4.2. SR 10-18-1999
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Item #4.2.
River
MEMORANDUM
TO: Mayor & City Council
FROM: Lori Johnson, Finance Director
DATE: October 18, 1999
SUBJECT: Resolution A warding the Sale of the City's
$162,750 General Obligation Equipment
Certificate of 1999; Fixing its Form and
Specifications; Directing its Execution and
Delivery; and Providing for its Payment
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The 1999 budget included police and street department capital purchases
totaling $162,000 to be financed through equipment certificates. Attached is
a resolution to authorize the sale of $162,750 of equipment certificates to
fund these capital items plus issuance costs. The 1999 Equipment
Certificates to be purchased by The Bank of Elk River have a five year term
and a five percent interest rate.
Action Requested
The City Council is asked to approve the attached Resolution Awarding the
Sale of the City's $162,750 General Obligation Equipment Certificate of 1999;
Fixing its Form and Specifications' Directing its Execution and Delivery; and
Providing For its payment.
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13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425
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CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION 99-
RESOLUTION AWARDING THE SALE OF THE CITY.S $162,750
GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 1999;
FIXING ITS FORM AND SPECIFICATIONS;
DIRECTING ITS EXECUTION AND DELIVERY;
AND PROVIDING FOR ITS PAYMENT
BE IT RESOLVED by the City Council (The II Council II ) of the City
of Elk River, Minnesota (the IICityll), as follows:
1. It is hereby determined:
(a) It is necessary and expedient to issue the City's
$162,750 General Obligation Equipment Certificate
of 1999 (the IICertificatell) pursuant to Minnesota
Statutes, Section 412.301, to finance the costs of
the acquisition of the following items of capital
equipment for the City (hereinafter referred to as
the II Equipment II) : police squad car, tandem axle
track and skid loader.
(b) The Equipment, on an average basis, has an expected
useful life at least as long as the final maturity
of the Certificate, and the $162,750 amount of the
Certificate does not exceed 0.25% of the market
value of the taxable property in the City.
(c) The City is authorized pursuant to Minnesota
Statutes, Section 475.60, Subdivision 2(2), to
negotiate the sale of, the Certificate without
public notice and sale because the $162,750
principal amount of the Certificate, when combined
with any amounts of other obligations which the
City has negotiated and sold without public sale
pursuant to said Subdivision within the last 12
months, does not exceed $1,200,000.
2. The offer of The Bank of Elk River, in Elk River,
Minnesota (the IIpurchaserll), to purchase the Certificate is hereby
accepted, such offer being to purchase the Certificate at a price
of $162,750 par, the Certificate to be subject to the terms and
conditions herein provided.
3. The City shall forthwith issue and sell its $162,750
General Obligation Equipment Certificate of 1999. The Certificate
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shall be dated November 1, 1999 (or as soon thereafter as
settlement can be arranged with the Purchaser), shall be a single,
fully registered obligation without interest coupons, shall bear
interest payable on February 1, 2000, and semiannually thereafter
on each August 1 and February 1, and shall mature and bear interest
as provided in the form of the Certificate set out in paragraph 5
of this Resolution.
The Certificate shall be subject to redemption in whole or in
part at the option of the City at any time, in inverse order of the
principal maturities thereof, upon prior written notice to the
Registered Owner thereof, at par plus accrued interest to date of
redemption. Interest on the Certificate shall be calculated on the
basis of a 360-day year consisting of 12 months of 30 days each.
4. Both principal of and interest on the Certificate shall
be payable by the City Finance Director, who shall also act as
registrar and transfer agent (the "Certificate Registrar") for the
Certificate.
5.
form:
The Certificate shall be substantially the following
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[Form of Certificate]
No. R-l
$162,750
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
GENERAL OBLIGATION
EQUIPMENT CERTIFICATE OF 1999
KNOW ALL BY THESE PRESENTS that the City of Elk River,
Sherburne County, Minnesota, acknowledges itself to be indebted
and, for value received, hereby promises to pay to The Bank of Elk
River, or its registered assigns (the "Registered Owner II ), the
Principal Sum of ONE HUNDRED SIXTY-TWO THOUSAND SEVEN HUNDRED FIFTY
DOLLARS ($162,750) on February 1 in the years and principal
amounts, respectively, as follows:
Year
Principal Amount
2000
2001
2002
2003
2004
$32,550
32,550
32,550
32,550
32,550
or on any earlier date on which the principal amounts of this
Certificate may be and shall have been duly called for prepayment,
and to pay interest to the Registered Owner from the date hereof on
the principal amounts hereof until the same are paid at the rate of
five percent (5.00%) per annum, interest to maturity payable on
February I, 2000, and on each August 1 and February 1 thereafter
(the "Interest Payment Dates"). Interest shall be calculated on
the basis of a 360-day year consisting of 12 months of 30 days
each. The City Finance Director will pay the interest due on this
Certificate on each Interest Payment Date by mailing or delivering
a check or draft made payable to the person that was the Registered
Owner at the end of the day preceding such Interest PaYment Date.
Both principal of and interest on this Certificate are payable in
any coin or currency of the United States of America which on the
date of payment is legal tender for public and private debts. At
the time of final payment of all principal of and interest on this
Certificate, the Registered Owner shall surrender this Certificate
to the City Finance Director.
This Certificate is subject to prepayment at the option of the
City at any time, in inverse order of the principal maturities
hereof, in whole or in part, at par plus accrued interest to the
date of prepayment, upon prior written notice to the Registered
Owner.
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This Certificate is issued by the City pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota
for the purpose of providing funds to finance costs of acquiring
certain capital equipment of the City. This Certificate
constitutes a general obligation of the City, and to provide moneys
for the prompt and full payment of the principal hereof and the
interest thereon, as the same become due, the full faith and credit
and taxing powers of the City have been and are hereby irrevocably
pledged.
This Certificate may be assigned but upon such assignment the
assignor shall promptly give written notice thereof to the City at
the office of the City Finance Director, and the assignee shall
surrender this Certificate to the City Finance Director either in
exchange for a new fully registered Certificate or for transfer of
this Certificate on the registration records. Each such assignee
shall take this Certificate subject to this condition. The City
shall treat the Registered Owner as the absolute owner of this
Certificate for purposes of paying the principal of and interest on
this Certificate and for all other purposes whatsoever.
This Certificate has been designated by the City as a
"qualified tax-exempt obligation" for purposes of Section 265 (b) (3)
of the Internal Revenue Code of 1986, as amended.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions,
and things required by the Constitution and laws of the State of
Minnesota to be done, to have happened, and to be performed
precedent to and in the issuance of this Certificate have been
done, have happened, and have been performed in regular and due
form, time, and manner as required by law; and that this
Certificate, together with all other indebtedness of the City
outstanding on the date hereof, does not cause the indebtedness of
the City to exceed any constitutional or statutory limitation
thereon.
IN WITNESS WHEREOF, the City of Elk River, Sherburne County,
Minnesota, by its City Council, has caused this Certificate to be
executed by the manual signatures of its Mayor and City
Administrator; has caused the official seal of the City to be
impressed upon this Certificate; and has caused this Certificate to
be dated November 1, 1999.
City Administrator
Mayor
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CERTIFICATE OF REGISTRATION
It is hereby certified that the foregoing Certificate was as
of the latest date specified below registered in the name of the
last Registered Owner noted below and that, at the request of said
Registered Owner of this Certificate, the undersigned City Finance
Director has as of said applicable date registered the Certificate
as to principal and interest in the name of such Registered Owner,
as indicated in the registration blank below, on the books kept by
the undersigned for such purposes.
NAME OF REGISTERED OWNER
DATE OF
REGISTRATION
SIGNATURE OF CITY
FINANCE DIRECTOR
The Bank of Elk
River
November 1 , 1999
(End of Form of Certificate)
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6. The City Finance Director shall obtain a copy of the
proposed approving legal opinion of bond counsel for the
Certificate, Briggs and Morgan, St. Paul, Minnesota, and shall
cause such opinion to be filed in the offices of the City.
7. The Certificate shall be executed on behalf of the City
by the manual signatures of the Mayor and the City Administrator
and shall be duly registered by the manual signature of the City
Finance Director as Certificate Registrar. The official seal of
the City shall be impressed upon the Certificate. The Certificate,
when fully executed and sealed, shall be delivered by the City
Finance Director to the Purchaser upon receipt of the purchase
price thereof, and the Purchaser shall not be obligated to see to
the proper application thereof.
8. The proceeds of the Certificate shall be deposited in and
expended from a separate capital account or subaccount of the City
to provide financing for the Equipment. The City Finance Director
shall establish and maintain a separate debt service account or
subaccount (the "Debt Service Account") for the payment of the
Certificate. The Debt Service Account shall be maintained to pay
the debt service on the Certificate and any additional obligations
of the City which may hereafter be made payable therefrom.
9. The Debt Service Account shall be held in trust by the
City for the benefit of the Registered Owner from time to time of
the Certificate, as hereinafter provided. Until the principal of
and interest on the Certificate are paid, or until the Certificate
is otherwise discharged as hereinafter provided, there shall be
credited to and maintained in the Debt Service Account (1) first,
the proceeds of the general ad valorem taxes levied by the City for
the purpose of paying the principal of and interest on the
Certificate, including the payable 1999 tax levy of $40,000 made
for that purpose i and (2) second, any other funds which are
properly available and are appropriated by the Council to the Debt
Service Account. The aforesaid funds, when deposited in the Debt
Service Account, shall be used only and, exclusively for, and are
hereby pledged to, the payment of the principal of and interest on
the Certificate, when due, and such other obligations of the City
as may be made payable therefrom. If any payment of principal or
interest shall become due when there are not sufficient funds in
the Debt Service Account to pay the same, the City Finance Director
shall pay such principal or interest from the general fund or other
available fund of the City, and such fund shall be reimbursed for
such advances from the proceeds of the ad valorem taxes levied for
such purpose, when collected.
10. The full faith and credit and taxing powers of the City
are hereby pledged to the payment of the principal of and interest
on the Certificate, and in the event of any current or anticipated
deficiency of funds in the Debt Service Account of amounts needed
to make any such payment, when due, the City Council shall levy ad
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valorem taxes on all taxable property in the City in the amount of
such deficiency.
11. To provide moneys for payment of the principal of and
interest on the Certificate there is hereby levied upon all of the
taxable property in the City a direct annual ad valorem tax which
shall be spread upon the tax rolls and collected with and as part
of other general property taxes in the City for the years and in
the amounts as follows:
Year of Tax Year of Tax
Levy Collection Amount
1998 1999 $40,000
1999 2000 40,000
2000 2001 38,450
2001 2002 36,741
2002 2003 35,032
The foregoing tax levies shall be irrepealable so long
as the Certificate is outstanding and unpaid, provided that the
City reserves the right and power to reduce the levies in the
manner and to the extent permitted by Minnesota Statutes, Section
475.61, Subdivision 3.
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12. It is hereby determined that the funds available to the
Debt Service Account pursuant to this Resolution (including from
the foregoing ad valorem tax levies) will be in amounts not less
than 5% in excess of the amount needed to meet, when due, the
principal of and interest on the Certificate. The City Finance
Director is directed to file a certified copy of this Resolution
with the County Auditor of Sherburne County and to obtain the
certificate of the County Auditor required by Minnesota Statutes,
Section 475.63.
13. The officers of the City are hereby authorized and
directed to prepare and furnish upon request to the Purchaser and
to the attorneys approving the Certificate, certified copies of
proceedings and records of the City relating to the Certificate
and to the financial condition and affairs of the City, and to
furnish such other certificates, affidavits, and transcripts as
may be required to show facts within their knowledge or as shown
by the books and records in their custody and under their control
relating to the validity and marketability of the Certificate,
and such instruments, including any heretofore furnished, shall
be deemed representations of the City as to the facts stated
therein.
14. The City covenants and agrees with the Registered
from time to time of the Certificate that the City will not
or permit to be taken by any of its officers, employees, or
agents any action which would cause the interest on the
Owner
take
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Certificate to become generally subject to taxation under the
Internal Revenue Code of 1986, as amended (the "Code"), and
regulations issued thereunder, as now existing or as hereafter
amended or proposed and in effect at the time of such action, and
that the City will take, or it will cause to be taken, all
affirmative actions within its power which may be necessary to
insure that such interest will not become subject to income
taxation under the Code.
Without limitation of the foregoing, the City shall not
enter into any lease, use agreement, management or operation
contract or other agreement respecting the Equipment or any
portion thereof which would adversely affect the exemption from
federal income tax of the interest on the Certificate, taking
into account and observing the requirements of Revenue Procedure
97-13 of the Internal Revenue Service and any similar or other
applicable revenue procedures or guidelines relating to leases,
management contracts and service contracts involving facilities
financed with tax-exempt obligations.
15. The City shall comply with requirements necessary under
the Code to establish and maintain the exclusion from gross
income under Section 103 of the Code of the interest on the
Certificate, including without limitation (1) requirements
relating to temporary periods for investments, (2) limitations on
amounts invested at a yield greater than the yield on the
Certificate, and (3) the rebate of excess investment earnings to
the United States if the Certificate (together with other
obligations reasonably expected to be issued and outstanding at
one time in this calendar year) exceed the small-issuer exception
amount of $5,000,000, or do not otherwise qualify for available
exceptions. For purposes of qualifying for the small-issuer
exception to the federal arbitrage rebate requirements, the City
hereby finds, determines and declares that (1) the Certificate is
issued by a governmental unit with general taxing powers, (2) the
Certificate is not a private activity bond, (3) ninety-five
percent (95%) or more of the net proceeds of the Certificate are
to be used for local governmental activities of the City (or of a
governmental unit the jurisdiction of which is entirely within
the jurisdiction of the City), and (4) the aggregate face amount
of all tax-exempt bonds (other than private activity bonds)
issued by the City (and all entities subordinate to, or treated
as one issuer with, the City) during the 1999 calendar year is
not reasonably expected to exceed $5,000,000, all within the
meaning of Section 148(f) (4) (D) of the Code.
16. The City hereby designates the Certificate as a
"qualified tax-exempt obligation" within the meaning of Section
265(b) (3) of the Code and further represents that:
(a) the reasonably anticipated amount of tax-exempt
obligations (other than private activity bonds, treating
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qualified 501(c) (3) bonds as not being private activity
bonds) which will be issued by the City (and all entities
subordinate to, or treated as one issuer with, the City)
during calendar year 1999 will not exceed $10,000,000; and
(b) not more than $10,000,000 of obligations issued or
to be issued by the City during calendar year 1999 have been
designated for purposes of Section 265(b) (3) of the Code.
The City shall use its best efforts to comply with any federal
procedural requirements which may apply in order to effectuate
the designation made by this paragraph.
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17. When any obligation of the Certificate has been
discharged as provided in this paragraph, all pledges, covenants
and other rights granted by this Resolution to the registered
owner of the Certificate (with respect to the obligation thereof
so defeased) shall, to the extent permitted by law, cease. The
City may at any time discharge any or all of such obligation(s)
with respect to the Certificate, subject to the provisions of law
now or hereafter authorizing or regulating such action, by
depositing irrevocably in escrow, with a suitable institution
qualified by law as an escrow agent for this purpose, cash or
securities which are backed by the full faith and credit of the
United States of America, bearing interest payable at such times
and at such rates and maturing on such dates and in such amounts
as shall be required and sufficient, subject to sale and/or
reinvestment in like securities, to pay said obligation(s), which
may include any interest payment on such Certificate and/or
principal amount due thereon at a stated maturity (or if
irrevocable provision shall have been made for permitted prior
redemption of such principal amount, at such earlier redemption
date) .
18. With respect to the Equipment, the City has complied
and will continue to comply with the "Reimbursement Regulations"
provided in United States Treasury Regulations Section 1.150-2.
In particular, except where the following may not be required by
said Regulations (e.g., with respect to certain "preliminary
expenditures"), to the extent that any of the proceeds of the
Certificate will be used to reimburse the City for a cost of the
Equipment theretofore paid and temporarily financed by the City
out of other City funds, prior to the initial paYment thereof (or
within applicable time limits thereafter) the City has made or
will have made a duly qualifying statement of its official intent
to bond for such costs; otherwise, the proceeds of the
Certificate are to be used for initial payment, and not for such
reimbursement, of costs of the Equipment.
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19. The Council hereby finds that the Certificate is exempt
from continuing disclosure requirements of Rule 15c2-12 of the
Securities and Exchange Commission because the Certificate is
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issued in the aggregate principal amount of less than $1,000,000.
Consequently, the City is not covenanting to provide and will not
provide annual financial information, notices of certain material
events or any other disclosure or information which would
otherwise be required by that Rule.
Adopted by the Elk River City Council on October 18, 1999.
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C E R T I F I CAT ION
I, the undersigned City Clerk of the City of Elk River,
Minnesota, do hereby certify the following:
The foregoing is true and correct copy of a Resolution on
file and of record in the offices of the City, which Resolution
relates to the issuance by the City of its $162,750 General
Obligation Equipment Certificate of 1999. Said Resolution was
duly adopted by the Elk River City Council at a regular or
special meeting of the Council held on October 18, 1999. Said
meeting was duly called and regularly held and was open to the
public and was held at the place at which meetings of the Council
are regularly held, a quorum of the Council being present and
acting throughout. Councilmember moved
the adoption of the Resolution, which motion was seconded by
Councilmember A vote being taken on
the motion, the following members of the Council voted in favor
of the Resolution:
and the following voted against the same:
Whereupon said Resolution was declared duly passed and adopted.
The Resolution is in full force and effect and no action has been
taken by the Council which would in any way alter or amend the
Resolution.
WITNESS MY HAND officially as the City Clerk of the City of
Elk River, Minnesota, this day of October, 1999.
(SEAL)
City Clerk
City of Elk River, Minnesota
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OFFICIAL STATEMENT DATED OCTOBER 4, 1999
Rating: Requested from Moody's
Investors Service
the opinion of Briggs and Morgan, Professional Association, Bond Counsel, based on present federal and Minnesota laws, regulations, ruUngs and
;;isions at the time of the issuance and delivery of the Bonds to the original purchaser thereof, the interest on the Bonds is excluded from gross income for
united States income tax purposes and is excluded, to the same extent, from both gross income and taxable net income for State of Minnesota income tax
purposes (other than Minnesota franchise taxes measured by income and imposed on corporations and financial institutions), and is not an item of tax
preference for purposes of federal altemative minimum tax imposed on individuals and corporations or the Minnesota altemative minimum tax applicable to
individuals, estates or trusts; provided, however, that for the purpose of computing the federal altemative minimum tax imAOsed on corporations, such
interest is taken into account in determining adjusted current eamings. No opinion wiD be expressed by Bond Counsel regardmg other State or federal tax
consequences caused by the receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. See .Tax Exemption. and .Other
Federal Tax Considerations. herein.
NEW ISSUE
$575,000*
City of Elk River, Minnesota
General Obligation Improvement Refunding Bonds, Series 19998
(Book Entry Only)
Dated Date: November 1,1999
Interest Due: Each February 1 and August 1,
commencing August 1, 2000
The Bonds will mature each February 1 as follows:
2002 $50,000 2005 $85,000
2003 $65,000 2006 $75,000
2004 $80,000 2007 $65,000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount
of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $15,000 and will
be made in multiples of $5, 000 in any of the maturities. In the event the principal amount of the Bonds is increased or
reduced, any premium offered or any discount taken by the successful bidder will be increased or reduced by a
percentage equal to the percentage by which the principal amount of the Bonds is increased or reduced.
fOposals for the Bonds may contail) a maturity schedule providing for a combination of serial bonds and term bonds,
..,rovided that no serial bond may mature on or after the first mandatory sinking fund redemption date of any term bond.
All term bonds shall be subject to mandatory sinking fund redemption and must conform to the maturity schedule set
forth above at a price of par plus accrued interest to the date of redemption.
2008
2009
$55,000
$45,000
2010
2011
$35,000
$20,000
The City may elect on February 1, 2008, and on any day thereafter, to prepay the Bonds due on or after
February 1, 2009 at a price of par plus accrued interest.
The Bonds will be general obligations of the City for which the City pledges its full faith and credit and power to levy
direct general ad valorem taxes. In addition, the City will pledge special assessments against benefited property
Proposals shall be for not less than $569,825 and accrued interest on the total principal amount of the Bonds. Proposals
shall be accompanied by a good faith deposit in the form of a certified or cashiers check or Financial Surety Bond,
payable to the order of the City in the amount of $5,750. Proposals shall specify rates in integral multiples of 5/100 or
1/8 of 1%. Rates must be designated in ascending order. The Bonds will be awarded on a True Interest Cost (TIC)
basis.
The Bonds will be bank-qualified, tax-exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of
1986, as amended, and will not be subject to the alternative minimum tax for individuals.
The Bonds will be issued as fully registered Bonds without coupons and, when issued, will be registered in the name of
Cede & Co., as nominee of The Depository Trust Company C'DTC'} DTC will act as securities depository of the Bonds.
Individual purchases may be made in book-entry form only, in the principal amount of $5,000 and integral multiples
thereof. Purchasers will not receive certificates representing their interest in the Bonds purchased. . (See "Book Entry
System" herein.) U.S. Bank Trust National Association will serve as registrar and the City will pay for the registration
services. Certificates will be available for delivery at DTC within 40 days after award.
PROPOSALS RECEIVED: October 18, 1999 (Monday) until 12:00 Noon, Central Time
AWARD: October 18,1999 (Monday) at 6:00 P.M., Central Time
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SPRINGSTED
Further information may be obtained from SPRINGSTED
Incorporated, Financial Advisor to the Issuer, 85 East
Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2887
(651) 223-3000
Public Finance Advisors
For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission,
this document, as the same may be supplemented or corrected by the City from time to time
(collectively, the "Official Statement"), may be treated as an Official Statement with respect to
the Bonds described herein that is deemed final as of the date hereof (or of any such
supplement or correction) by the City, except for the omission of certain information referred to
in the succeeding paragraph. .
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2-12. Any such addendum shall, on and after
the date thereof, be fully incorporated herein and made a part hereof by reference.
By awarding the Bonds to any underwriter or underwriting syndicate submitting a Proposal
therefor, the City agrees that, no more than seven business days after the date of such award,
it shall provide without cost to the senior managing underwriter of the syndicate to which the
Bonds are awarded copies of the Official Statement and the addendum or addenda described
in the preceding paragraph in the amount specified in the Terms of Proposal.
The City designates the senior managing underwriter of the syndicate to which the Bonds are
awarded as its agent for purposes of distributing copies of the Final Official Statement to each
Participating Underwriter. Any underwriter delivering a Proposal with respect to the Bonds
agrees thereby that if its bid is accepted by the City (i) it shall accept such designation and (ii) it
shall enter into a contractual relationship with all Participating Underwriters of the Bonds for
purposes of assuring the receipt by each such Participating Underwriter of the Final Official
Statement.
No dealer, broker, salesman or other.> person has been authorized by the City to give any
information or to make any representations with respect to the Bonds, other than as contained
in the Official Statement or the Final Official Statement, and if given or made, such other
information or representations must not be relied upon as having been authorized by the City.
Certain information contained in the Official Statement and the Final Official Statement may
have been obtained from sources other than records of the City and, while believed to be
reliable, is not guaranteed as to completeness or accuracy. THE INFORMATION AND
EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL
STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE
OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE
UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS
BEEN NO CHANGE IN THE AFFAIRS OF THE CITY SINCE THE DATE THEREOF.
References herein to laws, rules, regulations, resolutions, agreements, reports and other
documents do not purport to be comprehensive or definitive. All references to such documents
are qualified in their entirety by reference to the particular document, the full text of which may
contain qualifications of and exceptions to statements made herein. Where full texts have not
been included as appendices to the Official Statement or the Final Official Statement, they will
be furnished on request.
TABLE OF CONTENTS
Terms of Proposal ...... ............ ..... .................. ... ................ ...............................................
Schedule of Bond Years . ....... ...................... ..... ... ......... ...... ............................. ...... ..........
Introductory Statement ................. ........... ..... ............... ... .............................. ..... ..... ..........
Continuing Disclosure....... .......... .................. ................... ..... .... .................................. ......
The Bonds ................ .... ................ ............. ........ ........................ ................ ........ ........ .......
Authority and Purpose. ......... ....... ......................... ....... ..................................... ...... ..........
Security and Financing...... ......... .................. ................. ........... ......................... ..... ..........
Future Financing... ......... ......... ...... .................. ........... ..... ... ................................ ...............
Litigation......................................................................................................................... ..
Legality............................ ........... ....................... ................... ................................. ...........
Tax Exemption..................... ...~ ..... ..................... ..... ...... ..................................... ...............
Other Federal Tax Considerations.......... ...... ........... .... ........... ........................... ,.. ............
Bank-Qualified Tax-Exempt Obligations. ......... ....... ....... .... ................................ ...............
Rating ...... ...................... ......... ...................................... ................................. ... .......... ......
Year 2000 Issues.....................................................................................:. ~......................
Financial Advisor....... ............. ...... .................. ........................... ............................. ..........
Certification................................................................................................ .......................
C' .
Ity Property Values. ............................ ...... ....... ............ ....................................... ..... .......
City Indebtedness.................. ...... ...................... ............................................... .......... ......
City Tax Rates, Levies and Collections.............................................................................
Funds on Hand....... ................. ....................... .................................................. ................
City Investments..... ....... ....... .......................... .............. .................................... ...... ..........
General I nformation Concerning the City..........................................................................
Governmental Organization and Services....... ........................... ............................. ..........
Proposed Form of Legal Opinion ................ .................. ............................ ..... ..... ..~.
Continuing Disclosure Undertaking ................................. ............... ......................:..
Summary of Tax Levies, Payment Provisions, and
Minnesota Real Property Valuation............. .........................................................
Annual Financial Statements ....... ............................... ...... ................................ ......
Paqe( s)
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Appendix I
Appendix II
Appendix III
Appendix IV
Proposal Forms ...... ............... ...... ............. ..... ............. .................................. ... .......
Insert
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$575,000"
CITY OF ELK RIVER, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
REFUNDING BONDS, SERIES 1999B
(BOOK ENTRY ONLY)
Proposals for the Bonds will be received on Monday, October 18, 1999, until 12:00 Noon,
Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
of the Bonds will be by the City Council at 6:00 P.M., Central Time, of the same day.
SUBMISSION OF PROPOSALS
Proposals may be submitted in a sealed envelope or by fax (651) 223-3002 to Springsted.
Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the
time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal
price and coupons, by telephone (651) 223-3000 or fax (651) 223-3002 for inclusion in the
submitted Proposal. Springsted will assume no liability for the inability of the bidder to reach
Springsted prior to the time of sale specified above. All bidders are advised that each Proposal
shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds
regardless of the manner of the Proposal submitted.
DETAILS OF THE BONDS
The Bonds will be dated November 1, 1999, as the date of original issue, and will bear interest
payable on February 1 and August 1 of each year, commencing August 1, 2000. Interest will
be computed on the basis'of a 360-day year of twelve 30-day months.
The Bonds will mature February 1 .in the years and amounts as follows:
2002
2003
2004
2005
$50,000
$65,000
$80,000
$85,000
2006
2007
2008
2009
$75,000
$65,000
$55,000
$45,000
2010
2011
$35,000
$20,000
"
The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to exceed $15,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any discount
taken by the successful bidder will be increased or reduced by a percentage equal to the percentage
by which the principal amount of the Bonds is increased or reduced. .
Proposals for the Bonds may contain a maturity schedule providing for a combination of serial
bonds and term bonds, provided that no serial bond may mature on or after the first mandatory
sinking fund redemption date of any term bond. All term bonds shall be subject to mandatory
sinking fund redemption and must conform to the maturity schedule set forth above at a price of
par plus accrued interest to the date of redemption. In order to designate term bonds, the
proposal must specify "Last Year of Serial Maturities" and "Years of Term Maturities" in the
spaces provided on the Proposal Form.
- i -
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of
Bonds made to the public. The Bonds will be issued in fully registered form and one Bond,
representing the aggregate principal amount of the Bonds maturing in each year, will be
registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"),
New York, New York, which will act as securities depository of the Bonds. Individual purchases
of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single
maturity through book entries made on the books and records of DTC and its participants.
Principal and interest are payable by the registrar to DTC or its nominee as registered owner of
the Bonds. Transfer of principal and interest payments to participants of DTC will be the
responsibility of DTC; transfer of principal and interest payments to beneficial owners by
participants will be the responsibility of such participants and other nominees of beneficial
owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the
Bonds with DTC.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
OPTIONAL REDEMPTION
The City may elect on February 1, 2008, and on any day thereafter, to prepay Bonds due on or
after February 1, 2009. Redemption may be in whole or in part and if in part at the option of the
City and in such manner as the City shall determine. If less than all Bonds of a maturity are
called for redemption, the City will notify DTC of the particular amount of such maturity to be
prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to
be redeemed and each participant will then select by lot the beneficial ownership interests in
such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition the City will pledge special
assessments against benefitted property. The proceeds will be used to refund in advance of
maturity the 2002 through 2011 maturities of the City's $3,495,000 General Obligation
Improvement Bonds, Series 1994A, dated June 1, 1994.
TYPE OF PROPOSALS
Proposals shall be for not less than $569,825 and accrued interest on the total principal amount
of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form
of a certified Of cashier's check or a Financial Surety Bond in the amount of $5,750, payable to
the order of the City. If a check is used, it must accompany the proposal. If a Financial Surety
Bond is used, it must be from an insurance company licensed to issue such a bond in the State
of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted
Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify
each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are
awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to
submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire
transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the
next business day following the award. If such Deposit is not received by that time, the
Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City
will deposit the check of the purchaser, the amount of which will be deducted at settlement and
no interest will accrue to the purchaser. In the event the purchaser fails to comply with the
- II -
accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or
amended after the time set for receiving proposals unless the meeting of the City scheduled for
award of the Bonds is adjourned, recessed, or continued to another date without award of the
Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1 %. Rates
must be in level or ascending order. Bonds of the same maturity shall bear a single rate from
the date of the Bonds to the date of maturity. No conditional proposals will be accepted.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser through DTC in New York, New York. Delivery will be subject to receipt by the
purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of
Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no-
litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal,
or equivalent, funds which shall be received at the offices of the City or its designee not later
than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds
shall have been made impossible by action of the City, or its agents, the purchaser shall be
liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance
with said terms for payment.
CONTINUING DISCLOSURE
Participating underwriters need not comply with the continuing disclosure requirements of
Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934 (the "Rule"), because the offering is in a principal amount less than
$1,000,000. Consequently, the City will not enter into any undertaking to provide continuing
disclosure of any kind with respect to the Bonds.
OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
information relative to the Bonds, and said Official Statement will serve as a nearly-final Official
Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (651) 223-3000.
- III -
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Bonds are awarded 50 copies of the
Official Statement and the addendum or addenda described above. The City designates the
senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for
purposes of distributing copies of the Final Official Statement to each Participating Underwriter.
Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its
proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a
contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring
the receipt by each such Participating Underwriter of the Final Official Statement.
Dated September 13, 1999
BY ORDER OF THE CITY COUNCIL
/s/ Sandra Peine
Clerk
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SCHEDULE OF BOND YEARS
$575,000
CITY OF ELK RIVER, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1999B
Cumulative
Year Principal Bond Years Bond Years
2002 $50,000 112.5000 112.5000
2003 $65,000 211.2500 323.7500
2004 $80,000 340.0000 663.7500
2005 $85,000 446.2500 1,110.0000
2006 $75,000 468.7500 1,578.7500
2007 $65,000 471.2500 2,050.0000
2008 $55,000 453.7500 2,503.7500
2009 $45,000 c 416.2500 2,920.0000.
2010 $35,000 c 358.7500 3,278.7500
2011 $20,000 c 225.0000 3,503.7500
Average Maturity: 6.09 Years
Bonds Dated: November 1, 1999
Interest Due: August 1, 2000 and each February 1 and August 1 to maturity.
Principal Due: February 1, 2002-2011 inclusive.
Optional Call: Bonds maturing on or after February 1, 2009 are callable
commencing February 1, 2008 and any date thereafter at par.
(See Terms of Proposal.)
c: subject to optional call
- v -
OFFICIAL STATEMENT
$575,000'
CITY OF ELK RIVER, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1999B
(BOOK ENTRY ONLY)
INTRODUCTORY STATEMENT
This Official Statement contains certain information relating to the City of Elk River, Minnesota (the
"City") and its issuance of $575,000* General Obligation Improvement Refunding Bonds,
Series 1999B (the "Bonds"). The Bonds are general obligations of the City for which the City
pledges its full faith and credit and power to levy direct general ad valorem taxes without limit as to
rate or amount. The purpose and additional source of pledged security for the Bonds are
discussed further herein.
Inquiries may be directed to Mr. Patrick D. Klaers, Administrator, City of Elk River, PO Box 490,
13065 Orono Parkway, Elk River, Minnesota 55330-0490, or by telephoning (612) 441-7420.
Inquiries may also be made to Springsted Incorporated, 85 East Seventh Place, Suite 100, St.
Paul, Minnesota 55101-2887, or by telephoning (651) 223-3000. If information of a specific
legal. nature is desired, requests may be directed to Mr. James O'Meara, Briggs and Morgan,
Professional Association, of St. Paul, Minnesota, Bond Counsel, 2200 First National Bank
Building, St. Paul, Minnesota 55101, or by telephoning (651) 223-6600.
CONTINUING DISCLOSURE
Participating underwriters need not comply with the continuing disclosure requirements of
Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934 (the "Rule"), because the offering is in a principal amount less than
$1,000,000. Consequently, the City will not enter into any undertaking to provide continuing
disclosure of any kind with respect to the Bonds.
The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to ~xceed $15,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any discount
taken by the successful bidder will be increased or reduced by a percentage equal to the percentage
by which the principal amount of the Bonds is increased or reduced.
-1-
THE BONDS
General Description
The Bonds are dated as of November 1, 1999 and issued in book entry form. Interest on the
Bonds is payable August 1, 2000 and semiannually thereafter on February 1 and August 1.
Interest will be payable to the holder (initially Cede & Co.) registered on the books of the
registrar (the "Registrar") as of the fifteenth day of the calendar month next preceding such
interest payment date. Principal of and interest on the Bonds will be paid as described in the
section herein entitled "Book Entry System." Bonds will mature in the amounts and on the
dates shown on the cover of this Official Statement. The City has name a U.S. Bank Trust
National Association as the registrar and the City will pay for the registration services.
Optional Redemption
The City may elect on February 1, 2008, and on any day thereafter, to prepay Bonds due on or
after February 1, 2009. Redemption may be in whole or in part and if in part at the option of the
City and in such manner as the City shall determine. If less than all Bonds of a maturity are
called for redemption, the City will notify DTC of the particular amount of such maturity to be
prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to
be redeemed and each participant will then select by lot the beneficial ownership interests in
such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest.
Book-Entry System
The Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the
securities (the "Securities"). The Securities will be issued as fully registered securities
registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may
be requested by an authorized representative of DTC. One fully registered Security certificate
will be issued for the Securities, in the aggregate principal amount of such issue, and will be
deposited with DTC.
DTC is a limited-purpose trust company organized under the New York Banking Law, a
"banking organization" within the meaning of the New York Banking Law, a member of the
Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform
Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17 A
of the Securities Exchange Act of 1934. DTC holds securities that its participants
("Participants") deposit with DTC. DTC also facilitates the settlement among Participants of
securities transactions, such as transfers and pledges, in deposited securities through
electronic computerized book entry changes in Participants' accounts, thereby eliminating the
need for physical movement of securities certificates. Direct Participants include securities
brokers and dealers, banks, trust companies, clearing corporations, and certain other
organizations. DTC is owned by a number of its Direct Participants and by the New York Stock
Exchange, Inc.; the American Stock Exchange, Inc.; and the National Association of Securities
Dealers, Inc. Access to the DTC system is also available to others such as securities brokers
and dealers, banks and trust companies that clear through or maintain a custodial relationship
with a Direct Participant, either directly or indirectly ("Indirect Participants"). The Rules
applicable to DTC and its Participants are on file with the Securities and Exchange
Commission.
Purchases of Securities under the DTC system must be made by or through Direct Participants,
which will receive a credit for the Securities on Dr"C's records. The ownership of each actual
purchaser of each Security ("Beneficial Owner") is in turn to be recorded on the Direct and
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Indirect Participants' records. Beneficial Owners will not receive written confirmation .from DTC
of their purchase, but Beneficial Owners are expected to receive written confirmations providing
details of the transaction, as well as periodic statements of their holdings, from the Direct or
Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers
of ownership interests in the Securities are to be accomplished by entries made on the books of
Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive
certificates representing their ownership interests in Securities, except in the event that use of
the book entry system for the Securities is discontinued.
To facilitate subsequent transfers, all Securities deposited by Participants with DTC are
registered in the name of DTC's partnership nominee, Cede & Co. or such other name as
requested by an authorized representative of DTC. The deposit of Securities with DTC and
their registration in the name of Cede & Co. or such other DTC nominee do not effect any
change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the
Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts
such Securities are credited, which mayor may not be the Beneficial Owners. The Participants
will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to
Beneficial Owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time.
Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote. with respect to
Securities. Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as
possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting
rights to those Direct Participants to whose accounts the Securities are credited on the record
date (identified in a listing attached to the Omnibus Proxy).
Principal and interest payments on the Securities will be made to Cede & Co. or such other
nominee as may be requested by an authorized representative of DTC. DTC's practice is to
credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail"
information from the City or Agent, on payable date in accordance with their respective holdings
shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by
standing instructions and customary practices, as is the case with securities held for the
accounts of customers in bearer form or registered in "street name," and will be the
responsibility of such Participant and not of DTC (nor its nominee), Agent, or the City, subject to
any statutory or regulatory requirements as may be in effect from time to time. Payment of
principal and interest to Cede & Co. (or such other nominee as may be requested by an
authorized representative of DTC) is the responsibility of issuer or Agent, disbursement of such
payments to Direct Participants is the responsibility of DTC, and disbursement of such
payments to the Beneficial Owners is the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as securities depository. with respect to the
Securities at any time by giving reasonable notice to the City or Agent. Under such
circumstances, in the event that a successor securities depository is not obtained, Security
certificates are required to be printed and delivered.
The City may decide to discontinue use of the system of book-entry transfers through DTC (or a
successor securities depository). In that event, Security certificates will be printed and
delivered.
The information in this section concerning DTC and DTC's book-entry system has been
obtained from sources that the City believes to be reliable, but the City takes no responsibility
for the accuracy thereof.
-3-
AUTHORITY AND PURPOSE
The Bonds are being issued pursuant to Minnesota Statutes, Chapters 475 and 429. Proceeds
of the Bonds and City cash will be used to refund in advance of maturity the 2002 through 2011
maturities of the City's $3,495,000 General Obligation Improvement Bonds, Series 1994A (the
"Series 1994A Bonds"), dated June 1, 1994. The refunding is being conducted to utilize
$1,150,000 of accumulated prepayments of assessements currently held in the debt service
fund for the Series 1994A Bonds. The. composition of the Issue is as follows:
Deposit to Escrow Fund
Cost of Issuance
Underwriter's Discount
Subtotal
$1,695,864
25,131
5.175
$1,726,170
Less:
Accrued Interest
Issuer Cash Contribution
(1,170)
(1.150.000)
$ 575.000
Total Bond Issue
This type of refunding is known as a "crossover" refunding, in which the proceeds of the Bonds
and the City's cash contribution of $1,150,000 are placed in an escrow account with a major
bank and invested in government securities. These securities and their earnings are structured
in such a way as to pay the interest on the Bonds until the call date of the Series 1994A Bonds
on February 1, 2001. On the call date, the securities in the escrow account will mature and will
cross over to prepay the refunded maturities of the Series 1994A Bonds. The City will continue
to pay the original debt service on the Series 1994A Bonds until the call date. Beginning with
the August 1, 2001 interest payment, the City will cross over and begin to make the reduced
debt service payments on this Issue.
In addition, the City is also in the process of using excess cash to defease its $1,550,000
General Obligation Improvement Bonds, Series 1994E.
SECURITY AND FINANCING
In addition to its general obligation pledge, the City also pledges special assessments pledged
to payment of the Series 1994A Bonds. The escrow account, established with the proceeds of
the Issue and the accumulated prepayments currently on deposit in the debt service fund for the
Series 1994A Bonds, will pay the debt service on the Bonds through February 1, 2001.
Thereafter the Bond, will be paid from special assessments originally pledged to the Series
1994A Bonds.
FUTURE FINANCING
The City has no further borrowing authorized or anticipated for at least the next 90 days,except
for placement of $150,000 in equipment certificates with a local bank.
-4-
L1TIGA TION
The City is not aware of any threatened or pending litigation affecting the validity of the Bonds
or the City's ability to meet its financial obligations.
LEGALITY
The Bonds are subject to approval as to certain matters by Briggs and Morgan, Professional
Association, of Saint Paul and Minneapolis, Minnesota, as Bond Counsel. Bond Counsel has
not participated in the preparation of this dfficial Statement and will not pass upon its accuracy,
completeness, or sufficiency. Bond Counsel has not examined nor attempted to examine or
verify, any of the financial or statistical statements, or data contained in this Official Statement
and will express no opinion with respect thereto. A legal opinion in substantially the form set
out in Appendix I herein will be delivered at closing.
TAX EXEMPTION
At closing Briggs and Morgan, Professional Association, Bond Counsel, .will render an opinion
that, at the time of the issuance and delivery of the Bonds to the original purchaser thereof, the
interest on the Bonds is excluded from gross income for United States income tax purposes
and is excluded, to the same extent, from both gross income and taxable net income for State
of Minnesota income tax purposes (other than Minnesota franchise taxes measured by income
and imposed on corporations and financial institutions), and is not an item of tax preference for
purposes of the federal alternative minimum tax imposed on individuals and corporations or the
Minnesota alternative minimum tax applicable to individuals, estates or trusts; provided,
however, that for the purpose of computing the federal alternative minimum tax imposed on
corporations, such interest is taken into account in determining adjusted current earnings. No
opinion will be expressed by Bond Counsel regarding other federal or state tax consequences
caused by the receipt or accrual of interest on the Bonds or arising with respect to ownership of
the Bonds. Preservation of the exclusion of interest on the Bonds from federal gross income
and state gross and taxable net income, however, depends upon compliance by the City with all
requirements of the Internal Revenue Code of 1986, as amended, (the "Code") that must be
satisfied subsequent to the issuance of the Bonds in order that interest thereon be (or continue
to be) excluded from federal gross income and state gross and taxable net income.
The City will covenant to comply with requirements necessary under the Code to establish and
maintain the Bonds as tax-exempt under Section 1 03 thereof, including without limitation,
requirements relating to temporary periods for investments and limitations on amounts invested
at a yield greater than the yield on the Bonds.
-5-
OTHER FEDERAL TAX CONSIDERATIONS
Property and Casualty Insurance Companies
Under the Tax Reform Act of 1986, property and casualty insurance companies are required for
taxable years beginning after December 31, 1986, to reduce the amount of their loss reserve
deduction by 15% of the amount of tax-exempt interest received or accrued during the taxable
year on certain Bonds acquired after August 7, 1986, including interest on the Bonds.
Foreign Insurance Companies
The federal Omnibus Budget Reconciliation Act of 1987 was enacted in December, 1987, and
subjects foreign companies carrying on an insurance business in the United States to a tax on
income which is effectively connected with their conduct of any trade or business in the United
States. Such income includes "net investment income" which is effectively connected, which
shall not be less than the product of (A) the "required U.S. assets" of such company, and
(B) the "domestic investment yield" applicable to such company for such year. Net investment
income includes, according to the conference report accompanying the law, "interest (including
tax-exempt interest)."
Branch Profits Tax
The Tax Reform Act of 1986 includes an income tax section entitled "Branch Profits Tax" which
imposes on any foreign corporation a tax equal to 30% of the "dividend equivalent amount" for
the taxable year. The "dividend equivalent amount" is the foreign corporation's "effectively
connected earnings and profits," reduced for increase (or increased for decrease) in "U.S. net
. equity." According to the conference report accompanying the law, "the conferees intend that a
branch's earnings and profits include income that would be effectively connected with a U.S.
trade or business if such income were taxable, such as tax-exempt municipal bond interest."
Passive Investment Income of S Corporations
Regulations released in September, 1986, pursuant to the federal S Revisions Act, which
became effective for taxable years beginning in 1982, state that "passive investment income"
Iso includes tax-exempt interest. Passive investment income, including interest on the Tax
xempt Bonds, may be subject to federal income taxation under Section 1375 of the Code for
corporations that have Subchapter C earnings and profits at the close of the taxable year if
ore than 25% of the gross receipts of such S corporations is passive investment income.
inanciallnstitutions
rior to adoption of the Tax Reform Act of 1986 (the "Act"), financial institutions were generally
ermitted to deduct 80% of their interest expense allocable to tax-exempt bonds. Under the
ct, however, financial institutions are generally not entitled to such a deduction for tax-exempt
onds purchased after August 7, 1986. The City will designate the Bonds as "qualified tax-
xempt Bonds" pursuant to Section 265(b)(3) of the Code.
76-
General
The above is not a comprehensive list of all federal tax consequences which may arise from the
receipt or accrual of interest on the Bonds. The receipt or accrual of interest on the Bonds may
otherwise affect the federal income tax (or Minnesota income tax or franchise tax) liability of the
recipient based on the particular taxes to which the recipient is subject and the particular tax
status of other items of income or deductions. Bond Counsel expresses no opinion regarding
any such consequences. All prospective purchasers of the Bonds are advised to consult their
own tax advisors as to the tax consequences of, or tax considerations for, purchasing OJ holding
the Bonds.
BANK-QUALIFIED TAX-EXEMPT OBLIGATIONS
The City will designate the Bonds as "qualified tax-exempt obligations" for purposes of
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the ability of
financial institutions to deduct from income for federal income tax purposes, interest expense
that is allocable to carrying and acquiring tax-exempt obligations.
RATING
An application for a rating of the Bonds has been made to Moody's Investors Service
("Moody's"), 99 Church Street, New York, New York. If a rating is assigned, it will reflect only
the opinion of Moody's. Any explanation of the significance of the rating may be obtained only
from Moody's.
There is no assurance that a rating, if assigned, will continue for any given period of time, or
that such rating will not be revised or withdrawn, if in the judgment of Moody's, circumstances
so warrant. A revision or withdrawal of the rating may have an adverse effect on the market
price of the Bonds.
YEAR 2000 ISSUES
Background
Many existing computer programs use only the last two digits to refer to a year. These
programs do not properly recognize a year that begins with "20" rather than "19". If not
corrected, many computer applications could fail or create erroneous results, possibly affecting
an organization's operations, financial condition, or ability to make timely payments on its
indebtedness.
Assessment
The City is actively working on its Year 2000 issues and has completed an assessment of all
computer hardware, software and imbedded compute~ chips for potential non-compliance. The
City has upgraded and/or replaced hardware and software that is not in compliance. The City
believes that the majority of remediation has been completed and any issues not yet addressed
-7-
W'
will be addressed before year end. Contingency planning is ongoing in the event there are
problems that may not have been identified or are out of the City's control.
Third Parties
The City is currently contacting third party vendors and others to seek assurance as to their
Year 2000 compliance.
DTC
DTC is currently supporting Year 2000 testing. A home page on the Internet has been
established by DTC at www.dtc.orQ where notices and other information regarding DTC's
Year 2000 project progress will be made available to Internet users regarding DTC Year 2000
issues.
FINANCIAL ADVISOR
The City has retained Springsted Incorporated, Public Finance Advisors, of St. Paul, Minnesota,
as financial advisor (the "Financial Advisor") in connection with the issuance of the Bonds. In
preparing the Official Statement, the Financial Advisor has relied upon governmental officials,
and other sources, who have access to relevant data to provide accurate information for the
Official Statement, and the Financial Advisor has not been engaged, nor has it undertaken, to
independently verify the accuracy of such information. The Financial Advisor is not a public
accounting firm and has not been engaged by the City to compile, review, examine or audit any
information in the Official Statement in accordance with accounting standards. The Financial
Advisor is an independent advisory firm and is not engaged in the business of underwriting,
trading or distributing municipal securities or other public securities and therefore will not
participate in the underwriting of the Bonds.
CERTIFICATION
The City has authorized the distribution of the Official Statement for use in connection with the
initial sale of the Bonds.
As of the date of the settlement of the Bonds, the Purchaser will be furnished with a certificate
signed by the appropriate officers of the City. The certificate will state that as of the date of the
Official Statement, the Official Statement did not and does not as of the date of the certificate
contain any untrue statement of material fact or omit to state a material fact necessary in order
to make the statements made therein, in light of the circumstances under which they were
made, not misleading.
-8-
CITY PROPERTY VALUES
1998 Indicated Market Value of Taxable Property: $804,826,203
*
Calculated by dividing the county assessor's estimated market value of $712,271,190 by the 1998
sales ratio of 88.5% for the City, as determined by the State Department of Revenue.
1998 Taxable Net Tax Capacity: $12,375,626
Real Estate:
Residential
Commercial, Industrial and Public Utility
Non-Homestead Residential
Agricultural
Personal Property
Subtotal
Less: Captured Tax Increment Tax Capacity
Total
Trend of Values
$ 5,441,737
5,378,093
951,278
565,128
269.243
$12,605,479
(229,853 )
$12,375,626
43.2%
42.7
7.5
4.5
--.U
100.0%
Assessor's
Indicated Estimated Taxable Tax
Market Value(a) Market Value Capacity(b)
1998 $804,826,203 $712,271,190 $12,375,626
1997 732,331,599 645,916,470 12,383,123
1996 631,169,657 565,528,013 11,925,032
1995 594,622,794 519,105,699 10,694,856
1994 542,720,880 473,795,328 9,324,360
(a) Calculated by dividing the assessor's estimated market value by the certified sales ratio for each year,
as determined by the State Department of Revenue.
(b) For an explanation of tax capacity rates, see Appendix III.
Ten of the Largest Taxpayers in the City
Taxpayer
United Power Association (Great
River Energy)
Bradley Operating .L. P.
Northern States Power and
United Power Association
Menards, Inc.
Dayton Hudson Corp.
Tescom Corp.
B & G Realty, Inc.
Alltool Manufacturing Co., Inc.
Fairview Hospital & Healthcare
Evans Meadows Apts. L.P.
Total
Type of Business
1998 Net
Tax Capacity
Utility
Shopping Centers
Utility (Resource
Recovery Facility)
Retail Sales
Retail Sales
Pressure Control Devices
Commercial
Industrial Manufacturing
Healthcare
Apartments
$ 780,166
429,440
423,797
193,183
170,240
157,693
111 ,430
106,341
103,996
101 .883
$2,578,169*
Represents 20.8% of the City's 1998 taxable net tax capacity.
-9-
CITY INDEBTEDNESS
Legal Debt Limit and Margin
Legal Debt Limit (2% of Estimated Market Value)
Less: Outstanding Debt Subject to Limit
Legal Debt Margin as of September 2, 1999
$14,245,424
(655,175)
$13,590,249
General Obligation Debt Supported by Taxes;
Date Original
of Issue Amount Purpose
11-1-89 $480,000 Fire Equipment
12-1-95 88,000 Equipment
12-1-96 81,000 Equipment
5-1-97 311,500 Equipment
1-7 -98 225,000 Equipment
12-1-98 113,550 Equipment
Total
Final
Maturity
Principal
Outstanding
As of 9-2-99
2.1-2001
. 2-1-2000
2-1-2001
2-1-2002
8-1-2002
2-1-2003
$125,000
22,000
40,500
211 ,125
172,500
84,050
$655,175
These issues are subject to the statutory debt limit.
General Obligation Debt Supported Primarily by Special Assessments
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 9-2-99
6-1-92 $2,350,000 Improvements 2-1-2008 $ 1,375,000
1 0-1-93 2,400,000(a) Improvements 2-1-2004 910,000
6-1-94 3,495,000 Improvements 2-1-2001 480 OOO(b)
12-1-94 1,550,000 Improvements 2-1-2010 1 105' ooo(e)
, ,
7 -1-96 500,000 Improvements 2-1-2004 375,000
8-1-97 1,165,000 Improvements 2-1-2013 985,000
12-1-98 1,375,000 Improvements 2-1-2009 1,375,000
7 -1-99 5,725,000 Improvements 2-1-2015 5,725,000
11-1-99 575,000 Improvement Refunding (this Issue) 2-1-2011 575.000
Total $12,905,000
(a) Represents the special assessment supported portion of the City's $3,523,350 General Obligation
Permanent Improvement Revolving Fund Bonds, Series 1993B.
(b) Excludes the 2002 thru 2011 maturities being refunded with the Bonds.
(c) The City will deposit in escrow on October 18,1999, sufficient funds to defease this issue.
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General Obligation Debt Supported by Tax Increment
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 9-2-99
11-1-89 $410,000 Taxable Tax Increment 2-1-2007 $270,000
4-1-90 400,000 Taxable Tax Increment 2-1-2010 315,000
11-1-92 160,000 Taxable Tax Increment 2-1-2007 121,500
7 -1-94 255,000 Tax Increment 2-1-2007 190,000
Total $896,500
General Obligation Debt Supported by Revenues
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 9-2-99
10-1-93 1,125,000' Water 2-1-2009 $ 840,000
6-1-94 1,280,000 Sewer 2-1-2009 1,000,000
6-1-94 1,080,000 Storm Sewer 12-1-2009 885,000
12-1-94 1,010,000 Water 2-1-2010 820,000
7 -1-96 2,655,000 Sewer 2-1-2016 2,355,000
7-16-96 2,100,000 Ice Arena 2-1-2013 1,980,000
8-1-97 335,000 Water 12-1-2007 275,000
12-1-98 820,000 Water 2-1-2014 820,000
Total $8,975,000
Represents the water utility supported portion of the City's $3,523,350 General Obligation Permanent
Improvement Revolving Fund Bonds, Series 1993B.
Lease Purchase Obligation'
Date Original
of Issue Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 9-2-99
11-1-91 $2,740,000
12-1-97 2,295,000
City Hall Lease
City Hall Lease Refunding
2-1-2000
2-1-2011
$ 135,000
2.295,000
$2,430,000
Total
Issued by the Economic Development Authority for the City of Elk River. The lease payments are
subject to annual appropriation by the City.
Revenue Debt
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 9-2-99
7-1-97 $1,245,000
Liquor Store
2-1-2007
$1,080,000
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Annual Calendar Year Debt Service Payments Including This Issue And Excluding The
Refunded Bonds
G.O. Debt Supported
G.O. Debt Supported Primarily by
by Taxes Special Assessments
Principal Principal
Year Principal & Interest Principal & Interest(a)
1999 (at 9-2) (Paid) (Paid) (Paid) (Paid)
2000 $ 253,625 $ 282,900.03 $ 1,145,000 $ 1,856,465.84
2001 232,475 ~48,658.04 1,600,000 2,183,477.50
2002 149,725 155,906.17 1,220,000 1,689,323.75
2003 19,350 19,887.93 1,320,000 1,730,985.00
2004 1,335,000 1,683,958.75
2005 950,000 1,244,133.75
2006 935,000 1,182,438.75
2007 905,000 1,106,016.25
2008 705,000 864,313.75
2009 520,000 647,452.50
2010 420,000 523,160.00
2011 310,000 394,472.50
2012 295,000 364,555.00
2013 295,000 349,875.00
2014 285,000 325,375.00
2015 665,000 681 ,625.00
Total $655,175 $707,352.17 $12,905,000(b) $16,827,628.34
(a) Includes this Issue at an assumed average annual interest rate of 4.67%.
(b) 82% of this debt will be repaid within ten years.
G.O. Debt Supported G.O.DebtSupported
by Tax Increments by Revenues
Principal Principal
Year Principal & Interest Principal & Interest
1999 (at 9-2) (Paid) (Paid) $ 145,000 $ 225,822.50
2000 $ 70,000 $ 143,013.50 510,000 979,037.50
2001 76,500 143,699.25 540,000 982,642.50
2002 82,500 143,263.75 565,000 979,990.00
2003 95,000 148,533.75 595,000 980,532.50
2004 101,500 146,995.75 635,000 989,185.00
2005 113,500 150,067.00 665,000 985,672.50
2006 115,000 141,976.25 700,000 984,945.00
2007 127,500 144,261.25 740,000 986,725.00
2008 35,000 44,652.50 735,000 941,885.00
2009 40,000 45,940.00 775,000 940,210.00
2010 40,000 41,980.00 470,000 594,530.00
2011 390,000 490,673.75
2012 410,000 488,815.00
2013 435,000 490,546.25
2014 260,000 290,730.00
2015 195,000 212,835.00
2016 210,000 216,090.00
Total $896,500(a) $1,294,383.00 $8,975,000(b) $12,760,867.50
(a) 96% of this debt will be retired within ten years.
(b) 65% of this debt will be retired within ten years.
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Annual Calendar Year Debt Service Payments Including This Issue (Continued)
Year
Lease Purchase Obliqation
Principal
Principal & Interest
1999 (at 9-2)
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
(Paid)
$ 135,000
170,000
175,000
185,000
195,000
205,000
220,000
230,000
245,000
260,000
280,000
130,000
$2,430,000 *
(Paid)
$ 267,463.75
277,602.50
274,408.75
275,858.75
276,833.75
277,333.75
282,185.00
281,327.50
284,625.00
287,000.00
293,500.00
133.250.00
$3,211,388.75
Total
*
83% of this debt will be retired within ten years.
Revenue Debt
Principal
Principal & Interest
(Paid)
$ 80,000
80,000
140,000
145,000
155,000
165,000
175,000
140,000
(Paid)
$146,040.00
140,960.00
193,975.00
189,926.25
190,401.25
190,241.25
189,446.25
144,445.00
$1,080,000
$1,385,435
State Loan
A State loan of $487,377 was received in 1981 for the repair of Orono Dam. This loan is
payable over 20 years through March 1,2001, at an annual interest rate of 8.374% and is to be
paid from special assessments against benefiting properties and ad valorem taxes. The
outstanding balance as of September 2, 1999 is $90,536.40.
Summary of Debt
Gross
Debt
G.O.Debt:
Supported by Taxes $ 655,175
Supported by Special Assessments
Supported by Tax Increment
Supported by Revenues
Lease Purchase Obligations
Revenue Debt
12,905,000
896,500
8,975,000
2,430,000
1,080,000
Less: Debt
Service Funds(a)
Net
Direct Debt
$ (124,729 )$ 530,446
(1,141,518)(d) 11,763,482
(128,527) 767,973
(b) 8,975,000
(c) 2,430,000
(b) 1,080,000
(a) Debt service funds are as of August 31, 1999 and include money to pay both principal and interest.
(b) Debt service funds are transferred immediately prior to payment date from the appropriate enterprise
funds.
(c) Payable from general revenues.
(d) Excludes $2,700,000 being used to refund the Series 1994A Bonds and defease the Series 1994E
Bonds.
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Indirect Debt
Taxinq Unit
Sherburne County
ISO 728 (Elk River)
1998 Taxable
Net Tax Capacity
$56,503,852
27,163,846
G.O. Debt
As of 9-2-99
$13,445,000
65,435,664
Debt Applicable to
Tax Capacity in City
Percent Amount
21.9%
45.6
$ 2,944,455
29,838,663
$32,783,118
Total
Debt Ratios
To 1998 Indicated Market Value ($804,826,203)
Per Capita (14,667- 1998 Estimate)
G.O. Net
Direct Debt *
1.92%
$1,056
G.O. Indirect &
Net Direct Debt*
6.06%
$3,326
* Excludes general obligation debt supported by revenue, revenue debt, and the State Loan. Includes
lease purchase obligations.
Source: U. S. Census, State Demographer
CITY TAX RATES, LEVIES AND COLLECTIONS
(a) Taxes are determined by multiplying the net tax capacity by the tax capacity rate, expressed as a
percentage. (See Appendix 11I).-
(b) In addition to the tax rates stated above, Independent School District 728 has an excess levy spread
over the market value of the District, which is 0.13629% for 1998/99.
Tax Levies and Collections
Levy/Collect
1998/99
1997/98
1996/97
1995/96
1994/95
Gross
Levy
$4,230,293
3,852,600
3,544,555
3,163,670
2,837,791
Net
Levv*
$3,629,214
3,251,215
2,943,464
2,570,291
2,223,394
. Collected During
Collection Year
Amount Percent
Collected
As of 12-31-98
Amount Percent
(In Process of Collection)
$3,174,240 97.6% $3,174,240
2,877,481 97.8 2,908,448
2,530,853 98.5 2,553,847
2,186,923 98.4 2,211,565
97.6%
98.8
99.4
99.5
The net levy excludes Homestead and Agricultural Aid (HACA) and other property tax credits. The
net levy is the basis for computing the tax capacity rates.
-14-
FUNDS ON HAND
As of August 31, 1999
Fund
General
Special Revenue
Debt Service:
Tax Increment
Special Assessment
Tax
Revenue
Capital Projects
Enterprise
Total City Funds
Water & Electric Utility
Water
Electric
Total Utility Funds
Cash and Investments
$ 1,587,517
5,998,325
128,527
1,141,518*
124,729
268,888
2,259,541
3.485.916
$17,694,960
$ 1,571,643
1 .696,867
$ 3,268,510
*
Excludes $2,700,000 being used to refund the Series 1994A Bonds and defease the Series 1994E
Bonds.
CITY INVESTMENTS
The City's investment policy, by order of priority, emphasize safety of principal, liquidity and rate
of return. As of August 31,1999, the City had total investments purchasedat $15,536,322 with
a value at maturity of $16,530,000. This includes $2,700,000 being used to refund the Series
1994A Bonds and defease the Series 1994E Bonds. Of the total maturity value, 8.3% was
invested in Certificates of Deposit, 44.2% in Commercial Paper, and 52.5% in U.S. government
agency investments. 72.1 % of invested funds will mature prior to October 31, 2004.
GENERAL INFORMATION CONCERNING THE CITY
Elk River is situated on the Mississippi River in southeastern Sherburne County, adjacent to the
seven-county metropolitan area. Sherburne County has been designated a component of the
13-county Twin Cities Metropolitan Statistical Area (MSA) by the U.S. Bureau of the Census.
The City has a land area of approximately 43 square miles (27,840 acres). The City's
population growth is described in the table below:
Year
1998 (Estimate)*
1990 (U.S. Census)
1980 (U.S. Census)
1970 (U.S. Census)
Population
14,667
11 , 143
6,785
2,749
% Increase
31%
64
147
Source: U. S. Census, State Demographer
-15-
Major Employers
Employer
Independent School District 728
Sherburne County
Great River Energy (formerly United
Power Association)
Cub Foods
Guardian Angels of Elk River, Inc.
Tescom Corporation
Target
AI/tool Manufacturing
Menards
Coborns Food and Drug
AI/iant Techsystems Inc.
Product/Service
Approximate
Number
of Employees
Education
Government
655*
389
Electric Utility
Grocery Store
Nursing/Health Care/Housing
Pressure Control Devices
Retail Store
Metal Stamping
Retail Store
Grocery
Weapons & Ammunition
330
230
220
205
200
191
185
125
107
District employees in Elk River.
Source: 1999 Elk River Community Profile and phone survey of individual employers.
Labor Force Data
AUQust 1999
Civilian Unemployment
Labor Force Rate
Sherburne County
Minneapolis-St. Paul SMSA
Minnesota
32,525
1,734,232
2,762,210
AUQust 1998
Civilian Unemployment
Labor Force Rate
1.9%
1.9
2.3
31,891
1,701,395
2,712,156
1.6%
1.7
2.0
Source: Minnesota Department of Economic Security. 1999 data is preliminary
Retail Sales and Effective Buying Income for Sherburne County
1998
1997
1996
1995
1994
Total
Retail Sales
($ooo)(a)
$473,269
410,299
363,222
311,890
266,601
Effective BuyinQ .Income for Sherburne County
Total Median
($OOO)(b) Household(b)
$943,969
794,678
751,473
694,234
768,719
$41 ,743
39,715
37,297
36,032
42,166
(a) Retail sales figures are based on the 1993 Census of Retail Trade.
(b) EBI figures shown for 1994 were based on Bureau of Economic Analysis ''personal income" and are
not directly comparable to EBI figures for 1995 through 1997, which are based on Census Bureau
"money income. "
NOTE: The 1997 Median Household EBI for the State of Minnesota is $35,050.
Source: "Survey of Buying Power, " Sales & Marketino Manaqement, 1995 through 1999 editions.
-16-
Summary of Building Permits
Total Permits
Number Value
New Sinqle-Family Homes
Number Value
1999 (to 9-8)
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
422
665
644
572
556
355
528
444
429
459
259
$36,170,525
57,400,450
47,780,991
40,299,669
34,446,618
22,780,000
25,300,852
16,013,048
19,704,961
24,563,956
22,814,680
129
201
182
209
173
122
122
107
107
125
198
$16,816,700
26,204,926
22,267,752
21,053,283
16,466,586
14,700,308
13,017,086.
10,710,796
9,401,856
11,087,650
15,920,803
Source: City of Elk River
Recent and Proposed Commercial Development
The following summarizes some significant recent developments in the City:
. The City is initiating a substantial expansion of its infrastructure to assist development of the
East Elk River area. Water and sewer interceptors are being constructed to service
approximately 700 acres of this development area. The serviced area will consist of a mix
of residential, commercial and business park uses. Approximately 450 acres are currently
in the development stage with the development plans under review by the City Council.
Plans include a 600-lot residential subdivision, a commercial plat accommodating numerous
retail services, and a business park immediately south of the commercial area. The project
will include expansion of a new four-lane road and associated signal lights and storm sewer
improvements.
. Morrell Transfer relocated its operations within the City and constructed a 50,690 square-
foot transfer facility in the East Elk River area.
. A 25,000 square-foot multi-tenant building that was constructed in the East Main Street area
in 1998 was expanded to 55,000 square feet in 1999.
An 8,600 square-foot professional/office building was constructed on Main Street in late
1998. The building houses Coldwell Banker Vision real estate offices and has rental space
for other tenants.
· A new 78-unit Country Inn & Suites hotel located along the Highway 169 commercial
corridor was completed in May of 1999.
· The Elk River Post Office is proposing to relocate and expand its facilities. The proposed
28,000 square-foot building would accommodate both retail operations and a carrier annex
in addition to general post office functions.
Sherburne County is currently expanding its administration and jail facilities. The
government center was expanded by 39,000 square feet to accommodate administrative
functions. The new jail will house 106 inmates.
-17-
A new retail building to house Goodwill Industries and Sherwin Williams is nearing
completion. The $900,000 building is located in the Hillside Crossing retail development
Guardian Angels, a non-profit elderly care and housing organization, has completed
construction on a new assisted living center. The complex also includes town homes, and
ancillary retail buildings, which will be constructed next year.
Shiely Masonry expanded its block manufacturing plant by 40,700 square feet.
central Lutheran Church recently completed a 17,000 square-foot addition to its existing
church.
Construction on a Boys and Girls Club is nearing completion. The facility is expected to
open in the fall 1999.
sportech, an after market snowmobile accessory supplier, has expanded its operations to
include manufacturing of snowmobile windshields. Sportech has constructed an 11,000
square-foot building to house all of its office, manufacturing and warehouse operations.
Supermats, Inc., a manufacturer and distributor of mats and flooring products has
constructed a 40,000 square-foot manufacturing building on the last lot in the' Elk River
Industrial Park. Prior to construction, Supermats, Inc. leased space in the industrial park.
A bicycle shop and an antique store have opened in downtown Elk River in space recently
vacated by the local newspaper, Elk River Star News, which relocated to a larger facility.
ffice Max is constructing a store valued at approximately $1,300,000 in the Elk Park
enter shopping area.
Hollywood Video constructed an 8,100 square-foot building in Elk Park Center. Hollywood
Video occupies 5,000 square feet and a LeeAnn Chin Restaurant leases the balance,
Ink Wizards, an embroidery and silk screen company, recently expanded and constructed a
5,000 square-foot manufacturing facility.
ai-Mart has requested a site plan review for a 185,000 square foot store it plans to
onstruct in Elk River Crossings, a new commercial development in east Elk River.
1999
Islandview 5th
Hillside Estates 9th
Cherrywood Hills 2nd
Star Light Estates
Lafayette Woods 3rd
7 single family
61 single family
21 single family
1 single family
37 single family
1998
Orono Shores
Trott Brook Farms
Mixed use PUD
365 acres mixed
residential/600 lots
20 single family
4 single family
8 single family
Windsor Woods
Blackberry Hills
Hidden Creek
-18-
Medical Services
The City is 12 miles from Mercy Medical Center in Coon Rapids, a major acute care facility with
190 beds and additional specialty care units, totaling 81 beds. The 120-bed privately owned
Elk River Nursing Home is an extended nursing care facility located in the City. A 36-unit
apartment building for moderate income elderly persons is located adjacent to the Elk River
Nursing Home. Both the Elk River Nursing Home and adjacent apartment building for seniors
are operated by the Guardian Angels Foundation.
There are currently two full-service medical clinics in Elk River in addition to several specialty
clinics. Both Mork Clinic and Fairview Northland Clinic provide medical services including family
practice, emergency stabilization and physical therapy services. After hours emergency
medical care is offered' at Mork Clinic through ProCare. Same day surgery services are offered
at Fairview Northland Clinic. North Memorial plans to construct a 28,000 square-foot medical
building in 1999. North Memorial will operate a full-service clinic in 8,000 square feet, and the
remainder of the building will be available for rent by other medical-related service providers.
Education
Independent School District 728, Elk River, maintains the administrative offices of the District in
Elk River. The District serves an area of 180 square miles located in five counties. The District
has a projected 1999/00 enrollment of approximately 8,955 students in grades kindergarten
through 12. The District has a staff of 644 (FTE), of which 391 (FTE) are teachers.
GOVERNMENTAL ORGANIZATION AND SERVICES
Organization
The present City of Elk River has been a municipal corporation since the consolidation of the
original City and Elk River Township on October 31, 1977. The governing body consists of the
Mayor, elected at large, and four Council members. The following members comprise the
present City Council:
Expiration of Term
Stephanie Klinzing
John J. Dietz
Larry Farber
Paul Motin
Daryl Thompson
Mayor
Council Member
Council Member
Council Member
Council Member
December 31, 2002
December 31,2002
December 31, 2000
December 31, 2002
December 31, 2000
The City Administrator is Mr. Patrick D. Klaers who has been with the City since May 1986.
The City Administrator is responsible for managing the daily business of the City and carrying
out Council policy. Ms. Lori R. Johnson, the City's Finance DirectorlTreasurer, has been with
the City since September 1985. Ms. Sandra A. Peine, City Clerk, also joined the City staff in
1985. Paul Steinman is the City's Economic Development Director and has been with the City
since 1996.
-19-
Services
Police protection for the City is provided by 25 sworn officers, a 15-member reserve force and
three community service officers. The City has a 34-member volunteer fire department and a
full-time Fire Chief. Elk River currently maintains 22 parks and there is also a State park
located in the City. The City employs a total of 94 individuals on a full-time basis and 60 part-
time seasonal personnel.
The core City area of Elk River has municipal sewer and water services. Development has
been occurring beyond the core area of the City, resulting in municipal services being extended
to the newly developed areas.
The water system has a pumping capacity of 3,650 gallons per minute. Average daily water
demand is estimated to be 1,000,000 gallons per day with a peak demand of approximately
3,500,000 gallons per day. The system has a storage capacity of 2.5 million gallons. The
system services 2,150 connections.
The sewer system has a treatment plant capacity of 1,640,000 gallons per day with average
demand at 754,000 gallons per day, an estimated peak demand of 996,000 gallons per day and
serves 2,083 connections. The system was recently expanded and is operating at about 50%
capacity, allowing for future development and demand.
The City owns and operates an off-sale liquor store and reported net income before transfers of
$271,481 for the fiscal year ending December 31, 1998. .
Electricity for the City is provided by Connexus Energy and Great River Energy. The Elk River
Public Utilities Commission, a municipally-owned utility with its own generating facilities using fuel
oil and natural gas, provides additional power if necessary. The Municipal Utilities Commission,
which manages both the electric fund and the water fund, showed an income before transfers of
$2,178,678 in 1998. Natural gas is available from Reliant.
Current Budget Summary
1999
Revenues:
General Property Tax $2,993,950
Intergovernmental Revenues 1,028,800
Charges for Services 436,500
Fines & Forfeitures 95,000
Licenses & Permits 351,150
Other Revenue 78,250
Transfers 354,800
Use of Reserves 25,000
Total Revenues
$5,363,450
1999
Expenditures:
General Government
Police
Fire/Emergency
Preparedness
Streets, Engineering
and Maintenance
Buildings
Park and Recreation
Contingency
Total Expenditures
-20-
$1,450,700
2,041,100
315,150
814,550
134,400
500,900
106,650
$5,363,450
Employee Pensions
All full-time and certain part-time employees of the City of Elk River are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer
retirement plans. PERF members belong to either the Coordinated Plan or the Basic Plan.
Coordinated members are covered by Social Security and Basic members are not. All new
members must participate in the Coordinated Plan. All police officers, fire fighters and peace
officers who qualify for membership by statute are covered by the PEPFF. The City contributed
$298,484 to PERA for fiscal year ended December 31, 1998.
The City of Elk River is a non-employer contributor to the Elk River Fire Relief Association which is
the administrator of a single employer public employee retirement system (PERS) established to
provide benefits for members of the Elk River Fire Department. The Elk River Fire Relief
Association funding policy provides for contributions from the City of Elk River in amounts
sufficient to accumulate assets to pay benefits when due. Contributions from the City may consist
of State Aid and property tax revenue. The unfunded liability (if any) is amortized over a period of
ten years. Contributions totaling $79,502 ($20,150 from the City and $59,352 from the State of
Minnesota) were made in accordance with State Statutes requirements for the year ended
December 31, 1998. The contribution by the City was intended to cover normal cost.
(The Balance of This Page Has Been Intentionally Left Blank)
-21-
BRIGGS A.....n MORGAN
(2) The Bonds are valid and binding general obligations of
the City and all of the taxable property within the City is subject
to the levy of an ad valorem tax to pay the same without limitation
as to rate or amounti provided that the enforceability (but not the
validity) of the Bonds and the pledge of revenues for the payment
of the principal thereof and interest thereon are subject to the
exercise of judicial discretion in accordance with general
principles of equity, to the constitutional powers of the United
States of America and to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors' rights
heretofore or hereafter enacted.
(3) At the time of the issuance and delivery of the Bonds to
the original purchaser thereof, the interest on the Bonds is
excluded from gross income for United States income tax purposes
and is excluded, to the same extent, from both gross income and
taxable net income for State of Minnesota income tax purposes
(other than Minnesota franchise taxes measured by income and
imposed on corporations and financial institutions), and is not an
item of tax preference for purposes of the federal alternative
minimum tax imposed on individuals and corporations or the
Minnesota alternative minimum tax applicable to individuals,
estates or trusts i provided, however, that for the purpose of
computing the federal alternative minimum tax imposed on
corporations, such interest is taken into account in determining
adj usted current earnings. The opinions set forth in the preceding
sentence are subject to the condition that the City comply with all
requirements of the Internal Revenue Code of 1986, as amended, that
must be satisfied subsequent to the issuance of the Bonds in order
that interest thereon be, or continue to be, excluded from gross
income for federal income tax purposes and from both gross income
and taxable net income for State of Minnesota income tax purposes.
Failure to comply with certain of such requirements may cause the
inclusion of interest on the Bonds in gross and taxable net income
retroactive to the date of issuance of the Bonds.
We express no opinion regarding other state or federal tax
consequences caused by the receipt or accrual of interest on the
Bonds or arising with respect to ownership of the Bonds.
day of November,
Professional Association
1080030.1
1-2
APPENDIX J
2200 FIRST NATIONAL BANK BUILDING
332 MINNESOTA STREET
SAINT PAUL, MINNESOTA 55101
TELEPHONE (651)223-6600
FACSIMILE (651) 22.3-6450
BRIGGS AND MORGAN
PROFESSIONAL ASSOCIATION
WRITER'S DIRECT DIAL
PROPOSED FORM OF LEGAL OPINION
WRITER'S E-MAIL
$
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS
SERIES 1999B
CITY OF ELK RIVER
SHERBURNE COUNTY, MINNESOTA
We have acted as bond counsel in connection with the
issuance by the City of Elk River, Sherburne County, Minnesota (the
"City"), of its $ General Obligation Improvement
Refunding Bonds, Series 1999B, bearing November I, 1999, as the
date of their original issue (the "Bonds"). We have examined the
law and such certified proceedings and other documents as we deem
necessary to render this opinion.
We have not been engaged or undertaken to review the
accuracy, completeness or sufficiency of the Official Statement or
other offering ma.ferial relating to the Bonds, and we express no
opinion relating thereto.
As to questions of fact material to our opinion, we have
relied upon the certified proceedings and other certifications of
public officials furnished to us without undertaking to verify the
same by independent investigation.
Based upon such examinations, and assuming the
authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to us
as certified or photostatic copies and the a.uthenticity of the
originals of such documents, and the accuracy of the statements of
fact contained in such documents, and based upon present Minnesota
and federal laws (which excludes any pending legislation which may
have a retroactive effect on or before the date hereof),
regulations, rulings and decisions, it is our opinion that:
(1) The proceedings show lawful authority for the issuance of
the Bonds according to their terms under the Constitution and laws
of the State of Minnesota now in force.
1080030.1
MINNEAPOLIS OFFICE ~ IDS CENTER" www.BRIGGS.COM
MEMBER - LEX MUNDI, A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS
APPENDIX \I
CONTINUING DISCLOSURE UNDERTAKING
This Continuing Disclosure Undertaking (the "Undertaking") is executed and delivered by the City of Elk
River, Minnesota (the "City"), in connection with and on the date of actual issuance and delivery of the City's
$ General Obligation Improvement Refunding Bonds, Series 1999B, dated November I, 1999
(the "Bonds"). The Bonds are being issued pursual1t to a certain Resolution adopted by the City Council, the
governing body of the City, on October 18, 1999 (the "Resolution"). The City hereby covenants and agrees as
follows:
SECTION 1. Purpose of the Disclosure Undertaking. This Undertaking is being executed and
delivered by the City and the City hereby covenants for the benefit of the Bondholders to provide such information
and to discharge such other disclosure or reporting obligations as may be required by the applicable provisions of
SEC Rule 15c2-12(b)(5).
SECTION 2. Definitions. In addition to the definitions set forth in the Resolution, which apply to any
capitalized term used but not otherwise defined in this Undertaking, the following capitalized terms shall have the
following meanings:
"Annual Report" means any annual financial information provided by the City pursuant to, and as
described in, Sections 3 and 4 of this Undertaking.
"Audited Financial Statements" means the financial statements of the City audited annually by an
independent certified public accounting firm, prepared pursuant to generally accepted accounting
principles promulgated by the Financial Accounting Standards Board, as modified by governmental
accounting standards promulgated by the Government Accounting Standards Board.
"Bondholders" means the owners from time to time of the Bonds, including beneficial owners.
"Dissemination Agent" means such party from time to time designated in writing by the City to
act as information dissemination agent and which has filed with the City a written acceptance of such
designation.
"Fiscal Year" means the fiscal year of the City, currently the calendar year.
"MSRB" means the Municipal Securities Rulemaking Board, located at 1150 18th Street
Northwest, Suite 400, Washington, D.C. 20036.
"National Repository" means any Nationi1l1y Recognized Municipal Securities Information
Repository for purposes of the Rule. Currently, the following are National Repositories:
Bloomberg Municipal Repository
P.O. Box 840
Princeton, NJ 08542-0840
Phone: (609) 279-3200
Fax: (609) 279-5962
Thomason Municipal Services
Attn: Municipal Disclosure
395 Hudson Street - Third Floor
New York, NY 10014
Phone: (800) 689-8466
Fax: (212) 989-2078
1080180.1
11-1
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07204
Phone: (201)346-0791
Fax: (201) 945-0107
E-Mail: Nrmsir@dpcdata.com
Kenny Information Systems Inc.
Attn: Repository Services
65 Broadway - 16th Floor
New York, NY 10006-4595
Phone: (212) 770-4595
Fax: (212) 797-7994
"Occurrence(s)" means any of the events listed in Section 5 of this Undertaking.
"Repository" means each National Repository and each State Depository.
"Rule" means Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as the same may be amended from time to time and made applicable to
the Bonds, and as may be officially interpreted by the Securities and Exchange Commission.
"State" means the State of Minnesota.
"State Depository" means any public or private repository or entity designated by the State as a
state depository for the purpose of the Rule. As of the date hereof, there is no State Depository in
Minnesota.
SECTION 3.
Provision of Annual Reports.
A. Within one year after the end of each Fiscal Year, commencing with the Fiscal Year ending
December 31, 1999, the City shall provide, or shall cause the Dissemination Agent to provide, to
each Repository an Annual Report which is consistent with the requirements of Section 4 of this
Undertaking.
B. If the City is unable to provide to the Repositories an Annual Report by the required date, the City
shall send a notice of such delay and estimated date of delivery to each Repository and shall
provide the Annual Report to each Repository as soon as it becomes available.
SECTION 4. Content of Annual Reports. The City's Annual Report shall contain or incorporate by
reference the following financial information and operating data pertaining to the City:
A. An update of the type of information contained in the Official Statement for the Bonds under the
captions CITY PROPERTY VALUES; CITY INDEBTEDNESS; and CITY TAX RATES,
LEVIES AND COLLECTIONS. Any or all of this information may be incorporated by reference
from other documents, including official statements of debt issues of the City which have been
submitted to each of the Repositories or the SEC. If the document incorporated by reference is a
final official statement, it must also be available from the MSRB. The City shall clearly identify
each such other document so incorporated by reference.
B. Audited Financial Statements of the City; provided that if such Audited Financial Statements are
not available on or before the date for filing the Annual Report with the Repositories, unaudited
fmancial statements shall be provided.
The Annual Report may be submitted to each Repository as a single document or as separate documents
comprising ~ package and may cross-reference other information or documentation. The Audited Financial
Statements may be submitted to each Repository separately from the balance of the Annual Report.
1080180.1
11-2
SECTION 5. Reporting of Significant Events. The City shaIl notify each Repository of any of the
foIlowing Occurrences with respect to the Bonds, if material:
(1) Principal and interest payment delinquencies.
(2) Non-payment related defaults.
(3) Unscheduled draws on debt service reserves reflecting financial difficulties.
(4) Unscheduled draws on credit enhancements reflecting financial difficulties.
(5) Substitution of credit or liquidity providers or their failure to perform.
(6) Adverse tax opinions or events affecting the tax-exempt status of the Bonds.
(7) Modifications to rights of Bondholders.
(8) Bond calls.
(9) Defeasances.
(10) Release, substitution or sale of property securing repayment of the Bonds.
(11) Rating changes.
SECTION 6. Termination of Reporting Obligation. The City's obligations under this Undertaking
shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds.
SECTION 7. Dissemination Agent. The City may from time to time appoint or engage a
Dissemination Agent to assist it in carrying out its obligations under this Undertaking, and the City may discharge
any such Agent, with or without appointing a successor Dissemination Agent.
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Undertaking, the City
may amend this Undertaking, and any provision of this Undertakingmay be waived, if (a) a change in law or in the
ordinary business or operation of the City has occurred, (b) such amendment or waiver, in the opinion of counsel
expert in federal securities laws, would not, by itself or in combination with any other such amendments or waivers,
cause the undertakings herein to violate the Rule if such amendments or waivers had been effective on the date
hereof but taking into account any subsequent change in or official interpretation of the Rule, and (c) such
amendment or waiver, in the opinion of counsel expert in federal securities laws, would not materially impair the
interests of Bondholders.
SECTION 9. Additional Information. Nothing in this Undertaking shall be deemed to prevent the City
from disseminating any other information, using the means of dissemination set forth herein or any other means of
communication, or including any other information in any Annual Report or notice of an Occurrence, in addition to
that which is required hereby. If the City chooses to include any information in any Annual Report or notice of
Occurrence in addition to that which is specifically required hereby, the City shall have no obligation hereunder to
update such information or include it in any future Annual Report or notice of Occurrence.
SECTION 10. Default. In the event of a failure of the City to provide information required by this
Undertaking, any Bondholder may take such actions as may be necessary and appropriate, including seeking
mandate or specific performance by court order, to cause the City to comply herewith. A default under this
Undertaking shall not be deemed a default or breach of covenant under the Bonds or the Resolution, and the sole
remedy hereunder for any such breach shall be an action to compel performance.
1.0801.80.1.
11-3
SECTION 11. Beneficiaries. This Undertaking shall inure solely to the benefit of the City and the
Bondholders and shall create no rights in any other person or entity.
SECTION 12. Reserved Rights. The City reserves the rights (a) to discontinue providing any
information required under the Rule if a final determination should be made by a court of competent jurisdiction
that the Rule is invalid or otherwise unlawful and (b) to modify the City's obligations under this Undertaking if such
modification is required by the Rule or by a court of competent jurisdiction.
SECTION 13. Prior Compliance. The City has complied with all of its prior undertakings made
pursuant to the Rule.
Date: ' 1999
CITY OF ELK RlVER, MINNESOTA
~L~ ~ - ,
B . ~i 1"r\,u_ '. 1
Its Mayo ~. 7t
By
Its City Administrator
~080UO.l
11-4
APPENDIX III
SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND
MINNESOTA REAL PROPERTY VALUATION
Following is a summary of certain statutory provisions effective through 1999 relative to tax levy
procedures, tax payment and credit procedures, and the mechanics of real property valuation.
The summary does not purport to be inclusive of all such provisions or of the specific provisions
discussed, and is qualified by reference to the complete text of applicable statutes, rules and
regulations of the State of Minnesota.
Property Valuations (Chapter 273, Minnesota Statutes)
Assessor's Estimated Market Value. Each parcel of real property subject to taxation must, by
statute, be appraised at least once every four years as of January 2 of the year of appraisal.
With certain exceptions, all property is valued at its market value which is the value the
assessor determines to be the price the property to be fairly worth, and which is referred to as
the "Estimated MarketValue."
Limitation of Market Value Increases. Effective through assessment year 2001, the amount of
increase in market value for all property classified as agricultural homestead or non-homestead,
. residential homestead or non-homestead, or non-commercial seasonable recreational
residential, which is entered by the assessor in the current assessment year, may not exceed
the greater of (i) 1 0% of the preceding year's market value or (ii) 1/4 of the difference between
the current assessment and the preceding assessment.
Indicated Market Value. Because the Estimated Market Value as determined by an assessor
may not represent the price of real property in the marketplace, the "Indicated Market Value" is
generally regarded as more representative of full value. The Indicated Market Value is
determined by dividing the Estimated Market Value of a given year by the same year's sales
ratio determined by the State Department of Revenue. The sales ratio represents the overall
relationship between the Estimated Market Value of property within the taxing unit and actual
selling price.
Net Tax Capacity. The Net Tax Capacity is the value upon which net taxes are levied,
extended and collected. The Net Tax Capacity is computed by applying the class rate
percentages specific to each type of property classification against the Estimated Market Value.
Class rate percentages vary depending on the type of property as shown on the last page of
this Appendix. The formulas and class rates for converting Estimated Market Value to Net Tax
Capacity represent a basic element of the State's property tax relief system and are subject to
annual revisions by the State Legislature.
Property taxes are determined by multiplying the Net Tax Capacity by the tax capacity rate,
expressed as a percentage.
Property Tax Payments and Delinquencies
(Chapters 275, 276, 277,279-282 and 549, Minnesota Statutes)
Ad valorem property taxes levied by local governments in Minnesota are extended and
collected by the various counties within the State. Each taxing jurisdiction is required to certify
the annual tax levy to the county auditor within five (5) working days after December 20 of the
year preceding the collection year. A listing of property taxes due is prepared by the county
auditor and turned over to the county treasurer on or before the first business day in March.
The county treasurer is responsible for collecting all property taxes within the county. Real
estate and personal property tax statements are mailed out by March 31. One-half (1/2) of the
taxes on real property is due on or before May 15. The remainder is due on or before
October 15. Real property taxes not paid by their due date are assessed a penalty which,
depending on the type of property, increases from 2% to 4% on the day after the due date. In
111-1
the case of the first installment of real property taxes due May 15, the penalty increases to 4%
or 8% on June 1. Thereafter, an additional 1 % penalty shall accrue each month through
October 1 of the collection year for unpaid real property taxes. In the case of the second
installment of real property taxes due October 15, the penalty increases to 6% or 8% on
November 1 and increases again to 8% or 12% on December 1. Personal property taxes
remaining unpaid on May 16 are deemed to be delinquent and a penalty of 8% attaches to the
unpaid tax. However, personal property owned by a tax-exempt entity, but which is treated as
taxable by virtue of a lease agreement, is subject to the same delinquent property tax penalties
as real property.
On the first business day of January of the year following collection all delinquencies are
subject to an additional 2% penalty, and those delinquencies outstanding as of February 15 are
filed for a tax lien judgment with the district court. By March 20 the clerk of court files a
publication of legal action and a mailing of notice of action to delinquent parties. Those
property interests not responding to this notice have judgment entered for the amount of the
delinquency and associated penalties. The amount of the judgment is subject to a variable
}nterest determined annually by the Department of Revenue, and equal to the adjusted prime
rate charged by banks, but in no event is the rate less than 10% or more than 14%.
Property owners subject to a tax lien judgment generally have five years (5) in the case of all
property located outside of cities or in the case of residential homestead, agricultural
homestead and seasonal residential recreational property located within cities or three (3) years
with respect to other types of property to redeem the property. After expiration of the
redemption period, unredeemed properties are declared tax forfeit with title held in trust by the
State of Minnesota for the respective taxing districts. The county auditor, or equivalent thereof,
then sells those properties not claimed for a public purpose at auction. The net proceeds of the
sale are first dedicated to the satisfaction of outstanding special assessments on the parcel,
with any remaining balance in most cases being divided on the following basis: county - 40%;
town or city - 20%; and school district - 40%.
Property Tax Credits (Chapter 273, Minnesota Statutes)
In addition to adjusting the taxable value for various property types, primary elements of
. Minnesota's property tax relief system are: property tax levy reduction aids; the circuit breaker
credit, which relates property taxes to income and provides relief on a sliding income scale; and
targeted tax relief, which is aimed primarily at easing the effect of significant tax increases. The
circuit breaker credit and targeted credits are reimbursed to the taxpayer upon application by
the taxpayer. Property tax levy reduction aid includes educational aids, local governmental aid,
equalization aid, homestead and agricultural credit aid (HACA) and disparity reduction aid.
Levy Limitations for Counties and Cities (M.S. 275.70 to 275.74
(Laws 1997, Chapter 231, Article 3))
Prior limitations restricting the ability of local governments in Minnesota to levy property taxes
expired in 1993. New overall levy limitations are in effect for taxes levied in 1997 and 1998 for
all counties and cities with populations exceeding 2,500. Levy increases are limited generally to
2.2% over the payable 1997 tax levy plus any increase due to growth in population.
Certain property tax levies are authorized outside of the new overall levy limitation ("special
levies"). Special levies include debt service levies for bonded indebtedness, excluding
installment payments on conditional sales contracts, debt service on state-aid road bonds,
payments on contracts for deed, any levies to pay debt service on tax increment revenue
bonds, and lease payments under certificates of participation. In order to receive approval for
any special levy claims outside of the overall levy limitation, requests for such special levies
must be submitted to the Property Tax Division of the Department of Revenue on or before
September 15th in the year in which the levy is to be made for collection in the following year.
The Department of Revenue has the authority to approve, reduce or deny a special levy
111-2
request. Final adjustments to all levies must be made by the Department of Revenue on or
before December 10th.
Debt Limitations
All Minnesota municipalities (counties, cities, towns and school districts) are subject to statutory
"net debt" limitations under the provisions of Minnesota Statutes, Section 475.53..Net debt is
defined as the amount remaining after deducting from gross debt the amount of current
rev,enues which are applicable within the current fiscal year to the payment of any debt and the
aggregate of the principal of the following:
1. Obligations issued for improvements which are payable wholly or partially from the
proceeds of special assessments levied upon benefited property.
2. Warrants or orders having no definite or fixed maturity.
3. Obligations payable wholly from the income from revenue producing conveniences.
4. Obligations issued to create or maintain a permanent improvement revolving fund.
5. Obligations issued for the acquisition and betterment of public waterworks systems, and
public lighting, heating or power systems, and any combination thereof, or for any other
public convenience from which revenue is or may be derived.
6. Certain debt service loans and capital loans made to school districts.
7. Certain obligations to repay loans.
8. Obligations specifically excluded under the provisions of law authorizing their issuance.
9. Certain obligations to pay pension fund liabilities.
10. Debt service funds for the payment of principal and interest on obligations other than those
described above.
Levies for General Obligation Debt
(Sections 475.61 and 475.74, Minnesota Statutes)
Any municipality which issues general obligation debt must, at the time of issuance, certify
levies to the county auditor of the county(ies) within which the municipality is situated. Such
levies shall be in an amount that if collected in full will, together with estimates of other
revenues pledged for payment of the obligations, produce at least five percent in excess of the
amount needed to pay principal and interest when due. Notwithstanding any other limitations
upon the ability of a taxing unit to levy taxes, its ability to levy taxes for a deficiency in prior
levies for payment of general obligation indebtedness is without limitation as to rate or amount.
Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes)
"Fiscal Disparities Law"
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as
"Fiscal Disparities," was first implemented for taxes payable in 1975. Forty percent of the
increase in commercial-industrial (including public utility and railroad) net tax capacity valuation
since 1971 in each assessment district in the Minneapolis/St. Paul seven-county metropolitan
area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott,
excluding the City of New Prague, and Washington Counties) is contributed to an area-wide tax
base. A distribution index, based on the factors of population and real property market value
per capita, is employed in determining what proportion of the net tax capacity value in the area-
wide tax base shall be distributed back to each assessment district.
111-3
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APPENDIX IV
ANNUAL FINANCIAL STATEMENTS
The City's financial statements are audited annually by an independent certified public
accounting firm. Selected audited financial statements for years ending
December 31, 1998, 1997, and 1996 are presented here. Governmental funds and
expendable trust funds are accounted for using the modified accrual basis of accounting.
Proprietary funds are accounted for using the accrual basis of accounting. The reader should
be aware that the complete financial statements may contain additional data relating to the
information presented here which may interpret, explain or modify it.
The City's Comprehensive Annual Financial Report (CAFR) for the fiscal years 1989 through
1997 were awarded the Certificate of Achievement for Excellence in Financial Reporting
(Certificate of Achievement) by the Government Finance Officers Association of the United
States and Canada (GFOA). The Certificate of Achievement is the highest form of recognition
for excellence in state and local government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily
readable and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. Such CAFR must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City has submitted its
CAFR for the 1998 fiscal year to the GFOA.
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