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PAUL, MIN
Preserted By
Referred To
Councii File # � ��
Green Sheet # —` ��
Committee: Date
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ACCEPTING PROPOSAL ON SALE OF
$2,450,000 GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BONDS, SERIES 1997B,
PROVIDIY3G FOR THEIR ISSUANCE, AND LEVYIAIG
A TAX FOR THE PAYMENT THEREOF
6 WHEREAS, the Director, Office of Financial Services,
7 has presented proposals received for the sale of $2,450,000
8 General Obligation Street Improvement Special Assessment Bonds,
9 Series 1997B (the "Bonds"), of the City of Saint Pau1, Minnesota
10 (the "City"}; and
11 WHEREAS, the proposals set forth on Exhibit A attached
12 hereto were received pursuant to the Terms of Proposal at the
13 offices of Springsted Incorporated at 10:30 A.M., Central Time,
14 this same day; and
15 WHEREAS, the Director, Office of Financial Services,
16 has advised this Council that the proposal of
17 � � ���.�,i ,,L/�G_ was found to be the most advantageous
18 an has recomm�that said proposal be accepted; and
19 WHEREAS, the proceeds of the Bonds will finance certain
2o street improvements to be specially assessed, for which the City
21 is proceeding pursuant to its Charter and not Minnesota Statutes,
22 Chapter 429, with any excess to be used for any other purpose
23 permitted by law; and
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1 WHEREAS, the City has heretofore issued registered
2 obligations in certificated form, and incurs substantial costs
3 associated with their printing and issuance, and substantial
4 continuing transaction costs relating to their payment, transfer
5 and exchange; and
6 WHEREAS, the City has determined that significant
7 savings in transaction costs will result from issuing bonds in
8 "global book-entry £orm", by which bonds are issued in
9 certificated form in large denominations, registered on the books
10 of the City in the name of a depository or its nominee, and held
il in safekeeping and immobilized by such depository, and such
12 depository as part of the computerized national securities
13 clearance and settlement system (the "National System") registers
14 transfers of ownership interests in the bonds by making
15 computerized book entries on its own books and distributes
16 payments on the bonds to its Participants shown on its books as
17 the owners of such interests; and such Participants and other
18 banks, brokers and dealers participating in the National System
19 will do likewise (not as agents of the City) if not the
20 beneficial owners of the bonds; anci
21 WAEREAS, "Participants" means those financial
22 institutions for whom the Depository effects book-entry transfers
23 and pledges of securities deposited and immobilized with the
24 Depository; and
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WHEREAS, The Depository Trust Company, a limited
purpose trust company organized under the laws of the State of
New York, or any of its successors or successors to its functions
hereunder (the "Depository"), will act as such depository with
respect to the Bonds except as set forth below, and the City has
heretofore delivered a letter of representations (the "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 of
one certificate per maturity, each representing the entire
principal amount of the Bonds due on a particular maturity
(each a"Global Certificate"), which single certificate per
maturity may be transferred on the City's bond register as
required by the Uniform Commercial Code, but not exchanged
smaller denominations unless the City determines to issue
Replacement Bonds as provided below; and
Depository
book-ent
exchanged
registered
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date
for
WHEREAS, the City will be able to replace the
or under certain circumstances to abandon the "global
ry form" by permitting the Global Certificates to be
for smaller denominations typical of ordinary bonds
on the City's bond register; and "Replacement Bonds"
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means the certificates representing the Bonds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and
WHEREAS, "Holder" as used herein means the person in
whose name a Bond is registered on the registration books of the
City maintained by the registrar appointed as provided in
paragraph 8 (the "Bond Registrar"); and
WHEREAS, Rule 15c2-12 of the Securities and Exchange
Commission prohibits "participating underwriters" from purchasing
or selling the Bonds unless the City undertakes to provide
certain continuing disclosure with respect to the Bonds; and
WHEREAS, pursuant to Minnesota Statutes, Section
475.60, Subdivision 2(9), public sale requirements do not apply
to the Bonds if the City retains an independent financial advisor
and determines to sell the Bonds by private negotiation, and the
City has instead authorized a competitive sale without
publication of notice thereof as a form of private negotiation;
and
19 WHEREAS, proposals for the Bonds have been solicited by
20 Springsted Incorporated pursuant to an Official Statement and
21 Terms of Proposal therein:
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NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of
Piper Jaffray, Inc. (the "PUrchaser"), to purchase $2,450,000
General Obligation Street Improvement Special Assessment Bonds,
Series 1997B, of the City (the "Bonds", or individually a
"Bond"), in accordance with the Terms of Proposal for the bond
sale, at the rates of interest hereinafter set forth, and to pay
therefor the sum of $2,425,667.50, plus interest accrued to
settlement, is hereby found, determined and declared to be the
most favorable proposal received and is hereby accepted, and the
Bonds are hereby awarded to the Purchaser. The Director, Office
of Financial Services, or his designee, is directed to retain the
deposit of the Purchaser and to forthwith return to the others
making proposals their good faith checks or drafts.
2. Title; Original Issue Date: Denominations;
Maturities. The Bonds shall be titled "General Obligation Street
Improvement Special Assessment Bonds, Series 1997B", shall be
dated April 1, 1997, as the date of original issue and shall be
issued forthwith on or after such date as fully registered bonds.
The Bonds shall be numbered from R-1 upward. Global Certificates
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shall each be in the denomination of the entire principal amount
maturing on a single date, or, if a portion of said principal
amount is prepaid, said principal amount less the prepayment.
Replacement Bonds, if issued as provided in paragraph 6, shall be
in the denomination of $5,000 each or in any integral multiple
thereof of a single maturity. The Bonds shall mature on March 1
in the years and amounts as follows:
Year Amount
1998
1999
2000
2001
2002
2003
For purposes
maturities of
of C.he City' s
Bonds, Series
Year Amount
$350,000 2004 $ 100,000
125,000 2005 100,000
100,000 2006 100,000
100,000 2007 100,000
100,000 2008 100,000
100,000 2009 1,075,000
of Minnesota Statutes, Section 475.54, the serial
the Bonds are combined with the serial maturities
$17,500,000 General Obligation Capital Improvement
1997A.
3. Pur�ose. The Bonds shall provide funds for the
construction of various street improvements (the "Improvements")
in the City, and any excess funds shall be devoted to any other
purpose permitted by law. The total cost of the Improvements,
which shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the Bonds. Work on the Improvements shall proceed with due
diligence to completion.
4. Interest. The Bonds shall bear interest payable
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 1997,
calculated on the basis of a 360-day year of twelve 30-day
months, at the respective rates per annum set forth opposite the
maturity years as follows:
Maturity Year
1998
1999
2000
2001
20�2
2003
Interest Rate
Maturit� Year
Interest Rate
4.30a
4.30
4.45
4.55
4.65
4.75
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2005
2006
2007
2008
2009
4.80
4.90
5.00
5.00
5.10
5.20
40 5. Description of the Global Certificates and Global
41 Book-Entry System. Upon their original issuance the Bonds will
42 be issued in the form of a single Global Certificate for each
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maturity, deposited with the Depository by the Purchaser and
immobilized as provided in paragraph 6. No beneficial owners of
interests in the Bonds will receive certificates representing
their respective interests in the Bonds except as provided in
paragraph 6. Except as so provided, during the term of the
Bonds, beneficial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certificates
will be reflected by book entries made on the records of the
Depository and its Participants and other banks, brokers, and
dealers participating in the National System. `Phe Depository's
book entries of beneficial ownership interests are authorized to
be in increments of $5,000 of principal of the Bonds, but not
smaller increments, despite the larger authorized denominations
of the Global Certificates. Payment of principal of, premium, if
any, and interest on the Global Certificates will be made to the
Bond Registrar as paying agent, and in turn by the Bond Registrar
to the Depository or its nominee as registered owner of the
G1oba1 Certificates, and the Depository according to the laws and
rules governing it will receive and forward payments on behalf of
the beneficial owners of the Global Certificates.
Payment of principal of, premium, if any, and interest
on a Global Certificate may in the City�s discretion be made by
such other method of transferring funds as may be requested by
the Holder of a Global Certificate.
6. Immobilization of Global Certificates bv the
Deoositorv: Successor Depository: Replacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately upon the original
delivery of the Bonds the Purchaser will deposit the Global
Certificates representing all of the Bonds with the Depository.
The G1oba1 Certificates sha11 be in typewritten form or otherwise
as acceptable to the Depository, shall be registered in the name
of the Depository or its nominee and shall be held immobilized
from circulation at the offices of the Depository on behalf of
the Purchaser and subsequent bondowners. The Depository or its
nominee wi11 be the sole holder of record of the Global
Certificates and no investor or other party purchasing, selling
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond certificates so long as the
Depository holds the Global Certificates immobilized from
circulation, except as provided below in this paragraph and in
paragraph 12.
Certificates evidencing the Bonds may not after their
original delivery be transferred or exchanged except:
(i) Upon registration of transfer of ownership of a
Global Certificate, as provided in paragraph 12,
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1 (ii) To any successor of the Depository (or its
2 nominee) or any substitute depository (a "substitute
3 depository") designated pursuant to clause (iii) of this
4 subparagraph, provided that any successor of the Depository
5 or any substitute depository must be both a"clearing
6 corporation" as defined in the Minnesota Uniform Commercial
7 Code at Minnesota Statutes, Section 336.8-102, and a
8 qualified and registered "clearing agency" as provided in
9 Section 17A of the Securities Exchange Act o£ 1934, as
10 amended,
11 (iii) To a substitute depository designated by and
12 acceptable to the City upon (a) the determination by the
13 Depository that the Bonds shall no longer be eligible for
14 its depository services or (b) a determination by the City
15 that the Depository is no longer able to carry out its
16 functions, provided that any substitute depository must be
17 qualified to act as such, as provided in clause (ii) o£ this
18 subparagraph, or
19 (iv) To those persons to whom transfer is requested
20 in written transfer instructions in the event that:
21 (a) the DeposiCory shall resign or discontinue
22 its services for the Bonds and the City is unable to
23 locate a substitute depository within two (2) months
24 following the resignation or determination of non-
25 eligibility, or
26 (b) upon a determination by the City in its sole
27 discretion that (1) the continuation of the book-entry
28 system described herein, which precludes the issuance
29 of certificates (other than Global Certificates) to any
30 Holder other than the Depository (or its nominee),
31 might adversely affect the interest of the beneficial
32 owners of the Bonds, or (2) that it is in the best
33 interest of the beneficial owners of the Bonds that
34 they be able to obtain certificated bonds,
35 in either of which events the City shall notify Holders of
36 its determination and of the availability of certificates
37 (the "Replacement Bonds") to Holders requesting the same and
38 the registration, transfer and exchange of such Sonds will
39 be conducted as provided in paragraphs 9B and 12 hereof.
40 In the event of a succession of the Depository as may
41 be authorized by this paragraph, the Bond Registrar upon
42 presentation of Global Certificates shall register their transfer
43 to the substitute or successor depository, and the substitute or
44 successor depository shall be treated as the Depository for all
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purposes and functions under this
Representations shall not apply to
depository unless the City and the
depository so agree, and a similar
resolution. The Letter of
a substitute or successor
substitute or successor
agreement may be entered into.
7. Redemption.
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(a) Optional Redemption; Due Date. All Bonds maturing
after March 1, 2005, shall be subject to redemption and
prepayment at the option of the City on such date and on any day
thereafter at a price of par plus accrued interest. Redemption
may be in whole or in part of the Bonds subject to prepayment.
If redemption is in part, those Bonds remaining unpaid may be
prepaid in such order of maturity and in such amount per maturity
as the City shall determine; and if only part of the Bonds having
a common maturity date are called for prepayment, the Global
Certificates may be prepaid in $5,000 increments of principal
and, if applicable, the specific Replacement Bonds to be prepaid
shall be chosen by lot by the Bond Registrar. Bonds or portions
thereof oalled for redemption sha11 be due and payable on the
redemption date, and interest thereon sha11 cease to accrue from
and after the redemption date.
21 (b) Notation on Global Certificate. Upon a reduction in
22 the aggregate principal amount of a Global Certificate, the
23 Holder may malce a notation of such redemption on the panel
24 provided on the Global Certificate stating the amount so
25 redeemed, or may return the Global Certificate to the Bond
26 Registrar in exchange for a new Global Certificate authenticated
27 by the Bond Registrar, in proper principal amount. Such
28 notation, if made by the Holder, shall be for reference only, and
29 may not be relied upon by any other person as being in any way
30 determinative of the principal amount of such Global Certificate
31 outstanding, unless the Bond Registrar has signed the appropriate
32 column of the panel.
33 (c) Selection of ReAlacement Bonds. To effect a partial
34 redemption of Replacement Bonds having a common maturity date,
35 the Bond Registrar prior to giving notice of redemption shall
36 assign to each Replacement Bond having a common maturity date a
37 distinctive number for each $5,000 of the principal amount of
38 such Replacement Bond. The Bond Registrar shall then select by
39 lot, using such method of selection as it shall deem proper in
40 its discretion, from the numbers so assigned to such Replacement
41 Bonds, as many numbers as, at $5,000 for each number, shall equal
42 the principal amount of such Replacement Bonds to be redeemed.
43 The Replacement Bonds to be redeemed shall be the Replacement
44 Bonds to which were assigned numbers so selected; provided,
45 however, that only so much of the principal amount of each such
46 Replacement Bond of a denomination of more than $5,000 shall be
346604.2 7
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1 redeemed as shall equal $5,000 for each number assigned to it and
2 so selected.
3 (d) Partial Redemt�tion of Replacement Bond. If a
4 Replacement Bond is to be redeemed only in part, it shall be
5 surrendered to the Bond Registrar (with, if the City or Bond
6 Registrar so requires, a written instrument of transfer in form
7 satisfactory to the City and Bond Registrar duly executed by the
8 Holder thereof or his, her or its attorney duly authorized in
9 writing) and the City shall execute (if necessary) and the Bond
10 Registrar shall authenticate and deliver to the Holder of such
11 Replacement Bond, without service charge, a new Replacement Bond
12 or Bonds of the same series having the same stated maturity and
13 interest rate and of any authorized denomination or
14 denominations, as requested by such Holder, in aggregate
15 principal amount equal to and in exchange for the unredeemed
16 portion of the principal of the Bond so surrendered.
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(e) Request for RedemAtion. The Bond Registrar shall ca11
Bonds for redemption and payment as herein provided upon receipt
by the Bond Registrar at least £orty-five (45) days prior to the
redemption date of a request of the City, in written form if the
Bond Registrar is other than a City officer. Such request shall
specify the principal amount of Bonds to be called for redemption
and the redemption date.
(f) Notice. Mailed notice of redemption shall be given
the paying agent (if other than a City officer) and to each
affected Holder. If and when the City shall call any of the
Bonds for redemption and payment prior to the stated maturity
thereof, the Bond Registrar shall give written notice in the
of the City of its intention to redeem and pay such Bonds at
office of the Bond Registrar. Notice of redemption shall be
f.S.]
name
the
given by first class mail, postage prepaid, mailed not less than
thirty (30) days prior to the redemption date, to each Holder of
Bonds to be redeemed, at the address appearing in the Bond
Register. All notices of redemption shall state:
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(i) The redemption date;
(ii) The redemption price;
(iii) If less than all outstanding Bonds are to be
redeemed, the identification (and, in the case of
partial redemption, the respective principal
amounts) of the Bonds to be redeemed;
(iv) That on the redemption date, the redemption price
will become due and payable upon each such Bond,
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1 and that interest thereon sha11 cease to accrue
2 from and after said date; and
3 (v) The place where such Bonds are to be surrendered
4 for payment of the redemption price (which shall
5 be the office of the Bond Registrar}.
6 (g) Notice to Depositorv. Notices to The Depository Trust
7 Company or its nominee shall contain the CUSIP numbers of the
8 Bonds. If there are any Holders of the Bonds other than the
9 Depository or its nominee, the Bond Registrar shall use its best
10 efforts to deliver any such notice to the Depository on the
11 business day next preceding the date of mailing of such notice to
12 all other Holders.
13 8. Bond Registrar. First Trust National Association,
14 in Saint Paul, Minnesota, is appointed to act as bond registrar
15 and transfer agent with respect to the Bonds (the "Bond
16 Registrar��), and shall do so unless and until a successor Bond
17 Registrar is duly appointed, a11 pursuant to any contract the
18 City and Bond Registrar shall execute which is consistent
19 herewith. A successor Bond Registrar shall be an officer of the
20 City or a bank or trust company eligible for designation as bond
21 registrar pursuant to Minnesota Statutes, Chapter 475, and may be
22 appointed pursuant to any contract the City and such successor
23 Bond Registrar shall execute which is consistent herewith. The
24 Bond Registrar shall also serve as paying agent unless and until
25 a successor paying agent is duly appointed. Principal and
26 interest on the Bonds shall be paid to the Holders (or record
27 holders) of the Bonds in the manner set forth in the forms of
28 Bond and paragraph 14 of this resolution.
29 9. Forms of Bond The Bonds shall be in the form of
30 Global Certificates unless and until Replacement Bonds are made
31 available as provided in paragraph 6. Each form of bond may
32 contain such adclitional or different terms and provisions as to
33 the form of payment, record date, notices and other matters as
34 are consistent with the Letter of Representations and approved by
35 the City Attorney.
36 A. Global Certificates. The Global Certificates,
37 together with the Certificate of Registration, the Register of
38 Partial Payments, the form of Assignment and the registration
39 information thereon, shall be in substantially the following form
40 and may be typewritten rather than printed:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOND, SERIES 1997B
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
March 1,
REGISTERED OWNER:
PRINCIPAL AMOTJNT:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "ISSUer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above or on the certificate
of registration below, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year (each, an "Interest Payment Date"),
commencing September 1, 1997, at the rate per annum specified
above (calculated on the basis of a 360-day year of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable in
same-day funds by 2:30 p.m., Eastern time, upon presentation and
surrender hereof at the principal office of
in , Minnesota (the "Bond
Registrar"), acting as paying agent, or any successor paying
agent duly appointed by the Issuer; provided, however, that upon
a partial redemption of this Bond which results in the stated
amount hereof being reduced, the Holder may in its discretion be
paid without presentation of this Bond, which payment shall be
received no later than 2:30 p.m., Eastern time, and may make a
notation on the panel provided herein of such redemption, stating
April l, 1997
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the amount so redeemed, or may return the Bond to the Bond
Registrar in exchange for a new Bond in the proper principal
amount. Such notation, if made by the Holder, shall be for
reference only, and may not be relied upon by any other person as
being in any way determinative of the principal amount of this
Bond outstanding, unless the Bond Registrar has signed the
appropriate column of the panel. Interest on this Bond will be
paid on each Interest Payment Date in same-day funds by 2:30
p.m., Eastern time, to Che person in whose name this Bond is
registered (the "Holder" or "Bondholder") on the registration
books of the Issuer maintained by the Bond Registrar and at the
address appearing thereon at the close of business on the
fifteenth day of the calendar month preceding such Interest
Payment Date (the "Regular Record Date"). Interest payments
shall be received by the Holder no later than 2:30 p.m., Eastern
time; and principal and premium payments shall be received by the
Holder no later than 2:30 p.m., Eastern time, if the Bond is
surrendered for payment enough in advance to permit payment to be
made by such time. Any interest not so timely paid sha11 cease
to be payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereof at the close of business on a date (the
°Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
Date of Pavment Not Business Dav. If the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of New York, New York, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
shall have the same force and effect as if made on the nominal
date of payment.
Redemotion. All Bonds
maturing after March 1, 2005, are
prepayment at the option of the Issuer
day thereafter at a price of par plus
Redemption may be in whole or in part
prepayment. If redemption is in part,
unpaid may be prepaid in such order of
amount per maturity as the City shall
of the Bonds having a common maturity
34b604.2
of this issue (the "Bonds")
subject to redemption and
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on such date and on any
accrued interest.
of the Bonds subject to
those Bonds remaining
maturity and in such
determine; and if only part
date are called for
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1 prepayment,
2 principal.
3 be due and
4 shall cease
this Bond may be prepaid in $5,000 increments of
Bonds or portions thereof called for redemption shall
payable on the redemption date, and interest thereon
to accrue from and after the redemption date.
5 Notice of Redemption. Mailed notice of redemption
6 shall be given to the paying agent (if other than a City officer)
7 and to each affected Holder of the Bonds. In the event any of
8 the Bonds are called for redemption, written notice thereo£ will
9 be given by first class mail mailed not less than thirty (3�)
10 days prior to the redempCion date to each Holder of Bonds to be
11 redeemed. In connection with any such notice, the "CL3SIP"
12 numbers assigned to the Bonds shall be used.
13 Renlacement or Notation of Bonds after Partial
14 Redemption. Upon a partial redemption of this Bond which results
15 in the stated amount hereof being reduced, the Holder may in its
16 discretion make a notation on the panel provided herein of such
17 redemption, stating the amount so redeemed. Such notation, if
18 made by the Holder, shall be for reference only, and may not be
19 relied upon by any other person as being in any way determinative
20 of the principal amount of the Bond outstanding, unless the Bond
21 Registrar has signed the appropriate column of the panel.
22 Otherwise, the Holder may surrender this Bond to the Bond
23 Registrar (with, if the Issuer or Bond Registrar so requires, a
24 written instrument of transfer in form satisfactory to the Issuer
25 and Bond Registrar duly executed by the Holder thereof or his,
26 her or its attorney duly authorized in writing) and the Issuer
27 shall execute (if necessary) and the Bond Registrar shall
28 authenticate and deliver to the Holder of such Bond, without
29 service charge, a new Bond of the same series having the same
30 stated maturity and interest rate and of the authorized
31 denomination in aggregate principal amount equal to and in
32 exchange for the unredeemed portion of the principal of the Bond
33 so surrendered.
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Issuance; Purpose; General Obliaation. This Bond is
one of an issue in the total principal amount of $2,450,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full confor,mity
with the Constitution and laws of the State of Minnesota and the
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on March 26, 1997 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
346604.2
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and full payment of its princigal,
when the same become due, the full
powers of the Issuer have been and
pledged.
premium, if any, and interest
faith and credit and taxing
are hereby irrevocably
Denominations; Exchanae; Resolution. The Bonds are
issuable originally only as Global Certificates in the
denomination of the entire principal amount of the issue maturing
on a single date, or, if a portion of said principal amount is
prepaid, said principal amount less the prepayment. G1oba1
Certificates are not exchangeable for fully registered bonds of
smaller denominations except to evidence a partial prepayment or
in exchange for Replacement Bonds if then available. Replacement
Bonds, if made available as provided below, are issuable solely
as fully registered bonds in the denominations o£ $5,000 and
integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Renlacement Bonds. Replacement Bonds may be issued by
the Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable to
locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that (1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certificates) to
any Holder other than the Depository (or its nominee), might
adversely affect the interest of the beneficial owners of
the Bonds, or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to obtain
certificated bonds.
40 Transfer. This Bond shall be registered in the name of
41 the payee on the books of the Issuer by presenting this Bond for
42 registration to the Sond Registrar, who wi11 endorse his, her or
43 its name and note the date of registration opposite the name of
44 the payee in the certificate of registration attached hereto.
45 Thereafter this Bond may be transferred by delivery with an
346604.2 1 3
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assignment duly executed by the Holder or his, her or its legal
representatives, and the Issuer and Bond Registrar may treat the
Holder as the person exclusively entitled to exercise all the
rights and powers of an owner until this Sond-is presented with
such assignment for registration of transfer, accompanied by
assurance of the nature provided by law that the assignment is
genuine and effective, and until such transfer is registered on
said books and noted hereon by the Bond Registrar, all subject to
the terms and conditions provided in the Resolution and to
reasonable regulations of the Issuer contained in any agreement
with, or notice to, the Bond Registrar. Transfer of this Bond
may, at the direction and 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.
16 Fees upon Transfer or Loss. The Bond Registrar may
17 require payment of a sum sufficient to cover any tax or other
18 governmental charge payable in connection with the transfer or
19 exchange of this Bond and any legal or unusual costs regarding
20 transfers and lost Bonds.
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Treatment of Registered Owner. The Issuer and Bond
Registrar may treat the person in whose name this Bond is
registered as the owner hereof for the purpose o£ receiving
payment as herein provided (except as otherwise provided with
respect to the Record Date) and for all other purposes, whether
or not this Bond shall be overdue, and neither the Issuer nor the
Bond Registrar shall be affected by notice to the contrary.
28 Authentication This Bond shall not be valid or become
29 obligatory for any purpose or be entitled to any security unless
30 the Certificate of Authentication hereon shall have been executed
31 by the Bond Registrar.
32 Not Qualified Tax-Exempt Obliaations. The Bonds have
33 not been designated by the Issuer as "qualified tax-exempt
34 obligations" for purposes of Section 265(b)(3) of the federal
35 Internal Revenue Code of 1986, as amended. The Bonds do not
36 qualify for such designation.
37 IT IS AEREBY CERTIFIED AND RECITED that all acts,
38 conditions and things required by the Constitution and laws of
39 the State of Minnesota and the Charter of the Issuer to be done,
40 to happen and to be performed, precedent to and in the issuance
41 of this Bond, have been done, have happened and have been
42 performed, in regular and due form, time and manner as required
43 by 1aw, and that this Bond, together with a11 other debts of the
44 Issuer outstanding on the date of original issue hereof and on
45 the date of its issuance and delivery to the original purchaser,
346604.2 14
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1 does not exceed any constitutional or statutory or Charter
2 limitation of indebtedness.
3 IN WSTNESS WHEREOF, the City of Saint Paul, Ramsey
4 County, Minnesota, by its City Council has caused this Bond to be
5 sealed with its official seal and to be executed on its behalf by
6 the photocopied facsimile signature of its Mayor, attested by the
7 photocopied facsimile signature of its Clerk, and countersigned
8 by the photocopied facsimile signature of its Director, Office of
9 Financial Services.
346604.2 1 5
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Date of Registration
Registrable by:
Payable at: _
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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16 Bond Registrar
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By
Authorized Signature
(SEAL)
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
General Obligation Street Improvement Special Assessment Bond,
Series 1997B, No. R-
346604.2
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached
Bond may be made only by the registered owner or his, her or its
legal representative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
SIGNATURE OF
BOND REGIS'I'RAR
346604.2
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REGISTER OF PARTIAI, PAYMENTS
The principal amount of the attached Bond has been prepaid on the
dates and in the amounts noted below:
Signature of Signature of
Date Amount Bondholder Bond Reaistrar
If a notation is made on this register, such notation has the
effect stated in the attached Bond. Partial payments do not
require the presentation of the attached Bond to the Bond
Registrar, and a Holder could fail to note the partial payment
here.
346604.2
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ABBREVIATIONS
2 The following abbreviations, when used in the inscription on
3 the face of this Bond, shall be construed as though they were
4 written out in full according to applicable laws or regulations:
5 TEN COM - as tenants in common
6 TEN SNT - as tenants by the entireties
7 JT TEN - as joint tenants with right of survivorship
8 and not as tenants in common
9 UTMA - as custodian for
10 (Cust) (Minor)
11 under the Uniform Transfers
12 (State)
13 to Minors Act
14 Additional abbreviations may also be used
15 though not in the above 1ist.
346604.2 1 9
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the attached Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books
kept for the registration thereof, with full power of
substitution in the premises.
Dated:
Notice: The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the attached Bond in every
particular, without alteration or any change
whatever.
Signature Guaranteed:
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
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The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
346604.2
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1 B. Replacement Bonds. If the City has notified
2 Holders that Replacement Bonds have been made available as
3 provided in paragraph 6, then for every Bond thereafter
4 transferred or exchanged (including an exchange to reflect the
5 partial prepayment of a Global Certificate not previously
6 exchanged for Replacement Bonds) the Bond Registrar shall deliver
7 a certificate in the form of the Replacement Bond rather than the
8 Global Certificate, but the Holder of a Global Certificate shall
9 not otherwise be required to exchange the Global Certificate for
10 one or more Replacement Bonds since the City recognizes that some
11 beneficial owners may prefer the convenience of the Depository's
12 registered ownership of the Bonds even though the entire issue is
13 no longer required to be in global book-entry form. The
14 Replacement Bonds, together with the Bond Registrar's Certificate
15 of Authentication, the form of Assignment and the registration
16 information thereon, shall be in substantially the following
17 form:
346604.2 2 1
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UNITED STATES OF AMERICA
STATE OF MINNfiSOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
5 R-
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8 INTEREST
9 RATE
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GENERAL OBLIGATION STREET IMPROVEMEA7T
SPECIAL ASSESSMENT BOND, SERIES 1997B
MATURITY DATE OF
DATE ORIGINAL ISSUE
April 1, 1997
REGISTERED OWNER:
PRINCIPAL AMOUNT:
$
CUSIP
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above, or registered
assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturity date specified above,
unless called for earlier redemption, and to pay interest thereon
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 1997, at the
rate per annum specified above (calculated on the basis of a
360-day year of twelve 30-day months) until the principal sum is
paid or has been provided for. This Bond will bear interest from
the most recent Interest Payment Date to which interest has been
paid or, if no interest has been paid, from the date of original
issue hereof. The principal of and premium, if any, on this Bond
are payable upon presentation and surrender hereof at the
prinCipal office of , in
, (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly
appointed by the Issuer. Interest on this Sond will be paid on
each Interest Payment Date by check or draft mailed to the person
in whose name this Bond is registered (the "Holder" or
"Bondholder") on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar monCh
preceding such Interest Payment Date (the '�Regular Record Date'�).
Any interest not so timely paid shall cease to be payable to the
346604.2 ' 2 2
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1 person who is the Holder hereof as of the Regular Record Date,
2 and shall be payable to the person who is the Holder hereof at
3 the close of business on a date (the "Special Record Date��) fixed
4 by the Bond Registrar whenever money becomes available for
5 payment of the defaulted interest. Notice of the Special Record
6 Date shall be given to Bondholders not less than ten days prior
7 to the Special Record Date. The principal of and premium, if
8 any, and interest on this Bond are payable in lawful money of the
9 United States of America.
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REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota and the Charter of the Issuer to be done,
to happen and to be performed, precedent to and in the issuance
of this Bond, have been done, have happened and have been
performed, in regular and due form, time and manner as required
by law, and that this Bond, together with all other debts of the
Issuer outstanding on the date of original issue hereof and on
the date o£ its issuance and delivery to the original purchaser,
does not exceed any constitutional or statutory or Charter
limitation of indebtedness.
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
County, Minnesota, by its City Council has caused this Bond to be
sealed with its official seal or a facsimile thereof and to be
executed on its behalf by the original or facsimile signature o£
its Mayor, attested by the original or facsimile signature of its
Clerk, and countersigned by the original or facsimile signature
of its Director, Office of Financial Services.
346604.2 2 3
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Date of Registration
Registrable by:
Payable at: _ _
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTIiENTICATI0A7
8 This Hond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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15 Bond Registrar
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By
Authorized Signature
20 (SEAL)
3466D4.2
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
24
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ON REVERSE OF BOND
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Date of Payment Not Business Day. If the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of New York, New York, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such gayment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
shall have the same force and effect as if made on the nominal
date of payment.
Redemption. All Bonds of this issue (the "Bonds")
maturing after March 1, 2005, are subjeCt to redemption and
prepayment at the option of the Issuer on such date and on any
day thereafter at a price of par plus accrued interest.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, those Bonds remaining
unpaid may be prepaid in such arder of maturity and in such
amount per maturity as the City shall determine; and if only part
of the Bonds having a common maturity date are called for
prepayment, the specific Bonds to be prepaid shall be chosen by
lot by the Bond Registrar. Bonds or portions thereof called for
redemption shall be due and payable on the redemption date, and
interest thereon shall Cease to acCrue from and after the
redemption date.
27 Notice of Redemption. Mailed notice of redemption
28 shall be given to the paying agent (if other than a City officer)
29 and ta each affected Holder of the Eonds. In the event any of
30 the Bonds are called for redemption, written notice thereof will
31 be given by first class mail mailed not less than thirty (30)
32 days prior to the redemption date to each Holder of Bonds to be
33 redeemed. In connection with any such notice, the "CUSIP"
34 numbers assigned to the Bonds shall be used.
35 Selection of Bonds for Redemption. To effect a partial
36 redemption of Bonds having a commpn maturity date, the Bond
37 Registrar shall assign to each Bond having a common maturity date
38 a distinctive number for each $5,000 of the principal amount of
39 such Bond. The Sond Registrar shall then select by lot, using
40 such method of selection as it shall deem proper in its
41 discretion, from the numbers assigned to the Bonds, as many
42 numbers as, at $5,000 for each number, shall equal the principal
43 amount of such Bonds to be redeemed. The Bonds to be redeemed
44 shall be the Bonds to which were assigned numbers so selected;
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provided, however, that only so much of the principal amount of
such Bond of a denomination of more than $5,000 shall be redeemed
as shall equal $5,000 for each number assigned to it and so
selected. If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Aolder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any authorized denomination or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose: General Obligatian. This Bond is
one of an issue in the total principal amount of $2,450,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and the
CharCer of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on March 26, 1997 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond Constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations: Exchange: Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,0�0 and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
ReferenCe is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
346604.2
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1 Transfer. This Bond is transferable by the Holder in
2 person or by his, her or its attorney duly authorized in writing
3 at the principal office of the Bond Registrar upon presentation
4 and surrender hereof to the Bond Registrar, all subject to the
5 terms and conditions provided in the Resolution and to reasonable
6 regulations of the Issuer contained in any agreement with, or
7 notice to, the Bond Registrar. Thereupon the Issuer shall
8 execute and the Bond Registrar shall authenticate and deliver, in
9 exchange for this Bond, one or more new fully registered Bonds in
10 the name of the transferee (but not registered in blank or to
11 "bearer" or similar designation), of an authorized denomination
12 or denominations, in aggregate principal amount equal to the
13 principal amount of this Bond, of the same maturity and bearing
14 interest at the Same rate.
15 Fees upon Transfer or Loss. The Bond Registrar may
16 require payment of a sum sufficient to cover any tax or other
17 governmental charge payable in connection with the transfer or
18 exchange of this Bond and any legal or unusual costs regarding
19 transfers and lost Bonds.
20 Treatment of Reaistered Owner_ The Issuer and Bond
21 Registrar may treat the person in whose name this Bond is
22 registered as the owner hereof for the purpose of receiving
23 payment as herein provided (except as otherwise provided on the
24 reverse side hereof with respect to the Record Date) and for all
25 other purposes, whether or not this Bond shall be overdue, and
26 neither the Issuer nor the Bond Registrar shall be affected by
27 notiCe to the contrary.
28 Authentication. This Bond shall not be valid or become
29 obligatory for any purpose or be entitled to any security unless
30 the Certificate of Authentication hereon shall have been executed
31 by the Bond Registrar.
32 Not Oualified Tax-Exempt Oblicxations. The Bonds have
33 not been designated by the Issuer as "qualified tax-exempt
34 obligations" for purposes of Section 265(b)(3) of the federal
35 Internal Revenue Code of 1986, as amended. The Bonds do not
36 qualify for such designation.
346604.2 2 7
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ABBREVIATIONS
2 The following abbreviations, when used in the
3 inscription on the face of this Bond, shall be construed as
4 though they were written out in fu11 according to applicable laws
5 or regulations:
6 TEN COM - as tenants in common
7 TEN ENT - as tenants by the entireties
8 JT fiEN - as joint tenants with right of survivorship
9 and not as tenants in common
10 UTMA - as custodian for
il (Cust) (Minor)
12 under the Uniform Transfers
13 (State)
14 to Minors Act
15 Additional abbreviations may also be used
16 though not in the above list.
346604.2 2 8
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ASSIGNMENT
2 For value received, the undersigned hereby sells,
3 assigns and transfers unto
4 the within Bond and does
5 hereby irrevocably constituCe and appoint
6 attorney to transfer the Bond on the books kept for the
7 registration thereof, with full power of substitution in the
S premises.
9 Dated:
10 Notice: The assignor's signature to this assignment
11 must correspond with the name as it appears
12 upon the face of the within Bond in every
13 particular, without alteration or any change
14 whatever.
15 Signature Guaranteed:
16
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
21 The Bond Registrar will not effect transfer of this
22 Bond unless the information concerning the transferee requested
23 below is provided.
24 Name and Address:
25
26
27
za
(Include information for all joint owners
if the Bond is held by joint account.)
346604.2 2 9
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10. Execution. The Bonds shall be executed on behalf
of the City by the signatures of its Mayor, Clerk and Director,
Office of Financial Services, each with the effect noted on the
forms of the Bonds, and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed or
photocopied facsimile; and provided further that any of such
signatures may be printed or photocopied facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of disability or resignation or other absence of any
such officer, the Bonds may be signed by the manual or facsimile
signature of that officer who may act on behalf of such absent or
disabled officer. In case any such officer whose signature or
facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such
signature or facsimile shall nevertheless be valid and sufficient
for all purposes, the same as if he or she had remained in office
until delivery.
11. Authentication; Date of Registration. No Bond
shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a
Certificate of Authentication on such Bond, substantially in the
form hereinabove set forth, sha11 have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. The Bond Registrar shall authenticate the signatures of
officers of the City on each Bond by execution of the Certificate
of Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond is
authenticated. For purposes of delivering the original Global
Certificates to the Purchaser, the Bond Registrar sha11 insert as
the date of registration the date of original issue, which date
is April 1, 1997. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
12. Reaistration; `Pransfer; Exchanqe. The City will
cause to be kept at the principal office of the Bond Registrar a
bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
42 A Global Certificate shall be registered in the name of
43 the payee on the books of the Bond Registrar by presenting the
44 Global Certificate for registration to the Bond Registrar, who
45 will endorse his or her name and note the date of registration
46 opposite the name of the payee in the certificate of registration
47 on the Global Certificate. Thereafter a Global Certificate may
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be transferred by delivery with an assignment duly executed by
the Holder or his, her or its legal representative, and the City
and Bond Registrar may treat the Holder as the person exclusively
entitled to exercise all the rights and powers of an owner until
a Global Certificate is presented with such assignment for
registration of transfer, accompanied by assuranee of the nature
provided by law that the assignment is genuine and effective, and
until such transfer is registered on said books and noted thereon
by the Bond Registrar, all subject to the terms and conditions
provided in the Resolution and to reasonable regulations of the
City contained in any agreement with, or notice to, the Bond
Registrar.
13 `Transfer o£ a Global CertifiCate may, at the direction
14 and expense of the City, be subject to other restrictions if
15 required to qualify the Global Certificates as being '�in
16 registered form" within the meaning of Section 149(a) of the
17 federal Internal Revenue Code of 1986, as amended.
18 If a Global Certificate is to be exchanged for one or
19 more Replacement Bonds, all of the principal amount of the Global
20 Certificate shall be so exchanged.
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Upon surrender for transfer of any Replacement Bond
the principal office of the Bond Registrar, the City shall
execute (if necessary), and the Bond Registrar shall
authenticate, insert the date of registration (as provided in
paragraph 11) of, and deliver, in the name of the designated
transferee or transferees, one or more new Replacement Bonds
at
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any authorized denomination or denominations of a like aggregate
principal amount, having the same stated maturity and interest
rate, as requested by the transferor; provided, however, that no
bond may be registered in blank or in the name of "bearer" or
similar designation.
At the option of the Holder of a Replacement Bond,
Replacement Bonds may be exchanged for Replacement Bonds of any
authorized denomination or denominations of a like aggregate
principal amount and stated maturity, upon surrender of the
Replacement Bonds to be exchanged at the principal office of the
Bond Registrar. Whenever any Replacement Bonds are so
surrendered for exchange, the City shall execute (if necessary),
and the Bond Registrar shall authenticate, insert the date of
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.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
346604.2 3 1
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1 the Bond Registrar and thereafter disposed of as directed by the
2 City.
3 Al1 Bonds delivered in exchange for or upon transfer of
4 Bonds shall be valid general obligations of the City evidencing
5 the same debt, and entitled to the same benefits under this
6 resolution, as the Bonds surrendered for such exchange or
7 transfer.
8 Every Bond presented or surrendered for transfer or
9 exchange shall be duly endorsed or be accompanied by a written
10 instrument of transfer, in form satisfactory to the Bond
11 Registrar, duly executed by the Holder thereof or his, her or its
12 attorney duly authorized in writing.
13 The Bond Registrar may require payment of a sum
14 sufficient to cover any tax or other governmental charge payable
15 in connection with the transfer or exchange of any Bond and any_
16 legal or unusual costs regarding transfers and lost Bonds.
17 Transfers shall also be subject to reasonable regula-
18 tions of the City Contained in any agreement with, or notice to,
19 the Bond Registrar, including regulations which permit the Bond
20 Registrar to close its transfer books between record dates and
21 payment dates.
22 13. Riqhts Upon Transfer or Exchanae. Each Bond
23 delivered upon transfer of or in exchange for or in lieu of any
24 other Bond shall carry all the rights to interest accrued and
25 unpaid, and to accrue, which were carried by such other Bond.
26 14. Interest Payment: Record Date. Interest on any
27 Global Certificate shall be paid as provided in the first
28 paragraph thereof, and interest on any Replacement Bond shall be
29 paid on each Interest Payment Date by check or draft mailed to
30 the person in whose name the Bond is registered (the "HOlder") on
31 the registration books of the City maintained by the Bond
32 Registrar, and in each case at the address appearing thereon at
33 the close of business on the fifteenth (15th) day o£ the calendar
34 month preceding such Interest Payment Date (the "Regular Record
35 Date"). Any such interest not so timely paid shall cease to be
36 payable to the person who is the Holder thereof as of the Regular
37 Reaord Date, and shall be payable to the person who is the Holder
38 thereof at the close o£ business on a date (the "Special Record
39 Date") fixed by the Bond Registrar whenever money becomes
40 available for payment of the defaulted interest. Notice of the
41 Special Record Date shall be given by the Bond Registrar to the
42 Holders not less than ten (10) days prior to the Special Record
43 Date.
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15. Holders; Treatment of Registered Owner; Consent of
Holders.
(A) For the purposes of all actions, consents and other
matters affecting Holders of the Bonds, other than payments,
redemptions, and purehases, the City may (but shall not be
obligated to) treat as the Holder of a Bond the beneficial owner
of the Bond instead of the person in whose name the Bond is
registered_ For that purpose, the City may ascertain the
identity of the beneficial owner of the Bond by such means as the
Bond Registrar in its sole discretion deems appropriate,
including but not limited to a certificate from the person in
whose name the Bond is registered identifying such beneficial
owner.
14 (B) The City and Bond Registrar may treat the person in
15 whose name any Sond is registered as the owner of such Bond for
16 the purpose of receiving payment of prinaipal of and premium, if
17 any, and interest (subject to the payment provisions in paragraph
18 14 above) on, such Bond and for a11 other purposes whatsoever
19 whether or not such Bond shall be overdue, and neither the City
20 nor the Bond Registrar shall be affected by notice to the
21 contrary.
22 (C) Any consent, request, direction, approval, objection or
23 other instrument to be signed and executed by the Holders may be
24 in any number of concurrent writings of similar tenor and must be
25 signed or executed by such Holders in person or by agent
26 appointed in writing. Proof of the execution of any such
27 consent, request, direction, approval, objection or other
28 instrument or of the writing appointing any such agent and of the
29 ownership of Bonds, if made in the following manner, shall be
30 sufficient for any of the purposes of this Resolution and shall
31 be conclusive in favor of the City with regard to any action
32 taken by it under such request or other instrument, namely:
33 (1) The fact and date of the execution by any person
34 of any such writing may be proved by the certificate of any
35 officer in any jurisdiction who by law has power to take
36 acknowledgments within such jurisdiction that the person
37 signing such writing acknowledged before him or her the
38 execution thereof, or by an affidavit of any witness to such
39 execution.
40 (2) Subject to the provisions of subparagraph (A)
41 above, the fact of the ownership by any person of Bonds and
42 the amounts and numbers of such Bonds, and the date of the
43 holfling of the same, may be proved by reference to the bond
44 register.
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16. Delivery; A�,pliaation of Proceeds. The Global
Certificates when so prepared and executed shall be delivered by
the Director, Office of Einancial Services, to the Purchaser upon
receipt of the purchase price, and the Purchaser shall not be
obliged to see to the proper application thereof.
17. Funds. There is hereby'created a special fund to
be designated the "1997 Capital Projects Fund" (numbered C-97,
the "Capital Fund"), to be administered and maintained by the
City Treasurer as a bookkeeping account separate and apart from
all other accounts maintained in the official financial records
of the City. There has been heretofore created and established
the "General Obligation Special Assessments -- Streets Debt
Service Fund" (numbered 963, the "Debt Service Fund"). The
Capital Fund and Debt Service Fund shall be maintained in the
manner herein specified until all of the Bonds and the interest
thereon have been fully paid.
(i) Cabital Fund. To the Capital Fund there shall be
credited the proceeds of the sale of the Bonds, less accrued
interest received thereon, and less any amount paid for the
Bonds in excess of $2,425,500. From the Capital Fund there
shall be paid all costs and expenses of making the
Improvements listed in paragraph 18, after they have been
ordered in accordance with the Charter of the City,
including the cost of any construction contracts heretofore
let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65
(including interest on the Bonds payable during the
construction period); and the moneys in the Capital Rund
shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the Bonds may
also be used to the extent necessary to pay interest on the
Bonds due prior to the anticipated date of commencement of
the collection of taxes or special assessments herein
covenanted to be levied; and provided further that if upon
completion of the Improvements there shall remain any
unexpended balance in the Capital Fund, the balance may be
transferred by the Council to the fund of any other
improvement instituted pursuant to the City's Charter or
Minnesota Statutes, Chapter 429, or used to pay the costs of
any other purpose permitted by law, or transferred to the
Debt Service Fund. All earnings on the Capital Fund shall
be transferred to the Debt Service Fund, or may be retained
in the Capital Fund.
(ii) Debt Service Fund. There
there shall be credited to a special
Bonds in the Debt Service Fund: (a)
assessments herein covenanted to be
346604.2
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is hereby pledged and
account relating to the
collections of special
levied, to the extent
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provided in paragraph 19; (b) all accrued interest received
upon delivery of the Bonds; (c) all funds paid for the Bonds
in excess of $2,425,500; (d) any collections of all taxes
which are levied herein, or which may hereafter be levied in
the event that the special assessments herein pledged to the
payment of the Bonds and interest thereon are insufficient
therefor; (e) all funds remaining in the Capital Fund after
completion of the Improvements and payment of the costs
thereof, not so transferred to the account of another
improvement or used to pay the costs of any other purpose
permitted by law; and (f) all investment earnings on moneys
held in such special account in the Debt Service Fund or on
moneys held in the Capital Fund. If moneys in the special
account of the Debt Service Fund should ever be insufficient
to pay debt service on the Bonds, the Bonds shall be paid
from the Debt Service Fund or any other special account
therein, and the Bonds are hereby made payable from the Debt
Service Fund and any other special accounts therein for this
purpose. Amounts drawn from the Debt Service Fund or any
special account therein may be repaid with or without
interest when moneys sufficient for such repayment are
deposited in the special account relating to the Bonds in
the Debt Serviae Fund.
The special account relating to the Bonds in the Debt
Service Fund shall be used solely to pay the principal and
interest and any premiums for redemption of the Bonds and any
other general obligation bonds of the City hereafter issued by
the City and made payable from such special account in the Debt
Service Fund as provided by law, or to pay any rebate due to the
United States. No portion of the proceeds of the Bonds shall be
used directly or indirectly to acquire higher yielding
investments or to replace funds which were used directly or
indirectly to acquire higher yielding investments, except (1) for
a reasonable temporary period until such proceeds are needed for
the purpose for which the Bonds were issued, and (2) in addition
to the above in an amount not greater than five percent (5 of
the proceeds of the Bonds. To this effect, any sums from time to
time held in the Capital Fund or in such special account in the
Debt Service Fund (or any other City fund or account which will
be used to pay principal or interest to become due on the bonds
payable therefrom) in excess of amounts which under then-
applicable federal arbitrage regulations may be invested without
regard as to yield shall not be invested at a yield in excess of
the applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available
under the federal arbitrage regulations. In addition, the
proceeds of the Bonds and money in the Capital Fund or in such
special account in the Debt Service Fund shall not be invested in
346604.2 3 5
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1 obligations or deposits issued by, guaranteed by or insured by
2 the United States or any agency or instrumentality thereof if and
3 to the extent that such investment would cause the Bonds to be
4 ��federally guaranteed" within the meaning of Section 149ib) of
5 the federal Internal Revenue Code of 1986, as amended (the
6 ��Code").
7 18. Assessments: Coverage Test. The City CounCil has
8 heretofore determined, and does hereby determine, to proceed with
9 the Improvements and special assessments with respect thereto
10 under the provisions of the Charter of the City, rather than the
11 provisions of Minnesota Statutes, Chapter 429.
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It is hereby determined that no less than twenty
percent (20%) of the cost to the City of each Improvement
financed hereunder within the meaning of Minnesota Statutes,
Section 475.58, Subdivision 1(3), shall be paid by special
assessments to be levied against every assessable lot, piece and
parcel of land benefitted by the Improvements. The City hereby
covenants and agrees that it will let all construation contracts
not heretofore let within one year after ordering each
Improvement financed hereunder unless the resolution ordering the
Improvement specifies a different time limit for the letting of
construction contracts and will do and perform, as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that any
such assessment be at any time held invalid with respect to any
lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performance of any condition precedent thereto, the City and this
Council will forthwith do all further acts and take all further
proceedings as may be required by law to make the assessments a
valid and binding lien upon such property.
34 The special assessments have not heretofore been
35 authorized, and accordingly, for purposes of Minnesota Statutes,
36 Section 475.55, Subdivision 3, the special assessments are hereby
37 authorized. Subject to such adjustments as are required by
38 conditions in existence at the time the assessments are levied,
39 the assessments are hereby authorized and it is hereby determined
40 that the assessments sha11 be payable in equal, consecutive,
41 annual installments, with general taxes for the years shown below
42 and with interest on the declining balance of all such
43 assessments at a rate per annum approximately one percent (1a)
44 per annum in excess of the net effective rate of interest on the
45 Bonds:
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Improvement
Designation
Page/Cherokee
Lafond/Grotto
ArlingtonjRuth
MorganjEdgecumbe
TOTAL
Amount
$ 610,000
500,000
520,460
820.000
$2,450,000
Levy Years
1997-2016
for all
Collection
Years
1998-2017
for all
8 The special assessments shall be such that if collected
9 in full they, together with estimated collections of other
10 revenues herein pledged for the payment of the Bonds, will
11 produce at least five percent (50) in excess of the amount needed
12 to meet when due the principal and interest payments on the Bonds
13 in every year except the final year (2009). At the time the
14 assessments are in fact levied the City Council sha11, baseci on
15 the then-current estimated collections of the assessments, make
16 an�r adjustments in any ad valorem taxes required to be levied in
17 order to assure that the City continues to be in compliance with
18 Minnesota Statutes, Section 475.61, Subdivision 1.
19 19. Limit on Special Assessments Pledged. The City
20 Council hereby finds, determines and declares that the payment of
21 the Bonds does not require the pledge of all the special
22 assessments which may be levied with respect to the Improvements
23 identified in paragraph 18, and that it is necessary, proper and
24 expedient to provide that payments and prepayments of special
25 assessments in excess of the debt service requirements of the
26 Bonds be put to use for other purposes sooner than upon the
27 termination of the Debt Service Fund. Only $2,450,000 original
28 principal amount of the special assessments (which amount is the
29 '�Pledged Assessments"), and interest thereon, recognized in
30 paragraph 18 of this Resolution (of which $410,000 are necessary
31 prior to their scheduled receipt in order to pay debt service on
32 the Bonds on March 1, 1997) are or shall be pledged to the
33 payment of the Bonds, and payments of, or with respect to, such
34 special assessments in excess of the Pledged Assessments shall be
35 credited instead to a special account in the Capital Fund, and
36 used for the purpose of paying any additional costs of the
37 Improvements and the costs of other improvements approved by the
38 City, as follows: (a) the first $410,000 of all prepayments of
39 special assessments recognized in paragraph 18 shall be credited
40 to the Debt Service Fund, (b) thereafter until SllCYl time as the
41 special assessments from time to time outstanding equal in
42 original principal amount the Pledged Assessments or less,
43 prepayments of any of the special assessments recognized in
44 paragraph 18 shall be treated as prepayments of the portion of
45 the special assessments not pledged to the Bonds and sha11 be
46 credited instead to said special account of the Capital Fund, and
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used as provided above, and (c) while the special assessments
from time to time outstanding equal in original principal amount
the Pledged Assessments or more, regular installment payments
made on the Pledged Assessments only (not all of the special
assessments) shall be credited to the Debt Service Fund, and
regular installment payments on that portion, if any, of the
remaining assessments in excess of the Pledged Assessments shall
be credited to said special account of the Capital Fund, and used
as provided above.
10 20. Tax Levy: Coverage Test. If taxes are levied as
11 provided in the final part of paragraph 18, the tax levies shall
12 be irrepealable so long as any of the Bonds are outstanding and
13 unpaid, provided that the City reserves the right and power to
14 reduce the levies in the manner and to the extent permitted by
15 Minnesota Statutes, Seetion 475.61, Subdivision 3.
16 To provide moneys for payment of the principal and
17 interest on the Bonds due to be paid in 2009 there is hereby
18 levied upon a11 of the taxable property in the City a direct
19 annual ad valorem tax which shall be spread upon the tax rolls
20 and collected with and as part of other general property taxes in
21 the City for the years and in the amounts as follpws:
22
23
24
25
26
27
28
29
30
31
32
33
34
Year of Tax
Levy
Year of Tax
Collection
Amount
2007
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$1,005,212
The tax levies are such that if collected in full they,
together with estimated collections of special assessments and
other revenues herein pledged far the payment of the Bonds, will
produce at least five percent (So) in excess of the amount needed
to meet when due the principal and interest payments on the
Bonds. The tax levies shall be irrepealable so long as any of
the Bonds are outstanding and unpaid, provided that the City
reserves the right and power to reduce the levies in the manner
and to the extent permitted by Minnesota Statutes, Section
475.61, Subdivision 3.
35 21. General Obligation Pledqe. For the prompt and
36 full payment of the principal and interest on the Bonds, as the
37 same respectively become due, the full faith, credit and taxing
38 powers of the City shall be and are hereby irrevocably pledged.
39 If the balance in the special account relating to the Bonds in
40 the Debt Service Fund (as defined in paragraph 17 hereof) is ever
41 insufficient to pay all principal and interest then due on the
42 Bonds payable therefrom, the deficiency shall be promptly paid
43 out of any other funds of the City which are available for such
44 purpose, including the general fund of the City and the Debt
34bb04.2 3 $
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1 Service Fund and the special accounts therein, and such other
2 funds may be reimbursed with or without interest from the special
3 account in the Debt Service Fund relating to the Bonds when a
4 sufficient balance is available therein.
5 22. Certificate of Registration. The Director, Office
6 of Financial Services, is hereby directed to file a certified
7 copy of this Resolution with the officer of Ramsey County,
8 Minnesota, performing the functions of the county auditor (the
9 "County Auditor"), together with such other information as the
10 County Auditor shall require, and to obtain the County Auditor's
il certificate that the Bonds have been entered in the Count�r
12 Auditor's Bond Register, and that the tax levy required by law
13 has been made.
14 23. Records and Certificates. The officers of the
15 City are hereby authorized and directed to prepare and furnish to
16 the Purchaser, and to the attorneys approving the legality of the
17 issuance of the Sonds, certified copies of all proceedings and
18 records of the City relating to the Bonds and to the financial
19 condition and affairs of the City, and such other affidavits,
20 certificates and information as are required to show the facts
21 relating to the legality and marketability of the Bonds as the
22 same appear from the books and records under their custody and
23 control or as otherwise known to them, and all such certified
24 copies, certificates and affidavits, including any heretofore
25 furnished, shall be deemed representations of the City as to the
26 facts recited therein.
27 24. Negative Covenants as to Use of Proceeds and
28 Improvements. The City hereby covenants not to use the proceeds
29 of the Bonds or to use the Improvements, or to cause or permit
30 them to be used, or to enter into any deferred payment
31 arrangements for the cost of the Improvements, in such a manner
32 as to cause the Bonds to be "private activity bonds�' within the
33 meaning of Sections 103 and 141 through 150 of the Code. The
34 City hereby covenants not to use the proceeds of the Bonds in
35 such a'manner as to cause the Bonds to be "hedge bonds" within
36 the meaning of Section 149(g) of the Code.
37 25. Tax=Exeml�t Status of the Bonds: Rebate: Election.
38 The Cit�r shall comply with requirements necessary under Che Code
39 to establish and maintain the exclusion from gross income under
40 Section 103 of the Code of the interest on the Bonds, including
41 without limitation requirements relating to temporary periods for
42 investments, limitations on amounts invested at a yield greater
43 than the yield on the Bonds, and the rebate of excess investment
44 earnings to the United States.
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1 The City expects that the two-year expenditure
2 exception to the rebate requirements may apply to the
3 construction proceeds of the Bonds.
4 If any elections are available now or hereafter with
5 respect to arbitrage or rebate matters relating to the Bonds, the
6 Mayor, Clerk, Treasurer and Director, Office of Financial
7 Services, or any of them, are hereby authorized and directed to
8 make such elections as they deem necessary, appropriate or
9 desirable in connection with the Bonds, and all such elections
10 shall be, and shall be deemed and treated as, elections of the
11 City.
12 26. No Desi�nation of 4ualified Tax-Exemot
13 Obligations. The Bonds, together with other obligations issued
14 by the City in 1997, exceed in amount those which may be
15 qualified as "qualified tax-exempt obligations" within the
16 meaning of Section 265(b)(3) of the Code, and hence are not
17 designated for such purpose.
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24
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27. Letter of Representations. The Letter of
Representations for the Bonds is hereby confirmed to be the
Blanket Issuer Letter of Representations dated April 10, 1996, by
the City and received and accepted by The Depository Trust
Company. 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 from time to time with the agreement or consent of
The Depository Trust Company.
28 28. Neqotiated Sale. The City has retained Springsted
29 Incorporated as an independent financial advisor, and the City
30 has heretofore determined, and hereby determines, to sell the
31 Bonds by private negotiation, all as provided by Minnesota
32 Statutes, Section 475.60, Subdivision 2(9).
33
34
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36
37
38
39
40
41
42
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29. Continuina Disclosure. The City is an obligated
person with zespect to the Bonds. The City hereby agrees, in
accordance with the provisions of Rule 15c2-12 (the ��Rule��),
promulgated by the Securities and Exchange Commission (the
'�Commission") pursuant to the Securities Exchange Act of 1934, as
amended, and a Continuing Disclosure Undertaking (the
��Undertaking") hereinafter described, to:
A. Provide or cause to be provided to each nationally
recognized municipal securities information repository
("NRMSIR") and to the appropriate state information
depository ("SID"), if any, for the State of Minnesota, in
each case as designated by the Commission in accordance with
346604.2
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1 the Rule, certain annual financial information and operating
2 data in accordance with the Undertaking. The City reserves
3 the right to modify from time to time the terms of the
4 Undertaking as provided therein.
5 B. Provide or cause to be provided, in a timely
6 manner, to (i) each NRMSIR or to the Municipal Securities
7 Rulemaking Board (��MSRB") and (ii) the SID, notice of the
8 occurrence of certain material events with respect to the
9 Bonds in accordance with the Undertaking.
10 C. Provide or cause to be provided, in a timely
11 manner, to (i) eaCh NRMSIR or to the MSRB and (ii) the SID,
12 notice of a failure by the City to provide the annual
13 financial information with respect to the City described in
14 the Undertaking.
15 The City agrees that its covenants pursuant to the Rule
16 set forth in thi5 paragraph 29 and in the Undertaking are
17 intended to be for the benefit of the Holders of the Bonds and
18 shall be enforceable on behalf of such Holders; provided that the
19 right to enforce the provisions of these covenants shall be
20 limited to a right to obtain specific enforcement of the City�s
21 obligations under the covenants.
22 The Mayor and Director, Office of Financial Services,
23 or any other officers of the City authorized to act in their
24 stead (the "Officers"), are hereby authorized and directed to
25 execute on behalf of the City the Undertaking in substantially
26 the form presented to the City Council, subject to such
27 modifications thereof or additions thereto as are (i) consistent
28 with the requirements under the Rule, (ii) required by the
29 Purchaser, and (iii) acceptable to the Officers.
41
97 30�
1 30. Severabilitv. If any section, paragraph or
2 provision of this resolution shall be held to be invalid or
3 unenforceable for any reason, the invalidity or unenforceability
4 of such section, paragraph or provision shall not affect any of
5 the remaining provisions of this resolution.
6 31. Headinas. Headings in this resolution are
7 included for convenience of reference only and are not a part
S hereof, and shall not limit or define the meaning of any
9 provision hereof.
Adoption Certffied by Council Secretary
�
App
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Approved hy ayor for�ssion to Council
By:
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Adopted by Council: Date �` ��-� a� *� `� `�'�
%7'3�S
EXHIBITS
Exhibit A - Proposals
y� 3d�
"���.��
OEPAflTMENTAOFFICE/COUNCIL DATE INItIATED � � � �
Financial Services 3112f97 GREEN SHEE
CONTACT PERSON & PHONE INITIAVDATE INRIAV�ATE
O DEPAFi7MENTDIRE l e7I CITYCOUNCII
Martha ICantorowicz 266-8836 A$SIGN �CIT'ATTORNEV OCITYCLERK
NUMBEpiOP
MUST BE ON CAUNC7L AGENDA 8Y (DA7E) qOUTIN6 � BUDGE7 DiREGTOR m FIN. & MG7: SERVICES DIR.
March 26, 1997 ONDER �MAVOR(ORAS$ISTIWn �
TOTAL # OF SIGNATURE PAGES _.�_ (CLIP A4L LOCATIONS FOR SIGNATURE)
ACTION REQUESTED:
This resolution accepYS Yhe winning proposal and awards the bid for the $2,450,000 G.O.
Street Improvement Special Assessment Bonds Series 1997B. This is a competitive bond sale
and the award is going to the bidder found to be the most advantageous to the City.
RECOMMENDA710NS: Approva (A) or Reject (R) pERSONAL SEHVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS:
_ PLANNING COMMISSION _ CIVIL SERVICE GOMMISSION �� Has this pereonnrm ever worketl untler a corrtrect for this departmeM?
_ CIB CAMMITTEE _ YES NO
2. Has this personflirm ever been a ciry employee?
_ S7AFF — YES NO
_ olsialCi COURi _ 3. Does this person/firm possess a skill not normally possessed by any curtent city employee?
SUPPORTSWHIGHCOUNqLOBJECTIVE7 YES NO
Explain all yes answers on seperate sheet and ettach to green sheet
INITIATING PFOBLEM, ISSUE. OPPGIRTUNITY (Who, WhQt, When, Where. Why)'
The bonds are for the purpose of financing certain street improvements within the City, and
will be repaid by special assessments.
ADVANTAGESIFAPPAOVED:
Funds will be available for street improvements.
DISADVANTAGES IF APPROVEO:
None
�ISADVANTACaES IF NOTAPPflOVED�
Funds needed for certain street improvements will not be available.
b3'SY3�� �i'�.r'�� ��.Y
.<.: L 6 f:i,�i 1
TO7AL AMOUNT OF 7RANSACTION $ � Z �150 � OOO COST/REVENUE BUDGETED (CIRCLE ONE) YES NO
FUNDIIeG SOUBCE ACTIVITV NUMBER
FINANCIALINFORM1SATION:(EXPLAIN)
97 �3�..�
1
2
3
means the certificates representing the Bonds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and �
4 WHEREAS, "Holder'� as used herein means
5 whose name a Bond is registered on the registrat
6 City maintained by the registrar appointed as p�
7 paragraph 8(the "Bond Registrar"); and �
8 WHEREAS, Rule 15c2-12 of the
9 Commission prohibits "participating un
10 or selling the Bonds unless the City u
11 certain continuing disclosure with res
12 WHEREAS, pursuant to M
13 475.60, Subdivision 2(9), public
14 to the Bonds if the City retains
15 and determines to sell the Bonds
16 City has instead authorized a co
17 publication of notice thereof as
18 and
19 WHEREAS, proposals f r
20 Springsted Incorporated pursu t
21 Terms of Proposal therein:
person in
books of the
ed in
r�Cties and Exchange
�iters" from purchasing
akes to provide
to the Bonds; and
nneso a Statutes, Section
sale requirements do not apply
an 'ndependent financial advisor
by private negotiation, and the
p titive sale without
form of private negotiation;
the Bonds have been solicited by
to an Official Statement and
22 NOW, THEREFORE,� IT RESOLVED by the Council of the
23 City of Saint Paul, Minne ta, as follows:
24
25
26
27
28
29
30
31
32
33
34
35
36
37
1. Acce tance of Pro osal. The proposal of
(the "Purchaser"), to purchase
$2,450,000 General Obl'gation Street Improvement Special
Assessment Bonds, Ser'es 1997B, of the City (the "Bonds", or
individually a"Bond'), in accordance with the Terms of Proposal
for the bond sale, t the rates of interest hereina£ter set
forth, and to pay erefor the sum of $ , plus
interest accrued settlement, is hereby found, determined and
declared to be t most favorable proposal received and is hereby
accepted, and t Bonds are hereby awarded to the Purchaser. The
Director, Offic of Financial Services, or his designee, is
directed to re ain the deposit of the Purchaser and to forthwith
return to the others making proposals their good faith checks or
drafts .
38 2. Title; Oriainal Issue Date; Denominations;
39 Maturities The Bonds sha11 be titled "General Obligation Street
40 Improveme t Special Assessment Bonds, Series 1997B", shall be
41 dated Ap il 1, 1997, as the date of original issue and shall be
42 issued rthwith on or after such date as fully registered bonds.
43 The Bo s shall be numbered from R-1 upward. Global Certificates
3
9�7 3��
1
2
3
4
5
6
7
E:
9
1�
11
12
13
14
shall each be in the denomination of the entire principal amount
maturing on a single date, or, if a portion of said principal
amount is prepaid, said principal amount less the prepayment.
Replacement Bonds, if issued as provided in paragraph 6, shall be
in the denomination of $5,000 each or in any integral multiple
thereof of a single maturity. The Bonds shall mature on Marq�i 1
in the years and amounts as follows: /
Year
1998
1999
2000
2001
2002
2003
Amount
$350,000
125,0�0
100,000
100,000
100,000
100,000
15 For purposes of Minnesota Statutes, Section 5.54, the serial
16 maturities of the Bonds are combined with t e serial maturities
17 of the City's $17,500,000 General Obligati n Capital Improvement
18 Bonds, Series 1997A.
19
20
21
22
23
24
25
26
3. Puroose. The Bonds
construction of various street im
in the City, and any excess funds
purpose permitted by law. The to
which shall include all costs enu
Section 475.65, is estimated to
of the Bonds. Work on the Impr
diligence to completion.
shal provide funds for the
rov ents (the �'Improvements")
sh 11 be devoted to any other
a cost of the Improvements,
rated in Minnesota Statutes,
at least equal to the amount
ments shall proceed with due
27 4. Interest. The onds shall bear interest payable
28 semiannually on March 1 and September 1 of each year (each, an
29 "Interest Payment Date"), ommencing September 1, 1997,
30 calculated on the basis o a 360-day year of twelve 30-day
31 months, at the respectiv rates per annum set forth opposite the
32 maturity years as foll s:
33
34
35
36
37
38
39
40
41
42
Maturitv Year
1998
1999
2000
2001
2002
2003 ,
be
3466�4.2
Maturitv Year Interest Rate
% 2�04
2005
2006
2007
2008
2009
Year
2004 $ 100 000
2Q05 10 ,0�0
2006 0,000
2007 100,000
2008 100,000
2009 1,075,000
Descrintion of the Global Certificates and Global
5vstem. Upon their original issuance the Bonds will
in the £orm of a single Global Certificate for each
�
9�-3aS
1
2
3
4
5
6
r�
Improvement
Desiqnation
Page/Cherokee
Lafond/Grotto
ArlingtonJRUth
Morgan/Edgecumbe
TOTAL
Amount
$ 610,000
500,000
520,000
820.000
$2,450,000
Lew Years
1997-2016
for all
Collection
Years
1998-20�,,7
for a,l'1
8 The special assessments shall be such th i£ collected
9 in full they, together with estimated collections f other
10 revenues herein pledged for the payment of the B ds, will
11 produce at least five percent (5�) in excess of the amount needed
12 to meet when due the principal and interest pa ents on the Bonds
13 in every year except the final year (2009}. t the time the
14 assessments are in fact levied the City Cou il shall, based on
15 the then-current estimated collections of t e assessments, make
16 any adjustments in any ad valorem taxes re uired to be levied in
17 order to assure that the City continues t be in compliance with
18 Minnesota Statutes, Section 475.61, Sub vision 1.
19 19. Limit on S ecial Assess ents Pled ed. The City
20 Council hereby find�, determines and eclares that the payment of
21 the Bonds does not require the pledg of all the special
22 assessments which may be levied wit respect to the Improvements
23 identified in paragraph 18, and t t it is necessary, proper and
24 expedient to provide that payment and prepayments of special
25 assessments in excess of the deb service requirements of the
26 Bonds be put to use for other p rposes sooner than upon the
27 termination of the Debt Servic Fund. Only $2,450,000 original
28 principal amount of the speci 1 assessments (which amount is the
29 "Pledged Assessments"), and nterest thereon, recognized in
30 paragraph 18 of this Resol ion (of which $ ,000 are necessary
31 prior to their scheduled ceipt in order to pay debt service on
32 the Bonds on March 1, 199 ) are or shall be pledged to the
33 payment of the Bonds, a payments of, or with respect to, such
34 special assessments in xcess of the Pledged Assessments shall be
35 credited instead to a pecial account in the Capital Fund, and
36 used for the purpose f paying any additional costs of the
37 Improvements and th costs of other improvements approved by the
38 City, as follows: (a) the first $_,000 of all prepayments of
39 special assessmen s recognized in paragraph 18 shall be credited
40 to the Debt Serv'ce Fund, (b) thereafter until such time as the
41 special assessm nts from time to time outstanding equal in
42 original princ' al amount the Pledged Assessments or less,
43 prepayments o any of the special assessments recognized in
44 paragraph 18 shall be treated as prepayments of the portion of
45 the special assessments not pledged to the Bonds and shall be
46 credited i stead to said special account of the Capital Fund, and
37
�7�.30�
1 used as provided above, and (c) while the special assessments
2 from time to time outstanding equal in original principal amount
3 the Pledged Assessments or more, regular installment payments
4 made on the Pledged Assessments only (not all of the special
5 assessments) shall be credited to the Debt Service Fund, and
6 regular installment payments on that portion, if any, of the
7 remaining assessments in excess of the Pledged Assessments shall
8 be credited to said special account of the Capital Fund, and used
9 as provided above.
10 20. Tax Lew; Coveraae Test. If taxes are levied as
11 provided in the final part of paragraph 18, the tax levies shall
12 be irrepealable so long as any of the Bonds are outstand' g and
13 unpaid, provided that the City reserves the right and p er to
14 reduce the levies in the manner and to the extent per tted by
15 Minnesota Statutes, Section 475.61, Subdivision 3.
16 To provide moneys for payment of the pr'ncipal and
17 interest on the Bonds due to be paid in 2009 th e is hereby
18 levied upon all of the taxable property in the City a direct
19 annual ad valorem tax which shall be spread on the tax rolls
20 and collected with and as part of other gen al property taxes in
21 the City for the years and in the amounts s follows:
22
23
Year of Tax
Lew
Year of
Amount
24
25
26
27
28
29
30
31
32
33
34
2007
20
The taY levies are suc that if collected in full they,
together with estimated collect' ns of special assessments and
other revenues herein pledged r the payment of the Bonds, will
produce at least five percent (5%) in excess of the amount needed
to meet when due the princip 1 and interest payments on the
Bonds. The tax levies shal be irrepealable so long as any of
the Bonds are outstanding nd unpaid, provided that the City
reserves the right and p er to reduce the levies in the manner
and to the extent permi ed by Minnesota Statutes, Section
475.61, Subdivision 3.
35 21. Gener Obli ation Pled e. For the prompt and
36 full payment of the rincipal and interest on the Bonds, as the
37 same respectively ecome due, the full faith, credit and taxing
38 powers of the Cit shall be and are hereby irrevocably pledged.
39 If the balance i the special account relating to the Bonds in
40 the Debt Servic Fund (as defined in paragraph 17 hereof) is ever
41 insufficient t pay all principal and interest then due on the
42 Bonds payable herefrom, the deficiency shall be promptly paid
43 out of any o er funds of the City which are available for such
44 purpose, in uding the general fund of the City and the Debt
346604.2 3 8
��
85 E. SEVENTi9 PLACE SU37f f00
SA1M PAUL, MN 5 5 101-214 3
612-223-3000 FA7C:612-223-3002
� r7 — � c�5
SPRINGSTED
PubGt Finana Advuors
March 26, 1987
Mr. Joe Reid, Director
Office of Financial Services
City of Saint Paul
240 City Hali
15 West Kei{ogg Boufevard
Saint Paui, MN 55102
Re: Recommendations for Award of City of Saint Paui's
$17,500,000 General Obligation Capital Improvement Bonds {CIB), Series 1997A
$2,450,000 General Obligation Street improvemeni Special Assessment Bonds,
Series 19978
Dear Mr. Reid:
This letter summarizes the results of the competitive bids opened at 10:30 this moming for
these issues.
Purpose of issues
The purpose of this CiB issue is to provide funding for various ppitai improvements as part of
the City's annuaf Capitai improvement Program, to inciude partial funding for the pubiic costs
associated with the Science Museum and the Wabasha Bridge.
The purpose of the Street issue is to fund portions of the City's annuai street improvement
program.
Tax-Exempt Interest Rate Market
Since the first of the year, tax-exempt interest rates have moved in a relatively 6ght band,
varying about 2/10's of 1% over the tertn: January 2, 1997 the SBl was 5.70°l0; the fow point
was February 20, 1997 when the B8f was 5.56%. March 20, 1997 (the most recent date) the
BBI was 5.78%. UUithin the last month, the numbers indicate the market movement has been
up, with most such movement occurring in late February. The market is cuRenUy Iooking for
bonds since the supply is low, which helped in this sale.
SAINT PAUL, MN • MlN�JEAPOI�S, M,�' • BROOF�7E(D, WI • OVERL4ND PARK, KS • R:i4LL�GfON, DC • IOWA CIIY, IA
City of Saint Paul
March 26, 1997
Page 2
�� ,� 05
Sale Resuits
The City received nine bids on the C1B sale. The bids were as follows:
Rank Sidder
Piper .laffray
Hutchinson Shockey (Chicago)
Merrili Lynch (Califomia)
Dain Bosworth
Cronin � Co.
First of America (Chicago)
Raymond James (Florida)
Interstate Johnson (Georgia)
Wittiam Btair (Chicago)
TIC %
4.9497%
4.9950%
4.9988%
4.9994%
5.0251 %
5.U297%
5.0354°!0
5.0718%
5.0879%
The lowest bid of 4.9497% was submitted by Piper Jaffray, with the next lowest bid from
Hutchinson Shockey (Chicago) at 4.9950�0.
The City received five bids on the street issue. The bids were as follows:
Rank Bidder
Piper Ja�fray
Gronin 8� Go
Dain Bosworth
Raymond James
William Blair
TIC (%)
5.2181 °!o
5.2497%
5.2577%
5.3092%
5.3458%
The lowest bid of 5.2181% was submitted by Piper Jaffray, with the next lowest bid from
Cronin & Co (Twin Cities) at 5.2497%.
The nine bids received on the CIB issue has o�ty been matched o�ce (nine b+ds were aiso
received in 1995j by the City since 1385.
The CIB issue received broad nationai attention with underwriters bidding from Chicago (3),
Califomia (1), Florida (1), and Georgia (1).
We require bidders to submit their bids on a"True Interest Rate" (TIC) basis, so as to reflect
the present value of their bids and thereby ensure the City award based on the towest cost to
the City. We have enGosed bid tabulation forms for each issue summarizing the bid specifics
and composition of each underwriting syndicate.
Recommendation
We recommend awards of sale of the CIB issue and the Street issue to Piper Jaffray.
Basis of Recommendation
The interest rates received on each issue reflect aggressive bidding in today's market and
compate we{{ with the City's recent historical experience. Focusing on the 1997 Cf B issue with
its TIC of 4.94%, the City's experience for its GIB issues in 1995 and 1996 respectively of
5.14% and 4.81%. Our estimate of the City's interest rate on the CIB issue had the issue soid
in eariy February was 4.92°k. We have compared this issue against other issues soid thus far
City of Sair�t Paul ��-� O S
March 26, 1997
Page 3
this week and the City has received lower i�te�est rates than these issues. We also monitor
each of the City's issues against a daily national interest rate index, Deiphis-Hanover. These
rates are at w slighUy better than the DelphisHanover "AAA"-rated interest rates. Historicaily,
the City's issues seil beiween the Delphis Hanover "AA-to-AAA" levels, a performance
matched by these issues.
Yesterday, the Federal Reserve took action on short-tertn interest rates. Our analysis shows
that the market had anticipated this action over the last few weeks and had already factored in
an adjustrnent
Credit Rating
The City received three ratings of "Aa2lAA+lAA+^ from Moodys Investors Service, Standard &
Poors and Fitch Investors Service, respectivety. The City put together an outstanding rating
presentation for each agency as part of this saie process. Each agency noted numerous
areas of improvement. We would be pieased to respond to the comments of the rating
agencies resulting from this process.
We are again appreciative of the opportunity to be of service to the City. V1/e weicome any
questions or comments on this repost.
Respectfuliy,
a �,,�� ` �t-� - �,�1��d�,
David N. MacGillivray /
Principal
Director of Project Management
ldmf
Enclosures
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��
85 E. SEVENTH PIACE, S[I17E 100
SAI�7TPAUL,MN SSI01-2143
612-223-3000 FAX:61 2-2 2 3 3002
�� -
SPRINGSTED
Public Finmue Advisors
�
$17,500,000
CiTY OF SAIlVT PAUL, MIlVNESOTA
GENERAL OBLIGATION CAPTfAL IMPROVEMENT BONDS, SERIES 1997A
BQOK EIVTRY ONLi�
AWARD: PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MII,LER & SCHROEDER FINANCIAL, INC.
AND ASSOCIATES
SALE:
3.85 %
4.30 %
4.40%
4.50 %
4.60 %
4.70%
4.75 %
4.85 %
5.00%
Interest Net Interest TY�ue Interest
Bidder Rates Price Cocr Rate
PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MILLER & SCHROEDER FINANCIAL, INC.
John G. Kinnazd & Company
Incorporated
Juran & Moody, a division of Miller,
Johnson & Kuehn,Inc.
The GMS Group
Dougherty Dawkins, Inc.
Peterson Financial Corporation
HUTCHINSON,SHOCKEY,ERLEY &
COMPANY
MORGAN KEEGAN & CO., INC.
Mesirow Financial Inc.
SARJT PAUL, MN � MINNEAPOLIS, MN
March 26, 1997
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
Moady's Rating: Aa2
Standard & Poor's Rating: AA+
Fitch's Rating: AA+
$17,354,238.25 $5,008,885.71 4.949790
4.50% 1998 $17,408,826.50 $5,060,258.92
4.75% 1999-2003
4.80% 2004
4.90% 2005
5.00% 2006
5.10% 2007
BROOKF[ELD, WI � OVERLAND PARK. KS � WASH7NGCON, DC � lOWA CiCY, IA
4.9950%
(Continued)
Intecest Net Interest True Interest
Bidder Ra es Price (' Rate
MERRILL LYNCH & CO.
Securities Corporation of Iowa
DAIN BOSWORTH INCORPORATED
PRUDENTIAL SECURITIES, INC.
ABN AMRO SECURTTIES (USA) INC.
GRIFFIN, KUBIK, STEPHENS &
THOMPSON, INC,
OPPEM-IEIMER & CO., INC.
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED
CRONIN & COMPANY, INCORPORATED
SMITH BARNEY
FIRST OF AMERICA SECUI2ITIES
RAYMOND JAMES & ASSOCIATES
INTERSTATE/JOHNSON LANE CORP
4.00% 1998
4.50°,b 1999-2001
4.60% 2002
4.70 % 2003
4.80 % 2004
5.00% 2005-2007
4.50 % 1998-2000
4.60% 2001
4.70% 2002
5.00% 2003-2007
3.95%
4.30%
4.50 %
4.60%
4.65 %
4.75 %
4.85 %
4.90 %
5.00 %
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
4.00 %
4.30 %
4.45 %
4.60%
4.70 %
4.80%
4.90�
5.00 %
1998
1999
2000
2001
2002
2003
2004
20p5-2007
4.00% 1998
4.375 % 1999
4.75 % 2000
4.80 %a 200I
5.00% 20p2-2006
5.10% 2007
4.75% 1998-?A02
4.85% 2003
4.90 % 2004
5.00% 2005
5.10°k 2006
5.125 % 2007
517,348,556.25
517,415,525.50
$I7,327,250J5
$17,347,955.50
$17,436,6I9.50
$17,398,150.00
$5,056,214.58
$5,067,368.25
$5,078,182.58
$5,087,003.85
$5,107,254.15
$5,136,369.27
4.9988 %
4.9994 �7
5.0251 %
5.0297�/
5.035490
SA7I8 `70
(Continued)
ci� - 3n5
Interest Net Interest True Interest
Bidder Rates Price ost Rate
WILLIAM BLAIR & COMPANY
ROBERT W. BAIRD & COMPANY,
INCORPORATED
3.80%
4.35%
4.55 %
4.65 %
4.75%
4.80 %
4.90 %
5.00 %
5.10%
REOFFERING 5CHEDULE OF THE PURCHASER
Rate
Year
NRO
Paz
4.45 %
4.55 %
4.65 %
4.75 %
4.80 %
4.90 %
Paz
5.10%
Yield
3.85%
4.30 %
4.40 %
4.50%
4.60 %
4.70 %
4.75 %
4.85%
5.00 %
5.00 %
1998
1999
2000
2001
2002
2003
2004
2005-2006
2007
1998
1999
2000
2001
2002
2003
2004
zoos
2006
2007
$17,325,162.00 $5,141,816.13 5.0879`7a
BBI: 5.78%
Average Maturity: 5.80 Yeus
��
8i E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN SS10I-2I43
612-223-3000 FAX: 612-223-3002
� � ,
�os
SPRINGSTED
Public Fi�uaice Advisors
$2,450,000
CPl'P OF SAINT PAUL, MINNESOTA
GENERAI, OBLIGATION STREET IMPROVEMENT SPECIAL ASSESSMENT BONDS, SERIES 1997B
BOOK ENTRY ONLI�
AWARD: PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
1�IILLER & SCHROEDER FINANCIAL, INC.
AND ASSOCIATES
SALE:
March 26, 1997
Moody's Rating: Aa2
Standard & Poor's Rating: AA+
Fitch's Rating: AA+
Interest Net Interest True Interest
Bidder Rates Price ost Aate
PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MILLER & SCHROEDER FINANCIAL, INC.
John G. Kinnazd & Company
Incorporated
Juran & Moody, a division of Miller,
Iohnson & Kuehn,Inc.
The GMS Group
Dougherty Dawkins, Inc.
Peterson Financial Corporation
CRONIN & COMPANY, INCORPORATED
SMITH BARNEY
4.30%
4.45%
4.55%
4.65 %
4.75 %
4.80%
4.90 %
5.00 %
5.10%
5.20 %
1998-1999
2000
2001
2002
2003
2004
2005
2006-2007
2008
2009
$2,425,667.50
4.00 °k
430%
4.50 %
4.60%
4.65%
4.75 %
4.85 %
4.90 %
5.00 %
5.15 %
5.25 %
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
2008
2009
$2,425,735.50
$1,018,1�2.08
$1,024,780.13
5.2181 %
5.2497 %
(Continued)
SAMT PAUG MN � M[NNEAPOLIS, MN � BROOKFIELD, WI � OVERLAND PARK, KS � WASHINGTON. DC �[OWA C17Y. IA
Interest Net Interest True Interest
Bidder Rates Price ('n� Rare
DAIN BOSWORTH INCORPORATED
PRUDENTIAL SECURITIES, INC.
ABN AMRO SECURITIES (USA) INC.
GRIFFIN, KUBIK, STEPHENS &
THOMPSON, INC.
OPPENHEIMER & CO., INC.
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED
RAYMOND JAMES & ASSOCIATES
WILLIAM BLAIR & COMPANY
ROBERT W. BAIRD & COMPANY,
INCORPORATED
4.50 %
4.60 %
4.70 %
4.80 %
4.90 %
5.00 %
5.10 %
5.25 %
4.00 %
430%
4.60 %
4.75 %
4.80�
4.90 %
5.0p%
5.10%
5.20%
5.25 %
5.30 %
3.80%
4.35 %
4.55 %
4.65 %
4.75 %
4.85 %
4.90 %
5.00 %
5.10%
5.20%
5.25 %
5.35 %
1998-2000
Z001
2002
2003
2004
2005-2006
2007-2008
2009
1998
1999
2000
2001
2002
2003
2004
2005-2006
2007
2008
2009
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
$2,428,288.00
$2,428,941.75
$2,425,512.75
REOFFERING SCHEDULE OF THE PURCHASER
0
430%
430�0
4.45 %
4.55 %
4.65 %
4.75 %
4.80 %
4.90 %
5.00 %
5.00 %
5.10%
5.20 %
�
1998
1999
2000
2001
2002
2003
2004
20p5
2006
2007
2008
2009
�
NRO
Paz
Paz
Paz
Paz
Pu
Paz
Paz
Paz
5.10%
5.15 %
5.25 %
$1,026,435.96
$2,037,Q70.75
$1,043,820.58
5.2577 %
53092%
5.3458 %
BBI: 5.78 ° ,6
Average Maturity: 8.00 Yeazs
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PAUL, MIN
Preserted By
Referred To
Councii File # � ��
Green Sheet # —` ��
Committee: Date
��/
1
2
3
4
5
ACCEPTING PROPOSAL ON SALE OF
$2,450,000 GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BONDS, SERIES 1997B,
PROVIDIY3G FOR THEIR ISSUANCE, AND LEVYIAIG
A TAX FOR THE PAYMENT THEREOF
6 WHEREAS, the Director, Office of Financial Services,
7 has presented proposals received for the sale of $2,450,000
8 General Obligation Street Improvement Special Assessment Bonds,
9 Series 1997B (the "Bonds"), of the City of Saint Pau1, Minnesota
10 (the "City"}; and
11 WHEREAS, the proposals set forth on Exhibit A attached
12 hereto were received pursuant to the Terms of Proposal at the
13 offices of Springsted Incorporated at 10:30 A.M., Central Time,
14 this same day; and
15 WHEREAS, the Director, Office of Financial Services,
16 has advised this Council that the proposal of
17 � � ���.�,i ,,L/�G_ was found to be the most advantageous
18 an has recomm�that said proposal be accepted; and
19 WHEREAS, the proceeds of the Bonds will finance certain
2o street improvements to be specially assessed, for which the City
21 is proceeding pursuant to its Charter and not Minnesota Statutes,
22 Chapter 429, with any excess to be used for any other purpose
23 permitted by law; and
q7 3��
1 WHEREAS, the City has heretofore issued registered
2 obligations in certificated form, and incurs substantial costs
3 associated with their printing and issuance, and substantial
4 continuing transaction costs relating to their payment, transfer
5 and exchange; and
6 WHEREAS, the City has determined that significant
7 savings in transaction costs will result from issuing bonds in
8 "global book-entry £orm", by which bonds are issued in
9 certificated form in large denominations, registered on the books
10 of the City in the name of a depository or its nominee, and held
il in safekeeping and immobilized by such depository, and such
12 depository as part of the computerized national securities
13 clearance and settlement system (the "National System") registers
14 transfers of ownership interests in the bonds by making
15 computerized book entries on its own books and distributes
16 payments on the bonds to its Participants shown on its books as
17 the owners of such interests; and such Participants and other
18 banks, brokers and dealers participating in the National System
19 will do likewise (not as agents of the City) if not the
20 beneficial owners of the bonds; anci
21 WAEREAS, "Participants" means those financial
22 institutions for whom the Depository effects book-entry transfers
23 and pledges of securities deposited and immobilized with the
24 Depository; and
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
WHEREAS, The Depository Trust Company, a limited
purpose trust company organized under the laws of the State of
New York, or any of its successors or successors to its functions
hereunder (the "Depository"), will act as such depository with
respect to the Bonds except as set forth below, and the City has
heretofore delivered a letter of representations (the "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 of
one certificate per maturity, each representing the entire
principal amount of the Bonds due on a particular maturity
(each a"Global Certificate"), which single certificate per
maturity may be transferred on the City's bond register as
required by the Uniform Commercial Code, but not exchanged
smaller denominations unless the City determines to issue
Replacement Bonds as provided below; and
Depository
book-ent
exchanged
registered
346604.2
date
for
WHEREAS, the City will be able to replace the
or under certain circumstances to abandon the "global
ry form" by permitting the Global Certificates to be
for smaller denominations typical of ordinary bonds
on the City's bond register; and "Replacement Bonds"
2
�� 3QS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
means the certificates representing the Bonds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and
WHEREAS, "Holder" as used herein means the person in
whose name a Bond is registered on the registration books of the
City maintained by the registrar appointed as provided in
paragraph 8 (the "Bond Registrar"); and
WHEREAS, Rule 15c2-12 of the Securities and Exchange
Commission prohibits "participating underwriters" from purchasing
or selling the Bonds unless the City undertakes to provide
certain continuing disclosure with respect to the Bonds; and
WHEREAS, pursuant to Minnesota Statutes, Section
475.60, Subdivision 2(9), public sale requirements do not apply
to the Bonds if the City retains an independent financial advisor
and determines to sell the Bonds by private negotiation, and the
City has instead authorized a competitive sale without
publication of notice thereof as a form of private negotiation;
and
19 WHEREAS, proposals for the Bonds have been solicited by
20 Springsted Incorporated pursuant to an Official Statement and
21 Terms of Proposal therein:
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of
Piper Jaffray, Inc. (the "PUrchaser"), to purchase $2,450,000
General Obligation Street Improvement Special Assessment Bonds,
Series 1997B, of the City (the "Bonds", or individually a
"Bond"), in accordance with the Terms of Proposal for the bond
sale, at the rates of interest hereinafter set forth, and to pay
therefor the sum of $2,425,667.50, plus interest accrued to
settlement, is hereby found, determined and declared to be the
most favorable proposal received and is hereby accepted, and the
Bonds are hereby awarded to the Purchaser. The Director, Office
of Financial Services, or his designee, is directed to retain the
deposit of the Purchaser and to forthwith return to the others
making proposals their good faith checks or drafts.
2. Title; Original Issue Date: Denominations;
Maturities. The Bonds shall be titled "General Obligation Street
Improvement Special Assessment Bonds, Series 1997B", shall be
dated April 1, 1997, as the date of original issue and shall be
issued forthwith on or after such date as fully registered bonds.
The Bonds shall be numbered from R-1 upward. Global Certificates
346604.2
q 7 3czS
1
2
3
4
5
6
7
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
shall each be in the denomination of the entire principal amount
maturing on a single date, or, if a portion of said principal
amount is prepaid, said principal amount less the prepayment.
Replacement Bonds, if issued as provided in paragraph 6, shall be
in the denomination of $5,000 each or in any integral multiple
thereof of a single maturity. The Bonds shall mature on March 1
in the years and amounts as follows:
Year Amount
1998
1999
2000
2001
2002
2003
For purposes
maturities of
of C.he City' s
Bonds, Series
Year Amount
$350,000 2004 $ 100,000
125,000 2005 100,000
100,000 2006 100,000
100,000 2007 100,000
100,000 2008 100,000
100,000 2009 1,075,000
of Minnesota Statutes, Section 475.54, the serial
the Bonds are combined with the serial maturities
$17,500,000 General Obligation Capital Improvement
1997A.
3. Pur�ose. The Bonds shall provide funds for the
construction of various street improvements (the "Improvements")
in the City, and any excess funds shall be devoted to any other
purpose permitted by law. The total cost of the Improvements,
which shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the Bonds. Work on the Improvements shall proceed with due
diligence to completion.
4. Interest. The Bonds shall bear interest payable
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 1997,
calculated on the basis of a 360-day year of twelve 30-day
months, at the respective rates per annum set forth opposite the
maturity years as follows:
Maturity Year
1998
1999
2000
2001
20�2
2003
Interest Rate
Maturit� Year
Interest Rate
4.30a
4.30
4.45
4.55
4.65
4.75
2004
2005
2006
2007
2008
2009
4.80
4.90
5.00
5.00
5.10
5.20
40 5. Description of the Global Certificates and Global
41 Book-Entry System. Upon their original issuance the Bonds will
42 be issued in the form of a single Global Certificate for each
346604.2
9`7 3��
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
maturity, deposited with the Depository by the Purchaser and
immobilized as provided in paragraph 6. No beneficial owners of
interests in the Bonds will receive certificates representing
their respective interests in the Bonds except as provided in
paragraph 6. Except as so provided, during the term of the
Bonds, beneficial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certificates
will be reflected by book entries made on the records of the
Depository and its Participants and other banks, brokers, and
dealers participating in the National System. `Phe Depository's
book entries of beneficial ownership interests are authorized to
be in increments of $5,000 of principal of the Bonds, but not
smaller increments, despite the larger authorized denominations
of the Global Certificates. Payment of principal of, premium, if
any, and interest on the Global Certificates will be made to the
Bond Registrar as paying agent, and in turn by the Bond Registrar
to the Depository or its nominee as registered owner of the
G1oba1 Certificates, and the Depository according to the laws and
rules governing it will receive and forward payments on behalf of
the beneficial owners of the Global Certificates.
Payment of principal of, premium, if any, and interest
on a Global Certificate may in the City�s discretion be made by
such other method of transferring funds as may be requested by
the Holder of a Global Certificate.
6. Immobilization of Global Certificates bv the
Deoositorv: Successor Depository: Replacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately upon the original
delivery of the Bonds the Purchaser will deposit the Global
Certificates representing all of the Bonds with the Depository.
The G1oba1 Certificates sha11 be in typewritten form or otherwise
as acceptable to the Depository, shall be registered in the name
of the Depository or its nominee and shall be held immobilized
from circulation at the offices of the Depository on behalf of
the Purchaser and subsequent bondowners. The Depository or its
nominee wi11 be the sole holder of record of the Global
Certificates and no investor or other party purchasing, selling
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond certificates so long as the
Depository holds the Global Certificates immobilized from
circulation, except as provided below in this paragraph and in
paragraph 12.
Certificates evidencing the Bonds may not after their
original delivery be transferred or exchanged except:
(i) Upon registration of transfer of ownership of a
Global Certificate, as provided in paragraph 12,
346604.2
5
97 �3ds
1 (ii) To any successor of the Depository (or its
2 nominee) or any substitute depository (a "substitute
3 depository") designated pursuant to clause (iii) of this
4 subparagraph, provided that any successor of the Depository
5 or any substitute depository must be both a"clearing
6 corporation" as defined in the Minnesota Uniform Commercial
7 Code at Minnesota Statutes, Section 336.8-102, and a
8 qualified and registered "clearing agency" as provided in
9 Section 17A of the Securities Exchange Act o£ 1934, as
10 amended,
11 (iii) To a substitute depository designated by and
12 acceptable to the City upon (a) the determination by the
13 Depository that the Bonds shall no longer be eligible for
14 its depository services or (b) a determination by the City
15 that the Depository is no longer able to carry out its
16 functions, provided that any substitute depository must be
17 qualified to act as such, as provided in clause (ii) o£ this
18 subparagraph, or
19 (iv) To those persons to whom transfer is requested
20 in written transfer instructions in the event that:
21 (a) the DeposiCory shall resign or discontinue
22 its services for the Bonds and the City is unable to
23 locate a substitute depository within two (2) months
24 following the resignation or determination of non-
25 eligibility, or
26 (b) upon a determination by the City in its sole
27 discretion that (1) the continuation of the book-entry
28 system described herein, which precludes the issuance
29 of certificates (other than Global Certificates) to any
30 Holder other than the Depository (or its nominee),
31 might adversely affect the interest of the beneficial
32 owners of the Bonds, or (2) that it is in the best
33 interest of the beneficial owners of the Bonds that
34 they be able to obtain certificated bonds,
35 in either of which events the City shall notify Holders of
36 its determination and of the availability of certificates
37 (the "Replacement Bonds") to Holders requesting the same and
38 the registration, transfer and exchange of such Sonds will
39 be conducted as provided in paragraphs 9B and 12 hereof.
40 In the event of a succession of the Depository as may
41 be authorized by this paragraph, the Bond Registrar upon
42 presentation of Global Certificates shall register their transfer
43 to the substitute or successor depository, and the substitute or
44 successor depository shall be treated as the Depository for all
346604.2 6
97 �3d�
purposes and functions under this
Representations shall not apply to
depository unless the City and the
depository so agree, and a similar
resolution. The Letter of
a substitute or successor
substitute or successor
agreement may be entered into.
7. Redemption.
�
10
11
12
13
14
15
16
17
18
19
20
(a) Optional Redemption; Due Date. All Bonds maturing
after March 1, 2005, shall be subject to redemption and
prepayment at the option of the City on such date and on any day
thereafter at a price of par plus accrued interest. Redemption
may be in whole or in part of the Bonds subject to prepayment.
If redemption is in part, those Bonds remaining unpaid may be
prepaid in such order of maturity and in such amount per maturity
as the City shall determine; and if only part of the Bonds having
a common maturity date are called for prepayment, the Global
Certificates may be prepaid in $5,000 increments of principal
and, if applicable, the specific Replacement Bonds to be prepaid
shall be chosen by lot by the Bond Registrar. Bonds or portions
thereof oalled for redemption sha11 be due and payable on the
redemption date, and interest thereon sha11 cease to accrue from
and after the redemption date.
21 (b) Notation on Global Certificate. Upon a reduction in
22 the aggregate principal amount of a Global Certificate, the
23 Holder may malce a notation of such redemption on the panel
24 provided on the Global Certificate stating the amount so
25 redeemed, or may return the Global Certificate to the Bond
26 Registrar in exchange for a new Global Certificate authenticated
27 by the Bond Registrar, in proper principal amount. Such
28 notation, if made by the Holder, shall be for reference only, and
29 may not be relied upon by any other person as being in any way
30 determinative of the principal amount of such Global Certificate
31 outstanding, unless the Bond Registrar has signed the appropriate
32 column of the panel.
33 (c) Selection of ReAlacement Bonds. To effect a partial
34 redemption of Replacement Bonds having a common maturity date,
35 the Bond Registrar prior to giving notice of redemption shall
36 assign to each Replacement Bond having a common maturity date a
37 distinctive number for each $5,000 of the principal amount of
38 such Replacement Bond. The Bond Registrar shall then select by
39 lot, using such method of selection as it shall deem proper in
40 its discretion, from the numbers so assigned to such Replacement
41 Bonds, as many numbers as, at $5,000 for each number, shall equal
42 the principal amount of such Replacement Bonds to be redeemed.
43 The Replacement Bonds to be redeemed shall be the Replacement
44 Bonds to which were assigned numbers so selected; provided,
45 however, that only so much of the principal amount of each such
46 Replacement Bond of a denomination of more than $5,000 shall be
346604.2 7
����5
1 redeemed as shall equal $5,000 for each number assigned to it and
2 so selected.
3 (d) Partial Redemt�tion of Replacement Bond. If a
4 Replacement Bond is to be redeemed only in part, it shall be
5 surrendered to the Bond Registrar (with, if the City or Bond
6 Registrar so requires, a written instrument of transfer in form
7 satisfactory to the City and Bond Registrar duly executed by the
8 Holder thereof or his, her or its attorney duly authorized in
9 writing) and the City shall execute (if necessary) and the Bond
10 Registrar shall authenticate and deliver to the Holder of such
11 Replacement Bond, without service charge, a new Replacement Bond
12 or Bonds of the same series having the same stated maturity and
13 interest rate and of any authorized denomination or
14 denominations, as requested by such Holder, in aggregate
15 principal amount equal to and in exchange for the unredeemed
16 portion of the principal of the Bond so surrendered.
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
(e) Request for RedemAtion. The Bond Registrar shall ca11
Bonds for redemption and payment as herein provided upon receipt
by the Bond Registrar at least £orty-five (45) days prior to the
redemption date of a request of the City, in written form if the
Bond Registrar is other than a City officer. Such request shall
specify the principal amount of Bonds to be called for redemption
and the redemption date.
(f) Notice. Mailed notice of redemption shall be given
the paying agent (if other than a City officer) and to each
affected Holder. If and when the City shall call any of the
Bonds for redemption and payment prior to the stated maturity
thereof, the Bond Registrar shall give written notice in the
of the City of its intention to redeem and pay such Bonds at
office of the Bond Registrar. Notice of redemption shall be
f.S.]
name
the
given by first class mail, postage prepaid, mailed not less than
thirty (30) days prior to the redemption date, to each Holder of
Bonds to be redeemed, at the address appearing in the Bond
Register. All notices of redemption shall state:
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346604.2
(i) The redemption date;
(ii) The redemption price;
(iii) If less than all outstanding Bonds are to be
redeemed, the identification (and, in the case of
partial redemption, the respective principal
amounts) of the Bonds to be redeemed;
(iv) That on the redemption date, the redemption price
will become due and payable upon each such Bond,
0
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1 and that interest thereon sha11 cease to accrue
2 from and after said date; and
3 (v) The place where such Bonds are to be surrendered
4 for payment of the redemption price (which shall
5 be the office of the Bond Registrar}.
6 (g) Notice to Depositorv. Notices to The Depository Trust
7 Company or its nominee shall contain the CUSIP numbers of the
8 Bonds. If there are any Holders of the Bonds other than the
9 Depository or its nominee, the Bond Registrar shall use its best
10 efforts to deliver any such notice to the Depository on the
11 business day next preceding the date of mailing of such notice to
12 all other Holders.
13 8. Bond Registrar. First Trust National Association,
14 in Saint Paul, Minnesota, is appointed to act as bond registrar
15 and transfer agent with respect to the Bonds (the "Bond
16 Registrar��), and shall do so unless and until a successor Bond
17 Registrar is duly appointed, a11 pursuant to any contract the
18 City and Bond Registrar shall execute which is consistent
19 herewith. A successor Bond Registrar shall be an officer of the
20 City or a bank or trust company eligible for designation as bond
21 registrar pursuant to Minnesota Statutes, Chapter 475, and may be
22 appointed pursuant to any contract the City and such successor
23 Bond Registrar shall execute which is consistent herewith. The
24 Bond Registrar shall also serve as paying agent unless and until
25 a successor paying agent is duly appointed. Principal and
26 interest on the Bonds shall be paid to the Holders (or record
27 holders) of the Bonds in the manner set forth in the forms of
28 Bond and paragraph 14 of this resolution.
29 9. Forms of Bond The Bonds shall be in the form of
30 Global Certificates unless and until Replacement Bonds are made
31 available as provided in paragraph 6. Each form of bond may
32 contain such adclitional or different terms and provisions as to
33 the form of payment, record date, notices and other matters as
34 are consistent with the Letter of Representations and approved by
35 the City Attorney.
36 A. Global Certificates. The Global Certificates,
37 together with the Certificate of Registration, the Register of
38 Partial Payments, the form of Assignment and the registration
39 information thereon, shall be in substantially the following form
40 and may be typewritten rather than printed:
346604.2 9
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9 INTEREST
10 RATE
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOND, SERIES 1997B
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
March 1,
REGISTERED OWNER:
PRINCIPAL AMOTJNT:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "ISSUer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above or on the certificate
of registration below, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year (each, an "Interest Payment Date"),
commencing September 1, 1997, at the rate per annum specified
above (calculated on the basis of a 360-day year of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable in
same-day funds by 2:30 p.m., Eastern time, upon presentation and
surrender hereof at the principal office of
in , Minnesota (the "Bond
Registrar"), acting as paying agent, or any successor paying
agent duly appointed by the Issuer; provided, however, that upon
a partial redemption of this Bond which results in the stated
amount hereof being reduced, the Holder may in its discretion be
paid without presentation of this Bond, which payment shall be
received no later than 2:30 p.m., Eastern time, and may make a
notation on the panel provided herein of such redemption, stating
April l, 1997
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the amount so redeemed, or may return the Bond to the Bond
Registrar in exchange for a new Bond in the proper principal
amount. Such notation, if made by the Holder, shall be for
reference only, and may not be relied upon by any other person as
being in any way determinative of the principal amount of this
Bond outstanding, unless the Bond Registrar has signed the
appropriate column of the panel. Interest on this Bond will be
paid on each Interest Payment Date in same-day funds by 2:30
p.m., Eastern time, to Che person in whose name this Bond is
registered (the "Holder" or "Bondholder") on the registration
books of the Issuer maintained by the Bond Registrar and at the
address appearing thereon at the close of business on the
fifteenth day of the calendar month preceding such Interest
Payment Date (the "Regular Record Date"). Interest payments
shall be received by the Holder no later than 2:30 p.m., Eastern
time; and principal and premium payments shall be received by the
Holder no later than 2:30 p.m., Eastern time, if the Bond is
surrendered for payment enough in advance to permit payment to be
made by such time. Any interest not so timely paid sha11 cease
to be payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereof at the close of business on a date (the
°Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
Date of Pavment Not Business Dav. If the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of New York, New York, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
shall have the same force and effect as if made on the nominal
date of payment.
Redemotion. All Bonds
maturing after March 1, 2005, are
prepayment at the option of the Issuer
day thereafter at a price of par plus
Redemption may be in whole or in part
prepayment. If redemption is in part,
unpaid may be prepaid in such order of
amount per maturity as the City shall
of the Bonds having a common maturity
34b604.2
of this issue (the "Bonds")
subject to redemption and
11
on such date and on any
accrued interest.
of the Bonds subject to
those Bonds remaining
maturity and in such
determine; and if only part
date are called for
97��5
1 prepayment,
2 principal.
3 be due and
4 shall cease
this Bond may be prepaid in $5,000 increments of
Bonds or portions thereof called for redemption shall
payable on the redemption date, and interest thereon
to accrue from and after the redemption date.
5 Notice of Redemption. Mailed notice of redemption
6 shall be given to the paying agent (if other than a City officer)
7 and to each affected Holder of the Bonds. In the event any of
8 the Bonds are called for redemption, written notice thereo£ will
9 be given by first class mail mailed not less than thirty (3�)
10 days prior to the redempCion date to each Holder of Bonds to be
11 redeemed. In connection with any such notice, the "CL3SIP"
12 numbers assigned to the Bonds shall be used.
13 Renlacement or Notation of Bonds after Partial
14 Redemption. Upon a partial redemption of this Bond which results
15 in the stated amount hereof being reduced, the Holder may in its
16 discretion make a notation on the panel provided herein of such
17 redemption, stating the amount so redeemed. Such notation, if
18 made by the Holder, shall be for reference only, and may not be
19 relied upon by any other person as being in any way determinative
20 of the principal amount of the Bond outstanding, unless the Bond
21 Registrar has signed the appropriate column of the panel.
22 Otherwise, the Holder may surrender this Bond to the Bond
23 Registrar (with, if the Issuer or Bond Registrar so requires, a
24 written instrument of transfer in form satisfactory to the Issuer
25 and Bond Registrar duly executed by the Holder thereof or his,
26 her or its attorney duly authorized in writing) and the Issuer
27 shall execute (if necessary) and the Bond Registrar shall
28 authenticate and deliver to the Holder of such Bond, without
29 service charge, a new Bond of the same series having the same
30 stated maturity and interest rate and of the authorized
31 denomination in aggregate principal amount equal to and in
32 exchange for the unredeemed portion of the principal of the Bond
33 so surrendered.
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Issuance; Purpose; General Obliaation. This Bond is
one of an issue in the total principal amount of $2,450,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full confor,mity
with the Constitution and laws of the State of Minnesota and the
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on March 26, 1997 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
346604.2
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and full payment of its princigal,
when the same become due, the full
powers of the Issuer have been and
pledged.
premium, if any, and interest
faith and credit and taxing
are hereby irrevocably
Denominations; Exchanae; Resolution. The Bonds are
issuable originally only as Global Certificates in the
denomination of the entire principal amount of the issue maturing
on a single date, or, if a portion of said principal amount is
prepaid, said principal amount less the prepayment. G1oba1
Certificates are not exchangeable for fully registered bonds of
smaller denominations except to evidence a partial prepayment or
in exchange for Replacement Bonds if then available. Replacement
Bonds, if made available as provided below, are issuable solely
as fully registered bonds in the denominations o£ $5,000 and
integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Renlacement Bonds. Replacement Bonds may be issued by
the Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable to
locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that (1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certificates) to
any Holder other than the Depository (or its nominee), might
adversely affect the interest of the beneficial owners of
the Bonds, or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to obtain
certificated bonds.
40 Transfer. This Bond shall be registered in the name of
41 the payee on the books of the Issuer by presenting this Bond for
42 registration to the Sond Registrar, who wi11 endorse his, her or
43 its name and note the date of registration opposite the name of
44 the payee in the certificate of registration attached hereto.
45 Thereafter this Bond may be transferred by delivery with an
346604.2 1 3
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assignment duly executed by the Holder or his, her or its legal
representatives, and the Issuer and Bond Registrar may treat the
Holder as the person exclusively entitled to exercise all the
rights and powers of an owner until this Sond-is presented with
such assignment for registration of transfer, accompanied by
assurance of the nature provided by law that the assignment is
genuine and effective, and until such transfer is registered on
said books and noted hereon by the Bond Registrar, all subject to
the terms and conditions provided in the Resolution and to
reasonable regulations of the Issuer contained in any agreement
with, or notice to, the Bond Registrar. Transfer of this Bond
may, at the direction and 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.
16 Fees upon Transfer or Loss. The Bond Registrar may
17 require payment of a sum sufficient to cover any tax or other
18 governmental charge payable in connection with the transfer or
19 exchange of this Bond and any legal or unusual costs regarding
20 transfers and lost Bonds.
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Treatment of Registered Owner. The Issuer and Bond
Registrar may treat the person in whose name this Bond is
registered as the owner hereof for the purpose o£ receiving
payment as herein provided (except as otherwise provided with
respect to the Record Date) and for all other purposes, whether
or not this Bond shall be overdue, and neither the Issuer nor the
Bond Registrar shall be affected by notice to the contrary.
28 Authentication This Bond shall not be valid or become
29 obligatory for any purpose or be entitled to any security unless
30 the Certificate of Authentication hereon shall have been executed
31 by the Bond Registrar.
32 Not Qualified Tax-Exempt Obliaations. The Bonds have
33 not been designated by the Issuer as "qualified tax-exempt
34 obligations" for purposes of Section 265(b)(3) of the federal
35 Internal Revenue Code of 1986, as amended. The Bonds do not
36 qualify for such designation.
37 IT IS AEREBY CERTIFIED AND RECITED that all acts,
38 conditions and things required by the Constitution and laws of
39 the State of Minnesota and the Charter of the Issuer to be done,
40 to happen and to be performed, precedent to and in the issuance
41 of this Bond, have been done, have happened and have been
42 performed, in regular and due form, time and manner as required
43 by 1aw, and that this Bond, together with a11 other debts of the
44 Issuer outstanding on the date of original issue hereof and on
45 the date of its issuance and delivery to the original purchaser,
346604.2 14
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1 does not exceed any constitutional or statutory or Charter
2 limitation of indebtedness.
3 IN WSTNESS WHEREOF, the City of Saint Paul, Ramsey
4 County, Minnesota, by its City Council has caused this Bond to be
5 sealed with its official seal and to be executed on its behalf by
6 the photocopied facsimile signature of its Mayor, attested by the
7 photocopied facsimile signature of its Clerk, and countersigned
8 by the photocopied facsimile signature of its Director, Office of
9 Financial Services.
346604.2 1 5
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Date of Registration
Registrable by:
Payable at: _
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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16 Bond Registrar
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By
Authorized Signature
(SEAL)
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
General Obligation Street Improvement Special Assessment Bond,
Series 1997B, No. R-
346604.2
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached
Bond may be made only by the registered owner or his, her or its
legal representative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
SIGNATURE OF
BOND REGIS'I'RAR
346604.2
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REGISTER OF PARTIAI, PAYMENTS
The principal amount of the attached Bond has been prepaid on the
dates and in the amounts noted below:
Signature of Signature of
Date Amount Bondholder Bond Reaistrar
If a notation is made on this register, such notation has the
effect stated in the attached Bond. Partial payments do not
require the presentation of the attached Bond to the Bond
Registrar, and a Holder could fail to note the partial payment
here.
346604.2
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ABBREVIATIONS
2 The following abbreviations, when used in the inscription on
3 the face of this Bond, shall be construed as though they were
4 written out in full according to applicable laws or regulations:
5 TEN COM - as tenants in common
6 TEN SNT - as tenants by the entireties
7 JT TEN - as joint tenants with right of survivorship
8 and not as tenants in common
9 UTMA - as custodian for
10 (Cust) (Minor)
11 under the Uniform Transfers
12 (State)
13 to Minors Act
14 Additional abbreviations may also be used
15 though not in the above 1ist.
346604.2 1 9
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the attached Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books
kept for the registration thereof, with full power of
substitution in the premises.
Dated:
Notice: The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the attached Bond in every
particular, without alteration or any change
whatever.
Signature Guaranteed:
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
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The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
346604.2
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1 B. Replacement Bonds. If the City has notified
2 Holders that Replacement Bonds have been made available as
3 provided in paragraph 6, then for every Bond thereafter
4 transferred or exchanged (including an exchange to reflect the
5 partial prepayment of a Global Certificate not previously
6 exchanged for Replacement Bonds) the Bond Registrar shall deliver
7 a certificate in the form of the Replacement Bond rather than the
8 Global Certificate, but the Holder of a Global Certificate shall
9 not otherwise be required to exchange the Global Certificate for
10 one or more Replacement Bonds since the City recognizes that some
11 beneficial owners may prefer the convenience of the Depository's
12 registered ownership of the Bonds even though the entire issue is
13 no longer required to be in global book-entry form. The
14 Replacement Bonds, together with the Bond Registrar's Certificate
15 of Authentication, the form of Assignment and the registration
16 information thereon, shall be in substantially the following
17 form:
346604.2 2 1
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UNITED STATES OF AMERICA
STATE OF MINNfiSOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
5 R-
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8 INTEREST
9 RATE
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GENERAL OBLIGATION STREET IMPROVEMEA7T
SPECIAL ASSESSMENT BOND, SERIES 1997B
MATURITY DATE OF
DATE ORIGINAL ISSUE
April 1, 1997
REGISTERED OWNER:
PRINCIPAL AMOUNT:
$
CUSIP
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above, or registered
assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturity date specified above,
unless called for earlier redemption, and to pay interest thereon
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 1997, at the
rate per annum specified above (calculated on the basis of a
360-day year of twelve 30-day months) until the principal sum is
paid or has been provided for. This Bond will bear interest from
the most recent Interest Payment Date to which interest has been
paid or, if no interest has been paid, from the date of original
issue hereof. The principal of and premium, if any, on this Bond
are payable upon presentation and surrender hereof at the
prinCipal office of , in
, (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly
appointed by the Issuer. Interest on this Sond will be paid on
each Interest Payment Date by check or draft mailed to the person
in whose name this Bond is registered (the "Holder" or
"Bondholder") on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar monCh
preceding such Interest Payment Date (the '�Regular Record Date'�).
Any interest not so timely paid shall cease to be payable to the
346604.2 ' 2 2
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1 person who is the Holder hereof as of the Regular Record Date,
2 and shall be payable to the person who is the Holder hereof at
3 the close of business on a date (the "Special Record Date��) fixed
4 by the Bond Registrar whenever money becomes available for
5 payment of the defaulted interest. Notice of the Special Record
6 Date shall be given to Bondholders not less than ten days prior
7 to the Special Record Date. The principal of and premium, if
8 any, and interest on this Bond are payable in lawful money of the
9 United States of America.
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REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota and the Charter of the Issuer to be done,
to happen and to be performed, precedent to and in the issuance
of this Bond, have been done, have happened and have been
performed, in regular and due form, time and manner as required
by law, and that this Bond, together with all other debts of the
Issuer outstanding on the date of original issue hereof and on
the date o£ its issuance and delivery to the original purchaser,
does not exceed any constitutional or statutory or Charter
limitation of indebtedness.
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
County, Minnesota, by its City Council has caused this Bond to be
sealed with its official seal or a facsimile thereof and to be
executed on its behalf by the original or facsimile signature o£
its Mayor, attested by the original or facsimile signature of its
Clerk, and countersigned by the original or facsimile signature
of its Director, Office of Financial Services.
346604.2 2 3
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Date of Registration
Registrable by:
Payable at: _ _
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTIiENTICATI0A7
8 This Hond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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15 Bond Registrar
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By
Authorized Signature
20 (SEAL)
3466D4.2
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
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ON REVERSE OF BOND
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Date of Payment Not Business Day. If the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of New York, New York, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such gayment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
shall have the same force and effect as if made on the nominal
date of payment.
Redemption. All Bonds of this issue (the "Bonds")
maturing after March 1, 2005, are subjeCt to redemption and
prepayment at the option of the Issuer on such date and on any
day thereafter at a price of par plus accrued interest.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, those Bonds remaining
unpaid may be prepaid in such arder of maturity and in such
amount per maturity as the City shall determine; and if only part
of the Bonds having a common maturity date are called for
prepayment, the specific Bonds to be prepaid shall be chosen by
lot by the Bond Registrar. Bonds or portions thereof called for
redemption shall be due and payable on the redemption date, and
interest thereon shall Cease to acCrue from and after the
redemption date.
27 Notice of Redemption. Mailed notice of redemption
28 shall be given to the paying agent (if other than a City officer)
29 and ta each affected Holder of the Eonds. In the event any of
30 the Bonds are called for redemption, written notice thereof will
31 be given by first class mail mailed not less than thirty (30)
32 days prior to the redemption date to each Holder of Bonds to be
33 redeemed. In connection with any such notice, the "CUSIP"
34 numbers assigned to the Bonds shall be used.
35 Selection of Bonds for Redemption. To effect a partial
36 redemption of Bonds having a commpn maturity date, the Bond
37 Registrar shall assign to each Bond having a common maturity date
38 a distinctive number for each $5,000 of the principal amount of
39 such Bond. The Sond Registrar shall then select by lot, using
40 such method of selection as it shall deem proper in its
41 discretion, from the numbers assigned to the Bonds, as many
42 numbers as, at $5,000 for each number, shall equal the principal
43 amount of such Bonds to be redeemed. The Bonds to be redeemed
44 shall be the Bonds to which were assigned numbers so selected;
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provided, however, that only so much of the principal amount of
such Bond of a denomination of more than $5,000 shall be redeemed
as shall equal $5,000 for each number assigned to it and so
selected. If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Aolder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any authorized denomination or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose: General Obligatian. This Bond is
one of an issue in the total principal amount of $2,450,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and the
CharCer of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on March 26, 1997 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond Constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations: Exchange: Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,0�0 and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
ReferenCe is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
346604.2
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1 Transfer. This Bond is transferable by the Holder in
2 person or by his, her or its attorney duly authorized in writing
3 at the principal office of the Bond Registrar upon presentation
4 and surrender hereof to the Bond Registrar, all subject to the
5 terms and conditions provided in the Resolution and to reasonable
6 regulations of the Issuer contained in any agreement with, or
7 notice to, the Bond Registrar. Thereupon the Issuer shall
8 execute and the Bond Registrar shall authenticate and deliver, in
9 exchange for this Bond, one or more new fully registered Bonds in
10 the name of the transferee (but not registered in blank or to
11 "bearer" or similar designation), of an authorized denomination
12 or denominations, in aggregate principal amount equal to the
13 principal amount of this Bond, of the same maturity and bearing
14 interest at the Same rate.
15 Fees upon Transfer or Loss. The Bond Registrar may
16 require payment of a sum sufficient to cover any tax or other
17 governmental charge payable in connection with the transfer or
18 exchange of this Bond and any legal or unusual costs regarding
19 transfers and lost Bonds.
20 Treatment of Reaistered Owner_ The Issuer and Bond
21 Registrar may treat the person in whose name this Bond is
22 registered as the owner hereof for the purpose of receiving
23 payment as herein provided (except as otherwise provided on the
24 reverse side hereof with respect to the Record Date) and for all
25 other purposes, whether or not this Bond shall be overdue, and
26 neither the Issuer nor the Bond Registrar shall be affected by
27 notiCe to the contrary.
28 Authentication. This Bond shall not be valid or become
29 obligatory for any purpose or be entitled to any security unless
30 the Certificate of Authentication hereon shall have been executed
31 by the Bond Registrar.
32 Not Oualified Tax-Exempt Oblicxations. The Bonds have
33 not been designated by the Issuer as "qualified tax-exempt
34 obligations" for purposes of Section 265(b)(3) of the federal
35 Internal Revenue Code of 1986, as amended. The Bonds do not
36 qualify for such designation.
346604.2 2 7
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ABBREVIATIONS
2 The following abbreviations, when used in the
3 inscription on the face of this Bond, shall be construed as
4 though they were written out in fu11 according to applicable laws
5 or regulations:
6 TEN COM - as tenants in common
7 TEN ENT - as tenants by the entireties
8 JT fiEN - as joint tenants with right of survivorship
9 and not as tenants in common
10 UTMA - as custodian for
il (Cust) (Minor)
12 under the Uniform Transfers
13 (State)
14 to Minors Act
15 Additional abbreviations may also be used
16 though not in the above list.
346604.2 2 8
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ASSIGNMENT
2 For value received, the undersigned hereby sells,
3 assigns and transfers unto
4 the within Bond and does
5 hereby irrevocably constituCe and appoint
6 attorney to transfer the Bond on the books kept for the
7 registration thereof, with full power of substitution in the
S premises.
9 Dated:
10 Notice: The assignor's signature to this assignment
11 must correspond with the name as it appears
12 upon the face of the within Bond in every
13 particular, without alteration or any change
14 whatever.
15 Signature Guaranteed:
16
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
21 The Bond Registrar will not effect transfer of this
22 Bond unless the information concerning the transferee requested
23 below is provided.
24 Name and Address:
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27
za
(Include information for all joint owners
if the Bond is held by joint account.)
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10. Execution. The Bonds shall be executed on behalf
of the City by the signatures of its Mayor, Clerk and Director,
Office of Financial Services, each with the effect noted on the
forms of the Bonds, and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed or
photocopied facsimile; and provided further that any of such
signatures may be printed or photocopied facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of disability or resignation or other absence of any
such officer, the Bonds may be signed by the manual or facsimile
signature of that officer who may act on behalf of such absent or
disabled officer. In case any such officer whose signature or
facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such
signature or facsimile shall nevertheless be valid and sufficient
for all purposes, the same as if he or she had remained in office
until delivery.
11. Authentication; Date of Registration. No Bond
shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a
Certificate of Authentication on such Bond, substantially in the
form hereinabove set forth, sha11 have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. The Bond Registrar shall authenticate the signatures of
officers of the City on each Bond by execution of the Certificate
of Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond is
authenticated. For purposes of delivering the original Global
Certificates to the Purchaser, the Bond Registrar sha11 insert as
the date of registration the date of original issue, which date
is April 1, 1997. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
12. Reaistration; `Pransfer; Exchanqe. The City will
cause to be kept at the principal office of the Bond Registrar a
bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
42 A Global Certificate shall be registered in the name of
43 the payee on the books of the Bond Registrar by presenting the
44 Global Certificate for registration to the Bond Registrar, who
45 will endorse his or her name and note the date of registration
46 opposite the name of the payee in the certificate of registration
47 on the Global Certificate. Thereafter a Global Certificate may
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be transferred by delivery with an assignment duly executed by
the Holder or his, her or its legal representative, and the City
and Bond Registrar may treat the Holder as the person exclusively
entitled to exercise all the rights and powers of an owner until
a Global Certificate is presented with such assignment for
registration of transfer, accompanied by assuranee of the nature
provided by law that the assignment is genuine and effective, and
until such transfer is registered on said books and noted thereon
by the Bond Registrar, all subject to the terms and conditions
provided in the Resolution and to reasonable regulations of the
City contained in any agreement with, or notice to, the Bond
Registrar.
13 `Transfer o£ a Global CertifiCate may, at the direction
14 and expense of the City, be subject to other restrictions if
15 required to qualify the Global Certificates as being '�in
16 registered form" within the meaning of Section 149(a) of the
17 federal Internal Revenue Code of 1986, as amended.
18 If a Global Certificate is to be exchanged for one or
19 more Replacement Bonds, all of the principal amount of the Global
20 Certificate shall be so exchanged.
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Upon surrender for transfer of any Replacement Bond
the principal office of the Bond Registrar, the City shall
execute (if necessary), and the Bond Registrar shall
authenticate, insert the date of registration (as provided in
paragraph 11) of, and deliver, in the name of the designated
transferee or transferees, one or more new Replacement Bonds
at
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any authorized denomination or denominations of a like aggregate
principal amount, having the same stated maturity and interest
rate, as requested by the transferor; provided, however, that no
bond may be registered in blank or in the name of "bearer" or
similar designation.
At the option of the Holder of a Replacement Bond,
Replacement Bonds may be exchanged for Replacement Bonds of any
authorized denomination or denominations of a like aggregate
principal amount and stated maturity, upon surrender of the
Replacement Bonds to be exchanged at the principal office of the
Bond Registrar. Whenever any Replacement Bonds are so
surrendered for exchange, the City shall execute (if necessary),
and the Bond Registrar shall authenticate, insert the date of
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.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
346604.2 3 1
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1 the Bond Registrar and thereafter disposed of as directed by the
2 City.
3 Al1 Bonds delivered in exchange for or upon transfer of
4 Bonds shall be valid general obligations of the City evidencing
5 the same debt, and entitled to the same benefits under this
6 resolution, as the Bonds surrendered for such exchange or
7 transfer.
8 Every Bond presented or surrendered for transfer or
9 exchange shall be duly endorsed or be accompanied by a written
10 instrument of transfer, in form satisfactory to the Bond
11 Registrar, duly executed by the Holder thereof or his, her or its
12 attorney duly authorized in writing.
13 The Bond Registrar may require payment of a sum
14 sufficient to cover any tax or other governmental charge payable
15 in connection with the transfer or exchange of any Bond and any_
16 legal or unusual costs regarding transfers and lost Bonds.
17 Transfers shall also be subject to reasonable regula-
18 tions of the City Contained in any agreement with, or notice to,
19 the Bond Registrar, including regulations which permit the Bond
20 Registrar to close its transfer books between record dates and
21 payment dates.
22 13. Riqhts Upon Transfer or Exchanae. Each Bond
23 delivered upon transfer of or in exchange for or in lieu of any
24 other Bond shall carry all the rights to interest accrued and
25 unpaid, and to accrue, which were carried by such other Bond.
26 14. Interest Payment: Record Date. Interest on any
27 Global Certificate shall be paid as provided in the first
28 paragraph thereof, and interest on any Replacement Bond shall be
29 paid on each Interest Payment Date by check or draft mailed to
30 the person in whose name the Bond is registered (the "HOlder") on
31 the registration books of the City maintained by the Bond
32 Registrar, and in each case at the address appearing thereon at
33 the close of business on the fifteenth (15th) day o£ the calendar
34 month preceding such Interest Payment Date (the "Regular Record
35 Date"). Any such interest not so timely paid shall cease to be
36 payable to the person who is the Holder thereof as of the Regular
37 Reaord Date, and shall be payable to the person who is the Holder
38 thereof at the close o£ business on a date (the "Special Record
39 Date") fixed by the Bond Registrar whenever money becomes
40 available for payment of the defaulted interest. Notice of the
41 Special Record Date shall be given by the Bond Registrar to the
42 Holders not less than ten (10) days prior to the Special Record
43 Date.
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15. Holders; Treatment of Registered Owner; Consent of
Holders.
(A) For the purposes of all actions, consents and other
matters affecting Holders of the Bonds, other than payments,
redemptions, and purehases, the City may (but shall not be
obligated to) treat as the Holder of a Bond the beneficial owner
of the Bond instead of the person in whose name the Bond is
registered_ For that purpose, the City may ascertain the
identity of the beneficial owner of the Bond by such means as the
Bond Registrar in its sole discretion deems appropriate,
including but not limited to a certificate from the person in
whose name the Bond is registered identifying such beneficial
owner.
14 (B) The City and Bond Registrar may treat the person in
15 whose name any Sond is registered as the owner of such Bond for
16 the purpose of receiving payment of prinaipal of and premium, if
17 any, and interest (subject to the payment provisions in paragraph
18 14 above) on, such Bond and for a11 other purposes whatsoever
19 whether or not such Bond shall be overdue, and neither the City
20 nor the Bond Registrar shall be affected by notice to the
21 contrary.
22 (C) Any consent, request, direction, approval, objection or
23 other instrument to be signed and executed by the Holders may be
24 in any number of concurrent writings of similar tenor and must be
25 signed or executed by such Holders in person or by agent
26 appointed in writing. Proof of the execution of any such
27 consent, request, direction, approval, objection or other
28 instrument or of the writing appointing any such agent and of the
29 ownership of Bonds, if made in the following manner, shall be
30 sufficient for any of the purposes of this Resolution and shall
31 be conclusive in favor of the City with regard to any action
32 taken by it under such request or other instrument, namely:
33 (1) The fact and date of the execution by any person
34 of any such writing may be proved by the certificate of any
35 officer in any jurisdiction who by law has power to take
36 acknowledgments within such jurisdiction that the person
37 signing such writing acknowledged before him or her the
38 execution thereof, or by an affidavit of any witness to such
39 execution.
40 (2) Subject to the provisions of subparagraph (A)
41 above, the fact of the ownership by any person of Bonds and
42 the amounts and numbers of such Bonds, and the date of the
43 holfling of the same, may be proved by reference to the bond
44 register.
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16. Delivery; A�,pliaation of Proceeds. The Global
Certificates when so prepared and executed shall be delivered by
the Director, Office of Einancial Services, to the Purchaser upon
receipt of the purchase price, and the Purchaser shall not be
obliged to see to the proper application thereof.
17. Funds. There is hereby'created a special fund to
be designated the "1997 Capital Projects Fund" (numbered C-97,
the "Capital Fund"), to be administered and maintained by the
City Treasurer as a bookkeeping account separate and apart from
all other accounts maintained in the official financial records
of the City. There has been heretofore created and established
the "General Obligation Special Assessments -- Streets Debt
Service Fund" (numbered 963, the "Debt Service Fund"). The
Capital Fund and Debt Service Fund shall be maintained in the
manner herein specified until all of the Bonds and the interest
thereon have been fully paid.
(i) Cabital Fund. To the Capital Fund there shall be
credited the proceeds of the sale of the Bonds, less accrued
interest received thereon, and less any amount paid for the
Bonds in excess of $2,425,500. From the Capital Fund there
shall be paid all costs and expenses of making the
Improvements listed in paragraph 18, after they have been
ordered in accordance with the Charter of the City,
including the cost of any construction contracts heretofore
let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65
(including interest on the Bonds payable during the
construction period); and the moneys in the Capital Rund
shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the Bonds may
also be used to the extent necessary to pay interest on the
Bonds due prior to the anticipated date of commencement of
the collection of taxes or special assessments herein
covenanted to be levied; and provided further that if upon
completion of the Improvements there shall remain any
unexpended balance in the Capital Fund, the balance may be
transferred by the Council to the fund of any other
improvement instituted pursuant to the City's Charter or
Minnesota Statutes, Chapter 429, or used to pay the costs of
any other purpose permitted by law, or transferred to the
Debt Service Fund. All earnings on the Capital Fund shall
be transferred to the Debt Service Fund, or may be retained
in the Capital Fund.
(ii) Debt Service Fund. There
there shall be credited to a special
Bonds in the Debt Service Fund: (a)
assessments herein covenanted to be
346604.2
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is hereby pledged and
account relating to the
collections of special
levied, to the extent
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provided in paragraph 19; (b) all accrued interest received
upon delivery of the Bonds; (c) all funds paid for the Bonds
in excess of $2,425,500; (d) any collections of all taxes
which are levied herein, or which may hereafter be levied in
the event that the special assessments herein pledged to the
payment of the Bonds and interest thereon are insufficient
therefor; (e) all funds remaining in the Capital Fund after
completion of the Improvements and payment of the costs
thereof, not so transferred to the account of another
improvement or used to pay the costs of any other purpose
permitted by law; and (f) all investment earnings on moneys
held in such special account in the Debt Service Fund or on
moneys held in the Capital Fund. If moneys in the special
account of the Debt Service Fund should ever be insufficient
to pay debt service on the Bonds, the Bonds shall be paid
from the Debt Service Fund or any other special account
therein, and the Bonds are hereby made payable from the Debt
Service Fund and any other special accounts therein for this
purpose. Amounts drawn from the Debt Service Fund or any
special account therein may be repaid with or without
interest when moneys sufficient for such repayment are
deposited in the special account relating to the Bonds in
the Debt Serviae Fund.
The special account relating to the Bonds in the Debt
Service Fund shall be used solely to pay the principal and
interest and any premiums for redemption of the Bonds and any
other general obligation bonds of the City hereafter issued by
the City and made payable from such special account in the Debt
Service Fund as provided by law, or to pay any rebate due to the
United States. No portion of the proceeds of the Bonds shall be
used directly or indirectly to acquire higher yielding
investments or to replace funds which were used directly or
indirectly to acquire higher yielding investments, except (1) for
a reasonable temporary period until such proceeds are needed for
the purpose for which the Bonds were issued, and (2) in addition
to the above in an amount not greater than five percent (5 of
the proceeds of the Bonds. To this effect, any sums from time to
time held in the Capital Fund or in such special account in the
Debt Service Fund (or any other City fund or account which will
be used to pay principal or interest to become due on the bonds
payable therefrom) in excess of amounts which under then-
applicable federal arbitrage regulations may be invested without
regard as to yield shall not be invested at a yield in excess of
the applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available
under the federal arbitrage regulations. In addition, the
proceeds of the Bonds and money in the Capital Fund or in such
special account in the Debt Service Fund shall not be invested in
346604.2 3 5
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1 obligations or deposits issued by, guaranteed by or insured by
2 the United States or any agency or instrumentality thereof if and
3 to the extent that such investment would cause the Bonds to be
4 ��federally guaranteed" within the meaning of Section 149ib) of
5 the federal Internal Revenue Code of 1986, as amended (the
6 ��Code").
7 18. Assessments: Coverage Test. The City CounCil has
8 heretofore determined, and does hereby determine, to proceed with
9 the Improvements and special assessments with respect thereto
10 under the provisions of the Charter of the City, rather than the
11 provisions of Minnesota Statutes, Chapter 429.
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It is hereby determined that no less than twenty
percent (20%) of the cost to the City of each Improvement
financed hereunder within the meaning of Minnesota Statutes,
Section 475.58, Subdivision 1(3), shall be paid by special
assessments to be levied against every assessable lot, piece and
parcel of land benefitted by the Improvements. The City hereby
covenants and agrees that it will let all construation contracts
not heretofore let within one year after ordering each
Improvement financed hereunder unless the resolution ordering the
Improvement specifies a different time limit for the letting of
construction contracts and will do and perform, as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that any
such assessment be at any time held invalid with respect to any
lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performance of any condition precedent thereto, the City and this
Council will forthwith do all further acts and take all further
proceedings as may be required by law to make the assessments a
valid and binding lien upon such property.
34 The special assessments have not heretofore been
35 authorized, and accordingly, for purposes of Minnesota Statutes,
36 Section 475.55, Subdivision 3, the special assessments are hereby
37 authorized. Subject to such adjustments as are required by
38 conditions in existence at the time the assessments are levied,
39 the assessments are hereby authorized and it is hereby determined
40 that the assessments sha11 be payable in equal, consecutive,
41 annual installments, with general taxes for the years shown below
42 and with interest on the declining balance of all such
43 assessments at a rate per annum approximately one percent (1a)
44 per annum in excess of the net effective rate of interest on the
45 Bonds:
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Improvement
Designation
Page/Cherokee
Lafond/Grotto
ArlingtonjRuth
MorganjEdgecumbe
TOTAL
Amount
$ 610,000
500,000
520,460
820.000
$2,450,000
Levy Years
1997-2016
for all
Collection
Years
1998-2017
for all
8 The special assessments shall be such that if collected
9 in full they, together with estimated collections of other
10 revenues herein pledged for the payment of the Bonds, will
11 produce at least five percent (50) in excess of the amount needed
12 to meet when due the principal and interest payments on the Bonds
13 in every year except the final year (2009). At the time the
14 assessments are in fact levied the City Council sha11, baseci on
15 the then-current estimated collections of the assessments, make
16 an�r adjustments in any ad valorem taxes required to be levied in
17 order to assure that the City continues to be in compliance with
18 Minnesota Statutes, Section 475.61, Subdivision 1.
19 19. Limit on Special Assessments Pledged. The City
20 Council hereby finds, determines and declares that the payment of
21 the Bonds does not require the pledge of all the special
22 assessments which may be levied with respect to the Improvements
23 identified in paragraph 18, and that it is necessary, proper and
24 expedient to provide that payments and prepayments of special
25 assessments in excess of the debt service requirements of the
26 Bonds be put to use for other purposes sooner than upon the
27 termination of the Debt Service Fund. Only $2,450,000 original
28 principal amount of the special assessments (which amount is the
29 '�Pledged Assessments"), and interest thereon, recognized in
30 paragraph 18 of this Resolution (of which $410,000 are necessary
31 prior to their scheduled receipt in order to pay debt service on
32 the Bonds on March 1, 1997) are or shall be pledged to the
33 payment of the Bonds, and payments of, or with respect to, such
34 special assessments in excess of the Pledged Assessments shall be
35 credited instead to a special account in the Capital Fund, and
36 used for the purpose of paying any additional costs of the
37 Improvements and the costs of other improvements approved by the
38 City, as follows: (a) the first $410,000 of all prepayments of
39 special assessments recognized in paragraph 18 shall be credited
40 to the Debt Service Fund, (b) thereafter until SllCYl time as the
41 special assessments from time to time outstanding equal in
42 original principal amount the Pledged Assessments or less,
43 prepayments of any of the special assessments recognized in
44 paragraph 18 shall be treated as prepayments of the portion of
45 the special assessments not pledged to the Bonds and sha11 be
46 credited instead to said special account of the Capital Fund, and
346604.2 3 7
9 � 3oS
3
4
5
6
7
8
9
used as provided above, and (c) while the special assessments
from time to time outstanding equal in original principal amount
the Pledged Assessments or more, regular installment payments
made on the Pledged Assessments only (not all of the special
assessments) shall be credited to the Debt Service Fund, and
regular installment payments on that portion, if any, of the
remaining assessments in excess of the Pledged Assessments shall
be credited to said special account of the Capital Fund, and used
as provided above.
10 20. Tax Levy: Coverage Test. If taxes are levied as
11 provided in the final part of paragraph 18, the tax levies shall
12 be irrepealable so long as any of the Bonds are outstanding and
13 unpaid, provided that the City reserves the right and power to
14 reduce the levies in the manner and to the extent permitted by
15 Minnesota Statutes, Seetion 475.61, Subdivision 3.
16 To provide moneys for payment of the principal and
17 interest on the Bonds due to be paid in 2009 there is hereby
18 levied upon a11 of the taxable property in the City a direct
19 annual ad valorem tax which shall be spread upon the tax rolls
20 and collected with and as part of other general property taxes in
21 the City for the years and in the amounts as follpws:
22
23
24
25
26
27
28
29
30
31
32
33
34
Year of Tax
Levy
Year of Tax
Collection
Amount
2007
��:
$1,005,212
The tax levies are such that if collected in full they,
together with estimated collections of special assessments and
other revenues herein pledged far the payment of the Bonds, will
produce at least five percent (So) in excess of the amount needed
to meet when due the principal and interest payments on the
Bonds. The tax levies shall be irrepealable so long as any of
the Bonds are outstanding and unpaid, provided that the City
reserves the right and power to reduce the levies in the manner
and to the extent permitted by Minnesota Statutes, Section
475.61, Subdivision 3.
35 21. General Obligation Pledqe. For the prompt and
36 full payment of the principal and interest on the Bonds, as the
37 same respectively become due, the full faith, credit and taxing
38 powers of the City shall be and are hereby irrevocably pledged.
39 If the balance in the special account relating to the Bonds in
40 the Debt Service Fund (as defined in paragraph 17 hereof) is ever
41 insufficient to pay all principal and interest then due on the
42 Bonds payable therefrom, the deficiency shall be promptly paid
43 out of any other funds of the City which are available for such
44 purpose, including the general fund of the City and the Debt
34bb04.2 3 $
�3�s
1 Service Fund and the special accounts therein, and such other
2 funds may be reimbursed with or without interest from the special
3 account in the Debt Service Fund relating to the Bonds when a
4 sufficient balance is available therein.
5 22. Certificate of Registration. The Director, Office
6 of Financial Services, is hereby directed to file a certified
7 copy of this Resolution with the officer of Ramsey County,
8 Minnesota, performing the functions of the county auditor (the
9 "County Auditor"), together with such other information as the
10 County Auditor shall require, and to obtain the County Auditor's
il certificate that the Bonds have been entered in the Count�r
12 Auditor's Bond Register, and that the tax levy required by law
13 has been made.
14 23. Records and Certificates. The officers of the
15 City are hereby authorized and directed to prepare and furnish to
16 the Purchaser, and to the attorneys approving the legality of the
17 issuance of the Sonds, certified copies of all proceedings and
18 records of the City relating to the Bonds and to the financial
19 condition and affairs of the City, and such other affidavits,
20 certificates and information as are required to show the facts
21 relating to the legality and marketability of the Bonds as the
22 same appear from the books and records under their custody and
23 control or as otherwise known to them, and all such certified
24 copies, certificates and affidavits, including any heretofore
25 furnished, shall be deemed representations of the City as to the
26 facts recited therein.
27 24. Negative Covenants as to Use of Proceeds and
28 Improvements. The City hereby covenants not to use the proceeds
29 of the Bonds or to use the Improvements, or to cause or permit
30 them to be used, or to enter into any deferred payment
31 arrangements for the cost of the Improvements, in such a manner
32 as to cause the Bonds to be "private activity bonds�' within the
33 meaning of Sections 103 and 141 through 150 of the Code. The
34 City hereby covenants not to use the proceeds of the Bonds in
35 such a'manner as to cause the Bonds to be "hedge bonds" within
36 the meaning of Section 149(g) of the Code.
37 25. Tax=Exeml�t Status of the Bonds: Rebate: Election.
38 The Cit�r shall comply with requirements necessary under Che Code
39 to establish and maintain the exclusion from gross income under
40 Section 103 of the Code of the interest on the Bonds, including
41 without limitation requirements relating to temporary periods for
42 investments, limitations on amounts invested at a yield greater
43 than the yield on the Bonds, and the rebate of excess investment
44 earnings to the United States.
346604.2 3 9
\
�7�
1 The City expects that the two-year expenditure
2 exception to the rebate requirements may apply to the
3 construction proceeds of the Bonds.
4 If any elections are available now or hereafter with
5 respect to arbitrage or rebate matters relating to the Bonds, the
6 Mayor, Clerk, Treasurer and Director, Office of Financial
7 Services, or any of them, are hereby authorized and directed to
8 make such elections as they deem necessary, appropriate or
9 desirable in connection with the Bonds, and all such elections
10 shall be, and shall be deemed and treated as, elections of the
11 City.
12 26. No Desi�nation of 4ualified Tax-Exemot
13 Obligations. The Bonds, together with other obligations issued
14 by the City in 1997, exceed in amount those which may be
15 qualified as "qualified tax-exempt obligations" within the
16 meaning of Section 265(b)(3) of the Code, and hence are not
17 designated for such purpose.
18
19
20
21
22
23
24
25
26
27
27. Letter of Representations. The Letter of
Representations for the Bonds is hereby confirmed to be the
Blanket Issuer Letter of Representations dated April 10, 1996, by
the City and received and accepted by The Depository Trust
Company. 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 from time to time with the agreement or consent of
The Depository Trust Company.
28 28. Neqotiated Sale. The City has retained Springsted
29 Incorporated as an independent financial advisor, and the City
30 has heretofore determined, and hereby determines, to sell the
31 Bonds by private negotiation, all as provided by Minnesota
32 Statutes, Section 475.60, Subdivision 2(9).
33
34
35
36
37
38
39
40
41
42
43
44
29. Continuina Disclosure. The City is an obligated
person with zespect to the Bonds. The City hereby agrees, in
accordance with the provisions of Rule 15c2-12 (the ��Rule��),
promulgated by the Securities and Exchange Commission (the
'�Commission") pursuant to the Securities Exchange Act of 1934, as
amended, and a Continuing Disclosure Undertaking (the
��Undertaking") hereinafter described, to:
A. Provide or cause to be provided to each nationally
recognized municipal securities information repository
("NRMSIR") and to the appropriate state information
depository ("SID"), if any, for the State of Minnesota, in
each case as designated by the Commission in accordance with
346604.2
m
�� 3 S
1 the Rule, certain annual financial information and operating
2 data in accordance with the Undertaking. The City reserves
3 the right to modify from time to time the terms of the
4 Undertaking as provided therein.
5 B. Provide or cause to be provided, in a timely
6 manner, to (i) each NRMSIR or to the Municipal Securities
7 Rulemaking Board (��MSRB") and (ii) the SID, notice of the
8 occurrence of certain material events with respect to the
9 Bonds in accordance with the Undertaking.
10 C. Provide or cause to be provided, in a timely
11 manner, to (i) eaCh NRMSIR or to the MSRB and (ii) the SID,
12 notice of a failure by the City to provide the annual
13 financial information with respect to the City described in
14 the Undertaking.
15 The City agrees that its covenants pursuant to the Rule
16 set forth in thi5 paragraph 29 and in the Undertaking are
17 intended to be for the benefit of the Holders of the Bonds and
18 shall be enforceable on behalf of such Holders; provided that the
19 right to enforce the provisions of these covenants shall be
20 limited to a right to obtain specific enforcement of the City�s
21 obligations under the covenants.
22 The Mayor and Director, Office of Financial Services,
23 or any other officers of the City authorized to act in their
24 stead (the "Officers"), are hereby authorized and directed to
25 execute on behalf of the City the Undertaking in substantially
26 the form presented to the City Council, subject to such
27 modifications thereof or additions thereto as are (i) consistent
28 with the requirements under the Rule, (ii) required by the
29 Purchaser, and (iii) acceptable to the Officers.
41
97 30�
1 30. Severabilitv. If any section, paragraph or
2 provision of this resolution shall be held to be invalid or
3 unenforceable for any reason, the invalidity or unenforceability
4 of such section, paragraph or provision shall not affect any of
5 the remaining provisions of this resolution.
6 31. Headinas. Headings in this resolution are
7 included for convenience of reference only and are not a part
S hereof, and shall not limit or define the meaning of any
9 provision hereof.
Adoption Certffied by Council Secretary
�
App
�
-. -. . �-.. .
_ • .. - ' -
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f't..i.�v� '
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Approved hy ayor for�ssion to Council
By:
�
Adopted by Council: Date �` ��-� a� *� `� `�'�
%7'3�S
EXHIBITS
Exhibit A - Proposals
y� 3d�
"���.��
OEPAflTMENTAOFFICE/COUNCIL DATE INItIATED � � � �
Financial Services 3112f97 GREEN SHEE
CONTACT PERSON & PHONE INITIAVDATE INRIAV�ATE
O DEPAFi7MENTDIRE l e7I CITYCOUNCII
Martha ICantorowicz 266-8836 A$SIGN �CIT'ATTORNEV OCITYCLERK
NUMBEpiOP
MUST BE ON CAUNC7L AGENDA 8Y (DA7E) qOUTIN6 � BUDGE7 DiREGTOR m FIN. & MG7: SERVICES DIR.
March 26, 1997 ONDER �MAVOR(ORAS$ISTIWn �
TOTAL # OF SIGNATURE PAGES _.�_ (CLIP A4L LOCATIONS FOR SIGNATURE)
ACTION REQUESTED:
This resolution accepYS Yhe winning proposal and awards the bid for the $2,450,000 G.O.
Street Improvement Special Assessment Bonds Series 1997B. This is a competitive bond sale
and the award is going to the bidder found to be the most advantageous to the City.
RECOMMENDA710NS: Approva (A) or Reject (R) pERSONAL SEHVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS:
_ PLANNING COMMISSION _ CIVIL SERVICE GOMMISSION �� Has this pereonnrm ever worketl untler a corrtrect for this departmeM?
_ CIB CAMMITTEE _ YES NO
2. Has this personflirm ever been a ciry employee?
_ S7AFF — YES NO
_ olsialCi COURi _ 3. Does this person/firm possess a skill not normally possessed by any curtent city employee?
SUPPORTSWHIGHCOUNqLOBJECTIVE7 YES NO
Explain all yes answers on seperate sheet and ettach to green sheet
INITIATING PFOBLEM, ISSUE. OPPGIRTUNITY (Who, WhQt, When, Where. Why)'
The bonds are for the purpose of financing certain street improvements within the City, and
will be repaid by special assessments.
ADVANTAGESIFAPPAOVED:
Funds will be available for street improvements.
DISADVANTAGES IF APPROVEO:
None
�ISADVANTACaES IF NOTAPPflOVED�
Funds needed for certain street improvements will not be available.
b3'SY3�� �i'�.r'�� ��.Y
.<.: L 6 f:i,�i 1
TO7AL AMOUNT OF 7RANSACTION $ � Z �150 � OOO COST/REVENUE BUDGETED (CIRCLE ONE) YES NO
FUNDIIeG SOUBCE ACTIVITV NUMBER
FINANCIALINFORM1SATION:(EXPLAIN)
97 �3�..�
1
2
3
means the certificates representing the Bonds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and �
4 WHEREAS, "Holder'� as used herein means
5 whose name a Bond is registered on the registrat
6 City maintained by the registrar appointed as p�
7 paragraph 8(the "Bond Registrar"); and �
8 WHEREAS, Rule 15c2-12 of the
9 Commission prohibits "participating un
10 or selling the Bonds unless the City u
11 certain continuing disclosure with res
12 WHEREAS, pursuant to M
13 475.60, Subdivision 2(9), public
14 to the Bonds if the City retains
15 and determines to sell the Bonds
16 City has instead authorized a co
17 publication of notice thereof as
18 and
19 WHEREAS, proposals f r
20 Springsted Incorporated pursu t
21 Terms of Proposal therein:
person in
books of the
ed in
r�Cties and Exchange
�iters" from purchasing
akes to provide
to the Bonds; and
nneso a Statutes, Section
sale requirements do not apply
an 'ndependent financial advisor
by private negotiation, and the
p titive sale without
form of private negotiation;
the Bonds have been solicited by
to an Official Statement and
22 NOW, THEREFORE,� IT RESOLVED by the Council of the
23 City of Saint Paul, Minne ta, as follows:
24
25
26
27
28
29
30
31
32
33
34
35
36
37
1. Acce tance of Pro osal. The proposal of
(the "Purchaser"), to purchase
$2,450,000 General Obl'gation Street Improvement Special
Assessment Bonds, Ser'es 1997B, of the City (the "Bonds", or
individually a"Bond'), in accordance with the Terms of Proposal
for the bond sale, t the rates of interest hereina£ter set
forth, and to pay erefor the sum of $ , plus
interest accrued settlement, is hereby found, determined and
declared to be t most favorable proposal received and is hereby
accepted, and t Bonds are hereby awarded to the Purchaser. The
Director, Offic of Financial Services, or his designee, is
directed to re ain the deposit of the Purchaser and to forthwith
return to the others making proposals their good faith checks or
drafts .
38 2. Title; Oriainal Issue Date; Denominations;
39 Maturities The Bonds sha11 be titled "General Obligation Street
40 Improveme t Special Assessment Bonds, Series 1997B", shall be
41 dated Ap il 1, 1997, as the date of original issue and shall be
42 issued rthwith on or after such date as fully registered bonds.
43 The Bo s shall be numbered from R-1 upward. Global Certificates
3
9�7 3��
1
2
3
4
5
6
7
E:
9
1�
11
12
13
14
shall each be in the denomination of the entire principal amount
maturing on a single date, or, if a portion of said principal
amount is prepaid, said principal amount less the prepayment.
Replacement Bonds, if issued as provided in paragraph 6, shall be
in the denomination of $5,000 each or in any integral multiple
thereof of a single maturity. The Bonds shall mature on Marq�i 1
in the years and amounts as follows: /
Year
1998
1999
2000
2001
2002
2003
Amount
$350,000
125,0�0
100,000
100,000
100,000
100,000
15 For purposes of Minnesota Statutes, Section 5.54, the serial
16 maturities of the Bonds are combined with t e serial maturities
17 of the City's $17,500,000 General Obligati n Capital Improvement
18 Bonds, Series 1997A.
19
20
21
22
23
24
25
26
3. Puroose. The Bonds
construction of various street im
in the City, and any excess funds
purpose permitted by law. The to
which shall include all costs enu
Section 475.65, is estimated to
of the Bonds. Work on the Impr
diligence to completion.
shal provide funds for the
rov ents (the �'Improvements")
sh 11 be devoted to any other
a cost of the Improvements,
rated in Minnesota Statutes,
at least equal to the amount
ments shall proceed with due
27 4. Interest. The onds shall bear interest payable
28 semiannually on March 1 and September 1 of each year (each, an
29 "Interest Payment Date"), ommencing September 1, 1997,
30 calculated on the basis o a 360-day year of twelve 30-day
31 months, at the respectiv rates per annum set forth opposite the
32 maturity years as foll s:
33
34
35
36
37
38
39
40
41
42
Maturitv Year
1998
1999
2000
2001
2002
2003 ,
be
3466�4.2
Maturitv Year Interest Rate
% 2�04
2005
2006
2007
2008
2009
Year
2004 $ 100 000
2Q05 10 ,0�0
2006 0,000
2007 100,000
2008 100,000
2009 1,075,000
Descrintion of the Global Certificates and Global
5vstem. Upon their original issuance the Bonds will
in the £orm of a single Global Certificate for each
�
9�-3aS
1
2
3
4
5
6
r�
Improvement
Desiqnation
Page/Cherokee
Lafond/Grotto
ArlingtonJRUth
Morgan/Edgecumbe
TOTAL
Amount
$ 610,000
500,000
520,000
820.000
$2,450,000
Lew Years
1997-2016
for all
Collection
Years
1998-20�,,7
for a,l'1
8 The special assessments shall be such th i£ collected
9 in full they, together with estimated collections f other
10 revenues herein pledged for the payment of the B ds, will
11 produce at least five percent (5�) in excess of the amount needed
12 to meet when due the principal and interest pa ents on the Bonds
13 in every year except the final year (2009}. t the time the
14 assessments are in fact levied the City Cou il shall, based on
15 the then-current estimated collections of t e assessments, make
16 any adjustments in any ad valorem taxes re uired to be levied in
17 order to assure that the City continues t be in compliance with
18 Minnesota Statutes, Section 475.61, Sub vision 1.
19 19. Limit on S ecial Assess ents Pled ed. The City
20 Council hereby find�, determines and eclares that the payment of
21 the Bonds does not require the pledg of all the special
22 assessments which may be levied wit respect to the Improvements
23 identified in paragraph 18, and t t it is necessary, proper and
24 expedient to provide that payment and prepayments of special
25 assessments in excess of the deb service requirements of the
26 Bonds be put to use for other p rposes sooner than upon the
27 termination of the Debt Servic Fund. Only $2,450,000 original
28 principal amount of the speci 1 assessments (which amount is the
29 "Pledged Assessments"), and nterest thereon, recognized in
30 paragraph 18 of this Resol ion (of which $ ,000 are necessary
31 prior to their scheduled ceipt in order to pay debt service on
32 the Bonds on March 1, 199 ) are or shall be pledged to the
33 payment of the Bonds, a payments of, or with respect to, such
34 special assessments in xcess of the Pledged Assessments shall be
35 credited instead to a pecial account in the Capital Fund, and
36 used for the purpose f paying any additional costs of the
37 Improvements and th costs of other improvements approved by the
38 City, as follows: (a) the first $_,000 of all prepayments of
39 special assessmen s recognized in paragraph 18 shall be credited
40 to the Debt Serv'ce Fund, (b) thereafter until such time as the
41 special assessm nts from time to time outstanding equal in
42 original princ' al amount the Pledged Assessments or less,
43 prepayments o any of the special assessments recognized in
44 paragraph 18 shall be treated as prepayments of the portion of
45 the special assessments not pledged to the Bonds and shall be
46 credited i stead to said special account of the Capital Fund, and
37
�7�.30�
1 used as provided above, and (c) while the special assessments
2 from time to time outstanding equal in original principal amount
3 the Pledged Assessments or more, regular installment payments
4 made on the Pledged Assessments only (not all of the special
5 assessments) shall be credited to the Debt Service Fund, and
6 regular installment payments on that portion, if any, of the
7 remaining assessments in excess of the Pledged Assessments shall
8 be credited to said special account of the Capital Fund, and used
9 as provided above.
10 20. Tax Lew; Coveraae Test. If taxes are levied as
11 provided in the final part of paragraph 18, the tax levies shall
12 be irrepealable so long as any of the Bonds are outstand' g and
13 unpaid, provided that the City reserves the right and p er to
14 reduce the levies in the manner and to the extent per tted by
15 Minnesota Statutes, Section 475.61, Subdivision 3.
16 To provide moneys for payment of the pr'ncipal and
17 interest on the Bonds due to be paid in 2009 th e is hereby
18 levied upon all of the taxable property in the City a direct
19 annual ad valorem tax which shall be spread on the tax rolls
20 and collected with and as part of other gen al property taxes in
21 the City for the years and in the amounts s follows:
22
23
Year of Tax
Lew
Year of
Amount
24
25
26
27
28
29
30
31
32
33
34
2007
20
The taY levies are suc that if collected in full they,
together with estimated collect' ns of special assessments and
other revenues herein pledged r the payment of the Bonds, will
produce at least five percent (5%) in excess of the amount needed
to meet when due the princip 1 and interest payments on the
Bonds. The tax levies shal be irrepealable so long as any of
the Bonds are outstanding nd unpaid, provided that the City
reserves the right and p er to reduce the levies in the manner
and to the extent permi ed by Minnesota Statutes, Section
475.61, Subdivision 3.
35 21. Gener Obli ation Pled e. For the prompt and
36 full payment of the rincipal and interest on the Bonds, as the
37 same respectively ecome due, the full faith, credit and taxing
38 powers of the Cit shall be and are hereby irrevocably pledged.
39 If the balance i the special account relating to the Bonds in
40 the Debt Servic Fund (as defined in paragraph 17 hereof) is ever
41 insufficient t pay all principal and interest then due on the
42 Bonds payable herefrom, the deficiency shall be promptly paid
43 out of any o er funds of the City which are available for such
44 purpose, in uding the general fund of the City and the Debt
346604.2 3 8
��
85 E. SEVENTi9 PLACE SU37f f00
SA1M PAUL, MN 5 5 101-214 3
612-223-3000 FA7C:612-223-3002
� r7 — � c�5
SPRINGSTED
PubGt Finana Advuors
March 26, 1987
Mr. Joe Reid, Director
Office of Financial Services
City of Saint Paul
240 City Hali
15 West Kei{ogg Boufevard
Saint Paui, MN 55102
Re: Recommendations for Award of City of Saint Paui's
$17,500,000 General Obligation Capital Improvement Bonds {CIB), Series 1997A
$2,450,000 General Obligation Street improvemeni Special Assessment Bonds,
Series 19978
Dear Mr. Reid:
This letter summarizes the results of the competitive bids opened at 10:30 this moming for
these issues.
Purpose of issues
The purpose of this CiB issue is to provide funding for various ppitai improvements as part of
the City's annuaf Capitai improvement Program, to inciude partial funding for the pubiic costs
associated with the Science Museum and the Wabasha Bridge.
The purpose of the Street issue is to fund portions of the City's annuai street improvement
program.
Tax-Exempt Interest Rate Market
Since the first of the year, tax-exempt interest rates have moved in a relatively 6ght band,
varying about 2/10's of 1% over the tertn: January 2, 1997 the SBl was 5.70°l0; the fow point
was February 20, 1997 when the B8f was 5.56%. March 20, 1997 (the most recent date) the
BBI was 5.78%. UUithin the last month, the numbers indicate the market movement has been
up, with most such movement occurring in late February. The market is cuRenUy Iooking for
bonds since the supply is low, which helped in this sale.
SAINT PAUL, MN • MlN�JEAPOI�S, M,�' • BROOF�7E(D, WI • OVERL4ND PARK, KS • R:i4LL�GfON, DC • IOWA CIIY, IA
City of Saint Paul
March 26, 1997
Page 2
�� ,� 05
Sale Resuits
The City received nine bids on the C1B sale. The bids were as follows:
Rank Sidder
Piper .laffray
Hutchinson Shockey (Chicago)
Merrili Lynch (Califomia)
Dain Bosworth
Cronin � Co.
First of America (Chicago)
Raymond James (Florida)
Interstate Johnson (Georgia)
Wittiam Btair (Chicago)
TIC %
4.9497%
4.9950%
4.9988%
4.9994%
5.0251 %
5.U297%
5.0354°!0
5.0718%
5.0879%
The lowest bid of 4.9497% was submitted by Piper Jaffray, with the next lowest bid from
Hutchinson Shockey (Chicago) at 4.9950�0.
The City received five bids on the street issue. The bids were as follows:
Rank Bidder
Piper Ja�fray
Gronin 8� Go
Dain Bosworth
Raymond James
William Blair
TIC (%)
5.2181 °!o
5.2497%
5.2577%
5.3092%
5.3458%
The lowest bid of 5.2181% was submitted by Piper Jaffray, with the next lowest bid from
Cronin & Co (Twin Cities) at 5.2497%.
The nine bids received on the CIB issue has o�ty been matched o�ce (nine b+ds were aiso
received in 1995j by the City since 1385.
The CIB issue received broad nationai attention with underwriters bidding from Chicago (3),
Califomia (1), Florida (1), and Georgia (1).
We require bidders to submit their bids on a"True Interest Rate" (TIC) basis, so as to reflect
the present value of their bids and thereby ensure the City award based on the towest cost to
the City. We have enGosed bid tabulation forms for each issue summarizing the bid specifics
and composition of each underwriting syndicate.
Recommendation
We recommend awards of sale of the CIB issue and the Street issue to Piper Jaffray.
Basis of Recommendation
The interest rates received on each issue reflect aggressive bidding in today's market and
compate we{{ with the City's recent historical experience. Focusing on the 1997 Cf B issue with
its TIC of 4.94%, the City's experience for its GIB issues in 1995 and 1996 respectively of
5.14% and 4.81%. Our estimate of the City's interest rate on the CIB issue had the issue soid
in eariy February was 4.92°k. We have compared this issue against other issues soid thus far
City of Sair�t Paul ��-� O S
March 26, 1997
Page 3
this week and the City has received lower i�te�est rates than these issues. We also monitor
each of the City's issues against a daily national interest rate index, Deiphis-Hanover. These
rates are at w slighUy better than the DelphisHanover "AAA"-rated interest rates. Historicaily,
the City's issues seil beiween the Delphis Hanover "AA-to-AAA" levels, a performance
matched by these issues.
Yesterday, the Federal Reserve took action on short-tertn interest rates. Our analysis shows
that the market had anticipated this action over the last few weeks and had already factored in
an adjustrnent
Credit Rating
The City received three ratings of "Aa2lAA+lAA+^ from Moodys Investors Service, Standard &
Poors and Fitch Investors Service, respectivety. The City put together an outstanding rating
presentation for each agency as part of this saie process. Each agency noted numerous
areas of improvement. We would be pieased to respond to the comments of the rating
agencies resulting from this process.
We are again appreciative of the opportunity to be of service to the City. V1/e weicome any
questions or comments on this repost.
Respectfuliy,
a �,,�� ` �t-� - �,�1��d�,
David N. MacGillivray /
Principal
Director of Project Management
ldmf
Enclosures
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� N N(V N N N N N N N N N N N N N N N
��
85 E. SEVENTH PIACE, S[I17E 100
SAI�7TPAUL,MN SSI01-2143
612-223-3000 FAX:61 2-2 2 3 3002
�� -
SPRINGSTED
Public Finmue Advisors
�
$17,500,000
CiTY OF SAIlVT PAUL, MIlVNESOTA
GENERAL OBLIGATION CAPTfAL IMPROVEMENT BONDS, SERIES 1997A
BQOK EIVTRY ONLi�
AWARD: PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MII,LER & SCHROEDER FINANCIAL, INC.
AND ASSOCIATES
SALE:
3.85 %
4.30 %
4.40%
4.50 %
4.60 %
4.70%
4.75 %
4.85 %
5.00%
Interest Net Interest TY�ue Interest
Bidder Rates Price Cocr Rate
PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MILLER & SCHROEDER FINANCIAL, INC.
John G. Kinnazd & Company
Incorporated
Juran & Moody, a division of Miller,
Johnson & Kuehn,Inc.
The GMS Group
Dougherty Dawkins, Inc.
Peterson Financial Corporation
HUTCHINSON,SHOCKEY,ERLEY &
COMPANY
MORGAN KEEGAN & CO., INC.
Mesirow Financial Inc.
SARJT PAUL, MN � MINNEAPOLIS, MN
March 26, 1997
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
Moady's Rating: Aa2
Standard & Poor's Rating: AA+
Fitch's Rating: AA+
$17,354,238.25 $5,008,885.71 4.949790
4.50% 1998 $17,408,826.50 $5,060,258.92
4.75% 1999-2003
4.80% 2004
4.90% 2005
5.00% 2006
5.10% 2007
BROOKF[ELD, WI � OVERLAND PARK. KS � WASH7NGCON, DC � lOWA CiCY, IA
4.9950%
(Continued)
Intecest Net Interest True Interest
Bidder Ra es Price (' Rate
MERRILL LYNCH & CO.
Securities Corporation of Iowa
DAIN BOSWORTH INCORPORATED
PRUDENTIAL SECURITIES, INC.
ABN AMRO SECURTTIES (USA) INC.
GRIFFIN, KUBIK, STEPHENS &
THOMPSON, INC,
OPPEM-IEIMER & CO., INC.
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED
CRONIN & COMPANY, INCORPORATED
SMITH BARNEY
FIRST OF AMERICA SECUI2ITIES
RAYMOND JAMES & ASSOCIATES
INTERSTATE/JOHNSON LANE CORP
4.00% 1998
4.50°,b 1999-2001
4.60% 2002
4.70 % 2003
4.80 % 2004
5.00% 2005-2007
4.50 % 1998-2000
4.60% 2001
4.70% 2002
5.00% 2003-2007
3.95%
4.30%
4.50 %
4.60%
4.65 %
4.75 %
4.85 %
4.90 %
5.00 %
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
4.00 %
4.30 %
4.45 %
4.60%
4.70 %
4.80%
4.90�
5.00 %
1998
1999
2000
2001
2002
2003
2004
20p5-2007
4.00% 1998
4.375 % 1999
4.75 % 2000
4.80 %a 200I
5.00% 20p2-2006
5.10% 2007
4.75% 1998-?A02
4.85% 2003
4.90 % 2004
5.00% 2005
5.10°k 2006
5.125 % 2007
517,348,556.25
517,415,525.50
$I7,327,250J5
$17,347,955.50
$17,436,6I9.50
$17,398,150.00
$5,056,214.58
$5,067,368.25
$5,078,182.58
$5,087,003.85
$5,107,254.15
$5,136,369.27
4.9988 %
4.9994 �7
5.0251 %
5.0297�/
5.035490
SA7I8 `70
(Continued)
ci� - 3n5
Interest Net Interest True Interest
Bidder Rates Price ost Rate
WILLIAM BLAIR & COMPANY
ROBERT W. BAIRD & COMPANY,
INCORPORATED
3.80%
4.35%
4.55 %
4.65 %
4.75%
4.80 %
4.90 %
5.00 %
5.10%
REOFFERING 5CHEDULE OF THE PURCHASER
Rate
Year
NRO
Paz
4.45 %
4.55 %
4.65 %
4.75 %
4.80 %
4.90 %
Paz
5.10%
Yield
3.85%
4.30 %
4.40 %
4.50%
4.60 %
4.70 %
4.75 %
4.85%
5.00 %
5.00 %
1998
1999
2000
2001
2002
2003
2004
2005-2006
2007
1998
1999
2000
2001
2002
2003
2004
zoos
2006
2007
$17,325,162.00 $5,141,816.13 5.0879`7a
BBI: 5.78%
Average Maturity: 5.80 Yeus
��
8i E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN SS10I-2I43
612-223-3000 FAX: 612-223-3002
� � ,
�os
SPRINGSTED
Public Fi�uaice Advisors
$2,450,000
CPl'P OF SAINT PAUL, MINNESOTA
GENERAI, OBLIGATION STREET IMPROVEMENT SPECIAL ASSESSMENT BONDS, SERIES 1997B
BOOK ENTRY ONLI�
AWARD: PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
1�IILLER & SCHROEDER FINANCIAL, INC.
AND ASSOCIATES
SALE:
March 26, 1997
Moody's Rating: Aa2
Standard & Poor's Rating: AA+
Fitch's Rating: AA+
Interest Net Interest True Interest
Bidder Rates Price ost Aate
PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MILLER & SCHROEDER FINANCIAL, INC.
John G. Kinnazd & Company
Incorporated
Juran & Moody, a division of Miller,
Iohnson & Kuehn,Inc.
The GMS Group
Dougherty Dawkins, Inc.
Peterson Financial Corporation
CRONIN & COMPANY, INCORPORATED
SMITH BARNEY
4.30%
4.45%
4.55%
4.65 %
4.75 %
4.80%
4.90 %
5.00 %
5.10%
5.20 %
1998-1999
2000
2001
2002
2003
2004
2005
2006-2007
2008
2009
$2,425,667.50
4.00 °k
430%
4.50 %
4.60%
4.65%
4.75 %
4.85 %
4.90 %
5.00 %
5.15 %
5.25 %
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
2008
2009
$2,425,735.50
$1,018,1�2.08
$1,024,780.13
5.2181 %
5.2497 %
(Continued)
SAMT PAUG MN � M[NNEAPOLIS, MN � BROOKFIELD, WI � OVERLAND PARK, KS � WASHINGTON. DC �[OWA C17Y. IA
Interest Net Interest True Interest
Bidder Rates Price ('n� Rare
DAIN BOSWORTH INCORPORATED
PRUDENTIAL SECURITIES, INC.
ABN AMRO SECURITIES (USA) INC.
GRIFFIN, KUBIK, STEPHENS &
THOMPSON, INC.
OPPENHEIMER & CO., INC.
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED
RAYMOND JAMES & ASSOCIATES
WILLIAM BLAIR & COMPANY
ROBERT W. BAIRD & COMPANY,
INCORPORATED
4.50 %
4.60 %
4.70 %
4.80 %
4.90 %
5.00 %
5.10 %
5.25 %
4.00 %
430%
4.60 %
4.75 %
4.80�
4.90 %
5.0p%
5.10%
5.20%
5.25 %
5.30 %
3.80%
4.35 %
4.55 %
4.65 %
4.75 %
4.85 %
4.90 %
5.00 %
5.10%
5.20%
5.25 %
5.35 %
1998-2000
Z001
2002
2003
2004
2005-2006
2007-2008
2009
1998
1999
2000
2001
2002
2003
2004
2005-2006
2007
2008
2009
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
$2,428,288.00
$2,428,941.75
$2,425,512.75
REOFFERING SCHEDULE OF THE PURCHASER
0
430%
430�0
4.45 %
4.55 %
4.65 %
4.75 %
4.80 %
4.90 %
5.00 %
5.00 %
5.10%
5.20 %
�
1998
1999
2000
2001
2002
2003
2004
20p5
2006
2007
2008
2009
�
NRO
Paz
Paz
Paz
Paz
Pu
Paz
Paz
Paz
5.10%
5.15 %
5.25 %
$1,026,435.96
$2,037,Q70.75
$1,043,820.58
5.2577 %
53092%
5.3458 %
BBI: 5.78 ° ,6
Average Maturity: 8.00 Yeazs
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PAUL, MIN
Preserted By
Referred To
Councii File # � ��
Green Sheet # —` ��
Committee: Date
��/
1
2
3
4
5
ACCEPTING PROPOSAL ON SALE OF
$2,450,000 GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BONDS, SERIES 1997B,
PROVIDIY3G FOR THEIR ISSUANCE, AND LEVYIAIG
A TAX FOR THE PAYMENT THEREOF
6 WHEREAS, the Director, Office of Financial Services,
7 has presented proposals received for the sale of $2,450,000
8 General Obligation Street Improvement Special Assessment Bonds,
9 Series 1997B (the "Bonds"), of the City of Saint Pau1, Minnesota
10 (the "City"}; and
11 WHEREAS, the proposals set forth on Exhibit A attached
12 hereto were received pursuant to the Terms of Proposal at the
13 offices of Springsted Incorporated at 10:30 A.M., Central Time,
14 this same day; and
15 WHEREAS, the Director, Office of Financial Services,
16 has advised this Council that the proposal of
17 � � ���.�,i ,,L/�G_ was found to be the most advantageous
18 an has recomm�that said proposal be accepted; and
19 WHEREAS, the proceeds of the Bonds will finance certain
2o street improvements to be specially assessed, for which the City
21 is proceeding pursuant to its Charter and not Minnesota Statutes,
22 Chapter 429, with any excess to be used for any other purpose
23 permitted by law; and
q7 3��
1 WHEREAS, the City has heretofore issued registered
2 obligations in certificated form, and incurs substantial costs
3 associated with their printing and issuance, and substantial
4 continuing transaction costs relating to their payment, transfer
5 and exchange; and
6 WHEREAS, the City has determined that significant
7 savings in transaction costs will result from issuing bonds in
8 "global book-entry £orm", by which bonds are issued in
9 certificated form in large denominations, registered on the books
10 of the City in the name of a depository or its nominee, and held
il in safekeeping and immobilized by such depository, and such
12 depository as part of the computerized national securities
13 clearance and settlement system (the "National System") registers
14 transfers of ownership interests in the bonds by making
15 computerized book entries on its own books and distributes
16 payments on the bonds to its Participants shown on its books as
17 the owners of such interests; and such Participants and other
18 banks, brokers and dealers participating in the National System
19 will do likewise (not as agents of the City) if not the
20 beneficial owners of the bonds; anci
21 WAEREAS, "Participants" means those financial
22 institutions for whom the Depository effects book-entry transfers
23 and pledges of securities deposited and immobilized with the
24 Depository; and
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
WHEREAS, The Depository Trust Company, a limited
purpose trust company organized under the laws of the State of
New York, or any of its successors or successors to its functions
hereunder (the "Depository"), will act as such depository with
respect to the Bonds except as set forth below, and the City has
heretofore delivered a letter of representations (the "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 of
one certificate per maturity, each representing the entire
principal amount of the Bonds due on a particular maturity
(each a"Global Certificate"), which single certificate per
maturity may be transferred on the City's bond register as
required by the Uniform Commercial Code, but not exchanged
smaller denominations unless the City determines to issue
Replacement Bonds as provided below; and
Depository
book-ent
exchanged
registered
346604.2
date
for
WHEREAS, the City will be able to replace the
or under certain circumstances to abandon the "global
ry form" by permitting the Global Certificates to be
for smaller denominations typical of ordinary bonds
on the City's bond register; and "Replacement Bonds"
2
�� 3QS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
means the certificates representing the Bonds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and
WHEREAS, "Holder" as used herein means the person in
whose name a Bond is registered on the registration books of the
City maintained by the registrar appointed as provided in
paragraph 8 (the "Bond Registrar"); and
WHEREAS, Rule 15c2-12 of the Securities and Exchange
Commission prohibits "participating underwriters" from purchasing
or selling the Bonds unless the City undertakes to provide
certain continuing disclosure with respect to the Bonds; and
WHEREAS, pursuant to Minnesota Statutes, Section
475.60, Subdivision 2(9), public sale requirements do not apply
to the Bonds if the City retains an independent financial advisor
and determines to sell the Bonds by private negotiation, and the
City has instead authorized a competitive sale without
publication of notice thereof as a form of private negotiation;
and
19 WHEREAS, proposals for the Bonds have been solicited by
20 Springsted Incorporated pursuant to an Official Statement and
21 Terms of Proposal therein:
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Saint Paul, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of
Piper Jaffray, Inc. (the "PUrchaser"), to purchase $2,450,000
General Obligation Street Improvement Special Assessment Bonds,
Series 1997B, of the City (the "Bonds", or individually a
"Bond"), in accordance with the Terms of Proposal for the bond
sale, at the rates of interest hereinafter set forth, and to pay
therefor the sum of $2,425,667.50, plus interest accrued to
settlement, is hereby found, determined and declared to be the
most favorable proposal received and is hereby accepted, and the
Bonds are hereby awarded to the Purchaser. The Director, Office
of Financial Services, or his designee, is directed to retain the
deposit of the Purchaser and to forthwith return to the others
making proposals their good faith checks or drafts.
2. Title; Original Issue Date: Denominations;
Maturities. The Bonds shall be titled "General Obligation Street
Improvement Special Assessment Bonds, Series 1997B", shall be
dated April 1, 1997, as the date of original issue and shall be
issued forthwith on or after such date as fully registered bonds.
The Bonds shall be numbered from R-1 upward. Global Certificates
346604.2
q 7 3czS
1
2
3
4
5
6
7
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
shall each be in the denomination of the entire principal amount
maturing on a single date, or, if a portion of said principal
amount is prepaid, said principal amount less the prepayment.
Replacement Bonds, if issued as provided in paragraph 6, shall be
in the denomination of $5,000 each or in any integral multiple
thereof of a single maturity. The Bonds shall mature on March 1
in the years and amounts as follows:
Year Amount
1998
1999
2000
2001
2002
2003
For purposes
maturities of
of C.he City' s
Bonds, Series
Year Amount
$350,000 2004 $ 100,000
125,000 2005 100,000
100,000 2006 100,000
100,000 2007 100,000
100,000 2008 100,000
100,000 2009 1,075,000
of Minnesota Statutes, Section 475.54, the serial
the Bonds are combined with the serial maturities
$17,500,000 General Obligation Capital Improvement
1997A.
3. Pur�ose. The Bonds shall provide funds for the
construction of various street improvements (the "Improvements")
in the City, and any excess funds shall be devoted to any other
purpose permitted by law. The total cost of the Improvements,
which shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the Bonds. Work on the Improvements shall proceed with due
diligence to completion.
4. Interest. The Bonds shall bear interest payable
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 1997,
calculated on the basis of a 360-day year of twelve 30-day
months, at the respective rates per annum set forth opposite the
maturity years as follows:
Maturity Year
1998
1999
2000
2001
20�2
2003
Interest Rate
Maturit� Year
Interest Rate
4.30a
4.30
4.45
4.55
4.65
4.75
2004
2005
2006
2007
2008
2009
4.80
4.90
5.00
5.00
5.10
5.20
40 5. Description of the Global Certificates and Global
41 Book-Entry System. Upon their original issuance the Bonds will
42 be issued in the form of a single Global Certificate for each
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maturity, deposited with the Depository by the Purchaser and
immobilized as provided in paragraph 6. No beneficial owners of
interests in the Bonds will receive certificates representing
their respective interests in the Bonds except as provided in
paragraph 6. Except as so provided, during the term of the
Bonds, beneficial ownership (and subsequent transfers of
beneficial ownership) of interests in the Global Certificates
will be reflected by book entries made on the records of the
Depository and its Participants and other banks, brokers, and
dealers participating in the National System. `Phe Depository's
book entries of beneficial ownership interests are authorized to
be in increments of $5,000 of principal of the Bonds, but not
smaller increments, despite the larger authorized denominations
of the Global Certificates. Payment of principal of, premium, if
any, and interest on the Global Certificates will be made to the
Bond Registrar as paying agent, and in turn by the Bond Registrar
to the Depository or its nominee as registered owner of the
G1oba1 Certificates, and the Depository according to the laws and
rules governing it will receive and forward payments on behalf of
the beneficial owners of the Global Certificates.
Payment of principal of, premium, if any, and interest
on a Global Certificate may in the City�s discretion be made by
such other method of transferring funds as may be requested by
the Holder of a Global Certificate.
6. Immobilization of Global Certificates bv the
Deoositorv: Successor Depository: Replacement Bonds. Pursuant to
the request of the Purchaser to the Depository, which request is
required by the Terms of Proposal, immediately upon the original
delivery of the Bonds the Purchaser will deposit the Global
Certificates representing all of the Bonds with the Depository.
The G1oba1 Certificates sha11 be in typewritten form or otherwise
as acceptable to the Depository, shall be registered in the name
of the Depository or its nominee and shall be held immobilized
from circulation at the offices of the Depository on behalf of
the Purchaser and subsequent bondowners. The Depository or its
nominee wi11 be the sole holder of record of the Global
Certificates and no investor or other party purchasing, selling
or otherwise transferring ownership of interests in any Bond is
to receive, hold or deliver any bond certificates so long as the
Depository holds the Global Certificates immobilized from
circulation, except as provided below in this paragraph and in
paragraph 12.
Certificates evidencing the Bonds may not after their
original delivery be transferred or exchanged except:
(i) Upon registration of transfer of ownership of a
Global Certificate, as provided in paragraph 12,
346604.2
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1 (ii) To any successor of the Depository (or its
2 nominee) or any substitute depository (a "substitute
3 depository") designated pursuant to clause (iii) of this
4 subparagraph, provided that any successor of the Depository
5 or any substitute depository must be both a"clearing
6 corporation" as defined in the Minnesota Uniform Commercial
7 Code at Minnesota Statutes, Section 336.8-102, and a
8 qualified and registered "clearing agency" as provided in
9 Section 17A of the Securities Exchange Act o£ 1934, as
10 amended,
11 (iii) To a substitute depository designated by and
12 acceptable to the City upon (a) the determination by the
13 Depository that the Bonds shall no longer be eligible for
14 its depository services or (b) a determination by the City
15 that the Depository is no longer able to carry out its
16 functions, provided that any substitute depository must be
17 qualified to act as such, as provided in clause (ii) o£ this
18 subparagraph, or
19 (iv) To those persons to whom transfer is requested
20 in written transfer instructions in the event that:
21 (a) the DeposiCory shall resign or discontinue
22 its services for the Bonds and the City is unable to
23 locate a substitute depository within two (2) months
24 following the resignation or determination of non-
25 eligibility, or
26 (b) upon a determination by the City in its sole
27 discretion that (1) the continuation of the book-entry
28 system described herein, which precludes the issuance
29 of certificates (other than Global Certificates) to any
30 Holder other than the Depository (or its nominee),
31 might adversely affect the interest of the beneficial
32 owners of the Bonds, or (2) that it is in the best
33 interest of the beneficial owners of the Bonds that
34 they be able to obtain certificated bonds,
35 in either of which events the City shall notify Holders of
36 its determination and of the availability of certificates
37 (the "Replacement Bonds") to Holders requesting the same and
38 the registration, transfer and exchange of such Sonds will
39 be conducted as provided in paragraphs 9B and 12 hereof.
40 In the event of a succession of the Depository as may
41 be authorized by this paragraph, the Bond Registrar upon
42 presentation of Global Certificates shall register their transfer
43 to the substitute or successor depository, and the substitute or
44 successor depository shall be treated as the Depository for all
346604.2 6
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purposes and functions under this
Representations shall not apply to
depository unless the City and the
depository so agree, and a similar
resolution. The Letter of
a substitute or successor
substitute or successor
agreement may be entered into.
7. Redemption.
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(a) Optional Redemption; Due Date. All Bonds maturing
after March 1, 2005, shall be subject to redemption and
prepayment at the option of the City on such date and on any day
thereafter at a price of par plus accrued interest. Redemption
may be in whole or in part of the Bonds subject to prepayment.
If redemption is in part, those Bonds remaining unpaid may be
prepaid in such order of maturity and in such amount per maturity
as the City shall determine; and if only part of the Bonds having
a common maturity date are called for prepayment, the Global
Certificates may be prepaid in $5,000 increments of principal
and, if applicable, the specific Replacement Bonds to be prepaid
shall be chosen by lot by the Bond Registrar. Bonds or portions
thereof oalled for redemption sha11 be due and payable on the
redemption date, and interest thereon sha11 cease to accrue from
and after the redemption date.
21 (b) Notation on Global Certificate. Upon a reduction in
22 the aggregate principal amount of a Global Certificate, the
23 Holder may malce a notation of such redemption on the panel
24 provided on the Global Certificate stating the amount so
25 redeemed, or may return the Global Certificate to the Bond
26 Registrar in exchange for a new Global Certificate authenticated
27 by the Bond Registrar, in proper principal amount. Such
28 notation, if made by the Holder, shall be for reference only, and
29 may not be relied upon by any other person as being in any way
30 determinative of the principal amount of such Global Certificate
31 outstanding, unless the Bond Registrar has signed the appropriate
32 column of the panel.
33 (c) Selection of ReAlacement Bonds. To effect a partial
34 redemption of Replacement Bonds having a common maturity date,
35 the Bond Registrar prior to giving notice of redemption shall
36 assign to each Replacement Bond having a common maturity date a
37 distinctive number for each $5,000 of the principal amount of
38 such Replacement Bond. The Bond Registrar shall then select by
39 lot, using such method of selection as it shall deem proper in
40 its discretion, from the numbers so assigned to such Replacement
41 Bonds, as many numbers as, at $5,000 for each number, shall equal
42 the principal amount of such Replacement Bonds to be redeemed.
43 The Replacement Bonds to be redeemed shall be the Replacement
44 Bonds to which were assigned numbers so selected; provided,
45 however, that only so much of the principal amount of each such
46 Replacement Bond of a denomination of more than $5,000 shall be
346604.2 7
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1 redeemed as shall equal $5,000 for each number assigned to it and
2 so selected.
3 (d) Partial Redemt�tion of Replacement Bond. If a
4 Replacement Bond is to be redeemed only in part, it shall be
5 surrendered to the Bond Registrar (with, if the City or Bond
6 Registrar so requires, a written instrument of transfer in form
7 satisfactory to the City and Bond Registrar duly executed by the
8 Holder thereof or his, her or its attorney duly authorized in
9 writing) and the City shall execute (if necessary) and the Bond
10 Registrar shall authenticate and deliver to the Holder of such
11 Replacement Bond, without service charge, a new Replacement Bond
12 or Bonds of the same series having the same stated maturity and
13 interest rate and of any authorized denomination or
14 denominations, as requested by such Holder, in aggregate
15 principal amount equal to and in exchange for the unredeemed
16 portion of the principal of the Bond so surrendered.
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24
25
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34
(e) Request for RedemAtion. The Bond Registrar shall ca11
Bonds for redemption and payment as herein provided upon receipt
by the Bond Registrar at least £orty-five (45) days prior to the
redemption date of a request of the City, in written form if the
Bond Registrar is other than a City officer. Such request shall
specify the principal amount of Bonds to be called for redemption
and the redemption date.
(f) Notice. Mailed notice of redemption shall be given
the paying agent (if other than a City officer) and to each
affected Holder. If and when the City shall call any of the
Bonds for redemption and payment prior to the stated maturity
thereof, the Bond Registrar shall give written notice in the
of the City of its intention to redeem and pay such Bonds at
office of the Bond Registrar. Notice of redemption shall be
f.S.]
name
the
given by first class mail, postage prepaid, mailed not less than
thirty (30) days prior to the redemption date, to each Holder of
Bonds to be redeemed, at the address appearing in the Bond
Register. All notices of redemption shall state:
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346604.2
(i) The redemption date;
(ii) The redemption price;
(iii) If less than all outstanding Bonds are to be
redeemed, the identification (and, in the case of
partial redemption, the respective principal
amounts) of the Bonds to be redeemed;
(iv) That on the redemption date, the redemption price
will become due and payable upon each such Bond,
0
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1 and that interest thereon sha11 cease to accrue
2 from and after said date; and
3 (v) The place where such Bonds are to be surrendered
4 for payment of the redemption price (which shall
5 be the office of the Bond Registrar}.
6 (g) Notice to Depositorv. Notices to The Depository Trust
7 Company or its nominee shall contain the CUSIP numbers of the
8 Bonds. If there are any Holders of the Bonds other than the
9 Depository or its nominee, the Bond Registrar shall use its best
10 efforts to deliver any such notice to the Depository on the
11 business day next preceding the date of mailing of such notice to
12 all other Holders.
13 8. Bond Registrar. First Trust National Association,
14 in Saint Paul, Minnesota, is appointed to act as bond registrar
15 and transfer agent with respect to the Bonds (the "Bond
16 Registrar��), and shall do so unless and until a successor Bond
17 Registrar is duly appointed, a11 pursuant to any contract the
18 City and Bond Registrar shall execute which is consistent
19 herewith. A successor Bond Registrar shall be an officer of the
20 City or a bank or trust company eligible for designation as bond
21 registrar pursuant to Minnesota Statutes, Chapter 475, and may be
22 appointed pursuant to any contract the City and such successor
23 Bond Registrar shall execute which is consistent herewith. The
24 Bond Registrar shall also serve as paying agent unless and until
25 a successor paying agent is duly appointed. Principal and
26 interest on the Bonds shall be paid to the Holders (or record
27 holders) of the Bonds in the manner set forth in the forms of
28 Bond and paragraph 14 of this resolution.
29 9. Forms of Bond The Bonds shall be in the form of
30 Global Certificates unless and until Replacement Bonds are made
31 available as provided in paragraph 6. Each form of bond may
32 contain such adclitional or different terms and provisions as to
33 the form of payment, record date, notices and other matters as
34 are consistent with the Letter of Representations and approved by
35 the City Attorney.
36 A. Global Certificates. The Global Certificates,
37 together with the Certificate of Registration, the Register of
38 Partial Payments, the form of Assignment and the registration
39 information thereon, shall be in substantially the following form
40 and may be typewritten rather than printed:
346604.2 9
9� �3�-�
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6 R-
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9 INTEREST
10 RATE
il
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
GENERAL OBLIGATION STREET IMPROVEMENT
SPECIAL ASSESSMENT BOND, SERIES 1997B
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
March 1,
REGISTERED OWNER:
PRINCIPAL AMOTJNT:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "ISSUer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above or on the certificate
of registration below, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, unless called for earlier
redemption, and to pay interest thereon semiannually on March 1
and September 1 of each year (each, an "Interest Payment Date"),
commencing September 1, 1997, at the rate per annum specified
above (calculated on the basis of a 360-day year of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable in
same-day funds by 2:30 p.m., Eastern time, upon presentation and
surrender hereof at the principal office of
in , Minnesota (the "Bond
Registrar"), acting as paying agent, or any successor paying
agent duly appointed by the Issuer; provided, however, that upon
a partial redemption of this Bond which results in the stated
amount hereof being reduced, the Holder may in its discretion be
paid without presentation of this Bond, which payment shall be
received no later than 2:30 p.m., Eastern time, and may make a
notation on the panel provided herein of such redemption, stating
April l, 1997
346604.2 1 0
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the amount so redeemed, or may return the Bond to the Bond
Registrar in exchange for a new Bond in the proper principal
amount. Such notation, if made by the Holder, shall be for
reference only, and may not be relied upon by any other person as
being in any way determinative of the principal amount of this
Bond outstanding, unless the Bond Registrar has signed the
appropriate column of the panel. Interest on this Bond will be
paid on each Interest Payment Date in same-day funds by 2:30
p.m., Eastern time, to Che person in whose name this Bond is
registered (the "Holder" or "Bondholder") on the registration
books of the Issuer maintained by the Bond Registrar and at the
address appearing thereon at the close of business on the
fifteenth day of the calendar month preceding such Interest
Payment Date (the "Regular Record Date"). Interest payments
shall be received by the Holder no later than 2:30 p.m., Eastern
time; and principal and premium payments shall be received by the
Holder no later than 2:30 p.m., Eastern time, if the Bond is
surrendered for payment enough in advance to permit payment to be
made by such time. Any interest not so timely paid sha11 cease
to be payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereof at the close of business on a date (the
°Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
Date of Pavment Not Business Dav. If the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of New York, New York, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
shall have the same force and effect as if made on the nominal
date of payment.
Redemotion. All Bonds
maturing after March 1, 2005, are
prepayment at the option of the Issuer
day thereafter at a price of par plus
Redemption may be in whole or in part
prepayment. If redemption is in part,
unpaid may be prepaid in such order of
amount per maturity as the City shall
of the Bonds having a common maturity
34b604.2
of this issue (the "Bonds")
subject to redemption and
11
on such date and on any
accrued interest.
of the Bonds subject to
those Bonds remaining
maturity and in such
determine; and if only part
date are called for
97��5
1 prepayment,
2 principal.
3 be due and
4 shall cease
this Bond may be prepaid in $5,000 increments of
Bonds or portions thereof called for redemption shall
payable on the redemption date, and interest thereon
to accrue from and after the redemption date.
5 Notice of Redemption. Mailed notice of redemption
6 shall be given to the paying agent (if other than a City officer)
7 and to each affected Holder of the Bonds. In the event any of
8 the Bonds are called for redemption, written notice thereo£ will
9 be given by first class mail mailed not less than thirty (3�)
10 days prior to the redempCion date to each Holder of Bonds to be
11 redeemed. In connection with any such notice, the "CL3SIP"
12 numbers assigned to the Bonds shall be used.
13 Renlacement or Notation of Bonds after Partial
14 Redemption. Upon a partial redemption of this Bond which results
15 in the stated amount hereof being reduced, the Holder may in its
16 discretion make a notation on the panel provided herein of such
17 redemption, stating the amount so redeemed. Such notation, if
18 made by the Holder, shall be for reference only, and may not be
19 relied upon by any other person as being in any way determinative
20 of the principal amount of the Bond outstanding, unless the Bond
21 Registrar has signed the appropriate column of the panel.
22 Otherwise, the Holder may surrender this Bond to the Bond
23 Registrar (with, if the Issuer or Bond Registrar so requires, a
24 written instrument of transfer in form satisfactory to the Issuer
25 and Bond Registrar duly executed by the Holder thereof or his,
26 her or its attorney duly authorized in writing) and the Issuer
27 shall execute (if necessary) and the Bond Registrar shall
28 authenticate and deliver to the Holder of such Bond, without
29 service charge, a new Bond of the same series having the same
30 stated maturity and interest rate and of the authorized
31 denomination in aggregate principal amount equal to and in
32 exchange for the unredeemed portion of the principal of the Bond
33 so surrendered.
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Issuance; Purpose; General Obliaation. This Bond is
one of an issue in the total principal amount of $2,450,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full confor,mity
with the Constitution and laws of the State of Minnesota and the
Charter of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on March 26, 1997 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
346604.2
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and full payment of its princigal,
when the same become due, the full
powers of the Issuer have been and
pledged.
premium, if any, and interest
faith and credit and taxing
are hereby irrevocably
Denominations; Exchanae; Resolution. The Bonds are
issuable originally only as Global Certificates in the
denomination of the entire principal amount of the issue maturing
on a single date, or, if a portion of said principal amount is
prepaid, said principal amount less the prepayment. G1oba1
Certificates are not exchangeable for fully registered bonds of
smaller denominations except to evidence a partial prepayment or
in exchange for Replacement Bonds if then available. Replacement
Bonds, if made available as provided below, are issuable solely
as fully registered bonds in the denominations o£ $5,000 and
integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Renlacement Bonds. Replacement Bonds may be issued by
the Issuer in the event that:
(a) the Depository shall resign or discontinue its
services for the Bonds, and only if the Issuer is unable to
locate a substitute depository within two (2) months
following the resignation or determination of non-
eligibility, or
(b) upon a determination by the Issuer in its sole
discretion that (1) the continuation of the book-entry
system described in the Resolution, which precludes the
issuance of certificates (other than Global Certificates) to
any Holder other than the Depository (or its nominee), might
adversely affect the interest of the beneficial owners of
the Bonds, or (2) that it is in the best interest of the
beneficial owners of the Bonds that they be able to obtain
certificated bonds.
40 Transfer. This Bond shall be registered in the name of
41 the payee on the books of the Issuer by presenting this Bond for
42 registration to the Sond Registrar, who wi11 endorse his, her or
43 its name and note the date of registration opposite the name of
44 the payee in the certificate of registration attached hereto.
45 Thereafter this Bond may be transferred by delivery with an
346604.2 1 3
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assignment duly executed by the Holder or his, her or its legal
representatives, and the Issuer and Bond Registrar may treat the
Holder as the person exclusively entitled to exercise all the
rights and powers of an owner until this Sond-is presented with
such assignment for registration of transfer, accompanied by
assurance of the nature provided by law that the assignment is
genuine and effective, and until such transfer is registered on
said books and noted hereon by the Bond Registrar, all subject to
the terms and conditions provided in the Resolution and to
reasonable regulations of the Issuer contained in any agreement
with, or notice to, the Bond Registrar. Transfer of this Bond
may, at the direction and 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.
16 Fees upon Transfer or Loss. The Bond Registrar may
17 require payment of a sum sufficient to cover any tax or other
18 governmental charge payable in connection with the transfer or
19 exchange of this Bond and any legal or unusual costs regarding
20 transfers and lost Bonds.
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27
Treatment of Registered Owner. The Issuer and Bond
Registrar may treat the person in whose name this Bond is
registered as the owner hereof for the purpose o£ receiving
payment as herein provided (except as otherwise provided with
respect to the Record Date) and for all other purposes, whether
or not this Bond shall be overdue, and neither the Issuer nor the
Bond Registrar shall be affected by notice to the contrary.
28 Authentication This Bond shall not be valid or become
29 obligatory for any purpose or be entitled to any security unless
30 the Certificate of Authentication hereon shall have been executed
31 by the Bond Registrar.
32 Not Qualified Tax-Exempt Obliaations. The Bonds have
33 not been designated by the Issuer as "qualified tax-exempt
34 obligations" for purposes of Section 265(b)(3) of the federal
35 Internal Revenue Code of 1986, as amended. The Bonds do not
36 qualify for such designation.
37 IT IS AEREBY CERTIFIED AND RECITED that all acts,
38 conditions and things required by the Constitution and laws of
39 the State of Minnesota and the Charter of the Issuer to be done,
40 to happen and to be performed, precedent to and in the issuance
41 of this Bond, have been done, have happened and have been
42 performed, in regular and due form, time and manner as required
43 by 1aw, and that this Bond, together with a11 other debts of the
44 Issuer outstanding on the date of original issue hereof and on
45 the date of its issuance and delivery to the original purchaser,
346604.2 14
9� ��S
1 does not exceed any constitutional or statutory or Charter
2 limitation of indebtedness.
3 IN WSTNESS WHEREOF, the City of Saint Paul, Ramsey
4 County, Minnesota, by its City Council has caused this Bond to be
5 sealed with its official seal and to be executed on its behalf by
6 the photocopied facsimile signature of its Mayor, attested by the
7 photocopied facsimile signature of its Clerk, and countersigned
8 by the photocopied facsimile signature of its Director, Office of
9 Financial Services.
346604.2 1 5
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Date of Registration
Registrable by:
Payable at: _
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTHENTICATION
8 This Bond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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16 Bond Registrar
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By
Authorized Signature
(SEAL)
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Mayor
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
General Obligation Street Improvement Special Assessment Bond,
Series 1997B, No. R-
346604.2
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached
Bond may be made only by the registered owner or his, her or its
legal representative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
SIGNATURE OF
BOND REGIS'I'RAR
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REGISTER OF PARTIAI, PAYMENTS
The principal amount of the attached Bond has been prepaid on the
dates and in the amounts noted below:
Signature of Signature of
Date Amount Bondholder Bond Reaistrar
If a notation is made on this register, such notation has the
effect stated in the attached Bond. Partial payments do not
require the presentation of the attached Bond to the Bond
Registrar, and a Holder could fail to note the partial payment
here.
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ABBREVIATIONS
2 The following abbreviations, when used in the inscription on
3 the face of this Bond, shall be construed as though they were
4 written out in full according to applicable laws or regulations:
5 TEN COM - as tenants in common
6 TEN SNT - as tenants by the entireties
7 JT TEN - as joint tenants with right of survivorship
8 and not as tenants in common
9 UTMA - as custodian for
10 (Cust) (Minor)
11 under the Uniform Transfers
12 (State)
13 to Minors Act
14 Additional abbreviations may also be used
15 though not in the above 1ist.
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the attached Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books
kept for the registration thereof, with full power of
substitution in the premises.
Dated:
Notice: The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the attached Bond in every
particular, without alteration or any change
whatever.
Signature Guaranteed:
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
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The Bond Registrar will not effect transfer of this
Bond unless the information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
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1 B. Replacement Bonds. If the City has notified
2 Holders that Replacement Bonds have been made available as
3 provided in paragraph 6, then for every Bond thereafter
4 transferred or exchanged (including an exchange to reflect the
5 partial prepayment of a Global Certificate not previously
6 exchanged for Replacement Bonds) the Bond Registrar shall deliver
7 a certificate in the form of the Replacement Bond rather than the
8 Global Certificate, but the Holder of a Global Certificate shall
9 not otherwise be required to exchange the Global Certificate for
10 one or more Replacement Bonds since the City recognizes that some
11 beneficial owners may prefer the convenience of the Depository's
12 registered ownership of the Bonds even though the entire issue is
13 no longer required to be in global book-entry form. The
14 Replacement Bonds, together with the Bond Registrar's Certificate
15 of Authentication, the form of Assignment and the registration
16 information thereon, shall be in substantially the following
17 form:
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UNITED STATES OF AMERICA
STATE OF MINNfiSOTA
RAMSEY COUNTY
CITY OF SAINT PAUL
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8 INTEREST
9 RATE
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GENERAL OBLIGATION STREET IMPROVEMEA7T
SPECIAL ASSESSMENT BOND, SERIES 1997B
MATURITY DATE OF
DATE ORIGINAL ISSUE
April 1, 1997
REGISTERED OWNER:
PRINCIPAL AMOUNT:
$
CUSIP
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Saint Paul, Ramsey County, Minnesota (the "Issuer" or "City"),
certifies that it is indebted and for value received promises to
pay to the registered owner specified above, or registered
assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturity date specified above,
unless called for earlier redemption, and to pay interest thereon
semiannually on March 1 and September 1 of each year (each, an
"Interest Payment Date"), commencing September 1, 1997, at the
rate per annum specified above (calculated on the basis of a
360-day year of twelve 30-day months) until the principal sum is
paid or has been provided for. This Bond will bear interest from
the most recent Interest Payment Date to which interest has been
paid or, if no interest has been paid, from the date of original
issue hereof. The principal of and premium, if any, on this Bond
are payable upon presentation and surrender hereof at the
prinCipal office of , in
, (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly
appointed by the Issuer. Interest on this Sond will be paid on
each Interest Payment Date by check or draft mailed to the person
in whose name this Bond is registered (the "Holder" or
"Bondholder") on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar monCh
preceding such Interest Payment Date (the '�Regular Record Date'�).
Any interest not so timely paid shall cease to be payable to the
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1 person who is the Holder hereof as of the Regular Record Date,
2 and shall be payable to the person who is the Holder hereof at
3 the close of business on a date (the "Special Record Date��) fixed
4 by the Bond Registrar whenever money becomes available for
5 payment of the defaulted interest. Notice of the Special Record
6 Date shall be given to Bondholders not less than ten days prior
7 to the Special Record Date. The principal of and premium, if
8 any, and interest on this Bond are payable in lawful money of the
9 United States of America.
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REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota and the Charter of the Issuer to be done,
to happen and to be performed, precedent to and in the issuance
of this Bond, have been done, have happened and have been
performed, in regular and due form, time and manner as required
by law, and that this Bond, together with all other debts of the
Issuer outstanding on the date of original issue hereof and on
the date o£ its issuance and delivery to the original purchaser,
does not exceed any constitutional or statutory or Charter
limitation of indebtedness.
IN WITNESS WHEREOF, the City of Saint Paul, Ramsey
County, Minnesota, by its City Council has caused this Bond to be
sealed with its official seal or a facsimile thereof and to be
executed on its behalf by the original or facsimile signature o£
its Mayor, attested by the original or facsimile signature of its
Clerk, and countersigned by the original or facsimile signature
of its Director, Office of Financial Services.
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Date of Registration
Registrable by:
Payable at: _ _
5 BOND REGISTRAR'S
6 CERTIFICATE OF
7 AUTIiENTICATI0A7
8 This Hond is one of the
9 Bonds described in the
10 Resolution mentioned
11 within.
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15 Bond Registrar
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By
Authorized Signature
20 (SEAL)
3466D4.2
CITY OF SAINT PAUL,
RAMSEY COUNTY, MINNESOTA
Attest:
City Clerk
Countersigned:
Director, Office of Financial
Services
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ON REVERSE OF BOND
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Date of Payment Not Business Day. If the date for
payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which
banking institutions in the City of New York, New York, or the
city where the principal office of the Bond Registrar is located
are authorized by law or executive order to close, then the date
for such gayment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date
shall have the same force and effect as if made on the nominal
date of payment.
Redemption. All Bonds of this issue (the "Bonds")
maturing after March 1, 2005, are subjeCt to redemption and
prepayment at the option of the Issuer on such date and on any
day thereafter at a price of par plus accrued interest.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, those Bonds remaining
unpaid may be prepaid in such arder of maturity and in such
amount per maturity as the City shall determine; and if only part
of the Bonds having a common maturity date are called for
prepayment, the specific Bonds to be prepaid shall be chosen by
lot by the Bond Registrar. Bonds or portions thereof called for
redemption shall be due and payable on the redemption date, and
interest thereon shall Cease to acCrue from and after the
redemption date.
27 Notice of Redemption. Mailed notice of redemption
28 shall be given to the paying agent (if other than a City officer)
29 and ta each affected Holder of the Eonds. In the event any of
30 the Bonds are called for redemption, written notice thereof will
31 be given by first class mail mailed not less than thirty (30)
32 days prior to the redemption date to each Holder of Bonds to be
33 redeemed. In connection with any such notice, the "CUSIP"
34 numbers assigned to the Bonds shall be used.
35 Selection of Bonds for Redemption. To effect a partial
36 redemption of Bonds having a commpn maturity date, the Bond
37 Registrar shall assign to each Bond having a common maturity date
38 a distinctive number for each $5,000 of the principal amount of
39 such Bond. The Sond Registrar shall then select by lot, using
40 such method of selection as it shall deem proper in its
41 discretion, from the numbers assigned to the Bonds, as many
42 numbers as, at $5,000 for each number, shall equal the principal
43 amount of such Bonds to be redeemed. The Bonds to be redeemed
44 shall be the Bonds to which were assigned numbers so selected;
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provided, however, that only so much of the principal amount of
such Bond of a denomination of more than $5,000 shall be redeemed
as shall equal $5,000 for each number assigned to it and so
selected. If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Aolder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any authorized denomination or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose: General Obligatian. This Bond is
one of an issue in the total principal amount of $2,450,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and the
CharCer of the Issuer, and pursuant to a resolution adopted by
the City Council of the Issuer on March 26, 1997 (the
"Resolution"), for the purpose of providing money to finance the
construction of various street improvements in the City. This
Bond is payable out of a special account relating to the Bonds in
the General Obligation Special Assessments -- Streets Debt
Service Fund of the Issuer. This Bond Constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations: Exchange: Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,0�0 and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
ReferenCe is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
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1 Transfer. This Bond is transferable by the Holder in
2 person or by his, her or its attorney duly authorized in writing
3 at the principal office of the Bond Registrar upon presentation
4 and surrender hereof to the Bond Registrar, all subject to the
5 terms and conditions provided in the Resolution and to reasonable
6 regulations of the Issuer contained in any agreement with, or
7 notice to, the Bond Registrar. Thereupon the Issuer shall
8 execute and the Bond Registrar shall authenticate and deliver, in
9 exchange for this Bond, one or more new fully registered Bonds in
10 the name of the transferee (but not registered in blank or to
11 "bearer" or similar designation), of an authorized denomination
12 or denominations, in aggregate principal amount equal to the
13 principal amount of this Bond, of the same maturity and bearing
14 interest at the Same rate.
15 Fees upon Transfer or Loss. The Bond Registrar may
16 require payment of a sum sufficient to cover any tax or other
17 governmental charge payable in connection with the transfer or
18 exchange of this Bond and any legal or unusual costs regarding
19 transfers and lost Bonds.
20 Treatment of Reaistered Owner_ The Issuer and Bond
21 Registrar may treat the person in whose name this Bond is
22 registered as the owner hereof for the purpose of receiving
23 payment as herein provided (except as otherwise provided on the
24 reverse side hereof with respect to the Record Date) and for all
25 other purposes, whether or not this Bond shall be overdue, and
26 neither the Issuer nor the Bond Registrar shall be affected by
27 notiCe to the contrary.
28 Authentication. This Bond shall not be valid or become
29 obligatory for any purpose or be entitled to any security unless
30 the Certificate of Authentication hereon shall have been executed
31 by the Bond Registrar.
32 Not Oualified Tax-Exempt Oblicxations. The Bonds have
33 not been designated by the Issuer as "qualified tax-exempt
34 obligations" for purposes of Section 265(b)(3) of the federal
35 Internal Revenue Code of 1986, as amended. The Bonds do not
36 qualify for such designation.
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ABBREVIATIONS
2 The following abbreviations, when used in the
3 inscription on the face of this Bond, shall be construed as
4 though they were written out in fu11 according to applicable laws
5 or regulations:
6 TEN COM - as tenants in common
7 TEN ENT - as tenants by the entireties
8 JT fiEN - as joint tenants with right of survivorship
9 and not as tenants in common
10 UTMA - as custodian for
il (Cust) (Minor)
12 under the Uniform Transfers
13 (State)
14 to Minors Act
15 Additional abbreviations may also be used
16 though not in the above list.
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ASSIGNMENT
2 For value received, the undersigned hereby sells,
3 assigns and transfers unto
4 the within Bond and does
5 hereby irrevocably constituCe and appoint
6 attorney to transfer the Bond on the books kept for the
7 registration thereof, with full power of substitution in the
S premises.
9 Dated:
10 Notice: The assignor's signature to this assignment
11 must correspond with the name as it appears
12 upon the face of the within Bond in every
13 particular, without alteration or any change
14 whatever.
15 Signature Guaranteed:
16
17 Signature(s) must be guaranteed by a national bank or trust
18 company or by a brokerage firm having a membership in one of the
19 major stock exchanges or any other "Eligible Guarantor
20 Institution" as defined in 17 CFR 240.17Ad-15(a)(2).
21 The Bond Registrar will not effect transfer of this
22 Bond unless the information concerning the transferee requested
23 below is provided.
24 Name and Address:
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(Include information for all joint owners
if the Bond is held by joint account.)
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10. Execution. The Bonds shall be executed on behalf
of the City by the signatures of its Mayor, Clerk and Director,
Office of Financial Services, each with the effect noted on the
forms of the Bonds, and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed or
photocopied facsimile; and provided further that any of such
signatures may be printed or photocopied facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of disability or resignation or other absence of any
such officer, the Bonds may be signed by the manual or facsimile
signature of that officer who may act on behalf of such absent or
disabled officer. In case any such officer whose signature or
facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such
signature or facsimile shall nevertheless be valid and sufficient
for all purposes, the same as if he or she had remained in office
until delivery.
11. Authentication; Date of Registration. No Bond
shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a
Certificate of Authentication on such Bond, substantially in the
form hereinabove set forth, sha11 have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. The Bond Registrar shall authenticate the signatures of
officers of the City on each Bond by execution of the Certificate
of Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond is
authenticated. For purposes of delivering the original Global
Certificates to the Purchaser, the Bond Registrar sha11 insert as
the date of registration the date of original issue, which date
is April 1, 1997. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
12. Reaistration; `Pransfer; Exchanqe. The City will
cause to be kept at the principal office of the Bond Registrar a
bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
42 A Global Certificate shall be registered in the name of
43 the payee on the books of the Bond Registrar by presenting the
44 Global Certificate for registration to the Bond Registrar, who
45 will endorse his or her name and note the date of registration
46 opposite the name of the payee in the certificate of registration
47 on the Global Certificate. Thereafter a Global Certificate may
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be transferred by delivery with an assignment duly executed by
the Holder or his, her or its legal representative, and the City
and Bond Registrar may treat the Holder as the person exclusively
entitled to exercise all the rights and powers of an owner until
a Global Certificate is presented with such assignment for
registration of transfer, accompanied by assuranee of the nature
provided by law that the assignment is genuine and effective, and
until such transfer is registered on said books and noted thereon
by the Bond Registrar, all subject to the terms and conditions
provided in the Resolution and to reasonable regulations of the
City contained in any agreement with, or notice to, the Bond
Registrar.
13 `Transfer o£ a Global CertifiCate may, at the direction
14 and expense of the City, be subject to other restrictions if
15 required to qualify the Global Certificates as being '�in
16 registered form" within the meaning of Section 149(a) of the
17 federal Internal Revenue Code of 1986, as amended.
18 If a Global Certificate is to be exchanged for one or
19 more Replacement Bonds, all of the principal amount of the Global
20 Certificate shall be so exchanged.
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Upon surrender for transfer of any Replacement Bond
the principal office of the Bond Registrar, the City shall
execute (if necessary), and the Bond Registrar shall
authenticate, insert the date of registration (as provided in
paragraph 11) of, and deliver, in the name of the designated
transferee or transferees, one or more new Replacement Bonds
at
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any authorized denomination or denominations of a like aggregate
principal amount, having the same stated maturity and interest
rate, as requested by the transferor; provided, however, that no
bond may be registered in blank or in the name of "bearer" or
similar designation.
At the option of the Holder of a Replacement Bond,
Replacement Bonds may be exchanged for Replacement Bonds of any
authorized denomination or denominations of a like aggregate
principal amount and stated maturity, upon surrender of the
Replacement Bonds to be exchanged at the principal office of the
Bond Registrar. Whenever any Replacement Bonds are so
surrendered for exchange, the City shall execute (if necessary),
and the Bond Registrar shall authenticate, insert the date of
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.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
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1 the Bond Registrar and thereafter disposed of as directed by the
2 City.
3 Al1 Bonds delivered in exchange for or upon transfer of
4 Bonds shall be valid general obligations of the City evidencing
5 the same debt, and entitled to the same benefits under this
6 resolution, as the Bonds surrendered for such exchange or
7 transfer.
8 Every Bond presented or surrendered for transfer or
9 exchange shall be duly endorsed or be accompanied by a written
10 instrument of transfer, in form satisfactory to the Bond
11 Registrar, duly executed by the Holder thereof or his, her or its
12 attorney duly authorized in writing.
13 The Bond Registrar may require payment of a sum
14 sufficient to cover any tax or other governmental charge payable
15 in connection with the transfer or exchange of any Bond and any_
16 legal or unusual costs regarding transfers and lost Bonds.
17 Transfers shall also be subject to reasonable regula-
18 tions of the City Contained in any agreement with, or notice to,
19 the Bond Registrar, including regulations which permit the Bond
20 Registrar to close its transfer books between record dates and
21 payment dates.
22 13. Riqhts Upon Transfer or Exchanae. Each Bond
23 delivered upon transfer of or in exchange for or in lieu of any
24 other Bond shall carry all the rights to interest accrued and
25 unpaid, and to accrue, which were carried by such other Bond.
26 14. Interest Payment: Record Date. Interest on any
27 Global Certificate shall be paid as provided in the first
28 paragraph thereof, and interest on any Replacement Bond shall be
29 paid on each Interest Payment Date by check or draft mailed to
30 the person in whose name the Bond is registered (the "HOlder") on
31 the registration books of the City maintained by the Bond
32 Registrar, and in each case at the address appearing thereon at
33 the close of business on the fifteenth (15th) day o£ the calendar
34 month preceding such Interest Payment Date (the "Regular Record
35 Date"). Any such interest not so timely paid shall cease to be
36 payable to the person who is the Holder thereof as of the Regular
37 Reaord Date, and shall be payable to the person who is the Holder
38 thereof at the close o£ business on a date (the "Special Record
39 Date") fixed by the Bond Registrar whenever money becomes
40 available for payment of the defaulted interest. Notice of the
41 Special Record Date shall be given by the Bond Registrar to the
42 Holders not less than ten (10) days prior to the Special Record
43 Date.
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15. Holders; Treatment of Registered Owner; Consent of
Holders.
(A) For the purposes of all actions, consents and other
matters affecting Holders of the Bonds, other than payments,
redemptions, and purehases, the City may (but shall not be
obligated to) treat as the Holder of a Bond the beneficial owner
of the Bond instead of the person in whose name the Bond is
registered_ For that purpose, the City may ascertain the
identity of the beneficial owner of the Bond by such means as the
Bond Registrar in its sole discretion deems appropriate,
including but not limited to a certificate from the person in
whose name the Bond is registered identifying such beneficial
owner.
14 (B) The City and Bond Registrar may treat the person in
15 whose name any Sond is registered as the owner of such Bond for
16 the purpose of receiving payment of prinaipal of and premium, if
17 any, and interest (subject to the payment provisions in paragraph
18 14 above) on, such Bond and for a11 other purposes whatsoever
19 whether or not such Bond shall be overdue, and neither the City
20 nor the Bond Registrar shall be affected by notice to the
21 contrary.
22 (C) Any consent, request, direction, approval, objection or
23 other instrument to be signed and executed by the Holders may be
24 in any number of concurrent writings of similar tenor and must be
25 signed or executed by such Holders in person or by agent
26 appointed in writing. Proof of the execution of any such
27 consent, request, direction, approval, objection or other
28 instrument or of the writing appointing any such agent and of the
29 ownership of Bonds, if made in the following manner, shall be
30 sufficient for any of the purposes of this Resolution and shall
31 be conclusive in favor of the City with regard to any action
32 taken by it under such request or other instrument, namely:
33 (1) The fact and date of the execution by any person
34 of any such writing may be proved by the certificate of any
35 officer in any jurisdiction who by law has power to take
36 acknowledgments within such jurisdiction that the person
37 signing such writing acknowledged before him or her the
38 execution thereof, or by an affidavit of any witness to such
39 execution.
40 (2) Subject to the provisions of subparagraph (A)
41 above, the fact of the ownership by any person of Bonds and
42 the amounts and numbers of such Bonds, and the date of the
43 holfling of the same, may be proved by reference to the bond
44 register.
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29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
16. Delivery; A�,pliaation of Proceeds. The Global
Certificates when so prepared and executed shall be delivered by
the Director, Office of Einancial Services, to the Purchaser upon
receipt of the purchase price, and the Purchaser shall not be
obliged to see to the proper application thereof.
17. Funds. There is hereby'created a special fund to
be designated the "1997 Capital Projects Fund" (numbered C-97,
the "Capital Fund"), to be administered and maintained by the
City Treasurer as a bookkeeping account separate and apart from
all other accounts maintained in the official financial records
of the City. There has been heretofore created and established
the "General Obligation Special Assessments -- Streets Debt
Service Fund" (numbered 963, the "Debt Service Fund"). The
Capital Fund and Debt Service Fund shall be maintained in the
manner herein specified until all of the Bonds and the interest
thereon have been fully paid.
(i) Cabital Fund. To the Capital Fund there shall be
credited the proceeds of the sale of the Bonds, less accrued
interest received thereon, and less any amount paid for the
Bonds in excess of $2,425,500. From the Capital Fund there
shall be paid all costs and expenses of making the
Improvements listed in paragraph 18, after they have been
ordered in accordance with the Charter of the City,
including the cost of any construction contracts heretofore
let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65
(including interest on the Bonds payable during the
construction period); and the moneys in the Capital Rund
shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the Bonds may
also be used to the extent necessary to pay interest on the
Bonds due prior to the anticipated date of commencement of
the collection of taxes or special assessments herein
covenanted to be levied; and provided further that if upon
completion of the Improvements there shall remain any
unexpended balance in the Capital Fund, the balance may be
transferred by the Council to the fund of any other
improvement instituted pursuant to the City's Charter or
Minnesota Statutes, Chapter 429, or used to pay the costs of
any other purpose permitted by law, or transferred to the
Debt Service Fund. All earnings on the Capital Fund shall
be transferred to the Debt Service Fund, or may be retained
in the Capital Fund.
(ii) Debt Service Fund. There
there shall be credited to a special
Bonds in the Debt Service Fund: (a)
assessments herein covenanted to be
346604.2
34
is hereby pledged and
account relating to the
collections of special
levied, to the extent
9� 3as
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
42
43
44
45
46
47
48
49
provided in paragraph 19; (b) all accrued interest received
upon delivery of the Bonds; (c) all funds paid for the Bonds
in excess of $2,425,500; (d) any collections of all taxes
which are levied herein, or which may hereafter be levied in
the event that the special assessments herein pledged to the
payment of the Bonds and interest thereon are insufficient
therefor; (e) all funds remaining in the Capital Fund after
completion of the Improvements and payment of the costs
thereof, not so transferred to the account of another
improvement or used to pay the costs of any other purpose
permitted by law; and (f) all investment earnings on moneys
held in such special account in the Debt Service Fund or on
moneys held in the Capital Fund. If moneys in the special
account of the Debt Service Fund should ever be insufficient
to pay debt service on the Bonds, the Bonds shall be paid
from the Debt Service Fund or any other special account
therein, and the Bonds are hereby made payable from the Debt
Service Fund and any other special accounts therein for this
purpose. Amounts drawn from the Debt Service Fund or any
special account therein may be repaid with or without
interest when moneys sufficient for such repayment are
deposited in the special account relating to the Bonds in
the Debt Serviae Fund.
The special account relating to the Bonds in the Debt
Service Fund shall be used solely to pay the principal and
interest and any premiums for redemption of the Bonds and any
other general obligation bonds of the City hereafter issued by
the City and made payable from such special account in the Debt
Service Fund as provided by law, or to pay any rebate due to the
United States. No portion of the proceeds of the Bonds shall be
used directly or indirectly to acquire higher yielding
investments or to replace funds which were used directly or
indirectly to acquire higher yielding investments, except (1) for
a reasonable temporary period until such proceeds are needed for
the purpose for which the Bonds were issued, and (2) in addition
to the above in an amount not greater than five percent (5 of
the proceeds of the Bonds. To this effect, any sums from time to
time held in the Capital Fund or in such special account in the
Debt Service Fund (or any other City fund or account which will
be used to pay principal or interest to become due on the bonds
payable therefrom) in excess of amounts which under then-
applicable federal arbitrage regulations may be invested without
regard as to yield shall not be invested at a yield in excess of
the applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available
under the federal arbitrage regulations. In addition, the
proceeds of the Bonds and money in the Capital Fund or in such
special account in the Debt Service Fund shall not be invested in
346604.2 3 5
9�-3bs
1 obligations or deposits issued by, guaranteed by or insured by
2 the United States or any agency or instrumentality thereof if and
3 to the extent that such investment would cause the Bonds to be
4 ��federally guaranteed" within the meaning of Section 149ib) of
5 the federal Internal Revenue Code of 1986, as amended (the
6 ��Code").
7 18. Assessments: Coverage Test. The City CounCil has
8 heretofore determined, and does hereby determine, to proceed with
9 the Improvements and special assessments with respect thereto
10 under the provisions of the Charter of the City, rather than the
11 provisions of Minnesota Statutes, Chapter 429.
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
It is hereby determined that no less than twenty
percent (20%) of the cost to the City of each Improvement
financed hereunder within the meaning of Minnesota Statutes,
Section 475.58, Subdivision 1(3), shall be paid by special
assessments to be levied against every assessable lot, piece and
parcel of land benefitted by the Improvements. The City hereby
covenants and agrees that it will let all construation contracts
not heretofore let within one year after ordering each
Improvement financed hereunder unless the resolution ordering the
Improvement specifies a different time limit for the letting of
construction contracts and will do and perform, as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that any
such assessment be at any time held invalid with respect to any
lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performance of any condition precedent thereto, the City and this
Council will forthwith do all further acts and take all further
proceedings as may be required by law to make the assessments a
valid and binding lien upon such property.
34 The special assessments have not heretofore been
35 authorized, and accordingly, for purposes of Minnesota Statutes,
36 Section 475.55, Subdivision 3, the special assessments are hereby
37 authorized. Subject to such adjustments as are required by
38 conditions in existence at the time the assessments are levied,
39 the assessments are hereby authorized and it is hereby determined
40 that the assessments sha11 be payable in equal, consecutive,
41 annual installments, with general taxes for the years shown below
42 and with interest on the declining balance of all such
43 assessments at a rate per annum approximately one percent (1a)
44 per annum in excess of the net effective rate of interest on the
45 Bonds:
346604.2 3 6
� 7-3o.S
�
2
3
4
5
6
7
Improvement
Designation
Page/Cherokee
Lafond/Grotto
ArlingtonjRuth
MorganjEdgecumbe
TOTAL
Amount
$ 610,000
500,000
520,460
820.000
$2,450,000
Levy Years
1997-2016
for all
Collection
Years
1998-2017
for all
8 The special assessments shall be such that if collected
9 in full they, together with estimated collections of other
10 revenues herein pledged for the payment of the Bonds, will
11 produce at least five percent (50) in excess of the amount needed
12 to meet when due the principal and interest payments on the Bonds
13 in every year except the final year (2009). At the time the
14 assessments are in fact levied the City Council sha11, baseci on
15 the then-current estimated collections of the assessments, make
16 an�r adjustments in any ad valorem taxes required to be levied in
17 order to assure that the City continues to be in compliance with
18 Minnesota Statutes, Section 475.61, Subdivision 1.
19 19. Limit on Special Assessments Pledged. The City
20 Council hereby finds, determines and declares that the payment of
21 the Bonds does not require the pledge of all the special
22 assessments which may be levied with respect to the Improvements
23 identified in paragraph 18, and that it is necessary, proper and
24 expedient to provide that payments and prepayments of special
25 assessments in excess of the debt service requirements of the
26 Bonds be put to use for other purposes sooner than upon the
27 termination of the Debt Service Fund. Only $2,450,000 original
28 principal amount of the special assessments (which amount is the
29 '�Pledged Assessments"), and interest thereon, recognized in
30 paragraph 18 of this Resolution (of which $410,000 are necessary
31 prior to their scheduled receipt in order to pay debt service on
32 the Bonds on March 1, 1997) are or shall be pledged to the
33 payment of the Bonds, and payments of, or with respect to, such
34 special assessments in excess of the Pledged Assessments shall be
35 credited instead to a special account in the Capital Fund, and
36 used for the purpose of paying any additional costs of the
37 Improvements and the costs of other improvements approved by the
38 City, as follows: (a) the first $410,000 of all prepayments of
39 special assessments recognized in paragraph 18 shall be credited
40 to the Debt Service Fund, (b) thereafter until SllCYl time as the
41 special assessments from time to time outstanding equal in
42 original principal amount the Pledged Assessments or less,
43 prepayments of any of the special assessments recognized in
44 paragraph 18 shall be treated as prepayments of the portion of
45 the special assessments not pledged to the Bonds and sha11 be
46 credited instead to said special account of the Capital Fund, and
346604.2 3 7
9 � 3oS
3
4
5
6
7
8
9
used as provided above, and (c) while the special assessments
from time to time outstanding equal in original principal amount
the Pledged Assessments or more, regular installment payments
made on the Pledged Assessments only (not all of the special
assessments) shall be credited to the Debt Service Fund, and
regular installment payments on that portion, if any, of the
remaining assessments in excess of the Pledged Assessments shall
be credited to said special account of the Capital Fund, and used
as provided above.
10 20. Tax Levy: Coverage Test. If taxes are levied as
11 provided in the final part of paragraph 18, the tax levies shall
12 be irrepealable so long as any of the Bonds are outstanding and
13 unpaid, provided that the City reserves the right and power to
14 reduce the levies in the manner and to the extent permitted by
15 Minnesota Statutes, Seetion 475.61, Subdivision 3.
16 To provide moneys for payment of the principal and
17 interest on the Bonds due to be paid in 2009 there is hereby
18 levied upon a11 of the taxable property in the City a direct
19 annual ad valorem tax which shall be spread upon the tax rolls
20 and collected with and as part of other general property taxes in
21 the City for the years and in the amounts as follpws:
22
23
24
25
26
27
28
29
30
31
32
33
34
Year of Tax
Levy
Year of Tax
Collection
Amount
2007
��:
$1,005,212
The tax levies are such that if collected in full they,
together with estimated collections of special assessments and
other revenues herein pledged far the payment of the Bonds, will
produce at least five percent (So) in excess of the amount needed
to meet when due the principal and interest payments on the
Bonds. The tax levies shall be irrepealable so long as any of
the Bonds are outstanding and unpaid, provided that the City
reserves the right and power to reduce the levies in the manner
and to the extent permitted by Minnesota Statutes, Section
475.61, Subdivision 3.
35 21. General Obligation Pledqe. For the prompt and
36 full payment of the principal and interest on the Bonds, as the
37 same respectively become due, the full faith, credit and taxing
38 powers of the City shall be and are hereby irrevocably pledged.
39 If the balance in the special account relating to the Bonds in
40 the Debt Service Fund (as defined in paragraph 17 hereof) is ever
41 insufficient to pay all principal and interest then due on the
42 Bonds payable therefrom, the deficiency shall be promptly paid
43 out of any other funds of the City which are available for such
44 purpose, including the general fund of the City and the Debt
34bb04.2 3 $
�3�s
1 Service Fund and the special accounts therein, and such other
2 funds may be reimbursed with or without interest from the special
3 account in the Debt Service Fund relating to the Bonds when a
4 sufficient balance is available therein.
5 22. Certificate of Registration. The Director, Office
6 of Financial Services, is hereby directed to file a certified
7 copy of this Resolution with the officer of Ramsey County,
8 Minnesota, performing the functions of the county auditor (the
9 "County Auditor"), together with such other information as the
10 County Auditor shall require, and to obtain the County Auditor's
il certificate that the Bonds have been entered in the Count�r
12 Auditor's Bond Register, and that the tax levy required by law
13 has been made.
14 23. Records and Certificates. The officers of the
15 City are hereby authorized and directed to prepare and furnish to
16 the Purchaser, and to the attorneys approving the legality of the
17 issuance of the Sonds, certified copies of all proceedings and
18 records of the City relating to the Bonds and to the financial
19 condition and affairs of the City, and such other affidavits,
20 certificates and information as are required to show the facts
21 relating to the legality and marketability of the Bonds as the
22 same appear from the books and records under their custody and
23 control or as otherwise known to them, and all such certified
24 copies, certificates and affidavits, including any heretofore
25 furnished, shall be deemed representations of the City as to the
26 facts recited therein.
27 24. Negative Covenants as to Use of Proceeds and
28 Improvements. The City hereby covenants not to use the proceeds
29 of the Bonds or to use the Improvements, or to cause or permit
30 them to be used, or to enter into any deferred payment
31 arrangements for the cost of the Improvements, in such a manner
32 as to cause the Bonds to be "private activity bonds�' within the
33 meaning of Sections 103 and 141 through 150 of the Code. The
34 City hereby covenants not to use the proceeds of the Bonds in
35 such a'manner as to cause the Bonds to be "hedge bonds" within
36 the meaning of Section 149(g) of the Code.
37 25. Tax=Exeml�t Status of the Bonds: Rebate: Election.
38 The Cit�r shall comply with requirements necessary under Che Code
39 to establish and maintain the exclusion from gross income under
40 Section 103 of the Code of the interest on the Bonds, including
41 without limitation requirements relating to temporary periods for
42 investments, limitations on amounts invested at a yield greater
43 than the yield on the Bonds, and the rebate of excess investment
44 earnings to the United States.
346604.2 3 9
\
�7�
1 The City expects that the two-year expenditure
2 exception to the rebate requirements may apply to the
3 construction proceeds of the Bonds.
4 If any elections are available now or hereafter with
5 respect to arbitrage or rebate matters relating to the Bonds, the
6 Mayor, Clerk, Treasurer and Director, Office of Financial
7 Services, or any of them, are hereby authorized and directed to
8 make such elections as they deem necessary, appropriate or
9 desirable in connection with the Bonds, and all such elections
10 shall be, and shall be deemed and treated as, elections of the
11 City.
12 26. No Desi�nation of 4ualified Tax-Exemot
13 Obligations. The Bonds, together with other obligations issued
14 by the City in 1997, exceed in amount those which may be
15 qualified as "qualified tax-exempt obligations" within the
16 meaning of Section 265(b)(3) of the Code, and hence are not
17 designated for such purpose.
18
19
20
21
22
23
24
25
26
27
27. Letter of Representations. The Letter of
Representations for the Bonds is hereby confirmed to be the
Blanket Issuer Letter of Representations dated April 10, 1996, by
the City and received and accepted by The Depository Trust
Company. 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 from time to time with the agreement or consent of
The Depository Trust Company.
28 28. Neqotiated Sale. The City has retained Springsted
29 Incorporated as an independent financial advisor, and the City
30 has heretofore determined, and hereby determines, to sell the
31 Bonds by private negotiation, all as provided by Minnesota
32 Statutes, Section 475.60, Subdivision 2(9).
33
34
35
36
37
38
39
40
41
42
43
44
29. Continuina Disclosure. The City is an obligated
person with zespect to the Bonds. The City hereby agrees, in
accordance with the provisions of Rule 15c2-12 (the ��Rule��),
promulgated by the Securities and Exchange Commission (the
'�Commission") pursuant to the Securities Exchange Act of 1934, as
amended, and a Continuing Disclosure Undertaking (the
��Undertaking") hereinafter described, to:
A. Provide or cause to be provided to each nationally
recognized municipal securities information repository
("NRMSIR") and to the appropriate state information
depository ("SID"), if any, for the State of Minnesota, in
each case as designated by the Commission in accordance with
346604.2
m
�� 3 S
1 the Rule, certain annual financial information and operating
2 data in accordance with the Undertaking. The City reserves
3 the right to modify from time to time the terms of the
4 Undertaking as provided therein.
5 B. Provide or cause to be provided, in a timely
6 manner, to (i) each NRMSIR or to the Municipal Securities
7 Rulemaking Board (��MSRB") and (ii) the SID, notice of the
8 occurrence of certain material events with respect to the
9 Bonds in accordance with the Undertaking.
10 C. Provide or cause to be provided, in a timely
11 manner, to (i) eaCh NRMSIR or to the MSRB and (ii) the SID,
12 notice of a failure by the City to provide the annual
13 financial information with respect to the City described in
14 the Undertaking.
15 The City agrees that its covenants pursuant to the Rule
16 set forth in thi5 paragraph 29 and in the Undertaking are
17 intended to be for the benefit of the Holders of the Bonds and
18 shall be enforceable on behalf of such Holders; provided that the
19 right to enforce the provisions of these covenants shall be
20 limited to a right to obtain specific enforcement of the City�s
21 obligations under the covenants.
22 The Mayor and Director, Office of Financial Services,
23 or any other officers of the City authorized to act in their
24 stead (the "Officers"), are hereby authorized and directed to
25 execute on behalf of the City the Undertaking in substantially
26 the form presented to the City Council, subject to such
27 modifications thereof or additions thereto as are (i) consistent
28 with the requirements under the Rule, (ii) required by the
29 Purchaser, and (iii) acceptable to the Officers.
41
97 30�
1 30. Severabilitv. If any section, paragraph or
2 provision of this resolution shall be held to be invalid or
3 unenforceable for any reason, the invalidity or unenforceability
4 of such section, paragraph or provision shall not affect any of
5 the remaining provisions of this resolution.
6 31. Headinas. Headings in this resolution are
7 included for convenience of reference only and are not a part
S hereof, and shall not limit or define the meaning of any
9 provision hereof.
Adoption Certffied by Council Secretary
�
App
�
-. -. . �-.. .
_ • .. - ' -
�i�
t � � ,�
`�� � '0
f't..i.�v� '
I
. , : -./ . ���
f�/1�.������1
- � �
Approved hy ayor for�ssion to Council
By:
�
Adopted by Council: Date �` ��-� a� *� `� `�'�
%7'3�S
EXHIBITS
Exhibit A - Proposals
y� 3d�
"���.��
OEPAflTMENTAOFFICE/COUNCIL DATE INItIATED � � � �
Financial Services 3112f97 GREEN SHEE
CONTACT PERSON & PHONE INITIAVDATE INRIAV�ATE
O DEPAFi7MENTDIRE l e7I CITYCOUNCII
Martha ICantorowicz 266-8836 A$SIGN �CIT'ATTORNEV OCITYCLERK
NUMBEpiOP
MUST BE ON CAUNC7L AGENDA 8Y (DA7E) qOUTIN6 � BUDGE7 DiREGTOR m FIN. & MG7: SERVICES DIR.
March 26, 1997 ONDER �MAVOR(ORAS$ISTIWn �
TOTAL # OF SIGNATURE PAGES _.�_ (CLIP A4L LOCATIONS FOR SIGNATURE)
ACTION REQUESTED:
This resolution accepYS Yhe winning proposal and awards the bid for the $2,450,000 G.O.
Street Improvement Special Assessment Bonds Series 1997B. This is a competitive bond sale
and the award is going to the bidder found to be the most advantageous to the City.
RECOMMENDA710NS: Approva (A) or Reject (R) pERSONAL SEHVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS:
_ PLANNING COMMISSION _ CIVIL SERVICE GOMMISSION �� Has this pereonnrm ever worketl untler a corrtrect for this departmeM?
_ CIB CAMMITTEE _ YES NO
2. Has this personflirm ever been a ciry employee?
_ S7AFF — YES NO
_ olsialCi COURi _ 3. Does this person/firm possess a skill not normally possessed by any curtent city employee?
SUPPORTSWHIGHCOUNqLOBJECTIVE7 YES NO
Explain all yes answers on seperate sheet and ettach to green sheet
INITIATING PFOBLEM, ISSUE. OPPGIRTUNITY (Who, WhQt, When, Where. Why)'
The bonds are for the purpose of financing certain street improvements within the City, and
will be repaid by special assessments.
ADVANTAGESIFAPPAOVED:
Funds will be available for street improvements.
DISADVANTAGES IF APPROVEO:
None
�ISADVANTACaES IF NOTAPPflOVED�
Funds needed for certain street improvements will not be available.
b3'SY3�� �i'�.r'�� ��.Y
.<.: L 6 f:i,�i 1
TO7AL AMOUNT OF 7RANSACTION $ � Z �150 � OOO COST/REVENUE BUDGETED (CIRCLE ONE) YES NO
FUNDIIeG SOUBCE ACTIVITV NUMBER
FINANCIALINFORM1SATION:(EXPLAIN)
97 �3�..�
1
2
3
means the certificates representing the Bonds so authenticated
and delivered by the Bond Registrar pursuant to paragraphs 6 and
12 hereof; and �
4 WHEREAS, "Holder'� as used herein means
5 whose name a Bond is registered on the registrat
6 City maintained by the registrar appointed as p�
7 paragraph 8(the "Bond Registrar"); and �
8 WHEREAS, Rule 15c2-12 of the
9 Commission prohibits "participating un
10 or selling the Bonds unless the City u
11 certain continuing disclosure with res
12 WHEREAS, pursuant to M
13 475.60, Subdivision 2(9), public
14 to the Bonds if the City retains
15 and determines to sell the Bonds
16 City has instead authorized a co
17 publication of notice thereof as
18 and
19 WHEREAS, proposals f r
20 Springsted Incorporated pursu t
21 Terms of Proposal therein:
person in
books of the
ed in
r�Cties and Exchange
�iters" from purchasing
akes to provide
to the Bonds; and
nneso a Statutes, Section
sale requirements do not apply
an 'ndependent financial advisor
by private negotiation, and the
p titive sale without
form of private negotiation;
the Bonds have been solicited by
to an Official Statement and
22 NOW, THEREFORE,� IT RESOLVED by the Council of the
23 City of Saint Paul, Minne ta, as follows:
24
25
26
27
28
29
30
31
32
33
34
35
36
37
1. Acce tance of Pro osal. The proposal of
(the "Purchaser"), to purchase
$2,450,000 General Obl'gation Street Improvement Special
Assessment Bonds, Ser'es 1997B, of the City (the "Bonds", or
individually a"Bond'), in accordance with the Terms of Proposal
for the bond sale, t the rates of interest hereina£ter set
forth, and to pay erefor the sum of $ , plus
interest accrued settlement, is hereby found, determined and
declared to be t most favorable proposal received and is hereby
accepted, and t Bonds are hereby awarded to the Purchaser. The
Director, Offic of Financial Services, or his designee, is
directed to re ain the deposit of the Purchaser and to forthwith
return to the others making proposals their good faith checks or
drafts .
38 2. Title; Oriainal Issue Date; Denominations;
39 Maturities The Bonds sha11 be titled "General Obligation Street
40 Improveme t Special Assessment Bonds, Series 1997B", shall be
41 dated Ap il 1, 1997, as the date of original issue and shall be
42 issued rthwith on or after such date as fully registered bonds.
43 The Bo s shall be numbered from R-1 upward. Global Certificates
3
9�7 3��
1
2
3
4
5
6
7
E:
9
1�
11
12
13
14
shall each be in the denomination of the entire principal amount
maturing on a single date, or, if a portion of said principal
amount is prepaid, said principal amount less the prepayment.
Replacement Bonds, if issued as provided in paragraph 6, shall be
in the denomination of $5,000 each or in any integral multiple
thereof of a single maturity. The Bonds shall mature on Marq�i 1
in the years and amounts as follows: /
Year
1998
1999
2000
2001
2002
2003
Amount
$350,000
125,0�0
100,000
100,000
100,000
100,000
15 For purposes of Minnesota Statutes, Section 5.54, the serial
16 maturities of the Bonds are combined with t e serial maturities
17 of the City's $17,500,000 General Obligati n Capital Improvement
18 Bonds, Series 1997A.
19
20
21
22
23
24
25
26
3. Puroose. The Bonds
construction of various street im
in the City, and any excess funds
purpose permitted by law. The to
which shall include all costs enu
Section 475.65, is estimated to
of the Bonds. Work on the Impr
diligence to completion.
shal provide funds for the
rov ents (the �'Improvements")
sh 11 be devoted to any other
a cost of the Improvements,
rated in Minnesota Statutes,
at least equal to the amount
ments shall proceed with due
27 4. Interest. The onds shall bear interest payable
28 semiannually on March 1 and September 1 of each year (each, an
29 "Interest Payment Date"), ommencing September 1, 1997,
30 calculated on the basis o a 360-day year of twelve 30-day
31 months, at the respectiv rates per annum set forth opposite the
32 maturity years as foll s:
33
34
35
36
37
38
39
40
41
42
Maturitv Year
1998
1999
2000
2001
2002
2003 ,
be
3466�4.2
Maturitv Year Interest Rate
% 2�04
2005
2006
2007
2008
2009
Year
2004 $ 100 000
2Q05 10 ,0�0
2006 0,000
2007 100,000
2008 100,000
2009 1,075,000
Descrintion of the Global Certificates and Global
5vstem. Upon their original issuance the Bonds will
in the £orm of a single Global Certificate for each
�
9�-3aS
1
2
3
4
5
6
r�
Improvement
Desiqnation
Page/Cherokee
Lafond/Grotto
ArlingtonJRUth
Morgan/Edgecumbe
TOTAL
Amount
$ 610,000
500,000
520,000
820.000
$2,450,000
Lew Years
1997-2016
for all
Collection
Years
1998-20�,,7
for a,l'1
8 The special assessments shall be such th i£ collected
9 in full they, together with estimated collections f other
10 revenues herein pledged for the payment of the B ds, will
11 produce at least five percent (5�) in excess of the amount needed
12 to meet when due the principal and interest pa ents on the Bonds
13 in every year except the final year (2009}. t the time the
14 assessments are in fact levied the City Cou il shall, based on
15 the then-current estimated collections of t e assessments, make
16 any adjustments in any ad valorem taxes re uired to be levied in
17 order to assure that the City continues t be in compliance with
18 Minnesota Statutes, Section 475.61, Sub vision 1.
19 19. Limit on S ecial Assess ents Pled ed. The City
20 Council hereby find�, determines and eclares that the payment of
21 the Bonds does not require the pledg of all the special
22 assessments which may be levied wit respect to the Improvements
23 identified in paragraph 18, and t t it is necessary, proper and
24 expedient to provide that payment and prepayments of special
25 assessments in excess of the deb service requirements of the
26 Bonds be put to use for other p rposes sooner than upon the
27 termination of the Debt Servic Fund. Only $2,450,000 original
28 principal amount of the speci 1 assessments (which amount is the
29 "Pledged Assessments"), and nterest thereon, recognized in
30 paragraph 18 of this Resol ion (of which $ ,000 are necessary
31 prior to their scheduled ceipt in order to pay debt service on
32 the Bonds on March 1, 199 ) are or shall be pledged to the
33 payment of the Bonds, a payments of, or with respect to, such
34 special assessments in xcess of the Pledged Assessments shall be
35 credited instead to a pecial account in the Capital Fund, and
36 used for the purpose f paying any additional costs of the
37 Improvements and th costs of other improvements approved by the
38 City, as follows: (a) the first $_,000 of all prepayments of
39 special assessmen s recognized in paragraph 18 shall be credited
40 to the Debt Serv'ce Fund, (b) thereafter until such time as the
41 special assessm nts from time to time outstanding equal in
42 original princ' al amount the Pledged Assessments or less,
43 prepayments o any of the special assessments recognized in
44 paragraph 18 shall be treated as prepayments of the portion of
45 the special assessments not pledged to the Bonds and shall be
46 credited i stead to said special account of the Capital Fund, and
37
�7�.30�
1 used as provided above, and (c) while the special assessments
2 from time to time outstanding equal in original principal amount
3 the Pledged Assessments or more, regular installment payments
4 made on the Pledged Assessments only (not all of the special
5 assessments) shall be credited to the Debt Service Fund, and
6 regular installment payments on that portion, if any, of the
7 remaining assessments in excess of the Pledged Assessments shall
8 be credited to said special account of the Capital Fund, and used
9 as provided above.
10 20. Tax Lew; Coveraae Test. If taxes are levied as
11 provided in the final part of paragraph 18, the tax levies shall
12 be irrepealable so long as any of the Bonds are outstand' g and
13 unpaid, provided that the City reserves the right and p er to
14 reduce the levies in the manner and to the extent per tted by
15 Minnesota Statutes, Section 475.61, Subdivision 3.
16 To provide moneys for payment of the pr'ncipal and
17 interest on the Bonds due to be paid in 2009 th e is hereby
18 levied upon all of the taxable property in the City a direct
19 annual ad valorem tax which shall be spread on the tax rolls
20 and collected with and as part of other gen al property taxes in
21 the City for the years and in the amounts s follows:
22
23
Year of Tax
Lew
Year of
Amount
24
25
26
27
28
29
30
31
32
33
34
2007
20
The taY levies are suc that if collected in full they,
together with estimated collect' ns of special assessments and
other revenues herein pledged r the payment of the Bonds, will
produce at least five percent (5%) in excess of the amount needed
to meet when due the princip 1 and interest payments on the
Bonds. The tax levies shal be irrepealable so long as any of
the Bonds are outstanding nd unpaid, provided that the City
reserves the right and p er to reduce the levies in the manner
and to the extent permi ed by Minnesota Statutes, Section
475.61, Subdivision 3.
35 21. Gener Obli ation Pled e. For the prompt and
36 full payment of the rincipal and interest on the Bonds, as the
37 same respectively ecome due, the full faith, credit and taxing
38 powers of the Cit shall be and are hereby irrevocably pledged.
39 If the balance i the special account relating to the Bonds in
40 the Debt Servic Fund (as defined in paragraph 17 hereof) is ever
41 insufficient t pay all principal and interest then due on the
42 Bonds payable herefrom, the deficiency shall be promptly paid
43 out of any o er funds of the City which are available for such
44 purpose, in uding the general fund of the City and the Debt
346604.2 3 8
��
85 E. SEVENTi9 PLACE SU37f f00
SA1M PAUL, MN 5 5 101-214 3
612-223-3000 FA7C:612-223-3002
� r7 — � c�5
SPRINGSTED
PubGt Finana Advuors
March 26, 1987
Mr. Joe Reid, Director
Office of Financial Services
City of Saint Paul
240 City Hali
15 West Kei{ogg Boufevard
Saint Paui, MN 55102
Re: Recommendations for Award of City of Saint Paui's
$17,500,000 General Obligation Capital Improvement Bonds {CIB), Series 1997A
$2,450,000 General Obligation Street improvemeni Special Assessment Bonds,
Series 19978
Dear Mr. Reid:
This letter summarizes the results of the competitive bids opened at 10:30 this moming for
these issues.
Purpose of issues
The purpose of this CiB issue is to provide funding for various ppitai improvements as part of
the City's annuaf Capitai improvement Program, to inciude partial funding for the pubiic costs
associated with the Science Museum and the Wabasha Bridge.
The purpose of the Street issue is to fund portions of the City's annuai street improvement
program.
Tax-Exempt Interest Rate Market
Since the first of the year, tax-exempt interest rates have moved in a relatively 6ght band,
varying about 2/10's of 1% over the tertn: January 2, 1997 the SBl was 5.70°l0; the fow point
was February 20, 1997 when the B8f was 5.56%. March 20, 1997 (the most recent date) the
BBI was 5.78%. UUithin the last month, the numbers indicate the market movement has been
up, with most such movement occurring in late February. The market is cuRenUy Iooking for
bonds since the supply is low, which helped in this sale.
SAINT PAUL, MN • MlN�JEAPOI�S, M,�' • BROOF�7E(D, WI • OVERL4ND PARK, KS • R:i4LL�GfON, DC • IOWA CIIY, IA
City of Saint Paul
March 26, 1997
Page 2
�� ,� 05
Sale Resuits
The City received nine bids on the C1B sale. The bids were as follows:
Rank Sidder
Piper .laffray
Hutchinson Shockey (Chicago)
Merrili Lynch (Califomia)
Dain Bosworth
Cronin � Co.
First of America (Chicago)
Raymond James (Florida)
Interstate Johnson (Georgia)
Wittiam Btair (Chicago)
TIC %
4.9497%
4.9950%
4.9988%
4.9994%
5.0251 %
5.U297%
5.0354°!0
5.0718%
5.0879%
The lowest bid of 4.9497% was submitted by Piper Jaffray, with the next lowest bid from
Hutchinson Shockey (Chicago) at 4.9950�0.
The City received five bids on the street issue. The bids were as follows:
Rank Bidder
Piper Ja�fray
Gronin 8� Go
Dain Bosworth
Raymond James
William Blair
TIC (%)
5.2181 °!o
5.2497%
5.2577%
5.3092%
5.3458%
The lowest bid of 5.2181% was submitted by Piper Jaffray, with the next lowest bid from
Cronin & Co (Twin Cities) at 5.2497%.
The nine bids received on the CIB issue has o�ty been matched o�ce (nine b+ds were aiso
received in 1995j by the City since 1385.
The CIB issue received broad nationai attention with underwriters bidding from Chicago (3),
Califomia (1), Florida (1), and Georgia (1).
We require bidders to submit their bids on a"True Interest Rate" (TIC) basis, so as to reflect
the present value of their bids and thereby ensure the City award based on the towest cost to
the City. We have enGosed bid tabulation forms for each issue summarizing the bid specifics
and composition of each underwriting syndicate.
Recommendation
We recommend awards of sale of the CIB issue and the Street issue to Piper Jaffray.
Basis of Recommendation
The interest rates received on each issue reflect aggressive bidding in today's market and
compate we{{ with the City's recent historical experience. Focusing on the 1997 Cf B issue with
its TIC of 4.94%, the City's experience for its GIB issues in 1995 and 1996 respectively of
5.14% and 4.81%. Our estimate of the City's interest rate on the CIB issue had the issue soid
in eariy February was 4.92°k. We have compared this issue against other issues soid thus far
City of Sair�t Paul ��-� O S
March 26, 1997
Page 3
this week and the City has received lower i�te�est rates than these issues. We also monitor
each of the City's issues against a daily national interest rate index, Deiphis-Hanover. These
rates are at w slighUy better than the DelphisHanover "AAA"-rated interest rates. Historicaily,
the City's issues seil beiween the Delphis Hanover "AA-to-AAA" levels, a performance
matched by these issues.
Yesterday, the Federal Reserve took action on short-tertn interest rates. Our analysis shows
that the market had anticipated this action over the last few weeks and had already factored in
an adjustrnent
Credit Rating
The City received three ratings of "Aa2lAA+lAA+^ from Moodys Investors Service, Standard &
Poors and Fitch Investors Service, respectivety. The City put together an outstanding rating
presentation for each agency as part of this saie process. Each agency noted numerous
areas of improvement. We would be pieased to respond to the comments of the rating
agencies resulting from this process.
We are again appreciative of the opportunity to be of service to the City. V1/e weicome any
questions or comments on this repost.
Respectfuliy,
a �,,�� ` �t-� - �,�1��d�,
David N. MacGillivray /
Principal
Director of Project Management
ldmf
Enclosures
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��
85 E. SEVENTH PIACE, S[I17E 100
SAI�7TPAUL,MN SSI01-2143
612-223-3000 FAX:61 2-2 2 3 3002
�� -
SPRINGSTED
Public Finmue Advisors
�
$17,500,000
CiTY OF SAIlVT PAUL, MIlVNESOTA
GENERAL OBLIGATION CAPTfAL IMPROVEMENT BONDS, SERIES 1997A
BQOK EIVTRY ONLi�
AWARD: PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MII,LER & SCHROEDER FINANCIAL, INC.
AND ASSOCIATES
SALE:
3.85 %
4.30 %
4.40%
4.50 %
4.60 %
4.70%
4.75 %
4.85 %
5.00%
Interest Net Interest TY�ue Interest
Bidder Rates Price Cocr Rate
PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MILLER & SCHROEDER FINANCIAL, INC.
John G. Kinnazd & Company
Incorporated
Juran & Moody, a division of Miller,
Johnson & Kuehn,Inc.
The GMS Group
Dougherty Dawkins, Inc.
Peterson Financial Corporation
HUTCHINSON,SHOCKEY,ERLEY &
COMPANY
MORGAN KEEGAN & CO., INC.
Mesirow Financial Inc.
SARJT PAUL, MN � MINNEAPOLIS, MN
March 26, 1997
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
Moady's Rating: Aa2
Standard & Poor's Rating: AA+
Fitch's Rating: AA+
$17,354,238.25 $5,008,885.71 4.949790
4.50% 1998 $17,408,826.50 $5,060,258.92
4.75% 1999-2003
4.80% 2004
4.90% 2005
5.00% 2006
5.10% 2007
BROOKF[ELD, WI � OVERLAND PARK. KS � WASH7NGCON, DC � lOWA CiCY, IA
4.9950%
(Continued)
Intecest Net Interest True Interest
Bidder Ra es Price (' Rate
MERRILL LYNCH & CO.
Securities Corporation of Iowa
DAIN BOSWORTH INCORPORATED
PRUDENTIAL SECURITIES, INC.
ABN AMRO SECURTTIES (USA) INC.
GRIFFIN, KUBIK, STEPHENS &
THOMPSON, INC,
OPPEM-IEIMER & CO., INC.
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED
CRONIN & COMPANY, INCORPORATED
SMITH BARNEY
FIRST OF AMERICA SECUI2ITIES
RAYMOND JAMES & ASSOCIATES
INTERSTATE/JOHNSON LANE CORP
4.00% 1998
4.50°,b 1999-2001
4.60% 2002
4.70 % 2003
4.80 % 2004
5.00% 2005-2007
4.50 % 1998-2000
4.60% 2001
4.70% 2002
5.00% 2003-2007
3.95%
4.30%
4.50 %
4.60%
4.65 %
4.75 %
4.85 %
4.90 %
5.00 %
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
4.00 %
4.30 %
4.45 %
4.60%
4.70 %
4.80%
4.90�
5.00 %
1998
1999
2000
2001
2002
2003
2004
20p5-2007
4.00% 1998
4.375 % 1999
4.75 % 2000
4.80 %a 200I
5.00% 20p2-2006
5.10% 2007
4.75% 1998-?A02
4.85% 2003
4.90 % 2004
5.00% 2005
5.10°k 2006
5.125 % 2007
517,348,556.25
517,415,525.50
$I7,327,250J5
$17,347,955.50
$17,436,6I9.50
$17,398,150.00
$5,056,214.58
$5,067,368.25
$5,078,182.58
$5,087,003.85
$5,107,254.15
$5,136,369.27
4.9988 %
4.9994 �7
5.0251 %
5.0297�/
5.035490
SA7I8 `70
(Continued)
ci� - 3n5
Interest Net Interest True Interest
Bidder Rates Price ost Rate
WILLIAM BLAIR & COMPANY
ROBERT W. BAIRD & COMPANY,
INCORPORATED
3.80%
4.35%
4.55 %
4.65 %
4.75%
4.80 %
4.90 %
5.00 %
5.10%
REOFFERING 5CHEDULE OF THE PURCHASER
Rate
Year
NRO
Paz
4.45 %
4.55 %
4.65 %
4.75 %
4.80 %
4.90 %
Paz
5.10%
Yield
3.85%
4.30 %
4.40 %
4.50%
4.60 %
4.70 %
4.75 %
4.85%
5.00 %
5.00 %
1998
1999
2000
2001
2002
2003
2004
2005-2006
2007
1998
1999
2000
2001
2002
2003
2004
zoos
2006
2007
$17,325,162.00 $5,141,816.13 5.0879`7a
BBI: 5.78%
Average Maturity: 5.80 Yeus
��
8i E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN SS10I-2I43
612-223-3000 FAX: 612-223-3002
� � ,
�os
SPRINGSTED
Public Fi�uaice Advisors
$2,450,000
CPl'P OF SAINT PAUL, MINNESOTA
GENERAI, OBLIGATION STREET IMPROVEMENT SPECIAL ASSESSMENT BONDS, SERIES 1997B
BOOK ENTRY ONLI�
AWARD: PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
1�IILLER & SCHROEDER FINANCIAL, INC.
AND ASSOCIATES
SALE:
March 26, 1997
Moody's Rating: Aa2
Standard & Poor's Rating: AA+
Fitch's Rating: AA+
Interest Net Interest True Interest
Bidder Rates Price ost Aate
PIPER JAFFRAY INC.
NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
MILLER & SCHROEDER FINANCIAL, INC.
John G. Kinnazd & Company
Incorporated
Juran & Moody, a division of Miller,
Iohnson & Kuehn,Inc.
The GMS Group
Dougherty Dawkins, Inc.
Peterson Financial Corporation
CRONIN & COMPANY, INCORPORATED
SMITH BARNEY
4.30%
4.45%
4.55%
4.65 %
4.75 %
4.80%
4.90 %
5.00 %
5.10%
5.20 %
1998-1999
2000
2001
2002
2003
2004
2005
2006-2007
2008
2009
$2,425,667.50
4.00 °k
430%
4.50 %
4.60%
4.65%
4.75 %
4.85 %
4.90 %
5.00 %
5.15 %
5.25 %
1998
1999
2000
2001
2002
2003
2004
2005
2006-2007
2008
2009
$2,425,735.50
$1,018,1�2.08
$1,024,780.13
5.2181 %
5.2497 %
(Continued)
SAMT PAUG MN � M[NNEAPOLIS, MN � BROOKFIELD, WI � OVERLAND PARK, KS � WASHINGTON. DC �[OWA C17Y. IA
Interest Net Interest True Interest
Bidder Rates Price ('n� Rare
DAIN BOSWORTH INCORPORATED
PRUDENTIAL SECURITIES, INC.
ABN AMRO SECURITIES (USA) INC.
GRIFFIN, KUBIK, STEPHENS &
THOMPSON, INC.
OPPENHEIMER & CO., INC.
PAINEWEBBERINCORPORATED
DEAN WITTER REYNOLDS
INCORPORATED
RAYMOND JAMES & ASSOCIATES
WILLIAM BLAIR & COMPANY
ROBERT W. BAIRD & COMPANY,
INCORPORATED
4.50 %
4.60 %
4.70 %
4.80 %
4.90 %
5.00 %
5.10 %
5.25 %
4.00 %
430%
4.60 %
4.75 %
4.80�
4.90 %
5.0p%
5.10%
5.20%
5.25 %
5.30 %
3.80%
4.35 %
4.55 %
4.65 %
4.75 %
4.85 %
4.90 %
5.00 %
5.10%
5.20%
5.25 %
5.35 %
1998-2000
Z001
2002
2003
2004
2005-2006
2007-2008
2009
1998
1999
2000
2001
2002
2003
2004
2005-2006
2007
2008
2009
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
$2,428,288.00
$2,428,941.75
$2,425,512.75
REOFFERING SCHEDULE OF THE PURCHASER
0
430%
430�0
4.45 %
4.55 %
4.65 %
4.75 %
4.80 %
4.90 %
5.00 %
5.00 %
5.10%
5.20 %
�
1998
1999
2000
2001
2002
2003
2004
20p5
2006
2007
2008
2009
�
NRO
Paz
Paz
Paz
Paz
Pu
Paz
Paz
Paz
5.10%
5.15 %
5.25 %
$1,026,435.96
$2,037,Q70.75
$1,043,820.58
5.2577 %
53092%
5.3458 %
BBI: 5.78 ° ,6
Average Maturity: 8.00 Yeazs
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