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277992 WHITE - CITY CLERK ����A PINK - FINANCE �) CANARY - DEPARTMENT C I TY OF SA I NT �� �} L COUfICIl �r BLUE - MAYOR File N 0. �� � � �ou,�cil Resolution , l Presented By ��� t7'"Z � � �� t������y-�.� ✓ Referred To / Committee: Date Out of Committee By Date RESOLVED by the City Council of the City of Saint Paul, Minnesota, that it is hereby found, determined and declared that this City should issue $500,000 General Obligation Urban Renewal Bonds, Series 1982 to finance various urban renewal development projects designated by the City; and be it FURTHER RESOLVED, that this Council shall meet at the time and place specified in the"Official Terms of Offering" hereinafter contained for the purpose of opening and considering sealed bids for, and awarding the sale of $500,000 General Obligation Urban Renewal Bonds, Series 1982; and be it FURTHER RESOLVED, that the City Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City and in Commercial West not less than ten days in advance of date of sale, as provided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto; and be it FURTHER RESOLVED, that the terms and conditions of said bonds and the sale thereof are fully set forth in the "Official Terms of Offering" attached hereto as Exhibit A and incorporated herein by reference. COU[VCILMEN uestgd by Department of: Yeas N ays ���i�.L Hunt Q(i Levine [n Favor Maddox M McMahon W B Showalter __ Against Y Tedesco Wilson JAN 12 1981 Form Appr d by City ttor y Adopted by Council: Date Certified P� s_e by Counc Secr ary BY � Approv d y Mavoc V A ro by Mayor for Subm sion to i� � - ?� , " PUBLISHED JQM � 3 1�$1 OFFICIAL TERMS OF OFFERING " " ���� $500,000 CITY OF SAINT PAUL, MINNESOTA GENERAL OBLIGATION URBAN RENEWAL 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 for award of the Obligations 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 March I and September I of each year, commencing March I, 1983. 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 fund various urban renewal pro jects. The Obligations will mat�re March I, in the amounts and years as follows: $50,000 I 984-I 99.3 The Obligations will not be subject to payment in advance of their respective stated maturity dates. TYPE OF BID A sealed bid for not less than $490,200 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 $5,000, 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 of the Obligations having been made. No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than I.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 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 control I ing. < . The Iss�er 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 request 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 10 copies. Dated 12 January 1982 BY ORDER OF THE CITY COUNCIL /s/ Gary R. Norstrem City Treasurer