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RESOLUTION
I T PAUL, :MINNESOTA �f
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 :
1 . 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 . Meetina. The City Council shall meet on November
13, 1996, for the purpose of awarding the sale of the Bondsz provided 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
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5 . Official Statement . The Director, Department of
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�
7 � d
Adopted by Council: Date �_�� -��,� � Form Approved by City Attorney
Adoption Certified by Council Secretary By:" 1�J`-"` --,- �-` ^ ��� �
By. _ � .�v- y�
Approved by I�y�3 �ate � Approve Mayor for Submi 'on to Council
By: � By:
� � 9L• 1�.`3 �
� FINANCE 6 MANAG�EMENT SERVICES �/.s��6 N_ 3 2418
�R�EN SH�ET ._ _. _ . _ _
INITIAUDi1TE —INITIAklCMTE
Shirley Davis 266-8839 � cmr��erRE� cm��
NUWER FOII
BY pQ��Q �BUDOET DIRECTOR FIN.d MOT.BERYICEB DIR.
October 9, 1996 0�� �����,���,� � .
TOTAL#►OF.81ONATUqE PAQH$ (CUP ALL LOCATIONS FOR SI�NATURE)
��°�D' This resolution gives the Department of Finance and Management Services the
authority to begin preparations for �he November 13, 1996 sale of �3,000,000 Capi�tal
Improvemeat Bonds as authorized by the 1996 Capital Improvement Budget.
RE�����'�8'�°V°�)°f���p� � PERSONAL SERVIC�CONTRACTS MUST ANSMIER THE FOLW1YNi0 OUEdT101�1�:
_PLANNINO CO�AM�8810N _CIVIL 9ERVICE o0�M�8610t�1 1. Has lhis psrson/Nrm sver woNosd uruler s ooMnot for tlNs d�rbMnt? -
A���E _ YE3 NO
A 2. Has th�p�raoNfUm ever been a City emplCye�?
—�'� — YES NO
_018TRICT oOURT _ 3. Doss this psnoMirm posess4 a skill not nom�sib P�bY e^Y p+��Y�?
8UPPORTB WMKXi CAt1�ICIL OBJEC11VE4 YES NO
Euplain a11 y�s enswers on ap�n»�ta�t�rtd�theh to�n�n N�t
INITIA11N�i PROBLEM�188UE.OPPORTUNITY(VNq�WINt.Wha��YIRrn.WhYI.
The 1996 Capital Improvement Budget authorizes $17,500,000 for capital improvement bot�ds;
$14,500,000 were sold in 5pring 1996. To comply with federal arbitrage regulations for
spending bond proceeds, the additional $3,Q00,000 is scheduled for November 13y 1996,
closer to the construction spending needs of the project. ,
ADVANTk0E81F APPfiOMED:
Funding will be availabl.e for approved 1996 Capital Improvement Budget construction
pro�ects. This $3,000,000 funds the Science Museum pro3ect.
D18ADVANTAOE8IF APPROVED:
NONE. '
� Court�i! F�s��rch Cer�t�r
SEP 3 0 "�y�6
DtBADVANTM�ESIFNOTAPPROVED: ___.____------_..__..._._._.__
Construction as approved by the Capital Improvement Budget for 1996 will not be funded.
3,000,000
TOTAL AMpilNT OF TRANSACTION = COST/REVENUE BUDAETED(CIRCLE ONE) �E8 NO
RUt1aNO�OURCE Capital Improvement Budget ACTIVITY NUMSER 89996
FINAP�IAL IMFORMATION:(fXPLA1N)
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qme,�,me rSt � ►��°t� �I�
October 9, 1996
$3,000,000 General Obligation Capital Improvement Bonds, Series 1996E
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Amendment:
Provided that said bonds shall not be sold until the following have occurred:
1. A signed Develpment Agreement between the Science Museum of Minnesota
and the City of Saint Paul, and
2. A City Council approved land acquisition plan and budget.