HomeMy WebLinkAbout6.a. Consideration of Resolution Awarding Sale of Bonds to Finance the Purchase of the Abbott Property CITY OF ROSEMOUNT
EXECUTIVE SUN�tARY FOR ACTION
PORT AUTHORITY COMMISSION MEETING DATE: OCTOBER 5, Z993
AGENDA ITEMs RESOLUTION AWARDING SALE OF AGENDA SECTION:
BONDS CONSULTANT/STAFF REPORTS
PREPARED BY: JOHN MILLER, AGEND���� � � �
ECONOMIC DEVELOPMENT COORDINATOR
ATTACHMENTS: RESOLUTION AWARDING SALE OF AI'P VED BY: �
BQNDS TO LOW BIDDER, OFFICIAL STATEMENT
David Drown, the port authority' s fiscal consultant, will provide the
members with bid tabs from the sale of the business park bonds. He is
working at this writing with Briggs and Morgan, the bond counsel, in
preparing a resolution for port authority consideration to award the sale
of the bonds.
At the October 5 city council meeting, consideratian will be given to an
ordinance permitting the sale of the bonds to be completed.
RECO��Il�lENDED ACTION: Motion to approve Resolution 1993 - , A
RESOLUTION ACCEPTING OFFFR ON THE SALE OF $580, 000 TAXA}3LFs GENERAL
OBLIGATION BONDS, SERIES 1993E, PROVIDING FOR TBEIR ISSIIANCE AND LEVYING '
A TAX FOR THE PAYMENT THEREOF.
PORT AIITHORITY ACTION:
, SPRINGSTED ,, ._
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PUBLIC FINANCE ADVISORS Minneapolis. MN 55402 1800
i612) 333 9177
Fax: (612) 349-5230
Home Office
85 East Seventh Place 16655 West Bluemound Road
Suite 100
Saint Paul, MN 55101-2143 Suite 290
i612) 223-3000 Brookfield, WI 53005-5935
Fax: (612) 223-3002 (4141 782 8222
Fax: (414) 782-2904
�� 6800 College Boulevard
Suite 600
Overland Park, KS 66211 1533
\ � (9131 345-8062
Fax: (913) 345 1770
1800 K Street NW
Suite 831
Washington. DC 20006-22C0
(202) 466-3344
Fax: (202) 223-1362
$580,000
ROSEMOUNT PORT AUTHORITY, MINNESOTA
TAXABLE GENERAL OBLIGATION BONDS, SERIES 1993E
AWARD: PARK INVESTMENT CORPORATION
SALE: October 5, 1993 Moody's Rating: A
Interest Net Interest True Interest
Bidder Rates Prtce Cost Rate
PARK INVESTMENT CORPORATION 4.25% 1996 $571,300.00 $341,567.50 6.1253%
� 4.70% 1997
c� ��p � � 5.00% 1998
`./�d'�" �•••- -.,� 5.20% 1999
5.40% 2000
5.50�0 2001
5.60% 2002
5.75% 2003
5.90°/a 2004
6.00% 2005
6.10°/a 2006
6.20°/a 2007
6.30% 2008
6.40% 2009
DAIN BOSWORTH INCORPORATED 4.40�0 1996 $573,330.00 $357,818.13 6.3940%
4.70% 1997
5.00% 1998
5.25% 1999
5.50% 2000
5.75% 2001
6.00% 2002
6.10% 2003
6.25�a 2004
6.40°/a 2005
6.50% 2006
6.60% 2007
6.70% 2008-2009 (Continued)
Interest Net interest True Interest
Bidder Rates Price Cost Rnte
PIPER JAFFRAY INC. 4.50% 1996 $572,460.00 $371,648.13 6.6567%
5.00% 1997
5.40% 1998
5.75% 1999
5.90% 2000
6.00% 2001
6.25% 2002
6.50% 2003
6.60% 2004
6.70% 2005
6.75�0 2006-2007
6.80% 2008-2009
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These Bonds are being reoffered at par.
BBI: 5.30
Average Maturity: 9.64 Years
i �
t
ROSEMOQNT PC?RT AIITIiORITY
DAROTA COIINTY, MINNEBOTA
RE$OLIITION 1993 -
RESOLIITZON ACCEPTING OFFER ON TH8
SALE OF $580,000 TAXABLE GENERAL OBLIGATION
BONDB, SERIES i9938, PROVIDING FOR THEIR ISSIIANCB
AND LEVYING A TRB FOlt THB PAYMENT THEREOF
WHEREAS, the Board of Commissianers of the Rosemount Port �
Authority (the "Authority") has heretafore determined that it is '
necessary and expedient to issue its $580,000 Taxable General
Obligation Bonds, Series 1993E, pursuant to Minnesota Statutes,
Sections 469.060 and Chapter 475 to provide funds for the purpose
o€ acquiring land for development as a business park; and
WBEREAS, the City of Rosemaunt (the "City°) has, by its ordinance
No. , adopted October _, 1993, agreed to pledge its full
faith and credit towards the payment of the Bonds, as required
under the provisions of Minnesota Statutes, Section 469.060;
WHEREAB, offers to purchase the Bonds were solicited on behalf of
the Authority by Springsted Incorporated; and
WHEREAS, the following offers were received, opened and recorded
by the Executive Director or his designee at the offices of
Springsted Incorporated at 1:00 P.M. , this same day:
'��.dder Interest Rate Net Int�rest Cost
NOW THEREFORE BE IT RESOLVED by the Board of
Commissioners of the Rosemount Port Authority as follows:
1, Acceptance of Offer. The affer of
(the "Purchaser") ,
to purchase $580,000 Taxable General Obligation Bonds,
Series 1993E of the Authority (the "Bonds", or individually
a "Bond") , in accordance with the terms of proposal, at the
rates of interest hereinafter set forth, and to pay therefor
� .
the sum of $ , plus interest accrued ta settlement,
' is hereby faund, determined and deelared to be the most
favorable affer received and is hereby accepted, and the
Bonds are hereby awarded to the Purchaser. The Executive
Director is air�ctea to retain the deposit of the Purchaser
and to forthwith return to the others making offers their
good faith checks or drafts.
2. Tit],e: Oriqinal Issue Date; Denomina�ions1 Maturities. The
Bonds shall be titled "Taxable General Obligation Bonds,
Series 1993E", shall be dated November 1, 1993, as the date
of original issue and shall be issued forthwith on or after
such date as fully reqistered bonds. The Bands shall be
numbered from R-1 upward in the denominatian of $S,OOQ each
or in any inteqral multiple thereof of a sinqle maturity.
The_ Bonds shall mature on February 1 in the years and
amounts as follows:
ar aun Year unt
1996 $ 30,000 2003 $ 40, 000
1997 30,000 2004 45, 000
199$ 30,OQO 2005 45, 000
1999 35,000 200b 50,000
2000 35,Q00 200? 50,000
2001 35,000 2008 55,000
2002 40, 000 2-009 60,000
3 . Purpose. The Bonds shall provide funds for the purpose of
acquiring land for devel.apment as a business park (the
"Project") in the City. The total cost of the Project,
which shall include all costs enumerated in Minnesota
Statutes, Section 475.65, is estimated to be at least equal
to the amount of the Bonds. Work on the Project shall
praceed with due diliqence to completion.
4. Interest. The Bonds shall bear interest payable semi-
annually an February 1 and August 1 of each year (eaeh, an
"Interest Payment Date") , commencinq August i, 1994,
calculated on the basis of a 360-day year of tweive 30-day
manths, at the respective rates per' annuzn set forth opposite
the maturity years as follows:
Maturity Interest Maturity Interest
Year Rate Year Rate
1996 $ 2003 $
2997 2004
1998 2005
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1999 2-006
2000 2007
2001 20Q8
2002 20Q9
5. Redemption. All Bonds maturing in the years 2004 through
2009, both inclusive, shall be subject to redemption and
prepayment at the optian of the Authority on February 1,
2003, and on any date thereafter at a priee af par plus
accrued interest. Redemption may be in whole or in part of
the Bonds subject to prepayment, If redemption is in part,
the maturities and the principal amounts within each
maturity to be redeemed shall be determined by the
Authority; and if only part of the Bonds having a common
maturity date are called far prepayment, the specific Bonds
to be prepaid shall be chosen by lot by the Band Registrar.
Bonds or portions thereof called for redemption shall. be due
and payable on the redemption date, and interest therean
shall cease to accrue from and after the redemption date.
Mailed notice of redemption shall be given to the paying
agent and to each affected registered holder of the Bonds.
To effect a partial redemption of Bonds having a cammon
maturity date, the Bond Registrar prior to giving notice of
redemption shall assign to each Band having a common `
maturity date a distinctive number for each $5,000 of the
principal amount of such Bond. The Bond Registrar shall
then select by lot, using such method of selectiori as it
shall deem proper in its discretion, from the numbers so
a5signed to such Bonds, as many numbers as, at $S,OOO for
each number, shall equal the principal amount of such Bonds
to be redeemed. The Bonds to be redeemed shall be the Bonds
to which were assigned numbers so selected; provided, '
however, that only so much of the principal amount of each
such Bond af a denomination of more than $5,000 shall be
redeemed as shall equal $5, 000 for each number assigned to
it and so selected. If a Bond is to be redeemed only in
part, it shall be surrendered to the Bond Registrar (with,
if the Authority or Bond Registrar so requires, a written
instrument of transfer in form satisfactory to the Authority
and Bond Registrar duly executed by the holder thereof or
his, her or its attorney duiy autharized in writing) and the
Authority shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the holder of
such Bond, without service charge, a new Bond or Bonds of
the same series having the same stated maturity and interest
rate and of any authorized denomination or denominations, as
requested by such holder, in aggregate principal amount
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equal to and in exehange for the unredeemed portion of the
principal of the Bond so surrendered.
b. Bond Registrar. , in
, Minnesota, is appointed to act as bond
registrar and transfer agent with respect to the Bonds (the
"Bond Registrar") , and shall do so unless and until a
successor Bond Registrar is duly appointed, all pursuant to
any contract the Authority and Bond Registrar shall execute
which is consistent herewith. The Band Registrar shall also
serve as paying agent unless and until a successor paying
agent is duly appointed. Principal and interest on the
Bonds shall be paid to the registered holders (or record
holders) of the Bonds in the manner set forth in the form of
Bond and paragraph 13 of this resolution.
7. Form of Bond. The Bonds, together with the Bond Registrar's
Certificate of Authentication, the form of Assignment and
the registration information thereon, shall be in
substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
ROSEMOUNT PORT AUTFiORITY
R- $
TAXABLE GENERAL OBLIGATION
BOND, SERIES 1993E
INTEREST MATURITY DATE OF
RATE DATE ORZGINAL ZSSUE CUSZP
November 1, I993
REGISTERED OWNER:
PRINCIPAL AMOUNT; DOLLARS
Ia10W ALL PERSONS BY THESE PRESENTS that the Rosemount Port
Authority, Dakata County, Minnesota (the "Issuer") , certifies `
that it is indebted and for value received promises to pay to the
registered owner specified above, or registered assigns, in the
manner hereinafter set forth, the principal amount specified
above, on the maturity date specified above, unless called for
�earlier redemption, and to �pay interest thereon semiannually on
February i and Auqust 1 of each year (each, an "Interest Payment
Date") , commencing August 1, 1994, at the rate per annum
specified above (calculated on the basis of a 360-day year of
twelve 30-day months) until the principal sum is paid or has been
provided for. This Bond will hear interest from the most recent
Interest Payment Date to which interest has been paid or, if no
interest has been paid, fram 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 ,
{the "Bond Registrar") , acting as paying
agent, or any successor paying agent duly appointed by the
Issuer. Interest on this Bond will be paid on each Interest
Payment Date by check or draft mai3ed to the person in whose name
this Bond is registered (the "Holder" or "Bondhoider") on the
registration books of the Issuer maintained by the Bond Registrar
and at the address appearing thereon at the close of business on
the fifteenth day of the calendar month next preceding such
Interest Payment Date (the "Regular Record Date") . Any interest
not so timely paid shall cease to be payable to the person who is
the Holder hereof as of the Regular Record Date, and shall be
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payable to the person who is the Holder hereof at the close of
business on a date (the "Special Record Date") fixed by the Bond
Registrar whenever money becomes available for payment of the
defaulted interest. Notice of the Special Record Date sha11 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.
This Bond shall not be valid or beeome obligatory for any purpose
or be entitled to any security unless the Certificate of
Authentication hereon shall have been executed by the Bond
Registrar.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL F4R ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and
things required by the Constitution and laws of the State of
Minnesata to be done, to happen and to be perfarmed, precedent to
and in the issuance of this Bond, haue been done, have happened
and have been perfarmed, in regular and due form, time and manner
as required by law, and that this Bond, together with ali other
debts of the Issuer outstanding on the date of original issue
hereof and the date of its issuance and delivery to the original
purchaser, does not exceed any constitutional or statutory
limitation of indebtedness. �
IN WITNESS WHEREOF, the Rosemount Port Authority, Dakota County,
Minnesota, by its Board of Commissioners has caused this Band to
be executed on its behalf by the facsimile signatures of its
Chair and its Secretary, the corporate seal of the Issuer having
been intentionally omitted as permitted by 1aw.
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Date of Registration: Registrable by:
Payable at:
BOND REGISTRAR'S ROSEMOUNT PORT AUTHORITY
CERTIFICATE OF DAKOTA COUNTY, MINNESOTA
AUTHENTICATION
This Sond is one of the
Bonds d�scribed in the
Resolution mentioned /sf Facsimile
within. Chair
�s1 Facsimile
, Secretary
Bond Registrar
By
Authorized Signature
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ON REVERSE C3F BOND
Redem tion. All Bonds of this issue maturing in the years 2004
through 2009, both inclusive, are subject to redemption and
prepayment at the option of the Issuer on February i, 2003, and
on any date thereafter at a price of par plus accrued interest.
Redemption may be in whole or in part af the Bonds subject to
prepayment. If redemption is in part, the maturities and the
principal amounts within each maturity to be redeemed shall be
determined by the Issuer; and if only part of the Bonds having a
common maturity date are called for prepayment, the specific
8onds to be prepaid shal2 be chosen by lot by the Bond Registrar.
Bonds or portions thereof called for redemption shall be due and
payable on the redemption date, and interest thereon shall cease
to accrue fram and after the redemption date. Mailed notice of
redemption shall be given to the paying agent and to each
affected Holder of the Bonds.
Selection of Bonds for Redemption• Partial Redemption, To effect
a partial redemption of Bonds having a com�mon maturity date, the
Band Registrar shall assign to each Bond having a common maturity
date a distinctive number for each $S, OOO of the principal amount
of such Bond. The Bond Registrar shal.l then select by lot, using
such method of selection as it shall deem proper in its
discretion, from the numbers assigned to the Bonds, as many
numbers as, at $5,000 for each number, shall equal the principal
� amount of such Bonds to be redeemed. The Bonds to be redeemed
shall be the Bonds to which were assigned numbers so selected;
provided, however, that only so much of the principal amount of
such Bond of a denomination of more than $5,000 shall be redeemed
as shall equal $5,000 for each number assigned to it and so
selected. If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or Band
Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by
the Holder thereof or his, her or its attorney duly authorized in
writing) and the Issuer shail execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a r►ew Bond or B+�nds of the same
series having the same stated maturity and interest rate and of
any authorized denomination or denominatians, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
Issuance; Purnose; Taxable General Obligation. This Bond is one
of an issue in the total principaL amount of $580,000, a11 of
like date of original issue and tenor, except as to number,
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maturity, interest rate, denomination and redemption privilege,
which Bond has been issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and
pursuant to a resolution adopted by the Board of Commissioners an
October 5, 1993 (the "Resolution") , for the purpase of acquiring
land for development as a business park. This Bond is payable
out of the Taxable General Obligation Bonds, Series 1993E Fund of
the Issuer. This Bond constitutes a general obligation of the
City of Rosemount, and to provide moneys for the grompt 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 City of Rosemount have been and are hereby irrevocably
pledged.
Denominations: Exchanae; Resolution. The Bonds are issuable
solely as fully registered bonds in the denominations of $5, 000
and integral mu2tiples thereof af a single maturity and are
exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolutian.
Reference is hereby made to the Resolution for a descriptian of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Transfer. This Bond is transferable by the Holder in person or
by his, her or its attorney duly authorized in writing at the �
principal office of the Bond Registrar upon presentation and
surrender hereof to the Bond Registrar, all subj`ect to the terms
and conditions provided in the Resolution and to reasonable
regulations of the Zssuer 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 casts regarding
transfers and lost Bands. '
Treatment of Reqistered Owners. The Issuer and Bond Registrar
may treat the person in whose name this Bond is registered as the
owner hereof for the purpose of receiving payment as herein
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provided (except as otherwise provided an the reverse side hereof
with respect to the Record Date) and for all other purposes,
whether or not this Bond sha11 be overdue, and neither the Issuer
nar the Bond Registrar shall be affected by notice to the
contrary.
ABBREVIATIONS
The foilowing abbreviations, when used in the inscription on the
face of this Bond, shall be construed as though they were written
out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
- JT TEN - as joint tenants with right of survivorship
and not as tenants in common
U'� - 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 sells, assigns and
transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept far the
registratian thereof, with full power of substitution in the
premises.
Dated:
Notice: The assignor's signature to this
assignment must correspond with the name
as i� appears upon the face of the
within Bond in every particular, without
alteration or any change whatever,
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one of the
major stock exchanges or any other "Eligibie Guarantor
Institution" as defined in 17 CFR 240. 17 Ad-15(a) (2) .
The Bond Registrar will not effect transfer of this Bond unless
the information concerning the transferee requested below is
provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account. ) -
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8. Execution; Temporary Bonds. The Bonds shall be exeeuted on
behalf af the Authority by the signatures of its Chair and
Secretary and be sealed with the seal of the Authority;
provided, hawever, that the seal of the Authority may be a
printed facsimile; and provided further that both of �uch
signatures may be grinted facsimiles and the corporate seal
may be omitted on the Bonds as permitted by law. In the
event of disability or resignation or other absence of
either such officer, the Bonds may be signed by the manual
or facsimile signature of that officer who may act an behalf
of such absent or disabled officer. In case either such
officer whose signature or facsimile of whose signature
shall appear on the Bonds shall cease to be such officer
before the delivery of the Bonds, such signature or
facsimile shall nevertheless be valid and sufficient for all
purposes, the same as if he or she had remained in offiee
until delivery. The Authority 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 temgorary bond. The temporary
bonds may be executed with photocopied facsimile siqnatures
of the Chair and Secretary. Such temporary bonds shall,
upon the printing of the definitive bonds and the execution
thereof, be exchanged therefor and cancelled.
_ 9. Authentication. No Bond shall be valid or obligatory for
any purpose or be entitled to any security or benefit under
this resolution unless a Certificate of Authentication on
such Bond, substantially in the form hereinabove set forth,
shall have been duly executed by an authorized
representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the
same person. The Bond Registrar shall authenticate the
signatures of officers of the Authority on each Bond by
execution of the Certificate of Authenticatian 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
November 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. Reaistration; Transfer: Exchange. The Authority 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
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Registrar shall provide for the registration of Bonds and
the registration of transfers of Bonds entitied to be
registered or transferred as herein provided.
Upon surrender for transfer of any Bond at the principal
office of the Bond Registrar, the Authority shall execute
(if necessary) , and the Bond Registrar shall authenticate,
insert the date of registration (as provided in paragraph
10) of, and deliver, in the na�ae of the designated
transferee or transferees, one or more new Bonds af any
authorized denomination or denominations of a like aggregate
principal amount, having the same stated maturity and
interest rate, as requested by the transferor; provided,
however, that no Bond may be registered in blank or in the
name of "bearer" or similar designation.
At the option of the holder, Bonds may be exchanged for
Bonds of any authorized denomination or denominations of a
like aggregate principal amount and stated maturity, ugon
surrender of the Bonds to be exchanged at the principal
offiee of the Bond Registrar. Whenever any Bonds are so
surrendered for exchange, the Authority shall execute (if
necessary) , and the Bond Registrar shall authenticate,
insert the date of registration of, and deliver the Bonds
which the holder making the exchange is entitied to receive.
Al1 Bonds surrendered upon any exchange or transfer provided
for in this resolution shall be pramptly cancelled by the
Bond Registrar and thereafter disposed of as directed by the
Authority.
All Bonds delivered in exchange for or upon transfer of
Bonds shall be valid general obligations of the Authority
evidencing the same debt, and entitled to the same benefits
under this resolution, as the Bonds surrendered for such
. exchange ar transfer.
Every Bond presented or surrendered for transfer or exchange
shall be duly endorsed or be accompanied by a written
instrument of transfer, in farm satisfactory to the Bond
Registrar, duly executed by the holder t�ereof or his, her
or its attorney duly authorized in writing.
The Bond Registrar may require payment of a sum sufficient
to cover any tax or other governmental charge payable in
connection with the transfer or exchange of any Bond and any
legal or unusual costs regarding transfers and 3ost Bonds.
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Transfers shall also be subject to reasonable regulations of
the Authority cantained in any agreement with the Bond
Registrar, including regulations which permit the Bond
Registrar to close its transfer books between record dates :
and payment dates.
11. Rights Upon Transfer or Exchange. Each Bond delivered upon
transfer of or in exchange for or in lieu af any other Bond
shall carry all the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Bond.
12. I�nterest Payment, Record Date. Interest on any Bond shall
be paid on each Interest Payment Date by check ar draft
mailed to the person in whose name the Bond is registered
(the "Holder") on the registration books of the Authority
maintained by the Bond Registrar and at the address
appearing thereon at the close of business on the fifteenth
(15th) day of the calendar month next preceding such
Interest Payment Date (the "Regular Record Date") . Any such
interest not so timely paid sha11 cease to be payable to the
person who is the Holder thereof as of the Reguiar Record
Date, and shall be payable to the person who is the Holder
thereof at the close of business on a date (the "Speeial
Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest.
Notice of the Special Record Date shall be given by the Bond
Registrar to the Holders not less than ten (10) days prior
� to the Special Record Date.
13 . Treatment of Registered Owner. The Authority and Bond
Registrar may treat the person in whose name any Sond is
registered as the owner of such Bond for the purpose of
receiving payment of principal of and premium, if any, and
interest (subject to the payment provisions in paragraph 12
above) on, such Bond and for all other purposes whatsoever
whether or not such Bond shall be overdue, and neither the
Authority nor the Bond Registrar shall be affected by notice
to the contrary.
14. Deliver},r; Application of Proceeds. The Bonds when so
prepared and executed shall be delivered by the Treasurer to
the Purchaser upon receipt of the purchase price, and the
Purchaser shall not be obliged to see to the proper
application thereof.
15. Fund and Accounts. There is hereby created a special fund
to be designated the "Taxable General Obligation Bonds,
Series 1993E Fund" (the "Fund") to be administered and
maintained by the Treasurer as a bookkeeping account -
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separate and apart from all other funds maintained in the
official financial records of the Authority. The Fund shall
be maintai�ed in the mann�r herein specified until all of
the Bonds and the interest thereon _have been fully paid.
There shall be maintained in the Fund two (2� separate
accounts, to be desiqnated the "Capital Account" and "Debt
Service Account", respectively.
(i) Capital Account. To the Capital Aceount there shall be
credited the proceeds of the sale of the Bands, less
accrued interest received thereon, and less any amount
paid for the Bonds in excess of $571, 300 and less
capitalized interest in the amount of $
(subject to such adjustments a:s are necessarp to
provide sufficient funds to pay interest on the Bonds
on or prior to February i, 1995. ) From the Capital
Account there shall be paid all casts and expenses of
the Project, including the cost of acquisition
heretofore incurred and all other costs incurred and to
be incurred of the kind authorized in Minnesata
Statutes, Section 475.65; and the mone s in said
Y
account shall be used for no other purpose except as
otherwise provided by law; provided that the proceeds
of the Bonds may also be used to the extent necessary
to pay interest on the Bonds due prior to the
anticipated date of commencement of the colleetian of
taxes herein levied or covenanted to be levied.
(ii) Debt Service Accaunt. There are hereby irrevocably
appropriated and pledged to, and there shall be
credited to, the Debt Service Account: (a) all accrued
interest received upon delivery of the Bonds; (b) all
funds `paid for the Bonds in excess of $571,300; (c)
capitalized interest in the amount of $
(subject to such adjustments as are necessary to
provide sufficient funds to pay interest on the bonds
on or priar to February 1, 1995) ; (d) any collections
of all taxes herein or hereafter levied for the payment
of the Bonds and interest thereon; (e) all funds
remaining in the Capital Account after completion of
the Project and payment of the costs thereof; (f) all
investment earnings on funds held in the Debt Service
Account; and (g) any and a11 other moneys, which are
properly available and are appropriated by the
governinq body of the Authority to the Debt Service
Account. The Debt Service Account shall be used solely
to pay the principal and interest and any premiums for
redemption of the Bonds and any other general
obligation bonds of the Authority hereafter issued by
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the Authority hereafter issued by the Authority and
made payable from said account as provided by law.
16. Tax Levy; Coverage Test. To provide moneys for payment of
the principal and interest on the Bonds there is hereby
levied upon all of the taxable property in the City a dir�ct
annual ad valorem tax which shall be spread upon the tax
rolls and collected with and as part of other general
property taxes in the City for the years and in the amounts
as follows:
Year of Tax Year of Tax
Levy Collection Amount
1993 1994
1994 1995
1995 1996
1996 1597
1997 1998
1998 1999
1999 Z000
2000 2001
2001 2002
20Q2 2003
2003 2004
2004 2005
2005 2�06
2006 2007 .
, 2007 2008
The tax levies are such that if collected in full they, will
produce at least five percent (5�) in excess of the amount
needed to meet when due the principal and interest payments
on the Bonds. The tax levies shall be irrepealable so long
as any of the Bonds are outstanding and unpaid, provided
that the Authority reserves the right and power to reduce
the levies in the manner and to the extent permitted by
Minnesota Statutes, Section 475.61, Subdivision 3.
17. Taxable General Obligation Pledge. For the prompt and full
payment of the principal and interest on the Bonds, as the
same respectively become due, the full faith, credit and
taxing powers af the City have been irrevocably pledged by
an Ordinance adopted by the City on October _, 1993, in
accordance with Minnesota Statutes, Section 469.060. If the
balance in the Debt Service Account is ever insufficient to
pay all principal and interest then due on the Bonds and any
other bonds payable therefrom, the deficiency shall be
_ promptly paid out of any other funds of the Authority which
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are available for such purpase, and such other funds may be
� reimbursed with or without interest from the Debt Service
Account when a sufficient `'balance is available therein.
18. Certifi�,ate of Reqistr�tion. The Executive Director is
hereby directed to file a certified copy of this resolution
with the County Auditor of Dakota County, Minnesota,
tagether with such other information as they shall require,
and to obtain the Auditor's certificate that the Bonds have
been entered in the Auditor's Bond Register, and that the
tax levy required by law has been made.
19. Records and Certificates. The officers of the Authority are
hereby authorized and directed to prepare and furnish to the
Purchaser, and to the attarneys approving the legality of
the issuance of the Bonds, certified copies of all
proceedings and records of the Authority relating to the
Bonds and to the financial condition and affairs of the
Authority, and such other affidavits, certificates and
information as are required to show the facts relating to
the legality and marketability of the Bonds as the same
appear from the books and records under their custody and
control or as otherwise known to them, and all such
certified copies, certificates and affidavits, including any
heretofore furnished, shall be deemed representations of the
Authority as to the facts recited therein.
20. Defeasance. When all Bonds have been discharged as provided
in this paragraph, all pledges, covenants and other rights
granted by this resolution' to the registered holders of the
Bonds shall, to the extent permitted by law, cease. The
- -- Authority may discharge its obligations with respect to any -
Bonds which are due on any date by irrevocably degositing
with the Bond Registrar on or before that date a sum
sufficient for the payment thereof in full; or if any Bond
should not be paid when due, it may nevertheless be
discharged by degositing with the Bond Registrar a sum
sufficient for the payment thereof in full with interest
accrued to the date of such deposit. The Authority may also
discharge its obligations with respect to any prepayable
Bonds called for redemption on any date when they are
prepayable accarding to their terms, by depositing with the
Bond Registrar on or before that, date a sum sufficient for
the payment thereof in full, pravided that notice of
redemption thereof has been duly given. The Authority may
also at any time discharge its obligations with respect to
any Bonds, subject to the provisions of law now or hereafter
authorizing and regulating such action, by depositing
irrevocably in escrow, with a suitable banking institution
2�sno
17
qualified by law as an escrow agent for this purpose, cash
or securities described in Minnesota Statutes, Section
475.67, Subdivision 8, bearing interest payable at such
times and at such rates and maturing on such dates as shall
be required, subject to sale and/or reinvestment, to pay all
amounts to become due thereon to maturity or, if notice of
redemption as herein required has been duly provided for, to
such earlier redempfiion date.
21. Severabilitv. Zf any section, paragraph or provision of
this resolution shall be held to be invalid or unenforceable
for any reason, the ir�validity or unentorceability of such
section, paragraph or provision shall not affect any of the
remaining provisions of this resolution.
22 . Headintrs. Headings in this resolution are included for
canvenience of reference only and are not a part hereof, and
shall not limit or define the meaning of any provision
hereof.
23 . Effectiveness. This resolution shall become effective only
upon adaption by the City Gouncil of an ordinance
authorizing the pledge of the City's full faith and credit
to the payment of the Bonds.
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The motion for the adoption of the foregoing resolution was duly
introduced by commissioner and
seconded by commissioner and,
after a full discussion thereof and upon a vote being taken
thereon, the following voted in favor thereof :
and the following voted against the same:
Adopted this 5th day of October, 1993 .
Edmund Dunn, Chair
ATTEST:
Stephan Jilk, Executive Director
Motion by: Seconded by:
Voted in Favor•
Voted against•
19
STATE OF MINNESOTA
COUNTY OF DAKOTA
ROSEMOUNT PORT AUTHORITY
I, the undersigned, being the duly qualified and acting
Secretary of the Rosemount Port Authority, Minnesota, DO HEREBY
CERTIFY that I have compared the attached and foregoing extraet
of minutes with the original thereof on file in my office, and
that the same is a full, true and camplete transcript of the
minutes of a meeting of the Board of Commissioners of said
Authority, duly called and held on the date therein indicated,
insofar as such minutes relate to considering bids for, and
awarding the sale of, $580, 000 Taxable General Obligation Bonds,
Series 1993E of said Authority.
� WITNESS my hand this day of , 1993.
Secretary
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