237074 OR161MAL TO CITY CLERK . /V�O��'�l
�� CITY OF ST. PAUL couNCi� "' i
OFFICE OF THE CITY CLERK F�`E Na.
COU I RESOLUTION—GENERAL RM
PRFSENTED BY
COMMISSIONE A
RESOLVED 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. 438, adopted by the Port
Authority of the City of Saint Paul , dated February 8, 1968,
entitled "Resolution Awarding Sale of �2 ,000 ,000.00 General
Improvement Bonds, Series G-1 , Fixing the Interest Rates and Other
Terms Thereof, a,n.d 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-1 in the amount of �2,000,000.00 dated March 1 , 196s,
as specified in said resolution, and in the years and amounts
specified for the taxes levied �or 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 , 196'7, and are hereby approved,
ratified a.nd confirmed.
;� �.,
f E� 9 ��6�
COUNCILMEN Adopted by the Council 19—
Yeas Nays
-. Carlson ��� q 1968
Dalglish / Approveci 19_._
Holland J �n Favor
A�e�e�k-
�� v Mayor
�At r�y,
A gainat
Tedesco
:��� �g�t � ,� - RM AP
�;,'4 er'�`�... � x_�� g3�
Mr. Vice Presidc�nt CYe��1eon)
Asst�Corporation Counsel
PUBLISHED FEB 17 1968 �O
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' Resolution No . Q
February 8 , 196
RESOLUTION � �
OF THE PORT AUTHORITY OF THE
CITY OF SAIN�.I' PAUL � �
RESOLUTION AWARDING SALE OF
$2,000,000 GENERAL Ii�IPROVEMENT BONDS
SERIES G-1
FIXING iHE INiEREST RATES AND OTHER TERT�IS
THEREOF, APdD LEVYING AND APPROPRIATING " -
TAXES FOR THE PAY���ENT OF PRINCIFAL
AND INTEREST THEREON
RESOLVED, by the Port Authori�y of the City of
Saint Paul , as follows :
l . Under and pursuant to Resolution No . 414 ,
adopted by the Port Authority on September i9 , 1967 , and
Ordinance Vo . 13729 of the City of Saint Paul adonted 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 �uthority has
pr•ovided �'or public sale of �2 ,000 ,000 General Improvement
Bonds , Series G-1 , and has caused notice of the time and
the place for the receiving of bids to be published not
less than two weeks b°fore the dat� of receiving bids .
The Treasurer reported '�hat five sealed bids had been re-
. ceived in accordance v�iLh the official advertisement up to
9 : 3U A .M. this date , and were then ooened and ta�ulated, �
and he presented the bids so received and his tabulation
thereof, v�hich taoulation is a�tached hereto and �nade a
part ner�of. The xuthority has considered all bids received
pursuant �o the published notice and does hereby find and
determine that the bid of i�io�g�.n Guaranty Trust Campany
of New York and Associates t;o purchase tne $2 ,OOG ,OOU
General I.��provemer�t Bonds , Series G-1, in accordance with
the I�'otice of Bcnd Sale at a price of par pius accrued
intzres� t.�� �he da�e of d°livery therecf', plus a pre�nium
of $207 . 00 , a.n�i bearing inte._rest a.t �ne respe��ive ra.tes
stated be�o�r, and �ub j�ct to 'che f'urt��cr terr��s and con-
ditions sUated ir� this resol_u�ion a.nd in said Ordinance
is hereby f'ound, determ�ried and declare� to be the most
favorable bid r�ceived. The sale of �he bonds is nere-
by a.varded to said bidder, provided that the Secretary shall
forLh�,:i�h prese��� this resoluL��on to �.hQ City Council of the
City oi Sa'_n; r'a.�a-L , ior a����oval of tne rem�aining provisions
of the bo��is n�_r°ein st=���d Tr;:,�ciz r��u�re sucri approvai unde��
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 G-1,
shall be issued and delivered in the aggregate principal
amount of $2 ,000 ,000 and in the denomination of $5,000 each,
payable to bearer, shall be 400 in number and numbered from
]_ to 400 , inclusive , shall be d��ed as of March 1 , 1968 , and
shall mature serially, lowest numbers first , on March l, in
the years and amounts as fallows , bearing interest at the
respective annual rates stated opposite their maturity years
and amounts :
Year Principal Interest
Amount Rate (%)
1971 $50 ,000 4 . 10
1g72_ 50 ,000 4 . 10
1913 50 ,000 -4 . 10
197� 50 ,000 4 . 10
1975 50 ,000 4 .10
1976 50 ,000 4 . 10 .
1977 50 ,000 4 . 10
� 1978 50 ,000 4 . 10
1979 50 ,000 4 . 10
198� . 50 ,000 4 . 10
1981 75 ,000 4 . 10
1982 75,000 4 . 10
1983 75 ,000 4 . 10
� 1984 75 ,000 4 . 10
1985 75 ,000 4 .1G
1g86 75,000 4 . 10
1987 75 ,000 4 . 10
1988 75 ,000 4 . 25
1989 75 ,000 4 . 25
199a 75 ,000 4 . 25
1991 75 ,000 4 . 25
1992 75.,000 4 . 30
1993 l00 ,000 4 . 30
1994 100 ,000 4 : 30
� 1995 l00 ,000 4 . 40 -
1996 l00 ,000 4 . 40
1997 100 ,000 4 . 40
199� loo ,oco 4 . 40
-2-
. ,
Bonds maturing after March l , 1980 shall be sub-
�ect to redemption and prepayment at the option of the
Authority in inverse order of serial numbers on March l,
� 1980 and on any interest payment date thereafter at par �and
accrued interest , plus a premium of 2%, if called prior to
March l, 1985 ; and plus a premium of 1% if called �on or
after P�Iarch l , 1985 , but prior to P�Iarch 1 , 1990 ; and plus a
premium of 1/2% if called on or afte.r March 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 redemption date .
PJot 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 tYie 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 September 1, 1g68 , and serniannually there-
af�er on March 1 and September 1 in each year, and bo�h
principal and interest shall be payable at Manufacturers
Hanover Trust Company, 40 Wall Street , New York�New York,
or , at the aption of the holder, at
and the Port Autnority 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
unter the direction of the Secretary , in substantially the .
form set forth in Ordinance A1o . 13729 , and wnen so prepared
shall be executed by the litho�raphed facsimile signatures
of the President of the Port Authority, countersibned by the
� lithographed facsi.mile sigrlature of the TrAasurer, atteste�
by the manual signature oi the Secretary, and sealed witn a
lithographed facsimile of tne offic�.al seal of the Port
Authority, and each of the interes� cou�ons an:�exed f;o the
bonds s'r?all b° executed and autheni;icated by the litnographed
facsimile signa�ures of the President and Secre�ary, and a
true and correct copy of the opinion rendered at the ti;ne of
delivery thereof'� snall be printed on the reverse side of
each bond . �^Jhen ihe bonds and coupons have been so prepared
and executec�, they shall be del�vered by the Treasu .rer� of
the Port Authority to the Purchaser, upon payment of tne
purchase price above stated, and the purchaser shall no� be
obligated to see to the a�plicatior. of the purcnase price .
Hovrever, the procee:�s of ti?e borads , afte_r p�,yrl�nt to Tne
t�_rst Natic.~,�.1 Ban�� oT S�int Pa;;l oi tne p�inci.pa�. amovr�t
and accrue� �n�eres� �o tre da�e of pa�:7:�ent of �ha� certain �
Temporary� Loaii ��o�e , da�ed D�ce_mbe:c• ?_2 , 1967 , in the amoun�;
_3_
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of $500 ,000 , bearing ii.terest at the rate of 2 . 45% per
annum, snall be segregated by tne Tr•easurer in a separaLe
and special fund of the Port Autherity , and shall be us�d
solely for the purpose for wnich the bonds were authorized
as stated in Ordinance i�'o . 13729 .
4 . In accordance �vii,h said ordinance arid la:�rs ,
therz is hereby levied f'or each year, until the priricipal
and interest of the bonds are paid in ful]_ , a di.rect , annua.l
ad valor�m tax on aJ_1 the taxable property in the City c�f
Saint Pau1_, not less f�har. five per cent in excess o�' the
sums required to pay trie principal and interest f;hereon
w��en and as such �rincipal and interes� mature . Such tax
::�i�il be extended upo?i f,he tax rolls prepared in the fol- �
lo�ving respective years , in the amounts stated for such
years : _ _
Year of Tax Year of Tax Amount
Levy Collection
1968 1g69 $132,615 . 00
1969 1970 88, 410 . 00
19 j� �971 139� 83�E . 00
1971 197� 137 , 6�1 . 00
1972 1973 135 , 529 . 00
19'l"3 1914 133 , 376 . 00
1974 1.9?5 131,224 . 00
1975 1976 12; ,071 . 00
1976 197`l 126 ,919 . 00
1977 197� 124, 7b6 . 00
1978 1979 12?_ ,614 . 00
1979 1980 12U ,�EG1. . CO �
1980. �.981 144 ,020 . 00
1931. 1�82 � 140�;?91 . 00
1982 1983 137 ,563 . 00
19�3 198�� 13� ,33� . 00
19�1' 1985 131, 1.0� . 00
19�5 19�6 127 , 8?7 . 00
1956 19�l �_?�; , 648 . 00
19t37 19��i 121 ,360 . 00
1�88 1989 118, 01.4 . 00 �
19�9 1990 114 ,666 . 00
1990 199t i__l_1, 320 . o0
1991 1992 107.,953 ..00
1992 19g3 130,253 . 00
�993 19y4 12_� , 73� . 00
1991� 1995 1?_1, 170 . 00
1995 � 19°6 1_�b ,55o . 00
7.9;�� l 9?( 111_ , 930 . OG
-?99 l 15:��3 1U7 , 31_0 . 00
1��� l�J� _
_t;
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 a11 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 Coun�y 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 pro-
vided in said Ordinance No . 1372g .
5 . The President , Secretary, Treasurer and other -
o£ficers of the Port Authority� and the officers. of the City
of Saint Paul are authorized and requested to furnish to
the purchas�r of tne bonds , and to the attorneys apnroving
the legality thereof, certified copies of all ordinances ,
resolutions and other actions and proceedin�s taken by the
City and Por� Authority with reference to the authoriza-
tion, 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 validity and market-
ability of the bonds ; and al1 certified copies , certificates
and affidavits so furnished, including any heretofore furn-
ished, shall be deemed representations of the Port Author�_ty
as �o the correctness of al_1 facts and the taking of all
actions stated or recited therein.
6 . Pursuant to the specific authorization conLained
in said Ordinance No . 1372g 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 pay�ient of_,.the princi-
pal of and interest on the bonds herein authorized as such
� principal ano inter•est beco�e due . Zn the ever�t that tre
collections of the tax herein authorized should at any time
be insufficient for the payment of such principal or interest ,
the Port Authorit5� is aut:�orized ar,d obliga�°d under i�7innescf;a
Statutes , Sections t{75 . 61 to 475 . 7�1 �o levy additional taxes
upon all the taxable property witriin tne City to ma.ke good
such deficiency , which levies may b ade. wi�hout li 'tation
as to rate or amount . •
r
Adopted : February $ � 1968 ��
.�< <
Pres ' dent , Port u hority
Attest :
t -� y�r 1 ��z
ecreta_�y �
(Seal)
� ,
' Tabulation of Bids Received February 8, 1�68
� �2,000,000
Port Authority of the City of Saint� Paul, Minnesota
General Improvenient Bonds, Series G-1 Dated
March l; 1Q68
� AWARDED:. MORGAN GUAR�iNTY TRUST .
. CONL�.'AT�tY OF NEW YORK
Kuhn, Loeb & Co. .
Hirsch & Co.
Shearson, Ha���nill & Co. , Incorporated
Adams, McEntee 8c Co. , Inc.
Ernst & Co. ,
Rand & Co. , Inc .
A. Webster pougherty & Co. �
. Net Interest
� ' Cost
1g71 - 1987 �-:lo� .
1g88 - Z991 �+.25�
lg�? - 199!-E �+,3ogo
1995 - 1998 �-.�-o�
� $1,570,368.00
Prernium . . o $207.00 (�.2557/)
F�ISTMAN DILLON, UTIION SECURITIES� & C0.
Reynolds & Co. � '
Estabrook & Co. -
� Dick & Mer1e-S:aith �
Advest Co. , P.C. & B. Di.v. N.Y.
Kean, Tay1_or �; Co. �
E. F. Hutton & Corlipany, Inc. ,
. 1971 - 1972 �F.00� �
1973 - 199�- �.25�
�1g95 - 1ga8 �+. 30�
$1� 573.075.00
� Premium. . . None �1�,26307��
THE FIRST NATIONAL BA1�;K OF CH-CCAGO
� Continerztal I1linois National Bank
ana Trust Cornpany cf Chicago
Robert �v'. Baird &; Co . , Incorpora�ed
Amer�ican National F�ank, St . P2u1
Hutchinson, Snockey, �,rley & Co . �
.
1971 - 1975 3.75�
1976 - lggl �-,25�
1992 - 1993 �+.30�
199�+ - 199g �-.�+o�
� $1 585,063.00
Premium . . . $87.00 (�+.29556�)
HALSEY, STUART & CO., Inc .
Glore Forgan, Wm. R. Staats Tnc .
The Philadelphia National Bank -
G. H. Walker & Co.
McCormick & Co. , Incorporated
Robert K. Wallace & Co, -
Austin Tobi_n & Co. , Inc . �
1971 - 1989 �+.25�
1.990 - 1995 4.30�
1996 - 199� �+.�-o�
$l�587, 5�+7.50
Premium . . . $2L�.0.00 (�-.30229 0�
THE NORTHERN TRUST COMPA�,TY .
The First Boston Corporation
White, Weld & Co. -
Dean Witter & Co.
William Blair 8c Company
. James A. Andrews & Co. , Inc .
1971 - 1981 �+.20�
1g82 - Zg88 �..30�
1989 - 1992 �-.40�
1993 - 1998 �-.50� -
�1,621,�90.00
Premiurn. . , $235. 00 (�+,39L�?g�)
� ., � � '
STATE OF MINNESOTA )
) SS •
� COUNTY OF RAMSEY )
I, the undersigned, being the duly qualified and
acting Secretary of the Port Authority of the City of Saint
Paul, hereby certify that I have compared the attached and
foregoing copy of Resolution No . L�$, as adopted at a spe-
cial meeting of tne Port Authority on February 8 , 1968 , .
entitled "Resolution Awarding Sale of $2 ,000 ,000 General
Improvement Bonds , Series G-1 , Fixing the Interest Rates .
and Other Terms Thereof, and Levying and Appropriating
Taxes for the Payment of Principal and Interest Thereon" ,
with the original thereof on file in my office and find
the same to be a full , true and correct copy thereof.
WITNESS my hand and the se�,l of the Port Authority
of the City of Saint Paul , this �_ day of February, 1968 .
� � ���.,
/ c�.,'�.z.�- � � �_���.�L���----
Secretary , Port Au�hor•ity
of the City of Saint Paul
(Seal) .
DUPL!CATE TO PRINTER -' 23 f o���
CITY OF ST. PAUL couNCi�
OFFICE OF THE CITY CLERK F��E Na.
COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY Robert F. Peterson Bernard T. Holland.
COMMISSIONER � DATF
ftESOLVED by the Council o� the City o� Saint Paul, that
this Cous�cil dc�es hereby concur in e�ch r�nd a3.1 of the te�rms
and provisiona a� Resolu�tion Na. 438, adopted by the Port
Authority o� the City of Saint Pau1, datec� February 8, 1968,
entitled "Resolution Awarding Sale of �2,000,000.40 G�neral
Improvement Bonds, Series �-ly F�.at3ng the Interest Rates an.d Other
Terms Thereo�', and Levying and Appropriati�g Taxes for the Pay�ent
of Principal and Inter�est Thereon", a copy of which has been
certified to the Council by the Seeretary of the Port Authority
and is now on �ile in the office of the City Clerk aand by reference,
incorporated herein an.d made part h�reof, and the Council
speeifically, but without limitation, concur� in the awarcl of sale
of bonds, interest rates, data, denominatians, plaee of payment,
�orm and details of the Port Authorit�t�s� GeneraY Improveffient Bonds,
Series G-1 in the amount of ��,OOQ,000.04 dated Mare�� 1, 1968,
as speci�ied ia said resolut3.on� a,nd in the years and amounts
specified for the ta�res levied �or the p�yment o� said bonds,
and does hereby �ind� determine and declare that a11 su�ch
provisians are in accordance witlz Ordinance Na. 13729 0� the City
of 5aint P�.ul, adc�nted Oetober 17, 1967, and are hereb� app�roved,
ratified and confirmed.
Gt%�
COUNCILMEN Adopted by the Council 19.—
Yeas Nays
Carlson
Dalglish Approved " 19___
Holland �`� T� Favor Robert F. Peterson,
��� �3 Acting Mayor
���� Against
Tedesco
;�Vir �President, Byrn�e
�'i2. 'dx..., ,.. _ ._._. , , .... ..
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