263134 WH17E - CiTY CLERK
PIN�t r FINANCE CO1111C11 (�j�
BLUERY- MAYORTMENT GITY OF SAIN�T PALTL File NO. ���`���� ��
�' � ' Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By - � Date
FURTHER RESOLVED'� tha.t the full faith and credit and taxing power of
the City are hereby pledged for the prompt and full payment of both the
principa.l and interest of said bonds;
FURTHER RESOLVED, that each said bond shall be sealed by the fac-
simile of the Official Seal of the City of Sai�.t Paul lithographed thereon
and signed by the lithographed facsimile signa.ture of its Mayor and City
Clerk and countersigned by the ma.nual signa.ture of its Director of Fina.nce
and Mana.gement Services, and the interest coupons thereto attached sha.11
be executed by the lithographed facsimile signatures of said officers;
and be it '
FURTHER RESOLVED� that the proceeds from the sale of said bonds sha.11
be deposited in a separate special account designated "Water Pollution
Abatement Account of 1974" from which there shall be paid the costs of
construction, operation� installation and maintena.nce of the sewage dis-
posal systems for which said bonds were issued. Accrued interest received
upon delivery of said bonds and any balance remaining in the aforesaid
account after payment of the costs of all such sewage disposal systems
sha.11 be credited to the Sinking Fund established for said bonds .
FINALLY RESOLVED, tha.t the City will not ma.ke any use of the pro-
ceeds of the Bonds to be issued which� if such use had been reasona.bly
expected on the date of delivery of and payment for the Bonds� would ha.ve
caused such obligations to be arb�.trage bonds within the meaning of
Section 103(d) of the Interna.l Revenue Code and any applicable temporary,
proposed or fina.l 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 th+e bonds to be issued
hereunder rema.in outstanding.
COUNCILMEN
Yeas -�1'� Nays Requested by Department of:
Ko�nopatzki � In Favor
Levine
Meredith � Against By
� Roedler
Tedesco
Mme.President � ��
Adopted by Council: Date
F E B 15 1974 Fo=m App=o�ea b Cit A to ey �
,
Cert' e s ed by Co r S y BY
(
By
Approved y Ma „ Date Approved by Mayor for Submission to Council
By BY
�.�s��a EB 3 19 �
. OFF ICIAL ADVEI2TISEMENT ���'� �,4
. NOTICE OF $OND SALE
CITY OF SAINT PAUL, MINNESOTA
$5,680,000 GENERAL OBLIGATION BONDS, SERIES 1974-1
$3,045,000 IiRBAN RENEWAL BONDS, SERIES 1974-J
$4,000,000 WATER POLLUTION ABATEMENT BONDS, SERIES 1974
Notice is hereby given that sealed proposals for the purchase of the within descx'ibed
bonds will be received at the Office of the Director of Finance and Management Services,
Accounting Division, 109 City Hall and Court House Building in Saint Paul, Minnesota, up
to 10:00 A.M, , Central Daylight Saving Time, on
WEDNESDAY, MARCH 20, 1974
and such proposals will then be opened by the Director of Finance and Management Services, or
his representative, who shall proceed to tabulate said bids and make a recommendation to the
City Council at their regular meeting that day. Based on this recommendation, the City
Council shall proceed to make the award or awards of, or reject any and a11 bids for, the
following bonds:
All or none of $5,680,000 Par Value Coupon GENERAL OBLIGATION BONDS, SERIES 1974-1,
numbered B-1 to B-1136, inclusive, maturing in numerical order on April 1 in each of the
years and amounts as follows: .
$560,000 in each of the years 1975 to 1978, inclusive
$570,000 in each of the years 1979 to 1982, inclusive
$580,000 in each of the years 1983 and 1984.
A11 or none of $3,045,000 Par Value Coupon URBAN RENEWAL BONDS, SERIES 1974-J,
numbered BB-1 to BB-609, inclusive, maturing in numerical order on April 1 in eaeh of the
years and amounts as follows; .
$ 80,000 in each of the years 1977 to 1982, inclusive
$100,000 in each of the years 1983 to 1985, inclusive
- $105,000 in each of the years 1986 to 1988, inclusive
$110,000 in each of the years 1989 to 1992, inclusive
$115,000 in each of the years 1993 to 1996, inclusive
$125,000 in each of the years 1997 to 1999, inclusive
$135,000 in each of the years 2000 to 2004, inclusive.
A11 or none of $4,000,000 Par Value Coupon WATER POLLUTION ABATEN�NT BONDS, SERIES 1974,
numbered BBB-1 to BBB-800, inclusive, maturing in numerical order on April l in each of the .
years and amounts as follows:
$100,000 in each of the years 1977 and 1978
$120,000 in each of the years 1979 to 1982, inclusive
$130,000 in each of the years 1983 to 1988, inclusive
$140,000 in each of the years 1989 to 1992, inclusive
$150,000 in each of the years 1993 to 1996, inclusive
$160,000 in each of the years 1997 to 1999, inclusive
$180,000 in each of the years 2000 to 2004, inclusive.
The URBAN RENEWAL BONDS, SERIES 1974-J and the WATER POLLUTION ABATEMENT BONDS, SERIES
1974, maturing in the years 1985 to 2004, both inclusive, are subject to redemption and prior
payment at the option of the City in inverse order of their serial numbers on A pril l, 1984,
and on any interest payment date therea£ter at par and accrued interest plus a premium of
$75.00 if redeemed before April 1, 1991; at a premium of $50.00 if redeemed on or after
April 1, 1991, and before April 1, 1996; at a prem�um of $25.00 if redeemed on or after
.
2f 31 �4
ApriL�1, 1996, and before April l, 2001; and without premium if redeemed on or after April 1,
2001. Notice of redemption shall be given by publication of a notice of redemption 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 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 services, such notice to be published not less than thirty nor more than
fo�ty-five 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 thereon shall cease from and
after the date so fixed for redemption.
The unqualified approving opinions of the law firm of Briggs and Morgan, Saint Paul,
Minnesota, will be furnished with the above bonds at time of delivery. Opinions will be
printed on the reverse sides of the bonds and will state that the City has power and is
obligated to levy ad valorem taxes for the payment of said bonds and the interest thereon
upon all property within said City, subject to taxation by said City without limitation of
rate or amount. The successful bidder will be furnished with the usual closing documents,
including a certificate that no litigation is pending affecting the issuance of the bonds.
The bonds will be issued under date of April 1, 1974, and interest is payable October l,
1974 and semi-annually thereafter on April 1 and October 1, at The First National Bank of
Saint Paul, Saint Paul, Minnesota, or Chase Manhattan Bank, N.A. , New York, New York, at the
option of the holder,
The City of Saint Paul will furnish the printed and executed coupon bonds cvithout cost
to the successful bidder in the denomination of $5,000 each. CUSIP numbers will be imprinted
on the bonds if requested by the successful bidder in writing not less than three days after
acceptance of the bid and at the expense of such bidder, who will also be liable for any fee
charged for assignment of said CUSIP numbers, Incorrect numbers upon the bonds will not
constitute cause for refusal of the successful bidder to accept delivery of said bonds.
Under and by the terms of the resolutions authorizing the issuance of the above bonds,
the .full faith and credit of the City of Saint Paul, Minnesota, are irrevocably pledged to
pay the principal of and the interest on the bonds when due.
Each bid shall specify in multiples of one-fourth or one-tenth of one per cent the rate
or rates of interest which the issue of bonds bid for is to bear, and shall be accompanied
by a certified or cashier's check. made payable to the order of the City of Saint Paul, for
t�ao per cent (2%) of the principal amount of the issue for which the bid is submitted. No
rate of interest may exceed seven per cent (7%) per annum, For each issue, a11 bonds of
the same maturity must bear a single rate of interest from date of issue to maturity. The
rate a.pplicable to any bonds of an issue may not be lower than the rate applicable to bonds
of the same issue having an earlier maturity date. Additional coupons will not be permitted.
No more than five (5) separate interest rates may be bid for each issue. Bidders may not
condition their bids on the award of all or none of said issues of bonds. Each issue of
bonds will be awarded as a separate issue.
Awards will be made on the basis of the lowest net interest cost to the City of Saint
Paul, such interest cost to be computed by deducting the amount of any premium bid for the
issue from the total amount of interest payable on the bonds of the issue from their date
to the respective maturities thereof at the rates specified by the bidder. Each proposal
should be enclosed in a sealed envelope plainly marked to identify the issue of bonds for
which such bid is submitted.
Upon award of the bonds, the check of the successful bidder or bidders for each issue
will be deposited by the City of Saint Paul, as part payment of the purchase price of the
bonds of that issue, or as liquidated damages if the bonds are not taken up and paid for
when ready for delivery.
_ _ _
' � - � �6�3��34
� � ' All bids must be unconditional. No bid will be considered which is not in accordance
with the terms of this notice or for less than par and accrued interest to date of delivery,
and the right is reserved to reject any or a11 bids. At time of delivery of the bonds,
payment of the amount due must be made by the purchaser in FEDERAL FUNDS without cost to
the City of Saint Paul.
Delivery will be made within forty (40) days from date of sale in any city and at any
place designated by the purchaser and at his expense.
No offering of bonds will be made by the City of Saint Paul for any purpose for at
least sixty (60) days from date of sale.
Bid forms are available upon request.
Copies of the Official Statement and Notice of Sale may be obtained from the Department
of Finance and Management Services, Accoun�ing Division, 109 City Ha11, Saint Paul, Minnesota
55102.
ROBERT W. TRUDEAU, DIRECTOR
DEPARI'NIEENT OF F INANCE AND MANAGEMENT
Dated: March 9, 1974 SERVICES