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84-15 � WH17E - CITV CLERK PINK FItANCE .. COUflCll ,/ CANARV� DEPARTMENT G I T Y O F S A I N T PA U L /y BLUE - MAVOR File NO. � ` � �� ♦ � Cou cil Resolution Presented By Referred To Committee: Date Out of Committee By Date RESOLVED by the City Council of the City of Saint Paul, Minnesota, that it is hereby found, determined and declared that this City should issue $500,000 General Obligation Urban Renewal Bonds, Series 1984 to finance various urban renewal development projects designated by the City; and be it FURTHER RESOLVED, that this Council shall meet at the time and place specified in the "Official Terms of Offering" hereinafter contained for the purpose of opening and considering sealed bids for, and awarding the sale of $500,000 General Obligation Urban Renewal Bonds, Series 1984; and be it FURTHER RESOLVED, that the City Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City and in Commercial West not less than ten days in advance of date of sale, as pro�ided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto; and be it FURTHER RESOLVED, that the terms and conditions of said bonds and the sale thereof are fully set £orth in the "Official Terms of Offering" attached hereto as Exhibit A and incorporated herein by reference. COUNCILMEN Requested by Department of: Yeas Fietcner Nays Fi e nd gement Services �� �E� _� [n Favor Masanz Nicosfa B scne�bei _ Against TedesCo W ilson JAN - 5 1984 Form Approv by City A orne Adopted by Council: Date � Certified P�: e Council cr BY � By p Approved avor• Date _ — � ��o� App v y Mayor for Subm' s on Coun�l � ✓By � `. PUBtISHED JAN 141984 , �r�-%�- OFFICIAL TERMS OF OFFERING EXHIBIT A $500,000 CITY OF SAINT PAUL, MII�ESOTA GEI�ERAL OBLIGATION URBAN REPEWAL BONDS, SERIES 1984 Sealed bids for the Bonds wili be opened 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 12:00 Noon, Central Time. DETAILS OF TI-E 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 Bonds will 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: $50,000 19$5-1994 and will not be subject to payment in advance of their respective stated maturit_y 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 last 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 I Sth 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 valorem taxes. The proceeds will be used to fund various urban renewal projects. TYPE OF BID A sealed bid for not less than $492,500 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 cashier's check in the amount of $5,000, 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 ihe 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 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 of the City. , . , . ��i� . . , . . 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 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 settler`nent payment for the Bonds shall be made in federal, or equivalent, f�nds 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 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 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 10 copies. Dated 5 January 1984 BY ORDER OF TI-E CITY COUNCIL /s/ Peter Hames Director, Department of Finance and Management Services . . : _ . �.�- ��-_ . - � EXHIBIT A OFFICIAL TERMS OF OFFERING $500,000 CITY OF SAINT PAUL, MIt�ESOTA GEPERAL OBLIGATION URBAN REPEWAL BONDS, SERIES 1984 Sealed bids for the Bonds will be opened 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 12:00 Noon, Central Time. DETAILS OF Tt-IE OBLIGATIONS The Bonds will be dated March I, 1984 and will bear interest payable on March I and September ( of each year, commencing September I, 1984. The Bonds will be issued in integral multiples of $5,000, and will be fully registered as to principal and interest. The Bonds will mature March f in the amounts and years as follows: $50,000 1985-1994 and will not be subject to payment in advance of their respective stated maturit.y 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 last 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 I Sth 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 valorem taxes. The proceeds will be used to fund various urban renewal projects. TYPE OF BID A sealed bid for not less than $492,500 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 cashier's check in the amount of $5,000, 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 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 of the City. .- � �� . . • ��-/5J • • . AWARD The Bonds wiil be awarded to the Bidder offering the (owest 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 terms herein. REGISTRAR The Registrar shall be First Trust Company of Saint Paul, Saint Paul, Minnesoto. CUSIP NUMBERS 1f 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 shal! 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 shal! 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 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 materia{ 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 10 copies. Dated S January 1984 BY ORDER OF THE CITY COUNCIL /s/ Peter Hames Director, Department of Finance and Management Services W�IITE �CITV CIERK PINK - FINAA`CE ' G I TY OF SA I NT PALT L Council �}�// CANARY ,- DEPARTMENT File NO• •� " /� BLUE - MAVOR 1 � Co_u cil Resolution Presented By � Referred To Committee: Date Out of Committee By Date WHEREAS, the City of Saint Paul has heretofore been ordered by the Minnesota Pollution Control Agency to abate pollution of the Mississippi River caused by the discharge of sewage into the Mississippi River; and WHEREAS, Chapter 115, Minnesota Statutes, the Water Pollution Control Act, provides for the prevention, control and abatement of pollution of all waters of the State; and WHEREAS, said Chapter further provides that taxes or assessments levied or bonds issued for the construction, • installation, maintenance and operation by a municipality of a sewage disposal system or any part thereof are not subject to any limitation and the municipality shall have the pawer for such purposes to levy taxes and assessments and issue bonds without limitation and without any election or referendum therefor; NOW THEREFORE, be it resolved, by the Council of the City of Saint Paul, that pursuant to the provisions of Chapter 115, Minnesota Statutes, there shall be issued and sold general COUNC[LMEN Requested by Department of: Yeas Nays Fletcher '�'u°B ���W In Favor nnasan: Nicosia scheibei __ Against BY Tedesco Witaon Form Approved by City Attorney Adopted by Council: Date Certified Vassed by Council Secretary BY gy, t�pproved by �4lavor: Date _ Approved by Mayor for Submission to Council By _ By