84-106 WNITE - CITV CLERK
PINIf� - FI�NANCE COUnCII .y�/_//�/
CA�JARV - DEPARTMENT GIT7�' OF SAINT PALTL ���1 (���
BLUE -;v1AVOR File NO. rri ��
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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.
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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
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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:
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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
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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
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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.
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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)
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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
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(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. )
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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.
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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.
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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