265048 WHI7E - CITY CLERK �����
PINK - FINANCE GITY OF SAINT PAIIL Council �
CANARY - DEPARTMENT
BLUE -Av1AVOR Flle NO.
' • j cil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS :
A. The Council has by Resolution No. 264960
adopted on February 4th, 1975 and approved by the Mayor
on February Sth, 1975 authorized the issuance and sale of
$4,000,000 General Obligation Water Pollution Abatement
Bonds , Series 1975, to be dated March l, 1975;
B. The appropriate City Officers have, pursuant
to said resolution, caused proper published notice of the
sale of the bonds to be given as required by law, and
sealed bids, pursuant to said Notice of Sale, were received
until 10 : 00 o'clock A.M. , Central Standard Time, on
Thursday, February 20, 1975 in the office of the Director
of Finance and Management Services , Accounting Division,
of the City of St . Paul; and
C . The Director of Finance and Management
Services of the City has advised the Council that the bid
of The First National City Bank, New York, and Associates
was found to be the most advantageous and has recommended
that said bid be accepted.
NOW, THEREFORE, be it resolved that
1. The bid Of �e First National City Bank, New
York, and Associates
to purchase ,000,000 General Obligation Water Pollution
Abatement Bonds, Series 1975, of the City in accordance
with the Notice of Bond Sale at the rates of interest
COUIVCILMEN Requested by Department of:
Yeas Nays
Christensen Finance and na ement Services
Hezz�' In Favor
Levine �
Rcedler
Sylvester Against BY o
Tedesco
n. ..�.°^.*.�u�^t
Form Approved y City Attorney
Adopted by Council: Date
Certified sed Counc' Secretarx BY
B
Approved by May : _ Date Approved by Mayor Submission o Co
By By
Thomas J. Kelley, Ac ing Mayor Thomas J. Kelley, A ng Mayor
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hereinafter set forth and to pay, therefore, the sum of
$4 ,000,000 plus a premium of $ 985.00 is hereby
found, determined and declared to be the most favorable
bid received and is hereby accepted and said bonds are
hereby awarded to said bidder;
2 . The Director of Finance and Management
Services is directed to retain the deposit of said bidder
and to forthwith return the good faith checks or drafts
to the unsuccessful bidders ;
3 . Said bonds shall be payable as to principal
and interest at The First National Bank of Saint Paul, in
St . Paul, Minnesota, or The Chase Manhattan Bank, N.A . ,
in New York, New York, at the option of the holder;
4 . The bonds bearing the serial numbers and
maturing in the years as follows shall bear interest as
follows :
Years Serial Nos . Interest Rate
1978 thru 1990 DDD- 1 to DDD- 344 5.80%
1991 thru 1992 DDD- 345 to DDD- 400 6.00%
�-- 1993 thru 1994 DDD- 401 to DDD- 458 6.10%
1995 thru 1996 DDD- 459 to DDD- 518 6.20%
1997 thru 2005 DDD- 519 to DDD- 800 6.25%
5 . The Council hereby ratifies and approves
each and every act of its subcommittee on Finance and
Sinking Funds in connection with the sale of the said
bonds ;
6 . Said bonds shall be executed by the facsimile
of the official seal of the City of St . Paul and signed b;�
the facsimile signature of the Mayor, attested by the
facsimile signature of the City Clerk and countersigned by
the manual signature of the Director of Finan�e and
Management Services , and the interest coupons attached to
each bond shall be executed by the facsimile signatures of
said officers ;
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WH17E - CITV CLERK ������
PINK - FINANCE COl1I1C11
CANARV - DEPARTMENT GITY OF SAINT PAUL
BLUE - MAVOR File NO.
/
' , � � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
7 . The bonds of said issue shall be dated
March 1, 1g75 and shall be numbered from DDD-1 to DDD-800,
both inclusive . Interest on said bonds will be payable
September 1, 1g75 and semiannually thereafter on March 1
and September 1 in each year; and
8 . Bonds of said issue, maturing in the years
1986 to 2005, both inclusive, shall be sub�ect to redemp-
tion in whole or in part in inverse order of their serial
numbers on March l, 1985 and on any interest payment date
thereafter at a price of par plus accrued interest plus a
premium of $75 .00 if redeemed before March l, 19g2; at a
premium of $50 . 00 if redeemed on or after March l, 1992
and before March l, 1997; at a premium of $25 .00 if redeemed
on or after March l, 1997 and before March l, 2001; and
without premium if redeemed on or after March 1, 2001.
Notice of redemption shall be given by publieation 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
langua�e , 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 State and furnishes financial news as part
of its service, 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 thereof
duly made or provided for, interest thereon shall cease
from and after the date so fixed for redemption.
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COUIVCILMEN Requested by Department of:
Yeas Nays
Christensen S Finance and agement Services
�G�ar In Favor
Levine
Rcedler O Against BY
Sylvester
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t��'f",:_.:�ti;:��ii'.�,
�6,Vl�e p�e�id�eat'T�oIsD� F� 2 ) ��j Form Approved by City Attoth y
Adoptea by Council
Certified sse y Co cil Sec�tar BY
B
� F j �� Approved by Mayo r Submission to Counci
Approved by Mayo� te
By � 2 '�y'
Thomas J. Kelley, �, ting Mayor Thomas J. Kelley, Acti g Mayor
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�` CITY OF SAIlVT PAUL, MINNESOTA
LIST OF BIDS RECEIVED I'EBRUARY 20, 1975
,�1,SOO,OOO GGNERAL OBLIGATION REHABILITATION LOAN PROGRAM BONDS. SERIES 1975
NAME OF BIDDER COUPON PREMIUM NET INTEREST COS:
Harris Trust and Savings B�nk ) Joint 1976-1985 5.30% $ 37.00 $ 899,738,00
The Chase Manhattan Bank, N.A.)Managers 1986-1988 5.60 (5.7126%)
BancNorthwest ) 1989=1990 5.80 �
First National Bank of Oregon . 1991• 5.90
Seattle-First National Bank 1992-1995 6.00
First National Bank in Dallas �
First Wisconsin National Bank of Milwaukee
Marine Midland Municipals Co.
European-American Bank & TYust Company
Southeast First National Bank of Miami
First Pennco Securities, Inc.
J. C. Bradford & Co.
First National State Bank of New Jersey
United Missouri Bank of Kansas City, N.A.
Cowen & Company
Douglas & Co. Municipals, Inc.
Chester Harris & Co. , Inc.
Provident National Bank
Wood Walker/Legg Mason (Div. of First Regional
Securities, Inc.)
National Bank of Commerce, Memphis
Reinholdt & Gardner
F. B. Cooper & Co. , Inc.
Folger Nolan Fleming Douglas Incorporated
Union Planters National Bank .
The First National Bank of Chicago (Mgr.) 1976-1982 S.SOqe 299.95 906,375.05
The Northern 1Yust Company 1983-1988 5.60 (5.75476%)
Continental Illinois National Bank and 1989-1990 5.70
1Yust Company of Chicago 1991 • 5.80
Mellon Bank, N.A. • 1992-1995 6.00
W. H. Morton & Co. Division of American
Express Company
White, Weld & Co. , Incorporated
Dean Witter & Co.
Mercantile 1Yust Company National Association
Girard Bank
Shearson, Hayden Stone Inc.
LaSalle National Bank
E. F, Hutton & Company, Inc.
The Bank of California N.A.
National Bank of ltiilsa
First National Bank & 1Yust Co. , Okla City, Okla.
Elkins, Stroud, Suplee & Co.
Willism 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
(continued next page)
LIST Or �BIDS RECGIVED I'EBRUARY 20, 1975
$1,500,000 G. 0. Rehabilitation Loan Program Bonds
NAME OF BIDDER COUPON PREMIIJM NET INTEREST COS".
(continued)
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 '
First National City Bank ) Joint 1976-1990 5.80% $1,000.00 $931,775.00
The First Boston Corporation )Managers 1991-1992 6.00 (5.91609'e)
Bank of America, N.T. & S.A. ) 1993-1994 6.10
United California Bank 1995 6.20
Weeden & Co., Inc.
North Carolina National Bank
Stephens, Inc.
Bank of the Commonwealth
Marine National Exchange Bank
The Chicago Corporation
Thomson & McKinnon, Auchincloss, Kohlmeyer, Inc.
Brown Brothers Harriman & Co.
Juran & Moody, Incorporated
Loewi & Co., Incorporated
Kidder, Peabody & Co. Incorporated )Joint 1976-1989 5.70� 393,75 933,731.25•
Reynolds Securities, Inc. )Managers 1990-1991 6.00 (5.92847)
Drexel Burnham & Co. Incorporated 1992 6.10
R. W. Pressprich & Co. Incorporated 1993 6.20
Alex Brown & Sons 1994-1995 6.30
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, Inc.
Howe, Barnes & Johnson, Inc.
Janney, Montgomery, Scott, Inc.
The Milwaukee Company
Murch & Co. Inc.
(continued next page)
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LIST OF BIDS RGCEIVED rEBRUARY 20, 1975
$1,500,000 G. 0. Rehabilitation Loan Program Bonds
NAME OF BIDDER COUPON PREM]:UM NET INTEREST COS''
(continued)
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.
Halsey, Stuart & Co. Inc. 1976-1989 5.80% $2,340.00 $936,135.00
(Affiliate of Bache & Co. 1990-1991 6.00 (5.9437%)
Incorporated) 1992-1993 6.10
1994 6.20
1995 6.25
The First National Bank of Saint Paui, Mgr. 1976-1980 4.70% 31.50 939,568.50
The First National Bank of Minneapolis 1981-1991 6.00 (5.965%)
Allison Williams Company 1992-1993 6.10
1994 6.20
1995 6.25
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ROGER A. MATTSON, DIRECTQR
Department of Finance and
Management Services
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OFFICIAL ADVERTISEP�fENT
NOTICE OF BOT1D SALE
CITY OF SAINT PAUL, MINNESOTA
$6,700,, 000 GENERAL OBLIGATION CAPITAL IMPROVEMENT _BONDS,
SERIES 1977 ' '
$1�700,000 GENERAL OBLIGAiION REHABILITATION LOAN P;:OGRAM
BONDS, SERIES 1977
$4,000,000 GENERAL OBLIGATION �r7ATER POLLUTION ABATE�:ENT BONDS,
SERIES 1977 •
Notice is hereby given that sealed proposals for
the purchase of the within described bonds will be received
at the Department of Finance and Management 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 oper.ed by the Director of
the Department of Finance and DZanagem.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 City
Council shall proceed to make the award of, or reject any
and all bids for the following bonds :
All or none of $6,700, 000 Par Value Coupon GENERAL
OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 1977 , numbered
i D-1 to D-1300, inclusive, maturing in numerical erder r�ithout
; option of prior payment on March 1 in the amount of $670,000
! in each of the years 1976 to 1987, inclusive .
� Said Capital Improvement Bonds are issued for the purpose
� of financing various capital improvement projects designated
( by the City.
� All or none of $1,500, 000 Par Value Coupon GENERAL
OBLIGATION REHABILITATION LOAN PROGRAM BONDS, SERIES 1977,
� numbered DD-1 to DD-300, inclu�ive, maturing in numericaJ.
� order on 1�7arch 1 in the amount of $77,000 in each of �he
� years 1976 to 1995 , inclusive .
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� Said Rehabilitation Loan Program Bonds are issued for the
� purpose of implementing a housing rehabilitation loan and
a grant program by the Housing and Redevelopment Authority
� ' of the City. The honds 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, 198�, and on any
� interest payment date thereafter at par and accrued interest
� plus a premium of $�0. 00 if redeemed before March l, 1993;
� and without a premiur� if redeemed on or after March l, 1993 •
�
� All or none of $� , 000,000 Par Value Coupon GENERAL
y OBLIGATION WATER POLLUTION ABATEMEPdT BONDS, SERIES 1977,
s 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 1985, inclusive
� � $120,000 in each of the years
� 1986 to 1990, inclusive
� $140,000 in each of the years
� 1991 to 1993, inclusive
, $170,000 in each of the years
� 19g4 to 1999, inclusive
� � $160, 000 in each� of the years .
a 2000 to 200�, inclusive.
� Said Water Pollution Abatement Bonds are issued for the purpose
'�� of financing various water pollution abatement pro�ects 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 ATarch 1, 1g87 , and on any interest
payment date thereaiter at par and accrued interest plus a
' premium of $77. 00 if redeemed before March l, 1992; at a
� premium of $70. 00 if redeemed on or after March 1, 1992, and
before March 1, 1g97; at a premium of $27. 00 if redeemed on
� or after March 1, 1997, and before I�Zarch l, 2001; and without
, premium if redeemed on or after March 1, 2001.
;
� Notice of redemption shall be given by publication of a notice
a 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
Y 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 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 dul.y 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,
Minnesota, will be furnished with the above bonds at time of
delivery . The opinion v�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 uoon 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,
. 197�, and interest is payable September l, 1977 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.
�•� The City of Saint Paul will furnish the printed
and executed coupon bonds v�ithout cost to the successful
bidder in the denomination of $7,000 each. CUSIP numbers
will be imprinted an the bonas ii requested by the successiul
bidder in writing not less than three working days after
acceptance of the bid and at the expense of such bidder.
Incorrect numbers uport 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 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
i or one-tenth of one percent the rate or rates of interest
I 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�)
j of the principal amount of tne issue for which the bid is
e submitted. No rate of interest may exceed seven percent (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
ma�urity. The rate appl�eableli�able tonahe�bondslof�theasame
not be lower than the ra pP
• issue having an earlier maturity date . Additional coupons
will not be permj.tted. 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 sa�d
issues of bonds. Each issue of bonds v��ill be awarded as a .
separate issue.
Awards will be made on the basis of the Iowest .
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 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 �he
City of Saint Paul, as part payment of the purchase price
of the bonds of that issue, or as liquidated daMages if the
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 with the terms oi this
notice or for le�s than par and accrued interest to da�e of
delivery, and the right is reserved to reject any or a11
bids. At time of delivery of the bonds , payment 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 (40) 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
a Saint Paul for any purpose for at least sixty (60) days from.
� date of sale .
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� 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 Servic�s, Accounting Division, 109 City Hallr
. Saint Paul, Minnesota 75102 (612-298-7�91) •
ROGER A. MATTSON, 'Director �
Department of Finance and
Management Services
� Dated: February 8, 1977
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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