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86-465 WHITE -yE1TV CLERK PINK - FINANCE G I TY O F SA I NT PA U L Coun il ///ffJ/ CANARV - DE7ARTMENT �//� �,�� BLUE - MAYOR File NO• OCF� ouncil Resolution Presented By Referred To Committee: Date Out of Committee By Date ' PROVIDING FOR PUBLIC SALE OF $2,400,000 GENERAL OBLIGATION STREET IMPRO MENT SPECIAL ASSESSMENT BONDS, SERIES 198 BE IT RESOLVED by the City Council of the Ci y of Saint Paul, Minnesota, as follows: 1 . It is hereby found, determined and decla ed that this City should issue $2,400,000 General Obligation S reet Improve- ment Special Assessment Bonds, Series 1986, to de ray the expense of the construction of various street imp ovements in the City. 2. This Council shall meet at the time and lace specified in the form of notice attached hereto f r the purpose of opening and considering sealed bids for, and a arding the sale of, said bonds. 3. The Director, Department of Finance and anagement Services, is hereby authorized and directed to ca se the terms and conditions of said bonds and notice of the sa e thereof, as fully set forth in the "Official Terms of Offerin " attached hereto as Exhibit A and incorporated herein by re erence, to be published in the official newspaper of the City a d in Commercial West not less than ten days in advance of the date of sale, as provided by law. COUNC[LMEN Requested by Department f: Yeas Drew Nays � �� Finance & Manage nt Services Rettman [n Favor � � � Sonnen __ AgainSt BY ` Tedesco Wilson Adopted by Council: Date APR 15 1986 Fo�m ApP�o�ea b City A tor ey i Certified P s•e Counc� c BY By Appro by Vlavor. a _ APR � 1 �8� Approv d Mayor r S 'on to Council � sy — PUBI(SHED �+�'R 2 6 198� � � • xhibit A �o� r��� OFFICIAL TERMS OF OFFERING $2,400,000 CITY OF SAINT PAUL, MINPESOTA GEPERAL QBLIGATION STREET IMPROVEMENT SPECIAL ASSESSMEN BONDS, SERIES I986 (Global Book Entry System) TF-E SALE Sealed bids for the Bonds will be opened by Eugene Schiller, Director of inance and Management Services on Tuesday, May 13, 1986, at I I :00 A.M., Central Time, at th offices of SPRINGSTED Incorporated, Financial Advisor to the City, 85 East Seventh Place, Suite I 0, Saint Paul, Minnesota 55101-2143 (612/223-3000). Consideration for award of the Bonds will b by the City Council at 12:00 Noon, Central Time, of the same day. TF-E BONDS Details of. the Bonds. The Bonds will be issued using a Global Book E ry System. One Global Certificate representing the aggregate principal amount of the Bonds m turing in each year (the "Global Certificates") will be issued and fully registered as to principal a interest in the name of Kray & Co. as nominee of the Midwest Securities Trust Company (the "De ository"), a Securities and Exchange Commission (the "SEC") registered depository and an (llinois limit purpose trust company. The Bonds will be dated June I, 1986 and will bear interest payable on F bruary I and August I of each year, commencing February I, 1987. The Bonds will mature Febru ry I in the amounts and years as follows: $I 20,000 I 988-2007 Optia�al Redemption. The City may elect on February I, 1997, and on ny interest payment date thereafter to prepay Bonds due on or after February I, 1998. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bon s remaining unpaid which have the latest maturity date will be prepaid first. If a maturity is prepai only in part, prepayments will be in increments of $5,000 of principal. All such prepayments shall be at a price of par plus accrued interest. Mandatory Redemption. In �the event that pursuant to federal laws a d regulations the City is required to use unexpended Bond proceeds for early redemption of B nds in order to continue exemption of the interest on the Bonds from federal income taxation the City shall use such unexpended Bond proceeds to redeem Bonds on any date after notice is gi n pursuant to law: Those Bonds remaining unpaid which have the latest maturity date will be pre id first. If a maturity is prepaid only in part, prepayments will be in increments of $5,000 of prin ipal. All such mandatory prepayments shall be at a price of 102% of par, plus accrued interest. Security and Purpose. The l3onds will be general obligations of the City to which the City will pledge special assessments against benefited property. In addition the City wi I pledge its full faith and credit and power to levy direct general ad valorem taxes. The procee s will be used to finance street improvements within the City. �: � �-�-�`�� GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds Purchases of Bonds by investors may be made t rough banks, brokers or dealers who are, or act through, participants (the "Participants") of th Depository, other SEC registered depositories and clearing corporations, who collectively compris the National Clearance and Settlement System (the "National System"). The ownership of the Bonds will be shown on, and transfer of ownership ill be effected through, records maintained by the Depository. The responsibility for maintaining, eviewing and supervising such records rests collectively with the specific Participants and the rele nt units of the National System through whom the investors purchase or maintain the custody of the onds. Individual purchases of the Bonds may be in the amount of $5,000 or any m Itiple thereof of a single maturity, through book entries made on the books and records of the Nation I System. The National Clearance and Settlement System. Under #he National learance and Settlement System established pursuant to Section 17A of the Securities Exchange ct of 1934 (the "Act"), broker-dealers and banks may immobilize and safekeep securities certifi ates in depositories and process and settle securities transactions by computerized book entry. T e National System links broker-deaters, banks, registered depositories and clearing corporation , and is regulated and supervised by the SEC in accordance with the Act. Payme�ts to Bondowners. Payment of principal of and interest on the Bond will be made by the City to the Depository through its nominee Kray & Co., the registered owner o the Global Certificates. The Depository will credit payments on the Bonds to the Participants, as li ted on the records of the Depository on the fifteenth calendar day preceding each interest paymen date. Transfer of such payments to the Participants is the responsibility of the Depository. Tra fer of such payments by the Participants is the responsibility of the Participants. Bondowners ill receive interest and principal payments through their bank, broker or dealer nominees. Th bank, broker or dealer nominees, if not Participants, will receive payments from Participants or others who received payments directly or indirectly from Participants. Replacement 8onds. In the event that (I) the Depository discontinues servi ing the Bonds or the City determines that the Depository is incapable of discharging its duties, and i the City fails to identify a qualified replacement depository, or (2) the City determines that the i terest of the bondowners might be adversely affected if the Global Book Entry System is continue or that it is in the best interest of the beneficial owners of the Bonds that they be able to obtain c rtificated Bonds, the City may authenticate and deliver replacement bonds in the form of fully regi tered certificated Bonds, which would be available for distribution to bondowners or their nominees. Global Certificates. As part of the Global Book Entry System, the City's B ds are authorized only in the denomination of the entire outstanding principal amount of a giv n maturity and are not exchangeable for bonds of smaller denominations, unless replacement bon s are authorized as noted above. The City (or any successor registrar) will register on the registratio books maintained for the Global Certificates any transfer requested by the registered owner. Initi Ily, the owner registered on the City's registration books will be Kray & Co. Despite the larger auth rized denomination of the City's Global Certificates, the Depository will recognize and enter on ts books in the National System interests in $5,000 denominations in each Global Certificate. TERMS OF SALE Minimum Bid �d Good Faith Deposit. A sealed bid for not less than $2,35 ,760 and accrued interest on the total principal amount of the Bonds shall be filed with the undersign d prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certifie or cashier's check in the amount of $25,000, payable to the order of the City, shall have been fil with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be onsidered for which said � � . � �F�-�� : _{ check has not been filed. The check of the Purchaser will be retained y the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at sett ement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another ate without award of the Bonds having been made. Type of Bid. No rate for any maturity shall be more than I.5°Xo lower tha any prior rate. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No bid may be conditioned upon award of any other offering of obligations by the C ty. AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount ess than par, to, the total dollar interest on the Bonds from their date to their final schedule maturity. The City's computation of the total net dollar interest cost of each bid, in accordanc with customary practice�, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bid without cause, and, (iii) reject any bid which the City determines to have failed to comply with the rms herein. SETTLEMENT AND DELIVERY Delivery, Payment and Ownership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certificates will be delivered without cost to the Purc aser at a place mutually satisfactory to the City and the Purchaser. On the date of�settlement paym nt for the Bonds shal I be made in federal, or equivalent, funds which shall be received at the offices f the City or its designee not later than I :00 P.M., Centra) Time of the day of settlement. Excep as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. The successful bidder, as a c ndition of delivery of the Bonds, shall be required to deposit the Global Certificates with the Depos tory, which shall deposit the Global Certificates at the main office of the Fourth U.S. Federal eserve District Bank for saf ekeep i ng. Legal Opinion and Transcript. Delivery of the Bonds will be subject to rece pt by the Purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of S int Paul and �Ylinneapolis, Minnesota, which opinion will be attached to the Global Certificates, nd of customary closing papers, including a no-litigation certificate. At settlement the Purchase will be furnished with a certificate signed by appropriate officers of the City to the effect that t e Official Statement did not as of the date of the Official Statement, and does not as of the date settlement, contain any untrue statement of a material fact or omit to state a material fact nece ary in order to make the statements therein, in light of the circumstances under which they were ma e, not misleading. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to th City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 50 copies of t e Official Statement. Dated April I S, 1986 BY ORDE OF THE CITY COUNCIL /s/ Eugene Schiller _ Director, Department of Finance and Management Services Finance & Mar.agement Services DEPARTMENT ��� No 3463 . Gary Norstrem CONTACT 292-7038 �PHONE April 9, 1986 DATE �e�� �'� � ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) : f�A1`ut�'S pFF Department Director 3 Director of nagement/Mayo�E 2 Finance and Management Services Director � City Clerk Budget Director 4 shirle nav 1 City Attorney WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpo / Ratio le) • a.�c.a.a�st.a�ea�, � 1. Determines the amount of bonds to be sold t-e-fie�r�t *�� �� �����h construction of various street improvements in the City. 2. Sets the date and time of the sale and defines the "Official Terms of the Offering". 3. Provides authority for the publication of the notice of the sale. 4. Adopts the "Official Terms of the Offering" of the Issue. COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: The bonds will be general obligations of the City for which the City wi 1 pledge its full faith and credit and power to levy direct general � �a.lorem taxes In addition the City will pledge special assessments against benefitted pr perty. FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor' signa- ture n t re- Total Amount of Transaction: quired if under $10,00 ) Funding Source: Activity Number: ATTACHMENTS (List and Number All Attachments) : 1. Council Resolution: $2,400,000 General Obligation Street�Spe ial As essment Bonds, Series 1986 DEPARTMENT REVIEW CITY ATTORNEY RE IEW Yes No Council Resolution Required? Resolution Requi ed? Yes No Yes No Insurance Required? Insurance Suffic ent? Yes No Yes No Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 � � �� � C. '�`�.j � (� v��� . .......,r,F, �� CITY OF SAINT PAUL �`� �(n���� �"'� �£ OFFIC� OF TRE CITY COIIYCIL : :ut �;t.�r Cammittee Report ' F':i�.an�e l�ana ement & Persannel Com ttee. � � I�.ARCH 28, 1986 l. Approval of nainutes from meeting held March 21, 1986. a oved 2. Resolution approving an agreement between the city and Ramsey County whereby they agree to cooperate in participation with Twin City Urban rea Corps Programs. annroved - � 3. Resolution authorizing an agreement with the city and Minneap lis whereby they � agree to cooperate in participation with the Twin City Area U ban Corps Program. approved � ' � � 4. Resolution authorizing contract with United States General Se ices Administration whereby the City's Department of Fire and Safety Services wil provide fire- fighting services to the Bishop Henry Whipple Federal Buildin and Motor Pool at Fort Snelling. apvroved ' 5. Resolution authorizing a 3-year lease agreement between the c'ty and Millstreet _ .__ - - Investments for Buildings -"B" and "D" (part of the Hi3�--St�ee Municipal -- - Warehouse, aka West Publishing Warehouse Complex) . a rove 6. Resolution approving guidelines and removing the special cont ngency status of the Community Services Capital Maintenance Fund. laid over t 4 3 x7. Resolution amending the 1986 Capital Improvement Budget to re lect CSS Financing. approve�_ � 8. Resolution calling for the sale of 1986 General Obligation Ca ital Improvement Bonds. approved � 9. Resolution calling for the sale of 1986 General Obligation Sp cial Assessment street paving bonds. approved � �( 10. Resolution calling for the sale of 1986 General Obligation ur an renewal fi� bonds. taithdrawn 11. An ordinance anending Chapter 369, Section 369.04, Subd. S, o the Legislative Code pertaining to reciprocal Building Trade Business License laid over indef. 12. An ordinance amending Chapter 370, Section 370.05, Subd. 3, o the Legislative Code pertaining to the examination fee for a Master Certifica e of Occupancy. laid over indef. 13. An ordinance amending Chapter 370, Section 370.15, Subd. 3, o the Legislative Code pertaining to reciprocal Certificates of Competency. 1 id over indef. CTTY HAI-I- SEVENTH FLOOR S PAUL,MINNESOTA 55102 �46