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92-048 RES " . . . CERTIFICATION OF MINUTES RELATING TO $1,095,000 GENERAL OBLIGATION STATE-AID ROAD BONDS, SERIES 1992B Issuer: City of Elk River, Minnesota Governing Body: City Council Kind, date, time, and place of meeting: A regular Council meeting held Monday, June 1, 1992, at 7:00 o'clock p.m., at the Elk River City Library in Elk River, Minnesota (the City) . Members present: John Dietz, Roger Holmgren, Duane Kr~puenske, Gene Schuldt and Mayor James Tralle Members absent: None Documents Attached: Minutes of said meeting (including): RESOLUTION NO. 92-48 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,095,000 GENERAL OBLIGATION STATE-AID ROAD BONDS, SERIES 1992B. I, the undersigned, certify that the documents attached hereto, as described above, have been carefully compared with original records of the City, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of the City, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand and the seal of the City this ~ day of June, 1992. L~a:~ 'tity Clerk (Seal) . . . Member Kropuenske introduced the following resolution and moved its adoption: RESOLUTION NO. 92-48 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,095,000 GENERAL OBLIGATION STATE-AID ROAD BONDS, SERIES 1992B. BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the City), as follows: Section 1. Authorization and Sale. 1.01. This Council, by resolution duly adopted May 4, 1992 (the Prior Resolution), authorized the issuance and sale of the General Obligation State-Aid Road Bonds, Series 1992B, of the City, initially dated June 1, 1992, hereinafter called "the Bonds," the proceeds of which are to be used, together with any additional funds of the City which might be required, to finance the costs of four municipal state-aid roadway projects known as the Main Street/Highway 169 Project, the Western Area Project, the Jackson Avenue/Highway 169 Project, and the Main Street Bridge Replacement Project (the Projects). 1.02. The Prior Resolution authorized and directed Springsted Incorporated (Springsted), fiscal consultant to the City, to negotiate on behalf of the City with potential purchasers of the Bonds for the purchase of the Bonds in accordance with the Terms of Proposal described in the Official Statement dated May 18, 1992, prepared in connection with the offer to sell the Bonds. seven (~) proposals for the purchase of the Bonds have been received at the time and place designated in the Terms of Proposal. The proposals received are described on the schedule attached hereto. 1.03. The Council has publicly considered all proposals presented in conformity with the Terms of Proposal. The most favorable of such proposals is determined to be that of Cronin & Co., Inc. (the Purchaser), to purchase the Bonds at a price of 2..k086. 459. 00 plus accrued interest to the day of delivery and payment, and upon the further terms and conditions set forth in this resolution. The proposal of the Purchaser is hereby accepted and the sale of the Bonds is hereby awarded to the Purchaser. 1.04. The Mayor and the Administrator are directed to execute in duplicate a contract on the part of the City for the sale of the Bonds in accordance with the terms described in Section 1.03, and to deliver a duplicate to the Purchaser. The City Treasurer is ~irected to deposit the Purchaser's check securing the contract of sale, and to return the checks securing other bids to the respective bidders. 2. . . . Section 2. Bond Terms; Registration; Execution and Delivery. 2.01. Maturities: Interest Rates: Denominations. The Bonds shall be designated General Obligation State-Aid Road Bonds, Series 1992B, shall be originally dated as of June 1, 1992, shall be in the denomination of $5,000 each, or any integral multiple thereof as requested by the Purchaser, shall mature on April 1 in the respective years and amounts stated below, and shall bear interest from date of issue until paid at the respective annual rates set forth opposite such years and amounts, as follows: Year Amount Rate 1993 $120,000 3 . 6 0% 1994 $145,000 4.00 1995 $150,000 4.20 1996 $155,000 4.50 1997 $165,000 4.70 1998 $175,000 4.90 1999 $185,000 5.10 2.02. Dates: Interest PaYment Dates: Interest and Principal PaYment. Each Bond shall be dated as of the last interest paYment date preceding the date of authentication to which interest on the Bond has been paid or made available for paYment, unless (i) the date of authentication is an interest paYment date to which interest has been paid or made available for paYment, in which case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to April 1, 1993, in which case such Bond shall be dated as of June 1, 1992. Interest on the Bonds shall be payable on April 1 and October 1 in each year, commencing April 1, 1993, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether Or not such day is a business day (the Record Date). The City shall appoint, and shall maintain, a bond registrar, transfer agent, and paying agent (the Registrar). Interest shall be paid on each interest payment date by check or draft of the Registrar mailed to the person in whose name the Bond is registered on the registration books of the City maintained by the Registrar and at the address appearing thereon on the Record Date. Principal of any Bond is payable on presentation and surrender of the Bond at the main corporate office of the Registrar, acting as paying agent. 2.03. Registration. The Bonds shall be issued in fully registered form. The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: . (a) Register. The Registrar shall keep at its principal corporate trust office a bond register in which the Registrar shall provide for the registration of ownership of the Bonds and the registration of transfers and exchanges of Bonds. 3. 4. . (b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by the registered owner thereof, or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest paYment date and until such interest paYment date. (c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered owner for exchange, the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney, so designated in writing. . (d) Cancellation.- All Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name any Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving paYment of, or on account of, the principal of or any ,interest on such Bond, and for all other purposes, and all such paYments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. . (g) Taxes. Fees. and Charges. For every transfer or exchange of Bonds, the Registrar may impose a . . . charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee, or other governmental charge required to be paid with respect to such transfer or exchange. (h) Mutilated. Lost. Stolen. or Destroyed Bonds. In case any Bond shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like amount, number, maturity date, and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond destroyed, stolen, or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen, or lost, upon filing with the Registrar of evidence satisfactory to it that such Bond was destroyed, stolen, or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance, and amount satisfactory to it, in which both the City and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the City. If the mutilated, destroyed, stolen, or lost Bond has already matured, it shall not 'be necessary to issue a new Bond prior to payment. 2.04. Appointment of Initial Registrar. The City hereby appoints First Trust National Association, .St. Paul, Minnesota, as the initial Registrar. The Mayor and the Administrator are authorized to execute and deliver, on behalf of the City, a contract with said Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon thirty (30) days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. 2.05. Optional Redemption. The Bonds will not be subject to payment in advance of their respective maturity dates. 2.06. Execution. Authentication. and Delivery. The Bonds shall be prepared under the direction of the Administrator and shall be executed on behalf of the City by the signatures of the Mayor and Administrator, provided that all signatures may be printed, engraved, or lithographed facsimiles of the originals. 5 . . . . In case any officer whose signature, or a facsimile of whose signature, shall appear on the Bonds shall cease to be such officer before the delivery of any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if that officer had remained in office until delivery. Notwithstanding such execution, no Bond shall be valid or obligatory for any purpose or entitled to any security hereunder until the certificate of authentication on such Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate-of authentication on each Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. When the Bonds have been so prepared, executed, and authenticated, the City Treasurer shall deliver the same to the Purchaser upon paYment of the purchase price in accordance with the contract of sale, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.07. Form of Bonds. The Bonds shall be printed in substantially the following form: 6. . . . [Face of the Bonds] UNITED STATES OF AMERIcA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER GENERAL OBLIGATION STATE-AID ROAD BOND, SERIES 1992B Rate Date of Original Issue CUSIP Maturity June 1, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS. KNOW ALL PERSONS BY THESE PRESENTS that City of Elk River, Minnesota (the City), acknowledges itself to be indebted, and for value received hereby promises to pay, to the registered owner specified above, or registered assigns, the principal amount specified above on the maturity date specified above, interest thereon from the date hereof at the annual rate specified above (calculated on the basis of a 360-day year of twelve 30-day months), payable on April 1 and October 1 in each year, commencing April 1, 1993 (the Interest Payment Dates), until the principal sum is paid or has been provided for. The principal of and premium, if any, on this Bond are payable upon presentation and surrender hereof at the principal office of First Trust National Association, a national association duly organized and validly existing under the laws of the United States of America (the Registrar), acting as paying agent, or any successor paying agent duly appointed by the City. Interest on this Bond will be paid on each Interest Payment Date by check or draft mailed to the registered owner at the address appearing on the bond register maintained by the Registrar at the close of business on the 15th day, whether or not a business day, of the calendar month next preceding such Interest Payment Date. The principal of and interest on this Bond are payable in lawful money of the United States of America. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged, and an amount of the moneys allotted or to be allotted to the City from its account in the Municipal State-Aid Street Fund sufficient to pay the principal of and the interest on the obligations as they respectively come due are irrevocably pledged and appropriated to the sinking fund, designated the Series 1992B State-Aid Road Bond Debt Service Account, from which the Bonds are payable. 7. . . . IT IS HEREBY CERTIFIED, RECITED, COVENANTED, AND AGREED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen, and to be performed prior to and in the issuance of this Bond, in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened, and have been performed in regular and due form, time, and manner as so required; that the Bonds are payable from a separate debt service account of the City and from the annual state-aid allotments to the City from the Municipal State-Aid Street Fund that have been pledged and appropriated to such account; that, if necessary for paYment of principal and of interest on the bonds of this issue, ad valorem taxes may be levied upon all taxable property within the corporate limits of the City without limitation as to rate or amount; and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation. ADDITIONAL PROVISIONS OF THIS BOND ARE CONTAINED ON THE REVERSE HEREOF AND SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the resolution authorizing its issuance (the Resolution) until the Certificate of Authentication hereon shall have been executed by the Registrar by manual signature of one of ' its authorized representatives. IN WITNESS WHEREOF, the City by its City Council has caused this Bond to be executed on its behalf by the facsimile signatures of the Mayor and the Administrator and has caused this Bond to be dated as of the date set forth below. . Dated: CI]OF ELK R~NNESOTA c-:-.....~ 11 ~ Mayor ATTEST: ~ }) JIl~ Administrator 8. . . . CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. By: Authorized Representative 9. . . . [Reverse of the Bonds] This Bond is one of an issue in the aggregate principal amount of $1,095,000, all of like date and tenor, except as to maturity date, interest rate, and denomination, issued pursuant to a resolution adopted by the City Council on June 1, 1992 (the Resolution), -to provide funds to finance certain municipal state- aid roadway projects, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Chapters 162 and 475. The Bonds of this series are issuable only as fully registered bonds, in denominations of $5,000 or any multiple thereof, of single maturities. The Bonds will not be subject to payment in advance of their respective stated maturity dates. The Bonds have been designated by the Issuer as llqualified tax-exempt obligationsll within the meaning of Section 265(b) (3) of the Internal Revenue Code (the Code) . As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney, and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee, or governmental charge required to be paid with respect to such transfer or exchange. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Registrar shall be affected by any notice to the contrary. (Form of certificate to be printed on the reserve side of each Bond, following a full copy of the legal opinion) We certify that the above is a full, true, and correct copy of the legal opinion rendered by bond counsel on the issue of Bonds of the City of Elk River, Minnesota, which includes the 10. . . . within bond, dated as of the date of delivery of and payment for the Bonds. (Facsimile Signature) Administrator (Facsimile Signature) Mayor The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants in UNIF TRANS MIN ACT Custodian common (Cust) (Minor) TEN ENT -- as tenants by the entireties under Uniform Transfers to Minors . JT TEN as joint tenants with right of survivorship and not as tenants in common (State) Act Additional abbreviations may also be used though not in the above list. 11. . . . ASS IGNMENT For value received, the undersigned hereby sells, assigns, and transfers unto the within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. Dated: Notice: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Signature Guaranteed: Signature(s} must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joint owners if the Bond is held by joint account) Please insert social security or other identifying number of assignee Section 3. Use of Bond Proceeds. 3.01. Construction Costs. A special fund designated "State- Aid Road Bonds Common Fund" is hereby established separate from other funds of the City. A separate account is hereby established within the State-Aid Road Bonds Common Fund designated the "Series 1992B State-Aid Road Bonds Construction 12. . . . Account. II The proceeds of the sale of the Bonds, plus any allotments from the Municipal State-Aid Street Fund with respect to the Projects collected prior to the completion of the Projects and payment of the cost thereof {other than allotments pledged and appropriated to the Common Debt Service Account of the City authorized in Section 4.01 hereof, which allotments shall be deposited to said account}, less {i} any accrued interest, and {ii} proceeds, if any, in excess of $1,084,050, shall be credited to the Series 1992B State-Aid Road Bonds Construction Account. From such account shall be paid all costs and expenses related to the construction of the Projects, including costs of issuance of the Bonds in the estimated amount of $21,600. The moneys in such account may also be used to the extent necessary to pay interest or principal due on the Bonds prior to the receipt of state-aid allotments for the purpose of paying the costs of the Projects and the principal and interest due upon the Bonds, and to the extent necessary to reimburse the City for expenditures. made by the City in connection with the Projects prior to the issuance of the Bonds. Moneys received from the sale of the Bonds shall be spent only on state-aid roadway projects approved by the Minnesota Transportation Commissioner and on items determined to be eligible for state-aid reimbursement, in accordance with provisions of law and the rules and regulations of the Minnesota Transportation Commissioner relating to the establishment, location, relocation, construction, reconstruction, and improvement of municipal state-aid streets within municipalities issuing obligations such as the Bonds. The~moneys in such account shall be used for no other purpose, except as otherwise permitted by law, prior to the completion and payment of all costs of the Projects. If upon completion of the Projects there shall remain any unexpended balance in such account, the balance shall be transferred by the Council to be spent, or transferred to an account for expenditure, on projects approved by the Minnesota Transportation Commissioner or items eligible for state-aid reimbursement. When the total cost of the Projects has been paid and any unexpended balance has been spent on or transferred to other accounts of the City, the Series 1992B State-Aid Road Bonds Construction Account shall be discontinued and any money remaining in such account (not transferred by the Council to the account of any other approved Project or item) shall be transferred to the separate account entitled the IISeries 1992B State-Aid Road Bond Debt Service Accountll in the Common Debt Service Account of the City authorized in Section 4.01 hereof. 3.02. Other Proceeds. Proceeds attributable to accrued interest and proceeds, if any, in excess of $1,084,050 shall be deposited in the debt service account created in Section 4.01 hereof. Section 4. Sinking Fund and Tax Levies. 4.01. Debt Service Account. A special fund designated IICommon Debt Service Accountll has previously been established 13. . . . separate from other funds of the City. A separate account within the Common Debt Service Account is hereby established, designated the "Series 1992B State-Aid Road Bond Debt Service Account. II It is hereby pledged and there shall be credited to such separate account {i} all accrued interest received from the purchaser of the Bonds, {ii} proceeds, if any, in excess of $1,084,050, (iii) all state-aid allotments pledged and appropriated to payment of the Bonds, whether received before or after the completion of the Projects and payment of the cost thereof, (iv) all taxes levied for payment of the Bonds, and {v} all funds remaining in the Series 1992B State-Aid Road Bonds Construction Account after completion of the Projects and payment of the cost thereof and not spent on, or transferred by the Council to the payment of, the costs of approved projects or eligible reimbursement items. Such separate account shall be used solely to pay principal.and interest on the Bonds and any other general obligation bonds of the City heretofore or hereafter issued by the City and made payable from such separate account as permitted by law. If moneys in such separate account should at any time be insufficient to pay principal and interest due on Bonds, such amount shall be paid from the general fund of the City, which shall be reimbursed therefor when sufficient money becomes available in such separate account. If any moneys of the City other than moneys received from the Municipal State-Aid Street Fund are used for payment of the Bonds, the moneys so used shall be restored to the appropriate fund from the moneys next received from the City from the Construction Account~or Maintenance Account in the Municipal State-Aid Street Fund which are not required to be paid into the sinking fund established as the Series 1992B State-Aid Road Bond Debt Service Account pursuant to this Section 4.01. Any sums from time to time held in such separate account (or any other fund of the City which will be used to pay principal or interest to become due on the Bonds) in excess of amounts which under Section 148 of the Internal Revenue Code of 1986, as amended {the Code}, may be invested without regard to yield, shall not be invested at a yield in excess of applicable yield restrictions imposed by such provisions of the Code and regulations. 4.02. Limitation on Issuance and Debt Service. The City hereby covenants and agrees that the Bonds have been issued in an amount and on terms such that the average annual amount of principal and interest due in all subsequent calendar years on the City's state-aid road bonds, including the Bonds and any similar obligations of the City which are outstanding, shall not exceed fifty percent (50%) of the amount of the last annual allotment preceding the Bond issue received by the City from the Construction Account in the Municipal State-Aid Street Fund. 4.03. Pledge of Full Faith and Credit. The City pledges its full faith and credit to the payment of the Bonds. In the event that said special assessments do not prove sufficient to pay principal and interest on the Bonds, the City will promptly levy taxes as necessary for such payment without limitation as to rate or amount. 14. . . . Section 5. Miscellaneous. 5.01. Oualified Tax Exempt Obliqations. The Bonds are hereby designated as "Qualified Tax-Exempt Obligations" as such term is defined in Section 265(b) (3) of the Code. The City represents and covenants that it does not reasonably anticipate issuing bonds which would constitute Qualified Tax Exempt Obligations in an aggregate amount greater than $10,000,000 in 1992. 5.02. County Auditor Registration. The City Clerk is directed to file with the County Auditor of Sherburne County a certified copy of this resolution and to obtain from the County Auditor a certificate stating that the Bonds have been entered upon his bond register. 5.03. Authentication of Transcript. The officers of the City and said County Auditor are authorized and directed to prepare and furnish to the purchasers of the Bonds, and to bond counsel, certified copies of all proceedings and records of the City relating to the authorization and issuance of the Bonds and such other affidavits and certificates as may reasonably be required to show the facts relating to the legality and marketability of the Bonds as such facts appear from the officers' books and records or are otherwise known to them. All such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the correctness of all statements contained therein. 5.04. Certification to Transportation Commissioner. The officers of the City are authorized and directed to certify to the Minnesota Transportation Commissioner, within thirty (30) days following the issuance of the Bonds, the principal amount of the Bonds and the amount of money required annually for the paYment of principal and interest on the Bonds. 5.05. Arbitrage. The City covenants and agrees with the holders from time to time of the Bonds herein authorized that it will not take, or permit to be taken, by any of its officers, employees, or agents, any action which would cause the interest payable on the Bonds to become subject to taxation under the Code; and that it will take, or will cause its officers, employees, or agents to take, all affirmative actions within its powers which may be necessary to insure that such interest will not become subject to taxation under the Code. The Code as used herein includes the Code and all regulations adopted thereunder. The City will make paYments to the United States, if any, which are required to be made by the provision of paragraph (f) of Section 148 of the Code. The Mayor and the Administrator, being officers of the City charged, with the responsibility for issuing the Bonds pursuant to this Resolution, are authorized and directed to execute and deliver to the Purchaser a certification in order to satisfy the provisions of Section 148 of the Code. 15. . . . The motion for the adoption of the foregoing resolution was duly seconded by Member Dietz and upon vote being taken thereon, the following voted in favor thereof: John Dietz, Roger Holmgren, Duane Kropuenske, Gene Schuldt and James Tralle and the following voted against the same: Hone whereupon said resolution was declared duly passed and adopted. LAS:DI8a 16. ~ SPRINGSTED PUBLIC FINANCE ADVISORS . Home Office 85 East Seventh Place Suite 100 Saint Paul, MN 55101-2143 (612) 223-3000 Fax: (612) 223-3002 222 South Ninth Street Suite 2825 Minneapolis, MN 55402-3368 (612) 333-9177 Fax: (612) 333-2363 16655 West Bluemound Road Suite 290 Brookfield, WI 53005-5935 (414) 782-8222 Fax: (414) 782-2904 6800 College Boulevard Suite 600 Overland Park, KS 66211-1533 (913) 345-8062 Fax: (913) 345-1770 1800K Street NW Suite 831 Washington, DC 20006-2200 (202) 466-3344 Fax: (202) 223-1362 $1,095,000 CITY OF ELK RIVER,MINNESOTA GENERAL OBUGATION STATE-AID ROAD BONDS, SERIES 1992B AWARD: CRONIN & COMPANY, INCORPORATED EDWARD D. JONES & COMPANY DOUGHERTY, DAWKINS, STRAND & BIGELOW, INCORPORATED and Associate SALE: . Bidder CRONIN & COMPANY,INCORPORATED EDWARD D. JONES & COMPANY DOUGHERTY, DAWKINS, STRAND & BIGELOW, INCORPORATED Marquette Bank Minneapolis, N.A. PARK INVESTMENT CORPORATION ROBERT W. BAIRD & COMPANY, INCORPORATED NORWEST INVESTMENT SERVICES, INCORPORATED MERRILL LYNCH & CO. AMERICAN NATIONAL BANK AND TRUST COMPANY Miller, Johnson & Kuehn, Inc. .~~oore, Juran and Company, Incorporated iJterson Financial Corporation June 1, 1992 Moody'. Rating: A Interest Rates Price Net Interest True Interest Cost Rate 3.60% 1993 4.00% 1994 4.20% 1995 4.50% 1996 4.70% 1997 4.90% 1998 5.10% 1999 $1,086,459.00 $219,337.67 4.9135% 3.60% 1993 4.00% 1994 4.25% 1995 4.50% 1996 4.75% 1997 5.00% 1998-1999 $1,086,271.25 $219,893.33 4.9276% 3.25% 1993 3.90% 1994 4.30% 1995 4.60% 1996 4.90% 1997 5.00% 1998 5.20% 1999 $1,087,335.00 $222,745.00 4.9851% (Continued) . - Interest Bidder Rates SMITH BARNEY, HARRIS UPHAM & 3.40% 1993 COMPANY INCORPORATED 4.00% 1994 4.20% 1995 4.50% 1996 4.70% 1997 5.00% 1998 5.20% 1999 FBS INVESTMENT SERVICES, INC. 3.90% 1993 Miller & Schroeder Financial, Inc. 4.00% 1994 4.30% 1995 4.50% 1996 4.80% 1997 5.10% 1998 5.25% 1999 PIPER JAFFRAY, INC. 3.40% 1993 John G. Kinnard & Company Incorporated 4.00% 1994 4.40% 1995 4.75% 1996 5.00% 1997 5.15% 1998 5.30% 1999 KEMPER SECURmES GROUP, INC. 3.50% 1993 4.20% 1994 4.70% 1995 4.90% 1996 5.10% 1997 5.30% 1998 5.50% 1999 Net Interest True Interest Price Cost Rate $1,084,050.00 $223,831.67 5.019fe $1,086,787.50$224,469.58 5.0258% $1,087,335.00 $228,070.00 5.1041% $1,086,524.70 $236,535.30 5.296_ These Bonds are being reoffered at par. BBI: 6.58 Average Maturity: 4.08 Years .