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268629 WHI7E - CITV CLERK � COl1I1C11 ��-1�� PINK - FINANCE G I TY OF SA I NT PAU L CANARV - DJiPARTMENT � ` � l� BL+E - MAVOR File NO. �# Council Resolution � � Presented By Referred To Committee: Date Out of Committee By Date Page 3. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable December 1, 1977 and semiannually there- after on June l and December 1 of each year, at the respec- tive rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1978 1 - 23 4.25% 1979 24 - 46 4.259; 1980 47 - 69 � 4.25% 1981 �0 - 92 4.25% 1982 93 - 116 4.25% 1983 117 - 140 4.25% 1984 141 - 164 4.30% � 1985 165 - 188 4.40% 1986 ' 189 - 212 4.50% 1987 213 - 236 4.60% COUNCILMEN Requested by Department of: Yeas Nays � �' ina c Hozza [n Favor H�► Levine � __ Against BY = 'Z2 "�T Roedler Director Sylvester r � � i Tedesco FE� Z � �9�� Form Approved by Ci y tfornky Adopted by Council: Date �t `, � �_ ' Certified Yassed by Counc.il Secretary $Y By Appro d by Mayor: D e ! � � �9�� Approved by Mayor for Submission to Council By BY RuB�ist�EO MAR 5 1977 � �:f ` ' '�'�;'�jS�,,,'�t CITY OF SAINT PAUL DEPARTMENT OF FINANCE AND MANAGEMENT SERVICES ROG ER A. MATTSON February 11, 197 7 DIRECTOR `�+ ... �� M E M O R A N D U M \ T : Rose Mix r � O City Clerk FROM: Roger A. Mattson SUBJ: Water Utility Revenue Bond Issue - Award , Pursuant to Council Resolution, C.F. 268480 , the City will receive bids on the sale of $1 , 180, 000 Water Revenue Bonds, Series 1 , on Tuesday, February 22 , 1977 , at 11 : 00 a.m. The Resolution further provides that the official terms of bond sale as set forth provide that the City Council will receive and act upon the bids at 12 : 00 noon, certral time, of the same day, with concurrence by the Board of Water Commissioners . Please include as an item for the agenda of the City Council for February 22 , 1977 , the appropriate agenda item so that the members of the City Council will know that at 12 : 00 o ' clock noon, they will be presented with the bids and a recommendation for award of the sale. RAM/ja cc : Mayor George Latimer Mr. Elmer Huset City Hall, Saint Paul, Minnesota 55102 • , :;.:�. � TABLE OF CONTENTS Page Elected Officials 1 Board of Water Commissioners 1 Staff and Consultants 2 � Official Terms of Bond Sale 3-5 Bond Years 6 Bidding Requirements and Award � Purpose and Financing g Rating $ Background and Operation 9-11 � Average Daily Consumption 12 1976 Water Flow 13 Capital Improvements 14 Future Financing 14 Security 14 Parity Bonds 15 � Net Operating Revenues 1971-1976 15 Cash Flow 16-16a Flow of Funds 1� Debt Service Coverage 18 Operating Statements 2�_22 Combined Balance Sheet 23-24 � General Information 25 Area 26 Population 26_2� Economy 28 New Development 29 Transportation 30 Education 31 � Default Record 32 Litigation 32 Future Financing 32 Certificate 32 Covenants Appendix I (pink) Bid Forms Enclosed � No d�ler, broker, mlesman or otfy► penon hs� been authorized by the luuer to qiw any � inform�tion or to make a�y roprs�entstion: with rerpect to the Obligstion� of thia offering other than thwe contained in thia OfficiM Statement �d, if given or made, wch other information or rep►aentations mu�t not be relied upon e�having been euthorizsd by ths lauer. Certain informetion contain�d herain has been obtai�ed from sources believed to bs roiiabla,6ut it k not 9uarenbed as to complsteness and is not to be construsd s� a ropretenntion of said lauer. The infomnation snd exproaion: of opinion herein aro wbject to chsnge without notice and naither ths delivery of this � Official Stetement nar any qIe mads hereundsr shall,under any circumnances,creats sny implicatio� Mat thero ha�bsen no ch�gs in tAs affain of tha lauer:inae the dste hsreof. DATE OF OFFICtAL STATEMENT: Febr�ary 4, 1977 � • -1- ' � ELECTED OFFICIALS � CITY OF SAINT PAUL � George Latimer �Mayor Robert P. Sylvester, Council President � Rosalie L. Butler Councilwoman David H. Hozza Councilman Ruby M. Hunt Councilwoman Leonard W. Levine Councilman Patrick J. Roedler Councilman � Victor J. Tedesco Councilman BOARD OF WATER COMMISSIONERS � Leonard W. Levine, Council Member President Dr. Phillip G. Thompson, Citizen Member Vice President Ruby M. Hunt Council Member Mimi Sands Citizen Member � Robert P. Sylvester Council Member ----------------------------------------------------------- Elmer A. Huset General Ma.nager Thomas D. Mogren Assistant General•Manager � � � � • -2- � STAFF AND CONSULTANTS The following people may be contacted for further information. Water Utility E1mer A. Huset, General Manager � 612/298-4100 Thomas D. Mogren, Assistant General Manager 612/298-4100 Marlon D. Simonson, Accountant � 612/298-4277 City Fiscal Roger A. Mattson, Director Department of Finance & Management Services 612/298-4637 � • City Legal Harriet Lansing, City Attorney 612/298-5121 Jerome J. Segal, Assistant City Attorney 612/298-5121 Each of the above is located in the City Hall, Saint Paul, Minnesota 55102. • Bond Counsel Bernard P. Friel Briggs and Morgan Frofessional Association S 2200 First National Bank Building Saint Paul, Minnesota 55101 l'a12/291-1215 Fiscal Consultant Osmon R. Springsted or Gerard B, Shannon Springsted Incorporated 800 Osborn Building � Saint Paul, Minnesota 55102 . 612/222-4241 � s � � - -3- OFFICIAL T�RMS OF BOND SALE � . $1,180,000 CITY OF SAINT PAUL, MINNESOTA WATER REVENUE BONDS OF 1977, SERIES 1 � These Bonds (the "Obligations") will be offered for sale on sealed bids on Tuesday, February 22, 1977. Bids will 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 Ha11, 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 of Water Commissioners 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 1, 1977, and will bear interest � payable on each December 1 and June 1 to maturity, commencing Dec�nber 1, 1977. TYPE AND PURPOSE OF THE OBLIGATIONS The Obligations will be payable solely from net ogerating revenues: of � the Water Utility of the City of Saint Paul. The Obligations 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 1, 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, Saint 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. � � � • -4- � CUSIP NUMBERS � If within three working days after the award of the Obligations the Purchaser in writing requests that CUSIP identification numbers be printed on the Obligations, and agrees to be responsible for the CUSIP Service Bureau charge for the assignment of said numbers, the numbers will be printed on the Obligations, but neither the failure to print such number on any Obligation nor any error with respect thereto shall � constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. DELIVERY, LEGAL OPINION, COSTS AND PAYMENT The Obligations will be delivered without cost ,to the Purchaser at a � place mutually satisfactory to the Issuer and the Purchaser within 40 days following the date of their award. Delivery will be subject to receipt by the Purchaser of an approving l,egal opinion of Briggs and Morgan, Pro£essional Association af Saint Paul, Minnesota, which opinion will be printed upon the Obligations, and of••customary closing papers� including a no-litigation certificate. Payment for the Obligations ! must be made by the Purchaser in Federal or equivalent funds on the day of settlement in a timely manner so as to be available 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 check. 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 b�ds. No bid may be with- drawn 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 7% per annum. All Obligations of the same maturity must bear a single rate from the date of issue to maturity. No rate may exceed the rate specified for any subsequent maturity. Additional coupons may not be: used. No limitation is placed upon the number of rates which may be specified. � � • � � -5- 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 Obligations from their date to their stated maturity as comput�d on the basis of the schedule of bond years in the Official Statement published for the Obligations. The � Issuer reservea the right to re3ect any and all bids, to waive informalities and to ad�ourn the sale. Dated February 1, 1977 + BY ORDER OF �HE CTTY COUNCIL /s/ Roger A. Mattson Director, Department of Finance and Management Services � � � � � � � • -6- $1,180,000 WATER REVENUE BONDS OF 1977 � SAINT PAUL, MINNESOTA CUMULATIVE YEAR PRINCIPAL BOND YEARS BOND YEARS 1978 $115,000 191.6667 191.6667 � 1979 $115,000 306.6667 498.3334 1980 $115,000 421.6667 920.0001 1981 $115,000 536.6667 1456.6668 � 1982 $120,000 680.0000 2136.6668 . , 1983 $120,000 800.0000 2936.6668 1984 $120,000 920.0000 3856.6668 • 1985 $120,000 1040.0000 4896.6668 1986 • $120,000 1160.0000 6056.6668 1987 $120,000 1280.0000 7336.6668 � Average Ma.turity: 6.2175 years Dated: April 1, 1977 Interest Due: December 1, 1977 and each June 1 and December 1 . to maturity. Principal Due: December l, 1978-87 inclusive. 'Redemption: None t � i � � , -7- BIDDING REQUIREMENTS AND AWARD � Sealed bids for not less than par and accrued interest ott the principal amount of the Issue, and a certified or cashier's check in the ampunt of $11,800 payable to the order of the City of Saint Paul must be submitted prior to the time of the sale. No bid will be considered which is nQt � accompanied by the required certified or cashier's check. Rates must be in integral multiples bf 5/100 or 1/8 of 1X and not exceed 7% per annum. All Obligations of the same maturity must bear a single rate trom the date of issue to maturity. No rate may exceed the rate specified for any subsequent maturity. � Bids will be opened by Roger A. Ma.ttson, Director, Department of Finance and Management Services and E1mer A. Huset, General Manager of the Water Utility, at Room 109, City Hall, Saint Paul at 11:00 A.M. Central Time on Tuesday, February 22, 1977 following which the bids will be reviewed and tabulated and presented to and acted upon by the City Council and Boa�d of Water Co�issioners at 12:00 Noon Central Time of the same day. The • good faith deposit of unsuccessful bidders will be returned immediately following the award of the Tssue. BID DELIVERY � A representative of Springsted Incorporated will carry bids to the sale which are delivered to the offices of Springsted Incorporated not later than one-half hour before the time set for opening and the staff of Springsted Incorporated will complete bidB on behalf of bidders provided the informa.tion is received by Springsted Incorporated not later than 15 minutes prior to the time set for opening of the bids. Springsted � Incorporated will assume no liability for the performance of such tasks. � � � � � -8- � PURPOSE AND FINANCING The proceeds of this Issue will be used to finance various improvements to the Water Utility. These improvements include the extension of a new water supply main which will feed the downtown area of Saint Paul � as well as West Saint Paul and Mendota Heights. The area is presently served by, two mains which were constructed around the turn of the century. Proceeds of the Issue will also be used to increase the production csp- acity of the McCarrons Water Treatment Plant as well as the distribution of water from the Hazel Park booster system. The Utility also plans to � repair and/or replace portions of the Vadnais 90 inch conduit. The Bonds will be payable solely €rom Net Revenues of the Water Utility. Neither the City of Saint Paul nor the Board of Water Commissioners has any outstanding bonds, warrants, certificates or other obligations or evidence of indebtedness, or money borrowed for or on account of the � Water Utility or indebtedness for which any of the Net Revenues of all or a part of the Water Utility have been pledged or which are a prior lien on such revenues. This is the first time that the Water Utility has issued revenue bonds. It is the intention of the present Board of Water Commissioners to � henceforth offer revenue obligations for its capital improvements instead of general obligation bonds as in the past. The City does have outstanding $12,384,000 of General Obligation Water Bonds, the debt service for which historically has been paid from water revenues. It is expected that debt service for these obligations will • be provided from Net Revenues of the Water Utility available after debt service requirements have been met for the $1,180,000 Water Revenue Bonds of 1977, Series 1. RATING +� An application for a rating will be made to Moody's Investors Service� Inc. and to Standard and Poor's Corporation. � � � � -9- BACKGROUND AND OPERATION � The Saint Paul Water Utility is a self-supporting agency of the City whose primary function is to provide quality water to its customers in an efficient manner at a reasonable cost. Since its beginning in 1885 pursuant to Chapter 110, Special Laws of � Minnesota for 1885, the Utility has been under the �urisdiction of the Board of Water Commissioners. Pursuant to the present City Charter there are five commissioners, three of whom are members of the City Council serving terms coinciding with their elected term of office. The other two are resident citizens of the City who hold no other city office or employment. The terms of the citizen members are for four • years. Employees of the Utility are considered employees of the City. • Although the Board of Commissioners is responsible for the operation of the Utilitx borrowing, must be by action of the City Council. � Water is supplied from the Mississippi River (the intake is at Fridley) and the Rice Creek chain of lakes north of Saint Paul. The water is pumped from these sources to an Impounding Reservoir Lake System con- sisting of the natural lakes of Deep, Charles, Pleasant, Sucker and Vadnais which lie about six miles north of the City. These lakes have a combined watershed area of approximately 29 square miles, a water � surface of about 1,600 acres, a total volume of approximately 8 billion gallons and an available supply of 3.6 billion gallons when the lakes are at optimum elevations. In spite of the rainfall shortage of the summer of 1976 the supply was adequate and it was not necessary to im- pose sprinkling bans. S Water is pumped from the supply system to the impounding system by two large pumping stations which have a combined capacity of 115 million gallons per day. From the impounding system the water flows by gravity to the water treatment plant just outside of Saint Paul on the north. The plant was built in 1920-22 and since then has been enlarged and modernized at frequent intervals. It is considered to have the most modern treatment techniques available. � As raw or untreated water enters the water filtration plant, it has al- ready been laboratory analyzed and, when necessary, treated in the supply lakes to reduce algae growth. In the plant, the water is treated, soft- ened, disinfected and, finally, filtered to produce a product suitable for all varied industrial users, for human consumption and for the pro- � tection of health. Chemical, microscopic and bacteriological examination are daily procedures which insure safe, high quality water. From the filtration plant the water passes through a pumping station where high capacity pumps deliver finished water to the distribution system. � � • -10- Water is distributed through more than 1,172 miles of mains to a popu- � lation in excess of 420,500. Water consumed averages about 57 million gallons per day with the peak daily consumption to date being 122 million gallons on July 14, 1976. Saint Paul also supplies water to eight surrounding suburban cities. Users in five of these communities (West Saint Paul, Falcon Heights, e Lauderdale, Maplewood, and Mendota Heights) are billed directly by the Saint Paul Water Utility although the distribution systems are owned by the individual cities but are maintained by the Saint Paul Utility. The Utility supplies water on a master meter basis to the cities of Little Canada, Roseville and Arden Hills. The Utility has recently re- negotiated its contracts with several of its suburban users so that ' the Utility now has greater flexibility for adjusting rates, especially with respect to large users. Rates charged the suburban users are geared to the rates within the City of Saint Paul. The Utility has contracts with the cities of Lauderdale, Maplewood, Mendota Heights, Little Canada, Roseville and Arden Hills. These � contracts had original terms of from 10 to 30 years and have unexpired terms of from 3 to 27 years. In most cases, service has been furnished by the ,Utility to the community since the community was organized, and in some instances service was furnished to the residents of the area prior to the organization of the community. The Utility has furnished water to the residents of West Saint Paul � and Falcon Heights for over 50 years. There has not been a formal contract with West Saint Paul for many years. The City is currently negotiating with West Saint Paul with respect to a formal contract. There has never been a formal contract with Falcon Heights, but the Utility expects to start negotiations for a formal contract in the near future. � There is no reason to believe that any of the eight communities will seek water supply from any other source. In 1976 the Utility served 83,568 retail metered accounts. The following � is a breakdown of distribution of the retail metered accounts for the years indicated: 1976 1975 1974 1973 1972 Domestic 79,783 79,348 78,951 78,440 78,536 � Commercial 3,216 3,178 3,152 3,08_8 3,170 Auto Fire 569 532 511 486 467 Total 83,568 83,058 82,614 82,014 82,173 • 4 a -��- In addition, in 1976 the Utility serviced 9,305 metered accounts in � communities on wholesale contracts; distribution for 1976 and 1972-75 was as follows: 1976 1975 1974 1973 1972 Domestic 8,664 8,433 8,115 7,659 7,162 r Coaunercial 641 310 304 273 255 Total 9,305 8,743 8;419 7,932 7,417 In 1975 the 83,058 retail meter accounts were distributed as follows: � Domestic Commercial Auto Fire Total St. Paul Proper 68,353 2,731 467 71,551 West St. Paul 4,292 177 28 4,497 Maplewood 3,677 154 26 3,857 Mendota Heights 1,393 22 8 1,423 �� Falcon Heights 1,026 54 1 1,081 Lauderdale 495 18 1 514 Roseville (Full Service Accounts) 100 10 1 111 South St. Paul 7 p __ � Fort Snelling ,5 12 __ l� � Total 79,348 3,178 532 83,058 The distribution for communities on wholesale contracts in 1975 was: Domestic Commercial Total � Roseville 7,110 255 7,365 Arden Hills 1,122 26 1,148 Little Canada 201 29 230 Total 8,433 310 8,743 � Customers of the Utility are billed quarterly or monthlq dege�ding upon meter size. The Utility's current five year record of rates for its principal consumption charges in the City is as follows: Per 100 cu. ft. 1977 1976 1975 1974 1973 1972 � lst 50,000 cu. ft. per month $.40 $.38 $.38 $.30 $.28 $.28 Next 450,000 cu. ft. per month .35 .35 .32 .25 .23 .23 All over 500,000 cu. ft. per month .30 .23 .25 .20 .18 .18 Some of the Utility's users also maintain private wells. The largest of these include: Minnesota Mining and Manufacturing Company, Hoerner � Waldorf Paper Company, Remington Rand Univac, Whirlpool Corporation, Gillette Company, Midway Hospital, Purity Baking Company and Rayette Division of Faberge, Inc. � • -12- AVERAGE DAILY CONSUMPTION IN MTLLION GALLONS BASED IX�i PUMPAGE � Daily Average Year Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.for Year 1950 28.2 28.2 28.5 38.8 29.9 44.4 42.8 42.8 35.7 ,. 30.2 28.9 28.5 33.1 1951 28.7 28.2 29.0 29.7 32.6 35.3 37.1 35.2 31.3 20.0 29.1 28.5 31.3 � 1952 28.9 29:3 38.2 29.5 36.9 38.8 38.3 39.0 38.9 34.2 31.8 30.7 33.7 1953 30.1 31.6 32.7 33.0 36.5 42.9 42.5 42.9 43.5 40.8 33.4 32.7 36.9 1954 32.1 31.7 32.0 32.0 35.9 42.7 51.2 47.3 35.6 32.8 32.2 30.5 36.4 �i 1955 30.5 32.2 32.5 36.1 48.1 44.8 49.4 49.9 44.6 34.7 3I.8 33.8 39:1 1956 33.4 32.4 34.3 36.6 41.0 49.6 44.7 45.8 40.7 39.4 37.1 35.9 39.0 1957 36.4 35.8 35.6 36.1 44.7 41.5 46.7 46.9 41.1 39.9 34.9 35.6 39.6 �' 1958 32.4 33.5 34.1 38.4 47.6 44.3 48.1 50.9 41.3 38.9 33.4 30.1 39.5 1959 30.2 34.7 35.1 47.0 46.3 56.2 62.5 50.1 44.1 37.2 34.9 32.1 42.6 1960 36.7 37.8 37.2 37.6 40.7 47.0 58.5 60.3 44.7 39.7 .37.0 35.6 42.8 1961 33.6 34.4 3.�+.8 33.8 4!0.8 52.9 52.8 55.Z 42.4 37.5 35.6 3Z.0 41.0 � 1962 36.4 37.6 38.0 38.9 41.2 45.8 42.4 51.4 38.8 37.5 34.7 33.3 39.7 1963 35.1 31.3 33.7 37.1 38.5 52.5 67.4 55.6 42.5 44.2 38.7 37.8 42.9 1964 38.9 38.1 37.7 39.6 44.7 63.2 72.4 59.7 4301 41.3 39.2 39.9 46.7 S 19b5 39.8 42.0 42.2 41.3 41.7 51.8 54.5 53.5 42.9 4�.7 39.4 39.1 44.2 1966 39.4 39.8 39.6 39.8 44.8 53.1 69.8 52.0 45.7 42.Z 40.4 41.4 45.7 1967 41.2 43.3 40.9 39.6 48.3 49.2 56.3 57.4 49.8 44.0 40.5 39.9 45.9 1968 41.6 41.7 42.0 43.5 45.6 49.7 55.1 57.9 46.1 42.1 42.2 42.7 45.9 f 1969 42.7 43.5 43.3 46.7 53.3 61.4 60.9 87.2 65.8 51.2 50.0 49.9 54.7 19�0 50.6 50.7 49.8 50.9 53.5 69.8 81.2 67.8 53.4 46.3 46.6 43.4 55.1 1971 42.1 42.6 45.6 47.2 52.3 51.0 55.6 67.5 48.5 43.4 43.6 41.9 49.0 • ly?2 42.3 42.7 44.0 43.2 55.6 60.8 54.3 57.8 48.3 45.4 43.8 43.9 48.5 19�3 45.8 44.7 46.6 45.4 50.7 62.8 81.3 60.9 51.4 49.2 45.3 44.8 52.5 1974 44.6 44.3 46.0 48.3 49.0 57.6 82.0 66.1 55.3 50.4 46.1 45.5 53.0 • 19i5 44.7 45.5 45.6 44.8 51.7 53.8 83.1 69.5 50.8 49.7 46.3 44.6 52.6 1976 44.8 45.4 46.5 49.6 66.7 76.6 85.7 77.5 57.2 48.3 46.6 45.3 57.6 � � -13- 1976 WATER FLOW � RAW WATER TREATED WATER ENTERING PLANT DELIVERED TO PUMPS January 1,395,245,800 1,388,200,000 r February 1,321,810,500 1,316,000,000 March 1,448,050,000 1,440,500,000 April 1,495,482,900 1,487,700,000 � Asay 2,077,612,500 2,066,400,000 June 2,305,188,400 2,298,900,000 July 2,669,800,000 2,656,800,000 'a August 2,417,625,000 2,403,400,000 September 1,725,214,800 1,714,600,000 October 1,507,034,100 1,497,100,000 � November 1,405,614,000 1,396,800,000 December 1,412,477,200 1,405,200,000 Total 21,181,155,200 21,071,600,000 � � a . � r • -14- CAPITAL IMPROVEMENTS � In addition to capital improvements made from long-term borrowed funds which in the past were obtained by the issuance of general obligation bonds, the Utility annually undertakes capital projects paid for from its own revenues. In 1975 this was $1,549,870,in 1976 it was $1,892,405 � and for 1977 $1,658,820 is budgeted. FUTURE FINANCING The Utility has developed a 5 year Capital Improvement Program for which t it expects to need the following amounts to be raised by revenue bond issues: 1977 $ 1,165,000 1978 2,527,000 • 1979 6,430,000 1980 920,000 1981 1,050,000 $12,092,000 A preliminary financing program has been developed for this total bond- ing over the term of 1978-2000. The highest estimated debt service for � any year has been projected as $1,667,000 in 1983. Thereafter it is anticipated that annual debt service will decline to $334,530 in the year 2000. It is anticipated that bonds will be issued with even princi- pal payments and will generally have a ten year term, except for approx- imately $5,780,000 to be issued in 1979 which it is anticipated will have a final maturity in 2000. It is the intent of the Board of Water • Commissioners to annually update its 5-year Capital Improvement Program. SECURITY The principal and interest of this Issue will be a first and prior lien � upon the Net Revenues of the Utility as defined in paragraph 8(b) of the Bond Resolution (Appendix I, pink) . Although the Utility is currently paying the debt service costs of general obligation bonds issued on its behalf such payments are neither a legal obligation of the Utility nor a lien upon the revenues of the Utility. It is the intent of the Board of Water Commissioners to continue to pay debt service charges of the said � general obligations but if net revenues should ever be insufficient the City will be obligated to make such payments from other sources including taxes. � � -15- � YARI'I'Y B�NDS of the annual Net Revenues at that the Shall have been be issued provided fis�al �tears �oming bonds II►aY receding al and interest Parity for each of the tWO p annual princip including the and one-h revenue obligati°ns of lien. Net Utility alf times the arity least °ne all outstanding Which have a be ad]usted to take due thereafter °ations to be issued ears may h 9 of the oblig tWO preceding fiscal Y aragraP have the additionafor such rovided in bonds must Revenues , ro�eCted increas ink�s P�y paritY this Issue (see into account P endix I� p al and interest as Bond Resolution �App of princiP endix I, Plnk) • S�e dates for paYment paragraph 9, B°nd Resolution, A'Pp � NET OPE�TING RE��ES � (Bef ore Depreciation) $2,976,421.12 1976 3,012�70$.38 � 1975 1,896'786.64 1974 2,110�035.47 1973 1,209�735.12 1972 2,074, rom the certified audits prepared 1971 taken uted i t for 1976 which was been comp iner eX�ep � Each of the aboves a�e public Exaa► records of the UtilitY• by the Minnesota from the unaudited � � � �=Z<F • � -17- � FLOW OF FUNDS Gross Revenues Bond From Operations Proceeds � j � Operations & Maintenance Capital Account Account To P2y For Improvements a) To pay current operating and Associated Costs expenses Authorized For This b) To maintain a 15-day Issue operating reserve t � � Net Revenues � � � � _ Revenue Bond Debt Service Any Excess � Account To Pay Principal & Interest On This Issue � ��a��J � - • Excess Net Revenues For Any Proper Purpose of The Utility Including Debt � Service of G.O. 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'J cd •rl H E� +� O U �d U N � � O N P4 i-� Gl Cl cd � N •rl r 1 CC rl q � d' d� d' (Y.iAAtYlo4 a 'J 7H •rl fr' i-� I-1 � � F+ 'C t�-� G�1 G�1 N �cd � � Ea a w v, v, a +-+ c� H z �1 � U fACai C�4' P�'r U P�4' "�7 HU ' ' APPENDIX I FOLLUWING IS THE COMPLETE TEXT, EXCEPT AS NOTED, OF THE BOND RESOLUTION ADOPTED BY THE CITY COUNCIL � ON FEBRUARY 1, 1977. � � t � � ' � _ � -1- � 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 munici- pal water utility hereinafter referred to as the "Water Utili,ty" which is under the jur�,sdict�.on of the Board of Water Comm�.s-- sioners 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 Counci,l deem i.t nece'ssary and expedient to impro�e the Water Utilxty, al1 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 proWisions of Section � 10.11.2 of the City Charter; D. There are r_o bonds , certificates or other obli- gations payable out of the °Net Revenue`s° (as herein defined) of said Water Utility constituting a lien or charge thereon; � E. In accordance with advice received from the Board tYie Council finds, determines and declares that it is necessary and expedient to provide moneys in the amount of $1,180,000 to improve the Water Utility from the proceeds of revenue bonds, payable solely from the Net Revenues of the Water Utility; • 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 exparision, c. improvements to Hazel Park booster system, and • d. replace or repair section of 90" Vadnais conduit. • -2- 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 the director of the Department of Finance and Management Services is hereby authorized and directed to give notice of sale by publication in the official newspapez, 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: � (DELETED) 5. Each and all of the terms and provisions of the sale of said bonds are set �orth in the "O�ficial Terms � of Bond Sale" set forth below and said ternts and conditions are hereby adopted as the terms and conditions of sai,d bonds and of the sale thereof, to wit, (DELETED) ! 6. Said bonds and the interest coupons to be attached thereto shall be in substantially �the following form: • (DELETED) 1 � � � -3- 7. The bonds shall be sealed by the facsimile af the Official Sea1 of the City of Saint Paul and sigried by the facsimile signature of its DZayor, attested manually by its City Clerk, and countersigned by the facsimile signature of its Direc�kor of Financ� 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 ancl 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 fin- , anced by the bonds herein authorized, including 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 e paid all gross revenues and earnings derived from the operation of the Water Utility system including any assessments which may from time to 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, i � -4- costs of water ,production and distribution, necessary legal, engineering and auditing ser- vices, and all other items which, by sound accounting pr�ctices constitute normal, rea- sonable and current costs of' operation and maintenance, but excluding any allowance for depreciation, extraordi.nary 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- gaing items shall constitute and are referred to ` in this resolution as "Net Revenues. " (c) A "Revenue Bond Debt Service Account" into which there shall be cre ited and to which there is hereby irrevocably pledged from the Net Revenues of the operation of the Water � Utility system monthly commencing A�ril 1, 1977 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. t (d) Net Revenues in excess of those re- quired for the foregoing purposes may be used for any proper purpose. a � -S- (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) All money held in the Revenue Bond Debt Service Account created by this resolution shall be kept separate and apart from all other municip�l 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 sub5equent 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 shall 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 £ollowing aonditions shall be met: • � -6- (a) The payments required to be made (at the time of the issuance of such parit� Yien 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 maturities and shall have semiannual interest payments jon June l and December 1 in each year. (c) The proceeds of such parity 1�en bonds shall be used only for the purpose of m�king improvements, additions, extensions, re�ewals or replacements to the Water Utility. ; 10. The City also reserves the rig�t and privilege of issuing additional revenue bonds if and t� 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 intere�t 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 authqrized 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 shall 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 re.funding bonds shall be, or shall be reasonably estimated to be, higher than the average • • � -7- 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 mat�.x- 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 hc�lders 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 insufficient at any par- ticular time 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 b� a court of competent jurisdiction while any such bonds remain outstandi,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 not 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 rnore 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 all 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 tlze 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 i ! -8- 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 i 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 a.nd maintenance of �he 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 S schedule of rates and charges for the Water Utility at least annually when the Board budget is reviewed. (d) The City will 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 bonfls payable from the Net Revenues of the Water Utility or any � � -9- 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 paragr.aph 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 20� 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 ner- form all duties with reference to the Water Utility required by the Ci�y Charter, the Constitution and laws of the State of Minnesota and this resolution. • • -10- (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 s.uch bonds, or (2) a reduction in the principal amount of any such bond or the rate of interest thereon, or (3) a privilege 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. � I 16. When all bonds issued under this resolution, and all coupons appertaining thereto, have been discharged as provided in this paragraph, all 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 an any date by depositing with the paying agent for such bonds on or before that date a sum sufficient for the payment thereof in full; 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 su.fficient 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 tl�e applicable provisions of Minnesota Statutes, Section 475.67, and any amendments thereto, • • -11- 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. 18. If any section, paragraph or nrovision of this � resolution shall be held to be invalid or unenforceable f_or 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 1�he City as to a11 statements therein. 20. Each and all of the terms and provisions of this resolution sha11 be and constitute a covenant on �he part of • the City to and with each and every holder from time to time o.f the bonds issued here��r�der. 21. The City Clerk �is authorized and directed to file a certified copy of this resolution 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 bezn duly entered in, his Bond Register. • • Bids delivered to Springsted Incorporated by 10:30 A.M. ,the day of the sale, wiil be carried to the sale. B Telephone&Telecopier: 612/222-4241 � PLEASE SUBMIT BID IN DUPLICATE. It is preferred, but not mandatory, that this form be used. � F TO: Roger A. Mattson, Director DATE: February 22, 1977 � R Department of Finance & Management Services M 109 City Hall Saint Paul, Minnesota 55102 RE: $1,180,000 Water Revenue Bonds of 1977, Series 1 For the Bonds of this Issue which shall mature and bear interest at the annual rate,as follows, we offer a price of$ and accrued interest to the date of delivery. % 1978 % 1983 % 1979 % 1984 % 1980 % 1985 � % 1981 % 1986 % 1982 % 1987 In making this offer we accept all of the terms and conditions of the Official Terms of Bond Sale published in the Official Statement for the Issue and dated February 4,1977 . Our offer,unless extended by ua,shall expire within four(4)hours of the time se—�o►its award. � In the event of failure to deliver these bonds in accordance with the Official Terms of Bond Sale at printed in the Official Statement and made a pan hereof, we reserve the right to withdraw our offer,whereupon the deposit accompenying it wilt be immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omiasion. We request that CUSIP numbers be printed on the Bonds and we will pay CUSIP charges related thereto. (Strike if not applicable) Account Members � � Account Manager By: • Not as a part of our offer,the above quoted prices being contrdling,but only as an aid for the verification of the offer,we have made the following computations: N ET I NTE R EST COST $ Received good faith check for return NET EFFECTIVE RATE to bidder as ot the date of this offer. SPRINGSTED Incorporated by . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . � The foregoing offer is hereby accepted by the addressee on the date of the offer by its following officers duly authorized and empowered to make such acceptance. Roger A. Mattson Director, Department of Finance & Management Services � i Bids delivered to Springsted Incorporated by 10:30 A.M. , the day of the sale, will be carried to the sale. B Telephone&Telecopier: 612/222-4241 � PLEASE SUBMIT BID IN DUPLICATE. It is preferred, but not mandatory, that this form be used. � F TO: Roger A. Mattson, Director DATE: February 22, 1977 � Department of Finance & Management Services R 109 City Hall M Saint Paul, Minnesota 55102 RE: $1,180,000 Water Revenue Bonds of 1977, Series 1 For the Bonds of this Issue which shall mature and bear interest at the annual rate,as follows, we offer a price of$ and accrued interest to the date of delivery. % 1978 % 1983 % 1979 % 1984 % 1980 % 1985 � % 1981 % 1986 % 1982 % 1987 In making this offer we accept all of the terma and conditions of the Official Terms of Bond Sale published in the Official Statement for the Issue and dated February 4,1977 . Our offer,unless extended by us,shall expire within four(4)hours of the time set or�ts award. � In the event of failure to deliver these bonds in accordance with the Official Terms of Bond Sale as printed in the Official Statement and made a part hereof, we reserve the right to withdraw our offer,whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are i�tentional and are not to be construed as an omission. We request that CUSIP numbers be printed on the Bonds and we will pay CUSIP charges related thereto. (Strike if not applicable) Account Members � � Account Manager By: • Not as a part of our offer,the above quoted prices being contrdling,but only as an aid for the verification of the offer,we have made the following computations: N ET I NTE R EST COST $ Received good faith check for return N ET E F F E CTI V E R AT E to bidder as of the date of this offer. $PRINGSTED Incorporated by � The foregoing offer is hereby accepted by the addressee on the date of the offer by its following officers duly authorized and empowered to make such acceptance. Roger A. Mattson Director, Department of Finance & Management Services � � �� SPRq1K�STED INCORPORATED MUNICIPAL CONSULTAM'S 800 OSBORN BUILDING • SAINT PAUL,MINNE90TA 55102 • (612)222-4241 $1�180,�� WATER REVENUE BONDS OF 1977, SERIES 1 SAINT PAUL, MINrTE50TA " AWARD: ° AT,LISON-WILLIAMS COMPANY � � Minneapolis, Minnesota And Associate Standard & Poors: Aa SALE: February 22, 1977 Moody's Rating: Aa. . , Net Interest Bidder Coupons Price Cost & Rate ALLISON-WILLIAMS COMPANY 4.25% 1978-83 $1,180,254 $320,954.34 Dain, Kalman & Quail, Inc. 4.30% 1984 (4.374662%) 4.40% 1985 4.50% 1986 4.60% 1987 E. J. PRESCOTT & COMPANY, A 4.25% 1978-83 $1,180,212 $320,996.34 DIVISION OF CARLETON D. BEH C0. 4.30% 1984 �4.3752Y) 4.40y 1985 • 4.50% 1986 � 4.60% 1987 WHITE, WELD & C0. INCORPORATED 4.10% 1978-81 $1,180,861.40 $321,301.93 MILLER & SCHROEDER MUNICIPALS 4.40% 1982-85 (4.37939x) Cronin & Marcotte, Inc. 4.50% 1986 4.60% 1987 PIPER, JAFFRAY & HOPWOOD INC. 4.50°6 1978-79 $I,180,000 $340,068.34 Paine, Webber, Jackson & 4.60% 1980-85 (4.6352Y) Curtis Incorporated 4.70% 1986 4.�si 1987 • REOFFERING SCHEDULE 4.25% 1978 3.20% c�.25% 1979 3.40% 4.25% 1980 3.60% 4.25% 1981 3.80% 4.25% 1982 4.00% 4.25% 1983 4.10% 4.30% 1984 4.25% 4.40% 1985 4.40% 4.50% 1986 4.50% 4.60% 1987 4.60% � SBI: 5.83 Average Aiaturity: 6.2 years SPRINGSTED INCORPORATED MUNICIPAL CONSULTANTS 800 OSBORN BUILDING •SAINT PAUL,MINNESOTA 55102 • (6121222-4241 $1,180,000 WATER REVENUE BONDS OF 1977, SERIES 1 SAINT PAUL, MINNESOTA ` AWARD: ALLISON-WILLIAMS COMPANY � � Minneapolis, Minnesota And Associate Standard & Poors: Aa SALE: February 22, 1977 Moody's Rating: Aa . , Net Interest Bidder . Coupons Price Cost & Rate ALLISON-WILLIAMS COMPANY 4.25% 1978-83 $1,180,254 $320,954.34 Dain, Kal.man & Quail, Inc. 4.30� 1984 (4.374662%) 4.40% 1985 4.50% 1986 4.60% 1987 E. J. PRESCOTT & COMPANY, A 4.25% 1978-83 $1,180,212 $320,996.34 DIVISION OF CARLETON D. BEH C0. 4.30X 1984 �4.3752%) 4.40Z 1985 � 4.SOx 1986 4.60Y 1987 WHITE, WELD & C0. INCORPORATED 4.10� 1978-81 $1,180,861.G0 $321,301.93 MILLER & SCHROEDER MUNICIPALS 4.40% 1982-85 (4.37939x) Cronin & Marcotte, Inc. 4.50% 1986 4.60% 1987 PIPER, JAFFRAY & HOPWOOD INC. 4.SOy 1978-79 $1,180,000 $340,068.34 Paine, Webber, Jackson & 4.60% 1980-85 (4.6352%) Curtis Incorporated 4.70y 1986 4.75y 1987 � REOFFERING SCHEDULE 4.25% 1978 3.20% �►.25% 1979 3.40% 4.25% 1980 3.60% 4.25% 1981 3.80% 4.25% 1982 4.00% 4.25% 1983 4.10% 4.30% 1984 4.25% 4.40% 1985 4.40% 4.50% 1986 4.50% 4.60% 1987 4.60% BBI: 5.83 Average Maturity: 6.2.years