HomeMy WebLinkAbout90-132 CERTIFICATION OF MINUTES RELATING TO
$2,900,000 GENERAL OBLIGATION IlvIPROVEMENT BONDS,
SERIES 1990A
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held Monday,
November 5, 1990, at 7:00 o'clock P.M., at the City. Hall, Lakeville, Minnesota.
Members present: Zaun, Harvey, Mulvihill, Ruhmann, Sindt
Members absent: None
Documents Attached:
Minutes of said meeting (including):
RESOLUTION N0.90- ~ 3 2
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
• PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR
THE PAYMENT OF $2,900,000 GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1990A
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.
WIITTESS my hand o€ficially as such recording officer this 5th day of
November, 1990.
_n
City Clerk
The Clerk presented to the City Council affidavits showing publication
•
in the official newspaper and in the Northwestern Financial Review of a Notice of
Sale of $2,900,000 General Obligation Improvement Bonds, Series 1990A, of the City,
for which bids were to be considered at this meeting in accordance with the
resolution adopted by the City Council on October 1,1990. The affidavits were
examined and found satisfactory and directed to be placed on file in the office of the
Clerk.
The Clerk reported that 5 sealed bids had been received at or
prior to the time stated in the Notice of Sale, and the bids having been opened,
publicly read and considered, were all found to conform to the Notice of Sale and
the Official Terms of Offering, and the highest and best bid of each bidder was found
• to be as follows:
Interest Total Interest Cost
Name of Bidder Purchase Price Rates And Net Average Rate
(See next page)
t
z SPRINGSTED .
PUBLIC FINANCE ADVISORS
• 500 EIm Grove Road 85 East Seventh Place 135 North Pennsylvania Street
Suite 101, PO.-Box 37 Suite 100 Suite 2015
Elm Grove, Wl 53122-0037 Saint Paul, MN 55101.2143. Indianapolis, IN 46204-2498
(414) 782-8222 (612) 223-3000 (317) 684-6000
Fax: (414) 782-2904 Fax: (612) 223-3002. Fax: (317) 884-6004
2739 Second Avenue S.E. 512 Nicollet Mall 6800 CoNege Boulevard.
Cedar Rapids, IA 52403-1434 Suite 550 Suite 600
(319) 363-2221 Minneapolis, MN 55402-1017 Overland Park, KS 66211
Fax: (319) 963-6999 (612) 333-9177 (913) 345-8062
Fax: (612) 333-2363 Fax: (913) 345-1770
$2,900,000
CITY OF LAKEYILLE, Ai11NNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1990A
AWARD: CRONIN & COMPANY, INCORPORATED
MILLER, JOHNSON &KUEHN, INC.
DAIN BOSWORTH INCORPORATED
And Associate
SALE; November 5, t 990" Moody's Rating: A
interest Net Interest
adder Rates P .ice C st & Rate
CRONIN & COMPANY, INCORPORATED 5.90% 1992 $2,875,856.25 $1,894,356.25
MILLER, JOHNSON.&KUEHN, iNC. 6.0096. 1993 (6.8289%}
DAIN BOSWORTH INCORPORATED 6.10°~ 1994
John G. Kinnard.& Company incorporated 6.15% - 1995
6.20% 1996
6.25% 1997
6.35% 1998
6.45% 1999
6.50% 2000
6.6096 2001
6.70% 2002
6.75% 2003
...6.80% 2004
6.90% 2005
7.00% 2006
7.10°~ .2007-2008
7.15% 2009-2010
7.20% 2011-2013
Continued}
.r
Interest Net Interest
Bidder Rates Price Cost & Rate.
FBS INVESTMENT SERVICES, INC. 5.80% 1992 $2,862,300.00 $1,894,593.75
MERRILL LYNCH. CAPITAL MARKETS 5.90% 1993 (6.8298%)
NORWEST INVESTMENT SERVICES,. 6.00% 1994
INCORPORATED 6.05% 1995
American National Bank Saint Paul 6.10% 1996
Marquette Bank Minneapolis, N.A. 6.20% 1997
6.30% 1998
..6.40% 1999
:.6.50% 2000
6.60% 2001
6.70% 2002
6.80°i6 .2003
6.90%. 2004
7.00% 2005-2010
7.10% 20t 1-2013
ALLISON-WILLIAMS COMPANY... 5.90% 1:992 $2,864,472.75 $1,908,112.88
PIPER, JAFFRAY AND HOPWOOD 6.00% 1993 {6.878561%)
INCORPORATED' 6.05°~ 1994
MOORE, JURAN AND COMPANY,:- 6.10% _ 1995
INCORPORATED 6.20% 1996
6.30°~ 1997
6.40% 1998
6.50% 1999
6.60% 2000
6.70% 2001 •
6.75% 2002
6.80°~ 2003
6.90% 2004
7.00% 2005-2007
...7.05°~ 2008
7.10°~6 2009-2013
DEANWITTER REYNOLDS INCORPORATED 6.30°~G 1992-1996 $2,862,343.05 - $1,915855.08-
LEHMAN $ROTHERS CAPITAL MARKETS 6.35% 1997 (6.9064%)
PRUDENTIAL-BACHE CAPITAL FUNDING 6.45% 1998
SMITH BARNEY, HARRIS UPHAM & 6.55% 1999
COMPANY INCORPORATED 6.65% 2000
6.75% 2001.
6.80% 2002
6.90% 2003
...7.00% 2004-2013
{Continued)-
f
Interest Net Interest
Bidder Rates Price Cost & Rate
~E NORTHERN TRUST COMPANY 5.80% 1992 $2,872,876.00 $1,917,353.38
John Nuveen & Company Incorporated 5.90% 1993. (6.911896)
Lasalle National Bank 6.00% 1994
Hutchinson, Shockey, Erley & Company 6.10% i 995
First Wisconsin National Bank of Milwaukee 6.2096 1996
6,30% 1997
6.40% 1998
6.50% t 999
6.60% 2000
6.7096 2001
6.80% 2002
6.90% 2003
7.00% 2004..
7.1096 .2005-2007
7.20% 2008-2~9
7.25% 2010-2013
These Bonds are being reoffered of par.
BBI: 7.43
Average Maturity: 9.57 Years.
•
Councilperson xarvey introduced the. following
resolution and moved its adoption:
RESOLUTION NO. 90- 132
RESOLUTION AUTHORIZIIVG ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR
THE PAYMENT OF $2,900,000 GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1990A
BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota (the Issuer), as follows:
Section 1. Authorization and Sale.
(a) This Council, by Resolution No. 90-121, adopted October 1, 1990,
authorized the issuance and public sale of $2,900,000 General Obligation
Improvement Bonds, Series 1990A (the Bonds) of the Issuer to finance various
public improvements, as described in Resolution No. 90-121.
(b) Notice of Sale has been duly published. Pursuant to the Official
Terms of Offering and the Notice of Sale, 5 sealed bids for the purchase
of the Bonds were received at or before the time specified for receipt of bids. The
bids have been opened,. publicly read and considered and the purchase .price,. interest
rates and net interest cost under the terms of each bid have been determined. The
most favorable bid received is that of Cronin & Company. Incorporated
Of Minneapolis Minnesota ,and associates (the Purchaser), to purchase
the Bonds at a price of $ 2,875,856.25 plus accrued interest on all Bonds to
the day of delivery and payment, on the further terms and conditions hereinafter set
forth.
(c) The sale of the Bonds is hereby awarded to the Purchaser and the
Mayor and City Clerk aze hereby authorized and directed to execute a contract on
behalf of the Issuer for the sale of the Bonds in acrnrdance with the terms of the bid.
The. good faith check 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. The good faith checks of other bidders shall be returned to them
forthwith.
Section 2. Bond Terms; Registration; Execution and Delivery.
2.01. Issuance of Bonds. All acts, conditions and things. which aze
• 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.
2.02. Maturities; Interest Rates; Denominations; and Payment. The
Bonds shall be originally dated. as of November 1, 1990, 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 beaz
interest from date of issue until paid or duly called for redemption at the annual
rates set forth opposite such yeazs and amounts, as follows:
Yeaz Amount Rate Yeaz Amount Rate
1992 $120,000 5.90 2003 $100,000 6.75
1993 120,000 6.00 2004 100,000 6.80
1994 180,000 6.10 - 200.5 75,000 6.90
1995 160,000 6.15 2006 75,000 7.00
1996 245,000 6.20 2007 75,000 7.10.
1997 215,000 6.25 2008 75,000 7.10
1998 220,000 6.35 2009 75,000 7.15
1999 225,000 6.45 2010 75,000 7.15
2000 230,000 6.50 2011 75,000 7.20
2001 235,000 6.60 2012 75,000 7.20
2002 100,000 6.70 2013 50,000 7.20
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
Registraz described herein.
2.03. Dates and Interest Payment Dates. Each Bond shall beaz a date of
original issue of November 1, 1990. 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. Interest on the Bonds shall be payable on each February 1 and
August 1, commencing August 1,1991, 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 maturing in the years 1992 through 1999
shall not be subject to redemption prior to maturity, but Bonds maturing in 2000
and later yeazs shall be subject to redemption and prepayment at the option of the
Issuer, in whole or in pazt, in such order as the Issuer shall determine and within a
maturity by lot as selected by the Registrar in multiples of $5,000, on February 1,
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1999, and on any date thereafter, at a price equal to the principal amount thereof and
• accrued interest to the date of redemption. The Clerk shall cause notice. of the call
for redemption thereof to be published as required by law, and at least thirty days
prior to the designated redemption date, shall cause notice of call for redemption to
be mailed, by first class mail, to the registered holders 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 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 Issuer shall default in the payment of the redemption
price) such Bonds or portions of Bonds shall cease to bear interest.- Upon paztial
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 ReQI~ .The Issuer hereby appoints
First Trust National Association ,ill Minneat~olis ,Minnesota, aS
the initial bond registraz, 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.
2.06. Registration.. The effect of registration and the rights and duties
of the Issuer and the Registrar with respect thereto shall be as follows:
(a) Re i t r. 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.
Cb) 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
•
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. of a like aggregate principal amount and maturity, as requested by the
transferor. The Registraz 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) Exchane~ of Bonds. Whenever any Bonds aze 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 surendered upon any transfer or
exchange shall be promptly cancelled 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 Registraz may refuse to transfer the
same until it is satisfied that the endorsement on such Bond or sepazate
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 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 dischazge the liability upon Bond to the
extent of the sum or sums so paid.
(g) Taxes, Fees and Chazges. For every transfer or exchange of
Bonds (except for an exchange upon a partial redemption of a Bond),. the
Registraz may impose a chazge upon the owner thereof sufficient to
reimburse the Registrar for any tax, fee or other governmental chazge
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 chazges of the Registrar in
connection therewith; and, in the case of a Bond destroyed, stolen or lost,
•
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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 Issuer and the Registrar shall be
named as obligees. All Bonds 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 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 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:
• -5-
• [Face of the Bonds]
UNTIED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF LAI~VILLE
GENERAL OBLIGATION Il1~IIPROVEMENT BOND, SERIES 1990A
Maturity Date of
Rate Date Origins CUSIP
November 1, 1990
REGISTERED OWNER:
PRINCIPAL AMOUNT:
• FOR VALUE RECEIVED, 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, 1991, 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 , 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 and
credit and taxing 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.
~i-
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.
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 facsimile signatures of the Mayor and City Clerk and has caused this Bond to be
dated as of the date set forth below.
Date of Authentication:
CITY OF LAKEVILLE, MIlVNESOTA
(facsimile) (facsimile)
City Clerk Mayor
• CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution
mentioned within.
as Registrar
By
Authorized Representative
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[Reverse of the Bonds]
.This Bond is one of an issue in the a e ate rind al amount of
ggj' g P P
$2,900,000, all of like date and tenor, except as ~ maturity date, interest rate,
denomination and redemption privilege, issued pursuant to a resolution adopted by
the City Council on November 5, 1990 (the Resolution), to finance the costs of local
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, Chapters 429 and 475. The Bonds of this issue are issuable only
in fully registered form, in denominations of $5,000 or any integral multiple thereof,
of single maturities.
Bonds of this issue maturing in 1999 and earlier years are payable on
their respective stated maturity dates without option of prior payment, but Bonds
having stated maturity dates in 2000 and later years are each subject to redemption
and prepayment at the option of the Issuer, in whole or in part, in such order as the
Issuer shall determine and, within a maturity, by lot as selected by the Registrar in
multiples of $5,000 on February 1,1999, and on any date thereafter, at a price equal to
the principal amount thereof plus interest accrued 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 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.
Bonds of this series have been designated as "qualified tax-exempt
obligations" pursuant to Section 265(b) of the Internal Revenue Code of 198b.
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 Warne 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 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 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 levy special
assessments upon property specially benefited by the local improvements financed
by the Bonds, and ad valorem taxes on all taxable property in the Issuer, which will
be collectible for the years and in amounts sufficient to produce sums not less. than
5% in excess of the principal of and interest on the Bonds of this series when due,
• and has appropriated such special assessments and taxes to its Series 1990A
Improvement Bond 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 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 rnpy 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,
County of Dakota, Minnesota, which includes the within Bond, dated as of the date
of original delivery of and payment for the Bonds.
(Facsimile Signature) (Facsimile Signature)
City Clerk Mayor
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)
TEN ENT as tenants
by entireties under Uniform Transfers
• to Minors
JT TEN --as joint tenants
with right of Act .
survivorship and (State)
not as tenants in
common
Additional abbreviations may also be used though not in the above list.
-la
• 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 a commercial
bank or trust rnmpany or by
a brokerage firm having. a
membership in one of the
major stock exchanges.
PLEASE INSERT SOCIAL
SECURITY OR OTHER
IDENTIFYIlVG NUMBER OF
ASSIGNEE:
•
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Section 3. Use of Proceeds.. There is hereby established on the official
books and records of the Issuer a Series 1990A Improvement Bond Construction
Fund (the Construction Fund), and the Finance Director shall continue to maintain
the Construction Fund until payment of all costs and expenses incurred in
connection with the construction of the local improvements financed by the Bonds
have been paid. To the Construction Fund there shall be credited from the proceeds
of the Bonds, exclusive of unused discount and accrued and capitalized interest, an
amount equal to the estimated cost of the improvements and from the Construction
Fund there shall be paid all construction costs and expenses. There shall also be
credited to the Construction Fund all special assessments collected with respect to
the improvements financed by the Bonds, until all costs of the improvements have
been fully paid. After payment of all construction costs, the Construction Fund shall
be discontinued and any Bond proceeds remaining therein may be transferred to the
other funds or accounts established for construction of other improvements
instituted pursuant to Minnesota Statutes; Chapter 429. All special assessments on
hand in the Construction Fund when terminated or thereafter received,. and any
Bond proceeds not so transferred, shall be credited to the Series 1990A Improvement
Bond Sinking Fund of the Issuer. All proceeds of the Bonds deposited in the
Construction Fund will be expended solely for the payment of the costs of the
improvements referred to in Section 1 hereof (or other improvements authorized
pursuant to Chapter 429). All improvements co financed will be owned and
maintained by the Issuer and available for use by members of the general public on a
i substantially equal basis. The Issuer shall not enter into any lease, use or other
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 Internal Revenue Code of 1986, as amended (the Code).
Section 4. Series 1990A Improvement Bond Sinking So long as
any of the Bonds are outstanding and any principal of or interest thereon unpaid,
the Finance Director shall maintain a separate debt service fund on the official books
and records of the Issuer to be known as the Series 1990A Improvement Bond
Sinking Fund (the Bond Fund), and the principal of and interest on the Bonds shall
be payable from the Bond Fund. The Issuer irrevocably appropriates to the Bond
Fund (a) any amount in excess of $2,862,300 received from the Purchaser; (b)
capitalized interest in the amount of $ 109 , 400 ; (c) all taxes and special
assessments levied and collected in accordance with this Resolution; and (d) all
other moneys as shall be appropriated by the City Council to the Bond Fund from
time to time. If the balance in the Bond 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 Bond Fund when the balance therein is sufficient, and the
City Council covenants and agrees that it will each year levy a sufficient amount of
-12-
ad valorem taxes to take care of any accumulated or anticipated deficiency, which
levy is not subject to any constitutional or statutory limitation.
Section 5. Svecial Assessments. The Issuer hereby covenants and
agrees that, for the payment of the cost of improvements financed by the Bonds the
Issuer has done or will do and perform all acts and things necessary for the final and
valid levy of special assessments in an amount not less than 2096 of the cost of each
of the improvements financed by the Bonds. The Issuer estimates it will levy
special assessments in the aggregate principal amount of $2,063,342. The principal of
the assessments shall be payable over varying periods (not in excess of twenty
installments), with interest on unpaid installments thereof from. time to time
remaining unpaid at an estimated rate of 8.5~ per annum. It is estimated that the
principal and interest on such special assessments will be levied and collected in the
years and amounts shown on Appendix I attached hereto. In the event any such
assessment shall at any time be held invalid with respect to any lot or tract of land,
due to any error, defect or irregularity in any action or proceeding taken or to be
taken by the Issuer or by the City Council or by any of the officers or employees of
the Issuer, either in the making of such assessment or in the performance of any
condition precedent thereto, the Issuer hereby covenants and agrees that it will
forthwith do all such further things and take all such further proceedings as shall be
.required by law to make such assessment a valid and binding lien upon said
property.
Section 6. Pledge of Citv Funds and Taxing
P~
owers. To pay a portion of
the debt service on the Bonds, the City hereby appropriates, for the years 1991
through 2000, and agrees to deposit in the Bond Fund, the respective sums shown
on Appendix I from the Utility Trunk Fund, Trunk Storm Sewer Fund and Trails
Fund. Additionally, 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, together with the collections of
special assessments as set forth in Section 5, and fund appropriations set forth above,
will produce amounts not less than 596 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 Collection
Year Year Amount
See Appendix II ~ .
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• The taxes shall be irrepealable as long as any of the Bonds. 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 7. 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 aze due on any date by
depositing with the Registraz 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
dischazged by depositing with the Registraz 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 dischazge its obligations with respect to any prepayable Bonds called
for redemption on any date when they aze prepayable according to their terms, by
depositing with the Registrar on or before that date an amount equal in the
principal, interest and redemption premium, if any, which aze 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, interest
and redemption premiums to become due thereon to maturity or eazlier designated
redemption date.
Section 8. Registration 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 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.
Section 9. Authentication of Transcriyt. The officers of the Issuer and
the County Auditor of Dakota County aze hereby authorized and directed to prepare
and furnish to the Purchaser and to Dorsey a 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 mazketability of the Bonds, as the same appeaz 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.
Section 10. max Covenant and Arbitrage Certificate.
-14
(a) The Issuer covenants and agrees with the registered owners from
• time to time of the Bonds herein authorized, 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 payable on the Bonds to become subject to taxation under the Internal
Revenue Code of 1986, as amended (the Code) and regulations issued thereunder, in
effect at the time of such action, and that it will take, or it will cause its officers,
employees or agents to take, all affirmative actions within its powers which may be
necessary to insure that such interest will not become subject to taxation under the
Code and applicable Treasury Regulations, as presently existing or as hereafter
amended and made applicable to the Bonds.
(b) The Mayor and 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 Sections 1.103-13,1.103-14 and 1.103-15
of the Regulations, stating that on the basis of facts, estimates and circumstances in
existence on the date of issue and delivery of the Bonds, it is reasonably expected
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 applicable
regulations.
Section 11. Arbitrage Rebate Exemption. It is hereby found that the
Issuer has general taxing powers,. that no Bond is a "private activity bond" within
• the meaning of Section 141 of the Code, that 95% or more of the net proceeds of the
Bonds 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 1990
is not reasonably expected to exceed $5,000,000. Therefore, pursuant to the
provisions of Section 148(fl(4)(C) of the Code, the Issuer shall not be required to
comply with the arbitrage rebate requirements of paragraphs (2) and (3) of Section
148(fl of the Code.
Section 12. Oualified Tax-Exempt Obligations. 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 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 1990
does not exceed $10,000,000.
Section 13. Official Statement. The Official Statement relating to the
Bonds, dated October 22,1990, prepared and delivered on behalf of the Lssuer by
Springsted Inrnrporated, 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.
-15-
• 1 Ma o
Attest: ~ C~'
City Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Mu lv i h i 11 and, upon vote being taken
thereon, the following voted in favor thereof: Zaun, Harvey, Mulvihill, Ruhmann
and Sindt
and the following voted against the same: None
whereupon the resolution was declared duly passed and adopted.
•
• -16-
APPENDIX I
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" ~ APPENDIX II
Levy Collection
Year -Year Amount
1990 1991 $56,371
1991 1992 57,971
1992 1993 9,949
1993 1994 7,716
1994 1995 7,152
1995 1996 8,493
1996 1997 10,273
1997 1998 11,492
1998 1999 12,143
1999 2000 12,334
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