88-248 WHITE - UTV CLERK CO11RC11 _ i�f��/
PINK - FINANCE G I TY OF SA I NT PA LT L
CANARV - OEPARTMENT v9-�'Q
BLUE - MAVOR File NO.
Council Resolution
Presented By '��
Referred To Committee: Date
Out of Com ittee By Date
ACCEPTING BID ON SALE OF
$500, 000 GENERAL OBLIGATION URBAN RENEWAL
BONDS, SERIES 1988C,
PROVIDING FOR THEIR ISSUANCE, AND
LEVYING A TAX FOR THE PAYMENT THEREOF
WHEREAS, the Director, Department of Finance and Management
Service , has presented affidavits showing publication of notice
of the ale of $500, 000 General Obligation Urban Renewal Bonds,
Series 988C (the "Bonds" ) , in conjunction with $11, 250 , 000
General Obligation Capital Improvement Bonds, Series 1988B (the
"1988 C pital Improvement Bonds" ) , of the City of Saint Paul,
Minneso a (the "City" ) , for which bids were to be considered
at this meeting in accordance with Resolution No. 88-93 adopted
by this City Council on January 21, 1988, and appr�ved by the
Mayor o January 25, 1988 ; and the affidavits have been examined,
have be n found to comply with the provisions of Minnesota Statutes,
Chapter 475, and have been approved and ordered placed on file;
and
WHEREAS, the bids set forth on Exhibit A attached
hereto ere received pursuant to the Official Terms of Offering
by the irector, Department of Finance and Management Services,
at the ffices of Springsted Incorporated at 1 :00 P.M. , Central
Time, o February 22 , 1988 ; and
COUNCIL MEMBE S Requested by Department of:
Yeas Nays
rnmond Finance and Mana ement Servic
�� In Favor
coswitz �
�� Against BY `
Sonnen
Wilson
Form Appro by City Attorn
Adopted by Council: Date �
�
Certified Passed by ouncil Secretary BY
By
A►pprove by M or. e Appro d by Mayor for S i ion Council
t�rr J�+--- B
C,�6� ���'
WHEREAS, the Bonds and the 1988 Capi.tal Tmprovement
Bo ds are, and will be, treated for purposes of the exclusion
of the interest thereon from federal income taxation as one
is ue, but are issued pursuant to separate resolutions of this
Cou cil; and
WHEREAS, the Director , Uepartment of Finance and
Man gement Services, has advised this Council that the bi.d of
Har is Trust and Savings Bank & Associates was found to be the
mos advantageous and has recommended that said bid be
acc pted; and
WHEREAS, this Council hereby finds, determines and
dec ares that:
( i) there is not first available in any annual
increment period under Title I of the Federal F�ousing Act
of 1949, as amended, sufficient urban renewal development
capital grant money for the payment of costs for approved
project activities and improvements in the Saint Paul
Neighborhood Redevelopment District, which is an urban
renewal development project which has heretofore been
designated and approved in the manner provided by law
pursuant to the provisions of Subdivisions 1 and 2 of
Section 1 of Laws of Minnesota for 1963 , Chapter 881 , as
amended (the "Urban Renewal Law" ) ; and
(ii) pursuant to Section 1 of the Urban Renewal
Law, the City is authorized to issue bonds in the total
amount of $43 ,400, 000 for paying certain project costs of
urban renewal development or code enfor.cement projects
designated by The Housing and Redevelopment Authority of
the City of Saint Paul, Minnesota , or the City in the
manner provided by law and for paying any remaining costs
of municipal buildings and improvements to be constructed
within or adjacent to the project area; and
( iii) the City has heretofore issued $42, 125 , 000 of
bonds pursuant to the authority contained in Section 1 of
the Urban Renewal Law; and
( iv) $2, 505, 000 of such bonds have heretofore been
issued pursuant to the authority conta.ined in Subdivision
3 of Section 1 of the Urban Renewal Law (which
subdivision was added by Laws of. Minnesota for 1975 ,
Chapter 260) ; and
2
������
(v) the City is therefore authorized to issue the
Bonds pursuant to the authority contained in Subd.ivision
3 of Section 1 of the Urban Renewal Law, and the Council
does hereby authorize the issuance of the Bonds in the
amount of $500, 000 for the payment of up to the entire
project cost of the Saint �aul Neighborhood Redevelopment
District, an urban renewal development project; and
WHEREAS, the proceeds of the Bonds will finance up
to t e entire project cost for an urban renewal development
proj ct designated under the provisions of Section 1 of the
Urba Renewal Law, specifically to acquire and clear land, all
in t e Saint Paul Neighborhood Redevelopment District; and
WHEREAS, the Ci.ty has heretofore issued r.egistered
obli ations in certificated form, and incurs substantial
cost associated with their printing and issuance, and
subs antial continuing transaction costs relating to their
paym nt, transfer and exchange; and
WHEREAS, the City has determined again in 1988 that
sign ' ficant savings in transaction costs will result from
issu ng bonds in "global book-eni�ry form" , by which bonds are
issu d in certificated form in large denominations, registered
on t e books of the City in the name of a depository or its
nomi ee, and held in safekeepinc� and immobilized by such
depo itory, and such depository 'as part of the computerized
nati nal securities clearance and settlement system (the
"Nat onal System" ) registers transfers of ownership interests
in t e bonds by making computerized book entries on its own
book and distributes payments on the bonds to its
Part cipants shown on its books as the owners of such
inte ests; and such Participants and other banks, brokers and
deal rs participating in the National System will do likewise
(not as agents of the City) if not the beneficial owners of
the onds; and
WHEREAS, "Participants" means th�se financi.al
inst ' tutions for whom the Depository effects book-entry
tran fers and pledges of securities deposited and immobilized
with the Depository; and
WHEREAS, Midwest Securities Trust Company, a limited
purp se trust company organized under the laws of the State of
Illi ois, or any of its successors or successors to its
func ions hereunder (the "Depository" ) , wil]_ act as such
depo itory with respect to the Bonds except as set forth
belo , and there is before this Council a form of letter
3
��-��-���
agr ement (the "Depository Letter Agreement" } setting forth
var ous matters relating to the Depository and its role with
res ect to the Bonds; and
WHEREAS, the City will deliver the Bonds in the form
of ne certificate per matur. ity, each representing the ent.ire
pri cipal amount of the Bonds due on a particular maturity
dat (each a "Global Certifi.cate" ) , which single certiticate
per maturity may be transfer. red on the City' s bond register as
req ired by the Uniform Commercial Code, but not exchanged f.or
sma ler denominations unless the City determines to issue
Rep acement Bonds as provided below; and
WHEREAS, the City will be able to replace the
Dep sitory or under certain circumstances to abandon the
"gl bal book-entry form" by permitting the Global Certificates
to e exchanged for smaller denominations typical of ordinary
bon s registered on the City' s �bond register; and "Replacement
Bon s" means the certificates representing the Bonds so
aut enticated and delivered by the Bond Registrar pursuant to
par graphs 6 and 12 hereof; and
WHEREAS, "Holder" as used herein means the person in
whos name a Bond is registered on the registration books of
the ity maintained by the City Treasurer or a successor
registrar appointed as provided in paragraph 8 (the "Bond
Regi trar" ) :
NOW, THEREFORE, BE IT RESOL�VED by the Council of the
City of Saint Paul, Minnesota, as fol.lows:
l. Acceptance of Bid. The bid of Harris Trust and
Savi gs Bank & Associates (the "Purchaser" ) to purchase
$500,000 General Obligation Urban Renewal Bonds, Series 1988C,
of t e City (the "Bonds" , or individually a "Bond" ) , and the
1988 Capital Improvement Bonds, in accordance with the
Offi ial Terms of Offering for the bond sale, at the rates of
inte est set forth hereinafter £or the Bonds and in a separate
reso ution for the 1988 Capital Improvement Bonds, and to pay
for he Bonds and the 1988 Capital Improvement Bonds the sum
of $ 1 , 615, 499. 25, plus interest accrued to settlement, is
here y found, determined and declared to be the most favorable
bid eceived and is hereby accepted, and the Bonds and 1988
Capi al Improvement Bonds are hereby awarded to said bidder .
The irector , Department of Finance and Management Services,
or h ' s designee, is directed to retain the deposit of said
bidd r and to forthwith return to the unsuccessful bidders
thei good faith checks or drafts. A paragraph similar to
4
(.�._.�or�r-/�r9 ;
th s also appears in the resolution adopted th.is day which
pr vides for the issuance of the 1988 Capital Improvement
Bo ds.
2 . Title; Original Issue Date; Denominations;
Ma urities. The Bonds shall be titled "General Obligation
Ur an Renewal Bonds, Series 1988C" , shall be dated March l,
19 8, as the date of original issue and shall be issued
fo thwith on or after such date as fully registered bonds.
Th Bonds shall be numbered from R-1 upward. Global
Ce tificates shall each be in the denomination of the entire
pr ' ncipal amount maturing on a single date. Replacement
Bo ds, if issued as provided in paragraph 6 , shall be in the
de omination of $5, 000 each or in any integral multiple
th reof of a single maturity. The Bonds shall mature, without
op ion of prepayment, on March 1 in the years and amounts as
fo lows:
Year Amount Year Amount
1989 $50, 000 1994 $50 , 000
1990 50, 000 1995 50, 000
1991 50, 000 1996 50, 000
1992 50 , 000 1997 50 , 000
1993 50, 000 1998 50, 000
3 . Pur�ose. The Bonds shall provide funds for th�
acq isition and clearance of land (the "Improvements" ) in the
Cit , and for the further payment of any remaining cost of
mun 'cipal buildings and improvements to be constructed within
or djacent to the project area of the Saint Paul Neighborhood
Red velopment District. The proceeds of the Bonds shall be
dep sited and used as provided in paragraph 17, for the
pur ose described by Laws of Minnesota for 1963 , Chapter 881,
as mended (the "Urban Renewal Law" ) . Despite the allocation
of roceeds of the Bonds made in the preceding sentences of
thi paragraph, the proceeds of the Bonds shall be subject to
rea location in purpose and amount consistent with the laws
und r which the Bonds are authorized to be issued, and the use
of ny such reallocated proceeds shall from and after the
rea location be treated as, or as part of, the "Improvements" ;
pro ided, that no part of the proceeds of the issuance and
sal of any of the Bonds shal]_ be made the subject of any
rea location or disbursement except for the purpose of the
pay ent or defrayment of the City' s obligations assumed under
and authorized by said laws with respect to one or more of the
sev ral urban renewal development or code enforcement projects
( in luding municipal buildings and improvements to be
5
��-���,�'
const ucted within or adjacent to said project areas)
autho ized thereunder . The total cost of the Improvements,
which shall include all costs enumerated in Minnesota
Statu es, Section 475. 65 , is estimated to be at least equal to
the a ount of the Bonds. Work on the Improvements shall
proce d with due diligence to completion.
4 . Interest. The Bonds shall bear interest payable
semia nually on March �l and September 1 of each year (each,
an "I terest Payment Date" ) , commencing September 1, 1988 ,
calculated on the basis of a 360-day year of twelve 30-day
month , at the respective rates per annum set forth opposite
the aturity years as follows:
M turit Year Interest Rate Maturity Year Interest Rate
1989 4 . 800 1994 5 . 80�
1990 5. 10 1995 6 . 00
1991 5. 30 1.996 6 . 10
1992 5 . 50 1997 6. 25
1993 5 . 70 1998 6. 25
5 . Description of the Global Certificates and
Glob 1 Book-Entr S stem. Upon their original issuance the
Bond will be issued in the form of a single Global
Cert ficate for each maturity, deposited with the Depository
by t e Purchaser and immobilized as provided in paragraph 6.
No b neficial owners of interests in the Bonds will receive
cert ' ficates representing their respective interests in the
Bond except as provided in paragraph 6. Except as so
provided, during the term of the Bonds, beneficial ownership
(and subsequent transfers of beneficial ownership) of
interests in the Global Certificates will be reflected by book
entries made on the records of the Depository and its
Par icipants and other banks, brokers, and dealers
par icipating in the National System. The Depository' s book
ent ies of beneficial ownership interests are authorized to be
in ' ncrements of $5 , 000 of principal of the Bonds, but not
sma ler increments, despite the ]_arger authori.zed
den minations of the Global Certificates. Payment of
pri cipal of, premium, if any, and interest on the Global
Cer ificates will be made to the Bond Registrar as paying
age t, and in turn by the Bond Registrar to the Depository or
its nominee as registered owner of the Global Certificates,
and the Depository according to the laws and rules governing
it ill receive and forward payments on behalf of the
ben ficial owners of the Global Certificates.
6
�����C���
Payment of principal of, premium, if any, and interest on
a G obal Certificate may in the City' s discretian be made by
suc other method of transferring funds as may be requested by
the Holder of a Global Certificate.
6. Immobilization of Global Certificates by the
De sitor ; Successor De ositor ; Replacement Bonds. Pursuant
to he request of the Purchaser to the Depository, which
req est is required by the Official Terms of Offering,
imm diately upon the original delivery of the Bonds the
Pur haser will deposit the Global Certificates representing
all of the Bonds with the Depository. The Global Certificates
shall be in typewritten form or otherwise as acceptable to the
Dep sitory, shall be registered in the name of the Depository
or its nominee and shall be held immob.ilized from circulation
at t e offices of the Depository on behalf of the Purchaser
and ubsequent bondowners. The Depository or its nominee will
be t e sole holder of record of the Global Certificates and no
inve tor or other party purchasing, selling or otherwise
tran ferring ownership of interests in any Bond is to receive,
hold or deliver any bond certificates so long as the
Depo itory holds the Global Certificates immobilized from
circ lation, except as provided below in this paragraph and in
para raph 12.
Certificates evidencing the Bonds may not after their
orig nal delivery be transferred or exchanged except:
( i) Upon registration of transfer of ownership of
a Global Certificate, as provided in paragraph 12,
( ii) To any successor of the Depository (or its
nominee) or any substitute depository (a "substitute
depository" ) designated pursuant to clause ( iii) of this
subparagraph, provided that any successor of the
epository or any substi.tute depository must be both a
"clearing corporation" as defined in the Minnesota
niform Commercial Code at Minnesota Statutes,
ection 336. 8-102, and a qualified and registered
'clearing agency" as provided in Section 17A of the
ecurities Exchange Act of 1934 , as amended,
(iii) To a substitute depository desi.gnated by and
cceptable to the City upon (a) the determination by the
epository that the Bonds shall no longer be eligible for
ts depository services or (b) a determination by the
ity that the Depository is no longer able to carry out
ts functions, provided that any substitute depository
7
�-r�-����
must be qualified to act as such, as provided in clause
( ii) of this subparagraph, or
( iv) To those persons to whom transfer is
requested in written transfer instructions in the event
that:
(a) the Depository sha11 resign or discontinue
its services for th� Bonds and the City is unable to
locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the City in its
sole discretion that (1) the continuation of the
book-entry system described herein, which precludes
the issuance of certificates (other than Global
Certificates) to any Holder other than the
Depository (or its nominee) , might adversel.y affect
the interest of the beneficial owners of the Bonds,
or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to
obtain certificated bonds,
in either of which events the City shall notify Holders
of its determination and of the availability of
certificates (the "Replacement Bonds" ) to Holders
requesting the same and the registration, transfer and
exchange of such Bonds wil_1 be conducted as provided in
paragraphs 9B and 12 hereof.
In the event of a succession of the Depository as
may be authorized by this parac�raph, the Bond Registrar upon
pre entation of Global Certificates shall register their
tra sfer to the substitute or successor depositories, and the
sub titute or successor depository shall be treated as the
Dep sitory for all purposes and functions under this
res lution. The Depository Letter Agreement shall not apply
to substitute or successor depository unless the City and
the substitute or successor depository so agree, and a similar
agr ement may be entered into.
7. No Redemption. The Bonds shall not be subject
to edemption and prepayment prior to their maturity.
8 . Bond Registrar . The Treasurer of the City is
app inted to act as bond registrar and transfer agent with
res ect to the Bonds (the "Bond Registrar" ) , and shall do so
8
(�`�d"O ��O
unle s and until a successor Bond Registrar is duly appointed.
A su cessor Bond Registrar shall be an officer of the City or
a ba k or trust company eli.gible for designation as bond
regi trar pursuant to Minnesota Statutes, Chapter 475, and may
be a pointed pursuant to any contract the City and such
succ ssor Bond Registrar shall execute which is consistent
here ith. The Bond Registrar shall also serve as paying agent
unle s and until a successor paying agent is duly appointed.
Prin ipal and interest on the Bonds shall be paid to the
Hold rs (or record holders) of the Bonds in the manner set
fort in the forms of Bond and paragraph 14 of this
reso ution.
9. Forms of Bond. The Bonds shall be in the form
of G obal Certificates unless and until Replacement Bonds are
made available as provided i.n paragraph 6. Each form of bond
may ontain such additional or. ditferent terms and provisions
as t the form o£ payment, record date, notices and other
matt rs as are consistent with the Depository Letter Agreement
and pproved by the City Attorney.
A. Global Certificates. The Global Certificates,
toge her with the Certificate of Registration, the form of
Assi nment and the registration information thereon, shall be
in s bstantially the following form and may be typewritten
rath r than printed:
9
����-�<<�
UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUN'PY
CITY OF SAINT PAUL
R- $
GENERAL OBLIGATION URBAN RENEWAL
BOND, SERIES 1988C
NTEREST MATURITY llATE OF
RA'I'E DA`1'E ORIGINAL ISSUE CUSIP
March l, 19_ March l, 1988
RE ISTERED OWNER:
PR NCIPAL AMOUNT: DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul , Ramsey County, Minnesota (the "Issuer" or "City" ) ,
certifies that it is indebted and for value received promises
to ay to the registered owner specified above or on the
cer ificate of registration below, or regi.stered assigns,
wit out option of prepayment, in the manner hereinafter set
for h, the principal amount specified above, on the maturity
dat specified above, and to pay interest thereon semiannually
on arch 1 and September 1 of each year (each, an "Interest
Pay ent Date" ) , commencing September l , 1988, at the rate per
ann m specified above (calculated on the basis of a 360-day
yea of twelve 30-day months) until the principal sum is paid
or as been provided for . This Bond wi_11 bear interest from
the most recent Interest Payment Date to which interest has
bee paid or , if no interest has been paid, from the date of
ori inal issue hereof. The princi.pal of and premium, if any,
on his Bond are payable by check or draft in next day funds
or ts equivalent (or by wire transfer in immediately
ava ' lable funds if payment in such form is necessary to meet
the timing requirements below) upon presentation and surrender
her of at the principal office of the Treasurer of the Issuer
in aint Paul, Minnesota (the "Bond Registrar" ) , acting as
pay'ng agent, or any successor paying agent duly appointed by
the Issuer . Interest on this Bond will be paid on each
Int rest Payment Date by check or dr. aft in next day f.unds or
its equivalent mailed (or by wire transfer in immediately
available funds if payment in such form is necessary to meet
10
� ������
th timing requirements below) to the person in whose name
th' s Bond is register.ed (the "Holder" or "Bondho] der" ) on the
re istration books of the Issuer maintained by the Bond
Re istrar and at the address appearing thereon at the close of
business on the fifteenth calendar day preceding such Interest
Pay ent Date (the "Regular Record Date" ) . Interest payments
sha 1 be received by the Holder no later than 12: 00 noon,
Chi ago, Illinois, time; and principal and premium payments
sha 1 be received by the Holder no later than 12: 00 noon,
Chi ago, Illi.nois, time, if the Bond is surrendered for
pay ent enough in advance to permit payment to be made by such
tim . Any interest not so timely paid shall cease to be
pay ble to the person who is the Holder hereof as of the
Reg lar Record Date, and shall be payable to the person who is
the Holder hereof at the close of business on a date (the
"Sp cial Record Date" ) fixed by the Bond Registrar whenever
mon y becomes available for payment of the defaulted interest.
Not ' ce of the Special Record Date shall be given to
Bon holders not less than ten days prior to the Special Record
Dat . The principal of and premium, if any, and interest on
thi Bond are payable in lawful money of the United States of
America.
Date of Payment Not Business Day. If the date for
paym nt of the principal of, premium, if any, or interest on
this Bond shall be a Saturday, Sunday, legal holiday or a day
on w ich banking institutions in the City of Chicago,
Illi ois, or the city where the principal office of the Bond
Regi trar is located are author. ized by law or executive order
to c ose, then the date for such payment shall be the next
succ eding day which is not a Saturday, Sunday, legal ho].iday
or a day on which such banking instituti.ons are authorized to
clos , and payment on such date shall have the same force and
effe t as if made on the nominal date of payment.
No Redemption. The Bonds of this issue are not
subj ct to redemption and prepayment prior to their maturity.
Issuance; Purpose; General Obli�ation. This Bond is
one f an issue in the total principal amount of $500, 000, all
of like date of original issue and tenor, except as to number ,
maturity, interest rate, and denomination, which Bond has been
issue pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including
parti ularly Laws of Minnesota for 1963 , Chapter 881, as
amend d, particul.arly Subdivision 3 of Section 1 thereof, and
the C arter of the Issuer , and pursuant to a resolution
adopt d by the City Council of the Issuer on February 23 , 1988
11
��-��- a��'
(the "Resolution" ) , for the purpose of procuring the necessary
fund to pay up to the entire project cost of certain ur. ban
rene al development projects in the City, designated the Saint
Paul Neighborhood Redevelopment District, being a project for
whic the City is authorized to issue bonds pursuant to the
afor said laws. This Bond is payable out of the General Debt
Serv' ce Fund of the Issuer . This Bond constitutes a general
obli ation of the Issuer, and to provide moneys for the prompt
and ull payment of its principa,l, premium, i.f any, and
inte est when the same become due, the full faith and credit
and axing powers of the Issuer have been and are hereby
irre ocably pledged.
Denominations; Exchan�e; Resolution. The Bonds are
issu ble originally only as G1oba1 Certificates in the
deno ination of the entire principal amount of the issue
matu ing on a single date. Globa:l Certificates are not
exch ngeable for fully registered bonds of smaller
deno inations except in exchange for Replacement Bonds if then
avai able. Replacement Bonds, if made availab.le as provided
belo , are issuable solely as fu.11y registered bonds in the
deno inations of $5, 000 and integral multiples thereof of a
sing e maturity and are exchangeable for fully registered
Bond of other authorized denominations in equal aggregate
prin ipal amounts at the principal office of the Aond
Regi trar , but only in the manner and subject to the
limi ations provided in the Resolution. Reference is hereby
made to the Resolution for a description of the rights and
duti s of the Bond Registrar . Copies of the Resolution are
on f ' le in the principal office of the Bond Registrar .
Replacement Bonds. Replacement Bonds may be issued
by t e Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable
to locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that ( 1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certificates)
to any Holder other than the Depository (or its nominee) ,
might adversely affect the interest of the beneficial
owners of the Bonds, or (2) that it is in the best
interest of the beneficial owners of the Bonds that they
be able to obtain certificated bonds.
12
������
Transfer . This Bond shall be registered in the name
of the payee on the books of the Issuer by presenting this
Bo d for registration to the Bond Registrar , who will endorse
hi , her or its name and note the date of registration
op osite the name of the payee in the certificate of
re istration attached hereto. Thereafter this Bond may be
tr nsferred by delivery with an assignment duly executed by
th Holder or his, her or its legal representatives, and the
Is uer and Bond Registrar may treat the Holder as the person
ex lusively entitled to exercise all the rights and powers of
an owner until this Bond is presented with such assignment for
re istration of transfer , accompanied by assurance of the
na ure provided by law that the assignment is genuine and
ef ective, and until such transfer is registered on said books
an noted hereon by the Bond Registrar , all subject to the
te ms and conditions provided in the Resolution and to
re sonable regulations of the Issuer contained in any
ag eement with, or notice to, the Bond Registrar . Transfer of
th ' s Bond may, at the direction and expense of the Issuer , be
su ject to certain other restrictions if required to qualify
this Bond as being "in registered form" within the meaning of
Section 149 (a) of the federal Internal Revenue Code of 1986 ,
as mended.
Fees upon Transfer or Loss. The Bond Registrar may
req ire payment of a sum sufficient to cover any tax or other.
gov rnmental charge payable in connection with the transfer or
exc ange of this Bond and any legal or unusual costs regarding
tra sfers and lost Bonds.
Treatment of Registered Owner . The Issuer and Bond
Reg strar may treat the person in whose name this Bond is
reg stered as the owner hereof for the purpose of receiving
pay ent as herein provided (except as otherwise provided with
res ect to the Record Date) and for all other purposes,
whe her or not this Bond shall be overdue, and neither the
Iss er nor the Bond Registrar shall be affected by notice to
the contrary.
Authentication. This Bond shall not be valid or
bec e obligatory for any purpose or be entitled to any
security unless the Certificate of Authentication hereon shall_
have been executed by the Bond Registrar .
Not Qualified Tax-Exempt Obligations. The Bonds
have not been designated by the Issuer as "qualified
tax- xempt obligations" for purposes of 5ection 265 (b) (3) of
the ederal Internal Revenue Code of 1986, as amended.
13
�� �����'�
IT IS HEREBY CERTIFIED AND RECITED that all acts,
co ditions and things required by the Constitution and laws of
th State of Minnesota and the Charter of the Issuer to be
do e, to happen and to be performed, precedent to and in the
is uance of this Bond, have been done, have happened and have
be n performed, in regular and due form, time and manner as
re uired by law, and this Bond, together with all other debts
of the Issuer outstanding on the date of original. issue hereof
an on the date of its issuance and delivery to the original
purchaser , does not exceed any constitutional or statutory or
Charter limitation of indebtedness.
14
������
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
Co nty, Minnesota, by its City Council has caused th:is Bond to
be sealed with its official seal and to be executed on its
be alf by the photocopied facsimile signature of its Mayor ,
at ested by the photocopied facsimile signature of its Clerk, -
an countersigned by the photocopi.ed facsimile signature of
it Director , Department of Finance and Management Services.
Da e of Registration: Registrable by:
Payable at:
BON REGISTRAR' S CTTY OF $AINT PAUL,
CER IFICATE OF RAMSEY COUNTY, MINNESOTA
AUT ENTICATION
Thi Bond is one of the
Bon s described in the
Res lution mentioned Mayor
wit in.
Attest:
, City Clerk
Bond Registrar
BY Countersigned:
Au horized Signature
Director , Department of Finance
and Management Services
(SEAL
Gener 1 Obligation Urban Renewal Bond, Series 1988C, No.
R-
15
����y�
CERTIFICATE OF REGISTRATION
The t ansfer of ownership of the principal amount of the
attac ed Bond may be made only by the registered owner or his,
her o its legal representative last noted below.
DATE F SIGNATURE OF
REGIS RATION REGISTERED OWNER BOND REGISTRAR
16
(;�--���y a
ABBREV I11T I ONS
The following abbreviati.ons, when used in the inscri_ption
on the face of this Bond, shall be construed as though they
we e written out in full according to applicable laws or
re ulations:
TE COM - as tenants in common
TE ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UT A - as custodian for
(Cust) (Minor)
under the Uniform Transfers
(State)
to Minors Act
Additional abbreviations may also be used
though not in the above list.
17
� ����
ASSIGNMENT
For value received, the undersigned hereby sells,
as igns and transfers unto
the within Bond and does
he eby irrevocably constitute and appoint
at orney to transfer the Bond on the books kept for the
re istration thereof, with full power of substitution in the
pr mises.
Da ed:
Notice: The assignor ' s signature to this
assignment must correspond with the name
as it appears upon the face of i�he within
Bond in every particular , without
alteration or any change whatever .
Sig ature Guaranteed:
Sig ature(s) must be guaranteed by a national bank or trust
com any or by a brokerage firm having a membership in one of
the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond
unle s the information concerning the transferee requested
belo is provided.
Name and Address:
( Include information for all joint owners
if the Bond is held by joint account. )
18
%
c��—°���'
B. Replacement Bonds. If the City has notified
Ho ders that Replacement Bonds have been made available as
pr vided in paragraph 6, then for every Bond thereafter
transferred or exchanged the Bond Registrar shall deliver a
certificate in the form of the Replacement Bond rather than
the Global Certificate, but the Holder of a Global Certificate
sha 1 not otherwise be required to exchange the Gl.obal
Cer ificate for one or more Replacement Bonds since the City
rec gnizes that some bondholders may prefer the convenience of
the Depository' s registered ownership of the Bonds even though
the entire issue is no longer required to be in global book-
ent y form. The Replacement Bonds, together with the Bond
Reg strar ' s Certificate of Authentication, the form of
Ass 'gnment and the registration information thereon, shall be
in ubstantiall.y the following form:
l9
% ��-��/�'
�=
UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
R- $
GENERAL OBI,TGATION URBAN RENEWAL
BOND, SERIES 1988C
NTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
March 1 , 1988
REGISTERED OWNER:
PRI CIPAL AMOUNT: DOLL�IRS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Sai t Paul , Ramsey County, Minnesota (the "Issuer" or "City" ) ,
cer ifies that it is indebted and for. value received promises
to ay to the r. egistered owner specified above, or registered
ass gns, without option of prepayment, in the manner
her inafter set forth, the principal amount specified above,
on he maturity date specified above, and to pay interest
the eon semiannually on March 1 and September 1 of each year
(ea h, an "Interest Payment Date" ) , commencing September 1,
198 , at the rate per annum specified above (calcu].ated on the
bas s of a 360-day year of twelve 30-day months) until the
pri cipal sum is paid or has been provided for . This Bond
wil bear interest from the most recent Interest Payment Date
to hich interest has been paid or , if no interest has been
pai , from the date of original issue hereof. The principal
of nd premium, if any, on this Bond are payable upon
pre entation and surrender hereof at the principal office of
in , (the "Bond Registrar" ) ,
acti g as paying agent, or any successor paying agent duly
appointed by the Issuer . Interest on this Bond will be paid
on e ch Interest Payment Date by check or dr. af_t mailed to the
pers n in whose name this Bond is registered (the "Holder" or
"Bon holder" ) on the registration books of the Issuer
main ained by the Bond Registrar and at the address appearing
ther on at the close of business on the fifteenth calendar day
prec ding such Interest Payment Da�;e (the "Regular Record
20
CG-!=��/�
Da e" ) . Any interest not so timely paid shall cease to be
pa ab.le to the person who is the Holder hereof as of the
Re ular Record Date, and shall be payable to the person who is
th Holder hereof at the close of business on a date (the
"S ecial Record Date" ) fixed by the Bond Registrar whenever
mo ey becomes available for payment of the defaulted interest.
No ice of the Special Record Date shall be given to
Bo holders not less than ten days prior to the Special Record
Dat . The principal of and premium, if any, and interest on
thi Bond are payable in lawful money of the United States of
Ame ica.
REFERFNCE IS HEREF3Y MAUE TO THF F'URTHER PROVISIONS
OF HIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS
SHA L FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH
HER .
IT IS HEREBY CERTIFIED AND RECITED that all acts,
con itions and things required by the Constituti.on and laws of
the State of Minnesota ar�d the Charter of the Issuer to be
done, to happen and to be performed, precedent to and in the
issu nce of this Bond, have been done, have happened and have
been performed, in regular and due form, time and manner as
requ ' red by law, and this Bond, together with all other debts
of t e Issuer outstanding\ on the date of original issue hereof
and n the date of its issuance and delivery to the origina]_
purc aser , does not exceed any constitutional or statutory or
Char er limitation of indebtedness.
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
Coun y, Minnesota, by its City Council has caused this Bond to
be s aled with its official seal or a f.acsimile thereof and to
be ex cuted on its behalf by the original or facsimile
signa ure of its Mayor , attested by the original or facsimile
signa ure of its Clerk, and countersigned by the original or
facsi ile signature of its Director , Department of Finance and
Manag ment Services.
21
� ,..�y "0��0
�- O
Date of Registr.ation: Registrable by:
Payable at:
B ND REGISTRAR' S CITY OF SAIN'P PAUL,
C RTIFICATE OF RAMSEY COUNTY, MINNESOTA
A THENTICATION
T is Bond is one of the
B nds described in the
R solution mentioned Mayor
w' thin.
Attest:
, City Clerk
B nd Registrar
B Countersigned:
Authorized Signature
Director , Department of Finance
and Management Services
( EAL)
22
������
ON REVERSE OF BOND
Date of Payment Not Business Day. If the date for
p yment of the principal of, premium, if any, or interest on
t is Bond shall be a Saturday, Sunday, legal holiday or a day
o which banking institutions in the City of Chicago,
I linois, or the city where the principal office of the Bond
R gistrar is located are authorized by law or executive order
to close, then the date for such payment shall be the next
su ceeding day which is not a Saturday, Sunday, legal holiday
or a day on which such banking instituti.ons are authorized to
cl se, and payment on such date shall have the same force and
ef ect as if made on the nominal date of payment.
No Redemption. The Bonds of this issue are not
su ject to redemption and prepayment prior to their maturity.
Issuance; Purpose; General Obligation. This Bond is
on of an issue in the total principal amount of $500, 000, all
of like date of original issue and tenor , except as to number ,
ma urity, interest rate, and denomi.nation, which Bond has been
is ued pursuant to and in full conformity with the
Co stitution and laws of the State of Minnesota , including
particularly Laws of_ Minnesota for 1963 , Chapter 887., as
ame ded, particularly Subdivision 3 of Secti.on 1 thereof, and
the Charter of the Issuer , and pursuant to a resolution
ado ted by the City Council of the Issuer on February 23 , 198f3
(th "Resolution" ) , for the purpose of procuring the necessary
fun s to pay up to the entire project cost of certain urban
ren wal development projects in the City, designated the Saint
Pau Neighborhood Redevelopment District, being a project for
whi h the City is authorized to issue bonds pursuant to the
afo esaid laws. This Bond is payable out of the General Debt
Ser ice Fund of the Issuer . This Bond constitutes a general
obl ' gation of the Issuer , and to provide moneys for the prompt
and full payment of its principal , premium, if any, and
int rest when the same become due, the full faith and credit
and taxing powers of the Issuer have been and are hereby
irre ocably pledged.
Denominations; Exchan�c.e_; Resolution. The Bonds are
issu ble solely as fully registered bonds in the denominations
of $ , 000 and integral multiples thereof of a single maturity
and re exchangeable for fully registered Bonds of other
auth rized denominations in equal aggregate principal amounts
at t e principal office of the f3ond Registrar. , but on_ly in the
mann r and subject to the limitations provided in the
23
������
Resol tion. Ref.erence is hereby made to the Resolution for a
descr ption of the rights and duties of the Band Registrar .
Copie of the Resolution are on file in the principal office
of th Bond Registrar.
Transfer. This Bond is transferabl_e by the Holder
in pe son or by his, her or its attorney duly authorized in
writi g at the principal office of the Bond Registrar upon
prese tation and surrender hereof to the Bond Registrar , all
subje t to the terms and conditions provided in the Resolution
and t reasonable regulations of the Issuer contained in any
agree ent with, or notice to, the Bond Registrar . Thereupon
the I suer shall execute and the Bond Registrar shall
authe ticate and deliver , in exchange for this Bond, one or
more ew fully registered Bonds in the name of the transferee
(but ot registered in b]_ank or to "bearer" or similar
desi nation) , of an authorized denominati.on or denominations,
in a gregate principal amount equal to the principal amount of
this Bond, of the same maturity and bearing interest at the
same rate. Whenever ownership of this Bond should be
tran ferred under any other circumstances or be registered in
nomi ee name only, the registered owner of the Bond shall, if
and o the extent required to qualify this Bond as being "in
regi tered form" within the meaning of Section 149 (a) of the
fede al Internal Revenue Code of 1986 , as amended, and at the
dire tion and expense of the Issuer , maintain for the Issuer a
reco d of the actual owner of the Bonds.
Fees upon Transfer or Loss. The Bond Registrar may
requ re payment of a sum sufficient to cover any tax or other
gove nmental charge payable in connection with the transfer or
exch nge of this Bond and any legal or unusual costs regarding
tran fers and lost Bonds.
Treatment of Registered Owner. The Issuer and Bond
Regi trar may treat the person in whose name this Bond is
regi tered as the owner hereof £or the purpose of receiving
pay nt as herein provided (except as otherwise provided on
the reverse side hereof with respect to the Record Date) and
for all other purposes, whether or not this Bond shall be
overdue, and neither the Issuer nor the Bond Registrar shall
be ffected by notice to the contrary.
Authentication. This Bond shall not be valid or
bec me obligatory for any purpose or be entitled to any
sec rity unless the Cer. tificate of Authentication hereon shall
hav been executed by the Bond Registrar .
24
, ,
' ��/��--�=�-;�'"
Not Qualified Tax-Exempt Obligations. The Bonds
hav not been designated by the Issuer as "qualified
tax exempt obligations" for purposes of Section 265 (b) ( 3) of
the federal Internal Revenue Code of 1986 , as amended.
ABBREVIATIONS
The following abbreviations, when used in the inscription
on he face of this I3ond, shall be construed as though they
wer written out in full according to applicable laws or
reg lations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT EN - as joint tenants with ri.ght of survivorshi.p
and not as tenants in common
UTM - as custodian for
(Cust) (Minor)
under the Uniform Transfers
(State)
to Minors Act
Additional abbreviations may also be used
though not in the above list.
25
�
�--�=-���'
ASSIGNMENT
For value received, the undersigned hereby sells,
ass ' gns and transfers unto
the within Bond and does
her by irrevocably constitute and appoint
att rney to transfer the Bond on the books kept for the
reg stration thereof, with full power of substitution in the
pre ises.
Dat d:
Notice: The assignor ' s signature to this
assignment must correspond with the name
as it appears upon the face of the within
Bond in every particular, without
alteration or any change whatever .
Si nature Guaranteed:
Si nature(s) must be guaranteed by a national bank or trust
co pany or by a brokerage firm having a membership in one of
th major stock exchanges.
The Bond Registrar will not effect transfer of this Bond
u less the information concerning the transferee requested
b low is provided.
N me and Address:
( Include information for a.11 joint owners
if the Bond is held by joint account. )
26
����-���
10. Execution. The Bonds sha.11 be executed on
beh lf of the City by the signatures of its Mayor , C]_erk and
Dir ctor , llepartmPnt of Finance and Management Services, each
wit the effect noted on the forms of the Bonds, and be sealed
wit the seal of the Ci.ty; provided, however , that the seal of
the City may be a printed or photocopied facsimil�; and
pro ided £urther that any of such signatures may be printed or
pho ocopied facsimiles and the corporate seal may be omitted
on he Bonds as permitted by 1_aw. In the event of disability
or esignation or other absence of any such o£ficer, the Bonds
may be signed by the manual or facsimile signature of that
officer who may act on behalf of such absent or disabled
of icer . In case any such officer whose signature or
fa simile of whose signature shall appear on the Bonds shall
ce se to be such officer before the delivery of the Bonds,
su h signature or facsimile shall nevertheless be valid and
su ficient for all purposes, the same as if he or she had
re ained in office until delivery.
11. Authentication; Date of Registration. No Bond
sh 11 be valid or obligatory f.or any purpose or be entitled to
an security or benefit under this resolution unless a
Ce tificate of Authentication on such Bond, substantially in
th form hereinabove set forth, shall have been duly executed
by an authorized representative of the Bond Registrar .
Ce tificates of Authentication on different Bonds need not bP
si ned by the same person. The Bond Registrar shall
au henticate the signatures of officers of the City on each
Bo d by execution of the Certificate of Authentication on the
Bo d and by inserting as the date of registration in the space
pr vided the date on which the Bond is authenticated. For
p rposes of delivering the original Global Certificates to the
P rchaser , the Bond Registrar shall insert as the date of
r gistration the date of original issue, which date is
M rch l, 1988 . The Certificate of Authentication so executed
o each Bond shall be conclusive evidence that it has been
a thenticated and delivered under this resolution.
12. Registration; Transfer; Exchange. The City
w 11 cause to be kept at the principal office of the Bond
R gistrar a bond register in which, subject to such reasonable
r gulations as the Bond Registrar may prescribe, the Bond
R gistrar shall provide for the registration of Bonds and th�
r gistration of transfers of. Bonds entitled to be registered
o transferred as herein provided.
A Global Certificate shall be registered in the name
o the payee on the books of the Bond Registrar by presenting
27
�����
the Global Certificate for registration to the Bond Registrar ,
who will endorse his or her name and note the date of
reg ' stration opposite the name of the payee in the certificate
of egistration on the Global Certificate. Thereafter a
Glo al Certificate may be transferr.ed by delivery with an
assignment duly executed by the Holder or his, her or its
leg 1 representative, and the City and Bond Registrar may
treat the Holder as the person exclusively entitled to
ex rcise all the rights and powers of an owner until a Global
Ce tificate is presented with such assignment for registration
of transfer, accompanied by assurance of the nature provided
by law that the assignment is genuine and effective, and until
su h transfer is registered on sai.d books and noted thereon by
th Bond Registrar, all subject to the terms and conditions
pr vided in the Resolution and to reasonable regulations of
th City contained in any agreement with, or notice to, the
Bo d Registrar .
Transfer of a Global Certificate may, at the
di ection and expense of the City, be subject to other
re trictions if required to qualify the Global Certificates as
be ' ng "in registered form" within the meaning of Section
14 (a) of the federal Internal Revenue Code of 1986 , as
am nded.
Upon surrender for transfer of any Replacement Bonc3
a the principal office of the Bond Registrar, the City shall
e ecute ( if necessary) , and the Bond Registrar shall
a thenticate, insert the date of registration (as provided in
p ragraph 11) of, and deliver , in the name of the designated
t ansferee or transferees, one or more new Replacement Bonds
o any authorized denomination or denominations of a like
a gregate principal amount, having the same stated maturity
a d interest rate, as requested by the transferor; provided,
h wever , that no bond may be registered in blank or in the
n me of "bearer" or similar designation. Whenever ownership
o any Replacement Bonds should be transferred without
s rrender of the Replacement Bond for transfer or should be
r gistered in nominee name only, the registered owner of the
R placement Bond shall, if and to the extent required to
p eserve the exclusion from gross income of the interest on
t e Bonds and at the direction and expense of the City,
m intain for the City a record of the actua.l owner of the
placement Bond.
At the option of the Holder of a Replacement Bond,
eplacement B�nds may be exchanged for Replacement Bonds of
ny authorized denomination or denominations of a like
28
�� ���lU
��`�
agg egate principal amount and stated maturity, upon surrender
of he Replacement Aonds to be exchanged at the principal
off ' ce of the Bond Registrar . Whenever any Replacement Bonds
are so surrendered for exchange, the City shall execute ( if
nec ssary) , and the Bond Registrar shall authenticate, insert
the date of registration of, and deliver the Replacement Bonds
which the Holder making the exchange is entitled to receive.
Gl bal Certificates may not be exchanged for Glnbal
Ce tificates of smaller denominations.
All Bonds surrendered upon any exchange or transfer
pr vided for in this resolution shall be promptly cancelled by
th Bond Registrar and thereafter disposed of as directed by
th City.
All Bonds deli.vered i.n exchange for or upon transfer
of Bonds shall be valid general obligations of the City
ev'dencing the same debt, and entitled to the same benefits
un er this resolution, as the Bonds surrendered for such
ex hange or transfer .
Every Bond presented or surrendered for transfer or
e change shall be duly endorsed or be accompanied by a written
i strument of transfer , in form satisfactory to the Bond
R gistrar , duly executed by the holder thereof or his, her or
i s attorney duly authorized in writing.
The Bond Registrar may require payment of a sum
s fficient to cover any tax or other governmental charge
p yable in connection with the transfer or exchange of any
B nd and any legal or unusual costs regarding transfers and
1 st Bonds.
Transfers shall also be subject to reasonable
r gulations of the City contained in any agreement with, or
n tice to, the Bond Registrar , including regulations which
p rmit the Bond Registrar to close its transfer books between
record dates and payment dates.
13 . Rights Upon Transfer or Exchange. Each Bond
elivered upon transfer of or in exchange for or in lieu of
ny other Bond shall carry all the rights to interest accrued
nd unpaid, and to accrue, which were carried by such other
ond.
14 . Interest Payment; Record Date. Interest on any
lobal Certificate shall be paid as provided in the first
aragraph thereof, and interest on any Replacement Bond shall
29
���,:���"�
be aid on each Interest Payment Date by check or draft mailed
to he person in whose name the Bond is registered ( the
"Holder" ) on the registration books of the City maintained by
the Bond Registrar , and in each case at the address appearing
th reon at the close of business on the fifteenth ( 15th)
ca endar day preceding such Interest Payment Date (the
"R gular Record Date" ) . Any such interest not so timely paid
sh 11 cease to be payable to the person who is the Holder
th reof as of the Regular Record Date, and shall be payable to
th person who is the Holder thereof at the c].ose of business
on a date (the "Special Record Date" ) fixed by the Bond
Re istrar whenever money becomes available for payment of the
de aulted interest. Notice of the Special Record Date shall
be given by the Bond Registrar to the Holders not less than
te ( 10) days prior to the Special Record Date. The term
"H lder" shall also include those lawfully entitled to take
ac ions on behalf of the beneficial owners of the Bonds for
pu poses of any consent or approvals given by Holders.
15 . Treatment of Registered Owner . The City and
Bo d Registrar may treat the person in whose name any Bond is
re istered as the owner of such Bond for the purpose of
r ceiving payment of principal of and premium, iF any, and
i terest (subject to the payment provisions in paragraph 14
a ove) on, such Bond and for all other purposes whatsoever
w ether or not such Bond shall be overdue, and neither the
C' ty nor the Bond Registrar shall be affected by notice to the
c ntrary.
16. Delivery; Application of Proceeds. The Global
C rtificates when so prepared and executed shal_1 be delivered
b the Director , Department of Finance and Management
S rvices, to the Purchaser upon receipt of the purchase price,
a d the Purchaser shall not be obliged to see to the proper
a plication thereof.
17. Fund and Account. There is hereby created a
s ecial account to be designated the "Urban Renewal Bonds
A count of 1988" (the "Account" ) in the special fund of the
ity heretofore created and designated as the "City Urban
enewal Bond Fund" , to be administered and maintained by the
ity Treasurer as a bookkeeping account separate and apart
rom all other accounts maintained in the official financial
ecords of the City. There has been heretofore created and
stablished the General Debt Servi_ce Fund (numbered 960,
erein the "Fund" ) . The Account and the Fund shall each be
aintained in the manner herein specified until all of the
onds and the interest thereon have been fully paid.
30
�-����
( i) Account. To the Account there shall be
cr dited the proceeds of the sale of the Bonds, less
ac rued interest received thereon, and less any amount
paid for the Bands in excess of $491,500 (allocating the
p rchase price £or the Bonds and 1988 Capital Improvement
B nds proportionally to the aggregate face amount
t ereof) . From the Account there shall be paid all costs
a d expenses of making the Improvements (as defined in
p ragraph 3 hereof, including any reallocation) ,
i cluding the cost of any construction contracts
h retofore let and all other costs incurred and to be
'ncurred of the kind authorized in Minnesota Statutes,
ection 475. 65; and the moneys in the Account shall be
sed for no other purpose except as otherwise provided by
aw; provided that the proceeds of the Bonds may also be
sed to the extent necessary to pay interest on the Bonds
ue prior to the anticipated date of commencement of the
ollection of taxes herein covenanted to be levied; and
provided further that if upon compl.etion of the
Improvements there shall remain any unexpended balance in
the Account, the balance may be transferred by the
Council to the fund of any other improvement instituted
pursuant to Laws of Minnesota for 1963 , Chapter 881, as
amended, or to the Fund. All earnings on the Account
shall be transferred to the Fund.
( ii ) Fund. There is hereby p.ledged and there
shall be credited to the Fund, to a speci.al sinking fund
account which is hereby created and established therein
for the payment of the Bonds, and as a separate sinking
fund account also in the common sinking fund maintained
for payment of principal and interest on the urban
renewal bonds issued pursuant to the Urban Renewal Law,
and no other bonds, (a) all accrued interest received
upon delivery of the Bonds; (b) all funds paid for the
Bonds in excess of $491,500; (c) any collections of all
taxes which are herein levied for the payment of the
Bonds and interest thereon as provided in paragraph 18;
(d) all funds remaining in the Account after completion
of the Improvements and payment of the costs thereof, not
so transferred to the account of another improvement;
and (e) all investment earnings on moneys held in said
special account in the Fund.
Said special account created in the Fund shall be used
olely to pay the principal and interest and any premiums for
edemption of the Bonds and any other bonds af the City
31
/
������
her tofore or hereafter issued by the City and made payable
fro said special account in the Fund as provided by law, or
to ay any rebate due to the United States. No portion of the
pro eeds of the Bonds and the 1988 Capital Improvement Bonds,
tre ted as one issue, shall be used directly or indirectly to
acq ire higher yielding investments or to replace funds which
wer used directly or indirectly to acquire higher yielding
inv stments, except (1) for a reasonable temporary period
unt ' 1 such proceeds ar.e needed for the purpose for which the
Bon s and the 1988 Capital Improvement Bonds were issued, and
(2) in addition to the above in an amount not greater than the
lesser of five percent (So) of the proceeds of the Bonds and
th 1988 Capital Improvement Bonds or $100, 000 . To this
ef ect, any proceeds of the Bonds and the 1988 Capital
Im rovement Bonds and any sums from time to time held in the
Ac ount or said special account in the Fund (or any other City
ac ount which will. be used to pay principal or interest to
be ome due on the bonds payable therefrom) in excess of
am unts which under then-applicable federal arbitrage
re ulations may be invested without regard as to yield shall
no be invested at a yield in excess of the applicable yield
re trictions imposed by said arbitrage regul.ations on such
in estments after taking into account any applicable
"t mporary periods" or "minor portion" made available under
th federal arbitrage regu.l.ations. In addition, the proceeds
of the Bonds and the 1988 Capital Improvement Bonds and money
i the Account or the Fund shall not be invested in
o ligations or deposits issued by, guaranteed by or insured by
t e United States or any agency or instrumentality thereof if
a d to the extent that such investment would cause the Bonds
a d the 1988 Capital Improvement Bonds to be "federally
g aranteed" within the meaning of Section 149 (b) of the
f deral Internal Revenue Code of 1986, as amended (the
" ode" ) .
18. Tax Levy; Coverage Test. To provide moneys for
p yment of the princi.pal and interest on the Bonds there is
h reby levied upon all of the taxable property in the City a
direct annual ad valorem tax which shall be spread upon the
ax rolls and collected with and as part of other general
roperty taxes in the City for the years and in the amounts as
ollows:
32
J) �,
%/'''�G]Q/ �/j�/
/ V,/ ' " Tl
Year of Tax Year of Tax
Levy Collection Amount
1987* 1988* $82, 320*
1988 1989 79 , 800
1989 1.990 77, 123
1990 1991 74 , 340
1991 1992 71, 453
1992 1993 68,460
1993 1994 65,415
1994 1995 62 , 265
1995 1996 59, 063
1996 1997 55, 782
*he etofore levied or provided from other available City funds
The tax levies are such that if col]_ected in full
the , together with estimated collections of any other
re enues herein pledged for the payment of the Bonds, will
pr duce at least five percent (50) in excess of the amount
ne ded to meet when due the principal and interest payments on
th Bonds. The tax levies shall be irrepealable so long as
an of the Bonds are outstanding and unpaid, provided that the
Ci y reserves the right and power to reduce the levies in the
ma ner and to the extent permitted by Minnesota Statutes,
Se tion 475. 61, Subdivision 3 .
19 . General Obligation Pled�e. For the prompt and
fu 1 payment of the principal and interest on the Bonds, as
th same respectively become due, the full faith, credit and
ta ing powers of the City shall be and are hereby irrevocably
pl dged. If the balance in the Fund (as defined in paragraph
17 hereof) is ever insufficient to pay all principal and
i terest then due on the Bonds payable therefrom, the
d ficiency shall be promptly paid out of any other funds of
t e City which are available for such purpose, including the
g neral fund of the City, and such other funds may be
r imbursed with or without interest from the Fund when a
s fficient balance is available therein.
20 . Certificate of Re�istration. The Director ,
D partment of Finance and Management Services, is hereby
d ' rected to file a certified copy of this Resolution wi�h the
C unty Auditor of Ramsey County, Minnesota , together with such
o her information as the Aud.itor shall require, and to obtain
t e Auditor ' s certificate that the Bonds have been entered in
he Auditor ' s Bond Register , and that the tax levy required by
aw has been made.
33
��������
v
21. Records and Certif.i.cates. The officers of the
Cit are hereby authorized and directed to prepare and
fur ish to the Purchaser , and to the attorneys approving the
leg lity of the issuance of the Bonds, certified copies of all
pro eedings and records of the City relating to the Bonds and
to he financial conditi.on and affairs of the City, and such
oth r affidavits, certificates and information as are required
to how the facts relating to the legality and marketability
of he Bonds as the same appear from the books and records
und r their custody and control or as otherwise known to them,
and all such cer�ified copi.es, certificates and affidavits,
including any heretofore furnished, shall be deemed represen-
tations of the City as to the facts recited therein.
22. Negative Covenant as to Use of Improvemenls.
Th City hereby covenants not to use the proceeds of the Bonds
or the 1988 Capital Improvement Bonds or to use the
Im rovements or the improvements financed by the proceeds of
th 1988 Capital Improvement Bonds, or to cause or permit them
or any of them to be used, or to enter into any deferred
pa ment arrangements for the cost of the Tmprovements or the
im rovements financed by the proceeds of the 1988 Capital
Im rovement Bonds, in such a manner as to cause the Bonds or
th 1988 Capital Improvement Bonds to be "private activity
bo ds" within the meaning of Sections 103 and .141 through 150
of the Code.
23 . Tax-Exempt Status of the Bonds; Rebate. The
Ci y shall comply with requirements necessary under the Code
to establish and maintain the exclusion from gross income
un er Section 103 of the Code of the interest on the Bonds,
in luding without limitati.on requirements re]_ating to
te porary periods for investmeni:s, limitations on amounts
i vested at a yield greater than the yield on the Bonds, and
t e rebate of excess investment earnings to the United States.
24. No Designation o�ualified Tax-Exempt
O li ations. The Bonds, together with other obligations
i sued by the City in 1988 , exceed in amount those which may
b qualified as "qualified tax-exempt obligations" wii:hin the
m aning of Section 265 (b) (3 ) of the Code, and hence are not
d signated for such purpose.
34
WH17E - CITV CLERK
PINK - FINANCE COUnCII
CANARV - DEPARTMEN GITY OF SAINT PAUL - �
BLUE - MAVOR File NO•
Council Resolution
Presented By
Referred o Committee: Date
Out of Co mittee By Date
25. Depository Letter Agreement. The Depository
Letter Agreement is hereby approved, and shall be executed on
behalf of the City by the Mayor, Clerk and Director, Department
of Fi ance and Management Services, in substantially the form
appro ed, with such changes, modifications, additions and deletions
as sh 11 be necessary and appropriate and approved by the City
Attor ey. Execution by such officers of the Depository Letter
Agree ent shall be conclusive evidence as to the necessity and
propr ety of changes and their approval by the City Attorney.
So lo g as Midwest Securities Trust Company is the Depository
or it or its nominee is the Holder of any Global Certificate,
the C ty shall comply with the provisions of the Depository
Lette Agreement, as it may be amended or supplemented by the
City rom time to time with the agreement or consent of Midwest
Secur ties Trust Company.
26. Severability. If any section, paragraph or provision
of th' s resolution shall be held to be invalid or unenforceable
for a y reason, the invalidity or unenforceability of such section,
parag aph or provision shall not affect any of the remaining
provisions of this resolution.
27. Headings. Headings in this resolution are included
for onvenience of reference only and are not a part hereof,
and hall not limit or define the meaning of any provision hereof .
COUNCIL ME BERS Requested by Department of:
Yeas Nays
Dimond Finance and Mana ement S vices
�� In Favor
coswitz � I
Rettm
Sc6eibet � _ Against BY �
.E�eewen
ll� ���i1�
FEB 2 � i988 Form Approved by City Attorn
Adopted by Cou cil: Date
Certified Pa-s ounc.il S et By r
By
dlppr v by AA or: a ,��_'�� Appro d by Mayor for Subm' io to C�uncil
,
�IiSNED h1�R - 5 1988
� SP INGSTED INCORPORATED G ���i
. � () (�`�7v
, Pub ic Finance Advisors
85 ast Seventh Place,Suite 100
, Sai t Paul,Minnesota 55101•2143
612 223•3000
�2��00�00�
CITY OF SAINT PAUL, MIt�ESOTA
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOI�DS, SERIES I 988D
AWARD: FIRST BANC, N.A.
NORWEST INVESTMENT SERVICES, INCORPORATED
SALE: Februory 22, 1988 Moody's Rating: Aa
S 8�P's Rating: AA+
Interest Netinterest
Bidder Rates Price Cost & Rate
FIRST BANK, A. 5. 10% 1990 $2,654, 100.00 $2,072,290.00
NORWEST INV STMENT SERVICES, 5.30% 1991 (6.8539%)
INCORPOR TED 5.5096 1992
5.70% 1993
5.859'0 1994
6.009'0 1995
6. I5� 1996
6.30� 1997
6.409'0 1998
6.50� I999
6.60% 2000
6.70� 2001
6.809'0 2002
6.90% 2003
7.00% 2004-2005
7. 10°� 2006-2007
7.2096 2008-2009
PRUDENTIA -BACHE SECURITIES 5.70% 1990-1993 $2,661 , 183.00 $2,095,382.00
INCORPO ATED 5.90� 1994 (6.9303192%)
THE NORTH RN TRUST COMPANY 6. 10� 1995
Connecticut ational Bank 6.309b I996
Prescott, Bal & Turben, inc. 6.40°� I997
George K. B um & Company 6.50°�b I 998
Moore, Jura and Company, Incorporated 6.60°�O 1999
Masterson & Company 6.70% 2000
6.80� 2001
6.909b; 2002
7.00% 2003
7. 10% 2004
7.209d 2005-2009
SHEARSON LEHMAN BROTHERS INC. 5. I 0� I 990 $2,658,656.75 $2,097,740.75
5.30°{o I 99 I (6.938 I°,�o)
5.50� 1992
5.7096 1993
5.90% 1994
6. 10� 19g�
6.25`� 1996
- 6.4090 1997
6.50°0 1998
6.60% 1999
6.709'0 2000
6.80°� 2001
6.90� 2002
7.00% 2003
7. I 0% 2004
7.20% 2005
7.29% 2006-2009
Interest Netlnterest
Bidder Rates Price Cost & Rate
GRIFFIN, KUBIK, STEPHENS & 5. I 0% I 990 $2,659,447.00 $2, I 08,070.50
THOMPSON INC. 5.409b 1991 (6.972285%)
BLUNT, ELLIS� & LOEWI, 5.609'o I 992
INCORPORATED 5.75°J'o 1993
CLAYTON BROWN & ASSOCIATES 5.90� 1994
6. 10� 1995
6.25� 1996
6.409� 1997
6.5096 1998
6.60% I 999
6.759b 2000
6.90% 2001
7.0096 2002
7. 10� 2003
7.20% 2004
7.25� 2005-2009
TF� FIRST NATIONAL BANK OF 5.009b 1990 $2,659, I 19.00 $2, 120,541 .00
CHICAGO 5.259'0 1991 (7.0135%)
DREXEL BURNHAM LAMBERT 5.5096 1992
INCORPORATED 5.70°�'0 1993
PIPER, JAFFRAY & HOPWOOD 5.8096 1994
INC'ORPORATED 6.00°,� I995
William Blair & Company 6.2090 1996
Hutchinson, Shockey, Erley & Company 6.40°� 1997
LaSalle National Bank 6.5096 1998
Van Kampen Merritt Inc. 6.70°�6 1999
American National Bank Saint Paul 6.90°,�0 2000
Robert W. Baird & Company 7.00% 2001
Incorporated 7. 10% 2002
Securities Corporation of lowa 7.20°�'0 2003
The Exchange National E3ank of Chicago 7.25�0 2004
- In Association Vt�ith - 7.30°�'0 2005-2009
ALEX. BROWN & SONS, INC.
DAIN BOSWORTH INCORPORATED
Dougherty, Dawkins, Strand & Yost,
Incorporated
Howe, Barnes & Johnson, Inc.
Juran & Moody, lncorporated
John G. Kinnard & Company Incorporated
Peterson Financial Corporation
CITICORP INVESTMENT BANK 5.2596 1990 $2,654, 100.00 $2, 153,442.50
THE FIRST BOSTON CORPORATION 5.SO�Xo I 991 (7��223qo)
FIRST INTERSTATE CAPITAL MARKETS 5.7096 1992
INCORPORATED 5.9090 1993
MANUFACTURERS HANOVER TRUST 6. 1096 1994
COMPANY 6.25% 1995
Ehrlich-Bober & Company, Incorporated 6.409'0 1996
Bank of Boston 6.SOao 1997
Thomson McKinnon Securities, 6.6096 1998
Incorporated 6.759b 1999
The Chicago Corporation 6.90% 2000
Howard, Weil, Labovisse, Friedrichs 7.009� 2001
Incorporated 7. 109b 2002
Marine Bank, N.A. 7.209b 2003
Roosevelt & Cross, Incorporated 7.309'0 2004
Rotan Mosle Inc. 7.40% 2005-?_OQ9
R.W. Corby & Company, Inc.
E.A. Moos & Co. Inc.
Arch W. Roberts & Co.
State Street Bank and Trust Company
-----------------------------------------------------------------------------------------
These Bonds are being reoffered at par.
BBI: 7.55
Average Maturity: I 1.20 Years
SPRING TED INCORPGRATED /�,�`"���(��
� . . V'
' PublicFin nceAdvisors EXHIBIT A
85 East S venth Place.Swt� !n0
Sa�nl?aui Minnesota 55? ;' '.:;
,�� 612 223� 000
�� ��7���
CITY OF SAINT PAUL, MIM�ESOTA
GEPERAL OBLIGATION BOI�S
Consisting of:
$1 I, 50,000 General Obligation Capital Impravement Bonds, Seriesl9888
and
$500,000 Ge�eral Obligation Urban Renewal Bonds, Series 1988C
AWARD: HARRIS TRUST APD SAVINGS BAN< ,
NORWEST INVESTMENT SERVICES, INCORPORATED
FIRST BANC, N.A.
And Associates
SALE: February 22, 1988 Moody's Rating: Aa
S 8�P's Rating: AA+
�
nterest et nterest
Bidder Rates Price Cost & Rate
HARRIS TRUST AND SAVINGS BANK 4.80� 1989 $I 1 ,615,499.25 $4,332,613.25
NORWEST INV STMENT SERVICES, 5. 109'0 1990 (6.1630%)
INCORPORA ED 5.30� 1991
FIRST BANK, .A. 5.50� 1992
American Nati nal Bank and Trust 5.70% 1993
Company of hicago 5.80% 1994
Bank One India apolis, N.A. 6.00°�'0 1995
Cowen & Co. 6. 10°�'0 1996 =
Fleet National Bank 6.25% 1997-1998 �
PRUDENTIAL ACHE SECURITIES 4.759'o I 989 $I I ,599,587.25 $4,365,925.25
INCORPOR TED 5. 1096 1990 (6.21042�)
THE NORTHE N TRUST COMPANY 5.30�o I 991
Connecticut ational Bank 5.509'0 1992
Prescott, Ball & Turben, Inc. 5.70% 1993
George K. Ba m & Company 5.90% 1994
Moore, Juran nd Company, Incorporated 6.009'0 1995
Masterson �: ompany 6.209'0 1996
6.25% 1997-1998
GRIFFIN, K BIK, STEPHENS & �+.625� I 989 $I I ,550,420.00 $4,375,542.50
THOMPSO , INC. 5.509'o I 990 (6.224 I%)
BLUNT, EL IS & LOEWI, 5.4090 1991
INCORPO ATED 5.60% 1992
CLAYTON ROWN & ASSOCIATES, 5.75% 1993
INCORPO ATED 5.909'0 1994
6. 10% 1995
6.25% 1996
6.00�6 1997-1998
�SHEARSO LEHMAN BROTHERS INC. 4.9096 I 989 $I I ,647, I 87.50 $4,391 , I 87.SO
5. 109b 1990 (6.24639'a)
5.309'0 1991
5.50°� 1992
5.70'� 1993
5.9096 1994
6. 10% 1995
6.25% 1996
6.40% 1997
6.509b 1998
(Continued)
. �
Interest Netlnterest
Bidder Rates Price Cost & Rate
THE FIRST NATIONAL BANK OF 4.75% I 989 $I I ,617,765.50 $4,394,659.50
CHICAGO 5.00% I990 (6.2512°�6)
DREXEL BURNHAM LAMBERT 5.25% 1991
INCORPORATED 5.50� 1992
PIPER, JAFFRAY & HOPWOOD 5.70� 1993
INCORPORATED 5.80�6. I 994
William Blair & Company 6.0096 1995
Hutchinson, Shockey, Erley & Company 6.20% 1996
LaSalle National Bank 6.40% 1997
Robert VV. Baird & Company, 6.50% 1998 �
Incorporated
Securities Corporation of lowa
The Exchange National Bank of Chicago
- In Association With -
ALEX. BROWN & SONS, INC.
DAIN BOSWORTH INCORPORATED
Dougherty, Dawkins, Strand & Yost,
Incorporated
Howe, Barnes & Johnson, Inc.
Juran & Moody, Incorporated
John G. Kinnard & Company Incorporated
Peterson Financial Corporation
�
' CHEMICAL BANK 5. I 0°� I 989-I 990 $I I ,6 I 2,249.75 $4,432,550.25
PAINEWEBBER INCORPORATED 5.40°� 1991 (6.30519b)
NATIONAL WESTMINSTER BANK USA 5.609b 1992
Centerre 3ank NA 5.80% 1993
Allison-Williams Company 6.00°I'o 1994
b. 10�'0 1995
6.25% 1996
6.40g6 1997-1998
CITICORP INVESTMENT BANK 5.00� 1989 $I I ,572,250.00 $4,465,387.50
THE FIRST BOSTON CORPORATION 5.25� 1990 (6.3519�)
t FIRST INTERSTATE CAPITAL 5.50°J'o 1991
MARKETS INCORPORATED 5.70°�'0 1992
MANUFACTURERS HANOVER TRUST 5.9090 1993
COMPANY 6. I 096 I 994
Ehrlich-Bober & Company, Incorporated 6.25% 1995-I998
Bank of Boston
Thomson McKinnon Securities,
Incorporated
The Chicago Corporation
Howard, VVeil, Labouisse, Friedrichs
Incorporated
Marine Bank, N.A.
Roosevelt & Cross, Incorporated
Rotan Mosle Inc.
R.W. Corby & Company, Inc.
E.A. Moos & Co. I nc.
Arch W. Roberts & Co.
State Street Bank and Trust Company
-----------------------------------------------------------------------------------------
REOFFERING SCHEDULE OF THE PURCHASER
Rate Year Yield
4.�i�� I�89 F'ar
5.1096 1990 Par
5.30°�O I 991 Par
5.5096 I 992 Par
5.70% I 993 Par
5.809'a 1994 5.859b
6.00°'0 1995 � Par
6.I 0°� I 996 6.I 596
6.25°'o I 997 6.309'0
6.25� I 998 6.40�
BBI: 7.55
Average Maturity: 5.98 Years
�
SPRINGS ED
. � ��-� a��
Public Fin nce Advisors
'�'-y 85 East S venth Place.Suite 100
Saint Paul Minnesota 55101�2143
612223•3 00
February Z, 1988
Mr. Euge e A. Schiller, Director
Departme t of Finance and Management Services
365 City Hall
Saint Pa 1 , Minnesota 55102
Re: Re ommendation for Award of Sale of $11,750,000 General Obligation
Bo ds, Series 1988 B and C, and
$2,700,000 General Obligation Street Improvement Special Assessment
B nds, Series 1988D
Dear Mr Schiller:
We hav attached the tabulation of bids received at 1:00 P.M. , Monday,
Februar 22, 1988, which bids were opened and reviewed by you, Ms. Davis and
Mr. Har .
These ids represent very competitive proposals, meet or exceed market
expect tions, and as a result are quite acceptable. We recommend the City
Counci approve the separate resolutions prepared by Briggs and Morgan, which
award he sale of these obligations and fix the terms and conditions of their
issuan e.
Since he time these sales were approved for market preparation one month ago,
the b nd market has improved dramatically. We have shown below the rates we
estim ted at that time, compared with the rates actually received today.
Januarv 20 Februarv 22
Is ue NIC NIR NIC NIR Savin4s
$11,7 0,000 $4,852,440 6.90% $4,332,613.25 6.1630% $519,826.75
$ 2, 00,000 $2,250,052 7.442% $2,072,290.00 6.8539% $177,762.00
We a preciate the quality assistance your office, tagether with Mr. Blees'
staf , provided us in preparing these issues for market. Your input
cont ibuted substantially to the excellent rating presentations we
expe ienced, and permitted Springsted to maintain the necessary schedule for
work completion which made today's successful sale possible.
We ppreciate the opportunity to be of service to the City of Saint Paul .
Res ectfully submitted,
� �����e� c�,�
Rob rt D. Pulscher � �SU
Chi f Executive Officer
Indiana Office: Wisconsin Office:
251 North Illinois Street,Suite 1510 500 Elm Grove Road,5uite 101
Indianapolis,Indiana 46204•1942 Elm Grove,Wiscansin 53122•0037
317•2373636 414•782•8222
ORIOY/ATOFi OATE IM1fAt� OA CqMIlTED (�,,c�`" �"
F�nan�e & r�na t � ` 2 �s ss . - GREEN SHEET No:"�00364
� � ii
COW'TACT PEASON � � DEPARTIAENT DIRECTOR AN1'ON(OH AS848TAN7) .
Shirley Davis ���p �6w��� ��.�
o "o. pounNG �ou�aron
- Finance/Treasu y 292-7038 °RD��' � cm,�„ow�Y —
8J DESCR ON O ROJ /REGU . �
Resolutioa provi ing for the acceptance of bids o� the sale of ,
, $500,000 rbaa Renewal Bonds�, ,
i
;
i
RECOYYENDATIONB:(APD�( )w Rel�(R)) COUI�CIL RESEARCM
p�p'p,�p� ��g�p�� DATE IN O TE OUT ANALYST PNONE Np.
ZONM10 GOAMAI8810N ISD 926 9Cli00L BOARD � .
A STAPR GIARTER f�M�k8810N �h1PlETE A819 �. ADOL INFO.AO�D* 11ET9 TO CONTAC7 (�lTTl1EM
__ i _ _FON AOOi.l1�0.* __FEEDBAq(ADOED*
o��crcoun�cw A CIB Comm�ittee ,��„�.
swwaram«�a+c«rNCw � A Bond Counsel
A Fiscal Advisor
a�ru►n�Pnoe��.�. �w►w.wna.wna,.w�,.�..wnr►:
General Obligat on Bond Issues�Sale is scheduled' for Februarq 22, .1988, and the award to the
� lowest bidder m st be acted upon within twentq fbur hours of sale ia order to achieve market
� interest rate. Five affirmative Council votes a,re required to accept the most favorable bid.
.�usrwcnro�+cc,owe.�a. a.�s►:
•_' Issuance of the e bonds carries out the City's �apital Improvemen� Program, and Street
Improvement Pro ram.
": CON9BOUENCEB(VVhst,Whsn ma To Whan►: '
The failure of this resolution would require re�cheduling of the issues, thereby. i.mposing
additional cos s to the City and delay in construction programs.
�u.r��rnes: an� c�ns
i
�
. �sromiw�cec�nrs: �� �
Each year, th City markets general obligation� bonds to fund the Capital Improvement Budget
Program.
� uc�a.�suffa:
� - Bonds are awa ded as authorized by City Statutje and Stat ' Law. Legal issues have been
' addressed by ity Attorney and Bond Counsel. . j�
;