84-104 WHITE - CITV CLERK � COUnCII
P1NK - FINANCE. GITY OF SAINT PAUL /D�
CANARV - DEPARTMENT
BLU4 - M!,yOR File �O. � -
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C unc 'l Resolution
Presented By ��
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 84-14 adopted on
January 5 , 1984 and approved by the Mayor on January 9 , 1984,
authorized the issuance and sale of $8, 110,000 General
Obligation Capital Improvement Bonds, Series 1984, to be dated
March 1 , 1984;
B. The appropriate City Officers have, pursuant to said
resolution, caused proper published notice of the sale of the
Bonds to be given as required by law, and sealed bids, as set
forth in Exhibit A attached hereto, pursuant to the Official
Terms of Offering were received at 11 :00 o'clock A.M. , Central
Time, on Tuesday, January 31, 1984, by Peter Hames, Director,
Department of Finance and Management Services of the City of
St. Paul, Minnesota; and
C. The Director, Department of Finance and Management
Services has advised the Council that the bid of Chase Manhattan
_a » al Mark � ['or�oration was found to be
the most advantageous and has recommended that said bid be
accepted.
COUIVCILMEN Requested by Department of:
Yeas Nays
Fletcher
of°"' In Favor
Mesanz
NiCOSia
Scheibet __ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
gy.
Approved by �Vlavor: Date _ Approved by Mayor for Submission to Council
By BY
• ' G�G ��/a�
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The bid of Chase Manhattan Ca ital Markets Cor oration to
purchase $8,110,000 Genera O igation Capital Improvement
Bonds, Series 1984 (the "Bonds") , of the City in accordance
with the Official Terms of Offering at the rates of interest
hereinafter set forth and to pay, therefore, the sum of
$1,98� .535.10 (Plus a premium of $ -0-) is hereby found,
determined and declared to be the most favorable bid received
and is hereby accepted and said Bonds are hereby awarded to
said bidder.
2. The Director, Department of Finance and Management '
Services is directed to retain the deposit of said bidder and
to forthwith return the good faith checks or drafts to the
unsuccessful bidders.
3. First Trust Company of Saint Paul, in St. Paul,
Minr�esota is appointed to act as Bond registrar and transfer
agent (the "Bond Registrar") and shall do so unless and until a
successor Bond Registrar is duly appointed, all pursuant to an
agreement between the City and the Bond Registrar. The Bond
Registrar shall also serve as paying agent (the "Paying Agent")
unless and until a successor Paying Agent is duly appointed.
Principal and interest on the Bonds shall be paid to the
registered holders of the Bonds in the manner and subject to
tYie conditions set forth in the form of Bond and paragraph 9 of
this resolution.
4 . The Bonds shall mature on March 1 in each of the years
and amounts as follows and shali bear interest as follows:
Year Amount Interest Rate
1985 $ 585,000 7 .75g
1986 $ b25,000 �• 75$
1987 $ 675,000 7.00�
1988 $ 700,000 6.75�
1989 $ 750,000 7. 00g
1990 $ 825,000 7 • 25g
1991 $ 875,000 7 .50$
1992 $ 950,000 7 .50�
1993 $1,025,000 � •75�
I994 $1,100,000 6. 75$
5. The Council hereby ratifies and approves each and
every act of i�s subcommittee on Finance and Sinking Funds in
connection with the sale of the said Bonds.
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6. All Bonds shal� be issued in registered form as to
both principal and interest and shall be issued in the
denominations of $5,000 eaeh or any integral multiple of
$5,000.
7 . The Bonds shall be executed on hehalf of the City by
the facsimile signature of the Mayor attested by the facsimile
signature of City C1erY. countersigned by the facsimile
signature of the Director, Department of Finance and Management
Services and be sealed with a facsimile of the seal of the
City. In the event ot the disability or reszgnata.on or other _
absence of any such officer, the Bonds may be signed by the
manual or facsimile signate�re of that officer who may act on
behalf of such absent or disabled officer. In case any such
officer whose facsimile signature shall appear on the Bonds
shall cease to be such officer before the delivery of the
Bonds, such signature or facsimile shall nevertheless be valid
and sufficient for all purposes, the same as if. Yie or she had
remained in off.ice until delivery.
8. No Bond shall be valid or obligatory for any purpose
o� be entitled to any security or bene:Eit under this resolution
unless and until a Certificate of Authentication on such Bond,
substantially in the �orm hereinaftex set forth, shall have
been duly executed by an authorized signatory ( "Authorized
Signatory" ) of the Bond Registrar acting as Authenticating
Agent. Certif_icates of Authentication on different Bonds need
not be signed by the same Authorized Signatory. The Bond
Registrar shall authenticate the signatures of of_ficers of the
City on each Bond by execution of the Certificate of
Authentication on the Bond and by inserting the date of
registration in the space provided, except that f_or purposes of
the Bonds delivered to the Purchaser, the Rond Registrar sha�.l
insert as the date of registration the date of_ original issue,
which date is March 1 , 1984. The executed Certifi.cate of
Authentication on each Bond shall be conclusive evidence that
it has been authenticated and delivered under this resolution.
9. Interest on said Bonds will be gayable September l,
1984 and, semiannually thereafter on March 1 and September 1 in
each year. '?']ze Bonds are not redeemable prior to maturity.
Interest is payable by check or draft drawn upon the Paying
Agent payable to and mailed to the Registered Owner thereof as
of the Record Date (as shown by the Band Register) at the close
of busin�ss on the Business Day immediately preceding any
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interest payrnent date at the address of said Registered Owner
as it appears on the Record Date on the Bond Register of the
City maintained by First Trust Company of Saint Paul as the
Borid Registrar. Record Date shall mean the 15th day of. the
month preceding the month in which interest is due and payable
unless such day is not a Business Day and in s�.zch event it
shall be the first Busines� Day after the l�th day of such
mon�h.
Business Day means any day, excluding Saturday and Sund�y
or any day on which national banks in St. Paul, Minnesota are
authorized or obligated by law or administrative order to
close.
10. The Bonds to be issued hereunder, together with the
Bond Registrar' s Certificate of Authentication, the form of
Assignr,�ent and the registration information thereon shall be in
substantially the following form:
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UNITED STATFS OF AMFRICA
STATE OF MINNFSOTA
COUNTY OF RI�MSEY
CITY OF SAINT PAU7�
GENERAL OBLIGATION CAPITAL IMPROVEi�tENT BOND
SERIES 1984
No. R- $
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
� PER ANNUM March 1 , 1984
REGISTERED OG•�I�TER:
PRINCIPAL AMOUNT:
The City of Saint Paul, Ramsey County, Minnesota (the
"Issuer" ) , for value receiv�d h�reby promises to pay to the
registered owner specified above ( Registered Owner ) , or
�� ��
registered assigns upon surrender thereof at the office of
First Trust Company of_ Saint Paul, St. Paul, Minnesota (the
"Paying Agent" ) , the principal sum speeified above in
immediately available funds on the first day of March, 19 and
to pay to the Registered Owner hereof interest from the date
hereof on the Principal balance hereof from time to time
outstanding at the rate specified above (calculated on the
basis of a 360 day year oz twelve 30 day months) semiannually
on the first day of each March and September of each year
commencing September l , 1984.
Interest on said principal sum is payable until the
princa.pal sum is paid or until this Bond is duly discharged.
Principal and interest are payable, in any coin or currency of
the United States of America which on the respective dates of
payment is legal tender for public and private debts. Interest
is payable by check or dratt drawn upon the Paying Agent
payable to and mailed to the Registered Owner hereof as of the
Record Date (as shown by the Bond Register) at the close of
business on the Business Day immediately preceding any interest
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payment date at the address of said Registered Onwer as it
appears on the Record Date on the Bond Register of the Issuer
maintained by First Trust Company of Saint Paul as the nond
Registrar. Record Date shall mean the 15th day of the month
preceding the month in which interest is due and payable unless
such day is not a Business Day and in such event it shall be
the first Business Day after the 15th da� of such month.
Business Day means any day, excluding Saturday and
Sunday or any day on which national banks in St. Paul,
Minnesota are authorized or obligated by law or administrative
order to close.
This Band is one of a series of bonds issued and so1dJ
by the City of Saint Paul, in the aggregate principal amount of
Eight Million One Hundred Ten Thousand Dollars ($8, 110,000} all
of like date and tenor except as to serial number, interest
rate, maturity and denomination and is issued �ursuant to Laws
af Minnesota 1971, Chapter 773, as amended, the City Charter
and resolution duly adopted by the Issuer for the purpose of
procurement of f_unds to be used by the Issuer for the
acquisition, construction and renair of capital improvements of
the City of Saint Paul in accordance with the provisions of
said law. This Bond constitutes a general obligation of tlze
Issuer, and to provide moneys for the prompt and full payment
of the principal of and interest thereon when the same become
due, the full faith and credit and taxing powers of the Issuer
have been and are here'r�y irrevocably pledged.
RFFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE RESERVE HFREOF, WHICH PROVISIONS
SHALL FOR ALL PURFOSES HAVE THE SAME EFFECT AS IF SET FORTH
HERE.
The Bonds of this issue are issuable solely as fully
registered bonds in the denomination of $5,000 or any integral
multiple thereof. As provided in the resolution autharizing
the bonds (the "Re�olution" ) and subject to cextazn limitations
therein set forth this Bond is transferable up�n surrender of
this Bond for transfer ta the Bond Registrar, duly endors�d by,
or accompanied by a written instrument of transfer in form
satisfactory to the Issuer and the Bond Registrar duly executed
by the Reigstered Owner hereof or his attorney duly authorized
in writing, and thereupon one or more new Bonds of the same
series for the sarne aggregate principal amount and of_ the sam�
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stated maturity and interest rate will be issued to the
designated transf�ree or transferees. Reference is made to the
Resolution for a description of the rights and duties of the
Bond Registrar. Copies of the Resolution are on file with the
Bond Registrar.
The Issuer, Paying Agent and Bond Registrar may deem
and treat the person in whose name this Bond is registered upon
the Bond Register as the absolute owner hereof, whether this
Bond is overdue or not, for the purpose of receiving payment of
or on account of the principal or interest and for all other
purposes, and all such payments so made to the Registered Owner .
or upon his order shall be valid and effectual to satisfy and �
discharge the liability upon this Bond to the extent of the sum
or surns so paid, and neither the Issuer, the Paying Agent nor
the Bond Registrar shall be affected by any notice to the
contrary.
The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
payable in connection with the transfer or exchange of this
Bond.
This Bond shall not be valid or become obligatory for
any purrose or be entitled to any security or benefit under
t��is Resolution unless the Certificate of Auther�tication hereon
shall have been manually executed by an Authorized Signatory of
_the Bond Registrar.
IT IS HEREBY CERTI�'tED AND RECITED that atl acts,
conditions and things required by the Constitution and laws of
tne State of Minnesota and the t.�harter of the Issuer to 'r�e
do�e, to happen and to 'r�e performed, precedent ta and in the
issuance of this Bond, have been done, have happened and have
been performed, in regular and due form, time and manner as
required by law, and this Bond, together with all other debts
of the Issuer outstanding on the date of original issue hereof
and the date of its issuance and delivery to the original
purchaser does not exceed any constitutional, statutory or
�'narter limitation of indebtedness.
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IN WITNESS �9H�I2EOF, the said City of 5aint Paul, Ramsey
County, Minnesota, by its Council, has caused this Bond to be
sealed with the facsimile of its Official Sea1, to be executed
by the facsimile signature of its Mayor, attested by the
facsimil.e signature of its City Clerk, and countersigned by the
facsimile signature of its Director, Department of Finance and
Management Services and authenticated by the manual signature
of an Authorized Signatory of First Trust Company of Saint Paul
as Authenticating Agent and has caused this Bond to be dated as
set forth below.
(facsimile) George Latimer
Mayor
Attest: (facsimile) Albert B. Olson
City Clerk
Countersigned: (facsimile) Peter Hames
Director, De»artment of Finance
and rfanagement Services
(SFAL)
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Date of Regist�ation:
BOrID REGISTRAR' S
CERTIFICATE OF
AUTHENTXCATION
This Bond is one of the
Bonds described in the
within mentioned
Resolution.
FIRST TRUST COMPANY OF SAINT PAUL
as Authenticating Agent
By
Authorized Signatory
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(ON REVERSF. OF BOND)
A;>�TGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does hereby
irrevocably constitute and appoint
attorney to transf_er the Bond on the books kept for the
registration thereof, with full power o� substitution in the
premises.
Dated: �
Notice: The assignor' s signature to this assic�nment must
correspond wi.th tiYe name as it a�pears upon the
face of the within Bond in ev�ry particular,
without altera�ion or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one of
the major stock exchanges.
The Bond Registrar will not effect trans.fer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
Include information for all �aint owners
if the Bond is held by joint account. )
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11 . The City will cause to be kept at the principal office
of_ the Bond Registrar a bond register (the "Bond Register") in
which, subject to such reasonable regulations as the Bond
� Registrar may prescribe, the Bond Registrar shall provide for
the registration o£ Bonds and the registration of transfers of
bonds entitled to be registered or transferred as herein
provided.
Upon surrender for transfer of any Bond at the principal _
office of the Bond Registrar, the City shal.l execute (if
necessary) , and the Bond Registrar slzall authenticate, insert
the date of registration in the name of the designated -
transferee or transferees and deliver one or more new Bonds of
any authorized denomination or denominations of a like
aggregate principal amount, having the same stated maturity and
interest rate, as requested by the transferor; provided,
however, that no Bond may be registered in blank or in the name
of "bearer" or similar designation.
At the option of the Registered Owner, Bonds may be
exchanged for Bonds of any authorized denomination or
denominations o.f a like aggregate principal amount and stated
maturity, upon surrender of the Bonds to be exchanged at the
principal of_fice of the Bond Registrar. Whenever any Bonds are
so surrendered for exchange, the City shall execute (if
necessary) , and the Bond Registrar shall authenticate, insert
the date of registration of, and deliver the Bonds which the
Registered Owner making the exchange is entitled to receive.
No transfer of any Bond shall be binding upon th e Paying
Agent or Bond Registrar unless made at the office of the
Registrar.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
the Bond Registrar and thereaf_ter disposed of as directed by
the City.
All Bonds delivered in exchange for or upon transfer of
Bonds shall be valid general obligations of the City evidencing
the same debt, and entitled to the same benefits under tY►is
resolution, as the Bonds surrendered for such exchange or
transfer.
Fvery Aond presented or surrendered for transfer or
exchange shall be duly endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the Registered Owner thereof or his
attorney duly authorized in writing.
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The nond Registrar may require payrnent of a sum su.fficient
to cover any tax pr other governemntal charge payable in
connection with the transf�r or exchanc�e of any Bond.
Transfers shal� also be subject to reasonable regulations
of the City contained in any agreement with the IIond Registrar,
including regulations which permit the Bond Registrar to close
its transfer books between Record Dates and payment dates.
12 . Fach Bond delivered upon transfer of or in lieu of any
other Bond shall carry all the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Bond,
and each such Bond shall be so dated, that neither gain nor
loss of interest shall result from suc'n transfer or exchange.
Each Bond shall be dated and authenticated by the Band
Registrar on the date the transfer or exchange of the Bond is
entered on the Bond Register maintained by the Bond Registrar.
13 . The �ull faith and credit and taxing �ower of the City
is hereby pledged for the prompt and full paym�nt of both the
principal and interest of said Bonds.
14. The proceeds of said Bonds, excep�t for any sums paid
for said Bonds in excess of $7 ,988,350 shall k�e credited to an
account hereby established and designated Capital Improvements
Account of 1984. The monies in said account shall be used and
applied �or the purpose prescribed by Laws 1971, Chapter 773,
as amended, and the balance in said account after payment of
the costs of the program, if any, together with any sums paid
for said Bonds in excess of $7,988,350 plus accrued interest
received upon the delivery of said Bonds shall be credited to
the Sinking Fund Account for such Bonds.
15. The City will not make any use of the proceeds of the
Bonds to be issued which, if such use had been reasonably
expeeted on the date o.f delivery of and payment for the Bonds,
would have caused such obligations to be arbitrage bonds within
the meaning of Section 103(c) of the Internal Revenue Code of
1954, as amended and any applicable regulations promulgated
thereunder; and the City will and will cause any other entity
authorized to invest said Bond proceeds for the City to comply
with the requirements of said Section 103(c) and all applicable
regulations pertaining thereto while the Bonds to 'be issued
hereunder xemain outstanding.
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WHITE - CITV CLERK � R
PINK - FINANCE � COUACII /yj//�
CANARV - DEPARTMENT G I TY OF SA I NT PAU L Y�+ `�
BLUE . - tviAVOR File NO• u I r
�
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
16. The Director, Department of Finance and Management
Services is hereby directed to file a certified copy of this
resolution with the County Auditor of Ramsey County, Minnesota,
together with such other information as he shall require, and
to obtain from said Auditor his certificate that said
Certificates have been entered in the said Auditor's Bond
Register.
COUNCILMEN Requested by Department of:
Yeas Nays /Jw ����
Fletcher /r"/ /�'1'� ��C1z"'C�
°re`" � In Favor N�N� C
Masanz �
Nic�la
SCheibel __ AgBi(1St BY
Tedesco
Wilson
,1A�N 3 � �gg� Form Appro d City or
Adopted by Council: Date
Certified Pa: d uncil S t BY �
B � �
Ap by 1Aavor:
B 2 — 198�t App d y Mayor for Su is o Council
By B
PUBLISNED FE� 11 1984
, C� ��io�
�� ;/i SPRINGSTED
� INCORPORATED Exhibit A
PUBLIC FINANCE
ADVISORS
$8,I I o,000
GENERAL OBLIGATlON CAPITAL IMPROVEMENT BONDS, SERIES 1984
CITY OF SAINT PAUL, MINNESOTA
AWARD: CHASE MANHATTAN CAPITAL MARKETS CORPORATION
SALE: January 31, 1984 Moody's Rating: Aa
S & P Rating: AA
Net Interest
' Bidder Cost & Rate
CHASE MANHATTAN CAPITAL MARKETS CORPORATION $3,701 ,614.90
. (7.506829i6)
CHEMICAL BAI�K $3,731 ,978.75
(7.568496)
MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP $3,738,279.65
(7.581196)
� THE FIRST NATIONAL BAI�K OF CHICAGO $3,753,401 .24
(7.611896) � �
PRUDENTIAL-BACHE SECURITIES, INC. � $3,761 ,995.00
(7.629296)
MORGAN GUARANTY TRUST COMPANY OF NEW YORK $3,781 ,361 .50
(7.66855%)
CITICORP CAPITAL MARKETS GROUP $3,792,550.00
(7.69 I 2°,�)
800 Osborn Building, Saint Paul, Minnesota 55102 (612) 222-4241
250 North Sunnyslope Road, Brookfield, Wisconsin 53005 (414) 782-8222