00-380ORIG1NAl.
Presented By
Referred To
1-�'Ct�e� � --
CITY OF
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„sr��,,�
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Committee:
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AUTHORIZING A LEASE PURCHASE
AGREEMENT FOR RIVERCENTRE PARKING RAMP
IMPROVEMENTS, AY3D AUTIiORIZING TIiE
EXECUTION OF VARIOUS DOCUMENTS
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WAEREAS, the City of Saint Paul, Minnesota (the
"City"), under its City Charter and Minnesota Statutes, Section
465.71, is authorized to enter into a lease purchase agreement
for real or personal property, and proposes to do so for costs of
remodeling and improving the RiverCentre Parking Ramp (the
"Parking Ramp"); and
WHEREAS, pursuant to Minnesota Statutes, Sections
469.001 through 469.047 (the "HRA Act"), and its predecessor
statutes, the Housing and Redevelopment Authority of the City of
Saint Paul, Minnesota (the "HRA"}, adopted a Redevelopment Plan
Sertrenth Place Redevelopment Project (the "Redevelopment Plan")
which includes activities for the RiverCentre and the
improvements to the Parking Ramp; and under the HRA Act and
Redevelopment Plan, the HRA may issue revenue bonds
the improvements to the Parking Ramp; and pursuant t
and the general powers granted to the City under its
Charter, the City may lease the improvements to the
from the HRA; and
to finance
o the HRA Act
City
Parking Ramp
WAEREAS, the City has requested that the HRA issue, and
the HRA wishes to issue, its Parking Facility Lease Revenue
Bonds, Series 2000 (RiverCentre Parking Ramp Improvements) (the
"Bonds"), pursuant to an Indenture of Trust dated as of May 1,
2000 (the "Indenture"), by and between the HRA and U.S. Bank
Trust National Association (the "Trustee"), to finance the
remodeling and improvement of the Parking Ramp (the ��Project" or
"New Improvements"); and
WHEREAS, the Bonds are �o be secured by the Indenture
and by a Lease Agreement Regarding Acquisition, Construction,
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Installation and Lease of Improvements Designated as Personal
Property dated as of May 1, 2000 (the "Lease"), by and between
the HRA and City, under which payments by the City pursuant to
the Lease will be pledged to the payment of the Bonds; and under
the Lease the City has the right, as required by Minnesota
Statutes, Section 465.71, to terminate the Lease at the end of
any fiscal year during its term; and
8 WHEREAS, it is necessary and desirable and in the best
9 interests of the HRA and City for the HRA to issue the Bonds in
10 the aggregate principal amount not to exceed $7,300,000 on the
il terms and conditions set forth in the Indenture, and secured as
12 provided in the Indenture and Lease, for the foregoing purposes;
13 and
14 WHEREAS, the HRA Bonds will bear tax-exempt interest
15 but the Lease will not; and
16 WHEREAS, the Saint Paul Civic Center Authority (the
17 "Civic Center Authority") will provide a portion of the moneys
18 for making the payments on the Lease:
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NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Documents Submitted. In conneCtion with the
proposed Lease, forms of the following documents have been
submitted to the City Council for approval:
24 a. the Lease;
25 b. a Bond Purchase Agreement (the "Bond Purchase
26 Agreement") to be entered into by and among the HRA,
27 the City and U.S. Bancorp Piper Jaffray, Inc. (the
28 "Underwriter"); and
29 c. a Continuing Disclosure Agreement relating to the Bonds
30 by and between the HRA and City (the "Continuing
31 Disclosure Agreement").
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Items (a), (b) and (c) are referred to in this Resolution as the
"Lease DoCUments".
2. Lease Documents. The Lease, Bond Purchase
Agreement and Continuing Disclosure Agreement are hereby approved
in substantially the forms submitted, with such deletions,
completions and changes therein as are necessary and appropriate
and approved by Bond Counsel, the City Attorney and City Staff.
The Mayor, Director, Office of Financial Services, and Chairman
of the Civic Center Authority are hereby authorized and directed
to execute the Lease. The Mayor and Director, Office of
Financial Services, are hereby authorized to execute the
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Con�inuing Disclosure Agreement and Bond Purchase Agreement.
Such officers are also authorized and directed to execute such
other documents as are contemplated thereby or necessary in
connection therewith.
3. Pricina Committee. There is hereby delegated to
(i) the Executive Director of the HI2A (or his designee), (ii) a
person designated by Springsted Incorporated and (iii) the
Treasurer of the City (collectively, the "Pricing Committee") the
authority to agree with the Underwriter on the principal amount
of Bonds to mature or be payable each year during their term, the
interest rate to be borne by each maturity of the Bonds, the
premium, if any, payable upon optional redemption of the Bonds
(and the dates therefor), and the original issue discount, if
any, to apply to all or any maturities of the Bonds, provided
that the net interest cost of the Bonds sha11 not exceed seven
and one-half percent (7.50) per annum and the maximum original
issue discount for any Bond shall not exceed two percent (2.0%)
of the principal amount thereof. The determinations of the
Pricing Committee as to terms shall be set forth in a certificate
signed by its members, and such terms shall be included in the
Bond Purchase Agreement, in the Indenture, in the form of the
Bonds, and in other agreements and documents as appropriate. The
UnderwriteT's discount for the purchase price of the Bonds shall
be two percent i2%) of the principal amount. Execution of the
Bond Purchase Agreement by and on behalf of the City as provided
herein shall be deemed conclusive ratification and approval of
the determinations bf the Pricing Committee.
4. Changes: Related Documents. The approval hereby
given to the various Lease Documents includes approval of such
additional details therein as may be necessary and appropriaCe,
such modifications thereof, deletions therefrom and additions
thereto prior to their execution as may be necessary and
appropriate and approved by the City Attorney, Bond Counsel,
appropriate City staff and the City officials authorized herein
to execute them, and includes approval of such related
instruments as may be required to be executed in connection with
the various documents referred to above. The City Attorney, Bond
Counsel, City officials and City staff are hereby authorized to
approve said changes and related instruments on behalf of the
City upon determination by them that such changes and related
instruments are consistent with this Resolution and necessary or
desirable to effectuate the purposes hereof. The execution of
any instrument by the appropriate officer or officers of the City
herein authorized shall be conclusive evidence of the approval of
such documents in accordance with the terms hereof. In the
absence of the Mayor, Director, Office of Financial Services, or
Chair of the Civic Center Authority, any of the documents
authorized by this Resolution to be executed by them may be
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1 executed by the Assistant Mayor, Acting Director, Office of
2 Financial Services, or Acting Chair of the Civic Center
3 Authority, respectively, or by any other duly designated acting
4 official.
5 5. Puroose. The Lease shall provide funds for the
6 remodeling and improvement of the parking ramp at the RiverCentre
7 (the "Project").
8 6. Prepayment; Purchase. The Lease shall be subject
9 to prepayment at the option of the City upon exercise of the
10 purchase option. At the expiration of the Lease a£ter its full
11 term, the City shall have the option to purchase the Project for
12 $1.00.
13 7. Funds; Arbitraae. Until expended on the Project,
14 the proceeds of the Bonds shall be held in the custody of the
15 Trustee pursuant to the Indenture but the City may direct their
16 investment. Payments on the Lease shall be made from annual
17 appropriations, and moneys to make such payment shall not be
18 segregated in any special fund. Moneys to make payments on the
19 Lease shall be provided in part by the Civic Center Authority.
20 No portion of those proceeds of the Bonds within the
21 control of the City shall be used directly or indirectly to
22 acquire higher yielding investments or to replace funds which
23 were used directly or indirectly to acquire higher yielding
24 investments, except (1) for a reasonable temporary period until
25 such proceeds are needed for the purpose for which the Lease is
26 entered into, and (2) in addition to the above in an amount not
27 greater than $100,000. To this effect, any proceeds of the Bonds
28 and any sums from time to time held in any City or Civic Center
29 Authority account which will be used to make payments on the
30 Lease in excess of amounts which under then-applicable federal
31 arbitrage regulations may be invested without regard as to yield
32 shall not be invested at a yield in excess of the applicable
33 yield restrictions imposed by said arbitrage regulations on such
34 investments after taking into account any applicable "temporary
35 periods" or "minor portion" made available under the federal
36 arbitrage regulations. In addition, those proceeds of the Bonds
37 within the control of the City and moneys used to make payments
38 on the Lease shall not be invested in obligations or deposits
39 issued by, guaranteed by or insured by the United States or any
40 agency or instrumentality thereof if and to the extent that such
41 investment would cause the Bonds to be "federally guaranteed"
42 within the meaning of Section 149(b) of the federal Internal
43 Revenue Code of 1986, as amended (the "Code").
44 8. No General Obligation Pledge; Initial
45 Ap�ropriation. The.Lease is not a general obligation of the City
46 but rather is payable from amounts to be annually appropriated,
47 and the full faith, credit and taxing powers of the City shall
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not be and are not pledged. Payments on the Lease are due
semiannually in arrears over its fourteen-year tenn. The City
hereby makes an initial appropriation for the portion of the rent
accruing and payable through April 1, 2001.
9. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the HRA, and to the attorneys approving the legality of the
Bonds, certified copies of all proceedings and records of the
City and Civic Center Authority relating to the Lease 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, sha11 be deemed representations of the City as to the
facts recited therein.
10. Neaative Covenants as to Use of Proceeds and
Project. The City hereby covenants not to use the proceeds of
the Bonds or to use the Project, or to cause or permit them to be
used, or to enter into any deferred payment arrangements for the
cost of the Project, 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 it
will take no actions over the term of the Lease that would cause
the Bonds to be private activity bonds, and the average term of
the Lease is not longer than reasonably necessary for the
governmental purpose of the Lease. The City hereby covenants not
to use those proceeds of the Bonds which are within the control
of the City in such a manner as to cause the Bonds to be "hedge
bonds" within the meaning of Section 149(g) of the Code.
11. Civic Center Authoritv. The Lease shall be
executed by the City only after approval by the Civic Center
Authority.
35 12. Termination of Lease. The Lease provides the City
36 with the option to terminate at the end of any fiscal year during
37 its term. The City and City Council on the date this Resolution
38 is adopted intend and reasonably expect to appropriate and to pay
39 the rent due pursuant to the Lease for the entire term of the
40 Lease.
41 13. Severabilitv. If any section, paragraph or
42 provision of this resolution shall be held to be invalid or
43 unenforceable for any reason, the invalidity or unenforceability
44 of such section, paragraph or provision shall not affect any of
45 the remaining provisions of this resolution.
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14. Headinas. Headings in this resolution are
included for convenience of reference only and are not a part
hereof, and shall not limit or define the meaning of any
provision hereo£.
Yeas Nays A6sent
Benanav �
Blakey �
Bostrom ✓
Coleman �
Harris �
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Reiter
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115962�.3
Requested by Department of:
(�{'{'�ie o� ��nr�r.�C�o�c, ��Q�lZ'CES
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BY( �Y "
Form Appr ed by City Attorney
BY� ��Cl�" � / /
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Approve a orforSUbm'�sior �o oun '�
BY: �n
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Adopted by Council: Date � O
Adoption Certified by Council Secretary
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o�atiMEnriro�ic�urici� DATE INITNTED
OfficeofflnancialSemces ���,a,� GREEN SHEET 101151
CONiACT PERSOfJ 8 PHONE NMat1DaE� NMYID�tr
Todd Hu 2668837 1 ovM�rorrctoie 4 arccaxn
MUST BE ON COUNCIL AGENDA BY (DA'f�
ASSIGN
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TOTAL � OF SfGNATURE PAGES 1_ (CL1P AlL LOCAf10NS FOR SIGNATURE)
CTION REIXIESTFD
is resdution aufhorizes a lease purchase agr� for RiverCentre Parldng Ramp Improve�, arM auUaraes
ExecuFion of U�e L�se, Bond Purchase Agreert�ent and CorAinuxg Disefosure Agreement.
RECAMMENDATION Approve (A) or Rejeet (R) PERSONALSENViCE CANiRAC15 MUSTANSWER 7HE FOLLOWIN6 QUESTIONS:
1. Has Nis persoMfirtn everxrorked urMer a contrea tor mis departmenl?
PLANNING COMMISSION YES NO
dB COMMITfEE 2. Has this persoMrtn erxr bren a city employee?
CNIL SERVICE COMMISSION YES nl0
3. Does ihis perw�rm possess a slall not nwmaly po5sessed by any curtent city employeeT
YES NO
4. Is th� person/firtn a tafpeted vendoYt
YES NO
Explain all yes arswers on separate sheet and attach to 8�n sheet
INITIASING PR08LEM iSSUE, OPPORTUNITY (Wfio, What. When. Wfiere, WhY)
This Lease Purchase AgreemerR albws the Ciry to I�se the necessary impmvemeMS of the RiveiCentre PaAdnp Ramp hom the
City's Fbusing and Redevebpment Authority.
ADVAMAGES IF APPROVED
The City will have authorization [o enter irRO a L�se with ihe HRA, arM also to ezecute the required documents.
DIS4DVANTAGESIFAPPROVED
hbne
DISADVANTAGES IF NOT APPIiOVED
The lwse Purcliase Agrcement for Me RivcvCeMre Paridng RamD �II not 6e ezecNeO
TOTAL AMOUNT OF TRANSACTION S n.�m.000 COST/REYENUE BUDGETED �GRCLE ON� YES NO
PUNDINGSOURCE ACTNT'NUMBER
FlWWCW.INFORMATON (EXPW I�
00 -
1 Continuing Disclosure Agreement and Bond Purchase Agreement.
2 Such officers are also authorized and directed to execute such
3 other documents as are contemplated thereby or necessaYy in
4 connection therewith. �
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SO
3. Pricing Committee. There is hereby delegat d to
(i) the Executive Director of the HRA (or his designee), ii) a
person designated by Springsted Incorporated and (iii) t e
Treasurer of the City (collectively, the "Pricing Comm' tee") the
authority to agree with the Underwriter on the princi 1 amount
of Bonds to mature or be payable each year during th r term, the
interest rate to be borne by each maturity of the B ds, the
premium, if any, payable upon optional redemption the Bonds
(and the dates therefor), and the original issue scount, if
any, to apply to all or any maturities of the Bo s, provided
that the net interest cost of the Bonds shall n exceed seven
and one-half percent (7.5%) per annum and the ximum original
issue discount for any Bond shall not exceed o percent (2.0%)
of the principal amount thereof. The deterni' ations of the
Pricing Committee as to terms shaZl be set rth in a certificate
signed by its members, and such terms shal be included in the
Bond Purchase Agreement, in the Indenture, in the form of the
Bonds, and in other agreements and docum ts as appropriate. The
Underwriter's discount for the purchase rice of the Bonds shall
be one and one-half percent (1.50) of e principal amount
thereof (reducing for this purpose th principal amount by any
original issue discount). Execution f the Bond Purchase
Agreement by and on behalf of the C' y as provided herein shall
be deemed conclusive ratification d approval of the
determinations of the Pricing Com ittee.
4. Chan es• Related ocuments. The approval hereby
given to the various Lease Doc ments includes approval of such
additional details therein a may be necessary and appropriate,
such modifications thereof, eletions therefrom and additions
thereto prior to their exe tion as may be necessary and
appropriate and approved y the City Attorney, Bond Counsel,
appropriate City staff d the City officials authorized herein
to execute them, and i ludes approval of such related
instruments as may be equired to be executed in connection with
the various document referred to above. The City Attorney, Bond
Counsel, City offi als and City staff are hereby authorized to
approve said chan es and related instruments on behalf o£ the
City upon dete 'nation by them that such changes and related
instruments ar consistent with this Resolution and necessary or
desirable to ffectuate the purposes hereof. The execution o£
any instrum t by the appropriate officer or officers of the City
herein aut rized shall be conclusive evidence of the approval of
such docu ents in accordance with the terms hereof. In the
absence f the Mayor, Director, Office of Financial Services, or
Chair o the Civic Center Authority, any of the documents
author'zed by this Resolution to be executed by them may be
1159627.3 3
ORIG1NAl.
Presented By
Referred To
1-�'Ct�e� � --
CITY OF
M � \b � 20 o>c
� �44�� 3�
„sr��,,�
L,
Committee:
at
AUTHORIZING A LEASE PURCHASE
AGREEMENT FOR RIVERCENTRE PARKING RAMP
IMPROVEMENTS, AY3D AUTIiORIZING TIiE
EXECUTION OF VARIOUS DOCUMENTS
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WAEREAS, the City of Saint Paul, Minnesota (the
"City"), under its City Charter and Minnesota Statutes, Section
465.71, is authorized to enter into a lease purchase agreement
for real or personal property, and proposes to do so for costs of
remodeling and improving the RiverCentre Parking Ramp (the
"Parking Ramp"); and
WHEREAS, pursuant to Minnesota Statutes, Sections
469.001 through 469.047 (the "HRA Act"), and its predecessor
statutes, the Housing and Redevelopment Authority of the City of
Saint Paul, Minnesota (the "HRA"}, adopted a Redevelopment Plan
Sertrenth Place Redevelopment Project (the "Redevelopment Plan")
which includes activities for the RiverCentre and the
improvements to the Parking Ramp; and under the HRA Act and
Redevelopment Plan, the HRA may issue revenue bonds
the improvements to the Parking Ramp; and pursuant t
and the general powers granted to the City under its
Charter, the City may lease the improvements to the
from the HRA; and
to finance
o the HRA Act
City
Parking Ramp
WAEREAS, the City has requested that the HRA issue, and
the HRA wishes to issue, its Parking Facility Lease Revenue
Bonds, Series 2000 (RiverCentre Parking Ramp Improvements) (the
"Bonds"), pursuant to an Indenture of Trust dated as of May 1,
2000 (the "Indenture"), by and between the HRA and U.S. Bank
Trust National Association (the "Trustee"), to finance the
remodeling and improvement of the Parking Ramp (the ��Project" or
"New Improvements"); and
WHEREAS, the Bonds are �o be secured by the Indenture
and by a Lease Agreement Regarding Acquisition, Construction,
Council File# �O • 3�_
GreenSheet# �O\,S,
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Installation and Lease of Improvements Designated as Personal
Property dated as of May 1, 2000 (the "Lease"), by and between
the HRA and City, under which payments by the City pursuant to
the Lease will be pledged to the payment of the Bonds; and under
the Lease the City has the right, as required by Minnesota
Statutes, Section 465.71, to terminate the Lease at the end of
any fiscal year during its term; and
8 WHEREAS, it is necessary and desirable and in the best
9 interests of the HRA and City for the HRA to issue the Bonds in
10 the aggregate principal amount not to exceed $7,300,000 on the
il terms and conditions set forth in the Indenture, and secured as
12 provided in the Indenture and Lease, for the foregoing purposes;
13 and
14 WHEREAS, the HRA Bonds will bear tax-exempt interest
15 but the Lease will not; and
16 WHEREAS, the Saint Paul Civic Center Authority (the
17 "Civic Center Authority") will provide a portion of the moneys
18 for making the payments on the Lease:
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NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Documents Submitted. In conneCtion with the
proposed Lease, forms of the following documents have been
submitted to the City Council for approval:
24 a. the Lease;
25 b. a Bond Purchase Agreement (the "Bond Purchase
26 Agreement") to be entered into by and among the HRA,
27 the City and U.S. Bancorp Piper Jaffray, Inc. (the
28 "Underwriter"); and
29 c. a Continuing Disclosure Agreement relating to the Bonds
30 by and between the HRA and City (the "Continuing
31 Disclosure Agreement").
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Items (a), (b) and (c) are referred to in this Resolution as the
"Lease DoCUments".
2. Lease Documents. The Lease, Bond Purchase
Agreement and Continuing Disclosure Agreement are hereby approved
in substantially the forms submitted, with such deletions,
completions and changes therein as are necessary and appropriate
and approved by Bond Counsel, the City Attorney and City Staff.
The Mayor, Director, Office of Financial Services, and Chairman
of the Civic Center Authority are hereby authorized and directed
to execute the Lease. The Mayor and Director, Office of
Financial Services, are hereby authorized to execute the
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Con�inuing Disclosure Agreement and Bond Purchase Agreement.
Such officers are also authorized and directed to execute such
other documents as are contemplated thereby or necessary in
connection therewith.
3. Pricina Committee. There is hereby delegated to
(i) the Executive Director of the HI2A (or his designee), (ii) a
person designated by Springsted Incorporated and (iii) the
Treasurer of the City (collectively, the "Pricing Committee") the
authority to agree with the Underwriter on the principal amount
of Bonds to mature or be payable each year during their term, the
interest rate to be borne by each maturity of the Bonds, the
premium, if any, payable upon optional redemption of the Bonds
(and the dates therefor), and the original issue discount, if
any, to apply to all or any maturities of the Bonds, provided
that the net interest cost of the Bonds sha11 not exceed seven
and one-half percent (7.50) per annum and the maximum original
issue discount for any Bond shall not exceed two percent (2.0%)
of the principal amount thereof. The determinations of the
Pricing Committee as to terms shall be set forth in a certificate
signed by its members, and such terms shall be included in the
Bond Purchase Agreement, in the Indenture, in the form of the
Bonds, and in other agreements and documents as appropriate. The
UnderwriteT's discount for the purchase price of the Bonds shall
be two percent i2%) of the principal amount. Execution of the
Bond Purchase Agreement by and on behalf of the City as provided
herein shall be deemed conclusive ratification and approval of
the determinations bf the Pricing Committee.
4. Changes: Related Documents. The approval hereby
given to the various Lease Documents includes approval of such
additional details therein as may be necessary and appropriaCe,
such modifications thereof, deletions therefrom and additions
thereto prior to their execution as may be necessary and
appropriate and approved by the City Attorney, Bond Counsel,
appropriate City staff and the City officials authorized herein
to execute them, and includes approval of such related
instruments as may be required to be executed in connection with
the various documents referred to above. The City Attorney, Bond
Counsel, City officials and City staff are hereby authorized to
approve said changes and related instruments on behalf of the
City upon determination by them that such changes and related
instruments are consistent with this Resolution and necessary or
desirable to effectuate the purposes hereof. The execution of
any instrument by the appropriate officer or officers of the City
herein authorized shall be conclusive evidence of the approval of
such documents in accordance with the terms hereof. In the
absence of the Mayor, Director, Office of Financial Services, or
Chair of the Civic Center Authority, any of the documents
authorized by this Resolution to be executed by them may be
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1159627.3
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1 executed by the Assistant Mayor, Acting Director, Office of
2 Financial Services, or Acting Chair of the Civic Center
3 Authority, respectively, or by any other duly designated acting
4 official.
5 5. Puroose. The Lease shall provide funds for the
6 remodeling and improvement of the parking ramp at the RiverCentre
7 (the "Project").
8 6. Prepayment; Purchase. The Lease shall be subject
9 to prepayment at the option of the City upon exercise of the
10 purchase option. At the expiration of the Lease a£ter its full
11 term, the City shall have the option to purchase the Project for
12 $1.00.
13 7. Funds; Arbitraae. Until expended on the Project,
14 the proceeds of the Bonds shall be held in the custody of the
15 Trustee pursuant to the Indenture but the City may direct their
16 investment. Payments on the Lease shall be made from annual
17 appropriations, and moneys to make such payment shall not be
18 segregated in any special fund. Moneys to make payments on the
19 Lease shall be provided in part by the Civic Center Authority.
20 No portion of those proceeds of the Bonds within the
21 control of the City shall be used directly or indirectly to
22 acquire higher yielding investments or to replace funds which
23 were used directly or indirectly to acquire higher yielding
24 investments, except (1) for a reasonable temporary period until
25 such proceeds are needed for the purpose for which the Lease is
26 entered into, and (2) in addition to the above in an amount not
27 greater than $100,000. To this effect, any proceeds of the Bonds
28 and any sums from time to time held in any City or Civic Center
29 Authority account which will be used to make payments on the
30 Lease in excess of amounts which under then-applicable federal
31 arbitrage regulations may be invested without regard as to yield
32 shall not be invested at a yield in excess of the applicable
33 yield restrictions imposed by said arbitrage regulations on such
34 investments after taking into account any applicable "temporary
35 periods" or "minor portion" made available under the federal
36 arbitrage regulations. In addition, those proceeds of the Bonds
37 within the control of the City and moneys used to make payments
38 on the Lease shall not be invested in obligations or deposits
39 issued by, guaranteed by or insured by the United States or any
40 agency or instrumentality thereof if and to the extent that such
41 investment would cause the Bonds to be "federally guaranteed"
42 within the meaning of Section 149(b) of the federal Internal
43 Revenue Code of 1986, as amended (the "Code").
44 8. No General Obligation Pledge; Initial
45 Ap�ropriation. The.Lease is not a general obligation of the City
46 but rather is payable from amounts to be annually appropriated,
47 and the full faith, credit and taxing powers of the City shall
1159627.3 !}
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not be and are not pledged. Payments on the Lease are due
semiannually in arrears over its fourteen-year tenn. The City
hereby makes an initial appropriation for the portion of the rent
accruing and payable through April 1, 2001.
9. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the HRA, and to the attorneys approving the legality of the
Bonds, certified copies of all proceedings and records of the
City and Civic Center Authority relating to the Lease 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, sha11 be deemed representations of the City as to the
facts recited therein.
10. Neaative Covenants as to Use of Proceeds and
Project. The City hereby covenants not to use the proceeds of
the Bonds or to use the Project, or to cause or permit them to be
used, or to enter into any deferred payment arrangements for the
cost of the Project, 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 it
will take no actions over the term of the Lease that would cause
the Bonds to be private activity bonds, and the average term of
the Lease is not longer than reasonably necessary for the
governmental purpose of the Lease. The City hereby covenants not
to use those proceeds of the Bonds which are within the control
of the City in such a manner as to cause the Bonds to be "hedge
bonds" within the meaning of Section 149(g) of the Code.
11. Civic Center Authoritv. The Lease shall be
executed by the City only after approval by the Civic Center
Authority.
35 12. Termination of Lease. The Lease provides the City
36 with the option to terminate at the end of any fiscal year during
37 its term. The City and City Council on the date this Resolution
38 is adopted intend and reasonably expect to appropriate and to pay
39 the rent due pursuant to the Lease for the entire term of the
40 Lease.
41 13. Severabilitv. If any section, paragraph or
42 provision of this resolution shall be held to be invalid or
43 unenforceable for any reason, the invalidity or unenforceability
44 of such section, paragraph or provision shall not affect any of
45 the remaining provisions of this resolution.
1159627.3 5
0 0 -'S8a
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14. Headinas. Headings in this resolution are
included for convenience of reference only and are not a part
hereof, and shall not limit or define the meaning of any
provision hereo£.
Yeas Nays A6sent
Benanav �
Blakey �
Bostrom ✓
Coleman �
Harris �
Lantry r
Reiter
� O (J
��,����� � �
�. . � a _ . . � ,�—� �
115962�.3
Requested by Department of:
(�{'{'�ie o� ��nr�r.�C�o�c, ��Q�lZ'CES
���__�,f�� f�
BY( �Y "
Form Appr ed by City Attorney
BY� ��Cl�" � / /
�/� / l 00
Approve a orforSUbm'�sior �o oun '�
BY: �n
��
Adopted by Council: Date � O
Adoption Certified by Council Secretary
eo -'fr0
o�atiMEnriro�ic�urici� DATE INITNTED
OfficeofflnancialSemces ���,a,� GREEN SHEET 101151
CONiACT PERSOfJ 8 PHONE NMat1DaE� NMYID�tr
Todd Hu 2668837 1 ovM�rorrctoie 4 arccaxn
MUST BE ON COUNCIL AGENDA BY (DA'f�
ASSIGN
�, �' Z � NUMBER FOR 2 arvAT10lEY prvCL611c
ROUTIHG
OROER ❑RYWfJLLifllVCFJG0. NUMtl�LfRV/MST6
� Y1d! ❑
TOTAL � OF SfGNATURE PAGES 1_ (CL1P AlL LOCAf10NS FOR SIGNATURE)
CTION REIXIESTFD
is resdution aufhorizes a lease purchase agr� for RiverCentre Parldng Ramp Improve�, arM auUaraes
ExecuFion of U�e L�se, Bond Purchase Agreert�ent and CorAinuxg Disefosure Agreement.
RECAMMENDATION Approve (A) or Rejeet (R) PERSONALSENViCE CANiRAC15 MUSTANSWER 7HE FOLLOWIN6 QUESTIONS:
1. Has Nis persoMfirtn everxrorked urMer a contrea tor mis departmenl?
PLANNING COMMISSION YES NO
dB COMMITfEE 2. Has this persoMrtn erxr bren a city employee?
CNIL SERVICE COMMISSION YES nl0
3. Does ihis perw�rm possess a slall not nwmaly po5sessed by any curtent city employeeT
YES NO
4. Is th� person/firtn a tafpeted vendoYt
YES NO
Explain all yes arswers on separate sheet and attach to 8�n sheet
INITIASING PR08LEM iSSUE, OPPORTUNITY (Wfio, What. When. Wfiere, WhY)
This Lease Purchase AgreemerR albws the Ciry to I�se the necessary impmvemeMS of the RiveiCentre PaAdnp Ramp hom the
City's Fbusing and Redevebpment Authority.
ADVAMAGES IF APPROVED
The City will have authorization [o enter irRO a L�se with ihe HRA, arM also to ezecute the required documents.
DIS4DVANTAGESIFAPPROVED
hbne
DISADVANTAGES IF NOT APPIiOVED
The lwse Purcliase Agrcement for Me RivcvCeMre Paridng RamD �II not 6e ezecNeO
TOTAL AMOUNT OF TRANSACTION S n.�m.000 COST/REYENUE BUDGETED �GRCLE ON� YES NO
PUNDINGSOURCE ACTNT'NUMBER
FlWWCW.INFORMATON (EXPW I�
00 -
1 Continuing Disclosure Agreement and Bond Purchase Agreement.
2 Such officers are also authorized and directed to execute such
3 other documents as are contemplated thereby or necessaYy in
4 connection therewith. �
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SO
3. Pricing Committee. There is hereby delegat d to
(i) the Executive Director of the HRA (or his designee), ii) a
person designated by Springsted Incorporated and (iii) t e
Treasurer of the City (collectively, the "Pricing Comm' tee") the
authority to agree with the Underwriter on the princi 1 amount
of Bonds to mature or be payable each year during th r term, the
interest rate to be borne by each maturity of the B ds, the
premium, if any, payable upon optional redemption the Bonds
(and the dates therefor), and the original issue scount, if
any, to apply to all or any maturities of the Bo s, provided
that the net interest cost of the Bonds shall n exceed seven
and one-half percent (7.5%) per annum and the ximum original
issue discount for any Bond shall not exceed o percent (2.0%)
of the principal amount thereof. The deterni' ations of the
Pricing Committee as to terms shaZl be set rth in a certificate
signed by its members, and such terms shal be included in the
Bond Purchase Agreement, in the Indenture, in the form of the
Bonds, and in other agreements and docum ts as appropriate. The
Underwriter's discount for the purchase rice of the Bonds shall
be one and one-half percent (1.50) of e principal amount
thereof (reducing for this purpose th principal amount by any
original issue discount). Execution f the Bond Purchase
Agreement by and on behalf of the C' y as provided herein shall
be deemed conclusive ratification d approval of the
determinations of the Pricing Com ittee.
4. Chan es• Related ocuments. The approval hereby
given to the various Lease Doc ments includes approval of such
additional details therein a may be necessary and appropriate,
such modifications thereof, eletions therefrom and additions
thereto prior to their exe tion as may be necessary and
appropriate and approved y the City Attorney, Bond Counsel,
appropriate City staff d the City officials authorized herein
to execute them, and i ludes approval of such related
instruments as may be equired to be executed in connection with
the various document referred to above. The City Attorney, Bond
Counsel, City offi als and City staff are hereby authorized to
approve said chan es and related instruments on behalf o£ the
City upon dete 'nation by them that such changes and related
instruments ar consistent with this Resolution and necessary or
desirable to ffectuate the purposes hereof. The execution o£
any instrum t by the appropriate officer or officers of the City
herein aut rized shall be conclusive evidence of the approval of
such docu ents in accordance with the terms hereof. In the
absence f the Mayor, Director, Office of Financial Services, or
Chair o the Civic Center Authority, any of the documents
author'zed by this Resolution to be executed by them may be
1159627.3 3
ORIG1NAl.
Presented By
Referred To
1-�'Ct�e� � --
CITY OF
M � \b � 20 o>c
� �44�� 3�
„sr��,,�
L,
Committee:
at
AUTHORIZING A LEASE PURCHASE
AGREEMENT FOR RIVERCENTRE PARKING RAMP
IMPROVEMENTS, AY3D AUTIiORIZING TIiE
EXECUTION OF VARIOUS DOCUMENTS
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WAEREAS, the City of Saint Paul, Minnesota (the
"City"), under its City Charter and Minnesota Statutes, Section
465.71, is authorized to enter into a lease purchase agreement
for real or personal property, and proposes to do so for costs of
remodeling and improving the RiverCentre Parking Ramp (the
"Parking Ramp"); and
WHEREAS, pursuant to Minnesota Statutes, Sections
469.001 through 469.047 (the "HRA Act"), and its predecessor
statutes, the Housing and Redevelopment Authority of the City of
Saint Paul, Minnesota (the "HRA"}, adopted a Redevelopment Plan
Sertrenth Place Redevelopment Project (the "Redevelopment Plan")
which includes activities for the RiverCentre and the
improvements to the Parking Ramp; and under the HRA Act and
Redevelopment Plan, the HRA may issue revenue bonds
the improvements to the Parking Ramp; and pursuant t
and the general powers granted to the City under its
Charter, the City may lease the improvements to the
from the HRA; and
to finance
o the HRA Act
City
Parking Ramp
WAEREAS, the City has requested that the HRA issue, and
the HRA wishes to issue, its Parking Facility Lease Revenue
Bonds, Series 2000 (RiverCentre Parking Ramp Improvements) (the
"Bonds"), pursuant to an Indenture of Trust dated as of May 1,
2000 (the "Indenture"), by and between the HRA and U.S. Bank
Trust National Association (the "Trustee"), to finance the
remodeling and improvement of the Parking Ramp (the ��Project" or
"New Improvements"); and
WHEREAS, the Bonds are �o be secured by the Indenture
and by a Lease Agreement Regarding Acquisition, Construction,
Council File# �O • 3�_
GreenSheet# �O\,S,
1159627.3
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Installation and Lease of Improvements Designated as Personal
Property dated as of May 1, 2000 (the "Lease"), by and between
the HRA and City, under which payments by the City pursuant to
the Lease will be pledged to the payment of the Bonds; and under
the Lease the City has the right, as required by Minnesota
Statutes, Section 465.71, to terminate the Lease at the end of
any fiscal year during its term; and
8 WHEREAS, it is necessary and desirable and in the best
9 interests of the HRA and City for the HRA to issue the Bonds in
10 the aggregate principal amount not to exceed $7,300,000 on the
il terms and conditions set forth in the Indenture, and secured as
12 provided in the Indenture and Lease, for the foregoing purposes;
13 and
14 WHEREAS, the HRA Bonds will bear tax-exempt interest
15 but the Lease will not; and
16 WHEREAS, the Saint Paul Civic Center Authority (the
17 "Civic Center Authority") will provide a portion of the moneys
18 for making the payments on the Lease:
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23
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Documents Submitted. In conneCtion with the
proposed Lease, forms of the following documents have been
submitted to the City Council for approval:
24 a. the Lease;
25 b. a Bond Purchase Agreement (the "Bond Purchase
26 Agreement") to be entered into by and among the HRA,
27 the City and U.S. Bancorp Piper Jaffray, Inc. (the
28 "Underwriter"); and
29 c. a Continuing Disclosure Agreement relating to the Bonds
30 by and between the HRA and City (the "Continuing
31 Disclosure Agreement").
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Items (a), (b) and (c) are referred to in this Resolution as the
"Lease DoCUments".
2. Lease Documents. The Lease, Bond Purchase
Agreement and Continuing Disclosure Agreement are hereby approved
in substantially the forms submitted, with such deletions,
completions and changes therein as are necessary and appropriate
and approved by Bond Counsel, the City Attorney and City Staff.
The Mayor, Director, Office of Financial Services, and Chairman
of the Civic Center Authority are hereby authorized and directed
to execute the Lease. The Mayor and Director, Office of
Financial Services, are hereby authorized to execute the
1159627.3 Z
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t e�, \ — �°�� �� �� b C7
Con�inuing Disclosure Agreement and Bond Purchase Agreement.
Such officers are also authorized and directed to execute such
other documents as are contemplated thereby or necessary in
connection therewith.
3. Pricina Committee. There is hereby delegated to
(i) the Executive Director of the HI2A (or his designee), (ii) a
person designated by Springsted Incorporated and (iii) the
Treasurer of the City (collectively, the "Pricing Committee") the
authority to agree with the Underwriter on the principal amount
of Bonds to mature or be payable each year during their term, the
interest rate to be borne by each maturity of the Bonds, the
premium, if any, payable upon optional redemption of the Bonds
(and the dates therefor), and the original issue discount, if
any, to apply to all or any maturities of the Bonds, provided
that the net interest cost of the Bonds sha11 not exceed seven
and one-half percent (7.50) per annum and the maximum original
issue discount for any Bond shall not exceed two percent (2.0%)
of the principal amount thereof. The determinations of the
Pricing Committee as to terms shall be set forth in a certificate
signed by its members, and such terms shall be included in the
Bond Purchase Agreement, in the Indenture, in the form of the
Bonds, and in other agreements and documents as appropriate. The
UnderwriteT's discount for the purchase price of the Bonds shall
be two percent i2%) of the principal amount. Execution of the
Bond Purchase Agreement by and on behalf of the City as provided
herein shall be deemed conclusive ratification and approval of
the determinations bf the Pricing Committee.
4. Changes: Related Documents. The approval hereby
given to the various Lease Documents includes approval of such
additional details therein as may be necessary and appropriaCe,
such modifications thereof, deletions therefrom and additions
thereto prior to their execution as may be necessary and
appropriate and approved by the City Attorney, Bond Counsel,
appropriate City staff and the City officials authorized herein
to execute them, and includes approval of such related
instruments as may be required to be executed in connection with
the various documents referred to above. The City Attorney, Bond
Counsel, City officials and City staff are hereby authorized to
approve said changes and related instruments on behalf of the
City upon determination by them that such changes and related
instruments are consistent with this Resolution and necessary or
desirable to effectuate the purposes hereof. The execution of
any instrument by the appropriate officer or officers of the City
herein authorized shall be conclusive evidence of the approval of
such documents in accordance with the terms hereof. In the
absence of the Mayor, Director, Office of Financial Services, or
Chair of the Civic Center Authority, any of the documents
authorized by this Resolution to be executed by them may be
�o-38O
1159627.3
ao-�8'0
1 executed by the Assistant Mayor, Acting Director, Office of
2 Financial Services, or Acting Chair of the Civic Center
3 Authority, respectively, or by any other duly designated acting
4 official.
5 5. Puroose. The Lease shall provide funds for the
6 remodeling and improvement of the parking ramp at the RiverCentre
7 (the "Project").
8 6. Prepayment; Purchase. The Lease shall be subject
9 to prepayment at the option of the City upon exercise of the
10 purchase option. At the expiration of the Lease a£ter its full
11 term, the City shall have the option to purchase the Project for
12 $1.00.
13 7. Funds; Arbitraae. Until expended on the Project,
14 the proceeds of the Bonds shall be held in the custody of the
15 Trustee pursuant to the Indenture but the City may direct their
16 investment. Payments on the Lease shall be made from annual
17 appropriations, and moneys to make such payment shall not be
18 segregated in any special fund. Moneys to make payments on the
19 Lease shall be provided in part by the Civic Center Authority.
20 No portion of those proceeds of the Bonds within the
21 control of the City shall be used directly or indirectly to
22 acquire higher yielding investments or to replace funds which
23 were used directly or indirectly to acquire higher yielding
24 investments, except (1) for a reasonable temporary period until
25 such proceeds are needed for the purpose for which the Lease is
26 entered into, and (2) in addition to the above in an amount not
27 greater than $100,000. To this effect, any proceeds of the Bonds
28 and any sums from time to time held in any City or Civic Center
29 Authority account which will be used to make payments on the
30 Lease in excess of amounts which under then-applicable federal
31 arbitrage regulations may be invested without regard as to yield
32 shall not be invested at a yield in excess of the applicable
33 yield restrictions imposed by said arbitrage regulations on such
34 investments after taking into account any applicable "temporary
35 periods" or "minor portion" made available under the federal
36 arbitrage regulations. In addition, those proceeds of the Bonds
37 within the control of the City and moneys used to make payments
38 on the Lease shall not be invested in obligations or deposits
39 issued by, guaranteed by or insured by the United States or any
40 agency or instrumentality thereof if and to the extent that such
41 investment would cause the Bonds to be "federally guaranteed"
42 within the meaning of Section 149(b) of the federal Internal
43 Revenue Code of 1986, as amended (the "Code").
44 8. No General Obligation Pledge; Initial
45 Ap�ropriation. The.Lease is not a general obligation of the City
46 but rather is payable from amounts to be annually appropriated,
47 and the full faith, credit and taxing powers of the City shall
1159627.3 !}
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not be and are not pledged. Payments on the Lease are due
semiannually in arrears over its fourteen-year tenn. The City
hereby makes an initial appropriation for the portion of the rent
accruing and payable through April 1, 2001.
9. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the HRA, and to the attorneys approving the legality of the
Bonds, certified copies of all proceedings and records of the
City and Civic Center Authority relating to the Lease 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, sha11 be deemed representations of the City as to the
facts recited therein.
10. Neaative Covenants as to Use of Proceeds and
Project. The City hereby covenants not to use the proceeds of
the Bonds or to use the Project, or to cause or permit them to be
used, or to enter into any deferred payment arrangements for the
cost of the Project, 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 it
will take no actions over the term of the Lease that would cause
the Bonds to be private activity bonds, and the average term of
the Lease is not longer than reasonably necessary for the
governmental purpose of the Lease. The City hereby covenants not
to use those proceeds of the Bonds which are within the control
of the City in such a manner as to cause the Bonds to be "hedge
bonds" within the meaning of Section 149(g) of the Code.
11. Civic Center Authoritv. The Lease shall be
executed by the City only after approval by the Civic Center
Authority.
35 12. Termination of Lease. The Lease provides the City
36 with the option to terminate at the end of any fiscal year during
37 its term. The City and City Council on the date this Resolution
38 is adopted intend and reasonably expect to appropriate and to pay
39 the rent due pursuant to the Lease for the entire term of the
40 Lease.
41 13. Severabilitv. If any section, paragraph or
42 provision of this resolution shall be held to be invalid or
43 unenforceable for any reason, the invalidity or unenforceability
44 of such section, paragraph or provision shall not affect any of
45 the remaining provisions of this resolution.
1159627.3 5
0 0 -'S8a
1
2
3
4
14. Headinas. Headings in this resolution are
included for convenience of reference only and are not a part
hereof, and shall not limit or define the meaning of any
provision hereo£.
Yeas Nays A6sent
Benanav �
Blakey �
Bostrom ✓
Coleman �
Harris �
Lantry r
Reiter
� O (J
��,����� � �
�. . � a _ . . � ,�—� �
115962�.3
Requested by Department of:
(�{'{'�ie o� ��nr�r.�C�o�c, ��Q�lZ'CES
���__�,f�� f�
BY( �Y "
Form Appr ed by City Attorney
BY� ��Cl�" � / /
�/� / l 00
Approve a orforSUbm'�sior �o oun '�
BY: �n
��
Adopted by Council: Date � O
Adoption Certified by Council Secretary
eo -'fr0
o�atiMEnriro�ic�urici� DATE INITNTED
OfficeofflnancialSemces ���,a,� GREEN SHEET 101151
CONiACT PERSOfJ 8 PHONE NMat1DaE� NMYID�tr
Todd Hu 2668837 1 ovM�rorrctoie 4 arccaxn
MUST BE ON COUNCIL AGENDA BY (DA'f�
ASSIGN
�, �' Z � NUMBER FOR 2 arvAT10lEY prvCL611c
ROUTIHG
OROER ❑RYWfJLLifllVCFJG0. NUMtl�LfRV/MST6
� Y1d! ❑
TOTAL � OF SfGNATURE PAGES 1_ (CL1P AlL LOCAf10NS FOR SIGNATURE)
CTION REIXIESTFD
is resdution aufhorizes a lease purchase agr� for RiverCentre Parldng Ramp Improve�, arM auUaraes
ExecuFion of U�e L�se, Bond Purchase Agreert�ent and CorAinuxg Disefosure Agreement.
RECAMMENDATION Approve (A) or Rejeet (R) PERSONALSENViCE CANiRAC15 MUSTANSWER 7HE FOLLOWIN6 QUESTIONS:
1. Has Nis persoMfirtn everxrorked urMer a contrea tor mis departmenl?
PLANNING COMMISSION YES NO
dB COMMITfEE 2. Has this persoMrtn erxr bren a city employee?
CNIL SERVICE COMMISSION YES nl0
3. Does ihis perw�rm possess a slall not nwmaly po5sessed by any curtent city employeeT
YES NO
4. Is th� person/firtn a tafpeted vendoYt
YES NO
Explain all yes arswers on separate sheet and attach to 8�n sheet
INITIASING PR08LEM iSSUE, OPPORTUNITY (Wfio, What. When. Wfiere, WhY)
This Lease Purchase AgreemerR albws the Ciry to I�se the necessary impmvemeMS of the RiveiCentre PaAdnp Ramp hom the
City's Fbusing and Redevebpment Authority.
ADVAMAGES IF APPROVED
The City will have authorization [o enter irRO a L�se with ihe HRA, arM also to ezecute the required documents.
DIS4DVANTAGESIFAPPROVED
hbne
DISADVANTAGES IF NOT APPIiOVED
The lwse Purcliase Agrcement for Me RivcvCeMre Paridng RamD �II not 6e ezecNeO
TOTAL AMOUNT OF TRANSACTION S n.�m.000 COST/REYENUE BUDGETED �GRCLE ON� YES NO
PUNDINGSOURCE ACTNT'NUMBER
FlWWCW.INFORMATON (EXPW I�
00 -
1 Continuing Disclosure Agreement and Bond Purchase Agreement.
2 Such officers are also authorized and directed to execute such
3 other documents as are contemplated thereby or necessaYy in
4 connection therewith. �
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SO
3. Pricing Committee. There is hereby delegat d to
(i) the Executive Director of the HRA (or his designee), ii) a
person designated by Springsted Incorporated and (iii) t e
Treasurer of the City (collectively, the "Pricing Comm' tee") the
authority to agree with the Underwriter on the princi 1 amount
of Bonds to mature or be payable each year during th r term, the
interest rate to be borne by each maturity of the B ds, the
premium, if any, payable upon optional redemption the Bonds
(and the dates therefor), and the original issue scount, if
any, to apply to all or any maturities of the Bo s, provided
that the net interest cost of the Bonds shall n exceed seven
and one-half percent (7.5%) per annum and the ximum original
issue discount for any Bond shall not exceed o percent (2.0%)
of the principal amount thereof. The deterni' ations of the
Pricing Committee as to terms shaZl be set rth in a certificate
signed by its members, and such terms shal be included in the
Bond Purchase Agreement, in the Indenture, in the form of the
Bonds, and in other agreements and docum ts as appropriate. The
Underwriter's discount for the purchase rice of the Bonds shall
be one and one-half percent (1.50) of e principal amount
thereof (reducing for this purpose th principal amount by any
original issue discount). Execution f the Bond Purchase
Agreement by and on behalf of the C' y as provided herein shall
be deemed conclusive ratification d approval of the
determinations of the Pricing Com ittee.
4. Chan es• Related ocuments. The approval hereby
given to the various Lease Doc ments includes approval of such
additional details therein a may be necessary and appropriate,
such modifications thereof, eletions therefrom and additions
thereto prior to their exe tion as may be necessary and
appropriate and approved y the City Attorney, Bond Counsel,
appropriate City staff d the City officials authorized herein
to execute them, and i ludes approval of such related
instruments as may be equired to be executed in connection with
the various document referred to above. The City Attorney, Bond
Counsel, City offi als and City staff are hereby authorized to
approve said chan es and related instruments on behalf o£ the
City upon dete 'nation by them that such changes and related
instruments ar consistent with this Resolution and necessary or
desirable to ffectuate the purposes hereof. The execution o£
any instrum t by the appropriate officer or officers of the City
herein aut rized shall be conclusive evidence of the approval of
such docu ents in accordance with the terms hereof. In the
absence f the Mayor, Director, Office of Financial Services, or
Chair o the Civic Center Authority, any of the documents
author'zed by this Resolution to be executed by them may be
1159627.3 3