96-259�- ,
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N
MINNESOTA
Presented By
Referred To
Committee: Daie
a�
ACCEPTING PROPOSAL ON 5ALE OF APPROXIMATELY
$9,100,000 GENERAL OBLIGATION WATER POLLi3TI0I3 ABATEMENT
REFUNDING BONDS, SERIES 1996D,
� PROVIDING FOR THEIR ISSUANCE, AND LEVYING A TAX
, FOR THE PAYMENT THEREOF
6 WHE�b�AS, the Director, Department of Finance and
7 Management Ser�ryces, has presented an Official Statement
8 containing Terma�f Proposal for approximately $9,100,000 General
9 Obligation Water Pqllution Abatement Refunding Bond5, Series
10 1996D (the "Bonds");��of the City of Saint Paul, Minnesota (the
11 '�City"), for which prbposals were to be considered at this
12 meeting in accordance w�th authorization given by this Council to
13 negotiate the sale of suck� bonds and others; and
14 WHEREAS, the propo�als set forth on Exhibit A attached
15 hereto were received pursuant`to the Terms of Proposal at the
16 offices of Springsted Incorpora�ed at 10:30 A.M., Central Time,
17 this same day;
18 WHEREAS, the Director, Dep`2,rtment of Finance and
19 Management erviC s, has advised this'Council that the proposal
20 of fl�o��cs�"n�r� ,��vi�5was found to b�e the most advantageous
21 and has recommended that said proposal be-.�acCepted; and
22 WHEREAS, it is necessary and expeclaent to provide
23 moneys for a full advance refunding of outsta'x�ding bonds of the
24 City's General Obligation Water Pollution Abatet�ent Bonds, Series
25 1975 (the "1975 Prior Bonds"), dated March 1, 19"75; and the 1975
26 Prior Bonds mature on March 1 of each year, were issued in the
27 aggregate principal amount of $4,000,000 and are outstanding in
28 the principal amount of $1,410,000, of which the full�$1,410,000
29 (the "1975 Refunded Bonds"j are callable on September 1�, 1996,
30 with a premium of one percent (1°s); and '
31 WHEREAS, it is necessary and expedient to provide�
32 moneys for a full advance refunding of outstanding bonds of��he
33 City's General Obligation Water Pollution Abatement Refunding�,
34 Bonds, Series 1987 (the ��1987 Prior Bonds"), dated April 1, 198,7,
35 as the date of original issue; and the 1987 Prior Bonds mature d�
36 March 1 of each year, were issued in the aggregate principal
37 amount of $10,210,000 and are outstanding in the principal amount
38 of $7,435,000, of which the full $7,435,000 (the "1987 Refunded
39 Bonds") are callable on September 1, 1996, without a premium; and
Cauncil File # 9 � � sC59
Green Sheet # �3��
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1 WHERfiAS, the 1975 Prior bonds and 1987 Prior Bonds are
2 collectively referred to herein as the "Prior Bonds", and the
3 1975 Refunded Bonds and 1987 Refunded Bonds are collectively
4 referred to herein as the "Refunded Bonds"; and
5 WHEREAS, refunding the Refunded Bonds with the Bonds in
6 the amount set forth in this resolution is consistent with
7 covenants made with the holders thereof, and is necessary and
8 desirable pursuant to Minnesota Statutes, Section 475.67,
9 Subdivision 3, for the reduction of debt service cost to the
10 City; and
11 WHEREAS, the City has heretofore issued registered
12 obligations in certificated form, and incurs substantial costs
13 associated with their printing and issuance, and substantial
14 continuing transaction co,sts relating to their payment, transfer
15 and exchange; and \
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WHEREAS, the City �ias determined that significant
savings in transaction costs will result from issuing bonds in
"global book-entry form", by w�ich 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 tlie bonds by making
computerized book entries on its own books and distributes
payments on the bonds to its Participants�shown on its books as
the owners 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
WHEREAS, "Participants" means those financial insti-
tutions for whom the Depository effects book-entr`g? transfers and
pledges of securities deposited and immobilized with the
Depository; and
WHEREAS, The Depository Trust Company, a li'Enited
purpose trust company organized under the laws of the�5tate of
New York, or any of its successors or successors to its,,functions
hereunder (the "Depository"), will act as such depositor`y with
respect to the Bonds except as set forth below, and there°,is
before this Council a form of letter of representations (tiae
"Letter of Representations") setting forth various matters �
relating to the Depository and its role with respect to the �
Bonds; and �
WHEREAS, the City will deliver the Bonds in the form
one certificate per maturity, each representing the entire
principal amount of the Bonds due on a particular maturity date
(each a"Global Certificate"), which single certificate per
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1 maturity may be transferred on the City's bond register as
2 reqvired by the Uniform Commercial Code, but not exchanged for
3 smaller denominations unless the City determines to issue
4 Replacement Bonds as provided below; and
5 � WHEREAS, the City will be able to replace the
6 Depository or under certain circumstances to abandon the "global
7 book-entry form" by permitting the Global Certificates to be
8 exchanged f�r smaller denominations typical of ordinary bonds
9 registered on the City's bond register; and "Replacement Bonds"
10 means the certificates representing the Bonds so authenticated
11 and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 12 hereof; and
13 WHEREAS, "Holder" as used herein means the person in
14 whose name a Bond is,registered on the registration books of the
15 City maintained by th� City Treasurer or a successor registrar
16 appointed as provided �.n paragraph 8(the "Bond Registrar"); and
17 WHEREAS, Rule
18 Commission prohibits "p
19 or selling the Bonds un
20 certain continuing disc
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-12 of the Securities and Exchange
ipating underwriters" from purchasing
the City undertakes to provide
� with respect to the Bonde; and
WHEREAS, pursuant to �iinnesota Statutes, Section
475.60, Subdivision 2(9), public� sale requirements do not apply
to the Bonds if the City retains��n independent financial advisor
and determines to sell the Bonds by� private negotiation, and the
City has instead authorized a compe�itive sale without
publication of notice thereof as a f�o�rm of private negotiation;
and \
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WHEREAS, proposals for the Bon�'ds have been solicited by
Springsted Incorporated pursuant to an Of€ Statement and
Terms of Proposal therein, and the City has�retained the right to
change the issue size from the $9,100,000 prpposed to the
$9,105,000 set forth in this resolution: y �
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Pau1, Minnesota, as follows:
1. Acceptance of Proposal. The proposa of Norwest
Investment Services, Inc. (the "Purchaser"), to purc ase
$9,105,000 General Obligation Water Pollution Abateme t Refunding
Bonds, Series 1996D, of the City (the "Bonds", or indi idually a
"Bond"), all in accordance with the Terms of Proposal f the
bond sale, at the rates of interest set forth hereinafte' and to
pay for the Bonds the sum of $9,041,265 (which represents
rata adjustment to the actual proposal of $9,036,30Q for th
$9,100,000 proposed principal amount of the Bonds), plus int
accrued to settlement, is hereby found, determined and decl�
to be the most favorable proposal received and is hereby
accepted, and the Bonds are hereby awarded to the Purchaser.
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pro
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D�'+�rector, Department of Finance and Management Services, or her
des�gnee, is directed to retain the deposit of the Purchaser and
to Sprthwith return to the others making proposals their good
faitl�,checks or drafts.
�'� 2. Title- Ori4inal Issue Date; Denominations;_
Maturities. The Bonds shail be titled "General Obligation Water
Poll ut o Abatement Refunding Bonds, Series 1996D", shall be
dated Apri�l 1, 1996, as the date of original issue and shall be
issued forthwith on or after such date as fully registered bonds.
The Bonds s1ia11 be numbered from R-1 upward. Global Certificates
shall each be�in the denomination of the entire principal amount
maturing on a single date. Replacement Bonds, if issued as �
provided in paragraph 6, shall be in the denomination of $5,000
each or in any integral multiple thereof of a single maturity.
The Bonds shall mature, without option of prepayment, on March 1
in the years and amounts as follows:
Year Amount
1997* $1,2�0,000*
1998 1,250,000
1999 1,275,000
2000 1,350,000
2001 1,425,000
Year
2002
2003
2004
2005
Amount
975,000
1,000,000
475,000
125,000
The 1997 maturity was proposed in a 55,000 lower amount.
3. Purpose: Findinas. , The Bonds (together with other
available funds in the sinking funds created for the Prior Bonds)
shall provide funds for a full advance refunding of the Refunded
Bonds for redemption on September 1, 1996. The Prior Bonds were
issued to finance the costs of various water pollution abatement
improvements in the City (the "Projects" or "Improvements"}. It
is hereby found, determined and declared that: (i) this
refunding is pursuant to Minnesota Statutes, Section 475.67,
Subdivision 3, and is necessary or desirable for the reduction of
debt service cost to the City; (2) this refunding is a full
advance refunding under federal law governing tax-exempt bonds,
but is a current refunding within the meaning of Minnesota
Statutes, Section 475.67, Subdivision 12; and (31 as of April 1,
1996, the present value of the dollar amount of debt service on
the Bonds is lower by at least three percent (3%)\than the
present value of the dollar amount of debt service`on the
Refunded Bonds, though current refundings are not re�quired to
produce such three percent (30) savings. �
42 4. Interest. The Bonds shall bear interest p yable
43 semiannually on March 1 and September 1 of each year (eac , an
44 '�Interest Payment Date"), commencing September l, 1996,
45 calculated on the basis of a 360-day year of twelve 30-day
46 months, at the respective rates per annum set forth opposite
47 maturzty years as follows:
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Interest Rate
1997
1998
1999
'R000
3.700
3.90
4.10
4.30
4.50
Maturity Year
2002
2003
2004
2005
Interest Rate
4.60%
4.70
4.80
4.90
5. Descrit�tion of the Global Certificates and Global
Book-Entr S stem. Upon their original issuance the Bonds will
be issued i the form of a single Global Certificate for each
maturity, de osited with the Depository by the Purchaser and
immobilized a provided in paragraph 6. No beneficial owners of.
interests in t Bonds will receive certificates representing
their respective interests in the Bonds except as provided in
paragraph 6. Exc pt as so provided, during the term of the
Bonds, beneficial wnership (and subsequent transfers of
beneficial ownershi ) o£ interests in the Global Certificates
will be reflected by ook entries made on the records of the
Depository and its Pa icipants and other banks, brokers, and
dealers participating i the National System. The Depository's
book entries of benefici 1 ownership interests are authorized to
be in increments of $5,00 of principal of the Bonds, but not
smaller increments, despit the larger authorized denominations
of the Global Certificates. Payment of principal of, premium, if
any, and interest on the Glo 1 Certificates will be made to the
Bond Registrar as paying agent and in turn by the Bond Registrar
to the Depository or its nomine as registered owner of the
Global Certificates, and the Dep itory according to the laws and
rules governing it will receive an 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 di cretion be made by such
other method of transferring funds as ma be requested by the
Holder of a Global Certificate.
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Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately u on the original
delivery of the Bonds the Purchaser will deposit he Global
Certificates representing all of the Bonds with th Depository.
The Global Certificates shall be in typewritten for or otherwise
as acceptable to the Depository, sha7.I be registered 'n the name
of the Depository or its nominee and shall be held imm bilized
from circulation at the offices of the Depository on be alf of
the Purchaser and subsequent bondowners. The Depository r its
nominee wi].l be the sols holder of record of the Global
Certificates and no investor or other party purchasing, sel ing
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond certificates so long as e
Depository holds the Global Certificates immobilized from
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ation, except as provided below in this paragraph and in
aph 12.
Certificates evidencing the Bonds may not after their
lyal delivery be transferred or exchanged except:
{i) Upon registration of transfer of ownership of a
Glob 1 Certificate, as providec3 in paragraph 12,
'z) To any successor of the Depository (or its
nominee) or any substitute depository (a "substitute
deposito ") designated pursuant to clause {iii) of this
subparagrap , provided that any successor of the Depository
or any substi ute depository must be both a"clearing
corporation" a defined in the Minnesota Uniform Commercial
Code at Minneso Statutes, Section 336.8-102, and a
qualified an@ re 'stered "clearing agency" as provided in
Section 17A of the ecurities Exchange Act of 1934, as
amended,
{iii) To a subst ute
acceptable to the City u
Depository that the Bonds
its depository services o
that the Depository is no
functions, provided that
qualified to act as such,
subparagraph, or
an
as
depository designated by and
(a) the determination by the
all no longer be eligible for
b) a determination by the City
ger able to carry out its
y ubstitute depository must be
p ovided in clause (ii) of this
25 (iv) To those persons to wh'pm transfer is requested
26 in written transfer instructions inS�the event that:
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{a) the Depositozy shall r ign or discontinue
its services for the Bonds and th City is unable to
locate a substitute depository wit 'n two (2} months
following the resignation or determi ation of non-
eligibility, or
(b) upon a determination by the C'ty in its sole
discretion that (1) the continuation of he book-entry
system described herein, which precludes he issuance
of certificates (other than Global Certifi ates} to any
Holder other than the Depository (or its no 'n
might adversely affect the interest of the b
owners of the Bonds, or (2) that it is in the
interest of the beneficial owners of the Bonds
they be able to obtain certificated bonds,
e) ,
ficial
hat
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1 in either of which events the City shall notify Holders of
2 its determination and of the availability of certificates
3 the "Replacement Bonds") to Holders requesting the same and
4 t registration, transfer and exchange of such Bonds will
5 be onducted as provided in paragraphs 9B and 12 hereof.
6 I the event of a succession of the Depository as may
7 be authorize by this paragraph, the Bond Registrar upon
8 presentation o Global Certificates shall register their transfer
9 to the substitut or successor depository, and the substitute or
10 successor deposit shall be treated as the Depository for all
11 purposes and functi ns under this resolution. The Letter of
12 Representations shal not apply to a substitute or successor
13 depository unless the ity and the substitute or successor
14 depository so agree, an a similar agreement may be entered into.
15 7. N Re em tio . The Bonds shall not be subject to
16 redemption and prepayment p ior to their maturity.
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8. Bond Re�strar. The Treasurer of the City is
appointed to act as bond regist ar and transfer agent with
respect to the Bonds (the "Bond egistrar"?, and shall do so
unless and until a successor Bond egistrar is duly appointed. A
successor Bond Registrar shall be a officer of the City or a
bank or trust company eligible for d signation as bond registrar
pursuant to Minnesota Statutes, Chapt 475, and may be appointed
pursuant to any contract the City and ch successor Bond
Registrar shall execute which is consist nt herewith. The Bond
Registrar shall also serve as paying agen unless and until a
successor paying agent is duly appointed. rincipal and interest
on the Bonds shall be paid to the Holders ( record holders) of
the Eonds in the manner set forth in the fo of Bond and
paragraph 14 of this resolution.
9. Forms of Bond. The Bonds shall be in the form of
Global Certificates unless and until Replacement onds are made
available as provided in paragraph 6. Each form o bond may
contain such additional or different terms and prov sions as to
the form of payment, record date, notices and other tters as
are consistent with the Letter of Representation and proved by
the City Attorney.
38 A. Global Certificates. The Global Certifica s,
39 together with the Certificate of Registration, the for[n o
40 Assignment and the registration information thereon, shall e in
41 substantially the following form and may be typewritten rat er
42 than printed:
314160.2 7
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
5 R-
6 GEN
7
8 INTEREST
9 RATE
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OBLIGATION WATER POLLUTION ABATEMENT REFUNDING
BOND, SERIES 1996D
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
1,
REGISTERED OWNER:
12 PRINCIPAL AMOUNT:
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Issuer. Interest on this Bond will be paid on each terest
Payment Date in same-day funds by 2:30 p.m., Eastern t'me, to the
person in whose name this Bond is registered (the "Hold r" or
"Bondholder") on tkze registration books of the Issuer ma tained
by the Bond Registrar and at the address appearing thereo at the
close of business on the fifteenth calendar day preceding ch
Interest Payment Date (the "Regular Record Date�'}. Interest
April 1, 1996
CUSIP
DOLLARS
KNOW ALL PERSONS Y THESE PRESENTS that the City of
Saint Paul, Ramsey County, 'nnesota (the ��Issuer" or "City"),
certifies that it is indebted nd for value received promises to
pay to the registered owner spe ified above or on the certificate
of registration below, or regist red assigns, without option of
prepayment, in the manner hereina ter set forth, the principal
amount specified above, on the mat ity date specified above, and
to pay interest thereon semiannually on March 1 and September 1
of each year (each, an "Interest Paym t Date"), commencing
September 1, 1996, at the rate per ann specified above
(calculated on the basis of a 360-day ye r of twelve 30-day
months) until the principal sum is paid o has been provided for.
This Bond will bear interest from the most ecent Interest
Payment Date to which interest has been pai or, if no interest
has been paid, Erom the date of original issu 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 resentation and
surrender hereof at the principal office of the easurer of the
Issuer in Saint Paul, Minnesota (the "Bond Registr r"), acting as
paying agent, or any successor paying agent duly ap ointed by the
40 payments shall be received by the Holder no later than 2:30 p m.,
41 Eastern time; and principal and premium payments shall be
42 received by the Holder no later than 2:30 p.m., Eastern time, i�
43 the Bond is surrendered for payment enough in advance to permit
44 payment to be made by such time. Any interest not so timely paid
314160.2
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1 sha1l cease to be payable to the person who is the Holder hereof
2 as of the Regular Record Date, and shall be payable to the person
3 who is the Holder hereof at the close of business on a date (the
4 °Special Record Date") fixed by the Bond Registrar whenever money
5 comes available for payment of the defaulted interest. Notice
6 o the Special Record Date shall be given to Bondholders not less
7 tha ten days prior to the Special Record Date. The principal of
8 and p emium, if any, and interest on this Bond are payable in
9 lawful onev of the United States of America.
10 ate of Pa ent Not Business Da . If the date for
11 payment of he principal of, premium, if any, or interest on this
12 Bond shall b a Saturday, Sunday, legal holiday or a day on which
13 banking instit tions in the City of New York, New York, or the
14 city where the incipal office of the Bond Registrar is located
15 are authorized b law or executive order to close, then the date
16 for such payment s 11 be the next succeeding day which is not a
17 Saturday, Sunday, Ie al holiday or a day on which such banking
18 institutions are auth ized to close, and payment on such date
19 shall have the same for e and effect as if made on the nominal
20 date of payment.
21 No Redemption. Th Bonds of this issue (the "Eonds")
22 are not subject to redemption nd prepayment prior to their
23 maturity.
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Issuance• Pur ose• Gene 1 Obli ation. This Bond is
one of an issue in the total princi 1 amount of $9,105,000, all
of like date of original issue and te or, except as to number,
maturity, interest rate and denominati n, which Bond has been
issued pursuant to and in full conformi with the Constitution
and laws of the State of Minnesota, incl ing particularly
Minnesota Statutes, Section 475.67, and th Charter of the
Issuer, and pursuant to a resolution adopte by the City Council
of the Issuer on March 13, 1996 (the "Resolu 'on"1, for a full
advance refunding of the Issuer's General Obli ation Water
Pollution Abatement Refunding Bonds, Series 197 and 1987,
maturing in 1997 and later. This Bond is payabl out of the
General Debt Service Fund of the Issuer. This Bon constitutes a
general obligation of the Issuer, and to provide mo eys for the
prompt and full payment of its principal, premium, i any, and
interest when the same become due, the full faith and redit and
taxing powers of the Issuer have been and are hereby i evocably
pledged.
42 Denominations• Exchanae; Resolution. The Bonds re
43 issuable originally only as Global Certificates in the deno ina-
44 tion of the entire principal amount of the issue maturing on a
45 single date. Global Certificates are not exchangeable for fu ly
46 registered bonds of smaller denominations except in exchange f r
47 Replacement Bonds if then available. Replacement Bonds, if mad
48 available as provided below, are issuable solely as fully regis-
49 tered bonds in the denominations of $5,000 and integral multiple
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of
Registr ,
provided '
Resolutio
Registrar.
office of
a single maturity and are exchangeable for fully
Bonds of other authorized denominations in equal
principal amounts at the principal office of the Bond
but only in the manner and subject to the limitations
the Resolution. Reference is hereby made to the
n or a description of the rights and duties of the Bond
pies of the Resolution are on file in the principal
the nd Registrar.
the Issuer in the
(a) the Dep�
services for the B
locate a substitute
following the resig
eligibility, or
that:
Replacement Bonds may be issued by
tory shall resign or discontinue its
ds, and only if the Issuer is unable to
�epository within two (2) months
aRion or determination of non-
(b) upon a determin ion by th
discretion that {1) the con inuation
system described in the Reso ution,
issuance of certificates (oth than
any Holder other than the Depos'tory
adversely affect the interest of the
the Bonds, or (2) that it is in t
beneficial owners of the Bonds that
certificated bonds.
e Issuer in its sole
of the book-entry
which precludes the
Global Certificates) to
(or its nominee), might
beneficial owners of
best interest of the
they be able to obtain
Transfer. This Bond shall be regi tered in the name of
the payee on the books of the Issuer by prese ting this Sond for
registration to the Bond Registrar, who will e dorse his, her or
its name and note the date of registration oppo ite the name of
the payee in the certificate of registration att ched hereto.
Thereafter this Bond may be transferred by delive with an
assignment duly executed by the Holder or his, her r its legal
representatives, and the Issuer and Bond Registrar y treat the
Holder as the person exclusively entitled to exercise all the
rights and powers of an owner until this Bond is prese ted with
such assignment for registration of transfer, accompani d by
assurance of the nature provided by law that the assigmm �t is
genuine and effective, and until such transfer is registe ed on
said books and noted hereon by the Bond Registrar, all sub'ect to
the terms and conditions provided in the Resolution and to
reasonable regulations of the Issuer contained in any agreem nt
with, or notice to, the Bond Registrar. Transfer of this Bon
may, at the direction and expense 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.
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Registrar may t eat t
registered as the own
payment as herein o
respeCt to the ReCOr
or not this Bond shal
Bond Registrar shall
1 Fees u�on Transfer or Loss. The Bond Registrar may
2 requi payment of a sum sufficient to cover any tax or other
3 govermm �tal charge payable in connection with the transfer or
4 exchange f this Bond and any legal or unusual costs regarding
5 transfers d lost Bonds.
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Reqistered Owner. The Issuer and Bond
e person in whose name this Bond is
r hereof for the purpose of receiving
ided (except as otherwise provided with
Date) and for all other purposes, whether
\ be overdue, and neither the Issuer nor the
affected by notice to the contrary.
13 Authentication his Bond shall not be valid or become
14 obligatory for any purpose o be entitled to any security unless
15 the Certificate of Authentica 'on hereon shall have been executed
16 by the Bond Registrar.
17 Not ualified Tax-Exem t Obli atione
18 not been designated by the Issuer a"qualifie
19 obligations" for purposes of Section 65(b)(3)
20 Internal Revenue Code of 1986, as amen ed.
21
22
23
24
25
26
27
28
29
30
31
�L-�5�
The Bonds have
tax-exempt
of the federal
IT IS HEREBY CERTIFIED AND REC ED that all acts,
conditions and things required by the Cons itution and laws of
the State of Minnesota and the Charter of t Issuer to be done,
to happen and to be performed, precedent to a d in the issuance
of this Bond, have been done, have happened an have been
performed, in regular and due form, time and ma er as required
by law, and that this Bond, together with all ot r debts of the
Issuer outstanding on the date of original issue reof and on
the date of its issuance and delivery to the origin 1 purchaser,
does not exceed any constitutional or statutory or C arter
limitation of indebtedness.
374160.2
11
q�-asy
1
2
3
4
5
6
7
8
9
10
11
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
County, Minnesota, by its City Council has caused this Bond to be
sealed w�th its official seal and to be executed on its behal£ by
the photo pied facsimile signature of its Mayor, attested by the
photocopied facsimile signature of its Clerk, and countersigned
by the photo pied facsimile signature of its Director,
Department of inance and Management Services.
Date of Regi
12 BOND REGISTRAR'S
13 CERTIFICATE OF
14 AUTHENTICATION
15 This Bond is one of the
16 Bonds described in the
17 Resolution mentioned
18 within.
19
20
21 ,
22 Bond Registrar
23 By
24 Authorized Signature
25
26
27
��:3
29
30
(SEAL)
Registrable by:
Payable at:
OF SAINT PAUL,
Y COUNTY, MINNESOTA
Attest:
Countersigned:
Director, Department of
Finance and Management S
General Obligation Water Pollution Abatement Refunding Bond,
Series 1996D, No. R-
314160.2
12
`fi�-�s�
z
2
3
4
[�
7
�
E
10
11
12
13
CERTIFICATE OF REGISTRATION
The tra sfer of ownership of the principal amount of the attached
Band may e made only by the registered owner or his, her or its
legal repr sentative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
SIGNATURE OF
BOND REGISTRAR
314760.2
13
�, � - as q
F,
2
3
4
5
6
7
8
9
10
11
12
13
14
ABBREVIATIONS
The fallowing abbreviations, when used in the inscription on
the face of �t11is Bond, shall be construed as though they were
written out in�full, according to applicable laws or regulations:
TEN COM - as tenaiit�s in common
TEN ENT - as tenants�by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cust} � {Minor)
under the �ITniform Transfers to Minors Act
(State) ���
. �
Additional abbreviations
though not in the
314160.2
14
°���a�`�
�
2
3
4
5
6
7
8
ASSIGNMENT
For value received, the undersigned hereby sells,
assigns an transfers unto
the attached Bond and does
hereby irrevo ly constitute and appoint
attorney to transfer the Bond on the
books kept for t registration thereof, with full power of
substitution in th premises.
9 Dated:
10
11
12
13
14
15
16
17
18
19
20
21
Notice: e assignor's signature to this
as 'gnment must correspond with the name
as i appears upon the face of the
attac ed Bond in every particular,
withou alteration or any change
Signature Guaranteed:
Signature(s) must be guaranteed by a nation bank or trust
company or by a brokerage firm having a membe ship in one of the
major stock exchanges or any other "Eligible G arantor
Institution" as defined in 17 CFR 240.17Ad-15(a (2).
22 The $ond Registrar will not effect trans er of this
23 Bond unless the information concerning the transfer requested
24 below is provided.
25 Name and Address:
26
27
28
29
30
314160.2
(InClude informat�on Yor all ]oint
owners if the Bond is held by joint
account.)
15
° !�-as�
1 B. Replacement Bonds. If the City has notified
2 Holders t Replacement Bonds have been made available as
3 provided in aragraph 6, then for every Bond thereafter
4 transferred o exchanged the Bond Registrar shall deliver a
5 certificate in t e form of the Replacement Bond rather than the
6 GlobaZ Certificate, but the Holder of a G1obal Certificate shall
7 not otherwise be re 'red to exchange the Global Certificate for
8 one or more Replacemen Bonds since the City recognizes that some
9 beneficial owners may pr er the convenience of the Depository's
10 registered ownership of the Bonds even though the entire issue is
11 no longer required to be in obal book-entry form. The Replace-
12 ment Bonds, together with the d Registrar's Certificate of
13 Authentication, the form of Assig ent and the registration
14 information thereon, shall be in su tantially the following
15 form:
314760.2 1 6
��-as°l
5 R-
6 ENERA7
7
8 INTEREST
9 RATE
10
11 REGISTERED OWNER:
12 PRINCIPAL AMOUN'T:
13
14
15
16
17
18
19
20
21
22
23
24
25
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27
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29
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31
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33
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35
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37
38
39
40
41
42
UNITED STATES OF AMERICA
STATE OF MINNESOTA
R�IMSEY COUNTY
CITY OF SAINT PAUL
$
OBLIGATION WATER POLLUTION ABATEMENT
REFUNDING BOND, SERIES 1996D
MATURITY DATE OF
DATE ORIGINAL ISSUE
April 1, 1996
CUSIP
� • ���9
KNOW ALL PERSONS B THESE PRESENTS that the City of
Saint Paul, Ramsey County, Min sota (the "Issuer" or "City"),
certifies that it is indebted an for value received promises to
pay to the registered owner speci ied above, or registered
assigns, without option of prepaym t, in the manner hereinafter
set forth, the principal amount spec"fied above, on the maturity
date specified above, and to pay inte est thereon semiannually on
March 1 and September 1 of each year ( ch, an "Interest Payment
Date"), commencing September 1, 1996, at the rate per annum
specified above {calculated on the basis f a
twelve 30-day months7 until the principal
provided for. This Bond will bear interest
Interest Payment Date to which interest has b
interest has been paid, from the date of orig
The principal of and premium, if any, on this
upon presentation and surrender hereof at the
360-day year of
m is paid or has been
rom the most recent
en paid or, if no
i al issue hereof.
(the "BOnd Registrar"), acting paying agent, or
paying agent duly appointed by the Issuer. Interes
will be paid on each Interest Payment Date by check
mailed to the person in whose name this Bond is reg
"Holder" or "BOndholder"} on the registration books
maintained by the Bond Registrar and at the address
thereon at the close of business on the fifteenth c
are payable
ipal office of
ny successor
on this Bond
o draft
st red (the
of he Issuer
appe ring
preceding such Interest Payment Date (the °Regular Record
Any interest not so timely paid shall cease to be payable t
person who is the Holder hereof as of the Regular Record Da
and shall be payable to the person who is the Holder hereof
the close of business on a date {the "Special Record Date"}
by the Hond Registrar whenever money becomes available for
314760.2
17
day
� te )
the
°I�-�s�
1 p ent of the defaulted interest. Notice of the Special Record
2 Dat shall be given to Bondholders not less than ten days prior
3 to th Special Record Date. The principal of and premium, if
4 any, an interest on this Bond are payable in lawful money of the
5 United St tes of America.
6 RE RENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
7 THIS BOND SET RTH ON THFs REVERSE HEREOF, WHICH PROVISIONS SHALL
$ FOR ALL PURPOSE HAVE THE SAME EFFECT AS IF SET FORTH HERE.
9 IT IS HER Y CfiRTIFIED AND RECITED that all acts,
10 conditions and things required by the Constitution and laws of
11 the State of Minnesota nd the Charter of the Issuer to be done,
12 to happen and to be perf ed, precedent to and in the issuance
13 of this Band, have been do e, have happened and have been
14 performed, in regular and du form, time and manner as required
15 by law, and that this Bond, t ether with all other debts of the
16 Issuer outstanding on the date original issue hereof and on
17 the date of its issuance and deli ery to the original purchaser,
18 does not exceed any constitutional r statutory or Charter
19 limitation of indebtedness.
20 IN WITNESS WHEREOF, the City Saint Paul, Ramsey
21 County, Minnesota, by its City Council ha caused this Bond to be
22 sealed with its official seal or a facsimi thereof and to be
23 executed on its behalf by the original or fa simile signature of
24 its Mayor, attested by the originaZ or facsim e signature of its
25 Clerk, and countersigned by the original or fac imile signature
26 of its Director, Department of Finance and Manag ent Services.
314160.2 1 8
q�.�as�
1
2
3
4
of Registration: Registrable by:
Payable at: _
5 BOND REGISTRAR
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of t e
9 Bonds described in the
10 Resolution mentioned
11 within.
12
13
14 ,
15 Bond Registrar
I.6
17
18
19
By
Authorized Signature
20 (SEAL)
314160.2
CITY OF SAIN`T PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
t:
Counters
„ ��..�..�, ,.�
and Management Se
ces
19
�6 -as l
ON REVERSE OF BOND
5
b
7
8
9
10
11
12
Date of Pavment Not Business Dav. If the date for
pa nt of the principal of, premium, if any, or interest on this
Bond hall be a Saturday, Sunday, legal holiday or a day on which
bankin institutions in the City of New York, New York, or the
city whe e the principal office of the Bond Registrar is located
are autho 'zed by law or executive order to close, then the date
for such pa ent shall be the next succeeding day which is not a
Saturday, Su ay, legal holiday or a day on which such banking
institutions a e authorized to close, and payment on such date
shall have the me force and effect as if made on the nominal
date of payment.
13 No Redem t'on. The Bonds of this issue (the "Bonds")
14 are not subject to re emption and prepayment prior to their
15 maturity.
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
This Bond is
one of an issue in the tot principal amount of $9,105,000, all
of like date of original is e and tenor, except as to number,
maturity, interest rate and d nomination, which Bond has been
issued pursuant to and in full onformity with the Constitution
and laws of the State of Minnes a, including particularly
Minnesota Statutes, Section 475.6 , and the Charter of the
Issuer, and pursuant to a resoluti n adopted by the City Council
of the Issuer on March 13, 1996 (th "Resolution"), for the
purpose of providing funds for a ful advance refunding of the
Issuer's General Obligation Water Poi]. tion Abatement Refunding
Bonds, Series 19�5 and 1987, maturing i 1997 and later. This
Bond is payable out of the General Debt ervice Fund of the
Issuer. This Bond constitutes a general ligation of the
Issuer, and to provide moneys for the prom t and full payment of
its principal, premium, if any, and interes when the same become
due, the full faith and credit and taxing po rs of the Issuer
have been and are hereby irrevocably pledged.
Denominations• Exchancre; Resolution. he Bonds are
issuable solely as fully registered bonds in the enominations of
$5,000 and integral multiples thereof of a single aturity and
are exchangeable for fully registered Bonds of othe authorized
denominations in equal aggregate principal amounts a the
principal office of the Bond Registrar, but only in t
and subject to the limitations provided in the Resoluti
Reference is hereby made to the Resolution for a descri
the rights and duties of the Bond Registrar. Copies of
Resolution are on file in the principal office of the S
Registrar.
314160.3
f��i]
manner
of
°I�-�S�
Trans£er. This Bond is transferable by the Holder in
pers or by his, her or its attorney duly authorized in writing
at the rincipal office of the Bond Registrar upon presentation
and surr der hereof to the Bond Registrar, all subject to the
5 terms and onditions provided in the Resolution and to reasonable
6 regulations f the Issuer contained in any agreement with, or
7 notice to, th Bond Registrar. Thereupon the Issuer shall
8 execute and the ond Registrar shall authenticate and deliver, in
9 exchange for this ond, one or more new fully registered Bonds in
10 the name of the tra sferee (but not registered in blank or to
11 "bearer" or similar signation), of an authorized denomination
12 or denominations, in a regate principal amount equal to the
13 principal amount of this ond, of the same maturity and bearing
14 interest at the same rate.
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Fees u on Transfer Loss. The Bond Registrar may
require payment of a sum suffi 'ent to cover any tax or other
governmental charge payable in c nection with the transfer or
exchange of this Bond and any lega or unusual costs regarding
transfers and lost Bonds.
Treatment of Reaistered Owne The Issuer and Bond
Registrar may treat the person in whose me this Bond is
registered as the owner hereof for the pur ose of receiving
payment as herein provided (except as othe 'se provided on the
reverse side hereof with respecC to the Recor Date) and for all
other purposes, whether or not this Bond shall e overdue, and
neither the Issuer nor the Bond Registrar shall e affected by
notice to the contrary.
Authentication This Bond shall not be va id or become
obligatory £or any purpose or be entitled to any secu 'ty unless
the Certificate of Authentication hereon shall have bee executed
by the Bond Registrar.
Not Oualified Tax-Exempt Obligations. The Bonds ave
not been designated by the Issuer as "qualified tax-exempt
obligations" for purposes of Section 265(b)(3) of the federal
Internal Revenue Code of 1986, a5 amended.
314160.2
21
� �_ �.s �.
�
2 Th fo
3 inscription on
4 though they were
5 or regulations:
6
7
8
9
10
11
12
13
14
15
ABBREVIATIONS
wing abbreviations, when used in the
face of this Bond, shall be construed as
itten out in full according to appliCable laws
TEN COM - as tenants in mmon
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants wit right of survivorship
and not as tenants in mmon
UTMA - as custodian fo
(Cust) (Minor)
under the Uniform ansfers to Minors Act
(State)
Additional abbreviations may also b�,used
though not in the above list. \�
314160.2
22
��-a�sq
F,
2
3
4
5
6
7
8
ASSIGNMENT
For value received, the undersigned hereby sells,
assigns.�nd transfers unto
\ the within Bond and does
hereby irr ocably constitute and appoint
attorney to ansfer the Bond on the books kept for the
registration t ereof, with full power of substitution in the
premises.
9 Dated:
10
11
12
13
14
15
16
17
18
19
20
Notice: The assignor's signature to this
signment must correspond with the name
a it appears upon the face of the
wit 'n Bond in every particular, without
alte tion or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a nat�ional bank or trust
company or by a brokerage firm having a m�rship in one of the
major stock exchanges or any other "Eligib Guarantor
Institution" as defined in 17 CFR 240.17Ad-1 (a)(2).
21 The Bond Registrar will not effect
22 Bond unless the information concerning the t
23 below is provided.
24 Name and Address:
25
26
27
28
of thi5
requestied
374160.2
lncluae inLOrmaLion ror all 7oinc owns
if the Bond is held by joint account.)
23
��-�Y
1
2
3
4
5
6
7
8
9
10
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
10. Execution. The Bonds shall be executed on behalf
o the City by the signatures of its Mayor, Clerk and Director,
Dep rtment of Finance and Management Services, each with the
effe noted on the forms of the Bonds, and be sealed with the
seal o the City; provided, however, that the seal of the City
may be a rinted or photocopied facsimile; and provided further
that any o such signatures may be printed or photocopied
facsimiles d the corporate seal may be omitted on the Bonds as
permitted by w. In the event of disability or resignation or
other absence o any such officer, the Bonds may be signed by the
manual or facsimi e signature of that officer who may aCt on
behalf of such abs t or disabled officer. In case any such
officer whose signat re or facsimile of whose signature shall
appear on the Bonds s 11 cease to be such officer before the
delivery of the Bonds, uch signature or facsimile shall
nevertheless be valid an sufficient for all purposes, the same
as i£ he or she had remain d in office until delivery.
11. Authentication Date of Re istration. No Bond
shall be valid or obligatory f any purpose or be entitled to
any security or benefit under th's resolution unless a
Certificate of Authentication on ch Bond, substantially in the
form hereinabove set forth, shall h ve been duly executed by an
authorized representative of the Bon Registrar. Certificates of
Authentication on different Bonds nee not be signed by the same
person. The Bond Registrar shall auth ticate the signatures of
officers of the City on each Bond by exe ution of the CertifiCate
of Authentication on the Bond and by inse ting as the date of
registration in the space provided the dat on which the Bond is
authenticated. For purposes of delivering e original Global
Certificates to the Purchaser, the Bond Regis rar shall insert as
the date of registration the date of original 'ssue, which date
is April 1, 1996. The Certificate of Authentic tion so executed
on each Bond shall be conclusive evidence that i has been
authenticated and delivered under this resolution.
12. Registration; Transfer; Exchange. Th City will
Cause to be kept at the principal office of the Bond egistrar a
bond register in which, subject to such reasonable re lations as
the Bond Registrar may prescribe, the Bond Registrar sh 11
provide for the registration of Bonds and the registrati n of
transfers of Bonds entitled to be registered or transferr d as
herein provided.
42 A Global Certificate shall be registered in the na e of
43 the payee on the books of the Bond Registrar by presenting th
44 Global Certificate for registration to the Bond Registrar, who
45 will endorse his or her name and note the date of registration
46 opposite the name of the payee in the certificate of registrati `
47 on the Global Certificate. Thereafter a Global CertifiCate may
314760.2 2 4
°� � - �-S 9
1
2
3
4
5
6
7
8
9
10
11
12
be t nsferred by delivery with an assignment duly executed by
the Ho er or his, her or its legal representative, and the City
and Bond egistrar may treat the Holder as the person exclusively
entitled t exercise all the rights and powers of an owner until
a Global Cer 'ficate is presented with such assignment for
registration o transfer, accompanied by assurance of the nature
provided by law hat the assignment is genuine and effective, and
until such trans£ is registered on said books and noted thereon
by the Bond Regist r, all subject to the terms and conditions
provided in this res ution and to reasonable regulations of the
City contained in any reement with, or notice to, the Sond
Registrar.
13 Transfer of a G1 al Certificate may, at the direction
14 and expense of the City, be ubject to other restrictions if
15 required to qualify the Globa Certificates as being "in
16 registered form" within the mea ing of Section 149(a) of the
17 federal Internal Revenue Code of 986, as amended.
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
If a Global Certificate i to be exchanged for one or
more Replacement Bonds, all of the p'ncipal amount of the Global
Certificate shall be so exchanged.
Upon surrender for transfer of ny Replacement Bond at
the principal office of the Bond Registra the City shall
execute (if necessary), and the Bond Regist ar shall
authenticate, insert the date of registratio (as provided in
paragraph 11) of, and deliver, in the name of he designated
transferee or transferees, one or more new Rep cement Bonds of
any authorized denomination or denominations of like aggregate
principal amount, having the same stated maturity and interest
rate, as requested by the transferor; provided, ho ever, that no
bond may be registered in blank or in the name of " earer" or
similar designation.
At the option of the Holder of a Replacement �Bond,
Replacement Bonds may be exchanged Eor Replacement Bond of any
authorized denomination or denominations of a like aggre ate
principal amount and stated maturity, upon surrender of t e
Replacement Bonds to be exchanged at the principal office f
Bond Registrar. Whenever any Replacement Bonds are so
surrendered for exchange, the City shall execute (if necessa
and the Bond Registrar shall authenticate, insert the date o
registration of, and deliver the Replacement Bonds which the
Holder making the exchange is entitled to receive. Global
Certificates may not be exchanged for Global Certificates of
smaller denominations.
s�y�bo.z
25
the
°�G� a��
1 \ Al1 Bonds surrendered upon any exchange or transfer
2 pro�v��'ded for in this resolution shall be promptly cancelled by
3 the Bbnd Registrar and thereafter disposed of as directed by the
4 City.
5 11 Bonds delivered in exchange for or upon transfer of
6 Bonds shall e valid general obligations of the City evidencing
7 the same deb�d entitled to the same benefits under this
S resolution, as the Bonds surrendered for such exchange or
9 transfer.
10 Every Bo presented or surrendered for transfer or
11 exchange shall be du endorsed or be accompanied by a written
12 instrument of transfe in form satisfactory to the Bond
13 Registrar, duly execute by the Aolder thereof or his, her or its
14 attorney duly authorized 'n writing.
15 The Bond Registra may require payment of a sum
16 suffiCient to cover any tax �' other governmental charge payable
17 in connection with the transfe`r or exchange of any Bond and any
18 legal or unusual costs regardin� transfers and lost Bonds.
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
Transfers shall also be ubject to reasonable
regulations of the City contained i any agreement with, or
notice to, the Bond Registrar, inclu 'ng regulations which permit
the Bond Registrar to close its transf�r books between record
dates and payment dates. �
13. Ri hts U on Transfer or Exc'han e. Each Bond
delivered upon transfer of or in exchange r or in lieu of any
other Bond shall carry all the rights to int rest accrued and
unpaid, and to accrue, which were carried by uch other Bond.
14. Snterest Payment; Record Date. terest on any
Global Certificate shall be paid as provided in t e first
paragraph thereof, and interest on any Replacement Bond shall be
paid on each Interest Payment Date by check or dra mailed to
the person in whose name the Bond is registered (the "Holder") on
the registration books of the City maintained by the ond
Registrar, and in each case at the address appearing t ere
the close of business on the fifteenth (15th) calendar ay
preceding such Interest Payment Date (the "Regular Recor
Any such interest noC so timely paid shall cease to be pa�;
the person who is the Holder thereof as of the Regular Rec
Date, and shall be payable to the person who is the Holder
thereof at the close of business on a date (the "Special R
Date"j fixed by the Bond Registrar whenever money becomes
at
Date") .
able to
available for payment of the defaulted interest. Notice of th$
Special Record Date shall be given by the Bond Registrar to the
314160.2
26
° �b-�-S9
1 Holde
2 D�e.
3
4
5
6
7
8
9
10
il
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
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35
36
37
38
39
40
41
42
43
not less than ten (10) days prior to the Special Record
15. Holders; Treatment of Reqistered Owner; Consent of
Holders.
(A) For the purposes of all actions, consents and other
matters af cting Holders of the Bonds, other than payments,
redemptions, and purchases, the City may (but shall not be
obligated to) reat as the Holder of a Bond the beneficial owner
of the Bond ins ead of the person in whose name the Bond is
registered. For hat purpose, the City may ascertain the
identity of the be eficial owner of the Bond by such means as the
Bond Registrar in i sole discretion deems appropriate,
including but not lim'ted to a certificate from the person in
whose name the Bond is egistered identifying such beneficial
owner.
(B) The City and Bon Registrar may treat the person in
whose name any Bond is regis red as the owner of such Bond for
the purpose of receiving payme t of principal of and premium, if
any, and interest (subject to t e payment provisions in paragraph
14 above) on, such Bond and for 1 other purposes whatsoever
whether or not such Bond shall be verdue, and neither the City
nor the Bond Registrar shall be aff cted by notice to the
contrary.
(C) Any consent, request, directi , approval, objection or
other instrument to be signed and execut by the Holders may be
in any number of concurrent writings of si ilar tenor and must be
signed or executed by such Holders in perso or by agent
appointed in writing. Proof of the executio of any such
consent, request, direction, approval, object n or other
instrument or of the writing appointing any su agent and of the
ownership of Bonds, if made in the following man er, shall be
sufficient for any of the purposes of this resolu ion, and shall
be conclusive in favor of the City with regard to ny action
taken by it under such request or other instrument, namely:
(1) The fact and date of the execution by ny
of any such writing may be proved by the certific te
officer in any jurisdiction who by law has power t
acknowledgments within such jurisdiction that the p
signing such writing acknowledged before him or her
execution thereof, or by an affidavit of any witness
execution.
person
of any
take
such
(2) Subject to the provisions of subparagraph (A)
above, the fact of the ownership by any person of Bonds
27
314760.2
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1 \ the amounts and numbers of such Bonds, and the date of the
2 � holding of the same, may be proved by reference to the bond
3 �egister.
4 16. Delivexy; Aoplication of Proceeds. The Global
5 Certificat s when so prepared and executed shall be delivered by
6 the Directo Department of Finance and Management Services, to
7 the Purchaser upon receipt of the purchase price, and the
8 Purchaser shall� not be obliged to see to the proper application
9 thereof. �
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17. Fun an
created and establis
960, herein the "FUnd'
special account of the
Abatement Refunding Es
Abatement Refunding Es
by the Treasurer or Di
Management Services, s
of the City. The Fund
Accounts. There has been heretofore
the General Debt Service Fund (numbered
There is hereby created in the Fund a
ity designated the "1996 Water Pollution
r Account" (the "1996 Water Pollution
row ccount"), to be held and administered
ecto Department of Finance and
parate and apart from all other accounts
and the 1996 Water Pollution Abatement
Refunding Escrow Account sha11 maintained in the manner herein
specified until all of the Bonds nd the interest thereon have
been fully paid.
(i) 1996 Water Pollution Abatement Refundina Escrow
Account. The 1996 Water Pollutio Abatement Refunding
Escrow Account shall be maintained as an escrow account with
American Bank National A5sociation °�he "Escrow Agent") in
Saint Paul, Minnesota, which is a su3�table financial
institution within the State whose dep sits are insured by
the Federal Deposit Insurance Corporati n and whose combined
capital and surplus is not less than $50 ,000. All proceeds
of the sale of the Bonds shall be receive by the Escrow
Agent and applied to fund the 1996 Water P lution Abatement
Refunding Escrow Account and pay the Escrow gent's fees,
and the balance returned to the City to pay sts of issuing
the Bonds and funding the special sinking fun account in
the Fund. Proceeds of the Bonds not used to pa costs of
issuance, not used to fund the special sinking nd
in the Fund or not representing an excess are he by
irrevocably pledged and appropriated to the 1996 t
Pollution Abatement Refunding Escrow Account, toget
all investment earnings thereon. The 1996 Water Pol
Abatement Refunding Escrow Account shall be invested
securities maturing or callable at the option of the
on such dates and bearing interest at such rates as
required to provide sufficient funds to pay when due
account
er
er with
ution
be
redemption on September 1, 1996, the principal amount of
Refunded Bonds and the interest thereon. From the 1996
Water Pollution Abatement Refunding Escrow Account there
374760.2
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shall be paid the principal of the Refunded Bonds due by
reason of redemption on the call date of September 1, 1996,
and the interest thereon. The moneys in the 1996 Water
Pollution Abatement Refunding Escrow Account shall be used
lely for the purposes herein set forth and for no other
pu ose, except that any surplus in the 1996 Water Pollution
Aba ment Refunding Escrow Account may be remitted to the
City, all in accordance with an agreement (the "Escrow
Agreem t") by and between the City and Escrow Agent, a£orm
o£ which agreement is on file in the office of the City
Clerk. proceeds of the Bonds in excess of amounts
necessary t fund the 1996 Water Pollution Abatement
12efunding Es ow Account and to pay costs of issuing the
Bonds, and an moneys remitted to the City upon termination
of the Escrow A reement, shall be deposited in the Fund.
(ii) Snecia� Sinkin�Fund Account. There is hereby
pledged and there s all be credited to the Fund, to a
special sinking fund account which is hereby created and
established therein f the payment of the Bonds: (1) all
accrued interest recei d upon delivery of the Bonds; (2)
all funds paid for the B nds in excess of $9,041,265; (3)
any moneys remaining in t e sinking funds for the Prior
Bonds after the funding of he 1996 Water Pollution
Abatement Refunding Escrow A count and all taxes collected
for the Prior Bonds after suc funding; (4) any collections
of all taxes herein or hereaft levied for the payment of
the Bonds and interest thereon; (5) a11 investment earnings
on moneys held in said special a ount of the Fund; and (6)
any and all other moneys which are properly available and
are appropriated by the governing b dy of the City to said
special account of the Fund, includi (at the discretion of
the City Council) revenues of the Cit 's sewer system. The
amount of any surplus remaining in sai special account of
the Fund when the Bonds and interest the eon are paid shall
be used consistent with Minnesota Statute , Section 475.61,
Subdivision 4.
The moneys in the said special account in th� Fund shall be
used solely to pay the principal and interest and ny premiums
for redemption of the Bonds and any other bonds of he City
hereafter issued by the City and made payable from s id 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 t e Bonds
shall be used directly or indirectly to acquire higher ielding
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 need d for
the purpose for which the Bonds were issued, and (2) in ad 'tion
to the above in an amount not greater than $100,000 or such
3'14760.3
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lesser amount as represents the "minor portion�� of the Bonds for
federal arbitrage purposes. To this effect, any proceeds of the
nds and any sums from time to time held in the 1996 Water
Po ution Abatement Refunding Escrow Account or said special
acco nt in the Fund (or any other City account which will be used
to pa principal or interest to become due on the Bonds) in
excess £ amounts which under then-applicable federal arbitrage
regulati s may be invested without regard as to yield shall not
be investe at a yield in excess of the applicable yield
restriction imposed by said arbitrage regulations on such
investments a ter taking into account any applicable "temporary
periods" or "m or portion" made available under the federal
arbitrage regula ions. In addition, the proceeds of the Bonds
and moneys in the 1996 Water Pollution Abatement Refunding Escrow
Account or the Fun shall not be invested in obligations or
deposits issued by, uaranteed by or insured by the United States
or any agency or inst umentality thereof if and to the extent
that such investment w ld cause the Bonds to be "federally
guaranteed" within the m aning of Section 149(b) of the federal
Internal Revenue Code of 86, as amended (the "Code").
21 18. Tax Lew;
22 payment of the principal
23 hereby levied upon all of
24 direct annual ad valorem
25 rolls and collected with
26 taxes in the City for the
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Year of Tax
Levv
1996
1997
1998
1999
2000
2001
2002
2003
To provide moneys for
and i terest on the Bonds, there is
the t xable property in the City a
tax whi shall be spread upon the tax
and as pa t of other general property
years and �n the amounts as follows:
Year o�€ Tax
Amount
1997
1998
1999
2000
2001
2002
2003
2004
$1,673,674
1,648,737
1,672,598
1,690,395
1,150,564
1,129,722
\ 529,122
137,682
The tax levies are such that if collected i full
together with estimated collections of investment earn'ngs
other revenues herein pledged for Che payment of the Bo ds,
procluce at least five percent (50) in excess of the amou t
to meet when due the principal and interest payments on t e
Bonds. The tax levies shall be irrepealable so long as an
the Bonds are outstanding and unpaid, provided that the Cit
reserves the right and power to reduce the levies in the ma
and to the extent permitted by Minnesota Statutes, Section
475.61, Subdivision 3.
314160.3
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they,
and
will
needed
of
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19. General OblicZation Pledae. For the prompt and
f�s11 payment of the principal and interest on the Bonds, as the
sam respectively become due, the full faith, credit and ta�cing
power of the City shall be and are hereby irrevocably pledged.
If the alance in the Fund (as defined in paragraph 17 hereof) is
ever ins ficient to pay all principal and interest then due on
the Bonds ayable therefrom, the deficiency shall be promptly
paid out of ny other funds of the City which are available for
such purpose, 'ncluding the general fund of the City, and such
other funds ma be reimbursed with or without interest from the
Fund when a suff ient balance is available therein.
20. A r riation. If an initial appropriation to the
1996 Water Pollution atement Refunding Escrow Account is
necessary to accomplis the full advance refunding of the
Refunded Bonds, such app opriation is hereby authorized and made,
and payment shall be made rom the General Fund of the City.
21. Refunded Bon • Securit . Until retirement of the
Refunded Bonds, all provision heretofore made for the security
thereof shall be observed by th City and all of its officers and
agents. However, this City Coun il hereby finds, determines and
certifies to the Director of the partment of Property Records
and Revenue of Ramsey County that t e proceeds of the sale of the
Bonds, together with other funds ava'lable and appropriated to
the payment of the Refunded Bonds, wi be sufficient to permit
the cancellation of taxes levied for t Prior Bonds in full for
collection in the years 1997 and later.
22. Securities; Escrow Agent. curiti
from moneys in the 1996 Water Pollution Aba ment
Escrow Account shall be limited to securities set
Minnesota Statutes, SeCtion 475.67, Subdivisio 8,
amendments or supplements thereto. Securities u
1996 Water Pollution Abatement Refunding Escrow c
purchased simultaneously with the delivery of the
Cit� Council has investigated the facts and hereb
determines that the Escrow Agent is a suitable fi
institution to act as escrow agent.
es purchased
Refunding
forth in
and any
rchased from the
count shall be
onds. The
y inds and
nan ial
37 23. Redemption of Refunded Bonds. The Refun ed Bonds
38 shall be redeemed and prepaid on September 1, 1996, all
39 accordance with the terms and conditions set forth in the otices
40 of Call for Redemption attached hereto as Exhibit B, which erms
41 and conditions are hereby approved and incorporated herein
42 reference. Notices of Call for Redemption in substantially ch
43 forms shall be given by the Treasurer, who shall (1) cause no 'ce
44 of redemption of the 1975 Refunded Bonds to be published local
45 and in New York, New York, not less than thirty (30) days prior
46 to September 1, 1996, as provided in the 1975 Prior Bonds, and
314160.2 3 1
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(2) mail notice of redemption of the 1987 Refunded Bonds as
required in the resolution for the 1987 Prior Bonds, not less
t�ian thirty (30) days prior to September l, 1996.
24. Escrow Agreement. On or prior to the delivery of
the B ds the Mayor and Director, Department of Finance and
Managem t Services, shall, and are hereby authorized and
directed o, execute on behalf of the City an Escrow Agreement.
All essent 1 terms and conditions of such Escrow Agreement are
hereby appro ed and adopted and made a part of this resolution,
and the City venants that it will promptly enforce all
provisions ther f in the event of default thereunder by the
Escrow Agent.
13 25. Purch se of Securities. The Treasurer, or anyone
14 designated by the Tre urer to act in her behalf, is hereby
15 authorized and directed to purchase securities for the 1996 Water
16 Pollution Abatement Refu ing Escrow Account, including any
17 appropriate United States reasury Securities, State and Local
18 Government Series ("SLGS"), rom the proceeds of the Bonds in
19 accordance with the provision of this resolution, and to execute
20 all documents (including the a ropriate subscription form) which
21 may be required to effect a pur ase of SLGS in accordance with
22 the applicable U.S. Treasury Regu ations.
23 26. Certificate of Re is ation. The Director,
24 Department of Finance and Management ervices, is hereby directed
25 to file a certi£ied copy of this resol tion with the officer of
26 Ramsey County, Minnesota, performing th functions of the county
27 auditor {�he "County Auditor"), together ith such other
28 information as the County Auditor shall re uire, and to obtain
29 the County Auditor's certificate that the B nds have been entered
30 in the County Auditor's Bond Register, and t at the tax levy
31 required by law has been made.
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27. Records and Certificates. The o icers of the
City are hereby authorized and directed to prepa and furnish to
the Purchaser, and to the attorneys approving the egality of the
issuance of the Bonds, certified copies of all pro edings and
records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other af 'davits,
certificates and information as are required to show t e facts
relating to the legality and marketability of the Bond as the
same appear from the books and records under their custo y and
control or as otherwise known to them, and all such certi ied
copies, certificates and affidavits, including any hereto re
furnished, shall be deemed representations of the City as t the
facts recited therein.
314160.3
32
°1�-�sy
1 28. Neaative Covenants as to Use of Proceeds and
2 Pr.o'ects. The City hereby covenants not to use the proceeds of
3 the onds or to use the Projects finaneed with the proceeds of
4 the P'or Bonds, or to cause or permit them or any of them to be
5 used, o to enter into any deferred payment arrangements for the
6 cost of t e Projects, in such a manner as to cause the Bonds to
7 be "private activity bonds" within the meaning of Sections 103
8 and 141 thro h 150 of the Code. The City hereby covenants not
9 to use the pro eds of the Bonds in such a manner as to cause the
10 Bonds to be "he e bonds" within the meaning of Section 149(g) of
11 the Code.
12 29. Tax-Ex m t Status of the Bonds- Rebate• Elections.
13 The City sha11 comply 'th requirements necessary under the Code
14 to establish and maintai the exclusion from gross income under
15 Section 103 of the Code o the interest on the Bonds, including
16 without limitation requirem ts relating to temporary periods for
17 investments, limitations on a ounts invested at a yield greater
18 than the yield on the Bonds, a d the rebate of excess investment
19 earnings to the United States.
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27
If any elections are avai abl
respect to arbitrage or rebate matte s
Mayor, Clerk, Treasurer and Director,
Management Services, or any of them, ar
directed to make such elections as they
appropriate or desirable in connection
such elections sha11 be, and sha11 be d
elections of the City.
e now or hereafter with
relating to the Bonds, the
epartment of Finance and
hereby authorized and
eem necessary,
wi the Bonds, and all
eeme and treated as,
28 30. No Desi nation of ualified Tax�Exem
29 Obligations. The Bonds, together with other obl'ga
30 by the City in 1996, exceed in amount tho5e which
31 qualified as "qualified tax-exempt obligations" wi
32 meaning of Section 265(b)(3) of the Code, and hence
33 designated for such purpose.
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40
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42
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46
ions issued
y be
in the
�re not
31. Letter of Renresentations. The Letter o
Representations is hereby approved, and shall be execute on
behalf of the City by the Mayor and Director, Department f
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 f
Representations shall be conclusive evidence as to the necessi y
and propriety of changes and their approval by the City Attorn
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
Representations, as it may be amended or supplemented by the City
314160.2 3 3
�.as1
1 from time to time with the agreement or consent of The Depository
2 '��Trust Company.
3 32. Negotiated Sale. The City has retained Springsted
4 Inco rated as an independent financial advisor, and the City
5 has her to£ore determined, and hereby determines, to sell the
6 Bonds by rivate negotiation, all as provided by Minnesota
7 Statutes, ction 475.60, Subdivision 2(9).
8 33. Official Statement. Proposals for the Bonds were
9 solicited by Sp 'ngsted Incorporated, acting on behalf of the
10 City. The use by pringsted Incorporated of the Official
il Statement, and the erms and conditions of the Bonds and the sale
12 set forth in the Te of Proposal therein, are hereby approved
13 and ratified.
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24
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34. Continuin Disclos
person with respect to the onds.
accordance with the provisi s of
promulgated by the Securities and
"Commission") pursuant to the c
amended, and a Continuing Discl
"Undertaking") hereinafter descri
re. The City is an obligated
The City hereby agrees, in
Rule 15c2-12 (the "Rule"),
Exchange Commission (the
rities Exchange Act of 1934, as
re Undertaking (the
ed, to:
A. Provide or cause to b� provided to each nationally
recognized municipal securities ' for
("NRMSIR") and to the appropriate ta
depository ("SID"), if any, for the S
each case as designated by the Commi
the Rule, certain annual financial in
data in accordance with the Undertaki
the right to modify from time to time
Undertaking as provided therein.
ation repository
e information
ate of Minnesota, in
ion in accordance with
prnlation and operating
g� The City reserves
th� terms of the
30 B. Provide or cause to be provided, i a timely
31 manner, to (i) each NRMSIR or to the Municipa Securities
32 Rulemaking Board ("MSRB��) and (ii) the SID, no ice of the
33 occurrence of certain material events with resp ct to the
34 Bonds in accordance with the Undertaking.
35 C. Provide or cause to be provided, in a ti ly
36 manner, to (i) each NRMSIR or to the MSRB and (ii) e SID,
37 notice of a failure by the City to provide the annual
38 financial information with respect to the City descri d in
39 the Undertaking.
40 The City agrees that
41 set forth in this paragraph 34
42 intended to be for the benefit
43 shall be enforceable on behalf
314160.2
its covenants pursuant to the 1�
and in the Undertaking are
of the Aolders of the Bonds and
of such Holders; provided that
34
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ri t to enforce the provisions of these covenants
limit to a right to obtain specific enforcement
obliaat ns under the covenants.
Management Se 'ces
to act in their e
directed to execut
substantially the f
such modifications
consistent with the
the Purchaser, and
��_ as�
shall be
of the City's
and Director, Department of Finance and
or any other officers of the City authorized
d(the "Officers"), are hereby authorized and
on behalf of the City the Undertaking in
presented to the City County, subject to
he of or additions thereto as are (i)
requi ements under the Rule, (ii) required by
iii) ac eptable to the Officers.
12 35. Severabilitv. any section, paragraph or
13 provision of this resolution sha be held to be invalid or
14 unenforceable for any reason, the i validity or unenforceability
15 of such section, paragraph or provis n shall not affect any of
16 the remaining provisions of this resol ion.
17 36. Headinas. Headings in thi resolution are
18 included for convenience of reference only d are not a part
19 hereof, and shall not limit or define the mea 'ng of any
20 provision hereof.
Requested by DepartmeM of:
De artment of Finance and Mana ement Servi
By \�// � V l 1.��:! q � Q��'\
Adopted by Council: Date
Adoption Certified by Council Secretary
BY:
314160.2
Approved by Mayor: Date
Byc
35
Form Approved by C'Ry Attomey
G ti�-- j . � '
Approved Mayor for ub ' sio to Council
By- __
q �.�� �`
Finance F and Mana ement Services D 3-28 A96 GREEN SHEE N_ 3 2 4 0 3
INRIAVDATE INffIAVDATE
CONTACf PERSpN 8 PHONE � DEPARTMENT DIRECTOR � CITY COUNdL
Martha Rantozowicz 266-8836 ''�'�" �cmrnrcoanEV � �crrrc�K
MUST BE ON COUNCIL AGENDA BY (DAT� NUYBER FINi ���� OIRECTOF � FIN. & MGi. SERYICES DIR.
ROU71fW
March 13 1996 OROER �MqYOR(ORASSISiANn �
TOTAL # OF SIGNATURE PAGES (CLIP ALL LOCAT70NS FOR SIGNATUH�
ACTION flC-0UESTED:
This resolution accepts the winning proposal and awards the bid for the $9,100,000
G.O. Water Pllution Abatement Refunding Bonds, Seiies 1996D. This is a competitive bond sale
and the award is going to the bidder found to be the most advantageous (lowest cost) to the
Cit .
RECOMMENDATIONS: Approve (A) or Reject (R) PERSONAL SEflVICE CONTIiACTS MUST ANSWER TNE FOLLOWING �UES770NS:
_ PLANNING CqMMiS$ION _ CIVII SERVICE COMMISSION 1. Has this persoNfirtn ever worked under a contract for this tlepartment?
X CIBCOMMf17EE _ YES NO
X STA 2. Has this pereonffirtn e�er been a city employee?
— VES NO
_ DISTRIC7 CAURT _ 3. Does this person/firm possess a skill not normaliy possessea by any current ciry employee?
SUPPORTSWHICHCqUNCILO&IECTIVE? �'ES NO
Esplain eli yes answers on separate sheet antl attach to green sheet
INITfATIMG PflOBLEM, iSSUE, OPPORNNITY (Who. NTat. When, WhBre. Why):
These bonds are for the purpose of refunding the following bonds:
G.O. Water Pollution Abatement Bonds, Series 1975
G.O. Watex Pollution Abatement Refunding Bonds, Series 1987
$9,100,000 G.O. Water Polltuion Abatement Refunding Bonds, Series 1996D
FOR COUNCIL AGENDA OF MARCH 13, 1996
ADVANTAGESIFAPPROVED: -
Net Savings due to the refundings is approximately $500,157`..
� fi<::' _ x;'�; �;�:�'„
r^ '� "
_. ':' __ ., _._
DISADVANTAGES IF APPROVED:
None
DISAOVANTAGES IF NOT APPROVED:
We will miss this opportunity to acheive savings due to very low rates in todays market.
70TAL AMOUNT OF TRANSAC710N $ 9� 1 OO � OOO COST/REVENUE BUDGETED (CIRCLE ONE) YES NO
FUND�NG SOURCE ACTIVITY NUMBEH
FINANCIAL INFORMATION: (EXPLAIN)
�I � •as 9
EXHIBITS
Exhibit A - Proposals
E�chibit B- Notices of Call for Redemption
3141602
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EXHIBIT B
NOTICE OF CALL FOR REDEMPTION
$1,410,000 GENERP,L OBLIGATION
WATER POLLUTION ABATEMENT BONDS,
SERIES 1975
CITY OF SAINT PAUL
RAMSEY CO[TNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City
Council of the City of Saint Paul, Ramsey County, Minnesota,
there have been called for redemption and prepayment on
September 1, 1996,
outstanding bonds of the City designated as General Obligation
Water Pollution Abatement Bonds, Series 1975, dated March 1,
1975, having stated maturity dates of March 1 in the years as set
forth below, bearing the CUSIP numbers set forth below,
respectively, for such maturity years, bearing interest at the
rates of interest per annum set forth below, respectively, for
such maturity years, and totaling $1,410,000 in principal amount,
bearing the numbers and in amounts as follows:
Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
CUSIP Number
DDD 519 through
DDD 549 through
DDD 579 through
DDD 609 through
DDD 641 through
DDD 673 through
DDD 705 through
DDD 737 through
DDD 769 through
548
578
608
640
672
704
736
768
80�
Interest
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
Amount
$150,000
150,000
150,000
160,000
160,000
160,000
160,000
160,000
160,000
Al1 outstanding bonds of the issue maturing on or after March 1,
1997, are being called for redemption. The bonds are being
called at a price of par plus accrued interest to September 1,
1996, plus a premium of $50 per $5,000 bond, on which date the
redemption price will become due and payable and all interest on
said bonds will cease to accrue. Holders of the bonds hereby
called for redemption are requested to present their bonds, with
all coupons attached, for payment at the principal office of a
paying agent for the bonds, First Bank National Association, in
3141602
� .zs�
Saint Paul, Minnesota, or the Chase Manhattan Bank N.A., in New
York, New York, on or before September 1, 1996.
Additional information
may be obtained from:
SPRINGSTED INCORPORATED
85 East Seventh Place
Suite 100
Saint Paul, Minnesota 55101-2143
(612) 223-3000
BY ORDER OF THE CITY
COUNCIL
City C1erk
3147602
�G-�Sq
NOTICS OF CALL FOR REDEMPTION
$7,435,000 GENERAL OBLIGATION
WATER POLLUTION ABATEMENT REFUNDING BONDS,
SERIfiS 1987
CITY OF SAINT PAUL
RAMSEY COi]N'I'Y
MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City
Council of the City of Saint Paul, Ramsey County, Minnesota,
there have been called for redemption and prepayment on
September 1, 1996,
outstanding bonds of the City designated as General Obligation
Water Pollution Abatement Refunding Bonds, Series 1987, dated
April 1, 1987, as the date of original issue, having stated
maturity dates of March 1 in the years as set forth below,
bearing the CUSIP numbers set forth below, respectively, for such
maturity years, bearing interest at the rates of interest per
annum set forth below, respectively, for such maturity years, and
totaling $7,435,000 in principal amount, bearing the numbers and
in amounts as follows:
Year CUSIP
1997
1998
1999
2000
2001
2002
2003
2��4
792880
792880
792880
792880
792880
792880
792880
792880
MY9
NB8
ND4
NF9
NH5
NK8
NM4
NP7
Number
R-5
R-6
R-7
R-8
R-9
R-10
R-11
R-12
Interest
5.60%
5.75
5.90
6.00
6.00
6.00
6.00
4.50
Amount
$ 950,000
1,000,000
1,050,000
1,150,000
1,250,000
825,000
870,000
34�,000
Al1 outstanding bonds of the issue maturing on or after March 1,
1997, are being called for redemption. The bonds are being
called at a price of par plus accrued interest to September 1,
1996, on which date the redemption price will become due and
payable and all interest on said bonds will cease to accrue.
Holders of the bonds hereby called for redemption are requested
to present their bonds for payment at the principal office of the
paying agent for the bonds, the Treasurer of the City of Saint
3147602
��-��,
Paul, 25 West Kellogg Boulevard, Room 160, Saint Paul, Minnesota
55102, on or before September 1, 1996.
BY ORDER OF THE CITY
COUNCIL
Ls /
City Clerk
Additional information
may be obtained from:
SPRINGSTED INCORPORATED
85 East Seventh Place
Suite 100
Saint Paul, Minnesota 55101-2143
(612) 223-3000
3141602
DEPARTMENT OF FINANCE AND
MANAGEMENT SERVICES ,
Manha Lmson, D'vecmr 9`. C
CTTY OF SAINT PAUL 290 Ciry Hatl Telephone 612-2668797
Nomx Cole+nan, Mayor ZS W. KeAOgg BoWeomd Facsimile: 6i2-266-8919
Saint Paul, Mnnerota SSIO2 .
February 20, 1996
Mayor Norm Coleman
Council President Dave Thune
Members of the City Council
Third Floor 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 wiil 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 awazding the bids at the 3�30 Council meeting 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 ca11 me at 266-8797 or Martha Kantorowicz at
266-8836.
Sincerely, �
a
Martha Larson, Director
ML:tnlc
attachment
cc: Tom C`ran
Shirley Davis
Terry Garvey
Martha Kantorowicz
Jim Snyder
✓Jerry Suathman
F:��rs���o�.�rc�
�[ � - as°I
Schedale for March 1996 Bond Sales
City of Saint Paul, Minnesota
7reasury Division
Si4,50�,0�a General Obligation Capitaf Improvamant Bonds, Series 1996A
52,220,OQ0 General Obligatian Street lmprovement Speciai Assessment Bonds, Seriea
18966
56,75d,0U0 General Obligation StreeE improvement Refunding Sonds, 5eries 1996C
Sg,9b4,�0U Generat Obiigation Water Poilution Abatament Refunding Sonds, Series
1996D
February 5, 1996 (Monday)
February 12, 1996 {Monday)
First draft of Q�cial Statement sent to distribution list
Drafting session to review Offlcia{ Statement - 9:00 A.M., offices
of Springsted
February 20, 1 S96 (Tuesday} Rating teleconference preparation meeting -10:00 A.M., Treasury
Conference Room
Sond Sale Recommendations sent to Staff for Council and Mayor
February 21, 1996 (WednesQay)
FebnJary 22, 1996 (7hursday)
Second draft of Official 5tatement sent to designated small group
for final review
Deadiine for final O(ficiai Statement revisions to Springsted (A.M.)
February 23, 9996 (Friday} Final O�cial Statement sent to printer for mailing to underwriters
Rating packagas, inctuding O/S's and pretiminary 1995 financial
statsments, sent to rating agencies (end of day)
Lettec from Treasury ta Council members reminding tham of sale
Fabruary 26, 1998 (Monday) Resotution awarding the bonds prepared by Briggs and Morgan
antl sent to Treasury for distnbution to Council for agenda
February 27, 1996 (Tuesday) Distribution of final printed Offcial Statements to City (P.M.)
Drass rehearsal for rating te{ecanference -10:0� A.M., offices ot
Springsted
March 4, 1998 iMonday)
March 5, '1996 (Tuesday)
March 13, 1996 (Wednesday)
Week af April 8, 1998
ftating te(econference with Fitch � 1:00 P.M., o�ces of Springsfed
Rating teleconferences with Moody's (9:00 A.M.) and S& P{11:00
A.M.}, offices of Springsted
Receive and open bids for bonds -10:3D A.M.
City Council awards hids - 3:30 P.M. (tJeed five Council votes)
Settlemeht for bonds
2f20(96
��-�-
Recommendations
For
City of Saint Paul, Minnesota
$14,500,000
General Obfigation Capitaf Improvement Bonds, Series 1996A
$2,220,000
General Obligation Street Improvement
Special Assessment Bonds, Series 1996B
$6,750,000
General Obligation Street Improvement
Refunding Bonds, Series 1996C
$9,100,000
General Obligation Water Pollution Abatement
Refunding Bonds, Series 1996D
Study No. S0730L4M4N4
SPRINGSTED Incorporated
February 19, 1996
85 E. SEVENTH PLACE, SUITE 100
SAIN7 PAIIL, MN 55101-2143
�� 672-223-3000 FAX. 612-223-3002
fi
A
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 HaII
15 West Kellogg Boulevard
Saint Paul, MN 55102
� �. - � �
SPRINGSTED
Publu Finance Advuars
Re: Recommendations for the Issuance of:
$14,500,000 General Obligation Capital Improvement Bonds, Series 1996A
$2,220,000 General Obiigation Street Improvement Special Assessment Bonds,
Series 1996B
$6,750,000 General Obligation Street Improvement Refunding Bonds, Series 1996C
$9,100,000 General Obligation Water Pollution Abatement Refunding Bonds,
Series 1996D
We respectfully request your consideration of our recommendations for the above-named
issues. A summary of the purpose and primary characteristics of each issue is provided herein.
Capital Improvement Bonds, Series 7996A
The Capital Improvement Bonds are being issued to finance a portion of the City's 1996 Capital
Improvement Program.
The Capital Improvement 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
SAtNT PAUL, MN � MINNEAPOLIS, MN � BROOKFIEID, WI � OVERV+ND PARK, KS � WASHINGTON, DC • IOWA C7TY, IA
City of Saint Paul, Minnesota
. _ February 19, 1896
�L- �sq
existing tax-supported debt. The structure was customized to partially smooth out levy
requirements in the next several years. Additional customizing of the structure for Capital
improvement Bonds is expected to be conducted for next years issue as we0.
The Capital Improvement Bonds wiil be paid primarily from annual tax levies. However,
approximately $2 million 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 aiso shows the franchise fee revenue needed to offset the tax levy
{Column 8). Cotumn 9 indicates the estimated tax levy portion of the issue based on cutrent
interest rates.
7he first levy for this issue was made in 1995, payable in 1996, to cover the first interest
payment due on September 1, 1996 and the subsequent principat and interest payment due
March 1, 1 �97. This payment cycle wiil continue for the life of the bonds.
Street Improvement Special Assessment Bonds, Series 19966
The Street Improvement Bonds are being issued in the total principal amount of $2,220,000 to
fi�a�ce street co�struction projects for GretinlBayard, ComoNalentine, Fourth/Howard,
Hatch/Park and IvylBirmingham. This issue will be paid from speciai assessments against
benefited property. Special assessments totaling approximately $2,220,000 are expected to be
filed by November 15, 1996. Assessments that are not prepaid by that date will be spread in 20
even annuaf installments of principal, 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
assessment rolis. In accordance with City policy, interest 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,
1597), which wifl be made from the projected prepayments received in the first year of
coilection.
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 intemal 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
shortening of the issue's term to 12 years from 20 years has the potential to significantly reduce
overall interest costs to the City. We have included a call fieature in this issue which allows the
City to refinance the issue as early as March 1, 2004 or any date thereafter.
Page 2
City of Saint Paul, Minnesota
F2b��J�!'� 49 1996
Street Improvement Refunding Bonds, Series 1996C
o� � . as�.
The objective of this refunding is to reduce interest costs on certain outstanding debt. Proceeds
of the Street Improvement Refunding Bo�ds will be used to refund in advance of maturity the
following outstanding issues:
Refunded Street ImRrovement Bonds
Generei Obtigation Improvement Sonds,
Series 1985A, dated July 1, 1985
General Obligation Street Improvement
Special Assessment Bonds, Series 1986,
dated June 1, 1986
Generai Obligation Street Improvement
Special Assessment Bonds, Series 1987,
dated Aprii 1, 1987
Generai Obiigation Street Improvement
Special 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 19908,
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
Refunded Princip�
$ 690,000
1,320,000
1,400, 000
1,710, 000
1,350,000
• � ���
$8,440,000
Redemption
Date
8-1-96
2-t-97
9-1-96
9-1-96
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%. 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 approximatety $1,623,212 and the
present value savings is approximately $915,518. These savings figures are net of all costs of
issuance. A summary of the annual savings is shown in Column E on page 11 of these
recommendations.
Inciuded in the refundings are cash contributions from each old 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 regufations, hut 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 externally refinancing them. Prior to the refunding,
the cash position for the 1985 through 1990 issues totaled approximately $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 $2,073,000.
The 1985 through 1990 issues of street improvement special assessment bonds wiil be
refunded by means of a"full net advance" refunding. For this method of refunding, proceeds of
the new issue wiil be placed in an escrow account heid by a bank and invested in government
securities to pay ali of the debt service requirements of the old bonds through the earliest cali
date for each issue.
Page 3
City of Saint Paul, Minnesota
February 19, 1996
°! �-a-S y
The Street Improvement Refunding Bonds will be paid from the same assessments originally
filed for the 1985 through 1990 bonds. In addition, assessment income originally filed for the
i993 Temporary Bonds will also be used to cover debt service requirements. The debt service
schedule for the Street Improvement Refunding Bonds is provided on page 12. Aithough the
remaining assessment income of the 1985 through 1990 and 1993 bonds is pledged to this
issue (Column 8), a net tax levy 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 collection history of the 1986 issue.
Water Pollution Abatement Refunding Bonds, Series 1996D
The objective of this refunding is to reduce interest costs on existing debt. Proceeds of the
Water Pollution Abatement (WPA) Refunding Bonds will be used to refund in advance of
maturity ihe following outstanding issues:
Refunded WPA Bonds
General Obligation Water Pollution
Abatement Refunding Bonds,
Series 1975, dated March 1, 1975
General Obligation Water Poilution
Abatement Refunding Bonds,
Series 1987, daied April 1, 1987
Total Refunded Debt
Maturities to
be Refunded
1997-2005
1997-2004
Total Amount of
Refunded Princi�l
$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 Street lmproveme�t RefuRdi�g, a"full net advance" refunding. The 1975 WPA Bonds 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%. The net savings anticipated due to
the refunding is approximatety $500,157, with a present value savings of approximately
$427,842. A summary of the annual savings is shown in Column E on 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 wil{ continue to be paid from this source as
well.
Common to Atl 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:
Sale Date and Time
2.
Prepayment 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
F2hrL�ry 1Q 'IQ9�'J
3.
G�
5.
�
7
[7
Credit Rating Comments
�i-zs�,
schedule, the WPA Refunding Bonds will not
be subject to redemption prior to their
maturity.
Rating applications will be made to Moody's
Investors Service, Standard & Poor's and
Fitch Investors Service for these issues.
City staff is currentfy preparing for rating
teleconferences that will be held with each of
the agencies prior to the sales.
Bank Qualification These issues exceed $10,000,000 and are
therefore not eligible for bank qualification.
Non-bank-qualified bonds receive interest
rates slightly 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
The City must maintain a bona fide debt
service fund for each issue or be subject to
yield restriction.
Economic Life 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.
Continuing Disclosure 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
City of Saint Paul, Minnesota
February 19, 1996
°�c�-asq
9. Attachments Capital Improvement Bonds Debt
Service Schedule
Assessment Income Schedule
Street Improvement Bonds Debt
Service Schedule
Street Improvement Refunding Bonds
Savings Schedule
Street Improvement Refunding Bonds
Debt
Service Schedule
WPA Refunding Bonds Savings Schedule
Terms of Proposat for each lssue
Respectfully submitted,
����t
SPRINGSTED Incorporated
mmc
Provided to Staff: Summary of Continuing Disclosure Requireme�ts
Page 6
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Page 9
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St. Paul, Minnesota
G.O. Refunding Bonds, Series 1996
Fulf Net Advance Refunding of
6 Various G.O. Street Imp. Bonds
Issuer Funds Required: $2,073,220.25
Date of Bonds: 04/01/96
Delivery Date: 04/09/96
Refunded Call Date: Various
1 st Callable Date: Various
'Fv� I�i� Savings. �,6�3,211.8�
Pres�rtt Va�t� �avfngs: 9i5,a1&S)6
As "!n vf P.Y. Ref. Int.. 27�U
As ala t�f P.b. Ref. D/S.: S 4i
Prepared: 02l17/96
By SPRINGSTED Incorporated
Page 10
� �-as�,
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 Sezvice 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
09/O1/97
03/O1/98 842,825.00 842,825.00 1,213,070.00
09/O1/98
03/O1/99 822,700.00 522,'700.00 1,172,830.00
09/O1/99
03/O1/2000 801,425.00 801,425.00 1,131,850.00
09/Ol/2000
03/O1/2001 779,000.00 779,000.00 1,079,890.00
09/Ol/2001
03/O1/2002 731,000.00 731,000.00 1,032,955.00
09/O1/2002
03/O1/2003 708,450.00 708,450.00 980,512.50
09/01/2003
03/O1/2004 685,350.00 685,350.00 908,230.00
09/O1/2004
03/O1/2005 661,700.00 661,700.00 887,200.00
09/O1/2005
Savings
or (LOSS)
(6)
652,528.75
370,245.00
350,130.00
330,425.00
300,890.00
301,955.00
a�z,osz.so
222,880.00
225,500.00
03/O1/2006 b12,500.00 612,500.00 809,357.50 196,857.50
09/O1/2006 J
03/O1/2007 538,875.00 538,875.00 717,9�2.50 179,077.50
09J01/2007
03/O1/2008 392,025.00 392,025.00 530,725.00
09/O1/2008
03/O1/2009 275,575.00 275,575.00 350,375.00
09/O1/2009
03/O1/2010 188,575.00 188,575.00 228,637.50
09/O1/2010
03/O1/2011 105,000.00 105,000.00 139,100.00
Totals 8,776,506.25
Present Value Rate...:
Present Value Savings:
As o of P.V. Ref. D/S:
138,700.0�
74,800.00
40,062.50
34,100.00
8,776,506.25 12,466,720.00 3,690,213.75
4.35950% Funds from Issuer....: (2,0�3,220)
915,518.06 Funds to Sinking Fund: 6,218.35
9.41%> Total Net Savings....:1,623,211.82
Page 11
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Page 12
°l�-as9
St. Paul, Minnesota
G.O. Refunding Bonds, Series 1996
Fuli Net Advance Refunding of
G.O. WPA Bonds, Series 1975 & 1987
Even Annual Savings Structure
issuer Funds Required: $8,032.54
Date of Bonds: 04/01/96
Delivery Date: Q4l10/96
Refunded Call Date: 09/01/96
1 st Callabie Date: 03/01 /97
Tv#aM �1et Sakings: 5Q0,157.2�
Pres+er�tYalue Savings: 427,8#�2.�t
AS bfa of P.SI_ fiefi lnt.: 2�_33�
�4s �n of P V. fief. CNS.. 449
Prepared: 02/17/96
By SPRINGSTED Incorporated
Page 13
St. Paul, Minnesota
G.O_ Refunding Bonds, Series 1996
Annual Savings Analysis
°I � - as9
Prepared: 02/17/96
By SPRINGSTBD Incorporated
Refunding Non-Refunded Total New Existing
Date Debt Service Debt Service Debt Service Debt Service
(1) (2) (3) (4) (5)
09/O1/96
03/O1/97 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
09/O1/99
03/O1/2000 1,567,550.00 1,567,550.00 1,631,000.00
09/O1/2000
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/O1/2003 1,067,925.00 1,067,925.00 1,127,500.00
09/O1/2003
03/O1/2004 5CO,S25.00 500,925.00 535,300.00
09/O1/2004
03/O1/2005 130,500.00 130,500.00 170,000.00
Savings
or (LOSS)
(6)
78,072.92
50,725.00
52,600.00
63,450.00
62,100.00
59,100.00
59,575.00
34,375.00
39,500.00
Totals 10,581,602.08 10,581,602.08 11,081,100.00 499,497.92
Present Value Rate...: 3.98639a Funds 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: 4.49a Total Net Savings....: 500,157.26
Page 14
� �- a-sy
THE CITY HAS AUTHORIZED SPRINGSTED Il�iCORPORATED TO NEGOTIATE THIS
ISSUE ON ITS BEHAI.F. PROPOSALS WII.L BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$14,500,000
CITY OF SAINT PAUL, MINNESOTA
GENERAI.OBLIGATION CAPTTAL IMPROVEMENT BONDS, SERIES 1996A
(BOOK ENTRY ONLI�
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, afrer which time they will be opened and tabulated. Consideration for awud of the Bonds
will be by the City Council at 3:30 P.Ivi., Central Time, of the same day.
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 fax (612) 223-3002 for inclusion in the submitted Proposal. Springsted
will assume no liability for the inabiliry of the bidder to reach Springsted prior to the time of sale
specified above. Proposals may also be filed electronically via PARI1'Y, in accordance with PARITY
Rules of Participation and the Terms of Proposal, within a one-hour period prior to the time of sale
established above, but no Proposals will be received after that tune. If provisions in the Terms of
Proposal conflict with the PARITY Rules of Participation, the Terms of Proposal shall conuol. 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 are advised that each Proposal shall be deemed to constimte a contract between the bidder and
the Ciry 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 September 1, 1996. Interest will be computed on
the basis of a 360-day year of twelve 30-day months.
The Bonds will mature Mazch 1 in the yeazs and amounts as follows:
1997 $1,215,000
1998 $1,225,000
1999 $1,250,000
2000 $I
2001 $1,375,000
2002 $1,425,000
2003 $1,500,000
2004 $1,550,000
2005 $1,625,000
2006 $1,670,000
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
Page 15
� �- as�
as securities 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 enuies made on the books
and records of DTC and its participants. Principal and interest aze payable by the registraz to DTC or
its nominee as registered owner of the Bouds. Transfer of principal and interest payments to
participants of DTC will be the responsibiliry of DTC; transfer of principal and interest payments to
beneficiai owners by participants will be the responsibility of such participants and other nominees of
beneficial owners. T'he 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.
OPTIONAL REDEMPTION
The City may elect on Mazch 1, 2(104, and on any day thereafter, to prepay Bonds due on or after
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 deteimine. If less than all Bonds of a maturity aze called for redemption,
tlte Ciry will notify DTC of the particutaz amount of such maturiry to be prepaid. DTC will determine
by lot the amount of each participant's interest in such maturiry to be redeemed and each participant
will then select by lot the beneficial ownership interests in such maturity to be redeemed. All
prepaymenu 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 City will gledge its full faith and credit
and power to levy direct general ad valorem ta�ces. The proceeds will be used to finance approved
projects from the Ciry'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. Froposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a
certified or cashier's check or a Financial Surety Bond in the amount of $145,000, payabie 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 Surery Bond. If the Bonds are awazded to an underwriter using a
Financial Surery 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 instrncted by Spcingsted Incorporated
not later than 330 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 City 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 pnrchaser fails to comply with
the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or
amended afrer the time set for receiving proposals unless 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 5l100 or 1/8 of 1%. Rates must be in ascending
order. Bonds of the same maturiry 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 detertnined on a tme interest
cost (TIC) basis. The Ciry's computation of the interest rate of each proposal, in accordance with
customary practice, will be controlling.
Page 16
° • �,S°
The Ciry wili resexve the right to: (i� waive non-subseancive icdormaii�ies of any proposai or of mattecs
relating to the receipt of proposals and awazd of the Bonds, (ri) reject all proposals without cause, and,
(rii) reject any proposal which the City determines to have failed to comply with the terms herein.
1'Qi�f�u�: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 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
purchaser at a place mutually satisfactory to the Ciry and the purchaser. Delivery will be subject to
receipt by th� purchaser of an approving legal opuuon of Briggs and Morgan, Professional Association,
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 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 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 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 preparation of an Official 5tatement containing pertinent information
relauve to the Bonds, and said Official Statement will serve as a neazly-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 informauon prior to sale, any prospecuve 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 further supplemented by an addendum or addenda specifying the maturiry
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 City with respect to the Bonds, as that term
is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate
submitting a propasal 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 managing underwriter of the syndicate to which
the Bonds aze awarded 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 are
awazded as its agent for purposes of distributing cogies 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 designa6on and (ri) it shall
enter into a conuactual 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
�f `-as q
'� f:i�'Y' HE1S AUf'HOYtIZi�D SPRIN�STEii �TCOR�7iteii TO iv"EG(Yi'3nT� 'I`H1S
ISSUE ON TTS BEHALF. PROPOSALS WII.L BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$2,220,000
CITY OF SAINT PAUL, NIINNFSOTA
GENERAL OBLIGATION STREET Il�IPROVII�IENT
SPECIAL Ac.cFC�� BONDS, SERIES 1996B
(BOOK ENTRY ONLI�
Proposals for the Bonds will be received on Wednesday, Mazch 13, 1996 until 1030 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 City Council at 3:30 P.M., Central Time, of the same day.
OF PROPOSALS
Proposals may be submitted in a sealed envelope or by fas (612) 223-3002 to Springsted. Signed
Proposals, without fmal price or coupons, may be submitted to Springsted prior to the time of sale.
The bidder shail 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 liabiliry 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 Participation and the Tern�s of Proposal, within a one-hour period prior to the time of sale
established above, but no Proposals will be received after that tune. If provisions in the Terms of
Proposal conflict with che PARITY Rules of Participation, the Terms of Ptoposal shall control. The
normal fee for use of PARITY may be obtained from PARITY and such fee shall be the responsibiliry
of the bidder. For fiuther information about PARITY, potential bidders may contact PAR11'Y at 100
116th Avenue SE, Suite 100, Bellewe, Washingcon 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 betcveen the bidder and
the City to purchase the Bonds regatdless 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
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 twelve 30-day months.
The Bonds will mature March 1 in the years and aznounts as follows:
1997 $300,000
1998 $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 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 wili be issued in fully registered form and one Bond, representing the
aggregate principal amount of the Bonds maturing in each yeaz, wili 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
4 �I����
as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal
amount of $5,000 or any mulriple thereof of a single marurity through book entries made on the books
and records of DTC and its participants. Principal and interest are payable by the registraz to DTC or
iu nominee as registered owner of the Bonds. Transfer of principal and imerest 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.
REGISTRAR
T'he Treaswer of the Ciry wIll serve as registrar.
OPTIONAL REDEMPTION
The Ciry 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 called for redemption,
the Ciry wili notify DTC of the particular amount of such maturiry to be prepaid. DTC will detemune
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 mahuiry to be redeemed. All
prepayments shall be at a price of paz plus accrued interest.
SECURITY AND PURPOSE
The Bonds w11 Sc general obligations of the Ciry for which the Ciry will pledge its full faith and credit
and power to levy d'uect general ad valorem taxes. In addition the Ciry will pledge special assessments
against benefited property. The proceeds will be used to finance street improvements within the Ciry.
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 form of a certified
or cashier's check or a Financial Surery 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 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 identify each underwriter whose Deposit is
guaranteed 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 Deposit to Springsted Incorporated
in the form of a certified or cashier's check or wire transfer as instrncted by Springsted Incorporated
not later than 330 P.M., Cernral Tnne, on the next business day following the awazd. 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 tlte 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 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 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 he 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
maturiry. No conditional proposals will be accepted.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be deternuned 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 19
l �i
The Ciry will reserve the right to: (i) waive non-subsiantive informalities of any proposal or of matters
relating to the receipt of proposals and awazd of the Bonds, (u) reject all proposals without cause, and,
(iii) reject any proposal which the City determines to k�ave failed to comply with the tem�s herein.
CUSIP NUMBERS
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 failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service
Bureau charge foz the assignment of CUSIP identification numbers shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, 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 Association,
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 shali 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 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 statements of the Ciry, and notices
of certain material events, as specified in and required by SEC Rule i5c2-12(b)(5).
OFFICIAL STATEMENT
The Ciry has authorized the prepuation of an Of£icial Statement containing pertinent information
relative to the Bonds, and said OfFicial Statement will serve as a neazly-fmal Off'icial 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
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 further supplemented by an addendum or addenda specifying the maturiry
dates, principai amourns 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 Rule 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 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 its agent for purposes of distributing copies of the Final Official Statement to each
Participating Undercvriter. 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 shalt
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
�G� -'�-S°I
THE CTfY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
ISSUE ON TTS BEHALF. PROPOSALS WII.L BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$6,750,000*
CITY OF SAINT PAUL, MINNESOTA
GENERAL OBLIGAI'ION STREET IMPROVEMENT
REFUNDING BONDS, SERIES 1496C
(BOOK ENTRY ONL�
Proposals for the Bonds will be received on Wednesday, March 13, 1996, until 1030 A.M., Cenaal
Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota, after which tune they wlll be opened and tabulated. Consideration for award of the Bonds
will be by the Ciry Council at 3:30 P.M., Central Time, of the same day.
SUBMISSION OF PROPOSALS
Proposals may be submitted in a sealed envelope or by (612) 223-3002 to Springsted. 3igned
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 for inclusion in the submitted Proposal. Springsted
will assume no liabiliry 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 Participation and the Terms of Proposal, 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 PARIT'Y Rules of Participation, the Terms of Proposal shall conuol. 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) 635-3545. Neither the
Ciry nor Springsted Incorporated assumes any liabiliry if there is a malfuncdon of PARITY. All
bidders aze advised that each Proposal shall be deemed to constitute a conuact 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 bear interest payahle on
March 1 and September 1 of each yeaz, commencing September 1, 1996. Interest will be computed on
the basis of a 360-da'p year of twelve 30-day months.
The Bonds will mature Much 1 in the yeazs 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,�00
2005 $550,000
2006 $525,000
2007 $475,000
2008 $350,000
2009 $250,000
2010 $175,000
2011 $100,000
* The Ciry reserves the right, after proposals are opened and prior to award, to increase or reduce the principal
amount of the Bondr offered for sale. Any such increase or reduction wiU be in a tota! amount not m exceed
$IQ0,000 and will be made in multiples of $5,000 in arry of the maturities. In the event the principal amount
of the Bonds is increased or reduced, arry premium offered or ary discount taken by the successfu[ bidder will
be increased or reduced by a percentage equal to the percentage by which the principal anount of the Bonds
is increased or reduced.
Page 21
q �- �q
BOvis E2vTk i' 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 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 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 participants. Principal and interest aze payable by the registraz to DTC or
its nominee as registered owner of the Bonds. Transfer of principal and inierest 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 wHl 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
Mazch 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 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 participanYs 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 sl�all be at a price of par plus accrued interest.
SECURITY AND PURPO5E
T'he Bonds will be general obligadons of the City for which the City will pledge its full faith and credit
and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments
against benefited property. The proceeds will be used to refund in advance of maturity the following
issues: General Obligation Improvement Bonds, Series 1985A, dated July 1, 1985; General Obligation
Street Improvement Special Assessment Bonds, Series 1986, dated June 1, 1986; General Obligation
Sueet Improvement Special Assessment Bonds, Series 1987, dated April i, 198'7; General Obligation
Street Improvement Special Assessment Bonds, Series 1988D, dated Mazch 1, 1988; General
Obligation Street 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
Proposals shall be for not less than $6,675,750 and accmed 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 Surety Bond in the amount of $67,500, payable to the order of the
Ciry. 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 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 awazded to an underwriter using a
Financial Surery 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 Tune, 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 Ciry to satisfy the Deposit
requirement. The Ciry will deposit the check of the purchaser, the amount of wluch wIll be deducted at
settlement and no interest will accrue to the purchaser. In the event the purchaser fails to compiy with
the accepted proposal, said amount will be retained by the Ciry. No proposal can be withdrawn or
Page 22
°! `- � S 1
amended afrer the time set for receiving proposals unless the meeting of the City scheduled for awazd
of the Bonds is adjoumed, recessed, or continued to another date without awazd of the Bonds having
been made. Rates shall be in integral mulriples of 5/100 or 1/8 of 1�. Rates must be in ascending
order. Bonds of the same maturity shall beaz a single rate from the date of the Bonds to the date of
maturity. No conditional proposaLc will be accepted.
., ..�
The Bonds will be awazded on the basis of the lowest interest rate to be deternuned on a true interest
cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with
customary pracrice, will be controlling.
The City will reserve the right to: (i) waive non-substantive infoimaliries of any proposal or of matters
relating to the receipt of proposals and awazd of the Bonds, (ri) reject all proposals without cause, and,
(iii) reject any proposal which the Ciry determines to have failed to comply with the terms herein.
CUSIP NUMBERS
If the Bonds qualify for assigntnent 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 cespect 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.
SET'TLEMENT
Within 40 days following the date of their awazd, the Bonds will be delivered without cost to the
putchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to
receipt by the purchaser of an approving legal opurion of Briggs and Morgan, Professional Association,
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 terms of payment for the Bonds shall have been made
impossible by action of the Ciry, or its agents, the pwchaser 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 Ciry will execute and deliver a
Continuing Disclosure UndertalQng whereunder the City will covenant to provide, or cause to be
provided, annual financiai information, including audited financial statemems 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 authotized the preparation of an Official• Statement containing pertinent information
relative to the Bonds, and said O�cial 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 sale, any prospective purchaser is referred to the
Financial Advisor to the Ciry, Springsted Incorporated, 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, togethez with any other information required
by law, shall constitute a"Final Official Statement" of the City with respect to the Bonds, as that term
is defined in Rule 15c2-12. By awazding the Bonds to any underwriter or underwriting syndicate
submitting a proposal therefor, the Ciry agrees that, no more than seven business days afrer the date of
such awazd, it shall provide without cost to the senior managing underwriter of the syndicate to which
Page 23
a�-as�
the Bonds aze awazded 270 copies of tLe Official Statement and the addendum or addenda described
above. The Ciry designates the senior managing underwriter of the syndicate to which the Bonds aze
awazded 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 City (i) it shall accept such designadon and (a) it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of
assuring ihe receipt by each such Participating Underwriter of the Final Official Statement.
BY ORDER OF THE CITY COUNCIL
Page 24
9�-zsq
TFIE CITY HAS AVPHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
ISSUE ON TTS BEHAI.F. PROPOSALS WII.L BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$9,100,000#
CTTY OF SAINT PAUL, NIINNESOTA
GENERAL OBLIGATION WATER POLLUTION ABATEMENT
REFUNDING BONDS, SERIES 1996D
(BOOK ENTRY ONLI�
Proposals for the Bonds will be received on Wednesday, Mazch 13, 1996, until 10:30 A.M., Central
Time, at the offices of Springsted Incotporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota, afrer 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
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 tune of sate.
The bidder shall be responsible for submitting to Springsted the fmal Proposal price and coupons, by
telephone (612) 223-3000 or fax (612) 223-3002 for inclusion in the submitted Progosal. 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 PARI1'Y, in accordance with PARITY
Rules of Participation 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 PARITY Rules of Participation, the Terms of Proposal shall comrol. The
normal fee for use of PARIT'Y may be obtained from PARI1'Y 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
Ciry nor Springsted Incorporated assumes any liability if there is a malfunction of PARITY. All
bidders are advised that each Proposal shall be deemed to constitute a contract between the bidder and
the City to purchase the Bonds regardless of the manner of the Proposal submitced.
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 year, 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 years 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,�
2005 $ 125,000
* The Ciry reserves the righz, after proposals are opened and prior to award, to increare or reduce the principal
amount of the Borrds offered for sale. A�ry such increase or reducrion will be in a total amouni not to erceed
$100,000 and wi1L be made irt muZtiples of $5,000 ire arry of the maturiaes. In the eveni the principal amounr
of the Bonds is increased or reduced, arry pre»tium offered or arry discount token by the successful bidder will
be increased or reduced by a percentage equal to the percentage by which the principal amount of the Bonds
is increased or reduced.
Page 25
q�-asq
BOOK ENTRYSYSTEM
The Bonds will be issued by means of a book entry system with no physical distriburion of Bonds made
to the public. The Bonds will be issued in fuily 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 securities depository of the Bonds. Individual purchases of the Bonds may be made in the principaI
amount of $S,Q00 ot any multiple thereof of a single cuatucity through hook entries made on the books
and records of DTC and its participants. Principal and interest are payable by the registrar to DTC or
its nominee as registered owner of the Bonds. Transfer of principal and interest gayments to
participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to
beneficial owners by participants wIll be the responsibiliry 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 registrar.
OPTIONAL REDEMPTION
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE
The Bonds will be general obligations of the Ciry 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 General Obligation Water Pollution Abatement Refunding Bonds,
Series 1975, dated March 1, 1975 and the 1997 through 2004 maturities of the City's General
Obiigation 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 Surety Bond in the amount of $91,000, 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 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 5urety Bond. If the Bonds aze awarded to an underwriter using a
Financiai 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., Cemral Tune, 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 Ciry to satisfy the Deposic
requirement. The City will deposit the check of the purchaser, the amount of which will be deducted a[
settlement and no interest will accrne to the purchaser. In the event the purchaser fails to comply with
the accepted proposal, said amount wili be retained by the Ciry. 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 awazd of the Bonds having
been made. Rates shall be in integral muitiples of 5/1Q0 or 1(8 of 1%. 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
,e
..
�
��-aS°)
The Bonds wIll be awazded on the basis of the lowest interest rate to be detennined on a true interest
cost (TIC) basis. The City's compwauon of the interest rate of each proposal, in accordance with
customary practice, will be controlling.
The City wIll reserve the right to: (i) waive non-substantive informalities of any proposat or of matters
relating to the receipt of proposals and award of the Bonds, (ri) reject all proposals without cause, and,
(iii) reject any proposal which the City detemvnes to l�ave failed to comply with the terms herein.
CUSIP NUMBERS
If the Bonds qualify for assigntnent of CUSIP numbers such numbers will be printed on the Bonds, but
neith�r the failure to print such nutnbers 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 chazge for the assignment of CUSIP identification numbers shail be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will 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 legal opinion of Briggs and Morgan, Professional Associacion,
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 shali 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 Ciry, or its agenu, 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 actual 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 information, including audited financial statements of the Ciry, and notices
of certain material events, as specified in and required by SEC Rule 15c2-12(b)(S).
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 nearly-final OfFicial Statement within
the meaning of Rule i5c2-12 of the Secutities and Exchange Commission. For copies of the Off'icial
Statement or for any additional information prior 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 further supplemented by an addendum 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 Rule 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 shail provide without cost to the senior managing underwriter of the syndicate to which
the Bonds aze awarded 365 copies of the Official Statement and the addendum or addenda described
above. The Ciry designates the senior managing underwritec of the syndicate to which the Bonds are
awarded as its agent for purposes of distributing copies of the Final O�cial 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 relationship with all Participating Underwriters of the Bo�s for purposes of
assuring the receipt by each such Participating Underwriter of the Final Official Statement.
BY ORDER OF THE CITY COUNCIL
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