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219594z nI�] p ORIGINAL TO CITY CLERK CITY OF ST. PAUL COUNCIL N1 9 5�tllf.. OFFICE OF THE CITY CLERK FILE O QQUNCIL RESOLUTION — GENERAL FORM PRESENTED BY COMMISSIONER- DATE SHED i 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. 273 adopted by the Port Authority of the City of Saint Paul, dated July 28, 19641 entitled "Resolution Awarding Sale of $2,500,000 General Improvement Bonds, Series E, Fixing the Interest Rates and Other Terms Thereof, 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 cffice of the City Clerk " and, by reference, incorporated herein and made part and parcel hereof, and the Council specifically, but without limitation, concurs in the award of sale of bonds, interest rates, date, denominations, place of payment, form and details of the Port Authorityts General Improvement Bonds, Series E, in the amount of $2,500,000 dated June 1, 1964, 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 i declare that all such provisions are in accordance with Ordinance No. 12287 of the City of Saint Paul, adopted September 27, 1962, { and are hereby approved, ratified and confirmed. P, OF LAW - � AUG 121 %4! COUNCILMEN Yeas Nays Dalglish Loss Meredith Peterson Rosen Mr. President,'Vavoulis loan "2 Tn Favor b Against Adopted by the Council 19— AUG 12 TO% Mayor Council File No. 219594 —Sy R r ;art F. 1-7 Peterson— �,. pay;, I 3esolved, By the ( III Tq rj;••y Saint Paul, t1)-.:::Q; s;' lS ', }eCreh, concur b.re�vr', •.3)1 '9!'f.•i•y g •;n^ ,I...•I provf labp=' vs7 ' -edorq - - Ilcr by P-+ : ,o F.t a;,3• .j , ioi:ziuvr:c 3 :.AJ' :'aft r :1071 in l , P 11i ,a•Jsr ;, Jaum a le 'sb 3 FORMZ�V P, OF LAW - � AUG 121 %4! COUNCILMEN Yeas Nays Dalglish Loss Meredith Peterson Rosen Mr. President,'Vavoulis loan "2 Tn Favor b Against Adopted by the Council 19— AUG 12 TO% Mayor ✓OFFICE• OF CITY' CLERK -BUREAU OF RECORDS 386 City Hall and Court House St. Paul 2, Minnesota a Mr. Donald L. Lais Corporation Counsel Building Dear Sir; ROBERT B. GERBER, A. ' 9NN-f LL City Clerk HAROLD J. RIORDAN Council Recorder 44,11 0 co . (11 l�SQ r C Aug. 5., 196 ``A`i�' :l E The City Council requested that you prepare a resolution approving award of sale of Port Authority's General Improvement Bonds, Series E, in the amount of $2,500,000, as more fully set out in the attached file of the Port Authority. O F F I C E C 0 R P 0 R A T 1 0 N Robert B. Gerber City Clerk , Jr. truly yours, 0 F CONNSEL a,9&9 August 7 19 61+ Your letter of August gust 5 of a resolution a i9 61+ Authorit ► PProvin concerning Y s General g award of sale ImProVement Bonds °f Port of $2,500,000.00 Series E, in the amo has b urit een received. Mr. Sheahan assigned to this matter, of this office has been DONALD L. LA IS Corporation Counsel by J• 1 - 1 t PORT AUTHORITY OF THE CITY OF SAINT PAUL 1130 MINNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL, MINN. 55101, PHONE 224 -5686 August 4, 1964 Mr. Robert Gerber City Clerk City Hall and Court House Saint Paul, Minnesota 55102 Re: Port Authority General Improvement Bonds, Series E Dear Mr. Gerber: We enclose herewith a certified copy of Port Authority Resolution No. 273 entitled "Resolution Awarding Sale of $2,500,000 General Improvement Bonds, Series E. Fix- ing the Interest Rates and Other Terms Thereof, and Levying and Appropriating Taxes for the Payment of Principal and Interest Thereon ", adopted by the Port Authority Commission on July 28, 1964. Also enclosed is a proposed resolution to be submitted to the City Council. '` When the resolution has been adopted by the City Council, we would appreciate receiving three certified copies thereof. 1 fdm /c encl. Yours very truly, an M rz Executive Vic FRANK D. MARZITELLI FRANK E. CLAWSON EUGENE A. KRAUT EXECUTIVE VICE PRESIDENT DIRECTOR, INDUSTRIAL DEVELOPMENT ASSISTANT TO THE EXECUTIVE VICE PRESIDENT COMMISSIONERS FRED W. FISHER RICHARD C. RADMAN BERNARD T. HOLLAND NEIL H. GRIEBENOW H. WILLIAM BLAKE DR. JOHN L. RENDALL ROBERT F. PETERSON PRESIDENT VICE PRESIDENT SECRETARY TREASURER LEGISLATIVE ADVISORS' NICHOLAS D. COLEMAN, STATE SENATOR ERNEST A. BEEDLE, STATE REPRESENTATIVE RESOLVED, by the C6uncilof the City of Saint Paul, that this Council does hereby concur in each and all of the terms and provisions -of Resolution No. 273 adopted by the Port Authority-of the City of Saint ' Paul, dated July.28, 1964, entitled- "Resolution Awarding Sale of $2,500,000 General Improvement Bonds, Series E,;Fixing the,lnt_erest Rates and Other Terms Thereof,• 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 and parcel hereof, and the Council specifically, but without limitation, concurs in the.award of sale of bonds, interest rates, date, denominations;• place_of payment, form and details of the Port Authority's General Improvement Bonds, Series T, in the amount of $2,500,000 dated June 1, 1964, 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 accord- ance with Ordinance No. 12287 of the City of Saint Paul, adopted September 27, 1962, and are hereby approved, ratified and confirmed. 1 - I Extract of Minutes of Regular Meeting Port Authority of the City of Saint Paul Saint Paul, Minnesota July 28, 1964 Pursuant to due call and notice thereof, a regular meeting of the Port Authority of the City of Saint Paul was held at its offices at the Minnesota Build- ing, Saint Paul 1, Minnesota, on Tuesday, July 28, 1964, at 2:00 o'clock P.M., Cen- tral Daylight Saving Time. The following Commissioners were present: Fred W. Fisher, Richard C. Radman, Jr., Bernard T. Holland, Neil H. Griebenow, H. William Blake, Robert F. Peterson and John L. Rendall; and the following were absent: None. The Treasurer of the Port Authority presented affidavits showing publica- tion of the official advertisement of notice of sale of $2,500,000 General Improve- ment Bonds, Series E, as directed at the Port Authority's meeting June 29, 1964, which affidavits were examined and found satisfactory and directed to be placed on file in the office of the Secretary. The Treasurer reported that 16 sealed bids had been received in ac- cordance with the official advertisement up to 12:00 noon this date, and were then opened and tabulated, and he presented the bids so received and his tabulation thereof. After examination and consideration of the bids of the Port Authority, Commissioner Holland introduced the following resolution and moved its adoption RESOLUTION AWARDING SALE OF $2,500,000 GENERAL IMPROVEMENT BONDS, SERIES E, FIXING THE INTEREST RATES AND OTHER TERMS THEREOF, AND LEVYING AND APPROPRIATING TAXES FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON -1- The motion for the adoption of the resolution was duly seconded by Commissioner Peterson , and upon vote being taken thereon, all Commissioners present voted in favor thereof as follows: Fred W. Fisher, Richard C. Radman, Jr., Bernard T. Holland, Neil H. Griebenow, H. William Blake, Robert F. Peterson and John L. Rendall; whereupon the resolution was declared duly passed and adopted and was designated as Resolution No. 273. A copy of the resolution is attached hereto and made a part of these minutes. -2- iat No . 273 July 28, 1964 PORT AUTHORITY OF THE CITY OF SAINT PAUL RESOLUTION RESOLUTION AWARDING SALE OF $2,500,000 GENF,RALL IMPROVEMENT BONDS, SERIES E, FIXING THE INT REST 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. 271 adopted by the Port Author- ity on June 29, 1964, and Ordinance No. 12287 of the City of Saint Paul adopted by the City Council on September 27, 1962, 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 Improvement Bonds, Series E, and has caused notice of the time and the place for the receiving of the bids to be published not less than two weeks before the date of receiving bids, and has con- sidered all bids received pursuant to the published notice, and does hereby find and determine that the highest and best of such bids is that of Phelps, Fenn & Co. , of New York, New York , and associates named therein, to purchase the bonds at a price of par plus accrued interest to the date of delivery thereof, plus a premium of $162.50 , 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 No. 12287. The sale of the bonds is hereby awarded to said bidder, provided that the Secretary shall forthwith pre- sent 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 Author- ity a contract for the sale of the bonds upon those 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 forthwith. 2. Said General Improvement Bonds, Series E shall now be issued and de- livered in the aggregate principal amount of $2,500,000 $5,000 each, payable to bearer, shall be 500 in number 500 , inclusive, shall be dated as of June 1, 1964, an lowest numbers first, on June 1 in the years and amounts est at the respective annual rates stated opposite their -1- and in the denomination of and numbered from 1 to d shall mature serially, as follows, bearing inter - maturity years and amounts. The bonds maturing in the years 1985 through 1994 shall each be subject to redemp- tion and prepayment, at the option of the Port Authority, on June 1, 1984, and on any interest payment date thereafter, at a price of par and accrued interest and in inverse order of their serial numbers. 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 inter- est are then payable. Said 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 information is made available to him for the purpose of mailing such notices. The interest on the bonds shall be payable December 1, 1964, and semiannually thereafter on June 1 and December 1 in each year, and both principal and interest shall be payable at The American 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 agent 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. 12287, and when so prepared shall be executed by the lithographed facsimile signatures of the Presi- dent 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 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 by bond counsel as to the validity of the issue, to be 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. However, the proceeds of the bonds shall be segregated by the Treasurer in a separate and -2- Interest Interest Year Amount Rate.* Year Amount Rate 1967 $50,000 2.75% 1981 $ 90,000 3•20% 1968 60,000 2.75% 1982 90,000 3.20° 1969 6o,000 3.00% 1983 90,000 3•20% 1970 6o,000 3.00% 1984 100,000 3.20 1971 6o,000 3.00% 1985 100,000 3•20% 1972 6o,000 3.00% 1986 100,000 3•20% 1973 70,000 3.00% 1987 110,000 3•20% 1974 70,000 3.00% 1988 110,000 3.20% 1975 70,000 3.00% 1989 120,000 3.25% 1976 70,000 3.00; 1990 120,000 3.25% 1977 8o,000 3.20% 1991 120,000 3.25% 1978 8o,000 3.20% 1992 130,000 3.30% 1979 80,000 3.20% 1993 1980 80,000 3.200 1 94 4, 1o000 3.34 The bonds maturing in the years 1985 through 1994 shall each be subject to redemp- tion and prepayment, at the option of the Port Authority, on June 1, 1984, and on any interest payment date thereafter, at a price of par and accrued interest and in inverse order of their serial numbers. 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 inter- est are then payable. Said 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 information is made available to him for the purpose of mailing such notices. The interest on the bonds shall be payable December 1, 1964, and semiannually thereafter on June 1 and December 1 in each year, and both principal and interest shall be payable at The American 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 agent 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. 12287, and when so prepared shall be executed by the lithographed facsimile signatures of the Presi- dent 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 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 by bond counsel as to the validity of the issue, to be 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. However, the proceeds of the bonds shall be segregated by the Treasurer in a separate and -2- special Hand of the Port Authority, and shall be used solely for the purpose for which the bonds were authorized as stated in Ordinance No. 12287, including the payment and redemption of the General Obligation Bond Anticipation Notes in the amount of $750,000, dated as of July 2, 1964, with accrued interest on such notes to the date of such payment. When said notes have been paid, the same shall be forthwith canceled. 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 prin- cipal and interest thereon when and as such principal and interest mature. Such tax shall be payable in the following respective years, in not less than the amount stated below for each such year: Year Amount Year Amount Year Amount 1965 $156,000 1975 $139,145 1985 $141,9oo 1966 145,500 1976 147,44o 1986 149,o4o 1967 144,555 1977 144,755 1987 145,34o 1968 142,820 1978 142,o65 1988 152,145 1969 14o,930 1979 139,38o 1989 148,050 1970 139,040 1980 147,190 1990 143,955 1971 137,150 1981 144,165 1991 150,360 1972 145,76o 1982 141,140 1992 145,855 1973 143,555 1983 148,620 1993 151,850 1974 141,350 1984 145,260 The amount payable in each year shall be extended upon the tax rolls prepared in the respective preceding years, together with other general taxes levied in the City of Saint Paul. After the delivery of the bonds, such tax shall be irrepeal- able 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 then be extended and assessed and the proceeds thereof accounted for as provided in said Ordinance No. 12287. 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 legal- ity thereof, certified copies of all ordinances, resolutions and other actions and proceedings taken by the City and Port 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 marketability of the bonds; and all certified copies, certificates and affidavits so furnished, includ- ing 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. -3- • 4 6. Pursuant to the specific authorization contained in said Ordinance No. 12287 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 interest on the bonds herein authorized as such principal and interest become due. In the event that the collections of the tax herein authorized should at any time be insuffi- cient for the payment of such principal or interest, the Port Authority is author- ized 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. Attest: Secretary (SEAL) Adopted July 28, 1964. -4- President, Port Authority 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 documents with the originals thereof on file and of record in my office and find the same to be full, true and correct copies of the follow- ing: (a) Minutes of a regular meeting of the Port Authority duly called and held on July 28, 1964, so far as such minutes relate to $2,500,000 General Improve- ment Bonds, Series E of the Port Authority. (b) Resolution No. 273, as adopted at said meeting, entitled "RESOLU- TION AWARDING SALE OF $2,500,000 GENERAL IMPROVEMENT BONDS, SERIES E, FIXING THE INTEREST RATES AND OTHER TERMS THEREOF, AND LEVYING AND APPROPRIATING TAXES FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON ". WITNESS my hand nd the seal of the Port Authority of the City of Saint Paul this �R, day of , 1964. Bernard T. Holland, Secretary Port Authority of the City of Saint Paul (SEAL)