HomeMy WebLinkAbout2. - Resolution 95-110
AGENDA #:
PREPARED BY:
SUBJECT:
DATE:
BACKGROUND:
DISCUSSION:
ALTERNATIVES:
2
RALPH TESCHNER FINANCE DIRECTOR
CONSIDER APPROVAL OF RESOLUTION 95-110 PROVIDING FOR
THE ISSUANCE AND SALE OF $2,200,000 GENERAL OBLIGATION
WATER AND SEWER REVENUE BONDS OF 1995
October 23, 1995
The City Council has authorized solicitation of bids for the sale of
$2,200,000 in general obligation improvement bonds. The bid opening is
scheduled for Monday, October 23, 1995 at 11:30 A.M. The City Council
will be awarding the bid at 5:30 P.M. at the Fire Station.
Attached is a copy of the preliminary official statement prepared by Juran
& Moody with respect to the sale of the $2,200,000 General Obligation
Bond Issue. The term of the issuance is twenty years. Also enclosed is the
Rating Recap from Moody's Investors (not affiliated with Juran & Moody)
which is basically a credit report of the City of Prior Lake's financial
condition and our bond rating determination. The City has been awarded
an "A" rating for this sale.
The project to be financed by this issue is for the construction of the
maintenance facility building which was recently bid and awarded to
Rochon Corporation. These bonds are to be paid through annual capital
facility charge revenue collections from sewer and water customers.
We anticipate receiving numerous bids with respect to this bond issue. The
date of opening has been carefully established by Steve Mattson, of Juran
& Moody, Inc. with respect to market demand in hopes of maximizing
competition between syndicates.
The following alternatives are available to the City Council:
1. Authorize award of bid to the lowest responsible bidder as
determined by Juran & Moody, Inc.
2. Take no action subject to receipt of additional information.
RECOMMENDATION: Alternative #1
ACTION REQUIRED:
REVIEWED BY:
IURAN2. WRT
Mo,'on to, ,a
$2,~ 0, ,
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//
esolution 95-110 accepting the the bid on the sale of
bligation Water and Sewer Revenue Bonds of 1995.
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
l'
,18/18/95 Bb:59:82
212 --553-48BB- >
612 447 4245 Moody's Inuestors
Page Ba3
Moody's Municipal
Daily Rating Recap
Prior Lake, 1'v1innesota
Rating date: C,ctober 17, 1995
Moody's rating: A
Gt'nt'ral Obligation \Vater and Sewt'r Rt'\'t'nut' BUIIJS
'3 Jie: )2,20U,OOO
Date of Sole: October 23
T~/pe: C~)mpltiti"l'
Securi~,/, (it'llt'ral oblie-alion. unlimitnl ta-'\.. :\"l't re\'e-
nUt.:>. of tilt" Inul1ici pal \\ alt'f anJ St'W\:T systems are also
pkJged
Lls:::- of Pre,c ee:js: Tn filJ:.lIKt- till' lY'lhtruction of a
utilitv ~araQe anJ';tor~lge faei lilY within the city
Lr)sr 'j.!ating ':rvJrI';Je: Februar~. 19lJ 1: From Bee 1 to
A
Credit C'~mrr.en~. The A rat.inQ on tIre citv's 1!eneral
obli\!3lioll bonds has bet-'n confirmt'd bast'll upon tht"
following credit factors:
Twin Cities Suburb \Nith Strano Tax BCJse Growth
v' and Above Averaqe Residential 'Nea!th Indices
Dt'\'doptnenl ,,)f nL:l1ltTOUS residt'ntial Jt~\'elopnll'nLs over
the last 20 vear.. has contributn.l tl) sizahk increases in
both POpul~lli\.m and Laxabk valuation for this second tier
T\\ in CiLit.s suburb The rt"Cl"nt conlPit'tion of tht'
13 lO')!ll in1!toll Ft"rn: Bridge. wruch significantly ilnpn,)\lt's
high\vay';cces;> to" the nlon: dt".,'e loped part') of the
nlt"tropolitan arc:a. is t'Xpt'ctt'd to spur funht'r dt'vdop-
ffit"nt within th,,- c it\', Residents of Prior Lake t'xhibit
above averagt. inc(~rne k\'eJs, and housing valut's simi-
larly ex.c\."l'd st~)[l" norms, Low COW1ty unemployment
ratt's are a refkction of the numt'rous job opportW1itit's
ltx:akd at a large local casino and tlu.oughout tht' region.
/
Sound Financial f\'lcnrJc:::mer,t cx.:::.~
rona rund ,('. '.-'.
Tht' cit\, has c{)Ilsistt"l1tl:-' proJuccJ IIlUi.h:st 0pt'[~tillg
surplus~s and maillt~illeJ ib Cient'r~1 FunL l...bIlL.e :.it ;j
kvel in excess of that l1t'Cl'~;:;ary tor :.:~lsh nO\\ :.lllJ
contil1l!ellc\' 1'i Il:"Uh.' i Ill! \\"h Ill' the c, ellera I f.'u Ild ~):J.; anCl"
was dr';.wll JO\\-11 dUt illg riscal I O\,Lllc '_ rcaLt. an E4Uip-
ffient ReStT\e I'WId and finance :->vll1l' capital needs. tht
level of Opt"rating reSl'[\TS remailH:d f~vorahk, \Ianage-
nlt'nt expects to reslore tht, Cit'llt-ral FUIlJ babnce t.~
fiscal 1996 1nl" CUITent ye:lf's buJgt t i.:> balanced, ;lnd
year-to-datl' results inJicat\." th~t :.l 'lurp Ius is likely.
I f'v1anageatle. 1~ltr:ou'dh P.,bcv9 ,';\:'::.'J;]2 Le\"el of
Debt
\Vhik city's debl ratios Jft' abU\'l' :l\'LTagt'. [he mlortiza-
tion scht'juk is quitt, rapid, \\ ith llu~l-l~ ~o...:c {)f ~ll dt'bt
retired within ten Yt'ars, In addition, nH"st of r.h\:" city's
outstandin1! debt recei\'ls support ti.U1Tt special ":SseSS-
ments and ....utilitv revt'l1ues, thereby alkviating the impact
on the property"tax Ic'.'Y Tht' city's five-ye::J.r capital
improvt'mt"nt program anticipall"s approximatdy 532
million in t"xpt'nditures to bt' financ{'d by an t'stilnatl'J
$13 million in gel1t"ral obligation hOlTowing backl'u by
special aSSt'ssnll"nts, tax k\"y or uti Ii t\. reVt'nUt.s,
enalyst: Steven J. B:~carrICZO
(212) 553-7168
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EXTRACT OF MI~ruTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
HELD: October 23, 1995
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the Cicy of Prior Lake, Scott
County, Minnesota, was duly held at the City Hall in said City on
Monday, the 23rd day of October, ~995, ac 5:30 ~.M., for che
purpose, in part, of considering bids for, and awarding the sale
of, $2,200,000 General Obligation Wat~r and Sewer Revenue Bonds
of 1995 of the City.
The following members were present:
and the following were absent:
Member introduced the following
resolution and moved its adopcion:
Resolution Number 95-110
RESOLUTION ACCEPTING BID ON
SALE OF $2,200,000 GENE~L OBLIGATION
WATER AND SEWER REVENUE BONDS OF 1995,
PROVIDING FOR THEIR ISSUANCE, AND PLEDGING FOR THE
SECURITY THEREOF NET REVENUES
A. WHEREAS, on September 16, ~995, the City Council
of the City of Prior Lake, Minnesota (the "City"), adopted a
resolution (the "Preliminary Resolution"), which pro\,...ided for the
private nego~iation of $2,200,000 General Obligation Water and
Sewer Revenue Bonds of 1995 (the "BondsU); and
B. WHEREAS, bids to purchase the Bonds have been
solicited by Juran & Moody, Inc, in accordance with the
Preliminary Resolution; and
C. WHEREAS, the bids set forth on Exhibit A attached
hereto were received pursuant to the Official Terms of Bond Sale
~stablished for the Bonds by the Manager at the City Hall at
~1:30 A.M., Central Time, this same day; and
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u_ WHEREAS, the City of owns and operates a muni~ipal
water and sewer system as a combined revenue producing public
utilit.y (the "System"); and
E. WHEREAS, there are outscanding General Obligation
Advance Refunding Bonds of 1992, dated February. 1, 1992 (the
"Prior Bends") of the City a portion of which constitutes a prior
lien upon the net revenues of the Systemi and
F. WHEREAS, the City Council has heretofore determined
.3.nd declared that it is necessari' and expedient co issue Bonds of
the City, pu~suant to Minnesota Statutes, Chapter 475 and
Minnesota Statutes, Section 444.075, to finance che construccion
of various improvements to the System within the City (the
"Project") i and
NOW, THEREFORE, BE IT RESOLVED by the Council of the
Ci~y of Prior Lake, Minnesota, as follows:
1. Acceotance of Bid. The bid of
(the '.Purchaser"), co purchase the Bonds of the Cicy (or
individually a "Bond"), in accordance with t.he notice of bond
sale, at the rates of interest hereinafter set forch, and to pay
Lh~refor the sum of $ , plus interest accrued to
settlement, is hereby found, determined and declared to be the
most tQvorable bid received and is hereby accepted, and the Bonds
are hereby awarded to said bidder. The City Manager is directed
La reta.in che deposit of said bidder and to forthwith return t.o
the unsuccessful bidders their good faith checks and drafcs_
2. Title; Oriqinal Issue Date: Denominations;.
Maturities. The Bonds shall be titled "General Obligation Water
and Sewer Re".renue Bonds of 1.995", shall be dated N'o"J'ember 1,
1995, as the date of original issue and shall be issued forthwith
on or after such date as fully registered bonds. The Bonds shall
ba numbered from R-~ upward in the denomination of $5,000 each or
in any integral multiple thereof of a single maturity. The Bonds
shall mature en Decerrber 1 in the years and amounts as follows:
Year Amount ~ Amount;
~996 $ 55,000 2007 $120,000
1997 60,000 2008 130,000
1.998 75,000 2009 140,000
1999-2000 80,000 2010 ~50,OOO
20Cl-2C02 90,000 2011 160,000
2003 95,000 201.2 170,000
2004 1.05,000 2013 180,000
2005 11Q,000 2014 195,000
2006 115,000
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All dates are inclusive.
3. Puroose. The Bonds shall provide funds to finance
the Project. The total cost of ~he Project, which shall include
all coses enumerated in Minnesota Statutes, Section 475.65, is
estimated to be at least equa~ to the amount of the Bonds. The
City covenants that it shall do all things and perform all acts
required of it to assure that work on the Project proceeds with
due diligence to comple~ion and chat any and all permits and
studies required under law for the Project are obtained.
4. Interest. The Bonds shall bear interest payable
6emiar~ually on June 1 and December 1 of each year (each, an
.. Interest Payment: Dater.) I commencing June J., 1996, calculated on
the basis of a 3GO-day year of twelve 3D-day months, at the
respective rates per annum set forth opposite the maturity years
as follows;
Maturity
Year
Interest
Rate
Maturity
Year
Interest
Rate
~996
~997
1998
J.999
2000
2001
2002
2003
2004
2005
%
2006
2007
2008
2009
2010
2011
2012
2013
2014
%'
s. Redemocion. All Bonds maturing in the years 2001
co 20J.4, both inclusive, shall be subject to redemption and
prepayment at the option of the City on December ~, 2000, and on
any Interest Payment Date thereafter at a price of par plus
a~crued interest. Redemption may be in whole or in part of the
Bonds subject to prepayment. If redemption is in part, thos~
Bonds remaining unpaid which.have the latest maturity date shall
be prepaid first; and if only pare of the Bonds having a common
maturity date are called for prepayment, the specific Bonds to be
prepaid shall be chosen by lOL 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. Mailed notice of
redemption Shall be given to the paying agent and to each
affected registered holder of the Bonds at least thircy (30) days
prior to the date fixed for redemption_
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To effec~ a parcial redemption of Bonds having a common
maturity date, the Bond Registrar prior to giving notice of
redemption shall assign to each Bond having a Common maturity
date a discinccive number for each $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 deem proper in its
discretion, from the numbers 60 assigned to such Bonds, as 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 be
redeemed as Qhall equal $5,000 for each number assigned to it and
eo se~ecced. If a Bond is to be redeemed only in part, it shall
be surrender~d to the Bond Registrar (with, if ~he City or Bond
Registrar So requires, a wr~tten instrument of transfer in form
satisfacccry to the City and Bond Registrar duly execu~ed by the
holder thereof or his, her or its attorney duly authorized in
writing) and the City shall execute (if necessarj) and the Bond
Registrar sha~l authenticate and deliver to the Holde= of such
Bond, without service charge, a new Bond or Bonds of the same
se~ies havi~g the same stated maturity and interest rate and of
any authorized dencrninacion or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
e~change for the unredeemed portion of the principal of the Bond
so surrendered.
6- Bond Reqistrar. First Trust National Association,
in St. Paul, ~linnesota, is appointed to act as bond registrar and
transfer agent with respect to the Bonds (t:he r'Bond Registrar") ,
and shall do so unless and until a successor Sced Registrar is
duly appointed, all pursuane to any contract the City and Bond
~egistrar shall execute ~hich is consistent herewith. The Bond
Registrar shall also serve as paying agent unless and until a
successor paying agent is duly appointed. Principal and interest
on the Bonds shall be paid co che registered holders (or record
holders) of the Bonds in the manner see forth in the form of Bond
and paragraph 12 of this resolution.
7. Form of Bond. The Bonds, togethe~ ~ith the Bond
Registrar's Certif~cate of Authentication, the form of Assignmenc
and che regist~ation information thereon, shall be in
substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
SCOTT COUNTY
CITY OF PRIOR LAKE
R-
$
GENERAL OBLIGATION WATER AND SEWER REVENUE
BOND OF 1995
INTEREST
RATE
MA TtJR.: TY
DATE
DATE OF
ORIGINAL ISSUE
NOVEMBER 1, 1995
CUSIP
REGISTERED OWNER:
PRINCIPAL k~OUNT;
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Prior Lake, Scott County, Minnesota (the nIssuer"), certifies
Lhat it is indebted and for value received promises to pay to the
registered o~~er specified above, or regiscered 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 thereo~ semiannually on
June ~ and December 1 of each year (each, an "Interest Payment
Daten) I commencing June 1, 1996, at the race per annum ~pecified
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
First Trust National Association, in St. Paul, Minnesota (the
"Bond Registrar"), acting as paying agent, or any successor
paying agent duly appointed by the Issuer. Interest on this Bond
will be paid on each Intere6t Payment Date by check or draft
mailed to the person in whose name this Bond is registered (the
"Holder" or t'Bondholder") on the registration books of the Issuer
maintained by ~he Bond Registrar and at the address appearing
thereon ac the close of business on the fifteenth day of the
calendar monch next preceding such Interesc Payment Date (the
"Regular Record Date"). Any interest not so timely paid shall
cease to be payable to the person who is the Holder hereof as of
the Regular Record Date, and shall be payable to the pecson who
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is the Helder hereof at the close of business en a date (the
"Speci~l R~ccrd Date") fixed by che Bond Registrar whenever money
becomes available for payment of the defaulted interest_ Notice
of che Special Record Date shall be given to Bondholders not less
chan 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 che United States of America.
REFERENCE IS HEREBY MADE TO THE FUKTHER 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,
conditJ..ons and things required by the Constitution and laws of
the Scate of Minnesota 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; that the Issaer has
cQvenanted and agreed with che Holders of the Bonds that it will
impose and collect charges for che service, use and availability
of its municipal ~ac~r and sewer system at the tlmes and in
amounts necessary to produce net revenues, together with oth~r
sums pledged to che payment of the Bonds, adequate to pay all
principal and interest when due on the Bonds; and that the Issuer
will leyy a direct, annual, irrepealable ad valorem tax upon all
of the taxable property of che Issuer, without limitation as to
rate or amount, for the years and in amoun=s sufficient to pay
the principal and interest on the Bonds of this issue as they
respectively become due, if the net revenues from the municipal
\later and sewer system and a,ny other sums irrevocably
appropriaced to the Debt Service Account are insufficient
therefor; and that this Bond, together with all other dents of
the Issuer outetanding on the date of original issue hereof and
~he dat~ of its issuance and delivery to the original purchaser,
does not exce-=d any constitutional or statutory limit.ation of
indebtedness.
IN WITNESS WHEREOF, the City of Prior Lake, Scott
County, Minnesota, by its City Council has caused this Bond to be
executed on its behalf by the facsimile signatures of ics Mayor
and its Manager, the corporate seal of the Issuer having been
intentionally omitted as permitted by law.
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Date of Registration;
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mencioned
within.
FIRST TRUST NATIONAL
ASSOCIATION,
St. Paul, Minnesota
Bond Registrar
By_
Authorized Signature
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Registrable by: FIRST TRUST
NATIONAL ASSOCIATION
Payable at: FIRST TRUST
NATIONAL ASSOCIATION
CITY OF ~RIOR LAKE,
SCOTT COUNTY,
MINNESOTA.
Is/ Facsimile
Mayor
Isl Facsimile
Manager
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ON REVERSE OF BOND
Redemocion. All Bonds of this issue (th.e "Bonds n)
macur~~g in the years 2001 co 2014, both inclusive, are subject
to redemption and prepaymenc at the option of the Issuer on
December 1, 2000; and on any Interest Payment Date chereafter at
a price of par plus accrued interest. Redemption may be in whole
or in part of the Bonds subject to prepayrr~nt. If redemption is
in part, those Bonds remaining unpaid which have the latest
maturity date shall be prepaid first; and if only pare 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 incerest
thereon shall cease to accrue from and after the redemption date.
Mailed ~otice of redemption shall be given to the paying agent
and to each affected Holder of the Bonds at least thirty (30)
days prior to the date fixed for redemption.
Selection of Bond~ for Redemution; Partial Redem?tion.
To effec~ a partial redemption of Bonds having a common maturity
date, the Eend Regiscrar shall assign to each Bond having a
common w~turi~y date a distinctive number for each $5,000 of the
principal a~~unc of such Bond. The Bond Registrar shall then
select by lot, using such method of selection as it shall deem
proper in its discretion, from the numbers assigned to the Bonds,
as 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 che Bonds to which were assigned numbers so
selected; provided, however, that only so much of the principal
amount .jf such Eond of a denomination of more than SS ,000 shall
be redee~d 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 surre~dered to the Bond Registrar (with, if the Issuer
or Bond Registrar so requires, a written instrument of cransfer
in form eacisfactory to the Issuer and Eond Registrar duly
executed by the Holder thereof or his, her or its attorney duly
aUthorized in writing) and the Issuer shall execute (if
necessa!~y) and the Bond Registrar shall authencicate and deliver
to the Holder of such Bond, without service charge, a new Eond or
Bonds of the same series having the same stated maturity and
interest race and of any authorized denomination or
denominations, as requested by such Holder, in aggregate
principal arnounc equal to and in exchange for the unredeemed
portion of the principal of the Bond so surrendered.
Issuance; Puroose; General Obligation. This Bond is
one of a~ issue ~n the total principal amount of $2,200,000, a:l
of like daLe of original issue and tenor, except as to number,
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macurity, incerest race, denomination and redemption privilege,
which Bond has been issued pursuant co and in full conformicy
~ith the Cons~ituticn and laws of the State of Minnesota and
pursuant to a resolution adopted by the City Counci: of the
Issuer on October 23, 1995 (the "Resolutionif), for t:he purpose of
providing money co finance the construction of various
improve~ents to che water' and sewer system within the
jurisd~ccion of the Issuer. This Bond is payable out of the
General Obligation Water and Sewer Revenue Bonds of 1995 Fund of
the Issuer. This Bond constitutes a general obligation of the
Issuer, and co provide moneys for the prompt and full payment of
i:a principal, premium, if any, and interest when the same become
due, the full faith and credic and t~~ing powers of che Issuer
have been and are hereby irrevocably pledged.
Denominations; Exchanqe; Resolution. The Bonds are
issuable Eolely as fully registered bonds in the denominations of
$5,OOC and integral multiples thereof 0= a single mac~rity and
are exchangeable for fully registered Bonds of other authorized
deD.orn~nations ir.. equal aggregate principal amour..~s a:: the
principal cffice of the Bond Registrar, but only in the manner
and subject ~o the limitations provided i~ the Resolution
Reference is hereby made to che Resolution for a descript~on of
the rights and duties of the Bond Registrar. CopieG of the
Resolution are on file i~ the principal office of the Bond
Registrar.
Transfer. This Bond is transferable by the Holder in
person or by his, her or its a~torney duly autho=ized in writing
at the principal office of the Bond Registrar upon presentacion
and s~rrender hereof to th~ Bond Registrar, all subject to the
terms and conditions provided in the Resolution and to reasonable
regulacicns of the Issuer contained in any agreement with th~
Bond Registrar. Thereupon the Issuer shall execute and the Bond
Registrar shall authenticate and deliver, in exchange for this
Bend, one or more new fully registered Eonds in the name of the
transferee (hue net registered in blank or to Hbearer" or similar
designation), of an authorized denomination or denominations, in
aggregate princip,~l. amount equal to the principal a.nOUIlt: of this
Bond, of the same maturicy and bearing interest at the same rate.
Fees upon Transfer or Loss. The Bona 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 this Bond and any legal or unusual costs regarding
transfers and lost Bonds.
Trea~men~ of Registered ~ners. The I~suer and Bond
Registrar may creat the person in whose name this Bond is
registered as the owner hereof for the purpose of receiving
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payment as her~in provided (except as ocherwise prov~ded on the
rever~e side hereof with respect to the Record Date) and for all
other p~rposesr whether or not this Bond shall be cverdue, and
n~ither the Issuer nor the Bond Registrar shall be &ffected by
notice to the contrary.
Authencication.- This Bond shall not be valid or become
obligatory for any purpose or be entitled to any security unless
the Certificate of Authentication hereon shall have been executed
by the Bond Registrar.
Qualified Tax-ExeMot Obliaation. This Bond has been
de~ignat:ed by the Issuer as a "qualified t.3.x~exempt obligation"
for purposes of Sect~on 265(b) (3) of the Internal Revenue Code of
1986, as amended.
ABBREVIATIONS
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 COM
TEN El'IT
JT TEN -
- as tenants in common
- as tenants by the entireties
as joint cenants wich right of
and not as tenants in common
as custodian for
sur".i vorship
UTMA -
( eu s t )
under the
(Minor)
Uniform.
(State)
to Hinora Act
Transfers
Additional abbreviations may also be used
though not in the above list.
303212.1
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevoCably constitute and appoint
attorney to transfer the Eond on the books kept for the
registration thereof, with full power of substitution in the
premises.
Dated:
Not:.ice:
The assignor's signacure to this
assignment must correspond with the name
as it appears upon the face of the
within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
Signaturets) must be guaranteed by a national bank or t~Jst
company or by a brokerage firm having a membership in o~e of the
major stock exchanges or any other "Eligible Guarantor
Institution" as defined in 17 CFR 240.17 Ad-1S (a) (2) .
The Bond Registrar will not effect transfer of this Bond
unless the 1nformation concerning the transferee requested below
is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
3032'2.1
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8_ Execucion; Temgorarv Bonds. The Bonds shall be
executed en behalf of the City by the 6ig~atures of its Mayor and
Manager and be sealed with che seal of the Cicy; provided,
however, that the seal of the City may be a printed facsimilei
and provided further that both of such signatures may be princed
facsimil~5 and the CorporaLe seal may be omitted on the Eonds 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 0= facsimile signature of that officer who may act on
behalf cf such absent or disabled officer. In case either such
officer 'i'lhose signature Or facsimile of whose signature shall
appear on the Bonds shall cease to be such officer before the
deliver/ of the Bonds, such signa~ure or facsimile shall
nevercheless be valid and sufficient for all purposes, the same
as if he or she had remained in office until delivery. The City
may elect co deliver, in lieu of printed de=initive bonds, one or
lTIOre cypewri=~en temporary bonds in substancially the farm set
forth above, wich such changes as may be ~ecessar/ to reflect
rrare than one maturity in a single temporary bond. Such
temporary bonds may be executed with photocopied facsimile
signatur9S c= the Mayor and Manager. Such temporary bonds shall:
upon the printing of the definitive bonds and the execution
thereof, be exchanged therefor and cancelled.
9. Authenticatioc. No Bond shall be valid or
ob:igato~y for any purpose or be entitled to any securicy or
benefic unde~ this resolution unless a Cer~ificate of
Authen~ication on such Bond, substantially in the form
hereinabove set forth, shall have been duly executed by an
authorized representacive of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. The Sond Registrar shall authenticate the signatures of
officers cf ~he City on each Bond by'execution of the Certificate
of Authe~cication on the Bond and by inser~ing as the date of
registracion 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 iS6U~1 which date
is November l, 1995. The Certificate of Authentication so
executed an each Bond shall be conclusive evidence that it has
been auchenticated and delivered under this resolution.
10. Reaistration; Transfer; Exchange. The Cicy 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 Regiscrar shall
provide for the registration of Bonds and the registracion of
cransfers of Bonds entitled to be registered or transferred as
herein provided_
303212.1
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Upon surrender fo= ~ransfer of any Bond at the
principal office of the Bond Registrar, the City shall execute
(if necessary) , and the Bond Registrar shall authencicate, insert
the date of registracion (as provided in paragraph 9) of, and
deliver, in the name of the designated transferee or transferees,
one or more ne~ Bonds of any authorized denomination or
denominations of a like aggregate principal amount, having the
same stated maturity and interest ratet as requested by the
transferor; provided, however, that no Bond may be registered in
blank or in t~e name of "bearer" or similar designacion.
At the option of the Holdert Bonds may be exchanged for
Bonds of any authorized denomination or denominations of a like
aggregate principal amount and stated maturity, upon surrender of
the BQnds to be exchanged at the principal office of the Bond
Registrar. Whenever any Bonds are so surrendered for exchange,
the City Shall execute (if necessary), and the Bend Regiscrar
shall aULhenticate, insert the date of registration of, and
deliver the Bonds which the Holder making the exchange is
entitled to receive.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
the Eond 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 obligations 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.
~ver} Bond presented or surrendered for transfer or
exchange shall be duly endorsed or be accompanied by a written
instrument of cransfer, in form satisfactory to the Eond
Reg~strarJ 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 wich the transfer or exchange of any Bond and any
legal or unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject to reasonable
regulations of the City contained in any agreemenc with the Bond
Registrar, including regulations which permit the Bond Registrar
to close its cransfer books between record dates and payment
dates. The Manager is hereby authorized to negotiate and execute
the terms of said agreemenc.
303212.1
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11. Riahts Upon Transfer or Exchanae. Each Bond
delivered upon transfer of or in exchange for or in lieu of any
other Bond shall carrj all the rights co interest accr~ed and
unpaid, and ~o acc~~e, which were carried by such other Bond.
12. Incerest Payment; Record Date. IntereBt on any
Bond shall be paid on each Interest Payment Date by check or
drafc mailed to the person in whose name the Bond is registered
(the "Holder") on the registration books of the City maintained
by ~he Bond Registrar and at the address appearing thereon at the
close of business on the fifceenth (15th) day of the calendar
month next preceding such Interes1: Payment Date (the "Regular
Record Date") - Any such interest not so timely paid shall cease
to be payable to the person ~ho is the Holder thereof as of the
Regular Record Date, and shall be payable to the person who i.s
the Holder thereof at the close of business on a date (the
"Special Record Daten) fixed by the Bond Registrar whenever money
becomes available for paymenc of the defaulted interest, Notice
of the Special Record Date shall be given by t~e Bend Registrar
co the Holders not less than ten (10) days prior to the Special
Record Date.
~3_ Treatmenc of Registered Owner. The City and Bond
Registrar may treat che person in whose name any Bond is
regist~r~d as the owner of such Bond for the purpose of receiving
payment of principal of and premium, if any, and interest
(subjecc to the payment provisions in paragraph 12 above) on,
such , Bond and fer all other purposes whatsoever whether or not
such Bond shall be overdue, and neither the Ci~y nor the Bond
Registrar shall be affected by notice LO the contrary.
14: . Deli....rery; Ao'Olication of Proceeds. The Bond5 when
60 prepar~d and executed shall be delivered by the Finance
Direc~or to the Purchaser upon receipt of the purchase price, and
the Purchaser shall noe be obliged to see to the proper
app~ication thereof.
15. Fund and Accounts. There is hereby established a
special fund co be designated "General Obligation Water and Sewer
Revenue Bends of 1995 Fund" (the "Fund"). The Fund shall be
maintained in the manner herein specified until all of che Bonds
~nd the interest thereon have been fully paid. There shall be
maintained in c,he Fund the following separate accounts to which
shall pe credited and debited all income and disbursements of the
System as hereinafter set forth. Tne Finance Director of the
City and all officials and employees concerned therewith shall
establish and maintain financial records of the receipts and
disbursements of the Syscem in accordance with this resolution.
In such reco~ds there shall be established and maintained
303212.1
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accounts of the Fund for the purposes and in the amow~ts as
follows:
(i) Construcr.ion Account. To the Construction Account
Chere shall be credited the proceeds of the sale of the Bonds,
less accrued interest received thereon, a~d less any amount paid
for the Bonds in excess of $2,167,000. From the Construction
Account shall be paid all costs and expenses of che Project,
including the cost of construction contracts heretofore let or to
be let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65, Any
balance remaining in the fund after completion of the costs shall
be transferred to the Debt Service Account.
(~~) DebL Service Account. There are her~by irrevocably
appropriaLed and pledged to, and there shall be credit~d to the
Debt Service Account: (a) the net revenues of the System not
otherwise pledged and applied to the payment of other obligations
of the City, in an amount, together with other funds which may
herein or hereafter from time to t.irne be irrevocably appropt.-iated
to the accounc, sufficient to meet the requirements of Minnesota
Statutes, Section 475.61 for the pa1~ent of the principal and
incer~st of this issue; (b) all accrued interes~ r~c~ived upon
delivery of the Bonds; (c) all funds paid for che Bonds in excess
of $2,167,000; (d) all collections of taxes which may hereafter
be levied ic the event that net revenues of the System and other
funds herein pledged to the payment of the principal and interest
ot the Bonds of this issue are insufficient cherefcre; (e) all
funds remaining in the Construction Accounc after completion of
the Project and payment of the costs thereof; (f) all investment
earnings on funds held in the Debt Service Account; and (g) any
and all othe~ moneys which are properly available and are
apprcprJ.ac.ed bj/' the governing body of the City to the Debt.
Service Account. Tne Debt Service Account shall be used solely
to pay the p~incipal and int:erest and any premiums for redempcion
of the Bonds and any other general obligation bonds of the Cicy
hereafter issued by the City and made payable from said account
as provided by law.
No portion of the proceeds of the Bonds shall be used
directly or indirectly to acquire higher yielding investmenc.s or
to replace funds which were used directly or indirectly co
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 amounc not greater than the lesser of five percent (S~) of
che prcceeds of the Bonds or $100,000. To this effect, any
proceeds of the Bonds and any sums from time to time held in the
Con6cructio~ Account or Debt Service Account (or any other City
account which will be used to pay principal or interest to become
303Z12.'
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due on che bonds payable therefrom) in excess of amounts which
under chen-applicable federal arbitrage regulations may be
in'leSL~d without regard to yield shall not be invested at a yield
in excess of the applicable yield restrictions imposed by said
arbitrage regulations on 6u~h investments after taking into
account any appl icable "temporary periods fI or "minor portion"
made available under the -federal arbitrage regulations. Money in
the Fund shall not be inves~ed in obligations or deposits issued
by, guaranteed by or insured by the United States or any agency
or instrumentality thereof if and to the extent that such
in""es cmen t would cans e the Bonds to be It federally guarant:eed"
within the meaning of Section 149(b) of the Internal Revenue Code
of 1986, as amended (che "eaden).
16, Excess Net Revenues. Net revenues in excess of
thos~ required for the foregoing may be used for any proper
purpose.
17_ ~ufficiencv of Net Revenues. It is hereby found,
decermined and declared that the net revenues of the System are
sufficient i~ amount to pay when due the princ~pal of and
interest on the Bonds herein authorized and the Prior Bonds and a
sum at least five percent (S%) in excess thereof, and the nee
revenues of the System are hereby pledged subject to the prior
lien of the Prior Bonds for the payment of the Bonds of this
issue ~nd shall he applied far that purpose, but solely to the
extent required to meet the principal and interest requirements
of this issue as the same become due. Noching ccncained herein
'shall be deemed to preclud~ the City from making further pledges
and appropriations of the net revenues of the System for the
payment of other or additional obligations of the City, provided
that it has first been determined by che City Council that the
estimacea net revenues of the System will be sufficient in
addition to all other sources, for the payment of the Bonds
herein aULhorized and such additional obligations and any such
pledge and appropriation of the net revenues may be made superior
or subordinate to, or on a parity with the pledge and
appropriation herein.
18. Covenant to Maintain Rates and Charaes. In
accordance with Minnesota Statutes, Seccion 444.0751 the City
hereby CO'lenants and agrees with the Holders of the Bonds that it
will impose and collect charges for the service, use, avail-
ability and connection to the System at the times and in the
amounts required to produce net revsnues adequate to pay all
principal and interest when due on the Bonds and the Prior Bonds.
Minnesota Stacutes, Section 444.075, SUbdivision 2, provides as
follows; "Real est.ate tax revenues should be used only, and then
on a tempord.~.f basis, to pay general or special obli.gations when
the other revenues are insufficienL to meet: the obligations".
303Z12.1
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19. Defeasanc~. When all Bonds have been discharged
as provided in this paragraph, all pledges, covenants and other
rights granted by this resolution to the registered holders of
the Bonds shall, to the extent permitted by law, cease, The City
may discha~ge its obligations with respect to any Bonds which are
due o~ any date by irrevocably depositing with the Bond Registrar
on or before that date a sum sufficient for the payment thereof
in fulli or if any Bond should not be paid when due, it may
nevertheless be discharged by depositing with the Bond Registrar
a sum 6uff~ci~nt for the payment thereof in full with interest
accrued to che date of such deposit. The City may also discharge
its obligations wich respect to any prepayable Bonds called for
redemption on any date when they are prepayable according to
their terms, by depositing with the Bond Registrar on or before
that date a sum sufficient for the payment thereof in full,
provid~~ that notice of redemption thereof has been duly given.
The City may also at any time discharge its obligations with
respect to any Bonds, subject to the provisions of law now or
hereafter authorizing and regulating such actio~, by depositing
irrevocably in escrow, with a suitable banking institution
qualified by law as an escrow agent for this purpose, cash or
securities described in Minnesota Scatutes, Section 475.67,
Subdivision 8, bearing interesc payable at such times and at such
rates and maturing on such dates as shall be required, without
regard co sale and/or reinvestment, to pay all amounts to become
due chereon to maturity or, if notice of redemption as herein
required has been duly provided for, to such earlier redemption
date.
20. Compliance With Reimbursement Boed ~equlationg.
The pr~visions of this paragraph are intended to establish and
provide for ~he City's compliance with United States Treasurf
Regulations Section 1.150-2 (the "Reimbursement Regulations")
applicable to the "reimbursement proceeds" of the Bonds, being
those port:ions thereof which will be used by the City t.o
reimburse icself for any expenditure which the City paid or will
have paid prior to the Closing Date (a "Reimbursement
Expenditure") .
The City hereby certifies and/or covenants as follows:
(a) Not later than 60 days after the date of payment of a
Reimbursement Expenditure, the City (or person
designated to do so on behalf of the City) has made or
will have made a written declaration of the Cityfs
official intent (a <<Declaration") which effectively (i)
states the City's reasonable expectation to reimburse
itself for the payment of the Reimbursement Expenditure
out of the proceeds of a subsequent borrowi~g; (ii)
gives a general and functional description of the
303212.1 1 7
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property, project or program to which the Declaration
relates and for which the Reimbursement Expendicure is
paid, or identifies a specific fund or aCcount of the
City and the general functional purpose thereof from
which the Reimbursement E~penditure was to be paid
(collectively the "projectU); and (iii) states the
maximum principal amount of debt expected to be issued
by the City for the purpose of financing the Project;
provided, however, that no such Declaration shall
necessarily have been made with respect to: (i)
"preliminary expenditures" for the Project, defined in
the Reimbursement Regulations to include engineering or
architectural, surveying and 60il testing expenses and
similar prefatory costs, which in the aggregate do not
excE:ed 20% of the "issue price" of the Bonds, and (ii)
a de minimis amount of Reimbursement Expenditures not
in excess of the lesser of $~aO,aOO or 5~ of the
proceeds of the Bonds. Notwithstanding che foregoing,
with respect Co any Declaration made by the City
becween January 27, 1992 and June 30, 1995, with
respect to a Reimbursement Expenditure rnad~ prior co
March 2, 1992, the City hereby represents that there
exists objective evidence, that at the time the
Expenditure was paid the City expected to reimburse the
cost thereof with the proceeds of a borrowing (taxable
or tax-exempc) and that expectation was reasonable.
{b} Each Reimbursement Expenditure is a capital expenditure
or a cost of issuance of the Bonds or any of the other
types of expenditures described in Section l.150-
2(dJ (3) of the Reimbursement Regulations.
(c) The "reimbursement allocation" described in the
Rei~~ursement Regulations for each Reimbursement
Expenditure shall and will be made forthwith following
(but not prior to) the issuance of the Bonds and in all
events within the period ending on the date which is
the later of three years after payment of the
Reimbursement Expenditure or one year after the date on
which the Project to which the Reimbursemenc
Expenditure relates is first placed in serJice.
Cd) Each such reimbursement allocation will be made in a
writi~g that evidences the City's use of Bond proceeds
LO reimburse che Reimbursement Expenditure and, if made
within 30 days after the Bonds are issued, shall be
treated as made on the day the Bonds are issued.
Provided, however, that the ~ity may take action contrary to any
of the foregoing covenants in this paragraph 20 upon receipt of
303212.1
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an opinion of its Bond Counsel for the Bonds stating in effect
that such action will not impair the tax-exempt status of the
Bonds.
2~. Continuing Disclosure. The City is the sole
obligated person with respect CO the Bonds. The City hereby
agrees, in accordance with the provisions of Rule lSc2-12 (the
"Rule"), protmllg-ated by the Securities and Exchange Corrunission
(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 infonnation repository (flNRr-1SIRIt)
and to the appropriate statg information depository (IISIDff), if
any, for the State of Minnesota, in each case as designated by
the Commission in accordance with the Rule, certain annual
financial information and operating data in accordance with the
undertaking. The City reserves the right to modify from time to
time the cerrns of the Undertaking as provided therein.
B. Provide or cause to be provided, in a timely manner, to
(i) each N~lSIR or to the Municipal Securities Rulemaking Board
(rrMSRB") and (ii) the SID, notice of che occurrence of certain
material events with respecc to the Bonds in accordance with the
Undertaking.
C. Provide or cause to be provided, in a timely manner, to
(i) each ~~SIR or to the MSRB and (ii) the SID, notice of a
failure by the City to provide the annual financial information
with respect to the City described in the Undercaking.
D. The City agrees that its covenants pursuant to the Rule
see for~h in this paragraph 21 and in the Undertaking is intended
to be for the benefit of the Holders of the Bonds and shall be
enforceable on behalf of such Holders; provided that Lhe right to
enforce the provisions of these covenants shall be limited to a
right co obtain specific enforcement of the City'S obligations
under the covenants.
The Mayor and Manager of the City, or any other officer of
the City autho=ized to act in their place with "Officers" are
hereby authorized and directed to execute on behalf of the City
the Undertaking in substantially the form prese~ted to che City
Council subject to such modifications thereof or additions
thereto as are (i) consistent ~ith the requirements under the
Rule, (ii) re~~ired by the Purchaser of the Bonds, and (iii)
acceptable to the Offic~rs.
303212.1
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22. General Obliqation Pledae. For the prompt and
full payment of the principal and interesc on the Bonds, as the
same respectively become due, the full faith, credit and taxing
powers of the City shall be and are irrevocably pledged. If the
net revenues of the System appropriated and pledged to the
payment of principal and interest on the Bonds, together wich
ocher funds irrevocably appropriated to the Debt Service AccounL
herein established, shall at: any time be insufficient to pay such
princ~pal and interest when due, the City covenants and agrees to
levy, without limicacion as to rate or amount an ad valorem tax
upon all taxable property in the City suffici~nt to pay such
principal and interest as it becomes due. If the balance in the
Debt Service Account is eve~ insufficient to pay all principal
and interest then due on the Bonds payable therefrom, the
deficiency shall be promptly paid out of any other accounts of
the City which are available for such purpose, and such other
f~nds may be reimbursed without interest from che Debt Service
ACCCUfi~ when a sufficient balance is available therein.
23. Certificate of Reqistration. The Manager is
hereby directed to file a certified copy of this resolution with
the County Audicor of Scott County, Minnesota, together with such
other information as he or she shall require, and to obtain the
County Audicor's certificate that the Bends have been entered in
the County Auditorls Bond Register.
24. Records and Certificate~, The officers of the
City a~e hereby authorized and directed to prepare and furnish to
the Purchaser, and to the attorneys approving the legalicy of the
issuance of the Bonds, certified copies of all proceedings and
rec~rds of the City relating to the Bonds and to the financial
condition and affairs of the Cicy, and such othe~ affidavits,
certificates and information as are required to show the facts
relating to the legality and marketability of the Bonds as the
same appear fram tee books and records under their custody and
control or as otherwise known to them, and all such cert~fied
copies, cert~ficates and affidavits, including any hcr~tofore
furnished, shall be deemed representations of the City as ~o the
facts recited therein.
25. Negative CO'lenant as to Use of Proceeds and
Project. The Cicy hereby covenants net to use the proceeds of
the Bonds or LO use the Project, or to cause or permit chern to be
used, or to ent~r inLO any deferred payment arrangements for the
cost of the Project, in such a manner as to cause the Bonds to be
ffprJ..:ace activity bonds" within the meaning of Sections 103 and
141 through 150 of the Code.
26. Tax-Exem-ot Status of the Bonds: Rebate. The City
shall ccmply \~ith r~quirements necessar/ under the Code to
303212.1
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esta.clish and. maintain the exclusion from gross income under
Section 103 of the Code of the interest en the Bonds, including
without l~mitation (~) requirements relating to temporary periods
for investments, (2) limitations on amounts invesced at a yield
greater than che yield on the Bonds, and (3) the rebate of excess
in~~stment earnings to the United States if the Bonds (together
with ather obligations reasonably expected to be issued and
outstanding at one time in this calendar year) exceed the
small-issuer exception amount of $5,000,000.
For purposes of qualifying for the exceptIon to the
federal arbitrage rebate requirements for governmental units
issuing $5,000,000 or less of bonds, the City hereby finds,
determines and declares that (1) the Bonds are issued by a
governm~ntal unit: with general taxing powe=s, (2) no Bond is a
private activity bond, (3) ninety~five percent (95%) or more of
the net proceeds of the Bonds are to be used for local
governmen~al activities of che City (or of a gcvernmental unit
the jurisdiccion of which is entirely within the jurisd~ction of
the City), and (4) the aggregate face amounc of all tax-exempt
bonds (other than private activity bonds) ~ssued by the City (and
all subordinate entities thereof, and all entities treated as one
issuer with the City) during the calendar year in which the Bonds
are issued and outstanding at one time is not reasonabiy expected
to exceed $5,000,000, all within the meaning of Section
148 (f) (4) (C) of the Code.
27. pesiqnation of Oualified Tax-Exempc Obligations.
In order tc ql.lal.:.fy the Bonds as "qualified t:ax-exemp,=
obligations" wit~in the meaning of Section 265{b) (3; ot Lhe Code,
the City hereby makes the following faccual statement3 and
representations~
(a) che Bonds ara issued after Au~~st 7/ 1986;
(b) the Bonds are not "private acr:ivity bondslf as
defined in Section 14~ of the Code;
(c) the City hereby designates the Bonds as
"qualir ied ta."C-exempt obligations" for purposes of
Section 265(b) (3) of the Code;
(d) the reasonably anticipaced amount of
tax-exempt obligations (other than private activity
bonds, treating qualified 5Q~(c) (3) bonds as not being
pri~'ate activity bonds) which will be issued by the
City (and all entities treaced as one issuer with the
City, and all subordinate entities whose obligations
are treated as issued by the City) during this calendar
year 1995 will not exceed $10,000,000; and
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(e) noc more ~han $10,000,000 of obligation~
issued by che City during chis calendar year 1.995 have
bee~ designated for purposes of Section 265(b) (3) of
the Code.
The City shall use its best efforts to comply with any federal
procedural requ~rernents which may apply in order to effectuate
che designation made by this paragraph.
28. Severability. If any section, paragraph or
provision of this resolution shall be held to be invalid or
unenforceable for any reasont the invalidity or unenforceability
of such section, paragraph or provision shall not affect any of
che remaining provisions of this resolution.
29. Headings. Headings in this resolution are
included for convenience of reference only and are not a part
hereof, and shall not limit or define the meaning of any
provision hereof.
The motion for the adoption of the foregoing resolution
was duly seconded by member and, after a full
discussicn therecf and upon a vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same:
adopced.
whereupon said resolution was declared duly passed and
303212. ,
22
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STAT2 OF MINNESOTA
COUNTY OF SCOTT
CITY OF PRIOR LAKE
I, the undersigned, being the duly qualified and acting
Manager of th~ 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, dud that
the same is a full, true and complete transcript of the minuces
of a meeting of the City Council of said City, d~ly called and
held on the date therein indicated, insofar as such minuces
relate to con~idering bids for, and awarding the sale off
$2,200,000 General Obligation Water and Sewer R~venue Bonds of
1995 of said City.
WITN2SS my hand this 23rd day of OCtober, 1995.
Manager
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303212.1
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EXHIBIT A
BIDS
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(To be supplied by Juran & Moody, Inc.]
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