267737 WHITE - CITV CLERK COUI1C11 ���� �
B „� - M�oR E GITY OF SAINT PAUL File NO. `�
CANARV - DEPARTMENT
� 'v ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1. There continues to exiat in the City a seriously
inadequate supply of safe and sanitary dwelling accommodations
for persons and families of low and moderate income ; such short-
age constitutes an emergeney and a menace to the health, safety,
morals , welfare and comfort of citizens of the City; there
exist a number of dwellings which are inadequate, unsafe or
unsanitary by reason of the abser�ce of proper heating or
plumbing facilities or by reasa3a„� of the necessity for elimina-
tion of conditions dangerous to human life or detrimental to
health which conditions can be corrected and whieh dwellings
can be made adequate , safe and sanitary by the inatallation of
appropriate heating and plumbing facilities and by rehabilita-
tion and by the elimination of such inadequate, unsafe and un-
sanitary conditions ; such rehabilitation cannot readily be pro-
vided by the ordinary una�ded operation of private enterprise
alone without public aid in the form of loans to owners of such
dwellinga for the purpose of accomplishing necessary rehabilita-
tion; the in.stallation of proper heating and plumbing facilities
in such dwellings or other rehabilitation for occupancy by per-
sons of low and moderate income is a public use and a public
purpose for which public money is, used; that houaing assistance
programs provided by the State and Federal governments are in-
adequate both in the amount of housing assistan:ce given and
the number of dollars available for assistance ; it will not
be possible to meet_ �.he housing needs of low �and moderate in.come
� families in the City without ac�i n to supplement State and
Federal programs; the �rovision o� an adequate supply of housing
for low and moderate "income fami�':j,es ,.will ` be enhanced by the
- rehabi�itation of existing� hausing Ywhieh� wo�ld thereby reduce
the need for demolition and removayl of existing structures and
the construction of new structures; such oondit�ic�ns require
the rehabilitation loan and grant program provide.�l by the City;
COU[VCILMEN Requested by Depattment of:
Yeas Nays
Butler In Favor
Hozza
Hunt �
Levine __ Against 8Y
Rcedler
Sylvester
Tedesco
Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
sy
Approved by Mayor: Date Approved by Mayor for Submission to Council
By BY
� . _
� .. .,
�. � �.,. ,
1 ,t; � �,,� � .. � � ;
S � ` �. �;:5`L 0 y X 4` �� .. � t f+r� .S; , ������•. N �
: .
�
e: y .
,
�7
� : , � �� �`i���� '✓�k� � ... ' :'.
p, �.�,� r'�.._ � .. . �3,�' ��:
. . ':;1?, : c t'E, . ' • . . � .. � . '� `i.
- +�� � W.3 ti;"., .x'. . . .. . . . _ .
� �qq4 . L� �:7� .. ��rv � F � ♦�r��'3
+�� A ���N: 1 ' . . .,. 1� ��Y., , ��'1L��� S� ..
.. . .. . �y � . � , .;it . ' . . . f ♦ .
„
' v�.. ��6 1 4�,L , #.i�`�'r k93
.:.. . ' . ::.0 .i.
`. . .. �" � .. - . e.:
�, . ��' . � a e�' \�'.� �y�;r � ' rl+Y�,Ti �r•,� � - � � �. x $K ��ti d+�:�'
, ..
.,
' �: , ...� ,.. Y�
. . . ;,� . �.I � . . . . . 7 '���..�. ;e ,n . i.^ .
a . . . � .. � . � y� . -ae,� . -
r^'
� , ti ��"�. � � r . .. � . �� . . . .. ... 4 � . 3 .. . .. .
. . -, , ;
. , .
.� . . . - .. �r , , � .. � . � . .. � r::�. .
_��i4 fl�� si�3* $�.�: ,�th�ex,,ptab.�lc' interest ;�o� `�h�i'� "�ro�"r�t'4a�: �reby �
�` * ,��ri��S�� ;a ��rter _af .���at�ive �eter��at�.on. n _ fi.
_ �,. 4
. .. ., � . ,. .
�,� ° �.;_. , �• `''��z. I..egji��stu�re t�f. th?� State �of Minnesa�ta has . �
,
,.:� � '��.�a�o f4� �hat � ` :
r� : �'`'° prie;��xvatfo� �of -��'e. quality o� ���e in �
.-1� a�a; m�tra��a�i�an e���: �.� �depen��:t upon., -�he pre��rv��ti:vn
. ���� '� c�:ate , ho�alsir�;� ':t�tat' m��y..ho�e�s ir� the City do ` ntrt �teet : `
�,�' .` ° '�, ��aP�.a.e�b`�.e . � .in c,vc� � that h��.re� is � a , need. �or a eom re= -��
�'�,,;., , : . � . � �� � . P -,
�e�iii�:e �tfl�ts.��:�.abi�a.���c�<,grograffi �� �he C�.t� wh:�Ch wi1�.
�:
' ���lem�°t�' �an� s:tat�-+wic�e �t�i�s�ng �l�br�,iitation pragram,., th�a��,r� n
�. �_ :#�a�Lt� h�o�° ownera,.a� ::t�atr].e T�o af�o�rd�, a��:��ehabilitati o�, ex � { -�"
' ,1 �pe�sea, ��t ��',���qe p��e�e are' t�able �a aYfar�l ' `reh8b�ii�a- '
��3.on,,' r o� �a:� a�� ' ra^�� Q� :.��tere�st and. _ i
. � �� , r� . . . , tha`t because the . ;:_
. av��[;��hi�i.�y .o� a�i�tg�ge =�re.����" .�o,r Y�.oa�s��.n�- rehala3.�l�.tation is ` ;
, .. . , r
, Ximi�ed` '��s�m�e ��dme , o�.�s �a�o°�°�a�tg'in -si��r credit.
�.. 4
) t'
� 11 N �� ��_ � , . L. .`+r i �. ..
F � .
�� r .: ' : :. 3. _ `�� C�.ty Co:�rn�i� h�� �nd '�c�oes her�eby de±t�ermine . �
. 'that S�xf�i�e i��� ���y. �.� :�h.+at� avai.��a:b1�e ��rQm #rhe S�;�t�8`and
z�'���ra2 ..�4��;e���a�` a� ,��o�..�,�otYiQ�r���,►ub��3.e�.or5 priva:te s`ou�rces
�`-to ;�sr�a��� o#� �uw �and' tim�o�d��-�±� ' �.��`�� an.d the progran� provided� .
:�or ";�ay Lai+r�3:. .of Mixin�sota ��r��.�.�'���,' Chapter 351, as a��ended �,,:
� =by I,�si�� Q� °Min�esota �o� `'�.,9'j��; ��,apter 26U, and �.dministra��.ve .
Qr��t�.��e.�i��: ����� .Council Fil� �264630,' for the ' ���pose af
�.; �`��.u�`�t��'ab�,li�atian I,�aias�•an;d ��ants is necessary �rld in 'tY�e�� ,,.�� .
��. • °p�blie4�.�u��r=e��,. �; . _ : .
4- �` � �. :
,
;. . .. , ,
, . .
fi No�', '„fihe�e�i3�+e;:� �e �� _
. : ` .. � . . . - �}; t�*� .
����VLD,�, 'kiiy the , CounciZ a�', th� City` o-� Sai�t Pau1, r , ;.
� ° '�'th�i"t ,�urs�a`�t ,�o the gro�isions .o� L�wi� 'of Minnesat� ��4 , � ' � .
� s L�aws o� M�.nnes Qta• 1975°, Gha'ter .
� Chapt'e�' 3�,��:;a�� il��e'nded �iy p : -
. ' , - ..
�+60,; 0�di�:ce Nv. Z�7�1��og :�he :�Ca.�Y ,of Saint Paul art�:u°��ouri�:�.l ,
,,
3 s",� F�7.,�; �o: 264b3�," th�ere •i� hereby �ut�orf:zec�`-anc� the�e �,ha3,1 be , 5' :�
ia�'!i�'d and aa�t�. gene.�r�t�: obligatiol� ;bo�ids of said �City ;i:n- the ' •
�> ` �&ggrQ�at:e prin�ip�l a.mou�t of One ��11ion DoZlars (�,1.,pQ4,Ofl0) .
for the �ur�o�te of pxa�ri,ding funda tQ�� �be used i�, the C�,'ty�' s.
hv�aing .rehabili't$tibn lpan and grant progr�m; and be �;$t: , � .
,: �'[I���� RE��LY,��,�. •that the bonds aut�iorized :8��. _
�:��t�.i be �ies�gnated `'�,e�`�al Obli.gatioxl���Lehab�:l.ita��,on �aa�
x. . �
. and Gx'a�t ''�rogr�m Bon+ds , �exies 1q76�� , and� sa�cl bond��.t �is�,,�.�1 be �'�.`
. , � , .
iss�ted:.in a�e��rda��c� wi� th�e' a�ci�esaid Laws and �urther. ��
,. .. ::
, �.�,=
, , ' ' "aceo�c���tc� �v�t�. ��k�.�'-p�av��i,o�.s . of Cha.�t,er 4�5,< Minnesota;' ;_ �
� �' Stat�rte$�' �►Y:�:°� a,s '.mdre �t�11y� provided is: saj�d 'l:aws ; asrrd;;�e: it ,
. .+:, . ,
, , .
,. ,. , _.,.,
. . 4 .. }'��'~ � . .. . '' � i..... 4 . yd.. „� � . ..
WHI7E - CITV CLERK l �l,����
PINK - FINANCE COUIICIl T�V
CANqRV - DEPARTMENT CITY OF SAINT PAITL t - �
BLU�. - MAV OR Flle N O.
'� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
Page 3.
FURTHER RESOLVED, that sealed proposals be received
in accordance with the official Notice of Sale , a copy of whieh
has been presented to the Council and is attached hereto; that
a eopy of said notice is he re by dire eted to be placed on �i le
in the office of the Gity Clerk ; that the terms and conditions
of said bonds and of the sale t�iereof as set forth in said
Notice of Sale are hereby approved and confirmed and are hereby
adopted; and the Notice of Sale shall be published in the mann.er
prescribed by law in the St. Paul Legal Ledger, the official
City newspaper, and in Commercial West.
COUNCILMEN Requested by Department of:
Yeas Nays �
Butler
Hozza [n Favor
�� �
Levine _ Against BY
Rcedler
Sylvester
Tedesco A(j� � 9 �9�`
Fo m Appr ed by City Attorney
Adopted b unciL- ate � • `
Certi d Yasse b unci ary �'—�"� e���l
►
By
Approv d 19ayor, e I lf: 7 � �n�e Approv by Mayor for Su 'ss o4 to Council
By BY
��I,ISHEf? AUG �8 1�c1��
r .
"'. `������
(1FFICIAL NOTICE OF BOND SALE
, $1,000,000 .
GENERAL OBLIGATION
REHABILITATION LOAN AND GRANT PROGRAM BONDS, SERIES 1976
CITY OF SAINT PAUL, MINNESOTA
���
These Bonds (the "Obligations") will be offered Tuesday, September 3�4, 1976.
Bids will be opened at 9:00 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 10:00 A.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 1, and February I, to maturity, commencing August
1, 1977.
TYPE AND PURPOSE OF THE OBLIGATIONS
The Obligations will be genera]. 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
$S,OOO �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 AGENT
The First National B2nk 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 its paying agents. The City will pay customary and
reasonable fees.
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.
� �6���3
� � � �
� DELIVERY, LEGAL OPINION, COSTS AND PAYMENT .
The Obligations shall be delivered without cost ta the Purchaser at a
place mutual.ly satisfactory to the Issuer and the Purchaser within 40
daqs 'following the date of their award. Delivery will be sub3ect to
receipt by the Purchaser of an acceptabZe approving legal opinion of
Briggs and Morgan, Professional Associ�tion of Saint Paul, Minnesota
relative to the-0bligations, which opinion will not 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 settlement
in a timely manner so as to be available to the Issuer on said day.
�YPE OF BID
- Sealed bids for not less than par and accrued interest from the date of
the Obligations to the date of delivery must be filed with the undersigned
prior to the time of sale, t�gether with a certified or cashier's cheek
- 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 SI1Q0 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 eost �
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