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265047 WHITE - CITV CLERK � ,._ .� PINK - FINANCE COU11C11 f �. CANARY - DEPARTMENT GITY OF SAINT PAITL File NO. BLUE -MAVOR i , , � Council Resolution � Presented By Referred To Committee: Date Out of Committee By Date 7 . The bonds of said issue shall mature without option of prepayment , shall be dated March 1, 1975 and shall be numbered from D-1 to D-1300, both inclusive . Interest on said bonds will be payable September 1, 1975 and semiannually thereafter on March 1 and September l in each year. COUNCILMEN Requested by Department of: Yeas Nays Christensen Finance and ement Services �� S In Favor Levine Rcedler _� Against BY Sylvester , Director Tede�ee ' r�'_?�- Ad�����e ��� � Z�f � Form Approved C' y Att ey �a"QY �1 ' Certified P ed b ounc Secretary BY ` / , By �; Approved by M ,beor: ate � ��J Approved by Mayor ubmission to Cou il By r B 2 'q�� Thomas . Kelley, A ting Mayor Thomas J. Kelley, Ac ing Mayor - - � � � e��� � � ; � OFFICIAL ADVERTISEP•:ENT " NOTICE OF BOND SALE � CITY OF SAINT PAUL, MINNESOTa $6,700,000 GENERAL OBLIGATION CAPITAL IMPROVEi`�iENT _BONDS, SERIES 1977 $1,700,000 GENERAL OBLIGATION REHABILIiATI01`1 LOAP1 PROGRAM BONDS, SERIES 1977 �4,000,000 GENERAL OBLIGATION WATER POLLUTION 9BATEP�IEI�TT BONDS, SERIES 1977 . Notice is hereby given that sealed proposals for . the purchase of the wiLhin described bonds will be received at the Department of Finance and Mana�ement Services, Accountino Division, l0y City Hall and Court House Building in Saint Paul, Minnesota, up to '10 : 00 A.M. Central Standard Time , on THURSDAY, FEBRUARX 20, 1977 and such proposals will then be oper.ed by thP Director oi the Department of Pinance and P�Zanagement Services , or his � � • reprss�ntative , who shall proceed to tabulate said bids and make a recommendation to the City Counci.l at their regular meeting that day. Based on this recommendation, t:�e City � Council shall proceed to make the ati•rard of, or reject any and a11 bids for the follow�.ng bonds : �111 or none 'of $6, 500,000 Par Valae Coupon GEPIERAL OBLIGATION CAPIiAL IPfPROVEMENT BONDS, SERIES 1977, numbered : D-1 �to D-1300, inclusive, maturing in numerical or�er rrithaut option of priar payment on i�Zarch 1 in the amount of $670,000 ' in each of the years 1976 to 1g87, inclusive . ' � Said Cagital Improvement Bonas are issued for the purpose y of financing various capital improvement projects designated � by the City. t � „ All or none of $1,500, 000 Par Value Coupon GEPdERAL OBLIGATION REHABIi,ITATION 'LOAN PROGRA!4 BONDS, SERIES 1977, nunb�r�d DD-1 to DD-300, inclusive, maturing in numericaJ. . order, on I�Za.rch 1 :n the amount of �77,000 in each of the � years 1976 to 199], inclusive . ; ;; � � ; ; � � � � � i � . � ! � Said Rehabilitation Loan Program Bonds are issued for the ! purpose of implementing a housing rehabilitation loan and � grant program by the Housing and Redevelopment Authority ' of the City. The bonds of this issue maturing in the . � years 1986 to 1.995, both inclusive, are subject to redemp�ion '; and prior payment at the cption of the City in inverse # order of their serial numbers on P�Iarch 1, 1985, and on any � interest payment date thereafter at par and accrued interest ` plus a preMium of �70. 00 if redeemed before March l, 1993; � and without a premium if redeemed on or after March 1, 1993 • � . � All or none of $4 ,000,000 Par Value Coupon GENERAI, k 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 : � , � $140,000 in each of the years. ; 1978 to 1987, inclusive ' � $120,000 in each of the years j 1986 to 1990, inclusive ? $140,000 in each of the years � 1991 to 1993, inclusive a $170,000 in each of the years ;� 1994 to 1999, inclusive ,R $160, 000 �n each of the years ' 2000 to 2007, inclusive . � Said Water Pollution Abatement Bonds are issued for the purpose � of financing various water pollu�;ion 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 PTarch 1, 1g85, and on any interest � payment date thereafter at par and accrued interest plus a `� premium of $77. 00 if redeemed before March 1, 1.992; at a ; premium of a�70. 00 if redeemed on or after P�Iarch 1, 1992, and before March 1, 1997; at a premium of $25 . 00 if redeemed on � or after March 1, 1997, and before I�Zarch l, 2001; and without � premium if redeemed on or after March l, 2001 . � Notice of redemptiun shall be given by publication of a notice � of redemption once in a dai�ly n�wspaper 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 metropolit2n area, and � printed in the English language , which circulates throughout i 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 � � � � � � � , " � ;�� � ' 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 approvino opinions of the law firm of Briggs and Morgan, Professional Assqciation of Saint Paul, Minnesota, will be furnished with the above bonds at time of delivery . The opinion u�rill 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 thaL 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 l, 19?7 and semi- annually thereafter on March 1 and September 1 at The 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. I� �•• The City of Saint Paul �aill furnish the printed and Pxecuted coupon bonds u�ithou� cost to the successful b�..dder in the denomination of 55, 000 each. CUSIP numbers ; will be imprinted on the bonds iz requested by the successiul " bidder in writing not less than three working days after j acceptance of the bid and at the expense of such bidder. � Incorrect numbers upon the bon�s wi11 not canstitute cause = for refusal of the successful bidder to accept delivery� of ' . said bonds . . � Under and by the terms of the resolutions authorizing 5 the issuance of the ab�ve bonds , the full faith and credit ' of the City 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 a 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 a submitted. No rate of interest m.ay exceed seven percent (7i�) � per annum. For each issue , all bonds of the same maturity � � • a a -a , 3 9 4 9 ,� t j t 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 tne 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 r�ay not condition their bids on the award of a11 or none of said issues of bonds. Each issue of bonds �rrill 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 interes� � cost to be computed by deducting the amount of any pre�ium bid for the issue from the total amount of interest pa;�able 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 i,he City of Saint Paul, as part payment of the purchase pr�ce of the bonds of that issue, or as liquidated dar�ages ii the , . ... bonds are not taken up and paid for �rhen ready for delivery. Al1 bids must be unconditional. No bid will be � considered which is not in accordance .aith the terms oi this i ( notice or for less than par and acci°ued interest to da�e o ; delivery, and the right is reserved to reject any or aIl bids. At time of delivery of the bonds , payment of the amount s due must be made by the purchaser in FEDERAL FUNDS without E 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 designated by the � � purchaser and at his expense . . � No offering of bonds will be made by the City af i � 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 f.rom the Department of Finance and :�� � . ,� � . � � ,� � ::� ;z ,; ...,.::�...,.��� _. . M • ' � . � � Management �ervices , Accounting Division, 109 City Hall, Saint Paul, 1�linnesota 77102 (612-298-5491) • ROGER A . MATTSON, Director - Department of Finance and Management Services ' Dated: February 8, 1975 BOND RATING : � Fipplication has been made to Moody' s and to Standard and Poor' s for a rating. Current rating Aa. , � � a � ; � � � � � , , .� � :� 4 ; # � a � - t . � q 's '.a '� � § .� F . ; -3.,;' � ... � �5�°`�� � , CITY OF SAINT PAUL, MINNESOTA ' , LIST OF BIDS RECF,IVED FEBRUARY 20, 1975 $5,500,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BQNDS, SERIES 1975 NAMG OF BIDD$R COUPON PREMIUM NET INTEREST COST Harris Trust and Savings Bank ) Joint 1976 4.80% $461.00 $1,794,839.00 The Chase Manhattan Bank, N.A. ) 1977-81 4.90 (5.0205%) Bancnorthwest ) 1982-83 5.00 Merrill Lynch, Pierce, Fenner &) 1984 5.10 Smith, Incorporated ) Managers 1985 5.25 Lehman Brothera Incorporated First National Bank of Oregon John Nuveen & Co., Incorporated � Seattle-First National Bank L. F. Rothschild & Co. First National Bank in Dallas First Wisconsin National Bank of Milwaukee Marine Midland Municipals Co. European-American Bank & Trust Company Trust Company Bank Southeast First National Bank of Miami Matthews & Wright, Inc. First Pennco Securities, Inc, Industrial National Bank of Rhode Island J. C. Bradford & Co. First National State Bank of New Jersey United Missouri Bank of Kansas City, N.A. V. K. Sauerman & Associates, Inc. William Blair & Company Cowen & Company � Douglas & Co. Municipals, Inc. Fidelity Union Trust Company Chester Harris & Co. , Inc. Provident National Bank Wood Walker/Legg Mason (Div. of First Regional Securities, Inc.) . Blunt Ellis & Simmons, Incorporated Commerce Bank of Kansas City, N.A. The First National Bank of Atlanta Johnston, Lemon & Co. National Bank of Commerce, Memphis Reinholdt & Gardner F. B. Cooper & Co., Inc. Ernst & Co. Folger Nolan Fleming Douglas Incorporated McMaster, Hutchinson & Co. J. A. Overton & Co. Shaughnessy & Company, Inc. Elkins, Morris, Stroud & Co. Union Planters National Bank � -1- LIS��OF BIUS R�C�IVCD ��BRUARI' 20, 1975 $6,500,000 G.O. Capital Improvement Bonds NAME OF BIDDER COUPQN PREMIUM NET INTEREST COS" First National City Bank ) ' Joint 1976-79 4.90% None $1,803,100.00 The First Boston Corporation) 1980-83 5.00 (5.0436%) Bank of America, N.T. & S.A ) Managera 1984 5.10 1985 5.25 United California Bank Weeden & Co., Inc. North Carolina National Bank Stephens, Inc. Bank of the Commonwealth Marine National Exchange Bank The Chicago Corporation Thomson & Mc Kinnon, Auchincloss, Kohlmeyer, Inc. Brown Brothers Harriman & Co. Juran & Moody, Incorporated Loewi & Co., Incorporated Kidder, Peabody & Co., Incorporated) Joint 1976 4.75% $65.00 $1,809,210.00 Reynolda Securitiea, Inc. ) Managera 1977-78 4.80 (5.0607%) Drexel Burnham & Co., Incorporated 1979-82 5.00 R. W. Pressprich & Co., Incorporated 1983 5.10 Alex. Brown & Sona 1984-85 5.20 Moseley, Hallgarten & Estabrook, Inc. Paine, Webber, Jackson & Curtis Incorporated American Securities Corporation Allen & Company Faulkner, Dawkins & Sullivan Securities Corp. Advest Co. Barr Brothers & Co. Inc. Boland, Saffin, Gordon & Sautter Julien Collins & Company Geo. B. Gibbons & Company, Incorporated The Illinois Company, Incorporated McDonald & Company Moore & Schley, Cameron & Co. Wm. E. Pollock & Co. Inc, Tripp & Co. Inc.. Dain, Kalman & Quail Incorporated A. G. Edwards & Sons, Inc. Hess, Grant & Frazier, I nc. Howe, Barnes & Johnson, Inc. Janney, Montgomery, Scott, Inc. The Milwaukee Company Murch & Co. Inc. W. H. Newbold's Son & Co. Newhard, Cook & Co. Park, Ryan, Inc. Rand, McKay & Lyon, Inc. Rauscher Pierce Securities Corporation Schaffer, Necker & Co. I. M. Simon & Co. M. B. Vick & Company, Inc. -2- LIST�OI'� 33IllS Rf:CCIV�D �'�BRUARY 20, 1975 $6,SOO,OOO�G.O. Capital Lnprovement Bonds NAME OF BIDDER COUPON . PREMNM NET INTEREST COS". The First National Bank of Chicago (Mgr.) 1976-79 4.90% $1 641.19 , $1,812,508.81 The Northern Trust Company 1980-82 5.00 Continental Illinois National Bank 1983 5.10 (5.06995%) and Trust Company of Chicago 1984 5.20 Mellon Bank, N.A. 1985 � 5.25 W. H. Morton & Co. Division of American Express Company White, Weld & Co., Incorporated Dean Witter & Co. Mercantile Trust Company National Association Girard Bank Shearson, Hayden Stone Inc. La Salle National Bank E. F. Hutton & Company, Inc, The Bank of California N.A. National Bank of Tulsa First National Bank & Trust Co., Okla City, IXcla. Elkins, Stroud, Suplee & Co. William Blair & Company Robert W Baird & Co. Incorporated Hutchinson, Shockey, Erley & Co. Altgelt & Co,, Inc. Van Kampen, Wauterlek & Brown, Inc. American National Bank, St. Paul Ferris & Company Rowles, Winston Division, Cowen & Co. J. A. Glynn & Co. Wheat, First Securities, Inc. The Indiana National Bank Fulton, Reid & Staples, Inc. First Mid America Inc. Alex Brown & Sons Bankers Truat Company ) Joint 1976-85 5.10% $818.94 -$1,822,431.06 Blyth Eastman Dillon & Co., Inc) , (5.0977%) Chemical Bank ) Kuhn, Loeb & Co. ) Managers Smith, Barney & Co., Inc. Lehman Brothers, Incorporated Republic National Bank of Dallas Shields Model Roland, Incorporated National Bank of North America First of Michigan Corporation Bacon, Whipple & Co. The National Shawmut Bank of Boston Parker/Hunter Incorporated Firat National Bank tn St. Louis Van Ka.mpen, Wauterlek & Brown, Inc. (continued on next page) -3- LIST �F' �I1�S R�CEIVED �'�BRUARY 20, 1975 $6,500,000 G.O. Capital Improvement $onds NAME OF I3IDDIsR COUPON PREMIUM NET INTEREST COST (continued) The First National Bank of St. Paul Stern Brothers & Co. First National Bank of Minneapolis Third National Bank in Nashville Wachovia Bank & Trust Co. Spencer Trask & Co., Inc. Seattle Trust b� Savings Bank Allison Williams Company Boettcher and Company United Virginia Bank Prescott, Ball & Turben The Ohio Company Weeks, Kavanaugh & Company, Inc. Salomon Borthers 1976-78 4.75% $13.00 $1,828,762.00 Morgan Guaranty Trust Company of New York 1979-82 5.00 (5.11541%) Bear, Stearns & Co. 1983 5.20 Goldman, Sachs & Co. 1984 5.25 Dona.ldson, Lufkin & Jenrette 1985 5.40 Securities Corporation Halsey, Stuart & Co. Inc. (affiliate of Bache & Co, Incorporated) 1976-80 5.00% $3,900.OQ $1,858,350.00 1981-84 5.25 (5.1981%) 1985 5.40 Roger A. Mattson Director Finance and Management Services -4-