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265049 WHITE - CITV CLERK t 1 PINK - FINANCE COl1C1C11 ������ CANARY - DEPARTMENT GITY OF SAINT PAiTL - BF_UE -MAVOR �� , File N 0. � - ncil Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS : A. The Council has by Resolution No. 264959 adopted on February 4th, 1975 and approved by the Mayor on February 5th, 1975 authorized �he issuance and sale of $1,500,000 General Obligation Rehabilitation Loan Program Bonds, Series 1g75, 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 Harfis Trust and Savings Bank, Chicago, and Associates was found to be the most advantageous and has recommended that said bid be accepted . NOW, THEREFORE, be it resolved that l. The b id Of Harris Trust and Sa�ings Bank� Chicago and Associates to purchase 1,500,000 General Obligation Rehabilitation Loan Program 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 M ement Services �"" In Favor Levine . 0 Rcedler Sylvester Against By 1 c or Tedesco Adopted by Council: Date Form Approved City Attorn Certified P ed b ouncil ecretary BY i B Approved by or• Date Approved by M yo Submission to Council By � By Thomas J , K lley, Acting ayor Thomas J. K lley, Acting ayor � ������ . hereinafter set forth and to pay, therefore, the sum of $1,500,000 plus a premium of $ 37.00 is hereby found, determined and declared to be the most favorable bid received and is hereby acc,epted 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 1976 thru 1985 DD- 1 to DD- 150 5.30% 1986 thru 1988 DD- 151 to DD-195 5.60% �-�- 1989 thru 1990 DD- 196 to DD-225 5.80% 1991 DD-226 to DD-240 5.90% 1992 thru 1995 DD-241 to DD-300 6.00% 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 s�gned by the facsimile signature of the Mayor, attested by the facsimile . signature of the City Clerk and countersigned by the manuGl signature of the Director of Finance and Management Services, and the interest coupons attached to each bond shall be executed by the facsimile signatures of said officers; 7 . The bonds of said issue shall be dated March l, 1975 and shall be numbered from DD-1 to DD-300, -2- WHI7E - CITV CLERK PINK - FINANCE CO1111C11 CANARY - DEPARTMENT GITY OF SAINT PAIIL File NO. �����49 B�UE - MAVOR � ` � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date both inclusive . Interest on said bonds will be payable September l, 1g75 and semiannually thereafter on March 1 and September 1 in each year; and - 8 . Bonds of said issue, maturing in the years 1g86 to 1995, both inclusive, shall be subject to redemp- tion in whole or in part in inverse order of their serial numbers on March 1, 1985 and on any interest payment date thereafter at a price of par plus 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 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 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 pro�aided for, interest thereon shall cease from and after the date so fixed for redemption. -3- COUIVCILMEN Requested by Department of: Yeas Nays Christensen Department f Finance and Management Services �R � In Favor Levine Rcedler _� Against BY ` Sylvester .,;3 ,�1 ..,•� sqx:,:: iYiiC�` . A: .!1'�.3: � ~ ` �� �B 2 � � Form Approved b City Attor y Adopted by Council: Date j r Certified e y Coun '1 Secretary BY / By Approved by Ma r: Date F 2 � �� Approved by May for Submission to Council B YThomas J. K lley, Act'ng MayorFEe � 19� y Thomas J. Kelley, Actin Mayor ��� �y- t � ' , CITY� OF �AINT pA"f1Z, NIINNESOTA � � LIST OF BxDS RECEIVF.D FEBRUARY 20, 1975 54,000,000 GENERAL OBLIGATION WATER POLLUTION �1BATII�IENT BONDS SERIES 1975 NAME OF BIDDER COUPON . PREMIUM NET INTEREST CC� First National Gity Bank ) Joint 1978-90 5.80% $985.00 The First Boston Corporation) 1991-92 6.00 $4611153/00.00 Bank of America, N.T. & S.A.) Managers 1993-94 6.10 ( o > 1995-96 6.20 United California Bank 1997-2005 6.25 Weeken & 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., �ncorporated , Harris Trust and Savings Bank ) Joint 1978 5.80% $265.00 $4,168,665.00 The Chase Manhattan Bank, N.A. ) 1979-86 5.90 (6.1331%) Bancnorthwest ) 1987-95 6.00 Merrill Lynch, Pierce, Fenner &) 1996-2005 6.25 Smith, Incorporated ) Managers Lehman Brothers 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 Nati.onal Bank of Milwaukee • Marine Midland Municipals Co. European-American Bank & Trust Company Trust Company Bank Southeast First National Bank of Miami Ma.ttews & Wright, Inc. First Pennco Securities, Inc. Industrial National Bank of Rhode Island J. C. Bradford & Co. First National S�tate 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. (continued on next page) -1- LIST OF nIDS RrCrIVGD FEBRUARY 20, 1975 $4,000,000 G. 0. Water Pollution Abatement Bonds NAME OF BIDDER COUPON PREMIUM NET INTEREST C0�" (continued) Ernst & Co. Folger Nolan Fleming Douglas Incorporated McMaster, Hutchinson & Co. J. A. Overton & Co. Shaughnesay & Company, Inc. Elkins, Morris, Stroud & Co. Union Planters National Bank The First National Bank of Chicago (Mgr.) 1978-88 5.90% $1,023.94 $4,194,126.06 The Northern Truat Company 1989-93 6,00 (6.17055%) Continental Illinois National Bank 1994 6.10 and Trust Company of Chicago 1995 6.20 Mellon Bank, N.A. 1996-2005 6.30 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, Okla. Elkius, 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 1978-87 6.00% $7,31 $4,223,017.69 Blyth Eastman Dillon & Co., Inc) 1988-2005 6.25 (6.2131%) 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 (continued on next page) -2- LIST OF BIDS RECrIVED FEBRUARY 20, 1975 $4,000,000 G. 0. Water Pollution Abatement Bonds NAME OF BIDDER COUPON PRENIIUM NET INTEREST CO�� (continued) First of Michigan Corporation Bacon, Whipple & Co, � The National Shawmut Bank of Boston Parker/Hunter Incorporated First National Bank in St. Louis Van Kampen, Wauterlek & Brown, Inc. The �'irst 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 & Savings Bank Allison Williams Company Boettcher & Company United Virginia Bank Prescott, Ball & Turben The Ohio Company Weeks, Kavanaugh & Company, Inc. Kidder, Peabody & Co. Incorporated) Joint 1978-90 5.90% $374.10 $4,293,925.90 Reynolds Securitiee, Inc. ) Managers 1991-93 6.20 (6.3173�) � Drexel Burnham & Co. Incorporated 1994- 6.30 R. W. Pressprich & Co. Incorporated 1995-96 6.40 Alex. Brown & Sons 1997-2005 6.50 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 & Johnaon, Inc. Janney, Montgomery, Scott, Inc. The Milwaukee Company Murch & Co. Inc. W. H. Newbold's Son & Co. Newhard, Cook & Co. (continued on next page) _3_ LIST OF BIDS RECEIVGD FEBRUARY 20, 1975 $4,000,000 G. 0. Water Pollution Abatement Bonds NAME OF BIDDER COUPON PREMIUM NET INTEREST CO�� (continued) Park, Ryan, Inc. Rand, McKay & Lyon, Inc. . Rauacher Pierce Securities Corporation Schaffer, Necker & Co, I. M. Simon & Co. M. B. Vick & Company, Inc. Halsey, Stuart & Co. Inc. 1978-91 6.00% $16,000,00 $4,257,015.00 (Affiliate of Bache & Co. Incorporated) 1992-95 6.25 (6.2630%) 1996-98 6.30 1999-2001 6.40 2002-2005 6.50 Roger A. Mattson Director Finance and Management Services -4- . � ���b`-� � OFFICIAL ADVERTISEP�ZENT � NOTICE OF BOTID SALE � CITY OF SAINT PAUL, MINNESOTA $6,700,,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT _BONDS, SERIES 197� $1,700,000 GENERAL OBLIGATION REHABILITATION LOAN PROGRAP�I BONDS, SERIES 1977 $4,000, 000 GENERAL OBLIGATION WATER POLLUTION ABATEMENT BONDS, SERIES 1977 . Notice is hereby given that sealed proposals for the purchase of the within described bends will be received at the Department of Finance and Nlanagement 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 the Department of Finance and T7anagement Services, or his � �� � r�presentative, 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 ati��ard of, or re� ect any and alZ bids for the following bonds : All or none of $6,70Q,000 Pur Value Coupon GENERAL OBLIGATION CAPITAL TP�IPROVEMENT BONDS, SERIES 1977, numbered t7-1 to D-1300, inclusive, maturing in numerical order i•�ithout ootion of prior payment on March 1 in the amount of �650,000 in each of the years 1976 to 1g87, inclusive . Said Capital Improvement Bonds are issued for the purpose of financing various capital improvement projects designated by the City. All or none of $1,700, 000 Par Value Coupon GENERAL OBLIGATION REHABILITATION LOAN PROGRANi BONDS, SERIES 1977, numbered DD-1 to DD-300, inclusive, maturing in numericaJ. order on I�Zarch 1 in the amount of �77,000 in each of the � years 1976 to 1995, inclusive . I ! � � i I I � � . Said Rehabilitation Loan Program Bonds are issued for the purpose of implementing a housing rehabilitation loan and grant program by �he Housing and Redevelopment Authority of the City. The bonds of this 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, 1987, and on any interest payment date thereafter at par and accrued intere5t � plus a premium of $70. 00 if redeemed before March l, 1993; and without a premium if redeemed on or after March l, 1993• A11 or none of $� ,000, 000 Par Value Coupon GENERAL OBLIGATION WATER POLLUTION ABATEMENT BOPIDS, SERIES 1975, numbered DDD-1 to DDD-800, inclusive, maturing in numerical order on March 1 in each of the years and amounts as follaws : $140,000 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 ; : 1994 to 1999, inclusive � $160,000 in each of the years ; 2000 to 2005, inclusive . a • ' Said Water Pol.lution 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 subject to redemption and � prior payment at the option of the City in inverse order of 3 their serial numbers on 1�Tarch 1, 1g85, and on any interest � payment date thereafter at par and accrued interest plus a , epremium of �75. 00 if redeemed before N'iarch 1, 1992; at a y premium of $�0. 00 if redeemed on or after March 1, 1992, and before March l, 1997; a� a premium of $25. 00 if redeemed on � or after March l, 1997, and before DZarch l , 2001; and without � premium if redeemed on or after March 1, 2001 . a 1 ' Notice of redem tiun shall be iven b ublication of a notice � P g Y P ; 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 English language , which circulates throughout � the State and furnishes financial news as part of its services, � such notic� to be published- not less than thirty days prior � to the date fixed for redemption, and if such notice shall � s � � .# ,.,b.,:..�:.._..._��� _ _: _ have been given and payment hereof duly made or provided for, interest thereon shall cease from and after the date so fixed for redernption. � The unqualified approvino opinions of the law firm of Briggs and Morgan, Professiona7. Association of Saint Paul, Minnesota, will be furnished with the above bonds at time of delivery , The opinion V�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 certifica�e � that no litigation is pendino affecting the issuance of the } bonds. � � The bonds will be issued under date of March l, �, . 1977, and interest is payable September l, 1977 and semi- ; annually thereafter on Nlarch 1 and September 1 at The First 1 National Bank of Saint Paul, Saint Paul, Minnesota, or at `' The Chase Manhattan Bank, N.A. , New York, New York, at the 3 option of the holder. l 1 ••� The City of Saint Paul �aill furnish the printed and executed coupon bonds urithout cost to i,he successful bidder in the denomination of $�, 000 each. CUSIP numbers � wi11 be imprinted on the bonds ii requested by the successiul � bidder in writino n4t 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 ;y . said bonds . ;:� Under and by the terms of the resolutions authorizino ' 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 . i : 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 percent (7�) ; per annum. For each issue , all bonds of the same maturity 3� � 1 � � �� { ,a �� Y -� 7 must bear a single rate of inte�est from .date of issue to maturity. The rate applicable to any �onds of an issue may not be lo�ver than the rate applicable to the bonds of the same � issue having an earlier maturity date . Additional coupons • will not be permit�be�bid�fo�reachaissuee (BiddePsrmay not interest rates may condition their bids on the atiaard of a11 or none of sa�d issues of bonds. Each issue of bonds vrill 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 pre�ium bid for the issue from the total amoun� of interest pa;table 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 which such bid is submitted. . Upon award of the bonds, the check of the successful bidder or bidders for each issue wi1.l 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 i� 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 �aith the terms oi 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 , paS�ment of th� amount ' due must be made by the purchaser in FEDERAL FUNDS wit�out i ; 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 of � Saint Paul for any purpose for at least sixty (60) days from. � date of sale . a � Bid forms are available upon request . . � Copies of the Official Statement and Notice of Sale may be obtained from the Department of Finance and a • � '� � � ,� � W....�,E.__.,...,�_.._. .. _ . . �' , . • i . Management Services, P_ccounting Division, lOg City Hal.ly Saint Paul, Minnesota 75102 (612-298-7491) • 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. � ; � � � E � � i � y � � a k � �y 1 i � � � � :� ! . � k �1 • � � e . i .� � 'd �