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84-106 WNITE - CITV CLERK PINIf� - FI�NANCE COUnCII .y�/_//�/ CA�JARV - DEPARTMENT GIT7�' OF SAINT PALTL ���1 (��� BLUE -;v1AVOR File NO. rri �� � ou�cil Resolution Presented By .�� -� � Referred To Committee: Date Out of Committee By Date WHEREAS: A. This Council hereby finds, determines and declares that: (i) there is not first available in any annual increment period under Title I of the Federal Housing Act of 1949, as amended, sufficient urban renewal development capital grant money for the payment of costs for approved project activities and improvements in the Railroad Island and Block 22C redevelopment projects which are urban renewal development projects which have heretofore been designated and approved in the manner provided by law pursuant to the provisions of subdivisions 1 and 2 of Section 1 of Laws of 1963, Chapter 881 as amended; (ii) pursuant to Section l, Laws of 1963, Chapter 881 as amended the City is authorized to issue bonds in the total amount of $43,400,000 for paying certain project costs of urban renewal development or code enforcement projects designated by the Housing and Redevelopment Authority of the City of St. Paul or the City of St. Paul in the manner provided by law and for paying any remaining costs of municipal buildings and improvements to be constructed within or adjacent to the project area; (iii) the City has heretofore issued $40,625,000 of bonds pursuant to the authority contained in Section 1, Laws of 1963, Chapter 881 as amended; COU[VCILMEN Requested by Department of: Yeas Nays Fletcher °'ew In Favor Masanz Nlcosia scheibe� __ Against BY Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY gy, �lpproved by Ylavor. Date Approved by Mayoc for Submission to Council By _ By . , GF �y-�o� (iv) $1 ,005,000 0� bonds have heretofore been issued pursuant to the authority contained in subdivision 3 0£ Section l , Laws of 1963, Chapter 881 as amended (which subdivision was added by Laws of Minnesota 1975, Chapter 260) ; (v) the City is therefore authorized to issue the bonds hereina�ter designated pursuant to the authority contained in subdivision 3 of Section 1 of Laws of 1963, Chapter 881 as amended and the Council does hereby authorize the issuance of said bonds in the amount of $500,000 heretofore designated "General Obligation Urk�an .- Renewal Bonds, Series 1984" for the payment of up to the _ entire project cost of the said Railroad Island and B1ocY 22C redevelopment projects, both of which are urban renewal development projects. B. The Council kias by Resolution No. 84-15 adopted on January S , 1984 and approved by the Mayor on January 9 , 1984, authorized the sale of $500,OOQ General Obligation Urban Renewal Bonds, Series 1984, to be dated March 1, 1984; C. The appropriate City Off�.cers have, pursuant to said resolution, caused prop�r 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 Of_ficial Terms o.f. Offering were received at 11:00 o' clock A.M. , Central TimP, on Tuesday, January 31, 1984, by Peter Hames, Director, Department o� Finance and Management Services of the City of St. Paul, t4innesota; and D. The Director, Department of Finance and Management Services has advised the Council that the bid of Piper, Jaffray & Hopwood, Inc, was found to be the most advantageous and has recommended that said bid be accepted. NOW, THEREFORE, BE IT RESOLVEll THAT: 1. The bid of Piper, Ja�fray & Hopwood, Inc. to purchase $500,000 General Obligation Urban Renewal Bonds, Series 1984 (the "Bonds" ) , o_f the City in accordance with the Official Terms o� O�fering at the rates of interest hereinafter set forth and to pay, therefore, the sum of $ 494, 900 (plus a premium of_ $ -0- ` ) is hereby found, determined and declared to be the most favoraUle bid received and is hereby accepted and said Bonds are hereby awarded to said bidder. 2 3 G�r �y ie6 7 . The Bonds shall be executed on behalf of the City by the facsimile si_gnature of_ the Mayor attested by the facsimile signature of City Clerk countersigned k�y the facsimiJ.e signature of the Director, Department of Finance and P�Ianag�ment Services and Y�e sealed �rith a tacsimile ot the seal of the City. In the event of the disabi].ity or resignation or other absence of any such of_ficer, the Bonds may be signed by the manual or facsimile sic�nature of that of_ficer who may act on behalf_ of such al�sent or disabled officer. In case any such - officer whose f_acsimile signature shall appear on tl:ie Bonds shall cease to be such officer before the dslivery of 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 off_ice until delivery. 8. No Bond shall be valid or obligatory for any pur�ose or be entitled to any security or benefit under this resolution unless and until a Certificate of Authentication an such Bond, substantially in the form hereinafter set forth, shall have been duly executed by an authorized siqnatory ( "Authorized Signatory") oi the Bond Registrar acting as Authenticating Agent. Certificates of Authentication on ditferent 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 regist.ration in the space provided, except that for purposes of the Bonds delivered to the Purchaser, the Aond Registrar shall insert as the date of registration the date of original issue� which date is March 1 , 1984. The executed Certi£icate 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 payable September 1, 1984 and, semiannually thereafter on March 1 and September I in each year. The 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 Bond Register} at the close of business on the Business Day immediately precedinc� any 4 . . C F �'y ia� interest payment date at the address of said Registered Owner as i.t appears on the Record Date on the Bond Register of the City 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 due and payable unless such day is not a T3usiness 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 5unday or any day on which national banks in St. Paul, Minnesota are authorized or obligated by law or administ.rative order to ,.. close. 10. The Bonds to be issued hereunder, together with the Bond Registrar' s Certificate of Authentication, the form of Assignment and the registration information thereon shall be in substantially the following form: 5 . . C� ��-�0� UNITFD S'rATFS OF AMERICA STATF OF MINNESOTA COUNTY OF RAMSEY CITY OF SAIN'r PAiIL GF[�ERAL OBLIGRTION URBAN RENEWAL BOND SFRIES 1984 No. R- $ INTEREST MATURITY DATE OF , RATE DATE ORIGINAL ISSUE CUSIP � PER ANNUM March 1, 1984 REGISTERED OWNER: PRINCI PAL AMOtJNT: The City of Saint Paulr Ramsey County, Minnesota (the "Issuer" ) , for value received hereby promises to pay to the registered owner specified above ( "R�gistered Owner" ) , or registered assigns upon surrender t'nereof at the af_fice o� First Trust Company of Saint Paul, St. Paul, Minnesota (the "Paying Agent" ) , the principal sum specified above in immediately available funds on tlie first day of March, 19 and to pay to the Registered Ov�mer hereof interes�t fa^om the date hereof an th� principal balance hereof from time to time outstanding at the rate s�ecified above (calculated on the basis of a 360 day year o_f_ twelve 30 day months) serniannually on the first day o.f_ each March and September of each year commencing September l , 1984. Interes� on said princi�al 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 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 draft drawn upon the Paying Agent payable to and mailed to the Registered Oc��ner hereof as of the Recard Date (as shown by the Bond Register) at the close of business on the Business Day immediately preceding any interest 6 �'r �y-ia� payment date at the address of said Registered Owner 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 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 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 Bond is one of an issue in the total principal amount of $500,000, authorized by Laws of Minnesota J.963, Chapter 881 , as amended by Laws of Minnesota 1967, Chapter 499, Laws of Minnesota 1971, Chapter 321, Laws of Minnesota 1973, Chapter 395, and Laws of Minnesota 1975, Chapter 260, and is specifically authorized by subdivision 3 of Section 1 of said � Laws of Minnesota 1963, Chapter 881 as amended and duly adopted resolutions of the Council of the City of Saint Paul, for the purpose of procuring the necessary funds to pay up to the entire project cost of certain urban renewal development projects, within the corporate limits of the �said City, designated Railroad Island and Block 22C redevelopment projects, both being projects for which the City is authorized to issue bonds pursuant to the aforesaid laws. This Bond constitutes a general obligation of the 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 hereby irrevocably pledged. REFFRENCE IS HEREBY MADE TO THF. FURTHFR PROVISI0�1S OF THIS BOND SET FORTH ON THE RESERVE HEREOF, WHICH PROVISIOIdS SHALL FOR ALL PURPOSES HAVE THE SAME FFFECT AS IF SET FORTH HERE. The Aonds 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 resol.ution authorizing the bonds (the "Resolution") and subject to certain limitations tY►erein set forth this Bond is transferable unon surrender of this Bond for transfer to the Bond Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Bcnd Registrar duly executed by the Registered Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Bonds of the same series for the same aggregate principal amount and of the same 7 � • (!F �`/-�Q� stated maturity aiid 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 �3o�d 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 narne this Bond is registered upan tne Bond Register as the absolute owner hereof, whether this Bo�d is overdue or not, for the purpose of receiving payment of or on account of the principal or interest and for all other purgoses, 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 sur:is 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 o£ a sum suff�.cient to cover any tax or other governmental charge paya'�le in connection with the transfer or exclzange of this Bond. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or beneFit under tzis Resolution unless the Certificate of Authentication hereon s?�a11 have been manually executed by an Authorized �ignatory of the Bond Registrar. � IT IS HFRFBY CERTIFIED APZD RECITED that all acts, co�ditions and things required by the Constitution and laws of the �tate of Minnesota and the Charter of the Issuer to be do�e, to happen and to be performed, precedent to and in the iss;.iance 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 aZl other debts o` the Issuez outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purc'naser does not exceed any constitution.al, statutory or Charter limitation of indebtedness. 8 , c�- ��-ia� IN WITNNSS �aHEREbF, the said City o� Saint Paul, Ramsey County, Minnesota, by its Council, has caused this Bond to be seal�d 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, Denartment of Finance and Ma.nagement Services and authenticated by the manual signature of an Authorized Signatory of First Trust Company of Saint Paul as Authenticating Rgent 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 Manac�ement Services (�rAL) 9 . �r— ��-�a� Date of Registration: BO�:D 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 Authenticating 1lgent F3y Authorized Signatory 10 , . _ �� �y-,a6 (ON REVERSr OF BOND) ASSIGNP�IENT For value received, the undersigned her�by s�lls, assigns and transfers unto the within Bond and does hereby irrevocably constitute and appoint attorney ta transfer the Bond on the books kept .for the zegistration thereof, with full power of_ substitution in the premises. ` Dated: Notice: The assignor' s signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alte.ration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokPrage firm having a membership in one of the major stock exchanc�es. The Bond Registrar will not effect transfer of this Bond unless the informat�on concerning the transferee requ�sted below is provided. Name and Address: Inc u e in ormation or a �oint owners if the Bond is held by joint account. ) 11 .. . ��i �t/-�a� � 11 . The City will cause to be kept at the principal office of the Bond Registrar a bond register (the "Aond Register" ) in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of 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 shall execute (if necessary) , and the Bond Registrar shall 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 saine 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 of a like aggregate principal amount and stated m.aturity, upon surrender of the Bonds to be exchanged at the principal office 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. i10 transfer of any Bond shall be binding upon the Paying Agent or Bond Registrar unless made at the office of the Registrar. All Bonds surrendered u���n any exchange or transfer provided for in this resolution shall be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City. All Aonds 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 this resolution, as the Bonds surrendered for such exchange or transfer. Every Bond 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. 12 . � �i- �y/e,� The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the trans£er or exchange of any Bond. '.rransfers shall also be subject to reasonable regulations of the City contained in any agreement with the Bond 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 such transfer or exchange. Each Bond shall be dated and autrenticated 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. 13 . The full faith and credit and taxing power of the City is hereby pledged �or the prompt and full payment of both the principal and interest of said Bonds. 14. The proceeds from the issuance and sale of said Bonds, as received by said City, sha�l except as hereinafter provided, be deposited in a special f_und of said City designated as "Urban Renewal and Developr,►ent Fund; " and therein allocated to and subject to disbursement f_or the City' s obligations pertinent to said Failroad Island and Block 22C redevelopment projects f_or the payr,�ent of tre costs of the aforesaid projects as estimated (i.e. for the Railroad Island project $150,000 and for the Block 22C project $350,000) , and for the further payment of any rer�aining cost of municipal buildings and improvements to be constructed within or adjacent to the project area. That despite the allocation of Bond proceeds made in this resolution, the same shall be subject to reallocation in purpose and amount consistent with the laws under which said Bonds are authorized to be issued; provided, that no part of the proceeds of the issuance and sale of any of said Bonds shall be made the subject of_ any reallocation or disbursement except for the �urpose of the payment or defrayment of said City' s obligations assumed under and be authorized by said laws in respect to one or more of the several urban renewal development or code enforcement projects (including municipal buildings and improvements to be constructed within or adjacent to said project areas) authorized thereunder. . 13 . WHITE - CITV CLERK PINlj�- - F11{.ANCE GITY OF SAINT PAUL Council /�,/ CANARV - DEPARTMENT File NO. •� • /�r BLUE - M.AVOR � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 15. The proceeds of said Bonds, except for any sums paid for said Bonds in excess of $492,500 shall be credited to the Urban Renewal and Development Fund referred to above and shall be used as provided above, provided that any balance in said fund not used or reallocated as provided above together with any sums paid for said bonds in excess of $492,500 plus accrued interest received upon the delivery of said bonds shall be credited to the sinking fund account for such obligations; and 16. 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 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 remain outstanding. 17. 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 Fletcher Nays �+ • Drew /M/pI� � � �Yl �PI�••Ul CQ.s _� [n Favor Masanz � _ Nicosia scneibel __ Against B Tedesco Wilson Adopted by Council: Date JAN 3 1 19g� Form Ap City At rney Certified Y ; Council BY " B t#pp v by 14avor. ate — 198� Ap ro e ayor for mi sio tb Council BY BY PUBLI�HED FEB 11 1�84 , . . � Gt= 8�-�o� ' EXHIBIT A SPRINGSTED INCORPORATED PUBLIC FINANCE ADVISORS $500,000 GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 1984 CITY OF SAINT PAUL, MINNESOTA AWARD: PtPER, JAFFRAY & HOPWOOD, INC. SALE: January 31, 1984 Moody's Rating: Aa S & P Rating: AA Net Interest Bidder Cost 8� Rate PIPER, JAFFRAY & HOPWOOD, INC. $206,450.00 (7.5072°X�) MERRILL LYNCH CAPITAL MARKETS $209,800.00 (7.6290°�) i CHEMICAL BANK $212,821 .50 (7.738996) CITICORP CAPITAL MARKETS GROUP $213, 125.00 (7.7500%) CHASE MANHATTAN CAPITAL MARKETS $214, 107.50 CORPORATION (7.78572°Xo) MORGAN GUARANTY TRUST COMPANY $227,737.50 � OF NEW YORK (8.28 I 3696) 800 Osborn Building, Saint Paul, Minnesota 55102 (612) 222-4241 250 North Sunnyslope Road, Brookfield, Wisconsin 53005(414) 782-8222