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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 . . ' � �F �/�� $ 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� 2 . . ��s--i.�s • 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) 3 . . � ��,..�—,��� 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, � 4 . . � � � ��_,�� 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: 5 . . � �+` ���� 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 6 � ��s-i��"� � 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. 7 . l� �'s-i��' . 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 8 � � �,���-,�� 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. 9 � � � . � �s:r3� •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) 10 . : - � � �s��� 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 11 � - � � �s-i3� ' (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. ) , 12 , � � � f� ��=��� �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. 13 . , . �- ��= ,� �, 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. 14 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