HomeMy WebLinkAbout7.a. Business Park Property Acquisition / Bond Issue Authorization •, � �
CITY OF ROSEMOUNT
EXECUTIVE SITMMARY FOR ACTION
CITY COUNCIL MEETING DATE: October 5, 1993
AGENDA ITEM: AGENDA SECTION:
City Ordinance - Business Park Bond Issue Old Business
PREPARED BYz AGENDA NO.
Jeff May, Finance Director � �
ATTACF�lENTS : Memo from Economic Development AP VED BY:
Coordinator, Ordinance, Official Statement � � -
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Tuesday, October 5th, the Port Authority is selling $580, 000 of General
Obligation bonds for the purchase of a Business Park site. John Miller has
provided a summary of the activities that have taken place in this process.
In order for the Port Authority to issue this debt as "General Obligation°
debt with the full faith credit of the City, the City must pass an
ordinance stating that . The attached ordinance, prepared by Briggs and
Morgan, our bond counsel, accomplishes this.
David Drown, of Springsted, and John Miller, our Economic Development
Coordinator, will be available Tuesday evening to answer any questions that
you may have.
K.-C
RECOMMENDED ACTION:
Motion to adopt AN ORDINANCE AUTHORIZING THE ROSEMOUNT PORT AUTHORITY
TO ISSUE T.AXABLE GENERAL OBLIGATION BONDS AND THE PLEDGE OF THE CITY' S
FULL FAITH CREDIT TO THE PAYMENT THEREOF.
COUNCIL ACTION:
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MEMO
TO: Mayor McMenomy
Councilmembers Klassen, Staats, Willcox, Wippermann
FROM: Jahn Miller, Economic Development Coordinator �
DATE: September 30, 1993
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�: Business Park Acquisition Update
Jeff May, the city's finance director, asked me to provide a brief inemo to be included in the
council's agenda packet providing an update on business park activities.
As you are aware, the ciry's port authority has been working on the business park issue for
all of 1993. To date:
1. The site has been selected. �
2. Land use has been.addressed in a concept plan.
3. Utility costs have beeri estimated in a feasibility study.
4. The first land purchase by the city has been negotiated -- Roy and Laura
Abbott -- and a purchase agreement signed.
5. City council has approved a project plan and project budget.
6. An environmental assessment has been completed.
7. Negotiations with the county over access have been started.
8. A contract has been approved to have SEH complete preliminary and final
plats.
9. Advertisement of the sale of bonds to pay for the park has been authorized by
the port authority.
There are some pending issues also:
1. The port authority has not received a complete and accura.te survey of the
property. At this writing that is being remedied.
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2. "First Sales" of land in the business park are pending. 'Fhere are presently
four possible buyers.
3. The planning commission has scheduled a workshop for October 6 to discuss
content of a zoning ordinance amendment for controlling development in the
business park.
4. The port authority has created an ad-hoc subcommittee to develop a marketing
plan for the business park. That work is to be completed by December 31.
It is expected that closing on the purchase cauld occur as early as November 5.
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CITY OF ROSEMOUNT
DAKOTA COUNTY, MSNNESOTA
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ROSEMOUNT PORT AUTHORITY
TO ISSUE TAXABLE GENERAL OBLIGATION BQNDS AND THE
PLEDGE OF THE CITY'S FULL FAITH CREDIT TO THE PAYMENT THEREOF
THE CITY COUNCIL OF TIiE CITY OF ROSEMOUNT ORDAIN:
SECTION I. Pursuant to and in accordance with the provisions of
this ordinance and Minnesota Statutes, §469 .048 to 469.068 and
§469. 088 and Laws of Minnesota, 1987, Chapter 257, Saction 2, the
issuance of taxable general obligation bonds by the Rosemount
Port Authority (the "Authority") in the aggregate principal
amount of $580, 000 is hereby authorized and found to be proper;
and said bonds shall be issued and sold by the Authority for the
purpose of securing funds as needed, in said aggregate amount, to
defray the costs and expenses necessarily incurred and to be
incurred to finance land acquisition for development of a
business park. The pledge of the full faith, credit and
resources of the City as security for the bonds is hereby
authorized. Additional terms and conditions of the bonds,
including interest rate, date, denomination, place of payment,
form and maturity scheduled and provision for the sale thereof
shall . be determined by the Board of Commissioners pursuant to
resolution.
SECTION II. This ordinance shall take effect and be in force
following its passage and publication.
Adopted this day of October, 1993 .
E. B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted against:
248251
OFFICIAL STATEMENT DATED SEPTEMBER 24, 1993
Rating: Requested from Moody's
NEW ISSUE investors Service
ln fhe opinion of Briggs and Morgan, Profesional Association, Bond Counse% the interest on the Bonds is
includable in the gioss income of the recipient for United States and State of Minnesota income tax
purposes and will be subject to Minnesota Corporate and bank'excise taxes measured by net income.
$580,000
Rosemount Port Authority, Minnesota
Taxabie General Obtigatian Bonds, Series 1993E
Dated Date: November 1, 1993 Interest Due: Each February 1 and August 1,
commencing August 1, 1994
The Bonds wiii mature February 1 as foilows:
1996 $30,000 2000 $35,000 2004 $45,000 20a7 $50,000
1997 $30,000 2001 $,35,000 2005 $45,000 2008 $55,000
1998 $30,000 2002 $40,000 2006 $50,000 20d9 $60,000
1999 $35,000 2003 $40,000
The Authority may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due
on or after February 1, 2004 at a price of par and accrued interest.
The Bonds are general obligations of the C'rty of Rosemount for which the City wifl pledge its
full faith and credit and power to levy direct general ad valorem taxes.
Proposals for not less than $571,300 and accrued interest on the total principal amount of the
Bonds. A certified or cashier's check or Financial Surefy Bond, payable to the order of the
Authority in the amount of $5,800 must accompany each proposal. Rates must be in integrat
multiples of 5/100 or 1/8 of 1% and be designated in ascending order. The Bonds will be
awarded on the basis of True Interest Cost (TIC).
The Bonds will be issued in integra! multiples of $5,000, as requested by the Purchaser, and
wil! be fully registered as to principal and interest. The Bonds will be delivered within 40 days
.• following their award. The Authority will name the Registrar and pay for registration senrices.
PROPOSALS RECEIVED: October 5, 1993 (Tuesday)at 1:00 P.M., Central Time
AWARD: October 5, 1993 (Tuesday) at 5:15 P.M., Central Time
Further information may be obtained from
S P R 1 N GSTE D sPR(NGSTED Incorporated, Financiat
Advisor to the Issuer,85 East Seventh Place,
Suite 100, Saini Paul,Minnesota 55101 {612)
PUBLIC FINANCE ADVISORS ��gppp.
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For purposes of compiiance with Rule 15c2-12 e� oh co rected by the E suer fyrom t me t'o time
this document, as the same may be suppiement �
(collectively, the "Official Statement"), may be treated as an Official Statement with respect to !
the Obligations desc�ibed herein that is deemed ithe omissioneoa certa nr information referred
supplement or correction) by the Issuer, except for
to in the succeeding paragraph.
The Official Statement, when further supplemented by an e Obfi ations, t getheawth any other
maturity dates, principal amounts and interest rates of th g
infarmation required by law, shall constitute a "Final Official Statement" of the Issuer with
respect to the Obligations, as that term is defined in Rule 15c2-12. Any such addendum shall,
on and after the date thereof, be fully incorporated herein and�made a part hereof by reference. j
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By awarding the Obligations to any underwriter or undervvriting syndicate submitting a Proposal
therefor, the Issuer agrees that, no more than seven au nneunderwrit r� oftthe synd cfate to
award, it shall provide without cost to the sernor man g g
which the Obligations are awarded copies of the Official Statement and the addendum or
addenda described in the preceding paragraph in the amount specified in the Terms of
ProposaL
The lssuer designates the senior managing undenrvriter of the syndicate to which the
Obligations are awarded as its agent for purpo An °uaderrwr te g del've ngf ah P o�posaOl ffwith
Statement to each Participating Underwriter. y
respect to the Ob}igations agrees thereby that if its bid is accepted by the Issuer (i) it shall
accept such designation and (ii) it shall enter oses of assur ng the re'ceipt by each such
Participating Underwriters of the Obligations for purp
Participating Undervvriter of the Fina! Official Statement.
No dealer, broker, salesman or other person has been authorized by the Issuer to give any
information or to make any representations with respect to the Obfigat'oen orhmadeasuch
contained in the Official Statement or the Final Official Statement, and, if, g
other information or representations must not be relied upon as having been authorized by the
Issuer. Certain information contained in the Official Statement and the Final Official Statement
may have been obtained from sources other than records of the Issuer and, while believed to
be reliab{e, is not guaranteed as to completeness orT�MENTyA DH THEF�INALTOFFIC A�L
EXPRESSIONS OF OP{NION IN THE OFFICIAL STA
STATEMENT ARE SUBJECT TO CHANGE, ANDEN�1TNOR ANY SALE MADE UNDER EfTHER
STATEMENT OR THE FINAL OFFICIAL STATEM
SUCH DOCUMENT SHALL CREATE ANY IMPLlGATION THAT THERE HAS BEEN NO CHANGE
IN THE AFFAIRS OF THE ISSUER SINCE THE DATE THEREOF.
References herein to laws, rules, regulations, resol or definig eem A Is�refepences o such
documents do no t pu r p o r t t o b e c o m p r e h e n s i v e
documents are qualified in their entirety by reference to the particular doc�ment, the fu l l te x t o f
which may contain qualifications o f and exce p tions t o statements made herein. Where full texts
have not been included as appendices to the Official Statement or the Final Officiaf Statement, �
they will be fumished on �equest. �
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TABLE OF CONTENTS
Pa e s
Termsof Proposal...................................................................................................................... i-iii
Scheduleof Bond Years ........................................................................................................... iv
introductoryStatement .............................................................................................................. 1
'fhe Bonds ..........................................................
............... ..................................................... 1
ThePort Authority ...................................................................................................................... 2
RelatedMatters_...................................................................... ........... 2-3
........................................
CityProperty Values .................................................................................................................. 4-5
CityIndebtedness ...................................................................................................................... 5-9
City Tax Rates, Levies and Collections ...........................:....................................................... 10
Fundsorr Hand ............... .......................................................... ....................................... . 10
Generai Information Conceming the City ................................................................................ 11-13
Governmental Organization and Senrices ............................................................................... 14-15
Proposed Form of Legal Opinion ................................................................................... Appendix I
Summary of Ta�c Levies, Payment Provisions, and
Minnesota Real Property Valuation ............................................................................ Appendix II
Annual Financial Statements ......................................... ... Appendix IIl
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ProposalForms ............................................................................................................... Inserted
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THE AUTHORITY HAS AUTHORIZED SPRINGSTED INCORA NR�`HED O�aWtNG BAS S'S
ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED _
TERMS OF PROPOSAL
$580,000
ROSEMOUNT PORT AUTHORITY, MINNESOTA
TAXABLE GENERAL OBLtGATtON BONDS, SERtES 1993E
Proposals for the Bonds witl be received on Tuesday, October 5, 1993, untif 1:00 P.M., Central
Time, at the' offices of Springsted Incorporated, 85 East Seventh P(ace, Suite 100, Saint Paul, i
Minnesota, after which time they will be opened and tabulated. Consideration for award of the �':
Bonds will be by the Authority at 5:15 P.M., Central Time, of the same day.
DETAILS OF THE BONDS -
The Bonds will be dated November 1, 1993, as the date of original issue, and wiN bear interes# �
payabie on February 1 and August 1 of each year, commencing August 1, 1994• interest wili
be computed on the basis of a 360-day year of finrelve 30-day months. The Bonds will be
issued in the denomination of$5,000 each, or in integral multiples thereof, as �equested by the
purchaser, and fully registered as to principal and interest. Princ�pal 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 appea�s 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:
2007 $50,040
1996 $30,000 2000 $35,000 2004 $45,000 2008 $55,000
1997 $30,000 2001 $35,000 2005 $45,000 2��g $g0,000
199$ $30,000 2002 $40,000 2006 $50,000
1999 $35,Q00 2003 $40,000
OPTIONAL REDEMPTION
The Authority may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due -
on or after February 1, 2004. Redemption may be in whole or in part and if in part, at the
option of the Authority and in such order as the Authority 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 wifl be general obligations of the City of Rosemount for which the Ciiy will pledge its
full faith and credit and power to tevy direct general ad valorem taxes. The proceeds will be
used for the purpose of land acquisition far development of a business park.
TAXABILITY OF INTEREST
interest to be aid on the Bonds is includable in gross income of the recipient forrUorate �
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States and State of Minnesata income tax purposes, and is subject to Minnesota o p
and bank excise taxes measured by net income.
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TYPE OF PROPOSALS
Proposals shall be for not less than $571,300 and accrued interest on the total principal
amount of the Bonds. Prop08�s shail 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 $5,800,
payable to the order of the q��ority. If a check is used, it must accompany each proposaL !f
a Financial Surety Bond is uaed, it must be from an insurance company licensed to issue such
a bond in the State of•Minnesota and preapproved by the Authority. 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
- thar� 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 Authority to satisfy
the Deposit requirement. The q�ority will deposit the check of the purchaser, the amount of
which will be deducted at sett�ement and no interest wilt accrue to the purchaser. !n the event
the purchaser fails to comply W�h the accepted proposal, said amount will be retained by the
Authority. No proposal can be withdrawn or arnended after the time set for receiving proposals
unless the meeting of the Authority schedufed for award of the Bonds is adjourned, recessed,
or continued to another date without award of the Bonds having been made. Rates shatl be in
integral multiples of 5/100 or 1/g 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 (fIC) basis. The qu�hority's computation of the interest rate of each proposal, in
accordance with customary pfa�ice, will be controlling.
The Authority wil! reserve the right to: {i) waive non-substantive informalities of any proposal or
of mat�ers relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iiiJ reject any proposal which the Authority determines to have failed to
comply with the terms herein.
REGISTRAR
The Authority will name the regiStrar which shall be subject to applicable SEC regula#ions. The
Authority will pay for the services of the registrar.
CUSIP NUMBERS
If the Bonds qualify for assig�ment 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 const'rtute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Eureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser,
SETTLEMENT
Within 40 days fol(owing the date of thei� award, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the Authority and the purchaser. Delivery wip 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 witl be
printed on the Bonds, and of�Ustomary closing papers, including a no-litigation certifieate. On
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the date of settlement payment for the Bonds shall be rnade in federal, or equivalent, funds
which shall be received at the offices of the Authority or its designee not later than 12:00 Noon,
Central Time. Except as compiiance with the terms of payment for the Bonds shaii have been
made impossible by action of the Authority, or its agents, the purchaser shall be liable to the
Authority for any loss suffered by the Authority by reason of the purchaser's non-compliance
with said terms for payment.
OFFICIAL STATEMENT
The Authority has authorized the preparation of an Official Statement containing, pertinent
information relative to the Bonds, and said O�cial Statement will serve as a nearly-final Official
Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commis�ion.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to #he Financial Advisor to the AuthQrity, 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 Authority with
respect to the Bonds, as that term is defined in Rufe 15c2-12. By awarding the Bonds to any
underwriter oc underwriting syndicate submitting a proposal therefor, the Authority agrees that,
no more than seven business days after#he date of such award, it shall provide without cost to
the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of
the C?fficial Statement and the addendum or addenda described above. The Authoriiy
designates the senior rnanaging unden+vriter of the syndicate to which the Bonds are awarded
as its agent for purposes of distributing copies of the Final Officia! Statement to each
Participating Underwriter. �Any underwriter delivering a proposal with respect to the Bonds
agrees thereby that 'rf its proposal is accepted by the Authority (i) it shall accept such
designation and (ii) it shall enter into a contractual relationship with a11 Participating =
Undervvriters of the Bonds for purposes of assuring the receipt by each such Participating :
Underwriter of the Final Official Statement. ;
Dated September 21, 1993 BY ORDER OF THE PORT AUTHORITY
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/s/Stephan Jilk �
Executive Director '�
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SCHEDULE OF BOND YEARS
$580,000
ROSEMOUNT PORT AUTHORITY, MINNESOTA
TAXABLE GENERAL OBLIGATtON BONDS, SERIES 1993E
Cumulative
Year Principal Bond Years Bond Years �
1996 $30,000 67.5000 67.5000
1997 $30,000 97.5000 165.0000
1g9$ $30,000 127.5000 292.5000
1999 $35,000 183.7500 476.2500
2Q00 $35,000 218.7500 695.0000
2001 $35,000 253.7500 948.7500
20�2 $40,000 330.0000 1 ,278.7500
2003 $40,000 370.0000 1 ,648.7500
2004 �45,000 c 461 .2500 2,110.004Q
2005 545,000 c 506.2500 2,616.2500 ,
2008 �50,000 c 612.5Q00 3,228.7500
2007 �50,000 c 662.5000 3,891 .2500
2008 $55,000 c 783.7500 4,`675.0000
2�09 $60,000 c 915.0000 5,590.0000
Average Maturity: 9.64 Years
Bonds Dated: November 1 , t993
Interest Due: August i , 1994 and each February 1 and August 1 to maturity.
Principal Due: February 1 , 1996-2�09 inclusive.
Optional Ca11: Bonds maturing on or after �ebruary 1 , 2004 are callable
commencing February 1 , 2003 and any date thereafter at par.
(See Terms of Proposal. )
c: subject to optional call
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OFFICIAL STATEMENT
$580,000
ROSEMOUNT PORT AUTHOR[TY, MINNESOTA
TAXABLE GENERAL OBUGATION BONDS, SERIES 1993E
INTRODUCTORY STATEMENT
This Officiai Statement contains certain information relating to the Rosemount Port Authority,
Minnesota (the "Authority") and its issuance of the $580,000 Taxabie Generai Obligation Bonds,
Series 1993E (the "Bonds" or the "Issue"). The Bonds are general obligations of the City of
Rosemount (the "City") for which the City pledges its full faith and credit and power to levy
direct general ad valorem taxes without limit as to rate or amount. The purpose and additional
sources of security are described in the following sections.
THE BONDS
Authority and Purpose
The Bonds are being issued pursuant to Minnesota Statutes, Chapters 469 and 475.
Proceeds from the Bonds will be used to �nance the purchase of 80 acres of land for use as a
business park. The 80-acre site is Iocated near the intersection of County Road 42 and
Highway 3. The installation of streets and utilities within the business park will be
accomp{ished in phases. It is the intent of the Authority to maintain the park on a self-
supporting basis, with combined revenues from the sale of land and special assessments
against benefitted property. Components of the Issue are as follows:
Land Acquisition $500,000
Issuance Costs 28,400
Capitalized Interest (15 months) 42,900
Allowance for Discount Bidding 8,700
Total $580,000
Security and Financing
The Bonds will be general obligations of the City for which the City pledges its full faith and
credit and power to levy direct general ad valorem taxes without limit as to rate or amount. In
addition the Authority anticipates sufficient revenues from land sales in the business park to
cover debt service payments on the Bonds. The Authorrty wilt be required to certifij future
annual levies to the County for payment of the debt service with consent of the City. Nowever,
these levies may be abated annually as land sales occur. First land sale revenue is projected
to be avaiiable in 1995. •
The first interest payment due August 1, 1994, as well as interest through February 1, 1995, will
be paid by capitalized interest included in the Issue. Thereafter, each August 1 semiannual
interest payment and the subsequent February 1 payment of principal and interest will be made
from income generated from land sales and/or ad valorem tax levies.
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THE PORT AUTHORITY
The Port Authority of the City of Rosemount, Minnesota is a pubiic body duly organized and
existing under the laws of the State of Minnesota. The Port Authority is considered a
governmental subdivision, and the area in which it may exercise its power is coterminous with
the City boundaries. �
The Port Authority was established on September 3, 1991 by resolution of the Rosemount City
Council to provide a conscientious aad coordinated effort to encourage and precipitate future
deveiopment within various development district� established by the C'�ty. The Port Authority is
charged with the role and responsibility of carrying out economic and industrial developrrient
and redevelopment within the Ciiy in accordance wi#h policies established by the City Council.
As administrator of the City's development districts, the Authority may exercise development
and redevelopment powers pursuant to those authorized by the State of Minnesota
Development Act, the Industrial Bond Act, the Housing Finance Act and the Tax Increment Act,
except that the Authority may not issue obligations without prior approval of the City CounciL
The goveming body of the Port Authority is a Board of Commissioners consisting of seven
members, two of whom must be members of the City Council. The members of the Port
Authority Board are chosen through an application and interview process.
The current Port Authority Commissioners and fength of appointed term are listed below:
Length of Term Expiration of Term
Edmund Dunn Chair 2 years January 31, 1994
John Edwards Vice Chair � 5 years January 31, 1997
Jaan Anderson Treasurer 3 years January 31, 1995
Kevin Carroll Commissioner 6 years January 31, 1999
E.B. McMenomy" Commissioner 6 years January 31, 1998
Donald 8innwell Commissioner 4 years January 31, 1996
Dennis Wippermann" Commissioner 6 years January 31, 1998
" Mr. E.B. McMenomy is tfie City Mayor and Mr. Dennis Wippermann aJso serves on the City
CounciL
Mr. Stephan Jilk serves as the Executive Director to the Port Authority. Mr. Jilk has resigned
this position effective October 29, 1993.
RELATED MATTERS
Future Financing
The Authority intends, within six months, to issue approximately $600,000 General Obligation
Bonds to provide financing for public improvements for a portion of the business park,
acquired with bond proceeds of this Issue.
Litigation
The Authority is not aware of any threatened or pending litigation affecting the validity of the
Bonds or the Authority's ability to meet its#inancial obligat�ons.
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Legality
The Bonds are subject to approvai as to certain matters by Briggs and Morgan, Professional
Association, of Saint Paul and Minneapolis, Minnesota, as Bond Counsei. Bond Counsel has
not participated in the preparation of this Officiai Statement and wiU not pass upon its accuracy,
completeness, or sufficiency. Bond Counsel has not examined, nor attempted to examine or
verify, any of the financial or statistical statements or data contained in this Official Statement
and will express no opinion with respect thereto. A legal opinion in substantially the form set
out in Appendix I herein will be delivered at closing.
Taxability of Interest
The Authority intends that the interest to be paid on the Bonds be includable in the income of
the recipient for purposes of United Stated and State of Minnesota income taxation and be
subject to Minnesota corporate franchise and bank excise taxes measured by net income.
Ratings
An application for a rating of the Bonds has been made to Moody's Investors Service
("Moody's"), 99 Church Street, New York, New York. If a rating is assigned, it will reflect only
the opinion of Moody's. Any explanation of the sign�cance of the rating may be obtained only
from Moady's.
There is no assurance that the rating, if assigned, wilt continue for any given period of time, or
that such rating will not be revised or withdrawn, if in the judgment of Moody's, cireumstances
so warrant. A revision or withdrawal of the rating may have an adverse effect on the market
price of the Bonds. .
Financial Advisor
The Authority has retained Springsted Incorporated, Public Finance Advisors, of St. Paul,
Minnesota, as financial advisor (the "Financial Advisor") in connection with the issuance af the
Bonds. In preparing the Officia! Statement, the Financial Advisor has relied upon governmental
officials, and other sources, who have access to relevant data to provide accurate infarmation
for the Official Statement, and the Financial Advisor has not been engaged, nor has it
undertaken, to independently verify the accuracy of such information. The Financial Advisor is
not a public accounting firm and has not been engaged by the Authority to compile, review,
examine or audit any information in the Officiaf Statement in accordance with accounting
standards. The Financial Advisor is an independent advisory firm and is not engaged in the
business of underwriting, trading or distributing munic�pal securities or other publ.ic securities
and therefore will not participate in#he underwriting of the Bonds.
Certification
The Authority has authorized the distribution of this Official Statement for use in connection
with the initial sale of the Bonds.
As of the date of the settfement of the Bonds, the Purchaser will be fumished with a certificate
signed by the appropriate officers of the Authority. The certificate will state that as of the date
of the Official Statement, it did not and does not as of the date of the certificate contain any
untrue statement of material fact or omit to state a material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were made, not
misleading.
-3-
�;:
. . . . � .;::i;
CITY PROPERTY VALUES .�r��
��:�
1992 indicated Market Value of Taxable Property: $412,263,031" -�h�l
�>
,�,..
* Calculated by dividing the county assessor's estimated market value of$378,045,200 by��:7
sales ratio of 91.7�o for the City as derermined by the State Deparimeni of Revenue.
Zf__
. _�,I
1992 Taxabie Net Tax Capacity: $7,753,399 - I
,�.� ,
1992 Net Tax Capacity $ 8,467,5 ,
Less: Captured Tax Increment Tax Capacity (392,949
Contribution to Fiscal Disparities (1,357,408
Plus: Distribution from Fiscal Disparities 1.�3s,162
-•,,
I
1992 Taxable Net Tax Capacity �7,753,399 �
�;-
-� �
1992 Taxabte Net Tax Capac'rty by Class of Property - _
Commercial/lndustrial, Public Utility and �=
_ Personaf Property* $3,774,Q54 48,7%
Residential Homestead 2,877,361 37.1=t�;<-
Non-Homestead Residential 851,263 11 A T
Agricultural 24Q,146 31 '��
Railroad 10.575 0.1 =Y
. Total $7,753,399 100.0%-
* Ref/ects adjustments for fiscal disparities and captured tax increment tax capacity. `i I�I
Trend of Vafues
��'
Inc(icated Estimated Taxable Tax �`
Market Value�al Market Value Ca aci �b�_
1992 $412,263,031 $378,045,2�0 $7,753,399
1991 388,029,900 350,391,000 7,�s�g�
1990 345,155,639 318,233,500 7,604,632
1989 295,120,543 271,510,900 6,865,898
1988 239,101,182 222,603,200 6,611,84_
- - 1
�a1 Ca/culated by dividing ihe county assessor's estimated markei value by the sa/es rafio dete
the Cityr each year by ihe Staie Department of Revenue. ��-
__�a
tb) See Appendix ll for an explanation of tax capacity and other Minnesota properry7ax law. =_
_ �
, i
_ �i
� �� I
,;::� �' �i,
_ � ��
.;_�
_ .___ ,
:;f� ��
�'j�,F
° �i
..�- :
- 4 - _
..�
��
_ _ � � =,;�
. �
�:_� Ten of the Largest Taxpayers in the City
!
,�a. "�92 Net
T`ef �pe of Business -�Capacitv
�
Great Northern Oil Ca
(Koch Refining) Oif Refinery :�486,�12
�' Northern States Power Utility 324,239
CF Industries Inc. (Cenex) fer#ilizer 156,136
�' �ntr Companies Trucking/Warehouse 106,164
�� Peopies Natura! Gas Utility 81,850
= Gre'rf Brothers Corporation Multiwall Bag Mfg. $�,997
� Continental Nitrogen &
�esources Corp. Chemicals ����8
-�= Central Farmers Fertilizer 76,423
'�� Shannon Park Townhouse Partners Townhouses 62,900
- NHD Rosemount Woods Assn. RetaillApartments 53.120
Total �:.504,999'` E
* Represents 45.21°�of the City's 1992 taxable net tax capacity.
C1111 INDEBTEDNESS
Legal Debt Limit
Debt Limit (2% of Estimated Market Value) ����-�
�ess: Outstanding Debt Subject to Limit �2•�--��
Legal Debt Margin at September 2, 1993 � 5���
General Obligation Debt Supported by Taxes
Principal
Date Original '�� �utstanding
of Issue Amount Purpose Mf�.,r: .=s of 9-2-93
4-1-86 $1,300,000 Municipal Building 2-1-T995 S 165,OOO�a�
12-1-91 210,000 Equipment Certificates ►2-�-1996 170,000{a) ;
11-1-92 1,080,000 Community Center 2-'�-�0�3 t,080,000(aJ '
11-1-92 3,425,000 Municipal Building 2-�2018 3,425,OOOt�'� �
8-1-93 845,000 Municipal Building Refunding Z-Z-�Q02 845.OqOfa1 ;
Total �,685,000
fa1 These issues are subject to ihe statufory debt limit _
�b1 The City anticipates debt service payments on ihis Issue will be made prirr�rily from��.;mbination of ;
user fees from ihe municipal multi-purpose arena and tax increment ���enues. � �ddition, the '
proceeds of certain specia/ta�t levies, levred by the Ciry to support�`r�-rv Natio.a�:ard Armory,
will also be used to support a portion of the debt service on this lssue.
ii
;+
-5-
��
;
� �
General Obligation Debt Supported Primarily by Specia{ Assessments
Principal
Date Original Final Outstanding
of Issue Amount Pur ose Maturi As of 9-2-93
8-1-87 �4,995,000 Local Improvements 2-1-1996 $1,500,000
10-1-88 2,750,aao Local (mprovements 2 1-1999 1,550,000
7-1-88 2,575,000 Local Improvements 2-1-1995 500,Q00
6-1-91 1,180,000 Local tmprovements 2-1-2002 1,060,000
12-1-91 265,000 Local Improvements 2-1-2003 265,000
9-1-92 895,000 Local Improvements 2-1-2004 895,000
11-1-92 1,470,000 Local Improvements 2-1-2004 1,470,000
8-1-93 555,000 Local Improvements 2-1-2005 555,000
8-1-93 1,415,000 Improvement Refunding 2-1-2001 1,415.000
Total $9,210,000
General Ob[igation Debt Supported Primarily by Tau tncrements
. Principal
Date Original Final Outstanding
of Issue Amount Purpose Matur' As of 9-2-93
6-1-88 �1,100,000 Tax Increment 2-1-1999 $765,000
General Obligation Debt Supported by Revenues
Principal
Date Original Final Outstanding
of Issue Amount Purpose Matur' As of 9-2-93
4-1-89 �1,320,000 Water Revenue 2-1-1997 � 310,000
9-1-92 1,525,000 Storm Water Revenue 2-1-2008 1,525,000
8-1-93 945,000 Water Revenue Refunding 2-1-20Q5 945,OQ0
11-1-93 580,000 Taxable Port Authority {this Issue) 2-1-2009 580,000
Total $3,360,000
- 6 -
Annual Calendar Year Debt Service lnciuding This issue
G.O. Debt Supported
G.O. Debt Supported Primarily by
by Taxes Special Assessments
Principal Principal
Year Principal & Interest Principal & Interest
1993 (at 9-2) $ 40,000 $ 43,835 (Paid) (Paid)
1994 205,000 538,213 $1,415,000 $ 2,005,918
1995 275,000 586,997 1,480,000 2,023,792
1996 310,000 599,303 1,395,000 2,289,362
1997 285,000 560,968 99C3,000 1,218,860
t998 325,000 587,812 940,000 1,121,766
1999 340,000 587,718 900,000 1,035,362
2000 230,000 464,4$6 5&5,000 663,025
2001 250,000 473,058 535,000 604,972
2002 265,000 475,167 400,000 444,645
2003 145,000 344,021 285,000 310,216
2004 155,000 344,931 255,000 264,867
2005 170,000 349,907 50,000 51,275
2�06 180,000 34$,953
2007 19Q,000 347,251
2008 205,000 349,658
2009 215,000 346,164
2010 225,000 341,918
2011 245,000 346,623
2012 260,000 345,303
2013 280,400. 347,772
2014 155,000 208,503
2015 165,000 208,023
2016 180,000 211,680
2017 190,040 209,470
2018 200,000 206,600
Total $5,685,OOOta� $9,774,334 $9,210,OOO�b7 $12,034,060
(a1 47.1%of this debt witl be retired within 10 years.
(bl 96.7%of this debt wil!be retired within 10 years.
-7-
. . :::�
� . . . . ,G,..
b
Annual Calendar Year Debt Service inciuding This Issue (continued) �ti
G.O.Debt Supported G.O. Debt Supportecl
Primarilv bv Tax increments b Revenues(b) �
Principal Princip
Year Principal & interest Princi al & in._�;
r.�
1993 (at 9-2) (Paid) (Paid) (Paid) {Pa�
1994 $10Q,000 $ 167,i 85 $ 100,000 $ 287,
1995 110,000 167,575 135,000 324�
1996 120,000 166,935 185,000 365, .,
1997 130,000 165,245 200,000 358,
1998 145,000 167,247 220,000 356;__�
Tgg9 160,000 167,680 235,000 361,
2000 240,Q00 355,7
2001 250,000 354,2_
2002 270,000 361,
2003 280,000 357,7
2004 295,000 357,76
2005 310,000 356,608
2� 185,000 217,885
2007 190,000 211,$90.
2008 205,000 215,147
2009 60.000 62 01 Q
.�.
Totai �765,000 $1,001,867 $3,360,OOO�a) �,904,081��'
: 3
la1 62.9°�of this debf will be retired within 10 qears. =�
(b) lncludes this Issue at an assumed annual interest rate of 6.35%. -
Summary of Direct Debtlnciuding This Issue
Gross Less: Debt Net ;�'
Debt Service Funds(a1 Direct Debt �-
G.O. Debt Supported by Taxes $5,685,000_ $( 87,168) $5,597,832 �;�,
G.O. Debt Supported by Special . -
Assessments 9,210,000 (4,951,434) 4,258,566 � ,
G.O. Debt Supported by Tax Increments 765,000 (838) 764,162 =
G.O. Debt Supparted by Revenues 3,360,OOQ (b} 3,360,000 <:=
�a) Debt service funds are as of Augusi 31, 1993 and include money io pay both principal and interest _�
�b1 Debt service paid directly by revenues.
t
,t-•�.
_ 8 _ t �
-_-'�''
Indirect Generai Obiigation Debt
Debt Applicabie to
1992 Taxabie G.O. Debt Tax Capacitv in Citv
Taxinq Unit�al Net Tax Capacitv As of 9-2-93��1 Percent Amount
Dakota County $ 227,043,015 $ 7�,235,000��1 3.41% $ 2,565,513
ISD 196 (Rosemount- �
Apple Valley-Eagan) 76,559,529 1�7,g62,503 8.12 9,570,435
ISD 199 (Inver
Grove-Pine Bend) 15,539,047 6,310,000 13.81 871,411
ISD 200 (Hastings) 15,749,461 4,995,000 0.68 33,966
Dakota County
Techflical CoAege 244,48Q,087 2,090,000 3.46 72,314
Metropolitan Council 1,862,579,652 40,g40,000��1 0.42 171,528
Regional Transit
District 1,701,455,732 4.4,400,000 0.46 204,240
Total $13,489,407
ta1 On/y ihose units with debt outstanding are shown here.
(bJ Exc/udes debi supported by revenues and tax and aid anticipation debt.
(�J !ncludes Jai! Facility Revenue Bonds, SQries 1986 with an outstanding principal balance af
$2,355,000; Jai! Faciliry Revenue Bonds, Series 1987 with an ouisfanding princrpal balance of
$1,225,000; and Jail Facility Revenue Refunding Bonds with an outsianding principal ba/ance of
$6,430,000 issued by the Dakota County HRq and payab/e solely from/ease payments made by the
Counry to the HRA pursuanf to a l.ease Agreement. The /ease paymenis are absolute arrd
uncondifiona/and are unlimited tax obligaiions of ihe County.
�� Metropolitan Council also has outstanding$5�9,pg0,000 of general obligation sanitary sewer bonds
and loans which aie supporied by system revenues.
De�t Ratios Including This Issue
G.O. Net G.Q. Indirect &
Direct Debt'` Net Direct Debt
To 1992 Indicated Market Value 2.58a�o 5.85%
Per Capita (9,750- 1992 Met Council Estimate) $1,pgg $2,473
" Excludes generaJ obligation debt supported ty�evenues.
-9 -
CtTY TAX RATES, l.EVIES AND COLLECTIONS
Tax Capac'rty Rates
1992/93
For
1988 89 1989 90 1990 91 1991 92 Total Debt Oniv
Dakota County 20.721°h 21.061% 22.542%0 25.536% 26.558% 1.897°�
City of Rosemount 26.879 22.001 27.7Q5 29.224 29.810 6.265
ISD 196 (Rosemount) 52.249 40.793 47.058 54.602 58.486 12.790
Special Districts` 4.755 4.844 4.978 6.139 5.405 0.928
Total 104.604% 88.699% 102.283%0 115.501% 120.259% 21.8g0%
* Mcludes Metropo/itan Council, Regional Transit Distric� Metropolitan Mosquito Control, Dakota
County Technica/College and the Dakota County light Raii TransiL
NOTE: For properly taxes payab/e in 1989, taxes were determined by muitipiying the gross tax capaciry
by the tax capacity rate, expressed as a perceniage. This rep/aced the use of assessed va/ue
muttiplied by mill rates. Beginning with taxes payab/e in )990, net tax capaciry has replacsd
gross tax capaciry as the basis on which taxes are/evied(see Appendix l!).
Tax Cotlections for the City
Collected During Co{lected
Amount Collection Year As of 5-31-93
Lew/Collect of Lew Amount Percent Amount Percent
1992/93 $2,913,401'` (In Process of Collection)
1991/92 2,748,113 $2,711,623 98.7% $2,719,725 99.1%
1990/91 2,498,285 2,453,637 � 98.2 2,489,677 99.7
1989/90 2,095,644 2,063,786 98.5 2,092,044 99.8
1988/89 1,745,243 1,692,876 97.0 1,744,552 99.9
'` The 1992/93 gross tax lery includes aids of$917,038, including Homestead and Agricultura! Credit
Aid ('HACA'), Equalizaiion Aid and Disparity Aid. The net levy of $2,002,363 after subtracting the
HACA, Equalization Aid and Dispariry Aid is the basis for computing the 1992/93 tax capacity rates.
FUNDS AN HAND
As of August 31, 1993
Fund Cash and Inuestments
General $ 1,213,183
Special Revenue 1,132,713
Port Authority ' 339,985
Debt Service:
Tax Supported 87,188
Assessment Supported _ 4,951,434
Tax increment Supported 83$
General Obligation Revenue Supported 72,417
Construction 5,506,870
Water, Sewer and Storm Water 3,587,853
Trust and Agency 2.125
Total $16,894,586
- 10 -
GENERAL INFORMATION CONCERNING THE CITY
The City of Rosemount, located in northem Dakota County, is a southem suburb of the
Minneapolis/Saint Paul metropolitan area. The City encompasses an area of 22,000 acres
(35.25 square miles) and has a 1990 U.S. Census count of 8,622, a 69.6% increase from the
City's 1980 Census count of 5,083. The Metropolitan Council estimates the population, as ofi
April 1992, to be 9,750. _
An important aspect of the City's tax base and economy is the 6,200-acre petrochemical
industria! complex located in the northeastern portion of the C'rty near the Mississippi River at
Pine Bend. Major firms located there include Great Northern Oil Company (°Koch Refining"),
North Star Chemical and Spectro Alloys. Mid-American Pipeline Gompany#ransports gas from
southem states and operates a bottling station at Pine Bend. Minnesota Pipeline Company
transports Canadian and North Dakota crude oil to the Koch refinery.
Koch Refining processes i 80,000 to 200,000 barrels of crude oil each day and employs 850
persons in Rosemount. A$17,000,000 project is under construction to add a security building,
additions to an office, laboratory and cafeteria. The project is being built in four phases with
final completion expected in 1993.
z; Koch Refining is investing $240,000,000 in a clean air project that wil) reduce air emissions,
��� control odors and result in the production of cleaner fuels. These activities will result in the
�� creation of approximately 500 new construction jobs.
'�:
�-
�: The University of Minnesota's Rosemount Research Center is located on an 8,000 acre tract of
" land situated partially in the Cit�r. This facility is utilized by the University for agricultu�al and
� other �eseareh projects and also by other research agencies and private enferprises. The U.S.
�:: Navy operates a satellite tracking station on the Rosemount campus. �
��
�3
�: Some of the larger employers in the City are listed below:
Approximate
Number
- Employer Product/Service of Emplovees
Koch Refining Company Crude Oif 900
Independen# School District 196 Education 715
Dakota County AVTI Education (Vo-Tech) 475
Greifi Brothers Corporation MultiwalJ Bags 150
Spectro Alloys Corp. Aluminum Alloys 95
Knutson Services, Inc. Trash Disposal/Recycling 55
Genz & Ryan Plumbing & Heating Plurnbing and Heating 85
Peoples Natural Gas Natural Gas 36
Continental Nitrogen Chemicais 35
Carlson Tractor Industrial/Farm Equipment 30
Source: City of Rosemount, 'Comprehensive Guide Plan,'January, 1993.
Labor Force Data
June 1993 June 1992
Civilian Unemployment Civilian Unemployment
Labor Force Rate Labor Force Rate
Dakota County 172,7i 6 4.4% �65,893 4.6%
Minneapolis/St. Paul MSA 1,473,386 5.0 1,414,933 5.1
Minnesota 2,532,753 5.5 2,452,837 5.6
Source: Minnesota Department of Jobs and Training. 1993 data is prsliminary.
- - 11 -
Buitding Permits issued by the City
Single Family
Total Permits Home Permits Oniy
Number Value Number Value
1993 (to 8-31) 427 $25,525,034 123 �12,661,271
1992 633 43,352,223* 234 23,046,277
1991 512 19,939,006 200 18,087,341
1990 491 21,921,872 184 16,682,775
1989 480 2$,037,283 194 17,320,711
1988 506 30,974,532 267 22,232,787
1987 316 21,636,314 160 14,460,303
1986 232 9,401,135 75 6,721,265
1985 228 7,132,024 35 2,951,480
i 984 236 11,849,796 101 5,996,95i
1983 199 6,352,570 30 2,569,347
1982 188 7,239,563 56 2,927,999
1981 150 3,778,617 23 1,704,508
* lncludes$17,000,000 for Koeh Refining. '
Recerrt and Proposed Developmer�t
Over the past four years, an average of$26,725,000 in new construction value has been added
per year. During this same period the City has added over 230 housing units per year to its
housing stock. Approximately 90°� of these units are single family homes.
Some of the larger housing projects currently being developed are as follows ,
Units Units Built
Development/Developer Housin Approved as of 4-30-93
Carrollton Second Addition/Entry One, Inc. Single Family 126 112
Cau�try Hills/U.S. Home Corporation Single Famify .567 452
O'Leary's Hills/Parkview, Inc. Single Family 213 111
West Ridge/Rosemount Dev. Co.. Single Family 233 183
Shannon Hills/Ground Development Co. Single Family 190 99
Shannon Park/Limerick Way Rental
Townhouses Multiple Famify 128 96
Shannon Pond PUD/Hampton
Development Corp. Single Family 89 0
Recent and proposed commercial and industrial development occurring in the City includes the
following:
• 38,000 square foot ch{orine processing facility owned by DPC Industries.
• 35,000 square foot auto recyciing facifity.
• 20,000 square foot commercial recycling materials recovery facility.
• 12,000 square foot construction debris materials recovery facility.
• $31 million Minnesota industrial containment facility designed to contain non-hazardous
industrial so�id waste on a 236 acre site. The facility is owned and operated by United
States Pollution Control, Inc., a Houston based subsidiary of the Union Pacific
Company.
- 12 -
GOVERNMENTAL ORGAN(ZATFON AND SERVICES
Organization
Rosemount was established as a municipal corporation in 1858, and became a statutory City in
1974. The City has a Mayor-Councii form of government, with the four Council members being
elected to overlapping four-year terms af office. The present City Couneil is listed below.
Expiration of Term
E.B. McMenomy Mayor December 31, 1993
Sheila M. Klassen Council Member December 31, T993
Harry R. Willcox Council Member Deeember 31, 1993
James Staats Council Member Decem6er 31, 1995
Dennis �ppermann Council Member December 31, 1995
The City's chief administrative officer is the City Administrator, who is appointed by and serves '
at the discretion of the City Council. Mr. Stephan Jilk has resigned this position as City
Administrator, effective October 29, 1993. GUIr. Jeff May, who has served in the City's Finance
Department since 1985, was appointed as the City's Finance Director in March of 1991.
Growth and devefopment of the City is gu�ded by a Comprehensive Land Use Plan which was
commissioned soon after the consolidation in 1971 of the former Viliage and Town of
Rosemount. The Plan outlines long-range zoning and development policy of the City, and is
designed to encourage and promote orderly development and growth which will perpetuate a
sound tax base. This Plan was last updated in 1980. The City completed its update of the Plan
for the 1990's through a process which involved the City Planning Commission, City Council,
City staff and the Metropolitan Council. The updated plan is awaiting approval by the
Metropolitan CounciL
Services
Po(ice pratection for the City is provided by 12 ful(-time officers and eight pofice reserves. Fire
protection is provided by 39 trained volunteers. The City has a class 5 insurance rating.
Municipal water, sanitary sewer and storm water services are provided to virtually all of the
developed areas of the City. The municipal water service �is provided by four wells with two
water towers having a total storage capacity of 1,500,000 gallons. The maximum pumping
capacity is 2,225 gallons per minu#e with an average demand of 600,000 gallons pumped daily.
It is the City's po(icy to finance all of its lateral sanitary sewer and water improvements by
special assessments filed against benefited property; however, there is a provision for deferred
assessments, in which case it may be necessary to provide some tax support. Core faci(ities
are intended to be financed from water and sewer connection charges, but these too may
require some tax support in the event sufficient connections do not occur in a timely manner.
To date,tax support has not been necessary.
The City �inances the construction and long-term maintenance of its stormwater core faci{ities
through the operation of a Stormwater Utility. Each property in the City pays a mon#hly
"stormwater user fee" and connection charges to support the program.
Although the City construets and maintains its own sewer laterals, sewer trunk lines and
treatment plants are owned by the Metropolitan Waste Control Commission ("MWCC"j, an
agency of the Metropolitan Council. The City is billed for its usage of MWCC facilities.
- 14 -
. . �
Emptoyee Pensions
Ail fuil-time and certain part-time employees of the City of Rosemount are covered by defined
benefit pension pians administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer
public employees retirement plans. PERF members belong to either the Coordinated Plan or
the Basic Plan. Coordinated members are covered by Social Security and Basic rnembers are
not. Alt new members must participate in the Coordinated Plan. All police officers, fire fighters
and peace officers who qualify for membership by statute are covered by the PEPFF. For the
year ended December 31, 1992, the City's contribution to PERA was$113,605.
- 15-
�� SPRINGSTED
� i2.ri $C��2h J!X',h j•',�@G�'
�� $wte L5U7 �
PUBLIC FINANCE ADVISORS Minneapolis, MN 55402-1800
(6121 333-9177
Fax: (612) 349-5230
Home Otfice
85 East Seventh Place 16655 West Bluemound Road
Suite 100 '
Saint Paul. MN 55101-2143 Suite 290
(612) 223-3000 Brookfield, WI 53005-5935
Fax: (612) 2233002 (4141 782-8222
Fax: (414) 782-2904
6800 College Boulevard
Suite 600
Overland Park, KS 66211-1533
(913) 345-8062
Fax: (913) 345-1770
1800 K Street NW
Suite 831
Washington, DC 20006-2200
f202) 466-3344
Fax: (202) 223-1362
$580,000
ROSEMOUNT PORT�AUTHORITY, MFNNESOTA
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
5.00% 1998
5.20% 1999
5.409b 2000
5.50% 2001
5.60% 2002
5.75�a 2003
5.90% 2004
6.00% 2005
� 6.10% 2006
6.20�0 2007
6.30% 2008
6.409'a 2009
DAIN BOSWORTH INCORPORATED 4.40% 1996 $573,330.00 $357,818.13 6.3940%
4.709'0 1997
5.00% 1998
5.25% 1999
5.50% 2000
5.75% 2001 '
� 6.00% 2002
6.10% 2003
6.25% 2004
6.40% 2005
6.50% 2006
6.60% 2007
s.70% 2008-2009 (Continue�i)
Interest Net Interest True Interest
Bidder Rates Prtce Cost Rate
PIPER JAFFRAY INC. 4.5096 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
6.7596 2006-2007
6.809'0 2008-2009
These Bonds are being reoffered at par.
BBI: 5.30
Average Maturity; 9.64 Years