267108 WH17E �- CITY LERK . ������ �
PINK - FINAN E ♦ ��� 3 V
CANARY -,DEPA TMEN G TY OF SAINT PAUL COIlIICll
BLUE -MyAYO � Flle NO.
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� Zn nce Ordinance N 0.!�C��S
J
Presented By f
Refer ed To ommittee: Date
Out o Committee By Date
An ordinance authorizing the issuance of bonds by
the Port Authority of the City of Saint Paul in a principal
amount not to exceed $5,600,000 to refund General Improve-
ment Bonds, Series I and J, dated December l, 1975, of the
Port Authority of the City of Saint Paul; prescribing the
form and details of such refunding bonds; and authorizing
said Port Authority to pledge the full faith, credit and
resources of the City of Saint Paul for the security of
said bonds.
WHEREAS, the Port Authority of the City of Saint Paul, by its
Res lution No. 1072, adopted April 20, 1976, has requested the Council
of he City of Saint Paul to authorize by ordinance the issuance of
bon s in one or more series by said Port Authority in an aggregate
pri cipal amount not to exceed $5,600 ,000, for the purpose set
for h in said resolution, a certified copy of which has been pre-
sen ed to the Council and is now on file in the office of the City
Cle k, all pursuant to the provisions of Minnesota Statutes ,
Sec ions 458.193 and 475 .67; and
WHEREAS, the Council •f the City of Saint Paul, being duly
adv sed in the premises, finds and determines that it is necessary
for the Port Authority to issue and sell said bonds in the near
fut re for the purpose of refuriding General Improvement Bands,
Ser es I and J, dated December 1, 1975, of the Port Authority of
the City of Saint Paul, as authorized by Minnesota Statutes, Sec-
tio s 458.193 and 475. 67, and it is necessary and proper for the
Cou cil, pursuant to said law, to authorize the issuance and sale
of aid bonds and the pledge of the full faith, credit and resources
of he City of Saint Paul for the security thereof, and to prescribe
and consent to the form and terms of said bonds when and as issued
by he Port Authority under the authorization granted by this
ord nance, now, therefore,
THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN:
COUI�ICI MEN Requested by Department of:
Yeas Nays
Christen en
�[��c unt In Favor
Levine
Rcedler Against BY
Sylveste
Tedesco
Presiden �� Ho z z a
Adopted by Coun il: Date Form Approved b City ttorn
Certified Passed by Council Secretary BY
By
Approved by May r; Date Approved by Mayor for Submission to Council
By BY
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Section l .
That pu=^suan� to and in accordance with the provisions ,
terms and cord��_ons of this ordinance and of Minnesota
Statutes , Sections 478 . 1g3 and �475 . 67 , authority is hereby
granted to the Port Authority of the City of Saint Paul
to issue and se11 its bonds as authorized by said law; and
that said bonds are authorized to be issued and sold in the
aggregate principal amount not to exceed $7,600,000, for
the purpose of refunding General Improvement Bonds , Series
I and J, dated December 1 , 1975 , of the Port Authority of
the City of Saint Paul, as authorized by T�Iinnesota Statutes ,
Sections 478. 193 and 475 . 67 .
Section 2 .
That the bonds of each series issued and sold pursuant
to this ordin�.nce s:nall bear date not later than the date on
whicr such bonds ar� delivered to the purehaser thereof; tha�
the bonds of eacn series shall be issued, sold and secured
as required by T�Tinr.esota Statutes , Chapters 458 and 475
by the Port Authority in the manner provided by law, shall -
be numbered serially, shall each be in the denomina'cion of
a multiple of $1,000, and shall bear interest riot in excess
of the maximur�� rate permitted under applicable law at the
time of issue , said interest to be payable semi-annually,
according to interest coupons to be attached to the same;
that the bonds of each series shall be substantially in the
form hereinafter prescribed by the Council; that said bonds
shall bear such interest as the Ci�y Council shall approve ,
ar.d snall be sold in one or more series by the Port Authority
to the highest bidder there.for, not less than 10 days after
publication of the time and place for receiving bids thereon;
that the proceeds from the issuance and sale of said bands
as received by the Port Author�ty, shall be deposited by it
in an escrow fund of the Port Authority, to the extent, in
the manner and under the conditions set forth in Minnesota
Statutes , Section 475 . 67 for purposes of refunding said Gen-
eral Improvement Bonds , Series I and J; that all of the bonds
shall be payable in lawful money of th� United States of
America, and as security for the prompt and faithful payment
of bath principal and interest on said bonds , the Port Author-
ity is hereby authorized to pledge the full faith, credit and
resources o° the City of Saint Paul; that the bonds 'of
eacn seriPs issued hereunder shall be entitled "Port Authority
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�U
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of the City o_" Sw_nt Paul General Obligation Refunding
Bonds, Ser�es .�." , shall be issued in series consecutively
designated, and bejinning with Series A-1, if issued in
more than one se»�es, and the bonds of each series shall
be numbered cor_secutively beginning with No. l; that each
of said bonds snall be signed by the President of the Port
Authority, af;tested by its Secretary (or a person or persons
authorized to sign on behalf of a bank designated by reso-
lution of the Port Authority as authenticating agent) and
countersigned by its Treasurer; provided that all but one
of said signatures may be printed, lithographed, stamped
or engraved on the bonds, and interest coupons shall be
attached thereto, and shall be executed and authenticated
by the printed, engraved, or lithographed facsimile signa-
tures of said President and Secretary; that each of the
bonds shall be sealed with the corporate seal of the Port
Authority, or a printed, lithographed or engraved facsimile
thereof; that if approved by the resolution of the City
Council, any of said bonds may be made subject to redemption
and prepayment at the option of the Port Authority at such
time and place or places and upon such notice as shall
be provided in said resolution; and that each of the bonds
shall be in substantially the followin.g form, with suitable
variations as to serial designation and number, denomination,
place or places of payment, redemption provisions, interest
rates and nominal date of issue :
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U�uT�TED STATES OF AMERIGA
STATE OF MIN?�1ESOTA
COUNTY OF RAMSEY �
POR� ti�i:iORITY OF THE CITY OF SAINT PAUL
GENERAL OBLIGATION REFUivDING BOND
SERIES A
No . $ ,000
KNOW ALL PERSONS BY THESE PRESENTS, That the Port
Authority of the City of Saint Paul (herein called "Port
Authority" ) , Ramsey County, Minnesota, a body corporate
and politic , acknowledges itself to otae and for value re-
ceived hereby promises to pay to bearer the sum of
THOUSAND DOLLARS
on the first day of , 19 , ar, if this
bond is prepayable as stated below, on a prior da�e on which
it shall have been duly called for redemption, an�d to pay in-
terest on said principal sum at the rate of
percent ( % ) per annum from 'che date hereof until the
principal sum is paid, payable , lg and semi-
annuall.y thereafter on and
of each year, interest to maturity being evidenced by and
payable in accordance with and upon presentation and sur-
render of the annexed interest coupons as they serially be-
come due . Both principal and interest of 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 pay�ng agent auly aesignazea
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 pr�vate debts; and for the
prompt payment 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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T�is :;�L: �s one of an issue amcuntin� in the aggreg�.te
to the su�. o� u , all of liKe date and tenor except
as to ser�a= Y�a-�b�-�, interest rate, maturity and redemption
privile�e, �ssued �y 'che Port Authority to advance refund
outstandin� ^en�ral Improvement Bonds of the Port Authority ,
Series T (J) , da�ed December l, 1.975, all pursuant to the
provisions and by the authority of Minnesota Statutes ,
Chapters 458 and 475, and in accordance with the provisions ,
terms and conditions of Minnesota Statutes, Chapters 458 and
475. This bond is issued pursuant to Ordinance No . ,
as enacted by the Council of the City of Saint -Paul and duly
signed, attested and authorized in accordance with said
Chapters 458 and 475, and pursuant to Resolution of said
Council No . , passed and approved ,
19 , and under authority and in all respects in full com-
pliance with the Charter of said City of Saint Paul, and pursuant
to resolutions of said Port Authority, No . and No. ,
passed and approved, respectively, and
, lg , and in all respects in full com-
pliance with all applicable provisions of laTra, including
Minnesota Statutes Chapters 458 and 475 .
All bonds of this issue maturing in the years to
, both inclusive (bonds numbered to , both
inclusive ) , are subject to redemption and prepayment at the
option of the Port Authority in inverse order o�' serial numbers ,
on and on any interes� payment d.ate there-
after at par and accrued interest . Published notice of re-
demption shali 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 regis�ered 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 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 regul.ar
and due form and time as required by law; that prior ta the
issuance of th�s bond the Port Authority has levied for each
year, un�il the principal and interest are paid in full, a
direct an:�ual tax on all the taxable property in the City of
Sair.� Pau1 in an amount not less than five percent in excess
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of the s�~. �^�u��-r°d to pay the principal and interest hereof
when anG as s���^ p�incipal and interest mature , which tax
is irrene�.?ab_� ��;rl�il all such indebtedness is paid, and may
be reduced o~�y ;r� the manner and to the extent provided in
said Chapter 4�� ; that additional taxes , if necessary for
full paymen� of such principal and interes� , are required by
law to be lev�ed upon all such property without limitation
as to rate or amount ; and that neither the total indebtedness
of the City af Saint Paul nor that of said Port Authority,
including this bond, exceeds any constitutional , statutory
or charter limitation. � -
IN 4�ITNESS �+IHEREOF, 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 lithographed facsimile
signatures of its President and its Treasurer, attested by
the manual signature of its Secretary (a person or persons '
authorized by resolution of the Port Authority as authenti-
cating agent ) , and each of the interest coupons hereto an-
nexed 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 day of
, 19
President
Countersigned :
Treasurer
Attest :
Secretary Authenti.cating
Agent )
that the coupons appurtenant to said bonds shall be in sub-
stantially the folloTrTing form:
No.
On the f�»st day of , 19 , unless the
bond descrioeu belo��r is called for earlier redemption, the
Por� Authority cf the City of Saint Paul, Ramsey County,
T�innesota, ti�rill pay to the bearer at
in ,
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or the ci��e� :.�' �. successor paying agen� duly designated
by the Por� :.,�::crity, the sum shown hereon in lawful money
of the Ur.i`,�a 5��.�es, for interes't then due on its General
Obligatior� :�=unding Bond, Series A, dated ,
19 , Iv'o .
(�acsimile Signature) (Facsimile Signature )
Attest Secretary President
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Section 3.
- Tha� s�.;�•h bonds both in respect of the principal amount
of the same an� �n respect oi the interest thereon shall be
paid by said Por� Authority from tax levies provided for and
authorized by sa�d Chapter �458, Minnesota Statutes, and from
the earnings and all income received by said Port Authority
from whatever source derived, to the extent that such earn-
ings and income are determined by the Port Authority to be
available for such purpose and are not pledged "for the pay-
ment of revenue bonds issued under Minnesota Statutes,
Section 458 . 1g4 ; that said Port Authority shall, before
the issuance of any series of bonds authorized hereunder,
levy 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 7% in
excess of the sum required to pay the principal and interest
of the same when and as such principal and interest mature ,
and after such bonds have been delivered to the purchasers ,
such tax shall be irrepealable un�il all such indebtedness
is paid, and after the issuance of such bonds no further
action by said Port Authority shall be necessary to authorize
the extension, assessment and collection of such tax; that
the Secretary of said Port Authority shall forthwith furnish
a certified copy of such levy to the County Auditor of Ramsey
County, Minnesota, the county in which said Port Authority
and said City are located, together Urith full information
regarding the bonds of said Port Authority for which the tax is
levied, and such County Auditor shall extend and assess the
tax so levied, and shall do so annually until the principal
and interest have been paid in full; provided that said Port
Authority may, on or before October 15 in any year, by appro-
priate action cause its Secretary to certify to the said
County Auditor the amount on hand and available in its own
treasury fror� earnings or other income, including the amount
in the sinking fund, which it will use to pay the principal
or interest or both on each specified issue of its bonds and
the County Auditor shall reduce the levy for that year herein.
provided for by that amount ; that the amount of funds so
acquired sha11 be set aside by said Port Authori�y and be used
for no other purpose than for the repayment of the principal
and interest on such bonds; and that a11 such taxes , being
authorized to be levied under Minneso.�� Statutes , Section 458. 193,
shall be collected and remitted to thejPort Authority by the
County �ireasurer in accordance with the provisions of 1aw
govern�r.g the coliection of other taxes and shall be used solely
for the paym°n� of the principal and interest on such bonds;
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�NHI7E - CITV C4ERK
PIN'K , - FINANCE ` ' CITY OF SAINT PALTL Council .
CANARV - DEPARTMENT
BLUE q-7YOR+
.r File N 0. ����—'--
u
Ordinccnce Ordinance N�.
Present By
eferred To Committee: Date
ut of Committee By Date
Page g,
for the payment of the prineipal and interest on sueh bonds ;
and that the Port Authority shall by resolution provide
that upon issuance of the refunding bonds said Gene ral
Improvement Bonds , Series I and J, shall be prepaid on
their earliest permissible call date an.d the Secretary
shall on or before Oetober 15 of each year that any of
said General Obligation Improvement Bonds, Ser�,es I and
J, then remain unpaid , eertify to the County Auditor of
Ramsey County the amount held in the escrow fund established
for said improvement bonds so that the levy that year for
said improvement bonds shall be cancelled in its entirety.
Section 4.
That said Port Authority shall provide for the exercise
of the authority hereby granted for its issuanee ax�d sale of
its said bonds, and the pledge of the full faith, oredit and
resources of said City of Saint Paul as security for the
payment of the same , by appropriate resolutions ; and that
in each such instance said Port Authority shall make due
compliance with all applicable requirements of this ordinance ,
Minnesota Statutes , Chapters 458 and 475, and all other
applicable laws .
Section 5.
That this ordinance shall take effeet an d be in force
thirty (30) days from and af ter its passage, approval and
publication:,.in the official newspaper of 'the City.
COU CILMEIV Requested by Department of:
Yeas Nays
Chri tensen
I� � Hunt In Favor
Rce ler O Against BY
Sylv ster
Ted co
Pres dent�� HO Z Z a
Adopted by ou . Date �� � � �976 Form Approved by Ci y At rney
Certifie a e b ou cil Secretary By
Appro b DRayor: ate Approved by Mayor for Submission to Council
BY By
us�� MAY 2 2197�
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lst: � ''""pZ. / � 2nd � — �
�
3rd �� — Adopted �� ' �3
Yeas Nays
CHR�S TENS EN
HUNT
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� ROEDLER
} �
SYLVESTER
TEDESCO �
PRESIDENT (HOZZA) • ,