90-010 RES
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CERTIFICATION OF MINUTES RELATING TO
$400,000 GENERAL OBLIGATION TAXABLE TAX
INCREMENT BONDS, SERIES 1990A
Issuer:
City of Elk River, Minnesota
Governing Body: City Council
Kind, date, time, and place of meeting: A reqular meeting
held Monday, March 26, 1990, at 7:00 o'clock p.m., at the City
Hall in Elk River, Minnesota (the City).
Members present: Vice Mayor Schuldt, Councilmembers Dobel,
Holmgren, and Kropuenske
Members absent: Mayor Tralle
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO. 90--LO
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS, AND PROVIDING FOR
THE PAYMENT OF $400,000 GENERAL OBLIGATION TAXABLE
TAX INCREMENT BONDS, SERIES 1990A
I, the undersigned, certify that the documents attached
hereto, as described above, have been carefully compared with
the 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.
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WITNESS my hand and
Harch, 1990.
this ,;(r( day of
.....'
I...ne
seal of
the
C~ ""'17
_ _ f
(Seal)
~- .,
It was then reported that i proposals for the
purchase of the bonds had been received. The proposals
received are described on the schedule attached hereto.
Member Dobel
then introduced the following
resolution and moved its adoption:
RESOLUTION NO. 90-10
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS, AND PROVIDING FOR
THE PAYMENT OF $400,000 GENERAL OBLIGATION TAXABLE
TAX INCREMENT BONDS, SERIES 1990A
BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota (the Issuer), as follows:
Section 1. Authorization and Sale.
1.01. This Council, by resolution duly adopted February 12,
1990, authorized the issuance and sale of General Obligation
Taxable Tax Increment Bonds, Series 1990A, of the Issuer,
hereinafter called "the Bonds," to finance the cost of
acquiring certain land (the Project) under a tax increment
financing plan in Tax Increment Financing District No. 7 (the
District) established by the Issuer.
1.02. The resolution adopted by this Council on
February 12, 1990, authorized Springsted Incorporated, the
Issuer's fiscal consultant, to seek proposals for the purchase
of the Bonds and contemplated that those proposals would be
considered at the meeting of this Council to be held March 12,
1990. Subsequently, it was determined that it was advisable to
postpone consideration of proposals for the purchase of the
Bonds until the meeting of this Council to be held March 26,
1990.
1.03. Springsted Incorporated has obtained several
proposals from prospective purchasers of the Bonds, which
proposals have been presented by Springsted to this Council.
The most favorable of such proposals is determined to be that
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or Miller, Johnson & Kuehn, Inc. (che
Purchaser), to purchase the Bonds ac a price 0: $ 394,040
plus accru~d interest to the day or delive~y and payment, and
upon the furcher cerns and conditions se~ for~h in this
resolution. The orooosal of the ?urctaser is hereby acceoted
and the sale of the 30r.ds is he~eby awarded to the Pu~chaser.
1.04. The Mayor and the Cicy Clerk are directed to
execute in duplicate a conc~act on the part of the Issuer for
the sale of the Bonds in accordance with tie terms described in
Section 1.03, and to deliver a duolicace to the Purchaser. ~he
City Treasurer is directed to deposit the Purchaser's check
securing the contract of sale and to return the checks securing
other bids to the respective bidders.
Section 2. Bond Terms; Registration; Execution and
Delivery.
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2.01. Maturities; Interest Rates; Denominations. The Bonds
shall be designated General Obligation Taxable Tax Increment
Bonds, Series 1990A, shall be originally dated as of April 1,
1990, shall be in the denomination or $5,000 each, or any
integral multiple thereof, shall mature on February I, in the
respective years and amounts stated below, and shall bear
interest from date of issue until paid or duly called for
redemption at the respective annual rates set forth opposite
such years and amounts, as follows:
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Year Amount Rate "{ear Amount Rate
1993 $10,000 9.10% 2002 $20,000 9.60%
1994 $10,000 9.20% 2003 $25,000 9.60%
1995 $10,000 9.25% 2004 $25,000 9.70%
1996 $10,000 9.30% 2005 $30,000 9.70%
1997 $15,000 9.30% 2006 $30,000 9.80%
1998 $15,000 9.40% 2007 $35,000 9.80%
1999 $15,000 9.40% 2008 $35,000 9.90%
2000 $15,000 9.50% 2009 $40,000 9.90%
2001 $20,000 9.50% 2010 $40,000 9.90%
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2.02. Dates; Interest Payment Dates; Interest and Principal
Payment. Each Bond shall be dated as 0: the last interest
payment date preceding the date of auchentication to which
interest on the Bond has been paid or made available for
payme~t, 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 February 1, 1991, in which case such Bond shall be
dated as of April 1, 1990. Interest on the Bonds shall be
payable on February 1 and August 1 in each year, commencing
February 1, 1991, to the owner of record thereof as of the
close of business on the fifteenth (15th) day of the
immediately preceding month, whether or not such day is a
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business day (the Record Date). Interest shall be paid on each
interest payment date by check or draft mailed to the person in
whose name the Bond is registered on the registration books of
the Issuer maintained by the Registrar, hereinafter defined,
and at the address appearing thereon on the Record Date.
Principal of any Bond, at maturity or earlier redemption, 1S
payable on presentation and surrender of the Bond at the
principal office of the paying agent.
2.03. Registration. The Bonds shall be issued in fully
registered form. The Issuer shall appoint, and shall maintain,
a bond registrar, transfer agent, and paying agent (the
Registrar). The effect of registration and the rights and
duties of the Issuer 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.
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(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 (15th) 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.
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(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 Issuer.
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(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 Issuer 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, 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.
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(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.
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(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 Issuer 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 Issuer. If
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t~e mutilated, destroyed, stolen, or lost Bond
has already macured or been called for
redemption in accordance wi~h its terms, it
shall not be necessary ~o issue a new Bond prior
1:0 payment.
2.04. ADDointment or Initial Reoistrar. The Issuer hereby
appoints Ma;quette Bank Minneapolis, N.A., Minneapolis, Minneqota,
as the initial ~egistrar. The Mayor and the City Administrator
are authorized to execute and deliver, on behalf of the Issuer,
a contract with said Registrar. Upon merger or consolidation
of the Regis1:rar 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 Issuer agrees to pay the
reasonable and customary charges of the Registrar for the
services performed. The Issuer reserves the right to remove
1:he 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. Redemption. Bonds maturing in the years 1993 through
1999 shall not be subject to redemp1:ion prior to maturity, but
Bonds maturing in the years 2000 through 2010 shall be subject
to redemption and prepayment at the option of the Issuer, in
whole or in part, in inverse order of maturity dates and by
lot, assigned in proportion to their principal amount, within
any maturity, on February 1, 1999, and any date thereafter at a
price equal to the principal amount thereof and accrued
interest to the date of redemption. Prior to the date set for
redemption of any Bond which is to be called for redemption
prior to its stated maturity date, the Clerk shall cause notice
of the call for redemption thereof to be published as required
by law, and, at least thirty (30) days prior to the designated
redemption date, shall cause notice of the call for redemption
thereof to be mailed to the registered holders of any Bonds to
be redeemed at their addresses as t~ey appear on the bond
register described in Section 2.03 hereof.
2.06. Execution, Authentication, and Delivery. The Bonds
shall be prepared under the direc~ion of the City Administrator
and shall be executed on behalf of the Issuer by the signatures
of the Mayor and City Administrator, provided that all
signatures may be printed, engraved, or lithographed facsimiles
of the originals. In case any officer whose signature, or a
facsimile of whose signature, shall appear on the Bonds shall
cease to be such officer before the delivery of any Bond, such
signature or facsimile shall nevertheless be valid and
sufficient for all purposes, the same as if 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
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the mutilated, destroyed, stolen, or lost Bond
has already matured or been called for
redemption in accordance with its terms, it
shall not be necessary to issue a new Bond prior
to payment.
2.04. Appointment of Initial Reqistrar. The Issuer hereby
appoints , , ,
as the initial Registrar. The Mayor and the City Administrator
are authorized to execute and deliver, on behalf of the Issuer,
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 Issuer agrees to pay the
reasonable and customary charges of the Registrar for the
services performed. The Issuer 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. Redemption. Bonds maturing in the years 1993 through
1999 shall not be subject to redemption prior to maturity, but
Bonds maturing in the years 2000 through 2010 shall be subject
to redemption and prepayment at the option of the Issuer, in
whole or in part, in inverse order of maturity dates and by
lot, assigned in proportion to their principal amount, within
any maturity, on February 1, 1999, and any date thereafter at a
price equal to the principal amount thereof and accrued
interest to the date of redemption. Prior to the date set for
redemption of any Bond which is to be called for redemption
prior to its stated maturity date, the Clerk shall cause notice
of the call for redemption thereof to be published as required
by law, and, at least thirty (30) days prior to the designated
redemption date, shall cause notice of the call for redemption
thereof to be mailed to the registered holders of any Bonds to
be redeemed at their addresses as they appear on the bond
register described in section 2.03 hereof.
2.06. Execution, Authentication, and Delivery. The Bonds
shall be prepared under the direction of the City Administrator
and shall be executed on behalf of the Issuer by the signatures
of the Mayor and City Administrator, provided that all
signatures may be printed, engraved, or lithographed facsimiles
of the originals. In case any officer whose signature, or a
facsimile of whose signature, shall appear on the Bonds shall
cease to be such officer before the delivery of any Bond, such
signature or facsimile shall nevertheless be valid and
sufficient for all purposes, the same as if 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
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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 ln
substantially the following form:
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[Face of the Bonds]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
GENERAL OBLIGATION TAXABLE TAX INCREMENT BOND, SERIES 1990A
Rate
Maturity
Date of
Oriqinal Issue
CUSIP
April 1, 1990
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS.
KNOW ALL PERSONS BY THESE PRESENTS that City of Elk River,
Minnesota (the Issuer), 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,
unless called for earlier redemption, with 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 February 1 and August 1 (the Interest
Payment Date) in each year, commencing February 1, 1991, 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
, in (the
Registrar), acting as paying agent, or any successor paying
agent duly appointed by the Issuer. 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 fifteenth (15th) day, whether or not a business day, of
the calendar month next preceding such Interest Payment Date.
The principal of and premium, if any, 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 Issuer have been and are hereby
irrevocably pledged.
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 precedent to and in the
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issuance of this Bond, in order to make it a valid and binding
general obligation of the Issuer 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 Issuer, from tax increments resulting
from increases in assessed valuation of real property within
Tax Increment Financing District No. 7 (the District) in the
City of Elk River, Minnesota, which have been 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 Issuer without limitation as to rate or amount; and that
the issuance of this Bond does not cause the indebtedness of
the Issuer 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 Issuer by its City Council has
caused this Bond to be executed on its behalf by the facsimile
signatures of the Mayor and the City Administrator and has
caused this Bond to be dated as of the date set forth below.
CITY OF ELK RIVER, MINNESOTA
Dated:
Mayor
ATTEST:
City Administrator
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CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the
Resolution mentioned within.
By:
Authorized Representative
[Reverse of the Bonds]
This Bond is one of an issue in the aggregate principal
amount of $400,000, all of like date and tenor, except as to
maturity date, interest rate, denomination, and redemption
privilege issued pursuant to a resolution adopted by the City
Council on March 26, 1990 (the Resolution), to provide funds
to finance the public development costs of a project in the
District, and is issued pursuant to and in full conformity with
the Constitution and laws of the State of Minnesota thereunto
enabling, including Chapters 469 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.
Bonds of this issue maturing in 1999 and earlier years are
payable on their respective stated maturity dates without
option of prior payment, but Bonds having stated maturity dates
in 2000 and later years are each subject to redemption and
prepayment at the option of the Issuer, in whole or in part,
and if in part in inverse order of maturity dates and by lot,
assigned in proportion to their principal amount, within any
maturity, on February 1, 1999, and any date thereafter, at a
price equal to the principal amount thereof plus interest
accrued to the date of redemption. Prior to the date specified
for the redemption of any Bond which is to be called for
redemption prior to its stated maturity date, the Issuer will
cause notice of the call for redemption to be published as
required by law, and, at least thirty (30) days prior to the
designated redemption date, will cause notice of the call for
redemption thereof to be mailed to the registered owner of any
Bond to be redeemed at his address as it appears on the bond
register maintained by the Registrar. Upon partial redemption
of any Bond, a new Bond or Bonds will be delivered to the owner
without charge, representing the remaining principal amount
outstanding.
As provided in the Resolution and subject to certain
limitations set forth therein, this Bond is transferable upon
the books of the Issuer at the principal office of the
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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 Issuer 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 Issuer 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
Issuer 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
within Bond, dated as of the date of delivery of and payment
for the Bonds.
(Facsimile Signature)
City 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 common
UNIF TRANS MIN ACT
(Cust)
Custodian
(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.
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Additional abbreviations may also be used though not In
the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns,
and transfers unto
the within Bond and all rights thereunder, and does hereby
irrevocably constitute and appoint
attorney to transfer the said Bond on the books kept for
registration of the within Bond, with full power of
substitution in the premises.
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 1S
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
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Section 3. Acquisition Account.
A special fund designated "The General Obligation Taxable
Tax Increment Bonds, Series 1990A Fund" (the Fund) is hereby
established separate from other funds of the Issuer. A
separate account is hereby established within the Fund for the
Project which shall be called the "Tax Increment Financing
District No.7 Acquisition Account." The proceeds of the sale
of the Bonds, other than the portions attributed to accrued
interest, unused discount and capitalized interest, shall be
credited to the Tax Increment Financing District No. 7
Acquisition Account. From such account shall be paid all costs
and expenses related to the purchase of certain property that
is the site of the Project; provided, that 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
commencement of the collection of tax increments and taxes
levied or to be levied for the purpose of paying the principal
and interest due upon the Bonds. When the total cost of the
Project has been paid, such account shall be discontinued and
any money remaining in such account shall be transferred to the
debt service account authorized in section 4.01 hereof.
section 4. Security; Payment.
4.01. Debt Service Account. A separate account within the
Fund is hereby established, designated the "Series 1990A Tax
Increment Bond Debt Service Account." All tax increments (Tax
Increments) from the District are hereby irrevocably
appropriated and pledged to the Series 1990A Tax Increment Bond
Debt Service Account to the extent necessary to pay principal
of and interest on the Bonds. There is also pledged to such
account (a) all accrued interest received from the purchaser of
the Bonds; (b) capitalized interest in the amount of
to pay interest due on the Bonds on or
before February 1, 1991; (c) all taxes, if any, levied for
payment of the Bonds; (d) all funds remaining in the Tax
Increment Financing District No. 7 Acquisition Account after
acquisition of the Project and payment of the costs thereof;
and (e) any unused discount. Such separate account shall be
used to pay principal and interest on the Bonds. If moneys in
such separate account should at any time be insufficient to pay
principal and interest due on the Bonds, such amount shall be
paid from the general fund of the Issuer, which shall be
reimbursed therefor when sufficient money becomes available in
such separate account.
4.02. Tax Pledqe. The estimated collection of Tax
Increments are expected to produce sums at least five percent
(5%) in excess of the amount needed to meet when due the
principal and interest payments on the Bonds. The Issuer
recognizes and affirms the pledge of the full faith and credit
of the Issuer to the payment of the Bonds. In the event that
the Tax Increments and the other funds pledged to the payment
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of the Bonds do not prove sufficient to pay principal and
interest on the Bonds, the Issuer will promptly levy ad valorem
taxes as necessary for such payment without limitation as to
rate or amount.
section 5. Miscellaneous.
5.01. County Auditor Reqistration. The City Clerk is
directed to file with the County Auditor of Sherburne County a
certified copy of this resolution, and obtain from the County
Auditor a certificate stating that the Bonds have been entered
upon his bond register.
5.02. Authentication of Transcript. The officers of the
Issuer 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
Issuer 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 Issuer as to the correctness of all
statements contained therein.
The motion for the adoption of the foregoing resolution was
duly seconded by Member
and upon vote being
Kropuenske
taken thereon, the following voted in favor thereof:
Councilmembers Kropuenske, Dobel, Schuldt, and Holmgren
and the following voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
SBS:CB5
14.
~
.
SPRINGSTED
PUBLIC FINANCE ADVISORS
85 East Seventh Place. Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: 612-223-3002
$400,000
CITY OF ELK RIVER, MINNESOTA
GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1990A
AWARD:
MILLER, JOHNSON & KUEHN, INC.
SALE:
March 26, 1990
Bidder
MILLER, JOHNSON & KUEHN, INC.
Interest
Rates
9.10% 1993
9.20% 1994
9.25% 1995
9.30% 1996-1997
9.40% 1998-1999
9.50% 2000-2001
9.60% 2002-2003
9.70% 2004-2005
9.80% 2006-2007
9.90% 2008-2010
9.25% 1993-1998
9.40% 1999
9.50% 2000
9.60% 2001
9.70% 2002
9.75% 2003
9.80% 2004
9.85% 2005
9.90% 2006
9.95% 2007
10.00% 2008-2010
9.50% 1993-1994
9.60% 1995-1996
9.70% 1997-1998
9.75% 1999-2000
9.80% 2001-2002
9.85% 2003-2004
9.90% 2005-2006
10.00% 2007-2010
.OBERT W. BAIRD & COMPANY,
INCORPORATED
PARK INVESTMENT CORPORATION
Price
Moody's Rating: Baa1
Net Interest
Cost & Rate
$539,020.83
(9.8481 %)
- $394,040.00
$394,000.00
$544,343.33
(9.9453%)
$394,000.00
$548,386.65
(10.019244%)
These Bonds are being reoffered at par.
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.
Indiana Office:
135 North Pennsylvania Street
SUite 2015
Indianapolis. IN 46204-2498
(317) 684-6000
Fax 317-684-6004
Kansas Office
6800 College Boulevard
Suite 600
Overland Park. KS 66211-1533
(913) 345-8062
Fax (913) 345-1770
BBI: 7.31
Average Maturity: 13.68 Years
Wisconsin Office
500 Elm Grove Road
Suite 101
Elm Grove. WI 53122-0037
(414) 782-8222
Fax 414-782-2904