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279686 WHITE - C�TV CLEFiK �►y;�� PINK - FINANCE � � CANARV - DEPARTMENT GITY OF SAINT PAUL COUIICII ` BLUE - MAVOR File NO• Co ncil Resolution Presented By �''"'�' � 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 $505,000 General Obligation Urban Renewal Bonds, Series 1983 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 $505,000 General Obligation Urban Renewal Bonds, Series 1983; 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. COUNCILMEN Yeas Nays � Requested by Department of: , Fletcher ���N� �� �� �..�,�5 '�x°' � [n Favor Masanz , �1is�eia ,` scne�be� _ � __ Against B j �'� Tedesco Wilson Adopted by Council: Date �aN 13 1983 Form Ap d by City Attorney Certified P� -s b C n il , BY �#p r� hY �a�o�: JAN 14 1983 Appcoved b or ubm'ssio Council B _ BY PUBLISFIED JAN 2� 1983 ';' ;� - ^ EXHIBIT � .1����" OFFICIAL TERMS OF OFFERif�lG $SOS,000 _ _ CITY OF SAINT PAUL, MINt�SOTA GEI�RAL OBLtGATtON URBAN RENEWAL BONDS, SERIES I 983 _ Sealed bids for the Obligations wii) be opened by Pe#er Hames, Director, Department of Fi�once and Mnnagement Services on Tuesday, February (, 1983, at I I:OQ A.M., Cen#ra! Time, i� Room 234, City Hail, Saint Paul, Minnesota. Consideration of the bids for award of the Obligations yrill be by the City Councii the same day at 12:OU Noon, Central Time. DETAILS OF THE OBLlGATtONS The Obligations witl be dated March 1, (983 and will bear in#erest payable on March ( and September I of exh ye�, commencing September f, I983. The Obligations wil! be ger�eraf obligations of the Issuer for which the issuer will pledge its futl faith and ccedit and power to � levy direct general ad valorem taxes. The Obligations wiii be in the denomination of $�5,000, in coupon form, and non-registrable. The proceeds witl be used to fund vnrious urban renewaf �pro jects. The Obligations will mature March t, in the amounts and years as foUows: � - � $55,000 I 984 $50,000 I 985-1993 - �The Obligations wi!! not be subject to payment in advance of their reapective stated maturity dates. TYPE OF BID A sealed bid for not less than $497,500 and accrued interest on the totat principa� 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 amounfi of $5,000, payabte 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. The check of the Purchaser will be retained by the lssuer as tiquidated 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 (ssuer scheduled for consideration of the bids is adjourned, recessed, or continued to another date withaut award of the Ob)igations having been made. No rate for a maturity shall exceed the rate specified for any subsequent � maturrty by more than 1.590. No rate nor the net effective rate for the entire Issue of the Obligations shaJl 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 udditional coupons shall not be used. No bid may be conditioned upon award af any other offering of obligations by tF�e Ci#y. AWARD , The Obligations will be awarded to the Bidder offering the lowest doftor interest cost fo be determined by the deduction of the premium, if any, from, or the addition of any amount less thon par, to, the total dollar interest on tt�e Obligations #rom their date to their final sck�eduted maturity. The Issuer's computotion of the total net dotlar interest cost of each bid, in accordance with customary pra�ctice, will be controlling. , �� � 2'7968� � � _ . .. The tssuer will reserve the right ta: (i) waive non-substantive informalities af any bid or,o# . matters relating to the receipt of bids and award of the Obligations, (ii) reject atl bids without cause, and, (iii) reject any bid which the Issuer determines to have failed to comply with the terms herein. PAYING AGENT 1 The principal of and interest on the Obtigations will be payable at Chemi�al Bank, New York, New York. The Issuer will pay the charges for the services of the Paying Agent. CUStP NUMBER� If the Obtigations qualify for assignment of CUSIP numbers such nurnbers will be pri�ted on the Obligations, but neither the faiilure to print such numbers on any Obligntion nor any error �nrith respect tlierelo will constitute cause for failure or refusat by the Purchaser to accept delivery of the Obligations. The CUSIP Service Bureau charge for the assignment of CUS1P identification numbers shall be paid by the Purchaser. SETTLEMENT . Within 40 days following the date of their award the ObligatiQns will be delivered vvithout cos# to the Purchaser at a place mutuatly satisfactory to the lssuer and the Purchaser. Delivery wil! be subject to receipt by the Purchaser of an approving lega! opinion of Briggs nr�d Morgan Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Obligations, und of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Obl igations shal I be made in federat, or equivalent, funds which shall be received at the offices of the Issuer or its designee not later tf�an I:00 P.M., _ - Central Time of the day of settlement. Except as compliance with the terms of payment for the 4bligations shcil! have been made impossible by action of the lssuer, or its agents, the Purchaser shall be liable to the lssuer for any ioss suffered by the (ssuer by reason of the Purchaser's non- �ompliance with said terms for payment. At settlement the Purchoser will be furnished with a certificate signed by appropriate officers of the lssuer to the effect th4t the Official Statement prepared for the lssver did not as of the date of the Official Staterrient, and daes not as of the date of setttement, contain any untrue statement of a materia) fact or omit to state a material fact necessary in order to make ihe � statements therein, in ligfit of the circumstances �nder which they were made, not misleading. OFFI�CIAL STATEMENT Upon request to the issuer's Financial Advisor prior to the bid opening underwri#ers may obtain a copy of the Official Statement. The Purchaser witl be provided with 10 copies. Dated 13 January 1983 � BY ORDER OF THE C1TY COUNCtL � /s/ Peter Hames Director, Department of Finance and Management Services �NHITE - CITV GLERK COU[IC11 ��� PINK - FINANCE C I TY OF SA I NT PAU L CANARV +-0EPARTMENT BLU� - MI�VOR File NO. ouncil Resolution Presented By �' Referred To Committee: Date Out of Committee By Date BE IT RESOLVED by the Council of the City of Saint Paul, as follows: 1. In accordance with the provisions of Section 10.16 of the City Charter of the City of 5aint Paul, the Council may without a referendum if the cash in the City' s treasury is inadequate to meet city obligations as they become due, borrow money by issuing its tax anticipation certificates of indebtedness in such amounts as the Council may prescribe provided that the amount so borrowed may not exceed the uncollectible portion of the tax for the current year. 2. In accordance with the provisions of Section 103(c) of the Internal Revenue Code of 1954 as amended (the "Code") the City may not issue such tax anticipation certi- ficates in an amount greater than its cumulative cash flow deficit computed in accordance with said Code and the regulations promulgated thereunder (the "Regulations") nor may such certificates remain outstanding for more than thirteen (13) months from their nominal date unless the City restricts the yield on the proceeds of such tax anticipation certificates in accordance with said Code and said Regulations. 3. The Council hereby finds, determines and declares that the uncollectible portion of its tax levy as of the date hereof, and as of February 23, 1983 (the pro j ected date of delivery of the tax anticipation certificates hereinafter COUNC[LMEN Requested by Department of: Yeas Fletcher Nays . - xl�koex In Favor ��RN�' � �� M� �xV� Masanz Nicosia ` scheibe� _ __ Against BY `'�jU� L--" Tedesco Wilson Form Approved City Att ney Adopted by C ouncil: Date Certified Passed by Council Secretary BY � sy t�pproved by Mavor: Date Approved ayor for Submission to Council By _ BY ' ' • �s�� -2- authorized to be issued) is in an amount in excess of $22,700,000 and said Council further finds, determines and declares that the City's cumulative cash flow deficit computed in accordance with the Code and Regulations is $22,742, 925 and the City is therefore authorized to issue tax anticipation certificates of indebtedness in the aggregate principal amount of $22, 700,000 which are hereby designated "General Obligation Tax Anticipation Certificates of Indebtedness of 1983 and the full faith and credit of the City is hereby pledged for the payment in full of said obligations and the interest thereon. 4. The Council shall meet at the time and place specified in the "Official Terms of Offering" hereinafter con- tained for the purpose of opening and considering sealed bids for and awarding sale of $22, 700,000 General Obligation Tax Anticipation Certificates of Indebtedness of 1983, of said City. 5. 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 the date of sale, as provided by law, which notice shall be in substantially the following form: S 1 - , ��� OFFICIAL TERMS OF OFFERING $22,700,000 CITY OF SAINT PAUL, MINNESOTA GENERAL OBLIGATION TAX ANTICIPATION CERTlFteATES OF INDEBTEDNESS OF 1983 • Sealed bids for the Certificates wilt be opened by Peter Hames, Director, Department of Finance and Management Services on Tuesday, February (, 1983, at i I:00 A.M., Central Time, in Room 234, City Hali, 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 CERTIFICATES The Certificates wili be dated February 23, 1983 and will bear interest payable at maturity. The Certificates will be general obligations of the Issuer for which the Issuer will pledge its fvlt faith and credit and power to levy direct general ad valorem taxes. The Certificates shall be issued in anticipation of the collection of taxes to be collected in I 983. Tax receip#s for payment of the Certificates will be escrowed pursuant to the provisions of a resolution of the City CounciF. The Certificates wilt be issued in the denomination of $5,000, or such larger denomination as the Purchaser may request within 24 hours of the award, without interest coupons attached. The amount of interest due will be stated in the text of the Certificates. The.proceeds will be used for the purposes for which taxes have been levied by the City in I 982 for collection in I983. The Certificates wil! mature February 23, I 984 and shall not be subject to payment in advance of their maturity. TYPE OF BID A sealed bid for not less than par and accrued interest 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 $I 50,000, 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 bs (iquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid shaFl 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. Bidders shall specify a single rate which shall not exceed the maximum rate permitted by law. No bid may be conditioned upon award of any other offering of obligations by the City. AWARD The Certificates will be awarded to the Bidder offering the lowest dollar interest cost to be deterr�ined 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 Certificates from their date to their final seheduled maturity. The Issuer's compu#ation 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 of the Certificates, (ii) reject all bids without cause, and, (iii) reject any bid which the Issuer determines to have failed to cQmply with the terms herein. t ,� =- � � . 2'1968'7 : PAYING AGENT Principai and interest will be payable at Chemical Bank, New York, New York. The Issuer will pay the charges for the services of the Paying Agent. SETTLEMENT The Certificates are expected to be delivered February 23, 1983 without cost to fhe Purchaser at a place mutually satisfactory to the Issuer and the Purchaser. Delivery will be sub}ect to receipt by the Purchaser of an approving (egal opinion of Briggs and Morgan Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion will not be printed on the Certificates, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment shalt 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 ogents, the Purchaser shall be (iable to the Issuer for any (oss suffered by the Issuer by reason of the Purchaser's non-compliance with said terms of payment. At settlement the Purchaser will be furnished with o certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the Iss�er 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 stotements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Upon request to the (ss�er's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. The Purchaser will be provided with 100 copies. Dated 13 January I 983 BY ORDER OF THE CITY COUNCIL /s/ Peter Hames Director, Department of Finance and Mangement Services � 2'79�8`7 -3- . .. 6. Each and all of the provisions contained in the foregoing "Official Terms of Offering" are hereby adopted as the terms and conditions of said Certificates of Indebtedness and of the sale thereof. 7 . For the purpose of escrowing tax receipts so that they are irrevocably segregated with a third party and available for the payment in full of the principal of and interest on the Certificates when due, the City has designated The First National Bank of Saint Paul, St. Paul, Minnesota, to act as Escraw Agent (Agent) to whom taxes shall be remitted as hereinafter provided to be held by said Agent in escrow and remitted to the paying agent for the Certificates at times and in amounts sufficient to pay the Certificates and the interest thereon when due. Said Agent has heretofore indicated its willingness to serve as Agent in accordance with the terms of the Escraa Agreement attached hereto as Exhibit B by letter dated January 10, 1983, attached hereto as Exhibit A. 8. The Escrow Agreement shall be in the form attached hereto as Exhibit B and said Agreement is in all respects hereby approved. Prior to its execution the blanks in said Agreement shall be completed and filled and appropriate dates inserted all in accordance with the terms and conditions of the sale and award of said Certificates, and upon approval of the completed Escrow Agreement by the City Attorney or his deputy it shall be executed by the Mayor, the City Clerk and the Director, Department of Finance and Management Services. 9. The City shall distribute all taxes levied by it in 1982 payable in 1983 (the "Taxes") as follows: a. The City shall retain the first $1,000,000 of Taxes received by it which are attributable to its debt service levies . Thereafter it shall deposit with the Agent all Taxes received by it in respect of debt service levies until it has deposited with said Agent the total dollar amount of Taxes attributable to the debt service levies included in principal amount of the Certificates, i.e. an amount exactly equal to the amount of Certificate proceeds deposited to the "General Debt Fund" of the City.