92-039 - 06-02 Authorize $550,000 Improvement Bonds Series 1992AResolution 92-39
June 2, 1992
Member Thompson introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING
THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $550,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992A
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota
(the Issuer), as follows:
Section 1. Authorization and Sale.
(a) This Council, by Resolution No. 92-34, adopted May 5, 1992,
authorized the issuance and sale of $550,000 General Obligation Improvement
Bonds, Series 1992A (the Bonds) of the Issuer to finance various public
improvements, as described in Resolution No. 92-34.
(b) Sealed bids presented in conformity with the Terms of Proposal have
been received and considered in accordance with Resolution No. 92-34. The most
favorable bid received is that of Park Investment Corporation of Minneapolis,
Minnesota and associates (the Purchaser), to purchase the Bonds at a price of
$544,967.85 plus accrued interest on all Bonds to the day of delivery and
payment, on the further terms and conditions hereinafter set forth.
(c) The sale of the Bonds is hereby awarded to the Purchaser and the Mayor
and City Manager are hereby authorized and directed to execute a contract on
behalf of the Issuer for the sale of the Bonds in accordance with the terms of
the bid. The good faith deposit of the Purchaser shall be retained and deposit-
ed by the Issuer until the Bonds have been delivered, and shall be deducted from
the purchase price paid at settlement.
Section 2. Bond Terms; Registration; Execution and Delivery.
2.01. Issuance of Bonds. All acts, conditions and things which are
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 valid issuance of
the Bonds having been done, now existing, having happened and having been per-
formed, it is now necessary for the City Council to establish the form and terms
of the Bonds, to provide security therefor and to issue the Bonds forthwith.
2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds
shall be originally dated as of July 1, 1992, shall be in the denomination of
$5,000 each, or any integral multiple thereof, of single maturities, shall
mature on February 1 in the years and amounts stated below, and shall bear
interest from date of issue until paid at the annual rates set forth opposite
such years and amounts, as follows:
Resolution 92-39 -
Continued
June 2, 1992
Year
Amount
Rate
1994
$110,000
4.00%
1995
75,000
4.20
1996
75,000
4.40
1997
75,000
4.50
1998
75,000
4.75
1999
70,000
5.00
2000
70,000
5.00
The Bonds shall be issuable only in fully registered form. The interest thereon
and, upon surrender of each Bond at the principal office of the Registrar
described herein, the principal amount thereof, shall be payable by check or
draft issued by the Registrar described herein.
2.03. Dates and Interest Payment Dates. Each Bond shall bear a date of
original issue of July 1, 1992. Upon the initial delivery of the Bonds pursuant
to Section 2.07, and upon any subsequent transfer or exchange pursuant to
Section 2.06, the date of authentication shall be noted on each Bond so deliver-
ed, exchanged or transferred. Interest on the Bonds shall be payable on each
February 1 and August 1, commencing August 1, 1993, to the owners 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.
2.04. Redemption. The Bonds shall not be subject to redemption prior to
maturity.
2.05. Appointment of Initial Registrar. The Issuer hereby appoints First
Trust National Association in St. Paul, Minnesota, as the initial bond
registrar, transfer agent and paying agent (the Registrar). The Mayor and City
Manager are authorized to execute and deliver, on behalf of the Issuer, a
contract with the 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 reason -able and
customary charges of the Registrar for the services performed. The Issuer
reserves the right to remove the Registrar upon thirty 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.
2.06. Registration. 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 Bonds and the registration of transfers and exchanges of Bonds
entitled to be registered, transferred or exchanged.
(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
Resolution 92-39 - Continued
June 2, 1992
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 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 Issuer.
(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 the Bond, whether the Bond shall be overdue or not, for
the purpose of receiving payment of or on account of, the principal of and
interest on the Bond and for all other purposes; and all payments made to any
registered owner or upon the owner's order shall be valid and effectual to
satisfy and discharge the liability upon Bond to the extent of the sum or sums
so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds
(except for an exchange upon a partial redemption of a Bond), 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 Destroved 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 substi-
tution for and upon cancellation of any such mutilated Bond or in lieu of and in
substitution for any 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 the 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 can-
cellation shall be given to the Issuer. If 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.
Resolution 92-39 - Continued
June 2, 1992
(i) Authenticating Agent. The Registrar is hereby designated authen-
ticating agent for the Bonds, within the meaning of Minnesota Statutes, Section
475.55, Subdivision 1, as amended.
2.07. Execution, Authentication and Delivery. The Bonds shall be prepared
under the direction of the Clerk and shall be executed on behalf of the Issuer
by the signatures of the Mayor and the City Manager, provided that the signa-
tures 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 he had remained in office until delivery. Notwith-
standing such execution, no Bond shall be valid or obligatory for any purpose or
entitled to any security or benefit under this Resolution unless and until a
certificate of authentication on the 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 evi-
dence that it has been authenticated and delivered under this Resolution. When
the Bonds have been prepared, executed and authenticated, the Finance Director
shall deliver them to the Purchaser upon payment of the purchase price in accor-
dance with the contract of sale heretofore executed, and the Purchaser shall not
be obligated to see to the application of the purchase price.
2.08. Form of Bonds. The Bonds shall be prepared in substantially the
following form:
[Face of the Bonds]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF GOLDEN VALLEY
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1992A
Interest Rate
REGISTERED OWNER:
PRINCIPAL AMOUNT:
Maturity Date Date of Original Issue CUSIP
July 1, 1992
FOR VALUE RECEIVED, the City of Golden Valley, County of Hennepin,
Minnesota (the Issuer), acknowledges itself to be indebted and hereby promises
to pay to the registered owner named above, or registered assigns, the principal
sum specified above on the maturity date specified above, without option of
prior payment, with interest thereon from the date hereof at the annual rate
specified above, payable on February 1 and August 1 in each year, commencing
August 1, 1993, to the person in whose name this Bond is registered at the close
of business on the fifteenth day (whether or not a business day) of the imme-
diately preceding month. The interest hereon and, upon presentation and
Resolution 92-39 - Continued June 2, 1992
surrender hereof, the principal hereof are payable in lawful money of the United
States of America by check or draft by ,
in as Bond Registrar, Transfer
Agent and Paying Agent the Registrar), or its designated successor under the
Resolution described herein. 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.
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 hereon.
This Bond shall not be valid or become obligatory for any purpose or be
entitled to any security or benefit under 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 of Golden Valley, County of Hennepin,
Minnesota, by its City Council, has caused this Bond to be executed on its
behalf by the facsimile signatures of the Mayor and City Manager and has caused
this Bond to be dated as of the date set forth below.
Date of Authentication:
CITY OF GOLDEN VALLEY, MINNESOTA
(facsimile signature) (facsimile signature)
City Manager Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned
within.
as Registrar
By
Authorizing Representative
[Reverse of the Bonds]
This Bond is one of an issue in the aggregate principal amount of $550,000,
all of like date and tenor, except as to maturity date, interest rate and deno-
mination, issued pursuant to a resolution adopted by the City Council on June 2,
1992 (the Resolution), to finance the costs of local improvements, and is issued
pursuant to and in full conformity with the Constitution and laws of the State
of Minnesota thereunto enabling, including Minnesota Statutes, Chapters 429 and
475. The Bonds of this issue are issuable only in fully registered form, in
denominations of $5,000 or any integral multiple thereof, of single maturities.
Resolution 92-39 - Continued June 2, 1992
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 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 Bonds have been designated as "qualified tax-exempt obligations" pur-
suant to Section 265(b)(3) of the Internal Revenue Code of 1986.
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 pur-
poses, and neither the Issuer nor the Registrar shall be affected by any notice
to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, con-
ditions and things required by the Constitution and laws of the State of
Minnesota to be done, to exist, to happen and to be performed preliminary to and
in the 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 as so required; that, prior to the
issuance hereof the City Council has by the Resolution covenanted and agreed to
levy special assessments upon property specially benefited by the local improve-
ments financed by the Bonds, and ad valorem taxes on all taxable property in the
Issuer, which will be collectible for the years and in amounts sufficient to
produce sums not less than 5% in excess of the principal of and interest on
the Bonds of this series when due, and has appropriated such special assessments
and taxes to its Series 1992A Improvement Bond Sinking Fund for the payment of
such principal and interest; that if necessary for payment of such principal and
interest, additional ad valorem taxes are required to be levied upon all taxable
property in the Issuer, without limitation as to rate or amount; and that the
issuance of this Bond, together with all other indebtedness of the Issuer
outstanding on the date hereof and on the date of its actual issuance and deli-
very, does not cause the indebtedness of the Issuer to exceed any constitutional
or statutory limitation of indebtedness.
Form of certificate to be printed on the reverse 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 Golden
Valley, County of Hennepin, Minnesota, which includes the within Bond, dated as
of the date of original delivery of and payment for the Bonds.
(facsimile signature) (facsimile signature)
City Manager Mayor
Resolution 92-39 - Continued June 2, 1992
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 UTMA as Custodian for _
in common Custom Minor
under Uniform Transfers to Minors Act... State
TEN ENT - as tenants
entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common
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 attor-
ney 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 whatsoever.
Signature Guaranteed:
Signature(s) must be guaranteed by a commercial bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:
Section 3. Use of Proceeds. There is hereby established on the official
boo' ind i, cords of the Issuer a Series 1992A Improvement Bond Construction
Fund (the Construction Fund), and the Finance Director shall continue, to main-
tain the Construction Fund until payment of all costs and expenses incurred in
connection with the construction of the local improvements financed by the Bonds
have been paid. To the Construction Fund there shall be credited from the pro-
ceeds of the Bonds, exclusive of unused discount and accrued interest, an amount
equal to the estimated cost of the improvements and from the Construction Fund
there shall be paid all construction costs and expenses. There shall also be
credited to the Construction Fund all special assessments collected with respect
to the improvements financed by the Bonds, until all costs of the improvements
Resolution 92-39 - Continued June 2, 1992
have been fully paid. After payment of all construction costs, the Construction
Fund shall be discontinued and any Bond proceeds remaining therein may be trans-
ferred to the other funds or accounts established for construction of other
improvements instituted pursuant to Minnesota Statutes, Chapter 429. All spe-
cial assessments on hand in the Construction Fund when terminated or thereafter
received, and any Bond proceeds not so transferred, shall be credited to the
Series 1992A Improvement Bond Sinking Fund of the Issuer. All proceeds of the
Bonds deposited in the Construction Fund will be expended solely for the payment
of the costs of the improvements referred to in Section 1 hereof (or other
improvements authorized pursuant to Chapter 429). All improvements so financed
will be owned and maintained by the Issuer and available for use by members of
the general public on a substantially equal basis. The Issuer shall not enter
into any lease, use or other agreement with any non-governmental person relating
to the use of the improvements or security for the payment of the Bonds which
might cause the Bonds to be considered "private activity bonds" or "private loan
bonds" pursuant to Section 141 of the Internal Revenue Code of 1986 (the Code).
Section 4. Series 1992A Improvement Bond Sinking Fund. So long as any of
the Bonds are outstanding and any principal of or interest thereon unpaid, the
Finance Director shall maintain a separate debt service fund on the official
books and records of the Issuer to be known as the Series 1992A Improvement Bond
Sinking Fund (the Bond Fund), and the principal of and interest on the Bonds
shall be payable from the Bond Fund. The Issuer irrevocably appropriates to the
Bond Fund (a) any amount in excess of $543,950 received from the Purchaser; (b)
all taxes and special assessments levied and collected in accordance with this
Resolution; and (c) all other moneys as shall be appropriated by the City
Council to the Bond Fund from time to time. If the balance in the Bond Fund is
at any time insufficient to pay all interest and principal then due on all Bonds
payable therefrom, the payment shall be made from any fund of the Issuer which
is available for that purpose, subject to reimbursement from the Bond Fund when
the balance therein is sufficient, and the City Council covenants and agrees
that it will each year levy a sufficient amount of ad valorem taxes to take care
of any accumulated or anticipated deficiency, which levy is not subject to any
constitutional or statutory limitation.
Section 5. Special Assessments. The Issuer hereby covenants and agrees
that, for the payment of the cost of improvements financed by the Bonds the
Issuer has done or will do and perform all acts and things necessary for the
final and valid levy of special assessments in an amount not less than 20% of
the cost of each of the improvements financed by the Bonds. The Issuer estima-
tes it will levy special assessments in the aggregate principal amount of
$220,000. The principal of the assessments shall be payable over a period of 10
years, with interest on unpaid installments thereof from time to time remaining
unpaid at an estimated rate of 7.25% per annum. It is estimated that the prin-
cipal and interest on such special assessments will be levied and collected in
the years and amounts shown on Appendix I attached hereto. In the event any
such assessment shall at any time be held invalid with respect to any lot or
tract of land, due to any error, defect or irregularity in any action or pro-
ceeding taken or to be taken by the Issuer or by the City Council or by any of
the officers or employees of the Issuer, either in the making of such assessment
or in the performance of any condition precedent thereto, the Issuer hereby
covenants and agrees that it will forthwith do all such further things and take
all such further proceedings as shall be required by law to make such assessment
a valid and binding lien upon said property.
Resolution 92-39 - Continued June 2, 1992
Section 6. Pledge of Taxing Powers. For the prompt and full payment of
the principal of and interest on the Bonds as such payments respectively become
due, the full faith, credit and limited taxing powers of the Issuer shall be
and are hereby irrevocably pledged. In order to produce aggregate amounts which,
together with the collections of special assessments as set forth in Section 5,
will produce amounts not less than 5% in excess of the amounts needed to meet
when due the principal and interest payments on the Bonds, ad valorem taxes are
hereby levied on all taxable property in the Issuer. The taxes will be levied
and collected in the following years and amounts:
Levy Year
Collection Year
Amount
1992
1993
$115,429
1993
1994
64,297
1994
1995
62,530
1995
1996
60,605
1996
1997
58,601
1997
1998
51,150
1998
1999
49,015
The taxes shall be irrepealable as long as any of the Bonds are outstanding and
unpaid, provided that the Issuer reserves the right and power to reduce the tax
levies in accordance with the provisions of Minnesota Statutes, Section 475.61.
Section 7. Defeasance. When all of the Bonds have been discharged as pro-
vided in this section, all pledges, covenants and other rights granted by this
Resolution to the registered owners of the Bonds shall cease. The Issuer may
discharge its obligations with respect to any Bonds which are due on any date by
depositing with the Registrar on or before that date a sum sufficient for the
payment thereof in full; or, if any Bond should not be paid when due, it may
nevertheless be discharged by depositing with the Registrar a sum sufficient
for the payment thereof in full with interest accrued from the due date to the
date of such deposit. The Issuer may also at any time discharge its obligations
with respect to any Bonds, subject to the provisions of law now or hereafter
authorizing and regulating such action, by depositing irrevocably in escrow,
with a bank qualified by law as an escrow agent for this purpose, cash or
securities which are authorized by law to be so deposited, bearing interest
payable at such time and at such rates and maturing or callable at the holder's
option on such dates as shall be required to pay all principal and interest to
become due thereon to maturity.
Section 8. Registration of Bonds. The Clerk is hereby authorized and
directed to file a certified copy of this resolution with the County Auditor of
Hennepin County and obtain a certificate that the Bonds have been duly entered
upon the Auditor's bond register and the tax required by law has been levied.
Section 9. Authentication of Transcript. The officers of the Issuer and
the County Auditor of Hennepin County are hereby authorized and directed to pre-
pare and furnish to the Purchaser and to Dorsey & Whitney, Bond Counsel, cer-
tified copies of all proceedings and records relating to the Bonds and such
other affidavits, certificates and information as may be required to show the
facts relating to the legality and marketability of the Bonds, as the same
appear from the books and records in their custody and control or as otherwise
known to them, and all such certified copies, affidavits and certificates,
including any heretofore furnished, shall be deemed representations of the
Issuer as to the correctness of all statements contained therein.
Resolution 92-39 - Continued June 2, 1992
Section 10. Tax Covenant and Arbitrage Certificate. The Issuer covenants
and agrees with the registered owners from time to time of the Bonds 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 regulations issued thereunder, in effect
at the time of such action, and that it will take, or it will cause its offi-
cers, 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 and applicable Treasury Regulations, as presently
existing or as hereafter amended and made applicable to the Bonds.
The Mayor and City Manager being the officers of the Issuer charged with
the responsibility for issuing the Bonds pursuant to this resolution, are
authorized and directed to execute and deliver to the Purchaser a certificate
in accordance with the provisions of Section 148 of the Code, and applicable
Treasury Regulations, stating that on the basis of facts, estimates and circum-
stances in existence on the date of issue and delivery of the Bonds, it is
reasonably expected that the proceeds of the Bonds will not be used in a manner
that would cause the Bonds to be arbitrage bonds within the meaning of the Code
and applicable Treasury Regulations.
Section 11. Arbitrage Rebate Exemption. It is hereby found that the
Issuer has general taxing powers, that the Bonds are not "private activity
bonds" within the meaning of Section 141 of the Code, that 95% or more of the
net proceeds of the Bonds are to be used for local governmental activities of
the Issuer, and that the aggregate face amount of all tax-exempt obligations
(other than private activity bonds) issued by the Issuer and all subordinate
entities thereof during the year 1992 is not reasonably expected to exceed
$5,000,000. Therefore, pursuant to the provisions of Section 148(f)(4)(D) of
the Code, the Issuer shall not be required to comply with the arbitrage rebate
requirements of paragraphs (2) and (3) of Section 148(f) of the Code.
Section 12. Qualified Tax -Exempt Obligations. The City Council hereby
designates the Bonds as "qualified tax-exempt obligations" for purposes of
Section 265(b)(3) of the Code relating to the disallowance of interest expense
for financial institutions, and hereby finds that the reasonably anticipated
amount of qualified tax-exempt obligations (within the meaning of Section
265(b)(3) of the Code) which will be issued by the Issuer and all subordinate
entities during calendar year 1992 does not exceed $10,000,000.
Section 13. Official Statement. The Official Statement relating to the
Bonds, dated May 19, 1992, prepared and delivered on behalf of the Issuer by
Springsted Incorporated, is hereby approved, and the officers of the Issuer are
hereby authorized and directed to execute such certificates as may be
appropriate concerning the accuracy, completeness and sufficiency thereof.
Resolution 92-39 - Continued
Attest:
441ey J Nidlsdn, City Clerk
June 2, 1992
The motion for the adoption of the foregoing resolution was seconded by Member
Johnson, and upon a vote being taken thereon, the following voted in favor
thereof: Bakken, Johnson, Stockman and Thompson; the following was absent:
Russell; and the following voted against the same: none; whereupon said resolu-
tion was declared duly passed and adopted, signed by the Mayor and his signature
attested by the City Clerk.
Resolution 92-39 - ""ontinued APPENDIX I
June
2, 1992
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