84-107 �NHITF� - CITV CLERK
PINK - FINANCE G I TY O F SA I NT PA U L Council �),/ /�
CA�ARV - DEPARTMENT File NO. �/ • -/D/
� BLUE - MAYOR
1
,
ouncil Resolution
Presented By - �'.��' «
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 84-13 adopted �n
January 5 , 1984 and approved by the Mayor on January9 , -1984,
authorized the issuance and sale of $17,390,000 General
Obligation Tax Anticipation Certificates of Indebtedness of
1984, to be dated February 22, 1984;
B. The appropriate City Officers have, pursuant to said
resolution, caused proper published notice of the sale of the
Certificates to be given as required by law, and sealed bids as
set forth in Exhibit A attached hereto, pursuant to the
Official Terms of Offering were received at 11 :00 o'clock A.M. ,
Central Time, on Tuesday, January 31, 1984, by Peter Hames,
Director, Department of Finance and Management Services of the
City of St. Paul, Minnesota; and
C. The Director, Department of Finance and Management
Services has advised the Council that the bid of
she Firat Na�ional Bank of Chicaqo was found to be
the most advantageous and has recommended that said bid be
accepted.
NOW, THEREFORE, BE IT RESOLVED THA,T:
1. The bid of The First National Bank of Chicagp to
purchase $17,390,000 General Obligation Tax Anticipation
Certificates of Indebtedness of 1984 of the City in accordance
with the Official Terms of Offering at the rate of interest
COUNCILMEN Requested by Department of:
Yeas Nays
Fletcher
Drew [n Favor
Masanz
Nicosia
scheibei _ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
sy
Approved by 1Navor: Date Approved by Mayor for Submission to Council
BY BY
- G�F ��,07
UNIT�,D STAT�:S O�' AMFRICA
STATE OF MINNESOTA
COUI�TTY OF RAMSEY
CITY OF SAINT P�UL
No. $
GENERAL OBLIGATION
TAX ANTICIPATION CERTIFICATE
OF INDEBTEDNESS OF 1984
KNOW ALL MEN BY THESE PRESENTS that the City of Saint
Paul in the County of Ramsey and State of Minnesota FOR VALUE
RECEIVED, hereby acknowledges itself to be indebted and
promises to pay to bearer, without option o� prepayment, the
principal sum of
THOUSI�ND DOLLARS
on the twenty-second day of February, 1985 and to pay interest
thereon froitt t'ne date hereof until the principal is paid at the
rate of percent ( o) per
annum, payable on the twenty-second day of February, 1985, both
principal and interest being payable upon presentation and
su-rrender of t�iis Certificate at maturity. The �otal dolla�
arnount of interest payable hereon at ;naturity is
' Dollars ($ ) . Both
principal and interest are payable at Chetnical �3ank, New York,
New York or any successor paying agent duly appointed by tlie
City, in any coin or currency of the United States of Arnerica
whicn at the ti�ne of payrnent is legal tender for public and
private debts. For the prompt and full payment of such
principal and interest, the full faith and credit of the City
have been and are hereby irrevocably pledged.
This Certificate is one of an issue in the total
principal amount of $li' , 390,OU0, all of like date and tenor
except serial number and denornination, and is issued pursuant
to and in full conforrnity with the Constitution and laws of the
State of Minnesota and the Charter of tlie City thereunto
enabling, and pursuant to resolutions duly adopted by the City
Council of said City, for the purpose of anticipating the
receipt of general taxes heretofore levied by the City for City
purposes. The aggregate ainount '�orrowed for this purpose does
not exceed the limitations prescribed by law.
/
� CrF d�'�/-/o�
6. Said Certificates shall be executed by the
facsimile of the of�icial seal of the City of Saint Paul and
signed by the facsimile signature of the Mayor, attested by the
manual signature of the City Clerk and countersigned by the
facsi;nile signature of its Director, Department of Finance and
Management Services. The Certificates shall not be valid or _
become obligatory for any purpose until manually executed by _
the City Clerk.
7. The said Certificates when so prepared and
executed shall be delivered by the Director, Departinent of
Finance and Management Services to the purchaser thereof upon
recei�t of the purchase price. The money so received shall be
disbursed solely for the purposes for which the taxes in
anticipation of which said Certificates were issued are
receivable. The purchaser, however, shall not be obliged to
see to the proper application of said moneys. Any premium,
unused discount and accrued interest received upon delivery of
the Certificates shall be deposited with the Escrow Agent to be
used to pay the interest on the Cer�tificates and said sums
together with interest earned thereon while in the Escrow shall
be used to reduce the amount of taxes otherwise reyuired to be
paid over to the Escrow Agent.
8. Said Certificates and the interest thereon wi11
be paid by the City from the receipt of the taxes which will
beco:�e available and will be escrowed for said purpose as
provided for in the resolution calling for the sale of said
Certificates and in the Escrow Agreement on or before the date
of i�aturity of said Certificates, together with such other City
funds cahich become available for said purpose, and all of the
taxable property within the limits of the City is subject to
the l.evy of an ad valorern tax without lim�.t as to rate or
amount to pay the Certificates of this issue and the interest
thereon. The full faith and credit of the City is hereby
pledged for the paytnent of principal and interest on said
Certificates.
9 . The Director, Department of Finance and
�Tanagement Services is hereby directed to file a certified copy
af tnis resolution with the County Auditor of Ramsey County,
t•linnesota, together with such other information as he shall
require, and to obtain frorn said Auditor his certificate that
said Certificates have laeen entered in the said Auditor' s Bond
Register.
WHITE� - GITV CLERK
PINK„ - FINANCE COUIICII /�
�CANARV - DEPARTMENT G I TY OF SA I NT PAU L / %
BLUE - MAVOR File NO. �� IO•
�
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
10. The officers of the City are hereby authorized
and directed to prepare and furnish to the purchaser of said
Certificates, and to the attorneys approving the legality of
the issuance thereof, certified copies of all proceedings and
records of the City relating to said Certificates and to the
financial condition and affairs of the City, and such other
affidavits, certificates and information as are required to
show the facts relating to the legality and marketability of
said bonds as the same appear from the books and records under
their custody and control or as otherwise known to them, and
all such certified copies, certificates and affidavits,
including any heretofore furnished, shall be deemed
representations of the City as to the facts recited therein.
COU[VCILMEIV Requested by Department of:
Yeas Nays —� ,
Fletcher � �� � l��
Galles In Favor
Masanz
Nicosia
scnetbe� __ Against BY
Tedesco
Wilson
Adopted by Council: Date
JA�V 3 1 198� Form Ap e by City Atto ney
�.
Certified s e Council et BY
sy �
t�ppro ;4lavor. Dat B � - 1984 Appro Mayor for Sub ' si n t Council
By By
PUBLISHEU FEB 11 1984
-� cF �y��7
c . . P
SPRINGSTED
INCORPORATED E�h.ibit A
PUBLIC FINANCE
ADVISORS
$17,390,000
GENERAL OBLIGATION TAX ANTICIPATION CERTIFICATES OF INDEBTEDNESS OF 1984
CITY OF SAINT PAUL, MINNESOTA
AWARD: THE FIRST NATIONAL BAI�K OF CHICAGO
SALE: January 31, 1984 Moody's Rating: MIG I
Net Interest
Bidder Cout�ons Cost & Rate
THE FIRST NATIONAL BA�K 5.55°� February 22, 1985 $ 972,095.00
OF CHICAGO (5.589965°Xo)
LEHMAN BROTHERS KUHN LOEB, INC. 5.63% February 22, 1985 $ 979,057.00
(5.63°,�)
FIRST INTERSTATE BAIV< 5.6396 February 22, 1985 $ 979,057.00
OF CALIFORNIA . (5.6396)
MANUFACTURERS HANOVER TRUST CO. 5.6596 February 22, 1985 $ 981 ,735.00
(5.64596)
CHEMICAL BAPK 5.70°� February 22, 1985 $ 983,230.00
(5.654%)
BAhK OF AMERICA NT & SA 5.67% February 22, 1985 $ 985,744.00
(5.668496)
CHASE MANHATTAN CAPITAL 5.68°16 February 22, 1985 $ 986,752.00
MAF�ETS CORPORATION (5.67429i6)
CITICORP CAPITAL MARKETS GROUP 5.65°6 February 22, 1985 $ 986,860.00
(5.674896)
EHRLICH-BOBER & COMPANY, INC. 5.75% February 22, 1985 $ 994,534. 10
(5.7 I 996)
MORGAN GUARANTY TRUST COMPANY 5.75% February 22, 1985 $ 996, 100.00
OF NEW YORK (5.7280%)
NORWEST SECURITIES - CHICAGO 5.60°� February 22, 1985 $ 996,447.00
(5.730%)
MORGAN STANLEY & CO., INC. 5.75% February 22, 1985 $ 998,444.94
(5.74 I 96)
BAIV< OF BOSTON 5.80°X� February 22, I 985 $I ,006,533.20
(5.788�6)
800 Osborn Building, Saint Paul, Minnesota 55102 (612) 222-4241
250 North Sunnyslope Road, Brookfield, Wisconsin 53005 (414) 782-8222