85-137 M�FIITE - CITV CLERK
�PINK •• - FI�VANCE . GITY OF SAINT PAUL Council P
}ANARV�- DEPARTMENT File NO. `�/��
l3LUE - MAYOR
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Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. This Council hereby finds, determines and declares
that:
(i) there is not first available in any annual
increment period under Title I of the Federal Housing Act
of 1949, as amended, sufficient urban renewal development
capital grant money for the payment of costs for approved
project activities and improvements in the Seventh Place
Redevelopanent Project which is an urban renewal
development project which has heretofore been designated
and approved in the manner pravided by law pursuant to the
provisions of subdivisions 1 and 2 of Section 1 of Laws of
1963, Chapter 881 as amended;
(ii) pursuant to Section 1, Laws of 1963, Chapter
881 as amended the City is authorized to issue bonds in
the total amount of $43,400,000 for paying certain project
costs of urban renewal developanent or code enforcement
projects designated by the Housing and Redevelopment
Authority of the City of St. Paul or the City of St. Paul
in the manner provided by law and for paying any remaining
costs of municipal buildings and improvements to be
constructed within or adjacent to the project area;
( iii) the City has heretofore issued $41, 125,000 of
bonds pursuant to the authority contained in Section l,
Laws of 1963, Chapter 881 as amended;
COUNCILMEN Requested by Department oE:
Yeas Nays
F]91F]�if
°feN1 [n Favor
Masanz
Nicosia
Scheibel __ Against BY
Tedesco
Wilson
Sonnen
Form Approved by City Attocney
Adopted by Council: Date
Certified Yassed by Council Secretary BY
By
Approved by lVlavor. Date Approved by Mayor for Submission to Council
By By
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(iv) $1, 505,000 of bonds have heretofore been
issued pursuant to the authority contained in subdivision
3 of Section 1, Laws of 1963, Chapter 881 as amended
(which subdivision was added by Laws of Minnesota 1975,
Chapter 260) ;
(v) the City is therefore authorized to issue the
bonds hereinafter designated pursuant to the authority
contained in subdivision 3 of Section 1 of Laws of 1963,
Chapter 881 as amended and the Council does hereby
authorize the issuance of said bonds in the amount of
$500,000 heretofore designated "General Obligation Urban
Renewal Bonds, Series 1985" for the payment of up to the
entire project cost of the said Seventh Place
Redevelopment Project, an urban renewal development
project.
B. The Council has by Resolution No. 85-24 adopted on
January 3, 1985 and approved by the Mayor on January 8, 1985,
authorized the sale of $500, 000 General Obligation Urban
Renewal Bonds, Series 1985, to be dated March 1, 1985;
C. The appropriate City Officers have, pursuant to said
resolution, caused proper published notice of the sale of the
Bonds to be given as required by law, and sealed bids, as set
forth in Exhibit A attached hereto, pursuant to the Official
Terms of Offering were received at 11 :00 o' clock A.M. , Central
Time, on Tuesday, January 29, 1985, by Peter Hames, Director,
Department of Finance and Management Services of the City of
St. Paul, Minnesota; and
D. The Director, Department of Finance and Management
Services has advised the Council that the bid of The First
National Bank of_ Saint Paul was found to be the most
advantageous and has recommended that said bid be accepted.
NOW, THEREFORE, BE IT RESOLVED THAT:
1 . The bid of The First National Bank of Saint Paul to
purchase $500,000 General Obligation Urban Renewal Aonds,
Series 1985 (the "Bonds" ) , of the City in accordance with the
Official Terms of Offering at the rates of interest hereinafter
set forth and to pay, therefore, the sum of $495, 765 (plus a
premium of $--0--) is hereby found, determined and declared to
be the most favorable bid received and is hereby accepted and
said Bonds are hereby awarded to said bidder.
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2 . The Director, Department of Finance and Management
Services� is directed to retain the deposa.t of said bidder and
to forthwith return the good faith checks or drafts to the
unsuccessful bidders .
3. First Trust Company of Saint Paul, in St . Paul ,
Minnesota is appointed to act as Bond registrar and transf_er
agent ( the "Bond Registrar") and sha11 do so unless and until a �
successor Bond Registrar is duly appointed, a11 pursuant to an
ag reement between the City and the Bond Registrar. The Bond
Registrar shall also serve as paying agent (the "Paying Agent")
unless and until a successor Paying Agent is duly appointed.
Principal and interest on the Bonds shall be paid to the
registered holders of_ the Bonds in the manner and subject to
the conditions set f_orth in the form of Bond and paragraph 9 of
this resolution. �
4. The Bonds shall mature on March 1 in each of the years
and amounts as follows and shall bear interest as follows:
Year Amount Interest Rate
1986 $ 50,000 5.25 0
1987 $ 50, 000 5. 750
1988 $ 50,000 6 . 250
1989 $ 50, 000 6 . 750
1990 $ 50,000 7. 00 0
1991 $ 50, 000 7 . 200
1992 $ 50,000 7 .40 0
1993 $ 50, 000 7.60�
1994 $ 50,000 7, 80%
1995 $ 50, 000 8 .00$
5. The Council hereby ratifies and approves each and
every act of its subcommittee on Finance and Sinking Funds in
connection with the sale of the said Bonds .
6. All Bonds shall be issued in registered form as to
both �rincipal and interest and shall be issued in the
denominations of $5,000 each or any integral multiple of
$5,000.
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7. • The Bonds shall be executed on behalf of the City by
the facsi�nile signature of the Mayor attested by the facsimile
signature of City Clerk countersigned by the facsimile
signature of the Director, Department of Finance and Management
Services and be sealed with a facsimile of the seal of the
City. In the event of the disability or resignation or other
absence of any such officer, the Bonds may be signed by the
�nanual or facsimile signature of that officer who may act on
behalf of such absent or disabled officer. In case any such
officer whose facsi�nile signature shall appear on the Bonds
shall cease to be such officer before the delivery of the
Bonds, such signature or facsimile shall nevertheless be valid
and sufficient for all purposes, the same as if he or she had
remained in office until delivery.
8. No Bond shall be valid'�or obligatory for any purpose
or be entitled to any security or bene£it under this resolution
unless and until a Certificate of Authentication on such Bond,
substantially in the form hereinafter set forth, shall have
been duly executed by an authorized signatory ( "Authorized
Signatory") of the Bond Registrar acting as Authenticating
Agent. Certificates of Authentication on different Bonds need
not be signed by the same Authorized Signatory. The Bond
Registrar shall authenticate the signaturPS of officers of the
City on each Bond hy execution of the Certificate of
Authentication on the Bond and by inserting the date of
registration in the space provided, except that for purposes of
the F3onds delivered to the Purchaser, the Bond Registrar shall
insert as the date of registration the date of original issue,
which date is March 1 , 1985. The executed Certificate of
Authentication on each Bond shall be conclusive evidence that
it has been authenticated and delivered under this resolution.
9. Interest on said Bonds will be payable September 1,
1985 and, semiannually thereafter on March 1 and September 1 in
each year. The Bonds are not redeemable prior to rnaturity.
Interest is payable by check or draft 3rawn upon the Paying
Agent payable to and mailed to the Registered Owner thereof as
of the Record Date (as shown by the Bond Register) at the close
of business on the Business Day immediately preceding any
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interest payment date at the address of said Registered Owner
as it appears on the Record Date on the Bond Register of the
City maintained by First Trust Company of Saint Paul as the
IIond Registrar. Record Date shall mean the 15th day of the
month preceding the month in which interest is due and payable
unless such day is not a Ausiness Day and in such event it
shall be the f_irst Business Day after the 15th day of such
month.
Business nay means any day, excluding Saturday and Sunday
or any day on which national banks in St. Paul, Minnesota are
authorized or obligated by law or administrative order to
close.
10. The Bonds to be issued hereunder, together with the
Bond Registrar's Certificate of Authentication, the form of
Assignment and the registration information thereon shall be in
substantially the following form:
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UNITED STATFS OF AMERICA
STATE OF MINNESOTA
COUNTY OF R�MSF.Y
CITY OF SAINT PAUL
GENERAL OBLIGATION URBAN REI�TEWAL BOND
SERIES 1985
No. R- $
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INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
$ PER ANNUM March 1, 1985
REGISTERED OWI�TER:
PRINCIPAL AMOUNT:
The City of Saint Paul, Ramsey County, Minnesota (the
"Issuer") , for value received hereby promises to pay to the
registered owner specified above ( "Registered Owner" ) , or
registered assigns upon surrender thereof at the o£fice of
First Trust Company of Saint Paul, St. Paul, Minnesota (the
"Paying Agent" ) , the principal sum specified above in
immediately available funds on the first day of March, 19 and
to pay to the Registered Owner hereof interest from the date
hereof on the princiPal balance hereoF from time to time
outstanding at the rate specified above (calculated on the
basis of a 360 day year of twelve 30 day months) seiniannually
on the first day of each March and September of each year
com�nencing September 1, 1985.
Interest on said principal sum is payable until the
principal surn is paid or until this Bond is duly discharged.
Principal and interest are payable, in any coin or currency of
the United States of America whicY► on the respective dates of
payment is legal tender for public and private debts. Interest
is payable by check or draft drawn upon the Paying Agent
payable to and mailed to the Registered Owner hereof as of the
Record Date (as shown by the Aond Register) at the close of
business on the Ausiness Day immediately preceding any interest
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pay*nent date at the address of said Registered Owner as it
, aopears on the Record Date on the Bond I2egister of the Issuer
maintained by First Trust Company of Saint Paul as the Bond
Re�istrar. Record Date shall mean the 15th day of the month
preceding the month in which interest is due and payable unless
such day is not a Business Day and in such event it shall be
tn� first Business Day after the 15th day of such month.
Business Day means any day, excluding Saturday and
Sunday or any day on which national banks in St. Paul,
Nfinnesota are authorized or obligated by law or administrative
order to close.
This Aond is one of an issue in the total principal
ar.iount of $500,000, authorized by Laws of Minnesota 1963,
G'hapter �?81 , as amended by Laws of Minnesota 1967, Chapter 499,
Laws of Minnesota 1971, Chapter 321, Laws of Minnesota 1973,
Chapter 395, and Laws of Minnesota 1975, Chapter 1.60R and is
specifically authorized by subdivision 3 of Section 1 of said
Lacvs of I�iinnesota 1963, Chapter �81 as amended and duly adopted
resolutions of the Council of the City of Saint Paul, for the
. purpose of procuring the necessary funds to pay up to the
� enLire project cost of certain urban renewal development
nrojects, within the corporate limits ot the said City,
3esignated Seventh Place Redevelognent Project, being a praject
for wni�h the City is authorized to issue bonds pursuant to the
aforesaid laws . This Bond constitutes a general o'aligation of
the Issuer, and to provide moneys for the pr a�npt and full
� paynent of the principal of and interest thereon when the same
become due, the full faith and credit and taxing powers of the
Issuer have been and are hereby irrevocably pledged.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVFRSE HEREOF,' WHICH PROVISIONS
SHALL FOR ALL PURPOSES HAVF THE SAME EFFECT AS IF SET FORTH
HERE.
The Bonds of this issue are issuable solely as fully
registered bonds i.n the denomination of $5,000 or any integral
multiple thereot. As provided in the resolution authorizing
the bonds (the "Resolution") and subject to certain li.mitations
therein set forth tllis Bond is transferable upon surrender of
this Bond for transfer to the Bond Registrar, duly endorsed by,
or accompanied by a written instrument of transfer in fonn
satisfactory to tl�e Issuer and the Bond Registrar duly executed
by the Registered Owner hereof or his attorney duly authorized
in writing, and thereupon one or more new Bonds of the same
series for the same aggregate principal amount and of the same
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stated ma�turity and interest rate will be issued to the
designated transferee or transferees. Reference is made to the
Resolution for a descriPtion of the rights and duties of the
Bond Registrar. Copies of the Resolution are on file with the
Bond Registrar.
The Issuer, Paying Agent and Bond Registrar may deem
and treat the person in whose name this Bond is registered upon
the Bond Register as the absolute owner hereof, whether this
Bond is overdue or not, for the purpose of receiving payment of
or on account of the principal or interest and for all other
purposes, and all such payments so made to the Registered Owner
or upon his order shall be valid and effectual to satisfy and
discharge the liability upon this Bond to the extent of the sum
or sums so paid, and neither the Issuer, the Paying Agent nor
the Bond Registrar shall be affected by any notice to the
contrary.
The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
payable in connection with the transfer or exchange of this
Bond.
This Rond shall not be valid or become obligatory for
any purPose or be entitled to any sect�rity or benefit under the
Resolution unless the Certificate of Authentication hereon
shall have been manually executed by an Authorized Signatory of
the Aond Registrar.
IT IS HcREBY CFRTIFIFD 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 happen and to be performed, precedent to and in the
issuance of this Bond, have been done, have happened and have
been performed, in regular and due form, time and manner as
required by law, and this Bond, together with all other debts
of the Issuer outstanding on the date of original issue hereof
and the date of its issuance and delivery to the original
purchaser does not exceed any constitutional, statutory or
Charter limitation of indebtedness.
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IN WITNESS WHEREOF, the said City of Saint Paul, Ramsey
County, Minnesota, by its Council, has caused this Bond to be
sealed with the facsimile of its Official Seal, to be executed
by the facsiinile signature of its Mayor, attested by the
facsimile signature of its City Clerk, and countersigned by the
facsimile signature of its Director, Department of Finance and
t4anagement Services and authenticated by the manual signature
o£ an Authorized Signatory of First Trust Company of Saint Paul
as Authenticating Agent and has caused this Aond to be dated as
set forth below.
(facsimile) George Latimer
Mayor
Attest: ( facsimile) Albert B. Olson
City Cler
Countersigned: ( facsimile) Peter Hames
Director, Department of Finance
and Managernent Services
(SEAL)
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Date o£ Registration:
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATIOI�T
This Bond is one of the
Bonds described in the
within mentioned •
Reso lution.
FIRST TRUST COMPANY OF SAINT PAUL
as Authenticating Agent
By
Authorized Signatory
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(ON REVERSE OF BOND)
ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does hereby
irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises.
Dated: �
Notice: The assignor' s signature to this assignment must
correspond with the name as it a�pears upon the
f_ace of the within Bond in every particular,
without alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust
company or by a brokerage finn having a meinbership in one of
the major stock exchanges.
The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address: �
Include in�ormation for all �oint owners
if the Aond is held by joint account. )
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11. The City will cause to be kept at the principal office
of the Rond Registrar a bond register (the "Rond Register") in
which, subject to such reasonable regulations as the Bond
Registrar may prescribe, the Rond Registrar shall provide for
the registration of Ronds and the registration of transfers of
bonds entitled to be registered or transferred as herein
provided.
Upon surrender for transfer of any 9ond at the principal
office of the Bond Registrar, the City shall execute ( if
necessary) , and the Bond Registrar shall authenticate, insert
the date of registration in the name of the desic�nated
transferee or transferees and deliver one or more new Bonds of
any authorized denomination or denoYninations of 'a like
aggre�ate principal amount, having the same stated maturity and
interest rate, as requested by the transferor; provided,
however, that no Bond may be reyistered in blank or in the name
of "bearer" or similar designation.
At the option of the Registered Owner, Bonds may be
exchanyed for Bonds of any authorized denomination or
denominations of a like aggregate principal amount and stated
maturity, upon surrender of the Bonds to be exchanged at the '
principal office of the Bond Registrar. Whenever any Bonds are
so surrendered for exchange, the City shall execute ( if
necessary) , and the 8ond Registrar shall authenticate, insert
the date of registration of, and deliver the Bonds which the
Registered Owner making the exchange is entitled to receive.
No transfer of any Aond shall be binding upon the Paying
Agent or Bond Registrar unless made at the office of the
Registrar.
All F3onds surrendered u�on any exchange or transFer
provided for in this resolution shall be promptly cancelled by
the Bond Registrar and thereafter disPosed of as directed by
the City.
Al1 Bonds delivered in exchange for or upon transfer of
Bonds shall be valid general obligations of the City evidencing
the same debt, and entitled to the same benefits under this
resolution, as the Bonds surrendered for such exchange or
transfer.
Every Bond presented or surrendered for transfer ox
exchange shall be duly endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the Registered Owner thereof or his
attorney duly authorized in writing.
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The Bond Registrar may require payment of a sum sufficient
to cover �any tax or other governmental charge payable in
connection with the transfer or exchange of any Bond.
Transfers shall also be subject to reasonable regulations
of the City contained in any agreement with the F3ond Registrar,
including regulations which permit the Bond Registrar to close
its transfer books between Record Dates and payment dates.
12. Each Bond delivered upon transfer of or in lieu of any
other Bond shall carry all the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Bond,
and each such Aond shall be so dated, that neither gain nor
loss of interest shall result fran such transfer or exchange.
Each Bond shall be dated and authenticated by the Bond
Registrar on the date the transfer or exchange of the Bond is
entered on the Bond Register maintained by the Bond Registrar.
13. The full faith and credit and taxing power of the City
is hereby pledged for the prampt and full payment of both the
principal and interest of said Bonds.
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14. The proceeds fran the issuance and sale of said Bonds,
as received by said City, shall except as hereinafter provided,
be deposited in a special fund of said City designated as
"Urban Renewal and Developsnent Fund; " and therein allocated to
and subject to disbursement for the City' s obligations
pertinent to said Seventh Place Redevelopment Project for the
payment of the costs of the aforesaid projects as estimated and
for the further payment of any remaining cost of municipal
buildings and improvements to be constructed within or adjacent
to the project area. That despite the allocation of Bond
proceeds made in this resolution, the same shall be subject to
reallocation in purpose and amount consistent with the laws
under which said Bonds are authorized to be issued; provided,
` that no part of the proceeds of the issuance and sale of any of
said Bonds shall be made the subject of any reallocation or
disbursement except for the purpose of the payment or
defrayment of said City' s obligations assumed under and be
���. � authorized by said laws in respect to one or more of the
� � ��� several urban renewal develop�nent or code enforcement projects
� (including municipal buildings and improvements to be
constructed within or adjacent to said project areas)
authorized thereunder.
,Y
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WHITE - C�T.V CLERK
PINK ,� - FIY��i.�JCE GITY OF SAINT PAUL Council ��////��''
CAK�AE7Y- DEPAR7MENT File NO. � /��
BLUE - MAVOR
. ° �
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
�
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' / 15. The proceeds of said Bonds, except for any sums paid
for said Bonds in excess of $490,000 shall be credited to the
Urban Renewal and Development Fund referred to above and shall
be used as provided above, provided that any balance in said
fund not used or reallocated as provided above together with
any swns paid for said bonds in excess of $490,000 plus accrued
interest received upon the delivery of said bonds shall be
� credited to the sinking fund account for such obligations; and
r 16. The City will not make any use of the proceeds of the
' Bonds to be issued which, if such use had been reasonably
expected on the date of delivery of and payment for the Bonds,
would have caused such obligations to be arbitrage bonds within
' the meaning of Section 103 (c) of the Internal Revenue Code of
1954, as amended and any applicable regulations pramulgated
,� thereunder; and the City will and will cause any other entity
1 authorized to invest said Bond proceeds for the City to co�nply
with the requirements of said Section 103 (c) ar�cl all applicable
� regulations pertaining thereto w2zile the Bonds to be issued
\� �! hereunder remain outstanding.
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' 17. The Director, Department of Finance and Management
� � Services is hereby directed to file a certified copy of this
� resolution with the County Auditor of Ramsey County, Minnesota,
together with such other information as he shall require, and _
`` to obtain from said Auditor his certificate that said
Certificates have been entered in the said Auditor' s Bond
� Register.
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COUNCILMEN Requested by Department of:
Yeas Nays � �
�fte[ Nio/u A►� �P-U!�
Masanz [n Favor �
Nicosia
schetbel � _ Against BY
7edesco
Wiison
Sonnen JAN 2 9 1g85 Form Approve City Att rney
Adopted by Council: Date �
/
Certified P s o c' c BY
By , ,.
Appr by 1�lavor: Date -�FEB — � �85 � Appro e by Mayor for Sub ' ion Cou '1
By
PU�usffE�D FCQ � 1985