276425 WHITE - GITV CLERK COI1flCl1 ��y*~�� �C�,
PINK - FINANCE G I TY OF SA I NT PAU L 1 +V����G�
GANARV -�16PARTMENT
BI�,A£ +-- MAYOR � Flle NO.
r cil Resolution
�
P:esented By �
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 276271 adopted
on January 27, 1981 and approved by the Mayor on January 28,
1981 authorized the issuance and sale of $4,685,000 General
Obligation Water Pollution Abatement Bonds, Series 1981, to be
dated April 1, 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 the Official Notice of Offering, were received
until 12:00 o' clock noon, Central Time, on Tuesday, February `
24, 1981, at the office of the Director, Department of Finance
and Management Services of the City of Saint Paul; and
C. The Director, Department of Finance and
Management Services of the City has advised the Council that
the bid of CHEMICAL BANK, New York City 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 $4,685,000 General Obligation Water Pollution
Abatement Bonds, Series 1981, of the City� in accordance with
the Official Notice of Offering at the rates of interest
hereinafter set forth and to pay, therefore, the sum of
COUNCILMEN
Yeas Nays Requested by Department of:
Butler In Favor De artment o ance
Hozza
Hunt
Levine __ Against BY
Maddox
Showalter
Tedesco Form Approve City Attor y
Adopted by Council: Date
Certified Yassed by Council Secretary BY �
B�
/#pproved by Ylavor: Date _ App by Mayo f S mf�sion to Council
By - — B
�, .
� . . � � ti (�����c`7
$4,615,000.00 plus a premium of $ none is hereby found,
determined and declared to be �the most favorable bid received
and is hereby accepted and said bonc3s are hereby awarded to
said bidder;
2. The Director, Department of Finance and
Manage=nent Services is directed to retain the deposit of said
bidder and to .f_orthwith return the good faith checks or drafts
to the unsuccessful bidders;
3. Said bonds shall be pa�able as to principal and.
interest at the Chemical Bank in New York, New York, or any
successor paying agent duly appointed by the City.
4. The� bonds bea.ring t'ne serial numbers and maturing
. April 1 in each o£ the years as follows shall bear interest as
follows:
Year Amount Serial Nos. Interest Rate
1983 $ 85,000 1-17 9.50 �
1984 • $100,000 18-37 - � 9.75 •
1985 $100,000 _ 38-57 9.75
1986 $125,000 58-82 9.75
1987 � $125,000 83-107 8.80 �
. 1988 $150, 000 108-137 8.75
1989 $175,000 138-172 8.75
1990 $175,000 173-207 8.75
1991 $200,000 208-247 8.75
1992 $225, 000 248-292 8.80
1993 $250,000 293-342 9.00
1994 $275, 000 343-397 9.10
1995 $300,000 398-457 9.25
1996 $325, 000 458-522 9.40
1997 $350,OOU 523-592 9.50
1998 $375,000 593-667 9.50
1999 $400,000 668-747 9.50
2000 $450, 000 748-837 9.50
2001 $500,000 838-937 9.50
Said bonds shall be dated April 1, 1981 and shall be numbered
from i to 937, bot; inclusiv�. Interest on said bonds will be
nayable October 1, 1981 and serni-annually thereafter on .April 1
and October 1 of each year;
. ������
5. The rotincil hereby ratifies and approves each and
every act of its su'ncommittee on Finance and Sinking Funds in
connection with the sale o.f the said bonds;
6. Bonds of said issue, maturing in the years 1993
to 2001, both inclusive, shall be subject to redem�tion in
whole or in �art in inverse order of their mati�rity years on
April 1, 1992, and on any interest payment date thereafter at a
price of par plus accrued interest to the date of redemption.
If only a par� of the Bonds having a common maturity date are
called for prepayment the specific Bonds within the.rnaturity
shall be selected by the Paying Agent by lot using any
procedure for such purpose selected by the Paying Agent.
Notice of redemption shall be given by publi�ation of a notice
of redemption once in a daily newspaper of general circulation,
� or in a daily financial paper, published in the City of T1ew
York, New York, and printed in the English language, and once
in a daily or weekly periodical published in a Minnesota city
of the first class, or its metropolitan area, and printed in
the Fnglish language, which circulates throughout the State and
furnishes financial news as part of it� service, such notice to
be published not .less than thirty nor more than forty-five days
prior to the date fixed for redemption, and if such notice
shall have been gi.ven and payment thereof duly made or provid�d
for, interest thereon shall cease fror� and after the date so
fixed for redemption. �
7 . Said bonds and the coupons attached thereto shall
be in substantially the following form, which has been approved
by the City Attorney of the City of Saint Paul, and is hereby
approved and adopted:
. . . ;�:������`�
U:JITED STATES OF AMERICA
STATE OF MINN��OTA
COUN�Y OF RAidSEY
CITY OF SAINT PAUL
GENERAI, OALIGATION WATER POLLUTI01� ABATEMENT �OND
SERIES 1981
No. $5,000
KNOW ALL r4F�T BY THESF PRESENTS, that the City of
Saint Paul, in the County of_ Ramsey and State of Minnesota,
acknowledges itself to be indebted and for value received
hereby promises to pay to bearer the sum of Five Thousand
Dollars ($5,000) on the first day of April, , together with
interest thereon from the date hereof until the principal suzn
is paid, or until redeemed as hereinafter provided, at thP rate
of percent per annum, payable October 1, 1981,
and semiannually thereafter on the first day of April and tY►e
first day of October in each year as evidenced by and upon the
presentation and surrender of the annexed interest coupons as
they severally become due. Both principal of and interest on
� this bond are payable. in lawf_ul money of the United States of
America at the Chemical Bank in New York, New York, or any
successor gaying agent duly appointed by the City, and for the
prompt payment of this bond, both principal and interest, wheM
due, the full faith and credit of the City of Saint Paul are
irrevocably pledged. •
This bond is one of a series of ',�onds issued and sol.d
by the City of Saint Paul, in the aggregate principal amount of
Four Million Six Hundred Eighty-Five Thousand Dollars
($4,685,000) authorized by Chapter 115, Minnesota Statutes, and
duly adopted resolutions of_ the Council of the City of Saint
Paul and in .full comnliance with said Chapter 115, Minnesota
Statutes, said resolutions, the Charter of the City of Saint
Paul, and Chapter 475, Minnesota Statutes. Said bonds have
been issued for the purpose of providing funds to defray the
expense of the construction, installation, operation and
maintenance of sewage disposal systems to assist in the
prevention and control of water pollution.
Bonds of this issue maturing in the years 1993 to
2001 both inclusive, are subject to redemption and prior
payment at the option of the City in inverse order of their
maturity years on April l, 1992, and on any interest pay�:lent
date thereafter at par and accrued interest. If only a part of
the Bonds having a common matizrity date are called for
prepayment the specific Bonds within the maturity shall be
selected by the Paying Agent by lot using any procedure for
/y m
� f�'I�i�
� such purpose selected by the Paying Agent. Notice of
redemption shall be given by publication of a notice of
redemption once in a daily newspape_r of general circualtion, or
in a daily financial paper, published in the City ot New York,
New York, and printed in the English language, and once in a
daily or weekly periodical published in a Minnesota city of the
first class, or its metropolitan area, and printed in the
English language, which circulates throughout the State and
furnishes financial news as part of its service, such notice to
be published not less than thirty nor more than forty-five days
prior to the date tixed for redemtpion, and if such notice
shall have been given and payment hereof duly made or provided
for, interest hereon sha11 cease from and after the date so
fixed for redemption.
It is hereby certified and recited that all things,
acts and conditions required by the Constitution and Laws of
�he 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 been done and performed in regular
and due form and time as required hy law and that the issuance
of this bond did not cause the total indebtedness of said City
to exceed any constitutional, statutory, or Charter limitation.
IN WITNESS WHEREOF, the said City of_ Saint Paul, by
its City Council, has caused this bond to be sealed with the
facsimile of its Official Seal, to be signed by the facsimile
signature of its Mayor, .attested by the facsimile signature of
its 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
officers, and each of the interest coupons hereto attached ]�as
been executed by the facsimile signatures of said of.ficers as
of the first day of April, 1981 .
(facsimile) Geor e Latimer
Mayor
Attest: (facsimile) Rose Mix
City Clerk
Countersigned: ( facsimile) Bernard J. Carlson
Director, Department of Finance
and Management Services
By: �SEAL)
.�,�n �r'^
. � �����
. COUPON
On the first day of October (April) , , unless .
the bond descri,bed below shall have �een duly called for
redemption, and payment of the redemption price duly riade or
provided for, the C�ty of Saint Paul, Ramsey County, Minnesota,
� promises to pay to 'r�earer at the Chemical Bank in New York, iJew
York, or any successor paying agent duly appointed by the City,
the sum shown hereon for interest then due on its General
Obligation Water Pollution Abatement Bond, Series 1981, dated
as of April 1, 1981, No. \
(facsimile) Georc7e Latimer ^
Mayor
Attest: (facsimile) Rose Mix
City Clerk
. Countersigned: (facsimile) Bernard J. Carlson
Director, Denartment of
- Finance and Management
Services
8. The full faith and credit and taxi.ng power of the
City is hereby pledged for the prompt and full payment of both
the principal and interest of said bonds;
9. Fach said bond shall be sealed by the facsimile
of the Official Seal of the City of Saint Paul and signed by
the facsimile signature of its A4ayor, attested by the facsimile
signature of its 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 officers, and the interest coupons attached to eacYi bond
shall be executed by tlie .f_acsimile signatures of said offir_ers;
WHITE - CITY CLERK
PINK - FINANCE ��`�`'°�S b (�'
CANARY -'- D€PARTMENT G I TY OF SA I NT � PAU L COUIICII '�y�����.
BLUE w ., MAYOR �/
� File N 0.
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
10. The proceeds from the sale of said bonds, except
for any amount paid for said bonds in excess of $4,615,000
shall be deposited in a separate special account designated
"Water Pollution Abatement Account of 1981" from which there
shall be paid the costs of construction, operation,
installation and maintenance of the sewage disposal systems for
which said bonds were issued. Accrued interest received upon
delivery of said bonds, any amount paid for said bonds in
excess of $4,615,000 and any balance rema.ining in the aforesaid
account after payment of the costs of all such sewage disposal
systems shall be credited to the Sinking Fund established for
said bonds; and
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.
COUNCILMEN Requestgd by Department of:
Yeas Nays
��e � In Favor
Maddox
McMahon B _���/�,L�
Showalter � __ Against Y
Tedesco
'�'� FEB 2 4 1981
Form Approved by City A�rney
Adopted by Council: Date
/
Certifie • d by Cou _� Se ar BY
Bp
• �R � ,� 198� Ap v y Mayor for m ion to Council
Approv :Vlayor: Dat ___�T
By - BY
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