241651 ORI'GINAL TO CITY CLBRK �`�1 ���
CITY OF ST. PAUL FOENCIL NO.
OFFICE OF THE CITY CLERK
` COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONER �-T DATF
RESOLVED by the Council o� the City of Saint Paul, that this
Council does hereby concur in each and all of the terms and
provisions of Resolution No. 52�#, adopted by the Port Authority
of the City of Saint Paul , dated January 9, 196g, entitled
"Resolution Awarding Sale of �2,500,000.00 General Improvement
Bonds, Series G-2 , Fixing the Interest Rates and Other Terms There-
of, and Levying and Appropriating Taxes for 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 G-2 in the
amount of �2, 500,000.00 dated February 1 , 196g, as specified in
said resolution, and in the years and amounts specified for the
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. 1372g of the City of Saint Paul , adopted October
17, 1967, and are hereby approved, ratified and con.firmed.
F�RM APPROVED
X `���.� �-� _-�= ° !pN 101969
Asst. Corporation Counsel
COUNCILMEN Adopted by the Council 19—
Yeas Nays
Carlson �#��'V 1 0 196�
Dalglish Approved 19�_
Meredith n Favor
Peterson �
Sprafka O Mayor
Tedesco A gainst 1 � �9�
Mr. President, Byrne p�g1.1SNE'� JAN
O
� Area Code 612 C1TY oF PAUL J. KELLY
223�111 ��`���� THOMAS J. STEARNS
o � JON R. DUCKSTAD
• �6 __�'Y" ,,� ARTHUR M. NELSON
�s "°' ' �� JEROME J.SEGAL
THOMAS M. MOONEY
ROBERT E.O'CONNELL JAMES W. KENNEY
�"',�`'`'a"t CITY OF SAINT PAUL AUL FT McCLOSKEYRI�CK
DANIEL A. KLAS LOUIS E.TORINUS
Special Auistant LEGAL DEPARTMENT JOSEPH E.CARTWRIGHT
316 City Hall, St. Parl, Mineesota 55102
JOSEPH P. SUMMERS
Corporation Counsel January 9 � 1969
��,`�_���M�1
_:
Commissioner Robert F. Peterson
Department of Public Works
City of Saint Paul
Dear Commissioner Peterson:
Enclosed is the resolution, ratifying the actions
of the Port Authority at this morning ' s meeting, for
introduction into Council on Friday, January 10 , 196g.
Very truly yours,
� .�w�.. � .� ��.-�
Kenneth J. Fitzpatrick
Assistant Corporation Counsel
& Counsel for Port Authority
KJF: er
Enc . Resolution
��
�
��'.��-����
CERTIFICATE
I, the undersigned, being the duly qualified
and acting Secretary of the Port Authority of the City
of Saint Paul, do hereby certify that I have compared
the attached copy of resolution No. j�y of the
Port Authority of the City of Saint Paul with the orig-
inal of said resolution, which is on file in the office
of the Port Authority, and that the same is a true and
correct copy thereof.
WITNESS MY HAND and the Seal of the Port
Authority of the City of Saint Paul, January 9, Zg69.
Ge d . Isaacs
Secretary
�SEAL�
��i��'O�S��P�:i�J �1�.}J
��� �f� ti� �� G i �'�'��'
031►.�
►
Resolutiori Na 524
� January g, 1969
RESOLUTION
OF THE PORT AUTHORITY OF THE
CITY OF SAINT PAUL
RESOLUTION AWARDING SALE OF
$2,500 ,000 GENERAL IMPROVEMENT BONDS
� SERIES G-2
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 Nos . 414
and 517 adopted respectively by the Port Authority on
September 19 , 1g67, and December 17 , 1968 , and Ordinar.ce
No. 1372g of the City of Saint Paul adopted by the City
Council on October 17 , 1967 , 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 ,500 ,000 General Tmprovement Bonds , Series G-2 ,
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 Treasurer reported
that sealed bids had been received in accordance
with the official advertisement up to g : 30 A.PQ. this date ,
and were then opened and tabulated, and he presented the
bids so received and his tabulation thereof, which tabula-
tion is attached hereto and made a part hereof. The
Authority has considered all bids received pursuant to the
p�rlished notice and does hereby find and determ.ine that
the bid of
and Associates to purchase the $2 ,500 ,000 General Improve-
ment Bonds , Series G-2 , in accordance with the Notice qf
Bond Sale at a price of par plus accr. ued interest to the
date of delivery thereof (plus a premium of $ ) ,
and bearing interest at the respective rates stated below,
and subject to the furtrier terms and conditions stated in
this resolution and in said Ordinance is hereby found,
determined and declared to be the most favorable bid re-
ceived. The sale of the bonds is hereby awarded �o sa�.d
bidder, provided that the Secretary shall forthrrrith px�esent
this resolution to the C�ty 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 con-
tract 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 G-2 ,
shall be issued and delivered in the aggregate principal
amount of $2,500 ,000 in the denomination of $5 ,000 each,
payable to bearer, shall be 500 in number and numbered from
1 to 500 , inclusive , shall be dated as of February l, 1g69 ,
and shall mature serially, lowest numbers first , on February
1 in the years and amounts as follows , bearing intere5t at
the respective annual rates stated opposite their maturity
years and amounts :
Year Principal Interest
Amount Rate (�)
1971 � 75 ,000
1972 75 ,000
. 1973 75 ,000
1974 75 ,000
1g75 75 ,000
1975 75 ,000
1977 75 ,000
1978 75 ,000.
1979 75 ,000
1980 75 ,000
1981 _ 75 ,000
1982 75 ,000
1g83 75 ,000
1984 75 ,000
1985 75 ,000
198.6 75 ,000
1987 100 ,000
1988 100 ,000
• 1989 100 ,000
lg90 loo ,000
19g1 � 100 ,000
1gg2 l00 ,000
� 1993 l00 ,000
1994 loo ,000
1995 l00 ,000
1996 100 ,000
. 1997 loo ,000
1998 loo ,000
i999 loo ,000
_2_
w _
Bonds maturing aftPr May l, 1g80 shall be sub-
�ect to redemption and prepayment at the option of the
Authority in inverse order of serial numbers on February
1, 1980 and on any interest payment date thereafter �.t par
and accrued interest , plus a premium of 2% , if cal.led
prior to February l, 1985 ; ar�d plus a premium of 1% if called
on or after February l, 1985 , but prior to February 1 , 1990;
and plus a premium of 1/2 of 1% if called on or after
February 1, 1990 . 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 redemptian date . Not less than 30 days �
prior' to the date specified for the redemption of said bonds ,
the Treasurer will mail notice of �he call thereof to the
holder, if known, and to the bank at which principal and �
interest are payable . The Treasurer shali maintain a record
of the serial numbers of prepayable borids •and the names and
addresses of the holders thereof, so far as such information
is made available to him for the purpose of mailing such
notices . The interest on the bonds shall be payable August
1, 1969, and semiannually thereafter on February 1 and
August 1 in each year, and both principal and interest shall
be payable at
(or, at the option of the holder, at
)
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 �he Secretary, in substantially the
form set forth in Ordinance No . 13729 , and when so prepared
shall be executed b5r the lithographed facsimile signatures
of the President of the Port Authority, countersigned by
the lithographed facsimile signature of the Treasurer,
attested by the manual signature of the Secretary, and
sealed with a lithographed facsimile of the official seal
of the Port Authority, and each of the interest coupons
annexed to the bor.ds shall be executed and authenticated by
the lithographed facsimile signatures of the President and
Secretary, and a true and correct copy of the opinion ren-
dered 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 . However, the proceeds of the bonds ,
-3-
after payment to The First National Bank of Saint Paul of
the pr�.ncipal amount and accrued .interest to the date in
payment of that certain Temporary Loan Note, dated October
2 , 1968, in the amount of $1,0�00 ,000 , bearing interest at
the rate of 2 . 48% per annum, shall be segregated by the
Treasurer in a separate and special fund of the Port
Authority, and shall be used solely far the purpose for
which the bonds were authorized as stated in Ordinance
No. 13729 .
4 . In accordance with said ordinance and laws , �
there is hereby levied for each year, until the princi�al
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 tihe 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 �
1969 1970
1970 1971
1971 1972
1972 1973
1973 1974
197�+ 1975
1975 1976
1976 1977
1977 1978 .
1978 1979
1979 1980
198� 1981
1g81 1982
1982 1.983
1g83 1g84
198�+ 1985
1985 1986
1986 1987
1g87 1988 _
1988 1989 �
1989 1990
1990 1g91
1991 1992
1992 1993
-4-
Year of Tax Year of Tax Amount
Levy Collection
1993 1994
1994 1995
1995 1996
1996 1997
1997 1998
�-998 1999
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 irrepealable until all such indebtedness is paid,
except that such levies may be reduced in accordance with
Subdivision 5 of MSA 458 .193. 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 .
13729 .
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 , resolutions 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 required to evidence the valid-
ity ar�d marketability of' the bonds ; �.nd all certified
copies , certificates and affidavits so furnished, including
any heretofore furnished, sha11 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 con-
tained in said Ordinance No . 13729 of the City of Saint
Paul, the full faith, credit and resources of said City,
as well as those of the Port Authority of �he City of
• _5_ .
.. �. . . . .. � . . . . A..�... .a�
Saint Paul , are hereby pledgzd for the prompt and full
payment of the principal of and interest on the bonds
• herein authorized as such principal and interest become
due , In the event that the collectio�s of ,the tax
herein authorized should at any time be insufficient
for the payment of such principal or interest , the Port
Authority is authorized and obligated under Minnesota
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 limitation as to rate or amount .
Adopted : Januar.y 9, 1g69
</ s' r/�
� /%1
�,�:..� � ���:�.
President , Port .Authority� ���---
Att st :
� �
.� . ,�--- _�
ecretary -
(Seal) �
-6- .
, � _ _ �.- •
"'.�' . . L�:�J `,� �i � .
,
,
. (Kindly deliver two signed copies ,
of the bid, If accepted, one capy
. • will be signed and returned) . 3anuary 9, 1969
Honorable Commissioners of tne '
, . Port Authority of the City of . '
�. Saint Paul
Gentlemen :
� We offer herewith tq purcnase �all , but not less
• than all., of your General Improvement Bonds , Ser�es G-2 ; •
in the amount of $2,500,000 , to be dated Febsuary 1 , 196g , �
to be issued legally and as described in your official
notice of sale�, dated December 1? , 1958, �o�eth�r v�:itn .
the legal opinion �.nd non-litigation certificate therein
specii'ied, and to be delivered to us within �40 days from �
the date hereof, or thereaft�r at our option . We_ wi;ll� � �
pay �you �the .par -value thereof plus a prenium of Five �Hundred
• Ninety� Six �and No/100 DOLLARS ($ 59G.00 � - - ) , on cond�.ti,on
that the bonds bear interest at the fallowing rates :
Matur�.ty Princ�,pal Interest �
. . . Date�s : . . .Amourit � �ate� '(�)
(February 1)
� • 1971 $75�,000 4.80� .
1972 75 ,000 ��
1973 �. 75 ,000 ,.
1974 75,000 .. . „
1975 75 ,000 . � '� � �
1976 75 ,000 ��
1977 75,000. "
197$ 75 ,000 - ��
1979 75 ,o00 ►,
1980 75 ,000 „
1981 75 ,000 "
�9E2 75 ,000 " �
. 1983 75 ,000 �. " . .
�98� 75 ,000 ''
� 1985 75 ,000 . .. .
1986 75 ,000 "
1987 100,000 ��
1988 100 ,00.0. . "
� 1989 l00,000. . " ,
� 1990 ioo,000 . ' "
1991 100.,00.0 ��.
z992 l00,000. "
� 1993 �.00;.000 , a.9o�
1994 100;000. . . „ �
1995 100,00.0 . ��
� 1996 � ?oo,�00.0 . ,►
. 1997 � 100,000 . _, „
�.99� loo,000. „
i999 l00,000 . . . - :
�
�
We enclose a good faith check in the amount of
Forty-^_'wo "'housand Fi:re Hundred Dollars ($42 ,500) , payable
to the ord�r o�' �i�e "Treasurer of the �ort Autho�ity of
� the City of Saint Paul" , which may be a�plied as part pay-
. ment for tr.e bonds at the� time they are delivered, if th.is.
bid is accepted, or may be forfe�.ted as liquidated damages
' if Nre fail to comply therewith , zf this bid is not accepted,
� said check is to be promptly returned to us .
Res ectiv_ely s.ubmitted,
L '� �
� � $y �,-�--��c,-- � C-r�c-.��,:�;
Assistant Cas�ier
' The -First- National Bank of icago �
Manager o�' bidding account ,
tfie� members of whicFi are listed
oelow- .
We compute �tne. net interest cost. (total interest from February
1, 1969, to. the above maturity �dates , less prem3,um� according
to the above bid as� �2� 063 104 00 and the average het in�erest
' rate as� �_Q;892967 � � � � per annum. . �
��� . �,�,� : �;��
The foxe�oing offer is hereby accepted by the Port Authority
of the City� o#' Saint Paul, and receipt of said od faith
check is acknowledged.
_. . �. �. _ - — �
� � Cha rman �
Att t : �
ecreta y . -
Members of Biddirig Ac�count
' The First National Bank of Chicago .
Account P�anage-r
Continen�al Illinois National Bank '
_ and Trust Company of Chicago
W.H.Morton & Go. Division� af
American Express Company
_r.J..lttns.,_1`24�r.�:_�troua &_�:o.
Rober� W. Baird & Co. , Incorpora�ed
Ama rir.a��lat�t.QnaJ�.�an.k.�_Tr��_S's.tm��r�t.�_5�.�._�aul
Hutchinaon,. Shockey, Erley & Co. .
DUPLICATE TO PRINTER ��_� �'rf�{���
CITY OF ST. PAUL FOENCIL NO.
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY Robert F. Peterson Victor J. Tedesco
COMMISSIONER
DATF
R.�SOLV�D by the Cauncil o� the City o� Saint I'auZ., �that this
Cou.�cil c�oe� lier�by concua iu ��ac�� ariii �,11 0�: tlze ter�zs and
provisio�as of Tt.esolution No. 52?� , �,c�opted by t�,e Part �luthorit�
of the City o� S�.int Paul , c�ated Ja,nuary 9, 1g69, er�titled
"Iie�c;lutic�i� .���,r�rula.�g ���,1e of ��2,�OO,OUO.UO Gener�l I�apravement
B()13(�Sy ;�erie� G—`?, ��.�ir�; tlae Interest T�ates ancd �3thar Teraus There—
of, �x�. Levy-in�; �.d 1'�`���ra�ri`�.timg �'a�:es for tlze Payment o� Pri.neipal.
axid Interest Tlieren�, °� �, copy of w�z�.c:� �ias Ueen certa.fied to the
Cou�.cil �y ti�e �eea�t�ry of the Port Autharity and as �ao�c�r on �ile
i� tYie o�fice �af tl�c City Cler�� a.x�d i�y re:��;rence, incorpo�-ated
herei.n �nd n�ad� part hereof, and tl�e �oun.cil sspecifically, but
without li�itation, eflncurs in the award of s�.le of bonc�s, intereet
r�.tes, da.ta, denQr€iinations, place of p€�..yment, forr� ra,rici cl�tails o:t
the: �'ort 1�utlior�.ty� � Gen.er��l ��;prover�t�xz�; �ar�d;;, �erie� C�—?� in �ti��
��:aot�i�t of :;�", >UU ,OG0.00 da.tecl ��e��ua.ry 1 , l�fiy, �.s apeci.�ied in
s�.id ;�•eSOlilt3.0Y�, 4����. �.ri t�c ;�e�:�r� �.Y2Ci airsouxit� speci�ie�3 fo� tiz�
t�.�e� Y�v��d �:'o.r �I:�e �ia;�aaent o�: ��,a.d �:)OY1tCIb� a�c3 c�c�e:� he;rei�y �iud,
determine ��,iic� dec].��,re tizat all �ucl� ��•c��is�.or�s �,re zri ��ecordailea
witli i3rciia�ane�; Tdo. 137�9 0� the City of Saia.lt ��.tzl , �,clopted Oetober
17, 1967, a.nd a,r� PiQrc�by �,rproved, rati�'iec: ani! confiru�ec�.
.���� � �;� ����
COUNCILMEN Adopted by the Councii 19_
Yeas Nays ,,
, r!sr
Carlson
Dalglish Approved 19_._
Meredith 7 Tn Favor
Peterson Thornas R. Byrne
Sprafka Mayor
Tedesco
� A gainst
Mr. President, Byrne
O