264218 �` �WH17E - CITY CLERK - �j
�AN�:,Rw�=�PA TMENT GITY OF SAINT PATTL Council �6'`t�1S
BtI�SE ��- MAYOR File � NO.
� � C cil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, by the Council of the City of Saint Paul, that
pursuant to Laws of Minnesota, 1973, Chapter 764, the City of Saint
Paul has incurred and will incur initial expenses reasonably necessary
and incidental to the acquisition and betterment of development
program pro�ects of the City within Development District No. 1
and that such expenses include but are not limited to the cost
of necessary professional planning studies , architectur�.l, engineer-
ing, legal and other professional services ; and be it
FURTHER RESOLVED that pursuant to the provisions of
Laws of Minnesota, 1973, C�iapter 764 and Minnesota Statutes ,
Chapter 475, there shall be issued and sold general obligation
bonds of the City in the aggregate principal amount of Five Hundred
Thousand dollars for the purpose of providing funds to finance
said initial expenses reasonably necessary and incidental to the
acquisition and betterment of development program pro�ects of the
City within Development District No. 1; and be it
FURTHER RESOLVED,that the estimated amount of tax in-
erements 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 in Development District No. 1
is not less than 20 percent of the cost of the development pro�ects
within Development District No. 1 the initial expenses of which
pro�ects are to be financed by said bonds ; and be it
FURTHER RESOLVED, that sealed proposals be received in
the office of the Director of Finance and Management Services ,
Accountin� Division until 10 :00 A.M. (CDT) on September 25 ,
1974 for the sale of said �bonds in accordance with the offici-gl
Notice of Sale a copy of which 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 �he
sale thereof as set forth in said Notice of Sale are hereby approved
COUKCILMEN
Yeas Nays Requested by Department of:
�� 1 Hozza In Favor
Levine
���Christensen � Against By
xx�qsE�ax Roedler
Tedesco��V��er
Mme.President
Form Approved b Cit Attor y
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by Ma�or: Date Approved by Ma for Submission to Council
By BY
,
, �
^ � �' � �6��Zg
pr. escri.b�d b,y law in the Saint Paul Le�;al Ledger the official
Cit,y ne��rs�ap�r and iri Coir.mercial �^;est ; and be it �
Fi1RT��ER RESOLVFD, tnat said �500 ,000 of bonds to be
issued for such development prog;ram nurposes shall be in sub-
st�.ntially the follovling form ti�Thich has been approved by the
Ci�y Attorrie,y of thF City of Sa.int r aul , and is hereby approved
and adopted :
I7NTTED S`�A`�'�:S 0�' A?'�:ERTC!�
ST�'�TE OF :"Ii:`iFSO`I'A
COUT�ITY OF RHn�SEY
CI`rY OF SkI:;�' P�1UL
DO[�1NTOj.dP� DE`��,OPI�:ENT
DISTRICT N0. l .BONDS
SERIr,S 1Q7�4
I�To. CC $5 ,000
KI�10?51 ALL T�fiET1 BY TIiESE PP�ES�i�1TS, ^lhat the City of Saint
Paul, in the Countv of Rarnsey and State of T�4innesota, acknowledE;es
itself to be indebted and fo.r value received hereb,y promises to
pa,y to bearer the sum of Five Thousand Dollars (�5 ,000) on the
first da,y of October, , together with interest thereon from
the date hereof urtil the t�rincinal stzm is naid, or until redeemed
as hereinafter provided, at the �ate of
per cent per annum, pa,yable Ax�ril I , 1975 and semi-annually
thereaff,er on the first da,y of October and the iirst day of Apri-l�
in each year as evidenced b,y and utio�? the pr�e.senLaf:i�r1 a.n�a
surrender of the annexed interest coubons �.s they severally
become due . Bot;h prs.ncipal of ancz �nf;erest on this bond are
payable ir: la�•�ful r��oney of the Unite;a States oi' America at The
First National Bank of Saint Pau± , �.n Saint Paul , Tfinnesota, or
The Chase T��anhattan Bank , N . A. , in :de�v York, Nev�: York, at the
option of the holder; and for the prornpt pa�,�ment of this k�and,
both principal and interest , wher� dLe , the full faith and credit
of the City of Saint Paul are irrevocabl,y nledged.
= Bonds of this issue maturing in the years 1g85 to 2004 ,
both inclusive, are subject to redem�tion and prior payment at the
option of the City in s.nverse order of �heii serial numbers on
October l, 198� , and on any iriterest pa,yment date thereafter at
par and accrued interest plus a nrer.-�:ium. of �75 . 00 if redeemed
before October l, 19q1 ; at a prer.�iur:: of $50 . �30 if redeemed on
or after -October l , 1991 , and before October 1 , 1�9G ; at a pre-
mium of $25 . 00 if redeemed on or affier Octo�er l , 1996 , and be-
fore October 1 , ?_001 ; and L41tY1011t a �remium if redeemed on or
after October l, 2001. . I�'otice of re�emption shall be given bv
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publication of a not-ice of redemption once :Ln a dail,y neU7spaper
of �;eneral circulation, or in a dail,y financial paper , published
in the City of New Yor�, Neti�r York, and printed in the English
lan�;ua�;e, and once in a dail,y or weekl,y periodic.al published
in a T�Zinnesota ciL,y of the first class or _i_ts metropolitari area,
and printed in the Er.glish langua�e , which circula�es throughout
the St��f,e and furnishes financi_al news a; part of its service ,
such notice to be published not less than thirt,y days prior
to t;f-�e date iixed for redemption, and if sucn notice shall
have been �iven and payment hereof dulv made as provided for,
inLerest hereon shall cease from and after the date so fixed
for redemption.
This bond �s one of a series of bonds issued and sold
b,y the Cit,y oi SainL Paul, in the ag�;re�;ate p��°incipal amount of
�500 ,000 , authorized by Laws of P�linnesota 1973, Chapter 764 ,
and duly adopted resoiut;ions of tne Council of �he Cit,y oi' Saint
Paul, for. the purpose of procuring the necessar,y funds to
finance expenses reasonabl,y necessary and incidental to the
acquisition and betterment of development program projects
of the Cit,y within De�;elopment District No . 1 .
It is hereb�� cert�_f.ied a.nd recited tha.t all things , acts
and eonditions requiYeci by the Cons'citution and Lai�rs of the State
of I'�iinnesota and the Charter of s«.i d Cif:v to happen and be done and
pe�formed pz ecedent `;o and in tl�e issuarice of ;his bond , have -�
izappen�d arzci been d.on� arld pe.rf'orr:ted i.n regul.ar and due form
and t-imc as rcau3_red %�y lai�r and tha� f:he i s;ua:�ce of �his bond
d.oes no`; ca��se the tota�l i_r.debter�ness of �aid City tc� exceed any
constitutional , statutor,y , or cha.rter lim:itatior� .
IT1 ti�JITI�TESS ��IriLREOP, the said Ci.tv of Saint Paul, by its
Cit,y Council, has cav.sed this bond to be sealed U�Tif;h the facsimile
of its Official SPal li.tho�raphed hereon, to be signed by tize
lithograpned facsi:�ile signature of its P�iayor, attested by the
lithographed facsimile signature of its City Clerk, and counter. -
signed by the mar.ua�_ signature of if.s D_irector of' �+�inarice and
P•�anag;ement Services , and each of the interesL coupons hereto
attach�d to be executed by the lithographed facsi?nile signatures
of its said officers , as of' the first day of October, 197�4 .
(f�csim� le ) , �,•:re�l�:;� C;o�:en
T��ayor
Attest <'�i; ;-i��:i_L:> 1 �:-;� ;'.1.
city Clerk
Countersip•nea :
Director of Finance an�
(Sea.l) T:Tar.a�er::ez�t Services
. . , , ���.���r��7
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COUPON
On the first day of April (October) , , unless the
bond described belot�r shall have been duly ca.11ed for rede?nption,
and payment of the redemption price duly made or provided for,
the City of Saint Paul , P��inneso�a, promises to �ay to bearer a.t
The First F1at:ional Bank_ of Saint Paul , S�.in� Paul , P��innesota,
or `ihe Chase Manhattan �ank , N .A. , T?eia York, Neti�r York , ai; the
option of tYie holder, the sum of $ for interest
then due cr1 its Dot�rn�o��:�n Development Dist.r. i_ct i�io . 1 Bond ,Series
1g74 , dated as of October l , 1974 , Pdo .
(facsimile) Lawrence D. Cohen
P�[ayor
Attesf. : ( f'acsimile) �osP Mix _
Citv Clerk
Countersigned : ( facsimile) Robert ��I. ir. udeau
Director of Finance and
Mana�rement Servi.ces
and be it
FURTHER RESO�VED, tnat each s<�id bond shall be sealed b,y
the f�.csimile of the Oi ficial Seal. o�F the Cif,,y of' Sa.:int Paul litho-
graphed thereon and. si�ned by the litho�;raphed `'acsimile signa�ure
of the A":ayor, attested by li�;hographed s�gnatur� of its Cit,y Clerk,
and countersigned by the mar.ual signature of i.�s Director of
�inance and T��anagemeY?t Se_+�vices , in accordance ;,�ith Sects_on
475 . 55, Minnesota Statutes and the interest counons thereto
attached shall be executed bv the lithographed racsirr.ile
signatures of said officers ; and be it
FIIRT��ER RESOLVED, -�hat said bonds shall be vaya,ble in
la,�rfu1 mone�v of the t;n�ted. States of Amer:i_ca at The First �iational
�3anI2 of Sain� Pau1 , Z.r. Sain�. Pavl , P�Zinnesota , or The Chase P�I�nhattan
B�nk, Td. A. , in r�?eva Yor��, rieti•a York , at the opi;ion of the i;older,
and the fu11 faith ard credit of said City is rereby irrezrocably
pledged for the oraMpt and faithful pa,yment of both principal and
interest of said bonds ; and be it
� � � , , �/ lSF��R^f'�V
4
FJRTHEK PESOLVED that there is hereb,y created a special
fund to be designated "Downtown Development District No , 1 Fund"
to be held and administered separate and apart from all other funds
of the Cit,y . Said Ftzild shall be maintained in th� manner herein speci-
fied unti_l a7_1 of the bonds herein author. ized and any other general
obligation l�orids hereafter made payable from said Fund and the
interest on said bonds have been fully paid. That in said Fund
there shall be maintained tivo separate accounts , to be designated
as the "Capi�al Account" and the "Common Sinking Fund Account" ,
respectivel,y . That the proceeds of th� sale of the bonds I�erein
authorized, less an,y premium and accr. ued interest r�eeeived thereon
and less bond proceeds in an amount t��hich, together with said
premium and accrued interest , if any , will be sufficient to pay
interest to become due on the bonds herein authorized on April l ,
1975, sha]_1 be credi�ed to the Capital Account , from v:hicti �here
shall be r�aid aiI costs and exnenses of the acquisition and better-
ment of developmer.t prograrn projects k�ithin Development District
Plo . 1 incurred ancl to be incurred by the Cit,y pursuant to LaU��
o.f Minnesota, 1973, Chapter 764 , as amended; and the mone,ys
in said account shall be used for no other purpose . That
there is hereb,y p'ledged and there sha11_ he credited to the
Common Sinking Fund Account a,ll iax increments derived from
the proceeds of taxes levied upor� the increa.sed value of property
vTithin Development District No . 1_ as provided in Lar�s of Dlinnesota,
1°73, Chapter 76�4 , a.s amended� �.] 1_ Cp1 l�L�j.011s o.f ad valorem �axes
'r�erein covenanted to be levied, any accrued int�rest and premium
received u�on delivery of sa7d bonds , bond proceeds in an amount
U;hich, to�ettiler with such accrued interest and premium,if an�,T ,
t�7i11 be su���'icient to pay interest to become du� on the boncis h�re_
in authorizecJ on April l, 1.�'j5 , and all funds remainin�
s_n said Capital Account after comple�ion o£ the dev�Iopment
prograrl projects and �ayment of the costs thereof. Tha� the
Common Sink:ing Fund Account shall be used solely to pay principal
of and interesf, on the bonds herein uuthorized ar_d any other
�;eneral obligation bonds of the C�,�y hereafter m�de payable from
said account ; and be it
�'URTHER RESOLVED �hat to p�°ovided r�ior�eys for the pa,ymen�
of principal of and interest on the bonds herein authorized the City
hereby covenants to levy by resolution prior to the issuance of
said bonds upon all of the taxable praperty in the City a direct
annual ad valorem tax ti�:hich sha.11 �e spread upon the tax rolls_,.and
collected with and as part of otner �eneral prope-rrty taxes in said
WHITE - CITY CLERK �64218 �
PINK - FINANCE GITY OF SAINT PALTL Council
CANqRV- 4EPARTMENT
BLl►E�'f '- MIlVOR
. File N 0.
� ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
City in an amount which if collected in full will produce at
least five per cent (5 .00%) in excess of the amount needed to
meet, when due, the principal and interest payments (reduced by
the amount of the April l, 1975 interest payment) on the bonds,
and that said tax levies shall be irrepealable so long as any of
said bonds are outstanding and unpaid, provided that the City may
reserve the right and power to reduce the levies in the manner and
to the extent permitted by Minnesota Statutes , Section 475 .61(3) .
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 there-
under remain outstanding.
COUIVCILMEI�T Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine
Rcedler a Against BY
Sylvester
Tedesco
President Hunt
Adopted by Council: Date S�P 1 1 1974 Form Approved by ity A rney
Cer�ieSLP se by Council Secretary BY
�
gY —
Appro by Mayo : Date G � � Approved by Mayor for Submission to Council
By By
UBLISHED SEP 17191�
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' $6,000,OOO .UP.T3AN &ErI�j�1ltL L�Oi�1DS; S�KIES 1974-Y. . .- ,�
_ � � ' $500,000 DO.JfdTd.dPl DEVE�OP�NT DIS�.'RICT IQO. 1 1�O�DS, S�P�IES I974
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Notice is hereUy given that sealed proposals fox the purchase o� the
'' within descxibed bonds will be �-ecEived at tl�e Department of Finance and Mana�er;��nt
Sexvices', A�ccounting �iv�sion, 109 CitS= HaII. and Court House }3uilding i�. Sai_nt T'aul,
'ciinnesota, up to 10:00 !i. Pi. Cen�.:ral Dayli_ght Time, on .
- . WEnNESDAY, SEP�1}3EP. 25 , 1974 -
• an1 �uch pxaposals ���i11 then be opened by the Director of the Department o� F:in�zice
ard rianag4r��ei.t Servi.ces , or his representati.ve, �:Tho slial"L praceed to tabulate said
bi.ds and mal:e a recomn�t�dation to.�he City Cowlcil at their regular meet.ing tha� day.
];ased on L-ha_s rcco�nendatior�, the City Counci]. sha7.1 preceed to malce L-�ie aC•�ard of,
or reject any and all bids for the ioll.owing Uon.ds: . _ `
A11 or none of $6,OOU,000 Par Value Coupon UR�AN R71?vEtd�L }30i�DS, S�hILS -
- 7�;'7l�-IC, numbered C-1 to C-1200, inc,lusive, maturing in numeri.cal order c,n Octover I
in c�ach o� th� years and an;�unts as follows:
$?..OU,C00 zn each o� �he years 197% to 1S�6, inclusivc
' $1SO,OOt� in each of tt�e year.s 1�387 �0 1°O4, ir.clusive
� -�25i�y()00 in eac).z oi t'rie yeaxs I995 ro 199£i, xi,clusi.ve
-$300,UU0 in each af the years 1999 to 20U4, inclusive,
Said S�ries� 1�74-K Tonns are issued for the purpose of i-ina:�cino varzous urban. rene.waJ.
develop:nert projeccs designated by th� City. �
� � All or none o� $500,000 Par Val.ue Coupon DO?1�ITOTN �E`�'�ZOP�i�i1 i DiS'1fi.ICT -
: NQ. 1 EOi�DS, SERIES 197��, nu_-nbere�i CC-1 to CC-100, inclusives maruring in r.umerical
' order o� dc:toUer 1 in each o£ tl�e }7ears and amounts as foll.o���s: .
� $20,000 in each of the years I977 to I986, inclusive � :
�t , $10,000 �n eac�ti of the y�ears 1987 �.0 1996, inclusive
' $25,000 in each of the years 1997 to 2004, inclusive.
sSaid. Series 1974 Bonds are issued for the purpose of financing expenses reasonably
� necessary and i.ncidenta7. to the acZuisition and betterment of developm�nt p�ogram
� projects ot the City within Development DisLrict No. l.
�� . . . . . . :. . . .
� The bonds of each issue maturing in the years 1985 to 2004, taoth il:.clusi.ve,
f are subjeci: to redemption an� prior paymer_t at the option of the City in i.nverse
" order of their serial numbers on October 1, 19£34, anu on any interest payr.�cnt dat:e
� thexea�t:er at par and accrued interest plus a prei�ium of $75.00 if redeem�� betore
October 1, 1951; at a premit�m or: ���0.04 if redeer,�ed on or after October l, 1991,
5 zr�cl t�efo�e Octaber I, 1996; �L' a P1'emium of $25.00 if redeemed on or aiter October 1, �
� 19g6, and before October 1, ?.001; �nd c��itl�out premium if redeemed on or after
a
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� ublication of a notice of
October 1, 2001. ' Notice of redemptTOn�fsheneral circulation, or in a daily financial
redemption once in a daily newspape g
paper, published i.n the City of New Y��iod ca1 publishedPin aeMinnesotaEcgtysoflthe
uage, and once in a daily or weekly pe
£irst class, or its metropolitan area, nisheslfinancial newsgasspartnofaits servi ces,
circula.tes throughout the State and fur
such notice to be published not: less tlian thixivenaandpra�rent hereof�dulyXm dP�ozr�
demption, and if such notice sha11 have been g' P Y111
' rovided for, interest thereon sha1Z cease from and after the date so fixed for redemption.
P
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__�__ ___._
- - s and i�ior an o f
_' �. . .=The^unc;ualified appr�ving orin.ions of the law iirm of Brigg �
� au1. rii_nnesota, will be furnished �aitlz t h e a U o�hc bod�s��nd�trillfstate`'thai: Llze
Saint P ,
The opinions wi11 he pxinted en t�1e �'�pe���VGlorem ta�•es for tlie puyment of sa:�d bonds
c��y Jla, power and is obl.i�ated to �e�'Y �Ji�11in said Cit}', suUjecL ta taxation by
d17d the intcresL- thereon upon �11 propextq
. said. City ;•'iLhout limitation af zate �z `S°ll11cludinguaGCertific�te that �nollbtigatio��.
fur_na.shed �aith the usual closing docc:r�cn ,
�,s pend�.ng affectir.g the issu�nce of the bonds. '
T1ie boi�ds wil.l be issued under date oi Octob^-r 1, 197�+, and interest xs
e A.7'il 1,.. 1975 and semiannuallq tliereafter on O�aobo� 2�a����`�'Gha�e�P1a�h ttan
p ayab]. 1� n
� FirsL Idation�]_ T3ant� oi Sa.int Paul, Saint IO.Uly tiinr.eso ,
T;anlc, �.A. , I�?e�a Yorlc, Ne�a Yorlc, ai: tlie option of tlze holder.
' � Ti1e CitY of Sai�t Pau1 �,-i11 fnzn��_siz the .printO1dc>f11�5�000ueaclz.��CUSZ Uncls
without cost i:o "�he successful b:idder in the cienomi�ial-z- � s
,-in�ed on the bon�s if requested by L-l1e successful b�.dc3�r i�.i
nu,rbers <<<ill be imp_
carit�.n� not less than ttiree Caort:in� days ufoer�l1e��ondsc�ill n�t co st i.aute cause�^
; pense of such Uidde,_. I�lcoxrect nun,.�ers p
t for refusal o� the successful l�idder to accept del.�very of said bol:ds.
� � Under and bY the texms of the iesolution authorizing the issuance of the
; above bonds, the fu11 faith and credl�al�otllandlinterest�on the�bondsp�hcn�dtie1�
� irrevocably p�edged to pay the pr�.n t _.
+ Each bid shall specify in mul.ti»les olle o£ bonds11bid foreisntio beazl,�anaz
" cent the ra*_e or rates of interest whicli tlie �.s _ a able to the order of �
i
'� s'na11 be accompanied by a certified or cashie�- s checic ma e p 5'
t� o{ �n.i:erest may exceed seven per cent (7%)
'� L-he City of Saint Pau1 for t�ao per cTat (2%) oi the prii:cipal a�nount of the a_ssue
� for �ahicli the Uid is submi_ti.ed. no le rate ot
! � per annum. ror each issue, a11 bondstof �TheSrate applicab�lesto any Uonds�of an
�'� interest irom date of issue to maturi y
} � issue may not be lower thau the rate applicaUle ?i not benpermii:t1ed.Sallo moreethan1n�
: � an earlier maturit�y date. AddiLional coupons w�
� � - �ive (5) separate int�erest rates may be bid for�ssuteslorubondsl��Each issuetot-obondson
g ..
; ; thei_r bids on ihe award of all or none of sa�.
:' :� will be ac,*arded as a separate issue.
, a
`� � Awards c�ill be made on tlie basis o� the lo�aest net interest cost 10 th�cCity
` � of Saint Paul, such interest cost to be compui:ea by deductin,n, the amounr of Y 1
" �1 tnium
bid for the issue from the total amounL of in�erest payabl� on tlie bonds of the
r e irom their date to the zespect:ive maturities the-reoL at the rates specified �Y
< � �.ssu �
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� should' be enclosed iii a sealed envelope plainly marl�ed to
'l-he Uidder. �ach proposal ° ..
- the issue of boiids for �ahich such bid is submitted . �.�-o� :
ident�.iy -.. �� �;,, .
'r,L Paul, as Part payment of the purchase
' U on award of the bonds, �tlle checka f the successful bidder or bid ers
� of S i
` eacli issue �•:ill be deposi_tc d by t hor�as yliquidated dariages if t he bon d s a r e n o t t a k e n
price of the bonds of that issue, _ ,
up and paid for wh�n ready for delivery. _ . : •:. ` " - '-
, ct� be unconditional. No_��'�-d W�-xL U� a�,n3ndeaccruedc�inLerest to.
A11 bids mu�
e ra. ht is reserved to reject any oz all bids. t�t tir.te of
accordance ��ith the te�s of�this notice or for less t an p , �uxc�laser in
date o� deliver}�, an� the
a*,l�ent of the amount due must be made. by 1
deliv�ry of the bonds, P )'
. FEDl�'�AI. FU'i�AS �vithout cost to the (�ity af Saint �'�uL. e in an ciLy
Delivery
wi11 be made ��itr.in fort�� (40) days from date of sal Y
d at any place designated by the purchaser and at his e�.p�=nse.
an , �ur ose
of bo��Lds �ail]. be made Uy the City of Saint Paul tor any }. P
No offering .
for at least sixty (6�) days �loln daL-e of sale. .
Bid forms are available upon r�quesi�.
` Ccpies of the
pf:ficial StaLement. and Idot�.ce of Sale may be obtained from
. - � 'nance �.:n1 I�ana�cn�e.zt Servzces, Accounting Division, 109 City
�; the D�paxtm�nt Qf I'i ` _
. � Hall, Sair�t I'at:l., Minilesota 55102 (612-29�-5[�g.l) .
�� R•O�I'1Z� SvT. TP�I;DEAU, Direct.or
�, .
.,. � . DepaL-ment oi I'inance and
i; ' , Mana�cment Services .
�' Dated: SepLember 14, 1974 •
_� _ . �
�� `
' has hec�n made to Moody`s and to Standard and Poor's £ar
�� ' A licata.on
� � BUND P.�TxNG: PP �urrent rating Aa
�;� a rating. _
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� \ " �.CITY OF SAINT PAUL, riINNESOTA . : , ' -
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� a . $6,000,000 UP.BAN TcErIL"[•IAL �ONDS; S�RIES �974--Y.. . . ' °`
, � $500,000 llO�dNTO:�TPi D�VELOP�`'IENT DISTRxCT N0. 1 130�DS, SERI�S 1974
. .
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� � . Notice is hereUy given that sealed proposals for the purchase ot the
w�thin descxibed bon�s will be received at the Department of Finance and Mana�er,�nt
Services�, Accounting Ji.vi.sion, 109 City Hall and Court House Building in Sai.nt Paul,
iiii1nesota, up to 10:00 !�. PI. Cen�ral Daylight Time, on .
,. , ' W�DNESDAY, SEPTL'i�'IBI�:: 25 , 197�+
- snd �uch pro��osals �ai11 then be dpened by the Directox of the Department of k:�nGrice
ar.d T3ana�ernei.t Ser�a�.ces , or his representati_ve, �+Tho s�ia1l proceed to tabulate said
�ids and make a recom:neiidation to.the City Council at their regular meetii�g that day.
P,ased an th:�s -reco�-�mendation, the City Council sha7.1 pxoceed to malce lhe a�aard of,
or rej°ct any and all bids for the folio�ving bon.ds: _ '
Al�. ar r�one of $G,000,000 Par Va�t�e Coupon URBAI�T RI�NEI�AL TONDS, SERI�S -
' 197�--K, nut:�bered C-I� to C-1200, i.nclusive, mai�uri.i�� in numerical order on Octol�e.r 1
in each of �h� years and am�unts as �'ollows: �
� $2.OU,C00 i_n each o� �he years 197% to 1986, ii�clusive
' $150,000 in each oi t:hn years 1�387 i:o 1°O�-, inclusive
-$250�000 i.n each oi the ��ears 1995 to 1998, inclusi.ve
-$300,OU0 in each of ttie years 1999 to 2004, inclusive.
Said S�ri�-s 1974-�: Tionds are issued for the purpose of financing varzous urban. ren��aa1
. c�evelopmert projects designared by th� City.
� AlI or no.ze of $500,000 Par Vaiue Coupon DO���ITO?�N DEVL''LOP�irNT DiSTi'.IC`� �
N0. 1 BDi\Dj� SER't�S 197�E, nu.-r,Uered CC-1 L-o CC-100, inclusive, matuxing in num�rical
order on October 1 in each of tMe years and amounts as fol:lows: .
$20,000 in each of the years 1977 to 1986, inclusive
, �10,000 in each of Y_he years 1987 Go 1996, inclusive �
$25,OOQ in each of rhe yeaxs 1997 tp 2004, inclusive.
Sai.d Series 1974 Bonds are issued for the puxpose of financing expenses reasonably
necessar}� and i.ncidental to the acquis?tion and betterment of developmint progxam
projects oi the City wiL-hin Development District No. 1. :
! The bonds of each issue maturing in tlie years 1985 to 2004, Uotl� ii:.clusive,
f are subject to redemption aud pri.or payrnent at the option of the City in inverse
� order of their serial nurnoers on October 1, 19II4, an� on any inter_est pa5�ent da�e
s thexeaLter at par and accrued interest plus a pre��ium of $75.00 if redeemed l�efore
; October 1, 1991; at a premium of $50.00 if redcer;ied on ox after Uctober 1, 1991,
' and before Oc�ober 1, 1996; at= a prcmium of $25.00 �i redeemed on or after OctobeL 1, '
$ 19g6, and before October 1, 2001; and tait-hour premium if redeemed on or a£ter
�
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- . : : iven b ublication of_' a notice of
Octo�er 1, 2001. Natice of redemption sheneral circulation, or in a daily financial
redemption once in a daily nawspaper of g
a er published in the City of New York,dNcal �ublishedpin aeainnesotaEcgtySOflthe
p p ' � g e which
uage, and once in a daily or weekly perio
first class, or its metropola�enandefurri sheslfinancial news asspartnofaits services,
circulates throughout the St
such notice to be publishe3 not less t�1an tnirivenaandPpayment hereoftdulyXmag��OZre-
� demption, and if sucti notice sha11 have bee g
rovided for, interest thereou shall cease from and after the date so fixed for redemption.
P .. �- �.._.
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__ . _ - , _ _ . s and Mor. an of
' T �he unoualifi_ed apploving opinions of tlle law firm of Tirigg �
�^Sa:int Paul, riinnesota, ��ill Ue iurnisliedrsetsides of�the�bonds�andl�aillfsaateVtha� L-he
`I:lze opi:1ions will be p�'inted on t�1e reve
't has po�-1er and is obli.�ated to levY ad °2�hinmsa�ideCxtS�r srubjectmto taYatian byn s
C�. y wi .
dlld tr� i.nterest t}iereon upon =�11 proP�-�-t5. ai:ion
- s�+� C�ty �•,;LhQUt limitation of rate �r �SOUincl_u'dlin;Sa�certific,atedthat 'nollitig
furnished ���iLh the usual closing doctanen ,
�s pei�din�; affec�zng t11e issu�.11ce of the bonds. 1
The l�onds will. Ue issi�ed under
da.te of Octob°r J., 197�+, and intierest 3.s
a iab�e !1pa-iZ 1,. 19�15 and se�niannually tli�aulf tTii.nnesoi:a,��or ata7�I=epChzse�t�a�u'�ti�an
P )
� Firsi� Na�ionul. T��anic of S�int Paul, Sain.t ,
; �ianlc, �.A. , I�eta Xoxlc, \ec�T �ca�lc, at the option ot the liolder.
't of Saint Fau1. �rii� fu�-n; si� i�he :p�ri.�nted an�,�OCOueaah�,oaCU�STPunc1;;
� TJie C� y
''�: caithc�ut co�t Lo �lmeri�Ce�SOnuth1e�bonds�iftlreQu�st1ed17Uy1ihe�successful b;.ddex :�n
nw�bers �,�.ilJ_ Ue i �
���riting not less than tli-ree wortcing,-�aYs uf oeYthecbrondnc�i11 not constiaute cause�-
h�
;; pense of such U:i.dder• Incorrect nL.�1�ers
:; for re£usal of the successful Uidder to accept del�verS� oi said UO�3s� ce of the
'�� ~ Under and Uy �lz� Le`i"credithofrL'I�e1City11�fuSaa.nt�Pault111iinnes ta, are
h;
;; above bonds, the full f3it11 and
;' irrevocably pl�dged to pay the princik�al or an.d i.nterest- on the bonds �•�hen ue.
::�
� ' ecif in muli:inles af oue-fourtl: or o�ie-l.enL-h ci one per
�' ` �acl� Uid slzall sp Y
;' ,able to the order of
�� cent the ra+_e or raL-es of intexest ���11C�asl ierSS�check�made pa� �Or is to ear, 11
3 �
iY� snali be accompanied by a certi�ie Oz o rinci .al amount oi the issue
the CiLy of Saint Paul for t��ao per rent (2/0) o� tlze p .� P �l cent (7%)
��x �a}1a.ch the bid is submitted . No rai.e of �n.terest muy exceed seven P le xaee oL
�� � er annum. For each issue, all bondsLof tTh�"rai:e appl.icab1lesto any b�nds�of an
� � �
` � interest ir.om date of issue to maturi y �lic�ble to the bonds a_` the same issue having
'� � i.ssue may not be lower than the raLe aPl
' ' earlier maLur�.ty date. l�dditional coupons will not be permit�ed. No more than
� .� an
� � , �• 5 sP Urate a.�terest rates may be bid for eSU�eslor"ubondB1c1�Ea�hmissnetot�bondson
< : ..1ve ( ) P
" "� their bids on the award of all or�none �i said. is
� � will Ue a�,rarded as a separate issue.
M alds c�ill Ue made on the basis of the l.o�aesti net interest cost to th�eCity
< � Aw
81�
i
� a aUle on Che bonds of thc:
� ,i of Saint Paul, such interest. cost to be comPuted Uy deductins tl�e amou�� � o
� �i mium bid for tlie a����to�i:hetrespecCivelnnatur�ties�tlieLeo a� the rates spec�.f.iea t�y
; � i.ssue trom thcir
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., � , � ' . � should� be c:nclosed iri a sealed envelope plainly �r�arked Lo
L-he Uidder. Each proposal '
-i� the issue of bonds for �a�h�.ch such bid is submitted. - ' .for
id enL Y - � � . � .
U�on award of the bonds, �the check ot the success£ul ba ment ofbtheepu.rch«se
}. of Sair.L Paul, as part p y
each issue �•rill b� deposi.ted by the City uidated dama es if the Uonds are not taken
g .
, price oi the bonds of that issue, or as liq .
up and paid ior when ready for delivery. . .. ;', , � � , �
. ust be unconditional. No ra.a ���-�-� be a�nandeaccruedclinterest �:o
Al1 b id s m
accordance �a�.t-h the terms of this notice or for. less than P the urc:haser iit
f 'ver � and the ri.ght is xeserved to x�must be}'madeaby bl�sp �'t tirne oi
� date o_ deli } � a•=,nene of the amount �uE
delivery of the bonds, p �' :
F�Dt��,��I, �U1�US �vithout cost to the City of Saint 1?aul. �e o�' salc in. any ci_ty
Delivery will be made caii.hin £o�'ty (40) days from da ,
d aZ ariy place designated by the purcliaser a.nd at his expense.
a� �ur ose
of bonds ���ill be made Uy �he Czty of Saint Paul for any l P
No offerin� � . .
for at least si�;�y (60) days froin daL-e of sale. .
Bid forms are availahle upon r°quest.
. - f O��icial Statement and P1ot�.ce o� �`�le�iv stion,�109nCitY��m
Copies o _ r.he
the ll�partme�t of Finance a�551.02a(G1�2-�298e549J_}S' Accounting ` '
I�a11, Saint Paul., Miniiesot
,.! T'•OB�ZT, 1d. TRt,�EAU, Direct.or
� ,
� , Depar`ment oi I=inance al��l
j: . ` • , Management Services .
`' DaL•ed: Se;�teml��er 14, 197�+ '
r.E � � - . ' . ' � . .
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a' • A 2ication has been made to Moody's a�zd to Standard and Poor's or
" BOND P..ATING: PP
. `
a ra���1g. Current rating Aa
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