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273245 WHITE.,�- GTV CLERK COU/1C11 �}����� PCNK � - FINANCE G I TY O�F SA I NT PA U L � T C�^:NARV - OEPARTMENT # B,�U�E - MAVOR File NO. t�i.tyAttny/J�i ' • • .�.--� - o�ncil Resolutzon r Presented By Referred To Committee: Date Out of Committee By Date WHEREAS : A. The Council has by Resolution No. 273123 adopted on June 7, 1979 and approved by the Mayor on June li, 1979 , authorized the issuance and sale of $2,655,000 General Obligation Water Pollution Abatement Bonds, Series 1979, to be dated August 1, 1979; 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 said Notice of Sale, were received until 10 :00 o'clock A.M. , Central Time, on Tuesday, June 26, 1979, in the office of the Director, Department of Finance and Manage- ment 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 The First National Chica o and Associates. was o un to e e m�st a vantageous an as recomtnen e t a sai be accepted. . NOW, THEREFORE, BE IT RESOLVED THAT: 1. The bid of The First National Bank of Chicago and Associates to pur ase , , Genera O igation ater Po u ion a emen Bonds , Series 1979 , of the City in accordance with the Notice of Bond 3ale at the rates of interest hereinafter set forth and to pay, therefore, the sum of $2,655,000 plus a premium of $�023.84 is hereby found, determined and declared to be the most favora e received and is hereby accepted and said bonds are hereby awarded to said bidder; COUNC[LMEN Yeas Nays Requested by Department of: Butler Fin ce and Ma nt Services Hozza (n Favor Hunt I.avine _ __ Against BY Maddox Showalter Tedesco Form A pproved by City A torne Adopted by Council: Date � Certified Yassed by Council Secretary BY � sy Approved by :Vlavor: Date Approved by Mayor for Submission to Council By — BY a . • � r' '"ti� • � � �'��' c 2. 2. The Director, Department of Finance and Management Services, is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders; 3. Said bonds shall be payable as to principal and interest at Chemical Bank, New York City, or The First National Bank of Saint Paul, at the option of the holder; 4. The bonds bearing the serial numbers and maturing February 1 in each of the years as follows shall bear interest as follows : Years Serial Numbers Interest Rate 1981 1 - 16 6.40� 1982 17 - 33 6. 40$ 1983 34 - 51 6.40$ 1984 52 - 70 6.40� 1985 71 - 90 6.40$ 1986 91 - 111 6. 40$ 1987 112 - 134 6. 00� 1988 135 - 158 5. 40� 1989 159 - 183 5.40� 1990 184 - 210 5.40� 1991 211 - 238 5.40� 1992 239 - 268 5.50$ 1993 269 - 300 5.50� 1994 301 - 333 5.60� 1995 334 - 368 5.60$ 1996 369 - 405 5.70� 1997 406 - 445 5. 75� 1998 446 - 487 5. 80$ 1999 488 - 531 5. 80� Said bonds shall be dated August 1, 1979 and shall be numbered from 1 to 531, both inclusive. Interest on said bonds will be payable February 1, 1980 and semi-annually thereafter on August 1 and February 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; r , • ������� 3. 6. Bonds of said issue, maturing in the years 1992 to 1999 , both inclusive, shall be subject to redemption in whole or in part in inverse order of their serial numbers on February l, 1991 and on any interest payment date thereafter at a price of par plus accrued interest to the date of redemption. 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 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 sub- stantially the following form, which has been approved by the City Attorney of the City of Saint Paul, and is hereby approved and adopted: UNTIED STATES OF AMERICA STATE OF MINNESOTA COWi TY OF RAMSEY CITY OF SAINT PAUL GEnTERAL OBLIGATION WATER POLLUTION ABATEMENT BOND SERIES 1979 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 the sum of Five Thousand Dollars ($5,000) on the first day of February, , together with interest thereon from the date hereof until the principa� sum is paid, or until redeemed as hereinafter provided, at the r�te of percent per annum, payable February 1, 1980, and semi-annually t erea ter on the first day of August and the first day of February 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 America at Chemical Bank, New York City, or The First Nationa an o a�n au at e option of e o er; an or e prompt payment o is on , both principal and interest, when due, the full faith and credit of the City of Saint Paul are irrevocably pledged. � . . � � ������ 4. Bonds of this issue maturing in the years 1992 to 1999 , both inclusive, are subject to redemption and prior payment at the option of the City in inverse order of their serial numbers on February 1, 1991, and on any intersst payment date thereafter at par and accrued interest. 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, IJew 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 furnishe� 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 hereof duly made or provided for, interest hereon shall cease from and after the date so fixed for redemption. This bond is one of a series of bonds issued and sold by the City of Saint Paul, in the aggregate principal amount of $2,655,000 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. 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 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. . .. • � ' � �'�`;����� 5. IN WITIIESS WHEREOF, 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 signature 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 shall be executed by the facsimile signatures of said officers as of the first day of August, 1979 , (facsimile) George Latimer ayor Attest: (facsimile) Rose Mix ity er Countersigned: (facsimile) Bernard J. Carlson Director, Depar ment o inance an Management Services �Y= ( S E A L ) COUPON On the first day of February (August) , , unless the bond described below shall have been duly called�o`r 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 Chemical Bank, New York City p r The First ftational Bank of , at t e option o t e o er, t e sum shown ereon for interest en due on its General Obligation Water Pollution Abatement Bond, Series 1979 , dated as of August 1, 1979 , IQo. (facsimile) George Latimer Mayo r Attest: (facsimile) Rose Mix City C er Countersigned: (facsimile) Bernard J. Carlson Da��etor, Departm�n�� o Finance an Management Services WHITE �- G�TV GLERK COUI1C11 ^�' M ��45 ` B4 E`( - MAVOR E GITY OF SAINT �AITL File N0. n CAN.4RV - DEPARTMEN T Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 6. 8. The full faith and credit and taxing power of the City are 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 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; 10. The proceeds from the sale of said bonds sha11 be deposited in a separate special account designated "Water Pollution Abatement Account of 1979" 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 and any balance remaining in the aforesaid account after payment of the costs of all such sewaqe r�isFosal 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(C) of the Internal Revenue Code 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 Nays Requested by Department of: $nt�e� � ,�a In Favor Hunt Levine _ __ Against BY Maddox Showalter �e ��� 2 g 1979 Form Approved by City Att r ey Ado y Council: Date Certifie a" y C c etary BY ` B} t�ppr by Mavor: Da e `_I�� 197� Approved by Mayor for Submission to Council By BY tt�.i�� Ji�1� 7 1979 ������ SPRINGST'ED INCORPORATED MUNICIPAL CONSULTANTS 8000SBORN BUILDING • SAINT PAUL,MINPiE90TA 55102 • (612)222-4241 $2,655,000 GENERAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES 1979 CITY OF SAINT PAUL, MINNESOTA AWARD• THE FIRST NATIONAL BANK OF CHICAGO � THE NORTHERN TRUST COMPANY CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPAAIY OF CHICAGO CHICAGO, ILLINOIS and Associates SALE: JLT�TE 25, 1979 Moody's Rating: Aa S & P Rating: AA Net Interest Bidder Coupons Price Cost & Rate THE FIRST NATIONAL BANK OF 6.40% 1981-86 $2,656,023.84 $1,838,293.66 CHICAGO 6.00% 1987 (5.6961%) THE NORTHERN TRUST COMPANY 5.40% 1988-91 CONTINENTAL ILLINOIS NATIONAL 5.50y 1992-93 BANK AND TRUST COMPANY OF 5.60% 1994-95 CHICAGO 5.70% 1996 Mellon Bank, N.A. 5.75% 1997 E. F. Hutton & Company, Inc. 5.80% 1998-99 The Philadelphia National Bank Mercantile Trust Company, N.A. Girard Bank LaSalle National Bank The Bank of California N.A. American National Bank and Trust Company Zahner and Company William Blair & Company Hutchinson, Shockey, Erley & Co. Wm. C. Roney & Company Van Kampen Sauerman Inc. KIDDER, PEABODY & C0. 5.90% 1981 $2,655,448»30 $1,855,357.95 INCORPORATED 6.00% 1982-89 (5.7490%) DREXEL, BURNHAM LAI�ERT INC. 5.60% 1990 AND ASSOCIATES 5.50% 1991-92 5.60% 1993-94 5.70% 1995 5.75% 1996 5.80% 1997-99 BACHE HALSEY STUART SHIELDS 6.50% 1981-89 $2,655,465.40 $1,859,252.10 INCORPORATED 6.00% 1990 (5.761103%) 5.50� 1991 5.60% 1992-99 CHEMICAL BANK 6.30� 1981-86 $2,655,000.00 $1,865,041.25 BLYTH EASTMAN DILLON & CO. , 5.50� 1987-90 (5.7790%) INC. 5.55ti 1991 SMITH BARNEY, HARRIS UPHAM & 5.60% 1992 CO. , INC. 5.65% 1993 5.70% 1994 5.75% 1995 5.80Y 1996 � 5.85% 1997 5.90% 1998-99 HARRIS TRUST AND SAVINGS 6.30% 1981-86 $2,655,521.00 $1,869,399.00 BANK 5.90% 1987 (5.7925%) BANCNORTHWEST 5.40% 1988-89 Lehman Brothers Kuhn Loeb, 5.50% 1990-92 Incorporated 5.60% 1993 John Nuveen & Co. , Inc. 5.70% 1994 Loeb Rhoades, Hornblower & Co.5.80% 1995-86 L. F. Rothchild, Unterberg, 5.90% 1997-98 Towbin 6.00� 1999 First National Bank in Dallas First Wisconsin National Bank of Milwaukee First Pennco Securities Inc. European-American Bank &- • Trust Company Trust Company Bank Southeast First National Bank of Miami Paine, Webber, Jackson & Curtis, Incorporated Industrial National Bank of Rhode Island J. C. Bradford & Co. United Missouri Bank of Kansas City, N.A. Bevill, Bresler & Schulman, Incorporated Mabon, Nugent & Co. � American National Bank and Trust Company of Chicago Banco Popular De Puerto Rico Cowen & Co. Doft & Co., Inc. First National Bank in Atlanta Chester Harris & Co. , Inc. Hartford National Bank & Trust Co. � Legg Mason Wood Walker, Inc. Sears Bank and Trust Company Commerce Bank of Kansas City, N.A. Elkins, Stroud, Suplee & Co. Ernst & Co. Frank Henjes & Company, Inc. J. A. Overton & Co. Shaughnessy & Company, Inc. Union Planters National Bank of Memphis CITIBANK, N.A. 6.50% 1981=86 $2,655,000.00 $1,876,771.25 THE FIRST BOSTON CORPORAT ION '6.20% 1987 (5.8153%) BANK OF Al�RICA, N.T. & S.A. 5.50% 1988-91 United California Bank 5.60% 1992 Weeden & Co. , Inc. 5. 70% 1993 North Carolina National Bank 5.75% 1994 Stephens, Inc. 5.80% 1995-97 First National Bank of Boston 5.90% 1998-99 Brown Brothers Harriman & Co. Bank of the Commonwealth The Chicago Corporation Marine National Exchange Bank Roosevelt & Cross, Inc. Rotan Mosle, Inc. Thomson McKinnon Securities, � Inc. R. W. Corby, Inc. Blunt Ellis & Loewi, Inc.