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268480 WHITE - CITY CLERK r PINK - FINANCE GITY OF SAINT PAITL Council ��.�,�,�f�� CANARV - DEPARTMENT BLUER -MAVOR File NO. I `�-" ` � �il Resolution Presented By Referred To Committee: Date Out of Committee By Date RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,180,000 WATER REVENUE BONDS OF 1977, SERIES 1 WHEREAS: A. The City of St. Paul owns and operates a municipal water utility hereinafter referred to as the "Water Utility" which is under the jurisdiction of the Board of Water Com- missioners hereinafter referred to as the "Board" , and said Water Utility has been under the jurisdiction of the Board since it was acquired in approximately 1885; B. The Board and the Council deem it necessary and expedient to improve the Water Utility, all as more fully described herein; C. To provide for such improvements the Board has recommended and the City proposes to issue its revenue bonds to be designated "Water Revenue Bonds of 1977, Series 1" , in accordance with and pursuant to the provisions of� Section 10.11.2 of the City Charter; D. There are no bonds, certificates or other obli- gations payable out of the "Net Revenues" (as herein defined) of said Water Utility constituting a lien or char.ge thereono E.. In accordance with advice received from the Board the Council finds, determines and declares that it is neces- sary and expedient to provide moneys in the amount of $1,1�0,000 to improve the Water Utility from the proceeds of revenue bonds, payable solely from the Net Revenues of the Water Utility; COUNCILMEN Yeas Nays Requested by Department of: Butler [n Favor Hozza ' /� — Hunt y� Levine _ Against 8Y � Roedler Sylvester Tedesco Form AQprove by City Attorne Adopted by Council: Date Certified Vassed by Council Secretary BY By Approved by Mayor: Date Approved by Mayor for Submission to Council By BY � . ��,.�, , °':r „ ` ' . NOW THEREFORE, BE IT RESOLVED by the City Council of the City of St. Paul, Minnesota, as follows: 1. It is hereby found, determined and declared that it is advisable, expedient and necessary to provide money in the amount of $1,180 ,000 to make improvements to the Water Utility of the City, including but not limited to the following, to wit: a. low-service main number 3-36 inch from University Ave. to lOth St. , � b. McCarrons water treatment plant expansion, c. improvements to Hazel Park booster system, and d. replace or repair section of 90" Vadnais conduit. 2. Neither the City nor the Board has any outstand- ing bonds, warrants , certificates, or other obligations or evidences of indebtedness , or money borrowed for or on account of said Water Utility or indebtedness for which any of the Net Revenues of all or a part of said Water Utility have been pledged or which are a prior lien on such Revenues. 3. The Council pursuant to advice from the Board hereby finds, determines and declares that the estimated revenues to be derived from the operation of the Water Utility during the term of the revenue bonds authorized by this resolution will be more than sufficient to produce Net Revenues as defined herein adequate to pay principal and interest when due on the revenue bonds authorized herein. 4. The City shall forthwith issue and sell $1,180,000 negotiable Water Revenue Bonds of 1977, Series 1 and �he director of the Department of Finance and Management Services is hereby authorized and directed to give notice of sale by publication in the official newspaper, the Daily Bond Buyer and in Com- mercial West at least ten days in advance of the date of sale. Notice shall be in substantially the following form: -2- . 1 . ` � � � ���`�� NOTICE OF BOND SALE $1,180 ,000 CITY OF SAINT PAUL, MINNESOTA WATER REVENUE BONDS OF 1977, SERIES 1 These Bonds will be offered for sale on sealed bids on Tuesday, February 22, 1977. Bids wi11 be opened at 11: 00 A.M. , Central Time, at the Office of Roger A. Mattson, Director, Department of Finance and Management Services, 109 City Hall, Saint Paul, Minnesota and will be presented to and acted upon by the City Council and Board of Water Commissioners at 12:00 Noon, Central Time of the same day. The Bonds will be dated April 1, 1977; will bear interest payable on each December 1 and June 1 to maturity, commencing December l, 1977 and will be payable solely from net operating revenues of the Water Utility of the City of Saint Paul. The proceeds will be used for con- struction of improvements to the Water Utility of the City. The Bonds will mature December l, $115,000 1978-81 and $120,000 1982-87, and will be without the right of prior redemption. The First National Bank of Saint Paul, St. Paul, Minnesota and the Chase Manhattan Bank, N.A. , New York, New York, have been designated by the City as alternate paying agents for this issue. Sealed bids for not less than par and accrued interest on the total principal amount of the Bonds, and a certified or cashier's check in the amount of $11, 800 payable to the order of the City of Saint Paul must be filed with the undersigned prior to the time of sale. No bids will be considered which are not accom- panied by the required certified or cashier' s check. Rates must be in integral multiples of 5/100 or 1/8 of 1$ and not exceeding 7� per annum. No rate may exceed the rate speci- fied for any subsequent maturity. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. Dated February 1977 BY ORDER OF THE CITY COUNCIL /s/ Roger A. Mattson Director, Department of Finance and Management Services -3- . k 5. Each and all of the terms and provisi,ons of the sale of said bonds axe set �orth in the "O�fici,al Terms of Bond Sale" set forth below and s�id terms and cond�,tions are hereby adopted as the terms and cond�,tions of sai,d bonds and of the sale thereof, to wit, -4- . , ��� OFFICIAL TERMS OF BOND SALE $1,180,000 CITY OF SAINT PAUL, MINNE�OTA WATER REVENUE BOND� OF 1977, SERIES 1 These Bonds (the "Obligations") wi11 be offered �'or sale on sealed bids on Tuesday, February 22, 1977. Bids w�,11 be opened at 11: 00 A.M. , Central Time, at the O�fice of Roger A. Mattson, Director, Department of Finance and Management Services, 109 City Hall, Saint Paul, Minnesota. The bids will be opened and tabulated by Mr. Mattson and Elmer A. Huset, General Manager of the Water Utility, and will be presented to and acted upon by the City Council and Board o� Water Cornmissioners at 12 : 00 Noon, Central Time of the same day. The Obligations will be offered upon the following terms: DATE AND INTEREST PAYMENTS OF THE OBLIGATIONS The Obligations will be dated April l, 1977, and will bear interest payable on each December 1 and June 1 to maturity, commencing December 1, 1977 . TYPE .AND PURPOSE OF THE OBLIGATIONS The Obligations will be payable solely from net operating reve- nues of the Water Utility of the City of Saint Paul. The Obli- gations will be in bearer form with interest coupons attached, and will be of the denomination of $5,000 each. The proceeds will be used for construction of improvements to the Water Utility of the City. MATURITIES AND REDEMPTION The Obligations will mature December l, in the amounts and years as follows: $115 ,000 1978-81 $120,000 1982-87 � All Obligations will be without the right of prior redemption. PAYING AGENT The First National Bank of Saint Paul, St. Paul, Minnesota and the Chase Manhattan Bank, N.A. , New York, New York, have been designated by the City as alternate paying agents for this issue. -5- � � ' ' ' ��'�� CUSI� NUMBERS If within three working days after the award of the Ob7,�,ga,ti,ons the Purchaser in writing requests that CUSIP identifi,cat�,on numbers be printed on the Ob1�.gations, and agrees to be respons-� ible for the CUSTP Service Bureau charge �or the �ssignment o� said numbers, the numbers w�,11 be pri.nted on the Obligations, but neither the failure to print such number on any� Cfb7.igation nor any error with respect thereto shall const�,tute cause ,�ox failure or refusal by the Purchaser to accept deli,ver� of the Obligations. DELIVERY, LEGAL OPINION, CO5T� AND PAY':MENT The Obligations will be delivered without cost to the Purchaser at a place mutually satisfactory to the Tssuer and the Purchaser within 40 days following the date of thei,r award. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan, Professional Association of Saint Paul, Minnesota, which opinion wi11 be printed upon the Obligations, and of customary closing papers, including a no-litigation certificate. Payment �or the Obligations must be made by the Purch�,sex in Federal or equivalent funds on the day of settlement in a timely manner so as to be avail- able to the Issuer on said day. __.�.-- TYPE OF BID-- Sealed bids for not less than par and accrued interest on the total principal amount of the Obligations , and a certified or cashier's check in the amount of $11, 800 payable to the order of the City of Saint Paul must be filed with the undersigned prior to the time of sale. No bids will be considered which are not accompanied by the required certified or cashier' s checl�. The certified or cashier's check of the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bids. No bid may be withdrawn until the conclusion of the meeting of the issuer at which bids are to be acted upon. RATES Bidders must" specify rates which must be in integral multiples of 5/100 or 1/8 of 1� and not exceed 7g per annum. All Ob1i- gations of the same ma�urity must bear a single rate from the date of issue to maturity. No rate may exceed the rate speci- fied for any subsequent maturity. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. -6- . , • ���J"!� AWARD 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 Obli- gations 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 Tssuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated February 1977 BY ORDER OF THE CITY COUNCIL /s/ Roger A. Mattson Director, Department of Finance and Management Services -7- �• , 6. Said bonds and the interest coupons to be attached thereto shall be in substantially the following form: -8- . ���� UNITED STATES OF AMERICA STATE OF MTNNESOTA RAMSEY COUNTY CITY OF SA2NT PAUL WATER REVENUE BOND OF 1977, SERIE� 1 No. $ KNOW .ALL MEN BY THESE PRESENTS that the City of Saa.nt Pau7., Ramsey County, Minnesota, hereby acknowledges that it is indebted and for value received will pay to bearer hereof without option of prepayment, solely out of the Revenue Bond Debt Service Account of the Board of Water Commis�ioners Water Utility Fund, the principal sum of THOUSAND DOLLARS on the first da� of December, 19 , and will pay interest thereon, solely out of said Account, from the date hereof until said principal sum is paid, at the rate of percent ( �) per annum, payable December l, 1977 and semiannually therea�ter on �'une 1 and December 1 of each year, as the same severally become due. Both principal and �nterest are payable at The First National Bank of Saint Pau1, St. Paul,, Minnesota or at the Chase Manhattan Bank, N.A. , New 5�ork, New York, at the option of the holder in any coin cr currency o� the Uni.ted States of America, which on the date of pay�ment is legal tender for public and private debts. This bond is one o� an issue in the total principal amount of $1,180 ,000, all of like date and tenoz, except as to serial number, maturity, interest rate and pri.ori.ty as to payment in the event the funds in the Revenue Bond Debt �ervice Account should ever be insuf�icient as more fu11y �pecified in paragraph 12 0� the authorizing resolution adopted , 1977, which bond has been is5ued for the purpose o� providing money to finance the cost of improvements to the City� � Water Utility. Said bonds and the interest thereon are payable solely and exclusively from the Net Revenues of the Water Utility of the City pledged to the payment thereof, and do not constitute a debt of the City or of the St. Paul Board of Water -9- Commissioners within the meaning of any constitutional, charter or statutory limitation of indebtedness. In the event of any default hereunder, the holder of this bond may exercise any of the rights and privileges granted by the laws of the State of Minnesota subject to the provisions of the authorizing resolu- tion of the City. The bonds of this issue are a first and prior lien upon the Net Revenues of the Water Utility of the City, except that the City is authorized under certain con- ditions to issue additional revenue obligations on a parity of lien with these bonds, all as provided in the resolution authorizing the bonds of this issue. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota and the Charter of the City of Saint Paul to be done, to exist, or to be performed precedent to and in the issuance of this bond, have been done, have happened, and have been performed in due form and manner as required by law; that the issuance of this bond does not cause the indebted- ness of the City to exceed any constitutional, charter or statutory limitation of indebtedness; that the City will establish rates and charges for the water service furnished by said Water Utility sufficient in amount to promptly meet the principal and interest requirements of this issue. IN WITNESS WHEREOF, the said City of Saint Paul, Ramsey County, Minnesota, by its Council has caused this bond to be sealed by the facsimile of its Official Seal, to be signed by the facsimile signature of its Mayor, attested manually by its City Clerk, and countersigned by the facsimile signature of its Director of Finance and Management Services, and each of the interest coupons hereto attached to be executed by the facsimile signatures of said officers, as of the first day of April, 1977. (facsimile) George Latimer Mayor (SEAL) Attest: City Clerk Countersigned: (facsimile) Director of Finance and Management Services -10- � � . ��84gp (Form of Coupon) No. $ On the first day of December (June) , 1977, unless the bond described below is called for earlier redemption, the City of Saint Paul, Ramsey County, Minnesota, will pay to bearer out of the Revenue Bond Debt Service Account o� the Board of Water Commissioners Water Utility Fund at The First National Bank of Saint Paul, St. Paul, Minnesota or at the Chase Manhattan Bank, N.A. , New York, New York at the option of the holder the sum shown hereon for interest then due on its Water Revenue Bond of 1977, Series 1, dated April 1, 1977, No. (facsimile) George Latimer May or Attest: (facsimile) Rose Mix City Clerk Countersigned: (facsimile) Roger Mattson Director of Finance and Management Services -11- 7. The bonds 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 manually by its City Clerk, and countersigned by the facsimile signature of its Director of Finance and Management Services; and the interest coupons thereto attached shall be executed by the fascimile signatures of said officers. When so prepared and executed, the Director of Finance and Management Services shall cause the bonds to be delivered to the purchaser thereof, upon payment of the agreed purchase price, and the purchaser shall not be obligated to see to the use and application thereof, but such proceeds shall be used and applied only as herein provided. 8. For the convenience and proper administration of the proceeds from the sale of the bonds herein authorized and for the payment of principal of and interest on said bonds, there is hereby created a Board of Water Commissioners Water Utility Fund (hereinafter referred to as the "Water Utility Fund") which shall be maintained and continued as a separate fund of the City and of the Board of Water Commissioners until all of the bonds herein authorized are fully paid and retired. In said Fund, there shall be established the following accounts: (a) A "Capital Account" into which there shall be paid the proceeds from the sale of the bonds herein authorized, less any premium and accrued interest (if any) paid by the purchaser upon delivery. From the Capital Account shall be paid all costs of the improvements to be financed by the bonds herein authorized, includ- ing legal, engineering, financing and other such expenses incidental thereto. Any balance remain- ing in the said account after the payment of such costs shall be transferred to the Revenue Bond Debt Service Account herein established. (b) An "Operation and Maintenance Account" into which shall be paid all gross revenues and earnings derived from the operation of the Water Utility system including any assessments which may from time �o time be levied in respect of the Water Utility. From this account there shall be paid all, but only, current expenses of said system. Current expenses shall include the reasonable and necessary costs of administering, operating, maintaining and insuring the system, salaries, wages, costs of materials and supplies, -12- . , � . ���� costs of water production and distribution, necessary legal, engineering and auditing ser- vices, and all other items which, by sound accounting practices constitute normal, rea- sonable and current costs of operation and maintenance, but excluding any allowance for depreciation, extraordinary repairs and payments into the Revenue Bond Debt Service Account. There shall at all times be maintained in said account a reserve in an amount sufficient to cover the operation and maintenance costs of the Water Utility system for the ensuing fifteen day period. The balance from time to time remaining in the Operation and Maintenance Account, including interest or other earnings received from the investment of any moneys in the Water Utility Fund, after paying or providing for the fore- going items shall constitute and are referred to in this resolution as "Net Revenues. " (c) A "Revenue Bond Debt Service Account" into which there sha11 be credited and to which there is hereby irrevocably pledged from the Net Revenues of the operation of the Water Utility system monthly commencing y-/- 77 a sum equal to at least 1/12th of the total principal and interest on the bonds herein authorized and any other bonds issued on a parity therewith during the ensuing 12 months; provided, however, that no further payments need be made to said account when the moneys held therein are sufficient for the payment of all principal and interest due on said bonds on and prior to the next maturity date. In addition there shall be credited to said Revenue Bond Debt Service Account the accrued interest and premium (if any) pa.id by the purchaser of said bonds upon delivery thereof. No money shall be paid out of said account except to pay principal and interest on the bonds issued hereunder and any other bonds which are issued on a parity with said bonds. (d) Net Revenues in excess of those re- quired for the foregoing purposes may be used for any proper purpose. -13- (e) The money in the Water Utility Fund shall be allotted and paid to the various accounts herein established in the order in which said accounts are listed on a cumulative basis, and if in any month the money in said accounts is insufficient to place the required amount in any accounts, the deficiency shall be made up in the following month or months after payment into all other accounts having a prior claim on said Net Revenues have been made in full. (f) A11 money held in the Revenue Bond Debt Service Account created by this resolution sha11 be kept separate and apart from all other municipal funds and accounts . 9. The revenue bonds issued hereunder shall be a first charge and lien upon the Net Revenues of the Water Utility and no part of such Net Revenues shall ever be pledged to the payment of any general obligation bonds issued by the City while any bonds of this issue or bonds issued on a parity therewith remain outstanding and undischarged. No additional revenue obligations payable from the Revenue Bond Debt Service Account shall be hereafter issued unless the same are expressly made a second and subsequent lien upon the Net Revenues of the Water Utility, provided however, that additional obligations may be issued on a parity of lien with the bonds herein author- ized, provided that the annual Net Revenues of said Water Utility for each of the two completed fiscal years immediately preceding the issuance of such additional obligations shall have been one and one-half times the maximum annual prin- cipal and interest coming due thereafter on all outstanding revenue obligations payable from and having a parity of lien upon the Net Revenues of the Water Utility Fund, including the additional obligations so to be issued; provided further however that if the annual Net Revenues in either or both of the aforesaid two completed fiscal years shall be insufficient to meet this test then any reasonably projected increase in Net Revenues for the fiscal year immediately following such second completed fiscal year may be added to the Net Revenues for such � completed fiscal years or either of them (but the total of such projected increase in Net Revenues may be added only once) in applying the foregoing test. Such facts sha11 be shown by the Certificate of the General Manager of the Board of Water Commissioners and shall be a finding of and recited in the resolution of the City authorizing any such additional series . In addition, the following conditions shall be met: -14- (a) The payments required to be made (at the time of the issuance of such parity lien bonds) into the various funds and accounts pro- vided for in this resolution have been made. (b) All such parity lien bonds shall have a December 1 maturity or maturitie� and shall have semiannual interest payments on June 1 and December 1 in each year. (c) The proceeds of such parity lien bonds shall be used only for the purpose of making improvements, additions, extensions, renewals or replacements to the Water Utility. 10. The City also reserves the right and privilege of issuing additional revenue bonds if and to the extent needed to refund maturing bonds payable from the moneys in the Water Utility Fund in case the moneys in the Revenue Bond Debt Service Account, are insufficient to pay the same at maturity, which refunding revenue bonds may be on a parity with this issue as to interest payments, but shall mature subsequent to all the revenue obligations which are payable from the Net Revenues of the Water Utility Fund and which are still outstanding upon completion of such refunding. 11. Except as authorized in paragraphs 9 , 10 and 16 hereof, the City covenants and agrees that it will issue or incur no obligations payable from the Net Revenues of all or a part of said Water Utility or constituting in any manner a lien thereon, unless such obligations are expressly made junior and subordinate to the lien and charge o� the bonds herein authorized on said Net Revenues, provided that the bonds herein authorized, or any part thereof, may be refunded with the consent of the holders thereof (except as to maturing bonds in which case such consent sha11 not be required) and the refunding bonds issued shall enjoy complete equality of lien with the portion of the bonds not refunded and any other then outstanding bonds payable from the Revenue Bond Debt Service Account, if any there be. The refunding bonds shall continue to have whatever priority of lien over subse- quent issues that the refunded bonds may have had. If only a portion of the outstanding bonds shall be so refunded and if such bonds shall be refunded in such manner that the inter- est rate of any refunding bond shall be greater than the interest rate of the corresponding refunded bond, (or the average net interest rate of the refunclina bonds shall be, or shall be reasonably estimated to be, higher than the average -15- . � j , ���� net interest rate of the refunded bonds) or that the maturity date of any refunding bond shall be earlier than the maturity date of the corresponding refunded bond, (or the average matu- rity of the refunding bonds shall be earlier than average maturity of the refunded bonds) then such bonds may not be refunded without the consent of the holders of the unrefunded portion of the bonds issued hereunder and any other then outstanding bonds payable from the Revenue Bond Debt Service Account. 12. In the event that the moneys in the Revenue Bond Debt Service Account, shall be insu�ficient at any par- ticular tizne to pay the principal then due and interest then accrued on all bonds payable therefrom, said moneys shall first be applied to the payment pro rata of the accrued interest on all such bonds, and any balance shall be applied in payment pro rata of the principal on all such bonds; provided further that if it shall ever be determined by a court of competent jurisdiction while any such bonds remain outstand3,ng that the sums available and to become available for the payment of the principal thereof and interest thereon are insufficient whether or not then due, then the moneys in said Revenue Bond Debt Service Account shall be applied in payment of all then out- standing principal whether or npt then due and the interest accrued thereon to the date of �payment ratably according to the aggregate amount thereof without any preference or priority. 13. The holders of 20� or more in aggregate princi- pal amount of bonds issued under this resolution and at any time outstanding may, either at law or in equity, by suit, action, or other proceedings, protect and enforce the rights of all holders of bonds issued hereunder and then outstanding or enforce or compel the performance of any and a11 of the cove- nants and duties specified in this resolution, to be performed by the City or the Board or their officers and agents, in- cluding the fixing and maintaining of rates and charges and the collection and proper segregation of revenues and the appli- cation and use thereof. 14. For the protection of the holders of the bonds herein authorized, the City herein covenants and agrees to and with the holders thereof from time to time as follows : (a) It will at all times through its Board adequately maintain and efficiently operate the Water Utility as a City utility. It will from time to time make all needful and proper repairs, replacements, additions and betterments to the equipment and facilities of said Water -16- Utility so that they may at all times be oper- ated properly and advantageously, and whenever any equipment of said system shall have been worn out, destroyed or otherwise become in- sufficient for proper use, it shall be promptly replaced or repaired so that the value and efficiency of the facilities shall be at all times fully maintained and its revenues un- encumbered by reason thereof. (b) The rates for all water service and the charges for all water supplied by the Water Utility to the City and its residents and to all other consumers shall be reasonable and just, taking into account the cost and value of the Water Utility, the cost of maintaining and operating the Water Utility and the proper and necessary allowances for depreciation, the amounts required for the payment of principal and interest on the bonds payable from the Net Revenues of the Water Utility, and all other sums customarily paid from the revenues of the Water Utility. (c) It will as required by Section 10.11.2 of the City Charter (and it will continue to do so whether or not required by said Charter) establish, maintain and collect such charges and rates as will produce revenues sufficient to pay the reasonable cost of operation, repair and maintenance of the Water Utility and to pay the interest on and princi- pal of the bonds herein authorized as and when they become due as well as to provide suffi- cient money to make the required appropri- ations to the various funds and accounts estab- lished herein. The City will review �the schedule of rates and charges for the Water Utility at least annually when the Board budget is reviewed. (d) The City wi11 not sell, lease, * mortgage, or in any manner dispose of the Water Utility or any part thereof including any and all extensions and additions that may be made thereto until all revenue bonds payable =from the Net Revenues of the Water Utility or any -17- part thereof have been paid in full; provided however, that the City may sell the Water Utility or any part thereof if simultaneously with or prior to said sale all of the out- standing bonds are discharged in accordance with paragraph 16 of this resolution. This covenant shall not be construed to prevent the sale by the City at fair market value of real estate, equipment or other non-revenue-producing properties which in the judgment of the City have become unnecessary, uneconomical or inex- pedient to use in connection with the Water Utility provided that suitable facilities are obtained in place thereof and provided further that nothing herein is intended to prevent the City or the Board from terminating or other- wise preventing the termination of contracts for the furnishing of water. (e) The City shall cause to be kept proper books , records and accounts adapted to the Water Utility separate from other accounts to be audited at the end of each fiscal year. A copy of said audit shall be furnished, without cost, to the original purchaser of the bonds herein author- ized. If the City fails to provide such audit within a reasonable time after the end of said fiscal year, the holders of 20g or more of the outstanding bonds may cause such audit to be made at the expense of the City. The expense of preparing such audit shall be paid as current operating expenses of the Water Utility. The original purchasers of the bonds and the holders thereof, or their duly appointed representatives, from time to time shall have the right at all reasonable times, to inspect the Water Utility system and to inspect and copy the books , records, accounts and data relating thereto. The City agrees to furnish copies of such audit, without cost, to any holder or holders of the bonds at their request within a reasonable time after the end of each fiscal year. (f) It will faithfully and punctually per- form all duties with reference to the Water Utility required by the City Charter, the Constitution and laws of the State of Minnesota and this resolution. -18- ���/'� ��f � ' . , (g) The City will grant no franchise to any competing utility. 15. No change, amendment, modification or alteration shall be made in the covenants made with holders of the bonds authorized by this resolution without the consent of the holders of not less than 60� in principal amount of then such outstanding bonds except for changes, amendments , modifications and alterations made (a) to cure any ambiguity or formal defect or omission, or (b) any other change which would not materially prejudice the holders of such outstanding bonds; provided, however, that nothing herein contained shall permit or be construed as permitting (1) an extension of the maturity of the principal of or the interest on any such bonds, or (2) a reduction in the principal amount of any such bond or the rate of interest thereon, or (3) a privil.ege or priority of any such bond or bonds over any other bond or bonds except as otherwise provided herein, or (4) a reduction in the aggregate principal amount of such bonds required for con- sent to any change, amendment, modification or alteration, or (5) permit the creation of any lien ranking prior to or on a parity with the lien of such bonds , except as herein- before expressly permitted, or (6) modify any of the pro- visions of this paragraph without the consent of the holders of one hundred percent (100�) of the principal amount of such bonds outstanding. 16. When all bonds issued under this resolution, and all coupons appertaining thereto, have been discharged as provided in this paragraph, a11 pledges, covenants and other rights granted by this resolution to the holders of the bonds shall cease. The City may discharge all bonds and coupons which are due on any date by depositing with the paying agent for such bonds on or before that date a sum sufficient for the payment thereof in fu11; or if any bond or coupon should not be paid when due, it may nevertheless be discharged by depositing with the paying agent a sum sufficient for the payment thereof in full. The City may also discharge any prepayable bonds which are called for redemption on any date when they are prepayable according to their terms , by depositing with the paying agent on or before that date an amount equal to the principal, interest and redemption premium, if any, which are then due, provided that notice of such redemption has been duly given as provided in the resolution authorizing the bonds. The City may also at any time discharge this issue of bonds in its entirety by complying with the applicable provisions of Minnesota Statutes, Section 475. 67, and any amendments thereto, -19- r� � .. � ' i 2fi���0 except that the funds deposited in escrow in accordance with said provisions may but need not be in whole or part proceeds of advance refunding bonds. The City may discharge bonds and coupons as herein provided without the consent of any bond- holders. 17. As used in this resolution the words "fiscal year" shall mean the 12 month period beginning on January 1 of each year and ending on December 31 of the same year. Should it be deemed advisable at some later date to change its fiscal yearly basis, the same may be done by proper actions to that effect which change shall not constitute an amendment or modification of this resolution. ____..___y_....,/ 18. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 19 . The City Clerk is authorized and directed to prepare and furnish to the original purchasers of said bonds, and the attorneys approving the same, certified copies of all ordinances and resolutions of the City relating to the Water Utility system, and the issuance of the bonds, and all other proceedings or records showing the right, power and authority of the City to issue the same and to provide funds for the payment thereof, and such certified copies and certi- ficates shall be deemed representations of the City as to all statements therein. � 20. Each and all of the terms and provisions of this resolution shall be and constitute a covenant on the part of the City to and with each and every holder from time to� time of the bonds issued hereunder. � -20- WHITE - CITV CLERK COI1f1C11 �'j)�� PINK - FINANCE BLUE��`v ��Ay�1RTMENT GITY OF SAINT PAUL File NO. ~ ' �� ' v Council Resolution Presented By Referred To Committee: Date Out of Committee By Date � : 21. The City Clerk is authori�ed and directed to file a certified copy of this resolut�Lon and the resolution accepting the bid on the bonds with the County Auditor of Ramsey County, and obtain a certificate that the bonds herein authorized have been duly entered in his Bond Register. �. . � -21- COUNCILMEN Yeas Nays Requested by Department of: Butler .�.. [n Favor , Hunt Levine � _ Against BY Roedler Sylvester TedesCO F�� � �� Fotm Approved b City Attor y Adopted by Council: Date Certified �\�C:.J`�y Council S tary By By. �y r~y Approv by iVlayor: D te �CB `9 �� Appro e by Mayor for Su iss n�Council By BY PUBLISttED F�B 1 2 1977 CITY OF ST. PAUL No._ . OFFICE OF THE BOARD OF WATER COMMISSIONERS n�� a� RESOLUTION—GENERAL FORM y�' g PRESENTED BY �� �7 �C��J�_ COMMISSIONER - DATE / �� Ths Board ot Watsr Cc>�i�eion�tr o! ths Cil�r oS 8sint Paul, Miane�ota,, l� revisvad a pa�oposed form of re0olution en�itled "RIlaOlLit�OYl FrOVSd�.Yl$ FO� �hs Issuauce and sals of �1,18o,00Q Wd��r Hev�aw H�d� of 1977• �e�ssr 1" �d hereby sep�ucately conaurs in s11 findinge, reaoma�end�tione, oo'�enaate and d�tsa.^minationa ��t fart�h in sai.d resalutioa, atid reqns�tl� a� raco�nend� t�at said resolution be �iopted by the City Couac�l of t�te Ci�jr of Ssint Psul, Mi�nu+�t>ta, axtd tbatt th� bonds provide8 ior th�ia b� isswd �ub�eot to r�oeipt � of a satief'aatory bid therefor. ; Water Commissioners Adopted by the Board of Water Cornmissioners Yeas Nays — 19_ In favor Opposec] _. ,�y ASST. SECY.