09-1014Substitute 9/16/09
Council File # 09-1014
Green Sheet # qp�9058
RESOLUTION
A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION
CAPITAL NOTES, SERIES 2009F IN ORDER TO FINANCE THE
IMPLEMENTATION OF THE COMET PROJECT; FIXING THE FORM AND
SPECIFICATIONS OF THE NOTES; DIRECTING THE EXECUTION AND
DELIVERY OF THE NOTES; AND PROVIDING FOR THE PAYMENT OF THE
NOTES
1 WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political
2 subdivision of the State of Minnesota (the "City"), is authorized by Minnesota Statutes, Sections 410.32
3 and 412.301, as amended (the "AcY'), and the provisions of Minnesota Statutes, Chapter 475, as amended
4 (the "Municipal Debt AcP'), to issue capital notes or certificates of indebtedness in order to finance the
5 purchase of capital equipment; and
6 WHEREAS, pursuant to the Act, "capital equipmenP' means public safety equipment, ambulance
7 and other medical equipment, road construction and maintenance equipment, other capital equipment, and
8 computer hazdwaze and software (whether bundled with machinery or equipment or unbundled); and
9 WHEREAS, any capital equipment purchased by the City with proceeds of capital notes issued
10 pursuant to the Act shall have an expected useful life of at least as long as the term of the capital notes;
11 and
12 WHEREAS, any capital notes issued by the City pursuant to the Act shall be payable in not more
13 than ten yeazs and may be issued on such terms as the City Council of the City deternunes; and
14 WHEREAS, the amount of any single issue of capital notes issued by the City to finance the
15 purchase of capital equipment shall not exceed .25 percent of the market value of taxable property in the
16 City or the City will be required to hold a public hearing on the issuance of such capital notes; and
17 WHEREAS, the City is proposing to issue its General Obligation Capital Notes, Series 2009F
18 (the "Notes"), in the original aggregate principal amount not to exceed $14,400,OOQ pursuant to the Act;
19 and
20 WHEREAS, the proceeds of the Notes will finance the purchase and installation of the City
21 Operations Modernization and Enterprise Transformation ("COMET") project (the "ProjecP') which will
22 modemize the City's procurement, finance, budget, payroll and human resources sofrware systems and
23 related hardware (the "COMET FrojecP'), and
24 WHEREAS, upon recommendation of the Mayor and the advice of the Long Range Capital
25 Improvement Budget Committee, CF 09-701 provided that that $14,400,000 is available for appropriation
CITY OF SAINT PAUL, MINNESOTA 3 �
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26 for the COMET Project in the 2009 Capital Improvement Budget, heretofore adopted and amended by
27 this Council; and
28 Wf�REAS, the City Council gave its preliminary approval to the issuance of the Notes by
29 adopting CF No. 09-702 on July 1, 2009; and
30 WHEREAS, the computer and softwaze systems that the Project replaces have been in use for
31 over twenty-five (25) years and require significant City resowces to complete manual, time-intensive
32 processes that will be steamlined upon implementation of the Project; and
33 WHEREAS, the implementation of the COMET Project is intended to generate significant
34 process improvements that will increase the efficiency of many City departments; and
35 WHEREAS, Springsted Incorporated, as fmancial advisor to the City, solicited proposals for the
36 purchase of the Notes pursuant to a Freliminary Official Statement, dated September 3, 2009, and a
37 Terms of Froposal (the "Terms of Proposal")
38 WHEREAS, the proposais to purchase the Notes as set forth on Exhibit B attached hereto were
39 received by the City pursuant to the Terms of Proposal at the offices of Springsted Incorporated, at or
40 before 330 P.M. on the date hereof; and
41 WI-IEREAS, the Director, Office of Financial Services, has advised the Council that the proposal
42 of the Purchaser (as defined below) was found to be the most advantageous and the D'uector, Office of
43 Financial Services has recommended that the proposal of the Purchaser be accepted by the City.
44 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as
45 follows:
46 Section 1. Sale of Notes
47 1.01. Puroose of the Notes. The City is proposing to issue the Notes, pursuant to the Act and
48 the Municipal Debt Act, in the original aggregate principal amount not to exceed $14,235,000, in order to
49 provide financing for the implementation of the COMET Project and the payments of issuance costs.
50 1.02. Reauirements of the Act. Pursuant to the Act, if the original aggregate principal amount
51 of the Notes exceeds .25 percent of the market value of tasable property in the City, the City is required to
52 hold a public hearing to obtain public comment on the proposed issuance of the Notes. The original
53 aggregate principal amount of the Notes does not exceed .25 percent of the market value of taxable
54 property in the City (.25 percent of $22,802,913,000 equals $57,007,283) and, therefore, no public
55 hearing is required to be held by the City prior to issuance of the Notes.
56 1.03. Awazd of the Notes. The proposal of BMO Capital Mazkets (the "Purchaser"), to
57 purchase the Notes of the City described in the Terms of Proposal thereof is hereby found and deternuned
58 to be a reasonable ofFer and is hereby accepted, the proposal being to purchase the Notes at a price of
59 $14,400,147.20 (the principal amount of the Notes is $14,235,000, plus original issue premium of
60 $236,322.20, less a Purchaser discount of $71,175.00), plus accrued interest to date of delivery, if any, for
61 Notes is as set forth in E�ibit B hereto. The amount of Notes authorized to be issued is the purchase
62 price referenced in this Section 1.03 all of which will be applied to the implementation of the COMET
63 Project and the payment of the costs of issuance of the Notes.
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64 1.04. General Terms of the Notes The Notes dated as of their date of issuance or shall be
65 dated such other date as the City Treasurer may deternune in denominations of $5,000 or any integral
66 multiple thereof, and each series shall be numbered from R-1 upwards in order of issuance, or with such
67 other numbering and in such other order as the Ciry Treasurer may determine. The issuance, sale and
68 delivery of the Notes pursuant to the Act are hereby approved by the City.
69 1.05. Ootional Redemption. The Notes aze subject to optional redemption, at the option of the
70 City, on October 1, 2017 and on any day thereafter for Notes maturing on or October 1, 2018 at a price of
71 par plus accmed interest to the date of redemption.
72 1.06. Execution of Purchase A�reement. The Director, Office of Financial Services and the
73 City Clerk, on behalf of the City, aze d'uected to execute a purchase agreement with the Purchaser related
74 to the Notes.
75 Section 2. Reeistration and Payment.
76 2.01. Reaistered Form. The Notes will be issued only in fully registered form. The interest
77 thereon and, upon sunender of each Note, the principal amount thereof, is payable by check or draft
78 issued by the Registrar described herein.
79 2.02. Dates; Interest Payment Dates. Each Note shall be dated as of the last interest payment
80 date preceding the date of authentication to which interest on the Notes has been paid or made available
81 for payment, unless: (i) the date of authentication is an interest payment date to which interest has been
82 paid or made available for payment, in which case the Notes will be dated as of the date of authentication;
83 or (ii) the date of authentication is prior to the first interest payment date, in which case the Notes will be
84 dated as of the date of orignal issue. The Notes shall mature on such dates and in such principal amounts
85 as indicated on Exhibit B attached hereto. The Notes shall beaz interest at the rates per annum as
86 indicated on Exhibit B attached hereto and shall be payable on each October 1 and April 1, commencing
87 on October 1, 201Q computed on the basis of a 360-day yeaz of twelve thirty-day months. The interest on
88 the Notes is payable to the registered owners of record thereof as of the close of business on the fifteenth
89 (15th) day of the immediately preceding month, whether or not such day is a business day.
90 2.03. Registrar. The City Treasurer is hereby appointed as the initial bond registrar and paying
91 agent (the "Registrar" and the "Paying AgenP') for the Notes. The City Treasurer shall serve as Registraz
92 unless and until a successor Regisuaz is duly appointed. A successor Registrar shall be an officer of the
93 City or a bank or trust company eligible for designation as Registraz pursuant to the Municipal Debt Act
94 and may be appointed pursuant to any conuact the City and such successor Registrar shall execute which
95 is consistent herewith. The Registrar shall also serve as Paying Agent unless and untIl a successor Paying
96 Agent is duly appointed. Principal and interest on the Notes shall be paid to the registered holder or
97 holders of the Notes (the "Holder" or "Holders") in the manner set forth in the forms of the Notes. The
98 effect of registration and the rights and duties of the City and the Registraz with respect thereto are as
99 follows:
100 (a) Register. The Registraz shall keep a bond register in which the Registrar
101 provides for the registration of ownership of the Notes and the registration of transfers and
102 exchanges of the Notes entitied to be registered, transfened, or exchanged.
103 (b) Transfer of Notes. Upon surrender for transfer of a Note duly endorsed by the
104 registered owner thereof or accompanied by a written instnunent of transfer, in form satisfactory
105 to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized
106 by the registered owner in wriung, the Registrar shall authenticate and deliver, in the name of the
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107 designated transferee or uansferees, one or more new Notes of a like aggregate principal amount
108 and maturity, as requested by the transferor. T'he Registrar may, however, close the books for
109 registration of any transfer after the fifteenth day of the month preceding each interest payment
110 date and unril that interest payment date.
ll 1 (c) Exchange of Notes. When Notes aze surrendered by the re�stered owner for
112 exchange, the Registraz shall authenticate and deliver one or more new Notes of a like aggegate
113 principal amount and maturity as requested by the registered owner or the owner's attorney in
114 writing.
115 (d) Cancellation. Notes surrendered upon transfer or exchange shali be promptly
ll6 cancelled by the Registraz and thereafter disposed of as directed by the City.
117 (e) Improper or UnauthoriZed Transfer. When a Note is presented to the Registraz
118 for transfer, the Registraz may refuse to transfer the Note until the Regisuaz is satisfied that the
119 endorsement on the Note or sepazate instrument of transfer is valid and genuine and that the
120 requested transfer is legally authorized. The Registraz shall incur no liability for the refusal, in
121 good faith, to make transfers which it, in its judgment, deems improper or unauthorized.
122 (fl Persons Deemed Owners. The City and the Registraz may treat the person in
123 whose nazne a Note is registered in the bond register as the absolute owner of the Note, whether
124 the Note is overdue or not, for the purpose of receiving payment of, or on account of, the
125 principal of and interest on the Note and for all other purposes, and payments so made to a
126 registered owner or upon the owner's order shall be valid and effectual to satisfy and dischazge
127 the liability upon the Note to the extent of the sum or sums so paid.
128 (g) Taxes, Fees, and Charges. The Registrar may impose a chazge upon the owner
129 thereof for a transfer or exchange of Note sufficient to reimburse the Registraz for any tvc, fee, or
130 other governmental charge required to be paid with respect to the transfer or exchange.
131 (h) Mutilated, Lost, Stolen or Destrayed Note. If a Note becomes mutilated or is
132 destroyed, stolen, or lost, the Registrar shall deliver a new Note of like amount, number, maturity
133 date, and tenor in exchange and substitution for and upon cancellation of the mutilated Note or in
134 lieu of and in substitution for any Note destroyed, stolen, or lost, upon the payment of the
135 reasonable expenses and chazges of the Registrar in connection therewith; and, in the case of a
136 Note destroyed, stolen, or lost, upon filing with the Registrar of evidence satisfactory to it that the
137 Note was destroyed, stolen, or lost, and of the ownership thereof, and upon furnishing to the
138 Registrar an appropriate bond or indemnity in form, substance, and amount satisfactory to it and
139 as provided by law, in which both the City and the Registrar must be named as obligees. Notes
140 so surrendered to the Registraz shall be cancelled by the Registrar and evidence of such
141 cancellauon shall be given to the City. If the mutilated, desuoyed, stolen, or lost Note has
142 already matured or been called for redemption in accordance with its terms, it is not necessazy to
143 issue a new Note prior to payment.
144 2.04. Execution. Authentication and Deliverv. The Notes shali be prepared under the direcUOn
145 of its Mayor, City Clerk and Director, Office of Financial Services, ar their deputy, provided that all
146 signatures may be printed, engraved, or lithographed facsimiles of the originals. If an officer whose
147 signature or a facsimile of whose signature appeazs on the Notes ceases to be such officer before the
148 delivery of any Note, that signature or facsimile shall nevertheless be valid and sufficient for all purposes,
149 the same as if the officer had remained in office until delivery. Notwithstanding such execution, a Note
150 shall not be valid or obligatory for any purpose or entifled to any security or benefit under this Resolution
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unless and until a certificate of authentication on the Note has been duly executed by the manual signature
of an authorized representative of the Registrar. Certificates of authentication on different Notes need not
be signed by the same representative. The executed certiFicate of authentication on a Note is conclusive
evidence that it has been authenticated and delivered under this Resolution. When the Notes have been so
prepared, executed, and authenticated, the City shall deliver the same to the Purchaser upon payment of
the purchase price in accordance with the contract of sale heretofore made and executed, and the
Purchaser is not obligated to see to the application of the purchase price.
158 2.05. Temporarv Notes. The City may elect to deliver, in lieu of printed definitive Notes, one
159 or more typewritten temporary Notes in substantially the form set forth in Exhibit A with such changes as
160 may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and
161 delivery of definitive Notes, the temporary Notes shall be exchanged therefor and cancelled.
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Section 3. Form of the Notes
3.01. Printin¢ of Notes. All of the provisions of the Notes, when executed as authorized
herein, shall be deemed to be a part of this Resolution as fully and to the same extent as if incorporated
verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The
Notes shall be substantially in the form attached to this Resolution as Exhibit A, which form is hereby
approved, with such necessary and appropriate variations, omissions and insertions (including changes to
the aggregate principal amount of each series of the Notes, the stated maturities of the Notes, the interest
rates on the Notes, the terms of redemption of the Notes, and variation from City policies regarding
methods of offering general obligation bonds) as the City Clerk and Director, Office of Financial
Services, in their discretion, shall deternune. The execution of the Notes with the manual or facsimile
signatures of the Mayor, City Clerk and Director, Office of Financial Services, or their deputy, and the
delivery of the Notes by the City shall be conclusive evidence of such deternunation.
174 3.02. Apvrovin¢ Leeal Opinion. The City Clerk is authorized and directed to obtain a copy of
175 the proposed approving legal opinion of Kennedy & Crraven, Chartered, Saint Paul, Minnesota, which
176 shail be complete except as to dating thereof and cause the opinion to accompany each Note.
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Section 4. Payment; Securitv; Pledees and Covenants.
4.01. Note Funds.
(a) Series 2009F Debt Service Fund. The Notes shall be payable from the General
Obligation Capital Notes, Series 2009F Debt Service Fund (the "Series 2009F Debt Service Fund"),
hereby created. The proceeds of the ad valorem tases hereinafter levied as described in the resolution
authorizing the sale of the Notes, are hereby pledged to the Series 2009F Debt Service Fund. If a
payment of principal or interest on the Notes becomes due when there is not sufficient money in the
Series 2009F Debt Service Fund to pay the same, the City Treasurer will pay such principal or interest
from the general fund of the City, and the general fund will be reimbursed for those advances out of the
proceeds of the taxes levied by this Resolution, when collected. There is appropriated to the Series 2009F
Debt Service Fund: (i) capitalized interest, if any, to be financed from Note proceeds, in the amount
determined by the City Treasurer; and (ii) the accmed interest, if any, paid by the Purchaser upon closing
and delivery of the Notes.
190 (b) Series 2009F Proiect Fund. The proceeds of the Notes, less the appropriations made in
191 pazagraph (a) above, together with any other funds appropriated for the Project during the acquisition,
192 construction, and installation of the Project, will be deposited in a separate Series 2009F Project Fund (the
193 "Series 2009F Project Fund") to be used solely to defray expenses of the Project. When the Project is
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194 completed and the costs thereof paid, the Series 2009F Project Fund is to be closed and any remaining
195 balance therein transferred to the Series 2009F Debt Service Fund, provided that if any balance remains
196 after completion of the Project, the Series 2009F Project Fund will be closed and any remaining balance
197 therein transferred to the Series 2009F Debt Service Fund.
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(c) Arbitrage Restricaons. The money in the funds shall be used solely as provided herein,
or to pay any rebate due to the United States. No portion of the proceeds of the Notes shall be used
direcfly or indirectly to acquire higher yielding inveshnents or to replace funds which were used directly
or indirectly to acquire higher yielding investments, except (i) for a reasonable temporary period until
such proceeds aze needed for the purpose for which the Notes aze issued, and (ii) in addition to the
amounts referred to in clause (i) in an amount not greater than $100,000. To this effect, any proceeds of
the Notes and any sums from time to time held in the Debt Service Fund allocated to the Notes (or any
other City account which will be used to pay principal or interest to become due on the Notes) in excess
of amounts which, under then applicable federal arbitrage regulations, may be invested without regard as
to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said
azbitrage regulations on such investments after taking into account any applicable "temporazy periods" or
"minor portion" made available under the federal azbitrage regulations. In addition, the proceeds of the
Notes and money allocated to the Notes in the Debt Service Fund shall not be invested in obligations or
deposits issued by, guaranteed by, or insured by the United States of America, or any agency or
instrumentality thereof, if and to the extent that such investment would cause the Notes to be deemed to
be "federally guaranteed" within the meaning of Section 149(b) of the Code.
(d) Allocation of Investment Earnines. Investment earnings, net of rebatable arbitrage, shall
be credited to the fund or account from which the investment was made.
216 (e) Other Accounts and Subaccounts. The City Treasurer is hereby authorized to create such
217 accounts or subaccounts within the 2009F Project Fund and the 2009F Debt Service Fund (and accounts
218 therein) to properly administer such funds and accounts and to assure compliance with the preceding
219 pazagraphs, and Section 6 hereof. Specifically, the City Treasurer may create separate accounts and
220 subaccounts to hold and apply the proceeds of the Notes and revenues for the payment thereof.
221 4A2. Filin¢ of Resolution. The City Clerk is authorized and directed to file a certified copy of
222 this Resolution with the Department of Property Records and Reve�ue of Ramsey County (the "County")
223 (or the official of the County performing the functions of the Department of Froperty Records and
224 Revenue of the County) and to obtain the certificate required by Minnesota Statutes, Section 475.63, as
225 amended.
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4.03. Pled�e of Tas I,ew. For the purpose of paying the principal of and interest on the Notes,
there is levied a direct annual irrepealable ad valorem tax (the "I'ax") upon all of the tvcable property in
the City, to be spread upon the tax rolls and collected with and as part of other general taxes of the City.
The TaY will be credited to the Series 2009F Debt Service Fund above provided and shall be established
by officials of the City after the award of the Notes and detemrination of the interest rates on the Notes.
The Tas shall be levied and collected in the years and in the amounts as follows:
Levv Year
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Collection Yeaz
(See attached Exhibit C)
Amount
234 4.04. Overlevy Reauirement. It is deternrined that the estimated collection of the foregoing
235 Tas will produce at least five percent (5%) in excess of the amount needed to meet, when due, the
236 principal and interest payments on the Notes. The Tas so levied herein will be irrepealable until all of the
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237 Notes aze paid, provided that at the time the City makes its annual tax levies the City Clerk may certify to
238 the Department of Property Records and Revenue of the County (or the ofFicial of the City performing the
239 functions of the Department of Property Records and Revenue of the County) the amount available in the
240 Series 2009F Debt Service Fund to pay principal and interest due during the ensuing yeaz, and the
241 Department of Property Records and Revenue of the County will thereupon reduce the levy collectible
242 during such yeaz by the amount so certified.
243 4.05. General Obli¢ation Pledee. If amounts on deposit in the Series 2009F Debt Service Fund
244 aze not sufFicient to pay principal and interest on the Notes, as the same become due, the full faith and
245 credit and tasing powers of the City shall be and are hereby irrevocably pledged. If the balance in the
246 Series 2009F Debt Service Fund is ever insufficient to pay all principal and interest then due on the Notes
247 payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are
248 available for such purpose, including the general fund of the City, and such other funds may be
249 reimbursed with or without interest from the Series 2009F Debt Service Fund when a sufficient balance is
250 available therein.
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Section 5. Authentication of Transcrint
5.01. Furnishing of Documents. 'The officers of the City are authorized and directed to prepaze
and fumish to the Purchaser and to Kennedy & Graven, Chartered, as bond counsel to the City, certif'ied
copies of proceedings and records of the City relating to the Notes and to the fmancial condition and
affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the
facts within their knowledge or as shown by the books and records in their custody and under their
control, relating to the validity and marketability of the Notes, and such instruments, including any
heretofore furnished, will be deemed representations of the City as to the facts stated therein.
5.02. Official Statement. There have been submitted to this City Council the form of the
Official Statement. The use and distribution of the Official Statement, and of an Addendum to the
Official Statement, by the Purchaser in connection with the offer and sale of the Notes is hereby
approved. The Mayor, City Clerk, City Debt Manager, and Director, Office of Financial Services aze
authorized and directed to certify that they have examined the Official Statement, as supplemented by the
Addendum to the Official Statement, and that to the best of their knowledge and belief the Official
Statement is a complete and accurate representation of the facts and representations made therein as of the
date of the Official Statement and that the Official Statement does not, at the date of closing, and did not,
as of its date, contain any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in the light of the circumstances under which they were made,
not misleading.
Secuon 6. Tar Covenants
6.01. Tas-Exempt Notes. The City covenants and agrees with the holders from Ume to time of
the Notes that it will not take or permit to be taken by any of its officers, employees, or agents any action
which would cause the interest on the Notes to become includable in gross income for federal income tax
purposes under the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury
Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its
ofFicers, employees or agents to take, all affirmative action within its power that may be necessary to
ensure that such interest will not become includable in gross income for federal income tas purposes
under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and
made applicable to the Notes.
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280 6.02. Compliance with Code. The City will comply with requirements necessary under the
281 Code to establish and maintain the exclusion from gross income of the interest on the Notes under Section
282 103 of the Code, including, without lirnitation, requirements relating to temporary periods for investments
283 and limitations on gross proceeds invested at a yield greater than the yield on the Notes.
284 6.03. Not Private Activity Bonds. The City further covenants not to use the proceeds of the
285 Notes or to cause or pernut them or any of them to be used, in such a manner as to cause the Notes to be
286 deemed to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the
287 Code.
288 6.04. Procedural Reouirements. The City will use its best efforts to comply with any federal
289 procedural requirements which may apply in order to effecmate the designations made by this section.
290 Section 7. Book-Entry Svstem; Limited Obli�ation of Citv.
291 7.01. DTC. The Notes will be initially issued in the form of a sepazate single typewritten or
292 printed fully registered Note for each of the maturities set forth on Exhibit B attached hereto. Upon initial
293 issuance, the ownership of each Note will be registered in the registration books kept by the Registrar in
294 the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York, and its
295 successors and assigns ("DTC"). Except as provided in this section, all of the outstanding Notes will be
296 registered in the registration books kept by the Regisuar in the name of Cede & Co., as nominee of DTC.
297 7.02. Particinants. With respect to Notes registered in the registration books kept by the
298 Registraz in the name of Cede & Co., as nominee of DTC, the City, the Registraz and the Paying Agent
299 will have no responsibility or obligation to any broker dealers, banks and other financial institutions from
300 time to time for which DTC holds Notes as securities depository ("Participants") or to any other person
301 on behalf of which a Participant holds an interest in the Notes, including but not limited to any
302 responsibility or obligation with respect to (i) the accuracy of the records of Cede & Co., DTC or any
303 Participant with respect to any ownership interest in the Notes, (ii) the delivery to any Participant or any
304 other person (other than a registered owner of Notes, as shown by the registration books kept by the
305 Registraz), of any notice with respect to the Notes, including any notice of redemption, or (iii) the
306 payment to any Participant or any other person, other than a registered owner of Notes, of any amount
307 with respect to principal of, premium, if any, or interest on the Notes. The City, the Registrar and the
308 Paying Agent may treat and consider the person in whose name each Note is registered in the registration
309 books kept by the Registrar as the holder and absolute owner of such Note for the purpose of payment of
310 principal, premium and interest with respect to such Note, for the purpose of registering transfers with
311 respect to such Notes, and for all other purposes. The Paying Agent shall pay all principal of, premium, if
312 any, and interest on the Notes only to or on the order of the respective registered owners, as shown in the
313 registration books kept by the Registrar, and all such payments will be valid and effectual to fully satisfy
314 and discharge the City's obligations with respect to payment of principal of, premium, if any, or interest
315 on the Notes to the extent of the sum or sums so paid. No person other than a registered owner of a Note,
316 as shown in the registration books kept by the Registraz, will receive a certificated Note evidencing the
317 obligation of this Resolution. Upon delivery by DTC to the City Clerk of a written notice to the effect
318 that DTC has deternuned to substitute a new nominee in place of Cede & Co., the words "Cede & Co."
319 shall refer to such new nominee of DTC; and upon receipt of such a notice, the City Clerk shall promptly
320 deliver a copy of the same to the Registraz and Paying Agent.
321 7.03. Reoresentation Letter. The City has heretofore executed and delivered to DTC a Blanket
322 Issuer Letter of Representations (the "Representation L,etter") which shall govern payment oF principal of,
323 premium, if any, and interest on the Notes and notices with respect to the Notes. Any Paying Agent or
324 Registrar subsequently appointed by the City with respect to the Notes shall agree to take all action
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necessary for all representations of the City in the Representation I,etter with respect to the Registraz and
Paying Agent, respectively, to be complied with at all times.
7.04. Transfers Outside Book-Entrv System. In the event the City, by resolution of the City
Council, deteimines that it is in the best interests of the persons having beneficial interests in the Notes
that they be able to obtain Note certificates, the City will notify DTC, whereupon DTC will notify the
Participants, of the availability through DTC of Note certificates. In such event the City will issue,
uansfer and exchanae Note certificates as requested by DTC and any other registered owners in
accordance with the provisions of this Resolution. DTC may deterarine to discontinue providing its
services with respect to the Notes at any time by giving notice to the City and dischazging its
responsibilities with respect thereto under applicable law. In such event, if no successor securities
depository is appointed, the City shall issue and the Registrar shall authenticate Note certificates in
accordance with this Resolution and the provisions hereof shall apply to the transfer, exchange and
method of payment thereof.
338 7.05. Payments to DTC. Notwithstanding any other provision of this Resolution to the
339 contrary, so long as a Note is registered in the name of Cede & Co., as nominee of DTC, payments with
340 respect to principal of, premium, if any, and interest on the Note and all notices with respect to the Note
341 shall be made and gven, respectively, in the manner provided in DTC's Operational Arrangements, as set
342 forth in the Representation Letter.
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347
348
349
350
Section 8. Defeasance. When, all Notes and all interest thereon have been dischazged as
provided in this section, all pledges, covenants and other rights granted by this Resolution to the holders of
the Notes will cease, except that the pledge of the full faith and credit of the City for the prompt and full
payment of the principal of and interest on the Notes wIll remain in full force and effect. The City may
discharge all Notes which are due on any date by depositing with the Registrar on or before that date a sum
sufficient for the payment, including interest earned thereon, in full of the Notes. If any Note should not be
paid when due, it may nevertheless be dischazged by depositing with the Registrar a sum sufficient for the
payment thereof in full with interest accrued to the date of such deposit.
351 Section 9. No Desienation of Oualified Tax Exempt Obli¢aUons. The Notes, together with
352 other obligations issued by the City in 2009, exceed in amount those which may be qualif'ied as "qualified
353 tas-exempt obligations" within the meaning of Section 265(b)(3) of the Code, and hence aze not
354 designated for such purpose.
355
356
357
358
359
360
361
362
Section 10. Continuing Disclosure. In order to satisfy the continuing disclosure requirements
of Rule 15c2-12(b)(5), 17 CFR §240.15c2-12, promulgated by the Securities Exchange Commission
under the Securities Exchange Act of 1934, as amended, the appropriate officials of the City aze hereby
authorized and directed to execute and deliver a continuing disclosure undertaking substantially in the
form of the Continuing Disclosure Certificate set forth in Appendix II of the Official Statement (the
"Continuing Disclosure Certificate"). The Continuing Disclosure Certificate is hereby approved with
such changes, modifications, additions, and deleaons as shall be necessazy and appropriate and approved
by the City Attorney.
363 Section ll. Severabilitv. If any section, paragraph, or provision of this resolution shall be
364 held to be invalid or unenforceable for any reason, the invalidity, or unenforceability of such section,
365 pazagaph, or provision shall not affect any of the remaining provisions of this Resolution.
366 Section 12. Headings. Headings in this Resolution aze included for convenience of reference
367 only and aze not a part hereof, and shall not limit or define the meaning of any provision hereof.
�
09-1014
Bostrom
Carter
Requested by Department of:
�
Stazk ,/ B y :
Thune ✓ Approved by
L I"/ I O I/s' I By:
Adopted by Council: Date ��/( �lfGj Approv by
Adoption Certified by Counci Secretary gy:
By: / / 1 � /� ya
Approv b Date � �
By:
�/v
09-1014
..u: :
FORM OF SERIES 2009F NO'I'E
hf.��
$
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
Interest Rate
CITY OF SAINT PAUL, NIINNESOTA
GENERAL OBLIGATION CAPITAL NOTES
SERIES 2009F
Maturity Date
Date of Original
Issue
CUSIP
October 19, 2009
October 1, 20_
Registered Owner: CEDE & CO.
Principal Amount:
DOLLARS
The City of Saint Paul City, Minnesota (the "City") acknowledges itseif to be indebted and for
value received hereby promises to pay to the Registered Owner specif'ied above, or registered assigns, the
Frincipal Amount specified above, on the Maturity Date specified above, with interest thereon from the
date hereof at the annual rate specified above, payable October 1 and April 1 in each year, commencing
October 1, 2010, to the person in whose name this Note is registered at the close of business on the
fifteenth (15th) day (whether or not a business day) of the immediately preceding month. The interest
hereon and, upon presentation and sunender hereof, the principal hereof aze payable in lawful money of
the United States of America by check or draft by the City Treasurer, as Registraz, Paying Agent, Transfer
Agent, and Authenticating Agent, or its designated successor under the Resolutions described herein. For
the prompt and full payment of such principal and interest as the same respectively become due, the full
faith and credit and tasing powers of the City have been and are hereby irrevocably pledged.
The City may elect on October 1, 2017, and on any day thereafter, to prepay the Notes due on or
after October 1, 2018 at a price of paz plus accmed interest to the date of redemption.
This Note is one of an issue in the aggregate principal amount of $14,235,000 all of like original
issue date and tenor, except as to number, maturity date, redemption privilege, and interest rate, all issued
pursuant to a resolution adopted by the City Council on September 16, 2009 (the "Resolution"), for the
purpose of providing money to aid in financing the cost of improvements in the City pursuant to a capital
improvement plan duly adopted under Minnesota Statutes, Sections 41032 and 412.301, as amended, and
l�
09-1014
pursuant to and in fuli confomuty with the Constitution and laws of the State of Minnesota, including
Minnesota Stamtes, Chapter 475, as amended, and the principal hereof and interest hereon are payable
prirnazily from ad valorem taYes, as set forth in the Resolutions to which reference is made for a full
statement of rights and powers thereby conferred. The full faith and credit of the City are nrevocably
pledged for payment of this Note and the City has obligated itself to levy additional ad valorem taxes on
all tasable property in the City in the event of any deficiency, which additional taces may be levied
without lunitation as to rate or amount. The Notes aze issued only as fully registered bonds in
denominations of $5,000 or any integral multiple thereof of single maturities. The interest on this Note
shall be calculated on the basis of a year of 360 days and twelve 30-day months.
As provided in the Resolutions and subject to certain limitarions set forth therein, this Note is
uansferable upon the books of the City at the principal office of the Registraz, by the registered owner
hereof in person or by the owner's attorney duly authorized in writing, upon surrender hereof together
with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner
or the owner's attorney; and may also be surrendered in exchange for Notes of other authorized
denominations. Upon such transfer or exchange the City will cause a new Note or Notes to be issued in
the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at
the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental
charge required to be paid with respect to such transfer or exchange.
The City and the RegisVaz may deem and treat the person in whose name this Note is registered
as the absolute owner hereof, whether this Note is overdue or not, for the purpose of receiving payment
and for all other purposes, and neither the City nor the Registraz will be affected by any notice to the
conuary.
This Note is not valid or obligatory for any purpose or entitled to any security or benefit under the
Resolution until the Certificate of Authentication hereon has been executed by the Registraz by manual
signature of one of its authorized representatives.
IT IS HEREBY CERTIFIED, RECiTED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist,
to happen and to be performed preliminary to and in the issuance of this Note in order to make it a valid
and binding general obligation of the City in accordance with its terms, have been done, do exist, have
happened and have been perFormed as so required, and that the issuance of this Note does not cause the
indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness.
(The remainder of this page is intentionally left blank.)
A-2
09-1014
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey County, Minnesota, by its City Council
has caused this Note to be sealed with its officiat seal and to be executed on its behalf by the photocopied
facsimile signature of its Mayor, attested by the photocopied facsimile signature of its City Clerk, and
countersigned by the photocopied facsimile sig�ature of its Duector, Office of Financial Services.
CITY OF SAINT PAUL,
RAMSEY COUNTY, NIINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial Services
(SEAL)
(The remainder of this page is intentionally left blank.)
A-3
09-1014
CERTIF'ICATE OF AUTf�NTICATION
This is one of the Notes delivered pursuant to the Resolurion mentioned within.
�
CI'I`Y OF SAINT PAUL, MINNESOTA
City Treasurer or designee
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this Note, will be
construed as though they were written out in full according to applicable laws or regulations:
T'EN COM -- as tenants in common
TEN ENT -- as tenants by entireties
7T TEN -- as joint tenants with right of
survivorship and not as tenants in common
UNIF GIF°I' MIN ACT
Custodian
(Cust) (Minor)
under Uniform Gifrs or Transfers to Minors
Act, State of
Additional abbreviations may also be used though not in the above list.
(The remainder of this page is intentionally left blank.)
�
09-1014
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Note and all rights thereunder, and does
hereby irrevocably constitute and appoint attomey to transfer the said
Note on the books kept for registration of the within Note, with full power of substitution in the premises.
Dated:
Notice: The assignor's signature to this assignment must correspond with the name as it
appeazs upon the face of the within Note in every particular, without alteration or
any change whatever.
Sia ature Guaranteed:
NOTICE: Signature(s) must be guazanteed by a financial institution that is a member of the Securities
Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP"), the
New York Stock Exchange, Ina Medallion Signatures Program ("MSP") or other such "signature
guazantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP,
SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.
The Registrar will not effect transfer of this Note unless the information concerning the assignee
requested below is provided.
Name and Address:
(Include information for all joint owners iF this Series 2009F
Note is held by joint account.)
Please insert social security or other identifying number of assignee
(The remainder of this page is intentionally left blank.)
A-5
09-1014
Ix�.��� :3Y�:?
Saint Paul City, Minnesota
General Obligation Capital Notes
Series 2009F
YY�it�(.`7_\►1/7
Trne Interest Cost for the Notes: 22955971%
The Notes shall mature on the dates and in the principal amounts set forth below:
Maturity Year
(October 1)
Principal
Amount
Interest Note
Rate Yield Price
2011
2012
2013
2014
2015
2016
2017
2018*
2019*
$1,500,000
1,500,000
1,505,000
1,515,000
1,565,000
1,60Q000
1,630,000
1,695,000
1,725,000
2.000%
2.000
2.000
2.000
2.250
2.500
2.625
2.750
3.000
0.700%
1.070
1.400
1.720
1.970
2.200
2.450
2.680
2.840
102.513%
102.693
102.297
101322
101.564
101.923
101.256
100.497
101.130
*Priced to the optional redemption date of October 1, 2017.
�
09-1014
1�1V:II�Y�[i7
Saint Paul City, Minnesota
General Obligation Capital Notes
Series 2009F
TAX LEVY
Levy Year Collection Year
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Amount
$ 335,920.59
1,928,600.63
1,897,100.63
1,870,850.63
1,849,745.63
1,870,430.63
1,870,207.50
1,859,707.50
1,883,030.63
1,865,587.50
(The remainder of this page is intentionally left blankJ
SA385-12 (BW7)
355487v.4
C-1
� Green Sheet Green 5neet
no �n��
`�
DepartrnentlOffice/Council: Date Initiated:
FS —FinancialServices 08SEP2009 Green Sheet NO: 3079058
Contad Person & Phone� DeaartmeM SeM To Person InitiaVDate
BobGeurs o mavcialSecvices
266-8837 1 ioaucialServices De armientDicector
Assign ' 2 ' ancial Services ce F'mancia! Services
Must Be on Couneil Agenda by (Date�: Number 3 . Atkom
16-SEP-09 For
��� 4 or's Oifice Ma odAssismnt
Doa Type: �SOLUTION Wf$ Order 5 oandl Ci CouoN
TRANSAC710N 6 ' Clerk Ci C1erk
E-Docume�rt Required: N
Doeument Contaet: �b Geurs
Co�ct Phone: 266-8837
Total # of Signature Pages _(Clip NI Locations for Signature)
Action Requested:
Approve a resolurion awazding the sale of GO Capital Notes, Series 2009 F in order to finance the implementation of the COMET
project, fixing the form and specifications of the notes; d'uecting the execution and delivery of the notes and providing for the
payment of the notes.
Recommendations: Approve (A) or Rejed (R): Personal Service Contracts Must Mswer the Following Questions:
Planning Commission t. Has this personlfirtn ever worked under a contract for this department?
CIB Committee Yes No
Civif Service Commission 2. Has this persoNfian ever been a city employee?
Yes No
3. Does this personlfirtn possess a skill not nortnalry possessed by any
current city emptoyee?
Yes No
Euptain all yes answers on se{Zarate sheet and attach to green sheet
Initiating Problem, Issues, Opportuniry (Who, What, When, Where, Why):
The City is proposing to issue GO Capital Notes in the principal amount not to exceed $15,000,000 to finance the purchases and
installarion of the City Opera6ons Moderization Enteiprise TransformaYion project.
Advanqges If Approved:
The City will have funds to finance the COMET project.
����0
Disadvantages If Approved: S o
None known °"
�1�, 2oos
'���
Disadvantages If Not Approved:
The notes proceeds will not be available to finance the COMET pro}ect.
ToWI AmouM of �15,000,000.00 CostlRevenue Budgeted:
Transaction:
Funding source: Bond proceeds qctivity Number:
Financial Infortnation:
(F�cplain)
Seotember 8. 2009 9:39 AM Pano a
09-1014
'',
,
No. R-
Intexest Rate
•n: �
FORM OF SERIES 2009F NOTE
UNITED STATES OF AMERICA
STATE OF NIINNESOTA
COUNTY OF RAMSEY
CITY OF SAINT PAUL, MINNESOTA
GENERAL OBLIGAITON CAPITAL NOTES
SERIES 2009F
Maturity Date
October 1, 20_
Registered Owner: CEDE & CO.
Principal Amount:
$
CUSIP
DOLLARS
The City of Saint Paul Ciry, Minnesota (the "Ciry") aclmowledges itself to be indebted and for
value received hereby promises to pay to the Registered Owner specif'ied above, or registered assigns, the
Principal Amount specified above, on the Maturity Date specified above, with interest thereon from the
date hereof at the annual rate specified above, payable October 1 and April 1 in each year, commencing
October 1, 2010, to the person in whose name this Note is registered at the close of business on the
fifteenth (15th) day (whether or not a business day) of the immediately preceding month. The interest
hereon and, upon presentation and sunender hereof, the principal hereof are payable in lawful money of
the United States of America by check or draft by the City Treasurer, as Registrar, Paying Agent, Transfer
Agent, and Authenticating Agent, or its designated successor under the Resolutions described herein. For
the prompt and full payment of such principal and interest as the same respectively become due, the full
faith and credit and taxing powers of the City have been and aze hereby irrevocably pledged.
The City may elect on October l, 2017, and on any day thereafter, to prepay the Notes due on or
after October 1, 2018 at a price of par plus accrued interest to the date of redemption.
This Note is one of an issue in the aggregate principal amount of $ all of like
original issue date and tenor, except as to number, maturity date, redemption privilege, and interest rate,
all issued pursuant to a resolution adopted by the City Council on September 16, 2009 (the "Resolution"),
for the purpose of providing money to aid in financing the cost of improvements in the City pursuant to a
capital improvement plan duly adopted under Minnesota Statutes, Sections 410.32 and 412301, as
Date of Original
Issue
October 19, 2009
A-1
09-1014
.
\
�
amended, and pursuant to and in full confornuty with the Constitution and laws of the State of Minnesota,
includ�ng Minnesota Stamtes, Chapter 475, as amended, and the principal hereof and interest hereon aze
payable,primarily from ad valorem t�es, as set forth in the Resolutions to which reference is made for a
full statement of rights and powers thereby conferred. The full faith and credit of the City aze irrevocably
pledged foi y payment of this Note and the City has obligated itself to levy additional ad valorem tases on
all taxable property in the City in the event of any deficiency, which additional taxes may be levied
without limitation as to rate or amount. The Notes aze issued only as fully regstered bonds in
denominations of $5,000 or any integral multiple thereof of single maturiries. The interest on this Note
shall be calculated on the basis of a year of 360 days and twelve 30-day months.
As provided in the Resolutions and subject to certain limitations set forth therein, this Note is
transferable upon the books of the City at the principal ofFice of the Registraz, by the registered owner
hereof in person or by theA.owner's attomey duly authorized in writing, upon surrender hereof together
with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner
or the owner's attorney; and' may also be surrendered in exchange for Notes of other authorized
denominations. Upon such transfer or exchange the City will cause a new Note or Notes to be issued in
the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at
the same rate and maturing on the same date, subject to reimbursement for any tax, fee or govemmental
chazge required to be paid with respect to such transfer or exchange.
The City and the Registraz may deem and treat the person in whose name this Note is registered
as the absolute owner hereof, whether this Note is overdue or not, for the purpose of receiving payment
and for all other purposes, and neither the City nor the Registrar will be affected by any notice to the
contrazy.
This Note is not valid or obligatory for any purpose or entitled to any security or benefit under the
Resolution until the Certificate of Authentication herean has been executed by the Registrar by manual
signature of one of its authorized representatives.
Tl' IS HEREBY CERTIFIED, RECITED, COVENANT'ED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State oF Minnesota to be done, to exist,
to happen and to be performed preliminary to and in the issuance,of this Note in order to make it a valid
and binding general obligation of the City in accordance with its terms, have been done, do exist, have
happened and have been performed as so required, and that the issuance of this Note does not cause the
indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness.
(The remainder of this page is intentionally left blank.)
A-2
09-1014
t.
IN WI'INESS WHEREOF, the City of Saint Paul, Ramsey County, Minnesota, by its City Council
has caused this Note to be sealed with its official seal and to be executed on its behalf by the photocopied
facsimile signature of its Mayor, attested by the photocopied facsimile signature of its City Clerk, and
countersigned by the photocopied facsunile sia ature of its Director, Office of Financial Services.
CITY OF SAINT PAUL,
RAMSEY COLTNTY, MIl�'NESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial Services
(SEAL)
(The remainder of this page is intentionally left blank.)
A-3
09-1014
\ CERTIFICATE OF AUTf�NTICATION
This is one of the Notes delivered pursuant to the Resoluuon mentioned within.
CITY OF SAINT PAUL, MINNESOTA
I�
City Treasurer or designee
ABBREVIATIONS
The following abbreviations, when used in �he inscription on the face of this Note, will be
construed as though they were written out in full according to applicable laws or regulations:
TEN COM -- as tenants in common
TEN ENT -- as tenants by entireties
UNIF GIFT MIN ACT
Custodian
(Cust) (Minor)
under Uaiform Gifrs or Transfers to Minors
Act, State of
JT TEN -- as joint tenants with right of
survivorship and not as tenants in common
Additional abbreviations may also be used though not in the above lisr,
(The remainder of this page is intentionally lefr blank.)
�
09-1014
ASSIGNMENT
For value received, the undersigned hereby sells, assia s and transfers unto
the within Note and all rights thereunder, and does
hereby irrevocably constitute and appoint attorney to transfer the said
Note on the books kept for registration of the within Note, with full power of substitution in the premises.
Dated:
Notice: The assignor's signature to this assia ment must correspond with the name as it
appeazs upon the face of the within Note in every particulaz, without alteration or
any change whatever.
Signature Guaranteed:
NO'ITCE: Signature(s) must be guazanteed by a financial institution that is a member of the Securities
Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP"), the
New York Stock Exchange, Inc. Medallion Signatures Frogram ("MSP") or other such "signahue
guarantee program" as may be deternuned by the Registrar in addition to, or in substitution for, STAMP,
SEMP or MSP, atl in accordance with the Securities Exchange Act of 1934, as amended.
The Registrar will not effect transfer of this Note unless the information concerning the assignee
requested below is provided.
Name and Address:
(Include infocmation for all joint owners if this Series 2009F
Note is held by joint account.)
Please insert social security or other identifying number of assignee
(The remainder of this page is intentionally lefr blank.)
A-5
09-1014
i �•n: ;
Saint Paul City, Minnesota
General Obligation Capital Notes
Series 2009F
TERMS AND CONDITIONS
Tme Interest Cost for the Notes:
�
The Notes shall mature on the dates and in the principal amounts set forth below:
Maturity Year Principal
(October 1) Amount
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,SOQ000
1,515,000
1,530,000
1,555,000
1,580,000
1,615,000
1,655,000
1,70Q000
1,750,000
Interest
Rate
Note
Yield
Price
�
�
09-1014
0�
EXHIBIT C
Saint Paul City, Minnesota
General Obligation Capital Notes
Series 2009F
e
TAX LEVY
Year
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Collection Year
2009
2010
" 2011
2012
� 2013 �
2014
��_� 2015
2016
2017
2018
2Q19
Levy Amount
(The remainder of this page is intenuonally lef� blank.)
SA385-12 BWJ)
355487v3
�
G1
09-1014
Exhibit A
Agenda # 32
CF 09-1014; GS - 3079058
COMPLETIONS AND CONFORMING DETAILS
FOR
GENERAL OBLIGATION CAPITAL NOTES, SERIES 2009F
There is before this Council a draft resolution for the sale of the above general obligation capital
notes that requi�es certain completions and details that conform [o those. The Clerk or bond counsel for
the Notes shall revise the draft resolution to read as it should with the completions and details provided
here directly or by reference to other materials before this CounciL Spots in the resolution are noted in
the second column. The third column is optional but may contain the completion or note the specific
source of the other materials.
SPOTS IN THE COMPLETION, DETAIL
COMPLETIONS AND DETAILS RESOLUTION OR SOURCE (OPTIONAL)
1. Principal Amoants. Other materials before Sections 1.01 and Par amount was changed to
this Council indicate the principal amount of 1.04 $14,235,000
the Notes and the principal amounts of each
maturiry. See attached schedule on
Exhibit B
2. Winning Pzoposer. Other materials before �[1.03 BMO Capital Mazkets
this Council indicate the Purchaser, whose
name shal] be inserted in the pazagraph 1.03.
3. PurchasePrice. Othermaterialsbeforethis 9[1.03 $14,400,147.20
Council indicate the purchase price of the
Notes. The blank in paragraph 1.03 shall be
completed with purchase price.
4. Interes[ Rates, Yield & Price. O[her materials Exhibit B See attached schedule on
before tY�is C'ounci] indicate the interest rates Exhibit B
for the maturity dates of the Notes, and tk�e
schedule in Exhibit B shall be completed for
the principal amounts, interest rates, yield and
price along wifh the true interest cost for fhe
Notes
5. Tax Levies. A schedule of tax levies is before Exhibit C See attached schednle on
this Council, and Exhibit C shall be Exhibit C
com ]eted in conformance therewith.
A-1
09-1014
Exhibit B
Saint Paul City, Minnesota
General Obligation Capital Notes
Series 2009F
TERMS AND CONDITIONS
Tme Interest Cost for the Notes: 3.2955971%
The Notes shall mature on the dates and in the principal amounts set forth below:
Maturity Year Principal Interest Note
(October 1) Amount Rate Yield Price
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,SOQ000
1,500,000
I,505,000
1,5 ] 5,000
],565,000
1,600,000
1,630,000
1,695,000
1,725,000
2.00%
2.00
2.00
2.00
2.25
2.50
2.625
2.75
3.00
" Priced to the farst o�tional caL1 clate of Ociober l, 2017.
�
0.70�7c
1.07
1.40
1.72
1.97
2.20
2.45
2.68 *
2.84�`
] 02.51 �70
]02.693
102.297
]O]322
101.564
]07.923
107.256
100.497'
101.]30`
09-1014
Exhibit C
Saint Paul City, Minnesota
General Obligation Capital Notes
Series 2009F
TAX LEVY
SA385-12 (BWS)
355536v.2
Year
2009
2010
2011
2012
2073
2014
2015
2016
2017
2018
Collection Year
2010
2011
2012
2013
2074
2075
2016
2017
2018
2019
Amount
$ 335,920.59
1,928,600.63
1,897,100.63
1,870,850.63
1,849,745.63
1,870,430.63
1,870,207.50
1,859,70750
1,883,030.63
1,865,587.50
C-1