HomeMy WebLinkAbout6.e. Accept Bids/Award Sale G.O. Water Revenue Refunding Bonds, Series 1993C r
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CITY OF ROSEMQUNr
EXECUTIVE SUrIlKARY FOR ACTION
CITY COUNC3L MEETING DATE: Jul�r 20, 1993
AGENDA ITEM: Accept Bids and Award Sale-G.O. AGENDA SECTTON:
Water Revenue Refunding Bonds, SeriEs 1993C Old Business
PREPARED BY; AGEND��j� �
Jeff May, Finance Directar � �
ATTACHI�IENTS: Draft Resolution and � � ��� � AF
Official Statement {See Agenda Item #,��-c., )
At 10 :30 A.M. , Tuesday, July 20, i993, sealed bids for �.0. Water Revenue
Refunding Bonds, Series 1993C, will be opened and the resul.ts tabulated at
the offices of Springsted Inc. Dan O'Neill, from Springs�.ed, will be
present at the July 20th City 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 evenin.g.
REC4bIIdENDED ACTION: Motion to adopt A RESOLUTION ACCEPTING OFFER ON
THE SALE O�F $945, 000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS,
SERIES 1993C AND PROVIDING FOR THEIR ISSUANCE.
COUNCIL ACTZON:
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CI�.'7i' �F R08EMOIINT
DAKOTA COIINTY, MINNESOTA
R880LtTTIOH 1993 -
RESOLII3'ION ACCBPTINa OFFSR ON SALB OF
$94b,000 GENERAL OBLIC�ATZO� 1PATER RBVENII$ RBFUNDINQ� BONDB,
SERIES 1993C AND PROQZDINQ FOR THEZR ISSIIANC$
WHEREAB, the City Council of the City of Rosemount, Minnesota
(the "City") o�rns and aperates a municipal water system as a
revenue producing public utility; and
WSEREAB, the Gity has heretofore determined and declared that it
is necessary and expedient to provide moneys for a crossover
refunding of the City's General Obligation Water Revenue Bonds,
Series 1989A, dated Agril 2, 1989 (the "Prior Bonds") which
mature in 1997, and thereafter; and
WHEREAB, $910,00� of the principal amount of the Prior Bonds
which mature on or after February 1, 1998, are callable on
February 1, 1997, at a price of par plus accrued interest as
provided in the resolutic�n of the City Council, adopted on
March 21, 1989, authorizing the issuance of the Frior Bonds {the
- ��Prior Reso�_��ian") ; -��d- _ _ _ �
WHEREAB, the refunding o€ the callable Prior Bonds, is aonsistent
with covenants made with the holders thereof, and is necessary
and desirable for the reduction of debt service cost to the City;
and
WHEREAS, the City Council has heretofore determined and declared
that it is necessary and expedient to issue $945, 000 General
Obligation Water Revenue Refurtding Bonds, Series 1993C of the
City, pursuant to Minnesota Statutes, Chapter 475, to -pravide
moneys for a crossover refunding of the callable Prior Bonds; and
WSEREAS, the City has retained Springsted Incorporated, an
independent financial consultant, and is therefore authorized to
negotiate the sale of the Bonds; and
WHBREAS, the foliowing offers were received, opened and recorded
by the City Administrator or his designee at the offices of
Springsted Incorporated at 10:30 A.M. this same day:
8'd r Interest Rate Net_ �nter�st C+ast
2�OW, THEREFORE, BE IT RESOLVED by the City Council of the City of
RQsemount, Minnesota, as follows:
1. Accegtance of Offer. The offer of
(the "Purchaser") , to purchase
$945,000 General Obligation Water Revenue Refunding Bonds,
Series 1993C of the City (the "Bonds" or the "Refunding
Bonds", or individually a "Bond"j , at the rates of interest
hereinafter set forth, and to pay therefor the sum of
$ , plus interest accrued to settlement, is hereby
found, determined and declared to be the most favorable
offer received and is hereby accepted, and the Bonds are ,
hereby awarded to the Purchaser. The Finance Director is
directed to retain the deposit of the Purchaser and ta
forthwith return to the others making offers their good
faith deposits.
2. T�t�e; Original Issue Date: Denominations: Maturities. The
Bonds shall be titled "General C►bligation Water Revenue
Refunding Bonds, Series 1993C", shall be dated August 1,
1993, as the date of origi.nal issue and --sh�l�-=be issued
forthwith on or after such date as Fully registered bor�ds.
The Bonds shall be numbered from R-1 upward in the denomin-
ation of $5,000 each or in any integral multiple thereof of
a single maturity. The Bonds shall mature an Febru�ry 1 in
the years and amounts as follows:
Year oun Year ount
1998 $100,004 2002 $120,000
1999 105,000 2003 125, OQO
2000 110,000 2004 130,Oa0
2001 1I5,000 2005 140,OQ0
3. Purvose: Refundinq Findi,�ncrs. The Bonds shall provide funds
for a crossaver refunding of the City's callable Prior Bonds
(the "Refunded Bonc�s") �the '"Refunding") , It is hereby
found, determined and declared that the Refunding is
pursuant to Minnesata Statutes, Section �75.67, and shall
result in a reduction af debt service cost to the City. The
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present value of the dollar amount of the debt service on
the Bonds is $ lower than the present ualue of the
debt service on the Refunded Bonds, computed in aecordance
with Minnesota Statutes, Section 476.6�, subdivisions 12 and
13.
4. Intezest. The Bonds shall bear interest payable semi-
annuaily on February l and August l of each year (each, an
"Interest Payment Date") , commencing August 1, 1994,
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
1998 � 2002 $
1999 2003
2000 2004
2Q01 2005
5. Redemption. Al1 Bonds maturing in the years 2003 to 2005,
both inclusive, shall be subject to redemptian and
prepayment at the option of the City on February 1, 2002,
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
matt�rities and the principal amaunts within each maturity to
�_ be redeemed shall be determined by the City: and i£ _only _ _
�- part of the Bonds-having a conunon 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 an
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 havir�g 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 Bor�d. 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 af such Bonds
to be redeemed. The Bonds to be redeemed shall be the Bonds
to which were assigned numbers so selected; provided,
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however, that only so much of the principal amount of each
such Bond of a denomination of �ore than $5,000 shall be
redeemed as shal� equal $5,000 for each number assigned to
it and so selected. Tf a Bo�d is to be redeemed anly in
part, it shall be surrendered to the Bond Registrar (with,
if the City or Bond Registrar sa 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
shail execute (if necessary) and the Bond Registrar shall
authenticate and deliver to the lHolder 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 denominatiohs, as requested by
such Holder, in aggregate principal amount equa2 to and in
exchange for the unredeemed portion of the principal of the
Band so surrendered.
6. Bond Reqistrar. , in
, Minnesota, is apgointed 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 duiy 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 successc�r paying agent is
duly _appointed. Principal and interest on the Bonds shall
be paid to the registered holders (or record hoiders) of the
__ Bonds `in the 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 �ollowing form:
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UNITED STATES OF AMERICA
STATE QF MINNESOTA
DAKOTA COUNTY
CITY OF ROSEMOUNT
R- $
GENERAL OBLIGATION WATER REVENUE
REFUNDING BOND, SERIES 1993C
INTEREST MATURITY DATE OF
RATF, DATE ORIGINAL ISSUE CUSIP
August l, 1993
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
KN�W ALL PERSONS BY THESE PRESENTS that the City 'of Rasemount,
Dakota County, Minnesota (the "Issuer") , certifies that it is
indebted and for value received promises to pay to the registered
owner specified aboue, or registered assigns, in the manner �
hereinafter set forth, unless called for earlier redemption, the
principal amount specified above, on the maturity date specified
above, and to pay interest thereon semiannually on February 1 and
- _ August 1 0� each year (each, an "Intere:st P�iy�ment Da�e") , _ .
_ _
commencing_Augu.st l, 1994, at the rate ger annum specified above
(calculated on the basis oF a 360-day year of twelve 30-day
months) until the principal sum is paid ar 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 an this Bond
will be paid on each Interest Payment Date by check or draft
mailed to the person in whose name this Bond is register�d (the
"Holder" or "Bondholder") on the r�gistration 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 sa timely paid shali
cease to be payable to the person who is the Holder hereof as of
the Regular Record Date, and shaZl be payable to the person who
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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 i�terest. Notice
of the Special Record Date shall be given to Bondholders not less
than ten days prior to the Special Record Date. The principal of
and premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
REFERENCE IS HEREBY MADE T� THE FURTHER PROVISIONS OF THIS BOND
SET FORTH ON THE REVERSE HEREDF, WHICFi PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and
things required by the Constitution and 1.aws 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 Bands that it wi11 impose and collect
charges for the service, use and availability of its municipal
water facility at the times and in the amounts necessary to
produce net xevenues adequate to pay all principal and interest
when due on the Bonds; and that the Tssuer will buy 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 the amounts sufficient to pay the principal
and interest on the Bonds, of this issue as they respectively
come due, if the net revenues from the water faciZity and any
ather revenues irrevocably appropriated to the Debt Service _
Account are- insuf f icient- therefor, and_that this Bonc�;�tz�gether
- - with all othe� debts af the Issuer outstan�ing on--the date �f
original issue hereof and the date of its issuance and delivery
to the original purchaser, does not exceed any constitutional or
statutory limitatian of indabtedness.
IN WITNESS WHEREOF, the City of Rosemount, Dakota County,
Minnesota, by its City Gouncil has caused this Bond to be
executed on its behalf by the facsimile signatures of its Mayar
and its Administrator.
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. ,
Date of Registration: Registrable by.
Payable at:
BOND REGISTRAR'S CITY OF ROSEMOUNT
CERTIFICATE OF DAKOTA COUNTY, MINNESOTA :
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned fsj Facsimile
within. Mayor
/s,( Facsimile
Administrator
Bond Registrar
By
Authorized Signature
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ON REVERSE OF BOND
RedemptiQn. All Bonds of this issue (the "Bonds") maturing in
the years 2003 to 2005, bath inclusive, are subjee� to redemption
and prepayment at the option of the Issuer on February 1, 2002,
and on any date thereafter at a price of par plus accrued
interest. Redemptian may be in whoie or in part of the Bonds
subjeet 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 lat by the Bond
Registrar. Bands or partions thereof called for redemption shail
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.
Selaction of Bonds for Redemptior}: 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 distinetive number for each $5,000 of the principal amount
of such Bond. The Bond Registrar shall then select by lot, using
such method of se3ection as it shall deem proper in its
discretion, fram the numbers assigned to the Bonds, as many
numbers as, at $5,0�0 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 th� principal amount of
such Bond af a denamination 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 ta 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 Halder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shall execute (if necessary} and the Bond
Registrar shall authentieate 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 denamination or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion af the principal of the Bond
so surrendered.
Issuance; Purpose; Genera� Obliqation. This Bond is one of an
issue in the total principal amount of $945,000, all of like date
of original issue and tenor, except as to number, maturity,
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interest rate and denomination, which Bond has been issued
pursuant to and in full conformity with the Constitution and laws
of the State of Minnesota and pursuant to a resolution adopted by
the City Council Qf the Issuer on July 20, 1993 (the "Resolu-
tion") , for the purpase af providing funds sufficient for a
crossover refunding af the Issuer's General Obligation Water
Revenue Bonds, Series 1989A, dated April l, 1989, which mature on
February 2, 2998, and thereafter. This Bond is payable out of
the Escrow Account and the Debt Service Account of the Zssuer's
General Obligation Water Revenue Refunding Bonds, Series 1993C
Fund. This Bond constitutes a general obligation of the Issuer,
and to provide moneys for the prompt and full payment of its
principal, premium, if any, and interest when the same become
due, the full faith and credit and taxing powers of the Issuer
have been and are hereby irrevocably pledged.
Denominations: Exchange: Raso. ution. The Bonds are issuable
solely as fully registered bonds in the denominations of $5,000
and integral multiples thereof of a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate prineipal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resalution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copiss of the
Resolution are on file in the principal office of the Bond
Registrar.
Transfer. This Bond is transferable by the Hol.der in person or
- -- by his, her ar_ its attorney duly _autho-�ized in writing at the
principal office of the Bond Registrar ugon presentation and
surrender hereof to the Bond Registrar, a11 subject to the terms
and conditions provided in the Resolution and to reasonable
regulations of the Issuer contained in any agreement with the
Bond Registrar. Thereupon the Issuer shall execute and the Bond
Registrar shall authenticate and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
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 reqarding
transfers and lost Bonds.
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Treatment of Registered Owners. The Issuer and Bond Registrar
may treat the person in whose name this Bond is registered as the
owner hereof for the purpose of receiving payment as herein
provided (except as otherwise provided on the reverse side hereof
with respect to the Record Date) and for ail other purpases,
whether or not this Bond shall be overdue, and neither the Issuer
nor the Bond Registrar shall be affected by notice to the
contrary.
Authentication. This Bond shall not be valid or become
obligatory for any purpose or be entitled to any security unless
the Certificate of Authentication hereon shall have been executed
by the Bond Registrar.
4ualified Tax-Exempt Obligation. This Bond has been designated
by the Issuer as a "qualified tax-exempt obligation" for purposes
of Section 265(b) (3) of the Internal Revenue Code of 1986, as
amended.
ABBREVIATIONS
The following abbreviations, when used in the inscription on the
face of this Bond, shall be construed as though they were written
out in fuil .according to apglicable laws or regulations: �
TEN COM - as tenants in common -
TEN ENT - as tenants by the entireties
- _ . JT TEN - as joint-tenants with-righ� of- survivorship __ _
and not as tenants in common -
UTMA - as custodian for
{Cust} (Minor)
under the Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used
though not in the above 1ist.
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ASSIGNMENT
For value received, the undersigned hereby sel].s, 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 assignar's signature to this
assignment must correspond with the
name as it agpears upon the face of
the within Band 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 af the
major stock exchang�s or any other "Eligible Guarantor"
_ _ _ znstitution_ as defined in i� cFx a�a. la Act-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. j
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8. Execution: Temporarv Bonds. The Bands shall be executed on
behalf of the City by the signatures of its Mayor and
Administrator and the seaZ of the City, if any, shall be
omitted; provided that both af such siqnatures may be
printed facsimiles. In the event of disability ar
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 afficer. In case either such officer whose
signature or facsimile of whose signature shall appear on
the Bonds shall cease to be such officer before the deiivery
of the Bonds, such signature or facsimile shall nevertheless
be valid and sufficient for ail 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 temparary
bond. Such temporary bonds may be exeeuted with photocopied
facsimile signatures of the Mayor and Administrator. Such
temporary bonds shall, upon the printing of the definitive
bonds and the execution thereof, be exchanged therefor and
cancel2ed.
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 hereinabave set farth,
shall .have been duly executed :by an authori,zed _ . --
representative o� the -Bond Registrar. Certi-ficates o�
Authentication on different Bonds need nat be signed by the
same person. The Bond Registrar shail authenticate the
signatures of officers of the City on each Bond by execution
of the Certificate of Authentication on the Bond and by
inserting as the date of registration in the space provided
the date on which the Bond is authenticated, except that for
purposes of delivering the original Bonds to the Purchaser,
the Bond Registrar shall insert as a date of registration
the date of original issue, which date is August 1, 1993.
The Certificate of Authentication so executed on each Bond
shall be conclusive evidence that it has been authenticated
and delivered under this resolution.
10. Registration; Transfer, Exchanqe. The City will cause to be
kept at the principal office of the Bond Registrar a bond
register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration
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of transfers of Bonds entitled to be registered or
transferred as herein provided.
Upon surrender for transfer of any Bond at the principal
office of the Bond Registrar, the City shall execute (if
necessary) , and the Bond Registrar shall authenticate,
insert the date of registration (as provided in paragraph 9)
of, and deliver, in the name of the designated transferee or
transferees, one or more new Bonds of any authorized
denomination ar 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 excha�nged for
Bonds of any authorized denomination or denominations of a
like aggr�gate 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 HoZder making the exchange is entitled to receive.
All Bonds surrendered upon any excliange 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 duiy endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the Holder thereof ar 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
lega� 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,
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including regulations which penait the Bond Registrar to
close its transfer books between record dates and payment
dates. The Administrator is hereby autharized to negotiate
and execute the terms of said agreement.
11. Rights Upon Transfer or Exchanae. Eaeh Bond delivered ugon
transfer of or in exchange for or in lieu of any other Bond
shall carry all the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Bond.
12. �nterest Pa�-�nent; Record Date. Interest on any Bond shall
be paid on each Interest Payment Date by check or draft
mailed to the person in whose name the Bond is registered
(the "Holder") on the registration books of the City
maintained by the Bond Registrar and at the address
appearing thereon at the close of business on the fifteenth
(15th) day af the calendar month next precedinq 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 ta the person who is the Holder
thereof at the close of business on a date (the "Special
Record Date") fixed by the�Bond Registrar whenever money
becomes available for payment of the defaulted interest.
Notice of the Special Record Date shall be given by the Bond
Registrar to the Holders. not less than ten (14) days prior
to the Special Record Date.
13 . Treatment of Reqistered Owner. The City and Bond Registrar
- may treat the persori in whose name any Bond is registered as
the owner�of such Bond far '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 al�. other purposes whatsoever whether or not
such Bond shall be averdue, and neither the City nor the
Bond Registrar shall be affected by notice to the contrary.
14. Delivery; Application of Proceeds. The Bonds when so
prepared and executed sha13 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 has her+etofore been created a
special fund designated the "General Obligation Water
Revenue Bonds Fund" (the "Fund") which is to continue to be
administered and maintained by the Finance Director as a
bookkeeping account separate and apart from all othe= funds
maintained in the official financial records of the City.
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The Fund shall be maintained in the manner herein specified
until all of the Refunded Bonds and the Bonds heretofore and
herein authorized and the interest thereon shall have been
fully paid. There shall be created and maintained in the
Fund two additional separate accounts, to be desi�nated the
"Escrow Account" and "Debt Service Account", respectively.
(i) Eserow Account. The Escrow Account shall be maintained
as an escrow account with
(the "Escrow Agent") in ,, Minnesota,
which is a suitab3e financial institution within the
State whose deposits are insured by the Federal Deposit
Insurance Corporation and whose combined capital and
surplus is not less than $500,000. All proceeds of the
sale-�f the Bonds shaTl-be receined by the Escrow Agent
and applied to fund the Escrow Account or to pay costs
of issuing the Bonds. Proceeds of the Bonds not used
to pay costs of issuance are hereby irrevocable pledged
and appropriated to the Escrow Account, together with
all investment earnings therean. The Escrow Account
shall be invested in securities maturing or callable at
the option of the holder on such dates and bearing
interest at such rates as shall be required to provide
sufficient funds, together with any cash ar other funds
retained in the Escrow Accaunt, (i) to pay when due th� �
interest to accrue on the Refunding Bonds to and
including February l, 1997; and (ii) to pay when called
for redemption on February 1, 1997, the principal
-- - amaunt of the-Ref.u�ded Bonds. From the Escraw �ccount : -
- _ - there shall be paid (1) ali-interest on- the Refunding ---
Bonds herein authorized to and including February 1,
1997, and (2) the principal of the Refunded Bonds due
by reason of their call far redemption on February 1,
1997. The Escrow A�count shall be irrevocable
agpropriated to the payment of the interest on the
Crossover Refunding Bonds herein authorized until the
proceeds of the Bonds are appiied to payment of the
Refunded Bonds. The moneys in the Escrow AcGount shall
be used solely far the purposes herein set forth and
for no other purpose, except that any surplus in the
Escrow Account may be remitted to the City, all in
accordance with an agreement {the "Escrow Agreement")
by and between the City and Escrow Aqent, a form of
which agreement is on file in the offiee of the
Administrator. Any moneys remitted to the City upon
termination of the Escrow Agreement shall be deposited
in the Debt Service Account.
24197T
15
(ii) Debt Service Account. To the Debt Service Account
there is hereby pledged and irrevocabl� appropriated
and there shall be credi�ed: (1) the net revenues of
the municipal water system (the "Net Revenues") in an
amount, together with other revenues herein or
hereafter from time to time appropriated sufficient to
pay the principal and interest on the Bonds as they
become due; (2) any balance remitted to the City upon
the termination of the Escrow Aqreement; (3) any
balance remaining on February 2, i997, in the Debt
Service Account of the General Obligation Water Revenue
Bonds, Series 1989A Fund created by the resolution
adopted by the City on March 21, 1989, which resolution
authorized the issuance of the Prior Bonds; (4) all
_. __,- . investment earnings on funds in the Debt Service
Account; (5) any collection of all taxes which may
hereafter be levied in the event that net revenues and
other funds herein pledged far the payment of principal
and interest on the Bonds are insuf€icient therefor;
(6j 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 amount of
any surplus remaining in the Debt Service Account when
the Bonds and interest thereon are paid shall be used
consistent with Minnesota Statutes, Section 475.51,
Subdivision 4.
The moneys in the Debt Service Account shall be used
_solely to pay the �rincipal of and interest on the
Bonds or any other bands hereafter issued and made
-`� payable `from the Fund. No portiori of the proceeds of
the Bonds shall be used directly or indirectly to
acquire higher yielding investm�nts 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 Bands or $100,000. To this effect, any
proceeds af the Bonds and any sums from time to time
held in the Fund (or any other City account which will
be used to pay principal and interest to become due on
the Bonds) in excess of amounts which under the
applicable federal arbitrage reguZations may be
invested without regard as to yield shall not be
invested in excess of the applicable yieid restrictions
imposed by the arbitrage regulations on such
inyestments after taking into accaunt any applicable
241977
16
"temporary periods" or "minor portionH made available
under the federal arbitraqe regulations. In addition,
the proceeds of the Bonds and money in the Fund shall
not be invested in obligations or deposits issued by,
guaranteed by or insured by the United states or any
agency or instrumentality thereof if and to the extent
that sueh investment would cause the Bonds to be
"federally guaranteed" within the meaning of Sectian
149(b) of the Internal Revenue Code of 1986, as amended
{the "Code"} .
16. Excess Net Revenues. Net Revenues in excess og those
required for the foregoing may be used for ;any proper
— purpose. _
17. Sufficiency of Net Revenues. It is hereby found, determined
and declared that the Net Revenues of the municipal water
system are sufficient in amount to pay when due the
principal of and interest on the Bonds herein authorized and
the Prior Bonds not refunded by the Bonds (the "Unrefunded
Prior Bonds") , and a sum at least five percent (5$) in
excess thereof, and the Net Revenues of the municipal water
system are hereby pledged for the payment af the Bonds of
this issue 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. Nothing
containe�i herein shall be deemed to preclude the City from
making_ further pledges and appropriations of the Net
Revenues of the munici��l -water system for t�e payment of
� other or additional ob�igations` of the City, provided that
it has first been determined by the City Council that the
estimated Net Revenues of the municipal water system will be
sufficient in addition to all other sources, for the payment
of the Bonds herein authori2ed, the Unrefunded Prior Bonds
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.
18. 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 municipal water system at �
the times and in the amounts required to produce net
revenues adequate to pay ali principal and interest when due
on the Bonds.
24i9TT
17
19. Prior Bonds: Security. Until retirement of the Prior Bonds,
ali provisions theretofore made for the security thereof
shall be observed by the City and all of its officers and
agents.
20. General Obliqation Pledqe. For the prompt and full payment :
of the principal of and interest an the Bonds as the same
respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably
piedged. If the balance in the Escrow Account or Debt
Service Account is ever insufficient to pay all principal
and interest then due on the Bonds and any other bonds
gayable 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 Escraw Account or Debt Service
�` Account when a sufficient balance is availabl+� 'therein. `
21. Securities; Escrow Aq.ent. Seeurities purchased from moneys
in the Escrow Account shall be limited to securities set
forth in Minnesota Statutes, Section 475.67, Subdivision 8,
and any amendments or supplements thereto. Securities
purchased from the Escrow Account shall be purchased
simultaneously with the delivery of the Bonds. The City
Cauncil has investigated the facts and he=eby finds and
determines that the Escrow Agent is a suitable financial
institution to act as escrow agent.
22: Redemption of Prior Bonds. The Prior Bonds which mature in
1998 and thereafter shall be redeemed and p=epaid on
_ . February 1, 1997; ir� accordance with �he terms -a�d- =:- - -
- conditions set forth in tl�� Notice of Call for Redem�-tion
attached hereto as Exhibit A, which terms and conditions are
hereby approved and incorporated herein by reference.
23. Escrow Agreement. On or p=ior to the delivery of the Bonds
the Mayor and Clerk shall, and are hereby authorized and
directed to, execute on behalf of the City the Escrow
Agreement. The Escrow Agreement is hereby approved and
adopted and made a part of this resolution, and the City
covenants that it will promptly enPorce all provisions
thereof in the event of default thereunder by the Escrow
Agent.
24. Purch�se of SLGS. Springsted Incorporated, as agent for the
City, is hereby authorized and directed to purchase the
appropriate United States Treasury Securities, State and
Loca1 Government Series, from the proceeds of the Bonds in
accardance with the provisions of this resolution and to
execute all such documents (including the appropriate
subscription form) required to effect such purchase in
accordance with the U.S. Treasury Regulations (31 CRF Part
344) .
241977
Z8
25. Certificate of Registration. The Administrator is hereby
directed ta file a certified 'copy of this resolution with
the County Auditor of Dakota County, Minnesota, together
with such other information as he or she shall require, and
to obtain the County Auditor's Certificate that the Bonds
have been entered in the County Auditor's Bond Register.
26. Rec2rds and Certificates. The officers af the City are
hereby authorized and directed to prepare and furnish to the
Purchaser, and to the attorneys approving the leqality of
the issuance of the Bonds, certified copies of all
proceedings and records of the City relatinq 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 leqality and
marketability of the Bonds as the same appear from the books
and xecords ur�d�r`their custody and control or as otherwise
known to them, and all such certified copies, certificates
and affidavits, including any heretafore furnished, shall be
deemed representations of the City as ta the facts recited
therein.
27. Negative Covenant as to Use af Proceeds. The City hereby
cov�nants not to use the proceeds of the Bonds or the water ,
system, or to cause or permit them to be used, ar to enter
into any deferred payment arrangements, in such a manner as
to cause the Bonds to be "private activity bonds" within the
meaning of Sectians 143 and 141 through 150 of the Code.
28. Defeasance. When all Bands have heen 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 o= before that date a sum suff�cient for
the payment thereaf in ful1; 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 Bands called for redemption
on any date when they are prepayable accardinq to their
terms, by depositing with the Bond Registrar on or before
that date a sum sufficient for the payment thereof in fuil,
pro�ided that notice of redemption thereof has been duly
given. The City may also at any time discharge its
obligations with respect to any Bonds, subject to the
provisions of law now or hereafter autharizing and
regulating such action, by depositing irrevocably in escrow,
with a suitable banking institutiom qualified by law as an
escrow agent for this purpose, cash or securities described
in Minnesata 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
2419T7
19
andJor 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.
29. Tax-Exempt Status of the Bonds� Rebate. The City shall
comply with requirements necessary under the Code to
establish and maintain the exclusion from gross income under
Section 103 of the Code of the interest on the Bonds,
including without limitation (1} requirements relating tc
temporary periods for investments, (2) limitation� on :
amounts invested at a yield greater than the yield an the
Bonds, and (3) the rebate of excess investment earninqs to
the United States if the Bonds (tagether with other
obligations reasanably expected to be issued and outstanding
at one time in this calendar year) exceed the small-issuer
exception amount of $5,000,OOQ. �
For purposes of qualifying for the exception to the federal
arbitrage rebate requirements for governmental units issuing
$5,000,000 or less of bonds, the City hereby Finds, deter-
mines and declares that (1) the aggregate face amount of the
Bonds does not exceed $5,000,000, (2} the Refunded Bonds
were exempt from rebate, (3) the average maturity date of
the Bonds is not later that the average maturity date of the
Refunded Bonds, and {4) none of the Bonds mature more than
30 years after the date of issuance af the Refunded Bonds. �
30. Desicxnation af Qualified Tax-Exempt Obliqations; Issuance
'�imit. In order to qualify the Bonds as "qtialified
tax-exempt obligations" within the meaning of_Section__�__ _
265(b) (3) ` of_the =Code,' the' City hereby make� 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,
treatinq qualified 501(c) (3} bonds as not being private
activity bonds) which will be issued by the City (and
all entities treated 'as one issuer with th� City, and
all subordinate entities whose obligations are treated
as issued by the City) during this calendar year 1993
will not exceed $10,000, 000;
(e) not more than $1U,000,�0� of abligations issued by the
City during this calendar year 1993 have been
24197T
20
, .
designated for purposes of Section 265(b) (3) of the
Code; and
(f) the aggregate face amount of the Bonds does not exceed
$i0,0�0,OOA.
The City shall use its best efforts to comply with any
federal pracedural requirements which may apply in order to
effectuate the designatian made by this paragraph.
31. Su�glemental Resolution. The March 21, 1989 resolution
authorizing the issuance of the Prior Bonds and the is
hereby supplemented to the extent necessary to give effect
to the provisions af this resolutiQn.
32. Seu�rabilitv. If -any .section, paragraph or provision czf
this resolution shall be held to be invalid or unenforceable
for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the
remaining provisions of this resalution.
33. 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.
24147T
21
The motion fo� the adoptian of the f4reg�ing resolut�on �as du�y
sec+anded b� member and, aft�r a f�u11
disoulssiQn thereaf and upan a �rvte b�inq ��tken thereon, th�
following vc�ted in favar ther.ea�c
and the fallaw�ing vated a�ainst �.he same: �
Adopt,e�, this 2Oth day o� July, 1993.
_ __.
E. B. McMenomy, Ma�yor
ATTEST:
Susan M. I4alsh, �it�r Clerk
Nlo�ioxi by; S�conded b�r;
�7oted in f avax:
voted against:
2419T1'
��
�' 1 1�1?�>x��C�' 'f1�11Q?�;(11 'Tn/K4•f11 �'F �1 '!fl (TZ*J1 �hnQ_n77_]it} �nVJ 'T:� AiVY�s�ntAr � nnnTLTQ tAr/'�UJ
, w
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF ROSEMOUNT
I, the undersigned, beinq the duly qualified and actinq
Clerk of the City of Rosemount, D0 HEREBY CERTIFY that I have
compared the attached and foregoing extract of minutes with the
oriqinal thereof on file in my office, and that the same is a
full, true and complete transc=ipt of the minut�� of a meeting of
- - tTie` City Council of -said City, duly called ar�d h�ld on the� da�e
therein indicated, insofar as such minutes relate to considering
offers for, and awarding the sale of, $945,000 General Obligation
Water Revenue Refunding Bonds, Series 1993C of said City.
WITNESS my hand of said City this day of
, 1993 . .
Clerk
241977
23
«
EXHIBIT A
NOTICE QF CALL FOR REDEMPTION
GENERAL OBLIGATION WATER REVENUE
BONDS, SERIES 1989A
CITY OF ROSEMOUNT,
DAKOTA COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the
City of Rosemount, Dakota County, Minnesota, there have been
called for redemption and prepayment on
February 1, 1997
those o�tstanding bonds of the--City` designated as -General - '
4bligation Improvement Bonds, Series 1989A, dated April 1, 1989,
having stated maturity dates in the years 1998 through 2005, and
totalling $9].0,000 in principal amount. The bonds are beinq
called at a price of par plus accrued interest to February 1,
1997, on which date all interest on said bonds will cease to
accrue. Holders of the bonds hereby called for redemption are
requested to present their bonds for payment at American National
Bank and Trust Company, in Saint Paul, Minnesota, on or before
February 1, 1997.
Dated: July 20, 1993.
BY ORDER OF THE CITY
COUNGIL __
Js/ Susan walsh
Clerk
Important Notice: Under the Interest and Dividend Compliance Act
of 1983, 31� will be withheld if tax identification is not
properly certified.
� Additional information
may be obtained from:
Springsted Incorporated
85 East Seventh Place
Suite 100
St. Paul, Minnesota 55101
Telephone: (612) 223-3000
241977 .
of any other funds of the City which are available for such
purpo�e, and such other funds may be reimbursed with ar
without interest from the Escrow Account or Debt Service
Account when a sufficient balance is available therein.
20. Secu ities; Escrow Agent. Securities purchased from moneys
in th+� Escrow Account shall be limited to seeurities set
forth in Minnesota Statutes, Section 475.67, Subdivision 8,
and ar�y amendments or supplements thereto. Securities
purchased €rom the Escrow Account shall be purchased
s�.mu3,taneously with the delivery of the Bonds. The City
Counoil has investigated the facts and hereby finds and
determines that the Escrow Agent is a suitable financial �
institution to act as escrow agent.
21. Redem�tion of Prior Bonds. The Series 1987A 'Prior Bonds
which mature in 1997 and thereafter shall be redeemed and
prepaid on February 1, 1996, and the Series 1989B Prior
Bond� which mature in 1996 and thereafter shall be redeemed
and prepaid on February i, 1995, all in accardance with the
terms and conditions set forth in the Notices of Call for
Redemption attached heret� as Exhibits A and B, which terms
and �crnditions are hereby approved and incorporated herein
by reference.
22. Escr�,t�Agreement. On or prior to the delivery of the Bonds
the M�yor and Clerk shall, and are hereby authorized and
directed to, execute on behalf of the City the Escrow
Agreement. The Escrow Agreement is hereby approved and
adop��d and made a part o€ this resolutian, and the City
co�en�nts that it wsll pramgtly enforce alI provisions '
therec►f in the event of default thereunder by the Escrow
Agent»
23. Purc �se of SLGS. Springsted Incarporated, as agent �or the
City, is hereby authorized and directed to pu�chase the
appr4priate United States Treasury Securities, State and
Local Government Series, from the proceeds of the Bonds in
accordance with the provisions af �this resolution and to
execute all sueh documents (including the apprapriate
subscription form) required to effect such purchase in
accordance with the U.S. Treasury Regulations (31 CRF Part
344) ,
243976
19
24. Certi icate o� Reaistration. The Clerk is hereby directed
to file a certified copy of this resolution with the County
Audi�or of Dakota County, Minnesota, together with such
other infornaation as he or she shall require, and to' obtain
the Cpunty Auditor's Certificate that the Bonds have been
enter�d in the Gounty Auditor's Bond Register that the tax
levie� for the Prior Bonds have been cancelled to the extent
provided in this Resolution and that the tax levies required
by law for the Refunding Bonds have been made,
25. Reco ,t�s and Certificates. The officers of the City are
hereb� authorized and directed to prepare and furni�h to the
Purchaser, and to the attorneys approving the legality of
the issuanee of the Bonds, certified capies of all
proc�edings 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 informatiori as are
required to show the facts relating to the legal�.ty 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 cogies, certificates
and affidavits, including any heretofore furnished, shall be
deemed representations of the City as to the facts recited
therein.
26. Negative Covena�},t as to Use af Proceeds and Proiect. The
City ;hereby covenants not to use the proceeds of the Bonds
or to use the improvements financed by the Prior Bonds, ar
to cause or permit them to be used, or to enter into any
de�erred payment_ arrangements_, in such_ a manner as to cause
the B+onds to be "private activity bonds" within the meaning
of Sections 103 and 141 through 150 of the Code.
27. Tax-Exempt Status of the Bonds; Rebate. The City shail
comply with requirements necessary under the Code to
establish and maintain the exclusion from gross income under
Sectfdn 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 expeeted to be issued and outstandinq
at one time in this calendar year) exceed the sma2l-issuer
excep�tian amount of $5,000,000.
For p�urposes of qualifying for the exception to the federal
arbitrage rebate reguirements for governmental units issuing
$5,Q00,000 or less af bonds, the City hereby finds,
deter�mines and declares that (1) the aggregate face amount
241976
20
of the Bonds does not exceed $5, 000,000, (2) the Refunded
Bonds were exempt from rebate, (3) the average maturity date
of the Bonds is not later than the average maturity date of
Refunded Bonds, and (4) none of the Bonds mature more than
30 �ears after the date of issuance of the Refunded Bonds.
28. Def�asance. When all Bonds have been discharged as.provided
in this paragraph, all pledges, covenants and other =ights
grarited by this resolution to the registered holders of the
Bonds shall, ta the extent permitted by law, cease. The
City may discharge its obligations with respect to any Bands
which are due on any date by irrevocably depasiting with the
Bon� Registrar on or before that date a sum sufficient for
the paymer�t thereof in full; or if any Band should not be
paid when due, it may nevertheless be discharged by
depasiting with the Bond R�qistrar a sum sufficient for the
payment thereof in full with interest accrued to the date of
such depasit. The City may also discharge its obligations
witk� resgect to any prepayable Bonds called for redemption
on any date when they are prepayable according to their
terms, by depositing with the Bond Registrar on or before
tha� date a sum sufficient for the payment thereof in full,
provided that notice of redemption thereof has been duly
given. The City may aiso at any time discharge its
obligations with respect to any Bonds, subject to the
pzouisions of law now or hereafter authorizin�g and
regulating such action, by depositing irrevocably in eseraw,
with a suitable banking institutior� qualifieci by law as an
eserow agent for this purpose, cash or securities described
in Minnesota -Statutes, Section 475.67; Suhdivision 8, -
- -- bearing ir►terest payable at such times and at such rates and
maturing on such dates as shall be required, subject to sale
andjor reinvestment, to pay all amounts to become due
ther�an to maturity or, if notice of redemption as herein
required has been duly provided for, to such earlier
red+emption date.
29. De q�ation of Dual�.fied Tax-Exempt Obligations; �ssuance
Limit. In order to qualify the Bonds as "qualified
tax-exempt obligations" within the meaning o€ Section
265�b) {3) of the Code, the City hereby makes the follawing
factual statements and represer�tatiansz
, (aj the Bonds are issued after August 7, 1986; �
(b) the Bonds are not "private aetivity bonds" as
defined in Sectian 141 of the Code;
249976
21
(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(cj (3) bonds as not being
private activity bonds) which will be issued by
the City (and all entities treated as one issuer
with the City, and all subordinate entities whose
obligations are treated as issued by the City)
during this calendar year 1993 will not exceed
$10,000,000;
(ej nct more than $10,0a4,000 of obligations issued bp
the City during this calendar year 1.993 have been
designated for purposes of Section 265(b) (3) of
the Code; and
(f) the aggregate face amount of the Bonds does not
exeeed $10,000,000.
The City shall use its best efforts to camply with any
federal procedurai requirements which may apply in order to
ef��ctuate the designation made by this paragraph.
30. Su��lemental Resolution. The July 21, 198T, resolution
authorizing the issuance of the Series 1987A Prior Bonds is .
hex+�by supplemented to the extent necessary to qive effect
to the pravi�iv�a€---��-resolution. -m�te_,3�ne 20, 1989,
resalution authorizing the issuance of the Series 1989B
Prior 8onds is hereby supplemented to the extent necessary
to give effect ta the provisions af this resoiution.
31. Sev�rability. If any section, paragraph or provisian of
this resolution shall be held to be invalid or uner�forceable
for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall nat affect any of the
re�at8ining provisions of this resolution,
32 . Iiea inas. Headings in this resolution are included for
cortvenience of referenee only and are not a part hereof, and
sha11 not limit or define the meaning of any provision
her�of.
241976 .
22
The �oti4n Por the addpti�n of ti� �oregaing resalutiQn �as
du�.y� s�cQnd�d by member arui, ai'ter a fuli
dis+ciulssion thereof and upon a, �ote be.�ng t�en the��eon, the
f+al�,ox��ng voted in favor thereaf:
and the following v�oted against the same:
Adopted th�:s 2pth day of July, 1993.
i
E. B. M��'leriomy� May4r
ATTEST:
&usan M. Walsh, City CleXk
MQtion by: seconded by:
Voted in f�.�ror:
Vo�ed ag�inst:
241476
�3
'% J ID+��^Kn�C� `t�n.t/r��;n� �r�/xt�:ni �F �� •inlrvJt r�r�0_^;;_;i�j znuJ •rn nru�151ntnr p c+nnzv� inrnvJ
STATE QF MINNESOTA
COUNTY Q�� DAKOTA
CITY OF �OSEMOUNT
I, the undersigned, beinq the duly qualified and actinq
Clerk of the City of Rosemount, DO HEREBY CERTIFY that I have
compared the attached and foregoing extract af minutes with the
original thereof on file in my office., and that ;.the same is a
full, true and c�mpiete transcript of the minute�s.of a meeting of
the City`Council of said City, duly called and held on the date
therein indicated, insofar as such minutes relate to considering
offers �or, and awarding the sale of, $1,415,000 General
Obligati�on Improvement Refunding Bonds, Series 19938 of said
City.
WITNESS my hand this day of , I993.
Clerk
241976 .
25
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMFROVEMENT
BONDS, SERIES 1987A
CITY OF ROSEMOUNT,
DAKOTA COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the
City of Rasemount, Dakota County, Minnesata, there have been
called for redemption and prepayment on
--- Febrtiary 1, _ 1996 ___
those out�tanding bonds of the City designated as Gen�ral
Obligation Improvement Bands, Series 1987A, dated August 1, 1987,
having stated maturity dates in the years 1997 through 1999, and
totalling $1,500,000 in principal amount. The bor�ds are being
called at a price of par plus accrued interest tc February 1,
1996, on whieh date all interest an said bonds will 'cease to
accrue. I3olders of the bonds hereby called for redemption are
requested 'to present their bands for payment at American National
Bank and �'ru�t Company, in Saint Paul, Minnesota, on or before
February 1, 1996.
Dated: July 20, 1993.
_ _. _ -
. BY ORDER OF THE CITY
. - COUNCIL -
, �s/ Susan M. Walsh
CZerk
Important Notice: Under the Interest and Dividend Compliance Act
of 1983, 31� will be withheld if tax identification is not
properly certified.
Additiona�. information �
may be obtained from;
Springsted Incorporated
85 East S�iventh Place
Suite 1Q0
St. Paul, Minnesota 551fl1
Telephone: (612) 223-3000
241476
, �
EXHIBIT B
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 19898
CITY OF ROSEMOUNT,
DAKOTA COUNTY, MINNESOTA
NOTICE I5 HEREBY GIVEN that by order of the City Council of the
City of Rosemount, Dakota County, Minnesota, there have been
called for redemption and prepayment on
_ February 1, 2995 _ -
those outstanding bonds of the City designated as General
Obligation Improvement Bonds, Series 1989B, dated July l, 1989,
having stated maturity dates in the years 199b through 2001, and
totalling $1,470,000 in principal amount. The bonds are being
called at a price of par plus accrued interest to February 1,
1995, on which date all interest on said bonds will cease to
accrue. Holders of the bonds hereby called for redemption are
requested to present their bonds for payment at American National
Bank and T�rust Company, in Saint Paul, Minnesota, on or before
February 1; 1995.
Dated'z July 20, 1993.
BY ORDER OF THE CITY
COUNCIL
fs! 5usan M. Walsh
Clerk
Important bTotice: Under the Interest and Dividend Compliance Act
of 1983, 31$ will be withheld if tax identification is not
properly c�►rtified. .
Additional information
may be obt�tined from:
Springsted Incorporated
85 East Seventh Place
Suite 100
St. Paul, I�innesota 55101
Teiephone: (612) 223-3040
24t976