264960 WHI7E - CITV CLERK CO1111C11 }/��
PINK - FINANCE �GITY� �OF SAINT PALTL \)
CANAR-:�- DEPARTMENT �
TiLUE '1j:MAVOR File NO. ���`��
-= � ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS, the City of Saint Paul has heretofore been
ordered by the Minnesota Pollution Control Agency to abate
pollution of the Mississippi River caused by the discharge of
sewage into the Mississippi River; and
WHEREAS, Chapter 11�, Minnesota Statutes, the Water
Pollution Control Act , provides for the prevention, control and
abatement of pollution of all waters of the State; and
WHEREAS, said Chapter further provides that taxes or
assessments levied or bonds issued for the construction, installa-
tion, maintenance and operation by a municipality of a sewage
disposal system or any part thereof are not subject to any
limitation and the municipality shall have the power for such
purposes to levy taxes and assessments and issue bonds without
limitation and without any election or referendum therefor;
NOW THEREFORE, be it resolved, by the Council of the
Ci�y of Saint Paul, that pur�uant to the provisions of Chapter
115, Minnesota Statutes, there shall be issued and sold General
- Obligation Bonds of said City in the aggregate principal amount
of Four Million Dollars ($4,000,000. 00) for the purpose of
procurement by said City of funds in said amount to be used
by the City exclusively for sewage disposal systems to provide
for the prevention, control and abatement of pollution of waters;
and be it
FURTHER RESOLVED, that said bonds shall be issued and
sold pursuant to the provisions of said Chapter 115, Minnesota
Statutes, and in accordance with Chapter 475, Minnesota Statutes,
and that sealed proposals be received in the office of the
COUIVCILMLI�i Requested by Department of:
Yeas Nays
Christensen Finance and Man ement Services
Hozza In Favor
Levine
Rcedler Against BY
Sylvester
Tedesco
President Hunt
Adopted by Council: Date Form Approve by C' Atto y ,
Certified Passed by Council Secretary BY
BY
Approved by Mayor: Date Approved by yor or Submission to Council
BY "BY
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Director of Finance and Management Services , for the sale of
said bonds in accordance with the Official Notice of Sale, a
copy of which is attached hereto and has been presented to the
Council and 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 that the Notice of Sale be published
in the manner prescribed by law in the Saint Paul Legal Ledger,
the official City newspaper and in Commercial West ;
RESOLVED, that said bonds and the coupons attached
thereto shall be in substantially the following form, which has
been approved by the City Attorz�ey 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 WATER POLLUTION ABATEMENT BOND �
SERIES 1975
No. DDD $7 , 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 ($7, 000) on the
first day of March, , together with interest thereon
from the date hereof until the principal sum is paid, or until
redeemed as hereinafter provided, at the rate of
percent per annum, payable September l, 197�, and semiannually
thereafter 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 St . Paul, Minnesota, or
Chase Manhattan Bank N.A . New York, PJew 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 maturing in the years 1986 to 2007,
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
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at par and accrued interest plus a premium of $75 . 00 if redeemed
before March 1, 1992; at a premium of $70. 00 if redeemed on or
after March 1, 1992, and before March 1, 1997; at a prer�ium of
$2� . 00 if redeemed on or after March l, 1997 , and before March 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 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 Engli�h
language, which circulates throughout the State 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 payment 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 the City of Saint Paul, in the aggregate principal amount of
$4, 000, 000, authorized by Chapter 115, n7innesota Statutes, and
duly adopted resolutions of the Council of the City of Saint Paul
and in full compliance with said Chapter 117, Minnesota Statutes , '
said resolutions, the Charter of the City of Saint Paul, and
Chapter 475, Minnesota Statutes . Said bonds have been issued for
the purpose of providing funds to defray the expense of the
construction, installation, operation and maintenance of sewage
disposal systems to assist in the prevention and control of
water pollution.
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 and that the issuance of
this bond did not cause the total indebtedness of said City to
exceed any constitutional , statutory, or Charter limitation. �
IN WITNESS WHEREOF, the said City of Saint Paul , by
its City Council, has caused this bond to be sealed with 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 by the manual signature of
WH17E - CITY CLERK t ^� a�^o
PINK - FINANCE COl1CIC11 i i� �
CANARV - DEPARTMENT GITY OF SAINT PAUL File NO. h' $ �
ELVE' �MAYOR
' � � � � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
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FURTHER RESOLVED, that the full faith and credit and
taxing power of the City are hereby pledged for the prompt and full
payment of both the principal and interest of said bonds;
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 by the manual
signature of its Director of Finance and Management Services, and the
interest coupons thereto attached shall be executed by the facsimiie
signatures of said officers; and be it
FURTHER RESOLVED, that the proceeds from the sale of said
bonds shall be deposited in a separate special account designated
"Water Pollution Abatement Account of 1975" from which there shall
be paid the costs of construction, operation, installation and
maintenance of the sewage disposal systems for which said bonds were
issued. Accrued interest received upon delivery of said bonds and
any balance rer�aining in the aforesaid account after payment of the
costs of all such sewage disposal systems shall be credited to
the Sinking Fund established for said bonds .
FINALLY RESOLVED, that the City will not make any use of
the proceeds of the Bonds to be issued which, if such use had been
reasonably expected on 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 promul-
gated thereunder; and the City will and will cause any other entity
authorized to invest said bond proceeds for the City to comply with
the requirements of said Section 103(d) and all applicable regula-
tions pertaining thereto while the bonds to be issued hereunder
remain outstanding.
COUNCILMEN Requested by Department of:
Yeas Nays �
. Christensen � Finance and ement Services
Hozza In Favor
�evi�r[� ,�
Rcedler • B
Sylvester Against y Director
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ltet � p��•����T���j� � 4 � Form Approved by Cit Atto ey
Adopte by c:ouncil ate
Certifi as by Cou il Secretary BY
By
Approve yor: ate I �� � Approved by Mayor for Submission to Council
By _By
vueE F�A � t975
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OFFICIAL ADVERTISEf�tENT '
NOTTCE OF BOr1D SALE
CITY OF SATNT PAUL, P�IINNESOTA
$6,700,,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT:_BONDS,
SERIES 1977
�I,700,000 GENERAL OBLIGATIOPI REHABILITATION LOAN PROGRAM
BONDS, SERIES 1977
$4,000,000 GENERAL OBLIGATION tidATER POLLUTION ABATEPZENT .�30NDS,
SERIES 1977
Notice is hereby given that sealed proposals for
the purchase of the within described bonds ��ill be received
at the Dzpartment of Finance and P�lanagement Services , Accounting
Division, 109 City Hall and Court Hotise 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
the Department of Finance and BZanagem.ent 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 Gity �
Council shall proceed to make the at•�ard of, or reject any
and all bids for the following bonds :
Al1 or none 'of �6,500,000 Par Valae Coupon GENERAL
OBLIGATION CAPITAL IP�iPROVEMENT BONDS, SERIES 1977, numbered
D-1 to D-1300, inclusive, maturing in numerical order iaithout
option of prior payment on March 1 in the amount of $670,000
in each of the years 1976 to 1985, inclusive . '
Said Capital Improvement Bonds are issued for the purpos�
of financing various capital improvement projects designated
by the City.
All or none of $1,700,000 Par Value Coupon GENERAL
OBLIGATION REHABILITATION LOAN PROGRAP�i BONDS, SERIES 1977,
numbered DD-1 to DD-300, inclusive, maturing in numerica7.
order on March 1 in the amount of �77,000 in each of the
I years 1976 to 1997 , inclusive .
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Said Rehabilitation Loan Program Bonds are issued for the
purpose of implementing a h�using rehabilitation loan and
grant program by the Housing and Redevelopment Authority
of the City. The bonds of �his issue maturing in the .
years 1986 to 1997, 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, 198�, and on any
interest payment date thereafter at par and accrued interest
plus a premium of $70. 00 if redeemed before March 1, 1993;
and without a premiur� if redeemed on or after March 1, 1993•
Al1 or none of $4 ,000,000 Par Value Coupon GENERAL
OBLIGATION WATER POLLUTIOI�t ABATEMENT BONDS, SERIES 1977,
numbered DDD-1 to DDD-800, inclusive, maturing in numerical
order on March 1 in each of the years and amounts as follows :
i $140, OOQ in each of the years
1g78 t,o 1987, inclusive
$120,000 in each of the years
! 1986 to 1990, inclusive
I $1�40, 000 in each of the years
, 1991 to 1993, inclusive
� $170,000 in each of the years
� 1994 to 1999, inclusive
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� $160, 000 in each� of the years
p 2000 to 2005, inclusive .
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� Said 4Jater Pollution Abatement Bonds are issued for the purpose
� of financing various water pollution abatement pro� ects with-
in tY7e City. The bonds of this issue maturing in the years
1986 to 2005, both inclusive, are sub�ect to redemption and
prior payment at the option of the City in inverse order of
� their serial numbers on AZarch 1, 1985, and on any interest
� payment date thereafter at par and accrued interest plus a
� 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, 1997 ; at a premium of $27. 00 if redeemed on
or after March 1, 1997, and before I�Zarch 1, 2�01; and without
premium if redeemed on or after March 1, 2001 .
�� Notice of redemptiun shall be given by publication of a notice
of redemption once in a dai�ly newspaper of general 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 metropolitzn 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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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 Iaw firm
of Briggs and Morgan, Professional Association of Saint Paul,
Minnesota, will be furnished with the above bonds at time of
delivery . The opinion ��ill 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 l, •
. 197�, and interest is payable September 1, 1gT7 and semi-
annually thereafter on March 1 and September 1 at Tne First
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 urithout cost to the successful
bidder in the denomination of $�,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 thp expense of such bidder.
Incorrect numbers upon the bonds will not constitute c�use
for refusal of the successful bidder to accept delivery of
. said bonds . ,
� Under and by the terms of the resolutions authorizing
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� the issuance of the above bonds , the full faith and credit
� of the City of Saint Paul, Minnesota, has been irrevocably
j pledged to pay the principal of and in�erest on the bonds
� when due.
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3 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 interest may exceed seven pPrcent (7�)
; per annum. For each issue , all bonds of the same maturity
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must bear a single rate of intexest from date of issue to
maturity. The rate applicable to any bonds of an issue may
not be lotiver than the rate applicable to the bonds of the same
issue having an earlier maturi•ty date . Additiseaarate�ons
will not be permitted. No more than five (7) P
interest rates may be bid for each issue . Bidders may not
condition their bids on the award of all or none of sa�.d
issues of bonds. Each issue of bonds v�rill be awarded as a
separate issue.
Awards will be made on the basis of the lowest
net interest cost to the City of Saint Paul, such interest
� 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 the
City of Saint Paul, as part payment of the purchase pr�ce
of the bonds of that issue, or as liquidated daMages if the
i bonds are not taken up and paid for when ready for delivery.
� All. bids must be unconditional . No bid will be
� considered which is not in accordance �,aith the terms oi this
! notice or for less than par and acerued interest to da�e of
� delivery, and the right is reserved to reject any or all
� bids. At time of delivery of the bonds , paS�ment of the amount
� due must be made by the purchaser in FEDERAL FUNDS without
� cost to the City of Saint Paul.
Delivery will be made within forty (�0) days from
date of sale in any city and at any place designated 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 available 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, Pccou.nting Division, 109 City Hall,
Saint Paul, Ty7innesota 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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264960
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its Director of Finance and Management Services, and has caused
each of the interest coupons hereto attached to be executed by
the facsimile signatures of its said officers , as of the first
day of March, 1977 .
(facsimile) Lawrence D. Cohen
Mayor
Attest : (facsimile) Rose Mix
City C1erk
(SEAL)
Countersigned:
Director of Finance and
Management Services
COUPON
On the first day of September (March) , , 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, Minnesota,, promises to
pay to bearer at The First National Bank af Saint Paul, in
St . Paul, Minnesota, or the Chase Manhattan Bank N.A . , New York,
. New York, at the option of the hoider, the sum shown hereon for
interest then due on its General Obligation Water Pollution
Abatement Bond, Series 1975, dated as of March 1, 1g77, No .
(facsimile ) Lawrence D. Cohen
Mayor �
Attest : (facsimile ) Rose Mix
City Clerk I
Countersigned : (facsimile) Roger A . Mattson
Director of Finance and
Management Services
and be it