268820 � , -
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OFFICIAL NOTICE OF BOND SALE
$6,000,000 �
CITY OF SAINT PAUL, MINNESQTA •
GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1977
These Bonds will be offered for sale on sealed bids on Tuesday, April 19,
1977. Bids will be opened at 11:00 A.M. , Central Time, at the Department
of Finance and Management Services, 109 City Hall, Saint Paul, Minnesota
and will be presented to and acted upon by the City Council ar 12:Q0 Noon,
Central Time of the same day. The Bonds will be offered upon the following
terms:
DATE AND INTEREST PAYMENTS OF THE BQI�IDS
The Bonds will be dated May 1, 1977, and will bear interest payable on
each November 1 and May 1 to maturity, commencing November l, 1977.
TYPE AND PURPOSE OF THE BONDS
The Bonds will be general obligations of the City for which its full faith
and credit and unlimited taxing powers will be pledged. The Bonds will
be in bearer form with interest coupons attached, and will be of the
denomination of $S,OOO each. The proceeds will be used for construction
of various capital improvements.
MATURITIES AND REDEMPTION
The Bonds will mature May 1, in the amounts and years as follows:
$220,000 1978 $640,000 1983
$530,000 1979 $665,000 1984
$S55,000 1980 $700,000 1985
$585,000 1981 $730,000 1986
$610,000 1982 $765,000 1987
Al1 Bonds will be without the right of prior redemption.
PAYING AGENT
The First National Bank of Saint Pau1, Saint Paul, Minnesata and the
Chase Manhattan Bank, N.A. , New York, New Yark, have been designated
by the City as alternate paying agents for this issue.
' CUSIP NUMBERS
If within three working days after the award of the Bonds the Purchaser in
writing requests that CUSIP identification numbers be printed an the Bonds,
and agrees to be responsible for the CUSIP Service Bureau charge for the
assig�ent af said numbers, the numbers will be printed on the Bonds,
but neither the failure to print such number on any Bond nor any error
with respect thereto shall constitute cause for failure or refusal by the
Purchaser to accept delivery of the Bonds.
' DELIVERY, LEGAL OPINION, COSTS AND PAYMENT �,C Q���
��v
The Bonds will be delivered without cost to the Purchaser at a place
mutually satisfactory to the City and the Purchaser within 40 days
following the date of their award. Delivery will be subject to receipt
by the Purchaser of an approving legal opinion of Messrs. Briggs and
Morgan, Professional Association of Saint Paul, Minnesota, which opinion
will be printed upon the Bonds and of customary closing papers, including
a no-litigation certificate. Payment for the Bonds must be made by the
Purchaser in Federal or equivalent funds on the day of settlement in a
timely manner so as to be available to the Issuer on said day.
TYPE OF BID
Sealed bids must be submitted for not less than par and accured interest
on the �total principal amount of the Bonds. The Purchaser must f urnish
a certified or cashier`s check in the amount of $60,000 payable to the
order of the Treasurer of the City. No bid will be considered which is not
accompanied by the required certified or cashier's check. The certified
or cashier's check of the Purchaser will be retained by the City as
liquidated damages in the event the Purchaser fails to comply with the
accepted bid. No bid may be withdrawn until the conclusion of the
meeting of the City at which bids are to be acted upon.
RATES
�
Bidders must specify rates which must be in integral mulCiples of 5/I00
or 1/8 of 1% and not exceeding 7% per annum. All Bonds of the same maturity
must bear a single rate from the date of issue to maturity. No rate may
exceed the rate specified for any subsequent maturity. Additional coupons
may not be used. No limitation is placed upon the number of rates which
may be specified.
AWARD
Award will be made on the basis of the lowest dollar interest cost
determined by the deduction of any premium from the total interest on
all Bonds from their date to their stated maturity as computed on the
basis of the schedule of bond years in the Official Statement published
for the Bonds. The City reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated March 24, 1977.
BY ORDER OF THE CITY COUNCIL
/s/ Robert W. Trudeau
Acting Director
Department of Finance and Management Services
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oFFict oF res;;"` �. �u��.�:�
RECOMMENDATIONS
FOR
$6,000,000
CITY OF SAINT PAUL, MINNESOTA
GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1977
Study No. 1607
14 March 1977
SPRINGSTED Incorporated
���� ����T�MUNICIPAL CONSULTANTS
SUITE 800 OSBORN BUILDING • SAINT PAUL,MINNESOTA 55102 • (6121 222-4241
14 March 1977
Hon. George Latimer, Mayor
Hon. Robert Sylvester, Council President
Members, City Council
City of Saint Paul
RE: Proposed $6,000,000 General Obligation Capital Improvement Bonds,
Series 1977
Pursuant to our instructions we have prepared recommendations for the
issuance of these bonds and submit them herewith for your consideration.
The bonds will be issued pursuant to the authority of Minnesota Session
Laws of 1971, Chapter 773, as amended by Minnesota Session Laws of 1976,
Chapter 234. The proceeds wi11 be used for the City's Capital Improvement
Program. By the statutory authorization, the bonds may not have a term
of more than 10 years.
We have prepared two Programs set out as Exhibits A and B at pages (i)
and (ii) hereinafter.
Prior to the 1976 CIB issue maturity repayments were scheduled on the
basis of approximately even principal payments. The advantages of this
method are:
1. A faster retirement of debt which:
a, Allows the addition of new debt without increasing debt ratios
to the same extent as is the case when "even debt service" is
used;
b. Usually results in a lower rate of interest;
c. Costs less total dollars of interest, and,
d. Is usually more attractive marketwise.
The disadvantages of this approach to debt retirement are:
1. The greatest debt service impact is at the commencement of the
program and thereafter declines which means that the addition of
new debt service is less likely to be balanced by the retirement of
previous issues.
Recommendations - City of Saint Paul
14 March 1977
Page 2
2. The largest proportion of the debt is paid with "current" dollars
levied against present valuation. Thus, if one subscribes to the
principal that the economy will continue to be inflationary the
largest proportion of the debt will be paid with harder dollars
- taxed against a smaller valuation.
The advantages of the even debt service technique are:
1. There is less initial tax impact. �
2. There is continuity of the level of debt service requirements.
3. A larger proportion of the debt is paid with "softer" dollars
levied against a larger tax valuation.
4. The addition of new debt service is offset to a greater extent by
the retirement of outstanding debt.
The disadvantages of even debt service are as already suggested. The
technique costs more dollars of interest and probably a higher rate and
is somewhat less attractive to the market. Also, a policy of even debt
service does not decrease the total principal of the City as quickly as
does the use of even principal.
Program One has been developed on the basis of approximately even Debt
Service whereas Program Two has been structured for approximately even
principal payments. You will see that we estimate that Program One will
cost approximately $94,000 more, but its average annual levy requirement
of $838,821 for the levy years 1977-1985 will be about $109,000 less
than the estimated 1977 levy for Progratn Two. Approximately 52% of the
total debt service of Program Two will be paid by the tax levies of
1976-1980 whereas for the same period 47% of the total debt service of
Program One will come due.
To demonstrate the impact upon the City's debt by the addition of future
CIB issues pursuant to the two approaches we have prepared Exhibits C
and D, pages (iii) and (iv) . The projections of these e�chibits are onZy
for tax levies. We would like also to have prepared a schedule of total
principal outstanding for the issues used to determine levies and are in
the process of doing so but were not able to complete it in time to
include it in this report. Exhibit E, page (v) is a comparison of
Exhibits C and D.
We have also prepared Exhibit F, page (vi) which is a graphic presentation
of: (1) the current required levies 1976 through 2004; (2) the projected
required levies with even debt service 1976 through 1987, and (3) the
projected required levies with even principal payments 1976 through
1987. Exhibit G, page (vii) is a blow-up of (2) and (3) .
Recommendations � City of Saint Paul
14 March 1977
Page 3
It is our recommendation that the even debt service of Program One be
used for this issue and subsequent CIB financing. While we generally
favor expeditious retirement of debt we believe that it must not be
excessive and that the rating agencies do not expect it to be. Although
the dollars of interest to be spent will be less if Program Two is
elected we think that this is offset by the more even distribution of
debt service over the life of the issue as is accomplished by Program
One. We think also that Program One better conserves the resources of
the City both for its needs and for the general economy of the community.
In the development of the two programs we have taken into consideration
the fact that there is an unappropriated sum of $500,000 in the Debt
Fund which is available for the debt service of the new issue and so
have kept the initial requirement within this amount. This $500,000 is
intended to provide for the debt service of either program through May
1, 1978. Thereafter, the levies of each year will provide for the
interest payment due in November of the year of collection and for the
principal and interest due the following May. This ,should provide ample
funds in advance of the time needed for the payment of principal and
interest. It will also permit the City a considerable period of time
for investment of tax receipts in the Debt Fund, the yield from which
will considerably reduce the net effective interest cost of the issue.
For either program we are recommending that the bonds be dated May 1,
1977 with interest due on Nove�mber 1 and May l, commencing November 1,
1977. Principal will be due on May 1, 1978-1987.
Due to the short teYm of the issue it is our recommendation that no
right of prior redemption be reserved by reason of which we think it
unnecessary to permit discount bidding and therefore are recommending
par bidding and the requirement that no interest rate be less than any
prior rate.
It is our suggestion that a resolution (Exhibit H pages viii-xi) calling
for bids be adopted at the Council meeting of Thursday, March 24. It is
our further suggestion that bids be received on Tuesday,. April 19. This
schedule may be expected to make funds available for the week of May 16.
(The Official Notice of Bond Sale in the resolution has been prepared pursuant
to our recommendation of Program One. If Program Two is preferred the
resolution will be changed accordingly.)
The municipal bond market continues to remain strong. As of Thursday,
March 10, 1977 the Bond Buyer's Index was 5.92% as compared to its 6.50%
when the City sold the 1976 CIB offering on September 21 of last year.
14 March 1977
SPRINGSTED INCORPORATED
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Osmon R. Springste
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'resented I:y .
Referred To -- Committe:e: Date _
Out of Committee Fiy_. -- Date —
RESOLVED, by the Council of the City of Saint
Paul, that pursuant to the� provisions of Laws of Minnesota
1971, Chapter 773 a� amended by Laws of Minnesota 1974,
Chapter 351 and Laws of Minnesota 1976, Chapter. 234, and
pursuant to Ordinance �No. I3679 of the City of Saint Paul
as amended by Ordinance No. 14028 and Ordinance No. 14405,
there is here8y authorized and there shall be issued and
sold general obligation bonds of said City in the aggregate
principal amount of Six Million Dollars ($6,000,000) for
the purpose of procurement by said City of funds in said
amount to be used by the City exclusivel� for the acquisi-
tion, construction and repair of capital improvements� of
the City of Saint Paul authorized in the Capital �mprovement
Budget of said City for the year 1977; �
. FURTHER RESOLVED that the bonds authorized aboVe
sha11 be designated "General Obligation Capital Improvement
Bonds, Series 1977". Said bonds shall be issued in accordanee
with the aforesaid .Laws and in accordance with the further
prov�:sion of Chapter 475 Minnesota Statut�s all as more
fully provided in said .Laws,
FURTHER RESOLVED that sealed proposals be received
in accordance with the official Notice of .Sale, a copy of
which has been presented to the .Council and is attaehed
hereto. A copy of said notice is hereby directed to be
placed on file �in the office of the City Clerk. The terms
and conditions of said bonds and of the sale thereof as
set forth in said Notice of Sale are hereby approved and .
confirmed and are hereby adopted. The Notice of Sale �shall
be published in the manner prescribed by Iaw in the St. Paul
i,egal. Ledger, the official City newspaper and in CommerciaY West.
COUi�ICILh1CN Requested by Depactment of:
Ycas Butler Nays
Hozza [n Fa��or
Hunt
Levine B
Roedler Against Y _
Tedesco
Mr. President: Sylvester
Adopted by Cow�cil: Date Form Approved by City Attorney
Certitiecl i'assed by Council Secretary BY •
E3y
Approvcct t,y hiayor• D.�lc Approved by bl�yor for Submission to Cou:�cE!
� � (viii)
OFFICIAL NOTICE OF BOND SALE
� $6,000,000
GENERAL OBLIGATION
CAPITAL IMPROVEMENT B.ONDS, SERIES 1977
CITY OF SAINT PAUL, MINNESOTA
These Bonds will be offered for sale on sealed bids on
Tuesday, April 19, 1977 . Bids will be opened at 11:00 A.M. ,
Central Time, at the Office of the Department of Finance
and Management Services, 109 City Hall, Saint Paul,
Minnesota, and will be. presented to and acted upon by
the City Council at 12:00 noon Central Time of the same
day. The Bonds will be offered upon the following terms:
DATE AND INTEREST PAYMENTS OF THE OBLIGATIONS
The Bonds will be dated May 1, 1977 and will bear interest
payable on each November 1 and May 1, to maturity, commencing
November 1, 1977.
TYPE AND PURPOSE OF THE OBLIGATIONS
The Bonds will be general obligations of the Issuer for
which its full faith and credit and unlimited taxing powers
will be pledged. The Bonds will be in bearer form with
interest coupons attached and will be of the denomination
of $5,000 each. The proceeds will be used for construction,
acquisition and repair of various capital improvements.
MATURITIES AND REDEMPTION
The Bonds will mature on May 1, in the years and amounts
as follows:
$220,000 1978 $640,000 I983
$530,000 1979 $665,000 1984
$555,000 1980 $700,000 1985
$585,000 1981 $730,000 1986 �
$610,000 1982 $765,000 1987
All dates are inclusive.
All Bonds will be without the right of prior redemption.
(ix)
PAYING AGENT
The First National Bank of Saint Paul, Minnesota and
The Chase Manhattan Bank, N.A. , New York, New York, will
be designated as paying agents for this issue. The City
will pay customary and reasonable fees.
CUSIP NUMBERS
If, within three working days after the award of the Bonds,
the Purchaser in writYng requests that CUSIP identification
numbers be printed on the Bonds, and agrees to be responsible
for the CUSIP Service Bureau charge for the assignment of
said numbers, they will be printed on the Bonds, but neither
the failure to print such number on any Bonds nor any error
with respect thereto shall constitute cause for failure or
refusal by the Purchaser to accept delivery of the Bonds.
DELIVERY, LEGAL OPINION, COSTS AND PAYMENT
The Bonds shall be delivered without cost to the Purchaser
at a place mutually satisfactory to the Issuer and the Purchaser
within 40 days following the date of their award. Delivery
will be subject to receipt by the Purchaser of an acceptable
approving legal opinion of Briggs and Morgan, Professional
Association, Saint Paul, P�innesota, relative to the Bonds,
which opinion will be printed upon the Bonds, and receipt
also of customary closing papers, including a non-litigation
certificate. Payment for the Bonds must be made by the
Purchaser in Federal, or equivalent, funds on the day of
settlement in a timely manner so as to be available to the
Issuer on said day.
TYPE OF BID
Sealed bids must be submitted for not less than par and
accrued interest on the total principaZ amount of the Bonds.
The Purchaser must furnish a certified or cashier's check
in the amount of $60,000 payable to the order of the Treasurer
of the City. (No bid will be considered which is not accompanied
by the required certified or cashier's check. ) The certified
or cashier's check of the Purchaser will be retained by the
City as liquidated damages in the event the Purchaser fails
to comply with the acceptea bid. No bid may be withdrawn until
the conclusion of the meeting of the City at which bids are
to be acted upon.
(X)
R11TE S
Bidders must specify rate (s) which must be in integral
multiple (s) of 5/100 or 1/8 of 1% and not exceeding 7$
per annum. All Bonds of the same maturity must bear a
single rate fram the date of issue to maturity. No .rate
may exceed the rate specified for any subsequent maturity.
Additional coupons may not be used. No limitation is placed
upon the number of rates which may be specified.
AWARD
Award will be made on the basis of the lowest dollar interest
cost determined by the deduction of any premium frone the
total interest on all Bonds from their date to their stated
maturity as computed on the basis of the schedule of bond
years in the Official Statement published for the Bonds. The
Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated March 24, 1977
BY ORDER OF THE CITY COUNCIL
/s/ Robert W. Trudeau
Acting Director, Department of Finance and Management Services
(xi)
OFFICIAL NOTICE OF BOND SALE
$6,000,000
CITY OF SAINT PAUL, MINNESOTA
GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1977
These Bonds will be offered for sale on sealed bids on Tuesday, April 19,
1977. Bids will be opened at 11:00 A.M. , Central Time, at the Department
of Finance and Management Services, 109 City Hall, Saint Paul, Minnesota
and will be presented to and acted upon by the City Council at 12:00 Noon,
Central Time of the same day. The Bonds will be offered upon the following
terms:
DATE AND INTEREST PAYMENTS OF THE BONDS
The Bonds will be dated May 1, 1977, and will bear interest payable on
each November 1 and May 1 to maturity, commencing November 1, 1977.
TYPE AND PURPOSE OF THE BONDS
The Bonds will be general obligations of the City for which its full faith
and credit and unlimited taxing powers will be pledged. The Bonds will
be in bearer form with interest coupons attached, and will be of the
denomination of $5,000 each. The proceeds will be used for construction
of various capital improvements.
MATURITIES AND REDEMPTION
The Bonds will mature May 1, in the amounts and years as follows:
$220,000 1978 $640,000 1983
$530,000 1979 $665,000 1984
$555,000 1980 $700,000 1985
$585,000 1981 $730,000 1986
$610,000 1982 $765,000 1987
All Bonds will be without the right of prior redemption.
PAYING AGENT
The First National Bank of Saint Paul, Saint Pat�l, Minnesota and the
Chase Manhattan Bank, N.A. , New York, New York, have been designated
by the City as alternate paying agents for this issue.
CUSIP NIJMBERS
If within three working days after the award of the $onds the Purchaser in
writing requests that CUSIP identification numbers be printed on the Bonds,
and agrees to be responsible for the CUSIP Service Bureau charge for the
assignment of said numbers, the numbers will be printed on the Bonds,
but neither the failure to print such number on any Bond nor any error
with respect thereto shall constitute cause for failure or refusal by the
Purchaser to accept delivery of the Bonds.
DELIVERY, LEGAL OPINION, COSTS AND PAYMENT
The Bonds will be delivered without cost to the Purchaser at a place
mutually satisfactory to the City and the Purchaser within 40 days
following the date of their award. Delivery will be subject to receipt
by the Purchaser of an approving legal opinion of Messrs. Briggs and
Morgan, Professional Association of Saint Paul, Minnesota, which opinion
will be printed upon the Bonds and of customary closing papers, including
a no-litigation certificate. Payment for the Bonds must be made by the
Purchaser in Federal or equivalent funds on the day of settlement in a
timely manner so as to be available to the Issuer on said day.
TYPE OF BID
Sealed bids must be submitted for not less than par and accured interest
on the total principal amount of the Bonds. The Purchaser must furnish
a certified or cashier's check in the amount of $60,000 payable to the
order of the Treasurer of the City. No bid will be considered which is not
accompanied by the required certified or cashier's check. The certified
or cashier's check of the Purchaser will be retained by the City as
liquidated damages in the event the Purchaser fails to comply with the
accepted bid. No bid may be withdrawn until the conclusion of the
meeting of the City at which bids are to be acted upon.
RATES
Bidders must specify rates which must be in integral multiples of 5/100
or 1/8 of 1% and not exceeding 7% per annum. Al1 Bonds of the same maturity
must bear a single rate from the date of issue to maturity. No rate may
exceed the rate specified for any subsequent maturity. Additional coupons
may not be used. No limitation is placed upon the number of rates which
may be specified.
AWARD
Award will be made on the basis of the lowest dollar interest cost
determined by the deduction of any premium from the total interest on
all Bonds from their date to their stated maturity as computed on the
basis of the schedule of bond years in the Official Statement published
for the Bonds. The City reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated March 24, 1977.
BY ORDER OF THE CITY COUNCIL
/s/ Robert W. Trudeau
Acting Director
Department of Finance and Management Services