270360 WHITE - CITY CLERK . . � p ��
PINK ��- FINA,NGE GITY OF SAINT PAUL Council �
CANARV�- DFyPA/pTMENT � 1 �' '
BLUE -�rMAVOR � � F11C NO. �������
ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date �'-
WHEREAS:
A. The Council has by Resolution No. 270186
adopted on December 13, 1977, and approved by the Mayor on
Dec. 16 , 1977, authorized the issuance and sale of
$6,500,000 General Obligation Capital Improvement Bonds,
Series 1978, to be dated February 1, 1978;
B. The appropriate City Officers have, pursuant
to said resolution, caused proper published notice of the sale
of the bonds to be given as required by law, and sealed bids,
pursuant to said Notice of Sale, were received until 11:00
o'clock A.M. , Central Time on Tuesday, January 10, 1978, in the
office of Bernard J. Carlson, Director, Department of Finance
and Management Services, 109 City Hall, Saint Paul, Minnesota;
and
C. The Director of Finance and Management Services
of the City has advised the Council that the Bid of �e First National�
Bank Ch ca o Acco nt Mana er and Associates
was found to e the most advantageous and has recommended that
said bid be accepted.
NOW, THEREFORE, be it resolved that
1. The bid of �e First National Bank of Chicago, Account Manage�s,
and Associates to purchase $6,500,000 General Obli-
gation Capital Improvement Bonds, Series 1978, of the City in
accordance with the Notice of Bond Sale at the rates of inter-
est hereinafter set forth and to pay, therefore, the sum of
$6,500,000 plus a premium of $ 367.25 is hereby found, ',
determined and declared to be the most favorable bid received and !
is hereby accepted and said bonds are hereby awarded to said bidder;
COUNCILMEN
Yeas Nays Requested by Department of: ,,
Butler ,e��-�(,e�u.�" ���'`��
Hozza In Favor
Hunt
Levine _ Against BY `
Roedler
Sylvester
Tedesco
Form Approved by City Attorne
Adopted by Council: Date
Certified Passed by Council Secretary BY
sy
Approved by Wlayor: Date Approved by Mayor for Submission to Council
By BY
. �
. , r������'��
2. The Director of Finance and Management Services
is directed to retain the deposit of said bidder and to forth-
with return the good faith checks or drafts to the unsuccessful
bidders;
3 . Said bonds shall be payable as to principal and
interest at The First National Bank of Saint Paul, in St. Paul, �
Minnesota, or the Chase Manhattan Bank, N.A. , in New York,
New York, at the option of the holder, or any successor paying
agent duly appointed by the City;
4 . The bonds bearing the serial numbers and
maturing in the years as follows shall bear intere�t as
follows :
Year Bond Numbers Interest ?2ate
1979 G- 1 - G- 106 4,70%
1980 G- 107 - G- 217 4.70
1981 G- 218 - G- 333 4.70
1982 G- 334 - G- 454 4.75
1983 G- 455 - G- 580 4.75
1984 G- 581 - G- 712 4.75
1985 G- 713 - G- 850 4.75
1986 G- 851 - G- 994 4.75
1987 G- 995 - G-1144 4.80
1988 G-1145 - G-1300 4.90
5. The Council hereby ratifies and approves each
and every act of its subcommittee on Finance and Sinking Funds
in connection with the sale of said bonds;
6. Said bonds shall be executed by the facsimile �
of the official seal of the City of St. Paul and signed by the
facsimile signature of the Mayor, attested by the facsimile
signature of the City Clerk and countersigned by the manual
signature of the Director of Finance and Management Services
and the interest coupons attached to each bond shall be exe-
cuted by the facsimile signatures of said officers; and
7 . The bonds of said issue shall mature without
option of prepayment, shall be dated February l, 1978, and
shall be numbered from G-1 to G-1300, both inclusive. Interest
on said bonds will be payable August 1, 1978, and semiannually
thereafter on February 1 and August 1 in each year.
8 . Said bonds and the coupons attached thereto shall
be in substantially the following form, which has been approved
by the City Attorney of the City of Saint Paul, and is hereby
approved and adopted:
,��. ��- �
,
�: � �����-�
UNITED STATES OF AM..ERICA
STATE OF D'iINNESOTA
COUNTY OF RAP�lSEY
CITY OF SAINT PAUL
GENERAL OBLIGATION CAPITAL
IMPROVE1�1iENT BOND, SERIES 1978
No. G- $5,OQ0
KNOW ALL MEN BY THESE PRESENTS, that the City of
Saint Paul, in the County of Ramsey and State of r�innesota,
acknowledges itself to be indebted and for value received
hereby promises to pay to bearer, without option of prepayment,
the sum of Five ihousand Dollars {$5,000) on the first day of
February, , together with interest thereon from the date
hereof until the principal sum is paid at the rate of
�ercent per annum, payable August 1,
1978, and semiannually thereafter on the first day of February
and the first day of August in each year as evidenced by and
upon the presentation and surrender of the annexed interest
coupons as they severally become due. Both principal of and
interest on this bond are payable in lawful money oi� the United
States of America at The First National Bank of Saint Paul,
in St. Paul, D?innesota, or Chase Manhattan Bank N.A. , Nev� York,
New York, at the option of the holder, or any successor pa_ying
agent duly appointed by the City and for the ?�rompt pa__yment of
this bond, both principal and interest, when due, the full faith
and credit of the City of Saint Paul are irrevocably pledged.
This bond is one of a series of bonds issued and sold
by the City of Saint Paul in the aggregate principal amount
of Six h�illion Five Hundred Thousand Dollars ($6 ,500,000) , author-
ized pursuant to Laws of Minnesota 1971, Chapter 773, as amended
bv Laws of r�innesota 1974, Cha�ter 351, as amended by I.aws of
Minnesota 1976, Chapter 234, for the purpose of the x�rocurement
of funas to be used by said City for the acquisition, construc-
tion and repair of capital improvements of the City of Saint
Paul in accordance with the provisions of saic� laws .
It is herebvi certified and recited that all things,
acts and conditions reauired by the Constitution and Laws of
the State of Minnesota and the Charter of said City to happen
and be done and performed precedent to and in the issuance of
this bond, have �appened and have been done and performed in
regular and due form and time as required by law, and that the
issuance of this bond did not cause the total indebtedness of
the said City to exceed any constitutional, statutory, or
charter limitation.
. � -. �'�������
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 Offieial Seal, to be
signed by the facsimile signature of its Mayor, attested by
the facsimile signature of its City Clerk, and countersigned
manually by its Director of Finance and Management Services,
and each of the interest coupons hereto attached to be exe-
cuted by the facsimile signatures of said officers, as of the
first day of February, 1978.
(facsimile) George Latimer
Mayor
(SEAL)
Attest: (facsimile) Rose Mix
City Cler
Countersigned:
Director of Finance and
Management Services
i
COUPON
On the first day of August (February) , , the City
of Saint Paul, Ramsey County, Minnesota, promises to pay to
bearer at The First National Bank of Saint Paul, St. Paul, Minne-
sota, or the Chase Manhattan Bank N.A. , New York, New York, at the
option of the holder, or any successor paying agent duly appointed
by the City the sum shown hereon for interest then due on its
General Obligation Capital Improvement Bond, Series 1978 , dated
as of February 1, 1978 , No.
(facsimile) George Latimer
Mayor
4
Attest: (facsimile) Rose Mix '
City Clerk
Countersigned: (facsimile) Bernard J. Carlson
Director of Finance and
Management Services
M�HITE - CITV CLERK
PINK ' -��,iN,c�r.iCe COUfIClI �� ��� � q
� CANAR`/'�- DGPbRTMENT GITY OF SAINT PALTL �
BLU£ - MAVOR File NO. A � r
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
9 . The full faith and credit and taxing power of the
City is pledged for the prompt and full payment of the principal
and interest of said bonds;
10. The City will not make any use of the proceeds
of the Bonds to be issued which, if such use had been reasonably
expected as of the date of delivery of and payment for the bonds,
would have caused such obligations to be arbitrage bonds within
the meaning of Section 103 (c) of the Internal Revenue Code and
any applicable temporary proposed or final regulations promul-
gated thereunder; and the City will and will cause any other
entity authorized to invest such bond proceeds for the City to
comply with the requirements of said Section 103 (c) and all
applicable regulations pertaining thereto while the bonds to
be issued hereunder remain outstanding;
11. The proceeds of said bonds shall be credited to
an account hereby established and designated Capital Improve-
ments Account of 1978 . The moneys in said account shall be
used an� app?i�d f�r the p�arpos� pres�ribed by Laws 1971,
Chapter 773, as amended, and the balance in said account after
payment of the costs of the program, if any, together with
accrued interest received upon the delivery of said bonds shall
be credited to the Sinking Fund Account for such obligations.
COUNCILMEN
Yeas Nays Requested by Department of:
Butler �, F inance and Mana e nt Services
Hozza [n Favor
Hunt
Levine � _ Against BY �—�
.��� ector
Sylvester
Tedesco
Adopted b uncil: Date .��� � � 1978 Form Approved by Cit Atto ey
C ified P y � S�cre ry BY
B�
App ved b 17a or: D � �"�` ���a� � � 4g7� Approved by Mayor for Submission to Council
By BY
W16LISHED �lAN 1 4 197$ -
�