HomeMy WebLinkAboutItem 08July 16, 2018 Item No.________
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND
DETAILS AND PROVIDING FOR THE PAYMENT OF
$3,410,000 GENERAL OBLIGATION STREET RECONSTRUCTION
REFUNDING BONDS, SERIES 2018B
Proposed Action
Move to approve the Resolution Authorizing Issuance, Awarding Sale, Prescribing the Form and
Details and Providing for the Payment of $3,410,000 General Obligation Street Reconstruction
Refunding Bonds, Series 2018B.
Overview
Passage of this motion will result in the refunding of the February 1, 2019 through February 1,
2030 maturities of the City’s Taxable General Obligation Street Reconstruction Bonds, Series
2009A, dated December 30, 2009.
The Bonds will have a general obligation pledge with expected repayment from property taxes.
The bid opening for the bonds will be at 11:00 a.m. on Monday July 16, 2018. The results of the
bid opening and recommendations will be presented to the City Council at its regular meeting
that same night by Springsted, Inc.
Moody’s Investors Service has assigned a favorable Aa1 bond rating.
A draft of the resolution has been included with this report. A final, completed resolution will
be provided to the Council at the meeting.
Primary Issues to Consider
• Bond Structure – The Series 2018B Bonds have been structured to result in
approximately level annual savings over a term matching the remaining term of
the Series 2009A Bonds.
• Call provisions. Bonds maturing on or after 2/1/2028 may be prepaid at a price of
par plus accrued interest on or after 2/1/2027.
• Anticipated interest savings is approximately $100,000.
Supporting Information
• Draft Resolution – Prepared by Dorsey & Whitney, LLP
Financial Impact: $ Budgeted: Y☒ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Good Value for Public Services
Report Completed by: Jerilyn Erickson, Finance Director
Varies Property Taxes
CIP
CITY OF LAKEVILLE
RESOLUTION
Date: July 16, 2018 Resolution No.
Motion By Seconded By
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $[3,410,000] GENERAL OBLIGATION STREET
RECONSTRUCTION REFUNDING BONDS, SERIES 2018B
BE IT RESOLVED by the City Council, City of Lakeville, Minnesota (the “City”), as
follows:
SECTION 1. AUTHORIZATION AND SALE.
1.01. Authorization. This City Council, by resolution adopted June 4, 2018, authorized
the issuance and sale on the date hereof of its General Obligation Street Reconstruction
Refunding Bonds, Series 2018B (the “Bonds”), pursuant to Minnesota Statutes, Chapter 475 and
Section 475.58, Subdivision 3(b). The proceeds of the Bonds shall be used, together with any
additional funds of the City which might be required, to (i) refund in advance of maturity, on
September 20, 2018 (the “Redemption Date”) the 2019 through 2030 maturities aggregating
$3,320,000 in principal amount, of the City’s Taxable General Obligation Street Reconstruction
Bonds, Series 2009A (Build America Bonds), dated, as originally issued, as of
December 30, 2009 (the “Refunded Bonds”) and, to (ii) pay costs of issuing the Bonds. The
Bonds are being issued for the purpose of effecting a refunding of the Refunded Bonds pursuant
to the extraordinary redemption provisions contained in Section 3.05 of the resolution of the City
authorizing the issuance of the Refunded Bonds. The refunding of the Refunded Bonds is being
carried out for the purpose described in Minnesota Statutes, Section 475.67, subdivision 3,
section (b)(2)(i) and in compliance with Minnesota Statutes, Chapter 475.
1.02. Sale. Pursuant to the Terms of Proposal and the Official Statement prepared on
behalf of the City by Springsted Incorporated, sealed proposals for the purchase of the Bonds
were received at or before the time specified for receipt of proposals. The proposals have been
opened, publicly read and considered, and the purchase price, interest rates and net interest cost
under the terms of each proposal have been determined. The most favorable proposal received is
that of [_____________], in [________], [_____] (the “Purchaser”), to purchase the Bonds at a
price of $[_________] plus accrued interest on all Bonds to the day of delivery and payment, on
the further terms and conditions hereinafter set forth.
1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor
and City Clerk are hereby authorized and directed to execute a contract on behalf of the City for
the sale of the Bonds in accordance with the Terms of Proposal. The good faith deposit of the
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Purchaser shall be retained by the City until the Bonds have been delivered, and shall be
deducted from the purchase price paid at settlement.
SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY.
2.01. Issuance of Bonds. All acts, conditions and things which are required by the
Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be
performed precedent to and in the valid issuance of the Bonds having been done, now existing,
having happened and having been performed, it is now necessary for the Council to establish the
form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.
2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be
originally dated as of August 16, 2018 shall be in the denomination of $5,000 each, or any
integral multiple thereof, of single maturities, shall mature on February 1 in the years and
amounts stated below, and shall bear interest from their date of original issue until paid or duly
called for redemption, at the respective annual rates set forth opposite such years and amounts, as
follows:
Year Amount Rate Year Amount Rate
2019 $ % 2025 $ %
2020 2026
2021 2027
2022 2028
2023 2029
2024 2030
The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued
by the Registrar for the Bonds appointed herein.
The Bonds shall be issuable only in fully registered form. Interest shall be computed on the basis
of a 360-day year composed of twelve 30-day months. The interest on and, upon surrender of
each Bond at the principal office of the Registrar described herein, the principal amount thereof
shall be payable by check or draft issued by the Registrar described herein, provided that so long
as the Bonds are registered in the name of a securities depository, or a nominee thereof, in
accordance with Section 2.08 hereof, principal and interest shall be payable in accordance with
the operational arrangements of the securities depository.
2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to
Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on
the Bonds shall be payable on February 1 and August 1 in each year, commencing
February 1, 2019, each such date being referred to herein as an Interest Payment Date, to the
persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at
the Registrar’s close of business on the fifteenth day of the calendar month immediately
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preceding that in which such Interest Payment Date occurs, whether or not such day is a business
day.
2.04. Redemption. Bonds maturing on or after February 1, 2028, shall be subject to
redemption and prepayment at the option of the City, in whole or in part, in such order of
maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar
(or, if applicable, by the bond depository in accordance with its customary procedures) in
integral multiples of $5,000, on February 1, 2027, and on any date thereafter, at a price equal to
the principal amount thereof and accrued interest to the date of redemption. The City Clerk shall
cause notice of the call for redemption thereof to be published if and as required by law, and at
least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall
cause notice of call for redemption to be mailed, by first class mail, to the Registrar and
registered holders of any Bonds to be redeemed at their addresses as they appear on the Bond
Register described in Section 2.06 hereof, provided that notice shall be given to any securities
depository in accordance with its operational arrangements. No defect in or failure to give such
notice of redemption shall affect the validity of proceedings for the redemption of any Bond not
affected by such defect or failure. Official notice of redemption having been given as aforesaid,
the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and
payable at the redemption price therein specified and from and after such date (unless the City
shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease
to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to
the owner without charge, representing the remaining principal amount outstanding.
[COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS -
ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS]
[Bonds maturing on February 1, 20__ and 20__ (the “Term Bonds”) shall be subject to
mandatory redemption prior to maturity pursuant to the sinking fund requirements of this Section
2.04 at a redemption price equal to the stated principal amount thereof plus interest accrued
thereon to the redemption date, without premium. The Registrar shall select for redemption, by
lot or other manner deemed fair, on February 1 in each of the following years the following
stated principal amounts of such Bonds:
Year Principal Amount
The remaining $_______________ stated principal amount of such Bonds shall be paid at
maturity on February 1, 20__.
Year Principal Amount
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The remaining $_______________ stated principal amount of such Bonds shall be paid at
maturity on February 1, 20__.
Notice of redemption shall be given as provided in the preceding paragraph.]
2.05. Appointment of Initial Registrar The City hereby appoints U.S. Bank National
Association, St. Paul, Minnesota, as the initial Bond registrar, transfer agent and paying agent
(the “Registrar”). The Mayor and City Clerk are authorized to execute and deliver, on behalf of
the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with
another corporation, if the resulting corporation is a bank or trust company organized under the
laws of the United States or one of the states of the United States and authorized by law to
conduct such business, such corporation shall be authorized to act as successor Registrar. The
City agrees to pay the reasonable and customary charges of the Registrar for the services
performed. The City reserves the right to remove the Registrar, effective upon not less than
thirty days’ written notice and upon the appointment and acceptance of a successor Registrar, in
which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the
successor Registrar and shall deliver the Bond Register to the successor Registrar.
2.06. Registration. The effect of registration and the rights and duties of the City and the
Registrar with respect thereto shall be as follows:
(a) Register. The Registrar shall keep at its principal corporate trust office a
register (the “Bond Register”) in which the Registrar shall provide for the registration of
ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to
be registered, transferred or exchanged. The term Holder or Bondholder as used herein
shall mean the person (whether a natural person, corporation, association, partnership,
trust, governmental unit, or other legal entity) in whose name a Bond is registered in the
Bond Register.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly
endorsed by the Holder thereof or accompanied by a written instrument of transfer, in
form satisfactory to the Registrar, duly executed by the Holder thereof or by an attorney
duly authorized by the Holder in writing, the Registrar shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Bonds of a like
aggregate principal amount and maturity, as requested by the transferor. The Registrar
may, however, close the books for registration of any transfer after the fifteenth day of
the month immediately preceding that in which the interest payment date occurs and until
such interest payment date.
(c) Exchange of Bonds. At the option of the Holder of any Bond in a
denomination greater than $5,000, such Bond may be exchanged for other Bonds of
authorized denominations, of the same maturity and a like aggregate principal amount,
upon surrender of the Bond to be exchanged at the office of the Registrar. Whenever any
Bond is so surrendered for exchange the City shall execute and the Registrar shall
authenticate and deliver the Bonds which the Bondholder making the exchange is entitled
to receive.
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(d) Cancellation. All Bonds surrendered for payment, transfer or exchange
shall be promptly canceled by the Registrar and thereafter disposed of as directed by the
City.
(e) Improper or Unauthorized Transfer. When any Bond is presented to the
Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that
the endorsement on such Bond or separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized. The Registrar shall incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person
in whose name any Bond is at any time registered in the Bond Register as the absolute
owner of the Bond, whether the Bond shall be overdue or not, for the purpose of
receiving payment of or on account of, the principal of and interest on the Bond and for
all other purposes; and all payments made to or upon the order of such Holder shall be
valid and effectual to satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds
(except for an exchange upon a partial redemption of a Bond), the Registrar may impose
a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or
other governmental charge required to be paid with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall
become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond
of like amount, number, maturity date and tenor in exchange and substitution for and
upon cancellation of any such mutilated Bond or in lieu of and in substitution for any
Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges
of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or
lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was
destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the
Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory
to it, in which both the City and the Registrar shall be named as obligees. All Bonds so
surrendered to the Registrar shall be canceled by it and evidence of such cancellation
shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already
matured or been called for redemption in accordance with its terms it shall not be
necessary to issue a new Bond prior to payment.
(i) Authenticating Agent. The Registrar is hereby designated authenticating
agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
(j) Valid Obligations. All Bonds issued upon any transfer or exchange of
Bonds shall be the valid obligations of the City, evidencing the same debt, and entitled to
the same benefits under this Resolution as the Bonds surrendered upon such transfer or
exchange.
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2.07. Execution, Authentication and Delivery. The Bonds shall be prepared under the
direction of the City Clerk and shall be executed on behalf of the City by the signatures of the
Mayor and the City Clerk, provided that the signatures may be printed, engraved or lithographed
facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature
shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such
signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if
such officer had remained in office until the date of delivery of such Bond. Notwithstanding
such execution, no Bond shall be valid or obligatory for any purpose or entitled to any security or
benefit under this Resolution unless and until a certificate of authentication on the Bond,
substantially in the form provided in EXHIBIT A, has been executed by the manual signature of
an authorized representative of the Registrar. Certificates of authentication on different Bonds
need not be signed by the same representative. The executed certificate of authentication on any
Bond shall be conclusive evidence that it has been duly authenticated and delivered under this
Resolution. When the Bonds have been prepared, executed and authenticated, the City Clerk
shall deliver them to the Purchaser upon payment of the purchase price in accordance with the
contract of sale theretofore executed, and the Purchaser shall not be obligated to see to the
application of the purchase price.
2.08. Securities Depository. (a) For purposes of this section the following terms shall
have the following meanings:
“Beneficial Owner” shall mean, whenever used with respect to a Bond, the person in
whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the
records of such Participant, or such person’s subrogee.
“Cede & Co.” shall mean Cede & Co., the nominee of DTC, and any successor nominee
of DTC with respect to the Bonds.
“DTC” shall mean The Depository Trust Company of New York, New York.
“Participant” shall mean any broker-dealer, bank or other financial institution for which
DTC holds Bonds as securities depository.
“Representation Letter” shall mean the Representation Letter pursuant to which the City
agrees to comply with DTC’s Operational Arrangements.
(b) The Bonds shall be initially issued as separately authenticated fully registered
bonds, and one Bond shall be issued in the principal amount of each stated maturity of the
Bonds. Upon initial issuance, the ownership of such Bonds shall be registered in the bond
register in the name of Cede & Co., as nominee of DTC. The Registrar and the City may treat
DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the
purposes of payment of the principal of or interest on the Bonds, selecting the Bonds or portions
thereof to be redeemed, if any, giving any notice permitted or required to be given to registered
owners of Bonds under this resolution, registering the transfer of Bonds, and for all other
purposes whatsoever, and neither the Registrar nor the City shall be affected by any notice to the
contrary. Neither the Registrar nor the City shall have any responsibility or obligation to any
Participant, any person claiming a beneficial ownership interest in the Bonds under or through
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DTC or any Participant, or any other person which is not shown on the bond register as being a
registered owner of any Bonds, with respect to the accuracy of any records maintained by DTC
or any Participant, with respect to the payment by DTC or any Participant of any amount with
respect to the principal of or interest on the Bonds, with respect to any notice which is permitted
or required to be given to owners of Bonds under this resolution, with respect to the selection by
DTC or any Participant of any person to receive payment in the event of a partial redemption of
the Bonds, or with respect to any consent given or other action taken by DTC as registered owner
of the Bonds. So long as any Bond is registered in the name of Cede & Co., as nominee of DTC,
the Registrar shall pay all principal of and interest on such Bond, and shall give all notices with
respect to such Bond, only to Cede & Co. in accordance with DTC’s Operational Arrangements,
and all such payments shall be valid and effective to fully satisfy and discharge the City’s
obligations with respect to the principal of and interest on the Bonds to the extent of the sum or
sums so paid. No person other than DTC shall receive an authenticated Bond for each separate
stated maturity evidencing the obligation of the City to make payments of principal and interest.
Upon delivery by DTC to the Registrar of written notice to the effect that DTC has determined to
substitute a new nominee in place of Cede & Co., the Bonds will be transferable to such new
nominee in accordance with paragraph (e) hereof.
(c) In the event the City determines that it is in the best interest of the Beneficial
Owners that they be able to obtain Bonds in the form of bond certificates, the City may notify
DTC and the Registrar, whereupon DTC shall notify the Participants of the availability through
DTC of Bonds in the form of certificates. In such event, the Bonds will be transferable in
accordance with paragraph (e) hereof. DTC may determine to discontinue providing its services
with respect to the Bonds at any time by giving notice to the City and the Registrar and
discharging its responsibilities with respect thereto under applicable law. In such event the
Bonds will be transferable in accordance with paragraph (e) hereof.
(d) The execution and delivery of the Representation Letter to DTC, if not previously
filed with DTC, by the Mayor or City Clerk is hereby authorized and directed.
(e) In the event that any transfer or exchange of Bonds is permitted under paragraph
(b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar
of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the
permitted transferee in accordance with the provisions of this resolution. In the event Bonds in
the form of certificates are issued to owners other than Cede & Co., its successor as nominee for
DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the
provisions of this resolution shall also apply to all matters relating thereto, including, without
limitation, the printing of such Bonds in the form of bond certificates and the method of payment
of principal of and interest on such Bonds in the form of bond certificates.
2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at
EXHIBIT A attached hereto.
SECTION 3. USE OF PROCEEDS. Upon payment for the Bonds by the Purchaser, the City
Clerk shall apply the proceeds of the Bonds as follows: (a) $[_______] shall be deposited in the
sinking fund established for the Refunded Bonds to be applied to their redemption and
prepayment on the Redemption Date, (b) $[________] shall be used to pay costs of issuance of
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the Bonds; and (c) $[________] shall be deposited in the Bond Fund created in Section 4.01
hereof.
SECTION 4. GENERAL OBLIGATION REFUNDING BONDS, SERIES 2018B BOND
FUND AND PLEDGE OF TAXING POWERS.
4.01. General Obligation Refunding Bonds, Series 2018B Bond Fund. The Bonds shall
be payable from a separate and special General Obligation Refunding Bonds, Series 2018B Bond
Fund (the “Bond Fund”) of the City, which Bond Fund the City agrees to maintain until the
Bonds have been paid in full. If the money in the Bond Fund should at any time be insufficient
to pay principal and interest due on the Bonds, such amounts shall be paid from other moneys on
hand in other funds of the City, which other funds shall be reimbursed therefor when sufficient
money becomes available in the Bond Fund. The moneys on hand in the Bond Fund from time
to time shall be used only to pay the principal of and interest on the Bonds. Into the Bond Fund
shall be paid: (a) any amount appropriated thereto pursuant to Section 3 hereof; (b) all excess
amounts on deposit in the debt service funds maintained for the payment of the Refunded Bonds
upon the retirement of the Refunded Bonds on the Redemption Date; (c) ad valorem taxes
collected in accordance with the provisions of Section 4.02 hereof; and (d) any other funds
appropriated by the City Council for the payment of the Bonds.
4.02. Pledge of Taxing Powers. For the prompt and full payment of the principal of and
interest on the Bonds as such payments respectively become due, the full faith, credit and
unlimited taxing powers of the City shall be and are hereby irrevocably pledged. In order to
produce aggregate amounts which, together with the collections of special assessments and other
amounts set forth in Section 4.01, will produce amounts not less than five percent in excess of
amounts needed to meet when due the principal and interest payments on the Bonds, ad valorem
taxes are hereby levied on all taxable property in the City, said taxes to be levied and collected in
the years and amounts set forth in EXHIBIT B.
Said taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid, provided
that the City reserves the right and power to reduce said levies in accordance with the provisions
of Minnesota Statutes, Section 475.61.
SECTION 5. DEFEASANCE. When all of the Bonds have been discharged as provided in this
section, all pledges, covenants and other rights granted by this resolution to the registered owners
of the Bonds shall cease. The City may discharge its obligations with respect to any Bonds
which are due on any date by depositing with the 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 Registrar a sum sufficient for the payment thereof in full
with interest accrued from the due date to the date of such deposit. 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
bank or trust company qualified by law as an escrow agent for this purpose, cash or securities
which are authorized by law to be so deposited, bearing interest payable at such time and at such
rates and maturing or callable at the holder’s option on such dates as shall be required to pay all
principal and interest to become due thereon to maturity or earlier designated redemption date,
provided, however, that if such deposit is made more than ninety days before the maturity date or
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specified redemption date of the Bonds to be discharged, the City shall have received a written
opinion of bond counsel to the effect that such deposit does not adversely affect the exemption of
interest on any Bonds from federal income taxation and a written report of an accountant or
investment banking firm verifying that the deposit is sufficient to pay when due all of the
principal and interest on the Bonds to be discharged on and before their maturity dates or earlier
designated redemption date.
SECTION 6. CERTIFICATION OF PROCEEDINGS.
6.01. Registration of Bonds. The City Clerk is hereby authorized and directed to file a
certified copy of this resolution with the County Auditor of Dakota County and obtain a
certificate that the Bonds have been duly entered upon the Auditor’s bond register.
6.02. Authentication of Transcript. The officers of the City and the County Auditor are
hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey & Whitney
LLP, Bond Counsel, certified copies of all proceedings and records relating to the Bonds and
such other affidavits, certificates and information as may be required to show the facts relating to
the legality and marketability of the Bonds, as the same appear from the books and records in
their custody and control or as otherwise known to them, and all such certified copies, affidavits
and certificates, including any heretofore furnished, shall be deemed representations of the City
as to the correctness of all statements contained therein.
6.03. Official Statement. The Official Statement relating to the Bonds, dated
[________], 2018, relating to the Bonds prepared and distributed by Springsted Incorporated is
hereby approved. Springsted Incorporated is hereby authorized on behalf of the City to prepare
and distribute to the Purchaser within seven business days from the date hereof, a supplement to
the Official Statement listing the offering price, the interest rates, selling compensation, delivery
date, the underwriters and such other information relating to the Bonds required to be included in
the Official Statement by Rule l5c2-12 adopted by the Securities and Exchange Commission (the
“SEC”) under the Securities Exchange Act of 1934. The officers of the City are hereby
authorized and directed to execute such certificates as may be appropriate concerning the
accuracy, completeness and sufficiency of the Official Statement.
SECTION 7. TAX COVENANTS; ARBITRAGE MATTERS; AND CONTINUING
DISCLOSURE.
7.01. General Tax Covenant. The City covenants and agrees with the registered owners
of the Bonds that it will not take, or permit to be taken by any of its officers, employees or
agents, any actions that would cause interest on the Bonds to become includable in gross income
of the recipient under the Internal Revenue Code of 1986, as amended (the Code) and applicable
Treasury Regulations (the “Regulations”), and covenants to take any and all actions within its
powers to ensure that the interest on the Bonds will not become includable in gross income of the
recipient under the Code and the Regulations. It is hereby certified that the proceeds of the
Refunded Bonds were used for the acquisition and betterment of municipal improvements owned
and maintained by the City and available for use by members of the general public on
substantially equal terms. The City covenants and agrees that, so long as the Bonds are
outstanding, the City shall not enter into any lease, management agreement, use agreement or
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other contract with any nongovernmental entity relating to the improvements so financed which
would cause the Bonds to be considered “private activity bonds” or “private loan bonds”
pursuant to Section 141 of the Code.
7.02. Arbitrage Certification. The Mayor and City Clerk being the officers of the City
charged with the responsibility for issuing the Bonds pursuant to this resolution, are authorized
and directed to execute and deliver to the Purchaser a certificate in accordance with Section 148
of the Code, and applicable Regulations, stating the facts, estimates and circumstances in
existence on the date of issue and delivery of the Bonds which make it reasonable to expect that
the proceeds of the Bonds will not be used in a manner that would cause the Bonds to be
“arbitrage bonds” within the meaning of the Code and Regulations.
7.03. Arbitrage Rebate. The City acknowledges that the Bonds are subject to the rebate
requirements of Section 148(f) of the Code. The City covenants and agrees to retain such
records, make such determinations, file such reports and documents and pay such amounts at
such times as are required under said Section 148(f) and applicable Regulations, unless the
Bonds qualify for an exception from the rebate requirement pursuant to one of the spending
exceptions set forth in Section 1.148-7 of the Regulations and no “gross proceeds” of the Bonds
(other than amounts constituting a “bona fide debt service fund”) arise during or after the
expenditure of the original proceeds thereof.
7.04. Continuing Disclosure. (a) Purpose and Beneficiaries. To provide for the public
availability of certain information relating to the Bonds and the security therefor and to permit
the Purchaser and other participating underwriters in the primary offering of the Bonds to
comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities
Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to continuing disclosure (as in effect
and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds,
the City hereby makes the following covenants and agreements for the benefit of the Owners (as
hereinafter defined) from time to time of the outstanding Bonds. The City is the only obligated
person in respect of the Bonds within the meaning of the Rule for purposes of identifying the
entities in respect of which continuing disclosure must be made. If the City fails to comply with
any provisions of this section, any person aggrieved thereby, including the Owners of any
outstanding Bonds, may take whatever action at law or in equity may appear necessary or
appropriate to enforce performance and observance of any agreement or covenant contained in
this section, including an action for a writ of mandamus or specific performance. Direct,
indirect, consequential and punitive damages shall not be recoverable for any default hereunder
to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no
event shall a default under this section constitute a default under the Bonds or under any other
provision of this resolution. As used in this section, Owner or Bondowner means, in respect of
the Bonds, the registered owner or owners thereof appearing in the bond register maintained by
the Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner
provides to the Registrar evidence of such beneficial ownership in form and substance
reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of
the Bonds, any person or entity which (a) has the power, directly or indirectly, to vote or consent
with respect to, or to dispose of ownership of, such Bonds (including persons or entities holding
Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of
the Bonds for federal income tax purposes.
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(b) Information To Be Disclosed. The City will provide, in the manner set forth in
subsection (c) hereof, either directly or indirectly through an agent designated by the City, the
following information at the following times:
(1) On or before 12 months after the end of each fiscal year of the City, commencing
with the fiscal year ending December 31, 2018, the following financial
information and operating data in respect of the City (the Disclosure Information):
(A) the audited financial statements of the City for such fiscal year, prepared
in accordance with generally accepted accounting principles in accordance
with the governmental accounting standards promulgated by the
Governmental Accounting Standards Board or as otherwise provided
under Minnesota law, as in effect from time to time, or, if and to the extent
such financial statements have not been prepared in accordance with such
generally accepted accounting principles for reasons beyond the
reasonable control of the City, noting the discrepancies therefrom and the
effect thereof, and certified as to accuracy and completeness in all material
respects by the fiscal officer of the City; and
(B) to the extent not included in the financial statements referred to in
paragraph (A) hereof, the information for such fiscal year or for the period
most recently available of the type contained in the Official Statement
under the headings: “City Property Values”; “City Tax Rates, Levies and
Collections” and “City Indebtedness.”
Notwithstanding the foregoing paragraph, if the audited financial statements are not available by
the date specified, the City shall provide on or before such date unaudited financial statements in
the format required for the audited financial statements as part of the Disclosure Information and,
within 10 days after the receipt thereof, the City shall provide the audited financial statements.
Any or all of the Disclosure Information may be incorporated by reference, if it is updated as
required hereby, from other documents, including official statements, which have been filed with
the SEC or have been made available to the public by the Municipal Securities Rulemaking
Board (the “MSRB”) through its Electronic Municipal Market Access System (EMMA). The
City shall clearly identify in the Disclosure Information each document so incorporated by
reference. If any part of the Disclosure Information can no longer be generated because the
operations of the City have materially changed or been discontinued, such Disclosure
Information need no longer be provided if the City includes in the Disclosure Information a
statement to such effect; provided, however, if such operations have been replaced by other City
operations in respect of which data is not included in the Disclosure Information and the City
determines that certain specified data regarding such replacement operations would be a Material
Fact (as defined in paragraph (2) hereof), then, from and after such determination, the Disclosure
Information shall include such additional specified data regarding the replacement operations. If
the Disclosure Information is changed or this section is amended as permitted by this paragraph
(b)(1) or subsection (d), then the City shall include in the next Disclosure Information to be
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delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment
and the effect of any change in the type of financial information or operating data provided.
(2) In a timely manner, not in excess of 10 business days, to the MSRB through EMMA,
notice of the occurrence of any of the following events (each a “Material Fact,” as
hereinafter defined):
(A) Principal and interest payment delinquencies;
(B) Non-payment related defaults, if material;
(C) Unscheduled draws on debt service reserves reflecting financial
difficulties;
(D) Unscheduled draws on credit enhancements reflecting financial
difficulties;
(E) Substitution of credit or liquidity providers, or their failure to perform;
(F) Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue
(IRS Form 5701-TEB) or other material notices or determinations with
respect to the tax status of the Bonds, or other material events affecting the
tax status of the Bonds;
(G) Modifications to rights of security holders, if material;
(H) Bond calls, if material, and tender offers;
(I) Defeasances;
(J) Release, substitution, or sale of property securing repayment of the
securities, if material;
(K) Rating changes;
(L) Bankruptcy, insolvency, receivership or similar event of the City;
(M) The consummation of a merger, consolidation, or acquisition involving an
obligated person or the sale of all or substantially all of the assets of the
obligated person, other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination
of a definitive agreement relating to any such actions, other than pursuant
to its terms, if material; and
(N) Appointment of a successor or additional paying agent or the change of
name of a paying agent, if material.
As used herein, for those events that must be reported if material, a “Material Fact” is a
fact as to which a substantial likelihood exists that a reasonably prudent investor would attach
importance thereto in deciding to buy, hold or sell the Bonds or, if not disclosed, would
significantly alter the total information otherwise available to an investor from the Official
Statement, information disclosed hereunder or information generally available to the public.
Notwithstanding the foregoing sentence, a Material Fact is also a fact that would be deemed
material for purposes of the purchase, holding or sale of the Bonds within the meaning of
applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the
event.
13
For the purposes of the event identified in (L) hereinabove, the event is considered to
occur when any of the following occur: the appointment of a receiver, fiscal agent or similar
officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other
proceeding under state or federal law in which a court or governmental authority has assumed
jurisdiction over substantially all of the assets or business of the obligated person, or if such
jurisdiction has been assumed by leaving the existing governing body and officials or officers in
possession but subject to the supervision and orders of a court or governmental authority, or the
entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or
governmental authority having supervision or jurisdiction over substantially all of the assets or
business of the obligated person.
(3) In a timely manner, to the MSRB through EMMA, notice of the occurrence of any
of the following events or conditions:
(A) the failure of the City to provide the Disclosure Information required
under paragraph (b)(1) at the time specified thereunder;
(B) the amendment or supplementing of this section pursuant to subsection
(d), together with a copy of such amendment or supplement and any
explanation provided by the City under subsection (d)(2);
(C) the termination of the obligations of the City under this section pursuant to
subsection (d);
(D) any change in the accounting principles pursuant to which the financial
statements constituting a portion of the Disclosure Information are
prepared; and
(E) any change in the fiscal year of the City.
(c) Manner of Disclosure.
(1) The City agrees to make available to the MSRB through EMMA, in an electronic
format as prescribed by the MSRB, the information described in subsection (b).
(2) All documents provided to the MSRB pursuant to this subsection (c) shall be
accompanied by identifying information as prescribed by the MSRB from time to
time.
(d) Term; Amendments; Interpretation.
(1) The covenants of the City in this section shall remain in effect so long as any
Bonds are outstanding. Notwithstanding the preceding sentence, however, the
obligations of the City under this section shall terminate and be without further
effect as of any date on which the City delivers to the Registrar an opinion of
Bond Counsel to the effect that, because of legislative action or final judicial or
administrative actions or proceedings, the failure of the City to comply with the
requirements of this section will not cause participating underwriters in the
primary offering of the Bonds to be in violation of the Rule or other applicable
14
requirements of the Securities Exchange Act of 1934, as amended, or any statutes
or laws successory thereto or amendatory thereof.
(2) This section (and the form and requirements of the Disclosure Information) may
be amended or supplemented by the City from time to time, without notice to
(except as provided in paragraph (c)(2) hereof) or the consent of the Owners of
any Bonds, by a resolution of this Council filed in the office of the recording
officer of the City accompanied by an opinion of Bond Counsel, who may rely on
certificates of the City and others and the opinion may be subject to customary
qualifications, to the effect that: (i) such amendment or supplement (a) is made in
connection with a change in circumstances that arises from a change in law or
regulation or a change in the identity, nature or status of the City or the type of
operations conducted by the City, or (b) is required by, or better complies with,
the provisions of paragraph (b)(5) of the Rule; (ii) this section as so amended or
supplemented would have complied with the requirements of paragraph (b)(5) of
the Rule at the time of the primary offering of the Bonds, giving effect to any
change in circumstances applicable under clause (i)(a) and assuming that the Rule
as in effect and interpreted at the time of the amendment or supplement was in
effect at the time of the primary offering; and (iii) such amendment or supplement
does not materially impair the interests of the Bondowners under the Rule.
If the Disclosure Information is so amended, the City agrees to provide,
contemporaneously with the effectiveness of such amendment, an explanation of
the reasons for the amendment and the effect, if any, of the change in the type of
financial information or operating data being provided hereunder.
(3) This section is entered into to comply with the continuing disclosure provisions of
the Rule and should be construed so as to satisfy the requirements of paragraph
(b)(5) of the Rule.
SECTION 8. REDEMPTION OF REFUNDED BONDS. The City Clerk is hereby directed to
advise U.S. Bank National Association, St. Paul, Minnesota, as paying agent for the Refunded
Bonds, to call the Refunded Bonds for redemption and prepayment on the Redemption Date, and
to give thirty days’ mailed Notice of Redemption, substantially in the form attached hereto, all in
accordance with the provisions of the resolution authorizing the issuance of the Refunded Bonds.
SECTION 9. Immediate effect. This resolution shall take effect immediately.
15
APPROVED AND ADOPTED this 16th day of July, 2018.
CITY OF LAKEVILLE
By:
Douglas P. Anderson, Mayor
ATTEST:
Charlene Friedges, City Clerk
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF LAKEVILLE
GENERAL OBLIGATION STREET RECONSTRUCTION REFUNDING BONDS,
SERIES 2018B
R-___ $_________
Interest Rate Maturity Date Date of Original Issue CUSIP No.
__% February 1, 20__ August 16, 2018
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
CITY OF LAKEVILLE, State of Minnesota (the “City”) acknowledges itself to be indebted and
for value received hereby promises to pay to the registered owner specified above, or registered assigns,
the principal amount specified above on the maturity date specified above and promises to pay interest
thereon from the date of original issue specified above or from the most recent Interest Payment Date (as
hereinafter defined) to which interest has been paid or duly provided for, at the annual interest rate specified
above, payable on February 1 and August 1 in each year, commencing February 1, 2019 (each such date,
an “Interest Payment Date”), all subject to the provisions referred to herein with respect to the redemption
of the principal of this Bond before maturity. The interest so payable on any Interest Payment Date shall
be paid to the person in whose name this Bond is registered at the close of business on the fifteenth day
(whether or not a business day) of the calendar month preceding that in which such Interest Payment Date
occurs. Interest hereon shall be computed on the basis of a 360-day year composed of twelve 30-day
months. The interest hereon and, upon presentation and surrender hereof at the principal office of the agent
of the Registrar described below, the principal hereof are payable in lawful money of the United States of
America by check or draft drawn on U.S. Bank National Association, Saint Paul, Minnesota, as Bond
registrar, transfer agent and paying agent, or its successor designated under the Resolution described herein
(the “Registrar”) or other agreed-upon means of payment by the Registrar or its designated successor. For
the prompt and full payment of such principal and interest as the same respectively come due, the full faith
and credit and taxing powers of the City have been and are hereby irrevocably pledged.
This Bond is one of an issue (the Bonds) in the aggregate principal amount of $[_______], issued
pursuant to a resolution adopted by the City Council on July 16, 2018 (the “Resolution”) to refinance the
costs of various public improvements, and is issued pursuant to and in full conformity with the Constitution
and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475 and
2
Section 475.58, Subd. 3b. The Bonds are issuable only in fully registered form, in denominations of $5,000
or any integral multiple thereof, of single maturities.
Bonds maturing on February 1, 2028 and later years shall be subject to redemption and prepayment
at the option of the City, in whole or in part, in such order of maturity dates as the City may select and,
within a maturity, by lot as selected by the Registrar (or, if applicable, by the Bond depository in accordance
with its customary procedures) in multiples of $5,000, on February 1, 2027 and on any date thereafter, at a
price equal to the principal amount thereof and accrued interest to the date of redemption. The City shall
cause notice of the call for redemption thereof to be published if and to the extent required by law, and at
least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice
of call for redemption to be mailed, by first class mail (or, if applicable, provided in accordance with the
operational arrangements of the securities depository), to the registered holders of any Bonds, at the holders’
addresses as they appear on the Bond register maintained by the Bond Registrar, but no defect in or failure
to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any
Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid,
the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable
at the redemption price therein specified and from and after such date (unless the City shall default in the
payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial
redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge, representing
the remaining principal amount outstanding.
[COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS -
ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS]
[Bonds maturing in the years 20__ and 20__ shall be subject to mandatory redemption, at a
redemption price equal to their principal amount plus interest accrued thereon to the redemption date,
without premium, on February 1 in each of the years shown below, in an amount equal to the following
principal amounts:
Term Bonds Maturing in 20__ Term Bonds Maturing in 20__
Sinking Fund
Payment Date
Aggregate
Principal Amount
Sinking Fund
Payment Date
Aggregate
Principal Amount
(final maturity) (final maturity)
Notice of redemption shall be given as provided in the preceding paragraph.]
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferable upon the books of the City at the principal office of the Registrar, by the registered owner
hereof in person or by the owner’s attorney duly authorized in writing upon surrender hereof together with
a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the
owner’s attorney, and may also be surrendered in exchange for Bonds of other authorized denominations.
Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the
transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate
and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required
to be paid with respect to such transfer or exchange.
3
The City and the Registrar may deem and treat the person in whose name this Bond is registered
as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment as
herein provided and for all other purposes, and neither the City nor the Registrar shall be affected by any
notice to the contrary.
Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name
of Cede & Co., as nominee of The Depository Trust Company, or in the name of any other nominee of The
Depository Trust Company or other securities depository, the Registrar shall pay all principal of and interest
on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in
accordance with the operational arrangements of The Depository Trust Company or other securities
depository as agreed to by the City.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions
and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen
and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding
general obligation of the City in accordance with its terms, have been done, do exist, have happened and
have been performed as so required; that, prior to the issuance hereof, the City Council has by the Resolution
covenanted and agreed to collect and apply to payment of the bonds ad valorem taxes levied on all taxable
property in the City, certain net revenues of the System and special assessments upon property specially
benefited by the local improvements financed with the Bonds, which taxes, revenues and assessments are
estimated to be collectible in years and amounts sufficient to produce sums not less than 5% in excess of
the principal of and interest on the Bonds when due, and has appropriated such assessments, revenues and
taxes to its General Obligation Bonds, Series 2018A Bond Fund for the payment of such principal and
interest; that if necessary for the payment of such principal and interest, additional ad valorem taxes are
required to be levied upon all taxable property in the City, without limitation as to rate or amount; that all
proceedings relative to the projects financed by this Bond have been or will be taken according to law and
that the issuance of this Bond, together with all other indebtedness of the City outstanding on the date hereof
and on the date of its actual issuance and delivery, does not cause the indebtedness of the City to exceed
any constitutional or statutory limitation of indebtedness.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or
benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the
Registrar by manual signature of one of its authorized representatives.
4
IN WITNESS WHEREOF, the City has caused this Bond to be executed on its behalf by the
facsimile signatures of its Mayor and City Clerk and has caused this Bond to be dated as of the date set
forth below.
CITY OF LAKEVILLE, MINNESOTA
(facsimile signature – City Clerk) (facsimile signature – Mayor)
__________
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication: __________________
U.S. BANK NATIONAL ASSOCIATION
as Registrar
By
Authorized Representative
5
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 the applicable laws or regulations:
TEN COM --as tenants in common UTMA …………. as Custodian for …………..
(Cust) (Minor)
TEN ENT --as tenants by the entireties under Uniform Transfers to Minors Act ....……..
(State)
JT TEN --as joint tenants with right of survivorship and not as tenants in common
Additional abbreviations may also be used.
__________
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
______________________________________________________________________ the within Bond
and all rights thereunder, and does hereby irrevocably constitute and appoint
______________________________________________________________________ attorney to
transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution
in the premises.
Dated:
NOTICE: The assignor's 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 enlargement or any
change whatsoever.
Signature Guaranteed:
Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in STAMP or such other “signature
guaranty program” as may be determined by the Registrar in addition to or in substitution for STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE:
EXHIBIT B
PROJECTED TAX LEVIES
NOTICE OF REDEMPTION
$4,945,000
Taxable General Obligation Street Reconstruction Bonds, Series 2009A (Build America Bonds)
Dated as of December 30, 2009
City of Lakeville, Minnesota
NOTICE IS HEREBY GIVEN THAT there have been called for redemption and prepayment on
September 20, 2018, all outstanding Bonds of the above referenced issue maturing February 1 in the
following years and having the interest rates and CUSIP numbers listed below:
Year Amount
Interest
Rate
CUSIP
Number* Year Amount
Interest
Rate
CUSIP
Number*
2019 $230,000 4.50% 512445 VL8 2025 $280,000 5.30% 512445 VS3
2020 235,000 4.65 512445 VM6 2026 290,000 5.40 512445 VT1
2021 245,000 4.75 512445 VN4 2027 300,000 5.50 512445 VU8
2022 250,000 4.90 512445 VP9 2028 310,000 5.65 512445 VV6
2023 260,000 5.00 512445 VQ7 2029 320,000 5.80 512445 VW4
2024 270,000 5.20 512445 VR5 2030 330,000 5.95 512445 VX2
*The Registrar shall not be responsible for the selection or use of the CUSIP numbers, nor is any
representation made as to their correctness indicated in this Notice of Redemption or on any Bond. They
are included solely for convenience of the Holders. Denotes full call of CUSIP.
The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date
of redemption. Holders of the Bonds should present them for payment to U.S. Bank National Association,
St. Paul, Minnesota, on or before said date, when they will cease to bear interest, in the following manner:
If by Mail: If by Hand or Overnight Mail:
U.S. Bank National Association U.S. Bank National Association
Corporate Trust Services Corporate Trust Services
P.O. Box 64111 111 Fillmore Avenue East
St. Paul, MN 55164-0111 St. Paul, MN 55107
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time the payment by the redeeming institutions if they are not provided with your social security number
or federal employer identification number, properly certified. This requirement is fulfilled by submitting a
W-9 Form, which may be obtained at a bank or other financial institution.
The Paying Agent shall not be responsible for the selection of or use of the CUSIP number, nor is any
representation made as to its correctness indicated in this Notice of Redemption. It is included solely for
the convenience of the Holders.
Additional information may be obtained from the undersigned or from Springsted Incorporated,
380 Jackson Street, Suite 300, St. Paul, Minnesota (651-223-3000), financial consultant to the City.
Dated: ___________, 2018.
BY ORDER OF THE CITY COUNCIL
CITY OF LAKEVILLE, MINNESOTA
By s/
City Clerk
DAKOTA COUNTY AUDITOR’S
CERTIFICATE AS TO REGISTRATION AND TAX LEVY
The undersigned, being the duly qualified and acting County Auditor of Dakota County,
Minnesota, hereby certifies that there has been filed in my office a certified copy of a resolution
duly adopted on July 16, 2018, by the City Council of Lakeville, Minnesota, setting forth the
form and details of an issue of $[8,580,000] General Obligation Street Reconstruction Refunding
Bonds, Series 2018B dated the date of issuance thereof.
I further certify that the issue has been entered on my bond register and the tax required
by law for their payment has been levied and filed as required by Minnesota Statutes, Sections
475.61 through 475.63.
WITNESS my hand and official seal on the _____ day of July, 2018.
Dakota County Auditor
(SEAL)