05-797Council File # �� - 79 �
Green Sheet # ��02� 7S�
Presented By
Referred To
CI F
�'.
Committee: Date:
Providing For The Negofiated Sale Of Recreafional Facilifies Gross Revenue Bonds, Series 2005
BE IT RESOLVEA by the Council of the City of Saint Paul, Minnesota, as follows:
Findine; Amount and Purpose. It is hereby found, detennined and declared that the City of Saint Paul, Minnesota
(the "City"), should issue its Recrearional Facilities Crross Revenue Bonds, Series 2005 (the "Bonds"), in the approximate
aggregate principal amount of $7,640,000 to refund the outstanding bonds of the Recrearional Faciliries Gross Revenue
Sonds, Series 1996D (Rice and Arlington Project), and to defray the expense of the Highland Golf Course improvements
made 2002-2005 in contemplation of this financing (the "Project").
Ne¢oriated Sale. The City has retained Springsted Incorporated as an independent financial advisor relating to the
Bonds and Project, and the City Council hereby deternunes to sell the Bonds by private negotiarion to Piper Jaffray & Co.
The Director, Office of Financial Services, Treasurer, officials of the Parks and Recreation Department and other staff and
officials of the City are hereby authorized to negotiate the terms of the Bonds, their price and the details of the financing
with Piper Jaffray & Co., and to participate in the prepazarion of an Official Statement for the Bonds, and to present the
Bonds for the final approval of their sale when the negotiations are complete.
Yeas Nays Absent
Benanav ✓
Boshom :�
Harris �
Helgen �
Lanhy �
Montgomery ,�
Thune �
(p C� /
Date ���r 7 .a 00 S
Adopted by CouncIl:
Adoprion Cei
By:
Approved by
BY�
RESOLUTION
PAUL,NIINNESOTA
� ♦
Requested by Department of:
BY � �� �
. �
Approved by Financial Services
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Form Approved by City Attorney
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� � � OS — 797
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
FS — F�n�1 serrices
Contact Person & Phone;
Todd Hudey
266-8837
Must Be on Council Agen
ContradType:
AR RESOLU770N W/$ iRANSACTION
Date Inifiated: .
,�� Green Sheet NO: 3027755
-, Ueoafhnen[ SentTOPerson h1i6'dllDdt2
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A55ign I a rvi D rhnent ' r
Number Z a • -� m
For � Routing 3 ttorne
Order 4 's or/ si t
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Tofal # of SignaW re Pages _(Clip pJl Loeatlons for Signature)
Signatures requested on the attached resolution providing for the negotiated sale of Recrearional Facilities Gross Revenue Bonds,
Series2005.
iamions: i+ppro�e (H) or n
Planning Commission
CIB Committee
Crvil Service Commission
(R): � PersonaiService
1. Has this pe�sonlfirtn e�er vmfked under a crnrtract for ihis depa�lment?
Yes No
2. Has this persorJfirtn e�er been a city employee?
Yes No
3. Does this persoNfi[m possess a skill not nortnally possessed by any '
cuireM city employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheet
Initiating Problem, Issues, Opportunfty (Whq What, When, Where, Why):
The City wishes to issue Recrearional Eacilities Gross Revenue Bonds, Series 20U5 for approximately $7,fi4Q,000 to refund tt
outstanding bonds of the Recreational Facilities Gross Revenue Bonds, Series 1996D (Rice and Arlington Project) and to defray the
expense of the Highland Golf Course improvements made 2002-2005.
AdvantagesifApproved:
The bonds will be sold. Funds will be available to refund the outstanding bonds and expenses paid for the Highland Golf Course
improvemeats.
Disadvantages MApproved:
None
Disadvanhqes If NotApproved:
The bonds will not be sold Funding will not be a�ailable for refunding ffie Rice & Ar6ngton Project or expenses incurred for
Golf CouLSe improvemenu.
� orai nmouni or $7 640,000
Transaction:
Fanding Source: '
Financialinformation:
(Explain)
CosNRevenue Budgeted: y
Activity Number.
RECEIVED
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August 99, 2005 5:36 AM P�qe 1