HomeMy WebLinkAbout8.a. Accept Bids and Award Sale for G.O. Water Revenue Bonds, Series 2000ACITY OF ROSEMOUNT
` EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: August 15, 2000
AGENDA ITEM: Accept Bids and Award Sale - G.O. Water
Revenue Bonds, Series 2000A
AGENDA SECTION:
Old Business
PREPARED BY: Jeff May, Finance Director
AGENDA 41 A
ATTACHMENTS: Resolution and Official Statement
APPROVED BY:
At 11:00 A.M. Tuesday, August 15, 2000, sealed bids for G.O. Water Revenue Bonds, Series 2000A,
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 $1,160,000 GENERAL
OBLIGATION WATER REVENUE BONDS, SERIES 2000A AND PROVIDING FOR THEIR
ISSUANCE.
COUNCIL ACTION:
a
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2000 -
RESOLUTION ACCEPTING OFFER ON SALE OF
$1,160,000 GENERAL OBLIGATION
WATER REVENUE BONDS, SERIES 2000A
AND PROVIDING FOR THEIR ISSUANCE
WHEREAS, the City Council of the City of Rosemount, Minnesota
(the "City ") has heretofore determined that it is necessary-and
expedient to issue $1,160,000 General Obligation Water Revenue
Bonds, Series 2000A of the City, pursuant to Minnesota Statutes,
Chapters 444 and 475 to finance improvements to the water utility
system improvements (the "Project ") ;
WHEREAS, offers to purchase the Bonds were solicited on behalf of
the City by Springsted Incorporated; and
WHEREAS, it is in the best interests of the City that the Bonds
be issued in book -entry form as hereinafter provided and
WHEREAS, the following offers were received, opened and recorded
at the offices of Springsted Incorporated at 11:00 A.M., this
same day:
Bidder Interest Rate Net Interest Cost
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Rosemount, Minnesota, as follows:
1. Acceptance of Offer The offer of
(the "Purchaser ") to purchase $1,160,000
General Obligation Water Revenue Bonds, Series 2000A of the City
(hereinafter referred to as the "Bonds" or individually as a
"Bond "), in accordance with the Terms of Proposal at the rates of
interest hereinafter set forth, and to pay therefor sum of
$ A 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 said
Purchaser. - The Finance Director is directed to retain the
deposit of said purchaser and to forthwith return to the other
making offers their good faith checks or drafts.
1196095.1
RESOLUTION 2000 -
2. Terms of Bonds.
(a) Title; Original Issue Date; Denominations: Maturities; Term
Bond Option The Bonds shall be titled "General Obligation Water_
Revenue Bonds, Series 2000A", shall be dated September 1, 2000,
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, without right of prior redemption, on February 1 in
the years and amounts as follows:
Year
Amount
Year
Amount
2002
$30,000
2010
$80,000
2003
55,000
2011
85,000
2004
60,000
2012
90,000
2005
65,000
2013
95,000
2006
65,000
2014
100,000
2007
70,000
2015
105,000
2008
75,000
2016
110,000
2009
75,000
As may be requested by the Purchaser, one or more term Bonds may
be issued having mandatory sinking fund redemption and final
maturity amounts conforming to the foregoing principal repayment
schedule, and corresponding additions may be made -.to the
provisions of the applicable Bond(s).
(b) Book Entry Only System The Depository Trust Company, a
limited purpose trust company organized under the laws of the
State of New York or any of its successors or successors to its
functions hereunder (the "Depository ") will act as securities
depository for the Bonds, and to this end:
(i) The Bonds shall be initially issued and, so long as they
remain in book entry form only (the "Book Entry Only Period ") ,
shall at all times be in the form of a separate single fully
registered Bond for each maturity of the Bonds; and for purposes
of complying with this requirement under paragraphs 5 (with
respect to redemption) and 10 (with respect to registration,
transfer and exchange) Authorized Denominations for_any Bond
shall be deemed to be limited during the Book Entry Only Period
to the outstanding principal amount of that Bond.
(ii) Upon initial issuance, ownership of the Bonds shall be
registered in a bond register maintained by Firstar Bank, N.A. in
St. Paul, Minnesota (the "Bond Registrar ") in the name of CEDE &
1196095.1 2
RESOLUTION 2000 -
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
respect to (A) the accuracy of the records of the Depository, the
Nominee or any Participant with respect to any ownership interest
in the Bonds, or (B) the delivery to any Participant, any Owner
or any other person, other than the Depository, of any notice
with respect to the Bonds, including any notice of redemption, or
(C) the payment to any Participant, any Beneficial Owner or any
other person, other than the Depository, of any amount with
respect to the principal of or premium, if any, or interest on
the Bonds, or (D) the consent given or other action taken by the
Depository as the 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 a new Nominee in place of the existing Nominee, and
subject to the transfer provisions in paragraph 10 hereof (with
1196095.1 3
RESOLUTION 2000 -
respect to registration, transfer and exchange), references to
the Nominee hereunder shall refer to such new Nominee.
(vi) So long as any Bond is registered in the name of a Nominee,
all payments with respect to the principal of and premium, if
any, and interest on such Bond and all notices with respect to
such Bond shall be made and given, respectively, by the Bond
Registrar or City, as the case may be, to the Depository as
provided in the Letter of Representations, to the Depository
required by the Depository as a condition to its acting as book
entry Depository for the Bonds (said Letter of Representations,
together with any replacement thereof or amendment or substitute
thereto, including any standard procedures or policies referenced
therein or applicable thereto respecting the procedures and other
matters relating to the Depository's role as book- entry
Depository for the Bonds, collectively hereinafter referred to as
the "Letter of Representations ").
(vii) All transfers of beneficial ownership interests in each
Bond issued in book -entry form shall be limited in principal
amount to Authorized Denominations and shall be effected by
procedures by the Depository with the Participants for recording
and transferring the ownership of beneficial interests in such
Bonds.
(viii) In connection with any notice or other communication to
be provided to the Holders pursuant to this Resolution by the
City or Bond Registrar with respect to any consent -or other
action to be taken by Holders, the Depository shall consider the
date of receipt of notice requesting such consent or other action
as the record date for such consent or other action; provided,
that the City or the Bond Registrar may establish a special
record date for such consent or other action. The City or the
Bond Registrar shall, to the extent possible, give the Depository
notice of such special record date not less than 15 calendar days
in advance of such special record date to the extent possible.
(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.
(x) In the case of a partial prepayment of a Bond, the Holder
may, in lieu of surrendering the Bonds for a Bond of a lesser
denomination as provided in paragraph 5 hereof (with respect to
redemption), make a notation of the reduction in principal amount
on the panel provided on the Bond stating the amount so redeemed.
1196095.1 4
RESOLUTION 2000 -
(c) Termination of Book -Entry Only System Discontinuance of a
particular Depository's services and termination of the book
entry only system may be effected as follows:
(i) The Depository may determine to discontinue providing its
services with respect to the Bonds at any time by giving written
notice to the City and discharging its responsibilities with
respect thereto under applicable law. The City may terminate the
services of the Depository with respect to the Bond if it
determines that the Depository is no longer able to carry out its
functions as securities depository or the continuation of the
system of book -entry transfers through the Depository is not in
the best interests of the City or the Beneficial Owners.
(ii) Upon termination of the services of the Depository as
provided in the preceding paragraph, and if no substitute
securities depository is willing to undertake the functions of
the Depository hereunder can be found which, in the opinion of
the City, is willing and able to assume such functions upon
reasonable or customary terms, or if the City determines that it
is in the best interests of the City or the Beneficial Owners of
the Bond that the Beneficial Owners be able to obtain
certificates for the Bonds, the Bonds shall no longer be
registered as being registered in the bond register in the name
of the Nominee, but may be registered in whatever name or names
the Holder of the Bonds shall designate at that time, in
accordance with paragraph 10 hereof (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 referenced 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 The Bonds shall provide funds to finance water
system improvements (the "Project ") . The total cost of the
Project, which shall include all costs enumerated in Minnesota
Statutes, Section 475.65, is estimated to be at least equal to
1196095.1 5
RESOLUTION 2000 -
the amount of the Bonds. Work on the Project shall proceed with
due diligence to completion.
4_ Interest The Bonds shall bear interest payable
semiannually on February 1 and August 1 of each year commencing
August 1, 2001, calculated on the basis of a 360 -day year of
twelve 30 -day months, at the respective rates per annum set forth
opposite the maturity years as follows:
Maturity Interest
Maturity - Interest
Year Rate
Year Rate
2002 %
2010
2003
2011
2004
2012
2005
2013
2006
2014
2007
2015
2008
2016
2009
5. Redemption All Bonds maturing in the years 2010 through
2016, both inclusive, shall be subject to redemption and
prepayment at the option of the City on February 1, 2009, and on
any date thereafter at a price of par plus accrued interest.
Redemption may in whole or in part of the Bonds subject to
prepayment. If redemption is in part, the City shall determine
the maturities and principal amounts within each maturity to be
prepaid; and if only part of the Bonds having a common maturity
date are called for prepayment, the specific Bonds to be prepaid
shall be chosen by lot by the Bond Registrar. Bonds or portions
thereof called for redemption shall be due and payable on the
redemption date, and interest thereon shall cease to accrue from
and after the redemption date. Mailed notice of redemption shall
be given to the paying agent and to each affected registered
holder of the Bonds.
To effect a partial redemption.of Bonds having a common maturity
date, the Bond Registrar prior to giving notice of redemption`
shall assign to each Bond having a common maturity date a
distinctive number for each $5,000 of the principal amount of
such Bond. The Bond Registrar shall then select by lot, using
such method of selection as it shall deem proper in_its
discretion, from the numbers so assigned to such Bonds, as many
numbers as, at $5,000 for each number, shall equal the principal
amount of such Bonds to be redeemed. The Bonds to be redeemed
shall be the Bonds to which were assigned numbers so selected;
provided, however, that only so much of the principal amount of
each such Bond of a denomination of more than $5,000 shall be
1196095.1 6
RESOLUTION 2000 -
redeemed as shall equal $5,000 for each number assigned to it and
so selected. If a Bond is to be redeemed only in part, it shall
be surrendered to the Bond Registrar (with, if the City or Bond
Registrar so requires, a written instrument of _transfer in form
satisfactory to the City and Bond Registrar duly executed by the
holder thereof or his, her or its attorney duly authorized in
writing) and the City shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any authorized denomination or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered
6. Bond Registrar Firstar Bank, N.A., in St. Paul, Minnesota,
is appointed to act as bond registrar and transfer agent with
respect to the Bonds (the "Bond Registrar "), and shall do so
unless and until a 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 holder) 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 to be issued hereunder, 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:
1196095.1 7
RESOLUTION 2000 -
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF ROSEMOUNT
R- $
GENERAL OBLIGATION WATER
REVENUE BOND, SERIES 2000A
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
September 1, 2000,
REGISTERED OWNER: CEDE & CO.
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, in the manner
hereinafter set forth, the principal amount specified above, on
the maturity date specified above, without option of prepayment,
and to pay interest thereon semiannually on February land August
l of each year (each, an "Interest Payment Date ") , commencing
August 1, 2001, at the rate per annum specified above (calculated
on the basis of a 360 -day year of twelve 30 -day months) until the
principal sum is paid or has been provided for. This Bond will
bear interest from the most recent Interest Payment Date to which
interest has been paid or, if no interest has been paid, from the
date of original issue hereof. The principal of and premium, if
any, on this Bond are payable upon presentation and surrender
hereof at the principal office of the Milwaukee, Wisconsin office
of Firstar Bank, N.A. (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
1196095.1 8
RESOLUTION 2000 -
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
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 water
utility at the times and in amounts necessary to produce net
revenues adequate to pay all principal and interest when due on
the Bonds; 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 amounts sufficient to pay the principal and interest
on the Bonds of this issue as they respectively become due, if
the net revenues from the water utility 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.
1196095.1 9
RESOLUTION 2000 -
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.
Date of Registration: Registrable by: Firstar Bank, N.A.
Payable at: Firstar Bank, N.A.
BOND REGISTRAR'S CITY OF ROSEMOUNT,
CERTIFICATE OF DAKOTA COUNTY, MINNESOTA
AUTHENTICATION
This Bond is one of the
Bonds described in the /s/ Facsimile
Resolution mentioned Mayor
within.
/s/ Facsimile
Firstar Bank, N.A. Clerk
St. Paul, MN
Bond Registrar
By
Authorized Signature
1196095.1 10
RESOLUTION 2000 -
ON REVERSE OF BOND
Redemption All Bonds of this issue (the "Bonds ") maturing in the
years 2010 through 2016, both inclusive, are subject to
redemption and prepayment at the option of the Issuer on
February 1, 2009, and on any date thereafter at a price of par
plus accrued interest. Redemption may be in whole or in part of
the Bonds subject to prepayment. If redemption is in part, the
City shall determine the maturities and principal amount within
each maturity to be prepaid; and if only part of the Bonds having
a common maturity date are called for prepayment, the specific
Bonds to be prepaid shall be chosen by lot by the Bond Registrar.
Bonds or portions thereof called for redemption shall be due and
payable on the redemption date, and interest thereon shall cease
to accrue from and after the redemption date. Mailed notice of
redemption shall be given to the paying agent and to each
affected Holder of the Bonds.
Selection of Bonds for Redemption; Partial Redemption To effect
a partial redemption of Bonds having a common maturity date, the
Bond Registrar shall assign to each Bond having a common maturity
date a distinctive number for each $5,000 of the principal amount
of such Bond. The Bond Registrar shall then select by lot, using
such method of selection as it shall deem proper in its
discretion, from the numbers assigned to the Bonds, as many
numbers as, at $5,000 for each number, shall equal the principal
amount of such Bonds to be redeemed. The Bonds to.be redeemed
shall be the Bonds to which were assigned numbers so selected;
provided, however, that only so much of the principal amount of
such Bond of a denomination of more than $5,000 shall be redeemed
as shall equal $5,000 for each number assigned to it and so
selected. If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Holder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any authorized denomination or denominations, as requested by
such Holder, in aggregate principal amount equal to_and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purpose; General Obligation This Bond is one of an
issue in the total principal amount of $1,160,000, all of like
date of original issue and tenor, except as to number, maturity,
1196095.1 11
RESOLUTION 2000 -
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 on August 15, 2000 (the "Resolution ") , for the
purpose of providing money to finance improvements to the City's
water system. This Bond is payable out of the General Obligation
Water Revenue Bonds, Series 2000A Fund of the Issuer. This Bond
constitutes a general obligation of the Issuer, and to provide
moneys for the prompt and full payment of the 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 Authorized Denominations
(as defined in the Resolution) and are exchangeable for fully
registered Bonds of other Authorized Denominations in equal
aggregate principal amounts at the principal office of the Bond
Registrar, but only in the manner and subject to the limitations
provided in the Resolution. Reference is hereby made to the
Resolution for a description of the rights and duties of the Bond
Registrar. Copies of the Resolution are on file in the principal
office of the Bond Registrar.
Transfer This Bond is transferable by the Holder in person or
by his, her or its attorney duly authorized in writing at the
principal office of the Bond Registrar upon presentation and
surrender hereof to the Bond Registrar, all subject to the terms
and conditions provided in the Resolution and to reasonable
regulations of the Issuer contained in any agreemerit 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 provided on the reverse side hereof with
respect to the Record Date) and for all other purposes, whether
1196095..1 12
RESOLUTION 2000 -
or not this Bond shall be overdue, and neither the Issuer nor the
Bond Registrar shall be affected by notice to the contrary.
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.
Designated as Oualified Tax- Exempt Obligations The Bonds have
been designated by the Issuer as "qualified tax- exempt
obligations" for purposes of Section 265(b) (3) of the Internal
Revenue Code of 1986, as amended.
1196095.1
13
RESOLUTION 2000 -
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.
1196095.1
14
RESOLUTION 2000 -
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:
Signatures) 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.)
1196095.1 15
RESOLUTION 2000 -
[Use only for Bonds when they are
Registered in Book Entry Only System]
PREPAYMENT SCHEDULE
This Bond has been prepaid in part on the date (s) and
in the amount (s) as follows:
Authorized Signature
D ate Amount of Holder
1196095.1
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RESOLUTION 2000 -
8. Execution; Bonds The Bonds shall be printed (or,
at the request of the Purchaser, typewritten) shall be executed
on behalf of the City by the signatures of its Mayor and Clerk
and be sealed with the seal of the City; provided, however, that
the seal of the City may be a printed (or, at the request of the
Purchaser, photocopied) facsimile; and provided further that both
of such signatures may be printed (or, at the request of the
Purchaser, photocopied) facsimiles and the corporate seal may be
omitted on the Bonds as permitted by law. In the event of
disability or resignation or other absence of either such
officer, the Bonds may be signed by the manual or facsimile
signature of that officer who may act on behalf of such absent or
disabled officer. In case either such officer whose signature or
facsimile of whose signature shall appear on the Bonds shall
cease to be such officer before the delivery of the Bonds, such
signature or facsimile shall nevertheless be valid and sufficient
for all purposes, the same as if he or she had remained in office
until delivery. The City may elect to deliver, in lieu of
printed definitive bonds, one or more typewritten temporary bonds
in substantially the form set forth above, with such changes as
may be necessary to reflect more than one maturity in a single
temporary bond. The 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 canceled.
9. Authentication No Bond shall be valid or obligatory for
any purpose or be entitled to any security or benefit under this
resolution unless a Certificate of Authentication on such Bond,
substantially in the form hereinabove set forth, shall have been
duly executed by an authorized representative of the Bond
Registrar. Certificates of Authentication on different Bonds
need not be signed by the same person. The Bond Registrar shall
authenticate the signatures of officers of the City on each Bond
by execution of the Certificate of Authentication on the Bond and
by inserting the date of authentication in the space provided,
except that for purposes of the Bonds delivered to the Purchaser,
the Bond Registrar shall insert as a date of authentication the
date of original issue,.which date is September 1, 2000 The
executed Certificate of Authentication 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
1196095.1 17
RESOLUTION 2000 -
of Bonds entitled to be registered or transferred as herein
provided.
Upon surrender f or. 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) 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 authentication of, and deliver
the Bonds which the holder making the exchange is entitled to
receive.
All Bonds surrendered upon any exchange or transfer provided for
in this resolution shall be promptly canceled by the Bond
Registrar and thereafter disposed of as directed by the City.
All Bonds delivered in exchange for or upon transfer of Bonds
shall be valid general obligations of the City evidencing the
same debt, and entitled to the same benefits under this
resolution, as the Bonds surrendered for such exchange or
transfer.
Every Bond presented or surrendered for transfer or exchange
shall be duly endorsed or be accompanied by a written instrument
of transfer, in form satisfactory to the Bond Registrar, duly
executed by the holder thereof or his 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
Issuer contained in any agreement with the Bond Registrar,
1196095.1 18
RESOLUTION 2000 -
including regulations which permit the Bond Registrar to close
its transfer books between record dates and payment dates.
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 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 10 above with respect to
registration, transfer and exchange) 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 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.
15. Fund and Accounts There is hereby established a special
fund to be designated "General Obligation Water Revenue Bonds,
Series 2000A Fund" (the "Fund ") to be held and administered by
the City Finance Director separate and apart from all other funds
of the City. The Fund shall be maintained in the manner herein
specified until all of the Bonds and the interest thereon have
been fully paid. There shall be maintained in the Fund two
1196095.1 19
RESOLUTION 2000 -
separate accounts to be designated the "Construction Account" and
the "Debt Service Account," respectively.
(i) Construction Account To the Construction Account there`
shall be credited the proceeds of the sale of the Bonds, less
accrued interest received thereon, and less any amount paid for
the Bonds in excess of $1,145,500. From the Construction Account
shall be paid all costs and expenses of the Project, including
the cost of construction contracts heretofore let or to be let
and all other costs incurred and to be incurred of the kind
authorized in Minnesota Statutes, Section 475.65. Any balance
remaining in the fund after completion of the costs shall be
transferred to the Debt Service Account.
(ii) Debt Service Account There is hereby pledged and there
shall be credited to the Debt Service Account: (a) the net
revenues of the water utility not otherwise pledged and applied
to the payment of other obligations of the City, in an amount,
together with other funds which may herein or hereafter from time
to time be irrevocably appropriated to the account sufficient to
meet the requirements of Minnesota Statutes, Section 475.61 for
the payment of the principal and interest of this issue; (b) all
accrued interest received upon delivery of the Bonds; (c) all
funds paid for the Bonds in excess of $1,145,500; (d) all collec-
tions of taxes which may hereafter be levied in the event that
net revenues and other funds herein pledged to the payment of the
principal and interest of the Bonds of this issue are
insufficient therefore; (e) all funds remaining in, the
Construction Account after completion of the Project and payment
of the costs thereof (f) all investment earnings on funds held
in the Debt Service Account; and (g) any and all other moneys
which are properly available and are appropriated by the
governing body of the City to the Debt Service Account. The Debt
Service Account shall be used solely to pay the principal and
interest and any premiums for redemption of the Bonds and any
other general obligation bonds of the City hereafter issued by
the City and made payable from said account as provided by law.
No portion of the proceeds of the Bonds shall be used directly or
indirectly to acquire higher yielding investments or to replace
funds which were used directly or indirectly to acquire higher
yielding investments, except (1) for a reasonable temporary
period until such proceeds are needed for the purpose for which
the Bonds were issued, and (2) in addition to the above in an
amount not greater than the lesser of five percent (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
Construction Account or Debt Service Account (or any other City
account which will be used to pay principal or interest to become
1196095.1 20
RESOLUTION 2000 -
due on the bonds payable therefrom) in excess of amounts which
under the applicable federal arbitrage regulations may
invested without regard to yield shall not be invested at a yield
in excess of the applicable yield restrictions imposed by said
arbitrage regulations on such investments after taking into
account any applicable "temporary periods" or "minor portion"
made available under the federal arbitrage regulations. Money in
the 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 federal 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 water utility are
sufficient in amount to pay when due the principal of and
interest on the Bonds herein authorized, and the net revenues of
the water utility are hereby pledged for the payment of the Bonds
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 water utility 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 water utility will be sufficient in
addition to all other sources, for the payment of the Bonds
herein authorized, and such additional obligations 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 Char
Minnesota Statutes, Section 444.075, the
and agrees with the holders of the Bonds
collect charges for the service, use, ay.
to the water utility at the times and in
produce net revenues adequate to pay all
when due on the Bonds.
des In accordance with
City hereby covenants
that it will impose and
ailability and connection
the amounts required to
principal and interest
18. General Obligation Pledge For the prompt and full payment
of the principal and interest on the Bonds, as the same
respectively become due, the full faith, credit and taxing powers
of the City shall be and are irrevocably pledged. If the net
revenues of the water utility appropriated and pledged to the
payment of principal and interest on the Bonds, together with
other funds irrevocably appropriated to the Debt Service Account
1196095.1 21
RESOLUTION 2000 -
herein established, shall at any time be insufficient to pay such
principal and interest when due, the City covenants and agrees to
levy, without limitation as to rate or amount an ad valorem tax
upon all taxable property in the City sufficient to pay such
principal and interest as it becomes due. If the balance in the
Debt Service Account is ever insufficient to pay all principal
and interest then due on the Bonds payable therefrom, the
deficiency shall be promptly paid out of any other accounts of
the City which are available for such purpose, and such other
funds may be reimbursed without interest from the Debt Service
Account when a sufficient balance is available therein.
19. Coverage Test The net revenues are such that if collected
in full they, together with all other funds herein pledged for
the payment of the Bonds, will produce at least five percent (5 %)
in excess of the amount needed to meet when due the principal and
interest payments on the Bonds.
20. Certificate of Registration The Clerk is hereby directed
to file a certified copy of this resolution with the County
Public Service and Revenues Division Director of Dakota County,
Minnesota, together with such other information as he or she
shall require, and to obtain the County Public Service and
Revenue Division Director's certificate that the Bonds have been
entered in the County Public Service and Revenues Division
Director's Bond Register.
21. 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, certified copies of all proceedings and records of the
City relating to the Bonds and to the financial condition and
affairs of the City, and such other affidavits, certificates and
information as are required to show the facts relating to the
legality and marketability of the Bonds as the same appear from
the books and records under their custody and control or as
otherwise known to them, and all such certified copies,
certificates and affidavits, including any heretofore furnished,
shall be deemed representations of the City as to the facts
recited therein
22. Tax- Exempt Status of the Bonds: Rebate The City shall
comply with requirements necessary under the Code to establish
and maintain the exclusion from gross income under Section 103 of
the Code of the interest on the Bonds, including without
limitation (1) requirements relating to temporary periods for
investments, (2) limitations on amounts invested at a yield
greater than the yield on the Bonds, and (3) the rebate of excess
investment earnings to the United States if the Bonds (together
1196095.1 22
RESOLUTION 2000 -
with other obligations reasonably expected to be issued and
outstanding at one time in this calendar year) exceed the small -
issuer exception amount of $5,000,000.
For purposes of qualifying for the exception to the federal
arbitrage rebate requirements for governmental units issuing
$5,000,000 or less of bonds, the City hereby finds, determines
and declares that (1) the Bonds are issued by a governmental unit
with general taxing powers, (2) no Bond is a private activity
bond, (3) ninety -five percent (95 %) or more of the net proceeds
of the Bonds are to be used for local governmental activities of
the City (or of a governmental unit the jurisdiction of which is
entirely within the jurisdiction of the City) , and (4) the
aggregate face amount of all tax- exempt bonds (other than private
activity bonds) issued by the City (and all subordinate entities
thereof, and all entities treated as one issuer with the City)
during the calendar year in which the Bonds are issued and
outstanding at one time is not reasonably expected to exceed
$5,000,000, all within the meaning of Section 148(f) (4) (D) of the
Code.
23. Cgmpliance with Reimbursement Bond Regulations The
provisions of this paragraph are intended to establish and
provide for the City's compliance with United States Treasury
Regulations Section 1.150 -2 (the "Reimbursement Regulations ")
applicable to the "reimbursement proceeds" of the Bonds, being
those portions thereof which will be used by the City to
reimburse itself for any expenditure which the City paid or will
have paid prior to the Closing Date (a "Reimbursement
Expenditure ")
The City hereby certifies and /or covenants as follows:
(a) Not later than 60 days after the date of payment of a
Reimbursement Expenditure, the City (or person designated to do
so on behalf of the City) has made or will have made a written
declaration of the City's official intent (a "Declaration ") which
effectively (i) states the City's reasonable expectation to
reimburse itself for the payment of the Reimbursement.Expenditure
out of the proceeds of a subsequent borrowing; (ii) gives a
general and functional description of the property, project or
program to which the Declaration relates and for which the
Reimbursement Expenditure is paid, or identifies a specific fund
or account of the City and the general functional purpose thereof
from which the Reimbursement - Expenditure was to be paid
(collectively the "Project "); and (iii) states the maximum
principal amount of debt expected to be issued by the City for
the purpose of financing the Project; provided, however, that no
such Declaration shall necessarily have been made with respect
1196095.1 23
RESOLUTION 2000
to: (i) "preliminary expenditures" for the Project, defined in
the Reimbursement Regulations to include engineering or
architectural, surveying and soil testing expenses and similar
prefatory costs, which in the aggregate do not exceed 20% of the
"issue price" of the Bonds, and (ii) a de minimis amount of
Reimbursement Expenditures not in excess of the lesser of
$100,000 or 5% of the proceeds of the Bonds. Notwithstanding the
foregoing, with respect to any Declaration made by the City
between January 27, 1992 and June 30, 1993, with respect to a
Reimbursement Expenditure made prior to March 2, 1992, the City
hereby represents that there exists objective evidence, that at
the time the Expenditure was paid the City expected to reimburse
the cost thereof with the proceeds of a borrowing (taxable or
tax - exempt) and that expectation was reasonable.
(b) Each Reimbursement Expenditure is a capital expenditure or a
cost of issuance of the Bonds or any of the other types of
expenditures described in Section 1.150- 2(d)(3) of the
Reimbursement Regulations.
(c) The "reimbursement allocation" described in the
Reimbursement Regulations for each Reimbursement Expenditure
shall and will be made forthwith following (but not prior to) the
issuance of the Bonds and in all events within the period ending
on the date which is the later of three years after payment of
the Reimbursement Expenditure or one year after the date on which
the Project to which the Reimbursement Expenditure relates is
first placed in service.
(d) Each such reimbursement allocation will be made in a writing
that evidences the City's use of Bond proceeds to reimburse the
Reimbursement Expenditure and, if made within 30 days after the
Bonds are issued, shall be treated as made on the day the Bonds
are issued.
Provided, however, that the City may take action contrary to any
of the foregoing covenants in this paragraph 23 upon receipt of
an opinion of its Bond Counsel for the Bonds stating in effect
that such action will not impair the tax - exempt status of the
Bonds.
24. Designation as Qualified Tax - Exempt obligations In order
to qualify the Bonds as "qualified tax- exempt obligations" within
the meaning of Section 265(b)(3) of the Code, the City hereby
makes the following factual statements and representations:
(a) the Bonds are issued after August 7, 1986;
1196095.1 24
RESOLUTION 2000 -
(b) the Bonds are not "private activity bonds" as defined in
Section 141 of the Code;
(c) the City hereby, designates the Bonds as "qualified
tax- exempt obligations" for purposes of Section 265(b) (3) of the
Code;
(d) the reasonably anticipated amount of tax - exempt obligations
(other than private activity bonds, treating qualified 501(c) (3)
bonds as not being private activity bonds) 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 2000 will not
exceed $10,000,000; and
(e) not more than $10,000,000 of obligations issued by the City
during this calendar year 2000 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.
25. Continuing Disclosure
(a) The City is the sole obligated person with respect to the
Bonds. The City hereby agrees, in accordance with the provisions
of Rule 15c2 -12 (the "Rule "), promulgated by the Securities and
Exchange Commission (the "Commission ") pursuant to Securities
Exchange Act of 1934, as amended, and a Continuing "Disclosure
Undertaking ( the "Undertaking ") hereinafter described to:
(1) Provide or cause to be provided, in a timely manner, to (i)
each nationally recognized municipal securities information
repository ("NRMSIR") or to the Municipal Securities Rulemaking
Board ("MSRB") and (ii) the state information depository (the
"SID ") , if any, notice of the occurrence of certain material
events with respect to the Bonds in accordance with the
Undertaking.
(2) The City agrees that its covenants pursuant to the Rule set
forth in this paragraph and in the Undertaking are intended to be
for the benefit of the holders and any other beneficial owners of
the Bonds and shall be enforceable on behalf of such holders and
beneficial owners; provided that the right to enforce the
provisions of these covenants shall be limited to a right to
obtain specific enforcement of the City's obligations under the
covenants.
1196095.1 25
RESOLUTION 2000 -
(a) The Mayor and Clerk of the City, or any other officer of the
City authorized to act in their place, (the "Officers ") are
hereby authorized and directed to execute on behalf of the City
the Undertaking in substantially the form presented to the
Council, subject to such modifications thereof or additions
thereto as are (i) consistent with the requirements under the
Rule, (ii) required by the purchaser of the Bonds and (iii)
acceptable to the Officers.
26. 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 depositing irrevocably in escrow, with
a suitable banking institution qualified by 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 provideZ for, to such
earlier redemption date.
27. SeverabilitX 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.
1196095.1 26
ADOPTED this 15th day of August, 2000.
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 15
day of August, 2000, as disclosed by the records of said City in
my possession.
(SEAL)
Linda J. Jentink, Rosemount City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against:
Members Absent:
1196095.1
OFFICIAL STATEMENT DATED AUGUST 1, 2000
I
a�
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 eamings. 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.
$1,160,000
City of Rosemount, Minnesota
General Obligation Water Revenue Bonds, Series 2000A
(the "Water Revenue Bonds ")
$1,750,000
Rosemount Port Authority, Minnesota
General Obligation Bonds, Series 2000B
(the "Port Authority Bonds ")
(collectively referred to as the "Bonds" or the "Issues ")
(Book Entry Only)
Dated Date: September 1, 2000 Interest Due: Each February 1 and August 1,
The Water Revenue Bonds will mature February 1 as follows: commencing August 1, 2001.
2002 $30,000 2005 $65,000 2008 $75,000 2011 $85,000 2014 $100,000
2003 $55,000 2006 $65,000 2009 $75,000 2012 $90,000 2015 $105,000
2004 $60,000 2007 $70,000 2010 $80,000 2013 $95,000 2016 $110,000
The City may elect on February 1, 2009, and on any day thereafter, to prepay the Water Revenue Bonds due on or after
February 1, 2010, at a price of par plus accrued interest.
The Port Authority Bonds will mature February 1 as follows:
2002 $110,000 2004 $155,000 2006 $170,000 2008 $190,000 2010 $210,000
2003 $150,000 2005 $165,000 2007 $180,000 2009 $200,000 2011 $220,000
The Authority may elect on February 1, 2009, and on any day thereafter, to prepay the Port Authority Bonds due on or
after February 1, 2010, at price of par plus accrued interest.
Common to Both Issues
The Bonds are general obligations of the City for which the City pledges its full faith and credit and power to levy direct
general ad valorem taxes. Additional sources of security for the Bonds are discussed herein.
A separate proposal must be submitted for each Issue, along with a certified or cashier's check or a Financial Surety Bond,
for not less than the amounts shown below. Proposals shall specify rates in integral multiples of 5/100 or 1/8 of 1 %. Rates
must be in level or ascending order. Award will be made on the basis of True Interest Cost (TIC).
Minimum Bid Good Faith Deposit
Water Revenue Bonds $1,145,500 $11,600
Port Authority Bonds $1,732,500 $17,500
The Bonds will be bank - qualified tax - exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of
1986, as amended, and will not be subject to the alternative minimum tax for individuals.
The Bonds will be issued as fully registered Bonds without coupons and, when issued, will be registered in the name of
Cede & Co., as nominee of The Depository Trust Company ( "DTC "). DTC will act as securities depository of the Bonds.
Individual purchases may be made in book -entry form only, in the principal amount of $5,000 and integral multiples
thereof. Purchasers will not receive certificates representing their interest in the Bonds purchased. (See "Book Entry
System" herein.) Firstar Bank, N.A. will serve as Registrar. Bonds will be available for delivery at DTC within 40 days
after award.
PROPOSALS RECEIVED: August 15, 2000 (Tuesday) until 11:00 A.M., Central Time
CITY AWARD: August 15, 2000 (Tuesday) at 7:30 P.M., Central. Time
PORT AUTHORITY AWARD: August 15, 2000 (Tuesday) at 6 :00 P.M., Central Time
SPRINGSTED
Public Finance Advisors
Further information may be obtained from SPRINGSTED
Incorporated, Financial Advisor to the issuer, 85 East
Seventh Place, Suite 100, Saint Paul, Minnesota 55101 -2887
(651) 223 -3000
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.
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TABLE OF CONTENTS
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Terms of Proposal
$1,160,000 General Obligation Water Revenue Bonds, Series 2000A ........................ i -iv
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$1,750,000 General Obligation Bonds, Series 2000B ................... "'
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Introductory Statement 1
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C ontinuing Disclosure........ ................................................................. ...............................
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The Water Revenue Bonds ........................ ...............................
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The Port Authority Bonds.
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Future Financing
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Litigation .............................. ...............................
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Legality .............................................................................................. ...............................
6
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Tax Exemption ................................................................................... ...............................
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Other Federal Tax Considerations
7
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Bank - Qualified Tax - Exempt Obligations ................ .................. .... .................
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Ratings .................................._................... ............................... .... ........................
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Financial Advisor ...............................................................................
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City.. Property Values
CityIndebtedness ............................................................................. ...............................
10 -14
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City Tax Rates, Levies and Collections ..............................................
15
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Funds on Hand ..................................................................................
16
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City Investments ...................................................................... .........................._.... ..........
16 -17
G eneral Information Concerning the City ..................................... ...............................
G overnmental Organization and Services ........................................... ..............................
- 21 -23
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The Port Authority....._ .............. ............................... ......... ............................ ..... L_...._....
.... 23 -24
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Proposed Form of Legal Opinions ......................
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Appendix
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Continuing Disclosure Undertakings .............
Appendix endix II
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Summary of Tax Levies, Payment Provisions, and
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Minnesota Real Property Valuation
Appendix III
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Annual Financial Statements
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CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES
AND CHA14GES 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
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
$
959,190
$ 1,724,460
$
765,270
$ 5,722,322
$ 6,836,479
$
1,114,157
EXPENDITURES:
General government
$ 1,108,800
$ 1,227,824
$
(121,724)
$
8,760
$ 7,800
$
(750)
$ 1,112,550
$ 1,235,024
$
(122,474)
Public safety
1,357,742
1,442,852
(84,910)
0
,
0
0
1,357,742
1,442,862
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)
$
(786,356)
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
s
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 REVfNl1F FUNDS
0
607,127
607,127
ENDING FUND BALANCE
$ 2,438,384
$ 1,810,949
$ 4,249,333
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r OF ROSEMOUNT MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES AND DISCRETELY PRESENTED COMPONENT UNITS
YEAR ENDED DECEMBER 31,1997
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
$
2,468,585
$ 720,800
$ 404,771
$
-
$ 3,594,156
$
288,009
$ 3,882,165
Municipal state aid (MSA)
-
-
88,150
-
88,150
-
88,150
Tax increments
-
_
-
_
-
437,743
437,743
Licenses and permits
259,010
-
-
259,010
-
259,010
Intergovernmental
1,240,069
36,930
-
-
1,276,999
-
1,276,999
Charges for services
480,656
190,826
-
-
671,481
-
671,481
Fines and forfeitures
113,972
-
-
-
113,972
-
113,972
Special assessments
3,968
68
92,0181
803,
129,820
1,029,037
-
1,029,037
Interest earnings
49,478
69,854
234,843
70,519
424,694
63,241
487,935
Net increase in the fair value of investments
2,890
3,724
9,160
-
15,774
-
15,774
Miscellaneous
239,353
196,052
85,893
521,298
68,219
589,517
TOTAL REVENUE
$
4,857,981
$ 1,310,254
$ 1,540,105
$
286,232
$ 7,994,571
$
857,212
$ 8,851,783
EXPENDITURES:
Current;
General government
$
1,002,645
$ 282,403
$ -
$
-
$ 1,285,048
$
211,693
$ 1,496,741
Public safety
1,398,159
-
-
-
1,398,159
-
1,398,159
Public works
1,409,227
-
-
2,780,938
4,190,164
-
4,190,164
C Park and recreation
572,489
-
-
572,489
-
572,489
4 Capital outlay
-
461,835
-
461,835
64,906
526,741
Other
-
-
-
144,589
144,589
144,589
Debt service:
Redemption of bonds
-
-
1,335,000
1,335,000
350,000
1,685,000
Interest on bonds
-
-
571,832
-
571,832
195,446
767,278
Fiscal agent fees
-
-
17,648
17,648
1,578
19,226
TOTAL EXPENDITURES
$
4,382,520
$ 744,237
$ 1,924,480
$
2,925,527
$ 9,976,763
$
823,623
$ 10,800,386
EXCESS (DEFICIENCY) OF REVENUE OVER
EXPENDITURES
$
475,461
$ 566,016
$ (384,374)
$ (2,639,295) $ (1,982,192)
$
33,589
$ (1,948,603)
OTHER FINANCING SOURCES (USES):
Proceeds from the sale of bonds
$
-
$ -
$ 283,621
$
4,082,355
$ 4,365,976
$
-
$ 4,365,976
Operating transfers in
3,500
-
60,100
1,647,492
1,711,092
321,143
2,032,235
Operating transfers out
(130,400)
(496,809)
-
(779,245) (1,406,454)
(321,143)
(1,727,597)
TOTAL OTHER SOURCES (USES)
$
(126,900)
$ (496,809)
$ 343,721
$
4,950,602
$ 4,670,614
$
-
$ 4,670,614
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
$
348,561
$ 69,207
$ (40,653)
$
2,311,307
$ 2,688,422
$
33,589
$ 2,722,011
BEGINNING FUND BALANCE
1,583,357
1,362,379
5,482,909
(622,275)
7,806,370
790,743
8,597,113
Prior period adjustment
(2,937)
(489)
2,529
1,521,799
1,520,902
-
1,520,902
BEGINNING FUND BALANCE, as restated
1,580,420
1,361,890
5,485,438
899,524
9,327,272
790,743
10,118,015
RESIDUAL EQUITY TRANSFERS IN (OUT)
-
6,597
604,986
(964,346) (352,764)
247,149
(105,615)
ENDING FUND BALANCE
$
1,928,981
$ 1,437,694
$ 6,049,770
$
2,246,485•
$ 11,662,930
$
1,071,481
$ 12,734,411
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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 31,1999
TOTAL
TOTAL
PRIMARY
COMPONENT
REPORTING
ALL GOVERNMENTAL FUND TYPES
GOVERNMENT
UNIT ENTITY
SPECIAL
DEBT
CAPITAL
(MEMORANDUM
(PORT (MEMORANDUM
GENERAL
REVENUE
SERVICE
PROJECTS
(ONLY)
AUTHORITY) ONLY)
REVENUE:
General property taxes
$ 2,626,865
$ 860,800
$ 600,119
$
$ 4,087,784
$
292,427 $ 4,380,211
Municipal state aid (MSA)
580,055
87,090
667,145
- 667,145
Tax increments
-
449,519 449,519
Licenses and permits
623,463
-
623,463
- 623,463
Intergovernmental
1,318,131
12,959
1,331,090
- 1,331,090
Charges for services
486,379
111,835
-
598,214
- 598,214
Fines and forfeitures
91,441
-
-
91,441
91,441
Special assessments
-
66,154
3,352,676
260,265
3,679,095
3,679,095
Interest earnings
85,005
80,891
288,895
124,789
579,580
203,923 783,503
Net increase (decrease) in the fair value of investments
(31,095)
(23,544)
(27,021)
(81,660)
(9,938) (91,598)
Miscellaneous
271,466
285.345
284,699
841,510
130,052 971,562
TOTAL REVENUE
$ 5,471,655
$ 1,974,495
$ 4,301,760
$ 669,753
$ 12,417,663
$
1,065,982 $ 13,483,645
EXPENDITURES:
Current:
General government
$ 1,137,113
$ 23,230
$
$
$ 1,160,343
$
79,495 $ 1,239,838
Public safety
1,495,469
-
1,495,469
- 1,495,469
Public works
1,598,280
6,614,487
8,212,767
8,212,767
Park and recreation
628,144
-
-
628,144
628,144
Lease Payments
-
171,547
171,547
- 171,547
Capital outlay
635,516
635,516
71,712 707,228
Other
-
214,263
214,263
214,263
Debt service:
Redemption of bonds
1,285,000
-
1,285,000
455,000 1 ,740,000
Interest on bonds
884,371
884,371
404,254 1,288,625
Fiscal agent fees
-
-
4,495
4,495
1,801 6,296
TOTAL EXPENDITURES
$ 4,859,006
$ 830,293
$ 2,173,866
$ 6,828,750
3 14,691,915
$
1,012,261 $ 15,704,177
EXCESS OF REVENUE OVER
EXPENDITURES
$ 612,649
$ 1,144,202
$ 2.127,893
$ (6,158,997)
$ (2,274,253)
$
53,721 $ (2,220,532)
OTHER FINANCING SOURCES (USES):
Proceeds from the sale of bonds
$ -
$ -
$ 451,189
$ 7,592,846
$ 8,044,035
$
$ 8,044,035
Operating transfers in
3,500
60,100
833,029
896,629
311,644 1,208,273
Operating transfers out
-
(643,893)
(123,871)
(767,764)
(131,716) (899,480)
TOTAL OTHER SOURCES (USES)
$ 3,500
$ (643,893)
$ 511,289
$ 8.302,005
$ 8,172,901
$
179,928 $ 8,352,828
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
$ 616,149
$ 500,308
$ 2,639,181
$ 2,143,009
$ 5,898,647
$
233,649 $ 6,132,296
BEGINNING FUND BALANCE
2,438,384
1,810,948
7,567,127
1,654,565
13,471,024
3,694,978 17,166,002
RESIDUAL EQUITY TRANSFERS IN (OUT)
-
(167,787)
991,877
(824,090)
- -
ENDING FUND BALANCE
$ 3,054,533
$ 2,143,468
$ 11,198,187
$ 2,973,487
$ 19,369,671
$
3,928,628 $ 23,298,298
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THE AUTHORITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO 'NEGOTIATE
THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING
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ROSEMOUNT PORT AUTHORITY, MINNESOTA
GENERAL OBLIGATION BONDS, SERIES 2000B
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(BOOK ENTRY ONLY)
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Proposals for the Bonds will be received on Tuesday, August 15, 2000, until 11:00 A.M.,
^
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Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
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Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
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of the Bonds will be by the Authority Board of Commissioners at 6:00 P.M., Central Time, of the
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same day.
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SUBMISSION OF PROPOSALS
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Proposals may be submitted in a sealed envelope or by fax (651) 223 -3002 to Springsted.
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Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the
time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal
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price and coupons, by telephone (651) 223 - 3000 or fax (651) 223 -3002 for inclusion in the
submitted Proposal. Springsted will assume no liability for the inability of the bidder to reach
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Springsted prior to the time of sale specified above. All bidders are advised that each Proposal
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shall be deemed to constitute a contract between the bidder and the Authority to purchase the
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Bonds regardless of the manner of the Proposal submitted.
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DETAILS OF THE BONDS
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The Bonds will be dated September 1, 2000, as the date of original issue, and will bear interest
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$
payable on February 1 and August 1 of each year, commencing August 1, 2001. Interest will
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be computed on the basis of a 360 -day year of twelve 30 -day months.
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The Bonds will mature February 1 in the years and amounts as follows:
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2002: $110,000 2006 $170,000 2009 $200,000
2003 $150,000 2007 $180,000 2010 $210,000
2004 $155,000 2008 $190,000 2011 $220,000
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2005 $165,000
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BOOK ENTRY SYSTEM
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The Bonds will be issued by means of a book entry system with no physical distribution of
Bonds made to the public. The Bonds will be issued in fully registered form and one Bond,
representing the aggregate principal amount of the Bonds maturing in each year, will be
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registered in the name of Cede & Co. as nominee of The Depository Trust Company ( "DTC "),
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New York, New York, which will act as securities depository of the Bonds. Individual purchases
of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single
maturity through book entries made on the books and records of DTC and its participants.
Principal and interest are payable by the registrar to DTC or its nominee as registered owner of
= $ s
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the Bonds. Transfer of principal and interest payments to participants of DTC will be the
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responsibility of DTC transfer of principal and interest payments to beneficial owners by
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participants will be the responsibility of such participants and other nominees of beneficial
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owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the
Bonds with DTC.
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CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES, ACCOUNT GROUPS AND "DISCRETELY PRESENTED COMPONENT UNITS
DECEMBER 31,1998
X
M
G)
LIABILITIES:
Accounts payable
Compensated absences payable
Accrued expenditures
Accrued interest
Contracts payable
Due to other funds
Deposits payable
Deferred revenue
Capital leases payable
Bonds payable
TOTAL LIABILITIES
EQUITY AND OTHER CREDITS:
Investment in general fixed assets
Contributed capital
Retained earnings
Fund balancer
Reserved for capital projects
Reserved for special projects
Reserved for debt service
Reserved for encumbrances
Unreserved - designated for working capital
Unreserved - undesignated
TOTAL EQUITY AND OTHER CREDITS
TOTAL LIABILITIES, EQUITY AND OTHEI<
CREDITS
$ 181,161 S
550
$ 0
$ 71,249
$ 11,562 $
PROPRIETARY
FIDUCIARY
$ 0
S 0 $
TOTAL
667 $
TOTAL
0
GOVERNMENTAL FUND TYPES
0
FUND TYPES
FUND TYPE ACCOUNT GROUPS
PRIMARY
COMPONENT
REPORTING
322,478
359,243
0
359,243
42,445
0
0
0
GENERAL
GENERAL
GOVERNMENT
UNIT
ENTITY
53,100
0-
SPECIAL
DEBT
CAPITAL
0
INTERNAL
77,692
FIXED
LONG -TERM
(MEMORANDUM
PORT
(MEMORANDUM
0
GENERAL
REVENUE
SERVICE
PROJECTS
ENTERPRISE
SERVICE
AGENCY
ASSETS
DEBT
ONLY)
AUTHORITY
ONLY
ASSETS AND OTHER DEBTS
0
0
0
288,743
0
0
0
0
0
288,743
0
288,743
ASSETS:
0
0
0
0
0
0
0
0
34,640
5,215
39,855
38,497
Cash and investments
$ 2,439,786
$ 1,806,743
$ 7,192,724
$ 2,258,841
$ 6,347,696
$ 307,392
$ 33,845
$ 0
$ 0
$ 20,387;026
S 1,338,854
$ 21,725,880
Investment with fiscal agent
0
0
0
0
0
0
0
0
0
0
2,335,545
2,335,545
Accounts receivable
0
4,724
3,949
0
460,129
28,429
0
0
0
497,231
0
497,231
Property taxes receivable
275,472
0
0
0
0
0
0
0
0
275,472
10,689
286,161
Special assessments receivable
555
80,999
3,306,372
0-
228,428
0
0
0
0
3,616,355
126,459
3,742,814
Due from other funds
0
0
0
288,743
0
0
0
0
0
288,743
0
288,743
Due from other governments
19,314
0
0
0
50,434
0
0
0
0
69,748
0
69,748
Prepaid items
0
0
0
0
71,703
131,060
0
0
0
202,764
4,573
207,336
Notes receivable
0
0
0
0
0
0
0
0
0
0
1,413,432
1,413,432
Net fixed assets
0
0
0
0
47,939,081
0
0
10,872,961
0
58,812,042
284,615
59.096,657
OTHER DEBITS:
136,643
0
0
0
0
0
0
0
0
136,643
0
136,643
Amount available in debt service funds
0
0
0
0
0
0
0
0
7,567,127
7,567,127
3,444,084
11,011,211
Amount to be provided for debt retirement
0
0
0
0
0
0
0
0
12,5 96,722
12,596,722
1,625,916
14,222,638
TOTAL ASSETS AND OTHER DEBITS
$ 2,735,127
$ 1,892,466
S 10,503,045
$ 2,547,584
$ 55,097,470
$ 466,882
$ 33,845
_$ 10,872,961_
$ 20,163,849
1 04,313,229
$ 10,584,167
$ 114,897,396
W LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES:
Accounts payable
Compensated absences payable
Accrued expenditures
Accrued interest
Contracts payable
Due to other funds
Deposits payable
Deferred revenue
Capital leases payable
Bonds payable
TOTAL LIABILITIES
EQUITY AND OTHER CREDITS:
Investment in general fixed assets
Contributed capital
Retained earnings
Fund balancer
Reserved for capital projects
Reserved for special projects
Reserved for debt service
Reserved for encumbrances
Unreserved - designated for working capital
Unreserved - undesignated
TOTAL EQUITY AND OTHER CREDITS
TOTAL LIABILITIES, EQUITY AND OTHEI<
CREDITS
$ 181,161 S
550
$ 0
$ 71,249
$ 11,562 $
0 $
33,845
$ 0
S 0 $
298,368 $
667 $
299,034
0
0
0
0
36,765
0
0
0
322,478
359,243
0
359,243
42,445
0
0
0
10,655
0
0
0
0
53,100
0-
53,100
0
0
0
0
77,692
0
0
0
0
77,692
0
77,692
0
0
0
333,012
2,528
0
0
0
0
335,541
0
335,541
0
0
0
288,743
0
0
0
0
0
288,743
0
288,743
34,640
0
0
0
0
0
0
0
0
34,640
5,215
39,855
38,497
80,967
2,935,917
200,015
224,658
0
0
0
0
3,480,054
1,528,691
5,008,746
0
0
0
0
0
0
0
0
751,371
751,371
0
751;371
0
0
0
0
5,952,726
0
0
0
19,090,000
25,042,726
5,070,000
30,112,726
$ 296,743 $
81,517
$ 2,935,917
$ 893,019
$ 6,316,586 $
0 $
33,845
$ 0
$ 20,163,849 $
30,721,477 $
6,604,573 $
37,326,051
$ 0 $
0
$ 0
$ 0
$ 0 $
0 $
0
$ 10,872,961
$ 0 $
10,872,961 $
284,615 $
11,157,576
0
0
0
0
40,616,433
0
0
0
0
40,616,433
0
40,616,433
0
0
0
0
8,164,450
466,882
0
0
0
8,631,332
0
8,631,332
0
0
0
2,045,623
0.
0
0
0
0
2,045,623
0
2,045,623
0
76,520
0
0
0
0
0
0
0
76,520
4,573
81,093
0
0
7,567,127
0
0
0
0
0
0
7,567,127
3,444,084
11,011,211
136,643
0
0
0
0
0
0
0
0
136,643
0
136,643
2,301,741
0
0
0
0
0
0
0
0
2,301,741
0
2,301,741
0
1,734,429
0
(391,058)
0
0
0
0
0
1,343,371
246,322
1,589,692
$ 2,438,384 $
1,810,949
_ $ 7,567,127
$ 1,654,565
$ 48,780,883 $
466,882 $
0
$ 10,872,961
$ 0 $
73,591,751 $
3,694,978 $
77,286,730
$ 2,735,127 $ 1,892,466 $ 10,503,045 $ 2,547,584 $ 55,097,470 $ 466,882 $ 33,845 $ 10,872 $ 20163, $ 104,3 13.:e29 $ 10,584,167 $ 114,897,396
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1
APPENDIX IV
respect to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any ANNUAL FINANCIAL STATEMENTS
underwriter or underwriting syndicate submitting a proposal therefor, the Authority agrees that,
no more than seven business days after the date of such award, it shall provide without cost to The City is audited annually by an independent certified public accounting firm. Data shown on
the senior managing underwriter of the syndicate to which the Bonds are awarded 70 copies of the following pages has been extracted from the annual audits for fiscal years ended
the Official Statement and the addendum or addenda described above. The Authority December 31, 1999, 1998 and 1997. The audits for all years shown were prepared on the
designates the senior managing underwriter of the syndicate to which the Bonds are awarded modified accrual basis of accounting for governmental funds, and the accrual basis of
as its agent for purposes of distributing copies of the Final Official Statement to each accounting for proprietary funds. The reader should be aware that the complete audits may
Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds
agrees thereby that if its proposal is accepted by the Authority (i) it shall accept such contain additional information which may interpret, explain or modify the data presented herein.
designation and (ii) it shall enter into a contractual relationship with all Participating The City's comprehensive annual financial report for the year ended 1998 was awarded the
Underwriters of the Bonds for purposes of assuring the receipt by each such Participating
Underwriter of the Final Official Statement. 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
Dated July 18, 2000 BY ORDER OF THE BOARD OF COMMISSIONERS is the highest form of recognition for excellence in state and local government financial
reporting.
/s/ Linda Jentink In order to be awarded a Certificate of Achievement, a government unit must publish an easily
Executive Secretary 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 1999 CAFR to GFOA.
- viii -
IV -1
OFFICIAL STATEMENT
$1,160,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2000A
$1,750,000
ROSEMOUNT PORT AUTHORITY, MINNESOTA
GENERAL OBLIGATION BONDS, SERIES 2000B
(BOOK ENTRY ONLY)
INTRODUCTORY STATEMENT
(This page was left blank intentionally.)
This Official Statement contains certain information relating to the City of Rosemount,
Minnesota (the "City ") and its issuance of $1,160,000 General Obligation Water Revenue
Bonds, Series 2000A (the "Water Revenue Bonds "). This Official Statement also contains
information relating to the Rosemount Port Authority, Minnesota (the "Authority ") and its
issuance of $1,750,000 General Obligation Bonds, Series 20008 (the "Port Authority Bonds ").
The Water Revenue Bonds and the Port Authority Bonds are collectively referred to as the
"Bonds," the "Issues" or the "Obligations ". The Bonds are general obligations of the City for
which the City pledges its full faith and credit and power to levy direct general ad valorem taxes.
For a discussion of the Authority, see page 23 of this Official Statement. The purpose and
additional sources of security for the Issues are further described herein.
Inquiries may be directed to Mr. Jeffrey May, Finance Director, City of Rosemount, 2875 -145th
Street West, Rosemount, Minnesota 55068 -4997, or by telephoning (651) 423- 4411. Inquiries
may also be made to Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul,
Minnesota 55101 -2887, or by telephoning (651) 223 -3000. If information of a specific legal
nature is desired, requests may be directed to Ms. Mary Dyrseth, Briggs and Morgan,
Professional Association, Bond Counsel, 2200 First National Bank Building, St. Paul, Minnesota
55101, or by telephoning (651) 223 -6625.
CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with SEC Rule 15c2 -12 (the "Rule "), pursuant to
the Award Resolution for the Water Revenue Bonds, the City has entered into an undertaking and
pursuant to the Award Resolution for the Port Authority Bonds, the Authority and the City have
entered in an undertaking (collectively the "Undertakings ") for the benefit of holders or beneficial
owners of the Bonds to provide certain financial information and operating data relating to the City
to certain information repositories annually, and to provide notices of the occurrence of certain
events enumerated in the Rule to certain information repositories or the Municipal Securities
Rulemaking Board and to any state information depository. The specific nature of the
Undertakings, as well as the information to be contained in the annual report or the notices of
material events, is set forth in the Undertakings in substantially the form attached hereto as
Appendix II, subject to such modifications thereof or additions thereto as: (i) consistent with
-1 -
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Net Tax Capacity
Levy Year 1995
First $72,000 of EMV at 1.00
EMV in excess of $72,000
at 2.00%
STATUTORY FORMULAE
CONVERSION OF ESTIMATED MARKET VALUE (EMV) TO NET TAX CAPACITY FOR
MAJOR PROPERTY CLASSIFICATIONS
General Classifications
Residential Homestead
Residential Non - Homestead
4 or more units
Agricultural Homestead
Agricultural Non - Homestead
Commercial - Industrial
Seasonal /Recreational
Residential
Net Tax Capacity
Levy Year 1996
First $72,000 of EMV at 1.00%
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at 2.00%
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Levy Year 1997
First $75,000 of EMV at 1.00%
EMV in excess of $75,000
at 1.85%
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Net Tax Capacity
Levy Year 1998 '
First $75,000 of EMV at 1.00%
EMV in excess of $75,000
at 1,70%
3.40 %; except certain cities of 3.40 %; except certain cities of 2.90 %; except certain cities of 2.50 %; 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 2.30% at 2.30% at 2.15
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 %
EMV of house, garage and
1 acre at 2.30%
EMV of land and other buildings
at 1.50%
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%
EMV of house, garage and
1 acre at 2.30%
EMV of land and other buildings
at 1.50%
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%
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 $75,000 of EMV of house,
garage and 1 acre at 1.25%
EMV in excess of $75,000 of
house, garage and 1 acre
at 1.70%
EMV of land and other buildings
at 1.25%
First $100,000 of EMV at 3.00%
EMV in excess of $100,000
at 4.60%
Non - Commercial
First $72,000 of EMV
at 2,00 %
EMV In excess of $72,000
at 2.50%
Commercial - 2.30%
Remaining Property:
First $115,000 of EMV on first
320 acres at 0.40%
EMV in excess of $115,000 on
first 320 acres at 0.90%
EMV in excess of $115,000
over 320 acres at 1.40%
First $75,000 of EMV of house,
garage and 1 acre at 1.90%
EMV in excess of $75,000 of
house, garage and 1 acre
at 2.10%
EMV of land and other buildings
at 1.40%
First $100,000 of EMV at 3.00% First $150,000 of EMV at 2.70% First $150,000 of EMV at 2.45%
EMV in excess of $100,000 EMV in excess of $150,000 EMV in excess of $150,000
at 4.60% at 4.00 % at 3.50%
Non - Commercial
First $72,000 of EMV
at 1,75 %0
EMV In excess of $72,000
at 2.50 %
Commercial - 2.30%
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 1,40%
EMV In excess of $75,000
at 2.50%
Commercial - 2.10%
N/A
(All vacant land is reclassified to
highest and best use
pursuant to local zoning
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 t(
highest and best use
pursuant to local zoning
ordinance
Net Tax Capacity
Levy Year 1999
First $76,000 of EMV at 1.00%
EMV in excess of $76,000
at 1.65%
2.40 %; except certain cities of
5,000 population or less
at 2.15%
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 of EMV of house,
garage and 1 acre at 1.20%
EMV in excess of $76,000 of
house, garage and 1 acre
at 1.65%
EMV of land and other buildings
at 1.20%
First $150,000 of EMV at 2.40%
EMV in excess of $150,000
at 3.40%
Non- Commercial
First $76,000 of EMV
at 1,20%
EMV In excess of $76,000
at 1.65%
Commercial - 1.60%
Homestead Resorts - 1.00%
N/A
(All vacant land is reclassified to
highest and best use
pursuant to local zoning
ordinance
Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes)
"Fiscal Disparities Law"
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as
Fiscal Disparities, was first implemented for taxes payable in 1975. Forty percent of the
increase in commercial- industrial includin
(� g public utility and railroad) net tax capacity valuation
since 1971 in each assessment district in the Minneapolis /St. Paul seven - county metropolitan
area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott,
excluding the City of New Prague, and Washington Counties) is contributed to an area -wide tax
base. A distribution index, based on the factors of population and real property market value
per capita, is employed in determining what proportion of the net tax capacity value in the area -
wide tax base shall be distributed back to each assessment district.
of the Securities Exchange Act of 1934. DTC holds securities that its participants ( "Direct
Participants ") deposit with DTC. DTC also facilitates the settlement among Direct Participants
of securities transactions, such as transfers and pledges, in deposited securities through
electronic computerized book -entry changes in Direct Participants' accounts, thereby
eliminating the need for physical movement of securities certificates. Direct Participants
( "Direct Participants ") include securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. DTC is owned by a number of its Direct
Participants and by the New York Stock Exchange, Inc.; the American Stock Exchange LLC;
and the National Association of Securities Dealers, Inc. Access to the DTC system is also
available to others such as securities brokers and dealers, banks, and trust companies that
clear through or maintain a custodial relationship with a Direct Participant, either directly or
indirectly ( "Indirect Participants "). The Rules applicable to DTC and its Direct and Indirect
Participants are on file with the Securities and Exchange Commission.
Purchases of Obligations under the DTC system must be made by or through Direct
Participants, which will receive a credit for the Obligations on DTC's records. The ownership
interest of each actual purchaser of each Obligation ( "Beneficial Owner ") is in turn to be
recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive
written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive
written confirmations providing details of the transaction, as well as periodic statements of their
holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into
the transaction. Transfers of ownership interests in the Obligations are to be accomplished by
entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial
Owners. Beneficial Owners will not receive certificates representing their ownership interests in
the Obligations, except in the event that use of the book -entry system for the Obligations is
discontinued.
To facilitate subsequent transfers, all Obligations deposited by Direct Participants with DTC are
registered in the name of OTC's partnership nominee, Cede & Co. or such other name as
requested by an authorized representative of DTC. The deposit of Obligations with DTC and
their registration in the name of Cede & Co. or such other DTC nominee do not effect any
change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the
Obligations; DTC's records reflect only the identity of the Direct Participants to whose accounts
such Obligations are credited, which may or may not be the Beneficial Owners. The Direct and
Indirect Participants will remain responsible for keeping account of their holdings on behalf of
their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to
Beneficial Owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time. Beneficial Owners of the
Obligations may wish to take certain steps to augment transmission to them of notices of
significant events with respect to the Obligations, such as redemptions, defaults, and proposed
amendments to the security documents. Beneficial Owners of the Obligations may wish to
ascertain that the nominee holding the Obligations for their benefit has agreed to obtain and
transmit notices to Beneficial Owners, or in the alternative, Beneficial Owners may wish to
provide their names and addresses to the Registrar and request that copies of the notices be
provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Obligations within a maturity
are being redeemed, DTC's practice is to determine by lot the amount of the interest of each
Direct Participant in such maturity to be redeemed.
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
111-4
-3-
or voting rights to those Direct Participants to whose accounts the Obligations are credited on
the record date (identified in a listing attached to the Omnibus Proxy).
Principal and interest payments on the Obligations will be made to Cede & Co. or such other
nominee as may be requested by an authorized representative of DTC. DTC's practice is to
credit Direct Participants' accounts on the payable date in accordance with their respective
holdings shown on DTC's records, unless DTC has reason to believe that it will not receive
payment on the payable date. Payments by Participants to Beneficial Owners will be governed
by standing instructions and customary practices, as is the case with securities held for the
accounts of customers in bearer form or registered in "street name," and will be the
responsibility of such Participant and not of DTC (nor its nominee), the Registrar, the City or the
Authority, subject to any statutory or regulatory requirements as may be in effect from time to
time. Payment of principal and interest to Cede & Co. (or such other nominee as may be
requested by an authorized representative of DTC) is the responsibility of the Registrar,
disbursement of such payments to Direct Participants is the responsibility of DTC, and
disbursement of such payments to the Beneficial Owners is the responsibility of Direct and
Indirect Participants.
A Beneficial Owner shall give notice to elect to have its Obligations purchased or redeemed,
through its Direct Participant, to the nominee holding the Obligations, and shall effect delivery of
such Obligations by causing the Direct Participant to transfer the Direct Participant's interest in
the Obligations, on DTC's records, to the nominee holding the Obligations. The requirement for
physical delivery of the Obligations in connection with a purchase or redemption will be deemed
satisfied when the ownership rights in the Obligations are transferred by the Direct Participants
on DTC's records and followed by a book -entry credit of purchased or redeemed Obligations to
the nominee holding the Obligations.
DTC may discontinue providing its services as securities depository with respect to the
Obligations at any time by giving reasonable notice to the Registrar. Under such
circumstances, in the event that a successor securities depository is not obtained, certificates
are required to be printed and delivered.
The City or the Authority may decide to discontinue use of the system of book -entry transfers
through DTC (or a successor securities depository). In that event, certificates will be printed
and delivered.
The information in this section concerning DTC and DTC's book -entry system has been
obtained from sources that the City and the Authority believe to be reliable, but neither the City
nor the Authority takes responsibility for the accuracy thereof.
THE WATER REVENUE BONDS
The Water Revenue Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and 475.
The proceeds will be used to finance the costs of water system improvements within the City,
specifically a new east side water tower.
The composition of the Water Revenue Bonds is as follows:
Net Project Costs
Plus: Costs of Issuance
Underwriter's Discount
Total Water Revenue Bonds
$1,128,800
16,700
14.500
$1,160,000
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.
-4- 111 -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.
Security and Financing
The Water Revenue Bonds are general obligations of the City for which the City pledges its full
faith and credit and power to levy direct general ad valorem taxes. In addition, the City pledges
net revenues of the City's water utility. The City covenants that it will charge rates sufficient for
the operation and maintenance of the City's water utility, and to make debt service payments on
the Water Revenue Bonds and on other outstanding general obligation bonds to which the net
revenues of the water utility are also pledged, a listing of which is found on page 12 of this
Official Statement. Net revenues of the City's water utility will be sufficient to make the
August 1 interest payment due in the year of collection and the February 1 principal and interest
payment due in the following year. The City does not expect a general ad valorem tax levy to
be required for repayment of the Water Revenue Bonds.
THE PORT AUTHORITY BONDS
Authority and Purpose
The Port Authority Bonds are being issued pursuant to Minnesota Statutes, Chapter 475 and
Minnesota Statutes, Section 469.060. The proceeds of the Port Authority Bonds will be used to
finance street and utility improvements within the Rosemount Business Park. Additional
information concerning the Authority can be found on page 23.
The composition of the Port Authority Bonds is as follows:
Project Costs $1,712,800
Plus: Issuance Costs 19,700
Underwriter's Discount 17.500
Total Series 2000B Bonds $1,750,000
Security and Financing
The Port Authority Bonds are general obligations of the City for which the City pledges its full
faith and credit and power to levy direct general ad valorem taxes. The City will make its first
levy for the Port Authority Bonds in 2000 for collection in 2001. In addition, to the extent
available, the City will use tax increment revenue for the repayment of the Port Authority Bonds.
Annual tax collections and tax increment revenues, if collected in full, will be sufficient to pay
105% of the interest coming due August 1 in the year of collection and the principal and interest
coming due February 1 of the following year.
FUTURE FINANCING
The City may issue approximately $2 million of general obligation water revenue bonds in late
2000 to finance the installation of pipes to commercial properties, leading from the new water
tower constructed with proceeds of the Water Revenue Bonds.
III -2 -5-
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X
OTHER FEDERAL TAX CONSIDERATIONS
Property and Casualty Insurance Companies
Property and casualty insurance companies are required to reduce the amount of tax - exempt
interest received or accrued during the taxable year on certain obligations acquired after
August 7, 1986, including interest on the Bonds.
Foreign Insurance Companies
Foreign companies carrying on an insurance business in the United States are subject to a tax
on income which is effectively connected with their conduct of any trade or business in the
United States, including "net investment income." Net investment income includes tax - exempt
interest such as interest on the Bonds.
Branch Profits Tax
(This page was left blank intentionally.)
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.
-7-
BANK - QUALIFIED TAX- EXEMPT OBLIGATIONS
The City and the Authority 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.
RATINGS
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 from Moody's.
There is no assurance that ratings, if assigned, will continue for any given period of time, or that such
ratings will not be revised or withdrawn, if in the judgment of Moody's, circumstances so warrant. A
revision or withdrawal of the ratings may have an adverse effect on the market price of the Bonds.
FINANCIAL ADVISOR
The City and the Authority have retained Springsted Incorporated, Public Finance Advisors, of
St. Paul, Minnesota, as financial advisor (the "Financial Advisor") in connection with the
issuance of the Bonds. In preparing the Official Statement, the Financial Advisor has relied
upon governmental officials, and other sources, who have access to relevant data to provide
accurate information for the Official Statement, and the Financial Advisor has not been
engaged, nor has it undertaken, to independently verify the accuracy of such information. The
Financial Advisor is not a public accounting firm and has not been engaged by the City or the
Authority to compile, review, examine or audit any information in the Official Statement in
accordance with accounting standards. The Financial Advisor is an independent advisory firm
and is not engaged in the business of underwriting, trading or distributing municipal securities or
other public securities and therefore will not participate in the underwriting of the Bonds.
CERTIFICATION
The City and the Authority have authorized the distribution of this Official Statement for use in
connection with the initial sale of the Bonds.
As of the date of the settlement of the Bonds, the Purchaser(s) will be furnished with a
certificate signed by the appropriate officers of the City and the Authority. The certificate will
state that as of the date of the Official Statement, the Official Statement did not and does not as
of the date of the certificate contain any untrue statement of material fact or omit to state a
material fact necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading.
_g-
EXHIBIT A
Bloomberg Municipal Repository
P.O Box 840
Princeton, NJ 08542 -0840
Phone: 609- 279 -3225
Fax: 609- 279 -5962
Email: munisCbloomberg.com
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
Phone: 201- 346 -0701
Fax: 201- 947 -0107
Email: nrmsir @dpcdata.com
Interactive Data
Attn: Repository
100 William Street
New York, NY 10038
Phone: 212- 771 -6899
Fax: 212- 771 -7390
Email: NRMSIR @interactive.com
Standard & Poor's J.J. Kenny Repository
55 Water Street
45th Floor
New York, NY 10041
Phone: 212- 438 -4595
Fax: 212 - 438 - 3975
I1 -15
CITY PROPERTY VALUES
Date: 2000
1999 Indicated Market Value of Taxable Property: $790,358,830`
Calculated by dividing the county assessor's estimated market value of $729,501,200 by the 1998
ROSEMOUNT PORT AUTHORITY, MINNESOTA
sales ratio of 92.3% for the City as determined by the State Department of Revenue. (1999 sales
ratios are not yet available.)
By
Its
1999 Taxable Net Tax Capacity: $11,918,341
1999 Net Tax Capacity $12,577,186
Less: Captured Tax Increment Tax Capacity (541,614)
Contribution to Fiscal Disparities (1,471,268)
By
Plus: Distribution from Fiscal Disparities 1,354,037
Its
1999 Taxable Net Tax Capacity $11,918,341
CITY OF ROSEMOUNT, MINNESOTA
1999 Taxable Net Tax Capacity by Class of Property
Commercial /Industrial, Public Utility and
By
Personal Property $ 4,425,759 * 37.1%
Its
Residential Homestead 6,990,616 58.7
Apartments 267,391 2.2
Agricultural 210,306 1.8
Railroad 24,269 0.2
By
Its
Total $11,918,341 100.0 %
Reflects adjustments for fiscal disparities and captured tax increment tax capacity.
Trend of Values
Indicated Estimated Taxable Tax
Market Value Market Value Capacity(b)
1999 $790,358,830 $729,501,200 $11,918,341
1998 712, 653,413 657,779,100 10,638,961 (c)
1997 674,816,358 618,806,600 10,816,39001
1996 616, 711, 605 568, 608,100 11, 022, 093
1995 575, 875, 083 522, 318,700 10,252, 645
(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 /// 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 Ill.
II -14
-9-
Ten of the Largest Taxpayers in the City
Taxpayer
Type of Business
Great Northern Oil Co. /Koch Refining
Oil Refinery
Northern States Power
Utility
Bigos- Rosemount LLC
(Cannon Equipment)
Manufacturing
CF Industries, Inc. ( Cenex)
Fertilizer
Triangle Warehouse Inc.
Trucking/Warehouse
Continental Nitrogen &
11 -1 -92
Resources Corp.
Fertilizer Blending & Plant Food
Limerick Way LLC
Townhouses
Rosemount Properties LLC
Retail Shopping Center
Greif Brothers Cooperage
Manufacturing
Utilicorp United Inc.
7 -1 -96
(People's Natural Gas)
Gas Company
Total
1,515,000
* Represents 31 % of the City's 1999 taxable net tax capacity.
CITY INDEBTEDNESS
Legal Debt Limit
1999 Net
Tax Capacity
$2,473,860
467,092
140,192
116,295
102,044
93,102
91,202
83,541
80,678
71,536
$3,719,542
Debt Limit (2% of Estimated Market Value) $14,590,024
Less: Outstanding Debt Subject to Limit (2,605,000
Legal Debt Margin at July 2, 2000 $11,985,024
General Obligation Debt Supported by Taxes*
-10-
effect that such amendment or waiver would not materially impair
the interests of Bondholders.
SECTION 9. Additional Information Nothing in this
Disclosure Undertaking shall be deemed to prevent the Issuer from
disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any
other means of communication, or including any other information
in any Annual Report or notice of an Occurrence, in addition to
that which is required by this Disclosure Undertaking. If the
Issuer chooses to include any information in any Annual Report or
notice of an Occurrence in addition to that which is specifically
required by this Disclosure Undertaking, the Issuer shall have no
obligation under this Agreement to update such information or
include it in any future Annual Report or notice of an
Occurrence.
SECTION 10. Default In the event of a failure of the
Issuer to provide information required by this Disclosure
Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandate or specific
performance by court order, to cause the Issuer to comply with
its obligations to-provide information under this Disclosure
Undertaking. A default under this Disclosure Undertaking shall
not be deemed an Event of Default under the Resolution and the
sole remedy under this Disclosure Undertaking in the event of any
failure of the Issuer to comply with this Disclosure Undertaking
shall be an action to compel performance.
SECTION 11. Beneficiaries This Disclosure Undertaking
shall inure solely to the benefit of the Issuer, the
Participating Underwriters and Owners from time to time of the
Bonds, and shall create no rights in any other person or entity.
SECTION 12. Reserved Rights The Issuer reserves the
w right to discontinue providing any information required under the
Rule if a final determination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise
unlawful or, subject to the provisions of Section 8 hereof, to
modify the undertaking under this Disclosure Undertaking if the
Issuer determines that such modification is required by the Rule,
or by a court of competent jurisdiction.
11 -13
Principal
Date
Original
Final
Outstanding
of Issue
Amount
Purpose
Maturity
As of 7 -2 -00
11 -1 -92
$1,080,000
Community Center
2 -1 -2013
$ 825,000
8 -1 -93
845,000
Municipal Building Refunding
2 -1 -2002
265,000
7 -1 -96
1,780,000
Fire Station
2 -1 -2016
1,515,000
Total
$2,605,000
These issues are subject to the statutory debt limit.
-10-
effect that such amendment or waiver would not materially impair
the interests of Bondholders.
SECTION 9. Additional Information Nothing in this
Disclosure Undertaking shall be deemed to prevent the Issuer from
disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any
other means of communication, or including any other information
in any Annual Report or notice of an Occurrence, in addition to
that which is required by this Disclosure Undertaking. If the
Issuer chooses to include any information in any Annual Report or
notice of an Occurrence in addition to that which is specifically
required by this Disclosure Undertaking, the Issuer shall have no
obligation under this Agreement to update such information or
include it in any future Annual Report or notice of an
Occurrence.
SECTION 10. Default In the event of a failure of the
Issuer to provide information required by this Disclosure
Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandate or specific
performance by court order, to cause the Issuer to comply with
its obligations to-provide information under this Disclosure
Undertaking. A default under this Disclosure Undertaking shall
not be deemed an Event of Default under the Resolution and the
sole remedy under this Disclosure Undertaking in the event of any
failure of the Issuer to comply with this Disclosure Undertaking
shall be an action to compel performance.
SECTION 11. Beneficiaries This Disclosure Undertaking
shall inure solely to the benefit of the Issuer, the
Participating Underwriters and Owners from time to time of the
Bonds, and shall create no rights in any other person or entity.
SECTION 12. Reserved Rights The Issuer reserves the
w right to discontinue providing any information required under the
Rule if a final determination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise
unlawful or, subject to the provisions of Section 8 hereof, to
modify the undertaking under this Disclosure Undertaking if the
Issuer determines that such modification is required by the Rule,
or by a court of competent jurisdiction.
11 -13
General Obligation Debt Supported Primarily by Special Assessments
8. Giving of a notice of optional or unscheduled
redemption of any Bonds.
9. Defeasances.
10. Release, substitution or sale of property securing
repayment of the Bonds.
11. Rating changes.
B. Whenever an event listed in Section S.A. above has
occurred, the Issuer shall as soon as possible determine if such
event would constitute material information for holders of Bonds.
If knowledge of the Occurrence would be material, the Issuer
shall promptly file a notice of such Occurrence with each
National Repository or the MSRB and the State Depository, if any.
C. The Issuer agrees to provide or cause to be provided,
in a timely manner, each National Repository or the MSRB and the
State Depository, if any, notice of a failure by the Issuer to
provide the Annual Reports described in Section 4.
SECTION 6. Termination of Reporting Obligation The
Issuer's obligations under this Disclosure Undertaking shall
terminate upon the legal defeasance, prior redemption or payment
in full of all of the Bonds.
SECTION 7. Dissemination Agent The Issuer may, from time
to time, appoint or engage a Dissemination Agent to assist it in
carrying out its obligations under this Disclosure Undertaking,
and may discharge any such Agent, with or without appointing a
successor Dissemination Agent.
SECTION 8. Amendment Waiver Notwithstanding any other
provision of this Disclosure Undertaking, the Issuer may amend
this Disclosure Undertaking, and any provision of this Disclosure
Undertaking may be waived, if (a) a change in law or change in
the ordinary business or operation of the Issuer has occurred,
(b) such amendment or waiver would not, in and of itself, cause
the undertakings herein to violate the Rule if such amendment or
waiver had been effective on the date hereof but taking into
account any subsequent change in or official interpretation of
the Rule, and (c) such amendment or waiver is supported by an
opinion of counsel expert in federal securities laws to the
11 -12
General Obligation Port Authority Debt
Principal
Date Original Final
Outstanding
Principal
Date
Original
$ 255,000(a)
final
Outstanding
of Issue
Amount
Purpose
Maturity
As of 7 -2 -00
6 -1 -91
$1,180,000
Local Improvements
2 -1 -2002
$ 230,000
12 -1 -91
265,000
Local Improvements
2 -1 -2003
75,000
9 -1 -92
895,000
Local Improvements
2 -1 -2004
255,000
11 -1 -92
1,470,000
Local Improvements
2 -1 -2004
580,000
8 -1 -93
555,000
Local Improvements
2 -1 -2005
250,000
8 -1 -93
1,415, 000
Improvement Refunding '
2 -1 -2001
135,000
' 8 -1 -94
1,605,000
Local Improvements
2 -1 -2006
1,055,000
8 -1 -95
1,900,000
Local Improvements
2 -1 -2007
1,050,000
7 -1 -97
2,800,000
Local Improvements
2 -1 -2009
2,465,000
12 -1 -97
1,595,000
Local Improvements
2 -1 -2009
1,405,000
4 -1 -98
2,010,000
Local Improvements
2 -1 -2009
1,770,000
9 -1 -98
2,805,000
Local Improvements
2 -1 -2010
2,805,000
12 -1 -98
880,000
Local Improvements
2 -1 -2005
880,000
7 -1 -99
3,715,000
Local Improvements
2 -1 -2011
3,715,000
10 -1 -99
4,395,000
Local Improvements
2 -1 -2011
4,395,000
Total
$21,065,000
General Obligation Port Authority Debt
-11
Principal
Date Original Final
Outstanding
of Issue Amount Purpose Maturity
As of 7 -2 -00
11 -1 -92 $3,425,000 Municipal Building 2 -1 -2003
$ 255,000(a)
11 -1 -93 580,000 Land Purchase for Business
Park (Taxable) 2 -1 -2009
420,000(b)
8 -1 -94 1,630,000 Business Park Street and Utility
Improvements 2 -1 -2011
1,310,000(b)
4 -1 -98 2,405,000 Municipal Building Refunding 2 -1 -2018
2,405,000(x)
9 -1 -00 1,750,000 Business Park Infrastructure
Improvements (the Port
Authority Bonds) 2 -1 -2011
1,750,000
Total
$6,140,000
(a) Debt service payments on these issues are made from a combination of user fees from the municipal
multi purpose arena, and certain special tax and general fund levies.
(b) These issues are being repaid from a combination of tax increment revenues, ad valorem tax levies
and land sales.
(c) This issue is being repaid from a combination of tax increment revenues and ad valorem tax levies.
-11
General Obligation Debt Supported by Revenues
Date
Original
of Issue
Amount
9 -1 -92
$1,525,000
8 -1 -93
945,000
8 -1 -94
335,000
8 -1 -94
700,000
7 -1 -96
1,035,000
7 -1 -96
500,000
10 -1 -99
855,000
9 -1 -00
1,160,000
Total
Purpose
Storm Water Revenue
Water Revenue Refunding
Storm Water Revenue
State Aid Street Bonds
Storm Water Revenue
Water Revenue
Storm Water Revenue
Water Revenue
(the Water Revenue Bonds)
Annual Calendar Year Debt Service Including These Issues
(a) 63% of this debt will be retired within ten years.
(b) 98% of this debt will be retired within ten years.
-12-
Final
Maturity
2.1 -2008
2- 1.2005
2 -1 -2005
2 -1 -2004
2 -1 -2012
2 -1 -2005
2 -1 -2015
2 -1 -2016
Principal
Outstanding
As of 7 -2 -00
$ 995,000
630,000
170,000
315,000
880,000
330,000
855,000
1.160.000
$5,335,000
G.O. Debt Supported
Primarily by
Special Assessments
G.O. Debt Supported
Principal
by
Taxes
$ 546,034.59
$ 2,245,000
Principal
Year
Principal
& Interest
2000 (at 7 -2)
(Paid)
$ 73,418.00
2001
$ 240,000
381,276.00
2002
245,000
374,824.75
2003
120,000
240,718.50
2004
125,000
239,091.00
2005
130,000
237,047.25
2006
140,000
239,446.00
2007
145,000
236,318.50
2008
155,000
237,651.00
2009
165,000
238,271.00
2010
175,000
238,163.50
2011
185,000
237,313.50
2012
190,000
231,050.50
2013
205,000
234,095.00
2014
120,000
139,280.00
2015
130,000
141,935.00
2016
135.000
139,050.00
Total
$2,605,000(a)
$3,858,949.50
(a) 63% of this debt will be retired within ten years.
(b) 98% of this debt will be retired within ten years.
-12-
Final
Maturity
2.1 -2008
2- 1.2005
2 -1 -2005
2 -1 -2004
2 -1 -2012
2 -1 -2005
2 -1 -2015
2 -1 -2016
Principal
Outstanding
As of 7 -2 -00
$ 995,000
630,000
170,000
315,000
880,000
330,000
855,000
1.160.000
$5,335,000
G.O. Debt Supported
Primarily by
Special Assessments
$21,065,000(b) $25,766,285.84
B. Audited Financial Statements of the Issuer. The
Audited Financial Statements of the Issuer may be submitted to
each Repository separately from the balance of the Annual Report.
In the event Audited Financial Statements of the Issuer are not
available on or before the date for filing the Annual Report with
the appropriate Repositories as set forth in Section 3.A above,
unaudited financial statements shall be provided as part of the
Annual Report. The accounting principles pursuant to which the
financial statements will be prepared will be pursuant to
generally accepted accounting principles promulgated by the
Financial Accounting Standards Board, as such principles are
modified by the governmental ,accounting standards promulgated by
the Government Accounting Standards Board, as in effect from time
to time. If Audited Financial Statements are not provided
because they are not available on or before the date for filing
the Annual Report, the Issuer shall promptly provide them to the
Repositories when available.
SECTION 5. Reporting of Significant Events
A. This Section 5 shall govern the giving of notices of
the occurrence of any of the following events with respect to the
Bonds, if material:
1. Principal and interest payment delinquencies on
the Bonds.
2. Non- payment related defaults.
3. Unscheduled draws on debt service reserves
reflecting financial difficulties.
4. Unscheduled draws on credit enhancements
reflecting financial difficulties.
5. Substitution of credit or liquidity providers or
their failure to perform.
6. Adverse tax opinions or events affecting the tax
exempt status of the Bonds.
7. Modifications to rights of holders of the Bonds.
II -11
Principal
Principal
& Interest
(Paid)
$ 546,034.59
$ 2,245,000
3,154,310.00
2,965,000
3,758,833.75
2,820,000
3,484,831.25
2,790,000
3,328,146.25
2,595,000
3,011,128.75
2,195,000
2,501,658.75
1,495,000
1,716,310.00
1,345,000
1,500,826.25
1,340,000
1,433,087.50
760,000
803,415.00
515,000
527,703.75
$21,065,000(b) $25,766,285.84
B. Audited Financial Statements of the Issuer. The
Audited Financial Statements of the Issuer may be submitted to
each Repository separately from the balance of the Annual Report.
In the event Audited Financial Statements of the Issuer are not
available on or before the date for filing the Annual Report with
the appropriate Repositories as set forth in Section 3.A above,
unaudited financial statements shall be provided as part of the
Annual Report. The accounting principles pursuant to which the
financial statements will be prepared will be pursuant to
generally accepted accounting principles promulgated by the
Financial Accounting Standards Board, as such principles are
modified by the governmental ,accounting standards promulgated by
the Government Accounting Standards Board, as in effect from time
to time. If Audited Financial Statements are not provided
because they are not available on or before the date for filing
the Annual Report, the Issuer shall promptly provide them to the
Repositories when available.
SECTION 5. Reporting of Significant Events
A. This Section 5 shall govern the giving of notices of
the occurrence of any of the following events with respect to the
Bonds, if material:
1. Principal and interest payment delinquencies on
the Bonds.
2. Non- payment related defaults.
3. Unscheduled draws on debt service reserves
reflecting financial difficulties.
4. Unscheduled draws on credit enhancements
reflecting financial difficulties.
5. Substitution of credit or liquidity providers or
their failure to perform.
6. Adverse tax opinions or events affecting the tax
exempt status of the Bonds.
7. Modifications to rights of holders of the Bonds.
II -11
Annual Calendar Year Debt Service Including These Issues (continued)
Securities Exchange Act of 1934, as the same may be
G.O. Debt Supported
amended from time to time.
G.O. Port Authority Debt
by
Revenues
Principal
Principal
"State" shall mean the State of Minnesota.
Year Principal
& Interest
Principal
& Interest ( b)
2000 (at 7 -2) (Paid)
$ 132,020.64
(Paid)
121,784.58
"State Depository" shall mean any public or
2001 $ 200,000
543,674.62
$ 470,000
732,568.33
private repository or entity designated by the State as
2002 330,000
667,022.53
535,000
778,502.50
a state depository for the purpose of the Rule. As of
2003 385,000
684,803.79
575,000
790,718.75
the date of this Disclosure Undertaking, there is no
2004 430,000
690,673.80
610,000
795,237.50
State Depository in Minnesota.
2005 455,000
693,106.30
555,000
709,887.50
2006 470,000
684,213.80
320,000
451, 842.50
SECTION 3. Provision of Annual Reports
2007 500,000
2008 530,000
688,849.42
691,606.29
340,000
360,000
454,085.00
455,035.00
2009 555,000
687,483.79
215,000
294,447.50
A. Beginning in connection with the Fiscal Year
2010 515,000
618,805.66
225,000
292,635.00
ending on December 31, 2000, the Issuer shall, or shall
2011 545,000
620,635.65
240,000
295,011.25
cause the Dissemination Agent to, as soon as possible,
2012 185,000
241,620.64
255,000
296,476.25
but in any event not later than December 31, 2001, and
2013 190,000
237,480.01
165,000
195,052.50
b December 31 of each
Y year thereafter, provide to each
2014 155,000
194,070.63
175,000
195,882.50
Repository an Annual Report which is consistent with
5 160,000
201 201.5 170,000
191.,292.50
193,000.00
185,000
110,000
196,097.50
113,025.00
the requirements of Section 4 of this Disclosure
2017 180,000
194,117.50
Undertaking.
2018 185 ,000
189
B. If the Issuer is unable to provide to the
Total $6,140,000(e)
$8,844,241.32
$5,335,000(d)
7,168,289.16
Repositories an Annual Report by the date required in
(a)
subsection (a), the Issuer shall send a notice of such
Includes the Port Authority Bonds
at an assumed average annual
interest rate of
5.50 %.
delay and estimated date of delivery to each Repository
(b) Includes the Water Revenue Bonds at an assumed average annual interest rate of 5.50%.
or to the MSRB and to the State Depository, if any.
(c) 71% of this debt will be retired within 10 years.
(d) 79% of this debt will be retired within 10 years.
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
Lease - Purchase Agreements
Issuer listed below as of the end of the preceding Fiscal Year.
The Annual Report may be submitted to each Repository as a single
The City has entered into alease- purchase agreement dated
March 28, 1995
for the acquisition
document or as separate documents comprising
P p g a and may
of various equipment and vehicles.
The principal amount of the lease
is $362,000, with
cross- reference other information as provided in this D
. s D isclosure.
semiannual payments of $25,359.
The final payment is due
August 1, 2005.
Undertaking.
The City entered into a lease- purchase agreement dated May 15, 1996 for
fire truck. The
principal amount of the lease is $476,445 with annual payments
of $64,896.
Final payment will
The following financial information and operating data shall
be due June 1, 2006.
be supplied:
A. an update of the operating and financial data of the
type of information contained in the official Statement under the
caption CITY PROPERTY VALUES; " CITY INDEBTEDNESS" , and " CITY
TAX RATES, LEVIES AND COLLECTIONS" .
11 -10
-13-
Summary of Direct Debt Including These Issues
Gross
Debt
G.O. Debt Supported by Taxes
Less: Debt Net
Service Funds Direct Debt
and Tax Increment
$ 2,605,000
$ (163,860)
$ 2,441,140
G.O. Debt Supported by Special
12, 287,134
2,090,818,016(e)
31,730,000(0 0.51
Assessments
21,065,000
(10,231,486)
10,833,514
G.O. Port Authority Debt
6,140,000
(894,598)
5,245,402
G.O. Debt Supported by Revenues
5,335,000
(909,414)
4,425,586
Debt service funds are as of June 30, 2000 and include money to pay both principal and interest.
Indirect General Obligation Debt
Taxing Unit
Dakota County
ISD 196 (Rosemount -
Apple Valley- Eagan)
ISD 199 (Inver
Grove -Pine Bend)
ISD 200 (Hastings)
Metropolitan Council
Metropolitan Transit Dist.
1999 Taxable
Net Tax Capacity
$ 302,859,720
112, 520,585
G.O. Debt
As of 7- 2 -00
$ 43,515,000(c)
136,827,776(d)
Debt Applicable to
Tax Capacity in Cit
Percent
Amount
3.94%
$ 1,714,491
8.98
12, 287,134
20,327,313
13,074,334 8.64
1,129,622
18,226,653
45,830,000 0.31
142,073
2,090,818,016(e)
31,730,000(0 0.51
161,823
1,858,305,144(e)
116,395,000 0.56
651,812
as information dissemination agent and which has filed
with the Issuer a written acceptance of such
designation.
"Fiscal Year" shall be the fiscal year of the
Issuer.
"Governing Body" shall, with respect to the Bonds,
- have the meaning given that term in Minnesota Statutes,
Section 475.51, Subdivision 9.
"MSRB" shall mean the Municipal Securities
Rulemaking Board.
"National Repository" shall mean any Nationally
Recognized Municipal Securities Information Repository
for purposes of the Rule. The National Repositories as
of the date of execution of this Undertaking are as
listed on Exhibit A.
"Occurrence(s)" shall mean any of the events
listed in Section 5.A of this Disclosure Undertaking.
"Official Statement shall be the Official
Statement dated , 2000, prepared in
connection with the Certificates.
Total $16,086,956
(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) Excludes $21,985, 000 of annual appropriation lease revenue debt.
(e1 1998 taxable net tax capacity, 1999 values are not yet available.
(f1 Does not include outstanding general obligation debt supported by sewer revenues, 911 user fees or
housing rental payments.
k
Debt Ratios Including These Issues
G.O. Net G.O. Indirect &
Direct Debt Net Direct Debt
To 1999 Indicated Market Value ($790,358,830) 2.34% 4.38%
Per Capita (14,500 - 2000 City Estimate) $1,277 $2,387
Excludes general obligation debt supported by revenues, state -aid street bonds and lease purchase
agreements.
"Owners" shall mean the registered holders and, if
not the same, the beneficial owners of any Bond.
"Participating Underwriter" shall mean any of the
original underwriters of the Bonds required to comply
with the Rule in connection with offering of the Bonds.
"Repository" shall mean each National Repository
and each State Depository.
"Resolution shall mean the resolution or
resolutions adopted by the Governing Body of the Issuer
providing for and authorizing the issuance of the
Bonds.
"Rule shall mean Rule 15c2- 12(b)(5) adopted by
the Securities and Exchange Commission under the
-14- II -9
CITY TAX RATES, LEVIES AND COLLECTIONS
CONTINUING DISCLOSURE UNDERTAKING
This Continuing Disclosure Undertaking (the
"Disclosure Undertaking ") is executed and delivered by
the Rosemount Port Authority, Minnesota and the City of
Rosemount, Minnesota (collectively, the "Issuer ") in
connection with the issuance of $1,750,000 General
Obligation Bonds, Series 2000B (the "Bonds "). The
Bonds are being issued pursuant to a Resolution adopted
on August 15, 2000 by the Board of Commissioners of the
Rosemount Port Authority (the "Resolution "). Pursuant
to the Resolution and this Undertaking, the Issuer
covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Undertaking
This Disclosure Undertaking is being executed and
delivered by the Issuer for the benefit of the Owners
of the Bonds and in order to assist the Participating
Underwriters in complying with SEC Rule 15c2- 12(b)(5)
SECTION 2. Definitions In addition to the
definitions set forth in the Resolution, which apply to
any capitalized term used in this Disclosure
Undertaking unless otherwise defined in this Section,
the following capitalized terms shall have the
following meanings:
"Annual Report" shall mean any annual financial
information provided by the Issuer pursuant to, and as
described in, Sections 3 and 4 of this Disclosure
Undertaking.
"Audited Financial Statements" shall mean the
financial statements of the Issuer audited annually by
an independent certified public accounting firm,
prepared pursuant to generally accepted accounting
principles promulgated by the Financial Accounting
Standards Board, modified by governmental accounting
standards promulgated by the Government Accounting
Standards Board.
"Dissemination Agent" shall mean such party from
time to time designated in writing by the Issuer to act
1i -8
Tax Capacity Rates
1999/00
For
1995/96 1996/97 1997/98 1998/99 Total Debt Onlv
Dakota County 26.626% 25.721% 27.349 % 28.322% 27.247% -0-
City of Rosemount(a) 36.055 35.627 40.428 41.710 39.335 7.752%
ISD 196( 60.830 58.189 58.462 56.311 53.231 14.103
Special Districts(c) 5.108 4.995 5.797 6.702 6.455 1.023
Total 128.619% 124.532% 132.036% 133.045% 126.268% 22.878%
(a) The City also has a 1999100 tax rate of 0.02142 % 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 1999100 tax rate of
0.11986% 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 IIQ.
Tax Collections for the City
-15-
Net
Collected During
Collected
Amount
Collection Year
As of 6 -30 -00
Levy /Collect
of Levy
Amount Percent
Amount Percent
1999/00
$4,311,172
(In Process of Collection)
1998/99
4,106,202
$4,076,854 99.3%
$4,096,468 99.8%
1997/98
4,049,166
4,018,588 99.2
4,039,470 99.8
1996/97
3,667,484
3,595,926 98.1
3,657,369 99.7
1995/96
3,457,595
3,430,125 99.2
3,455,847 99.9
The net levy excludes Homestead and Agricultural Credit Aid ( "HACA'9.
The net levy is the basis for
computing tax
capacity rates.
-15-
FUNDS ON HAND
As of June 30, 2000
Fund
General
Special Revenue
Port Authority
Debt Service:
Tax and Tax Increment Supported
Assessment Supported
Port Authority Supported
General Obligation Revenue Supported
Construction
Water, Sewer and Storm Water
Arena
Trust and Agency
Total
CITY INVESTMENTS
Cash and Investments
$ 1,941,016.84
1,698,842.77
509,493.36
163,860.02
10,231,485.94
894, 597.65
909,413.67
4,583,108.83
6,115,459.72
8,608.20
10,147.09
$27,066,034.09
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.
-16-
EXHIBIT A
Bloomberg Municipal Repository
P.O. Box 840
Princeton, NJ 08542 -0840
Phone: 609 -279 -3225
Fax: 609 -279- 5962
Email: munis @bloomberg.com
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
Phone: 201- 346 -0701
Fax: 201- 947 -0107
Email: nrmsir @dpcdata.com
Interactive Data
Attn: Repository
100 William Street
New York, NY 10038
Phone: 212- 771 -6899
Fax: 212 -771 -7390
Email: NRMSIR @interactive.com
Standard & Poor's J.J. Kenny Repository
55 Water Street
45th Floor
New York, NY 10041
Phone: 212- 438 -4595
Fax: 212 - 438 -3975
11 -7
not be deemed an Event of Default under the Resolution and the
sole remedy under this Disclosure Undertaking in the event of any
failure of the Issuer to comply with this Disclosure Undertaking
shall be an action to compel performance.
SECTION 11. Beneficiaries This Disclosure Undertaking
shall inure solely to the benefit of the Issuer, the
Participating Underwriters and Owners from time to time of the
Bonds, and shall create no rights in any other person or entity.
SECTION 12. Reserved Rights The Issuer reserves the
right to discontinue providing any information required under the
Rule if a final determination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise
unlawful or, subject to the provisions of Section 8 hereof, to
modify the undertaking under this Disclosure Undertaking if the
Issuer determines that such modification is required by the Rule,
or by a court of competent jurisdiction.
Collate ra lization 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 collateral ization level is 110 percent of the market value of principal and accrued interest.
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 June 30, 2000 the City had a total of $26,242,681 invested funds as follows:
Type of Security
Length of Investment
Amount Invested
as of 6 -30 -00
Certificates of Deposit Less than 12 months
Certificates of Deposit One to Ten years
U.S. Treasury Notes 12 months or less
Government Asset Backed Securities Ten years or less
Mortgage Backed Securities Over Ten years
Total
$17,516,282
3,662,000
950,720
3,953,615
160.064
$26,242,681
Date: 2000
GENERAL INFORMATION CONCERNING THE CITY
CITY OF ROSEMOUNT, MINNESOTA
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
By a 1990 U.S. Census count of 8,622, a 69.6 % increase from the City's 1980 Census count
Y of 5,083. As of January 2000, the City estimates the current population to be 14,500, a 68%
Its increase over the 1990 Census.
By
Its
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 800
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. 1n 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.
It -6
-17-
Major Employers
Employer
Independent School District 196
Koch Refining Company
Dakota County Technical College
Intermediate School District 917
Genz Ryan Plumbing & Heating
Greif Brothers Corporation
Cannon Equipment Company
Spectro Alloys Corp.
Reese Enterprises
Dakota County HRA
City of Rosemount
Rayfo Inc.
CF Industries
Utilicorp United Inc.
(People's Natural Gas)
Endres Processing Ltd.
Continental Nitrogen &
Resources Corp.
Chemicals
(a) Represents total employment, not just within the City of Rosemount.
(b) Excludes over 960 part-time and seasonal employees.
40
Source: Minnesota Manufacturers Register, 9998 edition and survey of individual employers, July 2000.
Labor Force Data
Dakota County
Minneapolis /St. Paul MSA
Minnesota
May 2000
Civilian Unemployment
Labor Force Rate
216,839 1.8%
1,733,236 2.1
2,767,275 2.5
Mav 1999
Civilian
Approximate
Labor Force
Number
Product/Service
of Employees
Education
3,786(x)
Crude Oil
720
Education
550
Education
360
Plumbing and Heating
175
Multiwall Bags
150
Manufacturing of Metal Parts
125
Aluminum Alloys
120
Weatherstripping
80
Government
72
Government
62(b)
Industrial Refuse Containers
50
Warehousing /Freight Terminal
49
Natural Gas
47
Livestock Feed
42
Chemicals
(a) Represents total employment, not just within the City of Rosemount.
(b) Excludes over 960 part-time and seasonal employees.
40
Source: Minnesota Manufacturers Register, 9998 edition and survey of individual employers, July 2000.
Labor Force Data
Dakota County
Minneapolis /St. Paul MSA
Minnesota
May 2000
Civilian Unemployment
Labor Force Rate
216,839 1.8%
1,733,236 2.1
2,767,275 2.5
Mav 1999
Civilian
Unemployment
Labor Force
Rate
210,097
1.6%
1,678,617
1.9
2,681,121
2.4
Source: Minnesota Department of Economic Security. 2000 data are preliminary.
-18
SECTION 6. Termination of Reporting Obligation The
Issuer's obligations under this Disclosure Undertaking shall
terminate upon the legal defeasance, prior redemption or payment
in full of all of the Bonds.
SECTION 7. Dissemination Agent The Issuer may, from time
to time, appoint or engage a Dissemination Agent to assist it in
carrying out its obligations under this Disclosure Undertaking,
and may discharge any such Agent, with or without appointing a
successor Dissemination Agent.
SECTION 8. Amendment Waiver Notwithstanding any other
provision of this Disclosure Undertaking, the Issuer may amend
this Disclosure Undertaking, and any provision of this Disclosure
Undertaking may be waived, if (a) a change in law or change in
the ordinary business or operation of the Issuer has occurred,
(b) such amendment or waiver would not, in and of itself, cause
the undertakings herein to violate the Rule if such amendment or
waiver had been effective on the date hereof but taking into
account any subsequent change in or official interpretation of
the Rule, and (c) such amendment or waiver is supported by an
opinion of counsel expert in federal securities laws to the
effect that such amendment or waiver would not materially impair
the interests of Bondholders.
SECTION 9. Additional Information Nothing in this
Disclosure Undertaking shall be deemed to prevent the Issuer from
disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any
other means of communication, or including any other information
in any Annual Report or notice of an Occurrence, in addition to
that which is required by this Disclosure Undertaking. If the
Issuer chooses to include any information in any Annual Report or
notice of an Occurrence in addition to that which is specifically
required by this Disclosure Undertaking, the Issuer shall have no
obligation under this Agreement to update such information or
include it in any future Annual Report or notice of an
Occurrence.
SECTION 10. Default In the event of a failure of the
Issuer to provide information required by this Disclosure
Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandate or specific
performance by court order, to cause the Issuer to comply with
its obligations to provide information under this Disclosure
Undertaking. A default under this Disclosure Undertaking shall
ii -5
SECTION 5. Reporting of Significant Events
A. This Section 5 shall govern the giving of notices of
the occurrence of any of the following events with respect to the
Bonds, if material:
1. Principal and interest payment delinquencies on
the Bonds.
2. Non- payment related defaults.
3. Unscheduled draws on debt service reserves
reflecting financial difficulties.
4. Unscheduled draws on credit enhancements
reflecting financial difficulties.
5. Substitution of credit or liquidity providers or
their failure to perform.
6. Adverse tax opinions or events affecting the tax
exempt status of the Bonds.
7. Modifications to rights of holders of the Bonds.
8. Giving of a notice of optional or unscheduled
redemption of any Bonds.
9. Defeasances.
10. Release, substitution or sale of property securing
repayment of the Bonds.
11. Rating changes.
B. Whenever an event listed in Section 5.A. above has
occurred, the Issuer shall as soon as possible determine if such
event would constitute material information for holders of Bonds.
If knowledge of the Occurrence would be material, the Issuer
shall promptly file a notice of such Occurrence with each
National Repository or the MSRB and the State Depository, if any.
C. The Issuer agrees to provide or cause to be provided,
in a timely manner, each National Repository or the MSRB and the
State Depository, if any, ,notice of a failure by the Issuer to
provide the Annual Reports described in Section 4.
un
0
Building Permits Issued by the City
Includes $17, 000, 000 for Koch Refining.
Recent and Proposed Development
New Sinale Family Homes
Number
Total Permits
194
Number
Value
2000 (to 6 -30)
477
$27,520,492
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
1990
491
21, 921, 872
Includes $17, 000, 000 for Koch Refining.
Recent and Proposed Development
New Sinale Family Homes
Number
Value
194
$24,097,051
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
184
16,682,775
In 1993, the Rosemount Port Authority purchased 80 acres of vacant land for a future business
park near the historic center of Rosemount. In 1995, after a total investment of nearly
$2.2 million, the first phase of road and utility improvements to the business park were
completed. Two companies purchased a combined 16 acres in the business park and
completed construction of new facilities in early 1997. Cannon Equipment Company
constructed a 110,000 square foot office /manufacturing facility and Geometrix Company
constructed a 10,000 square foot sheet metal manufacturing facility. The City also established
this business park within a tax increment financing (TIF) district as a tool to assist new
businesses locating at this site. In 1999, Geometrix added another 20,000 square feet to its
facility. This year, the City is in the process of selling two parcels of land within the business
park. On one parcel, a proposed 80,000 square foot facility would house a specialty printing
company. On the other parcel, a proposed 71,000 square foot facility would house a quality
custom cabinet/millwork business. The Port Authority continues to market the remaining
acreage in the business park.
During the period from 1994 through 1999, an average of over $33 million in new construction
value has been added per year. During this same period the City added almost 1,200 single-
family homes to its housing stock (an average of 198 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 first two projects in this development
were a 15,000 square foot Walgreens Drug Store that opened in 1997 and a 10,000
square foot KinderCare daycare center that opened in 1998. Currently, a 6,000 square
foot Goodyear tire company store is set to begin construction. Also, a proposed
100,000 square foot project would include an 80,000 square foot grocery store with
13,000 square feet of attached retail shops and a 7,000 square foot stand -alone
retail /restaurant building. In addition, a proposed 42,000 square foot development
would include a 10,000 square foot liquor store and 32,000 square feet of
retail /restaurant buildings be added in a total of three phases.
• Secure Mini Storage has completed a new 53,000 square -foot facility in Rosemount.
-19
• Marcus Theaters completely renovated its 8- screen theater with all stadium -style
seating.
• The City is currently- in the process of looking at completing enhancements to its
downtown. The first step would be a streetscape project that would include street,
sidewalk and street light improvements. This step would be done in two phases,
beginning in 2000 and ending in 2001.
Some of the larger housing projects currently being developed or recently completed are as
follows:
Development/Develoner
Shannon Meadows Addition
Shannon Pond East/Hampton
Development Corp.
Geromine Pond /Heritage Development Co.
Hawkins Pond /Basic Builders
The Enclave /Pulte Homes
Biscayne Pointe /Heritage Development Co.
Wensmann 11 Addition /
Wensmann Development
Wensmann 12 Addition/
Wensmann Development
Bloomfield /CMC Heartland
Broback Park
Rosemount Commons /
Heritage Development Co.
Shannon Pond South /Allen Homes
Stonebridge 3r Addition /Carlson Brothers
Oakridge Estates /M.W. Construction
Financial Institutions
The First State Bank of Rosemount and Rosemount National Bank are located in the City. As
of December 31, 1998, the two banks reported combined deposits of $73,578,000. A branch
facility of the Vermillion State Bank is also located in the City.
Source: "McFadden Upper Midwest Financial Directory, " Spring 1999 edition.
Education
The major portion of the City is part of Independent School District 196, headquartered in
Rosemount. The District's enrollment for the 1999/00 school year was approximately 27,540
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 3,786 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.
In May 1999, the Dakota County Housing and Redevelopment Authority issued $4,600,000 of
facility lease revenue bonds to finance the acquisition, construction and equipping of new
classroom additions at four existing elementary school sites in the cities of Apple Valley, Eagan
-20-
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 pacskage, and may
cross-reference other information as provided in this Disclosure
Undertaking.
The following financial information and operating data shall
be supplied:
A. an update of the operating and financial data of the
type of information contained in the Official Statement under the
caption CITY PROPERTY VALUES; " CITY INDEBTEDNESS" , and " CITY
TAX RATES, LEVIES AND COLLECTIONS" .
B. Audited Financial Statements of the Issuer. The
Audited Financial Statements of the Issuer may be submitted to
each Repository separately from the balance of the Annual Report.
In the event Audited Financial Statements of the Issuer are not
available on or before the date for filing the Annual Report with
the appropriate Repositories as set forth in Section 3.A above,
unaudited financial statements shall be provided as part of the
Annual Report. The accounting principles pursuant to which the
financial statements will be prepared will be pursuant to
generally accepted accounting principles promulgated by the
Financial Accounting Standards Board, as such principles are
modified by the governmental accounting standards promulgated by
the Government Accounting Standards Board, as in effect from time
to time. If Audited Financial Statements are not provided
because they are not available on or before the date for filing
the Annual Report, the Issuer shall promptly provide them to the
Repositories when available.
11 -3
Units
Units Built as
Housing
Approved
of 7 -1 -00
Single Family
29
29
Single Family
73
70
Single Family/Twin Home
104
73
Single Family
69
69
Single Family
128
128
Single Family
97
90
Townhomes
98
94
Townhomes
44
44
Single Family/Townhome
264
27
Single Family
29
28
Townhomes
121
94
Single Family
47
21
Single family
8
3
Single Family
10
4
Financial Institutions
The First State Bank of Rosemount and Rosemount National Bank are located in the City. As
of December 31, 1998, the two banks reported combined deposits of $73,578,000. A branch
facility of the Vermillion State Bank is also located in the City.
Source: "McFadden Upper Midwest Financial Directory, " Spring 1999 edition.
Education
The major portion of the City is part of Independent School District 196, headquartered in
Rosemount. The District's enrollment for the 1999/00 school year was approximately 27,540
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 3,786 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.
In May 1999, the Dakota County Housing and Redevelopment Authority issued $4,600,000 of
facility lease revenue bonds to finance the acquisition, construction and equipping of new
classroom additions at four existing elementary school sites in the cities of Apple Valley, Eagan
-20-
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 pacskage, and may
cross-reference other information as provided in this Disclosure
Undertaking.
The following financial information and operating data shall
be supplied:
A. an update of the operating and financial data of the
type of information contained in the Official Statement under the
caption CITY PROPERTY VALUES; " CITY INDEBTEDNESS" , and " CITY
TAX RATES, LEVIES AND COLLECTIONS" .
B. Audited Financial Statements of the Issuer. The
Audited Financial Statements of the Issuer may be submitted to
each Repository separately from the balance of the Annual Report.
In the event Audited Financial Statements of the Issuer are not
available on or before the date for filing the Annual Report with
the appropriate Repositories as set forth in Section 3.A above,
unaudited financial statements shall be provided as part of the
Annual Report. The accounting principles pursuant to which the
financial statements will be prepared will be pursuant to
generally accepted accounting principles promulgated by the
Financial Accounting Standards Board, as such principles are
modified by the governmental accounting standards promulgated by
the Government Accounting Standards Board, as in effect from time
to time. If Audited Financial Statements are not provided
because they are not available on or before the date for filing
the Annual Report, the Issuer shall promptly provide them to the
Repositories when available.
11 -3
"MSRB" shall mean the Municipal Securities Rulemaking Board.
"National Repository" shall mean any Nationally Recognized
Municipal Securities Information Repository for purposes of the
Rule. The National Repositories as of the date of execution of
this Undertaking are as listed on Exhibit A.
"Occurrence(s)" shall mean any of the events listed in
Section 5.A of this Disclosure Undertaking.
"Official Statement" shall be the Official Statement dated
, 2000, prepared in connection with the
Certificates.
"Owners" shall mean the registered holders and, if not the
same, the beneficial owners of any Bond.
"Participating Underwriter" shall mean any of the original
underwriters of the Bonds required to comply with the Rule in
connection with offering of the Bonds.
"Repository" shall mean each National Repository and each
State Depository.
"Resolution" shall mean the resolution or resolutions
adopted by the Governing Body of the Issuer providing for and
authorizing the issuance of the Bonds.
"Rule" shall mean Rule 15c2- 12(b)(5) adopted by the
Securities and Exchange Commission under the Securities Exchange
Act of 1934, as the same may be amended from time to time.
"State" shall mean the State of Minnesota.
"State Depository" shall mean any public or private
repository or entity designated by the State as a state
depository for the purpose of the Rule. As of the date of this
Disclosure Undertaking, there is no State Depository in
Minnesota
SECTION 3. Provision of Annual Reports
A. Beginning in connection with the Fiscal Year ending on
December 31, 2000, the Issuer shall, or shall cause the
Dissemination Agent to, as soon as possible, but in any event not
later than December 31, 2001, and by December 31 of each year
11 -2
and Lakeville. The additional classrooms provide for continuing elementary student enrollment
increases and special education student programs.
Small portions of the City are located in Independent School District 199 (Inver Grove -Pine
Bend) and Independent School District 200 (Hastings).
The Dakota County Technical College is also located in the City. The Technical College,
located on a 96 -acre site, opened in 1973. The Technical College has an enrollment of
approximately 2,000 post - secondary students. In addition, the Technical College offers an
extensive adult education program.
GOVERNMENTAL ORGANIZATION AND SERVICES
Organization
Rosemount was established as a municipal corporation in 1858, and became a statutory City in
1974. The City has a Mayor - Council form of government, with the four Council members being
elected to overlapping four -year terms of office. The present City Council is listed below.
Expiration of Term
Cathy E. Busho Mayor December 31, 2002
Ena Cisewski Council Member December 31, 2002
John Edwards Council Member December 31, 2002
Jeff Caspar Council Member December 31, 2000
Sheila Klassen Council Member December 31, 2000
The City's chief administrative officer is the City Administrator, who is appointed by and serves
at the discretion of the City Council. Mr. Thomas D. Burt was appointed to the position of City
Administrator in March of 1994. Mr. Jeffrey A. May, who has served in the City's Finance
Department since 1985, was appointed as the City's Finance Director in March of 1991.
Growth and development of the City is guided by a Comprehensive Land Use Plan which was
commissioned soon after the consolidation in 1971 of the former Village and Town of
Rosemount. The Plan outlines long- range zoning and development policy of the City, and is
designed to encourage and promote orderly development and growth which will perpetuate a
sound tax base. This Plan was last updated in 1999 and covers the next 25 -year period.
Services
Police protection for the City is provided by 15 full -time officers, six police reserves and two
part-time community service officers. Fire protection is provided by 36 trained volunteers. The
City has a class 5 insurance rating.
The City completed an expansion of its public works facility in 1999. The expansion was funded
by a 20 -year internally funded lease- purchase agreement, effective January 20, 1999, in the
amount of $548,000.
Municipal water, sanitary sewer and storm water services are provided to virtually all of the
developed areas of the City. The municipal water service is provided by four wells with two water
towers having a total storage capacity of 1,500,000 gallons. The maximum pumping capacity is
6,000,000 gallons per day with an average demand of 1,200,000 gallons pumped daily. The new
-21
APPENDIX II
water tower being constructed with proceeds of the Water Revenue Bonds will add 500,000
gallons of storage capacity to the system.
It is the City's policy to finance all of its lateral sanitary sewer and water improvements by
special assessments filed against benefited property; however, there is a provision for deferred
assessments, in which case it may be necessary to provide some tax support. Core facilities
are intended to be financed from water and sewer connection charges, but these too may
require some tax support in the event sufficient connections do not occur in a timely manner.
To date, tax support has not been necessary.
The City finances the construction and long -term maintenance of its storm water core facilities
through the operation of a storm water utility. Each property in the City pays a quarterly
"stormwater user fee" and an initial connection charge to support the program.
Interceptor sewer Fines and wastewater treatment plants in the seven - county metropolitan area,
of which the City is a part, are under the jurisdiction of the Metropolitan Council Environmental
Services ( "MCES" ). MCES finances its operations through user charges based on usage. The
City is responsible for the construction and maintenance of sewer laterals.
Employee Pensions
All full -time and certain part-time employees of the City of Rosemount are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund (PEPFF) which are cost- sharing multiple - employer
public employees retirement plans. PERF members belong to either the Coordinated Plan or
the Basic Plan. Coordinated members are covered by Social Security and Basic members are
not. All employees of the City covered by PERA belong to the Coordinated Plan. All police
officers, fire fighters and peace officers who qualify for membership by statute are covered by
the PEPFF. For the year ended December 31, 1999, the City's contribution to PERA was
$348,609.
CONTINUING DISCLOSURE UNDERTAKINGS
This Continuing Disclosure Undertaking (the "Disclosure
Undertaking ") is executed and delivered by the City of Rosemount,
Minnesota (the "Issuer ") in connection with the issuance of
$1,160,000 General Water Revenue Bonds, Series 2000A (the
"Bonds "). The Bonds are being issued pursuant to a Resolution
adopted on August 15, 2000 (the "Resolution "). Pursuant to the
s Resolution and this Undertaking, the Issuer covenants and agrees
as follows
SECTION 1. Purpose of the Disclosure Undertaking This
Disclosure Undertaking is being executed and delivered by the
Issuer for the benefit of the Owners of the Bonds and in order to
assist the Participating Underwriters in complying with SEC Rule
15c2 -12 (b) (5) .
SECTION 2. Definitions In addition to the definitions set
forth in the Resolution, which apply to any capitalized term used
in this Disclosure Undertaking unless otherwise defined in this
Section, the following capitalized terms shall have the following
meanings:
"Annual Report" shall mean any annual financial information
provided by the Issuer pursuant to, and as described in, Sections
3 and 4 of this Disclosure Undertaking.
"Audited Financial Statements" shall mean the financial
statements of the Issuer audited annually by an independent
certified public accounting firm, prepared pursuant to generally
accepted accounting principles promulgated by the Financial
Accounting Standards Board, modified by governmental accounting
standards promulgated by the Government Accounting Standards
Board.
(The Balance of This Page Has Been Intentionally Left Blank) "Dissemination Agent" shall mean such party from time to
time designated in writing by the Issuer to act as information
dissemination agent and which has filed with the Issuer a written
acceptance of such designation.
"Fiscal Year" shall be the fiscal year of the Issuer.
"Governing Body" shall, with respect to the Bonds, have the
meaning given that term in Minnesota Statutes, Section 475.51,
Subdivision 9.
-22- II -1
BRIGGS AND MORGAN
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 September,
2000.
Professional Association
General Fund Revenues:
General Property Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeits
Recreation Fees
Miscellaneous Revenues
Transfers In
Total General Fund Revenues
General Fund Expenditures:
General Government
Police
Fire
Public Works
Parks and Recreation
Transfer Out
Total General Fund Expenditures
Current General Fund Budget
1999 1999
Adopted Budget Actual
$2,503,203
344,200
1,347,297
303,700
100,000
190,000
64,000
-
3,500
$4,855,900
$1,117,900
1,288,600
179,800
1,645,200
624,400
0
$4,855,900
THE PORT AUTHORITY
$2,626,865
623,463
1,318,131
486,379
91,441
207,578
117,798
3,500
$5,475,155
$1,132,329
1,341,963
154,482
1,638,280
628,144
0
$4,895,198
2000
Adopted Budget
$2,710,383
390,700
1,377,335
410, 300
100,000
195,900
70,200
3,500
$5,258,318
$1,292,518
1,366,300
192,400
1,713,100
694,000
0
$5,258,318
The Rosemount Port Authority is a public body duly organized and existing under the laws of
the State of Minnesota. The Port Authority is considered a governmental subdivision, and the
area in which it may exercise its power is coterminous with the City boundaries.
The Port Authority was established on September 3, 1991 by resolution of the Rosemount City
Council to provide a conscientious and coordinated effort to encourage and precipitate future
development within various development districts established by the City. The Port Authority is
charged with the role and responsibility of carrying out economic and industrial development
and redevelopment within the City in accordance with policies established by the City Council
As administrator of the City's development districts, the Authority may exercise development
and redevelopment powers pursuant to those authorized by the State of Minnesota
Development Act, the Industrial Bond Act, the Housing Finance Act and the Tax Increment Act,
except that the Authority may not issue obligations without prior approval of the City Council
The governing body of the Port Authority is a Board of Commissioners consisting of seven
members, at least two of whom must be members of the City Council. The members of the
Port Authority Board are chosen through an application and interview process and are
appointed to six -year terms.
-6 -23-
The current Port Authority Commissioners are listed below:
Expiration of Term BRIGGS AND MORGAN
John Edwards*
Chair
January 31, 2003
Jeff Caspar*
Vice Chair
January 31, 2004
Michael Baxter
Treasurer
January 31, 2002
Sheila Klassen*
Commissioner
January 31, 2004
Cami Zimmer
Commissioner
January 31, 2005
Cathy Busho*
Commissioner
January 31, 2006
Ena Cisewski*
Commissioner
January 31, 2001
* Ms. Cathy Busho is the City Mayor, Mr. Jeff Caspar, Ms. Ena Cisewski, Mc John Edwards,. and
Ms. Sheila Klassen also serve on the City Council.
Mr. Thomas Burt serves as the Executive Director of the Port Authority. Mr. Jeff May serves as
Assistant Treasurer and Ms. Linda Jentink serves as the Executive Secretary.
(The Balance of This Page Has Been Intentionally Left Blank)
-24-
Based upon such examinations, and assuming
the authenticity of all documents submitted to us as
originals, the conformity to original documents of all
documents submitted to us as certified or photostatic
copies and the authenticity of the originals of such
documents, and the accuracy of the statements of fact
+, contained in such documents, and based upon present
Minnesota and federal laws (which excludes any pending
legislation which may have a retroactive effect on or
before the date hereof) , regulations, rulings and
decisions, it is our opinion that:
(1) The proceedings show lawful authority for the
issuance of the Bonds according to their terms under
the Constitution and laws of the State of Minnesota now
in force
(2) The Bonds are valid and binding general
obligations of the City of Rosemount (the "City ") and
all of the taxable property within the City's
jurisdiction is subject to the levy of an ad valorem
tax to pay the same without limitation as to rate or
amount; provided that the 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
1 -5
BRIGGS AND MORGAN
W2200 First National Bank Building
332 Minnesota Street
Saint Paul, MN 55101 -1396
Telephone 651- 223 -6600
Facsimile 651- 223 -6450
PROFESSIONAL ASSOCIATION
WRITER'S DIRECT DIAL
WRITER'S E -MAIL
$1,750,000
GENERAL OBLIGATION
BONDS, SERIES 2000B
ROSEMOUNT PORT AUTHORITY
DAKOTA COUNTY
MINNESOTA
We have acted as bond counsel in connection
with the issuance by the Rosemount Port Authority,
Dakota County, Minnesota (the "Issuer "), of its
$1,750,000 General Obligation Bonds, Series 2000B,
bearing a date of original issue of September 1, 2000
(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.
MINNEAPOLIS OFFICE ■ IDS CENTER ■ WWW.BRIGGS.COM
MEMBER - LEX MUNDI, A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS
1 -4
APPENDIX
PROPOSED FORM OF LEGAL OPINIONS
W2200 First National Bank Building
332 Minnesota Street
BRIGGS AND MORGAN Saint Paul, MN 55101 -1396
Telephone 651 -223 -6600
Facsimile 651 - 223 -6450
PROFESSIONAL ASSOCIATION
i
WRITER'S DIRECT DIAL
WRITER'S E -MAIL
$1,160,000
GENERAL OBLIGATION WATER REVENUE BONDS,
SERIES 2000A
CITY OF ROSEMOUNT
DAKOTA COUNTY
MINNESOTA
t
f
We have acted as bond counsel in connection
with the issuance by the City of Rosemount, Dakota
County, Minnesota (the "Issuer "), of its $1,160,000
General Obligation Water Revenue Bonds, Series 2000A,
bearing a date of original issue of September 1, 2000
(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
1186500.1 MINNEAPOLIS OFFICE ■ IDC CENTER Z WWW.BRIGGS.COM
MEMBER - LEX MUNDI, A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS
-1
BRIGGS AND MORGAN
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
the levy of an ad valorem tax to pay the same without
limitation as to rate or amount; provided that the
enforceability (but not the validity) of the Bonds, the
pledge of taxes and net revenues of the water system
for the payment of the principal and interest thereon
is subject to the exercise of judicial discretion in
accordance with general principles of equity, to the
constitutional powers of the United States of America
and to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors'
rights heretofore or hereafter enacted.
(3) At the time of the issuance and delivery of
the Bonds to the original purchaser, the interest on
the Bonds is excluded from gross income for United
States income tax purposes and is excluded, to the same
extent, from both gross income and taxable net income
for State of Minnesota income tax purposes (other than
Minnesota franchise taxes measured by income and
imposed on corporations and financial institutions),
and is not an item of tax preference for purposes of
the federal alternative minimum tax imposed on
individuals and corporations or the Minnesota
alternative minimum tax applicable to individuals,
estates or trusts; it should be noted, however, that
for the purpose of computing the federal alternative
minimum tax imposed on corporations, such interest is
1 -2
i
i4
i
2000.
BRIGGS AND MORGAN
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 September,
Professional Association
1 -3
85 E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2887
651-223-3000 FAX: 651-223-3002
0
SPRINGSTED
Public Finance Advisors
$1,160,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2000A
(BOOK ENTRY ONLY)
AWARD: WELLS FARGO BROKERAGE SERVICES, LLC
SALE: August 15, 2000 Moody's Rating: A2
Interest Net Interest True Interest
Bidder Rates Price Cost Rate
WELLS FARGO BROKERAGE
4.40%
2002 $1,147,124.00 $570,322.46 5.1699%
SERVICES, LLC
4.45%
2003
4.50%
2004
4.60%
2005
4.65%
2006
4.70%
2007
4.75%
2008
4.80%
2009
4.85%
2010
4.90%
2011
5,00%
2012
5.10%
2013
5.20%
2014
5.30%
2015
5.40%
2016
MORGAN STANLEY DEAN WITTER
4.60%
2002-2007 $1,145,500.00 $570,283.96 5.1745%
PAINEWEBBER INCORPORATED
4.65%
2008
CIBC WORLD MARKETS
4.70%
2009
CRONIN & COMPANY, INCORPORATED
4.80%
2010
SALOMON SMITH BARNEY
5.00%
2011-2012
5.10%
2013
5.20%
2014
5.30%
2015
5.35%
2016
(Continued)
SAINT PAUL, MN • MINNEAPOLIS, MN • MILWAUKEE, WI • OVERLAND PARK, KS • WASHINGTON, DC • DES MOINES, IA
These Bonds are being reoffered at par
BB 1: 5.51 %
Average Maturity: 9.53 Years
Interest
Net Interest
True Interest
Bidder
Rates
Price
Cost
Rate
JOHN G. KINNARD &COMPANY
4.40% 2002
$1,145,500.00
$570,832.40
5.1788%
INCORPORATED
4.50% 2003
4.55% 2004
4.60% 2005
4.625% 2006
4.65% 2007
4.70% 2008
4.75 % 2009
4.80% 2010
4.90% 2011
5.00% 2012
5.10% 2013
5.20% 2014
5.30 % 2015
5.40% 2016
DAIN RAUSCHER INCORPORATED
4.50% 2002
$1,145,614.90
$571,225.00
5.1823 %
4.625 % 2003 -2008
4.70% 2009
4.85% 2010
4.90 % 2011
5.00% 2012
5.125% 2013
5.25% 2014
5.30% 2015
5.375% 2016
U.S. BANCORP PIPER JAFFRAY INC.
4.875% 2002 -2011
$1,145,500.00
$573,775.83
5.2156 %
5.00% 2012
5.10 % 2013
5.20% 2014 -2015
5.30% 2016
These Bonds are being reoffered at par
BB 1: 5.51 %
Average Maturity: 9.53 Years