278169 WNITE - CITY CLERK d'�p�`�,��^
PINK - FINANCE ,j v ■j
CXNARY ,-. DEPARTMENT COURCII J
BLUE - MAYOR G I T Y O F SA I N T PA U L File N O.
` u cil Resolution
Presente
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 277991 adopted on
January 12 , 1982 and approved by the Mayor on January 14, 1982,
authorized the issuance and sale of $7, 320,000 General
Obligation Capital Improvement Bonds, Series 1982, to be dated
March 1, 1982;
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, as set
forth in Exhibit A attached hereto, pursuant to the Official
Terms of Offering were received at 11:00 o' clock A.M. , Central
Time, on Tuesday, February 2, 1982, by Gary Norstrem, City
Treasurer at Room 234 City Hall, St. Paul, Minnesota; and
C. The City Treasurer has advised the Council that the
bid of First National Bank of Chicago was
found to be the most advantageous and has recommended that said
bid be accepted.
COUNCILMEN Requested by Department of:
Yeas Nays
Hunt
Levine In Favor
Maddox
McMahon B
Showalter - __ Against Y
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by.Council Secretary BY
sy _
Approved by ,Nayor: Date _ Approved by Mayor for Submission to Council
By _ _ _ By
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NOW, THEREFORE, BE IT RESOLVED THAT:
1 . The bid of First National Bank of Chica�o to
purchase $7,320,000 General Obligation Capital Improvement
Bonds, Series 1982, of the City in accordance with the Official
Terms of Offering at the rates of interest hereinafter set
forth and to pay, therefore, the sum of $7,184,926.5�1us a
premium of $ None is hereby found, determined and
declared to t e most favorable bid received and is hereby
accepted and said bonds are hereby awarded to said bidder;
2 . The City Treasurer is directed to retain the deposit
of said bidder and to forthwith return the good faith checks or
drafts to the unsuccessful bidders;
3. Said bonds shall be payable as to principal and
interest at the Chemical Bank, New York, New York, or any
successor paying agent duly appointed by the City.
4. The bonds bearing the serial numbers and maturing
March 1 in each of the years and amounts as follows shall bear
interest as follows:
Year Amount Serial Numbers Interest Rate
1984 $ 520,000 1- 104 11.00
1985 $ 575,000 105- 219 11.00
1986 $ 650,000 220- 349 10.50
1987 $ 725,000 350- 494 g.70
1988 $ 800,000 495- 654 10.00
1989 $ 875,000 655- 829 10.25
1990 $ 950,000 830-1019 10.50
1991 $1,050,000 1020-1229 10.75
1992 $1,175,000 1230-1464 9.50
5 . The Council hereby ratifies and approves each and
every act of its subcommittee on Finance and Sinking Funds in
connection with the sale of the said bonds;
6. Said bonds shall be executed by the facsimile of the
official seal of the City of Saint Paul and signed by the
facsimile signature of the Mayor, attested by the facsimile
signature of the 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 officers;
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7. The bonds of said issue shall shall be dated March 1,
1982 and shall be numbered 1 to 1464, both inclusive. Interest
on said bonds will be payable September 1, 1982 and,
semi-annually thereafter on March 1 and September 1 in each
year;
Bonds maturing in the years 1991 and 1992 are redeemable
on March 1, 1990 and on any interest payment date thereafter,
at the option of the City, at par and 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 which have the latest maturity date will be prepaid
first and if only part of the bonds having a common maturity
date are called for prepayment the specific bonds to be prepaid
will be chosen by lot by the Paying Agent. Notice of
redemption shall be given by publication of a notice of
redemption once in a daily newspaper of general circulation, or
in 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 Minnesota city of the
first class, or its metropolitan area, 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 days prior to the date fixed
for redemption, and if such notice shall have been given and
payment thereof duly made or provided for, interest thereon
shall cease from and after the date so fixed for redemption.
Bonds maturing in the years 1984 to 1990, both inclusive,
are not redeemable prior to maturity.
$. Said bonds and the coupons attached thereto shall be
in substantially the following form, which has been approved by
the City Attorney of the City of Saint Paul, and is hereby
approved and adopted:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF SAINT PAUL
GENERAL OBLIGATION CAPITAL IMPROVEMENT BOND
SERIES 1982
No. $5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of Saint
Paul, in the County of Ramsey and State of Minnesota,
acknowledges itself to be indebted and for value received
hereby promises to pay to bearer the sum of Five Thousand
Dollars ($5,000) on the first day of March, , together with
interest thereon from the date hereof until the principal sum
is paid at the rate of percent per annum, payable
September 1, 1982 and semiannually thereafter on the first day
of March and the first day of September in each year as
evidenced by and upon the presentation and surrender of the
annexed interest coupons as they severally become due. Both
principal of and interest on this bond are payable in lawful
money of the United States of America at the Chemical Bank, New
York, New York, or any successor paying agent duly appointed by
the City, and for the prompt payment of this bond, both
principal and interest, when due, the full faith and credit of
the City of Saint Paul is irrevocably pledged.
This bond is one of a series of bonds issued and sold by
the City of Saint Paul, in the aggregate principal amount of
Seven Million Three Hundred Twenty Thousand Dollars
($7,320,000) all of like date and tenor except as to serial
number, interest rate and redemption privelege and is issued
pursuant to Laws of Minnesota 1971, Chapter 773, as amended by
Laws of Minnesota 1974, Chapter 351, as amended by Laws of
Minnesota 1976, Chapter 234, as amended by Laws of Minnesota
1978, Chapter 788 and as amended by Laws of Minnesota 1981
Chapter 369, for the purpose of procurement of funds to be used
by said City for the acquisition, construction and repair of
capital improvements of the City of Saint Paul in accordance
with the provisions of said laws.
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Bonds maturing in the years 1991 and 1992 are redeemable
on March 1, 1990 and on any interest payment date thereafter,
at the option of the City, at par and 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 which have the latest maturity date will be prepaid
first and if only part of the bonds having a common maturity
date are called for prepayment the specific bonds to be prepaid
will be chosen by lot by the Paying Agent. Notice of
redemption shall be given by publication of a notice of
redemption once in a daily newspaper of general circulation, or
in 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 Minnesota city of the
first class, or its metropolitan area, 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 days prior to the date fixed
for redemption, and if such notice shall have been given and
payment thereof duly made or provided for, interest thereon
shall cease from and after the date so fixed for redemption.
It is hereby certified and recited that all things, acts
and conditions required by the Constitution and Laws of the
State of Minnesota and the t.harter of said City to happen and
be done and performed precedent to and in the issuance of this
bond, have happened and have been done and performed in regular
and due form and time as required by law and that the issuance
of this bond did not cause the total indebtedness of the said
City to exceed any constitutional, statutory, or Charter
limitation.
IN WITNESS WHEREOF, the said City of Saint Paul, Ramsey
County, Minnesota, by its 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
,.
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signature of its Director, Department of Finance and Management
Services, and re-executed by the manual signature of one of
such officers, and each of the interest coupons hereto attached
has been executed by the facsimile signatures of said officers
as of the first day of March, 1982.
(facsimile) George Latimer
Mayor
Attest: (£acsimile) Albert B. Olson
City Clerk
Countersigned: (f�csimile) Peter Hames
Director, Department of Finance
and Management Services
By: (SEAL)
COUPON
On the first day of September (March) , , unless the
bond to which this coupon appertains shall have been previously
called for redemption, the City of Saint Paul, Ramsey County,
Minnesota, promises to pay to bearer at the 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 Obligation Capital Improvement Bond, Series 1982, dated
as of March 1, 1982, No. .
(facsimile) George Latimer
Mayor
Attest: (facsimile) Albert B. Olson
City Clerk
Countersigned: (facsimile) Peter Hames
Director, Department of Finance
and Management Services
_ .
����ss
_,_
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. The proceeds of said bonds, except for any sums paid
for said bonds in excess of $7,180,000 shall be credited to an
account hereby established and designated Capital Improvements
Account of 1982. The monies in said account shall be used and
applied for the purpose prescribed by Laws 1971, Chapter 773,
as amended, and the balance in said account after payment of
the costs of the program, if any, together with any sums paid
for said bonds in excess of $7,180,000 plus accrued interest
received upon the delivery of said bonds shall be credited to
the Sinking Fund Account for such obligations; and
11 . 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.
WHITE - CITY CLERK " (l,,,���*** ^
CANN/1RY_� DEPARTMENT G I T Y O F S A I N T ��U L COUflC1I ° � {��!j
BLUE ^ - MAYOR � J
File N�.
� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
12. The Director, Department of Finance and Management
Services is hereby directed to file a certified copy of this
resolution with the County Auditor of Ramsey County, Minnesota,
together with such other information as he shall require, and
to obtain from said Auditor his certificate that said
Certificates have been entered in the said Auditor's Bond
Register.
COUNCILME[V Requestgd by Depa�tment of:
Yeas Nays � C,,• .
Hunt ;Z `�� M yC.�VjCQS'
Levine In Favor
#i9cld�� O ✓
McMahon B
snowalter - __ Against Y
Tedesco
Wilson
Adopted by Council: Date —rCD � ,'o� Form Approved b City Attor y
Certified ss�d b Counc Secr �ry p BY
S —
�
App ed by 17avor. t �R 4 1�0°� Ap v by Mayor for S is n to Council
– — BY
�UBLISHED FE B 13 1982