274754 WHIYE - CITV CLERK / A�����
PINK - FINANCE COUflCIl j
CANARV -�EPARTMENT G I TY OF SA I NT PAUL w
B:UE - MAVOR File NO•
� ouncil Resolution
Presented By -
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No.274631 adopted on
March 25 , 1980 and approved by the Mayor on March 27 , 1980,
authorized the issuance and sale of $6,630,000 General
Obligation Capital Improvement Bonds, Series 1980, to be dated
May 1, 1980;
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 Wednesday April 16, 1980 ,
�, at the office of Bernard J. Carlson, Director, Department
of Finance and Management Services, � City Hall, St. Paul,
Minnesota; and
C. The Director, Department of Finance and Management
Services of the City has advised the Council that the bid of�'
Bache, Halsey, Stuart, Shields, Inc. was fo und to be
the most advantageous and has recommended that said bid be
accepted.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The bid of Bache, Halsey, Stuart, Shields, Inc. to
purchase $6,630,000 General Obligation Ca�ital Improvement
Bonds, Series 1980, of the City in accordance with the Official
Notice of Offering at the rates of interest hereinafter set
COUNCILMEN
Yeas Nays Requested by Department of:
Butler In Favor
Hozza
Hunt
I.evine _ __ Against BY —
Maddox
Showalter
Tedesco Form Approved by City Attomey
Adopted by Council: Date
Certified Passed by Council Secretary BY
Bp
I�pproved by Mavor: Date — Approved by Mayor for Submission to Councii
By _ BY
� : 2�����
forth and to pay, therefore, the sum of $ 6,578,491.75����
�m�xsac�fx�xXxxxxxxxxxxxxx is hereby found, 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, Department of Finance and Management
Services, is directed to retain the deposit of said bidder and
to forthwith return the good faith checks or draf ts to the
unsuccessful bidders;
3. Said bonds shall be payable as to principal and
interes t d t The American National Bank and Trust Company, Saint Paul,
Minnesota , or any
successor paying agent duly appointed by the City.
4. The bonds bearing the serial numbers and maturing May
1 in each of the years as follows shall bear interest as
follows:
Year Amount Serial Numbers Interest Rate
1981 $455,000 1-91 6.50%
1982 $500,000 92-191 6.50%
1983 $525,000 192-296 6.50%
:-� 1984 $575,000 297-411 6.50%
1985 $625,000 412-536 6.50%
1986 $675 ,000 537-671 6�.60%
1987 $725,000 672-816 6.60%
1988 $775,000 817-971 6.65%
1989 $850,000 972-1141 6.70%
1990 $925,000 1142-1326 6.70%
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 facsimile of the
official seal of the City of Saint Paul and signed by the
facsimile signature of the Mayor, attested by the facsimile
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 officers, and the interest coupons attached to each bond
shall be executed by the facsimile signatures of said officers;
� - ����54
7. The bonds of said issue shall mature without option of
prepayment shall be dated May 1, 1980 and shall be numbered 1 -
1326, both inclusive. Interest on said bonds will be payable
May 1, 1981 and, semi-annually thereafter on November 1 and May
1 in each year;
8 . 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;
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF SAINT PAUL
GENERAL OBLIGATION CAPITAL IMPROVEMENT BOND
SERIES 1980
No. $5,000
KNOW ALL MEN BY THESE 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, without option of prepayment,
the sum of Five Thousand Dollars ($5,000) on the first day of
May, , together with interest thereon from the date hereof
until the principal sum is paid at the rate of
percent per annum, payable May 1, 1981 and
semiannual y thereaf ter on the first day of November and the
first day of May 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 Z'he American National Bank and Trust Company, �t
Saint Paul, Minnesota d�x�h�cx��x�cx��
��t or any successor paying agent duly appointed by the
City, and for the prompt payment of this bond, both principal
and interest, when due,�t,h, e full faith and credit of the City
of Saint Paul is irrevoca6ly pledged.
This bond is one of a series of bonds issued and sold by
the City of Saint Paul, in the aggregate principal amount of
Six Million Six Hundred Thirty Thousand Dollars ($6,630,OOOj
authorize� pursuant to Laws of Minnesota 19'1, Chapter 773, as
amended by Laws of �Iinnesota 1974, Chapter 351, as amended by
Laws of Minnesota 1976, Chapter 234, and as amended by Laws of
Minnesota 1978, Chapter 788, for the purpose of procurement of
funds to be used by said City for the acquisition, construction
and repair of capital improvements of the City of Saint Paul in
accordance with the provisions of said laws.
.�:_
- � 2'�4'�54
It is hereby certified 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 been done and performed in regular
and due form and time as required by law and that the issuance
of this bond did not cause the total indebtedness of the said
City to exceed any constitutional, statutory, or Charter
limitation.
IN WITNESS WHEREOF, the said City of Saint Paul, Ramsey
County, Minnesota, by its 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 ot its Director, Department of Finance ar�d Management
Services, and re—executed by the manual signature of one of
such officers, and each of the i.nterest coupons hereto attached
has been executed by the facsimile signatures of said officers
as of the first day of May, 1980.
(facsimile} George Latimer
• Mayor
Attest: (facsimile) Rose Mix
City Clerk �
Countersigned: (facsimile) Bernard J. Carlson
Director, Department of Finance
and Management Ser�ices
By: (SEAL)
: 2'74�54
COUPON
On the first day of May (November) , , the City of
Saint Paul, Ramsey County, Minnesota, promises to pay to bearer
d t T�e American National Bank and Trust �,rCompany,�:3aint Paul, Minnesota,
a�x�x�axx�Cxxia�a�ex���� or any successor paying agent duly
appointed by the City the sum shown hereon for interest then
due on its General Obligation Capital Improvement Bond, Series
1980, dated as of May 1, 1980, No. .
(facsimile) George Latimer
Mayor
Attest: (facsimile) Rose Mix
City Cler
Countersigned: (facsimile) Bernard J. Carlson
Director, Department of Finance
and Management Services
9. The full faith and credit and taxing power of the City
is hereby pledged for the prompt and fu11 payment 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 $6,500,000, shall be credited to an �
account hereby established and designated Capital Improvements
Account of 1980. The monies in said account shall be used and
applied for the purpose prescribed by Laws 1971, Chapter 773,
as amended, and the balanee in said account after payment of
the costs of the program, if any, together with any sums paid
for said bonds in excess of $6 ,500,000 plus accrued interest
received upon the delivery of said bonds shall be credited to
the Sinking Fund Account for such obligations; and
WMITE - CITV CLERK �y����
PINK - - �INANCE COLLIICIl � �
BLyERy - MAVORTMENT GITY OF SAINT PAUL File NO. � �
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.
COUNC[LMEN
Yeas McMAHON Nays Requested by Department of:
�z � Fina and Ma nt Services
� [n Favor
Hunt
—�a � __ Against B
Maddox Director
Showalter
TedesCO �980 Form Approve by City Attorne-y
Adopted by Council: Date —�R,�.�
- �
Certified P• �sed by Counci ' cret BY
A b AQavor: ate Approved by Mayor for Submission to Council
_�
avK
sy — BY
��� A P R 2 6 1980