and years
as follo .
Combined
C1B Bonds URB Bonds Issue
I 8° $ 850,000 $ 50,000 I $ °Q0,000
I °0 900,000 50,000 �' 950,000
I 91 95Q,000 50,000 j I ,000,000
I °2 I ,OQ0,000 50,000 I ,O50,000
I 93 1 ,075,000 50,000 � 1 , 125,000
I 94 1 , 125,000 50,000 �' 1 , 175,000
I 95 1 ,200,000 50,000 i, 1 ,250,000
I� 96 1 ,300,000 50,000 1 ,350,000
( 97 1 ,375,000 50,000 �' 1 ,425,000
I 98 1 ,475,000 50,000 �, 1 ,525,000
Totals $11 ,250,000 $500,000 I $11 ,750,000
�
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Optional edemption. The Bonds wili not be s bject to payment in advance of heir respective stated
maturity ates.
Security Purpose. The Bonds will be g neral obligations of the City f which the City will
pledge it full faith and credit and power to le y direct general ad valorem ta s. The proceeds will
be used t finance approved projects from the ity's 1988 Capital Improvement udget and Program.
GLOBAL B K ENTRY SYSTEM !
Ownershi of the Bonds. Purchases of Bonds by investors may be made thr gh banks, brokers or
dealers ho are, or act through, participan s (the "Participants") of the epository, other SEC
registere depositories and clearing corporati ns, who collectively comprise t 'e National Clearance
and Settl ment System (the "National System")
The own ship of the Bonds will be shown on and transfer of ownership wil be effected through,
records aintained by the Depository. The re ponsibility for maintaining, rev wing and supervising
such reco ds rests collectively with the speci ic Participants and the relevant units of the National
System t rough whom the investors purchase o maintain the custody of the Bo s.
Individual purchases of the Bonds may be in th amount of $5,000 or any multi le thereof of a single
maturity, through book entries made on the bo ks and records of the National S 'stem.
Payments to Bondowners. Payment of princip I of and interest on the Bonds wi I be made by the City
to the De ository through its nominee Kray & Co., the registered owner of th Global Certificates.
The Depo itory will credit payments on the Bo ds to the Participants, as liste on the records of the
Depositor on the fifteenth calendar day pre eding each interest payment d �te. Transfer of such
payments to the Participants is the responsibi ity of the Depository. Transfe ' of such payments by
the Parti ipants is the responsibility of the Participants. Bondowners will receive interest and
principal payments through their bank, brok r or deafer nominees. The b ;nk, broker or dealer
nominees, if not Participants, will receive ayments from Participants or others who received
payments directly or indirectly from Participa ts.
Global C rtificates. As part of the Global B ok Entry System, the Bonds are I uthorized only in the
denomina ion of the entire outstanding principal amount of a given m turity and are not
exchange ble for bonds of smaller denominati ns, unless replacement bonds ar 'authcrized. The City
(or any ccessor registrar) will register o the registration books maint ined for the Global
Certifica es any transfer requested by the re istered owner. lnitially, the o ner registered on the
City's reg stration books will be Kray & Co. D spite the larger authorized deno ination of the City's
Global C rtificates, the Depository will reco nize and enter on its books in the National System
interests n $5,000 denominations in each Glob I Certificate.
- i
TER S OF SALE
Minimum id and Good Faith Deposit. A seale bid for not less than $I 1,550,25 and accrued interest
on the tot I principal amount of the Bonds shal be filed with the undersigned pr or to the time set for
the openi g of bids. Also prior to the time se for bid opening, a certified or ashier's check in the
amount o $I 17,500, payable to the order of t e City, shall have been filed w th the undersigned or
SPRINGS D Incorporated, the City's Financi I Advisor. No bid will be cons dered for which said
check ha not been filed. The check of the Purchaser will be retained by ' e City as liquidated
damages i the event the Purchaser fails to co ply with the accepted bid. Th � City will deposit the
check of the Purchaser, the amount of whi will be deducted at settlem nt. No bid shall be
withdraw after the time set for opening bids, unless the meeting of th City scheduled for
considera ion of the bids is adjourned, recesse , or continued to another date ithout award of the
Bonds hav ng been made.
�
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Type of' id. No rate for any maturity shall b more than I.5% lower than an ; prior rate. Bonds of
the same aturity shali bear a single rate from the date of the Bonds to the dat ' of maturity. No bid
may be c nditioned upon award of any other of ering of obligations by the City. !
war�
The Bond will be awarded to the Bidder offeri g the lowest dollar interest co to be determined by
the deduc ion of the premium, if any, from, or the addition of any amount less hnn par, to, the total
dollar in rest on the Bonds from their da e to their final scheduled turity. The City's
computat on of the total net dollar interest co t of each bid, in accordance wi customary practice,
will be co trolling.
The City ill reserve fhe right to: (i) waive on-substantive informalities of ' ny bid or of matters
relating t the receipt of bids and award of he Bonds, (ii) reject all bids wi hout cause, and, (iii)
reject an bid which ihe City determines to ha e failed to comply with the ter herein.
SETTLEME AND DELIVERY
�
Delivery, Payment and Ownership of tfie Bond Within 40 days following the�date of award of the
Bonds, th Global Certificates will be deliver d without cost to the Purchas at a place mutually
satisfacto y to the City and the Purchaser. On the date of settlement payment or the Bonds shall be
made in ederal, or equivalent funds, which shall be received at the offic s of the City, or its
designee, not later than I:00 P.M., Central Ti e of the day of settlement. xcept as compliance
with the erms of payment for the Bonds shall ave been made impossible by ac ion of the City, or its
agents, t e Purchaser shall be liable to the City for any loss suffered by the ity by reason of the
Purchaser s non-compliance with said terms f r �ayment. The successful bi er, as a condition of
delivery o the Bonds, shall be required to depo it the Global Certificates with e Depository.
Legal Opi ion and Transcript. Delivery of the onds will be subject to receipt y the Purchaser of an
approving legal opinion of Briggs and {Vlorgan, P ofessional Association, of Saint aul and Minneapolis,
{Vlinnesot , which opinion will be attached t the G{obal Certificates, and f customary closing
papers, in luding a no-litigation certificate. t settlement the Purchaser wi I be furnished with a
certificat signed by appropriate officers of t e City to the effect that the fficial Statement did
not as of he date of the Official Statement, a d does not as of the date of s tlement, contain any
untrue st tement of a material fact or omit t state a material fact necessar in order to make the
statemen s therein, in light of the circumstanc s under which they were made, ot misleading.
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OFFIC! L STATEMENT
Underwri ers may obtain a copy of the Off icia Statement by request to the C �ty's Financial Advisor
prior to t e bid opening. The Purchaser will be provided with 75 copies of the �ficial Statement.
Dated Ja uary , 1988 BY ORDER 0 THE CITY COUNCIL
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/s/ Eugen A. Schiller, Director
Department of Finance and Management Services
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OFFICI TERMS OF OFFERING
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$2,700,000 .
� CITY OF 5 INT PAUL, MIN(�SOTA j ,
GE AL OBLIGATION STREET IMPRO MENT SPECIAL ASSESSME BONDS, SERtES I988D
(GI I Book Entry System) I
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THE SALE
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Sealed bids for the Bonds wili be opened by Eugene A. Schilier, Director of inance and Management
Servic s on Monday, February 22, 1988, at I:00 P.M., Central Time, at th offices of SPRINGSTED
Incorp rated, Financial Advisor to the City 85 East Seventh Place, Suite I 0, Saint Paul, Minnesota
55101- 143 (612) 223-3000. Consideratio for award of the Bonds will � by the City Council at
9:00 A M., Central Time, on Tuesday, Febru ry 23, 1988.
THE BONDS I
Detail of tfie Bo�ds. The Bonds will be issued using a Globol Book En ry System. One Global
Certifi ate representing the aggregate pri cipal amount of the Bonds m turing in each year (the
"Globa Certificates") will be issued and fu ly registered as to principal an interest in the name of
Kray Co. as nominee of the Midwest Sec rities Trust Compnny (the "Uep sitory"), a Securities and
Excha e Commission (the "SEC") register depository, an Illinois trust c ' pany, a member of the
Federa Reserve System ond a "clearing orporation" within the meanin of the Illinois Uniform
Comm rcial Code.
The Bo s will be dated March I, 1988 and will bear interest payable on rch ond September I of
each y ar, commencing March I, I989. Th Bonds will mature March I in e amounts and years as
follows �
$100,0 0 1990 $145,000 1995-1998 $135,000 2001-2003 I $125,000 2006-2008
$I50,0 0 1991-t994 $140,000 1999-2 00 $130,000 2004-2005 ; $100,000 2009
Optio I Redemption. The City may elec on March I, I 996, and on an I interest payment date
thereaf er to prepay Bonds due on or after orch I, 1997. Redemption ma be in whole or in part of
the Bo s subject to prepayment. If redem tion is in part, those Bonds rem ining unpaid which have
the lat st maturity date will be prepaid firs . lf a maturity is prepaid only part, prepayments will
be in in rements of $5,000 of principal. All such prepayments shall be at a rice of par plus occrued
interes .
Securi and Purpose. The Bonds will be ge erol obligations of the City to ich the City will pledge
special assessments ogainst benefited prope ty. In addition, the City will ledge iis full faith and
credit nd power to levy direct general ad v lorem taxes. The proceeds will e used to finance street
improv ments within the City.
GLOBAL OOK ENTRY SYSTEM
Ownec ip of the Bonds. Purchases of Bo s by investors may be made t ough banks, brokers or
denlers who are, or xt through, particip nts (the "Particip�ts") of the Depository, other SEC
register depositories and clearing corpora ions, who collectively comprise the National Clearance
and Set lement System (the "National Syste "). ' �
The ow ership of the Bonds will be shown n, and transfer of ownership �II be effected through,
records maintained by the Depository. The esponsibility for maintaining, r iewing and supervising
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� such r ords rests collectively with the sp ific Participants and the relev ' t units of the National
System through whom the investors purchas or maintain the custody of the nds.
Individ a! purchases of the Bonds may be in the amount of $5,000 or any m �tiple thereof of a singie
maturi y, through book entries made on the ooks and records of the Nntiona�System. __
Paym ts to Bondowners. Payment of prin ipal of and interest on the Bonds�rill be made by the City
to the epository through its nominee Kray & Co., the registered owner of'tfie Global Certificates.
The D ository will credit payments on the Bonds to the Participants, as lis ed on the records of the
Deposi ory on the fifteenth calendar day receding each interest payment date. Transfer of such
payme ts to the Participants is the respon ibility of the Depository. Tran Fer of such payments by
the Pn ticipants is the responsibility of t e Participants. Bondowners il) receive interest and
princip I payments through their bank, b oker or dealer nominees. Th 'bonk, broker or dealer
nomin s, if not Participants, will receiv payments from Participants pr others who received
payme ts directly or indirectly from Partici ants. I
Global Certificates. As part of the Global Book Entry System, the Bonds �e outhorized only in the
denomi ation of the entire outstanding principal amount of a given maturity and nre not
exchan eable for bonds of smaller denomin tions, unless replacement bonds re authorized. The City
(or an successor registrnr) will register on the registration books m ntained for the Global
Certifi ates any trnnsfer requested by the registered owner. Initially, the 'owner registered on the
City's egistration books will be Kray & Co. Despite the larger authorized d nomination of the City's
Global Certificotes, the Depository will r cognize and enter on its book ' in the National System
interes s in $S,Q00 denominations in each GI bal Certificate.
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RMS QF SALE I
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Minim m Bid and Good Faith Deposit. A se led bid for not less than $2,654 ]00 and accrued interest
on the total principal amount of the Bonds s all be filed with the �ndersign prior to the time set for
the op ning of bids. Also prior to the time set for bid opening, a certifie� r coshier's check in the
amoun of $27,000, payable to the order o the City, shall have been fil with the undersigned or
SPRIN STED Incorporated, the City's Fina cial Advisor. No bid will be bnsidered for which said
check as not been filed. The check of he Purchaser will be retained y the City as liq�idated
damag s in the event the Purchaser fails to comply with the accepted bid. e City will deposit the
check of the Purchaser, the amount of hich will be deducted at settl ment. No bid shall be
withdr wn after the time set for openin bids, unless the meeting of ,the City scheduled for
consid ration of the bids is adjourned, rec ssed, or continued to another d te without award of the
Bonds aving been made.
Type Bid. No rate for any maturity sha I be more than I.5°X� lower than �ny prior rate. Bonds of
the sa e maturity shall bear a single rate f om the date of the Bonds to the ate of maturity. No bid
may b conditioned upon award of any othe offering of obligations by the C .
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AWARD j
The B nds will be awarded to the Bidder of ering the lowest dollar interest I ost to be determined by
the d uction of the premium, if any, from or the addition of any nmount ss than par, to, the total
dollar interest on the Bonds from their date to their final schedul maturity. The City's
compu ation of the total net dollar interes cost of each bid, in accordanc 'with customary practice,
will be controlling.
The C ty will reserve the right to: (i) wai e non-substantive informalities of any bid or of matters
relati to the receipt of bids and award i the Bonds, (ii) reject all bid ' without cause, and, (iii)
reject ny bid which the City determines to have failed to comply with the rms herein.
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SETTLE AND DELIVERY I
�elive , Payment a�d Ownership of the Within 40 days following t e date of award of the
Bonds, he Global Certificates will be deli red without cost to the Purch er at a place mutvally
satisfac ory to the City ond the Purchaser. n the date of settlement payme t for the Bonds shall be
made i federal, or equivalent funds, whi h shnll be received at the off es of the City, or its
designe , not later than I:00 P.M., Central Time of the day of settlement.' Except as compliance
with th terms of payment for the Bonds sh II hnve been made impossible by tion of the City, or its
agents, he Purchaser shall be liable to the City for any loss suffered by th City by reason of the
Purchas r's non-compliance with said term for payment. The successful idder, ns a condition of
deliver of the Bonds, shall be required to de osit the Global �ertificates wit the Depository.
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Legal inion and Transcript. Delivery of t e Bonds will be subject to recei � by the Purchaser of an
approvi g legal opinion of Briggs ond Morga Professional Association, of Sai t Paul and Minneapolis,
Minnes ta, which opinion will be attached to the Global Cettificates, a of customary closing
papers, including a no-litigation certificate At settlement the Purchaser ill be furnished with a
certific te signed by appropriate officers o the City to the effect that th ' Official Statement did
not as f the date of the Off icinl Statemen , and dces not as of the date of settlement, contain any
untrue tatement of a mnterial fact or omi to state a material foct necess ry in order to make the
statem nts therein, in Iight. of the circumsta ces under which they were mad , not misleading.
OFFI lAL STATEMENT
Under iters may obtain a copy of the Off i ial Statement by request to the City's Financial Advisor
prior t the bid opening. The Purchaser will be provided with 25 copies of th Official Statement.
Dated ebruary _, I 988 BY ORDER F THE CITY COUNCIL
/s/ Eu Iene A. Schiller, Director
Department of Finance nd Management Services
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EXHIBIT B I
N TICE OF SALE I
$2,700,000 I
CIT OF SAINT PAUL
R SEY COUNTY
MINNESOTA i
GENERAL OBLIG TION STREET IMPROVEMEN
SPECIAL ASSES MENT BONDS, SERIES 1988
(Global Book Entry System) I
These bonds will be offer d Monday, February 22, �988. Sealed
bids will be opened at 1: 0 o'clock P.M. , Centra Time, at the
office of Springsted Inco porated, Financial Adv'�or to the
City, by the City' s Direc or of Finance and Mana �ment
Services. Consideration f the bids and award o the sale of
the bonds by the City Cou cil will be at 9:00 0' ock A.M. ,
Central Time, on Tuesday, February 23 , 1988. Th bonds will
be dated March 1, 1988, a the date of original '�sue.
Interest will be payable n March 1, 1989, and s iannually
thereafter. The bonds wi 1 be general obligatio of the
Issuer for which its unli ited taxing powers wil ' be pledged.
The bonds will be issued in global book entry fo �n only. The
bonds will mature on Marc 1 in the years and am unts as
follows:
1990 $100,000 2000 $1 0,000
1991 150,000 2001 1 5 , 000
1992 150,000 2002 1 5,000
1993 150,000 2003 1 5,000
1994 150,000 2004 1 '0,000
1995 145,000 2005 1 0,000
1996 145,000 2006 1 5 ,000
1997 145,000 2007 1 ,5,000
1998 145,000 2008 1 5,000
1999 140,000 2009 1 0,000
The City may elect n March 1, 1996, and onllany interest
payment date thereafter o prepay bonds due on o after March
1, 1997, at a price of p r plus accrued interest Sealed bids
for not less than $2, 654 100 and accrued interes on the
principal sum of $2,700, 00 will be accepted. A acceptable
approving legal opinion ill be furnished by Bri gs and
Morgan, Professional Ass ciation, of St. Paul an Minneapolis,
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Minnesota. The proceeds f the bonds will be use to finance
the constructian of vario s street improvements i the City.
Bidders should be aware t at the Official Terms o Offering to
be published in the Offic al Statement for the bo ds may
contain additional biddin terms and information elative to
the bonds. In the event f a variance between st tements in
this Notice of Sale and s id Official Terms of Of ering, the
provisions of the latter hall be those to be co lied with.
Dated: January _, 1988 BY ORDER OF THE TY COUNCIL
s Eu ene A. Sc ' ller
Director, De rtment of
Finance and nagement
Services
Additional information
may be obtained from:
SPRINGSTED INCORPORATED '
85 East Seventh Place
Suite 100
Saint Paul, Minnesota 551 1-2143 �
Telephone No. : (612) 223 3000
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EXHIBIT B �����
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N ICE OF SALE
11,750,000
CIT �OF SAINT PAUL
R SEY COUNTY
MINNESOTA
GENERAL OBLIGATION BONDS,
C NSISTING OF
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$11, 250,000 G NERAL OBLIGATION CAPITA
IMPROVEMENT BO DS, SERIES 1988B ( "CIBs )
AND
$500 , 000 GENERA OBLIGATION URBAN RENE AL
BONDS, S RIES 1988C ( "URBs" )
(Global Book Entry System)
These bonds will be offer d Monday, February 22, �L988. Sealed
bids will be opened at 1: 0 o'clock P.M. , Central� Time, at the
office of Springsted Inco porated, Financial Advi or to the
City, by the City' s Direc or of Finance and Mana ment
Services. Consideration f the bids and award o the sale of
the bonds by the City Cou cil will be at 9: 00 0' ock A.M. ,
Central Time, on Tuesday, February 23 , 1988 . Th �bonds will
be dated March l, 1988, a the date of original sue.
Interest will be payable n September 1, 1988, a semi-
annually thereafter. The bonds will be general ligations of
the Issuer for which its nlimited taxing powers ill be
pledged. The bonds will e issued in global boo entry form
only. The bonds will mat re on March' 1 in the y rs and
amounts as follows:
CIB URBs otal
1989 $ 850, 00 $ 50 , 000 $ 900, 000
1990 900, 00 50 ,000 �50, 000
1991 950, 00 50,000 1 00,000
1992 1,000, 00 50,000 1 '050,000
1993 1,075, 00 50,000 1 125,000
1994 1,125, 00 50,000 1 175, 000
1995 1, 200, 00 50,000 1 250,000
1996 1, 300, 00 50,000 1 350 , 000
1997 1, 375, 00 50, 000 1 425 , 000
1998 1,475, 00 50 , 000 1 525 ,000
� TOTALS $11, 250, 00 $500 , 000 $11 750, 000
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The Bonds will not b subject to payment in dvance of
their respective stated m turity dates. Sealed b ds for both
the CIBs and URBs for not less than $11,550, 250 a 'd accrued
interest on the principal sum of $11,750,000 will be accepted.
An acceptable approving 1 gal opinion will be fur ished by
Briggs and Morgan, Profes ional Association, of S . Paul and
Minneapolis, Minnesota. he proceeds of the bond will be
used to finance the const uction of various capit 1
improvements in the City nd to acquire and clear land.
Bidders should be aware t at the Official Terms o Offering to
be published in the Offic' al Statement for the bo ds may
contain additional biddin terms and information elative to
the bonds. In the event f a variance between st tements in
this Notice of Sale and s id Official Terms of 0£ ering, the
provisions of the latter hall be those to be com lied with.
Dated: January _, 1988 BY ORDER OF THE C TY COUNCIL
s Eu ene A. Sch ller
Director, Dep rtment of
Finance and M nagement
Services
Additional information
may be obtained from:
SPRINGSTED INCORPORATED
85 East Seventh Place
Suite 100
Saint Paul, Minnesota 551 1-2143
Telephone No. : (612) 223 3000
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