257132 � OR161NAIt TO CITY CL6RK �����JN
, , P . � CITY OF ST. PAUL COENCIL NO. "
� OFFICE OF THE CITY CLERK
'L COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIL�,ME ATE
RESOL\TEDt by tlle Council o� tYie City o� Saint Pau.l � tliat �
�IZe I��roject Cosi; Estimate and F:inancing Plan of the Neighbortiood
Development Program I�Si�1n. A-1 and the Goncord Terrace Project
Minn. R-37 has been submitted to i�he Fed�ral Government a.nd
a}�proved by them ancl the Secretary o� t12e Depa�°tment of Housiilg
a.nd Urban Dev� lo�ment lias obli_g�,ted t.he Unii�ed Sta,tes of .Elmeiica�
ui2cier author. ity of Tit1.e I of tne Housin.g Act of 9_949 and �.cts
amendatary thereof, to ma}ie � capital gr.ant to tlze Ur}�an Rerie�v�l
R.edeval.o��nent Pro ject oi� ]'ro jec Ls in ari amoun� of two-thirds
(2��) of �t;he I�Tet Pro ject Cost ; be it
FUR�H�R RESOLVLD, that tlie Gounc i.l o� the C',i1;y of Saint
Paul hereby estimates that, as such terms are de.fii�ed in rlir�iiesota
Statutes 1g69, Seetion 462. 545 , as amended, the "Pul�lic Redevelop-
ment Cost" �f tlle Nei;liborhood Deve lopmen�; Progr�ui� �Iinn. A-1 is
�22, 496, 515 , the "Capital Proceeds " of' such project is �3, 666, 640,
a11d tIie "Net Pruject Cos1;" of. such pro,ject is �18 , 829, 87-5 i'o_r. tlie an-
ri�aal inere.tient period from May 1 , 9.971 tYirough April 30 , 1q;2 ; 1;hat
the "Public Redevelopment Cost " of the Coilcord Terrace Project
�iiiil. R-37 is �lo, i53, 7o9, the "Capital Yroceeds" of such
project is �1,285,863, and the "Net Project Cost of such project
� `*+ is �8,867,846, and the Remaa.ning Cost of Municipal Buildings �
� � and In�pravenbents to be construeted withi.n or adjacent to tl�.�
� � ar�a of sa.ic� project is �26i, 3o6; be it
o �
o � FURTHER RESOLVED3 that pursuant to the provi sions oi
Chapter 881, La�as of Minnesota for 1g63, as amended by Chapter
o � 4y9, Laws of rliiznesota for 1967 , Regular Session� and Chapter
� � p 321, Laws o� Minnesota for 1971� Regular Session, there shall
� be issued aizd sold general obligation bonds of the City in the
� � par value amount of Five Million Six Hundred Thousand Dollars
- (�5,6UU, OGa} for th.� purpese of procuring additional funds
necessary to pay not to exceed one-third (1/r3) ot �ttie ive �
Project Cost of each of the aforesaid projects and the Remaiiz-
ing Cost of Munieipal Buildings and Improvements to be construe-
ted within or adjacent to the project areas , to be denominated
"City of Saint Paul Urban Renewal Bonds , Series 1972G; " tY�at
COLTNCILMEN Adopted by the Counci� 19—
Yeas Nays
Butler
Carlson Approve� 19_
Levine Tn Favor
. Meredith
� Sprafka Mayor
A gSiriBt
Tedesco
Mr. President, McCarty
��
. . . �
. ���,��'�
� � j..d
� Page 2 . _
,
01' �;iie procced5 i'rom -1,iie 5��ie of' sucil l�ona5 , l,Y�� r•� 51i�.;.i kre
allocated to ttie Nei.�hl�orl�ood Devel.c�pmeii(; Prograin �h , G1i1 , 0C)U,
and �959 , 000 shal.l l�e allocal;ed to Llie Concorcl Tci•race Prcject ;
h e i t,
PUR�l'IIliR R.T�SOL��ED, t;liai, sucli l�orlds , authori�c�d l�y r�zid
Ch.al��;er 88]_ , Session Lacvs of Minnesol,a for 1.g63 , as amended
by Cl�.apte�° ��99, Laws of '�ii.n�lesota f'or. 1967 , Rehula�° Sessi.�ri,
anci Cliai�t.er �`�J , La���s oi' �Iinnesot�.� �'or 1 �7] , �tehular Session,
� herel�y j:�ro�-i ded an�l di.rec�,e�l �(�o be �s sued and �o1_cl , in i�lie �����r -
����sue a�i:olaut o.t� i,,:i�-c ?�1i.] lioi� Six liL�ndr�-e�l Tli�us�ii�ci L'olla�s
(��:� , ��OO, QOU) s}lal. l uc; i.ssi?ed ai:d sold iii i,lie m��niier ��ec���i.reci
. 1_►�- l a�v; Lha�(; t;he }:�onds oi' �tiid issue s.l�.��..11. be in tl�e cic�nom:iria-
�Lion of ��°.� , OUO each, � dated I�'ebru�.r.y 1 , 1972 , ancl be��r intei�est a�l; a
rate or rates not in e�cess of seven percen�, (j°o) pe r annum, payabl_e
semi-aniil�al ].y on A�_iUus�; �_ and Febrliary 1 , accordin; to tl2e
in�.erest, cou��ons t-o be a1��Laclied to said k�onds ; tliat said bonds
shr�ll be se�°ial i.n i.'orm, anc� �� }�ortion �Lliei�eo:f st�al.l i�e pa5•able
eacii year colvmerlcin^ I'ebruai��� 3. , 19i�� , bul, none oi' saicl Uo1�ds
sliall i°un for a lonber pei°iod iliatn 1,liirt}° ( �0} years ; be it
I4UIZT�IER RTSOL�TD, t,hat, said I'ive Plillion Six Iluncl��ed
7'Eio��sar�d Dollars (�5 , 600, 000) par ��r�lue bollds to be i.ssuecl
ancl sold tor stich Urlian Re��e�cal D���el o��ment Pr. o�ec�t; pu��poses
�,►id to t�e� denouiinal,eci, as ai'o��esaid , "Cit.y o� Sai.nt ��aul I�rban
Reneh��.l B�nds , Seri.es 19'72G, " shall mature serially commencing
I'ebrua,ry 1 , 1y?5 , over. s�,id 1;liirty-year period on tY�e fo].lo�,�ing
d�tes a�id in the followi.ng amounts :
Dai�e of' T1atu�"l.t-Y A1110U17t
I�'ebruary 1 , 1975 150, 000. 00
I'ebruary 1, 1976 970, 000. 00
Febriiary � , 1y77 ijG, uO�. C�
Febrt�ary 1 , 1y78 170, OU0. 00
February 1 , 1979 1.70, OOO. UO �
February 1 , 1y80 17U, 000. 00
Februa.r.5� 1 , 1g�1 180, 000. 00
February i , 1g82 180, 0OO. OU
Februai•y 1, 19�3 180 OU0. 00
l��eUruary 1 , 1984 180, OUO. 00
February 1 , �985 180, U00. 00
, Febrtzary 1 , 1g�i6 aQ�J, OQQ. OC� _
F'el�ruar,v �- , ' 2`-)�i 2%��. GO�. �>�?
Febr•uary i , 1y88 2�O, ODU. 00
Februar.y 1 , 198g 200, 000. 00
February� 1 , 1��� 200, (,�00. 00
FeUru�iry 1 , 1991 �10, 000. 00
February 1 , ].992 210 UOO. UO
r�bruary 1 , i993 � 210, 000. 00
February 1 , i-991f 21U, 000. 00
F'�bruary i, 1995 220, 000. 00
' • • � Y i�a E', �j• �j'�� !�..�-•��
F� il
February 1 , 1gg6 220, 000, 00
Fe1���uary 1 , 19q'J 220, 000. 00
rebi•uary ]_ , 1998
240 OOO. UO
rebruar3' 1 � 1�99 '
240, ODU. �O
Pebi�uary 1 , 2000 240, 000. 00
February 1 , 2001 240 , 000. 0�
February 1 , 2002 �21�0 , �00. t�p
T0�1'1�L �°5, C 00, 000. 00
be it
. PU�tT�II��Ft R�SOI:\'���D, That. th e ��orid.s mai.urir�� on and � ai' i,er
February 1 , 1983, shall be subject to redemption b5� i,he C:ity of
Sain.1; Paul. , in tti�}�ele o�° iri part , in the inver. se, order cf t:iieir
ma�t�u��i.ties , on F'eb�•ua1�T 1 , 1�82 , oi� oi� an3� ini:eres�; pay�r.ent
date tlie��e�fi.er, at the �]"1i1C7 p$�_ c9I11011T1L �;hereoi' , plus i.nt.erest
acerued i;he�°eon �o tlie da�;e oi' redenlpLion , to�;e�l�er �,�it-11 a
p�einiuifi c���iessed i_n a percentage oi' the ��rinci.�3al amouni; of
� bonds r. edeemed as sllowu below:
�.
. � _
_ Re�i�m���ic;n -
� Peri od Prem ium
On Fe bz�rr�.ry 1 , 1)82 , to and
inclucling tlugust 1 , 1y88 21�
a
On Febivary 1 , i989, to and
including Augusl; 1 , 1993 2 jo
On February 1 , 1994, 1;o and
includirig August 1 , �998 i2�fo
Thereafter 1 �
be it
F'URTI�ER ItESOLVED, Ttia1; if less than all the bonds of a
maturit�y are called for reden�ptioii , t}ie bonds so called sliall
be selected by lot . Notice of redernl,tion shall be �iven by
publica�ion of a notice of redempi,ion once in a daily newspaper
of �eneral circulal;ion or in a. daily .finaiici.al paper, ��ubl.islied
iii hTe�a Yorl� , I�Tew 1'orl., and priiited i�l the English langua�e , and
once in a claily or weel�ly periodical published in a Alinnesota.
city of i��ie first class , or i.i,� tn�t,ropolita�i ar:•ea, and printed
in the En�]_ish lan.�u���e , wlii.ch circulal;es t}�roughoul; the S�;ate
and furnisties fina�.icial news as a part of its service, sucli
nol;ice to be publislied not less 1;han thiri;y nor more tlian
forty—five da,ys prior to the da1;e fi.�ed J'or relem�tion; be i.t
FtJRTIIER RESOL,�'LD, Ttiat saicl ��, 600, Oc)0 par ���ilue boiicis
1;o Ue issucd t'or suctl Ur•ban Reiie�val Develapmeiit 1'roject pur�oses
shal l be in subs i:anl;ial ly the i'ollowinb form, �ahicli has been
prepared by the Slil}Cllly Fund Con�mittee and apProved by �Lhe
Corporal;ion Counsel oi the Ci. iy of Sairit 1'aul , aitd is ticreby
u���i�•�ve�l ;�ncl ���lc��it.c��1 :
' Fage 4 .
, "UNIT�D STAT�S OI' A�'�i�RICA
S`.C'11T� OI,' TiI�?�I�SOTA
COUN`l'I' OP ItAI�iSEY
CI`I'I' Ol� S�I NT PAUL
UH.BAN RENE1�rAL }30Nll
S�RIIsS 1�'72G
� rTa . . . . . . . . . . . . . . . . . . . �5, o00
�Q�' "KI�TOIti' ALL �1LI�' 1�Y '1'I��SE PR.LS�\TS , �1'ha�L tt�e Ci-t5- oi' Sai_ri�c
P�.ul. , iiZ t;11e Count.t� o� Ramsey and State o� rlinneso�,�i., ack—
no<<�7ednes ii;se).:f to o�,�c: ar�d 1'oi �•��ltze l�ece:i.��ed l�err.��v
��.r•omi_ses t:o pay L,o bearer. the sum of Five `I'Y�ousarid Dol_lars
(�:� , 000) ori tt�e .f'i.i�st day of Febr.uary , . . . . . . . . , �togel;t�ier �
��ritl� in�;eres�i; �,liereon f.�°om the dai,e hereoi' until �,aict at
thc rate oi' . . . . . . . . . . . . . . . . per. centtim per arinuiii, pava.l�le
semi—a�znuallS� on i;lle fi.rst d�ys of Au�;t� s�l; and l�el�i•u�� ��s�
in each. year as ev�.dencec3 by a�id upon i,l�� preseiitati.on
and surrender• of tl�e an�iexed in.�;erest coupons as �:hey
severaJ_l�� become due . l3oth principal oi and int�erest on
this boncl are pa3-able in la<<�ful money o� the United States
of Aiuex•ica ai; tl�e o�i'ice of tlie Fiscal Agent ot i;he City- of
Saint Naul , in eil�her Sain�t; Paul , Mini2esoi;a, or Ne�� Xor.lt ,
New Yorl� , at �l:he opti.on of the holder ; and foi �Lhe pro�npt
payme�lt of �-his bond, botl� principal and interesty tilheri
y due , tlie full. i'aith aiid credit of tlie City o� S�in.t Paul
' are irr•evoe��l�ly pled�ed.
"The boilds of the series of bonds o� ���ilicli 1;his bond
is one TI13�U]�ing on and ai'ter Februar. y 1 , 1983 , are suU jec1;
to �°edempti.on Uy ttie Ci1�y of S��.int Paul , in ���hole or in
par1; , in tl�e iuverse order of theii ma�;uriLies , on Febru�ry
1, 1982, or oii any interest payment ciate i�hereai'�er, at
the pi in.cipal amount thereof, plus in�Lerest accrued �:hereon
to t•he date of redeinpi;ion, to�ether with a premiuin e:�pr. essed
in a perceni;aye oi the princip��.l ainoiirt of be?ids redeemed
as sho���l bel.oti��:
. Redenil�ti on
Yel�iod Prem ium �
D � Un February 9_ , 1y82 , to an.d
inc].ucling 1'�i��ust 1 , 1)88 2�-�0
On Pebruary 1 , 1989, �;o alid
includi�ig At�gizsi: 1 , 1993 2 /o
On 1�e bruary 1 , 1994 , �Lo and
inc]uding 11u�ust 1 , 1998 1�o
`l'hercaf.�:cr 1 0
• , "� 1�c'1 t;E' j • .
' If less than all the l�onds of a mai.tirity are called i'or
redemption, ttie bonds so cal]_ed shall be sel.ected by lot .
� Notice of reclemp�ion sliall Ue given. by ptibli.c��tion o1' a
notice oi' redeml�l:ion once in a daily ne�,�sp����er of beneral
circulai�i.on or in a clai.l.y f_'inai�ci.��l papez , publ_ished in
• I�7etv Yorli, Nek I'ork , anri prin�;ed in tlie En�; .tish langu��ge ,
and once in a daily oz �.�ce1:13� ��erioc�ical published in a
Minnesoi,a ci�;y of the firsi; class ,, or its mei;ioi�olit:aii
� arex, and printed in �he Enblish lanhu��r.e , ���tii.ch circulates
throtighout; the ��1;ate aizcl furnislies f:i�.�.ancial ».ews �s a
��ari� oi' its ser•��ice , suc}i 11o�ice t-o be pt�l�J i.slied not l.ess
than �.I� ii, i�� nor �noi�e �ha�i f_'ori.�'-�'i.��e cla��s p�° i.ox, io �t.11e
da Le. f. ixed f'or ��eclenipi;i on, and ii' sucli �iot ic e shal .l liave
. . been gi.ve�z aild _j�r���rtient liereof.' duly ivacle or p.r•ovided j'or , .
� � interes�L hereori sli��ll eease �'ioi�� and ai��•er tlie da-te � so � �
f.ixed tor redeuip�ion.
"Tliis boncl is one oi' a series of boncts issued �ind
solcl by sai.d Ci.� s� of' Saint Paul , in the �.ng1•e�rLte par ���l�ze
amoun�; oi' S>, 600, 000, author7 red b�r Chap i er 881 , Session
Laws o� �iinnesota �'or 9963, as aniended l:iy Ciis�l�i,er 1i99,
La�ti�s oi' :�linneso�;a for 1967 , Reeiilai Sess:i.ori, and Clia��i�ei 321 ,
�Latas of Mi�inesota for �_971 , Re�ular Sessi on, and a auly
ado��ted reso:lul; ion of the Courici.7. oi' �i:}-le Cii;�� o_f Saint
Paul , �or the purpose oi' pa°ocuri.ng the i�ecessaiy tunds to -
pav not i;o ea.ceed one-third ( 1�3) of �t;1�e Net Pro,je��; Cost _
. of cert�.i.rz-LJrba�i I��ez�ei�-a7: L�veioi;nrent I'rU jects , ��;i. chiri tlie
eor.porate limits of sai.d City, designated , "�Teigliborlioocl
lleVC'�.Q�i71P1"l�t Program Tsinri. A-1 , " aiid "Concord '1'�rrace Pro ject
Minn. R-�7 , " Ueing t���o of the sever��l. Urban I�.ene�aal lle��elop-
ment Pro,jects �uentioned in said Ch�� ter 881 , Session Laws
o� Minnesota i'or 196j , as auiencled Uy Cliapi�er 499, Laws of
Minnesota for 1967 , F�egular Session , and C}iapter 3`?1 , Laws
of �liniiesota for ].971 , Re��ular Session, a�id tor said Cit.`�' s
expe��tii_tures on accoiznt oi' an�r Remaininh Cost�s oi' ;�tiini�ipal
I3uildin�s and Impro�-eu:ents to be con��i•.zcteti wa i��hi�>> or adja-
eent to the area of' said Projects .
"Thi_s bond is issued and sol.d by said Cii;y of S�.ini;
Paul uncler and by autlioiii;y of Ct�apter 88] ; Session Laws
of Minnesota for 1g6�, as amended by Cli�� Lei 1�99, La�,rs of
Minnesota for 196� , Re�ular Sessiori, aiid Chapter j21 , l,aws
of Niiniie sota for 1971 , Regular Session, under and by
au�;hority of a duly adopted resolution of tl�e Council of
the Ci1;y of Saiiit Paul , aiid in i'ull compli.arice ti,•ith said
Chapter 881 , as amended , said resoliii, iori, ttie Ctiartei of
the Cii;y of Sairit Paul ,. as applicable, and Chapter 475 ,
Minnesol;a Stai,utes 1969, as amended.
"This boiic.l may be e�cliantiecl foi° a ful l�� re�;is i.ered
bond ai, i;tie office of i;he City Cor►lpi;roller, 109 Cii,y Hall ,
Sain1; Paul , Minnesota 55102, at the expense of tlie tioZder.
. � . .
, ' Page �.
":Lt is hereb�� eertified and i�ecited t;hai; all ttiings ,
acts ancl condi�i:i.ons requir•ed by tlze Consti�(;ut,ion ancl La►�Ts
� o.f �;lic State ol �7in71esota and tlle Cliart;er of said Ci�;3� i�o
happen ai�d be cione and pei°fornied precedeni; t;o �nd in i,lie
issuance of i.his }�ond , liare tia��,peried ancl Ueen done ancl
��erfoi�riec� in re��ilar and due �orm and �i;ime as required
by la�,� �lncl that the t;ota] indeb�;edliess of saicl Cit,y-,
includin; t.his l�oiid , does iiot exceed any con5l;i_tuti_onal ,
statutai°�� , or clirir� e�� lii3i:it<�ti.oii.
"IA 1ti'1TNESS 1�'1�E13EOI�', The saicl Ci. l;�� ol Sai1�i; Paul. , � �
. :. � by.. ii.s Cou.ncil , }t��s caused this bor�d to be . ser.il.ed �by � - � .
1;lie facs:iuii.le oj' its O:f'fici'al�` Seal , littio�r•aphecl her. eoi� ,
to be si��zed n�ariiz��lly � by its Mayor, al;tested by 1�1�e
litllo�;��aphed f'acs:i.iiiile si���lai:u�°e oi' its Cit�� Cl.ex°l., anc�
eountei�si.�.;nec1 b>T i.,lie l.ii;l�io�iaphed i°acsi_m�_le sign.al;ure oi'
it-s Con�ptroller, �3nd eacli of the in�,eres�, coupons he�-eto
attactied to be e�ecuted by -1,ile ]_itilo�r•apl�ec] 1'acsinii_le sig—
na�Lures of i�;s sr�icl officei�s , as of 1;he i'irs�t clay of
February, 1:972.
. . . . . . . . . . . . . . . . . . . . . . . . . . .
^fay�r
Attest: . . . . . . . . . . . . . . . . . e . . . . . . .
City C1erl:
Countersi�ned : . . . . . . . . . . . . . . . . . . . . . . . .
. . .
Ci�Ly Coivptroller
"COUPO?�
No . . . . . . . . . . . . . . . . . . . �. . . . . . . . . . . . . . .
"Un the firsl; day o� �ugust � 1�_ . . (u121ess tlie
February '
bond hereinaf. ter mentioned shal.l be subject 1;o prior rectemp—
tion and shall have theret•ofore been duly c�.].led for previous
redemp��•ion and payment oi' the rede�uption pri.ce duly made or
pro�vided f'or) , th� City o� Saint Paul , I�linnesota, pi°omises
to pay 1;o bearer . . . . . . , . llollars
��. . . . . . . . . . . )
at the office of' �;lie �Fiscal Agent of 1;lie Ci1;y of Saint Paul ,
in eitlier Saint Yaul , rliiinesota , or \ew Yorl� , New Yorl. , at
�;he op-Lion of the hold�er , i'or interesi; due i;hai; da3� on its
Urban Itene���al Bo�id, Series 1972G, da�ted as of I'ebruary 1 ,
1972, No . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
•Tlayor
Attest : . . . . . . . . . . . . . . . . . . . . . . .
City Clerk
Countersigned: . . ; . .� . , , � , . . , , , . . . . , .
� City Comptroller ��
� � • � �- ����3�,
- Page 7 . '�' �
ancl ue i t;
�
I�'LI�TIiER RFSOLI'ED, That. eacti said borid sha.11 b� sealed
b,y tlie 1'acsimi]_e of tlle Of�icial Seal oi' tYie City of Sai.nt
1'aul Iii;rio���apliecl tl�ereon ai7d si�;ned niai�ually by i_ts I�1a��or ,
attested hy tlie li�,hobra��hed 1'acsimi_l.e si.�;nai,ure of t�,he Citv
� Cler)L, an.d countersi.�ned by t;he ].itllo�;rap)Zed f'acsimi].e sig-
na-�ure oi' its Coiuf�i:roll.er, in accc,rdaiice ���itti Sect;ior�. '�7> . 55 ,
� � Minnesc�i,a Statu(,es 1969 , as aniei�ded , aild �,he int;eres�L coupons
t;lierei;o af;�taciied slial) be e�ecui;ed b�- -1,t�e litlio�rrij�hed fac�imile
si�;n� (,ures oi' s�.i�l oi':['icer5 ; and .be ii�
. P'URTI�ER ItLSOL�'�D, That. :seale.d ��ro��osals be re.ceivc�.d i.i.� .
�i;lie off'i ce o�' t.lie City Compt:ro Zlcr. i.n the City l�al l ancl Cour�;
I�ouse I3uilcli_nb , ii1 t}ie Ci.ty ol Saint Paul , Tlinnesol,a , u}� 1;�
1.0: 00 o ' c;�_ocl� A.i�i. (C . S . T . ) , I�'ebrua���� 14, �.�72 , for the sal.e
of' all or. noiie of sai.d boiicts , afi�er �ivii��; due not,ice oi' said
sale in tiie marulei, prescribed by la�ti�, in i�l�e St . Paul Legal �
Lecl�;er, t.lie ofi'icial ne�,�sp�iper of said Cit„j�, anc� 121 1.I1G Commercial .
j�'est. , a i'i.nancial perioc] ica,l pul�li.shec� in the Sl;ai,e oT rla_nneso�[,a ;
�;hat eacli l,�i.dder sliall be i-equired to accompan.y his bid b�� a
�cer�,ified or casliier ' s check i'oi° ttito perceni, (2��) oi' �Lhe ainount;
oi boi�ds bid for , ��liich �,Till be forfeited �l;o �;lie Cii�y as liqui-
datec� cla�ua�es if tlie bo�ids are not �l;alce�i a.r�d paid for ivlien
reaciy i'or cielive���� ; thai; i;he Cit,v Comptro ]_lex slial ] , at +1_�e
next mee�in� afi.cr r. ecei��in; said bicls , preseni; the saine to
the Council for i�heir action thei°eon ; and tlia� said bonds
shall be a�,�a��ded �.0 1;lie ��ei�son offering 1;lie l.o��est i�et
interest cos�; ttiere��or° to �-lie Ci�;y , noi; eaceedinb seven
percent (7�0) per c`�,I111L1Ill� and be it
F'U1�.TI�ER RESOI,VED, That the proceeds froni ihe i_ssuance
and s�.le of said bonds , as reeei.ved by sai.d City , sliall be
deposited in a speei.al fulici oi' saicl Cii;3- desi�.�iated as "Urban
Reizes��al aiid De��e ].o��n�ent ��und , " ar�d tlier. e3.n 'al?_o.:al;ed. to and
subject t;o disbursement for the Cit,y ' s obl.i�al:ion pertinent
to said Nei�hborhood lle�Telopment Pro�r�m Minn. A-1 and Concord
Terrace Projeci; Miii�z. R-37 , for tlie payment oi' sub5tani,�ally
ol�e-i,hird oi' ihe Il��, cosi, of each or �tie ai'oresaa.d pro jects ,
as esti.ivated , as a�'oresaid , and for i;he fur. i}ier pa��uic�iit of any
Remailiiii�; CoSt. of Tiu�Zici.pal. I3uilditigs aiicl Iin��r��-eme►its to be
construcl;etl witl� i_ii oi- adjacent i;o ±tie ��i�ojcct areas . T}lat
despi. Le �he allocation of lionc3 proceeds made in i;i�is Reso.lutioi�,
tlie s�3r►�e sliall be sul�ject 1,0 �re allocaiion in pur.pose and amoiuit
consisi.eni= with Cliapter 581 , :�ession Laws of riinnesoi,a for 1yGj,
as amended uy Cli�t}�1.er• 49�, La�ti�s oi' riilinesoi;a for 1967 , Regular
Session, and Chapter 321 , Laws of hlinneso�La for 1971 , Regular
Session ; providecl , tliat no part of tlie proceeds of i•lie issuance
a�icl s�ile of �iiiy oi' saicl boiir,ti slia] 1 be ui�icle i;lie st�l�,jeei; oi' aii��
reallocation or disUursemeiit eLCept Sor the ��urpose of the
. : _ ,.
� ORIGINAL'!O CITY CI.HRK � c� ,.'
, � ' . � '� CITY OF ST. PAUL �LENCIL NO. '�����t,`J
' OFFICE OF THE CITY CLERK
, COUNCIL RESOWTION—GENERAL FORM
PRESENTEb 8Y
COMMISSIONEQ DATF
Page 8.
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 Development Projects specified
therein. That said bonds shall be payable in lawful money
of the Unit ed States of America at the of f ice of the Fis cal
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 .
JAN 2 0 19�?
COUNCILMEN Adopted by the Council 19—
Yeas Naya 19.�
Butler J AN 21
�_ �-�,�,-n-` 19—
� �n Favor
Meredith Mayor
Sprafka ,(� �
A gainst
Tedesco
Mr. Preaident, McCarty
RUBLISHED �AN 2� �i�'7� �