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87-337 WHITE - CITV CLERK PINK - FINANCE G I TY OF SA I NT YA'U L Council �� 33� � CANAR� - DEPARTMENT � BIUE - MAVOR � File N . . • . Zn n Ordinance N 0. ,�_ � ; �Presented y c Referred To �-� ��L�� Committe�e: Date � � ' Out of Committee By Date An ordinance regarding vacant buildings amending Cnapter 43 af the Saiht Paui Legislative Code THE COUNCIL OF THE CI7Y OF SAItvT PAUL DOES OR�AIN: Section 1 Chapter 43 of the 5aint Paui Legislative Code is amended by deleting it in its entiret and by substituting the foiiowing: Chapter 43. Vacant Buiidings 43.Oi . ue initions. � t3o�resed. A building secured by means oth�r than those used in the aesign �f the buildi g. 8uilding o ficial . ine nead of the euildin�� inspection and design division of the dep rtment of community services of t�he city of Saint Faui . Ddnqerous tructure. A structure which is potentially hazardous to persons or propert inciuding but not iimited to: fa) a structure whicn is in cianger of qartiai or complete coliapse; or (b) a structure with any exterior parls which are l�ose or in danger of f liing; or � i COUNC[LMEN Requeste by Department of: Yeas Nays Drew Nicosia ln Favor — Rettman Scheibel A gai ns t BY Sonnen Tedesco Wilson I� Form App oved by City Attorney Adopted by Councii: Dat /' /� Certified Passed by Council Se retary BY C /`""�/ � By I Approved by Mayor: Date Approved by Mayor for Submission to Council �y By . , . . � . � �r=�7�.�� , . , . �. -, � � ��-� (c) the names and addresses of all k own lienholders, and all oth parties with an ownership inter�st in the building; (d) tne eriod of time the building is ex�lected to remain vacant; and a ian and timetable for returninq tthe buildinq to appropriate occ ancy or use and/or fior demolitio� of the building. 5ubd. 3. Any plan and tim�table submitted bY t e owner and approved by the ouildiny official snall require the owner and any subsequent owners to conform to ai appiicable laws and requlations nd shall require completion within a rea onable periad of time. The owne and any subsequent owners shali iceep � he buildinq secured and safe and the buildinq and grounds properiy mai iained until the rehabilitatio or demolition has been i;omp i eted. Subd. 4. Th owner shati notify the buiidinq official of any changes in information s ppiied as part of the vacant buil ing registration within 30 days of the c ange or upon payment of the next eqistration fee, whichever is sooner. I the plan or timetable for the va ant building chanaes in any way, the revi ions must be approved by the buil inq official . �ubd. 5. W thin 30 days of any transfer of n ownership interest in a vacant buiid ng, the new owner rnust register or re-register the vacant building wit the building officiai . The ner� owner must comply with the approved pla and tim�table submitted by thelprevious owner until any Qroposed chan..es are submit�ed and approved. I 43.03. Vacant building fees � Subd. 1 . Th owner of � uacant building shall pay a fee for �the period the building rem ins a vacaht ,buiiding. The first fee payment shall be made no iater than 3 days after �he buildinq becomes vacant buiidinq, and there- after shall e paid once �very thr-ee months. Subd. 2. T e vacant bu9lding fee is $100.00iper three month oeriod to be paid in adva ce. If the fee is not paid in a timely manner. the owner shall Qay an add�tional $10.Q0 each month for the' period of time the fee is deiinauent. , Subd. 3. 11 delinquent vacant buiiding fee shail be paid prior to any transfer of n ownership interest in a vacant uiiding. If the fees are not �aid prior to the transfer, the new owner a well as the previous owner shaii be re ponsib?e fior� payment of the delin uent fees within 30 days of the transfer i Subd. 4. T e buildinq bfficial may waive th vacant building fee if the owner has btained building permits and has made substantial progress returning th buildiny to appropriate occupanc�y or use. � L � `�� _� - �� ` WHITE - CITV GLERK �. PINK - FIN�NCE COUIICll ��_� !'� CANARV =O�PARTMENT G I TY O SA I NT P�U L File N O. �+ BLUE - MAVOR ' V Z � rdinance N 0. ��7�-� Presented By Referred To Committee: Date Out of Committee By Date ' i � Section 3 This ordinanc shall take �ffect and be in force 30 days after its passage, approval , anci pubiication. I : I i � , COUNC[I.MEN Requeste by Department of: Yeas Nays Orew / � -r�esrs (o [�n Favor — Rettman � s�ne�bei D ' Against BY Sonnen Tedesco Wilson Adopted by Council: Dat MAY 2 �, 1�� Form Appt ed City Attorney c �-�(� q � Certified Pass y Council Se ret y BY � I � By �!�`'<' `�'� Appro by Mayor: Date b h`1p� Approved by Mayor for Submission to Council By P �p M AY 3 01�87 _ , , : . � ��,�37 : . ' /7yS3 � SubC. 5. No v carzt buiidina fee shali be imnosed or collected for a vacant building owned by any governmental unit. ' � 4.�.44. Inspec ions. The buildinq official shailt cause inspections to be made of any pr perty or structure in the city fo� the purpose of enfnrcing and assuring ompliance with the provisions of `this chapter. Upon request an owner shai provide the buiiding official wi`th access to all interior portions of an unoccupied buiidinq in order to qermit the building official to make a comp ete inspection. 43.05. Notifi ation. I Subd. 1 . 0 e every three months the buildin� official shall send to the city councii a iist of a? t vacant buildings wh�ch have become known to the buiidinq offi ial during the �receding three mor�ths, as well as a list of ali previousl declared vacant buildings which �re no longer sub.ject to the provisions o this chapter. i Subd. 2. Tn iist shali be in the form of a r�solution and shall include: (a) the 1e4a1 description of each pr•operty; (b) a deciaration that the building lo�ated thereon is a vacant buildinq sub,iect to the terms and conditio s of this chapter, or that the bui dinq is no longer a vacant bui�tding as defined in this chapter; � lc) an rder zo the citv clerk to file alcopy af the resolution with tne Rams v County Rec�order. � d3.06. Penal ies. Any person violating any drovision of this chapter or providiny f lse information to the buildina of}ficial shall be punished as provided by � ction 1 .05 of the Saint Paul Legijslative Code. 43.67. Aite native procec�ures. Nothi�g in th s chapter shall prohibit use of �rocedur s authori2e�l under chapter 45 of the Saint Paul Legislative Cocle or r!i nn sota statu�te� sec�,i ons 463. 15 thr uqh 463.26. Section 2 This ordina ce is deeme�l a part of the Saint Paui Legislative Code and shall be i carporated therein at the time o the next revision of said Legislative ode. , � � �� _� _ �� • � � � � �7- 3�7 ' ; � - � �y�� CITY OP` SAINT PAUL '��,o�p� OFFICE OF THE CITY COIINCIL ■�\a��l�M � .��+�� adte : May 4, 1987 OMMITTEE REPORT TO = Saint PQUI City Council F R � M � C O m itt e e O h City Developm nt and Transportation CH IR William L. Wilson 1. Ord�c�ce amending'fChapt�r 43 0� the St. Paul Legislative Code�,�rt ining tq, �aca.nt buildings ( ammittee :..a�,a��ds �r�proval) 2. Resoluti n approving a change in poli ies pertaining to the allocati n of tax exempt and taxable revenue bond authority between the City of St. Paul ' s Depa tment of Planning and Economic Development and the St. Pa 1 Port Authority and identify' ng areas of responsibility ' (Committ e recommends approval) ' 3 . Zoning ppeal - Ford Motor Company (�Moved out of committee without recommendation to allow �he public hearing on Thursday May 7, and continue discussion on May 18 at the City Dev lopment Committee) 4 . Resoluti n authorizinq acq.uisition mf the Ostrand and Bies properti s for Bluff Preservation in the amount of $32, 900 (Committ e recommends $32, 900 figure 'be corrected to $31, 900 and move out of committee without r�commendation subject to review b administration) 5 . Letter f the Mayor transmitting �he Planning Commi�sion recommen ation to amend the zoning rdinance pertaining to accessor structures (Large garage 4 acre study) (Committ e recommends approval as am�nded) CTTY HALL SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 �,s WHITE - C�TV CLERK PINK - FINANCE G I TY OF SA I NT P�A U L Council ��._ 33� CANARV - OEPARTMENT File �O. BLUE - MAVOR Council Resolu�ion . Presented By Referred To Committee: Date Out of Committee By ' Date ACCEPTING BID ON SALE OF $10�9 0�000 GENERAL OBLIGATION CAP]CTAL IMPROVEMENT BONDS, SERIES 1987� ROVIDING FOR THEIR ISSUANCE, AND LEVYING A TAX FOR THE PAYMENT TI�EREOF W EREAS, the Director, Department of Finance and Management ervices, has presented affid vits showing publication of notice of the sale of $10 900,000 General Obligation apital Improvement Bonds, Se ies 1987 (the "Bonds") , o the City of Saint Paul, Min esota (the "City") , for which b'ds were to be received at th s meeting in accordance ith Resolu�ion No. 87-189 ad pted by this City Council on ebruary 19 , 1987, and approv�d by the Mayor on February 19 1987; and the affidavits ha�e been examined, have been found o comply w$th the proviaions of Minnesota Statutes, Chapter 475 and have been approved and �rdered placed on file; and W EREAS, thelbids set forth on Exhibit A attached hereto were received pUrsuant to the Official Terms of Offering by the Dire tor, Depar ment of Finance and Management Services, at the offi es of Spri gsted Incorporated at 1:00 P.M. , Central Time, on Ma ch 16, 198 ; and ' I , COUNC[LMEN Requeste by Department of: Yeas Drew Nays Nicosia [n Favor Rettman Scheibel So�nen __ Algainst BY , Tedesco ' Wilson Adopted by Council: Dat Form Apptoved by City Attorney Certified Yassed by Council Se retary BY By A►pproved by Mavor. Date _ Approv 'by Mayor for Submi ion o uncil BY - - — BY �� .��1� WH REAS, the Director, Department of Finance and Management S rvices, has advised this Council that the bid of The Northern Trust Company was found to be the most advantageous and has recommended that said bid be accepted; and WH REAS, the proceeds of the Bonds will finance certain capi al improvements, for which the City is proceeding pursuant to ts Charter and Laws of Minnesota for 1971 � Chapter 773, as amen ed; and WH REAS, the City has heretofore issued registered obligations ' n certificated form, and incurs substantial costs associated w th their printing and issuance, and substantial continuing t ansaction costs relating to their payment, transfer and exchange; and WH REAS, the City has determined again in 1987 that significant avings in transaction costs will result from issuing bond in "global book-entry form" , by which bonds are issued in ce tificated form in large denominations, registered on the books of the City in the name of a depository or its nominee� and held in safekeeping and immobilized by such depository, nd such depository as part of the computerized national sec rities clearance and settlement system ( the "National Sy tem" ) registers transfers of ownership interests in the bonds by making computerized book 'entries on its own books and di tributes payments on the bonds to its Participants shown on its books as the owners of such interests; and such Participants and other banks, brokers and dealers participating in the Natio al System will do likewise (again, not as agents of the City) if not the beneficial owners of the bonds; and WH REAS, "Participants" means those financial institutions for whom the Depository effects book-entry transfers a d pledges of securities deposited and immobilized with the De sitory; and WHEREAS, Midwest Securities Trust Company� a limited purpose tru t company organized under th� laws of the State of Illinois, o any of its successors or successors to its functions h reunder ( the "Depository" ) , will act as such depository ith respect to the Bonds except as set forth below, and there i before this Council a form of letter agreement (the "Depos ' tory Letter Agreement" ) setting forth various matters rel ting to the Depository and its role with respect to the Bonds; nd ' 2 ��' -33� 6�H REAS, the City will deliver the Bonds in the form of one certi icate per maturity, each representing the entire principal am unt of the Bonds due on a particular maturity date (each a "Glo al Certificate" ) , which single certificate per maturity may be transferred on the City' s ' bond register as required by he Uniform Commercial Code� �ut not exchanged for smaller deno inations unless the City det rmines to issue Replacement onds as provided below; and WH REAS, the City will be able o replace the Depository o under certain circumstances to abandon the "global book entry form" by permitting th Global Certificates to be exchan ed for smaller denominations' typical of ordinary bonds regist red on the City' s bond regis er; and "Replacement Bonds" means the certificates representin the Bonds so authenticate and delivered by the Bond R gistrar pursuant to paragraphs 7 and 13 hereof; and ; WH REAS, "Holder" as used hereid� means the person in whose name a Bond is registered on the re istration books of the City mai tained by the City Treasurer or a successor registrar ap ointed as provided in paragr ph 9 ( the "Bond Registrar" ) : NO , THEREFORE, BE IT RESOLVED y the Council of the City of Sain Paul, Minnesota, as follows 1 . Acceptance of Bid. The bidjof The Northern Trust Company ( the "Purchaser" ) to purchase $10',900 ,000 General Obligation C pital Improvement Bonds, Series 1987 , of the City (hereinafter referred to as the "Bonds" , or individually as a "Bond" ) , in ccordance with the Official Terms of Offering for the bond sal , at the rates of interest hereinafter set forth, and to pay t erefor the' sum of $10,717 ,959.75 , plus interest accrued to s ttlement, as hereby found, determined and declared to be the mo t favorabl� bid received and is hereby accepted, and the Bond are hereb� awarded to said bidder. The Director, Department o Finance ahd Management Services, or his designee, is directed o retain the deposit of said bidder and to forthwith re urn to the unsuccessful bidders their good faith checks or dr fts. 2. Title; Original Issue Date; Denominations; Maturities. The Bonds shall be titled "Gieneral Obligation Capital Impr vement Bonds, Series 1987" , shall be dated April 1 , 198 , as the date of original issue and shall be issued forth ith on or after such date as fully registered bonds. The onds shall be numbered from �2-1 upward. Global Certificates shall each be in the denomination of the entire 3 ��-�3� �rinr.. i.�>�.� ��n unt maturing on a single date. Replacement Bonds, if issued as provided in paragraph 7 , shall be in the denomin- ation of $5 , 00 each or in any integral multiple thereof of a single matur ty. The Bonds shall mature, without option of �repayment, n March 1 in the years and amounts as follows: Year Amount Year Amount 1988 $ 925 ,000 1993 $1 ,100,000 1989 925 ,000 1994 1 ,150 ,000 1990 950 �000 1995 1 �200r000 l�)91 1 ,000 ,000 1996 1 ,275 ,000 1992 1 ,050 ,000 1997 1 ,325 ,000 3 . Purpose. The Bonds shall provide funds for the construction of various capital improvem�nts ( the "Lm��rovement " ) in the City. The proceec�s of the Bonds shall be deposited and used as provided in ;�aragraph 18, for the purpose desc ibed by Laws of Minne:;ora far 1971 � Chapter 773 , as amen��7. T1�� t�tal cost of the Improvements, which shall include all osts enumerated in Minnesota; Statutes, Secr_i��ri 475 .65, is estimated to be at least equa to the amount o` �.�� Bonds. Work on Lt�e Improvements shall p oceed with due diligence to completion. 4. Interest. The Bonds shall �ear interest payable yemi�nnuall on March 1 and September 1 f each year, �:ommencing S ptember 1 , 1987 , calculated on the basis of a 360-day yea of twelve 30-day months, at the res��ctive rates per annum s t forth opposite the maturit years as follows: Maturi Year Interest Rate Maturity Year Interest Rate 198 5 .80� 1993 5 .00� 198 4.50 1994 ' S .10 199 4.30 1995 5 .30 199 4.60 1996 5 .40 199 4.80 1997 4.50 5 Subcommittee. This Counci� hereby ratifie:� �n�3 approves ea h and every act oE its subco�mittee on Finance and Sinkinc� Func s in connection with the sai of t-.ti+, �c>n�9s. 6 Descri tion of the Global ertificates and Global Book-Entr stem. Upon their original ssuance the 8onds will be issued i the form of a single Global Certificate for each maturity, d nosited with the Depository y the Purchaser and immobilized as provided in para�� _r��h 7 . No beneficial owners 4 ��/ �)C�) < 7-_ of interes s in the Bonds will receive Gertificates representi g their respective interests in the Bonds except as provided i paragraph 7 . Except as so �rovided, during the term of th Bonds, beneficial ownershipl (and subsequent transfers f beneficial ownership) of ic�terests in the Global Certificat s will be reflected by book entries made on the records of the Depository and its Parti ipants and other banks , brokers, a d dealers participating in t�e National System. The Depository s book entries of beneficial ownership interests are authorized to be in increments of $5,00 of principal of the Bonds, des ite the larger authorized de ominations of the Global Cer ificates�. Payment of princi al of, premium, if any, and intere t on the Global Certificates will be made to the Bond Regis rar as paying agent, and in urn by the Bond Registrar o the Depository or its nomi ee as registered owner of the Glo al Certificates, and the Dep sitory according to the laws and r les governing it will receiv and forward payments on behalf f the beneficial owners of the Global Certificates. Payme t of principal of, premium, if any, and interest on a Global C rtificate may in the City' s discretion be made by such other method of transferring funds; as may be requested by the Holder of a Global Certificate. ' . Immobilization of Global Certificates by the De ositor Successor De ositor ; Re lacement Bonds. Pursuant to the req est of the Purchaser to the Depository, which request is required by the Official Terms of Offering, immediatel upon the original delivery of the Bonds the Purchaser ill deposit the Global Certificates representing all of the Bon s with the Depository or its agent, the main office of the Fou th U.S. Federal Reserve District Bank. The Global Certificat s shall be in typewritten form or otherwise as acceptable to the Depository, shall be registered in the name of the De sitory or its nominee and shall be held immobilized from circu ation at the offices of the Depository or said agent on behalf f the Purchaser and subsequent bondowners. The Depository or its nominee will be the sole holder of record of the Global Certiticates and no investor or other party purchasing, selling or otherwise trans�erring ownership of interests in any Bond is to receive, hold or deliver any bond certifica es so long as the Depository holds the Global Certifica es immobilized from circulation, except as provided below in his paragraph and in paragraph 13. Cert' ficates evidencing the Bonds may not after their original elivery be transferred or exchanged except: 5 6,� -�s�' ( i) Upon registration of transfer of ownership of a Glo al Certificate, as provided in paragraph 13 , (ii) To any successor of the De�ository (or its nomin e) or any substitute depository (a "substitute depos tory") designated pursuant to clause (iii) of this subpa agraph, provided that any successor of the Depos tory or any substitute depos�itory must be both a "clea ing corporation" as defined n the Minnesota Uniform Comme cial Code at Minnesota Statu�es, Section 336.8-102, and a qualified and registered "clearing agency" as provi ed in Section 17A of the Securities Exchange Act of 1934, as amended, iii) To a substitute depository designated by and accep able to the City upon (a) the determination by the Depos tory that the Bonds shall no, longer be eligible for its d pository services or (b) a dietermination by the City that he Depository is no longer able to carry out its � funct ons, provided that any substitute depository must be quali ied to act as such, as provided in clause ( ii) of this ubparagraph� or ( iv) To those persons to whom transfer is requested in wr tten transfer instructions ijn the event that: (a) the Depository shall resign or discontinue ts services for the Bonds and the City is unable to ocate a substitute depository within two (2) months ollowing the resignation or determination of non- ligibility, or (b) upon a determination by the City in its ole discretion that (1) the continuation of the book- ntry system describe.d herein, which precludes the ssuance of certificates (other than Global ertificates) to any Holder o!ther than the Depository or its nominee) , might adversely affect the interest f the beneficial owners of the Bonds, or (2) that it s in the best interest of the beneficial owners of he Bonds that they be able to obtain certificated onds, in ei her of which events the City', shall notify Holders of its d termination and of the avail�ability of certificates (the Replacement Bonds" ) to Holders requesting the same and t e registration, transfer and exchange of such Bonds will e conducted as provided in paragraphs 108 and 13 hereo . 6 / � ' �� 'I�i, /, n the event of a succession of the Depository as may be authori ed by this paragraph, the Bond Registrar upon presentati n of Global Certificates shall register their transfer t the substitute or successor depositories, and the substitute or successar depository shall be treated as the Depository for all purposes and functions under this resolution. The Depository Letter Agreement shall not apply to a substitu e or succe�sor depository unless the City and the substitute or successor depository so agree, and a similar agreement ay be entered into. No Redemption. The Bonds shall not be subject to redemption and prepayr�ent prior to their maturity. Bond Registrar. The Trea�urer of the City is appointed o act as bond reqistrar and transfer agent with respect to the Bonds (the '"Bond Registr�r") , and shall do so unless and until a successor Bond Registrar is duly appointed. A successo Bond Registrar shall be an bfficer of the City or a bank or tr st company eligible for designation as bond registrar � ursuant to Minnesota Statutes , Chapter 475, and may be appoint d pursuant to any contract the City and such successor ond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal nd interest on the Bonds shall be paid to the Holders (o record holders) of the Bonds in the manner set forth in t e forms of Bond and paragraph 15 of this resolution. 1 . Forms of Bond. The Bonds to be issued hereunder shall be i the form of Global Certificates unless and until Replacemen Bonds are made available as provided in paragraph 7 . Each f rm of bond may contain such additional or different terms and rovisions as to the form of payment, record date, notices an other matters as are consis�ent with the Depository Letter Agr ement and approved by the City Attorney. Global Certificates. The Global Certificates to be issued ereunder, together with the Certificate of Registrati n, the form of Assignment and the registration informatio thereon, shall be in substantially the following form and m y be typew�itten rather than, printed: 7 �e f1-_ .�,� UNITED STATES OE AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF SAINT PAUL R- $ GENERAL OBLIGATION CAPITAL IMPROVEMENT BOND , SERIES 198�7 INTEREST MATURITY D TE OF RATE DATE ORIGINAL ISSUE CUSIP March 1 , 19_ Apri�l 1 , 1987 REGISTERED OWNER: PRINCIPAL MOUNT: � DOLLARS NOW ALL PERSONS BY THESE PR�SENTS that the City of Saint Paul, Ramsey County, Minnesota ( he "Issuer" or "City" ) , certifies hat it is !indebted and for value received promises to pay t� he registered owner specified above or on the certificat of regist�ration below, or registered assigns, without op ion of prepayment, in the manner hereinafter set forth, the principal amount specified above, on the maturity date speci ied above,l and to pay interest thereon semiannually on March 1 and September 1 of each year, (each, an "Interest Payment Da e" ) , commejncing September 1 , 1987, at the rate per annum spec' fied above (calculated on the basis of a 360-day year of tw lve 30-day months) until the principal sum is paid or has bee provided '�for. This Bond wi11 bear interest from the most r cent Interest Payment Date to which interest has been paid r, if no interest has been paid, from the date of original i sue hereof. The principal of and premium, if any, on this Bo d are payable by check or draft in next day funds or its equiva ent (or by wire transfer in immediately available funds if p yment in such form is necessary to meet the timing requiremen s below) upon presentation and surrender hereof at the princi al office of the Treasurer f the Issuer in Saint Paul, Minn sota (the "Bond Registrar" )� acting as paying agent, or any suc essor paying agent duly appointed by the Issuer. Interest o this Bond will be paid on each Interest Payment Date by ch ck or draft in next day funds or its equivalent mailed (or by wire transfer in immedia ely available funds if I I a � J'�-.3.�'� payment in s ch form is necessary to meet the timing requirements below) to the person in whos�e name this Bond is registered ( he "Holder" or "Bondholder" ) on the registration books of the Issuer maintained by the Bond Registrar and at the address appe ring thereon at the close of' business on the fifteenth ca endar day preceding such Interest Payment Date ( the "Requla Record Date" ) . Interest payments shall be received by he Holder no later than 12:00 noon, Chicago, Illinois, ti e; and principal and premium payments shall be received by he Holder no later than 12:00 noon, Chicago, Illinois, ti e if the Bond is surrendered for payment enough in advance to p rmit payment to be made by such time. Any interest not so timely paid shall cease to be payable to the person who i the Holder hereof as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at the close of business on a date ( the "Spe ial Record Date" ) fixed by the Bond Registrar whenever mone becomes available for payment f the defaulted interest. N tice of the Special Record Date hall be given to Bondholders not less than ten days prior t the Special Record Date. T e principal of and premium, if ny, and interest on this Bon are payable in lawful money of the United States of Amer' ca. Da e of Pa ment Not Business Da . If the date for payment of t e principal of, premium, if ny, or interest on this Bond sh 11 be a Saturday, Sunday, le al holiday or a day on which ban ing institutions in the City', of Chicago, Illinois, or the city here the principal office of' the Bond Registrar is located are uthorized by law or executiv�e order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal ho'liday or a day on which such b nking institutions are authoKized to close, and payment on s ch date shall have the same force and effect as if made on the ominal date of �ayment. No Redem tion. The Bonds of this issue are not subject to r demption and prepayment prior to their maturity. Is uance; Pur ose; General Obli ation. This Bond is one of an is ue in the tota principa amount of $10 ,900,000 , all of like ate of original issue and tehor, except as to number, matu ity, interest rate, and deno ination, which Bond has been iss ed pursuant to and in full c nformity with the Constitution and laws of the State of Min esota, including particularly Laws of Minnesota for 1971 , Chapter 773 , as amended, and the Charter of the Issuer, and pursuant to a resolution a opted by the City Council of' the Issuer on March 17 , 1987 (th "Resolution") , for the purpbse of providing money 9 I' '-�?��J/ � to finance he acquisition, construction and repair of various capital imp ovements in the City. This Bond is payable out of ____ the General Debt Service Fund of the Issuer. This Bond constitutes a general obligation of the �ssuer, and to provide tnoneys for he prompt and full payment of its principal , premium, if any, and interest when the s�me become due� the full faith nd credit and taxing powers of the Issuer have been and are her by irrevocably pledged. i D nominations; Exchan e; Resol�tion. The Bonds are issuable or ginally only as Global Certi icates in the denominatio of the entire principal amount of the issue maturing on a single date. Global Certificates are� not exchangeabl for fully registered bonds Of smaller denominatio s except in exchange for Replacement Bonds if then available. Replacement Bonds, if made available as provided below, are ' ssuable solely as fully registered Bonds in the denominatio s of $5,000 and integral multiples thereof of a single matu ity and are exchangeable for' fully registered Bonds of other au horized denominations in equal aggregate �rinci�al amounts at he principal office of the Bond Registrar, but only in the mann r and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of Che Bond Registrar. Copies of t e Resolution are on file in the principal office of the Bond Re istrar. R lacement Bonds. Replacement Bonds may be issued by the Issuer in the event that: (a) the Depository shall resign or discontinue its servic s 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 escribed in the Resolution, which precludes the issuan e of certificates (other than Global Certificates) to any older other than the Depository (or its nominee) , might a versely affect the interest 'of the beneficial owners f the Bonds, or ( 2) that it is in the best intere t of the beneficial owners of the Bonds that they be able to obtain certificated bonds. 10 I i � ,,; r� ;�%-�.� Tr nsfer. This Bond shall be r�gistered in the name of the payee on the books of the Issuer by presenting this Bond for registra ion to the Bond Registrar, wMo will endorse his, her or its n me and note the date of registration op�osite the name of the ayee in the certificate of r�gistration attached hereto. The eafter this Bond may be transferred by delivery with an assi nment duly executed by the Holder or his, her or its legal re resentatives, and the Issuer and Bond Registrar may treat th Holder as the person exclusively entitled to exercise all the rights and powers of an owner until this Bond is presented with such assignment for registration of transfer, accompanied y assurance of the nature provided by law that the assignment i genuine and effective, and until such transfer is registered o said books and noted hereon by the Bond Registrar, a 1 subject to the terms and conditions provided in the Resoluti n and to reasonable regulations of the Issuer contained in any agreement with, or notice to, the Bond Registrar. ransfer of this Bond may, at the direction and expense of t e Issuer, be subject to certain other restrictions if required o qualify this Bond as being "in registered form" within the m aning of Section 149 (a) of the federal Internal Revenue Code of 1986, as amended. Fe s u on Transfer or Loss. The Bond Registrar may require paym nt of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of his Bond and any legal or unusual costs regarding transfers an lost Bonds. Tr atment of Re istered Owner. The Issuer and Bond Registrar ma treat the person in whose name this Bond is registered a the owner hereof for the purpose of receiving payment as h rein provided (except as otherwise provided with respect to t e Record Date) and for all other purposes, whether or not this ond shall be overdue, and neither the Issuer nor the Bond Reg ' strar shall be affected by notice to the contrary. Au hentication. This Bond shall not be valid or become oblig tory for any purpose or be entitled to any security unl ss the Certificate of Authentication hereon shall have been ex cuted by the Bond Registrar. No Qualified Tax-Exem t Obli a�ions. The Bonds have not been des 'gnated by the Issuer as "qua i ied tax-exempt obligations" for purposes of Section 265(b) (3) of the federal Internal Rev nue Code of 1986, as amended. 11 ,f �/ ��_, J I IS HEREBY CERTIFIED AND RECITED that all acts, conditions nd things rec�uired by the Constitution and laws of the State o Minnesota and the Charter o�f the Issuer to be done, to ha pen and to be performed, prejcedent to and in the issuance of this Bond , have been done, h�ve happened and have been perfor ed, in regular and due form� ! time and manner as required by law, and this Bond, together with all other debts of the Issu r outstanding on the date ofl oriqinal issue hereof and on the ate of its issuance and delivery to the original. purchaser, oes not exceed any constitutional or statutory or Charter lim tation of indebtedness. I WITNESS WHEREOF, the City o� Saint Paul , Ramsey County, Min esota, by its City Council h s caused this Bond to be sealed w th its official seal and to e executed on its behalf by t e �hotocopied facsimile sign�ture of its Mayor, attested by the Qhotocopied facsimile signature of its City Clerk, and ountersigned by the photocop�ed facsimile signature of its Dire tor, Department of Finance a d Management Services. Date of Reg stration: Registrable by: Payab e at: BOND REGIST AR' S CITY OF SAINT PAUL , CERTIFICATE OF RAMSEY COUNTY� MINNESOTA AUTHENTICAT ON This Bond i one of the � Bonds descr' bed in the within ment' oned ayor Resolution. Attest: , City er Bond Regist ar � By Countersigned: Authorize Signature ' Director, De�artment of Finance and Management Services (SEAL) General Obligation Capital Improvement Bqnd , Series 1987, No. R- 12 � �"1-_��. CERTIFICATE OF REGISTRATION The transf r of ownership of the princi�al amount of the attached B nd may be made only by the registered owner or his, her or its legal representative last noted below. DATE OF SIGNATURE OF REGISTRATI N REGISTERED OWNER BOND REGISTRAR I I �', '� 13 . �� j� ABBREVIATIONS The f llowing abbreviations, whenl,used in the inscription on the fac of this Bond, shall be construed as though they were writt n out in full according to applicable laws or regulation : TEN COM - s tenants in common TEN ENT - s tenants by the entireties JT TEN - a joint tenants with right of survivorship a d not as tenants in common UNIF GIFT IN ACT Custodian �ust Minor under Uniform Gifts to Minors Act State Additional abbreviations may also be used though not in the abov� list. 14 �� ?3c� ASSIGNMENT or value received, the under igned hereby sells, assigns an transfers unto the ithin Bond and does ere y irr vocab y constitute and appoint attorney t transfer the Bond on the books ept or t e registrati n thereof, with full power of substitution in the premises. Dated: otice: The assignor' s sign ture to this assignment must correspond wit the name as it appears upon the face of th within Bond in every particular, without alteration or any charige whatever. Signature uaranteed: I I Signature( ) must be guaranteed by a national bank or trust company or by a broke�age firm having a membership in one of the major tock exchanges. . The B nd Registrar will not effect ' transfer of this Aond unless the informatiort concerning the transferee requested below is p ovided. �I� Name and A dress: (Include information for all joint owners if the Bond is held by joint account. ) I 15 ��-33�' Replacement Bonds. If the City has notified Holders th t Replacement Bonds have been made available as provided i paragraph 7 , then for every Bond thereafter transferre or exchanged the Bond Regis rar shall deliver a certificat in the form of the Replacem�nt Bond rather than the Global Cer ificate, but the Holder of a Global Certificate shall not therwise be required to exchange the Global Certificat for one or more Replacement Bonds since the City recognizes that some bondholders may pr�fer the convenience of the Deposi ory' s registered ownership o� the Bonds even though the entire issue is no longer required to be in global book- entry form The Replacement Bonds, together with the Bond Registrar' Certificate of Authentication, the form of Assignment and the registration information thereon, shall be in substan ially the following form: I i i 16 <�� UNITED STATE5 OF AM�RICA STATE OF MINNESO A RAMSEY COUNTY ' CITY OF SAINT PA L R- $ GENERAL OBLIGATION CAPITAL IMPROVEMENT BOND, SERIES 1987 INTERES MATURITY D TE OF RATE DATE ORIG NAL ISSUE CUSIP Apr' 1 l , 1987 REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS NOW ALL PERSONS BY THESE PR$SENTS that the City of Saint Pau , Ramsey County� Minnesota (i�he "Issuer" or "City") , certifies that it is indebted and for V�alue received promises to pay to the registered owner specifi�d above, or registered assigns, ithout option of prepayment, ' in the manner hereinaft r set forth, the principal amount specified above, on the matur ' ty date specified above, and to pay interest thereon semiannua ly on March 1 and September 1 of each year (each, an "Interest Payment Date") , commencing S�ptember 1 � 1987 , at the rate per nnum specified above (calculated on the basis of a 360-day y ar of twelve 30-day months) until the principal sum is paid o has been p'rovided for. This Bond will bear interest from the ost recent Interest Payment Date to which interest has been aid or, if no interest has been paid, from the date of origin 1 issue hereof. The principal of and premium, if any, on t is Bond are payable upon presentation and surrender hereof at the principal office of , in � t e Bon Registrar" ) , acting as paying agent, or any successor paying agent duly appointed by the Issuer. nterest on this Bond will be ' paid on each Interest Payment D te by check or draft mailed to the person in whose name this Bond is registered ( the "Holc�er" or "Bondholder" ) on the regis ration books of the Issuer m�intained by the Bond Registrar and at the address appearingjthereon at the close of business n the fift�enth calendar day preceding such Interest Payment D te (the "Regular Record Date") . Any interest not so timely pa d shall cease to be payable �o the person who is the 17 ��.�s�X Holder here f as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at the close of business on a date (the "Special Record Date" ) fixed by the Bond Regis rar whenever money becomes available for payment of the default d interest. Notice of the Special Record Date shall be gi en to Bondholders not less than ten days prior to the Special Record Date. The principal of and premium, if any, and intere t on this Bond are payable in lawful money of the United Stat s of America. FERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND S T FORTH 0� THE REVERSE HEREOF� WHICH PROVISIONS SHALL FOR L PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. I IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State f Minnesota and the Charter of the Issuer to be done, to h ppen and to be perf ormed, precedent to and in the issuance of this Bond, have .been done, have happened and have been perfo med, in regular and due form, time and manner as required b law, and t,his Bond, together with all other debts of the Iss er outstanding on the date of original issue hereof and on the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory or Charter li itation of indebtedness. N WITNESS WHEREOF, the City of Saint Paul� Ramsey County, Mi nesota, by its City Council has caused this Bond to be sealed ith its official seal or a facsimile thereof and to be execute on its behalf by the original or facsimile signature f its Mayo�, attested by the original or facsimile signature f its City Clerk, and countersigned by the original or facsimi e signature of its Director, DePartment of Finance and Manage ent Services. 18 �� Date of Re istration: Registrable by: Payable at�: BOND REGIS RAR' S CITY OF SA NT PAUL� CERTIFICAT OF RAMSEY COU TY� MINNESOTA AUTHENTICA ION This Bond s one of the ' Bonds desc ibed in the within men ioned Mayor Resolution. Attest: , City Clerk Bon Regis rar " Ay Countersign d: Authoriz d Signature Director, D partment o Finance and Managem nt Services (SEAL) �� I . I I I i I 19 c�/�.�� L ON REVERSE OF BOND Da e of Pa ment Not Business Dal . If the date for payment of t e princiPal of , premium, if any, or interest on this Bond sh 11 be a Saturday, Sunday, le al holiday or a day on which ban ing institutions in the Cit of Chicago, Illinois, or the city here the principal office of' the Bond Registrar is located are uthorized by law or executive order to close, then the dare Eor such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such b nking institutions are autharized to close, and payment on s ch date shall have the same force and effect as if made on the ominal date of payment. No Redem tion. The Bonds of t is issue are not subject to r demption and prepayment pri r to their maturity. Is uance; Pur ose; General Obl � ation. This Bond is one of an is ue in the total principal a ount of $10,900,000 , all of like ate of original issue and t nor, except as to number, mat rity, interest rate, and den mination, which Bond has been iss ed pursuant to and in full onformity with the Constitution and laws of the State of Mi nesota, including particularly Laws of Minnesota for 1971 , Chapter 773 , as amended, and the Charter of the Issuer, nd pursuant to a resolution a opted by the City Council o the Issuer on March 17 , 1987 ( t e "Resolution" ) , for the purpose of providing money to finance t e acquisition, construction and repair of various capital imp ovements in the City. This Bond is payable out of the General ebt Service Fund of the Issuer. This Bond constitutes a general obligation of the Xssuer, and to provide moneys for the prompt and full payment o£ its princi�al, premium, if any, and interest when the same become due, the full faith nd credit and taxing powers of the Issuer have been and are her by irrevocably pledged. D nominations; Exchan e; Resolution. The Bonds are issuable so ely as fully registered Bond$ in the denominations of $5 ,000 a d integral multiples thereof of a single maturity and are exc angeable for fully registered Bonds of other authorized nominations in equal aggregate princi�al amounts at the prin ipal office of the Bond Regi�trar, but only in the manner and ubject to the limitations prc�vided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of �he Bond Registrar. Copies of t e Resolution are on file in the principal office of the Bond Re istrar. 20 �7�� Tr nsfer. This Bond is transferable by the Holder in person or by his, her or its attorney duly authorized in writing at t e principal office of the Bond Registrar upon �resentation and surrender hereof to the Bond Registrar, all subject to t e terms and conditions provided in the Resolution and to reaso able regulations of the Issu�r contained in any agreement wi h the Bond Registrar. There�ppon the Issuer shall execute and he Bond Registrar shall auth�nticate and deliver, in exchange or this Bond, one or more necy fully registered Bonds in the name of the transferee (but ot registered in blank or to ' bearer" or similar designati n) , of an authorized denomination or denominations, in aggrega e principal amount equal to the principal amount of this Bon , of the same maturity and bearing interest at the same rate. Whenever ownership of this Bond Should be transfer ed under any other circumstance or be registered in nominee name only, the registered o ner of the Bond shall, if an to the extent required to ualify this Bond as being "i registered form" within the m aning of S�ction 149(a) of t e federal Internal Revenue Code of 1986, as amended , and at he direction and expense of t e Issuer, maintain for the I suer a record of the actual owner of the Bonds. Fe s u on Transfer or Loss. Th� Bond Registrar may require paym nt of a sum sufficient to cover any tax or other gover.n�nantal charge payable in connection with the transfer or � exchange of his Bond and any legal or unusual costs regarding transfers an lost Bond�. Tr atment of Re istered Owner. The Issuer and Bond Registrar ma treat the person in whose name this Bond is registered a the owner hereof for the purpose of receiving payment as h rein provided (except as otherwise provided on the reverse side hereof with respect to the Record Date) and for all other pu poses, whether or not this Bond shall be overdue, and neither he Issuer nor the Bond Registrar shall be aFfected by notice to the contrary. Au hentication. This Bond shall not be valid or become oblig tory for any purpose or be entitled to any security unl ss the Certificate of Authentication hereon shall have been ex cuted by the Bond Registrar. No Qualified Tax-Exem t Obli a ions. The Bonds have not been des gnated by the Issuer as "qualified tax-exempt obligations" for purposes of Section 265(b) (3) of the federal Internal Rev nue Code of 1986, as amended. 21 �,- �� g ABBREVIATIONS The fo lowing abbreviations, when �sed in the inscription on the face of this Bond, shall be construed as though they were writte out in full according to applicable laws or regulations TEN COM - a tenants in common TEN ENT - a tenants by the entireties JT TEN - as joint tenants with right of survivorship an not as tenants in common UNIF GIFT M N ACT Custodian Cust Minor under Uniform Gifts to Minors Act State dditional abbreviations maylalso be used though not in the above list. 22 � �� ASSIGNMENT � or value received, the under�igned hereby sells, assigns an transfers unto the within Bond and does ere y irr vocab y coMStitute and appoint attorney t transfer the Bond on the books ept or t e registrati n thereof, with full power of substitution in the premises. �i Dated: otice: The assignor' s sign ture to this assignment • must correspond wit the name as it appears upon the face of th within Bond in every particular, without alteration or any change whatever. I Signature uaranteed: ' Signature( ) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one oF the major tock exchanqes. The B nd Registrar will not effect' transfer of this Bond unless the information concerning the transferee requested below is p ovided. Name and A dress: - ( (Include information for all joint owners`�, i,Y 1�" ._ if the Bond is held by joint account. ) ) � I I 23 . / ��_ 1_1�� 11 . Execution. The Bonds shall be executed on behalf of he City by the signatures of , its Mayor, City Clerk and Direct r, Department of Finance and 'Management Services, each with he effect noted on the forms of the Bonds, and be sealed wit the seal of the City; provided, however, that the seal of th City may be a printed or phqtocopied facsimile; provided i ther that any of such signattures may be printed or photocopie facsimiles and the corporat� seal may be omitted on the Bonds s permitted by law. In the �vent of disability or resignatio or other absence of any suct� officer, the Sonds may be signed y the manual or facsimile sic�nature of that officer who may ac on behalf of such absent or disabled officer. In case any s ch officer whose signature o� facsimile of whose signature hall appear on the Bonds sha11 cease to be sucir officer be ore the delivery of the Bond�, such signature or facsimile hall nevertheless be valid and sufficient for all purposes, he same as if he or she had remained in office until delivery. 2. Authentication; Date of e istration. No Bond shall be v lid or obligatory for any pu pose or be entitled to any securi y or benefit under this reso ution unless a Certificat of Authentication on such B nd� substantially in the form h reinabove set forth, shall h ve been duly executed by an auth rized representative of the �ond Registrar. Certificat s of Authentication on different Bonds need not be signed by he same person. The Bond Registrar shall authentica e the signatures of officers of the City on each Bond by ex cution of the Certificate of Authentication on the Bond and b inserting as the date of registration in the space provided t e date on which the Bond is authenticated. For purposes o delivering the original Global Certificates to the Purchaser, the Bond Registrar shall insert as the date of registrati n the date of original issue, which date is April 1 , 1987. The Certificate of Authentication so executed on each Bond shall be conclusive evidence that it has been authentica ed and delivered under this resolution. 3 . Registration; Transfer; Exchange. The City will cause to b kept at the principal offic� of the Bond Registrar a bond reg' ster in which, subject to suCh reasonable regulation as the Bond Registrar may prescribe, the Bond Registrar hall provide for the registration of Bonds and the registrati n of transfers of Bonds entitled to be registered or transferre as herein provided. 24 {:f�7..'.-sX� A Global Certificate shall be registered in the name of the paye on the books of the Bond Re istrar by presenting the Global ertificate for registration to the Bond Registrar, who will en orse his or her name and not the date of registratio opposite the name of the pa ee in the certificate of registra ion on the Global Certificat . Thereafter a Global Certificate may be transferred by delivesy with an assignment duly execut d by the Holder or his, her �br its legal representat 've, and the City and Bond Re istrar may treat the Holder as t e person exclusively entitle to exercise all the rights and owers of an owner until a Global Certificate is presented w' th such assignment for registration of transfer, accompanied by assurance of the nature rovided by law that the assiynment ' s genuine and effective, an until such transfer is reyistered n said books and noted ther on by the Bond Registrar, 11 subject to the terms and conditions provided in the Resolution and to reasonable regula ions of the City contained i any ayreement with, or not' ce to, the Bond Registrar. T ansfer of a Global Certificaite may, at the direction a d expense of the City, be subject to other restriction if required to qualify the Global Certificates as beiny "in r gistered form" within the meaning of Section 149(a) of tne Eederal Internal Revenue Code of 1986, as amended. pon surrender for transfer of any Replacement Bond at the pri cipal office of the Bond Reqistrar, the City shall execute ( if necessary) , and the Bond Registrar shall , authentica e, insert the date of registration (as provided in paragraph 12) and deliver, in the name of the designated transferee or transferees, one or more new Replacement Bonds of any author ' zed denomination or denominations of a like aggregate rincipal amount, having the same stated maturity and interest r te, as requested by the transferor; provided, nowever, t at no bond may be registered in blank or in the name of "bearer" or similar designation. Whenever ownership of any Replacemen Bonds should be transferred without surrender of the Replac ment Bond for transfer or should be registered in nominee na e only, the registered owner of the Replacement Bond shall, if nd to the extent required to preserve the exclusion from yross income of the interest on the Bonds and at the direction nd expense of the City, main�ain for the City a record of he actual owner of the Repla�ement Bond. t the option of the holder of a Replacement Bond, Replacemen Bonds may be exchanged for Replacement Bonds of any authorized denomination or denominations of a like aggregate principal mount and stated maturity, upon surrender of the Replacemen Bonds to be exchanged at the principal office of 25 i �';�-�3� the Bond Registrar. Whenever any Replacen�ent Bonds are so surrendered or exchange, the City shall execute ( if necessary) , nd the Bond Registrar shall authenticate, insert the date of egistration of , and deliver the Replacement Bonds which the ho der making the exchange is erititled to receive. Global Certi icates may not be exchanged for Global Certificates of smaller denominations. A1 Bonds surrendered upon any exchange or transfer provided for in this resolution shall be promptly cancelled by the Bond Reg ' strar and thereafter disposed of as directed by the City. A1 Bonds delivered in exchange for or upon transfer of Bonds sha 1 be valid general obligations of the City evidencing t e same debt, and entitled to the same benefits under this r solution, as the Bonds surrendered for such exchange or ransfer. Ev ey Bond presented or surrendered for transfer or exchange sha 1 be duly endorsed or be accompanied by a written instrument o transfer, in form satisfactory to the Bond Registrar, d ly executed by the holder thereof or his, her or its attorney duly authorized in writing. Th Bond Registrar may require payment of a sum sufficient t cover any tax or other governmental charge payable in c nnection with the transfer or exchange of any Bond and any lega or unusual costs regarding transfers and lost Bonds. Tr nsfers shall also be subject to reasonable regula- , tions of the City contained in any agreement with, or notice to, the Bond Registrar, including regulations which permit the Bond Registr r to close its transfer books between record dates and payment ates. � 14. Riqhts Upon Transfer or Exchange. Each Bond delivered up n transfer of or in exchange for or in lieu of any other Bond s all carry all the rights to interest accrued and unpaid, and o accrue, which were carried by such other Bond. 15. Interest Pa ment; Record Date. Interest on any Global Certi icate shall be paid as provi ed in the first paragraph th reof, and interest on any Re lacement Bond shall be paid on e ctr� interest payment date by check .or draft mailed to the perso in whose name the Bond is r gistered ( the "Holder" ) on the registration books of the City maintained by the Bond Reg strar, and in each case at t e address appearing 26 . �7 /�,�� thereon at t close of business on the fifteenth (15th) calendar day preceding such interest paym�nt date ( the "Regular Record Date" ) . Any such interest not so timely paid shall cease to be ayable to the person who is the Holder thereof as of the Regul r Record Date, and shall be payable to the person who is the H lder thereof at the close of business on a date ( the "Special Record Date" ) fixed by the Bond Registrar whenever mon y' becomes available for payment of the defaulted interest. N tice of the Special Record Date shall be given by the Bond Reg' strar to the Holders not les� than ten (10) days prior to the Special Record Date. The term "Holder" shall also include thos lawfully entitled to take actions on behalf of the benefici 1 owners of the Bonds for pu�poses of any consent or approvals given by Holders. ' 16. Treatment of Registered Owner. The City and Bond Registrar ma treat the person �in whose n�me any Bond is registered a the owner of such Bond for t�he purpose of receiving pa ment of principal of and pre�iium, if any, and interest (su ject to the payment provisio s in paragraph 15 above) on, s ch Bond and for all other pu�poses whatsoever whether or n t such Bond shall be overduer and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 17 . Deliver ; A lication of Proceeds. The Global Certificates when so prepared and execute shall be delivered by the Direc or, Department of Finance and Management Services, to the Purch ser upon receipt of the purchase price, and the Purchaser sh 11 not be obliged to see to the proper application thereof. 18 . Fund and Account. There is hereby created a sPecial acco nt to be designated the "Capital Improvement Bonds of 1987 Acco nt" ( the "Account" ) to be administered and maintained b the City Treasurer as a bookkeeping account se�arate and apart from all other account� maintained in the official fin ncial records of the City. There has been heretofore c eated and established the Gerleral Debt Service Fund (number d 960, herein the "Fund" ) . The Fund and the Account shal each be maintained in the m�nner herein specified until all of the Bonds herein authorized �nd the interest thereon have been fully paid. ( ' ) Account. To the Account t�here shall be credite the proceeds of the sale of ,lthe Bonds herein authori ed, less aGCrued interest re�eived thereon, and less an amount paid for the Bonds irh excess of $10 ,715 ,000. From the Account there , shall be paid all costs a d expenses of making the Imp�lovements, including 27 �F�-s��' the cost of any construction contracts heretofore let and all oth r costs incurred and to be incurred of the kind authoriz d in Minnesota Statutes, Se�tion 475.65; and the moneys ' n the Account shall be used �or no other purpose except s otherwise provided by law; '�provided that the proceed of the Bonds may also be us�d to the extent necessar to pay interest on the Bonc�s due prior to the anticip ted date of commencement of i�he collection of taxes h rein covenanted to be levied;� and provided further that if upon completion of the Impro�►ements there shall remain ny unexpended balance in the Account, the balance may be ransferred by the Council to the fund of any other improve nt instituted pursuant to Laws of Minnesota for 1971 , C apter 773, as amended, or to the Fund. ( i ' ) Fund. There is hereby pledged and there shall be cred' ted to the Fund, to a special sinkinq fund account which i hereby created and established therein for the payment of the Bonds, (a) all accrued interest received upon de ivery of the Bonds; (b) all �unds paid for the Bonds i excess of $10 ,715 ,000; (c) any collections of all taxes w ich are herein levied for th� payment of the Bonds and int rest thereqn as provided in Paragraph 19; (d) all funds r maining in the Account after completion of the Improve ents and payment of the costs thereof, not so transfe red to the account of another improvement; and (e) all inv stment earnings on moneys held in said special account in the Fund. , Said sp cial account created in the Fund shall be used solely to pa the principal and interest and any premiums for redemption o the Bonds issued hereunder �nd any other bonds of the City her tofore or hereafter issued by the City and made payable from said special account in the Fund as provided by law, or to p y any rebate due to the United States. No �ortion of the proce ds of the Bonds shall be used directly or indirectly t acquire higher yielding investments or to replace funds which ere used directly or indirectly to acquire higher yielding inv stments, except (1) for a reasonable temporary period until such broceeds are needed for the purpose for which the Bonds we e issued, and ( 2) in additioR to the above in an amount not g eater than the lesser of five percent (5�) of the proceeds of he Bonds or $100 �000. To this effect, any proceeds of he Bonds and any sums from t�me to time held in the Account r said special account in th Fund (or any other City account which will be used to pay pr�ncipal or interest to become due o the bonds payable therefrom in excess of amounts which under he applicable federal arbitr ge regulations may be il 28 (/' ��7 � !1 � _-z" - invested with ut regard as to yield shall not be invested at a yield in exc ss of the applicable yield restrictions imposed by said arbitrag regulations on such investrnents after taking into account any applicable "temporary periods" or "minor portion" made available under the Federal arbitrage regulations. In addition, the proceeds o� the Bonds and money in the Accou t or the Fund shall not be invested in obligations or deposits ' ssued by, guaranteed by or insured by the United States or an agency or instrumentality thereof if and to the extent that uch investment would cause the Bonds to be "federally g aranteed" within the meaning , of Section 149(b) of the federal nternal Revenue Code of 1986, as amended ( the "Code" ) . 19 . Tax Levy; Coverage Test. To provide moneys for payment of t e principal and interest on the Bonds there is hereby levie upon all of the taxable pro�erty in the City a direct annua ad valorem tax which shall be spread upon the tax rolls and co lected with and as part of other general property taxes in the City for the years and in thl� amounts as follows: Year of Tax Year of Tax Lev Collection Amount 1986 1987* $1 ,489,316* 1987 1988 1 ,480 ,080 1988 1989 1 ,462,624 1989 1990 , 1 ,472, 232 1990 1991 1 ,476 ,432 1991 1992 1 ,476,012 1992 1993 , 1 ,470,762 1993 1994 ' 1r461 ,679 1994 1995 1 ,473,649 1995 1996 1 ,453 ,857 *heretofore evied or provided from other available City funds Th tax levies are such that if collected in full they, togeth r with estimated collections of any other revenues herein pledg d for the payment of the Bonds, will produce at least five p rcent (5$) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies s all be irrepealable so long as any of the Bonds are outstand' ng and unpaid, provided that the City reserves the right and po er to reduce the levies in the manner and to the extent permitted by Min!nesota Statutes, �ection 475.61, Subdivision 3 . i 29 I , �� _ 20. General Obligation Pledge. For the prompt and full payment •f the principal and interest on the Bonds, as the same respecti ely become due, the full faith , credit and taxing powers of th City shall be and are hereb� irrevocably �ledged. If the balanc in the Fund (as defined inl�aragraph 18 hereof) is ever insu ficient to pay all principal ' and interest then due on the Bonds payable therefrom, the deficiency shall be promptly pai out of any other funds of the City which are available fo such purpose, including the general fund of the City, and su h other funds may be reimbur�ed with or without interest fro the Fund when a sufficient balance is available therein. . 21 . Certificate of Registration. The Director, Department o Finance and Management Services, is hereby directed to ile a certified copy of this Resolution with the County Audit r of Ramsey County, Minnesota, together with such other inform tion as the Auditor shall requir�, and to obtain the Auditor' certificate that the Bonds �ave been entered in the Auditor' Bond Register, and that the ' tax levy required by law has been made. 22 . Records and Certificates. The officers of the City are her by authorized and directed to prepare and furnish to the Purch ser, and to the attorneys ap' roving the legality of th� issua ce of the Bonds, certified c pies of all proceedings nd records of the City relat ng to the Bonds and to the finan ial condition and affairs of the City, and such other affida its, certificates and inform tion as are required to show the acts relating to the legalit and marketability of the eonds as the same appear from the boo s and records under their custod and control or as otherwise known to them, and all such cer ified copies, certificates and affidavits, in- cluding any eretofore furnished, shall be deemed represen- tations of t e City as to the facts recited therein. 23. Ne ative Covenant as to Use of Im rovements. The City hereby ovenants not to use the procee s o t e Bon s or to use the I provements, or to cause or permit them or any of them to be u ed, or to enter into any deferred payment arrangements for the cost of the Improvements, in such a manner as to cause he Bonds to be "private activity bonds" within the meaning of S ctions 103 and 141 through 150 of the Code. , 30 ��'7,�-�-� 2� Tax-Exem t Status of the Bonds; Rebate. The City snall compl with requirements necessary under the Code to estai�lish a d maintain the exclusion from gross income under Section lU3 ot the Code of the interest on the Bonds, including without li�n tation requirements relating to temporary periods f�r investm nts, limitations on amounts nvested at a yield �reater tha the yield on the Bon3s, and�the rebate of excess invest��nent arnings to the United States. 25 No Desi nation of Qualifie Tax-Exem t Obligations The Bonds exceed in amount those which may be qualified a "qualified tax-exempt obligations" within the meaning of ection 265(b) (3) of the Code, and hence are not designated or such purpose. i 26 . llepository Letter Agreement. The Depository � Letter Agre ment is hereby approved, an shall be executed on behalf of t e City by the Mayor, Clerk nd Director, Department of Finance nd Management Services, in ubstantially the form approved, w' th such changes, modificatiqns, additions and deletions a shall be necessary and app opriate and approved oy the City At orney. Execution by such o ficers of the Depository etter Agreement shall be co clusive evidence as to the necessi y and propriety of changes nd their approval by the City At orney. So long as Midwest �ecurities Trust Company is tne Dep sitory or it or its nominee �s the Holder of any Gloeal Certificate, the City shall co►npLy with the provisions of the Dep sitory Letter Agreement, as it may be amended or supplement by the City from time to tkme with the agreement or consent of Midwest Securities Trust Company. 2 . Severability. If any sec�.ion, paragraph or provision f this resolution shall be h�ld to be invalid or unenforcea le for any reason, the inval dity or unenforce- ability of such section, paragraph or pzovision shall not affect any of the remaining provisions of this resolution. 31 � I i i � � � � . . � � . � - � �.� . � � � . . � � I � . � . . . . � . . . ' ' . I . . . . , w1 \, �� . � . . 1 ist /�` �� 'cit3 ' ��" � '/.�I �' � _---- — '� � • � 3rd �� /�- � Adopted �� - � / — �� , ' Yeas �ayS . ' ; � DREW �% �� ; NICOSIA � c � � �/ SIJ�' ; �Z°rr�t� ; . � SCHEIBEL ; , . SONU�N WILSON MR. ,PRESIDENT TEDESCO � i ` ! , S ; i ; ; t � � `. j , i . . . M � . . . . . ..