Loading...
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 � �� , 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. - il - 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 . -v - . (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. - 1 - 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. - 5 - 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 I E-6 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 � 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 �a • � � �� , , � �� ���� I � I � : I , � ,�, � �� � �� � I — — — --- --- --- --- --- „� -- � � s -- � ' � .j I x.. � , ' � i� ( '� ,� ���� � ,� i ,� ��,:' - f , � /i I��!� i i� � S � I,��. � � d , I �w � I'�:.I � � � I � _ i / .�i .; j� i� ¢ ; '��� � / �' �'j� ,' � I '� � g �f�� ! i�; i � i S � , �,__ ���� � I 1 / " ��I `i � � i �p� " ' -_-_.� -�__--"- ' - --"� ��: . ��� ��� �\ �� ' � � �1� � i � f r � ' �--� i � �� � I I � I I • � rn � �/ � � -� I E . � x 1 � � �/ ,� ,�, -Ni � � C S �, �/'�'� � I�� ;li I�i � ( e r � � �� ��'� m • ga � � , � �,° � � i I I� � '` � � � � �� �� � , � ; � � � ;� � " � f� � � � ` ;t � � I S { - -I �.I C I • ' � ;� ,�,i � Ub ' ��/ ~ ��� j �� ,; � I C � '1 — '' ��� �--� I . � � II� ' ' �. � i I ,� �I�� � ` .� � �,� � ' � � i �i� ' � �� � � I - � � �i�� j �, � � � I � ' �� iw !( ' 1 i , , � wr � �� . i i� � ( I �� i�o Iwf � �;�''I � i � � ' � � y - . . . . . . . . ,� ' ' i . ' a � I s ,� ` �, � � � � � ', �S � i � . �� � y � 1 i� ( � � I(If � . � . . � ' , ( � . . � ��� ����� ��� . �_.� . _�� ��� . .��a` 'C�1��� � . I �. . . . . . . � � .� � � . . � i ` � . � i� , I i , 5 i I J' ' . / � `�/ � � , . , _ , . � I f • I _ � �c� �' �.._, � -� ` �� � � �� ��, , � � � I �� � � � � D � ~i � I �� � � � �� o � ' (� � � x� `" ( e l� � � � • a � � �� � , � , _� . � �. , ; . , >� a� � ; � .�= i ` � � a� � � Q � � �' � t \ �� y � � � � � � �� � � � � �qy '� m U, . _ � . � � � . � y � � . � . � /// . . . � �. . . � � . � . . . \� . . . � � � .. � . . � CERTIF[CATION � � . � � � . . . . . . . fAt�AltiAHf „�,,,�,,,w.,,�,,,.,.,,�,,.�R,.,.�r EUGENE PEDERSEN � r�r n�ravMow Wo nur i.r a wcr mrmm no.mn�u.- . . . . u+�n ooa�ueoo na ua a�na mte or�maoor� � � . . � • . . . � t2lW HMAIET � � . � �� � . . � � NRE VALLlY,hflllfO�fA Siit� . � . . � � �D�If fl�odi � � O0.Ma GR � . . . . . � . km 7�M17� � � . . � . . � R.r��.�.„ � � . . s No. ��.E��«��„���,� � PARA�OU NT °.�„-� ��� R O 5 EMO U NT R08ERT E. dt SHERYL 1. FISCHER nuwr rr CONSTRUCT(ON 70, ING C_� �ypywTMf�� ENGINEERING �L �ESIGN a�u ����.��M TRUCK TERMINAL 'wsaa�,�'�a"' '"°"�c''�ots�'s'""n°'sr.r""�"�"�"s�a` c�,r . . R��,�r� � ��fN((�41 flKS91 � (�17)TlFM14 ww K/A 7�imo0 �e►e�r0�4�+�H4tA 7!A !.W mam . . _ i � s � , � � , � � � � � , __ �� ___ � -- — — — _—_ _-- —� — a�w�wsew —� � --- .accc . . . . . . . . . 1 . . I I . . � � . � . . . - � � I 1 � . . . . . . . . . � � � ' I i � ' � 1 � � � I � r � ���i I � �� � 1 � ' � I 1 � � � I F � I 1 � s ' � I �� � � i� � � r� ! � I 1 � '� � �� � I • �, � . t: � .,:.: � . •'• p yO I ; � ¢ �1 . � �° � , � , � � � � � � � . •i� � � E ' " —R � $ � � ��� � — q � "� � � -� I •" � � \ 6 I �, �r aa t4, �i �e. 1 � � , --` r ( I I �.• .. � � � � � I � - � i �� • n�� � � � � II � fi � R •� � � � � . . ! � . . .� . . �� ( ' I . . F .. �� l Y � � � . �� . � � � . . I x � � � i � ( I -- '�sws� ___ __ ___ — i �—� -- —� ntaw�a�sn ( � I ' I I I � I � � ' I � � f � � � �����Q � ������ ���� ���� . ���� �, ���� . � ��a� ���� � �o� ��- CERTQ'[CATtON �� ,�.,,,,�,,..�..�...,..�,�,,.�.�.a.�.� EUGENE PEDERSEN .�.�.�.a,,..��....�,a.��»u �, a.e..a.m�,:�..a,e R.,.a�. ns�o n�r . . � � . � � � . . . . . . A►lIEVNItX,MN�O'Ulf9t . . . � � 14obR�soael Y0.a0. Nf[. � . . � . . � � . M077M� . . . 40 . . . . . . - . � 1d�Mp h1iT . s�No. �,Y�� � PARA UOUNT � � ROSEMOUNT RpBERT E �SHERYL� FlSCHER n..,rrr CONSTRUCTION 7O� INC ��� ���� ENCINEERING dt dE51CN .�„ ���,�,��H TRUCK TERMINAL 'O1'"01k�"°" 1H0M��'�7D0'�'"'"�"�OTA� ��� FVc k�nc�t k�mosa� ��'* Ktie r+ore ►«eNois wae�nre s� t�o r+om � z+�i`�i,; ' . . . . . .6" ��l". � � . ,. . . . . . '.. . . . . . . . . . . , , .. . . � . � . � . . � � ' . � . ♦ II . � . . .. � r� ��� � . . . � � � . � � � . . . . . . . . . �. � . . . . � i � I �I � --- -- - ._._� . ��.� ��� . _�� ��� . ��� ��� � 1 1 ��� I , � . � . . . . � . � . � . . . . . . . . . . . . I . � � f . . . . . � . . � � � I . � � � . . . . � . . � . � � . �----------� i ; � ---_-----� I � ��� ► I � �� �— � ' � � .�; � �s � � � ' � � E � • I , s i � _ � � �� � � � � � � i . � I . .. � . 4 . s �� � , ,. ,� i i � I I ti Z o�� a � � E .�� a �, , � � -+ --: p� � . j . �. . e � � . e�71. � _. `� . ' m I . � ��� � � Z � zw n I i (1 �� � "'� t � C � 1 ' � � i � l �. � __.� -----� r�� � � I � � � ; � � i � � .�s ; �� , t �a � �� � ; � �� I ; � I 1 �•--.. .. _..6 � I �' � e 1 ' /'' � ( I 1 i � �o I —..— _—_ ..-- --- -- �__ -• --- --/ --- I � ( I � a I E I � I I � I I ' i � I I , � I � � I �� m � � � !! � � i m i � ! � � �' � �' � � � � � � . . .. . . . � y � � � � �. � � .. j � � g � � � a � R � � � � � a � � � ' �L � � k CERTQ'tCA110N � m►�uxT�Mr ��.+����•�•�.•@���•�n EUGENE PEDERSEN ��..�«.�,��w.�.:..�.,�.,�.��.�. C1�L DMii��OIiOQ�Yd 0�21i fL!!O►Y➢110�1'4 . . . . . . . . . . 'Q9N1 HMrFi � �itµ � . . . � - . � MlIE VMIkY,MP11Sd�A SOt . . IID�OIi�f. � I�C.I�LL L�7� . � � � � � �lIOi�V � � � � 1lVMECi�-Y•11 � sxaer xo. uricrn-r�,wr � PARA,�,�►OU NT °�'�." � R�SEMOUNT ROBERT E dt SHERYL j. FlSCHER a,.,n,., CONSTRUCTION 70, ING G� bpy�y�� ENCINEERING dt QESIGN .ew TRUCK TERMINAL .oe�a«'��'°°�' "a,�c.mEsr.'sur�aoo•sr.r'a".'�auss�oc �,� :eoeMrmornur+�so�mt ao�a�'ww�aor� ii�c k'o)nc�sm ktt)mcsu w�r kw r.o,00 wi+ura4�++eor�z+s buo rwcu . . � � , , � . . ..,,. �.,,. ...,�.�.... ...... ., ....... .;... . .ri� t "t> N�� .!.^a�'3 �.1: F T"�(i- .:KCiS��V .'{'•�4!rl'..W �. 4 .?S.:�K�.9. .}_:1'•%'Nl' ... !.. ..,::. . . �.'. -. . •.": . �.�.<, y+ y 73 t1�Y./:�'L 'f �t S'f^' Yl? �J �:� . . :e. ' 't.. 1 �1 R l-: S �.- .. ..�-. .- . . �' . � a,i � ". �.� '. . � �:..� . :. � . , , . ..., - �-; � . - r-: . . . .' ... � : .. .. 1 ?. r A. . � ` �, F { �",�t ` � �,� � �,�, , � � ,� , .. I ��. � .. . 1 . . . ' I Y r � 1 . . . . . .. . .. I� . . . . S '�,�. x� i . . . , . . . . ' . . � .. . . . . ..f � 9i: �,I � � , � .. . . � . . . � - . � - . , � � � .' . , • I � . '�j�., . I . . , . �� . . � ' ' .. . . . - . , . . . . I r��/r� I� �*• _' __"' __._. . .� � . _.- _� .____ � � _'^ _,- . __ "' _'_�- � � . , ,: _._...__- ..__ _ . _. _'_-..._'..__.�._�_ _- . . " i f: . . � . . � t _. . _ . . , . .{�. _l ,. . . . - µl�/�,��~ I;� y,._ a- -)I4-�` /.._....�`�. � �� j � . �` 1; �' . .. -- - � , i J';2.� � ` !. ,i� � � � , ���> . ' � -r7�_-_-_:. _--a:_= ' __'--b«-.n-.Y.-p'_-�'':-p=-_�_�tf.-----s: . .:�' . . ✓ I .. . . 'i. � / t � . f � .. . . . � � . \. ' . ' � I � �.��.�•: ! ( � Y i. i i.� . . . . � � . . - � ... . . '�....� . � � � . . . � � � � � � � � � � � 1 -- ----- _-'- � - -- ' - --- ( -. I � .. z�� V ��--�'_- _=-- '- - -� _--. �- V f ! 1 . . �� . ���__ '^ . -�_ _ �_ . � .�., . ( vyc �' •p ' ` ��0 4 . � �� � � - r L! .. � : q y_ ' � �� . I _��� . � _ .. , ^� �, � � : � , I L I I + - j~� L � � �: � � I � � �t� �. t? r, i��� � _ m � 1 _ f:,� � � � � .�.� . � � _�� � �� a x _ -E� �,r� , ; _ � -r.. , ± �.,� m' , � _ � '';�' '-�. � '�� 4 ��r. i � �i�� `, ... �. ,� ,.,. - � l « �;, _ � , . . .. .. . . , � � , � I :�4g � . r � � ;z :��.: � � ,, _ , Z , . � � � ��: � � � � i �;? : � � �� ' � �i i, -1-- �r�' � e �, •'.- ; � u.,.� � � - � x�� ; ;i,. :Y.'J . . . . . . � ' . �. Fj�;. � . . � � � . . . . :. �., � . . .� �..:. 1 �".�. ___ .�_ ` _„ . ... . .. ," . O � ''a�y,� ..� � � . . .- , .. � � .�. ..�.. . .. . .... .... . . . . . � z . . ..,.:.�, . 1 I I . . �� � . � � . � - . . � - . . � . ��1- �- I � .I. . ?��j _ , � I `� , ; I � �;;� �: =� . r . �. z.�: , __ _ , __ � o-= _ - �F ' '� .% � :'`r` , .. _ � �� r � - � b � �. ' � � � � � . � � , s� � � � � � . , a � - �� ,;�. � � � �. �� � . �- a - .� ' P ,�t ' � m C� ., ~}a' a. � . � 3,g,c4: }'��: i . _ - --- - - d lYy 1 . . . .. .. � . . �' . ' I . . u . . . .. . . .. . . . � � � ����i ' . . . ' . . ` ` _ ... �.. `�� � � � � - . . . . � , . . � . .. . . . . ��y:� � � �y .. . � 1 2 � � . . . . . . . '' _ _ ' . .. . � �j L ' ' I -_-__ o �-,.:0=� __=0_:..__:�,q.-s,�, n . . .. 1 , _ t`k , .. , ....__.__' '�""_' '_ . . � � n . �' .. - � � � � � � . .. . . � t �ir '. . x �-r- Y � � . " . . . . � .. .... �. � . � r . CP"> k-�'"'1`.. .: �1 1 ` �_ { r �v � � r s ,�i J�': � . . .� � �. � . . . - . �: . 1 . � . . . . � � . . i�. i. .#':� .. �� .. . � � . � . . ,_� _ .. _ , +` a.�= . .. � . . . � - . ., . . ' . . ' ��j, . � t � .�} . . - . ' _. 4 . � , � '. ��, �. .. � . - � ,� . .. * . .. �.R �.� ... � \ '� �l ` ' � ( �, ,. i ky.., . ;,. . . I y �i��� . :i :,, + � � � � � wA � t��' � .• y y.� � F t It t, Y •l? � � ' _ '� �' v��i� �� ' � i � � t 7 1� ��f .j f . . • � . � � �� n F,. s. '.! ..^r r .aey� ty . i t� � _ .. . .. �' i ! c � f ' �. ',� _. . . - . ' . �. _ . „ ` �..-. � S.� l.'^. t .�.5 ' � t� . .. . t � i . M1 � � ��} l � � r R +��.� � i'{S . ��� t � : { ��F �'� I t � t. � .1 .I � .: �� ��: �� l y l;;� t;� rd3` , + � k Yt�- = r r t. � f 5 � . . . te:. Y f K x�i�. I� � � tw ��r �iiT,,• 4 4 iY , r + ,- ' ; 1 ._'�� �s 4��fy� f . . . . ' _ - !^'•,ti.'�� xJ 'e��'. A� � �..r . ..5 � � .(• + . � A . y S S 1' k� f. J"f�. a' ���� �� p's � ! � Y.+� sG d���, • i �_i � . a.r. {" :i�t� � :�„i S'` �. ,�� �.� [�,k�,���� . ..,� ���• .� ��'!'y. 1 s .f.'�.�", 'Y. ,� .. .� � .. . � r � . .,�. . � . � : .� ��, -.,� I - �y�. Ml �i . �` t ` �� F t � � . k . �� � t . �� . +� �� �� V ��. . t r �.., ��f ��. -��: j T: � c ,y„a� F j � ... � . , e , . . f - , . . . I f ..��. . .. . .. . , .F• . � . . . . ... r . �.. . . . . . . . . r t� . . � . r. .. . . � . .L .. . . . . . . t�� . . . . . �9�.t . . . � . . ;!. .t . . . . , . . f . . . � . � . . . . . .. . ,t� . . � S'Y � .� . . 1 '. K ..t . : � � 11 .�1. l . . . � � '. .; 'I.: .. �ft _ .:�' ' . . � , . ' �y i..,r. }'t��' S ��� \ �•5 �... �.��. �µ� �" � t , f. ' . . . } � . �, ,�� � > �.`� �� f�. � . . . . y�, i ��� S t', i. . `'! ... , • . . .. . . . . . ..� . . . . . . . � . . . . . f� . ... . . � t � . . � _ . • . . . . . . .. ���a . . • � . �• . ' . ' . . . ., z. � r� �7� ! � �; ���. :j�•. �;. . , . . . .?. ' k� 3 1! 'i ,�Q .. . ..._ -..: � . w.R.: � � . ' . . . �' . .. ' y t L . .pl</i � �A . . '.i.s 4�� t �'i��� �1y,�1,� �., .� .v ,�Y r �a: � >r ,�.�.� `� ia:..� - � .l , x y i l�.,,, ! i S , i�. $ �f I t�. 1 `. �, j .. ���: �,� _ � .� � ..,r yt .r67, , �. .. . .. �:. � "�". �� ,l � � � '!"� �!. � � ♦ �. : r '. 1 �.. + '� .. . � r'r �r, 2 � a r t r�` ��,�} _i: .�R ,J :�. S 'ii � h. y .i. r .��� '�) � s 4 . � '. .�. . .... . . . . _. .¢9�i:•; }'i,_ t�,� � ::J 4,y�_:iY: �x:.' t� .,:e� t '^ t:r .5�.�: �'���.. .�.r. 't a. ti .a.' R.rt cu.q(�F Y�`n.,! �t. f� 1i` i i �f. � �i:. q•_;.� l. �' t _ .�, _S .�.�,. 0. C:t. S�r4� ,ro iw�_ c .f � �f t .s. .r;:"� � `��' f f,f.�'^, ,. ��r�bt6 :t�` .�� 7. .a;; ';i.. rS.n���� �r i:l = .? -i." �d.e.b�.;`k � C :vi : �1 �. _ ; ., . - . . ..•,: , �, . .;� .� .�,� , .., . . ..,;-�.F.. .. � . ..�� �.. 1 � -" r :;. .. ,�..r� '� �P� �� �<ji M�'l-t.1. ,; u 1-.� i :"y j r1' i , _ . i d F3 ' �!- ` -'�� �s� ...� ��h .� ,�.�.,� .,.,..i o � ��i ,J� � �� '.�.• n..�.rx'.'t oi.�" .`.x•i 16 , . �. .� a � ;: ..: � �� -�� '• i C.:. .,. .� .. l ..,f4 S �:.,.� -:.. .. �:l..t ; ' :�L. .r :... � ��..a . �::' : �rl.�' �il .yi'�i f sti,.. � :�� 1 �.. r.� , ��y! . .F. � t },,.r.! .. ..., i.. �n. :.r(�.,,, ,..� . . . . . :: .. , '.�1. �s�:.:tw .•,. t�1 .q , r .�. 4: r .f� .C'j p ,'t f , �i� ��+c` ;x:�K�; "r:!i.i�.ll .�.. �.t.� i�� •f. -f� 1. 't �i -.iS.9^..i .a, , .. !•: •) �t. .'. y. .,� �r ,.r .(t.` '.l,�: e '�i:'m:t q � N.`P p�. �, 1 � -'.k .'Y v 'r`7 ..�. . ., ' �',,' �, 1.� s . �i._ �t. a� �� .• ,. -... � •^ i ,.,, �.i.?: .a . ,.. �P .,.�.i� .a�,.��. .1 a� t, 4 �r ,2� r.r�. �.;...,. �. ; .. �,s :.: ti ..� 1.,:. „r..,. . � ..t : ..� . 1.. �. �... �t�N..w-�':9, . .�w ,�S! �:R:-. �1.�..�r�� �i^ n ".•� �h ��,4.. i� , .:e!. 7�� �.a�,�;n � ^�.: { ,r�j„� �� +t. ic, � � xti •,; , : ". . ��Y '� �.. . . � t._;� � �.ti��.l�. .� 1. �>�� �- '�� 't +�i�a.`'� �' ��..:,x�)�ik � � .:r , ..4,. :� � � }f F-: s a +. >� ;rr; ;� �:j� :-� t ,�. ��, '�. . . �. . � .� .�...�� e �,..,;,� �.::: ,�,. .,. ..:�'�. , �•..:;.:. .� . �..:�. .�.."e e .t».��� V��. 'i��. 'r,.. .� + nr�, �� ���� ..v,.�� t't� � �.: ! _ �... . , c.� \. . � ..� ��... ..,..- -.' ...,.�..r•,., � �.-�e .. .r,1 ;P�.i .� 7 ��iJ'. •'• i:�. " �i���.:'.t�i.t �... t�� �;�t �S� ..i ti� `�.�1 � � �;..., l c � ..?ti .�.. i;� T. �4, .1� �.T :(.. i .ix, .h��.,� }-�t. �.�R (.'�:+�� ti � � �U. �� J .?.;,A d �:�. `\� n.7 C _r' .b.kA� t.� -:4� �� ..�,. r '-f..,.f. s `t t � .x� T ..[:� '''�l f4 H�. � J� L� .n\�1. e' !• .nd. 1 `l� _.(�i, 7 i�;i(., ./l..�if �� �r t4.. iF, } S, a� �..s- ..; .y,;: :5 �r l �Yi-A'e., '1 R: t �w' .c�. >:� . i��i 7 ..�� •',S.'ti. , :. • �# {.•t.s ,.�� .'r, i �',;ry "4 v` 5� � , ;'r� .r`7 , � �> �. , ..4 ��. w ��t t- � , * , � � t:�' �-. �:. F., ,., , i.. •� ,..t.. '� r:st !: .9• � t;. , ,. r�•r .:1., ..n,'- .6 f� H.7`. .! ..<. `_'i'e�' U -�d.'.�t4 S k ;'i.� ry.,.S!. :.a:� .:X.f ,F\^. � i• +> 1. ,_ 1? ..i''��. '�i .. ' ..: . . � �•i�' -,'c;1. «,-EAz'...� .'�; , � .:$2�- .F) - -�,rG>fi:' ����.4..;.:� Yai�....'��.�..1 'r.�.�;�.d`...ti .�.•f.1..>r � L:k.., G! : ! 1,, .i�-.; � f +,,A.�.�:�tr�q. .r. �::,�. y:.�. � ,..., r .- o.. • ;,d�j,rt.�'OS.�.:...4 1 ! ; ., . __ ..,-.T, ... �. � �. Y_'� .•e.. �. t. .it •.;s�..Ei' t' �:\. �- ..K�;k.�+.�����k..s.1��� -n. -� ��r1. .�d ��� :T�. � "i ��li' c ... •t �+ �j r., r •,�+r,-.L:ti , v� �. •',xb., :+�., ��.1Gs..:�i ,,s� a: Q. ( :a r X � a:. .Y., � ; r^', t ,, . . . . ,, ; Y �H F'l' �1. ! .�;��:( '� 3•;�? `�'. �i�!. � `�'�� 'i�� ,�: �t;i' �1�,..`•1 ��1 r:�.1...Q ���' ��: F + � . ��` .nr .�.. � ' • �!,:, � ., 7f . �/� (�' �{�� r �YeP;�3^V'11^'�Fi.e. ��e�-. 7 l. .,�"F.. s�t. 1d�_.. �`.�.j y +a%..�. ��j:,s 'C j( �' !zo r 4Y. t. ��.l :�t� ,�• .� � � •� � � :� , r b�l7E �t`.:#� /�?, , �R�Vl�{dN�r3J:". .0 .� �e �� � ..u�'`�� ��?�:f� ���co a��! � C.[c' '.-��. 4 �� ..�..x �aS�F -r.� ..r� .��... F� f �. r �-.. -.'F. ..;�.�"�ya e n �<.-E� 5 -�Y"'. Y�. 's:�x.� .:.J. rn� ,.,4 .s l• ���` ^.�•;� 1.. 'n i: .�,.4 w�:4�,.�c.t• ..k. `{p�`' !�...j. r „u, v,:;�,��M� 1' 1� �! E•:I. ;r.tH.q ,.� � �lr. .,.� r, .N..i.ti. .r �,a(� r. �:• �'i�.�2�` ti, �: _.a, t.�'�, �` ..�..� r'4 �� x`.. ..1�. J.S� �i'q'��,. `,tE'c i�4 '{ ,r.= ��¢.. .@ t::� i �LT e �.l¢ t � i�r a��.� :c� :'�; � �. R R: �� t i t,n,•.X.{.. -y. �•. 1�. ,,.... �i.� �..•;�y � 4,� ��i�t !.{t'�:.y ��Y� T !t�'�..,. L A� `:'i� �•:P\: 1..��!4. �..�, r. L � L.'t. `�:'S 4 .L � • . _ � . 'p� w , , , �. �y y - �- .�.�n" N« . . �s '- !y7'.�r'.: .� Rl� °l i .� ,��,1� ... ` �".- ..�.t ,ar ,?,.:�T.�.E�>47Jj�''Sx„P.a' _,.�Y A,...-.. > .;.1..,:�'�.r�c` ,$-.�f.r., 'icl.. ��nA '4� ..? yP� / 1 `r,i.. h ,`. :� . 1 �,. r3 -�' ,.� ��V ,„,r. . E re,, r. [',rL� �' -'i. �-f4 r �.. � `Y� � '+/, � � '�y J;{f -��..�.� h� ,.L � !7 h.ca� nt �T }�q��J;A .iJ.. �./;` r , .•�A4�i�`( �U -� �j .n,,. <�,! i 1S {��� r.�� ��.. ��i., .1a�� �1',y, ri.��1� �Z ��1.���✓F.r�,�P 4.:.�!�"�2�xJ .�w�,�.�., Ei-};.h t .�� y, �y �,� -i ,�.q. ��: :�p �k � • .. , �� �� �� ){.. � 1� ,,t . s S� .!S g `4 �. � � F f� �t �.y � a. �1 r i� ..� � . , �� .w� .YJ. �' i .i 'ti'� 'R. �rti. ,�.f. �i r� � ,F_ T��a{-�z� " 1 +. ,� � �;1.^ lP'�i � , i �,. {�. 'j e. .e :r3-+ .��'1. -�" •�� .� r k �.:t. r �t��r ie{,; 'K� » .ry n �+Yt ` L7V d ;;F� fi!'% .5�2. <.�. �}.,,y :a s t �{ :+" �, f3AV�lP�� �i�.`3 - o . , ? K 'r�. 'r+::\:l�f ✓,: �: .-y`. F: t� ..'2 .;C{�"1. .�. f� `�i. '••(< .N,t .7;� � '� �� '.�!'j� � .1s) ..'� ..��?.,.i .�t 'l: �.{.. '.t ��;' .\: ,.:A ,.yt '11 )v.''^:r .� �. � ��qp ✓.� �r i. .r �,�K� �. �tt�:)�. n Y;r. .�L� '".c. ,'.:. •.d -\. �. �• �.� ';T... •i :t 4.. :.`4:s. :/� ,�t .l a �'' � -�� .g .f. v` .'� `} �'T� ,t •�, :l -�K y .� �>:� .:t.,.tr r t:�> •b .x4.e:.•�e �i:.,;xi.� .r.:� �. • . e. � � �'•. . �. L ., � . � . . ,. . ��: �:. .� e� ., � , .. .�.�.1 +��'y�ie.��l.,�: ..;� T�_.,,�r �h,.„�.,,. r. :....�.. a,-e„ -� �. �. -r �� ? `...,�..r.t f�..o. �r:" -.3� '�',�'�.�, . dr ,. . . t ..x�.< .,��}�_.7. . . ,,. .4a ,...�.f , . �. .s,.,1 y i � S .i �t�. �C .�,.1 ��d� :��. r�R� y. ,r, '},'n', '�.� �n.t � ,t a �i�a:., S: + aY��. Jt��• ,`y� 4 _ ..�,. i�X' ..�'. t --.1:: � ...r�, : . �.�r �.�3. .�,.N. ... .T:'nt�.c �:•.,15.,�; .�.� e...,�.•'-A iv1�i�.i... r��d '.�s� �,}.._.:U.� :Y :f�+ ,w�� :s.. p�.j : ...a.. �,7f.,. :q...... 6,n� ,�� .�,�����, t�.�. �T•.i��.�.{� n� .m.•l` ��4'.a +A. f.�i ,:ya..{ -C �e �a�. � �"�• �r.`" s�� 'r� ir. t. ,�tC.� 3F �.t.:�c lY��.�,.• ���. �. :�i�� Gl.l BY �s'i;iery' + }r+,� x-" =�. � t '� .� �t�, ? _ ..dS ., � ,c 1,s�:�+�, >>, ;.S �1r �.,:: .•,•t c.� r:":al - _y�� ( }� t ad': ;�. "� �..e� .�.5-: .PF��J`.i��`I.. �Zf.� �1.'I �V .IY F'� .;1�� R'�,;• �-V�Y l .A.. .��1:; '/Z!, s h.�;i ..�J. ' r 4'kn �' �x. .�fi:. �fi.'^.c,}.� a�. `�.• �-t�,� ��..��..ti.,_.,�•,. .i �'l� ,�. Y �1 :2 lf��'+'� `l. ?�� �:� t� 'v .,Q .�-' ��- i.�: .5 Y-:i�. ! .�iR.'.'"i?... •"ti�. i- r. 'i.... i ,L�... � :.i � . '/✓ '.t�. ^i � �t�r {� 'tl' b� �'i� �'i. .f° 3 <.l.7 .fl�, �.i'w . -,� t ... ..� ,� �i, „ � :;y �� .:.i . .x.l�;� +1 �i'7:�.03•-,(,;.� � ,�.. :A.a �:���.,i�. � .•.... + �..-K:. v d.r fY .r �^� w t `�e .�. �.1�..`ri.,� 1 .6i 2�n .�� �y. j a i.. � t� �, �w a,�,,, t �, � 7.<a ,�i., ,r �r ,!3, i.r. ..�' +. 'ti ..�M.�: t .., � .�.r � •r� ..�` ..i. Y.� �'r��i�`A. �.'�':� �',� �'. •r..: ■r .tc. .� i .iS.. �. �il�. ��y'. �.-'..�'1 i ",!' �f�.�- 't .e... 's: ,� .. �. .. ,. . . ,i'-Y 1 t` .'4' 1 t }. � -� .� `!� � .�. ;:t- �. ��- .r r .� a ? �.���+ �:•r, -,, � �s tEEI't. �r ."�,. .r �,•� .t.�-�c ` P,�s� y ,4,.� ��.y � y ,#. ,: ,., .,, ,r. -.y �r ;,€- •'xq ,. �S� .�. �� .r 1:�,•y��.r�a.�5 S ,s� It ir.�h� ,i�}r !! • 4p ';'�� .�r. ^ti v- �.1. ..:f 5 � s. ,l.c .i�+rt •f'. ( '-,Y� T'. 1� �".jt '.��'4: �� .G 1 ���:.Y�. '�' �.J:-: �.4 ..� �1 's�.� t� .t � f �T #&.. ;i•�' J. ��:-. ,.i N rY .,i��,:.;�. {�. �i�tJf.,;}" -y .r u z,:. y +h �1 �{�. ..N(X)t)9.i'iftl. IJt�+ 7.�}nl�0. ,.K".! ��i r .�. y..i�: .4 .�. � �`� '�;•r,. t. t.� �r� �a. �t �,: �i�.� yr, ."1; � S�7C+Q:�RAS� CN.I�1�. . • �. 'e. .. . . . .r�.....,.'.. 1�.�.•. . .,. A. �r:. ., f'i 1 ���J t, .v e'��., ' .✓�3:..{. iH•.t`�. .A•c hi� 't �. { f '_i• 'A�X� y .� '4� .�1, �li���. � ..r.. ..:� ��.�r q t'. .�c•- .x. ....:: . ..,.,,.Y,. ..r ..�• ...._::., ... .. . .�..l�. �,..r.. ie. r �, ..�i;. ..,�,�.. , y+ �.�i �.a .:.!r� t,�..'1.1.t,. T Yc.. .,���..�,.' �^�i. ^"c h,. �...5.� i7�._ '.4. .i� .r 1. � }����.... . , .3 a. ,.. _,�,.. . . a.�., }1.4�..�..+ �.�''r.¢• 1 .n, �i7.t. :i� ' _.i ;N :.•p.E il; .a��~ Sf. .�l. �i.'ra� i :,t� .�t ��r.�- .�j;Yi�.�r. iF .5.. ��. ,�.�.e�r, �;. .7,. ��v. ::�'ZAd. .t. .i: �l�P.y� e�.. �,i �.C� '�. kira�):Yr,1 3 -.x: _�- .1: .v�f: �}.. �.z� � -..t;��•_Ft!.. ..'.:F� Y ...,. . .,•��!' . .. .. .. .. . ...Ac.� ._�) ..r�•I!•''��v J9.r.. ..f,.:,lfN:� . .�t-a�._._._._.__._'!�_..._��.._�._._._ ,:lr' ,���_ ____ ._ �.. . ___ . . ��_r`-�� '1 . � � � . � . �. . � . . . . . .. • - �. . . . f_ � � . . . . . � . . � . . )r . � � � � . �` � ' r #Ri r 1 - ,n x � . . . d�� C .. . . . . . �f,f � . . i I � . .! � . } )))['/G . � Nr1 � : �f . � . . 6 r .L._ _ _. . . (, ; � --.1 � ,�_ ;�; .._ � - N � ' "�Z 2 �€ �� x �� � r� , - X i i� ' �� � �� , � �� � � . ��� � S = S - - _ c � __ — -- --- � _ - --- __ l , _ I , �._ � : . . _ _ � , . � � _-_ . __, ,�� �_ ��, _ . ,,` _ __ s � _ _ _. e.� � _ _ r . �� . . i J I _ _—' .. . I . w 0 V• �� �� . ..� + I i fS.. . �_ R I f � i ( . . . I '` nt _ r � n t � ,__ -_\ _ ( �'� s� i j� _�.�- �� - ( � _� c = = Fa � � [ _� .I �,�: -- �� r. ._it:� � �� �3 — � �n _ x d` Z S` . . . ' . I fi � m € {O� l . � . . J p S . . . i ��� _ ra — � 1 � ��� �' � — — � jn , _. __ _ j� Sm � � � � c� � �p - � � �T . 1 i �, I�I �� � ) � (t! ,- � o � — — �' � � � � D p Z � � , s� r � �� � I �� ' { �b �f ; � � F a �..;n ,+ ' �� p , r r � � � � ' � ! � ; I ! ! � 4� �� > , � - � � . ( ..e.l� . .1�--� �-- - . � . � . . � . . �. � � _ J ��, S �> � __... �v - � I S� . ,_ � �� �� ��� i�� � `F �� � ��' _ �i __ _----. % � �� l I� ` _ . _.. .. . .--"_. , . ��FC�; . . . �� . � O�c . �nE. :'Jrl5 . ,� c ;� �;:.•... ,.,...,�. , :�':'�" I'iSCi 1LR ROS�MOLJt�I'.`iFUGKT�NiNA�... �A�v,,��.��.,�_o' �' . .,... �..... ............� .�. , � .��.,,.,,, .,.,.�...,...,, fiNt;INI?I�.RWG D,aKOTA GovNiY ¢a�D 3� � , --� - ,.,.� .. ....,.. .. Q,oSEf-lObr.fT'�NINNEx'TA - . .. . .���. t 1'• �..,. ----------- --,._��t. �. r,,,�we nr �f R---. i�nt[_ J 3 f 7 - -- II . , . � , , . . Y. � V 4 � . � . . - � ,l rm. . . . . _,._--___-.-�___� . . . � . __-____-_--__ . � . . . 00�'C+ � � . . _ _._r_.e�......._.._._.._ ....._..___.��__�__...... " _-__.._"_.""_ I i . . � . . � . . . . � . .— - — -- -- .__.--1- , �- a =��_---�- � , � � � s i ` � � � ° a < � - � � r � r� � � ^� � _ � � t _.n ( , � �r - � � ' Q s ' � , , s � -�a I : ; : ._�.. . __��.._ ._--- —= � ——_— , i--- _ . . . . . . _ i__ ^� � � . y_�.. I , i yl` . 3. � - . . . . � j . F ,Z, .� m T j � i I .. Z �p . � . . � � (�, . � . — . �� ; 1 . �p� � � m I . � m -� -w ' � _J --—�r-- --- , - �� � �- f�=--�1 C� �� � 1 -�_-�1 , � � � `...__. _ . . � __.._ _ ._: _ _ __ --_ - — - - _, - � � - � �_� ` ' ,, ��� � i Y � � �,�,r'�' ''_ . . �..a � � . . I N . . � p � � � � � � . N i - ��`� \ � - �' �� ��. � :- � , � 1 _--- -o -.. . ._ .. _ -- ; __\`\� / - _F\ \� � � -_- I i M �`" ,%'� � '� \ !, y i � x \�,;;n,�l�[ � 'i _-,� � i �-- '�. � i . � ' " 'f� ���� --- � : j- __. , , � F ,� � _� ,, , I : �- �,: � � _ _.. _ _ _ i �`' � , — I _.:� � , � , ,� � ,�'' ! `�� -' _ 1 � . . . ' �I ` � � U -f '__ . . _k _. � % 1T 1 ... . .. _ ._ _. _ . . � a � + �- \�\. I '� r� — __ �'� I �— � _^._._. ._ ..--- _ -- -- - -- ----- ----- --------- -- —_ � �'� -rn - - � � 4 � � r X /" �M _. _ ._ _ ` � ----- � ' � � --- �_� -- _ � -- oi � . . � '�' � ' `.�•, a+�cr' -:�,:zb R�Pu�r., -. _ - �,s�s' , . . '� � ���� FISCHER- :' �s�HouNr Tt�u�k��r�r.n�u:aL s�,,�; ��e� =►'•o.; o�k,.. .mo. ,.,�.,.. ,.� (�� .. _:_ _,�..,..,...�» - GNGINEF.RING " . a�c�o.r,e�covNrt Eoap::'�& r _ !� �, ... ..M . , --- . _ l� � . :p.ossxcovNr,M u.�u£�1�+ ��; �,-_ ,,