HomeMy WebLinkAbout99-67 - ADMIN Resolution - City Council - 1999/05/17RESOLUTION NO. 99 - 6 7-11
A RESOLUTION OF THE ST. LOUIS PARK CITY COUNCIL
APPROVING ISSUANCE OF A PREMISES PERMIT
FOR LAWFUL GAMBLING FOR
KNIGHTS OF COLUMBUS COUNCIL 3949
WHEREAS, Minnesota Statutes Chapter 349 and St. Louis Park Ordinance Section 13-
1600 et seq., provide for Lawful gambling licensing by the State Gambling Control Board
("Board"); and
WHEREAS, a licensed organization may not conduct lawful gambling at any site unless it
has first obtained from the Board a premises permit for the site; and
WHEREAS, the Board may not issue or renew a premises permit unless the organization
submits a resolution from the City Council approving the premises permit; said resolution shall
have been adopted within 60 days of the date the application was received by the City Clerk;
(herefore,
BE IT RESOLVED that St. Louis Park Ordinance Section 13-1600 et seq., shall not be
construed to require the City to undertake any responsibility for enforcing compliance with
Minnesota Statutes Chapter 349 other than those provisions related to the issuance of premises
permits as required in MSA Section 349.213; and
BE IT FURTHER RESOLVED by the St. Louis Park City Council that the applicant
listed below meets the criteria necessary to receive a premises permit, and the application is
hereby approved:
APPLICANT & LOCATION:
Knights of Columbus Council 3949
6900 Oxford St.
St. Louis Park, MN 55416
Reviewed for Administration:
Attest:
'Ado
Council May 17, 1999
May
City Attorney
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EXTRACT OF MINUTES OF A -MEETING OF THE
CITY COUNCIL OF THE CITY OF
ST. LOUIS PARK, MINNESOTA
HELD: May 17, 1999
Pursuant to due call and.,notice thereof, a regular
meeting ,offthe city Council of the City of St. Louis Park,
Hennepin County, Minnesota, was duly_ held at the City Hall in
said 'City on Monday, the 17th day of May, 1999, at 7:30 P.M., for
the purpose, in part, of considering proposals for, and awarding
the sale of, $2,500,000 General Obligation Capital Improvement
Bonds, Series 1999 of the City.
The following members were present: Mayor Jacobs and
Council Members Brimeyer, Latz, Nelson, Sanger, and Young
and the following were absent:
Member B -jm.eyyc.r introduced the following resolution
in writing (the reading'df which was dispensed with by unanimous
consent) and moved•its adoption:
RESOLUTION NO. 99- (pp
None
RESOLUTION ACCEPTING, PROPOSAL ON THE SALE OF
$2,50'0',000 GENERAL OBLIGATION CAPITAL
IMPROVEMENT BONDS, SERIES i999,
PROVIDING TOR THEIR ISSUANCE, AND LEVYING
A TAX FOR THE PAYMENT THEREOF
A. ;WHEREAS, Section 6.15(b) of the Home Rule Charter_
for- the City of St. Lou -is Park effective January 7, 1955, as -
amended August 11, 1993 (the "Charter"), authorizes the City
Council of the'City of St. Louis Park,'Minnesota (the "City") by
.a vote.'of at least six 'of its members, to authorize the issuance
of •general obligation bonds to pay for _any public purpose not -
prohibited by Minnesota Statutes, Chapter 475 without submitting
to th'e voter's the proposition for the issuance of such bond`s; and
B. 'WHEREAS, on April 5, 1999, the City Council
adopted a resolution (the "Preliminary Resolution"), which
provided for the sale of $2,500,000 General Obligation,Capital
Improvement Bonds, Series 1999 (the "Bonds"); and
C. _WHEREAS, proposals to purchase the Bonds have been
solicited by Ehlers•and'Associates, Inc. ("Ehlers") in accordance
with the Preliminary Resolution; and
D. WHEREAS, the proposals set forth on Exhibit A
attached hereto were received and opened pursuant, to the -Bond
Sale Report established for the Bonds in the, resence of the
Clerk, or designee, at the offices of Ehlers at 11:00 A.M.,
Central Time, this same day; and
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E. WHEREAS, the City has heretofore determined and
declared that it is necessary and expedient to issue the Bonds
pursuant to Minnesota Statutes, Chapter 475 and the Charter, to
finance various public improvements within the City (the
"Project") particularly new streets, curb and gutter, water,
walking trails) traffic signals, storm sewer and sanitary sewer;
and
F. WHEREAS, it is in the best interests of the City
that the Bonds be issued in book -entry form as hereinafter
provided; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of St. Louis Park, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of Norwest
Investment Services, Inc. (the "Purchaser'!), to purchase the
Bonds (or individually, a "Bond"), in accordance with the Bond
Sale Report, at the rates of interest hereinafter set forth, and
to pay therefor the sum of $2,475,000, plus interest accrued to
settlement, is hereby found, determined and declared to be the
most favorable proposal,received and is hereby accepted, and the
Bonds are hereby awarded to said proposal maker. The Clerk is
directed to retain the deposit of said proposal maker and to
forthwith return to the unsuccessful proposa'l makers their good
faith checks or drafts.
2. Bond Terms.
(a) Title;,Original Issue Date; .Denominations; Maturities;
Term Bond Option. The Bonds shall be -titled °General Obligation
Capital Improvement Bonds, Series 1999", shall,be dated June 1,
1999, as the date of original issue and shall be issued forthwith
on.,or after such date as fully registered bonds. The.Bonds shall
be numbered from R-1 upward in the denomination of .$5,000_each or
in any integral. multiple thereof of a single maturity (the
"Authorized 'Denominations"). The Bonds shall, mature on
February 1 in the years and amounts as follows:
Year Amount Year Amount
2002 $200,000 2007 $250,0,00
2003 215,000 2008 ' 265,00,0
2004 225,000 2009 275,000,
2005 230,000 2010 290,000
2006 240,000 2011 310,000'
As may be requested by the Purchaser, one, or more term
Bonds may be issued having mandatory sinking',fund' redemption •and
final maturity amounts conforming to the foregoing principal
repayment schedule, and corresponding additions may be made to
the provisions, of the applicable Bond(s).
(b) Book Entry.Only System. The Depository Trust Company,
a limited purpose trust company organized under the laws-of'the'
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State of New York or any of its successors or its successors to
its functions hereunder (the "Depository") will act as securities
depository for the Bonds, and to this end:
(i) The Bonds shall be initially issued and, so long
as they remain in book entry form only (the "Book Entry Only
Period"), shall at all times be in the form of a separate
single fully registered Bond for each maturity of the Bonds;
and for purposes of complying with this requirement under
paragraphs 5 and 10 Authorized Denominations for any Bond
shall be deemed to be limited during the Book Entry Only
Period to the outstanding principal amount of that Bond.
(ii) Upon initial issuance, ownership of the Bonds
shall be registered in a bond register maintained by the
Bond Registrar (as hereinafter defined) in the name of CEDE
& CO., as the nominee (it or any nominee of the existing or
a successor Depository, the "Nominee").
(iii) With respect to the Bonds neither the City nor
the Bond Registrar shall have any responsibility or
obligation to any broker, dealer, bank, or any other
financial institution for which the Depository holds Bonds
as securities depository (the "Participant") or the person
for which a Participant holds an interest in the Bonds shown
on the books and records of the Participant (the "Beneficial
Owner"). Without limiting the immediately preceding
sentence,', neither the City, nor the Bond Registrar, shall
have any such responsibility or obligation with respect to
(A) the accuracy of the records of the Depository, the
Nominee or any Participant with respect to any ownership
interest in the Bonds, or (B) the delivery to any
Participant, any Owner or any other person, other than the
Depository, of any notice with respect to the Bonds,
including any notice of redemption, or (C) the payment to
any Participant, any Beneficial Owner or any other person,
other than the Depository, of any amount with respect to the
principal of or premium, if any, or interest on the Bonds,
or (D) the consent given or other action taken by the
Depository as the Registered Holder of any Bonds (the
"Holder"). For purposes of securing the vote or consent of
any Holder under this Resolution, the City may, however,
rely upon an omnibus proxy under which the Depository
assigns its consenting or voting rights to certain
Participants to whose accounts the Bonds are credited on the
record date identified in a listing attached to the omnibus
proxy.
(iv) The City and the Bond Registrar may treat as and
deem the Depository to be the absolute owner of the Bonds
for the purpose of payment of the principal of and premium,
if any, and interest on the Bonds, for the purpose of giving
notices of redemption and other matters with respect to the
Bonds, for the purpose of obtaining any consent or other
action to be taken by Holders for the purpose of registering
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transfers with respect to such Bonds, and for all purpose
whatsoever. The Bond Registrar, as paying agent hereunder,
shall pay all principal of and premium, if any, and interest
on the Bonds only to the Holder or the Holders of the Bonds
as shown on the bond register, and all such payments shall
be valid and effective to fully satisfy and discharge the
City's obligations with respect to the principal of and
premium, if any, and interest on the Bonds to the extent of
the sum or sums so paid.
(v) Upon delivery by the Depository to the Bond
Registrar of written notice to the effect that the
Depository has determined to substitute a new Nominee in
place of the existing Nominee, and subject to the transfer
provisions in paragraph 10 hereof, references to the Nominee
hereunder shall refer to such new Nominee.
(vi) So long as any Bond is registered in the name of
a Nominee, all payments with respect to the principal of and
premium, if any, and interest on such Bond and all notices
with respect to such Bond shall be made and given,
respectively, by the Bond Registrar or City, as the case may
be, to the Depository as provided in the Letter of
Representations to the Depository required by the Depository
as a condition to its acting as book -entry Depository for
the Bonds (said Letter of Representations, together with any
replacement thereof or amendment or,substitute thereto,
including any standard procedures or policies referenced
therein or applicable thereto respecting the procedures and
other matters relating to the Depository's role as
book -entry Depository for the Bonds, collectively
hereinafter referred to as the "Letter of Representations").
(vii) All transfers of beneficial ownership interests
in each Bond issued in book -entry form shall be limited in
principal amount to Authorized Denominations and shall be
effected by procedures by the Depository with the
Participants for recording and transferring the ownership of
beneficial interests in such Bonds.
(viii) In connection with any notice or other
communication to be provided to the Holders pursuant to this
Resolution by the City or' Bond Registrar with respect to any
consent or other action to be taken by Holders, the
Depository shall consider the date of receipt of notice
requesting such consent or other action as the record date
for such consent or other action; provided, that the City or
the Bond Registrar may establish a special record date for
such consent or other action. The City or the Bond
Registrar shall, to the extent possible, give the Depository
notice of such special record date not less than 15 calendar
days in advance of such special record date to the extent
possible.
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(ix) Any successor Bond Registrar in its written
acceptance of its duties under this Resolution and any
paying agency/bond registrar agreement, shall agree to take
any actions necessary from time to time to comply with the
requirements of the Letter of Representations.
(x) In the case of a partial prepayment of a Bond, the
Holder may, in lieu of surrendering the Bonds for a Bond of
a lesser denomination as provided in paragraph 5 hereof,
make a notation of the reduction in principal amount on the
panel provided on the Bond stating the amount so redeemed.
(c) Termination of Book -Entry Only System. Discontinuance
of a particular Depository's services and termination of the
book -entry only system may be effected as follows:
(i) The Depository may determine to discontinue
providing its services with respect to the Bonds at any time
by giving written notice to the City and discharging its
responsibilities with respect thereto under applicable law.
The City may terminate the services of the Depository with
respect to the Bond if it determines that the Depository is
no longer able to carry out its functions as securities
depository or the continuation of the system of book -entry
transfers through the Depository is not in the best
interests of the City or the Beneficial Owners.
(ii), Upon termination of the services of the
Depository as provided in the preceding paragraph, and if no
substitute securities depository is willing to undertake the
functions of the Depository hereunder can be found which, in
the opinion of the City, is willing and able to assume such
functions upon reasonable or customary terms, or if the City
determines that it is in the best interests of the City or
the Beneficial Owners of the Bond that the Beneficial Owners
be able to obtain certificates for the Bonds, the Bonds
shall no longer be registered as being registered in the
bond register in the name of the Nominee, but may be
registered in whatever name or names the Holder of the Bonds
shall designate at that time, in accordance with paragraph
10 hereof. To the extent that the Beneficial Owners are
designated as the transferee by the Holders, in accordance
with paragraph 10 hereof, the Bonds will be delivered to the
Beneficial Owners.
(iii) Nothing in this subparagraph (c) shall limit or
restrict the provisions of paragraph 10 hereof.
(d) Letter of Representations. The City Manager is
authorized and,directed to execute in the name of the City the
Letter of Representations in substantially the form on file in
the office of the City. In the event of the disability or the
resignation or other absence of the City Manager, such other
• officer of the City who may act in his or her behalf shall
without further act or authorization of the City do all things
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and execute all instruments and documents required to be done or
to be executed by such absent or disabled official. The
provisions in the Letter of Representation are incorporated
herein by reference and made a part of the resolution, and if and
to the extent any such provisions are inconsistent with the other
provisions of this resolution, the provisions in the Letter of
Representation shall control.
3. Purpose. The Bonds shall provide funds to finance
the Project. The total cost of the Project, which shall include
all costs enumerated in Minnesota Statutes, Section 475.65, is
estimated to be at least equal to the amount of the Bonds. Work
on the Project shall proceed with due diligence to completion.
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 completion and that any and all permits and
studies required under law for the Project are obtained.
4. Interest. The Bonds shall bear interest payable
semiannually on February 1 and August 1 of each year (each, an
"Interest Payment Date"), commencing February 1, 2000, calculated
on the basis of a 360 -day year of twelve 30 -day months, at the
respective rates per annum set forth opposite the maturity years
as follows:
Maturity Interest Maturity Interest
Year Rate Year Rate
2002
2003
2004
2005
2006
3.70%
3.80
3.90
4.00
4.10
2007
2008
2009
2010
2011
4.20%
4.30
4.35
4.45
4.55
5. Redemption. All Bonds maturing in the years 2008
to 2011, both inclusive, shall be subject to redemption and
prepayment at the option of the City on February 1, 2007, and on
any date thereafter at a price of par plus accrued interest.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, the maturities and the
principal amounts within each maturity to be redeemed shall be
determined by the City; and if only part of the Bonds having a
common maturity date are called for prepayment, the specific
Bonds to be prepaid shall be chosen by lot by the Bond Registrar.
Bonds or portions thereof called for redemption shall be due and
payable on the redemption date, and interest thereon shall cease
to accrue from, and after the redemption date. Notice of
redemption shall be given by registered or certified mail at
least thirty (30) days prior to the date fixed for redemption to
the paying agent and to each affected registered holder of the
Bonds at the address shown on the registration books.
To effect a partial 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
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date a distinctive 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 so assigned to such Bonds, as many ,
numbers as, at i$5,000 'for each number, shall equal the principal
t
amounof 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 shall equal $5,000 for each number. assigned to it and
so selected. if a Bond is to be redeemed only in part, it shall
be surrendered to, the Bond Registrar (with, if the City or Bond
Registrar so requires, a written instrument' of transfer in form
satisfactory to the City and Bond Registrar duly executed by the
holder thereof or his, her or its attorney duly authorized in
writing) and the City, shall execute' (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any Authorized 'Denomination or Denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the'unred'eemed portion of the principal of the Bond'
so surrendered.
6. Bond Registrar. The Finance Director of the City
is,appointed to act as bond registrar and transfer agent with
respect €o the :Bonds (the ",Bond _Registrar'!)„ land •shal'1 do so
,unless and until a successor:.Bond,Registrarryis duly appointed,
411 -pursuant to any. contract the-City,andr=BondRegistrar shall
,execute 'which is .consistent herewith. The,Bond Registrar shall
-a'lso serve as paying 'agent unless and until a successor paying
_agent'is duly appointed. Principal and interest on the'_Bonds`
shall be paid to. the registered holders (or record'holders) of
the Bonds,in the manner set forth in the form of Bond and
paragraph 12 of this resolution.
7. Form of •Bond. The Bonds, together ;with the ,Bond'
Registrar's:Certificate`of Authentication, the' form' of• Assignment
arid the reg'i'stration,•information thereon, shall be in
substantially the following form:
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R -
UNITED STATES OF AMERICA
STATE OF MINNESOTA
HENNEPIN COUNTY
CITY OF ST. LOUIS PARK
GENERAL OBLIGATION CAPITAL IMPROVEMENT
BOND, SERIES 1999
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
REGISTERED OWNER:
JUNE 1, 1999
PRINCIPAL AMOUNT: DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of St.
Louis Park, Hennepin County, Minnesota (the "Issuer"), certifies
that it is indebted and for value received promises to pay to the
registered owner specified above, or registered assigns, in the
manner hereinafter set forth, the principal amount specified
above, on the maturity date specified above, unless called for
earlier redemption, and to pay interest thereon semiannually on
February 1 and August 1 of each year (each, an "Interest Payment
Date"), commencing February 1, 2000, at the rate per annum
specified above (calculated on the basis of a 360 -day year of
twelve 30 -day months) until the principal sum is paid or has been
provided for. This Bond will bear interest from the most recent
Interest Payment Date to which interest has been paid or, if no
interest has been paid, from the date of original issue hereof.
The principal of and premium, if any, on this Bond are payable
upon presentation and surrender hereof at the principal office of
the Finance Director of the Issuer (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 Interest
Payment Date by check or draft mailed to the person in whose name
this Bond is registered (the "Holder" or "Bondholder") on the
registration books of the Issuer maintained by the Bond Registrar
and at the address appearing thereon at the close of business on
the fifteenth day of the calendar month next preceding such
Interest 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 person who is the Holder hereof at the close of
business on a date (the "Special Record Date") fixed by the Bond
Registrar whenever money becomes available for payment of the
defaulted interest. Notice of the Special Record Date shall be
given to Bondholders not less than ten days prior to the Special
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Record Date. The principal of and premium, if any, and interest
on this Bond are payable in lawful money of the United States of
America. [So long as this Bond is registered in the name of the
Depository or its Nominee as provided in the Resolution
hereinafter described, and as those terms are defined therein,
payment of principal of, premium, if any, and interest on this
Bond and notice with respect thereto shall be made as provided in
the Letter of Representations, as defined in the Resolution, and
surrender of this Bond shall not be required for payment of the
redemption price upon a partial redemption of this Bond. Until
termination of the book -entry only system pursuant to the
Resolution, Bonds may only be registered in the name of the
Depository or its Nominee.]*
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota and the Charter of the Issuer to be done,
to happen and to be performed, precedent to and in the issuance
of this Bond, have been done, have happened and have been
performed, in regular and due form, time and manner as required
by law, and that this Bond, together with all other debts of the
Issuer outstanding on the date of original issue hereof and the
date of its issuance and delivery to the original purchaser, does
not exceed any constitutional or statutory or Charter limitation
of indebtedness.
IN WITNESS WHEREOF, the City of St. Louis Park,
Hennepin County, Minnesota, by its City Council has caused this
Bond to be executed on its behalf by the facsimile signatures of
its Mayor and its City Manager, the corporate seal of the Issuer
having been intentionally omitted as permitted by law.
* Include only until termination of the book -entry only
system under paragraph 2 hereof.
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Date of Registration:
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned
within.
THE CITY OF ST. LOUIS
PARK, -MINNESOTA
Bond Registrar
By
Authorized Signature
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Registrable
Payable at:
by: THE FINANCE DIRECTOR
OF THE CITY OF ST. LOUIS
PARK, MINNESOTA
OFFICE OF THE FINANCE
DIRECTOR OF THE CITY OF
ST. LOUIS PARK,
MINNESOTA
CITY OF ST- LOUIS PARK,
HENNEPIN COUNTY, MINNESOTA
/s/ Facsimile
Mayor
/s/ Facsimile
City Manager
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ON REVERSE OF BOND
Redemption. All Bonds of this issue (the "Bonds")
maturing in the years 2008 to 2011, both inclusive, are subject
to redemption and prepayment at the option of the Issuer on
February 1, 2007 and on any date thereafter at a price of par
plus accrued interest. Redemption may be in whole or in part of
the Bonds subject to prepayment. If redemption is in part, the
maturities and the principal amounts within each maturity to be
redeemed shall be determined by the Issuer; and if only part of
the Bonds having a common maturity date are called for
prepayment, the specific Bonds to be prepaid shall be chosen by
lot by the Bond Registrar. Bonds or portions thereof called for
redemption shall be due and payable on the redemption date, and
interest thereon shall cease to accrue from and after the
redemption date. Notice of redemption shall be given by
registered or certified mail at least thirty (30) days prior to
the date fixed for redemption to the paying agent and to each
affected registered holder of the Bonds at the address shown on
the registration books.
Selection of Bonds for Redemption; Partial Redemption.
To effect a partial redemption of Bonds having a common maturity
date, the Bond Registrar shall 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 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 the Bonds to which were assigned numbers so
selected; provided, however, that only so much of the principal
amount of such Bond of a denomination of more than $5,000 shall
be redeemed as shall equal $5,000 for each number assigned to it
and so selected. If a Bond is to be redeemed only in part, it
shall be surrendered to the Bond Registrar (with, if the Issuer
or Bond Registrar so requires, a written instrument of transfer
in form satisfactory to the Issuer and Bond Registrar duly
executed by the Holder thereof or his, her or its attorney duly
authorized in writing) and the Issuer shall execute (if
necessary) and the Bond Registrar shall authenticate and deliver
to the Holder of such Bond, without service charge, a new Bond or
Bonds of the same series having the same stated maturity and
interest rate and of any Authorized Denomination or
Denominations, as requested by such Holder, in aggregate
principal amount equal to and in exchange for the unredeemed
portion of the principal of the Bond so surrendered.
Issuance; Purpose; General Obligation. This Bond is
one of an issue in the total principal amount of $2,500,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and the
Charter of the Issuer and pursuant to a resolution adopted by the
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City Council of the Issuer on May 17, 1999 (the "Resolution"),
for the purpose of providing money to finance various public
improvements within the jurisdiction of the Issuer. This Bond is
payable out of the General Obligation Capital Improvement Bonds,
Series 1999 Fund of the Issuer. This Bond constitutes a general
obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations; Exchange; Resolution. The Bonds are
issuable solely as fully registered bonds in Authorized
Denominations (as defined in the Resolution) and are exchangeable
for fully registered Bonds of other Authorized Denominations in
equal aggregate principal amounts at the principal office of the
Bond Registrar, but only in the manner and subject to the
limitations provided in the Resolution. Reference is hereby made
to the Resolution for a description of the rights and duties of
the Bond Registrar. Copies of the Resolution are on file in the
principal office of the Bond Registrar.
Transfer. This Bond is transferable by the Holder in
person or by his, her or its attorney duly authorized in writing
at the principal office of the Bond Registrar upon presentation
and surrender hereof to the Bond Registrar, all subject to the
terms and conditions provided in the Resolution and to reasonable
regulations of. the Issuer contained in any agreement with the
Bond Registrar. Thereupon the Issuer shall execute and the Bond
Registrar shall authenticate and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or similar
designation), of an Authorized Denomination or Denominations, in
aggregate principal amount equal to the principal amount of this
Bond, of the same maturity and bearing interest at the same rate.
Fees upon Transfer or Loss. 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 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 hereof 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 Bond shall be overdue, and
neither the Issuer nor the Bond Registrar shall be affected by
notice to the contrary.
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Authentication. 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.
Oualified Tax -Exempt Obligation. This Bond ,has been
designa,ted,by'the Issuer as a "qualified tax-exempt obligation"
for purposes of Section 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 - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
1039784.2
(Cust) (Minor)
under the Uniform
(State)
'Transfers to Minors Act
Additional abbreviations may also be used
though not in the above list.
13
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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 Bond on the books kept for the
registration thereof, with full power of -substitution in the
premises.
Dated:
Notice:
Signature Guaranteed:
The assignor's signature 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.
Signatures) must be guaranteed by a national bank or trust
company -or by a -brokeragefirm having a.7 -member -ship in one of the
,major.,stock ,exchanges or any other "Eligible' Guarantor
Institution" as defined in 17 CFR 240.17'Ad-15(a)(2).
The Bond Registrar will not effect transfer of •this.Bond-
unless the information concerning the transferee requested below
is provided.
Name and Address:
1039784.2
(Include information for all joint owners
if the Bond'is held by joint account.)
14
[Use only for Bonds when they are
Registered in Book Entry Only System]
PREPAYMENT SCHEDULE
This Bond has been prepaid in part on the date(s) and
in the amount(s) as follows:
'AUTHORIZED SIGNATURE
DATE AMOUNT 'OF HOLDER
1039784.2
15
8. Execution; Temporary Bonds. The Bonds shall be
printed (or, at the request of the Purchaser, typewritten) and
shall be executed on behalf of the City by the signatures of its
Mayor and City Manager and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed
(or, at the request of the Purchaser, photocopied) facsimile; and
provided further that both of such signatures may be printed (or,
at the request of the Purchaser, photocopied) facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of disability or resignation or other absence of
either such officer, the Bonds may be signed by the manual or
facsimile signature of that officer who may act on behalf of such
absent or disabled officer. In case either such officer whose
signature or facsimile of whose signature shall appear on the
Bonds shall cease to be such officer before the delivery of the
Bonds, such signature or facsimile shall nevertheless be valid
and sufficient for all purposes, the same as if he or she had
remained in office until delivery. The City may elect to
deliver, in lieu of printed definitive bonds, one or more
typewritten temporary bonds in substantially the form set forth
above, with such changes as may be necessary to reflect more than
one maturity in a single temporary bond. Such temporary bonds
may be executed with photocopied facsimile signatures of the
Mayor and City Manager. Such temporary bonds shall, upon the
printing of the definitive bonds and the execution thereof, be
exchanged therefor and canceled.
9. •Authentication. No Bond shall be valid or
obligatory for any purpose or be entitled to any security or
benefit under this resolution unless a Certificate of
Authentication on such Bond, substantially in the form
hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. The Bond Registrar shall authenticate the signatures of
officers of the City on each Bond by execution of the Certificate
of Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond is
authenticated, 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 issue, which date
is June 1, 1999. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
10. Registration; Transfer; Exchange. The City will
cause to be kept at the principal office of the Bond Registrar a
bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
1039784.2
16
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Upon surrender for transfer of any Bond at the
principal office of the Bond Registrar, the City shall execute
(if necessary), and the Bond Registrar shall authenticate, insert
the date of registration (as provided in paragraph 9) of, and
deliver, in the name of the designated transferee or transferees,
one or more new Bonds of any Authorized Denomination or
denominations of a like aggregate principal amount, having the
same stated maturity and interest rate, as requested by the
transferor; provided, however, that no Bond may be registered in
blank or in the name of "bearer" or similar designation.
At the option of the Holder, 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 Bonds 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 Bond Registrar
shall authenticate, 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 canceled 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 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.
Every Bond presented or surrendered for transfer or
exchange shall be duly endorsed or be 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.
Transfers shall also be subject to reasonable
regulations of the City contained in any agreement with the Bond
Registrar, including regulations which permit the Bond Registrar
to close its transfer books between record dates and payment
dates. The Clerk is hereby authorized to negotiate and execute
the terms of said agreement.
11. Rights Upon Transfer or Exchange. Each Bond
delivered upon transfer of or in exchange for or in lieu of any
• 1039784.2 17
other Bond shall carry all the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Bond.
12. Interest Payment; 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 is registered
(the "Holder") on the registration books of the City maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth (15th) day of the calendar
month next preceding such Interest Payment Date (the "Regular
Record Date"). Any such interest not so timely paid shall cease
to be payable to the person who is the Holder thereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder thereof at the close of business on a date (the
"Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given by the Bond Registrar
to the Holders not less than ten (10) days prior to the Special
Record Date.
13. Treatment of Registered Owner. The City and Bond
Registrar may treat the person in whose name any Bond is
registered as the owner of such Bond for the purpose of receiving
payment of principal of and premium, if any, and interest
(subject to the payment provisions in paragraph 12 above) on,
such Bond and for all other purposes whatsoever whether or not
such Bond shall be overdue, and neither the City nor the Bond
Registrar shal•1 be affected by notice to the contrary.
14. Delivery; Application of Proceeds. The Bonds when
so prepared and executed shall be delivered by the Treasurer to
the Purchaser upon receipt of the purchase price, and the
Purchaser shall not be obliged to see to the proper application
thereof.
15. Fund and Accounts. There is hereby created a
special fund to be designated the "General Obligation Capital
Improvement Bonds, Series 1999 Fund" (the "Fund"), to be
administered and maintained by the Treasurer as a bookkeeping
account separate and apart from all other accounts maintained in
the official financial records of the City. The Fund shall be
maintained in the manner herein specified until all of the Bonds
and the interest thereon have been fully paid. There shall be
maintained in the Fund two (2) separate accounts, to be
designated the "Construction Account" and "Debt Service Account",
respectively.
(a) Construction Account. To the Construction Account
there shall be credited the proceeds of the sale of the Bonds,
less accrued interest received thereon, less any amount paid for
the Bonds in excess of $2,475,000, and less capitalized interest
in the amount of $67,184.95 (together with interest earnings
1039784 2
18
thereon and subject to such other adjustments as are appropriate
to provide sufficient funds to pay interest due on the Bonds on
or before February 1, 2000). From the Construction Account there
shall be paid all costs and expenses of making the Project,
including the cost of any construction contracts heretofore let
and all other costs incurred and to be incurred of the kind
authorized in Minnesota Statutes, Section 475.65 and the Charter;
and the moneys in the Construction Account shall be used for no
other purpose except as otherwise provided by law; provided that
the proceeds of the Bonds may also be used to the extent
necessary to pay interest on the Bonds due prior to the
anticipated date of commencement of the collection of taxes
herein levied or covenanted to be levied; and provided further
that if upon completion of the Project there shall remain any
unexpended balance in the Construction Account, the balance may
be transferred by the Council to the Debt Service Account.
(b) Debt Service Account. There are hereby pledged and
there shall be credited to the Debt Service Account: (i) all
accrued interest received upon delivery of the Bonds; (ii) all
funds paid for the Bonds in excess of $2,475,000; (iii)
capitalized interest in the amount of $67,184.95 (together with
interest earnings thereon and subject to such other adjustments
as are appropriate to provide sufficient funds to pay interest
due on the Bonds on or before February 1, 2000); (iv) any
collections of all taxes herein or hereafter levied for the
payment of the Bonds and interest thereon; (v) all funds
remaining in the Construction Account after completion of the
Project and payment of the costs thereof; (vi) all investment
earnings on moneys held in the Debt Service Account; and (vii)
any and all other moneys which are properly available and are
appropriated by the governing body of the City to the Debt
Service Account. The Debt Service Account shall be used solely
to pay the principal and interest and any premiums for redemption
of the Bonds and any other general obligation bonds of the City
hereafter issued by the City and made payable from the Debt
Service Account as provided by law.
No portion of the proceeds of the Bonds shall be used
directly or indirectly to acquire higher yielding investments or
to replace funds which were used directly or indirectly to
acquire higher yielding investments, except (1) for a reasonable
temporary period until such proceeds are needed for the purpose
for which the Bonds were issued and (2) in addition to the above
in an amount not greater than the lesser of five percent (50) of
the proceeds of the Bonds or $100,000. To this effect, any
proceeds of the Bonds and any sums from time to time held in the
Construction Account or Debt Service Account (or any other City
account which will be used to pay principal or interest to become
due on the bonds payable therefrom) in excess of amounts which
under then -applicable federal arbitrage regulations may be
invested without regard to yield shall not be invested at a yield
1039784.2
19
•
in ,excess of the applicable yield restrictions imposed by said
arbitrage regulations on such investments after taking into
'account any 'applicable "temporary periods" or "minor portion"
made, 'available,under the federal arbitrage regulations. Money in
the,F,und_shallinot be invested 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
investment.would cause the Bonds to be "federally guaranteed"
withip..the meaning of Section 149(b) of the Internal 'Revenue Code
of 1986, as amendedl(the "Code").
16. (Tax _Levy; Coverage Test. To provide moneys for
payment of the(principal'and interest on the Bonds there is
hereby levied upon all of the taxable property in the City a
direct annual ad valorem tax which shall be spread upon the tax
rolls and collected with and as part of other general property
taxes in the City for the years and in the amounts as follows:
Year of Tax Year of Tax
Levy Collection Amount
1999 2000 $109,500
2000 2001 319,500
2001 2002 327,500
2002 2003 329,400
2003 2004 325,500
2004 2005 326,300
2005 2006 .326,500
2006 - 2007 331,200
2007 2008 329,700
2008 2009 332,900
2009 2010 340,400
The tax levies are such that if collected in full they,
together with estimated collections of other, revenues herein` --'r
pledged for the payment of the Bonds, will'produce at. least five,
percent (5°0 in excess, of the amount needed , to meet 'when' due ‘the -
principal and interest payments on the Bonds. The tax levies
shall be irrepealable so long as any of the_Bonds are outstanding,
and unpaid, provided that the City reserves the right , and,` power ,;
to reduce the levies in the manner and to the extent permitted -by'
Minnesota Statutes, Section 475.61, Subdivision 3.
17. , Defeasance. When all Bonds,have been dischrged!
as provided in this paragraph, all pledges, covenants and -other
rights granted by this resolution to the registered holders!of
the 'Bonds shal:1, to o the extent permitted .by, law, cease. II*City,:
City,
may -discharge its obligations with respect to any Bonds whic}h'are
due on any date by irrevocably depositing with'the`Bond Registrar',
on or before that date a sum sufficient for the payment thereof:
in full; or i_ f any Bond should not be paid ;when due, _ it ma.. ,
nevertheless be discharged by depositing with the Bond Registrar
I._
IF
1039784 2
20
r
a sum sufficient for the payment thereof in full with interest
accrued to the date of such deposit. The City may also discharge
its obligations with 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,
provided 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 action, 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 Statutes, Section 475.67,
Subdivision 8, bearing interest payable at such times and at such
rates and maturing on such dates as shall be required, without
regard to sale and/or reinvestment, to pay all amounts to become
due thereon to maturity or, if notice of redemption as herein
required has been duly provided for, to such earlier redemption
date.
18. Compliance With Reimbursement Bond Regulations.
The provisions of this paragraph are intended to establish and
provide for the City's compliance with United States Treasury
Regulations Section 1.150-2 (the "Reimbursement Regulations")
applicable to the "reimbursement proceeds" of the Bonds, being
those portions thereof which will be used by the City to
reimburse itself 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 City's
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 borrowing; (ii)
gives a general and functional description of the
property, project or program to which the Declaration
relates and for which the Reimbursement Expenditure is
paid, or identifies a specific fund or account of the
City and the general functional purpose thereof from
which the Reimbursement Expenditure was to be paid
(collectively the "Project"); 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
1039784.2
21
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the Reimbursement Regulations to include engineering or
architectural, surveying and soil testing expenses and
similar prefatory costs, which in the aggregate do not
exceed 20% of the "issue price" of the Bonds, and (ii)
a de minimis amount of Reimbursement Expenditures not
in excess of the lesser of $100,000 or 5% of the
proceeds of the Bonds. Notwithstanding the foregoing,
with respect to any Declaration made by the City
between January 27, 1992 and June 30, 1993, with
respect to a Reimbursement Expenditure made prior to
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-exempt) 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 1.150-
2(d)(3) of the Reimbursement Regulations.
(c) The "reimbursement allocation" described in the
Reimbursement 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 18 months after payment of the
Reimbursement Expenditure or one year after the date on
which the Project to which the Reimbursement
Expenditure relates is first placed in service, but not
more than three years after the date of the
Reimbursement Expenditure.
(d) Each such reimbursement allocation will be made in a
writing that evidences the City's use of Bond proceeds
to reimburse the 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 City may take action contrary to any
of the foregoing covenants in this paragraph 18 upon receipt of
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.
19. Continuing Disclosure. The City is the sole
obligated person with respect to the Bonds. The City hereby
agrees, in accordance with the provisions of Rule 15c2-12 (the
"Ru'e"), promulgated by the Securities and Exchange Commission
(the "Commission") pursuant to the Securities Exchange Act of
1039784 2
22
1934, as amended, and a Continuing Disclosure Undertaking (the
"Undertaking")'hereinafter described to:
(a) Provide or cause to be provided to each nationally
recognized municipal securities information repository ("NRMSIR")
and -to the appropriate state information depository ("SID"), if
any, for the.State of Minnesota, in each case as designated by
the Commission in accordance with 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 terms of the Undertaking as provided therein.
(b) Provide or cause to be provided, in a timely manner, to
(i) each NRMSIR.or to the Municipal Securities Rulemaking Board
("MSRB")"and (ii) the SID, notice of the occurrence of certain
material events with respect to the Bonds in accordance with the
Undertaking. ,.
(c) Provide or cause to be provided, in a timely manner, to
(i) each NRMSIR 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 Undertaking.
(d) The City agrees that its covenants pursuant to the Rule
set forth in this paragraph 19 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 the. right to
.enforce the provisions of these covenants shall be limited to a
right to obtain specific enforcement of.the-City's obligations
under the covenants.
The Mayor and City Manager, or any other officer of the City
authorized to act in their place with "Officers" are hereby
authorized and directed to execute on behalf of the City the
Undertaking insubstantially the form presented to the City
Council subject to such modifications thereof or additions
thereto as are (i) consistent with the requirements under the
Rule, (ii) required by the Purchaser of the Bonds, and (iii)
acceptable to the Officers.
20. General Obligation Pledge.,, For the prompt and
full payment of the principal and interest on the Bonds, as the
same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged.
If the 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 deficiency shall be 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.
1039784 2
23
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21. Certificate of Registration. The Clerk is hereby
directed to file a certified copy of this resolution with the
County Auditor, of Hennepin County, Minnesota, together with such
other information as he or she shall require, and to obtain the
County_Auditor's certificate that the Bonds have been entered in
the County Auditor's Bond Register, and that the tax levy
required by law has been made.
22. ,Records and Certificates. The officers of the
City are hereby authorized and 'directed to prepare and furnish to
the Purchaser, and to the attorneys approving the legality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other affidavits,
certificates and information as are required to show the facts
relating to the legality and marketability of the Bonds as the
same appear from the books and records under their custody and
control or as otherwise known to them, and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall be deemed representations of the City as to the
facts recited therein.
23. Negative Covenant as to Use_of Proceeds and
Project. The City hereby covenants not to use the proceeds of
the Bonds or to use the Project, or to cause or permit them to be
used, or to enter into any deferred payment -arrangements for the
cost of the Project, in such a manner as to .cause -the Bonds to be
-"private activity bonds" within the meaning of Sections 103 and
141 through 150 of the Code.
24. . Tax -Exempt Status, of the -Bonds; Rebate. The City
shall comply with requirements necessary under the Code to
establish and maintain the, exclusion from gross income under
Section 103 of the Code of the interest on the Bonds, including
without limitation (1) requirements relating to temporary periods
for investments, (2) limitations on amounts invested at a yield
greater than the yield on the Bonds, and (3) the rebate of excess
investment earnings to the United States if the Bonds (together
with other 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
governmental unit with general taxing powers, (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
governmental activities of the City (or of a governmental unit
the jurisdiction of which is entirely within the jurisdiction of
the City), and (4) the aggregate face amount of all tax-exempt
1039784.2
24
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bonds (other than private activity bonds) issued 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 reasonably expected
to exceed $5,000,000, all within the meaning of Section
148(f) (4) (C) of the Code.
25. Designation of Oualified.Tax-Exempt_ Obligations.
In order to qualify 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 issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as
defined in Section 141 of the Code;
(c) the City hereby designates the Bonds as
"qualified tax-exempt obligations" for purposes of
Section 265(b)(3) of the Code;
(d) the reasonably anticipated amount of
tax-exempt obligations (other than private activity
bonds, treating qualified 501(c)(3) bonds as not being
private activity bonds) whichvill.be issued by the
City (and all entities treated,as'..ohe -issuer with the
City, and all, subordinate entities, whose, obligations
are treated as issued by the, City) during this calendar
year 1999 will not exceed $10,000,000; and
(e) not more than $10,000,000 of obligations
issued by the City during this calendar year 1999 have
been designated for purposes of Section 265(b)(3) of
the Code.
The City shall use its, best efforts to comply with any,federal
procedural requirements which may apply in order to effectuate
the designation made by, this paragraph.
26. Payment of Issuance Expenses'. .The City authorizes
the Purchaser to forward_the amount of Bond. proceeds allocable to
the payment of issuance expenses to Resource.Barik & Trust
Company, Minneapolis, Minnesota on the closing date for further
distribution as directed by the City's financial advisor, Ehlers.
27. ,Severability. If any section,, paragraph or
provision of this resolution shall be held to be invalid or
unenforceable for any reason, the invalidity or unenforceability
of such section, paragraph or provision shall not affect any 'of
the remaining provisions of this resolution.
1039784 2
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28. Headings. Headings in
included for convenience of reference
hereof, and shall not limit or define
provision hereof.
this resolution are
only and are not a part
the meaning of any
The motion for the adoption of the foregoing resolution
was duly seconded by member Jif e is or and, after a full
discussion thereof, and upon a vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same:
adopted.
1039784.2
Whereupon said resolution was declared duly passed and
26
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glt
Adopted this 17th day of May,
ATTEST:
C'ty Clerk
Reviewed for administration:
1039784.1
Mayor
27
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l
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF ST. LOUIS PARK
I, the undersigned, being the duly qualified and acting
Clerk of the City of St. Louis Park, 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 full, 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 considering proposals for, and awarding the sale of,
$2,500,000 General Obligation Capital Improvement Bonds, Series
1999 of said City.
WITNESS my hand this 17th day of May, 1999.
1039784.1
6 /6 L. - - - - - - -
28
Clerk
EXHIBIT A
PROPOSALS
BID TABULATION
$2,500,000, General Obligation Capital Improvement Bonds, Series 1999
City of St. Louis Park, Minnesota
SALE: May 17, 1999
' AWARD NORWEST INVESTMENT SERVICES, INC
RATING: Moody's Investors Service "Aa1" BBI. 5.14%
NET TRUEn
NAME OF,BIDDERRATE YEAR PRICE INTEREST INTEREST"'
COST , ` RATE i `
n
NORWEST INVESTMENT SERVICES, INC 3.70% 2002 $2,475,000 00 $830,479 17 4.4179%
Minneapolis, Minnesota 3.80% 2003
3 90% 2004
4.00% 2005
4 10% 2006
• 4 20% 2007
4 30% 2008
4 35% 2009
4.45% 2010
4 55% 2011
HARRIS TRUST & SAVINGS BANK
'Chicago; Illinois
First Tennessee`Capital Markets
',Wachovia Capital Markets
Southwest Securities, Inc.
Kirlin Secunties, Inc.
•
1039784 2
4 00% 2002-2003
4.05% 2004
4 15% 2005
4.25% 2006
4.30% 2007
4.35% 2008
4.40% 2009-2010
4.50% 2011
A-1
$2,479,100.00 $836,524.00 '4.4503%
II";
$2=,500,000*,Ge'neral Obligation Capital Improvement Bonds, Series 1999
of St. Louis Park, Minnesota
Page t
NA14E OF BIDDER
. CRONIN & COMPANY, INC.
,Minneapolis, Minnesota
SALOMON SMITH BARNEY
Chicago, Illinois
U:S BANCORP-PIPER ;AFFRAY
-'_Min'neapolis,Minnesota
'RAUSCHER, INC
`� unneapolis,, Minnesota
1039784.2
NET _TRUE
RATE YEAR PRICE INTEREST INTEREST'','
COST - RATE,'
3 75% 2002 $2,476,964 40 $838,111.43 4 4575%
3 85% 2003
4 00% 2004
4.10% 2005
4 20% 2006
4 25% 2007
4 35% 2008
4 40% 2009
4 50% 2010
4.55% 2011
4 00% 2002-2005 $2,475,000 00 $841,338 33 4 4782% ;1;,
4 15% 2006
4 25% 2007
4 35% 2008
4 50% 2009-2011
3.85% 2002 '$2,475,659 95 $844,404 22 4 4929%
3.95% 2003
4 00% 2004
4 125% 2005
4 20% 2006
4 30% 2007
4 375% 2008
4 40% 2009
4 50% 2010
4 60% 2011
A-2
_
•1
. 1'1
STATE OF MINNESOTA COUNTY AUDITOR'S CERTIFICATE
411 COUNTY OF HENNEPIN AS TO TAX LEVY AND REGISTRATION
•
•
I, the undersigned, being the duly qualified and acting
County Auditor of Hennepin County, Minnesota, DO HEREBY CERTIFY
that on the Pi- day of ` , 1999, there was filed in my
office a certified copy of a resolution adopted on May 17, 1999
by the City Council of the City of St. Louis Park of said County,
authorizing the issuance of $2,500,000 General Obligation Capital
Improvement Bonds, Series 1999 of said City, and levying a tax
for the payment thereof, together with full information regarding
the obligations for which the tax was levied; and said
obligations have been entered in my Bond Register and the tax
levy required by law has been made.
WITNESS my hand and the seal of the County Auditor this
l day of J , 1999.
(SEAL)
1039784 1