87-340 -.
WHITE - C�TV CLERK
PINK - FINANCE GITY OF SAINT PAUL Council � .J �3�a
CANARV - DEPARTMENT
BLUE - MAVOR , F11C NO•
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
ACCEPTING BID ON SALE OF
$2 �280�0 0 GENERAL OBLIGATION STREET IMPROVEMENT
SPE IAL ASSESSMENT BONDS , SERIES 1987�
ND PROVIDING FOR THEIR ISSUA�NCE
WHER AS, the Director, Department of Finance and
Management Ser ices, has presented affidavitts showing
publication of notice of the sale of $2 ,280,000 General
Obligation Str et Improvement Special Asses�ment Bonds, Series
1987 (the "Bon s") , of the City of Saint Pawl, Minnesota (the
"City") , for w ich bids were to be received at this meeting in
accordance wit Resolution No. 87-189 adopted by this City
Council on Feb uary 19, 1987 , and approved by the Mayor on
February 19, 1 87; and the affidavits have been examined, have
been found to omply with the provisions of Minnesota Statutes,
Chapter 475 , a d have been approved and ordered placed on file;
and
WHE AS, the bids set forth on E�hibit A attached
hereto were r ceived pursuant to the Offici,�al Terms of Offering
by the Direct r, Department of Finance and Management Services,
at the office of Springsted Incorporated at 1:00 P.M. , Central
Time, on Marc 16, 1987; and
COUNCILMEN � Requested by Department of:
Yeas pfeW Nays
N"°s'e In Favor
Rettman
Scheibel
Sonnen __ Agal[ISt BY
Tedesco
Wilson
Form Approved by City A orne
Adopted by Cou�icil: Date S�r,���
Certified Passed by Council Secre ary BY �� �
By
`-
Approved by Mavor: Date _ Appro e }n Mayor for Submis 'on t Council
i
Bv - - — B
�> - �� c
WHEREAS, the Director, Department of Finance and Manage-
ment Services has advised this Council that the bid of
The Northern rust Company was found to be the most
advantageous nd has recommended that said bid be accepted; and
LVHEREAS, the proceeds of the Bonds will finance certain
street improv ments to be sPecially assessed, for which the
City is proce ding pursuant to its Charter and not yinnesota
Statutes, Cha ter 429; and
WHEREAS, the City has heretofore issu�ed registered obliga-
tions in cert ficated form, and incurs substantial costs
associated wi h their printing and issuance, and substantial
continuing tr nsaction costs relating to their payment�
transfer and xchange; and
L9HEREAS, the City has determined agai�n in 1987 that
significant s vings in transaction costs will result from
issuing bonds in "global book-entry form" , by which bonds are
issued in cer ificated form in large denominations, registered
on the books f the City in the name of a depository or its
nominee, and eld in safekeeping and immobilized by such
depository, a d such depository as part of the computerized
national secu ities clearance and settlement system ( the
"National Sys em") registers transfers of ownership interests
in the bonds y making computerized book entries on its own
books and dis ributes payments on the bonds to its Participants
shown on its ooks as the owners of such i,nterests; and such
Participants nd other banks, brokers and dealers participating
in the Natio 1 System will do likewise (again, not as agents
of the City) if not the beneficial owne'rs of the bonds; and
WHEREAS� "Participants" means those financial institutions
for whom the Depository effects book-entry transfers and
pledges of s curities deposited and immobilized with the
Depository; nd
WHEREAS, Midwest Securities Trust Company, a limited
purpose trus company organized under the laws of the State of
Illinois, or any of its successors or suc�essors to its
functions he eunder (the "Depository" ) , will act as such
depository w' th respect to the Bonds exce t as set forth below,
and there is before this Council a form o letter agreement
( the "Deposi ory Letter Agreement" ) setti g forth various
matters rela ing to the Depository and it� role with respect to
the Bonds; a d
�
I
_ 2
WHEREAS, the City will �eliver the Bonds in the form of
one certifica e per maturity, each representing the entire
principal amo nt of the Bonds due on a particular maturity date
(each a "Glob 1 Certificate" ) , �hich single certificate per
maturity may e transferred on the City' s bond register as
required by t e Uniform Commercial Code, but not exchanged for
smaller denom nations unless the City determines to issue
Replacement B nds as provided below; and
WHEREAS, the City will be able to replace the Depository
or under cert in circumstances to abandon the "global book-
entry form" b permitting the Global Certificates to be
exchanged for smaller denominations typical of ordinary bonds
registered on the City' s bond register; and "Replacement Bonds"
means the cer ificates rePresenting the Bo�ds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 7
and 13 hereof and ;
WHEREAS, "Holder" as used herein mean� the person in whose
name a Bond i registered on the registration books of the City
maintained by the City Treasurer or a succ�ssor registrar
appointed as rovided in paragraph 9 (the '"Bond Registrar") :
NOW THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1 . Acce tan�e of Bid. The bid of The Northern Trust
Company (the Purchaser" to purchase $2 ,280,000 General
Obligation St eet Improvement Special Assessment Bonds, Series
1987 , of the ity (hereinafter referred to as the "Bonds" , or
individually s a "Bond") , in accordance with the Official
Terms of Offe ing for the bond sale, at the rates of interest
hereinafter s t forth, and to pay therefor the sum of
$2 ,241,250, p us interest accrued to settlement, is hereby
found, determ ned and declared to be the most favorable bid
received and ' s hereby accepted, and the Bonds are hereby
awarded to sa d bidder. The Director, Department of Finance
and Managemen Services, or his designee, is directed to retain
the deposit o said bidder and to forthwith return to the
unsuccessful idders their good faith checks or drafts.
3
. � � ��U
�
2. Title; Original Issue Date; Denominations;
Maturities. The Bonds shall be titled "General Obligation
Street Impr ement Special Assessment Bonds, Series 1987" ,
shall be dat d April 1, 1987, as the date of original issue and
shall be is ed forthwith on or after such date as fully
registered nds. The Bonds shall be numbered from R-1 upward.
Global Cert ' ficates shall each be in the denomination of the
entire prin ipal amount maturing on a single date, or, if a
portion of aid principal amount is prepaid, said principal
amount less the prepayment. Replacement Bonds , if issued as
provided in paragraph 7 , shall be in the denomination of $5,000
each or in ny integral multiple thereof of a single matur.ity.
The Bonds s all mature on March 1 in the years and amounts as
follows:
Year Amount Year Amount
1989 $ 80,000 1999 � $125,000
1990 125 ,OOQ 2000 125 ,000
1991 125,000 2001 'I 125,000
1992 100,000 2002 125 ,000
1993 125,000 2003 ' 125,000
1994 100,000 2004 100,000
1995 125 ,000 2005 125 ,000
1996 100,000 2006 100,000
1997 125,000 2007 125,000
1998 100,000 2008 100,000
3 Purpose. The Bonds shall provide funds for the
constructio of various street improvements ( the
"Improvemen s" ) in the City. The total cost of the
Improvement , which shall include all casts enumerated in
Minnesota S atutes, Section 475 .65, is estimated to be at least
equal to th amount of the Bonds. Work 'on the Improvements
shall proce d with due diligence to comple.tion.
4 Interest. The Bonds shall bear interest payable
semiannuall on March l and September 1 of each year,
commencing arch 1 , 1988, calculated on 'the basis of a 360-day
year of twe ve 30-day months, at the reapective rates per annum
set forth o posi*_e the maturity years as follows:
�
4
Maturit Year Interest Rate Maturity Year Interest Rate
1989 6.50� 1999 5.90�
1990 6.50 2000 6.00
1991 5.30 2001 6 .10
1992 5.00 2002 6.25
1993 5.00 2003 6.25
1994 5 .10 2004 6.25
1995 5.30 2005 6.25
1996 5 .40 2006'I 6.25
1997 5.60 2007 6.25
1998 5 .75 2008' 5.00
5. Subcommittee. This Council �ereby ratifies and
approves each and every act of its subcommlittee on Finance and
� Sinking Funds in connection with the sale pf the Bonds.
6. Descri tion of the Global Ce tificates and Global
Book-Entr S tem. Upon their origina is uance the Bonds will
be issued in he form of a single Global C, rtificate for each
maturity, dep sited with the Depository byl, the Purchaser and
immobilized a provided in paragraph 7 . Np beneficial owners
of interests n the Bonds will receive cer�ificates
representing heir resQective interests inl the Bonds except as
provided in p ragraph 7. Except as so prowided, during the
term of the B nds, beneficial ownership (a�nd subsequent
transfers of eneficial ownership) of intekests in the Global .
Certificates ill be reflected by book en�ries made on the
records of th Depository and its Particip nts and other banks,
brokers, and ealers participating in the �ational System. The
Depository' s ook entries of beneficial ow�ership interests are
authorized to be in increments of $5 ,000 af principal of the
Bonds, but no smaller increments, despite the larger
authorized de ominations of the Global Certificates. Payment
of principal f, premium, if any, and interest on the Global
Certificates ill be made to the Bond Registrar as paying
agent, and in turn by the Bond Registrar to the Depository or
its nominee a registered owner of the Global Certificates� and
the Depositor according to the laws and rules governing it
will receive nd forward payments on behalf of the beneficial
owners of the Global Certificates.
Payment f principal of, premium, if �any, and interest on
a Global Cert ficate may in the City' s dis�retion be made by �
such other me hod of transferring funds a� may be requested by
the Holder of a Global Certificate.
;
5
7. Immobilization of Global Certificates by the
De ositor ; uccessor De ositor ; Re lacement Bonds. Pursuant
to the reque t of the Purchaser to the Depository, which
request is r quired by the Official Terms of Offering,
immediately pon the original delivery o� the Bonds the
Purchaser wi 1 deposit the Global Certif ' cates representing all
o.f the Bonds with the Depository or its gent, the main office
of the Fourt U.S. Federal Reserve Distr' ct Bank. The Global
Certificates shall be in typewritten for or otherwise as
acceptable t the Depository, shall be r gistered in the name
of the Depo itory or its nominee and sha 1 be held immobilized
from circulation at the offices of the D�pository or said agent
on behalf o the Purchaser and subsequen� bondowners. The
Depository its nominee will be the soTe holder of record of
the Global ertificates and no investor or other party
purchasing, selling or otherwise transfe�ring ownership of
interests i any Bond is to receive, hold or deliver any bond
certificate so long as the Depository h lds the Global
Certificate immobilized from circulatio , except as provided
below in this paragraph and in paragraph 13.
Certif' cates evidencing the Bonds m y not after their
original de ivery be transferred or exch nged except:
( i) Upon registration of tr nsfer of ownership of
a Glob 1 Certificate, as provided i paragraph 13 ,
( ii) To any successor of the Depository (or its
nomine ) or any substitute deposito y (a "substitute
deposi ory") de�ignated pursuant to '' clause ( iii) of this
subpar graph, provided that any suc essor of the
Deposi ory or any substitute deposi�ory must be both a
"clear' ng corporation" as defined i� the Minnesota Uniform
Commer ial Code at Minnesota Statut�s, Section 336.8-102 ,
and a ualified and registered "cle�ring agency" as
provid d in Section 17A of the Securities Exchange Act of
1934, s amended,
( ' ii) To a substitute depository designated by and
accept ble to the City upon (a) the determination by the
Deposi ory that the Bonds shall no longer be eligible for
its de ository services or (b) a determination by the City
that t e Depository is no longer able to carry out its
functi ns, provided that any substitute depository must be
qualif' ed to act as such, as provid�d in clause (ii) of
this s bparagraph, or
6
�� -��r1'
iv) To those persons to whom transfer is requested
in wri ten transfer instructions in the event that:
(a) the Depository shall resign or discontinue
i s services for the Bonds and the City is unable to
1 cate a substitute depository within two (2) months
f llowing the resignation or d�etermination of non-
e igibility, or
(b) upon a determination by the City in its
s le discretion that (1) the cbntinuation of the book-
e try system described herein,iwhich precludes the
i suance of certificates (othe�r than Global
C rtificates) to any Holder other than the Depository
( r its nominee) , might advers�ely affect the interest
o the beneficial owners of thle Bonds, or (2) that it
i in the best interest of thej beneficial owners af
t e Bonds that they be able toj obtain certificated
b nds, '
in eit er of which events the City shall notify Holders of
its de ermination and of the availability of certificates
(the " eplacement Bonds" ) to Holder requesting the same
and th registration, transfer and exchange of such Bonds
will b conducted as provided in palragraphs lOB and 13
hereof
In the event of a succession of thei Depository as may be
authorized y this paragraph, the Bond Rlegistrar upon presenta-
tion of Glo al Certificates shall registjer their transfer to
the substit te or successor depositorie�� and the substitute or
successor d pository shall be treated as the Depository for all
purposes an functions under this resolution. The Depository
Letter Agre ment shall not apply to a sulbstitute or successor
depository nless the City and the substitute or successor
depository o agree, and a similar agreemnent may be entered
into.
8 Redemption. All Bonds maturing in the years 1996
to 2008, bo h inclusive, shall be subject to redemption and
prepayment t the option of the City on March 1 , 1995, and on
any interes payment date thereafter at a price of par plus
accrued int rest. Redemption may be in whole or in part of the
Bonds subje t to prepayment. If redemption is in part, those
Bonds remai ing unpaid which have the latest maturity date
shall be pr paid first; and if only part of the Bonds having a
7
common maturity date are called for prepayment, the Global
Certificate may be prepaid in $5 ,000 increments of principal
and, if app icable, the specific Replace�ent Bonds to be
prepaid sha 1 be chosen by lot by the Bo�d Registrar. Bonds or
portions th reof called for redemption s�all be due and payable
on the rede ption date, and interest the�eon shall cease to
accrue from and after the redemption dat�.
U on a reduction in the aggreg te principal amount of
a Global Ce tificate, the Holder may mak a notation of such
redemption n the panel provided on the lobal Certificate
stating the amount so redeemed, or may rfturn the Global
Certificate to the Bond Registrar in exchange f or a new Global
Certificate authenticated by the Bond Re�istrar, in proper
principal a ount. Such notation, if mad� by the Holder, shall
be for refe ence only, and may not be re�ied upon by any other
person as b ing in any way determinative� of the principal
amount of s ch Global Certificate outsta ding, unless the Bond
Registrar h s signed the appropriate col mn of the panel.
T effect a partial redemption of Replacement Bonds
having a co mon maturity date, the Bond �egistrar prior to
giving noti e of redemption shall assign� to each Replacement
Bond having a common maturity date a dis�inctive number for
each $5,000 of the principal amount of s ch Replacement Bond.
The Bond Re istrar shall then select by ot, using such method
of selectio as it shall deem proper in ' ts discretion, from
the numbers so assigned to such Replacem nt Bonds, as many
numbers as, at $5 ,000 for each number, shall equal the
principal a ount of such Replacement Bon�s to be redeemed. The
Replacement Bonds to be redeemed shall b� the Replacement Bonds
to which we e assigned numbers so selected; provided, however,
that only s much of the principal amounk of each such
Replacement Bond of a denomination of more than $5 ,000 shall be
redeemed as shall equal $5,000 for each number assigned to it
and so sele ted.
I a Replacement Bond is to be redeemed only in part,
it shall be surrendered to the Bond Registrar (with, if the
City or Bon Registrar so requires, a written instrument of
transfer in form satisfactory to the City and Bond Registrar
duly execut d by the Holder thereof or his attorney duly
authorized n writing) and the City shall execute ( if
necessary) nd the Bond Registrar shall authenticate and
deliver to he Holder of such Replacement Bond� without service
charge, a n w Replacement Bond or Bonds of the same series
8
� 7 `�5�°
having the ame stated maturity and interest rate and of any
authorized enomination or denominations, as requested by such
Holder, in ggregate principal amount equal to and in exchange
for the unr deemed portion of the principal of the Bond so
surrendered.
T e Bond Registrar shall call Bonds for redemption
and payment as herein provided upon receipt by the Bond
Registrar a least forty-five (45) days �rior to the redemption
date of a r quest of the City, in writtem form if the Bond
Registrar i other than a City officer. Such request shall
specify the principal amount of Bonds to be called for
redemption nd the redemption date. '
P blished notice of redemption shall in each case be
given in ac ordance with law, and mailed notice of redemption
�hall be gi en to the paying agent ( if other than a City
Officer) an to each affected Holder. I� and when the City
shall call ny of the Bonds for redemption and payment prior to
the stated aturity thereof, the Bond Registrar shall give
written not ce in the name of the City of its intention to
redeem and ay such Bonds at the office of the Bond Registrar.
Notice of r demption shall be given by first class mail,
postage pre aid, mailed not less than thirty (30) days prior to
the redempt on date, to each Holder of Bonds to be redeemed, at
the address appearing in the Bond Registier. All notices of
redemption hall state:
( ) The redemption date;
( ) The redemption price;
O If less than all outstanding Bonds are to be
redeemed, the identificat�ion (and, in the case
of partial redemption, th�e respective principal
amounts) of the Bonds to be redeemed;
O That on the redemption dajte, the redemption
price will become due and payable upon each such
Bond, and that interest thereon shall cease to
a�crue from and after said date; and
( ) The place where such Bonds are to be surrendered
for payment of the redemption price (which shall
be the office of the Bond Registrar) .
9
otices to Midwest Securities Trust Company or its
nominee sh 11 contain the CUSIP numbers of the Bonds. If there
are any Ho ders of the Bonds other than the Depository or its
nominee, t e Bond Registrar shall use its best efforts to
deliver any such notice to the Depository on the business day
next �rece ing the date of mailing of s�ch notice to all other
Holders.
9. Bond Registrar. The Treasurer of the City is
appointed o act as bond registrar and transfer agent with
respect to the Bonds (the "Bond Registrar" ) , and shall do so
unless and until a successor Bond Registrar is duly appointed.
A successo Bond Registrar shall be an mfficer of the City or a
bank or tr st company eligible for designation as bond
registrar rsuant to Minnesota Statutes, Chapter 475 , and may
be appoint pursuant t� any contract the City and such
successor B nd Registrar shall execute which is consistent
herewith. he Bond Registrar shall also serve as paying agent
unless and ntil a successor paying age�t is duly appointed.
Principal a d interest on the Bonds sha�l be paid to the
Holders (or record holders) of the Bond� in the manner set
forth in t f orms of Bond and paragrapH 15 of this resolution.
10. Forms of Bond. The Bonds to be issued hereunder
shall be in the form of Global Certificates unless and until
Replacement Bonds are made available as provided in
paragraph 7. Each form of bond may conCain such additional or
different t rms and provisions as to the form of payment,
record dat , notices and other matters as are consistent with
the Deposit ry Letter Agreement and approved by the City
Attorney.
A. Global Certificates. The Global Certificates to
be issued h reunder, together with the Certificate of .
Registratio , the Register of Partial P�yments, the form of
Assignment nd the registration information thereon, shall be
in substant"ally the following form and may be typewritten
rather than printed:
10
�� r���
UNITED STATES OF AMFRICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
R- $
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOND� SERIES 1987
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
March 1, Apri 1' 1 , 1987
REGISTERED WNER:
PRINCIPAL A OUNT: DOLLARS
K OW ALL PERSONS BY THESE PRES,ENTS that the City of
Saint Paul� Ramsey County� Minnesota (the "Issuer" or "City" ) ,
certifies t at it is indebted and for value received promises
to pay to t e registered owner specified above or on the
certificate of registration below, or registered assigns, in
the manner ereinafter set forth, the principal amount
specified a ove, on the maturity date specified above, unless
called for arlier redemption, and to pay interest thereon
semiannuall on March 1 and September l of each year (each, an
"Interest P yment Date" ) , commencing March 1 , 1988� at the rate
per annum s ecified above (calculated on the basis of a 360-day
year of twelve 30-day months) until the 'principal sum is paid
or has been provided for. This Bond will bear interest from
the most re ent 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 are payable by check or draft in next day funds or
its equiva ent (or by wire transfer in immediately available
funds if p ment in such form is necessary to meet the timing
requiremen s bel�w) upon presentation and surrender hereof at
the pr�inci al office of the Treasurer oE 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;
provided, owever, that upon a partial �edemption of this Bond
which resu ts in the stated amount hereof being reduced, the
Holder may in its discretion be paid without presentation of
�
11
this Bond, hich payment shall be received no later than 12:00
noon, Chic go, Illinois, time, and may make a notation on the
panel provi ed herein of such redemption, stating the amount so
redeemed, r may return the Bond to the Bond Registrar in
exchange for a new Bond in the proper principal amount. Such
notation, if made by the Holder, shall be for reference only,
and may not be relied upon by any other person as being in any
way determinative of the principal amount of this Bond outstand-
ing, unless the Bond Registrar has signed the appropriate
column of he panel. Interest on this Bond will be paid on
each Intere t Payment Date by check or draft in next day funds
or its equi alent mailed (or by wire transfer in immediately
available f nds if payment in such form is necessary to meet
the timing equirements below) to the person in whose name this
Bond is reg' stered ( the "Holder" or "Bondholder" ) on the
registratio books of the Issuer maintained by the Bond
Registrar a d at the address appearing thereon at the close of
business on the fifteenth calendar day preceding such Interest
Payment Dat (the "Regular Record Date" ) . Interest payments
shall be re eived by the Holder no later than 12:00 noon,
Chicago, I1 inois, time; and principal and premium payments
shall be re eived by the Holder no later than 12:00 noon,
Chicago, I1 inois, time, if the Bond is surrendered for payment
enough in a vance to permit payment to be made by such time.
Any interes not so timely paid shall cease to be payable to
the person ho is the Holder hereof as of the Regular Record
Date, and s all be payable to the person who is the Holder
hereof at t e close of business on a date ( the "Special Record
Date" ) fixe by the Bond Registrar whenever money becomes
available f r payment of the defaulted interest. Notice of the
Special Rec rd Date shall be given to Bondholders not less than
ten days pr or to the Special Record Date. The principal of
and premium if any, and interest on this Bond are payable in
lawful mone of the United States of America.
D te of Pa ment Not Business Da . If the date for
payment of he principal of, premium, if any, or interest on
this Bond s all be a Saturday, Sunday, legal holiday or a day
on which ba king institutions in the City of Chicago, Illinois,
or the city where the principal office of the Bond Registrar is
located are authorized. by law or executive order to close, then
the date fo such payment shall be the next succeeding day
which is no a Saturday, Sunday, legal holiday or a day on
which such anking institutions are authorized to close, and
payment on uch date shall have the same force and effect as if
made on the nominal date of payment.
i
12
R dem tion. All Bonds of this issue maturing in the
years 1996 to 2008 , both inclusive, are subject to redemption
and prepay nt at the option of the Issuer on March 1 , 1995 ,
and on any Interest Payment Date thereafter at a price of par
plus accrue interest. Redemption may be in whole or in part
of the Bond subject to prepayment. If redemption is in part,
those Bonds remaining unpaid which have the latest maturity
date shall e prepaid first; and if only part of the Bonds
having a co mon maturity date are called for prepayment, this
Bond may be prepaid in $5 ,000 increments of principal. Bonds
or portions thereof called for redemption shall be due and
payable on he redemption date, and interest thereon shall
cease to ac rue from and after the redemption date.
N tice of Redem tion. Published notice of redemption
shall in ea h case be given in accordance with law, and mailed
notice of r demption shall be given to the paying agent (if
other than City officer) and to each affected Holder of the
Bonds. In he event any of the Bonds are called for
redemption, written notice thereof will be given by first class
mail mailed not less than thirty (30) days prior to the
redemption ate to each Holder of Bonds to be redeemed. In
connection ith any such notice, the "CUSIP" numbers assigned
to the Bond shall be used.
R lacement or Notation of Bo�ds after Partial
Redemption. Upon a partial redemption of this Bond which
results in he stated amount hereof being reduced, the Holder
may in its iscretion make a notation on the panel provided
herein of s ch redemption, stating the amount so redeemed.
Such notati n, if made by the Holder, shall be for reference
only, and m y not be relied upon by any other person as being
in any way eterminative of the principal amount of the Bond
outstanding unless the Bond Registrar has signed the
appropriate column of the panel. Otherwise, the Holder may
surrender t is Bond to the Bond Registrar (with, if the Issuer
or the Bond Registrar so requires, a written instrument of
transfer in form satisfactory to the Issuer and the Bond
Registrar d ly executed by the Holder thereof or his attorney
duly author' zed in writing) and the Issu�er shall execute ( if
necessary) nd the Sond Registrar shall authenticate and
deliver to he Holder of such Bond, without service charge, a
new Bond of the same series having the s�me stated maturity and
interest ra e and of the authorized deno�ination in aggregate
principal a ount equal' to and in exchange for the unredeemed
portion of he principal of the Bond so isurrendered.
I
13
I
I suance; Pur ose; General Obli ation. This Bond is
one of an i sue in the total principal amount of $2, 280,000,
all of like date of original issue and tenor, except as to
number, mat rity, interest rate, denomination and redemption
privilege, hich Bond has been issued pu�suant to and in full
conformity ith the Constitution and law� of the State of
Minnesota a d the Charter of the Issuer, and pursuant to a
resolution dopted by the City Council of the Issuer on March
17 , 1987 (t e "Resolution") , for the purpose of providing money
to finance he construction of various street improvements in
the City. his Bond is payable out of the 1987 General
Obligation treet Improvement Special As�sessment Debt Service
Fund of the Issuer. This Bond constitut�s a general obligation
of the Issu r, and to provide moneys for the prompt and full
payment of ts principal, premium, if any, and interest when
the same be ome due, the full faith and credit and taxing
powers of t e Issuer have been and are h�reby irrevocably
pledged.
D nominations; Exchan e; Resol�ution. The Bonds are
issuable or ginally only as Global Certi,ficates in the
denominatio of the entire principal amount of the issue
maturing on a single date, or, if a portion of said principal
amount is p epaid, said principal amount less the prepayment.
Global Cert ficates are not exchangeable for fully registere�3
bonds of sm ller denominations except to evidence a partial
prepayment r 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 $5 ,000 and integral multiples thereof of a
single matu ity and are exchangeable for fully registered Bonds
of other au horized denominations in equal aggregate principal
amounts at he principal office of the Bond Registrar, but only
in the mann r and subject to the limitations provided in the
Resolution. Reference is hereby made to the Resolution for a
description of the rights and duties of the Bond Registrar.
Copies of he Resolution are on file in the principal office of
the Bond Re istrar.
lacement Bonds. Replacement Bonds may be issued
by the Iss r in the event that:
;
14
�7 ����
(a the Depository shall resign or discontinue its --
service for the Bonds, and only if the Issuer is unable
to loca e a substitute depository within two (2) months
followi g the resignation or determination of non-
eligibi ity, or
(b) upon a determination by the Issuer in its sole
discret'on that (1) the continuation ' of the book-entry
system escribed in the Resolution, which precludes the
issuanc of certificates (other than Global Certificates)
to any older other than the Depositmry (or its nominee) ,
might a versely affect the interest di the beneficial
owners f the Bonds, or (2) that it �.s in the best �
interes of the beneficial owners of the Bonds that they
be able to obtain certificated bonds.
Tr nsfer. This Bond shall be r�gistered in the name
of the payee on the books of the Issuer by presenting this Bond
for registra ion to the Bond Registrar, wl�o will endorse his,
her or its n me and note the date of regi�tration opposite the
name of the ayee in the certificate of r�gistration attached
hereto. The eafter this Bond may be tran$ferred by delivery
with an assi nment duly executed by the Hdlder 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 regi�stration of transfer,
accompanied y assurance of the nature pr�vided by law that the
assignment i genuine and effective� and �ntil such transfer is
registered o said books and noted hereon by the Bond
Registrar, all subject to the terms and c nditions provided in
the Resoluti n and to reasonable regulati�ns of the Issuer
contained in ny agreement with, or noticQ to, the Bond
Registrar. ransfer of this Bond may, at '' the direction and
expense of t Issuer, be subject to certain other restrictions
if required o qualify this Bond as being " in registered form"
within the me ning of Section 149(a) of the federal Internal
Revenue Code f 1986 , as amended.
Fee u on Transfer or Loss. Th Bond Registrar may
require a m nt of a sum sufficient to co�er an tax or other
P Y Y
governmental harge payable in connection with the transfer or
exchange of his Bond and any legal or un�sual costs regarding
transfers and lost Bonds. '
Tre tment of Re istered Owner. IThe Issuer and Bond
Registrar may treat the Person in whose name this Bond is
registered as the owner hereof for the purpose of receiving
payment as h rein provided (except as otherwise provided with
15
respect to he Record Date) and for all other purposes, whether
or not this Bond shall be overdue, and neither the Issuer nor
the Bond Re istrar shall be affected by notice to the contrary.
A thentication. This Bond shall not be valid or
become obli atory for any purpose or be 'entitled to any
security un ess the Certificate of Authentication hereon shall
have been e ecuted by the Bond Registrar.
N t Qualified Tax-Exem t Obli ations. The Bonds have
not been de ignated by the Issuer as "qu�li ied tax-exempt
obligations for purposes of Section 265(b) (3) of the federal
Internal Re enue Code of 1986, as amende�.
I IS HEREBY CERTIFIED AND REC7TED that all acts,
conditions nd things required by the Canstitution and laws of
the State o Minnesota and the Charter o the Issuer to be
done, to ha pen and to be performed, precedent 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 of! original 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
16
� 7 - ���
IN WITNESS WHEREOF� the City of Saint Paul, Ramsey
County, Minn sota, by its City Council has caused this Bond to
be sealed with its official seal and to be executed on its
behalf by t e photocopied facsimile signature of its Mayor,
attested by the photocopied facsimile signature of its City
Clerk, and ountersigned by the photocopied facsimile signature
of its Dire tor, Department of Finance and Management Services.
Date of Reg' stration: Registrable by:
Payable at:
BOND REGIST AR'S CITY OF SAINT PAUL,
CERTIFICATE OF RAMSEY COUNT� , MINNESOTA
AUTHENTICAT ON
This Bond i one of the I .
Bonds descr bed in the �
within ment oned Mayor
Resolution.
i
Attest: I
I
City Clerk
.
Bond Regist ar ,;
By Countersigne�d:
Authorize Signature �
Director, D partment of Finance
and Management Services
�
(SEAL)
j
General Ob igation Street Improvement Special Assessment Bond,
Series 198 , No. R-
17
CERTIFICATE OF REGISTRATION
The transfe of ownership of the princi�al amount of the
attached Bo d may be made only by the registered owner or his,
her or its egal representative last noted below.
DATE OF SIGNATURE OF
REGISTRATIO REGISTERED OWNER BOND REGISTRAR
18
REGISTER OF PARTIAL PAYMENTS
The princip 1 amount of the attached Bon� has been prepaid on
the dates a d in the amounts noted below:
Signature ofl Signature of
Date A ount Bondholder Bond Registrar
i
�
�
i -
i
�
If a notati n is made on this register, uch notation has the
effect stat d in the attached Bond. Par�ial payments do not
require the presentation of the attached Bond to the Bond
Registrar, nd a Holder could fail to not�e the partial payment
here. I
I
19
ABBREVIATIONS
The fo lowing abbreviations, when used in the inscription
on the face of this Bond, shall be construed as though they
were writte out in full according to ap�licable 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 may also be used
though not in the above list.
20
. - I �� _� �cv
ASSIGNMENT
Fo value received, the undersigned hereby sells,
assigns and ransfers unto
the within Bond and does
hereby irrev cably constitute and appoint
attorney to ransfer the Bond on the books ept or e
registration thereof, with full power of substitution in the
premises.
Dated:
I
N tice: The assignor' s signat�ure to this assignment
must correspond with the name as it appears
upon the face of the �within Bond in every
particular, without �lteration or any
change whatever. I
Signature G aranteed: i
Signature(s must be guaranteed by a nat$.onal bank or trust
company or y a brokerage firm having a �nembership in one of
� the major s ock exchanges.
The Bo d Registrar will not effect ransfer of this Bond
unless the nformation concerning the tr nsferee requested
below is pr vided.
Name and Ad ress:
- -- �
I
(Include information or all joint owners
if the Bond is held by joint account. )
I
21
B Replacement Bonds. If the City has notified
Holders tha Replacement Bonds have been made available as
provided in paragraph 7 , then for every Bond thereafter
transferred or exchanged ( including an exchange to reflect the
partial pre ayment of a Global Certificate not previously
exchanged f r Replacement Bonds) the Bond Registrar shall
deliver a c rtificate in the form of the Replacement Bond
rather than the Global Certificate, but the Holder of a Global
Certificate shall not otherwise be required to exchange the
Global Cert ficate for one or more Replacement Bonds since the
City recogn zes that some bondholders ma prefer the
convenience of the Depository' s register d ownership of the
Bonds even hough the entire issue is no longer required to be
in global b ok-entry f orm. The Replacem nt Bonds, together
with the Bo d Registrar' s Certificate of Authentication, the
form of Ass gnment and the registration information thereon,
shall be in substantially the following form:
,I
�I
I
I
I
I
I
22 !
UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL,
R- $
GENERAL OBLIGATION STREET I PROVEMENT
SPECIAL ASSESSMENT BOND� SE�IES 1987
INTEREST MATURITY DAT OF
RATE DATE ORIGIN L ISSUE CUSIP
April � , 1987
REGISTERED WNER:
PRINCIPAL A OUNT: � DOLLARS
K OW ALL PERSONS BY THESE PRES�NTS that the City of
Saint Paul, Ramsey County, Minnesota ( th "Issuer" or "City") ,
certifies t at it is indebted and for va ue received promises
to pay to t e registered owner specified above, or registered
assigns, in the manner hereinafter set f rth, the principal
amount spec fied above, on the maturity �ate specified above,
unless call d for earlier redemption, an to pay interest
thereon sem annually on March 1 and Sept�mber 1 of each year
(each, an " nterest Payment Date" ) , comm ncing March 1 , 1988 ,
at the rate per annum specified above (c�lculated on the basis
of a 360-da year of twelve 30-day month ) until the principal
sum is paid or has been provided for. T�is Bond will bear
interest fr m the most recent Interest P yme•nt Date to which
interest ha been paid or, if no interes has been paid, from
the date of original issue hereof. The rincipal of and
premium, if any, on this Bond are payabl� upon presentation and
surrender h reof at the principal office of
, i ,
(the "Bond Registrar" , acting as paying
agent, or a y successor paying agent dul appointed by the
Issuer. In erest on this Bond will be p id on each Interest
Payment Dat by check or draft mailed to the person in whose
name this B nd is registered (the "Holde " or "Bondholder") on
the registr tion books of the Issuer mai�tained by the Bond
Registrar a d at the address appearing t�ereon at the close of
business on the fifteenth calendar day p eceding such Interest
Payment Dat (the "Regular Record Date") � Any interest not so
timely paid shall cease to be payable to�, the person who is the
23
Holder her of as of the Regular Record Date, and shall be
payable to the person who is the Holder hereof at the close of
business o a date ( the "Special Record Date") fixed by the
Bond Regis rar whenever money becomes available for payment of
the defaulted interest. Notice of the Special Record Date
shall be g'ven 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 States of America.
EFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND ET FORTH ON 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 of Minnesota and the Charter of the Issuer to be
done, to h ppen and to be performed, precedent to and in the
issuance of this Bond, have been done, have happened and have
been perf o ed, in regular and due form� time and manner as
required by law, and this Bond, together with all other debts
of the Iss er outstanding on the date og original issue hereof
and on the ate of its issuance and delivery to the original
purchaser, does not exceed any constitutional or statutory or
Charter lim' tation of indebtedness.
I WITNESS WHEREOF� the City of Saint Paul� Ramsey
County, Min esota, by its City Council has caused this Bond to
be sealed ith its official seal or a f�csimile thereof and to
be executed on its behalf by the original or facsimile
signature f its Mayor, attested by the original or facsimile
signature o its City Clerk, and countersigned by the original
or facsimil signature of its Director, Department of Finance
and Managem nt Services.
�I
24
�' 7 -� ��
Date of Reg' stration: Registrable by:
Payable 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 Mayor
Resolution.
Attest:
, City C er
Bond Regist ar ,
By Countersigned:
Authorize Signature
Director, Department o Finance
and Management Services
(SEAL)
�
j
I
25
ON REVERSE OF BOND
D te of Pa ment Not Business a . If the date for
payment of he principal of, premium, i� any, or interest on
this Bond s all be a Saturday, Sunday, legal holiday or a day
on which ba king institutions in the Ci�y of Chicago, Illinois,
or the city where the principal office of the Bond Registrar is
located are authorized by law or executive order to close, then
the date fo such payment shall be the next succeeding day
which is no a Saturday, Sunday� legal holiday or a day on
which such anking institutions are authorized to close, and
payment on uch date shall have the same force and effect as if
made on the nominal date of payment.
R dem tion. All Bonds of this issue maturing in the
years 1996 0 2008, both inclusive, are 'subject to redemption
and prepaym nt at the option of the Issuer on March 1 , 1995 ,
and on any nterest Payment Date thereafter at a price of par
plus accrue interest. Redemption may �e in whole or in part
of the Bond subject to prepayment. If redemption is in part,
those Bonds remaining unpaid which have the latest maturity
date shall e prepaid first; and if only part of the Bonds
having a co mon maturity date are called for prepayment, the
specific Bo ds to be prepaid shall be chosen by lot by the Bond
Registrar. Bonds or portions thereof called for redemption
shall be du and payable on the redemption date, and interest
thereon sha 1 cease to accrue from and after the redemption
date.
N tice of Redem tion. Published notice of redemption
shall in ea h case be given in accordance with law, and mailed
notice of r demption shall be given to the paying agent (if
• other than City officer) and to each affected Holder of the
Bonds. In he event a�y of �he Bonds ar� called for
redemption, written notice thereof will be given by first class
mail mailed not less than thirty (30) days prior to the
.redemption ate to each Holder of Bonds to be redeemed. In
connection ith any such noticer the "CUSIP" numbers assigned
to the Bond shall be used.
, .
�
26 ,
Sel ction of Bonds for Redem tion. To effect a
partial redem tion of Bonds having a common maturity date, the
Bond Registra shall assign to each Bond having a common
maturity date a distinctive number for each $5,000 of the
principal amo nt of such Bond. The Bond Registrar shall then
select by lot, using such method of selection as it shall deem
proper in its discretion, from the number� assigned to the
Bonds, as man numbers as, at $5 ,000 for each number, shall
equal the pri cipal amount of such Bonds to be redeemed. The
Bonds to be r deemed shall be the Bonds to which were assigned
numbers so se ected; provided, however� that only so much of
the principal amount of such Bond of a denomination of more
than $5 ,000 s all be redeemed as shall equal $5 ,000 for each
number assign d to it and so selected. IE a Bond is to be
redeemed only in part, it shall be surrendered to the Bond
Registrar (with, if the Issuer o.r the Bon� Registrar so
requires, a w itten instrument of transfe in form satisfactory
to the Issuer and the Bond Registrar duly executed by the
Holder thereo or his, her or its attorne duly authorized in
writing) and he Issuer shall execute ( if necessary) and the
Bond Registra shall authenticate and del ' ver to the Holder of
such Bond, wi hout service charge, a new ond or Bonds of the
same series h ving the same stated maturi y and interest rate
and of any au horized denomination or den minations, as
requested by uch Holder, in aggregate pr ' ncipal amount equal
to and in ex hange for the unredeemed por ion of the principal
of the Bond s surrendered.
Iss ance; Pur ose; General Obli ation. This Bond is
one of an iss e in the total principal am unt of $2 , 280,000 ,
all of like d te of original issue and te or, except as to
number, matu ity, interest rate, denomina ion and redemption
privilege, which Bond has been issued pur�uant to and in full
conformity with the Constitution and lawslof the State of
Minnesota and the Charter of the Issuer, �nd pursuant to a
resolution a opted by ' the City Council of � the Issuer on March
17 , 1987 ( the "Resolution" ) , for the purpdse of providing money
to finance t e construction of various st�eet improvements in
the City. T is Bond is payable out of th� 1987 General
Obligation S reet Improvement Special Ass�ssment Debt Service
Fund of the Issuer. This Bond constitute a general obligation
of the Issue , and to provide moneys for he prompt and full
payment of i s principal, premium, if any and interest when
the same bec me due, the full faith and c edit and taxing
powers of th Issuer have been and are he eby irrevocably
pledged.
27
De ominations; Exchan e; Resolution. The Bonds are
issuable sol ly as fully registered Bonds in the denominations
of $5 ,000 an integral multiples thereof of a single maturity
and are exch ngeable for fully registered Bonds of other
authorized d nominations in equal aggrega�e princiPal amounts
at the princ' pal office of the Bond Registrar, but only in the
manner and s bject to the limitations provided in the
Resolution. Reference is hereby made to the Resolution for a
description f the rights and duties of the Bond Registrar.
Copies of th Resolution are on file in the principal office of
the Bond Reg' strar. '�,
Tr nsfer. This Bond is transferable by the Holder in
Person or by his, her or its attorney duly authorized in
writing at t .principal office of the Bond Registrar upon
presentation and surrender hereof to the Bond Reqistrar, all
subject to t e terms and conditions provi ed in the Resolution
and to reaso able regulations of the Issu�r contained in any
agreement wi h the Bond Registrar. There�pon the Issuer shall
execute and he Bond Registrar shall auth�nticate and deliver,
in exchange or this Bond, one or more new fully registered
Bonds in the name of the transferee (but not 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
�equired to ualify this Bond as being "i registered form"
within the m aning of Section 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. The Bond Registrar may
require paym nt of a sum sufficient to co�er any tax or other
governmental charge payable in connection with the transfer or
exchange of his Bond and any legal or un�sual costs regarding
transfers an lost Bonds. '
Tr atment of �e istered Owner. ' The Issuer and Bond
Registrar ma treat the person in whose n�me this Bond is
registered a the owner hereof for the pu pose of receiving
payment as h rein provided (except as oth rwise provided on the
reverse side hereof with respect to the R cord Date) and for
all other pu poses, whether or not this B nd shall be overdue,
and neither he Issuer nor the Bond Regis$rar shall be affected
by notice to the contrary.
28
j
I
Aut entication. This Bond shall not be valid or
become obliga ory for any purpose or be entitled to any
security unle s the Certificate of Authentication hereon shall
have been exe uted by the Bond Registrar.
Not Qualif.ied Tax-Exem t Obli ations. The Bonds have
not been desi nated by the Issuer as qua i ied tax-exempt
obligations" or purposes of Section 265( b) (3) of the federal
Internal Reve ue Code of 1986, as amended.
ABBREVIATIONS
The foll wing abbreviations, when used in the inscription
on the face o this Bond, shall be construed as though they
were written ut in full according to app�icable laws or
regulations:
�
TEN COM - as enants in common �
TEN ENT - as enants by the entireties '
JT TEN - as j int tenants with right of sWrvivorship
and ot as tenants in common
UNIF GIFT MIN ACT Custodian
(Cust) Minor
under Uniform Gifts 'to Minors
Act
State
Ad itional abbreviations may a]�so be used
though not in the above ]1ist.
29
� 7 �� �U
ASSIGNMENT
F r value received� the undersigned hereby sells,
assigns and transfers unto
the w'ithin Bond and does
hereby irre ocably constitute and appoint
attorney to transfer the Bond on the books ept or e
registratio thereof, with full power of substitution in the
premises.
Dated:
N tice: The assiqnor' 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.
Signature G aranteed:
Signature(s must be guaranteed by a nata�onal bank or trust
company or y a brokerage firm having a membership in one of
the major s ock exchanges.
The Bo d Registrar will not effect transfer of this Bond
unless the nformation concerning the transferee requested
below is pr vided.
Name and Ad ress:
(Include inf ormation for all joint owners
if the Bond is held by joint account. )
30
1 . Execution. The Bonds shall be executed on
behalf of t e City by the signatures of its Mayor, City Clerk
and Directo , Department of Finance and Management Services,
each with t e effect noted on the forms of the Bonds, and be
sealed with the seal of the City; provid�d, however, that the
seal of the City may be a printed or photocopied facsimile;
provided fu ther that any of such signatures may be printed or
photocopied facsimiles and the corporate' seal may be omitted on
the Bonds a permitted by law. In the event of disability or
resignation or other absence of any such officer, the Bonds may
be signed b the manual or facsimile sig�ature of that officer
who may act on behalf of such absent or disabled officer. In
case any su h officer whose signature or facsimile of whose
signature s all appear on the Bonds sha11 cease to be such
officer bef re the delivery of the Bonds, such signature or
facsimile s all nevertheless be valid and sufficient for all
purposes, t e same as if he or she had remained in office until
delivery.
1 . Authentication; Date of R istration. No Bond
shall be va id or obligatory for any pur ose or be entitled to
any securit or benefit under this resol tion unless a
Certificate of Authentication on such Bo d, substantially in
the form he einabove set forth, shail ha e been duly executed
by an autho ized representative of the B nd Registrar.
Certificate of Authentication on differ nt Bonds need not be
signed by t e same person. The Bond Registrar shall
authenticat the signatures of officers of the City on each
Bond by exe ution of the Certificate of Authentication on the
Bond and by inserting as the date of registration in the space
provided th date on which the Bond is authenticated. For
purposes of delivering the original Glob�l Certificates to the
Purchaser, he Bond Registrar shall inse�rt as the date of
registratio the date of original issue, which date is April 1 ,
1987. The ertificate of Authentication so executed on each
Bond shall e conclusive evidence that it has been
authenticat d and delivered under this resolution.
1 . Re9•istration; Transfer; Exchange. The City will
cause to be kept at the principal office of the Bond Registrar
a bond regi ter in which, subject to such reasonable
regulations as the Bond Registrar may prescribe, the Bond
Registrar s all provide for the registration of Bonds and the
registratio of transfers of Bonds entitled to be registered or
transferred as herein provided.
i
I
31
A G obal Certificate shall be regist2red in the name
of the payee n the books of the Bond Registrar by presenting
the Global Ce tificate for registration to the Bond Registrar,
who will endo se his or her name and note the date of
registration pposite the name of the payee in the certificate
of registrati n on the Global Certificate.' Thereafter a Global
Certificate m y be transferre�3 t�y �3elivery with an assignment
duly executed by the Holder or his, her or its legal
representativ , and the City and Bond Registrar may treat the
Holder as the person exclusively entitled to exercise all the
rights and po ers of an owner until a Global Certificate is
presented wit such assignment for registration of transfer,
accompanied b assurance of the nature provided by law that the
assignment is genuine and effective, and until such transfer is
registered on said books and notPd thereon by the Bond
Registrar, all subject to the terms and conditions provided in
the Resolutio and to reasonable regulations of the City
contained in ny agreement with, or notice to, the Bond
Registrar.
. I
Tra sfer of a Global Certificat� may, at the
direction an expense of the City, be subject to other
restrictions ' f required to qualify the Global Certificates as
being "in re istered form" within the meaning of Section 149(a)
of the federa Internal Revenue Code of 1986, as amended.
Up n surrender for transfer of any Replacement Bond
at the princi al office of the Bond Regis�rar, the City shall
execute ( if ecessary) , and the Bond Regi�trar shall
authenticate, 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 authoriz d denomination or denominations of a like -
aggregate �rincipal amount, having the sarne stated maturity and
interest rat , as requested by the transf�ror; provided,
however, tha no bond may be registered ir1 blank or in the name
of "bearer" r similar designation. Whenever ownership of any
Replacement onds should be transferred wXthout surrender of
the Replacem nt Bond for transfer or shou�d be registered in
nominee name only, the registered owner o� the Replacement Bond
shall , if an to the extent required to p eserve the exclusion
from gross i come of the interest on the onds and at the
direction an expense of the City, mainta n for the City a
record of th actual owner of the Replace ent Bond.
At the option of the holder of Replacement Bond,
Replacement onds may be exchanged for Re lacement Bonds of any
authorized d nomination or denominations f a like aggregate
principal am unt and stated maturity, upo surrender of the
32
Replacement B nds to be exchanged at the principal office of
the Bond Regi trar. Whenever any Replacement Bonds are so
surrendered f r exchange, the City shall execute ( if
necessary) � a d the Bond Registrar shall authenticate, insert
the date of r gistration of, and deliver t e Replacement Bonds
which the hol er making the exchange is en itled to receive.
Global Certif cates may not be exchanged for Global
Certificates f smaller denominations.
All Bonds surrendered upon any e�change or transfer
provided for n this resolution shall be promptly cancelled by
the Bond Regi trar and thereafter disposed of as directed by
the City.
All Bonds delivered in exchange �or or upon transfer
of Bonds shal be valid general obligation� of the City
evidencing th same debt� and entitled to �he same benefits
under this re olution, as the Bonds surren ered for such
exchange or t ansfer. ��,
Eve Bond presented or surrendeked for transfer or
exchange shal be duly endorsed or be accoimpanied by a written
instrument of transfer, in form satisfacto y to the Bond
Registrar, du y executed by the holder thereof or his, her or
its attorney uly authorized in writing.
The Bond Registrar may require p yment of a sum
sufficient to cover any tax or other gover mental charge
payable in co nection with the transfer or. exchange of any Bond
and any legal or unusual costs regarding t ansfers and lost
Bonds.
Tra sfers shall also be subject to reasonable regula-
tions of the ity contained in any agreement with, or notice
to, the Bond egistrar„ including regulati ns which permit the
Bond Registra to close its transfer book� between record dates
and payment d tes.
14. Rights Upon Transfer or Exchange. Each Bond
delivered upo transfer of or in exchange �for or in lieu of any
other Bond sh 11 carry all the rights to interest accrued and
unpaid, and t accrue, which were carried by such other Bond.
15. Interest Payment; Record Date. Interest on any
Global Certif cate shall be paid as provid�d in the first
paragraph the eof, and i�terest on any Replacement Bond shall
be paid on ea h interest payment date by �heck or draft mailed
to the person in whose name the Bond is registered (the
"Holder") on he registration books of the City maintained by
33
�7 �� ��
the Bond Regi trar, and in each case at the address appearing
thereon at th close of business on the fifteenth (15th)
calendar day receding such interest payment date ( the "Regular
Record Date" ) Any such interest not so timely paid shall
cease to be p yable to the person who is the Holder thereof as
of the Regula Record Date, and shall be payable to the person
who is the Ho der thereof at the close of business on a date
(the "Special Record Date") fixed by the Bond Registrar
whenever mone becomes available for payment of the defaulted
interest. No ice of the Special Record Date shall be given by
the Bond Regi trar to the Holders not less than ten (10) days
prior to the pecial Record Date. The term "Holder" shall also
include those lawfully entitled to take actions on behalf of
the beneficia owners of the Bonds for purposes of any consent
or a�provals iven by Holders.
16. Treatment of Registered Owner. The City and
Bond Registra may treat the person in whose name any Bond is
registered as the owner of such Bond for the purpose of
receiving pay ent of principal of and premium, if any, and
interest (sub ect to the payment provision in paragraph 15
above) on, su h Bond and for all other pur oses whatsoever
whether or no such Bond shall be overdue, ', and neither the City
nor the Bond egistrar shall be affected b� notice to the
contrary.
17 . Deliver ; ' A lication of Prpceeds. The Global
Certificates hen so prepared an execute , sha be delivered
by the Direct r, Department of Finance and Management Services,
to the Purcha er upon receipt of the purch se price, and the
Purchaser sha 1 not be obliged to see to the proper application
thereof.
18 . Funds. There is hereby cre�ted a special fund
to be designa ed the "1987 Capital Projectl� Fund" (numbered
C87 , the "Fun " ) , to be administered and m�intained by the City
Treasurer as bookkeeping account separate and apart from all
other account maintained in the official financial records of
the City. Th Fund shall be maintained in the manner herein
specified unt' 1 all of the Bonds and the interest thereon have
been fully pa d. There shall be maintained in the Fund two (2)
separate acco nts, called herein the "Conskruction Account" and
"Debt Service Account, " respectively.
(i Construction Account. To the Construction
Account here shall be credited the proceeds of the sale
of the B nds, less accrued interest received thereon, and
less any amount paid for the Bonds in excess of $2,241 ,250
34
and less capitalized interest in the amount of $121 ,298.72
(togethe with interest earnings thereon and subject to
such oth r adjustments as are appropriate to provide
sufticie t funds to pay interest due on the Bonds on or
before M rch 1 , 1988) . From the Construction Account
there sh 11 be paid all costs and exp�nses of making the
Improvem nts listed in paragraph 19 , ncluding the cost of
any cons ruction contracts heretofore let and all other
costs in urred and to be incurred of he kind authorized
in Minne ota Statutes, Section 475.65 , and the moneys in
the Cons ruction Account shall be use for no other
purpose xcept as otherwise provided y law; provided that
the proc eds of the Bonds may also be used to the extent
necessar to pay interest on the Bond� due prior to the
anticipa ed date of commencement of t�e collection of
taxes or special assessments herein c venanted to be
levied; nd provided further that if �pon completion of
the Impr vements there shall remain a�y unexpended balance
in the C nstruction Account, the bala ce may be
transfer ed by the Council to the fun of any other
improvem nt instituted pursuant to th City' s Charter or
Minnesot Statutes, Chapter 429.
( ii Debt Service Account. The e is hereby pledged
and ther shall be credited to the De t Service Account
(a) coll ctions of special assessment herein covenanted
to be le ied, to the extent provided 'n paragraph 20; (b)
all accr ed interest received upon de ivery of the Bonds;
(c) all unds paid for the Bonds in e cess of $2 ,241 ,250;
(d) capi alized interest in the amoun of $121 ,298.72
(togethe with interest earnings ther on and subject to
such oth r adjustments as are appropr'ate to provide
sufficie t funds to pay interest due bn the Bonds on or
� before M rch 1 , 1988) ; (e) any collections of all taxes
which ma hereafter be levied in the event that the
special ssessments herein pledged to the payment of the
Bonds an interest thereon are insufficient therefor; ( f)
all fund remaining in the Construction Account after
completi n of the Improvements and payment of the costs
thereof, not so transferred to the ac�ount of another
improvem nt; and (g) all investment earnings on funds held
in the D bt Service Account.
The Debt Service Account shall be used solely to pay the
principal and interest and any premiums for redemption of the
Bonds and any other general obligation bonds of the City
hereafter iss ed by the City and made payable from the Debt
Service Accou t as provided by law, or to pay any rebate due to
35
the United St tes. No portion of the proceeds of the Bonds
shall be used directly or indirectly to acquire higher yielding
investments o to replace funds which were used directly or
indirectly to acquire higher yielding investments, except (1)
for a reasona le temporary period until su,ch proceeds are
needed for th purpose for which the Bonds were issued, and (2)
in addition t the above in an amount not greater than the
lesser of fiv percent (5�) of the proceeds of the Bonds or
$100,000. To this effect� any sums from time to time held in
the Fund or i the Debt Service Account (or any other City fund
or account wh'ch will be used to pay prinqipal or interest to
become due o the bonds payable therefrom) in excess of amounts
which under t e applicable federal arbitr�ge regulations may be
invested wit out regard as to yield shallinot be invested at a
yield in exce s of the applicable yield r strictions imposed by
said arbitra e regulations on such invest ents after taking
into account ny applicable "temporary pe iods" or "minor
portion" mad available under the federal�arbitrage
regulations. In addition, the proceeds o the Bonds and money
in the Fund r in the Debt Service Accoun shall not be
invested in ligations or deposits issue by, guaranteed by or
insured by t e United States or any agenc or instrumentality
thereof if a d to the extent that such in estment would cause
the Bonds to be "federally guaranteed" wi hin the meaning of
Section 149( ) of the federal Internal Re enue Code of 1986 , as
amended (the "Code" ) .
19 . Assessments; Coverage Test The City Council
has heretofo e determined, and does hereb� determine, to
proceed with the Improvements and special assessments with
respect ther to under the provisions of t e Charter of the
City, rather than the provisions of Minne ota Statutes, Chapter
429. It is ereby determi�ed that no les� than twenty percent
(20$) of the cost to the City of each Imp�ovement financed
hereunder wi hin the meaning of Minnesota Statutes, Section
475.58, Subd vision 1(3) , shall be paid b� special assessments
to be levied against every assessable lot,, piece and parcel of
land benefit d by the Improvements. The ity hereby covenants
and agrees t at it will let all construct�on contracts not here-
tofore let w thin one year after ordering' each Improvement
financed her under unless the resolution rdering the
Improvement pecifies a different time li it for the letting of
construction contracts and will do and perform, as soon as they
may be done, all acts and things necessar� for the final and
valid levy o such special assessments, and in the event that
any such ass ssment be at any time held i valid with respect to
any lot, pie e or parcel of land due to a�y error, defect, or
irregularity in any action or proceedings taken or to be taken
by the City r this Council or any of the, City officers or
36
, . �7��5�G,
employees, ei her in the making of the assessments or in the
performance o any condition precedent thereto, the City and
this Council ill forthwith do all further acts and take all
further Proce dings as may be required by law to make the
assessments a valid and binding lien upon such property. The
special asses ments have not heretofore be�en authorized, and
accordingly, or purposes of Minnesota Statutes, Section
475.55, Subdi ision 3, the special assessments are hereby
authorized. ubject to such adjustments as are required by
conditions in existence at the time the assessments are levied,
the assessmen s are hereby authorized and it is hereby
determined th t the assessments shall be payable in equal,
consecutive, nnual installments, with gen�ral taxes for the
years shown b low and with interest on the declining balance of
al.l such asse sments at a rate per annum approximately one
percent (1�) er annum in excess of the net effective rate of
interest on t e Bonds:
Improvement Collection
Designation Amount Levy Years Years
.
Dale/Hoyt $ 536 ,000 1987-2006 1988-2007
Otis Avenue 14,000 for all for all
Arcade/Minneh ha 274,000 ,
Seventh/Frank 433 �000
Maryland/Furn ss 777 ,000
Annapolis/Con ord 147 ,000
Case/Westmins er 100,000
TOT L $2,281 ,000
The special assessments shall be such that if
collected in ull they, together with estimated collections of
other revenue herein pledged for the payment of the Bonds,
will produce t least five percent (5�) in excess of the amount
needed to mee when due the principal and interest payments on
the Bonds. A the time the assessments are in fact levied the
City Council hall, based on the then current estimated col-
lections of t e assessments, make any adjustments in any ad
valorem taxes required to be levied in order to assure that the
City continue to be in compliance with Minnesota Statutes,
Section 475.6 , Subdivision 1.
20. Limit on S ecial Assessments Pled ed. The City
Council hereb finds, determines and declares that the payment
of the Bonds oes not require the pledqe o all the special
assessments w ich may be levied with respe t to the
Improvements dentified in paragraph 19 , and that it is
necessary, pr per and expedient to provide that payments and
37
prepayments o special assessments in excess of the debt
service requ' rements of the Bonds be put to use for other
purposes soon r than upon the termination of the Debt Service
Fund. Only $2,281 ,000 original principal amount of the special
assessments, nd interest thereon, recognized in paragraph 19
of this Reso ution are or shall be pledged to the payment of
the Bonds, an payments of, or with respect to� such special
assessments in excess of said $2 ,281 ,000 shall be credited
instead to th City' s Fund 220 , Activity 42150, and used for
the purposes of said fund and activity, as follows: (a) until
such time as the special assessments from time to time
outstanding qual in original principal amount $2 ,281 ,000 or
less, prepay nts of any of the special assessments recognized
in paragraph 19 shall be treated as prepayments of the portion
of the speci 1 assessments not pledged to the Bonds and shall
be credited ' nstead to Fund 220, Activity 42150 � and used as
provided abo e, and (b) while the special assessments from time
to time outs anding equal in original principal amount
$2,281 ,000 o more, reqular installment payments made on
$2 ,281 ,000 o iginal pcincipal amount of the special assessments
shall be cre ited to the Debt Service Account, and regular
installment ayments on that portion, if any, of the remaining
assessments ' n excess of said $2 �281 ,000 shall be credited to
Fund 220� Ac ivity 42150 � and used as provided above.
21. Tax Levy. If taxes are levied as provided in
the final pa t of paragraph 19, the tax levies shall be
irrepealable so long �s any of the Bonds are outstanding and
unpaid, prov' ded that the City reserves the right and power to
reduce the 1 vies in �he manner and to the extent permitted by
Minnesota St tutes, Section 475 .61, Subdivision 3.
22. General Obligation Pledge. For the prompt and
full payment of the p�incipal and interest on the Bonds, as the
same respect'vely become due, the full faith, credit and taxing
powers of th City shall be and are hereby irrevocably pledged.
If the balan e in the Debt Service Account is ever insufficient
to pay all p incipal and interest then due on the Bonds payable
therefrom, t e deficiency shall be promptly paid out of any
other funds f the City which are available for such purpose�
including th general fund of the City, and such other funds
may be reimb rsed with or without interest from the Debt
Service Acco nt when a sufficient balance �! is available therein.
, 38
�� -� �v
23. Certificate of Registration. The Director,
Department of Finance and Management Services, is hereby
directed to file a certified copy of this Resolution with the
County Audit r of Ramsey County, Minnesot�, together with such
other information as the Auditor shall re uire, and to obtain
the Auditor' certificate that the Bonds �ave been entered in
the Auditor' s Bond Register. I ,
24. Records and Certificates. he officers of the
City are her by authorized and directed t prepare and furnish
to the Purch ser, and to the attorneys ap roving the legality
of the issuance of the Bonds, certified c pies of all
proceedings d records of the City relat�ng to the Bonds and
to the finan ial condition and affairs of � the City, and such
other affidavits, certificates and informa�tion as are required
to show the acts relating to the legalit and marketability of
the Bonds 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 a d affidavits, in-
cluding any eretofore furnished, shall b deemed represen-
tations of t e City as to the facts recit d therein.
25. Ne ative Covenant as to Use of Im rovements. The
City hereby ovenants not to use the proc eds of the Bon s or
to use the I provements, or to cause or p rmit them or any of
them to be u ed, or to enter into any def rred payment
arrangements for the cost of the Improvem nts, in such a manner
as to cause he Bonds to be "private acti ity bonds" within the
meaning of S ctions 103 and 141 through 1 0 of the Code.
26. Tax-Exem t Status of the Borhds; Rebate. The City
shall comply with requirements necessary n er e ode to
establish an maintain the exclusion from � gross income under
Section 103 f the Code of the interest on the Bonds� including
without limi ation requirements relating to temporary periods
for investme ts, limitations on amounts invested at a yield
greater than the yield on the Bonds, and the rebate of excess
investment e rnings to the United States.
27. No Designation of Qualified Tax-Exempt
Obligations. The Bonds exceed in amount those which may be
qualified as "qualified tax-exempt obligakions" within the
meaning of S ction 265(b) (3) of the Code, ', and hence are not
designated f r such purpose. ',
39 !
N�HITE - CITV CIERK �
PINK - FINANCE TF+ COI1flCII 4�_ /� l/
CANARV - DEPARTMENT G I TY OF SA I NT 1 A'UL File NO. �+ "�•r�
BLUE - MAYOR ✓ �
Council Resolut�on
Presented By
Referred To Committe�e: Date
Out of Committee By Date
28. Depository Letter Agreement, The Depository
Letter Agree ent is hereby approved� and �hall be executed on
behalf of th City by the Mayor, Clerk an� Director, Department
of Finance a d Management Services, in sul�stantially the form
approved, wi h such changes, modification�, additions and
deletions as shall be necessary and appropriate and approved by
the City Att rney. Execution by such officers of the
Depository L tter Agreement shall be conc�usive evidence as to
the necessit and propriety of changes an their approval by
the City Att rney. So long as Midwest Se�urities Trust Company
is the Depos tory or it or its nominee is'� the Holder of any
Global Certi icate, the City shall comply with the provisions
of the Depos tory Letter Agreement, as it may be amended or
supplemented by the City from time to tim with the agreement
or consent o Midwest Securities Trust Co pany.
29. Severability. If any secti�on, paragraph or
provision of this resol!ution shall be hel�d to be invalid or
unenforceabl for any r�eason� the invalid�ity or unenforce-
ability of s ch section, paragraph or pravision shall not
affect any o the remai;ning provisions of' this resolution.
30. Headings. Headings in this� resolution are
included fo convenience of reference onl,y and are not a part
hereof, and shall not limit or define the� meaning of any
provision h reof.
,
I
I
�
COUNCILMEN Requested by Department of:
Yeas Drew Nays �
""E°"'' In Favor Financ & Man eme Services
Rettman �
Scheibel
Sonnen � __ Against BY
Tedesco
Wilson
Adopted by Council: Dat �R 17 1987 Form App oved City Att ne, "
B ✓ �
Certified P•s• Council re Y
sy�
Approve b Mavor: Date �1AR 19 1981 Approv d by May r r Submissio o Council
By _ _ sy �
IISNE� �p�� t� 1987
r � J �' � �
, SPRINGSTED i`vC RPORATEC
Exhibit A
�
' , p�:t�;c F�nanro r';d�.�is rs
8�East Seventh Plac ,Suite 100
, Sair.t Paoi,�1�nn2sota 55101•2?d3 ,I ;
S?2 223•3000
$2�28��000
CITY 4F SAINT PAUL, MINI�ES A
GEPERAL OBLIGATION STREET IINI�ROVEMENT SPECIAL AS ESSMENT BONDS, SERIES 1987
AWARD: TF-E NORTF-ERN TRUST COMPA
PR DENTIAL�ACi-� SECURITIES INCO PORATED
BLUNT, ELLIS 8� LOEWI, INCORP ATED
And Associates
SALE: March 16, I987 Moody's Rating: Aa
S 8�P•s Rating: AA+-
Interest Netlnteres?
Bidder ftates Price Cost & Rate
�
THE NORTHERN TRUST MPANY 6.5090 1989-1990 � $2,241 ,250.00 $1 ,583,860.42
PRUDENTIAL-BACHE SE RITIES 5.30% 1991 (6.034903%)
BLUNT, ELLIS & LOEWI, 5.00% 1992-1993 -
INCORPORATED 5. 10% 1994
MBank Capital Markets 5.3090 1995
The Connecticut Bank & Tr st 5.40% 1996
Company, N.A. 5.60°� 1997
George K. Baum & Compan 5.75% I998
A. Webster pougherty & C ., 5.909'0 1999
Incorporated 6.00% 2000
First of Michigan Corporati n 6.10� 2001
UMIC, Inc. 6.2596 2002-2007 '
Westcap Securities, Incorpo ated 5.00% 2008
Ferris & Company Incorpor ted ;
Advest, Inc. �
CHASE MANHATTAN CAP TAL 6.00� 1989-1990 $2,242,479.55 $1 ,614,820.45
MARKETS CORPORATI N 4.50°6 1991 (6.152896)
HARRIS TRUST AND SAVI GS BANK 4.7596 1992
NORWEST INVESTMENT S RVICES 5.0096 1993
L.F. ROTHSCHILD, UNTE BERG, 5.2096 1994
TOWBIN, INC. 5.40% 1995 :
CLAYTON BROWN & ASS CIATES, 5.50% I 996 `
1NCORPORATED 5.60% I997 �
MARINE MIDLAND BANK, N.A. 5.70°�0 1998 !
InterFirst Bank Dallas, N.A 5.809'0 1999 '
The First National Bank of aint Paul 5.90°�'0 2000 � �
First Wisconsin National B k of ! 6.009'0 2001
Milwaukee 6. I0% 2002 4
Matthews & Wright, Inc. �I 6.2090 2003 '
Griffin, Kubik, Stephens & hompson, 6.309'0 2004
Incorporated o.40% 2005
J.C. Bradford & Co. 6.50°�'0 2006-2008
First National Bank of Atla ta
Fleet National Bank (continued} �
I
�
�
SMITH BARNEY, HARRIS UPHAM 8� 4. 10% 1989 $2,242,707.75 $1 ,615,036.21 �
COMPANY 4.40% 1990 (6.1536919i6)
SHEARSON LEHMAN BROTHERS INC. 4.659'0 1991
DEAN WITTER REYNOLDS 4.85� 1992
INCORPORATED 5.0090 1993
Boettcher & Company, Inc. 5.20°�o I994
5.40� 1995
5.60% I996
5.75% 1997
� � 5.90% 1998
6.009b 1999
6. I0% 2000
6.20% 2001
6.309b 2002
6.359b 2003
6.4096 2004
6.459b 2005 -
6.25% 2006-2008
CITICORP INVESTMENT BANK 4.2096 1989 $2,249,775.00 $1 ,616,056.70
THE FIRST BOSTON CORPORATION 4.50% 1990 (6.1575°�'0)
BANK OF A MERI CA, NT & SA 4.70% I 99 I
First interstate E3ank of California 4.909b (992
Manufacturers Hanover Trust Company 5. 10% 1993
Ehrlich-Bober & Company, lncorporated 5.30� 1994 -
Bank of Boston 5.4096 1995
Thomson McKinnon Securities, 5.60% 1996
Incorporated 5.70% I997
The Chicago Corporation 5.809'0 1998
Howard, Weil, Labouisse, Friedrichs 5.90% 1999
Incorporated 6.0096 2000
Marine 3ank, N.A. 6. 109b 2001
• Moseley Securities Corp. 6.20°� 2002
Roosevelt & Cross, Incorporated 6.30% 2003
Rotan Mosle Inc. 6.40% 2004-2005
R.W. Corby & Company, Inc. 6.509'0 2006-2008
E.A. Moos & Co. Inc. �
Purcell, Graham & Company, inc.
Arch W. Roberts & Co.
State Street Bank and Trust Company
CONTINENTAL ILLINOIS NATIONAL 4.00% 1989 $2,242,921 .75 $1 ,617,887.62
BANK AND TRUST COMPANY OF 4.25�b I990 (6.164556%)
CHICAGO 4.50� 1991 - '
THE FIRST NATIONAL BANK OF 4.7596 1992
CHICAGO 5.00% I993
DREXEL BURNHAM LAMBERT 5.20°�0 1994
INCORPORATED 5.40% 1995
P1PER,.JAFFRAY & HOPWOOD 5.50% I 996 '
INCORPORATED 5.7090 I997 _
The Bank of California, NA 5.80% 1998
Williarn Blair & Company 6.0090 1999
CoreStates Capital Markets Group 6. 1096 2000
Hutchinson, Shockey, Erley & Company 6.2096 2001
Mercantile Trust Company NA 6.30°X� 2002-2003
American National Bank Saint Paul 6.40% 2004-2008
� (cont i nued)
�7-� �U
.
' First Charlotte Corporatio
- In Association With -
KIDDER, PEABODY & CO PANY,
INCORPORATED
Dougherty, Dawkins, Stran & Yost,
Incorporated
McDonald & Company Secu ities, Inc.
Newhard, Cook & Co., Inco porated
Peterson Financia) Corpora ion
William E. Pollock & Co., I c.
CHEMICAL BANK 5.00% 1989-1993 $2,243,840.00 $1 ,631 , 161 .00
PAINEWEBBER INCORPO ATED 5.20% 1994 (6.21513%)
NATIONAL WESTMINSTER BANK USA' 5.40� 1995
Shawmut Bank of Boston, N A. , 5.6096 1996
Wachovia Bank & Trust Co pany, N.A. , 5.759'o I 997
Miller & Schroeder Financi I, ' S.90% 1998
Incorporated 6.00�'o I999
6.20� 2000
6.30% 2001
6.375%2002-2008
------------------------ --------------------------------- ------------------------------
OFFERING SCHEDULE OF THE PU CHASER
Rate Year ield
6.50% I 989 4 10°�'0
6.SOg'o 1990 4 35%
5.3090 1991 -4 60�'0
5.00% 1992 4 80%
5.009'0 1993 ar
5.10% 1994 5 1596
5.30% 1995 ar
5.409'0 ' I 996 5 45%
5.60% 1997 ar
5.759'0 1998 ar
5.9096 I999 ar
6.0096 2000 ar �
6.I 09b 200 I 6 I 5�6
6.259'0 2002 ar
6.25� 2003 6 35%
6.25% 2004 6 409�6
6.259'0 . 2005 6 4596
6.259b 2006 6 509b
6.2590 2007 6 50%
5.00% 2008 6 5596
BBI: 6.61 '
Average Maturity: I I.51 Years �
�
i
�
�
. �
�
, I