HomeMy WebLinkAbout7.a. Accept Bids and Award Sale - G.O. Improvement Bonds, Series 1995A _ _ _ _
CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETtNG DATE: August 1, 1995
AGENDA ITEM: Accept Bids and Award Sale - G.O. AGENDA SECTION:
Improvement Bonds, Series 1995A Old Business
PREPARED BY: Jeff May, Finance Director AGENDA N���;� � "�' �
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ATTACHMENTS: Draft Resolution & Official Statement APPROVED BY:
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At 1 1 :30 A.M. Tuesday, August 1, 1995, sealed bids#or G.O. Improvement Bonds, Series
1995A, will be opened and the results tabulated at the offices of Springsted Inc. A
representative from Springsted will be present at the August 1 st Council meeting to give
Springsted's recommendation 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.
RECQMMENDED ACTION:
Motion to adopt a RESOLUTION ACCEPTING OFFER ON THE SALE OF 51 ,900,000 GfNERAL
OBLIGATION IMPROVEMENT BONDS, SERIES 1995A AND PROVIDING FOR THEIR
ISSUANCE.
COUNCIL ACTION:
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CITY OF
ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1995 -
RESOLUTION ACCEPTING OFFER ON THE
SALE OF $1, 900, 000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1995�, PROVIDING FOR THEIR ISSUANCE AND
LEVYING A TAX FOR THE PAYMENT THEREOF
A. WHEREAS, the City Council of the City of Rosemount, Minnesota
tthe "City") , has heretofore determined and declared that it is
necessary and expedient to issue $1,900, 000 General Obligation
Improvement Bonds, Series 1995A (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. WHEREAS, 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 : 30 A.M. ,
this same day:
Bidder Interest Rate Net Interest Cost
• NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Rosemount, Minnesota, as follows : �
1. Acceptance of Offer. The offer of
(the °Purchaser") , to
purchase $1, 900, 000 General Obligation Improvement Bonds, Series
1995A 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
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found, determined and declared to be the most favorable offer
received and is hereby accepted, and the Bonds are hereby awarded
to said Purchaser. The Finance Director is directed to retain
the deposit of said Purchaser and to forthwith return to the
others making offers their good faith checks or drafts .
2 . Terms of Bonds
(a) Title • Ori�cinal Issue Date• Denominations ; Maturities .
The Bonds shall be titled "General Obligation Improvement Bonds,
Series 1995A" , shall be dated August 1, 1995, 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 o� in any integral
multiple thereof of a single maturity (the "Authorized
Denomination") . The Bonds shall mature an February 1 in the
years and amounts as follows :
Year Amount Year Amount
1997 $165, 000 2002 $155, 000
1998 370, 000 2003 155, 000
1999 160, Q00 2004 150, 000
2000 155, 000 2005 150, 000
2001 155, 000 2006 150, 000
2007 135, 000
(b) Book Entry Only System. Midwest Securities Trust Company, a
limited purpose trust company organized under the laws of the
State of Illinois 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 KRAY & 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
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broker, dealer, bank, or any other financial institution for
which the Depository holds Bonds as securities depository (the
"Participant"} or the person for which a Participant holds an
interest in the Bonds shown on the books and records` of the
Participant (the "Beneficial Owner°) . Without limiting the
immediately preceding sentence, neither the City, nor the Bond
Registrar, shall have any such responsibility or obligation with
respect to (A) the accuracy of the records of the Depository, the
Nominee or any Participant with 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 inte:rest
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
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such Bond shall be made and given, respectively, by the Bond
Registrar or City, as the case may be, to the Depository as
provided in the Depository Letter Agreement to the Depository
required by the Depository as a condition to its acting as book-
entry Depository for the Bonds (said Depository Letter Agreement,
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 "Depository Letter Agreement") .
(vii) All transfers of beneficial ownership interests in each
Bond issued in book-entry form shall be limited in principal
amount to Authorized Denominations and shall be effected by
procedures by the Depository with the Participants for recording
and transferring the ownership of beneficial interests in such
Bonds .
(viii) In connection with any notice or other communication to
be provided to the Holders pursuant to this Resolution by the
City or Bond Registrar with respect to any consent or other
action to be taken by Holders, the Depository shall consider the
date of receipt of notice requesting such consent or other action
as the record date for such consent or other action; provided,
that the City or the Bond Registrar may establish a special
record date for such consent or other action. The City or the
Bond Registrar shall, to the extent possible, give the Depository
notice of such special record date not less than 15 calendar days
in advance of such special record date to the extent possible.
{ix) Any successor Bond Registrar in its written acceptance of
its duties under this Resolution and any paying agency/bond
registrar agreement, shall agree to take any actions necessary
from time to time to comply with the requirements of the
Depository Letter Agreement .
(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
services with respect to the Bonds at any time by giving written
notice to the City and discharging its responsibilities with
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respect thereto under applicable law. The City may terminate the
services of the Depository with respect to the Bond if it
determines that the Depository is no longer able to carry out its
functions as securities depository or the continuation of the
system of book-entry transfers through the Depository is not in
the best interests of the City or the Beneficial Owners.
(ii) Upon termination of the services of the Depository as
provided in the preceding paragraph, and if no substitute
securities depository is willing to undertake the functions of
the Depository hereunder can be found which, in the opinion of
the City, is willing and able to assume such functions upon
reasonable or customary terms, or if the City determines that it
is in the best interests of the City or the Beneficial Owners of
the Bond that the Beneficial Owners be able to obtain
certificates for the Bonds, the Bonds shall no longer be
registered as being registered in the bond register in the name
of the Nominee, but may be registered in whatever name or names
the Holder of the Bonds shall designate at that time, in
accordance with paragraph 10 hereof . To the extent that the
Beneficial Owners are designated as the transferee by the
Holders, in accordance with paragraph 10 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 .
(d) Depository Letter Agreement . The Mayor and City Clerk are
authorized and directed to execute in the name of the City the
Depository Letter Agreement in substantially the form on file in
the office of the City. In the event of the disability or the
resignation or other absence of the Mayor or Clerk of the City,
such other officers of the City who may act in their behalf shall
without further act or authorization of the City do all things
and execute all instruments and documents required to be done or
to be executed by such absent or disabled officials . The
provisions in the Depository Letter Agreement are incorporated
herein by referenced and made a part of the resolution, and if
and to the extent any such provisions are inconsistent with the
other provisions of this resolution, the provisions in the
Depository Letter Agreement shall control.
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 reguired of it to assure that work on the
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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 August 1, 1996, calculated on the
basis of a 360-day year of twelve 30-day months, at the
respective rates per annum set forth opposite the maturity years
as follows :
Maturity Interest Maturity Interest
Year Rate Year Rate
1997 % 2002 %
1998 2003
1999 2004
2000 2005
2001 2006
2007
5 . Redem�tion. Al1 Bonds maturing in the years 2005 through
2007, 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 sha11
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 selec�ed;
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
295303.1 6
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 xolder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
6 . Bond Registrar.
, in , Minnesota, is appointed to
act as bond registrar and transfer agent with respect to the
Bonds (the "Bond Registrar") , and shall do so unless and until a
successor Bond Registrar is duly appointed, all pursuant to any
contract the City and Bond Registrar shall execute which is
consistent herewith. The Bond Registrar shall also serve as
paying agent unless and until a successor paying agent is duly
appointed. Principal and interest on the Bonds shall be paid to
the registered holders (or record holders) of the Bonds in the
manner set forth in the form of Bond and paragraph 12 of this
resolution.
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:
295303.1 7
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF ROSEMOUNT
R- S
GENERAL OBLIGATION IMPROVEMENT
BOND, SERIES 1995A
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
August l, 1995
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLL.�RS
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 August 1, 1996, at the xate 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
Fayment 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
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"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 SHA.LL 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, ar 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.
295303.1 9
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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 �sl Facsimile
Resolution mentioned Mayor
within.
/s/ Facs3mile
Clerk
Bond Registrar
By
Authorized Signature
295303.1 1 0
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ON REVERSE OF $OND
Redemption. Al1 Bonds of this issue (the "Bonds") maturing in
the years 2005 through 2007, 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.
Selection of Bonds for Redemption; Partial Redem�tion. To effect
a partial redemption of Bonds having a common maturity date, the
Bond Registrar shall assign to each Bond having a common maturity
date a distinctive number for each $5, 000 of the principal amount
of such Bond. The Bond Registrar shall then select by lot, using
such method of selection as it shall deem proper in its
discretion, from the numbers assigned to the Bonds, as many
numbers as, at $5, 000 for each number, shall equal the principal
amount of such Bonds to be redeemed. The Bonds to be redeerned
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.
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Issuance: Purpose; General Obligation. This 8ond is one of an
issue in the total principal amount of $1, 900, 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, charter
of the Issuer and laws of the State of Minnesota and pursuant to
a resolution adopted by the City Council of the Issuer on
August 1, 1995 (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 1995A 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 Bond Registrar.
Transfer. This Bond is transferable by the Holder in person or
by his, her or its attorney duly authorized in writing at the
principal office of the Bond Registrar upon presentation and
surrender hereof to the Bond Registrar, all subject to the terms
and conditions provided in the Resolution and to reasonable
regulations of the Issuer contained in any agreement with the
Bond Registrar. Thereupon the Issuer sha11 execute and the Bond
Registrar shall authenticate and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or simiiar
designation) , of an Authorized Denomination or Denominations, in
aggregate principal amount equal to the principal amount of this
Bond, of the same maturity and bearing interest at the same rate.
Fees upon Transfer or Loss . The Bond Registrar may require
payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or
exchange of this Bond and any legal or unusual costs regarding
transfers and lost Bonds .
295303.1 1 2
Treatment of Registered Owners . The Issuer and Bond Registrar
may treat the person in whose name this Bond is registered as the
owner hereof for the purpose of receiving payment as herein
provided (except as otherwise provided on the reverse side hereof
with respect to the Record Date) and for all other purposes,
whether or not this Bond shall be overdue, and neither the Issuer
nor the Bond Registrar shall be affected by notice to the
contrary.
Authentication. This Bond shall not be valid or become
obligatory for any purpose or be entitled to any security unless
the Certificate of Authentication hereon shall have been executed
by the Bond Registrar.
Qualified Tax-Exempt Obligation. This Bond has been designated
by the Issuer as a "qualified tax-exempt obligation° for purposes
of Section 265 (b) (3) of the Internal Revenue Code of 1986, as
amended.
ABBREVIATIONS
The following abbreviations, when used in the inscription on the
face of this Bond, shall be construed as though they were written
out in full according to applicable laws or regulations :
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Cust) (Minor)
under the Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used
though not in the above list.
295303.1 1 3
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and
transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises .
Dated:
Notice: The assignor' s signature to this assignment must
correspond with the name as it appears upon the
face of the within Bond in every particular,
without alteration or any change whatever.
Signature Guaranteed:
Signature (s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one of the
major stock exchanges or any other "Eligible Guarantor
Institution" as defined in 17 CFR 240 .17 Ad-15 (a) (2) .
The Bond Registrar will not effect transfer of this Bond unless
the information concerning ' the transferee requested below is
provided.
Name and Address :
(Include ' information for all joint owners
if the Bond is held by joint account . }
295303.1 1 4
[IIse only for Boads when they are
Registered in Book Entry Only System]
PREPAYMENT SCI3EDULE
This Bond has been prepaid in part on the date (s) and in the
amount (s) as follows :
Authorized Signature
Date Amount of Aolder
295303.1 1 5
8 . Execution; Temporary 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 . AutMentication. 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 August 1, 1995 . 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; Exchanqe. The City will cause to be
kept at the principal office of the Bond Registrar a bond
register in which, subject to such reasonable regulations as the
Bond Registrar may prescribe, the Bond Registrar shall provide
for the registration of Bonds and the registration of transfers
245303.7 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 promptly cancelled by the Bond
Registrar and thereafter disposed of as directed by the City.
All Bonds delivered in exchange for or upon transfer of Bonds
shall be valid general obligations of the City evidencing the
same debt, and entitled to the same benefits under this �
resolution, as the Bonds surrendered for such exchange or
transfer.
Every Bond presented or surrendered for transfer or exchange
shall be duly endorsed or be accompanied by a written instrument
of transfer, in form satisfactory to the Bond Registrar, duly
executed by the Holder thereof or his, her or its attorney duly
authorized in writing.
The Bond Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection
with the transfer or exchange of any Bond and any legal or
unusual costs regarding transfers and lost Bonds .
Transfers shall also be subject to reasonable regulations of the
City contained in any agreement with the Bond Registrar,
including regulations which permit the Bond Registrar to close
its transfer books between record dates and payment dates . The
295303.1 1 7
Administrator is hereby authorized to negotiate and execute the
terms of said agreement .
11. Riahts U�on Transfer or Exchancre. Each Bond delivered upon
transfer of or in exchange for or in lieu of any other Bond sha11
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 t15th) 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 intexest . Notice of the
Special Record Date shall be given by the Bond Registrar to the
Holders not less than ten (10) days prior to the Special Record
Date.
13 . Treatment of Registered Owner. The City and Bond Registrar
may treat the person in whose name any Bond is registered as the
owner of such Bond for the purpose of receiving payment of
principal of and premium, if any, and interest (subject to the
payment provisions in paragraph 12 above) 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 s�e 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 1995A 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.
295303.1 1 8
(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 $1, 877, 200, 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 a11 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 1 .
(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 reguired 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) a11 accrued interest received upon delivery of the
Bonds• (c) all funds paid for the Bonds in excess of $1, 877, 200 ;
(d) any collections of all taxes herein or hereafter levied for
the payment of the Bonds and interest thereon; (e) all funds
remaining in the Construction Account after completion of the
Improvements and payment of the costs thereof, not so transferred
to the account of another improvement; (f) all investment
earnings on funds held in the Debt Service Account; and (g) any
and all other moneys, including state-aid road funds and storm
care 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
295303.1 1 9
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 (50) 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 ar 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
twenty percent (20%) 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 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 further proceedings as
may be required by law to make the assessments a valid and
295303.1 2�
binding lien upon such property. The special assessments have
not heretofore been authorized, and accordingly, for purposes of
Minnesota Statutes, Section 475 .55, Subdivision 3, the special
assessments are hereby 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 s per annum:
Improvement Collection
Designation Amount Levy Years Years
Biscayne Ave . $1, 191, 650 1996-2005 1997-2006
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 . Tax Levy; Coverage Test. To provide moneys for payment of
the principal and interest on the Bonds there is hereby levied
upon all of the taxable property in the City a direct annual ad
valorem tax which shall be spread upon the tax rolls and
collected with and as part of other general property taxes in the
City for the years and in the amounts as follows:
Year of Tax Year of Tax
Levy Collection Amount
1996 1997
1997 1998
1998 1999
1999 2000
2000 2001
2001 2002
2002 2003
2003 2004
2004 2005
2005 2006
The tax levies are such that if collected in full they, together
with estimated 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
295303.1 2 1
Bonds . The tax levies shall be irrepealable so long as any of
the Bonds are outstanding and unpaid, provided that the City
reserves the right and power to reduce the levies in the manner
and to the extent permitted by Minnesota Statutes, Section
475 . 61, Subdivision 3 .
18 . General Obliqation Pledae. 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
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 and that the tax levy required by
law has been made.
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 Improvements .
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.
22 . Tax-Exempt Status of the Bonds; Rebate. The City shall
comply with requirements necessary under the Code to establish
295303.1 2 2
and maintain the exclusion from gross income under Section 103 of
the Code of the interest on the Bonds, including without
limitation (1) requirements relating to temporary periods for
investments, (2) limitations on amounts invested at a yield
greater than the yield on the Bonds, and (3) the rebate of excess
investment earnings to the United States if the Bonds (together
with other obligations reasonably expected to be issued and
outstanding at one time in this calendar year) exceed the small-
issuer exception amount of $5,-000, 000 .
For purposes of qualifying for the exception to the federal
arbitrage rebate requirements for governmental units issuing
$5, 000, 000 or less of bonds, the City hereby finds, determines
and declares that (1) the Bond is issued by a governmental unit
with general taxing powers, (2) no Bond is a private activity
bond, (3) ninety-five percent (95%) or more of the net proceeds
of the Bond is to be used for local governmental activities of
the City (or of a governmental unit the jurisdiction of which is
entirely within the jurisdiction of the City, and (4) the
aggregate face amount of all tax-exempt bonds (other than private
activity bonds) issued by the City (and all subordinate entities
thereof, and all entities treated as one issuer with the City)
during the calendar year in which the Bond is issued and
outstanding at one time is not reasonably expected to exceed
$5, 000, 000, all within the meaning of Section 148 {f) (4) (D) of the
Code.
23 . DesiQnation of Oualified Tax-Exempt ObliQations . In order
to qualify the Bonds as "qualified tax-exernpt 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 "qualified
tax-exempt obligations" for purposes of Section 265 (b) (3) of the
Code;
(d) the reasonably anticipated amount of tax-exempt obligations
(other than private activity bonds, treating qualified 501 (c) (3)
bonds as not being private activity bonds) which will be issued
by the City (and all entities treated as one issuer with the
City, and all subordinate entities whose obligations are treated
as issued by the City) during this calendar year 1995 will not
exceed $10, 000, 000; and
295303.1 2 3
(e) not more than $10, 000, 000 of obligations issued by the City
during this calendar year 1995 have been designated for purposes
of Section 265 (b) (3) of the Code.
There shall not be taken into account for purposes of clause (d)
above the face amount of any bonds issued to refund (other than
to advance refund) any bonds ta the extent that the principal
amount of the bonds does not exceed the outstanding principal
amount of the refunded bonds .
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
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
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 8, bearing interest payable at such times and at such
rates and maturing on such dates as shall be required, subject to
sale and/or reinvestment, to pay all amounts to become due
thereon to maturity or, if notice of redemption as herein
required has been duly provided for, to such earlier redemption
date.
25 . Compliance with Reimbursement Bond Reaulations .� 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
295303.1 2 4
have paid prior to the Closing Date (a "Reimbursement
Expenditure") .
The City hereby certifies and/or covenants as follows:
(a) Not later than 60 days after the date of payment of a
Reimbursement Expenditure, the City (or person designated to
do so on behalf of the City) has made or will have made a
written declaration of the City' s official intent (a
°Declaration") which effectively (i) states the City' s
reasonable expectation to reimburse itself for the payment
of the Reimbursement Expenditure out of the proceeds of a
subsequent borrowing; {ii) gives a general and functional
description of the property, project or program to which the
Declaration relates and for which the Reimbursement
Expenditure is paid, or identifies a specific fund or
account of the City and the general functional purpose
thereof from which the Reimbursement Expenditure was to be
paid (collectively the "Project") ; and (iii) states the
maximum principal amount of debt expected to be issued by
the City for the purpose of financing the Project; provided,
however, that no such Declaration shall necessarily have �
been made with respect to: (i) "preliminary expenditures°
for the Project, defined in the Reimbursement Regulations to
include engineering or architectural, surveying and soil
testing expenses and similar prefatory costs, which in the
aggregate do not exceed 20% of the "issue price° of the
Bonds, and (ii) a de minimis amount of Reimbursement
Expenditures not in excess of the lesser of $100, 000 or 5%
of the proceeds of the Bonds . Notwithstanding the
foregoing, with respect to any Declaration made by the City
between January 27, 1992 and June 30, 1993 , with respect to
a Reimbursement Expenditure made prior to March 2, 1992, the
City hereby represents that there exists objective evidence,
that at the time the Expenditure was paid the City expected
to reimburse the cost thereof with the proceeds of a
borrowing (taxable or tax-exempt} and that expectation was
reasonable.
(b) Each Reimbursement Expenditure is a capital expenditure or a
cost of issuance of the Bonds or any of the other types of
expenditures described in Section 1.150-2 (d) (3) of the
Reimbursement Regulations .
(c) The "reimbursement allocation" described in the
Reimbursement Regulations for each Reimbursement Expenditure
shall and will be made forthwith following fbut 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
295303.1 2 5
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 . Continuina 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:
(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
financial information and operating data in accordance with the
Undertaking. The City reserves 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 NRMSTR 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 th� Bonds and sha11 be
enforceable on behalf of such holders; provided that the right to
enforce the provisions of these covenants shall be limited to a
295303.1 2 6
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
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 resalution.
28 . Headinas . Headings in this resolution are included for
convenience of reference only and are not a part hereof, and
shall not limit or define the meaning of any provision hereof .
The motion for the adoption of the foregoing resolution was duly
seconded by member and, after a full
discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof :
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
295303.1 2�
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 HEREBY CERTIFY that I have
compared the attached and foregoing extract of minutes with the
original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of
the City Council of said City, duly called and held on the date
therein indicated, insofar as such minutes relate to considering
offers for, and awarding the sale of, $1, 900, 000 General
Obligation Improvement Bonds, Series 1995A of said City.
WITNESS my hand this day of , 1995 .
Clerk
295303.1 2 8
�
85 E.SEVENTH PLACE,SUITE 100
t SAINT PAiIL,MN 55101-2143
612-223-3000 FAX:612-223-3002
��
SPRINGSTED
Public F'urance Advisors
$1,900,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBUGATION IMPROVEMENT BONDS,SERIES 1995A
(BOOK ENTRY ONLI�
AWARD: FBS INVESTMENT SERVICES,INC.
NORWEST INVESTMENT SERVICES, INC.
And Associates
SALE: August 1,1995 Moody's Rating: A
Interest Net Interest True Interest
Bidder Rates Price Cost Rate
FBS INVESTMENT SERVICES, INC. 3.90% 1997 $1,887,137.00 $555,130.50 4.9081%
NORWEST INVESTMENT SERVICES, INC. • 4.10% 1998
Juran 8�Moody, Incorporated � 4.25% 1999
American Bank National Association 4.40% 2000
4.60% 2001
4.70% 2002
4.80% 2003
4.90% 2004
5.05% 2005
5.15% 2006
5.30% 2007
DAIN BOSWORTH INCORPORATED 4J0% 1997-2002 $1,892,923.65 $555,510.10 4.9168%
4.80% 2003
4.90% 2004-2005
5.00% 2006
5.15% 2007
(Continued)
SAINT PAUL,MN • MINNEAPOLIS,MN • BROOKFIELD,WI � OVERLAND PARK,KS • WASHINGTON,DC • IOWA C11'Y,IA
a
Interest Net Interest True Interest ,;-
Bidder Rates Price Cost Rat�-
FIRSTAR BANK MILWAUKEE, N.A. 4.15% 1997 $1,887,260.00 $556,275.00 4.9226%
4.25% 1998
4.40% 1999
4.50% 2000
4.60% 2001
4.70% 2002
4.80% 2003
4.90% 2004
5.00% 2005
5.10% 2006
5.25% 2007
PIPER JAFFRAY INC. 4.00% 1997 $1,877,200.00 $557,838.75 4.9530%
Principal Financiai Securities Inc. 4.10% 1998
425% 1999
4.35% 2000
4.50% 2001
4.65% 2002
4.75% 2003
4.85% 2004
4.95% 2005
5.05% 2006
5.20% 2007
SMITH BARNEY 4.00% 1997 $1,881,551.40 $560,253.60 4.9660%
CRONIN 8�COMPANY, INCORPORATED 4.20% 1998
4.30% 1999
4.40% 2000
4.55% 2001
4.70% 2002
4.80% 2003
4.90% 2004
5.00% 2005
5.15% 2006
5.25% 2007
PAINEWEBBER INCORPORATED 3.90% 1997 $1,882,900.00 $562,577.50 4.9809% -
4.10% 1998
4.30% 1999
4.40% 2000
4.55% 2001
4.70% 2002
4.85% 2003
5.00% 2004
5.10% 2005
5.20% 2006
5.30% 2007
(Continued)
.
! Interest Net interest True interest
Bidder Rates Price Cost Rate
DEAN WITTER REYNOLDS 4.10% 1997 $1,881,520.95 $562,044.Q5 4.9852%
INCORPORATED 4.25% 1998
ABN AMRO SECURITIES(USA) INC. 4.40% 1999
PRUDENTIAL SECURITIES, INC. 4.50% 2000
OPPENHEIMER&CO., INC. 4.65% 2001
4.75% 2002
4.$0% 2003
4.90% 2004
5.00% 2005
5.10% 2006
5.20% 2007
GRIFFIN, KUBIK, STEPHENS& 4.10% 1997 $1,877,580.00 $565,055.00 5.0191%
THOMPSON, INC. 4.25% 1998
4.40% 1999
4.50% 2000
4.60% 2001
4.70% 2002
4.80% 2003
4.90% 2004
5.00% 2005
5.10% 2006
5.20% 2007
These Bonds are being reoffered at par.
BBI: 5.97%
Average Maturity: 5.94 Years