Loading...
215528ORIGINAL TO CITY CLERK PRESENTED BY COMMISSIONER Council File No. 215528 —By Robert F. „ Peterson— CITY OF S • Whereas, The Council did by Reso- IL OFFICE OF THE lution No. 215229, approved October 24, NO 1963 authorize the issuance and sale of COUNCIL RESOLUTION be city of saint Paul school Improvement ment Bonds, Series 1963, to i n be dated November 1, 1963,. and as t be -'-i be 215528 I / 2,? '` WHEREAS, the Council did by Resolution No. 215229 approved October 24, 1963 authorize the issuance and sale of $5,000,000 City of Saint Paul School Improvement Bonds, Series 1963D, to be dated November 1, 1963, and as the proper city officers have fully caused the said bonds to be advertised for sale and said advertisement required sealed bids to be submitted on November 19, 1963, and as the bids were submitted and opened, examined and tabulated by the Council, and the joint bid of The First National Bank of Chicago and Associates and The American National Bank of Saint Paul was found to, be the most advantageous, therefore be it RESOLVED, that the joint bid of The First National Bank of Chicago and Associates and The American National Bank of Saint Paul be accepted and said bonds awarded at a price,.namely, par and accrued interest with a coupon rate of 3.30 per cent and a premium of $22,890.00. FURTHER RESOLVED, that the Council hereby ratifies and approves each and every act of the Sinking Fund Committee in connection with the sale of said bonds. COUNCILMEN Yeas Nays Dalglish Holland Loss Mortinson Peterson Rosen Mr. President, Vavoulis 10M 6-62 In Favor Against NOV 19 1963 Adopted by the Council 19- NOV 19 1963 19— Mayor DUPLICATE TO PRINTER CITY OF ST. PAUL 4 OFFICE OF THE CITY CLERK COUNCIL RESOLUTION - GENERAL FORM PRESENTED BY COMMISSIONER DATE 152528 COUNCIL NO. WHIBRBAS, the Council did by Resolution Wo. 215229 approved October 24; 1963 authorize the issuance and sale of $5,000,000 City of Saint Paul School Improvement Bonds, Series 1963D, to be dated November 1, 1963, and as the proper city officers have fully caused the said bonds to be advertised for sale and said advertisement required sealed bids to be submitted on November 19, 1963, and as the bids were submitted and opened, examined and tabulated by the Council, and the joint bid of The First National Bank of Chicago and Associates and The American National Bank of Saint Paul was found to be the most advantageous, therefore be it RISOLV$D, that the joint bid of The First National Bank of Chicago and Associates and The American National Bank of Saint Paul be accepted and paid bonds awarded at a price, namely, par and accrued interest with a coupon rate of 3.30 per cent and a premium of X22,890.00. FURTHER RSSOLVID, that the Council hereby ratifies and approves each and every act of the Sinking Fund Committee in connection with the sale of said bonds. COUNCILMEN Yeas Nays Dalglish Holland Loss Mortinson Peterson Rosen Mr. President, Vavoulis 101 8-82 NOV 19 i Adopted by the Council 19- 110V Approved 19— In Favor Mayor Against CITY 'OF SAINT PAUL, MINNESOTA $2,000,000 JOINT HOSPITAL FACILITIES BONDS, SERIES NO. 4 $400,000 FIRE STATION BONDS $300,000 DETENTION AND WORKHOUSE FAC91TIES BONDS $5,000,000 SCHOOL IMPROVEMENT BONDS, SERIES 1963D NOT EXCEEDING 6010 OFFICIAL ADVERTISEMENT NOTICE OF BOND SALE Comptroller's Office 109 City Hall November 2, 1963 Notice is hereby given that sealed proposals will be received at the Office of the City Comptroller in the City Hall and Court House Building in Saint Paul, Minnesota, up to 10:00 A.M. (CST) NOVEMBER 19, 1963 and the Council at,said time will meet to open and consider bids for the sale of the following bonds: All or none of $2,000,000 Par Value Coupon JOINT HOSPITAL FACILITIES BONDS, SERIES NO. 4, to be issued under au- thority of the Charter of the City of Saint Paul, Chapter 938, Laws of Minnesota for 1957, C. F. No. 193731, being Ordinance No. 11555, approved September 10, 1959, and C. F. No. 215226, approved October 24, 1963. Said bonds will mature in numerical order on November 1 in each of the years and amounts as follows: $ 40,000 in each of the years 1966 to 1968, inclusive 50,000 in each of the years 1969 to 1972, inclusive 60,000 in each of the years 1973 to 1979, inclusive 80,000 in each of the years 1980 to 1986, inclusive 100,000 in each of the years 1987 to 1993, inclusive All or none of $400,000 Par Value Coupon FIRE STATION BONDS, to be issued under authority of the Charter of the City of Saint Paul, Chapter 698, Laws of Minnesota for 1963, C. F. No. 214735, being Ordinance No. 12560, approved October 3, 1963, and C. F. No. 215228 approved October 24, 1963. Said bonds will mature in numerical order on November 1 in each of the years and amounts as follows: $10,000 in each of the years 1966 to 1981, inclusive $20,000 in each of the years 1982 to 1993, inclusive All or none of $300,000 Par Value Coupon DETENTION AND WORKHOUSE FACILITIES BONDS, to be issued under author- ity of the Charter of the City of Saint Paul, Chapter 353, Session Laws of Minnesota for 1955, as amended, and Chapter 556, Ses- sion Laws of Minnesota for 1963, C. F. No. 214784, being Ordinance No. 12569,' approved October 15, 1963, and C. F. No. 215227 approved* October 24, 1963. Said bonds will mature in numerical order on November 1 in each of the years and amounts as follows: $10,000 in each of the years 1966 to 1991, inclusive $20,000 in each of, the years 1992 and 1993. All or none of $5,000,000 Par Value Coupon SCHOOL IM- PROVEMENT BONDS, SERIES 1963D, to be issued under authority of Section 217 of the Charter of the City of Saint Paul and such other sections thereof as may be applicable thereto, C. F. No. 193914, being Ordinance No. 11575, approved October 1, 1959, and ratified by the electors of the City, and C. F. No. 215229 approved October 24, 1963. Said bonds will mature in numerical order on November 1 in each of the years and amounts as follows: $100,000 in the year 1966. 120,000 in each of the years 1967 to 1970, inclusive 130,000 in each of the years 1971 and 1972. 140,000 in each of the years 1973 and 1974. 150,000 in each of the years 1975 and 1976. 160,000 in each of the years 1977 to 1980, inclusive 180,000 in each of the years 1981 to 1983, inclusive 210,000 in each of the years 1984 and 1985. 220,000 in each of the years 1986 and 1987. 240,000 in each of the years 1988 and 1989. 260,000 in each of the years 1990 and 1991. 270,000 in each of the years 1992 and 1993. The unqualified approving opinion of Wood, King, Dawson and Logan, Attorneys, New York City, New York, will be furnished with the above bonds at time of sale. and all bids must be unconditional. Opinions will be printed on the back of each bond and will state that the City has power and is obligated to levy taxes for the payment of said obligations and interest thereon without limitation of rate or amount. The successful bidder will be furnished with the usual closing documents, including a certificate that no litigation is pending affecting the issuance of the bonds. The maximum rate of interest on the above bonds is six per cent (6%) per annum. All of the bonds will be issued under date of November 1, 1963 and interest is payable May 1, 1964 and semi - annually thereafter on November 1 and May 1, 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. None of said bonds are or will be subject to redemption prior to their fixed maturity dates. The City of Saint Paul will furnish the printed and executed bonds without cost to the successful bidder in denominations of $1,000, $5,000 or $10,000 as determined by the purchaser within twenty-four (24) hours after the time of sale. ONLY ONE DENOMINATION PER ISSUE WILL BE PERMITTED. Under and by the terms of the ordinances and resolutions the faith and credit of the City of Saint Paul, Minnesota are irre- vocably pledged to pay the principal and interest on the above obligations at maturity. Each bid shall specify in multiples of one -fourth or one -tenth of one per cent a single rate of interest which the issue of bonds bid for is to bear and shall be accompanied by a certified or cashier's check, made payable to the order of the City of Saint Paul, for two per cent (2ofo) of the amount of bonds bid for, which will be forfeited as liquidated damages if the bonds are not taken up and paid for when ready for delivery. Bidders may not condition their bids on the award of all or none of said issues of bonds, but each issue of bonds must be bid for and will be awarded as a separate issue. Awards will be made on the basis of the lowest net interest cost to the City of Saint Paul. Your proposal should be enclosed in a sealed envelope plainly masked on the outside. Checks of the unsuccessful bidders will be returned as soon as the highest bid for each issue is de- termined. No bid will be considered which is not in accordance with the terms of this notice or for less than par and accrued interest to, date of delivery and the right is reserved to reject any or all bids. At time of delivery of the bonds, payment of the amount due must be made by the purchaser in FEDERAL FUNDS with- out cost to the City of Saint Paul. Delivery will be made approximately thirty days from date of sale at any place designated by the purchaser at his expense. No offering of bonds will be made by the City of Saint Paul for any purpose for at least ninety days. Two copies of bid form are enclosed. Additional forms will be furnished upon request. JOSEPH J. MITCHELL, City Comptroller.