96-256�'`�'`'�'_�'� r
;r� ; -, �'. i
.,.� z . t . , i „ ,``.'. ..._
Council Fiie # � � � °� S�
Green Sheet # ��D�.
AUL, MINNESOTA
Preserrted By
Referred To
a�
Committee: Date
1
2
3
4
5
ACCEPTING PROPOSAL ON SALE OF
$14,500,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT
BONDS, SERIES 1996A,
PROVIDING FOR THEIR ISSUANCE, AND LEVYING
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 $14,500,000 General Obligation Capital Improvement Bonds,
9 Series 1996A (the "Bonds"), of the City of Saint Paul, Minnesota
10 (the "City"); and
li 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 f $ervices, has advised this Council that the proposal
17 of �E/���// L,�//�G�'t q-GO. was found to be the most
18 advantageous a d has recommended that said proposal be accepted;
19 and
20 WHEREAS, 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
qc.-as�.
�
2
3
4
5
9
10
11
12
13
14
15
16
17
18
19
20
WHEREAS, the City has heretofore issued registered
obligations in certificated Eorm, 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 wi11 result from 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 System") registers
transfers of ownership interests in the bonds by making
computerized book entries on its own books and distributes
gayments on the bonds to its Participants shown on its books as
the owners of 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, The Depository Trust Company, a limited
26 purpose trust company organized under the laws of the State of
27 New York, 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 of representations (the
31 "Letter of Representations") setting forth various matters
32 relating to the Depository and its role with respect to the
33 Bonds; and
34
35
36
37
38
39
40
41
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 single 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
42 WHEREAS, the City will be able to replace the
43 Depository or under certain circumstances to abandon the "global
44 book-entry form" by permitting the Global Certificates to be
45 exchanged for smaller denominations typical of ordinary bonds
314185.2 2
96-aS6
�
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
registered on the City's bond register; and "Replacement Bonds"
means the certificates representing the Bonds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and
WHEREAS, "Holder" as used herein means the person in
whose name a Bond is registered on the registration books of the
City maintained by the City Treasurer or a successor registrar
appointed as provided in paragraph 8(the "BOnd Registrar"); and
WHEREAS, Rule 15c2-12 of the Securities and Exchange
Commission prohibits "participating underwriters" from purchasing
or selling the Bonds unless the City undertakes to provide
certain continuing disclosure with respect to the Bonds; and
WHEREAS, pursuant to Minnesota Statutes, Section
475.60, Subdivision 2(9), public sale requirements do not apply
to the Bonds if the City retains an independent financial advisor
and determines to sell the Bonds by private negotiation, and the
City has instead authorized a competitive sale without
publication of notice thereof as a form of private negotiation;
and
20 WHEREAS, proposals for
21 Springsted Incorporated pursuant
22 Terms of Proposal therein:
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
the Bonds have been solicited by
to an Official Statement and
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. AcCeptance of Proposal. The proposal of Merrill
Lynch & Co. (the "Purchaser") to purchase $14,500,000 General
Obligation Capital Improvement Bonds, Series 1996A, of the City
(the "Bonds", or individually a"BOnd"), in accordance with the
Tenns of Proposal for the bond sale, at the rates of interest set
forth hereinafter, and to pay for the Bonds the sum of
$14,358,855.55, 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 her designee, is directed to retain the
deposit of the Purchaser and to forthwiCh return to the others
making proposals their good faith checks or drafts.
38 2. Title; Original Issue Date: Denominations:
39 Maturities. The Bonds shall be titled "General Obligation
40 Capital Improvement Bonds, Series 1996A", shall be dated April 1,
41 1996, as the date of original issue and shall be issued forthwith
42 on or after such date as fully registered bonds. The Bonds shall
43 be numbered from R-1 upward. Global Certificates shall each be
44 in the denomination of the entire principal amount maturing on a
45 single date, or, if a portion of said principal amount is
46 prepaid, said principal amount less the prepayment. Replacement
314185.3 3
q ����
9
10
Bonds, if issued as provided in paragraph 6, shall be in the
denomination of $5,000 each or in any integral multiple thereof
o£ a single maturity. The Bonds shall mature on March 1 in the
years and amounts as follows:
Year Amount Year Amount
1997 $1,215,000
1998 1,225,000
1999 1,250,000
2000 1,665,000
2001 1,375,000
11 3. Purgose. The Bonds shall provide funds for the
12 construction of various capital improvements (the "Improvements")
13 in the City. The proceeds of the Bonds shall be deposited and
14 used as provided in paragraph 17, for the purpose described by
15 Laws of Minnesota for 1971, Chapter 773, as amended, and any
16 excess moneys shall be devoted to any other purpose permitted by
17 law. The total cost of the Improvements, which shall include all
18 costs enumerated in Minnesota Statutes, Section 475.65, is
19 estimated to be at least equal to the amount of the Bonds. Work
20 on the Improvements shall proceed with due diligence to
21 completion.
22 4. Interest. The Bonds shall bear interest payable
23 semiannually on March 1 and September 1 of each year (each, an
24 "Interest Payment Date"}, commencing September 1, 1996,
25 calculated on the basis of a 360-day year of twelve 30-day
26 months, at the respective rates per annum set forth opposite the
27 maturity years as follows:
G�z7
29
30
31
32
33
Maturity Year
1997
1998
1999
2000
2001
Interest Rate
Maturitv Year Interest Rate
34
35
36
37
38
39
40
41
42
43
44
45
46
4.00Oo
4.000
4.200
4.375
4.400
2002 $1,425,000
2003 1,500,000
2004 1,550,000
2005 1,625,000
2006 1,670,000
2002 4.500%
2003 4.600
2004 4.700
2005 4.800
2006 4.900
5. Description of the Global Certificates and Global
Book-Entry Svstem. Upon their original issuance the Bonds will
be issued in the form of a single Global Certificate for each
maturity, deposited with the Depository 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, beneficial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certificates
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
314785.3
�c.•�.s�
2
3
4
5
6
7
�
il
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
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
Bond Registrar as paying agent, and in turn by the Bond Registrar
to the Depositoiy or its nominee as registered owner of the
Global Certificates, and the Depository according to the laws and
rules governing it will receive and forward payments on behalf of
the beneficial owners of the Global Certificates.
Payment of principal of, premium, if any, and interest on a
Global Certificate may in the City's discretion be made by such
other method of transferring funds as may be requested by the
Holder of a Global Certificate.
6. Immobilization of Global Certificates by the
Depository; Successor Depository; Replacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Texms of Proposal, immediately upon the original
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 will 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,
374755.2
°I(. - �5�
1
2
3
4
5
6
7
10
(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
its depository services or (b) a determination by the City
that the Depository is no longer able to carxy out its
functions, provided that any substitute depository must be
qualified to act as such, as provided in clause (ii) of this
subparagraph, or
(iv) To those persons to whom transfer is requested
in written transfer instructions in the event that:
11 (a) the Depository shall resign or discontinue
12 its services for the Bonds and the City is unable to
13 locate a substitute depository within two (2) months
14 following the resignation or determination of non-
15 eligibility, or
16 (b) upon a determination by the City in its sole
17 discretion that (1) the continuation of the book-entry
18 system described herein, which precludes the issuance
19 of Certificates (other than Global Certificates) to any
20 Holder other than the Depository (or its nominee),
21 might adversely affect the interest of the beneficial
22 owners of the Bonds, or (2) that it is in the best
23 interest of the beneficial owners of the Bonds that
24 they be able to obtain certificated bonds,
25 in either of which events the City shall notify Holders of
26 its determination and of the availability of certificates
27 (the "Replacement Bonds") to Holders requesting the same and
28 the registration, transfer and exchange of such Bonds will
29 be conducted as provided in paragraphs 9B and 12 hereof.
30
31
32
33
34
35
36
37
38
E.�']
In the event of a succession of the Depository as may
be authorized by this paragraph, the Bond Registrar upon
presentation of Global Certificates shall register their transfer
to the substitute or successor depository, and the substitute or
successor depository shall be treated as the Depository for all
purposes and functions under this resolution. The Letter of
Representations shall not apply to a substitute or successor
depository unless the City and the substitute or successor
depository so agree, and a similar agreement may be entered into.
7. Redemption
40 (a) Optional Redemption: Due Date. All Bonds maturing
41 after March 1, 2004, shall be subject to redemption and
42 prepayment at the option of the City on such date and on any day
43 thereafter at a price of par plus accrued interest. Redemption
314785.2
q�. • �s s�.
1 may be in whole or in part of the Bonds subject to prepayment.
2 If redemption is in part, those Bonds remaining unpaid may be
3 prepaid in such order of maturity and in such amount per maturity
4 as the City shall determine; and if only part of the Bonds having
5 a common maturity date are called for prepayment, the Global
6 Certificates may be prepaid in $5,�00 increments of principal
7 and, if applicable, the specific Replacement Bonds to be prepaid
8 shall be chosen by lot by the Bond Registrar. Bonds or portions
9 thereof called for redemption shall be due and payable on the
10 redemption date, and interest thereon shall cease to accrue from
11 and after the redemption date.
12 (b) Notation on Global Certificate. Upon a reduction in
13 the aggregate principal amount of a Global Certificate, the
14 Holder may make a notation of such redemption on the panel
15 provided on the Global Certificate stating the amount so
16 redeemed, or may return the Global Certificate to the Bond
17 Registrar in exchange for a new Global Certificate authenticated
18 by the Bond Registrar, in proper principal amount. Such
19 notation, if made by the Holder, shall be for reference only, and
20 may not be relied upon by any other person as being in any way
21 determinative of the principal amount of such Global Certificate
22 outstanding, unless the Bond Registrar has signed the appropriate
23 column of the panel.
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
(c) Selection of Re�lacement Bonds. To effect a partial
redemption of Replacement Bonds having a common maturity date,
the Bond Registrar prior to giving notice of redemption shall
assign to each Replacement Bond having a common maturity date a
distinctive number for each $5,000 of the principal amount of
such Replacement Bond. The Bond Registrar shall then select by
lot, using such method of selection as it shall deem proper in
its discretion, from the numbers so assigned to such Replacement
Bonds, as many numbers as, at $5,000 for each number, shall equal
the principal amount of such Replacement Bonds to be redeemed.
The Replacement Bonds to be redeemed shall be the Replacement
Bonds to which were assigned numbers so selected; provided,
however, that only so much of the principal amount of each such
Replacement Bond of a denomination of more than $5,000 shall be
redeemed as shall equal $5,000 for each number assigned to it and
so selected.
40 (d) Partial Redemption of Replacement Bonds. If a
41 Replacement Bond is to be redeemed only in part, it shall be
42 surrendered to the Bond Registrar (with, if the City or Bond
43 Registrar so requires, a written instrument of transfer in form
44 satisfactory to the City and Bond Registrar duly executed by the
45 Holder thereof or his, her or its attorney duly authorized in
46 writing) and the City shall execute (if necessary) and the Bond
47 Registrar shall authenticate and deliver to the Holder of such
314185.2 7
°!c.-as�
1 Replacement Bond, without service charge, a new Replacement Bond
2 or Bonds of the same series having the same stated maturity and
3 interest rate and of any authorized denomination or
4 denominations, as reguested by such Holder, in aggregate
5 principal amount equal to and in exchange for the unredeemed
6 portion of the principal of the Bond so surrendered.
7 (e) Request for Redemption. The Bond Registrar shall Call
8 Bonds for redemption and payment as herein provided upon receipt
9 by the Bond Registrar at least forty-five (45) days prior to the
10 redemption date of a request of the City, in written form if the
il Bond Registrar is other than a City officer. Such request shall
12 specify the principal amount of Bonds to be called for redemption
13 and the redemption date.
14 (f) Notice. Mailed notice of redemption shall be given to
15 the paying agent (if other than a City officer) and to each
16 affected Holder. If and when the City shall call any of the
17 Bonds for redemption and payment prior to the stated maturity
18 thereof, the Bond Registrar shall give written notice in the name
19 of the City of its intention to redeem and pay such Bonds at the
20 office of the Bond Registrar. Notice of redemption shall be
21 given by first class mail, postage prepaid, mailed not less than
22 thirty (30) days prior to the redemption date, to each Holder of
23 Bonds to be redeemed, at the address appearing in the Bond
24 Register. All notices of redemption shall state:
25 (i) The redemption date;
26 (ii) The redemption price;
27 (iii) If less than all outstanding Bonds are to be
28 redeemed, the identification (and, in the case of partial
29 redemption, the respective principal amounts) of the Bonds
30 to be redeemed;
31 (iv) That on the redemption date, the redemption price
32 will become due and payable upon each such Bond, and that
33 interest thereon shall cease to accrue from and after said
34 date; and
35 (v) The place where such Bonds are to be surrendered
36 for payment of the redemption price (which shall be the
37 office of the Bond Registrar).
38 (g) Notice to Depository. Notices to The Depository Trust
39 Company or its nominee shall contain the CUSIP numbers of the
40 Bonds. If there are any Holders of the Bonds other than the
41 Depository or its nominee, the Bond Registrar shall use its best
42 efforts to deliver any such notice to the Depository on the
314185.2 8
°l c. - zs�.
1 business day next preceding the date of mailing of such notice to
2 all other Holders.
3 8. Bond Registrar. The Treasurer of the City is
4 appointed to act as bond registrar and transfer agent with
5 respect to the Bonds (the "BOnd Registrar"), and sha11 do so
6 unless and until a successor Bond Registrar is duly appointed. A
7 successor Bond Registrar shall be an officer of the City or a
S bank or trust company eligible for designation as bond registrar
9 pursuant to Minnesota Statutes, Chapter 475, and may be appointed
10 pursuant to any contract the City and such successor Bond
11 Registrar shall execute which is consistent herewith. The Bond
12 Registrar shall also serve as paying agent unless and until a
13 successor paying agent is duly appointed. Principal and interest
14 on the Bonds shall be paid to the Holders (or record holders) of
15 the Bonds in the manner set forth in the forms of Bond and
16 paragraph 14 of this resolution.
17 9. Forms of Bond The Bonds shall be in the form of
18 Global Certificates unless and until Replacement Bonds are made
19 availak�le as provided in paragraph 6. Each form of bond may
20 contain such additional or different terms and provisions as to
21 the form of payment, record date, notices and other matters as
22 are consistent with the Letter of Representations and approved by
23 the City Attorney.
24 A. Global Certificates. The Global Certificates,
25 together with the Certificate of Registration, the Register of
26 Partial Payments, the fonn of Assignment and the registration
27 information thereon, shall be in substantially the following form
28 and may be typewritten rather than printed:
3'14185.2 9
q`.asc
UNITED STATES OF AMERICA
STATE OF MII3NESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
5 R-
6
7
8 INTEREST
9 RATE
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
GENERAL OBLIGATION CAPITAL IMPROVEMENT
BOND, SERIES 1996A
MATURITY
DATE
March 1,
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DATE OF
ORIGINAL ISSUE
April 1, 1996
KNOW ALL PERSONS BY THESE PRESENTS that th
Saint Paul, Ramsey County, Minnesota (the "ISSUer" o
certifies that it is indebted and for value received
CUSIP
DOLLARS
e City of
r "City"),
promises to
pay to the registered owner specified above or on the certificate
of registration below, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year (each, an "Interest Payment Date"),
commencing September 1, 1996, 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 hereof being reduced, the
Holder may in its discretion be paid without presentation of this
Bond, which payment shall be received no later than 2:30 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
Holder, shall be for reference only, and may not be
374185.2
10
made by the
relied upon
°I� - �SG
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
by any other person as being in any way detexminative 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 fifteenth calendar day preceding such Interest
Payment Date (the "Regular Record Date"). Intere5t 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.
25 Date of Pavment Not Business Day. If the date for
26 payment of the principal of, premium, if any, or interest on this
27 Bond sha11 be a Saturday, Sunday, 1ega1 haliday or a day on which
28 banking institutions in the City of New York, New York, or the
29 city where the principal office of the Bond Registrar is located
30 are authorized by law or executive order to close, then the date
31 for such payment shall be the next succeeding day which is not a
32 Saturday, Sunday, legal holiday or a day on which such banking
33 institutions are authorized to close, and payment on such date
34 shall have the same force and effect as if made on the nominal
35 date of payment.
36 Redemption. All Bonds of this issue (the "Bonds")
37 maturing after March 1, 2004, are subject to redemption and
38 prepayment at the option of the Issuer on such date 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
45 prepayment, this Bond may be prepaid in $5,000 increments of
46 principal. Bonds or portions thereof called for redemption shall
47 be due and payable on the redemption date, and interest thereon
48 shall cease to accrue from and after the redemption date.
314185.2 1 1
�tt,- as�
1
2
3
4
5
6
7
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
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Notice of Redemption. 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.
Replacement or I3otation of Bonds after Partial
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 Obligation. This Bond is
one of an issue in the total principal amount of $14,500,000, a11
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 13,
1996 (the "Resolution"), for the purpose of providing money to
finance the acquisition, construction 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 faith and
credit and taxing powers of the Issuer have been and are hereby
irrevocably pledged.
314785.2 1 2
�C•�SL
�
2
3
4
5
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
34
35
Denominations; Exchanae: Resolution. The Bonds are
issuable originally only as Global Certificates in the
denomination of the entire principal amount of the issue maturing
on a single date, or, if a portion of said principal is prepaid,
said principal amount less the prepayment. Global Certificates
are not exchangeable for fully registered bonds of smaller
denominations except to evidence a partial prepayment or in
exchange for Replacement Bonds if then available. Replacement
Bonds, if made available as provided below, are issuable solely
as fully registered bonds in the 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 file in the principal office of the Bond
Registrar.
ReAlacement 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 Certificates) 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.
36 Transfer. This Bond shall be registered in the name of
37 the payee on the books of the Issuer by presenting this Bond for
38 registration to the Bond Registrar, who will endorse his, her or
39 its name and note the date of registration opposite the name of
40 the payee in the certificate of registration attached hereto.
41 Thereafter this Bond may be transferred by delivery with an
42 assignment duly executed by the Holder or his, her or its legal
43 representatives, and the Issuer and Bond Registrar may treat the
44 Holder as the person exclusively entitled to exercise all the
45 rights and powers of an owner until this Bond is presented with
46 such assignment for registration of transfer, accompanied by
314185.2 1 3
�ic,•ZS�
�
2
3
4
5
6
7
8
9
10
assurance of the nature provided by law that the assignment is
genuine and effective, and until such transfer is registered on
said books and noted hereon by the Bond Registrar, 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. Transfer of this Bond
may, at the direction and e�ense of the Issuer, be subject to
certain other restrictions if required to qualify this Bond as
being "in registered form" within the meaning of Section 149(a)
of the federal Internal Revenue Code of 1986, as amended.
il Fees upon Transfer or Loss. The Bond Registrar may
12 require payment of a sum sufficient to cover any tax or other
13 governmental charge payable in connection with the transfer or
14 exchange of this Bond and any legal or unusual costs regarding
15 tran5fers and lost Bonds.
16 Treatment of Registered Owner. The Issuer and Bond
17 Registrar may treat the person in whose name this Bond is
18 registered as the owner hereof for the purpose of receiving
19 payment as herein provided (except as otherwise provided with
20 respect to the Record Date) and for all other purposes, whether
21 or not this Bond shall be overdue, and neither the Issuer nor the
22 Bond Registrar shall be affected by notice to the contrary.
23 Authentication This Bond shall not be valid or become
24 obligatory for any purpose or be entitled to any security unless
25 the Certificate of Authentication hereon shall have been executed
26 by the Bond Registrar.
27 Not Oualified Tax-Exempt Obligations. The Bonds have
28 not been designated by the Issuer as "qualified tax-exempt
29 obligations" for purposes of Section 265(b)(3) of the federal
30 Internal Revenue Code of 1986, as amended.
314185.2 14
°►�. �SG
1 IT IS HEREBY CERTIFIED AND RECITED that all acts,
2 conditions and things required by the Constitution and laws of
3 the State of Minnesota and the Charter of the Issuer to be done,
4 to happen and to be performed, precedent to and in the issuance
5 of this Bond, have been done, have happened and have been
6 performed, in regular and due fonn, time and manner as required
7 by law, and that this Bond, together with all other debts of the
8 Issuer outstanding on the date of original issue hereof and on
9 the date of its issuance and delivery to the original purchaser,
10 does not exceed any constitutional or statutory or Charter
11 limitation of indebtedness.
12 IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
13 County, Minnesota, by its City Council has caused this Bond to be
14 sealed with its official seal and to be executed on its behalf by
15 the photocopied facsimile signature of its Mayor, attested by the
16 photocopied facsimile signature of its Clerk, and countersigned
17 by the photocopied facsimile signature of its Director,
18 Department of Finance and Management Services.
314185.2 1 5
°�(. ��5�
1
2
3
4
Date of Registration:
Registrable by:
Payable at: _
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHFsNTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
il within.
12
13
14 ,
15 Bond Registrar
16
17
18
19
20
21
22
23
By
Authorized Signature
(SEAL)
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City C
Countersigned:
Director, Department of Finance
and Management Services
General Obligation Capital Improvement Bond, Series 1996A, No.
R- .
374785.2
16
q�• as�
�
CERTIFICATE OF REGISTRATION
2 The transfer of ownership of the principal amount of the attached
3 Bond may be made only by the registered owner or his, her or its
4 legal representative last noted below.
5 DATE OF SIGNATURE OF
6 REGISTRATION REGISTERED OWNER BOND REGISTRAR
7
�
E
10
11
12
13
314185.2 1 7
qc.-asc.
,�
REGISTfiR OF PARTIAL 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 Registrar
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22 If a notation is made on this register, such notation has the
23 effect stated in the attached 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.
314185.2 1 8
�C•�SL
�
ABBREVIATIONS
2 The following abbreviations, when used in the inscription on
3 the face of this Bond, shall be construed as though they were
4 written out in full according to applicable laws or regulations:
5 TEN COM - as tenants in common
6 TfiN ENT - as tenants by the entireties
7 JT TEN - as joint tenants with right of survivorship
8 and not as tenants in common
9 UTM.� - as custodian for
10 (Cust) (Minor)
11 under the Uniform Transfers to Minors Act
12 (State)
13 Additional abbreviations may also be used
14 though not in the above list.
314185.2 1 9
�1�•�.5�
�
2
3
4
5
6
7
8
ASSIGNMENT
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.
9 Dated:
10
11
12
13
14
15
16
17
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
20 major stock exchanges or any other "Eligible Guarantor
21 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
22
23
24
25
26
27
28
29
30
The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
374185.2
(Include information for all joint
owners if the Bond is held by joint
account.)
20
qc.�zs�
�
5
6
7
8
9
10
11
12
13
14
15
16
17
B. Replacement Bonds. If the City has notified
Holders that Replacement Bonds have been made available as
provided in paragraph 6, then for every Bond thereafter
transferred or exchanged (including an exchange to reflect the
partial prepayment of a Global Certificate not previously
exchanged for Replacement Bonds) the Bond RegisCrar shall deliver
a certificate in the form of the Replacement Bond rather than the
Global Certificate, but the Holder of a Global Certificate shall
not otherwise be required to exchange the Global Certificate for
one or more Replacement Bonds since the City recognizes that some
beneficial owners may prefer the convenience of the Depository's
registered ownership of the Bonds even though the entire issue is
no longer required to be in global book-entry form. The
Replacement Bonds, together with the Bond Registrar's Certificate
of Authentication, the foxm of Assignment and the registration
information thereon, shall be in substantially the following
form:
314185.2 2 1
q�.. �s�
1 UNITED STATES OF AMERICA
2 STATE OF MINNESOTA
3 RAMSEY COUNTY
4 CITY OF SAINT PAUL
5 R-
6 GENERAL OBLIGATION CAPITAL IMPROVEMENT
7 BOND, SERIES 1996A
8 INTEREST
9 RATE
MATURITY DATE OF
DATE ORIGINAL ISSUE CUSIP
10 April 1, 1996
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
REGISTERED 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 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 l, 1996, 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 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") 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 of
314185.2 2 2
9C,-as�
1 business on a date (the "Special Record Date") fixed by the Bond
2 Registrar whenever money becomes available for 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 ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
11 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 that 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 original 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.
374185.2 2 3
q�•as�
1
2
3
4
Date of Registration
Registrable by:
Payable at: _
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.
12
13
14 ,
15 Bond Registrar
16
17
18
19
By
Authorized Signature
20 (SEAL)
314185.2
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Department of Finance
and Management Services
24
aI(,��5(0
�
ON REVERSE OF BOND
2 Date of Payment Not Business Day. If the date for
3 payment of the principal of, premium, i£ any, or interest on this
4 Bond shall be a Saturday, Sunday, legal holiday or a day on which
5 banking institutions in the City of New York, New York, or the
6 city where the principal office of the Bond Registrar is located
7 are authorized by law or executive order to close, then the date
8 for such payment shall be the next succeeding day which is not a
9 Saturday, Sunday, legal holiday or a day on which such banking
10 institutions are authorized to close, and payment on such date
11 shall have the same force and effect as if made on the nominal
12 date of payment.
13 Redemption. All Bonds of this issue (the "BOnds")
14 maturing after March 1, 2004, are subject to redemption and
15 prepayment at the option of the Issuer on such date and on any
16 day thereafter at a price of par plus accrued interest.
17 Redemption may be in whole or in part of the Bonds subject to
18 prepayment. If redemption is in part, those Bonds remaining
19 unpaid may be prepaid in such order of maturity and in such
20 amount per maturity as the City shall determine; and if only part
21 of the Bonds having a common maturity date are called for
22 prepayment, the specific Bonds to be prepaid shall be chosen by
23 lot by the Bond Registrar. Bonds or portions thereof called for
24 redemption shall be due and payable on the redemption date, and
25 interest thereon shall cease to accrue from and after the
26 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 for Redemption. To effect a partial
36 redemption of Bonds having 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
314185.2 2 5
q(,- �5�
1
2
3
4
5
6
7
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
34
35
36
37
38
39
40
41
42
43
44
such Bond of a denomination of more than $5,000 shall be redeemed
as shall equal $5,000 for each number assigned 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 fonn
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 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; Puroose: General Oblic�ation. This Bond is
one of an issue in the total principal amount of $14,500,000, 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 13,
1996 (the "Resolution"), for the purpose of providing money to
finance the acquisition, construction 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 faith and
credit and taxing powers of the Issuer have been and are hereby
irrevocably pledged.
Denominations; Exchange; 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 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 file in the principal office of the Bond
Registrar.
314785.2
26
q(.� �.s�
1 Transfer. This Bond is transferable by the Holder in
2 person or by his, her or its attorney duly authorized in writing
3 at the principal office of the Bond Registrar upon presentation
4 and surrender hereof to the Bond Registrar, all subject to the
5 terms and conditions provided in the Resolution and to reasonable
6 regulations of the Issuer contained in any agreement with, or
7 notice to, the Bond Registrar. Thereupon the Issuer shall
8 execute and the Bond Registrar shall authenticate and deliver, in
9 exchange for this Bond, one or more new fully registered Bonds in
10 the name of the transferee (but not registered in blank or to
11 "bearer" or similar designation), of an authorized denomination
12 or denominations, in aggregate principal amount equal to the
13 principal amount of this Bond, of the same maturity and bearing
14 interest at the same rate.
15 Fees upon Transfer or Loss. The Bond Registrar may
16 require payment of a sum sufficient to cover any tax or other
17 governmental charge payable in connection with the transfer or
18 exchange of this Bond and any legal or unusual costs regarding
19 transfers and lost Bonds.
20 Treatment of Registered Owner. The Issuer and Bond
21 Registrar may treat the person in whose name this Bond is
22 registered as the owner hereof for the purpose of receiving
23 payment as herein provided (except as otherwise provided on the
24 reverse side hereof with respect to the Record Date) and for all
25 other purposes, whether or not this Bond shall be overdue, and
26 neither the Issuer nor the Bond Registrar shall be affected by
27 notice to the contrary.
28 Authentication This Bond shall not be valid or become
29 obligatory for any purpose or be entitled to any security unless
30 the Certificate of Authentication hereon shall have been executed
31 by the Bond Registrar.
32 Not Oualified Tax-Exempt Oblicrations. The Bonds have
33 not been designated by the Issuer as "qualified tax-exempt
34 obligations" for purposes of Section 265(b)(3) of the federal
35 Internal Revenue Code of 1986, as amended.
314185.2 Z 7
q�- ass.
��
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 £ull 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
il (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.
314785.2 2 $
q�.asb
�
2
3
4
5
6
7
8
ASSIGNMENT
For value raceived, 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, with full power of substitution in the
premises.
9 Dated:
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
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 information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
314185.2
29
GiC- a5G
�
2
3
4
5
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
34
35
36
37
38
39
40
41
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
pennitted 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 facsimile signature of that officer who may act on
behalf of such 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 officer 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 Re�istration. No Bond
shall be valid or obligatory for any purpose or be entitzed 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 April 1, 1996. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
12. Registration; Transfer; Exchanae. 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 CertiEicate 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
374185.2 3 �
q(� -as c.
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 assignment 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 subject to the texms 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 if
15 required to qualify the Global CertificaCes as being "in
16 registered form" within the meaning of Section 149(a) 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 11) of, and deliver, in the name of the designated
26 transferee or trans£erees, 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 ReplacemenC Bonds of any
34 authorized denomination or denominations of a like aggregate
35 principal amount and stated maturity, upon surrender of the
36 Replacement Bonds to be exchanged at the principal office of the
3'7 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 Holder making the exchange is entitled to receive. Global
42 Certificates may not be exchanged for Global Certificates of
43 smaller denominata.ons.
314185.2 3 1
qc, • asc
1 All Bonds surrendered upon any exchange or transfer
2 provided for in this resolution shall be promptly cancelled by
3 the Bond Registrar and thereafter disposed of as directed by the
4 City.
5 All Bonds delivered in exchange for or upon transfer of
6 Bonds shall be valid general obligations of the City evidencing
7 the same debt, and entitled to the same benefits under this
8 resolution, as the Bonds surrendered for such exchange or
9 transfer.
10 Every Bond presented or surrendered for transfer or
11 exchange shall be duly endorsed or be accompanied by a written
12 instrument of transfer, in form satisfactory to the Bond
13 Registrar, duly executed by the Holder thereof or his, her or its
14 attorney duly authorized in writing.
15 The Bond Registrar may require payment of a sum
16 sufficient to cover any tax or other governmental charge payable
17 in connection with the transfer or exchange of any Bond and any
18 legal or unusual costs regarding transfers and lost Bonds.
19 Transfers shall also be subject to reasonable
20 regulations of the City contained in any agreement with, or
21 notice to, the Bond Registrar, including regulations which permit
22 the Bond Registrar to close its transfer books between record
23 dates and payment dates.
24 13. Riahts Upon Transfer or Exchange. Each Bond
25 delivered upon transfer of or in exchange for or in lieu of any
26 other Bond shall carry all the rights to interest accrued and
27 unpaid, and to accrue, which were carried by such other Bond.
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
14. Interest Payment; 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 (i5th) 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 Holder
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
314785.2 3 2
��-as�
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Holders not less than ten (10) days prior to the Special Record
Date.
15. Holders; Treatment of Registered Owner; Consent of
Holders.
(A) For the purposes of all actions, consents and other
matters affecting Holders of the Bonds, other than payments,
redemptions, and purchases, the City may (but shall not be
obligated to) treat as the Holder of a Bond the beneficial owner
of the Bond instead of the person in whose name the Bond is
registered. For that purpose, the City may ascertain the
identity of the beneficial owner of the Bond by such means as the
Bond Registrar in its sole discretion deems appropriate,
including but not limited to a certificate from the person in
whose name the Bond is registered identifying such beneficial
owner.
16 (B) The City and Bond Registrar may treat the person in
17 whose name any Bond is registered as the owner o� such Bond for
18 the purpose of receiving payment of principal of and premium, if
19 any, and interest (sub}ect to the payment provisions in paragraph
20 14 above) on, such Bond and for all other purposes whatsoever
21 whether or not such Bond shall be overdue, and neither the City
22 nor the Bond Registrar sha11 be affected by notice to the
23 contrary.
24 (C? �y consent, request, direction, approval, objection or
25 other instrument to be signed and executed by the Holders may be
26 in any number of concurrent writings of similar tenor and must be
27 signed or executed by such Holders in person or by agent
28 appointed in writing. Proof of the execution of any such
29 consent, request, direction, approval, objection or other
30 instrument or of the writing appointing any such agent and of the
31 ownership of Bonds, if made in the following manner, shall be
32 sufficient for any of the purposes of this resolution, and shall
33 be conclusive in favor of the City with regard to any action
34 taken by it under such request or other instrument, namely:
35
36
37
38
39
40
41
(1) The fact and date of the execution by any person
of any such writing may be proved by the certificate of any
officer in any jurisdiction who by law has power to take
acknowledgments within such jurisdiction that the person
signing such writing acknowledged before him or her the
execution thereof, or by an affidavit of any witness to such
execution.
314785.2
33
ac.-as�
2
3
4
(2) Subject to the provisions of
above, the fact of the ownership by an
the amounts and numbers of such Bonds,
holding of the same, may be proved by
register.
subparagraph (A)
y person of Bonds and
and the date o£ the
reference to the bond
6 16. Delivezv; Application of Proceeds. The Global
7 Certificates when so prepared and executed shall be delivered by
8 the Director, Department of Finance and Management Services, to
9 the Purchaser upon receipt of the purchase price, and the
10 Purchaser shall not be obliged to see to the proper application
il thereof.
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
36
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
17. F'und and Account. There is hereby created a
special account to be designated the "Capital Improvement Bonds
of 1996 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 Che Bonds in excess of $14,355,000. From the
Account there shall be paid all costs and expenses of
making the Improvements, including the cost of any
construction contracts heretofore let and all other
costs incurred 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 transferred
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.
314185.2
�L!
��.as�
1
3
4
5
6
7
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
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
(ii) F`und. 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: (a) all accrued
interest received upon delivery of the Bonds; (b) all
funds paid for the Bonds in excess of $14,355,000; (c)
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 oCher
purpose permitted by law; (e) all investment earnings
on moneys held in said special account in the Fund; and
(f) any and all other moneys which are properly
available and are appropriated by the governing body of
the City to said special account in the Fund, including
(at the discretion of the City Council) franchise fees
paid by the district heating utility.
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 (1) 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 Bonds and any sums
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 of 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").
374785.2 3 5
�6-as6
1 18. Tax Levy: Coverage Test. To provide moneys for
2 payment of the principal and interest on the Bonds there is
3 hereby levied upon all of the taxable property in the City a
4 direct annual ad valorem tax which shall be spread upon the tax
5 rolls and collected with and as parC of other general property
6 ta�ces in the City for the years and in the amounts as follows:
7 Year of Tax Year of Tax
8 Levy Collection Amount
9
10
11
12
13
14
15
16
17
18
1995`
1996
1997
1998
1999
2000
2001
2002
2003
2004
1996'
1997
1998
1999
2000
2001
2002
2003
2004
2005
$1,900,652'
1,916,932
1,891,732
2,272,357
1,891,371
1,880,346
1,891,764
1,871,814
1,874,072
1,839,422
19 *heretofore levied or provided from other available City funds
20 The tax levies are such that if collected in full they,
21 together with estimated collections of any other revenues herein
22 pledged for the payment of the Bonds, will produce at least five
23 percent (50) in excess of the amount needed to meet when due the
24 principal and interest payments on the Bonds. The tax levies
25 shall be irrepealable so long as any of the Bonds are outstanding
26 and unpaid, provided that the City reserves the right and power
27 to reduce the levies in the manner and to the extent permitted by
28 Minnesota Statutes, Section 475.61, Subdivision 3.
29 19. General Obligation Pledqe. For the prompt and
30 full payment of the principal and interest on the Bonds, as the
31 same respectively become due, the full faith, credit and taxing
32 powers of the City shall be and are hereby irrevocably pledged.
33 If the balance in the Fund (as defined in paragraph 17 hereof) is
34 ever insufficient to pay all principal and interest then due on
35 the Bonds payable therefrom, the deficiency sha11 be promptly
36 paid out of any other funds of the City which are available for
37 such purpose, including the general fund of the City, and such
38 other funds may be reimbursed with or without interest from the
39 Fund when a sufficient balance is available therein.
40 20. Certificate of Reaistration. The Director,
41 Department of Finance and Management Services, is hereby directed
42 to file a certified copy of this resolution with the officer of
43 Ramsey County, Minnesota, performing the functions of the county
44 auditor (the "County Auditor"), together with such other
314785 3 3 6
�,�.as�
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
information as the County Auditor shall require, and to obCain
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 the
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.
18 22. Negative Covenants as to Use of Proceeds and
19 Improvements. The City hereby covenants not to use the proceeds
20 of the Bonds or to use the Improvements, or to cause or permit
21 them to be used, or to enter into any deferred payment arrange-
22 ments for the cost of the Improvements, in such a manner as to
23 cause the Bonds to be "private activity bonds" within the meaning
24 of Sections 103 and 141 through 150 of the Code. The City hereby
25 covenants not to use the proceeds of the Bonds in such a manner
26 as to cause the Bonds to be "hedge bonds" within the meaning of
27 Section 149(g) of the Code.
28 23. Tax-Exempt Status of the Bonds: Rebate: EleCtion5.
29 The City shall comply with requirements necessary under the Code
30 to establish and maintain the exclusion from gross income under
31 Section 103 of the Code af the interest on the Bonds, including
32 without limitation requirements relating to temporary periods for
33 investments, limitations on amounts invested at a yield greater
34 than the yield on the Bonds, and the rebate of excess investment
35 earnings to the United States.
36 The City expects that the two-year expenditure exception to
37 the rebate requirements may apply to the construction proceeds of
38 the Bonds.
39 If any elections are available now or hereafter with
40 respect to arbitrage or rebate matters relating to the Bonds, the
41 Mayor, Clerk, Treasurer and Director, Department of Finance and
42 Management Services, or any of them, are hereby authorized and
43 directed to make such elections as they deem necessary,
44 appropriate or desirable in connection with the Bonds, and all
314185.2 3 7
��. a.sG
FI
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
ai
aa
23
such elections shall be, and shall be deemed and treated as,
elections of the City.
24. No Desiqnation of Oualified Tax-Exem�t
Obligations. The Bonds, together with other obligations issued
by the City in 1996, 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. Letter of Representations. The Letter of
Representations is hereby approved, and shall be executed on
behalf of the City by the Mayor and Director, Department 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 Letter of
Representations shall be conclusive evidence as to the necessity
and propriety of changes and their approval by the City Attorney.
So long as The Depository 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 Letter of Representa-
tions, as it may be amended or supplemented by the City from time
to time with the agreement or consent of The Depository Trust
Company.
24 26. Negotiated Sale. The City has retained Springsted
25 Incorporated as an independent financial advisor, and the City
26 has heretofore detexmined, and hereby determines, to sell the
27 Bonds by private negotiation, all as provided by Minnesota
28 Statutes, Section 475.60, Subdivision 2(9).
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
27. Continuing Disclosure. The City is an obligated
person with respect to the Bonds. The City hereby agrees, in
accordance with the provisions of Rule 15c2-12 (the "Rule"),
promulgated by the Securities and Exchange Commission (the
"Commission") pursuant to the Securities Exchange Act of 1934, as
amended, and a Continuing Disclosure Undertaking (the
"Undertaking") hereinafter described, to:
A. Provide or cause to be provided to each nationally
recognized municipal securities information repository
("NRMSIR") and to the appropriate state information
depository ("SID"), if any, for the State of Minnesota, in
each case as designated by the Commission in accordance with
the Rule, certain annual financial information and operating
data in acCOrdance with the Undertaking. The City reserves
the right to modify from time to time the terms of the
Undertaking as provided therein.
314785.2
C�I9
°I(.•�S�
1
2
3
4
5
B. Provide or cause to be provided, in a timely
manner, to (i) each NRMSIR or to the Municipal Securities
Rulemaking Board ("MSRB") and (ii) the SID, notice of the
occurrence of certain material events with respect to the
Bonds in accordance with the Undertaking.
6 C. Provide or cause to be provided, in a timely
7 manner, to (i) each NRMSIR or to the MSRB and (ii) the SID,
8 notice of a failure by the City to provide the annual
9 financial information with respect to the City described in
10 the Undertaking.
11 The City agrees that its covenants pursuant to the Rule
12 set forth in this paragraph 27 and in the Undertaking are
13 intended to be for the benefit of the Holders of the Bonds and
14 shall be enforceable on behalf of such Holders; provided that the
15 right to enforce the provisions of these covenants shall be
16 limited to a right to obtain specific enforcement of the City's
17 obligations under the covenants.
18 The Mayor and Director, Department of Finance and
19 Management Services, or any other officers of the City authorized
20 to act in their stead (the "Officers"), are hereby authorized and
21 directed to execute on behalf of the City the Undertaking in
22 substantially the form presented to the City Council, subject to
23 such modifications thereof or additions thereto as are (i)
24 consistent with the requirements under the Rule, (ii) required by
25 the Purchaser, and (iii) acceptable to the Officers.
26 28. Severabilitv. If any section, paragraph or
27 provision of this re5olution shall be held to be invalid or
28 unenforceable for any reason, the invalidity or unenforceability
29 of such section, paragraph or provision shall not affect any of
30 the remaining provisions of this resolution.
374185.2 3 9
;�.!� �t:, �
x -��;= 3
., . . _ �- . . �-�. w
qc,.asG
1 29. Headinas. Headings in this resolution are
2 included for convenience of reference only and are not a part
3 hereof, and shall not limit or define the meaning of any
4 provision hereof.
_ �a _
Requested by Department of:
Adopted by Council:
Adoption Certified
By: �
Approved by Mayoy.
1
B �
De artment of F' and Mana ement Services
Rv
� e �
Form Approved by City Attorney
gY . G..+► �. Cj "r-`�---
°Ic, zs4 `
DEPARTMENT/OFPICE/CAUNG�L DME INITIATED N� 3 2 4 0 2 V
Finance and Mana ement Services 2-28-36 GREEN SHEE _
CON7ACT PEflSON 8 PNONE INITIAVDATE INITIAL/DATE
Q DEPANTMEM DIRECfOR � CIT' COUNqL
Martha Rantorowicz �� � GmATTORNEY O CITYCLEFtK
MUST BE ON fAUNCiL AGENDA BY (DATE� ROIITING O BUIXdET DIRECTOR O FlN. & MGT. SERVICE$ Dlii.
March 13 1996 � � MAVOR (OflASSISTANT� � �
TOTAL # OF SiGNATURE PAGES (CUP ALL LOCATIONS FOR SIGMATUH�
ACCION PEWESTED:
This resolution accepts the winning proposal and awards the bid for the $14,500,000
G.O. Capital Improvement Bonds, Series 1996A. Tliis is a competitive bond sale and the
award is going to the bidder found to be the most advantageous (lowest cost) to the Cit;..
RECOMMENDAnoNS:Apprmre(A)arReject(R) pEfiSONALSERVICECONTRACTSMUSTANSWERTHEFOLLOWINCaQUES710NS:
_ PLANNING COMMISSION _ CIVIL SERVICE COMMISSION 1. Has this personlfirtn e�er worked under a coMract for this department?
�. qe COMMf77EE YES �NO
�_ � ^ 2. Has this person/firm ever been a ciry employee?
YES NO
_ DISTRICT CoURT _ 3. Does this personlfirm po55ess a skill not normally possessed by any curreni cily empioyee?
SUPPOFiTSWHICHGOUNCILO&IECTIVEI YES NO
Explain all yes answers on seperate sheet and attach to graen sheet
INISIATING PqOBLEM, ISSUE, OPPOfiTUNISV (Who, Whet. When. Whera,
These bonds are for the purpose of funding the Capital Improvement Budget for 1996.
$14,500,000 G.O. Capital Improvement Bonds
FOR COUNCIL AGENDA OF MARCH 13, 1996
ADVANTAGESIFAPPROVED. N
Funds will be on hand for spring CIB construction projects.
DISADVANTAGES IFAPPROVED:
None
,y ��S�'",;� �i� ;+�� F , �y
`;"3' _._" �.^��'
, : � .� i 'is"�.,°�'
DISADVANTAGES IF NOT APPflOVED' �
Funds will not be received in time for construction projects.
TOTALAMOUN70FTRANSACTION $ 14.500.000 COST/REVENU6BUUGETED(CIRCLEONE) YES NO
FUNOING SOURCE ACTIVITY NUMBER
FINANCIAL INFORMATION. (EXPLAIN)
°lc.-�s�
EXHIBITS
Exhibit A - Bids
DEPARTMENT OF FINANCE AND
MANAGEMENT SBRVICES
Manha I-a,son, D"uecmr q `.a,s .
CTI'Y OF SAINT PAUL z�o c� xau Telephone 6Z2-266-8797
Norm Colemax, Mayor 15 W. Ke1[ogg Boulevard Facsimile: 672-266-8919
Saint Pau/, Minnuo(a SSZ02 _
February 20, 1996
Mayor Norm Coleman
Council President Dave Thune
Members of the City Council
Third F1oor City Hall
15 West Kellogg Boulevard
Saint Paul, Minnesota 55102
Dear Mayor Coleman, Council President Thune and Members of the City Council:
Attached are the recommendations and a calendar of events for the City's 1996
general obligation bond sales. The Department of Finance and Management
Services will present a report including these recommendations to the full Council
on February 28, 1996.
The competitive bid sale is scheduled for Wednesday, March 13, 1996, with the
Council awarding the bids at the 330 Council meeti� that afternoon.
The law requires five Council votes for passage, so I hope you will plan to attend
both of these meetings.
If you have any questions pertaining to these recommendations, the schedule, or the
bond sales, please do not hesitate to call me at 266-8797 or Martha Kantorowicz at
266-8836.
Sincerely, �
u�
Martha Iarson, Director
ML:mk
attachment
cc: Tom Cran
Shirley Davis
Terry Garvey
Martha Kantorowicz
Jim Snyder
✓Jerry Strathman
F:\iucrs\kan[orod\ttmvil
Schedule for March 1996 Bond Sales
City of Saint Paui, Minnesota
7reasury Division
s14,500,000 Genera{ Obtigation Capitat tmprovement eands, Series 1998A
s2,220,000 C,eneral Obligation 5treet Im 19$v�e Special Assessment Bonds, Series
;6,750,00o General Obtigation StreeE lmprovement Refunding Sands, Series 1998C
59,100,OOQ General Obiigatian Water P1996D� Abatament Refunding Sonds, Seriss
February 5, 1996 (Monday)
February 12, 1996 (Monday)
First draft of Officiaf Statement sent fo distribution list
Drafting session to review Officia{ Sfatement - 9:00 A.Nf., offices
of Spdngsted
February 2�, 1896 (Tuesday) Rating teleconferance prepsration meeting -10:�0 A.M., Treasury
Conference Room
Sond Sale Recommendations sent to 5taff for Council and Mayor
Fa6ruary 21, �1996 (WednesSay)
Fekn.tary 22, 1996 (7hursday)
Second drsft of Officiai Statement sent to designated smaii group
�af fIRB� re�iaw �
Deadl+ne for finai Otficiai Statement revisions to Spr+ngsted {A.M.)
February 23, 1996 (Friday) Finai O�cial Statement sent ta printer for mailing to underwriters
Rating packages, inc{uding OiS's and pre{iminary 1995 financial
statements, sent to rating agencies {end of day)
Letfer from Treasury to Council members reminding them of sale
February 26, 1996 (Monday) Resolution awarding fhe bonds prepared by Brig9s and Morgan
and sent to Treasury for distnbution to Councii for agenda
Febniary 27, 1996 {Tuesday) p��55 fB forrat ng t�econference e 10:00 A� M� offices ot
Springsted
March 4, 1996 (Monday) Rating teleconference with Fitch -1:00 P.M., o�cas of Springsfed
March 5, '1996 (Tuesday) Rating teieconferences with Moody's (9:00 A.M.) and S& P{i 1:00
A.M.}, o�ces of Springsted
March 13, 1996 (Wednesday)
Week of April 8, 1996
Receive and open bids for bonds -10:30 A.M.
City Council awards bids - 3:30 P.N1. (Need five Council votes)
Settlement for bonds
2120/96
°lc.-as �
Recommendations
For
City of Saint Paul, Minnesota
$14,500,000
General Obligation Capitat Improvement Bonds, Series 1996A
$2,220,000
General Obligation Street lmprovement
Special Assessment Bonds, Series 1996B
$6,750,000
General Obligation Street Improvement
Refunding Bonds, Series 1996C
$9,100,000
General Obiigation Water Polfution Abatement
Refunding Bonds, Series 1996D
Study No. SO'T30L4M4N4
SPRINGSTED.fn�orporated
February 19, 1996
.�
SS E. SEVENTH PLACE, SUITE 100
SAINTPAUL,MN 55101-2143
612-223-3000 FAX:612-223-3002
SPRINGSTED
Public Finance Advisws
�
s`
February 19, 1996
Mayor Norm Coleman
Members, City Council
Ms. Martha Larson, Director,
Department of Finance and Management Services
Ms. Shirley Davis, Treasurer
City of Saint Paul
Saint Paul City Hall
15 West Kellogg Boulevard
Saint Paul, MN 55102
Re: Recommendations for the Issuance of:
$14,500,000 General Obligation Capital Improvement Bonds, Series 1996A
$2,220,000 General Obligation Street Improvement Special Assessment Bonds,
Series 19966
$6,750,000 General Obligation Street Improvement Refunding Bonds, Series 1996C
$9,100,000 General Obligation Water Pollution Abatement Refunding Bonds,
Series 1996D
We respect�ully req�est your consideration of our recommendations for the above-named
issues. A s��mmary of the purpose and primary characteristics of each issue is provided herein.
Capital Improvement Bonds, Series 1996A
The Capital Improvement Bonds are being issued to finance a poRion of the City's 1996 Capital
tmprovement Program.
The Capital lmprovement Bonds are being issued in the total principal amount of $14,500,000,
with principal repayment due March 1, 1997 through 2006. The structure for this issue was
determined after discussions with City staff about fluctuations in the annual tax levies for
SAIST PAUL, MN YlINNEAPOLiS, b1N - BROOKF7ELD, WT � OVERLAND PpRK, KS PIASHIIM1GTON, DC � IOWA CITY, ]A
City of Saint Paul, Minnesota
February 19, 1996
a(.-as�.
existing tax-supported debt. The structure was customized to partially smooth out levy
requirements in the next several years. Additional customizing of the struc[ure for Capitai
Improvement Bonds is expected to be conducted for next years issue as weil.
The Capital Improvement Bonds will be paid primarily from annual tax levies. However,
approximately $2 miilion of the issue, representing a portion of the Wabasha Street Bridge
financing, is expected to be paid from annual revenues from the District Heating franchise fee.
Page 7 of these recommendations indicates the proposed debt service schedule for the Capital
Improvement Bonds and also shows the franchise fee revenue needed to offset the tax levy
(Column 8). Column 9 indicates the estimated tax levy portion of the issue based on current
interest rates.
The first levy for this issue was made in 1995, payabfe in 1996, to cover the first interest
payment due on September 1, 1996 and the subsequent principal and interest payment due
March 1, 1�97. Th'ss payment cycle will continue for the 4ife of the bonds.
Street Improvement Special Assessment Bonds, Series 1996B
The Street Improvement Bonds are being issued in the total principal amount of $2,220,000 to
finance street construction projects for Cretin/Bayard, ComoNalentine, Fourth/Howard,
Hatch/Park and IvylBirmingham. This issue wiil be paid from special assessments against
benefited property. Special assessments totaling approximately $2,220,000 are expected to be
fiied by November 15, 1996. Assessments that are not prepaid by that date wili be spread in 20
even annual instailments of principai, with interest on the unpaid balance charged at an
estimated rate of approximately 6.00%. Historically, the City has been receiving prepayments
for approximately 20-30% of the assessments filed each year within 30 days of adoption of the
assessme�t roils. tn accordance with Gity policy, i�terest is not charged on prepayments
received during the 30-day period. ,
Page 8 provides an estimated assessment income schedule and assumes approximately 20%
of the assessments will be prepaid. City staff has reviewed several financing options in an
effort to avoid assessment income shortfalls in the event the prepayments received cannot be
invested at a rate at least equal to the bond rate. The debt service schedule for this issue has
been structured to provide for a large principal payment of $300,000 in the first year (March 1,
1997), which will be made from the projected prepayments received in the first year of
col{ection.
Typically, the remaining principal payments would be made over the next 19 years to match the
remaining term of the assessments. However, prepayments historically continue to come in
each year, so we have shortened up the issue to a 12-year obligation with a balloon payment of
$950,000 due on March 1, 2008. This will allow the City the flexibility to pay off all or a portion
of that principal amount from additional prepayments which have been accumulating. If a
portion of the balloon payment cannot be covered by assessment funds on hand, the City can
refinance that balance over the remaining term of the assessments. This refinancing could
either take the form of an internal loan or it could be included in the City's annual bond issue for
street improvements.
The debt service schedule for the Street Improvement Bonds is provided on page 9. The
shostening of the issue's term to 12 years from 20 years has the potentia{ to significantly reduce
overall interest costs to the City. We have included a call feature in this issue which ailows the
City to refinance the issue as early as March 1, 2004 or any date thereafter.
Page 2
City of Saint Paul, Minnesota
Febn���y 19, 1996
Street Improvement Refunding Bonds, Series 1996C
The objective of this refunding is to reduce interest costs on certain outstanding debt. Proceeds
of the Street Improvement Refunding Bonds will be used to refund in advance of maturity the
following outstanding issues:
RPf�nded Street Improvement Bonds
General Obliga6on Improvement Bonds,
Series 1985A, dated July 1, 1985
General Obligation Street Improvement
Special Assessment Bonds, Series 1986,
dated June 1, 198&
General Obligation Street Improvement
Special Assessment Bonds, Series 1987,
dated April 1, 1987
General Obligation Street Improvement
Specia! Assessment Bonds, Series 1988D,
dated March 1, 1988
General Obligation Street Improvement
Special Assessment Bonds, Series 19896,
dated March 1, 1989
General Obligation Street Improvement
Special Assessment Bonds, Series 1990B,
dated April 1, 1990
Total Refunded Debt
Maturities to
be Refunded
1997-2006
1997-2007
1997-2008
1997-2009
1997-2010
1997-2011
Total Amount of
Refurtded Princioal
$ 690,000
1,320,000
1,400,000
1,710,000
1,350,000
• � ���
$8,440,000
Redemption
Da�g
8-1-96
2-1-97
�
Eb�L
3-1-99
9-1-96
Based on current market conditions, we anticipate the 1985 through 1990 issues can be
refinanced at a net effective rate of approximately 4.54°/a. The remaining debt currently
outstanding for the 1985 through 1990 bonds carries net interest rates ranging from 6.02% to
8.20%. The net savings anticipated due to the refundings is approximately $1,623,212 and the
present value savings is approximately $915,518. These savings figures are net of ali costs of
issuance. A summary of the annual savings is shown in Column E on page '11 of tnese
recommendations.
Included in the refundings are cash contributions from each oid issue, representing existing
funds on hand as a result of assessment prepayments and investment income. The
contribution of this cash in the refundings is required by arbitrage regulations, but also allows
the City to reduce the amount of new principal issued to replace the old bonds. In addition, the
City used existing funds to cover a balloon payment due on February 1, 1996 for its 1993
Temporary Impr�v�ment Bonds, rather than extemally refinancing them. Prior to the refunding,
the cash position for the 1985 through 1990 issues tota(ed approximatety $3,555,900; payment
of the 1993 Temporary Bonds totaled $1,482,295, leaving a net amount of remaining cash used
in the refundings of approximately $2,073,QOQ.
The 1985 through 1990 issues of street improvement special assessment bonds will be
refunded by means of a"full net advance" refunding. For this method of refunding, proceeds of
the new issue will be placed in an escrow account he�d by a bank and invested in govemment
securities to pay ail of the debt service requirements of the old bonds through the earliest call
date for each issue.
Page 3
City of Saint Paul, Minnesota
February 19, 1996
�1`- as�
The Street Improvement Refunding Bonds wiil be paid from the same assessments originally
filed for the 1985 through 1990 bonds. In addition, assessment income originally filed for the
1993 Temporary Bonds wifl also be used to cover debt service requirements. The debt senrice
schedule for the Street Improvement Refunding Bonds is provided on page 12. Although the
remaining assessment income of the 1985 through '1990 and 1993 bonds is pledged to this
issue (Column 8), a net tax Ievy occurs, as shown in Column 9. This levy requirement is due to
a situation regarding the 1986 Improvement Bonds. The City staff is reviewing the special
assessment coltection history of the 1986 issue.
Water Poliution Abatement Refunding Bonds, Series 1996D
The objective of this refunding is to reduce interest costs on existing debt. Proceeds of the
Water Poilution Abatement (WPA) Refunding Bonds will be used to refund in advance of
maturity the following outstanding issues:
Refunded WPA Bonds
General Obligation Water Pollution
Abatement Refunding Bonds,
Series 1975, dated March 1, 1975
General Obiigation Water Poilution
Abatement Refunding Bonds,
Series 1987, daied Aprit 1, 1987
Total Refunded Debt
Maturities to
be Refunded
1997-2005
1997-2004
Total Amount of
Refunded Princioal
$1,410,000
• ���
$8,845,000
Redemption
�
9-1-96
9-1-96
The refunding of the 1975 and 1987 WPA Bonds will be conducted using the same method as
the Stseet Improvement Refunding, a"full net advance" refunding. The t975 WPA Bo�ds are
outstanding at a net interest rate of 6.25% and the 1987 WPA Bonds are outstanding at a net
interest rate of 5.83%. Based on current market conditions, we anticipate both issues can be
refinanced at a net effective rate of approximately 4.16°l0. The net savings anticipated due to
the refunding is approximately $500,157, with a present value savings of approximately
$427,842. A summary of the an�ual savings is shown in Column E o� page 14.
The City's existing WPA debt is currently being paid from net revenues of the City's sewer fund.
it is anticipated that the WPA Refunding Bonds wiil continue to be paid from this source as
weil.
Common to All issues
in addition to our recommendations above for each individual issue, we recommend the
following items, which are common to all four of the bond issues:
Sa/e Date and Time
2.
P�epayment Provisions
Wednesday, March 13, 1996 at 10:30 A.M.
with award by the Council at 3:30 P.M. the
same day.
For each issue, except the WPA Refunding,
bonds ; maturing on March 1, 2005 and
thereafter will be callable on March 1, 2004
and any date thereafter at par and accrued
interest. Due to their short maturity
Page 4
City of Saint Paul, Minnesota
Feh!��ry?9, 1996
K�
Credit Rating Comments
schedule, the WPA Refunding Bonds will not
be subject to redemption prior to their
maturity.
Rating applications wili be made to Moody's
Investors Service, Standard & Poors and
Fitch Investors Service for these issues.
Cify staff is currentiy preparing for rating
teleconferences that wiil be held with each of
the agencies prior to the sales.
�
5.
C�
E�
Bank Qualification These issues exceed $10,000,000 and are
fherefore not e(igibfe for bank quatificafion.
Non-bank-qualified bonds receive interest
rates siighNy higher than bank-qualified
bonds.
Rebate Requirements The bonds are subject to the federal rebate
requirements. However, if the City can meet
the 18-month or 2-year spend-down
requirements for the Capital Improvement
and Street Improvement Bonds, these
issues will be exempt from rebate. The City
will not owe any rebate from the investment
of the bond proceeds for the two refunding
issues because the proceeds will be
invested in the escrow accounts at a yield
less than the yield on each of the refunding
bond issues.
Bona Fide Debt Service Fund
Economic Life
Continuing Disclosure
The City must maintain a bona fide debt
service fund for each issue or be subject to
yield restriction.
The average maturity of the bonds cannot
exceed 120% of the economic life of the
projects being financed. 'The economic life
for infrastructure improvements is 20 years
and for capital facilities it is 40-50 years.
These issues are within the economic life
requirements.
These issues are subject to the SEC's new
continuing disclosure rules. A summary of
the requirements has been provided to your
staff. Springsted provides continuing
disclosure services under separate contract,
copies of which have also been provided to
your staff.
Page 5
°� l. • '�- S �
City of Saint Paul, Minnesota
February 19, 1996
9. Attachmenfs Capital lmprovement Bonds Debt
Service Schedule
Assessment Income Schedule
Street Improvement Bonds Debt
Service Schedule
Street Improvement Refunding Bonds
Savings Scheduie
Street improvement Refiunding Bonds
Debt
Service Schedule
WPA Refunding Bonds Savings Schedule
Terms of Proposal for each lssue
Respectfully submitted,
����t�����c���az��
SPRINGSTED lncorporated
mmc
Provided to Staff: Summary of Continuing Discfosuse Requirements
Page 6
�a
I �
E
lL O.
' Q
m U
r C
� W
R y
� Z
a�
a
�
T
m
N
9
C
�
m
c
m
E
>
0
m a
�
m �
C ��
C �G
�U
� Q
ac7
��W
'wo�
V) p" r-
p � N
N m
.`
Uhv�
� �
� �
rn
'- �
I
� � W
��
m
w
� m C
« � �
� m �
D��i
� � O
O �
r $ ,.
Z � m W
� �
�
�
Q
m
¢
mam� �����
tON�a t0.-�tOMO
IpNd��00� I�r V NY
<pf:fD�ffNA�A �ON
cOtnC9 NN eFtD �ff(OM
cOOD aD NtOOD m ODCDCD
T r r N r r T r T r
rlpfOlpN10 W rMfD
aoaoon�n rno
Q lh O W O 1 O 1 C�D N M
1n10GO1901 �fO�Olh
[OfD[OCD tD I�tD cOCth
�nin�nm�o�oau��n�a
T r T r r r r r T r
� O"' �(O O 0D (O f0 f0 � O N
7 Cm ar f�1700 W C7 Na0
,= C � r07G0 t_CO ��CD��
C �� r�0 rc�iaoc� ai W of
m nrn�aocon�om�n
LL Q• 3 N N N e- r LO N N r
m �
m
li S
°��� mNb���.�-�c�+�o
� O"'� 1qN�� W t_r<N7
rF f0 PCOION P�r-ON
� C NG�DC
T T T N r T r T T T
� O� O O b N O O O O
y � TOprtpNN00 N �
O Q'm rw�cnnc�
V O�m00>d�W cOM.-�A
~'� C � f0 Iq r f0 IA I� CO I� d'
a nnnrnrnnrr_
� r r r N r r r r r r
" O� O O� N O O O O
m� rGprfON NOO � �
r PTtOP t�C7t7f0�
.m.. ,�. c70 �Oi <O
C i!j � � �M�NNr
r v
m
¢
n�
0
C
a`
� � �
� �
�
�
w T .�
� v
� J
>
O� O` O� O O O O O O O
O O O O O O O O O O
a»nrnorwc�a�n
viriciriavd�av�
0000000000
0000000000
0000000000
�i �ci o ui �ci �ci o o ui o
N h � O 1� N O N N h
N N N �D c7 � �q ��O f0
T r T T T T T T T T
I�ODQI O.-N W �inf0
01 �� O O O O O O O
�� r N N N N N N N
tnt01� c0� O.-NC7 �
CA� CO m� 00000
0) �01 rn � 00000
r-�-r e-N N NNN
N
A
�
�
�
r
�
ro
N
�
m
N
m
r
�
`�T
�
N
�
n
�
�
�
T
b
�
�
�
rn
n
r
�
�
�
�
C9
0
0
0
0
O
�I
a
T
�
F-
O
F-
go S
O O
o � v
M T
�
r
�
�
m �
O �
a =
W �
v a
m � c
U � � m
� 3 O �N
a m � c w
�r. O Om
o ° m � U
m y O � « �R
ZUQ F�-
� O O � �
T O � °
M O W �
� � T M
�r(O'�
m �
m :.�
m C
� 3 �
O r
C N m �
M ¢
� � C
c wrC?
c3 ro—
QaZZ
���a
<cuiorn
r N l7
'� a �
�
m
�
¢
���
� � 3 �
� � C �
II � ¢ �
U
C7QQF
m
�
�
m
L
U
N
N
O
m
c
0
.�
�
m
�
C
�
U
�
C
m �
W �
N �
7 �
U �3
m m
E E
ffi's
�
c t
� �
U �
U
Y �
ip w
� m
a �
d �
m
` c
m �
g
m �o
3
d �
��.. L
c F
Page 7
°1�•as�
a
� m
o� r
o� ca
,- s.
0
-a
� �
0
�, o
L C
R t+
7
L O
aw
mr
LLN
C7
a Z
� N
L�
�o a
a v�
m
L T
am
V
C
E
N
N
m
N
a
r�/
�
Q� 'r'�
i-' U
O N
tl) 6
m �
C
C ++
� m
E
� m m
.-I > (O
7 O m
tQ C, �
d fir
E
++ `r N
C y
.�+•�
fII m L
� m m
L f7
'f 1-�
O (q +
>+ • U
++ O C
+�1 O
U C7 fL
W
�
0
U
2
Iti
F
2
W
�
y
W
�
N
Q
0
1-
U
W
�
a
f0
�
\
N �
}+ r
U�
y r
O ^
L
a ••
m
(O Y
W O
T �
C
.i
.i
+�
LL
a
OC9 �O�t70tf70�f101n O�O�O�O �AOtq
�� O MO �NOI �rNC70�f �N W OOf N W b�
�-+
O {q�N�DrinOtnOf a W l7 W NhN �Orl[%OLL)
F• N.-�N ODPI�fOifl�<�tf9M NN �r OOOf
� N T T r r T r�^ T r T T T r' r r r T T
t6
I�d° 1 C COIn C�C� C�CIn C1nCU�G�C il7Ctn
W O (Orl7�f0 f��0 Nf7b(00007 �Naf ln1�00
L O ���� r n m O�O N W 7 O<O M W 1n r h(7
m • +'-NfO�-fOOlnO�t �l'1C0(�f�N �Orfp O!n
++(O � NOO70f COCOf� P.iO�� V�e1'MCO NNr �
C � �- �
H � .
r'� �
c�
� �
O �
C
rl �
L �
a �
F� �
U i �
m � .
� m �
.a > �
O �
U �
�
+�1 /0 �
� t �
LL �
� 0 � � 0 � � 0 � � Q Q Q � � � � � � 0 �
o��in�in�inn�nin�n�nu�in�nin�inu�in
o��.r.r�nnnr.n�r.nnni.nr�nnn
tnOfOf�OfCfOfOf OfOfOfOfOfO�Cf W 0f Of �O)�
NaDCOtO�maD W c0 mcOCO0Da0cOCOCOaDfDCOt9
7
f0 f�,f9"��O rNf7 attA fOPG00f OrN(7 �1n fD
�� W A O O O O O O O O O O T T�- .- � T
W����O O O O O O O O O O O O O O O O O
r r r r N N N N N N N N N N N N N N N N N
� fD1� W� OrNP�� H7 f0h mOf OrNC77tq
T ���Of OOOOOOOOOOrrr �+-
Of O1 � Of � 0 000 000 000 00000 O
r r r r r N N N N N N N N N N N N N N N N
m
n
a
f0
�
co
�
n
�
a
�
r
�
0
O
O
N
N
N
y
a
F
�
F�-
N
1-�
C
c �
+-1 a
'i �4
+i Q
F L
e a
L �
Y- t� i�-�
t�i� O�i E
m '- �.�i
i � 4+
0i �- N
++ M m
+ N N
r 1�
N C
m 0 m
'p i+ N
.-�j m L
U ++ Q.
n 'O S
�a a
Page 8
�� m
LL �
�
m —
�
�
�Z
a_
s
�i
a
m
�
.�
�
�
�
�o�
�E�
c��
���
a� ,R m °
M v y
C �
� � �
`o�
�N
CS vi 6
�i S' '
1 �
� � c%�
�
�
:8 � c
�Q�
O�ti
39� ���N�
� � v � N � � W � � � � � Y � N � N � � � 0 �
� � R � � � � � N Q � O O O O N � � � � N � N �
c '�S. r .
d c� oi�r�cvci� a°9ic`�^c�m^`8g'�'
�m o0000000000�00000000o n
� Z�� m N
3 � �
� �
o ° ��� �
~ � v N�OI tOmnr�1�� f��MNN� �00 W �
O fV � � �`- � � � � .- � � r �.- � ��- �
0
����
�a
�«
� �
p � C
a
� O O O O O O O O O O O O O O O O O O O O Q
N N
v �
omu�Q WoNTu�n�n5� � n$"'c m
m�� _nm� n
N� fD OD Tr� �� Q� W .�-�. N -���� � �
N
O r� ��CO ����� f�1 r N C`�' O OOOOO OOO �
�
�'s �N O�mrM1��tO�'� �
� O
� M
O�� � N V�� N� Hf � Y N b� O O O O O O O O O �
��� ������������ �
a� �
�� �N 7� W N�� iq Q N p� O O O O O O O O O �
C aD�fD rr t�O�fD N�CQ �
�� ���������������������
: '
�
o� r Q� j 8 � 'p_' 1 � r o�amvn�o�
�� ��� N(V (V ��N�N�� N NNN( NNN
�
��� �$�'����258�2f�25����00000� F
N( V N N N N N N N N N N
O
�
C
�
a
� i
�
LL
p � C
� ��
m � ,O�
���
a�3
y o
� a
W O � �
l N N �
O N N
�a m `*
� C
m ^ � m
C S
tb m Q
�o
c m.-U
3 m —
d`szz
g���
����
T vo
m
N � -J
G C W ..
� � C r
a���
� �(J
�<$�
m
�
W
�
�
O
@
m
�
�
�
� r
N �
� �
t �
� �
�
�
��
� m
, Y
� �
a �
� �
� �
�
�€
c
Page 9
°I c. - a: s`
St. Paul, Minnesota
G.O. Refunding Bonds, Series 1996
Full Net Advance Refunding of
6 Various G.O. Street Imp. Bonds
Issuer Funds Required: $2,073,220.28
Date of Bonds: 04/01/96
Delivery Date: 04/09/96
Refunded Call Date: Various
1st Callable Date: Various
Comparison: Refunded Refunding
Principal: 8,440,000 6,750,000
Bond Years: 46,237.50
Avg. Maturity: 6.850
NIC: 4.543%
Total �let �avings. t,623,211.82
Present Va[ue Sa�rings; 975,5i8.Q6
/�s °la of P.V. Ref. lnf�_ 27_5(ID
As 9�a of P.V. Ref. I31S:. 9.41 �/
Prepared: 02/17/96
By SPRINGSTED incorporated
Page 10
St. Paul, Minnesota
G.O. Refunding Bonds, Series 1996
Annual Savings Analysis
Prepared: 02/17/96
By SPRINGSTED Incorporated
Period Refunding Non-Refunded Total New Existing
Ending Debt Service Debt Service Debt Service Debt Service
(1) (2) (3) (4) (5)
09/O1/96
03/O1/97 631,506.25 631,506.25 1,284,035.00
04/O1/97
03/O1/98 842,825.00 842,825.00 1,213,070.00
09/O1/98
03/O1/99 822,700.00 822,700.00 1,172,830.00
09/O1/99
03/O1/2000 801,425.00 801,425.00 1,131,850.00
09/O1/2000
03/O1/2001 779,000_00 779,000.00 1,079,890.00
09/O1/2001
03/O1/2002 731,000.00 731,000.00 1,�32,955.00
09/O1/2002
03/O1/2003 708,450.00 708,450.00 980,512.50
09/O1/2003
03/O1/2004 685,350.00 685,350.00 908,230.00
09/O1/2004
Savings
or (LOSS)
(6)
652,528.75
370,245.00
350,130.00
330,425.Q0
300,890.OQ
301,955.�0
272,062.50
222,880_Od
03/O1/2005 661,700.00 661,700.00 SS7,200.40 225,SOO.OQ
09/O1/2005
03/01/2006 612,500.00 612,500.00 809,357.50 , 196,857.50
09/O1/2006
03/O1/2007 538,875.00 538,875.00 717,9�2.50 179,077.5Q
09/O1/2007
03/O1/2008 392,025_00 392,025.00 530,725.00 138,700.OG
09/O1/2008
03/O1/2009 275,575.00 275,575.00 350,375.00 74,800.00
09/O1/2009
03/O1/2010 188,575.00 188,575.00 228,637.50
09/O1/2010
03/O1/2Q11 105,000.00 105,000.00 Z39,100.00
Totals 8,776,506.25
Present Value Rate...:
Present VaZue Savings:
As > of P.V. Ref. D/S:
40,062.50
34,100.OQ
8,776,506.25 12,466,720.00 3,690,213.75
4.35950o Funds from Issuer....: (2,^73,220
915,518.Q6 Funds to Sinking Fund: 6,218.35
9.410 Total Net Savings....:1,623,211.82
Page 11
� �
� «
Q
IL Q
I p
m U
T (�'
L �
Q F
�
m C3
a`Z
¢
a
y
a
m
N
a
c
O
m
W
C
a
C
�
�
�
C
m
�
m
>
� O
o Q-
m �
C m
� �
� �
�(3U
C � �
' O
y O �
o � m
� n
U � t
� �
� �
� T
� �
S � T
� M
H
m
«
:a mc
m ' 3" y
� t6 �
� � �
a � � �� N O O O O O O O O O � n n N� �
� Q.,�'� 4Y fD f9 !� O 4� �R �A
�
�!A r� ���NC�Y �
�
U
>>o �00000000000�����n
c a% N nMP�GO a
C � � �N 1�<Or ID
Q N T c7 7 tD O� T ta
9 Z�� O O O n�� N 0^ O� n O O O O O O
Q �
`� �t07<O rr-C9C0 tD
� � �00�f � O.�-010�1� r
� •� � r r (O
7
:.� m
�
'G" GI G90NCqt`') N N��tA �N�� I� NP� N N
«� E� dN000t0 at NOOD ON O � N(O1� tp
��IphO�ON � N
m� V f�.tNO� t� N c7 O O�O O aD<O.-�l7 O
O y � �a�Dn nn t�OtO �O N tA ��jMN r0f �a0 r�
d w m
�
Q
°.�� c6�M 6�it�ff t�l� �� a �O �00 O �N
� O O� W�tQ� �N �D h.-a0�OC70 N c0
�r ~ M� M r h I� M T a M N � m a D O N
o �oco<oarccv rna�c 000�,-
�oc000aomnnn�cm�naa.-r c�
rn
.�- p ' - ' �O �ff0 b00000 �q N �NO000
_m� ON ONOOtp tq O hNT�T�O
O•V � OJ f� a O O V M f� N f9 O N 1n O
�NN �rO�N N W NNODlq
~ � C lOSlNOt�OfO N�D�MOf hODO
a fD CD W W f� f� 1� t0 t0 (O lp M N r r
4'S
( O N O N O O O O O O N N� I b O O O O
y � ONON00�17 u100 f�N I� PO
� �{Df��fOOaMt�tAG00 NNO
.m.. t0 i+ A f0 d- � W tq r fr � N tn M�
C N N N N N �+ � r� �� N �
tll O O O O O O Y 0 O o O o
y� o a�� o 0 0 0� o 0 0 0 0 oQ o 0 0
� N�nO�fO�NM7�����O��N
¢ riciric�iv.tvavvvavv�ci�ciuiui
O
N
f0
n
n
m
�O
O
N
�
N
0
N
O O O O O O O O O O O O O O O O O O O
p_�, 000000000000000 O
V O O O O O O O O O O O O O O O O
= N�� ��OOOOtA tnO0u1 O O
��� h b N N N IU N?� N r �r n
a`
�
t� OD � O N cq 7 N f0 t� cD � O.- N l7 �
��� W T� O O O O O O O O O O � r r r
�� � Oi � O O O O O O O O O O O O O O O
� r r � N N N N N N t V N N N N( V N N N
}
"- 7. ^ ln tD P OJ m O N M d' ��O i� W� O r N
�� . r ,.. 6� W W�� 0000000000 � r �
� J W�� m W O O O O O O O O O O O O O
� r�-- r r N N N N N N N N N N N N N Q
� ~
O
F
0
«� N n M
N n O �
O T �
N N
�
� ..
m C
m � N
O
C � m �
m (�
� 0 C
= m �,U
c3 m=
¢aZZ
� � o 0
I� (O a�0 N
N W N
� �t d'
a
.-
N
�
��>>m
m Q � l6
a�
c a� c�U
o > >=
m¢¢F
q�-Zs�
m
7
V
m
t
U
N
N
�
O
N
C
O
.�
i
m
r
�
C
R
U
K
C
rn�
.
4/ >
q O
� N
U �
�a �
E E
N �C
��
C C
N �
L 0
U V
N
a 'a
� N
� y
N '�
m m
l6 'a
N C
y 3
R K
�
d m
� L
c F
Page 12
St. Paul, Minnesota
G.O. Refunding Bonds, Series 1996
Full Net Advance Refunding of
G.O. WPA Bonds, Series i975 & 1987
Even Annual Savings Structure
Issuer Funds Required: $8,032.54
Date of Bonds: 04/01/96
Delivery Date: 04/10/96
Refunded Call Date: 09/01/96
1 st Cailable Date: 03(01/97
Total'�+(8f Savirigs; 50Q
Present Va[ue Savings: 427,8�2.21
As �fa of P.V. �tef: ln�.. 21.33�
As �Ic af �.V. Ref: D1S.. 4:49D/
Prepared: 02/17/96
By SPRINGSTED Incorporated
Page 13
°��-as�
St_ Paul, Minnesota
G.O. Refunding Bonds, Series 1996
Annual Savings Analysis
Refunding Non-Refunded Total New Existing
Date Debt Service Debt Service Debt Service Debt Service
(1) (2) (3) (4) (5)
09/O1/96
03/O1f97 1,543,702.08 1,543,702.08 1,621,775.00
09/O1/97
03/O1/98 1,558,475.00 1,558,475.00 1,609,200.00
09/O1/98
03/O1/99 1,539,725.00 1,539,725.00 1,592,325.00
09JO1j99
03/O1/2000 1,567,550.00 1,567,SSQ.00 1,631,000.00
09/�1/2���
03/O1/2001 1,589,900.00 1,589,900.00 1,652,000.00
09/O1/2001
03/O1/2002 1,082,900.00 1,082,900.00 1,142,000.00
09/O1/2002
03{O1j2003 1,067,925.00 1,067,925.00 1,127,500.00
09/O1/2003
03/O1/2004 SCO,S25.00 5�0,925.0� 535,300.0�
09/O1/2004
03/O1/2005 130,500.00 130,500.00 170,000.00
Prepared: 02/17/96
By SPRINGST&D InCOrporated
Savings
or (LOSS)
(6)
78,072.92
50,725.00
52,600.00
63,450.00
62,100.00
59,100.00
59,575.Od
34,375.��
39,500.00
Totals 10,581,602.08 10,581,602.08 11,081,100.00 499,497.92
Present Value Rate...: 3.98639e Eunds from Issuer....: (8,032.54)
Present Value Savings: 427,842.21 Funds to Sinking Fund: 8,691.88
As o of P,V. Ref. D(S: 4.49°s Total Net Savings....: 500,157.26
Page 14
THE CITI' HAS AIJTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
ISSUE ON TTS BEHALF. PROPOSALS WILL BE RECEIVED ON TI� FOLLOWING BASLS:
TERMS OF PTLOPOSAL
$14,500,000
CITY OF SAINT PAUL, NIINNESOTA
GF.NF.RAi. OBLIGATION CAPTTAL Il14PROVEMENT BONDS, SERIES 1996A
(BOOK ENTRY ONLI�
Proposals for the Bonds will be received on Wednesday, Mazch 13, 1996, untiI 10:30 A.M., Centrai
Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota, after which time they wilI be opened and fabulated. Consideration for awazd of the Bonds
will be by rhe City Council at 3:30 P.M., Centrai Time, of the same day.
SUBMISSION OF PROPOSALS
Proposals may be submitted in a sealed envelope or by fax (612) 223-3002 to Springsted. Signed
ProposaLs, without final price or coupons, may be submitted to Springsted prior to the time of sale.
The bidder shall be responsible for submitting to Springsted the final Proposal price and coupons, by
telephone (612) 223-3000 or fas (612) 223-3002 for inclusion in the submitted Proposal. Springsted
will assume no liability for the inability of the bidder to reacfi Springsted prior to tfie time of sale
specified above. Proposals may also be filed electronically via PARTfY, in accordance with PARITY
RuIes of Participation and the Terms of Proposal, within a one-hour period prior to the time oE sale
established above, but no Proposals will be received after that time. If provisions in the Terms of
Proposat conflict with the PARITY Rules of Participation, the Terms of Proposal shall control. The
normal fee for use of PARITY may be obtained from PARITY and such fee shall be the responsibility
of the bidder. For fnrther informadoa about PARITY, potendal bidders may contact PARiTY at 100
116th Avenue SE, Suite 100, Bellewe, Washington 98004, telephone (206) 635-3545. Neither the
City nor Spzingsted Incorporated assumes any liability if there is a malfunction of PARITY. All
bidders aze advised that each Proposal shall be deemed to constitute a contract between the bidder and
the City to purchase the Bonds regazdless of the manner of the Proposal submitted.
DETAILS OF THE BONDS
The Bonds will be dated April i, 1996, as the date of original issue, and will bear interest payable on
Mazch 1 and September i of each year, commenciag September i, 1996. Interest will be computed oa
the basis of a 360-day yeaz of twelve 30�iay months.
The Bonds will mature Mazch 1 in the years and amounts as follows:
1997 $1,215,000
1998 $1,225,000
1999 $I
2000 $1,665,000
2001 $1,375,000
2002 $I,425,000
2003 $1,500,000
2004 $1,550,000
2005 $1,625,000
20Q6 $1,b70,000
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distriburion of Bonds made
to the public. The Bonds wIII be issued in fuily registered form and one Bond, representing the
aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede
& Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which witl act
Page 15
�'Ic_asc�
as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal
amommt of $5,000 or any multiple thereof of a single maturity through book entries made on the books
and records of DTC and its participanu. Principal and interest aze payable by the regisuar to DTC or
its nominee as registered owner of the Bonds. Transfer of principal and interest payments to
participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to
beneficial owners by participants will be the responsibility of such participants and other nominees of.
beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit
the Bonds with DTC.
r�xe►��ir.�� �
The Treasurer of the Ciry will serve as registraz.
OPTIONAL REDEMPTION
The City may elect on March 1, 2004, and on any day thereafter, to prepay Bonds due on or afrer
March 1, 2005. Redemption may be in whole or in part and if in part at the option of the City and in
such manner as the Ciry shall determine. If less than all Bonds of a maturity are cailed for redemption,
the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine
by lot the amount of each participant's interest in such maturity to be redeemed and each participant
will then select by lot the beneficial ownership interests in such maturiry to be redeemed. All
prepayments shall be at a price of par plus accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the Ciry will pledge iYS full faith and credit
and power to levy d'uect general ad valorem taxes. The proceeds will be used to finance approved
projects from the City's 1996 Capital Improvement Budget and Program.
TYPE OF PROPOSALS
Proposals shall be for not less than $14,355,000 and accrued interest on the total principal amount of
the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a
certified or cashier's check or a Financial Surery Bond in the amount of $145,000, payable to the order
of the Ciry. If a check is used, it must accompany each proposal. If a Financial Surery Bond is used, it
must be from an insurance company licensed to issue such a bond in the State of Minnesota, and
preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening
of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is
guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a
Financiai Surety Bond, then that purchaser is requued to submit its Deposit to Springsted Incorporated
in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated
not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit
is not received by that tune, the Financial Surery Bond may be drawn by the City to satisfy the Deposit
requirement. The Ciry wiil deposit the check of the purchaser, the amount of which will be deducted at
settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with
the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or
amended after the time set for receiving proposals uniess the meeting of the Ciry scheduled for award
of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having
been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending
order. Bonds of the same maturity shall bear a singie rate from the date of the Bonds to the date of
maturiry. No conditional proposals will be accepted.
. �I-\.�/�7�7
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest
cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with
customary practice, will be controlling.
Page 16
Tfie City w411 reserve the right to: (i} waive non-substancive iniormalicies of any proposai or of marters
relating to the receipt of proposats and awazd of the Bonds, (a) reject all proposals without cause, and,
(ni) reject any proposal which the City determines to have failed to comply with the terms herein.
CUSIP NUMBERS
If the Bonds qualify fot assignment of CUSIP numbers such mimbers will be printed on the Bonds, but
neiiher the faIlare Yo print such numbers oa any Bond aor any error with respect thereto will constitute
cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service
Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their awazd, the Bonds will be delivered without cost to the
pnrchaser at a place mutually satisfactory to the Ciry and the purchaser. Delivery will be subject to
receipt by th� purchaser of an approving legal opinion of Briggs and Morgan, Professional Association,
of Saint Paul and Minneapolis, Minnesota, and of customary ciosing papers, including a no-lidgation
certificate, On the date of setflement payment for the Bonds shall be made in federal, or equivalent,
funds which shall be received at the offices of the City or its designee not later than 12:00 Noon,
CentraI Time. Except as compliance with the terms of payment for tfie Bonds shalt have been made
impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss
suffered by the Ciry by reason of the purchaser's non-compliance with said terms for payment.
CONTINUING DISCLOSURE
On the date of the actual issuance and delivery of the Bonds, the City will execute and deliver a
Continuing DiscIosure Undertaldng wfiereunder the City wili covenant to provide, or cavse to be
provided, annual £mancial informarion, including audited financial statements of the City, and notices
of certain material events, as specified in and required by SEC Rale 15c2-12(b)(5).
OFFICIAL STATEMENT
The City has authorized the prepazarion of an Official Statement containing pertinent information
refative to the Bonds, and said Official Statement wi11 serve as a nearIy-final Official Statement witi�in
the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official
Statemeni or for any additional information priot to sale, any prospective purchaser is referred to the
Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 55101, telephone (612) 223-3000.
The Official Statement, when fiuther supplemented by an addendum ot addenda specifying the maturity
dates, principa[ amounts and interest rates of tfie Bonds, Yogettier witfi any otfier information requ'ued
by law, shall consritute a"Final Official Statement" of the City with respect to the Bonds, as that tetm
is defined in Ruie 15c2-12. By awa:c3ing the Bonds to any underwriter or urdenvriting syndicate
submitting a proposal therefor, the City agrees that, no more than seven business days after the date of
such awazd, it shall provide without cost to the senior managing underwriter of the syndicate to which
the Bonds aze awazded 500 copies of the Official Statement and the addendum or addenda described
above. The City designates the senior managing underwriter of the syndicate to which the Bonds aze
awazded as 8s agent for purposes of distributing copies of the Final Officiai Statement to eacfi
Participating Undercvriter. Any underwriter delivering a proposal with respect to the Bonds agrees
thereby thai if its proposai is accep[cd by ihe City (i) it shall accept such designation and (ii) it shaIl
enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of
assuring the receipt by each such Participating Underwriter of the Final Official Statement.
BY ORDER OF THE CITY COUNCIL
Page 17
9c-�sc
at"� i.i'3'Y' HAS AUTHORIZED SPRI�NGSTED �iCORPt�kA�r:D TO NEGOTYATiE 'i`HiS
ISSUE ON ITS BEHALF. PROPOSALS WII,L BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$2,220,000
CITY OF SAINT PAUL, MINNESOTA
GF.TVFRAi. OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMEIVT BONDS, SERIES 1996B
(BOOK ENTRY QNL�
Proposals for the Bonds will be received on Wednesday, Mazch 13, 1996 until 10:30 A.M., Central
Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota, after which time they will be opened and tabulated. Consideration for awazd of the Bonds
will be by the Ciry Council at 3:30 P.M., Central Time, of the same day.
SUBMISSION OF PROPOSALS
Proposats may be submitted in a sealed enveloge or by fas (612) 223-3�02 to Springsted. Signed
Proposals, without final price or coupons, may be submitted to Springsted prior to the time of sale.
The bidder shall be responsible for submitting to Springsted the fu�al Proposal price and coupons, by
telephone (612) 223-3000 or fax (612) 223-3002 foi inclusion in the submitted Proposal. Springsted
will assume no liability for the inability of the bidder to reach Springsted prior to the time of sale
specified above. Proposals may also be filed electronically via PARITY, in accordance with PARITY
Rules of Pazticipation and the Terms of Pcoposal, within a one-hour period prior to the tune of sale
established above, but no Proposals will be received after that time. If provisions in the Terms of
Proposal conflict with the PARITY Rules of Participation, the Terms of Proposal shall control. The
normal fee for use of PARITY may be obtained from PARITY and such fee shall be the responsibility
of the bidder. For further information about PARITY, potential bidders may contact PARITY at 100
116th Avenue SE, Suite 100, Bellewe, Washington 98004, telephone (206) 635-3545. Neither the
City nor Springsted Incorporated assumes any liability if there is a malfunction of PARITY. All
bidders aze advised that each Proposal shall be deemed to constitute a contract between the bidder and
the City to purchase the Bonds regazdless of the manner of the Proposal submitted.
DETAILS OF THE BONDS
The Bonds will be dated April 1, 1996, as the date of original issue, and will beaz interest payable on
Mazch 1 and September 1 of each year, commencing Mazch 1, 1997. Interest will be computed on the
basis of a 360-day year of tweive 30-day months.
The Bonds will mature Mazch 1 in the years and amounts as follows:
1997 $300,000
1498 $11�,000
1999 $ 95,000
2000 $ 95,000
2001 $ 95,000
2002 $ 95,000
2003 $ 95,000
2004 $ 95,000
2005 $ 95,000
2006 $ 95,000
2007 $ 95,000
2008 $950,000
BOOK ENTRYSYSTEM
The Bonds wiil be issued by means of a book entry system with no physical distribution of Bonds
made to the public. The Bonds will be issued in fully registered form and one Bond, representing the
aggregate principal amount of the Bonds maturing in each yeaz, will be registered in the name of Cede
& Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act
Page 18
as securities depository of the Bonds. Individual purchases of the Bonds raay be made in tl�e principal
aznount of $5,000 or any multiple thereof of a single maturiry through book entries made on the books
and records of DTC and its participants. Principal and interest aze payable by the registraz to DTC or
iu nominee as registered owner of tfie Bonds. Transfer of principat and interest payments to
participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to
beneficial owners by participants will be the responsibility of such participants and other nominees of
beneficial owners. The purchaser, as a condirion of delivery of the Bonds, will be required to deposit
the Bonds with DTC.
REGISTRAR
The Treasurer of the City will serve as registraz.
OPTIONAL REDEMPTION
The City may elect on Mazch 1, 2004, and on any day thereafrer, to prepay Bonds due on or after
March 1, 2005. Redempcion may be in whole or in part and if in part at the optioa of the City and in
such manner as the City shall deternvne. If less than all Bonds of a maturiry aze called for redemption,
the Ciry will notify DTC of the particulaz amount of such maturiry to be prepaid. DTC wili determine
by lot the amount of eacfi participanYs interest in such maturiry to be redeemed and each participant
wIll then select by lot the beneficial ownerslup interesrs in such maturiry to be redeemed. All
prepayments shall be at a price of paz plus accrued interest.
SECURITY AND PURPOSE
The $onds will Sc general obligations of the City for which the City will pledge iu full faith and credit
and power to levy direct general ad valorem tases. In addition the City will pledge special assessmenu
against benefited property. The proceeds will be vsed to frnance stteet improvements within the City.
TYPE OF PROPOSALS
Proposals shall be for not less than $2,197,800 and accrued interest on the total principal amount of the
Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the fotm of a certified
or cashier's check or a Financial Surety Bond in the amount of $22,200, payable to the order of the
City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must
be from an insurance company Iicensed to issue such a bond in the State of Minnesota, and
preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening
of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is
guaranteed by such Financial Surety Bond. If the Bonds aze awarded to an underwriter using a
Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated
in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated
not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit
is not received by that time, the Financial Surery Bond may be drawn by the City to satisfy the Deposit
requirement. The Ciry will deposit the check of the purc6aser, the amount of which wiIl be deducted at
settlement and no interest will accrue to the purchaser. In the event the purchaser fai:s to comply with
the accepted proposal, said amount will be retained by the Ciry. No proposal can be withdrawn or
amended after the ticne set for receiving proposals unless the meeting of the City scheduled for award
of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having
been made. Rates shail be in integral multiples of 5/100 or 1/8 of i%. Rates must be in ascending
order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of
maturity. No conditional proposals will be accepted,
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest
cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with
customary practice, witl be controlling.
Page 19
q�.�.s6
The City will reserve the right to: (i) waive non-substantive informalities of any proposai or of matters
relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and,
(iii) re}ect any progosal which the City detercnines to have failed to comply with the terms herein.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such irumbers will be printed on the Bonds, but
neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute
cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service
Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their awatd, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to
receipt by the purchaser of an approving legal opnuon of Briggs and Morgan, Professional Association,
of Saint Paui and Minneapolis, Minnesota, and of customary closing papers, including a no-litigation
certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent,
funds which shall be received at the offices of the City or its designee not later than 12:00 Noon,
Central Time. Except as compliance with the terms of payment for the Bonds shall have been made
impossible by action of the City, or its agents, the purchaser shall be liable to the Ciry for any loss
suffered by the City by reason of the purchaser's non-compliance with said terms for payment.
CONTINUING DISCLOSURE
On the date of the actual issuance and delivery of the Bonds, the City will execute and deliver a
Continuing Disclosure Undertaking whereunder the City wiil covenant to provide, or cause to be
provided, annual financial information, including audited financial statements of the City, and notices
of certain material events, as specified in and required by SEC Rule 15c2-12(b)(5).
OFFICIAL STATEMENT
The Ciry has authorized the preparation of an Official Statement containing pertinent information
relative to the Bonds, and said Official Statement will serve as a neuly-final Official Statement within
the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official
Statement or for any additional information prior to sale, any prospective purchaser is referred to the
Financiai Advisor to the Ciry, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 55101, telephone (612) 223-3000.
The O�cial Statement, when further supplemented by an addendutn or addenda specifying the maturity
dates, principal amounts and interest rates of the Bonds, together with any other information required
by law, shall constitute a"Final Official Statement" of the Ciry with respect to the Bonds, as that term
is defined in Ru1e 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate
submitting a proposal therefor, the City agrees that, no more than seven business days afrer the date of
such award, it shall provide without cost to the senior managing underwriter of the syndicate to which
the Bonds are awarded 90 copies of the Official Statement and the addendum or addenda described
above. The City designates the senior managing underwriter of the syndicate to which the Bonds are
awarded as its agent for purposes of distributing copies of the Final Official Statement to each
Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees
thereby that if its proposal is accepted by the Ciry (i) it shall accept such designarion and (ii) it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of
assuring the receipt by each such Participating Underwriter of the Final Official Statement.
BY ORDER OF THE CITY COUNCIL
Page 20
THE C1TY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTTATE THIS
ISSUE ON TTS BEHALF. PROPOSALS WII.L BE RE`CEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$6,750,000'
CITY OF SAINT PAUL,I�IINNESOTA
GENERAI.OBLIGATION STREET IMPROVEMENT
REFUNDING BONDS, SERIES 1996C
(BOOK ENTRY ONL�
Propasals for the Bonds will be received oa Wednesday, Mazch 13, 1996, until 10:30 A.M., Central
Time, at the offices of Springsted Incorporated, SS Fast Seventh Place, Suite 100, Saint Paul,
Minnesota, after which time they wffi be opened and tabulated. Considerarion for award of the Bonds
will be by the City Council at 3:30 P.M., Central Time, of the sazne day.
SUBMISSION OF PROPOSALS
Proposals may be submitted in a seated envelope or by,fax (612) 223-3002 to Springsted. Signed
Proposals, without final price or coupons, may be submitted to Springsted prior to the time of sale.
The bidder shall be responsible for submitting to Springsted the final Proposal price and coupons, by
telephone (612) 223-3000 or fax (612) 223-3002 for incIusion in the submitted Proposal. Springsted
will assume no liability for the inabitity of the bidder to reach Springsted prior to the time of sale
specified above. Proposals may also be filed elecuonically via PARITY, in accordance with PARITY
Rules of Participarion and the Terms of Proposai, within a one-hour period prior to the time of sale
established above, but no Proposals will be received after that time. If provisions in the Terms of
Proposal conflict with the PARITY Rules of Participation, the Terms of Proposal shall controi. The
normal fee for use of PARITY may be obtained from PARITY and such fee shall be the responsibility
of the bidder. For further information about PARITY, potential bidders may contact PARTfY at 100
116tfi Avenue SE, Suite 100, Bellewe, Washington 98004, telephone (206) 635-3545. Neither the
City nor Sgringsted Incorporated assumes any liabiliry if there is a malfunction of PARITY. All
bidders aze advised that each Proposai shall be deemed to consritute a conuact between the bidder and
the Ciry to purchase the Bonds regudless of the manner of the Proposal submitted.
DETAILS OF THE BONDS
The Bonds will be dated April 1, 1996, as the date of origiaal issue, and wilt beaz interest payable on
Mazch 1 and September 1 of each yeaz, commencing September i, 1996. Interest will be computed on
the basis of a 360-day yeaz of twelve 30-day mornhs.
The Bonds will matute Mazch 1 in the years and amounts as follows:
1997 $375,000
1998 $575,000
1999 $575,000
2000 $575,000
2001 $575,000
2002 $550,000
2003 $550,000
2004 $550,000
2A05 $550,000
2006 $525,000
2007 $475,000
2008 $350,000
2009 $250,000
2010 $175,000
2011 $100,000
* The City �eserves the right, after proposals are opened and prior to award, to increase or reduce the principal
amount of the Bonds o}jered for sa1e. Any such increase or reduction will be in a totaZ amowu not to ezceed
$100,000 and will be made in muliiples of $5.000 in arry of the masuriries. In the eveni the principal amounr
of the Bonds is increared or reduced, a�ry premium ojfered os arry discount taken by the successjul bidder wili
be increased or reduced by a percentage equal to the percentage by which the principal amount of the Bonds
isincreased or reduced.
Page 21
I�_ ,
BOC�ii EIvTkY SYSTENi
The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made
to the public. The Bonds will be issued in fully registered form and one Bond, representing the
aggregate principal amount of the Bonds maturing in each yeaz, will be registered in the name of Cede
& Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act
as securiries depository of the Bonds. Individual purchases of the Bonds may be made in the principal
amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books
and records of DTC and its participanu. Principal and interest are payable by the registrar to DTC or
iu nominee as regisiered owner of the Bonds. Transfer of principal and interest paymenu to
pazticipants of DTC will be the responsibility of DTC; transfer of principal and interest payments to
beneficial owners by participants will be the responsibility of such participants and other nominees of
beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit
the Bonds with DTC.
REGISTRAR
The Treasurer of the City will serve as registraz.
OP'TIONAL REDEMPTION
The City may elect on March 1, 2004, and on any day thereafter, to prepay Bonds due on or afrer
Mazch 1, 2005. Redemption may be in whole or in part and if in part at the option of the Ciry and in
such manner as the City shall determine. If less than all Bonds of a maturity aze called for redemption,
the City will notify DTC of the particulaz amount of such maturity to be prepaid. DTC will determine
by lot the amount of each participant's interest in such maturity to be redeemed and each participant
will then select by lot the beneficial ownership interests in such maturity to be redeemed. Ali
prepayments shall be at a price of par plus accmed interest.
SECURITY AND PURPOSE
The Bonds wfll be general obligations of the City for which the Ciry will pledge its full faith and credit
and power to levy direct general ad valorem taaces. In addition the City will pledge special assessments
against benefited property. The proceeds wIll be used to refund in advance of maturiry the following
issues: General Obligation Improvement Bonds, Series 1985A, dated July 1, 1985; General Obligation
Sueet Improvement Special Assessment Bonds, Series 1986, dated June 1, 1986; General Obligation
Street Improvement Special Assessment Bonds, Series 1987, dated April 1, 1987; General Obligation
Street Improvement Special Assessment Bonds, Series 1988D, dated March 1, 1988; General
Obligation Sueet Improvement Special Assessment Bonds, Series 1989B, dated March 1, 1989; and
General Obligation Street Improvement Special Assessment Bonds, Series 1990B, dated April 1, 1990.
TYPE OF PROPOSALS
Proposais shall be for not less than $6,675,750 and accrued interest on the total principal amount of the
Bonds. Proposals shaU be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified
or cashier's check or a Financial Surery Bond in the amount of $67,500, payable to the order of the
City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must
be from an insurance company licensed to issue such a bond in the State of Minnesota, and
preapproved by the Ciry. Such bond must be submitted to Springsted Incorporated prior to the opening
of the proposals. The Financial Surety Bond must idendfy each underwriter whose Deposit is
guazanteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a
Financial Surery Bond, then that purchaser is required to submit-its:Beposit to Springsted Incorporated
in the form of a certified or cashier's check or wire transfer asiinstcucted by Springsted Incorporated
not later than 3:30 P.M., Central Time, on the next business day following the awazd. If such Deposit
is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement. The Ciry will deposit the check of the purchaser, the amount of which will be deducted at
settlement and no interest wiil accrue to the purchaser. In the event the purchaser fails to comply with
the accepted proposal, said amount will be retained by the Ciry. No proposal can be withdrawn or
Page 22
amended afrer the time set for receiving proposals unless the meeting of the Ciry scheduled for awazd
of the Bonds is adjourned, recessed, or continued to another date without awazd of the Bonds having
been made. Rates shall be in integral multiples of 5l100 or 1/8 of 1%. Rates must be in ascending
order. Bonds of the same maturiry shalI beaz a single rate from the date of the Bonds to the date of
maturiry. No conditional proposals will be accepted.
. �� .�. �
The Bonds will be awazded on the basis of the lowest interest rate to be determined on a true inteiest
cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with
customary practice, witl be controlling.
The Ciry will reserve the right to: (i) waive non substantive informatities of any proposal or of matters
relating to the receipt of proposals and awazd of the Sonds, (ri) reject all proposals without cause, and,
(iri) reject any proposal which the City determines to Lave failed to comply with the terms herein.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUS1P numbers such numbers will be printed on the $onds, but
neither the failure to print sach numbers on any Bond nor any error with respect thereto will constitute
cause for failure or refi�sal by the purchaser to accept delivery of the Bonds. The CUSIP Service
Bureau charge for the assignment of CUSIP identifrcation numbers shall be paid by the purchaser.
3ETTI,EMENT
Within 40 days following the date of their awazd, the Bonds witl be delivered without cost to the
purchaser at a place mutually satisfactory to the Ciry and the purchaser. Delivery will be subject to
receipt by the purchaser of an approving legat opinion of Briggs and Morgan, Professional Association,
of Sunt Paul and Minneapolis, Minnesota, and of customary closing papers, including a no-litigarion
certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent,
funds which shall be received at the offices of the City or its designee not later than 12:00 Noon,
Central Time. Except as compliance with the terms of payment for the Bonds sball have been made
impossible by ac6on of the Ciry, or its agenLS, the purchaser shall be liable to the Ciry for any loss
suffered by the Ciry by reason of the purchaser's non-compliance with said terms for payment.
CONTINUING DISCLOSURE
On the date of the accual issuance and delivery of the Bonds, the City will execute and deliver a
Continuing Disclosure Undertaking whereunder the Ciry will covenant to provide, or cause to be
provided, annual financial informarion, including audited financiai statements of the City, and notices
of certain material events, as specified in and required by SEC Rule 15c2-12(b)(5).
OFFICIAL STATEMENT
The City has authorized the prepazation of an Official• Statement containing pertinent informarion
relarive to the Bonds, and said Official Statement will serve as a neazly-final Official Statement within
the meaning of R�ile 15c2-12 of the Securities and Exchange Commission. For copies of the Official
Statement or for any additional information prior to saIe, any prospective purchaser is refened to the
Financial Advisor ro the Ciry, Springsted Inwrporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 55101, telephone (612) 223-3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the maturity
dates, principal amounts and interest rates of the Bonds, together with any other informarion required
by law, shall constitute a"Final Official Statement" of the City with respect to the Bonds, as that term
is defined in Rule i5c2-12. By awazdiag the Bonds to any underwriter or underwriting syndicaze
submitting a proposal therefor, the Ciry agtees that, no more than seven business days after the date of
such award, it shall provide without cost to the senior managing underwriter of the syndicate to which
Page 23
�� a5�
the Bonds aze awazded 270 copies of the O�cial Statement and the addendum or addenda described
above. The City designates the senior managing underwriter of the syndicate to which the Bonds aze
awarded as its agent for purposes of distributing copies of the Final Official Statement to each
Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees
thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall
enter into a contractual relationslup with all Participaiing Underwriters of the Bonds for pucposes of
assuring the receipt by each such Participating Underwriter of the Final O�cial Statement.
BY ORDER OF THE CITY COUNCIL
Page 24
1'HE CITY HAS AUTHORIZED SPRIlVGSTED INCORPORATED TO NEGO'I'IATE THIS
ISSUE ON TTS BEHAI.F. PROPOSALS WII,L BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$9,100,000'�
CITY OF SAINT PAUL, NIINNESOTA
GENERAL OBLIGATION WATER POLLUTION ABATEMENT
REFUNDING BONDS, SERIES 1996D
(BOOK ENTRY ONLI�
Proposals for the Bonds will be received on VJednesday, March 13, 1996, until 1030 A.M., Central
Time, at the offices of Springsted Incorponted, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota, after which time they will be opened and tabulated. Consideration for awazd of the Bonds
will be by the City Council at 3:30 P.M., Central Time, of the same day.
SUBMISSION OF PROPOSALS
Progosals may be submitted in a sealed envelope or by fax (612) 223-3002 to Springsted. Signed
Proposals, without final price or coupons, may be submitted to Springsted prior to the time of sale.
The bidder shall be responsible for submitting to Springsted the final Proposal price and coupons, by
telephone (612) 223-3000 or fax (612) 223-3002 for inclusion in the submitted Proposal. Springsted
will assume no liability for the inability of the bidder to reach Springsted prior to the time of sale
specified above. Proposals may also be filed elecuonically via PARITY, in accordance with PARITY
Rules of Pamcipation and the Terms of Proposal, within a one-hour period prior to the time of sale
established above, but no Proposals will be received afrer that time. If provisions in the Terms of
Proposal conflict with the PARIT'Y Rules of Participation, the Terms of Proposal shall control. The
normal fee for use of PARITY may be obtained from PARITY and such fee shall be the responsibility
of the bidder. For further information about PARITY, potential bidders may contact PARITY at 100
116th Avenue SE, Suite 100, Bellevue, Washington 98004, telephone (206) 6353545. Neither the
Ciry nor Springsted Incorporated assumes any liability if there is a malfuncrion of PARITY. All
bidders aze advised that each Proposal shall be deemed to constitute a conuact between the bidder and
the Ciry to putchase the Bonds regazdless of the manner of the Proposal submitted.
DETAILS OF THE BONDS
The Bonds will be dated April 1, 1996, as the date of original issue, and will bear interest payable on
March 1 and September 1 of each yeaz, commencing September 1, 1996. Interest will be computed on
the basis of a 360-day yeaz of twelve 30-day months.
The Bonds will mature March 1 in the yeazs and amounts as follows:
1997 $1,225,000
1998 $1,250,000
1999 $1,275,000
2000 $1,350,000
2001 $1,425,000
2002 $ 975,000
2003 $I,000,000
2004 $ 475,000
2005 $ 125,000
* The Ciry reserves the righ1, after proposals are opened arul prior to award, to increase or reduce the principal
amoura of the Bonds offe�ed for sa[e. A�ry such increase or reduction will be in a total amoura not to exceed
$100,000 and wi11 be made ia multiples of $5,000 in arry of the maturities. In the event the principa[ amoura
of the Bonds is increased or reduced, arry premium offered or arsy discount taken by the successful bidder wi![
be increosed or reduced by a percentage equal to the percentage by which the principal amnunt of the Bonds
is increased or reduced.
Page 25
q�,'7_JI�J
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made
to the public. The Bonds will be issued in fully registered form and one Bond, representing the
aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede
& Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act
as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principaI
amount of $5,000 or any multiple thereof of a single maturiry ttuough book entries made on the books
and records of DTC and iu participants. Principal and interest aze payable by the registrar to DTC or
its nominee as registered owner of the Bonds. Transfer of principal and interest paymenu to
participanu of DTC will be the responsibility of DTC; transfer of principal and interest payments to
beneficial owners by participants will be the responsibility of such participants and other nominees of
beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit
the Bonds with DTC.
REGISTRAR
The Treasurer of the Ciry will serve as registrar.
OPTIONAL REDEMPTION
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE
The Bonds wili be generai obligations of the City for which the Ciry will pledge its full faith and credit
and power to levy direct general ad valorem taxes. The proceeds will be used to refund the 1997
through 2005 maturities of the City's Generat Obligation Water Pol(ution Abatement Refunding Bonds,
Series 1975, dated March 1, 1975 and the 1997 through 2004 maturities of the City's General
Obligation Water Pollution Abatement Refunding Bonds, Series 1987, dated April 1, 1987.
TYPE OF PROPOSALS
Proposals shall be for not less than $9,036,300 and accrued interest on the total principal amount of the
Bonds. Proposals shail be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified
or cashier's check or a Financial Surery Bond in the amount of $91,000, payable to the order of the
Ciry. If a check is used, it must accompany each proposal. If a Financial Surery Bond is used, it must
be from an insurance company licensed to issue such a bond in the State of Minnesota, and
preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening
of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is
guaranteed by such Financial Surety Bond. If the Bonds are awarded to an undercvriter using a
Financial Surery Bond, then that purchaser is required to submit iu Deposit to Springsted Incorporated
in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated
not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit
is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement. The Ciry will deposit the check of the purchaser, the amount of which will be deducted at
settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with
the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or
amended after the tune set for receiving proposals unless the meeting of the City scheduled for award
of the Bonds is adjoumed, recessed, or continued to another date without award of the Bonds having
been made. Rates shall be in integral multiples of 5/100 or 1/8 of i%. Rates must be in ascending
order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of
maturity. No conditional proposals will be accepted.
Page 26
. ,!.��!:
The Bonds will be awarded on the basis of the lowest interest rate to be deternrined on a true interest
cost (T'IC) basis. The City's computation of the interest rate of each proposal, in accordance with
customary practice, will be conuolling.
The Ciry will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters
relating to the receipt of proposals and awazd of the Bonds, (ii) reject all proposals without cause, and,
(iii) reject any proposal which the City determines to have failed to comply with the terms herein.
i' ►C�Ii�i�i u1:3�:.`
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but
neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute
cause for faflure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service
Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purck�aser.
SETTLEMENT
Within 40 days following the date of their awazd, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to
receipt by the purchaser of an approving legal opinion of Briggs and Morgan, Professional Associarion,
of Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no-litigation
certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent,
funds which shall be received at the offices of the City or its designee not later than 12:00 Noon,
Central Time. Except as compliance with the temvs of payment for the Bonds shall have been made
;mpossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss
suffered by the City by reason of the purchaser's non-compliance with said terms for payment.
CONTINUING DISCLOSURE
On the date of the actual issuance and delivery of the Bonds, the City will execute and deliver a
Continuing Disclosure Undertaking whereunder the City will covenant'to provide, or cause to be
provided, annual financial information, including audited financial statecnexcfs of, the Ciry, and notices
of certain material events, as specified in and required by SEC Rule 15c2-12(b)(5).
OFFICIAL STATEMENT
The City has authorized the prepararion of an Official Statement containing pertinent information
relative to the Bonds, and said Official Statement will serve as a neazly-final O�cial Statement within
the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official
Statement or for any additional information prior to sate, any prospective purchaser is referred to the
Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 55101, telephone (612) 223-3000.
The O�cial Statement, when further supplemented by an addendum or addenda specifying the maturity
dates, principal amounts and interest rates of the Bonds, together with any other informauon required
by law, shall constitute a"Final Official Statement" of the Ciry with respect to the Bonds, as that term
is defined in Rule 15c2-I2. By awarding the Bonds to any- underwriter or underwriting syndicate
submitting a proposal therefor, the City agrees that, no more than seven business days afrer the date of
such awazd, it shall provide without cost to the senior znanaging underwriter of the syndicate to which
the Bonds are awarded 365 copies of the O�cial Statement and the addendum or addenda described
above. The City designates the senior managing underwriter of the syndicate to which the Bonds are
awarded as iu agent for purposes of distributing copies of the Final Official Statement to each
Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees
thereby that if its proposal is accepted by the Ciry (i) it shall accept such designation and (ii) it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of
assuring the receipt by each such Participating Underwriter of the Final O�cial Statement.
BY ORDER OF THE CITY COUNCIL
Page 27