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
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$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�
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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)
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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,
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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
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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.
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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
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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.
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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)
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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
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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.
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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.
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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