96-1408 « � Council File# ��.� ����
~ �.•j 9 `� � � j �4; ��� �� Green Sheet # 3 a�"{�_
RESOLUTION I�
CITY OF SAINT PAUL, MINNESOTA
Presented By �-
Referred To Committee: Date
AMENDING RESOLUTION PROVIDING FOR THE COMPETITIVE
NEGOTIATED SALE OF $3, 000, 000
GENERAL OBLIGATION CAPITAL IMPROVEMENT
BONDS, SERIES 1996E
WHEREAS, this City Council has heretofore called for
the competitive negotiated sale of $3, 000, 000 General Obligation
Capital Improvement Bonds, Series 1996E (the "Bonds") :
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Sale Date. The date for the sale of the Bonds shall be
changed to November 20, 1996 .
2 . Development Acrreement . The Bonds may be sold before
the execution of a Development Agreement with the Science Museum
of Minnesota, provided that the resolution accepting a proposal
on the sale of the Bonds prohibits the expenditure of proceeds of
the Bonds on the public improvements relating to the relocated
facilities of the Science Museum unless and until the Science
Museum of Minnesota has executed a Development Agreement with the
City relating to such relocation.
Yeas Na s Absent Requested by DepaRmerrt of:
Blake
Bostrom ✓ FINANCE AND MANAGEMENT SERVICES
Guerin �
Harris ;/
Me ard
Rettman By�
� � U
Adopted by Council: Date ` \�� .������ Form Appr ed by Ciy Attorney
Adoption Certified by Council Secretary B . r-' '
By:
`� --�_ a- �,� ---_.... ��,�.- !'�
Approved by Mayor: Date � Approved ayor for Su i �on to Council
By: GY� By: �
k _ 9�- I�o 8'
°A�'"m"�D N_ 3 2 419
FINANCE AND VICES 11-s�96 GREEN SHEET _ _ _ _ _ _.
8 DEI�RTMENT OIpECT�OR ��E CITV COUNCIL —INITIAUDATE
Shirley Daeis -88 �°�� �]CITYATTORNEY �cmra.�K
A(iENDJ1 ) �p�� �BUDOET DIRECTOR �flN.6 MQT.SERYICE$DIR.
November 13, 996 °"DER �"AA1f°R�ORA�T""T► ❑
TOTAL#E OF SIQNATURE PAGES ' (CLIP AL�IACATION8 FOR SKiNATURE)
���E��' This resolution amends CF 96-1263 changing the date of the bond sale to
November 20, 1996, with award by Council tha� afternoon.
$3,000,000 Gener�l Obligation Capital Improvement Bonds, Series 1996
:Appravs(A)a Ra�;t(R) pER80NAL SERVICE CONTRACTS MUST AlISWER THE FOLLOWMKi CIUl8TION3:
_PLANNIANi C01AAM8810N _CIVIt SERNICE W�M�t1881�1 1. Has this psrsoMirm e�rer worked urlder a�Mract for thi8 dsparNneM4
_CIS COMMITTEE _ YES NO
_8�� _ 2. H$s this psrson/firm ever been e cfty employse?
YES NO �
—�T��T�T — 3: Does this pereonRirm possess a skill not normaHy poa�sed b�r any auroM oky�mploy.s4
BUPPOR't8 YYHK�1 COUNCIL OlJECT1VE9 YES NO
Explaln all yN�nswsn on�anb tM�t and ethch to Onan�hwt
N�IITIATII�{i PfiO�.EIA.198UE.ClPPORTUNITY(YVho.w�WMn�WMro.WhYI.
The City Council should be appropriately notified of a bond sale date change. This
resolutiori fulfills that requirement and also clarifies the' language for the final
awarding bond sale resolution of November 20, 1996.
nar,w��s�n��o:
�3,000,000 in bond proceeds is available to fund the pro�ects of the 1996 approved
Capital Improvement Budget.
D18ADVANTAOE8IF APPROVED:
NONE GOU�'1C� RBSS�I �
NOV 0 5 1996
�����o:
Funds will not be available for construction of capital improvement pro�ects as
approved by Council for 1996.
TOTAL AMBUNT OF TRAN ON : C08T/RHVENUE 9UDOETEO(GIRCLE ONE) YES NO
/ -
FUNDIfKi sOURCE ACTIVITY NUMBER ��O ^ �/ / ` �
FINANCIAL NdFORMATION:(EXPLAIN)
� � ,y li0Uf1C11 tll9�
. ' � � � ` � L �� f, � A M E N �Q E'b Green Sheet # 3 a y � g
`� �� � 9 � qG
RESOLUTION
I T PAUL, MINNESOTA �4-�`��� ��
Presented By
Referred To • Committee: Date
PROVIDING FOR THE COMPETITIVE
NEGOTIATED SALE OF $3, 000, 000
GENERAL OBLIGATION CAPITAL IMPROVEMENT
BONDS, SERIES 1996E
� BE IT RESOLVED by the Council of the City of Saint
Paul, Minnesota, as follows :
l . Finding; Amount and Purpose. It is hereby found,
determined and declared that �the City of Saint Paul, Minnesota
(the "City") , should issue its $3, 000, 000 General Obligation
Capital Improvement Bonds, Series 1996E (the "Bonds") , to finance
the acquisition and construction of capital improvements relating
to the relocation of the Science Museum as set forth in the 1996
Capital Improvement Budget .
2 . Meetincr. The City Council shall meet November � i
13, 1996, �or the purpose of awarding the sale of the Bo d� that
3 . Competitive Negotiated Sale. The City has
retained Springsted Incorporated as an independent financial
advisor, and the City Council hereby determines to sell the Bonds
by private negotiation, by way of a competitive sale in response
to Terms of Proposal for the Bonds which are not published in any
newspaper or journal .
4 . Terms of Proposal . The terms and conditions of
the Bonds and the sale thereof will be fully set forth in the
"Terms of Proposal" to be set forth in an official statement for
the Bonds .
said bonds shall not be sold until the following have
occurred:
1. A signed Development Agreement between the
Science Museum of Minnesota and the City of
Saint Paul, and
2. A City Council approved land acquisition plan
and budget.
332633.1
._ - ,�.
� I t.,' �
" -` ����, �
5 . Official Statement . The Director, De artment of ``1�
P �
Finance and Management Services, Treasurer and other officers or ��
employees of the City are hereby authorized to participate with
Springsted Incorporated in the preparation of an official
statement for the .Bonds.
Yeas Na s Absent Requested by Department of:
Blake
Bostrom FINANCE AND MANAGEMENT SERVICES
Guerin
Harris
Me ard
Rettman By�
� � �
Adopted by Council: Date �� -T�q� Form Approved by City Attorney
Adoption Certified by Council Secretary By:`� ���J"--�- �-_ �� -
�-.---
By: " � �U� y�
Approved by I��3 �ate Approve Mayor for Submi 'on to Council
By: By:
�:�� c� . '
r : ; 1`�TANCE MANAG�IIKENT SERVICES �b�'�'��i�6 GREEN SHEET ��°��� N° 3 2 418
s� ;��;,. . _
'� ACT PER30N 8 PHONE INITIAUDATE INITIAUDATE
yy �� Y' Shirle Davis 266-8839 DEPARTMENTDIRECTf�1R CITYCOUNCIL
'� ery�' y ASSION CITY ATTORNEY * cm c�eRK
�" " ��� NUMBER fOR
�'' MUBT BE ON OOUNCIL A(3ENDA BY(DATE) pp�� _ �BUDGET DIRECTOR FIN.6 MGT.SERVICES DIR.
��<. �CtOber 9, . 1996 ORDER �pYOR(ORASSISTANn �
TOTAL#E OF SIGNATURE PAGES (CLIP ALL LOCATIONS FOR SIGNATURE)
ACTIONREOUESTED: Tt1�S resolution gives the Department of Finance and Management Services the
authority to begin preparations for the November 13, 1996 sale of $3,000,000 Capital
Improvement Bonds as authorized by the 1996 Capital Improvement Budget.
RECOMMENDATIONS:Approve(A)or Reject(R) PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING�UESTIONS:
_PLANNINO COMMISSION _CIVIL SEHVICE COMMISSION �• Has this person/firm ever worked under a contract for this depertment?
A CiB COMMITTEE _ YES NO
2. Has this person/firm ever been a city employee?
A$T� — YES NO
_oISTRICT COURT _ 3. Does this personRirm possess a skill not normally possessed by any curtent city employee?
SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO
Explatn all yes enswsrs on saparste shset and attach to grssn shest
INITIATINO PROBLEM,ISSUE,OPPORTUNITY(Who,VYAat,When,Where,Why):
The 1996 Capital Improvement Budget authorizes $17,500,000 for capital improvement bonds;
$14,500,000 were sold in Spring 1996. To comply with federal arbitrage regulations for
spending bond proceeds, the additional $3,000,000 is scheduled for Nov.ember 13, 1996,
_ �`closer to the construction spending needs of the project.
ADVANTAGES IF APPROVED:
�` Funding will be available for approved 1996 Capital Improvement Budget construction
'projects. This $3,000,000 funds the Science Museum project.
DISADVANTAGES IF APPROVED:
NONE. �
(� ;, �- p.
E��i:t�c.:t E .. ..ei ��Ji��.vl
St� J 0 �I�;�b
DISADVANTA(iES IF NOT APPROVED: - _ �� .
Construction as approved by the Capital Improvement Budget for 1996 will not be funded.
3,000,000
TOTAL AMOUNT OF TRANSACTION S COST/REVENUE BUDGETED(CIRCLE ONE) YES NO
` Capital Improvement Budget 89996
FUNDIN(i SOURCE ACTIVITY NUMBER
FINANCIAL INFORMATION:(EXPLAIN)