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3 J y /� s Green Sheet # .3
Preserned By
Referred To
CITY QF SAINT P/�-CJL, MINNESOTA
Committee: Date
1 ACCEPTING PROPOSAL ON SALE OF
2 $12,500,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT
3 BONDS, SERIES 1995B,
4 PROVIDING FOR THEIR IS5UANCE, AND LEVYING
5 A TAX FOR THE PAYMENT THEREOF
6 WHEREAS, the Director, Department of Finance and
7 Management Services, has presented proposals received for the
8 sale of $12,500,000 General Obligation Capital Improvement Bonds,
9 Series 1995B {the "Bonds"), of the City of Saint Paul, Minnesota
10 (the "City"); and
11 WHEREAS, the proposals set forth on Exhibit A attached
12 hereto were received pursuant to the Terms of Proposal at the
13 offices of Springsted Incorporated at 10:30 A.M., Central Time,
14 this same day; and
15 WHEREAS, the Director, Department of Finance and
16 Mana ement Se ices, has adv se this Council that the proposal
17 ofi��ji,�p��� �a�i�/�{�,y"�j�,��� was found to be the most
18 advantageo a has ecommended that said proposal be accepted;
19 and
20 WHEREA5, the proceeds of the Bonds will finance certain
21 capital improvements, for which the City is proceeding pursuant
22 to its Charter and Laws of Minnesota for 1971, Chapter 773, as
23 amended, with any excess to be used for any other purpose
24 permitted by law; and
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WHEREAS, the City has heretofore issued registered
obligations in certificated form, and incurs substantial costs
associated with their printing and issuance, and substantial
continuing transaction costs relating to their payment, transfer
and exchange; and
wHEREAS, the City has determined that significant
savings in transaction costs will result Prom issuing bonds in
"global book-entry form", by which bonds are issued in
certificated form in large denominations, registered on the books
of the City in the name of a depository or its nominee, and held
in safekeeping and immobilized by such depository, and such
depository as part of the computerized national securities
clearance and settlement system (the "National 5ystem") registers
transfers of ownership interests in the bonds by making
computerized book entries on its own books and distributes
payments on the bonds to its Participants shown on its books as
the owners o£ such interests; and such Participants and other
banks, brokers and dealers participating in the National System
will do likewise (not as agents of the City) if not the
beneficial owners of the bonds; and
21 WHEREAS, "Participants" means those financial insti-
22 tutions for whom the Depository effects book-entry transfers and
23 pledges of securities deposited and immobilized with the
24 Depository; and
25 WHEREAS, Midwest Securities Trust Company, a limited
26 purpose trust company organized under the laws of the State of
27 Illinois, or any of its successors or successors to its functions
28 hereunder (the "Depository"), will act as such depository with
29 respect to the Bonds except as set forth below, and there is
30 before this Council a form of letter agreement (the "Depository
31 Letter Agreement") setting forth various matters relating to the
32 Depository and its role with respect to the Bonds; and
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WHEREAS, the City will deliver the Bonds in the form of
one certificate per maturity, each representing the entire
principal amount of the Bonds due on a particular maturity
(each a"Global Certificate"), which sinqle certificate per
maturity may be transferred on the City�s bond register as
required by the Uniform Commercial Code, but not exchanged
smaller denominations unless the City determines to issue
Replacement Bonds as provided below; and
date
for
41 WHEREAS, the City will be able to replace the
42 Depository or under certain circumstances to abandon the "global
43 book-entry form" by permitting the Global Certificates to be
44 exchanged for smaller denominations typiaal of ordinary bonds
45 registered on the City's bond register; and "Replacement Bonds"
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1 means the certificates representing the Bonds so authenticated
2 and delivered by the Bond Registrar pursuant to paragraphs 6 and
3 12 hereof; and
4 WHEREAS, "Holder" as used herein means the person in
5 whose name a Bond is registered on the registration books of the
6 City maintained by the City Treasurer or a successor registrar
7 appointed as provided in paragraph 8(the "Bond Registrar"); and
8 WHEREAS, pursuant to Minnesota Statutes, Section
9 475.60, Subdivision 2(9), public sale requirements do not apply
10 to the Bonds if the City retains an independent financial advisor
11 and determines to sell the Bonds by private negotiation, and the
12 City has instead authorized a competitive sale without
13 publication of notice thereof; and
14 WHEREAS, proposals for the Bonds have been solicited by
15 Springsted Incorporated pursuant to an Official Statement and
16 Terms of Proposal therein:
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NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Acceotance of Pr000sal. The proposal of Fidelity
Capital Markets (the Purchaser") to purchase $12,500,000 General
Obligation Capital Improvement Bonds, Series 1995B, of the City
(the "Bonds", or individually a"Bond"), in accordance with the
Terms of Proposal for the bond sale, at the rates of interest set
forth hereinafter, and to pay for the Bonds the sum of
$12,383,090, plus interest accrued to settlement, is hereby
found, determined and declared to be the most favorable proposal
received and is hereby accepted, and the Bonds are hereby awarded
to the Purchaser. The Director, Department of Finance and
Management Services, or his designee, is directed to retain the
deposit of the Purchaser and to forthwith return to the others
making proposals their good faith checks or drafts.
2. Title; Original Issue Date; Denominations;
Maturities. The Bonds shall be titled "General Obligation
Capital Improvement Bonds, Series 1995B", shall be dated March 1,
1995, as the date of original issue and shall be issued forthwith
on or after such date as fully registered bonds. The Bonds shall
be numbered from R-1 upward. Global Certificates shall each be
in the denomination of the entire principal amount maturing on a
single date, or, if a portion of said prinaipal amount is
prepaid, said principal amount less the prepayment. Replacement
Bonds, if issued as provided in paragraph 6, shall be in the
denomination of $5,000 each or in any integral multiple thereof
of a single maturity. The Bonds shall mature on Marah 1 in the
years and amounts as follows:
284489.3
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Amount
$ 625,0�0
1,075,000
1,125,000
1,175,000
1,225,000
Year
1996
1997
1998
1999
2000
7 3. Purnose. The Bonds shall provide funds for the
8 construction of various capital improvements (the "Improvements")
9 in the City. The proceeds of the Bonds shall be deposited and
10 used as provided in paragraph 17, for the purpose described by
11 Laws of Minnesota for 1971, Chapter 773, as amended, and any
12 excess moneys shall be devoted to any other purpose permitted by
13 law. The total cost of the Improvements, which shall include all
14 costs enumerated in Minnesota Statutes, Section 475.65, is
15 estimated to be at least equal to the amount of the Bonds. Work
16 on the Improvements shall proceed with due diligence to
17 completion.
18 4. Interest. The Bonds shall bear interest payable
19 semiannually on March 1 and September 1 of each year (each, an
20 "Interest Payment Date"), commencing September 1, 1995,
21 calculated on the basis of a 360-day year of twelve 30-day
22 months, at the respective rates per annum set forth opposite the
23 maturity years as follows:
24 Maturitv Year Interest Rate
25 1996
26 1997
27 1998
28 1999
29 2000
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4.200
4.60
4.70
4.75
4.85
Year
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
Amount
$1,3��,���
1,375,000
1,450,000
1,525,000
1,625,000
4.90$
5.00
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5.10
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5. Description of the Global Certificates and Global
Book-Entrv Svstem. IIpon their original issuance the Bonds will
be issued in the form of a single Global Certificate for each
maturity, deposited with the Aepository by the Purchaser and
immobilized as provided in paragraph 6. No beneficial owners of
interests in the Bonds will receive certificates representing
their respective interests in the Bonds except as provided in
paragraph 6. Except as so provided, during the term of the
Bonds, bene£icial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certifioates
will be reflected by book entries made on the records of the
Depository and its Participants and other banks, brokers, and
dealers participating in the National System. The Depository's
book entries of beneficial ownership interests are authorized to
be in increments of $5,000 of principal of the Bonds, but not
smaller increments, despite the larger authorized denominations
of the Global Certificates. Payment of principal of, premium, if
any, and interest on the Global Certificates will be made to the
Maturity Year Interest Rate
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1 Bond Registrar as paying agent, and in turn by the Bond Registrar
2 to the Depository or its nominee as registered owner of the
3 Global Certificates, and the Depository according to the laws and
4 rules governing it will receive and forward payments on behalf of
5 the beneficial owners of the Global Certificates.
6 Payment of principal of, premium, if any, and interest on a
7 Global Certificate may in the City's discretion be made by such
8 other method of transferring funds as may be requested by the
9 Holder of a Global Certificate.
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6. Immobilization o£ Global Certi£icates by the
Denository; Successor Depositorv: ReDlacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately upon the oriqinal
delivery of the Bonds the Purchaser will deposit the Global
Certificates representing all of the Bonds with the Depository.
The Global Certificates shall be in typewritten form or otherwise
as acceptable to the Depository, shall be registered in the name
of the Depository or its nominee and shall be held immobilized
from circulation at the offices of the Depository on behalf of
the Purchaser and subsequent bondowners. The Depository or its
nominee wi11 be the sole holder of record of the Global
Certificates and no investor or other party purchasing, selling
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond certificates so long as the
Depository holds the Global Certificates immobilized from
circulation, except as provided below in this paragraph and in
paragraph 12.
Certificates evidencing the Bonds may not after their
original delivery be transferred or exchanged except:
(i) Upon registration of transfer of ownership of a
Global Certificate, as provided in paragraph 12,
(ii) To any successor of the Depository (or its
nominee) or any substitute depository (a "substitute
depository") designated pursuant to clause (iii) of this
subparagraph, provided that any successor of the Depository
or any substitute depository must be both a"clearing
corporation" as defined in the Minnesota Uniform Commercial
Code at Minnesota Statutes, Section 336.8-102, and a
qualified and registered "clearing agency" as provided in
Section 17A of the Securities Exchange Act of 1934, as
amended,
(iii) To a substitute depository designated by and
acceptable to the City upon (a) the determination by the
Depository that the Bonds shall no longer be eligible for
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1 its depository services or (b) a determination by the City
2 that the Depository is no longer able to carry out its
3 functions, provided that any substitute depository must be
4 qualified to act as such, as provided in clause (ii) of this
5 subparagraph, or
6 (iv) To those gersons to whom transfer is requested
7 in written transfer instruations in the event that:
8 (a) the Depository shall resign or discontinue
9 its services for the Bonds and the City is unable to
10 locate a substitute depository within two (2j months
11 following the resignation or determination of non-
12 eligibility, or
13 (b) upon a determination by the City in its sole
14 discretion that (1) the continuation of the book-entry
15 system described herein, which precludes the issuance
16 of certificates (other than Global Certificates) to any
17 Holder other than the Depository (or its nominee),
18 might adversely affect the interest of the beneficial
19 owners of the Bonds, or (2) that it is in the best
20 interest of the beneficial owners of the Bonds that
21 they be able to obtain certificated bonds,
22 in either of which events the City shall notify Holders of
23 its determination and of the availability of certificates
24 (the "Replacement Bonds") to Holders requesting the same and
25 the registration, transfer and exchange of such Bonds will
26 be conducted as provided in paragraphs 9B and 12 hereoP.
27 In the event of a succession of the Depository as may
28 be authorized by this paragraph, the Bond Registrar upon
29 presentation of Global Certificates shall register their transfer
30 to the substitute or successor depository, and the substitute or
31 successor depository shall be treated as the Depository for all
32 purposes and functions under this resolution. The Depository
33 Letter Agreement shall not apply to a substitute or successor
34 depository unless the City and the substitute or successor
35 depository so agree, and a similar agreement may be entered into.
36 7. Redemption. All Bonds maturing in the years 2004
37 and 2005, both inclusive, shall be subject to redemption and
38 prepayment at the option of the City on March 1, 2003, and on any
39 day thereafter at a price of par plus accrued interest.
40 Redemption may be in whole or in part of the Bonds subject to
41 prepayment. If redemption is in part, those Bonds remaining
42 unpaid may be prepaid in such order of maturity and in such
43 amount per maturity as the City shall determine; and if only part
44 of the Bonds having a common maturity date are called for
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1 prepayment, the Global Certificates may be prepaid in $5,000
2 increments of principal and, if applicable, the specific
3 Replacement Bonds to be prepaid shall be chosen by lot by the
4 Bond Regis�rar. Bonds or portions thereof called for redemption
5 shall be due and payable on the redemption date, and interest
6 thereon shall cease to accrue from and after the redemption date.
7 Upon a reduction in the aggregate principal amount of a
8 Global Certificate, the Aolder may make a notation of such
9 redemption on the panel provided on the Global Certificate
10 stating the amount so redeemed, or may return the Global
11 Certificate to the Bond Registrar in exchange for a new Global
12 Certificate authenticated by the Bond Registrar, in proper
13 principal amount. Such notation, if made by the Holder, shall be
14 for reference only, and may not be relied upon by any other
15 person as being in any way determinative of the principal amount
16 of such Global Certificate outstanding, unless the Bond Registrar
17 has signed the appropriate column of the panel.
18 To effect a partial redemption of Replacement Bonds
19 having a common maturity date, the Bond Registrar prior to giving
20 notice of redemption shall assign to each Replacement Bond having
21 a common maturity date a distinctive number for each $5,000 of
22 the principal amount of such Replacement Bond. The Bond
23 Registrar shall then select by lot, using such method of
24 selection as it shall deem proper in its discretion, from the
25 numbers so assigned to such Replacement Bonds, as many numbers
26 as, at $5,000 for each number, shall equal the principal amount
27 of such Replacement Bonds to be redeemed. The Replacement Bonds
28 to be redeemed shall be the Replacement Bonds to which were
29 assigned numbers so selected; provided, however, that only so
3o much of the principal amount of each such Replacement Bond of a
31 denomination of more than $5,000 shall be redeemed as shall equal
32 $5,000 for each number assigned to it and so selected.
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If a Replacement Bond is to be redeemed only in part,
it shall be surrendered to the Bond Reqistrar (with, if the City
or Bond Registrar so requires, a written instrument of transfer
in form satisfacCory to the City and Bond Registrar duly executed
by the Holder thereof or his, her or its attorney duly authorized
in writinq) and the City shall execute (if necessary) and the
Bond Registrar shall authenticate and deliver to the Holder of
such Replacement Bond, without service charge, a new Replacement
Bond or Bonds of the same series having the same stated maturity
and interest rate and of any authorized denomination or
denominations, as requested by such Holder, in aggregate
principal amount equal to and in exchange for the unredeemed
portion of the principal of the Bond so surrendered.
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1 The Bond Registrar shall call Bonds for redemption and
2 payment as herein provided upon receipt by the Bond Registrar at
3 least forty-five (45) days prior to the redemption date of a
4 request of the City, in written form if the Bond Registrar is
5 other than a City officer. Such request shall specify the
6 principal amount of Bonds to be called for redemption and the
7 redemption date.
8 Mailed notice of redemption shall be given to the
9 paying agent (if other than a City officer) and to each affected
lo Holder. If and when the City shall call any of the Bonds for
11 redemption and payment prior to the stated maturity thereof, the
12 Bond Registrar shall give written notice in the name of the City
13 of its intention to redeem and pay such Bonds at the office of
14 the Bond Registrar. Notice of redemption shall be given by first
15 class mail, postage prepaid, mailed not less than thirty (30)
16 days prior to the redemption date, to each Aolder of Bonds to be
17 redeemed, at the address appearing in the Bond Register. All
18 notices of redemption shall state:
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The redemption date;
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(b)
The redemption price;
21 (c) If less than all outstanding Bonds are to be
22 redeemed, the identification (and, in the case of partial
23 redemption, the respective principal amounts) of the Bonds
24 to be redeemed;
25 (d) That on the redemption date, the redemption price
26 will become due and payable upon each such Bond, and that
27 interest thereon shall cease to acarue from and after said
28 date; and
29 (e) The place where such Bonds are to be surrendered
30 for payment of the redemption price (which shall be the
31 office of the Bond Registrar).
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Notices to Midwest Securities Trust Company or its
nominee shall contain the CUSIP numbers of the Bonds. If there
are any Holders of the Bonds other than the Depository or its
nominee, the Bond Registrar shall use its best efforts to deliver
any such notice to the Depository on the business day next
preceding the date o£ mailing of such notice to all other
Holders.
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8. Bond Reaistrar. The Treasurer of the City is
appointed to act as bond registrar and transfer aqent with
respect to the Bonds (the �'Bond Registrar"), and shall do so
unless and until a successor Bond Registrar is duly appointed. A
successor Bond Registrar shall be an officer of the City or a
bank or trust company eligible for designation as bond registrar
pursuant to Minnesota Statutes, Chapter 475, and may be appointed
pursuant to any contract the City and such successor Bond
Registrar shall execute which is consistent herewith. The Bond
Registrar shall also serve as paying agent unless and until a
successor paying agent is duly appointed. Principal and interest
on the Bonds shall be paid to the Holders (or record holders) of
the Bonds in the manner set forth in the forms of Bond and
paragraph 14 of this resolution.
9. Forms of Bond. The Bonds shall be in the form of
Global Certificates unless and until Replacement Bonds are made
available as provided in paragraph 6. Each form of bond may
contain such additional or different terms and provisions as to
the form of payment, record date, notices and other matters as
are consistent with the Depository Letter Agreement and approved
by the City Attorney.
A. Global Certificates. The Global Certificates,
together with the Certificate of Registration, the Register of
Partial Payments, the form of Assignment and the registration
information thereon, shall be in substantially the following form
and may be typewritten rather than printed:
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1 UNITED STATES OF AMERICA
2 STATE OF MINNESOTA
3 RAMSEY COUNTY
4 CITY OF SAINT PAUL
�.a
6 GENERAL OBLIGATION CAPITAL IMPRO�IEMENT
7 BOND, SERIES 1995B
8 I2dTEREST MATURITY DATE OF
9 RATE DATE ORIGINAL ISSUE CUSIP
10 March 1, March 1, 1995
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REGIS2`ERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
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 reqistered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called Por earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year (each, an "Interest Payment Date"),
commencing September 1, 1995, 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 will 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 hereof. 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 the Treasurer of the
Issuer in Saint Paul, 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 heTeof 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 p.m.,
Eastern time, and may make a notation on the panel provided
herein of such redemption, stating the amount so redeemed, or may
return the Bond to the Bond Registrar in exchange for a new Bond
in the proper principal amount. Such notation, if made by the
Holder, shall be for reference only, and may not be rel.ied upon
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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 column of the panel.
Interest on this Bond will be paid on each Interest Payment Date
in same-day funds by 2:30 p.m., Eastern time, to the person in
whose name this Bond is registered (the "Holder" or "Bondholder")
on the registration books of the Issuer maintained by the Bond
Registrar and at the address appearing thereon at the close of
business on the fiftaenth calendar day preceding such Interest
Payment Date (the "Regular Record Date"). Interest payments
shall be received by the Holder no later than 2:30 p.m., Eastern
time; and principal and premium payments shall be received by the
Holder no later than 2:30 p.m., Eastern time, if the Bond is
surrendered for payment enough in advance to permit payment to be
made by such time. Any interest not so timely paid shall cease
to be payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereof at the close of business on a date (the
"Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
Date of Pavment Not Business Day. Tf the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of Chicago, Illinois, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
shall have the same force and effect as if made on the nominal
date of payment.
36 Redemotion. All Bonds of this issue (the "Bonds")
37 maturing in the years 2004 and 2005, both inclusive, are subject
38 to redemption and prepayment at the option of the Issuer on
39 March 1, 2003, and on any day thereafter at a price of par plus
40 accrued interest. Redemption may be in whole or in part of the
41 Bonds subject to prepayment. If redemption is in part, those
42 Bonds remaining unpaid may be prepaid in such order of maturity
43 and in such amount ger maturity as the City shall determine; and
44 if only part of the Bonds having a common maturity date are
45 oalled for prepayment, this Bond may be prepaid in $5,000
46 increments of principal. Bonds or portions thereof called for
47 redemption shall be due and payable on the redemption date, and
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interest thereon shall cease to accrue £rom and after the
redemption date.
Notice of RedemDtion. Mailed notice of redemption
shall be given to the paying agent (if other than a City officer)
and to each affected Holder of the Bonds. In the event any of
the Bonds are called for redemption, written notice thereof will
be given by first class mail mailed not less than thirty (30)
days prior to the redemption date to each Holder of Bonds to be
redeemed. In connection with any such notice, the "CUSIP"
numbers assigned to the Bonds shall be used.
Redemption. Upon a partial redemption of this Bond which results
in the stated amount hereof being reduced, the Holder may in its
discretion make a notation on the panel provided herein of such
redemption, stating the amount so redeemed. 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 the Bond outstanding, unless the Bond
Registrar has signed the appropriate column of the panel.
otherwise, the Holder may surrender this Bond to the Bond
Registrar (with, if the Issuer or Bond Registrar so requires, a
written instrument of transfer in form satisfactory to the Issuer
and Bond Registrar duly executed by the Holder thereof or his,
her or its attorney duly authorized in writing) and the Issuer
shall execute (if necessary) and the Bond Registrar shall
authenticate and deliver to the Holder of such Bond, without
service charge, a new Bond of the same series having the same
stated maturity and interest rate and of the authorized
denomination in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose: General Obliaation. This Bond is
one of an issue in the total principal amount of $12,500,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination, and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota,
including particularly Laws of Minnesota for 1971, Chapter 773,
as amended, and the Charter of the Issuer, and pursuant to a
resolution adopted by the City Council of the Issuer on March l,
1995 (the "Resolution"), for the purpose of providing money to
finance the acquisition, aonstruction and repair of various
capital improvements in the City. This Bond is payable out of
the General Debt Service Fund of the Issuer. This Bond
constitutes a general obligation of the Issuer, and to provide
moneys for the prompt and full payment of its principal, premium,
if any, and interest when the same become due, the full £aith and
284489.2 12
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credit and taxing powers of the Issuer have been and are hereby
irrevocably pledqed.
Denominations; ExchanQe; Resolution. 2he 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 denominations of $5,000 and
integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations 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 £ile in the principal office of the Bond
Registrar.
Reblacement Bonds. Replacement Bonds may be issued by
the Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable to
locate a substitute depository within two {2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that (1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certifiaates) to
any Holder other than the Depository (or its nominee), might
adversely affect the interest of the beneficial owners of
the Bonds, or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to obtain
certificated bonds.
Transfer. This Bond shall be registered in the name of
the payee on the books of the Issuer by presenting this Bond for
registration to the Bond Registrar, who will endorse his, her or
its name and note the date of registration opposite the name of
the payee in the certificate of registration attached hereto.
Thereafter this Bond may be transferred by delivery with an
assignment duly executed by the Holder or his, her or its legal
representatives, and the Issuer and Bond Registrar may treat the
2s�.�.8v.2 13
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1 Holder as the person exclusively entitled to exercise all the
2 rights and powers of an owner until this Bond is presented with
3 such assignment for registration of transfer, accompanied by
4 assurance of the nature provided by law that the assignment is
5 genuine and effective, and until such transfer is registered on
6 said books and noted hereon by the Bond Registrar, all subject to
7 the terms and conditions provided in the Resolution and to
8 reasonable requlations of the Issuer contained in any agreement
9 with, or notice to, the Bond Registrar. Transfer of this Bond
10 may, at the direction and e�cpense of the Issuer, be subject to
il certain other restrictions if required to qualify this Bond as
12 being "in registered form" within the meaning of Section 149(a)
13 of the federal Internal Revenue Code of 1986, as amended.
14 Fees upon Transfer or Loss. The Bond Registrar may
15 require payment of a sum sufficient to cover any tax or other
16 governmental charge payable in connection with the transfer or
17 exchange of this Bond and any legal or unusual costs regarding
18 transfers and lost Bonds.
19 Treatment of Rectistered Owner. The Issuer and Bond
20 Registrar may treat the person in whose name this Bond is
21 registered as the owner hereof for the purpose of receiving
22 payment as herein provided (except as otherwise provided with
23 respect to the Record Bate) and for all other purposes, whether
24 or not this Bond shall be overdue, and neither the Issuer nor the
25 Bond Registrar shall be affected by notice to the contrary.
26 Authentication This Bond shall not be valid or become
27 obligatory for any purpose or be entitled to any security unless
28 the Certificate of Authentication hereon shall have been executed
29 by the Bond Registrar.
30 Not Oualified Tax-Exemot Obligations. The Bonds have
31 not been designated by the Issuer as "qualified tax-exempt
32 obligations" for purposes of Section 265(b)(3) of the federal
33 Internal Revenue Code of 1986, as amended.
284489.2 �4
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IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and thinqs required by the Constitution and laws of
the State of Minnesota and the Charter of the Issuer to be done,
to happen and to be performed, preaedent 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 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 or Charter
limitation of indebtedness.
IN WITNESS WIiEREOF, the City of Saint Paul, Ramsey
County, Minnesota, by its City Council has caused this Bond 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 Clerk, and countersigned
by the photocopied facsimile signature of its Director,
Department o£ Finance and Management Services.
284489.2
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Date of Registration:
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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15 Bond Registrar
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By
Authorized Signature
(SEAL)
Registrable by:
Payable at:
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Department of Finance
and Management Services
General Obligation Capital Improvement Bond, Series 1995B, No.
R- .
284489.2
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached
Bond may be made only by the registered owner or his, her or its
legal representative last noted below.
DATE OF
REGISTRATIOIS
REGISTERED OWNER
SIGNATURE OF
BOND REGISTRAR
�
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1
REGISTER OF PAR`PIAL PAYMENTS
2 The principal amount of the attached Bond has been prepaid on the
3 dates and in the amounts noted below:
4 Signature of Signature of
5 Date Amount Bondholder Bond Revistrar
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22 If a notation is made on this register, such notation has the
23 effect stated in the attaahed Bond. Partial payments do not
24 require the presentation of the attached Bond to the Bond
25 Registrar, and a Holder could fail to note the partial payment
26 here.
284459_2 18
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ABBREVIATIONS
The following abbreviations, when used in the inscription on
the face of this Bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM - as tenants in comraon
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cust) (Minor)
under the Uniform Transfers to Minors Act
(State)
Additional abbreviations may also be used
though not in the above list.
2&489.2
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9 Dated:
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For value received, the undersigned hereby sells,
assigns and transfers unto
the attached Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the
books kept for the registration thereof, with full power of
substitution in the premises.
Notice: The assignor's signature to this
assignment must correspond with the name
as it appears upon the face of the
attached Bond in every particular,
without alteration or any change
whatever.
Signature Guaranteed:
18 Signature(s) must be guaranteed by a national bank or trust
19 company or by a brokerage firm having a membership in one of the
2o major stock exchanges or any other "Eligible Guarantor
21 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
22 The Bond Registrar will not effect transfer of this
23 Bond unless the information concerning the tiransferee requested
24 below is provided.
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27
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Name and Address:
284489.2
(Include information for all joint
owners if the Bond is held by joint
account.)
20
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1 B. Replacement Bonds. If the City has notified
2 Holders that Replacement Bonds have been made available as
3 provided in paragraph 6, then for every Bond thereafter
4 transferred or exchanged (including an exchange to reflect the
5 partial prepayment of a Global Certificate not previously
6 exchanqed for Replacement Bonds) the Bond Registrar shall deliver
7 a certificate in the form of the Replacement Bond rather than the
8 Global Certificate, but the Holder of a Global Certificate shall
9 not otherwise be required to exchange the Global Certificate for
l0 one or more Replacement Bonds since the City recognizes that some
11 beneficial owners may prefer the convenience of the Depository's
12 registered ownership of the Bonds even though the entire issue is
13 no longer required to be in global book-entry form. The
14 Replacement Bonds, together with the Bond Registrar's Certificate
15 of Authentication, the form of Assignment and the registration
16 information thereon, shall be in substantially the following
17 form:
284489.2 2 1
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1 UNITED STATES OF AMERICA
2 STATE OF MINNESOTA
3 RAMSEY COUNTY
4 CITY OF SAINT PAUL
5 R-
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8 INTEREST
9 RATE
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$
GENERAL OBLIGATION CAPITAL IMPROVEMENT
BOND, SERIES 1995B
MATURITY DATE OF
DATE ORIGINAL ISSUE
March 1, 1995
REGISTERED OWNER:
PRIPICIPAL AMOUNT:
CUSIP
D�LLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above, 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 1 of each year (each, an
"Interest Payment Date'�), commencing September 1, 1995, at the
rate per annum specified above (oalculated 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 will 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 hereof. The principal of and premium, if any, on this Bond
are payable upon presentation and surrender hereof at the
principal office of , in
, (the "BOnd Registrar"),
acting as paying agent, or any successor paying agent duly
appointed by the Issuer. Interest on this Bond will be paid on
each Interest Payment Date by check or draft mailed to the person
in whose name this Bond is registered (the "Holder" or
"Bondholder"J on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth calendar day preceding such
Interest Payment Date (the "Regular Record Date"). Any interest
not so timely paid shall cease to be payable to the person who is
the Holder hereof as of the Regular Record Date, and shall be
payable to the person who is the Holder hereof at the close ot
28G489.2 2 2
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1 business on a date (the "Special Record Date") fixed by the Bond
2 Registrar whenever money becomes available £or payment of the
3 defaulted interest. Notice of the Special Record Date shall be
4 given to Bondholders not less than ten days prior to the Special
5 Record Date. The principal of and premium, if any, and interest
6 on this Bond are payable in lawful money of the United States of
7 America.
8 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
9 THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
10 FOR ALI, PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
il IT IS HEREBY CERTIFIED AND RECITED that all acts,
12 conditions and things required by the Constitution and laws of
13 the State of Minnesota and the Charter of the Issuer to be done,
14 to happen and to be performed, precedent to and in the issuance
15 of this Bond, have been done, have happened and have been
16 performed, in regular and due form, time and manner as required
17 by law, and this Bond, together with all other debts of the
18 Issuer outstanding on the date of original issue hereof and on
19 the date of its issuance and delivery to the original purchaser,
20 does not exceed any constitutional or statutory or Charter
21 limitation of indebtedness.
22 IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
23 County, Minnesota, by its City Council has caused this Bond to be
24 sealed with its official seal or a facsimile thereof and to be
25 executed on its behalf by the oriqinal or facsimile signature of
26 its Mayor, attested by the original or facsimile signature of its
27 Clerk, and countersigned by the original or facsimile signature
28 of its Director, Department of Finance and Management Services.
284489.2 2 3-
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Date of Registration:
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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15 Bond Registrar
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By
Authorized Signature
2� (SEAL)
284489.2
Registrable by:
Payable at: _
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINIv
Mayor
Attest:
ty Clerk
Countersigned:
Director, Department of Finance
and Management Services
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ON REVERSE OF BOND
Date of Pavment Not Business Dav. If the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of Chicago, Illinois, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
sha11 have the same force and effect as if made on the nominal
date of payment.
Redemption. A11 Bonds of this issue (the "Bonds��)
maturing in the years 2004 and 2005, both inclusive, are subject
to redemption and prepayment at the option of the Issuer on
March 1, 2003, and on any day thereafter at a price of par plus
accrued interest. Redemption may be in whole or in part of the
Bonds subject to prepayment. If redemption is in part, those
Bonds remaining unpaid may be prepaid in such order of maturity
and in such amount per maturity as the City shall determine; and
if only part of the Bonds having a common maturity date are
called for prepayment, the specific Bonds to be prepaid shall be
chosen by lot by the Bond Registrar. Bonds or portions thereof
called for redemption shall be due and payable on the redemption
date, and interest thereon shall cease to accrue from and after
the redemption date.
27 Notice of Redemption. Mailed notice of redemption
28 shall be given to the paying agent (if other than a City officer)
29 and to each affected Holder of the Bonds. In the event any of
30 the Bonds are called for redemption, written notice thereof will
31 be given by first class mail mailed not less than thirty (30)
32 days prior to the redemption date to each Holder of Bonds to be
33 redeemed. In connection with any such notice, the "CUSIP"
34 numbers assigned to the Bonds shall be used.
35 Selection of Bonds £or Redemption. To effect a partial
36 redemption of Bonds havinq a common maturity date, the Bond
37 Registrar shall assign to each Bond having a common maturity date
38 a distinctive number for each $5,000 of the principal amount of
39 such Bond. The Bond Registrar shall then select by lot, using
40 such method of selection as it shall deem proper in its
41 discretion, from the numbers assigned to the Bonds, as many
42 numbers as, at $5,000 for each number, shall equal the principal
43 amount of such Bonds to be redeemed. The Bonds to be redeemed
44 shall be the Bonds to which were assigned numbers so selected;
45 provided, however, that only so much of the principal amount of
2a�.4a9.z 2 5
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such Bond of a denomination of more than $5,000 shall be redeemed
as shall egual $5,000 for each number assiqned to it and so
selected. If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the issuer and Sond Registrar duly executed by
the Holder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any authorized denomination or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose; General Obliciation. This Bond is
one of an issue in the total principal amount of $12,500,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination, and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota,
including particularly Laws of Minnesota for 1971, Chapter 773,
as amended, and the Charter of the Issuer, and pursuant to a
resolution adopted by the City Council of the Issuer on March 1,
1995 (the "Resolution"), for the purpose of providing money to
finance the acquisition, construction and repair of variotls
capital improvements in the City. This Bond is payable out of
the General Debt Service Fund of the Issuer. This Bond
constitutes a general obliqation of the Issuer, and to provide
moneys for the prompt and full payment of its principal, premium,
if any, and interest when the same become due, the full faith and
credit and taxing powers of the Issuer have been and are hereby
irrevocably pledged.
Denominations; Exchanae; Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,000 and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aqgregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations 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.
Transfer. This Bond is transferable by the Holder in
person or by his, her or its attorney duly authorized in writing
at the principal office of the Bond Registrar upon presentation
284489.2
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and surrender hereof to the Bond Registrar, all subject to the
terms and conditions provided in the Resolution and to reasonable
regulations of the Issuer contained in any agreement with, or
notice to, the Bond Registrar. Thereupon the Issuer shall
execute and the Bond Registrar shall authenticate and deliver, in
exchange for this Bond, one or more new fully registered Bonds in
the name of the transferee (but not registered in blank or to
"bearer" or similar designation), o£ an authorized denomination
or denominations, in aggregate principal amount equal to the
principal amount of this Bond, of the same maturity and bearing
interest at the same rate.
Fees upon Transfer or Loss. The Bond RegistTar may
require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or
exchange of this Bond and any legal or unusual costs regarding
transfers and lost Bonds.
Treatment of Registered 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 on the
reverse side hereof 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.
25 Authentication. This Bond shall not be valid or become
26 obligatory for any purpose or be entitled to any security unless
27 the Certificate of Authentication hereon shall have been executed
28 by the Bond Registrar.
29 Not Oualified Tax-Exempt Oblictations. The Bonds have
30 not been designated by the Issuer as "qualified tax-exempt
31 obligations" for purposes of Section 265(b)(3) of the federal
32 Internal Revenue Code of 1986, as amended.
284489.2 2 7
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ABBREVIATIONS
2 The following abbreviations, when used in the
3 inscription on the face of this Bond, shall be construed as
4 though they were written out in full according to applicable laws
5 or regulations:
6 TEN COM - as tenants in common
7 TEN ENT - as tenants by the entireties
8 JT TEN - as joint tenants with right of survivorship
9 and not as tenants in common
10 UTMA - as custodian for
11 (Cust) (Minor)
12 under the Uniform Transfers to Minors Act
13 (State)
14 Additional abbreviations may also be used
15 though not in the above list.
284489.2 2 8
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, wi�h full power of substitution in the
premises.
Dated:
Notice: The assignor's signature to this
assignment must correspond with the name
as it appears upon the face of the
within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one of the
major stock exchanges or any other "Eligible Guarantor
Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
The Bond Registrar will not effect transfer of this
Bond unless the inEormation concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
za+.cav.z
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10. Execution The Bonds shall be executed on behalf
of the City by the signatures of its Mayor, Clerk and Director,
Department of Finance and Management Services, each with the
effect noted on the forms of the Bonds, and be sealed with the
seal of the City; provided, however, that the seal of the City
may be a printed or photocopied facsimile; and provided further
that any of such signatures may be printed or photocopied
facsimiles and the corporate seal may be omitted on the Bonds as
permitted by law. In the event of disability or resignation or
other absence of any such officer, the Bonds may be signed by the
manual or faasimile signature of that officer who may act on
behalf of suah absent or disabled officer. In case any such
officer whose signature or facsimile of whose signature shall
appear on the Bonds shall cease to be such oYficer be£ore the
delivery of the Bonds, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes, the same
as if he or she had remained in office until delivery.
11. Authentication: Date of RegistYation. No Bond
shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a
Certificate of Authentication on such Bond, substantially in the
form hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. The Bond Registrar shall authenticate the signatures of
officers of the City on each Bond by execution of the Certificate
of Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond is
authenticated. For purposes of delivering the original Global
Certificates to the Purchaser, the Bond Registrar shall insert as
the date of registration the date of original issue, which date
is March 1, 1995. The Certificate of Authentication so executed
on each Bond shall be conalusive evidence that it has been
authenticated and delivered under this resolution.
12. Rectistration: Transfer: Exchange. The City will
cause to be kept at the principal office of the Bond Registrar a
bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
42 A Global Certificate shall be registered in the name of
43 the payee on the books of the Bond Registrar by presenting the
44 Global Certificate for registration to the Bond Registrar, who
45 will endorse his or her name and note the date of registration
46 opposite the name of the payee in the certificate of registration
47 on the Global Certificate. Thereafter a Global Certificate may
284489.2 3 0
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1 be transferred by delivery with an assignment duly executed by
2 the Holder or his, her or its legal representative, and the City
3 and Bond Registrar may treat the Holder as the person exclusively
4 entitled to exercise all the rights and powers of an owner until
5 a Global Certificate is presented with such assiqnment for
6 registration of transfer, accompanied by assurance of the nature
7 provided by law that the assignment is genuine and effective, and
8 until such transfer is registered on said books and noted thereon
9 by the Bond Registrar, all 5ubject to the terms and conditions
10 provided in this resolution and to reasonable regulations of the
11 City contained in any agreement with, or notice to, the Bond
12 Registrar.
13 Transfer of a Global Certificate may, at the direction
14 and expense of the City, be subject to other restrictions i£
15 required to qualify the 61oba1 Certificates as being "in
16 registered form" within the meaning of Section 149(aJ of the
17 federal Internal Revenue Code of 1986, as amended.
18 If a Global Certificate is to be exchanged for one or
19 more Replacement Bonds, all of the principal amount of the Global
20 Certificate shall be so exchanged.
21 Upon surrender for transfer of any Replacement Bond at
22 the principal office of the Bond Registrar, the City shall
23 execute (if necessary), and the Bond Registrar shall
24 authenticate, insert the date of registration (as provided in
25 paragraph li) of, and deliver, in the name of the designated
26 transferee or transferees, one or more new Replacement Bonds of
27 any authorized denomination or denominations of a like aggregate
28 principal amount, having the same stated maturity and interest
29 rate, as requested by the transferor; provided, however, that no
30 bond may be registered in blank or in the name of "bearer" or
31 similar designation.
32 At the option of the Holder of a Replacement Bond,
33 Replacement Bonds may be exchanged for Replacement Bonds of any
34 authoriEed denomination or denominations of a like aggregate
35 principal amount and stated maturity, upon surrender of the
36 Replaeement Bonds to be exchanged at the principal office of the
37 Bond Registrar. Whenever any Replacement Bonds are so
38 surrendered for exchange, the City shall execute (if necessary),
39 and the Bond Registrar shall authenticate, insert the date of
40 registration of, and deliver the Replacement Bonds which the
41 Aolder making the exchange is entitled to receive. Global
42 Certificates may not be exchanged for Global Certificates of
43 smaller denominations.
44 All Bonds surrendered upon any exchanqe or transfer
45 provided for in this resolution shall be promptly cancelled by
284489.2 3 1
°lS-���
1 the Bond Registrar and thereafter disposed of as directed by the
2 City.
3 All Bonds delivered in exchange for or upon transfer of
4 Bonds shall be valid general obligations of the City evidencing
5 the same debt, and entitled to the same benefits under this
6 resolution, as the Bonds surrendered for such exchange or
7 transfer.
8 Every Bond presented or surrendered for transfer or
9 exchange shall be duly endorsed or be accompanied by a written
10 instrument of transfer, in fprm satisfactory to the Bond
11 Registrar, duly executed by the Holder thereof or his, her or its
12 attorney duly authorized in writing.
13 The Bond Registrar may require payment of a sum
14 suPficient to cover any tax or other governmental charge payable
15 in connection with the transfer or exchange of any Bond and any
16 leqal or unusual costs regarding transfers and lost Bonds.
17 Transfers shall also be subject to reasonable
i8 regulations of the City contained in any agreement with, or
19 notice to, the Bond Registrar, including regulations which permit
20 the Bond Registrar to close its transfer books between record
21 dates and payment dates.
22 13. Riqhts Upon Transfer or Exchanae. Each Bond
23 delivered upon transfer of or in exchange for or in lieu of any
24 other Bond shall carry all the riqhts to interest accrued and
25 unpaid, and to accrue, which were carried by such other Bond.
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
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14. Interest Pavment; Record Date. Interest on any
Global Certificate shall be paid as provided in the first
paragraph thereof, and interest on any Replacement Bond shall be
paid on each Interest Payment Date by check or draft mailed to
the person in whose name the Bond is registered (the "HOlder") on
the registration books of the City maintained by the Bond
Registrar, and in each case at the address appearing thereon at
the close of business on the fifteenth (15th) calendar day
preceding such Interest Payment Date (the "Regular Record Date").
Any such interest not so timely paid shall cease to be payable to
the person who is the Holder thereof as of the Regular Record
Date, and shall be payable to the person who is the Aolder
thereof at the close of business on a date (the "Special Record
Date��) fixed by the Bond Registrar whenever money becomes
available for payment of the defaulted interest. Notice of the
Special Record Date shall be given by the Bond Registrar to the
Holders not less than ten (10) days prior to the Special Record
Date.
254489.2 3 2
qS_lt7
1 15. Holders; Treatment of Recristered Owner; Consent of
2 Holders.
3 (A) For the purQoses of all actions, consents and other
4 matters affecting Holders of the Bonds, other than payments,
5 redemptions, and purchases, the City may (but shall not be
6 obligated to) treat as the Holder of a Bond the beneficial owner
7 of the Bond instead of the person in whose name the Bond is
8 registered. For that purpose, the City may ascertain the
9 identity of the beneficial owner of the Bond by such means as the
10 Bond Registrar in its sole discretion deems appropriate,
11 including but not limited to a certificate from the person in
12 whose name the Bond is registered identifying such beneficial
13 owneT.
14 (B) The City and Bond Registrar may treat the person in
15 whose name any Bond is registered as the owner of such Bond for
16 the purpose of receiving payment of principal of and premium, if
17 any, and interest (subject to the payment provisions in paragraph
18 14 above) on, such Bond and for all other purposes whatsoever
19 whether or not such Bond shall be overdue, and neither the City
20 nor the Bond Registrar shall be affected by notice to the
21 contrary.
22 (C) Any consent, request, direction, approval, objection or
23 other instrument to be siqned and executed by the Holders may be
24 in any number of concurrent writings of similar tenor and must be
25 signed or executed by such Holders in person or by aqent
26 appointed in writing. Proo£ of the execution of any such
27 aonsent, request, direction, approval, objection or other
28 instrument or of the writing appointing any such agent and of the
29 ownership of Bonds, if made in the following manner, shall be
30 sufficient for any of the purposes of this resolution, and shall
31 be conclusive in favor of the City with regard to any action
32 taken by it under such request or other instrument, namely:
33 (1) The faat and date of the execution by any person
34 of any such writing may be proved by the certificate of any
35 officer in any jurisdiction who by law has power to take
36 acknowledgments within such jurisdiction that the person
37 signinq such writing acknowledged before him the execution
38 thereof, or by an affidavit of any witness to such
39 execution.
40 (2) Subject to the provisions of subparagraph (A)
41 above, the fact of the ownership by any person of Bonds and
42 the amounts and numbers of suah Bonds, and the date of the
43 holding of the same, may be proved by reference to the bond
44 register.
284489.2 3 3
q5-t
1 16. Deliverv: Application of Proceeds. The Global
2 Certificates when so prepared and executed shall be delivered by
3 the Director, Department of Finance and Management Services, to
4 the Purchaser upon receipt of the purchase price, and the
5 Purchaser shall not be obliged to see to the proper application
6 thereoP.
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17. F'und and Account. There is hereby created a
special account to be designated the '�Capital Improvement Bonds
of 1995 Account" (the "Account") to be administered and
maintained by the City Treasurer as a bookkeeping account
separate and apart from all other accounts maintained in the
official financial records of the City. There has been
heretofore created and established the General Debt Service Fund
(numbered 960, herein the "Fund"). The Fund and the Account
shall each be maintained in the manner herein specified until all
of the Bonds and the interest thereon have been fully paid.
(i) Account. To the Account there shall be
credited the proceeds of the sale of the Bonds, less
accrued interest received thereon, and less any amount
paid for the Bonds in excess of $12,375,000. From the
Account there shall be paid all costs and e�cpenses of
making the Improvements, including the cost of any
construction contracts heretofore let and all other
costs inourred and to be incurred of the kind
authorized in Minnesota Statutes, Section 475.65
(including interest on the Bonds payable during the
construction period); and the moneys in the Account
shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the
Bonds may also be used to the extent necessary to pay
interest on the Bonds due prior to the anticipated date
of commencement of the collection of taxes levied
herein; and provided further that if upon completion of
the Improvements there shall remain any unexpended
balance in the Account, the balance may be transPerred
by the Council to the fund of any other improvement
instituted pursuant to Laws of Minnesota for 1971,
Chapter 773, as amended, or used for any other purpose
permitted by law, or transferred to the Fund. All
earnings on the Account shall remain in the Account, or
may be transferred to the Fund.
(ii) Fund. There is hereby pledged and there
shall be credited to the Fund, to a special sinking
fund account which is hereby created and established
therein for the payment of the Bonds:
interest received upon delivery of the
funds paid for the Bonds in excess of
284489.2
34
(a) all accrued
Bonds; (b) all
$12,375,000; (c)
q5-1$'1
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2
3
4
5
6
7
8
9
10
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14
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ia
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any collections of all taxes which are herein levied
for the payment of the Bonds and interest thereon as
provided in paragraph 18; (d) all funds remaining in
the Account after completion of the Improvements and
payment of the costs thereof, not so transferred to the
account of another improvement or used for any other
purpose permitted by law; and (e) all investment
earnings on moneys held in said special account in the
F'und .
Said special account created in the Fund shall be used
solely to pay the principal and interest and any premiums for
redemption of the Bonds and any other bonds of the City
heretofore or hereafter issued by the City and made payable from
said special account in the Fund as provided by law, or to pay
any rebate due to the United States. No portion of the proceeds
of the Bonds 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 reasonable temporary period until such proceeds
are needed for the purpose for which the Bonds were issued, and
(2) in addition to the above in an amount not greater than
$100,000. To this effect, any proceeds of the Sonds and any swms
from time to time held in the Account or said special account in
the Fund (or any other City account which will be used to pay
principal or interest to become due on the bonds payable
therefrom) 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 o£ the
applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available
under the federal arbitrage regulations. In addition, the
proceeds of the Bonds and money in the Account or the Fund shall
not be invested in obligations or deposits issued by, guaranteed
by or insured by the United States or any agency or instrumen-
tality thereof if and to the extent that such investment would
cause the Bonds to be "federally guaranteed" within the meaning
of Section 149(b) of the federal Internal Revenue Code of 1986,
as amended (the "Code").
18. Tax Lew; Coverage Test. To provide moneys for
payment of the principal and interest on the Bonds there is
hereby levied upon all of the taxable property in the City a
direct annual ad valorem tax which shall be spread upon the tax
rolls and collected with and as part of other general property
taxes in the City for the years and in the amounts as follows:
284489.2
35
qs-tr�
Year of Tax Year of Tax
Levy Collection Amount
�
1994'
1995
1996
1997
1998
1999
2000
2001
2002
2003
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
$1,296,120
1,741,058
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
1,741,635
1,738,617
1,732,514
1�748,880
1�760,745
1�767,308
1�769�933
1�793�269
*heretofore levied or provided from other available City funds
The tax levies are such that if collected in full they,
together with estimated collections of any other revenues herein
pledged for the payment of the Bonds, will produce at least five
percent (5%) in excess of the amount needed to meet when due the
principal and interest payments on the Bonds. The tax levies
shall be irrepealable so long as any of the Bonds are outstanding
and unpaid, provided that the City reserves the right and power
to reduce the levies in the manner and to the extent permitted by
Minnesota Statutes, Section 475.61, Subdivision 3.
19. General Oblivation Pledae. For the prompt and
full payment of the principal and interest on the Bonds, as the
same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged.
If the balance in the Fund (as defined in paragraph 17 hereof} is
ever insufficient to pay all principal and interest then due on
the Bonds payable therefrom, the deficiency shall be promptly
paid out of any other funds of the City which are available for
such purpose, including the general Pund of the City, and such
other funds may be reimbursed with or without interest from the
Fund when a sufficient balance is available therein.
284489.3
36
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20. Certificate of Registration. The Director,
Department of Finance and Management Services, is hereby directed
to file a certifi.ed copy of this resolution with the officer of
Ramsey County, Minnesota, performing the functions of the county
auditor (the "County Auditor"), together with such other
information as the County Auditor shall require, and to obtain
the County Auditor's certificate that the Bonds have been entered
in the County Auditor's Bond Register, and that the tax levy
required by law has been made.
21. Records and Certificates. The officers of �he
City are hereby authorized and directed to prepare and furnish to
the Purchaser, and to the attorneys approving the legality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other affidavits,
certificates and information as are required to show the facts
relating to the legality and marketability of the Bonds as the
same appear from the books and records under their custody and
control or as otherwise known to them, and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall be deemed representations of the City as to the
facts recited therein.
23 22. Neaative Covenants as to Use of Proceeds and
24 Improvements. The City hereby covenants not to use the proceeds
25 of the Bonds or to use the Improvements, or to cause or permit
26 them to be used, or to enter into any deferred payment arrange-
27 ments for the cost of the Improvements, in such a manner as to
28 cause the Bonds to be "private activity bonds" within the meaning
29 0£ Sections 103 and 141 through 150 of the Code. The City hereby
30 covenants not to use the proceeds of the Bonds in such a manner
31 as to cause the Bonds to be "hedge bonds" within the meaning of
32 Section 149(g) of the Code.
33 23. Tax-Exempt Status of the Bonds; Rebate; Elections.
34 The City shall comply with requirements necessary under the Code
35 to establish and maintain the exclusion from gross income under
36 Section 103 of the Code of the interest on the Bonds, including
37 without limitation requirements relating to temporary periods for
38 investments, limitations on amounts invested at a yield greater
39 than the yield on the Bonds, and the rebate of excess investment
40 earnings to the United States.
41
42 the rebate
43 the Bonds.
The City expects the two-year expenditure exception to
requirements to apply to the construction proceeds of
284489.2 3 7
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If any elections are available now or hereafter with
respect to arbitrage or rebate matters relating to the Bonds, the
Mayor, Clerk, Treasurer and Director, Department of Finance and
Management Services, or any of them, are hereby authorized and
directed to make such elections as they deem necessary,
appropriate or desirable in connection with the Bonds, and all
such elections shall be, and shall be deemed and treated as,
elections of the City,
24. No Designation of Oualified Tax-Exempt
Obligations. The Bonds, together with other obligations issued
by the City in 1995, exceed in amount those which may be
qualified as "qualified tax-exempt obligations" within the
meaning of Section 265(b)(3) of the Code, and hence are not
designated for such purpose.
25. DeAOSitorv Letter Agreement. The Depository
Letter Agreement is hereby approved, and shall be executed on
behalf of the City by the Mayor, Treasurer and Director, Depart-
ment of Finance and Management Services, in substantially the
form approved, with such changes, modifications, additions and
deletions as shall be necessary and appropriate and approved by
the City Attorney. Execution by such officers of the Depository
Letter Agreement shall be conclusive evidence as to the necessity
and propriety of changes and their approval by the City Attorney.
So long as Midwest Securities Trust Company is the Depository or
it or its nominee is the Holder of any Global Certificate, the
City shall comply with the provisions of the Depository Letter
Agreement, as it may be amended or supplemented by the City from
time to time with the agreement or consent of Midwest Securities
Trust Company.
30 26. Neaotiated Sale. The City has retained Springsted
31 Incorporated as an independent financial advisor, and the City
32 has heretofore determined, and hereby determines, to sell the
33 Bonds by private nec3otiation, all as provided by Minnesota
34 Statutes, Section 475.60, Subdivision 2(9).
284489.2 3 8
9.s-/�1
1 27. Severability. If any section, paragraph or
2 provision of this resolution shall be held to be invalid or
3 unenforceable for any reason, the invalidity or unenforceability
4 of such section, paragraph or provision shall not affect any of
5 the remaining provisions of this resolution.
6 28. Headinas. Headings in this resolution are
7 included for convenience of reference only and are not a part
8 hereof, and shall not limit or define the meaning of any
9 provision hereof.
Requestetl by DepartmeM of:
Finance Management 5ervices
Rv . .AX. "`U9---f
Adopted by Council: Date _ � ��� 1�� `�
1
Atloption 'rfied by Council Secretary
By:
�
Approved by Mayor: [�Ite ,
By:
j �/ �� � � ,', I
�! � �
DEPAflTMENT/OFFICE/CqUNpL DATEINRIATED �' � v �
Finance and Management Services 02/21/95 GREEN SHEET N _ � 2 3 7 9�8
INITIAUDATE INfTIAVDA7E
CANTACT PEflSON 8 PHONE � O p�PARTMENT DIRE O CIN CAUNCIL
Martha KEnforoivicz�� � 266=&839 � � ��N O C(TV ATfOflNEY � CITV CLERK
NUYBFA fOH BUOGET OIFiECTOR FIN. & MGT. SEFVICES DIR.
MU BEONCOUNCILAGEtJDABY(DAT� pp�nN� O Q
' ' . ONDEA rI MAYOR (OP ASSISTAN'f� � .
Mazch 1 1995 � ISl
TOTAL # OF SIGNATUHE PAGES (CLIP ALL LOCATIONS FOR SIGNATUR�
qCT10N PEQUESiEO: �
This resolution accepts the wianing proposal and awazds the bonds. This is a competitive bond sale and tbe
avrarc is going tA the bidder found to be the most advantageous (lowest wst)to the Citp. -
RECOMMENDA710NS: Approve (A? or Reiea (R) PERSONAL SERVICE CONTRACTS MUST ANSWER TNE FOLLOWING �UESTIONS:
_ PLANw4NG CAMMYSSION _ CIVIL SERYICE COMMI$$ION �� H35 this perSO�m1 ever worked untler a CorltfaCt for Mis depahrtlent?
X CIB CoMMTEE � YES NO
— 2. Has this person/firm ever been a ciry employee?
= �' — YES NO
_ DISTPIC7 COUR7 _ 3. Does this personfirm possess a skill not normally possessed by a�y current ctty employee?
SUPPOflTS WHICH COUNGL OBJECTIVE? YES NO
Explain all yes answers on seperete sheet and attaeh to graen sheet
INITIATING PROBLEM, ISSUE, OPPORTUNI7V (Who. Whet, When, Where, Why):
These bonds are for the purpose of funding the Capital Improvement Budget for 1995.
$12,500,000 G.O. Capital Imnrovement Bonds ��� n � ��
C U
FOR COUNCIL AGENDA OF MARCH 1� 1995
_ ������ �i ���'.�
ADVANTAGESIFAPPROVED: .
F�nds will be on hand for spring CIS cons[ruction projects.
DISADVANTAGES IF APPROVED:
None
��,��'a��iee 1°'�.`�" a�d'�+�e Qo�
F�� 2 � ��55
�,.w.�.,,� �._ � �..�w �_
DISADVANTAGES IF NOTAPPFiOVEO:
F�nds will not be received in time for construction projects.
TOTALAMOUNTOF7RANSACTION $ 12�500�000 COS7/REVENUEBUDGETED(CIRCLEONE) YES NO
FUNDING SOUNCE ACTIVI7Y NUMBER
FINANCIAL INFORMATION: (EXPLAIN) '
9s-���
EXHIBITS
E�thibit A - Bids
�ts-18"7
85 E.SEVENTH PLACE,SUITE100
SAINTPAUL,MN 55107-2143
612-223-3000 FAX: 612-223-3002
ry
.J
SPRINGSTED
Publtr F=nana Advuors
March 1, 1995
/
Mr. Peter Hames, Director
Department of Financial Management Services
City of Saint Paul
290 City Hall
15 West Kellogg Boulevard
Saint Paul, MN 55102
Re: Recommendations for Award of City of Saint Paul's 1995 General Obiigation Bonding
Program
Dear Mr. Hames:
This letter summarizes the results of the competitive bids opened by you at 10:30 A.M. this
morning for the following issues:
$12,500,000 General Obligation Capital fmprovement Bonds, Series 1995B (CIB Bonds)
$3,110,000 General Obligation Street improvement Speciai Assessment Bonds, Series
1995C (Assessment Bonds)
Tax-Exempt Interest Rate Market
Since November 1994, the tax-exempt interest rate market has trended downward. We have
enclosed as Exhibit I a national index of tax-exempt interest rates, The Bond Buyer's Index
(B81). The BBI reached a recent low point in late 1993 at approximately 5.20°l0, peaking in
November 1994 at 7.06%. Today the BBI has fallen to 6.11% or approximately half-way back
to the recent low point.
As the attached graph indicates, the first quarter always shows a trough, and that is why we
have annually scheduled the City's bond sales during this period.
Sale Results
The City received nine (9) bids on the CIB Bonds and six (6) bids on the Assessment Bonds.
Only twice in the last 25 years (1984-85) has the City received more than nine (9) bids on one
of its issues. Of the nine (9) bids received on the CIB Bonds, seven (7) bids came from
Chicago syndicates, one (1) bid from New York and one (1) bid from Twin Cities syndicates.
Many of the Twin Cities underwriters bid through their Chicago underwriting desks or were
grouped into the Twin Cities syndicate.
The reason for the lower number of bids on the Assessment Bonds is that the reduced principal
amount does not draw the same national interest as the CIB Bonds.
SAftiT PAUL, Yt� MitiNE.4POLiS, Mti BROOKFIELD,wI OVERLAND PARK, KS wASHINGTO�. DC iORA CITY, Id
City of Saint Paul, Minnesota
q s-\8�1
March 1, 1995
Page 2 _
We require bidders to submit their bids on a"True Interest Rate" (TIC) basis, so as to reflect the
present value of their bids and thereby ensure the least cost award for the City. We have
enclosed bid tabulation forms for each issue summarizing the bid specifics and composition of
each underwriting syndicate. The results of the bidding by issue are as follows:
Issue
Lowest TIC Low No. of
Bid Bidder TIC Ranae Bids
$12,500,000 Cf6 Issue 5.148305% Fidelity 5.14% - 5.34% 9
$3,110,000 Assessment Issue 5.290998% Fidelity 529% - 5.46% 6
The principal reason for the difference in the low bid interest rates between the issues reflects
the varying length of repayment terms of each of the issues: longer repayment terms have
higherinterest rates.
Recommendation
We recommend award of each issue to Fidelity Capital Markets. This recommendation is
based on the very favorable sale results as compared to other jurisdictions recently completing
their sales. Enclosed as Exhibit Il is a comparison of the City's C1B Bonds with five (5) other
recent bond sales, inciuding last week's Saint Paul School District bond saie. At ail maturities
the City has received equal or lower interest rates.
We have also compared this sale with a national daily interest rate index, Delphis Hanover.
This comparison shows the City receiving bids at or better than a"Aaa"-rated security. This
resuit is consistent with the City's historical performance against the Delphis.
Credit Rating
We wish to reaffirm our comme�ts in last week's letter on Midway Marketplace regarding the
City's three credit ratings. The City received three ratings of "Aa/AA+/qq+�� from Moody's
Investors Service, Standard & Poor's and �itch Investors Service, respectively. These ratings
demonstrate the City's excellent standing with the rating agencies. We would be pleased to
discuss the contents of their written reports which you have received previously.
We are again appreciative of the opportunity to be of service to the City. We welcome any
questions or comments on this report.
Respecffully,
, �
� �`��_t�.,
-/``'``_ ' -'=``I
David N. MacGillivray
Principai
Director of Project Management
rlw
Enclosures
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SSE.SEVENTH PLACE,SUI7E100
i SAINT PAUL, MN 55101-2143
j ;f
612-223-3000 FAX:612-223-3002
�(5-1�7
SPRINGSTED
Publs Finante Admsan
/ I
$72,500,000
CITY OF SAtNT PAU�, MlNNESOTA
GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 19956
AWARD:
SALE:
FIDELITY CAPITAL MARKETS
March 1, 7995
Moody's Rating: Aa
Standard & Poor's Rating: AA+
Fitch Rating: AA+
Interest Netinterest True Interest
Bidder Rates Price Cost Rate
FIDELITY CAPITAL MARKETS
FIRST CHICAGO CAPITAL MARKETS INC.
KEMPER SECURITIES, INC.
State Street Bank & Trust
4.20% 1996
4.60% 1997
4.70% 1998
4.75% 1999
4.85% 2000
4.90°l0 2001
5.00% 2002-2003
5.10% 2004-2005
4.50% 1996
4.7Q% 1997
4.80% 1998
4.90% 1999
5.00% 2000
5.05% 2001
5.10% 2002
5.15% 2003-2005
4.40% 1996
4.70% 1997
5.00% 1998-2000
5.05% 2001
5.10% 2002
5.20% 2003-2004
5.25% 2005
$12,383,090.00 $3,893,172.50 5.1483%
$12,435,153.00 $3,918,459.50 5.1690%
$12,456,414.50 $3,936,935.50 5.1869%
(Continued)
SAItiT PAUL, �tV MINNEAPOLIS, MN BROOKFIELD, WI OVERLAND PARK, KS NpSHINGTON, DC IOWA CITY, IA
Interest Net Interest True Interest �
8idder Rates Price Cost Rate �
FBS INVESTMENT SERViCES, INC.
NORWEST INVESTMENT SERVICES, INC.
PIPER JAFFRAY INC. -
DAIN BOSWORTH INCORPORATED
Juran & Moody,incorporated
John G. Kinnard & Company Incorporated
Miller & Schroeder Financial, Inc.
Firstar 8ank Milwaukee, N.A.
Principal Financial Securities Inc.
ABN AMRO SECURITIES
OPPENHEIMER & CO., INC.
William Blai� & Company
Gabriele, Hueglin 8� Cashman, Division of
Tucker Anthony tncorporated
HUTCHINSON, SHOCKEY, ERLEY
& COMPANY
Alex. Brown & Sons, Incorporated
Mesirow Financial Inc.
Raffensperger, Hughes 8 Co., Inc.
RAYMOND JAMES & ASSOCIATES
NIKE SECURITIES
GRIFFIN, KUBIK, STEPHENS &
THOMPSON, INC.
Josephthal, Lyon 8 Ross, Inc.
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED
PRUDENTIAL SECURITIES, INC.
BEAR, STEARNS 8 CO., INC.
Robert W. Baird & Company, (ncorporated
Isaak Bond Investrnents, Inc.
Northem Trust Securities, lnc.
Peterson Financiat Corporation
MERRILL �YNCH & CO.
4.50%
4.65%
4.75%
4.90%
5.00%
5.05%
5.10%
5.15%
4.35%
4.70%
4.80%
4.90%
5.00%
5.10%
520%
4.35%
4.70%
4.80%
4.90%
5.00%
5.109'0
4.35%
4.70%
4.80%
4.90%
5.00%
5.10%
5.20%
525%
4.35%
4.70%
4.80°/a
4.90%
5.00%
5.10%
5.125%
5.i5%
5.20%
4.60%
4.80%
4.90%
5.00%
5.10%
5.125%
5.20%
525°!0
5.30%
1996
1997
1998
1999
2000-2002
2003
2004
2005
1996
1997
1998
1999
2000-2001
2002-2003
2004-2005
1996
1997
1998
1998
2000
2001-2005
1996
1997
1998
1999
2000-2001
2002-2003
2004
2005
1996
1997
1998
1999'
2000
2001-2002
2003
20Q4
2005
1996
1997
1998
1999-2000
ZOOi
2002
2003
2004
2005
$12,392,000.00
$12,400,215.00
$3,926,862.50
$3,957,747.50
$12,383,250.00 $3,952,537.50
$12,394,054.75 $3,972,032.75
$12,375,000.00 $3,986,800.00
$12,375,000.00 $4,039,668.75
5.1921 %
5.2294%
52297°/a
5.2493%
5.2756%
5.3450%
(Continued)
�S _ �x7
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yield
420%
4.60%
4.70%
4.75%
4.85%
4.90%
5.00%
5.00%
5.10%
5.10%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Par
4.65%
4.80%
4.90%
4.95%
5.00%
5.05%
5.10%
52D%
5.25%
BBI: 6.11%
Average Maturity: 6.08 Years
%
SSE.SEVENTH PLACE,SUITE100
SAINT PAUL, MN 55101-2143
612-223-3000 FAX:612-223-3002
SPRINGSTED
Public Finance Admsars
�
$3,110,000
CITY OF SAINT PAUL, MINNESOTA
GENERAI OBLIGATION STREET IMPROVEMENT SPECIAL ASSESSMENT BONDS
SERIES 1995C
AWARD:
SALE:
March 1, 1995
��-i��
Moody's Rating; Aa
Standard 8� Poor's Rating: AA+
Fitch Rating.: AA+
lnterest Net Interest Tr�e Interest
Bidder Rates Price Cost Rate
FIDELITY CAPITAL MARKETS
FBS INVESTMENT SERVICES, iNC.
NORWEST INVESTMENT SERVICES, INC.
PIPER JAFFRAY INC.
DAIN BOSWORTH INCORPORATED
Juran & Moody, Incorporated
John G. Kinnard & Company Incorporated
Milier & Schroeder Financial, inc.
Firstar Bank Miiwaukee, N.A.
Principal Financial Securities Inc.
FIDELITY CAPITAL MARKETS
4.20%
4.60°l0
4.70%
4.75%
4.85°l0
4.90°/a
5.00%
5.10%
525°!0
5.30%
4.50°l0
4.65%
4.75%
4.90%
5.00%
5.05%
5.10%
5.15%
5.20%
5.30%
1996
1997
1998
1999
2000
2001
2002-2003
2004-2005
2006
2007
1996
1997
1998
1999
2000-2002
2003
2004
2005
2006
2007
$3,083,455.10 $1,120,689.90
$3,081,481.30 $1,128,261.20
5.2909%
5.3343°l0
(Conhnued)
SAItiT PAUL, MN MINNEAPOLLS, Mti BROOKFIELD, W[ OVERLAICD PARK, KS WASHlNGTON, DC IOWA CITY, I4
Interest Netinterest TrueinteresY
Bidder Rates Price Cost Rate
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED -
PRUDENTIAL SECURITIES, INC.
BEAR, STEARNS 8 CO., WC.
Robert W. Baird & Company, Incorporated
Isaak Bond Investments, Inc.
Northem Trust Securities, Inc.
Peferson Financiai Corporation
4.40%
4.70%
4.80%
4.90%
5.00%
5.10%
5.15%
5.20%
5.20%
5.35%
1996
1997
1998
1999
2000
200'!
2002
2003-2004
2005
2006-2007
$3,078,900.00 $1,144,037.50
5.4113%
ABN AMRO SECURITIES
OPPENHEfMER & CO., INC.
William Blair & Company
Gabriele, Hueglin & Cashman, Division of
Tucker Anthonylncorporated
HUTCHINSON, SHOCKEY, ERLEY
& COMPANY
Alex. Brown & Sons, Incorporated
Mesirow Financial inc.
Raifensperger, Hughes 8 Co., Inc.
MERRILL LYNCH 8� CO.
4.50% 1996
4.70% 1997
4.80% 1998
4.90°/u 1999
5.00%
5.10%
5.20%
525%
5.375%
5.40%
4.50%
4.70%
4.80%
4.90%
5.00%
5.10%
5.20%
525%
5.30%
5.40%
4.60%
4.80%
4.90%
5.00%
5.10%
5.125%
520%
525%
5.30%
5.375%
5.40%
$3,078,900.30 $1,149,587.20
5.4363%
2000-2001
2002-2003
2004
2005
2006
2007
'l996
1997
1998
1999
2000
2001-2002
2003
2004
2005
2006-2007
$3,078,900.00 $1,152,592.50
5.4519 %
1996
1997
'l998
1999-2000
2001
2002
2003
2004
2005
2006
2007
$3,078,900.00 $1,154,486.25
5.4621 %
(Continued)
qS-tP7
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
�
4.20%
4.60°!0
4.70%
4.75%
4.85%
4.90%
5.00%
S.DO%
5.10%
5.10%
525%
5.30%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Par
4.65°!0
4.80%
4.90%
4.95%
5.�0°/a
5.05%
5.10%
520%
5.25%
5.30%
5.35°fo
BBI: 6.11%
Average Maturity: 6.83 Years