276424 WHITE - CITY CLERK
PINK - FINANCE C011flC1I
CANARY -� DEPARTMEN
ITY OF SAINT PAUL I�+I���
BLUE - MAYOR � Flle N O.
�` � uncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 276270 adopted on
January 27, 1981 and approved by the Mayor on January 2$; 1981,
authorized the issuance and sale of $5,815,000 General
Obligation Capital Improvement Bonds, Series 1981, to be dated
April l, 1981;
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, pursuant
to an Official Notice of Offering were received until 12:00
o' clock noon, Central Time, on Tuesday, February 24, 1981, at
the office of Bernard J. Carlson, Director, Department of
Finance and Management Services, 234 City Hall, St. Paul,
Minnesota; and
C. The Director, Department of Finance and Management
Services of the City has advised the Council that the b.id of
CHEMICAL BANK, New York Citv was found to be
the most advantageous and has recommended that said bid be
accepted.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The bid of CHEMICAL BANK, New York City to
purchase $5,815,000 General Obligation Capital Improvement
Bonds, Series 1981, of the City in accordance with the Official
Notice of Offering at the rates of interest hereinafter set
COUIVCILMEN
Yeas Nays Requestgd by Depactment of:
Hunt De a tment o i ance & Management Services
Levine In Favor
Maddox
McMahon
showaiter - __ Against � BY —
Tedesco
Wilson
Form Appr by City Att rney
Adopted by Council: Date —
i
Certified Passed by Council Secretary BY
By --
Approved by ;Vlayor: Date _ Appr by Mayor for rh' sion to Council
BY - – By ,r� �-
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forth and to pay, therefore, t'ne sum of $5,756,948.8Q�lus a
prexnium of $ none is hereby -Eound, determined and
declared to be the most favorable bid received and is hereby
accepted and said bonds are hereby awarded to said bidder;
. 2 . The Director, nepartment of Finance az�d ManagPment
Services, is directed to retain the deposit of said bidder and
to forthwith return the good faith cneck� 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
April 1 in each of the years as follows shall bear interest as
follows:
Year Amount Serial Numbers Interest Rate
1983 $4b5,000 1-93 8.70
1984 $500,000 94-193 � 8.10 _
1985 $550,000 194-303 7.70 �
1986 $575,000 304-418 7.80
1987 $625,000 419-543 8.00
1988 $675,000 544-678 8.10
1989 $750,000 679-828 8.30
1990 $800,000 829-988 8.40
1991 $875,000 989-1163 8.50
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 f.acsimile of the.
official seal of the City of Saint Paul and signed by the
facsimile signature of the i�tayor, attested by the �'acsimile
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 o.fficers, and the interest coupons attached to each bond
shal"1 be executed by the facsimi:Le signa'r_ures of said of:Eicers;
. �i��;��
7. The bonds or said issue shall mature without option of
prepayment sha11 be dated April l, 1981 and shall be numb�red 1
- 11�3, bot�i inclusive. Interest on said bonds will be payable
October 1, 1981 and, semi-annually therea:Eter on Apri1 1 and
October 1 in each year;
8. Said bonds and the coupons attached thereto shall be
in substantially the following forn, which 'nas been approved by
the City Attorney of t'ne City of Saint PauZ, and is hereby
approved and adopted;
UNITED STATES OF AMERICA
STATE OF MINNESOTA. .
COUNTY OF RAMSEY
CITY OF SAINT PAUL
GEL7FRAL OBLIGATION CAPITAL IMPROVEMENT BOND
SERIES 1981
tJo. $5,000
KNOW ALL MEEC�TT BY THESE PRESF.NTS, that the City of Saint
Paul, in the County of Ramsey and State af Minnesota, .
acknowledges itself to be indebted and for value received
hereUy promises to pay to �earer, without option of prepayment,
the sum of Five Tho�xsand Dollars ($5,000) on t'ne first day of
April, , . together with interest thereon from the date "
hereof until the principal sum is paid at the rate of _
percent �er annum, payable October 1, 1981 and semiannually
thereafter on the first day of Apra.l and th� first day of
October in each year as evidenced by and u�on the presentatian
and surrender of the annexed interest coupons as they severally
become due. Roth principal of and interest on this bond are
payable in lawf_u1 money of the Unzted States of America at the
Chemical t3ank in New York, LZew York, or any successor paying
agent duly appointed by the City, and far the prompt payment of
this bond, both principal and interest, �ahen due, the full
faith and credit of the City of_ Saint Paul is irrevocably
uledged.
This bond is one of a series oF k�onds issued and sold by
the City of Saint Paul, in the aygregate princinal amount of
Five Riillion Eight Hundred Fifteen Thousand Dollars
($5,815,000) authorized pursuan-t to Laws o.f t�iinnesota 197I,
Cha�ter 773, as arnended by Lacas of Minnesota 7.974, Chapter 351,
as amended by Laws of Minnesota 1976, Chapter 234, and as
amended by La�vs of Minnesota 1978, Chapter 788, for the purpose
of nrocurement of funds to be used by said City for t'ne
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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It is hereby c�rtified and recited that all things, acts
and conditions required by the Constitution and Laws of the
State of Minnesota and the Charter of said City to happen and
be done and performed precedent to and in the issuance of this
bond, have happened and have bPen done and p�rformed in regular
and due form and time as. required by law and that the issuance
o£ t'nis bond did not cause the total indebtedness of the said
City to exceed any constitutional, statutory, or Charter
limitation.
IN V7ITNFSS WHERLOF, the said City of Saint Paul, Ramsey
County, Minnesota, by its Council, has �aused this bond to be
sealed with the facsimile of its Official Seal, to be signed by
the facsimile signature of its t�tayor, attested by the facsimile
signature of its City Clerk, and cauntersigned by the facsimile
signature of its Director, Department of Finance and �ianagernent
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 April, 1981.
(facsimile) Georqe Latimer
Mayor
Attest: (facsimile) Rose Mix
City Clerk
Countersi.gned: ( facsimile) Bernard J. Carlson
Director, Department o.f Finance
and Management Services
gy; (SEAL)
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N
COUPON
On the first day of October (April) , , the City of
Saint Paul, Ramsey Coi.inty, Minnesota, promis�s to �ay to bearer
at the Chemical Bank in New York, Idew York, or any successor
paying agent duly anpointed by the City the sum shown hereon
for interest then due on its General Obligation Capital
Improvement Bond, Series 1981, dated as o£ April l, 1981, No.
.
(facsi.mile) Georqe Latimer
Mayor
Attest: (facsimile) Rose Mix
City Clerk
Countersigned: ( facsimile) Bernard J. Carlson
Director, Denarta�nent of Finance
- � and Management Services • "
9. The full faith and credit and taxing power of the City
is hereby .pledged £or tlie prompt and full vayment 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 $5,755,000 shal.l be credited to an
account hereby established and c�esignated Capital Improvements
Account of 1981. The monies in said account sha.11 be used and
applied for the purpose prescribed by Laws i971, Chapter 773,
as amended, and the balance in said account after payrient of
the costs of the prograin, if any, together with any sums paid
for said bonds in excess of $5, 755,000 plus accrued interest
received upon the deliv�ry of said bonds shall be credited ta
the Sinking Fund Account for such obligations; and
WHITE — CITY CLERK ` 5,s►: '?�,
PINKl�•� — FINANCE COUflCll
BLUL�RY — MAYOR�TMENT G I T Y O F S A I N T �PA LT L File N O. �����
Y � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
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.
COUIVCILMEN
Yeas Nays Requestgd by Department of:
�� '� Department of Finance & Management Services
Levine � [n Favor
Maddox
McMahon C� Against B ��
Showalter --
Tedesco
Wiisew
Adopted by Council: Date
FEB 2 4 1981 Form Approved by City Attorn y
/
Certified by Cou .' Secre By
i
By�
Approv ayor. Date
• FEg 2 � >q8� Ap r Mayor for Council
gy BY
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