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RES 91-3 , 91-3 CERTIFICATION OF MINUTES RELATING TO 4 $2,740,000 City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation) Series 1991 Issuer: The Economic Development Authority for the City of Elk River Governing Body: Board of Commissioners Kind, date, time and place of meeting: A regular/special meeting, held on October 17, 1991, at 7 : 00 o'clock IL.m. , at the City Hall, City of Elk River, 720 Dodge Avenue Northwest, Elk River, Minnesota 55330 . Members present: James Tralle, John Dietz , Roger Holmgren, Duane Kropuenske, -.Gene Scheldt, Jeffrey Gongoll and Patrick Dwyer Members absent: None Documents attached: Minutes of said meeting (pages) : A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE 411 CITY OF ELK RIVER (THE AUTHORITY) AUTHORIZING THE ISSUANCE OF $2,740,000 CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE BONDS (CITY OF ELK RIVER LEASE PURCHASE OBLIGATION) SERIES 1991 (THE BONDS) , WHICH BONDS AND THE INTEREST AND ANY PREMIUM THEREON SHALL BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE LEASE PURCHASE AGREEMENT; AWARDING THE SALE OF THE BONDS; PRESCRIBING THE FORM OF AND AUTHORIZING THE EXECUTION OF A TRUST INDENTURE; AUTHORIZING THE EXECUTION OF THE BONDS AND DIRECTING THE AUTHENTICATION AND DELIVERY THEREOF; PRESCRIBING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE PURCHASE AGREEMENT BY AND BETWEEN THE CITY OF ELK RIVER, MINNESOTA (THE CITY) , AND THE AUTHORITY, AND A COMBINATION MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FINANCING STATEMENT (THE MORTGAGE) TO FIRST TRUST NATIONAL ASSOCIATION (THE TRUSTEE) ; AUTHORIZING AND APPROVING THE FORM OF THE OFFICIAL STATEMENT; AND PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES OF THE HOLDERS OF THE BONDS. I, the undersigned, being the duly qualified and acting recording officer of the public body corporate and politic 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 public body corporate and politic in my legal custody, from which they have been transcribed; that said documents are a 411 correct and complete transcript of the minutes of a meeting of the governing body of said public body corporate and politic, • 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 the Bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such,,. - ording officer this / day of October , 1991. fie if/ I/ .� Gene R. Sc u%t Secretary Commissioner Kropuenske introduced the following resolution and moved its adoption: • 2 . • THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER RESOLUTION 91-3 A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER (THE AUTHORITY) AUTHORIZING THE ISSUANCE OF $2,740,000 CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE BONDS (CITY OF ELK RIVER LEASE PURCHASE OBLIGATION) SERIES 1991 (THE BONDS) , WHICH BONDS AND THE INTEREST AND ANY PREMIUM THEREON SHALL BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE LEASE PURCHASE AGREEMENT; AWARDING THE SALE OF THE BONDS; PRESCRIBING THE FORM OF AND AUTHORIZING THE EXECUTION OF A TRUST INDENTURE; AUTHORIZING THE EXECUTION OF THE BONDS AND DIRECTING THE AUTHENTICATION AND DELIVERY THEREOF; PRESCRIBING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE PURCHASE AGREEMENT BY AND BETWEEN THE CITY OF ELK RIVER, MINNESOTA (THE CITY) , AND THE AUTHORITY, AND A COMBINATION MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FINANCING STATEMENT (THE MORTGAGE) TO FIRST TRUST NATIONAL ASSOCIATION (THE TRUSTEE) ; AUTHORIZING AND APPROVING THE FORM OF THE OFFICIAL STATEMENT; AND PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES OF THE HOLDERS OF THE BONDS. • BE IT RESOLVED by the Board of Commissioners of the Authority (this Board) as follows: SECTION 1. FINDINGS 1. 1) Minnesota Statutes, Section 469 . 103, as amended (the Act) authorizes the Authority to issue revenue bonds to provide money to purchase or construct facilities and to purchase, construct, install, or furnish capital equipment to operate a facility for economic development of any kind within the City. 1.2) The Authority may secure the payment of the principal of and the interest on its revenue bonds by a pledge of and lien on Authority revenue, including revenue from a facility to be constructed with the proceeds of the revenue bonds. 1 .3) The Authdrity may promise to impose, maintain, and collect enough rentals, rates, and charges for the use and occupancy of a facility and for services furnished in connection with the use and occupancy of a facility, to pay its current expenses to operate and maintain the facility and to produce and deposit sufficient net revenue in a special fund to meet the interest and principal requirements of the revenue • bonds. 1. • 1 .4) The Authority is the owner of certain land legally described in the Lease Purchase Agreement (as hereinafter defined) , on which land (the Land) the Authority proposes to construct a city hall and law enforcement facility (the Facility) . 1.5) The Authority proposes to finance the construction, furnishing, and equipping of the Facility by the issuance of its $2,740,000 City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation) Series 1991 (the Bonds) . 1 .6) The Authority proposes to lease the Land and the Facility (the Project) to the City pursuant to a Lease Purchase Agreement dated as of November 1, 1991 (the Lease) , and the Authority desires to finance the Project upon the terms and conditions as required by the Act and as set forth in the Lease. 1.7) Under the Lease, the City is to pay to the Authority Basic Rent (as defined in the Lease) sufficient to pay the principal of, premium, if any, and interest on the Bonds as they become due, subject to the City's right to terminate the Lease at the end of any fiscal year of the City, and the City is to pay the cost of maintaining the Project in good repair, pay the cost of keeping the Project properly insured, and make • any payments required for taxes and any expenses incurred by the Authority in connection with the Project. 1. 8) The Authority proposes that the Bonds be issued under a Trust Indenture dated as of November 1, 1991 (the Indenture) , between the Authority and First Trust National Association (the Trustee) , and that the Bonds be secured by a pledge and assignment of the Lease and of the revenues derived by the Authority from the Project. 1. 9) The Authority proposes that the Bonds be further secured by a Combination Mortgage, Security Agreement, Assignment of Rents and Fixture Financing Statement (the Mortgage) , dated as of November 1, 1991, from the Authority to the Trustee. 1. 10) The Authority proposes that the Bonds and the interest on the Bonds be payable solely from the revenue pledged therefor and that no such Bonds constitute a debt of the Authority within the meaning of any constitutional or statutory limitation nor constitute or give rise to a pecuniary liability of the Authority or a charge against its general credit or taxing powers nor constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the Authority other than its interest in the Project. • 1 . 11) The public interest will be served if the Authority designates the Bonds -as Qualified Tax-exempt Obligations within 2 . • the meaning of Section 265(b) (3) of the Internal Revenue Code of 1986 (together with the regulations promulgated thereunder, the Code) , so that the Authority, the City, and the Holders of the Bonds (as defined in the Indenture) may benefit from the exception to the Code provision that prohibits financial institutions from deducting interest expense allocable to tax- exempt interest, and the Authority recognizes that no more than $10,000,000 of its obligations issued during this calendar year may be so designated and benefit from such exception. 1. 12) Earnings on the investment of the proceeds of the Bonds will not be subject to the arbitrage rebate requirement of Section 148(f) (1) of the Code if the Bonds qualify for the small issuer exception to rebate pursuant to Section 148(f) (4) (D) of the Code. 1. 13) To qualify the Bonds for the small issuer exception to rebate, the Authority and the City must reasonably expect to together issue during this calendar year tax-exempt bonds (other than private activity bonds) in an aggregate face amount of not more than $5,000,000. 1. 14) By resolution adopted September 9 , 1991, this Board called for a public sale of the Bonds on this date and notice of the sale was duly published. • 1. 15) Pursuant to the Notice of Sale and the Official Terms of Offering, three ( 3 ) sealed bids for the purchase of the Bonds were received at or before the time specified for receipt of bids and such bids were opened and publicly read and considered, and the purchase price, interest rates and true interest cost under the terms of each bid were found to be as set forth in Exhibit A attached hereto. SECTION 2 . AUTHORIZATION FOR ISSUANCE AND SALE OF BONDS AND EXECUTION OF DOCUMENTS 2 . 1) That this Board acknowledges, finds, determines, and declares that the provision of a new city hall and law enforcement facility serves the purpose of enhancing the City's ability to provide civil and law enforcement services to its citizens. 2.2) That pursuant to the Lease, the financing by the Authority of the acquisition, construction and installation of the Facility on the Land is hereby authorized. 2 .3) That for the purpose of paying the cost of the acquisition, construction, and installation of the Facility on the Land, there is hereby authorized the issuance of $2,740,000 • aggregate principal amount of City Hall and Law Enforcement PauiiitV Revenue Rends (City of Elk River Lease Purchase 3. • Obligation) Series 1991 (the Bonds) . The Bonds shall bear interest and be executed with the facsimiles of the signatures of the President and Executive Director of the Authority. The Bonds shall bear interest, shall be issued in fully registered form, shall be in such denominations, shall be numbered, shall be dated, shall mature, and shall have such other details and provisions as are prescribed in the Indenture. Premium, if any, and interest on the Bonds shall be pro rata and without preference of any one Bond over any other Bonds. This Board hereby authorizes and directs the Authority's President and its Executive Director to execute and to deliver to the Trustee the Indenture, and does hereby authorize and direct the execution of the Bonds, and does hereby prescribe that the Indenture shall provide the terms and conditions, covenants, rights, obligations, duties, and agreements of the Holders of the Bonds, the Authority and the Trustee as set forth herein. 2 .4) That all of the provisions of the Indenture, when executed as authorized herein, shall be deemed to be a part of this Resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Indenture shall be substantially in the form annexed hereto with such necessary and appropriate variations, omissions, and insertions as permitted or required or as the President or Executive Director, in their discretion, shall determine, and • the execution thereof by the President and Executive Director shall be conclusive evidence of such determination. 2 .5) That the President and Executive Director are hereby authorized and directed to execute, attest, and deliver the Lease. All of the provisions of the Lease, when executed and delivered as authorized herein, shall be deemed to be a part of this Resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The . Lease shall be substantially in the form annexed hereto with such necessary and appropriate variations, omissions, and insertions as permitted or required, or as the President or Executive Director, in their discretion, shall determine, and the execution thereof by the President and Executive Director shall be conclusive evidence of such determinations. 2 .6) That the President and Executive Director are hereby authorized and directed to execute, attest, and deliver the Mortgage. All of the provisions of the Mortgage, when executed and delivered as authorized herein, shall be deemed to be a part of this Resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Mortgage shall be substantially in the form annexed hereto with such necessary and appropriate variations, omissions, and • 4 . • insertions as permitted or required, or as the President or Executive Director, in their discretion, shall determine, and the execution thereof by the President and Executive Director shall be conclusive evidence of such determinations. 2 .7) That all covenants, stipulations, obligations, and agreements of the Authority contained in this Resolution and contained in the Indenture, the Mortgage, and the Lease shall be deemed to be covenants, stipulations, obligations, and agreements of the Authority to the full extent authorized or permitted by law, and all such covenants, stipulations, obligations, and agreements shall be binding upon the Authority. Except as otherwise provided in this Resolution, all rights, powers, and privileges conferred and duties and liabilities imposed upon the Authority or this Board by the provisions of this Resolution or the Indenture or the Mortgage or the Lease, shall be exercised or performed by the Authority or by such members of this Board or such officers, board, body, or agency thereof as may be required by law to exercise such powers and to perform such duties. 2 .8) That no covenant, stipulation, obligation, or agreement herein contained or contained in the Indenture, the Mortgage, or the Lease, shall be deemed to be a covenant, stipulation, obligation, or agreement of any member of this Board, or any officer, agent or employee of the Authority in . that person's individual capacity, and neither this Board nor any officer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. 2 .9) That, except as herein otherwise expressly provided, nothing in this Resolution or in the Indenture or the Mortgage expressed or implied, is intended or shall be construed to confer upon any person or entity, other than the Authority or the Trustee, any right, remedy, or claim, legal or equitable, under and by reason of this Resolution or any provision hereof or of the Indenture or the Mortgage or any provisions thereof, this Resolution, the Indenture, the Mortgage and all of their provisions being intended to be and being for the sole and exclusive benefit of the Authority and the Holders from time to time of the Bonds issued under the provisions of this Resolution and the Indenture. 2 . 10) That in case any one or more of the provisions of this Resolution, or -of the Indenture, or of the Mortgage, or of the Lease, or of any of the Bonds issued hereunder shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this Resolution, or of the Indenture, or of the Mortgage, or of the Lease, or of the Bonds, but this Resolution, the Indenture, the Mortgage, the Lease, and the Bonds shall be construed and • endorsed as if such illegal or invalid provision had not been contained therein. The terms and conditions set forth in the 5. Indenture, the Mortgage, and the Lease, the pledge of revenues derived from the Project referred to in the Indenture, the creation of the funds provided for in the Indenture, the provisions relating to the handling of the proceeds derived from the sale of the Bonds pursuant to and under the Indenture and the handling of said revenues and other monies are all commitments, obligations, and agreements on the part of the Authority contained in the Indenture, and the invalidity of the Indenture, the Mortgage, or the Lease shall not affect the commitments, obligations, and agreements on the part of the Authority to create such funds and to handle said revenues, other monies, and proceeds of the Bonds for the purposes, in the manner and according to the terms and conditions fixed in the Indenture, it being the intention hereof that such commitments on the part of the Authority are as binding as if contained in this Resolution separate and apart from the Indenture, the Mortgage, or the Lease. 2 . 11) That the Bonds shall contain a recital that they are issued pursuant to the Act, and such recital shall be conclusive evidence of the validity of the Bonds and the regularity of the issuance thereof, and that all acts, conditions, and things required by the laws of the State of Minnesota relating to the adoption of this Resolution, to the issuance of the Bonds and to the execution of the Indenture, the Mortgage, and the Lease, to happen, exist, and to be • performed precedent to and in the enactment of this Resolution, and precedent to the Bonds and precedent to the execution of the Indenture, the Mortgage, and the Lease have happened, exist, and have been performed as so required by law. 2 . 12) That the officers of the Authority, attorneys, engineers, and other agents or employees of the Authority are hereby authorized to do all acts and things required of them by or in connection with this Resolution, the Indenture, the Mortgage, and the Lease for the full, punctual, and complete performance of all the terms, covenants, and agreements contained in the Bonds, the Indenture, the Mortgage, the Lease, and this Resolution. 2 . 13) That the Authority hereby approves the form of the Official Statement annexed hereto and hereby ratifies and confirms its use and distribution to the Underwriters for use and distribution in connection with the sale of the Bonds . 2 . 14) That this-Board hereby finds that the most favorable bid received for the purchase of the Bonds is that of Edward D. Jones & Co. , of St. Louis , Missouri , proposing a purchase price of Two Million Six Hundred Ninety- Six Thousand One Hundred Sixty Dollars ($2, 696,160) , the Bonds to bear interest at a true interest cost of 6 . 6679% , and hereby accepts such bid. A copy of said bid is attached hereto as 411 Attachment I. 6 . • 2 . 15) That the President and Executive Director are hereby authorized and directed to execute a contract on the part of the Authority for the sale of the Bonds with Edward D. Jones & Co. , of St. Louis , Missouri The good faith deposits of the unsuccessful bidders shall be returned forthwith. 2 . 16) That the President, Executive Director, and other officers of the Authority are hereby authorized and directed to prepare, execute, and furnish to Larkin, Hoffman, Daly & Lindgren, Ltd. , bond counsel, to the Trustee, to the City, to the underwriter, and to counsel for such parties, certified copies of all proceedings and records of the Authority relating to the Project and the Bonds, and such other affidavits and certificates as may be required to show the facts appearing from the books and records in the officers ' custody and control or as otherwise known to them; and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall constitute representations of the Authority as to the truth of all statements contained therein. 2 . 17) That in the absence of the President or the Executive Director, any of the Bonds and any of the other documents authorized by this Resolution to be executed and delivered, may be executed and delivered by any other member of this Board in • place of the President or Executive Director, or such other officers of the Authority as, in the opinion of the Authority's attorney, have authority to execute and deliver such documents . 2 . 18) That Patrick Klaers, Executive Director, is hereby designated and authorized to act on behalf of the Authority as its Authorized Authority Representative, as defined in the Lease. 2 . 19) That the Authority hereby designates the Bonds as Qualified Tax-exempt Obligations, within the meaning of Section 265(b) (3) of the Code, and represents that it will not designate more than $10,000,000 of its obligations as Qualified Tax-exempt Obligations during the calendar year 1991. 2 .20) That the Authority reasonably expects to issue tax- exempt bonds (other than private activity bonds) during calendar year 1991 in an aggregate face amount which, when added to the aggregate face amount of tax-exempt bonds (other than private activity bonds) the City reasonably expects to issue during calendar year 1991, will not exceed $5,000,000. 2 .21) That this Resolution shall be in full force and effect from and after its passage. 410 7 . M Adopted by the Board of Commissioners of The Economic 111 Development Authority for the City of Elk River, this /7'''f day of October , 1991. I 111 I . • 4e1 ' 4.4&_, Ant : PAINV141 Z.) Executive Director The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Holmqren and upon vote being taken thereon, the following voted in favor thereof: James Tralle, John Dietz, Roger Holmgren, Duane Kropuenske , Gene Schuldt, Jeffrey Gongoll and Patrick Dwyer and the following voted against the same: None whereupon said resolution was declared duly passed and adopted, and was signed by the President and the Executive Director. • .._ • LAS:BZ4a 8 . • TO: Mr. Patrick D. Klaers, Administrator SALE DATE: October 17, 1991 City of Elk Rivet ATTACHMENT I Elk River City Hall 720 Dodge Avenue NW 1111 Elk River, MN 55330 RE: $2,740,000 City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River, Minnesota Lease Purchase Obligation), Series 1991 For the Bonds of this Issue which shall mature a9d bear interest at the respective annual rates, as follow, we offer a price of $ �. � lG 1 ' . (Note: This amount may not be less than $2.593,500) and accrued interest to the date of delivery. 4'/� % 1994 90 % 1999 6,1 % 2004 % 2008 _6720 % 1995 % 2000 w $ % 2005 7e % 2009 yC % 1996 /O % 2001 l SS % 2006 tF7 % 2010 4"--. 6,e % 1997 a 0 % 2002 6 a % 2007 a % 2011 1998 l7 % 2003 In making this offer we accept all of the terms and conditions of the Official Terms of Offering published In the Official Statement dated October 3, 1991. In the event of failure to deliver these Bonds in accordance with the Official Terms of Offering as printed in the Official Statement and made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be Immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission. • Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the following computations: NET INTEREST COST: $ �� 3 3 /3 oc_ NET EFFECTIVE RATE: C.. . a`''Y gb TRUE INTEREST RATE: lv. 44' ?' % Account Members hoiae iweLcd A o-mes tee. Account Manager BY: aew./..,„,( 4•12.m The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following officers duly authorized and empowered to make such acceptance. Clerk Mayor • Received good faith check for return to bidder. SPRINGSTED Incorporated by EXHIBIT A True Bidder Purchase Price Interest Rate Interest Cost (See Bid Tabulation Attached) • LAS:BZ4a A-1 SPRINGSTED r, PUBLIC FINANCE ADVISORS 16655 West Bluemound Road 85 East Seventh Place 6800 College Boulevard Suite 290 Suite 100 Suite 600 Brookfield,WI 53005-5935 Saint Paul,MN 55101-2143 Overland Park,KS 6621 1-1 533 (414) 782-8222 (612) 223-3000 (913) 345-8062 Fax:(414)782-2904 Fax:(612)223-3002 Fax:(913)345-1770 2739 Second Avenue S.E. 222 South Ninth Street Cedar Rapids, IA 52403-1434 Suite 2825 (319) 363-2221 Minneapolis,MN 55402-3368 Fax:(319)363-6999 (612)333-9177 Fax:(612)333-2363 $2,740,000 THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE BONDS (CITY OF ELK RIVER LEASE PURCHASE OBLIGATION) SERIES 1991 AWARD: EDWARD D. JONES &COMPANY SALE: October 17, 1991 Moody's Rating: Baa Interest True Interest Bidder Rates Price Cost Rate EDWARD D. JONES & COMPANY 5.15% 1994 $2,696,160.00 $2,383,035.00 5.30% 1995 (6.6679%) 5.45% 1996 5.60% 1997 5.75% 1998 5.90% 1999 6.00% 2000 6.10% 2001 6.20% 2002 6.30% 2003 6.40% 2004 6.50% 2005 6.55% 2006 6.60% 2007 6.65% 2008 6.70% 2009 6.75% 2010 6.80% 2011 (Continued) EXHIBIT C • Attached hereto is the form of Lease Purchase Agreement to be used in connection with the Authority's City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation) Series 1991. LAS:BZ4a C-1 yy • EXHIBIT D Attached hereto is the form of Combination Mortgage, Security Agreement, Assignment of Rents and Fixture Financing Statement to be used in connection with the Authority's City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation) Series 1991. 4 110 LAS:BZ4a D-1 411 EXHIBIT E Attached hereto is the form of Official Statement to be used in connection with the Authority's City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation) Series 1991. • LAS:BZ4a E-1 SPRINGSTED AAPUBLIC FINANCE ADVISORS 16655 West Bluemound Road 85 East Seventh Place 6800 College Boulevard Suite 290 Suite 100 Suite 600 Brookfield,WI 53005-5935 Saint Paul,MN 55101-2143 Overland Park,KS 66211-1533 (414) 782-8222 (612) 223-3000 (913) 345-8062 Fax:(414)782-2904 Fax:(612)223-3002 Fax:(913)345-1770 2739 Second Avenue S.E. 222 South Ninth Street Cedar Rapids, IA 52403-1434 Suite 2825 (319) 363-2221 Minneapolis,MN 55402-3368 Fax:(319)363-6999 (612)333-9177 Fax:(612)333-2363 $2,740,000 THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE BONDS (CITY OF ELK RIVER LEASE PURCHASE OBLIGATION) SERIES 1991 AWARD: EDWARD D. JONES&COMPANY SALE: October 17, 1991 Moody's Rating: Baa Interest True Interest apidder Rates Price Cost & Rate EDWARD D. JONES & COMPANY 5.15% 1994 $2,696,160.00 $2,383,035.00 5.30% 1995 (6.6679%) 5.45% 1996 5.60% 1997 5.75% 1998 5.90% 1999 6.00% 2000 6.10% 2001 6.20% 2002 6.30% 2003 6.40% 2004 6.50% 2005 6.55% 2006 6.60% 2007 6.65% 2008 6.70% 2009 6.75% 2010 6.80% 2011 i (Continued) 4 — US � a 2 4 k § 8 8 § o § 8 8 . 0 ' N 9 § 2 8 8 § 9 B in 2 a co § o § ■ k « 0 k crei N. a § 2 ° 8 g co d e 9 & ul co 8 V . CD co d a § 2 § co \ ( us a % ci a © ' a 9 a a g uS a a§ § § 8 2 2 # 7 uS + d co § § \ 8 8 � a 211 eco co a f k 4 ' '§ K 8 f 0 8 0 k 4 . • 6 a s iu 0 . a f a 8 7 2 © Co a R 0 0 0 7 . V § w Cd Cd w a u 1i w a LLI / ( $ F. _ § K - � ,th °■ r 0 E § S q § 8 g > _ U) @ - § 2 q (0 2 Z $ ' \ k w \ k J . . / } 0 § / f \ ) 5 / LL 8 8 q § f 2 $ % § § Z W $ . Co Co \ IA .� W 4GO CO • o 8 -1LLI w § 0 2 O. 2 / z z < e ■ . 2 . $ 2 �• 8 � � j 6% { \ Cl) 01- E 2 ° f -J E . Lu k O g E — i k a 3 wB § S § 2 k ƒ 8 8 @ Economic Development Authority-Elk River,Minnesota APPENDIX II City Hall and Law Enforcement Facility Revenue Bonds Results of Sale III Annual DSRF Annual Principal P&I Lease Earnings Surplus Date Principal Rate Interest &Interest 100% Revenue 6.50% (Deficit) 01-Aug-92 131,175.00 131,175.00 01-Feb-93 87,450.00 87,450.00 218,625.00 217,550 17,810 16,735 01-Aug-93 87,450.00 87,450.00 01-Feb-94 40,000 5.150 87,450.00 127,450.00 214,900.00 219,301 17,810 22,211 01-Aug-94 86,420.00 86,420.00 01-Feb-95 50,000 5.300 86,420.00 136,420.00 222,840.00 226,087 17,810 21,057 01-Aug-95 85,095.00 85,095.00 01-Feb-96 55,000 5.450 85,095.00 140,095.00 225,190.00 227,909 17,810 20,529 01-Aug-96 83,596.25 83,596.25 01-Feb-97 55,000 5.600 83,596.25 138,596.25 222,192.50 224,767 17,810 20,384 01-Aug-97 82,056.25 82,056.25 01-Feb-98 60,000 5.750 82,056.25 142,056.25 224,112.50 226,662 17,810 20,360 01-Aug-98 80,331.25 80,331.25 01-Feb-99 125,000 5.900 80,331.25 205,331.25 285,662.50 288,596 17,810 20,743 01-Aug-99 76,643.75 76,643.75 01-Feb-2000 135,000 6.000 76,643.75 211,643.75 288,287.50 290,567 17,810 20,090 01-Aug-2000 72,593.75 72,593.75 01-Feb-2001 145,000 6.100 72,593.75 217,593.75 290,187.50 292,579 17,810 20,201 01-Aug-2001 68,171.25 68,171.25 01-Feb-2002 155,000 6.200 68,171.25 223,171.25 291,342.50 294,630 17,810 21,098 01-Aug-2002 63,366.25 63,366.25 • 01-Feb-2003 165,000 6.300 63,366.25 228,366.25 291,732.50 296,723 17,810 22,800 01-Aug-2003 58,168.75 58,168.75 01-Feb-2004 180,000 6.400 58,168.75 238,168.75 296,337.50 298,857 17,810 20,330 01-Aug-2004 52,408.75 52,408.75 01-Feb-2005 190,000 6.500 52,408.75 242,408.75 294,817.50 296,035 17,810 19,027 01-Aug-2005 46,233.75 46,233.75 01-Feb-2006 205,000 6.550 46,233.75 251,233.75 297,467.50 298,255 17,810 18,598 01-Aug-2006 39,520.00 39,520.00 01-Feb-2007 220,000 6.600 39,520.00 259,520.00 299,040.00 300,520 17,810 19,290 01-Aug-2007 32,260.00 32,260.00 01-Feb-2008 240,000 6.650 32,260.00 272,260.00 304,520.00 302,831 17,810 16,121 01-Aug-2008 24,280.00 24,280.00 01-Feb-2009 260,000 6.700 24,280.00 284,280.00 308,560.00 305,187 17,810 14,437 01-Aug-2009 15,570.00 15,570.00 01-Feb-2010 280,000 6.750 15,570.00 295,570.00 311,140.00 307,591 17,810 14,261 01-Aug-2010 6,120.00 6,120.00 01-Feb-2011 180,000 6.800 6,120.00 186,120.00 192,240.00 185,000 17,810 10,570 2,740,000 2,339,195.00 5,079,195.00 5,079,195.00 5,099,648 338,390 358,843 Bond Years 35,915.000 Avg. Life 13.108 Avg. Coupon 6.5131% N.I.C. 6.6352% Int. Start 01-Nov-91 Delivery 01-Nov-91 1111 Accrued Int. $0.00 Discount $43,840.00 Prepared by SPRINGSTED Incorporated(17-Oct-91) (File= ELKHALL.WK1) Economic Development Authority-Elk River,Minnesota APPENDIX II City Hall and Law Enforcement Facility Revenue Bonds Results of Sale • Annual DSRF Annual Principal P&I Lease Earnings Surplus Date Principal Rate Interest &Interest 100% Revenue 6.50% (Deficit) 01-Aug-92 131,175.00 131,175.00 01-Feb-93 87,450.00 87,450.00 218,625.00 217,550 17,810 16,735 01-Aug-93 87,450.00 87,450.00 01-Feb-94 40,000 5.150 87,450.00 127,450.00 214,900.00 219,301 17,810 22,211 01-Aug-94 86,420.00 86,420.00 01-Feb-95 50,000 5.300 86,420.00 136,420.00 222,840.00 226,087 17,810 21,057 01-Aug-95 85,095.00 85,095.00 01-Feb-96 55,000 5.450 85,095.00 140,095.00 225,190.00 227,909 17,810 20,529 01-Aug-96 83,596.25 83,596.25 01-Feb-97 55,000 5.600 83,596.25 138,596.25 222,192.50 224,767 17,810 20,384 01-Aug-97 82,056.25 82,056.25 01-Feb-98 60,000 5.750 82,056.25 142,056.25 224,112.50 226,662 17,810 20,360 01-Aug-98 80,331.25 80,331.25 01-Feb-99 125,000 5.900 80,331.25 205,331.25 285,662.50 288,596 17,810 20,743 01-Aug-99 76,643.75 76,643.75 01-Feb-2000 135,000 6.000 76,643.75 211,643.75 288,287.50 290,567 17,810 20,090 01-Aug-2000 72,593.75 72,593.75 01-Feb-2001 145,000 6.100 72,593.75 217,593.75 290,187.50 292,579 17,810 20,201 01-Aug-2001 68,171.25 68,171.25 01-Feb-2002 155,000 6.200 68,171.25 223,171.25 291,342.50 294,630 17,810 21,098 01-Aug-2002 63,366.25 63,366.25 ill01-Feb-2003 165,000 6.300 63,366.25 228,366.25 291,732.50 296,723 17,810 22,800 01-Aug-2003 58,168.75 58,168.75 01-Feb-2004 180,000 6.400 58,168.75 238,168.75 296,337.50 298,857 17,810 20,330 01-Aug-2004 52,408.75 52,408.75 01-Feb-2005 190,000 6.500 52,408.75 242,408.75 294,817.50 296,035 17,810 19,027 01-Aug-2005 46,233.75 46,233.75 01-Feb-2006 205,000 6.550 46,233.75 251,233.75 297,467.50 298,255 17,810 18,598 01-Aug-2006 39,520.00 39,520.00 01-Feb-2007 220,000 6.600 39,520.00 259,520.00 299,040.00 300,520 17,810 19,290 01-Aug-2007 32,260.00 32,260.00 01-Feb-2008 240,000 6.650 32,260.00 272,260.00 304,520.00 302,831 17,810 16,121 01-Aug-2008 24,280.00 24,280.00 01-Feb-2009 260,000 6.700 24,280.00 284,280.00 308,560.00 305,187 17,810 14,437 01-Aug-2009 15,570.00 15,570.00 01-Feb-2010 280,000 6.750 15,570.00 295,570.00 311,140.00 307,591 17,810 14,261 01-Aug-2010 6,120.00 6,120.00 01-Feb-2011 180,000 6.800 6,120.00 186,120.00 192,240.00 185,000 17,810 10,570 2,740,000 2,339,195.00 5,079,195.00 5,079,195.00 5,099,648 338,390 358,843 Bond Years 35,915.000 Avg. Life 13.108 Avg. Coupon 6.5131% N.I.C. 6.6352% Int. Start 01-Nov-91 Delivery 01-Nov-91 III Accrued Int. $0.00 Discount $43,840.00 Prepared by SPRINGSTED Incorporated(17-Oct-91) (File= ELKHALL.WK1)