264959 WH17E - CITY CLERK �64959
PINK - FINANCE GITY OF SAINT PATTL Council
CANARV - DEPARTMENT
�LUE -�MAYOR File NO.
: "� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS :
l. There exists in the City a seriously inadequate supply
of safe and sanitary dwelling accommodations for persons and families
of low and moderate income; such shortage constitutes an emergency
and a menace to the health, safety, morals, welfare and comfort
of citizens of the city; there exist a number of dwellings which
are inadequate, un�afe or unsanitary by reason of the absence of
proper heating or lumbing facilities or by reason of the necessity
for elimination of conditions dangerous to human life or detrimental
to health which conditions can be corrected and which dwellings
can be made adequate, safe and sanitary by the installation of
appropriate heating and plumbing facilities and by rehabilitation
and by the elimination of such inadequate, unsafe and unsanitary
conditions; such rehabilitation cannot readily be provided by
the ordinary unaided operation of private enterprise alone without
public aid in the form of loans to owners of such dwellings for
the purpose of accomplishing necessary rehabilitation; the installa-
tion of proper heating and plumbing facilities in such dwellings
or other rehabilitation for occupancy by pex�s.ons of low and moderate
income is a public use and a public purpose for which public money is
used; tha� ��ousing assis�ance programs provided by the State and
Federal governments are inad�quate both in the amo��znt of housing
assistance given and the numb�r of dollars availa.ble for assistance;
it will not be possible to �:ee� the housing needs of low and
moderate income families in th� city without action to supplement
State and Federal programs; the provision of an adequate supply of
housing for` low and moderate income families will be enhanced by
the rehabilitation of existing housing which would thereby reduce
the need for ��molition and removal of exis�ing structu�es and
the construction of new �tructures; such conditions require the
rehabilitation loan and grant program provided by the city; the
necessit`y in the public interest f'or this program is hereby declared
as a matter of legislative determination.
COUIVCILMEN Requested by Department of:
Yeas Nays
Christensen
n
Hozza In Favor
Lev�_e _
� Rcedler g
Sylvester Against y Director
Tedesco
President Hunt
Form Approved by Ci tto ey
Adopted by Council: Date .
Certified Passed by Council Secretary . BY
By
Approved by Mayor: Date Approved by Mayor r Submission to Council
By By
�6�9�9
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2 . The legislature of the state of Minnesota has
found that preservation of the quality of life in a major met-
ropolitan city is dependent upon the preservation of adequate
housing, that many houses in the City do not meet the applicable
housing code, that there is a need for a comprehensive housing
rehabilitation program in the City which will complement any state-
wide housing rehabilitation program, that some home owners are
unable to afford any rehabilitation expenses, that many Y�ome
owners 'are unable to afford housing rehabilitatian loans at
market rate of interest, and that because the availability of
mortgage credit for housing rehabilitation is limited some
home owners cannot obtain such credit .
3 . The city council has and does hereby determine that
sufficient money is not available from the State and Federal
� governments or from other public or private sources to persons
of low and moderate income and the program provided for by Laws
1974, Chapter 351, Administrative Ordinance 15751, and Council
File 26463o for the purpose of making reYiabilitation loans and
grants is necessary and in the public interest .
RESOLVED, by the Council of the City of Saint Paul, that
pursuant to the provisions of Laws of Minnesota 1974, Chapter 351,
Ordinance No. 15751 of the City of Saint Paul and Council File
�� No. 264630 there is hereby authorized and there shall be issued and
sold general obligation bonds of said City in the aggregate principal
amount of One Million Five Hundred Thousand Dollars ($1,500,000) for
the purpose of providing funds to be used in the City ' s housing
rehabilitation Ioan and grant program.
FURTHER RESOL��IED that the bonds authorized above shall
be designated "General Obligation Rehabilitation Loan Program Bonds ,
Series 1975" • Said bonds shall be issued in accordance with the
aforesaid Laws and in accordance with the further provision of
Chapter 475 Minnesota Statutes all as more fully provided in said
Laws;
FURTHER RESOLVED that sealed proposals be received in
accordance with the official Notice of Sale a copy of which ha�.
been presented to the Council and is attached hereto. A copy of
said notice is hereby directed to be placed on file in the office
of the City Clerk. The terms and conditions of said bonds and of
the sale thereof as set forth in said Notice of Sale are hereby
approved and confirmed and are hereby adopted. The Notice of
Sale shall be published in the manner prescribed by law in the
St . Paul Legal Ledger the official City newspaper and in Commercial
West, be it
_ � �6�959
. FURTHER RESOLVED, that said bonds and the coupons attached
thereto shall be in substantially the following form, which has
been approved by the City Attorney of the City of Saint Paul,
and is hereby approved and adopted:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF SAINT PAUL
GENERAL OBLIGATION REHABILITATION
LOAN PROGRAM BONDS, SERIES 1975
No. DD- $5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of Saint
Paul, in the County of Ramsey and State of Minnesota, acknowledges
itself to be indebted and for value received hereby promises to pay
to bearer, the sum of Five Thousand Dollars ($5,000) on the first
day of March, , together with interest thereon from the date
hereof until the prineipal sum is paid at the rate of
per cent per annum, payable September l, 1975, and semi-annually there-
after on the first day of March and the first day of September in
° each year as evidenced by and upon the presentation and surrender
of the annexed interest coupons as they severally become due. Both
principal of and interest on this bond are payable in lawful money
of the United States of America at The First National Bank of Saint
Paul, in S� . Paul, Minnesota, or Chase Manhattan Bank N.A. , New York,
New York, at the option of 'the holder, and for the prompt payment
of this bond, both principal and � interest , when due, the full faith
and credit of the City of Saint Paul are irrevocably pledged.
Bonds of this issue maturin� in the years 1986 to 1995,
both inclusive, are subject to redemption and prior payment at
the option af the City in inverse order of their serial numbers
on March 1, 1985 , and on any interest payment date thereafter
at par and accrued interest plus a premium of $50. 00 if redeemed
before March l, 1993 and without premium if redeemed on or after
March l, 1993 . Notice of redemption shall be given by publication
of a notice of redemption once in a daily newspaper of �eneral
circulation, or in a daily financial paper, published in the City
of New York, New York, and printed in the English language , and
: once in a daily or weekly periodical published in a Minnesota
city of the first class , or its metropolitan area , and printed
in the English language , which circulates throughout the s�ate
. , . �'6�959
and furnishes financial news as part of its service, such notice to
be published not less than thirty nor more than forty-five days �
prior to the date fixed for redemption, and if such notice shall
have been given and paymen.t hereof duly made or provided for,
interest hereon shall cease from and after the date so fixed
for redemption. � �
This bond is one of a series of bonds issued and sold by
said City of Saint Paul in the aggregate principal amount of One
Million Five Hundred Thousand Dollars ($1,500,000) , authorized
pursuant to Laws of Minnesota 1974, Chapter 351, for the purpose
of the procurement of funds to be used by said City for a program
of housing rehabilitation loans and grants all as is more fully
provided in and in accordance with the provisions of said law.
. 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 af said City to happen and be done and
performed precedent to and in the issuance of this bond, have
happened - and have been done and performed in regular and due form
and time as required by law, and that the issuance of this bond did
not cause the total indebtedness of the said City to exceed any
constitutional, statutory, or charter limitatian.
�� IN WITNESS WHEREOF, the said City of Saint Paul, Ramsey
County, Minnesota, by its Council has caused this bond to be sealed
by the facsimile of its Official Seal, to be signed by the facsimile
signature of its Mayor, attested by the facsimile signature of its
City Clerk, and countersigned manually by its Director of Finance
and Management Services , and each of the interest coupons hereto
attached to be executed by the facsimile signatures af said officers,
as of the first day of March, 1975•
(facsimile) Lawrence D. Cohen
Mayor
(SEAL)
Attest : (facsimile) Rose Mix
City Clerk
Countersigned :
Director of Finance and Manage-
ment Services
������
COUPON
On the first day of September (AZarch) , ,
unless the bond described below shall have been duly called for
redemption, and payment of the redemption price duly made or
provided for, the City of Saint Paul, Ramsey County, Minnesotas
promises to pay to bearer at The First National Bank of Saint
Paul, St . Paul, Minnesota, or the Chase Manhat�an Bank N.A. ,
New York, New York, at the option of the holder, the sum shown
hereon for interest then due on its General Obligatian
Rehabilitation Loan Program Bonds , Series 1975, dated as of
March l, 1975 , No .
(facsimile) Lawrence D. Cohen
Mayor
Attest : (facsimile) Rose Mix
City Clerk
., Countersigned: (facsimile) Roger A. Mattson
Director of Finance and
Management Services
WHITE - CITY CLERK ���959
PINK - FINANCE CO1111C11
CANARY - DEPARTMENT GITY OF SAINT PALTL File NO.
BLUE - MAYOR
: � � � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
be it
FURTHER RESOLVED, that each said bond shall be sealed by
the facsimile of the Official Seal of the City of Saint Paul and
signed by the facsimile signature of its Mayor, attested by the
facsimile signature of its City Clerk, and countersigned manually by
its Director of Finance and Management Services; and �he interest
coupons thereto attached shall be executed by the facsimile signatures
of said officers; and be it
FURTHER RESOLVED, that the full faith and credit and taxing
powers of the City are pledged for the prompt and full payment of the
principal and interest of said bonds; and be it
FURTHER RESOLVED, that the City will not make any use of the
proceeds of the Bonds to be issued which, if such use had been reason-
ably expected of the date of delivery of and payment for the Bonds,
would have caused such obligations to be arbitrage bonds within the
meaning of Section 103(d) of the Internal Revenue Code and any
applicable temporary proposed or final regulations promulgated
thereunder; and the City will- and will cause any other entity
authorized to invest such bond proceeds for the City to comply with
the requirements of said Section 103(d) and all appl:i.cable regulations
pertaining thereto while the bonds to be issued hereunder remain out-
standing; and be it
FURTHER RESOLVED, that the proceeds of said bonds shall be
credited to an account hereby established and designated Rehabilitation
Loan and Grant Program Account and the moneys in said account shall
be used and applied for the purpose and in the mannc�° prescribed
by Laws 1974, Chapter 351; the balance in said account after payment
of the costs of the program, if any, together with accrued interest
received upon the delivery of said bonds shall be credited to the
COUIVCILMEIV Requested by Department of:
Yeas Nays
Christensen � Finance and agement Services
Hozza �_ In Favor
�:zsin�
Rcedlec � Against BY
Sylvester D irec tor
�T�e�eSC�
Adopt�y����`�e �� '4 � Form Approve y Ci A
Certifie y Cou i Secretary BY
Y
Approved ayor: Date Approved by ayor for Submission to Council
By By
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OFFICIAL ADVERTISEPZENT '
NOTICE OF BOND SALE
CITY OF SAINT PAUL, P�fINNESOTA
$6,700,, 000 GENERAL OBLIGATION CAPITAL IMPROVEMENT -BONDS,
SERIES 197� '
�1,700,000 GENERAL OBLIGATION REHABILITATION LOAN PROGRA:�I
BONDS, SERIES 1977
$4, 000, 000 GENERAL OBLIGATI�N WATER POLLUTION ABATEMENT BONDS,
SERIES 1977 •
Notice is hereby given that sealed proposals for
the purchase of the within described bonds will be z�eceiveci
at the Department of Finance and P�Ianagement Services, Accounting
Division, 109 City Hall and Court House Building in Saint Paul,
Minnesota, up to 10 : 00 A.M. Central Standard Time , on
� THURSDAY, FEBRUARY 20, 1977
� and such proposals will then be opened by the Director of
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; the Department of Finance and D7anagement Services, or his
! •• representative, who shall proceed to tabulate said bids
� and make a recommendation to the City Council at their regular
meeting that day. Based on this recommendation, the City
' Council shall proceed to make the award of, or reject any
� and all bids for the fnllowing bonds :
i
� All or none of $6,700,000 Par Value Coupon GEPJERAL
� OBLIGATION CAPITAL IP�IPROVEMENT �BONDS, SERIES 1975 , numbered
� D-1 to D-1300, inclusive, maturing in numerical order ti��ithout
� option of prior payment on March 1 in the amount oz' �670,000
� in each of the years 1976 to 1987, inclusive .
� Said Capital Improvement Bonds are issued for t:7e purpose
of financing various capital improvement projects designated
by the City.
All or none of $1,700,000 Par Valus Coupon GENERAL
; OBLTGATION REHABILITATION LOAN PROGRAM BONDS, SERIES 1y75,
;� numbered DD-1 to DD-300, inclusive , maturing in numericaJ.
a order on A7arch 1 in the amount of $77,000 in each of the
'� years 1976 to 1997, inclusive .
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Said Rehabilitation Loan Program Bonds are issued for the
�! purpose of implementing a housing rehabilitatlon loan and
� grant program by the Housing and Redevelopment Authority
� ' of the City. The bonds of this issue maturing in the .
years 1986 to 1g95, both inclusive, are subject to redemption
� and prior payment at the option of the City in inverse
order of their serial numbers on March 1, 1985, and on any
� interest payment date thereafter at par and accrued interest �
� plus a premium of �50. 00 if redeemed before March 1, 1993;
� and without a premium if redeemed on or after March l, 1993 •
� ' All or none of $�,000,000 Par Value Coupon GENERAL
� OBLIGATION WATER POLLUTION ABATEMEPIT BONDS, SERIES 1975,
numbered DDD-1 to DDD-800, inclusive, maturing in numerical
order on March 1 in each of the years and amounts as follows :
$1�40,000 in each of the years
1g78 to 1987, inclusive
� � $120,000 in each of the years
� 1986 to 1990, inclusive
$140, 000 in each of the years
� 1991 to 1993, inclusive
� $150, 000 in each of the years
19g4 to 1999, inclusive
:� �� $160, 000 in each� of the years .
:� 2000 ta 2007, inclusive.
�
Said Water Pollution Abatement Bonds are issued for the purpose
of financing various water pollution abatement projects with-
':� ' in the City. The bonds of this issue maturing in the years
1986 to 2007, both inclusive, are sub�ect to redemption and
prior payment at the option of the City in inverse order of
their serial � numbers on Ma.rch 1, 1g87, and on any interest
payment date thereafter at par and accrued interest plus a
yy premium of �77. 00 if redeemed before March 1, 1992; at a
premium of $50. 00 if redeemed on or after March 1, 1992, and
before March 1, 1.997 ; at a premium of $27 . 00 if redeemed on
or after March 1, 1997, and before 1�larch 1, 2001; and without
� premium if redeemed on or after March 1, 2001 .
� Notice of redemption shall be given by publication of a notice
of redemption once in a daily newspaper of general circulation,
or in a daily financial paper, published in the Ci�y of
New York, New York, and printed in the English language, and
once in a daily or weekly periodical published in a Minnesota
city of the first class, or its metropolit2.n area, and
printed in the English language , which circulates throughout
the State and furnishes financial news as part of its services,
such notice to be published - not less than thirty days prior
to the date fixed for redemption, and if such notice shall
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must bear a single rate of intex�est from date of issue to
maturity. The rate applicable to any bonds of an issue may
not be lower than the rate applicable to the bonds of the same
issue having an earlier maturity date . Additional coupons
will not be permitted. No more than five (7) separate
interest rates may be bid for each issue . Bidders may not
condition their bids on the award of all or none of said
issues of bonds. Each issue of bonds v��ill be awarded as a
separate issue.
Awards will be made on the basis of the lowes�
net interest cost to the City of Saint Paul, such interes�
� cost to be computed by deducting the amount of any prer�ium
bid for the issue from the total amount of interest payable
on the bonds of the issue from their date to the respective
maturities thereof at the rates specified by the bidder.
Each proposal should be enclosed in a sealed envelope
plainly marked to identify the issue of bonds for whicn such
bid is submitted.
Upon award •of the bonds, the check of the successful
bidder or bidders for each issue will be deposited by �he
City of Saint Paul, as part payment of the purchase price
of the bonds of that issue, or as liquidated danages i? the
bonds are not taken up and paid for vrhen ready for delivery.
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'i All bids must be unconditional. No bid will be
� considered which is not in accordance taith the terms oa this
notice or for less than par and accrued interest to da�e of
delivery, and the right is reserved to reject any or all
bids. At time of delivery of the bonds, payment of the amount
� due must be made by the purchaser in FEDERAL FUNDS wit:�out
� cost to the City of Saint Paul:
� Delivery will be made within forty (�IO) days from
date of sale in any city and at any place designateci by the
purchaser and at his expense.
No offering of bonds will be made by the City of
Saint Paul for any purpose for at least sixty (60) days from.
date of sale.
Bid forms are ava�ilable upon request . .
Copies of the Official Statement and Notice of
Sale may be obtained from the Department of Finance and
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Management Services, Accounting Division, 109 City Hall,
Saint Paul, Minnesota 77102 (612-298-5491) •
ROGER A . MATTSON, Director � -
� Department of Finance and
Management Services
' Dated: February 8, 197�
BOND RATING : ,
Application has been made to Moody' s and to Standard and
Poor' s for a rating. Current rating Aa.
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have been given and payment hereof duly made or provided
for, interest thereon shall cease from and after the date
so fixed for redemption. � .
The unqualified approving opinions of the law firm
of Briggs and Morgan, Professional Association of Saint Paul,
rlinnesota, will be furnished with the above bonds at time of
delivery . The opinion will be printed on the reverse side
of each bond and will state that the City has the power and
is obligated to levy ad valorem taxes for the payment of said
bonds and the interest thereon upon all property within said
� City, subject to taxation by said City without limitation of
� rate or amount . The successful bidders will be furnished
with the usual closing documents, including a certificate
that no litigation is pendino affecting the issuance of the
bonds.
The bonds will be issued under date of March 1,
. 1977, and interest is payable September l, 1977 and semi-
annually thereafter on March 1 and September 1 at The Firs�
National Bank of Saint Paul, Saint Paul, Minnesota, or at
The Chase Manhattan Bank, N.A. , New York, New York, at the
option of the holder.
� •-� The City of Saint Paul will furnish the printed
and executed coupon bonds ��ithout cost to the successful
' bidder in the denomination of $5, 000 each. CUSIP numbers
'� will be imprinted on the bonds ii requested by the successful
� bidder in writing not less than three working days after
( acceptance of the bid and at the expense of such bidder.
` Incorrect numbers upon the bonds will not constitute cause
for refusal of the successful bidder to accept delivery of
. said bonds .
Under and by the terms oi the resolutions authorizing �
the issuance of the above bonds, the full faith and credit
of the C�ty of Saint Paul, Minnesota, has been irrevocably
� pledged to pay the principal of and interest on the bonds
� when due .
� Each bid shall specify in multiples of one-fourth
or one-tenth of one percent the rate or rates of interest
which the issue of bonds bid for is to bear, and shall be
accompanied by a certified or cashier' s check made payable
to the order of the City of Saint Paul for two percent (2%)
� of the principal amount of the issue for which the bid is
� submitted. No rate of ir.terest may exceed seven percent (7�)
� per annum. For each issue , all bonds of the same maturity
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