95-660(�RIG���!
,
Presented by
Referred To
RESOLUTiON
CITY OF SA{NT PAUL, MiNNESOTA
Council File # "/ �-GG �
Green Sheet # aZ9� �i l
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C,
CommitteeDate �ol�
1 WHIItEAS, the financiai undenvrit'sng firm of Dougherty, Dawkins, Strand & Bigelow, Incorporated has determined
2 in the financiat analysis dated July 12, 1494, attached as Exhibit that a Structured Investment Progsaua for the City
3 of St. Paul's Sewer Revenue Bonds, Series 1988A and Sewer Revenue Refunding Bonds, Series 1993 may be of
4 financial benefit to the City of St. Paul; and
5 WE�REAS, it is estimated that a Structured Investment Program for the City of St. Paul could attain a guaranteed
6 urvestment yield on future debt service fund balances of approximately 5.75% based upon current market conditions
7 and that this return is higher then yields currently available to the City for its short term inveshnents; and
8 WHEREAS, a Structured Imestrnent Program for the City of St. Paul would allow payment of all future debt service
9 fund earnings, estimated at approximately $1,253,000 as of 3uly 12, 1994 that could be paid to the City immediately;
10 and
11 WHEREAS, this approximately $1,263,000 immediate cash payment to the City could be used to reduce the debt
12 service on outstanding sewer revenue bonds thus aifowing the City to reduce its sewer service rates over a period
13 of time, such as a$100,000 reduction per year for 12 years or $200,000 reduction per year for 6 years; and
14 WHEREAS, this approximately $1,263,000 could also be used, in whole or in part, to fund appropriate capital
15 expenditures; and
16 WHEREAS, this Structured Investment Program for the City of St. Paul wouid attain approximately $1,263,000
17 benefit to the City under eacisting bond documents without affecting the security of the honds and without any
1 financiai risk to the City. 9S—�G �
2 NOW, THEREFORE, BE TT RESOLVED, that the City Council of the City of St. Pau1 hereby requests the
3 appropriate city staffto negotiate with the underwriting fum of Dougherty, Dawkins, Suand & Bigelow, Inc. to
4 develop and 'unplement such a Structured Investmern Program for the City of St. Paul if such a program can produce
5 at least a$750,000 immediate cash benefit to the City without affecting the security of outstanding bonds and without
6 any financial risk to the City; and
7 BE TT FCTRTHER RESOLVID, that if such a Structured Investment Program can produce at least a$750,000 cash
8 benefit to the City under an updated financial analysis similar to the one attached as Eachibii then city staff should
9 prepare the appropriate resolutions and documents for consideration by the City CounciI to impiement such a
10 Stivctured Invesfinent Program by July i, 1995.
Requested by Department of:
�
Form Approved by City Attomey
�
Adoption Certified by,�uncil �etary/ _ �+ � Approved by Mayor for Submission w Council
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By: By:
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Approved by Maypr: � , �
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Adopted by Council: Date
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DEPARTMENTI(YrPICE/CAUNCiI DATE 1NRfATED N� 2 9161
c� Council 6-13-95 GREEN SHEE
INITIAVDATE INRIAL/DATE
CANTACT PERSON & PHONE � DEPARTMENT DIRECTOR � CIIY COUNCIL
(`,p�Cj�(� � � A�K+N � CRYATTORNEY � CITY CLERK
MUS7 BE ON COUNCIL ACaENDA BY (DAT� NUYBEB FOB a BUDGET DIRECTOR � FIN. & MGT. SEflVICES DIq.
ROIJfING
q i � ORDER � MpyOR (OR ASSISTANn �
O( �
TO L# OF SIGNATURE PAGES (CLIP ALL LOCATIONS FOR SIGNATURE)
ACTION REQUESTEO: .
Approval of resolu[ion to �termine if a st[ucbaed'mvesiment progra� for ihe City of SL Paul is finanoially pnulent.
RECAMMENDqnoNS: Approve (A) o� Raject (R) PERSONAL SERVICE CON7RACT5 MUST ANSW ER THE FOLLOWING �UESTIONS:
_ PLANNING COMMISSION _ CIVIL SEflVICE COMMISSION 1. Has tnis person�rm ever worketl under a contract for this department?
_ CIB COMMITTEE _ YES NO
_ STqvF 2. Has this personffirm ever been a city employee?
— YES NO
_ oISTRiCiCOURT _ 3. Does this person/firm possess a skill not normally possessetl by any current city employee?
SUPPORTS WHIGH COUNCIL OBJECTIVE? YES NO
Expfafn all yes answars on separate sheet antl attach to green shaet
fN1TIATING PROBLEM, ISSUE, OPPORTUNITY (W�o, What, When. YJhe�e, Why):
Opportunity to yield a lilgher rate of retum on City's short term inves�ents.
ADVANTAGESIFAPPROVE�'
Deteimination can be made to examine structured investment program.
DISADVANTAGES IF APPROVE��
None
OISAOVANiAGES IF NOTAPPRQVE�:
Lost opporlunity to detem�ine if rate of retum could be lugher or more stabilizecl nnder the s[ruchtred investment program.
TOTAL AMOUNT OFTRANSACTION $ COS7/REVENUE BUDGETED (CIqCLE ONE) YES NO
FUNDIIdG SOURCE AC71VI7V NUMBER
FINANCIAL INFORMATIOM (EXPLAIN) �
9s �Go
�
EXHIBIT A
CIT`i� OF ST. PAUL
STRUCTURED INVESTMENT PROGRAM
Sewer Revenue Bonds, Series 1988A
Juiy 12, 1994
Sewer Revenue Refunding Bonds, Series 1993
Dougherty, Dawkins, Strand & Bigelow Inc.
1
.,
9�=G�a
SITII�IlVIARY OF PROGRAM RESULTS
Tab Par Amo�t of Bonds Advana Paym� af Advsnee Paymmt oi
Affeded Ettdc� to Ma�ilg Esraings W Csl3
Sewer Rc►eane i 514,008.750 St95.000 5495,000
Saia 1988A
Sewcr Revmue 2 552,720,000 5768,000 5430.000
Saia 1993 ' •
Tdai :. S66,728,750 52,263.000 . e 5925,000
Doughem lw�ktns
-�/' S_GGr�
CITY OF ST. PAUL
STRUCTURED INVESTMENT PROGRAM
Sewer Revenue Bond.�, Series 1988A
Sewer Revenue Itefunding Bonds, Series 1993
July 12, 1994 Dougherty, Dawkins, Strand & Bigelow Inc.
9�G�d
DOUGHERTY DAWKINS
Suly !2, 1944
Ms. Shiriey Davis
Treasurcr
City of SL Paul
IS Wat Kellogg Boulevazd
St. Paul, Minnesota 55102
RE: Dougherty Dawkins' Structured Investmrnt Program
Dear Ms. Davis:
Dougherty Dawkins haz been the regional leader in imptementing
municipal clienu by pioneering the use of Guarantad Investmrnt
Agreemenu, Forwazd Supply Contracu, Float Fund Contracu and
developed a Structured Investment Program (SIP) to greaziy enhac
aze frequently featured in municipa[ revenue bond issues. This p:
SIP proposal dated Mazch 14, 1994.
innevazive ceinvesm2ent progams for iu
Contraccs, Coilateraliud Repurchase
others. Continuing in this tr-adition, we have
ce the inveshnent of debt urviee fvnds which
>posal is intended io supplemeat our previous
We have found thaz SIP may be appropriue for the City of St. Pau1's Series 1988A and Series 1993 Sewer
Revrnue Bonds. Based upon our preliminazy calculations, we believe the Progam can provide to the City the
following significant benefits:
`�
3.
Attains a guaranteed investment yie(d on future debt service fund batances of approximately 5.75%
based upon cucrent mazket conditions. This rehun is significantly higher than yields currently
avaitable in short term invesunenu.
Aliows payment of ali future debt service fund earnings, estimazed at approximately $1,260,000, to
you immediateiv at your option making these funds available to you for any other purpose.
Attains these benefiu under ezisting bond documenu without effecting the security of the bonds and
without exposing you to any risk. �
Tab A of this proposat presenu a brief summary of SIP while Tab B expands upon the implementation of the
Progrnm. The remainder af the proposai displays the results of our preliminary caiculations for these two bond
issues,
Since recent increases in intaest rates have made the Program even more aitractive, we aze prepazed to proceed
immediately. The preliminary work necessary to unplement this program for the Ciry has been completed. Upon
your direction, we will solicit competirive bids for the Program, review and fmalixe the operative documrnu and
close the transaction within two weeks of your direction to proceed.
v�y m��y yo,us,
w�c� c. r��5
Senior Vice President
RSK: WCP:cm
cc: Paula Whcelock
Russell S. King
Vice Presidrnt
DOCGHER7Y, DAk'IiIVS. STRANDeBIGE[AW INCORPORA7'ED
90 SOUTH SEVE�TFi Si'REET, SU[TH 4300
'..11MvE�1POUS. �1IN\EStITA55402-1114
61L376•d000
��ENBERSIPG\ASD
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TABLE OF CONTENTS
�
Letter of Transmittal
s� af sc��c� �v���t rro�
n
Implementation of Structured Investment Program B
Estimate of Program Advance Payments
Pzogram Cash Fiow Scheduies
St. Paul, Minnesota
Sewer Revenue Bonds, Series 1988A
C
G
St. Paul, Minnesota 2
Sewer Revenue Refunding Bonds, Series 1993
Dougherty Dawkins
�'s��d
SUll�Il1�IARY OF STRUCTURED
INVESTMENT PROGRAM
Debt Service Fund Structured Investment Pro�ram
Dougherty, Dawkins, Strand & Bigelow Inc. has developed a Structured Investment
Program for debt service funds which realius for municipal bond issuers she foilowing
significant benefits:
I. Guazantea an investment return of 5.75% on aii furure debt service
fund batances. This yield is significanfly higher than yields attainable
in the current short term market.
/ 2./ Allows the Issuez, az iu option, to receive all future debt service fund
V earniags immediarelv making funds available for any other purpose at
its sole discretioa.
3. Accomplishes this under eusting bond documents without affecting the
securiry of the bonds and without exposing the issuer to any risk.
Possible Use of Pro¢ram Proceeds
The up-front payment received through the Program caa be used for vimially
any pucpose the issuer chooses including the following:
• Fund capital expenditures.
• Provide working capital.
• Ptofit from Snvestments in higher yielding securities.
• Pay down debt.
Descrintion of the Proeram
Many municipal revenue bond issua feature a debt service fund which
accumulates interest and principal payments prior to their disbursement eo th�
bond holders. Since these fund flows are perceived u baing insignificanc to a
lazge bond issue, they aze ofren ignored as a source of investment incame.
However, through the Suuctured invesunent Program, municipal bond issuers
now have the opportuniry to eam significant rerurns on these funds; and to have
these earnings paid in advance.
Dougherty Dawkins
9.�-��o
SIJMMARY OF STRUCTURED
INVESTMENT PROGRAM
The Program makes thcse Ligher yieids attainable through the use of a forwazd
supply contraet for the purchue of U.S. Treasury securities with furure debt
service fund balances. The forxazd suppiy contrut is an agreement between the
issuer and the fonvard supply provider (typicaIly a large commercial or
investment bank). The provider agrees to supply treasuty securities to the issuer
in the future for use as debt urvice fund iavestmenu. In renun for tlus supply
commitment, the Issuer insuvcts the bond tivsta to purchase treasury securities
from the provider with atl future balances held in the debc service fund.
If the Issuer chooses a guaranteed future retum, these securities will be
purchued by the Trusta at a price reflecting the guazanteed rate. lf the Issaer
takes the advance payment, this price wiil reflect a 0% yield meaning that tbe
provider will receive all of the future eaznings on these fimds. In retum for the
advance payment, the provider will pay to the Issuer a payment representing the
present value of atl of the futtue interest earaings which the provider wi11 collect
under the contract. All securities guichased under the contract wi11 be held by
Ihe trustee ro their mamrity.
By the terms of the contract, the treasury securities supplied by the provider
must mature prior ro the date on which the funds aze needed to pay debt service
oa the bonds. In addition, since the secutities are "delivered versus paymen�",
the bond trustee is aiways in possession of ei2her cash or treasury securities.
Finally, since the issuer receives a12 of iu eaznings in advance, failure of �he
provider to provide treasuries in the furure utual2y works to the benefrt of che
issuer. This is because the issuer will still have iu cash batances allowing it eo
effectively double eam on these investments.
1
Proetam Considetations
Issuer's credit mting. Since the provider is relying upon tbese fucure
funds flows to achieve a retum on its investment, it is essential that ibe
issuer have a strong credit rating. Typically, providers require chat �he
issuez have a long term credit rating of az least "A"
CerYainry of cash,/low timing. The certainty with which the provider
can predict [hese funue casL flows has a direct impact on rhe amounc
of the advance payment that the issuer receives. Foz this reazoo. �� u
Dorcgherry Dawkins
qs-Gbd
SI;fPvIMARY OF STRUCTURED
INVE5TMENT PR4GRAM
essential that the bond documents provide for predictable deposits to the
debt service fund.
Arbitrage rebatt regr�lations. For public puipose bonds, arbitnge
rebaze regulations do not apply to "bona fide debt service funds".
Therefore, the money paid to 1he issuer by the forwazd supply contract
provider raises no concerns with regazd to arbitrage rebaze and the
issuer may apply these funds to any use it choosa.
No risk to issuer. Tf�e Frogram poses no risk to the issuer because the
issuer has collected all of its eaznings in advance. The only xemaining
obligation of the provider is to deliver the securities in the future. If
the provider fails to make this deIivery, the tnutce is free to invest the
cazh balances until delSvery is made. AII interest earnings which
accrue during this time are rerurned to the issuer allowing it to "doubFe
up" its investment eaznings on these fuads.
No risk to bondhotders. This Program dces not effect tfis czedit racing
of the bond issue nor does it pose any risk to the 6ondhotders. This is
because the trustee always holds eitLer cash or U.S. Treasury Securities
in the debt service fund, both of which aze permitted investments under
tLe bond documenu.
No effect on mfunding. Utilizing this Program dces not inhibit che
issuer's ability to refund the bonds as long u the refunding bond issue
atso utilizes che Program.
Increarer in shori term interest rates. The Program currendy provides
interest rates which aze more than 1.00% above those available in other
short term investmeats. Maintaininginvestments at ihese re2atively low
current rates expecting short term rates to rise is unlilcely to achieve
better results. This is because interest rates will have to increase by
more than this 1.00% mazgin in order to compensuc the issuez for the
immrdiate yietd advantage it gains through the Program.
Doaghe�sy Dawkins
g� �� v
IlYIPLEMENTATION OF SIP
In addiaon to the high guarantced investment rate and the option to receive an immediate
payment of all furure debt service fund carnings, the i�vestmeat mecLanism utilized by
SIP provides tbrce additional advantages to the Issuer:
1) �im;nar�� �t risk since the Ttustee always holds either cash or U.S.
Treasury securities.
2) Reduces rhe administrative burden on the Txustee Dy eliminating invr.stment
decisions and simplifying securities delivery.
3) Rednces administrative burden to the Issuer by elimiaating investmeat
management duties.
These benefits are obtainable due to the inherent simplicity of the SIP Contract itself as
well as [he process by which the securities az� delivered.
The SIP Contract
1'he SIP contract (the "Contract) is a brief, standardized agreement wfiich accomplishes
the following objectives:
1) Reiterates the Ciry's existing obligation to make monthly deposiu to the Debt
Service Fund from the applicable revenue sueam. This is identical to cl�e
provisions of ezisting financing documenu.
2) D'uecu the Trustee to buy U.S. Tzeasury securities from the Provider with chese
invesied funds.
3} Seu forth procedures by which the Provider will deliver the appropriace
securities to tho Trusta.
The Deliverv of Investments
TS�e mechaaism by which the Pmvider and the Trustee impiement SIP makes it a risk
frx transaction.
i} The Issuez continues to make the monthly debt serrice fund deposits eo che
Trvstee as requ'ucd by the originai bond documeacs.
Dougherty Dawkina
9s �G �
IlViPLEMENTATION OF SIP
2) On ihe day before these monthiy dtposiu aze due to the Trvstee, the Provider
wi11 deliver ta the Trustee notice of an upcoming delivery of U.S. Treuury
securities wluch will have a ptu+chase price equal to, or less than, the monthly
deposit. This security will have a maruriry da[e no laza than the date thaz the
funds will be needed to make a debt service payment. In addition, the securities
will have a purchase pricc that zesulu in a yieid to maturity thu is no less than
the guarantced yield (and, if the Issuer takes the advance payment, a yieid equal
to 0%). This delivery notice will be identical to other "Trade Confismations"
which the Tzustee receiva whenever it purchases a U.S. Treasury securiry from
any other source.
3) On the day that the deposit is due to the Trustee, the Provider wilI deliver the
U.S. Treazury security to the Trustee. The security wil( be "delivered versus
payment" meaning that the Trustee receives the securities before i[ pays for
them. Then, only after verifying thaz the secuzities match the needs of the
Issuer, the Truscce transmits the purchase price to the Provider. Because of
this, the Tcuscee is always in gossession of either cash or securities.
4) On or prior to the bond payment dates, the U.S. Treasury securities mature in
the hands of the Trvstee providing funds necessary w pay debt service.
Dougherry Dawkins
9s �� �
SI�vIlVI.ARY OF PROGRAM RESULTS
Tab- Par Amount of Bonds Advance Payment of Advaccce Payment of
Affected Earn{ngs to MaturiEy Eamings to Call
Sewer Revenue 1 $14,008,750 $495,Q00 $495,OQ0
Series 198SA
Sewer Reveaue 2 $52,720,000 $768,000 $430,000
Series 1993
Tota!' 566,728,950 51,263,000 $925,000
Dougheny Dawkins
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DOUGEiERTY, DAWKINS, STI2AI�D & BIGELO�'V INCORPORATED
90 SOL3TH SEVENTFI STREET, SUITE 4300
MINNEAPOLIS, MINNESOTA 55402-4114
612/376-4060
699 WALNUT STREET, SUITE I700
DES MOINES, IOWA 50309
515/246-2050
1401 SEVENTEENTH STREET, SUIT'E 1300
DENVER, COLORADO 80202
303/292-5900
200 NORTH PHILLIPS, SUITE 203
SSOUX FALLS, SOIl`fH DAKOTA 57102-0316
605/339-9800
ONE L3TAH CENT£R
201 SOUTH MP.I23, SUIT£ 1475
SALT LAKE CiTY, UTAH 8411 ]
$O1l350-4100
120 AIORTH LASALLE SIREET, SUITE 111�
CHICAGO, ILLINOIS 60602
(312}658-1100
3�5� NORTH HORSESHOE DRNE, SUITE 140
AIAPLES, FLORII?A 33942
813/263-8539
M��I:��1:7
Secwities Investor Protection Corporation
Public Securities Association
National Association of Securities Dealers
�fS-��°
City of Saint Paul
Office of the City Council
310 City Hall
Saint Paul, MN 55102
(612) 266-8560
INTERDEPARTMENTAL MEMORANDUM
DATE: June 23. 1995
TO: Councilmember Janice Rettman
FROM: Nancy Anderson
SUBJECT: Counci{ Fife Referred to Finance and Budget Committee.
The attached Council File was referred to the Finance and Budget Committee at the
June 21, 1995, City Council Meeting:
C.F. 95-660 - Determ+ning i4 a structured investment program for the City of St.
Paul is financially prudent.
NA
Attachment: 1 Council File
cc: Pattie Kelley