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Home My WebLink About87-012o` _.ak., _.ti- .«ta«.,.,;».. •,• n.,...,a«., -.,.: .. .. a.. 5.;- t �ttl `w`ro".Yit�Xtiroawemrnrurxmm+ a...aesn......:,.,._ ...,...- . . • RESOLUTION 87-12 EXTRACT OF MINuTEs OF A MEVrING OF THE CITY COUNCIL ON THE:, CITY OF PRIOR LAKE, MINNESOTA HELD: MARCH 9, 1987 Pursuant `to due call and notice thereof, a •- muli r.__ meeting of the City Council of the City of Prior Lake, Scott 'County Minnesota, Wag duly called and held at the City Hall in saij City on Monday, the 9th day of March, l9d7, at 7 :35 o'clock P.M., for the purpose of opening and considering bids for, and awarding; the , ,sale cf, $2.700 U�10 General Obligation Advance Refupding 13c)r:ls of 1987 of the City The following members were present: llayor _Lydia Andrzp, Council Members Doug Carson, Carol Scott and Leonard White and the foliowing were ab sent: Council Member The Manager presented affidavits showing publication of notice of call for bids on S2,7uu,uuu general Obligation Advance Refunding .aon,ds of 1987 of the City, for which bids were to be received at thLs meeting, in aecordance with a resolution adopted by the City Council on Oebruary 9, 1987. The affidavits were examined, were found to-- comply with the provisions of Minnesota Statuteer, Chapter 47S, and were approved and ordered dplaced-on file. The 'following bids were received•and opened at 11 :00 A.M. , `Central Time, of this same day 'a,t the offices of Juran Moody, Inc., in the presence of a City Official: bd Interest Rate , Net Interest Cost SEE NEXT PAGE` 4b a . kilAhSOh LENNN 41tI yt"$ 3 #49.. SMIIN 0A1ME 1 1 I. IMIIIS t/1w1 � 1190 A tr.IM 1900 I JOINT 3 1900 FMEfMT1AL -MOE 1 - Iool IEQIIIITIE3, INC.) 4. 140 ' . 4 -� M • 1 4s2 4.M1 - IM3 5.101 . ows , 5.274 - I"S 04M0MiE MICE 12.67l,t20.00 M07.2M.67 DAIN_903M Tt4 INC. !.!M - I9117 , CIIOIIIM A Co.. 101C.1 ILO161! )."1 'ItM MILLER 3[CMRITIES 1 AlloT 4.140 - Iwo WMILL LIUM 1;lilli. 4,346 - 1"0 MINE 90 i s.?" - 1w2' 5.OM Ht) 1.101 - 1*4 5 -M- it" FW40MSE III ICE: S2.6" 140.00 "10.300.03 Jaw. MIYEEM A M. INC ).7" - H07 4!.011{1 0111ES. KIM ` 1 •. - 1101' Olt. SEA*3rl J •.JM - • %H1t. LEWA •IOTt1013 I JOUR 4.40': • '1110 ILIMIT ILLIS E 1 1 3. A.W It11 LumI IIC. ' ! 4.001 - loom )902 i um fYl 5.001 tool INLEY C6106100 I l.IOS - NM 3stotlfl�s Illc. l.3M. - lo" Mwu•r ftwm 3sYMIfIM fkWA3" PRICE. 01w. S2.472.30St00 N TM Illinois 3M.231.67 3M.231.67 45.062/7 4tr i So nr6% c Na, IIIe. PIMA. JIIFFNAT 1 t101110p0 !.)!{ - 1907 AtI1w- 111iIIS" C 4.0" - IM Arles M lleaso flask 4.2M - two 1111rNst Io"Stinnot Lrv. 4.4" - twe Crst0,11N lr, loc. l.AM - 1111 0 - 04�fih. ossUtss. 4.6µ - Ing Wo" E Y «f, Isc. 1.@" • ,Itt3 MIrCOffs. hw A Assoc. 5.74S 1!90 Mwe. JWW A on"" !.2% - im fr>alf l/w"few Ssrs. Poona" PRICE, 32.670.970.00 Eti20,N3.!! f l.tatN)j l TIE IMTHM MST cammAM7 3.721_ - low A.ON - IoM H10 •.7M - 1901 1902 l.IM - IM3 4190 5.101'. • I10! P1imm" PRICE'$ 32.674.670.00 3fliS.10l.M 4!.0904 l NuTI ENTAL OWN0I3 3,w . 1907 MT left om Attt, MST 4.100 1101 on~ OF almm 4-34- out A.M - IoM •.7M • two 1./M - INQ 5.140 -low" - C111oMEE IIIN2F� S2.i7t1.la.M WA,2l1.N MAN$) M f o113T aT IOW )", to Itl{ - 1907 - 00 OF LAW fk%LI JOINT 4.S10. /! FIRST Wm 41Y - ' 4j% IoM INWE1M IS, 4.411 • HM Aomori 0. Mird /.M • IMI No I W A'-3to vaw 4 ow • 190t 11.14 )ruler 4 4906, 1M. 5.111 • 10M • AtrMrt LL hte►w f.M • HM MOrJE IEIN� 3t�11,03�.ti0 Mf1.A1ti.N , 4AYMI MIND t A3MgA90i LTN{ • 10IC!`1M f1.Ig11 A.!!t� • IY`0 1.911" • MM A.N� • INt !'.INy • IM! , 1•i� • /!M/i S PMOtArZ 1wMl �1.MLtiD1.N W1.7N.M1 The Council then proceeded tc consid3r and discuss the'" bids, after which 1"mber i�ntt introduced the EoiLowing resolution and, moVed its adopti on ._ N8I -12 KESOLUTION ACCEPTING 010 ON "SALE OF $2, 700,00u GENERAL 00LIGAT'lLw%ADVANCE KEYVNDING [BONDS OP 1987; PROViUIN(; k* THEI'K ISSUANCE AND' LEVYING A - TAX FOR THE PAYMENT THCREOP 69 IT KESOL.VED by the Council of the City of Prior„ Lake, Minnesota, as follows: r 1. Acceptance of Bid The bid of_� n Brothers (the "Purchaser "), to purcha a 52,700,000 General Obligation Advance Refunding Bonds of 1987 of the City (hereinafter ro4rred to as ''Bonds", -or individually as a •Bond "), in 'accordance with. the notice of bond sale, at the rates of lnteC hlreinattor set for th, and to pay therefor the su of interest o plus accrued to settlement, is "hereby fo: -'; 4Qtersined dec and lared 'to be the most favorable bid received and is. hereby accepted, and the Bonds are hereby awarded to said biddec.. The Manager `directed - to retain the deposit of said bidder and to forthwith return to the unsuccessful, bidders their good faith. checks or draf 2. Title; Oci inai Issue Date; Denominations; `'� Maturities. The .Bonds -sha be titl nera: b .f igation Advance Refunding Bonds of 1987 ", shall be dated 1, 1987, ,April as ehodate of original issue and be- issued forthwith as fully registered bonds. The Bonds shall be ' numbered from R -.1 u'Pward �,Ln the denomination of 55,000 each or in any integral multiple thereof , -oE a single Maturity. The Bonds shall mature can ilece�Der 1 in the years and awounts' as follows: Y!`r �. Amount Year c, Amount 1987 $300,000 1992 $325;,080 4" 0 1993 .. 3 1100 , 25. 1989 300 0o0 1994 2S0,000 » R,, 1990 325,u00 1995 r. 2 Su, 000 �. , 3 2 S, 000 o tr i s f r �2 4 Fs a; 3. pu rpose . The ponds, together with other available :funds, snall, provia funds to advance refund the °outstanding bonds of the f«llowinq issues: (a) General Obligation Improvement Bands of 1901, dated August. 1, 1981; general {OOliyation Irove Bonds of 1y82, dated July 1, 1942; (G) t;enecal Oblige ion` Improvement Bonds of 1983, dated September I 1983; (d)'teneral�Obligation Improvement Bonds of 19tl4; dated September 1, .1984; and ( •),' General bbliqAtion Irovnt Bonds of 198`5 -, dated April 1, 1985 (hereinafter, collacti.vely, the "Refunded Bonds ") of the City. It is hereby found, determined and declared that such refunding is pursuant. to Minnesota Statutes, Section 475.67 and shall result; in a reduction of interest costs to the City from a total dollar cost. oE,, $ 1,175,9656 00 for the Refunded Bonds to a °total dollar cost of S 583-216_67 1 for the Refunding bonds, comp4 in accordance with the provisions of Minnesota Statutes, Section ,Subdivision 12, and :accordingly the dollar amount:of such interest cost for the Bonds is lower by at least five percent tnan the dollar amount of such interest cost for the 1 ,14nded Bonds `as requir in said Subdivision 12. 4. Interest. The bonds shall bear interest payable semiannually on Ds er n a"r 1 and June 1 of each year, commencing June 1, 1987,, at the respective rates per annum set forth opposite the maturity years as Eoi4owss 0 Maturity Inte rest Maturity Interest Year Ra Yeas' Rate 1947 3.60% 1992 4,70% �;` lytl8 3.90 1993 4.90 lydy 4.10 1994 5.10 1.9 go 4.30. 1995 1991 4.50 5. Redem` tion. All Bonds =cE this issue maturing in the Y *ars 1991 to 1995 both inclusive,. shall ne sub ject to redemption and prepayment at the option of the City on December 1 1900 nd on any interest paywsnt date thereafter at a price, of par .plus accrued interest. Redelsption way, be in `+hole or• in' part.• of the bonds tisub jolt to prepayment. I„' redemption is ,in part, those, bonds remaining unpaid which have the latest; maturity date shall be, 'brePaid first= and iE only part of tMe bonds having a .c0mWft vmatMiity date },are called for prepaywan e, the spec i E is Bonds to' be prepaid. sha 'be chosen by lot by the Bond Registrar. Bonds oF+ortons thereof called a r V 3 i for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Published notice of redemption sn a il in each case be given in accordance with' and mailed notice of redem ption shall be g iv en to the pa agent an to e ach affected registered holder of the Bonds. To effect a partial redemption of Bonds having a com- mon maturity date, the Bond Registrar prior to giving notice of redemption snail assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond'. The Bond Registrar shall them select by Lot, using such method of selection as it snail deem proper in its discretion, from the numbers so assigned to such Bonds, as i many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of each such Bond of a denomination of more than $5,000 . Shall brr redeemed as shall equal $5,000 for each number assigned to it and so selected." a Bond is to be redeemed only in part, it shall be surrendered to the 3ond Registrar (with, if the City °or Bond,Rtgistrar so requires, a written instrument of transfer in form satisfactory to the City and dond degistrar duly executed: by the holder thereof or his, her or i.,t$ attorney duly authorized in w,riting),and the City shall execute Alf necessary) and the Bond Registrar shall authenticate and deliver to the holder of such Bond, without service charge, a new Sondr 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. 6. _b ond Registrar First Trust Comcanv. In,G, , in St_ Paul Minnesota, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the 'Bond Registrar "), and'shall do so unless and until a s- uccessor odond Registrar is duly appointed, all pursuant to any contract r the City and Bond Registrar shall execute which is 'consistent herewith.' The Bond Registrar shall also serve as paying agent unlesas and until,a successor paying' is duly appointed'. Principal and interest on the Bonds shall be paid to the registered holders (or record holders) of the'Bonds in the 4 - manner set forth in the form of Bond and paragraph lZ of this rbsolution'� _ q i UNITED STATES Oe AMEXICA STATE OP MINNESOTA j SCOTT` COUNTY CITY OF PRIOR LAKE R -� S GENERAL UdLIGATION ADVANCE REFUNDING BOND OF 1987 INTEREST _MATURITY DA'rt or RATE_ DAT9 ORIGINAL ISSUE CUSIP April 1, 1987 REGISTERED OWNER: PRINCIPAL AMOUNT: KNOW ALL PERSONS BY.THES2 PRESENTS that the City of ; Prior Lako, Scott County, Minnesota (the "Issuer '"j -- ,. certifies that it is indobted. and for value received• promises •to pay to the rogistared owner, specified: , abo:ve, or tlilo,ist*'redl assigns, in the wanner hereinafter set forth, the princ "pal` amount sPocif ed� above, on the maturity, date spec >tied above, unless called for earlier redemption,', and to pay; interest thereon �7 semiannually on December 1 and Jude' 1 of each year (each, an "Interest Payment Date "), .eommenci'ny June 1, 1981, at the rate per annum specified above (:ca on 'the basis of a 350 - .day Year of twelve 3u =day months),:until° e?w principal sum; is paid or has been provided for. Thin Bond :will bear inter ®st from the most recent :interest Paymane Da `tet to which interest has been paid or, if no interest h'as b in .paid, froti the of + original issue hereof. The prinrpa -1 of and prewiuin, ` =, ±� any; on this Bond are payable upon presentation and surrender hereof p at the principal off ice .ot (the Basd' 14yistrarl) . '�sy actin' y a or, any successor paying ayarnt duly appointed by the Issuer. Interest on this .fond l be paid on each Interest Payment Data' by check or draft mia'aed; to the person in whose, naves .this= :, Bond -: is ,regis erect (the =, "Holds. &" or {, * dondholder" ). on the.,; re9is•trat: on boC ks, of the `Issuer ■air►tained by thf flood tlo9istrar and. at. the, add appearin t1ier4oa at the close of business on the EiE, eenth day of t he - a 4 ih - ,t D i. uate of Registration: �' tration: Registrable by: „ Payable a.t: — - -- WND kEGIsTKAR s CITY "Oe P,t .. " Ceat'riF.ICATE V!+ ` LAKE, SCOTT COUNTY, MINNESOTA. AUTNENTICATIUN This Bond is one of the - Bonds described in the rs /" Facsimile within uwntione Mayor . ttesolution. I /s/ Facs imile r Manager Bond Registrar ° 1 Authorized Signature l I i cd. o f� u J / F n o I ON REVERSE Of BOND le { Redemption All Bonds of this issue maturing in the years 1991 to 1995, both inclusive, are subject to redemption /And prepayment at the option of the Issuer on December 1, ;1990, and on any Interest Payment Date therea f ter at a price of par and accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemptions is in part, ° those Bonds remaining unpaid which have the latest maturity date shall be- prepaid first; and if only part of the Bonds haviny a common maturity date are called for prepayment, the specific Boc►,ds to be prepaid shall be chosen by lot by the Bond Registrar., Bonds or portions thereof called for redemption shall be dine and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be yiven to the paying agent and to each affected Holder of the Bonds. Sele ction o f Bonds for Redemption; Partial Redemption To er ect a partial redemption of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a camrni;n maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, usiny such method of selection as -it shall deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at $5,000 for each number,o shall equal the principal amount of such Bonds to be tedeeriadI The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected provided, however, that only so such of the principal amount of such Bond of a denomination of more than $5,000 shall be redeemed as shall e.lual $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 Holder thereof or his 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 princial amount equal to and in exchanua for the unredeemed port" ion of the principal of the Bond se surrendered. ` I �r i Y r Issuance Purpose; Genera obl at ion. This Bond is one of an 'issue in the total VL1nULpaJ amount. of $2,700,000, all of like date of original issue and to nor, except as to number, maturity, interest rage, denomination and redemption privilege, which Bond has been issued pursuant to and in full conformity with the Constitution and lawn; of the State of Minnesota and pursuant to a resolution adopted by the City Council of the Issuer on March 9,'1987 (the "Resolution "), for the purpose of providing money, together with other available funds to refund in advance of maturity'thei outstanding bonds of the following issues (a) Genera -. Obligation Improvement Bonds Of 19dl, dated August 1, 1981; (brr') General Obligation Improvement Bonds of 1982, dated�lly 1, 1982; (c) General Obligation Improvement Bonds of 1983, dated September 1, 1983; (d) General Obligation Improvement Bonds of 1984, dated September 1, 1984; and (a) General Obligation Improvement Bonds Of 191!5, dated April 1, 1485 of the Issuer and is payable out of the Debt Service Account of the General Obligation Advance. Returtdny 8 Q e nds of' 1987 Fund of t a Issuer. This Bond constitutes( 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. 0 Denominations -; Exchange; Resolution The Bonds are issuable solely as fully registered Bonds in the denominations Of $5,000 and integral multiples 'thereof of a single maturity and are exchangeable for fully registered Bonds of other donominations in equal aggregate principal amounts and in authorized denominations at the p Office of the Bond Regi only in the manner and subject to the limitations provided in the Resolution. Refe.rence'is hereby made io the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on tile in the principal office of the Bond Registrar. Transfer. This Bona is transferable by the Holder in person or by -- hiss hher or its attorney duly 'authorized i�1 veriting at,the principal office of the Bond Registrar upon presentation and *surrender hereof to the Bond Registrar, all subject to toe terms and conditions provided in' the Resolu and to reasonable regulations of the Issuer contained in any agreement with,the Bond Registrar. Thereupon the Issuer shall exe cute. and the'Bond'Registrar shall authsnticata. and deliver, in exchange for this Bond, one or more now fully registered 10 i { 0 Bonds in the name of that transferee (but not registered in blank or to "bearer" or s designation), of an authorized denomination or denominations, in aygroyate princ -ipal amount equal to the principal amount of this bond, of the same maturity and bearing interest at title same rate. Fees upon Transfer or Loss The Bond Registrar may require payment PE a sum Sufficient to cover any 'tax or other yovernmental charge payable in connection with the transfer or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. Treatment of Registered Owners The Issuer and Bond Registrar may treat the person in whose' name this Bond is registered as the owner hereoE for the purpose of receiving payment as herein provided (except as otherwise provided on the reverse side hereof with respect to the Record Date) and for all other purposes, whether or not this Sond''shall be overdue, and 'no ,ithsr she Issuer nor the Bond Registrar shall be affected by notice to the contrary: Authenti This Bond shall not be valid or become obligatory Eor any ;purpose or be entitled to any security ut „less the ertificate of�Authentication hereon shall nave been .+executed by the Bond Regi4trar. Qualified Tax - Exempt Obligations The Bonds have been designated y thei.Issuer as "qualified tax - exempt obligations”" for purposes of Section 265(b) of the federal Internal !Zevenup Code of 1986, as amended. ABUREVIATIONS The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though- they were written out in full according to applicable laws or regulations :. TEN, �COK as tenants in common T EN ENT - as tenants by th entireties JT TEN as joint tenants with right of survivorship and not as tenants in common UNIT TAN MIN ACT Custodian (. , us t'T— Minor under Uniform Transfers to Minor Act. . tat• Additional abbreviations may also be used though not in the above. list. � �r 1 ASSIGNMENT For value received, the undersigned hereby s e l l s , assigns and transfers unto !the wl hin Eiond and does ca,bl hereUy irrevo'y coniEWUte anti appoint 3,. attorney 'to transfer the Bond on the books kept �r the registration thereof, with full power of substitution in the promises. . {?.. Dated: Notice: The assignor's signature to this assignment must corresoord with the name as it appears upon the face of the w`i ' Bondi in every particular, without alteration or any change Whatever. . Signature Guaranteed: r. Signature(s) must guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond :;Registrar will not effect transfer of this Bond unless the in.0 nation t concerning the transferee requested be low is provided_. Name and Address: p {include information for all'` joint owners if the Bond is Aeld by joint account.) s a. execution; Tempor Bonds. The Bonds shall be executed on behait of he -amity by, the. sivndtures of its Mayor and Manayer and be sealed with the -soal of the City, provided, however, that the seal of the 'City may be A printed facsimile; Provided further that both of such signatures may be printed tacsimiles 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 e i the r such off We r, the Bonds may be V ' s gned, by the manual or facs signature of that officer who may act on behaif of such absent or di abled officer. In case " either such whose signature or facsimile of whose signature -shall appear on the !longs shall cease. to be such Dt.ficer bef ire t'he delivery of the Bonds, such signature or facainx16 Snell nevertheless be valid and sufficient for all put poses, the Sams As if he or she had remai in off ice until drliwry. City may r r`The elect to deliver, in lieu of printed dotinitrvet bonds, one: oc more typewritten t- toporary bonds in substa, i lly the Eorw set forth above, °with. such changes as way b necessary to reflect more than one.maturity in a single t emporary bond. Such temporary bonds shall, upon the p rinting of the''def.initive bonds and execution the thereof, ,be exchanged therefor and '* 9. Auuth No !fond shall be valid or obligatory for any purpose or be entitled to any security or �\ benelEit under .this resolution unless a Certificate of Autnunticat -.X on on such Bond, substantially in the form 'hace�inabove; got forth, shall have been duly executed by an auth�arsed representative of the Bond Regi strar. �i certificates ' � authentication on different, Bonds nea�d not be signed by the �. II a :sawn l person.' Thp Bond Registrar Shall authenticate the s iy»�stu of ` I officers of the City on each Bond by execution of the C�ert ficato of Authentication " on the Bond and by ,inserting as the \�daiS of registration in th• s acs p provided the data on which thr,tlond is authenticated, except that Eor,pucposes of deliveriik the original B n& to j the Purchaser, the Bond " Registrar thal3 insert As a deto of registration the date of original isjoe., which date is Ai��ril 1, 1987. The Certificate of Authentication so. executed on ,Sacri Bond shall be conclusive evidence that it has been> authenticated and delivered under this resolution: 1U. RAL tration; Transfer) Exchan e. The` City will .. cause to be kept at, the pri ncipal o ie1� o the Bond Reyi tray a .bond ceyisttr in which, subject to suc h reasonable regulations as, the eonci��. R Si Y fetter as pre cr "ibe the Bond r 4 A l j . t Registrar shall y provide for the registration of Bonds and the registration of transfers of -donds entitled to be registered or transferred as herein provided. Upon surrender for transfer of any Bond, at the principal office of the Bond Registrar, the City shall execute (it necessaryi,,.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 transferees, one or more now.8onds of any authorized denomination or denominations of 'a like, aggregate principal amount, having the same stated maturity and interest rate, as r ey ue sled by the transferor; provided, however, that no bond may be'.reyistered in blank or in the name of "bearer" or similar designation. At the option of the holder, Bonds may be exchanged for Bondi of any authorized denomination or denominations of a like aggreya:te principal amount and stated maturity, upon surrender of the Bonds to be exchanged at the principal office oE , the 'Bond ,Registrar. Whenever any Bo nds. 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 Bonds wh the holder making the exchange is entitled to receive. All Bonds surrendered uplon any exchange or transfer provided tor in this resolution shall be promptly cancelled by ? the Bond Registrar and thereafter disposed of as directed by the, City. All Bonds delivered in exchange, for or upon transfer of Bonds shall be valid general obliyatio`hs of the City evidencing the same debt, and entitled to the same benefits under this resolution, as the Bonds surrendered for such exchange or transfer. Every Bond presented or surrendered for transfer or exchange shall be duly endo.sed accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the holder thereof or his, her or its attorney duly Authorized in,writing. The Bond Registrar may require payment of a sum sufficient to cover any tax or 'other governmental. charge payable in connection with the transfer- or exchange of any Bond and any legal or unusual costs; regarding transfers and lost Bonds. 14 • ,. . "transfers shall also be subject to reasonable requia- tionx of 'City the contained in any agreement with the Bond Registrar, includi'ny reyulations which perimit the kond I Registrar to close its transfer books between record dates and payment dates. Rights Upon Transfer "or Rxchapge Each Bond delivered u pon transfer of or in exchange Eor or in. lieu of any i , other tlond shall carry all the rights ,to inte'rest.accrued and unpaid, � and to accrue, which were carried by.osuch other Bond. 1 r. 11. ' interest Paywent; Record Date Interest on any Bond shall be -paid on each interest payment date by check or draft mailed to the. person in whose name! the Bond ai registered (the Molder ") on the, registration books of the City maintained by 'the tlored Registrar and j at the address appearing thereon at the close of business on the fifteenth (15th) day of the aR. calendar month next pcoceding such interest payment date (the "Regular Record Date "). Any such, interest not so timely paid shal, cease Co be payable to the person who is the Holder thereof as of the Regular Record `Date, and shall be payable to he person who =is the Holder thereof at the close of business on a data (the "Special Record Date ') fixed by the bond, Registrar whenever money becomes' available, Eor payment of the deE,aulted'" interest.. Not 'of ice the Special Record Date shall be liven °by the Bond .iteyis >t,rar to the Holders not less than ten -i"AU) days prior tid the Spocia Record Data. 13.. Treatment of 'Re is.tered Owner. The City and Bond 1leyistrar 'treat ,way th person „_n whose .name any Bond i registered as the owner � of such Bond for the' purpose of f s receiving paysent of principal of and premium, if any, and interest (suo'act to the payment provisions in',paragraph 12 above) on such bond and for, all other purposes whatsoever, whether or not: such. Bond shall be oveirdue.,.and neither the City f nor the Bond Registrarr shall be of fected 'by notice to the contract' 14. ..'De1'a ; lication'�of. Proceeds A The Bonds when $o d, ap'a k ' pr execute shall Do elivored by the Manager to the Purchaser up M,, receipt of, the purchase price, artd the d' Pur I hase < shall rot ;be cb.liged Co ,see to the proper application thereof. ? r �j gr r t 15. Fund; and ,Accounts There is hereby created,.a; special fund to oer designated the "General Obligation. Advance Refunding Bonds., of 1987 Fund" (the "Fund") to be hold and auministered by the Manager separate and apart frog "all other funds of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds herein authorized and the interest thereon have been. fully paid. There shall be maintained in the Fund two separate accounts, o be designated the "Escrow Account" and the "Debt Service Acco respectively,. The proceeds of the sale of the Bonds herein authorized, less accrued interest r eceived thereon and any unused discount (unless used to help fund the Escrow Account), and loess such, Bond proceeds (if any) as/ may be used to pay ,ssuan'ce expenses, plus other available municipal funds i,(estiva►ted ats372',129.9$ )as may be required to adequately fund the crow .Account for the purposes set Forth in subparagraph i) De low, are hereby pledged and appropriated and shall be credited to the Escrow Account, O Escrow Account The Escrow Account shall n defease the Refunded Bonds. The Escrow Account shall be deposited in escrow` with First Trust QiWany, InC ( the "Escrow, Agent") in - Paul Minnesota, a suitable banking institution within the State, whose depos are insured by the Federal Deposit Insurance corporation and whose combined., capital and surplus is not less than $500.00U. and :exit ho invA'm #mod :., 1. +;e t ` k �� i b1 it efunaed Bonds; the VebC (b) any other unex ended P monias ple3dged to tl� , to Service Accounts of the Refunded of the City Bo nds pursuan 19 81, June 14, 1982, Se Sep tember Co acted July -, 27, and March 27' 1985 authorizing the iy uanAugust 29,, 191341, Refunded bonds (unless used to fu, csd the Escrow 'Accou (c) all accrued interest.,receive'd,u nt)'% Bonds (unless used to fund the Escro delivery of the unused discount. Account) (d) any - (e) an Y' coll (unlsas used to fund the Escrow Account) ections. of all taxes which levied- to PAY the y hereafter be } all roves lent sarnlnyslonf undslheldsin h c et Bonds, ( f Uebt Acent;' and (g) any'and all other Service Property available and area moneys which are Y of thet City to then Debt so,, tAccounthe governing, The Debt Service Account herein created shall be solely cipal and interest and an uag'd to pay the - principal re�deeption of tha y premivars for obll ation Bonds Issued hereunder and any other g bonds of tile City herafter Issued b general, e a�deR payable fro n said account as Y. th City and r' provided proceeds of the Bonds shal by Of the l indirectlY�to a 1 be used dire aw. NO� portion ctly or funds which were used directly ar indrecctl' Yielding nvesa„ments or to replace Yielding nvestwntsi. Ta *�;`e Y. oo a - -- cQuir hia1,m. ,sL ofricers and agents. However, `J the Council h ereby y finds, ° determines and certifies to the County Auditor of.Scott County a the teat proceeds of the salsa of the ' Sonds to be -used° to refund= said Refunded Sonds, together with other funds, available and <. appropriated to the Escrow Account for said purpose, will be sufficient, together with 0 9 the earnings on the investment of s uc h in i fonds s Escrow A ccount, , to pay.-, when d ue` or called for redesption as herein provided all of the principal of and interest and premium, if' any, on the. Refunded Bonds. Accordingly, upon Bond Closing; the County Auditor of Scott i County is hereby, authorized and directed to the extent and in. the , uAnner perdsi;tted by law to-cancel forthwith or if 'necessary !' from year, to yfar the taxes levied in the years 1987 'and there- after pursuant to the Resolutions of the City Council adopted Oft September 12, 1903., August 29, 1984, and March 27, 1985, for F the payment of principal of and ,interest on said Refunded sonds, and not needed as a, result of the est4AZishm@nt of the Aforesaid Escrow j Account. =f 17. Sew ies Escrow Agent Securit purchar�ed fros the isonies in the Escrow Account shall be limited to' securities set. forth is Minnesota- Statute s,, Sect on. 475.67, Subdivision. 8;, and any aae ndo n or supplements thereto.: Secur purchased from the Escrow Account shall be purchased sinultane0441y with the delivery of the Bonds. The City, Co�neil has investigated the facts and hereby ,finds and deteriaines that the Escrow"Agent is a suitable bank to act as escrow agent, and is qualified; within the m eaoing: of the Provisions of Minnesota Statutes,, Section 475.67 Subdivision r ' La" Refunded ponds Not Prepaid The General Obligation Iaprov*mentr Bonds of 1981, dated '1►u gust 1, 1 refunded hereunder w not be y prepaid prior, to. maturity. 19. Redemptiom of Refunded- The General Obligation Iaprovesent Bonds 01 1982,. dated July 1, 1982, refunded ,hereunder which mature in 1991 and thereafter shall be redeeiped andd prepaid on August 1, 1990 in accordance with the { terms and conditions set forth in. the Notice of Call attached hereto as EAxhibit A; the General obligation I` mprovement Bon of 19N3,' 41ated Septen"t I 1983, iefunded: , hereunder which: mature `b 1991 and thereafter shill be redoonted ie►d r prepaid on Oee +eaeber 1, 199U„ in. accordance with the; terms and conditions <_ set. forth in the lbtice. of Call' attached` hereto as. Exhibit s; : v . the General Obligation Improvement, Bonds of 1984,: dat d September 1984, .1, refunded hereunder which mature in 199`1 and thereafter snail be redeemed and prepaid December on 1, 1990, - in accordance with the terms and conditions am forth i the Notice Of Call attached hereto "as Exhibit C, and the General_ Obligation Improvement Bonds of 1985, dated April 1, 1985, refunded hereunder which mature in 1991 'and thereafter shall be r ed eemed and prepaid on December l,. 1990, in accordance with the terms and conditions set forth in the ^Notice of Call att ached hereto a s Exhi D, gh ic h terms and conditions are her a ppr ove d and incorpo h ere i n by reference. Said notice of Call shall be first published no later than 30 days after the issuance of the Bonds. The Manager is hereby directed: to send mailed, notice' of the redemption to the paying agent and the last known ' hoideis of the Refunded Bonds, if any, at least thirty days prior to the redemption date, 20. Escrow Agreement On or prior to the delivery Of the Refunding Bonds the Mayor and the Manager are hereby authorized and. directed to execute on behalf of the City an Escrow Agreement. All essential terms and conditions of such Escrow Agreement are "hereby approved and adopted and made a " part O this resolution, and the City covena "that it will promptly enforce all provisions thereof in the defa event of thereunder by the Escrow Agent. 21• Purchase of S.LGS The Manager or anyone designated by him to act in his behalf, is hereby authorized and directed to purchase the appropriate United States Treasury SlCtiritles, Stat and Local Government Series, from the Proceeds O t h e Bonds in accordance with the provisions o f this resolution and to ex ecute all such documents (including the appropriate subscription form) required' to effect such. purchases in accordance with the U. S'. Treasury Regulations (31 344) 1 'I CRF Part published in the Federal Register on August 29, 1=980,. 2 -2. T.ax'Levv: Coverage Test To provide.moneys for payment of the principal and interest on the Bonds there is h�,reby levied, upon, all of the taxable ' property in, the: City a direct annual ad valorem tax whicn shall be spread upon the rolls tax and collected with and as part, of other general pr taxes opert y in the City for the years and in the amounts as 'fooper t Year of.Tax Year of Tax - ._. Collection Amount =' -198`7 1988 $ 250;000. ly !)ii 1989 265,000 t t � Z f1 a O U Year of Tax Year of Tax rr Levy Collection Collection Amount 19139 1990 " $2S5,000 � 1990" 199.1 ° 265,000 1991. 1992 _ - 275,0 ' 1 1993 270.000 19w3 1994 _ 205,000 1,994 1995 195,000 The tax levies are such that if collected in full they, toyether'with.estimated collections Of;.special assess. - ments and other revenues herein pledged for the payment of the Bonds. will product at least five percent (S?A) in excess of the amount nepded- to' meet when due the principal and interest pay#auts, on the- Bonds. The tax levies shall be irrepealable: so long; as z .. any of the Bonds are outstandin and unpaid paid, provided that the City reserves, the. right and power to reduce the levies in the manner And' to the extent permitted by Minnesota :I Statutes Section 475.6,1, Subdivision 3 23 General Obligation Ple d I q* . For the pro full paYm*nt of the principal and interest °the on Bon as the same; respectively become- due, the full faith, credit and taxing powers.of the City shall be. and are hereby irrevocably pledged.' If tn.e balance in the Debt 'Service Account is ever insufficient to pay, all principal and interest then due on the Bonds and any other bonds payable therefrom, the ftficiencyo shall ae promptly paid out of any other funds of the City which are available for .such purpose; and such other funds. May be reimbursed with or without interest from the, Debt ,Service Account when a sufficient balance is available therein. 24: Certificate of Registration The Manager is, hereby dl acted to- file a certified copy of this resolution with the CountYzAuditor ro of Scott County, Mi,n eesota together with such other in brmation as he or she shall require, and to obtain the Auditor's' certificate that the Bonds have been entered in the AcK.'tbr's Register, that the tax. levy for' the Refunded Bonds, has "on 4 . ,ncelled and that the tax, _ev required by law for the Refuindtr�S.�Bondo has been a >. made: 25. Records and Certif3cat'es�. The..otficers of the City are hereby „ authorised. and directed to prepare maul furnish to the Purchaser, and'to the attorneys appro *ing.the legality Of the issuance of he Bonds•, certified copies ; of all ZO k t ' { t i YI proceedings and records of the City relating to the Bonds and i to the financial condition and Affairs of the City, and such other ar' _idavits, certificates and information as are required to show she ,facts relating to the legality and marketability of 'tOe the Bonds as same. appear f rom the books and records under their ;custody aeo control or as otherwise known to .them, and all such certified- , c pies rt' ce , ifcate �. P s and�'aff'. v` Ada its, ..ncWdi41 any heretofore furnished, shall be deemed represen -, tations Osf City as' -to the facts recited therein. .2ti. Tax Exempt 4tiiva of the Bonds; Rebate Thee City shall n: Rely with rr., ' ireements,- necessary under the Code to establish and`.m& the Bonds as "--7-exempt under Section l03 thereof, including without limitation requirements relating to temporary peria!s for investments, limitat=ions on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess .in datiftent earnings to the United States if the �/ 1 Bonds - together with- =,other obligations reasonably expect*- to be issued and out- atanding at one time in this calendar year, exceed the small = issuer exception amount of. $5,000;,000. For purposes of qualafy for the small issuer exception to the federal arbitrage rebate'r'49uiremsnts, the City hert�by finds,. determines and declares ttiAL the aggregate face amount of all tax exempt bonds (other than private activity issued by "the � ends) City (and all, subordinate entities ;..the City)-during the calendar yea8r and outstanding "time '.. at one din which the Bonds are issued is `;not `reasonably expacted to Exceed $5,000,000, all within the meaning of Section 149 (f ( 4) .(C) of the Code, 27 D esignation of Qualified Tax - Exempt Obligations ' In order to quay the Bonds as "qualified= tax - exempt Obligations . within the meaning of Section 265= (b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in 141 of the Code; (b) the City hereby designates the donds as "qualified tax - exempt obligations" for purposes of Section 265(b) (3) of the Code; 21 CD { I t (c) the reasonably anticipated amount of tax-- exempt obligations (other than", private activity bonds, treatin n q ualifi ed 5 9 q UICc)C3) 4 bonds as not being private activity bonds) whif will be issued by the City (and all subordinate entities of the City) during this calendar year 1987 will not exceed 4iU,000,00U and (d) not more than $10,000,000 of Obligations issued by the City; during this calendar year 1987 have been designated for ,purposes of Section 265(b)(3.) of the Code. Tho City shall ,use its beat 'efforts to comply with any federal procedural reyu;;irements which may apply in order to effectuate 1 the designation► <made by this paragraph. 28. Severability If any section, paragraph or Provision of tilis< resolution shall �bs held to be invalid or undnforceable-,,for' any reason, the invalidity or unenforce- ability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 29.` Headings Headings in this resolution are included for convenience of reference only, and are not a part hereof. The motion for ..the adoption of the foregoing resolution was duly sieonded by member Larson and, after a full discussion thereof and upon vote being t ake n tnereon►, the following voted in favor thereof: Mayor 'Lydia Andren, Council Members Doug Larson, Carol Scott and Leonard White and the following voted against' the same; None f end adopted.er ®upon said resolution was declared duly passed ; 22 a l STATE OF MINNESOTA j COUNTY Ue SCOTT C.ITY Of PRIOR LAKE ,I, the undersigned, being the duly qualified and J 4 acting Manager of the City of Prior Lake, Minnesota, DO HEREBY, CERTIFY 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 cull, true and complete transcript of the minutes Of a meeting of the City Council of said City, duly called and held on the date therein indicated, insofar as such minutes relate to .opening and consideriny bids for, and awarding the sale of, $2 700;00o General Obligation Advance Refunding bonds of 1987 of said City: WITNESS .my hand and the seal of said City this WA day of /�1.�_ 1987. Ar , Manager w ( SEAL) R t V, ^ ;{ n EXHIBrr A NO'V'ICE OF CALL FOR REDEMPTION UENIERAL OBLIGATION IMPROVEMENT BONDS OF 1982 CITY OF PRIOR LAKE SCOTT COUNTY MINNESOTA NOTICE Is HtREdy GIVEN that by order of the City "Council of the City of Prior Lace, Scott County, Minnesota, there have been called for redemption and prepayment on August 1, 1990 outstanding bonds of the City designated as General Obligation Improvement Bonds of 1:982, dated. July 1, 1982, bearing serial numbers 37 through 60, having - stated maturity dates in the years 1991 through 1993, and totalling 412U;:000 in principal amount. The bonds are being called at a price of par and aecru4ki i:aterest plus ' a premium of one percent (1.001) of par to August 1, 1990, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redamption are requested to present their bonds for payment, with August 1, 1990 and subsequently maturing interest coupons attached, at Firit Trust Company, Inc., in St. Paul, Minnesota, as agent for The First National Bank of Saint Paul, on August 1, 1990. Dated: March 9, 1987 gy ORDER OF THE CITY COUNCIL /s/ Michael McGuire Manager Additional information may be obtained froms JURAN L MOODY, INC. 40U North Robert Street Minnesota Mutual Life Building- Suite SUO St. Paul, Minnesota 55101 Telephone No.: 612- 224 -1500 i EXHIurr B NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT tioNUS OF 1983 CITY Oe PRIOR LAKE SCOTT' COUNTY MI NNEso NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Prior Lake, Scott County, Minnesota, there have been called for redemption and prepayment on December 1, 1990 Outstanding bonds of the City des=ignated as General Obligation Improvement Bonds of 1983, dated September 1, 1983, having stated maturity dates in the years 1991 through 1993, and totalling'$60,000 in principal amount. The bonds are being Called at a. price of par and acczued interest plus,a premium of one -half of one percent (•501) to December 1, 1990,,on which date all interest on said bonds will cease to accrue. Holders of, the bonds hereby called for redemption are requested to present their bonds for payment, at First Trust Company, Inc., in St,. Paul, "Kinnesota, on 'December 1, 1990.. Dated: March 9, 1987 BY ORDER OF THE CITY COUNCIL. /s% Michael McGuire Manager Additional information way be obtained from: JURAN i MOODY, INC. 40U .North Rooert Street Minnesota Mutual Life Building Suite 800 St. Paul, Minnesota 55.101 Telephone No.: 612 -224 -1500 exwuvr C NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION I4 6VEMENT BONDS OF 1984 CITY OF PRIOR LAKE SCOTT COUNTY MINNESOTA„ NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Prior Lake, Scott County, Minnesota, there have been called for redemption and prepayment on December 1, 1990 Outstanding bonds Of the City designated as General Obligation Improvement Bonds of 1984, dated September 1, 1984, having stated wAturity dates in the years 1991 through 1995, and totalling $bou ' 000 in principal amount. The bonds are being called at a price of par and accrued interest. to December 1, 199U, on which date all interest on said bonds will cease to accrue. Holders of ther bonds here called for redemption are requested to present their bonds for payment, at First Trust Company, Inc., in St. Paul, Minnesota, as agent for The First National Bank of Saint Paul, on December 1, 1990. Dated: March 9, 198' BY ORDER OF THE CITY COUNCIL /s/ Michael McG uire , EXHIBIT U NOTICE OF CALL FOR REDEMPTION UFAiERAL OBLIGATION IMPROVEMENT BONDS OF 1985 CL`PY oe PRIOR LAKE SCOTT COUNTY MINNESOTA NUTILL.,IS HEREBY GIVEN that by order of the City Council of the City of Prior Lake, ,Scott County, Minnesota, there have been Called for redemption and prepayment on -.December 1, 1990 outstanding bonds of the City designated as General Obligation Improvement Bonds of 1985, dated April 1, 1985, raving stated maturity dates in the years 1991' through' 1995, and totalling $725,.000 in principal amount. The bonds are being called at a price of par and accrued interest to December 1, 1990, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for , redempti.on` are requested to present their bonds for payment, at Norwest Bank Minneapolis, National Association, in Minneapolis, Minnesota, on December 1, 1990. Dated: March 9, 1987 BY ORDER.OF THE CITY COUNCIL /s/ Michael McGuire Manager Additional inforneation may be obtained from: JURAN i MOODY, INC. 1 400 North Robert Street Minnesota MUWal Life Building Suite 1100 St. Paul, Minnesota 55101 Telephone No.: 612- 224 -1500, L , " r — RESOLUTION 57 -12 ]t x FXTIZAC1` OF MINU' s Oh,' A MG /�(`l OF - 'rill: CITY COUNCIL OF THE OF h PRIOR LAKE/ MINNEso,rA k HELD: WhRCH 9, 1987 { Nursuant to due //call and notice thereof, a' meeting of the City Council of F the City Lake, of Prior tt County, Minnesota, was e,61Y Called and held Aat the City Ha said • City Y � in ` on Monday, the 9th day of March, 1987, at '7:35 o clack'Q.M., for the purpos e of opening and considering bids for, and awarding the. dale .f, $2,700,000 General k ~ �a Obligation Advancer Refunding apfids —o'f 1987 of the City: f1 The following members were present: Mayor Lydia Andren, Council Members Doug Larson`, Carol Scott and Leonard White s; and the following were absent: ' Council Member John Fitzgerald The Manager presented affidavits showing Publication of ;notice of`- call'for bids on $Z,7UU,utjU -- c, General Obligation Advance Refunding Bonds of 19117 of the City, for which bids were to be received at this meeting, in accordance with,a resolution adopted by the City Council on February 9, 1987. Theaff. davits were examined, were found to provisions of comply with the ii ^; sota Statutes, Chapter 475, and e,ere approved and ordered placed on file. a° The following bids were recei've'd and opened at 11:00 A`:M.,,Central Time, of this" ame.day, the offices of- Juran,& Moody, Inc., in the presence' of 'a C at--Of f iciol: c r` Bidder Interest Rate y� ,''' Net Interest Cost SEE NEXT PAGE r Mary , WANSON LCIVAN ONOTIkRS 1.60% - 1991 SMITH tMNNEY, r (¢ ) 1.90% - 1998 11ANR15, (IP11AM ) G i 41 403 - 1964 COMPANY ) JOINT 1.30% - 1990 FRUlENT1AL -11ACHE I HDRS. { 1.503 - 1991 SECURITIES. INC.) 1.703 - 1942 p 1.90% - 1993 5 .2 0% - 1991, 5.25$ 1995 NU = NCHASE MACE $2,675,910.00 11607,216.67 OAIN OOSIIORTH, INC. 3 .501 - 1997 > CRONIN t CO., 11.9361 1, INC.) SECURITIES 1 JOINT 4.10% - 1968 MILLER SEC - 1999 1 MERRILL LYNCH ) MORS. 1.30% CAPITAL wf&ETS I - 1490 , 1.50% -,1991 PAINE NEeBER ) 1.75 1 - 1992 J r " 3.00% - 1993 5.10% - 1991 0 5.20% - 1995: PIA'"5E PRICE: {2,668,110.00 9 f616,3e0.e3 . P = JOHN NIYEEN,t CO. INC. 1997 CHILES. WIDER IS.O1t1J1 � ) DIY. SHEARSON ) 4 . 0 01 - 190 4.2 LENNAN BROTHERS I JOINT 4.1� - 1999 6LUNT ELLIS i 1 WAS. 1.60% - 1991 _ LOENI INC. ' 4-4109 - 1492 1UTCHINSON SNOCKEYI ERLEY t W. 5.00% - 1993 ColusClM ) 5.10% - x19991 c- S6cur"1911 lee. 5,10% - 1995 6ee ' CAsr News" SKurltles NIRCHASE PRICIER Olv. of The Illinois f2,072,lM.00 4620.231.67 C -0afty iftwxporstw mew ls S1curltlos 15.012f> Inc. a PIPER. JAF FRAY i NOP110OD 3.7,5% - 1987 l' a ..:. AI) Icon- MLIIIsusCospMy 1,00 -. 1968 o' ' AoIcsn Na tional � ' 1,20% 1989 Norms" Snrv. 4.10% -;1990 Gdp-11s11w, ° Inc. 4.60% = 194) 0000 rty, DssNlel, 1.40% a - 1992 Stree6 A Yost, Inc. 5.00% - 1993 f Nsrcotts, NAPS A Assoc. 5.10% - 1991 Nosrn, JYI'M i Caysny 5.251 - 1993 Surlt Inwstmsnt Serv. , PWpgRSE PRICE& 52.670.570.00 $620.963.34 THE NORTHERN TRUST OQIPAMY 3.75% - 1907 4.00% 1966 1.251 - 1989 r 4.50% - 1990 U� 4.7 - 1 n -1942 5. - 1993 4 G 1991 5.40% - 19YS ;f FUND YISE IRICEs $2,676,670.00 o � $626,105.00 00NTIMEMTAL ILLINOIS �, - 196 7.' 15.0900) , -. NATIONL BIMI AND ftST 4.10% - 1966 SC$PAMY OF CNICMO r 4.30% - 1969 4.30% 1990 4.70% - 1991 1.90% - 1992 5.10% - 1991/95 , PUKHASE PRICES $2,670,105.00 �4d26,295.00 1 0 THE FIRST IAT1011AL) 1.04 19.0910) " ,196]- BAMI OF SAINT FR1L) 40114T 1 101 FIRST &W OF'- 19" ) I9>f15 ?1:751 -I NI gag Iio "Y.•Irb /r r 1.6 Al = 1 9 11 0 1941 a v Ni11sr i Scpn�r6ir 1,401'• 1992 5.m% 1993:; . ROfsrt S C.'PlYfirsoe' S 291 1491 5 PII$Ib1i11SE t ilp IC1E 0.671,690.00, i6�.150.Op IMCYTON BIONN i A$SOCI'ATES 1690x1+ �" (5.0931) 3 a . _ `, �� 1 SDU% ✓$,990 V € - 1.9� 199P !fY i I y x .. i ;,l '� � 5.190%✓ 1494 Q. 511251 ; I,991194 ' �p PIM{ONSE FIR CIA $2; 4631.200.11 r 1 +.. �, -�•� d ` e: tiY, hdh' 14 N' t i { iy y1f+ 44' AG'! �O* YPUke Hak6lw +Mit+rv�".Yn4a+,iN.r_..... ,..,.r...vi. a