85-1261 WHITE - CITV CLERK ��
PINK - FINANCE �'jITY OF� SAINT' PALTL Council n �
CANARV -`JEPARTMENT F1Ie NO. -.�� /V' `�/
BLUE -.MAVOR
" '!Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By � Date
RESOLUTION ACCEPTING BID ON SALE OF $5,375,000 WATER
REVENUE BI�NDS, SERIES 1985A, AND FIXING THE INTEREST
RATES THE�.2EON
WHEREAS:
A. The C�.ty Council of the City of Saint Paul,
Minnesota (the "Cit "), has by Resolution No. 85-1147 adopted
on August 27, 1985, �nd approved by the Mayor on September 3,
1985, authorized th� issuance and sale of $5,375,000 Water
Revenue Bonds, Seri�s 1985A (the "Bonds" ) , dated October 1,
1985, as the date o� original issue;
B. The a�ppropriate City Officers have, pursuant to
said resolution, ca�sed proper published notice of the sale of
the Bonds to be giv�n as required by law and sealed bids,
pursuant to said no ice of sale, were received until 11:00 A.M.
on Tuesday, Septemb r 17, 1985, in the offices of Springsted
Incorporated, finan ial advisor to the City, and considered by
this City Council a noon of the same day; and
�'
COUNCILMEN Requested by Department of:
Yeas p�� Nays ,
nnasanz Finance and Manactement Services
N��os�a ----�— In Favor
Scheibel
Sonnen �_ Against BY
Tedesco I
W i Ison
Form Approved by City Attorney
Adopted by Council: Date �
Certified Passed by Council Secretary BY �-ta�l ;��'��''��'�
By
t#pproved by Mavor: Date Approved by Mayor for Submission to Council
By By
-� , � � ��-���i
.
C. The Di�rector of the City' s Department of Finance
and Management Serv�,ces has advised the Council that the bid of
Blunt Ellis & Loewii, Inc. , Chicago, I1linois, was found to be the
most a vantageous, nd has recommended that said bid be accepted:
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1 . Acce t nce of Offer. The bid of Blunt Ellis &
Loewi, Inc. t purchase the Bonds, in accordance with
the notice of bond s�le, at the rates of interest hereinafter
set forth, and to pay� therefor the swn of $5, 278 , 584 .00 , plus
interest accrued to �ettlement, is hereby found, determined and
declared to be the most favorable bid received and is hereby
accepted, and the Bonds are hereby awarded to said bidder. The
Director of the Department of Finance and Management Services
is directed to retain and deposit the good faith check of said
bidder and to forthwith return to the unsuccessful bidders
their good faith che�ks or drafts.
2 . Original Issue Date; Denominations; Maturities.
The $5,375,000 negotiable revenue bonds of the City shall be
dated October 1 , 1985, as the date of original issue, and shall
be issued forthwith. The Bonds shall be numbered from R-1
upward in the denoanirxation of $5,000 each or in any integral
multiple thereof of a� single maturity. The Bonds shall mature,
without option of prepayment, on December 1 in the years and
amounts as follows:
Year Amount Year Amount �
1987 $�00,000 1992 $700,000
1988 100,000 1993 750,000
1989 550,000 1994 800,000
1990 600,000 1995 875,000
1991 650,000 1996 250,000
3 . Purposei The Bonds shall provide funds for the
constructian of improv►ements to the City' s water utility. The
total cost of a reasonably required reserve for said issue and
for said improvements, including the cost of construction under
the terms of the lowest responsible bids received, engineering,
fiscal, legal and oth�r professional charges, publication and
printing costs, and al�l other costs necessarily incurred and to
be incurred from the i'rnception to the completion of the
improvements, is estirqated to be at least equal to the amount
of the Bonds herein adthorized. Work on the improvements shall
proceed with due diligence to completion.
v
WHITE - CITV CIERK
PINK - FINANCE �jITY OF SAINT PAiTL Council _ /f
GA'l4ARV -OEPARTMENT F11C NO. V�_/ `�L r!
BLUE -MAVOR
� Council Resolution
Presented By �
i
Referred To Committee: Date
Out of Committee By� , Date
4. Inter�st. The Bonds shall bear interest payable
semiannually on Jun� 1 and December 1 of each year, commencing
June 1, 1986, at th� respective rates per annum set forth
opposite the maturity years as follows:
Maturity I�terest Maturity Interest
Year ',Rate Year Rate
�_
1987 7 .00� 1992 7.75 $
1988 7 .00 1993 8 .00
1989 7 .00 1994 8 .00
1990 25 1995 8 .00
1991 , ,50 1996 8 .00
5 . Combin�tion. For purposes of ineeting the
maturity requiremen�s se£ forth in Minnesota Statutes, Section
475.54, Subd. 1, the' Bonds are hereby combined with the
outstanding maturiti�s of the City' s Water Revenue Bonds of
1978, Series 1 • il
6. Headin�s. Headings in this resolution are
included for conveni$nce of reference only, and are not a part
hereof. �
�I
COUNCILMEIV Requested by Department of:
Yeas p�� Nays
nnas�nz �i Finance nd Man g m t Services
� In Favor
��
so�r►en A gai n s t BY
Tedesco
Wilson
SEP � 7 1g8S Form Approved by ity Attorney
Adopted by Council: Date
Certified Pas n .il t BY ���:��•(•�`�"
By
� �c�
Approv y iVlavor. Date Approved by Mayor for Submission to Council
By By
PU$LISHED SEP 2 8 198�5
Finance and Management Service DEPARTMENT ��`�'���NO 1646
h'r CONTACT �
292-7038 PHONE � A� �
9-16-85 DATE e v ,,
ASSIGN NUMBER FOR ROUTING ORDER li Al1 Locations for Si nature :
Department Director Director of Management/Mayor
�Finance and Management Servic s Director � City Clerk
Budget D71"eCtOr' Councilman: Scheibel
�City Attorney � Shirley Davis
W��,T WILL BE ACHIEVED BY TAKING A TION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
The most favorable bid on sale f $5,375,000 Water Revenue Bonds, Series 1985A will
be indicated to the City Council for their acceptance and the City Council will award
the issues to the successful bid ers.
COST/BENEFIT, BUDGETARY AND PERSON EL IMPACTS ANTICIPATED: ���„����Fp y
u�::�
,
�;r E� i °, 1_,,.:.,
OFi'{C: _ Clr f H'= (? .. ('i t�R
DEPr`1'i-i 1�';!i:.�`Jl t'.l;- f-�.:�I�,�t�'rc
AND MA��iAu��f�tlyr St�itV►��S
FINANCING SOURCE AND BUDGET ACTIVI Y NUMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction: quired if under
$10,000)
Funding Source:
Activity Number:
ATTACHMENTS List and Number All A tachments :
1. Resolution — $5,375,000 Water Revenue Bonds, Series 1985A
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
x Yes No Council Resolution Re uired? Resolution Required? Yes No
Yes No Insurance Required? Insurance Sufficient? Yes No
Yes No Insurance Attached:
(SEE REVER E SIDE FOR INSTRUCTIONS)
Revised 12/84
���- ���'
SPRINGSTED '
INCORPORA D
PUBLIC FINAN E
ADVISORS ;
' $5,375,000
WATE REVENUE BONDS, SERIES 1985A
CI Y OF SAINT PAUL, MINNESOTA
AWARD: BLUN , ELLIS & LOEWI, INCORPORATED
And Associates
SALE: September 17, 1985 Moody's Rating: Aa
S & P's Rating: AA
Interest Netlnterest
Bidder I Rates Price Cost & Rate
BLUNT, ELLIS & LOEWI, ' 7.00% I 987-I 989 $5,278,584.00 $3,2 I 9,999.33
INCORPORATED 7.25% 1990 (8.03075%)
Bear, Stearns & Company � 7.50°� 1991
Hutchinson, Shockey, Erley & Compa�y 7.75% 1992
� 8.00� 1993-1996
'�
MERRILL LYNCH CAPITAL MARKEjTS 6.50% 1987 $5,291 ,633.75 $3,222,597.48
CRONIN & MARCOTTE, ', 6.75% 1988 (8.03723°�)
INCORPORATED ' 7.00°ib 1989
MILLER & SCHROEDER FINANCIA4, 7.25% 1990
INCORPORATED , 7.50% 1991
E.F. HUTTON & COMPANY, , 7.7096 1992
INCORPORATED ' 7.85% 1993
KlDDER, PEABODY & COMPANY, ' $.00% 1994
INCORPORATED � 8.259b 1995-1996
Miller Securities, Incorporated �
M.H. Novick & Company, IncorporateKl
Dean Witter Reynolds Incorporated
Dougherty, Dawkins, Strand & Yost ',
Incorporated �
Summit lnvestment Corporation
Moore, Juran and Company, Incorpor ted
- In Association With -
PIPER, JAFFRAY & HOPWOOD INC RPORATED
PAINEWEBBER INCORPORATED i
Clayton Brown & Associates Incorpor�ited
Shearson/Chiles Heider & Company �
��
PRUDENTIAL-BACHE SECURITIES, ' S.75% I 987 $5,3 I 4,072.50 $3,237,906.67
INCORPORATED ' 6.25� I988 (8.075419�)
THE F1RST BOSTON CORPORATION 6.75� 1989
7.25% 1990
7.5090 1991
7.759'0 1992
8.009'0 1993
I 8.20% 1994
8.4090 1995
$.509'0 1996
Reo fering Schedule of the Purchaser
Rate I Year Yield
7.00°� '�� 1987 6.00%
7.00% � 1988 6.50�
7.00% 1989 Par
7.259'0 1990 Par
7.509b ! 1991 Par
7.7596 ' 1992 Par
8.009'0 1993 Par
8.00°6 � 1994 8.20°�'0
8.009'0 1995 8.3^% �
8.00% 1996 8.40%
BBI: 9.26
'', Average Mcaturity: 7.46 Years
,
800 Osborn Build Ing, Saint Paul, Minnesota 55102 �612) 222-4241
250 North Sunn slope Road, Brookfieid, Wisconsin 53005(414) 782-8Z22