267520 WHITE - ITV CLERK �I
B UE - AYOR E GITY OF SAINT PAITL Council �����o � I
CANARY - EPARTMENT
File N 0. I
� � Co cil Resolution
.
Presented By �
eferred To Committee: Date
ut of Committee By Date
Resolved, By the Council of the City of Saint Paul, that �
t is Council does hereby concur in each and all of the terms and I
p ovisions of Resolution No. 1099 , adopted by the Port Authority
o the City of Saint Paul on July $, 1976, relating to the issuance of i
$ ,600,000 General Obligation Refunding Bonds of 1g76, Series l, of i
t e Port Authority, dated June 1, 1976, a copy of which resolution ,
h s been certified to the Council by the Secretary of the Port Authority
�'
a d is now on file in the office of the City Clerk and by reference
i corpora�ed herein and made part hereof, and the Council specifically, �!
b t without limitation, concurs in the award of sale of bonds , interest !
r tes, date, denominations, place of payment, form and details of
s id bonds, as specified in said resolution, and in the years and �
a ounts specified for the taxes levied for the payment of said bonds , �,
• a d does hereby find, determine and declare that all such provisions ;
a e in accordance with Ordinance No. 16005 of the City of Saint Paul and I
a e hereby approved, ratified and confirmed. �
_ ;
COU CILMEN
Yeas Nays Requested by Department of:
Butle '
Hozz In Favor
Hunt D
Levin A gai n s t BY
Roe er
Sylve ter
Tede o
Adopted by uncil: Date
���- 1 3 1976 Form Approved Cit Att ey
Certified . e Council Secretary BY
BY
Appr by � avor: te JUL � � �976 Approv by Mayor for S bm'ssion to Council
By , 8Y
p�;B��st�E� JUL 2 4 1976
�
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R � . � ��J�,�
Resolution No. 1099
July 8, 1976
PORT AUTHORITY OF THE
CITY OF SAINT PAUL
WHEREAS :
A. The Secretary presented affidavits showing
publication of notice of call for bids on �5,600,000 General
Obligation Refunding Bonds of 1976, Series l, of iche Port
Authority for which bids were to be received at the office
of Robert F. Sprafka, Executive Vice-President of the Author-
ity and were to be opened and tabulated and presented at
this meeting, in accordance with the resolution adopted by
the Board of Commissioners on June 15, 1976, and said affi-
davits were examined, found to comply with the provisions
of Minnesota Statutes , Chapter 475, approved and ordered
placed on file ; and
B. Sealed bids, pursuant to said notice of call
for bids, were received until 10 : 00 A.M. , Central Time, on
Thursday, July 8, 1976 in the office of the Executive Vice-
President of the Authority; and
C. The Executive Vice-President of the Authority
has advised the Authority that the bids received are set forth
in the tabulation attached hereto as Exhibit C and incorporated
herein by reference.
BE IT RESOLVED by the Board of Commissioners of
the Port Authority of the City of Saint Paul, Minnesota, as
follows :
l. That the bid of Citibank , N.A. , The First Boston
Corporation, and Bank of America, N.T. & S.A. , as Joint Managers�
to purchase $5,600,000 General Obligation Refunding Bonds of �
1976, Series l, of the Authority (hereinafter "Refunding
Bonds") , in accordance with the notice of bond sale , at the
rates of interest hereinafter set forth, and to pay therefor
the sum of $5, 528,936 (plus a premium of --0- ) 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. The Secretary is directed to retain
the deposit of said bidder and to forthwith return the good
faith checks or drafts to the unsuccessful bidders. Said
Refunding Bonds shall be payable as to principal and interest
at the main office of the Northwestern National Bank of
inneapolis, Minnesota, or any successor paying agent duly
appointed by the Authority.
2. The $5,600,000 negotiable coupon general obliga-
tion Refunding Bonds of the Authority shall be dated June 1,
1976 and shall be issued forthwith. Said bonds shall be 1120
in number and numbered from 1 to 1120, both inclusive, in the
enomination of $5,000 each. Said bonds shall mature serially,
lowest numbers first on December 1 in the years and amounts as
follows :
1977 - $130,000 1985 - $320,000
1978 - $230,000 1986 - $340,000
1979 - $240,000 1987 - $355,000
1980 - $255,000 1988 - $375,000
1981 - $255,000 1g89 - $400,000
1982 - $275,000 1990 - $415,000
1983 - $290,000 1991 - $445,000
1984 - $305,000 1992 - $470,000 ;
1993 - $500,000
3. Said Refunding Bonds, together with other avail-
ble funds, shall provide funds to advance refund the out-
tanding General Improvement Bonds, Series I, dated December l,
975 �hereinafter "Refunded Bonds-I") and General Improvement
onds , Series J, dated December 1, 1975 (hereinafter "Refunded
onds-J" ) of the Authority. It is hereby found, determined
nd declared that such refunding is pursuant to Minnesota
tatutes, Section 475. 67 and shall result in a reduction of
'nterest cost to the Authority so that the average annual
et interest rate of each portion of the Refunding Bonds
roceeds used to refund the Refunded Bonds-I and the Re-
unded Bonds-J respectively is lower by at least on� fourth
f one percent per annum than the average annual net inter-
st rate of the Refunded Bonds-I or Refunded Bonds-J,
s the case may be, (without regard to any discount at
� hich they were initially sold) refunded by such portion.
The Refunded Bonds-I and Refunded Bonds-J herein-
fter shall collectively be referred to as "Refunded Bonds" .
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�
Y ,
4. The Refunding Bonds maturing in the years and
earing the serial numbers set forth below shall bear inter-
est, payable December 1, 1976 and semiannually thereafter on
June 1 and December 1 of each year, at the respective rates
per annum set opposite said maturity years and serial numbers:
Maturity Years Serial Numbers Interest Rate
1977 1— 26 3. 60�
1978 27— 72 4. 00�
1979 73— 120 4 . 20�
1980 121- 171 4 . 40�
1981 172- 222 4.60�
1982 223— 277 4. 80�
1983 278— 335 5. 00�
1984 336— 396 5.10�
1985 397— 460 5. 30%
1986 461— 528 5. 40�
1987 529— 599 5. 60�
1988 600— 674 5. 70�
1989 675— 754 5.8oq
1990 755— 837 5.90�
1991 - 838— 926 6.00�
1992 927-1020 6. 00%
1993 1021-1120 6.00�
5• All Refunding Bonds maturing in the years 1987
to 1993, both inclusive (bonds numbered 529 to 1120, both
inclusive) , shall be sub�ect to redemption and prepayment at
the option of the Authority in inverse order of serial
numbers, on December 1, 1986 and on any interest payment date
thereafter at par and accrued interest . Published notice
of redemption shall in each case be given in accordance with
law, and at least thirty days prior mailed notice of redemp-
tion shall be given to the bank where said bonds are payable
and to any registered holders, provided that published notice
alone shall be effective without mailed notice. Holders desiring
to receive mailed notice must register their names, addresses
and bond numbers with the Secretary .
6. The Refunding Bonds and interest coupons to be
issued hereunder shall be in substantially the following form:
—3—
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
PORT AUTHORITY OF THE CITY OF SAINT PAUL
GENERAL OBLIGATION REFUNDING
BOND OF 1976, SERIES 1
No. $5,000
KNOW ALL MEN BY THESE PRESENTS, that the Port Author-
ity of the City of Saint Paul (herein called "Port Authority" ) ,
Ramsey County, Minnesota, a body corporate and politic, acknow-
ledges itself to owe and for value received hereby promises
to pay to bearer the principal sum of
FIVE THOUSAND DOLLARS
on the first day of December, 19 , or, if this bond is.
prepayable as stated below, on a prior date on which it shall
have been duly called for redemption, and to pay interest on
said principal sum at the rate of
percent ( �) per annum from the date hereof until the
principal sum is paid, payable December 1, 1g76 and semiannually
thereafter on June 1 and December 1 of each year, interest to
maturity being evidenced by and payable in accordance with
and upon presentation and surrender of the annexed interest
coupons as th�y serially become due. Both principal and
interest af this bond are payable in lawful money of the
United States of America at the office of
, in
or at the office of a successor paying agent duly designated
by the Port Authority, in any cash or currency of the United
States of America, which on the respective dates of payment
is legal tender for public and private debts; and for the
prompt pay�ent of this bond, both principal and interest,
when due, the full faith, credit and resources of the City
of Saint Paul are hereby irrevocably pledged.
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This bond is one of an issue amounting in the aggregate
to the sum of $5,600,000, all of like date and tenor except
as to serial number, interest rate, maturity and redemption
privilege, issued by the Port Authority to advance refund out-
standing General Improvement Bonds, Series I, dated December 1,
1975, and General Improvement Bonds, Series J, dated December 1,
1975, of the Port Authority, all pursuant to the provisions and
by the authority of Minnesota Statutes, Chapters 458 and �75,
and in accordance with the provisions, terms and conditions
of Minnesota Statutes, Chapters 458 and 475. This bond is
issued pursuant to Ordinance No. 16005, as enacted by the
Council of the City of Saint Paul and duly signed, attested
and authorized in accordance with said Chapters �5$ and 475,
and pursuant to Resolution of said Council No. , passed
and approved July , 1976, and under authority and in all respects
in full compliance with the Charter of said City of Saint Paul,
and pursuant to resolutions of said Port Authority, No. 1088
__ _
- - _ _ __ _ -
and No. lo9g, passed and approved, respectively, _June_ 15, _ __
__--
1976 and Ju1y S-, 1976, and in all respects in full compliance
with all applicable provisions of law, including Minnesota
Statutes, Chapters 458 and �75.
All bonds of this issue maturing in the years 1987 to
1993, both inclusive (bonds numbered 529 to 1120, both inclusive) ,
are sub�ject to redemption and prepayment at the option of the
Port Authority in inverse order of serial numbers , on December 1,
1986 and on any interest payment date thereafter at par and
accrued interest. Published notice oP redemption shall in
each case be �iven in accordance with law, and at least thirty
days prior mailed notice of redemption shall be given to the
bank where said bonds are pay�able and to any registed holders ,
provided that published not3:ce alone shall be effective with-
out mailed notice. Holders desiring to receive mailed notice
must register their names, addresses and bond numbers with
the Secretary of the Port Authority.
It is hereby certified and recited that all things,
acts �.nd 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 been done and performed in
. regular and due form and time as required by law; that prior
to the issuance of this bond the Port Authority has levied
for each year, until the principal and interest are paid in
full, a direct annual tax on all the taxable property in
the City of Saint Paul in an amount not less than five percent
in excess of the sum required to pay the principal and interest
hereof when and as such principal and interest mature, which
tax is irrepealable until all such indebtedness is paid, and
may be reduced only in the manner and to the extent provided
in said Chapter 458; that additional taxes, if necessary for
—5—
full payment of such principal and interest, are required by
law to be levied upon all such property without limitation as
to rate or amount; and that neither the total indebtedness
of the City of Saint Paul nor that of said Port Authority,
including this bond, exceeds any constitutional, statutory
or charter limitation.
IN WITNESS WHEREOF, the Port Authority of the City
of Saint Paul, by its proper officers , has caused this bond
to be sealed by a lithographed facsimile of its official seal,
to be signed and countersigned by the manual signature of its
President and the lithographed facsimile signature of its
Treasurer, attested by the facsimile signature of its Secretary
and each of the interest coupons hereto annexed to be executed
and authenticated by the lithographed facsimile signatures of
its President and Secretary, and has caused this bond to be
dated as of the lst day of June, 1976.
President
Countersigned: (Facsimile Signature)
Treasurer
Attest :
(Facsimile Signature)
Secretary
(FORM OF INTEREST COUPON)
No. '
On the first day of December (June) , 19 , unless
the bond described below is called for earlier redemption, the
Port Authority of the City of Saint Paul, Ramsey County, Minne-
sota, will pay to the bearer at
, in ,
or the office of a successor paying agent duly designated by
the Port Authority, the sum shown hereon in lawful money of
the United States , for interest then due on its General Obli-
gation Refunding Bond of 1976, Series l, dated June 1, 1976,
No.
(Facsimile Signature) (Facsimile Signature)
Attest : Secretary President
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7 . The Refunding Bonds shall be executed on behalf
of the Authority by the manual signature of its President,
countersigned by the facsimile signature of its Treasurer and
attested by the facsimile signature of its Secretary and sealed
by a lithographed facsimile of its official seal. The interest
coupons pertaining thereto shall be executed by the printed,
engraved or lithographed facsimile signatures of the President
and Secretary.
8. The Refunding Bonds when so prepared and
executed shall be delivered by the Treasurer to the purchaser
thereof upon receipt of the purchase price, and the said
purchaser shall not be obliged to see to the proper appli-
cation thereof.
9. There has heretofore been created a special
account designated the "Common General Obligation Bond Sinking
Fund" held and administered by the Treasurer separate and
apart from all other funds of the Authority. Said account
shall continue to be maintained in the manner herein specified
until all of the general obligation bonds and the interest
thereon payable from said account have been fully paid.
In said account there shall be maintained a separate fund,
to be designated as the "Escrow Fund" . The proceeds of the
sale of the Refunding Bonds, less any accrued interest and
premium received thereon, plus an amount from the Common
General Obligation Bond Sinking Fund equal to the amount of
accrued interest on the Refunded Bonds from their last in-
terest payment dates to the date of delivery of and payment
for the Refunding Bonds , plus such additional sum (in an
amount not to exceed $150,000) as may be required, or less
such sum as may be deducted, to adequately fund the Escrow
Fund and pay expenses for the purposes set forth in subpara-
graph (a) below, are hereby pledged and appropriated and shall
be credited ta the Escrow Fund.
(a) The Escrow Fund shall be deposited
in escrow with The F�rst National Bank of Saint
Paul, in .St. Paul, Minnesota, a suitable banking
institution within the State, whose deposits are
insured by the Federal Deposit Insurance Corpor-
ation and whose combined capital and surplus is
not less than $500, 000, and shall be . invested in
securities maturing or callable at the option of
the holder on such dates and bearing interest at
such rates as shall be required to provide suffi-
cient funds , together with any cash or other
funds retained in the Escrow Fund, to pay when
due the interest to accrue on each Refunded
Bond to its maturity or to the date on which it
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is called for redemption as herein provided
and to pay the principal amount of each such
obligation at maturity or on the date on which
it has been called for redemption and to pay
any premium required for red�mption on such
date, and the monies in said Escrow Fund shall be
used solely �or the purposes herein set forth
and for no other purpose, except that if any
balance shall remain in said Escrow Fund after
all of the principal, interest and premium (if
any) has been paid on the Refunded Bonds pursuant
to this resolution, then such balance shall be
transferred to the Common General Obligation Bond
Sinking Fund, all in accordance with an Escrow
Agreement, a form of which is on file in the
office of the Secretary of the Authority; pro-
vided that sums transmitted to the Escrow Agent
in excess of amounts required to refund the
Refunded Bonds as provided above may be used
to pay any and all expenses of the refundin�
if and to the extent that such expenditures
will increase the savings to the Authority
resulting from the refunding.
(b) The Refunding Bonds shall be payable
from the Common General Obligation Bond Sinking
Fund. There is hereby pledged and appropriated
and there shall be credited to said Fund upon
issuance of the Refunding Bonds and discharge
of the Refunded Bonds all taxes herein levied,
and all accrued interest and any premium
received at Bond Closing.
10. Until retirement of the General Tmprovement
onds, Series I and General Improvement Bonds , Series J, both
ated December 1, 1975, all provisions theretofore made for
he security thereof sha11 be observed by the Authority and
11 of its officers and agents . However, the Board of Commis-
ioners hereby finds, determines and certifies to the County
uditor of Ramsey County that the proceeds of the sale of the
efunding Bonds to be used to refund said General Improvement •
onds, Series I and General Improvement Bonds, Series J,
ogether with other funds available and appropriated to the
scrow Fund for said purpose, will be sufficient, together
ith the earnings on the investment of such funds in said
scrow Fund, to pay when due or called for redemption as
erein provided all of the principal of and interest and
remium, if any, on said General Improvement Bonds , Series I
nd J. Accordingly, upon Bond Closing the County Auditor of
amsey County is hereby authorized and directed to the extent
nd in the manner permitted by law to cancel forthwith or if
-8-
necessary from year to year the taxes levied in the years
1976 through 1992 under the Resolution of the Port Authority
adopted on November 18, 1975 for the pa�ment of principal of
and interest on said General Tmprovement Bonds, Ser�es T and
J and not needed as a result of the establishment �of the
aforesaid Escrow Fund; and upon Bond Closing the Secretary
is hereby authorized and directed to give said County Auditor
written notice thereof; and all uncollected taxes levied in
the year 1975 for collection in 1976 for the payment of
principal of and interest on said General Improvement Bonds,
Series I and J, as a like amount is paid from �he Escrow
Fund to pay said General Improvement Bonds, Series I and J
and interest thereon, are hereby pledged and shall be applied
to the payment of the principal of and interest on the Re-
funding Bonds; and the provisions of paragraph 13 of the
Resolution No. 1041 of the Port Authority authorizing issuance
of the Refunded Bonds shall not be applicable.
11. The Authority hereby finds and determines that
the proceeds of the sale of the Refunding Bonds, to�ether with
other funds available and appropriated to the Escrow Fund
will be sufficient, together with the earnings on the invest-
ment of said Escrow Fund, to pay when due or called all of the
principal and interest on the Refunded Bonds .
12. Securities purchased from the monies in the
Escrow Fund shall be limited to securities set forth in
Minnesota Statutes, Section �75. 67, Subdivision 8, and any
amendments or supplements thereto . Securities purchased
from the Escrow Fund shall be purchased simultaneously with
the delivery of the Refunding Bonds . The Board of Commissioners
has investigated the facts and hereby finds and determines
that The First National Bank of Saint Paul, in St. Paul,
Minnesota, is a suitable bank to act as Escrow Agent, and is
qualified within the mean3ng of the provisions of Subd. 5 of
M.S.A. ��75.67.
13. In accordance with said Ordinance No. 16005
and laws, there is hereby levied for each year, until the
principal and interest of the Refunding Bonds are paid in
full a direct annual ad valorem tax on all taxable property
in the City of Saint Paul, not less than five percent in
� excess of the sums required to pay the principal and interest
thereon when and as such prineipal and interest mature, less
available funds on hand and irrevocably appropriated for
such purpose . Such tax shall be extended upon the tax rolls
prepared in the following respective years , in the amounts
stated for such years :
-9-
Year of Tax Year of Tax
Levy Collection Amount
1976 1977 $450,800
1977 1978 550,900
1978 1979 551,800
1979 1980 556,900
1980 1981 545,200
1981 1982 553,800
1982 1983 555,700
1983 1984 556,300
198� 1985 555,700
1985 1986 558,900
1986 1987 555, 300
1987 1988 555,500
1988 1989 559,300
1989 1990 550,700
1990 1991 556,400
�991 1992 55�,700
1992 1993 556, 600
Said tax shall be collected in the respective suc-
ceeding years together with other general taxes levied in the
City of Saint Paul. After the delivery of the Refunding Bonds,
such tax shall be irrepealable until all such indebtedness is
paid; and after the issuance of the Refunding Bonds no further
action by the Port Authority shall be necessary to authorize
the extension assessment and collection of such tax; provided
that the Authority reserves the right and power to reduce the
levies in the manner and to the extent permitted by Minnesota
Statutes, Section 458.193, Subdivision 5.
14. The General Improvement Bonds, Series I and
General Improvement Bonds, Series J, dated December l, 1975,
refunded hereunder which mature in December 1, 1986 and
thereafter shall be redeemed and prepaid on December 1, 1985,
in accordance with the terms and conditions set forth in the
Notices of Call attached hereto as Exhibits A and B, which
terms and conditions are hereby approved and incorporated
herein by reference.
15. On or prior to the delivery of the Refunding
Bonds the President and the Secretary are hereby authorized
and directed to execute on behalf of the Authority said Escrow
Agreement. All essential terms and conditions of such Escrow
Agreement are hereby approved and adopted and made a part of
this resolution, and the Authority covenants that it will
promptly enforce all provisions thereof in the event of
default thereunder by the Escrow Agent .
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16. Pursuant to the specific authorization contained
in said Ordinance No . 16005 of the City of Saint Paul, the
full faith, credit and resources of said City, are hereby
pledged for the prompt and full payment of the principal of
and interest on the Refunding Bonds herein authorized as such
principal and interest become due. In the event that the
collections of the tax herein authorized should at any time
be insufficient for the payment of such principal or interest,
the Port Authority and the City of Saint Paul are authorized
and obligated under Minnesota Statutes, Section 475. 61 to
475. 74 to levy additional taxes upon all of the taxable property
within the City to ma.ke �ood such deficiency, which levies
may be made without limitation as to rate or amount.
17. The Secretary of the Authority is hereby directed
to file a certified copy of this resolution with the County
Auditor of Ramsey County, Minnesota, to�ether with such other
information as he shall require, and to obtain from said
Auditor his certificate that said Refunding Sonds have been
entered in his Bond Register, that the tax levies for the
Refunded Bonds have been cancelled to the extent provided in
this Resolution and that the tax levy required by law for the
Refunding Bonds has . been made.
18. The officers of the Authority are hereby author-
ized and directed to prepare and furnish to the purchasers of
the Refunding Bonds , and to the attorneys approving the
legality of the issuance thereof, certified copies of all
proceedings and records of the Authority relating to said
Refunding Bonds and to the financial condition and affairs of
the Authority, and such other affidavits, certificates and
information as are required to show the facts relating to the
legality and marketability of said Refunding Bonds as the same
appear from the books and records under their custody and
control or as otherwise known to them, and all such certified
copies, certificates and affidavits , including any heretofore
furnished, shall be deemed representations of the Authority as to
the facts recited therein.
Adopted: July 8, 1976.
��� , ,.�
�.�
t
Pres e t of the Port thority
f he City of Sai Paul
Att
;
/ , ��
�, Se re a y
-11-
. LAW OFFICE
' � � �Ef�'��,012� �O�OULL'!2� �I2CGf�.012 � :J LL/YLYL
v
� PROFESStONAL ASSOC(ATION
314 MINNESOTA BUlLDING
SAINT PAUL. MINNESOTA 55101
612-222-5515
FRED N. PE RSON, JR. PETERSON & POPOVICH
PETER S. PO OVICH 1947-
� JAMES E. K UTSON � .
JOiSEPH E. F YNN
PAUL W. HE LAND . E�C11�.L/lt A .
RONALD C. UUD
RICHARB J. ANDS
PAUL C. RA WIK
THOMAS V. ENDER
RE ULTS OF SALE July 8, 1976
Po t Authority of the City of Saint Paul
$5,600,000 General Obligation Refunding Bonds of 1976, Series 1.
Ci ibank, N.A. 3.60% 1977
T First Boston Corporation 4.00�/0 1978
B k of America, N.T. & S.A. 4.20% 1979
J int Managers 4.40% 1980
U ited California Bank 4.60% 1981
Weeden & Co. , Incorporated 4.80% 1982
N rth Carolina National Bank 5.00% 1983
S ephens, Inc. 5.10% 1984
B k of the Commonwealth 5.30% 1985
M rine National Exchange Bank 5.40% 1986
T e Chieago Corporation 5.60% 1987
T omson & McKinnon, Auchincloss, 5.70% 1988
ohlmeyer, Inc. 5 .80% 1989
B own. Brothers Harriman & Co. 5.90% 1990
R osevelt & Cross, Inc. 6.00% 1991-1993
W od, Struthers & Winthrop, Inc. $5, 528, 936.00 Price
J ran & Moody, Inc. $3,500,226.50 Interest Cost
B ird Patrick & Co. , Snc. 5. 746% Net Interes�
R. W. Corby, Inc.
S lomon Bros. 4.00% 1977
4.25% 1978
4.50/ 1979
4.70% 1980
4.90% 1981
5.00'/0 1982
5.20% 1983
5. 30'/0 1984
5.40% 1985
5.50% 1986
5.60% 1987
5. 70% 1988
5.75/0 1989-1990
6.00% 1991-1993
$5,510,892 .00 Price
$3,538,651.00 Interest Cost
5.8Q91% Net Interest
� Th First National Bank of Chicago 4.00% 1977
Associates 4. 10% 1978
(S e Attached List) 4.25/0 1979
4.50% 1980
4. 70'/� 1981
4.90% 1982
5.10% 1983
5.25% 1984
5.4% 1985
5.50% 1986
5.60% 1987
5.80% 1988
5.90% 1989
6 .00�/0 1990-1993
$5,490,970. 13 Price
$3, 573, 083.56 Interest Cost
5.86568% Net Interest
Ba he Halsey Stuart, Inc. 3.75% 1977
4.00�/ 1978
4.20% 1979
4.4Q/o 1980
4.60% 1981
4.80% 1982
5.00% 1983
5. 10'/0 1984
5. 30% 1985
5.40% 1986
5.60% 1987
5. 75/ 1988
5 .90% 1989
6.00% 1990
6. 1Q% 1991
6 .20% 1992
6. 30% 1993
$5, 513, 592 .00 Price
$3, 578,281. 75 Interest Cost
5.8742/o Net Interest
Ban Northwest 3. 75/ 1977
4.00% 1978
4.20% 1979
4.40'/ 1980
4.60% 1981
4.80% 1982
5.00% 1983
5. 10�/0 1984
5.25/ 1985
5.4Q'/ 1986
5.60% 1987
5.75% 1988
5.90% 1989
6.00% 1.990
6.10% 1991
6.20% 1992
6.25/ 1993
$5,490,250.00 Price
$3, 595, 729.00 Interest Cost
5.90286�/ Net Interest
� Ch mical Bank 5.50% 1977-1986
Bl th Eastman Dillon & Co. 5.60'/ 1987
Ku n Loeb & Co. 5. 75/0 1988 ---
Jo 'nt Managers 5.80/ 1989
5.90% 1990
6.00% 1991
6.10% 1992
6.25% 1993
$5, 544,827. 15 Price �
$3,608,211.60 Interest Cost
5.92335/ Net Interest
;,r_3 . '�5 ,:;(;:? ,CfIJ
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2 . "1'^i' I�Or'lil��T'i I�Y'l•,ji COiCtI�cIP.�1 .
3. Cont:�nent�_1 I1.1_r.ois idc3tlOI1:�l �ar�ic �:;;cl �
ir�asi. �o:r�pu:iy� of G}��ica�r:.:�
�t . t�:ellcn :3�_:�}; , iJ . �t.
5 . :). 'ri. 3�1or-on � Co. Divisio:: o� :.�::eri_ �a_r:
E;cpress Cornpany
6 . t•r:�ite , lyde�d � Cc. , In�orpora��.d .
7. SR°�;Y'S�il :?c?�C�@il J�O:1@ Ti.C.
• b' . L'i'c:,`? `.'11't t�2" G �O. ,
9 . E. �. Eiutto:� � Cornpany, Ir�c.
?Q . Tn° Piiiladeiwhi� tlational 3�:�ti
1.1.. t�iercantile �i T'115t Co�pany � 'i•.(•�x='_OC1,31 �1SSCC?d�?OTl
12 . Girard 3�nk _
13. La S�lle ��ational Ban.'�c
1��. BarLic of Oklahorna, i•1. E1.
15 . First t�lat�onal Bank F Tru�t C�. , C;:�a. t.ity , �::1?.
?6 . T::e 3�r.� ef Ca li�ornia , :!. r'1.
a..7 . t"-_i�?2T'1CGdi1 :�c;t10?:d� L3c'.I1iC � �?� . :��?�,I1
1.8 . L'J�.:dZ � �.0. �Tr1CCT'L�C_^��.��'r:i'
1S . FeY'ris � Cor:pzny
20 . La::n�r ar.d Co�^pai,•y
21. Pi�er, Jarfray � Hcp:,;aod
22 . �•�11?��iil Jiali� � Ciu';;J,_+.ilf
2 3. Fulron , Peid � �t�ip?es , in�.
24 . Van 'r,ampen Sauerra,_in Inc.
2�J . Cf'ii:iillE?T' :`iC'lJ.!1?fl :F'..C'UI'1t:1t:5 l,� .
. •.
EXHIBIT B
NOTICE OF CALL FOR REDEMPTION
$1,650,000
GENERAL IMPROVEMENT BONDS, SERIES I
PORT AUTHORITY OF THE
CITY OF SAINT PAUL
RAMSEY COUNTY
MINNESOTA
NOTICE IS HEREBY GTVEN that by order of the Board of Commissioners
of the Port Authority of the City of Saint Paul, Ramsey County,
Minnesota, there have been called for redemption and pre-
payment on
December 1, 1985
outstanding bonds of the Authority designated as General
Improvement Bonds, Series I, dated December 1, 1975, bearing
serial numbers 121 through 450, having stated maturity dates
in the years 1986 through 1993, and totalling $1, 650, 000 in
principal amount . The bonds are being called at a price of
par plus accrued interest to December 1, 1985, on which date
all interest on said bonds will cease to accrue. Holders of
the bonds hereby called for redemption are requested to
present their bonds for payment, with December l, 1985 and
subsequently maturing interest coupons attached, at the main
office of the Northwestern National Bank of Minneapolis, in
inneapolis, Minnesota, on December 1, 1985.
Dated July 8, 1976.
BY ORDER OF THE PORT AUTHORITY
OF THE CITY OF SAINT PAUL
/s/ Louis H. Meyers
Secretary
dditional information
ay be obtained from:
ETERSON & POPOVICH .
14 Minnesota Building
t . Paul, Minnesota 55101
. �
EXHIBIT �
NOTICE OF CALL FOR REDEMPTION
$2, 550,000
GENERAL IMPROVEMENT BONDS, SERIES J
PORT AUTHORITY OF THE
CTTY OF SAINT PAUL
RAMSEY COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the Board of Com-
missioners of the Port Authority of the City of Saint
Paul, Ramsey County, Minnesota, there have been called for
redemption and prepayment on
December 1, 1985
outstanding bonds of the Authority designated as General
Improvement Bonds, Series J, dated December 1, 1975, bearing
serial numbers 161 through 670, having stated maturity dates
in the years 1986 throu�h 1993, and totalling $2, 550,000
in principal amount. The bonds are being called at a price
_ of par plus accrued interest to December 1, 1985, on which
date all interest on said bonds will cease to accrue.
Holders of the bonds hereby called for redemp�ion are requested
to present their bonds for payment, with December 1, 1985 and
subsequently maturing interest coupons attached, at the main
office of the Northwestern National Bank of Minneapolis, in
Minneapolis, Minnesota, on December l, 1g85.
Dated July 8, 1976.
BY ORDER OF THE PORT AUTHORITY
OF THE CITY OF SAINT PAUL
/s/ Louis H. Meyers
Secretary
Additional information
may be obtained from:
PETERSON & POPOVICH
314 Minnesota Building
St. Paul, Minnesota 55101
�'
ESCROW AGREEMENT
GENERAL IP�tPROVEMENT BONDS, SERIES I �
GENERAL IP�IPROVEMENT BOIdDS, SERIES J
THIS AGREEMENT made this day of , . -
1976, by and between The First National Bank of Saint Paul
�
in St. Paul, Minnesota ("Escrow Agent") , and the Port
Authority of the City of Saint Paul, Ramsey Coun�y, Minnesota
(the "Authority't) � WITNESSETH THAT �7HEREAS:
A. Pursuant to a resolutian dated November 18, 1975,
the Authority has heretofore issued and now has outstanding
$2, 250,000 in principal amount of General Improvement Bonds, �
eries I (hereinafter "Refunded Bonds-I"} and General Tmprdve-
ent Bonds, Series J (hereinafter "Refunded Bonds-J" ), ;
ated December l, 1975,payable on December 1 in the years
nd amounts as follows :
GENERAL IMPROVEMENT BONDS, SERIES I
ear Amount Y'ear Amoun�
97$ $75, 000 lg8& $20o,a0o
979 75,000 1g87 200,000
980 75, 00o i988 2oo,oaa
981 75,000 1989 � 200,000
982 75, 000 199� 200,000
983 75, 000 1991 200,000
984 75,000 1992 200,000
985 75,000 1993 250,000
Principal maturing on or after December 1, lq$6 and totallin�'
$1,650,000 may be redeemed and prepaid on Deceinber l, 1985, a�
par and accrued interest.
t ' I
GETIERAL IMPROVEMENT BONDS, SERIES J
Year A ount Year Amount I
1978 $loo,000 1986 $300,000
1979 l00, 000 1987 300,000
lg8o loo,000 1988 3oo,oao
1982 100,000 1989 300,000
1983 � loo,000 i99a 300,000
1984 � ioo,000 1991� 350,000 �
1985 100,000 1992 350,000
1993 35o,00a
Principal maturing on or after December l, 1986 and totalling
�2,550,Oa0� may be redeemed and prepaid on December l, 1g85, at
par and accrued. interest.
B. By the terms of said resolution dated November 18,
1975, the Authority has pursuant to a resolu'�ion da�ed
July 8, 1976, called for redemption and prepayment on
December l, 1985 $1,650,000 in principal ar::ount of said
Refunded Bonds-T and $2, 550, 000 in principal amount of said
Refunded Bonds-J due thereafter, pursuant to the Notice of
Call for Redemption attached hereto as Exhibits B and C and
duly published in accordance with Iai�r. The Refunded Bonds-I
and Refunded Bonds-J shall hereinafter eollectively be
referred to as "Refunded Bonds" .
C. To provide for the refunding of said Refunded
Bonds, in accordance with Minneso�a Statutes, Section 475.67,
the City has pursuant to said resalutian dated July 8, 1976,
authorized the issuance of �5, 600,000 General Obligation
�
efunding Bonds of 1976, Series i, dated June 1, 1976 (hereinafter
eferred to as "Refund.ing Bonds11) .
D. Under the terms of the resolution dated July 8,
1976 the proceeds of the Refunding Bonds and certain
other sums appropriated to the Escrour Fund shall be held
and invested i,n accordance with the terms and conditions of
this Escrow Agreement as follows : '
Amount of Refunding Bond Proceeds
(less any premium and accrued
� interest) �
Amount of other Available
Funds �
Total $
E. $ of the foregoing sum shall simul-
taneously be invested in securities ("Acquzred Obligations" )
as described in Exhibi� C attached hereto, wnich Acquired
Obligations, together with the balance of cash in t.he amount
of $ , shall be used to refund said Refunded Bonds.
Said Acquired Obligations or evidence of the investment
therein and constructive receipt thereof and cash a�e
herein called "Escrow Deposit" , provided that the term
"Escrow Deposit" may include due bills reflecting Acquired �
Obligations not received by delivery of and payment for the i
Refunding Bonds so long as such due bills are secured by the
deposit of comparable securities identified as "Substitute
I
�
- ;
Securities" in an additional Exhibit to this Agreement, or
by a cashier's check in an amount equal to either the prin-
cipal and interest due on the Acquired Obligation so due or
any deficiency in principal or interes� due on the Subs�itu�e
Securities.
F. The Escrow Agent is a corporation organized
under the laws of the United States, and its deposits are
insured by the Federal Deposit Insurance Corporation, and
its capital and surplus is not less than $500,000.
- NOW THEREFORE, in consideration of the premises
and of the respective agreements on the part of the Escrow
Agent and the Authority herein contained, the parties here�o
hereby agree as follows :
1. The Authority agrees upon delivery of and payment
I
for the Refunding Bonds ("Bond Clasing"} to forthwith irre- �
vocably deposit in trust for the security of the holders '
and owners of the Refunded Bonds ti�rith the Escrow Agent said I
Escrow Deposit.
2. Receipt of the Escrow Deposit shall be acknow- _
ledged on behalf of �he Escrow Agent at the Bond Closing
i
by execu�ion of an Acknowledgment in the forr.z attached
hereto as Exhibit A.
�
-4-
3. The Escrow Agent hereby acknorrledges receipt
of the sum of � as and for full compensation for
all services to be performed by it as Agent under this Agree-
ment, and the Escrotiv Agent expressly waives any lien upon or
claim against the moneys and investments in said Escrow Fund.
� . The Escrow Agent will collect all remit�ances
of interest on the Acquired Obligations in said Escrow Fund
as and when such interest becomes due and payable and will
cause such Acquired Obligations to be presented for payment
and converted into cash on their respective maturity or due
dates in accordance with the schedule of cash payments in-
cluded in Exhibit D, and will remit from said Escrow Fund
to the paying agent for the Refunded Bonds the funds re-
quired fram time to t3me for the payment when due of the
principal of and interest on the Refunded Bonds. If the deli- �
�
very of any Acquired Obligations is secured at the Bond Closing �;
by 5ubstitute Securities and/or a cashier�s check as herein- 1
� � � � i
above provided and delivery of the Acquired Obligations is _ f
not ma.de within 30 days after Bond Closing, the Escrow Agen� I
shall in accordance with the terms of such security arrange-
I
ment substitute the Substitute Securities and/or cashierts
check for the Acquired Obligations to assure that such sched- �
ule of cash payments can be complied with.
I
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_5_ , '
i
5. Tn reliance upon the opinion of Elmer Fox,
Westheimer & Co. , (the "Accountant") in Bloomington, Minnesota,
certified public accountants , duly licensed to practice in the
State of Minnesota, the Authority represents, and the Escrow Agent
acknowledges, that said Escrow Deposit, if the principal of
and interes� on the Acquired Obligations are paid in accor-
dance with their terms, is sufficient to produce cash in such
amounts to enable the Escrow Agent to make full and timely
payments as herein provided in paragraph 4 above. If at any
time it shall appear to the Escrow Agent that the money in the
Escrow Fund allocable for such use hereunder will not be suffi-
cient to make any payment due to the holders of any af the
Refunded Bonds, the Escrow Agent shall immediately notify the
Authority. The Authorzty .thereupon shall forthwith deposit in the
Escrow Fund from funds on hand and legally available such
. additional funds as may be required to meet fully the amount
to become due and payable. Included in Exhibit C is a state-
ment from the Accountant, that such cash and Acquired Obli-
gations are sufficient to comply �rith the requiremen�s set
forth in paragraph 4 above.
6. The Authority will not repeal, revoke or amend the
resolution dated July 8, 1976 calling the Refunded Bonds
for redemption on their redemption date in accordance tivith
the Notices of Call for Redemption attached hereto.
-6- ,
� i
7. The Escrow Agent shall cause the Notice of
Call for Redemgtion attached hereto to be published in Com-
mercial West or some other appropriate periodical or news-
paper not more than 90 days nor Iess than 45 days before
said redemption date therefor; but failure �o give such
notice shall not affect the validity of the call for redemp-
tion.
8. It is recognized tha� title to the Acquired
Obligations and money held in the Escrow Fund from time to
time shall remain vested in the Authority but subject always to
the prior charge and lien thereon of this Escrow Agreement
and the use thereof required to be made by the provisions
of this Escrow Agreement . The Escrow Agent shall hold
all such money and obligations in a special trust fund and
account separate and wholly segregated from all other funds
and securities of the Escrow Agent or deposited with. the
Escrow Agent, and shall never commingle such money or secu-
rities with other money or securities, provided that nothing .
herein contained sha11 be construed as requiring the Escrow
Agent to keep the identical moneys, or any part thereof,
received for the Escrow Fund, on hand, but moneys of an
equal amount, except to the extent such are investments
permitted under this Agreement, shall always be maintained on
I'
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;
_7_
- �
hand as funds held by the Escrow Agent as trustee, belonging
to the Authority and a special account thereof evidencing such fact
, shall at all times be maintained on the books of the Escrow
Agent, together with such investments. In the event of the
Escrow Agent' s failure to account for any money or obligations
held by it in the Escrow Fund, such money and obligations
shall be and remain the property of the Authority, and if for any
reason such money or obligations cannot be identified, all
. other assets of the Escrow Agent shall be impressed with a
trust for the amount thereof and the Authority shall be entitled to
a preferred claim upon such assets. A11 monies remaining in
the Escrow Fund after payment therefrom of all sums required
to be paid under this Agreement shall be promptly remitted to
the Authority.
� 9. The Escrow Agent may reinvest all or a part
of the proceeds of the Acquired Obligations in securities
set forth in Minnesota Statutes, Section 475.67, Subdivision
8 if and only if (a) such reinvestments are approved by the
Authority and otherwise permitted by Minnesota Sta�utes and will
not prevent the Escrow Agent from making the payments to the
paying agent for the Refunded Bonds as required in paragraph
4 above, and (b) such reinvestments will not cause the Re-
funding Bonds to become arbitrage bonds under Section 103(d)
i
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-8- , �
of the Internal Revenue Code and the applicable regulatians -
� and administrative interpretations thereunder or an opinion
of nationally recognized bond counsel to the same effect is
first secured.
10.. For as long as. any of the Refunded Bonds are
outstanding, commencing with the month of January, 1977 and in
January of each year thereafter until termination of the Escrow
Agreement, the Escrow Agent shall render a statement for �he
preceding year to the Authority which statemen� shall se� forth the
cash on hand and Acquired Obligations which have matured and
the amounts received by the Escrow Agent by reason of such
maturity, the interest earned on any of such Acquired Obli-
gations, a list of any investments or reinvestments made
by the Escrow Agent in other Acquired Obligations and the
interest and/or principal derived therefrom, the amounts of
cash paid for the principal and interest on the Refunded Bonds
as said pay�ents become due and payable, and any other trans-
actions of the Escrow Agent pertaining to its duties and
obligations as set forth herein.
All Acquired Obliga�ions, moneys and investment
i
income deposited with or received by the Escrow Agent pur-
�
suant to this Escrow Agreement shall be subject to the ;
trust created by �his Escrot� Agreement, and the Escrow '
�
-
,
�
;
Agent shall be liable for the preservatian and safekeeping
thereof; provided, hocaever, it shall not be responsible
for any depreciation in value of any of the Acquired Obli-
gations or for the reinvestment of the same except as
herein provided.
11. . The duties and obligations of the Escrow
Agent shall be as prescribed by the provisions of this
Escrow Agreement, and tYxe Escrow Agent shall not be liable
� hereunder excep.t for failure to .perform its duties and
obligations as specifically set forth herein or to act in
good faith in the performance thereof, and no implied duties
or obligations shall be incurred by the Escrow Agent other
than those specified herein. The Escrow Agent may consult
with counsel of its choice, and except as provided in para-
graphs 9 and 1Q hereof, the opinion of such counsel shall
be full and complete authorization and protection in respect
of any action taken or not taken or suffered by _it hereunder
in good faith and in accordance with the opinion of such
counsel. I
12. The Escrow Agent may at any time resign and
be discharged of its obligations hereunder by giving to the
Secretary of the Authority written notice of such resignation
and by refunding to the Authority the escroca fee set forth in
_ i
paragraph 3 hereof, not less than 60 days before the date i
I
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�
when the same is to take effect, and by publication of a copy
of such notice in any available daily or weekly newspaper or
periodical, which circulates throughout the State of Minnesota
and furnishes financial news as part of i�s service, not less
than 30 days prior to such date. Such resignation shall take
effect upon the date specified in the notice, or upon the
appointment and qualification of a successor prior to that
date. In the event of such resignation, a successor shall
promptly be appointed by the Authority, and the Secre�ary
of the Authority shall immediately give written notice
thereof to the predecessor agent and publish the same in a
Minnesota newspaper as described above. If in a proper case
no appointment of a successor agent is made within �45 days
after the receipt by the Authority of notice of such resig-
natzon, the Escrow Agent or the holder of any bond may apply
to any cour� of competent jurisdiction to appoint a successor
Escrow Agent, which appointmen� may be made by the court
after such notice, if any, as the court may prescribe. Any i
i
successor agent appointed hereunder shall execute, acknowledge i
arid deliver to its predecessor agent and to said City Secretary
writ�en acceptance of such appointment, and shall thereupon i
�
without any further act, deed or conveyance become fully i
i
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vested with all moneys, proper�ies, duties and pbligations of ;
its predecessor, but the predecessor shall nevertheless pay
,
- .
-11- � 1
o er, transfer, assign and deliver all moneys, securities or
o her property held by it to the successor agent, shall
xecute, acknowledge and deliver such instruments of conveyance
nd do such other things as may reasonably be required to
est and confirm more fully and certainly in the successor .
gent aIl right, title and interest in and to the property � _
eld by it hereunder. Any bank into which the Escrow Agent
may be merged or w3th which it may be consolidated or any
bank resulting from any merger or consolidation to which it
shall be a party or. any bank to which it may sell or transfer
all or substantially all of its corporate trust business
shall, if the Authority approves, be the successor agen�
without the execution of any document or the performance of
any further act.
13. This Escrow Agreement shall be irrevocable
and binding upon and sha11 3nure to the benefi� of the Authority
and the Escrow Agent and their respective successors and
assigns. In addition, this Agreemen� shal� consti:tute a
third party beneficiary contract for the benefit of the
�
holders at any time of the Refunded Bonds . Said third
i
� party beneficiaries sha11 be entitled to enforce perfQr- j
,
�
�
mance and observance of the Authority and the Escrow Agent of !
- the res ective agreements and covenants herein contained
P
as fully and completely as if said third party beneficiaries
were parties hereto.
-12-
IPJ WITNESS WHEREOF, the Au�hority and the Escrow Agent
caused this Escrow Agreement to be executed in their respec—
tive names and have caused this Escrow Agreement to be dated
as of , 1976.
PORT AUTHORITY OF THE
CITY OF SAINT PAUL
By
President
Attest :
Secretary
THE FIRST NATIONAL BANK OF SAINT PAUL
By
Attest :
Its
(SEAL)
_�3_
� ,
EXHIBIT A
ACKNOWLEDG?�ENT
I, being duly authorized to execute this acknow-
ledgment on behalf of The First National Bank of Saint Paul.
(the "Bank") , as Escrow Agent do hereby acknowledge that
the Port Authority of the City of Saint Paul, Ramsey County,
. Minnesota, has this date irrevocably deposited with the Bank
in trust for the security of the holders and owners of
outstanding General Improvement Bonds, Series I and Gener.al
Improvement Bonds, Series J, dated December l, 1975, that
certain Escrow Deposit required to be deposited with the Bank
at Bond Closing in accordance with the Escrow Agreemen�, `
dated , 1976, between the Bank and said Authority.
Dated this day of , 1976. �
i
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THE FIRST NATIONAL BANK OF SAINT PAUL j�
I
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By
f
Its �
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�
� EXHIBIT B
NOTICE OF CALL FOR REDEF�IPTION
$1,650,000
GENERAL IMPROVEP�IENT BONDS, SERIES I
PORT AUTHORITY OF THE
CITY OF SAIPdT PAUL
RAP�ISEY COUNTY
. MINNESOTA
NOTICE IS HEREBY GTVEN that by order of the Board of Commissioners
of the Port Authority of the City of Saint Paul, Ramsey County,
Minnesota, there have been called for redemption and pre-
payment on
December l, 1985
outstanding bonds of the Authority designated as General
Improvement Bonds, Series I, dated December l, 1975, bearing
serial. numbers 121 through 450, having stated maturity dates
in the years 1986 through 1993, and totalling $1,650,000 in
principal amount . The bonds are being called at a price of
par plus accrued interest to December 1, 1985, on which date
a11 interest on said bonds wi11 cease to accrue. Holders of
the bonds hereby called for redemption are requested to I
present their bonds for payment, with December 1, 1985 and '
subsequently maturing interest coupons attached, at the main
office of the Northwestern National Bank of P�tinneapolis, in �
Minneapolis, Minnesota, on December l, 1g85. i
I
i
j
Dated July 8, 1976. I
BY ORDER OF THE PORT AUTHORITY I
OF THE CITY OF SAINT PAUL
i
I
/s/ Louis H. TZeyers
�
Secretary I
Additional information
� may be obtained from:
PETERSON & POPOVICH
314 Minnesota Building -
St . Paul, Minnesota 55101
r
. f ,
EXHIBIT .0
NOTICE OF CALL FOR REDEP�IPTION
�2� 550,000
GENERAL IMPROVEMENT BONDS, SERIES J
PORT AUTHORITY OF THE
CITY OF SAIIJT PAUL
RAMSEY COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEII that by order of the Board of Com-
missioners of the Port Authority of the City of Saint �
Paul, Ramsey County, Minnesota, there have been called for
redemption and prepayment on
December l, 1985
outstanding bonds of the Authority designated as GeneraZ
Improvement Bonds, Series J, dated December l, 1975, bearing �
serial numbers 161 throu�h 570, having stated maturity dates
in the years 1g86 through 1993, and totall�ng $2,550,000
in principal amount. The bonds are being called at a price
of par plus accrued a.nterest to December 1, 1g85, on which i
date all interest on said bonds will cease to accrue. i
Holders of the bonds hereby called for redemption are requested
to present their bonds for paymen�, with December 1, 1985 and �
subsequently maturing interest coupons attached, at the ma.in ;
office of the Northwestern National Bank of P�tinneapolis, in �
Minneapolis, Minnesota, on December 1, Zg85. i
Dated July 8, 1976.
BY ORDER OF THE PORT AUTHORTTY
OF THE CITY OF SAINT PAUL
/s/ Louis H. Meyers
Secretary
Additional information
may be obtained from:
PETERSON & POPOVICH i
314 Minnesota Building �
St. Paul, Minnesota 55101 �
i. .
Resolution No. 1099
July 8, 1976
, PORT AUTHORITY OF THE
CITY OF SAINT PAUL
WHEREAS :
A. The Secretary presented affidavits showing
publication of notice of call for bids on $5,600,000 General
Obligation Refunding Bonds of 1976, Series l, of the Port
Authority for which bids were to be received at the office
of Robert F. Sprafka, Executive Vice-President of the Author-
ity and were to be opened and tabulated and presented at
this meeting, in accordance with the resolution adopted by
the Board of Commissioners on June 15, 1.976, and said affi-
davits were examined, found to comply with the provisions
of Minnesota Statutes , Chapter 475, approved and ordered
placed on file; and
B. Sealed bids, pursuant to said notice of call
for bids , were received until 10 : 00 A.M. , Central Time, on
Thursday, July 8, 1976 in the office of the Executive Vice-
President of the Authority; and
C. The Executive Vice-President of the Authority
has advised the Authority that the bids received ar� set forth
in the tabulation attached hereto as Exhibit C and incorporated
herein by reference.
BE IT RESOLVED by the Board of Commissioners of
the Port Authority of the City of Saint Paul, Minnesota, as
follows :
1. That the bid of Citibanc, N.A. , The First Boston
Corporation, and Bank of America, N.T. & S.A. , as Joint Managers
to purchase $5,600,000 General Obligation Refunding Bonds of
1976, Series l, of the Authority (hereinafter "Refunding
Bonds") , in accordance with the notice of bond sale, at the
rates of interest hereinafter set forth, and to pay therefor I
the sum of $5, 528,936 (plus a premium of -0- ) is hereby
found, determined and declared to be the most favorable bid I
received, and is hereby accepted; and said bonds are hereby
�
i
a arded to said bidder. The Secretary is directed to retain
t e deposit of said bidder and to forthwith return the good
aith checks or drafts to the unsuccessful bidders . Said
efunding Bonds shall be payable as to principal and interest
t the main office of the Northwestern National Bank of
inneapolis, Minnesota, or any successor paying agent duly
ppointed by the Authority .
2. The $5,600,000 negotiable coupon general obliga-
ion Refunding Bonds of the Authority shall be dated June 1,
976 and shall be issued forthwith. Said bonds shall be 1120
n number and numbered from 1 to 1120, both inelusive, in the
enomination of $5,000 each. Said bonds shall mature serially,
owest numbers first on December 1 in the years and amounts as
ollows :
1977 - $130,000 1985 - $320,000
1978 - $230,000 1986 - $340,000
1979 - $240,000 1987 - �355,000
1980 - $255,000 1988 - �375,000
1981 - $255,000 1989 - $400,000
1982 - $275,000 1990 - $415,000
1983 - $290,000 1991 - $445,000
1984 - $305,000 1992 - $470,000 i
1993 - $500,000
3. Said Refunding Bonds, together with other avail-
able funds, shall provide funds to advance refund the out-
standing General Improvement Bonds, Series I, dated December 1,
1975 (hereinafter "Refunded Bonds-I") and General Improvement
Bonds, Series J, dated December 1, 1975 (hereinafter "Refunded
Bonds-J") of the Authority . It is hereby found, determined
and declared that such refunding is pursuant to Minnesota
Statutes, S,ection 475. 67 and shall result in a reduction of
interest cost to the Authority so that the average annual
net interest rate of each portion of the Refunding Bonds
proceeds used to refund the Refunded Bonds-I and the Re-
funded Bonds-J respectively is lower by at least on� fourth
of one percent per annum than the average annual net inter-
est rate of the Refunded Bonds-I or Refunded Bonds-J,
as the case may be, (without regard to any discount at �
� which they were initially sold) refunded by such portion. �
;
The Refunded Bonds-I and Refunded Bonds-J herein- '
after shall collectively be referred to as "Refunded Bonds" . ,
i
�
-2-
�. The Refunding Bonds maturing in the years and
earing the serial numbers set forth below shall bear inter-
st, payable December 1, 1976 and semiannually thereafter on
une 1 and December 1 of each year, at the respective rates
per annum set opposite said maturity years and serial numbers :
Maturity Years Serial Numbers Interest Rate
1977 1— 26 3. 6oq
1978 27— 72 4 .00�
1979 73— 120 4. 2oq
1980 121- 171 4. 40�
1981 172- 222 4.60�
1982 223— 277 4. 80�
1983 278— 335 5. 00�
1984 336— 396 5. 10%
1985 397— 460 5. 30%
1986 461— 528 5. 40%
1987 529— 599 5. 60�
1988 600— 674 5. 70�
1989 675— 75� 5. 8oq
1990 755— 837 5.90�
1991 � 83$— 926 6. 00�
1992 927-1020 6. 00�
1993 1021-1120 6. 00�
5. All Refunding Bonds maturing in the years 1987
to 1993, both inclusive (bonds numbered 529 to 1120, both
inclusive) , shall be sub�ect to redemption and prepayment at
the option of the Authority in inverse order of serial
numbers, on December 1, 1986 and on any interest payment date
thereafter at par and accrued interest . Published notice
of redemption shall in each case be given in accordance with
law, and at least thirty days prior mailed notice of redemp-
tion shall be given to the bank where said bonds are payable
and to any registered holders, provided that published notice
alone shall be effective without mailed notice. Holders desiring
to receive mailed notice must re�ister their names, addresses
and bond numbers with the Secretary .
6. The Refunding Bonds and interest coupons to be �
. issued hereunder shall be in substantially the following form: i
�
�
�
_3_ �
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
PORT AUTHORITY OF THE CITY OF SAINT PAUL
GENERAL OBLIGATION REFUNDING
BOND OF 1976 , SERIES 1
No. $5,000
KNOW ALL MEN BY THESE PRESENTS, that the Port Author-
ity of the City of Saint Paul (herein called "Port Authority" ) ,
Ramsey County, Minnesota, a body corporate and politic, acknow-
ledges itself to owe and for value received hereby promises
to pay to bearer the principal sum of
FIVE THOUSAND DOLLARS
on the first day of December, 19 , or, if this bond is.
prepayable as stated below, on a prior date on which it shall
have been duly called for redemption, and to pay interest on
said principal sum at the rate of
percent ( %) per annum from the date hereof until the
principal sum is paid, payable December 1, 1976 and semiannually
thereafter on June 1 and December 1 of each year, interest to
maturity being evidenced by and payable in accordance with
and upon presentation and surrender of the annexed interest
coupons as they serially become due. Both principal and
interest o.f this bond are payable in lawful money of the
United States of America at the office of
, in
or at the office of a successor paying a�ent duly designated
by the Port Authority, in any cash or currency of the United i
States of America, which on the respective dates of payment i
is legal tender for public and private debts; and for the
prompt pay�ent of this bond, both principal and interest, ;
when due, the full faith, credit and resources of the City i
.
of Saint Paul are hereby irrevocably pledged.
;�
-�4-
This bond is one of an issue amounting in the aggregate
to the sum of $5,600,000, all of like date and tenor except
zs to serial number, interest rate, maturity and redemption
rivilege, issued by the Port Authority to advance refund out-
standing General Improvement Bonds, Series I, dated December l,
1975, and General Improvement Bonds, Series J, dated December l,
1975, of the Port Authority, all pursuant to the provisions and
by the authority of Minnesota Statutes, Chap�ers 458 and �75,
and in accordance with the provisions, terms and conditions
of Minnesota Statutes, Chapters 458 and 475. This bond is
issued pursuant to Ordinance No. 16005, as enacted by the
Council of the City of Saint Paul and duly si�ned, attested
and authorized in accordance with said Chapters 458 and 475,
and pursuant to Resolution of said Council No. , passed
and approved July , 1976, and under authority and in all respects
in full compliance with the Charter of said City of Saint Paul,
and pursuant to resolutions of said Port Authority, No. 1088
_- -. --- __ _ _ _ _ - - -
and No. Io99, passed and_approved, _respectively, __June 15, _ _
__
1976 and Ju1y�; 1976, and in all respects in full compliance
with all applicable provisions of law, including Minnesota
Statutes, Chapters 458 and 475.
All bonds of this issue maturing in the years 1987 to
1993, both inclusive (bonds numbered 529 to 1120, both inclusive) ,
are sub�ject to redemption and prepayment at the option of the
Port Authority in inverse order of serial numbers , on December 1,
1986 and on any interest payment date thereafter at par and
accrued interest . Published notice of redemption shall in
each case be given in accordance with law, and at least thirty
days prior mailed notice of redemption shall be given to the
bank where said bonds are payable and to any registed holders ,
provided that published notice alone shall be effective with-
out mailed notice. Holders desiring to receive mailed notice
must register their names , addresses and bond numbers with
the Secretary of the Port Authority.
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 been done and performed in
. regular and due form and time as required by law; that prior
to the issuance of this bond the Port Authority has levied
for each year, until the principal and interest are paid in
full, a direct annual tax on all the taxable property in
the City of Saint Paul in an amount not less than five percent
in excess of the sum required to pay the principal and interest
hereof when and as such principal and interest mature, which
tax is irrepealable until all such indebtedness is paid, and
may be reduced only in the manner and to the extent provided I
in said Chapter 458; that additional taxes, if necessary for
_5_
full payment of such principal and interest, are required by
law to be levied upon all such property without limitation as
to rate or amount; and that neither the total indebtedness
of the City of Saint Paul nor that of said Port Authority,
including this bond, exceeds any constitutional, statutory
or charter limitation.
IN WITNESS WHEREOF, the Port Authority af the City
of Saint Paul, by its proper officers , has caused this bond
to be sealed by a lithographed facsimile of its official seal,
to be signed and countersigned by the manual signature of its
President and the lithographed facsimile signature of its
Treasurer, attested by the facsimile signature of its Secretary
and each of the interest coupons hereto annexed to be executed
and authenticated by the lithographed facsimile signatures of
its President and Secretary, and has caused this bond to be
dated as of the lst day of June, 1976.
President
Countersigned: (Facsimile Signature)
Treasurer
Attest :
(Facsimile Signature)
Secretary
(FORM OF INTEREST COUPON) '
No.
On the first day of December (June) , 19 , unless
the bond described below is called for earlier redemption, the
� Port Authority of the City of Saint Paul, Ramsey County, Minne-
sota, will pay to the bearer at
, in ,
or the office of a successor paying agent duly designated by
the Port Authority, the sum shown hereon in lawful money of i
the United States, for interest then due on its General Obli- '
gation Refunding Bond of 1976, Series 1, dated June 1, 1976,
No. .
(Facsimile Signature) (Facsimile Signature)
Attest : Secretary President
,
i
-6-
7 . The Refunding Bonds shall be executed on behalf
of the Authority by the manual signature of its President,
countersigned by the facsimile signature of its Treasurer and
attested by the facsimile signature of its Secretary and sealed
by a lithographed facsimile of its official seal. The interest
coupons pertaining thereto shall be executed by the printed,
engraved or lithographed facsimile signatures of the President
and Secretary.
8. The Refundin� Bonds when so prepared and
executed shall be delivered by the Treasurer to the purchaser
thereof upon receipt of the purchase price, and the said
purchaser shall not be obliged to see to the proper appli-
cation thereof.
9. There has heretofore been created a special
account designated the "Common General Obligation Bond Sinking
Fund" held and administered by the Treasurer separate and
apart from all other funds of the Authority. Said account
shall continue to be maintained in the manner herein specified
until all of the general obligation bonds and the interest
thereon payable from said account have been fully paid.
In said account there shall be maintained a separate fund,
to be designated as the "Escrow Fund" . The proceeds of the
sale of the Refunding Bonds, less any accrued interest and
premium received thereon, plus an amount From the Common
General Obligation Bond Sinking Fund equal to the amount of
accrued interest on the Refunded Bonds from their last in-
terest payment dates to the date of delivery of and payment
for the Refunding Bonds, plus such additional sum (in an
amount not to exceed $100,000) as may be required, or less
such sum as may be deducted, to adequately fund the Escrow
Fund and pay expenses for the purposes set forth in subpara-
graph (a) below, are hereby pledged and appropriated and shall
be credited to the Escrow Fund.
(a) The Escrow Fund shall be deposited
in escrow with The First National Bank of Saint
Paul, in .St. Paul, Minnesota, a suitable banking
institution within the State, whose deposits are
insured by the Federal Deposit Insurance Corpor-
ation and whose combined capital and surplus is
not less than $500,000, and shall be invested in
securities maturing or callable at the option of
the holder on such dates and bearing interest at
such rates as shall be required to provide suffi-
cient funds , together with any cash or other
funds retained in the Escrow Fund, to pay when
due the interest to accrue on each Refunded
Bond to its maturity or to the date on which it
-7-
is called for redemption as herein pro�ided
and to pay the principal amount of each such
obligation at maturity or on the date on which
it has been called for redemption and to pa�
any premium required for red�mption on such
date, and the monies in said Escrow Fund shall be
used solely �or the purposes herein set forth
and for no other purpose, except that if any
balance shall remain in said Escrow Fund aPter
all of the princ�pal, 3nterest and premium (if
any) has been paid on the Refunded Bonds pursuant
to this resolution, then such balance shall be
transferred to the Common General Obligation Bond
Sinking Fund, all in accordance with an Escrow
Agreement, a form of which is on file in the
office of the Secretary of the Authority; pro-
vided that sums transmitted to the Escrow Agent
in excess of amounts required to refund the
Refunded Bonds as provided above may be used
to pay any and all expenses of the refunding
if and to the extent that such expenditures
will increase the savings to the Authority
resulting from the refunding.
(b) The Refunding Bonds shall be payable
from the Common General Obligation Bond Sinking
Fund. There is hereby pledged and appropriated
and there shall be credited to said Fund upon
issuance of the Refundin� Bonds and discharge
of the Refunded Bonds all taxes herein levied,
and all accrued interest and any premium
received at Bond Closing.
10. Until retirement of the General Tmprovement
Bonds, Series I and General Improvement Bonds , Series J, both
dated December l, 1975, all provisions theretofore made for
the security thereof shall be observed by the Authority and
all of its officers and agents . However, the Board of Commis- i
sioners hereby finds, determines and certifies to the County
Auditor of Ramsey County that the proceeds of the sale of the
Refunding Bonds to be used to refund said General Improvement �
Bonds, Series I and General Improvement Bonds, Series J,
together with other funds available and appropriated to the
Escrow Fund for said purpose, will be sufficient, together
with the earnings on the investment of such funds in said
Escrow Fund, to pay when due or called for redemption as
herein provided all of the principal of and interest and
premium, if any, on said General Improvement Bonds, Series I
and J. Accordingly, upon Bond Closing the County Auditor of
Ramsey County is hereby authorized and directed to the extent
and in the manner permitted by law to cancel forthwith or if
-8-
ecessary from year to year the taxes levied in the years
976 through 1992 under the Resolution of the Port Authority
dopted on November 18, 1g75 for the pa�ment of principal of
nd interest on said General Tmprovement Bonds, Ser�es I: and
and not needed as a result oF the establishment of the
foresaid Escrow Fund; and upon Bond Closing the Secretary
is hereby authorized and directed to give said County Auditor
ritten notice thereof; and all uncollected taxes levied in
the year 1975 for colleetion in 1976 for the payment of
principal of and interest on said General Improvement Bonds,
Series I and J, as a like amount is paid from the Escrow
Fund to pay said General Improvement Bonds, Series I and J
and interest thereon, are hereby pledged and shall be applied
to the payment of the principal of and interest on the Re-
funding Bonds; and the provisions of paragraph 13 of the
Resolution No. 1041 of the Port Authority authorizing issuance
of the Refunded Bonds shall not be applicable.
11. The Authority hereby finds and determines that
the proceeds of the sale of the Refunding Bonds, together with
other funds available and appropriated to the Escrow Fund
will be sufficient, together with the earnings on the invest-
ment of said Escrow Fund, to pay when due or called all of the
principal and interest on the Refunded Bonds.
12. Securities purchased from the monies in the
Escrow Fund shall be limited to securities set forth in
Minnesota Statutes, Section 475. 67, Subdivision 8, and any
amendments or supplements thereto . Securities purchased
from the Escrow Fund shall be purchased simultaneously with
the delivery of the Refunding Bonds . The Board of Commissioners
has investigated the facts and hereby finds and determines
that The First National Bank of Saint Paul, in St. Paul,
Minnesota, is a suitable bank to act as Escrow Agent, and is
qualified within the mean�ng of the provisions of Subd. 5 of
M.S.A. §�75. 67.
13. In accordance with said Ordinance No. 16005
and laws, there is hereby levied for each year, until the
principal and interest of the Refunding Bonds are paid in
full a direct annual ad valorem tax on all taxable property
in the City of Saint Paul, not less than five percent in
� excess of the sums required to pay the principal and interest
thereon when and as such principal and interest mature, less
available funds on hand and irrevocably appropriated for
such purpose. Such tax shall be extended upon the tax rolls I
prepared in the following respective years , in the amounts
stated for such years: j
I
i
i
_g_ '
Year of Tax Year of Tax
Levy Collection Amount
1976 1977 $450,800
1977 1978 550,900
1978 1979 551,800
1979 1980 556,900
1980 1981 545, 200
1981 1982 553,800
1982 1983 555,700
1983 1984 556,300
198� 1985 555,700
1985 1986 558,900
1986 19$7 555,300
1987 1988 555, 500
1988 1989 559,300
1989 1990 550,700
1990 1991 556,400
�991 1992 55�,700
1992 1993 556, 600
Said tax shall be collected in the respective suc-
ceeding years �together with other general taxes levied in the
City of Saint Paul. After the delivery of the Refunding Bonds,
such tax shall be irrepealable until all such indebtedness is
paid; and after the issuance of the Refunding Bonds no further
action by the Port Authority shall be necessary to authorize
the extension assessment and collection of such tax; provided �
that the Authority reserves the right and power to reduce the !
levies in the manner and to the extent permitted by Minnesota �
I
Statutes, Section 458.193, Subdivision 5.
14 . The General Improvement Bonds, Series I and
General Improvement Bonds, Series J, dated December 1, 1975,
refunded hereunder which mature in December 1, 1986 and ,
thereafter shall be redeemed and prepaid on December 1, 1985,
in accordance with the terms and conditions set forth in the '
Notices of Call attached hereto as Exhibits A and B, which
terms and conditions are hereby approved and incorporated
herein by reference.
� 15 . On or prior to the delivery of the Refunding
Bonds the President and the Secretary are hereby authorized
and directed to execute on behalf of the Authority said Escrow
Agreement. Al1 essential terms and conditions of such Escrow
Agreement are hereby approved and adopted and made a part of
this resolution, and the Authority covenants that it will
promptly enforce a11 provisions thereof in the event of
default thereunder by the Escrow Agent .
-10-
16. Pursuant to the specific authorization contained
in said Ordinance No . 16005 of the City of Saint Paul, the
full faith, credit and resources of said City, are hereby
pledged for the prompt and full payment of the principal of
and interest on the Refunding Bonds herein authorized as such
principal and interest become due. In the event that the
collections of the tax herein authorized should at any time
be insufficient for the payment of such principal or interest,
the Port Authority and the City of Saint Paul are authorized
and obligated under Minnesata Statutes, Section �75. 61 to
475. 74 to levy additional taxes upon all of the taxable property
within the City to make good such deficiency, which levies
may be made without limitation as to rate or amount.
17. The Secretary of the Authority is hereby directed
to file a certified copy of this resolution with the County
Auditor of Ramsey County, Minnesota, together with such other
information as he shall require, and to obtain from said
Auditor his certificate that said Refunding Bonds have been
entered in his Bond Register, that the tax levies for the
Refunded Bonds have been cancelled to the extent provided in
this Resolution and that the tax levy required by law for the
Refunding Bonds has . been made.
18. The officers of the Authority are hereby author-
ized and directed to prepare and furnish to the purchasers of
the Refunding Bonds , and to the attorneys approving the
legality of the issuance thereof, certified copies of all
proceedings and records of the Authority relating to said
Refunding Bonds and to the financial condition and affairs of
the Authority, and such other affidavits, certificates and �
information as are required to show the facts relating to the �
legality and marketability of said Refundin� Bonds as the same i
appear from the books and records under their custody and i
control or as otherwise known to them, and all such certified ;
copies , certificates and affidavits , including any heretofore
furnished, shall be deemed representations of the Authority as to
the facts recited therein.
Adopted: July 8, 1976.
President of the Port Authority
of the City of Saint Paul
Attest:
Secretary
-11-
LAW OFFICE
� � � �EfE2�.012� �o�ov�e�, ��nut�.or C� �C�n�z
• � � . PROFESSIOPIAL ASSOC[ATION �
314 MINNESOTA BUILbING
. SAINT PAU�, MINNESOTA 55101 �
612-222-5515
FRED N. F�ET RSON. JR. PETERSON & POPOVICH
PETER S. PO OVtCH 1947-
JAM23 E. KN TSON
JOSEPH E. F YtVN
PAUL W. H LANQ . � � '�hlblt A . .
RONALD C. UUD � .
RICHARD J. ANDS
PAUL C. RAT IK
THOMAS V. ENDER
RE ULTS OF SALE July 8, 1976
Po t Authority of the City of Saint Paul
$5,600, 000 General Obligation Refunding Bonds of 1976, Series 1
C ' tibank, N.A. 3.60% 1977
T e First Boston Corporation 4.00% 1978
B nk of America, N.T. & S.A. 4.20% 1979
J int Managers 4.40% 1980
U ited California Bank 4.60% 1981
W eden & Co. , Incorporated 4.80% 1982
N rth Carolina National Bank 5.00% 1983
S ephens, Inc. 5. 1Q�/ 1984
B nk of the Commonwealth 5.30% 1985
M rine National Exchange Bank 5.40% 1986
T e Chicago Corporation 5.60% 1987
T omson & McKinnon, Auchincloss, 5.70% 1988
Kohlmeyer, Inc. 5 .80% 1989
B own Brothers Harriman & Co. 5 .90% 1990
R osevelt & Cross, Inc. 6.00% 1991-1993
W od, Struthers & Winthrop, Inc. $5,528, 936.00 Price
J ran & Moody, Inc. $3, 500,226.50 Interest Cost
B ird Patrick & Co. , Inc. 5 .7460% Net Interest j
R. W. Corby, Inc. j
Salomon Bros. 4.00% 1977 �
4.25% 1978 �
4.50% 1979 i
4.70/ 1980 �
4.90% 1981
5.O Q�/o 1982 ;
5.20% 1983
5. 30% 1984 '
5.40�/v 1985 ;
5.5 0�/0 1986 ;
5.60% 1987
5.7�/0 1988
5 .75/ 1989-1990
6.00% 1991-1993 �
$5,510, 892 .00 Price
$3, 538,651.00 Interest Cost
5.8091% Net Interest
.
' Th First National Bank of Chicago 4.00% 1977
Associates 4.10% 1978
(S e Attached List) 4.25% 1979
4.50% 1980
4. 70% 1981
4.90% 1982
5. 10% 1983
5.25% 1984
5.40% 1985
5.50% 1986
5.60% 1987
5 .80%0 1988
5.90'/0 1989
6 .00/ 1990-1993
$5,490, 970. 13 Price
$3, 573, 083.56 Interest Cost
5.86568% Net Interest
B he Halsey Stuart, Inc. 3.75/ 1977
4.00�/ 1978
4.20% 1979
4.40'/ 1980
4.6 0�/0 19 81
4.80% 1982
5.00% 1983
5. 10/ 1984
5. 30�/0 1985
5.40% 1986
5.60% I987
5. 75% 1988
5.90% 1989
6.00/ 1990
6. 10'/0 1991
6.20% 1992
6, 3 0'/0 19 9 3
$5, 513,592 .00 Price
$3,578,281. 75 Iriterest Cost
5.8742% Net Interest
B ncNorthwest 3. 75/ 1977
4.00% 1978
4.20% 1979
4.4Q% 1980
4.60% 1981
4.80% 1982
5.00% 1983
5. 10% 1984
5.25% 1985
5.40% 1986
5.60% 1987
5.75% 1988
5.90% 1989
6.00% 1990
6.10% 1991
6.20% 1992
6.25/ ].993
$5,490,250.00 Price
$3, 595, 729.00 Interest Cost
5.902863% Net Interest
� Chem' cal Bank 5.50% 1977-1986
Blyt Eastman Dillon & Co. 5.60'/ 1987
Kuhn Loeb & Co. 5. 75/ 1988
Joi t Managers 5 .8Q/ 1989
5.90% 1990
6.00% 1991
6.10% 1992
6.25/0 1993
$5, 544,827, 15 Price
$3,608,21I.6Q Interest Cost
5 .92335% Net Interest
�
i
i
;
;
� ,
;.r_ ' � • '�S ,:;1;� ,t;(3��
�;`_ . F'�i1.�.1. �Ot'i: .?ll::ti0?"'.. �. � ••--:2'..:`iO:: �
::_ {�i:i: :i:l`. :i.....,_:i
� �:;1.�_Li �r rJ:l �i�!:i:�� :��il�i .. �i`. �'-�, �`7 . � .
':.J � ) . � . � .
i'iF'i'i:3�i�S
1 . lh� t irs�t ' -:� �� _ . - .
.��:�icn._ ���-1�: c�_` .n� .�o � :�_
2 . i'he I�or-�i��rn Tr�s� Co�nr�any
3. Con�t:inerit�31 Ili=nois i�l�tion��l �an:: �:r;d �
1,�ust Co;r,pa:z,� of Ciizc�i�%:�
�E . I�fe 1lc;n :3an}: , ;J . ^t.
5 �.1. H. I�lortan � Co. Divisior. o� '}.r1��_^�. _.�:��:
i.xpress Cornpany
fj . �7i21�t� � �'12�C� � CO. � 1i1�'OL"�Or3��'7 .
7 . Sfl°:?�`'SOIl ;lc?�C�?il J'�OF1P_ Ii:C.
• 8 . ��.�,-� ':1i�tter• �., Co.
9 . E. r. �iutto:: E Co::�pany , Ir:c.
?Q Th� :'izi�ad�I�hia Trational L-:��:
ZZ. l'i2rcantile �iY'L1St Co�pany , i'1-=t:�C:13� �1S5GC1di.i O!1
12 Gira�d 3ank
13 La Salle i�ational Bank
14 Bank of Oklahor.t:z, i�1. �1.
15 Y12'St �•�ational Bank � Tru,t �o_ , C;��,.-.�. ;�ii��j , �%la.
16 T;:e B�nk o� Cali�orni�. .. . ��.
�
17 r�:��rican :•idtl0?:�1� t3?tliC � Ct . .�c..'ili
1$ �,O�.:•J 1 � �.;O. �I:1 C C T'L�C L'd�c'C'
1,�'i Fc'.T'I`'i S � �OIP,�%:P.i'
20 Zaizn:�r a.^,d Co;�r�aT�•y
21 Pi�er, Jaffra�� c; `.-Iop;:��L:d
2L t�7illiarn Blair & Cu��;�:�..i�y
23 Fulton , I�eid £ ���t�i�les , iiic.
2 4 Van K�mpzr. Sau�-^la,_�n Tn c.
2�J C�iiaiiflc3T' :vE'.�J:!1?Il .�''.�CllL']_i lt:;; (..:.
j
. �
EXHIBIT B
NOTICE OF CALL FOR REDEMPTION
$1,650,000
GENERAL IMPROVEMENT BONDS, SERIES I
PORT AUTHORITY OF THE
CITY OF SAINT PAUL
RAMSEY COUNT'Y
MINNESOTA
NOTICE IS HEREBY GTVEN that by order of the Board of Commissioners
of the Port Authority of the City of Saint Paul, Ramsey County,
Minnesota, there have been called for redemption and pre-
payment on
December 1, 1985
outstanding bonds of the Authority designated as General
Improvement Bonds, Series I, dated December 1, 1975, bearing
serial numbers 121 through 450, having stated maturity dates
in the years 1986 through 1993, and totalling $1,650, 000 in
principal amount . The bonds are being called at a price of
par plus accrued interest to December l, 1985, on which date
all interest on said bonds will cease to accrue. Holders of
the bonds hereby called for redemption are requested to
present their bonds for payment, with December 1, 1985 and
subsequently maturing interest coupons attached, at the main
office of the Northwestern National Bank of Minneapolis, in
Minneapolis, Minnesota, on December l, 1985.
Dated July 8, 1976.
BY ORDER OF THE PORT AUTHORITY
OF THE CITY OF SAINT PAUL
/s/ Louis H. Meyers
Secretary
Additional infbrmation
may be obtained from:
PETERSON & POPOVICH
314 Minnesota Building
St . Paul, Minnesota 55101
EXHIBIT .�
NOTICE OF CALL FOR REDEMPTION
$2, 550, 000
GENERAL IMPROVEMENT BONDS, SERIES J
PORT AUTH�RITY OF THE
CITY OF SAINT PAUL
RAMSEY COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the Board of Com-
missioners of the Port Authority of the City of Saint
Paul, Ramsey County, Minnesota, there have beer_ called for
redemption and prepayment on
December 1, 1985
outstanding bonds of the Authori�y designated as General
Tmprovement Bonds, S�ries J, dated December l, 1975, bearing
serial numbers 161 through 670, having stated maturity dates
in the years 1986 through 1993, and totalling $2, 550, 000
in principal amount. The bonds are being called at a price
of par plus accrued interest to December 1, 1g85, on which
date all interest on said bonds will cease to accrue.
Holders of the bonds hereby called for redemption are requested
to present their bonds for payment, with December l, 1g85 and
subsequently maturing interest coupons attached, at the main
office of the Northwestern National Bank of Minneapolis, in
Minneapolis, Minnesota, on December 1, 1985•
Dated July 8, 1976.
BY ORDER OF THE PORT AUTHORITY
OF THE CITY OF SAINT PAUL
/s/ Louis H. Meyers
Secretary
Additional information
may be obtained from: I
PETERSON & POPOVICH
314 Minnesota Building i
St. Paul, Minnesota 55101 �
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, �_ '\ i f � . Date : July T2, 197E
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ROSALIE L. BUT�ER , choirman, makes the fo!lowing
report on C:F. � f3rdir�ance
� Resolution
: �] Other
Tt�'l..E ::
The Finance, Management_and Personnei Comrnittee today
approved a resolution concurring in Resalution No. 1099
Qf the Port Authority relating to the is:suance of .
$5,600,000 General Obligation Re�unding Sonds of 1976,
� Series 1 .
The Comnittee also approved the Port Authority Sudget
for 1976 and the Port Authority Annual Repart for 1975.
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C ITY OF S�4iN� �RUL
OFFICE OF THE CITY ATTORNEY
July 7, 1976 HARRIET LANSING
��� '! i�f6
Councilwoman Rosalie Butler � -''
Room 716 City Hall
BUTLDING
Dear Councilwoman Butler:
The Port Authority is scheduled to award the sale of
General Obligation Refunding Bonds at its meeting on
July 8, 1976.
The City Council is required to approve the Port
Authority' s actions, and the enclosed resolution, if
approved by you, should be placed on the Council agenda
for its July 13th (Tuesday) meeting. The final Port
Authority resolution will be sent to the City Clerk
before July 13th.
Very �truly yours�� �,
; ��
-- V c�
`JER J. SEG�il, �; �/
Assistant City �-�Eorne
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JJS:�g
encl.
cc: Peter Seed,
BRTGGS & MORG.AN
City Hall, Saint Paul, Minnesota 55102
612 298-5121