5.1.B. SR 05-16-2005
Item # 5.I.B.
MEMORANDUM
TO: Mayor and City Council
FROM: Lori Johnson, Finance and Administrative Services Director
DATE: May 16, 2005
SUBJECT: Consider Resolution Awarding the Sale of the City's $645,000 General
Obligation Equipment Certificate, Series 2005D; Fixing its Form and
Specifications; Directing its Execution and Delivery; and Providing for
its Payment
Attached is a resolution awarding the sale of the city's $645,000 General Obligation Equipment
Certificate, Series 2005D. This issue funds the budgeted 2005 capital outlay items as well as the fire
pumper that was recently delivered. The certificate is being purchased by The Bank of Elk River at
an interest rate of 3.9% payable over five years.
Action Requested
City Council is asked to approve the resolution awarding the sale of the city's $645,000 General
Obligation Equipment Certificate, Series 2005D; fixing its form and specifications; directing its
execution and delivery; and proyiding for its payment.
S:\Council\Lori\2005\Series 2005D Bonds Sales.doc
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF ELK RIVER, MINNESOTA
HELD: MAY 16, 2005
Pursuant to due call and notice thereof, a regular or special meeting of the City Council
of the City of Elk River, Sherburne County, Minnesota, was duly held at the City Hall on
May 16,2005, at 7:30 P.M., for the purpose, in part, of awarding the sale of $645,000 General
Obligation Equipment Certificate, Series 2005D.
The following members were present:
and the following were absent:
Member
introduced the following resolution and moved its adoption:
RESOLUTION NO. 05-
RESOLUTION AWARDING THE SALE OF THE CITY'S
$645,000 GENERAL OBLIGATION EQUIPMENT
CERTIFICATE, SERIES 2005D; FIXING ITS FORM AND
SPECIFICATIONS; DIRECTING ITS EXECUTION AND
DELIVERY; AND PROVIDING FOR ITS PAYMENT
BE IT RESOLVED by the City Council (the "Council") of the City of Elk River,
Minnesota (the "City"), as follows:
1. It is hereby determined:
(a) It is necessary and expedient to issue the City's $645,000 General
Obligation Equipment Certificate, Series 2005D (the "Certificate")
pursuant to Minnesota Statutes, Section 412.301, to finance the costs of
the City's acquisition of certain street equipment, consisting of a sweeper,
truck with plow and radiant patcher, and to pay a portion of the cost of a
fire pumper (hereinafter collectively referred to as the "Equipment").
(b) The Equipment has an expected useful life at least as long as the final
maturity of the Certificate, and the $645,000 amount of the Certificate
does not exceed 0.25% of the market value ofthe taxable property in the
City.
( c) The City is authorized to issue the Certificates pursuant to Minnesota
Statutes, Section 475.60, Subdivision 2(1), in such manner and on such
terms and conditions as determined by the City Council.
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2. The offer of The Bank of Elk River, in Elk River, Minnesota (the "Purchaser"), to
purchase the Certificate is hereby accepted, such offer being to purchase the Certificate at a price
of par ($645,000), the Certificate to be subject to the terms and conditions herein provided.
3. The City shall forthwith issue and sell its $645,000 General Obligation Equipment
Certificate, Series 2005D. The Certificate shall be dated June 1, 2005, shall be a single, fully
registered obligation without interest coupons, shall bear interest payable on February 1,2006,
and semiannually thereafter on each February 1 and August 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
~ertificate 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.
The Certificate shall be substantially the following form:
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[Form of Certificate]
No. R-l
$645,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF SHERBURNE .
CITY OF ELK RIVER
GENERAL OBLIGATION EQUIPMENT CERTIFICATE,
SERIES 2005D
THE CITY OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA (the "City"),
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"), the Principal Sum of SIX
HUNDRED FORTY -FIVE THOUSAND DOLLARS ($645,000) on February 1 in the years and
principal amounts, respectively, as follows:
Year Principal Amount
2006 $ 58,000
2007 14~750
2008 146,750
2009 146,750
2010 146,750
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 three and ninety
hundredths percent (3.90%) per annum, interest to maturity payable on February 1,2006, and on
each February 1 and August 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.
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
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3
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 June 1,2005.
Mayor
City Administrator
(SEAL)
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4
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
The Bank of Elk River
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DATE OF
REGISTRA nON
June 1, 2005
5
SIGNATURE OF CITY
FINANCE DIRECTOR
REGISTER OF PARTIAL PAYMENTS
The installment of principal amount of the attached Certificate has been prepaid on the
dates and in the amounts noted below:
DATE
AMOUNT
SIGNATURE OF
REGISTERED OWNER
SIGNATURE OF CITY
FINANCE DIRECTOR
If a notation is made on this register, such notation has the effect stated in the attached
Certificate. Partial payments do not require the presentation of the attached Certificate to the
City Finance Director, and a Registered Owner could fail to note the partial payment here.
(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, Professional Association, 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 Dr 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: (a) 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 if applicable and necessary prior
tax levies, if any, made for that purpose (and made in anticipation of the issuance of the
Certificate); (b) amounts of capitalized interest, if necessary, needed to pay the interest first
coming due on the Certificate; and (c) 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 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
(in addition to the $86,000 which has already been levied for the Certificate for payable 2005
property taxes) there is hereby levied upon all ofthe 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:
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Year of Year of Amount
Tax Levy Tax Collection
2005 2005 $167,210.62
2006 2007 161,344.29
2007 2008 155,477.96
2008 2009 149,611.63
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.
12. It is hereby determined that the funds available to the Debt Service Account
pursuant to this Resolution (including from the ad valorem tax levies herein and heretofore made
and other funds appropriated by the council for payment of debt service on the Certificate) 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.
13. The City Finance Director is directed to file a certified copy of this Resolution
with the County Auditor of Sherburne County, Minnesota, together with such other information
as the County Auditor shall require, and to obtain the County Auditor's Certificate that the Bonds
have been entered in the County Auditor's Bond Register and the tax levy required by law has
been made.
14. 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.
15. The City covenants and agrees with the Registered Owner from time to time of
the Certificate that the City will not take or permit to be taken by any of its officers, employees,
or agents any action which would cause the interest on the 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
I 768935vI
8
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
fmanced with tax-exempt obligations.
16. 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: (a) requirements relating to temporary periods for
investments, (b) limitations on amounts invested at a yield greater than the yield on the
Certificate, and (c) 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: (a) the
Certificate is issued by a governmental unit with general taxing powers, (b) the Certificate is not
a private activity bond, (c) 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 (d) 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 2005 calendar year is not reasonably expected to
exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code.
17. 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 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 2005 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 2005 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.
18. 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
1768935vl
9
if irrevocable provision shall have been made for permitted prior redemption of such principal
amount, at such earlier redemption date).
19. 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.
20. The Council hereby fmds that the Certificate is exempt from continuing
disclosure requirements of Rule 15c2-12 of the Securities and Exchange Commission because
the Certificate is issued in the aggregate principal amount ofless than $1,000,000.
Consequently, the City is not covenanting to provide and will not provide annual fmancial
information, notices of certain material events or any other disclosure or information which
would otherwise be required by that Rule.
21. If any section, paragraph or provision of this resolution shall be held to be invalid
or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or
provision shall not affect any of the remaining provisions of this resolution.
The motion for the adoption of the foregoing resolution was duly seconded by member
and, after a full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
I 768935vI
10
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
I, the undersigned, being the duly qualified and acting City Clerk of the City of Elk
River, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office, and that the same is a full, true
and complete transcript of the minutes of a meeting of the City Council, duly called and held on
the date therein indicated, insofar as such minutes relate to awarding the sale of $645,000
General Obligation Equipment Certificate, Series 2005D.
WIlNESS my hand on May _, 2005.
City Clerk
1 768935vl
11
City of Elk River, MN
Results of Bond Sale
May 16, 2005
$1,660,000 General Obligation Sewer Revenue Refunding Bonds,
Series 2005B
Low Bidder
True Interest Cost
Number of Bids
Rati ng
Range of Bids
Total Debt Service
Proiected 5/2
$1,695,000
$21 ,188
3.9930%
3.05% - 4.10%
6.303%
$102,733
$412,217.75
Principal Amount
Discount Allowance
True Interest Cost
Coupon Rates
Net PV Benefit
Comparative Savings
Interest Cost
Closing Date
Council Action
Piper Jaffray & Co.
Minneapolis, Minnesota
3.5956%
4
A 1 Moody's Investors Services
(Upgraded from A2)
3.5956% - 3.8092%
Results of Sale
Variance
$1,660,000
-$3,108
3.5956%
3.00% - 4.00%
8.785%
$143,188
$388,545.89
-$35,000
-$24,296
-0.3974%
+2.482%
+$40,455
+$23,671.86
June 14,2005
Award the bid of Piper Jaffray & Co. and Adopt the Resolution
Providing for the Issuance and Sale of $1,660,000 General
Obligation Sewer Revenue Refunding Bonds, Series 2005B.
Attachments
. Bid Tabulation
. Final Debt Service/Comparison Analysis
BID TABULATION
$1,695,000* General Obligation Sewer Revenue Refunding Bonds, Series 2005B
CITY OF ELK RIVER, MINNESOTA
SALE: May 16, 2005
AWARD: PIPER JAFFRAY & CO.
RATING: Moody's Investors Service, Inc. "A1"
NAME OF BIDDER
MATURITY RATE REOFFERING
(February 1) YIELD
PRICE
881: 4.35%
NET TRUE
INTEREST INTEREST
COST RATE
PIPER JAFFRA Y & CO.
Minneapolis, Minnesota
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
WELLS FARGO BROKERAGE SERVICES, LLC
Minneapolis, Minnesota
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
3.000%
3.000%
3.250%
3.250%
3.375%
3.500%
3.625%
3.750%
3.875%
4.000%
2.800%
2.900%
3.000%
3.100%
3.250%
3.400%
3.550%
3.650%
3.750%
3.850%
2.800%
2.900%
3.000%
3.100%
3.250%
3.400%
3.500%
3.600%
3.700%
3.800%
$1,698,206.90 $394,117.02 3.5966%
$1,684,660.50 $393,899.21 3.6132%
*Subsequent to bid opening the issue size was decreased to $1,660,000 with the 2007 maturity decreased $5,000 to $140,000, the 2009
maturity decreased $5,000 to $150,000, the 2011 maturity decreased $5,000 to $160,000, the 2013 maturity decreased $5,000 to $175,000,
the 2014 maturity decreased $5,000 to $180,000, the 2015 maturity decreased $5,000 to$185,OOO, and the 2016 maturity decreased $5,000
to $195,000 in maturity value.
Adjusted Price - $1,663,108.08
Adjusted Net Interest Cost - $385,437.81
Adjusted TIC - 3.5956%
8
EHLERS
& ASSOCIATES INC
3060 Centre Pointe Drive, Roseville, MN 55113
651.697.8500 fax 651.697.8555 www.ehlers-inc.com
Offices in Roseville, MN Brookfield, WI and Lisle, IL
Elk River, MN
FINAL - Crossover Refunding of
$2,655,000 G.O. Sewer Revenue Bonds, Series 1996
Debt Service Comparison
Date
02/01/2006
02/01/2007
02/01/2008
02/01/2009
02/01/2010
02/01/2011
02/01/2012
02/01/2013
02/01/2014
02/01/2015
02/01/2016
Total
Total P+I
36,595.87
198,037.50
198,837.50
199,487.50
204,612.50
199,412.50
204,012.50
203,062.50
201,718.76
199,968.76
202,800.00
$2,048,545.89
PCF
(1,666,595.87)
Existing DIS
1,706,825.00
Net New DIS Old Net DIS Savings
74,707.09 76,825.00 2,117.91
198,037.50 217,190.00 19,152.50
198,837.50 215,565.00 16,727.50
199,487.50 218,545.00 19,057.50
204,612.50 220,845.00 16,232.50
199,412.50 217,445.00 18,032.50
204,012.50 218,687.50 14,675.00
203,062.50 219,282.50 16,220.00
201,718.76 219,220.00 17,501.24
199,968.76 218,490.00 18,521.24
202,800.00 222,180.00 19,380.00
$2,086,657.11 $2,264,275.00 $177,617.89
(1,666,595.87)
$1,706,825.00
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings.....................
141,070.20
Net PV Cashflow Savings @ 3.893%(AIC)............
141,070.20
Contingency or Rounding Amount....................
Net Present Value Benefit
2,117.91
........__.._._..._...____._._..._.___.Jl.1?,.!.??.}.L.
}::I.~!.I.'..Y._!.!~~!.i.!L!!y.Z?.b.P5:~:l.KY}3::~r.I!:!I_<l.~<l.}?.~~~~!.Y.i.~~_______..__..__._.___._____.____..______.....________.._....______.~:034'Y<>._
Net PV Benefit/ $1,630,000 Refunded Principal... 8.785%
~.!..fy.!!~~!.!.J;1_'66(),OQQ...I3::~.flJ.g~I!g..I.)!i.gg,~!:.:_.....___..______._...__..-__..__..___..____...___________.___..__.__._..__.._...?J>.~_~.'Y<>.
Refunding Bond Information
_.I3::~l.I!1jJ!:l.gQ~_t:<!.p.~~_____.._._______________._....._._..______...._____.._.._________.....__.._____._._.___...._..___.___.______.._.._____~L1_~~?00?
Refunding Delivery Date 6/14/2005
05xoverofSer96A$2.65 I SINGLE PURPOSE I 5/16/2005 I 5:07PM
Ehlers & Associates
Leaders in Public Finance since 1955 Page 1