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266472 WHITE - CITY CLERK � '� . � 1 PINK - FINANCE COLI17C11 CANARN�- DEPARTMENT. GITY OF SAINT PAUL File NO. --/�+��7� �1�1 BLUE -�=qyp-R • : � - o n esolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS : (A) The City Council by Resolution adopted November 18 , 1975, accepted the most advantageous bid on $4,100,000 General Obligation Urban Renewal Bonds, Series 1975-L, of the City; (B) The form and details of the Bonds have now been determined, including the paying agent and the amount of taxes required to be levied in accordance with Minnesota Statutes 475 . 61, Subdivision 1. _:" : NOW, THEREFORE, be "it resolved by the City I Council of the City of Saint Paul, as follows : ` l. Said bonds shall be payable as to principal ' and interest at The First National Barik of St. Paul, in St. Paul, Minnesota or the Chase Manhattan Bank N_A_ . New York. ?�Tew York, at the option of the holde� 2 . The bonds bearing the serial numbers and maturing in the years as follows shall bear interest as follows : Maturity Years Serial Nos . Interest Rate 1978-1986 1 - 440 5.75% lgg� 441 - 500 5.85% 1988 501 - 540 5.90% 1989 541 - 580 6.10% 1990-�995 581 - 820 6.25% COUIVCILMEIV Requested by Department of: Yeas Nays Christensen '� Hozza In Favor Levine Rcedler ✓ Against BY Sylvester T�desco President Hunt , Form Approved by City A�orne�� Adopted by Coun�cil: Date � ,;. � Certified Passed by Council Secretary BY - � � By . � L Approved by Mayor: Date Approved by Mayor for Submission to Council By By • �V�� 3 • The Council hereby ratifies and approves each and every act of the Sinkin� Fund Committee in connection with the sale of the saic3 bonds ; 4 . The bonds of said issue shall be dated December 1, 1g75, and shall be numbered irom 1 to 820 , both inclusive . Interest on said bonds :vill be payable December l, �976, and semi- annually thereafter on June 1 and December 1 in each year; and � 5 . Bonds oi said issue , maturing in the years 1986 to 1995, both inclusive, s�all be subject to redemption in whole or in part in inverse order of their serial numbers on December 1, 1985, and on any interest pay�ent date thereafter at a price of par plus accrued interest . Notice of redemption shall be given by publica- tion of a notice of rede~�ption 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 �aeek,;� perioaical published in a Minnesota city of �he first class , or its metropolitan area, and printed i� the English language, �•r�ich circulates throughout the State and �'urnishes financial ne;�:s as part of its service, such notice to be published not less t'r��.n thirty days prior to the date fixed for redemption, and if sucn 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. 6 . The Projec� Cost Estir�ate and Financing Plan of the Neighborhood Developmen� Program P�Iinn. A-1 has been submitted to the Federal Government and approved by them and the Secretary af the Department of Housino and Urban Development has obligated the United States of America, under authority of Part B of Title I of the Housing Act of 1949 and acts amendatory thereof, to make caoital grants to said Project in the amount of two-thirds (2/3) of the Net Project Cost (someti::es referred to as Net Program Cost ) ; � �ss�� 7 . This Council hereby estimates and finds that , as such terms are defined in Minnesota Statutes , Section 462 . 5�+5, the "Net Project Costs" of said project in the last five con- secutive annual increment periods (including the current annual increment period which has been extended so that it runs irom May 1, 1973 to January 30, 1975) is in the sum of $92 ,051,023; that one-third of the total Net Project Cost during said five annual increment periods is in the amount of $30,683,67�I . 00; tha� to fund said one-third portion of said Net Project Cost the City has heretofore issued Urban Renewal Bonds in the total sum af $24 ,q07 ,292 . so that the City is authorized pursuant to lata to issue . its bor�ds to furt�:er fund said one-third portion of the ��et Proj zct Costs in the amount of $5,776, 382 . g,. Pursuant to the provisions of the Laws of Minnesota 1963 , Chapter 881 as amended by Laws of Minnesota 1967, Chapter 499, Laws of Minnesota 1g71, Chapter 321, Law� of Minnesota 1973 , Chapter 395 , and Laws of Minnesota 1975, Chapter 260 , there has been sold pursuant to this Resolution, and there shall be issued, general obligation bonds of the City in the aggregate principal amount of Four Million, One-Hundred Thousand Dollars ($4 ,100,000) for the purpose of further funding the City ' s share of the Net Project Cost of the aforesaid project to be denominated "Urban Renewal Bonds , Series 1975-L; rr �hat the proceeds from the sale of such bonds shall be allocated to the Neighborhood Development Program, P�Iinn. A-1; ___ 9 , The bonds to be issued for such Urban Renewal Development Project purposes shall be in substantially the following form which has been approved by the City Attorney of the City of Saint Paul, and is hereby approved and adopted: � UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF SAINT PAUL URBAN RENEWAL BOND SERIES 1975-L i�TO. �5��0 . ` • . . ��V'��,� Y��T04v' ALL P%iEN BY THESE PRESENTS, that the City of Saint Paul in the County of Ramsey and State of Minnesota, acknowledges it;self to be indebted and for value received hereby promises �o pay to bearer the suM of Five Thousand Dollars (�5 ,000) on the first day of December , together with interest thereon from the date hereof until the principal sum is paid, or until redeemed as hereinafter provided, at the rate of percent per annum, payable December l, 1976, and semiannually thereafter on the first day of June and the first day of December in each year as evidenced by and upon the presentation and surrender of the annexed interest coupons as they severally become due . Both principal of and interest on this bond are payable in lawful money - of �he United States of America at or at the option of the holder; and for the prompt payment of this bond, both principal and interest, when due, the full faith and credit of the City of Saint Paul are irrevocably pledged. Bonds of this issue maturing in the years 1986 to 1995 , both inclusive, are subject to redemption and prior payment at the option of the City in inverse order of their serial numbers on December l, 1985, and on any interest payment date thereaf�er at par and accrued interest . Notice of redemption shall be given by publication of a notice of redemption once in a daily ne��rspaper of general circulation, or in a daily financial paper, published in the City of New York, New York, and printed in the Englisn 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 hereof duly made or provided for, interest hereon shall cease from and after the date so fixed for redemption. This bond is one of a series of bonds issued and sald by the City of Saint Paul, in the aggregate principal amount af $�4 ,100,000, authorized by Laws of Minnesota 1963, Chapter 881, , as amended by Laws of Minnesota 1967 , Chapter 499, Laws of Minnesota 1g71, Chapter 321, Laws of Minnesota� lg73 , Chapter 395, and Laws of Minnesota 1975, Chapter 260, and duly adopted resolutions of the Council of the City of Saint Paul, for the purpose of procuring the necessary funds to pay not to exceed one-third (1/3) of the Net Project Cost of a certain Urban Renewal Development Project , within the corporate limits of the said City, desionated Neighbor- hood Development Program, Minn. A-1, being one of the several Projects for which the City is authorized to issue bonds to fund its local share including the Cityts expenditures on account of any remaining costs of municipal buildings and improvements to be constructed within or adjacent to the area of said Project . _ . � � � � ��2 It is hereby certified 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, time and manner as required by law and that the issuance of this bond did no� cause the total indebtedness of said City to exceed any constitutional, statutory, or charter limitation. II�' WITNESS WHEREOF, the said City of Saint Paul, by its City Council, has caused this bond to be sealed with the facsimile of its Official Seal, to be signed by the facsimile signature of its Mayor, attested by the facsimile signature of its City Clerk, and countersigned by the manual signature of its Director of Finance and Management Services , and each of the interest coupons hereto attached to be executed by the facsimile signatures of its said officers , as of the first day of December, 1975 . (facsimile) Lawrence D. Cohen Mayor • Attest : (facsimile) Rose Mix City Clerk � Countersigned : Director of Finance and Manag�ment � Services (Seal) COUPON On the first day of December (June) , , unless the bond described below shall have been duly called for redemption, and payment of the redemption price duly made or . � - . . ' 1'•�}��i�i provided for, the City of Saint Paul, Ramsey County, Minneso;a, promises to pay to bearer at or at the option of the holder, the sum of for interest then due on its Urban Renewal Bond, Series 1975-�, dated as of December l, 1975 , No . (facsimile) Lawrenc� D. Cohen Mayor Attest : (facsimile ) Rose P�7ix City Clerk Countersigned: (facsimile) Roger A. Mattso:� Director of Finance and Man?�ement Services 10 . Each said bond shall be sealed by the facsimi�� of the Official Seal of the City of Saint Paul and signed by �he facsimile signature of its Mayor, attested by the facsimile signa- ture of its City Clerk, and countersigned by the manual sign�.ture - of its Director of Finance and Management Services, and the �nterest coupons thereto attached shall be executed by the facsimile signature of said officers; _ 11. The proceeds from the issuance and sale of sa?d bonds, as received by said City, shall be deposited in a spec�al fund of said City designated as "Urban Renewal and Developmen� Fund; " and therein allocated to and subject to disbursement ior the City' s obligations pertinent to s�a.id Neighborhood Development Program, Minn. A-1, for the payment of the cost of the aforesaid project as estimated, as aforesaid, and for the further paym°nt of any remaining cost of municipal buildings and improvements to be constructed within or adjacent to the Project area. That despite the allocation of bond proceeds made in this Resolution, the same shall be subject to reallocation in purpose and amount consistent with the laws under which said bonds are authorized to be issued; provided, that no part of the proceeds of the issuance and sale of any of said bonds shall be made the subject of any reallocation or disbursement except for the purpose of the p2yment or defrayment of said City' s obligations assumed under and by authority of said laws in respect to one or more of the several Urban Renewal Development or Code Lnforcement Projects authorized thereunder . - ; , ��4'�� : � -_=-_ = _ _ __ - -- .. . - _ _ _ . _ .- __4 -� - � _ _ ._�_�`- �- - - � - - - - - - - - _ . _ - - . _ - . _ . - � � . - - - -.-- - - _ . . -- - -_ . � _ _� _ - - _ = -- - .. _. � . � _ _ . _ . _ _ _ ._.. ._ �G� -- ' __".:, - �_ ___� _..� -- _� �_ 5�-" :, ...�_ i - - --- • -- - - - � --.. ,: .. __ ' - - - -•,� _ - � _�.� : _ - :.-. _. :_;� - � _ .. _�.: _.�.1. ,._._.._ . -- _ ._ '� .. _ _.__. .,��-- - � _��__,.,_- _. �., �-.� �:. �..� _.;_ _ . : �.._�. :- � _. _ ._ . _ `._.�._., _ .._`' �,'!� _. . _.... � - �j- � _ . � ..^_Js� - - �._ _�3 ;��) �= �--°� =_.�-�_ .___ :��- --'.�'~c0�= �--�-- . �- .�..��') ...i- .. � � " . . �� G'7.��i,�..r.lJ_.. ��'.~::l�:_ ...»�. � :�Y'J� _ ._� . �Y' _l. .:., i�C��i�...1.�:L S . �Ci:.�'.: I _ -J {.. � r ^ .� �� .'..�.�..�. � �n �./v n."i. '-Y� `.7.i-J-�+J MG^�� l�y?"'�....� G"� • ="' li�l �_', ..�!� 4rQ _ �. +.y � �.,:�_"O�'_�Z'^ v^u1:1�-.�j� �ggi_C� bQ'"� :"0�2?uS :�'O'_ V}'1° L'1L;j '�O CO:"_Ji✓, - `� t�^� r��_�e-V .s o= sai: 5�� .,_on �C%3 �a) ar.� ��1 apc;'ic�b�� "°J�.:�?`.1...:j 'J°�'��v.--:�:� i`,:°T'2�� .::li_� t}7° DO?:QS 1`.O 'DZ 1SS';i°G _`i°'-�°- - -� - c y� ,.A�:4er Y'°":?_Yl ��JJ.i.'�.`~.�.��L1� . 1 Cl , FOr �ze pur'JOS° Oi �T'O`'1.C1�:':� fOr' tI?@ �3�1?Tl2'_":� 0= ��'lc'' prinCi�?'_ 'c�riQ ?i_:.z2'AS� U�0:7 �::° �4 �1�� Ur'D?ri R°;Ic:;�.� :C:''_.:3 � Series 19'�-�, :•:'^-°� ��d as thz sa�:e m.ature , and for an zdd�.��c��? direct tax in an a-�ount not Iess t�an five percen� (50) �n exc�s� of �he su:� r�cu�.red �o pay such orincip2l ar.d in�°resL ��rn�n th� �a�:e beco*�e due , �..hzr° _s :!°reby lev�ed on al1 of the �axable pro�e»�;T ;� the Cl�y Of S�lri� �2i.11 � l.ri 2�a1�?O:'! t0 211 other taxes , �P° i0��O:v�� . dirzct , a^:�:�al, irrz-rocable t�.��s , to-Urit : ^A�: L�VY FO?� $� ,100 ,C00 'uRB4P�r ��::��•:aL BOi�DS, SERIES 1975-=� Tax required by (Year of Chapter 475 , l�tinnesa�� Collection) Statutes , as 2r:ended, Bud et Tax for Tax for in e:tcess of Princi��l To�a: year Princip�l Interest and Interest la� 1970 $ $243,050.00 $12, 152 .50 $255, 300 1977 243,050.00 12,152 .50 255,200 1978 200,000 243,050.00 22 , 152 .50 465,200 1979 200,000 231,550.00 21,577.50 453, 100 1980 200,000 220,050.00 21,002 .50 441,100 1981 200,000 208,550.00 20,427.50 429,000 �982 200,000 197,050.00 19,852 .50 416,900 �9g3 300,000 185, 550.00 24,277.50 509,900 �9�4 300,000 168, 300.00 23,415.00 491, 700 �o3j 300,000 151,050.00 22 ,552 .50 473,600 1980 300,000 133,800.00 21,690.00 455,500 19�7 30A,000 116,550.00 20,827.50 437,400 i9�� 200,000 99,000.00 14,950.00 314,000 �;�� 200,000 87,200.00 14, 360.00 301,600 =;;� 200,000 75,000.00 13, 750.00 288,800 �„� 200,000 62,500.00 13, 125.00 275,600 �;;2 200,000 50,000.00 12,500.00 262 ,500 � G�? 200,000 37,500.00 11,875.00 249,400 �� 200,000 25,000.00 11,250.00 236, 300 � 1g�;� 200,000 12,500.00 10,625.A0 223, 100 . ^ � � � � � �664'72 15. In the event any principal and interest come due prior to the receipt of the proceeds of said taxes , it shall be paid promptly, when due, out of the general fund of the said City of Saint Paul, and reimbursement therefor shall be made when said taxes shall have been received; 16 . There is hereby created a separate sinkin� fund or a special account in �he regular Sinking Fund of the City, for said obligations , and the taxes received for the payment thereof are hereby irrevocably appropriated to said account, and the City Clerk be and is hereby instructed to file in the office of the County Auditor of Ramsey County a certified copy of this Resolution, together with full information regarding the bonds for which this tax is levied, and the City Clerk is hereby ordered and directed to s�cure from the County Auditor a certificate that he has entered the obligations in the bond register as required under the provisions of Chapter 475, Minnesota Statutes, and that the tax levy required for the purpose has been made; 17 . Before the said bonds shall be delivered to the purchaser , the Council of the City of Saint Paul shall obtain from the County Auditor and deliver to the purchaser a certifi- cate of the County Auditor that the issue has been entered on his register and that a tax has been levied as required- �y law, in accordance with the provisions of Chapter 475; 18.. Such taxes shall be collected and the payment thereof enforced at the same time and with and in like manner as other taxes� of the City of Saint Paul, and when collected shall be used solely for paying the interest and principal of said bonds when and as the same mature; f= WH17E - CITY CLERK �� PINK - FINANC�E . GITY OF SAINT PALTL Council CANARV�- qEPARTMENT � BL�JE 4 �MA`rC�24 File �0. Council Resolution Presented By • Referred To Committee: Date Out of Committee By Date l�. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the financial condition and affairs of the City, 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 the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. COUNCILMEN Requested by Department of: Yeas Nays Christensen �s�.T�tt.�,n�- In Favor Levine Rcedler �0 B Sylvester A gainst Y Tedesco / n President I�;t� � � �'� Form Approved by City Alttor� Adopted by Coun ' . Date Certifie assed ouncil Secretary BY `- l' �� B �'� .� Approved by Mayo . Approved by Mayor for S�mi�ion to Council By By PUBLISHED QE� i 3 �9�