229111• ORIGINAI; TO CITY CLERK 22111
,. CITY OF ST. PAUL COUNCIL NO.
OFFICE OF THE CITY CLERK
O C RESOLUTION — GENERAL FORM
PRESENTED BY t
COMMISSIONE DATE -
U WHEREAS pursuant to-Chapter 881, Session Laws of
Minnesota for 163, the Council of the City of Saint Paul by
Resolution, Council File No. 2186339 approved June 11, 1964,
authorized the City of Saint Paul from time to time thereafter
to issue and sell general obligation bonds of said City in the
aggregate amount of•$2,363,802, authorized by said Chapter 881,
Session Laws of Minnesota for 1963, necessary for said City's
procurement of finds in the said amount of $2,363,802, for
said City's payments on account of the net cost of Riverview
J Industrial Project, Minn. R -26, as estimated by this Council,
and for said City's expenditures on account of any Remaining
Costs of Municipal Buildings and Improvements to be constructed
within or adjacent to the area of said Project, as provided by
a Cooperation Agreement therefor, and in performance of said City's
obligations thereunder for the payment of anN amount of $1, 744, 408,
representative of substantially one -third of the net cost of said
project as so estimated and 'for the further p%r ment of the amount
of $619,394 for said City's expenditures on account of any
Remaining Costs of Municipal Buildings and Improvements to be
constructed within or adjacent to the area of said Project; all
such to be done under and in accordance with the provisions,
terms and conditions of said Cooperation Agreement dated the
9th day of June, 1964, by and between said City and the Housing
and Redevelopment Authority of the City of Saint Paul, and under
a and ih_-accordance with the provisions, terms and conditions of
said Chapter 881, Session Laws of Minnesota for 1963, and by
o virtue of the authority of said Act; and
1
0 a WHEREAS, further, pursuant to said Chapter 881, Session
Laws' of Minnesota for 1963, the Council of the City of !Saint Paul
o by Resolution, Council File No. 2186341 approved June 11, 1964,
authorized the City of Saint Paul from time to time thereafter
to issue and sell general obligation bonds of said City in the
aggregate amount of $5,125,521, authorized by said Chapter 881,
Session Laws of Minnesota for 19639 necessary for said City's
procurement of funds in said amount of $5,125,521, for said City's
payments on account of the net cost of Downtown Urban Renewal Area
j
COUNCILMEN Adopted by the Council 19—
Yeas Nays •
Carlson _ -
Dalglish Approved 19—
Holland
Meredith In Favor
Peterson Mayor
Tedesco A gainst
Mr. President, Byrne
22
229111
Page 2,
Project, Minn. R -20, as estimated by this Council, and for said
City's expenditures on account of the net cost of any Remaining
Costs of Municipal Buildings and Improvements to be constructed
within or adjacent to the area of said Project, as provided by
a Cooperation Agreement therefor, and in performance of said
City's obligations thereunder, for the payment of an amount of
$5,077,0621 representative of substantially one - fourth of the
net cost of said Project as so estimated and for the further
payment of the amount of $48,459 for said City's expenditures
on account of any Remaining Costs of Municipal Buildings and
Improvements to be constructed within or adjacent to th-e area
of said Project; all such to be done under and in accordance with
the provisions, terms and conditions of said Cooperation Agreement
dated the 9th day of June, 1964, by and between said City and the
Housing and Redevelopment Authority of the City of Saint Paul,"
and under and in accordance with the provisions, terms and con-
ditions of said Chapter 881, Session Laws of Minnesota for 1,gY63,
and by virtue of authority of said Act; and
11..
WHEREAS, the Council of the City of Saint Paul, by its
Resolution, Council File No. 219716, approved August 21, 19647 }
authorized the issuance and sale of a portion of said bonds of;."'
the City of Saint P'aul in the par value amount of $1,700,000, �`
authorized by said Resolution, Council File No. 218634, and by
said Chapter 881, Session Laws of Minnesota for 1963, such
bonds having been denominated and sold as "City of Saint Paul
Urban Renewal Bonds, Series 1964A "; and
WHEREAS, the'Council of the City of Saint Paul, by its
Resolution, Council File No. 225514, approved October 6, 1965,
authorized the issuance and sale of a portion of said bonds of
the City of Saint Paul in the par value amount of $750,000,
authorized by'said Resolution, Council File No. 218633, and
by said Chapter 881, Session Laws of Minnesota for 1963, such
bonds having been denominated and sold as "City of Saint Paul
Urban Renewal Bonds, Series 1965B11; and
WHEREAS, the Council of the City of Saint Paul, by its
Resolution, Council File No. 220404, approved October 20, 19649
provided therefor and authorized the allocation or reallocation
of the said amount of $1,,700,000 for said City's payment on
account of its obligations for said Riverview Industrial Project,
Minn. R -26, as estimated by said Council under and by its said
Resolution, C. F. No. 218633, and for said City's expenditures
on Account of any Remaining Costs of Municipal'Buildings or
Improvements to be constructed within or adjacent to the area of
said Project, and said Downtown Urban Renewal Project, Minn. R -20,
4 '
r
229111
Page 3.
as estimated by said Council under and by its said Resolution,
�• Council File No. 218634 and for said City's expenditures on
account of any Remaining Costs of Municipal Buildings or Improve-
ments to be constructed within or adjacent to the area of said
Downtown Urban Renewal Project Minn. R -20, as provideh by said
Cooperation Agreements in-accordance with the provisions, terms
and conditions of said Chapter 881, Session Laws'of Minnesota for
1963; and
WHEREAS, it has become and is necessary that said City
issue and sell a portion of such authorized bonds in the par
value amount of $1,150,000 for said City's procurement of the
necessary funds in the amount of $1,150,000 for said City's
payment on account of its obligations under said Cooperation
Agreement, on account of the net cost of said Riverview Industrial
Project, Minn. R -26, as estimated by said Council under and by
its said Resolution, Council File No. 218633, and for said City's
expenditures on account of any Remaining Costs of Municipal Buildings
or Improvements to be constructed within or adjacent to,.the area
of said Project as provided by said Cooperation'Agreement -, -and
for said City's payment on account of its obligations under said
Cooperation Agreement, on account of the net cost of said
Downtown Urban Renewal Project, Minn. R -20, as estimated by
said Council under and by its said Resolution, Council File
No. 218634, and for saic!,City's expenditures on account of any
Remaining Cost of Municipal Buildings or Improvements to be
constructed within or adjacent to the area of said Project, as
provided by said Cooperation Agreement; therefore be it
RESOLVED, That the Council of the City of Saint Paul,
at this time, issue and sell said portion of said bonds of said
City of Saint Paul in the par value amount of $1,150,000, authorized
by said Resolutions, Council File No. 218633, approved June 11,
1964, and Council File No. 218634, approved June 11, 1964, and by
said Chapter 881, Session Laws of Minnesota for 1963, to be denomi-
nated, "City of Saint Paul Urban Renewal Bonds, Series 1966C ";
be it
FURTHER RESOLVED, That such bonds hereby provided and
directed to be sold, in the par value amount of One Million One
Hundred Fifty Thousand Dollars ($1,150,000), shall be- issued and
sold in the manner required by law; that the bonds of said issue
shall all be of the same denomination, namely, $1,000, $5,000 or
$10,000 at the option of the purchaser, dated July 1, 1966,
and bear interest at a rate not incexcess of six per centum (6 %)
per annum, payable semi - annually on January 1 and July 1, that
said bonds shall be serial in form, and a portion thereof shall
be payable each year commencing July 1, 1969,,,but none of said
j
22� - -�-
Page 4.
bonds shail;run for a longer period than thirty (30) years;
and be it
FURTHER RESOLVED, That.said One Million One Hundred
Fifty Thousand Dollars ($1,150,000) par value bonds to be issued
and sold for such Urban Renewal Development Project purposes
and to be denominated, as aforesaid, "City of :Saint Paul Urban
Renewal Bonds, Series 1966C", shall mature serially commencing
July 1, 1969, over said thirty -year period on the following dates
and in the following amounts:
Date
of
Maturity
Amount
July
19
1969
$ 20,000.00
July
1,
1970
20,000.00
July
1,
1971
20,000.00
July
17
1972
20,000.00
July
1,
1973
20,000.00
July
1,
1974
30,000.00
July
1,
1975
30,000.00
July
1,
1976
30,000.00
f' July
1,
1977
30,000.00
' July
1,
1978
309000.00
July
1,
1979
40,000.00
July
11
1980
40,000.00
July
11
1981
409000.00
July
11
1982
40,000.00
July
11
1983
40,000.00
July
17
1984
40,000.00
July
11
1985
509000.00
July
11
1986
50,000.00
July
11
1987
507000.00
July
11
1988
50,000.00
July
11
1989
501000.00
July
11
1990
501000.00
July
15
1991
60 000.00
July
11
1992
60,000.00
July
17
19933
602000.00
July
11
199+
60,000.00
July
1,
1995
60,000.00
July
11
1996
60,000.00
TOTAL $19150,000.00
:M
221.-
5 '
Page 5.
That said One Million One Hundred Fifty Thousand
Dollars'($1,150,000) par value bonds to be issued for such Urban
Renewal Development Project ?.purposes shall be in substantially
the following form, which has been prepared by the Sinking Fund
Committee and approved by the Corporation Counsel of the City
of Saint Paul. and is hereby approved and adopted:
"UNITED STATES OF AMERICA
'STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF 'SAINT PAUL
URBAN RENEWAL BOND
SERIES 1966C
NO* ......:...........
$ ...............
"KNOW ALL MEN BY THESE PRESENTS, That the City of Saint
Paul, in the County of Ramsey and State of Minnesota, acknow-
ledges itself to owe -and for value received hereby promises
to pay to Bearer the sum of Dollars
($............`.) on the first day of duly, 19..., together
with interest thereon from the date hereof until paid at
the rate of .............. per centum per annum, payable
semiannually on the first days of January and July in each
year as evidenced by and upon the presentation and surrender
of the annexed interest coupons as they severally become due.
Both principal and interest on this bond are payable in
lawful money of the United States of America at the Fiscal
Agent of the City of Saint Paul, in either Saint Paul, Minnesota,
or New York, New York, at the option of the holder; and for
the prompt payment of this bond, both principal and interest,
at maturity, the faith and credit of the City of Saint Paul
are irrevocably pledged.
"This bond is one of a series of bonds issued and sold
by said City of Saint Paul, in the aggregate par value amount of
$121502000 authorized by Chapter 881, Session Laws of Minnesota
for 1963 and by those certain resolutions of the Council of
said City of Saint Paul, Council File No. 218633, approved
June 11, 1964, and Council File No. 218634, approved June 11,
1964, for the purpose of the procurement of funds in said
amount, $1,150,000 for application in payment on account of
the duly apportioned obligation of said City of Saint Paul
for the payment of the net cost of tkas�e certain Urban Renewal
Development Projectq,within the corporate limits of said
City, designated "Riverview Industrial Project, Minn. R -2611,
and "Downtown Urban Renewal Area Project, Minn. R -2011, and
being two of the several Urban-Renewal Development Projects
L
.y .
Y
2291.1
Page 6.
mentioned in said Chapter 881, Session Laws of Minnesota
for 1963, and theretofore designated as such by Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota,
and for said City's expenditures on account of any Remaining
Costs of Municipal Buildings and Improvements to be construc-
ted within or adjacent to the area of said Projects as provided
by the Cooperation Agreement therefor made and executed by
and between said Housing and Redevelopment Authority of the
City of Saint Paul, Minnesota and said City of Saint Paul,
mentioned in said Resolutions, Council File No. 218633 and
Council File No. 218634.
"This bond is issued and sold by said City of Saint Paul
under and by authority of Chapter 881, 'Session Laws of
Minnesota for 1963, under and by authority of Resolution No.
218633 and Resolution No. 218634, adopted by the Council of
said City of Saint Paul, and each duly signed, attested,
r- approved and published, in the manner required by the Charter
,.of said City of Saint Paul, and under and by authority of
Resolution of said Council, Council File No. 229111
Approved June 14 , 1966,, and in full compliance with sa d
State 'Statute, said Resolutions, said Charter, as applicable,
and Chapter 475, Minnesota Statutes 1961, as amended.
"It is fiereby`certified and recited that all `things
acts and conditions required by the Constitution and Laws
of the State of Minnesota and the Charter of said City to
happen and be done and performed precedent to and in the
issuance of this bond, have happened and been done and per-
formed in regular and due form and time -as required by law
and that the total indebtedness of said City, including this
bond, does not exceed any constitutional, statutory or charter
limitations.
"IN WITNESS WHEREOF, The said City of Saint Paul, by
its Council, has caused this bond to be sealed by the facsimile
of its Official Seal, lithographed thereon, to be signed by
the lithographed facsimile signature of its Mayor, attested
by the lithographed facsimile signature of its City Clerk,
and countersigned manually by its Comptroller, and each of
the interest coupons hereto attached to be executed by the
lithographed facsimile signatures of said officers, as df
the first day of July, 1966.
�. 'AR.. ..-. ... . 0. . . . . .- . . . . . . . .- . . . . . . . . . . . . . . .
Mayor
Attest:
City Clerk
Countersigned: ...............................
City Comptroller
229111
Page 7.
"COUPON
No . .............. $.............
On the first day of Jan
Julyry' 19... , the City of Saint ;
Paul, Minnesota, promises to pay to bearer
Dollars ($..........) at the Fiscal Agent of the City of
Saint Paul, in either Saint Paul, Minnesota, or New York,
New York, at the option of the holder, for interest due that
day on its Urban Renewal Bond, 'Series 1966C, dated as of
July 1, 1966, No . ..............
.............................
Mayor
Attest: ...........................
City Clerk
Countersigned: ...........................
City Comptroller "
and be it
J FURTHER RESOLVED,_ That each said bond be sealed by,,; the
facsimile of .,the Official Seal of the City of Saint Paul litho-
graphed thereon and signed by the lithographed facsimile signature
of its Mayor, attested by the lithographed facsimile signature of
its City Clerk, and countersigned manually by the City Comptroller,
in accordance with Section 475.55, Minnesota Statutes 1961, as
amended, and the interest coupons thereto attached shall be
executed by the lithographed facsimile signatures of said officers;
and be it
FURTHER RESOLVED, That sealed proposals`shallbeyreceived in
the office of the City Comptroller in the Court House and City
Hall Building in the City of .Saint Paul, Minnesota, up to 9:30 A.M.
(C.D.T.) on July 19, 1966, for the sale of all or none of said
bonds, after giving due notice of said sale in the manner pre-
scribed by law, in the 'St. Paul Legal Ledger, the official
newspaper of said City, and in the Commercial West, a financial
periodical published in the State of Minnesota; that each bidder
shall be required to accompany his bid by a certified or'cashier's
check for two per centum (2,%) of the amount of bonds bid •for,
which will be forfeited to the City as liquidated damages if
the bonds are not taken and paid for when ready for delivery;
that the City Comptroller shall, at the next meeting of the City
Council after receiving said bids, present the same to the Council
for its action thereon; and that said bonds shall be awarded
to the person who will offer the lowest net interest cost to
the City, not exceeding six per centum. (6,%) per annum; and be
it
229111
Page 8.
FURTHER RESOLVED, That said bonds shall bear such
interest as said City Council shall prescribe, and shall be
sold by said City Council for not less than par value plus
accrued interest, to the highest bidder therefor, after ten days' --
published notice of the time and place for receiving bids thereon.
That the proceeds from the issuance and sale of said bonds, as
received by said City, shall be deposited in a special fund of
said City designated as "Urban Renewal and Development Fund ",
and therein allocated thereto and subject to disbursement for
the aforesaid obligations under said Cooperation Agreement
pertinent to said Riverview Industrial Project, Minn. R -26 and
said Downtown Urban Renewal Project, Minn. R -20, for the payment
of substantially one -third of the net cost of said Riverview
Industrial Project, Minn. R -26 and substantially one - fourth
of the net cost of said Downtown Urban Renewal Area Project,
Minn. R -20, as estimated, as aforesaid, and for the further
payment of any Remaining Cost of Municipal Buildings and
Improvements to be constructed within or adjacent to the area
of dach.,of said Projects. That despite such allocation and
restrictions upon disbursements of the proceeds of the issuance
and,sale of said bonds, hereunder, the same, nevertheld§"sk, shall
be subject to adjustment in amount and reallocation in purpose
consistent with said Cooperation Agreement as the same may be
amended, under and by authority of said Chapter 881, Session
.Laws of-Minnesota for 1963; provided, that no part of the pro
ceeds =of - the�i-ssuance., -and,-: sale- -of ,any- o-f said bonds shall' - be
made�the subject of any reallocation or disbursement except for
the purpose of the payment or defrayment of said City's obliga-
tions 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 United States of America at the Fiscal 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;
and be it
FURTHER RESOLVED, That the City's proper officers hereby
are authorized, directed and required to set aside,annually,
from the revenues of said City, an amount sufficient for the
payment of the interest on said hereby authorized bonds and the
principal of any such bonds maturing in such year and hereby
are authorized, directed and required to make a sufficient tax
levy for the payment of-the same under and pursuant to the pro-
visions of Chapter 475, Minnesota Statutes 1961, as amended.
That such tax levies for all years shall be specified and shall
be such that if collected in full they, together with estimated
collections of other revenues pledged for the payment of said
obligations, will produce at least five per centum (5 %) in
excess of the amount needed to meet, when due, the principal
ORIGINAL TO CITY CLERK �" Jn���
CITY OF ST. PAUL FIOENCIL NO ill . 1yJ
OFFICE OF THE CITY CLERK
r
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATE
-Page 9.
and interest payments on said bonds. That each such tax levy
shall be by resolution of the Council of the said City, which
shall, among other things, irrevocably appropriate the taxes
thereby levied together with estimated collections of other
revenues pledged for the payment of said City's obligations to
the said City's Sinking Fund, for the payment, when due, of the
principal and interest of said bonds. That such provisions of
this Resolution are in addition to the pledge of the full faith
and credit of said City for the payment of said bonds and are not
in lieu of such pledge; and be it
FURTHER RESOLVED, That said City Council, upon due investiga-
tion in the premises, and upon adequate, relevant, and reliable
factual bases and confirmatory of its previous estimates, hereby
estimates the public redevelopment cost of said Riverview Industrial
Project Minn. R -26 to be $6,503,415.00, the capital proceeds of
said Project to be $1,270,190.00, the net cost of said Project
to be $5,233,225.00, and said City's expenditures on account of
any Remaining Costs of Municipal Buildings and Improvements to
be constructed within or adjacent to the area of said Project,
as provided by said Cooperation Agreement therefor, to be
$619,394.00; and be it
FURTHER RESOLVED, That said City Council, upon due investi-
gation in the premises, and upon adequate, relevant, and reliable
factual bases and confirmatory of its previous estimates, hereby
estimates the public redevelopment cost of said Downtown Urban
Renewal Area Project Minn. R -20 to be $26,026,091.00, the capital
proceeds of said Project to be $5,7179884.00, the net cost of
said Project to be $20,308,247.00, and said City's expenditures
on account of any Remaining Costs of Municipal Buildings and
Improvements to be constructed within or adjacent to the area of
said Pro ect, as provided by said Cooperation Agreement therefor,
to be $49,459.00.
COUNCILMEN JUN 141969
Adopted by the Council I9—
Yeas Nays
Carlson WUN 1 41966
Dalglish
Approved 19—
Holland
Meredith In Favor
Peterson Mayor
Tedesco � Against .
WISHED Mr. President, Byrne
WISHED JUN 18 1966
22
DUPLICATE 1b PRINTER 2 29111
CITY OF ST. PAUL FOENCIL NO. _
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATE_ _-
WHEREAS pursuant to Chapter 881 Session Laws of
Minnesota for 1 63, the Council of the City of Saint Paul by
Resolution, Council File No. 218633, approved June 11, 19149
authorized the City of Saint Paul from time to time - thereafter
to issue and sell general obligation bonds of -said City in the
aggregate amount of $2,3639802, authorized by said Chapter 8819
Session Laws of Minnesota for 19639 necessary for said City's
procurement of ftnds in the said amount of $2,363 802; for
said City's payments on account.of the net copt of Riverview
Industrial Project, Minn. R -26, as estimated by this Council,
and for said City's expenditures on , account of - any Remaining
Costs of Municipal Buildings and Improvements to be constructed
within or adjacent to-the area of said Project, as provided by
a Cooperation Agreement therefor, and in performance of said City's
obligations thereunder for the payment of an; amount „of $1,744 408,
representative of substantially one -third of the net cost of said
project as so estimated and for the further payment of the amount
of 619.,394 for said City's expenditures on account of any
Remaining Costs of Municipal Buildings and Improvements to be
constructed within or adjacent to the area of said Project; all
such to be done under and in accordance with the provisions,
_. terms and conditions of said Cooperation Agreement dated the
9th day of Tune, 1964, by and between said City and the Housing
and Redevelopment Authority of the City of Saint Paul and under
and in_accordance with the provisions, terms and conditions of
said Chapter.,881 Session Laws of Minnesota for 19639,and by
virtue of the authority of said Act; and
WHEREAS" further pursuant to said Chapter 881, Session
Laws of Minnesota for 19A3, the Council of the City of Saint Paul
by Resolution, Council File No. 218634, approved June 11, 19649
authorized the City of Saint Paul from time to time thereafter
to issue and sell general obligation bonds.of said City in the
aggregate amount of $5,125, 521 authorized by said Chapter 881,
Session Laws of Minnesota for 1963 necessary for said City's
procurement of funds in said amount of $5,125,521, for said City's
payments on account-of the net cost of Downtown Urban Renewal Area
COUNCILMEN
Yea$ Nays
Carlson
Dalglish
Holland
Meredith
Peterson
Tedesco
Mr. President, Byrne
In Favor
Against
Adopted by the Council 19—
Approved 19—
Mayor
Paz
229111
Page 2.
Project, Minn. R -20, as estimated by this Council, and for said
City's expenditures on account of the net cost of any Remaining
Costs of Municipal Buildings and Improvements to be constructed
within or adjacent to the area of said Project, as provided by
a Cooperation Agreement therefor, and in performance of said
City's obligations thereunder, for the payment of an amount of
$57077,062, representative of substantially one -- fourth of the
net cost of said Project as so estimated and for the further
payment of the amount of $48,459 for said City's expenditures
on account of any Remaining Costs of Municipal Buildings and
Improvements to be constructed within or adjacent to the area
of said Project; all such to be done under and in acccr dance with
the provisions, terms and conditions of said Cooperation Agreement
dated the 9th day of June, 1964, by and between_ said City and the
Housing and Redevelopment Authority of the City of Saint Paul,
and under and in accordance with the provisions, terms and con-
ditions of said Chapter 881, Session Laws of Minnesota for 1963,
and by virtue of authority of said Act; and
WHEREAS, the Council of the City of Saint Paul, by its
Resolution, Council File No. 219716, approved August 21, 19647
authorized the issuance and sale of a portion of said bonds of
the City of Saint Paul in the par value amount of $1,700,000,
authorized by said Resolution, Council File No. 218634, and by
said Chapter 881, Session Laws of Minnesota for 1963, such
bonds having been denominated and sold as "City of Saint Paul
Urban Renewal Bonds, Series 1964A "; and
WHEREAS, the Council of the City of Saint Paul, by its
Resolution, Council File No. 225514, approved October 6, 1965,
authorized the issuance and sale of a portion of said bonds of
the City of Saint Paul in the par value amount of $750,000,
authorized by said Resolution, Council File No. 218633, and
by said Chapter 881, Session Laws of Minnesota for 1963, such
bonds having been denominated and sold as "City of Saint Paul
Urban Renewal Bonds, Series 1965B11; and
WHEREAS, the Council of the City of Saint Paul, by its
Resolution, Council File No. 220404, approved October 20, 1964)
provided therefor and'autrorized the allocation or reallocation
of the said amount of $1,700,000 for said City's payment on
account of its obligations for said Riverview Industrial Project,
Minn. R -26, as estimated by said Council under and by its said
Resolution, C. F. No. 218633, and for said City's expenditures
on Account of any Remaining Costs of Municipal Buildings or
Improvements to be constructed within or adjacent to the area of
said Project, and said Downtown Urban Renewal Project, Minn. R -20;
229111
Page 3.
as estimated by said Council under and by its said Resolution,
Council File No. 218634 and for said City's expenditures on
account of any Remaining Costs of Municipal Buildings or Improve-
ments to be constructed within or adjacent to the area of said
Downtown Urban Renewal Project Minn. R -20, as provided by said
Cooperation Agreements in accordance with the provisions, terms
and conditions of said Chapter 881, Session Laws of Minnesota for
1963; and
WHEREAS, it has become and is necessary that said City
issue and sell a portion of such authorized bonds in the par
value amount of $1,150,000 for said City's procurement of the
necessary funds in the amount of $$1,150,000 for said City's
payment on account of its obligations under said Cooperation
Agreement, on account of the net cost of said Riverview Industrial
Project, Minn. R -26, as estimated by said Council under and by
its said Resolution, Council File No. 218633, and for said City's
expenditures on account of any Remaining Costs of Municipal Buildings
or Improvements to be constructed within or adjacent to the area
of said Project as provided by said Cooperation Agreement, and
for said City's payment on account of its obligations under said
Cooperation Agreement, on account of the net cost of said
Downtown Urban Renewal Project, Minn. R -20, as estimated by
said Council under and by its said Resolution, Council File
No. 218634, and for said City's expenditures on account of any
Remaining Cost of'Municipal Buildings or Improvements1to be
constructed within or adjacent to the area of said Project, as
provided by said Cooperation Agreement; therefore be it
RESOLVED, That the Council of the City of Saint Paul,
at this time, issue and sell said portion of said bonds of said
City of Saint Paul in the par value amount of $1,150,000, authorized
by said Resolutions, Council File No. 218633, approved June 11,
1964, and Council File No. 218634, approved June 11, 1964, and by
said Chapter 881, Session Laws of Minnesota for 1963, to be denomi-
nated, "City of Saint Paul Urban Renewal Bonds, Series 1966C11;
be it
FURTHER RESOLVED, That such bonds hereby provided and
directed to be sold, in the par value amount of One Million One
Hundred Fifty Thousand Dollars ($19150,000), shall be issued and
sold in the manner required by law; that the bonds of said issue
shall all be of the same denomination, namely, $1,000, $5,000 or
$10,000 at the option of the purchaser, dated July 1, 1966,
and bear interest at a rate not in excess of six*per centum (6 %)
per annum, payable semi - annually on January 1 and July 1, that
said bonds shall be serial in form, and a portion thereof shall
be payable each year commencing July 1, 1969, but none of said
229111
Page 4.
bonds shall,run for a longer period than thirty (30) years;
and be it
FURTHER RESOLVED, That said-One Million One Hundred
Fifty Thousand Dollars ($1,150,000) par value bonds to be issued
and sold for such Urban Renewal Development Project purposes
and to be denominated, as aforesaid, "City of Saint Paul Urban
Renewal Bonds, Series 1966Cf', shall mature serially commencing
July 1, 1969, over said thirty -year period on the following dates
and in the following amouints:
Date of
Maturity Amount
July
11
1969
$ 201000.00
July
1,
1970
20,000.00
July
1,
1971
20,000.00
July
11
1972
205000.00
July
1,
1973
20,000.00
July
1,
1974
30,000.00
July
11
1975
301000.00
July
15
1976
305000.00
July
1,
1977
303000.00
July
1,
1978
30,000°00
July
11
1979
'+O, 000.00
July
11
1980
401000.00
July
11
1981
40,000.00
July
11
1982
405000.00
July
11,
1983
40,000.00
July
1,
1984
40,000.00
July
11
1985
505000.00
July
11
1986
501000.00
July
19
1987
501000.00
July
11
1988
501000.00
July
1,
1989
50,000.00
July
1,
1990
505000.00
July
11
1991
60,000.00
July
17
1992
601000.00
July
1,
1993
60,000.00
July
11
1994
605000.00
July
15
1995
601000.00
July
11
1996
60,000.00
TOTAL
$1,150,000.00
229111
Page 5.
That said One Million One Hundred Fifty Thousand
Dollars'($17150,000) par value bonds to be issued for such Urban
Renewal Development Project'purposes shall be in substantially
the following form, which has been prepared by the Sinking Fund
Committee and approved by the Corporation Counsel of the City
of Saint Paul and is hereby approved and adopted:
"UNITED STATES OF A14ERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF SAINT P=AUL
URBAN RENEWAL BOND
SERIES 1966C
No. ..:............
$ ...............
"KNOW ALL MEN BY THESE PRESENTS, That the City of Saint
Paul, in the County of Ramsey and State of Minnesota, acknow-
ledges itself to owe and for value received hereby promises
to pay to Bearer the sum of ...........:.0....066.... Dollars
($ .............) on the first day of July, 19..., together
with interest thereon from the date hereof until paid at
the rate of .............. per centum per annum, payable
semiannually on the first days of January and July in each
year as evidenced by and upon the presentation and surrender
of the annexed interest coupons as they severally become due.
Both principal and interest on this bond are payable in
lawful money of the United States of America at the Fiscal
Agent of the City of Saint Paul, in either Saint Paul, Minnesota,
or New York, New York, at the option of the holder; and for
the prompt payment of this bond, both principal and interest,
at maturity, the faith and credit of the City of Saint Paul
are irrevocably pledged.
"This bond is one of a series of bonds issued and sold
by said City of Saint Paul, in the aggregate par value amount of
$1,150,000 authorized by Chapter 881, Session Laws of Minnesota
for 1963 and by those certain resolutions of the Council of
said City of Saint Paul, Council File No. 218633, approved
June 11, 1964, and Council File No. 218634, approved June 11,
1964, for the purpose of the procurement of funds in said
amount, $1,150,000; 'for application in payment on account of
the duly apportioned obligation of said City of Saint Paul
for the payment of the net cost of those certain Urban Renewal
Development Projects,within the corporate limits of said
City, designated "Riverview Industrial Project, Minn. R -2611,
and "Downtown Urban Renewal Area Project, Minn. R -20 ", and
being two of the several Urban Renewal Development Projects
229111
Page 6.
mentioned in said Chapter 881, Session Laws of Minnesota
for 1963, and theretofore designated as such by Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota,
and for said City's expenditures on account of any Remaining
Costs of Municipal Buildings and Improvements to be construc-
ted within or adjacent to the area of said Projects as provided
by the Cooperation Agreement therefor made and executed by
and between said Housing and Redevelopment Authority of the
City of Saint Paul, Minnesota and said City of Saint Paul,
mentioned in said Resolutions, Council File No. 218633 and
Council File No. 218634.
"This bond is issued and sold by said City of Saint Paul
under and by authority of Chapter 881, Session Laws of
Minnesota for 1963, under and by authority of Resolution No.
218633 and Resolution No. 218634, adopted by the Council of
said City of Saint Paul, and each duly signed, attested,
approved and published, in the manner required by the Charter
of said City of Saint Paul, and under and by authority of
Resolution of said Council, Council File No. ,
Approved June _, 1966, and in full compliance with said
State Statute, said Resolutions, said Charter, as applicable,
and Chapter 475, Minnesota Statutes 1961, as amended.
"It is hereby certified and recited that all things,
acts and conditions required by the Constitution and Laws
of the State of Minnesota and the Charter of said City to
happen and be done and performed precedent to and in the
issuance of this bond, have happened and been done and per-
formed in regular and due form and time as required by law
and that the total indebtedness of said City, including this
bond, does not exceed any constitutional, statutory or charter
limitations.
"IN WITNESS WHEREOF, The said City of Saint 'Raul, by
its Couticil, has caused this bond to be sealed by the facsimile
of its Of°icial Seal, lithographed thereon, to be signed by
the lithographed facsimile signature of its Mayor, attested
by the lithographed facsimile signature of its City Clerk,
and countersigned manually by its Comptroller, and each of
the interest coupons hereto attached to be executed by the
lithographed facsimile signatures of said officers, as of
the first day of July, 1966.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mayor
Attest: .............................
City Clerk
Countersigned: ......000.0 ....................
City Comptroller
229111
Page 7.
"COUPON
No . .............. $.............
On the first day of JJulanu 19..., the City of Saint
Paul, Minnesota, promises to pay, to bearer ...............
Dollars ($..........) at the Fiscal Agent of the City of
Saint Paul, in either Saint Paul, Minnesota, or New York,
New York, at the option of the holder, for interest due that
day on its Urban Renewal Bond, Series 1966C, dated as of
July 1, 1966, No . ..............
.............................
Mayor
Attest: ...........................
. City Clerk
Countersigned: ......00...6.0 .............
City Comptroller
and be it
FURTHER RESOLVED, That each said bond be'sealed by the
facsimile of the Official Seal of the City of Saint Paul litho-
graphed thereon and signed by the lithographed facsimile signature
of its Mayor, attested by the lithographed facsimile signature of
its City Clerk, and countersigned manually by the City Comptroller,
in accordance with Section 475-55, Minnesota Statutes 1961, as
amended, and the interest coupons thereto attached shall be
executed by the lithographed facsimile signc_tures of said officers;
and be it
FURTHER RESOLVED, That sealed proposals shall be received in
the office of the City Comptroller in the Court House and City
Hall Building in the City of Saint Paul, Minnesota, up to 9:30 A.M.
(C.D.T.) on July 19, 1966, for the sale of all or none of said
bonds, - ter giving due notice of said sale in the manner pre-
scribed by law, in the St. Paul Legal Ledger, the official
newspaper of said City, and in the Commercial West, a financial
periodical published in the State of Minnesota; that each bidder
shall be required to accompany his bid by a certified or cashier's
check for two per centum (2 %) of 'the amount of bonds bid for,
which will be forfeited to the City as liquidated damages if
the bonds are not taken and paid for when ready for delivery;
that the City Comptroller shall, at the next meeting of the City
Council after receiving said bids, present the same to the Council
for its action thereon; and that said bonds shall be awarded
to the person who will offer the lowest net interest cost to
the City, not exceeding six per centum (6 %) per annum; and be
it
Page 8.
229111
FURTHER RESOLVED, That said bonds shall bear such
interest as said City Council shall prescribe, and shall be
sold by said City Council for not less than.par value plus
accrued interest, to the highest bidder therefor, after ten days'
published notice of the time and place for receiving bids thereon.
That the proceeds from the issuance and sale of said bonds, as
received by said City, shall be deposited in a special fund of
said City designated as "Urban Renewal and Development Fund ",
and therein allocated thereto and subject to disbursement for
the aforesaid obligations under said Cooperation Agreement
pertinent to said Riverview Industrial Project, Minn. R -26 and
said Downtown Urban Renewal Project, Minn. R -20, for the payment
of substantially one -third of the net cost of said Riverview
Industrial Project, Minn. R -26 and substantially one - fourth
of the net cost of said Downtown Urban Renewal Area Project,
Minn. R -20, as estimated, as aforesaid, and for the further
payment of any Remaining Cost of Municipal Buildings and
Improvements to be constructed within or adjacent to the area
of each of said Projects. That despite such allocation and
restrictions upon disbursements of the proceeds of the issuance
and sale of said bonds, hereunder, the same, nevertheless, shall
be subject to adjustment in amount and reallocation in purpose
consistent with said Cooperation Agreement as the same may be
amended, under and by authority of said Chapter 881, Session
Laws of Minnesota for 1963; provided, that no part of the pro-
ceeds of the issuance and sale of any of said bonds shall be
made the subject of any reallocation or disbursement except for
the purpose of the payment or defrayment of said City's obliga-
tions 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 United States of America at the Fiscal Agent of
said City in either Saint ?caul, 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;
and be it
FURTHER RESOLVED, That the City's proper officers hereby
are authorized, directed and required to set aside,annually,
from the revenues of said City, an amount sufficient for the
payment of the interest on said hereby authorized bonds and the
principal of any such bonds maturing in such year and hereby
are authorized, directed and required to make a sufficient tax
levy for the payment of the same under and pursuant to the pro-
visions of Chapter 475, Minnesota Statutes 1961, as amended.
That such tax levies for all years shall be specified and shall
be such that if collected in full they, together with estimated
collections of other revenues pledged for the payment of said
obligations, will produce at least five per centum (5 %) in
excess of the amount needed to meet, when due, the principal
OUPLICATE TV PRINTER 229111
- CITY OF ST. PAUL COUNCIL NO.
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATE _-
Page 9. '
and interest payments on said bonds. That each such tax levy
shall be by resolution of the Council of the said City, which
shall, among other things, irrevocably appropriate the taxes
thereby levied together with estimated collections of other
revenues pledged for the payment of said City's obligations to
the said 'City's Sinking Fund, for the payment, when due, of the
principal and interest of said bonds. That such provisions of
this Resolution are in addition to the pledge of the full faith
and credit of said City for the payment of said bonds and are not
in lieu of such pledge.; and be it
FURTHER RESOLVED, That said City Council, upon due investiga-
tion in the premises, and upon. adequate, relevant and reliable
factual bases and confirmatory of its previous estimates, hereby
estimates the public redevelopment cost of said Riverview Industrial
Project Minn. R -26 to be $69503 415.00, the capital proceeds of
said Project to be $1,270,190.06 the net cost of said Project
to be $59233,225.009 and said City's expenditures on account of
any Remaining Costs of Municipal Buildings and Improvements to
be constructed within or adjacent to the area of said Project,
as provided by said Cooperation Agreement therefor, to be
$6199394.00; and be it
FURTHER RESOLVED, That said City Council, upon due'investi-
gation in the premises, and upon adequate, relevant, and reliable
factual bases and confirmatory of its previous estimates, hereby
estimates the public redevelopment cost of said Downtown Urban
Renewal Area Project Minn. R -20 to be $26,026,091600 the capital
proceeds of said Project to be $597171884.009 the net cost of
said Project to be $20,308,247. CO, and said City's expenditures
on account of any Remaining Costs of Municipal Buildings and
Improvements to be constructed within or adjacent to the area of
said Project, as provided by said Cooperation Agreement therefor,
to be $489459.00.
COUNCILMEN
3U� � 4196
Adopted by the Council 19—
Yeas Nays
Carlson JUN 14 1966
Dalglish
Approved 19—
Holland
Meredith Tin Favor
Peterson Mayor
Tedesco Against
Mr. President, Byrne
za