264217 WHI7E - - CITV CLERK �6421'7
'��_ PINK �FINANCE COQI1C11
"CANRR3"�- DEPARTMENT GITY OF SAINT� PALTL File NO.
'BLUE � •MAYOR
✓-,,.
,
uncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, by the Council of the City of Saint Paul, that
the Pro�ect Cost Estimate and Financing Plan of the Neighbor-
hood Development Program Minn. A-1 has been submitted to the
Federal Government and approved by them and the Secretary of
the Department of Housing and Urban Development has obligated �
the United States of America, under authority of Part B of
Title I of the Housing Act of 19�+9 and acts amendatory thereof,
to make capital gr�.nts to said Project in the amount of two-
thirds (2/3) of the �Iet Project Cost (sometimes referred to as
Net Program Cost) ; ''�;�._
FURTHER RESOLVED, that the Council of the City of Saint
Paul hereby estimates and finds that, as such terms are defined in
Minnesota Statutes , Section 462 .545, the "Net Pro�ect Costs" of
said pro�ect in the last five consecutive annual inerement periods
(including the current annual increment period which has been
extended so that it runs from Apri1 30, 1�73 to De�cember 31, 1974)
is in the sum of $g2,041,023; that one-third of the total Net
Pro�ject Cost during said five annual increment periods is in the
arnount of $30,680,341.00; that to fund said one-third portion of
said Net Pr��ect Cost the City has heretofore issued Urban Renewal
Bonds in the total sum of $18,907,292 so that the City is
� authorized pursuant to law to issue its bonds to further fund
said one-third portion of the Net Pro�ect Costs in the amount
of $11,776 ,442 . .
• FURTHER RESOLVED, that pursuant to the provisions of Laws of
Minnesota 1963, Chapter 881 as amended by Laws of Minnesota
1967, Chapter 49g, Laws of Minnesota 1971, Chapter 321, and Laws
of Minnesota 1973, Chapter 395 there shall be issued and sold
general obligation bonds of the City in the aggregate principal
� amount of Six Million Dollars ($6,000,000) for the purpose of
further funding the City's share of the Net Pro�ect Cost of the
ro ect to be denominated "Urban Renewal Bonds Series
COUIVCILMEIV Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine
Rcedler Against BY
Sylvester
Tedesco
President Hunt
Adopted by Council: Date Form Approve by ty Att ney
Certified Passed by Council Secretary BY
By �
Approved by Mayor: Date Approved by y for Submission to Council
By By
'' ,( �• � � ��.Y��j1 !
"1974-K; " that the proceeds from the sale o£ such bonds sMall be
allocated to the Nei�hborhood Development Program, Minn. A-l;
be it
FURTHER RESOLVED, that sealed proposals he received in the
office of the Director of Finance and Nanagement Services , for.
the sale of said bonds in accordance wi�h the official Notice of
Sale , a copy of which is attached hereto and has been presented
to the Council and is hereby directed to be placed on file in
the office of the City Clerk; that the terms and conditions
of said bonds and the sale thereof as set forth in said Notice
of Sale are hereby approved and confirmed as the terms of said
bonds and the sale thereaf; that the Notice of Sale be published
in the manner prescribed by law in the St . Paul Legal Ledger,
the official City newspaper, and in Commercial West ; be it
FURTHER RESOLVED, that said $6 ,000,000 of bonds to be issued
for such Urban Renewal Development Project purposes shall be in
substantially the foiio�ti�ing form whicYi has been prescribed by the
Sinking Fund Committee and approved by the Gity At�orney 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 1974-K
No . C �5,000
KNOW ALL MEN BY THESE PRESENTS, that the C:ity of Saint Paul
in the County af Ramsey and State of P�tinnesota, acknotaledges itself
to be indebted and for value received hereby promises to pay to
bearer the sum of Five Thousand Dollars ($5, 000) on the first day
of October, , together with interest thereon from the date
hereof until the principal sum is paid, or until redeemed as herein-
after provided, at the rate of percent
per annum, payable April l, 1975 , a.nd semiannually thereafter on
the first day af October and the first day of April 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 the United States of �lmerica at The First T;ational Bank of Saint
Paul in Saint Paul, Minnesota, or The Chase Manhattan Bank N.A . ,
New York, New York, at the option of the holder; and for the
prompt payment of this bond, both principal and interest , when due,
'� : �� ._����1'�
the full faith and credit of the City of Saint Paul are
irrevocably pledged.
Bonds of this issue maturing in the years 1985 to 2004 , both
inclusive , are subject to redemption and prior payment at the
option of the City in inver.se order of their serial numbers on
October l, 1984 , and on any interest payment date thereafter at
par and accrued interest plus a premium of $75 . 00 if redeemed
before October l, 1991; at a premium of �50 . 00 if redeemed on or
after October l, 1991, and before October 1, 1996 ; at a premium
of �25 . 00 if redeemed on or after October 1, 1996, and before
. October 1, 2001; and without premium if redeemed on or after
Octaber l, 2001 . Notice of redemption shall be given by publica-
tion of a notice of redemption once in a da:Lly 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 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
sha11 cease from and after the date so fixed for redemption.
This bond is one of a series of bonds issued and sold by the
City of Saint Paul , in the ag�regate principal amount of �6,000,000 ,
µ.��;;�»; �o,� r�T rrP r,aws �f M-i.nnesota 1�63 , Chapter 881, as amended
..� .��..� _..
by Laws of Minnesota 19�"( , �hapter 4yy , Laws oi i�iinnesotia iy7i,
Chapter 321 and La�,rs of Minnesota 19•73, Chapter 395 , 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, designated Neighborhood Development Program,
P�iinn. A-1, being one of the several Projects for which the City
is authorized to issue bonds to fund its local share including
the City ' s expenditures on account of any remaining costs of
municipal buildings and improvements to be constructed within or
adjacent to the area of said Projects .
It is hereby certified and recited that all things , acts and
conditions required by the Constitution and Latias of the State of
T�Iinnesota and the Charter of said City to happen and be done and
performed precedent to and in the issuance af this bond, have
happened and been done and performed in re�ular and due form,
time and manner as required by lactiT and that the issuance of this
bond did not cause the total indebtedness of said City to exceed
any constitutional, statutory, or Charter limitation.
IN WITNESS L�JHEREOF, the said City of Saint Paul, by its City
Council, has caused this bond to be sealed c�rith the facsimile of
its Official Seal lithographed hereon, to be signed by the
• ' � ' ' ����� /
lithographed facsimile signature of its NIayor, attested by the
lithographed facsimile signature of its City Clerk, and
countersi�ned 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 lit��ooraphed facsimile signatures
of its said officers , as of the first day of October, 1974 .
(facsimile) Lawrence D. Cohen
Mayor
Attest : (facsimile) Rose Mix
City Clerk
Countersi_gned :
Director of Finance and Management
Services
(Seal )
COUPON
On the iirst day of April (October) , , unless
Lne bonu descriueu uei��^i �iia.ii iiav�� ue�ii uuiy cdiieu 1V.L' i`Cl1dI11�i1,1Ul1�
and payment of the redemption price duly made or provided for, the
City of Saint Paul, Ramsey County, P�Ii�?nesota, promises to pay to
bearer at The First National Bank of Saint Paul, in Saint Paul,
Minnesota, or The Chase Nanhattan Ban�c N.A. , New York, New York,
at the option of the holder, the sam of $ for
interest then due on its Urban Rene�aal Bond, Series 197 -x, dated
as of October l, 197�1 , PJo .
- (iacsimile) Lawrence D. Cohen
P�Iayor
Attest : (facsimile ) Rose Mix
City Clerk
Countersigned : (facsimile ) Robert L�1. Trudeau
Director of Finance and Management
Services
and be it
�. , �: ,
� . � �;.��.��_-,��
FURTHER RESOLVED, that each said bond shall be sealed by the
facsimile of the Official Seal of the City of Saint Paul
lithographed thereon and signed by the lithographed facsimile
si�nature of its Mayor, attested by the lithooraphed facsimile
signature of its City Clerk, and countersigned by the manual
signature of its Director of Finance and Management Services ,
and the interest coupons thereto attached shall be executed by
the lithographed facsimile signatures of said officers;
and be it
FURTHER RESOLVED, that the proceeds from the issuance and sale
of said bonds , as received by said City , shall be deposited in a
special fund of said City designated as "Urban Renewal and
Development Fund; " and therein allocated to and subject to
disbursemznt for the City ' s obligations pertinent to said
Neighborhood Development Program, Minn. A-1, for the payment of
the cost of the aforesaid project as estimated, as aforesaid, and
for 'che further payment of any remaining cost of municipal buildinos
and improvements to be constructed within or adjacent to the
Project area . That despite the allocation of bond proceeds made
in �1115 Resolution, the same sha11 be subject to reallocation in
purpose and amour.t consistent with the la��rs under wY�.ich said
L`CnCl:.'. ii.P�: uU'�i1JZ'1��°C..' LC: �:.' 1.4.:.1:1°::� 'r'i'J�.r.:.Q�'.:� :i:'.-#..1. I:U fJ�:.�.�'G :3f�.:I;C-'�.
proceeds of the issuance and sale of any of said bonds shall be
made the subject of any reallocation oi° disbursement except for
the purpose of the payment or defrayment of said City ' s obliga-
tions assumed under and by authority of said laws in respect to
one or more of the several Urban Reneti•aal Development or Code
Enforcement Proj�cts authorized thereunder.
- FURTHER RESOLVED, that the full faith and credit of said City
is hereby irrevocably pledged for the prompt and faithful payment
of both principal and interest of said bonds; and be it
r
WHITE�� - GTV CLERK �s421"7
-PINK -FINANCE CITY OF SAINT PATTL Council
CANA,RV`- DEPARTMENT
��BL'UE ZMAVOR
� File N 0.
� � oun il Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
FURTHER RESOLVED, that the City will not make any use of the
proceeds of the Bonds to be issued which, if such use had been
reasonably expected on the date of delivery of and payment for
the Bonds, would have caused such obligations to be arbitrage
bonds within the meaning of Section 103(d) of the Internal Revenue
Code and any applicable temporary, proposed or final regulations
promulgated thereunder; and the City will and will cause any
other entity authorized to invest said bond proceeds for the
City to comply with the requirements of said Section 103(d) and
all applicable regulations pertaining thereto while the bonds to
be issued hereunder remain outstanding.
COUNCILMEN Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine
Rcedler � Against BY
Sylvester
Tedesco
President Hunt
P Y �.E P 1 1 Form Approved by ity At orney
Ado ted b Council: Date t974 �
<
C s by uncil Secretary BY
�
Approve by May : Date g Approved by Mayor Su mission to Council
By By
. PUBLISMED SEP 171974 �
.
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� � ^ . . _ 0;:'�'IC.�.AS� ADV�RTISF�IB�T ' l�Z ' _
. ..�. . - I�Oi:CCE 4i� BO�ID SALE - � �: � . .
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' �.CITY OF SAX13T PAUL, riTl3i�`ESOT!� :
,._
3 + �� $6,000,000 UP,BAN FcEP?Lt•)AL nONDS; S�RTES �.974-Y. , . _
� $500,000 DOr1NT0.JPi D�VF,LOP�NT DIS�RrCT IZQ. 1 BO�TDS, SERIES 1974 -
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• � . .
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� No�ice is hr�reUy �iven that sealed proposa�s for the purchase ot the
within descxibed bonds �•�ill be r.eceived at t.�e Department of Fi_nance and T1ana�er:ient
Services', Accounting llivision, 109 CiL-y Ha17. and Court l�ouse 13ui1ding in Sai.nt Paul,
i�ia.nnesota, up to 10:00 A. ri. Central Dayli_ght '�ime, on
� WEnNESDAY, SEP'i'L�iBEP. 25, 1974 _
� and �uch pro4�osa7.s �oill then be opcned by the Dixector o£ the Department of �`:inGncG
ar.d 2ianabeme�.t Se.rvices , or his repr.eseut�ti_ve, ��r�o sha11 praceed to t�Lulate said .
bi.ds and mal:e a recorrmeTldaLion to.i�l�e City Counci?_ at their regular meetin�; that day.
};ased on t.his recor,imendation, th� Ci_ty Counci:t sha11 proc��d to malce t�he araard of,
or r.ejec� anS� and alI bids far ttie faliowin� Uor.ds: _ '
A17. or r.one o� $6,OOO,Q00 Par Va�.l�e Coupon URBlLI� RFNE�dAL T3�NDS, ST;RI�S .
- 1g7�-K, numbexed C�I to C-1'100, inclusive, r.latux`i.ng in numerical orc�er on October 1
in each of_ th:: S�ears and am�unts as follo�as: '
� $20U,C�0 in eacli oi l-.f�e )'t?3YS 197% to 1986, inclusive
: . $7.SO,OUp in each of the years 19S7 Zo 1�04, ir,.clusive
,$`L5t�y000 in each oi tn� y�a�� I99� to 199�, inclusi.ve
-$3GJ,OUG in eacli of tYie years I999 to 2004, inctL�sive.
Said 5��'ies 1974-I: T3onus are isst.ed for the purpose oi fivancino varzoiis urban rene�oal
. c�eveiopmert projecL-G desa_�nat:ed by thG Gity.
� A11 or none o� $500,OO�J Par Value Coupon DOZNTUY,1� DEVETOP;�NT DISIT.7CT
N0. 1 BOi�DS, S�RI�S 197�F, nu.-nbered CC-1 to CC-100, inclusives maturing �_n numer.ical
ordex on Octcber 1 i_n each of the years and amounes as �ol�o��s; .
� $20 000 in eact�. of the years 1977 to 1985, i�ir_Iusiv� � :
; , $10,000 in eac?z of tne yeais 1.987 �.0 1996, inclusi�e
� $25,000 in each of the yeazs 1997 tp 2004, inclusive.
r . .
� Sa�.d Series 19;�F Bonds are i.ssued �ox the purpose of fznancin� expenses reasottab�y
� n�cessar}� and i.ncid.ental to the acquisition and betterniPnt oF developm:nt pro�xam
� projects oL- the City �aitlz9.n De�Telopment District No. 1.
w
°? Th� bonds of each is�ue r�aturing in. the years 1985 to 2004, both �.r..c]usi.ve,
t are subject to reclemption and prior paymex�t: ar the option of the City in inverse
`� order of ttzeir serial. nurnbers on October 1, 19£34, an� on any interest p��n^`nr �t�i�e
s t�iereafter at par and accrued interesC plus a pre��ium o£ $75.00 if redeemed l��fore
j October ]., 1R91; zt a preinitlm of: $SO•00 if rcdeer.:ed cn or after October 1, 1991y
'' and befo�e October 1, 1.996; at a prcmium of $25.00 if redeemed on or aftc:�' October ]., '
; 7.99(�, an1 before October 1, 2001; and taithout: prcmium if redeemed on oz �Lter
4
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wcara�no
YA�CM 1111
CITY OF SAINT PAUL
OFFICE OF TFiE CITY COUNCIL
CITY HALL AND COURT HOUSE
SAINT PAIIL, MINNESOTA 55102
September 9, 1974
Mrs. Rose Mix
City Clerk
Dear Rose:
T request that you place on the City Council Agenda for
Sep�ember 11, 1974, teao proposed resolutions.
The first would fix a date of sale and approve tl�.e form of
bond for the six million dollar urban renewal bond issue.
The second would fix a date of sale and approve a form of bond
for the $500,000 downtown development district number one bond
issue.
Thank you.
Cordi our
—
,
Robert ster
Cou i an
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. . _ :: ; iven b blication of~a notice of .
October 1, 2001• Notice of redemption sheneral �irculatio , or in a daily financial
redemption once in a daily newspaper of g
er ublished in the City of New York, New York, ,shedPrn aeainnesotaEcgtysoflthe
PaP � P eriodical pu31i
uage, and once in a daily or weekly p
first class, or its metropolitan areaurnisheslfinancialheewsgasspartnofaits services,
circulates throughout the State and f
such notice to be puUlished not less than thirty days pr or to the date fixed for re
demption, and if such notice sha11 have been given and ayment hereof duly made or
' provided for, interest thereon shall cease from and af r the date so fixed for redemption�
. / ._._ ,.,...,..
/ - - _._
__-- _ ' s and Mor an of
M'�V� �Y��iE unnualifi.ed �beriurn�shedn aitll L-he 17bove lionds at time�of delivery.
Saint Paul, riinnesota, taill
The opinions �-�ill be p�'inted bn t;1e �'evea3evalore ��,a��� bo�d��1enpayment�oftsaidaboids
CitS� has pooTer and is obli�ated �O �c ert �aithi said Cit}�, subject to taxation byr
dnc] tre interest thereon upon �.11 p P y ��}�e successftrl bidd�r� �ri1i be -
S�.�d �ity ��aiYhout limiL-ation of rate or amount.
fur.nished �aith tl�e usual clasing docu;:�entbonls�luding a cer�ificate thaL no litigation
�,S pe.n.d�_ng afiectit�g Lhe issuznce of the
The bonds �oill Ue issued und date of Octoct�Uer 19a(nd Lpri].111eat�Thes
payable April l_,. 1975 and semiannual thereafi�er on 0
rirst 1.�atiion�l. �3ant. of Sa;_nt Paul, , ain.o�tion� fltheSliolc�eor ai: 7.`he CYiase rSa�uiattan
�ianlc, I�.l�. , l�eta Ycrtc, I�e�.' �.o3_lc, a' tlic. i
Ttie Cit�y of �ai�� Pa 1 �;a.li furizisil i:he .printed a�:�d elecui.ed ccupen Uunds
' r ;n t��e dei�om�inatzon c>f 55,000 each. CUSTP
`aithaut cost 1:o i:he success..u1 bidder
nwnbnrs t��i1J_ Ue imprintec� on he bonds if- i����acce tancle�of_uthesbid1andc,at�th� ex-
�ariting not less than tYiree ��� xltii�g �ays a P
; pense of such bidder• Incoxr ct �e�}��o�acP°p�tdelt�very of� said�Uo�dst1tute caizsE
for refusal. of Lhe su�ces�ful bid
A Under and by the erms of the resolution authorizii1�; the issuance of the
S ' ` �/�
S • above bonds, the full fait�i and credit of the City of Saint Paul, �iinnesota, aie
i
' irrevocably pled�ed to pay the Pr�.nci�al of aizd it�terest� on the bonds �•7hen ue.
,� _ �
� ' Each bid sha11 specif_y in multinles of one-fourLh or one-i:enth of one per
i cent the rate or rates of interest which the issue of bonds va able to the orderaof
`:� s'nall be accompanied by orctaolfer�centc(2%)eofsthhepr�-nc�ipal amount of the issue
'� the City of Saint P�ul f P er ceni� (7%)
` for which the bid is submi_ti:ed. I�o rate of in.terest may exceed seven p �� �are oi
i� per annum. For each issue, all Uou���of t��es�a� maPpiicabl.esto any bonds�oi an
! � interest irom date of issue Lo mat y
! b1e to tlze bonds of tlie same issue having
� � issue may noe be lower thau the raLe applica
x � an earlier maeurit;y date. Additional couponfp��each�isbueP� Bidde�i's may not�condition
? � - {ive (5) separate inLexesi: rates may be b1d
= �1
ieir bids on the a�vard of all or none of said issues oi b�nds. Each xssue of bonds
; ;� wi11 be a�aarded as a separate issue.
� M At�ards c�il1 be r.iade on the basis of_ the lo�•aest net interest cost to Che City
, _� ,re-
s '� of Saint Paul, such inL'erest cost to bemc�olri�?tlof��n erestcp�Y�bll�con LheLUondsl`ofl th�
"° � ini.um bid for the issue from thc� total
x e trom their date to the x'espec�ive maturities thereof at the rates speci�ied t�Y
� �.ssu
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, , � ` . ould� Ue' �nclosed �.ii a sealed envelope plainly marlced to .
�Lhe Uidder. Each propossl sh - : '
'dentify the is::ue of bonds for wha.ch such bid is subm�tted• .for �
1 ; _ . ..
Sair.L Paul, as part payment of the purchsse
Upon award of the bonds, �the ch��ck of the successful bidder or bi ers
each issue will be depos�_ted liY thoK�asyliq.uidated damages if the bonds are not taken
price of the bonds of that issue, - . . .
up and paid for wlze� ready for delivery. . ;: . , ,
- ust be uncon dition a l. N o b�.d �•�i�-�- b� arnandeaccruedclinteres t t o
A l l b i d s m
accord�nce wi.th the tezhc o� i t115�1��Selved to�reject�a ny or all �heS'urc:�asereio£
� date of delivery, a�� t g
deliverY cf the bonds, pa}rillEllt- of the amoUnt due must be made y P
F�DII'J�L FU'i�DS withoue cost to the City o� Saint Paul. ��� ln a�� c�ty
��i�L be made «ithin fo�ty (40) days f�om date of s
Delive�:y urchaser and at his expense.
and at any place designated by the p
offering �f Uonds ��i11 be made by the Ci�� of Saint �aul for any purposc
No .
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�01 at least sixty (6�) days £rom date of sale. ,
G Bid fornis are availahle upon r°quest.
• � - the O�ficial StaL-eir�ent and I:OL'1Ce O� Sulelliv sion,b109nCityrom
� Copae� oi
the D�paz�ment Qf �''i�ance a�z1 ]�tanagement Servz.ces, Account�ng
� Ha7_1, Saiiit P�ul., r'liuuesota 55102 (61?_-290-5��91) .
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� P.OfiIIZT. 1�T. TRUD�h.U, Director
ti � . Depar'.:ment of I'zn�lnce and
�:� ` • Management Services .
�; Da�:ed° ceptember 14, 1974
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�� .� and to Standard and Poor�s �or
�� , ~ ' n has been made to Tiood} s
�; BOND �TING: APPlicatio Current rating Aa
; i a rating.
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- M ` '�.CITY OF �SAXIVT PAUL, r1INNESOTA - �`=
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' f� �y " � 6,000,000 UP.BAN TcEl@�t•IAL T30NAS; SEFIES �974 Y. -
' '` $ '`
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'. . � $500,000 DO,dNTOTd13 DEVELOP�'I�NT DIS7.'RTC"t' IZO. 1 IiO�IDS, SERI�S 1974
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. Notice is .hereUy given that sealed proposals for the purchase oi- the .
within described bonds �ai7.1 be xeceived at the Department of Financ� and Manager�ent
- Services", Accounting Division, 109 City HaI1. and Court House I3uilding in Sai_nt l�aul,
iiinnesota, up to 10:00 A. T1. Cen�ral Daylight Time, on
: . W�nNESDA`�', SEP?'L'�1BEP. 25, 1974
. � �� �
• and �uch pr_oposa7.s ��rill then be opcned by the D�rector of the Department.of �':inGrice
an3 Nanag�.mer.t S�rvices , or his representative, �:Tho sliall proceed to tahu�.ate said
bids and make a recorr�endat_ion to.�he City Cowlcil at thei.r regul.ar meeting that day.
13ased on t.his recoz�nendation, t�ie Czty Council. sha11 proceed to malce the a�aard of,
az reject any and all bids for the �olio��ing bon.ds: . '
A11. or r�one of $6,000,000 Par Va1ue Coupon URBAI� KFNESdAL �iONDS, S�RS�S -
- �97l�--IC, numUered C-1 to C-1200, inclusive, maturing in nvr:ier:ical order on OctoUer I
i.n each of th� years and ani�unts as i�ollows:
� $2.00,C00 in eacli of the years 197.% to 1986, inclusive
� fi150,000 i.n each of t-he yeax-s I�387 �0 1°O4, �ir.clusive
.>>25�,OU0 in each oi tiie }�ears I99� to 1998, ii,clusi.ve
-$300,OU0 in each of tY�e years 1939 to 2004, inclusive.
Sazd S.erxes ?_974-I: Tionds are issued for the purpose of financing vari.ous urban renewal.
de�=elopmert projeci�s designated by thC City.
� All or nane of $500,000 Par Va7.ue Coupon DOTd`ITUTSN DEV�LOP�L�NT DiS'1'I'�7C'� �
N0. 7. BQ�DS, SERI�S 197��, nu:�Uered CC-1 to CC-100, inclusive, riaturing in numPr.ical
order or. October 1 in each of tMe qears and amotznts as fol:lou;s: .
� $20,000 in each of the years 1977 .to 1986, inclusive ;
$10,000 in each of the years 1987' to 1996, inclusive �
� $25,000 in each of the years 1997 tQ 2004, inclusive.
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� Said Ser�es 197�E I3onds are issued for the puzpose of financing expenses reasonably
? nece.sary and i.ncidental to the acquisition and betterment of developm�nt program
� projects oi the City wiLhin Development Da.stri.ct lJo. 1. :
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` The bonds of each issue maturing in the years 1985 to 2004, both �i'clusi.ve,
� are subject to redemption and prior payment at the option of the CiL-y in i_nverse
" oxder of thea.r serial numbers on Octobcr 1, 1984, an� on any inter_est payrient clate
; thexeafter at par and accrued interest plus a preilium of $75.00 if redeemed Uefore
a October 1, 1991; at a pzemiLim of $50.00 if x'edcemed on or after UctoUer 1, 1991,
' anci befo�e Octobe�: 1, 1996; at a prcmium of $25.00 if redeemed on ox' aiter October 1, '
'' 19g6, anci before OctoUer 1, 2001; and withou� premium if redeemed on or after
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, '. ` 2001. � Notice of redemption shall be given by pub
lication of a notice of
October 1, eneral circulation, or in a daily financial
redemption once in a daily newspapex of g
paper, published in the CiL-y of New YeriodicalYpuUlishedpin ae�innesotaEcgtysoflthe
uage, and once in a daily or weekly p
first class, or its metropolitan arefurnishes�financialhnewsbasspartnofa�ts services,
circulates througllout the State and
such notice to be published not less tle�been�rivenaandPpayment hereof�dulyXmade�or�e
demption, and if such notice sha11 hav g
' provided for, interest thereon sha11 cease from and after the date so fixed for redemption.
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--- 5 and Mor�an of
x'he unqualifi_ed approving opinions of the law iir_m of Br�.gg'
Saint Pau1, riinnesota, wi.11 be furciileedrsetsides of�the Uonds�and��ai_J-1f�LateVthat: the
The opi�1i.ons will be p�°inted bn t,.i
City has poGler and is obligated to letiry ad v�lorem taxes f:or sn� eC�n��ot�aY���Un �yyjl s
dnd tY�e intcrest tliereoi� ul?on all propert5� wit:hinrhe�successft�l bidd�rs �"Ii be -
- said Ca.Ly ��'i.thout limitation �f rate or amounti. �Lio11
furnished �aith the usual clos:i.ng docU.men�s, �incZud:in; a certi�icate th.at no litig' -
�,s pet�d:�llg affecL:ing the issu�nce of the bo�zds. 1
The l�onds �ai].1 �e issued ur,.der date�er ontOctoUer l�and t�pri'nlcatSTheS
payable Apri.l 1,. 1975 and semiannually thereaf
First Nationu.l. J�a*�lc of Sa�int ^Paul, Sacn��tion�o�li_hesliolde,��, at T'i�e Chase ri�i�.zattan
L'anlc, T�.�. , I�e�a �:a.:lc, N�:c,T �'o�lc, at tl �
T"t1e City of Saint PauZ �aili {urnisii L-}le .prixlt'ed a�zd clecu�_ed coui;on buncis
° -�n the del�.omination of SS,OCO each. CUSTP
wii:hout cost to 'the successi:ul biddei
nuynbers �.iill be imi�rin�ed on tlze bonds �ii i��rcact.ce�banc1eeof.L1the5Uid�ai�dddt�the ex-
writing not less than tli'ree �vorlcing da}s a I
; pense of such U:iddex. Incarrectdderr'JLoSaccepttdel�very �i�s���a�vo�as�14ute c�use
for reiusal of t_he successful bi
`� � Undex and Uy the texms oi the resolution authori��'-aulth2fini�S tae are��ie
`�; above bonds, the full faith and c�edit of the Ci�y of Saxnt P ,
i irrevocaUly pled�ed to pay the principal of an.d interest-on the bonds �at�en due.
' ' Each bid shall specify in muli�iplesyo��°of bonds11bic3 for isnto bearn�andr
k° cent L-h� ra+�° or rates of interest �ahich the i ,
� s'nall be accompanied by a cert-ified or. cashie�fs�l'U��lY�ncapzla�anount�oftthe i-aSUe�f
.! P
`� the City of Saint Paul f_ar tcao per cent (Z�o) ^y , el cenL (7%)
� g�r �ohich the Uid is submitted. I�o rate of in.terest mG cxceed seven P le r.aL-e ot
? � per annum. For each issue, all bands of the sai�e maturity nust U�ar boSas�Ut an
; ; interest �lom aat� werltllan themratelapplicabl.eato thelbondseof�theysame issue having
. � issue may not be 1
� F an earlier maturity data• Additional coupanfoi�each�isbue e Bidders may not�conciition
� .�
{��� (5) Separ.ate interest rates ma}* ve 1
' � their bids on the award of aIl or none o� said issues oi bo�zds. Each issue of bon s
' ; wi.l.1 Ue awarded as a separate is�u�.
� .
� Awards caill be made on ehe basis of L-he lo��es� net interest cost to the Clry
��; �r.e-
� of Saint Paul, such interest cost t° bamountuofc1inteaesCCp�y�bl1eeonnChetbonds of-� tlie
�> `imi.um bid for the issue txu�n tl1e tot�31 ecifze� t�y
`' �ssue from Lheir date to the respccL-ive maeuziLies thereof ai: the rates sp
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ro osal �should be enclosed iri a sea.le:d enuelope plainly marl.ed to
'L-he Uidder. Each p P �
'dentify the issue of bonds for rahich such b�.d is subm:�tted , � for
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Upon award of the bonds, �the.chfcsa����P�ul'���sSPa�t payment�ofbtheepurchase
each issue will be depos�ted by the City ° uidated damages if the bonds are not taken
price of the bonds of that issue, or as liq
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up and paid for when ready for delivexy. - . be considered which is r.lot in
All bids must be unconditional. No bid w�ll
accardanc
e taith the tei-ms of this notice or for le�ctt�aan orralldbidsruedtit�r�ieeof tO
� date of delivery, and Lh� �=��gh� ls reserved to r�J the urchaser in
delivery of the bonds, pa}*ment of the amount due must be made by P
��DID.'.LiL FUI�D� wi-�hoat coat to tlie City of Saint �'�u1• of sale in any citY
Delive�-y «ill Ue made caithir� forty (40) da}*s fxom date
and at any place desi�n�tec3 by the purcizaser and at his e�.pense.
� -ferin of bo��zds will be made by the City of Saint Paul for any purpose
No oi g
for at least si�>ty (60} days �roin da�e of sale. .
Bid fornls are availahle upon rec�uest. , :
• �- f the 0£ficial Statement and T�dotice of Sn�e�iv�isb�n,�109n�a����m`
Cop�e� o
t11e Department vf Finance and Iialzageme,lt Services, Accou�z 1 b
. � Hall, Sair�t I'aul., I�1inuesota 55102 (612-?_90-5���7-) •
�'� P.OBLRT, i�I. TRtTDE�1Uy Dirc:cL-o�
;` � � . Depaz':.m��zt of �inance and
i; `. • Management Services .
�a Dated• Sehtemher 14, 1974 .
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� ' ` N�; Application has been rnade to rioody' s and to st�lzaara and Poor's £or
f SONll RATI .
; a ratxng. Current rating Aa _
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