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260138 WH17E - CITY CLERK CQUnCll ��0�■ �Q PWK •- FINANCE {ANARY - DEPARTMENT GITY OF SAINT PAITL 1 �� BLUE - MAYOR File NO. . ' � Council Resolution Presented By � • `�� Referred To �- \ Committee:/� Date Out of Committee By Date RESOLVED, by the Council of the City of Saint Paul, that the Proje�:t Cost Estimate and Financing Plan of the Neighborhood 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 Title I of the Housing Act of 1949 and acts amendatory thereof, to make a" capital grant to the Urban Renewal Redevelopment Project or Projects in an amount of two-thirds (2/3) of the Net Project Cost; be it FURTHER RESOLVED, that the Council of the City of Saint Paul hereby estimates that, as such terms are defined in Minnesota Statutes 1971, Section 462.545, as amended, the "Public Redevelopment Cost" of the Neighborhood Development Program Minn. A-1 is $30,356,451, the "Capital Proceeds" of such project is $3,556,843, and the "Net Project Cost" of such project is $26,799,608 for the annual increment period from May 1, 1972 through April 30, 1973; and the Council does determine and find that the amount of bonds issued during the annual in- crement period does not exceed one-third (1/3) of the net project cost for such period; be it FURTHER RESOLVED, that pursuant to the provisions of Chapter 881, Laws of Minnesota for 1963, as amended by Chapter 499, Laws of Minnesota for 1967, Regular Session, Cha}tte� 9-�3-, Laws of Minnesota for l�, ,H�lar Session, and Ct��.pter 321, Laws of Mi.nnesota for 1971, Re�ular Session,�here sha11 h� issued ar�� so3d gemrral obligation bonds_ of the CitX in- t}s�: pas value amount of Three Miilfon Dollars ($3,000,000) for the purpose of procurf�g addffional funds necessary to pay not to exceed one-third (1/3) of the Net Project Cost of the aforesaid project, to be denominated "City of Saint Pau1 Urban Renewal Bonds, Series 1972-H;" that of the proceeds from the sale of such bonds, there shall be allocated to said Neighborhood De- velopment Program $3,000,000; be it FURTHER RESOLVED, that such bonds, authorized by said Chapter 881, Session Laws of Minne- sota for 1963, as amended by Chapter 499, Laws of Minnesota for 1967, Regular Session, Chapter 923, Laws of Minnesota for 1969, Regular Session, and Chapter 321, Laws of Minnesota for 1971, Regular Session, hereby provided and directed to be issued and sold, in the par value amount of �ree Million Dollars ($3,000,000) shall be issued and sold in the manner required by law; that the bonds of said issue shall be in the denomination'of $5,000 each, dated December 1, 1972, and bear interest at a rate or rates not in excess of seven percent (7%) per annum, payable June 1, 1973, and semi-annually thereafter on December 1 and June l, according to the interest � COUfVCILMEN Requested by Department of: Yeas Hunt Nays Dept. of Finance & Management Services Konopatzki In Favor Levine Meredith Against By Barbara Asburv Sprafka Tedesco Mme.President Butler Form Approved C' Att ney Adopted by Council: Date Certified Passed by Council Secretary BY By Approved by MaXor: Date Approved by M or for Submission to Council By BY , Page 2 ��i.��,;�� couponS to be at�tached to said bonds; that said bonds shall be serial in form, and a portion �hereof shall be payable each year commencing December 1, 1975, but none of said bonds shall run for a longer period than thirty (30) years; be it FURTHER RESOLVED, that said Three Million Dollars ($3,000,000) par value bonds to be issued and sold for such Urban Renewal Development Project purposes and to be denominated, as aforesaid, "City of Saint Paul Urban Renewal Bonds, Series 1972-H," shall mature serially commencing December 1, 1975, over said thirty-year period on the following dates and in the following amounts: Date of Maturity Amount December 1, 1975 90,000.00 December 1, 1976 90,000.00 December 1, 1977 100,000.00 December 1, 1978 100,000.00 December 1, 1979 100,000.00 December l, 1980 100,000.00 December l, 1981 105,000.00 December 1, 1982 105,000.00 � December l, 1983 105,000.00 December 1, 1984 105,000.00 December 1, 1985 105,000.00 Aecember 1, 1986 105,000.00 ' December 1, 1987 110,000.00 December 1, 1988 110,000.00 December 1, 1989 110,000.00 �� December l, 1990 110,000.00 December 1, 1991 110,000.00 t December 1, 1992 ?10,Q00.t?G December 1, 1993 110,000.00 December l, 1994 110,000.00 December 1, 1995 110,000.00 December 1, i996 110,000.00 December 1, 1997 115,000.00 December l, 1998 115,000.00 December 1, 1999 115,000.00 December 1, 2000 115,000,00 December l, 2001 115,000.00 December 1, 2002 115,000.00 TOTAL $3,000;000.00 be it FURTHER RESOLVED, �"hat the bonds maturing on and after December l, 1983, shall be subject to redemption by the City of Saint Paul, in whole or in part, in the inverse order of their maturities, on December 1, 1982, or on any interest payment date thereafter, at the principal amount thereof, plus interest accrued thereon to the date of redemption, together with a premium expressed in a percentage of the principal amount of bonds redeemed as shown be low: Redemption Period Premium On December 1, 1982, .to and including June 1, 1988 22% On Decembez 1, 1988, to attd including June 1, 1993 2 % On December l, 1993, to and including June 1, 1998 i2% Thereafter , 1 % be it __�_ _-�.�.rag�_3� ti��.�,�J� � F'URTHER RESOLVED, That if less than all the bonds of a maturity are called for redemption, the bonds so called shall be selected by lot. Notice of redemption shall be given by publica- tion of a notice of redemption once in a daily newspaper of general circulation or in a daily financial paper, published in 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 a part of its �ervice, such notice to be published not less than thirty nor more than forty-five days prior to the date fixed for redemption; be it FURTHER RESOLVED, That said $3,000,000 par value bonds to be issued for such Urban Renewa2 Development Project purposes shall be in substantially the following form, which has been prepared by the Sinking Fund Cammittee and approved by the City Attorney of the City of Saint Paul, and is hereby approved and adopted: � "UNITED STATES OF AMERICA STA1`E UF MINNESOTA COUNTY OF RAMSEY CITY OF SAINT PAUL . URB.41� 1�TEWAI, BOTdD SERIES 1972-H No. . . . . . . . . . $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 owe and for value received hereby promises to pay to bearer the sum of Five �housand Dollars ($5,000) on the first day of December, . . . . . . . , together with interest thereon from the date hereof until paid at the rate of . . . . . . .. . . .per centum per annum, payable semi-annually on the first days of June and December 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 America at the office of the Fiscal Agent of the City of Saint Paul, in either Saint Paul, Minnesota, or New York, New York, at the option of the holder; and far the prompt payment of this bond, both principal and interest, when due, the full faith and credit of the City of Saint Paul are irrevocably pledged, "The bonds of the series of bonds of which this bond is one maturing on and after De- cember l, 1983, are subject to redemption by the City of Saint Paul, in whole or in part, in the inverse order of their maturities, on December 1, 1982, or on any interest payment date thereafter, at the principal amount thereof, plus interest accrued thereon to the date of re- demption, together with a premium expressed in a percentage of the principal amaunt of bonds redeemed as shown below: Redemption Period Premium On December 1, 1982, to ar_d including June 1, 1988 22% On Decetnber 1, 1988, to and including June 1, 1993 2 % On December l, 1993, to and including June 1, 1998 12°10 Therea£ter 1 % If less than all the bonds of a maturity are called for redemption, the bonds so called shall be selected by 1ot. 1Votice of redemption shall be given by publication of a notice of redemp- tion once in a daily newspaper of general circulation or in a daily financial paper, published in 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 a part of its service, such notice to be published not less than thirty nor more than forty-fiv� days prior to the date fixed for redemption, and if such natice shall have been given and payment hereof duly made or provided for, interest hereon shall cease from and after the date so fixed for redemption. , Page 4. ����,;�!� "�:his bond is one of a series of bonds issued and sold by said City of Saint Paul, in the aggregate par value amount of $3,000,000, authorized by Chapter 881, Session Laws of Minnesota for 1963, as amended by Chapter 499, Laws of Minnesota for 1967, Regular Session, Chapter 923, Laws of Minnesota for 1969, Regular Session, and Chapter 321, Laws of Minnesota for 1971, Regular Session, and a duly adopted resolution 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 said City, designated "Neighborhood Development Program Minn. A-1," being one of the several Urban Renewal Development Projects mentioned in said ehapter 881, Session Laws of Minnesota for 1963, as amended by Chaprer 499, Laws of Minnesota for 1967, Regular Session, Chapter 923, I,aws of Minnesota for 1969, Regular Session, and Chapter 321, Laws of Minnesota for 1971, Regular Session. "This bond is issued and sold by said City of Saint Paul under and by authority of Chapter 881, Session Laws of Minnesota for 1963, as amended by Chapter 499, Laws of Minnesota for 1967, Regular Session, and Chapter 923, Laws of Minnesota for 1969, Regular Session, and Chapter 321, Laws of Minnesota for 1971, Regular Session, under and by authority of a duly adopted resolution of the Council of the City of Saint Paul, and in full compliance with said Chapter 881, as amended, said resolution, the Charter of the City of Saint Paul, as applicable, and Chapter 475, Minnesota Statutes 1971, as amended. "This bond may be exchanged for a fully registered bond at the office of the Department of Finance and Management Services, Accounting Division, 109 City Ha11, Saint Paul, Minnesota 55102, at the expense of the holder. "It is hereby certified and recited that all things, acts and conditions required by the Constitution and Laws of the State of Minnesota and the Charter of said City to happen and be done and performed precedent to and in the issuance of this bond, have happened and been done and per€prmed in regular and due form and time as required by law and that the total indebted- ness oz said City, inclu.ding this bond, does not exceed any constitutional, statutory, or charter limitation. "IN W ITNESS WHEREaF, The said City of Saint Paul, by its Council, has caused this bond to be sealed by the facsimile of its Official Seal, lithographed hereon, to be signed manually by its Mayor, attested by the lithographed facsimile signature of its City Clerk, and counter- signed by the lithographed facsimile signature of its Director of the Department of Finance and Management Services, and each of the interest coupons hereto attached to be executed by the lithogranhed facsimile signatures of its said officers, as of the first day of December, 1972. Mayor Attest: . .. . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . City Clerk Countersigned: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . Director, Department of Finance and Manage- ment Services "COUPON No. . . . . . . . . . . . $. . . . . . . . . . . . . "On the first day of December,l9. . . , (unless the bond hereinafter met�tioned shall be June, subject to prior redemption and shall have theretofore been duly called for previous redemption and payment of the redemption price duly made or provided for) , the City of Sai�tt Paul, Minne- sota, promises to pay to bearer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Dollars ($. , . . , , , , , , . , .) at the office of the Fiscal Agent of the City of Saint Paul, in either Saint Paul, Minnesota, or New York, New York, at the option of the holder, for interest due that day on its Urban � , ����;�� . , � Page 5. Renewal Bond, Series 1972-H, dated as of December 1, 1972, No. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mayor Attest: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . City Clerk Countersigned: . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . Director, Department of Finance and Management Services" ar.d be it FURTHER RESOLVED, �at each said bond shall be sealed by the facsimile of the Official Seal of the City of Saint Paul lithographed thereon and signed manually by its Mayor, attested by the lithographed facsimile signature of the City Clerk, and countersigned by the lithographed facsimile signature of its Director, Department of Finance and Management Services, in accordance with Section 475.55, Minnesota Statutes 1971, as amended, and the iriterest coupons thereto attached shall be executed by the lithographed facsimile signatures of said officers; and be it FURTHER RESOLVED, That sealed proposals be received in the office of the Director, Department of Finance and Management Services, in the City Hall and Court House Building, in the City of Saint Paul, Minnesota, up to 10:00 o'clock A.M, (C.S.T.) December 13, 1972, for the sale of all or none of said bonds, after giving due notice of said sale in the manner prescribed by lara, in the Saint Paul Legal Ledger, the official newspaper of said City, and in the Commercial West, a financial periodical published in the State of Minnesota; that each bidde�t shall be required to accompany his bid by a certified oz cashier's check tor twa per cent (270) of the amount of bonds bid for, which wi11 be forfeited to the City as liquidated damages if the bonds are not taken and paid for when ready for delivery; that the Director, Depar�ment of Finance and Management Services, shall, at the next meeting after receiving said bids, present the same to the Council for their action thereon; and that said bonds shall be awarded to the person offering the lowest net interest cost therefor to_the City, not exceeding seven percent (7%) per annum; and be it FURTHER RESOI,VED, 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 disbursement for the City's obligation pertinent to said Neighborhood Development Program Minn, A-1, for the payment of substantially one-third of the net cost of the aforesaid project, as estimated, as aforesaid. That despite the allocation of bond proceeds made in this Resolution, the same sha11 be subject to reallocation in purpose and amount consistent with Chapter 881, Session Laws of Minnesota for 1963, as amended by Chapter 499, Laws of Minnesota for 1967, Regular Session, Chapter 923, Laws of Minnesota for 1969, Regular Session, and Chapter 321, Laws of Minnesota for 1971, Regular Session; provided, that no part of the proceeds of the issuance and sale of any of said bonds shall be made the subject of any reallocation or disbursement except for the purpose of the payment or defrayment of said City's obligations assumed, under and by authority of said Act, in respect of one or more of the several Urban Renewal Developrnent Projects specified therein. That said bonds shall be payable in lawful money of rhe United WH17E - CITY CLERK COUI1C11 p PINK - F�NANCE GITY OF SAINT PAITL �� ��!� CANARY`- DEPARTMENT BLUE - MAYOR File NO. � ' � ' Council Resolution . - Presented By Referred To Committee: Date Out of Committee By Date Page 6. States of America at the office of the Fiscal Agent of said City in either Saint Paul, Minnesota, or New York, New York, at the option of the holder, and the full faith and credit of said City hereby are irrevocably pledged for the prompt and faithful payment of both principal and interest of said bonds. COUIVCILMEN Yeas Nays Requested by Department of: Hunt Konopatzki � In Favor Levine Meredith J Against BY Sprafka Tedesco Mme.President Butler Adopted by Council: Date NOV 1 5 197� Form Approve y ' y At ney Certifi d by Cou ecr BY By Approv by o . Date 1 5 Approved by M yo or Submission to Council By BY P°UBLIgHED NOV 18 1972