HomeMy WebLinkAbout10.b. Receive Bids/Award Contract - Evermoor 6th & 7th Street & Utility Improvements, City Project #336CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: August 7, 2001
AGENDA ITEM: Receive Bids /Award Contract- Evermoor 6 th &
AGENDA SECTION:
7 th Street & Utility Improvements, City Project #336
Old Business
PREPARED BY: Bret Weiss, Interim City Engineer
AGEN . i o B
ATTACHMENTS: Bid results with resolution w i I I
APPROVED BY:
not be available until Monday
i v
On Friday, August 3, 2001, bids for the referenced project will be received and read aloud
publicly.
The tabulation of bidders, resolution and letter of award recommendation will be provided at
the Council meeting.
The Engineer's Estimate is $425,000.
RECOMMENDED ACTION: MOTION TO ADOPT A RESOLUTION RECEIVING BIDS AND
AWARDING CONTRACT FOR EVERMOOR 6 AND 7 STREET AND UTILITY
IMPROVEMENTS, CITY PROJECT #336.
COUNCIL ACTION:
3
WSB
& Associates, Inc.
August 3, 2001
.T -ern. /0 .h.
Honorable Mayor and City Council
City of Rosemount
2875 145 Street West
Rosemount MN 55068
Re: Evermoor 6 th & 7 th Additions Street & Utility Construction and Appurtenant Work
City of Rosemount Project No. 336
WSB Project No. 1343 -00
Dear Mayor and Council Members:
Bids were received for the above - referenced project at 10:00 a.m., August 3, 2001, and were
opened and read aloud. A total of two bids were received. The bids were checked for
mathematical accuracy and tabulated. Please find enclosed the bid tabulation indicating the
low bidder as Northdale Construction Co., Inc. in the amount of $471,536.35. We
recommend award of the contract to Northdale Construction Co., Inc. in this amount.
Sincerely,
WSB & Associates, Inc. C a a -_00
Bret A. Weiss, P.E.
Interim City Engineer
Enclosures
c
4150 Olson
Memorial Highway nm
Suite 300
Minneapolis
Minnesota
55422
763541.4800
Northdale Construction Co., Inc.
763 541.1700 FAX F: \WPWIN \1343- 00\recmmdtn Itr.doc Minneapolis • St. Cloud - Equal Opportunity Employer
I
BID TABULATION
EVERMOOR 6TH AND 7TH ADDITIONS STREET & UTILITY CONSTR & APPURT WORK
CITY OF ROSEMOUNT, MN
CITY PROJECT NO. 336
WSB PROJECT NO. 1343 -00
BIDS OPENED: AUGUST 3, 2001 - 10:00 A.M.
Contractor Bid Security Total Bid
1 NORTHDALE CONST CO
2 REDSTONE CONST CO
X $471,536.35 **
X $561,978.59
Engineer's Estimate
$0.00
I hereby certify that this is a true and correct tabulation of the bids as received on August 3, 2001.
Mark A. Erichson, P.E.
** Denotes corrected figure
F: \WPWIN \1343 -00 \EXCEL \bidtab.xls \Bid Summary
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2001—
A RESOLUTION RECEIVING BIDS AND AWARDING CONTRACT
FOR EVERMOOR 6 TH AND 7 TH STREET AND UTILITY IMPROVEMENTS
CITY PROJECT #336
BE IT RESOLVED, by the City Council of the City of Rosemount, Minnesota, as follows:
All bids on construction of the Evermoor 6th and 7th Street and Utility Improvements are
hereby received and tabulated.
2. The bid of Northdale Construction Co., Inc., in the amount of $471,536.35 for the
construction of said improvements are in accordance with the plans and specifications
and advertisement for bids is the lowest responsible bid and shall be and hereby is
accepted.
The Mayor and Clerk are hereby authorized and directed to enter into a contract with said
bidder for the construction of said improvements for and on behalf of the City of
Rosemount.
4. The City Clerk is hereby authorized and directed to return forthwith to all bidders the
deposits made with their bids, except that the deposit of all successful bidder and the next
two lowest bidders shall be retained until a contract has been executed.
ADOPTED this 7 day of August, 2001.
Cathy Busho, Mayor
ATTEST:
Linda Jentink, City Clerk
Motion by:
Seconded by:
Voted in favor:
Voted against:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2001-
A RESOLUTION APPROVING THE LOT SPLIT
FOR CHURCH OF ST. JOSEPH
WHEREAS, the Planning Department of the City of Rosemount received an application from
Church of St. Joseph for approval of a division of property, said property legally described as:
That part of the West Half of the Southwest Quarter of Section 21, Township 115, Range 19,
Dakota County, Minnesota lying south of the following described line: Commencing at the
southeast corner of said West Half of the Southwest Quarter; thence North 00 degrees 08
minutes 33 seconds East (assumed bearing) along the east line thereof 1753.82 feet to the
point of beginning of the line to be described; thence North 79 degrees 32 minutes 50 seconds
West 1337.44 feet to the west line of said West Half of the Southwest Quarter and said line
there terminating. Excepting therefrom the right of way of the Chicago, Milwaukee, St. Paul
and Pacific Railroad right of way contained therein. Containing 56.33 acres.
WHEREAS, the Planning Commission of the City of Rosemount conducted a public hearing on
July 24, 2001, as required by the subdivision ordinance, for the purpose of receiving testimony
regarding the requested lot division; and,
WHEREAS, the Planning Commission adopted a motion to recommend approval of the lot
division to the City Council with conditions; and,
WHEREAS, on August 7, 2001, the City Council of the City of Rosemount reviewed the
recommendation forwarded by the Planning Commission;
NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Rosemount hereby
approves the division of the above referenced parcel resulting in the following described parcels:
Parcel A:
That part of the West Half of the Southwest Quarter of Section 21, Township 115, Range 19,
Dakota County, Minnesota lying southerly of Line 1 and northerly of Line 2 and excepting
therefrom the right of way of the Chicago, Milwaukee, St. Paul and Pacific Railroad.
Line 1: Commencing at the southeast corner of said West Half of the Southwest; thence
North 00 degrees 08 minutes 33 seconds East, assumed bearing, along the east line thereof
1753.82 feet to the point of beginning of the land to be described; thence North 79 degrees 32
minutes 50 seconds West 1337.44 feet to the west line of said West Half of the Southwest
Quarter and said line there terminating.
Line 2: Commencing at the southwest corner of said West Half of the Southwest Quarter;
thence North 00 degrees 02 minutes 34 seconds West, assumed bearing, along the west line
thereof 1006.13 feet to the point of beginning of the line to be described; thence South 68
degrees 56 minutes 20 seconds East 154.28 feet; thence easterly, along a tangential curve
Resolution 2001-
which is concave to the north, having a radius of 882.00 feet, central angle of 44 degrees 04
minutes 24 seconds, 678.46 feet; thence North 66 degrees 59 minutes 14 seconds East 333.02
feet; thence easterly along a tangential curve which is concave to the south, having a radius of
882.00 feet, central angle of 13 degrees 36 minutes 52 seconds, 209.58 feet to the east line of
said West Half of the Southwest Quarter and said line there terminating.
Subject to a public road easement for Blaine Avenue and all other easements, if any.
Containing 26.74 acres.
Parcel B:
That part of the West Half of the Southwest Quarter of Section 21, Township 115, Range 19,
Dakota County, Minnesota which lies southerly of the following described line:
Commencing at the southwest corner of said West Half of the Southwest Quarter; thence
North 00 degrees 02 minutes 34 seconds West, assumed bearing, along the west line thereof
1006.13 feet to the point of beginning of the line to be described; thence South 68 degrees 56
minutes 20 seconds East 154.28 feet; thence easterly, along a tangential curve which is
concave to the north, having a radius of 882.00 feet, central angle of 44 degrees 04 minutes
24 seconds, 678.46 feet; thence North 66 degrees 59 minutes 14 seconds East 333.02 feet;
thence easterly along a tangential curve which is concave to the south, having a radius of
882.00 feet, central angel of 13 degrees 36 minutes 52 seconds, 209.58 feet to the east line of
said West Half of the Southwest Quarter and said line there terminating. Subject to a public
road easement for Blaine Avenue and all other easements, if any. Containing 29.59 acres.
BE IT FURTHER RESOLVED, the approval of this lot split is subject to:
Incorporation of recommendations relative to street alignments, right -of -way and
easements by the Interim City Engineer, as specified in his attached July 19, 2001
memorandum.
ADOPTED this 7`` day of August, 2001, by the City Council of the City of Rosemount.
Cathy Busho, Mayor
ATTEST:
Linda J. Jentink, City Clerk
Motion by:
Voted in favor:_
Voted against:_
Member absent:
Seconded by:
OFFICIAL STATEMENT DATED JULY 24, 2001
NEW ISSUES Ratings: Requested from Moody's Investors Service
In the opinion of Briggs and Morgan, Professional Association, Bond Counsel, based on present federal and Minnesota laws, regulations, rulings and decisions, at the time of their
issuance and delivery to the original purchaser, interest on the Bonds is excluded from gross income for purposes of United States income tax and is excluded, to the same extent, in
computing both gross income and taxable net income for purposes of State of Minnesota income tax (other than Minnesota franchise taxes measured by income and imposed on
corporations and financial institutions), and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations or the Minnesota
alternative minimum tax applicable to individuals, estates or trusts; provided, however, that for the purpose of computing the federal alternative minimum tax imposed on corporations,
interest on the Bonds is taken into account in determining adjusted current earnings. No opinion will be expressed by Bond Counsel regarding other federal or state tax consequences
caused by the receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. See "Tax Exemption" herein.
City of Rosemount, Minnesota
$1,325,000
General Obligation Improvement Bonds, Series 2001A
(the "Improvement Bonds ")
$1,140,000
General Obligation Storm Water Revenue Bonds, Series 2001 B
(the "Storm Water Revenue Bonds ")
$2,045,000
Rosemount Port Authority, Minnesota
General Obligation Public Facilities Bonds, Series 2001C
(the "Port Authority Bonds ")
(collectively referred to as the "Bonds" or the "Issues ")
(Book Entry Only)
Dated Date: August 15, 2001
Interest Due: Each February 1 and August 1, commencing August 1, 2002
The Improvement Bonds will mature February 1 as follows:
2003 $105,000 2005 $125,000 2007 $130,000 2009 $140,000 2011 $145,000
2004 $125,000 2006 $130,000 2008 $135,000 2010 $140,000 2012 $150,000
The City may elect on February 1, 2010, and on any day thereafter, to prepay the Improvement Bonds due on or after February 1, 2011, at a
price of par plus accrued interest.
The Storm Water Revenue Bonds will mature February 1 as follows:
2003 $40,000 2006 $65,000 2009 $70,000 2012 $80,000 2015 $ 95,000
2004 $60,000 2007 $65,000 2010 $75,000 2013 $85,000 2016 $100,000
2005 $60,000 2008 $70,000 2011 $80,000 2014 $90,000 2017 $105,000
The City may elect on February 1, 2011, and on any day thereafter, to prepay the Storm Water Revenue Bonds due on or after
February 1, 2012, at a price of par plus accrued interest.
The Port Authority Bonds will mature February 1 as follows:
2003 $25,000 2007 $80,000 2011 $ 95,000 2015 $110,000 2019 $135,000
2004 $70,000 2008 $80,000 2012 $ 95,000 2016 $115,000 2020 $145,000
2005 $75,000 2009 $85,000 2013 $100,000 2017 $125,000 2021 $150,000
2006 $75,000 2010 $90,000 2014 $105,000 2018 $130,000 2022 $160,000
The Authority may elect on February 1, 2012, and on any day thereafter, to prepay the Port Authority Bonds due on or after February 1, 2013,
at a price of par plus accrued interest.
Common to Both Issues
The Bonds are general obligations of the City for which the City pledges its full faith and credit and power to levy direct general ad valorem
taxes. Additional sources of security for the Bonds are discussed herein.
A separate proposal must be submitted for each Issue, along with a certified or cashier's check or a Financial Surety Bond, for not less than
the amounts shown below. Proposals shall specify rates in integral multiples of 5/100 or 1/8 of 1 %. Rates must be in level or ascending
order. Award will be made on the basis of True Interest Cost (TIC).
Minimum Bid Good Faith Deposit
The Improvement Bonds $1,286,750 $13,250
The Storm Water Revenue Bonds $1,126,320 $11,400
The Port Authority Bonds $2,017,392 $20,450
The Bonds will be bank - qualified tax - exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended,
and will not be subject to the alternative minimum tax for individuals.
The Bonds will be issued as fully registered Bonds without coupons and, when issued, will be registered in the name of Cede & Co., as
nominee of The Depository Trust Company ( "DTC "). DTC will act as securities depository of the Bonds. Individual purchases may be made
in book -entry form only, in the principal amount of $5,000 and integral multiples thereof. Purchasers will not receive certificates representing
their interest in the Bonds purchased. (See "Book Entry System" herein.) U.S. Bank Trust National Association, Saint Paul, Minnesota will
serve as Registrar for the Bonds. Bonds will be available for delivery at DTC within 40 days after award.
PROPOSALS RECEIVED: August 7, 2001 (Tuesday) until 11:00 A.M., Central Time
CITY AWARD: August 7, 2001 (Tuesday) at 7:30 P.M., Central Time
PORT AUTHORITY AWARD: August 7, 2001 (Tuesday) at 6:00 P.M., Central Time
SPRINGSTED Further information may be obtained from SPRINGSTED
Incorporated, Financial Advisor to the Issuer, 85 East
Advisors to the Public Sector Seventh Place, Suite 100, Saint Paul, Minnesota 55101 -2887
(651) 223 -3000
Y
85 E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2887
6SI- 223 -3000 FAX: 651-223-3002
SPRINGSTED
Advisors to the Public Sector
$1,325,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2001A
(BOOK ENTRY ONLY)
AWARD: UNITED BANKERS' BANK
SALE:
August 7, 2001
Moody's Rating: A2
Interest Net Interest True Interest
Bidder Rates Price Cost Rate
UNITED BANKERS' BANK 3.00% 2003 $1,310,425.00 $343,692.86 4.1854%
3.25% 2004
3.40% 2005
3.60% 2006
3.75% 2007
3.90% 2008
4.00% 2009
4.15% 2010
4.25% 2011
4.40% 2012
NIKE SECURITIES
3.50%
2003 -2005 $1,312,861.30
3.75%
2006 -2007
4.00%
2008
4.125%
2009 -2010
4.25%
2011
4.50%
2012
$347,546.27 4.2294%
(Continued)
SAINT PAUL, MN • MINNEAPOLIS, MN • MILWAUKEE, WI • OVERLAND PARK, KS • WASHINGTON, DC • DES MOINES, IA
These Bonds are being reoffered at par.
BBI: 5.10%
Average Maturity: 6.208 Years
r
True Interest '
Interest
Net Interest
Bidder
Rates
Price
Cost
Rate
U.S. BANCORP PIPER JAFFRAY INC.
3.00%
2003
$1,303,800.00
$345,970.14
4.2300%
3.30%
2004
3.45%
2005
3.60%
2006
3.75%
2007
3.90%
2008
4.00%
2009 -2010
4.15%
2011
4.30%
2012
MILLER JOHNSON STEICHEN
3.00%
2003
$1,306,450.00
$348,038.00
4.2473%
KINNARD, INC
3.30%
2004
BERNARDI SECURITIES, INCORPORATED
3.45%
2005
3.60%
2006
3.75%
2007
3.90%
2008
4.00%
2009
4.15%
2010
4.25%
2011
4.40%
2012
UBS PAINEWEBBER INCORPORATED
3.50%
2003
$1,309,253.45
$351,293.30
4.2887%
MORGAN STANLEY DW INC.
3.875%
2004 -2007
SALOMON SMITH BARNEY
4.00%
2008 -2009
CIBC WORLD MARKETS
4.10%
2010
CRONIN & COMPANY, INCORPORATED
4.20%
2011
CITIZENS' BANK
4.375%
2012
AXELROD ASSOCIATES, INC.
These Bonds are being reoffered at par.
BBI: 5.10%
Average Maturity: 6.208 Years
85 E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2887
651- 223 -3000 FAX: 651-223-3002
SPRINGSTED
Advisors to the Public Sector
$1,140,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBLIGATION STORM WATER REVENUE BONDS, SERIES 20018
(BOOK ENTRY ONLY)
AWARD: DAIN RAUSCHER INCORPORATED
SALE: August 7, 2001
Moody's Rating: A2
Interest
Net Interest
True Interest
Bidder
Rates
Price
Cost
Rate
DAIN RAUSCHER INCORPORATED
4.00% 2003 -2009
$1,127,766.90
$493,896.59
4.6172%
4.15% 2010
4.25% 2011
4.40% 2012
4.50% 2013
4.625% 2014
4.75% 2015
4.80% 2016
4.875% 2017
MILLER JOHNSON STEICHEN
4.00% 2003 -2008
$1,126,320.00
$498,416.74
4.6633%
KINNARD, INC
4.15% 2009 -2010
BERNARDI SECURITIES, INCORPORATED
4.25% 2011
4.40% 2012
4.60% 2013 -2014
4.85% 2015 -2017
UBS PAINEWEBBER INCORPORATED
4.00% 2003 -2009
$1,126,418.20
$501,630.18
4.6911%
MORGAN STANLEY DW INC.
4.10% 2010
SALOMON SMITH BARNEY
4.30% 2011
CIBC WORLD MARKETS
4.50% 2012 -2013
CRONIN & COMPANY, INCORPORATED
4.875% 2014 -2017
CITIZENS' BANK
AXELROD ASSOCIATES, INC.
(Continued)
SAINT PAUL, MN • MINNEAPOLIS, MN • MILWAUKEE, WI • OVERLAND PARK, KS • WASHINGTON, DC • DES MOINES, IA
e
Interest Net Interest True Interest
Bidder Rates Price Cost Rate
U.S. BANCORP PIPER JAFFRAY INC. 3.00% 2003 $1,126,320.00 $504,771.97 4.7097%
3.30% 2004
3.45% 2005
3.60% 2006
3.75% 2007
3.90% 2008
4.00% 2009
4.15% 2010
4.25% 2011
4.75% 2012 -2013
4.875% 2014 -2015
5.00% 2016 -2017
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yield
4.00%
2003
3.00%
4.00%
2004
3.30%
4.00%
2005
3.45%
4.00%
2006
3.60%
4.00%
2007
3.75%
4.00%
2008
3.90%
4.00%
2009
Par
4.15%
2010
Par
4.25%
2011
Par
4.40%
2012
Par
4.50%
2013
Par
4.625%
2014
Par
4.75%
2015
Par
4.80%
2016
Par
4.875%
2017
Par
BBI: 5.10%
Average Maturity: 9.391 Years
v
85 E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2887
651 - 223 -3000 FAX: 651-223-3002
SPRINGSTED
Advisors to the Public Sector
$2,045,000
ROSEMOUNT PORT AUTHORITY, MINNESOTA
GENERAL OBLIGATION PUBLIC FACILITIES BONDS, SERIES 2001C
(BOOK ENTRY ONLY)
AWARD: UBS PAINEWEBBER INCORPORATED
MORGAN STANLEY DW INC.
SALOMON SMITH BARNEY
CIBC WORLD MARKETS
CRONIN & COMPANY, INCORPORATED
CITIZENS' BANK
AXELROD ASSOCIATES, INC.
SALE:
August 7, 2001
Moody's Rating: Aaa
Financial Guaranty Insured
Interest Net Interest True Interest
Bidder Rates Price Cost Rate
UBS PAINEWEBBER INCORPORATED
4.00%
2003 -2009 $2,017,392.50
MORGAN STANLEY DW INC.
4.15%
2010
SALOMON SMITH BARNEY
4.50%
2011 -2013
CIBC WORLD MARKETS
4.70%
2014 -2015
CRONIN & COMPANY, INCORPORATED
4.80%
2016 -2019
CITIZENS' BANK
5.00%
2020 -2022
AXELROD ASSOCIATES, INC.
DAIN RAUSCHER INCORPORATED
4.00%
2003 -2007 $2,017,987.30
4.125%
2008 -2009
4.15%
2010
4.25%
2011
4.40%
2012
4.50%
2013
4.625%
2014
4.75%
2015 -2017
4.875%
2018
5.00%
2019 -2022
$1,254,627.17
$1,256,511.08
SAINT PAUL, MN • MINNEAPOLIS, MN • MILWAUKEE, WI • OVERLAND PARK. KS • WASHINGTON, DC • DES MOINES, IA
4.8450%
4.8497%
(Continued)
r
Interest Net Interest True Interest 4
Bidder Rates Price Cost Rate
U.S. BANCORP PIPER JAFFRAY INC. 3.00% 2003 $2,017,392.50 $1,258,209.12 4.8511 %
3.30% 2004
3.45% 2005
3.60% 2006
3.75% 2007
3.90% 2008
4.00% 2009
4.15% 2010
4.25% 2011
4.40% 2012
4.75% 2013 -2014
4.80% 2015 -2016
4.875% 2017 -2018
5.00% 2019 -2022
MILLER JOHNSON STEICHEN
3.75%
2003 -2007 $2,017,392.50 $1,257,651.64 4.8511%
KINNARD, INC.
3.90%
2008
BERNARDI SECURITIES, INCORPORATED
4.00%
2009
4.00%
4.15%
2010
4.00%
4.40%
2011 -2012
4.00%
4.60%
2013 -2014
4.00%
4.75%
2015 -2016
4.00%
4.90%
2017 -2018
4.15%
5.00%
2019 -2022
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yield
4.00%
2003
3.10%
4.00%
2004
3.25%
4.00%
2005
3.40%
4.00%
2006
3.625%
4.00%
2007
3.80%
4.00%
2008
3.95%
4.00%
2009
4.05%
4.15%
2010
4.20%
4.50%
2011
4.30%
4.50%
2012
4.55%
4.50%
2013
4.55%
4.70%
2014
4.75%
4.70%
2015
4.75%
4.80%
2016
4.85%
4.80%
2017
4.85%
4.80%
2018
4.90%
4.80%
2019
4.90%
5.00%
2020
5.03%
5.00%
2021
5.03%
5.00%
2022
5.03%
BBI: 5.10%
Average Maturity: 12.686 Years
For purposes of compliance with Rule 15c2 -12 of the Securities and Exchange Commission,
this document, as the same may be supplemented or corrected by the Issuer from time to time
(collectively, the "Official Statement "), may be treated as an Official Statement with respect to
the Obligations described herein that is deemed final as of the date hereof (or of any such
supplement or correction) by the Issuer, except for the omission of certain information referred
to in the succeeding paragraph.
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Obligations, together with any other
information required by law, shall constitute a "Final Official Statement" of the Issuer with
respect to the Obligations, as that term is defined in Rule 15c2 -12. Any such addendum shall,
on and after the date thereof, be fully incorporated herein and made a part hereof by reference.
By awarding the Obligations to any underwriter or underwriting syndicate submitting a Proposal
therefor, the Issuer agrees that, no more than seven business days after the date of such
award, it shall provide without cost to the senior managing underwriter of the syndicate to which
the Obligations are awarded copies of the Official Statement and the addendum or addenda
described in the preceding paragraph in the amount specified in the Terms of Proposal.
The Issuer designates the senior managing underwriter of the syndicate to which the
Obligations are awarded as its agent for purposes of distributing copies of the Final Official
Statement to each Participating Underwriter. Any underwriter delivering a Proposal with respect
to the Obligations agrees thereby that if its bid is accepted by the Issuer (i) it shall accept such
designation and (ii) it shall enter into a contractual relationship with all Participating
Underwriters of the Obligations for purposes of assuring the receipt by each such Participating
Underwriter of the Final Official Statement.
No dealer, broker, salesman or other person has been authorized by the Issuer to give any
information or to make any representations with respect to the Obligations, other than as
contained in the Official Statement or the Final Official Statement, and if given or made, such
other information or representations must not be relied upon as having been authorized by the
Issuer. Certain information contained in the Official Statement and the Final Official Statement
may have been obtained from sources other than records of the Issuer and, while believed to
be reliable, is not guaranteed as to completeness or accuracy. THE INFORMATION AND
EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL
STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE
OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE
UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS
BEEN NO CHANGE IN THE AFFAIRS OF THE ISSUER SINCE THE DATE THEREOF.
References herein to laws, rules, regulations, resolutions, agreements, reports and other
documents do not purport to be comprehensive or definitive. All references to such documents
are qualified in their entirety by reference to the particular document, the full text of which may
contain qualifications of and exceptions to statements made herein. Where full texts of
documents prepared by or on behalf of the Issuer have not been included as appendices to the
Official Statement or the Final Official Statement, they will be furnished on request.
TABLE OF CONTENTS
Pa e s
Terms of Proposal
$1,325,000 General Obligation Improvement Bonds, Series 2001A ............................
i -iv
$1,140,000 General Obligation Storm Water Revenue Bonds, Series 2001 B .............
v -viii
$2,045,000 General Obligation Public Facilities Bonds, Series 2001 C ........................
ix -xii
IntroductoryStatement ....................................................................... ...............................
1
ContinuingDisclosure ........................................................................ ...............................
1
TheBonds ......................................................................................... ...............................
2
TheImprovement Bonds .................................................................... ...............................
4
The Storm Water Revenue Bonds ..................................................... ...............................
5
ThePort Authority Bonds ................................................................... ...............................
6
FutureFinancing ................................................................................ ...............................
6
Litigation............................................................................................ ...............................
6
Legality.............................................................................................. ...............................
6
TaxExemption ................................................................................... ...............................
7
Other Federal Tax Considerations ..................................................... ...............................
7
Bank - Qualified Tax - Exempt Obligations ............................................. ...............................
8
Ratings............................................................................................... ...............................
8
FinancialAdvisor ................................................................................ ...............................
9
Certification........................................................................................ ...............................
9
2001 Property Tax Amendments ........................................................ ...............................
10
CityProperty Values .......................................................................... ...............................
11
CityIndebtedness .............................................................................. ...............................
12
CityTax Rates, Levies and Collections .............................................. ...............................
17
Fundson Hand .................................................................................. ...............................
18
CityInvestments ................................................................................ ...............................
18
General Information Concerning the City ........................................... ...............................
19
• Governmental Organization and Services .......................................... ...............................
22
ThePort Authority .............................................................................. ...............................
24
Proposed Forms of Legal Opinion ............................................ ............................... Appendix I
Continuing Disclosure Undertakings ........................................ ............................... Appendix II
Summary of Tax Levies, Payment Provisions, and
Minnesota Real Property Valuation ....................................... ............................... Appendix III
Annual Financial Statements .................................................... ............................... Appendix IV
ProposalForms ........................................................................ ............................... Inserted
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CITY OF ROSEMOUNT
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
For the Year Ended December 31, 2000
(With Comparative Totals for the Year Ended December 31, 1999)
Water
Storm
(#601,605,610)
Sewer
Water
(615, 617, 621)
(#602,606,625)
(#603.607,611.613)
Arena
Totals
(622.
624 & 627)
(411 & 414)
(614, 616, 620 & 626)
(#650)
2000
1999
OPERATING REVENUES
$
757,112
S 988,494 $
559,047
$
$ 2,304,653
$ 1,936,567
Charges for services
17,175
-
_
17,175
18,300
Water meter maintenance
87,038
-
-
87,038
85,984
Water meters
2,708
87
7,188
264,412
274,395
290,514
Miscellaneous
864,033
988,581
566,235
264,412
2,683,261
2,331,365
Total Operating Revenues
OPERATING EXPENSES
176,313
172,556
137,484
108,413
594,766
605,196
Personnel services
151,084
10,848
3,597
10,084
175,613
182,446
Supplies
Professional services and charges
63,695
8,740
8,932
56,345
100,107
12,418
181,474
195,402
183,006
85,359
Other services and charges
87,739
38,900
410,160
410,160
398,145
Metro sewer charges
478,831
641,204
206,358
231,022
1,557,415
1,454,152
Total Operating Expenses
_
Operating Income Before Depreciation
385,202
347,377
359,877
33,390
1,125,846
877,213
(330,672)
(604,518)
(218,971)
(47,815)
(1,201,976)
(1,136,457)
Depreciation
54,530
(257,141)
140,906
(14,425)
(76,130)
(259,244)
Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES)
649,100
412,530
695,576
1,757,206
1,379,386
Connection fees
136,300
136,300
114,900
Property taxes
62,126
32,927
161,541
256,594
189,673
Special assessments
160,045
197,399
165,584
121
523,149
341,138
Investment earnings
Net increase (decrease) in the fair value of investment
19,094
34,427
20,756
-
74,277
(121,164)
Gain (loss) from disposal of fixed assets
-
158,872
7,370
4,205
170,447
110,220
Surcharges and penal8es
(2,635)
Other expense
(71,782)
(6,043)
(156,722)
-
(234,547)
(197,803)
Interest expense and fiscal agent fees
977,455
678,610
890,940
136,421
2,683,426
1,813,715
Total Nonoperating Revenues (Expenses)
Income Before Operating Transfers
1,031,985
421,469
1,031,846
121,996
2,607,296
1,554,471
Operating transfers in
50,223
(350,841)
70,352
(186,192)
31,779
(225,296)
-
(3,500)
152,354
(765,829)
967,174
(1,096,039)
Operating transfers out
(188,000)
(188,000)
(179,928)
Operating transfers out - component unit
(300,618)
(115,840)
(193,517)
(191,500)
(801.475)
(308,793)
Total operating transfers
NET INCOME (LOSS)
731,367
305,629
838,329
(69,504)
1,805,821
1,245,678
ADD DEPRECIATION ON CONTRIBUTED ASSETS
228,186
562,170
176,793
47.200
1,014,349
973,726
INCREASE (DECREASE) IN RETAINED EARNINGS
959,553
857,799
1,015,122
(22,304)
2,820,170
2,219,404
BEGINNING RETAINED EARNINGS
4,062,002
706
4,216,062
(9,105)
2,198,177
50,793
98.664
-
10,574,905
42,394
8,164,451
191,050
Prior period adjustments
RETAINED EARNINGS - January 1
4,062,708
4,206,957
2,248,970
98,664
10,617,299
8,355,501
7,438
7,438
Equity transfers
RETAINED EARNINGS - December 31 S
5.029,699
S 5,074,756
S 3,264,092
S 76,360
L
S 10,574,
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CITY OF ROSEMOUNT MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
GENERAL AND ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1999 .
REVENUE:
General property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest earnings
Net increase (decrease) in the fair value of investments
Donations and other
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
General government
Public safety
Public works
Park and recreation
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE OVER
EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
Reconcilialion to GAAP basis
elimination of encumbrances, net
BEGINNING FUND BALANCE
RESIDUAL EQUITY TRANSFERS IN (OUT)
NON-BUDGETED SPECIAL REVENUE FUNDS
ENDING FUND BALANCE
ANNUALLY ADOPTED
TOTAL
GENERAL FUND
SPECIAL REVENUE FUNDS
(Memorandum Only)
FAVORABLE
FAVORABLE
FAVORABLE
(UNFAVORABLE)
(UNFAVORABLE)
(UNFAVORABLE)
BUDGET
ACTUAL
VARIANCE
BUDGET
ACTUAL
VARIANCE
BUDGET
ACTUAL
VARIANCE
$ 2,628,203
$ 2,626,865
S (1,338)
S
860,800
$ 860,800
$
0
$ 3,489,003
$ 3,487,665
$
(1,338)
344,200
623,463
279,263
0
0
0
344,200
623,463
279,263
1,220,297
1,318,131
97,834
0
580,055
580,055
1,220,297
1,898,186
677,889
303,700
486,379
182,679
50,000
95,635
45,635
353,700
582,014
228,314
100,000
91,441
(8,559)
0
0
0
100,000
91,441
(8,559)
2,000
0
(2,000)
17,000
66,154
49,154
19,000
66,154
47,154
55,600
85,005
29,405
28,000
49,136
21,136
83,600
134,141
50,541
0
(31,095)
(31,095)
0
(15,388)
(15,388)
0
(46,483)
(46,483)
55,315
59,832
4,517
0
8,047
8,047
55,315
67,879
12,564
193,400
211,634
18,234
0
28,147
28,14
193,400
239,780
46,380
4,902,715
$ 5,471,655
$ 568,940
S
955,800
$ 1,672,586
$
716,786
$ 57858,515
$ 7,144,241
S
1,285,726
$ 1,133,394
$ 1,132,329
$ 1,065
$
7,500
$ 7,500
$
0
$ 1,140,894
$ 1,139,829
S
1,065
1,473,611
1,496,445
(22,834)
0
0
0
1,473,611
1,496,445
2,970,056
1,645,200
1,638,280
6,920
927,800
553,181
374,619
2,573,000
2,191,461
381,539
654,010
628,144
25,866
0
0
0
654,010
628,144
1,282,154
$ 4,906,215
$ 4,895,198
S 11,017
S
935.300
$ 560,681
$
374,619
S 5,841,515
$ 5,455,879
S
385,636
$ (3,500)
S 576,457
$ 579,957
$
20,500
$ 1,111,905
$
1,091,405
$ 17,000
$ 1,688,362
$
1,671,362
$ 3,500
$ 3,500
$ 0
$
0
$ 0
$
0
S 3,500
$ 3,500
$
0
0
0
0
0
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(641,093)
0
(641,093)
(641,093)
$ 3,500
$ 3,500
$ 0
$
0
$ (641,093)
$
(641,093)
$ 3,500
$ (637,593)
$
(641,093)
$ 0
$ 579,957
$ 579,957
$
20,500
$ 470,811
$
450,311
$ 20,500
S 1,050,768
$
1,030,268
36,192
40,617
76,809
2,438,384
1,203,823
3,642,207
(167,787)
(167,787)
0
596,003
596,003
$ 3,054,533
$ 2,143,468
$ 5,198,001
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COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
YEAR ENDED DECEMBER 31, 1998
REVENUE:
General property taxes
Municipal state aid (MSA)
Tax increments
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest earnings
Net increase (decrease) in the fair value of investments
Miscellaneous
TOTAL REVENUE
EXPENDITURES:
Current:
General government
J Public safety
Public works
Park and recreation
Capital outlay
Other
Debt service:
Redemption of bonds
Interest on bonds
Fiscal agent fees
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE OVER
EXPENDITURES
OTHER FINANCING SOURCES (USES):
Proceeds from the sale of bonds
Lease Payments
Operating transfers in
Operating transfers out
TOTAL OTHER SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCE
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCE
TOTAL
TOTAL
PRIMARY
COMPONENT
REPORTING
GOVERNMENTAL FUND TYPES
GOVERNMENT
UNIT
ENTITY
SPECIAL
DEBT
CAPITAL
(MEMORANDUM
(PORT
(MEMORANDUM
GENERAL
REVENUE
SERVICE
PROJECTS
(ONLY)
AUTHORITY)
ONLY)
$ 2,693,105
$ 873,890
$
441,333
$
$
4,008,328
$
291,302
$
4,299,630
-
686,357
90,226
776,583
-
776,583
-
-
-
506,901
506,901
363,238
363,238
-
363,238
1,274,373
38,404
1,312,777
1,312,777
351,650
101,394
453,044
453,044
72,084
72,084
72,084
165
25,942
2,501,325
86,625
2,614,057
-
2,614,057
77,671
73,193
270,952
162,178
583,994
117,899
701,893
2,104
(103)
9,202
-
11,203
11,203
277,629
277,073
-
17,800
572,502
60,592
633,094
$ 5,112,018
$ 2,076,149
$
3,313,037
$ 266,603
$
1
$
976,693
$
11,744,504
$ 1,110,499
$ 43,973
$
-
$ -
$
1,154,472
$
119,961
$
1,274,433
1,444,010
-
-
1,444,010
-
1,444,010
1,450,156
6,489,389
7,939,545
7,939,545
601,450
-
-
601,450
601,450
-
504,647
-
504,647
39,383
544,030
-
-
175,398
175,398
-
175,398
1,520,000
-
1,520,000
395,000
1,915,000
687,661
687,661
171,051
858,712
4,066
-
4,066
1,826
5,892
$ 4,606,114
$ 548,620
$
2,211,727
$ 6,664,787
y`
1031,248
$
727,220
$
14,758,470
$ 505,904
$ 1,527,529
$
1,101,311
$ (6,398,184)
S
(3,263,440)
$
249,473
$
(3,013,966)
$ -
$ -
$
280,623
$ 5,385,391
$
5,666,014
$
2,374,024
$
8,040,038
-
(310,962)
-
(310,962)
-
(310,962)
3,500
60,100
1,368,310
1,431,910
444.698
1,876,608
-
(843,856)
-
(274,927)
(1,118,783)
(444,698)
(1,563,481)
$ 3,500
$ (1,154,818)
$
340,723
$ 6,478,775
$
5,668,180
$
2,374,024
$
8,042,203
$ 509,404
$ 372,712
$
1,442,034
$ 80,592
$
2,404,742
$
2,623,497
$
5,028,239
1,928,980
1,437,694
6,049,770
2,246,485
11,662,929
1,071,481
12,734,410
543
75,323
(672,513)
(596,647)
-
(596,647)
$ 2,438,384
S 1,810,949
$
7,567,127
$ 1,654,564
$
3,dY1,024
3.69d,9i8
$
17,166,002
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CITY OF ROSEMOUNT
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND
DISCRETELY PRESENTED COMPONENT UNIT
For the Year Ended December 31, 2000
(With Comparative Totals for the Year Ended December 31, 1999)
REVENUES
Taxes
Municipal state (MSA)
Tax increments
Intergovernmental revenues
Licenses and permits
Fines and forfeitures
Special assessments
Charges for services
Investment income
Net increase (decrease) in the fair value of investments
Miscellaneous
Total Revenues
EXPENDITURES
Current
Cn General government
Public safety
Public works
Parks and recreation
Lease payments
Other
Capital outlay
Debt Service
Principal retirement
Interest
Fiscal agent fees
Total Expenditures
Excess (deficiency) of revenues over expenditures
OTHER FINANCING SOURCES (USES)
Proceeds from issuance of debt
Operating transfers in
Operating transfers in - primary government
Operating transfers out
Total Other Financing Sources (Uses)
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
FUND BALANCES - January 1
Equity transfers
FUND BALANCES - December 31
Totals
(Memoran-
Component
Governmental Fund Types
dum Only)
Unit
Totals
Special
Debt
Capital
Primary
Port
(Memorandum Only)
General
Revenue
Service
Projects
Government
Authority
2000
1999 _
$ 2,916,269
$ 908,000
$ 565,331
$
$ 4,389,600
$ 297,537
$ 4,687,137
$4,380,211
-
473,141
88,748
561,889
561,889
667,145
-
-
-
-
473,896
473,896
449,519
1,457,390
73,937
350,000
1,881,327
127,684
2,009,011
1,331,090
588,304
-
-
588,304
588,304
623,463
72,067
-
72,067
72,067
91,441
-
38,812
7,425,923
7,464,735
7,464,735
3,679,095
713,892
201,555
-
-
915,447
915,447
598,214
153,885
116,647
549,778
211,194
1,031,504
230,327
1,261,831
783,503
22,969
17,364
32,104
-
72,437
-
72,437
(91,598)
287,832
138,688
2,080,168
2,506,688
103,243
2,609,931
971,562
6,212,608
1,968,144
8,661,884
2,641,362
19,483,998
1,232,687
20,716,685
13,483,645
1,202,164
22,174
-
-
1,224,338
542,895
1,767,233
1,239,838
1,580,593
-
-
1,580,593
-
1.580,593
1,495,469
1,887,570
3,539,908
5,427,478
5,427,478
8,212,767
691,126
-
-
691,126
691,126
628,144
159,972
159,972
159,972
171,547
-
2
375,961
375,963
375,963
214,263
851,279
-
851,279
1,613,394
2,464,673
707,228
-
1,930,000
1,930,000
180,000
2,110,000
1,740,000
1,146,501
1,146,501
378,824
1,525.325
1,288,625
4,721
-
4,721
.1,461
6,182
6,296
5,361,453
1,033,425
3,081,224
--- 9 9
13,391,971
2,716,574
16,108,545
15,704,177
851,155
934,719
5,580,660
(1,274,507)
6,092,027
(1,483,887)
4,608,140
(2,220,532)
_
_
_
-
1,732,500
1,732,500
8,044,035
3,500
3,996
853,808
3,287,636
4,148,940
-
4,148,940
1,028,345
_
-
-
-
188,000
188,000
179,928
(19 2,000)
(1,171,327)
(34,454
(2,137,684)
(3,535,465
(3,535,465)
(899,480)
(188,500
(1,167,331)
819,354
1,149,952
613,475
1,920,500
2,533,975
8,352,828
662,655
(232,612)
6,400,014
(124,555)
6,705,502
436,613
7,142,115
6,132,296
3,054,533
2,143,468
11,198,187
2,973,484
19,369,672
3,928,627
23,298,299
17,166,002
(659
(19,097
517,613
(505,295
(7,438
(7,438
S 3,716,529
$ 1,891,759
$ 18,115,814
$ 2,343,634
$ 26,067,736
$ �
$ 30.432,976
$ 23,298,298
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CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
DECEMBER 31, 1999
0
'T1
n
C)
D
r
D
M
m
Z
TOTAL LIABILITIES, EQUITY AND OTHER
CREDITS
S 3,398,081 S 2,528,207 $ 15,818,138 $ 3,442,950 $ 55,789,341 S 537,182 $ 27,888 $ 14,359,486 S 26,866,760 S 122,768,034 $ 12,562,045 $ 135,330,080
PROPRIETARY
FIDUCIARY
TOTAL
TOTAL
ALL GOVERNMENTAL FUND TYPES
FUND TYPES
FUND TYPE
ACCOUNT
GROUPS
PRIMARY
COMPONENT
REPORTING
GENERAL
GENERAL GOVERNMENT
UNIT
ENTITY
SPECIAL
DEBT
CAPITAL
INTERNAL
FIXED
LONG -TERM (MEMORANDUM
PORT
(MEMORANDUM
GENERAL
REVENUE
SERVICE
PROJECTS
ENTERPRISE
SERVICE
AGENCY
ASSETS
DEBT
ONLY)
AUTHORITY
ONLY)
ASSETS AND OTHER DEBTS
ASSETS:
Cash and Investments
$ 3,062,029
S 2,453.051
$ 10,637,645
S 3,280,409
$ 7,705,928
S 512,006
$ 27,888
$ 0
$ 0 $
27,678,956
S 1,600,531
$ 29,279,487
Investment with fiscal agent
0
0
0
0
0
0
0
0
0
0
2,335,150
2,335,150
Accounts receivable
13,388
1,986
0
0
471,025
0
0
0
0
486,399
409
486,808
Property taxes receivable
297,828
0
0
0
0
0
0
0
0
297,828
1,846
299,675
Special assessments receivable
0
73,170
5,180,494
0
343,376
0
0
0
0
5,597,039
102,453
5,698,492
Due from other funds
0
0
0
162,541
0
0
0
0
0
162,541
0
162,541
Advances to other funds
0
0
0
0
531,755
0
0
0
0
531,755
0
531,755
Due from other governments
24,837
0
0
0
22,675
0
0
0
0
47,512
0
47,512
Prepaid items
0
0
0
0
40,647
25,176
0
0
0
65,823
236
66,059
Notes receivable
0
0
0
0
0
0
0
0
0
0
1,338,269
1,338,269
Net fixed assets
0
0
0
0
46,673,935
0
0
14,359,486
0
61,033,421
283,151
61,316,572
OTHER DEBITS:
Amount available in debt service funds
0
0
0
0
0
0
0
0
11,198,187
11,198,187
3,400,026
14,598,213
Amount to be provided for debt retirement
0
0
0
0
0
0
0
0
15,668,573
15,668,573
3,499,974
19,168,547
TOTAL ASSETS AND OTHER DEBITS
S 3,398,081
$ 2,528,207
$ 15,818,138
$ 3,442,950
$ 55,789,341
$ 537,182
$ 27,888
$ 14,359,466
$ 26,866,760 S
122,768,034
$ 12,562,045
S 135,330,080
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES:
Accounts payable
$ 185,341
$ 22,821
$ 0
$ 74,936
$ 56,986
$ 14,355
S 27,888
$ 0
$ 0 S
382,327
S 5,372
$ 387,699
Compensated absences payable
0
0
0
0
33,660
0
0
0
311,828
345,488
0
345,488
Accrued expenditures
57,023
0
0
0
11,203
0
0
0
0
68,226
0
68,226
Accrued interest
0
0
0
0
82,248
0
0
0
0
82,248
0
82,248
Contracts payable
0
0
0
231,987
13,968
0
0
0
0
245,955
0
245,955
Due to other funds
0
0
0
162,541
0
0
0
0
0
162,541
0
162,541
Advances from other funds
0
290,048
0
0
241,708
0
0
0
0
531,755
0
531,755
Deposits payable
34,390
0
0
0
0
0
0
0
0
34,391
4,172
38,563
Deferred revenue
66,795
71,870
4,619,951
0
289,418
0
0
0
0
5,048,034
1,440,722
6,488,756
Capital leases payable
0
0
0
0
0
0
0
0
639,932
639,932
0
639,932
Bonds payable
0
0
0
0
4,184,914
0
0
0
25,915,000
30,099,914
6,900,000
36,999,914
TOTAL LIABILITIES
$ 343,548
$ 384,739
$ 4,619,951
$ 469,463
S 4,914,105
$ 14,355
S 27,888
$ 0
$ 26,866,760 $
37,640,810
$ 8,350,266
$ 45,991,076
EQUITY AND OTHER CREDITS:
Investment in general fixed assets
$ 0
$ 0
$ 0
5 0
$ 0
$ 0
$ 0
$ 14,359,486
$ 0 $
14,359,486
S 283,151
$ 14,642,637
Contributed capital
0
0
0
0
40,300,331
0
0
0
0
40,300,331
0
40,300,331
Retained earnings
0
0
0
0
10,574,905
522,827
0
. 0
0
11,097,732
0
11,097,732
Fund balance:
Reserved for capital projects
0
0
0
3.310,192
0
0
0
0
0
3,310,192
0
3,310,192
Reserved for special projects
0
117,139
0
0
0
0
0
0
0
117,139
236
117,375
Reserved for debt service
0
0
11,198,187
0
0
0
0
0
0
11,198,187
3,400,026
14,598,213
Reserved for encumbrances
172,836
0
0
0
0
0
0
0
0
172,836
0
172,836
Unreserved designated for working capital
2,881,697
0
0
0
0
0
0
0
0
2,881,697
0
2,881,697
Unreserved - undesignated
0
2,026,329
0
(336,705)
0
0
0
0
0
1,689,624
528,366
2,217,990
TOTAL EQUITY AND OTHER CREDITS
S 3,054,533
$ 2,143,468
$ 11,198,187
S 2,973,487
$ 50,875,236
$ 522,827
S 0
$ 14,359,486
$ 0 S
85,127,224
$ 4,211,779
$ 89,339,003
TOTAL LIABILITIES, EQUITY AND OTHER
CREDITS
S 3,398,081 S 2,528,207 $ 15,818,138 $ 3,442,950 $ 55,789,341 S 537,182 $ 27,888 $ 14,359,486 S 26,866,760 S 122,768,034 $ 12,562,045 $ 135,330,080
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APPENDIX IV
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of
Bonds made to the public. The Bonds will be issued in fully registered form and one Bond,
representing the aggregate principal amount of the Bonds maturing in each year, will be
registered in the name of Cede & Co. as nominee of The Depository Trust Company ( "DTC "),
New York, New York, which will act as securities depository of the Bonds. Individual purchases
of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single
maturity through book entries made on the books and records of DTC and its participants.
Principal and interest are payable by the registrar to DTC or its nominee as registered owner of
the Bonds. Transfer of principal and interest payments to participants of DTC will be the
responsibility of DTC; transfer of principal and interest payments to beneficial owners by
participants will be the responsibility of such participants and other nominees of beneficial
owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the
Bonds with DTC.
REGISTRAR
The Authority will name the Registrar which shall be subject to applicable S.E.C. regulations.
The Authority will pay for the services of the registrar.
OPTIONAL REDEMPTION
The Authority may elect on February 1, 2012, and on any day thereafter, to prepay Bonds due
on or after February 1, 2013. Redemption may be in whole or in part and if in part at the option
of the Authority and in such manner as the Authority shall determine. If less than all Bonds of a
maturity are called for redemption, the Authority will notify DTC of the particular amount of such
maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in
such maturity to be redeemed and each participant will then select by lot the beneficial
ownership interests in such maturity to be redeemed. All prepayments shall be at a price of par
plus accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City of Rosemount for which the City of Rosemount
will pledge its full faith and credit and power to levy direct general ad valorem taxes. The
proceeds will be used to finance the renovation and expansion of the City Hall.
TYPE OF PROPOSALS
Proposals shall be for not less than $2,017,392 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ( "Deposit ") in
the form of a certified or cashier's check or a Financial Surety Bond in the amount of $20,450,
payable to the order of the Authority. If a check is used, it must accompany the proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the Authority. Such bond must be
submitted to Springsted Incorporated prior to the opening of the proposals. The Financial
Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial
Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then
that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a
certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later
than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is
not received by that time, the Financial Surety Bond may be drawn by the Authority to satisfy
the Deposit requirement. The Authority will deposit the check of the purchaser, the amount of
which will be deducted at settlement and no interest will accrue to the purchaser. In the event
ANNUAL FINANCIAL STATEMENTS
The City is audited annually by an independent certified public accounting firm. Data shown on
the following pages has been extracted from the annual audits for fiscal years ended
December 31, 2000, 1999 and 1998. The audits for all years shown were prepared on the
modified accrual basis of accounting for governmental funds, and the accrual basis of
accounting for proprietary funds. The reader should be aware that the complete audits may
contain additional information which may interpret, explain or modify the data presented herein.
The City's comprehensive annual financial report for the year ended 1999 was awarded the
Certificate of Achievement for Excellence in Financial Reporting by the Government Finance
Officers Association of the United States and Canada (GFOA). The Certificate of Achievement
is the highest form of recognition for excellence in state and local government financial
reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily
readable and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. Such CAFR must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City has received this
recognition annually since 1996 and has submitted its 2000 CAFR to GFOA.
- x - IV -1
the purchaser fails to comply with the accepted proposal, said amount will be retained by the
Authority. No proposal can be withdrawn or amended after the time set for receiving proposals
unless the meeting of the Authority scheduled for award of the Bonds is adjourned, recessed,
or continued to another date without award of the Bonds having been made. Rates shall be in
integral multiples of 5/100 or 1/8 of 1 %. Rates must be in level or ascending order. Bonds of
the same maturity shall bear a single rate from the date of the Bonds to the date of maturity.
No conditional proposals will be accepted.
Ttyr .
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The Authority's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The Authority will reserve the right to: (i) waive non - substantive informalities of any proposal or
of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the Authority determines to have failed to
comply with the terms herein.
BOND INSURANCE AT PURCHASER'S OPTION
(This page was left blank intentionally.)
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the Authority has requested and
received a rating on the Bonds from a rating agency, the Authority will pay that rating fee. Any
other rating agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on
the Bonds.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser through DTC in New York, New York. Delivery will be subject to receipt by the
purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of
Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no-
litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal,
or equivalent, funds which shall be received at the offices of the Authority or its designee not
later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the
Bonds shall have been made impossible by action of the Authority, or its agents, the purchaser
shall be liable to the Authority for any loss suffered by the Authority by reason of the
purchaser's non - compliance with said terms for payment.
-xi -
X
Net Tax Capacity
Levy Year 1996
First $72,000 of EMV at 1.00%
EVM in excess of $72,000
at 2.00%
STATUTORY FORMULAE
CONVERSION OF ESTIMATED MARKET VALUE (EMV) TO NET TAX CAPACITY FOR
MAJOR PROPERTY CLASSIFICATIONS
General Classifications
Residential Homestead
Residential Non - Homestead
4 or more units
Agricultural Homestead
Agricultural Non - Homestead
Commercial - Industrial
Seasonal /Recreational
Residential
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Lew Year 1997
First $75,000 of EMV at 1.00%
EMV in excess of $75,000
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EMV in excess of $75,000
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EMV in excess of $76,000
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3.40 %; except certain cities of 2.90 %; except certain cities of 2.50 %; except certain cities of 2.40 %; except certain cities of 2.40 %; except certain cities of
5,000 population or less 5,000 population or less 5,000 population or less 5,000 population or less 5,000 population or less
at 2.30% at 2.30% at 2.15% at 2.15% at 2.15%
First $72,000 EMV of house, First $75,000 EMV of house, First $75,000 EMV of house, First $76,000 EMV of house, First $76,000 EMV of house,
garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00%
EMV in excess of $72,000 of
house, garage and 1 acre
at 2.00%
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first 320 acres at 0.45%
EMV in excess of $115,000 on
first 320 acres at 1.00%
EMV in excess of $115,000
over 320 acres at 1.50%
EMV of house, garage and
1 acre at 2.30%
EMV of land and other buildings
at 1.50%
EMV in excess of $75,000 of
house, garage and 1 acre
at 1.85%
Remaining Property:
First $115,000 of EMV on first
320 acres at 0.40%
EMV in excess of $115,000 on
first 320 acres at 0.90%
EMV in excess of $115,000
over 320 acres at 1.40%
First $75,000 of EMV of house,
garage and 1 acre at 1.90%
EMV in excess of $75,000 of
house, garage and 1 acre
at 2.10%
EMV of land and other buildings
at 1.40%
EMV in excess of $75,000 of
house, garage and 1 acre
at 1.70%
Remaining Property:
First $115,000 of EMV on
first 320 acres at 0.35%
EMV in excess of $115,000 on
first 320 acres at 0.80%
EMV in excess of $115,000
over 320 acres at 1.25%
First $75,000 of EMV of house,
garage and 1 acre at 1.25%
EMV in excess of $75,000 of
house, garage and 1 acre
at 1.70%
EMV of land and other buildings
at 1.25%
EMV in excess of $76,000 of
house, garage and 1 acre
at 1.65%
Remaining Property:
First $115,000 of EMV at 0.35%
EMV in excess of $115,000 and
less than $600,000
at 0.80%
EMV in excess of $600,000
at 1.20%
First $76,000 of EMV of house,
garage and 1 acre at 1.20%
EMV in excess of $76,000 of
house, garage and 1 acre
at 1.65%
EMV of land and other buildings
at 1.20%
EMV in excess of $76,000 of
house, garage and 1 acre
at 1.65%
Remaining Property:
First $115,000 of EMV at 0.35%
EMV in excess of $115,000 and
less than $600,000
at 0.80%
EMV in excess of $600,000
at 1.20%
First $76,000 of EMV of house,
garage and 1 acre at 1.20%
EMV in excess of $76,000 of
house, garage and 1 acre
at 1.65%
EMV of land and other buildings
at 1.20%
First $100,000 of EMV at 3.00% First $150,000 of EMV at 2.70% First $150,000 of EMV at 2.45% First $150,000 of EMV at 2.40% First $150,000 of EMV at 2.40%
EMV in excess of $100,000 EMV in excess of $150,000 EMV in excess of $150,000 EMV in excess of $150,000 EMV in excess of $150,000
at 4.60% at 4.00% at 3.50% at 3.40% at 3.40%
Non - Commercial
First $72,000 of EMV
at 1.75%
EMV in excess of $72,000
at 2.50%
Commercial - 2.30%
Non - Commercial
First $75,000 of EMV
at 1.40%
EMV in excess of $75,000
at 2.50%
Commercial - 2.10%
Vacant Land N/A N/A
(All vacant land is reclassified to (All vacant land is reclassified to
highest and best use highest and best use
pursuant to local zoning pursuant to local zoning
ordinance ordinance
Non - Commercial
First $75,000 of EMV
at 1.25%
EMV in excess of $75,000
at 2.20%
Commercial — 1.80%
N/A
(All vacant land is reclassified to
highest and best use
pursuant to local zoning
ordinance
Non - Commercial
First $76,000 of EMV
at 1.20%
EMV in excess of $76,000
at 1.65%
Commercial — 1.60%
Homestead Resorts — 1.00%
N/A
(All vacant land is reclassified to
highest and best use
pursuant to local zoning
ordinance
Non - Commercial
First $76,000 of EMV
at 1.20%
EMV in excess of $76,000
at 1.65%
Commercial —1.60%
Homestead Resorts —1.00%
N/A
(All vacant land is reclassified to
highest and best use
pursuant to local zoning
ordinance
Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes)
"Fiscal Disparities Law"
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as
Fiscal Disparities, was first implemented for taxes payable in 1975. Forty percent of the
increase in commercial - industrial (including public utility and railroad) net tax capacity valuation
since 1971 in each assessment district in the Minneapolis /St. Paul seven - county metropolitan
area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott,
excluding the City of New Prague, and Washington Counties) is contributed to an area -wide tax
base. A distribution index, based on the factors of population and real property market value
per capita, is employed in determining what proportion of the net tax capacity value in the area -
wide tax base shall be distributed back to each assessment district.
Iron Range Fiscal Disparities
In 1996 Minnesota Legislature established a commercial - industrial tax base sharing program for
the Iron Range that is modeled after the Twin Cities metropolitan area program commonly
known as "fiscal disparities."
Under the Iron Range Fiscal Disparities ( "IRFD ") program, 40% of the growth in each
municipality's commercial - industrial tax base after 1995 is contributed to an area wide pool.
The tax base pool is distributed back to municipalities on the basis of property wealth per
capita; i.e., municipalities with lower property wealth receive greater distributions. For the
purposes of the IRFD program, commercial - industrial property includes public utility property,
but does not include commercial, seasonal, recreational property. All local taxing jurisdictions in
the area, including counties, cities, towns (including unorganized towns), school districts, and
special taxing districts, participate in the IRFD program.
The IRFD program is identical to the Twin Cities metropolitan area program except for the
provisions summarized below:
1. The geographical area involved is the taconite tax relief area. This includes all of Cook
County and Lake County, most of Itasca County and St. Louis County (the City of Duluth
and surrounding area is not included), portions of Aitkin County and Crow Wing County,
and a very small portion of Koochiching County.
2. The base year is 1995, so that 40% of the growth in commercial - industrial tax base after
1995 will be shared. The first tax year to be affected was 1997/98.
3. Municipalities are not required to share commercial - industrial growth in tax increment
financing (TIF) districts created before May 1, 1996.
4. Municipalities that consciously exclude commercial - industrial development are excluded
from participation. This will be determined by a joint effort of the Department of
Revenue (MnDOR) and the Iron Range Resources and Rehabilitation Board (IRRRB).
In September 2000, a lower court declared the Iron Range Fiscal Disparities Act
unconstitutional. In April 2001, this ruling was overturned by the Minnesota Court of Appeals.
In July of 2001, the Minnesota Supreme Court agreed to review the Act. What the outcome
may be or what effect, if any, these court proceedings may have, can not be determined at this
time.
OFFICIAL STATEMENT
CITY OF ROSEMOUNT, MINNESOTA
$1,325,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2001A
$1,140,000
GENERAL OBLIGATION STORM WATER REVENUE BONDS, SERIES 2001 B
$2,045,000
ROSEMOUNT PORT AUTHORITY, MINNESOTA
GENERAL OBLIGATION PUBLIC FACILITIES BONDS, SERIES 2001C
(BOOK ENTRY ONLY)
INTRODUCTORY STATEMENT
This Official Statement contains certain information relating to the City of Rosemount,
Minnesota (the "City ") and its issuance of $1,325,000 General Obligation Improvement Bonds,
Series 2001A (the "Improvement Bonds ") and $1,140,000 General Obligation Storm Water
Revenue Bonds, Series 2001 B (the "Storm Water Revenue Bonds "). This Official Statement
also contains information relating to the Rosemount Port Authority, Minnesota (the "Authority ")
and its issuance of $2,045,000 General Obligation Public Facilities Bonds, Series 2001 C (the
"Port Authority Bonds "). The Improvement Bonds, the Storm Water Revenue Bonds and the
Port Authority Bonds are collectively referred to as the "Bonds," the "Issues" or the
"Obligations ". The Bonds are general obligations of the City for which the City pledges its full
faith and credit and power to levy direct general ad valorem taxes. For a discussion of the
Authority, see page 24 of this Official Statement. The purpose and additional sources of
security for the Issues are further described herein.
Inquiries may be directed to Mr. Jeffrey May, Finance Director, City of Rosemount, 2875 - 145th
Street West, Rosemount, Minnesota 55068 -4997, or by telephoning (651) 423 -4411. Inquiries
may also be made to Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul,
Minnesota 55101 -2887, or by telephoning (651) 223 -3000. If information of a specific legal
nature is desired, requests may be directed to Ms. Mary Dyrseth, Briggs and Morgan,
Professional Association, Bond Counsel, 2200 First National Bank Building, St. Paul, Minnesota
55101, or by telephoning (651) 223 -6625.
CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with SEC Rule 15c2 -12 (the "Rule "), pursuant to
the Award Resolutions for the Improvement Bonds and the Storm Water Revenue Bonds, the City
has entered into an undertaking and pursuant to the Award Resolution for the Port Authority
Bonds, the Authority and the City have entered into an undertaking (collectively the
"Undertakings ") for the benefit of holders or beneficial owners of the Bonds to provide certain
financial information and operating data relating to the City to certain information repositories
III -4
_1-
annually, and to provide notices of the occurrence of certain events enumerated in the Rule to
certain information repositories or the Municipal Securities Rulemaking Board and to any state
information depository. The specific nature of the Undertakings, as well as the information to be
contained in the annual report or the notices of material events, is set forth in the Undertakings in
substantially the form attached hereto as Appendix II, subject to such modifications thereof or
additions thereto as: (i) consistent with requirements under the Rule, (ii) required by the
purchaser(s) of the Bonds and (iii) acceptable to the Mayor and Clerk of the City and, for the Port
Authority Bonds, also to the Chair and Executive Director of the Authority. The City and the
Authority have never failed to comply in all material respects with any previous undertakings under
the Rule to provide annual reports or notices of material events. A failure by the City or the
Authority to comply with the Undertakings will not constitute an event of default on the Bonds
(although holders or other beneficial owners of the Bonds will have the sole remedy of bringing an
action for specific performance). Nevertheless, such a failure must be reported in accordance
with the Rule and must be considered by any broker, dealer or municipal securities dealer before
recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a
failure may adversely affect the transferability and liquidity of the Bonds and their market price.
THE BONDS
General Description
The Bonds are dated as of August 15, 2001 and issued in book entry form. Interest on the
Bonds is payable August 1, 2002 and semiannually thereafter on February 1 and August 1.
Interest will be payable to the holder (initially Cede & Co.) registered on the books of the
registrar (the "Registrar ") as of the fifteenth day of the calendar month next preceding such
interest payment date. Principal of and interest on the Bonds will be paid as described in the
section herein entitled "Book Entry System." Bonds will mature in the amounts and on the
dates shown on the cover of this Official Statement. U.S. Bank Trust National Association,
Saint Paul, Minnesota will serve as Registrar for the Bonds.
Optional Redemption
The City may elect on February 1, 2010, and on any day thereafter, to prepay the Improvement
Bonds due on or after February 1, 2011. The City may elect on February 1, 2011, and on any
day thereafter, to prepay the Storm Water Revenue Bonds due on or after February 1, 2012.
The Authority may elect on February 1, 2012, and on any day thereafter, to prepay the Port
Authority Bonds due on or after February 1, 2013. Redemption may be in whole or in part and
if in part at the option of the City or the Authority, as the case may be, and in such manner as
the City or the Authority shall determine. If less than all Bonds of a maturity are called for
redemption, the City or the Authority, as the case may be, will notify DTC of the particular
amount of such maturity to be prepaid. DTC will determine by lot the amount of each
participant's interest in such maturity to be redeemed and each participant will then select by lot
the beneficial ownership interests in such maturity to be redeemed. All prepayments shall be at
a price of par plus accrued interest.
Book Entry System
The Depository Trust Company ( "DTC "), New York, New York, will act as securities depository
for the Obligations. The Obligations will be issued as fully- registered securities registered in the
name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by
an authorized representative of DTC. One fully- registered certificate will be issued for each
maturity of each series of the Obligations, in the aggregate principal amount of such maturity,
and will be deposited with DTC.
Certain property tax levies are authorized outside of the new overall levy limitation ( "special
levies "). Special levies include debt service levies for bonded indebtedness, excluding
installment payments on conditional sales contracts, debt service on state -aid road bonds,
payments on contracts for deed, any levies to pay debt service on tax increment revenue
bonds, and lease payments under certificates of participation. In order to receive approval for
any special levy claims outside of the overall levy limitation, requests for such special levies
must be submitted to the Property Tax Division of the Department of Revenue on or before
September 15th in the year in which the levy is to be made for collection in the following year.
The Department of Revenue has the authority to approve, reduce or deny a special levy
request. Final adjustments to all levies must be made by the Department of Revenue on or
before December 10th.
Debt Limitations
All Minnesota municipalities (counties, cities, towns and school districts) are subject to statutory
"net debt" limitations under the provisions of Minnesota Statutes, Section 475.53. Net debt is
defined as the amount remaining after deducting from gross debt the amount of current
revenues which are applicable within the current fiscal year to the payment of any debt and the
aggregate of the principal of the following:
1. Obligations issued for improvements which are payable wholly or partially from the
proceeds of special assessments levied upon benefited property.
2. Warrants or orders having no definite or fixed maturity.
3. Obligations payable wholly from the income from revenue producing conveniences.
4. Obligations issued to create or maintain a permanent improvement revolving fund.
5. Obligations issued for the acquisition and betterment of public waterworks systems,
and public lighting, heating or power systems, and any combination thereof, or for any
other public convenience from which revenue is or may be derived.
6. Certain debt service loans and capital loans made to school districts.
7. Certain obligations to repay loans.
8. Obligations specifically excluded under the provisions of law authorizing their
issuance.
9. Certain obligations to pay pension fund liabilities.
10. Debt service funds for the payment of principal and interest on obligations other than
those described above.
Levies for General Obligation Debt
(Sections 475.61 and 475.74, Minnesota Statutes)
Any municipality which issues general obligation debt must, at the time of issuance, certify
levies to the county auditor of the county(ies) within which the municipality is situated. Such
levies shall be in an amount that if collected in full will, together with estimates of other
revenues pledged for payment of the obligations, produce at least five percent in excess of the
amount needed to pay principal and interest when due. Notwithstanding any other limitations
upon the ability of a taxing unit to levy taxes, its ability to levy taxes for a deficiency in prior
levies for payment of general obligation indebtedness is without limitation as to rate or amount.
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The county treasurer is responsible for collecting all property taxes within the county. Real
estate and personal property tax statements are mailed out by March 31. One -half (1/2) of the
taxes on real property is due on or before May 15. The remainder is due on or before
October 15. Real property taxes not paid by their due date are assessed a penalty which,
depending on the type of property, increases from 2% to 4% on the day after the due date. In
the case of the first installment of real property taxes due May 15, the penalty increases to 4%
or 8% on June 1. Thereafter, an additional 1 % penalty shall accrue each month through
October 1 of the collection year for unpaid real property taxes. In the case of the second
installment of real property taxes due October 15, the penalty increases to 6% or 8% on
November 1 and increases again to 8% or 12% on December 1. Personal property taxes
remaining unpaid on May 16 are deemed to be delinquent and a penalty of 8% attaches to the
unpaid tax. However, personal property owned by a tax - exempt entity, but which is treated as
taxable by virtue of a lease agreement, is subject to the same delinquent property tax penalties
as real property.
On the first business day of January of the year following collection all delinquencies are
subject to an additional 2% penalty, and those delinquencies outstanding as of February 15 are
filed for a tax lien judgment with the district court. By March 20 the clerk of court files a
publication of legal action and a mailing of notice of action to delinquent parties. Those
property interests not responding to this notice have judgment entered for the amount of the
delinquency and associated penalties. The amount of the judgment is subject to a variable
interest determined annually by the Department of Revenue, and equal to the adjusted prime
rate charged by banks, but in no event is the rate less than 10% or more than 14 %.
Property owners subject to a tax lien judgment generally have five years (5) in the case of all
property located outside of cities or in the case of residential homestead, agricultural
homestead and seasonal residential recreational property located within cities or three (3) years
with respect to other types of property to redeem the property. After expiration of the
redemption period, unredeemed properties are declared tax forfeit with title held in trust by the
State of Minnesota for the respective taxing districts. The county auditor, or equivalent thereof,
then sells those properties not claimed for a public purpose at auction. The net proceeds of the
sale are first dedicated to the satisfaction of outstanding special assessments on the parcel,
with any remaining balance in most cases being divided on the following basis: county - 40 %;
town or city - 20 %; and school district - 40 %.
Property Tax Credits (Chapter 273, Minnesota Statutes)
In addition to adjusting the taxable value for various property types, primary elements of
Minnesota's property tax relief system are: property tax levy reduction aids; the circuit breaker
credit, which relates property taxes to income and provides relief on a sliding income scale; and
targeted tax relief, which is aimed primarily at easing the effect of significant tax increases. The
circuit breaker credit and targeted credits are reimbursed to the taxpayer upon application by
the taxpayer. Property tax levy reduction aid includes educational aids, local governmental aid,
equalization aid, homestead and agricultural credit aid (HACA) and disparity reduction aid.
Levy Limitations for Counties and Cities (M.S. 275.70 to 275.74)
(Laws 1999, Chapter 243, Article 6)
Levy limitations are in effect for taxes levied in 1999 for all counties and cities with populations
exceeding 2,500. Levy increases for cities are limited to its adjusted levy limit base from 1999
plus any increase due to growth in population. Counties are limited in their levy increases to the
difference between their adjusted levy limit from 1999 plus any increase due to growth in
population and one -half of the county's share of the net cost to the state for assumption of
district court costs. The 2000 Legislature allowed the levy limit law to sunset for taxes payable
in 2001.
DTC is a limited - purpose trust company organized under the New York Banking Law, a
"banking organization" within the meaning of the New York Banking Law, a member of the
Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform
Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A
of the Securities Exchange Act of 1934. DTC holds securities that its participants ( "Direct
Participants ") deposit with DTC. DTC also facilitates the settlement among Direct Participants
of securities transactions, such as transfers and pledges, in deposited securities through
electronic computerized book -entry changes in Direct Participants' accounts, thereby
eliminating the need for physical movement of securities certificates. Direct Participants
( "Direct Participants ") include securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. DTC is owned by a number of its Direct
Participants and by the New York Stock Exchange, Inc.; the American Stock Exchange LLC;
and the National Association of Securities Dealers, Inc. Access to the DTC system is also
available to others such as securities brokers and dealers, banks, and trust companies that
clear through or maintain a custodial relationship with a Direct Participant, either directly or
indirectly ( "Indirect Participants "). The Rules applicable to DTC and its Direct and Indirect
Participants are on file with the Securities and Exchange Commission.
Purchases of Obligations under the DTC system must be made by or through Direct
Participants, which will receive a credit for the Obligations on DTC's records. The ownership
interest of each actual purchaser of each Obligation ( "Beneficial Owner ") is in turn to be
recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive
written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive
written confirmations providing details of the transaction, as well as periodic statements of their
holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into
the transaction. Transfers of ownership interests in the Obligations are to be accomplished by
entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial
Owners. Beneficial Owners will not receive certificates representing their ownership interests in
the Obligations, except in the event that use of the book -entry system for the Obligations is
discontinued.
To facilitate subsequent transfers, all Obligations deposited by Direct Participants with DTC are
registered in the name of DTC's partnership nominee, Cede & Co. or such other name as
requested by an authorized representative of DTC. The deposit of Obligations with DTC and
their registration in the name of Cede & Co. or such other DTC nominee do not effect any
change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the
Obligations; DTC's records reflect only the identity of the Direct Participants to whose accounts
such Obligations are credited, which may or may not be the Beneficial Owners. The Direct and
Indirect Participants will remain responsible for keeping account of their holdings on behalf of
their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to
Beneficial Owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time. Beneficial Owners of the
Obligations may wish to take certain steps to augment transmission to them of notices of
significant events with respect to the Obligations, such as redemptions, defaults, and proposed
amendments to the security documents. Beneficial Owners of the Obligations may wish to
ascertain that the nominee holding the Obligations for their benefit has agreed to obtain and
transmit notices to Beneficial Owners, or in the alternative, Beneficial Owners may wish to
provide their names and addresses to the Registrar and request that copies of the notices be
provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Obligations within a maturity
are being redeemed, DTC's practice is to determine by lot the amount of the interest of each
Direct Participant in such maturity to be redeemed.
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APPENDIX III
Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to
the Obligations. Under its usual procedures, DTC mails an Omnibus Proxy to the Registrar as
soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting
or voting rights to those Direct Participants to whose accounts the Obligations are credited on
the record date (identified in a listing attached to the Omnibus Proxy).
Principal and interest payments on the Obligations will be made to Cede & Co. or such other
nominee as may be requested by an authorized representative of DTC. DTC's practice is to
credit Direct Participants' accounts on the payable date in accordance with their respective
holdings shown on DTC's records, unless DTC has reason to believe that it will not receive
payment on the payable date. Payments by Participants to Beneficial Owners will be governed
by standing instructions and customary practices, as is the case with securities held for the
accounts of customers in bearer form or registered in "street name," and will be the
responsibility of such Participant and not of DTC (nor its nominee), the Registrar, the City or the
Authority, subject to any statutory or regulatory requirements as may be in effect from time to
time. Payment of principal and interest to Cede & Co. (or such other nominee as may be
requested by an authorized representative of DTC) is the responsibility of the Registrar,
disbursement of such payments to Direct Participants is the responsibility of DTC, and
disbursement of such payments to the Beneficial Owners is the responsibility of Direct and
Indirect Participants.
A Beneficial Owner shall give notice to elect to have its Obligations purchased or redeemed,
through its Direct Participant, to the nominee holding the Obligations, and shall effect delivery of
such Obligations by causing the Direct Participant to transfer the Direct Participant's interest in
the Obligations, on DTC's records, to the nominee holding the Obligations. The requirement for
physical delivery of the Obligations in connection with a purchase or redemption will be deemed
satisfied when the ownership rights in the Obligations are transferred by the Direct Participants
on DTC's records and followed by a book -entry credit of purchased or redeemed Obligations to
the nominee holding the Obligations.
DTC may discontinue providing its services as securities depository with respect to the
Obligations at any time by giving reasonable notice to the Registrar. Under such
circumstances, in the event that a successor securities depository is not obtained, certificates
are required to be printed and delivered.
The City or the Authority may decide to discontinue use of the system of book -entry transfers
through DTC (or a successor securities depository). In that event, certificates will be printed
and delivered.
The information in this section concerning DTC and DTC's book -entry system has been
obtained from sources that the City and the Authority believe to be reliable, but neither the City
nor the Authority takes responsibility for the accuracy thereof.
SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND
MINNESOTA REAL PROPERTY VALUATION
Following is a summary of certain statutory provisions effective through 2000 relative to tax levy
procedures, tax payment and credit procedures, and the mechanics of real property valuation.
The summary does not purport to be inclusive of all such provisions or of the specific provisions
discussed, and is qualified by reference to the complete text of applicable statutes, rules and
regulations of the State of Minnesota.
Property Valuations (Chapter 273, Minnesota Statutes)
Assessor's Estimated Market Value Each parcel of real property subject to taxation must, by
statute, be appraised at least once every four years as of January 2 of the year of appraisal.
With certain exceptions, all property is valued at its market value which is the value the
assessor determines to be the price the property to be fairly worth, and which is referred to as
the "Estimated Market Value."
Limitation of Market Value Increases Effective through assessment year 2001, the amount of
increase in market value for all property classified as agricultural homestead or non - homestead,
residential homestead or non - homestead, or non - commercial seasonable recreational
residential, which is entered by the assessor in the current assessment year, may not exceed
the greater of (i) 10% of the preceding year's market value or (ii) 1/4 of the difference between
the current assessment and the preceding assessment.
Indicated Market Value Because the Estimated Market Value as determined by an assessor
may not represent the price of real property in the marketplace, the "Indicated Market Value" is
generally regarded as more representative of full value. The Indicated Market Value is
determined by dividing the Estimated Market Value of a given year by the same year's sales
ratio determined by the State Department of Revenue. The sales ratio represents the overall
relationship between the Estimated Market Value of property within the taxing unit and actual
selling price.
Net Tax Capacity The Net Tax Capacity is the value upon which net taxes are levied,
extended and collected. The Net Tax Capacity is computed by applying the class rate
percentages specific to each type of property classification against the Estimated Market Value.
Class rate percentages vary depending on the type of property as shown on the last page of
this Appendix. The formulas and class rates for converting Estimated Market Value to Net Tax
Capacity represent a basic element of the State's property tax relief system and are subject to
annual revisions by the State Legislature.
Property taxes are determined by multiplying the Net Tax Capacity by the tax capacity rate,
expressed as a percentage.
THE IMPROVEMENT BONDS
The Improvement Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475.
The proceeds will be used to finance the costs of water system improvements within the City.
Property Tax Payments and Delinquencies
(Chapters 275, 276, 277, 279 -282 and 549, Minnesota Statutes)
Ad valorem property taxes levied by local governments in Minnesota are extended and
collected by the various counties within the State. Each taxing jurisdiction is required to certify
the annual tax levy to the county auditor within five (5) working days after December 20 of the
year preceding the collection year. A listing of property taxes due is prepared by the county
auditor and turned over to the county treasurer on or before the first business day in March.
-4- III -1
X1:1
Bloomberg Municipal Repository
100 Business Park Drive
Skillman, NJ 08558
Phone: 609 - 279 -3225
Fax: 609 - 279 -5962
Email: Munis @Bloombere
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
Phone: 201- 346 -0701
Fax: 201 - 947 -0107
Email: nrmsir @dpcdata.com
FT Interactive Data
Attn: NRMSIR
100 Williams Street
New York, NY 10038
Phone: 212 -771 -6899
Fax: 212- 771 -7390
Email: NRMSIR @interactive.com
Standard & Poor's J.J. Kenny Repository
55 Water Street
45th Floor
New York, NY 10041
Phone: 212 - 438 -4595
Fax: 212 - 438 -3975
Email: NRMSIR re ositor @� sandg.com
The composition of the Improvement Bonds is as follows:
Net Project Costs $1,300,000
Plus: Costs of Issuance 11,750
Underwriter's Discount 13,250
Total Improvement Bonds $1,325,000
Security and Financing
The Improvement Bonds are general obligations of the City for which the City pledges its full
faith and credit and power to levy direct general ad valorem taxes. In addition, the City pledges
special assessments against benefited properties. Special assessments in the principal
amount of $405,000 are expected to be filed in November 2001 over a term of ten years, with
even annual installments of principal, and interest charged on the unpaid balance at a rate of
2% over the net interest rate on the Improvement Bonds. Each year's special assessments and
taxes, if collected in full, will be sufficient to pay 105% of the interest coming due August 1 in
the year of collection and the principal and interest coming due the following February 1. The
City expects to abate its levy annually to the extent that net revenues of the City's water utility
are available to cover a portion of the principal and interest payments on the Improvement
Bonds.
THE STORM WATER REVENUE BONDS
The Storm Water Revenue Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and
475. The proceeds will be used to finance the costs of the Hawkins Pond and the Marcotte Pond Lift
Station and Forcemain improvements.
The composition of the Storm Water Revenue Bonds is as follows:
Project Costs $1,110,000
Plus: Costs of Issuance 16,320
Underwriter's Discount 13,680
Total Storm Water Revenue Bonds $1,140,000
Security and Financing
The Storm Water Revenue Bonds are general obligations of the City for which the City pledges
its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City
pledges net revenues of the City's storm water utility. The City covenants that it will charge
rates sufficient for the operation and maintenance of the City's storm water utility, and to make
debt service payments on the Storm Water Revenue Bonds and on other outstanding general
obligation bonds to which the net revenues of the storm water utility are also pledged, a listing
of which is found on page 14 of this Official Statement. Net revenues of the City's storm water
utility are expected to be sufficient to make the August 1 interest payment due in the year of
collection and the February 1 principal and interest payment due in the following year. The City
does not expect a general ad valorem tax levy to be required for repayment of the Storm Water
Revenue Bonds.
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THE PORT AUTHORITY BONDS
Authority and Purpose
The Port Authority Bonds are being issued pursuant to Minnesota Statutes, Section 469.060
and Chapter 475. The proceeds of the Port Authority Bonds will be used to finance the
renovation and expansion of City Hall. Additional information concerning the Authority can be
found on page 24.
The composition of the Port Authority Bonds is as follows:
Project Costs $ 3,128,078
Less: Authority Contribution (1,128,078
Net Project Costs $ 2,000,000
Plus: Issuance Costs 17,392
Underwriter's Discount 27,608
Total Port Authority Bonds $ 2,045,000
Security and Financing
The Port Authority Bonds are general obligations of the City for which the City pledges its full
faith and credit and power to levy direct general ad valorem taxes. The City will make its first
levy for the Port Authority Bonds in 2001 for collection in 2002. Each year's tax collections, if
collected in full, will be sufficient to pay 105% of the interest coming due August 1 in the year of
collection and the principal and interest coming due February 1 of the following year.
FUTURE FINANCING
Neither the City nor the Authority has any additional long -term borrowing anticipated for at least
the next 90 days.
LITIGATION
Neither the City nor the Authority is aware of any threatened or pending litigation affecting the
validity of the Bonds or the City's or the Authority's ability to meet their respective financial
obligations.
LEGALITY
The Bonds are subject to approval as to certain matters by Briggs and Morgan, Professional
Association, of Saint Paul and Minneapolis, Minnesota, as Bond Counsel. Bond Counsel has
not participated in the preparation of this Official Statement and will not pass upon its accuracy,
completeness, or sufficiency. Bond Counsel has not examined, nor attempted to examine or
Date: , 2001
ROSEMOUNT PORT AUTHORITY,
MINNESOTA
B y -
Its
B y -
Its
CITY OF ROSEMOUNT, MINNESOTA
B y -
Its
B y -
Its
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SECTION 18. Termination of Reporting Obligation The Issuer's obligations under this
Disclosure Undertaking shall terminate upon the legal defeasance, prior redemption or payment
in full of all of the Bonds.
SECTION 19. Dissemination A The Issuer may, from time to time, appoint or
engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure
Undertaking, and may discharge any such Agent, with or without appointing a successor
Dissemination Agent.
SECTION 20. Amendment Waiver Notwithstanding any other provision of this
Disclosure Undertaking, the Issuer may amend this Disclosure Undertaking, and any provision of
this Disclosure Undertaking may be waived, if (a) a change in law or change in the ordinary
business or operation of the Issuer has occurred, (b) such amendment or waiver would not, in and
of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been
effective on the date hereof but taking into account any subsequent change in or official
interpretation of the Rule, and (c) such amendment or waiver is supported by an opinion of
counsel expert in federal securities laws to the effect that such amendment or waiver would not
materially impair the interests of Bondholders.
SECTION 21. Additional Information Nothing in this Disclosure Undertaking shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any other means of communication, or
including any other information in any Annual Report or notice of an Occurrence, in addition to
that which is required by this Disclosure Undertaking. If the Issuer chooses to include any
information in any Annual Report or notice of an Occurrence in addition to that which is
specifically required by this Disclosure Undertaking, the Issuer shall have no obligation under
this Agreement to update such information or include it in any future Annual Report or notice of
an Occurrence.
SECTION 22. Default In the event of a failure of the Issuer to provide information
required by this Disclosure Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandate or specific performance by court order, to cause the
Issuer to comply with its obligations to provide information under this Disclosure Undertaking.
A default under this Disclosure Undertaking shall not be deemed an Event of Default under the
Resolution and the sole remedy under this Disclosure Undertaking in the event of any failure of
the Issuer to comply with this Disclosure Undertaking shall be an action to compel performance.
SECTION 23. Beneficiaries This Disclosure Undertaking shall inure solely to the
benefit of the Issuer, the Participating Underwriters and Owners from time to time of the Bonds,
and shall create no rights in any other person or entity.
SECTION 24. Reserved Rights The Issuer reserves the right to discontinue providing
any information required under the Rule if a final determination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise unlawful or, subject to the provisions
of Section 8 hereof, to modify the undertaking under this Disclosure Undertaking if the Issuer
determines that such modification is required by the Rule, or by a court of competent jurisdiction.
verify, any of the financial or statistical statements or data contained in this Official Statement
and will express no opinion with respect thereto. Legal opinions in substantially the form set out
in Appendix I herein will be delivered at closing.
TAX EXEMPTION
At closing Briggs and Morgan, Professional Association, Bond Counsel, will render an opinion that,
at the time of their issuance and delivery to the original purchaser, under present federal and State
of Minnesota laws, regulations, rulings and decisions (which excludes any pending legislation which
may have a retroactive effect), the interest on each Bond is excluded from gross income for
purposes of United States income tax and is excluded, to the same extent, in computing both gross
income and taxable net income for purposes of State of Minnesota income tax (other than
Minnesota franchise taxes measured by income and imposed on corporations and financial
institutions), and that interest on the Bonds is not an item of tax preference for purposes of
computing the federal alternative minimum tax imposed on individuals and corporations or the
Minnesota alternative minimum tax applicable to individuals, estates or trusts; provided that interest
on the Bonds is subject to federal income taxation to the extent it is included as part of adjusted
current earnings for purposes of computing the alternative minimum tax imposed on certain
corporations. No opinion will be expressed by Bond Counsel regarding other federal or state tax
consequences caused by the receipt or accrual of interest on the Bonds or arising with respect to
ownership of the Bonds. Preservation of the exclusion of interest on the Bonds from federal gross
income and state gross and taxable net income, however, depends upon compliance by the City and
the Authority with all requirements of the Internal Revenue Code of 1986, as amended, (the "Code ")
that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be (or
continue to be) excluded from federal gross income and state gross and taxable net income.
The City and the Authority will covenant to comply with requirements necessary under the Code
to establish and maintain the Bonds as tax - exempt under Section 103 thereof, including without
limitation, requirements relating to temporary periods for investments and limitations on
amounts invested at a yield greater than the yield on the Bonds.
OTHER FEDERAL TAX CONSIDERATIONS
Property and Casualty Insurance Companies
Property and casualty insurance companies are required to reduce the amount of tax - exempt
interest received or accrued during the taxable year on certain obligations acquired after
August 7, 1986, including interest on the Bonds.
Foreign Insurance Companies
Foreign companies carrying on an insurance business in the United States are subject to a tax
on income which is effectively connected with their conduct of any trade or business in the
United States, including "net investment income." Net investment income includes tax - exempt
interest such as interest on the Bonds.
II -14
-7-
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"Owners" shall mean the registered holders and, if not the same, the beneficial owners of
any Bond.
"Participating Underwriter" shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
"Repository" shall mean each National Repository and each State Depository.
"Resolution" shall mean the resolution or resolutions adopted by the Governing Body of
the Issuer providing for and authorizing the issuance of the Bonds.
"Rule" shall mean Rule 15c2- 12(b)(5) adopted by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as the same may be amended from time
to time.
"State" shall mean the State of Minnesota.
"State Depository" shall mean any public or private repository or entity designated by the
State as a state depository for the purpose of the Rule. As of the date of this Disclosure
Undertaking, there is no State Depository in Minnesota.
SECTION 15. Provision of Annual Reports
A. Beginning in connection with the Fiscal Year ending on December 31, 2001, the
Issuer shall, or shall cause the Dissemination Agent to, as soon as possible, but in any event not
later than December 31, 2002, and by December 31 of each year thereafter, provide to each
Repository an Annual Report which is consistent with the requirements of Section 4 of this
Disclosure Undertaking.
B. If the Issuer is unable to provide to the Repositories an Annual Report by the date
required in subsection (a), the Issuer shall send a notice of such delay and estimated date of
delivery to each Repository or to the MSRB and to the State Depository, if any.
SECTION 16. Content and Format of Annual Reports The Issuer's Annual Report shall
contain or incorporate by reference the financial information and operating data pertaining to the
Issuer listed below as of the end of the preceding Fiscal Year. The Annual Report may be
submitted to each Repository as a single document or as separate documents comprising a
package, and may cross - reference other information as provided in this Disclosure Undertaking.
The following financial information and operating data shall be supplied:
A. An update of the operating and financial data of the type of information contained
in the Official Statement under the caption CITY PROPERTY VALUES; "CITY
INDEBTEDNESS ", and "CITY TAX RATES, LEVIES AND COLLECTIONS ".
B. Audited Financial Statements of the Issuer. The Audited Financial Statements of
the Issuer may be submitted to each Repository separately from the balance of the Annual
Report. In the event Audited Financial Statements of the Issuer are not available on or before the
date for filing the Annual Report with the appropriate Repositories as set forth in Section 3.A
There is no assurance that ratings, if assigned, will continue for any given period of time, or that such
ratings will not be revised or withdrawn, if in the judgment of Moody's, circumstances so warrant. A
revision or withdrawal of the ratings may have an adverse effect on the market price of the Bonds.
FINANCIAL ADVISOR
The City and the Authority have retained Springsted Incorporated, Advisors to the Public
Sector, of St. Paul, Minnesota, as financial advisor (the "Financial Advisor ") in connection with
the issuance of the Bonds. In preparing the Official Statement, the Financial Advisor has relied
upon governmental officials, and other sources, who have access to relevant data to provide
accurate information for the Official Statement, and the Financial Advisor has not been
engaged, nor has it undertaken, to independently verify the accuracy of such information. The
Financial Advisor is not a public accounting firm and has not been engaged by the City or the
Authority to compile, review, examine or audit any information in the Official Statement in
accordance with accounting standards. The Financial Advisor is an independent advisory firm
and is not engaged in the business of underwriting, trading or distributing municipal securities
or other public securities and therefore will not participate in the underwriting of the Bonds.
CERTIFICATION
The City and the Authority have authorized the distribution of this Official Statement for use in
connection with the initial sale of the Bonds. As of the date of the settlement of the Bonds, the
Purchaser(s) will be furnished with a certificate signed by the appropriate officers of the City
and the Authority. The certificate will state that as of the date of the Official Statement, the
Official Statement did not and does not as of the date of the certificate contain any untrue
statement of material fact or omit to state a material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were made, not
misleading.
(The Balance of This Page Has Been Intentionally Left Blank)
II -12 -9-
2001 PROPERTY TAX AMENDMENTS
The Omnibus Tax Bill adopted by the Minnesota Legislature during the First Special Session in 2001 (the
"Tax Bill ") made numerous changes to the property tax system. Among its provisions, the Tax Bill
provided for the assumption by the State of Minnesota of the general education property tax levy;
increased the appropriation for Local Government Aids by $140,000,000; re- imposed levy limits for two
years on counties and cities over 2,500 in population; repealed the Homestead and Agricultural Credit Aid
for cities, school districts and townships; and compressed the class rates applicable to various classes of
property. The assumption by the State of Minnesota of the general education property tax levy and the
compression of the class rates are expected to have an adverse impact on tax increment revenues
received by the City.
2001 Class Rate Changes
Property Type
Residential Homestead:
Up to $76,000
$76,000 - $500,000
Over $500,000
Residential Non - homestead
Single Unit:
Up to $76,000
$76,000 - $500,000
Over $500,000
2 -3 unit and undeveloped land
Market Rate Apartments:
Regular
Small City
Low- Income
Commercial /Industrial /Public Utility:
Up to $150,000
Over $150,000
Electric Generation Machinery
Seasonal Recreational Commercial:
Homestead Resorts (1 c)
Up to $500,000
Over $500,000
Seasonal Resorts (4c)
Up to $500,000
Over $500,000
Seasonal Recreational Residential:
Up to $76,000
$76,000 - $500,000
Over $500,000
Disabled Homestead
Agricultural Land & Buildings:
Homestead:
Up to $115,000
$115,000 - $600,000
Over $600,000
Non- homestead
1 Rate reduced to 1.25% in pay 2003 and thereafter
2 Rate reduced to 1.5% in pay 2003 and 1.25% in pay 2004 and thereafter
3 Rate reduced to I% in pay 2003, classification abolished thereafter
4 Exempt from referendum market value tax
Local Tax
Local Tax
Payable
Payable
2001
2002
1.000%
1.000%
1.650%
1.000%
1.650%
1.250%
1.200%
1.000%
1.650%
1.000%
1.650%
1.250%
1.650%
1.500 %'
2.400%
1.800 %
2.150%
1.800 %
1.000%
0.900 %
2.400% 1.500%
3.400% 2.000%
3.400% 2.000%
1.000% 1.000%
1.000% 1.250%
1.650%
1.000%
1.650%
1.250%
1.200%
1.000 %
1.650%
1.000 %
1.650%
1.250 %
0.450%
0.450%
0.350%
0.550 %
0.800%
0.550 %
1.200%
1.000 %
1.200%
1.000 %
Although the changes to Minnesota property tax laws are complex and broad in scope, it is not expected
that such amendments will have a material adverse impact on the ability of the City to make payment on
the Bonds.
CONTINUING DISCLOSURE UNDERTAKING
This Continuing Disclosure Undertaking (the "Disclosure Undertaking ") is executed and
delivered by the Rosemount Port Authority, Minnesota and the City of Rosemount, Minnesota
(collectively, the "Issuer ") in connection with the issuance of $2,045,000 General Obligation
Public Facilities Bonds, Series 2001C (the 'Bonds "). The Bonds are being issued pursuant to a
Resolution adopted on August 7, 2001 by the Board of Commissioners of the Rosemount Port
Authority (the "Resolution "). Pursuant to the Resolution and this Undertaking, the Issuer
covenants and agrees as follows:
SECTION 13. Purpose of the Disclosure Undertaking, This Disclosure Undertaking is
being executed and delivered by the Issuer for the benefit of the Owners of the Bonds and in
order to assist the Participating Underwriters in complying with SEC Rule 15c2- 12(b)(5).
SECTION 14. Definitions In addition to the definitions set forth in the Resolution,
which apply to any capitalized term used in this Disclosure Undertaking unless otherwise defined
in this Section, the following capitalized terms shall have the following meanings:
"Annual Report" shall mean any annual financial information provided by the Issuer
pursuant to, and as described in, Sections 3 and 4 of this Disclosure Undertaking.
"Audited Financial Statements" shall mean the financial statements of the Issuer audited
annually by an independent certified public accounting firm, prepared pursuant to generally
accepted accounting principles promulgated by the Financial Accounting Standards Board,
modified by governmental accounting standards promulgated by the Government Accounting
Standards Board.
"Dissemination Agent" shall mean such party from time to time designated in writing by
the Issuer to act as information dissemination agent and which has filed with the Issuer a written
acceptance of such designation.
"Fiscal Year" shall be the fiscal year of the Issuer.
"Governing Body" shall, with respect to the Bonds, have the meaning given that term in
Minnesota Statutes, Section 475.51, Subdivision 9.
"MSRB" shall mean the Municipal Securities Rulemaking Board.
"National Repository" shall mean any Nationally Recognized Municipal Securities
Information Repository for purposes of the Rule. The National Repositories as of the date of
execution of this Undertaking are as listed on Exhibit A.
"Occurrence(s)" shall mean any of the events listed in Section 5.A of this Disclosure
Undertaking.
"Official Statement" shall be the Official Statement dated , 2001,
prepared in connection with the Bonds.
_10- II -11
EXHIBIT A
Bloomberg Municipal Repository
100 Business Park Drive
Skillman, NJ 08558
Phone: 609 - 279 -3225
Fax: 609 - 279 -5962
Email: Munis @Bloomber4.com
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
Phone: 201 - 346 -0701
Fax: 201 - 947 -0107
Email: nrmsir @dpcdata.com
FT Interactive Data
Attn: NRMSIR
100 Williams Street
New York, NY 10038
Phone: 212 - 771 -6899
Fax: 212 - 771 -7390
Email: NRMSIR @interactive.com
Standard & Poor's J.J. Kenny Repository
55 Water Street
45th Floor
New York, NY 10041
Phone: 212- 438 -4595
Fax: 212 - 438 -3975
Email: NRMSIR repository @sandp.com
CITY PROPERTY VALUES
2000 Indicated Market Value of Taxable Property: $933,265,380
Calculated by dividing the county assessor's estimated market value of $846,471,700 by the 1999
sales ratio of 90.7% for the City as determined by the State Department of Revenue. (2000 sales
ratios are not yet available.)
2000 Taxable Net Tax Capacity: $14,047,202
2000 Net Tax Capacity
Less: Captured Tax Increment Tax Capacity
Contribution to Fiscal Disparities
Plus: Distribution from Fiscal Disparities
2000 Taxable Net Tax Capacity
$14,593,889
(376, 683)
(1,727,379)
1,557,375
$14,047,202
2000 Taxable Net Tax Capacity by Class of Property
Commercial /industrial, Public Utility and
Personal Property
Residential Homestead
Apartments
Agricultural
Railroad
$ 5,058,473
8,437,361
290,265
234,597
26,506
36.0%
60.0
2.1
1.7
0.2
Total
$14,047,202
Reflects adjustments for fiscal disparities and captured tax increment tax capacity.
Trend of Values
100.0%
(a) Calculated by dividing the county assessor's estimated market value by the sales ratio determined for
the City each year by the State Department of Revenue.
(b) See Appendix Ill for an explanation of tax capacity and other Minnesota property tax law.
(c) The decreases in taxable tax capacity in 1997 and 1998 were attributable to reductions in property tax
class rates as detailed in Appendix lll.
II -10
- 11 -
Indicated
Estimated
Taxable Tax
Market Value
Market Value
Capacity
2000
$933,265,380
$846,471,700
$14,047,202
1999
804,301,213
729,501,200
11,918,341
1998
712,653,413
657,779,100
10,638,961(x)
1997
674,816,358
618,806,600
10,816,390(x)
1996
616,711,605
568,608,100
11,022,093
(a) Calculated by dividing the county assessor's estimated market value by the sales ratio determined for
the City each year by the State Department of Revenue.
(b) See Appendix Ill for an explanation of tax capacity and other Minnesota property tax law.
(c) The decreases in taxable tax capacity in 1997 and 1998 were attributable to reductions in property tax
class rates as detailed in Appendix lll.
II -10
- 11 -
Ten of the Largest Taxpayers in the City
Taxpayer
Great Northern Oil Co. /Koch Refining
Xcel Energy
Bigos- Rosemount LLC
(Cannon Equipment)
CF Industries, Inc. ( Cenex)
Triangle Warehouse Inc.
Continental Nitrogen &
Resources Corp.
Limerick Way LLC
Greif Brothers Cooperage
Rosemount Properties LLC
SKB Environmental Inc.
Total
Represents 27.75 of the City's 2000 taxable net tax capacity.
CITY INDEBTEDNESS
Legal Debt Limit
Debt Limit (2% of Estimated Market Value)
Less: Outstanding Net Debt Subject to Limit
Legal Net Debt Margin at July 2, 2001
General Obligation Debt Supported by Taxes*
Date Original
of Issue Amount
Purpose
11 -1 -92 $1,080,000
8 -1 -93 845,000
7 -1 -96 1,780,000
Total
Community Center
Municipal Building Refunding
Fire Station
These issues are subject to the statutory debt limit.
2000 Net
Type of Business Tax Capacity
Oil Refinery $2,576,412
Utility 488,952
Manufacturing 140,712
Fertilizer 117,358
Trucking/Warehouse 108,440
Fertilizer Blending & Plant Food 101,292
Townhouses 100,797
Manufacturing 89,759
Retail Shopping Center 87,617
Non - Hazardous Waste Containment 75,856
-12-
$3,887,195'
$16,929,434
(1,966,794
$14,962,640
$2,365,000
SECTION 8. Amendment Waiver Notwithstanding any other provision of this
Disclosure Undertaking, the Issuer may amend this Disclosure Undertaking, and any provision of
this Disclosure Undertaking may be waived, if (a) a change in law or change in the ordinary
business or operation of the Issuer has occurred, (b) such amendment or waiver would not, in and
of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been
effective on the date hereof but taking into account any subsequent change in or official
interpretation of the Rule, and (c) such amendment or waiver is supported by an opinion of
counsel expert in federal securities laws to the effect that such amendment or waiver would not
materially impair the interests of Bondholders.
SECTION 9. Additional Information Nothing in this Disclosure Undertaking shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any other means of communication, or
including any other information in any Annual Report or notice of an Occurrence, in addition to
that which is required by this Disclosure Undertaking. If the Issuer chooses to include any
information in any Annual Report or notice of an Occurrence in addition to that which is
specifically required by this Disclosure Undertaking, the Issuer shall have no obligation under
this Agreement to update such information or include it in any future Annual Report or notice of
an Occurrence.
SECTION 10. Default In the event of a failure of the Issuer to provide information
required by this Disclosure Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandate or specific performance by court order, to cause the
Issuer to comply with its obligations to provide information under this Disclosure Undertaking.
A default under this Disclosure Undertaking shall not be deemed an Event of Default under the
Resolution and the sole remedy under this Disclosure Undertaking in the event of any failure of
the Issuer to comply with this Disclosure Undertaking shall be an action to compel performance.
SECTION 11. Beneficiaries This Disclosure Undertaking shall inure solely to the
benefit of the Issuer, the Participating Underwriters and Owners from time to time of the Bonds,
and shall create no rights in any other person or entity.
SECTION 12. Reserved Rights The Issuer reserves the right to discontinue providing
any information required under the Rule if a final determination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise unlawful or, subject to the provisions
of Section 8 hereof, to modify the undertaking under this Disclosure Undertaking if the Issuer
determines that such modification is required by the Rule, or by a court of competent jurisdiction.
Date: , 2001
W
CITY OF ROSEMOUNT, MINNESOTA
By -
Its
By _
Its
Principal
Final
Outstanding
Maturity
As of 7 -2 -01
2 -1 -2013
$ 780,000
2 -1 -2002
135,000
2 -1 -2016
1,450,000
$2,365,000
SECTION 8. Amendment Waiver Notwithstanding any other provision of this
Disclosure Undertaking, the Issuer may amend this Disclosure Undertaking, and any provision of
this Disclosure Undertaking may be waived, if (a) a change in law or change in the ordinary
business or operation of the Issuer has occurred, (b) such amendment or waiver would not, in and
of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been
effective on the date hereof but taking into account any subsequent change in or official
interpretation of the Rule, and (c) such amendment or waiver is supported by an opinion of
counsel expert in federal securities laws to the effect that such amendment or waiver would not
materially impair the interests of Bondholders.
SECTION 9. Additional Information Nothing in this Disclosure Undertaking shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any other means of communication, or
including any other information in any Annual Report or notice of an Occurrence, in addition to
that which is required by this Disclosure Undertaking. If the Issuer chooses to include any
information in any Annual Report or notice of an Occurrence in addition to that which is
specifically required by this Disclosure Undertaking, the Issuer shall have no obligation under
this Agreement to update such information or include it in any future Annual Report or notice of
an Occurrence.
SECTION 10. Default In the event of a failure of the Issuer to provide information
required by this Disclosure Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandate or specific performance by court order, to cause the
Issuer to comply with its obligations to provide information under this Disclosure Undertaking.
A default under this Disclosure Undertaking shall not be deemed an Event of Default under the
Resolution and the sole remedy under this Disclosure Undertaking in the event of any failure of
the Issuer to comply with this Disclosure Undertaking shall be an action to compel performance.
SECTION 11. Beneficiaries This Disclosure Undertaking shall inure solely to the
benefit of the Issuer, the Participating Underwriters and Owners from time to time of the Bonds,
and shall create no rights in any other person or entity.
SECTION 12. Reserved Rights The Issuer reserves the right to discontinue providing
any information required under the Rule if a final determination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise unlawful or, subject to the provisions
of Section 8 hereof, to modify the undertaking under this Disclosure Undertaking if the Issuer
determines that such modification is required by the Rule, or by a court of competent jurisdiction.
Date: , 2001
W
CITY OF ROSEMOUNT, MINNESOTA
By -
Its
By _
Its
Audited Financial Statements are not provided because they are not available on or before the
General Obligation Debt Supported Primarily by Special Assessments
date for filing the Annual Report, the Issuer shall promptly provide them to the Repositories
when available.
Principal
Date
Original
Final
Outstanding
SECTION 5. Reporting of Significant Events
of Issue
Amount
Purpose
Maturity
As of 7 -2 -01
A. This Section 5 shall govern the giving of notices of the occurrence of any of the
6 -1 -91
$1,180,000
Local Improvements
2 -1 -2002
$ 115,000
following events with respect to the Bonds, if material:
12 -1 -91
265,000
Local Improvements
2 -1 -2003
50,000
9 -1 -92
895,000
Local Improvements
2 -1 -2004
190,000
1. Principal and interest payment delinquencies on the Bonds.
11 -1 -92
8 -1 -93
1,470,000
555,000
Local Improvements
Local Improvements
2 -1 -2004
2 -1 -2005
435,000
200,000
2. Non - payment related defaults.
8 -1 -94
1,605,000
LocalImprovements
2 -1 -2006
900,000
8 -1 -95
1,900,000
Local Improvements
2 -1 -2007
895,000
3. Unscheduled draws on debt service reserves reflecting financial
7 -1 -97
12 -1 -97
2,800,000
1,595,000
Local Improvements
Local Improvements
2 -1 -2009
2 -1 -2009
2,170,000
1,235,000
difficulties.
4 -1 -98
2,010,000
Local Improvements
2 -1 -2009
1,560,000
4. Unscheduled draws on credit enhancements reflecting financial
9 -1 -98
12 -1 -98
2,805,000
880,000
Local Improvements
Local Improvements
2 -1 -2010
2 -1 -2005
2,470,000
690,000
difficulties.
7 -1 -99
3,715,000
Local Improvements
2 -1 -2011
3,515,000
10 -1 -99
4,395,000
Local Improvements
2 -1 -2011
4,395,000
5. Substitution of credit or liquidity providers or their failure to perform.
8 -15 -01
1,325,000
Local Improvements
(the Improvement Bonds)
2 -1 -2012
1,325,000
6. Adverse tax opinions or events affecting the tax exempt status of the
Bonds.
Total
$20,145,000
7. Modifications to rights of holders of the Bonds.
General Obligation Port
Authority Debt
8. Giving of a notice of optional or unscheduled redemption of any Bonds.
Principal
9. Defeasances.
Date
Original
Final
Outstanding
of Issue
Amount
Purpose
Maturity
As of 7 -2 -01
10. Release, substitution or sale of property securing repayment of the Bonds.
11 -1 -92
$3,425,000
Municipal Building
2 -1 -2003
$ 180,000(x)
11. Rating changes.
11 -1 -93
580,000
Land Purchase for Business
Park (Taxable)
2 -1 -2009
385,000(b)
B. Whenever an event listed in Section 5.A. above has occurred, the Issuer shall as
8 -1 -94
1,630,000
Business Park Street and Utility
soon as possible determine if such event would constitute material information for holders of
Improvements
2 -1 -2011
1,220,000(b)
Bonds. If knowledge of the Occurrence would be material, the Issuer shall promptly file a notice
4 -1 -98
9 -1 -00
2,405,000
1,750,000
Municipal Building Refunding
Business Park Infrastructure
2 -1 -2018
2,405,000(x)
of such Occurrence with each National Repository or the MSRB and the State Depository, if any.
Improvements
2 -1 -2011
1,750,000(x)
C. The Issuer agrees to provide or cause to be provided, in a timely manner, each
8 -15 -01
2,045,000
City Hall (the Port Authority Bonds)
2 -1 -2022
2,045,000
National Repository or the MSRB and the State Depository, if any, notice of a failure by the
Total
$7,985,000
Issuer to provide the Annual Reports described in Section 4.
(a) Debt service payments on these issues are made from a combination of user fees from the municipal
SECTION 6. Termination of Reporting Obligation The Issuer's obligations under this
multi - purpose arena, and certain special tax and general fund levies.
Disclosure Undertaking shall terminate upon the legal defeasance, prior redemption or payment
(b) These issues are being
repaid from a combination of tax increment
revenues, ad valorem tax levies
in full of all of the Bonds.
and land
sales.
(c) This issue is being repaid from a combination of tax increment revenues and ad valorem tax levies.
SECTION 7. Dissemination Agent The Issuer may, from time to time, appoint or
(d> This issue is being repaid from ad valorem taxes levied by the City.
engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure
Undertaking, and may discharge any such Agent, with or without appointing a successor
Dissemination Agent.
II -8 -13-
General Obligation Debt Supported by Revenues
"Participating Underwriter" shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
Principal
Date
Original
Final
Outstanding
"Repository" shall mean each National Repository and each State Depository.
of Issue
Amount Purpose
Maturity
As of 7 -2 -01
"Resolution" shall mean the resolution or resolutions adopted by the Governing Body of
9 -1 -92
$1,525,000 Storm Water Revenue
2 -1 -2008
$ 895,000
the Issuer providing for and authorizing the issuance of the Bonds.
8 -1 -93
945,000 Water Revenue Refunding
2 -1 -2005
515,000
8 - 1 - 94
335,000 Storm Water Revenue
2 -1 -2005
135,000
"Rule" shall mean Rule 15c2- 12(b)(5) adopted by the Securities and Exchange
8 -1 -94
7 -1 -96
700,000 State Aid Street Bonds
1,035,000 Storm Water Revenue
2 -1 -2004
2 -1 -2012
240,000
825,000
Commission under the Securities Exchange Act of 1934, as the same may be amended from time
7 -1 -96
500,000 Water Revenue
2 -1 -2005
270,000
to time.
10 -1 -99
855,000 Storm Water Revenue
2 -1 -2015
825,000
9 -1 -00
1,160,000 Water Revenue
2 -1 -2016
1,160,000
"State" shall mean the State of Minnesota.
8 -15 -01
1,140,000 Storm Water Revenue (the Storm
Water Revenue Bonds)
2 -1 -2017
1,140,000
"State Depository" shall mean any public or private repository or entity designated by the
State as a state depository for the purpose of the Rule. As of the date of this Disclosure
Total
$6,005,000
Undertaking, there is no State Depository in Minnesota.
SECTION 3. Provision of Annual Reports
Annual Calendar Year Debt Service Including These Issues
A. Beginning in connection with the Fiscal Year ending on December 31, 2001, the
G.O. Debt Supported
Issuer shall, or shall cause the Dissemination Agent to, as soon as possible, but in any event not
G.O. Debt Supported
Primarily by
later than December 31, 2002, and by December 31 of each year thereafter, provide to each
by Taxes
Principal
Special Assessments
Principal
Repository an Annual Report which is consistent with the requirements of Section 4 of this
Year
Principal & Interest
Principal
& Interest
Disclosure Undertaking.
2001 (at 7 -2) (Paid) $ 67,858.00
(Paid)
$ 429,818.75
B. If the Issuer is unable to provide to the Repositories an Annual Report by the date
2002
$ 245,000 374,824.75 $
2,965,000
3,810,431.01
required in subsection (a), the Issuer shall send a notice of such delay and estimated date of
2003
120,000 240,718.50
2,925,000
3,641,810.00
delivery to each Repository or to the MSRB and to the State Depository, if any.
2004
125,000 239,091.00
2,915,000
3,501,231.25
2005
130,000 237,047.25
2,720,000
3,179,713.75
SECTION 4. Content and Format of Annual Reports The Issuer's Annual Report shall
2006
140,000 239,446.00
2,325,000
2,670,428.75
contain or incorporate by reference the financial information and operating data pertaining to the
2007
2008
145,000 236,318.50
155,000 237,651.00
1,625,000
1,480,000
1,879,977.50
1,664,092.50
Issuer listed below as of the end of the preceding Fiscal Year. The Annual Report may be
2009
165,000 238,271.00
1,480,000
1,595,577.50
submitted to each Repository as a single document or as separate documents comprising a
2010
175,000 238,163.50
900,000
959,885.00
package, and may cross - reference other information as provided in this Disclosure Undertaking.
2011
185,000 237,313.50
660,000
682,866.25
2012
190,000 231,050.50
150,000
153,450.00
The following financial information and operating data shall be supplied:
2013
205,000 234,095.00
2014
120,000 139,280.00
A. An update of the operating and financial data of the type of information contained
2015
130,000 141,935.00
in the Official Statement under the caption CITY PROPERTY VALUES; "CITY
2016
135,000 139,050.00
INDEBTEDNESS ", and "CITY TAX RATES, LEVIES AND COLLECTIONS ".
Total
$2,365,000(b) $3,472,113.50 $20,145,000(c)
$24,169,282.26
B. Audited Financial Statements of the Issuer. The Audited Financial Statements of
�a) Includes the Improvement Bonds at an assumed average annual interest rate of 4.40%.
the Issuer may be submitted to each Repository separately from the balance of the Annual
Report. In the event Audited Financial Statements of the Issuer are not available on or before the
�b> 67.0%
of this debt will be retired within ten years.
date for filing the Annual Report with the appropriate Repositories as set forth in Section 3.A
(c) 99.3%
of this debt will be retired within ten years.
above, unaudited financial statements shall be provided as part of the Annual Report. The
accounting principles pursuant to which the financial statements will be prepared will be
pursuant to generally accepted accounting principles promulgated by the Financial Accounting
Standards Board, as such principles are modified by the governmental accounting standards
promulgated by the Government Accounting Standards Board, as in effect from time to time. If
-14- II -7
CONTINUING DISCLOSURE UNDERTAKING
This Continuing Disclosure Undertaking (the "Disclosure Undertaking ") is executed and
delivered by the City of Rosemount, Minnesota (the "Issuer ") in connection with the issuance of
$1,140,000 General Obligation Storm Water Revenue Bonds, Series 2001B (the 'Bonds "). The
Bonds are being issued pursuant to a Resolution adopted on August 7, 2001 by the City Council
of the City of Rosemount (the 'Resolution "). Pursuant to the Resolution and this Undertaking,
the Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Undertaking This Disclosure Undertaking is
being executed and delivered by the Issuer for the benefit of the Owners of the Bonds and in
order to assist the Participating Underwriters in complying with SEC Rule 15c2- 12(b)(5).
SECTION 2. Definitions In addition to the definitions set forth in the Resolution, which
apply to any capitalized term used in this Disclosure Undertaking unless otherwise defined in this
Section, the following capitalized terms shall have the following meanings:
"Annual Report" shall mean any annual financial information provided by the Issuer
pursuant to, and as described in, Sections 3 and 4 of this Disclosure Undertaking.
"Audited Financial Statements" shall mean the financial statements of the Issuer audited
annually by an independent certified public accounting firm, prepared pursuant to generally
accepted accounting principles promulgated by the Financial Accounting Standards Board,
modified by governmental accounting standards promulgated by the Government Accounting
Standards Board.
"Dissemination Agent" shall mean such party from time to time designated in writing by
the Issuer to act as information dissemination agent and which has filed with the Issuer a written
acceptance of such designation.
"Fiscal Year" shall be the fiscal year of the Issuer.
"Governing Body" shall, with respect to the Bonds, have the meaning given that term in
Minnesota Statutes, Section 475.51, Subdivision 9.
"MSRB" shall mean the Municipal Securities Rulemaking Board.
"National Repository" shall mean any Nationally Recognized Municipal Securities
Information Repository for purposes of the Rule. The National Repositories as of the date of
execution of this Undertaking are as listed on Exhibit A.
"Occurrence(s)" shall mean any of the events listed in Section 5.A of this Disclosure
Undertaking.
"Official Statement" shall be the Official Statement dated
prepared in connection with the Bonds.
2001,
"Owners" shall mean the registered holders and, if not the same, the beneficial owners of
any Bond.
Annual Calendar Year Debt Service Including These Issues (continued)
Total $7,985,000(°) $11,649,156.94 $6,005,000( $ 8,059,401.57
(a) Includes the Port Authority Bonds at an assumed average annual interest rate of 5.05 %.
(b) Includes the Storm Water Revenue Bonds at an assumed average annual interest rate of 4.80 %.
(c) 67.5% of this debt will be retired within 10 years.
(d) 75.9 % of this debt will be retired within 10 years.
Lease - Purchase Agreements
The City has entered into a lease- purchase agreement dated March 28, 1995 for the acquisition
of various equipment and vehicles. The principal amount of the lease is $362,000, with
semiannual payments of $25,359. The final payment is due August 1, 2005.
The City entered into a lease- purchase agreement dated May 15, 1996 for a fire truck. The
principal amount of the lease is $476,445 with annual payments of $64,896. Final payment will
be due June 1, 2006.
The City entered into a lease- purchase agreement dated May 31, 2001 for the acquisition of
various equipment and vehicles. The principal amount of the lease is $885,000, with
semiannual payments of $57,660. The final payment will be due August 1, 2011.
11 -6
-15-
G.O. Debt Supported
G.O. Port Authority Debt
by
Revenues
Principal
Principal
Year
Principal
& Interest
Principal
& Interest
2001 (at 7 -2)
(Paid)
$ 201,538.55
(Paid)
$ 148,711.47
2002
$ 330,000
749,357.36 $
535,000
820,580.10
2003
410,000
796,532.54
615,000
874,570.00
2004
500,000
846,991.30
670,000
897,977.50
2005
530,000
853,091.30
615,000
811,060.00
2006
545,000
842,665.05
385,000
556,222.50
2007
580,000
850,479.42
405,000
556,470.00
2008
610,000
851,131.29
430,000
560,228.75
2009
640,000
849,662.54
285,000
397,245.00
2010
605,000
783,295.66
300,000
397,836.25
2011
640,000
786,885.65
320,000
402,296.25
2012
280,000
403,878.14
335,000
400,601.25
2013
290,000
400,177.51
250,000
300,733.75
2014
260,000
356,846.88
265,000
302,702.50
2015
270,000
353,800.00
280,000
303,638.75
2016
285,000
354,881.25
210,000
220,850.00
2017
305,000
359,907.50
105,000
107,677.50
2018
315,000
354,018.75
2019
135,000
162,397.50
2020
145,000
165,081.25
2021
150,000
162,337.50
2022
160,000
164,200.00
Total $7,985,000(°) $11,649,156.94 $6,005,000( $ 8,059,401.57
(a) Includes the Port Authority Bonds at an assumed average annual interest rate of 5.05 %.
(b) Includes the Storm Water Revenue Bonds at an assumed average annual interest rate of 4.80 %.
(c) 67.5% of this debt will be retired within 10 years.
(d) 75.9 % of this debt will be retired within 10 years.
Lease - Purchase Agreements
The City has entered into a lease- purchase agreement dated March 28, 1995 for the acquisition
of various equipment and vehicles. The principal amount of the lease is $362,000, with
semiannual payments of $25,359. The final payment is due August 1, 2005.
The City entered into a lease- purchase agreement dated May 15, 1996 for a fire truck. The
principal amount of the lease is $476,445 with annual payments of $64,896. Final payment will
be due June 1, 2006.
The City entered into a lease- purchase agreement dated May 31, 2001 for the acquisition of
various equipment and vehicles. The principal amount of the lease is $885,000, with
semiannual payments of $57,660. The final payment will be due August 1, 2011.
11 -6
-15-
Summary of Direct Debt Including These Issues
Debt service funds are as of July 11, 2001 and include money to pay both principal and interest
Indirect General Obligation Debt
Taxinq Unit
Dakota County
ISD 196 (Rosemount -
Apple Valley- Eagan)
ISD 199 (Inver
Grove -Pine Bend)
ISD 200 (Hastings)
Metropolitan Council
Metropolitan Transit Dist
Total
(a) Only those units with debt outstanding are shown here.
(b) Excludes debt supported by revenues and tax and aid anticipation debt.
$19,606,701
(c) Includes jail facility revenue bonds issued by the Dakota County HRA and payable solely from lease
payments made by the County to the HRA pursuant to a Lease Agreement. The lease payments are
absolute and unconditional and are unlimited tax obligations of the County.
( Includes $21,210,000 of annual appropriation lease revenue debt.
(e) 1999 taxable net tax capacity, 2000 values are not yet available.
(f) Does not include outstanding general obligation debt supported by sewer revenues, 911 user fees or
housing rental payments.
Debt Ratios Including These Issues
G.O. Net G.O. Indirect &
Direct Debt Net Direct Debt
To 2000 Indicated Market Value ($933,265,380) 1.34% 3.44%
Per Capita (15,500 - 2001 City Estimate) $804 $2,069
Excludes general obligation debt supported by revenues, state -aid street bonds and lease - purchase
agreements.
Gross
Less: Debt
Net
G.O. Debt
Debt
Service Funds
Direct Debt
G.O. Debt Supported by Taxes
$ 2,365,000
$ (398,206)
$1,966,794
G.O. Debt Supported by Special
4.1%
$ 3,062,085
127,582,372
Assessments
20,145,000
(16,039,850)
4,105,150
G.O. Port Authority Debt
7,985,000
(1,594,935)
6,390,065
G.O. Debt Supported by Revenues
6,005,000
(1,042,578)
4,962,422
Debt service funds are as of July 11, 2001 and include money to pay both principal and interest
Indirect General Obligation Debt
Taxinq Unit
Dakota County
ISD 196 (Rosemount -
Apple Valley- Eagan)
ISD 199 (Inver
Grove -Pine Bend)
ISD 200 (Hastings)
Metropolitan Council
Metropolitan Transit Dist
Total
(a) Only those units with debt outstanding are shown here.
(b) Excludes debt supported by revenues and tax and aid anticipation debt.
$19,606,701
(c) Includes jail facility revenue bonds issued by the Dakota County HRA and payable solely from lease
payments made by the County to the HRA pursuant to a Lease Agreement. The lease payments are
absolute and unconditional and are unlimited tax obligations of the County.
( Includes $21,210,000 of annual appropriation lease revenue debt.
(e) 1999 taxable net tax capacity, 2000 values are not yet available.
(f) Does not include outstanding general obligation debt supported by sewer revenues, 911 user fees or
housing rental payments.
Debt Ratios Including These Issues
G.O. Net G.O. Indirect &
Direct Debt Net Direct Debt
To 2000 Indicated Market Value ($933,265,380) 1.34% 3.44%
Per Capita (15,500 - 2001 City Estimate) $804 $2,069
Excludes general obligation debt supported by revenues, state -aid street bonds and lease - purchase
agreements.
EXHIBIT A
Bloomberg Municipal Repository
100 Business Park Drive
Skillman, NJ 08558
Phone: 609 - 279 -3225
Fax: 609- 279 -5962
Email: Munis @Bloombem.com
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
Phone: 201- 346 -0701
Fax: 201- 947 -0107
Email: nrmsir @dpcdata.com
FT Interactive Data
Attn: NRMSIR
100 Williams Street
New York, NY 10038
Phone: 212- 771 -6899
Fax: 212 - 771 -7390
Email: NRMSIR @interactive.com
Standard & Poor's J.J. Kenny Repository
55 Water Street
45th Floor
New York, NY 10041
Phone: 212 - 438 -4595
Fax: 212 - 438 -3975
Email: NRMSIR repository @sandp.com
-16- II -5
Debt Applicable to
2000 Taxable
G.O. Debt
Tax Capacity
in City
Net Tax Capacity
As of 7- 2 -01
Percent
Amount
$ 341,069,980
$ 74,685,000(c)
4.1%
$ 3,062,085
127,582,372
152,266,242(
9.6
14,617,559
21,922,679
11,727,036
8.2
961,617
20,840,791
44,940,000
0.2
89,880
2,244,229,627(e)
26,880,000(f)
0.6
161,280
1,988,859,543(e)
102,040,000
0.7
714,280
EXHIBIT A
Bloomberg Municipal Repository
100 Business Park Drive
Skillman, NJ 08558
Phone: 609 - 279 -3225
Fax: 609- 279 -5962
Email: Munis @Bloombem.com
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
Phone: 201- 346 -0701
Fax: 201- 947 -0107
Email: nrmsir @dpcdata.com
FT Interactive Data
Attn: NRMSIR
100 Williams Street
New York, NY 10038
Phone: 212- 771 -6899
Fax: 212 - 771 -7390
Email: NRMSIR @interactive.com
Standard & Poor's J.J. Kenny Repository
55 Water Street
45th Floor
New York, NY 10041
Phone: 212 - 438 -4595
Fax: 212 - 438 -3975
Email: NRMSIR repository @sandp.com
-16- II -5
business or operation of the Issuer has occurred, (b) such amendment or waiver would not, in and
of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been
effective on the date hereof but taking into account any subsequent change in or official
interpretation of the Rule, and (c) such amendment or waiver is supported by an opinion of
counsel expert in federal securities laws to the effect that such amendment or waiver would not
materially impair the interests of Owners.
SECTION 9. Additional Information Nothing in this Disclosure Undertaking shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any other means of communication, or
including any other information in any Annual Report or notice of an Occurrence, in addition to
that which is required by this Disclosure Undertaking. If the Issuer chooses to include any
information in any Annual Report or notice of an Occurrence in addition to that which is
specifically required by this Disclosure Undertaking, the Issuer shall have no obligation under
this Disclosure Undertaking to update such information or include it in any future Annual Report
or notice of an Occurrence.
SECTION 10. Default In the event of a failure of the Issuer to provide information
required by this Disclosure Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandamus or specific performance by court order, to cause
the Issuer to comply with its obligations to provide information under this Disclosure
Undertaking. A default under this Disclosure Undertaking shall not be deemed an Event of
Default under the Resolution, and the sole remedy under this Disclosure Undertaking in the event
of any failure of the Issuer to comply with this Disclosure Undertaking shall be an action to
compel performance.
SECTION 11. Beneficiaries This Disclosure Undertaking shall inure solely to the
benefit of the Issuer, the Participating Underwriters and Owners from time to time of the Bonds,
and shall create no rights in any other person or entity.
SECTION 12. Reserved Rights The Issuer reserves the right to discontinue providing
any information required under the Rule if a final determination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise unlawful or, subject to the provisions
of Section 8 hereof, to modify the undertaking under this Disclosure Undertaking if the Issuer
determines that such modification is required by the Rule or by a court of competent jurisdiction.
Date:
2001
CITY OF ROSEMOUNT
By_
Its
By_
Its
fln
CITY TAX RATES, LEVIES AND COLLECTIONS
Tax Capacity Rates
2000/01
1996/97 1997/98 1998/99 1999/00 Total Debt OnIV
Dakota County 25.721% 27.349% 28.322% 27.247% 25.320% -0-
City of Rosemount(a) 35.627 40.428 41.710 39.335 36.553 6.782%
ISD 196(b) 58.189 58.462 56.311 53.231 53.249 13.579
Special Districts(c) 4.995 5.797 6.702 6.455 6.378 0.982
Total 124.532% 132.036% 133.045% 126.268% 121.500% 21.343%
(a) The City also has a 2000101 tax rate of 0.01808% spread on the market value of property in support of
debt service on general obligation fire station bonds.
(b) Independent School District 196 (Rosemount -Apple Valley- Eagan) also has a 2000101 tax rate of
0.10648% spread on the market value of property in support of an excess operating levy.
(c) Special districts include Metropolitan Council, Regional Transit District, Mosquito Control, Dakota
County Technical College, Dakota County Light Rail and Dakota County HRA.
NOTE. Taxes are determined by multiplying the net tax capacity by the tax capacity rate, expressed as
a percentage (see Appendix lll).
Tax Collections for the City
Collected During
Net
Collection Year
Amount
Lew /Collect
of Lew
2000/01
$4,717,883
1999/00
4,289,662
1998/99
4,110,723
1997/98
4,059,202
1996/97
3,667,484
Collected During
Collected
Collection Year
As of 6 -30 -01
Amount
Percent
Amount
Percent
(In Process of Collection)
$4,255,292
99.2%
$4,282,957
99.8%
4,076,854
99.2
4,106,595
99.9
4,018,588
99.0
4,048,316
99.7
3,595,926
98.0
3,659,504
99.8
The net levy excludes state aid for property tax relief and fiscal disparities, if applicable. The net levy
is the basis for computing tax capacity rates.
17-
FUNDS ON HAND
As of July 11, 2001
Fund Cash and Investments
SECTION 5. Reporting of Significant Events
A. This Section 5 shall govern the giving of notices of the occurrence of any
of the following events with respect to the Bonds, if material:
City funds are invested in accordance with Minnesota Statutes, Section 118A and the City's
investment policy which is more restrictive than State statutes. The City investment portfolio is
managed in a manner to attain a market rate of return while preserving and protecting the capital
of the overall portfolio. The Finance Director or the City Administrator is responsible for investing
all funds, including making investment decisions on a daily basis and monitoring the portfolio.
Pursuant to the City's investment policy the City is authorized to invest in the following:
1. Governmental Securities: Instruments such as bonds, notes, bills, mortgages and other
securities which are direct obligations of the federal government or its agencies, with the
principal fully guaranteed by the U.S. government or its agencies. The City will not
invest in any mortgage or mortgage - related security unless a return of principal is
completely guaranteed by a federal entity.
2. Certificate of Deposit.
3. Repurchase Agreement.
4. Reverse Repurchase Agreement.
5. Prime Commercial Paper.
6. Any security which is a general obligation of the State of Minnesota or any of its
municipalities.
7. Bankers acceptances of United States banks eligible for purchase by the Federal
Reserve System.
Collateralization is required on two types of investments, certificates of deposit and repurchase
agreements. In order to anticipate market changes and provide a level of security for all funds,
the collateralization level is 110 percent of the market value of principal and accrued interest.
principal and interest payment delinquency;
non - payment related defaults;
unscheduled draws on debt service reserves reflecting financial
unscheduled draws on credit enhancements reflecting financial difficulties;
substitution of credit or liquidity providers, or their failure to perform;
adverse tax opinions or events affecting the tax - exempt status of the
modifications to rights of security holders;
optional or unscheduled redemption of any Bonds;
defeasances;
(10) release, substitution or sale of property securing repayment of the Bonds;
"Me
(11) rating changes.
B. Whenever an event listed in Section 5.A. above has occurred, the Issuer
shall as soon as possible determine if such event would constitute material information for
Owners of Bonds. If knowledge of the Occurrence would be material, the Issuer shall promptly
file a notice of such Occurrence with each National Repository or the MSRB and with the State
Depository, if any.
C. The Issuer agrees to provide or cause to be provided, in a timely manner,
to each National Repository or the MSRB and to the State Depository, if any, notice of a failure
by the Issuer to provide the Annual Reports described in Section 4.
SECTION 6. Termination of Reporting Obligation The Issuer's obligations under this
Disclosure Undertaking shall terminate upon the legal defeasance, prior redemption or payment
in full of all of the Bonds.
SECTION 7. Dissemination Agent The Issuer may, from time to time, appoint or
engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure
Undertaking, and may discharge any such Agent, with or without appointing a successor
Dissemination Agent.
SECTION 8. Amendment. Waiver Notwithstanding any other provision of this
Disclosure Undertaking, the Issuer may amend this Disclosure Undertaking, and any provision of
this Disclosure Undertaking may be waived, if (a) a change in law or change in the ordinary
-18- II -3
(1)
General
$ 3,030,690.18
Special Revenue
2,245,045.75
(2)
Port Authority
325,874.58
Debt Service:
(3)
Tax Supported
398,205.84
difficulties;
Assessment Supported
16,039,850.44
Port Authority Supported
1,594,935.39
(4)
General Obligation Revenue Supported
1,042,577.65
Construction
7,690,397.91
( 5 )
Water, Sewer and Storm Water
7,721,113.28
Arena
112,472.48
(6)
Total
$40,201,163.50
security;
(7)
(8)
CITY INVESTMENTS
(9)
City funds are invested in accordance with Minnesota Statutes, Section 118A and the City's
investment policy which is more restrictive than State statutes. The City investment portfolio is
managed in a manner to attain a market rate of return while preserving and protecting the capital
of the overall portfolio. The Finance Director or the City Administrator is responsible for investing
all funds, including making investment decisions on a daily basis and monitoring the portfolio.
Pursuant to the City's investment policy the City is authorized to invest in the following:
1. Governmental Securities: Instruments such as bonds, notes, bills, mortgages and other
securities which are direct obligations of the federal government or its agencies, with the
principal fully guaranteed by the U.S. government or its agencies. The City will not
invest in any mortgage or mortgage - related security unless a return of principal is
completely guaranteed by a federal entity.
2. Certificate of Deposit.
3. Repurchase Agreement.
4. Reverse Repurchase Agreement.
5. Prime Commercial Paper.
6. Any security which is a general obligation of the State of Minnesota or any of its
municipalities.
7. Bankers acceptances of United States banks eligible for purchase by the Federal
Reserve System.
Collateralization is required on two types of investments, certificates of deposit and repurchase
agreements. In order to anticipate market changes and provide a level of security for all funds,
the collateralization level is 110 percent of the market value of principal and accrued interest.
principal and interest payment delinquency;
non - payment related defaults;
unscheduled draws on debt service reserves reflecting financial
unscheduled draws on credit enhancements reflecting financial difficulties;
substitution of credit or liquidity providers, or their failure to perform;
adverse tax opinions or events affecting the tax - exempt status of the
modifications to rights of security holders;
optional or unscheduled redemption of any Bonds;
defeasances;
(10) release, substitution or sale of property securing repayment of the Bonds;
"Me
(11) rating changes.
B. Whenever an event listed in Section 5.A. above has occurred, the Issuer
shall as soon as possible determine if such event would constitute material information for
Owners of Bonds. If knowledge of the Occurrence would be material, the Issuer shall promptly
file a notice of such Occurrence with each National Repository or the MSRB and with the State
Depository, if any.
C. The Issuer agrees to provide or cause to be provided, in a timely manner,
to each National Repository or the MSRB and to the State Depository, if any, notice of a failure
by the Issuer to provide the Annual Reports described in Section 4.
SECTION 6. Termination of Reporting Obligation The Issuer's obligations under this
Disclosure Undertaking shall terminate upon the legal defeasance, prior redemption or payment
in full of all of the Bonds.
SECTION 7. Dissemination Agent The Issuer may, from time to time, appoint or
engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure
Undertaking, and may discharge any such Agent, with or without appointing a successor
Dissemination Agent.
SECTION 8. Amendment. Waiver Notwithstanding any other provision of this
Disclosure Undertaking, the Issuer may amend this Disclosure Undertaking, and any provision of
this Disclosure Undertaking may be waived, if (a) a change in law or change in the ordinary
-18- II -3
"Repository" shall mean each National Repository and each State Depository.
"Resolution" shall mean the resolution or resolutions adopted by the Governing Body of
the Issuer providing for, and authorizing the issuance of, the Bonds.
"Rule" shall mean Rule 15c2- 12(b)(5) adopted by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as the same may be amended from time
to time or interpreted by the Securities and Exchange Commission.
"State" shall mean the State of Minnesota.
"State Depository" shall mean any public or private repository or entity designated by the
State as a state depository for the purpose of the Rule. As of the date of this Disclosure
Undertaking, there is no State Depository in Minnesota.
SECTION 3. Provision of Annual Reports
A. Beginning in connection with the Fiscal Year ending on December 31,
2001, the Issuer shall, or shall cause the Dissemination Agent to, as soon as available, but in any
event not later than December 31, 2002, and by December 31 of each year thereafter, provide to
each Repository an Annual Report which is consistent with the requirements of Section 4 of this
Disclosure Undertaking.
B. If the Issuer is unable to provide to the Repositories an Annual Report by
the date required in subsection A, the Issuer shall send a notice of such delay and estimated date
of delivery to each Repository or to the MSRB and to the State Depository, if any.
SECTION 4. Content and Format of Annual Reports The Issuer's Annual Report shall
contain or incorporate by reference the financial information and operating data pertaining to the
Issuer listed below as of the end of the preceding Fiscal Year. The Annual Report may be
submitted to each Repository as a single document or as separate documents comprising a
package, and may cross - reference other information as provided in this Disclosure Undertaking.
The following financial information and operating data shall be supplied:
A. an update of the type of information contained in the Official Statement
under the caption CITY PROPERTY VALUES; CITY INDEBTEDNESS; and CITY TAX
RATES, LEVIES AND COLLECTIONS;
B. Audited Financial Statements of the Issuer. The Audited Financial
Statements of the Issuer may be submitted to each Repository separately from the balance of the
Annual Report. In the event Audited Financial Statements of the Issuer are not available on or
before the date for filing the Annual Report with the appropriate Repositories as set forth in
Section 3.A. above, unaudited financial statements shall be provided as part of the Annual
Report. The accounting principles pursuant to which the financial statements will be prepared
will be pursuant to generally accepted accounting principles promulgated by the Financial
Accounting Standards Board, as such principles are modified by the governmental accounting
standards promulgated by the Government Accounting Standards Board, as in effect from time to
time. If Audited Financial Statements are not provided because they are not available on or
before the date for filing the Annual Report, the Issuer shall promptly provide them to the
Repositories when available.
The City attempts to diversify its investments according to type and maturity. The portfolio, as
much as possible, contains both short -term and long -term investments. The long -term portion
of the portfolio, meaning longer than five years, may not exceed 35% of the total funds in the
portfolio. This is done to reduce overall market risk of rates changing.
As of July 11, 2001 the City had a total of $35,368,445 invested funds as follows:
Type of Security
Length of Investment
Amount Invested
as of 7 -11 -01
Certificates of Deposit Less than 12 months
Certificates of Deposit One to Ten years
U.S. Treasury Notes 12 months or less
Government Asset Backed Securities Ten years or less
Mortgage Backed Securities Over Ten years
Total
$26,104,901
3,864,520
982,656
3,931,851
484,517
$35,368,445
GENERAL INFORMATION CONCERNING THE CITY
The City of Rosemount, located in northern Dakota County, is a southern suburb of the
Minneapolis /Saint Paul metropolitan area. The City encompasses an area of 22,560 acres and
has a 2000 U.S. Census count of 14,619, a 69.6% increase from the City's 1990 Census count
of 8,622. The City estimates its current population to be 15,500.
A major contributor to the City's tax base and economy is an industrial complex sited on 6,200
acres in the northeastern portion of the City near the Mississippi River. Firms located there
include Koch Petroleum Group, CF Industries, Continental Nitrogen, Endres Processing and
Spectro Alloys. Mid - American Pipeline Company transports gas from southern states and
operates a bottling station at Pine Bend. Minnesota Pipeline Company transports Canadian
and North Dakota crude oil to the Koch refinery.
Koch is a leading producer of petroleum products in Minnesota and Wisconsin converting
210,000 barrels of crude oil into gasoline each day. This Rosemount company employs 850
full -time workers, and it has invested nearly $600 million recently in new equipment, processes,
training and operations.
In September 1999, Koch agreed to pay $3.5 million in fines to resolve a wastewater cleanup
dispute at its Rosemount facility. In July 2000, the company agreed to pay an additional
$1 million in fines related to air pollution issues at its facility located in the City and two facilities
in Corpus Christi, Texas. In the agreement signed with the Environmental Protection Agency,
Koch agreed to spend up to $80 million for pollution- reducing equipment and improvements at
the three refineries.
The University of Minnesota's Rosemount Research Center is located on an 8,000 acre tract of
land situated partially in the City. This facility is utilized by the University, other research
agencies, and private firms for agricultural and other research projects.
11 -2 _19-
APPENDIX II
Major Employers
Employer
Independent School District 196
Koch Refining Company
Dakota County Technical College
Intermediate School District 917
Cannon Equipment Company
Greif Brothers Corporation
Spectro Alloys Corp.
Genz Ryan Plumbing & Heating
Reese Enterprises
Endres Processing Ltd.
City of Rosemount
Dakota County HRA
Astro Plastics
Rayfo Inc.
CF Industries
Utilicorp United Inc. (People's Natural Gas)
Continental Nitrogen & Resources Corp.
Product/Service
Education
Crude Oil
Education
Education
Manufacturing of Metal Parts
Multiwall Bags
Aluminum Alloys
Plumbing and Heating
Weatherstripping
Livestock Feed
Government
Government
Plastics Manufacturing
Industrial Refuse Containers
Warehousing /Freight Terminal
Natural Gas
Chemicals
(a) Represents total employment, not just within the City of Rosemount.
(b) Excludes over 140 part-time and seasonal employees.
Approximate
Number
of Employees
3,704(a)
850
775
360
350
150
110
90
80
80
64(b)
60
50
50
46
40
40
Source: Minnesota Manufacturers Register, 2001 edition and survey of individual employers.
Labor Force Data
Dakota County
Minneapolis /St. Paul MSA
Minnesota
Mav 2001
Civilian
Unemployment
Labor Force
Rate
221,275
2.4%
1,764,338
2.9
2,834,643
3.4
Mav 2000
Civilian
Unemployment
Labor Force
Rate
212,848
1.9%
1,693,473
2.3
2,714,114
2.8
Source: Minnesota Department of Economic Security. 2001 data are preliminary.
Building Permits Issued by the City
Includes $17, 000, 000 for Koch Refining.
-20-
New Sinole Familv Homes
Number
Value
Total Permits
$28,112,309
Number Value
2001 (to 6 -30)
439
$40,255,928
2000
862
52,125,217
1999
1,021
50,950,727
1998
739
31,939,355
1997
601
24,173,652
1996
655
28,440,950
1995
641
30,376,849
1994
662
32,969,672
1993
592
39,154,474
1992
633
43,352,223
1991
512
19,939,006
Includes $17, 000, 000 for Koch Refining.
-20-
New Sinole Familv Homes
Number
Value
144
$28,112,309
285
39,074,424
357
40,780,200
190
21,856,164
99
10,942,651
130
13,941,688
190
20,529,873
223
23,329,937
196
20,716,580
234
23,046,277
200
18,087,341
CONTINUING DISCLOSURE UNDERTAKINGS
This Continuing Disclosure Undertaking (the "Disclosure Undertaking ") is executed and
delivered by the City of Rosemount, Minnesota (the "Issuer "), in connection with the issuance of
$1,325,000 General Obligation Improvement Bonds, Series 2001A (the "Bonds "). The Bonds
are being issued pursuant to a Resolution adopted August 7, 2001 (the "Resolution "). Pursuant
to the Resolution and this Undertaking, the Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Undertaking This Disclosure Undertaking is
being executed and delivered by the Issuer for the benefit of the Owners and in order to assist the
Participating Underwriters in complying with SEC Rule 15c2- 12(b)(5).
SECTION 2. Definitions In addition to the definitions set forth in the Resolution,
which apply to any capitalized term used in this Disclosure Undertaking unless otherwise defined
in this Section, the following capitalized terms shall have the following meanings:
"Annual Report" shall mean any annual financial information provided by the Issuer
pursuant to, and as described in, Sections 3 and 4 of this Disclosure Undertaking.
"Audited Financial Statements" shall mean the financial statements of the Issuer audited
annually by an independent certified public accounting firm, prepared pursuant to generally
accepted accounting principles promulgated by the Financial Accounting Standards Board,
modified by governmental accounting standards promulgated by the Government Accounting
Standards Board.
"Dissemination Agent" shall mean such party from time to time designated in writing by
the Issuer to act as information dissemination agent and which has filed with the Issuer a written
acceptance of such designation.
"Fiscal Year" shall be the fiscal year of the Issuer.
"Governing Body" shall, with respect to the Bonds, have the meaning given that term in
Minnesota Statutes, Section 475.5 1, Subdivision 9.
"MSRB" shall mean the Municipal Securities Rulemaking Board.
"National Repository" shall mean any Nationally Recognized Municipal Securities
Information Repository for purposes of the Rule. The National Repositories as of the date of
execution of this Undertaking are as listed on Exhibit A.
"Occurrence(s)" shall mean any of the events listed in Section 5.A. of this Disclosure
Undertaking.
"Official Statement" shall be the Official Statement dated 2001,
prepared in connection with the Bonds.
"Owners" shall mean the registered holders and, if not the same, the beneficial owners of
any Bonds.
"Participating Underwriter" shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
II -1
enforceability (but not the validity) of the Bonds and the pledge of taxes for the payment of the
principal and interest thereon is subject to the exercise of judicial discretion in accordance with
general principles of equity, to the constitutional powers of the United States of America and to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors`
rights heretofore or hereafter enacted.
(3) At the time of the issuance and delivery of the Bonds to the original purchaser, the
interest on the Bonds is excluded from gross income for United States income tax purposes and
is excluded, to the same extent, from both gross income and taxable net income for State of
Minnesota income tax purposes (other than Minnesota franchise taxes measured by income and
imposed on corporations and financial institutions), and is not an item of tax preference for
purposes of the federal alternative minimum tax imposed on individuals and corporations or the
Minnesota alternative minimum tax applicable to individuals, estates or trusts; it should be noted,
however, that for the purpose of computing the federal alternative minimum tax imposed on
corporations, such interest is taken into account in determining adjusted current earnings. The
opinions set forth in the preceding sentence are subject to the condition that the Issuer comply
with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied
subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be,
excluded from gross income for federal income tax purposes and from both gross income and
taxable net income for State of Minnesota income tax purposes. Failure to comply with certain
of such requirements may cause the inclusion of interest on the Bonds in gross income and
taxable net income retroactive to the date of issuance of the Bonds.
We express no opinion regarding other state or federal tax consequences caused by the
receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds.
Dated at Saint Paul, Minnesota, this day of , 2001.
Professional Association
Recent and Proposed Development
Last year the City sold two parcels of land within the Business Park. On one parcel, an 80,000
square foot facility was built to house a specialty printing company. On the other parcel, a
71,000 square foot facility is under construction that will house a quality custom
cabinet/millwork business. The Port Authority has signed agreements for two more light
industrial developments. One is a $1 million, 20,000 square foot office /warehouse for a medical
supply company. The other is a $1 million, 23,000 square foot building for a manufacturer of
computer - guided product handling machines for the food and drug industries.
During the period from 1995 through 2000, an average of over $30 million in new construction
value has been added per year. During this same period, the City added over 1,100 single -
family homes to its housing stock (an average of 175 homes per year).
Additional recent and proposed commercial and industrial development occurring in the City
includes the following:
The City has completed streets and utilities for a new 25 -acre commercial area that will
allow for 220,000 square feet of development. The most recent additions to that
development are underway: an 88,000 square foot project that includes a 68,000 square
foot grocery store with 20,000 square feet of retail shops; and a 10,000 square foot
liquor store (just completed), with an additional 32,000 square feet of retail /restaurant
buildings that will be completed in three phases.
A proposed commercial development would add three restaurants to the community
along with 20,000 square feet of retail stores.
The City is currently looking at completing enhancements to its downtown. The first
step would be a streetscape project that includes street, sidewalk and street light
improvements. This project is now in the second of three phases.
Some of the larger housing projects currently being developed or recently completed are as
follows:
Units Units Built as
Development/Developer Housin Approved of 7 -1 -01
Shannon Pond East/Hampton
Development Corp.
Geromine Pond /Heritage Development Co.
Biscayne Pointe /Heritage Development Co.
Wensmann 11 Addition/
Wensmann Development
Bloomfield /Centex Homes
Broback Park
Rosemount Commons/
Heritage Development Co.
Shannon Pond South /Allen Homes
Stonebridge 3` Addition /Carlson Brothers
Oakridge Estates /M.W. Construction
Evermoor /Contractor Property
Developers Company
Single Family
73
72
Single Family/Twin Home
104
80
Single Family
145
133
Townhomes
98
94
Single Family/Townhome
264
83
Single Family
29
28
Townhomes
121
121
Single Family
47
37
Single Family
8
4
Single Family
10
8
Single Family/Townhome
316 62
1 -6 -21 -
Financial Institutions
The First State Bank of Rosemount and Rosemount National Bank are located in the City. As
of March 31, 2001, the two banks reported combined deposits of $80,727,000.
Source: "Summary of Deposits," Federal Deposit Insurance Corporation website.
Education
The major portion of the City is part of Independent School District 196, headquartered in
Rosemount. The District's enrollment for the 2000/01 school year was approximately 27,717
students in grades kindergarten through twelve. The District is one of the fastest growing school
districts in the State, and one of the largest employers in the City with approximately 3,704 full -
time and part -time employees District -wide. The physical plant of the District consists of 18
elementary schools, six middle schools, and four senior high schools. Of these schools, two
elementary schools, one junior high, and one senior high are located in the City of Rosemount.
Small portions of the City are located in Independent School District 199 (Inver Grove -Pine
Bend) and Independent School District 200 (Hastings).
The Dakota County Technical College is also located in the City. The Technical College,
located on a 96 -acre site, opened in 1973. The Technical College has an enrollment of
approximately 2,000 post- secondary students. In addition, the Technical College offers an
extensive adult education program.
GOVERNMENTAL ORGANIZATION AND SERVICES
Organization
BRIGGS AND MORGAN
PROFESSIONAL ASSOCIATION
$2,045,000
GENERAL OBLIGATION PUBLIC FACILITIES
BONDS, SERIES 2001C
ROSEMOUNT PORT AUTHORITY
DAKOTA COUNTY
MINNESOTA
We have acted as bond counsel in connection with the issuance by the Rosemount Port
Authority, Dakota County, Minnesota (the "Issuer "), of its $2,045,000 General Obligation Public
Facilities Bonds, Series 2001C, bearing a date of original issue of August 15, 2001 (the
"Bonds "). We have examined the law and such certified proceedings and other documents as we
deem necessary to render this opinion.
We have not been engaged or undertaken to review the accuracy, completeness or
sufficiency of the Official Statement or other offering material relating to the Bonds, and we
express no opinion relating thereto.
2200 FIRST NATIONAL BANK BUILDING
332 MINNESOTA STREET
SAINT PAUL, MINNESOTA 55101
TELEPHONE (651) 223 -6600
FACSIMILE (651) 223 -6450
WRITER'S DIRECT DIAL
WRITER'S E -MAIL
Rosemount was established as a municipal corporation in 1858, and became a statutory City in
1974. The City has a Mayor - Council form of government, with the four Council members being
elected to overlapping four -year terms of office. The present City Council is listed below.
Cathy E. Busho
Ena Cisewski
John Edwards
Sheila Klassen
Mary Riley
Mayor
Council Member
Council Member
Council Member
Council Member
Expiration of Term
December 31, 2002
December 31, 2002
December 31, 2002
December 31, 2004
December 31, 2004
The City's chief administrative officer is the City Administrator, who is appointed by and serves
at the discretion of the City Council. Mr. Thomas D. Burt was appointed to the position of City
Administrator in March of 1994. Mr. Jeffrey A. May, who has served in the City's Finance
Department since 1985, was appointed as the City's Finance Director in March of 1991.
Growth and development of the City is guided by a Comprehensive Land Use Plan which was
commissioned soon after the consolidation in 1971 of the former Village and Town of
Rosemount. The Plan outlines long -range zoning and development policy of the City, and is
designed to encourage and promote orderly development and growth which will perpetuate a
sound tax base. This Plan was last updated in 1999 and covers the next 25 -year period.
As to questions of fact material to our opinion, we have relied upon the certified
proceedings and other certifications of public officials furnished to us without undertaking to
verify the same by independent investigation.
Based upon such examinations, and assuming the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as
certified or photostatic copies and the authenticity of the originals of such documents, and the
accuracy of the statements of fact contained in such documents, and based upon present
Minnesota and federal laws (which excludes any pending legislation which may have a
retroactive effect on or before the date hereof), regulations, rulings and decisions, it is our
opinion that:
(1) The proceedings show lawful authority for the issuance of the Bonds according to
their terms under the Constitution and laws of the State of Minnesota now in force.
(2) The Bonds are valid and binding general obligations of the City of Rosemount
(the "City ") and all of the taxable property within the City's jurisdiction is subject to the levy of
an ad valorem tax to pay the same without limitation as to rate or amount; provided that the
-22- 1 -5
(2) The Bonds are valid and binding general obligations of the Issuer and all of the
taxable property within the Issuer's jurisdiction is subject to the levy of an ad valorem tax to pay
the same without limitation as to rate or amount; provided that the enforceability (but not the
validity) of the Bonds, the pledge of taxes and net revenues of the water system for the payment
of the principal and interest thereon is subject to the exercise of judicial discretion in accordance
with general principles of equity, to the constitutional powers of the United States of America
and to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting
creditors' rights heretofore or hereafter enacted.
(3) At the time of the issuance and delivery of the Bonds to the original purchaser, the
interest on the Bonds is excluded from gross income for United States income tax purposes and
is excluded, to the same extent, from both gross income and taxable net income for State of
Minnesota income tax purposes (other than Minnesota franchise taxes measured by income and
imposed on corporations and financial institutions), and is not an item of tax preference for
purposes of the federal alternative minimum tax imposed on individuals and corporations or the
Minnesota alternative minimum tax applicable to individuals, estates or trusts; it should be noted,
however, that for the purpose of computing the federal alternative minimum tax imposed on
corporations, such interest is taken into account in determining adjusted current earnings. The
opinions set forth in the preceding sentence are subject to the condition that the Issuer comply
with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied
subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be,
excluded from gross income for federal income tax purposes and from both gross income and
taxable net income for State of Minnesota income tax purposes. Failure to comply with certain
of such requirements may cause the inclusion of interest on the Bonds in gross income and
taxable net income retroactive to the date of issuance of the Bonds.
We express no opinion regarding other state or federal tax consequences caused by the
receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds.
Dated at Saint Paul, Minnesota, this day of , 2001.
Professional Association
Services
Police protection for the City is provided by 15 full -time officers, and four other police personnel.
Fire protection is provided by 31 trained volunteers. The City has a class 5 insurance rating.
The City completed an expansion of its public works facility in 1999. The expansion was funded
by a 20 -year internally funded lease- purchase agreement, effective January 20, 1999, in the
amount of $548,000.
Municipal water, sanitary sewer and storm water services are provided to virtually all of the
developed areas of the City. The municipal water service is provided by four wells with two water
towers having a total storage capacity of 1,500,000 gallons. The maximum pumping capacity is
6,000,000 gallons per day with an average demand of 1,470,000 gallons pumped daily. In
September 2000, the City issued $1,160,000 General Obligation Water Revenue Bonds, Series
2000A. The new water tower constructed with proceeds of the Series 2000A Bonds added
500,000 gallons of storage capacity to the system.
It is the City's policy to finance all of its lateral sanitary sewer and water improvements by
special assessments filed against benefited property; however, there is a provision for deferred
assessments, in which case it may be necessary to provide some tax support. Core facilities
are intended to be financed from water and sewer connection charges, but these too may
require some tax support in the event sufficient connections do not occur in a timely manner.
To date, tax support has not been necessary.
The City finances the construction and long -term maintenance of its storm water core facilities
through the operation of a storm water utility. Each property in the City pays a quarterly
"stormwater user fee" and an initial connection charge to support the program.
Interceptor sewer lines and wastewater treatment plants in the seven - county metropolitan area,
of which the City is a part, are under the jurisdiction of the Metropolitan Council Environmental
Services ( "MCES "). MCES finances its operations through user charges based on usage. The
City is responsible for the construction and maintenance of sewer laterals.
Employee Pensions
All full -time and certain part -time employees of the City of Rosemount are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund (PEPFF) which are cost - sharing multiple - employer
public employees retirement plans. PERF members belong to either the Coordinated Plan or
the Basic Plan. Coordinated members are covered by Social Security and Basic members are
not. All employees of the City covered by PERA belong to the Coordinated Plan. All police
officers, fire fighters and peace officers who qualify for membership by statute are covered by
the PEPFF. For the year ended December 31, 2000, the City's contribution to PERA was
$192,809.
1 -4 -23-
Current General Fund Budget
General Fund Revenues:
2000
Adopted Budget
2000 2001
Actual Adopted Budget
General Property Taxes
$2,710,383
$2,916,269
$2,974,608
Licenses and Permits
390,700
588,304
461,700
Intergovernmental
1,377,335
1,457,390
1,385,292
Charges for Services
410,300
713,892
456,100
Fines and Forfeits
100,000
72,067
100,000
Recreation Fees
195,900
224,033
201,600
Miscellaneous Revenues
70,200
240,653
80,400
Transfers In
3,500
3,500
3,500
Total General Fund Revenues
$5,258,318
$6,216,108
$5,663,200
General Fund Expenditures:
General Government
$1,292,518
$1,202,164
$1,433,700
Police
1,366,300
1,409,117
1,495,400
Fire
192,400
171,476
192,400
Public Works
1,713,100
1,887,570
1,801,400
Parks and Recreation
694,000
691,126
740,300
Transfer Out
0
192,000
0
Total General Fund Expenditures
$5,258,318
$5,553,453
$5,663,200
THE PORT AUTHORITY
The Rosemount Port Authority is a public body duly organized and existing under the laws of
the State of Minnesota. The Port Authority is considered a governmental subdivision, and the
area in which it may exercise its power is coterminous with the City boundaries.
The Port Authority was established on September 3, 1991 by resolution of the Rosemount City
Council to provide a conscientious and coordinated effort to encourage and precipitate future
development within various development districts established by the City. The Port Authority is
charged with the role and responsibility of carrying out economic and industrial development
and redevelopment within the City in accordance with policies established by the City Council.
As administrator of the City's development districts, the Authority may exercise development
and redevelopment powers pursuant to those authorized by the State of Minnesota
Development Act, the Industrial Bond Act, the Housing Finance Act and the Tax Increment Act,
except that the Authority may not issue obligations without prior approval of the City Council.
The governing body of the Port Authority is a Board of Commissioners consisting of seven
members, at least two of whom must be members of the City Council. The members of the
Port Authority Board are chosen through an application and interview process and are
appointed to six -year terms. Currently, all five members of the City Council serve on the Board,
with terms coinciding with their City Council terms.
BRIGGS AND MORGAN
2200 FIRST NATIONAL BANK BUILDING
332 MINNESOTA STREET
SAINT PAUL, MINNESOTA 55101
TELEPHONE (651) 223 -6600
FACSIMILE (651) 223 -6450
PROFESSIONAL ASSOCIATION
WRITER'S DIRECT DIAL
WRITER'S E -MAIL
$1,140,000
GENERAL OBLIGATION STORM WATER REVENUE BONDS,
SERIES 2001B
CITY OF ROSEMOUNT
DAKOTA COUNTY
MINNESOTA
We have acted as bond counsel in connection with the issuance by the City of
Rosemount, Dakota County, Minnesota (the "Issuer "), of its $1, 140,000 General Obligation
Storm Water Revenue Bonds, Series 2001B, bearing a date of original issue of August 15, 2001
(the "Bonds "). We have examined the law and such certified proceedings and other documents
as we deem necessary to render this opinion.
We have not been engaged or undertaken to review the accuracy, completeness or
sufficiency of the Official Statement or other offering material relating to the Bonds, and we
express no opinion relating thereto.
As to questions of fact material to our opinion, we have relied upon the certified
proceedings and other certifications of public officials furnished to us without undertaking to
verify the same by independent investigation.
Based upon such examinations, and assuming the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as
certified or photostatic copies and the authenticity of the originals of such documents, and the
accuracy of the statements of fact contained in such documents, and based upon present
Minnesota and federal laws (which excludes any pending legislation which may have a
retroactive effect on or before the date hereof), regulations, rulings and decisions, it is our
opinion that:
(1) The proceedings show lawful authority for the issuance of the Bonds according to
their terms under the Constitution and laws of the State of Minnesota now in force.
-24- 1 -3
(2) The Bonds are valid and binding general obligations of the Issuer and all of the
taxable property within the Issuer's jurisdiction is subject to the levy of an ad valorem tax to pay
the same without limitation as to rate or amount; provided that the enforceability (but not the
validity) of the Bonds and the pledge of taxes for the payment of the principal and interest
thereon is subject to the exercise of judicial discretion in accordance with general principles of
equity, to the constitutional powers of the United States of America and to bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting creditors' rights
heretofore or hereafter enacted.
(3) At the time of the issuance and delivery of the Bonds to the original purchaser, the
interest on the Bonds is excluded from gross income for United States income tax purposes and
is excluded, to the same extent, from both gross income and taxable net income for State of
Minnesota income tax purposes (other than Minnesota franchise taxes measured by income and
imposed on corporations and financial institutions), and is not an item of tax preference for
purposes of the federal alternative minimum tax imposed on individuals and corporations or the
Minnesota alternative minimum tax applicable to individuals, estates or trusts; it should be noted,
however, that for the purpose of computing the federal alternative minimum tax imposed on
corporations, such interest is taken into account in determining adjusted current earnings. The
opinions set forth in the preceding sentence are subject to the condition that the Issuer comply
with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied
subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be,
excluded from gross income for federal income tax purposes and from both gross income and
taxable net income for State of Minnesota income tax purposes. Failure to comply with certain
of such requirements may cause the inclusion of interest on the Bonds in gross income and
taxable net income retroactive to the date of issuance of the Bonds.
We express no opinion regarding other state or federal tax consequences caused by the
receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds.
Dated at Saint Paul, Minnesota, this day of , 2001.
The current Port Authority Commissioners are listed below:
Expiration of Term
John Edwards* Chair
December 31, 2002
Cami Zimmer Vice Chair
January 31, 2005
Michael Baxter Treasurer
January 31, 2002
Cathy Busho* Commissioner
December 31, 2002
Ena Cisewski* Commissioner
December 31, 2002
Sheila Klassen* Commissioner
December 31, 2004
Mary Riley* Commissioner
December 31, 2004
Ms. Cathy Busho is the City Mayor, Ms. Ena Cisewski, Mr. John Edwards, Ms. Sheila Klassen, and
Ms. Mary Riley also serve on the City Council.
Mr. Thomas Burt serves as the Executive Director of the Port Authority.
Mr. Jeff May serves as
Assistant Treasurer and Ms. Linda Jentink serves as the Executive Secretary.
(The Balance of This Page Has Been Intentionally Left Blank)
Professional Association
1 -2 -25-
APPENDIX I
PROPOSED FORMS OF LEGAL OPINION
2200 FIRST NATIONAL BANK BUILDING
332 MINNESOTA STREET
SAINT PAUL, :MINNESOTA 55101
TELEPHONE (651) 223 -6600
B R I G G S AND M O R CAN FACSIMILE (651) 223 -6450
PROFESSIONAL ASSOCIATION
WRITER'S DIRECT DIAL
WRITER'S E -MAIL
$1,325,000
GENERAL OBLIGATION IMPROVEMENT BONDS,
(This page was left blank intentionally.)
SERIES 2001 A
CITY OF ROSEMOUNT
DAKOTA COUNTY
MINNESOTA
We have acted as bond counsel in connection with the issuance by the City of
Rosemount, Dakota County, Minnesota (the "Issuer "), of its $1,325,000 General Obligation
Improvement Bonds, Series 2001A, bearing a date of original issue of August 15, 2001 (the
'Bonds "). We have examined the law and such certified proceedings and other documents as we
deem necessary to render this opinion.
We have not been engaged or undertaken to review the accuracy, completeness or
sufficiency of the Official Statement or other offering material relating to the Bonds, and we
express no opinion relating thereto.
As to questions of fact material to our opinion, we have relied upon the certified
proceedings and other certifications of public officials furnished to us without undertaking to
verify the same by independent investigation.
Based upon such examinations, and assuming the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as
certified or photostatic copies and the authenticity of the originals of such documents, and the
accuracy of the statements of fact contained in such documents, and based upon present
Minnesota and federal laws (which excludes any pending legislation which may have a
retroactive effect on or before the date hereof), regulations, rulings and decisions, it is our
opinion that:
(1) The proceedings show lawful authority for the issuance of the Bonds according to
their terms under the Constitution and laws of the State of Minnesota now in force.
1 -1