85-138 WHITE - CITV ,;LER�
PINK - FI?IANCE� GITY OF SAINT PAUL Council PPP
� CANARV - DEPARTMENT File NO. � ��
BLUE� - MAVOR
�
� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 85-25 adopted
on January 3, 1985 and approved by the Mayor on January 8, 1985
authorized the issuance and sale of $2, 300,000 General
Obligation Water Pollution Abatement Bonds, Series 1985, to be
dated March 1, 1985;
B. 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,
pursuant to the Official Terms of Offering, were received until
11 :00 o' clock, Central Time, on Tuesday, January 29, 1985, by
Peter Hames, Director, Department of Finance and Management
Services of the City of Saint Paul; and
� C. The Director, Department of Finance and
Management Services of the City has advised the Council that
the bid of The First National Bank of Chicacto was found to
be the most advantageous and has recommended that said bid be
accepted.
NOF1, THEREFORE, BE IT RESOLVED THAT:
1. The bid of First National Bank of Chicago to
purchase $2, 300,000 General Obligation Water Pollution
Abatement Bonds, Series 1985, of the City in accordance with
the Official Notice of Offering at the rates of interest
hereinafter set forth and to pay, therefore, the sum of
COUIVCILMEN Requested by Department of:
Yeas Nays
���
Drew In Favor
Mesanz
Nicosia
scheibei __ A gai n s t BY
Tedesco
Wilson
Sonnen Form Approved by City Attorney
Adopted hy Council: Date
Certified Yassed by Council Secretary BY
By
6lpproved by Nlavor: Date Approved by Mayor for Submission to Council
By _ By
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$ 2,254 ,000 (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;
2. The Director, Department of Finance and
Management Services is directed to retain the deposit 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 transfer
agent (the "Bond Registrar") and shall do so unless and until a
successor Bond Registrar is duly appointed, all pursuant to an
agreement 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 forth 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
fo llows: �
� Year Amount Interest Rate
1986 $ 50,000 7. 00�
1987 $ 55,000 7. 00�
1988 $ 55,000 7. 00�
1989 $ 60,000 7 .00s
1990 $ 65,000 7. 00�
1991 $ 70,000 7 . 20%
1992 $ 75,000 7. 40�
1993 $ 80, 000 7. 60�
1994 $ 85,000 7. 80%
1995 $ 95,000 8 . 00o
1996 $ 105,000 8 . 100
1997 $ 115,000 8 .20 0
1998 $ 125,000 8 . 25%
1999 $ 135, 000 8 . 300
2000 $ 150,000 8 . 40�
2001 $ 160,000 8 . SOo
2002 $ 175,000 8.50�
2003 $ 195,000 8 .50�
2004 $ 215,000 8.50�
2005 $ 235,000 8.50�
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• 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 principal and interest and shall be issued in the �
denominations of $5,000 each or any integral multiple of
$5,000.
7. The Bonds shall be executed on behalf of the City
by the facsimile signature of the Mayor attested by the
facsimile signature of City Clerk countersigned by the
facsimile signature of the Director, nepartment of Finance and
Management Services anci be sealed with a facsi►nile of the seal
of the City. In the event of the disability or resignation or
other absence of any such officer, the Bonds inay be signed by
the manual or facsimile signature of that officer who may act
on behalf of such absent or disabled officer. In case any such
officer whose facsimile 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
aiid sufficient for all purposes, the same as if he or she had
re.nained in office until delivery.
8. No Bond shall be valid or obligatory for any
purpose or be entitled to any security or benefit 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 Aond Registrar acting as
Authenticating Agent. Certificates of Authentication on
different Bonds need not be signed by the same Authorized
Signatory. The IIond Registrar shall authenticate the
signatures of officers of the City on each Bond by execution of
the Certificate of Authenticati�n on the Bc�nd and by inserting
the date of registration in the space provided, except that Por
purposes of the Aonds 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 delivere3 under
this resolution.
. 9. Interest on said Aonds will be payable September
1, 19a5 and, semiannually thereafter on March 1 and September 1
in each year. Interest is payable by check or draft drawn upon
the Paying Agent payable to and mailed to the Registered Owner
thereof as of the Record Date (as shown by the Bond Register)
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at the close of business on the Business Day immediately
preceding any interest payr;ient date at the address of said
Registered Owner as it appears on the Record Date on the Aond
Register of the City maintained by First Trust Company of Saint
Paul as the Bond Registrar. Record Date shall mean the 15th
day of the month preceding the month in which interest is d►ie
and payable unless such day is not a nusiness Day and in siich
event it shall be the 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,
Minnesota are authorized or obligated by law or administrative
order to close.
lU. All Bonds of this issue rnaturing in the years
1996 to 2005, both inclusive, are subject to redemption and
prepay.nent at the option of the City on March 1, 1995 and on
any interest payment date thereafter at par and accrued
interest. Redemption may Ue in whole or in part of the Bonds
subject to prepayment. If redemption is in part, those Bonds
remaining unpaid which have the latest maturity date shall be
prepaid first; and if only part of the Aonds having a corrunon
maturity date are called for prepayment, the specific Bonds to
be prepaid shall be chosen by lot by the Aond Registrar.
Notice of redemption shall be given by publication of a notice
of redemption once in a daily or weekly periodical published in
a Minnesota city of the first class, or its metropolitan area,
and printed in the Fnglish language, which circulates
throughout the State and furnishes financial news as part of
its service, such notice to he published not less than thirty
days prior to the date fixed for redemption, and if such notice
shall have been given and payment thereof duly made or provided
for, interest thereon shall cease fro,n and after the date so
fixed for redemption. In addition, not less than 3U days
before the date fixed for redeinption there shall be mailsd to
the Registered Owner of each IIond to be redeemed and to the
Paying Agent a notice of such redemption.
To effect a partial redecnption of Bonds having a
common maturity date, the Bond Registrar shall assign to each
Bond having a common maturity date, a distinctive number for
each $5,000 of ttie principal ainount of such 3ond. The Bond
Registrar shall then select by lot, using such methc�d of
selection as it shall deem proper in its discretion froin the
numbers assigned to the Bonds, as many nuinbers as, at $5, 000
for each number, shall equal the principal amount of such Bonds
to be redeemed. The Bonds to be redeeme3 shall be the Bonds to
which were assigned numbers so selected; provided, however, �
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that only so rauch oF the principal amount of such Bond of a
denomination of more than $5,000 shall be redeemed as shall
equal $5,OU0 for each numUer assigne3 to it and so selecte3.
If a Bond is to be redee�ned only in part, it shall be
surren3ere3 to the Aond Reyistrar (with, if the City or the
Bond Registrar so requires, a written instrument of transfer in
forrn satisfactory to the City and the Bond Registrar duly
executed by the Registered Owner thereof or his attorney duly
authorized in writing) and the City shall execute and the Bond
Registrar shall authenticate and deliver to the Registered
Owner of such Bond, without service charge, a new Aond or Bonds
of the sar,ie series having the same stated maturity anc� interest
rate and of any authorized denomination or denominations, as
requested by such Registered Owner, in aggregate principal
amount equal to and in exchange for the unredeetried portion of
the principal of the Bond so surrendered.
11 . The I3onds to Ue issued hereunder, together with
the Bond Registrar' s Certificate of Authentication, the torm of
Assignment and the regiatration in.formation thereon shall be in
substantially the following form:
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TJNITED STATFS OF AMF.RICA
STATE OF MINNTESOTA
COUNTY OF RAMSF,Y
CITY OF SAINT PAUL
GENERAL OALIGATI0IV WATER POLLUTION
ABATEMENT BOND
SERIF.S 1985
No. R� $
INTEREST MATURITY DATE UF
RATE DATE ORIGINAL ISSUE ' CUSIP
� PER ANNUM March 1, 1985
REGIS'rER�:D OWNER:
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 s��rrender thereof at the office of
First Trust Company of Saint Paul, St. Paul, Minnesota (the
"Paying Agent") , the principal sum specif_ied above in
immediately available funds on the first day of March, and
to pay to the Registered Owner hereof interest from the date
hereof on the �rincipal balance hereof from time to time
outstanding at the rate specified above (calculated on the
basis of a 3Ei0 day year of twelve 30 day months) semiannually
on the first day of each March and September of each year
canmencinq September 1, 1985.
Interest on said princinal sum is payable until the
principal sum 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 which on the respective dates of
payment is legal tender for public and private 3ehts. 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 Business Day immediately preceding any interest
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� payment date at the address of said Registered Onwer as it
appears on the Record Date on the Bond Register of the Issuer
inaintained by First Trust Cornpany of Saint Paul as the Bond
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 Business Day and in such event it shall be
the 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, '
Minnesota are authorized or obligated by law or administrative
order to close.
• This Bond is one of a series of Bonds issued and sold
by the City of Saint Paul, in the aggregate principal amount of
Two Million Three Hundred Thousand Dollars ($2, 300,000)
authorized by Chapter 115, t�linnesota Statutes, and duly adopted
resolutions of the Council of the City of Saint Paul and in
full compliance with said Cha�ter 115, Minnesota Statutes, said
resolutions, the Charter of the City of Saint Paul, and Chapter
475, Minnesota Statutes. Said Bonds have been issued for the
purpose of nroviding funds to defray the expense of the
construction, installation, operation and maintenance of sewage
disposal systeins to assist in the prevention and control of
water pollution.
All Bonds of this issue maturing in the years 1996 to
20U5, both inclusive, are subject to redem�tion and prepayment
at the option of ttie Issuer on March 1 , 1995 and on any
interest payment date thereafter at par and accrued interest.
Redemption rnay be in whole or in part of the Bonds subject to
prepayment. If redeinption is in part, those Bonds remaining
unpaid which have the latest maturity date shall be prepaid
first; and if only part of the Bonds having a connnon maturity
date are called for prepayment, the specific Bonds to be
prepaid shall be chosen by lot hy the Bond Registrar. Notice
of re3emption shall be given by publication of a notice of
redemption once in a daily or weekly periodical published in a
Minnesota city of the first class, or its metropolitan area,
and printed in the English language, which circulates
throughout the State and furnishes financial news as part of
its service, such notice to be published not less than thirty
days prior to the date fixed for redemption, and if such notice
shall have been given and payment thereof duly made or provided
for, interest thereon shall cease from and after the date so
fixed for redemption. In addition, not less than 30 days
before the date fixed for rec�emption there shall be maileci to
the Registered Owner of each Bond to be redeemeci an�� to the
Paying Agent a notice of such redemption.
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. To effect a partial . redemption of Bonds having a
conanon maturity date, the I3ond Registrar shall assign to each
Bond having a common maturity date, a distinctive number for
each $5,000 of the principal amount of such f3ond. The Bond
� Registrar shall then select by lot, using such method of
selection as it shall deem proper in its discretion from the
numbers assigned to the Bonds, as many numbers as, at $5,000
for each numb�r, shall equal the principal amount of such Bonds
to be red eemed. The Bonds to be redeemed shall be the F3onds to
whic?i were assigned numbers so selected; provided, however,
that only so much of the principal amount o£ such Bond of a
dencrnination of more than $5,000 sha1Z be redeemed as shall
equal $5, 000 for each number assigned to it and �o selected.
If a Bond is to be redee�ned only in part, it shall be
surrendered to the Bond Registrar (with, if the City or the
Bond Registrar so requires, a written instru�nent of transfer in
forra satisfactory to the Issuer and the Rond Registrar duly
executed by the Regist�red Owner thereoE or his attorney duly
authorized in writing) and the Issuer shall execute and the
Bond Registrar shall authenticate and deliver to the Registered
Own er of such Aon3, without service charge, a new Bond or Bonds
of the sa�-ne series having the same stated maturity and interest
rate and oF any authorized denomination or denominations, �s
requested by such Registered Owner, in aggregate principal
amount equal to and in exchange for the u�redeemed portion of
the principal ot the Bond so surrendered.
This Bond constitutes a general obligation of the
Issuer, and to provide moneys for tne pro�npt and full pay,nent
� of the principal of and a.nterest thereon when the same became
due, the full faith and credit and taxing powers of the Issu6r
have been an3 are hereby irrevocably pledged.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVE RSE HEREOF, WHICH PROVISIONS
SHALL FOR ALL PURPOSES HAVF THE SAME EFFECT AS IF SET FORTH
HERE.
The Bonds of this issue are issuaUle solely as fully
registered bonds in the denomination of $5,000 or any integral
multiple thereof. As provided in the resolution aut]iorizing
the bonds (the "Resolution") and subject to ce.rtain limitations
therein set forth this 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 form
satisfactory to the IssuF,r and the Bond Registrar duly executed
by the Registered Owner hereof o� his attorney duly authorized
in wrzting, 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 maturity and interest rate will be issued to the
designated transferee �r transferees. Reference is made to the
Resolution for a description of the riyhts and duties of the
Bond Reyistrar. Copies of the Resolution are on file with the
Bond Registrar.
The Issuer, Paying Agent and Bond Registrar may de�n
and treat the person in whose naine 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 Registereci Owner
or upon his order s'nall 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
Aond.
This Bond shall not be valid or become obligatory for
any purpose or be entitled to any security or bene£it under the
Resolution unless the Certificate of Authentication hereon
shall have been manually executed by an Authorized Signatory of
the Bond Registrar.
IT IS HF,REBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
ttie 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 Aond, have been done, have happened and have
been performed, in regular and due form, time and manner as
required by law, and this Aond, 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 WHEK�OF, the said City of Saint Paul,
Ramsey County, Minnesota, by its Council, has caused this Bond
to be sealed with the £acsimile of its Official Seal, to be
executed by the facsimile 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 Management Services and authenticated by the manual
signature of an Authorized Signatory of First Trust Company of
Saint Paul as Authenticating Agent and has caused this Bond to
be dated as set forth below.
(facsimile) George Latimer
Mayor �
Attest: (facsimile) Albert B. Olson
City Clerk
Countersigned : ( facsimile) Peter Hames
Director, Department o Finance
and Management Services
(SEAL)
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Date of Registration:
BOND REGIST1tAR'S
CER'PIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
within mentioned
Resolution. •
FIRST TRUST COMPANY OF SAINT PAUL
as Authenticating Agent
By
Aut orize Signatory
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' (ON REVERSE O�' BOND)
ASSIGNMENT
For value received, the undersiyned hereby sells,
assigns and transfers unto
the within Bond and does hereby
irrevocably constitute and appoint
attorney to transfer ttie Aond on the books kept for the
registration thereof, with full power of substitution in the
premises.
Datec�:
Notice: The assignor' s signature to this assignment must
correspond with the name as it appears upon the
face of the within Rond in every particular,
without alteration or any change whatever.
Signature Guaranteed:
Signature(s) inust be guaranteed by a national bank or trust
company or by a brokerage finn having a rnembership in one of
tYie major stock exchanges.
The F3ond Registrar will not effect transfer of this
Bond unless the infornation concerning the transferee requested
below is provided.
Name ana Address:
Include information for all joint owners
if the Bond 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 Rond Registrar tnay prescribe, the Bond Registrar shall
provide for the registration of Ronds and the registration of '
transfers of bon3s entitled to be registered or transferred as
herein provided.
Upon surrender for transfer of any Bond at the
principal office of the Bond Registrar, the City shall execute
� (if nec:essary) , and the Bond Registrar shall authenticate,
insert the date of registration in the name of the designated
transferee or transferees and deliver one or more new Bonds of
any authorized denomination or denominations of a like
agyregate principal amount, having the same stare3 naturity and
interest rate, as requested by the transferor; provided,
however, that no Bond may be registered in blank or in the name
of "bearer" or similar designation.
At the option of the Re�istere3 Owner, Bonds may be
exchanged 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 13ond Registrar. Whenever any ?3onds are
so surrendered for exchange, the City shall execute (if
necessary) , and the Aond 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 Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
tne Bond Re:,�istrar and thereafter disnosed of as directed by
�the City.
All F3on3s delivered in exchange for or upon transfer
of Boncis shall be valid general obligations of the City
evidencing the sa�ne 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 or
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 requir� payment of a sum
sufficient to cover any tax or other govern�-�en�tal charge
payable in connection with tlle transfer or exchange of any
Bond.
Transfers shall also be subj�ct to reasonable
regulations of the City contained in any agree�-nent with the
Bond Registrar, including regulations which permit the Bond
Registrar to clos� its transfer books bet�veen Record Dates and
paynent 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 Borid, and each such Rond shall be so dated, that neither
gain nor loss of interest s�:all result fro;n such transfer or
exchange. Each Aond 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 prompt and full paynerit of both
the principal and interest of said Bonds.
14. The proceeds fro:n the sale of said Ronds, except
for any amount paid for said Bonds in excess of $2,254,000
shall be deposited in a separa�e s�ecia.?. account designated
; "Water Pollution Abatement Account of 1985" from wiiich there
� shall be paid the costs of construction, operation,
installation and maintenance of the sec�age disposal systems for
which said Bonds were issued. Accrued interest received upon
delivery of said Bonds, any amount paid for said Bonds in
excess of $2, 254,000 and any balance remaining in the aforesaid
account after payment of the costs of all such sewage disposal
systems shall be credited to the Sinking Fund established for
sai.d Bonds.
15. The City will not make any use of the proceeds of
the Bonds ta be issued which, if such use had been reasonably .
expected on the date of delivery af and payment £or th� 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 a,-nended and any applicable regulations promulgated
thereunder; and the City will and will cause any other entity
authorized to invest said Bond proceeds for the City to comply
with the requirements of said Section 103 (c) and all applicable
regulations pertaining thereto while the Bonds to be issued
hereunder remain outstanding.
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WHITE - CITV CLERK
PINK� - FIN�A�:�E G I TY OF SA I NT PAU L Council
i CANARV - DEPARTMENT ��/�
BLUE� - MAVOR File NO.
�
Council Resolution
Presented By
Referred To Committee: Date -
Out of Committee By Date
16. 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 fran said Auditor his certificate that
said Certificates have been entered in the said Auditor' s Bond
Register.
r
� COUNC[LMEN Requested by Department of:
Yeas Nays � .
�� NAn+ � � A�t l�
Drew [n Favor
Masanz
Nlcosia
scnetbe� � __ Against BY
Tedesco
Wilson
sonnen JAN 2 9 R�
�q, Form Approve City At�ney
Adopted by Council: Date
Certified P - Counc.' BY
r
sy ,
t�ppr d by iVlavor: Dat � FEB — � ��� Appr by Mayor for Submi ' n t Council
By
PU�Bt�sNf� FEE3 � 1985