266431 WH17E - CITV CLERK .
PINK - FINANCE (jITY OF SAINT PAUL Council 2ss431
CANARV - DEPARTMENT
BLUE - MAYOR File NO.
� � C Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, by the Council of the City of Saint Paul, that this
Council does hereby concur in each and all of the terms and provisions
of Resolution No. 1041, adopted by the Port Authority of the City of
Saint Paul on November 18, 1975, reiating to the issuance of
$2,250,000 General Improvement Bonds� Series T, and $3,350, 000
General Improvement Bonds, Series J, of the Port Authority, dated
December 1, 1975, a copy of which resolution has been certified to
the Council by the Secretary of the Port Authority and is now on
file 3.n the office of the City Clerk and by reference incorporated
herein and made part hereof, and the Council specifically, but
without li,mitation, concurs in the award of sale of bonds, interest
rates, date, denominations, place o� payment, form and details of
satd bonds, as specified in said resolution, and in the years and
amounts specified for the taxes levied for the payment of said
bonds, and does hereby find, determine and declare that all such
provisa.ons axe a.n accordance with Ordinance Nos, 15708 and 15894
of the City o� Saint Paul are hereby approved, ratifi.ed and confirmed.
COUNCILMEIV Requested by Department of:
Yeas Nays
Christensen
I�cza Hunt [n Favor
Levine J
Rcedler Against BY
Sylvester
iPede�sa..
President I#�pt HOZZa,
Adopted by Council: Date �11 ��� �� Form Approved y C y Att ney
Certif' a e y Council Secretary BY
By C 1 19�5
Approve Mayor: e � Approved by Ma r for Submission to Council
BY -- BY
pU���sNEO OEC 6 t975
s
J -
Resolution No . � 04�
November 18 , 1975
PORT AUTHORITY OF THE CITY OF SAINT PAUL
WHEREAS :
A. The Secretary presented affidavits showing publica-
tion of Notice of Call for bids on $2,250,000 General Improvement
Bonds , Series I , and $3 ,350 ,000 General Improvement Bonds , Series J
of the Port Authority, for which bids were to be received as
a single bid for both issues at the office of the Director,
Department of Finance and Management Services, of the City, and
were to be opened and tabulated by the Executive Vice President
of the Port Authority and presented at this meeting, in accard-
ance with the resolution adopted by the Board of Commissioners
on October 21, 1975, and said affidavits were examined, found
to comply with the provisions of Minnesota Sta�utes , Chapter 475,
and were approved and ordered placed on file; and '
B. Sealed bids, pursuant to said Notice of Call for �
bids were received until 11 :00 o' clock A. M. , Central Time , on
Tuesday, November 18, 1975, in the office of the Director of
Finance and Management Services , of the City of Saint Paul ; and
C. The Executive Vice Fresident of t he Port Authority
has advised the Authority that the bids received axe set farth
in the tabulation attached hereto as Exhibit A and incorporated
herein by reference. �
NOW THEREFORE, BE IT RESOLVED by the Board of Com-
missioners of the Port Authority of the City of Saint Paul ,
Minnesota, as follows :
1 . That the bid of � lst D1at'1 Bank ot Chiaago � As�ociates
to purchase $2,250,000 General Improvement Bonda, Series I,
and $3,350,000 General Improvement Bonds , Seri�s J, of the
Authority, in a�cordance with the notice af c�oid sale, at the
rates of interest hereinafter set forth, and t� pay therefor
the sum of $ 5.493,846.00 (plus a premium of -0- )
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. The Secretary is directed to retain
the deposit of sai.d bidder and to farthwith return the good
faith checks or drafts to the unsuccessful bidders . Said bonds
�
.:
sha�' ce payable as :o �rinci:,al anc; inter�s� at the main oftice of the
�iorthwestern at'1 Bank of Mituseapolie, or an;� �u-�c==�s�;: P���ing :�.�,en� duly
appoi��.ed by ti�e E�u`:._i��riLy . �
2 . The �2 ,250 ,OOG ne�;�t � able coupor: �eneral obliga-
tion Series I bonds of the �u�ho»ity sha?1 bz dat�d D�cembzr 1 ,
1975 , and shall be issued iorth:;itn. Said bonds shall be 450
in number and numbered from 1 to �450 , both inclusive , in the
denomination of $5 , 000 each. Said bonds sha11 mature serially ,
loV�es� numbers first , on December 1 in the years and amounts
as follows :
$ 75, 000 in each of the years 1978 to 1985 , both inclusive ;
$200,000 in each of the years 1986 to 1992 , both inclusive ;
and
$250,000 in the year 1993 •
3. The $3 ,350,000 negotiable coupon general obliga-
tion bonds Series J of the Authority shall be dated December 1 ,
1975, and shall be issued forthwith. Said bonds shall be 670
in number and numbered from 1 to 670, both inclusive, in the
denomination of $5,000 each. Said bonds shall mature serially,
lowest numbers first , on December 1 in the years and amounts
as follows :
$100,000 in each of the years 1978 to 1985, both inclusive;
$300,000 in each of the years 1g86 to 1g90, both inclusive;
and
$350,000 in each of the years 1991 to 1993, both inclusive .
4 . The bonds of said issues sha�.I provide funds for
the acquisition and development of properties in the furtherance
of the development of the Port Authority' s Port and Development
Districts as provided in Ordinance Nos . 15708 and 1589�
of the City of Saint Paul . The total cost of said projects,
including the costs of acquisition and development under the
terms of the lowest bid received, engineering, legal and other
professional charges , publication and printing costs , interest
accruing on money borrowed for the projects before the co].lec-
tion o� taxes levied therefor, and all other costs necessarily
incurred and to be incurred from .the inception to the completion
of the projects , is estimated to be at least equal to th� 3mount
of the bonds herein authorized . 1rJork on the projects sha�l
proceed with due diligence to completion.
5 . The bonds of said issues maturing in the years
and bearing the serial numbers set forth belo�r shal]_ bear
interest , payable December l , 1976 and semiannually thereafter
on June 1 and December 1 of each year, at the respective rates
per annum set opposite said ��aturity years and serial nunbers :
.�
-2-
I
t
Maturity Years Interest Rate '
1978-1984 5•��
1985 5.9096
1986 6.0096
� 1987 6.1096
1988 6.2 096
1989 6.4096
1990-1993 6.5096
6. All bonds of said issues maturing in the years
1986 to 1993, both inclusive, shall be subject to redemption and
prepayment at the option of the Authority in inverse order of
serial numbers, on December 1, 1985 and on any interest payment
date thereafter at par and accrued interest . Published notice
of redemption shall in each case be given in accordance with law,
and at least thirty days prior mailed notice of redemption shall
be given to the bank where said bonds are payable and to any
registered holders , provided that published notice alone shall
be effective without mailed notice . Holders clesiring to receive .
mailed notice must register their names, addresses and bond
numbers with the Secretary.
7 . The bonds and interest coupons to be issued here-
under shall be in substantially the following form with respect
to each issue :
c3-
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
PORT AUTHORITY OF THE CITY OF SAINT PAUL
GENERAL IMPROVEMENT BOND
SERIES I
No. $5,000
KNOW ALL PERSONS BY THESE PRESENTS, That the Port
Authority of the City of Saint Paul, in the County of Ramsey
and State of Minnesota, acknowledges itself to owe and for
value received hereby promises to pay to bearer the sum of
FIVE THOUSAND DOLLARS .
on the first day of� December, 19 , together with interest
thereon at the rate of percent ( �) per
annum from the date hereof until paid, payable on the first day
of December, 1976 and semiannualLy thereafter on the first day
of June and December in each year, interest to maturity being
evidenced by and payable in accordance with and upon presentation
and surrender of the annexed interest coupons as they serially
become due . Both principal and interest of this bond are payable
in lawful money of the United States of America at the office
of
in , or any successor paying agent
duly approved by the Port Authority, and for the prompt paymer.t
of this bond, both principal and interest , when due , the full
faith, credit and resources of the City of Saint Paul are hereby
irrevocably .pledged .
All bonds of this issue maturing in the years 1g86
to 1993, both inclusive (bonds numbered 121 to 450, both inclu-
sive) , are subject to redemption and prepayment at the option
of the Authority in inverse order of serial numbers , on December
1, 1985 and on any interest payni�r�t date thereafter at par and
accrued interest . Published noti�:e of redemption shall in each
case be given in accordance with law, and at least thirty days
prior mailed notice of redemption shall be given to the bank
where said bonds are payable and to any registered holders, pro-
vided that published notice alone shall be effective without
mailed notice. Holders desiring to receive mailed notice must
register their names, addresses a.nd bond numbers with the
Secretary of the Port Authority .
��-
.
This bond is one of a series amounting in the aggre-
gate to the sum of $2 ,250 ,000 issued by said Port Authority for
the purpose of securing funds as needed by the Port Authority
to pay the cost and expense necesarily incurred and to be incur-
red for the program of port and industrial development described .
ir. Ordinance No. 15708 of the City of Saint Paul , all pursuant
to the provisions and by authority of Minnesota Statutes, Chapter
458, and in anticipation of the receipt by said Port Authority
of payments, appropriations, ren�s and profits and incame from
other sources thereunder, and in accordance with the provisions ,
terms and conditions of Chapter 458, Minnesota Statutes. This
bond is issued pursuant to said ordinance, as enacted by the
Council of the City of Saint Paul and duly signed, attested and
authorized in accordance with said Chapter �458, and pursuant to
Resolution of said Council No. , passed and approved�
, 1975, and under authority and in all respects
in full compliance with the Charter of said City of Saint Paul ,
pursuant to resolutions of said Port Authority, No . 904, No.
1032 , and No. 1041, passed and approved, respectively, June
18, 1974 , October 21, 1975, and November 18, 1975, and in all
respects in full compliance with all applicable provisions of
law, including Chapter 475, Minnesota Statutes.
It is hereby cer�ified and recited that all things,
acts and conditions required by the Constitution and laws of
the State of Minnesota and the Charter of said City to happen
and be done and performed precedent to and in the issuance of
this bond have happened and been done and performed in regular
and due form and time as required by law; that prior to the
issuance of �his bond said Port Authority has levied for each.
year, un�il the principal and interest are paid in full , a
direct annual tax on all the taxable propeY�ty in the City of
Saint Paul in an amount not less than five percent in excess
of the sum required to pay the principal and interest hereof
when and as such principal and interest mature, which tax is
irrepealable until all such indebtedness is paid, and may be
reduced only in the manner and to the extent provided in said
Chapter 458; that additional taxes, if necessary for full pay-
ment of such principal and interest , are required by law to be
levied upon all such property without limitation as to rate or
amount ; and that neit'�er the total indebtedness of the City of
Saint Paul nor that o£ said Port �Authority, including this
bond, exceeds any coi:stitutional, statutory or charter Iimita-
tion.
IN WITNESS WHEREOF, said Port Authority of the City •
of Saint Paul, by its proper officers , has caused this bond
to be sealed by a lithographed facsimile of its Official Seal,
�
,' _5_
�
�
to be signed and countersigned by the lithographed facsimile
signatures of its President and its Treasurer, attested by the
manual si�nature of its Secretary, and each of the interest
coupons hereto annexed to be executed and authenticated by the
lithographed facsimile signatures of its President and Secretary ,
and has caused a true and correct copy of the opinion rende�°ed
by bond counsel as to the validity of the issue including this
bond, rendered at the time of delivery hereof, to be printed
on the reverse side of this bond, and has caused this bond to
be dated as of the first day of December, 1975 •
President
Countersigned :
Treasurer
Attest :
Secretary # (SEAL)
(FORM OF INTEREST COUPON)
No.
On the first day of , 19 , unless
the bond described below is called for earlier redemption, the
Port Au+:Y�ority of the City of Saint Paul , Ramsey County, Minne-
sota, wi":�.1 pay to the bearer at
�in , the sum shown hereon in lawful money
of the United States , for interest then due on its General Im-
provement Bond, Series I , dated December 1, 1975•
No. �
(Facsimile Signature) (Facsimile Signature)
Secretary President
-6-
UNITED STATES OF AP�IERICA
STATE 0�' I�IINNESOTA � �
COUNTY OF RAI��;SEY
PORT AUTHORITY OF THE CITY OF SAINT PAUL
GENERAL IP+'PROVEi�ENT BOND
SERIES J
No . �5,000
KNOW ALL PERSONS BY THESE PRESENTS, That the Port Authority
of the City of Saint Paul, in the County of Ramsey and State of
Minnesota, acknowledges itself to owe and for value received
hereby promises to pay to bearer the sum of
FIVE THOUSAND DOLLARS
on the first day of December, 19 , together with interzst
thereon at the rate� of percent ( �)
per annum from the date hereof until paid, payable on the first
day of December, 1976, and semiannually thereafter on the first
day of June and December in each year, interest to maturity
being evidenced by and payable in accordance with and upon
presentation and surrender of the annexed �interest coupons as
they serially become due . Both principal and interest of this
bond are payable in lawful mor.zy of the United States of
America at the office of � � �
in ,
or any successor paying agent duly appointed by the Port Author-
ity, and for the prompt payment of this bond, both principal and
interest , t��hen due, the full faith, credit and resources of the
City of Saint Paul are hereby irrevocably pledged.
All bonds of this issue maturing in the years 19$6 to
1993 both inclusive (bonds numbered 161 to 670, both inclusive) ,
are subject to redemption and prepayment at the option of the
Port Authority in inverse order of serial r.umbers, on December l,
1987, and on any interest payment date thereafter at par ar,d
acerued interest . Published notice of redemption shall i,�
each case be given in accordance with law, and at least th'irty
days prior mailed notice of reder�ption shall be given to tiie bank
where said bonds are payable and to any registered holders , pro-
vided that published notice alor.e shall be effective without
mailed notice . Holders desiring to receive mailed notice must
register their names, addresses and bond numbers with the
Secretary of the Port Authority .
-7-
This bond is one of a series amounting in the aggregate
to the sum oi $3, 350, 000 issued by said Port Authority for the
purpose of securing funds as needed "by the Port Authorit� to
pay the cost and expense necessarily incurred and to be incurred
for the program of port and industrial development described in
Ordinance No . 1589� of the City of Saint Paul, all pur-
suant to the provisions and by autharity of Minnesota Statutes, .
Chapter �78, and in anticipation of the receipt by said Porfi
Authority of payments, appropriations, rents and profits and
income from other sources thereunder, and in accordance witii
the provisions, terms and conditions of Chapter 458, Minnesota
Statutes . This bond is issued pursuant to said ordinance,
as enacted by the Council of the City of Saint Paul and duly
signed, attested and authorized in accordance with said Chapter
458, and �pursuant to Resolution of said Council No. �
� passed and approved , 19 , and under authority
and in all respects in ful comp iance w t�i the Charter of said
City of Saint Paul, pursuant 104iesalutions of said Port Authority,
No. 1007 , No. 1032, and No. � passed and appro�ed, respectively,
August 19, 1977, October 21, 1975 , and November 18, 1975, and in
all respects in full compliance with all applicab�e provisions
of law, including Chapter 475, Minnesota Statutes .
It is hereby certified and recited that all things , acts
and conditions required by the Constitution and laws of the
State o� Minnesota and the Charter of said City to happen and
be done and performed precedent to and in the issuance of this
bond have happened and been done and performed in regular and
due form and time as required by law; that prior to the issuance
of this bond said Port Authority has levied for each year, until
the principal and interest are paid in full, a direct annual tax
on all the taxable property in the City of Saint Paul in an
amount not less than five percent in excess of the sum required
to pay the principal and interest hereof when and as such princi-
pal and interest mature, which tax is irrepealable until all such
indebtedness is paid, and may be reduced only in the manner and
to the extent provided in said Chapter 458; that additional taxes,
if necessary for full payment of such principal and interest, are
required by law to be levied upon all such property without limita-
tion as to rate or amount ; and that neither the total indebtednes�
of the City of Saint Paul nor that of said Port Authority, includ-
in� this bond,exceeds any constitutional, statutory or charter
limitation. . - �
IN WITNESS WHEREOF, said Port Authority of the City of
Saint Paul, by i�s proper officers, has cause � this . bond to be
sealed by a lithographed facsimile of its Official Seal, to be
signed and countersigned by the lithographed facsimile signa-
tures of its President and its Treasurer, attested by the
manual signature of its Secretary, and each of the interest
coupons hereto annexed to be executed and authenticated by
the lithographed facsimile signatures of its President and
Secretary, and has caused a true and correct copy of the
� _�
i
issue ir.cluding this bond, rendered at the time of delivery
hereof, to be printed on the reverse side cf this bond, and
has caused this bond to be dated as of the first day of
December, 1977 •
President
Countersigned:
Treasurer
Attest :
Secretary
(Form of Couponl
No .
On the first day of December (June ) , 19 , unless the
bond described below is called for earlier redemption, the
Port Authority of the City of Saint Paul, Ramsey County,
Minnesota, will pay to the bearer at
in , the sum shoVan hereon in lawful
money of the L'nited States, for interest then due on its
General Improvement Bond, Series J . dated December l, 1g75,
No.
(Facsimile Signature) (Facsimile Signature)
Secretary President
_ _9_
8 . The bonds shall be executed on behalf of the
Authority by the facsimile signatures of its President and of
its Treasurer, be attested by the manual si�nature of its
Secretary and be sealed t•�i_th the printed facsimile seal
of the Authority . The interest coupons pertaining thereto
shall be executed by the printed , engraved or lithagraphed
facsimile signatures of the President and Secretary .
9. The said bonds when so prepared and executed
shall be delivered by the Treasurer to the purchaser thereof
upon receipt of the purchase price , and the said purchaser
shall not be obliged to see to the proper applicatian thereof.
10 . There has heretofore been created a special fund
designated "Common General Obligation Bond Fund" held and
administered by the Treasurer separate and apart from all
other funds of the Authority . Said fund shall be continued
and maintained in the manner herein specified until all of the
bonds herein authorized and all other �eneral obligation improve-
ment bonds heretofore and hereafter issued 'oy the Authority
and made payable from said fund and the interest �hereon
have been fully �aid . In said fund there shall continue to b?
maintained two separate accounts , desionated as the '�ConstrucLio:;
Account" and the "Common General Obligation Bond Sinking Fund" ,
respectively . The proceeds of the sale of the bonds herein
authorized, less any premium and accrued interest received
thereon and less any amount pa?d for said bonds iM excess
of �5, 491,OOQ , and less capitalized interest in the amount
of $ -0- , sha11 be credited to the Construction Aceount , froM
which ther. e shall be paid all costs and expenses of said projectj ,
including the costs of any contracts heretofore let and all
other costs incurred and to be incurred and the maneys in said
account shall be used for no other purpose, provided that the
bond proceeds may also be used to the extent necessary to pay
interest on said bonds due prior to the anticipated date of
commencement of the collection of taxes herein Ievied. There
is hereby pledged and there shall be credited to the Common Gerze�
ral Obligation Bond Sinking Fund, all accrued interest received
upon delivery of said bonds :. all funds naid for the bonds in
excess of $5 ,491,000 , capitalized interest in the amount of
� -0- , collection of al1 taxes herein levied for the
payment of said tionds , and all funds remainin� in said
Construction Accovnt after completion of the pro�ects and
payment of the co�ts thereof. The Common General Obligation Bon�
Sinking Fund shall be used solely to pay principal and interest
on the bonds issued hereunder and all other general obligation
bonds of the Authority heretofore and hereafter issued by the
Authority and made payable from said Fund.
-10-
11. in acaordance with said Ordi.nane� �io. 51708 and
law�, �r� is hor�by i�viad !or �ach year, uatil tb� pria-
cipal and int�r•at o! the Sari•� I bonds are paid iu lull �►
direct, anuual ad valor�m tax on all th� taxable psoperty
in ths City o! Saint Paul, not less tta� fiw p�r c�nt in
exc�as o! the �u�u r�quir�d to pay ths principal and
int�r�st ther�on w'haa aad as �uu�cb principal and int.reat
a�atuse, l��s availabl� fun8. oa �and aad irr�vocsbly appso-
psiat•d for such p�urpo,re. Suah tax �hall be �octeaded upon
the tau roll� prepared ia t� �ollo�rinq re�p�ctive year�,
in the a�wunt� atat�d for such yaar�:
Year o! Tax Y�ar of Tan
_ .j�=-- C_gll,�c,tiat► �u
1875 1976 $146,000
1976 1977 146,000
19?9 1978 2Z4,700
i��e is�9 aao,zoo
19�9 1980 215.700
198Q 1981 211,300
1981 1982 106,800
198Z 1983 202,300
1983 1984 197,�00
1984 1985 193.3�
1985 1986 319,900
1986 1987 307,300
1987 1988 294,500
1988 1989 Z81,400
1969 1990 268,000
1990 1991 254,400
1891 1992 240,700
1992 1993 Z79,500
Said tax �ball ?» colleetsd in th� r�spsctiv suces�ding
ysars toqother with otl�er qaaeral taxs• lmvied in tht City o!
Saint paul. !►lter the d�liwry o! the bond�, suc2s tau �hall
be irr�p�alable u�til all suc2a►► iAdsbtedn��• ia paidt a�nd
att�s th� is�u�es of th� Seri•� I bon8s no turt2Ler action
by ths Authority sbsll be a�a�as�ry to auttioria� th� yctension,
a���ssuwnt and collaction �rt' such taxt provided tbat tb�
Autl�ority r�ssrve• th� right aad pow�sr to r�duae th� l.vi�s
ia the �a�a�r a�nd to the �xtsrit penaitted by Mi�esota
Statut�s, 8ection 458.193, Subdivision 5.
- 11 -
12. In accordance with said Ordinance No. 15Rg4
and laws , there is hereby levied for each year, until the
principal and interest of the Series J bonds are paid in full,
a direct , annual ad valorem tax on all the taxable propert,y
in the City of Saint Paul, not less than five per cent in
excess of the sums required to pay the principal and interest
thereon when and as such principal and interest mature , less
--� available funds on hand and irrevocably� appropriated for such
� purpose. Such tax shall be extended upon the tax rolls prepared
in the following respective years , in the amounts stated for such
years : year of Tax Year of Tax �
Levy - ' C�ollection Amount
1975 1976 -0-
1976 1977 $218,100 �
1977 197g 3a3,ioo
1978 1979 � 317,000
`��.979 19gp 311,100
. 19gp lg$1 305,100
1981 1g82 299,100
1982 1g83 293,I00
1983 1984 287.100
1.984 1g85 281,200
1985 1986 � 484,900
� 1986 1987 466,100
� � �. 1987 i988, aa6,eoo
. lggg 1�9gg 427, 300
19g9 �99p 407,100
1990 1991 439,200
1991 1992 415,300
1992 1993 391,400
1993 1994 -0-
Said tax shall be collected in the respective succeeding years
together with other general taxes levied in the City of Saint
� Paul. After the delivery of the bonds, such tax shall be ir-
repealable until all such indebtedness is paid, except as
otherwise provided in paragraph 13 hereof; and after the
• issuance of the Series J bonds no further action by the Par�
Authority shall be necessary to authorize the extension,
assessment and collection of :,t;ch tax.
13. To further secure the Series J bonds , the Port
Authority hereby covenants that , subject to the rights of
holders of other general obligation bonds pa.yable from the
Common General Obligation Bond Sinking Fund, it shall pa,y from
interest earnings on funds in said Sinking Fund the interest
and principal to become due on the Series J bonds , and to the
extent that the interest earnings from said Sinking Fund are
insufficient therefor, to pay such deficiency from all other
available funds in the Sinking Fund; and the Authority further
covenants to the extent permitted by law that in the event
such interest earnings and other available funds in said
�
. - 12 -
Sinking Fund are not sufficient each year to meet such debt .
service obligations in time to cancel the tax, levy otherwise
required to be made that year for the Series J bonds , the
Authority shall pay into the Sinking Fund a sum sufficient
to cure the deficiency from other available earnings and
income received by the Port Authority from whatever source it
may be derived within the meariing of P�innesota Statutes ,
Section 458 . 193 , Subidvision 4 , and to cause its secretary each
year on or before October 15 to certify to the county auditor
the amount on hand and available in the Sinking Fund and
appropriated to pay said debt service obligations to the
extent included in the taxes otherwise required to be leviEd
therefor in that year for the Series J bonds and to request
that the county auditor reduce such tax levy for that year by
such amount in accordance with Minnesota Statutes Section 458. 193 ,
Subdivision 5.
1� . The Secretary of the Author�ty is� hereby direeted
to file a certified copy of this resolution, Evith the County
Auditor of Ramsey County , Minnesota, together with• such other
information as he shall require , and to obtain from said
Auditor his certi�ficate that said bonds have been entered in
the same Auditor' s Bond Register, and that the tax levy re-
quired b,y law has been made . _
15 • Pursuant to the specific authorization contained
in said Ordinance Nos . 15708 and 158�_ of the City of Saint
Paul, the full faith, cred3_t and resources of said Gity ,
are hereby pledged for the prompt and full payment of the
principal of and interest on the bonds herein authorized as
such principal and interest become due. In the event trat
the collections of the tax herein authorized should at any
time be insufficient for the payment of such principal or
interest , the Port Authority and the Ci�y of Saint Paul are
authorized and obligated under Minnesata Statutes Section 475 .�1
to �75 • 7� to levy additional taxes upan �Il the taxable property
within the City to make gaod such deficiency, �hich levies
may be made without limitation as �o rate or amount .
16. The officers of the Authority are hereby author-
ized at�d directed to prepare and furnish to the purchaser
of sai�i bonds , and to the attorneys approving the legality
of the issuance thereof, certified copies of all proceedings
and reecrds of the Authority relating to said bonds and ta the
financial condition and affairs of the Authority , and such
other affidavits , certificates and information as are required
to show the facts relating to the legality and marketability
of said bonds as the same appear from �he books and records
under their custody and control or as other�rise known to them,
and
- .,13 -
and a�l such certified copies , certificates and addidavits , _
including any heretofore furnished, shall be deemed represen-
tations of the Authority as to the facts recited therein.
� 17 . Resolution No . 1027 of the Authority , adopted
September 16 , 1975 , relating to the public sale of the Series _
I bonds , and superceded by Resolution No . 1032 of the Authority ,
adopted October 21, 1975, is hereby expressly repealed.
Adopted: November 18, 1975
John L Seql
President , Port Authority
Attest : .
Louis H. Meyers . .
Secretary
(SEAL) :
, .
�
�
STATE OF P�I!1TIESOTA )
) ss
COUNTY OF R�P�:SEY )
I , the undersigned, being the duly qualified and
acting Secretary of the Port Authority of the City of Saint
Paul, hereby certify that I have compared the attached and
foregoing cop,y of Resolution No . 10�1, as adopted at a
meeting of the Port Authori�y on ^Iovember 18, 1975 , award-
ing sale of �2,250,000 General Irnbrover�.ent Bonds; Series I,
ar_d $3,350 ,�00 General Improver�ent Bonds , Series J, fixing
the interest rates ar.d other terms thereof, and levying and
aApropriatir�g taxes for the pa,yment of principal and interest
thereon, t�:�.th the original thereof on file in my office
and find the same to be a full , true and correct copy
thereof.
j�IITNESS my hand and the seal of the Port Authority
of the City of Saint Paul, this day of November, 1975.
� . \ � 2�
Se retar�r, Port uthor� - oi
� , t Cit�,� of S�.ir_t Pau
(SEAL)
'� =,�__� ���� �x/a �� ir �
� • _ . ` � �_ .�l� ..l�) r' (�. /��l J'�..�!'_��_
-1
P�'.�J'VIGI.�''r.�. SO�JD G�'�. . _,,.,. ,..
314 !,ir.r.__� � .su�,__. .� SC�tGO�. ,:D h?ur�iG�°:.�
Sa,.:T Pa,u�. . .,..,._��r.� �510i 6oti� {ssu_s
i";�t�ti��a� �i_-.._.
%+SSF.�_Mia.'.TS i.tvL
\ 7 %,P'� . � , �--� Lecw� I�!?ROVcM='1'=
:Y_l '�''li:,.�•...— -=�t .. ..
R:�SliLTS Oi SaL�
Por� authority of the City o� Saint Fau?
$5, 600, 000 General Obligation Bonds
(Series I and Series J) :
The First National Bank of Chicago 5. 70% 1978 - 1984
(See attached list) 5.90% 1985
' 6.00/ 1986
6.10/ 1987
6.20/ 1988
6.40/ 1989
6.50/ 1990 - I993
. $5,493, 846 Price
$4, 544,b03.87 Interest Cost
6.441678% Net Interest
First �;ational City Bank 4.50/ 1978
. . (See attached 1.ist) 4.75/ 1979
5.00/ 1980
5.20/ 1981
5.40/ I982
5.50% 1983
5.70/ 1984
5.80/ 1985
6.00/ 1986
6.10/ 1987
6.30/ 1988
6_40/ 1989
6.50% 1990
6.60/ 1'�9Z
6.70/ �992
' 6.80/ 1993
$5,507,062.40 Price
$4, 565, 237_60 Interest Cost
6.�709/ Net Inte.rest
. -�:�-= �
_ �.. � � 'J v . �. ./ .
a8 , ?OC , ''OG C�. -,� ._ : _. 4 . : ._�_ , ._.._:esc,i:a
v ' � ii - -- D: ' - __ Vn _. . nr;fi:GL�
y �•�,�_ .. � ... .. � _ • _ ....�_ . ,., _ � ._.� �.. _ ' . ''_
� _.^'.C:_ .�..� ...,_ - � _� � . _.`... .J.:
��,iy.l.� _ ' '. _ . J • �. _ . - (,1
J =. ' '' _ ... __" ...' .. . '. _, . _...� .�._ _.. _, � .� .1.�
ti':L'�•��`.K.�,
1 . ':'r�e Firs t `da�icna= �ank o_ ��.�ca�o C -:�r . )
2 . ine :dortt:ern :rust �ompa�;
3 . Continental I1linois i�ation�:"_ Bank
.. .
anci Trust Company of Chica�o
4 . r1e11on Bank , N .A. �
5 . W . H . Morton � Co . -
Division of American Express Company
.. 6 . White , Weld � Co . , Incorporated
� 7 . Shearson Hayden Stone Inc.
- 8 . Dean Witter � Co. �
� 9 . E . F. Hutton � Company , Inc .
� 14 . The Philadelphia PJational Bank
11. Mzrcantile Trust Company P�iational Association
12 . Girard Bank � .
� 13 . La Salle National Bank
14 . The Bank of Caiifornia N.A.
15 . Bank of Oklahoma, N.A. �'
� 16 . First P3ational Ban:: � Trust Co . , Okla. City , Qk]_a.
� T7. AmericaTi National Bank, St . Faul z'
18 . Loewi �'�Co. , Incorporated
19 . Ferris � Company . - . -
�.
20 . Zahner and Company
21. Piper, Jaffray � Hopwood ' � -
22 . L�lilliam Blair � Company �
: 23 . Fulton , Reid � Staples , Inc .
24 . Van Kampen , Sauerman Inc .
� IN ASSOCIATIO�d G1rTH
�: 1 . B ankers Trus t Company � .)J!T
_ �� 2 . Blyth Eastman Dillon � Co . , Incorporate�)r'grs .
- - 3 . Chemical Bank __ � �
-- - - . 4 . Kuhn , Loeb � Co . � )
_ S . Smith , Barney � Co . , Incorpor�ited
__- 6 . Lehr.:an Brothers Incorpora�ed
_ 7 . Republic National Ban}c of Dallas
- � 8 . Shields Mode1. �oland Incorporated.
. 9 . National Bank of North America
10 . Pirst of Michigan Corporat�on
11. Baco� , 47hipQle � Co .
12 . Shaarr:ut Bank of Boston , N . A.
13 . Par�;<er/Hunter Incorporat2d :
14 , iirst ;lational Bank in St . Lcuis
-_S . Wau�e rl°k E Bro��n , Inc .
( CO3!'"TidUED)
� $1� , 3CC , Q00 �
. � _-y _. _ �� . ' ,,� ',.?i n.:e��; � .
J� . - _. ��. �'.:.,�� _ . ,�".JI'1 �� � •-----•-• - _ � -= f��::oC 1`•.:::
i
�l%:::��'RS
�."J . --•- - --�j � .._ _lOrld_ ��_�: G - -- ---• - = .='.1�
_� . ��.:1^:l �T'0 �..��S � lC .
?� . _ �__^S� �;d C l'�:13? I.�c,i�K �.: � "_...,�. - , ___.�
�`3 . _..��''� i�T�G��O^3� �di1.'� 1.. :3:,,-`+'--_:.
20 . 6�1�chovia Ba:.k � Trus�t �o:��an;°
21 . Spancer Tras:�c � Co . , Incor�o��.r�c
22 . �1lison-6,lilliams Comp,3ny
23 . IIoattcher and Compa.ny ''�
24 . United Virginia Bank , Richmond
25 . Prescott , Ba11 and Turben .
26 . The Ohio Company
2? . Weeks , Kavana-�gh � Company , Ir�c .
: � 2 0 . M.iiiar � �cnroeder Municipals , Inc.
.� _ �
r -
, -
�
.. , �
M
First National City Bank )Jt.
First Bust�n Corporation )
� Bank of America, N. T. & S. A. )Mgrs.
United California Bank
[deeden & Co. , Inc.
North Carolina National Bank
St�phens, Inc.
Bank of the Commonwealth
' i�larine National Exchan�e Bank
The Chicago C�rporation
Thompson & rScKinnon Auchincloss, Kohlmeyer, Ine.
Brown Brothers Harriman & Co.
Roosevelt & Cross, Inc.
Wood Struthers & Winthrop, Inc.
Juran & Moody, Inc.