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262106 WHITE - CITV CLERK ♦ PINK -FINANCE GITY OF SAINT PAUL Council 2G�1(�� CANARV - DEPARTMENT .�� BLUE - MAVOR File NO. C cil Resolution . Presented By ~ Referred To Committee: Date Out of Committee By Date WHEREAS, the Council of the City of Saint Paul, by its Resolution, Council File No. 261949, approved August 23, 1973, authorized the issuance and sale of obligations of the City of Saint Paul in the amount of $6,000,000 for the purpose of providing cash to meet the City's obligations, as they becpme due, and in anticipation of the receipt of taxes during the current calendar year, in accordance with the provisions contained in Section 10.16 of the City's Charter, and in accordance with said resolution, the proper City officers have caused the proposed sale of obligations of the City to be advertised, requiring sealed bids to be sub- mitted on September 12, 1973, and as the bids were submitted and opened, examined and tabulated by the City Director of Finance and Management Services, and said Director made the recommendation to the Council that the bid of The First National Bank of St. Paul was found to be the most advantageous, therefore be it RESOLVED, that the bid of The First National Bank of St, Paul be accepted, and the Mayor, City Clerk and Director of the Department of Finance and Management Services be authorized and directed herewith to execute, on behalf of the City of Saint Paul, said promissory note for the sum of $6,000,000, to be paid by the City on December 12, 1973, with interest thereon from the date of September 18, 1973, at the rate of 5.65% per cent per annum (computed on the basis of actual days and a year of 365 days) . COUIVCILMEN Yeas ��,],gY. Nays Requested by Department of: Finance and Management Services K�on�opatzki _� In Favor Levine Meredith �� Against BY � Rcedler Director Tedesco Mme.President H�[ HUYlt S E P 1 21973 Form Approved by City Attorne Adopted by Council: Date Certified s d by oun ' ecretary BY By Approv�by Ma . Date 1 2 197. Approved by Mayor for Submission to Council By ' ^ \ � BY Pu�.�s�+�u SEP 15 1973 ,..�� ....r-�ry. � . _ , . - ,� � ;_ 2�21�5 - � . �.� . � September 12, 1973 � Mr. Robert W. Trudeau, Director Department of Finance and Management Services ' , City of Saint Paul 109 City Hall Saint Paul, Minnesota 55102 ' Dear Sir: • In accordance with your Notice dated August 23 , 1973, requesting bida for a $6,000,000 borrowing in anticipation �of taxes, and information setting forth the terms of said borrawing, we submit our bid as follows: ,. Principal $6,000,000.00 � Interest rate 1 �� % Interest due and payable � December 12, 1973 (85 days) $ � f If we are the successful bidder, we will accept delivery of the properly executed note(s) of the City of Saint Paul on September 18, 1973, with payment in Federal Funds or other immediately available funds on the day of delivery. We will also be furnished with the approving legal opinion of the City Attorney of the City of Saint Paul. Very truly you s, • Vice President THE FIRST NATIONAL OF ST. PAUL ST. PAUL, MINNESOT i � ;s V � . _ � . . - . . 26.21i�� ; � . September 12, 1973 . . : Mr. Robert W. Trudeau, Director ' : Department of Finance and Management Services City of Saint Paul . 109 City Hall � Saint Pau1, Minnesota 55102 . Dear Sir: In accordance with your Notice dated August 23 , 1973, requesting bids for a $6,000,000 borrawing in anticipation'of taxes, and information setting forth the terms of said borrowing, we submit our bid as follows: ►. Principal $6,000,000.00 i 1 � Interest rate 6.20 7e 1 � � Interest due and payable � December 12, 1973 (85 days) $86,630.13 � - , � � If we are the successful bidder, we will accept delivery of the I j properly executed note(s) of the City of Saint Paul on September 18, 1973, ! with payment in Federal Funds or other immediately available funds on the day f of delivery. We will also be furnished with the approving legal opinion of i � the City Attorney of the City of Saint Paul. i �' Very truly yours, Northwes ational Bank of St. Paul � � By J.C.Graham, Vice Pres. \� ' , � �� � � �/ . � `� -, � 1 �. ��0�. � �,�, �I �J 1 �`' . 'i �i ' � ,; - r� 7� � � - _ � _ �: ;� ; � , Q� C���i NOTICL OF R�QUEST FOR BIDS CITY �� SAINT PAUL, MINNESOTA $6,000,000 TAX ANTICIPATION BORROiWING Sealed bids will be received on Wednesday, September 12, 1973, 10:00 A.M. CDST, in the office of the Department of Finance and Management Services, Division of Accounting, 109 City Hall, Saint Paul, Minnesota 55102, for the purpose of borrowing $6,000,000 to meet the current obligations of the City of Saint Paul, for which taxes were levied in 1972 and which are collectible in 1973. The principal and interest for repayment of the obligations will be a first charge on the moniea received by the City's treasury from the taxea levied in the year for which the obligations were sold, provided that any such obligations shall not be aold for leas than par and accrued interest to date of delivery. A single rate of interest, not exceeding 7 per cent per annum, must be bid for the borrowing which will be dated September 18, 1973, and will be due and payable on December 12, 1973. Interest will be computed for 85 days on the basis of a 365-day year. A certified or cashier's check in the amount of $120,000 made payable to the order of the City of Saint Paul shall accompany each bid. The check of the successful bidder will be deposited by the City as part payment of the purchase price, or as liquidated damagea if the note(s) are not taken up and paid for on the date of delivery. The executed note(s) of the City of Saint Paul will be delivered to the successful bidder on September 18, 1973 upon payment in Federal funds or other immediately available funds on the day of delivery. The City of Saint Paul reserves the right to reject any and all bids. Complete information and bid forms are available at the Department of Finance and Management Servicea, Division of Accounting, 109 City Hall, Saint Paul, Minnesota 55102, (612) 298-5491. By order of the City Council of the City of Saint Paul, Minnesota. Robert W. Trudeau, Director Department of Finance and Management August 23, 1973 Services ' � � INFORMATION + CITY OF SAINT PAUL, MINNESOTA $6,000,000 TAX ANTICIPATION BORROWING Bids will be received on Wednesday, September 12, 1973, 10:00 A.M. CDST, in the Office of the Department of Finance and Management Services, Division of Accounting, 109 City Hall, Saint Paul, Minnesota 55102. At that time, the bids will be opened and read by the Director � of the Department of Finance and Management Services and, if a bid is accepted, the City Council will, at their regular meeting that day, make a prompt award to the successful bidder, as recommended by said Director, on the following terms: Date of Note(s) and The note(s) will be dated Septem ber 18, 1973 and will be Dete of Maturity: due and payable December 12, 1973. Purpose: The proceeds will be used to meet the city's current obliga- tions for which taxes in the amount of $26,500,471 were ievied in 1972 and which are collectible in 1973. The principal and interest for repayment of the obligations shall be a first charge on the monies received by the City's treasury from the taxes levied in the year for which the obligations were sold, provided that any such obligations shall not be sold for less than par and accrued interest to date of delivery. Authority: Chapter 475.60, Minnesota Statutes, Charter Section 10.16, and Council File No. 261949 approved Aug�ist 23, 1973. Delivery: The Note(s) will be delivered on September 18, 1973 upon payment in Federal Funds or other immediately available funds on the day of delivery. Type of Bid: Sealed bids for all or none of $6,000,000 tax anticipation notes in amounts as requested by the auccessful bidder, but for not less than $1,000,000 each. Good Faith Check: A certified or cashier's check in the amount of $120,000 made payable to the order of the City of Saint Paul shall accompany each bid. The check of the successful bidder will be deposited by the City as part payment of the purchase price, or as liquidated damages if the note.(s) are not taken up and paid for on the date of delivery. Rate: A single rate of interest, not exceeding 7 per cent per annum, must be bid for the entire amount of the borrowing. Interest will be computed for 85 days on the basis of a 365-day year. Award: No premium or discount bidding will be considered in determining the award, which will be made on the basis of the lowest interest rate offered. The City of Saint Paul reserves the right to reject any and all bids. Legal Opinion: The successful bidder will be furnished with an approving opinion of the City Attorney of the City of Saint Paul to the effect that said note(s) are legal and binding obligations of the City. By order of the City Council of the City of Saint Paul, Minnesota. Robert W. Trudeau, Director August 23, 1973 Department of Finance and Management Services September 12, 1973 Mr. Robert W. Trudeau, Director Department of Finance and Management Services City of Saint Paul 109 City Hall Saint Paul, Minnesota 55102 Dear Sir: In accordance with your Notice dated August 23 , 1973, requesting bids for a $6,000,000 borrowing in anticipation of taxes, and information aetting forth the terms of said borrowing, we submit our bid as follows: Principal $6,000,000.00 Interest rate % Interest due and payable December 12, 1973 (85 days) $ If we are the successful bidder, we will accept delivery of the properly executed note(s) of the City of Saint Paul on September 18, 1973, with payment in Federal Funds or other immediately available funds on the day of delivery. We will also be furnished with the approving legal opinion of the City Attorney of the City of Saint Paul. 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