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267896 i " WH17E - CITV CLERK CO11i1C11 � ��'�'�� PINK �' - FINANCE CITY OF SAINT PAUL � CANARV - DEPARTMENT �� BLUE • - MAYfSR File NO. ` " il Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS; A. The Council has by Resolution No. 267739 adopted on August 19 � 1976 and approved y t e yor on August 23 , 1976, autF'orized the issuance and sale of $6,00O,��General Obligation Capital Improvement Bonds, Series 1976, to be dated October 1, 1976; B. The appropriate City Officers have, pursuant to said resolution, caused proper published notice of the sale of the bonds to be given as required by law, and sealed bids, pursuant to said Notice of Sale, were received until 11:00 o'clock A.M. , Central Time on Tuesday, September 21, 1976, in the office of Roger A. Ma.ttson, Director� Department of Finance and Ma.nagement Services, 109 City Hall, Saint Paul, Minnesota; and C. The Director of Finance and Management Services of the City has advised the Council tha.t the bid of The First National Bank of Chicago and Associates was oun to e t e most a vantageous an as reconunen e t t said bid be accepted. � NOW, THEREFORE, be it resolved that 1. The bid of The First National Bank of Chicago and Associates to purc ase � enera igation apita mprovement Bonds, Series �976, of the City in accordance with the Notice of Bond Sale at the rates of interest hereina.fter set forth � and to pay, therefore, the sum of $6,000,000 plus a premium COUKCILMEN Yeas Nays Requested by Department of: Butler . ....,... Hozza In Favor Hunt Levine --._�,���,.. BY Rcedler Sylvester Tedesco Form Ap d by ity arney Adopted by Council: Date Certified Passed by Council Secretary BY By Approved by Mayor: Date � Approved by Mayor for Su mission to Council By BY . - � . r • ~ ������ of $ 6,421.13 is hereby found, determined and declared to be the most favorable bid received and is hereby accepted and said bonds are hereby awarded to said bidder; 2 . The Director of Finance and Management Services is directed to retain the deposit of said bidder and to forth- with return the good faith checks or drafts to the unsuccessful bidders ; 3. Said bonds shall be payable as to principal and interest at The First National Bank of Saint Paul, in St . Paul, Minnesota, or The Chase Manhattan Bank, N.A. , in New York, New York, at the option of the holder; 4 . The bonds bearing the serial numbers and maturing in the years as follows shall bear interest as follows : Years Serial Nos . Interest Rate 1978 E- 1 - E- 92 4.60% 1979 E- 93 - E- 208 4.60 1980 E- 209 - E- 330 4.60 1981 E- 331 - E- 458 4.60 1982 E- 459 - E- 592 4.60 1983 E- 593 - E- 734 4.60 1984 E- 735 - E- 882 4.60 1985 E- 883 - E-1038 4.70 1986 E-1039 - E-1200 4.80 5 . !�he Council hereby ratifies and approves each and every act of its subcommittee on Finance and Sinking Funds in connection with the sale of said bonds ; 6 . Said bonds shall be executed by the facsimile of the official seal of the City of St . Paul and signed by the facsimile signature of the Mayor, attested by the facsimile signature of the City Clerk and countersigned by the manual signature of the Director of Finance and Management Services and the interest coupons attached to each bond shall be executed by the facsimile signatures of said officers; and ' ' ' w ' ������ 7 . The bonds of said issue shall mature without option of prepayment , shall be dated October l, 1976 and shall be numbered from E-1 to E-1200, both inclusive . Interest on said bonds will be payable August l, 1977 and semiannually thereafter on February 1 and August 1 in each year. 8 . Said bonds and the coupons attached thereto shall be in substantially the following form, which has been approved by the City Attorney of the City of Saint Paul, and is hereby approved and adopted: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF SAINT PAUL GENERAL OBLIGATION CAPITAL IMPROVEMENT' BOND, SERIES 1g76 No . E- , $5,000 KNOW ALL MEN BY THESE PRESENTS, that the City of Saint Paul, in the County of Ramsey and State of Minnesota, ack- nowledges itself to be indebted and for value received hereby promises to pay to bearer, without option of prepayment , the sum of Five Thousand Dollars ($5,000) on the first day of February, , together with interest thereon from the date hereof until the principal sum is paid at the rate of per cent per annum, payable August 1, lg7 , and semia�.nually thereafter on the first day of February and the first day of August in each year as evidenced by and upon the presentation and surrender of the annexed interest coupons as they severally become due . Both principal of and interest on this bond are payable in lawful money of the United States of America at The First National Bank of Saint Paul, in St . Paul, Minnesota, or Chase Manhattan Bank N.A. , New York, New York, at the option of the holder, and for the prompt payment of this bond, both principal and interest , when due, the full faith and credit of the City of Saint Paul are irrevocably pledged. This bond is one of a series of bonds issued and sold by said City of Saint Paul in the aggregate principal amount of Six Million Dollars ($6,000,000} , authorized pursuant to Laws of Minnesota 1971, Chapter 773 as amended by Laws of Minnesota 1974 , Chapter 351 as amended by Laws of 1976, Chapter 234 , for the purpose of the procurement of funds to be used by said City for the acquisition, con- struction and repair of capital improvements of the City of Saint Paul in accordance with the provisions of said laws . ♦ ' • , � . �� ���� • �i It is hereby certified and recited that all things, acts and conditions required by the Constitution and Laws of the State of Minnesota and the Charter of said City to happen and be done and performed precedent to and in the issuance of this bond, have happened and have been done and performed in regular and due form and time as required by law, and that the issuance of this bond did not cause the total indebtedness of the said City to exceed any constitutional, statutory, or charter limitation. IN WITNESS WHEREOF, the said City of Saint Paul, Ramsey County, Minnesota, by its Council has caused this bond to be sealed by the facsimile of its Official Seal, to be signed by the facsimile signature of its Mayor, attested by the facsimile signature of its City Clerk, and countersigned manually by its Director of Finance and Management Services, and each of the interest coupons hereto attached to be executed by the facsimile signatures of said officers, as of the first day of October, 1976. (facsimile) George LaLimer� Mayor (SEAL) Attest : (facsimile) Rose Mix City Clerk Countersigned: Director of Finance and Management Services COUPON On the first day of February (August) , , the City of Saint Paul, Ramsey County, Minnesota, promises to pay to bearer at The First National Bank of Saint Paul, St . Paul, Minnesota, or the Chase Manhattan Bank N.A. , New York, New York, at the option of the holder, the sum shown hereon for interest then due on its General Obligation Capital Improvement Bond , Series 1g76, dated as of October l, 1976, No. (facsimile) George �rati�n�r J Mayor Attest : (facsimile) Rose Mix ' , i y er WHITE - CITV CLERK COUIICII �,s������ PINI(f- - FINANCE G I TY O F SA I NT PA LT L CANARV - DEPARTMENT � BL'U�E - MAVOR File NO. � Council Resolution Presented By - Referred To Committee: Date Out of Committee By Date Countersigned: (facsimile) Roger A. Ma.ttson �5'irector o F'inance and' Management Services 9. The fu11 faith and credit and taxing power of the City is pledged for the prompt and full payment of the principal and interest of said bonds; 10. The City will not make any use of the proceeds of the Bonds to be issued which, if such use had been reasonably expected as of the date of delivery of and payment for the bonds, would have caused such obligations to be arbitrage bonds within the meaning of Section 103(d) of the Internal Revenue Code and any applicable temporary proposed or final regulations promulgated thereunder; and the City will and will cause any other entity authorized to invest such bond proceeds for the City to comply with the requirements of said Section 103(d) and all applicable regulations pertaining thereto while the bonds to be issued here- under rema.in outstanding; � 11. The proceeds of said bonds shall be credited to an account hereby established and designated Capital Improvements Account of 1976. The moneys in said account shall be used and applied for the purpose prescribed by Laws 1971, Chapter 773 as amended and the balance in said account after payment of the costs of the program, if any, together with accrued interest received upon the delivery of said bonds shall be credited to the Sinking Fund Account for such obligations. COUNCILMEN Yeas Nays �, Requested by Department of: ��r � Finance a Mana ement Services Hozza [n Favor Hunt Levine __ Against SY Z' G Rcedler Sylvester �'�° SEP 2;1 1976 Form Approved by C' At o ney Adopted by C . Date d Pa. d by Counc� Secretar BY By �' �-... Appro y Mayor: Date `S'EP 2,3 1976 Approv d Mayor f S mis i o gy By PUBLISHED S E� Z 5 19�8 � TABLE OF CONTENTS PagE. � CITY OFFICIALS 1 ISSUE DETAIL Staff and Consultants 2 Official Notice of Bond Sale 3-6 Bidding Requirements and Award 7 � Rating 7 Bid Delivery 7 Bond Years g-9 Purpose of Issues 10 Future Financing 11 � SUNINIARY DESCRIPTION AND STATISTICAL DATA Valuations 13-14 Debt Statement 16-18 Debt Outstanding - Five-Year Period 19 Debt Service Schedules 20-21 Direct Debt 22-23 � Summary of Direct Debt 24 Direct Debt Ratios 24 Indirect Debt 24 Mill Rates 25 Largest Taxpayers 26 Tax Levies & Collections 26 � 1975 Summary of Receipts & Disbursements 27 AUDITING INFORMATION Summary of Receipts & Disbursements, Five Years 28 General Revenue Fund 1975 29 Combined Balance Sheet, Five Years 30-31 � Cash Statement, July 31, 1976 32 GENERAL INFORMATION 33-38 PENSION PROGRAMS 39 DEFAULT RECORD AND PENDING LITIGATION AFFECTTNG THIS ISSUE 40 � CERTIFICATION OF CONTENTS OF OFFICIAL STATEMENT 40 APPENDIX I General Revenue Fund (Balance Sheet and Receipts and Disbursements, 1975) Appendix I � � � � � � � � I � No dealer, broker, salesman or other person has been authorized by the luuer to give any information or to make any representations with respect to the Obligationa of this offering other � than those contained in this Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Issuer. Certain information contained herein has been obtained from sourcea believed to be reliable,but it is not guarenteed as to completeneu and is not to be construed as a repretentation of said I�uer. The information and expreasiona of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sele made hereunder ahall,under any circumstancea,create any implication � that there has been no change in the affairs of the Issuer aince the date hereof. DATE OF OFFICIAL STATEMENT: September 10, 1976 � � � -1- � � ELECTED OFFICIALS � CITY OF SAINT PAUL George Latimer Mayor � Robert P: Sylvester, Council President Rosalie I:. Butler Councilwoman David H. Hozza Councilman Ruby M. Hunt Councilwoman Leonard W. Levine Councilman � Patrick J. Roedler Councilman Victar J. Tedesco Councilman � � � � , � -2- � STAFF AND CONSULTANTS The following City Staff people and Consultants may be contacted for further .information. � Roger A. Mattson, Director Department of Finance and Management Services 612/298-4637 Harriet Lansing, City Attorney � 612/298-5121 (Each has offices in the Saint Paul City Hall, Saint Paul, Minnesota 55102) � Bernard P. Friel Briggs and Morgan Professional AsSOCiation 2200 First National Bank Building Saint Paul, Minnesota 55101 Bond Counsel � 612/291-1215 Osmon R. Springsted Springsted Incorporated 800 Osborn Building Saint Paul, Minnesota 55102 � Fiscal Consultant 'i 612/222-4241 � i � • I • I � -3- • OFFICIAL NOTICE OF BOND SALE $6,000,000 f GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERII.S 1976 CITY OE SAINT PAUL, MINNESOTA These Bonds (the "Obligations") will be offered Tuesday, September 21 , 1976. Bids will be opened at 1,1:00 A.M. , Central Time, at the office of Roger A. � Mattson, Director, Department of Finance and Management Services, 109 City Hall, Saint Paul, Minnesota. Action upon the bids will be at 12:00 R..M. Central Time of the same day. The offering will be upon the following terms: DATE AND INTEREST PAYMENTS OF THE OBLIGATIONS � The Obligations will be dated October 1, 1976 and will bear interest payable on each August 1 and February 1, to maturity, commencing August 1, 1977. TYPE AND PURPOSE OF THE OBLIGATIONS � The Obligations will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. The Obligations 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 Obligations will mature February 1, in the years and amounts as follows: $460,000 1978 $710,000 1983 $580,000 1979 $740,000 1984 ! $610,000 1980 $780,000 1985 $640,000 1981 $810,000 1986 $670,000 1982 All dates are inclusive. All Obligations will be without the right of prior redemption. � PAYING AGENT The First National Bank of Saint Paul, Minrcesota or The Chase Manhattan Bank, N.A. , New York, New Yark, at the option of the holder,. will be designated as Paying Agents. The City will pay customary and reasonable ` fees for Paying Agenc3� services. S � -4- � CUSIP NUMBERS i If, wittiin three working days after the award of the Obligations, the Purchaser in writing requests that CUSIP identification numbers be ! printed on the Obligations, and agrees to be responsible for the CUSIP � Service Bureau charge for the assignment of said numbers, they will bie printed on the Obligations, but neither the failure to print such number on any Obligation nor any error with respect thereto shall constitute' cause for failure or refusal by the Purchaser to accept delivery of the Obligations. � DELIVERY, LEGAL OPINION, COSTS AND PAYMENT The Obligations 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, Minnesota relative to the Obligations, which opinion will be printed upon the Obligations, and receipt also of customary closing papers, including a non-litigation statement. Payment for the Obligations must be made by the Purchaser in Federal, ox 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 for not less than Par and accrued interest from the date of tl�e Obligations to the date of delivery must be filed with the undersigned prior to the time of sale, together with a certified or cashier's cheCk � in the amount of $60,000, payable to the order of the Treasurer of th Issuer, to be retained as liquidated damages if the Purchaser fails t� comply with the accepted bid. RATES All rates must be in integral multiples of 5/100 or 1/8 of 1% and may , not exceed 7% per annum. All Obligations of the same maturity must bear a single rate from the date of issue to maturity. The rate specified for any maturity may not 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. The net effective ' � average rate of the Issue may not exceed 7% per annum. 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 Obligations 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 offering. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated August 19, 1976 �I � BY ORDER OF THE CITY COUNCIL � /s/ Roger A. Mattson Director, Department of Finance and Management Services � • -5- OFFICIAL NOTICE OF BOND SALE $1,000,000 � GENERAL OBLIGATION REHABILITATION LOAN AND GRANT PROGIZAM BONDS, SERIES 1976 CITY OF SAINT PAUL, MINNESOTA These Bonds (the "Obligations") will be offered Tuesday, September 21, 1976. Bids will be opened at 11:OQ A.M. , Central Time, at the office of Roger A. � Mattson, Director, Department of Finance and Management Services, 109 City Hall, Saint Paul, Minnesota. Action upon the bids will be at 12:00 P.M. Central Time of the same day.) The offering will be upon the following terms: DATE AND INTEREST PAYMENTS OF THE OBLIGATIONS � The Obligations will be 3ated October 1, 1976 and will bear interest payable on each August l, and February 1, to maturity, commencing August 1, 1977. TYPE AND PURPOSE OF THE OBLIGATIONS � The Obligations will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. The Obligations wi11 be in bearer form with interest coupons attached and will be of the denomination of $5,000 each. The proceeds will be used for the City's rehabilitation loan program. � MATURITIES AND REDEMPTION The Obligations will mature February 1, in the years and amounts as follows: $ 70,000 1978 $110,000 1984-85 � $ 90,000 1979-81 $120,000 1986-87 $100,000 1982-83 All dates are inclusive. Al1 Obligations will be without the right of prior redemption. � PAYING AG�NT The First National Bank of Saint Paul, Minnesota or The Chase Manhattan Bank, N.A. , New York, New York, at the option of the holder, will be designated as Paying Agents. The City will pay customary and reasonable fees for Paying Agency services. � CUSIP NUMBERS If, within three working days after the award of the Obligations, the Purchaser in writing requests that CUSIP identification numbers be printed on the Obligations, and agrees to be responsible for the CUSIP � Service Bureau charge for the assignment of said numbers, they will be printed on the Obligations, but neither the failure to print such number on any Obligation nor any error with respect thereto shall constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. � ?'t _6_ � DELIVERY, LEGAL OPINION, COSTS AND PAYMENT The Obl�gations shall be delivered without cost to the Purchaser at a � place mutually satisfactory to the Issuer and the Purchaser within 40 � • days following the date of their award. Delivery will be subject to ' receipt by the Purchaser of an acceptable approving legal opinion of Briggs and Morgan, Professional Association of Saint Paul, Minnesota relative to the Obligations, which opinion will be printed upon the Obligations, and receipt also of customary closing papers, including a non-litigation statement. Payment for the Obligations must be made by' • the Purchaser in Federal, or equivalent, funds on the day of settlemen$ in a timely manner so as to be available to the Issuer on said day. i TYPE OF BID � Sealed bids for not less than par and accrued interest from the date o� • the Obligations to the date of delivery must be filed with the undersig�ned prior to the time of sale, togethex with a certified or cashier's check in the. amount of $10,000, payable to the order of the Treasurer of the Issuer, to be retained as liquidated damages if the Purchaser fails to comply with the accepted bid, RATES � All rates must be in integral multiples of 5/100 or 1/8 of 1% and may not exceed 7% per annum. All Obligations of the same maturity must bear a single rate from the date of issue to maturity. The rate specified for any maturity may not 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. The net effective average rate of the Issue may not exceed 7% per annum. 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 Obligations 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 offering. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. � • Dated August 19, 1976 BY ORDER OF THE CITY COUNCIL /s/ Roger A. Mattson Director, Department of Finance and Management Services � � i � -�- • BIDDING REQUIREMENTS AND AWAitD � Separate bids will be received for each Issue. No bid will be considered which is conditioned upon award of both Issues. Each bid must be accompanied by a certified or cashier's check in the sum of 1% of the principal amount of the Issue for which the bid is made. Bids will be opened by Roger A. Mattson, Director, Department of Finance � and Management Services, Room 109, City Hall at 11:00 A.M. Central Time on September 21, 1976 following which the bids will be reviewed and tabulated for presentation to the City Council for its determination and action at 12:00 o'clock noon, Central Time of the same day. The good faith deposit of unsuccessful bidders will be returned by mail immediately following the award of the Issue for which the deposit was made. � RATING � Application will be made to both Moody's Investors Service, Inc. and Standard & Poor's Corporation for a rating of both Issues. Currently outstanding general obligations of the City are rated "Aa" and "AA" by the respective rating agencies. � BID DELIVERY The City's Fiscal Consultant, Springsted Incorporated, will deliver any bid received by it by 10:30 A.M. , Central Time, the day of the sale to � Roger A. Mattson, Director, Department of Finance and Management Services for opening at 11:00 A.M. � � � � -8- • $6,000,000 G.O. CAPITAL IMPROVEMENT BONDS, SERIES 1976 ' CUMULATIVE � YEAR PRINCIPAL BOND YEARS BOND YEARS 1978 $460,000 613.3333 613.3333 --t- 1979 $580,000 1,353.3333 1,966.6666 ' • 1980 $610,000 2,033.3333 3,999.9999 1981 $640,000 2,773.3333 6,773.3332 1982 $670,000 3,573.3333 10,346.6665 , • 1983 $710,000 4,496.6667 14,843.3332 1984 $740,000 5,426.6667 20,269.9999 1985 $780,000 6,500.0000 26,769.9999 � 1986 $810,000 7,560.0000 34,329.9999 AVERAGE MATURITY: 5.7217 Years DATED: October 1, 1976 � INTEREST DUE: August 1, 1977 and each February 1 to August 1 to maturity. PRINCIPAL: February 1, 1978-86, inclusive. � REDEMPTION: None. � � i � � _9- • $1,000,000 G.O. REHABILITATION LOAN ADTI) GRANT PROGRAM BONDS, SERIES 1976 � CUMULATIVE YEAR PRINCIPAL BOND YEARS BOND YEARS 1978 $ 70,000 93.3333 93.3333 1979 $ 90,000 210.0000 303.3333 • 1980 $ 90,000 300.0000 603.3333 1981 $ 90,000 390.0000 993.3333 1982 $100,000 533.3333 1,526.6666 S � 1983 $100,000 633.3333 2,159.9999 1984 $110,000 806.6667 2,966.6666 1985 $110,000 916.6667 3,883.3333 � 1986 $120,000 1,120.0000 5,003.3333 1987 $120,000 1,240.0000 6,243.3333 ` AVERAGE MATURITY: 6.2433 Years DATED: October 1, 1976 INTEREST DUE: August 1, 1977 and each February 1 and August 1 to maturity. � PRINCIPAL: February 1, 1978-87, inclusive. REDEMPTION: None. � . � � � -�o- • PURPOSE OF ISSUES A• $6,000,000 General Obligation Capital Improvement Bonds, Series 1976 � This Issue is a continuation of the City's annual capital improve- ment program commenced in 1967. Since then the City has undertake� $19.8 million of capital improvements. Authority for the issuance of bonds for financing the program has been given by the Minnesota State Legislature. No referendum has been required. Traditionally! • the term of the eight issues to date has been ten years. The , current Issue is pursuant to the authority of Chapter 234, Laws of Minnesota for 1976 by which the City has been given permission by the State Legislature to annually issue $6.5 million for a four- year period commencing with the year 1976. This legislation mandatles , that all bonds issued pursuant to it shall mature within ten years S of the date of issue. The Mayor this year recommended to the Council that the program be reduced from the permissible $6.5 million to $6 million. The Counsel has concurred in this recommenaation. The largest project to be funded by this Issue is restoration work � at the Central Library for which $1,620,000 has been allocated. Other projects include such items as fire station improvements, traffic signals, recreation facilities, pedestrian ramps for the handicapped, lighting and street improvements. There are approxi- mately 50 projects in the current program. Each of these projects • has been reviewed and assigned a priority by the City's Planning Department with the extensive assistance of structured neighborhood organizations. There was intensive citizen participation at all stages in the preparation of the entire Capital Improvement Budget. B. $1,000,000 General Obligation Rehabilitation Loan and Grant Program Bonds, Series 1976 • Last year the City commenced a rehabilitation loan and grant program with the issuance of $1,500,000 of general obligation bonds. The purpose is to provide low interest housing loans and grants for housing rehabilitation to persons of low and moderate • income. Authority for the program was granted by the Minnesota State Legislature by Chapter 351, Laws of Minnesota for 1974. No referendum is necessary for the issuance of bonds pursuant to the Legislative authority. Debt service for these Bonds and those issued in 1975 for the same purpose has been and will be provided by a general tax levy, thus allowing repayment proceeds to become a revolving fund for the same purposes. � � � -11- � FUTURE CITY BOND FINANCING The City does not anticipate a need to issue additional bonds for the balance of 1976. Each year the City's continuing five-year Capital � ImprovemEnts Program is updated. In October of each year the City Council adopts the next year's annual capital improvement budget which identifies and appropriates funds from all revenue sources to finance this annual capital improvements budget. The annual capital improvements budget includes within it, appropriations of bond proceeds for these purposes. � The City does contemplate the issuance of revenue obligations in 1977 for its Water Utility. � OTHER FINANCING CONTEMPLATED Independent School District 625, which is coterminous with the City, is expected to offer $8,435,000 of its general obligations on October 19th of this year. The proceeds will be used for capital improvements, the largest of which will be for a new Central High School. The r District has an annual authorization to issue bonds for capital improve- ments in the amount of one-third of one-half of one percent of its assessed valuation. In addition, it annually expects to issue short- term tax anticipation certificates of approximately $23 million about the first of the year and approximately $26 million of aid anticipation certificates about July. � Ramsey County, of which the City is the County Seat, anticipates offering $5.3 million of its general obligations for its Parks and Open Space program in December, 1976. The County does not have any additional bonding authority at this time. � � � � � -12- � I � ' � SUMMARY DESCRIPTION and STATISTICAL DATA OF THE CITY OF SAINT PAUL � . • • • • • I, • I � -13r • 1975 ASSESSED VALUATION $811,408,529* Real Estate $786,700,718 (97,0961 � Personal Property 24,707,811 ( 3.0%1 Total $811,408,529 *Excludes restricted value ($1,352,711 J of the Development District. � 1975 TAXABLE ASSESSED VALUATION $831,737,200 1975 Assessed Value $811,408,529 Plus: Distribution from Fiscal Disparity Pool* 29,880,254 � Less: Contribution to Fiscal Disparity Pool* 9,551,583 $831,737,200 (28.9%of Estimated Market Value) 'Forty percent of the valuation of all new commercial-rndustrial property since 1971 in the seven-county Mrnneapolis-St. Paul Metropolitan Area constitutes an � area-wide tax pool the valuation of which is apportioned among the qovernmental units in an effo�t to equalize tax burdens so that the taxpayers of each munici- pality pay a tax rate for comparable services more equal to the rate paid by orher municipalities in the area. St. Paul s gain this past year was$20,328,671. � TREND OF TAXABLE ASSESSED VALUE $900,OOD, I I � °° `° �° °o �Q V C�O c�0 O � N . ➢vOO�OOO� 0 N �.,j ri O N I� � � n � rn v � N LD � � � � � � � � $300,000,00 1969 1970 1971 1972 1973 1974 1975 � NOTE: 7. A major portion of the increase in valuation in 1972 is due to a revision of the assessment formuta in the State of Minnesota. y. The small increase in valuation in 1973 is due to the ezemption of machinery and attached equipment from the tax rolls in that year for which tazes received on the exempted value l$17.867.269 for the District) are annually reimbursed to the School District by the State. • 3. Fiscal disparities adjustments are included in the valuatio� for each of the years 7974 and 1975. 4. See Mill Raies on page 27 � -14- � 1975 ESTIMATED MARKET VALUE OF TAXABLE PROPERTY * � $2,927,015,365 ' *Based upon the Assesso�'s "Estimated Market Value"of$2,256,728,847 divided by the , State Department of Revenue's 1975 sa/es assessment ratio of 77.1% for the City. � i 1975"ADJUSTED" MARKET VAWE* ' $2,973,657,935 *lncludes the market valuation ($35,961,421 J of machinery and attached equipment � exempted from taxarion by rhe 1973 Session of the Minnesota Legislature. The City is reimbursed by the State for tax/asses by reason of this exemption. NOTE: Neithe� the Estimated nor 'Adjusted"market values include restricted increment va/uation of$3,240,909 for ihe City's Development Disrrict. � TREND OF MARKET VALUE (Assessor's"Estimated Market Value") $3.000.000,000 � $2,000,000,000 � � N O tA O Ia� M M � C�0 M 0p � N CO I� tV Qj 00 � $���0.�0,�� � O IA f�V � � 0 n . � � � � � � � N • � � �� �E�9 � N � � 19g9 1970 1971 1972 1973 1974 7975 s � • • -15- ! BREAKDOWN OF DEBT RESPONSIBILITY AS DETERMINED BY CLASS O� PROPERTY 1975/76 • Assessed Value* �o Residential $403,843,244 47.8 Commercial and Industrial 417,412,742* 49.5 Public Utility 19,831,224 2.4 � Other 2,517,259 0.3 Total $843,604,469 100A 'lncludes in the commercia/and industrial valuation the assessed va/uation ($11,867,2691 of machinery and attached equipment exempted in 1973, but for which taxes no�mally ` received on the value in 1974 is being reimbursed by the State and includes the Fiscal Disparities Adjustment of$20,328,671. • Residential 47.8% Public Utility Other 2.4% � 0.3% Commercial& Industrial 49.5% � � NOTE: 52.2%of the City's Va/uation is other than residential. i • • -16- ! CITY OF SAINT PAUL, MINNESOTA , DEBT STATEMENT August 1, 1976 • GENERAL OBLIGATION BONDS: A. Within Statutory Bonded Debt Limit: ' Auditorium $ 159,000.00 ' Capital Improvement, Laws of Minnesota 1967 3,200,000.00 � � Capital Improvement, Laws of Minnesota 1969 4,050,000.00 Capital Improvement, Laws of Minnesota 1971 15,300,000.00 Civic Athletic Stadium 994,000.00 Civic Educational Center 943,000.00 Garbage Disposal Equipment Garage 48,000.00 � Health Center 77,000.00 Libraries Improvement 145,000.00 Parks and Playgrounds 687,000.00 Public Safety Building 264,000.00 Sewer 4,765,000.00 Street Lighting 334,000.00 � Streets and Bridges 6,614,000.00 $37,580,000.00 B. Outside Statutory Bonded Debt Limit: Capitol Approach Improvement $ 1,145,000.00 , � Civic Center (Section 1)** 7,860,000.00 , Civic Center (Section 2►** 8,800,000.00 Detention and Workhouse Facilities 875,000.00 Downtown Development District No. 1 - Refunding Bonds 4,540,000.00 i Downtown Development District No. 1 - Not Refunded 500,000.00 Downtown Development District No. 1 - Refunded Bonds*** 4,600,000.00 F i re Stati on 300,000.00 � Flood Control 755,000.00 Health Pension Fund 960,000.00 Joint Court House & City Hall Rehabilitation 355,000.00 Joint Hospital Facitities 3,282,OOQ.00 Joint Sewer Study 50,000.00 � Joint Storm Water Sewer Construction 220,000.00 Rehabilitation Loan Program 1,425,000.00 Riverview Storm Sewer 355,000.00 Urban Renewal - Refunding Bonds 10,050,000.00 i Urban Renewal - Not Refunded 27,385,000.00 • Urban Renewal - Refunded Bonds*** 10,100,000.00 ' Water Pollution Abatement 13,690,000.00 ' $97,247,000.00 Total General Obligation Bonds $134,827,000.00 � -17- • DEBT STATEMENT (Continued) � GENERAL OBLIGATION BONDS — REVENUE-SUPPORTED (Outside Statutory Bonded Debt Limit) Permanent Improvement Revolving Fund $ 1,000,000.00 Trunk Highway* 3,750,000.00 Water 12,738,000.00 • Total General Obligation Bonds— Revenue-Supported $ 17,488,000.00 TOTAL GROSS BONDED DEBT $152,315,000.00 DEDUCTIONS: (Allowable under Section 475.53 of Minnesota Statutes) � General Obligation Bonds- A. Balance 1976 Maturities, within debt limit $ 820,Q00.00 B. Outside debt limit: Refunding bonds 14,590,000.00 Not refunded 67,957,000.00 • Refunded bonds 14,700,000.00 General Obligation Bonds- Revenue-Supported 17,488,000.00 Total Allowable Deductions $115,555,000.00 � TOTAL STATUTORY NET BONDED DEBT $ 36,760,000.00 MARGIN FOR FUTURE BOND ISSUES 44,101,338.00 STATUTORY BONDED DEBT LIMIT $ 80,861,338.00 The percentage of the Statutory Net Bonded Debt of the � Market Values of Taxable Real Estate and Personal Property Valuations of$2,259,969,756.00 . . . . . . . . . . . . . . . . . . . 1.63% *Trunk Highway Special Revenue Bonds: � Principal amount to be paid from State of Minnesota Trunk Highway Bonds owned by the City of Saint Paul. **Civic Center Bonds - origina/authorization: Section 1, Chapter 459, Laws of Minnesota 1967 as amended • by Chapter 1070, Laws of Minnesota 1969 $ 9,000,000.00 Section 2, Chapter 459, Laws of Minnesota 1967 10,000,000.00 Total authorization $ 19,000,000.00 • • -18- DEBT STATEMENT • (Continued) ***Refunding bonds in amount of$14,590,000 issued July 1, 1976 pursuant to Section 475.67,Minnesota Statutes, to � provide funds to advance refund the following outstanding bonds (Refunded Bondsl: Downtown Development District No. 1 $ 4,600,0�.00 U�ban Renewal 10,f00,000.00 • $14,700,0�.00 Securities which will yield an amount necessary to reti�e principal and interest on the ' REfUNDED BONDS are held in escrow by the Northwestern National Bank of Saint Paul. • NOTE: The bonded debt of the City of Saint Paul for the Minneapolis-Saint Paul Sanita�y District in the amount of$15,245,000 was assumed by the Metropolitan Council on January 1, 1971, under authority of Chapter 449, Laws of Minnesota 1969;on August 1, 1976, this obligation amounted to$12,886,000. • Rog�er A. Mattson, Director Department of Finance and Management Services • • • • s • -19- • DEBT OUTSTANDING — 5-YEAR PERIOD � Year Ending General General Obligation December 31 Obligation Revenue-Supported Total 197 5 $126,185,000 $19,193,000 $145,378,000 • 1974 $111,828,000 $20,4��,000 $132,243,000 S 1973 $ 98,025,000 $21,609,000 $119,634,000 1g72 $ 90,051,000 $22,777,000 $112,828,000 • 1971 $ 78,775,000 $23,89$,000 $102,673,000 • • • i t • -20- � GENERAL OBLIGATION DEBT EXCLUDING REVENUE—SUPPORTED (Debt Service Schedule) Tota I � Total Total Annual Year Principal Interest Payment 1976 (as of 9-2-76) $ 1,420,000 $ 1,124,577.25 $ 2,544,577.2�i 1977 7,699,000 5,691,069.92 13,390,069.9 1978 7,720,000 5,277,429.50 12,997,429.5 � 1979 7,722,000 4,927,036.25 12,649,036.2 1980 7,422,000 4,577,613.75 11,999,613.7� 1981 7,173,000 4,243,032.00 11,416,032.00 �982 6,788,000 3,933,595.00 10,721,595A0 1983 6,433,000 3,638,337.50 10,071,337.50 i 1984 6,213,000 3,354,781.25 9,567,781.25 1985 5,433,000 3,090,288.75 8,523,288.75 1986 4,593,000 2,858,682.50 7,451,682.50 �987 4,383,000 2,648,321.25 7,031,321.25 �988 4,158,000 2,444,048.75 6,602,048.75 � 1989 3,999,000 2,246,875.25 6,245,875.25 1990 3,788,000 2,053,932.00 5,841,932.00 1991 3,714,000 1,863,493.00 5,577,493.04 1992 3,622,000 1,674,827.50 5,296,827.54 �993 3,470,000 1,486,451.25 4,956,451.2� � 1994 3,385,000 1,300,090.00 4,685,090.0� 1995 2,830,000 1,128,787.50 3,958,787.5� 1996 2,675,000 977,442.50 3,652,442.50 �997 2,675,000 829,600.00 3,504,600.0� �998 2,630,000 678,925.00 3,308,925.00 �999 2,505,000 531,472.50 3,036,472.50 � 2000 2,385,000 386,130.00 2,771,130.00 2001 1,755,000 251,760.00 2,OQ6,760.00 2002 1,670,000 157,392.50 1,827,392.50 2003 1,205,000 74,117.50 1,279,117.50 20� 500,000 25,312.50 525,312.50 � 2005 160,000 5,000.00 165,000.00 $120,125,000 $63,480,422.67 $183,605,422.67 NOTE: This schedule does not include the refunded$4,100,000 General Obligation Urban � Renewal Bonds,Series 1975L dated December 1, 1975, the$4,600,000 General Obligation Downtown Development District No. 1 Bonds, Series 1975 dated December 1, 1975 and the$6,000,000 General Obliqation Urban Renewal Bonds, Series 1974K, dated Octoher 1, 1974 but does include the$4,050,000 General Obligation Refunding Bonds of 1976, Series A, the$4,540,000 General Obligation , Refunding Bonds of 1976,Series B and the$6,000,000 Genera/Obligation Refunding Bonds of 1976,Series D. The refunding issues were$110,000/ess , than the tota/of the obligations refunded. The amounts shown for 1976 have been adjusted to�eflect payments made September 1, 1976. • -21- � GENERAL OBLIGATION REVENUE—SUPPORTED DEBT (Annual Debt Service Schedule) � Principal Interest Due Due Total 1976 (as of 9-2-76) $ 329,000 $ 119,936.00 $ 447,936.00 � 1977 1,291,000 559,088.50 1,850,088.50 1978 1,313,000 517,972.00 1,830,972.00 1979 1,270,000 476,265.00 1,746,265.00 1980 1,310,000 434,635.00 1,744,635.00 1981 1,335,000 392,105.00 1,727,105.00 � 1982 1,085,000 349,750.00 1,434,750.00 1983 1,135,000 314,085.00 1,449,085.00 1984 1,190,000 276,250.00 1,466,250.00 1985 2,220,000 236,727.50 2,456,727.50 � 1986 1,010,000 166,050.00 1,176,050.00 1987 850,000 132,500.00 982,500.00 1988 815,000 103,675.00 918.675.00 1989 630,000 75,890.00 705,890.00 1990 310,000 55,910.00 365,910.00 � 1991 220,000 46,090.00 266,090.00 1992 170,000 38,400.00 208,400.00 1993 170,000 31,560.00 201,560.00 1994 170,000 24,720.00 194,720.00 � 1995 180,000 17,880.00 197,880.00 1996 180,000 10,620.00 190,620.00 1997 80,000 3,360.00 83,360.00 Total: $17,263,000 $4,383,469.00 $21,646,469.00 • NOTE: The amounts shown for 1976 have been adjusted to reflect payments made September 1, 1976. � • ♦ -22— TOTAL GENERAL OBL'IGATION DIRECT DEBT ♦ EXCLUSIVE OF THESE ISSUES Original 'Principal Date of Amount Interest Final O�utstanding Issue of Issue Rates Maturity Purpose (asi of 9-2-76) 2-1-48 $ 1,000,000 2.30% 2-1-78 Cap. Approach,Series II $ 85,000 � 11-1-48 2,000,000 2.40% 11-1-78 Waterworks 273,000 ?� 1-1-54 2,250,000 2.20% 1-1-84 Cap.Approach,Series III 800,000 4-1-54 3,300,000 2.25°� 4-1-84 General Improvement,Series 1 1,280,000 5-1-55 3,200,000 2.10°� 5-1-85 General Improvement,Series 2 1,390,000 5-1-55 1,500,000 2.10% 5-1-85 Waterworks 560,000 2� * 11-1-55 500,000 2.25% 11-1-85 General Improvement,Series 3 250,000 3-1-56 2,000,000 2.40°� 3-1-86 Waterworks,Series 19566 820,000 Z� 6-1-56 3,800,000 2.50% 6-1-86 General Improvement,Series 4 ],810,000 11-1-56 650,000 3.00°� 11-1-86 Detention Facility 350,000 �� 11-1-56 500,000 3.00% 11-1-86 Cap.Approach,Series 4 260,000 4-1-57 1,000,000 2.90% 4-1-87 Waterworks,Series 1957C 480,000 ?� • 4-1-57 3,463,000 2.90% 4-1-87 General Improvement,Series 5 1,820,000 3-1-58 2,483,000 3.00% 3-1-88 General Improvement,Series 6 �,350,000 3-1-58 1,000,000 3.00% 3-1-88 Waterworks,Series 1958D 515,000 2� 9-1-58 3,000,000 3.40°� 9-1-88 Waterworks,Series 1 1,545,000 ?� 2-1-59 5,501,000 3.20°� 2-1-89 General Improvement,Series 7 �,296,000 2-1-59 3,000,000 3.20% 2-1-89 Waterworks,Series 2 1,650,000 ?� 9-1-59 3,500,000 3.60°� 9-1-89 Waterworks,Series 1959A 1,985,000 ?� � 9-1-59 55,000 4.00°� 9-1-89 Joint Hospital Facility,Series 1 35,000 1-1-60 500,000 3.80% 1-1-90 Joint Detention FacilitY 325,OU0 �� 6-1-60 1,138,000 3.40% 6-1-90 General Improvement,Series 8 718,000 6-1-60 495,000 3.40% 6-1-90 Joint Hospital Facility,Series 2 320,000 6-1-60 2,000,000 3.40% 6-1-90 Waterworks,Series 1960B 1,180,000 � 3-1-61 700,000 3.40°k 3-1-91 Flood Control , 475,000 � 3-1-61 1,474,000 3.40% 3-1-91 General Improvement,Series 9 I 959,000 3-1-61 1,000,000 3.40°� 3-1-91 Waterworks,Series 1961C 625,000?� 3-1-61 1,250,000 3.20% 3-1-81 Trunk Highway,Series 1 400,000 ?� 10-1-61 3,500,000 3.10°� 10-1-81 Trunk Highway,Series 2 1,250,000 ?� 10-1-61 400,000 3.40°/a 10-1-91 Flood Control 280,000 10-1-61 200,000 3.40% 10-1-91 Jt. Ct. House&City Hall � Rehab.,Series 1 140,000 8-1-62 3,097,000 3.25°k 8-1-92 General Improvement,Series 10 2,157,000 &1-62 500,000 3.25% 8-1-92 Riverview Storm Sewer,Series 1 35�,000 8-1-62 300,000 3.25% 8-1-92 Jt. Ct. House&City Hall Rehab.,Series 2 215,000 8-1-62 700,000 3.25% 8-1-92 Joint Hospital Facilities,Series 3 495,000 � 1-1-63 300,000 3.30% 11•1-93 Joint Detention Facility 200,000 �� 11-1-63 2,000,000 3.30% 11-1-93 Joint Hospital Facility,Series 4 1,500,000 11-1-63 400,000 3.30°� 11-1-93 Fire Station 300,000 10-1-64 1,150,000 3.30°r6 10-1-94 Joint Hospital Facility,Series 5 930,000 10-1-64 1,700,000 3.30% 10-1-94 Urban Renewal,Series 1964A 1,380,000 4-1-65 2,270,000 3.10% 4-1-85 Trunk Highway,Series 3 1,350,000 ?� � 10-1-65 750,000 3.40% 10-1-95 Urban Renewal,Series 19656 640,000 10-1-65 1,000,000 3.40% 10-1-85 P. t. R. Refunding 1,000,000 ?� 7-1-66 980,000 3.90% 7-1-86 Trunk Highway,Series 4 750,OU0 ?� 7-1-66 2,000,000 3.90% 7-1-96 Waterworks,Series 1966D 11,620,000 ?� 7-1-66 1,150,000 3.90°/a 7-1-96 Urban Renewal,Series 1966C 960,000 10-1-67 1,500,000 4.20% 10-1-97 Waterworks,Series 1967E 11I,260,000 ?� • 10-1-67 4,000,000 3.90% 10-1-77 Cap. Improvement,Series 1967A 800,000 1/The City is being reimbursed by Ramsey County for the payments of debt service. 2/Revenue-Supported Continued............ � � -23- DIRECT DEBT (Concluded) Original Principal Date of Amount Interest Final Outstanding � Issue of Issue Rates Maturity Purpose (as of 9-2-76) 10-1-67 $ 2,2�5,000 4.20% 10-1-97 Urban Renewal,Series 1967D $1,995,000 10-1-67 250,000 4.20% 10-1-97 Storm Sewer 220,000 8-1-68 2,645,000 4.25% 8-1-98 Urban Renewal 2,355,000 8-1-68 185,000 3.70% 8-1-78 Joint Sewer Study 50,000 � 8-1-68 4,000,000 3.70% 8-1-78 Cap. Improvement,Series 19686 800,000 11-1-69 * 4,000,000 5.80% 11-1-79 Cap. Improvement,Series 1969C 1,600,000 11-1-69 6,000,000 6.25�0 11-1-99 Civic Center,Series 1969A 5,240,000 8-1-70 4,500,000 5.10% 8-1-80 Cap. Improvement,Series 1970 1,800,OOD 8-1-70 3,000,000 6.00°/a 8-1-2000 Urban Renewal,Series 1970F 2,620,OU0 8-1-70 3,000,000 6.00% 8-1-2000 Civic Center,Series 1970A 2,620,000 8-1-70 10,000,000 6.00% 8-1-2000 Civic Center,Series 19706 8,800,000 � 3-1-71 2,000,000 5.000%-5.25°k 3-1-2001 Water Pollution Abatement, Series 1971 1,840,000 3-1-71 4,500,000 3.30°�-4.00% 3-1-1981 Cap. Improvement,Series 1971 2,250,000 2-1-72 5,600,000 4.60%-5.00% 2-1-2002 Urban Renewal,Series 1972G 5,280,000 2-1-72 4,500,000 3.75%-4.00% 2-1-1982 Cap. Improvement,Series 1972 2,700,000 2-1-72 2,000,000 4.00%-5.00°k 2-1-2002 Water Pollution Abatement, � Series 1972 1,900,000 12-1-72 3,000,000 4.50°�-5.00% 12-1-2002 Urban Renewal,Series 1972H 2,910,000 5-1-73 6,355,000 4.75°�-5.00% 5-1-2003 Urban Renewal,Series 19731 6,200,000 5-1-73 2,000,000 4.50%-5.00% 5-1-2003 Water Pollution Abatement, Series 1973 1,950,000 5-1-73 4,500,000 4.00°�-4.40% 5-1-1983 Cap. Improvement,Series 1973 3,150,000 ' � 4-1-74 3,045,000 5.25%-5.50% 4-1-2004 Urban Renewal,Series 1974J 3,045,000 4-1-74 5,680,000 4.75%-4.80% 4-1-1984 Health&Cap. Improvement, Series 19741 4,560,000 4-1-74 4,000,000 5.25%-5.50% 4-1-2004 Water Pollution Abatement, Series 1974 4,000,000 10-1-74 500,000 6.30%-6.60°� 10-1-2004 Downtown Development District, � Series 1974 500,000 10-1-74 6,000,000 6.30%-6.50% 10-1-2004 Urban Renewal,Series 1974K 6,000,000� 3-1-75 6,500,000 4.80%-5.25% 3-1-1985 Cap. Improvement,Series 1975 5,850,000 3-1-75 1,500,000 5.30�0-6.00°� 3-1-1995 Rehab. Loan Program,Series 1975 1,425,000 3-1-75 4,000,000 5.80°/a-6.25% 3-1-2005 Water Pollution Abatement, Series 1975 4,000,000 � 12-1-75 4,600,000 5.30%-6.25�0 12-1-1995 Downtown Development District Series 1975 4,600,000�� 12-1-75 4,100,000 5.75%-6.25% 12-1-1995 Urban Renewal Series 1975L 4,100,000�� 7-1-76 4,050,000 5.25°�-6.00�o 2-1-1994 G.O. Refunding Bonds of 1976, Series A 4,050,000 7-1-76 4,540,000 5.30%-6.00% 2-1-1995 G,O. Refunding Bonds of 1976, � Series B 4,540,000 � 7-1-76 6,000,000 5.75%-6.40�0 2-1-2003 G.O. Refunding Bonds of 1976, Series D 6,000,000 Gross Total $152,088,000 Less: Revenue Supported Issues 17,263,000 w Less: Advance Refunded Issues for which an Escrow has been established 14,700,000 * Less: County reimbursed Issues 875,000 Net General Obligation Direct Debt $119,250,000 1/Refunded 7-1-76 � ' -24- � SUMMARY OF DIRECT DEBT General Obligation Bonded Debt:* $119,250,000 Ptus: These Issues 7,000,000 � Less: Sinking Funds (as of 7-31-76)** 2,242,028 Net G.O. Bonded Debt $124,007,972 � I , Excludes G.O. Revenue-Supported Debt � **lncludes funds which are available for interest payments as well as principal ' G.O. Revenue-Supported Debt $ 17,263,000 Less: Sinking Funds (as of 7-31-76)* 3 750 000 , , � -y. Net G.O. Revenue-Supported Debt: $ 13,513,000 *These funds are for principal and interest payments on the City's outstanding Trunk Highway Bonds. A DIRECT DEBT RATIOS �' Net Direct* To 1975 "Adjusted" Market Value 4.16°/a � Per Capita (Residential Share)** $�g� �� ' * Excludes G.O. Revenue-Supported Debt **After subtracting the sha�e of debt (522%J paid by classes of property other than residential. � INDIRECT DEBT (as of 6-2-76) G. 0. Supported by % of Taxable Assessed Taxes or Revenue— City's � Unit Value Special Assessments Supported Share* County of Ramsey $1,449,676,959 $37,275,000 $ —0— 57.5% ISD 625 (St. Paut) $ 831,737,200 $94,760,000�* $ —0— 100.0% St. Paul Port Authority $ 831,737,200 $21,865,000 $ 40,384,000 100.0% * Metropolitan Council $7,081,997,582 $35,540,000 $148,341,000*** 11.8% � Metro Transit Commission $6,597,490,148 $16,950,000 $ —0— ;12.6°� * Based upon comparative assessed valuations. �i A ** Excludes$23,250,000 Tax Anticipation Certificates of 1976 and$26,500,000 G.O. Aid Anticipation Certificates of 1976 selling June 15, 1976. � ***lncludes$51,991,000 of debt assumed by the Metropolitan Council and excludes$1,000,000 Tax Anticipation Certificates of 1976 due 2-3-77. NOTE: The City is also within the Metropolitan Airports Commission which has general * obligation debt which is self-supporting. -25- � MILL RATES 1970/71 1971/72 1972/73 1973/74 1974/75 • City of St. Paul 127.97 116.77 34.242 38.430 45.223 County of Ramsey 64.93 69.9� 22.241 28.051 34.156 ISD 625 (St. Paul) 149.20 135.22 50.799 55.975 60.410 Metropolitan Council 0.77 0.81 0.255 0.271 0.773 � Port Authority of St. Paul 4.31 5.63 1.893 1.933 0.440 St. Paul Housing Authority 1.02 1.12 0.431 0.412 0.440 Metro Transit Commission 0.00 3.53 1.294 2.015 3.480 � Mosquito Control 0.00 0.53 0.186 0.243 0.252 Total for St. Paul: 348.20 333.55 111.341 127.330 146.536 ` NOTE: The 1972/73 through 1974/75�ates ref/ect the valuation increase due to revision of the assessment formula by the State. � BREAKDOWN OF 1975/76 MILL RATES Total Mill Rate for Mill Rate Debt Service • City of St. Paul 34.682 10.062 County of Ramsey 31.000 2.717 ISD 625 (St. Paul) 55.927 10.404 Metropolitan Council 0.467 0.191 Port Authority of St. Paul 1.918 1.776 � St. Paul Housing Authority 0.447 - Metro Transit Commission 2.014 0.333 Mosquito Control 0.263 - Totals for St. Paul: 126.718 25.483 (20% of Total) � NOTE: The foregoing mill rates on this page are computed upon the basis of total levies and taxable assessed valuations and do not refJect reductions for homestead, senior citizen or income adjustment credits. • • -26- • LARGEST REAL ESTATE TAXPAYERS IN THE CITY 1975/76 1975/76 Taxpayer Market Value Assessed Value � Northern States Power $ 44,396,102 $ 15,950,862 Minnesota Mining & Manufacturing Co. 26,369,200 11,338,757 First National Bank 18,473,600 7,833,405 ' Montgomery Ward & Company 13,732,100 5,904,803 St. Paul Fire & Marine Insurance 11,137,900 4,789,297 � Ford Motor Company 10,900,780 4,687,335 The Dayton Company 10,757,100 4,550,394 The Gillette Company 9,207,990 3,959,436 Waldorf Paper Products Co. 8,844,880 3,803,299 Olympia Brewing Company 8,762,270 3,767,776 � Kellogg Square Company 11,200,000 3,553,576 Transamerica Investment Group 8,393,400 3,531,007 Space Center, I nc. 7,940,500 3,414,415 St. Paul Radisson Hotel 7,646,100 3,246,355 Economics Laboratory 6,954,900 2,990,607 • Northwestern Mortgage Company 5,950,900 2,558,887 Northerly Centre Corporation 5,934,500 2,467,737 West Publishing Company 5,574,580 2,397,070 Minnesota Mutual Life Ins. Co. 4,596,300 1,976,409 ' Sears Roebuck & Company 4,483,200 1,927,776 � LARGEST PERSONAL PROPERTY TAXPAYERS I Northern States Power Co. $ 55,094,890 $ 23,680,869 Sperry Rand Corporation 1,234,000 530,620 f Ford Motor Company 700,000 301,000 Naegele Outdoor Advertising 362,227 155,759 • TAX COLLECTIONS FOR THE CITY Col lected Collection . Amount of During % of Total % of � Year Levy Collection Year Levy Collections* Levy 1973 $25,755,703 $25,038,568 97.2 $25,412,256 98.7 1974 28,917,447 28,083,104 97.1 28,364,240 98.1 j 1975 31,462,294 30,483,900 96.9 30,600,234 97.3 i 1976 25,553,079 (in process of collection) I *As of March 31, 1976 NOTE: The City of St. Paul will receive $3,293,230 of Homestead Credit from the • State for taxes levied in 1975. This represents 12.9% of the total levy. -27- � SUMMARY OF RECEIPTS AND DISBURSEMENTS • ALL FUNDS* Cash Balance,January 1, 1975 $ 33,827,856 ! R eceipts: , Ad Valorem Taxes $ 34,240,569 Other Taxes 7,925,529 State, Federal Aids 32,331,434 • Temporary Loans — Bonds Sold 20,700,000 Other 82,029,381 Total Receipts $177,226,913 , f Total Balance and Receipts $211,054,769 Disbursements: General Government $ 52,271,060 � Bond Principal 6,674,750 Bond Interest 5,568,459 Temporary Loans Paid (Principal & Interest) — Capital Outlay 19,439,913 Other 86,627,177 � $170,581,359 Total Disbursements Cash Balance, December 31, 1975 $ 40,473,410 • * Prepared by the City of Saint Paul, Department of Finance& Management Services. • • i -28— � O d' d' M O � O � O �.f') � r- O I� CO M O Cfl d' 00 tn O d' � 00 tc) Cfl N � � � O N � l.f) I� O � � N �- 00 i O C� � M O tn I� � O 00 O � I� O I� I� � � � Cfl I� � N � M Cfl CO � I M M � N M M � ct N N N I� 00 � � O 1� 00 � � 00 00 I� � � � CO � tn �F � O O M � N � M � I� I� d' � � Cfl M � � 4!� 69 ff� 4f-1 E!3 6R � � .- t.c') O O CO cD M O M O c� CO I.c) O ' ! � 00 N Cfl O O Ln N Cfl li) Cfl O O � I� O ln � O � O O � O O� I� O O � O � Cfl �„� � CO �- 00 O Ln N � 00 I� 00 O � � 1� O ^ O N O O � O M � N 00 O � � M � � M �- O M N � � O d' I� O 00 •- N M � d' CO � CO O � � N 00 lf) �t O I� N 00 00 a- N � ('7 e- � lf) Cfl d' � e- I� L[) �- a- r- � � '� � � �' �. � * �.N- � I� M M O O CO � O O � O I� M � � � z CC I� M 00 O O I� CO � � O O O � � � O N d; I� I� O O O O M I� � w � � O O O O N M � O CO O CO u") N d' ¢� � N � O M CO O CO CO N d- N O d- I� � d' C W � tA � O) O O •- � I� cD N � O t.c) c0 � O G N � � N � N � � � � � � � CO � ^ `N � � � � � � � O m �f} fA f!3 1� E!? ff3 � � 0 � 0 N Z 0 � Z N � � � M N O O 'ch O � O � � t�0 0�0 0�0 CG p � � LL d- N � t� O O 00 � � O � I� O O O N � d J 00 O l� I� O O � 00 � I� I� O M O M � O J � � e- � � O O � n N � O N O I� 00 �- :�' ' U Q � I� M � CO O � N CO M � � � � 00 00 lf) 'p � W � N M � � � � Cp M � M M O O � M 0� Q � � EF? H} b9 �f} E!3 ff3 � � � , } � � � Q � M � � � O O N .- � O � O I� � 00 cfl ,Q � � Cfl N � O O � 00 � O 11') O 00 � N �h � I� M � n O O N 00 N O d' O O M N [t y� � 0 Cfl 00 00 I� O O O d' � � 00 � I� 00 M 00 i" ^ �}' M � 00 O O I� tx") N I� CO I� � M 00 � a � N � 00 CO O � ••- � M �- •- Lc� 00 ln CO I� � � 1� 00 00 N N O (h C4 I� M M N O M O N � � N � N Lp N M N � N N .� � � a E� (f�} b9 Ef3 ffl (�l Q � � ,C V C � .� � � M ll N ++ (p N d �O � C O. y � � e- X Q C E C = � N C (6 �p � L 0 � � � d y Q � ~ y N J y > .�' N J � (C E � �h 7 � 6� � �` '� +' 0 V � �' � j y Gj i" � O � LL i O � (� .� � i .Q' O 7 (� � � � O N i U � C -� � � m � — O .� N co a� I +v'+ j `y a� �- 'Ho � v�i N '� "� �- Q �' N p m � C�,> Q � +' � C � �- C C C E Q t m � (� � � � 'y � +-� +, a� O +-� O O N co +' m t f° � QOcnH- m0 :° � C7mmF— UO +� �, O m � � 0 � `� � * i -29— � General Revenue Fund — Operation, Maintenance and Debt Summary� • 1975 Actual 1975 Expended & Budget Encumbered Appropriations • Operation & Maintenance: City Council $ 448,953 $ 467,988.56 Mayor —0— 532,097.95 Planning 430,263 715,794.69 Human Rights 653,512 194,293.29 Personnel Office 197,735 439,562.29 � City Attorney 398,127 569,158.41 City Clerk - Records 547,311 152,672:14 City Clerk - Elections 147,716 105,016.08 Finance Management Services 1,577,567 1,696,539.54 Public Works 4,085,387 4,421,305.65 • Community Services 8,567,466 9,215,776.22 Pol ice 10,217,500 11,303,762.89 Fire and Safety 7,890,374 8,641,710.47 Employee Benefits 9,802,213 g,849,232.94 Public Improvement Contributions 964,714 963,808.66 � M iscel laneous� 7,342,073 3,039,039.08 Total $53,348,154 $52,306,758.86 Debt: � Principal $ 6,648,000 $ 6,647,000.00 I nterest 5,802,472 5,568,459.22 Armory Maturities 26,750 26,750.00 Total Debt ��2,4���222 $12,243,209.32 � Total $65,825,376 $64,549,968.08 Revenues � Financing Summary: Tax Levy $34,240,569.68 Miscellaneous Revenue 34,179,704.58 Fund Balances 1,455,873.00 Total Revenue $69,876,147.26 Less Actual Expenditures and � Encumbrances 64,549,968.08 Total Excess of Revenues Over Expenditures and Encumbrances $ 5,326,179.18 • *Prepared by the City of Saint Paul, Department of Finance and Management Services. -30- � M �- N O CO �C') � N � O O O � O N � d CO M N �- M r- �c') Ln O O N M � rt • O 00 CO O � Ln O O d' i1") O O I� M r- OD ' �- � � � n d' M 00 N I� O O I� M CO I`F I� �t I� I� N d� � � CO N I� Ln O O d'� 00 C'N � � M � �t I� N 00 00 O � t.p 00 O 00 r- 00 � I� i� N N ch O c0 1� t� O 00 00 t.f) � Cfl � C d� O � O O Cfl I� � i� C�I � M M O M d' M N CO N � �t � � 00 � O � � � � � �- U Cfl I� N 00 � M 00 CO Cfl C4 N O lf') � � Op 00 O CO t.c) 00 O 00 ch CO � � O I� I� M cr C� N 00 �- � � N Cfl 00 Lf') Cp O Ct I� � e+ d' t.p O CO 00 Lp N d' N Cfl � d' O 00 � N � • � 00 I� 00 00 N � CO � M Cfl M O � � � I� M M N .- � � LA CD I� �- O I� d- � N I� N M � r- � I.C) 00 N N 00 � I� � � � n M CO 00 I� IS� Cfl N M 00 N ^ `M N N � Ln N � Ln � 00 [}' M C7' n n � � � Ef3 � * i M n � CD O � � � O � O N O O n � � � � O O 00 O � 00 O� � c'� � r- O O N N O O) W M O O Cfl O � tf') I� 00 I� ln M O O � �' Ln e-� ,�0 pp I� CO I� 00 O M � r-- N fD M t!) O � I� 00 � O � � O 00 O �Ci � O I� c0 d� cfl I� 00 Ln I� I� N O]i � W � d N N M � 00 00 M � CO � N � I� O M = V M � O CO M C� N CO � �t � t.() ppi ,� LLJ 00 N M e- � l.f) N IS') O N t.�C') n � (� � • � c- � �- LL � e- � � O � � Q � �' O N O O O M � Lf') cD N I� i� O O O � tA � � f" r- N CO O O O d: d' � � � N M O O O � � M' � w � � 00 O O O Co 00 M N •- �t 00 O O .- � ti'i �i i�" N � � Cp O O O t!) e- c0 00 � � I� O O � N O O ''� = i� � N N O O O M � N M �t � CO � O N � � � � � cn � r- 00 l� O O � 00 r- � N t.p d' 00 O 00 N I� �� � W � d�' N � N O d' � 00 �h O� I� O CD CO 00 � N M M � O O � � M O et � O CO CO N I� CO � LC) O�i � Z d' N N M � � � � `- N d' CD � � � Q � � � Q Q � � � � � m � � � � �"U O 00 N O I� O N L� CO CO � Cp O O O M N CO ,'C�, z M � CO O � O I� M � M � M O O t.t) O r- O p0 � CO 00 O M O M d' 00 Cfl L.C) N O O r- N � 00 �' � •- CO 00 � O C4 O � M I� 00 00 � O O M r- li� O � I� N 00 � O CO O 00 N r- CO CO CO Lf') O r- 00 t.S) � � O � � � � N � � M� CI�O CO M r- 00 00 O 00 I� N L['1 +4% � � O N � � � Li� � 00 0�0, CMO, � � � � � 00 N � e- r- � � N � (V l.�C) N � �n � � � � r' a- M L � � O � � +-� � C � � co rn y � N ..Q m � � � `�- � � C * � � i� � > Cn � y O O � � � �D � � � U i v� .N :n � � C i"' � vi � � ,�? � c � +; '� � -� ; � � �. p � ,� � � °' � W p � � c rn � -� a� c�i � a a � �C �j °ZS rn a�i '� � � m° � � � � u- `° U � � � •� °' � � X -° � O a�i •ni � a `�° �n C � � O � "Q U . LL . � V � � � co � Q 'J i- 0 ,� � � O) c4 +,N, Q � > � � O ++ a-� � N � C C y *' � � U C a� � �[ 2 O O +� +� � N a + a- � > � °' -a O y � ��, � 0 c + •� � � � + � � y E a�i � > •� a a� a' ac Q ¢ � � a �� � a Q I V a � o y �, o y a � o o �..� o � E '� o � � � �, c '> +; � °° L Q, � � � �, � � � � ±+ y � "� O `� `�' � `~ C �' N C c� L v�'i O� "� p � � *' -p N � O �C L tn N Q �7 � � C U � � � � ' N � � > U � "a C d Z � C � d � r" O W �o m � o� � o � � � � a� y � � � � o � � o � y � U U — W _ m Q � 0 � � Q _ Q _ 00 00 Q J U � O � Q �l * * * � -31- � � I.c) cp � tc) N N cp t.t) O O Cfl c0 � � � I.C) O C4 � d' O � N O O I� I� O M N � O � QO O � � � I� 1� O � � � N � 00 � � N �- d' Cfl � ln � d' I� O O ^ (p � � O � N N Gfl O O I� 00 M N LA N N � � N N I� 00 '� O Cfl 00 M � � CO M d' N DO � N 00 I� � O O �- � 00 I� .- d' �'- CO tfl M O • 00 ty' Cfl � O N � M 00 N C4 M [h ^ O N 00 � � N M 00 � c0 '� c,MV M N O 00 � {� ffl 69� Ed3 Ef� 1�3 b9 O Cfl M d' M Cfl O I� N Ln O O CO N O t.f) Ln 00 M � O O O 00 O O � I� O O � �t 00 N O � . . . . . . . . . . . . . . . . . . . c0 �i' O � �- 00 O CO I� � O O � �f N � 0�0 � � � M � N I� O I� c0 00 O O ^ CO M I� � � M O M CO � O � � M I� M � 00 � Ln l.C) 00 � � Cfl O CO I� � M � � � � � � �r � Ln I� � [t �- � O N N � '�t M CO � lf') N Lf') O) Cp � tn N CO M M N CG M �- � � Cfl l� O tf) � � � M � N N N n M M Cr I� LL) � CO M � M N � 00 ln * �- N d� E!? tf3 fi} H�} H) EA fA � � 7 U � CO � I� I.c) N O � N l.f) O O M 00 00 � i� ln Q C4 �t � �h � d' O 00 N 1� O O O � 00 00 O 00 U t.c) M O � � 00 O �t' CO N O O cV � CO O �t' � � M M M c4 1� ct O ln 00 � O O N I� � O Cfl � � � M � M CO 00 � � O (") O � O � CO 00 M ('') I� � O M � � � N O 1� c0 O O N N � Cfl I� CO (rj .- � � � I� N M � 00 � O 11� 00 M M M � � � � � � C • w � N N Cp N O CO M O N � ln � , � m N � e- � � N. � � p�p � N d� 00 N � wffl � 4f} Ef} Efl 69 ffl � O U ,�? 0 M � � � N Cp � � Cfl � O O N 0�0 lM Cp � p ,C � 00 ln M 00 c'') � �- O IS') � � � fV LC) '�" � (n � 00 Ln C4 CO O I� � O �t' O 00 M N M O Q N � CO � N d� � M N O � CO M O ln W � � CO 1� � � �- � n 00 � t.f) M O O � p I.[) I� � � 00 CO CO 00 N � O � C4 M N +.� W 00 N N � I� I� •- M 00 I� �t � � M � � N � N CO M � � ^ � N 0�0 0�0 � Q � � L.L� ff3 �f3 ff3 69 b9 GH � U co � Q � J � �A 00 00 lA � O O O O O tA CD LC') � � Cp ,� Q t� � �C1 M � O N � � O O t.p I� M M O m 00 � Ln d' � O tfl Cfl •- O � N N I� CO 00 ,Q p 00 t� lA M �- O � I� M O � N CO I� O w � � � � N CO O CO N � O � I� Ln I� � r � z ^ . , � N � n C^O O � M n � n n O � N N � � � pp �' 1� 00 N � 00 O I� M N Cfl � CO M M CO O � • . � � � � N � O � t.�f) ^ n 0�0 � � U �' � M Y Ffl EA Efl fF} Ef3 (f} Efl p � 4 U y y Q> C � � m i i O U � N � � � '� c�C ,0 � � (/) �- Z � Q � `n � y w .� N -p ,� � � {„�, 7 U � p_ +' C +' +' � f- a °v,' � � Q � V � > N Q "' �' o y � � w Q � � N � fC 47 � N d C � U •� Q d (/) > � � N N � � � � '+� � Q �, c a� � •}, z Z W •.,., x Q � s" �- � � � � � m � � � � N V � � y � cv � � � � � y c0 � 'Q � � � . fn d � d .0 � �6 � m �' f0 c0 � f" W z @ y � � ,i.�. • W �n (n N �n J +-� �, >, V y d � V J Q fn fn J -� � � +� C� � � ? � 'o ' � + � � a � � � p a > Q m o a > � � c� a c� c� a> � +.� .,.�- ca a� c � � � � � m O c� c� v � O O N C +-' p O �' � W W 0 I- � - Q > Q Q Q � U z � � � m � a w X � p � Q �c � � * � -32- � CASH STATEMENT FOR JULY 31, 1976 � July 31 Long-Term I Balance I nvestments General Revenue — Operating $ 5,953,203.44 $ _p_ � I ntragovernmental (3,860,780.75) -p- Enterprise 26,887.01 -0- � Special Revenue (6,061,432.25) -0- Special Assessment (2,130,006.36) -0- • P.I.R. 6,832,392.98 -0- Water 1,247,142.07 -0- • $ 2,007,406.14 $ -0- i Trust 7,075,395.08 3,756,500.00 Debt 2,242,028.51 -0- • Bond 11,036,895.58 -0- Capital I mprovement 3,440,372.90 400,000.00 � � $25,802,098.21 $4,156,500.00 Short-Term I nvestments 24,288,077.18 Cash in Bank $ 1,514,021.03 � I , • I � -33- � GENERAL INFORMATION • Area: 35,835 Acres Population: 1975 Metropolitan Council Estimate - 300,691 • CENSUS DATA A summary of the 1970 census data is as follows: � Population 309,980 Total Housing Units 107,717 Average Family Income $11,955 % Completing High School 57.2 • Count of Persons by Age in the City�� Age Population City % State % � 0— 5 31,571 10 2 10.7 � 6-17 66,676 21.5 0 25.8 0 18-24 43,754 14.1 � 11.2 � 25-34 35,739 11.5 � 12.0 � 35-44 27,435 8._� 10.4 J ! 45-54 32,435 10.5 10.4 55-64 31,234 10.1 8.7 65-74 24,105 7.8 6.3 75+ 17,031 5.5 4.5 � Breakdown of Family Income in the City?� I ncome City % State% Under$4,000 11.1 13.8 • $4,000-7,999 20.1 22.3 $8,000-11,999 29.9 28.6 $12,000-14,999 16.8 0 15.0 0 $15,000-24,999 17.4 � 16.0 ,M $25,000 & above 4.7 M 4.3 �' • The average family income of$11,955 for Saint Paul is above the State average of $11,097. 1/ 1970 Census Data (First Count) • 2/ 1970 Census Data (Fourth CountJ -34- � Educational Data for the City�� (Persons 25+ Years Old) Years Completed Number City % State % • Elementary: 0-6 10,460 6.2 15.5 7-8 33,666 20.1 22.9 High School: ' � 1-3 27,681 16.8 14.0 4 58,120 34.6 34.5 ' College: 1-3 18,537 11.0 12.0 � 4 10,515 6.3 6.6 5+ 8,891 5.3 4.5 The average person in Saint Paul is at least a high school graduate and 22.6°/a have completed one year of college or more. • Employed Persons 16+ by Occupation�� Count �/o Professional, Technical 21,357 16.5 � Managers arid Administrators 8,687 6•7 'I Sales Workers 8,318 6.4 Clerical 31,382 24.2 Craftsmen & Foremen 15,141 11.7 Operatives (except transport) 15,132 11.7 � Transport Equipment 10,128 7.8 Farm Laborers & Foremen 139 0.1 Service Workers 19,484 15.0 • 1/ 1970 Census Data (Fourth Count) • ' • • -3�- � � ECONOMY St. Paul is the State Capital and Minnesota's second largest City. According to the United States Department ot Commerce 1970 census data the Twin Cities Metropolitan Area was � the third most rapidly growing metropolitan area in the Country. The area has a balanced and diversified employment picture with no singte industry sector dominating. Sales Management's 1975 Survey of Buying Power reports retail sales in the city as follows: � 1970 $649,148,000 1971 $675,393,000 1972 $737,692,000 1973 $849,433,000 1974 $868,610,000 • 1975 $894,463,000 —37.8°/a increase since 1970 In 1975 the median household effective buying income was reported by Sales Management to be $13,321 (4.6% above that of 19;4.) ♦ Employment —City of St. Paul— 12-31-74 12-31-75 � Total Labor Force 157,500 155,200 Total Employed 148,400 144,400 % Unemployed 5.7% 6.9% • Employer Employees State of Minnesota 10,730* Ramsey County 4,313 City of St. Paul 3,040 � St. Paul School District 4,243 Total 22,326 (15.0% of total employed) *Represents only the number of State employees in the Crty of St. Paul and does not inc/ude employees of any public college or university. � • • -36- • NEW DEVELOPMENT The following is a listing of building projects in process and proposed projects in the City as �j provided by the Saint Paul Chamber of Commerce: Building Projects in Process Estimated Cost Old Federal Courts Building Renovation - Phase I I $ 4,500,000 • Radisson Saint Paul Renovation 3,000,000 Ramsey County Adult Detention Center 6,700,000 Ramsey Juvenile Service Center 3,700,000 Saint Paul Labor Center 1,300,000 Sherman Rutzick — Antler Development 26,800,000 Publi� Parking Ramp 4,200,000 � United/Childrens Hospitals Complex 66,100,000 Total Projects in Process: $116,300,000 • Proposed Building Projects Estimated Cost Legislative Office Building $20,000,000 Radisson Plaza Hotel 12,000,000 Public Parking Ramp 3,000,000 � Seventh Place Complex 20,000,000— 80,OOO,d00 West Publishing Expansion 10,000,000 Total Proposed Building Projects $65,000,000—$125,000,000 • • BUILDING PERMITS No. Permits No. Housing Units Total Valuation 1976 (thru Augustl 4,313 N/A $ 38,635,683 � 1975 3,913 447 $ 62,790,000 1974 3,304 797 $102,922,000 , 1973 3,421 495 $ 56,357,000 1972 4,096 1,973 $ 92,812,000 1971 4,291 1,703 $ 85,472,000 � 1970 4,609 2,692 $ 94,303,000 � NOTE: lnformation was received from the Ninth Federal Reserve District except figures for 1976 which were received from the City Staff. � -37- National firms, with facilities in the St. Paul area include the 3M Company, Control Data Corporation, Univac, Burlington Northern Inc., The St. Paul Companies, fnc., Northwest Airlines, Ford Motor Company, Horner-Waldorf Corporation and American Hoist & Derrick, I nc. There are 25 banks within the City which, as of December 31, 1975, reported total deposits of $2,163,956,165 which was a 16% increase over the preceding year. Bank debits in St. Paul, as reported by the Federal Reserve Bank of Minneapolis, for February, 1976, were 30% more than for the same period a year ago. The February, 1976, total of bank debitswas$7,201,631. TRANSPORTATION The Twin Cities area is one of the nation's Largest transportation centers. The area is ranked as the country's third largest trucking center. In addition, St. Paul and Minneapolis are the head of navigation on the Mississippi River. Total tonnage of barge traffic is in excess of 7,000,000 tons annually. PUBLIC UTILITIESand FACILITIES As a mature City, St. Paul has a physical plant adequately serving its needs, and for which no major capital improvements are now foreseen. Its park system, including golf courses, beaches, swimming pools and a zoo, is well maintained and extensively used. In 1973 the City completed a$21,000,000 Civic Center complex, whose multi-purpose arena, auditorium, theatre and meeting room� have a total capacity of 36,250 and over 120,000 square feet exhibit space. l � -40- DEFAULT RECORD AND PENDING LITIGATION I The City has never defaulted in the payment of any of its bonded ' obligations. ' There is no litigation threatened or pending of which the City is ' aware which will affect the validity of the issuance of either of the � Issues for which this Official Statement has been prepared. � CERTIFICATE As of the date of this Official Statement, September 10, 1976, it does not contain any untrue statement of a material fact or omit to state a material fact which should be included therein for the purpose for which the Official Statement is to be used and which is necessary in order to , make the statements made therein, in light of the circumstances under which they were made, not misleading. ��`_ --� � Roger A. Mattson Director, Department of Finance and �, Management Services The foregoing Certificate is hereby reaffirmed this day of October, ,1976*. Roger A. Mattson Director, Department of Finance and Management Services. *As of the date of the delivery of the Bonds the Purchaser wi.Z1 be furnished with a reaffirmation of the Certificate. , r � ' Y i Y w� y, , _ ., . , , , , .� .. � _ � � . � . .. � . 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'�,iJ �s� � '� �� �, . � � � � ��� � . ��„ f � � r"`�� � � � .� i �� �� �� � • : . � 1 k - �� ��, 1`. i � . � � t k -.� * �� f � � f,� "��1} l J s �i ' � - � � i .ul a y , :�'3 � { �j: 4+•�? � = ��_h � � 1,� : - �f �.�� � ��� 3 � � �� �'ftt �1 av � �-� �z� � ��� � t � �.� �� � �� s�' � �' � 's � ��� �SAJ u ��:' e t4 ./ '�. e•; s; .�'�az�" A .-- p. -� �,F ��L: , t b { �� �� i Ct Y ' y�� � �'f d .� x +, � �•,t ( •/��� �,�.F,�¢ l�R `y�^i� . . � !��. k . � _ _ a q`�p. -zx.�.. r . � . � . .., . .�:Et�` u �. .' ,., « . ....•. .,.,aW.n� �-". .. - .. �, '.��... r. . . .. .. .. � :_�� . �v i"v h. at b.l,t�.ki�'�M1; _. . .. . ... , i �� . _ ..�� - ..� .. _ ). . ,_ � .. .�.. 1. �l. i . � Bids delivered to Springsted Incorporated by_10:30 A.M. ,the day of the sale,will be carrie! to the sale. B I Telephone & Telecopier: 612/222-4241 p PLEASE SUBMIT BID IN DUPLICATE. it is preferred, but not mandatory, that this forrr; be used. � F � To: Mr. Roger A. Mattson Date: September 21, 1976 0 ; Director of Finance & Management Services City Hall R � Saint Paul, Minnesota M ' Re: $6,000,000 G.O. Capital Improvement Bonds, Series 1976. � � For the bonds of this issue which shall mature and bear interest at the annual rate, as follows, we offer a price of$ and accrued interest to the date of delivery. % 1978 % 1982 % 1986 � % 1979 % 1983 , % 1980 % 1984 ; % 1981 % 1985 • ' This offer, unlesa extended by us, shall expire within four (4) hours of the time set for its award. In the event of � failure to deliver these borxJs in accordance with the Official Notice of Sale aa printed in the Official Statement � and made a part hereof,we reserve the right to withdraw our offer,whereupon the deposit accompanying it will be � immediately returned. AIl blaok spaces of this offer are intentionel and are not to be construed as an omiuion. �' We request that CUSIP numbers be printed on the Bonds and we will pay CUSIP charges related thereto. � � (Strike if not applicable) � Account Members s '� , Accounc Manager ey: � , --------------------------------------------------------------- Not as a part of our offer, the above quoted prices being controlling,but only as an aid for the verification of the offer,we have made the following computationa: � Received good faith check fa retum to N ET I NTE REST COST $ bidder as of the date of this offer. ' NET EFFECTIVE RATE % • SPRINGSTED Incorporated by . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The foregoing offer is hereby accepted by the addressee on ihe date of the offer by its following officers , du�y authorized and empowered to make such acceptance. � Director of Finance & ' Management Services I� � ' � � � Bids delivered to Springsted Incorporated by_10:30 A.M. ,the day of the sale, wili be carrie! to the sale. B I Telephone & TelecoE�ier: 612/222-4241 p � PLEASE SJBMIT BID IN DUPLICATE. it is preferred, but not mandatory,that this forrr be used. , F � , To: Mr. Roger A. Mattson Date: September 21, 1976 ' Director of Finance & Management Services � � City Hall R Saint Paul, Minnesota M �� Re: $6,000,000 G.O. Capital Improvement Bonds, Series 1976. i � For the bonds of this issue which shall mature and bear interest at the annual rate, as follows,we offer a ; price of$ and accrued interest to the date of delivery. % 1978 % 1982 % 1986 i % 1979 % 1983 � ', % 1980 % 1984 �� � ; % 1981 % 1985 • � This offer, unlesa extended by ua, shall expire within four 44) houn of the time set for its award. In the event of ' failure to deliver these bomJs in accordance with the Official Notice of Sale as printed in the Official Statement and made a part hereof,we reserve the right to withdraw our offer,whereupon the deposit accompanying it will be , immediately returned. AII blank spaces of this offer are intentionel and are not to be construed as an omission. � We request that CUSIP numbers be printed on the Bonds and we will pay CUSIP charges related thereto. � , (Strike if not applicable) � Account Members � ' � Account Manager ey. � '� ------------------------- ------------------------------------ Not as a part of our offer, the above quoted prices being controlling,but only as an aid for the verification of the offer,we have made the ' following computations: Received good faith check for retum to �� N ET I NTE REST COST � bidder as of the date of this offx. ; NET EFFECTIVE RATE g6 � SPRINGSTED Incorporated by , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , The foregoing offer is hereby accepted by the addressee on ihe date of the offer by its fol{owing officers duly authorized and empowered to make such acceptance. � � Director of Finance & Management Services � � � B Bids delivered o Springsted Incorporated by_10:30 A.M. ,the day of the sale,will be carriec to the sale. ' Telephone & Telecopier: 612/222-4241 p PLEASE SUBMIT BID IN DUPLICATE. it is preferred, but not mandatory,that this form be used. F � � To: Roger A. Mattson Date: September 21, 1976 � � Director of Finance & Management Services R � City Hall M � Saint Paul, Minnesota a � Re: $1,000,000 G.O. Rehabilitation Loan and Grant Program Bonds, Series 1976 For the bonds of this issue which shall mature and bear interest at the annual rate, as follows,we offer a price of$ and accrued interest to the date of delivery. % 1978 % 1982 % 1986 � / 1983 % 1987 % 1979 % 1980 % 1984 % 1981 % 1985 • �� This offer, unless extended by us, shall expire within four (4) hours of the time set for its award. In the event of failure to deliver tfiese bonds in accordance with the Official Notice ot Sale as printed in the Official Statement and made a part hereof,we reserve the right to withdraw our offer,whereupoa the deposit accompanying it will be I immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission. . , We request that CUSIP numbers be printed on the Bonds and we will pay CUSIP charges related thereto. , (Strike if not applicable) Account Members � Account Manager '� By: � --------------------- ----------------------------------------- , Not as a part of our offer, the above quoted prices being controlling,but only as an aid for the verification of the offer,we have made the followin9 computations: � Received good faith check for retum to ; N ET I N TE R EST COST � bidder as of the date of this offer. � � NETEFFECTIVERATE. . . . . . . . . . . °b . . . . . . . . . . . . . . . . . . . . . � SPRINGSTED Incorporated by �� The foregoing offer is hereby accepted by the addressee on the date of the offer by its following officers � duly authorized and empowered to make such acceptance. � ' Director of Finance & ', Management Services � � � � � � � B � Bids delivered o Springsted Incorporated by_10:30 A.M. ,the day of the sale,will be carriec to the sale. � I Telephone & Telecopier: 612/222-4241 p � PLEASE SUBMIT BID IN DUPLICATE. it is preferred, but not mandatory,that this form be used. � F � � To: Roger A. Mattson Date: September 21, 1976 0 Director of Finance & Management Services R , � City Hall M � Saint Paul, Minnesota ! ; Re: $1,000,000 G.O. Rehabilitation Loan and Grant Program Bonds, Series 1976 For the bonds of this issue which shall mature and bear interest at the annual rate, as follows,we offer a � � price of$ and accrued interest to the date of delivery. % 1978 % 1982 % 1986 � , % 1979 % 1983 % 1987 % 1980 % 1984 '. % 1981 % 1985 � � This offer, unless eztended by us, shall expire within four (4) hours of the time set for its award. In the event of � � failure to deliver tfiese bonds in accordance with the Official Notice ot Sa�e at printed in the Official Statement ' and made a part hereof,we reserve the right to withdrew our offer,whereupon the deposit accompanying it will be ' immediately returned. AII blank spaces of this offer are intentio�al and are not to be construed as an omission. . , We request that CUSIP numbers be printed on the Bonds and we will pay CUSIP charges related thereto. (Strike if not applicable) Account Members � ' � Account Manager f ey: ' ------------------------------------------------ Not as a part of our offer, the above quoted prices being controlling,but only as an aid for the verification of the offer,we have made the following computations: � Received good faith check for retum to � N ET I NTE R EST COST $ bidder as of the date of this offer. � ', NETEFFECTIVERATE �O SPRtNGSTEDIncorporatedby � . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . � The foregoing offer is hereby accepted by the addressee on the date of the offer by its following officers ; duly authorized and empowered to make such acceptance. ,I � �� Director of Finance & '� Management Services � I' �