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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 _ � � L P. ': s��c�<.� �,� �4,:���� � a �c'' �t. 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 ��,��� . _ FR: %��1f '� . � _ �: �9 79 -�, D. ��r� �. �i���_ �n �� �� � . . ACTION REQUESTED: � � �,� �� ����,p�� PURPOSE AND RATIONALE FOR THIS ACTION: � >) s��f, �� s�� �/i3 ; �s7�- / � . ���e�► ���- . c��-� � z, 6 ss, � !�/�� ����� � , i.�'7 s; � ! � `e'�G���i�-� ATTACHMENTS: � . . � 1 _ _t� . • �/.L��� �C� �_:�� �jtiZ.� �.' �.tLtJ.�._. - �f .:� �� �f. � I.:! "'\� O.:',��'!^,I; O� Z�:! [: C:.'C:ti' CO J��;TT, ti- !� � a �� ; ���/'•�. :�\', i• i .�:'.� � :_.. �:_ �� f�.� - `� �\ � y��j� �:�� Da t� : June 4, 1979 � ` ` - :.�?% ;. �ii [� � � i Z � � ���i 's 4!i � � � T.� 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 . . � . �. � . • � Oih 2r - � 1iLE : - 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?