261059 WHITe {CITY CLERK ' ^���� _
PjNK i FINANCE COl1IIC11 - � � ��
BLUER' —1v1AYORTMENT GITY OF SAINT PAUL File NO. �� � '��'
' ' � _ �� 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 Plans of the Neighborhood
Development Program Minn. A-1 and the Concord Terrace Pro�ect Minn.
R-37 have 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 19�9 and acts amenda-
tory thereof, to make capital grants to said Urban Renewal De�-
velopment Pro�ects in the amount of two-thirds (2/3) of the Net
Pro�ect 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 , Section 462.545, the "Public Redevelopment Cost" of the
Neighborhood Development Program Minn. A-1 is $30 ,356 ,451, the
"Capital Proceeds" of such pro,ject is $3 ,556 ,843, and the "Net
Pro�ect Cost" of such pro�ect is $26,799,608 for the annual incre-
ment period from May 1, 1972 through April 30, 1973; that the local
share of the Net Pro�ect Cost for said annual increment period is
$8 ,933,2�3;t�i.at $�,000 ,000 o=f bonds have heretofore been issued to
fund a part of said share and that the City is authorized to issue
$5 ,555,000 to further fund the local share ; that the bonds issued
during the annual increment period do not exceed one-third of the
Net Pro�ect Cost for such period and the necessary cost of municipal
improvements undertaken in said period; that the "Public Redevelop-
ment Cost" of the Concord Terrace Pro,ject , Minn. R-37 is $12 ,918,387 ,
the "Capital Proceeds" of such pro�ect is $1,479,280 , and the "Net
Pro�ect Cost of such project is $11,439,107, including the remain-
in� cost of municipal buildir�gs and improvements to be constructed
within or ad�acent to the area of said pro,ject ; that the local
share of the Net Project Cost is $3,881,263 of which $1,541,000
has heretofore been funded by the issuance of bonds and the City is
authorized to issue $800 ,000 to further fund the local share; be it
COUIVCILMEN Requested by Department of:
Yeas Nays
� Butler
Konopatzki In Favo[
Levine / '
Meredith V Against BY
xf��f�rarx Roedler
T-�----
�-"----
Mme.President �g� Huxlt
APR 121973 Form Approved b Cit Attorn
Adopted by Council: Date �j
Certif' d P s d by Co i�.- ary ,� BY '
,
By
Approve Ma r: Date 1973 Approv by Mayor for u o ou il
By BY
�uausH�D ApR 141973 �ue��� APR 141973
� � � .• � 2�1(�1�9
, . .
Fti?��i'F?��R RI?�OI��%L',D, th�t; nurst�^_r.t to the nrovi�ion> o"
T '1,';;^ ;�f' j';TlI'lY1C'3���-<i 1�?�� � �'?`�c.�i.;i"�l �el �'�.S ��.P1E't1'aE_'C� r'��� L�.[^iS Of' l,� �_T1:7E'�Of;�
1C� '�i7 � �'1�1;���r_r+ 1I r�r' �I�l!� J_!,='tj',�7 �f' �.,?_irlT�(�.':�ri�„'� _L�j?1 � �}'?i�nt.er' �c�l � L}1�'i_'C?
��r�al i .._. iss�zc �i a?�_c�_ sold �F�r�F�r��7, obli; ��'_on rord� of the Cit,y ;r_
'-;��, ,f�'- .rc��.�t � nr=Lnci�al a��lou?�t; of Si � ?`�1ill:ion Three Hundred �'�_r,,V
?+'i�,re `�illol�-sanr,t � Do11ar� ( $6 , ?5�,n00 ) i or the purt�ose of �ro�ri�l�r_,�
ad��it�oY:�-1 f'urd,� r.eces�arv to na�,r r.ot to exceed one-thirca (?,%? )
of the P1et Proj ect Cost of eacri oi the aforesaid pro�i ects and the
re,:�a.inin�; ce��,t o:f' m��:.nic_ipa� bu:ildin�� and imr�ro�,��rreiz�� �o be cor:-
� structed. ��,�ith�i n ��r ��.cf�j acent to the t�_�o,�ect areas , to be den��n���_n�ted
,•I�r����.; l�enet��a� L'c...�� � �'eri�s 1 �7;�-_? ; " ��h��t of Ln_� rrccc,_,��,�s tz o�r� Ln:�
S�_��_C? Of SUCtil ti�OY::.� � � ��:t'� S�'i<f. __l_ !� ��..�_� ��C;i.�'�:1 �:U :�P 1'�E'1�_�1f�0�'}.•`r,)C�
Develcrment ��ror:,;l��:tm, i�:ynn. ��-1 , �;•� , '=;'=,S ,C)�U ai�d $800 ,400 :>ha11 be
allocates to t}�e Cor�cord Terr�{�� Project , P<Zinr.. R-37 ; be it
PUT�TFIER RESOLj��ED, that sealed pro�osals be received ;�n
the office of the Director of Pinance and P�1ana�=,ement Services ,
Accountir.� Divisior. until 1G : 00 A.T��. (CDST) cn P�ZaV 9 , 1973 for the
sale of said bonds in accordance v�ith the official 1�?otice ef Sale
a con,y of vrhich has been presented to the Council and is herebv
directed to be placed or file in the office of the City Clerk ; that
the terms and cor.ditions of said bonds ancl the sale thereof a; set
forth in said Pvotice of Sale are hereby approved and conf�rn,ec� ; that
the I��?otice of Sale be publwsi,E� in the mar.ner 1�rescribed bv lavT in
tr�e St . Paul L.e�al Led�er the official Cit,y ne�,�spaper and ir� Com-
mercial G'est ; be it
FURmHI?:R RESOLs�'F,D, tr,at sa:;_ci �6 , 355 , 000 ef bonds to l,e
i_�sued for suc}� tTrban Renet;al Develo�ment Project purposes sl�all
be in substar.t�all,y the folla.�rin� forir titirhich has been prescl ibcd
b,y the Sin��n�; Fund Committee �nd a�proved b,y the Cit,y �`�ttorr�e��
of the City of Saint Paul , ar�d is hereb,y� approved and ador.t�d :
UNITED STAIES OF AMERICA
STATE OF r�iIId2�1ESOTA
COUr�TTY OF RAP�SE�
CITY OF SAIAIT PALL �
URBAPJ RET�EIvAL BOI�?D
SERIES 19(3-I
No . AA $5 ,0�0
KNO��d ALL MEN BY THESE PRESrT1TS , That the Cit,y of Sa1.nt
Faul , in the Count,y of Ramsey and State of T7innesota, acknottiled;;es
itself to be indebted and for value received hereb,y promises to
�a,y to bearer the sum of Five Thousand Dollars (�5 ,OOQ } on the
first d�,y of 1'���,y , , Lop�ether taith intere;t thereon from the
date hereof until the prinrinal sum is naid , or until redeem�d as
hereinafter provided , at the rate of
�er cent per annum, pav; '�le P'ovember l , 19` 3 and semi-annua:l_��°
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• �• � ����yCT _I
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thereafter on the first day of Ma.y and the first day of November
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
, in St. Paul, Minnesota, or
, at the option of the ho er; an or t e prompt pay-
ment o t is bond, both principal and interest, when due, the full
faith and credit of the City of Saint Paul are irrevocably pledged.
Bonds of this issue ma.turing in the years 1984 to 2003,
both inclusive, are subject to redemption and prior payment at
the option of the City in inverse order of their serial numbers
on Ma.y 1, 1983, and on any interest payment date thereafter at par
and accrued interest plus a premium of $125.00 if redeemed before
Ma.y 1, 1990; at a premium of $100.00 if redeemed on or after Ma.y
1, 1990, and before Ma.y l, 1995; at a premium of $75.00 if redeemed
on or after Ma.y 1, 1995, and before May 1, 2000; and at a premium
of $50.00 if redeemed on or after Ma,y 1, 2000. Notice of redemp-
tion sha.11 be given by publication of a notice of redemption once
in a daily newspaper of general circulation, or in a daily fina.ncial
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 metro-
politan 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 tha.n thirty nor more
than forty-five days prior to the date fixed for redemption, and
if such notice sha.11 ha.ve been given and payment hereof duly ma.de
or provided for, interest hereon shall 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 aggregate principal amount of
$6,355,000, authorized by La.ws of Minnesota 1963, Cha.pter 881, as
amended by Laws of Minnesota 1967, Cha.pter 499, and La.ws of
Minnesota 1971, Cha.pter 321, and duly adopted resolutions of the
Council of the City of Saint Paul, for the purpose of procuring
the necessary funds to pa.y not to exceed one-third (1/3) of the
Net Project Cost of certain Urban Renewal Development Projects,
within the corporate limits of said City, designa.ted Neighborhood
Development Program, Minn. A-1, and Concord Terrace Project, Minn.
R-37, being two of the several Urban Renewal Development Projects
for which the City is authorized to issue bonds to fund its local
sha.re including the City' s expenditures on account of any rema.in-
ing costs of municipal buildings and improvements to be constructed
within or adjacent to the area of said Projects.
It is hereby certified and recited tha.t all things, acts
and conditions required by the Constitution and La.ws of the State
of Minnesota and the Cha.rter of said City to happen and be done and
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.. . '� - . 2���59
performed precedent to and in the issuance of this bond, have
ha.ppened and been done and performed in regular and due form
and time as required by law and tha.t the issuance of this bond
did not cause the total indebtedness of said City to exceed any
constitutiona.l, statutory, or charter limitation.
IN WITNESS WHEREOF, The said City of Saint Paul, by its
City Council, ha.s caused this bond to be sealed with the facsimile
of its Official Seal lithographed hereon, to be signed by the
lithographed facsimile signa.ture of its Mayor, attested by the
lithographed facsimile signa.ture of its City Clerk, and counter-
signed by the ma.nua.l signature of its Director of Fina.nce and
Ma.na.gement Services, and each of the interest coupons hereto
attached to be executed by the lithographed facsimile signatures
of its said officers, as of the first day of Ma.y, 1973 .
�facsimile)
Ma.yor
Attest:
City Clerk
Countersigned:
Director of Fina.nce and
Ma.na.gement Services
(Seal)
COUPON
On the first day of November (May), , unless the
bond described below sha.11 have been duly calle�c �or redemption,
and payment of the redemption price duly ma.de or provided for,
the City of Saint Paul, Minnesota, promises to pay to bearer at
, St. Paul, Minnesota,
or t e , New York, New
York, at t e option o t e o er, t e sum s own ereon for inter-
est then due on its Urban Renewal Bond, Series 1973-I, dated as of
Ma.y 1, 1973, No.
(facsimile) La.wrence E. Cohen
Ma.yor
Attest: �facsimile) Harry E. Marsha.11
City Clerk
Countersigned: �facsimile) Robert W. Trudeau
Director of Fina.nce and
Mana.gement Services
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`• . ' • ._ �����'�e7
and be it
FURTHER RESOLVED, Tha.t each said bond sha.11 be sealed by
the facsimile of the Official Seal of the City of Saint Paul litho-
graphed thereon and signed by the lithographed facsimile signature
of its City Clerk, and countersigned by the ma.nua.l signature of
its Director of Finance and Mana.gement Services, in accordance
with Section 475.55, Minnesota Statutes 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 issua.nce
and sale of said bonds, as received by said City, sha.11 be deposited
in a special fund of said City designa.ted as "Urban Renewal and
Development Fund"• and therein allocated to and subject to disburse-
ment for the City�s obligations pertinent to said Neighborhood
Development Program, Minn. A-1 and Concord Terrace Project, Minn.
R-37, for the payment of the cost of each of the aforesaid projects
as estimated, as aforesaid, and for the further payment of any
rema.ining cost of municipa.l buildings and improvements to be con-
structed within or adjacent to the Project area. Tha.t despite the
allocation of bond proceeds ma.de in this Resolution, the same shall
be subject to reallocation in purpose and amount consistent with
the laws under which said bonds are authorized to be issued;
provided, tha.t no part of the proceeds of the issua.nce and sale of
any of said bonds sha.11 be ma.de 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
laws in respect to one or more of the several Urban Renewal De-
velopment Projects authorized thereunder. Tha.t said bonds sha.11
be payable in lawful money of the United States of America at
, in St. Paul, Minnesota, or
, in New York, New York, at the
option o t e o er, an t e u faith and credit of said City
is hereby irrevocably pledged for the prompt and faithful payment
of both principa.l and interest of said bonds; and be it
FURTHER RESOLVED, Tha.t the City will not make any use of
the proceeds of the Bonds to be issued which, if such use ha.d 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 Interna.l Revenue Code
and any applicable temporary, proposed or fina.l regulations pro-
mulgated 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 rema.in outstanding.
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DEPARTMENT OF FINA MANAGEMENT SERVICES
DIVI OUNTING
ALL
SAINT OTA 55102
n. n■
ROBERT W. TRUDEAU CLEMENS J. SCHLECK
Direcfor Ap r i.l 6, 197 3 Ch1of Accountanf
Mr. A1 Olson
City Clerk's Office
367 City Hall
Dear A1,
Attached herewith is a copy of Notice of Bond Sale as
approved by the Sinking Fund Committee at their meeting on April 6th.
The council resolution prescribing the form of bond and coupon for each
issue of bonds to be sold on May 9, 1973 will refer to the Notice "a
copy of which is on file in the office of the City Clerk".
Also, will you please note that the award of the bonds to
the successful bidder will be made on May 9, 1973. Accordingly, will
you please include this on the Agenda for that day.
If you need further information, please call me.
S incere ly,
Robert W. �udeau, Director
c��.�.�-�.�i n.�� '
Barbara Asbury (Mrs.) �
attach.
cc: Jerome Segal
��
'" � OFFICI�IL AD'JERTISEMEiVT
T�OTIC� OF BOND SALE
CITY Or S.AINT PAuL, NIIN�TESOTA
$4,500,000 C=�PITAL I'�i1PROV�.'MENT BONDS, SERIES 1973
$6,355 ,00� UI:Bt�N RENEWAL BONDS, SERIES 1973-I
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
a.nd i�ianagement Services, Accounting Divisioti, 109 City Hall and Court House
Building in Saint Paul, Minnesota, up to 10:00 A. M. Central naylight Time, on
We1n�,sday, May 9, 1973
and such proposals will then be opened in the Office of the Director of Finance
and Management Services, Accounting Division, or his representative, who shall
proceed to tabulate said bids and make a reeommendation to the City Council at
their regular meeting that day. Based on the recommendation �f the Director of
Finance and Management Services, 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 $4,500,000 Par Value Coupon CAPITAL IMPROVEMENT BONDS,
SERIES 1973, numbered A-1 to A-900, inclusive, maturing in numerical order on
May 1 in each of the years and amounts as follows:
$450,000 in each of the years 1974 to 1983, inclusive.
All ar none of $6,355,000 Par Value Coupon URBAN RENEWAL BONDS, SERIES
1973-I, numbered AA-1 to AA-1271, inclusive, maturing in numerical order on �ay 1
in each of the years and amounts as follows:
$�55,000 in the year 1976
$180,000 in each of the years 1977 to 1979, inclusive
$200,000 in each of the years 1980 to 1983, inclusive
$250,000 in each of the years 1984 and 1985 .
$220,000 in each of the years 1986 to 1988, inclusive
$210,000 in each of the years 1989 to 1992, inclusive
$220,000 in each of the years 1993 to 1997, inclusive
$280,000 in each of the years 1998 and 1999
$300,000 in each of the years 2000 to 2003, inclusive.
The URBAN RENEWAL BONDS, SERIES 1973-I, maturing on and after May l, 1984
shall be subject to redemption by the City of Saint Paul, in whole or in part, in
inverse order of their serial numbers, on May 1, 1983, and 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 as a percentage of the
principal amount of bonds redeemed as shown below:
Period Redemption Premium
On May 1, 1983 to and including November 1, 1989 2 I/2%
On May l, 1990 to and including November l, 1994 . 2%
On :�tay 1, 1995 to and including November l, 1999 1 1/2%
On t�Iay 1, ?_000 and thereafter 1/
• Notice o� redemption shall be given by publication of a noL-ice of
, � red�mption once in a daily newspaper of general circulation, or in a daily
fi_nancial paper, published in the City of Ne+� York, New Yorlc, and printed in the
�`,,.^ ��2.`;tl ;:!�1;:yU3;�i�� <lIii� OL1Cc. 1L1 c� Q21.1_j' OT� .,�f".C!�/ �)c'-ClOC11(:::.i L �P_U 11GiIc'tl 1�t .:l _'ll_lllt:SUt��
ci.ty vY � the first �lass, or its me��ropoiitan area, and printed in che i,n�lish
langua�e, which circulates throughout the State and furnishes financial nee,�s as
part of its service, such notice to be published not less than thirty nor mor.e tharL
forty-fi_ve days prior to the date fixed for redemption' and if such notice sha11
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 approvin� opinions of the law firm of Briggs and rlorgan
of Saint Paul, Minnesota, will be furnished with the above bonds at time of delivery.
Opinions will be printed on the reverse sides of the bc�nds 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 May 1, 1973, and interest is payablz
November 1, 1973 and semiannually thereafter on May 1 and November l 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.
Th° City of Saint Paul will furnish the printed aad executed coupon bonds
without cust to the successful bidder in the denomination of $5,000 each. CUSIP
num�ers will be imprinted on the bonds if requested by the successful bidder aad at
the e�cpense of such bidder, but incorrect numbers upon the bonds wi.11 not constitute
cause for refusal of the successiul bidder to accept delivery of said bonds.
Under and by the terms of the resolutior�s 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 ta bear, an3
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 (2%) of the principal amount of the issue
for which the bid is submitted. No rate of interest may exceeei seven per cent (7%)
per annum. For each issue, all bonds of the same maturity must bear a single rate
of interest from date of issue to maturity. The rate applicable to any honds of an
issue may not be Iower 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 issuesof 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 arnount of interest payable on th� 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 cahich such bid is submitted.
Upon a�oard of th2 bonds, the check af the successful bidder or bidders for
each issue will be deposited by the City of Saint Paul, as part payment of the purchase
� ,
pri�e of the bonds of that issue, or as liquidated damages if the bonds are not
' taken up arid paid for w'nen ready for delivery.
A�_L C]'iC�si iiiUSC �c' lIIlCO.��I_i'iJi13�. ii0 ��(j ;ti11.1 �Oc.'. COC13:Lti;=.'rorl ',�}1L_:Cl 1i T.'iOL
in accordance with the terms of this notice or for less than par and accrued interest
to date of delivery, and the ri;ht is reserved to reject any or all bids, At time
of delivery :�f the bonds, payment oE the amount due must be made by the p�_irchaser
in FEDERAL FUNDS �aithout 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 Manage�ent Services, Accounting Division, 109 Ci�y
Hall, Saint Paul, Minnesota 55102.
RO��RT W, TRzJDEAU
DIRF.CTOR OF FINAIVCE A1VD
Dated: Apri1 28, 1973 MANAGEMENT SERVICES
.
. <
Grips -- set up scenery, eare of scenery
Propertyman -- work with atage settings, moving bet. scenes ets.
Head Flyman -- Hoisting and placing of stage drops -
(raising and lowering of seenes)