279782 WM17E - CITV CLERK 2�g►��.�
PINK - FINANGE G I TY OF SA I NT PAU L COUIICIl
CANARV - DEPARTMENT
BLUE -�AVpR File NO.
�Co^uncil Resolution
Presented By .��.av. i
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 279685 adopted
on January 13, 1983 and approved by the Mayor on January 14,
1983 authorized the issuance and sale of $6,080,000 General
Obligation 'uVater Pollution Abatement Bonds, Series 1983, to be
dated March 1, 1983;
B. The appropriate City Officers have, pursuant to
said resolution, caused proper published notice of the sale of
the bonds to be given as required by law, and sealed bids,
� pursuant to the Official Terms of Offering, were received until
11:00 o' clock, Central Time, on Tuesday, February 1, 1983, at
the office of Peter Hames, Director, Department of Finance and
Management Services of the City of Saint Paul; and
C. The Director, Department of Finance and
Management Services of the City has advised the Council that
the bid of The First National Bank of Chicago was found to
be the most advantageous and has recommended that said bid be
accepted. j .
,
NOW, THEREFORE, BE IT RESOLVED THAT:
' 1. The bid of The First National Bank of Chicago to
purchase �$6,080,000 General Obligation�`Water Pollution
Abatement Bonds, Series 1983, of the City in accordance with
the Official Notice of Offering at the rates of interest
hereinafter set forth and to pay, therefore, the sum of
COUNCILMEN Requested by Department of:
Yeas Nays
Fletcher
�X In Favor
Masanz
NiCOSie
scheibe� _ __ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Councii: Date
Certified Yassed by Council Secretary BY ���'��������
By
6lpproved by 17avor: Date _ Approved by Mayor for Submission to Council
BY - – — BY
� 2�9�82
$ 5,991,996.76 plus a preinium of $ none is Ihereby .foun3,
3etermined and d�clared to be the �nost favorable bi3 received
and is here's�y accentPd and said bonds are hereby awarded to
said bidde.r; ''
2. The Director, Departrnent of Finance and
�Ianagement Services is directed to retain the deposit of said
bidder and to forthwa.th return the good faith c'necks or drafts
to the unsuccessful bid3ers;
3. Said bonds shall be payable as to principal and
interest at Chemical Bank, New York, New York, or any successor �='
paying agent duly appointed by the City.
4. The bonds bearing the serial numbers and maturin�
on March 1 in each o:£ tne yearsy,as follows shall bear inte�rest
as fol2ows: '
Year Amount Serial Nos. Interest Rate
I984 $ 55,000 1-11 9.50%
1985 $150,000 12-41 9.50%
1986 $150,000 42-71 9.50%
1987 $175,000 72-105 9.SO%
1988 $175,000 107-141 9.50%
1989 $200,000 142-181 9.50%
- _ _1990 $200,000 182-221 9.SO%
1991 $22�,000 222-260 9.50%
1992 $225,000 257-311 9.00%
1993 $250,000 312-361 8.00%
1994 $275,000 362-416 8. 10%
1995 $300,000 417-476 8.30%
1996 $325,000 477-541 8.60%
1997 $350,000 542-611 8.80%
1998 $400,000 612-691 9.00%
1999 $425,000 692-776 9. 10%
2000 $475,000 777-871 9. 15%
2001 $525,000 872-976 9.20%
2002 $575,000 977-1091 8.00%
2003 $625,000 1092-1216 8.00%
� Said bonds shall be dated ��4arch 1, 1983 and shall 'pe numbered
from l to 121G, botii inclusive. Interest on said bonds cviyl be
pay�ble September l, 19�3 and s�mi-annually thereafter on March
1 and September 1 of each year;
� ;�'79'782
5. The Council hereby ratifies and apnroves each and
every act of its subcommittee on Finance and Sinkiz�g Funds in
connection with the sale of_ the said bonds;
6. Bonds of said iss�e, maturing in the years 1994
to 2003, both inclusive, shall be subject to redeznption in
whole or in part in inverse order of_ their maturity years on
Marc'n 1, 1993, and on any inte.rest payment date thereafter at a
price of par plus accrued interest to the date oE redemption.
If only a part of the Bonds having a common maturity date. are
called for prepayment the specific Bonds within the maturity
shall be selected by the Paying Agent by lot using any •
procedure for such purpose selected by the Paying Agent.
r�.
Votice of redemption shall be given by publication of a notice '
of redemption once in a daily newspaper of general circulation,
or in a daily financial paper, published in the City of New
York, New York, and printed in the English language, and once
in a daily or weekly periodical published in a PRinnesota city
of the first class, or its rnetropolitan area, and printed in
the English language, which circulates throughout the State and
furnishes financial riews as part of its service, such notice to
be published not less than thirty nor more than forty-five days
prior to the date fixed for redemption, and i:E such notice
shall have been given and payment thereof auly made or provided
for, interest t'nereon shall cease from and after the date so
fixed for redemption.
_ ` 7. Bonds maturing in the years 1984 to 1993 are not
redeemable prior to maturity.
$. Said bonds and the coupons attached thereto shall.
be in substantially the following form, which has b�en approved
by the City Attorney of the City of Saint Paul, and is hereby
approved and adopted:
.
� 2'79►���
'JNIT�1� STATES OF AMGRICA
STATE OF MINC�TESOTA
COUNTY OF RAMSFY
CITY OF SAINT PAiJL
GFNERAL OF3LIGATIONI�t^7ATER POLLUTION ABATEMECJT BOt1D
SERIES 1983
�10. $5,000
KNOW ALL ME�T BY THESE PRESENTS, tnat the City of
Saint Paul, in the County of Ramsey and State of Minnesota, _
ac'Knowledges itself to be inde'nted and for value received
'nereby promis�s to pay to beare.r tne su:n af Five Thousand !''
Dollars ($5,000) on the first day of tdarch, � togezher with
interest thereon from the datz here�f until the principal sum
is paid, or until reaee?ned as 7�ereinafter provided, at the rate
of_ percent per annum, payable Septe.mber ]., 1953,
and semiannually �t�ereafter on the first day of t�iarch and the
first day of September in each year as evidenced by and upon
t'ne presentation and surrender o.f th� annexed interest coupons
as they severally become due. Both princi,�al of and interest
on this bona are payable in ].aw£ul money of. the United States
of America at Chemical Bank, New Xork, iJew York, or any
successor paying agent duly appointed by the City, anc� for th�
�ro�npt payment of this bond, both principal and interest, when
due, the full faith and credit oi the City of Saint Paul are
irrevoca'Qly pledgecl�
This bond is one ot a series o` bonds issued and so3.d
, by the City of Saint Paul, in t'ne aggregate principal amount of
� Six Million Eighty Thousand Dollars ($6,080,000) authorized by
� C'napter 115, Minnesota Statutes, and duly adopte3 resotutions
of the Council of the City of Saint Paul an3 in full compliance
with said Chapter 115, Minnesota Statutes, said resolu�zons,
the Charter of the City of Saint Paul, and Chapter 475,
i�iinnesota Statutes. Said bonds have been issuea :Eor the
purpose of providing funds to aefray the expense of the
construction, installation, operation and maintenance of sewage
disposal systems to assist in the prevention and control of
water pollution.
�� Bonds of this issue maturing in the years I994 to
2003 both inclusive, are su'oject to redemption and prior
pay.nent at the option of_ the �ity in inverse order o� t'neir
rnaturity years on �Iarch 1, 1993, and on any interest pay�ent
datz thereafter at par and accrued interest. If only a part oE
the Bonds having a common maturity date are called for
�repayment t'ne sPecific Bonds within the maturity shall he
selected by the Paying Agent by lot using any procedure for
.
� 2'79'78
such purpose selected by the Paying Agent. i�Totice of
redemption shall be given by publication of a notice of
redemption ance in a daily newspaper of gen�ral circulation, or
in a daily financial paper, published in the City of New York,
New York, and printed in the English language, and once in a
daily or weekly periodical published in a t�Iinnesota city of the
first class, or its metr000litan arPa, and printed in the -
English language, which circulates throughout the State and
furnishes financial news as part of its service, such notice to
be published not less than thirty nor more than forty-five days
prior to the date fixed for redemption, and if such notice
shall have been given and payment hereof duly made or pr�vided
for, interest hereon shall cease from and after the date so
fixed far redemption.
It is hereby certifieci and recited that all things,
acts and conditions required by the Constitution and Laws of
the State of Minnesota and the Charter oiE said City to happen
and be done and performed precedent to and in the issuance of
this bond, have happened and been done and performed in regular
and due form and time as required by law and that the issuan�e
of this bond did not cause the total indebtedness of said City
to exceed any constitutional, statutory, or Charter limitation.
IN WITNESS WHEREOF, the said City of Saint Paul, by
its City Council, has caused this bond to be sealed with the
facsimile of its Official Seal, to be signed by the facsimile
signature of its Mayor, attested by the facsimile signature of
its City Clerk, and countersigned by the facsimile signature of
its Director, De�oartment of Finance and Management Services,
and re-executed by the manual signature of one of sucn
officers, and each of the interest counons hereto attached has
been executed by t:he facsimile signatures of said officers as
of the first day of March, 1983.
(facsimile) George Latimer
Mayor
Attest: (facsimile) Albert B. Olson
City Clerk
Countersigned: (facsimile) Peter Hames
Director, Denartment o.f Finance
and Management Services
gy; � (SEAL)
• � ��� f l)�
COUPOtd
On the first day of September (t�Iarch) , ,�unless
the bond described below shall have been duly called for`
redemption, and payment of the redemption price duly made or
provided for, the City of Saint Paul, Ramsey County, Minnesata,
promises to pay to bearer at Chemical Bank, New York, New York,
or any successor paying agent duly appointed by the City, the
sum shown hereon for interest then due on its General
ObligationX,��later Pollution Abate;nent Bond, Series 1983, dated
March 1, 1983, No. ' -
.:•
(facsimile) George Latimer
Mayor
Attest: (facsimile) Albert B. Olson
City Clerk
Countersigned: (facsimile) Peter Hames
Director, Department o
- Finance and Management
Services
9. The full faith and credit and taxing power of the
City is hereby pledged for the prompt and full payment of both
the principal and interest of said bonds;
10. � Each said bond shall be sealed by the facsimil.e
of the Offieial Seal of the City of Saint Paul and signed by
the facsimile signature of its Mayor, attested �y the iacsimile
signature of its City Clerk and countersigned by the facsimile
signature of its Director, Department of Finance and Management
Services, and re-executed by the manual signature of one of
such officers, and the interest coupons attached to each bond
shall be executed by the facsimile signatures of said officer�;
WHITE - CITV CLERK
PINK - FINANCE G I TY OF SA I NT PAIT L Council
CANARV - DEPARTMENT
BLUE .,MAVOR
File N .
� � C uncil Resolution
Presented By ���--�
Referred To Committee: Date
Out of Committee By Date
11. * The proceeds from the sale of said bonds, except
for any amount paid for said bonds in excess ofx$5,989,000
shall be deposited in a separate special account designated
"Water Pollution Abatement Account of 1983" £rom which there
shall be paid the costs of construction, operation,
installation and maintenance of the sewage disposal systems for
which said bonds were issued. Accrued interest received upon
delivery of said bonds, any amount paid for said bonds in
excess of $5,989,000 and any balance remaining in the aforesaid
account after payment of the costs of all such sewage disposal
systems shall be credited to the Sinking Fund established for
said bonds; and
12. The City will not make any use of the proceeds
of the Bonds to be issued which, if such use had been
reasonably expected on the date of delivery of and payment for
the bonds, would have caused such obligations to be arbitrage
bonds within the meaning of Section 103 (c) of the Internal
Revenue Code of 1954, as amended and any applicable regulations
promulgated thereunder; and the City will and will cause any
other entity authorized to invest said bond proceeds for the
City to comply with the requirements of said Section 103 (c) and
all applicable regulations pertaining thereto while the bonds
to be issued hereunder remain outstanding.
COUNCILMEN ested by Depart nt f:
Yeas N ays /�� •
Fletcher
X*�� Galles �
Masanz
[n Favor
Nicosia B
scneibei __ Against
Tedesco
Wilson
Adopted by Council: Date r CD 1 ��� Form Approved by City Attorney
Certified P• .s Council ret BY �����wL �. �/j?�i�•.�
B;' c� .
` at/i�, OF EYi
t�pp by ;14avor: D — FEB 2 1.983 Approved by for Submiss' n to Counc 1
s - — sv .�
�
PUBUSHEO �E B 12 is83