85-636 WMITE - CITV CLERK
PINK - FINANCE G TY OF SA I NT PALT L Council 3�
CANARV - OEPARTMENT
BLUE - MAVOR File NO.
1
ouncil Resolution
Presented By � c�'
Referred To Committee: Date
Out of Committee By Date
RESO UTION PROVIDING FOR PUBLIC SAT.F
OF $10,215,000 GENERAT•
OB IGATI N TAX INCREMENT BONDS, SERIES 1985A
BE IT SOL D by the City Council of the City of Sai t
Paul, Minne ota, s follows:
1. It is he eby found, determined and declared that his
City should issue $10,215,000 General Obligation Tax Incr ent
Bonds, Seri s 198 A to defray the expense of the public
redevelopme t cos s to or for the World Trade Center site
within the ity' s Downtown Development District.
2. Th s Cou cil shall meet at the time and place
specified i the orm of notice hereinafter contained for he
purpose of penin and considering sealed bids for, and aw rd-
ing the sal of $ 0, 215,000 General Obligation Tax Increme t
Bonds, Seri s 198 A of said City.
3. Th Acti g Director, Department of Finance and
Management ervic s is hereby authorized and directed to c use
the terms a d con itions of said bonds and notice of the s le
thereof as ully et forth in the "Official Terms of Offer ng"
attached he eto a Exhibit A and incorporated herein by
reference t be p lished in the official newspaper of the City
and in Comm rcial est not less than ten days in advance o
date of sal , as rovided by law.
C�UIVCILMEN
Yeas onnen Nays Requested by Department of:
�K� Fina nd Manage nt Serv' s
Drew In Favor
Masanz
I�i�a+sif
scneibe� _ Against BY
Tedesco
�
M Y 9 1985 Form Approved Attorney
Adopted by Council: Date
Certified a s y Counci , cr By � �
gl,
�,PP� by �na�o�: oa� � AY 4 1985 App o ed by Mayor for Sub i n to Cou cil
B — BY
��'�_��� ��r`�i" ±� ,:� 198
� ��-�3(�
FICIAL TERMS OF OFFERING
$I 0,215,000
CI Y OF SAINT PAIJL, MIN�ESOTA
GEPE OBLIG TION TAX INCREAAENT BONDS, SERIES 1985A
Sealed bids for the Bon s will b opened by the Acting Director, Department of Fi ance and
Management Services on Tuesd , June 4, 1985, at I I:00 A.M., Centrai Time, at the ffices of
SPRINGSTED (�corporat d, Fin ncial Advisor to the City, 800 Osborn Building, S int Paul,
Minnesota 55102, (612)2 2-4241. Consideration for award of the Bonds will be by the City
Council at I 2:00 Noon, C ntral T me, of the same day.
DETAILS OF THE BONDS
The Bonds wiil be dated uly I, I 85 and will bear interest payable on February ( and A gust I of
each year, commencing ebruary I, 1986. Interest will be computed upon the basis of 360-day
year of twelve 30-day m ths an wili be rounded pursuant to rules of the MSRB. The onds will
be issued in integral mui iples of 5,000, as requested by the Purchaser, and fully regist red as to
principal and interest. rincipal will be payable at the main corporate office of the Registrar
and interest on each Bo d will e payable by check or draft of the Registrar maile the last
business day prior to the nterest ayment date to the registered holder thereof at his ddress as
it appears on the books o the R istrar as of the I Sth of the calendar month next pre eding the
interest payment.
The Bonds wili mature ea h Febr ary I in the amounts and years as follows:
$400,000 I 989 $800, 00 I 99 $1,300,000 I 991 $2,800,000 I 992 $4,915, 00 I 993
The Bonds will not be sub ect to p yment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE -
The Bonds will be genera) obligati ns of the City for which the City will pledge its full faith and
credit and power to levy direct eneral ad valorem taxes. In addition the City will p edge tax
increment income derive from t e City's Downtown Development District. The pro eds will
be used to finance the p blic red velopment costs to or for the World Trade Center si e, within
the City's Downtown Dev lopmen District.
TYPE OF BID
A sealed bid for not less han $10 065,000 and accrued interest on the total principal a ount of
the Bonds shall be filed ith the ndersigned prior to the time set for the opening of b ds. Also
prior to the time set for bid ope ing, a certified or cashier's check in the amount of 100,000,
payable to the order of he Cit , shal I have been f iled with the undersigned or SPR NGSTED
Incorporoted, the City's inancial Advisor. No bid will be considered for which said heck has
not been filed. The chec of the urchaser will be retained by the City as liquidated d mages in
the event the Purchaser f ils to c mply with the accepted bid. The City will deposit e check
of the Purchaser, the am nt of hich will be deducted at settlement. No bid shall be ithdrawn
after the time set for ope ing bid , unless the meeting of the City scheduled for consid ration of
the bids is adjourned, rec ssed, o continued to another date without award of the Bon s having
been made. No rate for ny mat rity shall be more than 196 lower than any prior rate No bid
will be considered which i contin ent upon award of any other issue.
. �'',S-(o3�
AWARD
The Bonds will be award d to th Bidder offering the lowest dollar interest cost to be etermined
by the deduction of the premiu , if any, from, or the addition of any amount less th n par, to,
the total dollar interest on the Bonds from their date to their final scheduled mat rity. The
City's computation of he tot I net dollar interest cost of each bid, in accord nce with
customary practice, will be cont olling.
The City will reserve he righ to: (i) waive non-substantive informalities of any bid or of
matters relating to the r ceipt o bids and award of the Bonds, (ii) reject all bids with ut cause,
and, (iii) reject any bid which he City determines to have failed to comply with he terms
herein.
REGISTRAR
The Registrar shall be F rst Trus Company of Saint Paul, Saint Paul, Minnesota. Th City wiii
pay for the services of t e Regis rar.
CUSIP NUMBERS
If the Bonds qualify for a signme t of CUSIP numbers such numbers will be printed on he Bonds,
but neither the failure t print s ch numbers on any Bond nor any error with respect t ereto will
constitute cause for fail re or r fusal by the Purchaser to accept delivery of the B nds. The
CUSIP Service Bureau c arge fo the assignment of CUSIP identification numbers sh II be paid
by the Purchaser.
SETTLEMENT
Within 40 days following he date of their award, the Bonds will be delivered without c t to the
Purchaser at a place m tually atisfactory to the City and the Purchaser. Delive y will be
subject to receipt by t e Purc aser of an approving legal opinion of Briggs an Morgan,
Professional Association f Saint Paul and Minneapolis, Minnesota, which opinion will e printed
on the Bonds, and of cust mary c osing papers, including a no-litigation certificate. O the date
of settlement payment f r the B nds shall be made in federal, or equivalent, funds whi h shall be
received at the offices o the Cit , or its designee, not later than I:00 P.M., Central Ti e of the
day of settlement. Exc pt as c mpliance with the terms of payment for the Bonds hall have
been made impossible by action f the City, or its agents, the Purchaser shall be lia le to the
City for any (oss suffer d by th City by reason of the Purchaser's non-compliance with said
terms for payment.
At settlement the Purch ser will be furnished with a certificate, signed by appropriat officers
of the City, to the effe t that he Official Statement did not as of the date of th Official
Statement, and does not s of the date of settlement, contain any untrue statement of material
fact or omit to state a m teria) f ct necessary in order to make the statements therei , in light
of the circumstances und r which they were made, not misleading.
OFFICIAL STATEMENT
Underwriters may obtain a copy of the Off icial Statement by request to the City's Financial
Advisor prior to the bid ening. The Purchaser will be provided with 100 copies of th Official
Statement.
Dated May 2, 1985 BY ORDER OF THE CITY OUNCIL
/s/ Edward J. Warn
Acting Director, Depa tment f
Finance and Manage ent Se vices
. �
' �-�.�'�0.3�o
FICIAL TERMS OF OFFERING
$I 0,215,000
CI Y OF SAINT PAUL, MIMESOTA
GEPE OBLIG TION TAX INCREMENT BONDS, SERIES 1985A
Sealed bids for the Bon will b opened by the Acting Director, Department of Fi ance and
Management Services on Tuesda , June 4, 1985, at I I:00 A.M., Central Time, at the ffices of
SPRINGSTED Incorporat d, Fin ncial Advisor to the City, 800 Osborn Building, S int Paul,
Minnesota 55102, (612)2 2-4241. Consideration for award of the Bonds will be by the City
Council at I 2:00 Noon, C ntral Time, of the same day.
DETAILS OF THE BONDS
The Bonds will be dated J ly I, I 85 and will bear interest payable on February I and A gust l of
each year, commencing ebruary I, 1986. Interest will be computed upon the basis of 360-day
year of tweive 30-day mo ths and wil i be rounded pursuant to rules of the MSRB. The onds wil l
be issued in integral mult ples of 5,000, as requested by the Purchaser, and fully regist red as to
principal and interest. rincipal will be payable at the main corporate office of the egistrar
and interest on each Bo d will e payable by check or draft of the Registrar maile the last
business day prior to the interest ayment date to the registered holder thereof at his ddress as
it appears on the books o the R istrar as of the I Sth of the calendar month next pre eding the
interest payment.
The Bonds will mature ea h Febr ry I in the amounts and years as follows:
$400,000 1989 $800, 00 199 $1,300,000 I 991 $2,800,000 I 992 $4,915, 00 1993
The Bonds will not be sub ect to p yment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE
The Bonds will be general obligati ns of the City for which the City will piedge its full faith and
credit and power to levy direct enera) ad valorem taxes. In addition the City will p edge tax
increment income derive from t e City's Downtown Development District. The pro eeds will
be used to finance the p blic red velopment costs to or for the World Trade Center si e, within
the City's Downtown Dev lopmen District.
TYPE OF BID
A sealed bid for not less han $I 0 065,000 and accrued interest on the total principal a ount of
the Bonds shall be filed ith the ndersigned prior to the time set for the opening of b ds. Also
prior to the time set for bid ope ing, a certified or cashier's check in the amount of 100,000,
payable to the order of he Cit , shall have been filed with the undersigned or SPR NGSTED
Incorporated, the City's inancial Advisor. No bid will be considered for which said heck has
not been filed. The chec of the urchaser will be retained by the City as liquidated d mages in
the event the Purchaser f ils to c mply with the accepted bid. The City will deposit e check
of the Purchaser, the am nt of hich will be deducted at settlement. No bid shall be ithdrawn
after the time set for ope ing bid , unless the meeting of the City scheduled for consid ration of
the bids is adjourned, rec ssed, o continued to another date without award of the Bon s having
been made. No rate for ny mat rity shall be more than I°k lower than any prior rate No bid
will be considered which i coniin ent upon award of any other issue.
, �
�'S -�3�
AWARD
The Bonds will be award d to the Bidder offering the lowest dollar interest cost to be termined
by the deduction of the remiu , if any, from, or the addition of any amount less th n par, to,
the total dollar interest on the onds from their date to their final scheduled matu ity. The
City's computation of he tot I net doilar interest cost of each bid, in accord nce with
customary practice, will contr Iling.
The City will reserve t e right to: (i) waive non-substantive informalities of any bid or of
matters relating to the r ceipt o bids and award of the Bonds, (ii) reject all bids with ut cause,
and, (iii) reject any bid which he City determines to have failed to comply with he terms
herein.
REGISTRAR
The Registrar shall be Fi st Trus Compony of Saint Paul, Saint Paul, Minnesota. The City will
pay for the services of th Regist ar.
CUSIP NUMBERS
If the Bonds qualify for a signme t of CUSIP numbers such numbers will be printed on t e Bonds,
but neither the failure to print s ch numbers on any Bond nor any error with respect th reto will
constitute cause for fail re or r fusal by the Purchaser to accept delivery of the Bo ds. The
CUSIP Service Bureau c rge fo the assignment of CUSIP identification numbers sh II be paid
by the Purchaser.
SETTLEMENT
Within 40 days following e date f their award, the Bonds will be delivered without c t to the
Purchaser at a place m ually s tisfactory to the City and the Purchaser. Deliver will be
subject to receipt by t e Purc aser of an approving legal opinion of Briggs and Morgan,
Professional Association f Saint aul and Minneapolis, Minnesota, which opinion will printed
on the Bonds, and of cust mary cl sing papers, including a no-litigation certificate. On the date
of settlement payment fo the Bo ds shall be made in federal, or equivalent, funds whic shall be
received at the offices of the Cit , or its designee, not later than I:00 P.M., Central Ti e of the
day of settlement. Exce t as c mpliance with the terms of payment for the Bonds s all have
been made impossible by ction f the City, or its agents, the Purchaser shall be liab e to the
City for any loss suffere by th City by reason of the Purchaser's non-compliance ith said
terms for payment.
At settlement the Purcha er will be furnished with a certificate, signed by appropriat officers
of the City, to the effec that t e Official Statement did not as of the date of the Official
Statement, and does not a of the ate of settlement, contain any untrue statement of a material
fact or omit to state a m terial f ct necessary in order to make the statements therei , in light
of the circumstances unde which hey were made, not misleading.
OFFICIAL STATEMENT
Underwriters may obtain copy f the Official Statement by request to the City's inancial
Advisor prior to the bid o ening. he Purchaser wiil be provided with 100 copies of th Official
Statement.
Dated May 2, 1985 BY ORDER OF THE CITY COUNCIL
/s/ Edward J. Warn
Acting Director, Depar ment o
Finance and Manage ent Ser ices
. ��=�3�
FFICIAL TERMS OF OFFERING
$I 0,215,000
CI Y OF SAINT PAIA, MtNNESQTA
GEI�E OBLIG TION TAX It�1CREMENT BONDS, SERIES I985A
Sealed bids for the Bon s wil) e opened by the Acting Director, Departmenf of F nance and
Management Services o Tuesd , June 4, 1985, at I I:00 A.M., Centrai Time, at th offices of
SPRINGSTED i�corpora d, Fin ncial Advisor to the City, 800 Osborn Building, aint Paui,
Minnesotn 55102, (612)2 2-4241 Consideration for award of the Bonds will be b the City
Council at I 2:00 Noon, C ntral T me, of the same day.
DETAILS OF THE BONDS
The Bonds wiil be dated uly I, I 85 and witl bear interes't payable on February i and ugust I of
each year, commencing ebruar I, 1986. Interest will be computed upon the basis o a 360-day
year of twelve 30-day m nths an will be rounded pursuant to rules of the MSRB. The Bonds will
be issued in integral mul iples of $5,000, as requested by the Purchaser, and fulty regis ered as io
principal and interest. rincipal will be payable a# the main corporate office of th Registrar
and interest on each Bo d will e payoble by check or draft of the Registrar mail d the last
business day prior to the nterest payment date to the registered holder thereof at his address as
it appears on the books f the R gistrar as of the I S#h of the colendar month next pr ceding the
interest payment.
The Bonds wiil mature e h Febr ary I in the amounts and years as follows:
$400,000 I 989 $800, 00 I 9 $I,300,000 I 991 $2,800,000 I 992 $4,91 S 000 1993
The Bonds will not be sub ect to ayment in advance of their respective stated maturit dates.
SECURITY AND PURPOSE
The Bonds will be general obligat ons of the City for which the C.ity will pledge its ful faith and
credit and power to levy direct enerai ad valorem taxes. In addition the City wltl tedge tax
increment income derive from he City's Downtown Development District. The pr ceeds wiil
be used to finance the p blic re evelopment costs to or for the Worid Trade Center slte, within
the City's Downtown Dev lopmen District.
TYPE OF BID
A sealed bid for not fess han $( ,065,000 and accrued interest on the total principai mount of
the Bonds shail be filed ith the undersigned prior to the time set for the opening of ids. Also
prior to the time set for bid ope ing, a certif:ed or cashier's check in the amount o $l00,000,
payable to the order of the Cit , shall have been filed with the unders:gned or SP INGSTED
Incorporated, the City's inancia Advisor. No bid will be considered for which said check has
not been filed. The chec of the Purchaser will be retained by the �ity as liquidated amages in
the event the Purchaser ails to ompiy with the accepted bid. The City will deposit the check
of the Purchaser, the am unt of hich will be deduc�ed at settlement. No bid shall be ithdrawn
after the time set for op ning bid , unless the meeting of the City scheduled for consi eration of
the bids is adjourned, re essed, r continued to another date without award of the Bo ds having
been made. No rate for ny mat rity shal l be more than I°Xo lower than any prior rat . No bid
will be considered which con#in ent upon award of any other issue.
• ���'�5 -��.��'
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 less than par, to,
the total dollar interest on the Bonds from their date to their final scheduled maturity. The
City's computation of the total net dollar interest cost of each bid, in accordance 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 bids without cause,
and, (iii) reject any bid which the City determines to have failed to comply with the terrns
herein.
REGISTRAR -
The Registrar shall be First Trust Company of Saint Paul, Saint Paul, Minnesota. The City will
pay for the services of the Registrar.
CUSIP NUMBERS
if the Bonds qualify for assignment of CUS1P numbers such n�mbers will be printed on the Bonds,
but neither the failure to print sucf� numbers on any Bond nor any error with respect thereto will
constitute cause for failure or refusa! by the Purchaser to accept delivery of the Bonds. The
CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid
by the Purchaser.
SETTLEMENT
Within 40 days fioifowing the date of their award, the Bonds will be delivered without cost to the
Purchaser at a piace mutuolly satisfactory to the City and the Purchaser. De{ivery will be
subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan,
Professional Association of Saint Pnul and {Vlinneapolis, Minnesota, which opinion will be printed
on the Bonds, and of customary ciosing papers, inciuding a no-litigation certificate. On the dafe
of setttement payment for the Bonds sha11 be made in federal, or equivalent, funds which shall be
received at the offices of the City, or its designee, not later than i:00 P.M., Central Time of the
day of settlement. Except as complionce with fihe terms of payment for the Bonds shal) have
been made impossible by action of the City, or its agents, the Purchaser shalt be tiable to the
City for any loss suffered by the City by reason of the Purchaser's non-compliance with said
terms for payment.
At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers
of the City, to the effect that the Official Statement did not as of the date of the Official
5tatement, and does not as of the date of sett(ement, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make th� statements therein, in light
of the circumstances under which they were made, not misleading.
OFFICIAL STATEMENT
Underwriters may obtain a copy of the Official Statement by request to the City's Financial
Advisor prior to the bid opening. The Purchaser will be provided with 100 copies of the Official
Statement.
Dated May 2, 1985 BY ORDER OF THE CITY C4UNCIL
/s/ Edward J. Warn
Acting Director, Department of
�inance and Manngement Services
� � ���-�,��
FIClAL TERMS OF OFFER{NG
$10,215,000
CI Y OF SAINT PAIA_., MINNESOTA
GE(�ERA OBL.IG TION TAX INCREMENT BONDS, SERIES !985A
Sealed bids for the Bon s will b opened by the Acting Director, Department of F nance ond
Management Services on Tuesda , June 4, i 985, at I 1:00 A.M., Central Time, at th offices of
SPRINGSTED Incorpora d, Fin ncial Advisor to the Ciiy, 800 Osborn Building, �infi Paui,
Minnesota 55102, (612)2 2-4241 Consideration for award of the Bonds will be b the City
Counci) at I 2:00 Noon, C ntral T me, o# the same day.
DETAtLS OF THE BONDS
The Bonds will be dated uly I, I SS and will bear interest payabte on February ( and ugust I of
each year, commencing ebruary I, I986. (nterest wili be computed upon the basis o a 360-day
year of twelve 30-day m nths an will be rounded pursuant to rules of the MSRB. The Bonds will
be issued in integral mul iples of 5,000, as requested by the Purchaser, and fully regis ered as to
principal and interest. rincipal wiil be payable at the main corporate office of th Registrer
and interest on each Bo d will e payable by check or drQft of the Registrar mail d the last
business day prior to the nterest payment date to the registered holder thereof at his address as
it appears on the books the R gistrar as of the I Sth of the catendar month next pr ceding the
interest payment.
The Bonds will mature ea h Febr ary I in the amounts and yeors as follows:
$400,000 I 989 $800, 00 I 99 $1,300,000 I 991 $2,800,000 !992 $4,9!5 000 I 993
The Bonds will not be sub ect to ayment in advance of their respective stated maturit dates.
SECURITY AND PURPOSE
The Bonds will be general obligat ons of the City for which the City wilf pledge its fult faith and
credit and power to levy direct enerat ad valorem taxes. In oddition the City wili ledge tax
increment income derive from he City's Downtown Development District. The pr ceeds will .
be used to finance the p blic re evelopment costs to or for the Worid Trade Center ite, within
the City's Downtown Dev lopmen Distriet.
TYPE OF BID
A sealed bid for not less han $( ,065,000 and accrued interest on the tota! principal amount of
the Bonds shall be filed ith the undersigned prior to the time set for the opening of ids. Also
prior to the time set for bid ope ing, a certif:ed or cashier's check in the amount o $100,000,
payable to the order of the Cit , shail have been filed with the undersIgned or SP INGSTED
Incorporated, the City's inancial Advisor. No bid will be considered for which said check has
not been filed. The chec of the Purchaser will be retained by the City as liquidated amages in
the event the Purchaser ails to omply with the accepted bid. The City will deposit the check
of the Purchaser, the am unt of hich will be deducted at settlement. No bid shall be withdrawn
after the time set for op ning bid , unless the meeting of the City scheduled for consi eration of
the bids is adjourned, re essed, r continued to another date without award of the B ds having
been made. No rate for ny mat rity shall be more than I% lower than any prior ra e. No bid
will be considered which s contin ent upon award of any other issue.
. � Cr- 6> -���
AWARD �
The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined
by the deduction of the premiurn, if any, from, or the addition of any amount less than par, to,
the total dollar interest on the Bonds from their date to their finaf scheduled maturity. The
City's computation of the total net dollar interest cost of each bid, in accordance 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 QII bids without cause,
and, (iii) reject any bid which the City determines to have failed ta comply with the terms
herein.
REGISTRAR -
The Registrar shall be First Trust Company of Saint Paul, Saint Paul, Minnesota. The City will
pay for the services of the Registrar.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSlP numbers such numbers wiil be printed on the Bonds,
but neither the failure to print such numbers on any Bond nor any error with respect thereto wiii
constitute cause for failure or refusal by the Purchaser to accept delivery of the Bands. The
CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid
by the Purchaser.
SETTLEMENT
-- Within 40 days following the date of their award, the Bonds will be delivered without cost to the
Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery wil( be
subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgc�n,
Professiona) Association of Saint Paul and {Vlinneapolis, Minnesota, which opinion will be printed
on the Bonds, and of customary closing papers, including a no-litigatian certificate. On the date
of settlement payment for the Bonds shall be made in federai, or equivalent, funds which shatl be
received at the offices of the City, or its designee, not later than I:00 P.M., Central Time of the
day of settlement. Except as compliance with the terms of payment far the Bonds shai! have
been made impossible by action of the City, or its agents, the Purchaser shail 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.
At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers
of the Ciry, to the effect that the Official Statement did not as of the date of the Official
Statement, and does not as of the date of settlement, contain any untrue statement af a material
fact or om:t to state a material fact necessnry in order to make the statements therein, in fight
of the circumstances under which they were made, not misleading.
OFFICIAL STATEMENT
Underwriters may obtain a copy of the Official S�atement by request to the City's Financial
Advisor prior to the bid opening. The Purchaser will be provided with 100 copies of the Official
Statement.
Dated May 2, 1985 BY ORDER OF THE C1TY COUNClL
/s/ Edward J. Warn
Acting Director, Department of
Finance and Management Services
-- //-.,�,J.- G��,
��,
O FIClAL TERMS OF OFFERING
$t 0,215,000
CI Y OF SAINT PAIR, MINNESOTA
GEI�ERA OBLIG TION TAX INCREMENT BONDS, SERiE5 1985A
Sealed bids for the Bon s wil! b opened by the Acting Director, Department of F nance and
Management Services on Tuesda , June 4, 1985, at ( I:00 A.M., Central Time, at th offices of
SPRINGSTED Incorporat d, Fin ncial Advisor to the City, 800 Osborn Building, aint Paul,
Minnesota 55102, (612)2 2-4241 Consideration for award of the Bonds will be b the City
Council at I 2:00 Noon, C ntral T me, of the same day.
DETAILS OF THE B�NDS
The Bonds wiil be dated uly I, I 85 and will bear interest payabte on Februnry ( and ugust 1 of
each year, commencing ebruary I, 1986. Interest wifl be computed upon the basis o a 360-day
year of twelve 30-day m nths an will be rounded pursuant to rules of the MSRB. The Bands will
be issued in integra) mul iples of 5,000, as requested by the Purchaser, and fuliy regis ered as to
principal and interest. rincipa) will be payable at ihe main corporate office of th Registrar
and interest on each Bo d will e payable by check or draft of the Registrar mail d the tast
business day prior to the nterest Qyment date to the registered hoider thereof at his address as
it appears on the books the R gistrar as of the I Sth of fhe calendar month nexfi pr ceding the
interest paymen#.
The Bonds will mature ea h Febr ary i in the amounts and years as follows:
$400,000 I 989 $800, 00 I 99 $I,300,OOQ I 991 $2,800,000 !992 $4,91 S 000 I 993
The Bonds will nof be sub ect to ayment in advance of their respective stated maturit dates.
SECURITY AND PURPOSE
The Bonds will be general obligat o�s of the City for which the City will pledge its full fQith and
credit ond power to levy direct eneral od volorem toxes. In oddition the City will ledge tax
increment income derive from he City's Downtown Development District. The pr ceeds will
be used to finance the p blic re evelopment costs to or for the Wor{d Trade Center ite, within�
the City's Downtown Dev lopmen District.
TYPE OF BID
A sealed bid fo� not less han $I ,065,000 and accrued interest on the totat principai amount of
the Bonds shall be filed ith the undersigned prior to the time set for tne opening of ids. Also
prior to the time set for bid ope ing, a certif:ed or cashier's check in the amount o $100,000,
payable to the order of the Cit , shal I have been f iled with the undersigned ar Sp INGSTED
incorporated, the City's inanciol .Advisor. No bid wili be considered for which said check has
not been filed. The chec of the Purchaser wili be retained by the City as l:quidated amages in
the event the Purchaser ails to omp{y with the accepted bid. The City will deposit the check
of the Purchaser, the am unt of hich will be deducted at settlement. No bid shal) be withdrawn
after the time set for o ning bi , unless the meeting of the City scheduled for consi eration of
the bids ss adjourned, re essed, r continued to another date without award of the B nds having
been made. No rate for ny mat rity shal I be more than I% lower than any prior ra e. No bid
will be considered which s conii eni upon award of any other issue.
_. . �f=�5 - �,3�
AWARD
The Bonds wili be awarded to the Bidder offering the lowest dollar interest cost to be determined
by the deduction of the premiurn, if any, from, or the addition of any amount less than par, to,
the totai dollar interest on the Bonds from their date to their final scheduled maturity. The
City's computation of the total net doilar interest cost of each bid, in accordance with
customary practice, will be controiling.
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 bids without covse,
and, (iii) reject any bid which the City determines to have failed to comply with the terms
herein.
REGISTRAR -
The f�egistror shall be First Trust Company of Saint Paul, Saint Paul, Minnesota. The City wi!(
pay for the services of the Registrar.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds,
but neither the failure to print such numbers on nny Bond nor any error with respect thereto wil I
constitute cause for failure or refusal by the Purchaser to accept delivery ot the Bonds. The
CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid
by the Purchaser.
SETTLEMENT
bVithin 40 days following the date of their award, the Bonds will be delivered without cost to the
Purchaser at a piace mutually satisfactory to the City and the Purchaser. Delivery will be
s�bj�ct to receipt by the Purchaser of an approving legal oPinion of Briggs and lWlorgan,
Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion will be printed
on the Bonds, and of customary closing papers� including a no-litigation certificate. On the date
of settlement paymenf for the Bonds shail be made in federal, or equivalent, funds which shali be
received at the offices of the City, or its designee, not later than I:00 P.M., Central Time of the
day of settiement. Except as compliance with the terms of payment for the Bonds shaf{ have
been made impossible by action of the City, or its agents, the Purchaser shall be liable ta the
City far any loss suffered by the City by reason of the Purchaser's non-comp(iance wifih said
terms for payment.
At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers
of ?he City, to the effect that the Offi.cial Statement did not as of the date of the Official
Statement, and does not as of the date of settlement, contain any untrue statement of a material
fact or omit to state a material fvct necessary in order to make ihe statements therein, in light
of the circumstances under which they were made, not misleading.
OFFICIAL STATEMENT
Underwriters may obtain a copy of the Official Statement by request to the City's Financial
Advisor prior to the bid opening. The Purchaser wil! be provided with 100 copies of the Official
Statement.
Dated May 2, 1985 BY ORDER OF THE C(TY COUNCIL
�s/ Edward J. Warn
Acting Director, Department of
Finance and Management Services
Finance and Man e e Serv c�PARTMENT �"p�°t" 1632
Gary Norstrem CONTACT
292 -7016 PHONE � ��
t� ril 25 1985 DATE Q/ �
,
�- � OF THE D! ECTOR
ASSIGN NUN�ER FOR ROUTING RDER i All Locations for Si nature DEP��TM�NT OF F ANCE
D MAivAGEMEN7' �
Department Director 3 Director of Managemen �
� Finance and Management ervice Director � City Clerk
Budget Director 4 shirie Davis
City Attorney
WHAT WILL BE ACHIEVED BY T KING A ION ON THE ATTACHED MATERIRLS? (Purpose/
1 . Determines the amo nt of Bonds to be sold to defray ��f�����i�se of the
public redevelopme t cos s to or for the World Trade Center sit within
' the City' s Downtow Deve opment District
2 . Sets the date and ime o the sale and defines the "Official Te ms of
the Offering" .
3 . Provides authority for t e publication of the notice of the sal .
4 . Adopts the "Offici 1 Ter s of the Offering" of the issue .
COST/BENEFIT, BUDGETARY AN PERSON EL IMPACTS ANTICIPATED:
No C.itywide tax levie woul be required for these general obligat on bonds,
as they would be tota ly su ported by tax increments from the Down own and
Seventh Place Distric . Th $10, 215 ,000 .00 in general obligation eb't will
still be withiri the oals et for the City ' s adopted debt policy.
5 i � ���
FINANCING SOURCE AND BUDGE ACTIVI Y NUMBER CHARGED OR CREDITE4: (Mayor's signa-
ture not re-
Total Amount of Transac ion: quired if under
$10,00Q)
Funding Source:
Activity Number:
ATTACHMENTS List and Numb r Al1 tachments :
Council Resolution �
$10, 215,000 .00 Genera Obli ation Tax Increment Bonds , Series 1985
(World Trade Center)
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
Yes No Council Resolution quired? Resolution Required? Yes No
Yes No Insurance Re uired? Insurance Sufficient? Yes No
Yes No Insurance At ched:
( EE REVE SE SIDE FOR INSTRUCTIONS)
Revised 12/84
-�-- . _ .
>'�:.,�'����\�\\ z�`'^Y O�' .�y�z�l T ��3.r.J'l. [�' / -e}�/�
f.`�JI r� '���:\ ��;_�� . �Ii TC� O� �± - � �J lUv'lJ
'��:,� Y:_ =:` _ •�� �'`�� 2'IFi�� Ci ' C0�1C.�L
'�=.. ,- l'��� � Da �e .
����:r�'' ,''� � �, . Apryl 25 1985
.;y,'j`�� . . . .
..... _
of�1} ciE i E � � � � or7'
i O = � � s ? F�,� I Ci �; Co � � �i�
�N � ��� " C � + .r? !l i � Q�? FINANCE, MANAGEMENT & PERSONN L .
� ' C�-iA R J ES SCHE�rBEL
I • A�proval o� minut s �rom APril 18, 1985, me�r;ng. �/,-��'3 ' /��'.
. Z. Resolution pprop iazing � 1 ,Opp ,000 from Municipal ST_CT_�c� Aid Stre�t
Funds towar the ansz-�ction or Ford P�rkw�y berween Mi sissippi
River Blvd_ and H well . (Public Works) �� �-? /
�� �����
3, Resolutio� ut�or- zing an �greemen-t with Qxford Deve�oQm �t CQmpany
f9r lana sa e and deve?opmenz for the Worid Traae Center • c
„/���72���d (P�D)
4. R'eso 1 u�i on a 1 1 i n for sa 1 e of Gene*-a 1 Qb i i g��t q on Tax I n r�nent
rflonc�s in th �mo� ,� o� � ?0,2 !S ,Q00 far the Worid Tr�Ce C �rnr.
(F i na n c�)�! �.�yZ,,PGC
���
5 . Re=_olution ailin for s�le or" General Obliaation Spe^ia As=�ss-
ment Boncts n the u�pp�'OY,i 171�L'� zmounz of �1 ,700 , 000 ror ht gi�1 and
Vi l la�e Imp ove�ne. �s Proje��. (Finance? ,C��C3��%�-�.l,r��� �O`I'
Cancep-�- , _
p ro�� t_! `�`�y—
6. City of HuZ hin=o 's nee� for Ind u s�.r i a l R ev e n u e B o n d f i a n c i ng
and their r ques�t far a portion of St. Paul 's en�Citlemen .
��S C.i�S C i ►� �_:�'?�L I'Y�. 1��� f� _ r}C' rK'f"'L��Z'L
� �li C.��� . N . �
:r
NOT ON PREPARED GENDi� �
Resolution endin the Civil Service Rules by inserting he
� title Claims Manag r in Section 3.K, Grade 25 and inserti g the
. specifica�io s in ection 32. �;n � �� � �
�� c.
; �
C:TY i?ALL • •
S •VEi iT'ri t=£.QQI'� $�tINT P��liL,;1 j�;`ESdT.•l SSIC?
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