10-153Amended 2/10/2010
Council File # 10-
GreenSheet# 3097618
A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION
CAPITAL IMPROVEMENT BONDS, SERIES 2010B IN ORDER TO FINANCE
CERTAIN CAPITAL IMPROVEMENTS AND REFUND CERTAIN PRIOR
CAPITAL IMPROVEMENT BONDS; FIXING THE FORM AND
SPECIF`ICATIONS OF THE SERIES 2010B BONDS; DIRECTING THE
EXECUTION AND DELIVERY OF THE SERIES 2010B BONDS; AND
PROVIDING FOR THE PAYMENT OF AND LEVYING A TAX FOR THE
SERIES 2010B BONDS AND THE REFUNDING OF THE PRIOR BONDS
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 Laws of Minnesota for 1971, Chapter
3 773, as amended (the "AcP'), and the provisions of Minnesota Statutes, Chapter 475, as amended
4 (the "Municipal Debt Act"), to issue capiTal notes, bonds or certificates of indebtedness in order to finance
5 capital improvements in the City if such capital improvements are made in accordance with the
6 requirements of the City Chazter; and
7 WHEREAS, the City previously issued its General Obligation Capital Improvement Bonds,
8 Series 2002A, in the original aggregate amount dated March 1, 2002 (the "Prior Bonds"), in order to
9 finance cedain capital improvements and the 2011 and 2012 maturities of the Prior Bonds are cunently
10 callable for redemption by the City at a price of par plus accrued interest to the date of redemption; and
ll WHEREAS, the City is proposing to issue its General Obligation Capital Improvement Bonds,
12 Series 2010B (the "5eries 2010B Bonds"), pursuant to the terms of the Act and the Municipal Debt Act
13 and
14 WHEREAS, the proceeds of the Series 2010B Bonds will finaoce (i) the acquisition, construction
15 and repair of various capital improvement sin the City as identif'ied in its duly adopted Capital
16 Improvement Budget (the "Projects") of the City; and (ii) refunding the March 1, 2011 and Mazch 1, 2012
17 maturities of the Prior Bonds; and
18 WHEREAS, upon recommendation of the Mayor and the advice of the Long Range Capital
19 Improvement Budget Committee, CF 09-701 provided that that $3,000,000 is available for appropriation
20 in the 2010 Capital Improvement Budget, heretofore adopted and amended by this Council; and
21 WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2010B
22 Bonds by adopting CF No. 10-45 on January 20, 2010; and
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA �.�
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24 WHEREAS, Springsted Incorporated, as financial advisor to the City, solicited proposals for the
25 purchase of the Series 2010B Bonds pursuant to an Official Statement (the "Official StatemenP') and a
26 Terms of Proposal (the "I'erms of Proposal"); and
27 WF�REAS, the proposals to pwchase the Series 2010B Bonds as set forth on EXHIBIT D
28 attached hereto were received by the City pursuant to the Terms of Proposal at the offices of Springsted
29 Incorporated, at or before 330 P.M. on the date hereof; and
30 WFIEREAS, the Director, Office of Financial Services, has advised the Council that the proposal
31 of the Purchaser (as defined below) was found to be the most advantageous and the Director, Office of
32 Financial Services has recommended that the proposal of the Purchaser be accepted by the City.
33 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as
34 follows:
35 Section 1. Sale of Series 2010B Bonds
36 lAl. Purpose of the Series 2010B Bonds. The City is proposing to issue the Series 2010B
37 Bonds, pursuant to the Act arid the Municipal Debt Act, in the original aggregate principal amount not to
38 exceed $7,350,000, in order to (i) provide financing for the Projects, (ii) refund the Mazch 1, 2011 and
39 March 1, 2012 maturities of the Prior Bonds, and (iii) pay the costs of issuance of the Series 2010B
40 Bonds.
41 1.�2. Requirements of the Act and the Municipal Debt Act. The City has complied with the
42 provisions of the Act and the Charter regarding the approval of the 2010 Capital Improvement Budget and
43 the Projects. The proceeds of the Series 2010B Bonds shall be used for the purposes described in the Act
44 and any excess money shall be devoted to a�y other purpose pernutted by law. The total cost of the
45 Projects, which shall include all costs enumerated in Section 475.65 of the Municipal Debt Act, is
46 estimated to be at least equal to the amount of the Series 2010B Bonds. Work on the Projects shall
47 proceed with due diligence to completion.
48 1.03. Award of the Series 2010B Bonds. The proposal of Wells Fazgo Advisors
49 (the "Purchaser"), to purchase the Series 2010B Bonds of the City described in the Terms of Proposal
50 thereof is hereby found and deternuned to be a reasonable offer and is hereby accepted, the proposal
51 being to purchase the Series 2010B Bonds at a price of $7,449,948.65 (the principal amount of the Series
52 2010B Bonds is $7,350,000, plus original issue ptemium of $128,54015, lass a Pucchaser discount of
53 $28,591.50), plus acerned interest to date of delivery, if any, for Series 2010B Bonds is as set forth in
54 EXHIBIT B hereto. The amount of Series 2010B Bonds authorized to be issued is the purchase price
55 referenced in this Section 1.03 all of which will be applied to (i) the implementation of the Projects,
56 {ii} the xefunding of the March 1, 2011 and March 1, 2012 maturiries of the Priar Bonds, and (ni) the
57 payment of the costs of issuance of the Series 2010B Bonds.
58 1.04. Execution of Purchase AQreement. The Director, Office of Financial Services and the
59 Ciry Clerk, on behalf of the City, aze directed to execute a purchase agreement with the Purchaser related
60 to the Series 2010B Bonds.
61 1.05. General Terms of the Series 2010B Bonds The Series 2010B Bonds dated as of their
62 date of issuance or shall be dated such other date as the City Treasurer may determine in denominations
63 of $5,000 or any integral multiple thereof, and each series shall be numbered from R-1 upwazds in order
64 of issuance, or with such other numbering and in such other order as the City Treasurer may determine.
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The issuance, sale and delivery of the Series 2010B Bonds pursuant to the Act and the Municipal Debt
Act are hereby approved by the City.
1.06. Redemption.
68 (a) Ootional Redemption. The Series 2010B Bonds are subject to optional redemption, at the
69 option of the City, on March 1, 2018 and on any day thereafter for Series 2010B Bonds maturing on or
70 September 1, 2018 at a price of par plus accrued interest to the date of redemption. Optional redemptions
71 may be in whole or in part and if in part at the option of the City and in such manner as the City shall
72 deternune. If less than all Series 2010B Bonds of a maturity are called for redemption, the City will
73 notify DTC (as defined herein) of the particular amount of such maturiry to be prepaid. DTC will
74 determine by lot the amount of each participanYs interest in such maturity to be redeemed and each
75 participant will then select by lot the be�eficial ownership interests in such maturity to be redeemed. All
76 optional redemptions of the Series 2010B Bonds shall be at a price of paz plus accrued interest to the
77 redemption date.
78 (b) No Scheduled Mandatorv Redemptioa There aze no Term Bonds which aze subject to
79 mandatory redemption and prepayment on scheduled dates.
80 (c) Selection of Series 2010B Bonds to be Redeemed: Redemotion Procedure. In the event
81 any of the Series 2010B Bonds aze called for redemption, notice thereof identifying the Series 2010B
82 Bonds to be redeemed shall be given by the Registraz by mailing a copy of the redemption notice by first
83 class mail (postage prepaid) to the registered owner of each Series 2010B Bonds to be redeemed at the
84 address shown on the registration books kept by the Registraz and by publishing the notice if required by
85 law. Failure to give notice by publication or by mail to any registered owner, or any defect therein, shall
86 not affect the validity of the proceedings for the redemption of Series 2010B Bonds. Series 2010B Bonds
87 so called for redemption shall cease to bear interest afrer the specified redemption date, provided that the
88 funds for the redemption are on deposit with the Registrar at that time.
89 (d} Notice of Redemotion. The Registraz shall call 5eries 2010B Bonds for optional
90 redemption and prepayment as herein provided upou receipt by the Registrar at least forty-five (45) days
91 prior to the redemption date of a request of the City, in written form if the Registrar is other than a City
92 officer. Such request shall specify the series and principal amount of Series 2010B Bonds to be called for
93 redemption and the redemption date.
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Mailed notice of optional redemption shall be given to the Paying Agent (if other than a City
officer) and to each af£ected Holder. If and when the City shall call any of the Series 2010B Bonds for
redemption and prepayment prior to the stated maturity thereof, the Registrar shall give written notice in
the name of the City of its intention to redeem and pay such Series 2010B Bonds at the office of the
Registrar. Notice of redemption shall be given by first class mail, postage prepaid, mailed not less than
thirty (30) days prior to the redemption date, to each Holder of Series 2010B Bonds to be redeemed, at the
address appearing in the Bond Register. All notices of optional redemption shall state: (i) the redemption
date; (ii) the redemption price; (iii) if less than all outstanding Series 2014B Bonds are to be redeemed,
the identification (and, in the case of partial redemption, the respective principal amounts) of the Series
2010B Bonds to be redeemed; (iv) that on the optional redemption date, the redemption price will become
due and payable upon each such Series 20108 Bond, and that interest thereon shall cease to accrue from
and after said date; and (v) the place where such Series 2010B Bonds are to be surrendered for payment
of the redemption price (which shall be the office of the Registtaz)_
Notices to DTC or its nominee shall contain the CUSIP numbers of the Series 2010B Bonds. If
there aze any Holders of the Series 2010B Bonds other than DTC or its nominee, the Registrar shall use
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its best efforts to deliver any such notice to DTC on the business day next preceding the date of mailing of
such notice to all other Holders.
Section 2. Registration and Pavment
112 2.01. Reoistered Form. The Series 2010B Bonds will be issued only in fully ren stered form.
113 The interest thereon and, upon surrender of each Series 2010B Bond, the principal amount thereof, is
114 payable by check or draft issued by the Registraz described herein.
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2.02. Dates; Interest Payment Dates. Each Series 2010B Bond shall be dated as of the last
interest payment date preceding the date of authentication to which interest on the Series 2010B Bonds
has been paid or made available for payment, unless: (i) the date of authentication is an interest payment
date to which interest has been paid or made available for payment, in which case the Series 2010B
Bonds will be dated as of the date of authentication; or (ii) the date of authentication is prior to the first
interest payment date, in which case the Series 2010B Bonds will be dated as of the date of original issue.
The Series 2010B Bonds shall mature on such dates and in such principal amounts as indicated on
EXHTBIT B attached hereto. The Series 2010B Bonds shall bear interest at the rates per annum as
indicated on BXHIBIT B attached hereto and shall be payable on each Macch 1 and September 1,
coimnencing on September l, 2010, computed on the basis of a 360-day year of twelve thirty-day months.
The interest on the Series 2010B Bonds is payable to the registered owners of record thereof as of the
close of business on the fifteenth (15th) day of the immediately preceding month, whethei or not such day
is a busines day.
2.03. Re�istrar. The City Treasurer is hereby appointed as the initiai bond regstrar and paying
agent (the "Registrar" and the "Paying AgenY') for the Series 2010B Bonds. The City Treasurer sha11
serve as Registraz unless and until a successor Regjstraz is duly appointed. A successor Regstrar shall be
an officer of the City or a bank or trust company eligible for designation as Registraz pursuant to the
Municipal Debt Act and may be appointed pursuant to any contract the City and such successor Registrar
shall exewte which is consistent herewith. The Registraz shall also serve as Paying Agent unless and
until a successor Paying Agent is duly appointed. Principal and interest on the Series 2010B Bonds shall
be paid to the registered holder or holders of the Series 2010B Bonds (the "Holder" or "Holders") in the
manner set forth in the forms of the Series 2010B Bonds. The effect of registration and the rights and
duties of the City and the Registrar with respect thereto are as follows:
138 (a) Register. The
139 provides for the regisuation of
140 transfers and exchanges of the
141 excha�ged.
Registrar shall keep a bond register in which the Registraz
ownership of the Series 2010B Bonds arid the registration of
Series 2010B Bonds entitled to be registered, transferred, or
142 (b) Transfer of Series 2010B Bonds. Upon surrender for transfer of a Series 2010B
143 Bond duty endorsed by the registered owner thereof or accompanied by a written instrument of
144 transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by
145 an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate
146 and deliver, in the name of the designated transferee or transferees, one or more new 5eries
147 2010B Bonds of a like aggregate principal amount and maturity, as requested by the transferor.
148 The Registrar may, however, close the books for registration of any transfer after the fifteenth day
149 of the month preceding each interest payment date and until that interest payment date.
150 (c) Exchange of Series 2010B Bonds. When Series 2�lOB Bonds aze surrendered by
151 the registered owner for exchange, the Registrar shall authenticate and deliver one or more new
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Series 2�lOB Bonds of a like aggregate principal amount and maturity as requested by the
registered owner or the owner's attorney in writing.
(d) Cancellation. Series 2010B Bonds surrendered upon transfer or exchange shall
be promptly cancelled by the Registrar and thereafter disposed of as directed by the City.
156 (e) Improper or Unautharized Transfer. When a Series 201QB Bond is presented to
157 the Registraz for tcansfer, the Registraz may cefuse to transfer the Series 2010B Bond until the
158 Registraz is sarisfied that the endorsement on the Series 2010B Bond oz sepazate instrument of
159 transfer is valid and genuine and that the requested transfer is legally authorized. The Registraz
160 shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment,
161 deems imptoper or unauthorized.
162 (fj Persons Deemed Owners. The City and the Registrar may treat the person in
163 whose name a Series 2010B Bond is regis[ered in the bond register as the absolute owner of the
164 Series 201aB Bond, whether the $eries 2010B Bond is overdue or not, for the purpose of
165 receiving payment of, or on account of, the principal of and interest on the Series 2010B Bond
166 and for all other purposes, and payments so made to a registered owner oz upon the owner's order
167 shall be valid and effectual to satisfy and dischazge the liability upon the Series 2010B Bond to
168 the extent of the sum or sums so paid.
169 (g) Tcixes, Fees, and Charges. The Registraz may impose a chazge upon the owner
170 thereof for a txansfer oc excha�ge of Series 2010B Bond sufficient to ieimbuise the Registrar for
171 any tax, fee, or other govemmental chaige zequired to be paid with cespect to the transfec or
172 exchange.
173 (h) Mutilated, Lost, Scolen or Des[rayed Series 2010B Bond. If a Series 2010B Bond
174 becomes mutilated or is destroyed, stolen, or lost, the Registraz shall deliver a new Series 2010B
175 Bond of like amount, number, maturity date, and tenor in exchange and substitution for and upon
176 cancellation of the mutilated Series 2010B Bond or in lieu of and in substitution for any Series
177 2010B Bond destroyed, stolen, or lost, upon the payment of the reasonable expenses and chazges
178 of the Registrar in connection therewith; and, in the case of a Series 2010B Bond destroyed,
179 stolen, or lost, upon filing with the Registrar of evidence satisfactocy to it that the Series 2010B
180 Bond was destroyed, stolen, or lost, and of the ownership thereof, and upon furnishing to the
181 Registraz an appropriate bond or indemnity in form, substance, a�d amount satisfactory to it and
182 as provided by law, in which both the City and the Registrar must be named as obligees. Series
183 2010B Bonds so sunendered to the Registraz shall be cancelled by the Registraz and evidence of
184 such cancellation shall be given to the Ciry. If the mutilated, destroyed, stolen, or lost Series
185 2010B Bond has already matured or been called for redemption in accordance with its terms, it is
186 not necessary to issue a new Series 2010B Bond prior to payment.
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2.04. Execution. Authentication and Deliverv. The Series 2010B Bonds shall be prepued
under the direction of its Mayor, City Clerk and Director, Office of Financial Services, or their deputy,
provided that all signatures may be printed, engraved, or lithographed facsimiles of the originals. If an
officer whose signature or a facsimile of whose sia ature appears on the Series 2010B Bonds ceases to be
such of£icer before the delivery of any Series 2010B Bond, that signature or facsimile shall nevertheless
be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery.
Notwithstanding such execution, a Series 2010B Bond shall not be valid or obligatory for any purpose or
entitled to any security or benefit under this Resolution unless and until a certificate of authentication on
the Series 2010B Bond has been duly executed by the manual signature of an authorized representative of
the Registraz. Certificates of authentication on different Series 2010B Bonds need not be signed by the
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197 same representative. The executed certificate of authentication on a Series 2010B Bond is conclusive
198 evidence that it has been authenticated and delivered under this Resolution. When the Series 2010B
199 Bonds have been so prepared, executed, and authenticated, the City shall deliver the same to the
200 Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore made
201 and executed, and the Purchaser is not obligated to see to the application of the purchase price.
202 2.05. Temporazy Series 2010B Bonds. The City may elect to deliver, in lieu of printed
203 definitive Series 2010B Bonds, one or more typewritten temporary Series 2010B Bonds in substantially
204 the form set forth in EXHTBTI' A with such changes as may be necessary to reflect more than one
205 marurity in a single temporary bond. Upon the execution and delivery of definitive Series 2010B Bonds,
206 the temporazy Series 2010B Bonds shall be exchanged therefor and cancelled.
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Section 3. Form of the Series 2010B Bonds
3.01. Printing of Series 2010B Bonds. All of the provisions of the Series 2010B Bonds, when
executed as authorized hetein, 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 Series 2010B Bonds 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 Series 2010B Bonds, the stated maturities of the Series 2010B Bonds, the interest rates on the
Series ?A10B Bonds, the terms of redemption of the Series 2010B Bonds, and variaCioo from CiCy policies
regazding methods of offering general obligation bonds) as the City Clerk and Director, Office of
Financial Services, in their discretion, sha11 deternune. The execution of the Series ZOlOB Bonds 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 Series 2010B Bonds by the City shall be conclusive evidence of such
determination.
221 3.02. Approving LeQal Opinion. The City Treasurer is authorized and directed to obtain a copy
222 of the proposed approving legal opinion of Kennedy & Graven, Chartered, 5aint Paul, Minnesota, which
223 shall be complete except as to daCing thereof and cause the opinion to accompany each Series 2010B
224 Bond.
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Section 4. Pavment: 5ecurity; Pled¢es and Covenants.
4.Q1. &ond Funds.
(a) Series 2010B Debt Service Fund. The Series 2010B Bonds shall be payable from the
General Obligation Capital Improvement Bonds, Series 2010B Debt Service Fund (the "Series 2010B
Debt Service Fund") hereby created. The proceeds of the ad valorem taxes hereinafter levied as described
in the resolution authorizing the sale of the Series 2010B Bonds, are hereby pledged to the Series 2010B
Debt Service Fund. If a payment of pdncipal or interest on the Series 2010B Bonds becomes due when
there is not sufficient money in the Series 2010B Debt Service Fund to pay the same, the City Treasurer
will pay such principal oz 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 2010B Debt Service Fund: (i) capitalized interest, if any, to be
financed from Series 2010B Bond proceeds, in the amount determined by the City Treasurer; (ii) the
accmed interest, if any, paid by the Purchaser upon closing and delivery of the 5eries 2Q10B Bonds, and
(iii) proceeds of the Series 2010B Bonds to be used to refund the Prior Bonds.
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239 (b) Series 2010B Refundine Fund. There is hereby created a special account to be
240 designated as the "2010B Refunding Fund" (the "Series 2010B Refunding Fund"), to be held a�d
241 administered by the City sepazate and apart from all other funds of the City. Proceeds of the Series
242 2010B Bonds deposited to the Series 2010B Refunding Fund shall be applied to the current refunding of
243 the March 1, 2011 and Mazch 1, 2012 maturities of the Series 2002A Bonds.
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(c) Series 2010B Project Fund. There is hereby created a special account to be desia ated as
the "2010B Project Fund" (the "Series 2010B Project Fund"), to be held and administered by the City
sepazate and apart from all other funds of the City. Amounts on deposit in the Project Fund will be used
solely to defray expenses of the Projects. When the Projects aze completed and the costs thereof paid, the
Series 2010B Project Fund is to be closed and any remaining balance therein transferred to the Series
2010B Debt Service Fund, provided that if any balance remains afrer compleqo� of the Project, the Series
2010B Project Fund will be closed and any remaining balance therein transfened to the Series 20105
Debt Service Fund.
(d) Use of Proceeds. On the date of issuance of the Series 2010B Bonds the City shall:
253 (i) appropriate to the Series 2010B Debt Service Fund: (i) capitalized interest, if
254 any, to be financed from Series 2010B Bond proceeds, in the amount deterntined by the City
255 Treasurer; (ii) the accrued interest, if any, paid by the Purchaser upon closing and delivery of the
256 Series 2010B Bonds, and (iii) proceeds of the Series 2010B Bonds to be used to refund the Prior
257 Bonds.
258 (ii) deposit to the Series 2010B Refunding Fund proceeds of the Series 2010B Bonds
259 in an amount sufficient to redeem all of the outstanding principal of and interest on March 1,
260 2011 and March 1, 2012 maturities of the Prior Bonds on or about March 15, 2010, and on such
261 redemption date, the City shall transfer such amounts to the paying agent for the Prior Bonds to
262 redeem the applicable maturities of the Prior Bonds; and
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(ii) deposit the proceeds of the Series 2010B Bo�ds, less the appropriations made in
paragraphs (d)(i) and (d)(ii) above, together wlth any other funds appropriated for the Projects
during the acquisition, construction, and installation of the Projects to the Series 2010B Project
Fund
(e) Arbitraee Restrictions. T`he 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 Series 2010B Sonds shall
be used directly or indirectly to acquire higher yielding investments or to replace funds which were used
directly or indirectly to acquire higher yielding investments, except (i) for a reasooable temporary period
until such proceeds aze needed for the purpose for which the Series 2010B Bonds 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 pioceeds of the Series 2010B Bonds and any sums from time to time held in the Series 2010B Aebt
Service Fund allocated to the Series 2010B Bonds (or any other City account which will be used to pay
principal or interest to become due on the Series 2010B Bonds) in excess of amounts which, under then
applicable federal azbitrage 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 arbitrage regulations on such
investments after taking into account any applicable "temporazy periods" or "minor portion" made
available under the federal arbitrage regulations. In addition, the proceeds of the Series 2010B Bonds and
money allocated to the Series 2010B Bonds in the Series 2010B 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 Series 2010B
Bvnds to be deemed to be "federally guaranteed" within the meaning of Section 149(b) of the Code.
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(� Allocation of Investment Earnin¢s. Investment earnings, net of rebatable azbitrage, shall
be credited to the fund or account from which the investment was made.
(g) Other Accounts and Subaccounu. The City Treasurer is hereby authorized to create such
accounts or subaccounts within the Series 2010B Project Fund and the Series 2010B Debt Service Fund
(and accounts therein) to properly administer such funds and accounts and to assure compliance with the
preceding paragraphs, and Section 6 hereo£ Specifically, the City Treasurer may create sepazate accounts
and subaccounts to hold and apply the proceeds of the Series 2010B Bonds and revenues for the payment
thereof.
292 4.02. Filina of Resolution. The City Clerk is authorized and directed to file a certified copy of
293 this Resolution with the Department of Property Records arid Revenue of Ramsey County (the "County")
294 (or the official of the County performing the functions of the Department of Froperty Records and
295 Revenue of the County) and to obtain thz cert�cate required by Minnesota Statutes, Section 475.63, as
296 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 Series
2010B Bonds, there is levied a direct annual irrepealable ad valorem tax (the "Tax") upon all of the
taxable property in the City, to be spread upon the tax rolls and collected with and as part of other general
tares of the City. The Tas will be credited to the Series 2010B Debt Service Fund above provided and
shall be established by officials of the City afrer the awazd of the 5eries 2010B Bonds and determinauon
of the interest rates on the Series 2010B Bonds. The Tax sha11 be levied and collected in the yeazs and in
the amounts as follows:
Levv Year Collection Year Amount
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(See attached EXHIBIT C)
305 4.04. Overlevy Requirement. It is deternlined that the estimated collection of the foregoing
3Q6 T� will produce at least five peicent (5%) in excess of the amount needed to meet, when due, the
307 principal and interest payments on the Series 2010B Bonds. The Tax so levied herein will be irrepealable
308 until all of the Series 2010B Bonds aze paid, provided that at the time the City makes its annual tax levies
309 the City Clerk may certify to the Department of Property Records and Revenue of the County (or the
310 official of the City performing the functions of the Department of Property Records and Revenue of the
3ll County) the amount available in the Series 2010B Debt Service Fund to pay principal and interest due
312 during the ensuing year, and the Department of Property Records and Revenue of the County will
313 thereupon reduce the levy collecrible during such year by the amount so certified.
314 4.05. General Oblieation Pled�e. If amounts on deposit in the Series 2010B Debt Service Fund
315 are not suf£'icient to pay principal and interesC on the Series 2010B Bonds, as the same become due, the
316 full faath and credit and ta�ing powers of the City shall be and are hereby irrevocably pledged. If the
317 balance in the Series 2010B Debt Service Fund is ever insufficient to pap all principal and interest then
318 due on the Series 2010B Bonds gayable therefrom, the deficiency shall be promptly paid out of any other
319 funds of the City which aze available for such purpose, including the general Yund of the City, and such
320 other funds may be reimbursed with or without interest from the Series 2010B Debt Service Fund when a
321 sufficient balance is available therein.
322 4.06. Cancellation of Levy for Prior Bonds. Following the payment in full of all outstanding
323 principal of and interest due on the Prior Bonds on Mazch 15, 2010, the City Treasurer is hereby directed
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to certify suah fact to and request the Caunty Auditar to cancel any and all tax levies made by the
resolutions authorizing and approving the Prior Bonds.
Section 5. Authentication of Transcriot.
327 5.01. Furnishine of Documents. The officers of the City aze authorized and directed to prepare
32$ and fumish to the Purchaser and to Kennedy & Graven, Chartered, as bond counsel to the City, certif'ied
329 copies of proceedings and records of the City relating to the Series 2010B Bonds and to the financial
330 condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required
331 to show the facts within their knowledge or as shown by the books and records in their custody and under
332 their control, relating to the validity and mazketability of the Series 2010B Bonds, and such instruments,
333 including any heretofore furnished, will be deemed representations of the City as to the facts stated
334 therein.
335 5.02. Official Statement. There have been submitted to this City Council the form of the
336 Official 5tatement. The use and distribution of the Official Statement, and of an Addendum to the
337 Official Statement, by the Purchaser in connection with the offer and sale of the Series 2010B Bonds is
338 hereby approved. The Mayor, City Clerk, City Debt Manager, and Director, Office of Financial Services
339 are authorized and directed to certify that they have examined the Official Statement, as supplemented by
340 the Addendum to the Official Statement, and that to the besC of their Imowledge and belief the Official
341 Statement is a complete and accurate representation of the facCS and representations made therein as of the
342 daCe of the Official Statement and that the Official Statement does not, at the date of closing, and did not,
343 as of its date, contain any unhue statement of a material fact or amit ta state any material fact necessary in
344 order to make the statements made therein, in the light of the circumstances under which they were made,
345 not misleading.
346
347
348
349
350
351
352
353
354
355
Section 6. Tax Covenants
6.01. Tax-Exem�t Series 2010B Bonds. The Ciry covena�ts arid agrees with the holders from
time to ume of the Series 2010B Bonds that it will not take or pexmit to be taken by any oP its officers,
employees, or agents any action which would cause the interest on the Series 2010B Bonds to become
includable in gross income far 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 ageots to take, all affirmative action within
its power that may be necessazy to ensure that such interest will not become includable in gross income
for federal income tax purposes under the Code and applicable Treasury Regulations, as presently
existing or as hereafter amended and made applicable to the Series 2010B Bonds.
356 6.02. Compliance with Code. The City will comply with requirements necessary under the
357 Code to establish and maintain the exclusion from gross income of the interest on the Series 2010B Bonds
358 under Section 103 of the Code, including, without limitation, requirements relating to temparary periods
359 for investments and limitations on gross proceeds invested at a yield greater than the yieid on the Series
360 2010B Bonds.
361 6.03. Not Private Activitv Bonds. The City further covenants not to use the proceeds of the
362 Series 2010B Bonds or to cause or pernut them or any of them to be used, in such a manner as to cause
363 the Series 2010B Bonds to be deemed to be `private activity bonds" within the meaning of Sections 103
364 and 141 through 150 of the Code.
365 6.04. Procedural Reauirements. The City will use its best efforts to comply with any federal
366 procedural requirements which may apply in order to effecmate the designations made by this section.
10-153
367 Section 7. Book-Entrv Svstem: Limited Obligation of Citv.
368 7.01. DTC. The Series 2010B Bonds will be initially issued in the form of a separate single
369 typewritten or printed fully registered Series 2�1�B Bond for each of the mahuities set forth on EXHIBIT
370 B attached hereto. Upon initial issuance, the ownership of each Series 2010B Bond will be re�istered in
371 the registration books kept by the Registraz in the name of Cede & Co., as nominee for The Depository
372 Trust Compa�y, New York, New York, and its successors and assigns ("DTC"). Except as provided in
373 this section, all of the outstanding Series 2010B Bonds will be registered in the registration books kept by
374 the Registrar in the name of Cede & Co., as nominee of DTC.
375 7.02. Particioants. With respect to Series 2010B Bonds registered in the registration books
376 kept by the Registrar in the name of Cede & Co., as nominee of DTC, the City, the Registraz and the
377 Paying Agent wi11 have no responsibiliCy or obligation to any broker dealers, banks and other financial
378 institutions from time to time for which DTC holds Series 2010B Bonds as securities depository
379 ("Participants") oi to any ather person an behalf of which a Participant holds an interest in the Series
380 2010B Bouds, including but no[ limited to ariy responsibility or obligation with respect to (i) the accuracy
381 of the recoids of Cede & Co_, DTC or any Participant with respect to any ownecship intecest in the Series
382 20108 Bonds, (ii} the delivery to any Panicipant or any other person (other than a registered owner of
383 Series 2010B Bonds, as shown by the registration books kept by the Registrar), of any notice wiCh respect
384 to the Series 2010B Bonds, including any notice of redemption, or (iii) the payment to any Participant or
385 any other person, other than a registered owner of Series 2010B Bonds, of any amount with respect to
386 principal of, premium, if any, or interest on the Series 2010B Bonds. The City, the Registraz and the
387 Paying Agent may treat and consider the person in whose name each Series 2010B Bond is registered in
388 the registration books kept by the Registraz as the holder and absolute owner of such Series 2010B Bond
389 for the purpose of payment of principal, premium and interest with respect to such Series 2010B Bond,
390 for the puzpose of registering transfers with respect to such Series 2010B Bonds, and for all other
391 purposes. The Paying Agent shall pay a11 principal of, premium, if any, and interest on the Series 2010B
392 Bonds only to or on the order of the respective registered owners, as shown in the registration books kept
393 by the Registrar, and all such payments will be valid and effectual to fu11y satisfy and dischazge the City's
394 obligations with respect to payment of principal of, premium, if any, or interest on the Series 2010B
395 Bonds to the extent of the sum or sums so paid. No person other than a registered owner of a Series
396 2010B Bond, as shown in the registration books kept by the Registraz, will receive a certificated Series
397 2010B Bond evidencing the obligation of this Resolution. Upon delivery by DTC to the City Clerk of a
398 written notice to [he effect that DTC has deternuned to substitute a new nominee in place of Cede & Co.,
399 the words "Cede & Co." shall refer to such new nominee of DTC; and upon receipt of such a nodce, the
400 City Clerk shall promptly deliver a copy of the same to the Registrar and Paying Agent.
401 7.03. Representation Letter. The City has heretofore executed and delivered to DTC a Blanket
402 Issuer Letter of Representations (the "Representation I.etter") which shall govern payment of principal of,
403 premium, if any, and interest on the Series 2010B Bonds and notices with respect to the Series 2010B
4Q4 Bonds. Any Paying Agent or Registrar subsequently appointed by the City with respect to the Series
405 2010B Bonds shall agree to take all action necessary for all representations of the City in khe
406 Representation Letter with respect to the Registrar and Paying Agent, respecrively, to be complied with at
407 all times,
408 7.04. Transfers Outside Book-Entry System. In the event the City, by resolution of the City
409 Council, determines that it is in the best interests of the persons having beneficial interests in the Series
410 2010B Bonds that they be able to obtain Series 2010B Bond certificates, the City will notify DTC,
411 whereupon DTC will notify the Participants, of the availability through DTC of Series 2010B Bond
412 certit"icates. In such event the City will issue, transfer and exchange Series 2010B Bond certificates as
10
10-153
413
414
415
416
417
418
requested by DTC and any other registered owners in accordance with the provisions of this Resolution.
DTC may determine to discontinue providing iu services with respect to the Series 2010B Bonds at any
time by giving notice to the City and dischaza ng its responsibilities with respect thereto under applicable
law. In such event, if no successor securities depository is appointed, the City shall issue and the
Registraz shall authenticate Series 2010B Bond certificates in accordance with this Resolution and the
provisions hereof shall apply to the transfer, exchange and method of payment thereof.
419 7.05. Payments to DTC. Notwithstanding any other provision of this Resolution to the
420 contrary, so long as a Series 2010B Bond is rea stered in the name of Cede & Co., as nominee of DTC,
421 payments with respect to principal of, premium, if any, and interest on the Series 2010B Bond and alt
422 notices with respect to the Series 2010B Bond shall be made and given, respectively, in the manner
423 provided in DTC's Operational Arrangements, as set forth in the Representation Letter.
424
425
426
427
428
429
430
431
432
Section 8. Defeasance. When all Series 2010B Bonds and all interest thereon have been
dischazged as provided in this section, all pledges, covenants and other rights �ted by this Resolution to
the holders of the Series 2010B Bonds will cease, except that the pledge of the full faith and credit of the City
for the prompt and full payment of the pdncipai of and interest on the Series 2010B Bonds will remain in full
force and effect. The City may discharge atl Series 2010B Bonds which are due on any date by depositing
with the Registraz on or before that date a sum sufficient for the payment, including interest earned thereon,
in full of the Series 2010B Bonds. If any Series 20105 Bond should not be paid when due, it may
nevertheless be dischazged by depositing with the Regstrar a sum sufficient for the payment thereof in full
with interest accrued to the date of such deposit.
433 Section 9. No DesiQnation of Oualified Tax Exempt Obl�ations. The Series 2010B Bonds,
434 together with other obligations issued by the City in 2010, exceed in amount those which may be
435 qualified as "qualified tas-exempt obligauons" within the meaning of Section 265(b)(3) of the Code, and
436 hence are not designated for such purpose.
437
438
439
440
441
442
443
444
Section 10. Continuine 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 are 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 deletions as shall be necessazy and appropriate and approved
by the City Attomey.
445 Section ll. Severabilitv. If any section, pazagraph, or provision of this resolution shall be
446 held to be invalid or unenforceable for any reason, the invalidity, or unenforceability of such section,
447 paragraph, or provision shall not affect any of the remaining provisions of this Resolution.
448 Section 12. HeadinQS. Headings in this Resolution aze included for convenience of reference
449 only and aze not a part hereof, and shall not limit or define the meaning of any provision hereof.
11
10-153
Yeas Na �s Absent
Bostrom �'
Carter �
Harris
Helgen
Lantry �
Stark ,/
Thune �
�
Requested by Department of:
By' `/
Approved by
By ' - -
Appcoved by City
B
Adopced by Council: Date �flL �/(J
Adoption Certified by Cou il Secretary By:
�
BY ` d
Approved� Date
By:
11
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
10-15�
DepartmerMOfficelCouncil: Date Initiated:
FS — Financiat Services 02 FEB 2090 Green Sheet NO: 3097618
� Contact Person & Phone: , Deoartment Sent To Person 1' Il�ate �
BObGBUfS � 0 inancialServices �. �
266-8837 � 1 1Financial Services De artment D'sreUUr �
��9n � 2 inanciaV Services bffice Financial Services D
Must Be on Council Agenda by (Date): Number � i Citv Attomev �
10-FEB-10 For 3 ICitv Attomev �
Routing 4 Nlavor's Office � Mavor/Assistant
RESOLUTION W/$ Order 5 ouncil � Citv Covncil
Doc. Type: TRANSACTION 6 iri Clerk { Ciri qerk
E-DOCUment Required: N
Document Contact: gob Geucs � I
Con W ct Phone: 266-8837
Total # of Signature Pages _(Ciip All Locations for Signature)
Action Requested:
Execute attached resolution awarding the sale of G. O. Capital Improvement Bonds, Series 2010B in order to finance certain capital
improvements and refund certain prior Capital Impzovement bonds, fixing the form and specifications of the Series 2010B bonds;
directing the execution and delivery of the Series 2010B bonds; and providing for the payznent of the Series 2010B bonds & refund
prior bonds.
Recommendations: Approve (A) or Reject (R): Personal Service Contracts Must Answer the Foliowing Questions:
Ptanning Commission 1. Has this person/firtn ever worked under a contract for this department?
CIB Commitfee Yes No
Civil Service Commission 2. Has this persoN6rm ever been a city emQloyee?
Yes No
3. Does this personffirtn Qossess a skill not normally possessed by any
current city employee?
Yes No
Explain all yes answers oa separete sheet and attach to green sheet.
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
The bonds are part of the 2010 winter bond sale. City Council gave preliminary approva] on 1/20/] 0 CF # 10-45
Ativantages If Approved: �
The bonds wIll be sold
Disadvantages If Approved:
None known
Disadvarrtages {f Not Approved:
Bond proceeds will not be available as a financing source
Total Amount of Cost/Revenue Budgeted:
Transaction:
Funding Source: Activity Number:
Financial Informafion: '
(Exptain) I
Februarv 2. 2010 939 AM pa�P �
14-153
EXHIBIT A
FORNI OF SERIES 201�B BOND
�E�:a
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF SAINT PAUL, MII�NESOTA
GENERAL OBLIGATION CAPITAL IMPROVEMENT BOND
SERIES 2010B
$
Date of Original
Interest Rate Maturity Date Issue CUSIP
March 11, 2010
Registered Owner: CEDE & CO.
Principal Amount:
DOLLAR5
The City of Saint Paul City, Minnesota (the "City") acknowledges itself to be indebted and for
value received hereby promises to pay to the Registered Owner specified 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 March 1 and September 1 in each year,
commencing September 1, 2010, to the person in whose name this Series 2010B Bond 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 a�d, upon presentation and surrender hereof, ihe 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 Mazch 1, 2018, and on any day thereafter, to prepay the Series 2010B
Bonds due on or after September 1, 2018 at a price of par plus accnxed interest to the date of redemption.
This Series 2010B Bond is one of an issue in the aggregate principal amount of $7,350,000 all of
like original issue date and cenor, except as to numbei, maturiry date, redemption privilege, and interest
rate, all issued pursuant to a resolution adopted by Che City Council on Febniary 1Q 2010
(the "Resolution"), for the purpose of providing money to aid in financing the cost of improvements in
A-1
10-153
the City pursuant to a capital improvement plan duly adopted pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including Laws of Minnesota for 1971, Chapter 773, as
amended, and Minnesota Statutes, Chapter 475, as amended, and the principal hereof and interest hereon
aze payable primarily from ad valorem taxes, as set forth in the Resolution to which reference is made for
a full statement of rights and powers thereby confened. The full faith and credit of the City aze
irrevocably pledged for payment of this Series 2010B Bond 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 tases may be levied without limitation as to rate or amount. The Series 2010B Bonds aze
issued only as fully registered bonds in deoominations of $5,000 or any inteb al muldple thereof of single
maturities. The interest on this Series 2010B Bond shall be calculated on the basis of a year of 360 days
and twelve 30-day months.
As provided in the Resolutions and sabject to certain limitations set forth therein, this 5eries
2010B Bond is transferable upon the books of the City at the principal office of the Registru, by the
registered owner hereof in person or by the owner's attomey duly authorized in writing, upon surrender
hereof together with a written instmment of transfer satis£actory to the Registraz, dulp executed by the
regiscered owner or the owner's attomey; and may also be sunendered in exchange for Series 2010B
Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new
Series 2010B Bond or Series 2010B Bonds 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 xeimbuisement for any tax, fee or govemmental charge required to be paid with respect to such
transfer or exchange.
The City and the Registrar may deem and tteat the person in whose name this Series 2010B Bond
is registered as the absolute owner hereof, whether this Series 2010B Bond is overdue or not, for the
purpose of receiving payment and for a11 other purposes, and neither the City nor the Registrar will be
affected by any notice to the contrazy.
This Series 2010B Bond is not valid or obligatory for any purpose or entitled to any security or
benefit under the Resolution until the Certificate of AuChenticarion hexeon has been executed by the
Registrar by ma�ual signature of one of its authorized representatives.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the ConstiNtion 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 Series 2010B Bond 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 Series
2010B Bond does not cause the indebtedness of the City to exceed any constimtional or statutory
limitation of indebtedness.
(The remainder of this page is intentionally left blank.)
/_6a
10-153
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey County, Minnesota, by its City Council
has caused this Series 2010B Bond to be sealed with its official seal and to be executed on its behalf by
the photocopied facsimile sia ature of its Mayor, attested by the photocopied facsimile signature of its
City Clerk, and countersi�ed by the photocopied facsianle signature of its Director, Office of Financial
Services.
CI'I'I' OF SAINT PAUL,
RAMSEY COUNT'Y, MINNESOTA
Mayor or Designee
Attest:
City Clerk
Countersigned:
I3irectar, Office of Financial Services or Designee
(The remainder of this page is intentionally lefr blank.)
/:�c3
10-153
CERTIFICATE OF ACITIiEN7TCATION
This is one of the Series 2010B Bonds delivered pursuant to the Resolution mentioned within.
CITY OF SAINT PAUL, MINNESOTA
L�'1
City Treasurer
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this Series 2010B Bond,
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
7T TEN — as joint tenants with right of
survivorship and not as tenants in common
UNIF GIFT MIN ACT
Custodian
(Cust) (Minor)
under Uniform Gifts or Transfers to Minors
Act, State af
Additional abbreviations may also be used though not in the above list.
(The remainder of this page is intenrionally left bla�k.)
A-4
10-153
ASSIGNMENT
For value received, the undersia ed hereby sells, assigns and transfers unto
the within Series 2010B Bond and all rights
thereunder, and does hereby irrevocably constitute and appoint attomey to
transfer the said Series 2010B Bond on the books kept for registration of the within Series 2010B Bond,
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 Series 2010B Bond in every particular,
without alteration or any change whatever.
Signature Guaranteed:
NOT'ICE: Signature(s) must be guazanteed by a financial instimtion that is a member of the Securities
Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP"), the
New York Srock Exchange, Ina Medallion Signacures Proa am ("MSP") or other such "signature
guarantee progam" as may be deternilned by the Regisuar 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 Series 2010B Bond unless the information
conceming the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if this Series 20108
Series 2010B Bond is held by joint account.)
Please insert social security or other identifying number of assignee
(The remainder of this page is intentionally left blank.)
I�
10-153
EXHIBIT B
Saint Paul City, Minnesota
General Obligaflon Capital Improvement Bonds
Series 2010B
TERMS AND CONDITIONS
Tme Interest Cost for the Series 2010B Bonds: 1.8159125%
The Series 2010B Bonds shall mature on the daCes and in the prineipal amounts set forth below:
Maturity
Mazch 1, 2011
September 1, 20ll
Mazch 1, 2012
September 1, 2012
Mazch 1, 2013
September l, 2013
Mazch 1, 2014
September 1, 2014
March 1, 2015
5eptember l, 2015
Mazch 1, 2016
September l, 2016
March 1, 2017
September I, 2017
Mazch 1, 2018
September l, 2018
March 1, ZA19
September 1, 2019
March 1, 2020*
Principal
Amount
$2,290,000
140,000
2,350,OQ0
150,000
155,000
150,OQ0
I50,000
160,000
155,OQQ
155,000
155,000
160,000
160,000
165,000
165,OOQ
170,000
170,000
175,QQ�
175,000
Interest
Rate
Yield
Price
2.00%
2.00
2.00
2.00
2.00
2.0�
2.00
2.00
2.00
2.00
2.00
2.00
230
2.30
2.50
2.60
2.75
2.8a
3.00
*Priced to the Optional Redemption Date of September 1, 2018.
0.45%
0.50
0.65
0.75
0.90
0.90
1.20
1.20
1.6a
1.60
2.00
2.00
230
2.35
2.55
2.60
2.80
2.85
3.00
101.501%
102197
102.641
103.056
103.218
103.751
103.094
103.473
101.904
102.087
100.000
100.000
100.000
99.658
99.640
100.000
99.605
99.586
100.000
�
10-153
EXHIBIT C
Saint Paul City, Minnesota
General Obligation Capital Improvement Bonds
Series 2010B
TAX LEVY
Year Collection Year Levy Amount
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2010
2011
2012
2013
2014
2015
2016
aoi�
2018
2019
$2,561,958.43
2,726,897.2�
380,252.25
368,597.25
377,942.25
366,129.75
370,067.25
373,030.88
374,886.75
375,585.00
(The remaindec of this page is intentionally left blank.)
C-1
1Q-153
��i�r n
PROPOSALS
� Springsted
Spnagsted lrmapoa�ed
380 Sackson Street Sude 36o
Saint Paul, MN 55105-288i
TeL 651-2233000
Faz: 65bY233002
Ematl adwson�spri+rgsted com
www springs@d.cam
$7,�l60.000"
CITY OF SAIN"f PALZ„ A�II���SO2a
GE\'ERAL OBLtGATiO� C:IPITAL L�fPROVEb�fENT BO\DS, SERIES 2Q10B
(BOOK ENTRY ONL1�
AR`ARD:
S.4LE:
WELLS FARGO ADVISORS
R'ELLS FARGO BROKERAGE SERVICES, LLC
February 10, 2010 Mood}'s RA[ing: Aa2
S[andxrd 3 Poor's Ra[ing: AA.�1
Interest :Vet Intecest True Interest
Bidder Rates Price Cost Rate
WELLS FARGO ADVISORS
WELLS FARGO SROKERAGE
SERVICES,LLC
CRONIN & COMPANY, IVC.
UBS FII�ANCIAL SERVICES INC.
).P. MORGAN SECURITIES IKC.
2.06% 3/U2Q13-9JI2016 S7.561,�53.3�
230% 3�1Y20T7-9l112017
2.50� 3/113018
2.6090 9/120t8
2.757 3/1/2-019
2.80 � 9/i/2019
3.OQ % 3l1l2020
2.�69r 3JU2011-971f2011 57.684,28795
3.00� 3i112012311YL618
3.25�10 9t112018-3J112(Y20
2.00% 3/12011-3/112013 $7,661.007.90
3.005E 9l12013
2.50°k 3/I/2014
3.00d %1/201&=�/112015
4.00� 9/i/2DI5
3.00� 3ii/2016
4.�� 9/I!?�16
3.IX35"o 311/20I7
d.005< 9J172017
3.009c 31U2018
4.00�o 9;112018
3.ODk 3/112019
d.00�o 9/1/2019
3.00� 3/120/20
$432,268.4b 1.8102%
$470.464.34 19422�
$08E,686.54 1.9831 �
(Continued)
Putriic Sedor Advisors
D-1
10-153
Interest Yet Interest True Interest
Bidder Rates Price Cost Rate
ROBERT W'. BAIRD & COMPANY,
ItiCORPOR4TED
C.L. KING & ASSOCL4TES
LOOP CAPITAL MARKETS. LLC
ffiLDARE CAPITAL
NW CAPITAL 2dARKETS INC.
DAbBiVPORT & COMPA2QY LLC
�i'fiDBUSH bfORGAN SECURTTZES
EDW.ARD D. IONES & COMPANY
b1&I MARSHALL & ILSLEY BANK
NORTHLAND SECURITtES
DOUGHERTY & COMP.4NY LLC
2.00� 3/I/2011-9/1/2015 37,553,249.?�
2.509 3/1J2016-3/1/2017
3.00k 9 /1 20 17-3/1/2 020
2.00% 3/I/2011-3/12013 57,602,279J5
2.50`k 9!120l13-9/12015
275`k 3112016-911i2016
3.00� 3/1/2017-9/i/2017
3.25'70 3.�1/2018
3.50� 9/1/20183/1t2020
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yieid
2_009
2.00�
2.009
2.009
2.00 k
2.00�h
2.00�
2.00%
2.00`7
2.007
2.00`�
2.00 `�
230�
2309
2.50 7
2.609
2.759
2.80 �
3.OQ�
3;1/201I
9/112011
3/1/2012
9/1l?Al2
371l2013
9i1/2013
311l2014
9!1/2014
3/1l2015
9/1/2015
3JIt2016
9/1J2016
31U2017
9I12017
3/i/2018
9/1/2018
3i1/2019
9/112019
3/1/2020
0.45 7
0.50%
0.65 `�
095k
0.90�
0.90;�
1.?07
I.?0 �
1.60�
1.609
Par
Paz
Par
2.35 q
2.55 9
Pu
2.80 k
2.8� �
Par
:1 .1 11
S49a,33136
2At11%
2.0506 %
BBI: 436�
Average Mamriry: 3.1d5 Years
" Subse9ueru to bid opening, the issue siwe detrensed itona $7,46Q,0(JO to 37,350,06D.
SA385-23 BW.n
363308v.5
D-2