206943\CITY CLERK
?NTED BY
MISSION
CITY OF ST. PAUL
OFFICE OF THE CITY CLERK
CO_UNM RESOLUTION - GENERAL FORM
A
4eD
COUNCIL N ,
FILE —
RESOLVED, by the Council of the City of Saint Paul, treat
this Council does hereby concur in each and all of the terms ana
provisions of Resolution No. 171 adopted by the Port Authority of the
City of Saint Paul, dated April 25, 1962, entitled, "Resolution
Awarding Sale of $2,500,000 General Improvement Bonds, Series B,
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 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 B, in the amount of $2,500,000 dated
April 1, 1962, 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 accordance with Ordinance No. 12166 of the City
of Saint Paul, adopted March 13, 1962, and are hereby approved,
ratified and confirmed.
Council File No. 206943 —By Bernard
T. Holland —Robert F. Peterson—
Resolved, By the Council of i
City of Saint Paul, that this •Cour
does hereby concur in each
)f the terms and prov'sl,ns a
ion No. 171, adoppt,%
Mtl,ority io° he C-+
,r
b,
E5 '
COUNCILMEN
Yeas Nays
DeCourcy
Holland
Loss
Mortinson
Peterson
Rosen
Mr. President, Vavoulis
BM "I j
Ir
ADR 2 6 1%2
Adopted by the Council 19—
APR 26 1952.
Approved 19—
Mayor
PUBLISHED
DUPLICATE TO PRINTER 206943
CITY OF ST. PAUL COUNCIL NO.
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION - GENERAL FORM `
PRESENTED BY
COMMISSIONER -DATA
-
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 Pesolution No. 171 adopted by the Port Authority of the
City of Saint Paul, dated April 25, 1962, entitled, "Resolution
Awarding Sale of $205000000 General Improvement Bonds, Series B,
Fixing the Interest Rates and Other Terms Thereof, and Levying and
Approprjatine 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 B, in the amount of .12,500,000 dated
April 1, 1962, 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 accordance with Ordinance No. 12166 of the City
of Saint Paul, adopted March 13, 1962, and are hereby approved,
ratified and confirmed.
COUNCILMEN
Yeas Nays
DeCourey
Holland
Loss Tn Favor
Mortinson
Peterson
Against
Rosen
Mr. President, Vavoulis
5M 6-61
APR 2 6 1962
Adopted by the Council 19—
APR 2 6 1962
Approved 19—
Mayor
QUADRUPLICATE TO DEPARTMENT
206943
• CITY OF ST. PAUL COUNCIL NO •
OFFICE OF THE CITY CLERK FILE -
PRESENTED BY
COMMISSION
COUNCIL RESOLUTION — GENERAL FORM
P,;brt91; rD, by the Council of the City of Vaint PAulo that
thi,e Council does hereby concur in each and all of the to:7e* and
provisions of ;•erolution No. 171 &dopted. by tho :'ort Authority of the
City of V aint Paul, ested April 25, 1962, entitled, "Pecolution
Awardirkq "ale of ti2,5CO,O00 General Improvement Bonds, Parias R,
Fixing the Interest Pateg and Other Terne. Thereof, rnd LeVirp and
Appropri stint* A axes for the Payment of PrIncip:il and Intereet Tbereon ",
a copy of vhich has been certified to the Council by the �eer6tuxry°
of the Port Authority and is .now on file in the V ice of the City
Clerk ant!, by rrference, Incorporgted hr-rein Rnd mtde part and p *reel
hereof, and the Council .specifically, but without limitation, concurs
in the sword of axlo of boreal interest rater•;, d ite, cdenomin;rtionr;,
place of p.Wment, form ane dot. -ils of the Port ,Authoritys a General
Improvement 1�ondn., 'cries B. in the amount of t2,500,000 eated
April 1, 1962, na specified In noid resolution, :and in the yeprs
and smounte epecif3ed for the taxes levied for the payment of acid
bonds, and doers hereby find, deterr,ne and dccicre that R11 such
provisions are in accord nco with Orei.n: Baca 'No. 1,1(4- of tbc, City
of Saint Paul, idopted Knrch 13, 196 , rnc' are hereby aa_pprovod,
ratified and conftrmeO.
COUNCILMEN
Yeas Nays
DeCourcy
Holland
Loss
Mortinson
Peterson
Rosen
Mr. President, Vavoulis
5M 6_61
Tn Favor
A gainst
APR 2 6 WZ
Adopted by the Council 19—
APR 2 6 1962
Approved 19—
Mayor
l
P O R T A U T H O R I T Y
OF THE CITY OF SAINT PAUL 6 0 E A S T F O U R T H S T R E E T
SAINT PAUL I, MINNESOTA - 224 -5666
April 24, 1962
FRANK D. MARZITELLI
EXECUTIVE VICE PRESIDENT
LYLE E. KINVIG
GENERAL MANAGER
Mrs.
Agnes O'Connell
FRANK E. CLAWSON
DIRECTOR
City
Clerk
INDUSTRIAL DEVELOPMENT
City
of Saint Paul
DALE D. BRADDOCK
City
Hall and Court House
CHIEF ENGINEER
Saint Paul 2, Minnesota
PHILIP W. FITZPATRICK
CONSULTANT
Dear
Mrs. O'Connell:
COMMISSIONERS There is attached hereto a certified copy of an
PHILIP H. NASON extract of the minutes of the Special Meeting of
PRESIDENT the Port Authority of the City of Saint Paul held
RICHARD C. RADMAN April 25, 1962 together with a - certified copy of
VICE PRESIDENT
Resolution No. 171 adopted at that meeting.
ROBERT W JOHNSON • I
SECRETARY It is requested that you kindly place these
NEIL H GRIEBENOW documents on file and of record in your office.
TREASURER
ALBERT J BRAND Very truly yours,
BERNARD T HOLLAND
ROBERT F. PETERSON - v
W. Fi zpatrick
Consultant
LEGISLATIVE ADFISORS
H. W SCHULTZ flT F:js
STATE SENATOR ��YYYY
D. D. WOZNIAK 7'
STATE REPRESENTATIVE cc: Mr. Louis P. Sheahan
Mr. Arthur B. Whitney, Jr.
Cn fV
_0
Fri N �1
—
r' � r
r cn -c m
C� Q
s -I c�
� ca
L'
Extract of Minutes of Special Meeting
Port Authority of the City of Saint Paul
Saint Paul, Minnesota
April 25, 1962
Pursuant to due call and notice thereof, a special meeting of the
Port Authority of the City of Saint Paul was held at the Port Authority Offices,
60 East Fourth Street, Saint Paul 1, Minnesota, on Wednesday, April 25, 1962,
at 2:00 o'clock P.M9o, Central Standard Time.
The following Commissioners were present: Peterson, Holland,
Brand, Johnson, Griebenow and Radman.
and the following were absent: P.H. Nason
* * 0
oo� o�rse
The Treasurer of the Port Authority presented affidavits showing
publication of the official advertisement of notice of sale of $2,500,000
General Improvement Bonds, Series B, as directed at the Port Authority's
meeting January 23, 1962; which affidavits were examined and found satisfactory
and directed to be placed on file in the office of the Secretary.
The Treasurer reported that 15 sealed bids had been received in
accordance 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 tab-
ulation thereof.
After examination and consideration of the bids by the Port Authority,
introduced the following resolution and moved its adoption:
RESOLUTION AVIARDING SALE OLD $2,500,000 GENERAL IMIPROVEMT
BONDS, SERVES B, FIXING THE XNTEREST RATES AND OTHER TERMS
THEREOF, AND LEVYING AND APPROPRIATING TAXES FOR THE PAST
OF PRINCIPAL AND INTEREST THEREON
-I-
The motion for the adoption of the resolution, which was given
the No. 171, was duly seconded by Comm. Brand , and upon vote
being taken thereon, the following voted in favor thereof:
Peterson, Holland, Brand, Johnson, Griebenow and Radman.
and the following voted against the same: None.
whereupon said Resolution No. 171 %ms declared duly passed and adopted.
STATE OF MMOTA)
GB.
COMM OF REY
1, the undersigned, being the duly qualified and acting Secretary
of the Port Authority of the City of Saint Paul, hereby certify that the
attached and foregoing is a full, true and correct transakpt of the minutes
of a meeting of said Port Authority duly called and held` oin April 25, 1962,
so far as such minutes relate to $2,500,000 General Improvement Bonds, Series B
of said Authority; and that also attached hereto is a full, true and correct
copy of the resolution adopted by the Port Authority as indicated in said
minutes, relating.to said bonds.
WEIVESS my hand and the seal of the Port Authority this 2Sth day of
April, 1962.
Se tai..
(SF L)
-2-
r 1 .
Resolution No. 171
�!
April 25, 1962
RESOLUTION AWARDING SALE. OF '�2, 500, 000 GMERAL IMPROVEMM
BONDS 8 SERIES S % MING THE INTEREST RATES AND OTHER TEt R'6
THEREOF 9 AND LEWING • APPROPRIATING TAXES FOR THE PAY14MT
OF PRINCIPAL AND MEREST THEREON
BE IT RESOLD BY THE PORT AMORITY OF THE CITY OF SAINT PAUL
1, Under and pumuant to Resolution No. 159 adopted by the Port Authority
on 'Januaiml 23, 1062, and Ordinanca No. 12166 of the City of Saint Paul adopted by
the City Council an March 13, 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 Fonds, Series B, and
has caused notice of the time and the place for the receiving of the bids to be
published not lees than two weeks before the date of receiving bids, and has con-
sidered iil bids received pursuant to the-published notice, and does hereby find
and determine that the highest and beat of such bids is that of galoey, Stuart & Co.
of New York City, Teti York and of Chicage, Illinois , and associates named
therein, to purchase the bonds at a price of par plus ac6A%ed interest to the
date of delivery thereof, plus a premium of $ 125.00 , and bearing interest at the
respective rates stated below, and subject to the further term and conditions started
in this resolution and in said Ordinance No. 121660 The sale of the bonds is hereby
awarded to said bidder, provided thdt the Seeretary.shall forthwith present this
resolution to the City Council of the City of Saint Fatal., for approoval of the re-
maining provisions of the bonds herein stated which rewire such approval under lair,
other than those established by said ordinance, and aft" such approval the President
and Seerdtary stall make and execute' on the paint of the Part Authority a contract
for sale of .the bonds upon those terms. The good falth check furnished by the
successful bidden shall be retained by the Treasurer of the Pork Authority until
the bonds have been delivered and bAymnt has been made .in full, and the Treasurer
shall return: the checks of other bidders forthwith.
20. Said General Improvewnt Bonds, Series D Ohal.l now be issued and de-
livered in the aggregate principal amriunt of . $2, 500,, 000 and in the denomination of
$5,000.00 .q . , payable to bearer, shall be . SOO irra numbers. and a,umberred from 1
to 500 • inclusive, stall be stated as' of April 1, 1962, and shall mature serially,
lowest numbers first, can April 1 in ;the gears and amounts as follows, beaming In-
terest at the respective annual rates stated opposite ilheir maturity years and
amounts o.
Interest
Pate
2.90%
2.90%
2.9m
2.90%
2.90%
2.90%
2.90%
2.90%
3.0090
8.00%
3.00%
3.00%
3.00%
3.00%
Intekest
Year
,mount
late
Year
Amount
1965
$ 50,000
2.75%
1979
90,000
1966
"60,000
2.75%
1980
90,000
1967
60,000
11.75%
1981
90,000
1968
60,000
2o759, =
1982
100,000
1969
-60,000
e.
1983
100,000
1970
60,000
2.75%
1984
100,000
1971
70,000
2.75%
1985
110,000
1972
709000
2.75%
1986
110,000
1973
70,000
2.90%
1987
120,000
1974 •
70,000
2.90%
1988
120,000
1975
80,000
2.90%
1989
120,000
1976
80,000
2.90%
1990
130,000
1977
80,000
2•90%
1991
130,000
1978
80,000
2.90% -1-
1992
140,000
Interest
Pate
2.90%
2.90%
2.9m
2.90%
2.90%
2.90%
2.90%
2.90%
3.0090
8.00%
3.00%
3.00%
3.00%
3.00%
u
The bonds maturing 1� the years 1983 through 1992 shall each be subject to re-
demption and prepayment, at the option of the Port Authority, on April 1, 19829
and on any interest payment date thereafter, at a price of par and accrued in-
terest 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 interest 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 ham for the
purpose of mailing such notices.
The interest on the bonds shall be payable semiannually on April 1 and October 1
In each year, commencing October 1, 1962, and botch principal and interest shall
be payable at Central National Dwml in Chicago, in Chicago, Illinois, 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. 12166, and when
so prepared shall be executed by the lithographed facsimile .signature of the President
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 offiolal 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' he 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 bonda 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 purghass 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 special
fund of the Port Authority, and shall be used solely for "the purpose for which the
bonds were authorized as stated in Ordiaiance No. 12166, including the payment and
redemption of the General Obligations Pond Anticipation Notes in the amount of $650,000
dated as of'May 1, 1962 with accrued 3ntemst on such notes to the date of such
payments. When paid notes have been paid, the same shall be forc�thwith canceled.
4. .Ini accordance with said ordinance and laws, there is hereby, levied
for each yearP, until the principal and intemst of the bonds are paid In fulls a
direct, amal, ad valorm tax on all the taxable property in the City of Saint Paid,
'not less than five per cent in excess of the sums required to pay the principal and
Interest thereof when and as such prinolyal and interest mature. Such tax shall be
extended upon the tax rolls of the following years, in not less than the aunt
stated below for each such year, collectible In the respective ensuing years:
Year Amount Year
1962 $152,3001968
1963 128,700 1969'
;1964 137,700 1970
1965 1369Q00 1971
1966 1340200
1967 132,500
Amount Year
$130,800 1972
.139,500 1973
137,500 1974
135,500 1975
1976
1977
Amantt Year
$143,900 1978
141,7Q0 1979
1399300 1980
136,900 1981
134,1400
142,500
-2-
Amount Year
$139,800•1982.
137,000 1983
1 ",Boo 1984
141.,700-1985
1986
1987
Amount Year Amount
$138,700 1988 $149,100
146,300 1989 145,000
142,800 1990 151,400
150,000
146,200
142,400
- to
After the delivery of the bonds, such tax shall be irrepealable 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 Pawl concurring herein, together with fall information re-
garding the bonds for which the tags is levied, and the tax shall there be extended
and assessed and the proceeds thereof accounted for as provided in said Ordinance
12166.
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
legality thereof, certified copies of all ordinances, resolutions and other actions
and proceedings taken by the City and Port Authority with reference to the authori-
zation, isisuance, 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, including
any heretofore furnished, shell be deed representations of the Port Authority
as to the correctness of all facts and the taking of all actions stated or recited
therein.
6. Pu=, %uasnt to the specific authorization contained in said Ordinance No.
12166 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 inteacesst on the bonds
herein authorized as such principal and interest becom due. In the event that the
collections of the tax herein authorized should at any time be insufficient for the
paymnt of such principal or Interest, the Port Authority is authorized and obligated
under Hirnnesota Statutes, Sections E475.61 and 416.74 to levy additional tastes upon
all the taxable property within the City to mace good such deficiency, which levies
may be made without limitation as to rate or amount.
Attest:
C5)
030
Adopted April 25, 1962.
A�� M____
President, Fort Authority