04-109Council File # ��,_���
Crreen Sheet # J� ! � � �
ORDINANCE
CITY�SAINT PAUL, NIINNESOTA
, ►ora
Presented By
Referred To
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Committee: Date
ORDINANCE AUTHORIZING THE ISSUANCE OF
BONDS OF 1'I�EE
SAINT PAUL PUBLIC LIBRARY AGENCY
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2 WHEREAS, the Saint Paul Public Library Agency (the "Agency") proposes to issue up to
3 $12,400,000 General Obligarion Library Bonds, Series 2004 (the "Bonds"), as authorized by Laws of
4 Minnesota for 2002, Chapter 390, Secfions 36 through 38 (the "Local Law"):
NOW, THEREFORE, the Council of the City of Saint Paul does ordain as follows:
6 1. Authorized Amount. The Library Agency may issue the Bonds in the principal amount
7 of up to $12,400,000, the precise amount of which shatl be detemuned by the Pricing Committee
8 identified in section 2.
9 2. Amount: Form• Interest. The Bonds shall be in the aggregate principal amount
10 determmed by the Pricing Comm'tttee. The Bonds shall be in the form attached to this ordinance as
11 Exhibit A. The Bonds shall beu interest at the rate for each maturity set by a Fricing Committee
12 consisting of the Director, Office of Financial Services, City Treasurer, and a representative of
13 Springsted TncorQorated, to which committee the City Council hereby delegates its authority to set the
14 interest rates and the amount of the initial Bonds.
15 3. Proprietv. The issuance of the Bonds by the Agency is proger in this case, and in the
16 amount of up to $12,400,000.
17 4. Citu's Fu11 Faith, CYedit and Resources. The Bonds must be secured by the pledge of the
18 fu11 faith, credit and resources of the City of Saint Paul, Minnesota. The City Council hereby gives
19 specific consent to the pledge of the City's full faith, credit and resources to the Bonds.
20 5. Ta1c Lew. The CiTy shall pay the principal amount of the Bonds and the interest on them
21 from taxes levied under Section 38 of the Local Law, or from Library Boazd income from any source.
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Said taces shall be levied, or other income pledged, in a resolution of the City Council adopted after the
sale of the Bonds but prior to the delivery thereof.
6. Effecrive Date. This ordinance shall become effective thirty (30) days after passage,
approval and publication once in the official newspaper of the CiTy.
7. Referendum This ordinance is subject to provisions of the City Charter pertaining to the
procedure for referendum on ordinances enacted by the City Council. The perition for referendum must
be filed within forry-five (45) days after the publicarion of this ordinance.
Adoption Certified by Council Secretary
Requested by the Office of:
Einancial Services
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Form Approved by City Attorney
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EXHIBIT A
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INTEREST
RATE
DATE OP
ORIGINAI, ISSUE
LINITED STATES OF AMERICA
3TATE OF MIl`TNESOTA
RAMSEY COUNTY
SAINT PAUL PUBLIC L1BRAl2Y AGENCY
$
C'iENERAL OBLIGATION LIBRARY
BOND, SERIES 2004
MAT'UR.ITY
DATE
CUSIP
September 1,
9 REGISTERED OWNER:
10 PRINCIPAL AMOUNT:
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March 1, 2004
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the Saint Paul Public
Library Agency, Ramsey County, Minnesota (the "Issuer" or "Agency"), certifies that it is
indebted and for value received promises to pay to the registered owner specified above or on the
certificate of registration below, or registered assigns, in the manner hereinafter set forth, the
principal amount specified above, on the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1 and September i of each year
(each, an "Interest Payment Date"), commencing September 1, 2004, at the rate per annum
specified above (calculated on the basis of a 360-day year of twelve 30-day months) until the
principal sum is paid or has been provided for. This Bond wiil bear interest from the most recent
Interest Payment Date to which interest has been paid or, if no interest has been paid, from the
date of original issue hereo£ The principal of and premium, if any, on this Bond are payable in
same-day funds by 2:30 p.m., Eastern time, upon presentation and surrender hereof at the
principal office of in , Minnesota (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly appointed by the Issuer; provided,
however, that upon a partial redemption of this Bond which results in the stated amount hereof
being reduced, the Holder may in its discretion be paid without presentation of this Bond, which
payment shall be received no later than 2:30 pm., Eastern time, and may make a notarion on the
panel provided herein of such redempfion, stating the aznount so redeemed, or may return the
Bond to the Bond Registraz in exchange far a new Bond in the proper principal amount. Such
notation, if made by the Holder, shall be for reference only, and may not be relied upon by any
other person as being in any way determinative of the principal amount of this Bond outstanding,
unless the Bond Registrar has signed the appropriate colwnn of the panel. Interest on this Bond
will be paid on each Interest Payment Date in same-day funds by 230 p.m., Eastern time, to the
person in whose name this Bond is registered (the °Aoider" ar"Bondholder") on the regish
books of the Issuer maintained by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar month preceding such Interest Payment
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1 Date (the "Regular Record Date"). Interest payments shall be received by the Holder no later
2 than 230 p.m., Eastern time; and principal and premium payxnents shall be received by the
3 Holder no later than 230 p.m., Eastern time, if the Bond is surrendered for payment enough in
4 advance to pernvt payment to be made by such time. Any interest not so tunely paid shall cease
5 to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be
6 payable to the person who is the Holder hereof at the close of business on a date (the "Special
7 Record Date") fixed by the Bond Registrar whenever money becomes available for payment of
8 the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less
9 than ten days prior to the Special Record Date. The principal of and premium, if any, and
10 interest on this Bond aze payable in lawful money of the United States of America.
11 Date of Pavment Not Business Day. If the date for payment of the principal of,
12 premium, if any, or interest on this Bond shall be a 5aturday, Sunday, legal holiday or a day on
13 which banking institutions in the City of New York, New York, or the city where the principal
14 offic,e of the Bond Registrar is located are authorized by law or executive order to close, then the
15 date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal
16 holiday or a day on which such banking institutions are authorized to close, and payment on such
17 date shall have the same force and effect as if made on the nominal date of payment.
18 Redemption. All Bonds of this issue (the "Bonds") maturing after September 1,
19 2011, are subject to redemption and prepayment at the option of the Issuer on such date and on
20 any day thereafter at a price of par plus accrued interest. Redemption may be in whole or in part
21 of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid may
22 be prepaid in such order of maturity and in such amount per maturity as the Agency shall
23 deternvne; and if only part of the Bonds having a common maturity date are called for
24 prepayment, this Bond may be prepaid in $5,000 increments of principal. Bonds or portions
25 thereof called for redemption shall be due and payable on the redemption date, and interest
26 thereon shall cease to accrue from and after the redemption date.
27 Notice of Itedemntion. Mailed notice of redemption shall be given to the paying
28 agent (if other than an Agency officer) and to each affected Holder of the Bonds. In the event
29 any of the Bonds are called for redemption, written notice thereof will be given by first class
30 mail mailed not less than thirty (30) days priar to the redemption date to each Holder of Bonds to
31 be redeemed. In connection with any such notice, the "CUSIP" numbers assigned to the Bonds
32 shall be used.
33 Renlacement or Notation of Bonds after Partial Redemption. Upon a partiai
34 redemption of this Bond which results in the stated amount hereof being reduced, the Holder
35 may in its discretion make a notation on the panel provided herein of such redemption, stating
36 the amount so redeemed. Such notation, if made by the Aolder, shall be far reference only, and
37 may not be relied upon by any other person as being in any way determinafive of the principal
38 amount of the Bond outstanding, unless the Bond Registrar has signed the appropriate column of
39 the panel. Otherwise, the Holder may surrender this Bond to the Bond Registrar (with, if the
40 Issuer or Bond Registrar so requires, a written instruxnent of transfer in form satisfactory to the
41 Issuer and Bond Registraz duly executed by the Holder thereof or his, her or its attorney duly
42 authorized in writing) and the Issuer shall execute (if necessary) and the Bond Registrar shall
43 authenticate and deliver to the Holder of such Bond, without service charge, a new Bond of the
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1 same series having the same stated maturity and interest rate and of the authorized denomination
2 in aggregate principal amount equal to and in exchange for the unredeemed portion of the
3 principal of the Bond so surrendered.
4 Issuance; Ptupose: General Obli�ation. This Bond is one of an issue in the total
5 principal amount of $12,28Q000, all of like date of original issue and tenor, �cept as to number,
6 maturity, interest rate, denoruinarion, and redemption privilege, which Bond has been issued
7 pursuant to and in full conformity with the Constitution and laws of the State of Mimiesota,
8 including particularly Laws of Minnesota for 2002, Chapter 390, Sections 36 through 38, and
9 pursuant to a resolution adopted by the Library Board of the Issuer on March , 2004 (the
10 "Resolution"), for the purpose of providing money to finance (1) the acquisition, construction
11 and repair of various public library improvements in the City of Saint Paul, Minnesota (the
12 "City"}, and (2) certain lease payments of the City with respect to the City's central library. This
13 Bond is payable out of the General Debt Service Fund of the Issuer. CBT. This Bond
14 constitutes a general obligation of the City, and to provide moneys for the prompt and full
15 payment of its principal, premium, if any, and interest when the same become due, the fuli faith
16 and credit and taxing powers of the City have been and are hereby inevocably pledged,
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Denominations; ExchanQe; Resolution. The Bonds are issuable originally only as
Global Certificates in the denomination of the entire principal amount of the issue maturing on a
single date, or, if a portion of said principal is prepaid, said principal amount less the
prepayment. Global Certificates are not exchangeable for fully registered bonds of smaller
denominations except to evidence a partial prepayment or in exchange for Replacement Bonds if
then available. Replacement Bonds, if made available as provided below, are issuable solely as
fully registered bonds in the denominafions of $5,000 and integral multiples thereof of a single
maturity and are exchangeable for fully registered Bonds of other authorized denominarions in
equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the
manner and subject to the lunitations provided in the Resolution. Reference is hereby made to
the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond Registrar.
that:
Replacement Bonds. Replacement Bonds may be issued by the Issuer in the event
31 (a) the Depositary shall resign or discontinue its services for the Bonds, and
32 only if the Issuer is unable to locate a substitute depository within two (2) months
33 following the resignation or determination of non-eligibility, or
34 (U) upon a detexmination by fhe Issuer in its sole discretion that (1) the
35 continuarion of the book-entry system described in the Resolution, which precludes the
36 issuance of certificates (other than Global Certificates) to any Holder other than the
37 Depository (or its nominee), might adversely affect the interest of the beneficial owners
38 of the Bonds, or (2) that it is in the best interest of the beneficial owners of the Bonds that
39 they be able to obtain certificated bonds.
40 Transfer. This Bond shall be registered in the name of the payee on the books of
41 the Issuer by presenting this Bond for registration to the Bond Registrar, who will endorse his,
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her or its name and note the date ofregistration opposite the name of the payee in the certificate
of registration attached hereto. Thereafter this Bond may be transfened by delivery with an
assignment duly executed by the Holder or his, her or its legal representafives, and the Issuer and
Bond Registrar may treat the Holder as the person exclusively entitled to exercise all the rights
and powers of an owner until this Bond is presented with such assignment for registration of
iransfer, accompanied by assurance of the nature provided by law that the assignment is genuine
and effective, and until such transfer is registered on said books and noted hereon by the Bond
Registrar, ali subject to the terms and conditions provided in the Resoiution and to reasonable
regulations of the Issuer contained in any ageement with, or notice to, the Bond Registrar.
Transfer of this Bond may, at the direction and expense of the Issuer, be subject to certain other
reshictions if required to qualify this Bond as being "in registered form" within the meaning of
Section 149(a) of the federal Internal Revenue Code of 1986, as amended.
Fees unon Transfer nr T �� ,�e Bond Registrar may re uire a
sufficient to cover any taJC or other governmental charge payable in connection w th the transfer
or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds.
Treatment of Reeistered Owner. The Issuer and Bond Registrar may treat the
person in whose name this Bond is registered as the owner hereof for the purpose of receiving
payment as herein provided (except as otherwise provided with respect to the Record Date) and
for all other purposes, whether or not this Bond shall be overdue, and neither the Issuer nor the
Bond Registrar shall be affected by notice to the contrary,
21 Authentication. This Bond shall not be valid or become obligatory for any
22 purpose or be entitled to any security uniess the Certificate of Authentication hereon shali have
23 been executed by the Bond Registrar.
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Not Qualified Tas-Exemnt Oblieafions. The Bonds have not been designated by
the Issuer as "quahfied taY-exempt obligatlons" for purposes of Section 265(b)(3) of the federal
Internal Revenue Code of 1986, as amended. The Bonds do not qualify for such desi�ation.
required by tha Co stituon and aws of h�e St�a e Mmnesota to be done Gto happen and to be
performed, precedent to and in the issuance of this Bond, have been done, have happened and
have been performed, in regular and due form, time and manner as required by law, and that this
Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof
and on the date of its issuance and delivery to the original purchaser, does not exceed any
constitutional or statutory limitafion of indebtedness.
34 IN WTTIVBSS WHEREOF, the Saint Paul Public Libr A enc Ramsey
35 County, Minnesota, by its Library Agency has caused this Bond to be� e�ted on its behalf by
36 the photocopied facsimile signarixres of the Mayor of the City and the Director, Office of
37 Financial Services, of the City, the Agency having no official seal.
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Date of Registrarion:
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned
within.
Bond Registrar
Authorized Signature
Registrable by:
Payable at:
SAINT PAUL PUBLIC LIBRARY AGENCY,
RAMSEY COI3NT'Y, MINNESOTA
Mayor
Director, Office of Financial Services
General Obligation Library Bond, Series 2004, No. R-_
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CERTIFICATE OF REGISTRATION
3 The transfer of ownership of the principal amount of the attached Bond may be made only by the
4 registered owner or his, her or its legal representative last noted below.
DATE OF SIGNA'I`LTRE OF
REGISTRATION REGISTERED OWNER BOND REGISTRAR
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REGI5TER OF PARTIAL PAYMENTS
3 The principal amount of the attached Bond has been prepaid on the dates and in the amounts
4 noted below:
Date Amount Bondholder Bond Re.gistrar
If a notation is made on this register, such notation has the effect stated in the attached Bond.
Partial payments do not require the presentation of the attached Bond to the Bond Registraz, and
a Holder could fail to note the partial payment here.
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ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this Bond, sha11
be construed as thou� they were written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireries
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
IJTMA - as custodian for
(Cust)
under the
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(Minor)
Uniform Transfers to Minors Act
(State)
Addirional abbreviations may also be used
though not in the above list.
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1 ASSIGNMENT
2 For value received, the undersigned hereby sells, assigns and transfers unto
3 the attached
4 Bond and does hereby irrevocably constitute and appoint
5 attorney to transfer the Bond on the books kept for the
6 regish thereof, with full power of substitution in the premises.
7 Dated:
8 Notice: The assignor's signature to trus assignment must
9 conespond with the name as it appears upon the face of
10 the attached Bond in every particular, without altexation
11 or any change whatever.
12 Signature Guaranteed:
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14 Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm
15 having a membership in one of the major stock exchanges or any other "Eligibie Guarantor
16 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
17 The Bond Registrar will not effect transfer of this Bond unless the information
1$ concerning the transferee requested below is provided.
19 Name and Address:
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(Tnclude information far all joint owners if the Bond is held
by joint account.)
1617464vi 1 g
a� � Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet
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DepartrneMfoffice%ouncil: Date Initiated;
Fs -������� Z,a�,� Green Sheet NO: 3010618
ContactPerson 8 Phone: Deoartment SentTO Person InitiaVDate
Todd Hudey � 0 i nciat rvi
266-883� Assign 1 i Atto ne Lisa Veith
Must Be on Council Agenda by (Date): Number Z i aQ �� ��
Por
Routing 3 a or's O�ce
Order 4 nc'
Total # of SignaWre Pag� _(Clip Ali Locations for Signature)
Action Requested;
Authorizarion to issue bonds of the Saint Paut Public Library Agency.
Recommendations: Approve (A) or Reject (R): Personal Service Contrects Must Answer the Following Questions:
Pianning Commission 1. Has this persoMfirm ever worked under a contract for this department?
CIB Committee Yes No
Civil Service Commission _ 2. Has this person/firm ever been a city employee?
Yes No
3. Does this person/firtn possess a skill not normally possessed by any
current city emplayee?
Yes No
' Explain all yes answers on separate sheet and attach to green sheet
Initiating Pfoblem, Issues, Opportunity (Who, What, When, Where, Why):
The Saint Paul Public Lilxary Agency desires to issue General Obligarion Bonds in the approximate amount of $12,400,000. An
ordinance authorizing the issuance of these bonds is required.
Adva�tapes If Approved:
The Saint Paul Public Librazy Agency will be able to issue bonds for construction of the Lexington Library.
Disadvanqqes If Approved:
None.
Disadvantages If Not Approved:
The bonds will not be issued for ffie Lex;ngton Library.
Totai Amount of CostlRevenue Bud eted:
rransaction: 9 G�,,"`"?� �'��^�".'°�3 v�ilfBP
Funding Source: Activity Number:
Financiai lnformation: ���,� � � ���
(Explain)