267285 vf� iM�NT GITY OF SAINT PAITL Council ������
File N 0.
\ _ C cil Resolution
�. �ented By �
Referred To Committee: Date
Out of Committee By Date
WHEREAS, the City of Saint Paul has of�'ered for sale General
Obligation Refunding Bonds of 1976, Series A, B, C, D and E, in the aggregate
principal amount of $25,8g0,000; and
WHEREAS, under applicable federal arbitrage regulations only the
"Minor Portion"of the proceeds of each series of such refunding bonds may be
invested at unrestricted yields; and
WHEREAS, the balance of the proceeds of each such series of refund-
ing bvnds ("Ma�or Portion Proceeds" ) is required to be invested at restricted
yields to assure compliance with applicable federal arbitrage regulations ;
and
WHEREAS, investment of the "Ma�or Portion Proceeds" may result
either in (i) third party profits being realized by Piper, Jaffray & Hopwood �
Incorporated (the "Escrow Managers") from the sale of federal securities at
a price in excess of the market value therefor; or (ii) third party profits
being realized by the U. S. Treasury Department from the sale of U. S.
Treasury obligations, state and local Government Services , under 31 CFR 344,
in excess of the market value therefor; now therefore, be it
RESOLVED, by the Council of the City of Saint Paul, Minnesota, that
the investment of the Ma,jor Portion Proceeds in connection with each such
refunding shall be structured so that the benefits described above are
realized solely by the Escrow Managers; and be it
FURTHER RESOLVED, that as a precondition to the Escrow Managers
realizing such third party profits in excess of its costs and expenses ,
the City and the Escrow Managers shall enter into an agreement implementing
the terms and conditions of this resolution and providing that the Escrow
Managers shall agree to (i) indemnify the City against any claims or
losses arising out of the refunding; (ii) reimburse the City at any time
during which the required escrow remains outstanding for any portion of
COUNCILMEN Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine
Rcedler Against BY
Sylvester
Tedesco
President Hunt
Form Approved by C' Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by Mayor: Date Approved by Mayor for Submission to Council
By By
WHI7E - CITY CLERK ���� ^�
PINK - E#NqNCE COI111C11 � ��
CAN 'RY- DEPARTMENT GITY OF SAINT PAUL File NO. K
BLU� -MAYOF�
r
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
such excess third party profits, together with interest thereon at 6� per
annum, to which the City determines , upon advice of its Bond Counsel that
it is entitled as a result of any changes in the federal arbitrage regula-
tions or in the interpretation thereof; (iii) with respect to each issue
of' the refunding bonds sold, sell to the City that portion of the required
escrow to be purchased from the "minor portion" of the bond proceeds at a
price based on the current yield on Federal obligations used in determining
such minimum savings to be derived from such purchase; and (iv) fully
disclose upon issuance of the refunding bonds the extent of such excess
third party profits, all in accordance with the form of Agreement presented
to the City Council and hereby approved; and the Mayor and the Director of
Finance and Management Services are hereby authorized and directed to exe-
cute said Agreement on behalf of the City.
COUNCILMEIV Requested by Department of:
Yeas Nays
Christen en
�•Ieeeer �l�'�I'�.� In Favor
Levine
Rcedler � Against BY
Sylvester
�Ld�S�b
President �E�p''L�
Adopted by Council: Date
���Y � � �976 Form Approved by City Attorney
Certifie a d Co c S etary BY
By
Approv Mayor: D e �� � Approved by Mayor for Submission to Council
By By
BUSiiEO ,�(�� � �
WHITE - CITY CI.ERK
Z�o '�.Z���
PINK - FINANCE CO11I1C11
CAN�ARY - DEPARTMENT GITY OF SAINT PAUL t
BLUE -MAVOR� � Fll@ NO.
� � � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS, the City of Saint Paul has offered for sale General
Obligation Refunding Bonds of 1976, Series A, B, C, D and E, in the aggre-
gate principal amount of $25,890,000; and
,
WHEREAS, uncT�r applicable federal arbitrage regulat�S.ons only the
"minor portion" of the proceeds of each series of such ref ding bonds may
be invested at unrestrict�ed yields; and
WHEREAS, the balari�e of the proceeds of eac such series of
refunding bonds (the "Major F�rtion Proceeds") is re uired to be invested
at restricted yields to assure`,compliance with app cable federal arbitrage
regulations; and
WHEREAS, investment of �he "Major P tion Proceeds" may result
either in (i) third party profits being real ' zed by Piper, Jaffray & Hopwood
Incorporated (the "Escrow Managers") from e sale of federal securities
at a price in excess of the market value erefor; or (ii) third party
profits being realized by the U. S. Tre ury Department, from the sale of
U. S. Treasury obligations, state and ocal Government Services, under
31 CFR 344 , at a price in excess of e market value therefor; now
therefore be it
RESOLVED, by the Coun il of the City of Saint Paul, Minnesota,
that Springsted, Incorporated as fiscal consultants to the City, is
hereby authorized and direct d to require that the investment of the Major
Portion Proceeds in connec on with each such refunding be structured to
the maximum extent practi able so that the benefits described above are
realized by the Escrow nagers in an amount equal to all out-of-pocket
costs and expenses (as et forth in paragraph 12 0� the Escrow Managers'
proposal of 'March 24, 976) reasonably incurred in connection with the
refunding plus $100, 00 and 10� of the net reduction in debt service
resulting from the efunding and so that the remainin� balance of such
third party profi is realized by the United States Gpvernment; and be it
`\
COUIVCILMEIV Requested by Department�
Yeas Nays
Christensen ��
Hozza In Favor
Levine
Rcedler B
Sylvester Against Y
Tedesco
President Hunt
Form Approved by Ci torney
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by Mayor: Date Approved by Mayor for Submission to Cou cil
BY BY
WH17E - CITY CLERK �
PIN,K - FINANCE GITY OF SAINT PAZIL Council
CANARY - DEPARTMENT
BLUE - MAYOR File NO. �
� � Council Resolution
Presented By .�
�
Referred To ' Committee: Date
Out of Committee B � Date
� �
�
FURTHER RESOL D, that as a precondition to the Escrow Managers
realizing such third pa y profits in excess of its costs and expenses,
the City and the Escrow nagers shall enter into an agreement implement-
ing the terms and conditio s of this resolution and providing that the
Escrow Managers shall agree to (i) indemnify the City against any claims
or losses arising out of the efunding; (ii) reimburse the City at any
time during which the require escrow remains outstanding for any portion
of such excess third party pro 'ts, together with interest thereon at 6�
per annum, to which the City det rmines, upon advice of its Bond Counsel,
that it is entitled as a result o any changes in the federal arbitrage
regulations or in the interpretati n thereof; (iii) with respect to
each issue of refunding bonds sold, sell to the City that portion of the
required escrow to be purchased from the "Minor Portion" of the bond
proceeds at a price based on the curr nt yield on federal obligations
used in determining such minimum savin s to be derived from such purchase;
and (iv) fully disclose upon issuance o�� the refunding bonds the extent
of such third party profits; all in accoi�dance with the form of Agreement
presented to the City Council and hereby a proved; and the Mayor and the
Director of Finance and Management Service� are hereby authorized and
directed to execute said Agreement on behali�� of the City.
��.
\\
`�
�
COUNCILMEN Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine
Rcedler Against BY
Sylvester
Tedesco
President Hunt �.
Form Approved b City ttorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by Mayor: Date Approved by Mayor for Submission to Council
By By
i
WN17E - CITV C '
PII�K -- FINA TY F SAINT PAITL Council �
CANARY - DEP RTMENT File NO.
BLUE - MAY � �
• � ` o ' Resolution
�
Presented By
Referr o Committee: Date
Out of Co ittee By Date
WHERE , the City of Saint Paul has offered for sale General
Obligation Refun 'ng Bonds of 1976, Ser�.es A, B, C, D and E, in the aggre-
gate principal amo nt of $25,8g0,000; and
WHEREAS, u der applicable federal arbitrage regulations only the
"minor portion" of th proceeds of each series of such refunding bonds may
be invested at unrestr ted yields; and
WHEREAS, the ba ance of the proceeds of each such series of
refunding bonds (the "Majo Portion Proceeds") is required to be invested
at restricted yields to ass re compliance with applicable federal arbitrage
regulations ; and
WHEREAS, investment the Ma�or Portion Proceeds may result in
either (i) third party profits eing realized by Piper, Jaffray & Hopwood
Incorporated (the "Escrow Manage ") from the sale of federal securities
at a price in excess of the market value therefor; or (ii) third party
profits being realized by the U. S. Treasury Department , from the sale of
U. S. Treasury obligations, state an local Government Services , under
31 CFR 344, at a price in excess of t e market value the�efor; now
therefore, be it
RESOLVED by the Council of the ity of Saint Paul, Minnesota,
that Springsted Incorporated, as fiscal co sultants to the City, is hereby
authorized and directed to require that the investment of the Major Por-
tion Proceeds in connection with each such r funding be structured to the
maximum extent practicable so that the benefi s described above are
realized by the Escrow Managers only to the ext nt required to reimburse
the Escrow Managers for all costs and expenses easonably incurred by
the Escrow Managers in connection with said refu ding and so that the
balance of said benefits are realized by the Unit d States Government .
COUIVCILMEIV Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine
Rcedler Against BY
Sylvester
Tedesco
President Hunt
Adopted by Council: Date Form Approved b C' y Att ney
Certified Passed by Council Secretary BY
By
Approved by Mayor: Date Approved by Mayor for Submission to Council
By By
(
WHITE - CITV CL �
PINK - FINA CO1111C11
CANARY - DEP RTMEN ITY F SAINT PAITL File NO.
B 1�.U E - M 07F
� � ' ol tion
Presented By �
Referr d To Committee: Date
Out of C mmittee By Date
WHE AS, the City of Saint Paul has offered for sale General
Obligation Refu ding Bonds of 1976, Series A, B, C, D and E, in the aggre-
gate principal a ount of $25,890,000 ; and
WHEREAS, under applicable federal arbitrage regulations only the
"minor portion" of e proceeds of each series of such refunding bonds may
be invested at unres icted yields ; and
WHEREAS, the alance of the proceeds of each such series of refund-
ing bonds (the "Ma�or Po tion Proceeds") is required to be invested at
restricted yields to assu e compliance with applicable federal arbitrage
regulations; and
WHEREAS, investmen of the "Major Portion Proceeds" may result
either in (i) third party pro ts being realized by Piper, Jaffray & Hopwood
Incorporated (the "Escrow Mana rs") from the sale of federal securities at
a price in excess of the market alue therefor; or (ii) third party
profits being realized by the U. . Treasury Department , from the sale of
U. S. Treasury obligations , state nd local Government Services , under
31 CFR 344, at a price in excess o the market value the�efor; now
therefore be it
RESOLVED by the Council of t e City of Saint Paul, Minnesota,
that Springsted, Incorporated, as fisca consultants to the City, is
hereby authorized and directed to re4uir that the investment of the Ma�or
Portion Proceeds in connection with each uch refunding be structured to
the maximum extent practicable so that the benefits described above are
realized by the Escrow Managers in an amoun equal to all costs and expenses
reasonably incurred by the Escrow Managers i connection with the refunding
plus % of the present value of the balanc of such third party profits
(not to exceed $ ) and so that the r aining balance of such
third party profits is realized by the United tates Government ; and be it
COUIVCILMEN Requested by De rtment of:
Yeas Nays
Christensen
Hozza In Favor
Levine �`�
Rcedler Against BY `
Sylvester
Tedesco
President Hunt
Adopted by Council: Date Form Approved by ity Attorney
Certified Passed by Council Secretary BY
By
Approved by Mayor: Date Approved by Mayor for Submission to Council
By By