Loading...
84-105 N'H17E '- CI7V CLERK '�INK - FINANCE G I TY OF SA I NT PA U L Council //�/� �.ANARY•- DEPARTMENT File NO. �+ / ��� BLUE - MAVOR 1 � Cou cil Resolution Presented By � �� Referred To Committee: Date Out of Committee By Date WHEREAS: A. The Council has by Resolution No. 84-16 adopted on January 5 , 1984 and approved by the Mayor on January 9 , 1984 authorized the issuance and sale of $3,590,000 General Obligation Water Pollution Abatement Bonds, Series 1984, to be dated March l , 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, pursuant to the Official Terms of Offering, were received until 11 :00 o'clock, Central Time, on Tuesday, January 31, 1984, by Peter Hames, Director, Department of Finance and Management Services of the City of Saint Paul; and C. The Director, Department of Finance and Management Services of the City has advised the Council that the bid of Merrill Lvnch Capital Markets was found to be the most advantageous and has recommended that said bid be accepted. NOW, THEREFORE, BE IT RESOLVED THAT: 1. The bid of Merrill Lvnch Capital Marketsto purchase $3,590,000 General Obligation Water Pollution Abatement Bonds, Series 1984, of the City in accordance with the Official Notice of Offering at the rates of interest hereinafter set forth and to pay, therefore, the sum of COUNCILMEN Requested by Department of: Yeas Nays F�etcher °'ew [n Favor Masanz Nicosia scnetbe� __ Against BY Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY By t�pproved by Mavor: Date Approved by Mayor for Submission to Council BY BY � � �F ��ioS $3 ,549,220. 25(plus a premium o£ $ -p- ) is hereby f.ound, determined and declared to be tre most favorable bid received and is hereby accep�ed and said bonds are hereby awarded to said bidder; 2. The Director, Department of Finance and '�Sanagement Services is directed to retain the deposit of said bidder and to forthwith return tlze good faith checks or drafts to the unsuccessful bidders; 3. First Trust Company of Saint Paul, in St. Paul, . t�tinnesota 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 a.s duly appointed. Principal and interest on the Bonds shall be paid to the registered holders of the Bonds in the manner and subject to tne conditions set forth in the form of Bond and paragraph 9 of this resolution. 4. The Bonds shall mature on MarcYi 1 in each o.f tlze years and amounts as follows and shall bear interest as FOlIOV+S: Year Amount Interest Rate 1985 $ 75,000 9,pQ� " 1986 $ 90,000 9 .00g 1987 $ 100, 000 9.00$ `,� 19f38 $ 100,000 9.00� 1989 $ 100,000 9.00� - � 1990 $ 100,000 9 .00� 1991 $ 125,000 7. 50$ 1992 $ 125,000 '7 .'75� 1993 $ 150,000 8.00$ 1994 $ 150,000 8.10$ 1995 $ 175,000 g, 20� 1996 $ 175 ,000 8. 35� 1997 $ 200,000 8. 50$ 1998 $ 200,000 8.60� 1999 $ 225,000 8.70� 2000 $ 250,000 • 8. 80$ 2001 _ $ 275,000 8.90$ 2002 $ 300,000 9 .00$ 2003 $ 325,000 8.375� 2004 $ 350,000 8. 375� 2 , _ �F �y,os 5 . The Council hereby ratif_ies and approves each and every act of its subcommittee on Finance and Sinking Funds in connection with the sale of the said Bonds . 6. All Bonds shall be issued in registered form as to both principal and interest and shall be issued in the denominations of $5,000 each or any integral muTtiple of $5,000. - 7 . The Bonds shall be executed on behalf of the City _ by the f_acsimile signature of tYie Mayor attested by the facsimile signature of City Clerk countersigned by the facsimile signature of the Director, Department of Finance and Management Services and be sealed with a facsimile o.f_ the seal of the City. In the event of the disability or resignation or other absence of any such officer, the Bonds may be signed by the manual or facsimile signature of that officer who may act on behalf of such absent or disabled officer. In case any such offieer whose facsimile signature shall appe�r on the Bonds shall cease to be such officer before the delivery oi the Bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he or she had remained in office until delivery. 8. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this resolution unless and until a Certificate o� Authentication on such Bond, substantially in the form herei_nafter set forth, snall have been duly executed by an authorized signatory ( "Authorized Signatory") of the Sond Registrar acting as Authenticating Agent. Certificates of Authentication on different Bonds need not be signed by the same Authorized Signatory. The Bond Registrar shall authenticate the signatures of officers 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 for purposes of_ the Bonds delivered to the Purchaser, the Bond Registrar shall insert as the date of registration the date of original issue, which date is March 1, 1984. The executed Certificate 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 payabte September 1, 1984 and, semiannually thereafter on March 1 and September 1 in each year. Interest is payable by check or draft drawn upon the Paying Agen� payable to and mailed to the Registered Owner thereof as of the Record Date (as shown by the Bond Register) 3 � - G F �'�!io.5 at the close of business on the Business Da�r immediately preceding any interest payment date at the address of said Registered Owner as it appears on tYie Record Date on the Bond Register of the City maintained by First Trust Company of Saint Paul as t�e Bond 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 day of such montti. - 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. 10 . All Bonds of this issue maturing in the years 1995 to 2004, both inclusive, are subject to redemption and pre�ayn►ent at the option of the City on March 1, 1994 and on any interest payment date thereafter at par and accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds rernaining unpaid which have the latest maturity date shall be prepaid first; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be ch�sen by lot by the Bond Registrar. Notice o£ redemption s=fa11 be given by publication of a notice of redemntion once in a daily or weekZy periodical published in a �•linnesota city ot the f_irst class, or its metropolitan area, and printed in the English language, which circulates throughout the State and furnishes financial news as part of its service, suc'n notice to be published not less than thirty days prior to the date fixed for redemPtion, and if suc'n notice shall have been given and payment thereof duly made or provided for, interest thereon shall cease from and after the date so fixed ior redemption. In addition, not less than 30 days before the date fixed for redemntion there shall be mailed to the Registered Owner of each Bond to be redeemed and to the Paying Agent a notice of such redemption. To effect a partial redemption of Bonds having a coramon maturity date, the Bond Registrar shall assign to each Bond having a common maturity date, a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it srall deem proper in its discretion from the nur�►bers assigned to the Boncls, as many numbers as, at $5,000 for each number, shall equal the principal amount of such F3onds to be redeemed. The Bonds to be redeemed shall be the Bonds to whic;-� were assigned numbers so selected; provided, however, 4 .. G�F ��-iaS that only so much of the principal amount of such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surr�ndered to the Bond Registrar (with, if the City or t'ne Bond Registrar so requires, a written instrument of transfer in form satisfactory to the City and the Bond Registrar duly executed by the Registered Owner thereof or his attorney duly authorized in writing) and the City shall execute and the Bond Registrar shall authenticate and deliver to the Registered Ovmer of such Bond, without s�rvice charge, a new Bond or Bonds_ of the same series having the same stated maturity and interest. rate and of_ any authorized denomination or denominations, as requested by such Registered Owner, in aggregate principal ar:�ount equal to and in exchange for the unredeemed portion of tne principal of the Bond so surrendered. 11 . The Bonds to be issued hereunder, together with the 3ond Registrar' s Certificate of Aut'nentication, the form of Assignment and the registration information thereon shall be in substantially the following .f_orm: , 5 •- GYF ��ias UNITED STATFS OF AMERICA STATF Ol' MINNESOTA COUNTY OF FtAMSF,Y CITY OF SATNT PAUL GENERAL OBT�IGATION WATER POLLUTION ABATEMENT ]30ND SERIES 1984 No. R- $ ._ INTERE5T MA.TURITY DATE OF RATE DATE ORIGINAL ISSUE CUSIP $ PER ANNUM March 1, 1984 REGISTERED OWNER: PRINCIPAL AMOUNT: The City af Saint Paul, Ramsey County, Minnesota (the "Issuer" ) , for value received h�reby promises to pay to the registered owner specified above ( "Registered Owner") , or regis�tered assigns upon surrender th�reof at the office of First Trust Company of �aint Paul, St. Paul, Minnesota (the "Paying Agent" ) , the principa]_ sum specified 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 ou��standing at the rate s�ecified above (calculated on the basis of a 360 day year of twelve 30 day months) semiannually on the first day o-� each March and September of each year commencing September 1, 1984. Interest on said principal sum is payable until the principal sum is paid or until this Bond is duly discharged. Principal and interest are payable, in any coin or eurrency of the United States of America which on the res�ective dates of payment is legal tender for public and private debts. Interest is payable by check or draft 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 6 �F ��f-ie3 payment date at the adaress 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 Bond Registrar. Record Date shall mean the 15th day of the month preceding the month in which interest is clue and payable unless such day is not a Business Day and in such event it shall be the .first Business Day after the 15th day of such month. Business Day means any day, excluding Saturday and Sunday or any day on which national banks in St. Paul, tdinnesota are authorized or obligated by law or administrative order to close. _ '.['his Bond is one of a series of Bonds issued and sold by the City of Saint Paul, in the aggregate principal amount of Three Million Five Hundred Ninety Thousand Dollars ($3,590,000) authorized by Chapter 115, Minnesota Statutes, and duly adopted resolutions of the County of the City of Saint Paul and in full compliance with said Chapter 115, Minnesota Statutes, said resolutions, the Charter of_ the City of Saint Paul, and Chapter 475, Minnesota Statutes. Said Bonds have been issued for the purpose o£ providing funds to defray the expense of the construction, installation, operation and maintenance of sewage disposal systems to assist in the prevention and control of water pollution. A17. Bonds of this issue maturing in the years 1995 to 2004, both inclusive, are subject to redemption and prepa�nnent at t'ne option of the Issuer on March 1 , 1994 and on any interest payment dat� thereafter at par and accrued interest . Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date shall be prepaid first; and if only part of the Bonds having a common maturity d��te are called for prepayment, the specific Bonds to be prepaid sha�l be chosen by lot by the Rond Registrar. Notice of redemption shall be given by publication of a notice of redemption once in a daily or weekly periodical published in a Minnesota city of the first class, or its metropolitan area, and printed xn the English language, which circulates � throughout the State and furnishes financial news as part of its service, such notice to be published not less than thirty days prior to the date fixed for redemption, and if such notice shall have been given and payment thereof duly made or provided for, interest thereon shall cease from and after the date so fixed for redemption. In addition, not less than 30 days before the date £ixed for redemption there shall be mailed to the Registered Owner of each Bond to be redeemed and to the Paping Agent a notice of such redemption. 7 � � C�_ ��1—ie5 To effect a partial redemption o£ Bonds having a common maturity date, the Bond Registzar shall assign to each Bond 'naving a common maturity date, a distinctive number for each $5,000 of the �rincipal amount of such Bond. 'I�he Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion from the nur►bers assigned to the Bonds, as many numbers as, at $5,000 far each number, shall equal the �rincipal amount of such Bonds to be redeemed. The Bonds to be redeemed shall 'k�e th e Bonds to which were assigned numbers so selected; provided, however, that only so much of the Principal arnount of such Bond of a ~ denomination of more than $5,000 shall be redeemed as shall . equal 55,000 for each number assigned to it and so selected. If a Bonc� is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or the Bond Registrar so requires, a �aritten instrument of transfer in farm satisfactory to the Issuer and the Bond Registrar duly executed by the. Registered Owner thereof or his attorney duly aut'norized in writing) and the Issuer shall execute and the Bond Registrar shall authenticate and deliver to the Registered Owner of_ such Bond, without service charge, a new Bond or Bonds ot the same series having th� same stated maturity and in�terest rate and of any authorized denomination or denominations, as requested by such Registered Owner, in aggregate princi�al a;:lount equal to and in exchange for the unredeem�d portion of the principal of the Bond so surrendered. This Bond constitutes a general obligation of t'ne Issuer, and ta 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 hereby irrevocably pledged. REFERENCF IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE RESERVE HERFOF, WHICH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFEC'P AS IF SET FORTH HERE. The Bonds of this issue are issuable solely as fu1.Iy registered bonds in the denomination of $5,000 or any integral multiple thereof. As provided in the resolution autk�orizing tlle bonds (the "Resolution" ) and subject to certain limitations therein set forth this Bond is transferable upon surrender of this Bond for transfer to the Bond Registrar, duly endorsed by, or accompanied by a written instrument o.f 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 ot the same series for the same aggregate principal amount and of the same 8 . � ��-ia-� stated maturity and interest rate will be issued to the designated transferee 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 3ond 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 disc�arge the liability upon this Bond to the extent of the sum or sums so paid, and neither the Issuer, tlze Paying Ac�ent 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 governrnental charge payable in connection with the transfer or exchange of this �3ond. This Bond shall not be valid o� become obligatory for any purpose or be entitled to any security or benefit under this Resolu�ion unless the Certificate of Authentication hereon snall have been manually executed by an l�uthorized Signatory of the Bond Registrar. IT IS HEREBY CERTIFI�D AI�D RECITED that all acts, conditions and things required by the Constitution and laws of tne State of Minnesota and the Charter of the Issuer. to be done, to happen and to be performed, precedent to 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 purc:�aser does not exceed any constitutional, statutory or Charter limitation of indebtedness. 9 - � G�F �y-/a� IN WITNE5S WHEREOF, the said City of Saint Paul, Ramsey County, Minnesota, by its Council, has caused this Bond to be sealed with the facsimile of its Official Seal, to be executed by the facsimile signature of its Mayor, attested by the facsimile 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, Department of Finance and Management Services _, (SEAL) 10 . � G�F �y-�as Date of Registration: BOND REGISTRAR' S CERTIFICATE OF AUTHENTICATION � T:zis Bond is one of the Bonds described in the � within mentioned � Resolution. FIRST TRUST COMPANY OF SAINT PAUL as Aut'nenticating Agent By Authorized Signatory 11 GI F �'y-/a..5` � (ON RFVERSE OF BOND) ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and does hereby irrevocably constitute and appoint attorney to transfPr the Bond on the books kept for the registration thereof, with full power of substitution in th� ^ premises. Dated: � I�'otice: The assignor' s signature to this assignment must correspond with the name as it appears upon the face of the witYiin Bond in every particular, without alteration 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 r;lajor stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the transferee requested be1a� is provided. Name and Address: Include information for all joint owners if the Bond is held by joint accoun�. ) 12 . L�F �y-�oS" � � � ,: , 11 . The City will cause to be kept at the principal or`ice of the Bond Registrar a bond register (tRe "Bond Register") in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of Aonds 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 - prir.cipal office of the Bond Registrar., the City shall execute (i` necessary) , and the Bond Registrar shall authenticate, - insert the date of registration in the name of the designated ` trans�eree 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 naturity and interest rate, as requested by the transferor; provided, hQwever, 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 excnanged for Bonds of any authorized denomination or deno:�inations of a like acjgregate principal amount and stated rnaturity, upon surrender of the Bonds to be exchanged at the princinal office of the �3ond Registrar. Whenever any Bonds are so surrendered for exchange, the City shall execute (if necessary) , and the Bond Registrar shall authenticate, insert tr e 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 the Paying Agent or Bond Registrar unless made at the off.ice of the Registrar. All Aonds surrendered upon any exchange or transfer provided for in this resolution shall be promptly cancelled by t%:� 3ond Registrar and thereafter disposed o� as directed by the City. All Bonds delivered in exchange for or upon transf_er or Bonds shall be valid general obligations of the City evidencing the same debt, and entitled to the same benefits un�er tnis resolution, as the Bonds surrendered for such e�c=�ange or transf_er. Every Bond presented or surrendered for transfer or excna�ge shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, cluly executed by the Registered Owner thereof or his attorney duly authorized in writing. 13 , . (iF �5/-/05 The Bond Registrar may require payment of a sum suFfzcient to cover any tax ar other governemntal charge payable in connection with the transf_er or exchange of any Bond. Transfers shall �lso be subject to reasonable , regulations of the City contained in any agreement with the Bond Registrar, inc,tuding regulations which permit the Bond Registrar to close its transfer books between Record Dates and payment dates. 1.�. Each Bond delivered upon transfer of or in lieu � of any other Bond shall carry all the rig'nts to interest � accrued and unpaid, and to accrue, which were carried by such o�her Bond, and each such Bond shall be so dated, that neither gain nor Ioss of interest shall result from such transfer or exchange. Each Bond shall be dated and authenticat�d by the Bond Registrar on the date the transfer or exchange of the Bond is entered on the Bond Register maintained by the Bond Registrar. 1�. The full faith and credit ane� taxing power of the City is hereby pledged .for the prompt and full payment of both the principal and interest of said Bonds. 1� The proceeds fr�m the sale of said Bonds, except for any amount paid for said Bonds in excess of $3, 520,000 shall be deposited in a separate special account designated "Wat.�r Pollution Abatement A�count of 19�34" from which there sha)_1 be paid the costs of construction, aperation, installation and maintenance of the sewage disposal systems for which said Bonds were issued. Accrued interest received upon delivery of said Bonds, any amount paid for said Bonds in excess of_ $3, 520,000 and any balance remainiz�g in the af.oresaid account after payment of the costs of all such sewage disposal systems shall be credited to the Sinking Fund established for said 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 expected on the date of 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 wil.l and will cause any other �ntity authorized to invest said Bond proceeds for the City to comply witYi the requirements of said Section 103(c� and all applicable regulations pertaining thereto while the Bonds to be issued hereunder remain outstanding. 14 WHITE - CITV CL.ERK 'PINK � - FINANCE G I TY OF SA I NT PAU L Council �/ CANARV.- DEPARTMENT n{/ BLUE - MAVOR File NO. V _�O� � � 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. COUfVCILMEN Requested by Department of: Yeas Nays � ' Fletcher Drew [n Favor N � ! � � ��C� Masanz /��i�� Nicosia �1 B ��j� scneibe� _ Against Tedesco Wilson JAN 3 1 198� Form Appr e City Att ney Adopted by Council: Date � a Certified Ya_ -e uncil e BY �1p d by 1Navor: r�D � — �8� Approv by ayor for S bm i n Ottncil By B PUBUSHED FEB 11 1984 �F 8y-i� EXHIBIT A SPRINGSTED INCORPORATED PUBLIC FINANCE ADVISORS $3,590,000 GENERAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES 1984 CITY OF SAINT PAUL, MINNESOTA AWARD: MERRILL LYNCH CAPITAL MARKETS SALE: January 31, 1984 Moody's Rating: Aa S & P Rating: AA Net Interest Bidder Cost & Rate MERRILL LYNCH CAPITAL MARKETS . $4,044,461 .00 (8.63649b) THE FIRST NATIONAL BAIV< OF CHICAGO $4,055,851 . 12 (8.6607%) CHEMICAL BANK $4,084,055.50 (8.72 I 96) CHASE MANHATTAN CAPITAL MARKETS CORPORATION $4, i 10, I 13.65 (8.77666%) CITICORP CAPITAL MARKETS GROUP $4, 126,025.00 (8.8106°,�) PRUDENTIAL-BACHE SECURITIES, INC. $4, 141 ,516.75 (8.84379i6) MORGAN GUARANTY TRUST COMPANY OF NEW YORK $4, 149, 120.25 (8.8599696) 800 Osborn Building, Saint Paul, Minnesota 55102 (612) 222-4241 250 North Sunnyslope Road, Brookfield, Wisconsin 53005 (414) 782-8222