HomeMy WebLinkAbout94-228
• CERTIFICATION OF MINUTES RELATING TO
$3,675,000 GENERAL OBLIGATION PARK BONDS, SERIES 1994B
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
' Kind, date, time and place of meeting: A regular. meeting held October 17, 1994,. at
7:00 o'clock P.M., at the City Hall, Lakeville, Minnesota.
Members present: Johnson, Zaun, sindt, Mulvihill, Harvey
Members absent: N/A
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO. 94-228
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR
THE PAYMENT OF $3,675,000 GENERAL OBLIGATION PARK
BONDS, SERIES 1994B
I, the undersigned, being the duly qualified and acting recording officer
of the public corporation issuing the bonds. referred to in the title of this certificate,
certify that the documents attached hereto, as described above, have been carefully
compared with the original records of said corporation in my legal custody, from
which they have been transcribed; that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of said corporation,
and correct and complete copies of all resolutions and other actions taken and of all
documents approved by the governing body at said meeting, so far as they relate to
said bonds; and that said meeting was duly held by the governing body at the time
and place and was attended throughout by the members indicated above, pursuant
to call and notice of such meeting given as required by law.
WITNESS my hand .officially as such recording officer this 17 day of
October, 1994.
I
City Clerk
• The Clerk re orted that 8 sealed ro osals had ben r
p p p e eceived at
or prior to the time stated in the Terms of Proposal, and the proposals having been
opened, publicly read and considered, were all found to conform to the Terms of
Proposal, and the highest and best proposal of each bidder was found to be as
follows:
(See next page)
SPRINGSTED 12o South Sixth street
Suite 2507
d PUBLIC FINANCE ADVISORS Minneapolis, MN 55402-.1.800
(61.2) 333-9177
• Fax: (612) 349-5230
Home Office
85 East Seventh Place 16655 West Bluemound Road
Suite 100 Suite 290
.Saint Paul, MN 55101-2143 Brookfield, WI 53005-5935
(612) 223-3000 (414) 782-8222
Fax: (612) 223-3002 Fax: (414) 782-2904
6800 College Boulevard
Suite 600
Overland Park, KS 66211.1533
1913) 345-8062
Fax: (913) 345-1770
1800 K Street NW
Suite 83i
Washington,. DC 20006-2200
"(202). 466-3344"
$3,675,000 Fax: 1202) .223-1362
CITY OF LAKEVILLE, MINNESOTA
GENERAL OBLIGATION PARK BONDS, SERIES 1994B
• AWARD: NORWEST INVESTMENT SERVICES, INC.
And Associate
SALE: October 17,1994 Moody's Rating: Aaa
Standard ~ Poor's Rating: AAA
. (Capital Guaranty Insured)
Interest Net Interest True Interest
Bidder Rates Price Cost Rate
NORWEST INVESTMENT SERVICES, INC. 4.60% 1997 $3,619,875.00 $3,366,060.63 6.1748%
Juran & Moody, Incorporated 4.75% 1998
4.90% 1999
5.05% 2000
5.20% 2001
5.30% 2002
5.40% 2003
5.50% .2004
5.60% 2005
5.70% 2006
5.80% 2007
5.90% 2008
6.00% 2009
6.05% 2010
6.10% 2011
6.15% 2012
6.20% 2013-2015 (Continued)
i r~
Interest Net Interest True Interest
Bidder Rates Price Cost Rate 5
SMITH BARNEY SHEARSON 4.75% 1997 $3,619,875.00 $3,386.,421.25 6..2110%~
CRONIN & COMPANY, INCORPORATED 4.90°10 1998
5.00% 1.999
5.10% 2000
5:20% :2001
5.30%.:2002
5.40% 2003
5.50% 2004
5.60% '2005
5.70% 2006
5.80% 2007
5.90% 2008
6.00% 2009
6.10% 2010
6.15% 2011
6.20% 2012
6.25% 2013-2015
DEAN V1/ITTER REYNOLDS 4.70% 1997 $3,620,977.50 $3,416,882.50 6.2675%
INCORPORATED 4.90% 199$
PAINEWEBBER INCORPORATED 5.10% 1999
PRUDENTIAL SECURITIES, INC. 5.20% 2000
ROBERT W. BAIRD & COMPANY,. 5.30% 2001
INCORPORATED 5.40% 2002
5.50% 2003
.5.60% 2004.
5.70% 2005.
5.80% 2006
5.90% .2007
6.00% 2008
6.10% 2009
6.1.5% 2010
6.20% 201'1
6.25% 2012-2013
.6.30% 2014-2015.
DAIN BOSWORTH INCORPORATED ~ 4.70% 1997 $3,646,261.50 $3,435,612.25 6.2699%
4.90% 1998
5.00% 1999
5.15% 2000
5.30% 2001.
5.40% 2002...
5.50% ` 2003
5.60% 2004..
5.70% 2005
5.80% 2006
5.90% 2007
6.00% 2008
6.20% 2009
6.25% 2010
6.30% 2011-2012
6.35% 2013 •
6.40% 2014
8.45% 2015 (Continued)
}
Interest Net Interest. True Interest
Bidder Rates Price Cost Rate
~IPERJAFFRAY INC.. 5.75% 1997-2005 $3,619,875.00 $3,417,112.50 6.2761%
Peterson Financial Corporation 5.80% 2006
John G. Kinnard & Company Incorporated 5.85% 2007.
5.95% 2008
6.05% 2009
6.10% 2010
6.15% 2011
6.20% 2012
6.25% 2013
6.30% 2014-2015
LASALLE NATIONAL BANK 4.90% 1997 $3,619,877.45 $3,421,834.43 6.2797%
RAYMOND JAMES & ASSOCIATES, INC. 5.00% 1998
JOSEPHTHAL, LYON & ROSS, fNC. 5.20% 1999
WACHOVIA BANK OF NORTH 5.30% 2000
CAROLINA, N.A. 5.40% 2001
5.50% 2002
5.60% 2003
..5,70% 2004
5.80% 2005
5..875% 2006
5.90% 2007
6.00% .2008
6.10% .2009
6.125% 2010
6.20% 2011-2012
6.30% 2013-2015
GRIFFIN, KUBIK, STEPHENS 8~ 6.10% 1997-2011 $3,619,975.85 $3,417,054.15 6.2894%
THOMPSON, INC. 6.125% 2012-2013
6.20% 2014-2015
FIRSTAR BANK MILWAUKEE, N.A. 4.80% 1.997 $3,640,050.75 $3,450,676.75 $.3063%
OPPENHEIMER & CO., INC. 5.00% 1998
5.10% 1999
5.20% 2000
5.30% 2001
5.40% 2002
5.50% 200,3
5.60% 2004
5.75% 2005
5.90% 2006
6.00% 2007
6.10% 2008
6.20% 2009
6.25% 2010
6.30% 2011-2012
6.35% 2013
6.40% 2014
6.45% 2015
• These Bonds are being reoffered at par.
BBI: 6.44%
Average Maturity: 14.91 Years
• Councilmember introduced the following resolution and moved.
its adoption, which motion was seconded by Councilmember
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR
THE PAYMENT OF $3,675,000 GENERAL OBLIGATION PARK
BONDS, SERIES 1994B
BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota (the Issuer), as follows:
Section 1. Authorization and Sale.
1.01. Authorization. This Council, by Resolution No. 94208, adopted.
on September 19, 1994, authorized the issuance and sale of $3,675,000 General
Obligation Park. Bonds, Series 1994B (the Bonds) of the Issuer to finance the costs of
park and trail improvements.
' 1.02. Sale. Pursuant to the Terms of Proposal and the Official
Statement prepared on behalf of the Issuer 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 Norwest Investment services, Inc.
in Minneapolis, Minnesota and associates (the Purchaser), to purchase
the Bonds at a price of $ 3, 619, 875.00 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 Issuer for the sale of the Bonds in accordance with the
terms of the proposal. The good faith deposit of the Purchaser shall be retained and
deposited by the Issuer until the Bonds have been delivered and shall be deducted
from the purchase price paid at settlement.
Section 2. Terms; Registration; Execution and Deliver,
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 City Council to establish the form and terms of the Bonds, to
provide security therefor and to issue the Bonds forthwith.
•
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• 2.02. Dates, Maturities, Interest Rates, Denominations and Payment.
The Bonds shall be originally dated as of November 1, 1994, shall be in
denominations of $5,000 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 date of original issue until paid or duly called for redemption at the annual.
rates set forth opposite such years and amounts, as follows:
Interest Interest
Year Amount Rate Year Amount Rate
1997 $55,000 4.60$ 2007 $260,000 5.80$
1998 55,000 4.75 2008 275,000 5.90
1999 60,000 4.90 2009 295,000 6.00
2000 60,000 5.05 2010 310,000 6.05
2001 65,000 5.20 2011 330,000 6.10
2002 70,000 5.30 2012 350,000 6.15
2003 70,000 5.40 2013 370,000 6.20
2004 75,000 5.50 2014 395,000 6.20
2005 80,000 5.60 2015 420,000 6.20
2006 80,000 5.70
For purposes of meeting the bond maturity requirements of Section 475.54,..
• Minnesota Statutes, the Bonds shall be combined with the outstanding General
Obligation Park Refunding Bonds of the Issuer, dated August 1, 1993. The Bonds
shall be issuable only in fully registered form. The interest thereon 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. Upon the 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.
2.03. Interest Payment Dates. Interest on the Bonds shall be payable on
each February 1 and August 1, commencing August 1, 1995, to the owners of record
thereof as of the close of business on the fifteenth day of the immediately preceding
month, whether or not such day is a business day.
2.04. Redemption. Bonds with stated maturities of 2007 and later years
shall each be subject to redemption, at the option of the Issuer, in whole or in part,
and if in part in such order as the Issuer shall determine and within a maturity in
$5,000 principal amounts selected by the Registrar by lot or other manner it deems
fair, on February 1, 2006, and any date thereafter, at a price equal to the principal
amount thereof to be redeemed with interest accrued to the date of redemption.
The Clerk shall cause the notice of the call for redemption to be published as
required by law, and at least thirty days prior to the designated redemption date,
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. shall cause notice of call for redemption to be mailed, by first class mail, to the
registered owners of any Bonds to be redeemed at their addresses as they appear on
the bond register described in Section 2.06 hereof, but no defect in or failure to give
such mailed notice 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 thereof 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 Issuer shall default in the
payment of the redemption price) such Bonds or portions thereof 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.
2.05. Appointment of Initial Re isg tray. The Issuer hereby appoints
First "'rust National Association
in st. Paul .Minnesota, as the initial bond registrar, transfer agent and
paying agent (the Registrar). The Mayor and Clerk are authorized to execute and
deliver, on behalf of the Issuer, 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 authorized by law to conduct such business, such
corporation shall be authorized to act as successor Registrar. The Issuer agrees to pay
the reasonable and customary charges of the Registrar for the services performed.
• The Issuer reserves the right to remove the Registrar upon thirty days' notice and
upon the appointment 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.Ob. Registration. The effect of registration and the rights and duties
of the Issuer and the Registrar with respect thereto shall be as follows:
(a) Re ister. The Registrar shall keep at its principal corporate trust
office a 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.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly
endorsed by the registered owner thereof or accompanied by a written
instrument of transfer, in form satisfactory to the Registrar, duly executed by
the registered owner thereof or by an attorney duly authorized by the
registered owner 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 of any Bond or portion thereof selected or called for redemption
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. after the fifteenth day of the month preceding each interest payment date and
until .such interest payment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered by the
registered owner for exchange the Registrar shall authenticate and deliver
one or more new Bonds of a like aggregate principal amount and maturity, as
requested by the registered owner or the owner's attorney in writing.
(d) Cancellation. All Bonds .surrendered upon any transfer or
exchange shall be promptly canceled by the Registrar and thereafter disposed
of as directed by the Issuer.
(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.
(fl Persons Deemed Owners. The Issuer 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 any registered owner or upon the owner`s order shall be
valid and effectual to satisfy and discharge the liability upon Bond to the
extent of the sum or sums so paid.
(g) Taxes, Fees and Charles. 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 last, and of the ownership thereof, and upon furnishing
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to the Registrar of an appropriate bond or indemnity in form, substance and
amount satisfactory to it, in which both the Issuer 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 Issuer. 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.
2.07. Execution, Authentication and Delivery. The Bonds shall be
prepared under the direction of the Clerk and shall be executed on behalf of the
Issuer 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
the Bonds shall cease to be such officer before the delivery of any Bond, such
signature or facsimile shall nevertheless be valid and sufficient for all purposes, the
same as if he had remained in office until delivery. 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 has been duly 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 each Bond shall be conclusive evidence that it has
been authenticated and delivered under this Resolution. When the Bonds. have
been prepared, executed and authenticated, the Finance Director shall deliver them
to the Purchaser upon payment of the purchase price in accordance with the contract
of sale heretofore executed, and the Purchaser shall not be obligated to see to the
application of the purchase price.
2.08. Form of Bonds. The Bonds shall be prepared in substantially the
following form:
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[Face of the Bonds]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF LAKEVILLE
GENERAL OBLIGATION PARK BOND, SERIES 1994B
Interest Rate Maturity Date Date of Original Issue CUSIP
November 1, 1994
REGISTERED OWNER:
PRINCIPAL AMOUNT:
' THE CITY OF LAKEVILLE, COUNTY OF DAKOTA, MINNESOTA (the
Issuer), acknowledges itself to be indebted and hereby promises to pay to the
registered owner named above, or registered assigns, the principal sum specified
above on the maturity date specified above, with interest thereon from the date
• hereof, at the annual rate specified above, payable on February 1 and August 1 in
each year, commencing August 1, -1995, 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 immediately preceding month, all subject to the provisions referred to
herein with respect to the redemption of the principal of this Bond before maturity.
The interest hereon and, upon presentation and surrender hereof, the principal
hereof are. payable in lawful money of the United States of America by check or draft
by in ,
Minnesota, Minnesota, as Bond .Registrar, Transfer Agent and Paying Agent (the
Registrar), or its designated successor under the Resolution described herein. For
the prompt and full payment of such principal and interest as the same respectively
become due, the full faith, credit and taking powers of the Issuer have been and are
hereby irrevocably pledged.
Additional provisions of this Bond are contained on the reverse hereof and
such provisions shall for all purposes have the same effect as though fully set forth
hereon.
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.
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• IN WITNESS WHEREOF, the City of Lakeville, County of Dakota, Minnesota,
by its City Council, has caused this Bond to be executed on its behalf by the printed
facsimile signatures of its Mayor and City Clerk.
Date of Authentication:
' CITY OF LAKEVILLE, MIlVIVESOTA
(facsimile signature -City Clerk) (facsimile signature -Mayor)
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned
within.
as Registrar
' By
Authorized Representative
[Reverse of the Bonds)
This Bond is one of an issue in the aggregate principal amount of .$3,675,000,
issued pursuant to a resolution adopted by the City Council on October 17, 1994. {the
Resolution), to finance the :costs of park and trail 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. The
Bonds are issuable only in fully registered form, in denominations of $5,000 or any
integral multiple thereof, of single maturities.
Bonds having stated maturity dates in 2007 and later years are each
subject to redemption, at the option of the Issuer, in whole or in part, and if in part
in such order of maturities as the Issuer may determine and within a maturity in
$5,000 principal amounts selected by the Registrar by lot. or other manner it deems
fair, on February 1, 2006 and on any date thereafter, at a price equal to the principal
amount and accrued interest to the date of redemption. The Issuer will cause notice
of the call for redemption to be published as required by law and, at least thirty days
prior to the designated redemption date, will cause notice of the call thereof to be
mailed by first class mail to the registered owner of any Bond to be redeemed at the
owner's address as it appears on the bond register maintained by the 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
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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 Issuer .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 registered owner without
charge, .representing the remaining principal amount outstanding.
• As provided in the Resolution and subject to certain limitations set forth
therein, this Bond is transferable upon the books of the .Issuer 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 Issuer 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.
The Bonds have been designated as "qualified tax-exempt obligations"
pursuant to Section 265(b) of the Internal Revenue Code of 1986.
• The Issuer 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 and for all other purposes, and neither
the Issuer nor the Registrar shall be affected by any notice to the contrary.
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 Issuer according to 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 levy ad valorem taxes on
all taxable property in the Issuer, which taxes will be collectible for the years and in
amounts required to produce sums not less than five percent in excess of the
principal of and interest on the Bonds when due; that if necessary for payment of
such principal and interest, additional ad valorem taxes are required to be levied
upon all taxable property in the Issuer, without limitation as to rate or amount; and
that the issuance of this Bond, together with all other indebtedness of the Issuer
outstanding on the date hereof and on the date of its actual issuance and delivery,
does not cause the indebtedness of the Issuer to exceed any constitutional or
statutory .limitation of indebtedness.
•
• Form of certificate to be printed on the reverse side of each Bond, following a
full copy of the legal opinion:
We certify that the above is a full, true and correct copy of the legal opinion
rendered by Bond Counsel on the issue of Bonds of the City of Lakeville, Dakota
County, Minnesota, which includes the within Bond, dated as of the date of original
delivery of and payment for the Bonds.
(facsimile signature - Ci , Clerk) (facsimile signature - Maw
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 CQM as tenants LT'TMA as Custodian for...................
in common (Gust) (Minor)
' under Uniform Transfers to Minors Act (State)
TEN ENT as tenants
by the entireties
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.
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• Signature Guaranteed:
Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Bond Registrar, which requirements include membership or
participation in STAMP or such other "signature guaranty program" as may be
determined by the Bond 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:
Section 3. General Obligation Park Bonds, Series 1994B Sinking Fund.
There is hereby established on the official books and records of the Issuer a General
Obligation Park Bonds., Series 1994B Sinking Fund (the Sinking. Fund) and, so long
as any of the Bonds are outstanding and any principal of or interest thereon unpaid,
the Finance Director shall continue to maintain the Sinking Fund .and the principal
of and interest on the Bonds shall be payable therefrom. The Issuer irrevocably
appropriates to the Sinking Fund (a) any amount in excess of $3,619,875 received
from the Purchaser; (b) all taxes levied and collected in accordance with this
Resolution; and (d) all other moneys as shall be appropriated by the City Council to
• the Sinking Fund from time to time. If the balance- in the Sinking Fund is at any
time insufficient to pay all interest and principal then due on all Bonds payable
therefrom, the payment shall be made from any fund of the Issuer which is
available for that purpose, subject to reimbursement from the Sinking Fund when
the balance therein is sufficient, and the City Council covenants and agrees that it
will each year levy a sufficient amount of ad valorem taxes to take care of any
accumulated or anticipated deficiency, which levy is not subject to any
constitutional or statutory limitation.
Section 4. Pledge of Taxing Power. 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 Issuer shall be and are
hereby irrevocably pledged. In order to produce aggregate amounts which will
produce not less than five percent in excess of the 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 Issuer. The taxes will be levied and collected in
the following years and amounts:
Levy Years Collection Years Amount
1994-2013 1995-2014 See attached Levy Computation
•
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The taxes shall be irrepealable as long as any of the Bonds are outstanding and
unpaid; provided the Issuer reserves the right and power to reduce the tax levies in
accordance with 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 Issuer may
• discharge its obligations with respect to any Bonds which are due on any date by
irrevocably depositing with the Registrar on or before that date a surn 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 sumsufficient for the
payment thereof in full with interest accrued to the date of such deposit. The Issuer
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 Registrar on or before that date an amount equal to the
principal, interest and redemption premium, if any, which are then due, provided
that notice of such redemption has been duly given as provided herein. The Issuer
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 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 to such earlier designated
redemption date.
Section 6. Certification of Proceedings.
6.fl1. Re istration of Bonds. The Clerk is hereby authorized and
directed to file a certified copy of this Resolution with the County Auditor of Dakota
County and to obtain a certificate that the Bonds have been duly entered upon the
Auditor's bond register and the tax required by law has been levied.
6.02. Authentication of Transcript. The officers of the Issuer and the
Auditor are hereby authorized and directed to prepare and furnish to the Purchaser
and to Dorsey & Whitney, 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 Issuer as to the correctness of all statements contained therein.
•
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1~
• 6.03. Official Statement. The Official Statement relating to the Bonds,
dated September 29,1994, prepared and distributed on behalf of the Issuer by
Springsted Incorporated, is hereby approved and the .officers of the Issuer are hereby
authorized and directed to execute such certificates as may be appropriate .concerning
the accuracy, completeness and sufficiency thereof.
Section 7. Tax Covenants and Arbitrage Matters.
7.01. Restrictive Action. The Issuer 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 action which would cause the interest on the
Bonds to become includible 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 includible in gross income of
the recipient under the Code and the Regulations. So long as any of the Bonds are
outstanding, the improvements financed by the Bonds shall be owned and
maintained by the Issuer .and available for use by members of the general public on a
substantially equal basis. The Issuer shall not enter into .any lease, use agreement,
management agreement or other contract or agreement with any
non-governmental person relating to the use of the improvements or security for
the payment of the Bonds which might 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 the City Clerk, being the
officers of the Issuer .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 the provisions of Section 148 of the Code,
and Section 1.148-2(b) of the 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 the Regulations.
7.03. Rebate. The Issuer acknowledges that the Bonds are subject to the
rebate requirements of Section 148(f) of the Code. The Issuer 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 Section 148(f) and
applicable Regulations to preserve the exclusion of interest on the Bonds from gross
income for federal income tax purposes. In furtherance of the foregoing, the Mayor
and Clerk are hereby authorized and directed to execute a Rebate Certificate, in the
form prescribed by Bond Counsel, and the Issuer hereby covenants and agrees to
observe. and perform the covenants and agreements contained therein, unless
amended or terminated in accordance with the provisions thereof.
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7.04. Qualified Tax-Exempt Obli ag Lions. The City Council hereby
designates the Bonds as "qualified tax-exempt obligations" for purposes of Section
265(b)(3) of the Code relating to the disallowance of interest expense for financai
institutions, and hereby finds that the reasonably anticipated amount of qualified
tax-exempt obligations (within the meaning of Section 265(b)(3) of the Code) which
will be issued by .the Issuer and all subordinate entities during caiendar year 1994
does not exceed $10,000,000.
•
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~r
•
Upon vote being taken on the foregoing resolution, the following voted in favor
thereof:
and the following voted against the same:
whereupon the resolution was declared duly passed and adopted.
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L
LAKEVILLE, MINNESOTA
G.0. PARK BONDS, 19946
POST SALE TAX LEVIES
TAX LEVIES CERTIFIED TO COUNTY AUDITOR
Year Levy Year Levy Amount Year Levy Year Levy Amount
Is Made Is Collected Of Levy Is Made Is Collected Of Levy
1994 1995 286,168 .2010 2011 461.,245
1995 1996 286,685 2011 2012 465,644.
1996 1997 284,028 2012 2013 467,807
1997 1998 286,535 2013 2014 468,342
1998 1999 283,448
1999 2000 285,516
2000 2001 287,217
2001 2002 283,322
2002 2003 284,603
• 2003 2004 285,522
2004 2005 280,818
2005 2006 465,030
2006 2007 464,946
2007 2008 468,909
2008 2009 466,074
2009 2010 467,382