274825 WHITE �- C�TY CLERK . ���(�(1r
PINK - FINANCE COUIICl� v�V
CAIiARV - D'EPARTMENT GITY OF SAINT PALTL
yBLUE t�,- MAVOR File NO.
` Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
A. The Council has by Resolution No. 2�4632
adopted on March 25 , 1980 and approved by the Mayor on March
2� , 1980 authorized the issuance and sale of $4,080,000 General
Obligation Water Pollution Abatement 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 the Official Notice of Offering, were received
until 12:00 o'clock noon, Central Time, on Wednesday,
April 30 , 1980, at the office of the Director, Depar�ment
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 �CHE, HALSEY, S�UART, SHIELDS Il�iC. was found t
be the most advantageous and has recommended that said bid be �
accepted.
NOW, THEREFORE, BE IT RESOLVED THATi -
1. The bid of BACHE, HA,LSEX, STUAR�, SH�LDS Il�TG.to
purchase $4,080,000 General Obligation Water Pollution
Abatement Bonds, Series 1980, 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
COUNC[LMEN
Yeas Nays Requested by Department of:
-�utler Finan and Ma nt Services
Hozza In Favor
Hunt
L.evine __ Against BY
Maddox
Showalter
Tedesco Form Approv by City Attorney
Adopted by Council: Date — __ _ �
Certified Yassed by Council Se.cretary BY
By
Appr�ved by :Navor. Date _ Approved by Mayor for Submission to Council
By - — BY
. , . . . z�����
$ 4,000,0 3 2.00 ���x�x��{��cx��x�xxxxxxxxxxxxxxxxxi s h e r e by f O u nd,
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, Departmen� of Finance and
Management Services is directed to retain the deposit of said
bidder and to forthwith return the good faith checks or drafts
to the unsuccessful bidders;
3. Said bonds shall be payable as to principal and
in terest a t The American National Bank and T.r,ust Company, Saint Paul,
Minne so ta , �c��x�}x1S,$��ae:$x�
ha��7� 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 Nos. Interest Rate
1981 $ 80,000 1-16 6.75%
1982 $100,000 17-36 6.75%
1983 $100,000 37-56 6.75%
� 1984 $100,000 57-76 6•�S%
1985 $125,000 77-101 6.75%
1986 $125,000 102-126 6.75%
1987 $150,000 127-156 6.75%
1988 $150,000 157-186 6.75%
1989 $175,000 187-221 6.75%
1990 $175,000 222-256 6.75%
. 1991 $200,000 257-296 6.75%
1992 $200,000 297-336 6.75%
1993 $225,000 337-381 6.75%
1994 $250,000 382-431 6.75%
1995 $275,000 432-486 6.75%
1996 $275,000 487-541 6.75%
1997 $300,000 542-501 6.80%
1998 $325,000 602-666 6•80%
1999 $350,000 667-736 6.80%
2000 $400,000 737-816 6.80%
Said bonds shall be dated May 1, 1980 and shall be nurnbered
from 1 to 816, both inclusive. Interest on said bonds will be
payable May 1, 1981 and semi-annually thereafter on November 1
and May 1 of each year;
_ , � �������
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. Bonds of said issue, maturing in the years 1991
to 2000, both inclusive, shall be subject to redemption in
whole or in part in inverse order of their maturity years on
May 1, 1990, and on any interest payment date thereafter at a
price of par plus accrued interest to the date of redemption.
If only a part of the Bonds having a common maturity date are
called tor prepayment the specific Bonds within the maturity
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 publication of a notice
of redemption once in a daily newspaper of general circulation,
or in a daily financial paper, published in the City of 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 fixed for redemption, and if such notice
shall have been given and payment thereof duly made or provided
for, interest thereon shall cease from 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:
_ � • , ,
� 2���25
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF SAINT PAUL
GENERAL OBLIGATION WATER POLLUTION ABATEMENT BOND
SERIES 1980
No. $5 ,000
KNaFT 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 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, or until redeemed as hereinafter provided, at the rate
of percent per annum, payable May 1, 1981, and �
semiannually thereafter on the first day o€ 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 lawful money of the United States of
Amer ica dt �e American National Bank and Trust Company, Saint Paul,
ps�t Minnesota, �#C��X�aID�
�fx�x s or any successor paying agent duly appointed by
the City, and for the prompt paymer�t of this bond, both
principal and interest, when due, the full faith and credit of
the City of Saint Paul are irrevocably 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
Four Million Eighty Thousand Dollars ($4,080 ,000) authorized by
Chapter 115, Minnesota Statutes, and duly adopted resolutions
� of the Council of the City of Saint Paul and in full compliance
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 1991 to
2000 both inclusive, are subject to redemption and prior
' payment at the ogtion of the City in inverse order of their
maturity years on May 1, 1990, and on any interest payment date
thereafter at gar and accrued interest. If only a part of the
Bonds having a common maturity date are called for prepayment
the specific Bonds within the maturity shall be selected by the
Paying Agent by lot using any procedure for such purpose
� � , • • .
�'74�25
selected by the Paying Agent. Notice of redemption shall be
given by publication of a notice of redemption once in a daily
newspaper of general circualtion, or in a daily financial
paper, published in the City of New York, IVew York, and printed
in the English language, and once in a daily or weekly
periodica2 published in a Minnesota city of the first class, or
its metropolitan area, and printed in the English lanquage,
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 fixed for re�emption , and if such notice shall have been
given and payment hereof duly made or provided for, interest
hereon shall cease from and after the date so fixed for
redemption.
_____�._._.._.,__
It is hereby certified and recited that all thinqs,
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 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 said City
to exceed any constitutional, statutory, or Charter limitation.
IN WITNESS 6+1HEREOF, 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 siqnature 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 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 o Finance
and Management Services
By: (SEAL)
.
� �'���25
. Y , .
COUPON
On the first day of May (November) , , unless
the bond described below shall have been duly called for
redemption, and payment of the redemption price duly made or
provided for, the City of Saint Paul, Ramsey County, Minnesota,
promises to pay to bearer at The American National Bank and Trust
Gompany, Saint Paul, Minneso�aa���x��1o��x�t�vecxl�$X�90lt O�' 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 1980, dated as of May 1,
�980, No. .
(facsimile) George Latimer
Mayor
Attest: (facsimile) Rose Mix
City Clerk
Countersigned: (facsimile) Bernard J. Carlson
Director, Department of
� Finance and Management
Serv ices
8. The full faith and credit and taxing power of the
City is hereby pledged for the prompt and full payment of both
the principal and interest of said bonds;
9. Each 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 Mayor, attested by the facsimile
signature of its City Clerk and countersigned by the facsimile
signature of its Director, Department of Finance and Management
Servic�s, 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;
WMITE - CITV CLERK ������
PINK � - FINANCE G I TY O F SA I NT PA U L Council
�ANARV - DEPARTMEN T -
` BL-UEi - IYtAVOR File NO. - �_.._
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 $4,000,000
shall be deposited in a separate special account designated
"Water Pollution Abatement Account of 1980" 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 $4,000,000 and any balance remaining 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(e) 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 authorizec3 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
Yeas Nays Requested by Department oE:
\������� Financ and Mana Services
Hozza [n Favor
� Hunt
� Levine � __ Against BY — irector
\ Maddox
�Ted� qPR 3 0 1980 Form Approv d by City At orney
Adopted by n �l: Date
�
Certifie ass by ouncil Secretary BY
Approved by , avor: Date _ �� �+` �,�� Approved by Mayor for Submission to Council
�
By _ �-- BY
�USHED MAY � 0 1980