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HomeMy WebLinkAbout2.a. Accept Bids / Award Sale 1992C Community CenterCITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: October 27, 1992 AGENDA ITEM: G.O. Community Center Bonds, AGENDA SECTION: Series 1992C - Accept Bids & Award Sale New Business PREPARED BY: May, Finance Director AGENDANftEivi aqJeff L/ ATTACHMENTS: Draft Resolution APP : 71- 7, OA A / r v At 11:00 A.M., Tuesday, October 27, 1992, sealed bids for G.O. Community Center Bonds, Series 19920, will be opened and the results tabulated at the offices of Springsted Inc. Dan O'Neill, from Springsted, will be present at the October 27, 1992 City Council meeting to give Springsted's recommendation for the issuance of these bonds and to answer any questions that you may have. Because the bid opening is not until Tuesday morning, you will receive information regarding the bids at the meeting that evening. RECOMMENDED ACTION: Motion to adopt a RESOLUTION ACCEPTING OFFER ON SALE OF $1,080,000 GENERAL OBLIGATION COMMUNITY CENTER BONDS, SERIES 1992C, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF. COUNCIL ACTION: FROk BRIGGS AND MORGAN ST, PAUL 612 223 6645 (FRI) 10, 23' 92 13:15 /ST. 13:14/ NO, 3360015-098 P. 2/3 CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 1992 - RESOLUTION ACCEPTING OFFER ON SALE OF $1,080,000 GENERAL OBLIGATION COMMUNITY CENTER BONDS, SERIES 19920, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Rosemount, Minnesota (the "City"), has heretofore determined ',and declared that it is necessary and expedient to issue $1,086,000 General Obligation Community Center Bonds, Series 19920 of the City, pursuant to Minnesota Statutes, Chapter 475, to finance the acquisition and betterment of a community auditorium and banquet' facility for the City (the "Project"); and B. WHEREAS, on February 19, 1991, pursuant to an election held on that date, a majority of the voters approved the issuance of general obligation bonds in an amount not to exceed $440,000 to provide funds for the acquisition and betterment of a community auditorium and in an amount not to exceed $625,000 to provide funds for the acquisition and betterment of a community banquet facility; and C. WHEREAS, the following offers were received, opened and recorded by the City Administrator or his designee at the offices of Springsted Incorporated at 11:00 A.M., this same day: 227077 Bidder Interest Rate Net Interest Cost NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rosemount, Minnesota, as follows: 1. Acceptance of Offer. The offer of (the "Purchaser"), to purchase $1,080,000 General Obligation Community Center Bonds, Series 1992C of the City (the "Bonds", or individually a "Bond"), in accordance with the terms of proposal at the rates of interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable offer received and is hereby accepted, and the Bonds are hereby awarded to said purchaser. The City Adminis- trator is directed to retain the deposit of said purchaser and to forthwith return to the others making offers their good faith checks or drafts. 2. Title; Original Issue Date: Denominations; Maturities. The Bonds shall be titled "General Obligation Community Center Bonds, Series 1992C", shall be dated November 1, 1992, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature on February 1 in the years and amounts as follows: Year Amount Year Amount 1994 $ 20,000 2004 $ 50,000 1995 35,000 2005 55,000 1996 35,000 2006 60,000 1997 40,000 2007 60,000 1998 40,000 2008 65,000 1999 40,000 2009 70,000 2000 45,000 2010 75,000 2001 45,000 2011 80,000 2002 45,000 2012 80,000 2003 50,000 2013 90,000 3. Purpose. The Bonds shall provide funds to defray the expense of the acquisition and betterment of a community auditorium and community banquet facility (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 proceed with due diligence to completion. The City covenants that it shall do all things and perform all acts required of it to assure that work on the Project shall proceed with due diligence to completion and that any and all 227077 2 J i' permits and studies required under law for the Project are obtained. 4. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 1993, calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per annum set forth opposite the maturity years as follows; Maturity Interest Maturity Interest Year Rate Year Rate 1994 2004 1995 2005 1996 2006 1997 2007 1998 2008 1999 2009 2000 2010 2001 2011 2002 2012 2003 2013 5. Redemption. All Bonds maturing in the years 2004 through 2013, both inclusive, shall be subject to redemption and prepayment at the option of the City on February 1, 2003, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected registered holder of the Bonds. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar prior to giving notice of redemption shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the -principal amount of such Bonds to be redeemed. The Bonds to be redeemed 227077 3 Ir shall be the Bonds to which were assigned numbers so selected provided, however, that only so much of the principal amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the City and Bond Registrar duly executed by the holder thereof or his, her or its attorney duly authorized in writing) and the City 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 ameseries having the same stated maturity and interest rate and of any authorized denomination or denominations, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. 6. Bond Registrar. , in , Minnesota, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal and interest on the Bonds shall.be paid to the registered holders (or record holders) of the Bonds in.the manner set forth in the form of Bond and paragraph 12 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: 227077 4 UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF ROSEMOUNT R- $ GENERAL OBLIGATION COMMUNITY CENTER BOND, SERIES 1992C INTEREST MATURITY DATE OF RATE DATE ORIGINAL ISSUE CUSIP November 1, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS KNOW ALL PERSONS BY THESE PRESENTS that the City of Rosemount, Dakota County, Minnesota (the "Issuer"), certifies that it is indebted and for value received promises to pay to the registered owner specified above, or registered assigns, in the manner hereinafter set forth, the principal amount specified above, on the maturity date specified above, unless called for earlier redemption, and to pay interest thereon semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 1993, at the rate per annum specified above (calculated on the basis of a 360 -day year of twelve 30 -day months) until the principal sum is paid or has been provided for. This Bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the date of original issue hereof. The principal of and premium, if any, on this Bond are payable upon presentation and surrender hereof at the principal office of , in , Minnesota (the "Bond Registrar"), acting as paying agent, or any successor paying agent duly appointed by the Issuer. Interest on this Bond will be paid on each Interest Payment 'Date by check or draft mailed to the person in whose name this Bond is registered (the "Holder" or "Bondholder") on the registration books of the Issuer maintained by the Bond Registrar and at the address appearing, thereon at the close of business on the fifteenth day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at 227077 5 the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less than ten days prior to the Special Record Date. The principal of and premium, if any, and interest on this Bond are payable in lawful money of the United States of America. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this Bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and that this Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Rosemount, Dakota County, Minnesota, by its City Council has caused this Bond to be executed on its behalf by the facsimile signatures of its Mayor and its Administrator, the corporate seal of the Issuer having been intentionally omitted as permitted by law. 22707 6 Date of Registration: BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the Resolution mentioned within. 01 Bond Registrar By Authorized Signature 227077 Registrable by: Payable at: CITY OF ROSEMOUNT, DAKOTA COUNTY, MINNESOTA Isl Facsimile Mayor Zsl Facsimile Administrator 7 ON REVERSE OF BOND Redemption. All Bonds of this issue (the "Bonds") maturing in the years 2004 through 2013, both inclusive, are subject to redemption and prepayment at the option of the Issuer on February 1, 2003, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the Issuer; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected Holder of the Bonds. Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or his, her or its attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of such Bond, without service charge, a new Bond or Bonds of the same series having the same stated maturity and interest rate and of any authorized denomination or denominations, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. 227077 8 Issuance: Purpose; General Obligation. This Bond is one of an issue in the total principal amount of $1,080,000, all of like date of original issue and tenor, except as to number, maturity, interest rate, and denomination, which Bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to'a resolution adopted by the City Council of the Issuer on October 27, 1992 (the "Resolution"), for the purpose of providing money to finance the acquisition and betterment of a community auditorium and a community banquet facility. This Bond is payable out of the General Obligation community Center Bonds, Series 19920 Fund of the Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. Denominations; Exchange Resolution. The Bonds are issuable solely as fully registered bonds in the denominations of $5,000.and integral multiples thereof of a single maturity and are exchangeable for fully registered Bonds of other authorized denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties.of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. Transfer. This Bond is transferable by the Holder in person or by his, her or its attorney duly authorized in writing at the principal office of the Bond Registrar upon' presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee (but not registered in blank or to "bearer" or similar designation), of an authorized denomination or denominations,.in aggregate principal amount equal to the principal amount of this Bond, of -the same maturity and bearing interest at, the same rate. Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in'connection with the transfer or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. 22707 9 Treatment of Registered QMers. The Issuer and Bond Registrar may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment•as herein provided (except as otherwise provided on the reverse side hereof with respect to the Record Date) and for all other purposes, whether or not this Bond shall be overdue, and neither the Issuer nor the Bond Registrar shall be affected by notice to the contrary. Authentication. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security unless the Certificate of Authentication hereon shall have been executed by the Bond Registrar. Qualified Tax -Exempt Obligation. This Bond has been designated by the Issuer as a "qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 227077 10 l ABBREVIATIONS The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN as joint tenants with right of survivorship and not as tenants in common UTMA - as custodian for (Gust) (Minor) under the Uniform (State) Transfers to Minors Act Additional abbreviations may also be used though not in the above list. 227077 11 ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and does hereby irrevocably constitute and appoint attorney to transfer the Bond on the books kept for the registration thereof, with full power of substitution in the premises. Dated: Notice: The assignors signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one'of the major stock exchanges. 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 foralljoint owners if the Bond is held by joint account.) 22707 12 8. Execution; Temporary Bonds. The Bonds shall be executed on behalf of,the City by the signatures of its Mayor and Administrator and be sealed with the seal of the City; provided, however, that the seal of the City may be a printed facsimile; and provided further that both of such signatures may be printed 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 on 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 office until delivery. The City may elect to deliver, in lieu of printed definitive bonds, one or more typewritten temporary bonds in substantially the form set forth above, with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Such temporary bonds may be executed with photocopied facsimile signatures of the Mayor and Administrator. 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 City on each Bond by execution of the Certificate of Authentication on the Bond and by inserting as the date of registration in the space provided the date on which the Bond is authenticated, except that for purposes of delivering the original Bonds to the Purchaser, the Bond Registrar shall insert as a date of registration the date of original issue, which date is November 1, 1992. The Certificate of Authentication so executed on each Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. 10. Registration; Transfer; Exchange. The City will cause to be kept at the principal office of the Bond Registrar a bond register in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of Bonds and the registration of transfers of Bonds entitled to be registered or transferred as herein provided. 227077 13 Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of registration (as provided in paragraph 9) of, and deliver, in the name of the designated transferee or transferees, one or more new Bonds of any authorized denomination 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, upon surrender of the Bonds to be exchanged at the principal office of the Bond Registrar. Whenever any Bonds are so surrendered for exchange, the City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of registration of, and deliver the Bonds which the Holder making the exchange is entitled to receive. All Bonds surrendered upon any exchange or transfer provided -for in this resolution shall be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City. All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general obligations of the City evidencing the same debt, and entitled to the same benefits under this resolution, as the Bonds surrendered for such exchange or transfer. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the Holder thereof or his, her or its attorney duly authorized in writing. The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of any Bond and any legal or unusual costs regarding transfers and lost Bonds. Transfers shall also be subject to reasonable regulations of the City contained in any agreement with the Bond Registrar, including regulations which permit the Bond Registrar to close its transfer books between record dates and payment dates. The Administrator is hereby authorized to negotiate and execute the terms of said agreement. 11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, 'which were carried by such ,other Bond. 12. Interest Payment; Record Date. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond is registered (the "Holder") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior to the Special Record Date. 13. Treatment of Registered Owner. The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in paragraph 12 above) on, such'Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 14. Delivery; Application of Proceeds.The Bonds when so prepared and executed shall be delivered by the Administrator to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. Fund and Accounts. There is hereby created a special fund to be designated the "General Obligation Community Center Bonds, Series 1992C Fund" (the "Fund") to be administered and maintained by the Finance Director as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) separate accounts, to be designated the "Construction Account" and "Debt Service Account" respectively. 22707 15 (i) Construction Account. To the Construction Account there shall be credited the proceeds of the sale of the Bonds, less accrued interest received thereon, and less any amount paid for the Bonds in excess of $1,065,000. From the Construction Account there shall be paid all costs and expenses of the Project, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no other purpose except as otherwise provided by law; provided that the proceeds of the Bonds may also be used to the extent necessary to pay interest on the Bonds due prior to the anticipated date of commencement of the collection of taxes herein levied. (ii) Debt Service Account. 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 $1,065,000; (c) any collections of all taxes herein or hereafter levied for the payment of the Bonds and interest thereon; (d) all funds remaining in the Construction Account after completion of the Project and payment of the costs thereof; (e) all investment earnings on funds held in the Debt Service Account; and (f) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal and interest and any premiums for redemption of the Bonds and any other general obligation bonds of the City hereafter issued by the City and made payable from said account as provided by law. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (1) for a reasonable temporary period until such proceedsareneeded for the purpose for which the Bonds were issued and (2) in addition to the above in an amount not greater than the lesser of five percent (5%) of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Construction Account or Debt Service Account (or any other City account -which. will be used to pay principal or interest to become due on the bonds payable therefrom) in excess of amounts which under then -applicable federal arbitrage regulations may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portion" made available under the federal arbitrage regulations. Money in 22707 16 the Fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof.if and to the extent that such investment would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 16. Tax Levy; Coverage Test. To provide moneys for payment of the principal and interest on the bonds there has heretofore been levied or there is hereby.levied upon all of the taxable property in the City a direct 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 Levy 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year of Tax Collection Amour 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 The tax levies are such that if collected in full they, together with other revenues herein pledged for the payment of the Bonds, will produce at least five percent (5%) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City 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. 227077 17 17. General Obligation Pledge. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 18. Certificate of Registration. The Administrator is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together with such other information as he or she shall require, and to'obtain the County Auditor's certificate that the Bonds have been entered in the County Auditor's Bond Register and that the tax levy required by law has been made. .19. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 20. Necfative Covenant as to Use of Proceeds and Project. The City hereby covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 21. Investment Limitations: Rebate. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds, including without limitation (1) requirements relating to temporary periods for investments, (2) limitations on amounts invested at a yield 227077 18 greater than the yield on the Bonds, and (3) the rebate of excess investment earnings to the United States. The Bonds are a "construction issue" within the meaning of Section 148(f)(4)(C)'(iv) of the Code since at least 75 percent of the "available construction proceeds" of such issue (as defined in Section 148(f)(4)(C)(iv) of the Code) are to be used for construction expenditures. Therefore, the City need not rebate any earnings on the "available constructionproceeds" of the Bonds if all "available construction proceeds" are expended in the amounts and within the time periods required by Section 148(€)(4)(C)(iv) of the Code. The City expects to spend all -such moneys within such periods. The City does not elect the penalty provision of Section 148(f)(4)(C)(vii) of the Code but elects to pay rebate on the "available construction proceeds" if the spend down requirements of Section 148(f)(4)(C)(ii) of the Code are not met. The City elects not to include the interest earnings on the Reserve Account during the construction period as "available construction proceeds". 22. Designation of Qualified Tax -Exempt Obligations. In order to qualify the Bonds as "qualified tax-exempt obliga- tions" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Bonds are issued after August 7, 1986; (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (d) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities treated as one issuer with the City, and all subordinate entities whose' obligations are treated as issued by the City) during this calendar year 1992 will not exceed $10,000,000; and (e) not more than $10,000,000 of obligations issued by the City during this calendar year 1992 have been designated for purposes of Section 265(b)(3)of the Code. 227077 19 23. Defeasance. When all Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to their terms, by depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full, provided that notice of redemption thereof has been duly given_. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates and maturing on such dates as shall be required, subject to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if notice of redemption as herein required has been duly provided for, to such earlier redemption date. 24. Compliance with Reimbursement Bond Regulations. The provisions hereof are intended to establish and provide for the City's compliance with United States Treasury Regulations Section 1.103-18 (the "Reimbursement Regulations") applicable to the "reimbursement proceeds" of the Bonds, being those portions thereof which will be used by the City to reimburse itself for any expenditure which the City paid or will have paid prior to the issuance of the Bonds (an "Expenditure"). The City hereby certifies and/or covenants as follows: (a) On or before the date of payment of each Expenditure, the City (or person designated to do so on behalf of the City) made or will have made a written declaration of the City's official intent (a "Declaration") which effectively (i) states the City's intention and reasonable expectation to reimburse itself for the payment of the Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional 227077 20 description of the property, project or program to which the Declaration relates and/or identifies a specific fund or account of the City and the generalfunctional purpose thereof from which the Expenditure was to be paid (collectively the "Project"); (iii) states the maximum principal amount of debt expected to be issued by the City for the purpose of financing the Project; and (iv) states specifically that the Declaration is a declaration of official intent under Treasury Regulations Section 1.103-18; provided, however, that no such Declaration shall necessarily have been made with respect to "preliminary expenditures" for the Project, defined in the Reimbursement Regulations to include engineering. or architectural expenses and similar prefatory expenses, which in the aggregate do, not exceed -20% of the "issue price" of the Bonds. (b) Notwithstanding the foregoing provisions of paragraph (a) above, with respect to Expenditures made by the City prior to March 2, 1992, the City hereby represents that there exists, objective evidence, within the meaning of the', Reimbursement Regulations, that at the time the Expenditure was paid the City expected to reimburse the cost thereof with the proceeds of a borrowing. (c) As of the date of each Declaration,' there were not and were not thereafter expected to become available sources of City funds which were or were expected to be dedicated or otherwise available on a long-term basis to provide financing for the Expenditure or Project. (d) Each Declaration was made a part of the publicly available official books, records or proceedings of the City and was continuously availablefor inspection by the general public at the City Hall during regular City hours beginning not later than 30 days ,after the making of the Declaration and continuing through the date of issuance of the Bonds, as required by the Reimbursement Regulations. 227077 21 (e) Each Expenditure, other than the costs of issuing the Bonds, is a capital expenditure, that is, a cost of a type that is properly chargeable to a capital account (or would be with a proper election) under general federal income tax principles. (f) The "reimbursement allocation" described in the Reimbursement Regulations for each Expenditure shall and will be made forthwith following (but not prior to) the issuance of the Bonds and in all events within the period ending on the date which is the later of one year after payment of the Expenditure or one year after the date on which the Project to which the Expenditure relates is first placed in service. (g) Each such reimbursement allocation will be evidenced by an entry on the official books or records of the City maintained for and in connection with the Bonds and will specifically identify the actual prior Expenditure or Project or, in the case of the reimbursement of a particular fund or account described in the applicable Declaration, the fund or accountfrom which the Expenditure was paid. (h) The City is unaware of any facts or circumstances which would cause it to question the reasonability or accuracy of the content of this paragraph or of any of the Declarations, or its compliance with any of the covenants herein or therein, including without limitation the City's failure to issue qualifying reimbursement bonds for costs for which it has made declarations of official intent, absent extraordinary and unforeseeable circumstances of the kind described in the Reimbursement Regulations. 25. No Contest. No notice of contest of the election held on February 19, 1991, with respect to the question of the issuance of the Bonds was filed with or served on the court administrator of the Dakota County District Court or the City Clerk within 7 days after the City Council canvassed the results of the election. 227077 22 26. Severability. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 27. Headings. Headings in this resolution are included for convenience of reference only and arel not a part hereof, and shall not limit or define the meaning sof any provision hereof. Adopted this 27th day of October, 1992. E.B. McMenomy, Mayor ATTEST: Susan M. Walsh, City Clerk Motion by: Seconded by: Voted in favor: Voted against: 227077 23 STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF ROSEMOUNT I, the undersigned, being the duly qualified and acting Clerk of the City of Rosemount, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes - with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City, duly called and held on the date therein indicated, insofar as such minutes relate to opening and considering offers for and awarding the sale of, $1,080,000 General Obligation Community Center Bonds, Series 1992C of said City. WITNESS my hand this day of , 1992. Clerk 227077 24 I 10/27/92 14:50 FAX 612 223 3002 SPRINGSTED INC. P.A AWARD: 01002/006 SPRENGSTED 120 South Sixth Street Suite 2507 PUBLIC FINANCE ADVISORS Minneapolis, MN 55402.1800 (&12) 333.9177 Fax: (612) 349-5230 Nome Office 85 East Seventh Place 16655 West Sluemound Road Suite 100 Saint Paul, MN 55101-2143 Suite 290 Brookfield, WI 53405.5935 (612) 223-3000 (414) 782-8222 Fax: (612) 223-3002 Fax: 1414) 782-2904 l 6800 College Boulevard Suite 600 .S bvetland Park, KS 66211-1533 (9131 3458062 Fax: (913) 345-1770 0110 , , y 1800K Street NW G. Suite 831 Washington, DC 20006.2200 (202) 466.3344 Fax: (202) 223-1362 I $1,080,000 CITY OF ROSEMOUNi GENERAL OBLIGATION COMMUNITY CENTER BONDS, SERIES 1992C FBS INVESTMENT SERVICES, INC. NORWEST INVESTMENT SERVICES, INC. PIPER JAFFRAY INC. SALE: October 27, 1992 Moody's Rating: A Interest Net Interest True Interest Bidder Rates Prices Cost Rate FSS INVESTMENT SERVICES, INC. 5.00% 1994-1999 $1,065,009.60 $867,875.41 6.3808% NORWEST INVESTMENT SERVICES, INC. 5.10% 2000 PIPER JAFFRAY INC. 5.50% 2001 5.75% 2002 6.00% 2003 6.15% 2004 6.25% 2005 6.30% 2006 6.35% 2007 6.40% 2008 6.45% 2008 6.50% 2010 6.55% 2011-2012 6.60% 2013 (Continued) 10/27/92 14:50 FA -1 612 223 3002 SPRINGSTED INC. REOFFERING SCHEDULE OF THE PURCHASER 0003/poo Rate Ym Yi81 5.00% 1994 3.40% 5.00% 1995 3.75% 5.00% 1996 4.25% 5.00% 1997 4.50% 5.00% 1998 4.7596 5.00% 1999 4.90% 5.10% 2000 Par 5.50% 2001 Par 5.75% 2002 Par 6.00% 2003 Par 6,15% 2004 Par 6.25% 2005 Par 6.30% 2006 Par 6.35% 2007 Par 6.40% 2008 Par 6.46% 2009 Par 6.50% 2010 Par 6.S5% 2011 Par 6,55% 2012 Par 6.60% 2013 Par BBI: 6.53 Average Maturity: 12.60 Yews CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA ORDINANCE NO, AN ORDINANCE AUTHORIZING THE ISSUANCE'' OF $3,425,000 GENERAL OBLIGATION MUNICIPAL BUILDING BONDS, SERIES 1992E BY THE ROSEMiOUNT PORT AUTHORITY AND PLEDGING THE FULL FAITH AND CREDIT TO THE PAYMENT THEREOF THE CITY COUNCIL OF THE CITY OF ROSM40UNT DOES HEREBY ORDAIN: SECTION I, Pursuant to and in accordance with the provisions -of this ordinance and Minnesota Statutes, §469,048 to 469.068 and 469.0813, the issuance of general obligation bonds by the Rosemount Port Authority (the "Authority") in the aggregate principal amount of $3,425,000 is 'hereby authorized and found to be proper; and said bonds shall be issued and sold by the Rosemount Port Authority in the exercise of its port authority powers 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 a municipal ice arena and a portion of the costs Of an auditorium and banquet facility which are being constructed as a part of a multipurpose community center -national guard armory. 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 bands, 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 of the Authority pursuant to resolution. SECTION II. This ordinance shall take effect and be in force following its passage and publication. Adopted this day of October, 1992, McMenomy, Mayor ATTEST: Susan M. Walsh, City Clerk Motion by: Seconded by: Voted in favor: Voted against: 227358 .. n n/ ^ /gyp n A _ �II I'.+I Y.r 'Vl` ;� l �T �� rY/�L'J.0 n/71' ri.'J 7r�,V T lU%2i�A� 1�:51 F:LI 612 223 3002 SPRI�GSTED I�C. �OU5�006 �� �P R I N GSTEC� ]2o Sout,•� 3ixth Street '� 5uite 2507 PUBLIC FINANCE ADVISQRS Minnea6i2) 33391702•1800 Fax: (6I2) 3a9•5230 Home Office 85 East Seventn Place 16fi55 West 8luemound Road Suite 100 Suite 290 Saint Paul, MN 55101-2143 Brookfield, WI 53005-5935 (bi2) 223•3000 ta14) 782-8222 F�x: (612) 223-30Q2 Fax: (414) 78Z•2904 b800 College Boulevard Suite 6D0 Overland Park, KS 66211-153"s i9131 345•3062 Fax: (913) 345-177Q 180GK Sveet NW Suite 831 Washington, DC 2GOC6-22C0 (202) 466-33a4 Fax: (2C21 223-1362 S3,425,000 PdRT AUTHORITY OF THE CITY OF R4SEMOUNT, MINNESOTA GENERAL OQ�IQATIQN MUNICIPAL BUILDING SONpS, SERI�S 1892E AWARD: CRONIN & COMPANY, (NCORP�RATED SMITH BARNEY, HARRIS UPNAM � COMPANY INCORPORATED �DWARD D. JON�S E� CQMPANY SALE: October�7, 198Z Moody's RBting: A IMareat Net Interset 7rue Intereat Bldder Rates Price Cast Rate CRONIN &COMPANY, INCORPORATED 3.4Q% 1994 $3,366,775.00 $3,248,773.75 6,445096 SMITH BARNEY, HARRIS UPHAM & 3.75% 1995 COMPANY INCORPORATED 4.2596 199fi EDWARD D, JONES 8 COMPANY 4.5�% 1997 4.7596 1998 S.DO% 1999 5.209b 2q40 5.5096 2001 5.8096 20Q2 8.0096 2003 6.10% 2004 6,2fl96 20Q5 6.30`Y� 20Q6 6.35% 20�7 5,4496 2008 8.4596 2009 6.5056 2010-2012 6.5596 2013-201 S 6.6096 2016-2018 (Continued) , ,,� 10/?i192 1�:�1 F.� 612 223 3002 SPF.rVGSTED IAC. �006/006 Interest Net Interest True lntereat Biddor Rates Price Coat Rate FBS (NVESTMENT SERVICES, INC, 3,40% 1994 $3,366,775.00 w3,279,101.90 8.50069b NORWEST INVES7MENT SERVICES, INC. 3.7596 1995 Miiler&Schroeder Finartciaf, Inc, a.25% 1996 Miiler, Jahnson 8� Kuehn, inc. 4.5096 1997 -in Association With- 4.7596 1998 PIPER JAFFRAY INC. 4.9096 1999 Robert W. Baird�Company, Incorporated 5.1096 200d Cra1g-�-�alfum, Incorparated 5.5096 2001 Dougherty, Dawkins, Strand &Bigelow, 5.7596 2002 Incorporated 6.dQ% 2003 John G. Kinnard & Company Incorporated fi,15% 2004 fi.2596 2005 8.30% 2006 s.3s� 2007 6,409n 24Q8 6.4596 2009 8.509b �CO10 fi.5596 2Q11-2D12 s.so� 2013-2014 s.�o% 2015-2Q1 B fi.7596 2017-201 S These Bonds are befng reoffered ai par. BBI: 6,53 Average Maturity: 14.71 Years