HomeMy WebLinkAbout7.a. Accept Bids and Award Sale of General Obligation Improvement Bonds, Series 1997A s
. C1�1( OF ROSEM�UNT
EXECUTiVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: June 17, 199�
AGENDA ITEM: Accept Bids and Award Sale - G.O. AGENDA SECTION:
Improvement Bonds, Series 1997A Old Business
PREPARED BY: Jeff May, Finance Director AGENDA�.n� �� �{
iVl /��
ATTACHMENTS: Resolution and Official Statement APPROVED BY:
�I
At 11:00 A.M. Tuesday, June 17, 1997, sealed bids for G.O. Improvement Bonds, Series 1997A, will
be opened and the results tabulated at the offices of Springsted Inc. A representative from
Springsted Inc. will be at the Council meeting that evening to give their recommenda#ion for the
issuance of these bonds and to answer any questions that you may have.
Because the bid opening is not until Tuesday morning, 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 $2,800,000 GENERAL
OBLIGATION IMPROVEMENT BONDS, SERIES 1997A AND PROVIDING FOR THEIR
ISSUANCE. '��
COUNCIL ACTION: I
��-e r,r1 7. a..
CITY OF ROSElAOUNT: �'NNESOTA Prepa�ed June 17, 1997
$2,800,000 G0 Ia�proveaent Bonds, 1997A By SPRINGSTED Incorporated
luloody's A2 Insurance
Summary ofi Bidders Ra�ked by True Interest Cost
Rank Bidder TIC (�) NIC (�) NIC ($)
--1 . C�onin - �1�----•--------------------- 4.784598$ 4.771856� $ 917,309.70
2. Baird - NO 4.802654� 4.793012Ac $ 921 ,376.70
3. Piper - �Sp 4.819377� 4.797659� $ 922,270.01
4. Grifitin -No 4.837075� 4.821360� $ 926,826.04
5. FBS - NO 4.842166'�s 4.834092� $ 929,273.54
6. Harris (FSA) 4.855290� 4.831868� $ 928,846.17
7. Dain Bosworth - FSA 4.870883As 4.859094� $ 934,079.86
� •
Purchaser (Based on TIC�c) : Cronin
Price: $ 2,776,760.30
Premium (or Discount) : $ -23,239.70
Coupons:
2/ 1/ 0 4.200
2/ 1/ � 4.300
2/ �/ 2 4.400
2/ 1/ 3 4.500
2/ 1/ 4 4.600
2/ 1/ 5 4.600
2/ �/ g 4.650
2/ 1J 7 4.700
2/ 1/ 8 4.800
2/ �/ g 5.000
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CITY OF
ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1997 -
RESOLUTION ACCEPTING OFFER ON THE
SALE OF $2, 800, 000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1997A AND PROVIDING FOR THEIR ISSUANCE
A. WHEREAS, the City Council of the City of Rosemount, Minnesota
(the "City") , has heretofore determined and declared that it is
necessary and expedient to issue $2, 800, 000 General Obligation
Improvement Bonds, Series 1997A (the "Bonds°) of the City,
pursuant to Minnesota Statutes, Chapters 429 and 475, to finance
the construction of various improvement projects in the City {the
"Improvements") ; and
B. WHEREAS, the construction of the Improvements to be financed
by the Bonds has heretofore been ordered; and
C. WHFREAS, offers to purchase the Bonds were solicited on
behalf of the City by Springsted Incorporated; and
D. WHEREAS, it is in the best interests of the City that the
Bonds be issued in book-entry form as hereinafter provided; and
E. 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 :
l. Acceptance of Offer. The offer of
(the "Purchaser") , to
purchase $2, 800, 000 General Obligation Improvement Bonds, Series
1997A of the City (the "Bonds° , or individually a "Bond") , in
accordance with the terms of proposal, at the rates of interest
hereinafter set forth, and to pay therefor the sum of
$ , plus interest accrued to settlement, is hereby
found, determined and declared to be the most favorable offer
352333.1
received and is hereby accepted, and the Bonds are hereby awarded II'
to said Purchaser. The Finance Director is directed to retain
the deposit of said Purchaser and to forthwith return to the
others making offers their good faith checks or drafts.
2 . Terms of Bonds
(a) Title: Original Issue Date; Denominations: Maturities. The
Bonds shall be titled "General Obligation Improvement Bonds,
Series 1997A" , shall be dated July l, 1997, as the date of
original issue and shall be issued forthwith on or after such
date as fully registered bonds. The Bonds shall be numbered from
R-1 upward in the denomination of $5, 000 each or in any integral
multiple thereof of a single maturity (the "Authorized
Denomination") . The Bonds shall mature on February 1 in the
years and amounts as follows:
Year Amount Year Amount
2000 $335, 000 2005 $275, 000
2001 295, 000 2006 270, 000
2002 290, 000 2007 265, 000
2003 285, 000 2008 255, 000
2Q04 280, 000 2009 250, 000
(b) Book Entrv 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 its successors to
its functions hereunder (the °Depository") will act as securities
depository for the Bonds, and to this end:
(i) The Bonds shall be initially issued and, so long as they
remain in book entry form only (the "Book Entry Only Period") ,
shall at all times be in the form of a separate single fully
registered Bond for each maturity of the Bonds; and for purposes
of complying with this requirement under paragraphs 5 and 10
Authorized Denominations for any Bond shall be deemed to be
limited during the Book Entry Only Period to the outstanding
principal amount of that Bond.
(ii) Upon initial issuance, ownership of the Bonds shall be
registered in a bond register maintained by
(the "Bond Registrar")
in the name of CEDE & CO. , as the nominee (it or any nominee of
the existing or a successor Depository, the "Nominee") .
(iii) With respect to the Bonds neither the City nor the Bond
Registrar shall have any responsibility or obligation to any
broker, dealer, bank, or any other financial institution for
which the Depository holds Bonds as securities depository (the
352333.1 2
"Participant") or the person for which a Participant holds an
interest in the Bonds shown on the books and records of the
Participant (the "Beneficial Owner") . Without limiting the
immediately preceding sentence, neither the City, nor the Bond
Registrar, shall have any such responsibility or obligation with
respect to (A) the accuracy of the records of the Depository, the '�
Nominee or any Participant with respect to any ownership interest
in the Bonds, or (B) the delivery to any Participant, any Owner '
or any other person, other than the Depository, of any notice
with respect to the Bonds, including any notice of redemption, or
(C) the payment to any Participant, any Beneficial Owner or any
other person, other than the Depository, of any amount with
respect to the principal of or premium, if any, or interest on
the Bonds, or (D) the consent given or other action taken by the
Depository as the Registered Holder of any Bonds (the "Holder" ) .
For purposes of securing the vote or consent of any Holder under
this Resolution, the City may, however, rely upon an omnibus
proxy under which the Depository assigns its consenting or voting
rights to certain Participants to whose accounts the Bonds are
credited on the record date identified in a listing attached to
the omnibus proxy.
(iv) The City and the Bond Registrar may treat as and deem the
Depository to be the absolute owner of the Bonds for the purpose
of payment of the principal of and premium, if any, and interest
on the Bonds, for the purpose of giving notices of redemption and
other matters with respect to the Bonds, for the purpose of
obtaining any consent or other action to be taken by Holders for
the purpose of registering 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 bond register, and all such
payments shall be valid and effective to fully satisfy and
discharge the City' s obligations with respect to the principal of
and premium, if any, and interest on the Bonds to the extent of
the sum or sums so paid.
(v) Upon delivery by the Depository to the Bond Registrar of
written notice to the effect that the Depository has determined
to substitute a new Nominee in place of the existing Nominee, and
subject to the transfer provisions in paragraph 10 hereof,
references to the Nominee hereunder shall refer to such new
Nominee.
(vi) So long as any Bond is registered in the name of a Nominee,
all payments with respect to the principal of and premium, if
any, and interest on such Bond and all notices with respect to
such Bond shall be made and given, respectively, by the Bond
Registrar or City, as the case may be, to the Depository as
352333.1 3
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 '�i
be provided to the Holders pursuant to this Resolution by the i
City or Bond Registrar with respect to any consent or other I,
action to be taken by Holders, the Depository shall consider the I
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/bond
registrar agreement, shall agree to take any actions necessary
from time to time to comply with the requirements of the Letter
of Representations.
(x) In the case of a partial prepayment of a Bond, the Holder
may, in lieu of surrendering the Bonds for a Bond of a lesser
denomination as provided in paragraph 5 hereof, make a notation
of the reduction in principal amount on the panel provided on the
Bond stating the amount so redeemed.
(c) Termination of Book-Entry Only System. Discontinuance of a
particular Depository' s services and termination of the book-
entry only system may be effected as follows :
(i) The Depository may determine to discontinue providing its
service� 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
352333.1 4
determines that the Depository is no longer able to carry out its
functions as securities depository or the continuation of the
system of book-entry transfers through the Depository is not in
the best interests of the City or the Beneficial Owners .
(ii) Upon termination of the services of the Depository as
provided in the preceding paragraph, and if no substitute
securities depository is willing to undertake the functions of
the Depository hereunder can be found which, in the opinion of
the City, is willing and able to assume such functions upon
reasonable or customary terms, or if the City determines that it
is in the best interests of the City or the Beneficial Owners of
the Bond that the Beneficial Owners be able to obtain
certificates for the Bonds, the Bonds shall no longer be
registered as being registered in the bond register in the name
of the Nominee, but may be registered in whatever name or names
the Holder of the Bonds shall designate at that time, in
accordance with paragraph 10 hereof. To the extent that the
Beneficial Owners are designated as the transferee by the
Holders, in accordance with paragraph l0 hereof, the Bonds will
be delivered to the Beneficial Owners.
(iii) Nothing in this subparagraph (c) shall limit or restrict
the provisions of paragraph 10 hereof.
3 . Purpose. The Bonds shall provide funds to finance a portion
of the costs of various improvement projects within the City (the
"Improvements") . The total cost of the Improvements, which shall
include all costs enumerated in Minnesota Statutes, Section
475. 65, is estimated to be at least equal to the amount of the
Bonds. Work on the Improvements shall proceed with due diligence
to completion. The City covenants that it shall do all things
and perform all acts required of it to assure that work on the
Improvements proceed with due diligence to completion and that
any and all permits and studies required under .law for the
Improvements are obtained.
4 . Interest. The Bonds shall bear interest payable semiannually
on February 1 and August 1 of each year (each, an "Interest
Payment Date") , commencing February l, 1998, 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 :
352333.1 5
Maturity Interest Maturity Interest
Year Rate Year Rate
2000 % 2005 %
2001 2006
2002 2007
2003 2008
20Q4 2009
S . Redemption. All Bonds maturing in the years 2005 through
2009, both inclusive, shall be subject to redemption and
prepayment at the option of the City on February 1, 2004, 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 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
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
352333.1 6 I
i
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
6 . Bond Registrar. I
, in , Minnesota, is appointed to ;
act as bond registrar and transfer agent with respect to the '�,
Bonds (the "Bond Registrar") , and shall do so unless and until a ',
successor Bond Registrar is duly appointed, all pursuant to any '
contract the City and Bond Registrar shall execute which is !
consistent herewith. The Bond Registrar shall also serve as '
paying agent unless and until a successor paying agent is duly '
appointed. Principal and interest on the Bonds shall be paid to '
the registered holders (or record holders) of the Bonds in the ,
manner set forth in the form of Bond and paragraph 12 of this
resolution.
7. Form of Bond. The Bonds, together with the Bond Registrar' s
Certificate of Authentication, the form of Assignment and the
registration information thereon, shall be in substantially the
following form:
352333.1 7
, .__--_
UNITED STATES OF AMERICA II
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF ROSEMOUNT
R- $
GENERAL OBLIGATION IMPROVEMENT
BOND, SERIES 1997A
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
July 1, 1997
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, unless called for earlier
redemption, and to pay interest thereon semiannually on February
1 and August 1 of each year (each, an "Interest Payment Date") ,
commencing February 1, 1998, at the rate per annum specified
above (calculated on the basis of a 360-day year of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable upon
presentation and surrender hereof at the principal office of
, in ,
Minnesota (the "Bond Registrar") , acting as paying agent, or any
successor paying agent duly appointed by the Issuer. Interest on
this Bond will be paid on each Interest Payment Date by check or
draft mailed to the person in whose name this Bond is registered
(the "Holder" or "Bondholder" ) on the registration books of the
Issuer maintained by the Bond Registrar and at the address
appearing thereon at the close of business on the fifteenth day
of the calendar month next preceding such Interest Payment Date
(the "Regular Record Date") . Any interest not so timely paid
shall cease to be payable to the person who is the Holder hereof
as of the Regular Record Date, and shall be payable to the person
who is the Holder hereof at the close of business on a date {the ',
352333.1 8 II
"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, premium, if any, and interest on this Bond and
notice with respect thereto shall be made as provided in the
Depository Letter Agreement, as defined in the Resolution, and
surrender of this Bond shall not be required for payment of the
redemption price upon a partial redemption of this Bond. Until
termination of the book-entry only system pursuant to the
Resolution, Bonds may only be registered in the name of the
Depository or its Nominee.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and
things required by the Constitution and laws of the State of
Minnesota to be done, to happen and to be performed, precedent to
and in the issuance of this Bond, have been done, have happened
and have been performed, in regular and due form, time and manner
as required by law, and that this Bond, together with all other
debts of the Issuer outstanding on the date of original issue
hereof and the date of its issuance and delivery to the original
purchaser, does not exceed any constitutional, or statutory
limitation of indebtedness.
IN WITNESS WHEREOF, the City of Rosemount, Dakota County,
Minnesota, by its City Council has caused this Bond to be
executed on its behalf by the facsimile signatures of its Mayor
and its Clerk, the corporate seal of the Issuer having been
intentionally omitted as permitted by law.
352333.1 9
Date of Registration: Registrable by:
Payable at:
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
Clerk
Bond Registrar
By
Authorized Signature
352333.1 1 0
ON REVERSE OF BOND
Redemption. Al1 Bonds of this issue (the "Bonds") maturing in
the years 2005 through 2009, both inclusive, are subject to
redemption and prepayment at the option of the Issuer on
February 1, 2004, 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. i
Selection of Bonds for Redemption; Partial Redemption. To effect �I
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 Obliaation. This Bond is one of an
issue in the total principal amount of $2, 800, 000, all of like
date of original issue and tenor, except as to number, maturity,
interest rate and denomination, which Bond has been issued
pursuant to and in full conformity with the Constitution and laws
352333.1 1 1
of the State of Minnesota and pursuant to a resolution adopted by '
the City Council of the Issuer on June 17, 1997 (the
"Resolution��) , for the purpose of providing funds to finance the
costs of various improvement projects within the jurisdiction of
the Issuer. This Bond is payable out of the General Obligation
Improvement Bonds, Series 1997A Fund of the Issuer. This Bond
constitutes a general obligation of the Issuer, and to provide
moneys for the prompt and full payment of its principal, premium,
if any, and interest when the same become due, the full faith and
credit and taxing powers of the Issuer have been and are hereby
irrevocably pledged. '
Denominations: Exchange; Resolution. The Bonds are issuable
solely as fully registered bonds in 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 Bc�nd Registrar.
Transfer. This Bond is transferable by the Holder in person or '
by his, her or its attorney duly authorized in writing at the '
principal office of the Bond Registrar upon presentation and ,
surrender hereof to the Bond Registrar, all subject to the terms ',
and conditions provided in the Resolution and to reasonable ,
regulations of the Issuer contained in any agreement with the ',
Bond Registrar. Thereupon the Issuer shall execute and the Bond ',
Registrar shall authenticate and deliver, in exchange for this '
Bond, one or more new fully registered Bonds in the name of the I
transferee (but not registered in blank or to "bearer" or similar
designation) , of an Authorized Denomination or Denominations, in I
aggregate principal amount equal to the principal amount of this
Bond, of the same maturity and bearing interest at the same rate.
Fees upon Transfer or Loss . The Bond Registrar may require
payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or
exchange of this Bond and any legal or unusual costs regarding
transfers and lost Bonds.
Treatment of Registered Owners. The Issuer and Bond Registrar
may treat the person in whose name this Bond is registered as the
owner hereof for the purpose of receiving payment as herein
provided (except as otherwise provided on the reverse side hereof
with respect to the Record Date) and for all other purposes,
whether or not this Bond shall be overdue, and neither the Issuer
352333.1 1 2
nor the Bond Registrar shall be affected by notice to the
contrary. I
Authentication. This Bond shall not be valid or become I
obligatory for any purpose or be entitled to any security unless '�,
the Certificate of Authentication hereon shall have been executed '
by the Bond Registrar. ,
Qualified Tax-Exemgt Obligation. This Bond has been designated
by the Issuer as a "qualified tax-exempt obligation" for purposes
of Section 265 {b) (3) of the Internal Revenue Code of 1986, as '
amended.
ABBREVIATIONS
The following abbreviations, when used in the inscription on the
face of this Bond, shall be construed as though they were written
out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cust) (Minor)
under the Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used
though not in the above 1ist.
352333.1 1 3
� � i
ASSIGNMENT �',
For value received he undersi ned h lls assi ns and II
, t g ereby se , g ,
transfers unto I
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: II
� II
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: I
Signature (s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one of the
major stock exchanges or any other "Eligible Guarantor
Institution" as defined in 17 CFR 240 .17 Ad-15 (a) (2) .
The Bond Registrar will not effect transfer of this Bond unless
the information concerning the transferee requested below is
provided.
Name and Address :
(Include information for all joint owners
if the Bond is held by joint account. )
352333.1 1 4
[Use oaly for Bonds when they are
Registered in Book Eatry Only System]
PREPAYMENT SCHEDULE
This Bond has been prepaid in part on the date (s) and in the
amount (s) as follows:
Authorized Signature
Date Amount of Holder
352333.1 1 5
8 . Execution; Tem�orary Bonds. The Bonds shall be printed (or,
at the request of the Purchaser, typewritten) 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. Such temporary bonds may be executed with
photocopied facsimile signatures of the Mayor and Clerk. Such
temporary bonds shall, upon the printing of the definitive bonds
and the execution thereof, be exchanged therefor and cancelled.
9. Authentication. No Bond shall be valid or obligatory for any
purpose or be entitled to any security or benefit under this
resolution unless a Certificate of Authentication on such Bond,
substantially in the form hereinabove set forth, shall have been
duly executed by an authorized representative of the Bond
Registrar. Certificates of Authentication on different Bonds
need not be signed by the same person. The Bond Registrar shall
authenticate the signatures of officers of the City on each Bond
by execution of the Certificate of Authentication on the Bond and
by inserting as the date of registration in the space provided
the date on which the Bond is authenticated, except that for
purposes of delivering the original Bonds to the Purchaser, the
Bond Registrar shall insert as a date of registration the date of
original issue, which date is July l, 1997 . The Certificate of ',
Authentication so executed on each Bond shall be conclusive '
evidence that it has been authenticated and delivered under this �,
resolution. ''
10 . Registration; Transfer; Exchanae. The City will cause to be I
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
352333.1 1 6
of Bonds entitled to be registered or transferred as herein
provided.
Upon surrender for transfer of any Bond at the principal office
' of the Bond Registrar, the City shall execute (if necessary) , and
the Bond Registrar shall authenticate, insert the date of
registration (as provided in paragraph 9) of, and deliver, in the
name of the designated transferee or transferees, one or more new
Bonds of any Authorized Denomination or Denominations of a like
aggregate principal amount, having the same stated maturity and
interest rate, as requested by the transferor; provided, however,
that no Bond may be registered in blank or in the name of
"bearer" or similar designation.
At the option of the Holder, Bonds may be exchanged for Bonds of
any Authorized Denomination or Denominations of a like aggregate
principal amount and stated maturity, upon surrender of the Bonds
to be exchanged at the principal office of the Bond Registrar.
Whenever any Bonds are so surrendered for exchange, the City
shall execute (if necessary) , and the Bond Registrar shall
authenticate, insert the date of registration of, and deliver the
Bonds which the Holder making the exchange is entitled to
receive.
All Bonds surrendered upon any exchange or transfer provided for
� in this resolution shall be rom tl cancelled b the Bond
P P Y
Y
Registrar and thereafter disposed of as directed by the City.
All Bonds delivered in exchan e for or u on transfer of Bonds
J P
shall be valid eneral obli ations of the Cit evidencin the
g 9' Y 1
same debt, and entitled to the same benefits under this
resolution, as the Bonds surrendered for such exchange or
transfer.
Every Bond presented or surrendered for transfer or exchange
shall be duly endorsed or be accompanied by a written instrument
of transfer, in form satisfactory to the Bond Registrar, duly
executed by the Holder thereof or his, her or its attorney duly
authorized in writing.
The Bond Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection
with the transfer or exchange of any Bond and any legal or
unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject to reasonable regulations of the
City contained in any agreement with the Bond Registrar,
including regulations which permit the Bond Registrar to close
its transfer books between record dates and payment dates. The
352333.1 1 7
Administrator is hereby authorized to negotiate and execute the
terms of said agreement.
11. Riqhts Upon Transfer or ExchanQe. Each Bond delivered upon
transfer of or in exchange for or in lieu of any other Bond shall
carry all the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Bond.
12 . Interest Payment; Record Date. Interest on any Bond shall
be paid on each Interest Payment Date by check or draft mailed to
the person in whose name the Bond is registered (the "Holder") on
the registration books of the City maintained by the Bond
Registrar and at the address appearing thereon at the close of
business on the fifteenth (15th) day of the calendar month next
preceding such Interest Payment Date (the "Regular Record Date") .
Any such interest not so timely paid shall cease to be payable to
the person who is the Holder thereof as of the Regular Record
Date, and shall be payable to the person who is the Holder
thereof at the close of business on a date (the "Special Record
Date") fixed by the Bond Registrar whenever money becomes
available for payment of the defaulted interest. Notice of the
Special Record Date shall be given by the Bond Registrar to the
Holders not less than ten (10) days prior to the Special Record
Date.
13 . Treatment of Recsistered Owner. The City and Bond Registrar
may treat the person in whose name any Bond is registered as the
owner of such Bond for the purpose of receiving payment of
principal of and premium, if any, and interest (subject to the
payment provisions in paragraph 12 above) on, such Bond and for
all other purposes whatsoever whether or not such Bond shall be
overdue, and neither the City nor the Bond Registrar 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 created a special fund
to be designated the "General Obligation Improvement Bonds,
Series 1997A Fund" (the "Fund" ) to be administered and maintained
by the Finance Director as a bookkeeping account separate and
apart from all other funds maintained in the official financial
records of the City. The Fund shall be maintained in the manner ,
herein specified until all of the Bonds and the interest thereon '�
have been fully paid. There shall be maintained in the Fund two
(2) separate accounts, to be designated the "Construction
Account" and "Debt Service Account" , respectively.
352333.1 1$
(i) Construction Account. To the Construction Account there
shall be credited the proceeds of the sale of the Bonds, less
accrued interest received thereon, less any amount paid for the
Bonds in excess of $2, 772, 000, and less capitalized interest in
the amount of $213,524 (together with interest earnings thereon
and subject to such other adjustments as are appropriate to
provide sufficient funds to pay interest due on the Bonds on or
before August 1, 1998) , plus any special assessments levied with
respect to the Improvements and collected prior to completion of
the Improvements and payment of the costs thereof. From the
Construction Account there shall be paid all costs and expenses
of making the Improvements listed in paragraph 16, including the
cost of any construction contracts heretofore let and all other
costs incurred and to be incurred of the kind authorized in
Minnesota Statutes, Section 475 .65; and the moneys in said
account shall be used for no other purpose except as otherwise
provided by law; provided that the proceeds of the Bonds may also
be used to the extent necessary to pay interest on the Bonds due
prior to the anticipated date of commencement of the collection
of taxes or special assessments herein or hereafter levied or
covenanted to be levied; and provided further that if upon
completion of the Improvements there shall remain any unexpended
balance in the Construction Account, the balance {other than any
special assessments) may be transferred by the Council to the
fund of any other improvement instituted pursuant to Minnesota
Statutes, Chapter 429, and provided further that any special
assessments credited to the Construction Account shall only be
applied towards payment of the costs of the Improvements upon
adoption of a resolution by the City Council determining that the
application of the special assessments for such purpose will not
cause the City to no longer be in compliance with Minnesota
Statutes, Section 475 . 61, Subdivision l.
(ii) Debt Service Account . There are hereby irrevocably
appropriated and pledged to, and there shall be credited to, the
Debt Service Account : (a) all collections of special assessments
herein covenanted to be levied with respect to the Improvements
and either initially credited to the Construction Account and not
already spent as permitted above and required to pay any
principal and interest due on the Bonds or collected subsequent
to the completion of the Improvements and payment of the costs
thereof; (b) all accrued interest received upon delivery of the
Bonds; (c) all funds paid for the Bonds in excess of $2, 772, 000;
(d} capitalized interest in the amount of $213, 524 (together with
interest earnings thereon and subject to such other adjustments
as are appropriate to provide sufficient funds to pay interest
due on the Bonds on or before August 1, 1998) ; (e) any
collections of taxes hereafter levied for the payment of the
Bonds and interest thereon; (f) all funds remaining in the
Construction Account after completion of the Improvements and
352333.1 1 9
payment of the costs thereof, not so transferred to the account
of another improvement; (g) all investment earnings on funds held
in the Debt Service Account; and {h} any and all other moneys,
including but not limited to water, storm sewer and sanitary
sewer utility funds, 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 the Debt Service Account (or any other
City account which will be used to pay principal or interest to
become due on the Bonds payable therefrom) , in excess of amounts
which under then-applicable federal arbitrage regulations may be
invested without regard to yield shall not be invested at a yield
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 Internal Revenue Code
of 1986, as amended (the "Code") .
16 . Assessments. It is hereby determined that no less than one
hundred percent (100%) of the cost to the City of each
Improvement financed hereunder within the meaning of Minnesota
Statutes, Section 475 .58, Subdivision 1 {3) , shall be paid by
special assessments to be levied against every assessable lot,
piece and parcel of land benefitted by any of the Improvements .
The City hereby covenants and agrees that it will let all
construction contracts not heretofore let within one (1) year
after ordering each Improvement financed hereunder unless the
resolution ordering the Improvement specifies a different time
limit for the letting of construction contracts. The City hereby
further covenants and agrees that it will do and perform as soon
as they may be done all acts and things necessary for the final
352333.1 2 0
and valid levy of such special assessments, and in the event that
any such assessment be at any time held invalid with respect to
any lot, piece or parcel of land due to any error, defect, or
irregularity in any action or proceedings taken or to be taken by
the City or the City Council or any of the City officers or
employees, either in the making of the assessments or in the
performance of any condition precedent thereto, the City and the
City Council will forthwith do all further acts and take all I
further proceedings as may be required by law to make the I
assessments a valid and binding lien upon such property. The '
special assessments have heretofore been authorized. Subject to
such adjustments as are required by conditions in existence at
the time the assessments are levied, it is hereby determined that
the assessments shall be payable in equal, consecutive, annual
installments of principal, with general taxes for the years shown
below, and with interest on the declining balance of all such
assessments at a rate per annum not greater than the maximum
permitted by law and not less than % per annum:
i Improvement Collection
I Designation Amount Levy Years Years
Project 277 (Street and $ 292, 700 1998-2007 1999-2008
Utility Reconstruction)
Project 275 (Hawkins 1, 103, 855 1998-2007 1999-20Q8
Pond)
Project 280 (Geronime 700, 900 1998-2007 1999-2008
Pond)
Project 282 (McNamara 492, 300 1998-2007 1999-2008
Addition)
At the time the assessments are in fact levied the City Council
shall, based on the then-current estimated collections of the
assessments, make any adjustments in any ad valorem taxes
required to be levied in order to assure that the City continues
to be in compliance with Minnesota Statutes, Section 475 .61,
Subdivision 1.
17. Coverage Test . Collections of special assessments and other
revenues 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.
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 hereby irrevocably pledged. If the
balance in the Debt Service Account is ever insufficient to pay
352333.1 2 1
all principal and interest then due on the Bonds and any other
bonds payable therefrom, the deficiency shall be promptly paid
out of any other funds of the City which are available for such
purpose, and such other funds may be reimbursed with or without
interest from the Debt Service Account when a sufficient balance
is available therein.
19 . Certificate of Registration. The Clerk is hereby directed
to file a certified copy of this resolution with the County
Auditor of Dakota County, Minnesota, together with such other
information as he or she shall require, and to obtain the County
Auditor' s certificate that the Bonds have been entered in the
County Auditor' s Bond Register.
' 20 . Records and Certificates . The officers of the City are
hereby authorized and directed to prepare and furnish to the
Purchaser, and to the attorneys approving the legality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other affidavits,
certificates and information as are required to show the facts
relating to the legality and marketability of the Bonds as the
same appear from the books and records under their custody and
control or as otherwise known to them, and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall be deemed representations of the City as to the
facts recited therein.
21. Negative Covenant as to Use of Proceeds and Im�rovements.
The City hereby covenants not to use the proceeds of the Bonds or
to use the Improvements, or to cause or permit them to be used, '
or to enter into any deferred payment arrangements for the cost ,
of the Improvements, in such a manner as to cause the Bonds to be '
"private activity bonds" within the meaning of Sections 103 and ��
141 through 150 of the Code. 'I
22 . Tax-Exempt Status of the Bonds; Rebate. The City shall I
comply with requirements necessary under the Code to establish
and maintain the exclusion from gross income under Section 103 of
the Code of the interest on the Bonds, including without
limitation (1) requirements relating to temporary periods for
investments, (2) limitations on amounts invested at a yield
greater than the yield on the Bonds, and (3) the rebate of excess
investment earnings to the United States.
The Bonds are a "construction issue" within the meaning of
Section 148 (f) (4) {C) (iv) of the Code since at least 75 percent of
the °available construction proceeds" of such issue (as defined
in Section 148 (f) (4) (C) (iv) of the Code) are to be used for
construction expenditures. Therefore, the City need not rebate
352333.1 2 2
any earnings on the "available construction proceeds" of the
Bonds if all "available construction proceeds" are expended in
the amounts and within the time periods required by Section
148 (f) (4) (C) (iv) of the Code. The City expects to spend all such
moneys within such periods. The City does not elect the penalty
provision of Section 148 (f) {4) (C) (vii) of the Code but elects to
pay rebate on the "available construction proceeds" if the spend
down requirements of Section 148 (f} t4) (C) (ii) of the Code are not
met.
23 . Designation of Oualified Tax-Exempt Oblicrations. In order
to qualify the Bonds as "qualified tax-exempt obligations" within
the meaning of Section 265 (b) (3) of the Code, the City hereby
makes the following factual statements and representations:
(a) the Bonds are issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as defined in
Section 141 of the Code;
! (c) the City hereby designates the Bonds as "gualified
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 1997 will not
exceed $10, 000, 000; and
(e) not more than $10, 000, 000 of obligations issued by the City
during this calendar year 1997 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.
24 . 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
352333.1 2 3
accrued to the date of such deposit . The City may also discharge '
its obligations with respect to any prepayable Bonds called for
redemption on any date when they are prepayable according to
their terms, by depositing with the Bond Registrar on or before I
that date a sum sufficient for the payment thereof in full, !,
provided that notice of redemption thereof has been duly given.
The City may also at any time discharge its obligations with
respect to any Bonds, subject to the provisions of law now or ,
hereafter authorizing and regulating such action, by depositing
irrevocably in escrow, with a suitable banking institution
qualified by law as an escrow agent for this purpose, cash or
securities described in Minnesota Statutes, Section 475 . 67,
Subdivision S, bearing interest payable at such times and at such
rates and maturing on such dates as shall be required, subject to
sale and/or reinvestment, to pay all amounts to become due
thereon to maturity or, if notice of redemption as herein
required has been duly provided for, to such earlier redemption
date.
25 . ComQliance 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 progerty, 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, '�i
however, that no such Declaration shall necessarily have '�,
been made with respect to: (i) "preliminary expenditures° ',
for the Project, defined in the Reimbursement Regulations to I
i
352333.1 2 4
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 50
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 Expend�ture was paid the City expected
to reimburse the cost thereof with the proceeds of a
borrowing (taxable or tax-exempt) and that expectation was
reasonable.
(b) Each Reimbursement Expenditure is a capital expenditure or a
cost of issuance of the Bonds or any of the other types of
expenditures described in Section 1.150-2 (d) (3) of the
Reimbursement Regulations.
(c) The "reimbursement allocation° described in the
Reimbursement Regulations for each Reimbursement Expenditure
shall and will be made forthwith following (but not prior
to) the issuance of the Bonds and in all events within the
period ending on the date which is the later of 18 months
after payment of the Reimbursement Expenditure or three
years 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 25 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.
26 . 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 the Securities
Exchange Act of 1934, as amended, and a Continuing Disclosure
Undertaking (the "Undertaking") hereinafter described to:
352333.1 2 5
(1) provide or cause to be provided to each nationally ,
recognized municipal securities information repository ("NRMSIR") '
and to the appropriate state information depository ("SID") , if '�
any, for the State of Minnesota, in each case as designated by '
the Commission in accordance with the Rule, certain annual I
financial information and operating data in accordance with the �'
Undertaking. The City xeserves the right to modify from time to '
time the terms of the Undertaking as provided therein. ,
(2) Provide or cause to be provided, in a timely manner, to (i) ',
each NRMSIR or to the Municipal Securities Rulemaking Board
("MSRB") and (ii) the SID, notice of the occurrence of certain
material events with respect to the Bonds in accordance with the
Undertaking.
(3) Provide or cause to be provided, in a timely manner, to (i)
each NRMSIR or to the MSRB and {ii) the SID, notice of a failure
by the Issuer to provide the annual financial information with
respect to the Issuer described in the Undertaking.
(4) The City agrees that its covenants pursuant to the Rule set
forth in this paragraph and in the Undertaking is intended to be
for the benefit of the holders of the Bonds and shall be
enforceable on behalf of such holders; provided that the right to
enforce the provisions of these covenants shall be limited to a
right to obtain specific enforcement of the City' s obligations
under the covenants.
(b) 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 City
Council, subject to such modifications thereof or additions ',
thereto as are (i) consistent with the requirements under the ',
Rule, (ii) required by the purchaser of the Bonds and (iii) ',
acceptable to the Officers . ',
27. Severabilitv. If any section, paragraph or provision of I
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 . Headin s . Headin s in thi r 1 i n are included for
a g s eso ut o
convenience of reference only and are not a part hereof, and
shall not limit or define the meaning of any provision hereof.
352333.1 2 6
Adopted this 17th day of June, 1997.
Cathy Busho, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against :
352333.1 2 7
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF ROSEMOUNT
I, the undersigned, being the duly qualified and acting Clerk of
the City of Rosemount, Minnesota, DO AEREBY CERTIFY that I have
compared the attached and foregoing extract of minutes with the
original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of
the City Council of said City, duly called and held on the date
therein indicated, insofar as such minutes relate to considering
offers for, and awarding the sale of, $2, 800, 000 General �
Obligation Improvement Bonds, Series 1997A of said City.
WITNESS my hand this day of , 1997.
Clerk
352333.1 2 8 II
�
OFFIClAL STATEMENT DATED JUNE 3, 1997 ���� �� A
Rating: Requested fram Moody's
NEW ISSUE investars Service
!n the opinion of 8riggs and Morgan, Professionai Association, Bontl Counsel, based on present federal and Minnesota laws,
regulations, rulings and decisions, at the time of their issuance and de6very to the origina/ purchaser, interest on fhe 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 faxable net income for purposes of State of Minnesota income tax (other than Minnesota franchise taxes measured by
income and imposed on corporations and frnancial institufions), and is not an ltem of tax preference for purposes of the federa!
altemative minimum tax imposed on individuals and corporations or the Minnesota altemative minimum tax appl�cabie to individuais,
estates or trusts;provided, however, that for the purpose of compating the federal altemative minimum tax imposed on corp4rations,
_� inferest on fhe Bonds is taken into account in determ�n�ng adjusted current eamings. No opinion wiJ!be expressed by Bond Counsel
regarding other federaf or state#ax consequences caused by the receipt or aecrua!of inferest on the Bonds or arising with respect fo
ownership of the Bonds. See "Tax Exempt�an"herein.
� �Zy80��000
City of Rosemount, Minnesota
General Obligation Improvement Bonds, Series 1997A
{Book Entry Only)
Dated Date: July 1, 1997 interest Due: Each February 1 and August 1,
commencing February 1, 1998
The Bonds wilt mature February 1 as follows
2000 $335,000 2003 $285,000 2006 $270,000 2Q08 $255,000
� 2001 $295,000 2004 $280,000 2007 $265,000 2009 $250,000
2002 $290,000 2�05 $275,000
The City may elect on February 1, 2004, and on any day thereafter, to prepay the Bonds due on or after
February 1, 2005 at a price of par plus accrued interest.
The Bonds will be 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 will pledge special assessments against benefited
property_
Proposafs shall be for not less than $2,772,000 and accrued interest on the total principal amount of the
Bonds. Proposals shall be accompanied by a good faith deposit in the form of a certified or cashier's check or
Financial Surety Bond, payable to the order of the City, in the amount of $28,000. Proposals shall specify
rates in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order. The Bonds will be
awarded on the basis of True Interest Cost (TIC).
.
The Bonds will be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the tnternal Revenue
.
Code of 1986, as amended, and will not be subject tothe altemative minimum tax for individuals.
;, The Bonds will be issued as fully registered Bonds without coupons and, when issued, wilt be registered in the
name of'Cede & Co., as nominee of The Depository Trust Company ("DTC"). DTC wiH act as securities
' depository of the Bonds. individual purchases may be made in book-entry form only, in the principaf 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.) The City will name the Registrar and pay for
registration services. Certificates will be available for delivery at DTC within 40 days after award.
PROPOSALS RECEIVED: June 17, 1997 (Tuesday) until 11:00 A.M., Central Time
AWARD: June 17, 1997(Tuesday) at 7:30 P.M., Central Time
Further information may be obtained from SPRINGSTED
S P R I N G S T E D ���a�o�ated, Financial Advisor to the tssuer, 85 East
Seventh Place, $uite 1OQ, Saint Paul, Minnesota 55101
Public Finance Advisors (612)223-3000
registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"),
New York, New York, which will act as securities depository of the Bonds. Individual purchases �
of the Bonds may be made in the principal amount of$5,000 or any multiple thereof of a single
maturity through book entries made on the books and records of QTC and its participants.
Principal and interest are payable by the registrar to DTC or its nominee as registered owner of
the Bonds. Transfer of principal and interest payments to participants of DTC will be the
responsibility of DTC; transfer of principal and interest payments to beneficial owners by
participants wi11 be the responsibility of such participants and other nominees of beneficial
owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the
Bonds with DTC.
REGISTRAR
� ;
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
OPTIONAL REDEMPTION
The City may elect on February 4,2004, and on any day thereafter, to prepay Bonds due on or
after February 1, 2005. Redemption may be in whole or in part and if in part at the option of the
City and in such manner as the City shall determine. If less than all Bonds of a maturity are
called for redemption, the City wiU notify DTC of the particular amount of such maturity to be
prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to
be redeemed and each participant will then select by lot the beneficial ownership interests in
such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest.
SECURITY AND PURPOSE `�
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. !n addition the City will pledge special
assessment against benefited property. The proceeds will be used for street and utility
improvements within the City.
�
TYPE OF PROPOSALS
Proposals shall be for not less than $2,772,000 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in
the form of a certified or cashier's check or a Financial Surety Bond in the amount of $28,000,
payable to the order of the City. If a check is used, it must accompany each proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must
identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the
Bonds are awarded to an underwriter using a Financial Surety Bond, then that purehaser is
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's
eheck ar wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central `
Time, on the next business day #oflowing the award. If such Deposit is not received by that .
time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement.
The City will deposit the check of the purchaser, the amount of which will be deducted at �
settlement and no interest will accrue to the purchaser. In the event the purchaser fails to
comply with the accepted proposal, said amount will be retained by the City. No proposal can
be withdrawn or amended after the time set for receiving proposals unless the meeting of the
City scheduled for award of the Bonds is adjoumed, recessed, or continued to another date
without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or
1/8 of 1%. Rates must be in ascending order. Bonds of the same maturity shall bear a single
rate from the date of the Bonds to the date of maturity. No conditional proposals will be
accepted.
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AWARD '
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non-substantive informalities of any proposal or af
matters relating to the receipt of proposals and award of the Bonds, (ii) reject aH proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
�
with the terms herein.
, BOND tNSURANCE AT PURGHASER'S OFTION
` If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on
the Bonds.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUStP numbers such numbers will be printed on the
Bonds, but neither the failure to print such num6ers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal 'by the purchaser to accept delivery of the
Bonds. The CUStP Service Bureau charge for the assignment of CUS[P identificafion numbers
shall be paid by the purchas�r.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the City and fhe purchaser. Delivery wiH be
subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan,
Professional Association, of Saint Paul and Minneapolis, Minnesota, and of customary closing
papers, including a no-litigation certificate. On the date of settlement payment for the Bonds
shall be made in federal, or equivalent, funds which shall be received at the offices of the City
or its designee not later tMan 12:00 Noon, Central Time. Except as compliance with the terms
of payment for the Bonds shall have been rnade impossible by action of the City, or its agents,
the purchaser shall be liable to the City for any loss suffered by the City by reason of the
.
purchaser's non-compliance with said terms for payment.
� CONTINUING DISCLOSURE
` On the date of the actual issuance and delivery of the Bonds, the City wifl execute and deliver a
Continuing Disclosure Undertaking whereunder the City will covenant to provide, or cause to be
provided, annual financial information, including audited financial statements of the City, and
notices of certain material events, as specified in and required by SEC Rule 15c2-12(b)(5).
OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
information relative to the Bonds, and said Official Statement will serve as a nearly-finaf Official
Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission.
- iii -
For copies of the Official Statement or for any additional information prior #o sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City wi#h respect
to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, na
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 Bonds are awarded up to 115 copies
of the Official Statement and the addendum or addenda described above. The City designates
the senior managing underwriter of the syndicate to which the Bonds 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 Bonds agrees thereby
that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes
of assunng the receipt by each such Participating Underwriter of the Final Official Staternent.
Dated May 20, 1997 ' BY ORDER OF THE CITY COUNCIL
/s/Susan Walsh
City Clerk
.
.
y
. . � � . � - �V � . . . .
SCHEDULE OF BOND YEARS
$2,800,000
CtTY O� ROSEMOUNT, MINNESOTA
GENERAL OBUGATION IMPROVEMENT BONOS,SERIES 1997A
Cumulative
• Year Principal Bond Years Bond Years
2000 $335,000 865.4167 865.4167
,
2001 $295,000 1 ,057.0833 1 ,922.5000
2002 $290,000 1 ,329.1667 3,251 .6667
2003 $285,000 1 ,591 .2500 4,842.9167
2004 $280,000 1 ,�43.3333 6,686.2500
2005 $275,000 C 2,085.4167 8,771 .6667
2006 $270,000 0 2,317.5000 11 ,089.1667
� 2007 $265,000 c 2,539.5833 13,628.7500
2008 $255,000 c 2,698.7500 16,327.5000
2009 $250,000 c 2,895.8333 19,223.3333
Average Maturity: 6.87 Years
Bonds Dated: July 1 , 1997
Interest Due: February 1 , 1998 and each February 1 and August 1 to maturity.
Principal Due: February 1 , 2000-2009 inclusive.
Optional Call: Bonds maturing on or after February 1 , 2005 are callable
commencing February 1 , 2004 and any date thereafter at par.
, (See Terms ofi Proposal.)
� c: subject to optional call
.
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.
(This page was Ieft btank intentionally.)
,
.
.
OFFICIAL STATEMENT
$2,800,000
CITY OF ROSEMOUNT, MINNESOTA
GENfRAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997A
(BOOK ENTRY ONLY)
�
.
FNTRODUCTORY STATEMENT
This Official Statement contains eertain information relating to the City of Rosemount,
Minnesota (the "City") and its issuance of $2,800,000 General Obligation Improvement Bonds,
Series 1997A (the "Bonds" or the"Issue"). The Bonds are being issued pursuant to Minnesota
Statutes, Chapters 429 and 475 and 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 without limit as
to rate or amount.
Inquiries may be directed to Mr. Thomas Burt, City Administrator, Cifiy of Rosemount, 2875-
145th Street West, Rosemount, Minnesota 55068-0510, or by telephoning (612) 423-4411.
fnquiries may also be made to Springsted Inco�-porated, 85 East Seventh Place, Suite 100, St.
'� Paul, Minnesota 55101-2143, or by telephoning (612) 223-3000. If information of a specific
legal nature is desired, requests may be directed to Ms. Mary Dyrseth, Briggs and Morgan of
St. Paul, Minnesota, Bond Counsel, 2200 First National Bank Building, St. Paul, Minnesota
55101, or by telephoning (612) 223-6625.
CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with SEC Rule 15c2-12 {the "Rule"), pursuant
to the Award Resolution and Continuing Disclosure Undertaking to be executed vn behalf of the
City on or before Bond closing; the City has and wilf covenant (the "Undertaking")for the benefit
of holders or benefieial 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. 7he specific nature of the Undertaking, as well as the information to be contained in
the annual report or the notices of rnate�ial events is set forth in the Continuing Disclosure
Undertaking in substantially the form attached hereto as Appendix II, subject to such
, modifications thereof or additions thereto as: (i) consistent with requirements ander the Rule,
(ii) required by the purchaser of the Bonds from the City and (iii) acceptable to the Mayor and
Clerk of the City. The City has never failed to comply in ail maferiaL respects with any previous
undertakings under the Rule to provide annual reports or notices of material events. A failure
by the City to comply with the Undertaking will not constitute an event o# default on the Bonds
(although holders or other beneficial owners of the Bonds will have the sole remedy of bringing
an action for specific performance). Nevertheless, such a failure must be report in accordance
with the Rule and must be considered by any broker, dealer or municipal securities dealer
before recommending the purchase or sale of the Bonds in the secondary market.
Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds
and their market price.
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THE BONDS
General Description
The Bonds are dated as of July 1, 1997 and issued in book entry form. Interest on the Bonds is
payable February 1, 1998 and semiannually thereafter on February 1 and August 1. Interest
will be payable to the holder (initially Cede & Co.) registered on the books of the Registrar as of
the fifteenth day of the calendar month next preceding such interest payment date. Principat of
and interest on the Bonds will be paid as described in the section herein entitled "Book Entry
System." Bonds will mature in the amounts and on the dates shown on the cover of this Official
Statement. The City will name the bond registrar for the Bonds (the "Registrar"). R
Optional Redernption ,
The City may elect on February 1, 2004, and on any day thereafter, to prepay the Bonds due
an or after February 1, 2005. Redemption may be in whole or in part, and if in part, at the
option of the City and in such order as the City shall determine. If a maturity is prepaid only in
part, prepayments will be in increments of$5,000 of principal. All optional prepayments shall
be at a price of par plus accrued interest.
Book-Entry System
The Depository Trust Company ("DTC"), New York, New York, wilt act as securities depository
for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of
Cede & Co. (DTCs partnership norninee). One fully-registered certificate per maturity will be
issued in the principal amount of the Bonds maturing in such year, and will be deposited with i
DTC.
DTC is a limited-purpose trust company organized under the New York Banking Law, a
"banking organization" within the meaning of the New York Banking Law, a member of the
Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform
Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A
of the Securities Exchange Act of 1934. DTC holds securities that its participants
("Participants") deposit with DTC. DTC also facilitates the settfement arnong Participants of
securities transactions, such as transfers and pledges in deposited securities through electronic
computerized book entry changes in 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, Inc., 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 Partieipant, either directly or indirectly ("Indirect Participants"). The Rules
applicable to DTC and its Participants are on file with the Securities and Exchange �
Commission.
Purchases of Bonds under the DTC system must be made by or through Direct Participants, •
which will receive a credit for the Bonds on DTCs records. The ownership interest of each
actual purchaser of each Certificate ("Beneficial Owner") is in turn to be recorded on the Direct
and Indirect Participants' records. Beneficiaf 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 interest in the Bonds are to be accomplished by entries made on the
books of Participants acting on behaff of Beneficial Owners. Beneficial Owners will not receive
certificates representing their ownership interest in securities, except in the event that use of
the book entry system for the Bonds is discontinued.
- 2-
To facilitate subsequent transfers, all Bonds deposited by Participants with DTC are registered
in the name of DTCs partnership nominee, Cede & Co. The deposit of Bands with DTC and
their registration in the name of Cede & Co. effect no change in beneficial ownership. DTC'has
no knowledge of the actual Beneficial Owners of the Bonds. DTCs records reflect only the
identity of the Direct Participants to whose accounts such Bonds are credited, which may or
may not be the Beneficial Owners. The Participants will remain responsible for keeping
account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTG 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.
" Redemption notices for the Bonds shall be sent to Cede & Co. If less than all of the Bonds
within an issue are being redeemed, DTC's practice is to determine by lot the amount of the
interest of each Direct Participant in such issue to be redeemed.
Neither DTC nor Cede & Co. will consent or vote with respeet to Bonds. Under its usual
procedures, DTC mails an Omnibus Proxy to the Registrar as soon as possible after the record
date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct
Participants to whose accounts the Bonds are credited on the record date (identified in a listing
attached to the Omnibus Proxy).
Principal and interest payments on the Bonds will be made to DTC. DTCs practice is to credit
Direct Participants' accounts on the payable date in accordance with their respeetive holdings
shown on DTC's records unless DTC has reason to believe that it will not receive payment on
` payable date. Payments by Participants to Benefieial Owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accaunts of
customers in bearer form or registered in "street name," and wilt be the responsibility of such
Participant and not of DTC, the Registrar, or the City, subject to any statutory or regulatory
requirements as may be in effect from time to time. Payment of principal and interest to DTC is
the responsibility of the Registrar, disbursement of such payments to Direct Participants shal!
be the responsibility of DTC, and disbursement of such payments to the Beneficiaf Owners shall
be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as securities depository with respect to the Bonds
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 may decide to discontinue use of the system of book entry transfers thraugh DTC (or a
successor securities depository). In that event, certificates wiA be printed and detivered.
The information in #his section concerning DTC and DTC's book entry system has been
� obtained from sources that the City believes to be reliable, but the City takes no responsibility
for the accuracy thereof.
AUTHORITY AND PURPOSE
The Bonds are being issued to finance four improvement projects within the City that will be
under construction beginning in 1997. The compositian of the tssue is as follows:
Project Costs $2,589,755*
Capitalized lnterest 213,524
Less: Investment Eamings (3.279)
Total Bond Issue $2,800.000
* Includes costs of issuance and allowance for discount bidding.
- 3 -
SECURITY AND FINANCING
In addition to its general obligation pledge, the City pledges the receipt of special assessments
against benefited property for repayment of the Bonds. Special assessments in the principal
amount of $2,803,279 are expected to be filed on or before October 15, 1998 over a term of
ten years with even annual installments of principal and interest charged on the unpaid balance
at a rate of 2% over the net interest rate on the Bonds.
Special assessments will not be filed until the fall of 1998 for first coliection in 1999. Therefore,
capitalized interest has been included in the principal amount of the Issue in an amount .
sufficient to make interest payments due through February 1, 1999. Thereafter, each August 1
interest payment will be made from first-half collections of special assessments, and each
subsequent February 1 principal and interest payment will be made from second-half �
collections, plus surplus first-half collections. The City does not expect#o make an ad valorem
tax levy for repayment of the Bonds.
FUTURE FINANCING
The City does not expect any additional borrowing for at least the next 90 days.
LITIGATION I
The City is not aware of any threatened or pending litigation affecting the validity of the Bonds '
or the City's ability to meet its financial obligations.
LEGALlTY
The Bonds are subject to approval as to certain matters by Briggs and Morgan, Professional
Association, of Saint Paul and Minneapolis, Minnesota, as Bond CounseL Bond Counsel has
not participated in the preparation of this Official Statement and will not pass upon its accuracy,
completeness, or sufficiency. Bond Counsel has not examined, nor attempted to examine or
verify, any of the financial or statistical statements or data contained in this Official Statement
and will express no opinion with respect thereto. A legal opinion in substantially the form set
out in Appendix I herein will be delivered at closing.
TAX EXEMPTtON
At closing Briggs and Morgan, Professional Association, Bond Counsel, witl render an opinion '
that, at the time of their issuance and delivery to the original purchaser, under present federal
and State of Minnesota laws, regulations, rulings and decisions (which excludes any pending
legislation which may have a retroactive effect), the interest on each Bond is excluded from `
gross income for purposes of United States income tax and is excluded, to the same extent, in
computing both gross income and taxable net income for purposes of State of Minnesota
income tax (other than Minnesota franchise taxes measured by income and imposed on
corporations and financial institutions), and that interest on the Bonds is not an item of tax
preference for purposes of computing the federal alternative minimum tax imposed on
individuals and corporations or the Minnesota alternative minimum tax applicable to individuals,
estates or trusts; provided that interest on the Bonds is subject to federal income taxation to the
extent it is included as part of adjusted current eamings for purposes of computing the
alternative minimum tax imposed on certain corporations. No opinion will be expressed by
-4-
Bond Counsel regarding other federal or state tax consequence� caused by the receipt or
accrual of interest on the Bonds or arising with respect#o ownership of the Bonds. Preservation
of the exclusion of interest on the Bonds from federal gross income and state gross and taxable
net income, however, depends upon compliance by the City with all requirements of the Intemat
Revenue Code of 1986, as amended, (the "Code") that must be satisfied subsequent to the
issuance of the Bonds in order that interest thereon be (or continue to be) excluded �from
federal gross income and state gross and taxable net income.
The City will covenant to comply with requirements necessary under the Code to establish and
maintain the Bonds as tax-exempt under Section 103 thereof, including without limitation,
' requirements relating to temporary periods for investments and limitations on amounts invested
at a yield greater than the yield on the Bonds.
,
OTHER FEDERAL TAX CONSIDERATIONS
Property and Casualty Insurance Companies
Property and casualty insurance companies are required to reduce the amount of tax-exempt
interest received or accrued during the taxable year on certain obligations -acquired after
August 7, 1986, including interest on the Bonds.
Foreign Insurance Campanies
Foreign companies carrying on an insurance business in the United Sta#es are subjeet to a tax
on income which is effectively connected with their conduct of any trade or business in the
United States, incfuding "net investment income." Net investment income includes tax--exempt
interest such as interest on the Bonds.
Branch Profits Tax
A foreign corporation is subject to a braneh 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 eamings 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, inciuding 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.
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 af 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 consuit their own tax advisors as to the tax consequences of, or tax considerations
for, purchasing or holding the Bonds.
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BANK-QUALIFIED TAX-EXEMPT OBLIGATIONS
The City will designate the Bonds as "qualified tax-exempt obligations" for purposes of
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the ability of
financial institutions to deduct from income for federal income tax purposes, interest expense
that is allocable to carrying and acquiring tax-exernpt obligations. "Quaiified 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.
RATING
An application for a rating of the Bonds has been made to Moody's Investors Service
("Moody's"), 99 Church Street, New York, New York. If a rating is assigned, it will.reflect oniy
the opinion of Moody's. Any explanation of the significance of the rating may be obtained only
from Moody's.
There is no assurance that a rating, if assigned, will continue for any given period of time, or
that such rating will not be revised or withdrawn if, in the judgment of Moody's, circumstances
so warrant. A revision or withdrawal of the rating may have an adverse effect on the market
price of the Bonds.
FINANCIAL ADVISOR
The City has retained Springsted lncorporated, Public Finance Advisors, of St. Pau1, Minnesota,
as financial advisor (the "Financial Advisor") in connection with the issuance of the Bands: In
preparing the Official Statement, the Financial Advisor has refied 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 FinanciaF Advisor is not a pubtic
accounting firm and has not been engaged by the City to compile, review, examine or audit any
information in the Official Statement in accordance with accounting standards. The Financial
Advisor is an independent advisory firm and is not engaged in the business of underwriting,
trading or distributing municipal securities or other public securities and therefore will not
participate in the underwriting of the Bonds.
�
CERTIFICATION
The City has authorized the distribution of this Official Statement for use in connection with the
initial sale of the Bonds.
As of the date of the settlement of the Bonds, the Purchaser will be furnished with a certificate
signed by the appropriate officers of the City. The certificate will state that as of the date of the
Official Statement, the Official Statement did not and does nat 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.
-6-
CITY PROPERTY VALUES
1996 Indicated Market Value of Taxable Property: $626,910,805*
� Cafculated by dividing the county assessor's estimated market value of$568,608,100 by the 1995
sa/es rafio of 90.7% for the City as deterrnined by fhe State Department of Revenue. (9996 sales
ratios are not yet availab/e.)
1996 Taxable Net Tax Capacity: $11,022,093
1996 Net Tax Capacity $12,113,851
� Less: Captured Tax Increment Tax Capacity (466,021)
Contribution to Fiscal Disparities (1,792,852)
Plus: Distribution from Fiscal Disparities 1.167�,115
1996 Taxable Net Tax Capacity $11;022,093
1996 Taxable Net Tax Capacity by Class of Property
Commercial/Industrial, Pub4ic Utility and
Personal Property� $ 4,471,098 40.6%
Residential Hornestead 5,957,065 54.0
Apartments 346,757 3.2
Agricultural 220,727 2A
Railroad 26.446 02
Total $11,022,093 100.0%
� Reflects adjustments for fiscal disparities and captured tax incremenf tax capacity.
Trend of Values
Indicated Estimated Taxable Tax
Market Value�al Market Value Caaaci��b1
1996 $626,910,805 $568,608,100 $11,022,093
1995 575,875,083 522,318,700 10,252,645
1994 507,929,496 463,231,700 9,103,581
1993 446,589,563 419,347,600 8,313,353
� 1992 418,654,706 37$,045,200 7,753,399
�a� Calculated by dividing the county assessor's estimated market value by the sa/es ratio determined for
• the City each year by the State Department of Revenue.
�b� See Appendix lll for an explanation of tax capacity and other Minnesota property tax law.
- 7 -
Ten of the Largest Taxpayers in the City
1996 Net
Taxpayer Tyae of Business Tax Capacity
Great Northern Oil Co./Koch Refining Oil Refinery $2,861,091
Northem States Power Utility 418,706
CF Industries, Inc. (Cenex) Fertilizer 154,201
USPCI Inc. Non-hazardous Waste Containment 136,466
Continental Nitrogen &
Resources Corp. Fertilizer Blending & Plant Food 119,504
Wintz Companies Trucking/Warehouse 114,876
Rosemount Properties LLC Retail Shopping Center 108,832 �
Utilicorp United Inc. (People°s
Natural Gas) Utility 100,458
Limerick Way LLC Townhouses 98,594
Dakota Electric Association Utility 86,406
Total $4,199,134*
* Represents 38% of the City's 9996 taxable net tax capacity.
C1TX INDEBTEDNESS
Legal Debt Limit
Debt Limit (2% of Estimated Market Value) $11,372,162
Less: Outstanding Debt Subject to Limit (3 265.000)
Legal Debt Margin at May 2, 1997 $ 8,107,162
General Obligation Debt Supported by Taxes and Tax Increment
Principal
Date Original Final Outstanding
of�ssue Amount Pur ose Maturitv As of 5-2-97
6-1-88 $1,100,000 Tax fncremenf 2-1-1999 $ 305,000
11-1-92 1,080,000 Community Center 2-1-2013 950,000*
8-1-93 845,000 Municipal Building Refunding 2-1-2002 625,000*
7-1-96 1,780,000 FireStation 2-1-2016 1.690.000*
Total $3,570,000 �
* These Issues are subjecf to fhe statutory debt limit.
-8 -
General Obligation Debt Supported Primarily by Special Assessments
Principal
Date Original Final Outstanding
of Issue Amount Pur�ose M urit As of 5-2-97
6-1-91 $1,180,000 Locallmprovements 2-1-2002 $ 580,000`
12-1-91 265,000 Local1mprovements 2-1-2003 150,000
9-1-92 895,000 Locallmprovements 2-1-2004 455,000
11-1-92 1,470,000 Local fmprovements 2-1-2004 1,015,000
8-1-93 555,000 Locallmprovements 2-1-2005 405,000
8-1-93 1,415,000 Improvement Refunding 2-1-2Q01 925,000
; 8-1-94 1,605,000 Locallmprovements 2-1-2006 4,475,000
8-1-95 1,900,000 Locallmprovements 2-1-2007 1,735,000
7-1-97 2,800,000 Local Improvements (this Issue) 2-1-2009 2ti800.000
Total $9,540,000
General Obligation Port Authority Debt
Principal
Date Original Final Qutstanding
of Issue Amount Purpose Matur►tX As of 5-2-97
11-1-92 $3,425,000 Municipal Building 2-1-2018 $2,995,OOO�a1
11-1-93 580,000 Land Purchase far Business
Park(Taxable) 2-1-2009 520,OOO�b�
8-1-94 1,630,000 Business Park Street and Utility
I mprovements 2-1-2011 1.555,OOO�b�
Total $5,070,000
�a� Debf service payments on this issue are made from a combination of user fees from the municipal
multi-purpose arena, tax incremenf revenues and certain special tax and general fund/evies.
�b1 These issues are being repaid from a combination of#ax increment revenues and ad vatorem tax
levies.
General Obligation Debt Supported by Revenues
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturit As of 5-2-97
. 9-1-92 $1,525,000 Storm WaterRevenue 2-1-2008 $1,275,000
8-1-93 945,000 Water Revenue Refunding 2-1-2005 945,Q00
8-1-94 335,000 Storm Water Revenue 2-1-2005 250,Q00
8-1-94 700,000 State Aid Street Bonds 2-1-2004 515,000
7-1-96 1,035,000 Storm Water Revenue 2-1-2012 1,035,000'
7-1-96 500,000 Water Revenue 2-1-2OQ5 500.000
Total $4,520,000
_ g _
Annual Calendar Year Debt Service Including This Issue
G.O. Debt Supported
G.O. Debt Supported Primarily by
by Taxes and Tax lncrement Special Assessments
Principal Principal
Year Principal & Interest Principal & Interest�al
1997 (at 5-2) (Paid) $ 102,183.00 (Paid) $ 167,138.75
1998 $ 355,000 548,153.50 $1,245,000 1,700,629.58
1999 380,000 549,541.00 1,000,000 1,393,735.00
2000 230,000 381,988.50 1,200,000 1,541,226.25
2001 240,000 381,276.00 1,140,000 1,423,300.00 �
2002 245,000 374,824.75 1,005,000 1,233,477.50
2003 120,000 240,718.50 895,000 1,074,098.75
2004 125,000 239,091.00 865,000 998,322.50
2005 130,000 237,047.25 665,000 758,770.00
2006 140,000 239,446.00 620,000 680,862.50
2007 145,000 236,318.50 400,000 434,815.00
2008 155,000 237,651.00 255,000 273,497.50
2009 165,000 238,271.00 250,000 256,125.00
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
201`6 135,000 139.050.00
Total $3,570,OOO�b1 $5,367,397.50 $9,540,000��� $11,935,998.33
�a1 lncludes the Bonds at an assumed average annua/interest rate of 4.90%.
�b� 59%of this debt will be retired within 10 years.
��� 95% of this debt will be retired within 10 years.
- 10 -
Annual Calendar Year Debt Seroice lncluding This Issue (Continued)
G.O. Debt Supported
G_O� Port AuthorityDebt' by Revenues
Principal Principal
Year Princi�a{ & Interest Principal &lnterest
1997 (at 5-2) (Paid) $ 151,093.14 {Paid) $' 113,343.75
1998 $ 280,000 575,318.78 $ 385,000 603,418:75
1999 295,000 575,961.28 395,OQ0 596,302.50
2000 180,000 448,756.28 420,000 602,672.50
2001 200,000 458,653.78 440,000 602,382.50
2002 220,000 467,187.53 460,000 600,587.50
' 2003 235,000 469,483.78 475,000 592,256.25
2004 255,000 475,546.28 505,000 597,052.50
2005 270,000 475,348.78 440,000 507,372.50
2006 285,000 473,996.28 205,000 255,252.50
2007 305,000 476,335.65 215,000 253,675.00
2008 325,000 477,192.52 230,000 256,225.00
2009 345,000 476,533.77 80,000 97,552.50
2010 295,000 406,690.64 85,000 97,972.50
2011 320,000 412,640.63 90,000 98,027.50
2012 180,000 256,875.00 95,000 97,731.25
2013 190,000 254,802.50
2014 155,000 208,503.75
2015 165,000 208,023.75
2016 180,000 211,680.00
2017 190,000 209,470.00
2018 200,000 206.600.00
Total $5,070,OOO�a1 $8,376,694.12 $4,520,OOO�b1 $5,971,825.00
�a� 50%of this debt will be retired within 90 years.
�b) 87%of this debf wil!be retired within ten years.
Lease-Purchase Agreements
The City has entered into several lease-purchase agreements for the acquisition of various
equipment and vehicles.
�ate of Original Semiannual Final
Lease PritlCjqal Amou�nt Lease Payment Pavment Date
' 4-26-94 $100,995 $11,121 2-1-1999
3-28-95 140,000 26,363 8-1-1998
3-28-95 124,000 14,928 8-1-2000
' 3-28-95 362 000 25,,359 8-4-2005
�otal $726,995 $77,771
The City entered into a lease purchase agreement dated May 15, 1996 for a fre truck. The
principal amaunt of the lease is $476,445 with annual payments of$64,896. Final payment will
be due June 1, 2006.
In February 1997 the City entered into a lease purchase agreement for the purchase of a street
sweeper. The principal amount of the lease is $85,731 and is payable in a single payment due
on March 27, 1998.
- 11 -
Summary of Direct Debt Including This Issue
Gross Less; Debf Net
Debt Service Funds* Direct Debt
G.O. Debt Supported by Taxes
and Tax Increment $3,570,000 $ (86,610) $3,483,390
G.O. Debt Supported by Special
Assessments 9,540,000 (3,781,500) 5,758,500
G.O. Port Authority Debt 5,070,000 (120,192) 4,949,80$
G.O. Debt Supported by Revenues 4,520,000 (653,265) 3,866,735
* Debt service funds are as of April 30, ?997 and include rnoney to pay both principa!and interest �
Indirect General �btigation Debt
Debt Applicable to
1996 Taxable G.O. Debt Tax C�paci�jr in City
Taxing Unit�a) Net Tax Ca�acity As of 5-2-97(b) Percent Amount
Dakota County $ 280,683,823 $ 63,215,000��1 3.93% $ 2,484,350
ISD 196 (Rosemount-
Apple Valley-Eagan) 101,531,886 166,627,776�d� 8.94 14,896,523
ISD 199 (Inver
Grove-Pine Bend) 18,523,634 16,497,231 9.67 1,595,282
ISD 200 (Hastings) 16,546,543 4,410,000 0.39 17,199 `
Metropolitan Council 2,011,186,977�e� 33,990,000�� 0.51 173,349
Metropolitan Transit Dist. 1,812,692,235�e) 84,545,000 0.57 48'f.907
Total $19,648,610
�a� Only those units with debt outstanding are shown here.
�b� Excludes debt supported by revenues and tax and aid anticipation debt.
��) Includes jail facilify revenue bonds issued by the Dakota County HRA and payable solely from lease
payments made by the County fo the HRA pursuant to a Lease Agreement. The/ease payments are
absolufe and unconditiona!and are unlimifed tax obligations of the County.
�d1 Excludes $15,980,000 of outstanding certificates of participation which are subject to annual
appropriation.
�e1 Taxable net#axab/e capacity figures are for 1995. 1996 figures are not yet available.
�� Metropolitan Council a/so has outstanding $432,320,000 of general obligation sanitary sewer bonds
and loans which are supported by system revenues.
Debt Ratios Including This Issue* <
G.O. Net G.O. Indirect &
Direct Debt' Net Direct Debt
To 1996 Indicated Market Value 2.26% 5.40%
Per Capita (13,150- 1997 City Estimate) $1,079 $2,573
� Excludes general ob/igafion debt supported by revenues, sfate-aid street bonds and/ease purchase
agreements.
- 12 -
CITY TAX RATES, LEVIES AND COLLECTIONS
Tax Capacity Ra#es
1996/97
For
1 92/93 1993/94 1994/95 1 951 6 Totai Debt On
Dakota County 26.558% 27.474% 27.994% 26.626% 25.721% N/A
City of Rosemaunt 29.810 32.297 35.778 36.Q55 35.627�b1 �.704%0
ISD 196 (Rosemount) 58.486 59.657 62.136 60.830 58.189��1 12.349
Special Districts�a� 5.405 6240 4.914 5.108 4.995 0.158
Total 120.259% 125.668% 130.822% 128.619% 124.532% 18.211%o
�a� Includes Metropolitan Council, Regional Transit District, Mefropolitan Mosquifo Control, Dakofa
County Technica! College, the Housing and Redevelopment Authority, and the Dakota County Light
Rail Transif.
�b1 The City also has a 1996/97 fax rate ot0.02706%spread on the market value af property in support of
debt service on general obligafion fire station bonds.
(c) Independent School District�96 (Rosemount-A�p1e Valley-Eagan) also has a 1936/97 fax rate of
0.10868%spread on the market value of property in sup�ort of an excess operating levy.
NOTE� Taxes are determined by multipiying the net fax capacity by the tax capacity rate, expressed as
a percentage (see Appendix tli).
Tax Collections fior the City
Gross Net Collected During Collected
Amount Amount Collection Year As of 4-30-97
Levy/Collect of Levv of Levv* Amount Percent Arnount Percent
1996l97 $4,635,928 $3,664,352 (In Process of Collection)
1995/96 4,3$2,673 3,465,166 $3,430;125 99.0% $3,441,147 99.3%
1994/95 4,170,781 2,911,242 2,888,955 99.2 2,896,956 99.5
1993/94 3,602,545 2,351,589 2,307,118 98.1 2,339,141 99.5
1992/93 2,9'f3,401 2,002,363 1,925,266 96.1 1,999,093 99.8
'` The net levy excludes Homestead and Agricultura!Credit Aid("HACA"). Beginning in 1993f94, the net
levy is the basis for cornputing tax capacity rates. The gross levy was the basis for compufing tax
capacity rates in prior years
FUNDS ON HAND
As of Apri9 30, 1997
Fund Cash and Investments
General $ 646,542.64
SpecialRevenue 4,432,096.58
Port Authority 240,555.51
` Debt Service:
Tax and Tax Increment Supported 86,609.71
Assessment Supported 3,781,500.39
Port Authority Supported 120,191.78
General Obligation Revenue Supported 653,264.96
Construction 1,369,149.04
Water, Sewer and Storm Water 4,994,606.34
Arena 804.70
Trust and Agency 2.693.73
Total $13,328,015.38
- 13 -
�
Labor Force Data
March 1997 March 1996
Civilian Unemployment Civilian Unemployment
Labor Force FZate Labor Foree Rate
I
Dakota Caunty 196,926 2.0% 191,$41 2.7%
Minneapolis/St. Paul MSA 1,642,046 2.5 1,600,390 3.1
Minnesota 2,628,347 3.4 2,579,873 4.3
Source: Minnesota Department of Economic Security. 1997 data is preliminary.
Building Permits Issued by the City
Total Permits New Single Family Homes
Number Value Number Value
1997 (to 4-30) 112 $ 7,224,070 20 $ 2,580,664
1996 655 28,440,950 130 13,941,688
1995 641 30,376,849 190 20,529,873
1994 662 32,969,672 223 23,329,937
1993 592 39,154,474 196 20,716,580
1992 633 43,352,223" 234 23,046,277
1991 512 19,939,006 200 18,087,341
1990 491 21,921,872 184 16,682,775
1989 480 28,037,283 194 17,320,711 j
1988 506 30,974,532 267 22,232,787 ;
1987 316 21,636,314 160 14,460,303
� � � i
� Mcludes$17,000,000 for Koch Refining.
Recent and Proposed Development
The Port Authority of the City of Rosemount, Minnesota 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
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 manufacfuring facility. The City also established
this business park within a tax increment fnancing (TIF} district as a tool to assist new
businesses locating at this site. The Port Authority is now marketing the remaining acreage in
the business park through a cooperative agreemenf with Hoyt Properties of Minneapolis.
During the period from 1992 through 1996, an average of $34,858,834 in new construction
value has been added per year. During this same period the City added 973 single-family
homes to its housing stock.
- 16 -
Additional recent and proposed commercial and industrial development occurring in the City
includes the foilowing:
• The City approved a new 25 acre cornmercial plat in 1997 that will allow for 220,000 square
feet of development. Currently under construction is a new 15,000 square foot Walgreen
Drug Store and a 10,000 square foot Kindercare daycare center.
. The Dakota County Housing and Redevelopment Authority has begun construction of a 44-
unit senior housing rental project valued at approximately $2,500,000.
• Endres Processing, a food waste recycfing company, is expected to begin construction of a
new 55,000 square foot facility in 1997.
r
- . AAA Auto Salvage is expected to begin construction of a new 35,000 square foot facility in
1997 on a 30 acre site.
• Greif Brothers, a multi-waN bag manufacturing company, completed a 30,000 square foot
expansion of its existing facility in 1996.
Some of the larger housing projects currently being�developed or recently completed are as
follows:
Units Units Built
Development/Developer Housin Approved as of 4-30-97
Country Hil(s/U.S. Home Corporation Single Family 541 541
O'Leary's Hil#s/Parkview, Inc. Single Family 213 193
West Ridge/Rosemount bev. Co.. Single Family 228 228
Shannon Hills/Ground Developrnent Co. Single Family 197 197
Shannon Pond PUD/Hampton
Development Corp. Single Family 89 88
Wensmann 6th Addition Single Family/Townhome 106 106
Wensmann 7th and 8th Additions Single Family/Twin Home 81 74
Wensmann 9th Addition Townhomes/Condominiums 99 85
Shannon Meadows Addition Single family 28 4
Shannon Pond East/Hampton
Development Corp. Single Family 77 12
Financial Institutions
The First State Bank of Rosemount and Rosemount National Bank are located in the City. As
of December 31, 1995, the two banks reported combined deposits of $80,196,000. A branch
� facility of the Vermillion State Bank is also located in the City.
Source: Upper Midwest Financial Directory, Spring 1996 edition.
Education
The major portion of the City is part of Independent Schaol District 196, headquartered in
Rosemount. The District's enrollment for the 1996/97 schoof year was approximately 26,048
students in grades kindergarten through twelve. The District is one of the fastest growing
school districts in the State, and one of #he largest employers in the Ci#y with approximately
3,119 full-time and part-time employees. The physical plant of the District consists of 18
elementary schools, six middle schools, and three senior high schools_ Of these schools, two
elementary schools, one junior high, and one senior high are located in the City of Rosemount.
- 17 -
On March 8, 1994 voters in the District authorized the issuance of $78,510,000 for the
acquisition and betterment of school facilities, including the construction of a new elementary
school, a new middle school and a new high school and additions and improvements to other
schools in the District, including the Rosemount High School. The new elementary schoof
opened in the fall of 1995. The new middle school opened in the fall of 1996 and the new high
school is expected to open in the fall of 1997. In addition, the District has entered into a Tease
agreement with the Apple Valley Economic Development Authority to lease a 68,000 square
foot facility to house the District's School of Environmental Studies for grades 11 and 12 which
opened in the fall of 1995. The facility is located an the grounds of the Minnesota Zoo.
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 SERVICfS
Organization
Rosemount was established as a municipal corporation in 1858, and became a statutory City in
4974. The City has a Mayor-Council form of government, with the four Council members being "
elected to overlapping four-year terms of affice. The present City Council is listed below.
Expiration of Term
Cathy E. Busho Mayor December 31, 1998
Joan M. Anderson Council Member December 31, 1998
John Edwards Council Member December 31, 1998
Kevin L. Carroll Council Member December 31, 2000
Dennis Wippermann Council IVlember December 31, 2000
The Ci#y'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#he position of Gity
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 lang-range zoning and development policy of#he 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 1993.
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 33 trained volunteers. The
City has a class 5 insurance rating.
Municipal water, sanitary sewer and s#orm 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 3,500,000 gallons per day with an average demand of 1,17�,134 gallons pumped
daily. Construction of a fifth well will be completed and put into operation in 1997.
- 18 -
i
It is the City's policy to finance all of its lateral sanitary sewer and water improvements by
special assessments filed agains# benefited property; however, there is a provision for deferred
assessments, in which case it may be necessary to provide some tax support. Core facitities
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 starmwater core facilities
through the operation o# a Stormwater Utility. Each property in #he City pays a monthly
"stormwater user€ee" and an initial connection charge to support the program.
Inferceptor sewer lines and wastewater treatment plants in the seven-county metropolitan area,
of which the City is a part, are under the jurisdiction of the Metropolitan Council Environmental
Services ("MCES"). MCES finances its operations through user charges based on usage. The
City is responsible for the construction and maintenance of sewer laterals.
Employee Pensions
all full-time and certain part-time employees of the City of Rosemount are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer
public employees retirement plans. PERF members beiong to either the Coordinated Plan or
the Basic Plan. Coordinated members are cavered 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, 1996, the City's contribution to PERA was
$172,689.
Current General Fund Budget
1996 1997
Adopted Budget PrQposed Budget
General Fund Revenues.
Generat Property Taxes $2,362,042 $2,401,575
Licenses and Permits 267,900 226,900
I ntergovemmental 1,261,583 1,320,700
Charges for Services 329,400 302,725
Fines and Forfeits 100,000 100,000
Recreation Fees 169,510 174,100
Miscelfaneous Revenues 38,000 48,800
Transfers In 3.500 3.500
Total General Fund Revenues $4,531,935 $4,578,300
General Fund Expenditures:
General Government $1,103,000 $1,132,500
Police 1,119,000 1,186,300
Fire 181,300 169,200
Public Works 1,471,800 1,504,400
Parks and Recreation 656,335 585.900
Total General Fund Expenditures $4,531,435 $4,578,30Q
- 49 -
i
{This page was left biank intentionally.)
APPENDIX 1
PROPOSED FORM OF LEGAL OPINION
2200 FIRST NATIONAL BANK BUILTJING
332 MINNESOTA STREET
SAINT PAUL.MINNESOTA 55101
TELEPHONE (612) 223-6600
B R I GG S AND M OR GAlr FACSIMILE (612) 223-6450
PROFESSIONAL A3SOCIATION WRITER'S DIRECT DIAi,
WRITER'S E-MAIL
(PROPOSSD FORM OF LEGAL OPINION)
$2, 800, 000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997A
CITY OF ROSEMOUN'T
DAKOTA COUNTY
MINNESOTA
We have acted as bond counsel in connection with the
issuance by the City of Rosemount, Dakota County, Minnesota (the
"Issuer") , of its $2, 800, 000 General Obligation Improvement
Bonds, Series 1997A, bearing a' date of original issue of July 1,
1997 (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 (except to the
extent, if any, stated in the Official Statement) , and we express
no opinion relating thereto (excepting only the matters set forth
as our opinion in the Official Statement) .
As to questions of fact material to our apinion, we
have relied upon the certified proceedings and other
certifications of public officials furnished to us without
undertaking to verify the same by independent investigation.
Based upon such examinations, and assuming the
authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to us
as certified or photostatic copies and the authenticity of the
originals of such documents, and the accuracy of the statements
of fact contained in such documents, and based upon present
Minnesota and federal laws (which excludes any pending
legislation which may have a retroactive effect on or before the
352080.1 MINNEAPOLIS OFFICE e IDS CENTER■WWW.BRIGGS.COM
MEMBER—LEX MUNDI;A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS
. I-�
BRIGGS � MORGAN
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 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 eguity, to the
constitutional powers of the United States of America and to
bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting creditors' rights heretofore or hereafter
enacted.
(3) At the time of the issuance and delivery of the Bonds
to the original purchaser, the interest on the Bonds is excluded
from gross income for United States income tax purposes and is
excluded, to the same extent, from both gross income and taxable
net income for State of Minnesota income tax purposes (other than
Minnesota franchise taxes measured by income and imposed on
corporations and financial institutions) , and is not an item of
tax preference for purposes of the federal alternative minimum
tax imposed on individuals and corporations or the Minnesota
alternative minimum tax applicable to individuals, estates or
trusts; it should be noted, however, that for the purpose of
computing the federal alternative minimum tax imposed on
corporations, such interest is taken into account in determining
adjusted current earnings . The opinions set forth in the
preceding sentence are subject to the condition that the Issuer
comply with all requirements of the Internal Revenue Code of
1986, as amended, that must be satisfied subsequent to the
issuance of the Bonds in order that interest thereon be, or
continue to be, excluded from gross income for federal income tax
purposes and from both gross income and taxable net income for
State of Minnesota income tax purposes. Failure to eomply 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 July, 1997 .
Professional Association
352080.1
I-2
APPENDIX li
CONTINUTNG DISCLOSURE UNDERTAKING
This Continuing Disclosure Undertaking (the "Disclosure
Undertaking" ) is executed and delivered by the City of Rosemount,
Minnesota (the "Issuer") , in connection with the issuance of
$2, 800, 000 General Obligation Improvement Bonds, Series 2997A
(the "Bonds" ) . The Bonds are being issued pursuant to a
Resolution adopted June 17, 1997 (the "Resolution" ) . Pursuant to
the Resolution and this Undertaking, the Issuer covenants and
agrees as follows:
SECTION 1. Purpose of the Disclosure Undertakinq. This
Disclosure Undertaking is being executed and delivered by the
Issuer for the benefit of the Owners and in order to assist the
Participating Underwriters in complying with SEC Rule
15c2-12 {b) (5) .
SECTION 2 . Definitions. In addition to the def initions
set forth in the Resolution, which apply to any capitalized term
used in this Disclosure Undertaking unless otherwise def ined 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 f�irm, prepared pursuant to generally
accepted accounting principles promulgated by the Financial
Accounting Standards Board, modified by governmental accounting
standards promulgated by the Government Accounting Standards
Board.
"Dissemination Agent" shall mean such party from time to
time designated in writing by the Issuer to act as information
dissemination agent and which has filed with the Issuer a written
acceptance of such designation.
��Fiscal Year'� shall be the fiscal year of the Issuer.
"Governing Body" shall, with respect to the Bonds, have the
meaning given that term in Minnesota Statutes, Section 475 .51,
Subdivision 9 .
"MSRB" shall mean the Municipal Securities Rulemaking Board.
��National Repository° shall mean any Nationally Recognized
Municipal Securities Information Repository for purposes of the
Rule. Currently, the following are National Repositories :
352080.1
I I-1
Bloomberg Municipal Repository
P.O. Box 840
Princeton, NJ 08542-0840
Phone: (609) 279-3200
Fax: (609) 279-5962
Thomson Municipal Services
395 Hudson Street - Third Floor
New York, NY 10014
Attn: Municipal Disclosure
Phone: (800) 689-8466
Fax: (212) 989-2078
Disclosure, Inc.
5161 River Road
�.
Bethesda, NID 20816
Attn: Document Acquisitions/Municipal Securities
Phone: (301) 215-6015
Fax: (301) 718-2329
Kenny Information Systems Inc .
65 Broadway - 16th Floor
New York, NY 10006-2511
Attn: Repository Services
Phone: (212) 770-4595
Fax: (212) 797-7994
Moody' s NRMSIR
Public Finance Information Center
99 Church Street
New York, NY 10007
Phone: (800) 339-6306
Fax: (212) 553-1460
R.R. Donnelly Financial
Municipal Securities Disclosure Archive
559 Main Street
Audson, MA 01749
Phone: (800) 580-3670
Fax: (508) 562-1969
"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
, 1997, prepared in connection with the Bonds .
"Owners" shall mean the registered holders and, if not the
same, the beneficial owners of any Bonds.
"Participating Underwriter" shall mean any of the original
underwriters of the Bonds required to comply with the Rule in
connection with offering of the Bonds .
352080.1
I I-2
"Repository" shall mean each National Repository and each
State Depository.
"Resolution" shall mean the resolution or resolutions
adopted by the Governing Body of the Issuer providing for, and
authorizing the issuance of, the Bonds .
"Rule" shall mean Rule 15c2-12 (b) (5) adopted by the
Securities and Exchange Commission under the Securities Exchange
Act of 1934, as the same may be amended from time to time or
interpreted by the Securities and Exchange Commission.
"State" shall mean the State of Minnesota.
"State Depository�� shall mean any public or private
repository or entity designated by the State as a state
depository for the purpose of the Rule. As of the date of this
Disclosure Undertaking, there is no State Depositozy in
Minnesota.
SECTION 3 . Provision of Annual Reports .
A. Beginning in connection with the Fiscal Year
ending on December 31, 1997, the Issuer shall, or shall cause the
Dissemination Agent to, as soon as available but not later than
December 31, 1998, and by December 31 of each year thereafter,
provide to each Repository an Annual Report which is consistent
with the requirements of Section 4 of this Disclosure
Undertaking.
B. If the Issuer is unable to provide to the
Repositories an Annual Report by the date required in subsection
A, the Issuer shall send a notice of such delay and estimated
date of delivery to each Repository or to the MSRB and to the
State Degository, 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 ta the
Issuer listed below as of the end of the preceding Fiscal Year.
The Annual Report may be submitted to each Repository as a single
document or as separate documents comprising a package, and may
cross-reference other information as provided in this Disclosure
Undertaking.
The following financial information and operating data shall
be suppliedc
A. an update of the type of information contained in
the Offieial Statement under the caption CITY PROPERTY
VALUES; CITY INDEBTEDNESS; CITY TA� RATES, LEVIES AND
COLLECTIONS .
352080.7
I{-3
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
Accou.nting 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 o£ Significant Events .
A. This Section S shall govern the giving of notices
of the occurrence of any of the following events with respect to
the Bonds, if material:
(I) principal and interest payment delinquency;
(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 security;
(7) modifications to rights of security holders;
(8) optional or 'unscheduled redemption of any Bonds;
(9) defeasances;
(10} release, substitution or sale of property securing
repayment of the Bonds; and
(11) rating changes .
352080.1
i i-4
B. The Issuer agrees to provide or cause to be
provided, in a timely manner, to each National Repository or the
MSRB and to the State Depository, if any, notice of a failure by
the Issuer to provide the Annual Reports described in Section 4 .
SECTION 6 . Termination of Re�orting Obliga��on. The
Issuer� s obligatians under this Disclosure Undertaking shall
terminate upon the legal defeasance, prior redemption or payment
in full of all of the Bonds .
SECTION 7 . Dissemination Aqent . 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 Owners.
SECTION 9 . Additional Information. Nothing in this
Disclosure Undertaking shall be deemed to prevent the Issuer from
disseminating any other information, using the means of
dissemination set forth in this Disclosure Undertaking or any
other means of communicatian, 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
reguired by this Disclosure Undertaking, the Issuer shall have no
obligation under this Disclosure Undertaking to update such
information or include it in any future Annual Report or notice
of an Occurrence.
SECTION 10 . Default . In the event of a failure of the
Issuer to provide information required by this Disclosure
Undertaking, any Owner may take such actions as may be necessary
and appropriate, including seeking mandamus or specific
performance by court order, to cause the Issuer to comply with
its obligations to provide infonnation 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
352080.1
I I-5
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 Participa-
ting 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 dete�nination should be made by a court of
competent jurisdiction that the Rule is invalid or otherwise
unlawful or, subject to the provisions of Section 8 hereof, to
modify the undertaking under this Disclosure Undertaking if the
Issuer determines that such modification is required by the Rule
or by a court of competent jurisdiction.
Date: July _, 1997
CITY, OF ROSEMOUN'T
By
Its
By
Its
352080.1
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APPENDIX Iil
SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND
MINNESOTA REAL PROPERTY VALUATION
Following is a summary of certain statutory provisions effective through 1996 relative to tax levy
procedures, tax payment and credit procedures, and the mechanics of real property valuation.
The summary does not purport to be inclusive of all such provisions or of the specific provisians
discussed, and is qualified by reference to the complete text of applicable statutes, rules and
regulations of the State of Minnesota in reference thereto. This summary reflects changes to
Minnesota property tax laws enacted by the State Legislature during the 1996 Regular Session.
P�operty Valuations (Chapter 273, Minnesota Statutes)
Assessor's Estimated Market Value
Each parcel of real property subject to taxation must, by statute, be appraised at least once
every four years as of January 2 of the year of appraisal. With certain exceptions, all property
is valued at its market value which is the value the assessor determines to be the price the
property to be fairly worth, and which is referred to as the "Estimated Market Value."
Limitation of Market Value Increases .
Effective for assessment years 1993 through 1997, the amount of increase in market value for
all property classified as agricultural homestead and non-hamestead, residential homestead
and non-homestead, or non-commercial seasonable recreational residential, which is entered
by the assessor in the current assessment year, may not exceed the greater of (i) 10% of the
preceding year's market value or (ii) 1/3 of the difference between the current assessment and
the preceding assessment.
Indicated Market Value
Because the Estimated Market Value as determ'rned by an assessor may not represent the
price of real property in the marketplace, the "Indicated Market Value" is generally regarded as
more representative of full �alue. The Indicated Market Value is determined by dividing the
Estimated Market Value of a given year by the same year's sales ratio determined by the State
Department of Revenue. The sales ratio represents the overall relationship befinreen the
Estimated Market Value ofproperty within the taxing unit and actual selling price.
Net Tax Capaci
The Net Tax Capacity is the value upon which net taxes are levied, extended and collected.
The Net Tax Capacity is computed by applying the class rate percentages specific to each type
of property classification against the Estimated Market Value. Class rate percentages vary
depending on the type of property as shown on the last page of this Appendix. The formulas
and class rates far converting Estimated Market Value to Net Tax Capacity represent a basic
element of the State's property tax relief system and are subject to annual revisions by the
State Legisla#ure.
Property taxes are determined by multiplying the Net Tax Capacity by the tax capacity rate,
expressed as a percentage.
Property Tax Payments and Delinquencies
(Chapters 276, 279-282 and 549, Minnesota Statutes)
Ad valorem property taxes levied by local govemments in Minnesota are extended and
collected by the various counties within the State. Each taxing jurisdiction is required to certify
the annual tax levy to the county auditor within five (5) working days after December 20 of the
year preceding the collection year. A listing of property taxes due is prepared by the county
auditor and turned over to the county treasurer on or before the first business day in March.
III-1
The county treasurer is responsible for collecting all property taxes within the county. Real
estate and personal property tax statements a�e 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 instaUment of real property taxes due May 15, the penalty increases to 4%
or 8% on June 1. Thereafter, an additional 1% penalty shatl 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°/a 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 additionai 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 �espect 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 2i3, 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
Historically, the ability of local governments in Minnesota to levy property taxes was controlled
by various statutory limitations. These limitations have expired for taxes payable in 1993 and
future years, but may be reinstated in the future. Under prior law the limitations generally did
not affect debt service Jevies. For county govemments, cities of 2,500 population or more, and
smaller cities and towns that receive taconite municipal aid, taxes could be levied outside the
overall levy limitation for, among others, bonded indebtedness and certificates of indebtedness,
unfunded accrued pension liabifity, social service programs and the residual income
maintenance program for which the county share af costs has not been taken over by the State.
I11-2
Debt Limitations
Ail Minnesota municipatities (counties, cities, towns and school districts) are subject to statutory
°net debt" limit�tions 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#o the payment of any debt and the
aggregation 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. Qbligations 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 powe� 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 toans made to school districts.
7. Certain obligations to repay foans.
8. Obligations specifically excluded under the provisions of faw authorizing their issuance.
9. Debt service funds for the payment of principal and interest on obligations other than those
described above.
10. Certain obligations to pay pension fund liabilities.
Levies for General Obligation Debt
(5ections 475.61 and 475.74, Minnesata Statutes)
Any municipality which issues general obligation debt must, at the time af 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 pnncipal and interest when due.
Notwithstanding any other fimitations 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.
Metropolitan Revenue Distribution{Chapter 473F, Minnesota Statutes)
"Fiscal Disparities Law"
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as
"Fiscai Disparities,° was first implemented for taxes payable in 1975. Forty percent of the
increase in comme�cial-industrial (including public utility and railroad) net tax capacity valuation
since 1971 in each assessment district in the Minneapolis/St. Paul seven-caunty 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 factars of population and real property market value
per capita, is employed in determining what proportion of the net tax capacity vafue in the area-
wide tax base shall be distributed back to each assessment district.
III-3
STATUTORY FORMULAE
CONVERSION OF ESTIMATED MARKET VALUE(EMV)TO NET TAX CAPACITY FOR
MAJOR PROPERTY CLASSIFICATIONS
Net Tax Capacity Net Tax Capacity Net Tax Capacity Net Tax Capacity Net Tax Capacity
S'zenerai Classifications Levy Year 1992 l�evy Year 1993 levy Year 1994 Levy Year 1995 L�vy year t 996
Residential Homestead First$72,000 of EMV at 1.00% First$72,000 of EMV at 1.0o% First$72,000 of EMV at 1.00% First$72,000 of EMV at 1.00% First$72,000 of EMV at 1.00%
EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$72,000 EVM in excess of$72,000
8t 2.00% 8t 2.00% at 2.00% at 2.00% at 2.00%
Residential Non-Homestead 3.40% 3.40% 3.40% 3.40%;except certain cities of 3.40%;except certain cities of
4 or more units 5,000 population or less 5,000 population or less
at 2.30% at 2.30%
Agriculturai Homestead First$72,000 EMV of house, First$72,000 EMV of house, First$72,000 EMV of house, First$72,000 EMV of house, First$72,000 EMV of house,
garage and 1 acre at 1.00% garage artd Y acre at 1.00% garage and 1 acre at 1.00°/a garage and 1 acre at 1.00°/a garage and 1 acre at 1.00%
Excess to 320 acres at 0.45% EMV in excess of$72,000 of EMV in excess of$72,000 of EMV in excess of$72,000 of EMV in excess of$72,000 of
Excess over 320 acres at 0.45% house,garage and 1 acre at house,garage and 1 acre at house,garage and 1 acre at house,garage and 1 acre at
' 2.00% 2.00% 2.00% 2.00%
Next$43,000 EMV at 2.00%
Excess to 320 acres at 0.45% Remaining Prope�ty: Remaining Property: Remaining Property: Remaining Property:
Excess over 320 acres at 0.45% First$115,000 of EMV on First$115,000 of EMV on First$115,000 of EMV on First$115,000 of EMV on
EMV in excess of$115,000 firsY 320 acres at 0.45% first 320 acres at 0.45% first 320 acres at 0.45% first 320 acres at 0.45%
at 2.00% EMV in excess of$115,000 on EMV in excess of$115,000 on EMV in excess of$115,000 on EMV in excess of$115,000 on
Excess to 320 aeres at 1.30°/a first 320 acres at 1.00°!o first 320 acres at 1.00% first 320 acres at 1.00% first 320 acres at 1.00%
Excess over 320 acres at 1,60% EMV in excess of$115,000 over EMV in excess of$115,000 over EMV in excess of$115,000 over EMV i�excess of$115,000 over
320 acres at 1.5Q% 320 acres at 1.50%0 320 acres at f.50% 320 acres at 1:50%
Agriculturaf Non-Hamestead EMV of house,garage and EMV of house,garage and EMV of house,garage and EMV of house,garage and EMV of house,garage and
1 acre at 2.50% 1 acre at 2.30% 1 acre at 2.30% 1 acre at 2.30% 1 acre at 2.30%
EMV of land and other buildings EMV of land and other buitdings EMV of land and other buiidings EMV of land and other buiidings EMV of land and other buildings
at 1.60% at 1.50% at 1.50% at 1.50% at 1.50%
Commercial-industrial First$100,000 of EMV at 3.00% First$100,000 of EMV at 3.00% First$100,000 of EMV at 3.00% First$100,000 ot EMV at 3.00% First$100,000 of EMV at 3.00%
EMV in excess of$100,000 EMV in excess of$100,000 EMV in excess of$100,000 EMV in excess of$100,000 EMV in excess of$100,000
at 4.70°lo at 4.60% 8t 4.60% 8t 4.60% at 4:60%
SeasonailRecreational Non-Commercial Non-Commercial Non-Commerciai Non-Commercial Non-Commerciai
Residential First$72,000 of EMV at 2.00% First$72,000 of EMV at 2.00°/a First$72,000 of EMV at 2.00%a First$72,000 of EMV at 2.00% First$72,000 of EMV at t.75%
EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$72,000
at 2.50% at 2.50% at 2.50% at 2.50% at 2.50%
Commercial-2.30% Commercial-2.30% Comm�rcial-2.30% Commercial-2.30% Commercial-2.30%0
VacantLand N/A N/A N/A N!A N/A
(All vacant tand is reclassified (All vacant land is reclassified (All vacant land is reclassified (All vacant land is reclassified (All vacant land is reclassified
to highest and best use to highest and besE use to highest and best use to highest and best use to highest and best use
pursuant to local zoning pursuant to local zoning pursuant to local zoning pursuant to local zoning pursuant to locaf zoning
ordinance) ordinance) ordinance) ordinance) ordinance
APPENDIX IV
ANNUAL FINANCIAL STATEMENTS
The City is audited annually by an independent certified pubiic accounting firm. Data on the
following pages was extracted from the preliminary and unaudited financial statements for fiscal`
year ended December 31, 1996 and the audited financial staternents for fiscal years ending
December 31, 1995 and 1994. Far all years presented, the modified accrual basis of
accounting is used for governmental fund types; #he accrual basis is used for proprietary funds.
The reader should be aware that the complete audits may contain additional information which
may interpret, explain or modify the data presented here.
IV-1
CITY OF ROSEMOUNT MINNE90TA �
� � COMBINBD 8AUINCE SHEET� A
� � � ALL FUND TYPl3 AND ACCOUNT OROUPS �i -��+� �
DECEMBER Jf.�1996 �,r� ' �
��_
� RIDUCVIRY TOTAL TOTAL
OOVERNMENTAI FUND TYPES PROVRIETARY FUND TYPE fUNO TVPE ACCOUNT OROUPS PRIM/{RY COMPONENT RFPORTINO
� O!NlRAL O�NlRAt. OOVlRNMCNT UNIT ENTRY
� SPECULL DEBT CAPRAL IMERNAL FIXED 1ON0.7ERM (MEMORANDUM PORT � (MlMORANDUM �
� � OENERAL REVENUE SERVICH � PROJECTS !NTlRPIUSE BERVICE AOENCY ASSETS DEBT ONIY) AUTHORITV ONLY�
� A�4ET9 AND�OTNER DEBTS �
. � ASSETS: . . . .
� � Ceeh entl Investmerrts � S 1,641,495 S 7,632,906 S � 6,523,253 S 1.402,314 S� 5;387,889 S 208,898 f 1.084.87P S • S - S 16.738,872 S 832,E58 S 11,368,337
� � . Aetounts leceireble �. � �18,971 � 2,008 � - - 418,707 954 - . . 438,838 5,872 442,510
� � Notas receiwbl� . � ' ' ' � ' ' ' _ ' ' ' 1.364.617 1.38C.817
. � � Special assessmenM receivabla � .� 5.762 2�.708 � 907,500 - 758,052 ' ' ' - 1.098.OZ7 . 1.098.027 �
� . Propertytaxesreceivable � 230.988 - 12.584 - 1.819� ' ' ' - 245,10! 5.851 250.B19 '
� Due hom otNer funds - . 4,458 � - 48,3Bt 2,018,800 - - • - 2,069,N8 � - 2 089 gq8 '�,
. Ouehomothergovernmente �. 15,727 . � - - ' ' ' - ' 25,T27 .� - �25.127 I�
� Prepaid pcpmdRures . - . � . 76.783 128,483 - - - � 204,416 5,228 209.4T2 ''
� Restricted assets: � � .
� . � � Gash with fiscal agenl-relunding � � � . � � . � _
. � . � es�roweccount . � ' • - ' 912.898 - . . . 872.898 .. .� 912.BBB
� � � Net foted selets . ' . ' ' - 41.131,27t ' ' 7,886,707 . �8.797,Y29 3.275.000 � 52,072,929
� � OTHER DEBIT36� . � � � � �
� . � Amount available in debt service Nnds � � -� . � �� _ _ _ _ . . - 6,635,124 b,s36,124 - 5.835.12�
� � � Amountro De provitlM tor tleM�ellremeN � 8,988,940 E.9�.9l0 .6,8E8,940
TOTALASSET9ANDOTNERDEBiTS � E 7.920,921 _S t,S84,077 S 6,413,312 S. 1,510,905 5 50,094,849 S 338,435 S 1,OB4,817 ,S 7,886.707 S 72.���.08{ S 83,118,017 S S,2B9,025 S 88,13T,0@
� ' � LIABILITIES.E�UfTV AND OTHER�C�ITS � . � . �
N
� � LIABILITIES: � � . . � � . . . .
� � Ouato other Nntls .� � � 5 . - E , - �S - �S 2,065,790 3 • S - E - S - S f 1,0l5,1Y0 f - S 2,065,tY0
� . Accounts payabla � . 90,103 � 2.910 - 52.801 21,151. - 918 - - 167.)U 8.380 178.OD4
. � � Compensated atisences payable � . � - .� _ . 3p,57g . - - 331,OBd 3aE,6C0 . . . 38E,E/0 �
� Atcruee evpendNures . 17.943 - - - � 4,269 - . ' � - - 22.212 - 22,212 �
. �Accrued interest� . . - .. - - � . 103,994� - - • 103.99� �� � 103,99�
. .�. � . Contradsoayaeie. � � . .- - � - 294.035� - � - � - - � - � 284.035 . 294.035 �
� � � DeOosds payable � 68,201 � � • - - - . - • • - EG,201 2,500� 88,701
. � Ocierretl revenue � � .. 03,317 198,7BB 808,218 , - � 151,883 �- . • � - 1,222,287 1,364,E17 2,6l6,004 �
. �. � . � Bonde peyable . . - _ � . 7,390,488 . • . - 12,290,000 19,680,499 . 2,975,000 � ��72,655,�99 �
. � `Oeterred compeneetion beneMs peyeEle � � � � 7,083,888 - � 1,083,869 � 1,083,E69 �
� � . � . .� TOTAI lIABWTIES . � S 237,565� 3 20L899 S� �808,218. S 2;411,826 S �7,704.454 S� S 1.ON,817 � � - S 12,E24,084� S . 25,OM,44/ S 4,350,497 S 29,472,938 �
� . EQUITY AND OTNER CREDRS; � � � � � � .
� � � Investmentin�generellbced essets� � S - E - � i -. S . . .S - S - f - S 7,Q88,707 S . • S � 9.886,707 9 - S � 7,686,�07
� � . �CnnVibutedcapitai � . . � � � - . - � - . - 37,722.75t - � . . � . 37,272,751 . . 37,7Y4.731 �
� � � Retainedeamings . ' � • . ' . � - 5.787.744� 338.435 - � . ' S.508.179 . - � fi.508.iT9 . �
� . � Funtl balar+ce. � . � � � � � � . � � � .
. � . . Unroserved.Undes�gnated � . � 1.382.t33 � . . (1.761.tt5) - • • . . (388.882) - � (388:982) . .
� � � Reaerved-for sDecial pro�ects� � � - � Zq8 • � - � - � . - .� � � � . � . 346��� �938;527 � 938,773 �
. � � � Reserved tor debt serviee � � - � . .. 5,835,724 � . - • - � � - � � � - 5.83SJ44 � � - . 5,635,124 ��
. . . Resenad for warking capital � . � 28,289 . ' • . ' � � . . . . . � . - 28.289 � • 28,289 .
� � � Reserved forcapitafprojects. . . .' ' � ' 860,194 .. . . � ' '� � 880;194 �. � - � 86D.194 �
� � Designeted tor xrorking capilal � � 1,555,088 � - � 1,555,068� �� 1,655,088
� � . TOTALEQUITYANOOTHERCREOITS S 1,583,357 S 1383,378 S 8,855,124 S� �(900,927) � S �2,390,�95 E338,036 S i 7,888,707 S � E 5@,075,575 S� 938,527� S 59,014,702
. TOTALLIABIUTIES,E�UITY/Wp�OTHER � � � . � . � � � � .
� � . � CREDITS . f .1,820,921 � S ���1,56�,077 t ��34�2 E 1,510,905 S 50.084;9J9 S 338,435 S 7.084,6t7 S� 7.886,707 _S 72,624,084 S E3;tIE,017� S S,�e9,024 S 88,437:041 ��
ClTY OR ROSEMOUNT,MINNHSOTA
COMBINED BAIANCH 8HEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31,1886
FIDUCtARY
OOVHRNMBNTAL FUNO TYPBS PROPRIETARY FUND TYPE FUNC TYPE ACCOUNT OROUP8
8E ERA OENERAL TOTALS
SPECUU. OEBT CAPITAL IN7ERNAL FIXED LON(i-TERM Mamorandum onl
OENERAL REVENUE 9ERVICE PROJECT9 ENTERPRISE SERVICE AOENCY A88ET8 OEBT 1996 884 -'
Q�$ETS AND OTHER DEBTS
A88ET8:
Caah and investmenta S 1,847.061 5 1�598,723 $ 5,018,484 S 825,954 3 4,780,343 a 249,787 S 897,056 S - S - S 16,018,390 314,738,146
Atcounts receivabie 5,OQ0 85,254 • - 394,815 3,292 - - - 488,381 SE4,077
Notes receivable ' 7.390.118 . - • • . - 1,390,N8 1.408.188
3pedal assessmenls receivable 1,218 95,844 1,383,138 97,783 - • • • 1,588,061 1,121,455
Property taxes receivable 248,409 24,819 24,144 - 6,788 - - - - 302,941 Z84,219
Due(rom other funds • - 390,787 • • - 390,787 305,043
pue Irom other govemments 27,908 . . . - - - • 27,908 _
Prepeid expenses • 1,307 • • 37,825 45,307 - • - 84,439 170,890
Rest�ioled asseis:
Cash wHh flscal apent-re(unding '
escrow account - 1,386.897 • 912,919 - • - - 2,309.818 4,589,818
Net flxed aasets - • - 41,457,880 - - 9,283,092 • 50,750,�52 50,271,823
OTHER OEBITB:
Amount availadie in debt service funds • • - - • • 8,49T,772 8,48t,772 8,813,990
� Amount to be provided tordebt reilrement ' t0,391,580 t0.381,880 9,902,721
�
W TOTAL A$SETS AND OTHER DEBITS S 1,8�29,582� 5 3,�173,� S 7,�8�33��3m S 1.2�16.721 aa��ea7,os�s � a e�s�oss S 9�29b 3��� 16 d53 332 b91E2,882 S92,�
�IABIUTIE8.EQU�TY AND Oj�ER CREOli8
LIABILITIE3:
Due to othet funds S S • 3 • a 390,787 S - S - E S - S - S 390,787 S 305,043
Accounts payable 112.370 63,538 - 17,357 30,720 7,154 1.027 • - 232,184 347,282
Compensated absences payable . . . - 15,395 - - - 298,332 283,727 248,201
Accrued expenses 117,538 - • • 14',822 - - - - 132.360 108,816
Acerued interest . . . - 70,029 • . . . 70.029 86.030
Contracts payable • - - 144.671 . . . • 144.871 285.852
Deposits payabie 58,450 2,500 • - • - - . . 58,950 58,075
Deterted revenue 745,409 1,888,SOd 1,371,861 • 96.596 • - - - 3,280,398 2,747,832
Bands paya6le - - - - 8.103.229 . . 18.568,OOD 22,888,228 23,926,000
Deterted wmpensatian benelits payaWe 896,031 886.031 718,240
TOTALLIABIWTIES S 434,783 3 7.732,539 S 1y,3716_91 S 582,794 S 8,330,782 S 7.154 E 897,058 E 518,853,332 528,177.324 528,824,881
EQUITY AND OTHER CREDITS:
lnvestment In gsneret fixed assets S • 5 - S - 5 - 3 • S - S - S 9,293,092 S - E g,293,092 ; 8,9T4,850
Contdbuted capHai . - - 37,292,054 - - - 37,292.054 38.912,040
Reiained eaminqs • 4,084,248 291.2t1 • - 4,355.458 2,557.412
Fund balance:
Reserved 3b,982 77,8Q7 9,461,772 . . . . . 8,575,581 10.821,418
Unreserved - t,383,81$ • (405.78� • - . . . 951,851 787,735
Designeted 1or capltai proJeds _ - 1,089.883 - • - • 1.089.693
Oesignated(or working capila� 1,481,848 1,484.048 1,182,009
TOTAI EQUITY AND OTHBR CREDITS 3 1,4@7,828 5 1.441,424 S 8,497.772 S 663,826 i 47.358�302 S 291.217 a a s,293,082 S 381,005,555 563,245,288
TOTAL LUt81UT1E8, EDUITY AND OTHER
CREDITS S 1.929,591 S 3,173,984 S 7.833;883 $ 1,218,721 547.687,093 S 288,385 S 897,058 3 8.293,092 518653,332 389,182,879 392,089,�70
.. . . .rsm�o��.���� e�.���surmi��ca . � .
�CIT`/OF R08EMOUNT.MIHNESOTA � � � . �
� COMBINED�OALANCE SHEET� ,� � � .
ALL FUND TYPES AND ACCWNT OROUPS � . .
DECE#IBER 91,1894 �
� � . . � PROPRIETARY FIDUCURY . . . . .
GOVERNMENTALFUNDTYPE9 FUND7YVE FUND NPE ACCOUNTCiqOUPB � �
� OENERAI GENEMI � TOTA�B �
9PECIAI . DEB'F � CAPRAL . INTERNAL FIXED LONG-TEiMI (MEMOMNDUM ON�
�GENEML REVENUE BERVICE PHO,lECTB EMERPRISE 9ERVICE FUNO AGENCY A83E18 DEBT 189� 199J
A39ET3 AND OTHER DEBR9 � � � � � � � �
AS9ETS: � . � � . ' � . .
G�h:and ertllldta of d�poalt . � . � i1.45E.123 � i1.267,E75 .i5,2s2,53� it.65�,2e1 �A.900.112 t111,917 t830 �. . - - � f14.019.903 {tE.067.72�
Invw6m� . - � - � - � � . - - - 7f0.240 - - 710.2�0
Aernunb aedvabl� � 919 � - � - - � � 9&9.184� - - �� - - � 964.077 944.OS1
NotN ncdvabb . . � � - f.IOE.IEa . . - � . . - � - � - . - - - 1.�.18a 1,121.961
� � Sp�eld est�umu�b r�e�Habb:. � � � � � � � �
. UNlrpu�rM . . � 59.591 - . � �,'.f.11 - � � gp,gp9 � - � - � - � - � ISS.OIS 168.064
o.�«r.e �n.eza - e�a.se� - - - - - aee.��o oaa.u�
o•unyu.mroax..r.o.tvaw• �w.oze - - - - - - - _ �a.o2e ���.�e2
Du�ham othr Md� � . - � - . - � . 298�26s s.ss2 - . . - - - sw,soo e.s�e � .
� Du�homoM�rqovwnmmb � � 173,1E1 z.+�a � - - � - . - - - . - in,ss� x�a.ria
Pnpald���nsN .. . - � � .1.�19 - - 64.BBt f01.S90 -. - . - .170,690 . 17�.W6 �
RatrielW Ma�b: � . � .. � . � . . ..
Cn'�h wlth tiwl apmt-�rMundirq . � . . � � . . �� � � . .
e�Cowaeeount. - - 9,87a.924 - � 912,e92 � - - -. � I.Sl9.els � �.eea.e�e
� N�tFlz�dess�b � . � ' � � - - - . �1,296.979 - - �,9T4,1S50 . 3b.271,E29 58.260.80e
OTHEH DEBfTS: . . � � . � . .
�.�.AmouH��allebl�in d�bt wvin Iunds - - � - � - - - - . - . . �,919.980 8.9f9.990 t0.M7,5Y1
� ��*Amount to 1»poddW Id d�bt ntlrwmM � - - � - � - � . _. - - - - 9.902,721 9,902.721 � l.115.267
TOTAL . � f1�.91S.6N t2.676�964 t9J82.570 f1.951.329 f47.03t:077 _�215�9Z � f770.E99 f0.97�.850 f1e.S18:711 �f92.069.970 t97.044.600
. . LIABI JLTI�S.EOUI7V AND OTHEA CREDRS � . . . . . . . .. . . ...
�lU1&UTIE3: . . . . � � . . � . . . . .
ou.eoon,..t�„a. - - _ :sssa„ sa.saz - - - - ssos.as t���.e2e
� Accou�Ar WY�bb - � �. t192A79 � fE9.699 � � - . 62.089 e.es� � � - � � seas . - � � . - . �s��.2s2 � teee.e��
CompNwtW aNnaw pfyebl� . � � - � .. � - � � . . - - . � 5�,817 - . � � - . �- . . t29i.711 .� 286.520 . 21A,2A3 �
Aarwd w�pa and d�ductlon� � E5.656 � - - . - . � . 2.lJ9 - � - . .. _ � . . _ . �.BE.188 � 109.9Ee
.� AeuuW I�rM � . � - � . - - .� � - . � 96.0�0 - - . . - _ . � �e8.090 � E6.1�9
CorMaeb.psyebl� . . - � - . . ..- � � � 283.&S2 � - . . . - . � - . .- . . . � . �283.852 � 7D4.E90 � .
D�posib peyebi� � . � . �. 53�073 - - - � - � - - - � . - � .. � � 65.075 � � f 1.�00
O�iMrMtw�n�� . . 923.825. � �1,4N.969 � fE4e.507 - . � e6.751 - � - . . �- � _.. � . 2.747.9y2 2.77�,e3S
Badapeyebl� � . � _ � � _ . � - . . -� . 5�340�000 - ' - 18.585.000 29.923.000 18.900.000�:
�O�frrW comp�rvtlon bw+�flb peyebi� - - � - � - � - - __ 71E�2�0 � _ . . � 71E�2�0 � . .. 18.�00.000
TOTAL UABILRIE3� � � � � t857.095 � f1.57i,108 , f8l9.'3S7 . � t81.9,462 � i5.S8l,395 - f710,E9� � - �1a,016,711 =2S,S24.801 �19,�JE9,EBS �
� FUND C-0UT'ANO OTHER CREDRB: � � � . . � . � � . . . � � . . .
Invrtm�M in q�nrel flx�d eeub � . - � . - . � �_ � � _ - . . � . - - . � t0�971�630 � . � - .�,Y7�.850 �E.507.081. �
� ContributM oepiEsl.. �. . . - . � .- . _ ... _ .. t98�912.040 - - . - . � - � 90�912.OA6 47.649.e2E .
Reteln�d��unirqt . � � . � - � � - -. - 2.557,M2 - - � - � - 2.337.M2 � . .� 2.102.757 � .
Fund bWne�: . � . . . � � . � . . . . . � .
. R�awvW � . fEa.801 . f91E,e11 . tE,91J.990 tt.900.078 . - � �215.997 . - - .- � � f0.e21.�1e � 12J40,051. � .
u�..w.d - �e�aas - - - - - - - �e�.�sa �.oee.+o�
Dpigrrbd fa workinp npiEd 1.192.00S - - - - - ------ - -- 1J92.00e . � 992_E69
� TOTAL FUNO EOUITY ANO OtHER CREDR3 =1.260.607 it.l01.S4E �. =l.9iJ,990 tl�_300.070_ H1 169.b2 _ f215.997 __ - _t8.874,650 � - =69,2AS,2e9 tT2.760.lOt
TOTAL UA81Lff1E8,EQUfTY AND . � . : . �
OTHERCRm1T8 t1.9i8.M2 sz.ers.9S5 �Q.�ez.sn i1.9Si.S2! :_�7ose.on f213.997 _��te.E99 _ 58.97�.a6p _f1D.et6.711 t92.O89.970 f116"944.6eY
CITY OF ROSEMOUNT MINNESOTA
COMBINED STATEMENT OF REVENUE,EXPEND�i'URES AND CHANOES IN FUNO BALANCES
ALL(30VERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31 1996
� TOTAL TOTAL
PRIMARY COMPONENT REPORTING
� � ��'r GOVERNMENTAL FUND TYPES OOVERNMENT UNR EN71TY
�����wNP� SPECUIL DEBT CAPITAL (MEMORANDUM) (PORT (MEMORANDUM
(iENERAL REVENUE SERVICE PROJECTS fONLI� AUTHORITY► ONLY)
REVENUE:
General property taxes 3 2,476,676 3 470,100 S 456,842 3 - S 3,403,618 S 284,812 S 3,686,230
Municipal state aid(MSA) - 309,089 601,805 152,371 1,063,265 - 1,063,265
Tax increments - - - - - 325,800 325,800
Ucenses and pertnits 239,129 - - 239,129 - 239,129
Special assessments 14,112 85,236 1,274,275 - 1,373,623 - 1,373,623
intergovemmentai 1,119,492 64,471 - - 1,183,963 - 1,183,963
Charges for services 314,049 70,686 - - 384,735 384,735
Fines and forteitures t U,929 - - t 11,929 - 111,929
Interest eamings 33,444 54,692 337,166 27,795 453,037 128,999 582,036
Misceilaneous 277,467 628,284 82,963 988,715 139,311 1,128,026
TOTALREVENUE $ 4,586,299 3 1,682,558 $ 2,670,028 $ 263,t29 S 9,202,014 S 878,722 i 10,080,736
EXPENDRURES:
CurrerK:
General govemment � 1,048,488 3 178,129 $ - S S 1,226,617 S 240,869 S 1.437,486
C Public safety 1,292,513 - - - 1,292,513 - 1,292,513
U� Pubiicworks 1,4�6,945 - 3,936,386 5,343,332 ' - 5,343,332
Park and recreation 638,372 - - 638,372 - 638,372
Capital outlay - 763,618 . - 763,618 230 763,848
Other - 26.464 26,484 - 26�484
Debt service:
Redemption of bonds - 2,965,000 - 2,965,000 - 2,865,000
Interest on bonds - - 626,494 626,494 168,313 794,807
Fiscal agent fees 24,344 21,344 3,822 25.166
TOTAL EXPENDITURES $ 4,386,3t9 $ 941,747 $ 3,612,838 S 3,962,850 S 12,903,7$4 S 383,234 S 13,286,988
EXCESS(DEFIGIENCI�OF REVENUE OVER
EXPENDITURES $ 199,980 $ 740.811 $ i942,810) $ (3,699,721) a (3,701,740} s 495,488 S (3,206,252)
OTHER FINANGING SOURCES(USES):
Proceeds from the sale ofbonds 3 S $ - $ 1,759,494 S 1,759,494 $ - S 1,759,494
Operadng transfers in 3,500 - 252,100 610,025 865,628 123,000 888,625
Operating transfers out {117,950) (564,2f9) - (682,169) (315,000) (997,169)
TOTAL OTHER SOURCE3(USES) $ (114,450} $ {564,219) $ 252,100 $ 2,369,520 S 1,942,850 S (192,000) S 1,750,950
EXCESS(DEFIGIENCI�OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURESAND QTHER FINANCWO USES 3 85,530 3 176,59t $ (690,710) 3 (1,330,201) $ (1,758,790) S 303,488 S (1,455,302)
BEGINNING FUND BALANCE 1,497,629 1,185,787 6,247,370 563,926 9,594,912 635,040 40,229,952
Residual equity transfer in(out} 78,465 {234,645) (156,181) (156,181)
ENDIN(i FUND BALANCE S 1,583,359 $ t,362,378 S 5,635,125 $ (900,921) $ 7,679,942 $ 938,528 S 8,818,47Q
.��� _ �
CITY OF ROSEMOUNT.MINNESOTA
COMBINED STATEMENT OF REVENUE,EXPENDITURE3,AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECBMBER 31,1995
GOVERNMENTAL FUND TYPES TOTALS
SPECIAL DEBT CAPITAL �emora�dum oniy�
GENERAL REVENUE SERVICE PROJECTS 1985 1994
REVENUE:
Generaipropertytaxes $ 2,305,352 $ 127,000 $ 727,337 $ - $ 3,159,689 $ 2,617,773
Municipal state aid(MSA) - - - - - 58,474
Tax increments - 348,201 - - 348,201 389,774
Licenses and pertniis 262,946 - - - 262,946 302,859
Special assessments 48,046 61,378 516,302 - 625,725 1,036,793
intergovemmentat 1,097,460 - - - 1,097,460 1,079,660
Charges for services 401,211 - - 401,211 372,318
Fines and forfeitures 139,680 - - - 139,880 100,074
Irtterest eamings 48,004 158,750 318,272 1,459 524,485 466,807
Miscellaneous 230,610 731,874 105,520 54,597 1,122,601 380,982
TOTAL REVENUE $ 4,533,310 $ 1,427,201 $ 1,665,431 $ 58,058 $ 7,681,998 $ 8,805,814
EXPENDITURES:
Current:
General govemment $ 1,085,406 $ 175,555 $ $ - 3 1,260,961 $ 1,083,321
G Public safetY 1,211.348 - - - 1,211.348 1,087,181
� Publicworks 1,255,856 - - 2.495,796 3,751.652 4.361,884
Park aod recreation 628,779 - - - 628,779 563,157
Capital outlay - 853,285 - 653,265 230,545
Other - - 16,883 69,713 86,595 1,661,794
Debt service:
Redemption of bonds _ _ 3,9U0,000 - 3,900,000 2,970,000
Interest on bonds - - 922,907 - 922,907 960,078
Fiscal agent fees - - 7,081 7,081 5,727
TOTAL EXPENDITURES $ 4,181,389 $ 828,820 $ 4,848,870 $ 2,585,509 �12,422,587 3 t2,S23,685
EXCESS(DEFiGIENCY)OF REVENU�OVER
�XPENDITURES $ 351,921 $ 598,381 $(3.181,439) $ (2,509,453) $ (4,740,589) $ (6,118,07t)
OTHER FINANGING SQURCES�USES�:
Proceeds from the sale of bonds $ - $ - $ 5,068 $ 1,887,137 $ 1,892,205 $ 3,979,229
Transfers from other funds 3,500 359,196 311,100 485,164 1,158,960 2,426,195
Transfersto otherfu _
nds
, 208 399 517 29 72 68
. 2
) �
( ( � ( , ) (798,358L (1,929,458)
, TOTAL OTHER SOURCES(USES) $ (204,899) $ (158,101) � 316,168 $ 2,299,639 $ 2,252,808 $ 4,475,966
EXCESS(DEFICIENCY)OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANiCiNO USES $ 147,022 $ 440,281 $ (2,865,271) $ (209,814) $ (2,487,782) $ (1,642,105)
BEGINNING FUND BALANCE 4,258,806 1,104,545 8,913,992 1,308,077 12,585,219 14,227,325
Residual equity transfer in(out) 92,201 {103,403) 413,052 (434,338) (32,488)
ENDINGFUNDBALANCE $ 1,497,828 $ 1,441,423 a 6,461,774 $ 663,925 $10,064,950 512,585,220
\
CITY OF ROSEMOUNT.MINNE30TA
COMBINED 3TATEMEHT OF FiEVENUE,DCPEN017URE3 AND CHANOES IN FUNU BALANCE3
ALL GQVERNMENTAI FUND TYPE8
YEAR ENDED DECEMBER 31,1994
GOVERNIIAENTAL FUND TYPE8 TOTALS
' SPECIAL OEBT CAPRAL (RAEMORANDUM ONL�
GENERAL NEVENUE 3ERVICE PROJECT3 1894 1995
REVENUE:
Ca�n�►al propaty tsx�s i1.87s,109 t279,T17 =459.947 - i2.a17.775 l2,297.902
Mudcipei stab aid(MSA) - 58.�74 - - 58.47� . 1.088.959
Tau Ind�msrAs - 989.774 - - 989.77� 99a.451
Ue�nsa and p�rmks 302.e59 - - - 302.859 282.118
3p�elelaas�asm�nfs Be.790 - &M.002 - 1�036.791 1,taT.652
Int�rgovwnm�e�6a1 1.079.d80 - - - 1,079.880 1.029,970
Chaipes for sMviep 572.915 - - 972.918 4/2.879
Finss and}wf�itur�s 100.074 _ - - 100.074 80,960
Intweat�etninps 50.14a 114.522 280.0/8 112.222 488.907 590.525
Mtec�llan�ow 189.95A 195.955 - 15.088 980.982 298.785
TOTAL REVENUES f4.021:913 i1.08B.445 f1,887,965 527.288 =8.808.814 t7.S18.879
DCPENDfTUNE3:
Cwnrtt;
C»nKsl gov�rmm�nt i1.089.921 - - - tt.OeS«921 t1.109.057
� 1.087.181 - - - 1.087.181 9ES.080 _
� Publtc sa(ety
J Public wwka 1.052.775 - - i9.909.109 4.981,l84 B�SBB.f9a
Perks and tscreetlon S89.t57 - - - 589.167 580.711
CepitelOutley - t2S0,545 - •. - 290.545 714.7Sb
p�� - 180.798 =89.784 1.417,292 1.881.784 1.078.972
Debt aervicr.
R�demption of bonds _ - 2.970,OQ0 - 2.970,000 1.455,000
Int�rest on bonds - - 980.078 - 980,078 972.527
Flscai eg�nt fwa - - 5.727 - S.T27 5.124
TOTAL D(PEN�ITURES l3.788.455 t411.284 t3.999.587 t4.728.401 t12.929.885 i13.297.824
IXCES3(DEFICIENCI�OF REVENUE
OVER DCPENDRURES S2S5,480 :657.181 (;2.911.802) (i4.899.111) (ta.118,072) (i5.71s.831)
OTHER PINANCINO 30UqCE3(USES)
Procsods fiom sei�of botd� - - i207.205 :5.772.024 i9.9T9.229 :3.988.209
Ttenafas hom otMr funds t287.495 iS.577 169,678 1.888.445 2.42A.195 9,591.109
Trensf«s to on,e.r�,�ds t4++.eee� (s�u��04) (95.eas} ��.sw� _ (�.s2s.+sa> ts.4�e.a2)
TOTAL OTHER FINANCINO SOURCE8(USES) (it57.i79) (=940.82� t578.001 t4,995.965 i4.475.968 =9.�89.270
E7(CE33{OEFIGIENCI�OF REVENUE ANd
OTHER FINANCING SOURCE3 OVEH
D(PENDITU8E3 AND OTHER FINANCING USES 578,307 (=289.666) (i1,739.801) i296.854 (=1.642.108I I:2.295.58ij
BEGINNING FUNO BALMICES 1,180,299 1,388.211 10.847.592 1,011.229 14,227,925 18,482,807
ENDIN(3 FUNO BALANGES 11.254.608 i1.104.545 td.919.991_ i1.908.077 it2.585.219 l/4.227. ?�
CITY OF R03EMOUNT.MINNESOTA
COMBINED 9TATEMENT OF REVENUE,EXPENDITURES AND CHANOE3 IN FUND BAIANCE3
BUDGET(AS AMENDED)AND ACTUAL�BUDGETARY BASIS)
GENEFtAL AND ANNUAILY ADOPTED SPECIAL REVEN E FUNDS
YEAR ENDED DECEMBER J1,1996 � �
� A �`I ANNUALLY ADOPTED TOTAL
' pU� 6ENERAL FUND SPECIA�REVENUE FUNOS (Memorendum Only)
�.5� FAYORABLE FAVORABLE FAYORABLE
FpR�� ' (UNFAVORA6LE) WNFAVORABLE) (UNFAVORABLE�
BUDOET ACTUAL VARIANCE BUDOET ACTUAL VARIANCE BUDOET ACTUAL VARUWCE
REVENUE;
Generat Properly Taxes S 2,505,042 S 2,478,878 a (28,368) S 470,100 S 470,100 3 - S 2,975,742 S 2,948,776 S (2e,389)
Municipal state aid(MSA) - - S - - 308.089 309,089
Taz increments - - • - 32,588 32,588 0 32,588 32,5E6
Speciat essessments - 85,238 85,238
Licenses and permAs 287,900 239,129 (28,771) - - - 287.900 239,129 (28,777)
Intergovemmental 1,118,583 1,119,492 909 - • 1,118,SE3 1,179,492 90Y
Chargesforservices 3Z9.400 314,049 (15,351) - • - 328.400 314,049 (15,361)
Fines and toAeitures 100,000 111,929 11,929 - - 100.000 111,929 11,029
Interesteamings 25,000 33,444 8,444 ti,000 33,898 22,898 36,000 87,141 37,141
Principal on noles • - • - - 0 0 -
Donations and other 92,498 92,498 - 58,000 383 (57,61� 150,498 92,881 (87,81�
Miscellaneous 182,570 199,081 18,57/ 48,000 578,325 530,325 230,510 777,408 549,a9E
C TOTAL REVENUE3 f 4,620,933 S 4,586,299 S (34,834) = 581,100 S 1,509,418 S 922,318 S 5.208,033 i 5,701,391 S 493.3SE
pp EXPENDITURE3: `
Generei govemmeM E 1,115,350 S 1,041,383 $ 13,987 S 586,700 S 813,252 j (247,752) S 1,881,450 S 1,854,835 S (173,7tb)
Pub�ic safeiy 1,310,977 1,292,439 18.538 - - 1,310,977 1,292,439 18,S9E
Public works � 1,3T8,300 1,408,433 {28,133) - - - 7,378,3W 1,406,433 (28,133)
Park and reaealion 701,856 838,372 83,484 701,858 838,372 63,4d1
TOTAL EXPENDITURES 3 4,508,483 3 4,378,626 S 127,857 S 588,100 S 813,252 S (247,152) 5 5,072,583 $ 5,191,878 f (179,295)
EXCE53(DEFICIENCY)OF REVENUE OVER
EXPENDITURES E 114,450 S 207,873 3 93,223 S 21,000 S 898,788 S 675,188 135,450 903.839 374,084
OTHER FINANCING SOURCES(USE3�:
Transters trom other funds S 3,500 E 3,500 a - a - a S - b 3,500 $ 3,500 E -
7ranstersio otherfunds (117,950) (117,950) (490,t08) (480,108) (117.950) (808.058) f490,10E)
TOTAI OTHER 30URCE3�USES) S (114,450) 3 (114,450) S S S (490,108) S (490,10� (114,450) (804,558Z (490,108)
EXCE53�DEFIC�ENGY)OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCINO USES S S 93,223 3 93,223 S 21,000 E 206,080 i 185,080 S 21.000 S 299,283 ; {118,042)
� �: �
Reconcillation to GAAP basis
eiimiaation o/encumbrances,net (7,893) • (7,893)
. BEGINNINO FUND BALANCE 1,497,829 728,421 2,224,250
ENDING FUND BAUINCE S 1,583,359 S 832,481 S 2,515,840
y
, CITY OF ROSEMOUNT.MINNESOTA
COMBINED STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BAIANCE3
BUDGET(GAAP BASIS)AND ACTUAL
GENERAL AND ANNUALLY ADOPTED SPECIAL REVENUE PIJNOS
, YEAR ENDED DECEMBER 31,1995
ANNUALLY ADOPTED
GENERAL FUND SPECIAL REVENUE FUNDS TOTALS(Memorandum Onty)
FAVqRABLE FAVORABLE FAVORABLE
(UNFAVORABLE) (UNFAVORABLE) UNFAVORABLE)
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE BUOOET ACTUAL VARIANCE
REVENUE:
Generai Property Taxes E 2,238,062 S 2,305.352 $ 87,290 3 127,000 3 127.000 S - 3 2.365,062 $ 2;432,352 3 87,290
Tax increments - - - 348,201 348,201 0 348,201 348,201
Licenses and permits 268,400 263,948 (5,454) - 288,400 282,946 (5,454)
Intergovernmental 1,068,882 1;097,460 28,578 285.000 (285,000) 1,353,882 1,Q97,460 (256,422)
Chargesforservices 370,275 401,2U 30,936 37D,275 dQ1,211 30,936
Fines and forfeitures 80,000 139,680 59,880 - - 80,000 138,880 59,680
interest eamings 24,000 48,004 24,004 11,000 132,835 121,835 35,000 180,839 ' 145,839
Principaf on notes - - - 107.581 18,064 (89,51� 107,581 18,064 (89.51�
Donations and other 45.529 A5,529 18,089 802,186 584,097 83,598 847,895 584,097
Miscellaneous 24i.730 233,127 (8,603} 4,057 4,057 241,730 237.184 (4,548)
TOTAI REVENUES b 4,338,878 S 4,533,310 $ 198,432 S b48,850 $ 1,232,322 S 683,872 S 4,885,528 a 5,785,832 S 880,104
C EXPENDITURHS:
tfl Generai govemment $ f,092,399 S 1,074,859 $ 17,540 $ 134,250 3 736,334 $ (602,084) S 1.226,649 S 1,811,194 $ (584,545J
Public safety 1,161,017 1,211,425 (50,408J - - 1,161,017 1,211,425 (50,408)
Publicworks 1,327,300 1,236,215 81,085 • - - 1.327,3Q0 1,236,215 91,085
Parfc and recreation 664,Q62 628,270 35,793 884,082 628,270 35,793
TOTAL FJ(PENDITURES 3 4,244,778 $ 4,150,769 $ 94,009 $ 134,250 $ 736,334 $ (602,084} S 4,379,028 $ 4,887,104 3 (508,078)
EXCESS(DEFICIENCY)OF REVENUE OVER
EXPENDiTURES E 92.100 $ 382,541 $ 290,441 S 414,4D0 3 495,988 3 81,588 506,500 878,528 372,028
OTHER FINANCING SOURCES(USESi: '
Transfers from other funds � 3,400 $ 3,500 $ 100 S 3 - 3 $ 3,400 $ 3,500 $ 100
Transfers to other funds (95,500) (208,399) (112,899) - (Sf7,29� (517,28� (95,500) (725,896) (63U,196)
TOTAL OTHER SOURCES(USES) $ (92,100) S (204,899) $ (112,799) $ S (517,29'� $ (517,29� (92,t00) (722,196) (630,096)
EXCESS(DEFICIENCI�OF REVENUE AND OTHER
FlNANCING SOURCES OVEREXPENDITURES AND
O'fHER FINANCING USES $ - 3 177,842 $ 177,642 S 414,400 S (21,310) S (435,710) $ 414,400 S 156.332 3 (258,088)
Reconciliation 10 GAAP basis
elimination of encumbrances,net (30,618) (11,975) (42,593)
BEGINNING PUND BALANCE 1,258,606 606,301 1,884.907 '
Residual equiry transfers in(out) 92,201 (6,703) 8S,d98
ENDING FUND BALANCE $ 1,497,830 5 566,314 3 2,0�64,14_4�
CITY OF ROSEMOUNT.MINNE90TA
GOMBINED STATEIiENT OF REVENUE,E7(PBNDtTUREB AND CHANGES IN PUND BALANCES
BUDtiET(GMP BASIS)AHD ACTUAL-CiENEML ANb SPECIAL REVENUE FUNDB
YEAR ENDEQ DECEMBEii 31,10Y4
ANNUALLY ADOPTED
6ENERAL FUNO SPECIA�REVENUE FUNDS '
FAVOqABLE FAVORABLE
(UNFAVORABLE) (UNFAVOMBLE)
BUOGET ACTUAL VARIANCE BUDfiET ACTUAL VARIANCE
REVENUE
T�x�t =1.06Y,J�2 •1,e7a,100 (=11.25�) 1270,717 =270,717 -
Tax incnm�nb - - - 27l,000 �s0,774 =111,774
Uanws and p�tmHs 26S,s30 902,eS0 �7,QOY - - -
IM�ryowmm�ntN 1,057,'SY6 1,070,Qe0 22.0a2 2E4,2A0 - 12�.2a9�
� � Ch�rp�s(or s�rvlc�� � 957,000 372,31a 14,11a - � - � - �
Fin�s and toM�itun• E3,000 100,074 33,074 - - -
tnt�nst�aminp• - - - t23.62� 130,200 4,577
Principd on notes - - - te.�n �e.772 (5)
Donetlons and othsr - - - - 12.13a 12.tSe
MfseNl�nwus 201,101 2el.It01 6�,703 - - -
TOTAL REVENUf =3,e3a,001 f4,021,914 f185,0/9 =Y6{,98E ss2a.S10 (=13S,7E�
EXPENDITUREB:
G G�n�rd gov�mm�nt =i.1S0,022 =1,000.407 fQa.etS - - -
� Publlawf�ty 1,101,Ots 1,06e.S'S3 16.9a3 - - -
�
p Publie works t,OS3,S2A 1,045,0�9 10,43� - - -
P�rlc end r�enaMon e33,as� sso,9'34 02,907 - - -
Sdarl�s aod wag�s - - - t70,722 i7e.B71 i2,e31
. Enpio�eriny - - - - 11,213 (11,213)
��g���� - - - 22,000 45,430 (23,430)
Othsa prof�saiond servtc�• - - - 2S,a25 21,637 �,7as
Insu►anc� - - - 2.000 9.e27 (7.C27)
Oth�r _ - _ l.900 Y.776 (b76)
Cepitsl outlay - - - 'Sa3,ase 24S.OSY 918,927
TOTAI EXPENOITURES =3,Y60,y23 3�,773,007 •177,Ste =702,233 i4/Y,633 =2e2,100
EXCESS(DEFICIENC�OF REVENUE
OVER EXPENDITURES (=119,424) =2�8,007 f3e2,331 =2e2,iS3 =103.7Ed f11A,a33
OTHER FINANC�NG SOURCES�U8E8)
Transtsn hom oth�r tunds i23a,e12 =287,49$ f50,s83 =100,000 (=100,000)
Ttansfrn to oMer tund• (123,168) (444,E60) (921,4at) (467,3�a) (=Q7Z,4;S9) (20�,03�
TOTAL OTHER FINANCING SOURCES(U8E3) =113,424 (=157.174) (f270,S�E) (=307,39e) (=s12,4'33� (t30S,05�
EXCE33(DEFICIn OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING 30URCES(USES) f0 tY1,733 f91.733 (t105.2A3) (f26�.e6� (f15e.4241
R�eoncidMioe to GMP buls
Nlminatlon of�ncumbr�nc��,n�t (13,42E) 21,9l3
BEatNNIN(i BALANCE 1,1ao,29Y 617,as4
. � . ENDING BALANCE �. � � . � �f1.23E.E0e . � . � . �60a.300 . �
CITY OF ROSEMOUNT.MINNESOTA
COMBINING STATEMENT OF REVENUE,EXPENSES AND CHANGES IN RETAINED EARNINGS
ENTERPRiSE FUNDS
YEAR ENDED DECEMBER 31,1996
C STORM
� A��,'1 WATER WATER TOTAI
(#601,605) SEYIIER (#603,60T,611) ARENA
10� (610,612,�615) (#602 3 606) (613,614�620) (iR650) 1986 1995
OPERATING REVENUE��O���
Service Charges S $ 723,083 � 345,274 a - S 1,068,357 3 1,378,165
Water meter maintenance 6,750 - - - 8,750 9,310
Water meters 478,743 - - - 478,743 21,506
Misceilaneous 2,500 - 15,000 258,513 276,b13 273,165
TOTAL OPERATING REVENUE a 487,993 3 723,083 3 360,274 3 258,5t3 3 1,829,863 3 1,882146
OPERATINC3 EXPENSES:
Personal services $ 175,902 $ 93,051 S 54,593 $ 48,147 $ 371,894 3 336,991
Suppties 108,078 9,456 d,215 49,016 188,764 139,715
Professionaf services&other chacges 166,379 39,545 34,366 67,878 308,168 301,097
Other services and charges 8,OOU 2,049 17,790 10,025 37,868 49,927
Metro sewer eharyes - 366,672 388,872 387,224
TOTAL OPERATING EXPEN3E3 $ 486,358 $ 510,773 a 110,965 $ 175,069 � 1,253,186 �i 1.19A,953
� OPERATINC3 INCOME BEFORE DEPREClAT10N 3 31,835 � 212,310 $ 249,309 a 83,444 S 578,697 $ 487,192
_', DEPRECIATION (248,120} (583,872) (137,590) (109,470) f1.059,052L 927,6d3
� OPERATING INGQME(L033� S (218,485) 3 L51.562) 3 111,719 S (26,026) S {482,355) $ (440,451)
NON-0PERATING REVENUE(EXPENSE8):
Special assessments 3 19,088 3 24,796 $ 30,255 S - 3 ]4,139 S 63,444
Connedion fees 204,145 218,035 326,141 - 748,321 684,684
Interest eamings 144,312 102,275 63,766 390 310,743 296,692
Surcharges and penatties 95,890 13,503 4,519 - 1/3,912 97,560
Ather expenses (155,092) (21,76� (5,945) - (182,804) (56,483)
interest expense antl fiscal agent fees (126,625) (113,559) (t48,446) (388,630) (361,114)
TOTAL $ 181,718 $ 336,843 $ 305,177 a �148,056) a 675,682 S 724,783
INCOME BEFORE OPERATING TRANSFERS S (34,76n � (14,�20) $ 418,896 S (174,082) S 193,327 S 284,332
OPERATIN(3 TRANSFERS:
Operaiing transfers in $ 37,000 S - a 158,000 � 105,900 $ 298,900 3 321,162
' Operating transfers out (70,756) {2g,300} {186,800) (3,500) (290,3� (681,784)
TOTAL OPERATING TRANSFERS a (33,758) $ (28,300) $ (30,800) $ 102,400 3 8,544 3 (380,802L
NET INCOME(LOSS) 3 (88,523) $ (44,020) 3 386,096 � (71,882) S 201,$71 3 (76,270)
ADD DEPREGIAT{ON ON CONTRIBUTED ASSETS 194,808 527,666 121,502 57,651 901,827 888,350'
INCREASE(DECREASE)IN RETAINED EARNINGS S 126,285 S 483,646 $ 507,598 3 (14,031) 3 1,103,498 3 812,080
BEGINNING RETAINED EARNINGS 2,273,059 2,203,818 (311,446) (101,1843 4,064.2d7 2,557.441
Prior Period Adjustment _ _ - 694.72B
ENDING RETAINEO EARNINGS $ 2,399,344 $ 2,667,464 $ 196,152 $ (115,215) a 5,187,745 S 4,084,247
CITY OF R03EMOUNT.MINNESOTA
COMBINED STA7EMENT OF REVENUE,EXPENSES ANb CHANOES IN RETAINED EARNINGS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31,1995
STORM
WATER WATER
(#601,604,605) SEWER (#603,60T,611) ARENA
(610 8�612) (#602�606) (613�620) (�{6S0)
OPERATING REVENUE:
T
OTALS
Service Charges S 4t9,848 $ 668,739 $ 289,578 $ -
Water meter maintenance 9,310 - - -
Watermeters 21,5os - - - 1995 1994
Miscellaneous 230 50 3,012 269,874
TOTAL OPERATING REVENUE $ 450,893 $ 668,789 $ 292,590 $ 269,874
OPERATING EXPENSES:
Personat services $ 161,094 $ 75,18t $ 43,090 $ 57.625
Supplies 90,883 13,796 6,184 28.872 $ 230,000 $ 145,000
Professional services&other changes 117,510 32,546 78,113 72,927 9�3��
� Other services and charges 14,326 7,323 23,736 4,541 "
Metro sewer charges - 367,224 - - 30,720 8,831
TOTAL OPERATING EXPENSE3 $ 383,813 $ 496,071 $ 151,103 $ 163,966 70,�29 86,032
OPERATING INCOME BEFORE DEPRECIATION $ 67,080 $ 172,718 S 141,486 $ 105,908 14,822 23,160
. DEPRECIATION 204,055 538,821 75,498 109,470 �5,395 14,490
< OPERATING INCOME(LOSS) $ (136,974) $ (385,903) $ 85,989 $ (3,5s2) $ 360,967 $ 286,845
�
N NON-OPERATING REVENUE(EXPENSESj:
Property Taxes $ - $ - $ - $ -
Speciat assessmen#s 25,355 26,151 11,938 -
Connection fees 217,125 219,395 Z48,1S4 - $ 5,873,229 $ 5,995,000
Interest earnings 133,774 90,969' 71,623 326
Surcharges and penalties 87,170 8,242 2,147 - 96,596 86,75�
other expenses (3s,543} (3,97� (13,962} - $ y,969,$25 $ 5,281,751
interesi expense and fiscai agent fees (120,295) - {91,886) (148,953)
TOTAL $ 304,588 $ 340,780 $ 228,044 $ (148,627)
INCOME BEFORE OPERATING tRANSFERS $ 187,611 $ (25,123) � 294,033 $ (152,189) $ 6,330,792 $ 5,568,596
OPERATING TRANSFER3:
Operating transfers in S 36,552 $ 36,110 $ 153,000 $ 95,500
Operating transfers out (255,OOD) (43,464) (379,800) (3,500) $ 37,292,Q54 $ 38,912,040
TOTAI.OPERATING TRANSFERS $ (218,448} $ (7,354) $ (226,800) $ 92,000
NET WCOME(LOSS) $ (5d,837) $ (32,477) $ 67,233 $ (60,189)
ADD DEPRECIATION aN CONTRtBUTED ASSETS 190,221 523,903 118,945 55,281 $ 2,072,464 $ 1,767,536
INCREASE(DECREASE)IN RETAiNED EARNINOS $ 139,384 $ 491,426 $ 186,178 $ (4,908) �.991,784 789,906
$ 4,064,248 $ 2,557,442
BEGINNWG RETAINED EARNINGS 992,251 1,198,074 463,392 (96,276) ,
Priorperiodadjustment 1,141,424 514,318 (993,504) _ $ 41,356,302 $ 41,469,482
Residual eyuity transfers in(out) - - 32,488 -
ENDING RETAINED EARNWGS $ 2,273,059 $ 2,203,818 $ (311,446) $ (101,184) � 47,687,093 $ 47,038,078
CRY OF HOSEMOUNT.MINNESOU
COMBININ(i STATEMEHT OF.REVENUEB,EXPENSES AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUND9
YEM ENDED DECEMBER 31 19Y4
8TdiM
WATEA WATEA COMMUNRY TOTALS
�seo�,ew,eo�► s�R (#ew.eo�,e»� cerrr� �ooa
ro�o a e�zi �seox a eoe) ro�a a sso� csesol �aw �.srat.d►
OPEAATING REVENUES:
Raid�nUtl nvanua =314.360 f456.09! f27a.204 - t1,046,�At �O,S2S
Apartrn�nt rw�nuq . 93.1s2 S3.l22 .- - � � �. 80.004 � � Y5.223
InttlWtlorrl nv�nua 2�,241 93.S1S - - '56.7'SA e2.070
Comm�►oW nwnua 2e.101 32.ett - - Sa,712 60.'3�2
Industrial nwnua t,400 a,dN - - 11.�21 11.77J
� W�t�►m�t�r rrrinbnanc� � � 10.6lf0 - . . - � .- . � . 10.0.50 �a.900 . ..
Wahr m�n 27.191 - - - 27.131 20.S1Y •
Cont»etlon iNs 280,�40 279,157 392,16e - 6S'6,A63 573,930 -
� � Mi�cdlan�ow � � . � � � 406 � - � - � � i2d3,Gta � 2E6.32e . 3.:fe7 � .
TOTAL OPERATING REVENUES =E92.OY3 =83a.043 td08,360 f26b,918 f?.422,4/3 51.607,7AD
OPERATIN6 FJO'ENSE3:
Prnonpl s�rvi��s =1�7,205 tE5.b/T =10.0.R6 S2ab.:f72 i�Y,3.% t2G9,32q
3uppliN 74,505 10,497 t1,229 17,6Is 113.OE0 03,e22
� Prof„aional urvlcs�BbMwr olwry�s YO,a3a 30,20a 9e,2S0� � 1�54,044 :371,721 � 1I3.132 �� . . �
Otlwr s�rvicq end chsry�s 8.009 3.OS2 t0,s04 12,dM 34.311 1E,307
I�A�tro��w�r charpq - 952.30a - - 352.308 301,572
� TOTAL OPERATING E7fPEN3ES f320,79d t4et,662 =el,Yt7 f479,91Q =1,331,447 =79S.n3Y
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w OPEAATING iNCOME BEFORE DEPRECIATION =371,355 t3Y4,1E2 =S3Y,443 (=213,091) =1,0o0,96a =901,Q10
O�pr�ciatlon exp�ns� (2a7.210) (890,323) {1S4.e29) pe,300) (1,2/6,6E3) 1,142.302
-0PERATINfi INCOME AFTER DEPRECIATION f74,145 (i20e,3E2► 5384,014 (=290,2Y1) (=12T,694 (f240,492)
NON-OPEqATING REVENUE(EXPENSE3�:
Prop�rty Tax�s - - - tW,921 594,921 u'4.000
Sp�clsl assnsmenb i17.793 =2E,078 f/A,702 - e1,SA2 47,42e
inbr�tt�aminps �s,�i� 3S,8e2 37,Y00 - 172.0�9 it2.7P3
Surcharpss and pensltl�s 74.651 /2.472 IS3 - 60,E06 80,�Y
o�ner•xP.n... ne.s24f l�e,a22� Iz.zso� 12�.�ss► ��2e.ea�� (t2s,s���
lobtest�xp�ra��nd thcal�y�nt}Ns (125.eas� - (ea,�e�� (»>,ase� �sao,�2o) (�ea.sat�
TOTAL NON-OPEfiATING
NEYENUES(O(PENSES) (=11.210) =56.410 (=30,A87) (i103,600) (f8Y,173) (=14,312)
NET INCOME BEFORE QPFAATING TRANSFEA8
ANt)DEPRECIATION ON COPtT'RJBUTED ASSET$ f62,92s (=297,952) f3'54,127 (f393,971) (=21a,8e� (=284,604)
OPEAATINO TAAN3FEA3:
Op�retlnp trsro/srsin , f329,QA2 =82,�1� =106.000 t244,18a =731.�ea tt�e,300
oP...u�o a.osron out �s4�,oaa) (�eo,695) (714.s�a► ��e,e12► (�.+3e.voa) �29�,3e�)
TOTAL OPERATING TAAN3FER3: (t2/7,421) (=107,ore) tseoe.319) =227,6�e (f704,140) (=11S,Oe1)
NET INCOIME(LOSS) (=1'•f4.403) (=348.928) (3252.tY2) (=YEa.393) (t�21,00� (=3a9.865)
ADO DEPRECUTION ON CONTRIBUTED A33ET3 200,000 423,000 115,000 43,000 783,000 1,029,170
BEGINNING HETAINED EARNINGS 41E.744 1.11�.002 600.561 2T.119 2,003.44Y 2.094it44
ENDIN(i RETAiNED EAFtNING3 tp92.2St t1.1YS.074 t463.3Y2 ( �276 t2.557.442 i2 e93.41Y
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