266207 WM17E'� - CIT�1 � LERK ^ ^��o �
CITNARV -•DEPARTMENT CO111IC11 ��� f
BLUE +MAVOR GITY OF SAINT PALTL File NO. F�f�
• �-�
Or indnce Ordinance N0. ''�-� I ��
Presented By
Refe d To Committee: Date
Out of Committee By Date
An ordinance amending Ordinances Nos,�
15708 and 15894 relating to the issuance
o# Bonds of the Port Authority of the City
o� Saint Paul.
THE COUNCTL OF THE CITY OF SATNT PAUL DOES ORDAIN:
Section 1. That Section 2 of Ordinance No. 15708,
adopted September 24, 1974, relating to the authorization of
General Tmprovement Bonds, Series I, of the Port Authority of
the City of Saint Paul is hereby amended by the deleting in its
entirety the requirement in said Section 2 that "no amount of
principal of the series payable in any calendar year shall
exceed five times the smallest amount of principal maturing in
any calendar year ending three years or more after the date of
issue of the series" and by adding the following additional
provision at the end of said Section 2: "provided that the
bonds may in the alternative be consolidated as a single issue�
of one or more series with the General Improvement Bonds,
Series J, of the Port Authority of the City of �aint Paul
authorized by Ordinance No. 15894. "
Section 2. That Section 2 of Ordinance No. 15894,
�adopted October 1975, of the City of Saint Paul relating to the
authorization of General Improvement Bonds, Series J, of the
Port Authority of the City of .Saint Paul is hereby amended by
deleting in its entirety the requirement in said Section 2 that
"no amount of principal of the series payable in any calendar
year shall exceed five times the smallest amount of principal
maturing in any calendar year ending three years or more after
the date of issue of the series" and by adding the following
COUNCILMEIV Requested by Department of:
Yeas Nays
Christensen
� Hunt In Favor
Levine
Rcedler Against BY
Sylvester
Tedesco
President � HOZZa
Adopted by Council: Date Form Approved by City Attorne
Certified Passed by Council Secretary BY
By
Approved by Mayor: Date Approved by Mayor for Submission to Council
By By
N�H17E� - CITV-C�LERK COIIIICll •�
P�NK a FINANCE ^
CNNARY-DEPARTMENT GITY O� SAINT PAZTL �/_
BLUE JMAYOR File �O. � ��+'�� �
� J Ordin�nce Ordinance N 0. j-� � � o
Presented By
Referred To Committee: Date
Out of Committee By Date
Page 2..
add,itional prova.sion at the end of said Section 2: "provided
that the bonds may in the alternative be consolidated as a
single issue of one or more series with the General Improvement
Bonds, Series I of the Port Authority of the City of Saint Paul
authorized by Ordinance No. 15708. "
Section 3. The sale of General Improvement Bonds
of the Port Authority of the City of Saint Paul pursuant to
Ordinances Nos. 15708 and 15894, as modified by this ordinance,
is hereby ratified, approved and confirmed.
Section 4. That this Ordinance shall take effect
and be in force thirty (30) days from and after its passage,
approva���.and publication in the official newspaper of the city.
COUNCILMEN
Yeas Nays Requested by Department of:
Christensen
� Hunt In Favor
Levine
�Reed�er 0 Against BY
Sylvester
Tedesco
President � HOZZa N�� ' 2 1975 Form Approved b Ci Attorn y
Adopted by Counc' • Date
Certifi assed b ouncil S retary BY
By
Approv y Mayor: ate � Approved by Mayor for Submission to Council
gy By
Pual.is��o N OV 2 21975
, . •
. � � �1TY ��
_ ��w s, �ss���
w _, � x
� rie Ca:o9v�:a: '�
`' �����`�a• b C ITY OF SAI NT PAUL
�� ... ho
.�.a
OFFiCE OF THE CITY ATTORNEY
NiEMORANDUM P I E R R E N. R E G N I E R
T0: Members of the Council of
the City of Saint Paul
FROM: Jezome J. Segal
Assistant Ci�ty Attorney
RE: Ordinance Nos. 15708 and 15894 -
Approving Port Authority General
,Improvement Bond Issues.
At the request of our Bond Counsel, T have prepared
amendments to the above two ordinances. The amendments
would permit a combined bond issue by the Port Authority
for Series I and Series J. The amendment also deletes
a provision, which deletion if approved would permit the
Port Authority to schedule annual amounts of maturities
by averaging the t�ao combined issues as well as the
remaining outstanding Port Authority bond issues.
Tf the Council concurs in these proposed amendments, they
should be introduced and adopted so that they are in
effect prior to the time that the Port Authority delivers
the bonds and receives the cash.
These proposed amendments also have been approved by the
�ort Authority' s Bond Fiscal Consultant, the firm of
Peterson and Popovich,
JJS;cg
cc: Robert Sylvester
Chairman, Finance Committee
Robert Sprafka
Executive Vice President
Port Authora�ty o� the City of Saint Paul
City Hall, Saint Paul, Minnesota 55102
612 298-5121
lst ,�Q,�,i�� 2nd )� la�
3rd Adopted � � �� ��
I � ! �
Yeas Nays
G�tISTETTSEN
HOZZA
� �66��'7
6 ROEDLER -
. Sn�s� �
TEDESCO
PRES IDENT (H[1NT)