270186 WHI,T� - CITV CLERK COU6CII � y�� ��
PI�..: - FINANCE
CANARV - DEPARTMENT G I TY OF SA I NT PAII L � � � ti�
• BLUE - MAYOR File NO.
f
� C uncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, by the Council of the City of Saint Paul, that
pursuant to the provisions o� Laws of Niinnesota 1971, Chapter
773, as amended by Laws of l��innesota 1974' , Chapter 351, and Laws
of Minnesota 1976, Chapter 234, and pursuant to Ordinance No.
13679 of the City of Saint Paul as amended by Ordinance No.
14028 and Ordinance No. 14�405, there is hereby authorized and
there shall be issued and sold general obligation bonds of said
City in the aggregate principal amount of Six Asillion, Five
Hundred Thousand Dollars ($6,500, 000) for the purpose of procure-
ment by said City of funds in said amount to be used by the City
exclusively for the acquisition, construction and repair of
capital improvements of the City of Saint Paul authorized in the
Capital Improvement Budget of said City for the year 1978; and,
be it
FURTHER RESOLVED, that the bonds authorized above shall be
designated "General Obligation Capital Improvement Bonds, Series
1978" . Said bonds shall be issued in accordance ��ith the afore-
said Laws and in accordance with the further provision of
Chapter 475 RZinnesota Statutes, all as more fully provided in
said Laws; and, be it �
FURTHER RESOLVED, that sealed proposals be received in
accordance with the official Notice of Sale, a copy of which has
been presented to the Council and is attached hereto. A copy of
said notice is hereby directed to be placed on file in the office
of the City Clerk. The terms and conditions of said bonds and of
the sale thereof as set forth in said Notice of Sale are hereby
approved and confirmed and are hereby adopted. The Notice of
Sale shall be published in the manner prescribed by law in the
St. Paul Legal Ledger, the official City newspaper and in
Commercial West.
� COUNCILMEN
Yeas Na}�s Requested by Department of:
Butler
Hozza [n Favor ;
Hunt (�
Levine _ __ Against B
Roedler
S ylvester
Tedesco 3 ����
Q�C+ 9 Form Approved City At!orn y
Adopted by Cvun�cil: � � Dat� —
Certifi�id�Pas�e y Council Secretary BY
��'
Approved : av c Date Z � � . 6 �� Approved for Submission to Council
� �
By BY —
puBtrSHEO DEC � 4 197'�
' APPtND[X i
' �,.�` �'� '�+��
OFFICfAL TERMS OF BOND SALE � ��'� ��'���
$6,500,000
CITY OF SAINT PAUL, MINNF_SOTA
GEfJERAL OBLIGATION CAPITAL ItviPRO\!EMENT BONDS, SERIES 1978
These Bonds will be offered for sale on sealed bids on Tuesday, January 10, 1978.
Bids wil! be opened at 1 I:00 A.M., Central Time, at fihe Department of Finance and
Management Services, 109 City Hall, Saint Paul, Minnesota and will be presented to
and acted upon by the City Council at 12:00 Noon, Central Time of the same day.
The Bonds wi II be offered upon the following terms:
DATE AND INTEREST PAYMENTS OF THE BONDS
The Bonds will be dated February (, 1978, and will bear interest payable on each
August I and February I to maturity, commencing Avgust !, 1978.
TYPE AND PURPOSE OF THE BONDS
The Bonds wil( be general obligations of the City for which its full faith and credifi
and unlimited taxing powers will be pledged. The Bonds wil( be in bearer form with
interest coupons attached, and will be of the denomination of $5,000 each. The
proceeds will be used to construct various capital improvements for the City.
MATURITIES AND REDEMPTION
The Bonds will mature February !, in the amounts and years as follou�s:
$530,000 1979 $605,000 1982 $b90,000 1985
$SS5,000 1980 $630,000 1983 $720,000 1986
$580,000 1981 $660,000 1984 $750,000 1987
$780,000 1988
All Bonds 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 the Bonds.
CUSIP NUMBERS
If within three working days after the award of the Bonds the Purchaser in writing
requests that CUSIP identification numbers be printed on the Bonds, and agrees to
be responsible for the CUSIP Service Bureau charge for the assignment of said '
numbers, the numbers wil! be printed on the Bonds, but neither the failure to print
such number on any Bond nor any error with respect thereto shall constitute covse
for failure or refusal by the Purchaser to accept delivery of the Bonds.
SETTLEMENT
The Bonds will be delivered without cost to the Purchaser at a place mutuallY
satisfactory to the City and the Purchaser within 40 days following the c(ate of
-3-
their award.. Delivery wil! be subject to receipt by the Purchaser of an approving
legal opinion of Rlessrs. Briggs and Morgan, Professional Association, of Saint Paul,
Minnesota, which opinion will be printed upon the Bonds, and of customary closing
papers, including a no-litigation certificate. Payment for the Bonds must be made
by the Purchaser in Federa) or equivalent funds on the duy of settlement in a
timely manner so as to be available to the City on said day.
�t settlement, the Purchaser will be furnished with a certificate signed by an
appropriate officec of the City'on behalf of the City to the effect fihat the Officiat
Sfatement prepared for the Issu� did not and does nofi contain any untrue statement
of a materiai fact or omit to sfate a ma#erial fact necessary in order to make the
statements therein, in light af the circumstances under which they were made, not
mis(eading.
One copy of the Official Statement will be furnished without cost to any interested
party upon request. Additional copies of the Official Statement will be furnished -
without cost to the .Purchas�r upon request in reasonable quantity within a
reasonable time of such request. .
� TYPE OF BID �
Sealed bids for not less than par and accrued interest on the total principal omount
of the Bonds and a certified or cashier's check in the amount of $65,000 payable to
the order of the Treasurer of the City must be filed with the undersign�d prior to
the time of sale. No bids will be considered v�rhich are not accompanied by the
required certified or cnshier's check. The certified or cashier's check of the
Purchaser will be retained by fihe City as liquidated damages in the event the �
Purchtiser fails to comply with the accepted bid. No bid may be withdrawn until
the conclusion of the meeting of the City at �vhich bids are to be acted upon.
RATES
Bidders must specify rotes which must be in integral multiples of 5/(00 or 1/8 of
I% and not exceeding 7% per annum. All Bonds of the same maturity must bear a
single rate from the date of iss�e to maturity. No rQte may exceed the _rate
specified for any subsequenfi maturity. Additional coupons may not be used. No
limitation is placed upon the number of rates which may be specified.
AWARD
Award wil! be made on the basis of the lowesfi dollar interest cost determined by
the deduction of any premium from the total interesfi on all Bonds 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 Bonds. The City reserves fihe right to
reject any and all bids, to waive informalities and ta adjourn the sale.
Dated December 20, !977 .
BY ORDER OF THE CITY COUNClL
/s/ Bernard J. Carlson
Direcfior, Department of Finance and Management Services
City of Saint Pavl
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y _ __ .. . _.._._.._ ___ _ _ __
. APPENDIX i ����.�'�
��
OFF�CIAL TERMS OF BOND SALE �
$6,500,000
CiTY OF SAINT PAUL, MiNNFSOTA
GEtJERAL OBLIGATION CAPITAL IMPRO\�EMENT BONDS, SER(ES 197II
These Bonds wi II be offered for sale on sealed bids on Tuesday, January 10, 1978.
Bids will be opened at I (:00 A,M., Central Time, at the Department of Finance and
Management Services, 109 City Hpll, Saint Pau(, Minnesota and will be presented to
and acted upon by the City Council at 12:00 Noon, Central Time of the same day.
The Bonds will be offered upon the following terms:.
DATE AND INTEREST PAYMENTS OF THE BONDS
The Bonds will be dated February I, 1978, and will bear interest payable on each
August I and February I to maturity, commencing August I, 1978.
TYPE AND PURPO�SE OF THE BONDS
The Bonds will be general obligations of the City for which its fu(I faith and credifi
and unlimited taxing powers will be pledged. The Bonds wil( be in bearer form with
interest coupons attached, and will be of the denomination of $5,000 each. The
proceeds will be used to consfiruct various capital improvements for the City.
MATURITIES AND REDEMPTION
The Bonds will mature February I, in the amounts and years as fo(lows:
$530,000 1979 $605,000 1982 $690,0�0 1985
$555,000 1980 $630,000 1983 $720,000 1986
$580,000 1981 $660,000 1984 $750,000 1987
$780,000 1988
All Bonds will be without the right of prior redemption.
PAYING AGENT
The First National Bank of Saint Paul, Saint Paul, Minnesota and fihe Chase
Manhattan Bank, N.A., New York, New York, have been desic�nated by the City as
alternate paying agents for the Bonds.
CUSIP NUMBERS
If within three working days after fihe award of the Bonds the Purchaser in writing
requests that CUSIP identification numbers be printed on the Bonds, and agrees ta
be responsible for the CUSIP Service Bureau charge for the assignment of said
numbers, the numbers will be printed on the Bonds, but neither the failure to prinfi
s�ch number on any Bond nor any error with respect thereto shall constitute cause
for failure or refusal by the Purchaser to accept delivery of the Bands.
SETTLEMENT
The Bonds will be delivered without cost to the Purchaser at a place mutual(y
satisfactory to the City and the Purchaser within 40 days following the date of
-3-
their award.. Delivery will be subject to receipt by the Purchaser of an approving •
legal o�inion of Messrs. Briggs ancl Morgan, Professional Association, of Saint Paul,
Minnesota, which opinion will be printed upon the Bonds, and of customary closing
papers, including a no-litigation certificate. Payment for the Bonds must be made
by the Purchaser in Federal or eyuivalent funds on the duy of sefiftement in a
timely manner so as to be available to the City on said day.
�t settlement, the Purchaser will be furnished with a certificate signed by an
appropriate officer of th� City`on behalf of the City to the effect that the Official
Statement prepared for the lssue did not and does not contain any untrue statement
of a materia( fact or omit to stafie a material fact necessary in order to make the
statements therein, in light af the circumstances under v��hich fihey were made, not
. misleading.
One copy of the Official Statement will be furnished without cost to any interested
party upon request. Additional copies of the Official Statement wilt be furnished �
withovt cost to the .Purchaser upon requesfi in reasonable quanfiity wifihin a
reasonable time of such request. .
� TYPE OF BID '
Sealed bids for not less than par and accrued interest on the tofial principal amount
of the Bonds and a certified or cashier's check in ti�e amount of $65,000 payable to
the order of the Treasurer of fihe City must be filed with the undersigned prior to
the time of sale. No bids will be considered �rihich are not accompanied by the
required certified or cashier's check. The certified or cashier's check of the
Purchaser will be retnined by the City as liquidated damages in fhe event the �
Purchaser fails to comply with the accepted bid. No bid may be withdrawn until
the conclusion of the meeting of the City at which bids are to be acted upon.
RATES
Bidders must specify rates which must be in integral multiples of 5/100 or I/8 of
I% and not exceeding 7% per annum. All Bonds 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.
AWARD
Award wiil be made on the basis of the lowest dollar interest cost determined by
the deduction of any premium from the total interest on alf Bonds 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 Bonds. The City reserves ihe right to
reject any and all bids, to Niaive informalities and to adjourn the sate.
Dated December 20, (977 .
BY ORDER OF THE CITY COUNCIL
/s/ Bernard J. Carlson
Director, Department of Finance and Management Services
City of Saint Paul
,
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i _ __._ _ _
_ _,... . _�. . _... __�___.� _ _.. . .�... ,,.. ..
APP�NDIX 1
� . ���.�.��
OFFICIAL TERMS OF BOND S�1LE
$6,500,000
CITY OF SAINT PAUL, MINNESOTA
GENERAL OE3LIGATION CAPITAL It�IPRO\!EMENT BONDS, SERIES 1978
These Bonds will be offered for sale on sealed bids on Tuesday, January (0, 1978.
Bids will be opened at I I:00 A.M., Central Time, at fihe Department of Finance and
Monagement Services, 109 City Half, Saint Paul, Minnesota and will be presented fio
and acted upon by the City Councii at 12:00 Noon, CentrQl Time of the same day.
The Bonds will be offered upon the following terms:
DATE AND 1NTEREST PAYMENTS OF THE BONDS
The Bonds will be dated February t, 1978, and will bear interest payable on each
August I and February I to maturity, commencing August I, 1978.
TYPE AND PURPOSE OF THE BONDS
The Bonds wil( be general obligations of the City for which its full faith and credifi
and unlimited taxing powers will be pledged. The Bonds will be in bearer form with
interest coupons attached, and will be of the denomination of $5,000 each. The
proceeds will be used to construct various capital improvements for the City.
MATURITIES AND REDEMPTION
The Bonds will mature February I, in the amounts and years as follows:
$530,000 1979 $605,000 1982 $690,000 1985
$555,000 l980 $630,000 1983 �720,000 1986
$580,000 1981 $660,000 1984 $750,000 t987
$780,000 t988
All Bonds will be witho�t the right of prior redemption.
PAYING AGENT
The First National Bank of Saint Paul, Saint Paul, Minnesofia and the Chase
Manhattan Bank, N.A., New York, New York, have been designated by the City as
alternate paying agents for the Bonds.
CUSIP NUMBERS
If within three working days after the a�vard of the Bonds the Purchaser in writing
requests that CUSIP identification numbers be printed on the Bonds, and agrees to w
be responsible for the CUSIP Service Bureau charge for the assignment of said
numbers, the numbers wil! be printed on the Bonds, but neither the failure to print
such number on any Bond nor any error vrith respect thereto shall constitute cause
for failure or refusal by the Purchaser to accept delivery of the Bonds.
SETTLEMENT
The Bonds will be delivered without cost to the Purchaser at a place mutua(ly
sat+sfactory to the City and the Purchaser within 40 days following the clate of
� ' -3_
y
�a
their award.. Delivery wil) be subject to receipt by the Purchaser of an approving
legal opinion of Messrs. Briggs and Morgan, Professional Association, of Saint Paul,
Minnesota, which opinion will be printed upon the E3onds, and of. customary closing
papers, including a no-litigation certificate. Payment for the Bonds must be made
by the Purchaser in Federal or equivalent funds on the duy of settlement in n
timely manner so as to be available to the City on said day.
l-�t sett(ement, the Purchaser will be furnished with a certificate signed by an
appropriate officer of the City:on behalf of tne City to the effect thafi the Official
Stafiement prepared for the lssu� did not and does not contain any untrue statement
of a material fact or omit fio sfinte a material fact necessary in order to make the
sfiatements therein, in light of �he circumstances under which fihey were made, not
misleading.
One copy of the Official Stafiement wil! be furnished without cost to any interested
party upon request. Additional copies of the Official Statement will be furnished -
without cost to the .Purchaser upon request in reasonable quantity within a
reasonable time of such request. .
' TYPE OF BID
Sealed bids for not less than par and accrued interest on the to#al principal amount �
of the Bonds and a certified or cashier's check in the amount of $65,000 payable to
the order of the Treasurer of the City 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 cerfiified or cashier's check of the
Purchaser will be retained by the City as liquidated damages in the event fihe
Purchaser fails to comply with the accepted bid. No bid may be withdrawn until
the conclusion of the meeting of the City at which bids are to be acfied upon.
RATES
Bidders mvst specify rates which must be in integral multiples of S/!00 or I/8 of
I% and not exceeding 7% per annum. All Bonds of the same maturi-Fy musfi bear a
single rate from the date of issue to maturity. No rate may exceed the _rate
specified for any subsequenfi maturity. Additional coupons may not be used. No
limitation is placed upon the number of rates which may be specified.
AWARD
Award will be made on the basis of the lowest dollar interest cost determined by
the deduction of any premium from the fiotal interesfi on all Bonds from their date
to their stafied maturity as computed on the basis of the schedule of bond years in
the Official Statement published for tl�e Bonds. The City reserves the right to
reject any and all bids, to waive informalities and fio adjourn the sale.
Dated December 20, 1977 .
BY ORDER OF THE CITY COUNCIL
/s/ Bernard J. Carlson
Director, Department of Finance and Management Services
City ofi Saint Paul
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