HomeMy WebLinkAbout93-237
. CERTIFICATION OF MINUTES RELATING TO
$580,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF
INDEBTEDNESS, SERIES 1993D
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held
Monday, November 15, 1993, at 7:00 o'clock P.M., at the City Hall,
Lakeville, Minnesota.
Members present: Duane R. Zaun, Patrick G. Harvey, Lynette Mulvihill,
Wenceslaus Ruhmann and Elizabeth L. Windt
Members absent: None
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO. 93-237
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $580,000 GENERAL OBLIGATION EQUIPMENT
CERTIFICATES OF INDEBTEDNESS, SERIES 1993D
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 oS_ day of November, 1993.
n
r f`
City G erk
The Clerk reported that 9 sealed bids had been
•
received at or prior to the time stated in the Terms of Proposal,
and the bids having been opened, publicly read and considered,
.were all found to conform to the Terms of Proposal, and the
highest and best bid of each bidder was found to be as follows:
(See next page)
•
$PRINGSTED
120 South Sixth Street
Sute 2507
PUBIiC FINANCE ADVISORS Minneapolis, MN 55402-:1800
(612) 333.9177
Fax: (6121 349-5230..
Home Office
85 East Seventh Place-. 16655 West Bluemound Road
Swte 100
Saint Paul, MN 55101-2.143 Swte 290
(612) 223-3000 Brookfield, WI 53005-5935
Fax: (612) 223-30Q2 (414) 782-8222
Fax: (414) 7$2-2904.
b800 College Boulevard..
Swte 600
Overland Park, KS 66211-1533
(913) 345-8062
Fax:;(913T 345-1770
1800 K Street NW
..:Suite. 831
Washington, DC 20006-2200
(202) 466-3344
Fax: (202) 223.1362
$580,000
CITY OF `LAKEVILLE, MINNESOTA
GENERAL OBUGATiON EGIUIPMENT CERTIFICATES
OF INDEBTEDNESS,.SERIES 1993D
AWARD: SMITH BARNEY SHEARSON
.SALE: November 15, 1993 Moody's Rating: A
Interest Ne# Irrterest True irrterest
~dder Rates Price Cost.. _ Rate
SMITH BARNEYSHEARSON 2.90% 1994 $578,840.00 $65,115.00 3.6571%
3.2096 1995
3.45% 1996
3.70% 1997
3.85% 1998
NORWEST INVESTMENT SERVICES,: INC. 2.80% 1994 $576,230.00 $64,980.00 3.6614%
3.10%0 1995
3.30% 1996,
3.50% 1997.
3.7096 1998
NATIONAL CITY BANK 2.70% 1994 $576,636.00 $65,349.00 3.6787°~
3.00% 1995.
3.30% 1996
3.60% 1.997
3.80% 1998
fBS INVESTMENT SERVICES, INC. 2.7096 1.994 $577,100.00 $65,537.50 3.6873%
3.00% ' 1995
3.35% 1..996
3.70% 1997
3.80% 1998
~RK INVESTMENT CORPORATION 2.70% 1994 $575,644.15 $65,768.35 3.7077%
3.10% 1995
3.3096 1996
3.50% 1997
3.75% 1998 (Corttinuedj
Interest Net Interest True'Interest .
Bidder Rates Price Cost Rate
MILLER 8~ SCHROEDER FINANCIAL, INC. 2.75% 1994. $574,838.00 $66,097.00.. 3.7301
3.00% 1995
3.30% 1996
3.50% 1997.:
3.70% "1998
PIPER JAFFRAY iNC. 2.80% 1994 $576,085.00 $66,230.00 3.7315%
.3.10% 1:995
....:3.30% 1996.
3.60%' 1997
3.80% 1998
AMERICAN NATIONAL$ANK'SAINT-PAUL ;2.80% 1994- $575,713.80 $66,571.20. :3.7532%
3.15% 1:995
3.35% 1996
3.60% 1997-
3.75%' 1998
JOHN G. KINNARD 8~ COMPANY 3.00% 1994 $575,070.00 $70,525.00 3.9796%
INCORPORATED 3.30% 1995
3.60% i 996,
3.80% 1.997
3.90% 1998
These Cert'rficates are_being reoffered at .par.
$BI: 5.46
Average Maturity: 3.07 Years
Councilmember Harvey introduced the following
• resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $580,000 GENERAL OBLIGATION EQUIPMENT
.CERTIFICATES OF INDEBTEDNESS, SERIES 1993D
BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota (the Issuer), as follows:
Section 1. Authorization and Sale.
1.01. Au hor;.a ;on. This Council, by Resolution No.
93-212 adopted October 18, 1993, authorized the issuance and sale
of $580,000 General Obligation Equipment Certificates of
Indebtedness, Series 1993D (the Obligations) of the Issuer to
finance the costs of acquiring certain items of capital equipment.
1.02. Sale. Sealed bids presented in conformity with
the Terms of Proposal have been received and considered in
accordance with Resolution No. 93-212. The most favorable bid
received is that of Smith Barney Shearson
in Minneapolis , Minnesota (the Purchaser), to purchase
the Obligations at a price of $ 578.840.00. 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 Obligations 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 Obligations in accordance with the
terms of the bid. The good faith deposit of the Purchaser shall
be retained by the Issuer until the Obligations 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 Obligations. 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
Obligations 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 Obligations, to provide
security therefor and to issue the Obligations forthwith.
2.02. Matur;t; In-_r st Rates• Denominations and
Payment. .The. Obligations shall be originally dated as of December
1, 1993, shall be in denominations of $5,000 or any integral
• multiple thereof, of single maturities, shall mature on December 1
in the years and amounts stated below, without option of prior
payment, and shall bear interest from date of issue until paid at
the annual rates set forth opposite such years and amounts, as
follows:
mount Interest Rate
1994 5110,000. 2.90%
1995 110,000 3.20
1996 115,000 3.45
1997 120,000 3.70
1998 125,000 3.85
The Obligations shall be issuable only in fully registered form.
The interest thereon and, upon surrender of each Obligation 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.
2.03. Dates and Int r st payment Dates. Each
Obligation shall bear a date of original issue of December 1,
1993. Upon the initial delivery of the Obligations 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 Obligation so delivered, exchanged or transferred.
Interest on the Obligations shall be payable on each June 1 and
December 1, commencing June. 1, 1994, 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. The Obligations shall not be subject
to prepayment prior to their stated maturities.
2.05. ~p~oin~men of Tni ial Registrar. The Issuer
hereby appoints American National Bank and Trust Company
in St. Paul ~ Minnesota Minnesota as the initial
bond registrar, transfer agent and paying agent (the Registrar)
for the Obligations. The Mayor and City 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 Obligations in
its possession to the successor Registrar and shall deliver the
bond register to the successor Registrar.
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2.06. Registration.. The effect of registration and the
rights and duties of the Issuer and the Registrar with respect
thereto shall be as follows:
(a) Register. 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
Obligations and the registration of transfers and. exchanges
of Obligations entitled to be registered, transferred or
exchanged.
(b) Transfer of Obligations. Upon surrender for
transfer of any Obligation 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
Obligations 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 preceding each interest
payment date and until such interest payment date.
(c) Exchange of Obligations. Whenever any
Obligations are surrendered by the registered owner for
exchange the Registrar shall authenticate and deliver one or
more new Obligations of a like aggregate principal amount and
maturity, as requested by the registered owner or the owner's
attorney in writing.
(d) Cancellation. All Obligations surrendered upon
any transfer or exchange shall be promptly cancelled by the
Registrar and thereafter disposed of as directed by the
Issuer.
(e) Imnro~er or Unauthorized Transfer. When any
Obligation is presented to the Registrar for transfer, the
Registrar may refuse to transfer the same until it is
satisfied that the endorsement on such Obligation 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 Issuer and the
Registrar may .treat the person in whose name any Obligation
is at any time registered in the bond register as the
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absolute owner of the Obligation, whether the Obligation
• shall be overdue or not, for the purpose of receiving payment
of or on account of, the principal of and interest on the
Obligation 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 Obligation to the extent of the sum or sums so paid..
(g) Taxes, Fees and Chartres. For every transfer or
exchange of Obligations (except for an exchange upon a
partial redemption of an .Obligation), 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
0 1; ations. In case any Obligation shall become mutilated
or be destroyed, stolen or lost, the Registrar shall deliver
a new Obligation of like amount, number, maturity date and
tenor in exchange and substitution for and upon cancellation
of any such mutilated Obligation or in lieu of and in
substitution for any Obligation 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
Obligation destroyed, stolen or lost, upon filing with the
Registrar of evidence satisfactory to it that the Obligation
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 Issuer and the Registrar shall be named
as obligees. All Obligations so surrendered to the Registrar
shall be cancelled by it and evidence of such cancellation
shall be given to the Issuer. If the mutilated, destroyed,
stolen or lost Obligation has already matured or been called
for redemption in accordance with its terms it shall not be
necessary to issue a new Obligation prior to payment.
(i) Authenticating Agent. The Registrar is hereby
designated authenticating agent for the Obligations, within
the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
2.07. FxecLt;on, Authentication and Delivery. The
Obligations 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. Obligations shall cease to be such officer
before the delivery of any Obligation, such signature or facsimile
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shall nevertheless be valid and sufficient for all purposes, the
same as if he had remained in office until delivery.
Notwithstanding such execution, no Obligation 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 Obligation has been duly executed by the
manual signature of an authorized representative of the Registrar.
Certificates of authentication on different Obligations need not
be signed by the same representative. The executed certificate of
authentication on each Obligation shall be conclusive evidence
that it has been authenticated and delivered under this
Resolution. When the Obligations have been prepared, executed and
authenticated, the Clerk 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 Obligations. The Obligations shall be
prepared in substantially the following form:
s _5_
• [Face of the Obligations]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF LAKEVILLE
GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS,
SERIES 1993D
Interest Rate Maturity Date Date of Original Issue CUSIP No.
December 1, 1993
REGISTERED OWNER:
PRINCIPAL AMOUNT:
THE CITY OF LAKEVILLE, COUNTY pF DAKOTA, MINNESOTA (the
Issuer),. acknowledges itself to be indebted and for value.
received hereby promises to pay to the registered owner specified
above, or registered assigns, the principal. sum specified above on
the maturity date specified above, without option of prior
payment, and to pay interest thereon from the date hereof at the
annual rate specified above, payable on June 1 and December 1 in
each year, commencing June 1, 1994, to the person in whose name
• this Obligation is registered at the close of business on the
fifteenth day (whether or not a business day) of the immediately
preceding month. 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
as Registrar 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 taxing powers
of the Issuer have been and are hereby irrevocably pledged.
Additional provisions of this Obligation are contained on
the reverse hereof and such provisions shall for all purposes have
the same effect as though fully set forth hereon.
This Obligation 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.
IN WITNESS WHEREOF, the City of Lakeville, County of
Dakota, Minnesota, by its City Council, has caused this Obligation
to be executed on its behalf by the printed facsimile signatures
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of its Mayor and City Clerk, and has caused this Obligation to be
• dated as of the. date set forth below.
Date of Authentication:
CITY OF LAKEVILLE, MINNESOTA
Attest: (facsimile) (facsimile)
Clerk Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Obligations delivered pursuant to the
Resolution mentioned within.
as Registrar
By
Authorized Representative
[Reverse of the Obligations]
This Obligation is one of an issue in the aggregate
principal amount of $580,000., all of like date and tenor, except
as to maturity date, interest rate and denomination issued
pursuant to a resolution adopted by the City Council on November
S 15, 1993 (the Resolution), to finance the costs of acquisition of
capital equipment, and is issued pursuant to and in full
conformity with the Constitution and laws of the State of
Minnesota thereunto enabling, including Minnesota Statutes,
Section 412.301 and Chapter 475. The Obligations are issuable
only in fully registered form, in denominations of $5,000 or any
integral multiple thereof, of single maturities.
As provided in the Resolution and subject to certain
limitations set forth therein, this Obligation 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 Obligations
of other authorized denominations. Upon such transfer or exchange
the Issuer will cause a new Obligation or Obligations 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.
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• The Obligations have been designated as "qualified tax-
exempt obligations".pursuant to Section 265(b)(3) of the Internal
Revenue Code of 1986.
The Issuer and the Registrar may deem and treat the
person in whose name this Obligation is registered as the absolute
owner hereof, whether this Obligation 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
Obligation in order to make it a valid and binding general
obligation of the Issuer 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
levied ad valorem taxes on all taxable property in the Issuer,
which taxes will be collectible for the years and in amounts
sufficient to produce sums not less than five percent in excess of
the principal of and interest on the Obligations when due, and has
appropriated such taxes to its General Obligation Equipment
Certificates of Indebtedness, Series 1993D Sinking Fund for the
payment of such principal and interest; 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 Obligation, 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
Obligation, 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
Obligations of the City of Lakeville, County of Dakota, Minnesota,
which includes the within Obligation, dated as of the date of
original delivery of and payment for the Obligations.
Attest:lfacsimile) (facsimile)
Clerk Mayor
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• The following abbreviations, when used in the inscription
on the face of this Bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM as tenants UTMA as Custodian for _
in common (Gust) (Minor)
under Uniform Transfers to Minors Act
TEN ENT as tenants (State)
by entireties
JT TEN --as joint tenants
with right of
survivorship and
not as tenants in
common
Additional abbreviations may also be used though not in the
above list.
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:
• -9-
S Section 3. General Obligation Equipment Certificates of
indebtedness, Series 1993D Sinking Fund. So long as any of the
Obligations are outstanding and any principal of or interest.
thereon unpaid, the Clerk shall maintain a separate debt service
fund on the official books and records of the Issuer to be known
as the General Obligation Equipment Certificates of Indebtedness,
Series 1993D Sinking Fund (the Sinking Fund), and the principal of
and interest on the Obligations shall be payable from the Sinking
Fund. The Issuer irrevocably appropriates to the Sinking Fund (a)
any amount in excess of $574,200 received from the Purchaser; (b)
all taxes levied and collected in accordance with this Resolution;
and (c) 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 Obligations 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. P1_edge of Taxing Powers. For the prompt and
full payment of the principal of and interest on the Obligations
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. not
less than 5o in excess of the amount needed to meet when due the
principal and interest payments on the Obligations, ad valorem
taxes are hereby levied on all taxable property in the Issuer.
The taxes are to be levied and collected in the following years
and amounts:
Levy Years Collection Years Amount
1993-1997 1994-1998 See attached Levy Computation
The taxes shall be irrepealable as long as any. of the Obligations
are outstanding and unpaid, provided that the Issuer reserves the
right and power to reduce the tax levies in accordance with the
provisions of Minnesota Statutes, Section 475.61.
Section 5. Defeasance. When all of the Obligations
have been discharged as provided in this section, all pledges,
covenants and other rights granted by this Resolution to the
holders of the Obligations shall cease. The Issuer may discharge
its obligations with respect to any Obligations 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
Obligation should not be paid when due, it may nevertheless be
• -10-
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 Issuer may also at any time
discharge its obligations with respect to any Obligations, 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.
Section 6. Tax Covenants and Arbitrag ._r ;fi a ions.
6.01. Res r; ~v A ;on. The Issuer covenants and
agrees with the registered owners from-time to time of the
Obligations 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 Obligations to become includible in gross income
of the recipient under 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
Obligations will not become includible in gross income of the
recipient under the Code and the Regulations.
. 6.02. Certification. The Mayor and Clerk being the
officers of the Issuer charged with the responsibility for issuing
the Obligations 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
applicable Regulations stating the facts, estimates and
circumstances in existence on the date of issue and delivery of
the Obligations which make it reasonable to expect that the
proceeds of the Obligations will not be used in a manner that
would cause the. Obligations to be "arbitrage bonds" within the
meaning of the Code and the Regulations.
6.03. Arbitrage Rebate Exem~ion. It is hereby found
that the Issuer has general taxing powers, that no Obligation is a
"private activity bond" within the meaning of Section 141 of the
Code, that 950 or more of the net proceeds of the Obligations are
to be used for local governmental activities of the Issuer, and
that the aggregate face amount of all tax-exempt obligations
(other than private activity bonds) issued by the Issuer and all
subordinate entities thereof during the year 1993 is not
reasonably expected to exceed $5,000,000. Therefore, pursuant to
the provisions of Section 148(f)(4)(D) of the Code, the Issuer
shall not be required to comply with the arbitrage rebate
requirements of paragraphs (2) and (3) of Section 148 (f) of the
Code.
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6.04 . Qualified Tax-Exem~, t Obli gation,~. The City
Council hereby designates the Obligations as "qualified tax-exempt
obligations" for purposes of Section 265(b)(3) of the Code
relating to the disallowance of interest expense for financial
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 calendar year 1993 does not
exceed $10,000,000.
Section 7. r ; ; a ;on of Pro ding.
7.01. Reis ra ;on o Obligations. The 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 Obligations have been duly entered upon the
Auditor's bond register and the tax required by law has been
levied.
7.02. Authentication of Transcri~~. The officers of
the Issuer and the County Auditor of Dakota County 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
Obligations, 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.
7.03. Official Statement. The Official Statement
relating to the Obligations, dated November 3, 1993, .prepared and
delivered 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.
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember Ruhmann and upon
vote being taken thereon, the following voted in favor thereof:
Duane R. Zaun, Patrick G. Harvey, Lynette Mulvihill, Wenceslaus
Ruhmann and Elizabeth L. Sindt
and the following voted against the same: None
whereupon the resolution. was declared duly passed and adopted.
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. r
LEVY COMPUTATION
•
Levy Years Collections Years Amount
1993 1994 $136,427
1994 1995 133,077
1995 1996 134,631
1996 1997 135,716
1997 1998 136,304