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251953 ORI6INAL TO CITY CL6RK 251953 CITY OF ST. PAUL �`ENCIL NO , OFFICE OF THE CITY CLERK COUNCIL RESOLUTION—GENERAL FORM PRESENTED BY COMMISSIONE ATF RESOLVE � by the Council of the City of Saint Paul , that this Council does hereby concur in each and all of the terms and provisions of Resolution No. 675, adopted by the Port Authority of the City of Saint Paul, on January 12, 1971, entitled "Resolution Awarding Sale of �2,6�j0 �000 General Improvement Bonds, Series H� Fixing the Interest Rates and Other Terms Thereof, and Levying and Appropriating Taxes fo r the Payment of Principal and Interest Thereon, '� a copy of which has been certified to the Council by the Secretary of the Port Authority and is now on file in the office of the City Clerk and , by reference, incorporated herein and made part hereof� and the Council specifically, but without limitation� concurs in the award of sale of bonds, interest rates, data, denominations, place of payment, form and details of the Port Authority�s General Improvement Bonds, Series H, in the amount of �2, 650, 000, dated January 1, 1971, as specified in sa_�.d ' resolution, and in the years and amounts specified for �he taxes levied for the payment of said bonds, and does hereby find, determine and declare that all such provisions are in accordance with Ordinance No. 14623 of the Gity of Saint Paul , which , ;�vas adopted and became final on October 22, 19'70, and are hereby approved, ratified and confirmed. FORM APp Q�E ;orporation Counsel COUNCILMEN Adopted by the Counci AN 1319� 19— Yeas Nays ,1 A N 1 � 197� Butler �_ Ap 19— Levine Tn Favor Meredith �} Sprafka u Tedesco A Sainat Mr. President, McCarty pUBLISHED �a N 16 �9 71 O � � -� �I 9 a_3 Resolution No. 675 January 12, 1971 RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL RESOLUTION AWARDING SALE OF $2,650,000 GENERAL IMPROVEMENT BONDS SERIES H FIXING THE INTEREST RATES AND OTHER TERMS THEREOF, AND LEVYING AND APPROPRIATING TAXES FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON RESOLVED, by the Port Authority of the City of Saint Paul, as follows : 1. Under and pursuant to Resolution No . 656, adopted by the Port Authority on September 15, 1970, and Ordinance No. 14623 of the City of Saint Paul adopted by the City Council which became final on October 22, 1970, and the pertinent provisions of Minnesota Statutes, as amended, including Section 458 . 193 and Chapter 475, the Port Authority has provided for public sale of $2,650,000 General Improve- ment Bonds , Series H, and has caused notice of the time and the place for the receiving of bids to be published not less than two weeks before the date of receiving bids . The Exec- utive Vice President reported that five sealed bids had been received in accordance with the official advertisement up to 9 : 30 A.M, this date, and were then opened and tabulated, and he presented the bids so received and his tabulation thereof, which tabulation is attached hereto and made a part hereof. The Authority has considered all bids received pur- suant to the published notice and does hereby find and deter- mine that the bid of Harris Trust and Savings Bank, Chicago Illinois, and Associa es to purchase the 2, 50, 000 General Improvement Bonds , Series H, in accordance with the Notice of Bond Sale at a price of par plus accrued interest to the date of delivery thereof, plus a premium of none , and bearing interest at the respective rates stated below, and subject to the further terms and conditions stated in this resolution and in said Ordinance is hereby found, determined and declared to be the most favorable bid received. The sale of the bonds is hereby awarded to said bidder, provided that the Secretary shall forthwith present this resolution to the City Council of the City of Saint Paul, for approval of the remaining provisions of the bonds herein stated which require such approval under law, other than those established by said ordinance, and after such approval the President and Secretary shall make and execute on the part of the Port Authority a contract for the sale of the bonds upon these terms . The good faith check furnished by the successful bidder shall be retained by the Treasurer of the Port Authority until the bonds have been delivered and payment has been made in full, and the Treasurer shall return the checks of other bidders . " 2. Said General Improvement Bonds, Series H, shall be issued and delivered in the aggregate principal amount of $2,650,000 and in the denomination of $5,000 each, payable to bearer, shall be 530 in number and numbered from 1 to 530, both inclusive, shall be dated as of January l, 1971, and shall mature serially , lowest numbers first, on January l, in the years and amounts as follows, bearing interest at the respective annual rates stated opposite their maturity years and amounts : Year Principal Interest Amount Rate ( �) 197 75,o00 `T$o� 1975 75,000 4.80� 1976 75, 000 �+,8oJ 1977 75,000 4.8oJ 1978 75,000 4.80� 1979 75,000 �+.80� 1g80 75,000 �+.80� 1981 75,000 �+.80� . 1982 75,000 4. 80/ 1983 75,000 �+.80� 1984 loo,000 �+. 80� 1985 loo, 000 �+.80� 1g86 l00,000 4.g0/ 1987 100,000 5.00� 1988 100,000 5.10� 1989 100,000 5.20� 1990 loo,000 5•30� 1991 100,000 5.�+0� 1992 100,000 5.50� Year Principal Interest Amount Rate ( �) i993 $loo,000 5. 60� 1994 100,000 5.60� 1995 100,000 5.65� 1996 100,000 5.65� 1997 100, 000 5. 70� 1998 125,000 5•70� 1999 125,000 5•75� 2000 125,000 5•75� 2001 125,000 5•75� Bonds maturing after January 1, 1983 shall be sub- 3ect to redemption and prepayment at the option of the Auth- ority in inverse order of serial numbers on January l, 1983 and on any interest payment date thereafter at par and accrued interest, plus a premium of $100 .00 if called prior to January 1, 1988; and plus a premium of $50 .00 if called on or after January 1, 1g88, but prior to January l, 1993; and without premium if called on or after January l, 1993 . Notice of such redemption will be given by mail to the paying agent and each known holder and by suitable publication as required by law at least 30 days in advance of the redemption date . Not less than 30 days prior to the date specified for the redemption of said bonds, the Treasurer will mail notice of the call thereof to the holder, if known, and to the bank at which principal and interest are payable . The Treasurer shall maintain a record of the serial numbers of prepayable bonds and the names and addresses of the holders thereof, so far as such inform- ation is made available to him for the purpose of mailing such notices . The interest on the bonds shall be payable July l, 1971, and semiannually thereafter on January 1 and July 1 in each year, and both principal and interest shall be payable at Harris Trust and Savings Bank, Chicago Illinois or, at the option of the holder, at The First National Bank of Saint Paul, in St. Paul, Minnesota and the Port Authority hereby agrees to pay the reasonable and customary charges of the paying agents for the receipt and disbursement of the principal and interest . 3 . The bonds shall be prepared for execution under the direction of the Secretary, in substantially the form set forth in Ordinance No. 14623, and when so prepared shall be executed by the lithographed facsimile signat.ures of the President of the Port Authority, countersigned by the litho- graphed facsimile signature of the Treasurer, attested by the manual signature of the Secretary, and sealed with a litho- graphed facsimile of the official seal of the Port Authority, and each of the interest coupons annexed to the bonds shall be executed and authenticated by the lithographed facsimile signatures of the President and Secretary, and a true and correct copy of the opinion rendered at the time of delivery thereof, shall be printed on the reverse side of each bond. When the bonds and coupons have been so prepared and executed, they shall be delivered by the Treasurer of the Port Authority to the Purchaser, upon payment of the purchase price above stated, and the purchaser shall not be obligated to see to the application of the purchase price . The proceeds of said bonds shall be segregated by the Treasurer in a separate and special fund of the Port Authority, and shall be used solely for the purpose for which the bonds were authorized as stated in Ordinance No . 14623 . 4 . In accordance with said ordinance and laws, there is hereby levied for each year, until the principal and interest of the bonds are paid in full, a direct, annual ad valorem tax on all the taxable property in the City of Saint Paul, not less than five per cent in excess of the sums required to pay the principal and interest thereon when and as such principal and interest mature. Such tax shall be extended upon the tax rolls prepared in the following respective years , in the amounts stated for such years : Year of Tax Year of Tax Amount Levy Collection 1970 1971 None 1971 1972 $365,000 1972 1973 222,000 1973 197� 219,000 1974 1975 215,000 1975 1976 212,000 1976 1977 208,000 1977 1g78 20�+,000 1978 1979 200,000 Year of Tax Year of Tax Amount Levy Collection 1979 1980 $1g6,000 1980 1981 192,000 1981 1982 18g,000 1982 1983 210,000 1983 198� 205,000 1984 1985 200,000 1985 1g86 195,000 1986 1987 190,000 1987 1988 185,000 1988 1989 179,000 1989 1990 173,000 1990 1991 168,000 1991 1992 162,000 1992 1993 156,000 1993 1994 150,000 1994 1995 1��,000 1995 1996 138,000 1996 1997 158,000 1997 1998 150,000 1998 199g 1�2,000 1999 2000 135,000 2000 2001 None Said tax shall be collected in the respective succeeding years together with other general taxes levied in the City of Saint Paul. After the delivery of the bonds, such tax shall be ir- repealable until all such indebtedness is paid, and after the issuance of the bonds no further action by the Port Authority shall be necessary to authorize the extension, assessment and collection of such tax. The Secretary shall forthwith furnish to the County Auditor of Ramsey County a certified copy of this resolution and of the resolution of the City Council of Saint Paul concurring herein, together with full information regarding the bonds for which the tax is levied, and the tax shall be extended and assessed and the proceeds thereof accounted for as provided in said Ordinance No. 1�623. 5 . The President, Secretary , Treasurer and other officers of the Port Authority and the officers of the City of Saint Paul are authorized and requested to furnish to the purchaser of the bonds , and to the attorneys approving the legality thereof, certified copies of all ordinances, resolu- � tions and other actions and proceedings taken by the City and Port Authority with reference to the authorization, issuance, sale and delivery of the bonds , and such certificates or affidavits as to other matters appearing in their official records or otherwise known to them, as may reasonably be re- quired to evidence the validity and marketability of the bonds ; and all certified copies, certificates and affidavits so furn- ished, including any heretofore furnished, shall be deemed representations of the Port Authority as to the correctness of all facts and the taking of all actions stated or recited therein. 6 . Pursuant to the specific authorization contairled in said Ordinance No. 14623 of the City of Saint Paul, the full faith, credit and resources of said City, as well as those of the Port Authority of the City of Saint Paul, are hereby pledged for the prompt and full payment of the principal of and inter- est on the bonds herein authorized as such principal and inter- est become due . In the event that the collections of the tax herein authorized should at any time be insufficient for the payment of such principal or interest, the Port Authority and the City of Saint Paul are authorized and obligated under �7inne- sota Statutes , Sections 475 . 61 to 475 . 74 to levy additional taxes upon all the taxable property within the City to make good such deficiency, which levies may be made without limita- tion as to rate or amount . Adopted : January 12, 1g71 Vice ' ent , Port Aut o ' Atte . / e e ary ( eal) STATE OF MINNESOTA ) ) ss COUNTY OF RAMSEY ) I, the undersigned, being the duly qualified and acting Secretary of the Port Authority of the City of Saint Paul, hereby certify that I have compared the attached and foregoing copy of Resolution No. 675 , as adopted at a spe- cial meeting of the Port Authority on January 12, 1971, entitled "Resolution Awarding Sale of $2,650, 000 General Improvement Bonds , Series H, Fixing the Interest Rates and Other Terms Thereof, and Levying and Appropriating Taxes for the Payment of Principal and Interest Thereon", with the original therc:of on file in my office and find the same to be a full, true and correct copy thereof. WITNESS my hand and the seal of the Port Authority of the City of Saint Paul, this 12t day of January, 1971. l ► S cretary , Port Auth ty of e City of Saint P u (Seal ) o�*�,��T�;�.R,� 251953 , CITY OF ST. PAUL �uNa� NO. ; ' OFFICE OF THE CITY CLERK COUNCIL RESOLUTION—GENERAL FORM ��� COMMISSIONEo DA'�'F AESOLVED, by th� Counoil of the City of Saint P+�nl, that this Coun�il does hereby con�nr in eaoh aad all oi th. tsrsa and provisioa� ut Besolutioa No. 67g, adoptod by the Port g uthority oi the► City o! Ssiat Paul, on January �St, 197i, sntitled "�e+solution AMarding Sale ot �8,6�0,000 aeneral I�proveHa� Honds, Serie• H, Fizins ths Int•rest Aater and Other Ter■a Thereot, �►nd L�vying and �ppropriating Teza� ior the Payvent o! Prinoipal aad Iatore�t �"hereon," a oopy ot whioh hao been osrtitisd to the Counoil by tbe ��oretary oi th� Port Authority end is noM on iile in the oYiio� oi ths City Clerk an�l, bq reierenoe, in�oorporated herein en�d �ade part hereai, and the eouncil sp�oi�ioslly� l�t Mithout li�itation, conouro ia the aMard o! rale oi boad�� intere�t rstes, da�s� danosinations� plaoe ot pay�ent, iona and detaila oi th� Port Authority's tieneral I�prove�ent Hoad�, s�rie� H, in ths s�ouat ot �2,6g0�000* dated JanuBry 1� 197t, a� �peoiti0d is said reaolution, and in �he ye ers and a�ouat� speoilled ior tbe taze• levied far the pay�ent oi said bondi, and doea h�reb,�; ?ind, determiae aucl deolare thet all. snch provision� are in aovorda►nc+e Mith Ordinanoe No. 1�623 oi �he City o! Saint Paul� �+h ioh Na� adopted and beosae iinal an Ootober 22, 1970, and are bereby approved� ratiiisd and oontir�ed. �A� l 31971 COUNCILMEN Adopted by the Couacil 19— Yeas xaRa J A N 13 19�1 � . Butler � Approv� 19_ Levine Tn Favor Meredith Sprafka � ��r ro�inst Tedeaco H�r. Preaident, McCarty ��