HomeMy WebLinkAbout8.a. Accept Bid/Award Sale for G.O. Stormwater Revenue Refunding Bonds, Series 2001DCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: December 4, 2001
AGENDA ITEM: Accept Bids and Award Sale - G.O. Storm
Water Revenue Refunding Bonds, Series 2001 D
AGENDA SECTION:
Old Business
PREPARED BY: Jeff May, Finance Director
AGENDAY
ATTACHMENTS: Resolution and Official Statement
APPROVED BY:
At 12:00 P.M. Tuesday, December 4, 2001, sealed bids for G.O. Storm Water Revenue Refunding
Bonds, Series 2001 D, will be opened and the results tabulated at the offices of Springsteds. A
representative from Springsteds will be at the Council meeting that evening to give their
recommendation for the issuance of these bonds and to answer any questions that you may have.
Because the bid opening is not until earlier in the day Tuesday, you will receive information regarding
the bids at the meeting that evening.
RECOMMENDED ACTION:
Motion to adopt a RESOLUTION ACCEPTING OFFER ON THE SALE OF $810,000 GENERAL
OBLIGATION STORM WATER REVENUE REFUNDING BONDS, SERIES 2001 D AND
PROVIDING FOR THEIR ISSUANCE.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2001-
RESOLUTION ACCEPTING OFFER ON SALE OF
$810,000 GENERAL OBLIGATION
STORM WATER REVENUE REFUNDING BONDS, SERIES 2001D
AND PROVIDING FOR THEIR ISSUANCE
A. WHEREAS, the City of Rosemount, Minnesota (the "City ") owns and operates a storm
water system (the "Storm Water System ") as a revenue producing convenience and the City has
heretofore issued and there are now outstanding General Obligation Storm Water Revenue
Bonds, Series 1992B, dated September 1, 1992, the principal and interest on which constitute a
lien on the net revenues of the storm water system (the "Net Revenues "); and
B. WHEREAS, the City Council has heretofore determined and declared that it is necessary
and expedient to provide moneys for a current refunding of the General Obligation Storm Water
Revenue Bonds, Series 1992B (the "Prior Bonds ") which mature in 2003, and thereafter; and
C. WHEREAS, $785,000 of the principal amount of the Prior Bonds which mature on or
after February 1, 2003, are callable on February 1, 2002, at a price of par plus accrued interest as
provided in the resolution of the City Council, adopted on August 4, 1992, authorizing the
issuance of the Prior Bonds (the "Prior Resolution "); and
D. WHEREAS, the refunding of the Prior Bonds, is consistent with covenants made with
the holders thereof, and is necessary and desirable for the reduction of debt service cost to the
City; and
E. WHEREAS, the City Council has heretofore determined and declared that it is necessary
and expedient to issue $810,000 General Obligation Storm Water Revenue Refunding Bonds,
Series 2001D of the City, pursuant to Minnesota Statutes, Chapter 475, to provide moneys for a
current refunding of the Prior Bonds; and
F. WHEREAS, offers to purchase the Bonds were solicited on behalf of the City by
Springsted Incorporated, an independent financial consultant, and therefore the City is authorized
to negotiate the sale of the Bonds without compliance with the public sale requirements of
Chapter 475; and
G. WHEREAS, the following offers were received, opened and recorded at the offices of
Springsted Incorporated at 12:00 Noon this same day:
Bidder Interest Rate Net Interest Cost
NOW, THEREFORE; BE IT RESOLVED by the City Council of the City of
Rosemount, Minnesota, as follows:
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RESOLUTION 2001 -
1. Acceptance of Offer The offer of
(the "Purchaser "), to purchase $810,000 General Obligation Storm Water Revenue Refunding
Bonds, Series 2001D of the City (the "Bonds" or the "Refunding Bonds ", or individually a
'Bond "), at the rates of interest hereinafter set forth, and to pay therefor the sum of $ ,
plus interest accrued to settlement, is hereby found, determined and declared to be the most
favorable offer received and is hereby accepted, and the Bonds are hereby awarded to the
Purchaser. The Finance Director is directed to retain the deposit of the Purchaser and to
forthwith return to the others making offers their good faith deposits.
2. Terms of Bonds
(a) Title; Original Issue Date; Denominations; Maturities The Bonds shall be titled
"General Obligation Storm Water Revenue Refunding Bonds, Series 2001D ", shall be dated
December 1, 2001, as the date of original issue and shall be issued forthwith on or after such date
as fully registered bonds. The Bonds shall be numbered from R -1 upward in the denomination
of $5,000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature
on February 1 in the years and amounts as follows:
Year
Amount
Year
Amount
2003
$125,000
2006
$140,000
2004
130,000
2007
140,000
2005
130,000
2008
145,000
(b) Book Entry Only System The Depository Trust Company, a limited purpose trust
company organized under the laws of the State of New York or any successor to its functions
hereunder (the "Depository ") will act as securities depository for the Bonds, and to this end:
(i) The Bonds shall be initially issued and, so long as they remain in book entry form only
(the 'Book Entry Only Period "), shall at all times be in the form of a separate single fully
registered Bond for each maturity of the Bonds; and for purposes of complying with this
requirement under paragraph 10 Authorized Denominations (with respect to registration, transfer
and exchange) for any Bond shall be deemed to be limited during the Book Entry Only Period to
the outstanding principal amount of that Bond.
(ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond register
maintained by , Minnesota (the 'Bond Registrar ") in the
name of CEDE & CO., as the nominee (it or any nominee of the existing or a successor
Depository, the "Nominee ").
(iii) With respect to the Bonds neither the City nor the Bond Registrar shall have any
responsibility or obligation to any broker, dealer, bank, or any other financial institution for
which the Depository holds Bonds as securities depository (the "Participant ") or the person for
which a Participant holds an interest in the Bonds shown on the books and records of the
Participant (the 'Beneficial Owner "). Without limiting the immediately preceding sentence,
neither the City, nor the Bond Registrar, shall have any such responsibility or obligation with
respect to (A) the accuracy of the records of the Depository, the Nominee or any Participant with
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RESOLUTION 2001 -
respect to any ownership interest in the Bonds, or (B) the delivery to any Participant, any Owner
or any other person, other than the Depository, of any notice with respect to the Bonds, including
any notice of redemption, or (C) the payment to any Participant, any Beneficial Owner or any
other person, other than the Depository, of any amount with respect to the principal of or
premium, if any, or interest on the Bonds, or (D) the consent given or other action taken by the
Depository as the Register Holder of any Bonds (the "Holder "). For purposes of securing the
vote or consent of any Holder under this Resolution, the City may, however, rely upon an
omnibus proxy under which the Depository assigns its consenting or voting rights to certain
Participants to whose accounts the Bonds are credited on the record date identified in a listing
attached to the omnibus proxy.
(iv) The City and the Bond Registrar may treat as and deem the Depository to be the absolute
owner of the Bonds for the purpose of payment of the principal of and premium, if any, and
interest on the Bonds, for the purpose of giving notices of redemption and other matters with
respect to the Bonds, for the purpose of obtaining any consent or other action to be taken by
Holders for the purpose of registering transfers with respect to such Bonds, and for all purpose
whatsoever. The Bond Registrar, as paying agent hereunder, shall pay all principal of and
premium, if any, and interest on the Bonds only to or upon the Holder of the Holders of the
Bonds as shown on the register, and all such payments shall be valid and effective to fully satisfy
and discharge the City's obligations with respect to the principal of and premium, if any, and
interest on the Bonds to the extent of the sum or sums so paid.
(v) Upon delivery by the Depository to the Bond Registrar of written notice to the effect that
the Depository has determined to substitute anew Nominee in place of the existing Nominee,
and subject to the transfer provisions in paragraph 10 hereof, references to the Nominee
hereunder shall refer to such new Nominee.
(vi) So long as any Bond is registered in the name of a Nominee, all payments with respect to
the principal of and premium, if any, and interest on such Bond and all notices with respect to
such Bond shall be made and given, respectively, by the Bond Registrar or City, as the case may
be, to the Depository as provided in the Letter of Representations to the Depository required by
the Depository as a condition to its acting as book -entry Depository for the Bonds (said Letter of
Representations together with any replacement thereof or amendment or substitute thereto,
including any standard procedures or policies referenced therein or applicable thereto respecting
the procedures and other matters relating to the Depository's role as book -entry Depository for
the Bonds, collectively hereinafter referred to as the "Letter of Representations ").
(vii) All transfers of beneficial ownership interests in each Bond issued in book -entry form
shall be limited in principal amount to Authorized Denominations and shall be effected by
procedures by the Depository with the Participants for recording and transferring the ownership
of beneficial interests in such Bonds.
(viii) In connection with any notice or other communication to be provided to the Holders
pursuant to this Resolution by the City or Bond Registrar with respect to any consent or other
action to be taken by Holders, the Depository shall consider the date of receipt of notice
requesting such consent or other action as the record date for such consent or other action;
provided, that the City or the Bond Registrar may establish a special record date for such consent
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RESOLUTION 2001 -
or other action. The City or the Bond Registrar shall, to the extent possible, give the Depository
notice of such special record date not less than 15 calendar days in advance of such special
record date to the extent possible.
(ix) Any successor Bond Registrar in its written acceptance of its duties under this Resolution
and any paying agency registrar agreement, shall agree to take any actions necessary from time
to time to comply with the requirements of the Letter of Representations.
(c) Termination of Book -Entry Only System Discontinuance of a particular Depository's
services and termination of the book -entry only system may be effected as follows:
(i) The Depository may determine to discontinue providing its services with respect to the
Bonds at any time by giving written notice to the City and discharging its responsibilities with
respect thereto under applicable law. The City may terminate the services of the Depository with
respect to the Bond if it determines that the Depository is no longer able to carry out its functions
as securities depository or the continuation of the system of book -entry transfers through the
Depository is not in the best interests of the City or the Beneficial Owners.
(ii) Upon termination of the services of the Depository as provided in the preceding
paragraph, and if no substitute securities depository can be found which, in the opinion of the
City, is willing and able to assume such functions upon reasonable or customary terms, or if the
City determines that it is in the best interests of the City or the Beneficial Owners of the Bond
that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer
be registered in the bond register in the name of the Nominee, but may be registered in whatever
name or names the Holder of the Bonds shall designate at that time, in accordance with
paragraph 10 hereof (with respect to registration, transfer and exchange). To the extent that the
Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph
10 hereof (with respect to registration, transfer and exchange), the Bonds will be delivered to the
Beneficial Owners.
(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10
hereof (with respect to registration, transfer and exchange).
(d) Letter of Representations The provisions in the Letter of Representations are
incorporated herein by reference and made a part of the resolution, and if and to the extent any
such provisions are inconsistent with the other provisions of this resolution, the provisions in the
Letter of Representations shall control.
3. Purpose; Refunding Findings The Bonds shall provide funds for a current refunding of
the Prior Bonds (the "Refunded Bonds ") (the "Refunding"). It is hereby found, determined and
declared that the Refunding is pursuant to Minnesota Statutes, Section 475.67, and shall result in
a reduction of debt service cost to the City.
4. Interest The Bonds shall bear interest payable semiannually on February 1 and August 1
of each year (each, an "Interest Payment Date "), commencing August 1, 2002, calculated on the
basis of a 360 -day year of twelve 30 -day months, at the respective rates per annum set forth
opposite the maturity years as follows:
1350848vl 4
R
RESOLUTION 2001 -
Maturity Interest Maturity Interest
Year Rate Year Rate
2003 % 2006 %
2004 2007
2005 2008
5. Redemption The Bonds shall not be subject to redemption and prepayment prior to their
maturity.
6. Bond Registrar , in , Minnesota, is
appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond
Registrar "), and shall do so unless and until a successor Bond Registrar is duly appointed, all
pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith.
The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is
duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or
record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 12 of this
resolution (with respect to interest payment and record date).
7. Form of Bond The Bonds, together with the Bond Registrar's Certificate of
Authentication, the form of Assignment and the registration information thereon, shall be in
substantially the following form:
1350848v1
9
RESOLUTION 2001 -
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF ROSEMOUNT
R- $
GENERAL OBLIGATION STORM WATER REVENUE
REFUNDING BOND, SERIES 2001D
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
December 1, 2001
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of Rosemount, Dakota County,
Minnesota (the "Issuer "), certifies that it is indebted and for value received promises to pay to the
registered owner specified above, or registered assigns, without option of prepayment, in the
manner hereinafter set forth, the principal amount specified above, on the maturity date specified
above, and to pay interest thereon semiannually on February 1 and August 1 of each year (each,
an "Interest Payment Date "), commencing August 1, 2002, at the rate per annum specified above
(calculated on the basis of a 360 -day year of twelve 30 -day months) until the principal sum is
paid or has been provided for. This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest has been paid, from the date of
original issue hereof. The principal of and premium, if any, on this Bond are payable upon
presentation and surrender hereof at the principal office of , in
, Minnesota (the 'Bond Registrar "), acting as paying agent, or any
successor paying agent duly appointed by the Issuer. Interest on this Bond will be paid on each
Interest Payment Date by check or draft mailed to the person in whose name this Bond is
registered (the "Holder" or 'Bondholder ") on the registration books of the Issuer maintained by
the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth
day of the calendar month next preceding such Interest Payment Date (the "Regular Record
Date "). Any interest not so timely paid shall cease to be payable to the person who is the Holder
hereof as of the Regular Record Date, and shall be payable to the person who is the Holder
hereof at the close of business on a date (the "Special Record Date ") fixed by the Bond Registrar
whenever money becomes available for payment of the defaulted interest. Notice of the Special
Record Date shall be given to Bondholders not less than ten days prior to the Special Record
Date. The principal of and premium, if any, and interest on this Bond are payable in lawful
money of the United States of America. So long as this Bond is registered in the name of the
Depository or its Nominee as provided in the Resolution hereinafter described, and as those
terms are defined therein, payment of principal of and interest on this Bond and notice with
1350848v1 6
RESOLUTION 2001 -
respect thereto shall be made as provided in the Letter of Representations, as defined in the
Resolution. Bonds may only be registered in the name of the Depository or its Nominee.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET
FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the
Constitution and laws of the State of Minnesota to be done, to happen and to be performed,
precedent to and in the issuance of this Bond, have been done, have happened and have been
performed, in regular and due form, time and manner as required by law, that the Issuer has
covenanted and agreed with the Holders of the Bonds that it will impose and collect charges for
the service, use and availability of its municipal storm water system at the times and in the
amounts necessary to produce net revenues adequate to pay all principal and interest when due
on the Bonds and any other obligations payable from net revenues of the storm water system;
and that the Issuer will levy a direct, annual, irrepealable ad valorem tax upon all of the taxable
property of the Issuer, without limitation as to rate or amount, for the years and in the amounts
sufficient to pay the principal and interest on the Bonds of this issue as they respectively come
due, if the net revenues from the storm water facility and any other revenues irrevocably
appropriated to the Debt Service Account are insufficient therefor; and that this Bond, together
with all other debts of the Issuer outstanding on the date of original issue hereof and the date of
its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory
limitation of indebtedness.
IN WITNESS WHEREOF, the City of Rosemount, Dakota County, Minnesota, by its City
Council has caused this Bond to be executed on its behalf by the facsimile signatures of its
Mayor and its Clerk, the corporate seal of the Issuer having been intentionally omitted as
permitted by law.
1350848vl 7
RESOLUTION 2001 -
Date of Registration:
Registrable by:
Payable at:
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned within.
Bond Registrar
IM
Authorized Signature
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
/s/ Facsimile
Mayor
/s/ Facsimile
Clerk
1350848v1 8
RESOLUTION 2001 -
ON REVERSE OF BOND
No Redemption The Bonds of this issue (the "Bonds ") are not subject to redemption and
prepayment prior to their maturity.
Issuance; Purpose; General Obligation This Bond is one of an issue in the total principal
amount of $810,000, all of like date of original issue and tenor, except as to number, maturity,
interest rate and denomination, which Bond has been issued pursuant to and in full conformity
with the Constitution, and laws of the State of Minnesota and pursuant to a resolution adopted by
the City Council of the Issuer on December 4, 2001 (the "Resolution "), for the purpose of
providing funds sufficient for a current refunding of the Issuer's General Obligation Storm Water
Revenue Bonds, Series 1992B, dated September 1, 1992. This Bond is payable out of the Debt
Service Account of the Issuer's General Obligation Storm Water Revenue Refunding Bonds,
Series 2001D Fund. This Bond constitutes a general obligation of the Issuer, and to provide
moneys for the prompt and full payment of its principal, premium, if any, and interest when the
same become due, the full faith and credit and taxing powers of the Issuer have been and are
hereby irrevocably pledged.
Denominations; Exchange; Resolution The Bonds are issuable solely as fully registered bonds
in the denominations of $5,000 and integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized denominations in equal aggregate
principal amounts at the principal office of the Bond Registrar, but only in the manner and
subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution
for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on
file in the principal office of the Bond Registrar.
Transfer This Bond is transferable by the Holder in person or by his, her or its attorney duly
authorized in writing at the principal office of the Bond Registrar upon presentation and
surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the
Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond
Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and
deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or similar designation), of an authorized
denomination or denominations, in aggregate principal amount equal to the principal amount of
this Bond, of the same maturity and bearing interest at the same rate.
Fees upon Transfer or Loss The Bond Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection with the transfer or exchange
of this Bond and any legal or unusual costs regarding transfers and lost Bonds.
Treatment of Registered Owners The Issuer and Bond Registrar may treat the person in whose
name this Bond is registered as the owner hereof for the purpose of receiving payment as herein
provided (except as otherwise provided on the reverse side hereof with respect to the Record
Date) and for all other purposes, whether or not this Bond shall be overdue, and neither the
Issuer nor the Bond Registrar shall be affected by notice to the contrary.
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RESOLUTION 2001 -
Authentication This Bond shall not be valid or become obligatory for any purpose or be entitled
to any security unless the Certificate of Authentication hereon shall have been executed by the
Bond Registrar.
Qualified Tax- Exempt Obligation This Bond has been designated by the Issuer as a "qualified
tax - exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986,
as amended.
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this
Bond, shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cult) (Minor)
under the Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used
though not in the above list.
1350848vi 10
RESOLUTION 2001 -
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within
Bond and does hereby irrevocably constitute and appoint attorney to
transfer the Bond on the books kept for the registration thereof, with full power of substitution in
the premises.
Dated:
Notice: The assignor's signature to this assignment must
correspond with the name as it appears upon the
face of the within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm
having a membership in one of the major stock exchanges or any other "Eligible Guarantor"
Institution as defined in 17 CFR 240.17 Ad- 15(a)(2).
The Bond Registrar will not effect transfer of this Bond unless the information
concerning the transferee requested below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
1350848v1 11
RESOLUTION 2001 -
8. Execution; Temporary Bonds The Bonds shall be executed on behalf of the City by the
signatures of its Mayor and Clerk and the seal of the City, if any, shall be omitted; provided that
both of such signatures may be printed facsimiles. In the event of disability or resignation or
other absence of either such officer, the Bonds may be signed by the manual or facsimile
signature of that officer who may act on behalf of such absent or disabled officer. In case either
such officer whose signature or facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes, the same as if he or she had remained in
office until delivery. The City may elect to deliver, in lieu of printed definitive bonds, one or
more typewritten temporary bonds in substantially the form set forth above, with such changes as
may be necessary to reflect more than one maturity in a single temporary bond. Such temporary
bonds may be executed with photocopied facsimile signatures of the Mayor and Clerk. Such
temporary bonds shall, upon the printing of the definitive bonds and the execution thereof, be
exchanged therefor and cancelled.
9. Authentication No Bond shall be valid or obligatory for any purpose or be entitled to
any security or benefit under this resolution unless a Certificate of Authentication on such Bond,
substantially in the form hereinabove set forth, shall have been duly executed by an authorized
representative of the Bond Registrar. Certificates of Authentication on different Bonds need not
be signed by the same person. The Bond Registrar shall authenticate the signatures of officers of
the City on each Bond by execution of the Certificate of Authentication on the Bond and by
inserting as the date of registration in the space provided the date on which the Bond is
authenticated, except that for purposes of delivering the original Bonds to the Purchaser, the
Bond Registrar shall insert as a date of registration the date of original issue, which date is
December 1, 2001. The Certificate of Authentication so executed on each Bond shall be
conclusive evidence that it has been authenticated and delivered under this resolution.
10. Registration; Transfer; Exchange The City will cause to be kept at the principal office of
the Bond Registrar a bond register in which, subject to such reasonable regulations as the Bond
Registrar may prescribe, the Bond Registrar shall provide for the registration of Bonds and the
registration of transfers of Bonds entitled to be registered or transferred as herein provided.
Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the City
shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of
registration (as provided in paragraph 9 with respect to authentication) of, and deliver, in the
name of the designated transferee or transferees, one or more new Bonds of any authorized
denomination or denominations of a like aggregate principal amount, having the same stated
maturity and interest rate, as requested by the transferor; provided, however, that no Bond may
be registered in blank or in the name of "bearer" or similar designation.
At the option of the Holder, Bonds may be exchanged for Bonds of any authorized denomination
or denominations of a like aggregate principal amount and stated maturity, upon surrender of the
Bonds to be exchanged at the principal office of the Bond Registrar. Whenever any Bonds are so
surrendered for exchange, the City shall execute (if necessary), and the Bond Registrar shall
authenticate, insert the date of registration of, and deliver the Bonds which the Holder making
the exchange is entitled to receive.
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RESOLUTION 2001 -
All Bonds surrendered upon any exchange or transfer provided for in this resolution shall be
promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City.
All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general obligations
of the City evidencing the same debt, and entitled to the same benefits under this resolution, as
the Bonds surrendered for such exchange or transfer.
Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or be
accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly
executed by the Holder thereof or his, her or its attorney duly authorized in writing.
The Bond Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or exchange of any Bond and any
legal or unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject to reasonable regulations of the City contained in any agreement
with the Bond Registrar, including regulations which permit the Bond Registrar to close its
transfer books between record dates and payment dates. The Clerk is hereby authorized to
negotiate and execute the terms of said agreement.
11. Rights Upon Transfer or Exchange Each Bond delivered upon transfer of or in exchange
for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Bond.
12. Interest Payment; Record Date Interest on any Bond shall be paid on each Interest
Payment Date by check or draft mailed to the person in whose name the Bond is registered (the
"Holder ") on the registration books of the City maintained by the Bond Registrar and at the
address appearing thereon at the close of business on the fifteenth (15th) day of the calendar
month next preceding such Interest Payment Date (the "Regular Record Date "). Any such
interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of
the Regular Record Date, and shall be payable to the person who is the Holder thereof at the
close of business on a date (the "Special Record Date ") fixed by the Bond Registrar whenever
money becomes available for payment of the defaulted interest. Notice of the Special Record
Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior to the
Special Record Date.
13. Treatment of Registered Owner The City and Bond Registrar may treat the person in
whose name any Bond is registered as the owner of such Bond for the purpose of receiving
payment of principal of and premium, if any, and interest (subject to the payment provisions in
paragraph 12 above with interest payment and record date) on, such Bond and for all other
purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the
Bond Registrar shall be affected by notice to the contrary.
14. Delivery; Application of Proceeds; Refunding of Prior Bonds The Bonds when so
prepared and executed shall be delivered by the Finance Director to the Purchaser upon receipt
of the purchase price, and the Purchaser shall not be obliged to see to the proper application
thereof.
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RESOLUTION 2001 -
15. Fund and Accounts For the convenience and proper administration of the moneys to be
borrowed and repaid on the Bonds, and to make adequate and specific security to the Purchaser
and holders from time to time of the Bonds, there is hereby created a special fund to be
designated the "General Obligation Storm Water Revenue Refunding Bonds, Series 2001D
Fund" (the "Fund ") to be administered and maintained by the Finance Director as a bookkeeping
account separate and apart from all other funds maintained in the official financial records of the
City. The Fund shall be maintained in the manner herein specified until all the Bonds herein
authorized and the interest thereon shall have been fully paid. There shall be maintained in the
Fund two separate accounts, to be designated the "Payment Account" and "Debt Service
Account ", respectively.
(i) Payment Account To the Payment Account there shall be credited the proceeds of the
sale of the Bonds, less accrued interest received thereon, and less the amount paid for the Bonds
in excess of $803,520, and less the amount deposited in the debt service account heretofore
credited for the payment of the Prior Bonds pursuant to paragraph 14 hereof (with respect to
delivery, application of proceeds and refunding of prior bonds). From the Payment Account
shall be paid all costs of issuance of the Bonds. Any balance remaining in the fund after the
payment of the costs of issuance shall be transferred to the Debt Service Account.
(ii) Debt Service Account To the Debt Service Account there is hereby pledged and
irrevocable appropriated and there shall be credited: (1) the accrued interest received on the sale
of the Bonds, (2) any amount paid for the Bonds in excess of $803,520, (3) Net Revenues of the
storm water system in an amount sufficient, together with other monies herein pledged and
appropriated to the Debt Service Account, to pay the principal and interest on the Bonds as the
same becomes due, (4) any balance remitted to the City upon the termination of the Payment
Account; (5) all investment earnings on funds in the Debt Service Account; (6) any collection of
all taxes which may hereafter be levied in the event that Net Revenues of the storm water system
and other funds herein pledged for the payment of principal and interest on the Bonds are
insufficient therefor; (7) any and all other moneys which are properly available and are
appropriated by the governing body of the City to the Debt Service Account. The amount of any
surplus remaining in the Debt Service Account when the Bonds and interest thereon are paid
shall be used consistent with Minnesota Statutes, Section 475.61, Subdivision 4.
The moneys in the Debt Service Account shall be used solely to pay the principal of and interest
on the Bonds or any other bonds hereafter issued and made payable from the Fund. No portion
of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding
investments or to replace funds which were used directly or indirectly to acquire higher yielding
investments, except (1) for a reasonable temporary period until such proceeds are needed for the
purpose for which the Bonds were issued, and (2) in addition to the above, in an amount not
greater than the lesser of five percent (5 %) of the proceeds of the Bonds or $100,000. To this
effect, any proceeds of the Bonds and any sums from time to time held in the Fund (or any other
City account which will be used to pay principal and interest to become due on the Bonds) in
excess of amounts which under the applicable federal arbitrage regulations may be invested
without regard as to yield shall not be invested in excess of the applicable yield restrictions
imposed by the arbitrage regulations on such investments after taking into account any
applicable "temporary periods" or "minor portion" made available under the federal arbitrage
1350848v1 14
RESOLUTION 2001 -
regulations. In addition, the proceeds of the Bonds and money in the Fund shall not be invested
in obligations or deposits issued by, guaranteed by or insured by the United States or any agency
or instrumentality thereof if and to the extent that such investment would cause the Bonds to be
"federally guaranteed" within the meaning of Section 149(b) of the Internal Revenue Code of
1986, as amended (the "Code ").
16. Sufficiency of Net Revenues It is hereby found, determined and declared that the Net
Revenues of the storm water system are sufficient in amount to pay when due the principal of
and interest on the Bonds herein authorized and a sum at least five percent (5 %) in excess
thereof, and the Net Revenues of the storm water system are hereby pledged for the payment of
the Bonds of this issue and shall be applied for that purpose, but solely to the extent required to
meet the principal and interest requirements of this issue as the same become due. Excess Net
Revenues may be used for any proper purpose. Nothing contained herein shall be deemed to
preclude the City from making further pledges and appropriations of the Net Revenues of the
storm water system for the payment of other or additional obligations of the City, provided that it
has first been determined by the City Council that the estimated Net Revenues of the storm water
system will be sufficient in addition to all other sources, for the payment of the Bonds herein
authorized, any other outstanding obligations and such additional obligations and any such
pledge and appropriation of the Net Revenues may be made superior or subordinate to, or on a
parity with the pledge and appropriation herein.
17. Covenant to Maintain Rates and Charges In accordance with Minnesota Statutes,
Section 444.075, the City hereby covenants and agrees with the holders of the Bonds that it will
impose and collect charges for the service, use, availability and connection to the storm water
system at the times and in the amounts required to produce Net Revenues adequate to pay all
principal and interest when due on the Bonds and any other outstanding obligations.
18. Prior Bonds; Security Until retirement of the Prior Bonds, all provisions theretofore
made for the security thereof shall be observed by the City and all of its officers and agents.
19. General Obligation Pledge For the prompt and full payment of the principal of and
interest on the Bonds as the same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt
Service Account is ever insufficient to pay all principal and interest then due on the Bonds and
any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds
of the City which are available for such purpose, and such other funds may be reimbursed with
or without interest from the Debt Service Account when a sufficient balance is available therein.
20. Defeasance When all Bonds have been discharged as provided in this paragraph, all
pledges, covenants and other rights granted by this resolution to the registered holders of the
Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with
respect to any Bonds which are due on any date by irrevocably depositing with the Bond
Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond
should not be paid when due, it may nevertheless be discharged by depositing with the Bond
Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such
deposit. The City may also at any time discharge its obligations with respect to any Bonds,
subject to the provisions of law now or hereafter authorizing and regulating such action, by
1 3sosasv l 15
RESOLUTION 2001-
depositing irrevocably in escrow, with a suitable banking institution qualified by law as an
escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67,
Subdivision 8, bearing interest payable at such times and at such rates and maturing on such
dates as shall be required, subject to sale and/or reinvestment, to pay all amounts to become due
thereon to maturity or, if notice of redemption as herein required has been duly provided for, to
such earlier redemption date.
21. Redemption of Prior Bonds The Prior Bonds which mature in 2003 and thereafter shall
be redeemed and prepaid on February 1, 2002, in accordance with the terms and conditions set
forth in the Notice of Call for Redemption attached hereto as Exhibit A, which terms and
conditions are hereby approved and incorporated herein by reference.
22. Certificate of Registration The Finance Director is hereby directed to file a certified
copy of this resolution with the County Auditor of Dakota County, Minnesota, together with
such other information as they shall require, and to obtain the County Auditor's Certificate that
the Bonds have been entered in the County Auditor's Bond Register.
23. Records and Certificates The officers of the City are hereby authorized and directed to
prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance
of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and
to the financial condition and affairs of the City, and such other affidavits, certificates and
information as are required to show the facts relating to the legality and marketability of the
Bonds as the same appear from the books and records under their custody and control or as
otherwise known to them, and all such certified copies, certificates and affidavits, including any
re furnished, shall be deemed representations of the City as to the facts recited therein.
24. Negative Covenant as to Use of Proceeds and Project The City hereby covenants not to
use the proceeds of the Bonds or to use the storm water system, or to cause or permit them to be
used, or to enter into any deferred payment arrangements, in such a manner as to cause the
Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of
the Code.
25. Tax - Exempt Status of the Bonds; Rebate The City shall comply with requirements
necessary under the Code to establish and maintain the exclusion from gross income under
Section 103 of the Code of the interest on the Bonds, including without limitation (1)
requirements relating to temporary periods for investments, (2) limitations on amounts invested
at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment earnings to
the United States. The City expects to satisfy the 6 month expenditure exemption for gross
proceeds of the Bonds as provided in Section 148(f)(40(B) of the Code.
26. Designation of Qualified Tax - Exempt Obligations; Issuance Limit In order to qualify
the Bonds as "qualified tax- exempt obligations" within the meaning of Section 265(b)(3) of the
Code, the City hereby makes the following factual statements and representations:
(a) the Bonds are issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code;
1350848vl 16
RESOLUTION 2001 -
(c) the City hereby designates the Bonds as "qualified tax- exempt obligations" for purposes
of Section 265 (b)(3) of the Code;
(d) the reasonably anticipated amount of tax - exempt obligations (other than private activity
bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be
issued by the City (and all entities treated as one issuer with the City, and all subordinate entities
whose obligations are treated as issued by the City) during this calendar year 2001 will not
exceed $10,000,000; and
(e) not more than $10,000,000 of obligations issued by the City during this calendar year
2001 have been designated for purposes of Section 265(b)(3) of the Code.
The City shall use its best efforts to comply with any federal procedural requirements which may
apply in order to effectuate the designation made by this paragraph.
27. Severability If any section, paragraph or provision of this resolution shall be held to be
invalid or unenforceable for any reason, the invalidity or unenforceability of such section,
paragraph or provision shall not affect any of the remaining provisions of this resolution.
28. Headings Headings in this resolution are included for convenience of reference only and
are not a part hereof, and shall not limit or define the meaning of any provision hereof.
The motion for the adoption of the foregoing resolution was duly seconded by member
and, after a full discussion thereof and upon a vote being taken thereon,
the following voted in favor thereof:
and the following voted against the same:
1350848v1 17
RESOLUTION 2001 -
ADOPTED this 4th day of , 2001.
Cathy Busho, Mayor
ATTEST:
Linda J. Jentink, City Clerk
CERTIFICATION
I hereby certify that the foregoing is a true and correct copy of a resolution presented to and
adopted by the City Council of Rosemount at a duly authorized meeting thereof, held on the
day of , 2001, as disclosed by the records of said City in my possession.
(SEAL)
Linda J. Jentink, Rosemount City Clerk
Motion by:
Voted in favor:
Voted Against:
Members Absent:
Seconded by:
1350848v1 18
t
RESOLUTION 2001 -
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF ROSEMOUNT
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Rosemount, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of
minutes with the original thereof on file in my office, and that the same is a full, true and
complete transcript of the minutes of a meeting of the City Council of said City, duly called and
held on the date therein indicated, insofar as such minutes relate to considering offers for, and
awarding the sale of, $810,000 General Obligation Storm Water Revenue Refunding Bonds,
Series 2001D of said City.
WITNESS my hand this day of , 2001.
City Clerk
1350848v1
19
RESOLUTION 2001 -
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
CITY OF ROSEMOUNT,
GENERAL OBLIGATION STORM WATER
REVENUE BONDS, SERIES 1992B
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Rosemount,
Dakota County, Minnesota, there have been called for redemption and prepayment on
February 1, 2002
those outstanding bonds of the City designated as General Obligation Storm Water Revenue
Bonds, Series 1992B, dated September 1, 1992, having stated maturity dates in the years 2003
through 2008, both inclusive, and totalling $785,000 in principal amount. The bonds are being
called at a price of par plus accrued interest to February 1, 2002, on which date all interest on
said bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested
to present their bonds, with February 1, 2002, and subsequently maturing interest coupons
attached, for payment at Firstar Bank, N.A. (successor to American National Bank and Trust
Company) if by mail to: 1555 North RiverCentre Drive, Suite 301, Milwaukee, Wisconsin,
53212, Attention: Corporate Trust Services, on or before February 1, 2002.
Dated: December 4, 2001.
BY ORDER OF THE CITY COUNCIL
OF THE CITY OF ROSEMOUNT
Important Notice: Important Notice: Under the Interest and Dividend Compliance Act of
1983, 31 % will be withheld if tax identification is not properly certified.
Additional information may be obtained from:
SPRINGSTED INCORPORATED
85 East Seventh Street
Suite 100
Saint Paul, Minnesota 55101 -2143
Telephone No.: (612) 223 -3000
1350848v1 20
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.
s
ri
OFFICIAL STATEMENT DATED NOVEMBER 20, 2001
Ratings: Requested from Moody's
NEW ISSUES 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
It $810,000*
General Obligation Storm Water Revenue Refunding Bonds, Series 2001 D
(the "Series 2001 D Bonds ")
$725,000*
General Obligation Community Center Refunding Bonds, Series 2001 E
(the "Series 2001 E Bonds")
(collectively referred to as the "Bonds ", the "Obligations" or the "Issues ")
(Book Entry Only)
Dated Date: December 1, 2001 Interest Due: Each February 1 and August 1,
commencing August 1, 2002
The Series 2001 D Bonds will mature February 1 as follows:
2003 $125,000 2005 $130,000 2006 $140,000 2007 $140,000 2008 $145,000
2004 $130,000
The Series 2001 E Bonds will mature February 1 as follows:
2004 $60,000 2006 $70,000 2008 $70,000 2010 $75,000 2012 $80,000
2005 $65,000 2007 $65,000 2009 $75,000 2011 $80,000 2013 $85,000
Proposals for the Series 2001 E Bonds may contain a maturity schedule providing for a combination of serial bonds and term
bonds, provided that no serial bond may mature on or after the first mandatory sinking fund redemption date of any term
bond. All term bonds shall be subject to mandatory sinking fund redemption and must conform to the maturity schedule set
forth above at a price of par plus accrued interest to the date of redemption.
Common to Both Issues
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
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 Series 2001 D Bonds $803,520 $8,100
The Series 2001 E Bonds $717,025 $7,250
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. Investors
will not receive physical 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 on or about December 27, 2001
PROPOSALS RECEIVED: December 4, 2001 (Tuesday) until 12:00 Noon, Central Time
AWARD: December 4, 2001 (Tuesday) at 7:30 P.M., Central Time
Subject to Change
Further information may be obtained from
S P R 11� 1 � T G S 1 T E D SPRINGSTED Incorporated, Financial Advisor to the
Advisors to the Public Sector Issuer, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 55101 -2887 (651) 223 -3000
TABLE OF CONTENTS
Page(s
Terms of Proposal:
$810,000 General Obligation Storm Water Revenue Refunding Bonds, Series 2001 D.......
i -iii
$725,000 General Obligation Community Center Refunding Bonds, Series 2001 E ............ v -vii
Introductory Statement ................................................ ...............................
...... 1
Continuing Disclosure ................................................................................. ...............................
1
TheBonds ....................................................................... ...............................
..... 2
The Series 2001 D Bonds ............................................................................ ...............................
4
The Series 2001 E Bonds ....................................... ...............................
FutureFinancing .................................................... ...............................
.. 5
Litigation..................................................................... ............................... ...... .
Legality....................................................................................................... ...............................
6
TaxExemption ............................................................................................ ...............................
6
Other Federal Tax Considerations .............................................................. ...............................
6
Bank- Qualified Tax - Exempt Obligations....._ ............................................... ...............................
7
Ratings........................................................................................................ ...............................
8
FinancialAdvisor .......................................................... ...............................
Certification......................._.......................................................... ...............................
.......... 8
City Property Values ................................................. ............................... .....
..... 9
CityIndebtedness ........................................................... ...............................
.............10
City Tax Rates, Levies and Collections ........................................................ .............................15
Fundson Hand ............................................................................................ .............................16
CityInvestments .................................................................. ...............................
..............16
General Information Concerning the City ..................................................... .............................17
Governmental Organization and Services .... ................................................ .............................20
Proposed Forms of Legal Opinion ........................................... ...............................
Appendix I
Continuing Disclosure Undertaking .......................................... ...............................
Appendix 11
+ Summary of Tax Levies, Payment Provisions, and
Minnesota Real Property Valuation ....................................... ...............................
Appendix III
Annual Financial Statements ................................................... ...............................
Appendix IV
Proposal Forms ....................................................................... ...............................
Inserted
v
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N
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r
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
Storrs
(9601,605,610)
Sewer
Water
(615,617,621)
(#602,606,625)
(#603,607,611,613)
Arena
Totals
(622, 624 & 627)
(411 & 414)
(614, 616.620 & 626)
(#850)
2000
1999
OPERATING REVENUES
S
757,112
$ 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
2,683261
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
38,900
8,932
56,345
100,107
12,418
181,474
195,402
183,006
85,359
Other services and charges
87,739
-
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)
Depredation
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
62,726
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 penalties
(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 Nonoperafing 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
70,352
31,779
152,354
967,174
(350,841)
(186,192)
(225,296)
(3,500)
(765,829)
(1,096,039)
Operafing 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
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
867,799
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 311 $
5.029.699
S 5,074,756
$ 3,264,092
S 76,360
1
5 10.574,905
CO
CITY OF ROSEMOUNT, MINNESO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHA14GE-S IN FUND BALANCES
BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
GENERAL AND ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1998
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
REVENUE:
General Property Taxes $ 2,656,473 $ 2,693,105 $ 36,632 $ 873,890 $ 873,890 $ 0 $ 3,530,363 $ 3,566,995 $ 36,632
Licenses and permits 204,900 363,238 158,338 0 0 0 204,900 363,238 158,338
Intergovernmental 1,197,477 1,274,373 76,896 0 686,357 686,357 1,197,477 1,960,730 763,253
Charges for services 337,450 351,650 14,200 50,000 75,794 25,794 387,450 - 427,444 39,994
Fines and forfeitures 90,000 72,084 (17,916) 0 1 0 0 90,000 72,084 (17,916)
Special assessments 2,000 165 (1,835) 17,000 25,942 8,942 19,000 26,107 7,107
Interest earnings 35,600 77,671 42,071 18,300 45,442 27,142 53,900 123,113 69,213
Net increase in the fair value of investments 0 2,104 2,104 0 241 241 0 2,345 2,345
Donations and other 56,332 72,897 16,565 0 1,926 1,926 56,332 74,823 18,491
Miscellaneous 182,900 204,732 21,832 0 14,868 14,868 182,900 219,600 36,700
TOTAL REVENUES 4,763,132 $ 5,112,018 $ 348,886 $ 9 59,190 $ 1 ,724,460 $ 765,270 $ 5,722,322 $ 6,836,479 $ 1,114,157
EXPENDITURES:
General government $ 1,105,800 $ 1,227,524 $ (121,724) $ 6,750 $ 7,500 S (750) $ 1,112,550 $ 1,235,024 $ (122,474)
Public safety 1,357,742 1,442,652 (84,910) 0 0 0 1,357,742 1,442,652 2,800,394
Public works 1,601,140 1,450,156 150,984 918,390 687,476 230,914 2,519,530 2,137,632 381,898
Park and recreation 645,164 601,450 43,714 0 0 0 645,164 601,450 1,246,614
TOTAL EXPENDITURES $ 4,709,846 $ 4,721,781 $ (11,935) $ 925,140 $ 694,976 $ 230,164 $ 5,634,986 $ 5,416,757 $ 218,229
EXCESS (DEFICIENCY) OF REVENUE OVER
EXPENDITURES $ 53,286 $ 390,237 $ 33 6,951 $ 34,050 $ 1,029,484 $ 995,434 $ 87,336 $ 1,419,721 $ 1,332,385
OTHER FINANCING SOURCES (USES):
Operating transfers in $ 3,500 $ 3,500 $ 0 $ 0 $ 0 $ 0 $ 3,500 $ 3,500 $ 0
Operating transfers out 0 0 0 0 (786,356) (786,356) 0 (786,356) (786,356)
TOTAL OTHER SOURCES (USES) $ 3,500 $ 3,500 $ 0 $ 0 $ (786,356) $ (786,356) $ 3,500 $ (782,856) S (786,356)
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES $ 56,786 $ 393,737 $ 336,951 $ 34,050 $ 243,128 $ 209,078 $ 90,836 $ 636,865 $ 546,029 '
Reconciliation to GAAP basis
elimination of encumbrances, net 115,667 (32,479) 83,188
BEGINNING FUND BALANCE 1,928,980 993,173 2,922,153
NON - BUDGETED SPECIAL REV[NUr.. FUNDS 0 607,127 607,127
ENDING FUND BALANCE $ 2,438,384 $ 1,810,94 $ 4,249,333
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ITY OF ROSEMO UNT._MINNES
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
Reconciliation 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)
$
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
$
955,800
$
1,672,586
$
71 6,786
5 5,858,515
$ 7,144,241
$
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
1,636,280
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
$ 5,841,515
$ 5,455,879
5
385,636
$ (3,500)
$ 576,457
$
579,957
$
20,500
$
1,111,905
$
1,091,405
$ 17,000
$ 1,688,362
$
1,671,362
$ 3,500
$ 3,500
S
0
$
0
$
0
$
0
$ 3,500
$ 3,500
$
0
0
0
0
0
(641,093)
(641,093)
0
(641,093)
(641,093)
$ 3,500
S 3,500
$
0
$
0
$
(641,093)
$
(641,093)
S 3,500
$ (637,593)
$
(641,093}
$ 0
$ 579,957
$
579,957
$
20,500
$
470,811
$
450,311
$ 20,500
$ 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
S 3,054,533
$$ 2 .143,468
$ 5,198,001
=-
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CITY OF ROSEMOUNT, MINNESOTA
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
TOTAL
TOTAL
PRIMARY
COMPONENT
REPORTING
GOVERNMENTAL
FUND TYPES
GOVERNMENT
UNIT
ENTITY
SPECIAL
DEBT
CAPITAL.
(MEMORANDUM
(PORT
(MEMORANDUM
GENERAL
REVENUE
SERVICE
PROJECTS
(ONLY)
AUTHORITY)
ONLY)
REVENUE:
General property taxes
$ 2,693,105
$ 873,890
$ 441,333
$
$
4,008,328
$
291,302
$
4,299,630
Municipal state aid (MSA)
-
686,357
90,226
776,583
-
776,583
Tax increments
-
-
506,901
506,901
Licenses and permits
363,238
-
363,238
-
363,238
Intergovernmental
1,274,373
38,404
1,312,777
1,312,777
Charges for services
351,650
101,394
453,044
453,044
Fines and forfeitures
72,084
72,084
72,084
Special assessments
165
25,942
2,501,325
86,625
2,614,057
2,614,057
Interest earnings
77,671
73,193
270,952
162,178
583,994
117,899
701,893
Net increase (decrease) in the fair value of investments
2,104
(103)
9,202
-
11,203
-
11,203
Miscellaneous
277,629
277,073
17,800
572,502
60,592
633,094
TOTAL REVENUE
$ 5,112,018
$ 2,076,149
$ 3,313,037
$ 266,603
$
1067,807
$
976,693
$
11,744,504
EXPENDITURES:
Current:
General government
$ 1,110,499
$ 43,973
S
$
$
1,154,472
$
119,961
$
1,274,433
Public safety
1,444,010
-
1,444,010
-
1,444,010
Public works
1,450,156
6,489,389
7,939,545
7,939,545
Park and recreation
601,450
-
601,450
-
601,450
Capital outlay
-
504,647
504,647
39,383
544,030
Other
-
175,398
175,398
175,398
Debt service:
Redemption of bonds
1,520,000
-
1,520,000
395,000
1,915,000
Interest on bonds
687,661
687,661
171,051
858:712
Fiscal agent fees
_
4,066
4,066
1,826
5,892
TOTAL EXPENDITURES
$ 4,606,114
$ 548,620
$ 2.211,727
$ 6,664,78
S
14,031,248
$
727,220
$
14,758,470
EXCESS (DEFICIENCY) OF REVENUE OVER
EXPENDITURES
$ 505,904
$ 1,527,529
$ 1,101,311
$ (6,398,184)
$
(3,263,440)
$
249,473
$
(3,013,966)
OTHER FINANCING SOURCES (USES):
Proceeds from the sale of bonds
$ -
$ -
$ 280,623
$ 5,385,391
$
5,666.014
$
2,374,024
$
8,040,038
Lease Payments
-
(310,962)
-
-
(310,962)
-
(310,962)
Operating transfers in
3,500
60,100
1,368,310
1,431,910
444,698
1,876,608
Operating transfers out
-
(843,856)
-
(274,927)
(1,118,783)
(444,698)
(1,563,481)
TOTAL OTHER SOURCES (USES)
$ 3,500
$ (1,154,818)
$ 340,723
$ 6,478,775
$
5,668,180
$
2,374,024
$
8,042,203
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
$ 509,404
$ 372,712
$ 1,442,034
$ 80,592
$
2,404,742
$
2,623,497
$
5,028,239
BEGINNING FUND BALANCE
1,928,980
1,437,694
6,049,770
2,246,485
11,662,929
1,071,481
12,734,410
RESIDUAL EQUITY TRANSFERS IN (OUT)
543
75,323
(672,513)
(596,647)
-
(596,647)
ENDING FUND BALANCE
$ 2,438,
S 1,810,9
$ 7,567,127
$ 1,654,564
$
I 3,4'/ 1,024
3.694,x723
$
17,166,002
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• C
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)
�O -3 mW
Qmc?oCD�.�m �mQ
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c su �� 77 CL A a
0=7m1 Q0(nZ :3(0mm
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CU
O
A
M
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U)
M
Cn
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
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
(659
(19,097
517,613
Totals
(7,438
FUND BALANCES - December 31
$ 3,716,529
$ 1,891,759
$ 18,115,814
$ 2,343,634 $ 26,067,736 $
®� 4,365,240 $ 30,432,076 $ 23,298,298
(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
3,915,869
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
Equity transfers
(659
(19,097
517,613
(505,295 (7,438
(7,438
FUND BALANCES - December 31
$ 3,716,529
$ 1,891,759
$ 18,115,814
$ 2,343,634 $ 26,067,736 $
®� 4,365,240 $ 30,432,076 $ 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
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
$ 2,453,051
S 10,637,645
$ 3,280,409
$ 7,705,928
S 512,006
$
27,888
$ 0
S 0
$ 27,678,956
$ 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
5,699,492
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
i
W 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
$ 14,359,486
$- 26,866,760
^ 122, 768,034
$ 12,562,04
S
135,330,080
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES:
Accounts payable
S 185,341
$ 22,821
$ 0
$ 74,936
$ 56,986
$ 14,355
$
27,888
$ 0
$ 0
$ 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
$ 4,914,105
$ 14,355
S
27,888
$ 0
$ 26,866,760
S 37,640,810
$ 8,350,266
$
45,991,076
EQUITY AND OTHER CREDITS:
Investment in general fixed assets
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$
0
$ 14,359,486
$ 0
S 14,359,486
$ 283,151
S
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
$ 85,127,224
$ 4,211,779
$
89,339,003
TOTAL LIABILITIES, EQUITY AND OTHER
CREDITS
$ 3,398,081
S 2,528,207
$ 15,818,138
$ 3,442,950
$ 55,789,341
S 537,182
$
27,888
$ 14,359,486
$ 26,866,760
$ 122,768,034
$ 12,562,045
$
135,330;080
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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. The City has
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 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 December 1, 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. The City will pay for registration
services.
Optional Redemption
The Bonds will not be subject to payment in advance of their respective stated maturity dates
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.
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
APPENDIX IV
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.
-2- IV -1
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 and certain transit costs; 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; provided for the gradual elimination of Limited Market Valuation; 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 transit costs and the
compression of the class rates are expected to have an adverse impact on tax increment
revenues.
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 (1c)
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
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%
1.650 %
1.200%
1.650%
1.650%
0.450%
0.350%
0.800 %
1.200%
1.200%
' 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 1 % in pay 2003, classification abolished thereafter
4 Exempt from referendum market value tax
III -6
1.000%
1.250%
1.000%
1.000 %
1.250 %
0.450%
0.550 %
0.550 %4
1.000 %
1.000 %
I
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.
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 or the City
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
-3-
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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
Net Tax Capacity
Levy Year 1996
First $72,000 of EMV at 1.00%
EVM in excess of $72,000
at 2.00%
3.40 %; except certain cities of
5,000 population or less
at 2.30%
First $72,000 EMV of house,
garage and 1 acre at 1.00%
EMV in excess of $72,000 of
house, garage and 1 acre
at 2.00%
Remaining Property:
First $115,000 of EMV on
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%
Net Tax Capacity
Levy Year 1997
First $75,000 of EMV at 1.00%
EMV in excess of $75,000
at 1.85%
Net Tax Capacity
Levy Year 1998
First $75,000 of EMV at 1.00%
EMV in excess of $75,000
at 1.70%
Net Tax Capacity
Levy Year 1999
First $76,000 of EMV at 1.00%
EMV in excess of $76,000
at 1.65%
Net Tax Capacity
Levy Year 2000
First $76,000 of EMV at 1.00%
EMV in excess of $76,000
at 1.65%
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
at 2.30% at 2.15% at 2.15% at 2.15%
First $75,000 EMV of house,
garage and 1 acre at 1.00%
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 EMV of house,
garage and 1 acre at 1.00%
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 $76,000 EMV of house,
garage and 1 acre at 1.00%
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 EMV of house,
garage and 1 acre at 1.00%
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%
EMV of house, garage and
First $75,000 of EMV of house,
First $75,000 of EMV of house,
First $76,000 of EMV of house,
First $76,000 of EMV of house,
1 acre at 2.30%
garage and 1 acre at 1.90%
garage and 1 acre at 1.25 %
garage and 1 acre at 1.20%
garage and 1 acre at 1.20%
EMV of land and other buildings
EMV in excess of $75,000 of
EMV in excess of $75,000 of
EMV in excess of $76,000 of
EMV in excess of $76,000 of
at 1.50%
house, garage and 1 acre
house, garage and 1 acre
house, garage and 1 acre
house, garage and 1 acre
at 2.10%
at 1.70%
at 1.65%
at 1.65%
EMV of land and other buildings
EMV of land and other buildings
EMV of land and other buildings
EMV of land and other buildings
at 1.40%
at 1.25%
at 1.20%
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
(Ail 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
(Ail vacant land is reclassified to
highest and best use
pursuant to local zoning
ordinance
Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes)
THE SERIES 2001 E BONDS
"Fiscal Disparities Law"
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as
"Fiscal
The Series 2001 E Bonds are being issued pursuant to Minnesota Statutes, Chapter 475. The
Disparities," was first implemented for taxes payable in 1975. Forty percent of the
proceeds will be used to refund in advance of maturity the February 1, 2004 through
increase in commercial- industrial (including public utility and railroad) net tax capacity valuation
February 1, 2013 maturities (the "Series 1992C Refunded Maturities ") of the City's General
since 1971 in each assessment district in the Minneapolis /St. Paul seven- county metropolitan
Obligation Community Center Bonds, Series 1992C, dated November 1, 1992 (the
area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott,
"Series 1992C" Bonds). The refunding is being conducted to achieve interest cost savings.
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
The refunding will be conducted by means of a "crossover" refunding mechanism. The
per capita, is employed in determining what proportion of the net tax capacity value in the area-
proceeds of the Series 2001 E Bonds will be placed in an escrow account with a bank or trust
wide tax base shall be distributed back to each assessment district.
company to be named by the City. The amount in the escrow account will be invested in
special obligations of the United States Treasury or other obligations of the United States or of
its agencies, which shall mature in such amounts and at such times as to be available to pay
Iron Range Fiscal Disparities
interest on the Series 2001 E Bonds through the call date of the Series 1992C Bonds (February
1, 2003). On the call date, the escrow account will cross over and pay the outstanding principal
In 1996 Minnesota Legislature established a commercial - industrial tax base sharing program for
amount of the Series 1992C Bonds by calling in all of the remaining Series 1992C Bonds. The
the Iron Range that is modeled after the Twin Cities metropolitan area program commonly
City will continue to pay principal of and interest on the Series 1992C Bonds through the call
known as "fiscal disparities."
date (February 1, 2003). Beginning with the first interest payment due after the call date, which
Under the Iron Range Fiscal Disparities ( "IRFD ") program, 40% of the growth in each
shall be August 1, 2003, the City will cross over and start to make principal and interest
payments on the Series 2001E Bonds, which shall have no principal payments prior to the
municipality's commercial - industrial tax base after 1995 is contributed to an area wide pool.
crossover date. Actuarial services necessary to ensure the adequacy of the escrow account to
The tax base pool is distributed back to municipalities on the basis of property wealth per
provide timely payment of the debt service for which the escrow account is obligated will be
capita; i.e., municipalities with lower property wealth receive greater distributions. For the
performed by a certified public accounting firm.
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
Security and Financing
special taxing districts, participate in the IRFD program.
The Series 2001 E Bonds are general obligations of the City for which the City pledges its full
The IRFD program is identical to the Twin Cities metropolitan area program except for the
faith and credit and power to levy direct general ad valorem taxes. The City will make its first
provisions summarized below:
levy for the Series 2001 E Bonds in 2002 for collection in 2003. Each year's first -half collection
of taxes will be sufficient to pay 105% of the interest payment due August 1 in the year of the
1. The geographical area involved is the taconite tax relief area. This includes all of Cook
collection. Second -half collections plus surplus first -half collections will be sufficient to pay
County and Lake County, most of Itasca County and St. Louis County (the City of Duluth
105% of the February 1 principal and interest payment due in the following year.
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
FUTURE FINANCING
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
The City does not have any additional long -term borrowing anticipated for at least the next
financing (TIF) districts created before May 1, 1996.
90 days.
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).
LITIGATION
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.
The City is not aware of any threatened or pending litigation affecting the validity of the Bonds
In July of 2001, the Minnesota Supreme Court agreed to review the Act. What the outcome
or the City's ability to meet their financial obligations.
may be or what effect, if any, these court proceedings may have, can not be determined at this
time:
111 -4
-5-
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
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 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.
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.
III -3
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.
III -2
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.
Branch Profits Tax
A foreign corporation is subject to a branch profits tax equal to 30% of the "dividend equivalent
amount" for the taxable year. The "dividend equivalent amount" is the foreign corporation's
"effectively connected earnings and profits" adjusted for increase or decrease in "U.S. net
equity." A branch's earnings and profits may include tax - exempt municipal bond interest, such
as interest on the Bonds.
Passive Investment Income of S Corporations
Passive investment income, including interest on the Bonds, may be subject to federal income
taxation under Section 1375 of the Code for an S corporation that has Subchapter C earnings
and profits at the close of the taxable year if more than 25% of the gross receipts of such
S corporation is passive investment income.
Financial Institutions
For federal income tax purposes, financial institutions are unable to deduct any portion of the
interest expense allocable to the ownership of certain tax - exempt obligations acquired after
August 7, 1986, including the Bonds but for the designation as Qualified Tax - Exempt
Obligations below. See "Bank- Qualified Tax - Exempt Obligations" below.
General
The preceding is not a comprehensive list of all federal tax consequences which may arise from
the receipt or accrual of interest on the Bonds. The receipt or accrual of interest on the Bonds
may otherwise affect the federal income tax (or Minnesota income tax or franchise tax) liability
of the recipient based on the particular taxes to which the recipient is subject and the particular
tax status of other items of income or deductions. All prospective purchasers of the Bonds are
advised to consult their own tax advisors as to the tax consequences of, or tax considerations
for, purchasing or holding the Bonds.
BANK- QUALIFIED TAX - EXEMPT OBLIGATIONS
The City will designate the Bonds as "qualified tax- exempt obligations" for purposes of
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the ability of
financial institutions to deduct from income for federal income tax purposes, interest expense
that is allocable to carrying and acquiring tax - exempt obligations. "Qualified tax - exempt
obligations" are treated as acquired by a financial institution before August 8, 1986. Interest
allocable to such obligations remains subject to the 20% disallowance under prior law.
-7
APPENDIX III
RATINGS SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND
MINNESOTA REAL PROPERTY VALUATION
(effective through payable 2001)
Applications for ratings of the Bonds have been made to Moody's Investors Service ("Moody's"),
99 Church Street, New York, New York. If ratings are assigned, they will reflect only the
opinion of Moody's. Any explanation of the significance of the ratings may be obtained only Following is a summary of certain statutory provisions effective through 2000 relative to tax levy
from Moody's. 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
There is no assurance that ratings, if assigned, will continue for any given period of time, or that such discussed, and is qualified by reference to the complete text of applicable statutes, rules and
ratings will not be revised or withdrawn, if in the judgment of Moody's, circumstances so warrant. A • regulations of the State of Minnesota.
revision or withdrawal of the ratings may have an adverse effect on the market price of the Bonds.
Property Valuations (Chapter 273, Minnesota Statutes)
FINANCIAL ADVISOR
The City has 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 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 has 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. 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.
-8-
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 seasonal recreational residential,
which is entered by the assessor in the current assessment year, may not exceed the greater of
(i) 8.5% of the preceding year's market value or (ii) 15 % 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.
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.
Ili -1
EXHIBIT A
The Omnibus Tax Bill adopted by the Minnesota Legislature during the First Special
Session in 2001 made numerous changes to the Minnesota property tax system. Please
see Appendix III of this Official Statement for a further discussion of those changes.
Bloomberg Municipal Repository
100 Business Park Drive
CITY PROPERTY VALUES
Skillman, NJ 08558
Phone: 609 - 279 -3225
Fax: 609 - 279 -5962
' 2000 Indicated Market Value of Taxable Property: $959,718,481`
Email: Munis @Bloomberg.com
Calculated by dividing the county assessor's estimated market value of $846,471,700 by the 2000
DPC Data Inc.
sales ratio of 88.2% for the City as determined by the State Department of Revenue.
One Executive Drive
Fort Lee, NJ 07024
2000 Taxable Net Tax Capacity: $14,047,202
Phone: 201 - 346 -0701
Fax: 201 - 947 -0107
2000 Net Tax Capacity $14,593,889
Email: nrmsir @dpcdata.com
Less: Captured Tax Increment Tax Capacity (376,683)
Contribution to Fiscal Disparities (1,727,379)
Plus: Distribution from Fiscal Disparities 1.557,375
FT Interactive Data
Attn: NRMSIR
2000 Taxable Net Tax Capacity $14,047,202
100 Williams Street
New York, NY 10038
2000 Taxable Net Tax Capacity by Class of Property
Phone: 212- 771 -6899
Fax: 212 -771 -7390
Commercial /Industrial, Public Utility and
Email: NRMSIR @interactive.com
Personal Property $ 5,058,473 ` 36.0%
Residential Homestead 8,437,361 60.0
Standard & Poor's J.J. Kenny Repository
Apartments 290,265 2.1
55 Water Street
Agricultural 234,597 1.7
Railroad 26,506 0.2
45th Floor
New York, NY 10041
Total $14,047,202 100.0%
Phone:. 212 - 438 -4595
Fax: 212- 438 -3975
Reflects adjustments for fiscal disparities and captured tax increment tax capacity.
Email: NRMSIR re oU sitory @sandp com
Trend of Values
Indicated Estimated Taxable Tax
Market Value Market Value Capacity(
2000 $959,718,481 $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 10,816,39001
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.
11 -6
-9-
Ten of the Largest Taxpayers in the City
Date: , 2001
2000 Net
Taxpayer Type of Business
Tax Capacity
CITY OF ROSEMOUNT
Great Northern Oil Co. /Koch Refining Oil Refinery
$2,576,412
Xcel Energy Utility
488,952
B
Bigos- Rosemount LLC
I
Its
(Cannon Equipment) Manufacturing
140,712
CF Industries, Inc. ( Cenex) Fertilizer
117,358 '
Triangle Warehouse Inc. Trucking/Warehouse
108,440
Continental Nitrogen &
B y
Resources Corp. Fertilizer Blending & Plant Food 101,292
Its
Limerick Way LLC Townhouses
100,797
Greif Brothers Cooperage Manufacturing
89,759
Rosemount Properties LLC Retail Shopping Center
87,617
SKB Environmental Inc. Non- Hazardous Waste Containment 75,856
Total
$3,887,195'
Represents 27.7% of the City's 2000 taxable net tax capacity.
CITY INDEBTEDNESS
Legal Debt Limit
Debt Limit (2% of Estimated Market Value)
$16,929,434
Less: Outstanding Net Debt Subject to Limit
(2,072,944
Legal Net Debt Margin at November 2, 2001
$14,856,490
General Obligation Debt Supported by Taxes(a)
Principal
Date Original
Final Outstanding
of Issue Amount Purpose
Maturi As of 11 -2 -01
11 -1 -92 $1,080,000 Community Center
2 -1 -2003 $ 95,000(b)
8 -1 -93 845,000 Municipal Building Refunding
2 -1 -2002 135,000
7 -1 -96 1,780,000 Fire Station
2 -1 -2016 1,450,000
12 -1 -01 725,000 Community Center Refunding
(the Series 2001 E Bonds)
2 -1 -2013 725,000
Total
$2,405,000
(a) These issues are subject to the statutory debt limit.
(b) Excludes the Series 1992C Refunded Maturities.
_10-
II -5
SECTION 7. Dissemination Agent The Issuer may, from time to time, appoint or
General Obligation Debt Supported Primarily by Special Assessments
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
Date
Original
Final
Principal
Outstanding
Dissemination Agent.
of Issue
Amount
Purpose
Maturity
As of 11 -2 -01
SECTION 8. Amendment; Waiver Notwithstanding any other provision of this
6 -1 -91
$1,180,000
Local Improvements
2 -1 -2002
$ 115,000
Disclosure Undertaking, the Issuer may amend this Disclosure Undertaking, and any provision of
12 -1 -91
265,000
Local Improvements
2 -1 -2003
50,000
this Disclosure Undertaking may be waived, if (a) a change in law or change in the ordinary
9 -1 -92
895,000
Local Improvements
2 -1 -2004
190,000
'
business or operation of the Issuer has occurred,
p (b) such amendment or waiver would not, in and
11 -1 -92
1,470,000
Local Improvements
2 -1 -2004
435,000
of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been
8 -1 -93
555,000
Local Improvements
2 -1 -2005
200,000
effective on the date hereof but taking into account any subsequent change in or official '
8 -1 -94
8 -1 -95
1,605,000
1,900,000
Local Improvements
Local Improvements
2 -1 -2006
2 -1 -2007
900,000
895,000
interpretation of the Rule, and (c) such amendment or waiver is supported by an opinion of
7 -1.97
2,800,000
Local Improvements
2 -1 -2009
2,170,000
counsel expert in federal securities laws to the effect that such amendment or waiver would not
12 -1 -97
1,595,000
Local Improvements
2 -1 -2009
1,235,000
materially impair the interests of Owners.
4 -1 -98
2,010,000
Local Improvements
2 -1 -2009
1,560,000
9 -1 -98
2,805,000
Local Improvements
2 -1 -2010
2,470,000
SECTION 9. Additional Information Nothing in this Disclosure Undertaking shall be
12-1-98
880,000
Local Improvements
2 -1 -2005
690,000
deemed to prevent the Issuer from disseminating any other information, using the means of
7 -1 -99
10 -1 -99
3,715,000
4,395,000
Local improvements
Local Improvements
2 -1 -2011
2 -1 -2011
3,515,000
4,395,000
dissemination set forth in this Disclosure Undertaking or any other means of communication, or
8 -15 -01
1,325,000
Local Improvements
2 -1 -2012
1.325,000
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
Total
$20,145,000
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
General Obligation Port
Authority Debt
this Disclosure Undertaking to update such information or include it in any future Annual Report
or notice of an Occurrence.
Principal
Date
Original
Final
Outstanding
SECTION 10. Default In the event of a failure of the Issuer to provide information
of Issue
Amount
Purpose
Maturity
As of 11 -2 -01
required by this Disclosure Undertaking, any Owner may take such actions as maybe necessary
and appropriate, including seeking mandamus or specific performance by court order, to cause
11 -1 -92
$3,425,000
Municipal Building
2 -1 -2003
$ 180,000(a)
the Issuer to comply with its obligations to provide information under this Disclosure
11 -1 -93
580,000
Land Purchase for Business
Park (Taxable)
2 -1 -2009
385,000(b)
Undertaking. A default under this Disclosure Undertaking shall not be deemed an Event of
8 -1 -94
1,630,000
Business Park Street and Utility
Default under the Resolution, and the sole remedy under this Disclosure Undertaking in the event
Improvements
2 -1 -2011
1,220,000(b)
of any failure of the Issuer to comply with this Disclosure Undertaking shall be an action to
4 -1 -98
2,405,000
Municipal Building Refunding
2 -1 -2018
2,405,000(a)
compel performance.
9 -1 -00
1,750,000
Business Park Infrastructure
Improvements
2 -1 -2011
1,750,000(x)
SECTION 11. Beneficiaries This Disclosure Undertaking shall inure solely to the
8 -15 -01
2,045,000
City Hall
2 -1 -2022
2,045,000
benefit of the Issuer, the Participating Underwriters and Owners from time to time of the Bonds,
Total
$7,985,000
and shall create no rights in any other person or entity. 1
(a) Debt service payments on these issues are made from a combination of user fees from the municipal
SECTION 12. Reserved Rights The Issuer reserves the right to discontinue providing
multi- purpose arena, and certain special tax and general fund levies.
any information required under the Rule if a final determination should be made by a court of
(b) These
issues are being
repaid from a combination of tax increment
revenues, ad valorem tax levies
competent jurisdiction that the Rule is invalid or otherwise unlawful or, subject to the provisions
and land sales.
of Section 8 hereof, to modify the undertaking under this Disclosure Undertaking if the Issuer
(c) This issue is being repaid from a combination of tax increment revenues and ad valorem tax levies.
determines that such modification is required by the Rule or by a court of competent jurisdiction.
(d) This issue is being repaid from ad valorem taxes levied by the City.
11 -4 11 -
General Obligation Debt Supported by Revenues
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
Principal
time. If Audited Financial Statements are not provided because they are not available on or
Date
of Issue
Original
Amount Purpose
Final
Maturi
Outstanding
As of 11 -2 -01
before the date for filing the Annual Report, the Issuer shall promptly provide them to the
Repositories when available.
9 -1 -92
$1,525,000 Storm Water Revenue
2 -1 -2002
$ 110,000
8 -1 -93
945,000 Water Revenue Refunding
2 -1 -2005
515,000
SECTION 5. Reporting of Significant Events
8 -1 -94
335,000 Storm Water Revenue
2 -1 -2005
135,000
8 -1 -94
700,000 State Aid Street Bonds
2 -1 -2004
240,000
A. This Section 5 shall govern the giving of notices of the occurrence of any
7 -1 -96
1,035,000 Storm Water Revenue
2 -1 -2012
825,000
of the following events with respect to the Bonds, if material:
7 -1 -96
500,000 Water Revenue
2 -1 -2005
270,000
+
10 -1 -99
855,000 Storm Water Revenue
2 -1 -2015
825,000
(1) principal and interest payment delinquency;
9 -1 -00
1,160,000 Water Revenue
2 -1 -2016
1,160,000
8 -15 -01
1,140,000 Storm Water Revenue
2 -1 -2017
1,140,000
(2) non - payment related defaults;
12 -1 -01
810,000 Storm Water Revenue Refunding
(the Series 2001 D Bonds)
2 -1 -2008
810,000
(3) unscheduled draws on debt service reserves reflecting financial
Total
$6,030,000
difficulties;
* Excludes the Series 19928 Refunded Maturities.
(4) unscheduled draws on credit enhancements reflecting financial difficulties;
(5) substitution of credit or liquidity providers, or their failure to perform;
Annual Calendar Year Debt Service Including These Issues
G.O. Debt Supported
(6) adverse tax opinions or events affecting the tax- exempt status of the
G.O. Debt Supported
Primarily by
security;
by Taxes
Special
Assessments
Principal
Principal
(7) modifications to rights of security holders;
Year
Principal & Interest
Principal
& Interest
(8) optional or unscheduled redemption of any Bonds;
2001 (at 11 -2) (Paid) (Paid)
(Paid)
(Paid)
2002
$ 245,000 $ 393,172.09
$ 2,965,000
$ 3,807,326.61
(9) defeasances;
2003
120,000 246,071.25
2,925,000
3,638,711.25
2004
135,000 233,105.00
2,915,000
3,498,420.00
(10) release, substitution or sale of property securing repayment of the Bonds;
2005
140,000 232,486.25
2,720,000
3,177,246.25
and
2006
150,000 236,347.50
2,325,000
2,668,311.25
2007
150,000 229,706.25
1,625,000
1,878,185.00
2008
160,000 232,557.50
1,480,000
1,662,631.25
(11) rating changes.
2009
170,000 234,740.00
1,480,000
1,594,460.00
2010
175,000 231,365.00
900,000
959,082.50
B. Whenever an event listed in Section 5.A. above has occurred, the Issuer
2011
185,000 232,432.50
660,000
682,385.00
shall as soon as possible determine if such event would constitute material information for
2012
190,000 227,957.50
150,000
153,300.00
i Owners of Bonds. If knowledge of the Occurrence would be material, the Issuer shall promptly
2013
200,000 227,952.50
file a notice of such Occurrence with each National Repository or the MSRB and with the State
2014
2015
120,000 139,280.00
130,000 141,935.00
Depository, if any.
2016
135,000 139,050.00
C. The Issuer agrees to provide or cause to be provided, in a timely manner,
Total
$2,405,000(b) $3,378,158.34
$20,145,000(x)
$23,720,059.11
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.
(a) Includes the Series 2001E Bonds at an assumed average annual interest rate of 3.95
%.
(b) 67.8% of this debt will be retired within ten years.
SECTION 6. Termination of Reporting Obligation The Issuer's obligations under this
(c) 99.3% of this debt will be retired within ten years.
Disclosure Undertaking shall terminate upon the legal defeasance, prior redemption or payment
in full of all of the Bonds.
-12- II -3
"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 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:
Annual Calendar Year Debt Service Including These Issues (continued)
I
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
11 -2
Total $7,985,000(b) $11,387,578.22 $6,030,000(°) $7,835,577.81
(a) Includes the Series 2001D Bonds at an assumed average annual interest rate of 3.35 %.
(b) 675% of this debt will be retired within ten years.
(c) 76.0 % of this debt will be retired within ten 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.
-13-
G.O. Debt Supported
G.O. Port Authority Debt
by
Revenues
Principal
Principal
Year
Principal
& Interest
Principal
& Interest
2001 (at 11 -2)
(Paid)
(Paid)
(Paid)
(Paid)
2002
$ 330,000
$ 746,272.19
$ 535,000
$ 793,229.54
2003
410,000
793,228.79
625,000
867,072.51
2004
500,000
843,418.80
680,000
893,056.26
2005
530,000
849,231.30
620,000
803,773.76
2006
545,000
838,636.30
390,000
551,722.51
2007
580,000
846,394.42
405,000
549,896.26
2008
610,000
847,106.29
425,000
551,806.26
2009
640,000
845,803.79
285,000
395,556.26
2010
605,000
779,633.16
300,000
396,310.01
2011
640,000
783,313.15
320,000
400,945.01
2012
280,000
400,353.14
335,000
399,430.01
2013
290,000
396,825.01
250,000
299,748.76
2014
260,000
353,698.13
265,000
301,925.01
2015
270,000
350,867.50
280,000
303,057.51
2016
285,000
352,230.00
210,000
220,488.76
2017
305,000
357,587.50
105,000
107,559.38
2018
315,000
352,113.75
2019
135,000
160,990.00
2020
145,000
164,125.00
2021
150,000
161,750.00
2022
160.000
164.000.00
I
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
11 -2
Total $7,985,000(b) $11,387,578.22 $6,030,000(°) $7,835,577.81
(a) Includes the Series 2001D Bonds at an assumed average annual interest rate of 3.35 %.
(b) 675% of this debt will be retired within ten years.
(c) 76.0 % of this debt will be retired within ten 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.
-13-
APPENDIX II
Summary of Direct Debt Including These Issues
$ 341,069,980
$ 74,685,000(x)
4.1%
Gross
Less: Debt
Net
Debt
Service Funds
Direct Debt
G.O. Debt Supported by Taxes
$ 2,405,000
$ (332,056)
$2,072,944
G.O. Debt Supported by Special
Assessments
20,145,000
(16,132,983)
4,012,017
G.O. Port Authority Debt
7,985,000
(1,603,790)
6,381,210
G.O. Debt Supported by Revenues
6,030,000
(984,440)
5,045,560
Debt service funds are as of October 31, 2001 and include money to pay both principal and interest.
Indirect General Obligation Debt
Debt Applicable to
2000 Taxable G.O. Debt Tax Capacity in City
Taxing Unit Net Tax Capacity As of 11 -2-01 ( Percent Amount
Dakota County
$ 341,069,980
$ 74,685,000(x)
4.1%
$ 3,062,085
ISD 196 (Rosemount-
Apple Valley- Eagan)
127,582,372
152,266,242(
9.6
14,617,559
ISD 199 (Inver
Grove -Pine Bend)
21,922,679
11,230,000
8.2
920,860
ISD 200 (Hastings)
20,840,791
44,940,000
0.2
89,880
Metropolitan Council
2,244,229,627(e)
26,880,000(f)
0.6
161,280
Metropolitan Transit Dist.
1,988,859,543(e)
101,835,000
0.7
712,845
Total $19,564,509
(a) Only those units with debt outstanding are shown here.
(b) Excludes debt supported by revenues and tax and aid anticipation debt.
(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.
(d) 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
To 2000 Indicated Market Value ($959,718,481)
Per Capita (15,500 - 2001 City Estimate)
G.O. Net G.O. Indirect &
Direct Debt Net Direct Debt
1.30% 3.34%
$804 $2,066
Excludes general obligation debt supported by revenues, state -aid street bonds and lease- purchase
agreements.
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
$ General Obligation Refunding Bonds, Series
2001_ (the 'Bonds "). The Bonds are being issued pursuant to a Resolution adopted December
4, 2001 (the "Resolution "). Pursuant to the Resolution and this Undertaking, the Issuer
covenants and agrees as follows:
i 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.
t
"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.
-14-
11 -1
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 December, 2001.
Professional Association
-4-
CITY TAX RATES, LEVIES AND COLLECTIONS
Tax Capacity Rates
2000/01
1996/97 1997/98 1998/99 1999/00 Total Debt Onlv
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 III).
Tax Collections for the City
-15-
Net
Collected During
Collected
Amount
Collection Year
As of 6 -30 -01
Levy /Collect
of Lew
Amount Percent
Amount Percent
2000/01
$4,717,883
(In Process of Collection)
1999/00
4,289,662
$4,255,292 99.2%
$4,282,957 99.8%
1998/99
4,110,723
4,076,854 99.2
4,106,595 99.9
1997/98
4,059,202
4,018,588 99.0
4,048,316 99.7
1996/97
3,667,484
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.
-15-
FUNDS ON HAND
As of October 31, 2001
Fund
General
Special Revenue
Port Authority
Debt Service:
Tax Supported
Assessment Supported
Port Authority Supported
General Obligation Revenue Supported
Construction
Water, Sewer and Storm Water
Arena
Total
CITY INVESTMENTS
Cash and Investments
$ 2,517,619
1,914,654
305,172
332,056
16,132,983
1,603,790
984,440
7,831,731
9,172,705
59,675
$40,854,825
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.
2200 FIRST NATIONAL BANK BUILDING
332 MINNESOTA STREET
SAINT PAUL, MINNESOTA 55101
TELEPHONE (651) 223 -6600
BRIGGS AND M 0 P GAN FACSIMILE (651) 223 -6450
c
t
PROFESSIONAL ASSOCIATION WWW.BRIGGS.COM
$725,000
GENERAL OBLIGATION COMMUNITY CENTER REFUNDING BONDS,
SERIES 2001E
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 $725,000 General Obligation
Community Center Refunding Bonds, Series 2001E, bearing a date of original issue of December
1, 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
t 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 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
-16- I -3
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 December, 2001.
Professional Association
1 -2
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 October 31, 2001 the City had a total of $38,798,031 invested funds
as follows:
Amount Invested
Type of Security Lenath of Investment
as of 10 -31 -01
Certificates of Deposit Less than 12 months
$29,305,423
Certificates of Deposit One to Ten years
3,576,520
U.S. Treasury Notes 12 months or less
982,656
Government Asset Backed Securities Ten years or less
4,472,050
Mortgage Backed Securities Over Ten years
461,382
Total
$38,798,031
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.
-17-
APPENDIX 1
Major Employers
Employer
Product/Service
Independent School District 196
Education
Koch Refining Company
Crude Oil
Dakota County Technical College
Education
Intermediate School District 917
Education
Cannon Equipment Company
Manufacturing of Metal Parts
Greif Brothers Corporation
Multiwall Bags
Spectro Alloys Corp.
Aluminum Alloys
Genz Ryan Plumbing & Heating
Plumbing and Heating
Reese Enterprises
Weather- stripping
Endres Processing Ltd.
Livestock Feed
City of Rosemount
Government
Dakota County HRA
Government
Astro Plastics
Plastics Manufacturing
Rayfo Inc.
industrial Refuse Containers
CF Industries
Warehousing /Freight Terminal
Utilicorp United Inc. (People's Natural Gas) Natural Gas
Continental Nitrogen & Resources Corp. 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(x)
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
September 2001
Dakota County
Minneapolis /St. Paul MSA
Minnesota
Civilian
Unemployment
Labor Force
Rate
222,265
2.8%
1,771,351
3.4
2,836,864
3.4
September 2000
Civilian
Unemployment
Labor Force
Rate
217,680
2.8 %
1,732,348
3.2
2,761,054
3.3
Source: Minnesota Department of Economic Security. 2001 data are preliminary.
Building Permits Issued by the City
Includes $17,000,000 for Koch Refining.
New Sinale Familv Homes
Number
Value
Total Permits
$47,788,955
Number Value
2001 (to 10 -31)
805
$69,482,475
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.
New Sinale Familv Homes
Number
Value
247
$47,788,955
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
I
n
l
I
PROPOSED FORMS OF LEGAL OPINION
2200 FIRST NATIONAL BANK BUILDING
332 MINNESOTA STREET
SAINT PAUL, MINNESOTA 55101
TELEPHONE (651) 223 -.6600
BRIGGS AND M O R CAN FACSIMILE (651) 223 -6450
PROFESSIONAL ASSOCIATION WWW.BRIGGS.COM
C.: 1 111
GENERAL OBLIGATION STORM WATER REVENUE REFUNDING BONDS,
SERIES 2001D
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 $810,000 General Obligation Storm
Water Revenue Refunding Bonds, Series 2001D, bearing a date of original issue of December 1,
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.
(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 levy of an ad valorem tax to pay
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Current General Fund Budget
2000
Adopted Budget
General Fund Revenues:
General Property Taxes
$2,710,383
Licenses and Permits
390,700
Intergovernmental
1,377,335
Charges for Services
410,300
Fines and Forfeits
100,000
Recreation Fees
195,900
Miscellaneous Revenues
70,200
Transfers In
3.500
Total General Fund Revenues $5,258,318
General Fund Expenditures:
General Government $1,292,518
Police 1,366,300
Fire 192,400
Public Works 1,713,100
Parks and Recreation 694,000
Transfer Out 0
Total General Fund Expenditures $5,258,318
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2000
Actual
$2,916,269
588,304
1,457,390
713,892
72,067
224,033
240,653
3.500"
$6,216,108
$1,202,164
1,409,117
171,476
1,887,570
691,126
192.000
$5,553,453
2001
Adopted Budget
$2,974,608
461,700
1,385,292
456,100
100,000
201,600
80,400
3.500
$5,663,200
$1,433,700
1,495,400
192,400
1,801,400
740,300
0
$5,663,200
s
t
0
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 with an additional
75,000 square foot expansion scheduled for 2002. 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 completed: 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:
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Units
Units Built
Development/Developer
Housin
Approved
as of 7 -1 -01
Shannon Pond East/Hampton
Development Corp.
Single Family
73
72
Geromine Pond /Heritage Development Co.
Single Family/Twin Home
104
80
Biscayne Pointe /Heritage Development Co.
Single Family
145
133
Wensmann 11 Addition/
Wensmann Development
Townhomes
98
94
Bloomfield /Centex Homes
Single Family/Townhome
264
83
Broback Park
Single Family
29
28
Rosemount Commons/
Heritage Development Co.
Townhomes
121
121
Shannon Pond South /Allen Homes
Single Family
47
37
Stonebridge 3` Addition /Carlson Brothers
Single Family
8
4
Oakridge Estates /M.W. Construction
Single Family
10
8
Evermoor /Contractor Property
Developers Company
Single Family/Townhome
316
62
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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).
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.
t 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 three
water towers having a total storage capacity of 2,000,000 gallons. The maximum pumping
capacity is 6,000,000 gallons per day with an average demand of 1,470,000 gallons pumped
daily.
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 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 The City finances the construction and long -term maintenance of its storm water core facilities
approximately 2,000 post- secondary students. In addition, the Technical College offers an through the operation of a storm water utility. Each property in the City pays a quarterly
extensive adult education program. "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
GOVERNMENTAL ORGANIZATION AND SERVICES Services ( "MCES "). MCES finances its operations through user charges based on usage. The
City is responsible for the construction and maintenance of sewer laterals.
Organization
Employee Pensions
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 All full -time and certain part-time employees of the City of Rosemount are covered by defined
elected to overlapping four -year terms of office. The present City Council is listed below. benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
Expiration of Term 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
Cathy E. Busho Mayor December 31, 2002 the Basic Plan. Coordinated members are covered by Social Security and Basic members are
Ena Cisewski Council Member December 31, 2002 not. All employees of the City covered by PERA belong to the Coordinated Plan. All police
John Edwards Council Member December 31, 2002 officers, fire fighters and peace officers who qualify for membership by statute are covered by
Sheila Klassen Council Member December 31, 2004 the PEPFF. For the year ended December 31, 2000, the City's contribution to PERA was
Mary Riley Council Member December 31, 2004 $192,809.
The City's chief administrative officer is the City Administrator, who is appointed by and serves i
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.
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