273122 WHI7E - C�TV CLERK
PINK - FINANCE GITY OF SAINT PALTL �ouncil ���� ��
CANARV - DEPARTMENT
BLUE - MAYOR File NO. �
� ouncil Resolution
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 Minne-
sota 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 Four Million, Eight Hundred Sixty-
five Thousand Dollars ($4,865,000) 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 1979, 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 1979. " Said bonds shall be issued in accordance with the �
aforesaid Laws and in �Fcordance 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
ne
COUNCILMEN
Yeas Nays Requested by Department of:
B tl Finance and Managem��t Services
H a 8''��r � In Favor
Hu Noua -
liunt (�
Le e �1na " _ Against By � . G�i.
R ler Maedo� Acting Director, Department
S v ter a� of Finance and Management Services
T des TeO JUN 7 t979 Form Appro y City At orney
Adopte Council: Date � �
rtified P�� y Counc.il Secretayy BY ✓
sy�
Appr y Ylayor: Dat �N g 1979 Approved b Mayor for Submission to Council
By BY �
��D JUN 16 1979
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OFFICIAL TERMS OF BOND SALE
$4,865,000
CITY OF SAINT PAUL, MINNESOTA
GENERAL �OBLIGATION CAPITAL IMPROVEMENT BOt�S, SERIES I979
These Bonds will be offered for sale on sealed bids on Tuesday, June 26, 1979. Bids
will be opened at 10:00 A.M., Central Time, at the office of Bernard J. Carlson,
Director, Department of Finance and Management Services, I 13 City Hall, Saint
Paul, Minnesota and will be presented to and acted upon by the City Council at
I I:00 A.M., Central Time of the same day. The Bonds will be offered upon the
following terms:
DETAILS OF THE OBLIGATIONS
The Bonds will be dated August I, 1979, and will bear interest payable on each
February I, and August I to maturity, commencing February (, 1980. The Bonds
will be general obligations of the City for which its full faith and credit and
unlimited taxing powers will be pledged. The Bonds will be non-registerable in
bearer form with interest coupons attached, and will be of the denomination of
$5,000 each. The proceeds will be used to construct various City capital
improvements.
The Bonds will mature February I, in the amounts and years as follows:
$420,000 1981
'$455,000 1982
� 480,000 1983
SI0,000 1984
535,000 1985
565,000 1986
600,000 1987
630,000 1988
$670,000 1989
All Bonds will be without right of prior redemption. �
TYPE OF BID
A sealed bid for not less than par and accrued interest and a certified or cashier's
check in the amount of $48,650 payable to the order of the City must be filed with
the undersigned or the City's Financial Advisor, Springsted Incorporated, prior to
the time of sale; no bid will be considered for which said check has not been filed.
The check of the Purchaser will be retained by the City as liquidated damages in
the event the Purchaser fails to comply with the accepted bid. No bid may be
withdrawn until the conclusion of the meeting of the City at which bids are to be
acted upon.
�
RATES
Bidders may not specify rates exceeding 79'o per annum. All Bonds of the same
maturity must bear a single rate from the date of issue to maturity. No rate may
exceed the rate specified for any subsequent maturity by more than I.00% per
annum. Additional coupons may not be used.
� ' . � �'��`�� �`2
AWARD
Award will be made on the basis of the lowest dollar interest cost determined by
the deduction of any premium from the total interest on all Bonds from their date
to their stated maturity, as computed on the basis of the schedule of bond years in
the Official Statement published for the Bonds. The City reserves the right to
reject any and a� bids, to waive informalities and to adjourn the sale.
PAYING AGENT
The City will name the Paying Agent(s) for the Issue prior to the opening of bids;
bidders wishing to be advised of the selection may register their request with the
City's Financial Advisor, Springsted Incorporated.
CUSIP NUMBERS
It is anticipated that if the Bonds qualify for assignment of CUSIP numbers such
CUSIP numbers will be printed on the Bonds, but neither the failure to print such �
numbers on any Bond nor any error with respect thereto shall constitute cause for
failure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP
Service Bureau charge for the assignment of CUSIP indentification numbers shall
be paid for by the Purchaser.
SETTLEMENT
The Bonds will be delivered without cost to the Purchaser at a place mutually
satisfactory to the City and the Purchaser within 40 days following the date of
their award. Delivery will be subject to receipt by the Purchaser of an approving
legal opinion of Briggs and Morgan, Professional Association of Saint Paul,
Minnesota, which opinion will be printed upon the Bonds, and of customary closing
papers, including a no-litigation certificate. On the date of settlement payment
for the Bonds by the Purchaser must be made in Federal or equivalent funds on the
day of settlement in a tirriely manner so as to be available to the Issuer for
investment on said day. __
At settlement the Purchaser will be furnished with a certificate signed by
appropriate officers of the City on behalf of the City to the effect that the
Officia) Statement prepared for the Issue did not and does not 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.
One copy of the Official Statement will be furnished without cost to any interested
party upon request. Additional copies of the Official Statement will be furnished
without cost to the Purchaser upon request in reasonable quantity within a
reasonable time of such request.
Dated June 7, I979 ,
BY ORDER OF THE CITY COUNCIL
/s/ Bernard J. Carlson
Director, Department of Finance and Management Services
-T- OM O 1: 12/19'�5
. , , - _ " Rev. : 9/8/76
EXPLANATION OF ADMINISTRATIVE ORDERS, �
RESOLUTIONS, AND ORDINANCES �"�°�''��!�
.
. �2�'CEIV�D
Date: � �`f/7!`� ,:�rd ;� 1979
MAYOR'S OFFIC�
TO: MAYOR GEORGE LATIMER
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ACTION REQUESTED: � � �,� �� ����,p��
PURPOSE AND RATIONALE FOR THIS ACTION: �
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ATTACHMENTS:
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`� �\ � y��j� �:�� Da t� : June 4, 1979 �
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T � : Sainr °ctul Cii;� CoUncii -
��: O �fI = C O;i'1 i i l t T 7 e� O i 1 FI�N�ANCE, MANAGEMENT AND PERSONNEL .
RUBY HUN7; �hairmar�, ma'r,es fihe fotic:�ing
report on C. F. [� Orciinance . -
. (F�) X[� Resot�'rion . . � .
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The Finance Committee, as its meeting of June 4, 1979, recommended approval of the - .
.following: �
1 .� Resolution establishing rate of pay for new title of Water Service Nlorker-Control
Desk in the Semi-Skilled Labor group of the Ungraded Division, with an hourly wage �
. ` of �8.95, effective r�ay- i , 1980 $9.38. �
2, Resolution establishing title and class specification for 4Jater Service Worker- _
. Control Desk in the.Semi-Skilled Labor group in the Ungraded Division: -
,3. Resolution transferring $1U,500 from Contingent Reserve to be used for staffing
. . for the Cable Television Advisory Committee. �
4. Resolution transferring $8,771. from General Contingent Reserve to Division of
� Parks and Recreation for damages caused by vandalism to the Phalen Park Picnic
Pavilion. -
- 5. Resolution transferring $12,500 from General Contingent ReServe to Division of
Parks and Recreation for funding fir construetion of park gates at various parlcs.
� . 6. Resolution transferring $11 ,900 from Contingent Reserve to Special .Elections to be
used` to finance a special election in District 67A. �
7. Resolution approying sale of CIB bonds in amount of $4,865,000.
�(8. Resolution approving sale of l�later Pollution Abatement bonds in the amount of
/� �2,655,000.
9. Ordinance, C.F. 272300, extending benefits for Police Officers and Firemen for -
non-job related injuries or i�llnesses - author wishes to withdraw this ordinance. '
C�i iLlI_L SGS'E;ti"I'Fi FI.GO:: 5.11\1� Y:1LL, �II���S��i:l Si!C?