HomeMy WebLinkAbout9.a. Accept Bids and Award Sale - G.O. Improvement Bonds, Series 1994A CITY OF ROSEMOUNT
fXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: July 5, 1994
AGENDA ITEM: Accept Bids and Award Sale - G.O. AGENDA SECTION:
Improvement Bonds, Series 1994A Old Business
PREPARED BY: Jeff May, Finance Director AGENDA
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ATTACHMENTS: Draft Resolution, Official Statement and APPROVED BY:
Copy of the City/Port Authority Agreement
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At 1 1 :00 A.M. Tuesday, July 5, 1994, sealed bids for G.O. Improvement Bonds, Series 1994A,
will be opened and the results tabulated at the offices of Springsted Inc. A representative from
Springsted will be present at the July 5th 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.
Also, included in this resolution is wording necessary to complete the attached agreement
between the City Council and the Rosemount Port Authority with respect to the construction of
the public improvements and the use of special assessments. Passing this resolution and the
signing of the agreement by the appropriate personnel from the City and the Port Authority will
allow the Port Authority to use special assessments as a financing tool when dealing with
potential Business Park customers. This agreement will be approved earlier in the evening by
the Port Authority as part of their resolution awarding the sale of the bonds for the Business
Park improvements.
RECOMMENDED ACTION:
Motion to adopt a RESOLUTION ACCEPTING OFFER ON THE SALE OF 51,605,000 GENERAL
OBLIGATION IMPROVEMENT BONDS, SERIES 1994A AND PROVIDING FOR THEIR
ISSUANCE.
COUNCIL ACTION:
. � ,• ,
.
ROSEMOUNT, MINNESOTA
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1994-
RESOLUTION ACCEPTING OFFER ON SALE OF
$335,000 GENERAL OBLIGATION
STORM WATER REVENUE BONDS, SERIES 1994B
AND PROVIDING FOR THEIR ISSUANCE
A. WHEREAS, the City Council has heretofore
determined that it is necessary and expedient to issue $335, 000
General Obligation Storm Water Revenue Bonds, Series 1994B,
pursuant to Minnesota Statutes, Chapters 444 and 475 to finance
storm water improvement projects within the City;
B. WHEREAS, offers to purchase the Bonds were
solicited on behalf of the City by Springsted Incorporated; and
C. WHEREAS, the following offers were received, �
opened and recorded at the offices of Springsted Incorporated at
11:00 A.M. , this same day:
Bidder Interest Rate Net Interest Cost
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Rosemount, Minnesota, as follows:
1. Acceptance of Offer. The offer of
(the "Purchaser") to purchase
335,000 General Obligation Storm Water Revenue Bonds, Series
1994B of the City (hereinafter referred to as the "Bonds" or
individually as a "Bond") , in accordance with the Terms of
Proposal at the rates of interest hereinafter set forth, and to
pay therefor the sum of $ , glus interest accrued to
settlement, is hereby found, determined and declared to be the
most favorable offer received and is hereby accepted and the
Bonds are hereby awarded to said Purchaser. The Finance Director
265853.1 I
,
is directed to retain the deposit of said purchaser and to
forthwith return to the other making offers their qood faith
checks or drafts.
2. Title; Oriqinal Issue Date, Denominations:
Maturities. The Bonds shall be titled "General Obligation Storm
Water Revenue Bonds, Series 1994B", shall be dated August 1,
1994, as the date of oriqinal issue and shall be issued forthwith
on or after such date as fully reqistered bonds. �he 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 Denominations") . The Bonds shall mature on
February 1 in the years and amounts as follows:
ea ount ear ount
1996 $60, 000 2001 $35, 000
1997 25,000 2002 30, 000
1998 25, 000 2003 30,000
1999 25, 000 2004 35,000
2000 30, 000 2005 40, 000
3 . �urpose. The Bonds shall provide funds for storm
water improvement projects within the City (the "Project") . The
total cost of the Project, which shall include all costs
enumerated in Minnesota Statutes, Section 475.65, is estimated to
be at least equal to the amount of the Bonds. Work on the
Project shall proceed with due diligence to completion.
4. Interest. The Bonds shall bear interest payable
semiannually on February i and Auqust 1 of each year commencinq
February 1, 1995, 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
1996 $ 2001 �
1997 2002
1998 2003
1999 2004 I,
2000 2005 I
5. edem,ption. All Bonds af this issue maturing in
the years 2004 and 2005 and shall be subject to redemption and
prepayment at the option of the City on February 1, 2003, 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 maturities and the
principal amounts within each maturity to be redeemed shall be
determined by the City; and if only part of the Bonds having a
common maturity date are called for prepayment, the specific
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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 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 reqistered 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 I
date a distinctive number for each $5,000 of the principal amount
of such Bond. The Band 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 I,
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 sha11 execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the holder of such
Bond, without service charge, a new Bond or Bonds of the same
series having the same stated maturity and interest rate and of
any Authorized Denomination or Denominations, as requested by
such holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
6. Bond Registrar. ,
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 holder) of the Bonds in the manner
set forth in the form of Bond and paragraph 12 of this
resolution.
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7. Form of Bond. The Bonds to be issued hereunder,
together with the Bond Registrar's Certificate of Authentication,
the form of Assignment and the 'registration information thereon,
shall be in substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
_ CITY OF ROSEMOUNT
R- $
GENERAL OBLIGATION STORM WATER
REVENUE BOND, SERIES 1994B
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIp
August l, 1994
REGISTERED OWNER:
,
PRINCIPAL AMOUNT: DOLLARS
IaTOW 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, 1995, 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 t�imely paid shall '
cease to be payable to the person who is the Holder hereof as of
the Regular Record Date, and shall be payable to the person who
is the Holder hereof at the close of business on a date (the
"Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Bondholders not less
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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.
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.
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 I�ERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota to be done, to happen and to be performed,
precedent to and in the issuance of this Bond, have been done,
have happened and have been performed, in regular and due form,
time and manner as required by law; that the Issuer has
covenanted and agreed with the Holders of the Bonds that it will
impose and collect charges for the service, use and availability
of its storm water facility at the times and in amounts necessary
to produce net revenues adequate to pay all principal and
interest when due on the Bonds; and that the Issuer will levy a
direct, annual, irrepealable ad valorem tax upon all of the
taxable property of the Issuer, without limitation as to rate or
amount, for the years and in amounts sufficient to pay the
principal and interest on the Bonds of this issue as they
respectively become due, if the net revenues from the storm water
utility and any other revenues irrevocably appropriated to the
Debt Service Account are insufficient therefor; and that this
Bond, together with all other debts of the Issuer outstanding on
the date of original issue hereof and the date of its issuance
and delivery to the original purchaser, does not exceed any
constitutional or statutory limitation of indebtedness.
265853.1 6
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 siqnatures of its Mayor
and its Clerk, the corporate seal of the Issuer having
beenintentionalTy �omitted as permitted by law.
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 Ls/ Facsimile
Resolution mentioned Mayor
within.
js/ Facsimile
Clerk
Bond Registrar
By
Authorized Signature �
265853.1 7
I
ON REVERSE OF BOND
Redemgtion. All Bonds of this issue maturinq in the
years 2004 and 2005, are subject to redemption and prepayment at
the option of the Issuer on February 1, 2003, 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 maturities and the principal
amounts within each maturity to be redeemed shall be determined
by the Issuer; and if only part of the Bonds having a common
maturity date are called for prepayment, the specific Bonds to be
prepaid shall be chosen by lot by the Bond Registrar. Bonds or
portions thereof called for redemption shall be due and payable
on the redemption date, and interest thereon shall cease to
accrue from and after the redemption date. Mailed notice of
redemption shall be given to the paying agent and to each
affected Holder of the Bonds.
Selection of Bonds for Redemption; Partial Redemption.
To effect a partial redemption of Bands 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 the Bond Registrar so requires, a written instrument of
transfer in form satisfactory to the Issuer and the 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 Obligatian. This Bond is
one of an issue in the total principal amount of $335,000, all of I
like date of original issue and tenor, except as to number, ��
maturity, interest rate, denomination and redemption privilege, I
which Bond has been issued pursuant to and in full confonaity '
with the Constitution and laws of the State of Minnesota and I
pursuant to a resolution adopted by the City Council on July 5, �
265853.1 $
1994 (the "Resolution") , for the purpose of providing money for
storm water improvement projects within the City. This Bond is
payable out of the General Obligation Storm Water Revenue Bonds,
Series 19948 Fund of the Issuer. This Bond constitutes a general
obliqation of the �Issuer, and to provide moneys for the prompt
and full payment of the principal, premium, if any, and interest
when the same become due, the full faith and credit and taxing
powers of the Issuer have been and are hereby irrevocably
pledged.
Denominations; Exchange: Resolution. The Bonds are
issuable solely as fully registered bonds in the Authorized
Denominations (as defined in the Resolution) and are exchangeable
for fully registered Bonds of other Authorized Denominations in
equal aggreqate principal amounts at the principal office of the
Bond Registrar, but only in the manner and subject to the
limitations provided in the Resolution. Reference is hereby made
to the Resolution for a description of the rights and duties of
the Bond Registrar. Copies of the Resolution are on file in the
principal office of the Bond Registrar.
Transfer. This Bond is transferable by the Holder in
person or by his, her or its attorney duly authorized in writing
at the principal office of the Bond Registrar upon presentation
and surrender hereof to the Bond Registrar, all subject to the
terms and conditions provided in the Resolution and to reasonable
regulations of the Issuer contained in any agreement with the
Bond Registrar. Thereupon the Issuer shall execute and the Bond
Reqistrar shall authenticate and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or similar
designation) , of an Authorized Denomination or Denominations, in
aggregate principal amount equal to the principal amount of this
Bond, of the same maturity and bearing interest at the same rate�.
Fees upon Transfer or Loss. The Bond Registrar may
require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or
exchange of this Bond and any legal or unusual costs regarding
transfers and lost Bonds.
Treatment of Reaistered Owners. The Issuer and Bond
Registrar may treat the person in whose name this Bond is
registered as the owrier hereof for the purpose of receiving
payment as herein provided (except as provided on the reverse
side hereof with respect to the Record Date) and for all other
purposes, whether or not this Bond shall be overdue, and neither
the Issuer nor the Bond Registrar shall be affected by notice to
the contrary.
265853.1 9
Uesignated as 4ualified Tax-Exempt Obligations. The
Bonds have been designated by the Issuer as "qualified tax-exempt
obligationsN for purposes of Section 265(b) (3) of the Internal
Revenue Code of 1985, as amended.
265853.1 1 0
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 riqht 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.
265853.1 1 1
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. )
265853.1 1 2
I�
8. Execution; TemporarY Bonds. The Bonds shall be
printed (or, at the request of the Purchaser, typewritten) shall
be executed on behalf of the City by the signatures of its Mayor
and Clerk and be sealed with the seal of the City; provided,
however, that the seal of the City may be a printed (or, at the
request of the Purchaser, photocopied) facsimile; and provided
further that both of such signatures may be printed (or, at the
request of the Purchaser, photocopied) facsimiles and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of disability or resignation or other absence of
ed b the manual
or
either such officer, the Bonds may be sign y
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 siqnature shall appear on the
Bonds shall cease to be such officer before the delivery of the
Bonds, such signature or facsimile shall nevertheless be valid
and sufficient for all purposes, the same as if he or she had
remained in office until delivery. The City may elect to
deliver, in lieu of printed definitive bonds, one or more
typewritten temporary bonds in substantially the form set forth
above, with such changes as may be necessary to reflect more than
one maturity in a single temporary bond. The temporary bonds may
be executed with photocopied facsimile signatures of the Mayor
and Clerk. Such temporary bonds shall, upon the printinq 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 the date of
authentication in the space provided, except that for purposes of �,
the Bonds delivered to the Purchaser, the Bond Registrar shall ,
insert as a date of authentication the date of original issue, '
which date is August 1, 1994. The executed Certificate of ,
Authentication on each Bond shall be conclusive evidence that it '
has been authenticated and delivered under this resolution.
10. �eqistration; 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 of Bonds entitled to be registered or transferred as
herein provided.
265853.1 1 3
Upon surrender for transfer of any Bond at the
principal office of the Bond Registrar, the City shall execute
(if necessary) , and the Bond Reqistrar shall authenticate, insert
the date of registration (as provided in paraqraph 9) and
deliver, in the name of the d�signated 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
aqgregate principal amount and stated maturity, upon surrender of
the Bonds to be exchanged at the principal office of the Bond
Registrar. Whenever any Bonds are so surrendered for exchange,
the City shall execute (if necessary) , and the Bond Registrar
shall authenticate, insert the date of authentication of, and
deliver the Bonds which the holder making the exchange is
entitled to receive.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly 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
instr.ument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the holder thereof or his attorney
duly authorized in writing.
The Bond Registrar may require payment of a sum ��
sufficient to cover any tax or other governmental charge payable '
in connection with the transfer or exchange of any Bond and any I
legal or unusual costs regarding transfers and lost Bonds. ',
Transfers shall also be subject to reasonable regula- '
tions of the Issuer contained in any agreement with the Bond
Registrar, including requlations which permit the Bond Registrar
to close its transfer books between record dates and payment
dates.
11. Rights Upon Transfer or Exchange. Each Bond
delivered upon transfer of or in exchange for or in lieu of any
other Bond shall carry all the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Bond.
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12. Znterest 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 "HolderM) on .the registration books of the City maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth day of the calendar month next
preceding such interest payment date (the "Regular Record Date") .
Any such interest not so timely paid shall cease to be payable to
the person who is the Holder thereof as of the Regular Record
Date, and shall be payable to the person who is the Holder
thereof at the close of business on a date (the "Special Record
Date") fixed by the Bond Registrar whenever money becomes
available for payment af the defaulted interest. Notice of the
Special Record Date shall be given by the Bond Registrar to the
Holders not less than ten (10) days prior to the Special Record
Date.
13. Treatment of Registered Owner. The City and Bond
Registrar may treat the person in whose name any Bond is
registered as the owner of such Bond for the purpose of receiving
payment of principal of and premium, if any, and interest
(subject to the payment provisions in paragraph 12 above) 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. Deliverv; Application of Proceeds. The Bonds when I',
so prepared and executed shall be delivered by the Administrator ,
to the Purchaser upon receipt of the purchase price, and the ,
Purchaser shall not be obliged to see to the proper application '
thereof.
15. Fund and Accounts. There is hereby established a
special fund to be designated "General Obligation Storm Water
Revenue Bonds, Series 1994B Fund" (the "Fund") to be held and
administered by the City Finance Director separate and apart from
all other funds of the City. The Fund shall be maintained in the
manner herein specified until all of the Bonds and the interest
thereon have been fully paid. There shall be maintained in the
Fund two separate accounts to be designated the "Construction
Account" and the "Debt Service Account, " respectively.
(i) Construction Account. To the
Construction Account there shall be credited the
proceeds of the sale of the Bonds, less accrued
interest received thereon, and less any amount paid for
the Bonds in excess of $330, 310. From the Construction
Account shall be paid all costs and expenses of the
Project, including the cost of construction contracts
heretofore let or to be let and all other costs
incurred and to be incurred of the kind authorized in
Minnesota Statutes, Section 475.65. Any balance
265853.1 1 5
remaining in the fund after completion of the costs
shall be transferred to the Debt Service Account.
(ii). Debt Service Account. There is hereby
pledged and there shall be credited to the Debt Service
Account: (a) the net revenues of the storm water
system not otherwise pledged and applied to the payment
of other obliqations of the City, in an amount,
together with other funds which may herein or hereafter
from time to time be irrevocably appropriated to the
account sufficient to meet the requirements of
Minnesota Statutes, Section 475.61 for the payment of
the principal and interest of this issue; (b) all
accrued interest received upon delivery of the Bonds;
(c) all funds paid for the Bonds in excess of $330, 310;
(d) all collections of taxes which may hereafter be
levied in the event that net revenues and other funds
herein pledged to the payment of the principal and
interest of the Bonds of this issue are insufficient
therefore; (e) all funds remaining in the Construction
Account after completion of the Project and payment of
the costs thereof; (f) all investment earnings on funds
held in the Debt Service Account; and (g) any and all
other moneys which are properly available and are
appropriated by the governing body of the City to the
Debt Service Account. The Debt Service Account shall
be used solely to pay the principal and interest and
any premiums for redemption of the Bonds and any other
general obligation bonds of the City hereafter issuad
by the City and made payable from said account as
provided by law.
No portion of the proceeds of the Bonds shall be used
directly or indirectly to acquire higher yielding investments or
to replace funds which were used directly or indirectly to
acquire higher yielding investments, except (1) for a reasonable
temporary period until such proceeds are needed for the purpose
for which the Bonds were issued, and (2) in addition to the above
in an amount not greater than the lesser of five percent (5�) of
the proceeds of the Bonds or $100, 000. To this effect, any
proceeds of the Bonds and any sums from time to time held in the
Construction Account or Debt Service Account (or any other City
account which will be used to pay principal or interest to become
due on the bonds payable therefrom) in excess of amounts which
under the applicable federal arbitrage xegulations 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"
I v ' e ederal arbitra e re lations. Mone in
made a ailable under th f Y
g �
the Fund shall not be invested in obli ations or de osits issued
g P
by, guaranteed by or insured by the United States or any agency
or instrumentality thereof if and to the extent that such
265853.1 1 6
investment would cause the Bonds to be "federally guaranteed"
within the meaninq of Section 149(b) of the federal Internal
Revenue Code of 1986, as amended (the "Code") .
16. Sufficiency of Net Revenues. It is hereby found,
determined and declared that the net revenues of the storm water
utility are sufficient in amount to pay when due the principal of
and interest on the Bonds herein authorized, and the net revenues '
of the storm water utility are hereby pledged for the payment of
the Bonds and shall be applied for that purpose, but solely to
the extent required to meet the principal and interest
requirements of this issue as the same become due. Excess .net
revenues may be used for any proper purpose. Nothing contained
herein shall be deemed to preclude the City from making further
pledges and appropriations of the net revenues of the storm water
utility for the payment of other or additional obligation5 of the
City, provided that it has first been determined by the City
Council that the estimated net revenues of the storm water
utility will be sufficient in addition to all other sources, for
the payment of the Bonds herein authori2ed, and such additional
obligations and any such pledge and appropriation of the net
revenues may be made superior or subordinate to, or on a parity
with the pledge and appropriation herein.
17. Covenant to Maintain Rates and Charges. In
accordance with Minnesota Statutes, Section 444.075, the City
, hereby covenants and agrees with the holders of the Bonds that it
will impose and collect charges for the service, use,
availability and connection to the storm water utility at the
times and in the amounts required to produce net revenues
adequate to pay all principal and interest when due 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 irrevocably pledged. If the
net revenues of the storm water utility appropriated and pledged
to the payment of principal and interest on the Bonds, together
with other funds irrevocably appropriated to the Debt Service
Account herein established, shall at any time be insufficient to
pay such principal and interest when due, the City covenants and
agrees to levy, without limitation as to rate or amount an ad
valorem tax upon all taxable property in the City sufficient to
pay such principal and interest as it becomes due. If the
balance in the Debt Service Account is ever insufficient to pay
all principal and interest then due on the Bonds payable
therefrom, the deficiency shall be promptly paid out of any other
accounts of the City which are available for such purpose, and
such other funds may be reimbursed without interest from the Debt
Service Account when a sufficient balance is available therein.
265853.1 1 7
19. Coveraqe Test. The net revenues are such that if
collected in full they, together with all other funds herein
pledged for the payment of the Bonds, will produce at least five
percent (5$) in excess of the amount needed to meet when due the
principal and interest payments on the Bonds.
20. Certif icate of Registration. The City 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 Auditor's certificate that the Bonds have been entered in the
Auditor's Bond Register.
21. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furni�h to
the Purchaser, and to the attorneys approvinq the legality of the
issuance, certified copies of all proceedings and records of the
City relating to the Bonds and to the financial condition and
affairs of the City, and such other affidavits, certificates and
information as are required to show the facts relating to the
legality and marketability of the Bonds as the same appear from
the books and records under their custody and control or as
otherwise known to them, and all such certified copies,
certificates and affidavits, including any heretofore furnished,
shall be deemed representations of the City as to the facts
recited therein.
22 . Negative Covenant as to Use of Project. The City
hereby covenants not to use the Project or to cause or permit
them to be used, or to enter into any deferred payment
arrangements for the cost of the Project, 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. '
23 . Sax-Exem�t Status of the Bonds: Rebate. The City ',
shall comply with requirements necessary under the Code to ,
establish and maintain the exclusion from gross income under ,
Section 103 of the Code of the interest on the Bonds, including '
without limitation (1) requirements relating to temporary periods
for investments, (2) limitations on amounts invested at a yield �
greater than the yield on the Bonds, and (3) the rebate of excess '
investment earnings to the United States if the Bonds (together '
with other obligations reasonably expected to be issued and ',
outstandinq at one time in this calendar year) exceed the small- ',
issuer exception amount of $5,000,000. '
For purposes of qualifyinq for the exception to the ,
federal arbitrage rebate requirements for governmental units ',
issuing $5, 000,000 or less of bonds, the City hereby f inds, !,
determines and declares that (1) the Bond is issued by a '
qovernmental unit with general taxing powers, (2) no Bond is a ,
private activity bond, (3) ninety-five percent (95$) ar more of ',
the net proceeds of the Bond is to be used for local qovernmental I,
265853.1 1 8
activities of the City (or of a qovernmental unit the
jurisdiction of which is entirely within the jurisdiction of the
City, and (4} the aggreqate 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.
24. Desiqnation of 4ualified Tax-Exempt Obliaations.
In order to qualify the Bonds as "qualified tax-exempt
obligations" within the meaninq 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 subordinate to the City, and all issuers treated as
one issuer with the City) during this calendar year 1994
will not exceed $10,000,000; and
(e) not more than $10,000,000 of obligations
�issued by the City during this calendar year 1994 have been
designated for purposes of Section 265(b) (3) of the Code.
The City shall use its best efforts to comply with any federal
procedural requirements which may apply in order to effectuate
the designation made by this paragraph.
25. 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 swa sufficient for the payment thereof in full with interest I
accrued to the date of such deposit. The City may also discharge ,
its obligations with respect to any prepayable Bonds called for '',
265853.1 1 9
redemption on any date when they are prepayable according to
their terms, by depositing with the Bond Reqistrar on or before
that date a sum �ufficient for the payment thereof in full,
provided that notice of redemption thereof has been duly given.
The City may also at any time discharqe its obligations with
respect to any Bonds, subject to the provisions of law now or
hereafter authorizing and regulatinq 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.
26. Compliance with Reimbursement Bond ReQulations.
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 eovenants 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 J
architectural, surveying and soil testing expenses and ,
similar prefatory costs, which in the aggregate do not ',
265853.1 2 0
exceed 20� of the "issue price" of the Bonds, and (ii)
a �ie minimis amount of Reimbursement Expenditures not
in excess of the lesser of $100,000 or 5$ of the
proceeds �f the Bonds. Notwithstandinq 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 grior 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 borrowinq (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 21 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.
27. Severability. If any section, paragraph or
provision of this resolution shall be held to be invalid or
unenforceable for any reason, the invalidity or unenforceability
of such section, paragraph or provision shall not affect any of
the remaining provisions of this resolution.
28. 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.
265853.1 2 1
The motion for the adoption of the foregoing resolution
was duly seconded by member and, after a full
discussion thereof and upon 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.
265853.1 2 2
ADOPTED this day of July, 1994.
E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion b : Seconded b : �I
Y Y
Voted in favor: '
Voted Against:
2b5853.1 2 3
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 of offers for and awarding the sale of, $335,000
General Obligation Storm Water Revenue Bonds, Series 1994B of
said City.
WITNESS my hand this day of , 1994.
Clerk
265853.1 2 4
�
ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1994-
RESOLUTION ACCEPTING OFFER ON THE
SALE OF $1, 605, 000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1994A 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 $1, 605, 000 General
Obligation Improvement Bonds, Series 1994A 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 each of the improve-
ment projects to be financed by the Bonds have heretofore been
ordered; and
C. WHEREAS, offers to purchase the Bonds were
solicited on behalf of the City by Springsted Ineorporated; and '
D. WHEREAS, the following of�ers 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
he Cit Council of I�'�
NOW, THEREFORE, BE IT RESOLVED by t y
the ^ity of Rosemount, Minnesota, as follows: ',
1. Acceptance of Offer. The offer of I��
(the "Purchaser") , I
to purchase $1, 605, 000 General Obligation Improvement Bonds, I,
Series 1994A 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 surn of li
$ , plus interest accrued to settlement, is hereby I�
265664.1 I
found, determined and declared to be the most favorable offer
received and is hereby accepted, and the Bonds are hereby awarded
to the Purchaser. The Administrator is directed to retain the
deposit of said Purchaser and to forthwith return to the others
making offers their good faith deposits.
2 . Title; Original Issue Date; Denominations;
Maturities. The Bonds shall be titled "General Obligation
Improvement Bonds, Series 1994A", shall be dated August 1, 1994,
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 ("Authorized
Denominations") . The Bonds shall mature on February 1 in the
years and amounts as follows:
Year Amount Year Amount
1997 $130,000 2002 $160, 000
1998 135, 000 2003 170, 000
1999 140, 000 2004 180, 000
2000 145, 000 2005 190, 000
2001 155, 000 2006 200, 000
3 . Purpose. The Bonds shall provide funds to finance
the construction of various street improvements in 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 proceeds with due diligence to completion and that I,
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 l and August 1 of each year (each, an
"Interest Payment Date") , commencing February 1, 1995, 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 RatB
1997 % 2002 �
1998 2003
1999 2004
2000 _ 2005
2001 2006
265664.1 2
5. Redemption. All Bonds maturing in the years 2004 ',
through 2006, both inclusive, shall be subject to redemption and I
prepayment at the option of the City on February 1, 2003 , and on !,
any date thereafter at a price of par plus accrued interest. �I
Redemption may be in whole vr 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 onl� 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
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
6. Bond Reqistrar.
, 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
265664.1 3
manner set forth in the form of Bond and paragraph 12 af 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:
265664.1 4
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF ROSEMOUNT
R- $
GENERAL OBLIGATION IMPROVEMENT -
BOND, SERIES 1994A
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIp
August l, 1994
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
Ia10W 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, 1995, 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
I provided for. This Bond will bear interest from the most recent
e
Int rest Payment Date to which interest has been paid or, if no
interest has been paid, from the date of original issue hereof.
The principal of and premium, if any, on this Bond are payable
upon presentation and surrender hereof at the principal office of
, in .
Minnesota (the "Bond Registrar") , acting as paying agent, or any
successor paying agent duly appointed by the Issuer. Interest on
this Bond will be paid on each Interest Payment Date by check or ,
draft mailed to the person in whose name this Bond is registered
(the "Holder" or "Bondholder") on the registration books of the
Issuer maintained by the Bond Registrar and at the address
appearing thereon at the close of business on the fifteenth day
of the calendar month next preceding such Interest Payment Date ',
(the "Regular Record Date") . Any interest not so timely paid '
shall cease to be payable to the person who is the Holder hereof ,,
as of the Regular Record Date, and shall be payable to the person ',
who is the Holder hereof at the close of business on a date (the '
"Special Record Date") fixed by the Bond Registrar whenever money '
becomes available for payment of the defaulted interest. Notice I
2as�.� 5
--------I
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.
REFERENCE IS HEREBY MADE TO THE FURT�IER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
FOR ALL PURPOSES HAVE TIiE SAME EFFECT AS IF SET FORTIi HERE. '
IT IS IiEREBY 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 perfonaed, ',
precedent to and in the issuance of this Bond, have been done, '
have happened and have been performed, in regular and due form, 'i
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. 'I
IN WITNESS WHEREOF, the City of Rosemount, Dakota �
County, Minnesota, by its City Council has caused this Bond to• be I
executed on its behalf by the facsimile signatures of its Mayor
and its City Clerk, the corporate seal of the Issuer havinq been
intentionally omitted as permitted by law.
265664.1 6
Date of Reqiatration: Reqistrable by:
Payable at:
BOND REGISTRAR'S CITY OF ROSEMOUNT, i
CERTIFICATE OF DAKOTA COUNTY,
AUTHENTICATION MINNESOTA
This Bond is one of the �
Bonds described in the !s/ Facsimile I
Resolution mentioned Mayor
within.
�s/ Facsimile
Clerk
Bond Registrar �
By I��
Authorized Signature
I
�,
j ',
2b5664.1 7 I�
' I
ON REVERSE OF BOND
edemption. All Bonds of this issue (the "Bonds")
maturing in the years 2004 through 2006, both inclusive, are
subject to redemption and prepayment at the option of the Issuer
on February 1, 2003, and on any date thereafter at a price of par
plus accrued interest. Redemption may be in whole or in part of
the Bonds subject to prepayment. If redemption is in part, the
City shall determine the maturities and principal amount within
each maturity to be prepaid; and if only part of the Bonds having
a common maturity date are called for prepayment, the specific
Bonds to be prepaid shall be chosen by lot by the Bond Registrar.
Bonds or portions thereof called for redemption shall be due and
payable on the redemption date, and interest thereon shall cease
to accrue from and after the redemption date. Mailed notice of
redemption shall be given to the paying agent and to each
affected Holder of the Bonds.
Selection of Bonds for Redemption; Partial Redemption.
To effect a partial redemption of Bonds having a common maturity
date, the Bond Registrar shall assign to each Bond having a
common maturity date a distinctive number for each $S, OOO 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 Denomina-
tions, as requested by such Holder, in aggreqate principal amount
equal to and in exchange for the unredeemed portion of the
principal of the Bond so surrendered.
Issuance: Purnose; General Obligation. This Bond is
one of an issue in the total principal amount of $1, 605,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and
pursuant to a resolution adopted by the City Council of the
265664.1 8
Issuer on July 5, 1994 (the "Resolution") , for the purpose of
providing money to finance the construction of various improve-
ments. This Bond is payable out of the General Obligation
Improvement Bonds, Series 1994A 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.
�enominations: Exchange, Resolution. The Bonds are
issuable solely as fully registered bonds in Authorized
Denominations (as defined in the Resolution) and are exchangeable
for fully registered Bonds of other Authorized Denominations in
equal agqreqate 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 writinq
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 authentica�e and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or similar
designation) , of an Authorized Denomination or Denominations, in
aggregate principal amount equal to the principal amount of this
Bond, of the same maturity and bearing interest at the same rate.
Fees upon Transfer or Loss. The Bond Registrar may
require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or
exchange of this Bond and any legal or unusual costs regarding
transfers and lost 8onds.
�reatment of Reqistered 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. '
�I
;
265664.1 9 '�
�, �
____ _
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.
Designated as of 4ualified Tax-Exempt Obliqation. This
Bond has been designa�ed 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.
265664.1 1 0
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 book� 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 exchanqes 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 Hond
unless the information concerning the transferee requested below
is provided. '
Name and Address:
(Include infornaation for all joint owners '
if the Bond is held by joint account. ) ',
2Gs664.1 1 1
8. Execution; Temporarv Bonds. The Bonds shall be
printed (or, at the request of the Purchaser, typewritten)
executed on behalf of the City by the siqnatures of its Mayor and
Clerk and be sealed with the seal of the City; provided, however, '
that the seal oP 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 �vent 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 siqnature 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 canceled.
9. Authentication. No Bond shall be valid or
' obligatory for any purpose or be entitled to any security or
benefit under this resolution unless a Certificate of
Authentication on such Bond, substantially in the form
hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Reqistrar. 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 ',
reqistration 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 reqistration the date of oriqinal issue, which date ,
is August 1, 1994. The Certificate of Authentication so executed
on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution.
10. �egistration; Transfer; Exchanae. The City will
causs 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 reqistration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as '
herein provided.
265664.1 1 2 '
�
Ugon 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 reqistered 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 canceled by the
Bond Registrar and thereafter disposed of as directed by the
City.
All Bonds delivered in exchange for or upon transfer of
Bonds shall be valid general obligations of the City evidencing
the same debt, and entitled to the same benefits under this
resolution, as the Bonds surrendered for such exchange or
transfer.
Every Bond presented or surrendered for transfer or
exchange shall be duly endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the Holder thereof or his, 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 Finance Director is hereby authorized to negotiate
and execute the terms of said agreement.
11. Rights Upon Transfer or Exchanqe. Each Bond
delivered upon transfer of or in exchange for or in lieu of any
265664.1 1 3
other Bond shall carry all the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Bond.
12. In�erest Payment: Recard 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 reqistered
(the "Holder") on the registration books of the City maintained
by the Bond Registrar and at �he 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 i
Record Date") . Any such interest not so timely paid shall cease I
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 i
the Holder thereof at the close of business on a date (the �
"Special Recard Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given by the Bond Registrar
to the Holders not less than ten (10) days prior to the Special
Record Date.
13. Treatment of Registered Owner. The City and Bond
Registrar may treat the person in whose name any Bond is
registered as the owner of such Bond for the purpose of receiving
payment of principal of and premium, if any, and interest
(subject to the payment provisions in paragraph 12 above) 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. Deliverv: Application of Proceeds. The Bonds when
so prepared and executed shall be delivered by the Administrator
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 1994A Fund" (the "Fund") to be administsred 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.
(i) Construction Account. To the Construction Account
there shall be credited the proceeds of the sale of the Bonds,
less accrued interest received thereon, and less any amount paid
for the Bonds in excess of $1,582,530, and less capitalized
interest in the amount of $ together with interest
earnings thereon and subject to such other adjustments as are
265664.1 1 4
appropriate to provide sufficient funds to pay interest due on
the Bonds on or before February 1, 1995, 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 trie 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; �nd 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 commence�ent of ,
the collection of special assessments herein 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, i
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 required to pay any princi-
pal 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 $1,582,530; (d)
capitalized interest in the amount of $ (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 February 1, 1995) ; (e) all
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
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
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.
265G64.1 1 5
No portion of the proceeds of the Bonds shall be used ,
directly or indirectly to acquire higher yieldinq investments or '�,
to replace funds which were used directly or indirectly to
acquire hiqher 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
special assessments against benefitted properties are also
pledged to the Debt Service Account, in excess of amounts which
under then-applicable federal arbitrage regulations may be
invested without reqard 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 arbitraqe 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 heretofore levied against every
assessable lot, piece and parcel of land benefitted by any of the
Improvements. The City hereby covenants and aqrees that it will
let all construction contracts not heretofore let within one (1)
year after orderinq 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 aqrees 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 binding lien upon such property. It is
hereby determined that the assessments shall be payable in equal,
consecutive, installments of principal and interest, with general
taxes for the years shown below at a rate per annum not greater
than the maximum permitted by law and not less than � per - - - --
annum:
, 2656d4.1 1 6
'� -------_____ _ _
Improvement Collection
Desiqnation Amount Levy Years Years
145th Street
Reconstruction $ 55,000 1995-2004 1996-2005
West Ridqe 5th Addition 414,000 1995-2004 1996-2005
Shannon Hills 6th
Addition 405,000 1995-2004 1996-2005
O'Leary's 7th Addition 571,000 1995-2004 1996-2005
At the time the assessments are in fact levied the City
Council shall, based an 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. General Obliqation Pledqe. 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 '
baiance is available therein. �'i
18. Certificate of Reqistration. The City Clerk is I
hereby directed to file a certified copy of this resolution with I
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.
19. 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.
265664.1 1 7
20. Defeasance. When all Bonds have been discharged
as provided in this paragraph, all pledges, covenants and other
rights granted by this resolution to the registered holders of
the Bonds shall, to the extent permitted by law, cease. The City -
may discharge its obligations with respect to any Bonds which are
due on any date by irrevocably depositing with the Bond Registrar
on or before that date a sum sufficient for the payment thereof
in full; or if any Bond should not be paid when due, it may
nevertheless be discharged by depositing with the Bond Registrar
a sum sufficient for the payment thereof in full with interest
accrued to the date of such deposit. The City may also discharge
its obligations with respect to any prepayable Bonds called for
redemption on any date when they are prepayable according to '
their terms, by depasiting with the Bond Registrar on or before ,
that date a sum sufficient for the payment thereof in full, I�
provided that notice of redemption thereof has been duly given. �
The City may also at any time discharge its obligations with i
respect to any Bonds, subject to the provisions of law now or I
hereafter authorizinq 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.
21. �Teqative 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 and maintain the exclusion from gross income under
Section 103 of the Code of the interest on the Bonds, includinq
without limitation (1) requirements relating to temparary 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 ather obligations reasonably expected to be issued and
outstanding at one time in this calendar year) exceed the sma11-
issuer exception amount of $5, 000,000.
265664.1 1 8
For purposes of qualifying for the exception to the
federal arbitrage rebate requirements for governmental units
issuinq $5,000, 000 or less of bonds, the City hereby finds,
determines and declares that (1) the Bond is issued by a
governmental unit with general taxing powers, (2) no Bond is a
private activity bond, (3) ninety-five percent (95$) or more of
the net proceeds of the Bond is to be used for local governmental -
activities of the City (or of a qovernmental unit the
jurisdiction of which is entirely within the jurisdiction of the
City, and (4) the aqgregate 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. Compliance with Reimbursement Bond Regulations.
The provisions of this paragraph are intended to establish and
provide for the City's compliance with United States Treasury
Regulations Section 1. 150-2 (the "Reimbursement Regulations")
applicable to the "reimbursement proceeds" of the Bonds, being
those portions thereof which will be used by the City to
reimburse itself for any expenditure which the City paid or will
have paid prior to the Closing Date (a "Reimbursement
Expenditure") . �
The City hereby certifies and/or covenants as follows:
(a) Not later than 60 days after the date of payment of a
Reimbursement Expenditure, the City (or person
designated to do so on behalf of the City) has made or
will have made a written declaration of the City's
official intent (a "Declaration") which effectively (i)
states the City's reasonable expectation to reimburse
itself for the payment of the Reimbursement Expenditure
out of the proceeds of a subsequent borrowing; (ii)
gives a general and functional description of the
property, project or program to which the Declaration
relates and for which the Reimbursement Expenditure is
paid, or identifies a specific fund or account of the
City and the general functional purpose thereof from
which the Reimbursement Expenditure was to be paid
(collectively the "Project") ; and (iii) states the
maximum principal amount of debt expected to be issued
by the City for the purpose of financing the Project;
provided, however, that no such Declaration shall
necessarily have been made with respect 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 8onds, and (ii)
265664.1 1 9
a de minimis amount of Reimbursement Expenditures not
in excess of the lesser of $100,000 or 5� of the
proceeds of the Bonds. Notwithstanding the foregoing,
with respect to any Declaration made by the City
between January 27, 1992 and June 30, 1993, with
respect to a Reimbursement Expenditure made prior to
March 2, 1992, the City hereby represents that there
exists objective evidence, that at the time the
Expenditure was paid the City expected to• reimburse the
cost thereof with the proceeds of a borrowing (taxable
or tax-exempt) and that expectation was reasonable.
(b) Each Reimbursement Expenditure is a capital expenditure
or a cost of issuance of the Bonds or any of the other
types of expenditures described in Section 1.150-
2 (d) (3) of the Reimbursement Regulations.
(c) The "reimbursement allocation" described in the
Reimbursement Regulations for each Reimbursement
Expenditure shall and will be made forthwith following
(but not prior to) the issuance of the Bonds and in all
events within the period ending on the date which is
the later of 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 E�enditure 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 21 upon receipt of
an opinion of its Bond Counsel for the Bonds stating in effect
that such action will not impair the tax-exempt status of the
Bonds.
24. Designation as ualified Tax-Exemrt Obligations.
In order to qualify the Bonds as "qualified tax-exempt -
obligations" within the meaning of Section 265(b) (3) of the
Internal Revenue Code of 1986, as amended, the City hereby makes
the followinq factual statements and representations:
(a) the Bonds are not "private activity bonds" as
defined in Section 141 of the Code; '
(b) the City hereby designates the Bonds as "qualified
tax-exempt obligations" for purposes of Section 265(b) (3) of �,
the Code; j
265664.1 2 0
(c) the reasonably anticipated amount of tax-exempt
obligations (other than private activity bonds) which will '
be issued by the City (and all subordinate entities of the '
City) during calendar year 1994 will not exceed $10, 000, 000;
and
(d) not more than $10, 000, 000 of obligations issued by
the City during calendar year 1994 have been designated for
purposes of Section 265 (b) (3) of the Code.
25. Aqreement with Port Authority. The Agreement
dated July 5, 1994, by and between the Rosemount Port Authority
and the City relating to certain public improvements to be
constructed in the Rosemount Business Park and the special
assessments to be levied with respect thereto is hereby approved
in substantially the form submitted and the Mayor and City Clerk
are hereby authorized to execute the Agreement on behalf of the
City.
26. 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 resolution.
27. Headincrs. 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.
265664.1 2 1
ADOPTED this day of July, 1994.
E.B. McMenomy, Mayor '
ATTEST: II
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against:
265664.1 2 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
authorizing the issuance of $1, 605, 000 General Obligation
Improvement Bonds, Series 1994A of said City.
WITNESS my hand this day of , 1994.
Clerk
265664.1 2 3
�
.
,,
Public Improvements Agreement
This Agreement dated this 5th day of July, 1994, by and
between the City of Rosemount, Minnesota, (the "City") and the
Rosemount Port Authority (the "Authority") , and provides as
follows:
WHEREAS, the Authority has heretofore issued its $1, 630, 000
General Obligation Bonds, Series 1993 (the "Series 1993 Bonds")
to provide funds to acquire certain land in the City for a
business park (the "Business Park") , and proposes to issue its
General Obligation Bonds, Series 1994A (the "Series 1994A Bonds")
';� to provide funds to finance the costs of certain public
improvements in the Business Park (the "Improvements") ; and
WHEREAS, the City, by ordinance, has pledged its full faith
and credit to the payment of the Series 1993 Bonds and the Series
1994A Bonds; and
WHEREAS, the Authority and certain other benefitted property
owners have petitioned the City to construct the Improvements and
to assess the entire cost of the Improvements against their
property; and
WHEREAS, a feasibility study has heretofore been prepared
for the Improvements and the City Council has heretofore adopted
a resolution ardering the construction of the Improvements.
NOW, THEREFORE, the City and the Authority agree as follows:
1. The Authority agrees to act as agent for the City in
connection with the construction of the Improvements, and to
construct the Improvements in accordance with the provisions of �,
Minnesota Statutes, Chapter 429 . f
2 . The City agrees to specially assess all property ��,
benefitted by the Improvements in accordance with the provisions ',
of Minnesota Statutes, Chapter 429 . �!
3 . The City agrees to transfer to the Authority all
special assessments received by the City which were levied for
the Improvements, and the Authority agrees to deposit the special '
assessments in one of the debt service funds established for the '
Series 1993 Bonds or the Series 1994A Bonds, and to use such
funds to reduce the tax levies required by law to be made to pay
the principal and interest on the Series 1993 Bonds and the
Series 1994A Bonds.
266861.1 '
,
IN WITNESS WHEREOF, the City and the Authority have caused
this Agreement to be duly executed all as of the date and year
above first written.
CITY OF ROSEMOUNT
By
Its Mayor
By
Its Clerk
Signature page to Public Improvements Agreement dated July 5,
1994, by and between the City of Rosemount and the Rosemount Port
Authority.
266861.1 2
, �
ROSEMOUNT PORT AUTHORITY
By
Its Chair
By
Its Secretary
Signature page to Public Improvements Agreement dated July 5,
1994, by and between the City of Rosemount and the Rosemount Port
Authority.
266861.t 3