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276270 WHITE'�- CITV CLERK COURCII ��"� BLUE - M�oR E GITY OF SAINT PAUL File NO. �.�W+�+�� - ANARY � DEPARTMENT uncil Resolution Presented By � 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, and Laws of Minnesota 1978, Chapter 788, and pursuant to applicable 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 Eight Hundred Fifteen Thousand Dollars ($5,815,000.00) for the purpose of procurement by said City of funds in said amount to be used by the City exclusively for the acqui:sition, construction and repair of capital improvements of the City of Saint Paul authorized in the Capital Improvement Budget of said City for the year 1981, provided that the proceeds of such bonds shall be expended only upon projects which have been reviewed and have received a priority rating from the capital improvements committee 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 Improvement Bonds, Series 1981." 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 COUNCILMEN Yeas Nays Requested by Department of: Butler De t. of F ance & M t. Serv.-Treas. Div. Hozza In Favor �'�/�� Hunt Levine _ __ Against BY — � Maddox Showalter ' Tedesco Form Appro City Atto ney Adopted by Council: Date f Certified Yassed by Council Secretary By 7�� By /�lpproved by Mavor: Date _ Appr ve Mayor for Submi ion � `Council BY - — BY f WHITE!� - CITV CLERK COUflCIl � ��`f PVNK - FINANCE G�ITY OF SAINT PALTL CANARV�- DEPARTMENT File NO• �BLUE - MAVOR Council Resolution Presented By Referred To Committee: Date Out of Committee By Date FURTHER RESOLVED, that sealed proposals be received in accordance with the Official Notice of Offering a copy of which has been presented to the Council and is attached hereto. A copy of said Official Notice 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 Notice of Offering are hereby approved and confirmed and are hereby adopted. The Official Notice 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. COUNC[LMEN Yeas Nays Requested by Department of: B tler � Dept. of Finance & Mgmt. Serv.-Treas. Div. �tunt [n Favor H zza tievine H t "ne Nladdox _ �' __ Against BY — A �'�t= a ox M�°1T Show r esco edesco JAN 2 7 1981 Form Approved by City At r Adop by Counci . �sonDate i rtified Yas• by uncil Sec�tary By B + � JAN 2 7 1981 Approve y Mayor for Su i ' n tb C ncil /�lppro by Mavor. _ B -- BY � .lAN 31 1981 - 'o � �._ 'b��'�r � �� OFFICIAL NOTICE OF OFFERING CITY OF SAINT PAUL, MINNESOTA $5,815,000 GEI�ERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1981 AND $4,685,000 GEPERAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES 1981 The General Obligation Capital Improvement Bonds, Series 1981 (the "CIB Bonds") and the General Obligation Water Pollution Abatement Bonds, Series 1981 (the "WPA Bonds"), hereinafter collectively referred to as the "Obligations" shall be bid separately as to price and coupon rates; however, award will be on the basis of all or none of the Obligations to the Bidder offering the lowest dollar interest cost on the Obligations. Sealed bids for the Obligations shat) be opened by Bernard J. Carlson, Director, Department of Finance and Management Services on Tuesday, February 24, 1981 at 12:00 Noon, Central Time, at Room 234, City Hall, Saint Paul, Minnesota. Consideration of the bids for prompt award of the Obligations shall be by the City Council at 1:30 P.M., Cenf�al Time, of the same day. DETAILS OF THE OBLIGATIONS The Obligations shall be dated April I, 1981 and shall bear interest payable on October I and April I of each year, commencing October I, 1981. The Obligations shall be general obligations of the City for which the City shall pledge its full faith and credit and power to levy direct general ad valorem taxes. The Obligations shall be in the denomination of $5,000 in coupon form and non-registrable. The proceeds shall be used to construct various capital improvements by the City. The Obligations shall mature April (, in the amounts and years as follows: A. For the CIB Bonds: 465,000 1983 575,000 1986 750,000 1989 500,000 1984 625,000 1987 �800,000 1990 $550,000 1985 675,000 1988 $875,000 1991 B. For the WPA Bonds: $ 85,000 1983 $225,000 1992 $350,000 1997 100,000 1984-1985 - 250,000 1993 $375,000 1998 125,000 1986-1987 275,000 1994 $400,000 1999 IS0,000 1988 300,000 1995 $450,000 2000 $175,000 1989-1990 $325,000 1996 $500,000 2001 $200,000 1991 The CIB Bonds shall not be subject to payment in advance of their respective stated maturity dates. The City may elect on April I, 1992 and on any interest payment date thereafter to prepay the WPA Bonds due on or after April I, 1993. Redemption may be in whole or in part of the WPA Bonds subject to prepayment. If redemption is in part those WPA Bonds remaining unpaid which �� '�. have the latest maturity date shall be prepaid first and if only part of the WPA Bonds having a common maturity date are called for prepayment the specific WPA Bonds to be prepaid shall be chosen by lot by the Paying Agent. All prepayments shall be at a price of par and accrued interest. TYPE OF BID A single sealed bid for not less than $5,755,000 for the CIB Bonds and $4,615,000 for the WPA Bonds, and accrued interest on the tota) principal amount of each of said Bonds 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 $100,000 payable to the order of the City shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. Said check of the Purchaser shall be retained by the City 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 City Council scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. No rate specified for a maturity shall exceed the rate specified for any subsequent maturity by more than 19b. No rate nor the net effective rate for the entire issue of either the CIB Bonds or the WPA Bonds shall exceed 12%. Bonds of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity. Additional coupons shall not be used. AWARD The lowest dollar interest cost on the Obligations will be the total combined interest cost of the Obligations after the deduction of the premium, if any, from, or the addition of the discount, if any, to, the total dollar interest on the CIB Bonds and the WPA Bonds, each, from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, shall be controlling. The City shall 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 Obligations, (ii) reject all bids without cause, and, (iii) reject any bid which the City shall determine to have failed to comply with the terms herein. PAYING AGENT The City shall name the Paying Agent prior to the time set for receipt of bids and shall pay for the services of the Agent named. CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers such numbers shall be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto shall 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 shall be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery shall 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 shall be printed on the Obligations, and of customary closing papers, including a no-titigation certificate. On the -- L date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the City 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 City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non- compli�ce with said terms for payment. At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers of the City to the effect that the Official Statement prepared for the Obligations 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 City's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. Dated January 27, 1981 BY ORDER OF THE CITY COUNCIL /s/ Bemard J. Carlson, Director Department of Finance and Management Services City of Saint Paul, Minnesota 55102 612/298-4637 - � * � ;�� OFFICIAL NOTICE OF OFFERING CITY OF SAINT PAUL, MINNESOTA $5,8 I 5,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1981 AND $4,685,000 GEt�ERAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES 1981 The General Obiigation Capital Improvement Bonds, Series 1981 (the "CIB Bonds") and the General Obligation Water Pollution Abatement Bonds, Series 1981 (the "WPA Bonds"), hereinafter collectively referred to as the "Obligations" shall be bid separately as to price and coupon rates; however, award will be on the basis of all or none of the Obligations to the Bidder offering the lowest dollar interest cost on the Obligations. Sealed bids for the Obligations shall be opened by Bernard J. Carlson, Director, Department of Finance and Management Services on Tuesday, February 24, 1981 at 12:00 Noon, Central Time, at Room 234, City Hall, Saint Paul, Minnesota. Consideration of the bids for prompt award of the Obligations shall be by the City Council at 1:30 P.M., Cenfral Time, of the same day. DETAILS OF THE OBLIGATIONS The Obligations shall be dated April I, 1981 and shall bear interest payable on October I and April I of each year, commencing October I, 1981. The Obligations shall be general obligations of the City for which the City shall pledge its full faith and credit and power to levy direct general ad valorem taxes. The Obligations shall be in the denomination of $5,000 in coupon form and non-registrable. The proceeds shall be used to construct various capital improvements by the City. The Obligations shall mature April I, in the amounts and years as follows: A. For the CIB Bonds: $465,000 1983 �625,000 1987 ��50,000 1989 $500,000 1984 800,000 1990 $550,000 1985 $675,000 1988 $875,000 1991 B. For the WPA Bonds: 85,000 1983 225,000 1992 350,000 1997 100,000 1984-1985 - 250,000 1993 375,000 1998 125,000 1986-1987 275,000 1994 400,000 1999 150,000 1988 300,000 1995 450,000 2000 175,000 1989-1990 $325,000 1996 $500,000 2001 200,000 1991 The CIB Bonds shall not be subject to payment in advance of their respective stated maturity dates. The City may elect on April I, 1992 and on any interest payment date thereafter to prepay the WPA Bonds due on or after April I, 1993. Redemption may be in whole or in part of the WPA Bonds subject to prepayment. If redemption is in part those WPA Bonds rernaining unpaid which have the latest maturity date shall be prepaid first and if only part of the WPA Bonds having a common maturity date are called for prepayment the specific WPA Bonds to be prepaid shall be chosen by lot by the Paying Agent. All prepayments shall be at a price of par and accrued interest. TYPE OF BID A single sealed bid for not less than $5,755,000 for the CIB Bonds and $4,615,000 for the WPA Bonds, and accrued interest on the total principal amount of each of said Bonds 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 $100,000 payable to the order of the City shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. Said check of the Purchaser shall be retained by the City 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 City Council scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. No rate specified for a maturity shall exceed the rate specified for any subsequent maturity by more than I°�. No rate nor the net effective rate for the entire issue of either the CIB Bonds or the WPA Bonds shall exceed 12%. Bonds of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity. Additional coupons shall not be used. AWARD The lowest dollar interest cost on the Obligations will be the total combined interest cost of the Obligations after the deduction of the premium, if any, from, or the addition of the discount, if � �y, to, the total dollar interest on the CIB Bonds and the WPA Bonds, each, from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, shall be controlling. The City shall 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 Obligations, (ii) reject all bids without cause, �d, (iii) reject any bid which the City shall determine to have failed to comply with the terms herein. PAYING AGENT The City shall name the Paying Agent prior to the time set for receipt of bids and shall pay for the services of the Agent named. CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers such numbers shall be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto shall 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 shall be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery shall 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 shall be printed on the Obligations, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the City 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 City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non- compli�ce with said terms for payment. At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers of the City to the effect that the Official Statement prepared for the Obligations did not as of the date of the Officia) 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 City's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. Dated January 27, 1981 BY ORDER OF THE CITY COUNCIL /s/ Bemard J. Carlson, Director Department of Finance and Management Services City of Saint Paul, Minnesota 55102 612/298-4637 . . . . �.��i� OFFICIAL NOTICE OF OFFERING CITY OF SAINT PAUL, MINNESOTA $5,8 I 5,000 GEPERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1981 AND $4,685,000 GEI�RAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES i981 The General Obligation Capital Improvement Bonds, Series 1981 (the "CIB Bonds") and the General Obligation Water Pollution Abatement Bonds, Series 1981 (the "WPA Bonds"), hereinafter collectively referred to as the "Obligations" shall be bid separately as to price and coupon rates; however, award will be on the basis of all or none of the Obligations to the Bidder offering the lowest dollar interest cost on the Obligations. Sealed bids for the Obligations shall be opened by Bernard J. Carlson, Director, Department of Finance and Management Services on Tuesday, February 24, 1981 at 12:00 Noon, Central Time, at Room 234, City Hall, Saint Paul, Minnesota. Consideration of the bids for prompt award of the Obligations shall be by the City Council at 1:30 P.M., Cenfral Time, of the same day. DETAILS OF THE OBLIGATIONS The Obligations shall be dated April I, (981 and shall bear interest payable on October I and April I of each year, commencing October I, 1981. The Obligations shall be general obligations of the City for which the City shall pledge its full faith and credit and power to levy direct general ad valorem taxes. The Obligations shall be in the denomination of $5,000 in coupon form aid non-registrable. The proceeds shall be used to construct various capital improvements by the City. The Obligations shal) mature April I, in the amounts and years as follows: A. For the CIB Bonds: 465,000 1983 575,000 1986 $750,000 1989 500,000 1984 625,000 1987 $800,000 1990 550,000 1985 675,000 1988 $875,000 1991 B. For the WPA Bonds: 85,000 1983 225,000 1992 350,000 1997 100,000 1984-1985 - 250,000 1993 �375,000 1998 125,000 1986-1987 �300,000 1995 �4�0,000 2000 150,000 1988 $175,000 1989- 1990 $325,000 1996 $500,000 2001 $200,000 1991 The CIB Bonds shall not be subject to payment in advance of their respective stated mat�rity dates. The City may elect on April I, 1992 and on any interest payment date thereafter to prepay the WPA Bonds due on or after April 1, 1993. Redemption may be in whole or in part of the WPA Bonds subject to prepayment. If redemption is in part those WPA Bonds remaining unpaid which s , , . have the latest maturity date shall be prepaid first and if only part of the WPA Bonds having a common maturity date are called for prepayment the specific WPA Bonds to be prepaid shall be chosen by lot by the Paying Agent. All prepayments shall be at a price of par and accr�e� interest. TYPE OF BID A single sealed bid for not less than $5,755,000 for the CIB Bonds and $4,615,000. for the WPA Bonds, and accrued interest on the total principal amount of each of said Bonds 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 $100,000 payable to the order of the City shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. Said check of the Purchaser shall be retained by the City 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, tmless the meeting of the City Council scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. No rate specified for a maturity shall exceed the rate specified for any subsequent maturity by more - than I%. No rate nor the net effective rate for the entire issue of either the CIB Bonds or the WPA Bonds shall exceed 12%. Bonds of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity. Additional coupons shall not be used. AWARD The lowest dollar interest cost on the Obligations will be the total combined interest cost of the Obligations after the deduction of the premium, if any, from, or the addition of the discount, if � any, to, the total dollar interest on the CIB Bonds and the WPA Bonds, each, from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, shall be controlling. The City shall 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 Obligations, (ii) reject all bids without cause, c�nd, (iii) reject any bid which the City shall determine to have failed to comply with the terms herein. PAYING AGENT The City shall name the Paying Agent prior to the time set for receipt of bids and shall pay for the services of the Agent named. CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers such numbers shall be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto shall 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 shal I be paid by the Purchaser. � SETTLEMENT Within 40 days following the date of their award the Obligations shall be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery shall be subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan Professional Association, of Saint Pau) and Minneapolis, Minnesota, which opinion shall be printed on the Obligations, and of customary closing papers, including a no-litigation certificate. On the '� . . � • date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the City 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 City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non- compli�ce with said terms for payment. At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers of the City to the effect that the Official Statement prepared for the Obligations 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 City's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. Dated January 27, 1981 BY ORDER OF THE CITY COUNCIL /s/ Bernard J. Carlson, Director Department of Finance and Management Services City of Saint Paul, Minnesota SS 102 612/298-4637 : , , , ,t �,�,w �� OFFICIAL NOTICE OF OFFERING CITY OF SAINT PAUL, MINNESOTA $5,8 I 5,000 GEPERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1981 AND $4,685,000 GENERAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES 1981 The General Obligation Capital Improvement Bonds, Series 1981 (the "CIB Bonds") and the General Obligation Water Pollution Abatement Bonds, Series 1981 (the "WPA Bonds"), hereinafter collectively referred to as the "Obligations" shall be bid separately as to price and coupon rates; however, award will be on the basis of all or none of the Obligations to the Bidder offering the lowest dollar interest cost on the Obligations. Sealed bids for the Obligations shall be opened by Bernard J. Carlson, Director, Department of Finance and Management Services on Tuesday, February 24, 1981 at 12:00 Noon, Central Time, at Room 234, City Hall, Saint Paul, Minnesota. Consideration of the bids for prompt award of the Obligations shall be by the City Council at 1:30 P.M., Cenfral Time, of the same day. DETAILS OF THE OBLIGATIONS The Obligations shall be dated April I, 1981 and shall bear interest payable on October I and April I of each year, commencing October I, 1981. The Obligations shall be general obligations of the City for which the City shall pledge its full faith and credit and power to levy direct genera! ad valorem taxes. The Obligations shall be in the denomination of $5,000 in coupon form �d non-registrable. The proceeds shall.be used to construct various capital improvements by the City. The Obligations shall mature April I, in the amounts and years as follows: A. For the CIB Bonds: $465,000 1983 575,000 1986 750,000 1989 $500,000 1984 625,000 1987 800,000 1990 $550,000 1985 675,000 1988 875,000 1991 B. For the WPA Bonds: 85,000 1983 225,000 1992 350,000 1997 100,000 1984-1985 � 250,000 1993 375,000 1998 125,000 1986-1987 275,000 1994 400,000 1999 150,000 1988 300,000 1995 450,000 2000 $175,000 1989- 1990 $325,000 1996 $500,000 2001 $200,000 1991 The CIB Bonds shall not be subject to payment in advance of their respective stated maturity dates. The City may elect on April I, 1992 and on any interest payment date thereafter to prepay the WPA Bonds due on or after April I, 1993. Redemption may be in whole or in part of the WPA Bonds subject to prepayment. If redemption is in part those WPA Bonds remaining unpaid which have the latest maturity date shall be prepaid first and if only part of the WPA Bonds having a common maturity date are called for prepayment the specific WPA Bonds to be prepaid shall be chosen by lot by the Paying Agent. All prepayments shall be at a price of par and accrued interest. TYPE OF BID A single sealed bid for not less than $5,755,000 for the CIB Bonds and $4,615,000, for the WPA Bonds, and accrued interest on the total principal amount of each of said Bonds 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 $100,000 payable to the order of the City shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid wil) be considered for which said check has not been filed. Said check of the Purchaser shall be retained by the City 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 City Council scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. No rate specified for a maturity shall exceed the rate specified for any subsequent maturity by more than 19b. No rate nor the net effective rate for the entire issue of either the CIB Bonds or the WPA Bonds shall exceed 12�0. Bonds of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity. Additional coupons shall not be used. AW ARD The lowest dollar interest cost on the Obligations will be the total combined interest cost of the Obligations after the deduction of the premium, if any, from, or the addition of the discount, if � any, to, the total dollar interest on the CIB Bonds and the WPA Bonds, each, from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, shall be controlling. The City shall 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 Obligations, (ii) reject all bids without cause, md, (iii) reject any bid which the City shall determine to have failed to comply with the terms herein. PAYING AGENT The City shall name the Paying Agent prior to the time set for receipt of bids and shall pay for the services of the Agent named. CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers such numbers shall be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto shall 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 shall be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery shall 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 shall be printed on the Obligations, and of customary closing papers, including a no-litigation certificate. On the . . _ � date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the City 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 City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non- compli�ce with said terms for payment. At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers of the City to the effect that the Official Statement prepared for the Obligations 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 City's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. Dated January 27, 1981 BY ORDER OF THE CITY COUNCIL /s/ Bemard J. Carlson, Director Department of Finance and Management Services City of Saint Paul, Minnesota 55102 612/298-4637 " - -� Ci Z�'I�� •fl_..--x--'+ �x�.�.A�rr' -�-�17 j� a�.��.__� ` ~ .�'"`�',*d�a-iyf.�. : � � �� .-:, ��_ \ ��x�r, o-_� �.��, ccrr_� co�ti�,�� ,;��_. 2.�� ` � ..; -- =� � il ;.t '.� �� ..� ��'' �� .0 � ��,;` Da 3 e , January 23, 1981 ` �� `�,, . .�- �- �.;-� C �3i�� a� �1 � � �. � � � � � �� " n : �ain� Pr�� ir�� ; � � � �'sC� �� CC�i1a1'fi'�f�w fl�l FINANCE, h1AfdAGEMENT & PERSONNEL � - George McMahon ; e�Qi�r�an� �r1n<«:s ��e fol � t�.^�inr�. �epor� �r� C.. F. �� C��c�ir�c��c�� 8) � 1i.:�t�l��ric�}� � . • � C?��►�r " � �1�� ; At its meeting of January 22, 1981 , the Finance Committee recommended approval of the following: _ 8. Resolution authorizing submission of UDAG application for Saint Paul/Minneapolis Joint Energy Program. 9. Resolution approving and authorizing filing of application for HUD Innovative Energy Grant for. Saint Paul Neighborhood Energy Conservation Program. 10. Resolution� transferring $44,700 in the 1981 general fund budget for city ta pay . -owners of the Park Machine Company and St. Pau1 .4Jelding Comnany for damages. to. their property caused by reroutin� of Sixth Street. - 11 . Resolution providing for the sale of $4,685,000 General Obligation Water Pollution A�atement Bonds, Series 1981 . - 12. Resolution providing. for the sale of �5,815,000 General Obligation Capital Improvement Bonds, Series 1981 . 13, Resoluti�n designating Chemical Bank, New York City, as fiscal paying agent and destruction agent on city bond issues fram January l , 1981 through December 31 , 1984. 14. Resolution approving expansion of the Fringe Parking/Shuttle Service Program to include the Harriet/Navy Island Area. 15. Resolution recorr�nending establishment of a City-l�ide Qevelopment Company (LOC) and approving use of city staff to administer it and approving one-time , appropriation of $1 ,000 for start-up costs. � � �.�c' iI.i3LL SE�'r::�;"IH r1_nOT.? 5:17�1 PA:JI., i.(i\'tiE�'JT:1, S�1C�� - . OM O1: 12/1975 ` : r' � " Rev.: 9/S/76 . EXP'LANATIQN OF ADI�NISTRA�IiTB t3RDERS, �i V��i Lf RESO�I.�I�TI�NS, AND ORD�I�ANCES � Date: Js�u�x'y 22, 1981 T0: MAYOR GEQRGE LATYMER � ' . -�` "'` ; FR: �ar� x.' N�rstrem, ��pt, of F�nance b �Igst. ��ririces RE: TWO CdUNCIL RE SOLt�TIONS PB�V ID Il�'G FOx 'TAE 3ALE OF $4,6$5,QQO GBI�AL OBLIGATIOIfi WATEB POLLUTION ABATElIB1+Tr Bti�DB, SERIBS 1981 'AI�D $3,815,000 GE�IBRAI. OBLIGATION CAPITAL IMPBOVElIENT BONDS, S�RIE$ 1981. -ACTytfi�T &EQUESTED: , Passage e►f the twn r�solutions provide� for the 3:sseuace aird sale .af , the Bands in accordance �ith the officlal Notice of �ffsring (capy attached). + < , - ' PURPQSE AND RATIONALE FOx THiS ACTION: . Tlte sale of the Bond� arill allow conti�utaca of �he Citp'� Capital I�rovea�nt Program and the Water Pollution Abat��tat Prograr�. » �'J"��#1T$: . , _ , 1"t�a f�) Council Resoluti�oans _ !wo (2) c►fficial Noticca. o� �fferiag .t , _. ,�.. �� ,.. ,. _.. � ..�.. .....-.•..... ... :. �.. . ,:�; . . . � .... . . ...... . .- .• . .� . .�.,wr:.h:.._:, . ,- .' :,'_ -• �-�I�-:,-i-lit'r.4L"•I.:,�,:Y�}.�...�....,.v ' " . . ....-:��