HomeMy WebLinkAbout09-108CITY OF LAKEVILLE
RESOLUTION
Date: December 7, 2009 Resolution No. 09 -108
RESOLUTION AWARDING SALE, PRESCRIBING THE FORM AND
DETAILS AND PROVIDING FOR THE PAYMENT OF $5,180,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2009B
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as
follows:
SECTION 1. SEALED PROPOSALS. It was reported that five (5) sealed proposals for the
purchase of $5,180,000 General Obligation Refunding Bonds, Series 2009B, were received prior
to 10:30 a.m., pursuant to the Terms of Proposal and the Official Statement distributed to
potential purchasers of the Bonds by Springsted Incorporated, financial advisor to the City. The
proposals have been publicly opened, read and tabulated and were found to be as follows: (see
attached).
SECTION 2. AUTHORIZATION AND SALE.
2.01. Authorization. The City Council, by a resolution duly adopted on October 19,
2009, authorized the issuance and sale of its General Obligation Refunding Bonds, Series 2009B
(the Bonds), in the principal amount of $5,180,000, pursuant to Minnesota Statutes, Chapters
429, 469 and 475. The proceeds of the Bonds will be used, together with any additional funds of
the City which might be required to refund in advance of maturity and prepay, on February 1,
2010 (the Redemption Date), (i) the 2011 through 2014 maturities, aggregating $940,000 in
principal amount, of the City's $2,575,000 General Obligation Tax Increment Bonds, Series
1999B, originally dated December 1, 1999; (ii) the 2011 through 2020 maturities, aggregating
$3,945,000 in principal amount, of the City's $9,460,000 General Obligation Improvement
Bonds, Series 2000A, originally dated September 1, 2000; and (iii) the 2011 through 2013
maturities, aggregating $340,000 in principal amount, of the City's $1,040,000 General
Obligation Improvement Bonds, Series 2001A, originally dated December 1, 2001 (collectively,
the Refunded Bonds).
2.02. Sale. Pursuant to the Official Statement prepared on behalf of the City by
Springsted Incorporated, sealed proposals for the purchase of the Bonds were received at or
before the time specified for receipt of proposals. The proposals have been opened, publicly
read and considered and the purchase price, interest rates and net interest cost under the terms of
each proposal have been determined The most favorable proposal received is that of Stifel
Nicolaus Company, Inc., in Denver, Colorado, and associates (the Purchaser), to purchase the
Bonds at a price of $5,262,139.10 plus accrued interest on all Bonds to the day of delivery and
payment, on the further terms and conditions hereinafter set forth.
2.03. Award. The sale of the Bonds is hereby awarded to the Purchaser and the Mayor
and City Clerk are hereby authorized and directed to execute a contract on behalf of the City for
the sale of the Bonds in accordance with the terms of the proposal. The good faith deposit of the
Purchaser shall be retained and deposited by the City until the Bonds have been delivered, and
shall be deducted from the purchase price paid at settlement.
SECTION 3. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY.
3.01. 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.
3.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be
originally dated as of December 15, 2009, shall be in the denomination of $5,000 each, or any
integral multiple thereof, of single maturities, shall mature on February 1 in the years and
amounts stated below, and shall bear interest from date of issue until paid at the annual rates set
forth opposite such years and amounts, as follows:
Year Amount it Year Amount Rate
2011 $1,070,000 2.00% 2016 $400,000 2.50%
2012 765,000 2.00 2017 385,000 2.75
2013 760,000 2.00 2018 375,000 3.00
2014 640,000 2.00 2019 365,000 3.00
2015 390,000 2.00 2020 160,000 3.00
The Bonds shall be issuable only in fully registered form. Interest shall be computed on the basis
of a 360 -day year composed of twelve 30 -day months. The interest on and, upon surrender of
each Bond, the principal amount thereof, shall be payable by check or draft issued by the
Registrar described herein; provided that, so long as the Bonds are registered in the name of a
securities depository, or a nominee thereof, in accordance with Section 3.08 hereof, principal and
interest shall be payable in accordance with the operational arrangements of the securities
depository.
3.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to
Section 3.07 and upon any subsequent transfer or exchange pursuant to Section 3.06, the date of
authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on
the Bonds shall be payable on February 1 and August 1 in each year, commencing August 1,
2010, each such date being referred to herein as an Interest Payment Date, to the persons in
whose names the Bonds are registered on the Bond Register, as hereinafter defined, at the
Registrar's close of business on the fifteenth day of the calendar month next preceding such
Interest Payment Date, whether or not such day is a business day.
3.04. No Optional Redemption. The Bonds shall not be subject to optional redemption
and prepayment prior to their stated maturity dates.
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3.05. Appointment of Initial Registrar. The City hereby appoints U.S. Bank National
Association, St. Paul, Minnesota, as the initial bond registrar, transfer agent and paying agent
(the Registrar). The Mayor and City Clerk are authorized to execute and deliver, on behalf of the
City, a contract with the Registrar. Upon merger or consolidation of the Registrar with another
corporation, if the resulting corporation is a bank or trust company organized under the laws of
the United States or one of the states of the United States and authorized by law to conduct such
business, such corporation shall be authorized to act as successor Registrar. The City agrees to
pay the reasonable and customary charges of the Registrar for the services performed. The City
reserves the right to remove the Registrar, effective upon not less than thirty days' written notice
and upon the appointment and acceptance of a successor Registrar, in which event the
predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar
and shall deliver the Bond Register to the successor Registrar.
3.06. Registration. The effect of registration and the rights and duties of the City and the
Registrar with respect thereto shall be as follows:
(a) Register. The Registrar shall keep at its principal corporate trust office a
register (the Bond Register) in which the Registrar shall provide for the registration of
ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to
be registered, transferred or exchanged. The term Holder or Bondholder as used herein
shall mean the person (whether a natural person, corporation, association, partnership,
trust, governmental unit, or other legal entity) in whose name a Bond is registered in the
Bond Register.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by
the 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
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 for payment, transfer or exchange shall
be promptly canceled by the Registrar and thereafter disposed of. The Registrar shall
furnish the City at least once each year a certificate setting forth the principal amounts
and numbers of Bonds canceled and destroyed.
(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
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that the requested transfer is legally authorized. The Registrar shall incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person in
whose name any Bond is at any time registered in the bond register as the absolute owner
of the Bond, whether the Bond shall be overdue or not, for the purpose of receiving
payment of or on account of, the principal of and interest on the Bond and for all other
purposes; and all payments made to 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 Charges. For every transfer or exchange of Bonds, the
Registrar may impose a charge upon the owner thereof sufficient to reimburse the
Registrar for any tax, fee or other governmental charge required to be paid with respect to
such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become
mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like
amount, number, maturity date and tenor in exchange and substitution for and upon
cancellation of any such mutilated Bond or in lieu of and in substitution for any Bond
destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the
Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost,
upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed,
stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an
appropriate bond or indemnity in form, substance and amount satisfactory to it, in which
both the City and the Registrar shall be named as obligees. All Bonds so surrendered to
the Registrar shall be canceled by it and evidence of such cancellation shall be given to
the City. If the mutilated, destroyed, stolen or lost Bond has already matured, it shall not
be necessary to issue a new Bond prior to payment.
(i) Authenticating Agent. The Registrar is hereby designated authenticating
agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
(j) Valid Obligations. All Bonds issued upon any transfer or exchange of Bonds
shall be the valid obligations of the City, evidencing the same debt, and entitled to the
same benefits under this Resolution as the Bonds surrendered upon such transfer or
exchange.
3.07. Execution, Authentication and Delivery. The Bonds shall be prepared under the
direction of the City Clerk and shall be executed on behalf of the City by the signatures of the
Mayor and the City Clerk, provided that the signatures may be printed, engraved or lithographed
facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature
shall appear on 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
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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 City 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.
3.08. Securities Depository. (a) For purposes of this section the following terms shall
have the following meanings:
"Beneficial Owner" shall mean, whenever used with respect to a Bond, the person in
whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the
records of such Participant, or such person's subrogee.
"Cede Co." shall mean Cede Co., the nominee of DTC, and any successor nominee
of DTC with respect to the Bonds.
"DTC" shall mean The Depository Trust Company of New York, New York.
"Participant" shall mean any broker dealer, bank or other financial institution for which
DTC holds Bonds as securities depository.
"Representation Letter" shall mean the Representation Letter pursuant to which the City
agrees to comply with DTC's Operational Arrangements.
(b) The Bonds shall be initially issued as separately authenticated fully registered bonds,
and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon
initial issuance, the ownership of such Bonds shall be registered in the bond register in the name
of Cede Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee)
as the sole and exclusive owner of the Bonds registered in its name for the purposes of payment
of the principal of or interest on the Bonds, selecting the Bonds or portions thereof to be
redeemed, if any, giving any notice permitted or required to be given to registered owners of
Bonds under this resolution, registering the transfer of Bonds, and for all other purposes
whatsoever; and neither the Registrar nor the City shall be affected by any notice to the contrary.
Neither the Registrar nor the City shall have any responsibility or obligation to any Participant,
any person claiming a beneficial ownership interest in the Bonds under or through DTC or any
Participant, or any other person which is not shown on the bond register as being a registered
owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any
Participant, with respect to the payment by DTC or any Participant of any amount with respect to
the principal of or interest on the Bonds, with respect to any notice which is permitted or
required to be given to owners of Bonds under this resolution, or with respect to any consent
given or other action taken by DTC as registered owner of the Bonds. So long as any Bond is
registered in the name of Cede Co., as nominee of DTC, the Registrar shall pay all principal of
and interest on such Bond, and shall give all notices with respect to such Bond, only to Cede
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Co. in accordance with DTC's Operational Arrangements, and all such payments shall be valid
and effective to fully satisfy and discharge the City's obligations with respect to the principal of
and interest on the Bonds to the extent of the sum or sums so paid. No person other than DTC
shall receive an authenticated Bond for each separate stated maturity evidencing the obligation of
the City to make payments of principal and interest. Upon delivery by DTC to the Registrar of
written notice to the effect that DTC has determined to substitute a new nominee in place of
Cede Co., the Bonds will be transferable to such new nominee in accordance with paragraph
(e) hereof.
(c) In the event the City determines that it is in the best interest of the Beneficial Owners
that they be able to obtain Bonds in the form of bond certificates, the City may notify DTC and
the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of
Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance
with paragraph (e) hereof. DTC may determine to discontinue providing its services with respect
to the Bonds at any time by giving notice to the City and the Registrar and discharging its
responsibilities with respect thereto under applicable law. In such event the Bonds will be
transferable in accordance with paragraph (e) hereof.
(d) The execution and delivery of the Representation Letter to DTC by the Mayor or City
Clerk is hereby authorized and directed.
(e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b)
or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of
the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted
transferee in accordance with the provisions of this resolution. In the event Bonds in the form of
certificates are issued to owners other than Cede Co., its successor as nominee for DTC as
owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions
of this resolution shall also apply to all matters relating thereto, including, without limitation, the
printing of such Bonds in the form of bond certificates and the method of payment of principal of
and interest on such Bonds in the form of bond certificates.
3.09. Form of Bonds. The Bonds shall be prepared in substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
CITY OF LAKEVILLE
GENERAL OBLIGATION REFUNDING BOND, SERIES 2009B
Interest Rate Maturity Date
February 1, 20_
REGISTERED OWNER: CEDE CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
Date of Original Issue CUSIP No.
December 15, 2009
THE CITY OF LAKEVILLE, MINNESOTA (the City), acknowledges itself to be
indebted and hereby promises to pay to the registered owner named above, or registered assigns,
without the option of redemption and prepayment prior to maturity, the principal amount
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, 2010, 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. Interest hereon shall be computed on the basis of a 360 -day year composed of twelve 30-
day months. The interest hereon and, upon presentation and surrender hereof at the principal
office of the agent of the Registrar described below, the principal hereof are payable in lawful
money of the United States of America by check or draft drawn on U.S. Bank National
Association, St. Paul, Minnesota, as bond registrar, transfer agent and paying agent, or its
successor designated under the Resolution described herein (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 City have been and are hereby irrevocably pledged.
This Bond is one of an issue (the Bonds) in the aggregate principal amount of
$5,180,000, issued pursuant to a resolution adopted by the City Council on December 7, 2009
(the Resolution) to refund, in advance of maturity, certain outstanding general obligation tax
increment and improvement bonds of the City 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, 469, and 475. The Bonds are issuable only in fully registered
form, in denominations of $5,000 or any integral multiple thereof, of single maturities.
The Bonds have been designated by the City as "qualified tax exempt obligations"
pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986.
As provided in the Resolution and subject to certain limitations set forth therein, this
Bond is transferable upon the books of the City at the principal office of the Registrar, by the
registered owner hereof in person or by the owner's attorney duly authorized in writing upon
surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly
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executed by the registered owner or the owner's attorney; and may also be surrendered in
exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City
will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of
the same aggregate principal amount, bearing interest at the same rate and maturing on the same
date, subject to reimbursement for any tax, fee or governmental charge required to be paid with
respect to such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this Bond is
registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the City nor the Registrar shall be
affected by any notice to the contrary.
Notwithstanding any other provisions of this Bond, so long as this Bond is registered in
the name of Cede Co., as nominee of The Depository Trust Company, or in the name of any
other nominee of The Depository Trust Company or other securities depository, the Registrar
shall pay all principal of and interest on this Bond, and shall give all notices with respect to this
Bond, only to Cede Co. or other nominee in accordance with the operational arrangements of
The Depository Trust Company or other securities depository as agreed to by the City.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota to be done,
to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order
to make it a valid and binding general obligation of the City in accordance with its terms, have
been done, do exist, have happened and have been performed as so required; that, prior to the
issuance hereof, the City Council has by the Resolution established its General Obligation
Bonds, Series 2009B Bond Fund and has appropriated thereto ad valorem tax increments from
Tax Increment District No. 8, to be received by the City, special assessments heretofore levied,
and ad valorem taxes on all taxable property in the City, all of which 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 Bonds when due, and has appropriated such ad valorem tax
increments, special assessments and ad valorem taxes to the Bond Fund for the payment of
principal and interest; that if necessary for payment of principal and interest, additional ad
valorem taxes are required to be levied upon all taxable property in the City, without limitation
as to rate or amount; and that the issuance of this Bond, together with all other indebtedness of
the City outstanding on the date hereof and on the date of its actual issuance and delivery, does
not cause the indebtedness of the City to exceed any constitutional or statutory limitation of
indebtedness.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under the Resolution until the Certificate of Authentication hereon shall have
been executed by the Registrar by manual signature of one of its authorized representatives.
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IN WITNESS WHEREOF, the City of Lakeville, 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.
Dated:
CITY OF LAKEVILLE, MINNESOTA
(facsimile signature City Clerk) (facsimile signature Mayor)
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication: U.S. BANK NATIONAL ASSOCIATION
as Registrar
By
Authorized Representative
The following abbreviations, when used in the inscription on the face of this Bond, shall
be construed as though they were written out in full according to the applicable laws or
regulations:
TEN COM as tenants in common UTMA as Custodian for
(Cust) (Minor)
TEN ENT as tenants by the entireties under Uniform Transfers to Minors Act
(State)
JT TEN as joint tenants with right of survivorship and not as tenants in common
Additional abbreviations may also be used.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and does hereby irrevocably
constitute and appoint attorney to transfer the said Bond on the books kept
for registration of the within Bond, with full power of substitution in the premises.
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 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:
[end of bond form]
SECTION 4. USE OF PROCEEDS. Upon payment for the Bonds by the Purchaser, the Finance
Director shall deposit proceeds of the Bonds in the amount of $5,225,000.00 in the sinking funds
established for the Refunded Bonds to be applied to their payment on the Redemption Date;
$37,139.10 shall be used to pay costs of issuance of the Bonds; and $0 shall be deposited in the
Bond Fund created in Section 5 hereof.
SECTION 5. GENERAL OBLIGATION REFUNDING BONDS, SERIES 2009B BOND
FUND. The Bonds shall be payable from a separate and special General Obligation Refunding
Bonds, Series 2009B Bond Fund (the Bond Fund) of the City, which Bond Fund the City agrees
to maintain until the Bonds have been paid in full. If the money in the Bond Fund should at any
time be insufficient to pay principal and interest due on the Bonds, such amounts shall be paid
from other moneys on hand in other funds of the City, which other funds shall be reimbursed
therefor when sufficient money becomes available in the Bond Fund. The moneys on hand in
the Bond Fund from time to time shall be used only to pay the principal of and interest on the
Bonds. Into the Bond Fund shall be paid: (a) any amount appropriated thereto pursuant to
Section 4 hereof; (b) all excess amounts on deposit in the debt service funds maintained for the
payment of the Refunded Bonds upon the retirement of the Refunded Bonds on the Redemption
Date; (c) all future collections of special assessments pledged pursuant to the resolutions
authorizing issuance of the Refunded Bonds;(d) all ad valorem tax increments and ad valorem
taxes levied and collected in accordance with this Resolution; and (e) all other moneys as shall
be appropriated by the City Council to the Bond Fund from time to time.
There are hereby established two accounts in the Bond Fund, designated as the "Debt
Service Account" and the "Surplus Account." There shall initially be deposited into the Debt
Service Account upon the issuance of the Bonds the amount set forth in (a) above. Thereafter,
during each Bond Year (i.e., each twelve month period commencing on February 2 and ending
on the following February 1), as monies are received into the Bond Fund, the Finance Officer
shall first deposit such monies into the Debt Service Account until an amount has been
appropriated thereto sufficient to pay all principal and interest due on the Bonds through the end
of the Bond Year. All subsequent monies received in the Bond Fund during the Bond Year shall
be appropriated to the Surplus Account. If at any time the amount on hand in the Debt Service
Account is insufficient for the payment of principal and interest then due, the Finance Officer
shall transfer to the Debt Service Account amounts on hand in the Surplus Account to the extent
necessary to cure such deficiency. Investment earnings (and losses) on amounts from time to
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time held in the Debt Service Account and Surplus Account shall be credited or charged to said
accounts.
If the aggregate 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 City which is available for that purpose, subject to reimbursement from the Surplus
Account in 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 ad valorem taxes to take care of any
accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory
limitation.
SECTION 6. PLEDGE OF TAX INCREMENTS. The Bonds shall be paid in part from ad
valorem tax increments to be received by the City from the Authority pursuant to a Tax
Increment Pledge Agreement (the Agreement) to be executed by and between the City and the
Housing and Redevelopment Authority in and for the City of Lakeville (the Authority), pursuant
to which Agreement the Authority shall agree to pay to the City tax increments derived from the
Tax Increment Financing District No. 8 to pay a portion of the principal of and interest on the
Bonds when due. The Mayor and City Clerk are authorized and directed to execute the
Agreement on behalf of the City. All tax increments received by the City pursuant to the
Agreement shall be deposited in the Bond Fund.
SECTION 7. PLEDGE OF TAXING POWERS. For the prompt and full payment of the
principal of and interest on the Bonds as such payments respectively become due, the full faith,
credit and unlimited taxing powers of the City shall be and are hereby irrevocably pledged. In
order to produce aggregate amounts which, together with the collections of ad valorem tax
increments and special assessments, and other amounts as set forth in Section 4, will produce
amounts not less than 5% 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
City. The taxes will be levied and collected in the following years and amounts:
Levy Years Collection Years Amount
2010 -2018 2011 -2019 See attached Levy Computation
SECTION 8. DEFEASANCE. When all of the Bonds have been discharged as provided in this
section, all pledges, covenants and other rights granted by this Resolution to the registered
owners of the Bonds shall cease. The City may discharge its obligations with respect to any
Bonds which are due on any date by depositing with the Registrar on or before that date a sum
sufficient for the payment thereof in full; or, if any Bond should not be paid when due, it may
nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment
thereof in full with interest accrued from the due date to the date of such deposit. The City may
also at any time discharge its obligations with respect to any Bonds, subject to the provisions of
law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow,
with a bank 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.
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SECTION 9. CERTIFICATION OF PROCEEDINGS.
9.01. Registration of Bonds. The City Clerk is hereby authorized and directed to file a
certified copy of this resolution with the County Treasurer- Auditor of Dakota County and obtain
a certificate that the Bonds have been duly entered upon the Auditor's bond register.
9.02. Authentication of Transcript. The officers of the City and the County Treasurer
Auditor are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey
Whitney LLP, Bond Counsel, certified copies of all proceedings and records relating to the
Bonds and such other affidavits, certificates and information as may be required to show the
facts relating to the legality and marketability of the Bonds, as the same appear from the books
and records in their custody and control or as otherwise known to them, and all such certified
copies, affidavits and certificates, including any heretofore furnished, shall be deemed
representations of the City as to the correctness of all statements contained therein.
9.03. Official Statement. The Official Statement relating to the Bonds, dated
November 24, 2009, relating to the Bonds prepared and distributed by Springsted Incorporated is
hereby approved. Springsted Incorporated, is hereby authorized on behalf of the City to prepare
and distribute to the Purchaser within seven business days from the date hereof, a supplement to
the Official Statement listing the offering price, the interest rates, selling compensation, delivery
date, the underwriters and such other information relating to the Bonds required to be included in
the Official Statement by Rule 15c2 -12 adopted by the Securities and Exchange Commission (the
SEC) under the Securities Exchange Act of 1934. The officers of the City are hereby authorized
and directed to execute such certificates as may be appropriate concerning the accuracy,
completeness and sufficiency of the Official Statement.
SECTION 10. TAX COVENANTS; ARBITRAGE MATTERS; AND CONTINUING
DISCLOSURE.
10.01. General Tax Covenant. The City covenants and agrees with the registered owners
of the Bonds that it will not take, or permit to be taken by any of its officers, employees or
agents, any actions that would cause interest on the Bonds to become includable in gross income
of the recipient under the Internal Revenue Code of 1986, as amended (the Code) and applicable
Treasury Regulations (the Regulations), and covenants to take any and all actions within its
powers to ensure that the interest on the Bonds will not become includable in gross income of the
recipient under the Code and the Regulations. It is hereby certified that the proceeds of the
Refunded Bonds (or bonds refunded thereby) were used for the acquisition and betterment of
municipal infrastructure improvements owned and maintained by the City and available for use
by members of the general public on substantially equal terms, and the City covenants and agrees
that, so long as the Bonds are outstanding, the City shall not enter into any lease, management
agreement, use agreement or other contract with any nongovernmental entity relating to the
improvements so financed which would cause the Bonds to be considered "private activity
bonds" or "private loan bonds" pursuant to Section 141 of the Code.
10.02. Arbitrage Certification. The Mayor and City Clerk being the officers of the City
charged with the responsibility for issuing the Bonds pursuant to this resolution, are authorized
and directed to execute and deliver to the Purchaser a certificate in accordance with Section 148
12
of the Code, and applicable Regulations, stating the facts, estimates and circumstances in
existence on the date of issue and delivery of the Bonds which make it reasonable to expect that
the proceeds of the Bonds will not be used in a manner that would cause the Bonds to be
"arbitrage bonds" within the meaning of the Code and Regulations.
10.03. Arbitrage Rebate Exemption. It is hereby determined that the City will qualify for
the exception from arbitrage rebate for the Bonds provided by Section 148(f)(4)(B) of the Code
since all net sale proceeds of the Bonds will be expended within six months of the date of
original issuance and delivery to retire the Refunded Bonds and to pay issuance expenses relating
to the Bonds. However, the City hereby covenants and agrees to retain such records, make such
determinations, file such reports and documents and pay such amounts at such times as are
required under said Section 148(0 and applicable Regulations to preserve the exclusion of
interest on the Bonds from gross income for federal income tax purposes.
10.04. Qualified 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 tax exempt obligations, other than private activity bonds,
which will be issued by the City and all subordinate entities during calendar year 2010 does not
exceed $30,000,000.
10.05. Continuing Disclosure. (a) Purpose and Beneficiaries. To provide for the public
availability of certain information relating to the Bonds and the security therefor and to permit
the Purchaser and other participating underwriters in the primary offering of the Bonds to
comply with amendments to Rule 15c2 -12 promulgated by the SEC under the Securities
Exchange Act of 1934 (17 C.F.R. 240.15c2 -12), relating to continuing disclosure (as in effect
and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds,
the City hereby makes the following covenants and agreements for the benefit of the Owners (as
hereinafter defined) from time to time of the outstanding Bonds. The City is the only obligated
person in respect of the Bonds within the meaning of the Rule for purposes of identifying the
entities in respect of which continuing disclosure must be made. If the City fails to comply with
any provisions of this section, any person aggrieved thereby, including the Owners of any
outstanding Bonds, may take whatever action at law or in equity may appear necessary or
appropriate to enforce performance and observance of any agreement or covenant contained in
this section, including an action for a writ of mandamus or specific performance. Direct,
indirect, consequential and punitive damages shall not be recoverable for any default hereunder
to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no
event shall a default under this section constitute a default under the Bonds or under any other
provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a
Bond, the registered owner or owners thereof appearing in the bond register maintained by the
Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner
provides to the Registrar evidence of such beneficial ownership in form and substance
reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a
Bond, any person or entity which (a) has the power, directly or indirectly, to vote or consent with
respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds
through nominees, depositories or other intermediaries), or (b) is treated as the owner of the
Bond for federal income tax purposes.
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(b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection
(c) hereof, either directly or indirectly through an agent designated by the City, the following
information at the following times:
(1) on or before 365 days after the end of each fiscal year of the City, commencing with
the fiscal year ending December 31, 2009, the following financial information and
operating data in respect of the City (the Disclosure Information):
(A) the audited financial statements of the City for such fiscal year, containing
balance sheets as of the end of such fiscal year and a statement of operations,
changes in fund balances and cash flows for the fiscal year then ended, showing
in comparative form such figures for the preceding fiscal year of the City,
prepared in accordance with generally accepted accounting principles
promulgated by the Financial Accounting Standards Board as modified in
accordance with the governmental accounting standards promulgated by the
Governmental Accounting Standards Board or as otherwise provided under
Minnesota law, as in effect from time to time, or, if and to the extent such
financial statements have not been prepared in accordance with such generally
accepted accounting principles for reasons beyond the reasonable control of the
City, noting the discrepancies therefrom and the effect thereof, and certified as
to accuracy and completeness in all material respects by the fiscal officer of the
City; and
(B) to the extent not included in the financial statements referred to in paragraph (A)
hereof, the information for such fiscal year or for the period most recently
available of the type contained in the Official Statement under headings: City
Property Values; City Indebtedness; and City Tax Rates, Levies and
Collections.
Notwithstanding the foregoing paragraph, if the audited financial statements are not available by
the date specified, the City shall provide on or before such date unaudited financial statements in
the format required for the audited financial statements as part of the Disclosure Information and,
within 10 days after the receipt thereof, the City shall provide the audited financial statements.
Any or all of the Disclosure Information may be incorporated by reference, if it is updated as
required hereby, from other documents, including official statements, which have been filed with
the SEC or have been made available to the public on the Internet Web site of the Municipal
Securities Rulemaking Board (the MSRB). The City shall clearly identify in the Disclosure
Information each document so incorporated by reference. If any part of the Disclosure
Information can no longer be generated because the operations of the City have materially
changed or been discontinued, such Disclosure Information need no longer be provided if the
City includes in the Disclosure Information a statement to such effect; provided, however, if such
operations have been replaced by other City operations in respect of which data is not included in
the Disclosure Information and the City determines that certain specified data regarding such
replacement operations would be a Material Fact (as defined in paragraph (2) hereof), then, from
and after such determination, the Disclosure Information shall include such additional specified
data regarding the replacement operations. If the Disclosure Information is changed or this
section is amended as permitted by this paragraph (b)(1) or subsection (d), then the City shall
14
include in the next Disclosure Information to be delivered hereunder, to the extent necessary, an
explanation of the reasons for the amendment and the effect of any change in the type of
financial information or operating data provided.
(2) In a timely manner, notice of the occurrence of any of the following events which is
a Material Fact (as hereinafter defined):
(A) Principal and interest payment delinquencies;
(B) Non payment related defaults;
(C) Unscheduled draws on debt service reserves reflecting financial difficulties;
(D) Unscheduled draws on credit enhancements reflecting financial difficulties;
(E) Substitution of credit or liquidity providers, or their failure to perform;
(F) Adverse tax opinions or events affecting the tax exempt status of the security;
(G) Modifications to rights of security holders;
(H) Bond calls;
(I) Defeasances;
(J) Release, substitution, or sale of property securing repayment of the securities;
and
(K) Rating changes.
As used herein, a Material Fact is a fact as to which a substantial likelihood exists that a
reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a
Bond or, if not disclosed, would significantly alter the total information otherwise available to an
investor from the Official Statement, information disclosed hereunder or information generally
available to the public. Notwithstanding the foregoing sentence, a Material Fact is also an event
that would be deemed material for purposes of the purchase, holding or sale of a Bond within the
meaning of applicable federal securities laws, as interpreted at the time of discovery of the
occurrence of the event.
(3) In a timely manner, notice of the occurrence of any of the following events or
conditions:
(A) the failure of the City to provide the Disclosure Information required under
paragraph (b)(1) at the time specified thereunder;
(B) the amendment or supplementing of this section pursuant to subsection (d),
together with a copy of such amendment or supplement and any explanation
provided by the City under subsection (d)(2);
(C) the termination of the obligations of the City under this section pursuant to
subsection (d);
(D) any change in the accounting principles pursuant to which the financial
statements constituting a portion of the Disclosure Information are prepared;
and
(E) any change in the fiscal year of the City.
(c) Manner of Disclosure.
15
(1) The City agrees to make available to the MSRB, in an electronic format as
prescribed by the MSRB from time to time, the information described in subsection
(b).
(2) The City further agrees to make available, by electronic transmission, overnight
delivery, mail or other means, as appropriate, the information described in
subsection (b) to any rating agency then maintaining a rating of the Bonds at the
request of the City and, at the expense of such Bondowner, to any Bondowner who
requests in writing such information, at the time of transmission under paragraph
(1) of this subsection (c), or, if such information is transmitted with a subsequent
time of release, at the time such information is to be released.
(3)
All documents provided to the MSRB pursuant to this subsection (c) shall be
accompanied by identifying information as prescribed by the MSRB from time to
time.
(d) Term; Amendments; Interpretation.
(1) The covenants of the City in this section shall remain in effect so long as any Bonds
are outstanding. Notwithstanding the preceding sentence, however, the obligations
of the City under this section shall terminate and be without further effect as of any
date on which the City delivers to the Registrar an opinion of Bond Counsel to the
effect that, because of legislative action or final judicial or administrative actions or
proceedings, the failure of the City to comply with the requirements of this section
will not cause participating underwriters in the primary offering of the Bonds to be
in violation of the Rule or other applicable requirements of the Securities Exchange
Act of 1934, as amended, or any statutes or laws successory thereto or amendatory
thereof.
(2) This section (and the form and requirements of the Disclosure Information) may be
amended or supplemented by the City from time to time, without notice to (except as
provided in paragraph (c)(3) hereof) or the consent of the Owners of any Bonds, by a
resolution of this Council filed in the office of the recording officer of the City
accompanied by an opinion of Bond Counsel, who may rely on certificates of the
City and others and the opinion may be subject to customary qualifications, to the
effect that: (i) such amendment or supplement (a) is made in connection with a
change in circumstances that arises from a change in law or regulation or a change in
the identity, nature or status of the City or the type of operations conducted by the
City, or (b) is required by, or better complies with, the provisions of paragraph (b)(5)
of the Rule; (ii) this section as so amended or supplemented would have complied
with the requirements of paragraph (b)(5) of the Rule at the time of the primary
offering of the Bonds, giving effect to any change in circumstances applicable under
clause (i)(a) and assuming that the Rule as in effect and interpreted at the time of the
amendment or supplement was in effect at the time of the primary offering; and (iii)
such amendment or supplement does not materially impair the interests of the
Bondowners under the Rule.
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(3)
If the Disclosure Information is so amended, the City agrees to provide,
contemporaneously with the effectiveness of such amendment, an explanation of the
reasons for the amendment and the effect, if any, of the change in the type of
financial information or operating data being provided hereunder.
This section is entered into to comply with the continuing disclosure provisions of
the Rule and should be construed so as to satisfy the requirements of paragraph
(b)(5) of the Rule.
SECTION 11. REDEMPTION OF REFUNDED BONDS. The City Clerk is hereby directed to
call the Refunded Bonds for redemption and prepayment on the Redemption Date and to give
thirty days mailed Notice of Redemption, all in accordance with the provisions of the resolutions
authorizing the issuance of the Refunded Bonds.
17
APPROVED AND ADOPTED this 7 day of December, 2009.
ATTEST:
Charlene Friedges,
Clerk
18
CITY OF LAKEVILLE, MINNESOTA
NOTICE OF REDEMPTION
$2,575,000 General Obligation Tax Increment Bonds, Series 1999B
Dated December 1, 1999
City of Lakeville, Minnesota
NOTICE IS HEREBY GIVEN THAT there have been called for redemption and prepayment on
February 1, 2010, all outstanding Bonds of the above referenced issue, dated December 1, 1999, maturing
February 1 in the following years and having the interest rates and CUSIP numbers listed below:
Maturity Amount CUSIP No. Rate Maturity Amount CUSIP No. Rate
2011 $215,000 512445 HJ9 5.000% 2013 $240,000 512445 HL4 5.200%
2012 230,000 512445 HK6 5.150 2014 255,000 512445 HM2 5.300
The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date
of redemption. Holders of the Bonds should present them for payment to U.S. Bank National
Association, St. Paul, Minnesota, successor to U.S. Bank Trust National Association, St. Paul, Minnesota,
on or before said date, when they will cease to bear interest, in the following manner:
By Mail Overnight Mail, or Courier Service:
U.S Bank National Association
West Side Flats Operations Center
EP- MN -WS3C
60 Livingston Avenue
St. Paul, MN 55107
In Person, By Hand:
U.S Bank National Association
Bond Drop Window, First Floor
60 Livingston Avenue
St. Paul, MN 55107
651.495 -3920
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of payment by the redeeming institutions if they are not provided with your social security number
or federal employer identification number, properly certified. This requirement is fulfilled by submitting
a W -9 Form, which may be obtained at a bank or other financial institution.
The Paying Agent shall not be responsible for the selection of or use of the CUSIP number, nor is any
representation made as to its correctness indicated in this Notice of Redemption. It is included solely for
the convenience of the Holders.
Additional information may be obtained from the undersigned or from Springsted Incorporated, 380
Jackson Street, Suite 300, St. Paul, Minnesota 55101 (651- 223 3000), financial advisor to the City.
Dated: December 7, 2009. BY ORDER OF THE CITY COUNCIL OF
THE CITY OF LAKEVILLE, MINNESOTA
/s/
City Clerk
Maturity
2011
2012
2013
2014
2015
$9,460,000 General Obligation Improvement Bonds, Series 2000A
Dated September 1, 2000
City of Lakeville, Minnesota
NOTICE IS HEREBY GIVEN THAT there have been called for redemption and prepayment on
February 1, 2010, all outstanding Bonds of the above referenced issue, dated September 1, 2000, maturing
February 1 in the following years and having the interest rates and CUSIP numbers listed below:
Amount
$660,000
365,000
380,000
375,000
380,000
CUSIP No.
512445 HY6
512445 HZ3
512445 JA6
512445 JB4
512445 JC2
Rate
4.800%
4.900
5.000
5.000
5.000
The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date
of redemption. Holders of the Bonds should present them for payment to U.S. Bank National
Association, St. Paul, Minnesota, successor to U.S. Bank Trust National Association, St. Paul, Minnesota,
on or before said date, when they will cease to bear interest, in the following manner:
By Mail Overnight Mail, or Courier Service:
U.S Bank National Association
West Side Flats Operations Center
EP-MN-WS3C
60 Livingston Avenue
St. Paul, MN 55107
NOTICE OF REDEMPTION
Maturity Amount
2016 $400,000
2017 395,000
2018 395,000
2019 395,000
2020 200,000
In Person, By Hand:
CUSIP No.
512445 JDO
512445 JE8
512445 JF5
512445 JG3
512445 JH1
U.S Bank National Association
Bond Drop Window, First Floor
60 Livingston Avenue
St. Paul, MN 55107
651.495 -3920
Rate
5.000%
5.000
5.125
5.125
5.125
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of payment by the redeeming institutions if they are not provided with your social security number
or federal employer identification number, properly certified. This requirement is fulfilled by submitting
a W -9 Form, which may be obtained at a bank or other financial institution.
The Paying Agent shall not be responsible for the selection of or use of the CUSIP number, nor is any
representation made as to its correctness indicated in this Notice of Redemption. It is included solely for
the convenience of the Holders.
Additional information may be obtained from the undersigned or from Springsted Incorporated, 380
Jackson Street, Suite 300, St. Paul, Minnesota 55101 (651- 223 3000), financial advisor to the City.
Dated: December 7, 2009. BY ORDER OF THE CITY COUNCIL OF
THE CITY OF LAKEVILLE, MINNESOTA
/s/
City Clerk
$1,040,000 General Obligation Improvement Bonds, Series 2001A
Dated December 20, 2001
City of Lakeville, Minnesota
NOTICE IS HEREBY GIVEN THAT there have been called for redemption and prepayment on
February 1, 2010, all outstanding Bonds of the above referenced issue, dated December 20, 2001,
maturing February 1 in the following years and having the interest rates and CUSIP numbers listed
below:
Maturity Amount CUSIP No. Rate
2011 $115,000 512445 KR7 4.375%
2012 115,000 512445 KS5 4.500
The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date
of redemption. Holders of the Bonds should present them for payment to U.S. Bank National
Association, St. Paul, Minnesota, successor to U.S. Bank Trust National Association, St. Paul, Minnesota,
on or before said date, when they will cease to bear interest, in the following manner:
By Mail Overnight Mail, or Courier Service:
U.S Bank National Association
West Side Flats Operations Center
EP- MN -WS3C
60 Livingston Avenue
St. Paul, MN 55107
NOTICE OF REDEMPTION
Maturity Amount CUSIP No. Rate
2013 $110,000 512445 KT3 4.625%
In Person, By Hand:
U.S Bank National Association
Bond Drop Window, First Floor
60 Livingston Avenue
St. Paul, MN 55107
651.495 -3920
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of payment by the redeeming institutions if they are not provided with your social security number
or federal employer identification number, properly certified. This requirement is fulfilled by submitting
a W -9 Form, which may be obtained at a bank or other financial institution.
The Paying Agent shall not be responsible for the selection of or use of the CUSIP number, nor is any
representation made as to its correctness indicated in this Notice of Redemption. It is included solely for
the convenience of the Holders.
Additional information may be obtained from the undersigned or from Springsted Incorporated, 380
Jackson Street, Suite 300, St. Paul, Minnesota 55101 (651- 223 3000), financial advisor to the City.
Dated: December 7, 2009. BY ORDER OF THE CITY COUNCIL OF
THE CITY OF LAKEVILLE, MINNESOTA
/s/
City Clerk
$5,180,000
City of Lakeville, Minnesota
General Obligation Refunding Bonds, Series 2009B
Current Refunding of Series 1999B, 2000A, 2001A
Post -Sale Tax Levies
Payment Principal Coupon Interest Total P +I 105% Over levy Levy Amount Levy /Collect
Date Year
02/01/2011 1,045,000.00 2.000% 127,142.89 1,172,142.89 1,230,750.03 1,230,750.03 2009/10*
02/01/2012 750,000.00 2.000% 96,162.50 846,162.50 888,470.63 888,470.63. 2010/11
02/01/2013 745,000.00 2.000% 81,162.50 826,162.50 867,470.63 867,470.63 2011/12
02/01/2014 625,000.00 2.000% 66,262.50 691,262.50 725,825.63 725,825.63 2012/13
02/01/2015 380,000.00 2.000% 53,762.50 433,762.50 455,450.63 455,450.63 2013/14
02/01/2016 390,000.00 2.500% 46,162.50 436,162.50 457,970.63 457,970.63 2014/15
02/01/2017 375,000.00 2.750% 36,412.50 411,412.50 431,983.13 431,983.13 2015/16
02/01/2018 355,000.00 3.000% 26,100.00 381,100.00 400,155.00 400,155.00 2016/17
02/01/2019 360,000.00 3.000% 15,450.00 375,450.00 394,222.50 394,222.50 2017/18
02/01/2020 155,000.00 3.000% 4,650.00 159,650.00 167,632.50 167,632.50 2018/19
Total $5,180,000.00 $553,267.89 $5,733,267.89 $6,019,931.28 $6,019,931.28
Previously levied for to pay the Series 1999B Bonds, the Series 2000A Bonds, and the Series 2001A Bonds.
8ene 20098 Ref 998 00A L* uc .tbmmary 12/ 7/2009 11:41 AM
Springsted