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272157 WFIITE - CITV CLERK � - •^' � PINK - FINANCE GITY OF SAINT PAUL COIII�CII /������t CANARY - DEPARTMENT �V� �4' BLUE - MAYOR File NO• uncil Resolution Presented By Referred To Committee: Date . Out of Committee By Date RESOLVED, by the Council of the City of Saint Paul, that there is hereby authorized and there shall be issued and sold general obligation bonds of said City in the aggregate principal amount of Two Million Sixty-Five Thousand Dollars ($2,065, 000) for the purpose of procurement by said City of funds in said amount to be used by the City exclusively for contributions to the Park Nursery Redevelopment Project undertaken by the Housing and Redevelopment Authority of the City pursuant to the authority of Minnesota Statutes, Chapter 462; and be it FURTHER RESOLVED, that the bonds authorized above shall be designated "General Obligation Bonds of 1979, Series B" . Said bonds shall be issued in accordance with the aforesaid Chapter 462 and in accordance with the further provision of Minnesota Statutes , Chapter 475, 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 are 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 publication of the Official Terms of Bond Sale published in the St. Paul Legal Ledger, and in Finance & Commerce � is hereby ratified, confirmed and approved. COUNCILMEN Yeas �r,/ Nays � Requested by Department of: qasss DepQ�IC1�C1t of P1aIlTL7.I1cJ c3lld F'�'nmmi c D�vlel c�n_t � [n Favor Lsrir Mladdoa _ __ A gai n s t BY Sho� Tedes�o Adopted by uncil: + Date � 5, �� Form Approved by City Attorne Certi d Yasse Counci Secretary BY ' � I v Appr ve ,Vlayoc te --D.�Z �� APP� by Mayoc for Su is io� to Council �v � BY - — — BY � � AMENDED OFFICIAL TERMS OF BOND SALE ������ �2,065,000 CITY OF SAINT PAUL, MINNESOTA GENERAL OBLIGATION DEVELOPMENT BONDS OF 1979, SEftIES B (This replaces the Official Terms of Bond Sale prepared for an issue of $1,935,000 General Obligation Development Bonds of 1979, Series B.) These Bonds (the "Obligafions") will be offered for sale on sealed bids on Tuesday, December 12, 1978. Bids will be opened at 9:00 A.M., Central Time, at the office of Bernard J. Carlson, Director, Department of Finance and Management Services, 109 City Hall, Saint Paul, Minnesota, 55102 and will be presented to and acted upon by the City�Council at 2:00 p.M., Central Time of the same day. The Obligations will be offereY] upon the following terms: DETAILS OF THE OBLIGATIONS The Obligations will be dated January 1, 1979, and will bear interest payable on each August 1, and February 1 to maturity, commencing August 1, 1979. The Obligations will be general obligations of the Issuer for which its full faith and credit and unlimited taxing powers will be pledged but will be paid primarily from tax increments received with respect to the Park Nursery Redevelopment Project Area. The Obligations will be non-registrable in bearer form with interest coupons attached, and will be of the denomination of $5,000 each unless other denomina- tions are requested by the Purchaser within 48 hours after the award. The proceeds will be used in aid of the Project Area pursuant to the authority of Chapter 462, Minnesota Statutes, as amended. The Obligations will mature February 1, in the amounts and years as follows: $110,000 1983 $175,000 1989 $130,000 1584 $190,000 1990 $150,000 1985-86 $200,000 1991-92 $160,000 1987-88 $220,000 1993-94 All Obligations maturing on or after February 1, 1992 at the option of the Issuer will be subject to redemption prior to maturity in inverse order of serial numbers on February 1, 1987 and any interest payment date thereafter, at a price of par and accrued interest. TYPE OF BID A sealed bid for not less than $2,042,000 and accrued interest on the total principal amount of the Obligations, and a certified or cashier's check in the amount of $20,650 payable to the order of the Issuer must be filed with the undersigned or the Issuer's Fiscal 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 Issuer 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 Issuer at which bids are to be acted upon. No bid for these Obligations may be conditioned upon award of other obligations of the City to be offered at the same time. RATES Rates must be in an integral multiple of 5/100 or 1/8 of 1% not exceeding 7% per . . . . 2`����'� annum. All Obligations 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 1% per annum. Additional coupons may not be used. A A � W RD Award will be made on the basis of the lowest dollar interest cost determined by , � the addition of any discount to or the deduction of any premium from the total � ; interest on all Obligations 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 Obligations. The Issuer reserves the right to reject any anc�—all bids, to waive informalities and to adjourn the sale. PAYING AGENT The First National Bank of Saint Paul, Saint Paul, Minnesota and The Chase Manhattan Bank, N.A., New York, New York, have been designated as the alternate Paying Agents for the Obligations. CUSIP NUMBERS It is anticipated that if the Obligations qualify for assignment of CUSIP numbers such CUSIP numbers will be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any 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 for by the Purchaser. SETTLEM ENT I � The Obligations will be delivered without cost to the Purchaser at a place mutually � satisfactory to the Issuer and the Purchaser within 40 days following the date of � their award. Delivery will be subject to receipt by the Purchaser of an approving p legal opinion of Briggs and Morgan, Professional Association of Saint Paul, � Minnesota, which opinion will be printed upon the Obligations, and of customary closing papers, including a no-litigation certificate. On the date of settlement � payment for the Obligations by the Purchaser must be made in a manner and in � such funds as will reasonably enable the Issuer to invest the proceeds as of the same day. At settlement the Purchaser will be furnished with a certificate signed by appropriate officers of the Issuer on behalf of the Issuer to the effect that the Official 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 tne Official Statement will be furnished without cost to the Purchaser upon request in reasonable quantity within a reasonable time of such request. Dated November 29, 1978. BY ORDER OF THE CITY COUNCIL /s/ Bernard J. Carlson Director, Department of Finance and Management Services