4.0. SR 09-07-1993
A.( -\.(
( l!
fill River
ITEM 4.
TO:
FROM:
MAYOR & CITY COUNCIL
LORI JOHNSON, FINANCE DIRECTOR~~
DATE: SEPTEMBER 1, 1993
SUBJECT: AWARDING SALE OF $3,525,000
GENERAL OBLIGATION PERMANENT
IMPROVEMENT REVOLVING FUND BOND
SERIES 1993B
On August 16th, the City Council approved a resolution
authorizing the sale of a $3,525,000 General Obligation
Permanent Improvement Revolving Fund Bond. Springsted, Inc.,
is accepting bids until 11:00 a.m., Tuesday, September 7th.
David Drown of Springsted, Inc., will be at Tuesday's meeting
to present the results of the bid opening.
At Monday's meeting the City Council is asked to adopt the
attached resolution which awards the sale.
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Als~ attached for your review is a copy of the official
statement relating to this bond issue. The official statement
contains a lot of interesting information on the City such as
property value, debt, cash balance, building permit, major
employer, labor force, and recent development information. An
official statement is prepared each time the City issues debt.
This is the document that the underwriters review when
gathering information for a potential purchase of one of the
City's bonds.
Finally, for your information, I have received a letter from
First National Bank of Elk River indicating that the bank has
made a commitment to issue a Letter of Credit for approximately
$474,500 for the Mississippi Oaks Improvement Project.
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P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425
]
~~
SPRINGSTED
PUBLIC FINANCE ADVISORS
.
Home Office
85 East Seventh Place
Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
120 South Sixth Street
SUite 2507
Minneapolis, MN 55402-1800
(612) 333-9177
Fax: (612) 349-5230
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
1800 K Street NW
SUite 831
Washington, DC 20006-2200
(202) 466-3344
Fax: (202) 223-1362
$3,525,000
CITY OF ELK RIVER, MINNESOTA
GENERAL OBUGATlON PERMANENT IMPROVEMENT
REVOLVING FUND BONDS, SERIES 1993B
AWARD:
SALE:
FBS INVESTMENT SERVICES, INC.
DAIN BOSWORTH INCORPORATED
..And Associates-
September 7, 1993
Moody's Rating: Baa1
Bidder
"S INVESTMENT SERVICES, INC.
~IN BOSWORTH INCORPORATED
Dougherty, Dawkins, Strand &
Bigelow, Incorporated
National City Bank
First National Bank of Elk River
NORWEST INVESTMENT SERVICES, INC.
MERRILL LYNCH & CO.
American National Bank Saint Paul
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Interest
Rates
2.75% 1995
3.00% 1996
3.25% 1997
3.45% 1998
3.65% 1999
3.80% 2000
4.00% 2001
4.15% 2002
4.30% 2003
4.50% 2004
4.70% 2005
4.90% 2006
5..00% 2007
5.10% 2008
5.20% 2009
2.80% 1995
3.00% 1996
3.20% 1997
3.40% 1998
3.55% 1999
3.70% 2000
3.90% 2001
4.10% 2002
4.30% 2003
4.45% 2004
4.65% 2005
4.85% 2006
5.00% 2007
5.05% 2008
5.10% 2009
Net Interest True Interest
Cost Rate
$959,184.17 4.2999%
Price
$3,498,562.50
$3,479,045.00 $967,881.67 4.3579%
(Continued)
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Intereat Net Interest ,)
True Intereat
Bidder Rates Price Coat Rate
GRIFFIN, KUBIK, STEPHENS & 3.30% 1995-1996 $3,479,045.00 $964,917.93 4.358t.
THOMPSON, INC. 3.375% 1997
3.50% 1998
3.70% 1999
3.80% 2000
4.00% 2001
4.10% 2002
4.25% 2003
4.40% 2004
4.50% 2005
4.60% 2006
4.70% 2007
4.80% 2008
4.90% 2009
GEORGE K BAUM & COMPANY 3.00% 1995 $3,479,175.00 $965,560.00 4.3618%
3.20% 1996
3.40% 1997
3.60% 1998
3.70% 1999
3.90% 2000
4.00% 2001
4.20% 2002
4.30% 2003
4.40% 2004
4.60% 2005 e
4.70% 2006-2009
CLAYTON BROWN & ASSOCIATES, 3.30% 1995-1996 $3,479,294.50 $970,695.92 4.3813%
INCORPORATED 3.375% 1997
3.40% 1998
3.60% 1999
3.80% 2000
4.00% 2001
4.125% 2002
4.30% 2003
4.40% 2004
4.625% 2005
4.75% 2006
4.875% 2007-2009
LEHMAN BROTHERS 3.00% 1995 $3,479,175.00 $914,774.17 4.3951 %
PAINEWEBBER INCORPORATED 3.10% 1996
PRUDENTIAL SECURITIES, INC. 3.35% 1997
DEAN WlTIER REYNOLDS INCORPORATED 3.50% 1998
Mabon, Nugent & Co. 3.70% 1999
3.85% 2000
4.00% 2001
4.10% 2002
4.30% 2003
4.50% 2004
4.60% 2005 e
4.75% 2006
4.90% 2007
5.00% 2008-2009 (Continued)
Bidder
Price
~IPER JAFFRAY INC.
~uran & Moody, Incorporated
John G. Kinnard & Company Incorporated
CRONIN & COMPANY, INCORPORATED
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KEMPER SECURITIES, INC.
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Interest
Rates
Net Interest True Interest
Cost Rate
3.40% 1995.1998
3.60% 1999
3.80% 2000
4.00% 2001
4.10% 2002
4.25% 2003
4.40% 2004
4.60% 2005
4.75% 2006
4.90% 2007
5.05% 2008
5.15% 2009
$3,480,350.70 $977,120.97 4.4070%
3.00% 1995
3.20% 1996
3.40% 1997
3.60% 1998
3.75% 1999
3.90% 2000
4.10% 2001
4.30% 2002
4.50% 2003
4.70% 2004
4.90% 2005
5.00% 2006
5.10% 2007
5.20% 2008
5.25% 2009
$3,496,588.50 $993,203.17 4.4559%
3.625% 1995.1998
3.90% 1999
4.00% 2000
4.20% 2001
4.30% 2002
4.40% 2003
4.50% 2004
4.70% 2005
4.80% 2006
4.90% 2007
5.00% 2008
5.125% 2009
$3,479,045.00 $1,007,929.17 4.5543%
(Continued)
Bidder
Interest
Rates
Price
Net Interest True Interest ·
Cost Rate
FIRSTAR BANK MILWAUKEE, N.A.
3.00% 1995
3.30% 1996
3.70% 1997
3.85% 1998
4.10% 1999
4.30% 2000
4.40% 2001
4.50% 2002
4.60% 2003
4.75% 2004
4.90% 2005
5.00% 2006
5.05% 2007
5.10% 2008
5.15% 2009
$3,497,681.25 $1,018,n2.92
4.578$_
--------..;......_-------------------------------------------------------------------------~..--------~-..-.-------
These Bonds are being reoffered at par.
BBI: 5.35
Average Maturity: 6.28 Years
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EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
ELK RIVER, MINNESOTA
Pursuant to due call and notice thereof, a special meeting
of the City Council of the City of Elk River, Minnesota, was
duly held in the Elk River City Hall on September 7, 1993,
commencing at 4:30 p.m., C.T.
The following Councilmembers were present:
and the following were absent:
***
***
***
The Mayor announced that the meeting was convened in part
for the consideration of the bids which had been received for
the purchase of the City's $3,525,000 General Obligation
Permanent Improvement Revolving Fund Bonds, Series 1993B, as
offered for sale.
There was then presented a tabulation of the offers which
had been received in the manner specified in the Terms of
Proposal for the Bonds. The offers were as follows:
~ ing Resolution and moved its adoption:
RESOLUTION NO. 93-
introduced the follow-
RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF THE CITY'S
$3,525,000 GENERAL OBLIGATION PERMANENT
IMPROVEMENT REVOLVING FUND
BONDS, SERIES 1993B
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BE IT RESOLVED by the City Council (the "Council") of
the City of Elk River, Minnesota (the "City"), as follows:
1. Recitals. It is hereby determined:
(a) The (i) assessable public improvement projects
(the "Assessment Improvements") and (ii) the
municipal water system public improvements (the
"Water system Improvements") referenced in
paragraph l(a) of the Council's resolution
relating to the Bonds adopted on August 16, 1993
(all of said improvements being sometimes referred
to in this Resolution, collectively, as the
"Improvements"), have been duly ordered by the
City and have been constructed by the City or will
be constructed under contracts which the City has
or will let therefor, all pursuant to and in
accordance with the applicable provisions of
Minnesota Statutes, Chapter 429 and/or Section
444.075.
(b) It is necessary and expedient to the sound
financial management of the affairs of the City
that the City issue its bonds in the aggregate
principal amount of $3,525,000 pursuant to
Minnesota Statutes, Chapters 475 and 429
(including particularly Section 429.091,
Subdivision 7a, thereof), to provide financing for
the Improvements; and, as hereinafter further
described as to maturity, $2,400,000 of the
principal of said bonds (the "Series 1993B
Improvement Bonds") are being issued to finance
the Assessment Improvements, and the remaining
$1,125,000 of the principal of said bonds (the
"Series 1993B Water Revenue Bonds") are being
issued to finance the Water System Improvements.
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(c) The Assessment Improvements and all their
components have been ordered on or prior to the
date hereof, after a hearing thereon (except where
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not required by law) for which mailed and
published notice was duly given as required by law
describing the Assessment Improvements and all
their components by general nature, estimated
cost, and area to be assessed.
2. AcceDtance of Offer. The offer of
(the "Purchaser") to purchase the City's
$3,525,000 General Obligation Permanent Improvement Revolving
Fund Bonds, Series 1993B (the "Bonds"), is hereby accepted, such
bid being to purchase the Bonds at a price of $
plus accrued interest to date of delivery, the Bonds to bear
interest, to mature in the years and amounts, and to be subject
to such other terms and conditions as hereinafter provided. The
sum of $ , being the amount bid in excess of
$3,479,045, shall be credited to the Debt Service Account
hereinafter created. The City Finance Director is directed to
retain the good faith check of the Purchaser pending completion
of the sale and delivery of the Bonds and to return the checks of
the unsuccessful bidders forthwith.
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3. Title: Original Issue Date: Denominations:
Maturities. The Bonds shall be titled "General Obligation
Permanent Improvement Revolving Fund Bonds, Series 1993B," shall
be dated October 1, 1993, as the date of original issue and shall
be issued forthwith on or after such date as fully registered
bonds. The Bonds shall be numbered from R-1 upward in the
denomination of $5,000 each or in any integral multiple thereof
of a single maturity. The Bonds shall mature on February 1 in
the years and amounts (Which amounts are hereby allocated to and
between the Series 1993B Improvement Bonds and the Series 1993B
Water Revenue Bonds, respectively) as follows:
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~ Amount
1995 $ 390,000
1996 535,000
1997 535,000
1998 205,000
1999 110,000
2000 235,000
2001 245,000
2002 255,000
2003 260,000
2004 280,000
2005 85,000
2006 90,000
2007 95,000
2008 100,000
2009 105.000
$3,525,000
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Series 1993B
ImDrovement Bonds
Series 1993B
Water Revenue Bonds
$ 350,000
475,000
475,000
145,000
45,000
170,000
175,000
180,000
185,000
200,000
$ 40,000
60,000
60,000
60,000
65,000
65,000
70,000
75,000
75,000
80,000
85,000
90,000
95,000
100,000
105.000
$2,400,000
$1,125,000
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4. PurDose. The Bonds shall provide funds to finance
the Improvements. The total cost of the Improvements, which
shall include all costs enumerated in Minnesota statutes, Section
475.65, is estimated to be at least equal to the amount of the
Bonds. Work on the Improvements shall proceed with due diligence
to completion.
5. Interest. The Bonds shall bear interest payable
semiannually on February 1 and August 1 of each year (each, an
"Interest PaYment Date"), commencing August 1, 1994, calculated
on the basis of a 360-day year consisting of twelve 30-day
months, at the respective rates per annum set forth opposite the
maturity years, as follows:
Maturity
Year
Maturity
Year
Interest
Rate
Interest
Rate
1995
1996
1997
1998
1999
2000
2001
2002
%
%
2003
2004
2005
2006
2007
2008
2009
6. RedemDtion. All Bonds maturing after February 1,
2003, shall be subject to redemption and prepaYment at the option
of the City on said date and on any date thereafter at a price of
par plus accrued interest to date of redemption. Redemption may
be in whole or in part of the Bonds subject to prepaYment. If
redemption is in part, the City shall determine the amount of
Bonds of each maturity to be prepaid; and if only part of the
Bonds having a common maturity date are called for prepaYment,
the specific Bonds to be prepaid shall be chosen by lot by the
Bond Registrar. Bonds or portions thereof called for redemption
shall be due and payable on the redemption date, and interest
thereon shall cease to accrue from and after the redemption date.
Published notice of redemption shall be given if and to the
extent required by applicable law, and mailed notice of
redemption shall be given to the paying agent and to each
affected registered owner of the Bonds.
To effect a partial redemption of Bonds having a common
maturity date, the Bond Registrar, prior to giving notice of
redemption, shall assign to each Bond of that maturity a
distinctive number for each $5,000 of the principal amount of
such Bond. The Bond Registrar shall then select by lot, using
such method of selection as it shall deem proper in its
discretion, from the numbers so assigned to such Bonds, as many
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numbers as, at $5,000 for each number, shall equal the principal
amount of such Bonds to be redeemed. The Bonds to be redeemed
shall be the Bonds to which were assigned numbers so selected;
provided, however, that only so much of the principal amount of
each such Bond of a denomination of more than $5,000 shall be
redeemed as shall equal $5,000 for each number assigned to it and
so selected. If a Bond is to be redeemed only in part, it shall
be surrendered to the Bond Registrar (with, if the City or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the City or Bond Registrar duly executed by the
registered owner thereof or by the registered owner's attorney,
duly authorized in writing) and the City shall execute (if
necessary) and the Bond Registrar shall authenticate and deliver
to the registered owner of such Bond, without service charge, a
new Bond or Bonds of the same series having the same stated
maturity and interest rate and of any authorized denomination or
denominations, as requested by such registered owner, in
aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Bond so surrendered.
7. Bond Registrar.
, in , Minnesota, is appointed to
act as bond registrar and transfer agent with respect to the
Bonds (the "Bond Registrar"), and shall do so unless and until a
successor Bond Registrar is duly appointed, all pursuant to any
contract the City and Bond Registrar shall execute which is
consistent herewith. The Bond Registrar shall also serve as
paying agent unless and until a successor paying agent is duly
appointed. The principal of and interest on the Bonds shall be
paid to the registered owners (or record owners) of the Bonds in
the manner set forth in the form of Bond and paragraph 13 of this
Resolution.
8. Form of Bond. The Bonds, together with the Bond
Registrar's certificate of Authentication, the form of Assignment
and the registration information thereon, shall be in
substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
R-
$
GENERAL OBLIGATION PERMANENT IMPROVEMENT
REVOLVING FUND BOND, SERIES 1993B
INTEREST
RATE
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
October 1, 1993
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
The City of Elk River, Sherburne County, Minnesota (the
"City"), hereby acknowledges itself to be indebted and, for value
received, promises to pay to the registered owner specified
above, or registered assigns, in the manner hereinafter set
forth, the principal amount specified above on the maturity date
specified above, unless duly called for earlier redemption, and
to pay interest thereon semiannually on February 1 and August 1
of each year (each, an "Interest PaYment Date"), commencing
August 1, 1994, at the rate per annum specified above (calculated
on the basis of a 360-day year consisting of twelve 30-day
months) until the principal sum is paid or has been provided for.
This Bond will bear interest from the most recent Interest
PaYment Date to which interest has been paid or, if no interest
has been paid, from the date of original issue hereof. The
principal of and premium, if any, on this Bond are payable upon
presentation and surrender hereof at the principal office of
, in
, (the "Bond Registrar"), acting as
paying agent, or at the principal office of 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 person in whose name this Bond is registered (the "Registered
Owner") on the registration books of the City maintained by the
Bond Registrar and at the address appearing thereon at the close
of business on the fifteenth day of the calendar month preceding
such Interest PaYment Date (the "Regular Record Date"). Any
interest not so timely paid shall cease to be payable to the
person who is the Registered Owner hereof as of the Regular
Record Date, and shall be payable to the person that is the
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Registered Owner hereof at the close of business on a date (the
"Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given to Registered Owners
not less than ten days prior to the Special Record Date. The
principal of and premium, if any, and interest on this Bond are
payable in lawful money of the United States of America.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
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 Bond, have
been done, have happened and have been performed in regular and
due form, time and manner as required by law, and that this Bond,
together with all other indebtedness of the City outstanding on
the date of original issue hereof and the date of its actual
issuance and delivery to the original purchaser, does not exceed
any constitutional or statutory limitation of indebtedness.
IN WITNESS WHEREOF, the City of Elk River, Sherburne
County, Minnesota, by its City council, has caused this Bond to
be executed on its behalf by the facsimile signatures of its
Mayor and its City Administrator; has caused the corporate seal
of the City to be intentionally omitted herefrom, as permitted by
law; and has caused this Bond to be executed manually by the Bond
Registrar, acting as the City's duly appointed authenticating
agent for the Bonds.
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Date of Registration:
Registrable by:
Payable at:
BOND REGISTRAR'S
CERTIFICATE OF
CITY OF ELK RIVER,
SHERBURNE COUNTY,
MINNESOTA
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned
within.
Isl Facsimile
Mayor
Isl Facsimile
City Administrator
Bond Registrar
By Isl Manual
Authorized Signature
ON REVERSE OF BOND
I hereby certify that the foregoing is a full,
true, and correct copy of the legal opinion executed by
the above-named attorneys, except as to the dating
thereof, which opinion has been handed to me for filing
in my office prior to the time of delivery of the
Bonds.
(facsimile sianaturel
City Clerk
City of Elk River, Minnesota
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Redemotion. All Bonds of this issue maturing after
February 1, 2003, are subject to redemption and prepayment at the
option of the City on said date and on any date thereafter at a
price of par plus accrued interest to date of redemption.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, the City shall determine
the amount of Bonds of each maturity to be prepaid; and if only
part of the Bonds having a common maturity date are called for
prepayment, the Bonds of that maturity to be prepaid shall be
chosen by lot by the Bond Registrar. Bonds or portions thereof
called for redemption shall be due and payable on the redemption
date, and interest thereon shall cease to accrue from and after
the redemption date. Published notice of redemption shall be
given if and to the extent required by applicable law, and mailed
notice of redemption shall be given to the paying agent and to
each affected registered owner of the Bonds.
Selection of Bonds for Redemption: Partial RedemDtion.
To effect a partial redemption of Bonds having a common maturity
date, the Bond Registrar shall assign to each Bond of that
maturity a distinctive number for each $5,000 of the principal
amount of such Bond. The Bond Registrar shall then select by
lot, using such method of selection as it shall deem proper in
its discretion, from the numbers assigned to the Bonds, as many
numbers as, at $5,000 for each number, shall equal the principal
amount of such Bonds to be redeemed. The Bonds to be redeemed
shall be the Bonds to which were assigned numbers so selected;
provided, however, that only so much of the principal amount of
such Bond of a denomination of more than $5,000 shall be redeemed
as shall equal $5,000 for each number assigned to it and so
selected. If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the City or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the City or Bond Registrar duly executed by the
registered owner thereof or the registered owner's attorney duly
authorized in writing), and the City shall execute (if necessary)
and the Bond Registrar shall authenticate and deliver to the
registered owner of such Bond, without service charge, a new Bond
or Bonds of the same series having the same stated maturity and
interest rate and of any authorized denomination or
denominations, as requested by such registered owner, in
aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Bond so surrendered.
Issuance: PurDose: General Obligation. This Bond is
one of an issue in the total principal amount of $3,525,000, all
of like date of original issue and tenor, except as to
registration number, maturity, interest rate, denomination and
redemption privilege, which Bond has been issued pursuant to and
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in full conformity with the Constitution and laws of the state of
Minnesota and pursuant to a resolution adopted by the City
Council on September 7, 1993 (the "Resolution"), for the purpose
of providing money to finance certain costs of public
improvements within the city in connection with the operation and
funding of the City'S Permanent Improvement ReVOlving Fund
established and maintained pursuant to Minnesota Statutes,
Section 429.091, Subdivision 7a. This Bond constitutes a general
obligation of the City, and to provide moneys for the prompt and
full payment of its principal, premium, if any, and interest when
the same become due, the full faith and credit and taxing powers
of the City have been and are hereby irrevocably pledged.
Denominations: Exchanqe: Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,000 and integral multiples thereof of a single maturity and
are exchangeable for fully registered bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Transfer. This Bond is transferable by the Registered
Owner in person or by the Registered Owner's attorney duly
authorized in writing at the principal office of the Bond
Registrar upon presentation and surrender hereof to the Bond
Registrar, all subject to the terms and conditions provided in
the Resolution and to reasonable regulations of the City
contained in any agreement with the Bond Registrar. Thereupon
the City shall execute and the Bond Registrar shall authenticate
and deliver, in exchange for this Bond, one or more new fully
registered Bonds in the name of the transferee (but not
registered in blank or to "bearer" or similar designation), of an
authorized denomination or denominations, in aggregate principal
amount equal to the principal amount of this Bond, of the same
maturity and bearing interest at the same rate.
F~es UDon Transfer or Loss. The Bond Registrar may
require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or
exchange of this Bond and any legal or unusual costs regarding
transfers and lost Bonds.
Treatment of Reqistered Owners. The City and Bond
Registrar may treat the person in whose name this Bond is
registered as the owner hereof for the purpose of receiving
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payment as herein provided (except as otherwise provided on the
reverse side hereof with respect to the Record Date) and for all
other purposes, whether or not this Bond shall be overdue, and
neither the City nor the Bond Registrar shall be affected by
notice to the contrary.
Authentication. This Bond shall not be valid or become
obligatory for any purpose or be entitled to any security unless
the certificate of Authentication hereon shall have been executed
by the Bond Registrar.
Qualified Tax-ExemDt Obliaations. The Bonds have been
designated by the City as "qualified tax-exempt obligations" for
purposes of Section 265(b)(3) of the Internal Revenue Code of
1986, as amended.
ABBREVIATIONS
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
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of
and not as tenants in common
UTMA - as custodian for
survivorship
(CUst)
under the
(Minor)
Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used
though not in the above list.
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises.
as
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 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 or by any other "Eligible Guarantor
Institution," as defined in 17 CFR 240.17 Ad-15(a) (2).
The Bond Registrar will not effect transfer of this Bond
unless the information concerning the transferee requested below
is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
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9. Execution: Temporary Bonds. The Bonds shall be
executed on behalf of the City by the signatures of its Mayor and
City Administrator and be sealed with the seal of the City;
provided, however, that the seal of the City may be a printed
facsimile; and provided further that both of such signatures may
be printed facsimiles and the corporate seal may be omitted on
the Bonds as permitted by law. In the event of disability or
resignation or other absence of either such officer, the Bonds
may be signed by the manual or facsimile signature of that
officer who may act on behalf of such absent or disabled officer.
In case either such officer whose signature or facsimile of whose
signature shall appear on the Bonds shall cease to be such
officer before the delivery of the Bonds, such signature or
facsimile shall nevertheless be valid and sufficient for all
purposes, the same as if he or she had remained in office until
delivery. The City may elect to deliver, in lieu of printed
definitive bonds, one or more typewritten temporary bonds in
substantially the form set forth above, with such changes as may
be necessary to reflect more than one maturity in a single
temporary bond. Such temporary bonds shall, upon the printing of
the definitive bonds and the execution thereof, be exchanged
therefor and cancelled.
10. Authentication. No Bond shall be valid or
obligatory for any purpose or be entitled to any security or
benefit under this Resolution unless a certificate of
Authentication on such Bond, substantially in the form
hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. certificates of
Authentication on different Bonds need not be signed by the same
person. The Bond Registrar shall authenticate the signatures of
officers of the City on each Bond by execution of the certificate
of Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond is
authenticated, except that for purposes of delivering the
original Bonds to the Purchaser, the Bond Registrar shall insert
as a date of registration the date of original issue, which date
is October 1, 1993. The certificate of Authentication so
executed on each Bond shall be conclusive evidence that it has
been authenticated and delivered under this Resolution.
The City Clerk shall obtain a copy of the proposed
approving legal opinion of bond counsel, Briggs and Morgan,
Professional Association, st. Paul, Minnesota, which shall be
complete except as to dating thereof, shall cause such opinion to
be filed in the offices of the City, and shall cause said opinion
to be printed on each of the Bonds, together with a certificate
to be signed by the facsimile signature of the City Clerk in
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substantially the form set forth in the foregoing form of the
Bonds.
11. Reaistration: Transfer: Exchanae. The City will
cause to be kept at the principal office of the Bond Registrar a
bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
Upon surrender for transfer of any Bond at the
principal office of the Bond Registrar, the City shall execute
(if necessary), and the Bond Registrar shall authenticate, insert
the date of registration (as provided in paragraph 10) of, and
deliver, in the name of the designated transferee or transferees,
one or more new Bonds of any authorized denomination or
denominations of a like aggregate principal amount, having the
same stated maturity and interest rate, as requested by the
transferor; provided, however, that no Bond may be registered in
blank or in the name of "bearer" or similar designation.
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At the option of the registered owner thereof, Bonds
may be exchanged for Bonds of any authorized denomination or
denominations of a like aggregate principal amount and stated
maturity, upon surrender of the Bonds to be exchanged at the
principal office of the Bond Registrar. Whenever any Bonds are
so surrendered for exchange, the City shall execute (if
necessary), and the Bond Registrar shall authenticate, insert the
date of registration of, and deliver the Bonds which the
registered owner making the exchange is entitled to receive.
All Bonds surrendered upon any exchange or transfer
provided for in this Resolution shall be promptly cancelled by
the Bond Registrar and thereafter disposed of as directed by the
city.
All Bonds delivered in exchange for or upon transfer of
Bonds shall be valid obligations of the City evidencing the same
debt, and entitled to the same benefits under this Resolution, as
the Bonds surrendered for such exchange or transfer.
Every Bond presented or surrendered for transfer or
exchange shall be duly endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the registered owner thereof or the
registered owner's attorney duly authorized in writing.
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The Bond Registrar may require paYment of a sum
sufficient to cover any tax or other governmental charge payable
in connection with the transfer or exchange of any Bond and any
legal or unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject to reasonable regula-
tions of the City contained in any agreement with the Bond
Registrar, including regulations which permit the Bond Registrar
to close its transfer books between record dates and paYment
dates.
12. Riqhts UDon Transfer or Exchanqe. Each Bond
delivered upon transfer of or in exchange for or in lieu of any
other Bond shall carryall the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Bond.
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13. Interest Pavment: Record Date. Interest on any
Bond 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 City maintained by the Bond
Registrar and at the address appearing thereon at the close of
business on the fifteenth (15th) day of the calendar month
preceding such Interest PaYment Date (the "Regular Record Date").
Any such interest not so timely paid shall cease to be payable to
the person who is the registered owner thereof as of the Regular
Record Date, and shall be payable to the person who is the
registered owner thereof at the close of business on a date (the
"Special Record Date") fixed by the Bond Registrar whenever money
becomes available for paYment of the defaulted interest. Notice
of the Special Record Date shall be given by the Bond Registrar
to the registered owners not less than ten (10) days prior to the
Special Record Date.
14. Treatment of Registered Owner. The City and Bond
Registrar may treat the person in whose name any Bond is
registered as the owner of such Bond for the purpose of receiving
paYment of principal of and premium, if any, and interest
(subject to the paYment provisions in paragraph 13 above) on,
such Bond and for all other purposes whatsoever whether or not
such Bond shall be overdue, and neither the City nor the Bond
Registrar shall be affected by notice to the contrary.
15. Delivery: ADDlication of Proceeds. The Bonds when
so prepared and executed shall be delivered by the City Finance
Director to the Purchaser upon receipt of the purchase price, and
the Purchaser shall not be obliged to see to the proper
application thereof.
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16. Permanent ImDrovement Revolvinq Fund: Accounts
Therein. The City hereby establishes its Permanent Improvement
Revolving Fund (the "Fund"), which the City hereby covenants that
it will continue to maintain as a "revolving fund," within the
meaning of Minnesota statutes, section 429.091, Subdivision 7a
(as the same may be amended or supplemented, the "Subdivision"),
throughout the term of the Bonds and any additional bonds or
similar obligations (the "Additional Bonds") which may be issued
with respect to the Fund as "revolving fund bonds" under the
Subdivision (including refunding obligations permitted thereby).
The Fund shall continue to be held and administered by the City
as a bookkeeping account separate and apart from all other funds
maintained in the City's official financial records. Pursuant to
the SUbdivision, there is hereby established, and there shall
continue to be maintained, within the Fund two separate accounts
designated as the "Construction Account" and the "Debt Service
Account," respectively. In accordance with the Subdivision, the
Construction Account is intended for the payment, in whole or in
part, of the costs (1) of "improvements" (as defined in Minnesota
Statutes, Chapter 429) designated by the City for funding
therefrom for which at least 20% of the costs thereof are to be
assessed against benefitted properties; (2) of water works, sewer
system, or storm sewer system improvements described in Minnesota
Statutes, section 444.075; and/or (3) of such other improvements
as may be permitted in accordance with the terms of the
Subdivision (collectively, the "Revolving Fund Improvements").
within the Construction Account there is hereby established
and shall be maintained a separate subaccount designated as
"General Subaccount," into which all monies allocated thereto
from time to time shall be deposited and maintained, together
with earnings thereon. Funds of the type described in the
Subdivision as being eligible for deposit in the Construction
Account, including special assessments from any improvement which
are not pledged to and needed for other purposes, shall be
deposited into the General Account in such amounts and at such
times as the councilor the City Finance Director may determine.
No monies in the General Subaccount shall be transferred to the
Debt Service Account or otherwise used to pay debt service on the
Bonds or any Additional Bonds. No proceeds of the Bonds or of
any issue of Additional Bonds shall be deposited into the General
Subaccount; such proceeds shall instead be deposited and
maintained in separate subaccounts, respectively, of the
Construction Account and disbursed therefrom for the purpose of
each such issue.
Accordingly, with respect to the Bonds, within the
Construction Account there is hereby established a separate
subaccount designated as the "$3,525,000 General Obligation
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Permanent Improvement Revolving Fund Bonds, Series 1993B,
Construction Subaccount (the "1993B Construction Subaccount").
(i) 1993B Construction Subaccount. To the 1993B
Construction Subaccount there shall be credited the proceeds of
the sale of the Bonds, less accrued interest received thereon,
and less any amount paid for the Bonds in excess of $3,479,045.
From the funds on hand in the 1993B Construction Subaccount
(including any earnings thereon) there shall be paid all costs
and expenses of making the Assessment Improvements and the Water
System Improvements (in the respective amounts allocable thereto
by virtue of the division of the Bonds into the Series 1993B
Improvement Bonds and the Series 1993B Water Revenue Bonds),
including the cost of any construction contracts heretofore let
and all other costs incurred and to be incurred of the kind
authorized in Minnesota Statutes, Section 475.65; and such moneys
in the 1993B Construction Subaccount shall be used for no other
purposes except as otherwise provided by law or this Resolution.
(ii) Debt Service Account. Subject to the conditions and
limitations hereinafter provided, there are hereby irrevocably
appropriated and pledged to, and there shall be credited to, the
Debt Service Account: (a) all collections of special assessments
levied or to be levied with respect to the Revolving Fund
Improvements, together with such amounts of special assessments
from any other improvement which are not pledged to and needed
for other purposes as the Councilor the City Finance Director
may from time to time determine, but only to the extent and in
the amounts necessary to pay, when due, the principal of and
interest on the Bonds and any Additional Bonds, after taking into
account any other assessments, taxes, or other revenues herein or
hereafter pledged and appropriated to the Debt Service Account or
otherwise made available for its purposes; (b) all accrued
interest received upon the delivery of the Bonds; (c) all funds
paid for the Bonds in excess of $3,479,045; (d) all collections
of all taxes hereinafter or hereafter levied for paYment of the
principal of and interest on the Bonds; (e) the net revenues of
the City's municipal water system (as hereinafter defined, the
"Net Revenues"), provided that the amounts thereof shall not
exceed amounts necessary to pay the principal of and interest on
the Series 1993B Water Revenue Bonds, when due; (f) all
investment earnings on moneys held in the Debt Service Account;
and (g) any and all other funds which are properly available and
are appropriated by the City Council to the Debt Service Account.
The Debt Service Account shall be used solely to pay the
principal of, interest on, and premiums for, if any, the Bonds,
any Additional Bonds, and any obligations permitted by the
Subdivision to be issued to refund the same.
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As used in this Resolution, the term Net Revenues means the
gross revenues derived by the City from the operation of its
municipal water system (the "System"), including all charges for
service, use, availability, and connection to the System, and all
monies received from the sale of any facilities or equipment of
the System or any by-products thereof, less all normal,
reasonable, or current costs of owning, operating, and
maintaining the System. If any paYment of principal or interest
on the Series 1993B Water Revenue Bonds shall become due when
there are not sufficient funds in the Debt Service Account
derived from Net Revenues 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 Net
Revenues or of any general ad valorem taxes hereafter levied for
such purpose, when collected. The City hereby covenants that it
will impose and collect charges for the service, use, and
availability of and connection to the City's system at the times
and in the amounts required to produce Net Revenues adequate,
together with other sources of funding available to the Debt
Service Account and properly allocable to paYment of the Series
1993B Water Revenue Bonds, to pay all principal of and interest
on said Bonds, when due.
Nothing contained in this Resolution shall be deemed to
preclude the City from making further pledges and appropriations
of the Net Revenues of the System for the paYment of other or
additional obligations of the City, provided that, if any such
pledge or appropriation is to be made superior to or on a parity
with the pledge of the Net Revenues herein made to the Series
1993B Water Revenue Bonds, the Council shall first have
determined that the estimated Net Revenues of the System will be
sufficient, in addition to all other sources, for the paYment of
the Series 1993B Water Revenue Bonds and such additional
obligations.
The funds described in paragraph 16(ii) above are hereby
pledged to the Debt Service Account, but only in such amounts and
at such times as may be necessary, together with the other
available funds therein and available for such purposes, (and the
same shall be used solely) to pay the principal of and interest
on the Bonds, or allocable portions thereof, when due, subject to
the following additional conditions and limitations:
(1) Under applicable Minnesota law or City procedures,
certain of the sources of funds described above may be used
or pledged only for specified purposes, and it is the intent
of the Council to abide by such restrictions and further to
allocate the appropriate revenues to pay for the funding to
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which the generation of those revenues relates.
Accordingly, the general dedication of revenues hereinabove
to the Debt Service Account shall be subject to such
restrictions, and such pledges are hereby limited by such
applicable provisions of law and city procedures, without,
however, affecting in any way the City's pledge of its full
faith and credit and general ad valorem taxing powers to the
payment of all of the Bonds, when due.
(2) The Net Revenues shall be used only for the
payment of the debt service on the Series 1993B Water
Revenue Bonds, and no other monies in the Debt Service
Account (except for any tax levies which may hereafter be
made for that express purpose) shall be used for payment
thereof.
(3) The assessments from Revolving Fund Improvements
(including the Assessment Improvements) and the ad valorem
taxes imposed herein or hereafter for payment of the Series
1993B Improvement Bonds shall not be used for payment of the
Series 1993B Water Revenue Bonds.
No portion of the proceeds of the Bonds shall be used
directly or indirectly to acquire higher yielding investments or
to replace funds which were used directly or indirectly to
acquire higher yielding investments, except (1) for a reasonable
temporary period until such proceeds are needed for the purpose
for which the Bonds were issued and (2) in addition to the above
in an amount not greater than the lesser of five percent (5%) of
the "issue price" of the Bonds or $100,000. To this effect, any
proceeds of the Bonds and any sums from time to time held in the
Construction Account or Debt Service Account in excess of amounts
which under then-applicable federal arbitrage regulations may be
invested without regard to yield shall not be invested at a yield
in excess of the applicable yield restrictions imposed by said
arbitrage regulations on such investments after taking into
account any applicable "temporary periods" or "minor portion"
made available under the federal arbitrage regulations. Money in
the Fund shall not be invested in obligations or deposits issued
by, guaranteed by or insured by the United States or any agency
or instrumentality thereof if and to the extent that such
investment would cause the Bonds or any Additional Bonds to be
"federally guaranteed" within the meaning of section 149(b) of
the federal Internal Revenue Code of 1986, as amended (the
"Code").
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17. Tax Levies. To provide moneys for payment of the
principal of and interest on the Series 1993B Improvement Bonds
there is hereby levied upon all of the taxable property in the
City a direct annual ad valorem tax which shall be spread upon
the tax rolls and collected with and as part of other general
property taxes in the City for the years and in the amounts as
follows:
Year of Tax
Levv
Year of Tax
Collection
Amount
The tax levies shall be irrepealable so long as any of the
Bonds are 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.
18. Assessments. It is hereby determined that no less
than twenty percent (20%) of the cost to the City of the
Assessment Improvements financed hereunder within the meaning of
Minnesota Statutes, section 475.58, Subdivision 1(3), shall be
paid by special assessments heretofore levied or to be levied
hereafter against every assessable lot, piece and parcel of land
benefitted by any of the Assessment Improvements. The City
hereby covenants and agrees that it will let all construction
contracts not heretofore let within one (1) year after ordering
each Assessment Improvements financed hereunder unless the
resolution ordering said Assessment Improvement specifies a
different time limit for the letting of construction contracts.
The City hereby further covenants and agrees that it will do and
perform as soon as they may be done, all acts and things
necessary for the final and valid levy of such special
assessments, and in the event that any such assessment be at any
time held invalid with respect to any lot, piece or parcel of
land due to any error, defect, or irregularity in any action or
proceedings taken or to be taken by the City or the Councilor
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any of the City officers or employees, either in the making of
the assessments or in the performance of any condition precedent
thereto, the City and the Council will forthwith do all further
acts and take all further proceedings as may be required by law
to make the assessments ~ valid and binding lien upon such
property.
At the time all of the assessments are in fact levied
the Council shall, based on the then-current estimated col-
lections of the assessments, make any adjustments in any ad
valorem taxes required to be levied in order to assure that the
City continues to be in compliance with Minnesota statutes,
section 475.61, Subdivision 1.
19. 105% Debt Service Coveraqe. It is hereby
determined that the estimated collections of special assessments
relating to the Assessment Improvements (together with the
foregoing ad valorem tax levies) and the other revenues available
to the Debt Service Account will produce at least 5% in excess of
the amount needed to meet, when due, the principal of and
interest on the Bonds. The City Clerk is directed to file a
certified copy of this Resolution with the County Auditor of
Sherburne County and to obtain the certificate of said official
required by Minnesota Statutes, Section 475.63.
20. General Obliqation Pledqe. 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 Bonds, 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 Council shall levy ad valorem taxes on all taxable
property in the City in the amount of such deficiency. If the
balance in the Debt Service Account is ever insufficient to pay
all principal and interest then due on the Bonds and any other
bonds payable therefrom, the deficiency shall be promptly paid
out of any other funds of the City which are available for such
purpose, and such other funds may be reimbursed with or without
interest from the Debt Service Account when a sufficient balance
is available therein.
21. Records and certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the Purchaser, and to the attorneys approving the legality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other affidavits,
certificates and information as are required to show the facts
relating to the legality and marketability of the Bonds as the
same appear from the books and records under their custody and
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control or as otherwise known to them, and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall be deemed representations of the City as to the
facts recited therein.
22. Neaative Covenant as to Use of Imorovements. The
City hereby covenants not to use the proceeds of the Bonds or the
Improvements or to cause or permit the same to be used, or to
enter into any deferred paYment arrangements for the cost of the
Improvements, in such a manner as to cause the Bonds to be
"private activity bonds" within the meaning of sections 103 and
141 through 150 of the Code.
23. Tax-Exemot Status of the Bonds: Rebate. 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 Bonds, including
without limitation (1) requirements relating to temporary periods
for investments, (2) limitations on amounts invested at a yield
greater than the yield on the Bonds, and (3) the rebate of excess
investment earnings to the united States if the Bonds (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. For purposes of
qualifying for the small issuer exception to the federal
arbitrage rebate requirements, the City hereby finds, determines
and declares that (1) the Bonds are issued by a governmental unit
with general taxing powers, (2) no Bond is a private activity
bond, (3) ninety-five percent (95%) or more of the net proceeds
of the Bonds are to be used for local governmental activities of
the City (or of a governmental unit the jurisdiction of which is
entirely within the jurisdiction of the City), and (4) the
aggregate face amount of all tax-exempt obligations (other than
private activity bonds) issued by the City (and all entities
subordinate to, or treated as one issuer with, the City) during
the 1993 calendar year is not reasonably expected to exceed
$5,000,000, all within the meaning of section 148(f) (4) (D) of the
Code.
24. Desianation of Oualified Tax-Exemot Obligations.
In order to qualify the Bonds as "qualified tax-exempt
obligations" within the meaning of section 265(b) (3) of the Code,
the City hereby makes the following factual statements and
representations:
(a) the Bonds are issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as
defined in section 141 of the Code;
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(c) the City hereby designates the Bonds as "qualified
tax-exempt obligations" for purposes of section 265(b) (3) of
the Code;
(d) the reasonably anticipated amount of tax-exempt
obligations (other than (1) private activity bonds, treating
qualified 501(c) (3) bonds as not being private activity
bonds, and (2) other bonds described in section
265(b) (3) (C) (ii) of the Code) which will be issued by the
City (and all entities subordinate to, or treated as one
issuer with, the City) during calendar year 1993 will not
exceed $10,000,000; and
(e) not more than $10,000,000 of obligations issued or
to be issued by the City during calendar year 1993 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.
25. Defeasance. When any obligation of a Bond has
been discharged as provided in this paragraph, all pledges,
covenants and other rights granted by this Resolution to the
registered owner of that Bond (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 any Bond, 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 Bond and/or principal
amount due thereon at a stated maturity (or if irrevocable
provision shall have been made for permitted prior redemption of
such principal amount, at such earlier redemption date).
26. Compliance With Reimbursement Bond Regulations.
with respect to the Improvements, the City has complied and will
continue to comply with the "Reimbursement Regulations" provided
in United states Treasury Regulations section 1.103-18, and any
successor regulations as may be applicable, including section
1.150-2. In particular, to the extent that any of the proceeds
of the Bonds will be used to reimburse the City for a cost of the
Improvements theretofore paid and temporarily financed by the
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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 Bonds are to be used for initial paYment, and not for such
reimbursement, of costs of the Improvements.
27. Amendment of Prior Resolution. Following the
adoption on August 16, 1993, of that certain resolution of the
Council (the "Prior Resolution") initiating the process for the
sale of the Bonds, the City determined that it was necessary to
modify the maturity schedule for the Series 1993B Improvement
Bonds (and, accordingly, of the Bonds as a whole) to better
correspond to the anticipated receipt of certain assessment
income related thereto. Said revised maturity schedule for the
Bonds is hereby approved and ratified by the Council, and the
Prior Resolution is hereby amended with the same force and effect
as though the corrected maturity schedule for the Bonds had
appeared therein at the time of its adoption.
28. Severabilitv. If any section, paragraph or
prov~s~on 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.
29. Headinqs. Headings in this Resolution are
included for convenience of reference only and shall not limit or
define the meaning of any provision hereof.
Adopted on September 7, 1993, by the Elk River City
Council.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilmember and upon a vote
being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and
adopted.
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City Clerk's certificate
.
I, the undersigned, being the duly qualified and acting
City Clerk of the city of Elk River, Minnesota, DO HEREBY CERTIFY
that I have carefully compared the attached and foregoing extract
of minutes with the original minutes of a meeting of the City
Council duly called and held on the date therein indicated, which
are on file and of record in my office, and the same is a full,
true and complete transcript therefrom insofar as the same
relates to awarding the sale of the City's $3,525,000 General
Obligation Permanent Improvement Revolving Fund Bonds, Series
1993B.
WITNESS my hand as such City Clerk and the official
4It seal of the City this ____ day of , 1993.
City Clerk
(SEAL)
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