268760 �
WHITE - CITV CLERK � ��+
PINK - FINANCE G I TY OF SA I NT PA�T L Council ����?j���
GANARV - DEPARTMENT � �
BLUE - MAVOR File NO.
C ncil Resolut�n
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS;
1 . On February 22, 1977, the Port Authority of th� City of Saint Paul , adopted
Resolution No. 1154, giving preliminary approval to the ;issuance of additional revenue
bonds in the initial principal amount not to exceed $401�,000 to finance the additional
construction at the Great Lakes Coal and Dock Company's terminal facility in the Port
Authority's Barge Terminal No. 1 .
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint P�ul , shall be issued only with the
consent of the City Council of the City of Saint Paul , by resolution adopted in accordance
with law;
3. The Port Authority of the City of Saint Paul has requested that the City
Council give its requisite consent pursuant to said law::to facilitate the issuance of
said revenue bonds by the Port Authority of the City of Saint Paul , subject to final
approval of the details of said issue by the Port Autho�ity of the City of Saint Paul .
4. It is estimated that the initial principal amoNnt of said bonds will not be
more than $400,000 and that the net interest cost appli�able to said issue will
not exceed 8%, now, therefore, be it
RESOLVED, by the City Council of the City of Saint,Paul , that in accordance with
Laws of Minnesota 1976, Chapter 234, the City Council hlreby consents to the issuance
of the aforesaid revenue bonds for the purposes described in the aforesaid Port Authority
� Resolution No. 1154 in the initial principal amount of �ot to esceed $400,000 at a
net interest cost of not to exceed 8%, the exact detail8 of which, including, but not
limited to, provisions relating to maturities, interest rates, discount, redemption, and
for the issuance of additional bonds, are to be determi�ed by the Port Authority, pursuant
to resolution adopted by the Port Authority, and the City Council hereby authorizes the
issuance of any additional bonds by the Port Authority, =found by the Port Authority to be
necessary for carrying out the purposes for which the aforesaid bonds are issued.
COUNCILMEN
Yeas Nays Requested by Department of:
Butler �
Hozza [n Favor t
Hunt O .
Levine __ Against BY
R�ee�a�
Sylvester
Tedesco 7 '�9�1
� � Form Appro�d by y t rney
Adopted by C ounci� Date
� " , �
Certified ass�$�by Cou�cil Secre�,ery� ' B3'
B . '� ��- /
y
� M� 2�� �977 Approved by Mayor for Su is ipn to Council
Appro e by iVlayor: Da e �
By BY
Puaust�EO l�AR 2 6 i977 `
t�M Ol: .9/8 f 76
E PLANA �����
_ . X TION OF ADMINISTRATIVE O ERS;
RESOLUTIONS, AND ORDINANCE
Date: Februsry 25, 197T :
TO: MAYOR GEORGE LATIMER
FR= �ugene A. Kraut, St. Raul Port Authority
RE: :GREAT L�IKES COAL COI�ANY LEASE �NIENDMENT, _
AND CQMALE'FION BQND ISSUE
. . . .
ACTIO�i RE¢UESTED s -
In a�cordance wi th Laws. af Mf nnesota 'i 476, Chapter 234, t i s request�d ttrn� ti�e Ci ty
Council. by ;Resolution, a dra�f�t capy of which is attach � k�ereta, approve th� issua�c.�
of �+400,000 in r�venue bonds. The prbceeds of t�e rev bond i�swe will be used f�or . � -:
add9tional cor�struction at the Great tal�es Caa1 ahd Do Con�an�'s termin�t't ���i"�ity �
1n the� Port Au�h�t^fity's Barge Terminal Pt�. l . ,
,. � � � .. . � � F - . .� . . � � �. . � � .; . : . . '. . ._ .,. . .. .. . . .
�URPOSE AND RATIONALE� FC}R THI�S ACTION:
7he. City Council previowsly appraved by Resolution No. 57989 on October 14, 1976,
tfie i`ssuanc� o� �3,3?5,A00 in revenue bonds to cv�stru a .lc� .su'tfur western +�al `"�
�ransfer facfl fity at �he Part Authori ty's Barge Termi�► Mo,, 1. Ti�at b�nd '�ssue�.h�s _ , :. .
De�� sold a�nd tk�e �o�struCtlon fis und�rway. In the l�pme�t c�f:t#� fac�fli��;y and c#ae :
to sane alt�eratfi�►s in. plans a�d the reloCat9on: af G - .La►k�s�oa�l .�►rat [k��� �ian�r`�s
' Mfdway offfice facil�ty, the`total. construction n�eds e incre�sed fir�un $Z.�O�,� '
to �3.02{l,OaQ. The net proceeds grom a. b�nd iss:ue af Ot3�{itMk ��e �►praxitl�te)y
�320,�, r�i ch wi'1 t .be used i r� accordance`wi th �h� c ti��ti fu�id bwdg�� re�ri ew
pro��cted on the attactred s.taff inemorandum. The twa r��.p� ` . for '�#ncre�sed
�asts are �lie compliance with fl.vad eontrol reguiation a� ` r� acat��..�� ttr� aff:is�, � ,�
. : facility to this s#te.: The pro�ect has received a11 ��ary �er�n�ts r�quir+�d �rom
E,Q�C. amd the P.C.A. :
AT� CHMENTS• -
�opy of Port Authraf.ty Res�olutian No: 11'54 _ '
Copy of Draft Counc9l Resolution
CopY of Port Autt�rity Merr�randum to Baard of Com�iss�" rs da►�ed ��b. i�6, 1977
,
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;� ,:. j, , ��:�
PORT AUTHORITY OF THE CITY OF SAINT PAUL
1130 MINNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL, MINN. 55101, PHONE (612) 224-5686
February 25, 1977
The Honorable George Latimer
Mayor, City of St. Paul
City Hall and Court House
St. Paul , Minnesota 55102
Dear Mayor Latimer:
We submit herewith for your review, recommendation and referral details
pertaining to the issuance of revenue bonds in the amount of $400,000
for additional construction at the Great Lakes Coal and Dock Company
terminal facility in the Port Authority's Barge Terminal No. 1 . The
initial bond issue in the amount of $3,375,000.00 was approved by the
City Council Resolution No. 267989 on October 14, 1976. The increase
of $400,000.00 for additional construction was approved by the Port
Authority Commission by Resolution No. 1154 on February 22, 1977, a
copy of which is enclosed.
We also enclose sufficient copies for distribution to the City Attorney's
office and members of the City Council .
�
� Yours truly,
, � !c
� ' , �_. �r �, \
�-� � �- ( r �_.� ` � . �, �.r._� �- �,/
Eugene . Kraut 1"'
Assistan Executive
Vice President
EAK:jmo
Encl .
ROBERT F. SPRAFKA EUGENE A. KRAUT, C.I.D. DONALD G. DUNSMEE, C.I.D. CLIFFORD E. RAMSTED ROSCOE C. BROWN
EXECUTIVE VICE PRESIDENT ASSISTANT EXECUTIVE VICE PRESIDENT DIRECTOR, INOUSTRIAL DEVEIOPMENT CHIEF ENGINEER CHIEF ACCOUNTANT
COMMISSIONERS JOMN L. SEGL PATRICK J. ROEDLER LOUIS H. MEYERS G. RICMARD SLADE G[ORGE W. WINTER ROSALIE L. BUTLER ARTMl1R N. GOODMAN
PRESIDENT VICE PRESIDENT SECRETARY TREASURER
LEGISLATIVE ADVISOR RAY W. FARICY, STATE REPRESENTATIVE '-��z
C.I.D. Certijied Industrial Develoloer
� i�'�0 R 7' .
�
� AUTHORITY �±��'���
OF THE CITY OF ST. P/1UL
Memo�ondum
TO: BOARD OF COP�MISSIONERS DA'fE Feb. 16, 1977
(Meeting 2-22-77)
FROMs E. A. Kr
SUBJECT: Great Lakes Coal Company Lease Amendment -
And Completion Bond Issue
Subsequent to the issuance of the revenue bonds to construct the Great
Lakes Terminal facility at Barge Terminal No. 1 , additional developments
indicate that additional funds are necessary to complete the project and
to provide for certain added facilities not originally planned for this
location.
A cost analysis of the items requiring additional funds is attached for
your review. Certain additional requirements have been occasioned by
construction and conformance with the proposed FTood Plain Ordinance.
The company has sold its office building in the Midway area and is plan-
ning to relocate the facility along with the truck repair shop and a new
truck scale at the Barge Terminal No. 1 location. These costs are
incorporated in the request for additional funds. In addition, the un-
loading pit will be upgraded, a truck dump system will be provided and a
ground storage diverter incorporated in the facility.
The changes and additions being contemplated do not alte.r the capacity of
the system as approved by the Environmental Quality Council and all
changes contemplated here have been approved.
Accordingly, it is proposed to issue $400,000.00 in additional revenue
bonds to be amortized simultaneously with the initial issue and it is
anticipated that the approximate rental increase on the monthly rent will
be $3,858.47.
Allocation of the bond proceeds is projected as follows:
Construction $ 318,600.00
Debt Service Reserve (Estimate) 56,400.00
Bond Issue Expense (Estimate) 15,000.00
Underwriting 10,000.00
TOTAL � $ 400,000.00
_ �
,
_ BOARD OF COMMISSIONERS
Great Lakes Coal Company Lease Amendment
February 16, 1977
Page Two
The recently executed lease agreement would be amended to provide for an .
additional rent item sufficient to amortize these additional bonds and
will , in addition to the Great Lakes guarantee,. have the guarantee of the
Valiey Camp Coa] Co.
Staff recommends approval of Resolution No.1154 and the issuance of the
bonds subject to approval of the Council of the City of Saint Paul .
EAK:mks
SAINT PAUL RATL-TO-BARGE FACTLITY
CONSTRUCTION FUND BUDGET
Initial Revised
Budget Budqet
10-12-76 2-15-77 Note
�ott Company
Transier Facility $1, 344,000
Upgrade Unloading Pit
Add Truck Hopper
Widen Tunnel
Upgrade Loading Tower
Revised Contract $1, 544, 800 (1)
Divert Storm Sewer 8, 600 (2)
Divert City Water Line 1,000 (2)
Dock Rail Installation 284, 500 284, 500
Yard Switch Engine (Used) 70,000 70,000
Yard Rail Car Puller 60,000 60,000
Repair Shop & Employees ' Facilities 50,000 100 ,000 (3)
Add General Office 85,000 (3)
Truck Scale Replacement � , 45,000 (4)
Communication System � 8,000 (5)
Contingency 90 , 500 -
Total Contracts 1,899,000 2, 206, 900
State Sales Tax - Avg. 3/ 57,000 66,000
Great Lakes - Legal & Engineering 25,000 27,400
Total On Site Costs $1, 981,000 $2,300 ,300
C&NW Track Rehabilitation 719,000 719,700
Total Construction Fund $2, 700,000 $3 ,020,000 �
2-15-77
A.D.T. ,
EXPLANATION FOR ADDITIONAL FUNDS REQUIRED
Note
(1) The Nott Company was awarded the primary construction
contract on October 6, 1976, based on anticipated minimum
construction requirements. Since that date we have author-
ized their up-grading of the unloading pit to withstand
hydraulic pressures greater than first estimated. In
addition we have added a truck hopper for the receiving
of petroleum carbon coke to be blended with all rail
Wzstern coal, which becomes a "trade-off" of our past
practices in loading petroleum coke from dock storage to
barges by motorized cranes. This addition will substan-
tially reduce the fugitive dust which developed at the
terminal. The Minnesota Pollution Control Agency has
been advised of this change and have given their approval
to the programmed modification to the new facility.
In addition we have authorized the widening of the can-
crete tunnel from the unloading pit to qround level to
improve inspection and operating performance, as well as
up-grading the structure of the barge loading tower at
the dock frant.
These additions will result in a substantially more
efficient operation for which we have agreed to an
additional cost of $200 , 800.
(2) Shortly after the start of excavation for the terminal
facility, we encountered uncharted storm sewer and water
lines that were necessary to be diver'ted from the con-
struction line of the project which necessitated an
additional cost of $9,500.
(3) In our initial budget we had programmed the rehabilita-
�tion of offices and dock employees ' wash room and lunch
facilities in the old Merchandise Warehouse Building at
the north end of the property at an estimated cost of
$50 ,000. However, we found upon inspection of the
pilings supporting this building that the deterioration
of the supporting piling was such that it was economically
unfeasible to proceed with our original program. As a
result, we find it necessary to construct a new building
north of the old Merchandise Warehouse to include the
required repair shop and employees' facilitie�s at a
., , . . ,
EXPLANATION FOR ADDITIONAL FUNDS REQUIRED Page 2
(3) minimum cost of $100,000. To this we have projected the
Contd. � addition of another section to the building of approxi-
mately 3 ,000 square feet for a general office building
inasmuch as our current office lease at 2102 University
Avenue will not be renewed. We therefore propose to
build a complex to include all employee, shop and garage
requirements at an aggregate cost of $185,000. This much
higher cost has been due in part to meeting the limita-
tions recently imposed by the City of Saint Paul in the
enactment of flood plain building construction regulations.�
(4) It was initially programmed to remove the present truck
scaTe at the southeast end of the property to a new
location, but upan inspection �ound that this scale had
deteriorated beyond the point of repair and could in rio
way meet a certification of acceptance by the State
Weights and Measures Department. It therefore becomes
necessary that we construct a new modern scale at a
cost of $45,000.
(5) It has now been determined that to improve the efficiency
of the total operation a dock wide communication system
is essential at a cost of $8,000 .
,
.
, •
�'��?"���
RE50LUTION N0. 1154
SUPPLEMENTAL BOND RESOLUTION
$400,000
INDUSTRTAL DEVELOPMENT REVENUE
BONDS, SERIES �'
PORT AUTHORITY OF THE CITY OF SAINT PAUL
ADOPTED: February 22, 1977
i
TABLE OF CONTENTS
I P age
ARTICLE ONE - DEFINITIONS, LEGAL AUTHO�tIZATION
AND FINDINGS 1
Section 1-1. Definitions 1
Section 1-2. Exhibits -� 4
Section 1-3. Legal Authorizatio 4
Section 1-4. Findings � 5
Section 1-5. Authorization and atification
of Additional Imprpvements 7
Section 1-6. Additional Finding� 7
ARTICLE TWO - THE BONDS ' 8
Section 2-l. Basic Resolution N . 876 8
Section 2-2. Authorized Amount nd Form
of Bonds 8
Section 2-3. Bond Terms 14
Section 2-4. Execution 15
Section 2-5. Delivery of Bonds 15
Section 2-6 . Ownership of Bonds 16
Section 2-7. Delivery of Tempor ry Bond 16
Section 2-8. Qualification unde� Section 2-2
of Basic Resolutio No. 876 16
ARTICLE THREE - ADDITIONAL GENERAL COV�NANTS
AND FUNDS 18
Section 3-l. Maintenance and Re air 18
Section 3-2 . Recording and Fili$�g 18
Section 3-3. Series F Construct�on Fund 18
Section 3-4 . Common Revenue Bon�3 Fund 18
Section 3-5. Reserves 19
Section 3-6 . Series F Property nsurance and
Award Fund 19
Section 3-7 . Purchase of Bonds 19
Section 3-8. Audit 20
ARTICLE FOUR - POSSESSION, USE AND REL�ASE OF
PROPERTY 21
Section 4-1. Possession an Use 21
Section 4-2. Conveyance for Acc ss or Other
Easement ' 21
Section 4-3. Release of Encumbe ed Equipment 21
Section 4-4. Intentionally Omitted 22
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P age
ARTICLE FIVE - SUPPLEMENTAL AND AMENDI�TORY
RESOLUTIONS 23
Section 5-1. Supplemental and Amendator�
Resolutions Not Requiring Consent
of Bondholders 23
Section 5-2. Supplemental and Amendatory
Resolutions Requiring Consent
of Bondholders 23
ARTICLE STX - AMENDMENTS TO LEASE 25
Section 6-1. Amendments Without Bondholder
Consent 25
Section 6-2 . Amendments Requir ng Bondholder
Consent 26
ARTTCLE SEVEN - MISCELLANEOUS 27
Section 7-1. Consent of Bondholders 27
Section 7-2. Notice of Amendments 27
Section 7-3. Severability 28
Section 7-4 . Limitation of Liability 28
Section 7-5. Authentication of Transcr pt 28
Section 7-6 . Registration of Bond Resolut oi n 28
Section 7-7. Approval of Tenant 29
Section 7-8. Authorization to Execute Amend-
ment to Lease and Incidental
Documents 29
Section 7-9 . Purchase of Bonds 29
Section 7-10 . City Council Approval 29
SIGNATURES 30
EXHIBITS
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������'�
SUPPLEMENT BOND RESOLUTION
BE IT RESOLVED by the Port Authority of the City of
Saint Paul that Basic Resolution No. 876 is supplemented as
follows :
ARTICLE ONE
DEFTNITTONS, LEGAL AUTHORIZATION AND FINDINGS
1-1. Definitions . Any terms defined in the Lease and
any amendements thereto and Basic Resolution No. 876 shall have
the same meanings when used herein as assigned them in the Lease
or Basic Resolution No. 876 unless the context or use thereof
indicates another or a different meaning or intent. In addition
the terms hereinafter set forth unless the context or use thereof
shall require otherwise, shall have the following meanings :
(1) Act: Minnesota Statutes , Chapter 458, 474 , 475 and
all amendments and supplements thereto;
(2) Additional Improvements: that portion of the Project
Tmprovements not contemplated in the Lease prior to the adoption
of the Amendment to Lease and to be financed bv the Series J
Bonds; �
(3) Amendment to Lease: an agreement dated as of April 1,
1977 by and between the AUTHORITY and the Tenant whereby the
original Lease, dated November l, 1976, is amended, a form of
which Amendment to Lease is on file in the o�fice of the AUTHORITY;
(4) AUTHORTTY: the Port Authority of the City of Saint
Paul, and any successor public corporation;
(5) Basic Resolution No. 876 : Resolution No. 876 of the
AUTHORITY adopted February 14 , 1974 , and all amendments thereto,
pursuant to which a Common Revenue Bond Fund has been estab-
lished and basic authority has been provided for the issuance
of certain Revenue Bonds , including the Bonds authorized by the
Bond Resolution, and for the payment thereof solely from revenues
pledged to the Common Revenue Bond Fund;
(6) Bond Closing: the date on which there is delivery of
and payment for the Bonds;
:
(7) Bond Counsel: the firm of Briggs and Morgan, Profes-
sional Association, of St. Paul, Minnesota, or any other attorney
designated by the AUTHORITY, duly admitted to practice law before
the highest court of any State and nationally recognized in the
field of municipal finance, and any op3.nion of Bond Counsel shall
be a written opinion of such Counsel;
(8) Bond Fund: the Conunon Revenue Bond Fund;
(9) Bond Resolution: this resolution of the AUTHORITY
adopted February 22, 1977, as a supplement to Basic Resolution
No. 876 , pursuant to which the Bonds are authorized to be issued;
and all references in this instrument to designated "Articles ,"
"Sections" and other subdivisions are to the designated Arti-
cles, Sections and subdivisons of this instrument as originally
executed, and the words "herein, " "hereof" and "hereunder" and
other words of similar import refer to this resolution as a
whole and not to any particular Article, Section or subdivision;
(10) Bondholder: any Holder of a Bond;
(11) Bonds: the Port Authority of the City of Saint Paul
Tndustrial Development Revenue Bonds, Series J, to be issued
by the AUTHORITY' pursuant to this Bond Resolution;
(12) Common Revenue Bond Fund: the fund established under
Basic Resolution No. 876 and sometimes referred to herein as the
Bond Fund from which the principal of and interest on the Bonds
and certain other Revenue Bonds are payable;
(13) Cost: any o� the cost items enumerated in Section
2.02 of the Project Covenants , sometimes collectively referred
to herein as Cost of the Project;
(14) Holder: the bearer of any Bond, who may be presumed
by the AUTHORITY and the Paying Agent to be the owner thereof as
provided in Section 2�6;
(15) Lease: the Lease dated November l, 1976, as amended
by the Amendment to Lease, whereby the AUTHORITY leases the
Project to the Tenant and provides for the installation and
construction of the Project, a form of which Lease is on file in
the office of the AUTHORITY;
(16) Paying Agent: the bank designated pursuant to this
Bond Resolution as the agent of the AUTHORITY to receive and
disburse the principal of and interest on the Bonds , and any duly
designated successor Paying Agent;
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(17) Project;
(A) the land and any other �asements and rights
described in Exhibit A of the Lease, and any other easements ,
railroad access and other interests which run with or accrue to
the property described in Exhibit A of the Lease and which are
necessary for the operation of the Project;
(B) the building or buildings , improvements and
equipment to be acquired, constructed and installed thereon
and therein under any Construction Contract;
(C) any equipment of a capital nature purchased in
whole or in part from the proceeds of the Series s Bonds or the
Series F Bonds or otherwise and described in Exhibit B of the
Lease;
(D) all other buildings, structures, improvements ,
access roads and utilities and other facilities which may be
constructed for the Project and paid for in whole or in part
from proceeds of the Series J Bonds or the Series F Bonds and
all machinery and other equipment of a capital nature purchased
in whole or in part from proceeds of the Series J Bonds or the
Series F Bonds; and
(E) all additions to, replacements of and substitu-
tions for any of the foregoing which may be made as permitted
or required by the Lease, except that
(F) any of the foregoing which are re�eased or taken
by Condemnation as authorized or conternplated by the Lease, or
which are installed as equipment by the Tenant at its own expense
as provided in Section 2. 09 of the Lease, sha11 not constitute
a part of the Project;
(18) Project Equipment: all tangible personal property
and fixtures forming a part of �� the Project as defined in item
(17) of this Section, whether initially, by way of substitution
or otherwise and whether or not when added to the Project such
equipment becomes a part of the real estate;
(19) Project Improvements: that part of the Project to be
financed from the proceeds of the Series J Bonds and the Series
F Bonds;
(20) Purchaser: the Underwriter;
(21) Reserve Fund: sometimes referred to as the Reserve,
being the Fund so designated in Basic Resolution No. 876 and
forming a part of the Bond Fund which Reserve is to be used for
the payment of principal and interest on the Bonds and all other
Revenue Bonds payable from the Bond Fund under the circumstances
described in Basic Resolution No. 876;
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{
(22) Revenue Bonds: all revenue bonds , including the Bonds ,
payable from the Bond Fund on a parity of lien;
(23) Series F Bonds: the AUTHORITY' s Industrial Develop-
ment Revenue Bonds , Series F, dated November 1, 1976 authorized
by Supplemental Bond Resolution No. 1132;
(24) Series J Bonds: the Bonds herein authorized;
(25) Series F Construction Fund: the fund created by Sec-
tion 3-3 of Supplemental Bond Resolution No. 1132 to which the
proceeds of the Series F Bonds and Series J Bonds, except for any
accrued interest, capitalized interest and capitalized reserve
are appropriated; �
(26) Series F Property Insurance and Award Fund: the fund
created by Section 3-6 of Supplemental Bond Resolution No. 1132
to which proceeds of insurance and any Condemnation award and
certain other funds are to be credited;
(27) Su lemental Bond Resolution No. 1132: the resolution
of the AUTHORITY adopted October 19, 1 76 , as a supplement to
Basic Resolution No. 876 , pursuant to which the Series F Bonds
were authorized to be issued;
(28) Tenant: Great Lakes Coal and Dock Company, a Wisconsin
corporation, s successors and assigns, and any surviving,
resulting or transferee corporation or other business entity
which may assume its obligations under 4.05 of the Lease;
(29) Underwriter: Miller & Schroeder Municipals, Inc. ,
a Minnesota corporation, its successors and assigns;
(30) Underwriting Agreement: an agreement, dated February 22 ,
1977, by and between the Underwriter, the AUTHORITY and the
Tenant, providing in a preliminary way for the issuance of the
Bonds, a copy of which is on file in the offices of the AUTHORITY.
1-2. Exhibits . The following Exhibit is attached
to and by reference made a part of this Bond Resolution:
(1) Exhibit A: form of Temporary Bond.
1-3. Legal Authorization. The AUTHORITY is a body
corporate and politic organized and existing under Minnesota
Statutes, Chapter 458, as amended, and is a redevelopment agency
within the meaning of Pdinnesota Statutes, Chapter 474 , as amended,
and is authorized under said laws to initiate the Project herein
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referred to, and to issue and sell bonds for that purpose in the
manner and upon the terms and conditions set forth in the said
, Chapters 474 and 458, Basic Resolution No. 876 and this Bond
Resolution.
1-4. Findings. The AUTHORITY has heretofore deter-
mined, and does hereby determine, as follows :
(1) the AUTHORITY has heretofore acquired and developed
land and is authorized by the Act to improve and lease same for
the public purposes expressed in the Act;
(2) the AUTHORITY has made the necessary arrangements
with Tenant, for the establishment at Barge Terminal No. 1 of a
Project consisting of certain property to be used in connection
with the operation of a revenue-producing enterprise contemplated
by Minnesota Statutes , Section 474 . 02 , Subdivision 1, all as more
fully described in Section 1-1 (17) , which property will be of the
character and accomplish the purposes provided by the Act, and
the AUTHORITY' has by Supplemental Bond Resolution No. 1132 and
by this Bond Resolution authorized the execution of the Lease and
the Amendment to Lease respectively and has speci,�ied the terms
and conditions of the construction and installation of the
Project Tmprovements and of the leasing of the Project to the
Tenant;
(3) in authorizing the Project including the Additional
Improvements the AUTHORITY ' s purpose is, and in its judgment the
effect thereof will be, to promote the public welfare by:
increasing the port' s volume of commerce and provid�.ng adequate
dock and terminal facilities , open to all upon reasonable and
equal terms in the handling, storage, care and shipment of freight
to, from and through the port; the attraction, encouragement and
development of economically sound industry so as to prevent, so
far as possible, blighted and marginal lands and areas of chronic
unemployment and the emergence of such lands and areas ; the
development of industry to use the available resources of the
community in order to retain the benefit of the community ' s
existing investment in educational and public service facilities
and to halt the movement of talented, educated personnel of
mature age to other areas , thus preserving the economic and human
resources needed as a base for providing governmental services
and facilities; the provision of accessible employment oppor-
tunities for residents in the area; and the expansion of an
adequate tax base of Ramsey County and the City of Saint Paul to
finance the increase in the amount and cost of governmental
services, including educational services for the School District
of the City;
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(4) the amount estimated to be necessary to ��nance the
Cost of the Project, including the costs and est�mated costs
permitted by Minnesota Statutes, Section 474 .05 , wi11 require
the issuance, sale and delivery of the Bonds in the aggregate
principal amount of $400 ,000 as hereinafter provided, in addition
to the Series F Bonds heretofore authorized;
(5) it is desirable, feasible and consistent with the
objects and purposes of the Act and Basic Resolution No. 876
to issue the Bonds for the purpose of constructing, improving
and installing the Project;
(6) the Bonds are Additional Bonds within the meaning o�
Section 2-2 of Basic Resolution No. 876 and are payable from
revenues derived from various revenue producing facilities of
the AUTHORITY on a parity of lien with a11 other Revenue Bonds
which have heretofore and may hereafter be issued by the AUTHOR-
ITY and made payable from the Common Revenue Bond Fund;
(7) the Bonds and the interest coupons appertaining
thereto do not constitute an indebtedness of the AUTHORITY or
the City of Saint Paul within the meaning of any constitutional
or statutory limitation and do not constitute nor give rise to a
pecuniary liability of the AUTHORITY or the City nor a charge
against their general credit or taxing powers and ne�ther the
full Paith and credit nor the tax�ng powers o� the AUTHORITY or
the City is pledged for the payment of the Bonds or interest
thereon; and the Additional Charges payable under the Lease and
any sums credited to the Series F Property Tnsurance and Award
Fund as provided in this Bond Resolution do not constitute Net
Revenues within the meaning of Section 1-1 (22� of Basic Resolu�
tion No. 876;
(8) the installation and construction of the Project Im,
provements, the issuance and sale of the Bonds , the execution and
delivery of the Lease, including the Amendment to Lease, and the
performance of all covenants and agreements of the AUTHORTTY
contained in the Lease, Basic Resolution No. 876 , Supplemental
Bond Resolution No. 1132 and the Bond Resolution and of all other
acts and things required under the Constitution and laws of the
State of Minnesota to make the Lease and the Bonds valid and
binding obligations of the AUTHORITY in accordance with �heir
terms , are authorized by the Act, Basic Resolution No. 876 ,
Supplemental Bond Resolution No. 1132 and this Bond Resolution;
(9) the Bonds are industrial development bonds within the
meaning of Section 103 (b) of the Internal Revenue Code and are
to be issued within the exemption provided under subparagraph
(D) of Section 103 (b) (4) of the Code with respect to docks and
wharfs and related facilities; provided that nothinq herein shall
-6-
prevent the AUTHORITY from hereafter qualifying the Bonds under a
different exemption if, and to the extent, such exemption is
permitted by law and consistent with the objects and purposes
of the Project;
(10) the cost of acquisition and development of the Pro-
ject site heretofore undertaken and financed by the AUTHORITY
does not and shall not constitute any part of the Cost of the
Project;
(11) the Project is not property of the character contem-
plated in Minnesota Statutes , Section 462. 356 , Subdivision 2
and has no relationship to any comprehensive municipal plan
within the meaning of said Subdivision; and
(12) the Underwriter has offered to purchase said Bonds
in accordance with the terms and conditions of the Underwriting
Agreement and this Bond Resolution.
1-5. Authorization and Ratification of Additional
Improvements. The AUTHORITY has heretofore authorized and does
hereby authorize the Tenant, in accordance with the provisions of
Minnesota Statutes, Section 474 . 03 (6) , and subject to the terms
and conditions set forth in the Project Covenants , to provide for
the construction, acquisition and installation of the buildings ,
improvements and equipment to be included in the Project under
the Plans and Specifications for the Additional Improvements by
such means as shall be available to the Tenant and in the manner
determined by the Tenant, and without advertisement for bids as
may be required for the construction and acquisition of any other
municipal facilities, and hereby ratifies, affirms and approves
all actions heretofore taken by the Tenant consistent with and in
anticipation of such autho�ity and in compliance with such Plans
and Specifications .
1-6. Additional Findings. Based on the representations
made to the AUTHORTTY by the Tenant and investigations of the
AUTHORITY' s staff, and as a basis for its findings in Section
1-4 (9) , the AUTHORITY reaffirms the findings it made in Section
1-6 of Supplemental Bona Resolutzon No. 1132 , subject to the
expansion of the Project as described therein to include the
Additional Tmprovements , and the AUTHORITY hereby finds and deter-
� mines that said Additional Improvements are designed primarily
to facilitate the transhipment of goods by barge and are func-
tionally related and subordinate to a wharf or dock within th.e
meaning of Section 103 (b) (4) (D) of the Internal Revenue Code
and the regulations issued thereunder.
-7-
�
��,����
ARTICLE TWO
THE BONDS
2-1. Basic Resolution No. 876. The Bonds shall be
issued, secured, executed an authenticated under the provisions
of Basic Resolution No. 876, and all applicable terms , covenants
and conditions contained in Basic Resolution No. 876 are hereby
incorporated into and made a part of this Bond Resolution the
same as if said terms , covenants and conditions were set out
herein in their entirety to the extent that they are not incon-
sistent with those contained herein.
2-2. Authorized Amount and Form .of Bonds . The
Bonds issued pursuant to this Bond Resolution shall be in
substantially the form set forth herein, with such appropriate
variations, omissions and insertions as are permitted or required
by this Bond Resolution, and in accordance with the further
provisions of this Article, and the applicable provisions of
Basic Resolution No. 876 , and the total principal amount of
Bonds that may be outstanding hereunder is expressly limited to
$400,000 unless Additional Bonds are authorized as provided
in Sections 2-2 and 2-3 of Basic Resolution No. 876 or duplicate
Bonds are issued under Section 2-5 of Basic Resolution No. 876.
Said Bonds and the coupons appurtenant thereto shall be in
substantially the following form:
. _8_
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RArtiSEY
PORT AUTHORITY OF THE
CITY OF SAINT PAUL
No. $5,000
� INDUSTRTAL DEVELOPMENT REVENUE
BOND, SERIES J
KNOW ALL MEN BY THESE PRESENTS that the Port Author-
ity of the City of Saint Paul (herein called "Port Authority" ) ,
Ramsey County, Minnesota, a body corporate and politic, for
value received hereby promises to pay to bearer, but only out of
its Common Revenue Bond Fund, the principal sum of
FIVE THOUSAND DOLLARS
on the first day of May, 19 , or, if this Bond is prepay-
able as stated below, on a prior date on which it shall have
been duly called for redemption, and to pay interest on said
principal sum solely from said fund at the rate of
six percer.t ( 6.00 $) per annum from the date here-
of until the principal sum i� s paid or until this Bond is duly
discharged, interest being payable on November l, 1977 , and
semiannually thereafter on May 1 and November 1 of each year,
interest to maturity being represented by and payable in ac-
cordance with and upon presentation and surrender of the interest
coupons appurtenant hereto. Both principal and interest are
payable at the Northwestern National Bank of St. Paul, in St.
Paul, Minnesota or at the office of a successor Paying Agent duly
designated by the Port Authority, in any coin or currency of the
United States of America which on the respective dates of payment
is legal tender for public and private debts .
This Bond is one of an issue in the aggregate princi-
� pal amount of $400 ,000 , all of like date and tenor except as to
serial number, interest rate, maturity and redemption privilege,
issued in accordance with Basic Resolution No. 876 , as amended,
and Supplemental Bond Resolution No. 1154 , duly adopted by the
Port Authority, setting forth the terms and conditions upon which
-9-
such Bonds are issued and describing the security therefor. The
Bonds of this series , together with a prior series of Revenue
Bonds, are issued by the Port Authority for the purpose of
financing the construction and acquisition of buildings , im-
provements and equipment to be constructed or used on or in
connection with realty and other equipment owned by the Port
Authority (hereinafter collectively called Project) within the
meaning of Minnesota Statutes, Section 474 .02, Subdivision 1,
including the payment of expenses incidental thereto, and the
leasing of the Project under the provisions of a Lease, dated
November 1, 1976, as amended by the Amendment to Lease, dated
April 1, 1977, thereby assisting activities in the public in-
terest and for the public welfare of the Port District and the
City of Saint Paul.
Bonds maturing in the years 1983 to 1987,_ both in-
clusive, are subject to redemption and prior payment at the
call of the Port Authority in inverse order of their serial
numbers on May 1, 1982 and on any interest payment date there-
after at par and accrued interest plus a premium of $100.00
per Bond called. In addition, all outstanding Bonds of this
issue, in whole but not in part, are subject to redemption and
prior payment at the option of the Port Authority in inverse
order of their serial numbers at par and accrued interest on
any interest payment date in the event of (1) damage to or
destruction or condemnation of the Project or any part thereof to
the extent provided in clauses (B) and (C) of Section 5 . 06 (1) of
the Lease or in the event of changes in the Constitution or laws
of the United States or the State of Minnesota as provided in
clause (D) of Section 5. 06 (1) of the Lease, and (2) termination
of the Lease by the tenant as provided in Section 5.06 of the
Lease. Prior to the date on which any Bond or Bonds are redeemed
in advance of maturity, the Port Authority will cause notice of
the call thereof for redemption identifying the Bonds to be
redeemed to be published in a financial newspaper or periodical
in a Minnesota city of the first class or its metropolitan area.
Prior to any such redemption date such notice will be mailed to
the bank at which principal and interest are then payable, but
published notice alone shall be effective without mailing. Al1
Bonds so called for redemption will cease to bear interest on the
specified redemption date, provided funds for their redemption
, have been duly deposited.
This Bond and the series of which it forms a part,
and the interest coupons appertaining thereto, are issued
pursuant to and in full compliance with the Constitution and
-10-
laws of the State of Minnesota, particularly Chapters 458, 474
and 475, Minnesota Statutes , and pursuant to resolutions adopted
and appr�ved by the Port Authority, which re�solutions authorize
the issuance, execution and delivery o€ these Bonds as special
obligations payable solely from revenues derived from various
revenue producing facilities from time to time owned and leased
or used by the Port Authority, as hereinafter more fully set
forth.
The Bonds of this � issue, together with certain other
Revenue Bonds of the Port Authority, axe payable from a Common
Revenue Bond Fund primarily funded by periodic payments (here-
inafter called Available Net Revenues) which the Port Authority
is entitled to receive on account of certain revenue producing
facilities leased, operated or otherwise financed by the Port
Authority, which payments , if collected in full, will be suffi-
cient to pay the principal of and interest on all such Bonds when
due, and to maintain a Reserve therefor; in addition, the Port
Authority has pledged and appropriated to the Common Revenue Bond
Fund other Available Net Revenues of the Port Authority, con-
sisting primarily of rentals the Port Authority is entitled to
receive under leases of other revenue producing facilities . The
Bonds of this issue, together with such other Revenue Bonds
. payable from the Common Revenue Bond Fund, are further secured by
an Additional Reserve Fund funded in part from Accumulated Net
Revenues and to be built up and maintained out of earnings on
sums in the Common Revenue Bond Fund in the manner and to the
extent provided in said Basic Resolution No. 876 , as amended.
Reference is made to said Resolution and to the Supplemental Bond
Resolution authorizing the issuance of these Bonds for a complete
statement of the terms and conditions upon which the Bonds have
been issued and of the provisions made for their security, for
the issuance of Additional Bonds payable on a parity therewith,
or subordinate thereto, and for the rights , duties and obli-
gations of the Port Authority and the Holders of the Bonds from
time to time. The Bonds and interest coupons appertaining
thereto do not constitute an indebtedness of the Port Autharity
or the City of St. Paul within the meaning of any constitutional
or statutory limitation and do not constitute nor give rise to a
pecuniary liability of the Port Authority or the City or, to the
extent permitted by law, the officers , agents and employees of
the Port Authority and the City, nor a charge against the general
credit and taxing powers of the Port Authority and the City;
and neither the full faith and credit nor the t�ing powers of
the Port Authority or the City is pledged to the payment of the
Bonds or interest thereon.
_11-.
��,����
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that
the Port Authority has duly created said Cdmmon Revenue Bond
Fund and has pledged and appropriated thereto Available Net
Revenues derived by the Port Authority from various revenue
producing facilities leased, operated or otherwise financed by
the Port Authority; that it will promptly give all notices and do
all other acts and things required under the terms of all appli-
cable leases and agreements relating to it' s facilities for the
performance of its obligations and for the enforcement of all
obligations of all other parties thereto and for the collection
of all rentals , payments , rates and charges when due to the
extent and in the manner provided in Basic Resolution No. 876 ,
as amended, and the Suppleznental Bond Resolution authorizing this
issue; that this Bond is secured by a pledge of and lien upon
said Available Net Revenues; that the Bonds of this issue to-
gether with other Revenue Bonds heretofore and hereafter issued
on a parity therewith and made payable from the Common Revenue
Bond Fund are entitled to the same parity of lien on said Avail-
able Net Revenues , all as more fully provided in said resolu-
tions; that no Additional Bonds or other obligations will be
issued and made payable from such Available Net Revenues on a
parity therewith or subordinate thereto except as specifically
provided in the said resolutions; that all acts , conditions and
things required by the Constitution and laws of the State of
Minnesota to be done, to exist, to happen and to be performed in
order to make this Bond a valid and binding special obligation of
the Port Authority according to its terms have been done, do
exist, have happened and have been performed in regular and due
form, time and manner as so required; and that the issuance of
this Bond does not cause the special or general indebtedness of
the Port Authority or the City of St. Paul to exceed any consti-
tutional or statutory li,mitation.
IN WITNESS WHEREOF, the Port Authority of the City
of Saint Paul has caused this Bond to be executed in its behalf
by the facsimile signatures of its President and Secretary,
attested by a person authorized to sign on behalf of the North-
western National Bank of Saint Paul designated in the Supple-
mental Bond Resolution as authenticating agent, and sealed with a
facsimile of its corporate seal, and has caused the interest
coupons appurtenant hereto to be executed and authenticated by
the facsimile signatures of said officers , and has caused this
Bond to be dated as of April l, 1977.
(SEAL)
Secretary President
NORTHWESTERN NATIONAL BANK OF SAINT PAUL
as Authenticating Agent
Attest: (Authorized Signature)
-12-
,
(Form of Coupon)
On the first day of November (May) , 19 , unless the
Bond described below is called for earlier redemption, the Port
Authority of the City of Saint Paul, Minnesota, will pay to
bearer at the Northweste�n National Bank of Saint Paul, in St.
Paul, Minnesota, or the office of a successor Paying Agent duly
designated by the Port Authority, but solely from its Common
Revenue Bond Fund, the sum shown hereon for interest then due on
its Industrial Development Revenue Bond, Series J, dated April l,
1977.
(Facsimile Signature) (Facsimile Signature)
Secretary President
-13-
2-3. Bond Terms . The terms and conditions of the
Bond sale sha11 be as follows:
(1) The Bonds issued in the aggregate principal amount
of $400 ,000 shall be dated April 1, 1977, shall be in the
denomination of $5,000 each and numbered in order of serial
numbers and shall mature on May 1 in the years and amounts set
forth below, with Bonds maturing in such years and amounts
bearing interest from date of issue until paid or discharged
as herein provided at the annual rate set forth opposite such
years and amounts , respectively :
Year Amount Rate
1978 $30 ,000 6 . 00$
1979 30 ,000 6 .00$
1980. 35 ,000 6. 00$
1981 35,000 6 . 00$
1982 40 ,000 6 . 00�
1983 40 ,000 6 . 00�
1984 45 ,000 6 . 00g
1985 45 ,000 6 . 00�
1986 50 ,000 6 . 00�
1987 50 ,000 6. 00�
(2) The interest on the Bonds to maturity shall be evi-
denced by attached interest coupons . The interest on each Bond
shall be payable on November 1, 1977 and semiannually thereafter
on each May 1 and November 1 until the Bond is fully paid or
discharged. The principal of and interest on the Bonds shall be
payable at the Northwestern National Bank of Saint Paul, in St.
Paul, Minnesota or at the office of any successor Paying Agent
duly appointed by the AUTHORITY.
(3) In the event of (a) damage to or destruction of the
Project or condemnation of the Project or any part thereof to
the extent provided in clauses (B) or (C) in Section 5. 06 (1)
of the Lease or in the event of any changes in the Constitution
or laws of the United States or the State of Minnesota as pro-
vided by clause (D) in Section 5. 06 (1) of �the Lease and (b) the
termination by the Tenant of the Lease upon the occurrence of
those events as provided in Section 5. 06 of the Lease, the Bonds
may be redeemed by the AUTHORITY, in whole and not in part on the
then next succeeding interest payment date, or if proper notice
of call cannot be given before such date, on the next succeeding
interest payment date, at 100� of the principal amount to be
redeemed plus accrued interest to the redemption date.
-14-
(4) All Bonds maturing in the years 1983 to 1987, both
inclusive are subject to redemption and prior payment in whole
or in part at the option of the AUTHORITY in inverse order of
their serial numbers on May 1, 1982 , and on any interest payment
date thereafter at par and accrued interest, plus a premium of
$100.00 per Bond called.
(5) Except as provided in this Section 2-3 (3) and (4) ,
the Bonds shall not be subject to redemption prior to their
stated maturity date.
2-4. Execution. Each Bond and the interest coupons
pertaining thereto shall be executed on behalf of the AUTHORITY
by the printed, engraved or lithographed facsimile signatures
of the President and the Secretary of the AUTHORITY, or in the
event of the disability or resignation or other absence of
either such officer, by the facsimile signature of that officer
who under the Bylaws of the AUTHORITY may act in behalf of
such absent or disabled officer; provided that each Bond shall
be attested by the manual signature of a person authorized to
sign on behalf of the Paying Agent, hereby designated as
authenticating agent, and may be sealed with the seal of the
AUTHORITY; provided that the seal of the AUTHORITY may be a
printed facsimile and provided further that the seal may be
omitted. In case any officer whose signature shall appear on the
Bonds or coupons shall cease to be such officer before delivery
of the Bonds, such signature or facsimile shall nevertheless be
valid and sufficient for all purposes , the same as if he had
remained in office until delivery.
2-5. Delivery of Bonds . Before delivery of the
Bonds there shall be f�led with the Secretary of the AUTHORITY
the following items :
(1) (A) an or'lginal o� the Amendment to Lease;
(B) an original of the short form of lease, as amended,
with evidence that it has been recorded in the office of the
County Recorder or Registrar of Titles , or both, whichever is
applicable, of Ramsey County, Minnesota;
(2) financing statements and any amendments thereto en-
dorsed as having been filed with the Secretary of State of
Minnesota and the County Recorder or Registrar of Titles, or
both, whichever is applicable, o� Ramsey County, Minnesota,
showing the interest of the AUTHORITY in the Project Equipment;
� -15-
(4) All Bonds maturing in the years 1983 to 1987 , both
inclusive are subject to redemption and prior payment in whole
or in part at the option of the AUTHORITY in inverse order of
their serial numbers on May 1, 1982, and on any interest payment
date thereafter at par and accrued interest, plus a premium of
$100. 00 per Bond called. _
(5) Except as provided in this Section 2-3 (3) and (4) ,
the Bonds shall not be subject to redemption prior to their
stated maturity date.
2-4. Execution. Each Bond and the interest coupons
pertaining thereto shall be executed on behalf of the AUTHORITY
by the printed, engraved or lithographed facsimile signatures
of the President and the Secretary of the AUTHORITY, or in the
event of the disability or resignation or other absence of
either such officer, by the facsimile signature of that officer
who under the Bylaws of the AUTHORITY may act in behalf of
such absent or disabled officer; provided that each Bond shall
be attested by the manual signature of a person authorized to
sign on behalf of the Paying Agent, hereby designated as
authenticating agent, and may be sealed with �he seal of the
AUTHORITY; provided that the seal of the AUTHORITY may be a
printed facsimile and provided further that the seal may be
omitted. In case any officer whose signature shall appear on the
Bonds or coupons shall cease to be such officer before delivery
of the Bonds , such signature or facsimile shall nevertheless be
valid and sufficient for all purposes , the same as if he had
remained in office until delivery.
2-5. Delivery of Bonds . Before delivery of the
Bonds there shall be filed with the Secretary of �he AUTHORITY
the following items :
(1) (A) an original of the Amendment to Lease;
(B) an original of the short form of lease, as amended
with evidence that it has been recorded or rerecorded in the
office of the County Recorder or Registrar of Titles , or both,
whichever is applicable, of Ramsey County, P�innesota;
(2) financing statements and any amendments thereto en-
dorsed as having been filed with the Secretary of State of
Minnesota and the County Recorder or Registrar of Titles , or
both, whichever is applicable, of Ramsey County, Minnesota,
showing the interest of the AUTHORITY in the Project Equipment;
-15-
(3) an opinion of Independent Counsel in scope and sub-
stance satisfactory to Bond Counsel that the AUTHORITY has good
and marketable title to the Project Premises, free and clear
of all liens and encumbrances except Permitted Encumbrances;
(4) the manually-signed opinion of Bond Counsel approv-
ing the legality of the Bonds ;
(5) a survey and certificate conforming to the provisions
of Section 1. 01 (2) of the Project Covenants;
(6) an opinion of counsel for the Tenant in a form approved
by Bond Counsel; and
(7) such other documents as Bond Counsel reasonably deter-
mines are necessary as a precondition to the issuance of its
opinion as provided in clause (4) above;
provided, however, that Bond Counsel may waive the requirement
that one or more of the foregoing items be filed with the AUTHOR-
ITY on or prior to Bond Closing (except the item required in
clause (4) above) upon the AUTHORITY and Bond Counsel receiving
adequate assurances that such item or items will be filed with
the Secretary as soon as practicable following delivery of the
Bonds .
2-6 . Ownership of Bonds . The AUTHORITY and the Pay-
ing Agent may deem and treat the Holder of any Bond, whether or
not such Bond shall be overdue, and the Holder of any coupon,
whether or not such coupon shall be overdue, as the absolute
owner of such Bond or coupon for the purpose of receiving pay-
ment thereof and for all other purposes whatsoever, and the .
AUTHORITY and the Paying Agent shall not be affected by any
notice to the contrary.
2-7. Delivery of Tempora Bond. In order to
facilitate timely delivery of the Bon s, �he Underwriter may
elect with respect to the Bonds to receive in lieu of the serial
coupon Bonds , as set forth in Section 2-2, a single Bond in the
form attached hereto as Exhibit A, which Bond shall upon request
of the Underwriter and the printing of the appropriate serial
coupon Bonds be exchanged therefor and cancelled, all at the
expense of the Underwriter.
2-8. Qualification under Section 2-2 of Basic Resolu-
tion No. 876. It is hereby found, determined and declared that
the Bonds shall upon their issuance provide for additional
Available Net Revenues , which if collected in full and when due
-16-
. s� �
� • r�� ��`�
will be sufficient to pay when due the pxincipal and interest
on the Bonds and shall result in the deposit at the Bond Closing
in the Bond Fund from funds to which no lien has theretofore
attached under Basic Resolution No. 876 of a sum equal to the
maximum amount of principal and interest due on the Bonds in
any future calendar year, and that all other conditions re-
quired to be met under Section 2-2 of Basic Resolution No. 876
shall be met by Bond Closing.
� -17-
ARTICLE THREE
ADDITIONAL GENERAL COVENANTS AND FUNDS
3-1. Maintenance and Repair. The AUTHORITY cove-
nants that it will at all times cause the Tenant to maintain,
preserve and keep in good condition, repair and working order
the Project.
3-2. Recording and Filing. The AUTHORITY covenants
that solely from available Additional Charges it will cause the
. Lease or a short form thereof and al], supplements thereto, and
all related financing statements , to be kept, recorded and filed
in such manner and in such places as may be required by law in
order to preserve and protect fu11y its security interest in
the Project, and will cause rerecording and refiling of each
financing statement and each supplement thereto as is necessary
to maintain, preserve and protect such security interest.
3-3. Series F Construction Fund. There has heretofore
been created under Supplemental Bond Resoluti,on No. 1132 a separate
special Construction fund, designated Series F Construction Fund.
The pr�ceeds of the Bonds (except the sums requi.red to be de-
posited in the Bond Fund and the Resezve therein pursuant to
Section 3-4 hereof) shall be deposited in said separate spec;al
Series F Construction Fund tor this issue and �or the Series
F Bonds and shall be disbursed from sai,d Construct�,on Fund by
the AUTHORITY in accordance wi.th the provi.s�.ons o� this Sec-
tion and Sections 2. 03 and 2. 04 of the Project Covenants . Any
sums transferred from the Series F Construction Fund to tYie
special sub-account in the Reserve in the Bond Fund (including
interest thereon) in accordance with Section 2.04 (2) of the
Project Covenants and Section 3-5 of this Bond Resolution may be
used exclusively either to pay the last installments of principal
and interest due on the Bonds or to help prepay or otherwise
discharge all outstanding Bonds or for any other purpose author-
ized under Basic Resolution No. 876 .
3-4. Common Revenue Bond Fund. In addition to the
sums otherwise pledged and appropriate to the Bond Fund under
Basic Resolution No. 876 and all other supplemental resolutions ,
the AUTHORITY shall deposit in the Bond Fund forthwith upon
receipt of the proceeds of the Bonds (i) the interest accrued on
the Bonds from their nominal date to the date of delivery of
the Bonds to the Purchaser (ii) Bond proceeds in an amount
equal to the maximum principal and interest to become due on
the Bonds in any future calendar year, to be credited to the
-18-
Reserve established in the Bond Fund. Thereafter all Available
Net Revenues derived by the AUTHORITY from the Project, including
(a) Basic Rent and interest at the rate per annum of eight
percent (8. 00�) or one half of one percent qreater than the
interest rate due on the outstanding Bond then bearing the
highest coupon rate, whichever interest rate is higher, on any
Basic Rent not paid when due, (b) any interest earned on sums in
the Series F Construction Fund and credited against current
installments of Basic Rent due under the Lease and (c) all other
sums required to be paid into the Bond Fund under this Bond
Resolution or the Lease, shall be credited to the Bond Fund as
received and are hereby pledged to the Bond Fund to the extent
and in the manner provided in Basic Resolution No. 876 .
3-5. Reserves. The Bond proceeds deposited in the
Bond Fund to fund the Reserve shall be credited to the Reserve,
and the balance of any principal funds in the Series F Construc-
tion Fund transferred to the Bond Fund in accordance with Sec-
tion 2.04 (2) of the Project Covenants (excluding any interest
earnings credited to the Bond Fund as provided in Section 3-4)
shall be credited to a separate sub-account in the Reserve for
use in accordance with Section 3-3 and Section 1. 02 of the Lease.
No earnings on sums in the Bond Fund (including the Reserve
except earnings on any surplus construction funds) shall be credi-
ted against any installments of Basic Rent or otherwise accrue to
the Tenant. Such earnings sha11 instead accrue for the benefit
of and may be used for any proper corporate purpose by the
AUTHORITY to the extent and in the manner provi,ded in Basic
Resolution No. 876 . The Reserve and Additional Reserve estab,
lished under Basic Resolution No. 876 and other sums pledged and
appropriated thereto as provided in Basic Resolution No. 876
shall secure payment of the Bonds to the extent and in the
manner provided in Basic Resolution No. 876 .
3-6 . Series F Property Insurance and Award Fund.
There has heretofore been created a special Series F Property
Insurance and Award Fund �or the Project pursuant to Section 3-6
of Supplemental Bond Resolution No. 1132. The provisions of said
Section 3-6 shall continue to be binding upon the AUTHORITY
except that the defined terms set _forth in said Section 3-6
shall be as defined in this Resolution.
3-7. Purchase of Bonds . Pursuant to written request
from a Representative of the Tenant under Section 5.04 of �he
Lease and subject to the terms and conditions of said Section
5 .04 , and upon deposit by the Tenant with the AUTHORITY of a
sum, in excess of Basic Rent and other payments then and there-
tofore required to be deposited in the Bond Fund, sufficient
to purchase one or more Bonds , the AUTHORITY shall endeavor
-19-
ARTICLE FOUR
POSSESSION, USE AL1D RELEASE OF PROPERTY
4-1. Possession and Use. Subject to the terms here-
of and to the pledge of rentals and profits under the Lease,
until the happening of an Event of Default, the Tenant shall
be permitted to possess, use and enjoy the Project (except
cash or other personal property deposited or pledged or deter-
mined by the terms hereof to be deposited or pledged to the
AUTHORITY) and to receive and use the issues and profits of the
Project.
4-2. Conveyance for Access or Other Easement. The
AUTHORITY is authorized without consent of the holders of any
Revenue Bonds payable from the Bond Fund to grant such convey-
ance or easement as it deems necessary to give adequate ingress
or egress to and from the Project Premises in accordance with
Section 5 . 02 of the Lease, and to grant any other easement on
the Project Premises as the AUTHORITY deems appropriate so long
as such easement does not materially impair the operating unity
and structural integrity of the Project.
4-3. Release of Encumbered Equipment. The Tenant
is authorized under Section 2. 04 of the Lease to remove Project
Equipment from time to time, provided that �he conditions set
forth in said Section are met, and in such event title to such
Project Equipment shall automatically revert to �he Tenant and
the AUTHORITY shall at the request of the Tenant execute such
instruments as are necessary to evidence such reversion, except
that if any Project Equipment to be removed has a fair market
value in excess of $10 ,000 the AUTHORITY sha11 first formally
release the same f�om the AUTHORITY' s security interest there-
in by execution of such documents as are necessary to e�fect
such release and then only upon the following conditions :
(1) receipt by the AUTHORITY of a written request signed
by a Representative of the Tenant, describing the Project
Equipment to be released and any equipment to be substituted
therefor, and stating that the substituted Project Equipment is
of equal or greater fair market value than that replaced, or if
of lesser value setting forth the fair market value of the
substituted Project Equipment and �the amount of cash to be paid
to the AUTHORITY pursuant to Section 2.04 of the Lease , or if no
- Project Equipment is to be substituted, the amount of cash to be
paid to the AUTHORITY pursuant to Section 2.04 of the Lease;
� -21-
� � r�"�����'�
(2) receipt by the AUTHORITY of any cash required to be
paid to the AUTHORITY under Section 2.04 of the Lease and of
the instruments, if any specified in the opinion of Independent
Counsel referred to in the following clause (3) ;
(3) if other Project Equipment is substituted for the
removed Project Equipment, receipt by the AUTHORTTY of an opinion
of Independent Counsel specifying the supplemental financin_q
statements and other instruments which will be sufficient to
subject the property to a security interest in favor of the
AUTHORITY, and stating that all recordati,ons and filings of
the instruments so specified which are required to perfect
such security interest as a direct and valid lien, subject
only to Permitted Encumbrances have been effected.
4-4. Intentionally Omitted.
� -22-
ARTICLE FIVE
SUPPLEMENTAL AND AMENDATORY RESOLUTIONS
5-1. Supplemental and Amendatory Resolutions Not
Requiring Consent of Bondholders . The AUTHORITY may, from
time to time and at any time—w thout the consent of or notice
to any of the holders of any Revenue Bonds , and when so required
by this Bond Resolution shall adopt a resolution or resolutions
supplemental to or amendatory of this Bond Resolution as shall
not be inconsistent with the terms and provisions of Basic
Resolution No. 876 so as to thereby (1) permit the issuance of
Additional Bonds as provided in Sections 2-2 , 2-3 and 2-5 of
Basic Resolution No. 876 , (2) cure any ambiguity or formal
defect or omission in this Bond Resolution or in any supple-
mental resolution, (3) grant for the benefit of the holders of
any Revenue Bonds or any Holders of the Bonds herein authorized
any additional rights , remedies , powers , authority or security
that may lawfully be granted to or conferred upon such holders ,
(4) substitute or add additional equipment, machinery or land
or to release land or property ,in the manner specifically
provided herein or to more precisely identify any equipment or
machinery forming a part of the Project, (5) modify, eliminate
and/or add to the provisions of this Bond Resolution to such
extent as shall be necessary to prevent any i.nterest on the
Bonds from becoming taxable under the Federal income tax laws
or to allow for the Bonds to be qualified under a different
exemption under Section 103 (b) of the Tnternal Revenue Code,
(6) make any other change deemed by the AUTHORITY necessary �to
reconcile the Bond Resolution with the Lease or any amendment
thereto or (7) make any other change to the Bond Resolution
which in the reasonable judgment of the AUTHORITY is not to the
prejudice of any holders of Revenue Bonds .
5-2. Supplemental and Amendatory Resolutions Re-
quiring Consent of Bondholders . Exclusive of supplemental and
amendatory resolutions covered by Section 5-1 hereof and subject
to the terms and provisions contained in this Section, and not
otherwise, the AUTHORITY upon receipt of an instrument evidencing
. the consent to the below-mentioned supplemental or amendatory
resolution by the Holders of not less than fifty-one percent
(51�) of the aggregate principal amount of the Bonds outstanding,
secured in accordance with the provisions of Sections 7-1 and
7-2, shall adopt such other resolution or resolutions supple-
mental or amendatory thereto as shall be deemed necessary and
desirable for the purpose of modifying, altering, amending,
adding to or rescinding, in any particular, any of the terms
or provisions contained in this Bond Resolution or in any
-23-
,, ,
supplemental or amendatory resolution; provided, however, that
nothing herein contained shall permit or be construed as per-
mitting, (1) any amendment which is inconsistent with the terms
and conditions of Basic Resolution No. 876 , (2) an extension
of the maturity of the principal of or the interest on any
Bond or coupon not held by a consenting Holder, or (3) a re-
duction in the principal amount of any Bond or the rate of
interest due on any coupon not held by a consenting Holder,
or (4) a privilege or priority of any Bond or Bonds over any
other Bond or Bonds , except as otherwise provided herein, or
(5) a reduction in the aggregate principal amount of the Bonds
required for consent to such supplemental or amendatory resolu-
tion or (6) the subordination or release of the AUTHORITY ' s
title to and security interest in the Project, except as other-
wise provided herein or in the Lease or any amendment thereto
made without Bondholder consent under Section 6-1, without the
consent of the Holders of one hundred percent (100�) of the
principal amount of the Bonds (or, i.n the case of an amendment
described in clause (1) , all Revenue Bonds payable from the Bond
Fund) then outstanding ("100� Bondholder Consent") secured in
accordance with Section 7-1.
Anything herein to the contrary notwithstanding, a
supplemental or amendatory resolutian under this Article Five
which adversely affects the rights of the Tenant under the
� Lease shall not become effective unless and until the Tenant
shall have consented in writing to the adoption and delivery
of such resolution, except supplemental resolutions delivered
in connection with any Revenue Bonds issued to complete the
Project in accordance with the Plans and Specifications .
In this regard, the AUTHORITY shall cause notice of the proposed
adoption of any such supplemental or amendatory resolution,
together with a copy of the proposed amendatory resolution, to
be mailed by certified or registered mail to the Tenant at least
twenty (20) days prior to the proposed date of adoption of any
such amendatory resolution. The Tenant sha11 be deemed to have
consented to the adoption of any such resolution if the AUTHOR-
ITY does not receive a letter signed by a Representative of the
Tenant of protest or objection thereto on or before 4 : 30 o' clock
P.M. , Central Standard or Central Daylight time, whichever is
then in effect, of the fifteenth day after the mailing of said
notice and a copy of the proposed resolution to the Tenant un-
less such fifteenth day falls on Sunday or legal holiday in
which event the letter of objection must be received on the
next succeeding business day.
-24-
ARTICLE SIX
P,PIENDMENTS �TO LEASE
6-1. Amendments Without Bondholder Consent. The
AUTHORITY and the Tenant may without the consent of or notice
to any of the holders of Revenue Bonds eonsent to any amend-
ment, change or modification of the Lease to effect any change
therein which in the reasonable judgment of the AUTHORITY
does not jeopardize the exemption of interest on any Revenue
Bonds from federal or state income taxation and is consistent
with the terms and conditions of Basic Resolution No. 876 and
this Bond Resolution, including but not limited to changes for
the following purposes:
(1) to facilitate (a) the conveyance for access or utility
services and the release of the affected land or the granting of
any other easement or the subordination of the rights of the
Tenant and the AUTHORITY under the Lease to such easement as
provided in Section 4-2, (b) the release of Project Equipment
or unimproved land as provided in Sections 4-3 and 4-4, or (c)
the issuance of Additional Bonds without the consent of any
holders of Revenue Bonds as provided by Sections 2-2, 2-3 and
2-5 of Basic Resolution No. 876;
(2) which may be required by the provisions of the Lease
or this Bond Resolution;
(3) for the purpose of curing any ambigui.ty or formal
defect or omission;
(4) in connection with any property or equipment acquired
and which constitutes a part of the Project, including the Pro-
ject Equipment described in Exhibit B to the Lease, so as to
more precisely identify the same or substitute or add additional
Project Equipment supplied pursuant to the Lease;
(5) to qualify the Bonds under an exemption different
from the exemption of Section 103 (b) (4) (D) ot the Tnternal
. Revenue Code under which the Bonds were qualified as of the date
of the Lease;
(6) to reconcile the Lease with any supplement or amend-
ment to the Bond Resolution; or
{7) to effect any other change therein which in the rea-
sonable judgment of the AUTHORITY is not to the pre�udice of
any holders of the Revenue Bonds .
-25-
6-2. Amendments Requirin Bondholder Consent. Nei-
ther the AUTHORITY nor the Tenant sha 1 consent to any amend-
ment, change or modification of the Lease which in the reason-
able judgment of the AUTHORTTY' jeopardizes the tax exempt status
of the interest on the Bonds or is inconsistent with the terms
and conditions of Basic Resolution No. 876 , without publication
of notice and the written approval or consent of the holders of
outstanding Revenue Bonds adversely affected thereby procured
as provided in Sections 7-1 and 7-2. If at any time the Tenant
shall request the consent of the AUTHORITY to any such proposed
amendment, change or modification of the Lease, the AUTHORITY
shall, upon being satisfactorily indemnified with respect to
expenses, cause notice of such proposed amendment, change or
modification to be published in the same manner as provided
in Section 7-2.
� -26-
.
ARTICLE SEVEN
MISCELLANEOUS
7-1. Consent of Bondholders. Any consent, request,
direction, approval, ob�ection or other instrument required
by this Bond Resolution to be signed and executed by any holders
of Revenue Bonds may be in any number of concurrent writings of
similar tenor and must be signed and in writing. Proof of the
execution of any such consent, request, direction, approval,
objection or other instrument or of the writing appointing any
agent and of the ownership of Revenue Bonds , if made in the
following manner, shall be sufficient for any of �he purposes
of this Bond Resolution, and shall be conclusive in favor of
the AUTHORITY with regard to any action taken by it under such
request or other instrument, namely:
(1) The fact and date of the execution by any person of
any such writing may be proved by the certificate of any officer
in any jurisdiction who by law has power to take acknowledge-
ments within said jurisdiction that the person signing such
writing acknowledged before him the excution thereof, or by
an affidavit of any witness to such execution.
(2) The fact of the holding by any person of Revenue
Bonds and/or coupons and the amounts and numbers of such
Revenue Bonds , and the date of the holding of the same, may be
proved by a certificate executed by any trust company, bank or
banker, wherever situated, stating that at the date thereof the
party named therein did exhibit to an officer of such trust
company or bank or to such banker, as the property of such
party, the Revenue Bonds and/or coupons therein mentioned if
such certificate shall be deemed by the AUTHORITY to be satis-
factory. The AUTHORITY may, in its discretion, require evidence
that such Revenue Bonds have been deposited wi.th a bank, banker
or trust company, before taking any action based on such
ownership.
7-2. Notice of Amendments. If at any time the AU-
THORITY desires to adopt any supplemental or amendatory resolu-
tion or amend the Lease as herein provided without consent of all
of the holders of outstanding Revenue Bonds, unless consent of
and notice to any of the Bondholders is not required, the
AUTHORITY shall cause notice of the proposed resolution or
amendment to be published at least once in a financial periodical
or newspaper of general circulation published in a Minnesota
City of the first class or its metropolitan area. Such notice
shall briefly set forth the nature of the proposed resolution
-27-
� , .
or amendment and shall state that copies thereof are on file at
the principal office of the AUTHORITY for inspection by all
holders. The AUTHORITY shall not, however, be subject to any
liability to any holder by reason of its failure to publish
such notice, and any such failure shall not affect the validity
of such resolution or amendment when consented to and approved
as herein provided. If the holders of not less than the re-
quisite percentage in aggregate principal amount of Revenue
Bonds outstanding at the time have consented to and approved
the adoption thereof as provided in this Bond Resolution, no
holders of any Revenue Bond shall have any right to object to
any of the terms and provisions contained therein, or the
operation thereof or in any manner question the propriety of
the adoption thereof, or to enjoin or restrain the AUTHORITY or
the Tenant from adopting or executing the same or from taking
any action pursuant to the provisions thereof.
7-3. Severability. If any provision of this Bond
Resolution shall be held or deemed to be or sha11, in fact, be
inoperative or unenforceable as applied in any particular case
in any jurisdiction or jurisdictions or in al1 jurisdictions
or in all cases because it conflicts with any provisions of
any constitution or statute or rule or public policy, or for
any other reason, such circumstances shall not have the effect
of rendering the provision in question inoperative or unen-
forceable in any other case or circumstance, or of rendering
any other provision or provisions herein contained invalid,
inoperative or unenforceable to any extent whatsoever and shall
not affect the remaining portions of this Bond Resolution or
any part thereof.
7-4. Limitation of Liability, To the extent permitted
by law, no provision, covenant nor agreement contained in this
Bond Resolution shall give rise or impose upon the City or the
AUTHORITY or any of its of�icers, employees or agents any pecun-
iary liability.
7-5 . Authentication of Transcript. The officers of
the AUTHORITY are directed to furnish to the attorneys approving
the legality thereof, certi�ied cop�,es of this Bond Resolution
and all documents referred to herein, and affidavits or certi-
ficates as to all other matters which are reasonably necessary
to evidence the validity and marketability of the Bonds . All
such certified copies, certificates and affidavits , including
any heretofore furnished, shall constitute recitals of the
AUTHORITY as to the correctness of all statements contained
therein.
7-6 . Registration of Bond Resolution. The Secretary
of the AUTHORITY is authorized and directed to cause a copy of
this Bond Resolution to be filed with the County Auditor
-28-
, ,�
of Ramsey County, and to obtain from said County Aud�,tor a
certificate that the issue of Bonds hereunder has been duly
entered upon his bond register.
7-7. Approval of Tenant. Tenant has exami,ned and
given approval of this Bond Resolution and all terms hereof
and approves the sale of the Bonds as provided for herein for
the price and terms set forth herein.
7-8. Authorization to Execute Amendment to Lease and
Incidental Documents . The Amendment to Le�se between the AUTHOR-
ITY and the Tenant for the amending of the lease of the Project
is hereby approved in substantially the form now on file in the
office of the AUTHORITY; and the President and Secretary of
the AUTHORITY are authorized to execute the same in the name of
and on behalf of the AUTHORITY and such other documents , in-
cluding the official statement to be used by the Underwriter in
marketing the Bonds , as Bond Counsel or Independent Counsel
consider appropriate for Bond Closing. Tn the event of the
disability or the resignation or other absence of the President
or Secretary of the AUTHORITY, such other officers of the AUTHOR-
ITY who may act in their behalf shall without further act or
authorization of the AUTNORITY do all things and execute all
instruments and documents required to be done or to be executed
by such absent or disabled officials .
7-9 . Purchase of Bonds . The proposal of Miller &
Schroeder Municipals , Inc. , to purchase $400 ,000 Port Author-
ity of the City of Saint Paul Industrial Development Revenue
Bonds , Series J, authorized pursuant to this Bond Resolution
at a price of $390,000 plus accrued interest on $400 ,000 from the
date of said Bonds to the date of delivery at the coupon rates
above specified is hereby accepted.
7-10. City Council Approval. Notwithstanding any other
provisions herein to the contrary, the provisions of this Resolu-
tion shall not be effective until the City Council has , pursuant
to Laws of Minnesota, 1976 , Chapter 234 , consented to the issu-
ance of the Bonds; and, accordingly, the City Council is hereby
requested to give such consent to the issuance of the Bonds and
any Additional Bonds which the AUTHORITY may from time �o time
deem necessary to complete the Project or to refund the Bonds;
and for such purpose the Executive Vice President of the AUTHOR-
ITY is hereby authorized and directed to forward to the City
Council copies of this Resolution and any additional available
information the City Council may request.
-29-
.
, .
ADOPTED: February 22, 1977
EFFECTIVE DATE: date of approval of City Council
oP the City of Saint Paul
�� Pres t of the Port Authority
of the City of Saint Paul
Attest:
.
- �
' cretary
-30-
�
� � �
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
PORT AUTHORITY OF THE
CITY OF SAINT PAUL
$400, 000
INDUSTRIAL DEVELOPMENT REVENUE
BOND, SERIES J
KNOW ALL MEN BY THESE PRESENTS that the Port Author-
ity of the City of Saint Paul (herein called "Port Authority" ) ,
Ramsey County, Minnesota, a body corporate and politic, for
value received hereby promises to pay to Miller & Schroeder
Municipals , Inc. , but only out of its Common Revenue Bond Fund,
the principal sum of $400 ,000 on the first day of May in the
years and installments , with interest thereon from date of
issue until paid or duly discharged, as follows :
Maturity and Interest Schedule
of Series J Industrial Development
Revenue Bonds
Interest shall be payable on November 1, 1977, and serniannually
thereafter on May 1 and November 1 of each year. Both princi-
pal and interest are payable at the Northwestern National Bank of
Saint Paul, in St. Paul, Minnesota or at the office of a suc-
cessor Paying Agent duly designated by the Port Authority in any
coin or currency of the United States of America which on the
respective dates of payment is legal tender for public and
private debts.
This Bond has been issued in accordance with Basic
Resolution No. 876 , as amended, and Supplemental Bond Resolution
No. 1154, duly adopted by the Port Authority, setting forth
the terms and conditions upon which such Bond is issued and
describing the security therefor. The Bond is issued by the Port
Authority for the purpose of financing the construction and
acquisition of buildings, improvements and equipment to be
constructed or used on or in connection with realty and other
equipment owned by the Port Authority (hereinafter collectively
�
. � � •
called Project) within the meaning of Minnesota Statutes , Section
474.02, Subdivision 1, including the payment of expenses inci-
dental thereto, and the leasing of the Project under the provi-
sions of a Lease, dated November l, 1976 , as �mended by the Amerid-
ment to Lease, dated April 1, 1977, thereby assisting activities
in the public interest and for the public welfare of the Port
District and the City of Saint Paul.
Installments of principal maturing in the years 1983
to 1987 , both inclusive, are subject to redemption and prior
payment at the call of the Port Authority in inverse chrono-
logical order on May 1, 1982 and on any interest payment date
thereafter at par and acerued interest plus a premium of $100 .00
per installment called. In addition, all outstanding install-
ments of this issue, in whole but not in part, are subject to
redemption and prior payment at the call of the Port Authority
in inverse chronological order at par and accrued interest on any
interest payment date in the event of (1) damage to or destruc-
tion or condemnation of the Project or any part thereof to the
extent provided in clauses (B) and (C) of Section 5. 06 (1) of the
Lease or in the event of changes in the Constitution or laws of
the United States or the State of Minnesota as provided in clause
(D) of Section 5. 06 (1) of the Lease, and (2) termination of the
Lease by the tenant as provided in Section 5. 06 of the Lease.
Prior to the date on which any installment or installments are
redeemed in advance of maturity, the Port Authority will cause
notice of the call thereof for redemption identifying the
installments to be redeemed to be published in a financial news-
paper or periodical in a Minnesota city of the first class or
its metropolitan area. Prior to any such redemption date such
notice will be mailed to the bank at which principal and interest
are then payable, but published notice alone shall be effective
without mailing. All installments of principal so called for
redemption will cease to bear interest on the specified redemp-
tion date, provided funds for their redemption have been duly
deposited.
This Bond is issued pursuant to and in full compli-
ance with the Constitution and laws of the State of Minnesota,
particularly Chapters 458, 474 and 475 , Minnesota Statutes , and
pursuant to resolutions adopted and approved by the Port Author-
� ity, which resolutions authorize the issuance, execution and
delivery of this Bond as a special obligation payable solely
from revenues derived from various revenue producing facilities
from time to time owned and leased or used by the Port Authority,
as hereinafter more fully set forth.
.
c `
. + r ���
���
876 , as amended, and the Supplemental Bond Resolution author-
izing this issue; that this Bond is secured by a pledge of and
lien upon said Available Net Revenues; that this Bond together
with other Revenue Bonds heretofore and hereafter issued on a
parity therewith and made payable from the Common Revenue
Bond Fund are entitled to the same parity of lien on said
Available Net Revenues, all as more fully provided in said
resolutions; that no Additional Bonds or other obligations will
be issued and made payable from such Available Net Revenues on a
parity therewith or subordinate thereto except as specifically
provided in the said resolutions; that all acts , conditions and
things required by the Constitution and laws of the State of
Minnesota to be done, to exist, to happen and to be performed in
order to make this Bond a valid and binding special obligation
of the Port Authority according to its terms have been done, do
exist, have happened and have been performed in regular and due
form, time and manner as so required; and that the issuance of
this Bond does not cause the special or general indebtedness of
the Port Authority or the City of St. Paul to exceed any consti-
tutional or statutory limitation.
IN WITNESS WHEREOF, the Port Authority of the City
of Saint Paul has caused this Bond to be executed in its behalf
by the manual signatures of its President, Secretary and Trea-
surer, and sealed with its corporate seal, and has caused this
Bond to be dated as of April 1, 1977.
(SEAL)
Secretary President
Treasurer
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