266256 WHITE - CITV CLERK
PINK - FINANCE GITY OF SAINT PALTL Council t`�}f1� j'��f1
CANARV - DEPARTMENT File NO. �+v���+�+
BLUE - MAYOR �
� � uncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED by the City Council of the City of Saint Paul,
Minnesota, that it is hereby found, determined and declared that
this City should issue $4,100,000 General Obligation Urban Renewal
Bonds, Series 1975-L to finance various urban renewal development
projects designated by the City and $4,60U,000 General Obligation
Downtown Development District No. 1 Bonds, Series 1975 to finance
expenses reasonably necessary and incidental to the acquisition
and betterment of development property projects with the District=
and be it
FURTHER RESOLVED, that this Council shall meet at the time
and place, specified in the form of notice hereinafter contained .
for the purpose of opening and considering sealed bids for, and
award�ng the sale of $4,100, 000 General Obligation Urban Renewal
Bonds, Series 1975-L and $4, 600, 000 General Obligatian Downtown .
Develapment District No. 1 Bonds, Series 1975 of said City; and
b� it
FURTHER RESOLVED, that the City Clerk is hereb� authoriz�d
and directed to cause notice of the time, place and purpose �of
said meeting to be published in the official newspaper of the City
and in Commercial �est not less than ten days in advanc� of date
of sale, as provided �by law, which notice shall be in substantially .
the �orm set forth in Exhibit A attached hereto; and be it
FURTHER RESOLVED, that the terms and conditions of said
bonds and the sale thereof are fully set forth in the "Notice of
Bond Sale" attached hereto as Exhibit A and incorporated herein
by reference.
COUIVCILMEN Requested by Department of:
Yeas Nays
Christensen
I�txa Hunt [n Favor
Levine
Rcedler �_ Against BY
Sylvester
Tedesco
President�tffifC H02Za
��T 2.4 �g�j Form Approve y City Atto y
Adopted by Coun ' . Date
Certified ssed b uncil cretary � BY
By
Appr by Mayor: T Ig7�3 Approved b Mayor for Submission to Council
By BY
P1�8U�ED NOV 1 1975 ----
����
� NOTiCE OF BOND SALE
CITY OF SAINT PAUL, MINNESOTA
$4, 100, 000 GENERAL OBLIGATION URBAN RENEWAL BONDS,
SERIES 1975-L
$4,6 0 0, 0 0 0 GENERAL OBLI�A'I!ION LfOi�iTQWN DEVEL4PME13T -
DISTRICT NO. 1 BONDS, SERIES 1975
NOTICE IS HEREBY GIVEN that these bonds will be offered
for sale according to the fo�lowir�g termsc
TIME P,ND PLACE: Tuesday, November 18, 1975, at 11e00
o'clock a.zn. in the office of Roger
A. Mattson, Director, Department of
Finance and Management Services, 109
City Hall and Courthouse Building
Saint Paul, Minnesota 55102. Bxds
will be opened by the Director who
shall proceed to tabulate said bid�
and make a recommendation to the
City Council at their regular meeting
that day.
TYPE OF BOND: Negotiable coupon general obligat�on,
for which the� unlimited taxing powers
and full faith and credit of the
issuer wi,ll be pledged; in $5,000
denom�nat�.on each unless other
denominata,ons are requested by the
purehaser within 48 hours after award. ,
DATE OF BONDS: Deeember 1, �1975.
PURPOSE: The proceeds of Urban Renewal Bonds,
Series 1975-L will be used to finance
various urban renewal development
projects designated by the City.
Downtown Development District Bonds,
Series 1975 are issued for the
purpose of financing expenses
reasonably necessary and incidental
to the acquisition and betterment
of development program projects within
the District,
.INTEREST �AYI�ENTS: December 1, 1976 and thereafter on
June 1 and December 1.
MP�TURITIES: Urban Renewal Bonds, Series 1975-L
will mature on December 1 in the
�u����
years and amounts as follows, all
_ dates inclusive:
$200, 000 - 1978 - 1982
, ;30Q, 000,. - ;1�83 .- 1�87' �
200, 000 - �1988� - 1995
. Downtown Dev�;lnpment District Bonds,
Series 1975 will mature on December
i in the 'years �nd ;amounts°�as~
� fo]:�.ows� all dat#es 'i.ncl,usive:;
$100, 000 - 1978 - 1979
255,000 - 1980 - 1988
300, 000 - 1989 - 1995
REDEMPTION: All bonds maturing after 1985 wi11 be
callable at the option of the city
on December l, 1985 and any interest
� payment date thereafter at par and
accrued interest, Ca11ab1e bonds
will be xedeemed in inverse order of
their serial numbers.
PAYING AGENT: The city has normally designated the
First National Bank of Saint Paul,
St, Paul� Minnesota or the Chase
Manhattan Bank,. N.A. New York, New
York� at the option of the holder
naming as its paying agents. It
intends to do so with these issues
but consideration will be given
another paying agent requested by the
bidder within 24 hours after award,
subject to the city�s acceptance;
otherwise the usual paying agents will
be renamed. The city wiil pay cus- .
tomaxy charges.
CUS�P NUNiBERS: The bonds will be printed without
CUSZP numbers unless requested by the
�uxchaser who must agree in the
Offer �or the Bonds to pay all costs � .
and expenses thereof i,ncluding
pr3nting and CUSIP Ser�Yce Bureau
charges. P,ny failure to print such
numbers or errors in �rinting shall
not be cause for failure or refusal
of the purchaser to aecept delivery
o� and pay for the bonds in accor-
dance with the purchase contract.
The purchaser sha11 waive any exten-
sion in delivery ,time due to use of
��ss��
� � the numbers and shall accept all
zespons,�.b�,la,ty in conneetion with
usg -•o� CUSTP numbers. �
. ° _ ' . ,�,:. ' " ' .
DEL�SIERY: 4 inTi,th�,n 30 days after award subject to
� :aPPr�o,di�si,ng` lec�l� c�pir��:�hx,of :M�s�cs.
��Briggs� and Morg�n, -Profess�o�ial
As,soc�.ation, of St. Paul,` Minnesota
and Mess�s. Pet�rso� & Po�eviCh�,.of
S�k. . Pau1, MiiYn�sota-; i,ncl�ding
customary closing documents. Bond
printing and legal opinion will be
pa�d by issuer and delivery will be
anywhere in the continental United
` States w�tYiout cost to the purchaser.
Legal� op�,nion will be printed on the
bonds at the request of the succe5sful
b�.dder. Payment must be made in
�'ede�al k'unds or equivalent iminedi-
ate1X ava�:lable fu.nds, on day of
delivery. -
TXPE OF BZD: Sea�ed bids of not less than $4�070,000
and accrued interest an the principal
sum of $4,100f000 Urban Renewal
Bor�d�, Series I975-L, and not less
than $4,,5I0,000 and accrued inte�'est
on the princi.pal sum of $4, 600, 000
Downtown Development District No, l
Bonds� Series 1975, from date of
bonds to date of delivery must be
f�],ed with the undersigned pr�,or to
the ti�me of sale, together wtth a
cert�.fi.ed or cashier�s check in the
a�nnount of 2$ of the prir�cipal amaunt
of each issue for which a bid is
subini,tted� payable to the order of
the C�.ty of Sa�nt Paul� to be forfeited
as l�qui,dated damages, but without
lima.tation of the issuex�s right to
addit�,onal damages i.f a biddex fails
to compl� w�th. an accepted b�.d, B�ds
fox the bonds o� each issue should be
�1a�n1y� marked "�Bid foar $4,.100,000
Urban R�newal Bonds, Serf.es 1975-L"
and "Bid for �4,600�000 Downtown
Devea.opnlent D�.strict ;No. 1 Bonds,
� Ser�.es 1975" to identifg th� issue of
bonds �or v�hich said ba.d is submitted.
k�TES: P�17. rates and combination of rates of
each issue must be �n intega;al mu1-
ti.ples of 1/20th of l� and may not
. . .
��s�;�
exceed 7$ per annum. Additional
interest coupons may not be used. No
limitation is placed on the number
of rates which may be used. All
bonds of a single maturity shall
bear a n�iform basic rate of interest
from date of issue until paid. No
rate of interest payable on any
maturity of the issue may be more
than 1/2� lower than the highest
rate of interest payable on any of
the preceding maturities.
AWARD: Each issue of bonds will be awarded
as a separate issue and bidders may
not condition their bids on the
award of all or none of said issues
of bonds. Award fpr each issue will
- be made on the basis of lowest
dollar interest cost, determined by
addition of any discount to and
deduction of any premium from the
total interest on all bonds from
their date to their stated maturity.
The net effective average rate of the
issue may not exceed 7� per annum.
The issuer reserves the right to
reject any and all bids, to waive
informalities, and to adjourn the
sale. Upon award of bonds, the
check of the. success£ul bidder for
each �ssue will be deposited by the
city as part payment of the purchase
price of the bonds of that issue,
or as liquidated damages if the bonds
are not paid for when ready for
delivery,
Dated; October 24� 1975
BY ORDER OF THE CITY COUNCIL
, , = Ro�ea� A� Mattson, Director
- Depa,�tment' o� Fi.nance' �nd Management Services
.. � . , -. . � � ' . .. .1. ' � � .
Additxona,l i,nformation may be obtained from:
'PETERSON & �dPOVICH �� .
C.�ty Bond Qonsultants
314 Minnesota` �iild�.nc� ' a , ' : .
Saint Paul, Minnesota 55101 `
612-222-5515