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S�3 4� 36, 3'1
RESOLUTION
F.i
C1TY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Committee:
1 ACCEPTING PROPOSAL ON SALE OF
2 $2,950,000 GENERAL OBLIGATION STREET IMPROVEMENT
3 SPECIAL ASSESSMENT BONDS, SERIES 2000B,
4 PROVIDING FOR THEIR ISSUANCE, AND LEVYING
5 A TAX FOR THE PAYMENT THEREOF
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WHEREAS, the Director, Office of Financial Services,
has presented proposals received for the sale of $2,950,000
General Obligation Street Improvement Special Assessment Bonds,
Series 2000B (the "Bonds��), of the City of Saint Paul, Minnesota
(the "City"); and
WHEREAS, the proposals set forth on Exhibit A attached
hereto were received pursuant to the Terms of Proposal at the
offices of 5pringsted Incorporated at 10:30 A.M., Central Time,
this same day; and
15 WHEREAS, the Director, Office of FinanCial ServiCes,
16 has advised this Council that the proposal of
17 ��n Rg„�s �-r ��.�. was found Zo be the most advantageous
18 and has recommerided that said proposal be accepted; and
19 WHEREAS, the proceeds of the Bonds wi11 finance certain
20 street improvements to be specially assessed, for which the City
21 is proceeding pursuant to its Charter and not Minnesota Statutes,
22 Chapter 429, with any excess to be used for any other purpose
23 permitted by law; and
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1 WHEREAS, the City has heretofore issued registered
2 obligations in certificated form, and incurs substantial costs
3 associated with their printing and issuance, substantial
4 continuing transaction costs relating to their payment, transfer
5 and exchange; and
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WHEREAS, the City has determined that significant
savings in transaction costs will result from issuing bonds in
"global book-entry form", by which bonds are issued in
certificated form in large denominations, registered on the books
of the City in the name of a depository or its nominee, and held
in safekeeping and immobilized by such depository, and such
depository as part of the computerized national securities
clearance and settlement system (the "National System") registers
transfers of ownership interests in the bonds by making
computerized book entries on its own books and distributes
payments on Che bonds to its Participants shown on its books as
the owners of such interests; and such Participants and other
banks, brokers and dealers participating in the National System
wi11 do likewise (not as agents of the City) if not the
beneficial owners of the bonds; and
WHEREAS, "Participants" means those finanCial
institutions for whom the Depository effects book-entry transfers
and pledges of securities deposited and immobilized with the
Depository; and
25 WHEREAS, The Depository Trust Company, a limited
2b purpose trust company organized under the laws of the State of
27 New York, or any of its successors or successors to its functions
28 hereunder (the ��Depository"), will act as such depository with
29 respect to the Bonds except as set forth below, and the City has
30 heretofore delivered a letter of representations (the "Letter of
31 ltepreseneations'�) setting forth various matters relating to the
32 Depository and its role with respect to the Sonds; and
33 WHEREAS, the City will deliver the Bonds in the form of
34 one certificate per maturity, each representing the entire
35 principal amount of the Bonds due on a particular maturity date
36 (each a"Global Certificate"), which single certificate per
37 maturity may be transferred on the City�s bond register as
38 required by the Uniform Commercial Code, but not exchanged for
39 smaller denominations unless the City determines to issue
40 Replacement Bonds as provided below; and
41 WHEREAS, the City will be able to replace the
42 Depository or under certain circumstances to abandon the "global
43 book-entry fonn" by permitting the G1oba1 Certificates to be
44 exchanged for smaller denominations typical of ordinary bonds
45 registered on the City's bond register; and "Replacement Bonds"
46 means the certificates representing the Bonds so authenticated
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and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and
3 WHEREAS, "Holder" as used herein means the person in
4 whose name a Bond is registered on the registration books of the
5 City maintained by the registrar appointed as provided in
6 paragraph 8(the "Bond Registrar"); and
7 WHEREAS, Ru1e 15c2-12 of the Securities and Exchange
8 Commission prohibits "participating underwriters" from purchasing
9 or selling the Bonds unless the City undertakes to provide
1� certain continuing disclosure with respect to the Bonds; and
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WHEREAS, pursuant to Minnesota Statutes, Section
475.60, Subdivision 2(9), public sale requirements do not apply
to the Bonds if the City retains an independent financial advisor
and determines to sell the Bonds by private negotiation, and the
City has instead authorized a competitive sale without
publication of notice thereof as a form of private neqotiation;
and
WHEREAS, proposals for the Bonds have been solicited by
Springsted Incorporated pursuant to an Official Statement and
Terms of Proposal therein:
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of Dain
Rauscher Inc. (the "Purchaser"}, to purchase $2,950,000 General
Obligation Street Improvement Special Assessment Sonds, Series
2000B, of the City (Che "Bonds", or individually a"Bond"), in
accordance with the Terms of Proposal for the bond sale, at the
rates of interest hereinafter set forth, and to pay therefor the
sum of $2,921,668.55, plus interest accrued to settlement, is
hereby found, determined and declared to be the most favorable
proposal received and is hereby accepted, and the Bonds are
hereby awarded to the Purchaser. The Director, Office of
Financial Services, or his designee, is directed to retain the
deposit of the Purchaser and to forthwith return to the others
making proposals their good faith checks or drafts.
36 2. Title; Oriainal Issue Date; Denominations;
37 Maturities. The Bonds shall be titled "General Obligation Street
38 Improvement Special Assessment Bonds, Series 2000B", shall be
39 dated March 1, 2000, as the date of original issue and shall be
40 issued forthwith on or after such date as fully registered bonds.
41 `Phe Boncls shall be numbered from R-1 upward. Global Certi£icates
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1 shall each be in the denomination of the entire principal amount
2 maturing on a single date, or, if a portion of said principal
3 amount is prepaid, said principal amount less the prepayment.
4 Replacement Bonds, if issued as provided in paragraph 6, shall be
5 in the denomination of $5,000 each or in any integral multiple
6 thereof of a single maturity. The Bonds sha11 mature on March 1
7 in the years and amounts as follows:
8 Year
9 2001
10 2002
11 2003
12 2004
13 2005
14 2006
15 For purposes
16 maturities of
17 of the City's
18 Bonds, Series
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Amount
Year Amount
$400,00o zoo� $ lis,000
150,000 2008 115,000
120,000 2QQ9 115,000
120,000 2010 115,000
120,000 2011 115,000
115,000 2012 1,350,000
of Minnesota Statutes, Section 475.54, the serial
the Bonds are combined with the serial maturities
$19,000,�0� General Obligation Capital Improvement
2000A.
3. Purpose. The Bonds shall provide £unds for the
construction of various street improvements (the "Improvements")
in the City, and any excess funds shall be devoted to any other
purpose permitted by law. The total cost of the Improvements,
which shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the Bonds. Work on the Improvements shall proceed with due
diligence to completion.
4. Interest. The Bonds shall bear interest payable
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 2000,
calculated on the basis of a 360-day year of twelve 30-day
months, at Che respective rates per annum set forth opposite the
maturity years as follows:
33 Maturity Year Interest Rate Maturity Year
34 2001
35 2002
36 2003
37 2004
38 2005
39 2006
4.750 2007
4.75 2008
4.75 2009
4.75 2010
4.80 2011
4.90 2012
Interest Rate
5.�Oo
5.00
5.10
5.15
5.25
5.30
40 5. Description of the Global Certificates and G1oba1
41 Book-Entry System. Upon their original issuance the Bonds will
42 be issued in the form of a single Global Certificate for each
43 maturity, deposited with the Depository by the Purchaser and
44 immobilized as provided in paragraph 6. No beneficial owners of
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interests in the Bonds will receive certificates representing
their respective interests in the Bonds except as pravided in
paragraph 6. Except as so provided, during the term of the
Bonds, beneficial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certificates
will be reflected by book entries made on the records of the
Depository and its Participants and other banks, brokers, and
dealers participating in the National System. The Depository�s
book entries of beneficial ownership interests are authorized to
be in increments of $5,000 of principal of the Bonds, but not
smaller increments, despite the larger authorized denominations
of the Global Certificates_ Payment of principal of, premium, if
any, and interest on the Global Certificates will be made to the
Bond Registrar as paying agent, and in turn by the Bond Registrar
to the Depository or its nominee as registered owner of the
Global Certificates, and the Depository according to �he laws and
rules governing it will receive and forward payments on behalf of
the beneficial owners of the Global Certificates.
Payment of principal of, premium, if any, and interest
on a Global Certificate may in the City's discretion be made by
such other method of transferring funds as may be requested by
the Holder of a Global Certificate.
6. Immobilization of Global Certificates bv the
Depository• Successor Depository• ReAlacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately upon the original
delivery of the Bonds the Purchaser will deposit the Global
Certificates representing all of the Bonds with the Depository.
The Global Certificates shall be in typewritten form or otherwise
as acceptable to the Depository, shall be registered in the name
of the Depository or its nominee and shall be held immobilized
from circulation at the offices of the Depository on behalf of
the Purchaser and suhsequent bondowners. The Depository or its
nominee will be the sole holder of record of the Global
Certificates and no investor or other party purchasing, selling
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond'certificates so long as the
Depository holds the Global Certificates immobilized from
circulation, except as provided below in this paragraph and in
paragraph 12.
CerCificates evidencing the Bonds may not after their
original delivery be transferred or exchanged except:
(i) Upon registration of transfer of ownership of a
Global Certificate, as provided in paragraph 12,
iii)
nominee) or
depository")
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To any successor of the Depository (or its
any substitute depository (a "substitute
designated pursuant to clause (iii) of this
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subparagraph, provided that any successor of the Depository
or any substitute depository must be both a"clearing
corporation° as defined in the Minnesota Uniform Commercial
Code aC Minnesota Statutes, Section 336.8-102, and a
qualified and registered "clearing agency" as provided in
Section 17A of the Securities Exchange Act of 1934, as
amended,
8 (iii) To a substitute depository designated by and
9 acceptable to the City upon (a) the determination by the
10 Depository that the Bonds shall no longer be eligible for
11 its depository services or (b) a determination by the City
12 that the Depository is no longer able to carry out its
13 functions, provided that any substitute depository must be
14 qualified to act as such, as provided in clause (ii) of this
15 subparagraph, or
16 (iv) To those persons to whom transfer is requested
17 in written transfer instructions in the event that:
18 (a) the Depository shall resign or discontinue
19 its services for the Bonds and the City is unable to
20 locate a substitute depository within two (2) months
21 following the resignation or determination of non-
22 eligibility, or
23 (b) upon a determination by the City in its sole
24 discretion that (1) the continuation of the book-entry
25 system described herein, which precludes the issuance
26 of certificates (other than Global Certificates) to any
27 Holder oCher than the Depository (or its nominee),
28 might adversely affect the interest of the beneficial
24 owners of the Bonds, or (2) that it is in the best
30 interest of the beneficial owners of the Bonds that
31 they be able to obtain certificated bonds,
32 in either of which events the City shall notify Holders of
33 its determination and of the availability of certificates
34 (the "Replacement Bonds") to Holders requesting the same and
35 the registration, transfer and exchange of such Bonds will
36 be conducted as provided in paragraphs 9B and 12 hereoP.
37 In the event
38 be authorized by this
39 presentation of Global
40 to the substitute or s
41 successor depository s
42 purposes and functions
43 Representations shall
44 depository unless the
45 depository so agree, a
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of a succession of the Depository as may
paragraph, the Bond Registrar upon
Certificates shall register their tran5fer
uccessor depository, and the substitute or
hall be treated as the Depository for all
under this resolution. The Letter of
not apply to a substitute or successor
City and the substitute or successor
nd a similar agreement may be entered into.
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Redem�tion.
(a) O�tional Redemption: Due Date. A11 Bonds maturing
after March 1, 2008, shall be subject to redemption and
prepayment at the option of the City on such date and on any day
thereafter at a price of par plus 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 may be
prepaid in such order of maturity and in such amount per maturity
as the City shall determine; and if only part of the Bonds having
a common maturity date are called for prepayment, the Global
Certificates may-be prepaid in $5,000 increments of principal
and, if applicable, the specific Replacement Bonds to be prepaid
shall be chosen by lot by the Bond Registrar. Bonds or portions
thereof called for redemption shall be due and payable on the
redemption date, and interest thereon shall cease to accrue from
and after the redemption date.
17 (b) Notation on Global Certificate. Upon a reduction in
18 the aggregate principal amount of a Global Certificate, the
19 Holder may make a notation of such redemption on the panel
20 provided on the Global Certificate stating the amount so
21 redeemed, or may return the Global CertificaCe to the Bond
22 Registrar in exchange for a new Global Certificate authenticated
23 by the Bond Registrar, in proper principal amount. Such
24 notation, if made by the Holder, shall be for reference only, and
25 may not be relied upon by any other person as being in any way
26 determinative of the principal amount of such Global CertifiCate
27 outstanding, unless the Bond Registrar has signed the appropriate
28 column of the panel.
29 (c) Selection of Reolacement Bonds. To effect a partial
30 redemption of Replacement Bonds having a common maturity date,
31 the Bond Registrar prior to giving notice of redemption shall
32 assign to each Replacement Bond having a common maturity date a
33 distinctive number for each $5,000 of the principal amount of
34 such Replacement Bond. The Bond Registrar shall then select by
35 lot, using such method of selection as it sha11 deem proper in
36 its discretion, from the numhers so assigned to such Replacement
37 Bonds, as many numbers as, at $5,000 for each number, shall equal
38 the principal amount of such Replacement Bonds to be redeemed.
39 The Replacement Bonds to be redeemed shall be the Replacement
40 Bonds to which were assigned numbers so selected; provided,
41 however, that only so much of the principal amount of each such
42 Replacement Bond of a denomination of more than $5,00� shall be
43 redeemed as shall equal $5,000 for each number assigned to it and
44 so selected.
45 (d) Partial Redemption of Replacement Bond. If a
46 Replacement Bond is to be redeemed only in part, it shall be
47 surrendered to the Bond Registrar (with, if the City or Bond
48 Registrar so requires, a written instrument of transfer in form
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1 satisfactory to the City and Bond Registrar duly executed by the
2 Holder thereof or his, her or its attorney duly authorized in
3 writing) and the City shall execute (if necessary) and the Bond
4 Registrar shall authenticate and deliver to the Holder of such
5 Replacement Bond, without service charge, a new Replacement Bond
6 or Bonds of the same series having the same stated maturity and
7 interest rate and of any authorized denominatian or
8 denominations, as requested by such Holder, in aggregate
9 principal amount equal to and in exchange for the unredeemed
10 portion of the principal of the Bond so surrendered.
11 (e) Recruest for Redem�tion. The Bond Registrar shall call
12 Bonds for redemption and payment as herein provided upon receipt
13 by the Bond Registrar at least forty-five (45) days prior to the
14 redemption date of a request of the City, in written form if the
15 Bond Registrar is other than a City officer. Such request shall
16 specify the principal amount of Bonds to be called for reaemption
17 and the redemption date.
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(f) Notice. Mailed notice of redemption sha11 be given
the paying agent (if other than a City officer) and to each
affected Aolder. If and when the City shall call any of the
Bonds for redemption and payment prior to the stated maturity
thereof, the Bond Registrar shall give written notice in the
of the City of its intention to redeem and pay such Bonds at
o£fice of the Bond Registrar. Notice of redemption shall be
to
name
the
given by first class mail, postage prepaid, mailed not less than
thirty (3�) days prior to the redemption date, to each Holder of
Bonds to be redeemed, at the address appearing in the Bond
Register. All notices of redemption shall state:
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ii) The redemption date;
(ii) The redemption price;
(iii) If less than all outstanding Bonds are to be
redeemed, the identification (and, in the case of
partial redemption, the respective principal
amounts) of the Bonds�to be redeemed;
(iv) That on the redemption date, the redemption price
will become due and payable upon each such Hond,
and that interest thereon shall cease to accrue
from and after said date; and
(v) The place where such Bonds are to be surrendered
for payment of the redemption �srice (which shall
be the office of the Bond Registrar).
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{g) Notice to Depository. Notices to The Depository Trust
Company or its nominee shall contain the CUSIP numbers of the
Bonds. If there are any Holders of the Bonds other than the
Depository or its nominee, the Bond Registrar shall use its best
efforts to deliver any such notice to the Depository on the
business day next preceding the date of mailing of such notice to
all other Holders.
8. Bond Rectistrar. U.S. Bank Trust National
Association, in Saint Paul, Minnesota, is appointed to act as
bond registrar and transfer agent with respect to the Bonds (the
"Bond Registrar"), and shall do so unless and until a successor
Bond Registrar is duly appointed, all pursuant to any contract
the City and Bond Registrar shall execute which is consistent
herewith. A successor Bond Registrar shall be an officer of the
City or a bank or trust company eligible for designation as bond
registrar pursuant to Minnesota Statutes, Chapter 475, and may be
appointed pursuant to any contract the City and such successor
Bond Registrar shall execute which is consistent herewith. The
Bond Registrar shall also serve as paying agent unless and until
a successor paying agent is duly appointed. Principal and
interest on the Bonds shall be paid to the Holders (or record
holders) of the Bonds in the manner set forth in the forms of
Bond and paragraph 14 of this resolution.
9. Forms of Bond. The Bonds shall be in the form of
Global Certificates unless and until Replacement Bonds are made
available as provided in paragraph 6. Each form of bond may
contain suCh additional or different terms and provisions as to
the form of payment, record date, notices and other matters as
are consistent with the Letter of Representations and approved by
the City Attorney.
31 A. Global Certificates. The Global Certificates,
32 together with the Certificate of Registration, the Register of
33 Partial Payments, the form of Assignment and the registration
34 information thereon, shall be in substantially the following form
35 and may be typewritten rather than printed:
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8 INTEREST
9 RATE
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UNSTED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAI, OBLIGATTON STREET IMPROVEMENT
SPECIAL ASSESSMENT SOND, SERIES 2000B
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
March 1,
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "ISSUer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above or on the certificate
of registration below, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year ieach, an "Interest Payment Date"),
commencing September 1, 2000, at the rate per annum specified
above (calculated on the basis of a 36�-day year of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable in
same-day funds Hy 2:3� p.m., Eastern•time, upon presentation and
surrender hereof at the principal office of
in , Minnesota (the "BOnd
Registrar°), acting as paying agent, or any successor paying
agent duly appointed by the Issuer; provided, however, that upon
a partial redemption of this Bond which results in the stated
amount hereof being reduced, the Holder may in its discretion be
paid without presentation of this Bond, which payment shall be
received no later than 2:30 p.m., Eastern time, and may make a
notation on the panel provided herein of such redemption, stating
the amount so redeemed, or may return the Bond to the Bond
Registrar in exchange for a new Bond in the proper principal
amount. Such notation, if made by the Aolder, shall be for
reference only, and may not be relied upon by any other person as
March 1, 2000
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being in any way determinative of the principal amount of Chis
Bond outstanding, unless the Bond Registrar has signed the
appropriate column of the panel. Interest on this Bond will be
paid on each Interest Payment Date in same-day funds by 2_3o
p.m., Eastern time, to the person in whose name this Bond is
registered (the "Holder" or ��Sondholder") on the registration
books of the Issuer maintained by the Bond Registrar and at the
address appearing thereon at the close of business on the
fifteenth day of the calendar month preceding such Interest
Payment Date lthe "Regular Record Date���. Interest payments
shall be received by the Aolder no later than 2:30 p.m., Eastern
time; and principal and premium payments shall be received by the
Holder no later than 2:30 p.m., Eastern time, if the Bond is
surrendered for payment enough in advance to permit payment to be
made by such time. Any interest not so timely paid shall cease
to be payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereoP at the close of business on a date (the
"Special Record Date'�) fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
25 Date of Payment Not Business DaX. If the date for
26 payment of the principal of, premium, if any, or interest on this
27 Bond shall be a Saturday, Sunday, legal holiday or a day on which
28 banking institutions in the City of New York, i3ew York, or the
29 city wriere the principal office of the Bond Registrar is located
30 are authorized by law or exacutive order to close, then the date
31 for such payment shall be the next succeeding day which is not a
32 Saturday, Sunday, legal holiday or a day on which such banking
33 institutions are authorized to close, and payment on such date
34 shall have the same force and effect as if made on the nominal
35 date of payment.
36 Redemption. All Bonds of this issue (the "Bonfls")
37 maturing after March 1, 2008, are subject to redemption and
38 prepayment at the option of the Issuer on such date and on any
39 day thereafter at a price of par plus accrued interest.
40 Redemption may be in whole or in part of the Bonds subject to
41 prepayment. If redemption is in part, those Bonds remaining
42 unpaid may be prepaid in such order of maturity and in such
43 amount per maturity as the City shall detexmine; and if only part
44 of the Bonds having a common maturity date are called for
45 prepayment, this Bond may be prepaid in $5,000 increments of
46 principal. Bonds or portions thereof called for redemption shall
47 be due and payable on the redemption date, and interest thereon
48 shall cease to accrue from and after the redemption date.
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Notice of Redemption. Mailed notice of redemption
shall be given to the paying agent (if other than a City officer)
and to each affected Holder of the Bonds. In the event any of
the Bonds are called for redemption, written notice thereof wi11
be given by first class mail mailed not less than thirty (30)
days prior to the redemption date to each Holder of Bonds to be
redeemed. In connection with any such notice, the "CUSIP"
numbers assigned to the Bonds shall be used.
Replacement or Notation of Bonds after Partial
Redemption. Upon a partial redemption of this Bond which results
in the stated amount hereof being reduced, the Holder may in its
discretion make a notation on the panel provided herein of such
redemption, stating the amount so redeemed. Such notation, if
made by the Holder, shall be for reference only, and may not be
relied upon by any other person as being in any way determinative
of the grincipal amount of the Bond outstanding, unless the Bond
Registrar has signed the appropriate column of the panel.
Otherwise, the Holder may surrender this Bond to the Bond
Registrar (with, if the Issuer or Bond Registrar so requires, a
written instrument of transfer in form satisfactory to the Issuer
and Bond Registrar duly executed by the Holder thereof or his,
her or its attorney duly authorized in writing) and the Issuer
shall execute (if necessary) and the Bond Registrar shall
authenticate and deliver to the Aolder of such Bond, without
service charge, a new Bond of the same series having the same
stated maturity and interest rate and of the authorized
denomination in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose: General OblicZation. This Bond is
one of an issue in the total principal amount of $2,950,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and the
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on February 16, 2000 (the
"Resolution'�?, for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations; Exchang.e; Resolution. The Bonds are
issuable originally only as Global Certificates in the
1134860.2
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denomination of the entire principal amount of the issue maturing
on a single date, or, if a portion of said principal amount is
prepaid, said principal amount less the prepayment. G1oba1
Certificates are not exchangeable for fully registered bonds of
smaller denominations except to evidence a partial prepayment or
in exchange for Replacement Bonds if then availahle. Replacement
Bonds, if made available as provided below, are issuable solely
as fully registered bonds in the denominations of $5,000 and
integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject Co the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Reglacement Bonds. Replacement Bonds may be issued by
the Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable to
locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that (1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certificates) to
any Holder other than the Depository (or its nominee), might
adversely affect the interest o£ the beneficial owners of
the Bonds, or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to obtain
certificated bonds.
Transfer. This Bond shall be registered in the name of
the payee on the books of the Issuer'by presenting this Bond for
registration to the Bond Registrar, who will endorse his, her or
its name and note the date of registration opposite the name of
the payee in the certificate of registration attached hereto.
Thereafter this Bond may be transferred by delivery with an
assignment duly executed by the Holder or his, her or its legal
representatives, and the Issuer and Bond Registrar may treat the
Holder as the person exclusively entitled to exercise all the
rights and powers of an owner until this Bond is presented with
such assignment for registration of transfer, accompanied by
assurance of the nature provided by law that the assignment is
genuine and effective, and until such transfer is registered on
said books and noted hereon by the Bond Registrar, all subject to
the terms and conditions provided in the Resolution and to
1134860.2 ]_3
00 _�y�
1 reasonable regulations of the Issuer contained in any agreement
2 with, or notice to, the Bond Registrar. Transfer of this Bond
3 may, at the direction and expense of the Issuer, be subject to
4 certain other restrictions if reguired to qualify this Bond as
5 being ��in registered form" within the meaning of Section 149(a)
6 of the federal Internal Revenue Code of 1986, as amended.
7 Fees upon Transfer or Loss. The Bond Registrar may
8 require payment of a sum sufficient to cover any tax or other
9 governmental charge payable in connection with the transfer or
10 exchange of this Bond and any legal or unusual costs regarding
il transfers and lost Bonds.
12 Treatment of ReQistered Owner. The Issuer and Bond
13 Registrar may treat the person in whose name this Bond is
14 registered as the owner hereof for the purpose of receiving
15 payment as herein provided (except as otherwise provided with
16 respect to the Record Date) and for all other purposes, whether
17 or not this Bond shall be overdue, and neither the Issuer nor the
18 Bond Registrar shall be affected by notice to the contrary.
19 Authentication. This Bond shall not be valid or become
20 obligatory for any purpose or be entitled to any security unless
21 the Certificate of Authentication hereon shall have been executed
22 by the Bond Registrar.
23 Not Ouali£ied Tax-Sxempt Obligations. The Bonds have
24 not been designated by the Issuer as "qualified tax-exempt
25 obligations" for purposes of Section 265(b)(3) of the federal
26 Internal Revenue Code of 1986, as amended. The Bonds do not
27 qualify for such designation.
28 IT IS HEREBY CERTIFIED AND RECITED that all act�,
29 conditions and things required by the Constitution and laws of
30 the State of Minnesota and the Charter of the Issuer to be done,
31 to happen and to be performed, precedent to and in the issuance
32 of this Bond, have been done, have happened and have been
33 performed, in regular and due form, time and manner as required
34 by law, and that this Bond, together with all other debts of the
35 Issuer outstanding on the date of original issue hereof and on
36 the date of its issuance and delivery to the original purchaser,
37 does not exceed any constitutional or statutory or Charter
38 limitation of indebtedness.
39 IN WITNESS WHEREOF, the City of Saint Paul, Ram5ey
40 County, Minnesota, by its City Council has caused this Bond to be
41 executed on its behalf by the photocopied facsimile signature of
42 its Mayor, attested by the photocopied facsimile signature of its
43 Clerk, and countersigned by the photocopied facsimile signature
44 of its Director, Office of Financial Services, the official seal
45 having been omitted as permitted by law.
1134860.2 1Q
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1
2
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4
Date of Registration
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
12
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15 ,
16 Bond Registrar
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21
By
Authorized Signature
Registrable by:
Payable at: _
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
22 General Obligation Street Improvement Special Assessment Bond,
23 Series 2000B, No. R-
1134860.2
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached
Bond may be made only by the registered owner or his, her or its
legal representative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
SIGNATURE OF
BOND REGISTRAR
1134860.2
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REGISTER OF PARTIAL PAYMENTS
3 The principal amount of the attached Bond has been prepaid on the
4 dates and in the amounts noted below:
5 Signature of Signature of
6 Date Amount Bondholder Bond Registrar
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23 If a notation is made on this register, such notation has the
24 effect stated in the attached Bond. Partial payments do not
25 require the presentation of the attached Bond to the Bond
26 Registrar, and a Holder could fail to note the partial pa��ment
27 here.
1134860 . 2 ]_ �]
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ABBREVIATIONS
The following abbreviations, when used in the inscription on
the face of this Bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cust) (Minor)
under the Uniform Transfers
(State)
to Minors Act
Additional abbreviations may also be used
though not in the above list.
1134860.2
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ASSIGNMENT
2 For value received, the undersigned hereby sells,
3 assigns and transfers unto
4 the attached Bond and does
5 hereby irrevocably constitute and appoint
6 attorney to transfer the Bond on the books
7 kept for the registration thereof, with full power of
8 substitution in the premises.
9 Dated:
10 Notice: The assignor's signature to this assignment
11 must correspond with the name as it appears
12 upon the face of the attached Sond in every
13 particular, without alteration or any change
14 whatever.
15 Signature Guaranteed:
16
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
21 The Bond Registrar will not effect transfer of this
22 Bond unless the information concerning the transferee requested
23 below is provided.
24 Name and Address:
25
26
27
28
(Include information for all joint owners
if the Bond is held by joint account.)
1134860.2 ]_9
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1 B. Re�lacement Bonds. If the City has notified
2 xolders that Replacement Bonds have been made available as
3 provided in paragraph 6, then for every Bond thereafter
4 transferred or exchanged (including an exchange to reflect the
5 partial prepayment of a G1oba1 Certificate not previously
6 exchanged for Replacement Bonds) the Bond Registrar shall deliver
7 a certificate in the form of the Replacement Bond rather than the
8 G1oba1 Certificate, but the Holder of a Global Certificate shall
9 not otherwise be required to exchange t12e Global Certificate for
10 one or more Replacement Bonds since the City recognizes that some
11 beneficial owners may prefer the convenience of the Depository's
12 registered ownership of the Bonds even though the entire issue is
13 no longer required to be in global book-entry form. The
14 Replacement Bonds, together with the Bond Registrar's Certificate
15 of Authentication, the form of Assignment and the registration
16 information thereon, shall be in substantially the following
17 form:
1134860.2 2 �
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8 INTEREST
9 RATE
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOND, SERIES 2000B
MATURITY DATE OF
DATE ORIGINAL ISSUE
March 1, 2000
REGISTERED OWNER:
PRINCIPAL AMOUNT:
S
CUSIP
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
certifies that it is indebted and for value received prom:.ses to
pay to the registered owner specified above, or registered
assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturiCy date specified above,
unless called for earlier redemption, and to pay interest thereon
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 2000, at the
rate per annum specified above (calculated on the basis of a
360-day year of twelve 30-day months) until the principal sum is
paid or has been provided for. This Bond will bear interest from
the most recent Interest Payment Date to which interest has been
paid or, if no interest has been paid, from the date of original
issue hereof. fihe principal of and premium, if any, on this Bond
are payable upon presentation and surrender hereof at the
principal office of , in
, (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly
appointed by the Issuer. Interest on this Bond will be paid on
each Interest Payment Date by check or draft mailed to the person
in whose name this Bond is registered (the "Holder�� or
"Bondholder") on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar month
preceding such Interest Payment Date (the "Regular Record DaCe").
Any interest not so timely paid shall cease to be payable to the
person who is the Holder hereof as of the Regular Record Date,
and sha11 be payable to the person who is the Holder hereof at
1134860.2 2 1
ao- ��s
1 the close of business on a date (the ��Special Record Date��) fixed
2 by the Bond Registrar whenever money becomes available for
3 payment of the defaulted interest. Notice of the Special Record
4 Date shall be given to Bondholders not less than ten days prior
5 to the Special Record Date. The principal of and premium, if
6 any, and interest on this Bond are payable in lawful money of the
7 United States of AmeriCa.
8 REFERENCE IS HEREBY MP.DE TO THE FURTHER PROVISIONS OF
9 THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
10 FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
11 IT IS HEREBY CERTIFIED AND RECITED that all acts,
12 conditions and things required by the Constitution and laws of
13 the State of Minnesota and the Charter of the Issuer to be done,
14 to happen and to be performed, precedent to and in the issuance
15 of this Bond, have been done, have happened and have been
16 performed, in regular and due form, Cime and manner as required
17 by 1aw, and that this Bond, together with all other debts of the
18 Issuer outstanding on the date of original issue hereof and on
19 the date of its issuance and delivery to the original purchaser,
20 does not exceed any constitutional or statutory or Charter
21 limitation of indebtedness.
22 IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
23 County, Minnesota, by its City Council has caused this Bond to be
24 executed on its behalf by the original or facsimile signature of
25 its Mayor, atCested by the original or facsimile signature of its
26 Clerk, and countersigned by the original or facsimile signature
27 of its Director, Office of Financial Services, the official seal
28 having been omitted as permitted by law.
1134860.2 Z 2
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4
Date of Regi5tration:
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Sond is one of the
9 Bonds described in the
10 Resolution mentioned
il within.
12
13
14 ,
15 Bond Registrar
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17
18
19
By
Authorized Signature
1134860.2
Registrable by:
Payable at: _
CITY OF SAINT PAUL,
RAMSEY COIINTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
23
Oo-ty�
z
ON REVERSE OF BOND
2 Date of Payment Not Business Dav. If the date for
3 payment of the principal of, premium, if any, or interest on this
4 Bond shall be a Saturday, Sunday, legal holiday or a day on which
5 banking institutions in the City of New York, New York, or the
6 city where the principal office of the Bond Registrar is located
7 are authorized by law or executive order to close, then the date
8 for such payment shall be the next succeeding day which is not a
9 Saturday, Sunday, legal holiday or a day on which such banking
10 institutions are authorized to close, and payment on such date
11 shall have the same force and effect as if made on the nominal
12 date of payment.
13 Redemption. A11 Bonds af this issue (the "Bonds")
14 maturing a£ter March 1, 2008, are subject to redemption and
15 prepayment at the option of the Issuer on such date and on any
16 day thereafter at a price of par plus accrued interest.
17 Redemption may be in whole or in part of the Bonds subject to
18 prepayment. If redemption is in part, those Bonds remaining
19 unpaid may be prepaid in such order of maturity and in such
20 amount per maturity as the City shall deternzine; and if only part
21 of the Bonds having a common maturity date are called for
22 prepayment, the specific Bonds to be prepaid shall be chosen by
23 lot by the Bond Registrar. Bonds or portions thereof called for
24 redemption shall be due and payable on the redemption date, and
25 interest thereon shall cease to accrue from and after the
26 redemption date.
27 Notice of Redemption. Mailed notice of redemption
28 shall be given to the paying agent (if other than a City officer)
29 and to each affected Holder of the Bonds. In the event any of
30 the Bonds are called for redemption, written notice thereof will
31 be given by first class mail mailed not less than thirty (30)
32 days prior to the redemption date to each Holder of Bonds to be
33 redeemed. In connection with any such notice, the "CUSIP"
34 numbers assigned to the Bonds shall be used.
35 Selection of Bonds for Redemption. To effect a partial
36 redemption of Bonds having a common maturity date, the Bond
37 Registrar shall assign to each Bond having a common maturity date
38 a distinctive number for each $5,000 of the principal amount of
39 such Bond. The Bond Registrar shall then select by 1ot, using
40 such method of selection as it shall deem proper in its
41 discretion, from the numbers assigned to the Bonds, as many
42 numbers as, at $5,000 for each number, shall equal the principal
43 amount of such Bonds to be redeemed. The Bonds to be redeemed
44 shall be the Bonds to which were assigned numbers so selected;
45 provided, however, that only so much of the principal amount of
46 such Bond of a denomination of more than $5,000 shall be redeemed
1134860.2 24
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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
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Holder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service 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 Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance: Purpose: General Obliqation. This Bond is
one of an issue in the total principal amount of $2,950,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denominaCion and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and Che
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on February 16, 2000 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in Che City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- SCreets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations: Exchanae: Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,000 and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate prihcipal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Aeference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
44 Transfer. This Bond is transferable by the Holder in
45 person or by his, her or its attorney duly authori2ed in writing
46 at the principal office of the Bond Registrar upon presentation
47 and surrender hereof to the Bond Registrar, all subject to the
48 terms and conditions provided in the Resolution and to reasonable
49 regulations of the Issuer contained in any agreement with, or
113486�.2 2 �j
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1 notice to, the Bond Registrar. Thereupon the Issuer shall
2 execute and the Bond Registrar sha11 authenticate and deliver, in
3 exchange for this Bond, one or more new fully registered Bonds in
4 the name of the transferee (but not registered in blank or to
5 ��bearer" or similar designation), of an authorized denomination
6 or denominations, in aggregate principal amount equal to the
7 principal amount of this Bond, of the same maturity and bearing
8 interest at the same rate.
9 Fees upon Transfer or Loss. The Bond Registrar may
1� require payment of a sum sufficient to cover any tax or other
11 governmental charge payable in connection with the transfer or
12 exchange of this Bond and any legal or unusual costs regarding
13 transfers and lost Bonds.
14 Treatment of Registered Owner. The Issuer and Bond
15 Registrar may treat the person in whose name this Bond is
16 registered as the owner hereof for the purpose of receiving
1'7 payment as herein provided (except as otherwise provided on the
18 reverse side hereof with respect to the Record Date) and for all
19 other purposes, whether or not this Bond shall be overdue, and
20 neither the Issuer nor the Bond Registrar shall be affected by
21 notice to the contrary.
22 Authentication. This Bond shall not be valid or become
23 obligatory for any purpose or be entitled to any security unless
24 the Certificate of Authentication hereon shall have been executed
25 by the Bond Registrar.
26 Not Oualified Tax-Exem�t Obligations. The Bonds have
27 not been designated by the Issuer as "qualified tax-exempt
28 obligations'� for purposes of Section 265(b)(3) of the federal
29 Internal Revenue Code of 1986, as amended. The Bonds do not
30 qualify for such designation.
1134860.2 2 6
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ABBREVIATIONS
2 The following abbreviations, when used in the
3 inscription on the £ace of this Bond, shall be construed as
4 though they were written out in full according to appiicable laws
5 or regulations:
6 TEN COM - as tenants in common
7 TEN ENT - as tenants by the entireties
8 JT TEN - as joint tenants with right of survivorship
9 and not as tenants in common
10 UTMA - as custodian £or
11 (Cust) (Minor)
12 under the Unifozm Transfers
13 (State)
14 to Minors Act
15 Additional abbreviations may also be used
16 though not in the above list.
1134860.2 2']
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3
4
5
6
7
8
ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises.
9 Dated:
10
li
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14
15
16
Notice: The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the within Sond in every
particular, without alteration or any change
whatever.
Signature Guaranteed:
17 Signature(s? must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other �'Eligible Guarantor
2� Institution�' as defined in 17 CFR 240.17Ad-15(a)(2}.
21
22
23
24
25
26
27
28
The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
1134860.2
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10. Execution. The Bonds shall be executed on behalf
of the City by the signatures of its Mayor, Clerk and Director,
Office of Financial Services, each with the effect noted on the
forms of the Bonds, and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed or
photocopied facsimile; and provided further that any of such
signatures may be printed or photocopied facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of 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 officer whose signature or
facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such
signature or facsimile shall nevertheless be valid and sufficient
for a11 purposes, the same as if he or she had remained in office
until delivery.
11. Authentication; Date of Reqistration. No Bond
shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a
Certificate of Authentication on such Bond, substantially in the
form hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. 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 as the date of
registration in the space provided the date on which the Bond is
authenticated. For purposes of delivering the original Global
Certificates to the Purchaser, the Bond Registrar shall insert as
the date of registration the date of original issue, which date
is March 1, 2000. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
12. Registration: Transfer: Exchanqe. The City will
cause to be kept at the principal office of the Sond Kegistrar a
bond register in which, subject to sizch reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar sha11
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
A Global Certificate shall be registered in the name of
the payee on the bool�s of the Bond Registrar by presenting the
Global Certificate for registration to the Bond Registrar, who
will endorse his or her name and note the date of registration
opposite the name of the payee in the certificate of registration
on the Global Certificate. Thereafter a Global Certificate may
be transferred by delivery with an assignment duly executed by
the Aolder or his, her or its legal representative, and the City
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1 and Bond Registrar may treat the Halder as the person exclusively
2 entitled to exercise a11 the rights and powers of an owner until
3 a Global Certificate is presented with such assignment for
4 registration of transfer, accompanied by assurance of the nature
5 provided by law that the assignment is genuine and effective, and
6 until such transfer is registered on said books and noted thereon
7 by the Bond Registrar, all subject to the terms and conditions
8 provided in the Resolution and to reasonable regulations o£ the
9 City contained in any agreement with, or notice to, the Bond
10 Registrar.
il Transfer of a Global Certificate may, at the direction
12 and expense of the City, be subject to other restrictions if
13 required to qualify the Global Certificates as being "in
14 registered form" within the meaning of Section 149{a) of the
15 federal Internal Revenue Code of 1986, as amended.
16 If a Global Certificate is to be exchanged for one or
17 more Replacement Bonds, all of the principal amount of the Global
18 Certificate shall be so exchanged.
].9 Upon surrender for transfer of any Replacement Bond at
20 the principal office of the Bond Registrar, the City shall
21 execute (if necessary), and the Bond Registrar shall
22 authenticate, insert the date of registration (as provided in
23 paragraph 11) of, and deliver, in the name of the designated
24 transferee or transferees, one or more new Replacement Bonds of
25 any authorized denomination or denominations of a like aggregate
26 principal amount, having the same stated maturity and interest
27 rate, as requested by the transferor; provided, however, that no
28 bond may be registered in blank or in the name of "bearer" or
29 similar designation.
30 At the ogtion of the Holder of a Replacement Bond,
31 Replacement Bonds may be exchanged for Replacement Bonds of any
32 authori2ed denomination or denominations of a like aggregate
33 principal amount and stated maturity, upon surrender of the
34 Replacement Bonds to be exchanged at the principal office of the
35 Bond Registrar. Whenever any Replac�ment Bonds are so
36 surrendered for exchange, the City shall execute (if necessary),
37 and the Bond Registrar sha11 authenticate, insert the date of
38 registration of, and deliver the Replacement Bonds which the
39 Holder making the exChange is entitled to receive_ Globa'_
40 Certificates may not be exchanged for Global Certificates of
41 smaller denominations.
42 All Bonds surrendered upon any exchange or transfer
43 provided for in this resolution sha11 be promptly cancelled by
44 the Bond Registrar and thereafter disposed of as directed by the
45 City.
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1 All Bonds delivered in exchange for or upon transfer of
2 Bonds shall be valid general obligations of the City evidencing
3 the same debt, and entitled to the same benefits under this
4 resolution, as the Bonds surrendered for such exchange or
5 transfer_
6 Every Bond presented or surrendered for transfer or
7 exchange shall be duly endorsed or be accompanied by a written
8 instrument of transfer, in foim satisfactory to the Bond
9 Registrar, duly executed by the Holder thereof or his, her or its
10 attorney duly authorized in writing.
11 The Bond Registrar may require payment of a sum
12 sufficient to cover any tax or other governmental charge payable
13 in connection with the transfer or exchange of any Bond and any
14 legal or unusual costs regarding transfers and lost Bonds.
15 Transfers shall also be subject to reasonable regula-
16 tions of the City contained in any agreement with, or notice to,
17 the Bond Registrar, including regulations which permit the Bond
18 Registrar to close its transfer books between record dates and
19 payment dates.
20 13. Riahts Upon Transfer or Exchanqe. Each Bond
21 delivered upon transfer of or in exchange for or in lieu of any
22 other Bond shall carry all the rights to interest accrued and
23 unpaid, and to accrue, which were carried by such other Bond.
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14. Interest Payment: Record Date. Interest on any
Global Certificate shall be paid as provided in the first
paragraph thereof, and interest on any Replacement Bond shall be
paid on each Interest Payment Date by check or draft mailed to
the person in whose name the Bond is registered (the "Aolder") on
the registration books of the City maintained by the Bond
Registrar, and in each case at the address appearing thereon at
the close of business on the fifteenth (15th) day of the calendar
month preceding suCh Interest Payment Date (Che "Regular Record
Date°). Any such interest not so timely paid shall cease to be
payable to the person who is the Holcier thereof as of the Regular
Record Date, and shall be payable to the person who is the Holder
thereof at the close of business on a date ithe "Special Record
Date"1 fixed by the Eond Registrar whenever money becomes
available for payment of the defaulted interest. Notice of the
Special Record Date sha11 be given by the Bond Registrar to the
Holders not less than ten (10) days prior to the Special Record
Date.
42 15. Holders: Treatment of Registered Owner; Consent of
43 Holders.
44 (A) For the purposes of all actions, consents and other
45 matters affecting Holders of the Bonds, other than payments,
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1 redemptions, and purchases, the City may (but shall not be
2 obligated to) treat as the Aolder of a Bond the beneficial owner
3 of the Bond instead of the person in whose name the Bond is
4 registered. For that purpose, the City may ascertain the
5 identity of the beneficial owner of the Bond by such means as the
6 Bond Registrar in its sole discretion deems appropriate,
7 including but not limited to a certificate from the person in
8 whose name the Bond is registered identifying such beneficial
9 owner.
10 (B) The City and Bond Registrar may treat the person in
11 whose name any Bond is registered as the owner of such Bond for
12 the purpose of receiving payment of principal of and premium, if
13 any, and interest (subject to the payment provisions in paragraph
14 14 above) on, such Bond and for all other purposes whatsoever
15 whether or not such Bond shall be overdue, and neither the City
16 nor the Bond Registrar shall be affected by notice to the
17 contrary.
18 (C) Any consent, request, direction, approval, objection or
19 other instrument to be signed and executed by the Holders may be
20 in any number of concurrent writings of similar tenor and must be
21 signed or executed by such Holders in person or by agent
22 appointed in writing. Proof of the execution of any such
23 consent, request, direction, approval, objection or other
24 instrument or of the writing appointing any such agent and of the
25 ownership of Bonds, if made in the following manner, shall be
26 sufficient for any of the purposes of this Resolution and shall
27 be conclusive in favor of the City with regard to any action
28 taken by it under such request or other instrument, namely:
29 (1) The fact and date of the execution by any person
30 of any such writing may be proved by the certificate of any
31 officer in any jurisdiction who by law has power to take
32 acknowledgments within such jurisdiction that the person
33 signing such writing acknowledged before him or her the
34 execution thereof, or by an affidavit of any witness to such
35 execution.
36 (2) Subject to the provisions of subparagraph (A)
37 above, the fact of the ownership by any person of Bonds and
38 the amounts and numbers of such Bonds, and the date o£ the
39 holding of the same, may be proved by reference to the bond
4� register.
41 16. Delivery: Application of Proceeds. The Global
42 Certificates when so prepared and executed shall be delivered by
43 the Director, Office of Financial Services, to the Purchaser upon
44 receipt of the purchase price, and the Purchaser shall not be
45 obliged to see to the proper application thereof.
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17. E'unds. There is hereby created a special fund to
be designated the "2000 Capital Projects Fund" (numbered C-00,
the "Capital Fund"), to be administered and maintained by the
City Treasurer as a bookkeeping account separate and apart from
all other accounts maintained in the official financial records
of the City. There has been heretofore created and established
the "General Obligation Special Assessments -- Streets Debt
ServiCe Fund" (numbered 963, the "Debt Senrice Fund"). The
Capital Fund and Debt Service Fund shall be maintained in the
manner herein specified until all of the Bonds and the interest
thereon have heen fully paid.
(i) Ca�ital Fund. To the Capital Fund there shall be
credited the proceeds of the sale of the Bonds, less accrued
interest received thereon, and less any amount paid for the
Bonds in excess of $2,920,500. From the Capital Fund there
shall be paid all costs and expenses of making the
Improvements listed in paragraph 18, after they have been
ordered in accordance with the Charter of the City,
including the cost of any construction contracts heretofore
let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65
(including interest on the Bonds payable during the
construction period); and the moneys in the Capital Fund
shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the Bonds may
also be used to the extent necessary to pay interest on the
Bonds due prior to the anticipated date of commencement of
the collection of ta�ces or special assessments herein
covenanted to be levied; and provided further that if upon
completion of the Improvements there shall remain any
unexpended balance in the Capital Fund, the balance may be
transferred by the Council to the fund of any other
improvement instituted pursuant to the City's Charter or
Minnesota Statutes, Chapter 429, or used to pay the costs of
any other purpose permitted by law, or transferred to the
Debt Service Fund. All earnings on the Capital Fund shall
be transferred to the Debt Service Fund, or may be retained
in the Capital Fund.
(ii) Debt Service Fund. There is hereby pledged and
there shall be credited to a special account relating to the
Bonds in the Debt Service Fund: (a? collections of special
assessments herein covenanted to be levied, to the extent
provided in paragraph 19; (b) all accrued interest received
upon delivery of the Bonds; (c) all funds paid for the Bonds
in excess of $2,920,500; (d) any collections of all taxes
which are levied herein, or which may hereafter be levied in
the event that the special assessments herein pledged to the
payment of the Bonds and interest thereon are insufficient
therefor; (e) all funds remaining in the Capital Fund after
completion of the Improvements and payment of the costs
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thereof, noC so transferred to the account of another
improvement or used to pay the costs of any other purpose
pennitted by law; and (f) all investment earnings on moneys
held in such special account in the Debt Service Fund or on
moneys held in the Cagital E'und. If moneys in the special
account of the Debt Service Fund should ever be insufficient
to pay debt service on the Bonds, the Bonds shall be paid
from the Debt Service Fund or any other special account
therein, and the Bonds are hereby made payable from the Debt
Service Fund and any other special accounts therein for this
purpose. Amounts drawn from the Debt Service Fund or any
special account therein may be repaid with or without
interest when moneys sufficient for such repayment are
deposited in the special account relating to the Bonds in
the Debt Service Fund.
The special account relating to the Bonds in the Debt
Service Fund sha11 be used solely to pay the principal and
interest and any premiums for redemption of the Bonds and any
other general obligation bonds of the City hereafter issued by
the City and made payable froin such special account in the Debt
Service Fund as provided by law, or to pay any rebate due to the
United States. No portion of the proceeds of the Bonds shall be
used directly or indirectly to acquire higher yielding
investments or to replace funds which were used directly or
indirectly to acquire higher yielding investments, except il) for
a reasonable temporary period until such proceeds are needed for
the purpose for which the Bonds were issued, and (2) in addition
ta the above in an amount not greater than five percent (So) of
the proceeds of the Bonds. To this effect, any sums from time to
time held in the Capital Fund or in such special account in the
Debt Service Fund tor any other City fund or account which will
be used to pay principal or interest to become due on the bonds
payable therefrom) in excess of amounts which under then-
applicable federal arbitrage regulations may be invested without
regard as to yield shall not be invested at a yield in excess of
the applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available
under the federal arbitrage regulations. In addition, the
proceeds of the Bonds and money in the Capital Fund or in such
special account in the Debt Service Fund shall not be invested in
obligations or deposits issued by, guaranteed by or insured by
the United States or any agency or instrumentality thereof if and
to the extent that such investment would cause the Bonds to be
"federally guaranteed" within the meaning of Section 149{b) of
the federal Internal Revenue Code of 1986, as amended (the
"Code").
18. Assessments: Coverage Test. The City Council has
heretofore determined, and does hereby determine, to proceed with
the Improvements and special assessments with respect thereto
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under the provisions of the Charter of the City, rather than the
provisions of Minnesota Statutes, Chapter 429.
It is hereby determined that no less than twenty
perCent (200} of the cost to the City of each Improvement
financed hereunder within the meaning of Minnesota Statutes,
Section 475.58, Subdivision 1(3), shall be paid by special
assessments to be levied against every assessable lot, piece and
parcel of land benefitted by the Improvements. The City hereby
covenants and agrees that it will let all construction contracts
not heretofore let within one year after ordering each
Improvement financed hereunfler unless the resolution ordering the
Improvement specifies a different time limit for the letting of
construction contracts and will do and perfoxzn, as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that any
such assessment be at any time held invalid with respect to any
lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performanCe of any condition precedent thereto, the City and this
Council will forthwith do all further acts and take a11 further
proceedings as may be required by law to make the assessments a
valid and binding lien upon such property.
The special assessments have not heretofore been
authorized, and accordingly, for purposes of Minnesota Statutes,
Section 475.55, Subdivision 3, the special assessments are hereby
authorized. Subject to such adjustments as are required by
conditions in existence at the time the assessments are levied,
the assessments are hereby authorized and it is hereby determined
that the assessments shall be payable in equal, consecutive,
annual installments, with general taxes for the years shown below
and with interest on the declining balance of all such
assessments at a rate per annum approximately one percent (1%)
per annum in excess of the net effective rate of interest on the
Bonds:
37 Improvement
38 Designation
Collection
Amount Lew Years Years
39 Western/Lawson $1,075,000 2000-2019 2001-2020
40 Seventh/Eleanor 320,000 for all for all
41 Prior/Jefferson 1,020,000
42 Charles{Chatsworth 535.000
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44 TOTAL $2,950,000
45 The special assessments shall be 5uch that if collected
46 in full they, together with estimated collections of other
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1 revenues herein pledged for the payment of the Bonds, will
2 produce at least five percent (So) in excess of the amount needed
3 to meet when due the principal and interest payments on the Bonds
4 in every year except the final year (2012). At the time the
5 assessments are in fact levied the City Council shall, based on
6 the then-current estimated collections of the assessments, make
7 any adjustments in any ad valorem t�es required to be levied in
8 order to assure that the City continues to be in compliance with
9 Minnesota Statutes, Section 475.61, Subdivision 1.
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19. Limit on Special Assessments Pledqed. The City
Council hereby finds, determines and declares that the payment of
the Bonds does not require the pledge of all the special
assessments which may be levied with respect to the Improvements
identified in paragraph 18, and that it is necessary, proper and
expedient to provide that payments and prepayments of special
assessments in excess of the debt service requirements of the
Bonds be put to use for other purposes sooner than upon the
termination of Che Debt Service Fund. Only $2,950,000 original
principal amount of the special assessments (which amount is the
"Pledged Assessments"), and interest thereon, recognized in
paragraph 18 of this Resolution (of which $577,285 are necessary
prior to their scheduled receipt in order to pay debt service on
the Bonds on March 1, 2001) are or shall be pledged to the
payment of the Bonds, and payments of, or with respect to, such
special assessments in excess of the Pledged Assessments shall be
credited instead to a special account in the Capital Fund, and
used for the purpose of paying any additional costs of the
Improvements and the costs of oCher improvements approved by the
City, as follows: (a) the first $577,285 of all prepayments of
special assessments recognized in paragraph 18 shall be credited
to the Debt Service Fund, (b) thereafter until such time as the
special assessments from time to time outstanding equal in
original principal amount the Pledged Assessments or 1ess,
prepayments of any of the special assessments recognized in
paragraph 18 shall be treated as prepayments of the portion of
the special assessments not pledged to the Bonds and shall be
credited instead to said special account of the Capital Eund, and
used as provided above, and (c) while the special assessments
£rom time to time outstanding equal in original principal amount
the Pledged Assessments or more, regular installment payments
made on the Pledged Assessments only (not all of the special
assessments) shall be credited to the Debt Service Fund, and
regular installment payments on that portion, if any, of the
remaining assessments in excess of the Pledged Assessments sha11
be credited to said special account of the CapiCal Fund, and used
as provided above.
47 20. Tax Levy; Coveraqe Test. If taxes are levied as
48 provided in the final part of paragraph 18, the tax levies shall
49 be irrepealable so long as any of the Bonds are outstanding and
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1 unpaid, provided that the City reserves the right and power to
2 reduce the levies in the manner and to the extent permitted by
3 Minnesota Statutes, Section 475.61, Subdivision 3.
4 To provide moneys for payment of Che principal and
5 interest on the Bonds due to be paid in 2012 there is hereby
6 levied upon all of the taxable property in the City a direct
7 annual ad valorem tax which shall be spread upon the tax rolls
8 and collected with and as part of other general property taxes in
9 the City for the years and in the amounts as follows:
10 Year of Tax Year of Tax
11 Levy Collection Amount
12 ZO10 2011 �1,249,327
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The tax levies are such that if collected in full they,
together with estimated collections of special assessments and
other revenues herein pledged for the payment of the Bonds, will
produce at least five percent (50) in excess of the amount needed
to meet when due the principal and interest payments on the
Bonds. The tax levies shall be irrepealable so long as any of
the Bonds are outstanding and unpaid, provided that the City
reserves the right and power to reduce the levies in the manner
and to the extent pennitted by Minnesota Statutes, Section
475.61, Subdivision 3.
21. General Obligation Pledge. For the prompt and
full payment of the principal and interest on the Bonds, as the
same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged.
If the balance in the special account relating to the Bonds in
the Debt Service Fund (as defined in paragraph 17 hereof) is ever
insufficient to pay all principal and interest then due on the
Bonds payable therefrom, the deficiency shall be promptly paid
out of any other funds of the City which are available for such
purpose, including the general fund of the City and the Debt
Service Fund and the special accounts therein, and such other
funds may be reimbursed with or without interest from the special
account in the Debt Service �'und relating to the Bonds when a
sufficient balance is available therein.
37 22. Certificate of Reqistration. The Director, Office
38 of Financial Services, is hereby directed to file a certified
39 copy of this Resolution with the officer of Ramsey County,
40 Minnesota, performing the functions of the county auditor (the
41 "County Auditor"), together with such other information as the
42 County Auditor shall require, and to obtain the County Auditor's
43 certificate that the Bonds have been entered in the County
44 Auditor's Sond Register, and that the tax levy required by law
45 has been made.
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23. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the Purchaser, and to the attorneys approving the 1egality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds 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 the 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_
24. Negative Covenants as to Use of Proceed and
Improvements. The City hereby covenants not to use the proceeds
of the Bonds or to use the Improvements, or to cause or permit
them to be used, or to enter into any deferred payment
arrangements for the cost of the Improvements, in such a manner
as to cause the Bonds to be "private activity bonds" within the
meaning of Sections 103 and 141 through 150 of the Code. The
City reasonably expects that no actions will be taken over the
term of the Bonds that would cause them to be private activity
bonds, and the average term of the Bonds is not longer than
reasonably necessary for the governmental purpose of the issue.
The City hereby covenants not to use the proceeds of the Bonds in
such a manner as to cause the Bonds to be °hedge bonds" within
the meaning of Section 149(g) of the Code.
28 25. Tax-Exempt Status of the Bonds- Rebate• Election.
29 The City shall comply with requirements necessary under the Code
30 to establish and maintain the exclusion from gross income under
31 Section 103 of the Code of the interest on the Bonds, including
32 without limitation requirements relating to temporary periods for
33 investments, limitations on amounts invested at a yield greater
34 than the yield on the Bonds, and the rebate of excess investment
35 earnings to the United States.
36 The City expects that the two-year expenditure
37 exception to the rebate requirements may apply to the
38 construction proceeds of the Bonds.
39 If any elections are available now or hereafter with
40 respect to arbitrage or rebate matters relating to the Bonds, the
41 Mayor, Clerk, Treasurer and Director, Office of Financial
42 Services, or any of them, are hereby authorized and directed to
43 make such elections as they deem necessary, appropriate or
44 desirable in connection with the Bonds, and all such elections
45 sha11 be, and sha11 be deemed and treated as, elections of the
46 City.
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1 26_ No Desianation of Oualified Tax-Exem,pt
2 Obligations. The Bonds, together with other obligations issued
3 by the City in 2000, exceed in amount those which may be
4 qualified as "qualified ta�c-exempt obligations" within the
5 meaning of Section 265(b)(3) of the Code, and hence are not
6 de5ignated £or such purpose.
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27. Letter of Representations. The Letter of
Representations for the Bonds is hereby confirmed to be the
Blanket Issuer Letter of Representations dated April 10, 1996, by
the City and received and accepted by The Depository Trust
Company. So long as The Depository Trust Company is the
Depository or it or its nominee is the Holder of any Global
Certificate, the City shall comply with the provisions of the
Letter of Representations, as it may be amended or supplemented
by the City from time to time with the agreement or consent of
The Depository Trust Company.
28. Negotiated Sa1e. The City has retained Springsted
Incorporated as an independent financial advisor, and the City
has heretofore determined, and hereby determines, to sell the
Bonds by private negotiation, all as provided by Minnesota
Statutes, Section 475.60, Subdivision 2(9).
29. Continuina Disclosure. The City is an obligated
person with respect to the Bonds. The City hereby agrees, in
accordance with the provisions of Rule 15c2-12 (the "RUle"),
promulgated by the Securities and Exchange Commission (the
"Commission") pursuant to the Securities Exchange Act of 1934, as
amended, and a Continuing Disclosure Undertaking (the
"Undertaking��) hereinafter described, to:
A. Provide or cause to be provided to each nationally
recognized municipal securities inPormation repository
("NRMSIR°? and to the appropriate state information
depository ("SID"), if any, £or the State of Minnesota, in
each case as designated by the Commission in accordance with
the Rule, certain annual financial information and operating
data in accordance with the Und"ertaking. The City reserves
the right to modify from time to time the terms of the
Undertaking as provided therein.
B. Provide or cause to be provided, in a timely
manner, to (i) each NRMSIR or to the Municipal Securities
Rulemaking Board ('�MSRB") and (ii) the SID, notice of the
occurrence of certain material events with respect to the
Bonds in accordance with the Undertaking.
C. Provide or cause to be provided, in a timely
manner, to (i) each NRMSIR or to the MSRB and {ii) the SID,
notice of a failure by the City to provide the annual
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1 financial inPonnation with respect to the City described in
2 the LSndertaking.
The City agrees that its covenants pursuant to the Rule
set forth in this paragraph 29 and in the Undertaking are
intended to be for the benefit of the Holders of the Bonds and
shall be enforceable on behalf of such Holders; provided that the
right to enforce the provisions of these covenants shall be
limited to a right to obtain specific enforcement of the City's
obligations under the covenants.
10 The Mayor and Director, Office of Financial Services,
11 or any other officers of the City authorized to act in their
12 stead (the "Officers"), are hereby authorized and directed to
13 execute on behalf of the City the Undertaking in substantially
14 the foxm presented to the City Council, subject to such
15 modifications thereof or additions thereto as are (i) consistent
16 with the requirements under the Rule, (ii) required by the
17 Purchaser, and (iii) acceptable to the Officers.
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1 30. Severabilitv. If any section, paragraph or
2 provision of this resolution shall be held to be invalid or
3 unenforceable for any reason, the invalidity or unenforceability
4 of such section, paragraph or provision shall not affect any of
5 the remaining provisions of this resolution.
6 31. HEadincrs. Headings in this resolution are
7 included for convenience of reference only and are not a part
8 hereof, and shall not limit or define the meaning of any
9 provision hereof_
Adopted by Council: Date ��• ��. �.00 O
Certified by Council Secretary
�
Approved by Mayor.
By:
- -. . .-. -
/
� ��. � t
�g' , ' � � �'
�
�
Form pp ov by Cfty Attorne�
By:
41
�a -fyS
EXHIBITS
Exhibit A - Proposals
�V
ao-GyS
Services
<,z000 I GREEN SHEET
No 101133
LDP2525S/ LJ OEpq1RYENf dREC�ON u ClIYCqMCIL �
bUNCILAGENDA BY (DAT�
ASSIGN
2�0 NUMBERFOR � CrtYATioxNEY ❑ arvetDtK _
ROUTING
OROER f}UNC�ALSESMLESdR ❑ FNNNt'J4LSERV/M1CCiG
� YA1roR ❑
TOTAL # OF SIGNATURE PAGES 1_ (CLIP ALL LOCATIONS FOR SIGNATURE)
resoiution accepts the winning proposal and awards the bid for the $2,950,000 G.O.
�t Improvement Special Assesment Bonds Series 2000B. This is a competitive bond sale and the award
ng to the bidder found most advantageos (lowest cost) to the City.
PLANNING COMMISSION
CIB COMMITTEE
CIVIL SERVICE COMMISSION
Has this person/firtn ever wnrked undet a contrect for [his department?
YES NO
Has this perso�rm ever Deen a city employee?
YES NO
Does this personffrm possess a skill mt normaliy possessed by any current city employee?
VES NO
Is this person/firm a tatgetetl vendo(>
YES NO
>lain all ves ansvrere on senarate sheet and attach to areen sheet
are for the purpose of financing certain s[reet improvements wRhin the Ciry, and will be repaid by special assesments.
will be available for street improvements.
IF APPROVED
neetletl for certain street imprwements will no[ be available.
OF TRANSACTION S szsso.000
SOURCE
INFORMATION (IXPWN)
COS7/REVENUE BUDGETED (qRCLE ONE) YES NO
ACTIVITY NUMBER
(q,� Y� �'. +Y ..3- P'..._,a�
\9l}��+ ..�, ��� , � , ._
��� �` � ����
ao -1�{s
1
2
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and ,
3 WHEREAS, "Holder" as used herein means the pers in
4 whose name a Bond is registered on the registration boo of the
5 City maintained by the registrar appointed as provide in
6 paragraph 8(the "BOnd Registrar"); and
7 WHEREAS, Rule 15c2-12 of the Securities nd Exchange
8 Commission prohibits "participating underwriters' from purchasing
9 or selling the Bonds unless the City undertakes to provide
10 certain continuing disclosure with respect to he Bonds; and
11 WHEREAS, pursuant to Minnesota St utes, SeCtion
12 475.60, Subdivision 2(9), public sale requ' ements do not apply
13 to the Bonds if the City retains an indep ndent financial advisor
14 and determines to sell the Bonds by priv te negotiation, and the
15 City has instead authorized a competit' e sale without
16 publication of notice thereof as a fo of private negotiation;
17 and
18 WHEREAS, proposals for t e Bonds have been solicited by
19 Springsted Incorporated pursuant o an Official Statement and
20 Terms of Proposal therein:
21 NOW, THEREFORE, BE I RESOLVED by the Council of the
22 City of Saint Paul, Minnesota as follows:
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1. Acce�tance of Pro osal. The proposal of
(the "Pur aser"), to purchase $2,950,000
General Obligation StYeet Improvement Special Assessment Bonds,
Series 2000B, of the Cit (the "Bonds", or individually a
"Bond"), in accordance ith the Terms of Proposal for the bond
sale, at the rates of 'nterest hereinafter set forth, and to pay
therefor the sum of $ , plus interest accrued to
settlement, is hereb found, determined and declared to be the
most favorable prop sal received and is hereby accepted, and the
Bonds are hereby a arded to the Purchaser. The Director, Office
of Financial Serv'ces, or his designee, is directed to retain the
deposit of the P chaser and to forthwith return to the others
making proposal their good faith checks or drafts.
2. itle: Original Issue Date: Denominations:
Maturities. he Bonds shall be titled "General Obligation Street
Improvement pecial Assessment Bonds, Series 2000B", shall be
dated Marc 1, 2000, as the date of original issue and shall be
issued fo hwith on or after such date as fully registered bonds.
The Bond shall be numbered from R-1 upward. Global Certificates
60.2
bo -1�15
1 shall each be in the denomination of the entire principal amount
2 maturing on a single date, or, if a portion of said principal
3 amount is prepaid, said principal amount less the prepayment_
4 Replacement Bonds, if issued as provided in paragraph 6, shall
5 in the denomination of $5,000 each or in any integral multip
6 thereof of a single maturity. The Bonds shall mature on M ch 1
7 in the years and amounts as follows:
Year Amount
Year
9 2001 $400,000 2007 $ 5,000
10 2002 150,000 2008 15,000
11 2003 120,000 2009 115,000
12 2004 120,000 2010 115,000
13 2005 120,000 2011 115,000
14 2006 115,000 2012 1,350,000
15 For purposes of Minnesota Statutes, Sectio 475.54, the serial
16 maturities of the Bonds are combined with he serial maturities
17 of the City's $19,000,000 General Obliga on Capital Improvement
18 Bonds, Series 2000A.
19
20
21
22
23
24
25
26
3. Purpose. The Bonds
construction of various street im
in the City, and any excess funds
purpose permitted by law. The to
which shall include all costs enu
Section 475.65, is estimated to
of the Bonds. Work on the Impr v
diligence to completion.
27 4. Interest
28 semiannually on April 1
29 "Interest Payment Date")
30 the basis of a 360-day }
31 respective rates per anr
32 as follows: �
33
34
35
36
37
38
39
40
41
42
43
44
Maturit�,Year
2001
2002
2003
2004
2005
2006
°s
2007
2008
2009
2010
2011
2012
r interest payable
h year (each, an
2000, calculated on
months, at the
e the maturity years
Interest Rate
5 Description of the Global Certificates and Global
Book-Ent stem. Upon their original issuance the Bonds will
be issued n the form of a single Global Certificate for each
maturity, deposited with the Depository by the Purchaser and
immobil' ed as provided in paragraph 6. No beneficial owners of
ha provide funds for the
o ements (the "Improvements")
all be devoted to any other
1 cost of the Improvements,
rated in Minnesota StaCutes,
at least equal to the amount
ents shall proceed with due
e�Bonds shall bea
/October 1 of eac
ommencing April 1,
of twelve 30-day
set forth opposit
Maturitv Year
1134860.
p� _I4S
1 revenues herein pledged for the payment o£ the Bonds, will
2 produce at least five percent (5%) in excess of the amount needed
3 to meet when due the principal and interest payments on the Bonds
4 in every year except the final year (2012). At the time the
5 assessments are in fact levied the City Council shall, based n
6 the then-current estimated collections of the assessments, ke
7 any adjustments in any ad valorem taxes required to be lev'ed in
8 order to assure that the City continues to be in complia e with
9 Minnesota Statutes, Section 475.61, Subdivision 1.
0 19. Limit on Special Assessments Pledged The City
1 Council hereby finds, determines and declares that the payment of
2 the Bonds does not require the pledge of all the pecial
3 assessments which may be levied with respect to the Improvements
4 identified in paragraph 18, and that it is ne ssary proper and
expedient to provide that payments and pr
assessments in excess of the debt service
Bonds be put to use for other purposes so
ents of special
irements of the
than upon the
termination of the Debt Service Fund. O y$
original principal amount of the specia assessments (which
amount is the "Pledged Assessments��?, nd interest thereon,
recognized in paragraph 18 of this R olution (of which
$ are necessary prior their scheduled receipt in
order to pay debt service on the B ds on March 1, 2001) are or
shall be pledged to the payment o the Bonds, and payments of, or
with respect to, such special as essments in excess of the
Pledged Assessments shall be cr dited instead to a special
account in the Capital Fund, a d used for the purpose of paying
any additional costs of the I provements and the costs of other
improvements approved by the City, as follows: (a) the first
$ of all prepa ents of special assessments
recognized in paragraph 18 shall be credited to the Debt Seivice
Fund, (b) thereafter unt' such time as the special assessments
from time to time outst ding equal in original principal amount
the Pledged Assessments or less, prepayments of any of the
special assessments r ognized in paragraph 18 shall be treated
as prepayments of th portion of the special assessments not
pledged to the Bonds and shall be credited instead to said
special account of he CapiCal Fund, and used as provided above,
and (c) while the pecial assessments from time to time
outstanding equa in original principal amount the Pledged
Assessments or re, regular installment payments made on the
Pledged Assess nts only (not all of the special assessments)
shall be cred' ed to the Debt Service Fund, and regular
installment p yments on that portion, if any, of the remaining
assessments n excess of the Pledged Assessments shall be
credited to said special account of the Capital Fund, and used as
provided ove.
48
49 pr
50 be
20. Tax Levy; Coverage Test. If taxes are levied as
in the final part of paragraph 18, the tax levies shall
alable so long as any of the Bonds are outstanding and
11348�0.2 36
�o-►�ts
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2
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unpaid, provided that the City reserves the right and power to
reduce the levies in the manner and to the extent permitted by
Minnesota Statutes, Section 475.61, Subdivision 3.
To provide moneys for payment of the principal and
interest on the Bonds due to be paid in 2012 there is h eby
levied upon all of the t�able property in the City a irect
annual ad valorem tax which shall be spread upon the a�c rolls
and collected with and as part of other general pr erty taxes in
the City for the years and in the amounts as foll s:
Year of Tax
Levy
2010
Year of Tax
Collection
2011
The tax levies are such that
together with estimated collections of
other revenues herein pledged for the
produce at least five percent {5%) in
to meet when due the principal and i t
Bonds. The tax levies shall be ir pe
the Bonds are outstanding and unp d,
reserves the right and power to duce
and to the extent permitted by nneso
475.61, Subdivision 3.
Amount
$
i collected in full they,
ecial assessments and
ayment of the Bonds, will
excess of the amount needed
erest payments on the
alable so long as any of
provided that the City
the levies in the manner
ta Statutes, Section
21. General Oblig�tion Ple@c�e. For the prompt and
full payment of the princip 1 and interest on the Bonds, as the
same respectively become d e, the full faith, credit and taxing
powers of the City shall e and are hereby irrevocably pledged.
If the balance in the sp cial account relating to the Bonds in
the Debt Service Fund ( s defined in paragraph 17 hereof) is ever
insufficient to pay al principal and interest then due on the
Bonds payable therefr m, the deficiency shall be promptly paid
out of any other fun s of the City whzch are available for such
purpose, including e general fund of the City and the Debt
Service Fund and t e special accounts therein, and such other
funds may be rei ursed with or withbut interest from the special
account in the D t Service Fund relating to the Bonds when a
sufficient bala ce is available therein.
22. Certificate of Registration. The Director, Office
of Financial Services, is hereby directed to file a certified
copy of thi Resolution with the officer of Ramsey County,
Minnesota, performing the functions of the county auditor (the
"County ditor"), together with such other information as the
County ditor shall require, and to obtain the County Auditor's
certif' ate that the Bonds have been entered in the County
Audito 's Bond Register, and that the tax levy required by law
has en made.
so.z 37
OR{G11�AL
A�.�� i�..��, _ �t,�ieo
S�3 4� 36, 3'1
RESOLUTION
F.i
C1TY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Committee:
1 ACCEPTING PROPOSAL ON SALE OF
2 $2,950,000 GENERAL OBLIGATION STREET IMPROVEMENT
3 SPECIAL ASSESSMENT BONDS, SERIES 2000B,
4 PROVIDING FOR THEIR ISSUANCE, AND LEVYING
5 A TAX FOR THE PAYMENT THEREOF
6
7
8
9
10
11
12
13
14
WHEREAS, the Director, Office of Financial Services,
has presented proposals received for the sale of $2,950,000
General Obligation Street Improvement Special Assessment Bonds,
Series 2000B (the "Bonds��), of the City of Saint Paul, Minnesota
(the "City"); and
WHEREAS, the proposals set forth on Exhibit A attached
hereto were received pursuant to the Terms of Proposal at the
offices of 5pringsted Incorporated at 10:30 A.M., Central Time,
this same day; and
15 WHEREAS, the Director, Office of FinanCial ServiCes,
16 has advised this Council that the proposal of
17 ��n Rg„�s �-r ��.�. was found Zo be the most advantageous
18 and has recommerided that said proposal be accepted; and
19 WHEREAS, the proceeds of the Bonds wi11 finance certain
20 street improvements to be specially assessed, for which the City
21 is proceeding pursuant to its Charter and not Minnesota Statutes,
22 Chapter 429, with any excess to be used for any other purpose
23 permitted by law; and
Council File # 00 � �y S
GreenSheet# �O\�,3
O � -1�45
1 WHEREAS, the City has heretofore issued registered
2 obligations in certificated form, and incurs substantial costs
3 associated with their printing and issuance, substantial
4 continuing transaction costs relating to their payment, transfer
5 and exchange; and
6
7
8
9
10
il
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15
16
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19
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WHEREAS, the City has determined that significant
savings in transaction costs will result from issuing bonds in
"global book-entry form", by which bonds are issued in
certificated form in large denominations, registered on the books
of the City in the name of a depository or its nominee, and held
in safekeeping and immobilized by such depository, and such
depository as part of the computerized national securities
clearance and settlement system (the "National System") registers
transfers of ownership interests in the bonds by making
computerized book entries on its own books and distributes
payments on Che bonds to its Participants shown on its books as
the owners of such interests; and such Participants and other
banks, brokers and dealers participating in the National System
wi11 do likewise (not as agents of the City) if not the
beneficial owners of the bonds; and
WHEREAS, "Participants" means those finanCial
institutions for whom the Depository effects book-entry transfers
and pledges of securities deposited and immobilized with the
Depository; and
25 WHEREAS, The Depository Trust Company, a limited
2b purpose trust company organized under the laws of the State of
27 New York, or any of its successors or successors to its functions
28 hereunder (the ��Depository"), will act as such depository with
29 respect to the Bonds except as set forth below, and the City has
30 heretofore delivered a letter of representations (the "Letter of
31 ltepreseneations'�) setting forth various matters relating to the
32 Depository and its role with respect to the Sonds; and
33 WHEREAS, the City will deliver the Bonds in the form of
34 one certificate per maturity, each representing the entire
35 principal amount of the Bonds due on a particular maturity date
36 (each a"Global Certificate"), which single certificate per
37 maturity may be transferred on the City�s bond register as
38 required by the Uniform Commercial Code, but not exchanged for
39 smaller denominations unless the City determines to issue
40 Replacement Bonds as provided below; and
41 WHEREAS, the City will be able to replace the
42 Depository or under certain circumstances to abandon the "global
43 book-entry fonn" by permitting the G1oba1 Certificates to be
44 exchanged for smaller denominations typical of ordinary bonds
45 registered on the City's bond register; and "Replacement Bonds"
46 means the certificates representing the Bonds so authenticated
1134860.2 2
ca-�yS
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and
3 WHEREAS, "Holder" as used herein means the person in
4 whose name a Bond is registered on the registration books of the
5 City maintained by the registrar appointed as provided in
6 paragraph 8(the "Bond Registrar"); and
7 WHEREAS, Ru1e 15c2-12 of the Securities and Exchange
8 Commission prohibits "participating underwriters" from purchasing
9 or selling the Bonds unless the City undertakes to provide
1� certain continuing disclosure with respect to the Bonds; and
11
12
13
14
15
16
17
�
21
22
23
24
25
26
27
28
29
30
31
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35
WHEREAS, pursuant to Minnesota Statutes, Section
475.60, Subdivision 2(9), public sale requirements do not apply
to the Bonds if the City retains an independent financial advisor
and determines to sell the Bonds by private negotiation, and the
City has instead authorized a competitive sale without
publication of notice thereof as a form of private neqotiation;
and
WHEREAS, proposals for the Bonds have been solicited by
Springsted Incorporated pursuant to an Official Statement and
Terms of Proposal therein:
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of Dain
Rauscher Inc. (the "Purchaser"}, to purchase $2,950,000 General
Obligation Street Improvement Special Assessment Sonds, Series
2000B, of the City (Che "Bonds", or individually a"Bond"), in
accordance with the Terms of Proposal for the bond sale, at the
rates of interest hereinafter set forth, and to pay therefor the
sum of $2,921,668.55, plus interest accrued to settlement, is
hereby found, determined and declared to be the most favorable
proposal received and is hereby accepted, and the Bonds are
hereby awarded to the Purchaser. The Director, Office of
Financial Services, or his designee, is directed to retain the
deposit of the Purchaser and to forthwith return to the others
making proposals their good faith checks or drafts.
36 2. Title; Oriainal Issue Date; Denominations;
37 Maturities. The Bonds shall be titled "General Obligation Street
38 Improvement Special Assessment Bonds, Series 2000B", shall be
39 dated March 1, 2000, as the date of original issue and shall be
40 issued forthwith on or after such date as fully registered bonds.
41 `Phe Boncls shall be numbered from R-1 upward. Global Certi£icates
1134860.2 3
co _ �y,g
1 shall each be in the denomination of the entire principal amount
2 maturing on a single date, or, if a portion of said principal
3 amount is prepaid, said principal amount less the prepayment.
4 Replacement Bonds, if issued as provided in paragraph 6, shall be
5 in the denomination of $5,000 each or in any integral multiple
6 thereof of a single maturity. The Bonds sha11 mature on March 1
7 in the years and amounts as follows:
8 Year
9 2001
10 2002
11 2003
12 2004
13 2005
14 2006
15 For purposes
16 maturities of
17 of the City's
18 Bonds, Series
19
20
21
22
23
24
25
26
27
28
29
30
31
32
Amount
Year Amount
$400,00o zoo� $ lis,000
150,000 2008 115,000
120,000 2QQ9 115,000
120,000 2010 115,000
120,000 2011 115,000
115,000 2012 1,350,000
of Minnesota Statutes, Section 475.54, the serial
the Bonds are combined with the serial maturities
$19,000,�0� General Obligation Capital Improvement
2000A.
3. Purpose. The Bonds shall provide £unds for the
construction of various street improvements (the "Improvements")
in the City, and any excess funds shall be devoted to any other
purpose permitted by law. The total cost of the Improvements,
which shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the Bonds. Work on the Improvements shall proceed with due
diligence to completion.
4. Interest. The Bonds shall bear interest payable
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 2000,
calculated on the basis of a 360-day year of twelve 30-day
months, at Che respective rates per annum set forth opposite the
maturity years as follows:
33 Maturity Year Interest Rate Maturity Year
34 2001
35 2002
36 2003
37 2004
38 2005
39 2006
4.750 2007
4.75 2008
4.75 2009
4.75 2010
4.80 2011
4.90 2012
Interest Rate
5.�Oo
5.00
5.10
5.15
5.25
5.30
40 5. Description of the Global Certificates and G1oba1
41 Book-Entry System. Upon their original issuance the Bonds will
42 be issued in the form of a single Global Certificate for each
43 maturity, deposited with the Depository by the Purchaser and
44 immobilized as provided in paragraph 6. No beneficial owners of
1134860.2 4
oa -145
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interests in the Bonds will receive certificates representing
their respective interests in the Bonds except as pravided in
paragraph 6. Except as so provided, during the term of the
Bonds, beneficial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certificates
will be reflected by book entries made on the records of the
Depository and its Participants and other banks, brokers, and
dealers participating in the National System. The Depository�s
book entries of beneficial ownership interests are authorized to
be in increments of $5,000 of principal of the Bonds, but not
smaller increments, despite the larger authorized denominations
of the Global Certificates_ Payment of principal of, premium, if
any, and interest on the Global Certificates will be made to the
Bond Registrar as paying agent, and in turn by the Bond Registrar
to the Depository or its nominee as registered owner of the
Global Certificates, and the Depository according to �he laws and
rules governing it will receive and forward payments on behalf of
the beneficial owners of the Global Certificates.
Payment of principal of, premium, if any, and interest
on a Global Certificate may in the City's discretion be made by
such other method of transferring funds as may be requested by
the Holder of a Global Certificate.
6. Immobilization of Global Certificates bv the
Depository• Successor Depository• ReAlacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately upon the original
delivery of the Bonds the Purchaser will deposit the Global
Certificates representing all of the Bonds with the Depository.
The Global Certificates shall be in typewritten form or otherwise
as acceptable to the Depository, shall be registered in the name
of the Depository or its nominee and shall be held immobilized
from circulation at the offices of the Depository on behalf of
the Purchaser and suhsequent bondowners. The Depository or its
nominee will be the sole holder of record of the Global
Certificates and no investor or other party purchasing, selling
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond'certificates so long as the
Depository holds the Global Certificates immobilized from
circulation, except as provided below in this paragraph and in
paragraph 12.
CerCificates evidencing the Bonds may not after their
original delivery be transferred or exchanged except:
(i) Upon registration of transfer of ownership of a
Global Certificate, as provided in paragraph 12,
iii)
nominee) or
depository")
1134860.2
To any successor of the Depository (or its
any substitute depository (a "substitute
designated pursuant to clause (iii) of this
5
00 -ty5
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2
3
4
5
6
7
subparagraph, provided that any successor of the Depository
or any substitute depository must be both a"clearing
corporation° as defined in the Minnesota Uniform Commercial
Code aC Minnesota Statutes, Section 336.8-102, and a
qualified and registered "clearing agency" as provided in
Section 17A of the Securities Exchange Act of 1934, as
amended,
8 (iii) To a substitute depository designated by and
9 acceptable to the City upon (a) the determination by the
10 Depository that the Bonds shall no longer be eligible for
11 its depository services or (b) a determination by the City
12 that the Depository is no longer able to carry out its
13 functions, provided that any substitute depository must be
14 qualified to act as such, as provided in clause (ii) of this
15 subparagraph, or
16 (iv) To those persons to whom transfer is requested
17 in written transfer instructions in the event that:
18 (a) the Depository shall resign or discontinue
19 its services for the Bonds and the City is unable to
20 locate a substitute depository within two (2) months
21 following the resignation or determination of non-
22 eligibility, or
23 (b) upon a determination by the City in its sole
24 discretion that (1) the continuation of the book-entry
25 system described herein, which precludes the issuance
26 of certificates (other than Global Certificates) to any
27 Holder oCher than the Depository (or its nominee),
28 might adversely affect the interest of the beneficial
24 owners of the Bonds, or (2) that it is in the best
30 interest of the beneficial owners of the Bonds that
31 they be able to obtain certificated bonds,
32 in either of which events the City shall notify Holders of
33 its determination and of the availability of certificates
34 (the "Replacement Bonds") to Holders requesting the same and
35 the registration, transfer and exchange of such Bonds will
36 be conducted as provided in paragraphs 9B and 12 hereoP.
37 In the event
38 be authorized by this
39 presentation of Global
40 to the substitute or s
41 successor depository s
42 purposes and functions
43 Representations shall
44 depository unless the
45 depository so agree, a
1134860.2
of a succession of the Depository as may
paragraph, the Bond Registrar upon
Certificates shall register their tran5fer
uccessor depository, and the substitute or
hall be treated as the Depository for all
under this resolution. The Letter of
not apply to a substitute or successor
City and the substitute or successor
nd a similar agreement may be entered into.
0
00 - Ws
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16
Redem�tion.
(a) O�tional Redemption: Due Date. A11 Bonds maturing
after March 1, 2008, shall be subject to redemption and
prepayment at the option of the City on such date and on any day
thereafter at a price of par plus 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 may be
prepaid in such order of maturity and in such amount per maturity
as the City shall determine; and if only part of the Bonds having
a common maturity date are called for prepayment, the Global
Certificates may-be prepaid in $5,000 increments of principal
and, if applicable, the specific Replacement Bonds to be prepaid
shall be chosen by lot by the Bond Registrar. Bonds or portions
thereof called for redemption shall be due and payable on the
redemption date, and interest thereon shall cease to accrue from
and after the redemption date.
17 (b) Notation on Global Certificate. Upon a reduction in
18 the aggregate principal amount of a Global Certificate, the
19 Holder may make a notation of such redemption on the panel
20 provided on the Global Certificate stating the amount so
21 redeemed, or may return the Global CertificaCe to the Bond
22 Registrar in exchange for a new Global Certificate authenticated
23 by the Bond Registrar, in proper principal amount. Such
24 notation, if made by the Holder, shall be for reference only, and
25 may not be relied upon by any other person as being in any way
26 determinative of the principal amount of such Global CertifiCate
27 outstanding, unless the Bond Registrar has signed the appropriate
28 column of the panel.
29 (c) Selection of Reolacement Bonds. To effect a partial
30 redemption of Replacement Bonds having a common maturity date,
31 the Bond Registrar prior to giving notice of redemption shall
32 assign to each Replacement Bond having a common maturity date a
33 distinctive number for each $5,000 of the principal amount of
34 such Replacement Bond. The Bond Registrar shall then select by
35 lot, using such method of selection as it sha11 deem proper in
36 its discretion, from the numhers so assigned to such Replacement
37 Bonds, as many numbers as, at $5,000 for each number, shall equal
38 the principal amount of such Replacement Bonds to be redeemed.
39 The Replacement Bonds to be redeemed shall be the Replacement
40 Bonds to which were assigned numbers so selected; provided,
41 however, that only so much of the principal amount of each such
42 Replacement Bond of a denomination of more than $5,00� shall be
43 redeemed as shall equal $5,000 for each number assigned to it and
44 so selected.
45 (d) Partial Redemption of Replacement Bond. If a
46 Replacement Bond is to be redeemed only in part, it shall be
47 surrendered to the Bond Registrar (with, if the City or Bond
48 Registrar so requires, a written instrument of transfer in form
1134860.2 ')
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1 satisfactory to the City and Bond Registrar duly executed by the
2 Holder thereof or his, her or its attorney duly authorized in
3 writing) and the City shall execute (if necessary) and the Bond
4 Registrar shall authenticate and deliver to the Holder of such
5 Replacement Bond, without service charge, a new Replacement Bond
6 or Bonds of the same series having the same stated maturity and
7 interest rate and of any authorized denominatian or
8 denominations, as requested by such Holder, in aggregate
9 principal amount equal to and in exchange for the unredeemed
10 portion of the principal of the Bond so surrendered.
11 (e) Recruest for Redem�tion. The Bond Registrar shall call
12 Bonds for redemption and payment as herein provided upon receipt
13 by the Bond Registrar at least forty-five (45) days prior to the
14 redemption date of a request of the City, in written form if the
15 Bond Registrar is other than a City officer. Such request shall
16 specify the principal amount of Bonds to be called for reaemption
17 and the redemption date.
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(f) Notice. Mailed notice of redemption sha11 be given
the paying agent (if other than a City officer) and to each
affected Aolder. If and when the City shall call any of the
Bonds for redemption and payment prior to the stated maturity
thereof, the Bond Registrar shall give written notice in the
of the City of its intention to redeem and pay such Bonds at
o£fice of the Bond Registrar. Notice of redemption shall be
to
name
the
given by first class mail, postage prepaid, mailed not less than
thirty (3�) days prior to the redemption date, to each Holder of
Bonds to be redeemed, at the address appearing in the Bond
Register. All notices of redemption shall state:
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1134860.2
ii) The redemption date;
(ii) The redemption price;
(iii) If less than all outstanding Bonds are to be
redeemed, the identification (and, in the case of
partial redemption, the respective principal
amounts) of the Bonds�to be redeemed;
(iv) That on the redemption date, the redemption price
will become due and payable upon each such Hond,
and that interest thereon shall cease to accrue
from and after said date; and
(v) The place where such Bonds are to be surrendered
for payment of the redemption �srice (which shall
be the office of the Bond Registrar).
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{g) Notice to Depository. Notices to The Depository Trust
Company or its nominee shall contain the CUSIP numbers of the
Bonds. If there are any Holders of the Bonds other than the
Depository or its nominee, the Bond Registrar shall use its best
efforts to deliver any such notice to the Depository on the
business day next preceding the date of mailing of such notice to
all other Holders.
8. Bond Rectistrar. U.S. Bank Trust National
Association, in Saint Paul, Minnesota, is appointed to act as
bond registrar and transfer agent with respect to the Bonds (the
"Bond Registrar"), and shall do so unless and until a successor
Bond Registrar is duly appointed, all pursuant to any contract
the City and Bond Registrar shall execute which is consistent
herewith. A successor Bond Registrar shall be an officer of the
City or a bank or trust company eligible for designation as bond
registrar pursuant to Minnesota Statutes, Chapter 475, and may be
appointed pursuant to any contract the City and such successor
Bond Registrar shall execute which is consistent herewith. The
Bond Registrar shall also serve as paying agent unless and until
a successor paying agent is duly appointed. Principal and
interest on the Bonds shall be paid to the Holders (or record
holders) of the Bonds in the manner set forth in the forms of
Bond and paragraph 14 of this resolution.
9. Forms of Bond. The Bonds shall be in the form of
Global Certificates unless and until Replacement Bonds are made
available as provided in paragraph 6. Each form of bond may
contain suCh additional or different terms and provisions as to
the form of payment, record date, notices and other matters as
are consistent with the Letter of Representations and approved by
the City Attorney.
31 A. Global Certificates. The Global Certificates,
32 together with the Certificate of Registration, the Register of
33 Partial Payments, the form of Assignment and the registration
34 information thereon, shall be in substantially the following form
35 and may be typewritten rather than printed:
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UNSTED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAI, OBLIGATTON STREET IMPROVEMENT
SPECIAL ASSESSMENT SOND, SERIES 2000B
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
March 1,
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "ISSUer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above or on the certificate
of registration below, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year ieach, an "Interest Payment Date"),
commencing September 1, 2000, at the rate per annum specified
above (calculated on the basis of a 36�-day year of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable in
same-day funds Hy 2:3� p.m., Eastern•time, upon presentation and
surrender hereof at the principal office of
in , Minnesota (the "BOnd
Registrar°), acting as paying agent, or any successor paying
agent duly appointed by the Issuer; provided, however, that upon
a partial redemption of this Bond which results in the stated
amount hereof being reduced, the Holder may in its discretion be
paid without presentation of this Bond, which payment shall be
received no later than 2:30 p.m., Eastern time, and may make a
notation on the panel provided herein of such redemption, stating
the amount so redeemed, or may return the Bond to the Bond
Registrar in exchange for a new Bond in the proper principal
amount. Such notation, if made by the Aolder, shall be for
reference only, and may not be relied upon by any other person as
March 1, 2000
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being in any way determinative of the principal amount of Chis
Bond outstanding, unless the Bond Registrar has signed the
appropriate column of the panel. Interest on this Bond will be
paid on each Interest Payment Date in same-day funds by 2_3o
p.m., Eastern time, to the person in whose name this Bond is
registered (the "Holder" or ��Sondholder") on the registration
books of the Issuer maintained by the Bond Registrar and at the
address appearing thereon at the close of business on the
fifteenth day of the calendar month preceding such Interest
Payment Date lthe "Regular Record Date���. Interest payments
shall be received by the Aolder no later than 2:30 p.m., Eastern
time; and principal and premium payments shall be received by the
Holder no later than 2:30 p.m., Eastern time, if the Bond is
surrendered for payment enough in advance to permit payment to be
made by such time. Any interest not so timely paid shall cease
to be payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereoP at the close of business on a date (the
"Special Record Date'�) fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
25 Date of Payment Not Business DaX. If the date for
26 payment of the principal of, premium, if any, or interest on this
27 Bond shall be a Saturday, Sunday, legal holiday or a day on which
28 banking institutions in the City of New York, i3ew York, or the
29 city wriere the principal office of the Bond Registrar is located
30 are authorized by law or exacutive order to close, then the date
31 for such payment shall be the next succeeding day which is not a
32 Saturday, Sunday, legal holiday or a day on which such banking
33 institutions are authorized to close, and payment on such date
34 shall have the same force and effect as if made on the nominal
35 date of payment.
36 Redemption. All Bonds of this issue (the "Bonfls")
37 maturing after March 1, 2008, are subject to redemption and
38 prepayment at the option of the Issuer on such date and on any
39 day thereafter at a price of par plus accrued interest.
40 Redemption may be in whole or in part of the Bonds subject to
41 prepayment. If redemption is in part, those Bonds remaining
42 unpaid may be prepaid in such order of maturity and in such
43 amount per maturity as the City shall detexmine; and if only part
44 of the Bonds having a common maturity date are called for
45 prepayment, this Bond may be prepaid in $5,000 increments of
46 principal. Bonds or portions thereof called for redemption shall
47 be due and payable on the redemption date, and interest thereon
48 shall cease to accrue from and after the redemption date.
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Notice of Redemption. Mailed notice of redemption
shall be given to the paying agent (if other than a City officer)
and to each affected Holder of the Bonds. In the event any of
the Bonds are called for redemption, written notice thereof wi11
be given by first class mail mailed not less than thirty (30)
days prior to the redemption date to each Holder of Bonds to be
redeemed. In connection with any such notice, the "CUSIP"
numbers assigned to the Bonds shall be used.
Replacement or Notation of Bonds after Partial
Redemption. Upon a partial redemption of this Bond which results
in the stated amount hereof being reduced, the Holder may in its
discretion make a notation on the panel provided herein of such
redemption, stating the amount so redeemed. Such notation, if
made by the Holder, shall be for reference only, and may not be
relied upon by any other person as being in any way determinative
of the grincipal amount of the Bond outstanding, unless the Bond
Registrar has signed the appropriate column of the panel.
Otherwise, the Holder may surrender this Bond to the Bond
Registrar (with, if the Issuer or Bond Registrar so requires, a
written instrument of transfer in form satisfactory to the Issuer
and Bond Registrar duly executed by the Holder thereof or his,
her or its attorney duly authorized in writing) and the Issuer
shall execute (if necessary) and the Bond Registrar shall
authenticate and deliver to the Aolder of such Bond, without
service charge, a new Bond of the same series having the same
stated maturity and interest rate and of the authorized
denomination in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose: General OblicZation. This Bond is
one of an issue in the total principal amount of $2,950,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and the
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on February 16, 2000 (the
"Resolution'�?, for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations; Exchang.e; Resolution. The Bonds are
issuable originally only as Global Certificates in the
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denomination of the entire principal amount of the issue maturing
on a single date, or, if a portion of said principal amount is
prepaid, said principal amount less the prepayment. G1oba1
Certificates are not exchangeable for fully registered bonds of
smaller denominations except to evidence a partial prepayment or
in exchange for Replacement Bonds if then availahle. Replacement
Bonds, if made available as provided below, are issuable solely
as fully registered bonds in the denominations of $5,000 and
integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject Co the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Reglacement Bonds. Replacement Bonds may be issued by
the Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable to
locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that (1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certificates) to
any Holder other than the Depository (or its nominee), might
adversely affect the interest o£ the beneficial owners of
the Bonds, or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to obtain
certificated bonds.
Transfer. This Bond shall be registered in the name of
the payee on the books of the Issuer'by presenting this Bond for
registration to the Bond Registrar, who will endorse his, her or
its name and note the date of registration opposite the name of
the payee in the certificate of registration attached hereto.
Thereafter this Bond may be transferred by delivery with an
assignment duly executed by the Holder or his, her or its legal
representatives, and the Issuer and Bond Registrar may treat the
Holder as the person exclusively entitled to exercise all the
rights and powers of an owner until this Bond is presented with
such assignment for registration of transfer, accompanied by
assurance of the nature provided by law that the assignment is
genuine and effective, and until such transfer is registered on
said books and noted hereon by the Bond Registrar, all subject to
the terms and conditions provided in the Resolution and to
1134860.2 ]_3
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1 reasonable regulations of the Issuer contained in any agreement
2 with, or notice to, the Bond Registrar. Transfer of this Bond
3 may, at the direction and expense of the Issuer, be subject to
4 certain other restrictions if reguired to qualify this Bond as
5 being ��in registered form" within the meaning of Section 149(a)
6 of the federal Internal Revenue Code of 1986, as amended.
7 Fees upon Transfer or Loss. The Bond Registrar may
8 require payment of a sum sufficient to cover any tax or other
9 governmental charge payable in connection with the transfer or
10 exchange of this Bond and any legal or unusual costs regarding
il transfers and lost Bonds.
12 Treatment of ReQistered Owner. The Issuer and Bond
13 Registrar may treat the person in whose name this Bond is
14 registered as the owner hereof for the purpose of receiving
15 payment as herein provided (except as otherwise provided with
16 respect to the Record Date) and for all other purposes, whether
17 or not this Bond shall be overdue, and neither the Issuer nor the
18 Bond Registrar shall be affected by notice to the contrary.
19 Authentication. This Bond shall not be valid or become
20 obligatory for any purpose or be entitled to any security unless
21 the Certificate of Authentication hereon shall have been executed
22 by the Bond Registrar.
23 Not Ouali£ied Tax-Sxempt Obligations. The Bonds have
24 not been designated by the Issuer as "qualified tax-exempt
25 obligations" for purposes of Section 265(b)(3) of the federal
26 Internal Revenue Code of 1986, as amended. The Bonds do not
27 qualify for such designation.
28 IT IS HEREBY CERTIFIED AND RECITED that all act�,
29 conditions and things required by the Constitution and laws of
30 the State of Minnesota and the Charter of the Issuer to be done,
31 to happen and to be performed, precedent to and in the issuance
32 of this Bond, have been done, have happened and have been
33 performed, in regular and due form, time and manner as required
34 by law, and that this Bond, together with all other debts of the
35 Issuer outstanding on the date of original issue hereof and on
36 the date of its issuance and delivery to the original purchaser,
37 does not exceed any constitutional or statutory or Charter
38 limitation of indebtedness.
39 IN WITNESS WHEREOF, the City of Saint Paul, Ram5ey
40 County, Minnesota, by its City Council has caused this Bond to be
41 executed on its behalf by the photocopied facsimile signature of
42 its Mayor, attested by the photocopied facsimile signature of its
43 Clerk, and countersigned by the photocopied facsimile signature
44 of its Director, Office of Financial Services, the official seal
45 having been omitted as permitted by law.
1134860.2 1Q
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Date of Registration
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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16 Bond Registrar
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By
Authorized Signature
Registrable by:
Payable at: _
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
22 General Obligation Street Improvement Special Assessment Bond,
23 Series 2000B, No. R-
1134860.2
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached
Bond may be made only by the registered owner or his, her or its
legal representative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
SIGNATURE OF
BOND REGISTRAR
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REGISTER OF PARTIAL PAYMENTS
3 The principal amount of the attached Bond has been prepaid on the
4 dates and in the amounts noted below:
5 Signature of Signature of
6 Date Amount Bondholder Bond Registrar
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23 If a notation is made on this register, such notation has the
24 effect stated in the attached Bond. Partial payments do not
25 require the presentation of the attached Bond to the Bond
26 Registrar, and a Holder could fail to note the partial pa��ment
27 here.
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ABBREVIATIONS
The following abbreviations, when used in the inscription on
the face of this Bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cust) (Minor)
under the Uniform Transfers
(State)
to Minors Act
Additional abbreviations may also be used
though not in the above list.
1134860.2
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ASSIGNMENT
2 For value received, the undersigned hereby sells,
3 assigns and transfers unto
4 the attached Bond and does
5 hereby irrevocably constitute and appoint
6 attorney to transfer the Bond on the books
7 kept for the registration thereof, with full power of
8 substitution in the premises.
9 Dated:
10 Notice: The assignor's signature to this assignment
11 must correspond with the name as it appears
12 upon the face of the attached Sond in every
13 particular, without alteration or any change
14 whatever.
15 Signature Guaranteed:
16
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
21 The Bond Registrar will not effect transfer of this
22 Bond unless the information concerning the transferee requested
23 below is provided.
24 Name and Address:
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(Include information for all joint owners
if the Bond is held by joint account.)
1134860.2 ]_9
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1 B. Re�lacement Bonds. If the City has notified
2 xolders that Replacement Bonds have been made available as
3 provided in paragraph 6, then for every Bond thereafter
4 transferred or exchanged (including an exchange to reflect the
5 partial prepayment of a G1oba1 Certificate not previously
6 exchanged for Replacement Bonds) the Bond Registrar shall deliver
7 a certificate in the form of the Replacement Bond rather than the
8 G1oba1 Certificate, but the Holder of a Global Certificate shall
9 not otherwise be required to exchange t12e Global Certificate for
10 one or more Replacement Bonds since the City recognizes that some
11 beneficial owners may prefer the convenience of the Depository's
12 registered ownership of the Bonds even though the entire issue is
13 no longer required to be in global book-entry form. The
14 Replacement Bonds, together with the Bond Registrar's Certificate
15 of Authentication, the form of Assignment and the registration
16 information thereon, shall be in substantially the following
17 form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOND, SERIES 2000B
MATURITY DATE OF
DATE ORIGINAL ISSUE
March 1, 2000
REGISTERED OWNER:
PRINCIPAL AMOUNT:
S
CUSIP
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
certifies that it is indebted and for value received prom:.ses to
pay to the registered owner specified above, or registered
assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturiCy date specified above,
unless called for earlier redemption, and to pay interest thereon
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 2000, at the
rate per annum specified above (calculated on the basis of a
360-day year of twelve 30-day months) until the principal sum is
paid or has been provided for. This Bond will bear interest from
the most recent Interest Payment Date to which interest has been
paid or, if no interest has been paid, from the date of original
issue hereof. fihe principal of and premium, if any, on this Bond
are payable upon presentation and surrender hereof at the
principal office of , in
, (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly
appointed by the Issuer. Interest on this Bond will be paid on
each Interest Payment Date by check or draft mailed to the person
in whose name this Bond is registered (the "Holder�� or
"Bondholder") on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar month
preceding such Interest Payment Date (the "Regular Record DaCe").
Any interest not so timely paid shall cease to be payable to the
person who is the Holder hereof as of the Regular Record Date,
and sha11 be payable to the person who is the Holder hereof at
1134860.2 2 1
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1 the close of business on a date (the ��Special Record Date��) fixed
2 by the Bond Registrar whenever money becomes available for
3 payment of the defaulted interest. Notice of the Special Record
4 Date shall be given to Bondholders not less than ten days prior
5 to the Special Record Date. The principal of and premium, if
6 any, and interest on this Bond are payable in lawful money of the
7 United States of AmeriCa.
8 REFERENCE IS HEREBY MP.DE TO THE FURTHER PROVISIONS OF
9 THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
10 FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
11 IT IS HEREBY CERTIFIED AND RECITED that all acts,
12 conditions and things required by the Constitution and laws of
13 the State of Minnesota and the Charter of the Issuer to be done,
14 to happen and to be performed, precedent to and in the issuance
15 of this Bond, have been done, have happened and have been
16 performed, in regular and due form, Cime and manner as required
17 by 1aw, and that this Bond, together with all other debts of the
18 Issuer outstanding on the date of original issue hereof and on
19 the date of its issuance and delivery to the original purchaser,
20 does not exceed any constitutional or statutory or Charter
21 limitation of indebtedness.
22 IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
23 County, Minnesota, by its City Council has caused this Bond to be
24 executed on its behalf by the original or facsimile signature of
25 its Mayor, atCested by the original or facsimile signature of its
26 Clerk, and countersigned by the original or facsimile signature
27 of its Director, Office of Financial Services, the official seal
28 having been omitted as permitted by law.
1134860.2 Z 2
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Date of Regi5tration:
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Sond is one of the
9 Bonds described in the
10 Resolution mentioned
il within.
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15 Bond Registrar
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By
Authorized Signature
1134860.2
Registrable by:
Payable at: _
CITY OF SAINT PAUL,
RAMSEY COIINTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
23
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ON REVERSE OF BOND
2 Date of Payment Not Business Dav. If the date for
3 payment of the principal of, premium, if any, or interest on this
4 Bond shall be a Saturday, Sunday, legal holiday or a day on which
5 banking institutions in the City of New York, New York, or the
6 city where the principal office of the Bond Registrar is located
7 are authorized by law or executive order to close, then the date
8 for such payment shall be the next succeeding day which is not a
9 Saturday, Sunday, legal holiday or a day on which such banking
10 institutions are authorized to close, and payment on such date
11 shall have the same force and effect as if made on the nominal
12 date of payment.
13 Redemption. A11 Bonds af this issue (the "Bonds")
14 maturing a£ter March 1, 2008, are subject to redemption and
15 prepayment at the option of the Issuer on such date and on any
16 day thereafter at a price of par plus accrued interest.
17 Redemption may be in whole or in part of the Bonds subject to
18 prepayment. If redemption is in part, those Bonds remaining
19 unpaid may be prepaid in such order of maturity and in such
20 amount per maturity as the City shall deternzine; and if only part
21 of the Bonds having a common maturity date are called for
22 prepayment, the specific Bonds to be prepaid shall be chosen by
23 lot by the Bond Registrar. Bonds or portions thereof called for
24 redemption shall be due and payable on the redemption date, and
25 interest thereon shall cease to accrue from and after the
26 redemption date.
27 Notice of Redemption. Mailed notice of redemption
28 shall be given to the paying agent (if other than a City officer)
29 and to each affected Holder of the Bonds. In the event any of
30 the Bonds are called for redemption, written notice thereof will
31 be given by first class mail mailed not less than thirty (30)
32 days prior to the redemption date to each Holder of Bonds to be
33 redeemed. In connection with any such notice, the "CUSIP"
34 numbers assigned to the Bonds shall be used.
35 Selection of Bonds for Redemption. To effect a partial
36 redemption of Bonds having a common maturity date, the Bond
37 Registrar shall assign to each Bond having a common maturity date
38 a distinctive number for each $5,000 of the principal amount of
39 such Bond. The Bond Registrar shall then select by 1ot, using
40 such method of selection as it shall deem proper in its
41 discretion, from the numbers assigned to the Bonds, as many
42 numbers as, at $5,000 for each number, shall equal the principal
43 amount of such Bonds to be redeemed. The Bonds to be redeemed
44 shall be the Bonds to which were assigned numbers so selected;
45 provided, however, that only so much of the principal amount of
46 such Bond of a denomination of more than $5,000 shall be redeemed
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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
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Holder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service 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 Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance: Purpose: General Obliqation. This Bond is
one of an issue in the total principal amount of $2,950,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denominaCion and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and Che
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on February 16, 2000 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in Che City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- SCreets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations: Exchanae: Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,000 and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate prihcipal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Aeference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
44 Transfer. This Bond is transferable by the Holder in
45 person or by his, her or its attorney duly authori2ed in writing
46 at the principal office of the Bond Registrar upon presentation
47 and surrender hereof to the Bond Registrar, all subject to the
48 terms and conditions provided in the Resolution and to reasonable
49 regulations of the Issuer contained in any agreement with, or
113486�.2 2 �j
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1 notice to, the Bond Registrar. Thereupon the Issuer shall
2 execute and the Bond Registrar sha11 authenticate and deliver, in
3 exchange for this Bond, one or more new fully registered Bonds in
4 the name of the transferee (but not registered in blank or to
5 ��bearer" or similar designation), of an authorized denomination
6 or denominations, in aggregate principal amount equal to the
7 principal amount of this Bond, of the same maturity and bearing
8 interest at the same rate.
9 Fees upon Transfer or Loss. The Bond Registrar may
1� require payment of a sum sufficient to cover any tax or other
11 governmental charge payable in connection with the transfer or
12 exchange of this Bond and any legal or unusual costs regarding
13 transfers and lost Bonds.
14 Treatment of Registered Owner. The Issuer and Bond
15 Registrar may treat the person in whose name this Bond is
16 registered as the owner hereof for the purpose of receiving
1'7 payment as herein provided (except as otherwise provided on the
18 reverse side hereof with respect to the Record Date) and for all
19 other purposes, whether or not this Bond shall be overdue, and
20 neither the Issuer nor the Bond Registrar shall be affected by
21 notice to the contrary.
22 Authentication. This Bond shall not be valid or become
23 obligatory for any purpose or be entitled to any security unless
24 the Certificate of Authentication hereon shall have been executed
25 by the Bond Registrar.
26 Not Oualified Tax-Exem�t Obligations. The Bonds have
27 not been designated by the Issuer as "qualified tax-exempt
28 obligations'� for purposes of Section 265(b)(3) of the federal
29 Internal Revenue Code of 1986, as amended. The Bonds do not
30 qualify for such designation.
1134860.2 2 6
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ABBREVIATIONS
2 The following abbreviations, when used in the
3 inscription on the £ace of this Bond, shall be construed as
4 though they were written out in full according to appiicable laws
5 or regulations:
6 TEN COM - as tenants in common
7 TEN ENT - as tenants by the entireties
8 JT TEN - as joint tenants with right of survivorship
9 and not as tenants in common
10 UTMA - as custodian £or
11 (Cust) (Minor)
12 under the Unifozm Transfers
13 (State)
14 to Minors Act
15 Additional abbreviations may also be used
16 though not in the above list.
1134860.2 2']
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises.
9 Dated:
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Notice: The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the within Sond in every
particular, without alteration or any change
whatever.
Signature Guaranteed:
17 Signature(s? must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other �'Eligible Guarantor
2� Institution�' as defined in 17 CFR 240.17Ad-15(a)(2}.
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The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
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10. Execution. The Bonds shall be executed on behalf
of the City by the signatures of its Mayor, Clerk and Director,
Office of Financial Services, each with the effect noted on the
forms of the Bonds, and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed or
photocopied facsimile; and provided further that any of such
signatures may be printed or photocopied facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of 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 officer whose signature or
facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such
signature or facsimile shall nevertheless be valid and sufficient
for a11 purposes, the same as if he or she had remained in office
until delivery.
11. Authentication; Date of Reqistration. No Bond
shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a
Certificate of Authentication on such Bond, substantially in the
form hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. 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 as the date of
registration in the space provided the date on which the Bond is
authenticated. For purposes of delivering the original Global
Certificates to the Purchaser, the Bond Registrar shall insert as
the date of registration the date of original issue, which date
is March 1, 2000. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
12. Registration: Transfer: Exchanqe. The City will
cause to be kept at the principal office of the Sond Kegistrar a
bond register in which, subject to sizch reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar sha11
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
A Global Certificate shall be registered in the name of
the payee on the bool�s of the Bond Registrar by presenting the
Global Certificate for registration to the Bond Registrar, who
will endorse his or her name and note the date of registration
opposite the name of the payee in the certificate of registration
on the Global Certificate. Thereafter a Global Certificate may
be transferred by delivery with an assignment duly executed by
the Aolder or his, her or its legal representative, and the City
113486�.2 2 Q
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1 and Bond Registrar may treat the Halder as the person exclusively
2 entitled to exercise a11 the rights and powers of an owner until
3 a Global Certificate is presented with such assignment for
4 registration of transfer, accompanied by assurance of the nature
5 provided by law that the assignment is genuine and effective, and
6 until such transfer is registered on said books and noted thereon
7 by the Bond Registrar, all subject to the terms and conditions
8 provided in the Resolution and to reasonable regulations o£ the
9 City contained in any agreement with, or notice to, the Bond
10 Registrar.
il Transfer of a Global Certificate may, at the direction
12 and expense of the City, be subject to other restrictions if
13 required to qualify the Global Certificates as being "in
14 registered form" within the meaning of Section 149{a) of the
15 federal Internal Revenue Code of 1986, as amended.
16 If a Global Certificate is to be exchanged for one or
17 more Replacement Bonds, all of the principal amount of the Global
18 Certificate shall be so exchanged.
].9 Upon surrender for transfer of any Replacement Bond at
20 the principal office of the Bond Registrar, the City shall
21 execute (if necessary), and the Bond Registrar shall
22 authenticate, insert the date of registration (as provided in
23 paragraph 11) of, and deliver, in the name of the designated
24 transferee or transferees, one or more new Replacement Bonds of
25 any authorized denomination or denominations of a like aggregate
26 principal amount, having the same stated maturity and interest
27 rate, as requested by the transferor; provided, however, that no
28 bond may be registered in blank or in the name of "bearer" or
29 similar designation.
30 At the ogtion of the Holder of a Replacement Bond,
31 Replacement Bonds may be exchanged for Replacement Bonds of any
32 authori2ed denomination or denominations of a like aggregate
33 principal amount and stated maturity, upon surrender of the
34 Replacement Bonds to be exchanged at the principal office of the
35 Bond Registrar. Whenever any Replac�ment Bonds are so
36 surrendered for exchange, the City shall execute (if necessary),
37 and the Bond Registrar sha11 authenticate, insert the date of
38 registration of, and deliver the Replacement Bonds which the
39 Holder making the exChange is entitled to receive_ Globa'_
40 Certificates may not be exchanged for Global Certificates of
41 smaller denominations.
42 All Bonds surrendered upon any exchange or transfer
43 provided for in this resolution sha11 be promptly cancelled by
44 the Bond Registrar and thereafter disposed of as directed by the
45 City.
1134860.2 3 Q
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1 All Bonds delivered in exchange for or upon transfer of
2 Bonds shall be valid general obligations of the City evidencing
3 the same debt, and entitled to the same benefits under this
4 resolution, as the Bonds surrendered for such exchange or
5 transfer_
6 Every Bond presented or surrendered for transfer or
7 exchange shall be duly endorsed or be accompanied by a written
8 instrument of transfer, in foim satisfactory to the Bond
9 Registrar, duly executed by the Holder thereof or his, her or its
10 attorney duly authorized in writing.
11 The Bond Registrar may require payment of a sum
12 sufficient to cover any tax or other governmental charge payable
13 in connection with the transfer or exchange of any Bond and any
14 legal or unusual costs regarding transfers and lost Bonds.
15 Transfers shall also be subject to reasonable regula-
16 tions of the City contained in any agreement with, or notice to,
17 the Bond Registrar, including regulations which permit the Bond
18 Registrar to close its transfer books between record dates and
19 payment dates.
20 13. Riahts Upon Transfer or Exchanqe. Each Bond
21 delivered upon transfer of or in exchange for or in lieu of any
22 other Bond shall carry all the rights to interest accrued and
23 unpaid, and to accrue, which were carried by such other Bond.
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14. Interest Payment: Record Date. Interest on any
Global Certificate shall be paid as provided in the first
paragraph thereof, and interest on any Replacement Bond shall be
paid on each Interest Payment Date by check or draft mailed to
the person in whose name the Bond is registered (the "Aolder") on
the registration books of the City maintained by the Bond
Registrar, and in each case at the address appearing thereon at
the close of business on the fifteenth (15th) day of the calendar
month preceding suCh Interest Payment Date (Che "Regular Record
Date°). Any such interest not so timely paid shall cease to be
payable to the person who is the Holcier thereof as of the Regular
Record Date, and shall be payable to the person who is the Holder
thereof at the close of business on a date ithe "Special Record
Date"1 fixed by the Eond Registrar whenever money becomes
available for payment of the defaulted interest. Notice of the
Special Record Date sha11 be given by the Bond Registrar to the
Holders not less than ten (10) days prior to the Special Record
Date.
42 15. Holders: Treatment of Registered Owner; Consent of
43 Holders.
44 (A) For the purposes of all actions, consents and other
45 matters affecting Holders of the Bonds, other than payments,
1134860.2 3 ]_
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1 redemptions, and purchases, the City may (but shall not be
2 obligated to) treat as the Aolder of a Bond the beneficial owner
3 of the Bond instead of the person in whose name the Bond is
4 registered. For that purpose, the City may ascertain the
5 identity of the beneficial owner of the Bond by such means as the
6 Bond Registrar in its sole discretion deems appropriate,
7 including but not limited to a certificate from the person in
8 whose name the Bond is registered identifying such beneficial
9 owner.
10 (B) The City and Bond Registrar may treat the person in
11 whose name any Bond is registered as the owner of such Bond for
12 the purpose of receiving payment of principal of and premium, if
13 any, and interest (subject to the payment provisions in paragraph
14 14 above) on, such Bond and for all other purposes whatsoever
15 whether or not such Bond shall be overdue, and neither the City
16 nor the Bond Registrar shall be affected by notice to the
17 contrary.
18 (C) Any consent, request, direction, approval, objection or
19 other instrument to be signed and executed by the Holders may be
20 in any number of concurrent writings of similar tenor and must be
21 signed or executed by such Holders in person or by agent
22 appointed in writing. Proof of the execution of any such
23 consent, request, direction, approval, objection or other
24 instrument or of the writing appointing any such agent and of the
25 ownership of Bonds, if made in the following manner, shall be
26 sufficient for any of the purposes of this Resolution and shall
27 be conclusive in favor of the City with regard to any action
28 taken by it under such request or other instrument, namely:
29 (1) The fact and date of the execution by any person
30 of any such writing may be proved by the certificate of any
31 officer in any jurisdiction who by law has power to take
32 acknowledgments within such jurisdiction that the person
33 signing such writing acknowledged before him or her the
34 execution thereof, or by an affidavit of any witness to such
35 execution.
36 (2) Subject to the provisions of subparagraph (A)
37 above, the fact of the ownership by any person of Bonds and
38 the amounts and numbers of such Bonds, and the date o£ the
39 holding of the same, may be proved by reference to the bond
4� register.
41 16. Delivery: Application of Proceeds. The Global
42 Certificates when so prepared and executed shall be delivered by
43 the Director, Office of Financial Services, to the Purchaser upon
44 receipt of the purchase price, and the Purchaser shall not be
45 obliged to see to the proper application thereof.
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17. E'unds. There is hereby created a special fund to
be designated the "2000 Capital Projects Fund" (numbered C-00,
the "Capital Fund"), to be administered and maintained by the
City Treasurer as a bookkeeping account separate and apart from
all other accounts maintained in the official financial records
of the City. There has been heretofore created and established
the "General Obligation Special Assessments -- Streets Debt
ServiCe Fund" (numbered 963, the "Debt Senrice Fund"). The
Capital Fund and Debt Service Fund shall be maintained in the
manner herein specified until all of the Bonds and the interest
thereon have heen fully paid.
(i) Ca�ital Fund. To the Capital Fund there shall be
credited the proceeds of the sale of the Bonds, less accrued
interest received thereon, and less any amount paid for the
Bonds in excess of $2,920,500. From the Capital Fund there
shall be paid all costs and expenses of making the
Improvements listed in paragraph 18, after they have been
ordered in accordance with the Charter of the City,
including the cost of any construction contracts heretofore
let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65
(including interest on the Bonds payable during the
construction period); and the moneys in the Capital Fund
shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the Bonds may
also be used to the extent necessary to pay interest on the
Bonds due prior to the anticipated date of commencement of
the collection of ta�ces or special assessments herein
covenanted to be levied; and provided further that if upon
completion of the Improvements there shall remain any
unexpended balance in the Capital Fund, the balance may be
transferred by the Council to the fund of any other
improvement instituted pursuant to the City's Charter or
Minnesota Statutes, Chapter 429, or used to pay the costs of
any other purpose permitted by law, or transferred to the
Debt Service Fund. All earnings on the Capital Fund shall
be transferred to the Debt Service Fund, or may be retained
in the Capital Fund.
(ii) Debt Service Fund. There is hereby pledged and
there shall be credited to a special account relating to the
Bonds in the Debt Service Fund: (a? collections of special
assessments herein covenanted to be levied, to the extent
provided in paragraph 19; (b) all accrued interest received
upon delivery of the Bonds; (c) all funds paid for the Bonds
in excess of $2,920,500; (d) any collections of all taxes
which are levied herein, or which may hereafter be levied in
the event that the special assessments herein pledged to the
payment of the Bonds and interest thereon are insufficient
therefor; (e) all funds remaining in the Capital Fund after
completion of the Improvements and payment of the costs
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thereof, noC so transferred to the account of another
improvement or used to pay the costs of any other purpose
pennitted by law; and (f) all investment earnings on moneys
held in such special account in the Debt Service Fund or on
moneys held in the Cagital E'und. If moneys in the special
account of the Debt Service Fund should ever be insufficient
to pay debt service on the Bonds, the Bonds shall be paid
from the Debt Service Fund or any other special account
therein, and the Bonds are hereby made payable from the Debt
Service Fund and any other special accounts therein for this
purpose. Amounts drawn from the Debt Service Fund or any
special account therein may be repaid with or without
interest when moneys sufficient for such repayment are
deposited in the special account relating to the Bonds in
the Debt Service Fund.
The special account relating to the Bonds in the Debt
Service Fund sha11 be used solely to pay the principal and
interest and any premiums for redemption of the Bonds and any
other general obligation bonds of the City hereafter issued by
the City and made payable froin such special account in the Debt
Service Fund as provided by law, or to pay any rebate due to the
United States. No portion of the proceeds of the Bonds shall be
used directly or indirectly to acquire higher yielding
investments or to replace funds which were used directly or
indirectly to acquire higher yielding investments, except il) for
a reasonable temporary period until such proceeds are needed for
the purpose for which the Bonds were issued, and (2) in addition
ta the above in an amount not greater than five percent (So) of
the proceeds of the Bonds. To this effect, any sums from time to
time held in the Capital Fund or in such special account in the
Debt Service Fund tor any other City fund or account which will
be used to pay principal or interest to become due on the bonds
payable therefrom) in excess of amounts which under then-
applicable federal arbitrage regulations may be invested without
regard as to yield shall not be invested at a yield in excess of
the applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available
under the federal arbitrage regulations. In addition, the
proceeds of the Bonds and money in the Capital Fund or in such
special account in the Debt Service Fund shall not be invested in
obligations or deposits issued by, guaranteed by or insured by
the United States or any agency or instrumentality thereof if and
to the extent that such investment would cause the Bonds to be
"federally guaranteed" within the meaning of Section 149{b) of
the federal Internal Revenue Code of 1986, as amended (the
"Code").
18. Assessments: Coverage Test. The City Council has
heretofore determined, and does hereby determine, to proceed with
the Improvements and special assessments with respect thereto
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under the provisions of the Charter of the City, rather than the
provisions of Minnesota Statutes, Chapter 429.
It is hereby determined that no less than twenty
perCent (200} of the cost to the City of each Improvement
financed hereunder within the meaning of Minnesota Statutes,
Section 475.58, Subdivision 1(3), shall be paid by special
assessments to be levied against every assessable lot, piece and
parcel of land benefitted by the Improvements. The City hereby
covenants and agrees that it will let all construction contracts
not heretofore let within one year after ordering each
Improvement financed hereunfler unless the resolution ordering the
Improvement specifies a different time limit for the letting of
construction contracts and will do and perfoxzn, as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that any
such assessment be at any time held invalid with respect to any
lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performanCe of any condition precedent thereto, the City and this
Council will forthwith do all further acts and take a11 further
proceedings as may be required by law to make the assessments a
valid and binding lien upon such property.
The special assessments have not heretofore been
authorized, and accordingly, for purposes of Minnesota Statutes,
Section 475.55, Subdivision 3, the special assessments are hereby
authorized. Subject to such adjustments as are required by
conditions in existence at the time the assessments are levied,
the assessments are hereby authorized and it is hereby determined
that the assessments shall be payable in equal, consecutive,
annual installments, with general taxes for the years shown below
and with interest on the declining balance of all such
assessments at a rate per annum approximately one percent (1%)
per annum in excess of the net effective rate of interest on the
Bonds:
37 Improvement
38 Designation
Collection
Amount Lew Years Years
39 Western/Lawson $1,075,000 2000-2019 2001-2020
40 Seventh/Eleanor 320,000 for all for all
41 Prior/Jefferson 1,020,000
42 Charles{Chatsworth 535.000
43
44 TOTAL $2,950,000
45 The special assessments shall be 5uch that if collected
46 in full they, together with estimated collections of other
1134860.2 3 5
oe_,ys
1 revenues herein pledged for the payment of the Bonds, will
2 produce at least five percent (So) in excess of the amount needed
3 to meet when due the principal and interest payments on the Bonds
4 in every year except the final year (2012). At the time the
5 assessments are in fact levied the City Council shall, based on
6 the then-current estimated collections of the assessments, make
7 any adjustments in any ad valorem t�es required to be levied in
8 order to assure that the City continues to be in compliance with
9 Minnesota Statutes, Section 475.61, Subdivision 1.
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19. Limit on Special Assessments Pledqed. The City
Council hereby finds, determines and declares that the payment of
the Bonds does not require the pledge of all the special
assessments which may be levied with respect to the Improvements
identified in paragraph 18, and that it is necessary, proper and
expedient to provide that payments and prepayments of special
assessments in excess of the debt service requirements of the
Bonds be put to use for other purposes sooner than upon the
termination of Che Debt Service Fund. Only $2,950,000 original
principal amount of the special assessments (which amount is the
"Pledged Assessments"), and interest thereon, recognized in
paragraph 18 of this Resolution (of which $577,285 are necessary
prior to their scheduled receipt in order to pay debt service on
the Bonds on March 1, 2001) are or shall be pledged to the
payment of the Bonds, and payments of, or with respect to, such
special assessments in excess of the Pledged Assessments shall be
credited instead to a special account in the Capital Fund, and
used for the purpose of paying any additional costs of the
Improvements and the costs of oCher improvements approved by the
City, as follows: (a) the first $577,285 of all prepayments of
special assessments recognized in paragraph 18 shall be credited
to the Debt Service Fund, (b) thereafter until such time as the
special assessments from time to time outstanding equal in
original principal amount the Pledged Assessments or 1ess,
prepayments of any of the special assessments recognized in
paragraph 18 shall be treated as prepayments of the portion of
the special assessments not pledged to the Bonds and shall be
credited instead to said special account of the Capital Eund, and
used as provided above, and (c) while the special assessments
£rom time to time outstanding equal in original principal amount
the Pledged Assessments or more, regular installment payments
made on the Pledged Assessments only (not all of the special
assessments) shall be credited to the Debt Service Fund, and
regular installment payments on that portion, if any, of the
remaining assessments in excess of the Pledged Assessments sha11
be credited to said special account of the CapiCal Fund, and used
as provided above.
47 20. Tax Levy; Coveraqe Test. If taxes are levied as
48 provided in the final part of paragraph 18, the tax levies shall
49 be irrepealable so long as any of the Bonds are outstanding and
1134860.2
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1 unpaid, provided that the City reserves the right and power to
2 reduce the levies in the manner and to the extent permitted by
3 Minnesota Statutes, Section 475.61, Subdivision 3.
4 To provide moneys for payment of Che principal and
5 interest on the Bonds due to be paid in 2012 there is hereby
6 levied upon all of the taxable property in the City a direct
7 annual ad valorem tax which shall be spread upon the tax rolls
8 and collected with and as part of other general property taxes in
9 the City for the years and in the amounts as follows:
10 Year of Tax Year of Tax
11 Levy Collection Amount
12 ZO10 2011 �1,249,327
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The tax levies are such that if collected in full they,
together with estimated collections of special assessments and
other revenues herein pledged for the payment of the Bonds, will
produce at least five percent (50) in excess of the amount needed
to meet when due the principal and interest payments on the
Bonds. The tax levies shall be irrepealable so long as any of
the Bonds are outstanding and unpaid, provided that the City
reserves the right and power to reduce the levies in the manner
and to the extent pennitted by Minnesota Statutes, Section
475.61, Subdivision 3.
21. General Obligation Pledge. For the prompt and
full payment of the principal and interest on the Bonds, as the
same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged.
If the balance in the special account relating to the Bonds in
the Debt Service Fund (as defined in paragraph 17 hereof) is ever
insufficient to pay all principal and interest then due on the
Bonds payable therefrom, the deficiency shall be promptly paid
out of any other funds of the City which are available for such
purpose, including the general fund of the City and the Debt
Service Fund and the special accounts therein, and such other
funds may be reimbursed with or without interest from the special
account in the Debt Service �'und relating to the Bonds when a
sufficient balance is available therein.
37 22. Certificate of Reqistration. The Director, Office
38 of Financial Services, is hereby directed to file a certified
39 copy of this Resolution with the officer of Ramsey County,
40 Minnesota, performing the functions of the county auditor (the
41 "County Auditor"), together with such other information as the
42 County Auditor shall require, and to obtain the County Auditor's
43 certificate that the Bonds have been entered in the County
44 Auditor's Sond Register, and that the tax levy required by law
45 has been made.
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23. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the Purchaser, and to the attorneys approving the 1egality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds 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 the 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_
24. Negative Covenants as to Use of Proceed and
Improvements. The City hereby covenants not to use the proceeds
of the Bonds or to use the Improvements, or to cause or permit
them to be used, or to enter into any deferred payment
arrangements for the cost of the Improvements, in such a manner
as to cause the Bonds to be "private activity bonds" within the
meaning of Sections 103 and 141 through 150 of the Code. The
City reasonably expects that no actions will be taken over the
term of the Bonds that would cause them to be private activity
bonds, and the average term of the Bonds is not longer than
reasonably necessary for the governmental purpose of the issue.
The City hereby covenants not to use the proceeds of the Bonds in
such a manner as to cause the Bonds to be °hedge bonds" within
the meaning of Section 149(g) of the Code.
28 25. Tax-Exempt Status of the Bonds- Rebate• Election.
29 The City shall comply with requirements necessary under the Code
30 to establish and maintain the exclusion from gross income under
31 Section 103 of the Code of the interest on the Bonds, including
32 without limitation requirements relating to temporary periods for
33 investments, limitations on amounts invested at a yield greater
34 than the yield on the Bonds, and the rebate of excess investment
35 earnings to the United States.
36 The City expects that the two-year expenditure
37 exception to the rebate requirements may apply to the
38 construction proceeds of the Bonds.
39 If any elections are available now or hereafter with
40 respect to arbitrage or rebate matters relating to the Bonds, the
41 Mayor, Clerk, Treasurer and Director, Office of Financial
42 Services, or any of them, are hereby authorized and directed to
43 make such elections as they deem necessary, appropriate or
44 desirable in connection with the Bonds, and all such elections
45 sha11 be, and sha11 be deemed and treated as, elections of the
46 City.
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1 26_ No Desianation of Oualified Tax-Exem,pt
2 Obligations. The Bonds, together with other obligations issued
3 by the City in 2000, exceed in amount those which may be
4 qualified as "qualified ta�c-exempt obligations" within the
5 meaning of Section 265(b)(3) of the Code, and hence are not
6 de5ignated £or such purpose.
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27. Letter of Representations. The Letter of
Representations for the Bonds is hereby confirmed to be the
Blanket Issuer Letter of Representations dated April 10, 1996, by
the City and received and accepted by The Depository Trust
Company. So long as The Depository Trust Company is the
Depository or it or its nominee is the Holder of any Global
Certificate, the City shall comply with the provisions of the
Letter of Representations, as it may be amended or supplemented
by the City from time to time with the agreement or consent of
The Depository Trust Company.
28. Negotiated Sa1e. The City has retained Springsted
Incorporated as an independent financial advisor, and the City
has heretofore determined, and hereby determines, to sell the
Bonds by private negotiation, all as provided by Minnesota
Statutes, Section 475.60, Subdivision 2(9).
29. Continuina Disclosure. The City is an obligated
person with respect to the Bonds. The City hereby agrees, in
accordance with the provisions of Rule 15c2-12 (the "RUle"),
promulgated by the Securities and Exchange Commission (the
"Commission") pursuant to the Securities Exchange Act of 1934, as
amended, and a Continuing Disclosure Undertaking (the
"Undertaking��) hereinafter described, to:
A. Provide or cause to be provided to each nationally
recognized municipal securities inPormation repository
("NRMSIR°? and to the appropriate state information
depository ("SID"), if any, £or the State of Minnesota, in
each case as designated by the Commission in accordance with
the Rule, certain annual financial information and operating
data in accordance with the Und"ertaking. The City reserves
the right to modify from time to time the terms of the
Undertaking as provided therein.
B. Provide or cause to be provided, in a timely
manner, to (i) each NRMSIR or to the Municipal Securities
Rulemaking Board ('�MSRB") and (ii) the SID, notice of the
occurrence of certain material events with respect to the
Bonds in accordance with the Undertaking.
C. Provide or cause to be provided, in a timely
manner, to (i) each NRMSIR or to the MSRB and {ii) the SID,
notice of a failure by the City to provide the annual
1134860.2
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1 financial inPonnation with respect to the City described in
2 the LSndertaking.
The City agrees that its covenants pursuant to the Rule
set forth in this paragraph 29 and in the Undertaking are
intended to be for the benefit of the Holders of the Bonds and
shall be enforceable on behalf of such Holders; provided that the
right to enforce the provisions of these covenants shall be
limited to a right to obtain specific enforcement of the City's
obligations under the covenants.
10 The Mayor and Director, Office of Financial Services,
11 or any other officers of the City authorized to act in their
12 stead (the "Officers"), are hereby authorized and directed to
13 execute on behalf of the City the Undertaking in substantially
14 the foxm presented to the City Council, subject to such
15 modifications thereof or additions thereto as are (i) consistent
16 with the requirements under the Rule, (ii) required by the
17 Purchaser, and (iii) acceptable to the Officers.
[[7
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1 30. Severabilitv. If any section, paragraph or
2 provision of this resolution shall be held to be invalid or
3 unenforceable for any reason, the invalidity or unenforceability
4 of such section, paragraph or provision shall not affect any of
5 the remaining provisions of this resolution.
6 31. HEadincrs. Headings in this resolution are
7 included for convenience of reference only and are not a part
8 hereof, and shall not limit or define the meaning of any
9 provision hereof_
Adopted by Council: Date ��• ��. �.00 O
Certified by Council Secretary
�
Approved by Mayor.
By:
- -. . .-. -
/
� ��. � t
�g' , ' � � �'
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Form pp ov by Cfty Attorne�
By:
41
�a -fyS
EXHIBITS
Exhibit A - Proposals
�V
ao-GyS
Services
<,z000 I GREEN SHEET
No 101133
LDP2525S/ LJ OEpq1RYENf dREC�ON u ClIYCqMCIL �
bUNCILAGENDA BY (DAT�
ASSIGN
2�0 NUMBERFOR � CrtYATioxNEY ❑ arvetDtK _
ROUTING
OROER f}UNC�ALSESMLESdR ❑ FNNNt'J4LSERV/M1CCiG
� YA1roR ❑
TOTAL # OF SIGNATURE PAGES 1_ (CLIP ALL LOCATIONS FOR SIGNATURE)
resoiution accepts the winning proposal and awards the bid for the $2,950,000 G.O.
�t Improvement Special Assesment Bonds Series 2000B. This is a competitive bond sale and the award
ng to the bidder found most advantageos (lowest cost) to the City.
PLANNING COMMISSION
CIB COMMITTEE
CIVIL SERVICE COMMISSION
Has this person/firtn ever wnrked undet a contrect for [his department?
YES NO
Has this perso�rm ever Deen a city employee?
YES NO
Does this personffrm possess a skill mt normaliy possessed by any current city employee?
VES NO
Is this person/firm a tatgetetl vendo(>
YES NO
>lain all ves ansvrere on senarate sheet and attach to areen sheet
are for the purpose of financing certain s[reet improvements wRhin the Ciry, and will be repaid by special assesments.
will be available for street improvements.
IF APPROVED
neetletl for certain street imprwements will no[ be available.
OF TRANSACTION S szsso.000
SOURCE
INFORMATION (IXPWN)
COS7/REVENUE BUDGETED (qRCLE ONE) YES NO
ACTIVITY NUMBER
(q,� Y� �'. +Y ..3- P'..._,a�
\9l}��+ ..�, ��� , � , ._
��� �` � ����
ao -1�{s
1
2
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and ,
3 WHEREAS, "Holder" as used herein means the pers in
4 whose name a Bond is registered on the registration boo of the
5 City maintained by the registrar appointed as provide in
6 paragraph 8(the "BOnd Registrar"); and
7 WHEREAS, Rule 15c2-12 of the Securities nd Exchange
8 Commission prohibits "participating underwriters' from purchasing
9 or selling the Bonds unless the City undertakes to provide
10 certain continuing disclosure with respect to he Bonds; and
11 WHEREAS, pursuant to Minnesota St utes, SeCtion
12 475.60, Subdivision 2(9), public sale requ' ements do not apply
13 to the Bonds if the City retains an indep ndent financial advisor
14 and determines to sell the Bonds by priv te negotiation, and the
15 City has instead authorized a competit' e sale without
16 publication of notice thereof as a fo of private negotiation;
17 and
18 WHEREAS, proposals for t e Bonds have been solicited by
19 Springsted Incorporated pursuant o an Official Statement and
20 Terms of Proposal therein:
21 NOW, THEREFORE, BE I RESOLVED by the Council of the
22 City of Saint Paul, Minnesota as follows:
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1. Acce�tance of Pro osal. The proposal of
(the "Pur aser"), to purchase $2,950,000
General Obligation StYeet Improvement Special Assessment Bonds,
Series 2000B, of the Cit (the "Bonds", or individually a
"Bond"), in accordance ith the Terms of Proposal for the bond
sale, at the rates of 'nterest hereinafter set forth, and to pay
therefor the sum of $ , plus interest accrued to
settlement, is hereb found, determined and declared to be the
most favorable prop sal received and is hereby accepted, and the
Bonds are hereby a arded to the Purchaser. The Director, Office
of Financial Serv'ces, or his designee, is directed to retain the
deposit of the P chaser and to forthwith return to the others
making proposal their good faith checks or drafts.
2. itle: Original Issue Date: Denominations:
Maturities. he Bonds shall be titled "General Obligation Street
Improvement pecial Assessment Bonds, Series 2000B", shall be
dated Marc 1, 2000, as the date of original issue and shall be
issued fo hwith on or after such date as fully registered bonds.
The Bond shall be numbered from R-1 upward. Global Certificates
60.2
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1 shall each be in the denomination of the entire principal amount
2 maturing on a single date, or, if a portion of said principal
3 amount is prepaid, said principal amount less the prepayment_
4 Replacement Bonds, if issued as provided in paragraph 6, shall
5 in the denomination of $5,000 each or in any integral multip
6 thereof of a single maturity. The Bonds shall mature on M ch 1
7 in the years and amounts as follows:
Year Amount
Year
9 2001 $400,000 2007 $ 5,000
10 2002 150,000 2008 15,000
11 2003 120,000 2009 115,000
12 2004 120,000 2010 115,000
13 2005 120,000 2011 115,000
14 2006 115,000 2012 1,350,000
15 For purposes of Minnesota Statutes, Sectio 475.54, the serial
16 maturities of the Bonds are combined with he serial maturities
17 of the City's $19,000,000 General Obliga on Capital Improvement
18 Bonds, Series 2000A.
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3. Purpose. The Bonds
construction of various street im
in the City, and any excess funds
purpose permitted by law. The to
which shall include all costs enu
Section 475.65, is estimated to
of the Bonds. Work on the Impr v
diligence to completion.
27 4. Interest
28 semiannually on April 1
29 "Interest Payment Date")
30 the basis of a 360-day }
31 respective rates per anr
32 as follows: �
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Maturit�,Year
2001
2002
2003
2004
2005
2006
°s
2007
2008
2009
2010
2011
2012
r interest payable
h year (each, an
2000, calculated on
months, at the
e the maturity years
Interest Rate
5 Description of the Global Certificates and Global
Book-Ent stem. Upon their original issuance the Bonds will
be issued n the form of a single Global Certificate for each
maturity, deposited with the Depository by the Purchaser and
immobil' ed as provided in paragraph 6. No beneficial owners of
ha provide funds for the
o ements (the "Improvements")
all be devoted to any other
1 cost of the Improvements,
rated in Minnesota StaCutes,
at least equal to the amount
ents shall proceed with due
e�Bonds shall bea
/October 1 of eac
ommencing April 1,
of twelve 30-day
set forth opposit
Maturitv Year
1134860.
p� _I4S
1 revenues herein pledged for the payment o£ the Bonds, will
2 produce at least five percent (5%) in excess of the amount needed
3 to meet when due the principal and interest payments on the Bonds
4 in every year except the final year (2012). At the time the
5 assessments are in fact levied the City Council shall, based n
6 the then-current estimated collections of the assessments, ke
7 any adjustments in any ad valorem taxes required to be lev'ed in
8 order to assure that the City continues to be in complia e with
9 Minnesota Statutes, Section 475.61, Subdivision 1.
0 19. Limit on Special Assessments Pledged The City
1 Council hereby finds, determines and declares that the payment of
2 the Bonds does not require the pledge of all the pecial
3 assessments which may be levied with respect to the Improvements
4 identified in paragraph 18, and that it is ne ssary proper and
expedient to provide that payments and pr
assessments in excess of the debt service
Bonds be put to use for other purposes so
ents of special
irements of the
than upon the
termination of the Debt Service Fund. O y$
original principal amount of the specia assessments (which
amount is the "Pledged Assessments��?, nd interest thereon,
recognized in paragraph 18 of this R olution (of which
$ are necessary prior their scheduled receipt in
order to pay debt service on the B ds on March 1, 2001) are or
shall be pledged to the payment o the Bonds, and payments of, or
with respect to, such special as essments in excess of the
Pledged Assessments shall be cr dited instead to a special
account in the Capital Fund, a d used for the purpose of paying
any additional costs of the I provements and the costs of other
improvements approved by the City, as follows: (a) the first
$ of all prepa ents of special assessments
recognized in paragraph 18 shall be credited to the Debt Seivice
Fund, (b) thereafter unt' such time as the special assessments
from time to time outst ding equal in original principal amount
the Pledged Assessments or less, prepayments of any of the
special assessments r ognized in paragraph 18 shall be treated
as prepayments of th portion of the special assessments not
pledged to the Bonds and shall be credited instead to said
special account of he CapiCal Fund, and used as provided above,
and (c) while the pecial assessments from time to time
outstanding equa in original principal amount the Pledged
Assessments or re, regular installment payments made on the
Pledged Assess nts only (not all of the special assessments)
shall be cred' ed to the Debt Service Fund, and regular
installment p yments on that portion, if any, of the remaining
assessments n excess of the Pledged Assessments shall be
credited to said special account of the Capital Fund, and used as
provided ove.
48
49 pr
50 be
20. Tax Levy; Coverage Test. If taxes are levied as
in the final part of paragraph 18, the tax levies shall
alable so long as any of the Bonds are outstanding and
11348�0.2 36
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unpaid, provided that the City reserves the right and power to
reduce the levies in the manner and to the extent permitted by
Minnesota Statutes, Section 475.61, Subdivision 3.
To provide moneys for payment of the principal and
interest on the Bonds due to be paid in 2012 there is h eby
levied upon all of the t�able property in the City a irect
annual ad valorem tax which shall be spread upon the a�c rolls
and collected with and as part of other general pr erty taxes in
the City for the years and in the amounts as foll s:
Year of Tax
Levy
2010
Year of Tax
Collection
2011
The tax levies are such that
together with estimated collections of
other revenues herein pledged for the
produce at least five percent {5%) in
to meet when due the principal and i t
Bonds. The tax levies shall be ir pe
the Bonds are outstanding and unp d,
reserves the right and power to duce
and to the extent permitted by nneso
475.61, Subdivision 3.
Amount
$
i collected in full they,
ecial assessments and
ayment of the Bonds, will
excess of the amount needed
erest payments on the
alable so long as any of
provided that the City
the levies in the manner
ta Statutes, Section
21. General Oblig�tion Ple@c�e. For the prompt and
full payment of the princip 1 and interest on the Bonds, as the
same respectively become d e, the full faith, credit and taxing
powers of the City shall e and are hereby irrevocably pledged.
If the balance in the sp cial account relating to the Bonds in
the Debt Service Fund ( s defined in paragraph 17 hereof) is ever
insufficient to pay al principal and interest then due on the
Bonds payable therefr m, the deficiency shall be promptly paid
out of any other fun s of the City whzch are available for such
purpose, including e general fund of the City and the Debt
Service Fund and t e special accounts therein, and such other
funds may be rei ursed with or withbut interest from the special
account in the D t Service Fund relating to the Bonds when a
sufficient bala ce is available therein.
22. Certificate of Registration. The Director, Office
of Financial Services, is hereby directed to file a certified
copy of thi Resolution with the officer of Ramsey County,
Minnesota, performing the functions of the county auditor (the
"County ditor"), together with such other information as the
County ditor shall require, and to obtain the County Auditor's
certif' ate that the Bonds have been entered in the County
Audito 's Bond Register, and that the tax levy required by law
has en made.
so.z 37
OR{G11�AL
A�.�� i�..��, _ �t,�ieo
S�3 4� 36, 3'1
RESOLUTION
F.i
C1TY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Committee:
1 ACCEPTING PROPOSAL ON SALE OF
2 $2,950,000 GENERAL OBLIGATION STREET IMPROVEMENT
3 SPECIAL ASSESSMENT BONDS, SERIES 2000B,
4 PROVIDING FOR THEIR ISSUANCE, AND LEVYING
5 A TAX FOR THE PAYMENT THEREOF
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WHEREAS, the Director, Office of Financial Services,
has presented proposals received for the sale of $2,950,000
General Obligation Street Improvement Special Assessment Bonds,
Series 2000B (the "Bonds��), of the City of Saint Paul, Minnesota
(the "City"); and
WHEREAS, the proposals set forth on Exhibit A attached
hereto were received pursuant to the Terms of Proposal at the
offices of 5pringsted Incorporated at 10:30 A.M., Central Time,
this same day; and
15 WHEREAS, the Director, Office of FinanCial ServiCes,
16 has advised this Council that the proposal of
17 ��n Rg„�s �-r ��.�. was found Zo be the most advantageous
18 and has recommerided that said proposal be accepted; and
19 WHEREAS, the proceeds of the Bonds wi11 finance certain
20 street improvements to be specially assessed, for which the City
21 is proceeding pursuant to its Charter and not Minnesota Statutes,
22 Chapter 429, with any excess to be used for any other purpose
23 permitted by law; and
Council File # 00 � �y S
GreenSheet# �O\�,3
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1 WHEREAS, the City has heretofore issued registered
2 obligations in certificated form, and incurs substantial costs
3 associated with their printing and issuance, substantial
4 continuing transaction costs relating to their payment, transfer
5 and exchange; and
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WHEREAS, the City has determined that significant
savings in transaction costs will result from issuing bonds in
"global book-entry form", by which bonds are issued in
certificated form in large denominations, registered on the books
of the City in the name of a depository or its nominee, and held
in safekeeping and immobilized by such depository, and such
depository as part of the computerized national securities
clearance and settlement system (the "National System") registers
transfers of ownership interests in the bonds by making
computerized book entries on its own books and distributes
payments on Che bonds to its Participants shown on its books as
the owners of such interests; and such Participants and other
banks, brokers and dealers participating in the National System
wi11 do likewise (not as agents of the City) if not the
beneficial owners of the bonds; and
WHEREAS, "Participants" means those finanCial
institutions for whom the Depository effects book-entry transfers
and pledges of securities deposited and immobilized with the
Depository; and
25 WHEREAS, The Depository Trust Company, a limited
2b purpose trust company organized under the laws of the State of
27 New York, or any of its successors or successors to its functions
28 hereunder (the ��Depository"), will act as such depository with
29 respect to the Bonds except as set forth below, and the City has
30 heretofore delivered a letter of representations (the "Letter of
31 ltepreseneations'�) setting forth various matters relating to the
32 Depository and its role with respect to the Sonds; and
33 WHEREAS, the City will deliver the Bonds in the form of
34 one certificate per maturity, each representing the entire
35 principal amount of the Bonds due on a particular maturity date
36 (each a"Global Certificate"), which single certificate per
37 maturity may be transferred on the City�s bond register as
38 required by the Uniform Commercial Code, but not exchanged for
39 smaller denominations unless the City determines to issue
40 Replacement Bonds as provided below; and
41 WHEREAS, the City will be able to replace the
42 Depository or under certain circumstances to abandon the "global
43 book-entry fonn" by permitting the G1oba1 Certificates to be
44 exchanged for smaller denominations typical of ordinary bonds
45 registered on the City's bond register; and "Replacement Bonds"
46 means the certificates representing the Bonds so authenticated
1134860.2 2
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and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and
3 WHEREAS, "Holder" as used herein means the person in
4 whose name a Bond is registered on the registration books of the
5 City maintained by the registrar appointed as provided in
6 paragraph 8(the "Bond Registrar"); and
7 WHEREAS, Ru1e 15c2-12 of the Securities and Exchange
8 Commission prohibits "participating underwriters" from purchasing
9 or selling the Bonds unless the City undertakes to provide
1� certain continuing disclosure with respect to the Bonds; and
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WHEREAS, pursuant to Minnesota Statutes, Section
475.60, Subdivision 2(9), public sale requirements do not apply
to the Bonds if the City retains an independent financial advisor
and determines to sell the Bonds by private negotiation, and the
City has instead authorized a competitive sale without
publication of notice thereof as a form of private neqotiation;
and
WHEREAS, proposals for the Bonds have been solicited by
Springsted Incorporated pursuant to an Official Statement and
Terms of Proposal therein:
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of Dain
Rauscher Inc. (the "Purchaser"}, to purchase $2,950,000 General
Obligation Street Improvement Special Assessment Sonds, Series
2000B, of the City (Che "Bonds", or individually a"Bond"), in
accordance with the Terms of Proposal for the bond sale, at the
rates of interest hereinafter set forth, and to pay therefor the
sum of $2,921,668.55, plus interest accrued to settlement, is
hereby found, determined and declared to be the most favorable
proposal received and is hereby accepted, and the Bonds are
hereby awarded to the Purchaser. The Director, Office of
Financial Services, or his designee, is directed to retain the
deposit of the Purchaser and to forthwith return to the others
making proposals their good faith checks or drafts.
36 2. Title; Oriainal Issue Date; Denominations;
37 Maturities. The Bonds shall be titled "General Obligation Street
38 Improvement Special Assessment Bonds, Series 2000B", shall be
39 dated March 1, 2000, as the date of original issue and shall be
40 issued forthwith on or after such date as fully registered bonds.
41 `Phe Boncls shall be numbered from R-1 upward. Global Certi£icates
1134860.2 3
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1 shall each be in the denomination of the entire principal amount
2 maturing on a single date, or, if a portion of said principal
3 amount is prepaid, said principal amount less the prepayment.
4 Replacement Bonds, if issued as provided in paragraph 6, shall be
5 in the denomination of $5,000 each or in any integral multiple
6 thereof of a single maturity. The Bonds sha11 mature on March 1
7 in the years and amounts as follows:
8 Year
9 2001
10 2002
11 2003
12 2004
13 2005
14 2006
15 For purposes
16 maturities of
17 of the City's
18 Bonds, Series
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Amount
Year Amount
$400,00o zoo� $ lis,000
150,000 2008 115,000
120,000 2QQ9 115,000
120,000 2010 115,000
120,000 2011 115,000
115,000 2012 1,350,000
of Minnesota Statutes, Section 475.54, the serial
the Bonds are combined with the serial maturities
$19,000,�0� General Obligation Capital Improvement
2000A.
3. Purpose. The Bonds shall provide £unds for the
construction of various street improvements (the "Improvements")
in the City, and any excess funds shall be devoted to any other
purpose permitted by law. The total cost of the Improvements,
which shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the Bonds. Work on the Improvements shall proceed with due
diligence to completion.
4. Interest. The Bonds shall bear interest payable
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 2000,
calculated on the basis of a 360-day year of twelve 30-day
months, at Che respective rates per annum set forth opposite the
maturity years as follows:
33 Maturity Year Interest Rate Maturity Year
34 2001
35 2002
36 2003
37 2004
38 2005
39 2006
4.750 2007
4.75 2008
4.75 2009
4.75 2010
4.80 2011
4.90 2012
Interest Rate
5.�Oo
5.00
5.10
5.15
5.25
5.30
40 5. Description of the Global Certificates and G1oba1
41 Book-Entry System. Upon their original issuance the Bonds will
42 be issued in the form of a single Global Certificate for each
43 maturity, deposited with the Depository by the Purchaser and
44 immobilized as provided in paragraph 6. No beneficial owners of
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interests in the Bonds will receive certificates representing
their respective interests in the Bonds except as pravided in
paragraph 6. Except as so provided, during the term of the
Bonds, beneficial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certificates
will be reflected by book entries made on the records of the
Depository and its Participants and other banks, brokers, and
dealers participating in the National System. The Depository�s
book entries of beneficial ownership interests are authorized to
be in increments of $5,000 of principal of the Bonds, but not
smaller increments, despite the larger authorized denominations
of the Global Certificates_ Payment of principal of, premium, if
any, and interest on the Global Certificates will be made to the
Bond Registrar as paying agent, and in turn by the Bond Registrar
to the Depository or its nominee as registered owner of the
Global Certificates, and the Depository according to �he laws and
rules governing it will receive and forward payments on behalf of
the beneficial owners of the Global Certificates.
Payment of principal of, premium, if any, and interest
on a Global Certificate may in the City's discretion be made by
such other method of transferring funds as may be requested by
the Holder of a Global Certificate.
6. Immobilization of Global Certificates bv the
Depository• Successor Depository• ReAlacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately upon the original
delivery of the Bonds the Purchaser will deposit the Global
Certificates representing all of the Bonds with the Depository.
The Global Certificates shall be in typewritten form or otherwise
as acceptable to the Depository, shall be registered in the name
of the Depository or its nominee and shall be held immobilized
from circulation at the offices of the Depository on behalf of
the Purchaser and suhsequent bondowners. The Depository or its
nominee will be the sole holder of record of the Global
Certificates and no investor or other party purchasing, selling
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond'certificates so long as the
Depository holds the Global Certificates immobilized from
circulation, except as provided below in this paragraph and in
paragraph 12.
CerCificates evidencing the Bonds may not after their
original delivery be transferred or exchanged except:
(i) Upon registration of transfer of ownership of a
Global Certificate, as provided in paragraph 12,
iii)
nominee) or
depository")
1134860.2
To any successor of the Depository (or its
any substitute depository (a "substitute
designated pursuant to clause (iii) of this
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subparagraph, provided that any successor of the Depository
or any substitute depository must be both a"clearing
corporation° as defined in the Minnesota Uniform Commercial
Code aC Minnesota Statutes, Section 336.8-102, and a
qualified and registered "clearing agency" as provided in
Section 17A of the Securities Exchange Act of 1934, as
amended,
8 (iii) To a substitute depository designated by and
9 acceptable to the City upon (a) the determination by the
10 Depository that the Bonds shall no longer be eligible for
11 its depository services or (b) a determination by the City
12 that the Depository is no longer able to carry out its
13 functions, provided that any substitute depository must be
14 qualified to act as such, as provided in clause (ii) of this
15 subparagraph, or
16 (iv) To those persons to whom transfer is requested
17 in written transfer instructions in the event that:
18 (a) the Depository shall resign or discontinue
19 its services for the Bonds and the City is unable to
20 locate a substitute depository within two (2) months
21 following the resignation or determination of non-
22 eligibility, or
23 (b) upon a determination by the City in its sole
24 discretion that (1) the continuation of the book-entry
25 system described herein, which precludes the issuance
26 of certificates (other than Global Certificates) to any
27 Holder oCher than the Depository (or its nominee),
28 might adversely affect the interest of the beneficial
24 owners of the Bonds, or (2) that it is in the best
30 interest of the beneficial owners of the Bonds that
31 they be able to obtain certificated bonds,
32 in either of which events the City shall notify Holders of
33 its determination and of the availability of certificates
34 (the "Replacement Bonds") to Holders requesting the same and
35 the registration, transfer and exchange of such Bonds will
36 be conducted as provided in paragraphs 9B and 12 hereoP.
37 In the event
38 be authorized by this
39 presentation of Global
40 to the substitute or s
41 successor depository s
42 purposes and functions
43 Representations shall
44 depository unless the
45 depository so agree, a
1134860.2
of a succession of the Depository as may
paragraph, the Bond Registrar upon
Certificates shall register their tran5fer
uccessor depository, and the substitute or
hall be treated as the Depository for all
under this resolution. The Letter of
not apply to a substitute or successor
City and the substitute or successor
nd a similar agreement may be entered into.
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Redem�tion.
(a) O�tional Redemption: Due Date. A11 Bonds maturing
after March 1, 2008, shall be subject to redemption and
prepayment at the option of the City on such date and on any day
thereafter at a price of par plus 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 may be
prepaid in such order of maturity and in such amount per maturity
as the City shall determine; and if only part of the Bonds having
a common maturity date are called for prepayment, the Global
Certificates may-be prepaid in $5,000 increments of principal
and, if applicable, the specific Replacement Bonds to be prepaid
shall be chosen by lot by the Bond Registrar. Bonds or portions
thereof called for redemption shall be due and payable on the
redemption date, and interest thereon shall cease to accrue from
and after the redemption date.
17 (b) Notation on Global Certificate. Upon a reduction in
18 the aggregate principal amount of a Global Certificate, the
19 Holder may make a notation of such redemption on the panel
20 provided on the Global Certificate stating the amount so
21 redeemed, or may return the Global CertificaCe to the Bond
22 Registrar in exchange for a new Global Certificate authenticated
23 by the Bond Registrar, in proper principal amount. Such
24 notation, if made by the Holder, shall be for reference only, and
25 may not be relied upon by any other person as being in any way
26 determinative of the principal amount of such Global CertifiCate
27 outstanding, unless the Bond Registrar has signed the appropriate
28 column of the panel.
29 (c) Selection of Reolacement Bonds. To effect a partial
30 redemption of Replacement Bonds having a common maturity date,
31 the Bond Registrar prior to giving notice of redemption shall
32 assign to each Replacement Bond having a common maturity date a
33 distinctive number for each $5,000 of the principal amount of
34 such Replacement Bond. The Bond Registrar shall then select by
35 lot, using such method of selection as it sha11 deem proper in
36 its discretion, from the numhers so assigned to such Replacement
37 Bonds, as many numbers as, at $5,000 for each number, shall equal
38 the principal amount of such Replacement Bonds to be redeemed.
39 The Replacement Bonds to be redeemed shall be the Replacement
40 Bonds to which were assigned numbers so selected; provided,
41 however, that only so much of the principal amount of each such
42 Replacement Bond of a denomination of more than $5,00� shall be
43 redeemed as shall equal $5,000 for each number assigned to it and
44 so selected.
45 (d) Partial Redemption of Replacement Bond. If a
46 Replacement Bond is to be redeemed only in part, it shall be
47 surrendered to the Bond Registrar (with, if the City or Bond
48 Registrar so requires, a written instrument of transfer in form
1134860.2 ')
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1 satisfactory to the City and Bond Registrar duly executed by the
2 Holder thereof or his, her or its attorney duly authorized in
3 writing) and the City shall execute (if necessary) and the Bond
4 Registrar shall authenticate and deliver to the Holder of such
5 Replacement Bond, without service charge, a new Replacement Bond
6 or Bonds of the same series having the same stated maturity and
7 interest rate and of any authorized denominatian or
8 denominations, as requested by such Holder, in aggregate
9 principal amount equal to and in exchange for the unredeemed
10 portion of the principal of the Bond so surrendered.
11 (e) Recruest for Redem�tion. The Bond Registrar shall call
12 Bonds for redemption and payment as herein provided upon receipt
13 by the Bond Registrar at least forty-five (45) days prior to the
14 redemption date of a request of the City, in written form if the
15 Bond Registrar is other than a City officer. Such request shall
16 specify the principal amount of Bonds to be called for reaemption
17 and the redemption date.
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(f) Notice. Mailed notice of redemption sha11 be given
the paying agent (if other than a City officer) and to each
affected Aolder. If and when the City shall call any of the
Bonds for redemption and payment prior to the stated maturity
thereof, the Bond Registrar shall give written notice in the
of the City of its intention to redeem and pay such Bonds at
o£fice of the Bond Registrar. Notice of redemption shall be
to
name
the
given by first class mail, postage prepaid, mailed not less than
thirty (3�) days prior to the redemption date, to each Holder of
Bonds to be redeemed, at the address appearing in the Bond
Register. All notices of redemption shall state:
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1134860.2
ii) The redemption date;
(ii) The redemption price;
(iii) If less than all outstanding Bonds are to be
redeemed, the identification (and, in the case of
partial redemption, the respective principal
amounts) of the Bonds�to be redeemed;
(iv) That on the redemption date, the redemption price
will become due and payable upon each such Hond,
and that interest thereon shall cease to accrue
from and after said date; and
(v) The place where such Bonds are to be surrendered
for payment of the redemption �srice (which shall
be the office of the Bond Registrar).
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{g) Notice to Depository. Notices to The Depository Trust
Company or its nominee shall contain the CUSIP numbers of the
Bonds. If there are any Holders of the Bonds other than the
Depository or its nominee, the Bond Registrar shall use its best
efforts to deliver any such notice to the Depository on the
business day next preceding the date of mailing of such notice to
all other Holders.
8. Bond Rectistrar. U.S. Bank Trust National
Association, in Saint Paul, Minnesota, is appointed to act as
bond registrar and transfer agent with respect to the Bonds (the
"Bond Registrar"), and shall do so unless and until a successor
Bond Registrar is duly appointed, all pursuant to any contract
the City and Bond Registrar shall execute which is consistent
herewith. A successor Bond Registrar shall be an officer of the
City or a bank or trust company eligible for designation as bond
registrar pursuant to Minnesota Statutes, Chapter 475, and may be
appointed pursuant to any contract the City and such successor
Bond Registrar shall execute which is consistent herewith. The
Bond Registrar shall also serve as paying agent unless and until
a successor paying agent is duly appointed. Principal and
interest on the Bonds shall be paid to the Holders (or record
holders) of the Bonds in the manner set forth in the forms of
Bond and paragraph 14 of this resolution.
9. Forms of Bond. The Bonds shall be in the form of
Global Certificates unless and until Replacement Bonds are made
available as provided in paragraph 6. Each form of bond may
contain suCh additional or different terms and provisions as to
the form of payment, record date, notices and other matters as
are consistent with the Letter of Representations and approved by
the City Attorney.
31 A. Global Certificates. The Global Certificates,
32 together with the Certificate of Registration, the Register of
33 Partial Payments, the form of Assignment and the registration
34 information thereon, shall be in substantially the following form
35 and may be typewritten rather than printed:
1134560.2 9
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8 INTEREST
9 RATE
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UNSTED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAI, OBLIGATTON STREET IMPROVEMENT
SPECIAL ASSESSMENT SOND, SERIES 2000B
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
March 1,
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "ISSUer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above or on the certificate
of registration below, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year ieach, an "Interest Payment Date"),
commencing September 1, 2000, at the rate per annum specified
above (calculated on the basis of a 36�-day year of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable in
same-day funds Hy 2:3� p.m., Eastern•time, upon presentation and
surrender hereof at the principal office of
in , Minnesota (the "BOnd
Registrar°), acting as paying agent, or any successor paying
agent duly appointed by the Issuer; provided, however, that upon
a partial redemption of this Bond which results in the stated
amount hereof being reduced, the Holder may in its discretion be
paid without presentation of this Bond, which payment shall be
received no later than 2:30 p.m., Eastern time, and may make a
notation on the panel provided herein of such redemption, stating
the amount so redeemed, or may return the Bond to the Bond
Registrar in exchange for a new Bond in the proper principal
amount. Such notation, if made by the Aolder, shall be for
reference only, and may not be relied upon by any other person as
March 1, 2000
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being in any way determinative of the principal amount of Chis
Bond outstanding, unless the Bond Registrar has signed the
appropriate column of the panel. Interest on this Bond will be
paid on each Interest Payment Date in same-day funds by 2_3o
p.m., Eastern time, to the person in whose name this Bond is
registered (the "Holder" or ��Sondholder") on the registration
books of the Issuer maintained by the Bond Registrar and at the
address appearing thereon at the close of business on the
fifteenth day of the calendar month preceding such Interest
Payment Date lthe "Regular Record Date���. Interest payments
shall be received by the Aolder no later than 2:30 p.m., Eastern
time; and principal and premium payments shall be received by the
Holder no later than 2:30 p.m., Eastern time, if the Bond is
surrendered for payment enough in advance to permit payment to be
made by such time. Any interest not so timely paid shall cease
to be payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereoP at the close of business on a date (the
"Special Record Date'�) fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
25 Date of Payment Not Business DaX. If the date for
26 payment of the principal of, premium, if any, or interest on this
27 Bond shall be a Saturday, Sunday, legal holiday or a day on which
28 banking institutions in the City of New York, i3ew York, or the
29 city wriere the principal office of the Bond Registrar is located
30 are authorized by law or exacutive order to close, then the date
31 for such payment shall be the next succeeding day which is not a
32 Saturday, Sunday, legal holiday or a day on which such banking
33 institutions are authorized to close, and payment on such date
34 shall have the same force and effect as if made on the nominal
35 date of payment.
36 Redemption. All Bonds of this issue (the "Bonfls")
37 maturing after March 1, 2008, are subject to redemption and
38 prepayment at the option of the Issuer on such date and on any
39 day thereafter at a price of par plus accrued interest.
40 Redemption may be in whole or in part of the Bonds subject to
41 prepayment. If redemption is in part, those Bonds remaining
42 unpaid may be prepaid in such order of maturity and in such
43 amount per maturity as the City shall detexmine; and if only part
44 of the Bonds having a common maturity date are called for
45 prepayment, this Bond may be prepaid in $5,000 increments of
46 principal. Bonds or portions thereof called for redemption shall
47 be due and payable on the redemption date, and interest thereon
48 shall cease to accrue from and after the redemption date.
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Notice of Redemption. Mailed notice of redemption
shall be given to the paying agent (if other than a City officer)
and to each affected Holder of the Bonds. In the event any of
the Bonds are called for redemption, written notice thereof wi11
be given by first class mail mailed not less than thirty (30)
days prior to the redemption date to each Holder of Bonds to be
redeemed. In connection with any such notice, the "CUSIP"
numbers assigned to the Bonds shall be used.
Replacement or Notation of Bonds after Partial
Redemption. Upon a partial redemption of this Bond which results
in the stated amount hereof being reduced, the Holder may in its
discretion make a notation on the panel provided herein of such
redemption, stating the amount so redeemed. Such notation, if
made by the Holder, shall be for reference only, and may not be
relied upon by any other person as being in any way determinative
of the grincipal amount of the Bond outstanding, unless the Bond
Registrar has signed the appropriate column of the panel.
Otherwise, the Holder may surrender this Bond to the Bond
Registrar (with, if the Issuer or Bond Registrar so requires, a
written instrument of transfer in form satisfactory to the Issuer
and Bond Registrar duly executed by the Holder thereof or his,
her or its attorney duly authorized in writing) and the Issuer
shall execute (if necessary) and the Bond Registrar shall
authenticate and deliver to the Aolder of such Bond, without
service charge, a new Bond of the same series having the same
stated maturity and interest rate and of the authorized
denomination in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose: General OblicZation. This Bond is
one of an issue in the total principal amount of $2,950,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and the
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on February 16, 2000 (the
"Resolution'�?, for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations; Exchang.e; Resolution. The Bonds are
issuable originally only as Global Certificates in the
1134860.2
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denomination of the entire principal amount of the issue maturing
on a single date, or, if a portion of said principal amount is
prepaid, said principal amount less the prepayment. G1oba1
Certificates are not exchangeable for fully registered bonds of
smaller denominations except to evidence a partial prepayment or
in exchange for Replacement Bonds if then availahle. Replacement
Bonds, if made available as provided below, are issuable solely
as fully registered bonds in the denominations of $5,000 and
integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject Co the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Reglacement Bonds. Replacement Bonds may be issued by
the Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable to
locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that (1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certificates) to
any Holder other than the Depository (or its nominee), might
adversely affect the interest o£ the beneficial owners of
the Bonds, or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to obtain
certificated bonds.
Transfer. This Bond shall be registered in the name of
the payee on the books of the Issuer'by presenting this Bond for
registration to the Bond Registrar, who will endorse his, her or
its name and note the date of registration opposite the name of
the payee in the certificate of registration attached hereto.
Thereafter this Bond may be transferred by delivery with an
assignment duly executed by the Holder or his, her or its legal
representatives, and the Issuer and Bond Registrar may treat the
Holder as the person exclusively entitled to exercise all the
rights and powers of an owner until this Bond is presented with
such assignment for registration of transfer, accompanied by
assurance of the nature provided by law that the assignment is
genuine and effective, and until such transfer is registered on
said books and noted hereon by the Bond Registrar, all subject to
the terms and conditions provided in the Resolution and to
1134860.2 ]_3
00 _�y�
1 reasonable regulations of the Issuer contained in any agreement
2 with, or notice to, the Bond Registrar. Transfer of this Bond
3 may, at the direction and expense of the Issuer, be subject to
4 certain other restrictions if reguired to qualify this Bond as
5 being ��in registered form" within the meaning of Section 149(a)
6 of the federal Internal Revenue Code of 1986, as amended.
7 Fees upon Transfer or Loss. The Bond Registrar may
8 require payment of a sum sufficient to cover any tax or other
9 governmental charge payable in connection with the transfer or
10 exchange of this Bond and any legal or unusual costs regarding
il transfers and lost Bonds.
12 Treatment of ReQistered Owner. The Issuer and Bond
13 Registrar may treat the person in whose name this Bond is
14 registered as the owner hereof for the purpose of receiving
15 payment as herein provided (except as otherwise provided with
16 respect to the Record Date) and for all other purposes, whether
17 or not this Bond shall be overdue, and neither the Issuer nor the
18 Bond Registrar shall be affected by notice to the contrary.
19 Authentication. This Bond shall not be valid or become
20 obligatory for any purpose or be entitled to any security unless
21 the Certificate of Authentication hereon shall have been executed
22 by the Bond Registrar.
23 Not Ouali£ied Tax-Sxempt Obligations. The Bonds have
24 not been designated by the Issuer as "qualified tax-exempt
25 obligations" for purposes of Section 265(b)(3) of the federal
26 Internal Revenue Code of 1986, as amended. The Bonds do not
27 qualify for such designation.
28 IT IS HEREBY CERTIFIED AND RECITED that all act�,
29 conditions and things required by the Constitution and laws of
30 the State of Minnesota and the Charter of the Issuer to be done,
31 to happen and to be performed, precedent to and in the issuance
32 of this Bond, have been done, have happened and have been
33 performed, in regular and due form, time and manner as required
34 by law, and that this Bond, together with all other debts of the
35 Issuer outstanding on the date of original issue hereof and on
36 the date of its issuance and delivery to the original purchaser,
37 does not exceed any constitutional or statutory or Charter
38 limitation of indebtedness.
39 IN WITNESS WHEREOF, the City of Saint Paul, Ram5ey
40 County, Minnesota, by its City Council has caused this Bond to be
41 executed on its behalf by the photocopied facsimile signature of
42 its Mayor, attested by the photocopied facsimile signature of its
43 Clerk, and countersigned by the photocopied facsimile signature
44 of its Director, Office of Financial Services, the official seal
45 having been omitted as permitted by law.
1134860.2 1Q
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1
2
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4
Date of Registration
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
12
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16 Bond Registrar
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By
Authorized Signature
Registrable by:
Payable at: _
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
22 General Obligation Street Improvement Special Assessment Bond,
23 Series 2000B, No. R-
1134860.2
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached
Bond may be made only by the registered owner or his, her or its
legal representative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
SIGNATURE OF
BOND REGISTRAR
1134860.2
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REGISTER OF PARTIAL PAYMENTS
3 The principal amount of the attached Bond has been prepaid on the
4 dates and in the amounts noted below:
5 Signature of Signature of
6 Date Amount Bondholder Bond Registrar
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23 If a notation is made on this register, such notation has the
24 effect stated in the attached Bond. Partial payments do not
25 require the presentation of the attached Bond to the Bond
26 Registrar, and a Holder could fail to note the partial pa��ment
27 here.
1134860 . 2 ]_ �]
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ABBREVIATIONS
The following abbreviations, when used in the inscription on
the face of this Bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cust) (Minor)
under the Uniform Transfers
(State)
to Minors Act
Additional abbreviations may also be used
though not in the above list.
1134860.2
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ASSIGNMENT
2 For value received, the undersigned hereby sells,
3 assigns and transfers unto
4 the attached Bond and does
5 hereby irrevocably constitute and appoint
6 attorney to transfer the Bond on the books
7 kept for the registration thereof, with full power of
8 substitution in the premises.
9 Dated:
10 Notice: The assignor's signature to this assignment
11 must correspond with the name as it appears
12 upon the face of the attached Sond in every
13 particular, without alteration or any change
14 whatever.
15 Signature Guaranteed:
16
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
21 The Bond Registrar will not effect transfer of this
22 Bond unless the information concerning the transferee requested
23 below is provided.
24 Name and Address:
25
26
27
28
(Include information for all joint owners
if the Bond is held by joint account.)
1134860.2 ]_9
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1 B. Re�lacement Bonds. If the City has notified
2 xolders that Replacement Bonds have been made available as
3 provided in paragraph 6, then for every Bond thereafter
4 transferred or exchanged (including an exchange to reflect the
5 partial prepayment of a G1oba1 Certificate not previously
6 exchanged for Replacement Bonds) the Bond Registrar shall deliver
7 a certificate in the form of the Replacement Bond rather than the
8 G1oba1 Certificate, but the Holder of a Global Certificate shall
9 not otherwise be required to exchange t12e Global Certificate for
10 one or more Replacement Bonds since the City recognizes that some
11 beneficial owners may prefer the convenience of the Depository's
12 registered ownership of the Bonds even though the entire issue is
13 no longer required to be in global book-entry form. The
14 Replacement Bonds, together with the Bond Registrar's Certificate
15 of Authentication, the form of Assignment and the registration
16 information thereon, shall be in substantially the following
17 form:
1134860.2 2 �
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8 INTEREST
9 RATE
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOND, SERIES 2000B
MATURITY DATE OF
DATE ORIGINAL ISSUE
March 1, 2000
REGISTERED OWNER:
PRINCIPAL AMOUNT:
S
CUSIP
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
certifies that it is indebted and for value received prom:.ses to
pay to the registered owner specified above, or registered
assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturiCy date specified above,
unless called for earlier redemption, and to pay interest thereon
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 2000, at the
rate per annum specified above (calculated on the basis of a
360-day year of twelve 30-day months) until the principal sum is
paid or has been provided for. This Bond will bear interest from
the most recent Interest Payment Date to which interest has been
paid or, if no interest has been paid, from the date of original
issue hereof. fihe principal of and premium, if any, on this Bond
are payable upon presentation and surrender hereof at the
principal office of , in
, (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly
appointed by the Issuer. Interest on this Bond will be paid on
each Interest Payment Date by check or draft mailed to the person
in whose name this Bond is registered (the "Holder�� or
"Bondholder") on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar month
preceding such Interest Payment Date (the "Regular Record DaCe").
Any interest not so timely paid shall cease to be payable to the
person who is the Holder hereof as of the Regular Record Date,
and sha11 be payable to the person who is the Holder hereof at
1134860.2 2 1
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1 the close of business on a date (the ��Special Record Date��) fixed
2 by the Bond Registrar whenever money becomes available for
3 payment of the defaulted interest. Notice of the Special Record
4 Date shall be given to Bondholders not less than ten days prior
5 to the Special Record Date. The principal of and premium, if
6 any, and interest on this Bond are payable in lawful money of the
7 United States of AmeriCa.
8 REFERENCE IS HEREBY MP.DE TO THE FURTHER PROVISIONS OF
9 THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
10 FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
11 IT IS HEREBY CERTIFIED AND RECITED that all acts,
12 conditions and things required by the Constitution and laws of
13 the State of Minnesota and the Charter of the Issuer to be done,
14 to happen and to be performed, precedent to and in the issuance
15 of this Bond, have been done, have happened and have been
16 performed, in regular and due form, Cime and manner as required
17 by 1aw, and that this Bond, together with all other debts of the
18 Issuer outstanding on the date of original issue hereof and on
19 the date of its issuance and delivery to the original purchaser,
20 does not exceed any constitutional or statutory or Charter
21 limitation of indebtedness.
22 IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
23 County, Minnesota, by its City Council has caused this Bond to be
24 executed on its behalf by the original or facsimile signature of
25 its Mayor, atCested by the original or facsimile signature of its
26 Clerk, and countersigned by the original or facsimile signature
27 of its Director, Office of Financial Services, the official seal
28 having been omitted as permitted by law.
1134860.2 Z 2
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Date of Regi5tration:
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Sond is one of the
9 Bonds described in the
10 Resolution mentioned
il within.
12
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15 Bond Registrar
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17
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19
By
Authorized Signature
1134860.2
Registrable by:
Payable at: _
CITY OF SAINT PAUL,
RAMSEY COIINTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
23
Oo-ty�
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ON REVERSE OF BOND
2 Date of Payment Not Business Dav. If the date for
3 payment of the principal of, premium, if any, or interest on this
4 Bond shall be a Saturday, Sunday, legal holiday or a day on which
5 banking institutions in the City of New York, New York, or the
6 city where the principal office of the Bond Registrar is located
7 are authorized by law or executive order to close, then the date
8 for such payment shall be the next succeeding day which is not a
9 Saturday, Sunday, legal holiday or a day on which such banking
10 institutions are authorized to close, and payment on such date
11 shall have the same force and effect as if made on the nominal
12 date of payment.
13 Redemption. A11 Bonds af this issue (the "Bonds")
14 maturing a£ter March 1, 2008, are subject to redemption and
15 prepayment at the option of the Issuer on such date and on any
16 day thereafter at a price of par plus accrued interest.
17 Redemption may be in whole or in part of the Bonds subject to
18 prepayment. If redemption is in part, those Bonds remaining
19 unpaid may be prepaid in such order of maturity and in such
20 amount per maturity as the City shall deternzine; and if only part
21 of the Bonds having a common maturity date are called for
22 prepayment, the specific Bonds to be prepaid shall be chosen by
23 lot by the Bond Registrar. Bonds or portions thereof called for
24 redemption shall be due and payable on the redemption date, and
25 interest thereon shall cease to accrue from and after the
26 redemption date.
27 Notice of Redemption. Mailed notice of redemption
28 shall be given to the paying agent (if other than a City officer)
29 and to each affected Holder of the Bonds. In the event any of
30 the Bonds are called for redemption, written notice thereof will
31 be given by first class mail mailed not less than thirty (30)
32 days prior to the redemption date to each Holder of Bonds to be
33 redeemed. In connection with any such notice, the "CUSIP"
34 numbers assigned to the Bonds shall be used.
35 Selection of Bonds for Redemption. To effect a partial
36 redemption of Bonds having a common maturity date, the Bond
37 Registrar shall assign to each Bond having a common maturity date
38 a distinctive number for each $5,000 of the principal amount of
39 such Bond. The Bond Registrar shall then select by 1ot, using
40 such method of selection as it shall deem proper in its
41 discretion, from the numbers assigned to the Bonds, as many
42 numbers as, at $5,000 for each number, shall equal the principal
43 amount of such Bonds to be redeemed. The Bonds to be redeemed
44 shall be the Bonds to which were assigned numbers so selected;
45 provided, however, that only so much of the principal amount of
46 such Bond of a denomination of more than $5,000 shall be redeemed
1134860.2 24
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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
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Holder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service 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 Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance: Purpose: General Obliqation. This Bond is
one of an issue in the total principal amount of $2,950,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denominaCion and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and Che
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on February 16, 2000 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in Che City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- SCreets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations: Exchanae: Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,000 and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate prihcipal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Aeference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
44 Transfer. This Bond is transferable by the Holder in
45 person or by his, her or its attorney duly authori2ed in writing
46 at the principal office of the Bond Registrar upon presentation
47 and surrender hereof to the Bond Registrar, all subject to the
48 terms and conditions provided in the Resolution and to reasonable
49 regulations of the Issuer contained in any agreement with, or
113486�.2 2 �j
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1 notice to, the Bond Registrar. Thereupon the Issuer shall
2 execute and the Bond Registrar sha11 authenticate and deliver, in
3 exchange for this Bond, one or more new fully registered Bonds in
4 the name of the transferee (but not registered in blank or to
5 ��bearer" or similar designation), of an authorized denomination
6 or denominations, in aggregate principal amount equal to the
7 principal amount of this Bond, of the same maturity and bearing
8 interest at the same rate.
9 Fees upon Transfer or Loss. The Bond Registrar may
1� require payment of a sum sufficient to cover any tax or other
11 governmental charge payable in connection with the transfer or
12 exchange of this Bond and any legal or unusual costs regarding
13 transfers and lost Bonds.
14 Treatment of Registered Owner. The Issuer and Bond
15 Registrar may treat the person in whose name this Bond is
16 registered as the owner hereof for the purpose of receiving
1'7 payment as herein provided (except as otherwise provided on the
18 reverse side hereof with respect to the Record Date) and for all
19 other purposes, whether or not this Bond shall be overdue, and
20 neither the Issuer nor the Bond Registrar shall be affected by
21 notice to the contrary.
22 Authentication. This Bond shall not be valid or become
23 obligatory for any purpose or be entitled to any security unless
24 the Certificate of Authentication hereon shall have been executed
25 by the Bond Registrar.
26 Not Oualified Tax-Exem�t Obligations. The Bonds have
27 not been designated by the Issuer as "qualified tax-exempt
28 obligations'� for purposes of Section 265(b)(3) of the federal
29 Internal Revenue Code of 1986, as amended. The Bonds do not
30 qualify for such designation.
1134860.2 2 6
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ABBREVIATIONS
2 The following abbreviations, when used in the
3 inscription on the £ace of this Bond, shall be construed as
4 though they were written out in full according to appiicable laws
5 or regulations:
6 TEN COM - as tenants in common
7 TEN ENT - as tenants by the entireties
8 JT TEN - as joint tenants with right of survivorship
9 and not as tenants in common
10 UTMA - as custodian £or
11 (Cust) (Minor)
12 under the Unifozm Transfers
13 (State)
14 to Minors Act
15 Additional abbreviations may also be used
16 though not in the above list.
1134860.2 2']
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5
6
7
8
ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises.
9 Dated:
10
li
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13
14
15
16
Notice: The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the within Sond in every
particular, without alteration or any change
whatever.
Signature Guaranteed:
17 Signature(s? must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other �'Eligible Guarantor
2� Institution�' as defined in 17 CFR 240.17Ad-15(a)(2}.
21
22
23
24
25
26
27
28
The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
1134860.2
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10. Execution. The Bonds shall be executed on behalf
of the City by the signatures of its Mayor, Clerk and Director,
Office of Financial Services, each with the effect noted on the
forms of the Bonds, and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed or
photocopied facsimile; and provided further that any of such
signatures may be printed or photocopied facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of 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 officer whose signature or
facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such
signature or facsimile shall nevertheless be valid and sufficient
for a11 purposes, the same as if he or she had remained in office
until delivery.
11. Authentication; Date of Reqistration. No Bond
shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a
Certificate of Authentication on such Bond, substantially in the
form hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. 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 as the date of
registration in the space provided the date on which the Bond is
authenticated. For purposes of delivering the original Global
Certificates to the Purchaser, the Bond Registrar shall insert as
the date of registration the date of original issue, which date
is March 1, 2000. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
12. Registration: Transfer: Exchanqe. The City will
cause to be kept at the principal office of the Sond Kegistrar a
bond register in which, subject to sizch reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar sha11
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
A Global Certificate shall be registered in the name of
the payee on the bool�s of the Bond Registrar by presenting the
Global Certificate for registration to the Bond Registrar, who
will endorse his or her name and note the date of registration
opposite the name of the payee in the certificate of registration
on the Global Certificate. Thereafter a Global Certificate may
be transferred by delivery with an assignment duly executed by
the Aolder or his, her or its legal representative, and the City
113486�.2 2 Q
00 -iMs
1 and Bond Registrar may treat the Halder as the person exclusively
2 entitled to exercise a11 the rights and powers of an owner until
3 a Global Certificate is presented with such assignment for
4 registration of transfer, accompanied by assurance of the nature
5 provided by law that the assignment is genuine and effective, and
6 until such transfer is registered on said books and noted thereon
7 by the Bond Registrar, all subject to the terms and conditions
8 provided in the Resolution and to reasonable regulations o£ the
9 City contained in any agreement with, or notice to, the Bond
10 Registrar.
il Transfer of a Global Certificate may, at the direction
12 and expense of the City, be subject to other restrictions if
13 required to qualify the Global Certificates as being "in
14 registered form" within the meaning of Section 149{a) of the
15 federal Internal Revenue Code of 1986, as amended.
16 If a Global Certificate is to be exchanged for one or
17 more Replacement Bonds, all of the principal amount of the Global
18 Certificate shall be so exchanged.
].9 Upon surrender for transfer of any Replacement Bond at
20 the principal office of the Bond Registrar, the City shall
21 execute (if necessary), and the Bond Registrar shall
22 authenticate, insert the date of registration (as provided in
23 paragraph 11) of, and deliver, in the name of the designated
24 transferee or transferees, one or more new Replacement Bonds of
25 any authorized denomination or denominations of a like aggregate
26 principal amount, having the same stated maturity and interest
27 rate, as requested by the transferor; provided, however, that no
28 bond may be registered in blank or in the name of "bearer" or
29 similar designation.
30 At the ogtion of the Holder of a Replacement Bond,
31 Replacement Bonds may be exchanged for Replacement Bonds of any
32 authori2ed denomination or denominations of a like aggregate
33 principal amount and stated maturity, upon surrender of the
34 Replacement Bonds to be exchanged at the principal office of the
35 Bond Registrar. Whenever any Replac�ment Bonds are so
36 surrendered for exchange, the City shall execute (if necessary),
37 and the Bond Registrar sha11 authenticate, insert the date of
38 registration of, and deliver the Replacement Bonds which the
39 Holder making the exChange is entitled to receive_ Globa'_
40 Certificates may not be exchanged for Global Certificates of
41 smaller denominations.
42 All Bonds surrendered upon any exchange or transfer
43 provided for in this resolution sha11 be promptly cancelled by
44 the Bond Registrar and thereafter disposed of as directed by the
45 City.
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1 All Bonds delivered in exchange for or upon transfer of
2 Bonds shall be valid general obligations of the City evidencing
3 the same debt, and entitled to the same benefits under this
4 resolution, as the Bonds surrendered for such exchange or
5 transfer_
6 Every Bond presented or surrendered for transfer or
7 exchange shall be duly endorsed or be accompanied by a written
8 instrument of transfer, in foim satisfactory to the Bond
9 Registrar, duly executed by the Holder thereof or his, her or its
10 attorney duly authorized in writing.
11 The Bond Registrar may require payment of a sum
12 sufficient to cover any tax or other governmental charge payable
13 in connection with the transfer or exchange of any Bond and any
14 legal or unusual costs regarding transfers and lost Bonds.
15 Transfers shall also be subject to reasonable regula-
16 tions of the City contained in any agreement with, or notice to,
17 the Bond Registrar, including regulations which permit the Bond
18 Registrar to close its transfer books between record dates and
19 payment dates.
20 13. Riahts Upon Transfer or Exchanqe. Each Bond
21 delivered upon transfer of or in exchange for or in lieu of any
22 other Bond shall carry all the rights to interest accrued and
23 unpaid, and to accrue, which were carried by such other Bond.
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14. Interest Payment: Record Date. Interest on any
Global Certificate shall be paid as provided in the first
paragraph thereof, and interest on any Replacement Bond shall be
paid on each Interest Payment Date by check or draft mailed to
the person in whose name the Bond is registered (the "Aolder") on
the registration books of the City maintained by the Bond
Registrar, and in each case at the address appearing thereon at
the close of business on the fifteenth (15th) day of the calendar
month preceding suCh Interest Payment Date (Che "Regular Record
Date°). Any such interest not so timely paid shall cease to be
payable to the person who is the Holcier thereof as of the Regular
Record Date, and shall be payable to the person who is the Holder
thereof at the close of business on a date ithe "Special Record
Date"1 fixed by the Eond Registrar whenever money becomes
available for payment of the defaulted interest. Notice of the
Special Record Date sha11 be given by the Bond Registrar to the
Holders not less than ten (10) days prior to the Special Record
Date.
42 15. Holders: Treatment of Registered Owner; Consent of
43 Holders.
44 (A) For the purposes of all actions, consents and other
45 matters affecting Holders of the Bonds, other than payments,
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1 redemptions, and purchases, the City may (but shall not be
2 obligated to) treat as the Aolder of a Bond the beneficial owner
3 of the Bond instead of the person in whose name the Bond is
4 registered. For that purpose, the City may ascertain the
5 identity of the beneficial owner of the Bond by such means as the
6 Bond Registrar in its sole discretion deems appropriate,
7 including but not limited to a certificate from the person in
8 whose name the Bond is registered identifying such beneficial
9 owner.
10 (B) The City and Bond Registrar may treat the person in
11 whose name any Bond is registered as the owner of such Bond for
12 the purpose of receiving payment of principal of and premium, if
13 any, and interest (subject to the payment provisions in paragraph
14 14 above) on, such Bond and for all other purposes whatsoever
15 whether or not such Bond shall be overdue, and neither the City
16 nor the Bond Registrar shall be affected by notice to the
17 contrary.
18 (C) Any consent, request, direction, approval, objection or
19 other instrument to be signed and executed by the Holders may be
20 in any number of concurrent writings of similar tenor and must be
21 signed or executed by such Holders in person or by agent
22 appointed in writing. Proof of the execution of any such
23 consent, request, direction, approval, objection or other
24 instrument or of the writing appointing any such agent and of the
25 ownership of Bonds, if made in the following manner, shall be
26 sufficient for any of the purposes of this Resolution and shall
27 be conclusive in favor of the City with regard to any action
28 taken by it under such request or other instrument, namely:
29 (1) The fact and date of the execution by any person
30 of any such writing may be proved by the certificate of any
31 officer in any jurisdiction who by law has power to take
32 acknowledgments within such jurisdiction that the person
33 signing such writing acknowledged before him or her the
34 execution thereof, or by an affidavit of any witness to such
35 execution.
36 (2) Subject to the provisions of subparagraph (A)
37 above, the fact of the ownership by any person of Bonds and
38 the amounts and numbers of such Bonds, and the date o£ the
39 holding of the same, may be proved by reference to the bond
4� register.
41 16. Delivery: Application of Proceeds. The Global
42 Certificates when so prepared and executed shall be delivered by
43 the Director, Office of Financial Services, to the Purchaser upon
44 receipt of the purchase price, and the Purchaser shall not be
45 obliged to see to the proper application thereof.
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17. E'unds. There is hereby created a special fund to
be designated the "2000 Capital Projects Fund" (numbered C-00,
the "Capital Fund"), to be administered and maintained by the
City Treasurer as a bookkeeping account separate and apart from
all other accounts maintained in the official financial records
of the City. There has been heretofore created and established
the "General Obligation Special Assessments -- Streets Debt
ServiCe Fund" (numbered 963, the "Debt Senrice Fund"). The
Capital Fund and Debt Service Fund shall be maintained in the
manner herein specified until all of the Bonds and the interest
thereon have heen fully paid.
(i) Ca�ital Fund. To the Capital Fund there shall be
credited the proceeds of the sale of the Bonds, less accrued
interest received thereon, and less any amount paid for the
Bonds in excess of $2,920,500. From the Capital Fund there
shall be paid all costs and expenses of making the
Improvements listed in paragraph 18, after they have been
ordered in accordance with the Charter of the City,
including the cost of any construction contracts heretofore
let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65
(including interest on the Bonds payable during the
construction period); and the moneys in the Capital Fund
shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the Bonds may
also be used to the extent necessary to pay interest on the
Bonds due prior to the anticipated date of commencement of
the collection of ta�ces or special assessments herein
covenanted to be levied; and provided further that if upon
completion of the Improvements there shall remain any
unexpended balance in the Capital Fund, the balance may be
transferred by the Council to the fund of any other
improvement instituted pursuant to the City's Charter or
Minnesota Statutes, Chapter 429, or used to pay the costs of
any other purpose permitted by law, or transferred to the
Debt Service Fund. All earnings on the Capital Fund shall
be transferred to the Debt Service Fund, or may be retained
in the Capital Fund.
(ii) Debt Service Fund. There is hereby pledged and
there shall be credited to a special account relating to the
Bonds in the Debt Service Fund: (a? collections of special
assessments herein covenanted to be levied, to the extent
provided in paragraph 19; (b) all accrued interest received
upon delivery of the Bonds; (c) all funds paid for the Bonds
in excess of $2,920,500; (d) any collections of all taxes
which are levied herein, or which may hereafter be levied in
the event that the special assessments herein pledged to the
payment of the Bonds and interest thereon are insufficient
therefor; (e) all funds remaining in the Capital Fund after
completion of the Improvements and payment of the costs
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thereof, noC so transferred to the account of another
improvement or used to pay the costs of any other purpose
pennitted by law; and (f) all investment earnings on moneys
held in such special account in the Debt Service Fund or on
moneys held in the Cagital E'und. If moneys in the special
account of the Debt Service Fund should ever be insufficient
to pay debt service on the Bonds, the Bonds shall be paid
from the Debt Service Fund or any other special account
therein, and the Bonds are hereby made payable from the Debt
Service Fund and any other special accounts therein for this
purpose. Amounts drawn from the Debt Service Fund or any
special account therein may be repaid with or without
interest when moneys sufficient for such repayment are
deposited in the special account relating to the Bonds in
the Debt Service Fund.
The special account relating to the Bonds in the Debt
Service Fund sha11 be used solely to pay the principal and
interest and any premiums for redemption of the Bonds and any
other general obligation bonds of the City hereafter issued by
the City and made payable froin such special account in the Debt
Service Fund as provided by law, or to pay any rebate due to the
United States. No portion of the proceeds of the Bonds shall be
used directly or indirectly to acquire higher yielding
investments or to replace funds which were used directly or
indirectly to acquire higher yielding investments, except il) for
a reasonable temporary period until such proceeds are needed for
the purpose for which the Bonds were issued, and (2) in addition
ta the above in an amount not greater than five percent (So) of
the proceeds of the Bonds. To this effect, any sums from time to
time held in the Capital Fund or in such special account in the
Debt Service Fund tor any other City fund or account which will
be used to pay principal or interest to become due on the bonds
payable therefrom) in excess of amounts which under then-
applicable federal arbitrage regulations may be invested without
regard as to yield shall not be invested at a yield in excess of
the applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available
under the federal arbitrage regulations. In addition, the
proceeds of the Bonds and money in the Capital Fund or in such
special account in the Debt Service Fund shall not be invested in
obligations or deposits issued by, guaranteed by or insured by
the United States or any agency or instrumentality thereof if and
to the extent that such investment would cause the Bonds to be
"federally guaranteed" within the meaning of Section 149{b) of
the federal Internal Revenue Code of 1986, as amended (the
"Code").
18. Assessments: Coverage Test. The City Council has
heretofore determined, and does hereby determine, to proceed with
the Improvements and special assessments with respect thereto
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under the provisions of the Charter of the City, rather than the
provisions of Minnesota Statutes, Chapter 429.
It is hereby determined that no less than twenty
perCent (200} of the cost to the City of each Improvement
financed hereunder within the meaning of Minnesota Statutes,
Section 475.58, Subdivision 1(3), shall be paid by special
assessments to be levied against every assessable lot, piece and
parcel of land benefitted by the Improvements. The City hereby
covenants and agrees that it will let all construction contracts
not heretofore let within one year after ordering each
Improvement financed hereunfler unless the resolution ordering the
Improvement specifies a different time limit for the letting of
construction contracts and will do and perfoxzn, as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that any
such assessment be at any time held invalid with respect to any
lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performanCe of any condition precedent thereto, the City and this
Council will forthwith do all further acts and take a11 further
proceedings as may be required by law to make the assessments a
valid and binding lien upon such property.
The special assessments have not heretofore been
authorized, and accordingly, for purposes of Minnesota Statutes,
Section 475.55, Subdivision 3, the special assessments are hereby
authorized. Subject to such adjustments as are required by
conditions in existence at the time the assessments are levied,
the assessments are hereby authorized and it is hereby determined
that the assessments shall be payable in equal, consecutive,
annual installments, with general taxes for the years shown below
and with interest on the declining balance of all such
assessments at a rate per annum approximately one percent (1%)
per annum in excess of the net effective rate of interest on the
Bonds:
37 Improvement
38 Designation
Collection
Amount Lew Years Years
39 Western/Lawson $1,075,000 2000-2019 2001-2020
40 Seventh/Eleanor 320,000 for all for all
41 Prior/Jefferson 1,020,000
42 Charles{Chatsworth 535.000
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44 TOTAL $2,950,000
45 The special assessments shall be 5uch that if collected
46 in full they, together with estimated collections of other
1134860.2 3 5
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1 revenues herein pledged for the payment of the Bonds, will
2 produce at least five percent (So) in excess of the amount needed
3 to meet when due the principal and interest payments on the Bonds
4 in every year except the final year (2012). At the time the
5 assessments are in fact levied the City Council shall, based on
6 the then-current estimated collections of the assessments, make
7 any adjustments in any ad valorem t�es required to be levied in
8 order to assure that the City continues to be in compliance with
9 Minnesota Statutes, Section 475.61, Subdivision 1.
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19. Limit on Special Assessments Pledqed. The City
Council hereby finds, determines and declares that the payment of
the Bonds does not require the pledge of all the special
assessments which may be levied with respect to the Improvements
identified in paragraph 18, and that it is necessary, proper and
expedient to provide that payments and prepayments of special
assessments in excess of the debt service requirements of the
Bonds be put to use for other purposes sooner than upon the
termination of Che Debt Service Fund. Only $2,950,000 original
principal amount of the special assessments (which amount is the
"Pledged Assessments"), and interest thereon, recognized in
paragraph 18 of this Resolution (of which $577,285 are necessary
prior to their scheduled receipt in order to pay debt service on
the Bonds on March 1, 2001) are or shall be pledged to the
payment of the Bonds, and payments of, or with respect to, such
special assessments in excess of the Pledged Assessments shall be
credited instead to a special account in the Capital Fund, and
used for the purpose of paying any additional costs of the
Improvements and the costs of oCher improvements approved by the
City, as follows: (a) the first $577,285 of all prepayments of
special assessments recognized in paragraph 18 shall be credited
to the Debt Service Fund, (b) thereafter until such time as the
special assessments from time to time outstanding equal in
original principal amount the Pledged Assessments or 1ess,
prepayments of any of the special assessments recognized in
paragraph 18 shall be treated as prepayments of the portion of
the special assessments not pledged to the Bonds and shall be
credited instead to said special account of the Capital Eund, and
used as provided above, and (c) while the special assessments
£rom time to time outstanding equal in original principal amount
the Pledged Assessments or more, regular installment payments
made on the Pledged Assessments only (not all of the special
assessments) shall be credited to the Debt Service Fund, and
regular installment payments on that portion, if any, of the
remaining assessments in excess of the Pledged Assessments sha11
be credited to said special account of the CapiCal Fund, and used
as provided above.
47 20. Tax Levy; Coveraqe Test. If taxes are levied as
48 provided in the final part of paragraph 18, the tax levies shall
49 be irrepealable so long as any of the Bonds are outstanding and
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1 unpaid, provided that the City reserves the right and power to
2 reduce the levies in the manner and to the extent permitted by
3 Minnesota Statutes, Section 475.61, Subdivision 3.
4 To provide moneys for payment of Che principal and
5 interest on the Bonds due to be paid in 2012 there is hereby
6 levied upon all of the taxable property in the City a direct
7 annual ad valorem tax which shall be spread upon the tax rolls
8 and collected with and as part of other general property taxes in
9 the City for the years and in the amounts as follows:
10 Year of Tax Year of Tax
11 Levy Collection Amount
12 ZO10 2011 �1,249,327
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The tax levies are such that if collected in full they,
together with estimated collections of special assessments and
other revenues herein pledged for the payment of the Bonds, will
produce at least five percent (50) in excess of the amount needed
to meet when due the principal and interest payments on the
Bonds. The tax levies shall be irrepealable so long as any of
the Bonds are outstanding and unpaid, provided that the City
reserves the right and power to reduce the levies in the manner
and to the extent pennitted by Minnesota Statutes, Section
475.61, Subdivision 3.
21. General Obligation Pledge. For the prompt and
full payment of the principal and interest on the Bonds, as the
same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged.
If the balance in the special account relating to the Bonds in
the Debt Service Fund (as defined in paragraph 17 hereof) is ever
insufficient to pay all principal and interest then due on the
Bonds payable therefrom, the deficiency shall be promptly paid
out of any other funds of the City which are available for such
purpose, including the general fund of the City and the Debt
Service Fund and the special accounts therein, and such other
funds may be reimbursed with or without interest from the special
account in the Debt Service �'und relating to the Bonds when a
sufficient balance is available therein.
37 22. Certificate of Reqistration. The Director, Office
38 of Financial Services, is hereby directed to file a certified
39 copy of this Resolution with the officer of Ramsey County,
40 Minnesota, performing the functions of the county auditor (the
41 "County Auditor"), together with such other information as the
42 County Auditor shall require, and to obtain the County Auditor's
43 certificate that the Bonds have been entered in the County
44 Auditor's Sond Register, and that the tax levy required by law
45 has been made.
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23. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the Purchaser, and to the attorneys approving the 1egality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds 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 the 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_
24. Negative Covenants as to Use of Proceed and
Improvements. The City hereby covenants not to use the proceeds
of the Bonds or to use the Improvements, or to cause or permit
them to be used, or to enter into any deferred payment
arrangements for the cost of the Improvements, in such a manner
as to cause the Bonds to be "private activity bonds" within the
meaning of Sections 103 and 141 through 150 of the Code. The
City reasonably expects that no actions will be taken over the
term of the Bonds that would cause them to be private activity
bonds, and the average term of the Bonds is not longer than
reasonably necessary for the governmental purpose of the issue.
The City hereby covenants not to use the proceeds of the Bonds in
such a manner as to cause the Bonds to be °hedge bonds" within
the meaning of Section 149(g) of the Code.
28 25. Tax-Exempt Status of the Bonds- Rebate• Election.
29 The City shall comply with requirements necessary under the Code
30 to establish and maintain the exclusion from gross income under
31 Section 103 of the Code of the interest on the Bonds, including
32 without limitation requirements relating to temporary periods for
33 investments, limitations on amounts invested at a yield greater
34 than the yield on the Bonds, and the rebate of excess investment
35 earnings to the United States.
36 The City expects that the two-year expenditure
37 exception to the rebate requirements may apply to the
38 construction proceeds of the Bonds.
39 If any elections are available now or hereafter with
40 respect to arbitrage or rebate matters relating to the Bonds, the
41 Mayor, Clerk, Treasurer and Director, Office of Financial
42 Services, or any of them, are hereby authorized and directed to
43 make such elections as they deem necessary, appropriate or
44 desirable in connection with the Bonds, and all such elections
45 sha11 be, and sha11 be deemed and treated as, elections of the
46 City.
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1 26_ No Desianation of Oualified Tax-Exem,pt
2 Obligations. The Bonds, together with other obligations issued
3 by the City in 2000, exceed in amount those which may be
4 qualified as "qualified ta�c-exempt obligations" within the
5 meaning of Section 265(b)(3) of the Code, and hence are not
6 de5ignated £or such purpose.
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27. Letter of Representations. The Letter of
Representations for the Bonds is hereby confirmed to be the
Blanket Issuer Letter of Representations dated April 10, 1996, by
the City and received and accepted by The Depository Trust
Company. So long as The Depository Trust Company is the
Depository or it or its nominee is the Holder of any Global
Certificate, the City shall comply with the provisions of the
Letter of Representations, as it may be amended or supplemented
by the City from time to time with the agreement or consent of
The Depository Trust Company.
28. Negotiated Sa1e. The City has retained Springsted
Incorporated as an independent financial advisor, and the City
has heretofore determined, and hereby determines, to sell the
Bonds by private negotiation, all as provided by Minnesota
Statutes, Section 475.60, Subdivision 2(9).
29. Continuina Disclosure. The City is an obligated
person with respect to the Bonds. The City hereby agrees, in
accordance with the provisions of Rule 15c2-12 (the "RUle"),
promulgated by the Securities and Exchange Commission (the
"Commission") pursuant to the Securities Exchange Act of 1934, as
amended, and a Continuing Disclosure Undertaking (the
"Undertaking��) hereinafter described, to:
A. Provide or cause to be provided to each nationally
recognized municipal securities inPormation repository
("NRMSIR°? and to the appropriate state information
depository ("SID"), if any, £or the State of Minnesota, in
each case as designated by the Commission in accordance with
the Rule, certain annual financial information and operating
data in accordance with the Und"ertaking. The City reserves
the right to modify from time to time the terms of the
Undertaking as provided therein.
B. Provide or cause to be provided, in a timely
manner, to (i) each NRMSIR or to the Municipal Securities
Rulemaking Board ('�MSRB") and (ii) the SID, notice of the
occurrence of certain material events with respect to the
Bonds in accordance with the Undertaking.
C. Provide or cause to be provided, in a timely
manner, to (i) each NRMSIR or to the MSRB and {ii) the SID,
notice of a failure by the City to provide the annual
1134860.2
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1 financial inPonnation with respect to the City described in
2 the LSndertaking.
The City agrees that its covenants pursuant to the Rule
set forth in this paragraph 29 and in the Undertaking are
intended to be for the benefit of the Holders of the Bonds and
shall be enforceable on behalf of such Holders; provided that the
right to enforce the provisions of these covenants shall be
limited to a right to obtain specific enforcement of the City's
obligations under the covenants.
10 The Mayor and Director, Office of Financial Services,
11 or any other officers of the City authorized to act in their
12 stead (the "Officers"), are hereby authorized and directed to
13 execute on behalf of the City the Undertaking in substantially
14 the foxm presented to the City Council, subject to such
15 modifications thereof or additions thereto as are (i) consistent
16 with the requirements under the Rule, (ii) required by the
17 Purchaser, and (iii) acceptable to the Officers.
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1 30. Severabilitv. If any section, paragraph or
2 provision of this resolution shall be held to be invalid or
3 unenforceable for any reason, the invalidity or unenforceability
4 of such section, paragraph or provision shall not affect any of
5 the remaining provisions of this resolution.
6 31. HEadincrs. Headings in this resolution are
7 included for convenience of reference only and are not a part
8 hereof, and shall not limit or define the meaning of any
9 provision hereof_
Adopted by Council: Date ��• ��. �.00 O
Certified by Council Secretary
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Approved by Mayor.
By:
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Form pp ov by Cfty Attorne�
By:
41
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EXHIBITS
Exhibit A - Proposals
�V
ao-GyS
Services
<,z000 I GREEN SHEET
No 101133
LDP2525S/ LJ OEpq1RYENf dREC�ON u ClIYCqMCIL �
bUNCILAGENDA BY (DAT�
ASSIGN
2�0 NUMBERFOR � CrtYATioxNEY ❑ arvetDtK _
ROUTING
OROER f}UNC�ALSESMLESdR ❑ FNNNt'J4LSERV/M1CCiG
� YA1roR ❑
TOTAL # OF SIGNATURE PAGES 1_ (CLIP ALL LOCATIONS FOR SIGNATURE)
resoiution accepts the winning proposal and awards the bid for the $2,950,000 G.O.
�t Improvement Special Assesment Bonds Series 2000B. This is a competitive bond sale and the award
ng to the bidder found most advantageos (lowest cost) to the City.
PLANNING COMMISSION
CIB COMMITTEE
CIVIL SERVICE COMMISSION
Has this person/firtn ever wnrked undet a contrect for [his department?
YES NO
Has this perso�rm ever Deen a city employee?
YES NO
Does this personffrm possess a skill mt normaliy possessed by any current city employee?
VES NO
Is this person/firm a tatgetetl vendo(>
YES NO
>lain all ves ansvrere on senarate sheet and attach to areen sheet
are for the purpose of financing certain s[reet improvements wRhin the Ciry, and will be repaid by special assesments.
will be available for street improvements.
IF APPROVED
neetletl for certain street imprwements will no[ be available.
OF TRANSACTION S szsso.000
SOURCE
INFORMATION (IXPWN)
COS7/REVENUE BUDGETED (qRCLE ONE) YES NO
ACTIVITY NUMBER
(q,� Y� �'. +Y ..3- P'..._,a�
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ao -1�{s
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and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and ,
3 WHEREAS, "Holder" as used herein means the pers in
4 whose name a Bond is registered on the registration boo of the
5 City maintained by the registrar appointed as provide in
6 paragraph 8(the "BOnd Registrar"); and
7 WHEREAS, Rule 15c2-12 of the Securities nd Exchange
8 Commission prohibits "participating underwriters' from purchasing
9 or selling the Bonds unless the City undertakes to provide
10 certain continuing disclosure with respect to he Bonds; and
11 WHEREAS, pursuant to Minnesota St utes, SeCtion
12 475.60, Subdivision 2(9), public sale requ' ements do not apply
13 to the Bonds if the City retains an indep ndent financial advisor
14 and determines to sell the Bonds by priv te negotiation, and the
15 City has instead authorized a competit' e sale without
16 publication of notice thereof as a fo of private negotiation;
17 and
18 WHEREAS, proposals for t e Bonds have been solicited by
19 Springsted Incorporated pursuant o an Official Statement and
20 Terms of Proposal therein:
21 NOW, THEREFORE, BE I RESOLVED by the Council of the
22 City of Saint Paul, Minnesota as follows:
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1. Acce�tance of Pro osal. The proposal of
(the "Pur aser"), to purchase $2,950,000
General Obligation StYeet Improvement Special Assessment Bonds,
Series 2000B, of the Cit (the "Bonds", or individually a
"Bond"), in accordance ith the Terms of Proposal for the bond
sale, at the rates of 'nterest hereinafter set forth, and to pay
therefor the sum of $ , plus interest accrued to
settlement, is hereb found, determined and declared to be the
most favorable prop sal received and is hereby accepted, and the
Bonds are hereby a arded to the Purchaser. The Director, Office
of Financial Serv'ces, or his designee, is directed to retain the
deposit of the P chaser and to forthwith return to the others
making proposal their good faith checks or drafts.
2. itle: Original Issue Date: Denominations:
Maturities. he Bonds shall be titled "General Obligation Street
Improvement pecial Assessment Bonds, Series 2000B", shall be
dated Marc 1, 2000, as the date of original issue and shall be
issued fo hwith on or after such date as fully registered bonds.
The Bond shall be numbered from R-1 upward. Global Certificates
60.2
bo -1�15
1 shall each be in the denomination of the entire principal amount
2 maturing on a single date, or, if a portion of said principal
3 amount is prepaid, said principal amount less the prepayment_
4 Replacement Bonds, if issued as provided in paragraph 6, shall
5 in the denomination of $5,000 each or in any integral multip
6 thereof of a single maturity. The Bonds shall mature on M ch 1
7 in the years and amounts as follows:
Year Amount
Year
9 2001 $400,000 2007 $ 5,000
10 2002 150,000 2008 15,000
11 2003 120,000 2009 115,000
12 2004 120,000 2010 115,000
13 2005 120,000 2011 115,000
14 2006 115,000 2012 1,350,000
15 For purposes of Minnesota Statutes, Sectio 475.54, the serial
16 maturities of the Bonds are combined with he serial maturities
17 of the City's $19,000,000 General Obliga on Capital Improvement
18 Bonds, Series 2000A.
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3. Purpose. The Bonds
construction of various street im
in the City, and any excess funds
purpose permitted by law. The to
which shall include all costs enu
Section 475.65, is estimated to
of the Bonds. Work on the Impr v
diligence to completion.
27 4. Interest
28 semiannually on April 1
29 "Interest Payment Date")
30 the basis of a 360-day }
31 respective rates per anr
32 as follows: �
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Maturit�,Year
2001
2002
2003
2004
2005
2006
°s
2007
2008
2009
2010
2011
2012
r interest payable
h year (each, an
2000, calculated on
months, at the
e the maturity years
Interest Rate
5 Description of the Global Certificates and Global
Book-Ent stem. Upon their original issuance the Bonds will
be issued n the form of a single Global Certificate for each
maturity, deposited with the Depository by the Purchaser and
immobil' ed as provided in paragraph 6. No beneficial owners of
ha provide funds for the
o ements (the "Improvements")
all be devoted to any other
1 cost of the Improvements,
rated in Minnesota StaCutes,
at least equal to the amount
ents shall proceed with due
e�Bonds shall bea
/October 1 of eac
ommencing April 1,
of twelve 30-day
set forth opposit
Maturitv Year
1134860.
p� _I4S
1 revenues herein pledged for the payment o£ the Bonds, will
2 produce at least five percent (5%) in excess of the amount needed
3 to meet when due the principal and interest payments on the Bonds
4 in every year except the final year (2012). At the time the
5 assessments are in fact levied the City Council shall, based n
6 the then-current estimated collections of the assessments, ke
7 any adjustments in any ad valorem taxes required to be lev'ed in
8 order to assure that the City continues to be in complia e with
9 Minnesota Statutes, Section 475.61, Subdivision 1.
0 19. Limit on Special Assessments Pledged The City
1 Council hereby finds, determines and declares that the payment of
2 the Bonds does not require the pledge of all the pecial
3 assessments which may be levied with respect to the Improvements
4 identified in paragraph 18, and that it is ne ssary proper and
expedient to provide that payments and pr
assessments in excess of the debt service
Bonds be put to use for other purposes so
ents of special
irements of the
than upon the
termination of the Debt Service Fund. O y$
original principal amount of the specia assessments (which
amount is the "Pledged Assessments��?, nd interest thereon,
recognized in paragraph 18 of this R olution (of which
$ are necessary prior their scheduled receipt in
order to pay debt service on the B ds on March 1, 2001) are or
shall be pledged to the payment o the Bonds, and payments of, or
with respect to, such special as essments in excess of the
Pledged Assessments shall be cr dited instead to a special
account in the Capital Fund, a d used for the purpose of paying
any additional costs of the I provements and the costs of other
improvements approved by the City, as follows: (a) the first
$ of all prepa ents of special assessments
recognized in paragraph 18 shall be credited to the Debt Seivice
Fund, (b) thereafter unt' such time as the special assessments
from time to time outst ding equal in original principal amount
the Pledged Assessments or less, prepayments of any of the
special assessments r ognized in paragraph 18 shall be treated
as prepayments of th portion of the special assessments not
pledged to the Bonds and shall be credited instead to said
special account of he CapiCal Fund, and used as provided above,
and (c) while the pecial assessments from time to time
outstanding equa in original principal amount the Pledged
Assessments or re, regular installment payments made on the
Pledged Assess nts only (not all of the special assessments)
shall be cred' ed to the Debt Service Fund, and regular
installment p yments on that portion, if any, of the remaining
assessments n excess of the Pledged Assessments shall be
credited to said special account of the Capital Fund, and used as
provided ove.
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20. Tax Levy; Coverage Test. If taxes are levied as
in the final part of paragraph 18, the tax levies shall
alable so long as any of the Bonds are outstanding and
11348�0.2 36
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unpaid, provided that the City reserves the right and power to
reduce the levies in the manner and to the extent permitted by
Minnesota Statutes, Section 475.61, Subdivision 3.
To provide moneys for payment of the principal and
interest on the Bonds due to be paid in 2012 there is h eby
levied upon all of the t�able property in the City a irect
annual ad valorem tax which shall be spread upon the a�c rolls
and collected with and as part of other general pr erty taxes in
the City for the years and in the amounts as foll s:
Year of Tax
Levy
2010
Year of Tax
Collection
2011
The tax levies are such that
together with estimated collections of
other revenues herein pledged for the
produce at least five percent {5%) in
to meet when due the principal and i t
Bonds. The tax levies shall be ir pe
the Bonds are outstanding and unp d,
reserves the right and power to duce
and to the extent permitted by nneso
475.61, Subdivision 3.
Amount
$
i collected in full they,
ecial assessments and
ayment of the Bonds, will
excess of the amount needed
erest payments on the
alable so long as any of
provided that the City
the levies in the manner
ta Statutes, Section
21. General Oblig�tion Ple@c�e. For the prompt and
full payment of the princip 1 and interest on the Bonds, as the
same respectively become d e, the full faith, credit and taxing
powers of the City shall e and are hereby irrevocably pledged.
If the balance in the sp cial account relating to the Bonds in
the Debt Service Fund ( s defined in paragraph 17 hereof) is ever
insufficient to pay al principal and interest then due on the
Bonds payable therefr m, the deficiency shall be promptly paid
out of any other fun s of the City whzch are available for such
purpose, including e general fund of the City and the Debt
Service Fund and t e special accounts therein, and such other
funds may be rei ursed with or withbut interest from the special
account in the D t Service Fund relating to the Bonds when a
sufficient bala ce is available therein.
22. Certificate of Registration. The Director, Office
of Financial Services, is hereby directed to file a certified
copy of thi Resolution with the officer of Ramsey County,
Minnesota, performing the functions of the county auditor (the
"County ditor"), together with such other information as the
County ditor shall require, and to obtain the County Auditor's
certif' ate that the Bonds have been entered in the County
Audito 's Bond Register, and that the tax levy required by law
has en made.
so.z 37