The URL can be used to link to this page

261098 WH17E - CITV CLERK COI111C11 /6�,}�� PIN1C INANCE TT CANA�V PARTMENT GITY OF SAINT PA V L �� Ly .BLU� . �YOR File NO. - � C ncil Resolution Presented By � Referred To Committee: Date Out of Committee By Date WHEREAS� The City of Saint Paul ha.s been ordered by the Minnesota Pollution Control Agency to abate pollution of the Mississippi River caused by the discha.rge of sewage into the Mississippi River; and WHEREAS� As the City intends to conform to this order to the best of its ability; , and WHEREA�� Chapter 115� Minnesota Statutes, Water Ppllution Control Act� provides for the prevention, control and abatement - of pollution of all waters of the State; and WHEREAS� Cha.pter 115� Minnesota Statutes� further provides tha.t any taxes or spe�ial assessments levied or to be� levied, and any bonds issued for water pollution abatement sha.11 not be subject to any limitation and sha.11 be excluded in computing amounts subject to any limitation or tax levies, special assessments, bonded indebtedness or other indebtedness; now, therefore, be it COUNCILMEN Yeas Nays Requested by Department of: x�o�aat Butler--- Konopatzki In FaVOr Levine Meredith Against BY x�nca�x Roedler Tedesco Mme.President �t� g�t Form Approved Cit Attorn Adopted by Council: Date Certified Passed by Council Secretary BY By Approved by Maxor: Date Approved by Ma r for ubmission to Council By gy .�wJ i-�Q—'�i� WHI7E - CITY CLERK 2b1LJg8 cA a�•Y �PARTMENT GITY OF SAINT PAITL Council BLUF � A(KYOR � Fll@ NO. �� ouncil Resolution . Presented By Referred To Committee: Date Out of Committee By Date , 2 . , RESOLVED, By the Council of the City of Saint Paul, Tha.t pursua.nt to the provisions of Cha.pter 115� Minnesota Statutes, there sha.11 be issued and sold General Obligation Bonds of said City in the aggr�gate principal amount of Two Million Dellars - ($2�000,000.00) for the purpose of procurement by said City of funds in said amount to be used by the City exclusively for the prevention, control and abatement of pollution of waters; and be it FURTHER RESOLVED� Tha.t said bonds sha.11 be issued and sold pursua.nt to the provisions of said Cha.pter 115, Minnesota Statu�es, ' and in accordance with Cha.pter 475, Minnesota Statutes, and tha.� sealed proposals be received in the office of the Director of Fina.nce and Mana.gement Services, Accounting Division, until 10:00 o'clock A.M. (CDST), on Ma.y 9� 1973, for the sale of said bonds in accordance with the Official Notice of Sale� a copy of which ha.s 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 con- ditions of said bonds and of the sale thereof, as set forth in said Notice of Sale, are hereby approved and confirmed; and tha.t the Notice of Sale be published in the ma.nner �rescribed by law in the Saint Paul Legal Ledger the official City newspaper and in Commercial West. COUNCILMFpd Yeas Butler Requested by Department of: �,/ Nays �- �e� Konopatzki � In Favor T,,,�::;��. Meredith ( Against BY �C ROEDLER Tedesco Mme.President &rtler +H�lt Adopted by Council: Date APR 19 1973 Form Approve by ity Att rney Certif' d P ed by ci etary BY By � Appr d by Ma Date Approved by Mayor for Submission to Council By BY pUBL1iHfD APR 2 8 1973 -- - �`-�="=1'�v� �% � � � � �,.� � '�V_ . •r, � Meetinb � " SINK7.NG FUND COMMIT'TEE . � � � t�i�rch 1 , 1973 � Co�_�r1c:t L C��n�erence Room }�f+,.�mb��rs Present: Dean Meredith, Chairman t��-�-�- Ruhy �tunC, Member ri�mber Absent: Rosalie Butler, r[ember A1s� present: Robert W. Trudeau, Director, Department of Finance & Management Services Glemens J. Schleck, Chief Accountant 3erome Segal, Assistant City Attorney Carl Carlson, Report2r, Saint Paul Dispatch Barbara Asbury, Rec�rding Secreta?y Chairman Meredith called the meeting to order at 9: 20 A.M. He requested Mr. Schleck to begin the discussion regarding the request to issue $4,500,OQ0 Capital Impr.ovement Bonds. Mr. Schleck advised the Committee that the Capital Improvemen� budget had been presented to the City Council setting up the projects to be financed by the 1973 issue of bonds. He stated that said budget was one of the three budgets approved the City Council. State law - Chapter 773, Laws of Minnesota for 1971 -- aI.lows the City of Saint Paul to issue $42 million bonds each year for a three year periad, and that the bonds now requested were authorized by said state law. After a brief discussion following Mr. Schleck's explanation, Mr. Meredith made a motion that the Committee recommends that the $4,500,000 Capital Improvement Bonds be issued, seconded by rirs. Hunt. Carried unanimously. The City Attorney was directed to preaare th.� proper resolution to be presented to the City Council far action, saici resolution to also direct the proper city officials to proceed with the prepara- tion oL the sale and details perCaining thereto. Mr. Segal stated that he would prepare the resolution authorizing the issuance of the bonds, etc. The Sinking Fund Committee would meet again to consider the resolution pr�scribi.ng the forrn of bond and coupon as pzepared by the Gity Attorney, also setting date of sale and oCher pertinent information, said resolution then to be presented to the City Council for action. r1r. Meredith advised Mrs. Hunt that prior to the meeting, a brief discussion was held regarding the Urban Renewal bonds and the projects set up to be financ�d by the 1973 bon� issue. The question had arisen as to Year V as it appeared in the HRA r�quest. Mrs. Hun't explained that Year IV ends April 30, 1973, and that Year V was just around the co-rner. She stated Chat Director of HUD, Mr. Vavoulis was in the city r�lative to the commitments for HUD's 2/3 share of the financing for Year V. There t•:as no final setClement with regard to these commitments. A discussion followed as to whether or not the City could issue bor.ds to cover Year V prior to final word from the Federal Govern:nent. The Coznmittee had Ueen advised that a report �aould be available about 2larch 7th setting forth a detailed schedule of the projects and financing required for each project, including NDP Year V. Mr. Meredith requested rTr. Trudeau to contact Mr. llybiec of HRA to £ind out if the report could be made available before Wednesday, March 7. �s soon as the report is r�ceived, the Committee shotild be advised and they would meet ii::��ediately ta consider rhe request f_or. the $8,545,000 urban renewal bonds as requested bj� �'...-_. r4rs. IIunt moved that the requnst for the bonds be laid over unCi1 the report ii._as ��>en received, seconded by �ir. Niereclith. Carried unanimousl}�. . . Fl, `�... . �� . . . ♦, . � � � �..Zking �"�:nd Committee ' Mzixch 1, 1J73 • ,r'<:i��y 2 TFie request rar $2,OOG,000 �Jater Yolluti_on Abatement Bonds was brouGht bef�r.e t;he Comr�ittee, ?�`ir, Schleck stated that this was a continuing program for sewer separarion p�ojects, Presently, work is being done in areas �ahere most complaints are. b�in� received from ttomeowners who have flooded basements. Mrs, Hunt made a motion that the request to issue the $2,000,000 �v'a*_er Poll�ti�n Abatzment Bonds be appsoved, seconded by Mr. Meredith. Carried E�nanimously. Th�e City Elttorney was directed to prepare the proger resolution authorizing issuance of the bonds and to present same to the City Council for action. Mr. Trudeau explained to the Committee that we could not proceed with the preparation o� the sale notice, etc, until the request for the urban renewal bonds was �pproved by the Committee, It had been suggested that the city zssue the Clli and Water Pollution Abatement bonds at this time and issue the urban ren�wal bonds at a later d�te. Mr. Schleck stated that there would be a delay of at least 60 days be- fore the urban renewal bonds could be sold inasmuch as the Gity inserts in the I�otice of Sa1e that we will not issue bonds for 60 or 90 days from date of last issue. This is a courtesy extended to our purchasers to give them time to dispose of the bonds they have purchased. Mr. Segal brought up the discussion relative to the $4,000,000 borrowing in anticipation of taxes which had been accomplished on February 21, 1973. He requested that the Committee recommend to the City Council that the Council make their reco�menda- ti�n to the Charter Commission relative to an amendment to the charter section (10. 16) authorizing the issuance of tax anticipaCion certificates. The section as presently �o-ritten requi�es public notice for such borrowing and this requires publication of the notice 10 days prior to date of sale. Mrs. Hunt suggested that Mr. Segal prepare the proposal and present it to the City Council for consideration, to be followed by the Council's reco�endation to the Charter Commission by resolution or letter. Mr. Meredith requested if there was .any further business before the Committee. There being none, the meeting was adjaurned at 9:35 A.M. Respectfully submitted, Robert W. Trudeau, Director Department of Finance and Management Services % �� / �'.� .. � ..� , i: _ . . , �` Barbara Asbury Recording Secretary Approved: , < - .'��\.`L.�fn-�,1� � " W��JC.;��<... -1 Chairman � ��, �;� � ,�l � . �� -,_�_�� ./ Member �..-- _ ( _,---. r , � � . ' DEPAi;T'�i�ENT Or FIN�'�iCE AI�D itt1.�'VAGEM?�1T SERVICLS � D�VISI�N OF ACCOT'�'TI�'G SAIN�T PACTL, rii�dN�SOTA I do hereby certif�� tliat I have cor,�a �r:c! the c�nriex�.d copy of- the minu�:>- ��'; the meecisl��s of the Sinking Fund Committee held on Marc': 1, 1973(and March 7, 1973y) with the original records and files in this oftice, and that rhz same is a true and correct transeript thereof. Dated this 12th day of March 19 73 n � � � � � � j�� . _.:_,. ._� , � , , �'� r? ; Director � t�. -',=ii� . � ,i,.� �'� (Sea;1) i '�A�o�itinb appraval of the Committee. Unsigned copy attached for your information. , � � �� ' , �_ /�i'tL�U"Z!L� '—T J � �_ �,� r, w.� A. . � • *" � � � 261�:��3 � OFFICIAL ADVERTISEMENT NOTICE OF BOND SALE CITY OF SAINT PAUL, MINNESOTA $4,500,000 CAPITAL IMPROVEMENT BONDS, SERIES 1973 $6,355,000 URBAN RENEWAL BONDS, SERIES 1973-I $2,000,000 WATER POLLUTION ABATEMENT BONDS, SERIES 1973 NOTICE is hereby given that sealed proposals for the purcha.se of the within described bonds will be received at the Office of the Director of Finance and Ma.nagement Services, Accounting Division, 109 City Hall and Court House Building in Saint Paul, Minnesota, up to 10:00 A.M. Central Daylight Time, on Wednesday, Ma.y 9, 1973 and such proposals will then be opened in the .Office of the Director . of Finance and Ma.na.gement Services, Accounting Division, or his representative, who sha.11 proceed to tabulate said bids and ma.ke a recommendation to the City Council at their regular meeting that day. Based on the recommendation of the Director of Fina.nce and Management Services, the City Council sha.11 proceed to ma.ke 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 ox 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 Ma.y 1 in each of the years and amounts as follows: • $155,000 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 Ma.y l, 1984, sha.11 be subject to redemption by the City of Saint Paul, in whole or in part, in inverse order of their serial numbers, on Ma.y 1, 1983, and on any interest payment date thereafter, at the principa.l 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: .� . • �- . � 2��'�� Period Redemption Premium On Ma.y 1, 1983 to and including November 1, 1989 2 1/2% On May 1, 1990 to and including November l, 1994 2% On May l, 1995 to and including November 1, 1999 1 1/2% On May l, 2000 and thereafter 1% All or none of $2,000,000 Par Value Coupon WATER POLLUTION ABATEMENT BONDS, SERIES 1973, Numbered AAA-1 to AAA-400, inclusive, maturing in numerical order on Ma.y 1 in each of the years and amounts as follows: $50,000 in each of the years 1976 and 1977 $60,000 in each of the years 1978 to 1981, inclusive $65,000 in each of the years 1982 to 1987, inclusive $70,000 in each of the years 1988 to 1991, inclusive $75,000 in each of the years 1992 to 1995, inclusive $80,000 in each of the years 1996 to 1998, inclusive $90,000 in each of the years 1999 to 2003, inclusive . The WATER POLLUTION ABATEMENT BONDS, SERIES 1973, maturing on and after Ma.y 1, 1984, sha.11 be subject to redemption by the City of Saint Paul, in whole or in pa.rt, in inverse order of their serial numbers, on Ma.y 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 ex- pressed in a percentage of the principal amount of bonds redeemed as shown below: Period Redemption Premium On Ma.y l, 1983; to and including November l, 1989 2 1/2% On Ma.y 1, 1990 to and including November l,° 1994 2% On Ma.y 1, 1995 to and including November 1, 1999 1 1/2% On Ma.y 1, 2000 and thereafter 1% Notice of redemption 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 langua.ge, 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 langua.ge, which circulates throughout the State and furnishes fina.ncial 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 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. 2 . . � � ' 2�1�C�� The unqua.lified approving opinions of the law firm of Briggs and Morgan 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 bonds and will state that the City ha.s 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 taxa.tion by said City without limitation of rate or amount. The successful bidder will be furnished with the usua.l closing documents, including a certificate that no litigation is pending affecting the issua.nce of the bonds. The bonds will be issued under date of Ma.y 1, 1973, and in- terest is payable November 1, 1973, and semiannua.11y thereafter on I�ay 1 and November 1 at the Office of the Fiscal Agent of the City of Saint Paul in eithe.r Saint Paul, Minnesota, or New York, New York, at the option of 'the holder. The City of Saint Paul will furnish the printed an,d executed coupon bonds withcaut cost to the successful bidder in the denomina- tion of $5,000 each. CUSIP numbers will be imprinted on the bonds if requested by the successful bidder and at the expense of such bidder, but 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 issua.nce 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 sha.11 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 sha.11 be accompanied by a certified or cashier' s check made pa. able 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 ma.y exceed seven�ger -cent (7%) per annum. For each issue, all bonds of the same ma.turity must bear a single rate of interest from date of issue to maturity. The rate applicable to any bonds of an issue ma.y not be lower tha.n the rate applicable to bonds of the same issue ha.ving an earlier ma.turity date. Additiona.l coupons will not be permitted. No more than five (5) sepa.rate interest rates ma.y 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 pa.yable on the bonds of the issue from 3. , . �, . . �;�,,� - � ��-�{�:�� their date to the respective maturities thereof at the rates specified by the bidder. Each proposal should be enclosed in a sealed envelope plainly ma.rked 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 purcha.se price of the bonds of tha.t issue, or as liquidated damages if the bonds are not taken up and pa.id f or when ready f or de 1 ivery. Al1 bids must be unconditiona.l. No bid will be considered which is not in accordance with the terms of this notice or for less tha.n par and accrued interest to date of delivery, and the right is reserved to reject any or all bids. At the time of delivery of the bonds, payment of the amount due must be ma.de by the purcha.ser in FEDERAL FUNDS without cost to the City of Saint Paul. Delivery will be ma.de within forty (40) days from date of sale in any city and at any place designa.tecl by the purcha.ser and at his expense. No offering of bonds will be ma.de 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 Fina.nce and Management Services, Accounting Division, 109 City Hall, Saint Paul, Minnesota 55102 . ROBERT W. TRUDEAU DIRECTOR OF FINANCE AND MANAGEMENT SERVICES Dated: April 28�, 1973 4. €: _ � _, . , � ^. • � . ,. 2��:�� OFFICIAL �,DVERTISEMENT , NOTICE OF BOND SALE CITY Or SAINT PAUL, MINNESOTA $4,500, 000 CAPITAL IMPROVEMENT BONDS, SERIES 1973 $6,355,000 URBAN RENEWAL BONDS, SERIES 1973-I $2,000,000 WATER POLLUTION ABATENI�NT BONDS, SERIES 1973 NOTICE is hereby given tha� sealed proposals for the purc',.zase of the within desrribed bonds will be r_eceived at the Office of the Director of Finance and Ma3zagement Services, Accounting Division, 109 City Hall and Court House Bu:�lding in Saint Paul, Minnesota, up to 10:00 A.M. Central Daylight Time, on Wednesday, Ma.y 9, I973 and such proposals will then be opened in the -Office of the Director . of Fina.nce and I�lanag�ment Services, Accounting Division, or his representative, ��vho shall proceed to tabulate said bids and make a recommendatioiz Lo the Ci�v Council at their regular meeting thaL � da�. Based on the reco�unendation of the Director of Finance and Ma.nagement Services, the City Council shall proc��ed to make the award or awards o.f, �r reject any and all bids for, the following bonds : All or no�.e o� $4,500, 000 Par Val�ue Coupon CAPITAL IMFROVEMENT BONDS, SERIES 1973, numb,red A-1 to A-900, incZusive, maturing in numerical order on Ma.y 1 in eac� of the years and amounts as follows ; $450,000 in each o� the ye<�.rs 1974 to 1983, in�lusive . All ox none of $6,355,000 Pa�.- Va1ue Coupon IJR3AN RENEWAL B011DS, SERIES 1973-I, numbered AA-1 to AA-1271, inclusive, maturing in numerical order on Ma.y 1 in each of the years and amounts as folloE�s : $155,OQ0 in the year 197E $180, 000 in each of the years 1977 to 1979, inclusive $200,000 in each of the years 1980 to 1983, inclusive $250,�00 in ea�h �f the �ears 193�+ and 1985 $220,000 in each of the years 1986 to 1988, inclus�.ve $210,000 in each of the years 1989 i.o 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 yPars 2000 to 2003, inclusive. The URBAN iZENEGIAL BO>>1DS, SERIES 1973-I, ma.turing on and after May l, 1984, sha.11 be subject to redemption by the City of Saint Paul, in whole or in pari., in inverse order of their serial numbers, on May 1, 1933, and on any interest payment date thereafter, at the principal amount thereof, plus interest accrued thereon to th� date of redemption, together with a premium expressed as a percentage of the principal amo��.nt o� bonds redeemed as shoti,m below: � . � � ,. ��1�� Period Redemption Premium On May 1, 1983 to and including November l, 1989 2 1/2% On Ma.y l, 1990 to and including November l, 1994 2% • On May l, 1995 to and including November 1, 1999 1 1/2% On Mav l, 2000 and thereafter 1% All or none of $2,000,000 Par Value Coupon WATER POLLUTION ABATEMENT BONDS, SERIES 1973, Numbered AAA-1 to AAA-400, inclusive, maturing in numerical order on May 1 in each of the years and amounts as follows : $50,000 in each of the years 1976 and 1977 $60,000 in each of the years 1978 to 1981, inclusive $65,000 in each of the years 1982 to 1987, inclusive $70,000 in each of the years 1988 to 1991, inclusive , $75,000 in each of the years 1992 to 1995, inclusive $80,000 in each� of the years 1996 to 1998, inclusive $90,000 in each of the years 1999 to 2003, inclusive . The WATER POLLUTION ABATEMENT BONDS, SERIES 1973, maturing on . and after Ma.y 1, 1984, shall be subject to redemption by the City of Saint Paul, in whole or in pa.rt, in inverse order of their serial nu.mbers, on M�.tT _l, 1983, and on any interest payment date thereafter, at t�� principal amount thereof, plus interest accrued thereon to the date of redemption, together with a premium ex- pressed in a perc�ntage of the principal amount of bonds redeemed as shown below: � Period l�edemption Premium On May 1, 1983 to and including November 1, 1989 2 1/2% On May 1, 1990 to and including November l, ' 1994 2% On Ma.y l, 1995 to and including November l, 1999 1 1/2% On May l, 2000 and thereafter 1% Notice of redemption sha.11 be given by publication of a notice of redemptior. once in a daily newspaper of general circulation, or in a daily financial paper, published in the City of New York, New Ycrk, and printed in the English langu.a.ge, and once in a daily or weekly periodical published in � Minnesota city of the first class, or its metropolitan area, and printed in the English language, which circulates throughout the State and furnishes iinancial news as part of its service, such notice to be published not less than thirty nor more than forty-five days prior to the date fix�d 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. � 2 . . � ' • _ . � �� 2�1�� The unqua,lified approving opinions of the law firm of Briggs and Morgan of Saint Pauls Minneso�a, will be furnish.ed with the above bonds a� time of delivery. Opinzons i�ill be printed on the reverse sides of the bonds and will state tha.t the City has power and is obligated to levy ad valorem taxes for the payznent of said bonds and the interest thereon upon all property within said City, subject to taxatio�z by said City without limitation of ra�e or amount. The successful bidder caill be furn;shed witn the �usual closing documents, inr_luding a certificate that no litigation is pending affectin� the issuance of the bo�.ds . The bonds will be issued u�.der date of May 1, 1973, and in- telesi, is �ayable November 1, 1973, and semiannually thereafter on May 1 and Nave�nber 1 at the Oftice o` the Fiscal Agent of the City of Sain� Paul in eithe.r_ Saint Paul, Minnesota, or New York, New York, at the option o.f tn.e holcier. The City of Saint Paul will furnish the printed and executed coupon bonds withaut a.ost to the successful bidder in the denomina- tion of $5,000 each. CUSIP numbers will be imprinted on the bonds if requested by the successful bidder and at the expense nf such bidder, but incorrect numbers upon the bonds will no� constitute cause for refusal of the suc.cessful bidder i�o a��ept' delivery of said bonds. i'nder and b� the terms of the resolutions autho-rizing the issua.nce of th.e 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 s'_�all specify in multiples of one-fourth or one-tenth of one per cent the rate or rates of interest which the iss�u.e of bonds bid for is to bear, and shall be accompanied by a ceri:ified or cashier' s check ma.de pa able to the order of the City of Saint Paul, for two per ce�.t (2%� of the principal amount of the issue for which the bid is submiti�ed. No �:ate of interest may exceed seveii per cent (7%) per annum. Fvr each issue, all bonds of the same maturity must bear a single r.a.te of in�exest from d��te of issue to maturity. The rate applicable to an� bonds of an issue znay not be lower than the rate applicable to t�onds of t:.ze same issue ha.ving an earlier. matu.rity date. Addition,�.l coupons will not be permitted. No more tha.n fivP (5) separate interest rates ma.;� be bid for �ach- issue. Bid�.ers :nay not condition their bids on the award of all or none a� said issues of bonds. Each issue of bonds will be awarded as a separate issue. Awards will be made on the basis u-� 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 . 3 • . ','. .� + �..�u�� rr�� .�t their date to the respective ma.turities }hereof at the rates specified by the bidder. Each proposal should be enclosed in a sealed envelope plainly ma.rked 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 wi11 be deposited by the City of Saint Paul, as part payment of the purchase price of the �honds of that issue, or as liquidated dama.ges if the bonds are not taken �sp and oaid for when ready for delivery. All bids must be unconditional. No bid will be considered which is not in accordance with the ter�ns of this notice or for less than par and acrrued interest to date of delivery, and the right is reserved to reject any or all bids. At the time of delivery of the bonds, payment of the amount due must be ma.de by the purchaser in FEDEIZAL FUNDS without cost to the City of Saint Paul. Deliv,�ry will be ma.de within foz ty (40� days from date of �ale in any city and at any place designated by the purcha.ser and at his expense. No offering of bonds �aill r� made by the City of Sai nt- Paul for °.y purpose �or at least six.r;S:� (60� days from date of sale. Bid farms are a.��.�.la'��.y� 1apon request�. Copies of the Of�ic-�a1 Statement and Notice c�f Sa1e may be obtained from the Department of Finance an.d Management Services, Acco�snting Diaision, 109 City Hall, Saint Paul, Minnesota 55102 . R03ERT W, TRUD�.AU DIRE�CTOR OF FINANCE AND MANAGET�NT SERVICES Dated: April 28, 1973 0 4,