Loading...
219716ORIGINAL TO CITY CLERK PRESENTED BY COMMISSIONER —0-6 f - CITY OF ST. OFFICE OF THE ,COUNCIL RESOLUT Council File No. 219716 —By George J. Vavoulis, Mayor — WHEREAS The Council of the Ci��,,yy of Saint Pain by its Resolution, Cound(1 File No. 218634, approved June i�l1l 1964, granted authority therefor and provided that said City of Saint Paul hall, from time to time thereafter, e and sell the general obligation of said in t136rta;ss?'e%,ate irr�aur' "`'TdL''biu4 WHEREAS, The Council of the City of Saint Paul, by its Resolution, Council File No. 218634, approved June 11, 1964, granted authority therefor and provided that said City of Saint Paul shall, from time to time thereafter, issue and sell the eneral obligation bonds of said City in the aggregate amount of 5,125,521.00, authorized by Chapter 881, Session Laws of Minnesota for 1963, necessary for said City's procurement of funds -in said amount of $5,125,521.00 for said City's payments on account of the net cost of Downtown Urban Renewal Area Project Minn. R -20, one of several Urban Renewal Development Projects within said City of Saint Paul mentioned in said Chapter 881, Session Laws Minnesota for 1963 and theretofore designated as such by Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, as estimated by said Council under its said Resolution, Council File No. 218634, 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 bythe Cooperation Agreement therefor, and in per- formance of said City's obligations thereunder, for the payment of an amount of 05,077,062,001 representative of substantially one- fourth of the net cost'of said Project as so estimated and for the further payment of the amount of $48,459.00 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 said Authority and under and in accordance with the provisions, terms and conditions of said Chapter 881, Session Laws of Minnesota for 1963, and by virtue. �of the authority of the Act; and COUNCILMEN Yeas Nays Dalglish Holland Loss Meredith Peterson Rosen Mr. President, Vavoulis 10M 689 In Favor Against Adopted by the Council 19— I Approved 19— Mayor Page 2. WHEREAS, as recited in said Council's said Resolution, Council File No. 218634, said Cooperation Agreement applicable to said Downtown Urban Renewal Project entitled, "Downtown Urban Renewal Area Project, Minn. R -20," has been made and executed by and between said Housing and Redevelopment Authority of the City of Saint Paul, Minnesota and said City of Saint Paul, pur- suaht to said Authority's pertinent Resolution No. 64- 5/27 -3 and said City Council's Resolution, Council File No. 218609, a counter- part of said Cooperation Agreement being filed in the office of the City Clerk of said City and said Resolution, Council File No. 218634 and Cooperation Agreement hereby are incorporated herein, by reference, and made part and parcel hereof with the same intent,purpose and effect as if said Resolution, Council File No. 218634 and said Cooperation Agreement, respectively, were set forth herein verbatim; and WHEREAS, said $5,125,521.00 par value amount of said bonds of said City of Saint Paul authorized to be issued and sold for the purposes aforesaid, by said Resolution, Council File No. 218634, approved June 11, 1964, adopted, as aforesaid, by authority therefor conferred by said State Statute, Chapter 881, Session Laws of Minnesota for 1963, in no part have been issued or sold and it has become and is necessary that said City issue and sell a portion of such authorized bonds, in the par value amount of $1,700,000.00, for said City's procurement of necessary funds in -the amount of $1;700,000.00 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 Area 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 Costs 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 $1,700,000.00, authorized by said Resolution, Council File No. 218634, approved June 11, 1964, and by said Chapter 881, Session Laws of Minnesota for 1963, to be denominated "City of Saint Paul Urban Renewal Bonds, Series 1964A"; be it FURTHER RESOLVED, that such bonds authorized by said Resolution, Council File No. 218634, hereby provided and directed to be issued and sold in the par value amount of One Million Seven Hundred Thousand Dollars ($1,700,000.00) shall be issued and sold ' 4 Page 3. in the manner required by law, and that each of said bonds shall be in a denomination of $1,000.00 or a multiple of $1,000.00, dated October 1, 1964, and bear interest at a rate not in excess of 6% per annum payable semi - annually on October 1 and April 1, according to the interest coupons to be attached to said bonds; that said bonds shall be serial in form, and a portion thereof shall be payable each year commencing October 1, 1967, but none of said bonds shall run for a longer period than thirty (30) years; and be it FURTHER RESOLVED, That said One Million Seven Hundred Thousand Dollars ($1,700,000.00) 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 1964A ", shall mature serially commencing October 1, 1967, over said thirty -year period on the following dates and in the following amounts: Date of Maturity Amount 1967 $ 30,000.00 1968 30,000.00 1969 30,000.00 _ 1970 30 000.00 '.= . 1971 30;00.0.00- -- -a-972 ; � = = y ._ .._40, 000. oo -- 1973 401000.00 ' 1974 40,000.00 1975 50,000.00 1976 50,000.00 1977- 507000.00 1978 501000.00 1979 691000.00 1980 60,000.00 1981 601000.00 1982 60,000.00 1983 70,000.00 1984 701000.00 1985 709000.00 1986 70,000.00 1987 80,000.00 1988 80,000.00 1989 80,000.00 1990 901000.00 1991 901000.00 1992 909000.00 1993 100,000.00 1994 100,000.00 TOTAL $1,7001000.00 H t.%4 - %AMV3 Page 4. That said One Million Seven Hundred Thousand Dollars ($1,700,000.00) 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 196401 No. $ �� 'KNOW ALL MEN BY THESE PRESENTS, That the City of Saint Paul',--,in the County of Ramsey and State of Minne- sota, acknowledges itself to owe and for value received hereby promises to pay to Bearer the sum of Dollars ($ ) on the first day,of October, 19 , together with interest thereon from the date hereof until paid at the rate of per cent per annum, payable semiannually on the first days of April and October 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 office of the Commissioner of Finance in the City of Saint Paul, or 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 Cit of Saint Paul, in the aggregate par value amount of h1700 000.00 authorized by Chapter 881, Session Laws of Minnesota for 1963 and by that certain Resolution of the Council of said City of Saint Paul, Council File No. 218634, approved June 11, 1964, for the purpose of the procurement of funds in said amount, $1,700,000.00, 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 that certain Urban Renewal Development Project within the corporate limits of said City, designated 'The Downtown Urban Renewal Area Project, Minn. R -20 ", and being one of the several Urban Renewal Development Pro- jects 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 a Page 5. 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 the Cooperation Agreement therefor made and executed by and between said Housing and Redevelop= ment Authority of the City of Saint Paul, Minnesota and said City of Saint Paul, mentioned in said Resolution, Council File No. 218634. 'This bond is issued and sold by said City of Saint Paul, under and by authority of Resolution No. 218634, adopted by the Council of said City of Saint Paul, duly signed, attested, approved and published, in the manner required by the Charter of said City of Saint Paul, under and by authority of Chapter 881, Session Laws of Minnesota for 1963, and under and by authorit y of the Resolution of said Co cil Council File ,No. aj M 6 , approved �aa. X 1�444 , and in full compliance with said Resolutions, said State Statute, 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 Constitu- tion 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 happenkfed and been done and performed in regular and due form - and time as required by law and that the total indeb- tedness of said City, including this bond, do% not exceed any conOtutional, 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, this fitst day of October, 1964. Mayor Attest: City Clerk Countersigned: City Comptroller Page 6. "COUPON No $ L 9n the first day oOctober, 19 , the City of Saint,Paul, Minnesota, promises to pay to bearer Dollars ($ ) at the office of the Commissioner of Finance, in the City of Saint Paul, or at the Fiscal Agent of the City of Saint Paul, in either Saint Paul, Minnesota, or New York, New York, at the obtion of the holder, for interest due that day on its Urban Renewal Bond, Series 1964A, dated October 1, 1964, No. Mayor y4. Attest: City Clerk Countersigned: City Comptroller." and be it .FURTHER RESOLVED, That each said bond shall be::sealed by the facsimile of the Official Seal of tho City of Saint Paul lithographed thereon and signed by the lithographed facsimile signature of the City Clerk, and countersigned manually by the City Comptroller, in accordance with Chapt6r.422, Laws of Minnesota 1951, andtSection 475.55, Minnesota Statutes Annotated, 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 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 ten o cloc S.T.) October 6, 1964, for the sale of all or none of said bonds, after giving due notice of said sale in the manner prescribed 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 (2) per cent 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 after receiving said bids, present the same to the Sinking Fund Committee.and'the Council for their action thereon; and that said bonds shall be offered to the person who will pay par or better therefor, at the lowest rate of interest not exceeding six (6) per cent per annum; and be it J J � Page 7. arw)b 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 two weeks' 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 disburse- ment for aforesaid obligations under said Cooperation Agree- ment, pertinent to said Downtown Urban Renewal Area Project, Minn. R -20, for the payment of substantially one - fourth of the net cost of said Project 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 said Project. 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 nd part of the proceeds of the issuance and sale of any of said bonds shall be made the subject of any re'-411ocation or disbursement except for the purpose of the payment or defrayment of said City's obligations assumed, or which shall be 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 Office of said City's Commissioner of Finance, in said City of Saint Paul, or at the office of the Fiscal Agent of said City in either Saint Paul, Minnesota, or New York, New York, at the option of the holder, and t1B 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 said City's proper officers hereby acre 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 provisions of Chapter 475, Minnesota Statutes 1961, as amended. That such tax levies for allt,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 ORIGINAL TO CITY CLERK f� CITY OF ST. PAUL COUNCIL OFFICE OF THE CITY CLERK FILE NO COUNCIL RESOLUTION — GENERAL FORM PRESENTED BY COMMISSIONER DATE Page 8. obligations, will produce at least five (5 %) per cent in excess of the amount needed to meet, when due, the principal and interest payments on said bonds. That each such taxlevy shall be by resolution of the Council of 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 or said special Fund designated, as aforesaid, "Urban Renewal and Development 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. COUNCILMEN Yeas Nays Holland Loss Meredith r Peterson Rosen Mr. President, Vavoulis ions "2 Tn Favor Against 4UG 211964 Adopted by the Council 19— Approved AUG 211964 19 —_ Mayor WU,FAT[. TO PRINTER CITY OF ST. PAUL COUNCIL NO OFFICE OF THE CITY CLERK COUNCIL RESOLUTION — GENERAL FORM PRESENTED BY COMMISSIONER DATE WHEREAS The Council of the City of Saint Paul, by its Resolution, Council File No. 218634 approved June 11, 1964, granted authority therefor and provided that said City of Saint Paul shall, from time to time thereafter, issue and sell the 9eneral obligation bonds of said City in the aggregate amount of 511-05 521 00 ' authorised by Chapter 881, Session Laws of Minnesota for 193, necessary for said City's procurement of funds in said amount of $5,125 521.00 for said City's payments on account of the net cost of Lowntown Urban Renewal Area Project Minn. R -20 one of several Urban Renewal Development Projects within said ity of Saint Paul mentioned in said Chapter 881, Session Laws trees Minnesota for 1963 and theretofore designated as such by Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, as estimated b said Council under its said Resolution, Council File No. 21863, 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 bythe Cooperation Agreement therefor and in per- formance of said City's obliggations thereunder, for the payment of an amount of 05,077,062.0 0, representative of substantially one - fourth of the net cost of said Project as so estimated and for the further payment of the amount of $48 459.00 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 said Authority and under and in accordance with the provisions, terms and conditions of said Chapter 881, Session Laws of Minnesota for 1963, and by virtue:. of the authority of the Act; and COUNCILMEN Yeas Nays Dalglish Holland Loss Meredith Peterson Rosen Mr. President, Vavoulis 10M $.a in Favor Against Adopted by the Council 19— Approved 19— Mayor 'IVA 10 9 Page 2. WHEREAS, as recited in said Council's said Resolution, Council File No., 218634, said Cooperation Agreement applicable to said Downtown Urban Renewal Project entitled, "Downtown Urban Renewal Area Project, Minn. R -20," has been made and executed by and between said Housing and Redevelopment Authority of the City of Saint Paul, Minnesota and said City of Saint Paul, pur'- suaht to said Authority's pertinent Resolution No. 64- 5/27 -3 and said City Council's Resolution, Council File No. 218609, a counter- part of said Cooperation Agreement being filed in the office of the City Clerk of said City and said Resolution, Council File No. 218634 and Cooperation Agreement hereby are incorporated herein, by reference, and made part and parcel hereof with the same intent,purpose and effect as if said Resolution, Council File No. 218634 and said Cooperation Agreement, respectively, were set forth herein verbatim; and WHEREAS, said $5,125,521.00 par value amount of said bonds of said City of Saint Paul authorized to be issued and sold for the purposes aforesaid, by said Resolution, Council File No. 218634, approved June 11, 1964, adopted, as aforesaid, by authority therefor conferred by said State Statute, Chapter 881, Session Laws of Minnesota for 1963, in no part have been issued or sold and it has become and is necessary that said City issue and sell a portion of such authorized bonds, in the par value amount of $1,700,000.00, for said City's procurement of necessary funds in the amount'of $1,700,000.00 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 Area 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 Costs 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 $1,700,000.00, authorized by said Resolution, Council File No. 218634, approved June 11, 1964, and by said Chapter 881, Session Laws of Minnesota for 1963, to be denominated "City of Saint Paul Urban Renewal Bonds, Series 1964A"; be it FURTHER RESOLVED, that such bonds authorized by said Resolution, Council File No. 218634, hereby provided and directed to be issued and sold in the par value amount of One Million Seven Hundred Thousand Dollars ($11700,000.00) shall be issued and sold Page 3. in the manner required by law, and that each of said bonds shall be in a denomination of $1,000.00 or a multiple of $1,000.00, dated October 1, 1964, and bear interest at a rate not in excess of 6% per annum payable semi - annually on October 1 and April 1, according to the interest coupons to be attached to said bonds; that said bonds shall be serial in form, and a portion thereof shall be payable each year commencing October 1, 1967, but none of said bonds shall run for a longer period than thirty (30) years; and be it FURTHER RESOLVED, That said One Million Seven Hundred Thousand Dollars ($1,700,000.00) 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 19640, shall mature serially commencing October 1, 1967, over said thirty -year period on the following dates and in the following amounts: Date of Maturity Amount 1967 $ 30,000.00 1968 30,000.00 1969 30,000.00 1970 301000.00 1971 301000.00 1972 401000.00 1973 401000.00 1974 407000.00 1975 509000.00 1976 501000.00 1977 50,000.00 1978 50,000.00 1979 685000.00 1980 607000.00 1981 60,000.00 1982 607000.00 1983 70,000.00 1984 701000.00 1985 705000.00 1986 701000.00 1987 801000.00 1988 80,000.00 1989 80,000.00 1990 909000.00 1991 901000.00 1992 901000.00 1993 1005000.00 1994 100.040.00 TOTAL $1,7001000.00 Page 4. 9.191)vb That said One Million Seven Hundred Thousand Dollars ($177007000.00) par value bonds to be issued for such Urban Renewal Development Project purposes shall be in substantially the following form, which has been prepared by the Sinking Fund Committee and approved by the Corporation Counsel of the City of Saint Paul and is hereby approved and adopted: "UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF SAINT PAUL URBAN RENEWAL BO NDg SERIES 1964 No. 'KNOW ALL MEN BY THESE PRESENTS, That the City of Saint Paul, in the County of Ramsey and State of Minne- sota, acknowledges itself to owe and for value received hereby promises to pay to Bearer the sum of Dollars ($ ) on the first day of October, 19 , together with interest thereon from the date hereof until paid at the rate of per cent per annum, payable semiannually on the first days of April and October 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 office of the Commissioner of Finance in the City of Saint Paul, or 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 $1,700,000.00 authorized by Chapter 881, Session Laws of Minnesota for 1963 and by that certain Resolution of the Council of said City of Saint Paul, Council File No. 218634, approved June 11, 1964, for the purpose of the procurement of funds in said amount, $1,700,000.00, 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 that certain Urban Renewal Development Project, within the corporate limits of said City, designated "The Downtown Urban Renewal Area Project, Minn. R -20 ", and being one of the several Urban Renewal Development Pro- jects 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 Page 5. ,A l T I'VE) 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 the Cooperation Agreement therefor made and executed by and between said Housing and Redevelop- ment Authority of the City of Saint Paul, Minnesota and said City of Saint Paul, mentioned in said Resolution, Council File No. 218634. 'This bond is issued and sold by said City of Saint Paul, under and by authority of Resolution No. 218634, adopted by the Council of said City of Saint Paul, duly signed, attested, approved and published, in the manner required by the Charter of said City of Saint Paul, under and by authority of Chapter 881, Session Laws of Minnesota for 1963, and under and by authority of the Resolution of said Coun& 7� , Council File No. �o�o approved 2-11§�` , and in full compliance with said Resolutions, said State Statute, 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 Constitu- tion 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 happenfed and been done and performed in regular and due form and time as required by law and that the total indeb- tedness of said City, including this bond, doesnot exceed any cons tutional, 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, this first day of October, 1964. Mayor Attest: City Clerk Countersigned: City Comptroller Page 6. .�7 '11� "COUPON No. April On the first day of October, 19 , the City of Saint Paul, Minnesota, promises to pay to bearer Dollars ($ ) at the office of the Commissioner of Finance, in the City of Saint Paul, or 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 1964A, dated October 1, 1964, No. Attest: Mayor City Clerk Countersigned: City Comptroller." ' and be it FURTHER RESOLVED, That each said bond shall be-sealed by the facsimile of the Official Seal of the City of Saint Paul lithographed thereon and signed by the lithographed facsimile signature of the City Clerk, and countersigned manually by the City Comptroller, in accordance with Chapter 422, Laws of Minnesota 1951, and-Section 475.55, Minnesota Statutes Annotated, 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 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 ten o'clock (C.7,S.T.) October 6, 1964, for the sale of all or none of said bonds, after giving due notice of said sale in the manner prescribed 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 (2) per cent 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 after receiving said bids, present the same to the Sinking Fund Committee and the Council for their action thereon; and that said bonds shall be offered to the person who will pay par or better therefor, at the lowest rate of interest not exceeding six (6) per cent per annum; and be it Page 7. 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 two weeks' 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 disburse- ment for aforesaid obligations under said Cooperation Agree- ment, pertinent to said Downtown Urban Renewal Area Project, Minn. R -20, for the payment of substantially one - fourth of the net cost of said Project 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 said Project. 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 proceeds of the issuance and sale of any of said bonds shall be made the subject of any r4--'allocation or disbursement except for the purpose of the payment or defrayment of said City's obligations assumed, or which shall be 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 Office of said City's Commissioner of Finance, in said City of Saint Paul, or at the office of the Fiscal Agent of said City in either Saint Paul, Minnesota, or New York, New York, at the option of the holder, and tle 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 said 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 provisions 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 WrLICATS TO •PRINTER CITY OF ST. PAUL COUNCIL NO OFFICE OF THE CITY CLERK COUNCIL RESOLUTION — GENERAL FORM PRESENTED Rr COMMISSIONER DATE Page 8. obligations, will produce at least five (5 %) per cent in excess of the amount needed to meet, when due, the principal and interest payments on said bonds. That each such taxlevy shall be by resolution of the Council of 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 or said special Fund designated, as aforesaid, "Urban Renewal and Development 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. COUNCILMEN Yeas Nays 4Ndgfl3W---4, Holland Loss Meredith Peterson Rosen Mr. President, Vavoulis 10M ae= AUG 196A Adopted by the Council 19- WG 211964 Approved 19- Tn Favor Mayor Against