265047 WHITE - CITV CLERK � ,._ .�
PINK - FINANCE COU11C11 f �.
CANARY - DEPARTMENT GITY OF SAINT PAITL File NO.
BLUE -MAVOR
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, , � Council Resolution
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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
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Ad�����e ��� � Z�f � Form Approved C' y Att ey
�a"QY �1 '
Certified P ed b ounc Secretary BY `
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By �;
Approved by M ,beor: ate � ��J Approved by Mayor ubmission to Cou il
By r B
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Thomas . Kelley, A ting Mayor Thomas J. Kelley, Ac ing Mayor
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OFFICIAL ADVERTISEP•:ENT "
NOTICE OF BOND SALE
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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.
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„ 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 .
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� 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 •
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� 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 :
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� $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
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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 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
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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 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
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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
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( 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 �
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purchaser and at his expense . .
� No offering of bonds will be made by the City af
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� Saint Paul for any purpose for at least sixty (60) days from.
� date of sale.
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' Bid forms are available upon request .
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� Copies of the Official Statement and Notice of
Sale may be obtained f.rom the Department of Finance and
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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.
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� , 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
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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.
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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.
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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
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