267738 WMITE - CITV CLERK ������
PINK - FINANCE G I TY OF SA I NT PALT L Council
CANARVti- DEPARTMENT 1
BLUE - MAVOR .Flle NO.
�
unc 'l Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, by the Counc i l of the C ity of Sai nt Pau l ,
that there is hereby authorized and the re shall be issued
and sold revenue bonds of said City in the aggregate
principal amount of Six Hundred Sixty Thousand Dollars
(�660,000) for the purpose of procurement by said City
of funds in said amount to be used by the City exclusively
for improvements to the water supply system of the City;
and be it
FURTHER RESOLVED, that the bonds authorized above shall
be designated "Water Revenue Bonds , Series 1976��, and said
bonds shall be issued in accordance with the official Notice
of Sale attached hereto, and further in. aceordance with the
provisions of Chapter 475, Minnesota Statutes, all as more
fully provided in said Laws ; and be it
--c ,
FURTHER RESOLVED, that sealed proposals be reeeived
in aa'cordance with said official Notice of Sale , a copy
of which has been presented to the Council. A copy of
said Notice is here by directed ta be placed on file in
the office of the City Clerk. The terms and conditions
of said bonds and of the sale thereof as set forth in
said Notice of Sale are hereby approved and confirmed and
are hereby adopted. The Notice of Sale shall be published
in the manner prescribed by law in the St. Paul Legal Ledger,
the official City newspaper, and in Commercial West.
COUNCILMEN Requested by Department of:
Yeas Nays �
�ttt�er
Hozza [n Favor
�
Levine D _ Against BY
Roedler
Sylvester
� AUG 19 1976 -
For Ap ved by City Attorney �
Adopted ouncil: ate `�
C ified Pass d ouncil Sec ry � B �""y�`"�`�1 �� /
By �
Approve A4avor: Dat Appro d by Mayor for b sion to Council
By BY
uBUSHE au� 2 a �gJb
� � � • �������
OFFICIAL NOTICE OF BOND SALE
$660,000
WATER REVENUE BONDS� S�RIES 1976
CITY OF SAINT PAUL, MINNESOTA "
These Bonds., (the "Obligations") will be offered Tuesday, September �, ���
1976. Bids will be opened at 9:00 A.M., Central Ti.me, at the office of
Roger A. Mattson, Director Department of Finance and Management Services.
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 dated October, 1976 and will bear interest
payable on each April 1 and October 1, to maturity, commencing Agril 1,
1977. -
TYPE AND PURPOSE OF THE OBLIGATIONS _
The Obligations will be payable solely from net operating revenues of
the City's Water Department. 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 improvements to the City's
water system.
MATURITIES AND REDEMPTION
The Obligations will mature October l, in the years and amounts as follows:
$ 70,000 1977
$ 80,000 1978
$180,000 1979 .
$190,000 1980
$140,000 1981
� All dates are inclusive.
All Obligations will be without the right of prior redemption.
PAYING AGENT
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 its Paying Agents. The City will pay customary and
reasonable fees.
CUSIP NLTMBERS
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 nnmbers, they will be
� � � � _ � � � � � ������
_. r �
printed on the Obligations, but neither the failure to print such number
an 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 cast 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 o£
Briggs and Morgan, Professional Association of Saint Paul, Minnesota relative
to the Obligations, which opinion will not be printed upon the Obligations,
and receipt also of customary closing papers, including a non-litigation
statement. Payment for the C��ligations must be made by the Purchaser in
Federal, or equivalent, funds on the day of settlement in a timely
manner so as to be available to the Issuer on said day.
TYPE OF BID
Sealed bids for not less than par and accrued interest from the �ate of
the 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 $6,600, 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/lOQ or 1/8 of I% 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 ma.y 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 Ma.na.gement Services