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266473 CITV CLERK �u ..-..JAR'f- DEPA TMENT COI111C11 ' �� .�LUE - MAYOR GITY OF SAINT PALTL File NO. t� , � �� u cil ution 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 $4,600,000 General Obligation Downtown Development District No. 1 Bonds , Series 1975, 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, Subidvision l. - NOW, THEREFORE, be it resolved by the City Council of the City of Saint Paul as follows : l. 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. , New York, New York, at the option of the holder. 2. The $4,600,000 negotiable coupon general obligation bonds of the City shall be dated December l, 1975 and shall be issued forthwith. Said bonds shall be g20 in number and numbered from 1 to 920, 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 and 1979; $255,000 in e�.ch of the years 1980 to 1987, both inclusive; $260,000 in the year 1988; and $300,000 in each of the years 1989 to 1995 , both inclusive . COUNCILMEN Requested by Department of: Yeas Nays Christensen -�ea�e}�c-c.I��- � In Favor Levine Rcedler B Sylvester � Against Y Tedesco President H�t�-�DZZ� Adopted by Co . Date �C 9 � Form Approved by �ity At rney Certifie assed b uncil Secretary BY � gY � � Approved by Mayor: C ' � Approved by Mayor for�ubmission to Council By By PUSLfSHED OEC 1 3 19 ' �� - , 3. Said bonds shall provide funds to finance - 'expenses reasonably necessary and incidental to the acqui- sition and betterment of development program projects within Downtown Development District No. 1 pursuant to Laws of Minnesota, 1973, Chapter 764. The total cost of said projects, including the costs of construction under the terms of the lowest bids received, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the projects before the collection of tax increments pledged thereto, 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 the amount of the bonds herein authorized and Downtown Development District No. 1 Bonds, Series 1974. The estimated amount of tax increments to be pledged to the payment of said bonds and interest thereon and to be derived from the proceeds of taxes levied upon the increased value of property within Downtown Development District No. 1 is no�. less than t�venty percent of the cost of the development projects to be financed by said bonds within the meaning of Minnesota Statutes, Section 475.58, subdivision 1. Work on the projects shall proceed with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable December 1, 1976 and semiannually there- af�er on June 1 and December 1 of each year, at the respective ra�es per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1978-1982 1 - 193 5. 30% 1983 194 - 244 5.40% 1984 245 - 295 5.50% 1985 2 96 - 346 5.6 Q% 1986 347 - 397 5.75% 1987 398 - 448 5 .80% 1988 449 - 500 5.90% 1989 501 - 560 6.10% 1990-1995 561 - 920 6.25% � , • lG.�� 5 . r:11 bon�,•� oi �'r:_s issue ?�aturir� �n the year� �1� L � ,bo �0 1995 , bo�h in��usive (bor�ds r�umbered 347 to 920 , bo�h i%clusive ) , shal= o� su�; �ct to reder:�tion and �re- p3'y'Tn°:1� 2.� t�';E: O�t 10:"1 �? ��"lc �..��t' �:1 inverse Qr'CE'�' Oi ser1�1. r�u*�ee�s , on D�ce�?ber � , 1985 ar.d cn ary interest pa��:ent date thereafter at par and accrued interest . Published notice of redemp�ion shall �n each case be given in accord- ance Urith 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 reoistered 'nolders, provided that published notice alone shall 'oe effective without mailed notice . Holders desiring to receive r�ailed notice must reoister their names, addresses and bond numbers with the Director of F�nance M�.nagement Services . 6. The Council hereby ratifies and approves each and every act of the S�nking Fund Co:nmittee in connection with the sale of the said bonds . � 7. The bonds and interest coupons to be issued hereunder shall be in substantially the folloUrin� form: . � . � � . � . �ss�� U*:ITED ST=��ES OF A'4ERI�A STATE 0=� MINNESOTF, RA'•iS�'Y COUNTY CITY 0: SAINT PAUL GENERAL OBLIGATION DOWNTO?�7�1 DEVELOPMENT DISTRICT N0. 1 BOND, SERIES 1975 No. $5,000 KNO?�J ALL PERSONS BY THESE PRESENTS that the City of Saint Paul , Ramsey County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the principal sum of FIVE THOUSAND DOLLARS on the first day of December, 19 , and to pay int�erest thereon from �he date hereof until the principal is paid at the rate of percent ( %) per annum, payable on �he first day of Decemb�r, 197b, and semiannually thereafter on the first day of June and the firs� day of Decer�ber in each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at , or any successor Paying Agent duly appointed by the Ci�y, in any coin or currency of the United States of America wh�ch at the time of payment is legal tender for public and private debts . All bonds of this issue maturing in the years 1986 to 1995, bo�h inclusive (bonds numbered 34'j to 920, both i:�clusive) , are subject to �redemption and prepayment at ttile option of the City in inverse order of serial numbers, on Dec:�nber 1, 1985 and on any interest payment date there- after at par and accrue� interest . Published notice of r°d2mntion shall in each case be �iven in accordance ��:it�� IacJ, and at leas� �nirty da;Ts rrior mailed notice oi re�emp�ion shall be given to the bar:'_�c ivhere said bonds are payable ana to a:�y re�istered holders , provided that published notice alone shall be effective «rithout mailed notice . Holders desiring to receive ma?Ied notice mus� regis��r their nam2s , addressas and bond nu�:b�»s ��aiLh th� �=�rec�o» o_� �inance P�Iana�e:�.en� Services . . - ,� . ' . �� This bond is c�_� oi an issuP in the total prin- cipai �*��ount of �4, 600 , C;.:� , all oi like date and tenor, except as to serial nur�� , maturity, interest rate and re- de�pt�cn privile�e, whic�: bor.d has been issued pursuant to and ir� full conforniity ;;_�n �he Constitu��n and laws of the Sta�e of Minnesota �or the purpose of providing money to finance expenses reasor.ably necessary and incidental to the accuisition and bette�^ment of development program pro- jects rrithin the Do�vnto�rn Development District No. 1 in the City, and is payable out of the Do�rntown Development District No. 1 Fund of the Ci�y. This bond constitutes a general obligation of the City , and to provide moneys for the prompt and full payme�t of said principal and interest when the same become due, the full faith and credit and taxing powers of said Ci�y have been and are hereby irre- vocably pledged . IT IS HEREBY C�RTIFIED AND RECITED that all acts , conditions and things re�uired by the Constitution and laws of the State of Minnesot� to be done, to happen and to be perforr��ed, precedent to and in the issuance of this bond, have been done, have han�ened and have been performed, in regular and due form, t�:-.� and manner as required by law, and this bond, together :•:_�h all other debts of the City outstanding on the date �_�reoi and the date of its actual issuarc� and delivery �o�s not exceed any constitutional or statutory limitation c_"' indebtedness . IN j�7ITNESS ti�l��?,�OF, the City of Saint Paul, Ramsey County, Minnesota, by its City Council, has caused this bond to be executed in its be'^alf by the facsimile signature of the P�Tayor, at�ested by t^? facsimile siona'cure of the City Clerk, countersioned b�r �^e manual signature of its Director of Fir.a�^ce and Managemen� Services , and the facsimile of the corporate seal of sa�d City to be printed hereon, and has caused the interes� coupons to be executed and authenti- cated by the facsimile signatures of said officers, aIl as of December l, 1975- Attest � (Facsimile) Rose i��x (Facsin_ile) Lai,rrence D. Cahen City Cler'_� P+Tayor• (SEAL) COli`�?i�RSIG�:ED: Direc�or oi Finance and I�alanaoe^!�nt Services • - .- , , �� i� . ��L��_. On t:�� firs� da�T c_ DecembeN ;June) , , un?ess Lhe bon� :escri��Q 0"r'_0'.:' shali have b��n duly c��led fc,A r�de�::p�ion, and. �aymen� of t�z reder�ip�ion price du�y made o� provided for, the City of Saint Paul , Ramsey County , Minnesota, prorraises to pay to bearer at or at the option of the holder, the sum of $ for interest tne� due on its Ceneral Obligation Downtorm Development Dis�rict PJo. 1 Bond, Series 1975 , dated as of December 1, 1975 , No. (facsimile) Lawrence D. Cohz� Mayor Attest : (facsimile) Rose Mix City Clerk Ccuntersi�ned : (facsimile) Ro�;er A. Niattson Director of Finance and :�tanaye::�nt Services _ � � �s�� 8 • The bonds s:�ai.l be executed on behalf of �h� Cit�l �:� the facs�.mile si�nature of its Mayor, attested 'o� the fa�simile signature of �ts Clerk, and countersioned by the m�r_ual signaturz of i� s D�rector of Finance and I�Zanage- men� S�rvices , in accordance :•:ith Section 475 . 55, Minnesota Statu�°s , and be sealed ;r�tn the printed facsimile of the seal of the City. The interest � coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsir�_ile signatures of the rrayor, Clerk and Director of Finance and Manager�ent Services . 9• The said bonds ti:rhen 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 application thereof. 10. There has heretofore been created a special fund designated "Do�rrnto'vm Development District No. 1 Fundr� to be held and administered separate and apart from all � other funds of the City . Sa�d fund shall be maintained in the manner herein s�ecified until all of the bonds herein author�zed and any other beneral obligation bonds heretofore or her�after made payable fror�, said fund and the interest thereo:: have been fully paid and the City has been reimbursed from �a:t incre�r,ents der�v�d from Development District No . 1 in tne ::�anner and to th� extent required by Iac•1. In said �und there shall cont�nue to be maintained tt�ro separate accounts , . designa�ed as the "Capital Account" and the "Common Sinking Fund Account" , respectively . The proceeds oc the sale of the bonds herein authorized, less any premium and accrued interest receiv�d thereon, and less any amount paid for said bonds in excess of $�4,510 ,OOJ, sha�l be credited to the Capital Account , from ��rr.ich there shall be paid all costs and expenses reasonably necessa»y and incidental to the acquisition and betterment of develo�:�znt program orojects trithin Development District No. 1 incur�ed and to be incurred; and the moneys in said accoun� shall be used for no other purpose . There shall continue to be �ledoed and credited to tne Common Sinking Fund Account al? sums heretofore pledgea and aopropriated to said Account , in- cludin� all tax incr�men�s derived from Dot�rntocm Developr?ent Distr�ct No. 1 (except that the City reserves the right ta reduce or cancel the pled�e o° such tax incre;:►ents if 2nd to the eY�ent perMitted b�� a:�r) , ��ollections o2 all taxes here- tafor� �evied ior �� n�--�^�n� u' bonds here�c_'ore r��ade �a�Table t,_ ..� f'T'O::! �-=_C� ACCOt:rl`�, � =.Yi� 2�1 ii:�'Z�S T'E'?":?^�1(?1T16T 1'_"i S8.1Ci L'SD?�3� ��;�,� aftPr com:�l�� c��-: oi �':�� de�Teloprnent �roora^� pro��cts anc �-�°n� qf tne cos�s ther°of (exce�t 2s 73,y otner�vise ti,� ._ . . ��.P y . ,.,� � �-�_ o�a�; i? -'� ,, , _ , � � �.:.. , ,__. %�-__ _ _s h _ p c�� an�: ;___°�e shall ;�� reu;�.e� `c said Co�:��r�on S;nk�no .rund Accoun� ?li ..._:S her��1. "_ !F'•;_°C: _O^ -^2 ��.�'':i"Y:� Of' : ^° bonds . h°Z'�'_P ► _ • _.. . �� w ° au��orized, the accruzd interest and �premium (if any) received � tt��reon, and any amourt paid for said bonds in ekcess of Yi� , 510,000 . The Common Sinking Fund Account shall be used sole?y tc� ;�ay principal and interest on the bonds issued hereunder and ar.;; o�her general obli�ation bonds of the City heretofore ana hereafter issued b,y the City and rhade payable from said account , except that upon discharge of such bonds the City shall to the � � exuent necessary use the remaining funds in said account to - reimburse the City as provided above . 11. For the prompt and full payment of the prin- cipal of and interest on said bonds , as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged; and for the purpose of providing for the payment of the principal and interest upon the $4,600,000 General Obligation Dorantown Development District Ido. 1 Bonds, Series 1975, when and as the same mature, and for an additional direct tax in an amount not less than five percent (5�} in excess of the sum required to pay such principal and interest wheri the same become due, there is hereby levied on all, of the taxable property in the City of Saint Paul, in addition to all other taxes, the following direct, annuai , irrevocable taxes, �o wit : , TAX ��:'� �OR , �4 �E00�000 G�::.�RAL OB'L��.'-'_��0:'a DG�1:�:;'O:i� D�S^�ICT iVO. 1 =v:`::.`� � � $ER1�S i�!'� 1^�x. reauire3 by (Year of Chan�e� �75, �'�innesota Collection) S�atutes, as am6nded, Budoet T2x for Tax z"c:^ ?n excess of Princ?gzl '_��al Year Princip2l In�eres� an3 In�erest '=�x � r �976 $ $268,812 .50 $13,440.63 $282 , 300 ; , �077 268,812 .50 13,440.62 282, 300 � 197$ 100,000 268,812 .50 18,440.62 387, 300 � . ��79 100,000 263,512 .50 18,175.62 381,700f �980 255,000 258,212 .50 25,660.62 538,900 � 1931 255,000 244,697.50 24,984.88 524,70Q � 1g32 255,000 231, 182 .50 24,309.12 510,500 � �983 255,000 217,667.50 23,633.38 496, 300 � lg$i; 255,000 203,897.50 22,944.88 481,80� ; Z9�� 255,000 189,872.50 22,243.62 467,100 � � 1980' 255, 000 175,592 .50 2 1,529.62 452 ,100 � � � 19�7 255,000 160,930.00 20, 796.50 436, 700 � Ig�3 260,000 146, 140.00 20,307.00 426,500 ! 1gQ� 300,000 130,800.00 21,540.00 452,400C �5;0 300,000 112 ,500.00 20,625.00 433,100 ; y�;- 300,000 93, 750.00 19,687. 50 413,500 : 19;2 300, 000 75,000.00 18,750.00 393,800 ;; ��9; 300,000 56,250.00 1T,812 .50 3'i4,100 : �9?� 300,000 37,500.00 16,875.00 354,400 , �995 300,000 18, 750.00 15,937.50 334, 700 � r - � � � j � ,, � w _ ��6�� • , � ' ' 12 • Such t�.:�es shall be collec�ed, and the payment thereo`' er.forced �:`, the s?:-�:e t�r�e anc� ti�r�th and in like mann�~� as Othel' taxes of �he CitJ� oi Saint Paul, and �ahen collected shall be used sol�ly for p�.�.rin� the ir.terest and principal of sai� bonds when and as the same mature. �-3 • In the event any pr�ncipal and interest come due prior to the receipt of the proceeds of said taxes, it shall be paid promptly, urhen 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. 14 . pursuant to Laws of T�Zinnesota, 1973, Chapter 764, the tax increments deposited in the Common Sinking Fund Account shall be used to reduce or cancel the taxes herein levied to the extent and in the manner permitted under Minnesota Statutes , Section �175. 61(3) ; and the City otherwise reserves its right to further reduce such taxes to the extent and in the manner permitted in said Section 475.61, Subdivision 3 . 7-5 • •i�ne City Clerk be and is hereby instructed to file in the office of the County Auditor of Ramsey County a certified copy oi this Resolution, together rrrith full information regardino the bonds for t�rhicn this tax is levied, and the City Clerk is hereby ordered and directed to secure from tne County Auditor a certificate that he has entered the obligations in the bond reoister as required under the . provisions of Chapter 47�, 1�Zinnesota Statutes, that the tax levy required for such purpose has been made; and that , pursuant to Lai�rs of T�Iinnesota, 1973, Chapter 764, the tax increments derived from Do�Jntown Development District No. l shall be paid by the County lreasurer to the City of Saint Paul for deposit in said Comr�on Sinking Fund Accaunt until the total cost o�' principal of and interest on bonas payable fro�� said Account has been paid from such tax increments . 16. The officers of the City are hereby author- ized and directed to prepare and furnish to the purchaser of said bonds , and to the attorneys ap�roving the legality of the issuance thereof, certified copies of all nroceedin�s and records of the City relating to said bonds and to the financial condition and aifairs of the City, and such o�,her affidavits , certi�'icates an� infarmation as are I'�CU12'c. � to sho.a the facts �elatin, to tne le�alit,y anc'� marke�abil�cy of sa.�d b�nds as t^� s3me�=:.�c� _� �ro:^� tne boaks �nd _ .�coras arz��~� their �L�s�od�; 2.�:: control cr as ether�,:ise r.no:�:n �o ther;, �n� all su�n certified coN�`s , certiiica�es and aifidwvi�s , �n- cludin; any heretofore iu»n�s�ea, sizall be deemed represen- tations of the C��y as �o �h° fac�s recited therein.