274396 WHITE - C�TV CLERK ���� �
PINK - FINANCE GITY OF SAINT PALTL Council �
CANARV - DEPARTMENT
BLUE - MAVOR File NO•
��At�y'� Coun ' eso ution
Presented By
Referred To Committee: Date
Out of Committee By Date
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
Six Million Five Hundred Thousand Dollars ($6 ,500,000) for the purpose
of procurement by said City of funds in said amount to be used by the
City exclusively for the acquisition, construction and repair of
capital improvements of the City of Saint Paul authorized in the
Capital Improvement Budget of said City for the year 1980, 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 1980. " 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
FURTHER RESOLVED that sealed proposals be received in accordance
with the Official Terms of Bond Sale, a copy of which has been presented
to the Council and is attached hereto. A copy of said terms 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 Terms of Bond Sale are hereby approved and confirmed
and are hereby adopted. The Official Terms of Bond Sale shall be
published in the manner prescribed by law in the St. Paul Legal Ledger,
the official City newspaper and in Commercial West.
COUNCILMEN Requested by Department of:
Yeas MCMAHO� Nays
�� Financ and Man t Services
- �e In Favor
Hunt
Levine � __ Against BY
Maddox !
Showalter
�� FEB r7 1980 Form Approved by City Attorney
Adopted by Council: Date
Certified a.se y unci cr By �
Ap r by �Navor: at �ED S �980 Approved by Mayor for Submission to Council
s
B — — BY
Pi}�i.f5F1�D ��[� Z � tQg�
� .
OFFICIAL NOTICE OF OFFERING ����������
$6,500,000
CITY OF SAINT PAUL, MINNESOTA
GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1980
Sealed bids for the Obligations shall be opened by Bernard J. Carlson, Director, Department of
Finance and Management Services, on Tuesday, February 26, 1980, at I I:00 A.M., Central Time,
at Room I13, City Hall, Saint Paul, Minnesota. Consideration of the bids for award of the
Obligations shall be by the Council at 12:00 Noon, Central Time, of the same day.
DETAILS OF THE OBLIGATIONS
The Obligations shall be dated April I, 1980 and shall bear interest payable on April I and
October I of each year, commencing April I, 1981. The Obligations shall be general obligations
of the Issuer for which the Issuer 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 City capital improvements.
The Obligations shall mature April I, in the amounts and years as follows:
$475,000 1981 $650,000 1986
$525,000 1982 700,000 1987
550,000 1983 750,000 1988
575,000 1984 800,000 1989
625,000 1985 850,000 1990
The Obligations shall not be subject to payment in advance of their respective stated maturity
dates. �
TYPE OF BID
A sealed bid for not less than $6,500,000 and accrued interest on the total principal amount of
the Obligations shal) 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 $65,000
shall have been filed with the undersigned or SPRINGSTED Incorporated, the Issuer's Financial
- Advisor; no bid will be considered for which sai� check has not been filed. Said check of fhe -
Purchaser shall be retained by the Issuer 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 Issuer 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. No rate nor the net
effective rate for the entire Issue of the Obligations shall �xceed 7.00%. Obligations of the same
maturity shall bear a single rate from the date of the Obligations to the date of maturity and
additional coupons shall not be used. No bid may be conditioned upon award of the $4,000,000
General Obligation Water Pollution Abatement Bonds, Series 1980, of the City being offered at
the same time.
AWARD
The Obligations shall be awarded to the Bidder offering the lowest dollar interest cost to be
determined by the deduction of the premium, if any, from, the total dollar interest on the
Obligations from their date to their final scheduled maturity. The Issuer's computation of the
� • .
_ , ._ . . �,,��-,���
total net dollar interest cost of each bid, in accordance with customary practice; sht5�l�e�
controlling.
The Issuer 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 Issuer shall determine to have failed to comply with the
terms herein.
_ PAYING AGENT
The principal of and interest on the Obligations shall be payable at
The Issuer shall pay for the services of the Paying Agent.
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 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 Issuer 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 Issuer 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 Issuer, or its agents, the Purchaser
shall be liable to the Issuer for any loss suffered by the Issuer by reason of the Purchaser's non-
compliance with said terms for payment.
At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers
of the Issuer 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 Issuer's Financial Advisor prior to the bid opening underwriters may obtain a
copy of the Official Statement. The Purchaser shall be provided with SO copies and may obtain
additional copies at the Purchaser's cost. Any other interested party may obtain a copy, if
available, at a price of five doltars.
Dated 7 February 1980 BY ORDER OF THE CITY COUNCIL
/s/ Bernard J. Carlson, Director
Department of Finance and Management Services
City of Saint Paul, Minnesota 55102
612/278-4637
III F. Adopted 1980 Capital Budget
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��:: ` y" -.i�.,•° �c,�° � February 4, 1980 1
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i p ; �a�n-'r Qt�ul �i :-� Ca�nc�I � : m�� � .
�n � �`'i� : C p;3�i r f i�7��, O:l F3IVANCE, MANAGEMEIdT ANQ f�ERSQNNEL - .
. RUBY HUNT ���"; chai�men� mc�.es ti�e �oE l�:•�inc � -
repor3 on C.�. � �`� Orc3inanc� � - .
� � . - � �6) � Reso;:�'ri�n . • . • .
- �� . � . • j� t}�r�r � � - � . -
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.
The Finance Cort�nittee,at its meeting of February 4, 1980, recomnended approval of �:�
- �e-€a'����i�wg: � . � - � : - __ _ -. . -
1 . � Resolution authorizing' saie •of General Obligation Bonds in the _amount of � -
$6,500,Q00 for var9ous city �capital improvements. . . . :
� 2. Resolution authorizing sale of Water Pollutian Abatement Bonds in amount of . �
. $4,OQQ,OOb for the separation of� st�,rm �water and sewage disposals- systems. .
� 3. �esoTution transfer°ri.ng �2�,107 from Contingent Reserve to Finan�� and � -
N{anagement Services-Propert�r Management Div�sion. � °
� 4. Resoluti.an� revising �lerical Superv�isor in Sec�ibn 3.B. (Cle'ric:a�l-Grades) from _ ,
�, Grade 24 to Grade 25. (106]5-�N). � , . .
5. � Resol ut-i on establ i st�.i ng ti tl e and cl ass speci fi catian of Housi ng Counsel or i n � - �
Grade 30 of Section 3.L �Technical Group) of the .Civil Se�vice RulES. (10397-RH). �
6. Resolutian establishing title and class spe.ci�Fication of Housing Informati�n �
Coordinator in Grade� 9 of Section 3.K (Professior�al-Administrative Supervisor�s •
• Group) of the Civil Service Rules. (.1U396-RH) . � '
- -�
`� .� .��.� Sf:�'F�;�'1'F: f�I.C::3;: S:'1�:�l' I':1liL, ti���ti_iF_� Sy'-�-
: 'c' i f.` .
OFFICIAL STATEMEJVT � '� („� 3 � /
�O
Rating:'An application will be made to
Moody's Investors ServiCe, Inc. 8�
. NEW ISSUES to $tandard & Poor's Corporation
In the opinion of Bond Counsel, aii Bonds are exempt from taxation by the State of
Minnesota and its subdivisions and municipaiities and the interest to be paid on said
Bonds is not inctudable in the gross income of ihe recipient for United States or
State of Minnesota income tax purposes (other Lhan Minnesota corporate franchise
taxes measured by income) according to present federal and Minnesota laws,
regulations, rulings and decisions.
CITY OF SAINT PAUL, MII��ESOTA
, s����
GENERAL OBLIGATION CAPITAL IMPROVEMENT BOMDS, SERIES 1980
Bonds Dated: April I, 1980 Interest Due: April I and October I
The Bonds shal l mature Apri I I as fol lows:
$475,000 1981 $625,000 1985 $750,000 1988
525,000 1982 650,000 1986 800,000 1989
550,000 1983 �700,000 1987 �850,000 1990
575,000 1984
The Bonds shall not be subject to payment in advance of their respective stated
maturity dates.
Bids shall be for not less than par and occrued interesi on the total principal ,
amount of the Obligations. Bids must be accompanied by a certified or cashier's �
check in the amount of $65,000 payable to the order of the City of Saint Paul.
$�r�r�
GF�RAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES 19�0
Bonds Dated: April I, 1980 Interest Due: April I and October I
The Bonds shall mature April I as follows:
$100,000 1981-82 $200,000 1991-92 $300,000 1998
$125,000 1983-85 $225,000 1993-94 $325,000 1999
$I50,000 1986-88 250,000 1995 $350,000 2000
$175,000 1989-90 �275,000 1996-97
All F3onds maturing on or after April I, 1993 at the option of the Issuer will be
subject to redemption prior to maturity on April I, 1992 and any interest payment
date thereafter, at a price of par and accrued interest. For further information,
see the Official Notice of Offering page v.
Bids shall he for not less than par and accrued interest on the total principal
amount of the Obligations. Bids must be occompanied by a certified or cashier's
check in the amount of $40,000 payable to the order of the City of Saint Paul.
Both Issues:
The Bonds are offered for delivery subject to an opproving legal opinion of Briggs
and Morgan Professional Association, Saint Paul and Minneapolis, Minnesota.
No bid will be considered which is contingent upon award of the other (ssue.
Bid Opening: February 26, 1980 (Tuesday) at I I:00 A.M., Central Time
Award: February 26, 1980(Tuesday) at 12:00 Noon, Central Time
For more complete specifications relative to the obligations see the Official Notice
of Offering for each issue, pages ii thru vi herein.
The date of this Official Statement is February IS, 1980.
Further information may be obtained from SPRINGSTED Incorporated, Financial
Advisor to the Issuer, 800 Osborn Building, Saint Poul, Minnesota 55102, 612/222-
424 I.