HomeMy WebLinkAbout84-009EXT 1hCT OP MINUTES OF A MEcTItia OF THE
CITY\\COUNCIL OP THE CITY OF`
PRIOR LUR, MINUESOTA
HE4V
APRIL 9. 1984
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Pursuant to due Call`,%nd notice thereof, a regular i, etin
of the City Council of the City of Prior Lake, Scott County g
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,
Minneeota, was duly called and held at the City. Nall in said
City on the 9th day
of April, 1984, at 740 p,.Mo for the
r se of authorizing the Issuance of and awarding the sale of
$395,000 General Obligation
Bonds of 1984 of the City.
The following nsmbere. 'rnsre resents
P Mayor Cary Johnson,
Councilmembers Don Busse, Keith I'horkelson and Carol Scott
a nd the - following were absent;$ Councilmomber Ted` Schw4ch
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Member 901ft Busse ' introduced the following
resolution and moved its adoi►Lions
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RESOLUTION �PROVIOING FOR THE
- ISSUANCE AND SALE OF
`
$195,000 CEN$RAL OBLIGATION
BOLDS OF 1984
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A. The ,City Council has heretofore determined that
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necessary and expedient to issue $295,000 ;G eneral
Obligation ponds of 1984, pursuant to Minnesota Statutes, '
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Chapter,475 to finance - the acquisition of fire fighting*,
apparatus and the acquisition and betterment of the sting,
fire hall for the City;
and
B do.;other obligations have been sold pursuant to a
private sale under the provisions of Minnesota Statutea.
;
4T5.60,, Subdivision within the last three (3) calendar
ROnths of the data hereof which when oosbined with this lieue
of `the City L would exceed the $300,000 limitation
@,
041ea a e9W e r fired on negotiated
by Minnesota Statutes, eeeton 475.60,,
ubdivsioa Z(Z,).
not@ THEREFORE, 138 IT RESOLVED by the Council of the City
of Prior Lake, Minnesota, as follows
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.l e Fonds °shall be numbered from R -1 upward L
T the denomic{�ation of 05,000 each or in any integral ;multiple -
thereof. The Bonds shall mature on August 1 in the years ,and
Amounts as fol�awss
1985
196 !8 ! $10 ;
1 ? $101,000 ,
1988 $10.000
$15, 0`00
1989 ;� $15,000"
1990- ! $15,000
, 1991 $15,000
092 '! $20,000
1993 $ :to,
; �� $2�, 000
1994
j $20,000
1.995 ! $25, 000 '��, !
1996 $35,000
1997, $30,000 o
19$0.' $30,000
1999 $35,000 p �.
3. ,Th1i Bands shall provide. fundu for the acquis ! fire figh inry appar4tU`6 and the acq,ui"sition and betterment
of the exiating !r fir, hall for the City { tho "P`rc,ect ") . The
total cost of ihs,.Project, which shall include,all`coets '
hnuaisrated in Minnesota St��tutes; Se�aion 4T5,,65, -is estin�L.ed
to be at least equal to the.,amount-di the Bonds herein
authorized; Th• fro ect<<itiell
j proceed with dui► deli ence to ,
� 4• „'me, Bonds shall bs4r iratexe$t =
payable semi -
;
annually on'February 1 and August l o each year'a.commoncing
February 3, 1985 eft the respective rates per forth
to the er annum
opJ?� maturity years as fellows s
M aturitvh Years, Interest Rates
198b'� 7.401
40
8.00
v 1958 �, 8.00
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; The of ftr ` of iuran �i Mood '
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(herein�ifier r
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and to pay'ther the, sum of
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accepted.
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" • `� The Bonds shall be dated Aril 1 1984 aa, the \
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registereit bo ids . The
Q
Y ,
1989 9.00
1990 9.00
1991 9,50
1992 9.5011
9.75
1994 ii` ;, 9 z 75 ,
1995 9.75
`
1996" TO 00
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1997 10.10
,.
1998 10.10 _
1999' 10.10
5• All Bonds of this issue maturing in the years
1994 to 1999, both inclusive, be subject to
,shall. redempt oh
And prepayment at the option of the City inn August 1, 1993 and
on
any interest payment date thereafter a par and "accrued
Interest plus a premium of one percent (1,:003) of
par per Bond:
called. Redemption may be in whole or in part of the Bonds
subject to
prepayment. If redemption is in part, those Bonds
remaining unpaid which have the maturity date shall
.'
3 latest be
prepaid firsts and it only part of the Bands having ' common
maturity date are called for
`
prepayment, the specific Bonds to
be prepaid shall:,be by lot by the.. Bond Registrar."
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Published notic4a"of redemption shall in each case be- given.
accordance with law, and mailed notice redemption
of shall be
given to the paying agent and to ea ch regiateed holder of the
Bonds.
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To effect a partial redemption of;'Bonds having a cam-
Mon maturity date, the Bond Registrar prior'�to
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giving notice of
redemption, shall assign to e4ct� Bond having.,a common maturity
date a distinctive number for
W
eacfi-t $5, 000 of the , principal
amount of such Bond. The "Bond Registrar shall then select by
lot,
using such method of selection as it shall., doom proper in
its discretion,
numbers so assigned to such Bonds, as.many
numbers as, at $5,000 for each number, shall equal the
principal amount of such Bond's to be redeemed.; The Bonds to; be
redeemed shall be the Bondu"to
whichL I were assigned number$ so ..
selected. Provided, however, that only so much of the
principal amount of each ° such ..Bond of a ,denc�nination> of rnoe
than $5,000 shall be redeemed as
'<<,
shall equal $5,000 for each
number assigned to`it and so selected. If ' & Bond is to be
redeemed only n
Y part, it shall ba surrendered to the Bond
Registrar (with, if the City or the Bond Registrar
„
so requires,
a written instrument of transfer in form satisfactory to the
City and the'Bond Registrar duly executed by the hol thereof
der
or his attorney duly authorized der'
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in writing) aria the shall
execute and the BondfRegistrar shall authenticate and deliver
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to the holder of such Bond, without service charge, a new Bond
or aonds of the
save series having the same stated maturity and
interest rate and of any - authorised dsn "a a d
denowinatione, ais r equested by such holder, in aggregate
princigal
equal to and in exchange for the unredeemed
�rtion of the principal of the Aorta
so surrendered.
}
6. First Trust Canpany of Saint Paul, in St. Paul,
"Minnesota 18appointed to act bond
as registrar and transfer
agent (the N Bond Registrar ") and 'shall do so unless and until 3
auecessor Bond Registrar is duly
appointed, all ,pursuant to any
contract the,.City and Bond Registrar shall execute which is
aonsistsnt .lwrewith.,
The Bored Registrar shall also serve as
PaYinq(' 49e4t' Unless and until =a
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successor paying agent is duly
Fpointed.:, PCIncipatend interest on the Bonds shall be paid
to the roils tsred holders -f
•�
or record holder) of the, Bonds in
the wanner set forth in th form of Bond and paragraph 12 '
thiP`= resolut
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7. Th`y Bortide
the Bo to � issued hereunder, together with
nd AAWLstraic's Certificate of Authentication,
the form of ,
jAs6tynwerit and the registration information theta shall rm in 11
snbstanttatiX the foil
owing formr
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UNITED STATES OF AMERICA
STATE
OF MINNESOTA.
SCOTT COUNTY
CITY OF PRIOR LAKE
`G
GENERAL OBLIGATION
,BOND OF 1984
INTEREST MATURITY DATE OF
RATE
••__ ORIGINAL ISSUE CUSIP
April 1, 1984 '
WISTERED OWNSRs
PRINCIPAL 11MOUNTs
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Prior Lake, Scott County, Minnesota (the "issuer "), certifies
that it I* Ind and for value received promisee to pay to
the registered owner specified above, or .registered, assigns `is�
the manner hereinafter set forth, the prindpal amount
specified above, on the maturity date specified above, unless
called for earlier redem tion, and to
P pay interest thereon
�
semiannually, on February 1 and' August 1 of each year (each, an,
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`Interest Pays►int Date ",) commencing February 1, 1985 . at the`
rate per annum specified above, (calculated on the basis of an
a
360 -day year of twelve 30 -day months) until the principal sun'
Is paid or,``har been provided for. This Bond will bear interest,
from the
recentInte`rest Payment Date to which interest �''
has beeft or, if no interest has been paid, from the date
of original issue hereof. The principal of and
p premium, if
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on this Bond are; payable upon pr and surrender
t th
hereof at principal' office of First
Trust Com parry of Saint
`Paul, in St- Minnesota, a corporation duly or anised and
validly existing under the laws of the State: of Minnesota (the
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"Bond Registrar"- ,), acting, as paying agent, or any successor'
paying agent duly
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Y by the Issues. Interes�c on this
`
Hood will be paid on ;reach Interest Payment Date by,,checte or'
draft sailed to the -
person in ±�ihose 'Wane this
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Bond` is
registered (the "Holder" or "Bondholder") on the registration
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books of the Issuer maintained by Ahe Bond Registrar at the r;
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address appearing thereon . at the 'close of business on the
fifteenth day of the
calendar month next preceding such
Interest Payment Date (the "Regular Record Date ") . Any"
„
interest not so timely' "paid shik-1 cease to be payable to the
person who is the
Holder hereof a� of the Regular Record Date,
and shall be payable to the is
parson)�who the Holder hereof at
the close of business on a' date.(the "Special Record Date "
fixed by the Bond Registrar whenever money becomes.ava fable.
for
payment of the defaulted interest. Notice of the Special
Record Date shall be given to
n
Bondholders'not less than ten
days prior to the tpecLal Record Date. The principal of and
premium, if any, and interest on this Bond are payable in
lawful mon fy of the United. of America,
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS$'OF
THIS 'BOND SET FORTH ON THE REVERSEFHEREOF, WHICH
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: PROVISIONS -
SHA" FOR ALL PURPOSES HAVE THE .SAME EFFECT AS IF SET FORTH
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IT IS. HEREBY CERTIFIED AND RECITED that -all acts,
conditions and things required by the Constitution
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and laws of
the State of Minnesota to be done, to happen and to be
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pOrforsied, precedent to „and in the issuance of this Bond, have
been done, have happened and have
been performed, ;in regular
and due fora►, t and manner as required by law, and this
°Bond, together with all other debts of the Issuer outstanding
on the ;date of original issue hereof and the date of its
Issuance and delivery,`to the original
purchaser does not exceed
nstitutional or statutory,'limitation'of Indebtedness,
G,
1� IN WITNESS:WHEREOF,.the`City of Prior La Scott
Country, Minnesota, by its City Council has
caused this Bond to
be e� in its behalf by the facsimile signatures of the
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Mayor ).and the Manager, the corporate seal of the Issuer having
been ntentionally omitted as permitted by law.
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Date of Registration:
Registrablefbye First Trust Cora pang'
.,
of St. Paul
Payable at : `First Trust Company of
Saint Paul
BOND 'REGISTRAR' S
CITY OF PRIOR LAKE, .
CERTIFICATE OF
_COUNTY
. MINNESOTA
1�idJ HWICATICH
This Bond t one of the
bonds described in the
/a/ Facsimile
within mentioned
Mayes
Resolution.
First T rust Company of
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1 / imile
Manager
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Saint Paul
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send ltyistrar
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ON R 'VERSE OF BOND
,
All Bonds"Of this issue manuring in ,the Years 1994- to
1999, both inclusive, are subieot to redemption and prepayment
'
at the t 1, 1993 and on any
the Issuer on Augus
' ption'of
Interest Payment Date thereafter at par and accrued interest-
plus a premium of one percent (1.00) of par per Bond called,;;.
or of the Ponds subject . to
=`
Redemption may Ds in whole .in part
prepayment. If redemption is °in part, those Bonds "remaining
?unpaid which 'bay maturity date shall be prepaid
e the latest
first' and it only part of the Bonds Naving" "'n., common, maty rity,'
date ^to called for prepayment, the specific sonde to be
"
prepaid shall be� chosen by lot.by end Registrar. �/
Published'notice ` of redemption shall in each case be given n
accordance_ with law, and mailed notice of redempt on,shall be
gi- -vin to `the paying agent and for the Holders of the Bonds.
�
To effect a parti,.al redemption of Bonds baying a
common maturity date, the „Bond Registrar shall assign to,each
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'Bond having a common maturity date, a, distinctive number for
each $5,000 0! the principal amount of ouch Bond.' The Bond
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Registrar shall than select by' lot, umi ng' suchinethod of., '
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selection as it sha11 deem proper n,:its discretion from the
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numbers assigned to the Bonds, as many numbers as., at $5,000
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for each number,, shall equal the principal mount of such Bonds
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to beri redeemed. - The,BoAde to be redeemed shall be tha Bonds to
i
Which were assigned numbers so i`elected Provided, however,
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that only g6 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 assigned to it end so selected.
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I f s Bond ' is to be redi"mod„ ` only in part, it shall bs
urrendere Y the Bond Registrar (With, A f the luau er or ,the
�
„to
Bond ' °so requires, a Wr tten> nstrument o`f transfer in
4
; Registrar
suer and theond Registrar duly
form satisfactory to the Ze :9
-
executed by the Holder thereof or his atto rney duly. authorized
in writing) "and the Issuer shall, execute and the Bond "-Registrar
,
*hail authenticate -and deliver to the Holder.of °auch Bond,
without service charge, "a new Bond or Bonds of the same series
having °the same stated mature y interest rate and of any`
authorized denomination or dfnominations, as requested by such
Holder, aggregate principal amount equal to and in exchange
-for the unredeemed portion of the - principal -of the bond so''
surrendered. t
G
Ham "f,
payman of the pal
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and interest when the same become due,. -the full faiths credit and taxi ;and
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Irrevocably n9 powers o! the Issuer have been and are hereby -'
The Bonds are issuable solely as slullr,. registered
° Bondi in the denominations of $5,000 and integral „multiplms
thee '!and are exchangeable for fully "registered.Bonds of ,
Ott, enominations;in dual a
46
g t gregate princippaal,mOui and
author sod denominations at the principal office the Bond -
�. Regist r but only in the maaner sub ject to the
.< >limitations provided in the Resolution. Reference is hereb
made to y
the Resolution for a description of the rights and
duties of the Bond Registrar. ::Copies ° the Pes uton arm an
file in th
Principal office of the'Bond Registrar. a ?,-
�. A Th a Bond ; is transferable by the Holder in
person or
his attorn ' duly authorized in writing at the principal
olftce of the nd'Registrar upon
.preeentaton and surrender
hereof to, the nd • Registrar, all subjectz to the . terms and
prove dad in, the Resolution and to reasonable regula
°rrRegistrar . h+ Is contained in any agreement with the Bond
Th reu�on the Issuer shall execute and the,Bond
° Registrar,, shall Auth and deliver, in exchange for this
Bond,- one or more rlew� fully registered Bonds in the name of the
transferee abut not registered in blank or to "bearer" or
similar 4esignaiibn), o an authorized” denomination or °
denominations,, n °aggreg to principal amount equal to ;the
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principal amount of this nd of the same Mtu. ty and bearin 4 `
;interest at the game ra g
te. • +'
The � X a
Bond Registrar Bey require payment o f .& sure
3 sufficient to" cover any tax. -or \other governmental charge
payablQ in.connact�Ion with the transfet or exchange,of this
a
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This Bond is one of an issue in the .total ,, prrincipaI
and''
tenor,'sxcept as -to number, maturity, interest rate,
, denomination a
and redemption privilege, which Bond has been
issued pursuant to And in full conformity with the Constitution
and lames of the State of Minnesota and 'pursuant to a resolution.
adopted,,by - the city Council o
on Apr i 9 198 "Resolution "):
for the purpose of providing-, money to finance the visit on ' k
k.
Of fire iightin a q
g pparatus. and the ac uisition 'and betterment
of the existing fire hall for the C
City and is payablr out of
the General Obligation Bonds of 1984 Fund of the Issuer. Thies =,
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Bond constitutes a general obligation of the asuer, sued to
provide moneys for the prompt a
and lull princi
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The Issuer and the Bond Registrar May treat the
person in whose nave this Band is registered
as the owner
11c:.e0f for the purpose of receiving payment as herein provided
and for all otter
purposes whether or not this Bond shall be
overdue. and.,nelih� er the Issuer nor the Bond Registrar shall 'be
affected by notcs to the contrary,
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This Bond shall not be valid or become obligatory for
any purpose or be entitled to any fiecurit` �' unless `the
Certificate of Authentication hereon shall have been executed
by the Bond 'Registrar.
,
'The following abbreviations, whin used in the ine'd — i— n
oa the face of this Bond. shall be
construed as they
Were written out in full according to applicable laws cNr
reyalations:
T= COiM - as tenants in common
'�'l61T sEBT - as tenants by the entireties
.,
TM - as joint tenants' with right of'survivorshpUy -
�s
ArO not as tenants -in common
NIF GIFT. MIN ACT Custodian
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under Uniform Gifts to °Minors
Act
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Additional abbreviations mai also be used
though nbt in the above list.
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ASSIGNMENT
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For value r
receiv the undersigned hereby sells,
assigns and transfers unto \ °
°
°
the w1th1n Bo and oes
ereby rrevoca y const tut an - appoint
attorney to transfer the .
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f:
Dat�9: i s
s
Yotices�ii na •. ii nor'
g signature to this aseigm ;
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at correspond with the name as it appears --
upon; the face,of the within Bond in every 2
2
particular', without alteration cc any
r change,, whatever•,.,
Signature - Guaranteed: ;
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Signatures) =oust be guaranteed by a national, bank 'or trust
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pany or by a brokerage film having a m"bership'in one of
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�aa jor stock exchanges. .
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The Bond Reoistrar will not effect transfer of this Bond ;
;
unless the information concerning, the transfer** requested
below is provided.
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`�ln - ud e infonaation for all joint ow ners '
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if the Bond is held by joint-account-0-
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8. The Bonds shall be exec�Mod on behalf of the City
by the signatures of its Mayor and °Ciiy Manager and be me ad
�
with the seal of the Cit 1
U y provided, however, that the seal of
'
the City maybe a printed facsimile =.provided further that both
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of,,such signatures may be printed; facsimile* 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 either`
such officer, the Bonds may be signed by the manual or
facsimile signature of that - officer who may act on "be'fialf of
t�
such absent or disabled officer. in case either such officer
where signature or~;'faceimile of whose signature shall appear on
the Bonds shall ceaso,to be such officer before the delivery of
the Bonds, such signature or facsimile shall,neveriheles• be
vald"'and sufficient for all purposes, the same as if he or she
had remained in
office until delivery.
-' 9. So Bond shall be valid or obligatory for any
purpose or be entitled to any security or Benefit under this
- resclution unless and until a Certificate of Authentication on
"'
such Bond, substantially in the form herenabove set forth,
shall have been duly executed by an authorized representative
of the Bond Registrar. Certificates of Authentication on
different Bonds need not be signed by the same person. The
Bond Registrar shall authenticate the Aignatui4e of dfficers of
the City on each Bond-by ex" _j of the Certificate of
t ti
Authentication on the Board and by inserting at the date of
registration in the space provided the date on which the Bond
is authenticated, except that for purposes' of delivering the
original -Bonds to the Purchaser, the Bond Registrar shall
insert as a date of registration the date of original sue.,
whidh date is April 1, 1984. The executed Certificate of
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Authentication on each Bond shall be conclusive evidence that
it has been authenticated and delivered under this resoluttion. , '
The City will cause to be kept at the principal'
office of the Bond Registrar a bond register in which, aub
to, such reasonable regulations as the Bond Registrar may
±
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prescr b, the Bond Re istrar shall
� „e,., g provide for �_ the
r
eg
r 3stration of ~�Honds and the registration of transfers of'
'
Bonds entitled to be registered or transferred as herein
provided.
'Upon surrender for transfer of any Bond at the ;
principal office of the Bowl Registrar, the City shall executo
(If necessa ry). and the Bond Registrar shall authenticate,
Insert the date of registration (as provided in paragraph 9) »
and deliver, in the name of the designated transferee or `
transfer sea, or more now Bonds of ;any authorized;
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”
r ' Bond.
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Transfers shall also be subject-i6 reasonable regula-
r Lions ,of the City contained in any agreeme►it with the Bond {
• Reg a ear, including regulations which permit the Bond fi
: Registrar to,
610 its'Aransfer between record dates and
r, payment dates.
1• ftch :delivered upon transfer "of or in
exchange for or'in lieu Of any other Bond shall carry all the
., rights to interest accrued and unpaid. and , �,
,t� accruewhich '
ors carried by Suet: "other Bona.
s it
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denomination or denominations of a like a
amount, haying the saios s
stated Maturit a g9rigte p
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registered in blank or in the name of, "bea or
similar designation.
At the option of the holder, Bonds may be exchan
for Bonds of any authorized denomination or denominations of a
i s
a
like aggregate principal pal amount and stated maturity
principal, office
of the Bond- tegiatrar. whenever any Bonds are so surrendered
for e
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exchange, the City shall execute (if necessary), and the
of
— registration of, -and deliver the Bonds which the holder making.
the exchange is entitled t
to receive. ;
;
AU Bonds surrendered upon any exchange or transfer
provided for in this resolution , shall be
praaptly cancelled b
by
the Bond Registrar and .
.
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All Bonds delivered in exchange for or upon transfer
of Bonds shall be valid
general obligations o
of t
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Bonds surrendered for uch
exchange or transfer
;f a
avQry Bond presented'�or surrendered for transfer or +
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,or b
' d
executed by the holder thereof or his atto
The Bond Registrar may 'require ' requirer paymient of 'a sum`
sufficiant to c
Q
' g
cover any tax or other Q
12. interest on any Bond shall be 4 _ f
paid on each
f: interest payment date by check or draft mailed to the person in
whoss name the Bond is registered (the "Holder ") on the
registration books of the City maintained by th Bond Registrar
and at the address appearing thereon at the close of, business=
a on the fifteenth day of the calendar month next receding such
interest payment date (the "Regular Record Date". An such
interest not so timely paid shall cease °to be payable to the
person who is the Holder thereof as of the Regular Record Date, V
3 and shall be payable to the person who is the Holder thereof at
_ the close of business on a date (the "Special Record Date ")
fixed by the Bond Registrar whenever money becomes available
for payment of` the def Notice of the Special
aulted interest.
Record Date shall be given by the Bond Registrar to the Holders
not less than 10 days prior to the Special 'Record Date.
13. The City and the Bond Registrar may "treat the "
person in ~hose name any Bond is registered ae the owner of
Such Bond.for the purpose-of receiving payment of principal of
and premium, if any, and interest (subject -to the payment
provisions in paragraph 12 above) on, such Bond and for all
other purposes whatsoever whether or not such Bond shall be
overdue, and neither the City nor the Bond Registrar shall be
affected by notice to the contrary.
14. The Bonds when so prepared and executed shall
delivered by the City Treasurer to the Purchaser,,upon receipt
of the purchase price, and the Purchaser shall not be obliged
to nee to the proper application thereof.
There is hereby created special fund be
designated JGeneral Obligation Bonds of 1984 Fund" (she "Fund ")
nd administered b
to be held riy the City Treasurer separate and
apart from 411' other funds of the City, The Fund shall be a
maintained in , the manna
r herein specified until; all of the
Bonds herein authorized and the interest thereon have been
,fully paid. shall be maintained in the Fund two�aMparata
accounts to be designated the "Capital Account" and the - Debt
Service Account ", respectively. The proceeds of the'sale of
,the Bonds herein authorized, less any accrued interest received
thereon" and iesi capitalized interest in the amount of
B .Q_L1DO (together with interest earnings thereon and
subject to such other adusLnenta as area
sufficient funds to ppropriate to provide
Ray aterest due on the Bonds on or before u
February 1, 1985), shall be creditied to the Capital Recount,
frees which there shall'be paid all costs and expenses of the
`Project, including the cost of any purchase contracts hereto
�,k,jors'�lst and all other costs incurred and to be incurred of the
authorized in Minnesota Statutes, Section 475.651 and the
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Y r�rm *.ri1b- mx�,- ..:•.q�CrtiMPt�'� �.iSuF,aazsuxy -,:
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moneys in said account shall be used bor`no other
except as otherwise law he Band
Provided by purpose
t provided
proceeds may also be used to the e�ct that ant necessary, to pay
interest on the Bonds due ,
prior -to the +anticipated' date of
commencement of the collection of taxes'herein levied or
covenanted to be levied, There is hereby pled and. there
*hill be credited to the Debt service Account ta) all accrued
interest received upon delivery ° of the Bonder= (b) capitalized
Interest in the amount of $ (l�09ether with interest
earnings thereon and aubjec o su other adjustments as are
appropriate to provide sufficient funds to - pay interest due on
the Bonds on or before February 1, 1985)= (c) any Collections
of all axes herein levied for the a
Interest thereon, (d) funds remaainLh n C pitala
Account after completion of the Pro ect and
coats thereof= and (e) ail investment, l ym e n t of held in
the Debt Service Account. r
The Debt Service Account herein
created shall be used solely to pay th principal,, and interest
and an p
Y Premiums -
for redem tion'of the Bonds issued hereunder
M4 any other general obligation bonds of the City hereafter
° issued by the City Y and made payable from said account as
by law. Any ~ sums from time tc,time held in'cthe Debt
Service Account (or any other City account which „ will be.;used
to Pay principal -;or interest to become,due on the bonds payable
therefrom) in excessWOf amounts which under the applicable
_federal arbitrage regulations may be invested without regard_as '
field 'shall not be invested „,
- a ht a yield in excess' of the
pp
cable yield restrictions imposed by said arbitrage
regulations on such „investments:•
16. To provide moneys for I!
Y pa�►iaent, of the principal .
and interest on the Bonds there'is.herty levied upon all of o
r the taxable property in the C3ty,a dirtict annual ad; valorem tax
which shall be,. ,s read u '
p upon the tax iol is .and,Collected with and
as _part of Other- property ° taxes in the _City '.for the
years and in, , ie amounts as ,follows'=
Year of Tax Year of-. Taic
r
Lew ” Collection Amount
> 1984
1985 _ o i 22,613
- 1985 1986,'
39,67
1986
19 38,280 �
19
1988
1988 42 690
, 41,430 j t..,.
1990 40,01 1!
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.w:— rv..+.+_.«. --�- «- ....�..,+.�.- ....er tc-. ca�+ uaewariunx, ur-. rawo. di. cv.+. s= r.,.,.-.., �srnu.��x..5.�..,,K�. „•aa4�t- Mi4IFrrc�..r �,
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1990 1991 43,595
., 1991 1992 47,349
1992 1993 45,354
1993 1994 `42,307
1994 1998 46,509'
1995 1996 43,950
1996 1997 46,575
1997 1998 43,893
The tax levies are such that if collected in full
the
:.. t
Y, to gether with estimated collections of other revenues
herein pledged for the payment of the Bonds, will produce at
least five "percent n excess <of the amount needed to meet when
due the principal and interest Payments On the Bonds.
The 'tax
''.evicts 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 leview in the manner and to the
extent pesmitted by Minnesota Statutes, section 475.61(3)
For the prompt and full Payment of the principal
interest on the Bonds
, as _be`,same respectively become due, the
full faith, credit and taxing pow of the Cit ,shall be a nd
are hereby irrevocably pledged. if the balance in the Debt
Service Account is ever insufficient to pay e�11 principal and
interest then due on the Bonds
deficiency shall be Payable therefrom, the
promptly paid out of any other funds of the
i City which are available for such Purpose, and such other funds
may 4 reiimbursed with or without interest from the Debt
8srvice Account when a sufficient balance is available therein'. a`
17. The Clerk is herb directed tc.'
Y file a certified
COPY of this resolution with the County Auditor of Scott
County: Minnesota, together,with such other information as he
shall require, and to obtain from the Auditor his certificate
that the Bondel�havo been entered in the Auditor's Bond
Register, and that the tax levy required by law has been made.
18. The officore of the City are hereby authorized
'and directed to prepare and fuini%ih,to the Purchaser of the
Bonds, and to the attorneys appr6vin the 1
issuance thereof, certified copies of all roceed gs the
proceedings and
records`of_ the City relating to'the Bonds and to the financial ,
condition and affairs of the City, and such other affidavits, f
certificates and information as are required to show the facts �*
relating to the "' egality and marketability of the Bonds as the
sa�u ap from the
PPe books and records under their custody and
control or as oth�irwise known to thee, and al such certified
copies, certifica tes and'affidavita, including any heretofore
furnished, shall be deemed representations of the City as to
the °facts recited therein.
'!ha Notion for the adoption of the foregoing
resol *10n was duly s000nded Carol Scot
by member ae
upon ste`beia taken tAereati,, the l�llar �q vnt n f avor
tlwta►p!t Mayor Gary Johnson and Councils Don Busse,_Keith
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Thork0son and Carol Scott.
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t
brA the following oted
rg ,against the easeN NUNS
Whereupon raid resolution was declared duly passed
j
and ad to
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STATE
OF MINNESOTA
COUNTY OAF` SCOTT
CITY OF PRIOR LAKE
I, the undersigned, being the duly qualified and
acting Manager of the City of .Prior Lake, Minnesota, k) HEREBY
CiaTtr that I have compared the attached and foregoing extract
of Minutes with the original thereof on file in my office, and
that the same is 'a full, true and camplets transcript of the
Minutes of a Meeting of the City Council of said City, duly
galled and bald on the date therein indicated, insofas as such
Minutes relate to authorizing the issuance of and,�awarding the
sale of $295 General Obligation Bonds of 1984 of said City.
WITNESS my hand and the A, al Of-said City this 23rd
day
r
of Apri i , 1984.
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