279684 �NH17E � C�TV CLERK COUI1C11 2`�g�4
PINK tiFINANCE GITY OF SAINT PALTL
� CA,NARY P�ARTMENT
B�IiE � ��VOR File NO.
� � C�un il Resolution
Presented By l�'�`'y.'l �f%`�'
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, Laws of
Minnesota 1978, Chapter 788 and I.aaws of Minnesota, 1981,
Chapter 369 and pursuant to a�plicable 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 Five Million Three Hundred Seventy Thousand Dollars
($5,370,000.00) 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 1983, provided that the
proceeds of such bonds shall be expended only upon projects
which have been reviewed and have received a priority rating
fro�ci the capital improvements co�nittee designated pursuant to
Laws of 1978, Chapter 788, Section 2; and, be it
FURTHER RESOLVED, that the bonds authorized above
shall be designated "General Obligation Capital Improvepnent
Bonds, Series 1983. " 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
provided in said Laws; and, be it
COUNCILME[V
Yeas Nays Requested by Department of: �
Fletcher � '7'` �y�
x8�'li� �N.9.�/� ., c�✓�S'
Masanz
[n Favor
Nicosia
scne�bei _ __ Against B
Tedesco
Wilson
Form Approv City Att,orn
Adopted by C ouncil: Date — �
Certified Passed by Council Secretary BY
By
t�pproved by 1�lavor: Date _ Approved Mayor for Submission to Council
By _ — BY
�N+i17E - CITV CLERK COUI1C11 �,�
B�'�E � MAVOR E GITY OF SAINT PAUL
C NA`V �AEY�ARTMENT �� vvv�
File N 0.
� � 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; and, 'be it
FURTHER RESOLVED, that in accordance with the laws
referred to above the Council hereby finds, determines and
declares that the statutory limitation on the amount of capital
improvement bonds that may be issued (which is "one-fourth of
one percent of the estimated market value of taxable pro,perty
in St. Paul, " i.e. .0025 x 6,404, 983, 352 = $16,012,458.38 but
"not more than $8,000,000" has been complied with and so the
bonds herein authorized in the total amount of $5,370,000 may
be issued.
COUNC[LME[V
Yeas Nays � Requested by Department of: `
Fletcher � � � �QV(J+C'tS
xZ� N�JN� � � a..
Masanz In Favor �
w�.-
scr,eibei _ __ Against B ' J �
Tedesco
Wilson
JAN � 3 �gg� Form Appr City tor e
Adopted by Council: Date
Certified a_ - Council , et BY �
ti..� 1�
B �
n �
ta rov by iVlavor: t ~� � � ,�53 Approved for Subm s' n t Council
BY – — BY ...�—
PUBLISHED J A N 2 2 1983
�� " -
. ..
OFFICIAL TFRMS OF OFFERING �,.���A
�f
$5,370,000 �
CITY OF SAINT PAUL, MINhE50TA
GEi�ERAL OBLIGATION CAPITAL tMPROVEMENT BOt�S, SERIES 1983
Sealed bids for the Obligatians wiil be opened by Peter Harnes, Director, Department of Finance
and Management Services on Tuesday, February I, 1983, at i I:00 A.M., Cer�trai Time, in Room
234, City Hall, Saint Paul, Minnesota. Consideration of the bids for award of the Obligations v4ill
be by the City Councit the same day at 12:00 Noon, Central Time.
DETAILS OF TF-E OBLIGATIONS
The Obligations will be dated March I, 1983 and will bear interest payable on Septernber { and .
March I of each year, commencing September I, (9�3. The Obligations will be generai
obligations of the lssuer for which the Issuer wiil pledge its fuil faith and credit and power to
levy direct general ad vctlorem taxes. The Obligations will be in the denomination of $5,000, in
coupon form, and nan-registrable. The proceeds will be used to construct various cupita!
improvements.
The Obligatior�s will mature March I, in the amounts and years as follows:
�I 20,000 I 984 525,000 I 988 650,000 I 991
425,000 1985 � 575,000 1989 700,000 1992
$475,000 1986 625,000 1990 775,000 1993
$500,000 1987
The Obligations wil! not be subject to payment in advance of their respective stated mQturity
dates.
TYPE OFBID
A sealed bid for not less than $5,290,000 and accrued interest on the totat principal amount of
the Obligations shall be filed with the undersigned prior to the time set far the opening of bids.
Also prior to the time set for bid opening a certified or cashier's check in the amount of $50,000,
payable to the order of the Issuer, shall have been filed with the undersigned or SPRINGSTED
Incorporated, the Issuer's Financia) Advisor. No bid will be considered for which said check has �
not been filed. The check of the Purchaser will be retained by the Issuer as liquidated damages
in the event the Purchaser fails to eomply 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 subseque�t
maturity by more than 1.5°�. No rate nor the net effective rate for the entire Issue of the
Obligations shall exceed the maximum rate permitted by law. 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 dol[ar interest cost to be
determined by the deduction of the premium, if any, from, or the addition of any amount fess
than par, to, the total dollar interest on the Obligations from their date to their finQl scheduled •
- ��s�►�
. . �_
.
. ,�
maturity. The Issuer's computation of the tota) net dollor interest cost of ,each b.id, in
accordance with cvstomary practice, wiii be controlting. - �
The Issuer will reserve the right to: (i) wnive non-substantive informalities of any bid or of
matters relating to the receipt of bids and award of the Obligations, (ii) reject all bids without
cause, and, (iii) reject any bid which the Issuer deterraaines to have failed to comply with the
terms herein.
PAYING AGENT
The principol of and interest on the Obligations will be payable at Chemica{ Bank, New York,
New York. The Issuer wil) pay the charges for the services o# the Pay�ng Agent.
CUSIP NUMBERS
,
If the Obfigations qualify for assignment of CUS1P numbers such numbers wilt be printed on the
Ubligations, but neither the failure to print such numbers on any Obligation nor any error wifih
respect thereto will constitute cause for failure or refusal by tfie Purchaser to accept delivery o#
the Obligations. The CUSIP Service Bureaw chcage for the assir�ment of CUSIP identification
numbers shQl) be paid by the Purchaser.
SETTLEMENT
Within 40 days following the date of their award the Obligations wil( 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-litigntion certificate. Qn fihe
date of settlement payment for the Obligations shQll be made in federal, or equivalent, funds
which shatl 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 for the
Obligations 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 Purchnser's non-
compliance with said terms for payment.
At settlement the Purchaser will be furnished with a certificate signed by appropriate officers of
the lssuer to the effect that the Official Statement prepared for the Issuer did not as of the date
of the Official Statement, and dces not as of the date of settlement, contain any untrue
statement af a materinl fact or orilit to state a material fact necessary in order to make the
staternents therein, in�lightof the circumstances under which they were made, not misleading.
OFFICIAL STATEMENT
Upon request to the Issuer"s Finaneial Advisor prior to the bid opening underwriters may obtain a
copy of the Official Statement. The Purchaser will be provided with 50 copies.
Dated 13 January I 983 8Y ORDER OF TF-E CITY COUNClL
/s/ Peter Hames
Director, Department of Finance and Mangement Services
' T.
.- � . ,
~ OFFtCIAL TERMS OF OFFERING . ����
$5,370,000
CITY OF SAINT PAUL, MINi�SOTA ,
GEI�RAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES t 983
Sealed bids for the Obiigations will be opened by Peter Hames, Dire�tor, Department of Finance
and Management Services on Tuesdc�y, February 1, I 983, a# t t:00 A.M., Central Time, in Room
234, City Hall, Saint Pavl, Minnesota. Considerotion of the bids for award of the Obligntions wi11
be by the City Councit the sarne day at i2:00 Noon, Centrai 7ime. .
DETAlLS OF Tt-E OBLIGATIONS
The Obligations will be dated March I, l9$3 and will bear interest payable on September t and
March 1 of each year, commencing September 1, 19$3• The Obtigations will be gener��
obligoiions of the lssuer for which the lssuer wil) p{edge its full faith and cr�dit and power to.
levy direct general ad valorem taxes. The Obligations witi be in the de�omination of $5,000, in
coupon form, and non-registrab}e. The proceeds wi11 be used to construct various capital
i mprovemenis.
The Obiigatior�s wiit mature March I, in the amounts and years � foltows:
t20,000 1984 525,000 1988 50,000 t991 .
25,OOQ 1985 � 575,000 1989 700,000 t992
75,000 1986 625,000 1990 775,000 . I 993
500,OOE3 t 987
_ The ObligQfiions _will not be subject to ppyment in advance of their respeciive stated maiurity
-- dates. -
TYPE OF B1D .
A sealed bid for not less than $5,290,000 and accrued interest on the totat principal arnounfi of .
the Obligations shalt be filed with the undersigned pcior to the fiime set for the opening of bids.
Also prior to the time set for bid opening a certified or cashier's check in the arrtour�t of $50,000,
payable to the order of the Issuer, shalt have been filed with the undersigned or 5PRINGSTED
Incorporated, the Issuer's Financial Advisor. No bid will be considered for which said check has -
not been filed. The check of the Purchaser will be retained by the lssuer as liquidated dcrrnages �
in the event the Purchaser faits to compty with the accepted bid. No bid shall be withdrawn
after tfie time set for opening bids, unless the meeting of the lssuer scheduted 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 1.5%. No rate nor the net effective rate #or the entire Issue of the
Obligntions shafl exceed the maximum rate permitted by law. Obtigations of the same maturity
shall bear a single rate from the date of the Obligations to the date o# maturity ond additionai
coupons shall not be used.
No bid may be conditioned upon award of any other offering of obligatior� by the City.
AWARD
The Obligations will be awarded to the Bidder offering fihe lowesfi dollar inierest cost to be
determined by the deduction of the premium, if any, from, or the addition of any amount less
than par, to, the total dollar interest on the Obligations from their date to their finol scheduled -
�. �
- 2'79684
� maturity. The Issuer's computation of the total net d�l{ar interesfi cost of each 6id, in
accordance with customary practice, will be controlling. -
The Issuer will reserve the right to: (i) waive �on-substantive informalities of any bid or of
matters relating to the receipt of bids and award of the Obligations, (ii) reject a1t bids wifihout
cause, and; (iii) reject any bid which the lssuer deterrraines to have failed to comply with the
terms herem. . �
PAYtNG AGENT
The principal of and interest on the Obiigations will be payable at Chemical Bank, New York,
New York. The tssuer witl pay the charges for the services of the Paying Agent.
CUSIP NUMBERS
If the Obligattons qualify for assignment of CUSIP nvmbers such numbers wilt be printed on #he
Obiigations, but neither the failure to print such numbers on any Obligation nor any error with
respect thereto wilt constitute cause for faiture or refusal by the Purchaser to �cept delivery of
the Obligatior�s. The CUS[P Service Bureau charg� for the �sic�ment o# CUSlP identificction
numbers shall be paid by the Purchaser. _ �
. SETTLEMENT
Within 40 days following the date of their award the Obligations will be cielivered without cost to
the Purchaser at a ptace mutually satisfactory to the issuer and the Purchaiser. Delivery will be
subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan •
Professional Associatian o� Saint Paul and Minneapolis, Minnesota, which opinion will be prinfied
on the Obligat"rons, and of c�stomary closing papers, including a no-litigation certificQte. On the
date of settlement paymenf for the Obligations shel) be made in federal, or equivalent, funds
which shall�Eie�received at the offices of the Issver or its ciesignee not lafier tha� I:00 P.M.,
Central Time of the day of settlement. Except as comptiance with the ierrns of pQyment for the
Obligations shall have been made impassible by action of the lssuer, or its agents, the Purchaser
shalt be (iable fio the lssuer 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 o certificate signed by appropriafie officers of
the lssuer to the effect thafi the Official Statement prepared for the Issuer did not as of the date
of the Official Statement, and dces not as of the date of settlement, contain any untrue _
statement of o material fact ar omit to state a materiat fact necessary in order to make ihe �
statern�nts therein, in�light of the circumstances under which they�were made, not misleoding.
OFFICIAL STATEMENT
Upon request to the (ssuer's Financial Advisor prior to the bid opening underwriters may obtair� a
copy of the Official Statement. The Purcheser witt be provided with 50 copies. ��
Dated 13 January t 983 8Y ORDER OF Tt-� CiTY COUNCIL
/s/ Peter Hames � � �
Director,Department of Finance and Mangement Services ,
i. . • .
. � OFFICIAL TEF2MS OF�FFERiNG ������
$5,370,000
CITY OF SAINT PAIA, MtNidE50TA
GE[�RAL OBL.IGATION CAPtTAL IMPROVEMENT B�NDS, SERIES !�3
. Sealed bids for the Obtigations will be opened by Peter Hames, Dire�tor, Department of Finance
and Management Services on Tuesday, February I, I 983, at ! I:00 A.M., Centrc�l Tirr�e, in Roam
234, City Hali, Saint Pan�l, Minnesata. Consideration of the bids for award of the Obligations wilt
be by the City Council the same day at 12:00 Noon, Central Time. �
DETAiLS OF TF-E OBLIGATIONS
The Ohfigations wifl be dated March I, 1983 and will bear interest payabte. on September I and
March 1 of each year, commencing September 1, 19$3. The Obfigations will be generat
obiigafiions of the tssuer for which the tssuer will pledge its full faith and credi# and power to.
levy direct gcneral ad valorem taxes. The Obligations will be in fihe denominafiion of $5,000, in
coupon form, and non-registroble. The proceeds witl be used to construct various capita!
i mprov�ments.
The Obiigations wi1! mature March I, in the a'nounts and years as follows:
I 20,000 1984 525,000 t 988 650,000 1991
25,000 t 985 � 575,000 1989 700,000 t 992
'75,000 1986 25,000 I 990 ?75,000 . I 993
500,000 1987
The Obligations _will not be subject to payment in advance of fiheir respective stated maturity
� dates. -
TYPE OF BID
A sealed bid for not less than $5,290,000 and accrued interest on tF�e total principai wnount of ,
the Obligations shail be filed with the undersigned prior to the time set for the opening of bids.
A1so prior to the time set for bid opening a certified or cashier's check in the amount of $50,000,
payable to the order of the Issuer, shal! have been filed with the undersigned or SPRINGSTED
Incorporated, the Issuer's Financiaf Advisor. No bid wiU be considered for which said check has • �
not been filed. The check of the Purchaser will be retained by fihe tssuer as liquidated damages
in the event the Purchaser fails to cornply with the accepted bid. No bid shal{ be withdrawn
after the time set for opening bids, untess the meeting of the Issuer scheduled for consideration
of the bids is adjoumed, recessed, or confiinued to another date without award of the Obtigations
having been mode. No rate for a maturity shall exceed the rate specified for any subsequ�nt
maturity by more than I.5%. No rate nor the net effective rate for fihe entire lssue of #he
Obligations shatl exceed the maximum rate permitted by law. Obligafiions of the same matvrity
shall bear a single rate from the date of the Obligations to the darte of maturity and additionat
coupons shntl not be used.
No bid m�y be conditioned upon award of a�y other offering of obllgations,by the City.
AWARD
The Obligations will be aworded to the Bidder offering the lowest doltar interest cos# to be
determined by the deduction of the .premium, if any,#rom, or the addition of any arnount less
than par, to, the total dollar interest on the Obligations from their date to their finQl scheduled •
,. • '� '�i�'V�.7�
� maturity. The Issver's computation of the total net doflar interest cast of� each bid, in
accordonce with customary pracfiice, will be controlling. -
The Issuer will reserve the right to: (i) wnive non-substantive informalities of any bid or of
matters retating to the receipt of bids and award of the 4bligations, (ii) reject all bids without
cwse, and� (iii) reject any bid which the lssuer deter�ines to have failed to comply with the
terms herein. . �
PAYING AGENT
The principQ! of ond interest on the Obligations will be payabie at Chemical Bank, New York,
New York. The Issuer wiil pay the charges for the services of the Paying A�nt.
CUS1P NUMBERS
If the Obiigations qualify for assignmer►t of CUS1P numbers such numbers will be printed on the
Obliga#ions, but neither the failure to print such numbers on any Obiigation nor any error with
r�speet ihereto wilt constitute cause for failure or refusal by the Purchaser ta �cept delivery of
the Obtigatiorn. The CUSIP Service Bureau charge for the assi�ment of CUSIP identification
numbers shal! be paid by the Purchaser. �
SETTLEMENT
Within 4U dnys following the date of their award the Obligations wilt be delivered without cost fio
the Purchaser at a ptace mutually satisfactory to the Issuer and the Purchaser. Defivery wit! be
subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan �
Professiona! Association of Saint Paul and Minneapotis, Minnesota, which Qpinion witt be printed
on the Obligations, and of customnry ctosing papers, including a no-litigation certificate. On the
date of settlement payment for the Obligafiions shell be made in federal, or equivalent, funds
which shall-�be�received at the offices of the Issuer or its designee not later than 1:00 P.M.,
Central Time of the day of settlement. Except as comptiance with the terms of paymenfi for the
Obligations shall have been made impossibte 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 wilf be furnished with a certificate s+gned by appropriute officers of
the lssuer to the effect that the Official Statemenf prepared for the lssuer did not as of the date
of the Officiat Statement, and does not as of the date of setttement, contain any untrue _
statemgnt of a material fact or omit fo state a material fact necessary in order io make the
stntements therein, in'light of the circumstances und�r which they were made, not misleading.
OFFICIAL STATEMENT
lJpon request to the Issuer's Financial Advisor prior to the bid opening underwriters may obtain-cr
copy of the Official Staternent. The Purchc�ser will be provided with 50 copies. �
Dated I3 January 1933 8Y ORDER OF Tt-E C1TY COUNCiL
/s/ Peter Hames
Director, Department of Finance and�Mangement Services .
.; � . ..
OFFIClAL TERMS OF OFFERING �`��
$5,370,000
CITY OF SAINT PAUL, MIM�fESOTA
GEI�lERAL OBLiGATtON CAPITAL tMPROVEMENT BONDS, SERIES t 983
Seated bids for ihe Obligations will be opened by Peier Hurnes, Director, Department of Finance
and Management Services on Tuesday, February 1, I983, at I 1:00 A.M., Central Time, in Room
234, City Hali, Saint Paul, Minnesota. Consideration of th+� bids for award of ;t�e Obligations will
be by the City Councii the same day at 12:00 Noon, Centrai Time.
DETAIL.S OF TF-E OBLIGATIO(�IS
The Obligations will be datsd March I, I983 and witl bear inierest poyabte on September I and
March 1 of each yeer, commencing September !, 19�3. The Obligations will be generuf
abligotions of the Issuer for which the lssuer wili ptedge its fuU fQith and credit and power to
levy direci generai ad valorem taxes. The Obiigations will be in the denomination of $5,000, in
coupon form, and non-registrable. The praceeds wi11 be us�d to construct various capital
improv�ments. .
The Obligatians wiii mature March 1, in the amounts and years as fotlows:
120,000 1984 525,000 I988 50,000 1991
25,000 I985 � 575,000 I989 700,000 1992
75,000 t 986 6 25,000 I 990 775,U00 . 1993
500,000 1987
_ The Obligations will not be subject to payment in advance of their respective stated maturity
- dates. ----
TYPE OF B[D
A sealed bid for not less than $5,290,000 and accrued interest on the tota.l principal c�mount of
the Ob[igations shall be filed wiih the undersigned prior to the time- sefi for the opening of bids.
Also prior to the time set for bid opening a certified or cashier's check in the amo�nfi of $50,000,
payable to the order of the lssuer, sfinll hnve been filed wi#h the undersigned or SPRINGSTED
Incorporated, the Issuer's Financial Advisor. No bid will be considered for which said check has •
not been filed. The check of the Purchaser will be retained by the lssuer as liquidated dnmages
i� the event the Purchaser faiis to comply with the accepted bid. No bid shaU be withdrawn
after the time set for opening bids, unless the meeting of the Issuer scheduted for consideration .
of the bids is adjourned, recessed, or continued to another date without award of the Obtigations
having been made. No rate for a maturity shall exceed the rate specified for any subseqvenfi
maturity by more than 1.596. No rate nor the nei effective rate for the entire Issue of the
Obligations shall exceed the maximum rate permitted by law. Obligafiions of the same maturity
shall bear a single rate from the date of the Obtigations to the date of maturity and additionat
coupons shall not be used.
No bid may be conditioned upon award of a�y other offering of obligationsby the City.
AWARD
The Obtigations will be awarded to the Bidder offering the lowest dollar interest cost to be
determined by the deduction of the premium, if any, frorn, or fhe add'ition of uny amount less
than par, to, the tota) dollor interest on the Obligations from their date to their f inol scheduled: -
, ,. - . �►79�a�
� maturity. The Issver's computation of the total net dollar interest cost of each bid, in
accordance with cusiomary practice, wil{ be controUing. -
The Issuer wiU reserve the right to: (i) woive non-substantive informatities of any bid or of
motters relating to the receipt of bids ond oward of the Obligations, (ii) rejecfi a11 bids withou�
cause, dnd; (iii) reject any bid which the lssuer deterr�aines to have failed fio comply with .ihe-
terms here�n. .
, PAYING AGENT
The principat of and interest on the Obligations will be payat�te at Chemical Bank, New York,
New York. The Issuer wil) pay the charges for the services of the Paying Agent.
CUSiP NUMBERS
!f the Obligations q�alify for assiqnment of CL1StP numbers such numbers witl be printed on the
Obligations, but neither the failure to print such numbers on any Obtigation nor a�y error with
r�spect thereto will constitute cause for failure or refusal by the Purchaser fio accept delivery of
the Obtigations. The CUS(P Service Bureou charge for the assi�ment of CUS(P identification
numbers shai! be paid by the Purchaser. �
. SETTLEMENT _
Within 40 ddys following th� date of their award the Obligations will be detivered without cost to
the Purchaser at a place mut�ally satisfactory to the Issuer and the Purchaser. Delivery will be
subject to receipt by the Purchaser `of an opproving legal opinion of Briggs and Morgan .
Professionai Association of Saint Paul and Minneapolis, Minnesota, which opinio» will be printed
on the Obligations, and of custornary closing papers, inctuding a no-litigation certificate. On the
__ date of settfement paymen't for the Obligations shell be made in federal, or equivalent, f�nds
which sha(I�e-received at the offices of the Issuer or its designee nofi later than I:00 P.M.,
Centrai Time of the day of settlement. Except as compliance with the terrns of payrneni� for the
Obfigations shall have been made impossibte by action of the lssuer, or its agents, fihe Purchaser
shall be liQble to the Issuer for any toss suffered by the tssuer by reason of the Purchaser's non-
compliance with snid terms for payment. �
Afi settlement the Purchaser wi11 be furnished with a certificate signed by appropriate officers of
the lssuer to the effect that the Official Stotement prepared for the Issver did not as of the date
of the Officiat Statement, and dces not as of the date of settlement, contain any untrue
statement of a material fact or omit to state a materiat fact necessary in order to make the
statements therein, in'light of the circumstances under which they were mnde, not misleading.
OFFICIAL STATEMENT
Upon request to the Iss�er's Financial Advisor prior ta the bid opening ur�derwriters may obtair� o
copy of the Official Statement. The Purcheser witt be provided with 50 copies. �
Dated I 3 January I 983 BY ORDER OF Tt-E CITY COUNCIL.
/s/ Peter Hames � � �
Directer, Department of Finance and Mangement Services ,