263135 WHITE - CITY CLERK , 1
PINK Y�yF N ARTMENT � COUI1C11 ■ C
�.'� ��oR _ GITY OF sAINT PAUL File N0. � � " �5
' - � Co 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 the provisions of Laws of Minnesota 1971, Chapter 773 and Ordinance
No. 13679 of the Cit of Saint Paul, as amended by Ordinance No. 1�-028
and Ordinance No. 14�05 there is hereby authorized and there sha11 be
issued and sold general obligation bonds of said City in the aggre-
gate principal amount of Four Million Five Hundred Thousand Dollars
($4,500,000) for the purpose of procurement by said City of funds in
said amount to be used by the City exclusively for the acquisition,
� construction and repair of capital improvements of the City of Saint
Paul authorized in the Capital Improvement Budget of said City for the
year 197�, be it
FURTHER RESOLVED that pursuant to the provisions of Laws Minnesota
1973, Chapter 763 as amended by Laws Minnesota 197�-, Chapter 4g there
is hereby authorized and there shall be issued and sold general obliga-
tion bonds of the City in an aggregate principal amount of �1 180 000.00
for the purpose of funding the City' s obligation under said a s o
the Public Employees Retirement Association;
FURTHER RESOLUED that the bonds authorized above shall be com-
bined in a single issue to be designated "�eneral Obligation Bonds,
Series Z97�+-1" . Said bonds shall be issued in accordance with the
aforesaid Laws and in accordance with the further provision of Chapter
�75 Minnesota Statutes all as more fu11y provided in said Laws;
FURTHER RESOLVED that sealed proposals be received in accordance
with the official Notice of Sale a copy of which has been presented to
the Council and is attached hereto. A copy of said notice is hereby
directed to be placed on file in the office of the City C1erk. The
terms and conditions of said bonds and of the sale thereof as set
forth in said Notice of Sale are hereby approved and confirmed and are
hereby adopted. The Notice of Sa1e shall be published in the mannc�r
prescribed by law in. the St. Paul Legal Ledger the official City news-
paper and in Commercial West, be it
COUNCILMEN
Requested by Department of:
Yeas �tj�p Nays
�
Konopatzki In Favor
Levine
Meredith Against BY
�K $!�d].!�
Tedesco
Mme.Presidenf� �t
Form Approved by ity Attor
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by MaXor: Date Approved by Mayor for Submission to Council
gy By
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FURTHER RESOLVED, tha.t said bonds and the coupons attached thereto
sha.11 be in substantially the following form, which ha.s been prescribed
by the Sinking Fund Committee and 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
GENERAL OBLIGATION BOND
SERIES, 1974-1
No. B- $5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of Saint Paul, in the
County of Ramsey and State of Minnesota, acknowledges itself to be in-
debted and for value received hereby promises to pa.y to bearer without
option of prepayment, the sum of Five Thousand Dollars ($5,000� on the
first day of April, , together with interest thereon from the
date hereof until the p—rincipa.l sum is pa.id at the rate of
per cent per annum, pa.�able Octo er ,
, an semi-annua. y t ereafter on the first day of April and the
first day of October in each year as evidenced by and upon the presen-
tation 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 America at The First Nationa.l Bank
of Saint Paul, in St. Paul, Minnesota, or Chase Ma.nha.ttan Bank N.A. ,
New Y�irk, New York, at the option of the holder, and for the prompt
pa.yment of this bond, both principal and interest, when due, the full
faith and credit of the City of Saint Paul are irrevocably pledged.
This bond is one of a series of bonds issued and sold by said City
of Saint Paul in the aggregate principal amount of Five Million Six Hundred
Ei ht Thousand Dollars ($5,680T000.00 ) , authorize pursuant to
ws o innesota , C pter TT.i and pursua.nt to Laws of Minnesota,
Chapter 767 as amended by La.ws of Minnesota 1974, Cha.pter 49 , for
the purpose of the procurement of funds to be used by said ity or the
acquisition, construction and repair of capital improvements of the
City of Saint Paul, and for funding its Public Employees Retirement
Association obligations as authorized by said laws .
It is hereby certified and recited that all things, acts and con-
ditions required by the Constitution and La.ws of the State of Minnesota
and the Cha.rter of said City to ha.ppen and be done and performed pre-
cedent to and in the issua.nce of this bond, ha.ve ha.ppened and have been
done and performed in regular and due form and time as required by law,
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and that the issua.nce of this bond did not cause the total indebtedness
of the said City to exceed any constitutional, statutory, or cha.rter
limitation.
IN WITNESS WHEREOF, the said City of Saint Paul, Ra.msey County,
Minnesota, by its Council ha.s caused this bond to be sealed by the fac-
simile of its Official Seal, lithographed hereon, to be signed by the
facsimile signature of its Ma.yor, attested by the lithographed facsim-
ile signature of its City Clerk, and countersigned manually by its
Director of Fina.nce and Ma.nagement Services, and each of the interest
coupons hereto attached to be executed by the lithographed facsimile
signatures of said officers, as of the first day of April, 1974.
(facsimile) La.wrence D. Cohen
Ma.yor
(SEAL)
Attest: (facsimile) Harry E. Marsha.11
City Clerk
Countersigned:
irector o inance an na.gement
Services
COUPON
On the first day of October (April) , , the City of Saint
Paul, Ramsey County, Minnesota, promises to pay to bearer at The First
Nationa.l Bank of Saint Paul, St. Paul, Minnesota, or the Cha.se Ma.nhattan
Bank N.A. , New York, New York, at the option of the holder, the sum
shown hereon for interest then due on its General Obligation Bond,
Series 1974-1, dated as of April 1, 1974, No. .
(facsimile) La.wrence D. Cohen
Ma.yor
(SEAL)
Attest: (facsimile) Harry E. Ma.rshall
City Clerk
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Countersigned: (facsimile) Robert W. Trudeau
Director of Fina.nce and Mana.gement
Services
be it
FURTHER RESOLVED, Tha.t each said bond sha.11 be sealed by the fac-
simile of the Official Seal of the City of Saint Paul lithographed
thereon and signed by the lithographed facsimile signature of its Ma.yor,
attested by the lithographed facsimile signa.ture of its City Clerk, and
countersigned ma.nua.11y by its Director of Fina.nce and Ma.na.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, tha.t the full faith and credit and taxing power
of the City is pledged for the �prompt and full payment of the principal
and interest of said bonds; and be it
FURTHER RESOLVED, tha.t the City will not make any use of the pro-
ceeds of the Bonds to be issued which, if sucY� 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 arbitrage bonds within the meaning
of Section 103(d) of the Internal Revenue Code and any applicable tempo-
rary proposed or fina.l regulations promulgated thereunder; and the City
will and will cause any other entity authorized to invest such 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 rema.in outstanding; and be it
FURTHER RESOLVED, tha.t the proceeds of said bonds sha.11 be applied
as follows:
1. $4,500,000 sha.11 be credited to an acc.ount hereby established
and designa.ted Capital Improvements Account of 1974. The moneys in said
account sha.11 be used and applied for the purpose prescribed by La.ws
1971, Chapter 773;
2 . $ shall be credited to an account hereby desi�-
na.ted P.E. . . coun rom which there shall be pa.id �the City' s Public
Employees Retirement Association obligation as provided by La.ws 1973,
Cha.pter 767, as amended by Laws 1974, Cha.pte��� 49 ; and
WHI7E - CITY CLER� COLlL1C11 `,V�� j�
PINK FINANCE GITY � OF SAINT PAZTL
C R,Y B�LWARTMENT rA �.1 � �J
8�/� '�AYOR File NO.
� - Council Resolution
.
Presented By
Referred To Committee: Date
Out of Committee By Date
3`.
3. The balance in said accounts after payment of the costs of the
respective programs� if any, together with accrued interest received
upon the delivery of said bonds shall be credited to the Sinking Fund
Account hereafter created for such obligations .
C UNCILMEN
Yeas Nays Requested by Department of:
K�o patzki � In Favor
Levine
Me�r�h��� � Against BY
Tedesco
Mme.President �R[Y� �� Form Approved by City Att ney
Adopted by Council: Date FEB 15 i974
Certifi ssed by C nci retary BY
By
Approv by xor: Date � Approved by Mayor for Submission to Council
By BY
� �teusH�o B 2 3 1974
� � _
�, OFFICIAL ADVERTISEMENT
NOTICE 0�' BOND SALE ���^�'��
'i
CITY OF SAINT PAUL, MINNESOTA
$5,680,000 GENER.AL 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 described
bonds will be received at the Office of the Director of Finance and Management Services,
AccounCing 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 all 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.
All or none of $3,045,000 Par Value Coupon URBAN RENEWAL BONDS, SERIES 1974-J,
numbered B$-1 to BB-609, inclusive, maturing in numerical order on April 1 in each 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.
All or none of $4,000,000 Par Value Coupon WATER POLLUTION ABATEMENT BONDS, SERIES 1974,
numbered BBB-1 to BBB-800, inclusive, maturing in numerical order on April 1 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 RENEWA�, 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 1, i984;
and on any interest payment date thereafter 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 Apri1 1, 1996; at a premium of $25.00 if redeemed on or after
A�,rfl 1, 1996, ,and before April 1, 2001; and without premium if redeemed an or a�ter"�p�"� 1,
Z001. 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 mare than
forty-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 shail 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 1,
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 without 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 sha11 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
two per cent (2Q/,) 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, aIl bonds of
the same maturity must bear a single rate of interest from date of issue to maturity. The
rate applicable 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.
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' 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 all 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 o� 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, Accounting Division, 109 City Hall, Saint Paul, Minnesota
55102.
ROBERT W. TRUDEAU, DIRECTOR
DEPARTMENT OF F INANCE AND MANAGIIKENT
Dated: March 9, 1974 SERVICES