270479 WHITE - CiTV GLERK C011RC1I
F' � ��` �
PINK•,.) - FINANCE G I TY OF SA I NT 1 AU L � �'
CANA.�Y - DEPARTMENT
BL41L' - MAVOR File �Q.
♦ /�
' � , C ncil Resolution
Presented B "� -
Y
Referred To Committee: Date
Out of Committee By Date
WHEREAS, the Ma.yor and City Council have placed high priority
on controlling Saint Paul' s general obligation debt in a responsible
matter while providing for the future physical development of the
city; and
WHEREAS, the Mayor has proposed a strategy for reducing the
overall amount of general obligation debt placed on the Sai�t Paul
tax base by local governmental units, which could be implemented
with the cooperation of Ramsey County, the Independent School
District ��625, the Port Authority, and the Civic Center Authority,
if the city develops a hold-the-line policy on the issuance of future
general obligation bonds; and
WHEREAS, the Ma.yor has proposed that the city request permanent
CIB authority, with an annual limit of $8,000,000 beginning in 1980
until such time as the local general obligation debt as a percentage
of the cit�r' s Estimated Taxable Market Valuation (Minnesota Revenue
Department s certified sales ratio applied to the Rat�sey Gounty
Assessor s Limited Maxket Value for Saint Paul) i,s less than six
percent (6%) ; at which time the annua.l limit of $8,000,000 would be
repla�.ed by a formula which provides that the annual bonding authori�
would not exceed one-fourth of one percent (� of 1%) of the Estima.ted
Tax�ble Market Value; and
WHEREAS, the City Council has taken action within the last two
years to provide for more responsible city government bys
1. Demonstrating improved fiscal control by holding the line on
city expenditures to the point that with the help of increased
state aids the city property tax levy high of $35,052,504 in
1975 was significantly lowerec� in the last three years:
�
COUNCILMEN
Yeas Nays Requested by Department of:
Butler
Hozza • [n Favor
Hunt
Levine _ __ Against BY —
Roedler
S ylvester
Tedesco
Form Approved by City Attorney
Adopted by Council: Date —
Certified Passed by Council Secretary By-
sy
Approved by ;Vlayoc Date Approved by Mayor for Submission to Council
By BY
. ,
. s(��:'f/y r,i�f�
F'; p �.
Page 2.
1976 = $28, 846, 166
1977 = $30,957, 803
1978 = $30, 867, 164
2. Demonstrating concern for controlling the debt burden placed
on the Saint Paul tax base:
A. The City provided the ma.jor impetus in creating the
Joint Debt Advisory Committee which provides a
mechanism for developing inter-governmental policy
communication for debt-related ma.tters.
B. The cit y has used constraint when issuing CIB bonds
as demonstrated by the fact that only $6,000,000 in
bonds were issued in both 1976 and 1977 when authority
existed for $6,500,000 for both years
C. The city has taken a lead role in emphasizing joint-
use projects with other governmental units so that
less capital (and operating) monies are spent on
financing duplicate facilities.
3. Demonstrating improved capital improvement budgeting.
A. The city has implemented the "Unified Capital Improve-
ment Program and Budget Process" which budgets all
capital monies in one coordinated process which in
addition to programming capital expenditures, identi-
fies future operating costs and effect on revenues.
The appropriations budgeted in this process are based
on the sound recommendations and funding priorities of
the CIB Committee and its task forces.
B. The City Council is providing annual policy direction
in using capital funds to finance both the residential
and economic development of Saint Paul. The policy
statements are based on sound planning goals and are
governed by limiting fiscal constraints.
4. Taking decisive action to reorganize the Housing and Redevelop-
ment Authority as provided by legislative authority. This
action has already produced dollar savings by reducing personnel
eosts and will have a significant affect on controlling
future bonding and debt; and
, r-{' y ,:. '
Jg5 /,� '{1
tl .: .�', �
.. .. _�
Page 3.
WHEREAS, the city can justify the amount of bonding requested
based on the identification of needed capital improvements and
their corresponding costs ; and
WHEREAS, the matters of developing a debt policy and requesting
CIB bonding legislation have been submitted for review to the follow-
ing committees for the purpose of identifying their concerns to the
City Council:
1. Joint Debt Advisory Committee
2. CIB Committee and Task Forces
3. Planning Commission
4. District Councils
5. Ramsey County Legislative Delegation
now, therefore, be it
RESOLVED, that the City Council of the City of Saint Paul does
hereby adopt the following goals for reducing the amount of local
general obligation debt placed on the Saint Paul tax base:
1. Reduce by 1985 Saint Paul' s general obligation debt per capita
for the local government units from the current $1,005 to $9Q0
or less.
2. Reduce by 1985 Saint Paul' s general obligation debt as a per-
centage of estima.ted market value for the local government
units from the current 8.5% to 6% or less ;
and, be it
� WHITE - CITV CLERK COUflCll � /�� � /
PINK - FINANCE �7 � ;:/ry;
BLI�E�v - MAYORTMENT GITY OF SAINT PAV L File NO. � D�� '� 'S�
' Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
Page 4.
FURTHER RESOLVED, that the City Council supports the CIB
bonding bill and recommends its passage to the Minnesota State
Legislature.
COUNCILMEN
Yeas Nays Requested by Department of:
Bte�e� /
Hozza � In Favor
Hunt
Levine 0 __ Against BY
�Keed�s�
Sylvester
Tedesco ,}t�� 3 0 1978
Form Appr ed by City tto ey
Adopted by Coun� � Date .
Certified,l�as� y Counc Secretaty BY- `
B;
�'ES � 1978 Approved by Mayor for Submission to Council
Appr ve by �blavoc D �a
By BY
FUBLiS��v ��� 1 1 197$ �
�
' , Rev. 1/20�78
�
. ���C� � � .
�, - ; �,���•,`��
A bill for an act
relating to the city of St. Paul; providing
, ior and authori2ing issuance of general
obligation bonds for capital improvement �
budget purposes; amending Laws 1971,
Chapter 773, Section 1, as amended.
BE IT E1�IACTED BY `�HE LEGISLATURE OF THE STPiTE OF i�SIi�TtiESOTA:
Section 1. Lazvs 1971, Chapter 773, Section 1, as amended
by LasJS 1974, Chapter 351, Sectian 5, Subdivision 1 and
LazJS �97b, Chapter 234, Section 1, is amended to read:
Section 1. Subdivision 1. �T. PAUL, CITY OF; CAPiTAL
IrIPROV�i�iTS PROGRA�'�I] Notwithstanding any provision of the
charter of the city of St. Paul, the council of said city .
shall have power by a resolution adopted by five affirmative
' votes of all its members to authorize the issuance and sale
of general obligation boncls of the city in an amount o�
�6,500,000 for each calendar year for a four year period
commencing with the year 1976, an.d thereafter in aQgregate
annual amou.nts not to exceed �8,000,000 or an annual limit
to be determined by an "incentive provision formula'� as
defined in this section, for the payment of which the full
faitli and creclit of the city is irrevocably pledged.
Subd. 2. �NCENTIVE PROVISION FOR�tiILiLA] In ortler
to account for the continuin� inflation which ciiminishes
tlie purchasin� pol�er of boiidin� ichere the annual amount
aut�iorized is �ranted at a constant level and in order to
limit the � amount of �eneral obli�ation clebt pled�;ed
T"�
•• �s�
1 �
• + • , " -
anainst the St. Paul propertv ta� base. at such time zs St._
Pd.t11tS local aeneral obli�ation debt as a percenta�e of St.
Paul 's esti�ated marbet value is less than sis percent as_
calculated on December 31 of any veaz-, tiie bondinff for the �
followin� year shall be limited to an amount determined bY
an incentive provisio� �formula tiYhich shall be one-fourth
of one percent of St. Paul ' s estimatecl market value. �
Sub�l. j. �T. PAUL'S LOCAL G�NERAL OBLIGATION DEBT]
St. Paul ' s local �eneral oblihatioii debt is the ag�re�ate
� �eneral obli�ation debt incurrecl by irrevocably pled�ina the
full faith and credit of the St. Paul property ta_� base to
secure the bonds issued by the city of St. Paul , the Housin� •
and Rede��elopment Authorityr of Saint Paui, the Civic Center
AuthoritY o� Saint Paul, the Port Authority oP Saint Paul,
Independent School District No. 625, and the County of Ramsey
ad,justed to inclucle the county-issued �eneral obligation debt
as a St. Paul property ta� liability proportionate to the
assessed valuation of St. Paul as a percenta�e of the
assessed valuation of Ramsey County, and not includin�
any refunded bond issues. - �
Subd. 4, �T. PAUL'S ESTI1IATED Ti.4RIiET �Tf1Lli�,J St.
Patil ' s estimated marbet �ralue shall be determined Uy .
cliz�idin� the eountv assessor' s limi-ted marlcet value of
St. Paul bv the most ct�rrent salas ratio value certi�ied
Uv the Minnesota state revenue department.
Sec. 2. This act shall becone effective only after �
its approval by a r�a.j ority of the �overnin� bod,y of the
citv of Saint Paul and u on compliance z►ith the provisions
of �iinnesota Statutes, Section 645.021. 3
�'`N"1 `a��,y 6�',`�
�� ��'" . _ _.
January 9, 1978
Rose Mix, City Clerk
386 City Hall
St. Paul, Minnesota
Dear Rose:
Please be notified that I have called a special meeting of the
City Council for Monday, January 30, 1978, at 7:30 P.M. in the City
Council Chambers to hold a public hearing to consider proposed
Capital Improvement Bond Legislation.
��'�- .
Council President
;
We, the undersigned Councilmen, do hereby waive written notice
requirements for a special meeting of the C'ty Council on Monday,
January 30, 1978, at 7:30 P.M. in the City C uncil Chamb s for reasons
stated e.
�
T; ^ � �
� ,
, _ �
:) �, � , �
T".�A �
/
•
♦
� �� ' CI�TY� OF S.2sINT PAUL (...����
OFFICE OF THE CITY COIINCIL
i caaa�±uaa
�ws�oas. . � .
rorae�.��
Janua.ry 10, 1978
DAVID H. HOZZA
Councilman
�`��`�': '° ,?'
� y
PUBLIC IiEARL'�G NOTICE
The St. Paul City Council will hold a public
hearing on the praposed permanent Capital Tmprovement
Bonding authority and policies for reducing over-
lapping debt in St. Paul.
The hearing will be held on: _
Monday, January 30, 1978
7:30 p.m.
City Council Chambers
(3rd floor, City Hall)
All persons with an interest in the CIB program
and indebtedness are encouraged to attend. Follow-
ing the hearing and approval by the City Council, a
bill will be drafted for presentation to the 1978
Legislature. -
� .
CITY fIALL SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 bI2f298-464b
�J
, � , .
1r� � , � ,
� �� � � �. ' :
' � '
r
. � ' � ! � �
,� , `
t � '
. ;
� � � ��� �
� :,
} -
, . /. • i '
• ..
. .. � � , � . � .. . � 1 .
� . . � . . � .. � .. . . . . _ . .. . .. , . . . . . � � , . � .
. � . - . . , . . . . . � , : . . � .. ,
� ' r ' ' �
i ' � i
r
� ' 1, '
_ ' ! , , �ii�r','j,� 3�� ' • .
, , : ,,
, -
��� /, . , . ,
�Daaar �s , .
, . . - ,
1�+� iM► �la,� � #���Ca��. ri�, iro�l a �ys �q�t +aa J�'��s �, > :
���0 P.l�. �r � �1pr �a �.�,� ,�e�i �� 3�irr��� -
' '��',M' �'�► �'��-. . � ,
- ; .
! .
, ; 4!,#i7 C�slt; . � `
, r ,
- ;
1mt� iM. �ie�� , � . � ' , � .
� 0!l�0�
� ,
A�I/a* ,
�,
� . . . '
,
. . ,
� ; _ � _ � ,
, ,
. . ,
� . , - _
- .
, ; .
� . � . �
,
, _ :
. , .
_ _ . , . . � . .
. , � , . ,
., ,
. . . . . , . �. . � ' � � . . � - . .. �� �. - .
" � . � . . � � . .. ��� . . . . . .
. . . � .������.,9 ; ' ..
city of saint pau! .
planning commission resolution
file number »-41 .
date December 16, 1977 �
WHEREAS, the City Council of St. Paul resolved on December 1 , 1977 (Council
File 270159) to adopt goals far reducing tMe amount of local general obligation
debt and to support in concept the Mayor's CIB bonding propasal; and
WHEREAS, City Council requested that the Planning Comnission review these
matters of debt policy and CIB bonding authorization;
NOW, BE IT THEREFORE RESOLVED, that the Planning Corr�nission endorses debt
policy proposed by Mayor Latimer, and adopted by City Council , and supports
the city`s initiatives in evaluation and management of local general obligation
debt; and be it
FURTHER RESOLVED, that the Planning Commission endorses. subject to recommendations
below, the concept of permanent bonding authorization for the City of St. Paul ;
Recommendations .
1 . That the proposal to the State Legislature continue to incorporate language
which �restricts the use of bond proceeds; further that such langu:age
effectively discourage capitalization of maintenance through deferral
of annual upkeep;
2. That the proposal to the State Legislature incorporate language establishing
a Joint Debt Advisory Committee, similar in concept to that currently
in operat9on and comprising the C9ty of St. Paul , Port Authority of St. Paul ,
the 'Ramsey County Board and Independent Schoo1 District 625; further,
that such language empow�r a Joint Debt Advisory Committee to determine
each year each member agency's usage of author.ized general obligation
bonding.
3. That the proposal to the State Legislature incorporate language limiting
the term of each bond issued under permanent bonding authorization to •
not longer than ten years; and be it
� FURTHER RESOLVED, that the Mayor's Office explore, with such assistance of
the Planning Division as the Mayor`s Office may request, the benefits and
disadvantages of indexing permanent bonding authorization to income rather
than to Estimated Market Value.
` maved by Davi d McDonel l
5���� by Robert Van Hoef
in favor 15
against �
� . . . • . . � , . .. . .� . ` . . . . � . . - ' r . . . , �i
. . r . .. . � . ' . . . . � � ' .
PLANNING COMMISSION RESOLUTION 77-41 Page 2 �
and be it
FURTHER RESOLVED, That the capital needs list transmitted as
part of the Mayor's debt policy letter of November 4, 1977, be
returned to the Department of Community Services and the Depart-
ment of Public Works for evaluation, with such assistance of the
Division of Planning as either of these departments may request,
of the necessity to show future capital outlay for multi-service
centers and for major transportation projects which implement the
Street and Hi hwa Component of ihe Transportation Plan (e.g, ,
Pleasant Avenue Corridor`projects).
• � : '
O � � � � I � � . ,
�
588 MIDWEST F�NILDING • SAINT PAUL; MINNESOTA 55101
. 224-5776
� �
• �
`��� � ��►�Q a
December 14 , 1977 � .,\.��` 1��'
r;,. � �'��� �,�
��, q""e.°.���y D,C`�('J,t�,l, �''
�'� �t�
� - �,�� 6���' r ;'
MEETING NuTICE � ; `
/�j,l m �
Planning and Development Committee:
The City' s proposal for future capital improvement bonding �,
authority� and goals for reducing future overlapping debt .
have been formalized for review prior to approval and
presentation to the legislature . Greg Blees of the Mayor' s
budget staff will explain this interesting program which
� promises to have a long-term impact on the City' s development
program.
The meeting will be held at 7 :45 A. M. Tuesday , December 20 ,
in the Communications Center of the First National Bank.
This is the last meeting of the year for the Planning and
Development Committee. Our regular meeting dates follow . '
' holidays ; therefore , the next meeting will be Tuesday ,
January 10. You will receive a notice. �
HAPPY HOLIDAYS TO ALL
. �lr�-� � . �
, �
� 1 � -
CITY OF SAtNT PAUL -
' - � -
� � OFFICE OF THE MAYOR
Long-Range Capital I mprovement
Budget Commit#ee .
December 28, 1977
Robert Sylvester, President
David H. Hozza, Chairman, Council Legislation Committee, and '
City Council Members
Dear Council :�Iembers:
In response to Council Resolution 270159 which requested Saint Paul's �Lonq-Range Ca�itaZ
Improvement Budget �ommittee to identify its recommendations relating to Mayor Lati.mer's
proposed City debt policy and CIB bonding legislation, the CIB Committee recommendations
are as follows:
PRUPOSED CITY DEBT POLICY.
The CIB Coam►ittee strongly supports the City debt policy proposed by Mayor Latimer, and
realizes that the identified goals for reducing the general obligation debt placed on
the Saint Paul tax base will only be met if the four local governmental units represented
• on the Joint Debt Advisory Coma�►ittee take responsible action to control the amount of bonds
issued during the next seven years. While the debt policy proposed is a positive step
in the proper direction, its implementation rests with the concept of voluntary cooperation.
Therefore, the CIB Committee recommends that the Mayor's proposal be modified to incor-
porate the following concerns:
1) That a third goal be adonted for reducing the amount of local qeneral obligation debt
placed on the Saint Paul tax base: Reduce by 1985 Saint Paul's general obligation
debt from approximately 5281,000,000 ta less than $250,000.000.
2� To better insure that goals for reducing general obligation debt will be met, legal
authority to regulate the amaunts of general obligation bonds issued in the future
should be granted to the Joint Debt Advisozy Coaunittee.
PROPOSED CIB BONDING LEGISLATION.
The CIB Committee strongly supports the CIB bonding legislation proposed bv Mayor Latimer.
The Committee endorses the concept of having the annual amount of permanent ?�onding
authority based on the growth of Saint Paul's tax base. The Co�ittee also supports
the idea of incentive legislation which incorporates the goals for reducing debt.
The CIB Committee recommends that requested CIB bonding legislation continue to incor-
porate language which limits the terms of the bonds authorized to be a maximum of ten
years.
While capital maintenance is an eligible use for bond proceeds, excessive use of CIB
bond monies for capital maintenance encourages deferral of annual upkeep; therefore, the
CIB Committe recommends that the Mayor and City Council recognize the need to finance -
annual maintenance. costs when considering appropriations for the dspartments' annual
operating budgets.
,
.. .
City Council Members Page 2 December 28, 1977 '
The CIB Committee realizes that with less reliance on future bonding, the City will
only be able to effectively address its capital needs with a more aggressive
Pay-As-You-Go financing program. The Committee recommends that the Mayor and
City Council take action to begin to emphasize Pay-As-You-Go financing while
decreasing the reliance on future bonding by:
1) Increasing annually the direct levy for capital improvements: The City shouTd
begin to significantly increase the direct levy for Public Improvem�nt Aid. •
The Committee recommends that the 1979 levy for Public Improvement Aid be no
less than $900,000 as compaxed to the 1978 tax levy of $600,000 and that future
years' levies be increased annually.
2) While the CIB Committee recognizes that long-term bonding allows the City ta take
advantage of paying for construction over a period of time with future dollars
that have less purchasing power, some shortening of the term of bonds issued
(from ten to eight years as an example) could lower the total debt outstanding
while still allowing the City to take advantage of the purchasi.ng value of
using inflated dollars for future debt service. •
Thank you for the opportunity ta express our recommendations. The CIB Commi.ttee.
commends the Mayor and City Council of Saint Paul. for their leadership in responsibly
addressing Saint Paul's high debt burden while providing for future financing to
� meet the City's capital needs.
Respectfully submitted, �
QU�4� �vl C
y�
David Mc�onell
Vice-Chairaian
CIB Committee
DM:kh .
cc: Mayor George Latimer
Richard E. Schroeder �
Richard Broeker
Bernard J. Carlson
CIB Committee Members
John W. Connelly
JOINT DEBT ADVISORY COMMITTEE .
113 City Hall • Saint Paut,Minnesota 55102
. Mayor George Latimer,Convener
CITY OF INDEPENDENT SCHOOL COUNTY OF PORT AUTHORITY
S aItiT PAL L DISTRICT#625 RAMSEY OF SAINT PAUL
P,obert$yIcester.Council President Eleanor E.Weber,Board Chair Warren W.Schaber.Board Chairman George W.Winter,Board President
Rwalie L. Butler.Council blember Catherine B.Hartnett.Clerk John T.Finley.Commissioner Louis H.bteyers,Commissioner
Pa�•id H.F{ozZa.Cuuncil :Ifember William btagnuson.Vice Chair Robert J.Orth.Commissioner G.Richard Slade.Commissioner
JOINT DEBT ADVISORY COMMITTEE
Minutes of Meeting of December 22, 1977 �
Room 707 City Hall
JDAC Members Present: George Lati.mer, Mayor
David H. Hozza, City Council Member
, Eleanor E. Weber, School Board Member
George W. Winter, President, Port Authority
' G. Richard Sl.ade, Port Authority Member
Also Present: Kenneth Berg, Independent School District � 625 �
Gregory N. Blees, Mayor's Office - Budget Section
Kaymond F. Browne, Independent School District # 62S
Bernard J. Carlson, Department of Finance and Mgmt. Services
Joseph Hannasch, Council Research
� Marion Holly, Ramsey County Budgeting and Accounting
Peter S. Popovich, Peterson, Popovich, Knutson & Flynn
Richard E. Schroeder, City Budget Director �
Osmon R. Springsted, Springsted Incorporated
Pat Westhoff, Minnesota Taxpayers
Mrs. Weber moved that the Minutes of the June 22, 1977, JDAC meeting, as corrected
to delete Bernard J. Carlson as present, be approved. The motion was seconded by
bir. Winter. The minutes, as corrected, were then approved.
Gregory Blees presented the Mayor's proposal for a debt poli.cy and for Capital
Improvement Budget (CIB) bonding legislation. The debt policy would be enacted
voluntarily with the cooperation of the other governmental entities that sell
bonds. The CIB legislation is a proposal for the City to have future bonding
authority.
In presenting debt policy, Mr. Blees summarized the history of recent bond issues
on the Saint Paul tax base. He discussed the various issues by the different gov-
ernmental entities since 1969 and what is proposed in the future. The proposal is ,
for substantially fewer bonds in the future than in the past. In terms of buyi.ng �
power, it will be significantly less. Additionally, he explained some of the
calculations that were done regarding bonds to be retired within the next ld years, �
estimated projections of future general obligation bonds by the various governmental
• units and esti.mated local general obligation debt projections through 1987.
I
TECH\1CAL AC�CISURI'tiTAFF
Pxrr.ard J.Carlsnn,Staff Ca,rdinator fta�mnnd F.Brow•ne. Jame+H.�'•rn H��udt. f.uytrne A.Araut. Grex�r}�\.Rlors.
Dirrcwr.Drpartment ot Finance Executice Directur uf Bu.iness Direetor.Rud�n�t and Accountiny[ ps.istant Ext�auti�•e Vice Prr�ident. Executi�e�rrtary,
and SfanaXement$en•ices and Financial Affain. County of Ramscy purt Authurity of the lunK-lt�nKa Cryital
C�t�of Saint Paut (ndepri�drnt�hou1 Ui:�trict•6YS Ifil'tl?!Itt-;191� ('it�of Sain4('aul . Imprwemre[$udRrt Catnmittee ,
�h1Yi 29tf•�63i (F1Y)29N-S91S (til'tl'L'1a�il:liti (61Y)'39N-J3S3
�
� ���.����9 �2" . __
� .
2•Iinutes of JDAC Meeting, December 22, 1977 •
The present per capita debt is $1,005, while debt as a percentage of market value
is 8_50. The Mayor proposes to reduce the per capita debt to $900 and debt as a
percentage of market value to less than 6o by 1985. The present per capi.ta debt
i� based on the 1977 estimated population by the Metropolitan Council. By the
goal year, the popuZation is expected to be less, so even if the debt remained at
a constant Ievel, the debt per capita would continue to rise. A decrease in the
per caoita debt is therefore significant. Tne estir,ated market value i� the anount
certified by the Minnesota State Department of Revenue on September 7, for equalizing
the value of State Aid to schools. An estimated growth rate of 3�% for market value
was used to project future market values_ '
The biayor's CIB bonding proposal is for an eight million dollar authority, until
such tirme as the general obligation debt is reduced to less than 6% of estimated
market value. After this goal .is met, the annual limit would be replaced by an
amount r_ot to exceed one-four of one;percent of the estimated taxable market
- value. '
Mr. Blees indicated also that the Planning Commi.ssion had reviewed the proposals
and took unanimous action to support them,with the following recommendations:
1. Limit maturity schedule of bonds to 10 years.
. 2. Legislature should continue to have specific language
limiting the use of bonds, not for operating or maintenance,' -
but capita2 impravement. .
3. Legislation should be requested to give JDAC some Iega1 powers '
by which it could li.mit the amount of bonds.
l�ir. _Blees indicated that the CIB Committee had discussed the proposal at length and
would be �aking its recammendations shortly_ He stated they would probably recor.uaend
that the Council utilize direct levy more -- pay as you go.
The rlayor then taok up the third item on the agenda which was the resoonss to JDAC's
inquiry of the University of Chicago regarding discrepancies in debt informafiion for
Saint Paul in the report, "How Many New Yorks: The New York Fiscal Crisis in Com-
parative Perspective." The University referred JDAC's letter to the U.S. Census Bureau. �
The Census Bureau respon3ed that the problem developed because the long-term debt for
R�nsey County was presented differently by the Census Bureau and the Minnesota State
Auditor. The Auditor's report excluded all revenue. special assessment and refunding
bonds, whereas the Census report included alI long-terridebt issued by alI local
govern.ments within Ramsey County, regardless of whether the debt�as guaranteed by
property tax levies or by specified nontax revenue sources.
The Cor�nittee discussed setting another JDAC meeting prior to the City•s meeting with
the P.z,-nsey County legislative delegation, possibly the second or third week of January_
T"ne r;ayor indicated that the Committee would be asked to then take a position on his
. , proposal.s_ There being no further business, the meeting adjourned at 4:50 p.m. �
Res ectfully submitted,
., /' .
:'^ r •�A ��r t ta t-�'�'�
'Bernard J.� Carlson �
Staff Coordinator
� � .
� JOiIoTT DE�3T �►.DVI��R,� COMI�IT'TEE
113 City Hall • Saint Paul,Minnesata 55102
Mayor George Latimer,Convener
CITY OF IAIDEPENDENT SCHOOL COUNTY OF PORT AUTHORITY
S�INT PAUL AISTRICT kE;25 RAMSEY OF SAINT PAUL
R�bert Sy�ke�ter.Counci! President Eleanar E.Weber,P.oard Chair VVarren�V.Schaber,Board Chairman Ceorge�5'.Winter.Board President
P.usalie L Buder.Council�iember Catherine B.Hartnett.Clerk John T. Finley,Commissioner Louis H.14feyers,Commissioner
Da�-id FI. Hozza Council �Iem6er William hlagnuson,Vice Chair Robert J.Orth.Commissioner G.Riehard Slzde.Commissioner
\ _
JOINT DEBT P.DVISORY COMhtITTEE (JDAC)
JANUARY 19, 1978 MEETING
707 CITY tiALL , 3 : 00 - 5 :00 P.M.
A G E N D A -
1 . Approval of hiinutes of last meeting.
2. Joint Debt Advisory Committee approval of
a. Goals for reducing by 1985 the debt
placed on the Saint Paul tax base ;
b. Capital Improvement Sudget (CIB}
Bonding Legislation proposal .
3. Discussion and coardination of proposed
legislation .
.
D M, �`�� l'�'7'� �Q..� � �tsra�•A.. �
i
�
`,�� �ia- � ��''� ' �' � ,�,,,r, (
, �
�. �� � . . �
�
,�� M I
�
--- `�r/tr�� • TECEiKICAI.AUC(SORI'STAF'F' I
Pxrnerd J.Car{v�n.�talf Ca�rdinator k:s.mord F.P.rowne. Jamr>Ft.�'an H��wlt. Euycrnr A.Kraut. Cregur��\.Rlrr._ . i
D:r�•tnr.Ihpartmrnt o(E�inance E;xrcuti.r DirrcWr uf FSusina�s D�rectur.Etudyet and AcawntinK A:si.tant F.xrcuti�e�'ier Prc�:idrnt. F.xecutivr Secmtary.
r.�d J1ana;rrment 4ccices and Finaneial AfSain. Cnunt}'o!E�•�m;ec Purt AutFu+riq•of thr InnF-FwnKr Cxpet�I '
Gc}'of�aint Paul � Indrprndent khwl Ui>trict rf;.: �filL1-�9:5-a1`�f Cit�•o(Saint F'au! Imyrwrment QudRrt Conmitter
,Z,i 2yr-l��i; 161'lI Y9is;vt� �1:1�!1 YYa�Srirn �6tY129&4:ti{ �
� * * * PUBLIC MEETING NOTICE * * * •
Citywide District Council Forum on Saint Paul's Proposed Debt Policy and CIB Bonding
Legislation
When: Monday, January 23, 1977 - 7:30 p.m.
Where: Civic Center Meeting Rooms (in the basement of the Concourse which
connects the old auditorium to the new arena) - the 3M Room (C-15) .
Purpose: To provide interested persons from the city an opportunity to
become more knowledgeable on the subjects of bonding and debt. The
Saint Paul City Council has requested that district councils identify
their concerns relating to Mayor Latimer's proposed CIB legislation.
This meeting will e�lain the City's current debt position and
Mayor Latimer's proposed debt policy and CIB legislation, and will
provide a panel discussion of the topics as well as an opportunity
for a question-and-answer period from the audience.
AGENDA
1) City's Current Debt Situation (Greg Blees-�0 minutes) .
2) Proposed City Debt Policy (Blees-15 minutes) .
3) Proposed CIB Bonding Legislation (Blees-15 minutes) .
4) Panel Discussion: (40 minutes, approximate�y)
Alice Willman, District 6 General District Planning Council, Panel Moderator
George Latimer, Mayor
Robert Sylvester, City Council President
Osmon Springsted, Bond Consultant
Sa11y Patterson, League of Women Voters
Don Paterick, Minnesota Tax Payers Association
Andrew Lindberg, Citizens League
A: Ken� Shamblin, Chamber of Commerce .
5) Audience Questions and Opinions.
cc: City Clerk '
City Council Members
Panel Members
SPECIAL NOTE:
City Council has set a public hearing on Saint Paul's Capital Improvement Bonding
legislative proposal for 7:30 p.m. , Monday, January ,�; 1978, in the Council Chambers,
third floor, City Hall. 3�
,
. ! Re��. 1/20/78 .
�I '�..�'..�J -
� ,;.ti i . �/
A bill for an act
relating to the city of St. Paul; providing
, ior and authorizing issuance of general
obligation bonds for capi-tal improvement �
buddet purposes; amending Laz,rs 1971,
Chapter 77j, Section 1, as amendeel. �
BE IT E�.�TACTED BY �HE LEGISL�ITURE OF THE ST�Z'E OF AiI�'�ESO?A:
Section i. Laws 1971, Chapter 773, Section 1, as amended
by Laiss 1974, Chapter 351, Sectian 5, Subdivision 1 and
La��s �976, Chapter 234, Section 1, is amenaecl to read:
Section 1. Subdivision 1. �T. PAUL, CITY OF; CAPITAL
I�IPROVFryi�:YTS PROGRA:'�i, Notz�iths�anding a.nyr provision of the
charter of the city of St. Paul, the council of said city .
shall have poirer by a resolution adopted bp fizre affirwati��e
votes of all its members to authorize the issuance and sale
of general obligation boncls of the city in an amount of
�6,500,000 for each ca3endar year for a four year period
commencins with the year Z976, and thereafter in a��re¢ate
annttal amounts not to exceed �8,000,000 or an annual limit
to be deterninecl by an "incentive provision for�ula" as
defined in this seetion, for the payment of itihich the full
fait�i and credit of tlie city is irrevocably plec�ged. -
Subd. 2. �NCE�VTIVE PROVISIO� FOR�IULAJ In orcter
to accolint for t�ie continiiina inflation �.Iiich diminishes
tlie purchasin� potcer of Uozidin� i;liere the annual amount
aut�iorized is �ranted at a constant le�el aiid in order to
lic�it the �1 amount of �eneral obli�ation ctebt pled7ed
1 _ � :
_ _ .. _ _ _
. ^�
. , .� .
anainst the St. Paul property ta�: base. at such time as St i � '
Paul ' s local eeneral obli�ation debt as a percenti��e of St.
Paul 's estic►ated garket value is less than si�: perceiit as
calculatecl an December ji of any vear, tiie bondin; for the � �
�olloz�in� year shall be limited to an a�oimt determined bv �.
an -incentive provisio� formula zYhich shall be one-fo.ux-th
of one percent vf St. Paul 's estimated m�.rbe� value
Subcl, j. �T. PAUL�S LOCAL GE\TERAL OBLIGATIO�T DEBTJ
St. Pattl 's local �eneral .oblinatioii debt is the aa�re�ate
�eneral obli�ation debt incurred bv irrevocabl�T pled�in� the
fu?1 fai-th and credit of the 5t. Paul propertv �a� base to
� secure the bonds issiied by the city of S�. Paul, the Housi2i� .
and Recle�'elopment Au�Ehority of Saint Paul, the Ci��ic Center
Authorit,v of Saint Paul, the Port Authority o� Saint Paul,
Inctependent School Distric�t No. 6�7, and the County of R�msey
adjustecl to include the countv-isstted aeneral obli:�ation clebt
as a St. Paul propert.y tax liabilit�T proportionate to the
assessed valuation of St. Paul as a percenta�e of the
assessed valuatzon of Ramsey County, and not inc2udin�
anZ� refunded bond issues. - •
Subd. 4. �T. PAITL'S ESTIlIATED I�I.AR�T ZTALUE] St.
Paul 's estimatect market value slzall be cletermi.ned �j- .
di�cridin� the count;� assessor�s Iimi-ted nar3iet value of
5t. Paul by the most curre�it salas ratio value cert�:fied
bv the Minnesota state revenue departr�ent.
Sec. 2. This act shall becone effective onl�- after �
its approval by a r�ajority of t�ie aot�ernin�- bodv of the
citv of Saint Paul and upon coM liance z:ith the provisions -
of �iinnesota Statutes. Section 645.021. �
S
m
Z f"�
p i o+ aoinn n �o �n .aro cvaoMOU� mr+ romv mvor+ m no V
M O O N �n .a c� o er m c �c r r c �n m o+ r M n ui .-� o cv M �o o w
t!] Ft � rnr oo+ v� orr � mr� vr� r� in �nc �'+ �o ino� �orr �co � � m
� . . . . . . . . . . . . . .
W RC � t0 f� m N fA u1 R M e� r'7 r1 C' O i11 .�I t!1 N O� r7 0� u1 0� t0 u7 00 u1 Q� r1 0
� [: .7 O !� (� C' .-I O1 0� O N 1f1 rl rl rl tT N d' N N '-I l� ul �O �O N 0� t0 .�/ U •.1
O F �l n 01 N P O O .�I W i!1 N CO C O C' i11 r� O� W t0 rl OD T I� O� C' rl � �, O
C1 �'1 N N rl .�I O OD �0 u'1 �n C' !' ef �"f N N .ti .-i.-� 1-I O 0� O�m CO m O O i�
N N N N N N .�i '-I ri ri .-1 ,-1 r-I rl '-1 .i ri �.d �-i r-I W �-1
T
8 •� W 7
O
a� '
U �.1
m O ^ �' �
a i� i o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o s°� "' u
a� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o n, w
ao i0000 00000 00000 00000 00000 00 o v
°i i" > o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o e a ro
� mw o000 00000 00000 00000 00000 0o ro a
aa o000 00000 00000 00000 00000 0o ro �+
� a a mmaiai mao moicc aoaomaoao aocoaocnm wwco aoai aoco ' � °�'
e a F � m
U C7 C
C t+ +�
•.� N
€+ O
Li C O
O +i O
C
C O
N /tl O
v �
O .0
i o+ wr+ �o a�ero� n � crnm ..� cmcc �v �o �n �o �n �o co � +� �o
O O N 01 O� O �"1 C' M O l0 fD h C �O O� �'1 N d' 01 f'1 0� N N m �11 O M Vf •
� O1 I� C 61 m M N 01 P �!1 O rl O O N N .-1 O �0 C 61 N C' n �11 O 3 N .
Q �O N .i 1A O 61 �O �!1 �-I N C� 1� 111 G7 O �0 u'1 01 O P'1 N .-1 l� �f1 CD �!1 � �O N �0
. F � O t� �-+ e�'1 O 6i ef ri �0 N N �0 O N O �0 C V1 N tn O f� m �"1 �0 �0 Oi W � .G
E a •a oi ca n c n .-� rn r vi o� r, w o o �o .�+ M �n �o o� �o � .-� �n .� .-i � � ro
�o�o r c� oi o±oi o�ao rn co co r n �o�n ui v r, ni.i o 0 oi ao m N 6
ri r1 e�i .-1 rl ri .-i rl rl .-I rl �-1 .i r-I � .i ri r-I r-1 rl rl i-/ 'i d M C �
•.i . yl ...� v
SI %
� Cp�j N � O �
� � 7 O+ O 0
N 6t O I I O O O O O O O O O O O O O O O O O O O O O O O O O N �.f O �
C9 D W � D O O O O O O O O O O O O O O O O O O O O O O O O O O �O G1 O C
y > I O I O O O O O O O O O O O o O O o 0 0 0 o O O O O o o e A O•.i
p p O Q 1� O O O O O O O O O O O O O O O O O O O O O O O O O � d h N
yC9 U 1 V1 )C 000 0000 O 00000 00000 00000 00 U tTG
O 1� o a �2 E tA o � O v1 O u� O u1 o tn O �n O �n o O O O o O O o O o C ; � O
c0� � Z a t9 .7 •-�•� �v ri en r�c � v vi vi�o�D !�r m ao al to m N ao m ao m E a�i � a
a� u� � E
rl� Ul W �pE� d •.Ci f�C
�LL � iC 1 O O C9 01 P O N m v1 tD �D �C W �0 �D �0 �Q t0 1L t� .-i �O eT c0 .-� t ►i � O N '
U �+ '�L U O O O M I� n �"� O u1 �O O O O O O O O O O .ti I� N N O eP 01 O ri O U
z �2 a � � ooco Mcn �n .y �n r � rrn rrrr o No �o � o co � .-� d o•a
¢`� °i cp w o 0 oi r� cv aa .�i n;m m o cv a�o m o ni oi r c ri�-i o 0 oi a�i w o �
W Q E QW U � o O M m c0 O ui M Nf �0 .-i v� 0� r+f � n� �O c� �O n �n O c� .� �D -.+ � O 6l
iZ�vi VW a E > c �n vi a� ri c� o� �o c� r .-i a� r .ti c w .-i ui rn a o r c N � � u� H
Cs7� i-ai Z W N •i n� m e vi�n �o r � r �c in �n v c�e� �v .i .�ri V .,�� r�ir A
H W O H O tn 0 3 ��
W >r O
.a N Gl
a� .r 0� 8
cy ro • .� ro
t�U Ol C Cl �.Ci N
..{ li �tl ?� .0
b fA 'O � CO �
� p .� O .�i A-.�
V m I 0+ c0 in 1� n �O uf .-i N N m r� O v1 N � m N c O+ a� o rf aD tn O �.ro/ A Y C! 3
O O N O \O t� �!1 C' [9 O� �0 f� l� C 1t1 CI �'1 t� �'7 1� 1!1 rl O N P1 �0 O U W N �-i
O 1 01 � � ri .� N N N CO N f�l C n1 P�1 1f1 1I1 C P1 t0 t(1 O� �O 1� l� �O O M M Yi (� S�1
O1 N �D fh 'i N M N N O� N .i .i N m Pf 01 P'1 O 1� .M �O fr1 I� C' f�1 10 P'1 W U W C d
y .-1 1! y O O �'1 N N N Ift m M C) C' C �"f l� 'V' I� '-1 If1 d' O CO O1 01 �1'I N 01 O C •� ?�
C C7 E �l •i u1 O� if1 T .� t�7 O 0� 1� M O� u1 O� O CO u1 r1 r-i 1� M C' N C O �0 W "� .0 O O+
y y �O �0 t0 f� l� N l� l� �O I� I'� �0 �O u'1 il1 V' V� e! V' e+f rf N N .-1 .-1 O O O JJ O C
Q� M .i'i .-1 .i rl ►i .i .� rl .�1 .-i rl �-1 1-I .� ri .-I rl .i .� .-1 .-I r-1 .-1 � •i - V' O C O 3
Z
y � +i O O
�-�j � y G! O L O.-I
CJ k] U 1 O O O O O O O O O O O O O O O O O O O O O O O O O O T O C O
aov-.+ 000 �n �n �n �noo �r, o0000 00000 00000 0o ro mw
o v > i oorcv � NU, u, � o0000 00000 00000 0o a m �' �n
°o a m a�i oui�ia+ v�i�vi o+ mmmmm aommm co cocomaiw com e `" ro .i v
a y UI O N t/1 r O M 1I1 W O N N N N N N N N N N N N N N N N N O f� W � �0 �
O Q fd C� �11 �O I� 01 O .i N C u1 �f1 i!1 t!1 �f1 U1 tf1 �(1 ,!1 lf1 N �11 1(1 V1 1I1 tfl �11 O! N Ol O
O 2 C12 .�INt�1 a� �Ot� C9 C� 00000 00000 00000 00 O N �0 y ol "�
c0 Q N �y � � .-� � .a .r .r .-� .i .a .-� �r .i .� .-i .r .-i � ..w-{ �p, �� � a7
O N �
a�i 3 C 3 A
O >, t�.i >� C +i
N �J CL �•'I d
D�
V' O� CO u'1 l� n t0 il1 .�I N N m t+1 O tf1 m n'1 m C7 eY O� eT O r1 W t�'f O N U C U � Rl 01
.°�-� °mnoo�+ v °on � ,�-� mMVnn v�iv'^ia n � uu'irn �°cn � � o .+ r .r .�e � � •-{
a.� y . . . . . . � . . . . . . . . . . . . > y L �+ v
C U n �O GD 6� N 0� N a� �'f rf r7 rt c O vf i-1 u� N 01 n1 aD �n 01 t0 �n C9 �n 1� �.i O U •
Cl •ei �O O 1� 1� V' .�i 01 01 O N Il1 .-1 .1 rl C' N C' m N .i h 1l1 �O 10 fV O� �D O) • Vl $ Ol O ••i �-1
S.I A S1 �Q f'�1 1� Q� N I� O O .-/ CD IA N CO C' O 7 Il1 e�1 O� fA l0 .-1 W O� f� O1 d' �I N N E N E � W f•1
7 d d � �0 V1 V' C' P'1 P'1 N O Q7 r r�D �D �O 1f1 C' C �'1 f+1 P'1 f�1 N '-I rl i� 'O 7 'O 7 � W
U G cA .a .-+ �.-i � .-t � .�+ L C m C m O � L�i
N ftl
, �' m a .°o �� i. °e
T M cL T O .-i cv r� a� v+ �O t� CD rn O .� N r1 v v� �C r W O� O .-r N rf v ro h
> �o � rmmm wco wm m mmrnrnrn rnrno+ o� rn rnrnoo 0 00 -.
d v o� o� mo+m rnmrnm m mmo� rnrn rno� mo� rn rnrn000 0o a w v
rl '�+ .� ri 1-i .-1.�/ .i rl .i ri rl I-1 r�i ►I rl .-1 .�1 .-1 rl �-/ i-1 rl �-1 N N N N N `�' •�+
�- � ����'
January 30, 1978 r� x ,
� �'����
STATEMENT OF THE LOCAL GOVERNNIENT
TASK FORCE OF THE SAINT PAUL AREA
CHAMBER OF COMMERCE REGARDING CITY
SAINT PAUL ` �
DEST PoLZCY � AREA CHAMBER
OF COMMERCE -
SUITE THREE HUNDRED
THE OSBURN BUILDING
SAINT PAUL, MINNESOTA �
THE TASK FORCE RECOGNIZES: ' ssio2 • PHONE: 222-5561
--- The need for bonding in a well run city
--- The problem which the City of St. Paul has with overlapping debt
--- That city officials recognize the prablem and are attempting to
correct it - for which they should be commended.
THE TASK FORCE SUPPORTS:
--- Goals as proposed by the Mayor rather than strict limitations
which do not work.
--- An increase in the CIB Authorization to $8 million if it is
accompanied by a corresponding pledge to keep the City bonding '
total at no more than $10.5 million.
--- Permanent bonding authority if flexibility is givei� the City or
if it is understood the City may have to seek revision of its
authority.
--- The Incentive Provision Formula which gives the City an incentive
to control bonding and provides a means of affordable growth to
meet the demands of inflation.
THE TASK FORCE SUG�ESTS:
--- The City meet with the County �nd the school district to develop joint '��
goals and a joint �lan for debt control.
THE TASK FORCE SUGGESTS: (continued)
--- Consideration be given to adding another goal to take into account
the ability of our citizens to pay for debts. Such a goal. might
be to reduce debt per capita to a percent of disgosable personal
income per capita.
--- Consideration be given to eliminating sales ratio as a factor in
arriving at assessed valuation since sales ratio can fluctuate con-
siderably from year to year and its accuracy is often challenged.
�
. � �r����w�'�
, �:.
District 6 Planning Council
1060 Park Street
St. Paul , Minnesota 55117
January 27 , 1978
St. Paul City Council
City Hall
St. Paul , Minnesota 55102
Re: Bonding Resolution
Council File No . 270159
Dear Council Members :
The District 6 Planning Council wishes to go on
record in support of the concept of increased fiscal responsi-
bility. We additionally feel the Mayor and City Council have
rightly placed high priority in controlling St. Paul ' s general
obligation debt. We do , however, have certain reservations
concerning the above ordinance which should be addressed.
We are specially concerned regarding the statutory
limits which would be placed upon the City while other units which
compete for citizens ' tax dollars , such as the District 625
School Board and Ramsey County Board, are not under any such
limitation. We feel this is significant since the bond ordinance
assumes a reduction of capital spending by both of these units .
We see the development of the Joint Debt Advisory Committee as
an excellent first step in coordinated planning, but only a first
step. Unless some guarantees are forthcoming from the other units
as to their future spending and fiscal responsibility, we cannot
support the legislative strictures being placed upon the City.
In addition, we feel that placing such tight limitations may in
fact prevent the City from exercising flexibility in taking
advantage of new opportunities or adjusting to future situations .
We also support the concept of a reduction of the general
obligation debt per capita, but feel that the ordinance may
cause unnecessary hardship in reaching goals too quicklv, City
Staff' s projections comparing expected spending needs over the
next 15 years with expected revenues over the same period indi-
cate a deficit of about $106, 000,000 . 00, which Staff admits is
only an estimate. The deficit is in 1977 dollars and, considering
expected inflationary trends , would mean an actual deficit of
as much as $400,000,000 . 00 . If revenues are expected to be
somewhat less than $700,000,000 .00, this looks like a reduction
in City service and spending by as much as 35 percent. This is
an enormous reduction to citizens who have come to expect a
government responsive to their community problems . We feel that
adequate investigation of the long-range prospect of such
. - �'/�,���
St. Paul City Council -2- January 27 , 1978
reduction has not been made. Also, we have not received any
information as to why goals set for 1985 could not be extended
to 1990, or beyond.
The District Council does not believe that a public
referendum on the bonding ordinance is necessary, provided that
a full and conscientious discussion takes place in regard to
the above-indicated concerns . If, however, the City Council
does not fully address our concerns , there appears to be no
recourse but to support a referendum in hopes that this may
engender a full discussion of the issues .
Sincerely,
1.�� l�V -�-�--e�-,-�-�,.�-.�
Alice Willma.n, President
District 6 Planning Council
N N�
�� O O O� �'1 S 0� S �O � O�C O O N eV
� t0 m 1V N T � P O � r 1p N O��
'1 'I N r4 �i .d •i N N�0
O O O N
Iff Y1 N
O N NtV 01
p '1
O N N fV N
hl � YI� N 1�N CG
P � r~r n
rl .
b
80 S(D ON� O
� oa omm o
ml � �.�i nu�i Nb� N
ti .� �
�o
0 00
N �R N
go $� 8° 8m� o
NI . . .
m �� °� om ��ry �°
a �n r r .r m
M1
� �
O
N
og opo go 00 $,00 e '
8m O� Ovf O b Ob�p N
ml N'�-1 V�i N O T �0 H N��0 N
� V �0 1� �0'I fV 1� �O
N �
O
N
00 �O SN O� O.i ONU�i O
ml O N S d O N O O� O O N 1�1� N
m 00� ON OI'1 O W OGD O N0� O
. m �fl N r1 vl m N V wl O m m m
a a �0 r N �ti O��'1N m
�
0
08 8� 88 80 0� 8r a�� °
ml oa oa 6d 6� d� dd �oo c
m in �n eV in in in r� � m m
e e e �o.+ �o �D N in a �n
H
O
N
O O O O O� v� O rv O m O� O O O �
m l O0� Nn OO� ON Ot0 yOn `T ��D , O
� O V� O a O n b.+�i �0 ti �1�1� �0 b 1�'1 �
- 1f�1 N I1�1 U�l .
8 T G O O n O� O N O O O N O O O m<
�I N N O 1� N O O O� N M O O O N p O^ m
� N Y1 N d �0 O� �l1 m Y1 rv
v e e a v �o �o n �m m a
n Q
N �
8�`�i O N OM OO�i O.i O V 00� O N ON Orn m
n p�'1 ON ' 00 O N 00� Om O.� O in Ou� 00 V �
� S 1`! Yf O YI O UI�0 �YI ED N.� N.� m N wl n .i N CO CD
O O O V O r� �p N N N N O O V V
O.-I N
� e
0
N O O
pN.Y1
nNl O OD 00 O m Sw�i Om O� 00 O1� Om OV O V V .r�i
0� O O p�p O aD NN O m Nm 00 OM On 00 pry � �p
O'I O O �0 �p N f� � uf O N O �p�p N N
V V O d O Q V.-I �ON V fV NN nN� p�.
N N e.i vi �o .
5� �
rl o�°0 8� °o$ °o a°o o°u'"+ oo n °o° °o a g�°o o u�i °o�I� n °o °o
Q� O vi O a 00� O ' OCD N w O N O.1 ON ry O�O�D Op O
.i O.+ O N O�0 vt T 1� O� Yi N�0 1� O O
a e a s e a o.� e.+ �o rv .�i�v �
o N e N.� �o
N
^I O N O V O m S n O� O�O O N O m O.i O Y+vri umi� O S
m o.+ ge orv o�� on N� Nm o o � orn a o
on v om �ne�
s a v o.+ s .r a.a. a.mi �n ��rv m og c
v N o o v.+ v�N �o
�+ � v,N rv e
O m O N O O O�n O rvm O V O n O.�1 n O N N O O O
� O V O N S ti N n u�1 O �N a�p N� � N n Ep O N O
e e e.. e.. a.. v.. e�v e..�n n o
� � n..e rv �p a
n ov go 0 0$ ge o0 on oH e ���^.n "' o 0
°' 8� 8°' 8° �� �� �d �m o 88° r � �
v e e.a e a.+ a,r a.. - oeg ..
� �Na .�r ° n
N
Op O Op m O O O� O a O n � O O O O O O
.1 Or O m O� Nm v�i� NN O�i N��O n O S
O V O'1 O r-1 O^I O ti N O�O ift O
N � y�j� d �
8 . N�
O�p O�C O�0 � ON p�. ap OO�T M� O O
� O ` O , Ou� O�D ON N ONrv N O O
O T O O O� vf O N� m `
e e-+ a v n a ,.,ap� �p N N
ev m e vi
rv
�'I °o$ °oo. $o° °oo° °o °o°o°c °o o° o°
o�v oe om ou� o0o v o 0
$ti g.�i e�rv o n m e°nn n v�i o
.+ ui v
o °ow° oc°+ °oo° bg°o e° °o °o
mI on o�
.a o o g ry °oV�°m °n -o° o°
a.a e.+ e e�o in in .
-r n a �
ml o°°e °o o° • �
°o�e°v °e °o °o
�+ aa �e °o�m � $ g
mno
.+ e �
0
°o°o°o °o o° °
�I °oo 00o N o �
P a°.�i
°o u�Oi u�0i � °o °o
a.+u+ o 0
a m
y a.. w� a N a.. a.. m.. a.. a.+ a« a� aN
N� °m ° m °n n° o vi v c g o o .
.�i m n �n �n n n a a m � ti alo o u
e a e g ° v
a v
0 0 0 0 0 0 0 0 0 0 0 o u y
O O O O O p O O O O O O p�
�a O O O O O O O O O O O O �p
� G� C O O O O O O O O O O O �Np�� (�� Y ry��
V N�u�l o O o v�i v�i �r�i N v�i v�i O O O U 6ppp���N q G F N.P.
� v V V O d O O O �0 �O �O� p[-�Q q � C W N
` z
-. ��I � � � o .. n a �, �o r `� ,'�c a 4 �u .-roi C
m� .�-� .. .°�i .°1i .si .. .°�i .�i .°�. ..°'. �� ��� q� �i � p�
� U Tq t
� G 4 E O
i
_ .,. .,�.�.,�..t.�,�,::..:: , �
, --- _ --- --- --, ------- -- -- ---- - - � -- - - — ----- - - - -
�
, _.
�� � �,:.: -� � -� � r--' � ;., r -- _ _. O
� _ , . , , _ . �
�
f . . . ... . .. , .. -:., , ... -r ... . ._ . , .� .
i �_�: . J:..- � ... .. . �..�_ .._�._ . .,-.. -' -._ _ - . - .- . � "
��..� , .. � .� :.... :-: . , .. . ....,. ,.. :., . .i . . . .... �� . .. ' .��:
.._
; .�:. �_ ., . : .; . . ��. ... . 7. . �� . .' .
� - -- --' ... �-•' ' , _ - -..
�. . , . . , . ' _. ' , -- - _..
_
I _ � : � _ _
��� _. . . I .- ;. -I �- - �
. , i .. � �.- - ��.
�._. . �._:. __ . _.: _ _- - . -:. .. ._. . . , .__�. .__. _ . -. � _-.. �� -_. ._
1 . .- �_-.. O .
.� . . �. � „ � _
.�T �
'. . . ., .i ,. � � _... . . , . '� � . . � . ..
�
_. .
,
�_ .._ . .. _ � . . . , _' . ' " ' _ ._. -
__ _ _ ..- __' _.:._ , ._. . ... ...: , _.. .__. ., .. _
. , ....:: '_ .� � _.: ..:.'
_ �, . .. , � .,. .. � .... _. . .. . ..
i. . • .. . . . . ' ,
.. . � . : , � _'
'.' ' ._ . .. ._ �.._: .. _ _'_. -» ;. _. .__� . . _.. ' '. '_ _ ' _ . .. __. . ' __ _ _.. ._. _
, . .. . . � _ . ._ -��.
� ;_-.: , ; :: � . ; ; .� :-. ...:' ��.�.� � . � I -, _.'_,.
. . ' - . . .�.'. , : . � . --"
i .
.
. . . � . . . . : . ., . .. _. . ,
i �. . . .. . ".� . �:.. . _ . . : � �: . . , ... ..�. . �
._
� ..... _ _ . _.. _ ' _
, . .. _. . _ . .. .
. , . .; . . , ,. . �,. . .
� . . . _ . . . -. .
1 i_ ., ,i' . _ .. . : . . �... . ... , .... , .. .-...__ _ _ ' ' _ ' .. .
�� � �
. �.
�� ._:.� ...::_ ._:-. , � . ..__. _.._�. ,,_.�. ' . ::.� - _.-:. ' ' _ . _ -.. --/ . ... --
. ... ..., � . , _. ..
(�� � . .. �� `, �� , . � , � ' . . ---
.. . . �.�: : � �. : �_. �:.. . .. . _ . . _ � �/ . .
�.. �: : �:: . . . � . . . �
_. .;:_._._j ..�__ _,_._.. _::�___ . ._-�: -� --._ . .._. . _ ,_...._. ._.-._ ..--- -- ._ . --- . .�.. . ... . _ .
�'� , . . .. ... .: '" .. ......: .�. _..�
.
� . .. .. � �. ,. . . .
�.. .: . . . . : . . i . _ , . . .
�
I
�__ ._.. . _ _. ___ _ .. .. ... .... _. � - �
� . �
� . .' :� . . .._ . • � , ' ..� � �.�. 4
V �m
I.'._ ..._ , . .. _ ._. _�_ �_ _ . . . ._ �.. . . .._. . ' '" _ �... . .
�
- -- U `
i , ; _ : _ ; N
� ;
�_ ; __ _ _. _ -,
-_ : _ _
;-
--.__ , . . . _ _ . , -.
� ; � � _ . ;
� ,
,__ _. _.:,_ _ ._ _ _ ___ . __:_. __._ _ __. . __ __. _ ___-, -- ___ _
_--. _.__ __ ,_-_...
; ;_ _ - � :
, _ - i -
, ,
. _ : .. _ . ._ - _. . _ __ . - -- . _ _ _ __
, . �
i _ _,.:�_. ._ ` _. . ' _ _' _ _ - - -- - - --c�-
.
i
, , /�
;_ . . � .
, . , ,
_ - - -- - _ r _. _ . _ . _. _ _ . ; _
, ,
i _ . , ;
, , _ , „ - .
, �. . , , . , - / - . ;
,. : , - - . ----
• -�= - _ - _.._.._ - . . - -
_. _ . : ,
_, ; � , ;
. +
; : . , . � -
. _ , ,
;_ ; _, .. , _ - - - - - - -
,.
. _. . . _ �
__ _ . _. __ i ;.
_ .. , _ _ �
� . , ,
, . , _
_ : . . _ : : ,.. � - �_ j
; - _ _ _ --
, '
__._. ._.... --.. -- -_ _ ______ __....__ .---- . . _:_ __ ...:_ ____:: _, ___. _ _. ____- _— -
�9
._. -
_ , , � .
, , , . ;
,. . _ .
,
, � , �
, , , , �
,.
,.
� . . _ - ; __ . . :; - - . _ _ _ . _ -- - _ _
_ i
. , , ; .. , , ,
, . . : �_ ,
�: ._. _ .: . - � - - - - - _ -- - - - - - - —
- - - �/ - - r - �
. _ . : ; �:
. .
;; � , ._
_ _ _ : _ _ ._ . . � - - _ .- -- _ -
:
, �
.
_
; , , ��
. ,
i_ . ;
_ .
_ .
... . -. , �, . . � . .. _. _: .._ ,- . i
. . .�_ . -. � , _
�.� ,. . . . . . -
: . -�a - -
, . � �
. _ __ - - - � - -- -- .. _ . _ -- - - --=-
� - -- -. ; -_ �/ '�v �":
, : _ _. _ : _ � -
_ __
; � ' - ; Q`/ v !
,_ _.- _.... .- - --- --_- - ;_ . __ _ • - - -- -- - - -
-,l � :� �-
, _ -
._. _ _
,
. �.� ,
, � _ , _
, � Q - - - - -
_ _ _ _ _ . _ ._ _.-- -Q. -__. � . ..�
, , _
. .
. � a
�
, , - _ .
__ _ � -- _ _ - -.� - - - . �_ . .- �.
�
z
, . �� �
,. _ : , ,
,
-- -—- _. _ _ _ . _ —- _.- — . - . .__ ._.___.__ ,.._ _-__ - - -- - — -
; _ �, — �u-
, , . - . ;
. _
.
, �
,_ ._ __ _ _ w. -- - �
; - . , ; � � :
� - - - ---- - - Qh• Q. - - — — - — -
; - _ - Q`�i� � - . . - - -
,
,� �. - - - - _ -- —�
_. _ __, -
_ _
�- -� .- - -- _ � _ - - -- -
. ,
i_ __ ,_ _ . __ � - � - ' -; - - .� . � �
___ : � Q . _ _ . _, � _ _ _ . __..�
_ _ - . .
, , ,_ ;
' ::_ � • --- . . - / �_ . _ ---. .__ _ _ _. - - -
, ;
� , , �
_ - , _ L
f.'. ...� .. . . . ._. . . . �
.i _. _ . ' ". . .: . .
� ,. . ' - . . . -
!'., """ �_ _ '_ .� _ _..... _ . _... .�.�.-.� . - .
"___._. .�... .__ � _.-_. _...._._ � ..�.. . _. ...:. � ...�_ . . . �.�_. .:
_. , '�
� . ..� - } .. ._ ' . .., _ '�. . / . . t: .',.. • . �. . ' _ ' . . . . _
. . , �. . : .� - .. ,- . ' .
.. . .... .. �',
��._ _ i._._ " _ "'" .""_.. ...'__.._ . ._..' .._-. . . _ �.-. .� "_ ' ' "
.. . .� . - .. _ ... ��
I' '. .. ._ . �.f '�,. . . . .
i�. �.. . _ .. . i . . _ _ _._. .. .
�'_ "' " _" __.... ....: . .•--- ' .. ' ' -_
.'. ..- �.� , .. .
� i._ •__ ._� _' '.� : ;: _ ` .:_.. _ , -' - - J� -
_ G� . .
; _; � - . ,, - ; - ' -
_ ; - _._
--,. . --- --..__
. ...
i _ _ - - --
`- _ . �_. _ __ . .. .- -.�.J• �.__ . _ .. . ..! r . � - . T�
,-. - 6 �
� -;- - - . :_ _ =- - - -- � - - -
� , � ...
.
�. � ._ � ;
, w . �
, . -
:.
�' '__'.�.'__ .._ . �._„_ y .:> . ...-._.� _ _:_ �._ �_ _ ""' � ' ._ _ __� _ '_.. ' '
, .
} �..�. : ��._ -- ; .. � , .�� -.,:. :,. ' ,.. ' .. ; - � �_;
i: . _ _ . .� -- - � _ ;
, ,
j= -_:._ =-,�._.�• ._ :_,_ ,._: _ ._�` ' --, - -- �- - - — - - �
. �li _ ;
� . �. ' . . � : � � �
. .
; __ _ . . . . cJ
,_ __ _
;. Q' � �♦ ' ' ;
;� _ _.: __ :; - - -__ __ __ � - -- - . ..:.- - - _ __ _
�� _ :;
j � : � , _
� �ilv __ _ - - ; - �- - - -- ! - -
;_ ._ : _.. �_ _... _ - . _: _ _, .+` ` � ,�
, ,
♦
. J
, � . . ,
, . �
. G �
- Q! - - - - � - - - - . W
, _ .
; . . , �--
'_ - -- - - - r _ _` � F�
.
t� .__
�� ; _ . _: . _- - � — -- -= - _-
. ;
, , ,
�.
�
v� s � : , , , ,
z � . � �
_ ac . ,-_ -, _ ,. ._ ._ , . . -- - -- - - � - � - - -; - - -
-- _ .
r o � ` ; : - � . : , ; , - ; � ._� J
� J _ 1-- i --_:�. . _. �__�_�� .__.. ..1-_-. 1 ._:. --� -- -- i--=---•--.- _�i__ �:_._� .--r_ _._-� _ ---1-.__. � � .
� 3 � — -:: =
!L � 3" M �1 N o S' zP r .°.+ ?� = � � �-- O (y"' �Q -,-,--,
J � .Q � N N � — c_��-.
,,1 ,