The URL can be used to link to this page

Home My WebLink About6.b. 1993 Bond Issue, Authorize Issuance and Setting Bond Sale (1993A) . � �ITY OF ROSEMOtTNT EXECUTIVE SIIMMARY FOR ACTI�N CITY COUNCIL MEETING DATE: June 15, 1993 AGENDA ITEM: 1993 Bond Issue - Authorizing AGENDA SECTION: Issuance and Setting Bond Sale (1993A) New Business PREPARED BY: AGENDA Jeff May, Finance Director �� #' � � ATTACHMENTS: p, ppE ; Resolution, Springsted Recommendations' This item is on the agenda for your consideration in authorizing the issuance and setting the sale of Gener�;l Obligation Improvement Bonds for two projects that have been approved by Council. The two projects are Project #235 - 145th Street Reconstruction from Shannon Parkway ta Chili/Chippendale Avenue; and Project #243 - Shannon Hills 5th Addition. Bids will be opened Tuesday, July 20, 1993 at 10.30 A.M. , Central Time, at the offices of Springsted Incorporated. The bids will be tabulated there, and then consideration for award of the Bonds will be by the City Council at 7:30 P.M. , Central Time� of the same day. Settlement of the Bonds will occur within 40 days following the date of the award. RECOMMENDED ACTION: Motion to adopt A RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $555,OOQ GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993A. COIINCIL ACTIONs . e CITY OF ROSEMOUNT DAROTA C�IINTY, MINNESOTA RESOLIITION 1993 - A RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $555,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIEB 1993A WHEREAB, the City Cauncil of the City of Rosemount, Minnesota (the "City") , has heretofore determined that it is necessary and expedient ta issue its $555, 000 General Obligation Improvement Bonds, Series 1993A (the °Bonds") to finance the cost of various improvement projects within the City; and WHEREAS, the City has retained Sprzngsted Incorporated, in Saint Paul, Minnesota ("Springsted") , as its independent financial advisor and is therefore authorized to sell these obligations by a competitive negotiated sale in accordance with Minnesata Statutes, Section 475. 60, Subdivision 2 (9) ; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rosemount, Minnesota, as followsz l. Authorization, Findin,gs. The City Council hereby authorizes Sgringsted ta solicit bids for the competitive negotiated sale of the Bonds. 2. Meetinq; Bid Opening. This City Council shall meet at the time and place specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed bids for, and awarding the sale of, the Bonds. The Administrator, or his designee, shall open bids at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation thereof are fu�.ly set farth in the "Terms of Proposal" attached hereto as Exhibit A and hereby approved and made a part hereof. 4. Offieial Statement. In connection with said competitive negotiated sale, the Administrator and other officers or employees of the City are hereby authorized to cooperate with Springsted and participate in the preparation of an official statement for the Bonds, and to execute and deliver it on behalf of the City upon its completion. t ! AD�PTED this 15th day of June, 1993. E.B. McMenomy, Mayor ATTEST: Susan M. Walsh, City Clerk Motion by: Seconded byz Voted in favor; Voted Against: , U��lU%93 12:U2 Fal 612 22a 3UO2 SPRINGSTED INC. l�00�/006 7'NE CITY HAs AUTHOAt7ED sPRINGSTEp iMGaRPORATEp Ta N�GOTtATE TI�I�S ISsuE ON tTS BEHAlF. PROPtaSALS WILL BE RECEIV�C� GN THE FOLL.CWINt3 �AS1S TERMS OF RROPOSAt. �555,000 CIlY�F ROSEMQUNT, MINNESOTA GENERAL C1BLlGATiON IMPRGIVEMEN7 gCENDS, SERIES t993A Prdpasals for the Bonds wii{ be received by the �ity Admintstrator or his designee or:Tuesday, �uly 20, 1993, until 10:30 A.M.� Centrai Time, at the c�ffices �f Springsted Incarparate �, 85 East ��venth Place, Suite 100, Sain# Paul, Minnesata, after which tirrta they wi!! be o�•er�ed and tabul�ted. Consideratian for award of th� Bonds wiit k�e by the City Councli at .�:3t? P.M., Central Time, of ttte same day. DEt'AILS �F THE BtJNDS The Bonds will be dated August rt, f 993, as the date of original issue, and wili be��r in#erest payabie an Fabfuary 1 and August y of each yaar, commencing August 1, 198+�. li iterest wt11 be cornputed on the basis of a 360-day yea� of twelve 30-day months, The Bor �s wil( be issued in the denaminatiQn of�5,00o eac�, oF in integral multiples thereof, as r�que. :ed by the purchaser, and fuliy registered as to principal and interest, Principal witi be payabls F:t the m�n corparata affica of the ragistrar ancf interast an each Bond will be payable by check �r draft of the registrar mailed to the registered hoider thereof�t the halder's address as i# appE �rs on tt�� booics of the registrar as of the close of bu�iness on the 15th:day of the (mmediately areceding month. The Bonds will mature February 1 (n the years and am�unts �s follows: 1995 $30,000 1999 $50,OU0 2003 $5{},t�00 y 996 $60,OOQ 2000 $50,QOQ 2tJt�i :65Q,t�[Kl 7�87 $55,000 20a1 $50,� 2885 $50,{�pp 1998 $55,000 20Q2 $5C),Q40 OPTICENAL REdEMPT14N The City may elect on February 1, 20a2, and on any �lay thareafter, to prepay Bonds due r�ri ar after February 1, 2003. Redemption may be in wh�le or ir� part and if in part, at the option af the City and in such order as the City shall determine and within a rnaturity by lot a ► selected by the regis#rar.. All pr$payments shalf be at a price of par plus accrued interest. SECURiIY AND PURPOSE The Bands wiN ba general obligations of the City for which the City wili piedge its fu � fa(th and credlt and power to isvy dtreet general ad valarem taxes, in addition the City r,�i�l piedge spacial �ssessments against benefited property, The proceeds will be used to fin�n :a various trnprovement proJects witn�n trie ��ty. iYPE QF PRC�PQSA�S F'roposafs shall be for nat lass than �548,895 and accrued intarest on the tata; principa! amount of the Bonds. Proposa(s shall be acccmpanied by a Good Faith Qepo�it ("C �posit") in i , � , 06/10�9� 12:03 F�X 612 223 �002 SPRINGSTED INC. (�005/006 the form af a certlfted or cashier's check or �► Financial Surety Bond in tha amount af $5,550, payable to tha order af tha Ciiy. If a check is used, it must accompany each pro� bsal. if a Finanofal Sur�ty Bond is used, 'rt must be fram an insuranoe oompany licensed to is: u� such a bor�d in the State of Minnesota, and preapproved by the Ciiy. Such bond must h�e st bmitted to 5pringsted tncorporated prior to the opening of the propo�ats, The Financial S� ��ty Bond must identify each underwritar whose Deposi# is guarantesd by such Financial Surei t Band. If the Bonds are awafded to an undervurite� using a Financia) Surety 8ond, then that pi:rchaser is required to submit its Qeposit to Springs#ed Incorporated In the forrn oi a certifiad o � cashier's check or wlre transfer as fnstructed by 8pringsted Incorporated not later than t;30 P,M., Centrai Tirne, on the next business day followi�g the award. ff such Deposit is nat r� ceivacl by that time, the Finaneial Surery Bond may be drawn by ttte City to satisfy th � Deposit rsquirement. The City will deposit �tlae check of the purchaser, the arnount of wh ch wHl be deducted at settlement artd no interest witC accrue to the purchaser. ln the avsrt the pur�h�ser fails to comply with the accepted proposal, said amount wifi be retained by the City. No �raposal can be withdrawn ar amended after the time se# for receiving propasais �nless the ��teeting af the Cily scheduted for award of the 8onds is adjoumed, recessed, ar c��'ttlnued to another date withaut award o# the Bonds having been made. Rates shafl be n integral multiples of 5/100 or i/8 ot 1 g6. R�tes must be in ascending order. Bonds of the same ma#urity shall bear a si�l�le �ate from the date of the �onds to the date o# ma� �rity. No conditional praposals will be accepted, AWARD The Bonds will be awarded an ths basis of the lowest interest r�to to be det�rrninQc an a ttue in#erest cost (T!C) basis. The Ciiy's computation of ths intarest r2te of eaeh p� �posal, In accordance with customary practice, will be controlling. The Cliy wlll resenre the rlght ta: (i) waive n�n-substantive informalities of any proE.osal or of matters relating ta the receipt af praposals and award of the Bonds, (ii} raJect a!I proposals without crause, r�nd, (iii) reject any proposal which the City de#ermines to hava faf{ed to comply with the terms herein. REGIS7'i�AR The �it�r will�name the regis#rar whi�ch shall be subject#o applicable SEC regulat(ons The �ity will pay f�r the services of the registra�. CU�IP NUMBERS kf the Bonds quslify for assignment of CUStP nurnbers such numbers wiil be pr(ni �d art ttte Bands, but r�e{#her the fallura to print such nurnbers on any Bond nor any error wi :h respect thereto will constitute cause for failure or refusal by the purchaser to ac�ept deli��ry of th�e 8onds. Tha CUSIP Service Bureau charge for the as�ignment of CUS1P ldentitic�tfo� numbers shatl be pald by the purchaser. SETTLEMENT Within 4t) days f�(lawing the date of their award, the Bonds will be delivered withaut� �ost to the purchaser at a place mutually satisf�ctory to the Gity and the purehaser. Qeliw ry w111 ba subject to recelpt by the purchaser of an approving legat opinion o# Bri�gs an� I Morgar�, Professional Association, af Saint Pau{ and Minneapolis, Minnesota, which apini.►n will be printed on the Bands, and of custornary closing papers, including a no-iitigation certl Ic�te. l'�n the date of settlement payment for th`e Bonds shall be mada in federal, ar equivat�nt, funds whi�h shal! be received at ths offices of th� City rsr its designee not later than 1� 00 Noon, Centra! Time. Except as compliance w�th the terms of payment fior the Bonds sha!! iave bsen - il- , , � OB/10/93 12:04 F�X 612 223 �002 SPRINGSTED INC. �I006/006 made (mpossible by ac#ion of the City, or its agents, ths purchaser shali be tiable to i:�e City far any lass suffered by the Cit� by rea�an of the purchaser's non-ccmpliance with sai� term�for payment, �FFICIA�.STATEM�NT The City has �uthorized tha praparaticn of an 4�ciaf Statament cantaining p+�rtlnent info�mation relative ta the Bonds, and said t�fflcial Statement wlll serue as a nearly-fl �aI CC�ffffi�ia! S#atement wlthln the meaning of Rule 15c2-12 af the Securities and Ex�hange Cc mmission. Far copies c�f the O�icial Statement or for any edditional infcrmat�on prior ta sale, any praspactive purchaser is referred to the Financial Advisor to #he City, Springsted inc arporated, 85 East Seventh Piace, Suite 1�, Saint i'aul, Minnesata 55141, telephona (612) 223� 3000, The Offf�ial Sta#ement, when further supplemented by an addendum or addenda sps�M{fying the ��aturity dates� principal amaunts and interest rates of the Bands, tagether with any ather ��formatlon requlred by law, shali constitute a"Finai Official Statement" of the City w �h respect ta the Bands, �s that term is defined in Rule 1 Sc2-12. By aw8rding the Bon.!s to �r'ty underwr{ter ar underwriting syndicate submitting a proposa! therefor, the c�ty agre� s tnat, no more than seuen business days after the date of such award, it shail provide without ;os#to the senior m8naging unden+vriter of the syndicate to which the Bonds are awarded 25 co sies af the OfficiaF St�tament and the addendum or addenda descrlbed above. The City desi�.�nates the senior managing underwriter of the syndicate to which #he 8onds are awarded as It: agent far purposes of distributing copies of the �inal Official Statement to each Participafing U itierwriter. Any underwriter delivering a praposal with respect to the Bonds agrses tfiereby #h�t if i#s proposal is acceptad by the �ity (1) it shail acoept such designatlan and {ii) it shatl � iter in#c a cantractual relatlonship with all Participating Undsrwriters of the Bonds for p�.:•poses of assuring tha reaeipt by aach such Participating Underwriter of the Final C)fficta! Staten �ent. Dated June 15, 1�93 BY C�RDEF� Q�TNE ClTY COUNCIL /sJ Susar: M. Watsh Clerk -iii - , � Recommendations For City of Rosemount, Minnesota $555,000 General Obligation Improvement Bonds, Series 1993A $1 ,415,000 General Obligation Improvement Refunding Bonds, Series 1993B $945,000 General Obligation Water Revenue Refunding Bonds, Series 1993C $845,000 General Obligation Municipal Buiiding Refunding Bonds, Series 1993D Study No. R070413J3K3L3 SPRINGSTED incorporated June 10, 1993 . S P R I N GST E D 12o south sixtn street � Suite 2507 PUBUC FINANCE ADVISORS Minneapolis, MN 55402-1800 (612) 333-9177 Fax: (612) 349-5230 Home Office 85 East Seventh Place 16655 West Bluemound Road Suite 100 Suite 290 Saint Paul, MN 55101-2143 Brookfield, WI 53005-5935 (612) 223-3000 (414) 782-8222 Fax: (612) 2233002 Fax: (414) 782-2904 6800 College Boulevard Suite 600 Overland Park, KS 66211-1533 (913) 345-8062 fax: (913) 345-1770 June 10, 1993 180Suitet83i NW Washington, DC 20006-2200 (202) 466-3344 Fax: l202) 223-1362 Mayor Edward B. McMenomy Members, City Council Mr. Stephan Jilk, Administrator Mr. Jeff May, Finance Director City of Rosemount 2875 145th Street West Rosemount, MN 55068 Re: Recommendations for the Issuance of: $555,000 General Obligation Improvernent Bonds, Series 1993A $1,415,000 General Obligation Improvemer�t Refunding Bonds, Series 19936 $945,000 General Obligation Water Revenue Refunding Bonds, Series 1993C $845,000 Generai Obligation Municipal Building Refunding Bonds, Series 1993D We respectfuily request your consideration of our recommendations for the issuance of these bonds according to the terms and conditions set forth in the attached proposed 'Terms of Proposals." Each issue wili be discussed separately, with items common to all issues to foliow. �555,000 General Obligation Improvement Bonds, Series 1993A The improvement bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, with proceeds to be used to finance two improvement projects within the City. The composition of the issue is shown in Appendix I. You will note the City is contributing a total of $288,620 in cash �rom its Water Core, Sewer Core and MSA Funds to reduce the total amount of borrowing. These bonds will be general obligations of the City for which it pledges its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge special assessments against benefited property. Appendix ll is the projection of assessment income. Special assessments totaling an estimated $473,000 of principal are expected to be fited on or before October 1, 1994, for first collection in 1995. The assessments will be spread over ten years, requiring equal annual payments of principal with interest charged on the unpaid balance at a rate of approximately 2.0% over the expected net interest rate on the bonds. We have assumed a rate of 6.75% for the projection of assessrnent income. We have not made any projections of prepayments or delinquencies and are assuming for all structuring purposes that assessments will be collected as scheduled. . City of Rosemount, Minnesota - June 10, 1993 Appendix III is the recommended cash flow for the bond issue. The bond issue has been structured around the projected assessment income (Column 10) as developed in Appendix ii. The bonds will be dated August 1, 1993, and will mature each February 1 ftom 1996 through 2005. Columns 1 through 6 of Appendix Iil show the years and amounts of principal and estimated interest due and payable on these bonds. Column 7 shows the 105% levy requirement as set forth by State statute. You will recail the 5% overlevy is a protection to the bondholder and to the City in the event 100% of the expected revenues are not received. Column 8 shows the projection of assessment income from Appendix Ii, and Column 9 shows the anticipated MSA Funds the City expects to receive from the State for project #235, prior to the end of calendar year 1994. Column 10 shows the combined income from Columns 8 and 9. Column 11 shows the net levy requirement which represents the City's share of costs of these improvement projects. However, if the City collects 100% of the assessments and MSA Funds as projected, no tax levy wili be required because the total projected income in Column 10 exceeds the total principal and interest in Column 6. The August 1, 1994 and February 1, 1995 interest payments on the bonds wiil be made from MSA Funds expected to be collected in 1994. Thereafter, each August 1 interest payment and the following February 1 principal and interest payment is expected to be payable from assessment income. As with all improvement issues, the timing of principal repayments assumes that assessments will be filed in the years and amounts estimated. Any deviation from these assumptions may result in a cash shortfalL Included in the principal amount of the issue is a provision for discount bidding in the amount of$6,105, representing approximately$t 1 per bond. We recommend the bonds maturing on or after february 1, 2003 be callable on February 1, 2002, and any day thereafter, at a price of par and accrued interest. This call feature, representing $150,000, or approximately 2796 of the bond issue, will permit a prepayment of those bonds should substantial prepayments of assessments be received or if future market conditions warrant a refinancing of this issue. With the inclusion of the provision for discount bidding, this call feature should not impair the marketability of the improvement bonds. The Refunding Bonds Proceeds of the Series 1993B, 1993C and 1993D Bonds, along with approximately $1,465,000 of available City funds, will be used to advance refund the callable maturities of four of the City's outstanding bond issues. The refundings are being conducted to achieve interest cost savings, which are expected to totat approximately $544,000 for the combined issues, for a present value savings of approximately $212,600. The cash contribution of the City, generated from prepaid assessments, will be used to reduce the amount of the Series 19938 Bonds. While the refunding method we recommend will be identical for all four issues, three separate series of bonds must be issued since different sources of security are pledged for payment of the issues. The refundings will be conducted by means of a "crossover" refunding. In a crossover refunding, the proceeds of the refunding (new issue) bonds are placed in an escrow account with a major bank and invested in government securities. These securities and their earnings are structured to pay debt service on the new bonds through the call date of the refunded bonds at which time the escrow account will cross over and pay the remaining principal on the original issue by calling in all of thos� remaining bonds. The City will contirtue to pay debt service on each original issue through their respective call dates. Beginning with the first interest payment due after the crossover date, the City will cross over and begin making debt service payments on the new issue taking advantage of the lower interest rates. Page 2 City of Rosemount, Minnesota ' � June t0, 1993 , A summary of the outstanding issues to be refunded is as follows: Maturities/ Amounts Total Amount Issues to be Refunded to be of Refunding Crossover New issues . �the'Refunded Bonds') Refunded Princi ai Date $1,415,000 G.O. Improveme� $4,995,000 G.O. I Refunding Bonds, Improvement Bonds, 1997-1999 , Series 1993B Series 1987A $1,500,000 $455,000 February 1, 1996 $2,575,000 G.O. Improvement Bonds, 1996-2001 Series 1989B $1,470,000 $960,000 February 1, 1995 $945,000 G.O. Water Revenue $1,320,000 G.O. Refunding Bonds, Revenue Water Bonds, 1998-2005 Series 1993C Series 1989A $ 910,000 $945,000 February 1, 1997 $845,000 G.O. Municipai Building $1,300,000 G.O. Refunding Bonds, Municipai Building 1996-2002 Series 1993D Bonds, Series 1986 $ 81Q000 $845,000 February 1, 1995 As interest rates fluctuate up and down, the amount of money needed in the escrow accounts for these issues fluctuates also. Therefore, we have included a provision in each issue to permit the City to increase or decrease the principal amount in any of the maturities by $50,000 for each issue. This will also allow for any variances in the actual issuance costs, which will be paid by the escrow account, and the actuaL discount taken by the underwriters, both of which may vary from the assumptions made in these recommendations. Interest rates change rapidly with changing market conditions. As always, the City reserves the right to cancel the bond sales or reject bids if interest rates received are unfavorable. Attached as Appendix IV is the cash flow schedule for the Series 1993B Bonds, including the debt service on the outstanding Refunded Improvement Bonds (Column 7) which will continue to be paid by the City prior to the various crossover dates on the Refunded Improvement Bonds. Column 12 shows the combined annual savings. Appendices V and VI include the new refunding debt service schedules and breakdowns of the estimated annual savings for each of the Refunded Improvement Bonds included in the Series 19936 Bonds. Appendix VII is the debt seniice schedule and breakdown of the estimated annual savings for the Series 1993C Bonds. Appendix VIII is the debt service schedule and breakdown of the estimated annual savings for the Series 1993D Bonds. All refunding issues will be dated August 1, 1993; and principal payments on the new bonds will not commence until after the crossover date, when the old bonds are refunded. The Series 1993B Bonds will be secured by special assessments and taxes originally levied for the Refunded Improvement Bonds. Subsequent to the respective crossover dates on the Refunded Improvement Bonds, principal and interest payments wiU be made from special assessment collections and tax levies at new lower amounts. The new bonds have been structured around projected assessment income, as were the Refunded Improvement Bonds. Page 3 City of Rosemount, Minnesota June 10, 1993 The Series 1993C Bonds wiil be paid from net revenues of the City's municipal water utility. Subsequent to the crossover date on the Refunded Revenue Water Bonds, principal and interest payments will be made from the net revenues of the water utility on the new lower amounts. This refunding has been structured to provide even annual savings. The Series 1993D Bonds will be paid solely from tax levies, as are the Refunded Municipal Building Bonds. Subsequent to the call date on the Refunded Improvement Bonds, principal and interest payments will be made from taxes levied on the new lower amounts. This issue has also been structured to provide relatively even annual savings. Bonds issued after the enactment of the 1986 Ta�c Reform Act are eligible for one advance refunding. To provide the City with additional flexibility, the Series 1993C Bonds are subject to early redemption at the option of the City. The Series 1993C Bonds may be refunded on a "current"basis beginning 90 days prior to the initial call date. Due to the short maturity of the Series 1993C and 1993D Bonds, we recommend these two issues not be subject to prepayment in advance of their maturity. Common to All Issues Rating applications will be made to Moody's )nvestors Service for all of these issues. We will provide the rating agency with the necessary data upon which they will make their rating analysis. The cost of the rating fee has been pro-rated in the issuance costs for each individual issue. These issues are subject to federal arbitrage regulations. The 1986 Tax Reform Act and the 1989 amendments to the Act introduced and modified rebating arbitrage profits to the Treasury. Generally speaking, all arbitrage profits (the yield difference between the earnings on the investments and the yield on the obligations) must be rebated to the Treasury. The Cify will be exempt from reporting and rebate requirements on the Series 1993A Bonds because the City does not anticipate issuing more than $5,000,000 of tax-exempt obligations during 1993. The Refunding Bonds qualify for exemption from arbitrage reporting and rebate requirements because all of the following requirements can be met: (i) the advance refunding issues do not exceed $5,000,000; (ii) the refunded issues were exempted from rebate when issued or, if issued prior to 1986, they were issued in a year when the issuer did not issue more than $5,000,000 of governmental obligations; (iii) the average maturity date of the refunding issues is not later than the average maturity date of the bonds to be refunded; and (iv) no refunding bond has a maturity date later than 30 years after the date the original bond was issued. Prior to the adoption of the Tax Reform Act, financiaf institutions were generally permitted to deduct 80% of their interest expense allocable to tax-exempt obligations. Under the Act, however, finanaal institutions are generally not entitled to such a deduction for tax-exempt obligations purchased after August 7, 1986. There is an exemption to this for issuers of less than $10,000,000 of tax-exempt bonds or notes during the calendar year. The City does not expect to issue more than $10,000,000 of tax-exempt obligations in 1993; therefore, these bonds will be bank-qualified, making the bonds more attractive to bidders. In 1992 the U.S. Treasury enacted reimbursement regulations to prevent issuers from trying to issue tax-exempt bonds to recover costs for things that were done in the past. Basically, the , reimbursement regulations require that if the issuer proposes to reimburse itself for expenses they paid prior to receipt of bond proceeds, it must have made a declaration of that intent prior to the payment of the expense. There are exemptions for architectural and engineering fess Page 4 , City of Rosemount, Minnesota - June 10, 1993 and miscellaneous start-up costs. It is our understanding the City has taken whatever actions are necessary to comply with the federal reimbursement regulations in regards to the Series 1993A Bonds. We recommend these bonds be offered for sale on Tuesday, July 20, 1993, with proposals received at the offices of Springsted Incorporated at 10:30 A.M. During the remainder of the day, proposals will be verified, checked for accuracy, and the necessary computer calculations will be made in order to determine the benefits of the refunding issues. We will then present the bids and our recommendations to the Council at 7:30 P.M. that evening. Respectfully submitted, � ` �...�..��.-z.�'� SPRINGSTED Incorporated sms Page 5 City of Rosemount, Minnesota General Obligation Improvement Bonds, Series 1993A � Less: Less: Less: Plus: N�f Gosts' Amount of Project Water Core Sewer Core MSA Costs of Pius: ' ta bei Project Project Costs* Funds Funds Funds Issuance Discount Firia�naed; Assessments Notes _ #235 $457,400 $16,600 $4,100 $267,920 $3,940 $1,835 $1�4,555 $101,800• 10 year assessment (145th Reconstruction) to be filed 10-1-94. #243 371,200 9,190 4,270 ' $384,66(�' 371,200 10 year assessment (Shannon Hills 5th) #o be filed 10-1-94. Sub�tal $828,600 $16,600 $4,100 $267,920 $13,130 $6,105 $559,215 $473,000 Less: Investment Earnings 4 215� Total Bond Issue 555 OQO, * Includes construction, engineering,contingency, and administration costs. D � '� � m � z m � rn x Prepard by SPRINGSTED Incoporated 10—Jun-93 " . City of Rosemount, Minnesota Prepared June 10, 1993 G.O. Improvement Bonds, Series 1993A By SPRINGSTED Incorporated PROJECTED ASSESSMENT INCOME 145th Street Reconstruction Shannon Hills 5th - - - - T 0 T A L - - - - - ' Filing Date: 10/ 1(1994 Filing Date: 10( 1/1994 Filing Collect Interest Interest Year Year Principal @ 6.750� Total Principal @ 6.700� Total Principal Interest Total ----- ------- --------- -------- ----- --------- -------- ----- --------- -------- ----- . 1994 1995 10,180 8,603a 18,783 37,120 31,139b 68,259 47,300 39,742 87,042 1985 1996 10,180 6,184 16,364 37,120 22,3$3 59,503 47,300 28,567 75,867 1996 1997 10,180 5,497 15,677 37,120 19,896 57,016 47,300 25,393 72,693 1997 ; 1998 10,180 4,810 14,990 37,120 17,409 54,529 47,300 22,219 69,519 1998 1999 10,180 4,123 14,303 37,120 14,922 52,042 47,300 19,045 66,345 1999 2000 10,180 3,436 13,616 37,120 12,435 49,555 47,300 15,871 63,171 2000 2001 � 10,180 2,749 12,929 37,120 9,948 47,068 47,300 12,697 59,997 2001 2002 10,180 2,061 12,241 37,120 7,461 44,581 47,300 9,522 56,822 2002 2003 10,180 1,374 11,554 37,120 4,974 42,094 47,300 6,348 53,648 2003 2004 10,180 687 10,867 37,120 2,487 39,607 47,300 3,174 50,474 TOTALS 101,800 39,524 141,324 371,200 143,054 514,254 473,000 182,578 655,578 a) Includes interest from fili�g b) Includes interest from filing date to 12/3111995. date to 12/31/1995. . � 'fl � m � Z � v �o x V = City of Rosemount, Minnesota Prepared June 10, 1993 G.O. Improvement Bonds, Series 1993A By SPRINGSTED Incorporated $555,000 Dated: 8- 1-1993 Mature: 2- 1 First Interest: 8- 1-1994 Total Projected Total Year of Year of Principal 105� Assessment MSA Total Net Levy Mat. Principal Rates Interest � Interest of Total Income Funds Inco�e Requirement ��) �2) �3) �4) �5) �6) ��) �8) (9) (��) �11) 1993 1995 30,000 3.10� 35,735 65,735 69,022 0 66,980 66,980 2,042 1994 1996 65,000 3.40� 22,893 87,893 92,288 87,042 0 87,042 5,246 1995 1997 55,000 3.70� 20,683 75,683 79,467 75,867 0 75,867 3,600 1996 1998 55,000 3.95� 18,648 73,648 77,330 72,693 0 72,693 4,637 1997 , 1999 50,000 4.15� 16,475 66,475 69,799 69,519 0 69,519 280 1998 2000 50,000 4.35� 14,400 64,400 67,620 66,345 0 66,345 1,275 1999 2001 50,000 4.55� 12,225 62,225 65,336 63,171 0 63,171 2,165 2000 2002 50,000 4.75� 9,950 59,950 62,948 59,997 0 59,997 2,951 2001 2003 50,000 4.95� 7,575 57,575 60,454 56,822 0 56,822 3,632 2002 2004 50,000 5.10� 5,100 55,100 57,855 53,648 0 53,648 4,207 2003 2005 50,000 5.10� 2,550 52,550 55,178 50,474 0 50,474 4,704 TOTALS: 555,000 166,234 721,234 757,297 655,578 66,980 722,558 34,739 Bond Years: 3,622.50 Annual Interest: 166,234 Avg. Maturity: 6.53 Plus Discount: 6,105 Avg. Annual Rate: 4.5899s Net Interest: 172,339 T.I.C. Rate: 4.751� N.I.C. Rate: 4.7578s Interest rates are estimates; changes may cause significant alterations of this schedul�. - The actual underwriteN s discount bid may also vary, . D � 'v m � Z � v «� cp X � _ City of Rosemount, Minnesota G.O. Improvement Refunding Bonds, Series 19938 Dated: 8- 1-1993 Mature: 2- 1 First Interest: 8- 1-1994 Less: Interest Total Non- on 1993B Total Net Existing Year of Year of Principal Refunded Total Bonds Paid Requirement Debt Annual Levy Mat. Principal Rates Interest & Interest Debt Debt By Escrow After Refunding Service Savings ��) �2) �3) �4) �5) �6) t�) �8) (9) (1 0) F11) (1 2) 1992 1994 0 0.0096 0 0 907,493 907,493 0 907,493 907,493 0 1993 1995 0 0.00°k 84,491 84,491 1,020,360 1,104,851 84,491 1,020,360 1,020,360 0 1994 1996 165,000 3.45% 56,327 221,327 627,850 849,177 17,843 831,334 979,360 148,026 'y 995 1997 325,000 3.70% 50,634 375,634 0 375,634 0 375,634 957,285 581,651 1996 1998 325,000 3.95% 38,609 363,609 0 363,609 0 363,609 897,635 534,026 1997 1999 300,000 4.15% 25,771 325,771 0 325,771 0 325,771 777,340 451,569 1998 2000 t65,000 4.35% 13,321 178,321 Q 178,321 0 178,321 285,690 107,369 1999 2001 135,000 4.5596 6,143 141,143 0 141,143 0 141,143 223,860 82,717 TOTALS; 1,415,000 275,296 1,690,296 1,648,210 3,338,506 102,334 4,143,665 6,049,023 1,905,358 Less Funds Provided 1,465,930 . Net Savings 439,428 Bond Years: 6,747.50 Annual Interest: 275,296 Avg. Maturity: 4.77 Plus Discount: 11,320 Avg. Annual Rate: 4.080°k Net Intsrest: 286,616 TJ.C. Rate: 4.254°� N.I.C. Rate: 4.248% Interest rates are estimates; changes may cause significant alterations of this schedule. The actual underwriter's discount bid may also vary. : D 'V � m v Z ,� v � � X �o . < Prepared by SPRINGSTED Incorpora�d 09-Jun-93 , � APPENDIX V REFUNDING OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1987A Rosemount, Minnesota Prepared: 06/03%93 G.O. Refunding Bonds, Series 1993B ' By SPRINGSTED Incorporated Refunding Debt �ervice , Date Principal Rate Interest Semi-Annual Annual 02/O1/94 8, 921 .',25 8, 921 .25 * 8, 921 .25 OS/O1/94 8, 921 .'25 8, 921 . 25 * 02/O1/95 8, 921. 25 8, 921 . 25 * 17, 842 . 50 OS/O1/95 8, 921 .'25 8, 921.25 * 02/O1/96 8, 921 .'.25 8, 921 .25 * 17, 842, 50� OS/O1/96 8, 921.'25 8, 921 . 25 02/O1/97 160, 000 . 00 3 . 700% 8, 921 .'.25 168, 921 .25 177, 842 . 50 08/O1/97 5, 961 .25 5, 961 .25 02/O1/98 160, 000 . 00 3 . 950% 5, 961 .'25 165, 961.25 171, 922. 50 OS/O1/98 2 , 801 .'25 2, 801.25 02/O1/99 135, 000 . 00 4 . 150% 2 , 801 .',25 137, 801 .25 140, 602 . 50 Totals 455, 000 .00 -. 79, 973 .:75 534, 973 .75 534, 973 . 75 Bond Years: 2, 022 .50 * Paid by escrow. Bond Date. : O8/O1/93 Avg. Mat. . : 4 .445 All other payments Delivery. . : 08/18/93 NIC. . . . . . . : 4 . 134�C -tnade by th� issuer. Bond Yield: 3 . 95144� ' Page 10 Rosemount , Minnesota Prepared: 06/03%93 G.O. Refunding Bonds, Series 1993B �y SPRINGSTED Incorporated Annual Savings Analysis Non-Refunded Refunding Total New Existing Savings Date Debt Service Debt Service Debt Service Debt Service or {Loss) � (1) (2) (3 ) (4) (5) (6) � 02/O1/94 593 , 300 . 00 593 , 300 . 00 593 , 300 . 00 08/O1/94 02/O1/95 657, 850 . 00 657, 850 . 00 657, 850 . 00 08/O1/95 02/O1/96 627, 850 . 00 627, 850 . 00 627, 850 . 00 � 08/O1/96 � 02/O1/97 177, 842 . 50 177, 842 . 50 622, 350 . 00 444, 507. 50 08/O1/97 02/O1/98 171, 922 . 50 171, 922 . 5-0 589, 275 . 00 417, 352 . 50 08/O1/98 02/O1/99 140, 602 . 50 140, 602 . 50 480, 150 . 00 339, 547 . 50 Totals 1, 879, 000 .00 490,367.50 2, 369, 367.50 3, 570,775. 00 1, 201,407 . 50 Present Value Rate. . . : 3 . 95144�C . Funds from Issuer. . . . : (955, 537. 88> Present Value Savings: 59, 037.64 Funds to Sinking Fund: As � of P.V. Ref . D/S: :- 4 . 13� Total Net Savinga. . . . : 245, 869 . 62 Page 11 ' APPENDIX VI , REFUNDING OF GENERAL OBLIGATION tMPROVEMENT BONDS, SERIES 1989B Rosemount, Minnesota Prepared: 06/03/93 G.O. Refunding Bonds, Series 1993B By SPRINGSTED Incorporated Refunding Debt Service Date Principal Rate Interest Semi-Annual Annuai 02/O1/94 19, 241 . 25 19, 241 .25 * 19, 241 . 25 08/O1/94 19, 241 . 25 19, 241.25 * 02/O1/95 19, 241 .25 19, 241 .25 * 38, 482 . 50 08/O1/95 19, 241 .25 19, 241 .25 02/O1/96 165, 000 . 00 3 .450% 19, 241 . 25 184, 241.25 203 , 482 . 50 08/O1/96 16 , 395 . 00 16, 395 .00 02/O1/97 165, 000 . 00 3 . 700% 16, 395 . 00 181, 395 . 00 197, 790 . 00 08/O1/97 13 , 342 .50 13 , 342 . 50 02/O1/98 165, 000 . 00 3 . 950� 13 , 342 . 50 178, 342 . 50 191, 685. 00 08/O1/98 10, 083 . 75 10, 083 .75 02/O1/99 165, 000 . 00 4 . 150% 10, 083 .75 175,083 .75 185, 167. 50 08/O1/99 6 , 660 . 00 6, 660 . 00 02/O1/2000 165, 000 . 00 4 . 350� 6 , 660 . 00 171, 660. 00 1'78, 320 .00 OS/Ol/2000 3 , 071 .25 3 , 071.25 02/O1/2001 135, 000 . 00 4 . 550� 3 , 071 .25 138, 071 .25 141, 142 . 50 Totals 960, 000. 00 � 195, 311.25 1, 155, 311.25 1, 155, 311.25 Bond Years: 4, 725.00 - * •Paid by •escrow. Bond Date. : 08/O1J93 Avg. Mat. . : 4 . 922 All other payments Delivery. . : OS/18/93 NIC. . . . . . . 4 .296� _F inade by �he issuer. Bond Yield: 4 .12367� Page 12 . Rosemount, Minnesota Prepared: 05/03/93 G.O. Refunding Bonds, Series 1993B By SPRZNGSTED Incorporated Annual Savings Analysis - Non-Refunded Refunding Total New Existing Savings Date Debt Service Debt Bervice Debt Service Debt Service or (Loss) (1) (2) (3) (4) (5) (6) 02/O1/94 314 , 192 . 50 314 , 192 . 50 314 , 192. 50 08/O1/94 02/O1/95 362 , 510 . 00 362 , 510 . 00 362, 510 . 00 08/O1/95 02/O1/96 203 , 482 . 50 203 , 482 . 50 351, 510 . 00 148, 027. 50 OS/O1/96 � • 02/O1/97 , 197, 790 . 00 197, 790 . 00 334, 935 . 00 137, 145 . 00 08/O1/97 02/O1/98 191, 685 . 00 191, 685 . 00 308, 360 . 00 116, 675. 00 OS/O1/98 02/O1/99 185, 167 . 50 185, 167 . 50 29'7, 190 .00 112, 022 . 50 08/O1/99 02/O1/2000 178 , 320 . 00 178 , 320 . 00 285, 690 . 00 107, 370 . 00 OS/O1/2000 02/O1/2001 141, 142 . 50 141, 142 . 50 223 , 860 . 00 82, 717.50 Totals 676,702 .50 1, 097,587 .50 1, 774, 290 .00 2,478,247.50 703, 957.50 Present Value Rate. . . : 4 .12367� Funds from Issuer. . . . : (510, 392 .49) e ent Value Savin s: 74, 831.64 Funds to Sinking Fund: Pr s g As � of P.V. Ref . D/S: 5 .02� Tota1 Net Savings. . . . : 193, 565.01 Page 13 APPENDIX VII REFUNDING OF GENERA� OBLIGATION REVENUE ' WATER BONDS, SERIES 1989A Rosemount, Minnesota Prepared: 06/02j93 G.O. Refunding Bonds, Series 1993C By SPRINGSTED Incorperated Refunding Debt Service Date Principal Rate Interest Semi-Annual Annual 02/O1/94 22 , 096 . 25 22, 096 . 25 * 22, 096 . 25 08/O1/94 22, 096 . 25 22, 096 . 25 * 02/O1/95 22, 096 . 25 22, 096 .25 * 44 , 192 . 50 08/O1/95 22, 096 . 25 22, 096 . 25 * 02/O1/96 22, 096 . 25 22 , 096 . 25 * 44, 192 . 50 08/01/96 22, 096 .25 22, 096 .25 * ' . 02/O1/97 22, 096 .25 22, 096 .25 * 44, 192 . 50 08/O1/97 22 , 096 . 25 22, 096 . 25 02/O1/98 100, 000 . 00 3 . 950% 22 , 096 . 25 122, 096 .25 144, 192 . 50 08/O1/98 20, 121 .as 2o, iai .2s 02/O1/99 105, 000 . 00 4 . 150% 20, 121 . 25 125, 121 .25 145, 242 .50 OS/O1/99 17, 942 . 50 17, 942 . 50 02/O1/2000 110, 000 . 00 4 . 350% 17, 942 . 50 127, 942 . 50 145, 885 . 00 08/O1/20Q0 15, 550 . 00 15, 550 . 00 02/O1/2001 115, 000 . 00 4 . 550% 15, 550 . 00 130, 550 . 00 146, 100 . 00 08/O1/2001 12, 933 . 75 12, 933 . 75 02/O1/2002 120, 000 . 00 4 . 750% 12, 933 . 75 132, 933 . 75 145, 867 . 50 08/O1/2002 10, 083 . 75 10, 083 . 75 02/O1/2003 125, 000 . 00 4 . 950�5 10,A83 . 75 135, 083 .75 145, 167 . 50 08/O1/2003 6, 990 . 00 6, 990 . 00 02/O1/2004 130, 000 . 00 5 . 100% 6, 990 . 00 136, 990 .00 143, 980 . 00 08/O1/2004 3, 675 . 00 3, 675 . 00 02/O1/20Q5 140, 000 . 00 5 .250's 3, 675 . 00 143, 675 . 00 147, 350 . 00 Totals 945, 000 .00 .. 373,458 .75 1, 318,458 .75 1, 318, 458 .75 Bond Years: 7, 787.50 " * Paid by escrow. Bond Date. : O8/Ol/93 Avg. Mat. . : 8.241 All other payments Delivery. . : OS/18/93 NZC. . . . . . . . 4 .917� :.made by the issuer. Bond Yield: 4 .77675� Page 14 Rosemount, Minr.esota Prepared: 06/02/93 G.O. Refunding Bonds, Series 1993C By SPRINGSTED Incorporated Annual Savings Analysis � Non-Refunded Refunding Total New Existing Savings Date Debt Service Debt Service Debt Service Debt Service or !Lossi (1) (2) (3) (4) (5) (6) 02/O1/94 113 , 691 . 25 113 , 691 . 25 113 , 691 . 25 OS/O1/94 02/O1/95 157, 482 . 50 157, 482 . 50 157, 482 .50 OS/O1/95 02/O1/96 157, 232 . 50 157, 232 . 50 157, 232 . 50 08/O1/96 � 02/O1/97 156 , 632 . 50 156, 632 . 50 156 , 632 . 50 OS/O1/9'7 02/O1/98 144, 192 . 50 144 , 192 . 50 155, 640 . 00 11, 447 . 50 OS/O1/98 02/O1/99 145, 242 . 50 145, 242 . 50 154, 250 . OQ 9, 007 . 50 OS/O1/99 02/O1/2000 145, 885 . 00 145, 885 . 00 152 ,457 . 50 6, 572 . 50 OS/O1/2000 02/O1/2001 146, 100 . 00 146, 100 . 00 155, 257 . 50 9, 157 . 50 08/O1/2001 02/O1/2002 145, 867. 50 145, 867 . 50 152, 337 . 50 6, 470. 00 08/OT/2002 02/O1/2003 145, 167 . 50 145, 167 . 50 154, 000 . 00 8, 832 . 50 08/O1/2003 02/O1/2004 143, 980 . 00 143, 980 . 00 154, 937 . 50 10, 957 . 50 08/O1/2004 . . 02/O1/2005 147, 350 . 00 147, 350 . 00 � 150, 150 . 00 2, 800 . 00 Totals 585, 038 .75 1, 163, 985.00 1, 748, 823 .75 1,814, 068.75 65,245 . 00 Present Value Rate. . . : 4 .'77675� Excess Proceeds. . . . . . : 3 .10 Present Value Savings: 46, 716 .90 Funds to Sinking Fund: As � of P.V. Ref. D/S: ' S.48$� Total Net Savings. . . . : 65, 248 . 10 Page 15 � APPENDIX VI11 REFUNDING OF GENERAL OBLIGATION MUNICIPAL BUILDING BONDS, SERIES 1986 Rosemount, Minnesota Prepared: 06/02i93 G.O. Refunding Bonds, Series 1993D By SPRINGSTED Incorporated Refunding Debt Service Date Principal Rate Interest Semi-Annual Annual 02/O1/94 17, 576 . 25 17, 576 .25 * 17, 576 . 25 08/O1/94 17, 576 . 25 17, 576 .25 * 02/O1/95 17, 576 .25 17, 576 .25 * 35, 152 . 50 OS/Ol/95 17, 576 .25 17, 576 .25 02/O1/96 110, 000 . 00 3 .450°s 17, 576 .25 127, 576 .25 145, 152 . 5,a , 08/O1/96 15, 678 . 75 15, 678 .75 • 02/O1/97 110, 000 . 00 3 . 7Q0% 15, 678 . 75 125, 678 . 75 141, 357 . 50 08/O1/97 13 , 643 . 75 13 , 643 .75 02/O1/98 115, 000 . 00 3 . 950°s 13, 643 . 75 128, 643 . 75 142, 287 . 50 08/O1/98 11, 372 . 50 11, 372 . 50 02/O1/99 120, 000 . 00 4 . 150% 11, 372 . 50 131, 372 .50 142, 745 . 00 08/O1/99 8, 882 . 50 8, 882 . 50 02/O1/2000 125, 000 . 00 4. 350a 8, 882 .50 133, 882 .50 142, 765 .00 08/O1/2000 6, 163 .75 6, 163 .75 02/01/2001 130, 000 . 00 4 . 550% 6, 163 . 75 136, 163 . 75 142, 327 .50 08/O1/2001 3 , 206 . 25 3 , 206 .25 02/O1/2002 135, 000 . 00 4 . 750% 3 , 206 . 25 138,206 .25 141, 412 . 50 Totals 845, 000 .00 _. 205, 776 .25 1, 050, 776 .25 1, 050, 776.25 Bond Years: 4, 772.50 * Paid by escrow. Bond Date. : OS/O1/93 Avg. Mat. . : 5 .648 All other payments Delivery. . : 08/18/93 NIC. . . . . . . . 4 .471� -made by the issuer. Bond Yield: 4 .29807% Page 16 � Rosemount, Minnesota Prepared: 06/02/93 G.O. Refunding Bonds, Series 1993D By SPRINGSTED Incorporated Annual Savings Analysis � Non-Refunded Refunding Total New Existing Savings Date Debt Service Debt Service Debt Service Debt Service or (Loss) (1) (2) (3) (4) (5? (6) 02/O1/94 111, 640 . 00 111, 640 . 00 111; 640. 00 08/O1/94 02/01/95 143 , 400 . 00 143 , 400 . 00 143, 400 . 00 08/O1/95 02/O1/96 145, 152 . 50 145, 152 . 50 148, 130 . 00 2, 977 . 50 , OS/O1/96 02/O1/97 141, 357 . 50 141, 357 . 50 147, 145 . 00 5, 787 . 50 08/O1/97 02/O1/98 142, 287. 50 142, 287. 50 15-0, 745 . 00 8,457. 50 OS/O1/98 02/O1/99 142, 745 . 00 142, 745 . 00 148, 595 . 00 5, 850 .00 OS/O1/99 02/O1/2000 142, 765 .00 142, 765 . 00 151, 005 . 00 8, 240 . 00 08/O1/2000 02/O1/2001 142, 327. 50 142, 327. SQ 147, 755 . 00 5,427. 50 08/O1/2001 02/O1/2Q02 141, 412 . 50 141, 412 . 50 144, 045 . 00 2, 632 .50 Totals 255, 040. 00 998, 647.50 1, 253, 087.50 1, 292,460.00 39, 372 .50 Present Value Rate. . . : 4 .29807� Excess Proceeds. . . . . . : 8.54 Present Value Savings: 32, 041.70 Funds to Sinking Fund: Ae �C of P.V. Ref. D/S: 3 .87� � Total Net Savings. . . . : 39, 381.44 Page 17 THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL � ;555,000 CITY OF ROSEMOUNT, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993A Proposals for the Bonds will be received by the City Administ�ator or his designee on Tuesday, July 20, 1993, until 10:30 A.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Piace, Suite 100, Saint Paut, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Councii at 7:30 P.M., Central Time, of the same day. bETAILS OF THE BONDS The Bonds wiii be dated August 1, 1993, as the date of original issue, and will bear interest payabie on February 1 and August 1 of each year, commencing August 1, 1994. Interest wiil be computed on the basis of a 360-day year of twelve 30-day months. The Bonds wiil be issued in the denomination of$5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principai will be payable at the main corporate o�ice of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will rnature February 1 in the years and amounts as foilows: 1995 $30�000 1999 $50,000 2003 $50,000 1996 $60,000 2000 $50,000 2004 $50,000 1997 $55,000 2001 $50,000 2005 $50,000 1998 $55,000 2002 $50,000 OPTIONAL REDEMPTION The City may elect on February 1, 2002, and on any day thereafter, to prepay Bonds due on or after February 1, 2003. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. Ali prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City wiU pledge its full faith and credit and powe� to levy direct general ad valorem taxes. In addition the City will pledge special assessments against benefited property. The proceeds wiil be used to finance various improvement projects within the City. TYPE OF PROPOSALS Proposals shali be for not less than $548,895 and accrued interest on the total principai amount of the Bonds. Proposais shail be accompanied by a Good Faith Deposit ("Deposit") in Page 18 the form of a certified or cashier's check or a Financial Surety Bond in .the amount of $5,550, payable to the order of the City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identity each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisiy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the tirne set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral muftiples of 5/100 or 1/8 of 196. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City wi0 reserve the right #o: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (iii) reject any proposal which the City determines to have failed to comply with the terms herein. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will c�nsfitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSlP Service Bureau charge for the assignment of CUSfP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days fol{owing the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been Page 19 made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Officiai Statement wi11 serve as a nearly-�inai Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Officiai Statement or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 5510t, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is de�ned in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposai therefor, the City agrees that, no more than seven business days after the date of such award, it shail provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of the Officiai Statement and the addendum or addenda described above. The City designates the senior managing undervvriter of the syndicate to which the Bonds are awarded as i#s agent for purposes of distributing copies of the Final Official Statement to each Participating Undervvriter. Any undervvriter delivering a proposal with respeet to the Bonds agrees thereby that if its _ proposal is accepted by the City (i) it shali accept such designation and (ii) it shall enter into a contractual retationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Finai Officiai Statement. Dated June 15, 1993 BY ORDER OF THE CITY COUNCIL /s/Susan M. Walsh . Clerk Page 20 + THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIQTE THIS ISSUE �', ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: �, TERMS OF PROPOSAL � �1,415,000* CI11f OF ROSEMOUNT, MINNESOTA GENERAL OBUGATION IMPROVEMENT REFUNDING BONDS, SERIES 1993B Proposals for the Bonds will be received by the City Administrator or his designee on Tuesday, July 20, 1993, untii 10:30 A.M., Central Time, at the offices of Springsted Incorporated, 85 East , Seventh Place, Suite 100, Saint Paui, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:30 P.M., Centrai Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated August 1, 1993, as the date of originai issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1994. Interest will be computed on the basis of a 360-day year of twelve 30-day rnonths. The Bonds wili be issued in the denomination of$5,000 each, or in integral muitiples thereof, as requested by the purchaser, and fuily registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature february 1 in the years and amounts as follows: � 1996 $165,000 1998 $325,000 2000 $165,000 1997 $325,000 1999 $ 30,000 2001 $135,000 * The City reserves the right, after proposa/s are opened and prior to award, to increase or reduce the principa/ amount of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed$50,000 and will be made in multiples of$S,OOO in any of the mafurities. In the ever►t the principal amouni of the Bonds is increased or reduced, any premium offered or any discouni faken will be increased or reduced by a percentage equal to the perceniage by which the principat amouni of the Bonds is incressed or reduced. OPTIONAL REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity da#es. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments against benefited property. The proceeds will be used to advance refund the 1997 through 1999 maturities of the City's $4,995,000 General Obligation Improvement Bonds, Series 1987, dated August 1, 1387 and the 1996 through 2001 maturities of the City's $2,575,000 General Obligation Improvement Bonds, Series 1989B, dated July 1, 1989. Page 21 • TYPE OF PROPOSALS �� Proposals shall be for not less than $1,403,680 and accrued interest on the totai principal I amount of the Bonds. Proposals shafl be accompanied by a Good Faith Deposit ("Deposit") in ' the form of a certified or cashier's check or a Financial Surety Bond in the amount of $14,150, payable to the order of the City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order. Bonds of the sarne maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, witl be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipf of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (iii) reject any proposat which the City determines to have failed to comply with the terms herein. REGISTRAR The City wiU name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds qualiiy for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On Page 22 the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the oifices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment. � OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relafive to the Bonds, and said Official Statement will serve as a nearly-final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Officiat Statement or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612}223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final O�cial Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 60 copies of the Official Statement and the addendum or addenda described above. TMe City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated June 15, 1993 BY ORDER OF THE CITY COUNCIL ' /s/Susan M. Walsh Clerk . Page 23 THE CITY HAS AUTHORI2ED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ' ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL � �945,000* CITY OF ROSEMOUNT, MINNESOTA GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 1993C Proposals for the Bonds wiil be received by the City Administrator or his designee on Tuesday, July 20, 1993, until 10:30 A.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated August 1, 1993, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1994. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination of$5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holde�'s address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1998 $100,000 2001 $115,000 2004 $130,000 1999 $105,000 2002 $120,000 2005 $140,000 2000 $110,000 2003 $125,000 * The Ciry reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amouni of the Bonds offered for sale. Any such increase or reduction wi/l be in a total amouni not to exceed$50,000 and will be made in muliiples of$5,000 in any of the maturities. /n the eveni the principa/ amount of the Bonds is increased or reduced, any premium offered or any discount taken wilf be increased or reduced by a percentage equal to the percenfage by which the principa/amourn of ihe Bonds is increased or reduced OPTIONAL REDEMPTION The City may elect on February 1, 2002, and on any day thereafter, to prepay Bonds due on or after February 1, 2003. Redemption may be in whole or in part and if in part at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City wiil pledge its full faith and credit and power to levy direct�general ad valorem taxes. In addition the City will pledge net revenues of the City's municipal water utility. The proceeds will be used to advance refund Page 24 the 1998 through 2005 maturities of the City's $1,320,000 General Obiigation Revenue Water Bonds, Series 1989A, dated April 1, 1989. TYPE OF PROPOSALS Proposals shall be for not less than $935,550 and accrued interest on the totai principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certi�ed or cashier's check or a Financial Surety Bond in the amount of $9,450, payable to the order of the City. If a check is used, it must accompany each proposaL If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identiiy each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 196. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. • � The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (iii) reject any proposal which the City determines to have failed to comply with the terms herein. REGISTRAR The City wilt name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds qualify fo� assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignrr�ent of CUSIP identification numbers shall be paid by the purchaser. ,SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be Page 25 subject to receipt by the purchaser of an approving Iegal opinion of Briggs and Morgan, Professionai Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement or for any additional information prior to sale, any , prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 40 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing undenroriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated June 15, 1993 BY ORDER OF THE CITY COUNCIL /s/Susan M. Walsh Clerk Page 26 THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL �845,000* CITY OF ROSEMOUNT, MINNESOTA GENERAL OBLIGATION MUNICIPAL BUILDING REFUNDING BONDS, SERIES 1993D Proposals for the Bonds wili be received by the City Administrator or his designee on Tuesday, July 20, 1993, until 10:30 A.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they wiil be opened and tabulated. Consideration for award of the Bonds will be by the City Councii at 7:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated August 1, 1993, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1994. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination of$5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: � 1996 $110,000 1999 $120,000 2001 .$130,000 1997 $110,000 2000 $125,000 2002 $135,000 1998 $115,000 * The Ciry reserves the righi, after proposals are opened and prior to award, to increase or reduce the principa/ amount o/ ihe Bonds offered for sale. Any such increase or reduction will be in a tota! amount not io exceed�50,000 and will be made!n multiples of$5,000 in any of the maturities. ln the event the prirtcipa/ amount of the Bonds is increased or reduced, any premium offered or any discount takert wiN be increased or reduced by a percentage equa! to the percentage by which the principa/amount of ihe Bonds is increased or reduced. OPTIONAI.REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to advance refund the 1996 through 2002 maturities of the City's $1,300,000 General Obligation Municipal Building Bonds, Series 1986, dated April 1, 1986. Page 27 TYPE OF PROPOSALS ' Proposals shall be for not less than $837,395 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $8,450, payable to the orde� of the City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorpo�ated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be � deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1°�. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (iii) reject any proposal which the City determines to have failed to comply with the terms herein. REGISTRAR The City will name the registrar which sha11 be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds quatity for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neittter the failure to print such numbers on any Bond nor any error with respeet thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Witnin 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the Ciiy and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of B�iggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certi�cate. On � Page 28 c f the date of settiement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shalF be liable to the City for any loss suffered by the City by reason of the purchaser's non-comptiance with said terms for payment. � OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement or for any additional information prior to sale, any prospective purchaser is referred to the financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specitying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shalt constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal #herefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 35 copies of the O�cial Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated June 15, 1993 BY ORDER OF THE CITY COUNCtL /s/Susan M.Walsh Clerk . Page 29