277991 WC�.7E - CITY CLERK
p1' � � FINANCE n COUflCII
BL�R� - MAYORMENT GITY OF SAINT 1 �UL q� �
F;t� N 0. '
� � uncil Resolution
Presented -�'' / �
Referred To Committee: Date
Out of Committee By Date
BE IT RESOLVED, by the Council of the City of Saint
Paul, that pursuant to the provisions of Laws of Minnesota 1971,
Chapter 773, as amended by Laws of Minnesota 1974, Chapter 351,
Laws of Minnesota 1976, Chapter 234, and Laws of Minnesota 1978,
Chapter 788, Laws of Minnesota, Chapter 369 and pursuant to
applicable Ordinances and provisions of the City's Legislative
Code, there is hereby authorized and there shall be issued and
sold general obligation bonds of said City in the aggregate
principal amount of Seven Million Three Hundred Twenty Thousand
Dollars ($7,320,000.00) for the purpose of procurement by said
City of funds in said amount to be used by the City exclusively
for the acquisition, construction and repair of capital
improvements of the City of Saint Paul authorized in the
Capital Improvement Budget of said City for the year 1982, pro-
vided that the proceeds of such bonds shall be expended only
upon projects which have been reviewed and have received a
priority rating from the capital improvements committee
designated pursuant to Laws of Minnesota 1978, Chapter 788,
Section 2; and, be it
FURTHER RESOLVED, that the bonds authorized above shall
be designated "General Obligation Capital Improvement Bonds,
Series 1982. " Said bonds shall be issued in accordance with
the aforesaid Laws and in accordance with the further provision
of Chapter 475, Minnesota Statutes, all as more fully prov�ded
in said Laws; and, be it
COU[VCILMEN Requestgd by Department of:
Yeas Nays
Hunt
Levine In Favo[
Maddox
McMahon B
snoWaiter __ Against y —
redesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date —
Certified Passed by Councii Secretary BY
By -- .
Approved by ;Vlavor: Date _ A �r ve y Mayoc for Submissi�
By _ . _ _ g
WHITE - CITY CLERK �J'.!' 1���
PIY')"' � FINANCE �l:.! t
ChNAR�( - DEPARTMENT COUflC'.I ��� o
e�uE • - MAYOR G I T Y O F S A I N T PA IT L File N O.
` Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
-2-
FURTHER RESOLVED, that sealed proposals be received
in accordance with the Official Terms of Offering a copy of
which has been presented to the Council and is attached hereto.
A copy of said Official Terms of Offering is hereby directed
to be placed on file in the office of the City Clerk. The
terms and conditions of said bonds and of the sale thereof as
set forth in said Official Terms of Offering are hereby
approved and confirmed and are hereby adopted. The Official
Terms of Offering shall be published in the manner prescribed
by law in the St. Paul Legal Ledger, the official City newspaper
and in Commercial West.
COUNC[LMEN estgd by Departmen f:
Yeas Nays '
Hunt �
Levine In Favor y���
Maddox
McMahon B
snowaite� - v __ Against Y —
Tedesco
Wilson J A N 1 2 1982
Form Approve City Att�ey
Adopted by Council: Date —
Certified Va ; ouncil , retar BY �
�
Bl, � ,
� _�.IAN 1 t� 19 2 A roved y ayor r ub ission to Council
Appro d hy Mayor. t '
B � - . �
PUBUSHED �aN 2 � �ss2
. , � ��99 �
' • APPENDIX B
OFFICIAL TERMS OF OFFERING
$7,320,000
CITY OF SAINT PAUL, MINNESOTA
GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1982
Sealed bids for the Obligations will be opened by Gary R. Norstrem, City Treasurer on Tuesday,
February 2, 1982, at I I:00 A.M., Central Time, in Room 234, City Hall, Saint Paul, Minnesota.
Consideration of the bids will be by the City Council the same day at 12:00 Noon, Central Time.
DETAILS OF THE OBLIGATIONS
The Obligations will be dated March I, 1982 and will bear interest payable on September I and
March I of each year, commencing September I, 1982. The Obligations will be general
obligations of the Issuer for which the Issuer will pledge its full faith and credit and power to
levy direct general ad valorem taxes. The Obligations will be in the denomination of $5,000, in
coupon form, and non-registrable. The proceeds will be used to construct various capital
improvements.
The Obligations will mature March I, in the amounts and years as follows:
$520,000 1984 $725,000 1987 $ 950,000 1990
$575,000 1985 $800,000 1988 $I ,O50,000 1991
$650,000 1986 $875,000 1989 $1 , 175,000 1992
The Issuer may elect on March I, 1990, and on any interest payment date thereafter, to prepay
Obligations due on or after March I, 1991 at a price of par and accrued interest. Redemption
may be in whole or in part of the Obligations subject to prepayment. If redemption is in part,
those Obligations remaining unpaid which have the latest maturity date will be prepaid first and
if only part of the Obligations having a common maturity date are called for prepayment the
specific Obligations to be prepaid will be chosen by lot by the Paying Agent.
TYPE OF BID
' A sealed bid'for not less than $7,180,000 and accrued interest on the total principal amount of
the Obligations shall be filed with the undersigned prior to the time set for the opening of bids.
Also prior to the time set for bid opening a certified or cashier's check in the amount of $75,000,
payable to the order of the Issuer, shall have been filed with the undersigned or SPRINGSTED
Incorporated, the Issuer's Financial Advisor; no bid will be considered for which said check has
not been filed. Said check of the Purchaser will be retained by the Issuer as liquidated damages
in the event the Purchaser fails to comply with the accepted bid. No bid shall be withdrawn
after the time set for opening bids, unless the meeting of the Issuer scheduled for consideration
of the bids is adjourned, recessed, or continued to another date without award having been made.
No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than
1.5%. No rate nor the net effective rate for the entire Issue of the Obligations shall exceed
12%. Obligations of the same maturity shall bear a single rate from the date of the Obligations
to the date of maturity and additional coupons shall not be used.
No bid may be conditioned upon award of any other offering of obligations by the City.
AWARD
The Obligations will be awarded to the Bidder offering the lowest dollar interest cost to be
determined by the deduction of the premium, if any, from, or the addition of the discount, if any,
. _ . . APPENDIX B
- .
to, the total dollar interest on the Obligations from their date to their final scheduled maturity.
The Issuer's computation of the total net dollar interest cost of each bid, in accordance with
customary practice, will be controlling.
The Issuer will reserve the right to: (i) waive non-substantive informalities of any bid or of
matters relating to the receipt of bids and award, (ii) reject all bids without cause, and, (iii)
reject any bid which the Issuer determines to have failed to comply with the terms herein.
PAYING AGENT
The principal of and interest on the Obligations will be payable at Chemical Bank, New York,
New York. The Issuer will pay the charges for the services of the Paying Agent.
CUSIP NUMBERS
If the Obligations qualify for assignment of CUSIP numbers such numbers will be printed on the
Obligations, but neither the failure to print such numbers on any Obligation nor any error with
respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of
the Obligations. The CUSIP Service Bureau charge for the assignment of CUSIP identification
numbers shall be paid by the Purchaser.
SETTLEMENT
Within 40 days following the date of their award the Obligations will be delivered without cost to
the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser. Delivery will be
subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan
Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion will be printed
on the Obligations, and of customary closing papers, including a no-litigation certificate. On the
date of settlement payment shall be made in federal, or equivalent, funds which shall be received
at the offices of the Issuer or its designee not later than I:00 P.M., Central Time of the day of
settlement. Except as compliance with the terms of payment shall have been made impossible
by action of the Issuer, or its agents, the Purchaser shall be liable to the Issuer for any loss
suffered by the Issuer by reason of the Purchaser's non-compliance with said terms for payment.
At settlement the Purchaser will be furnished with a certificate signed by appropriate officers of
the Issuer to the effect that the Official Statement prepared for the Issue did not as of the date
of the Official Statement, and does not as of the date of settlement, contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading.
OFFICIAL STATEMENT
Upon req�est to the Issuer's Financial Advisor prior to the bid opening underwriters may obtain a
copy of the Official Statement. The Purchaser will be provided with 50 copies.
Dated 12 January 1982 BY ORDER OF THE CITY COUNCIL
/s/ Gary R. Norstrem
City Treasurer