84-14 WHI'FE ' — CITV CLERK
�PINK = FINANCE GITY OF SAINT PAUL Council
CANARV — DEPARTMENT
BLUE — MAVOR File NO• �� � �
a �
Council Resolution
Presented By /'�'-�A `
Referred To Committee: Date
Out of Committee By Date
BE IT RESOLVED, by the Council of the City of Saint
Paul, that pursuant to the provisions of Laws of Minnesota
1971, Chapter 773, as amended by Laws of Minnesota 1974,
Chapter 351, Laws of Minnesota 1976, Chapter 234, Laws of
Minnesota 1978, �hapter 788, Laws of Minnesota, 1981, Chapter
369 and Laws of Minnesota 1983, Chapter 302, said laws being
collectively referred to herein as the "CIB Laws" ) and pursuant
to applicable Ordinances and provisions of the City's
Legislative Code, there is hereby authorized and there shall be
issued and sold general obligation bonds of said City in the
aggregate principal amount of Eight Million One Hundred Ten
Thousand Dollars ($8, 110,000.00) for the purpose of procurement
by said City of funds in said amount to be used by the City
exclusively for the acquisition, construction and repair of
capital improvements of the City of Saint Paul authorized in
the Capital Improvement Budget of said City for the year 1984,
provided that the proceeds of such bonds shall be expended only
upon projects which have been reviewed and have received a
priority rating from the capital i.mprovements committee
designated pursuant to Laws of 1978, Chapter 788, Section 2, as
amended; and, be it
FURTHER RESOLVED, that the bonds authorized above
shall be designated "General Obligation Capital Improvement
Bonds, Series 1984. " 5aid bonds shall be issued in accordance
with the aforesaid Laws and in accordance with the further
provision of the City Charter and Chapter 475, Minnesota
Statutes, all as more fully provided in said Charter and said
Laws; and, be it
COUNCILMEN Requested by Department of:
Yeas Nays
Fletcher
'6a�°° ��� In Favor
Masanz
Nicosia
scne�be� __ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Yassed by Council Secretary BY
By
t�pproved by Mavor: Date _ Approved by Mayor for Submission to Council
BY BY
. ; � ��-��
-2-
FURTHER RESOLVED, that sealed proposals be received
in accordance with the Official Terms of Offering a copy of
which has been presented to the Council and is attached hereto.
A copy of said Official Terms of Offering is hereby directed to
be placed on file in the office of the City Clerk. The terms _
and conditions of said bonds and of the sale thereof as set
forth in said Official Terms of Offering are hereby approved
and confirmed and are hereby adopted. The Official Terms of
�ffering shall be published in the manner prescribed by law in
the St. Paul Legal Ledger, the official Gity newspaper and in
Commercial West; and, be it
FURTHER RESOLVED, that in accordance with the CI6
Laws the Council hereby finds, determines and declares that the
statutory limitation on the amount of capital improvement bonds
that may be issued is:
a. one-fourth of one percent of the assessors
estimated market value of taxable property in the City as
of December 31, 1983 or $8,000,000 whichever is greater,
provided further however that,
b. no more than $8,000,000 of bonds is authorized to
be issued unless the City' s local general obligation debt
as defined in the CIB Laws is less than 6$ of the
assessors estimated market value as of December 31, 1983,
and provided further that,
c. in no event shall bonds be issued in the year
1984 in an amount greater than $ 9,500,000
and
(i) the amount calculated pursuant to (a)
above is .0025 x $6, 291,176,467 (the December 31,
1983 assessors estimated market value) or
$15, 727,941.16, and
WHIT�E • - CITV CLERK �
.PINK = FINANCE GITY OF SAINT PAUL Council �_ /`/
CANARV - DEPARTMENT t ��`
B;UE - MA;OR Flle NO.
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
-3-
(ii) and the City' s general obligation debt as
calculated pursuant to the CIB Laws is in the amount
of $236,394,000 and as a percentage of the assessors
estimated market value as of December 31 , 1983 is
3 .75�, i.e. $236, 394,000 - $6, 291,176,467, and thus
less than 6�
so that the City may issue bonds in an amount not in excess of
$9,500,000 and the bonds proposed to be issued in the amount of
$8,110,000 are authorized by the CIB Laws to be issued.
COU[VCILMEN Requested by Department of:
Yeas F�� Nays �
inanc nd Ma gement Services
'�'�'e'" �a�� In Favor
Masanz —
Nicosia
Scheibel � __ Against BY
Tedesco
Wilson
,
Adopted hy Council: Date
ajAN - 5 1984 Form Appr City Att ney
Certified P•s- b Council re BY �
B�
t�pproved avor. Date _ ��N — 9 198� Appro y Mayor for Su ' sion ta Council
v BY ---t�� � — B
PUBLISHED J�N 1 4 ��84
. � . ��-/�
OFFICIAL TERMS OF OFFERING
$8,I 10,000
CITY OF SAINT PAUL, MINPESOTA
GEPERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1984
Sealed bids for the Bonds will be apened by Peter Hames, Director of Finance and Management
Services on Tuesday, January 31, 1984, at II:00 A.M., Central Time, at the offices of
SPRINGSTED Incorporated, Financial Advisor to the City, 800 Osborn Building, Saint Paul,
Minnesota 55102, 612/222-4241. Consideration of the bids for award of the Bonds will be by the
City Council the same day at 12:OQ Noon, Central Time.
DETAILS OF TI-� OBLIGATIONS
The Bonds will be dated March I, 1984 and will bear interest payable on March I and September
I of each year, commencing September I, 1984. The Obligations wilf be issued in integral
multiples of $5,000, and will be fully registered as to principal and interest.
The Bonds will mature March I in the amounts and years as follows:
�625,000 1986 �750,000 1989 $ 950,000 1992
825,000 1990 $1 ,025,000 1993
$675,000 1987 $875,000 1991 $I , 100,000 1994
$700,000 1988
and will not be subject to payment in advance of their respective stated maturity dates.
Principal will be payable at the main corporate office of the Registrar and interest on each Bond
will be payable by check or draft of the Registrar mailed the (ast business day prior to the
interest payment date to the registered holder thereof at his address as it appears on the books
of the Registrar as of the close of business on the 15th day prior to the interest payment date or,
in the event such day is not a business day, on the last business day preceding the interest
payment date.
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad val�rem taxes. The proceeds will be used to construct
various capital improvements.
TYPE OF BID
A sealed bid for not less than $7,988,350 and accrued interest on the total principal amount of
the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also
prior to the time set for bid opening a certified or cnshier's check in the amount of $81,100,
payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED
Incorporated, the City's Financial Advisor. No bid will be considered for which such check has
not been filed. The check of the Purchaser will be retained by the City as liquidated damages in
the event the Purchaser fails to comply with the accepted bid. 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 date without award of the Bonds having been
made. No rate for any maturity shall be more than I.0% lower than any prior rate. No rate nor
the net effective rate for the entire Issue of the Bonds shall exceed the maximum rate permitted
by law. Bonds of the same maturity shall bear a single rafie 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 City.
� � �"�-/�
AWARD �
The Bonds will be awarded to the Bidder offering the lowest dollar interes.t 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 fihe Bonds, (ii) reject all bids without cause,
and, (iii) reject any bid which the City determines to have failed to comply with the terms
herein.
REGISTRAR
The Registrar shall be First Trust Company of Saint Paul, Saint Paul, Minnesota.
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 any Bond nor any error with respect thereto will
constitute cause for failure or refusal 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 following the date of their award the Bonds will be delivered to the Purchaser at
a place mutually satisfactory to the City and the Purchaser. Delivery will be subject to receipt
by the Purchaser of an approving legal opinion of Briggs and Morgan, 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
payment for the Bonds shall 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 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.
At settlement the Purchaser will be furnished with a certificate signed by officers of the City to
the effect that the Official Staternent 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 fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.
OFFICIAL STATEMENT
Upon request to the City's Financial Advisor prior to the bid opening underwriters may obtain a
copy of the Official Statement. The Purchaser will be provided with 25 copies.
Dated S January �984 BY ORDER OF Tt-iE CITY COUNCIL
/s/ Peter Hames
Director, Department of Finance and Management Services