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02-58 to 02-94 Resolution not signed Resolution 02-58 October 1, 2002 Member Tremere introduced the following resolution and moved its adoption: RESOLUTION FOR AMENDMENT TO THE COMPREHENSIVE PLAN'S GENERAL LAND USE PLAN MAP RESPECTING PROPERTY LOCATED AT 2510 MENDELSSOHN AVENUE NORTH WHEREAS, the City Council has met at the time and place specified in a notice duly published with respect to the subject matter hereof and has heard all interested persons, and it appearing in the interest of the public that the General Land Use Plan Map as heretofore adopted and enacted by the City of Golden Valley be amended. NOW, THEREFORE, BE IT RESOLVED, by the City Council for the City of Golden Valley, that pursuant to the provision of Chapter 11.90, Subd. 7 of the City Code for the City of Golden Valley, and subject to review and approval by the Metropolitan Council for conformity with regional systems plan as provided in state law, the General Land Use Plan Map for the City of Golden Valley is hereby amended by changing the Light Industrial use to Commercial use as the official land use designation for the property located at and legally described as follows: Lot 3, Block 1 Halseth Addition Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk 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: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-59 October 1, 2002 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION FOR AMENDMENT TO THE COMPREHENSIVE PLAN'S GENERAL LAND USE PLAN MAP RESPECTING PROPERTY LOCATED AT 917 LILAC DRIVE NORTH WHEREAS, the City Council has met at the time and place specified in a notice duly published with respect to the subject matter hereof and has heard all interested persons, and it appearing in the interest of the public that the General Land Use Plan Map as heretofore adopted and enacted by the City of Golden Valley be amended. NOW, THEREFORE, BE IT RESOLVED, by the City Council for the City of Golden Valley, that pursuant to the provision of Chapter 11.90, Subd. 7 of the City Code for the City of Golden Valley, and subject to review and approval by the Metropolitan Council for conformity with regional systems plan as provided in state law, the General Land Use Plan Map for the City of Golden Valley is hereby amended by changing the Industrial use to Light Industrial use as the official land use designation for the property located at and legally described as follows: Lots 1 and 2, Block 1 KQRS 3RD Addition P.U.D. No. 93 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-60 October 1, 2002 Member Grayson introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR VARIOUS PUBLIC IMPROVEMENTS 2002 PAVEMENT MANAGEMENT PROGRAM 02-2 SOUTH TYROL HILLS AREA 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project Years Interest Rate First Year evy Total Assessed South Tyrol Hills 10 7% 2003 $479,496.72 2002 Deferred $15,600.00 against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment , with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 29, 2002. Resolution 02-60 October 1, 2002 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-61 October 1, 2002 Member LeSuer introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR VARIOUS PUBLIC IMPROVEMENTS 2001 PAVEMENT MANAGEMENT PROGRAM 01-2 COUNTRY CLUB DRIVE, RHODE ISLAND AVENUE NORTH TO DOUGLAS DRIVE 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project Years Interest Rate First Year Lev Total Assessed Count Club Drive 10 7% 2003 $149,612.58 against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment , with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 29, 2002. Resolution 02-61 October 1, 2002 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Grayson and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-62 October 1, 2002 Member LeSuer introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR VARIOUS PUBLIC IMPROVEMENTS 2002 PAVEMENT MANAGEMENT PROGRAM 02-2 UNITY AVENUE NORTH AREA 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project I Years Interest Rate First Year Levy Total Assessed Unity Avenue North 1 10 7% 2003 $210,286.36 against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment , with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 29, 2002. Resolution 02-62 October 1, 2002 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Tremere and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-63 October 1, 2002 Member Tremere introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR VARIOUS PUBLIC IMPROVEMENTS RSL 228 RESIDENTIAL STREET LIGHTING NATCHEZ AVENUE SOUTH, WAYZATA BOULEVARD TO DOUGLAS AVENUE SOUTH 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project Years Interest Rate First Year Levy Total Assessed RSL 228 5 7% 2003 $7,695.00 against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment, with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 29, 2002. Resolution 02-63 October 1, 2002 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-64 October 3, 2000 Member LeSuer introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR DELINQUENT UTILITY BILLING 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project Years Interest Rate First Year Levy Total Assessed 2002 Delinquent 1 7% 2003 $151687.08 Utility Billing against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment , with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 29, 2002. Resolution 02-64 October 3, 2000 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Grayson and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-65 October 1, 2002 Member LeSuer introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR MISCELLANEOUS CHARGES (WEEDS, FALSE ALARMS, ETC) 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project Years Interest Rate First Year Levy Total Assessed 2002 Miscellaneous 1 7% 2003 $13,473.43 Charges against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment, with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 29, 2002. Resolution 02-65 October 1, 2002 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Grayson and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-66 October 1, 2002 Member LeSuer introduced the following resolution and moved its adoption: RESOLUTION APPROVING THE APPOINTMENT OF ELECTION JUDGES FOR THE GENERAL ELECTION TO BE HELD ON NOVEMBER 5, 2002 BE IT RESOLVED, by the City Council of the City of Golden Valley, that the persons herein named are appointed judges and alternates for the General Election to be held on November 5, 2002. The judges appointed, precinct and voting places wherein they shall serve and the hours are as follows: Polls shall be open from 7:00 a.m. until 8:00 p.m. Election judges shall work from 6:00 a.m. until votes are counted. 2002 CITY ELECTION JUDGES Precinct #1 - N. E. Fire Station - 3700 Golden Valley Road Marie Tiffin, Captain Andra Barnard Karen Haan Betty Hendrickson Donovan Juliar Diane Kemp Janet Olfe Nancy Shinder Precinct #2 - Valley Presbyterian Church - 3100 North Lilac Drive Elizabeth VanEpps, Captain Shari Brandhoy BettyLou Gladen William Hovey Lorraine Lagermeier Lois Richter Monica Roczniak Ruby VanHorn Helen Villars Mary Weiss Precinct#3 - Meadowbrook School - 5430 Glenwood Avenue Joan Colwell, Captain Mary L. Anderson Gary Cohen Cynthia Hasselbusch Winifred Hed Marie Rossman Marcie Schlaeger Betty Vaughn Resolution 02-66 October 1, 2002 Precinct #4 — Sandburq Middle School — 2400 Sandburq Lane Barbra Juliar, Captain Arlene Dietz Lucille Keltgen Lois Palmquist Bettyann Redeske Alvena Roth Gerald Savage Dwight Wells Precinct#5 - S.E. Fire Station - 400 Turners Crossroad South Artie Silverman, Captain LouAnn Bongard Ferne Grosmann David Johnson Patricia LeBlanc Joan Monson Cindy Moy Maraline Slovut Precinct #6 — Golden Valley City Hall — 7800 Golden Valley Road Bronwyn Janzen, Captain Jack Cole Hilmer Erickson MaryAnn Gavigan Richard Groger Nancy Ipsen Bruce Pappas Don Yager Precinct #7 — Emmaus Baptist Church 8025 Medicine Lake Road MaryJane Koehler, Captain Jeanne Collison Rita Croonquist Mary Hill Verna Ivey Marion Johns Mary Alice Johnson Melvin Nelson Maryann Newman Shirley Obern Peter Palmquist Rosalind Shovlin Resolution 02-66 October 1, 2002 Precinct #8 - Brookview Community Center- 200 Brookview Parkway Shirley Jones, Captain Ann Cole Pierre Girard Richard Newman Susan Nicholson Lois Olson Mavis Swedberg Inez Weist Alternates Maureen Butterfield Patricia Hoyt Mary Egan Janice Johnson Harriet Fleming Joann Note Phillip Steinberg Laura Sullivan Jacqueline Wells Robert Meller Caroline Ainsworth Esther Smith Naomi Smith Orion Benson Donna Tang Lorraine Lundquist Carole Patton Carol McKillips Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-67 October 1, 2002 Member LeSuer introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING AGREEMENT NO. PW 39-13-02 BETWEEN THE CITY OF GOLDEN VALLEY AND HENNEPIN COUNTY RELEVENT TO PARTICIPATION IN THE RECONSTRUCTION OF RETAINING WALLS ALONG WINNETKA AVENUE NORTH (CSAH 156) BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: WHEREAS, the City of Golden Valley (City) and Hennepin County (County) have been negotiating to bring about the improvement of retaining walls located along Winnetka Avenue North (CSAH 156) between Tenth Avenue and Medicine Lake Road in the City of Golden Valley; and, WHEREAS, it is contemplated that the construction and maintenance of improvements will be carried out in accordance with the provisions of Minnesota Statutes 1992, Section 162.17 and Section 471.59. NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of Golden Valley, Minnesota that: 1. The Agreement is approved. 2. The Mayor and City Manager are authorized and directed to sign the Agreement. 3. City staff is authorized and directed to take such actions as are reasonable and necessary to implement the Agreement. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk 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: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-68 October 1, 2002 Member introduced the following resolution and moved its adoption, as amended: RESOLUTION ADOPTING THE REVISED SIDEWALK AND TRAIL POLICY BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: WHEREAS, it is in the best interest of the City of Golden Valley to promote pedestrian connections and promote pedestrian safety; and, WHEREAS, the City Council has been considering various options available to the City. NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of Golden Valley, Minnesota, that the Revised Sidewalk and Trail Policy for the City of Golden Valley dated October 1, 2002, and the attached hereto as Exhibit A, is adopted. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-69 October 1, 2002 Member introduced the following resolution and moved its adoption, as amended: RESOLUTION ADOPTING THE PEDESTRIAN SIGNAL POLICY BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: WHEREAS, it is in the best interest of the City of Golden Valley to promote pedestrian connections and promote pedestrian safety; and, WHEREAS, the City Council has been considering various options available to the City. NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of Golden Valley, Minnesota, that the Pedestrian Signal Policy for the City of Golden Valley dated October 1, 2002, and the attached hereto as Exhibit A, is adopted. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-70 October 15, 2002 Member Tremere introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR VARIOUS PUBLIC IMPROVEMENTS 2002 PAVEMENT MANAGEMENT PROGRAM 02-1 MEADOW LANE NORTH AREA (PHASE I, II AND IIIA) 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project Years Interest Rate First Year Levy Total Assessed Meadow Lane North Phase I, II, IIIA 10 7% 2003 $433,869.52 against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment, with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 29, 2002. Resolution 02-70 October 15, 2002 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Johnson, LeSuer, Loomis and Tremere; and the following was absent: Grayson; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-71 October 15, 2002 Member Tremere introduced the following resolution and moved its adoption: RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR VARIOUS PUBLIC IMPROVEMENTS 2002 PAVEMENT MANAGEMENT PROGRAM 02-1 MEADOW LANE NORTH AREA (PHASE IIIB) 1. The amount proper and necessary to be specially assessed at this time for various public improvements: Project Years Interest Rate First Year Levy Total Assessed Meadow Lane North $170,508.80 Phase IIIB 10 7% 2004 Deferred Assessment $18,525.00 against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2004 through December 31, 2004, will be payable with general taxes for the year of 2003, collectible in 2004, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. Prior to certification of the assessment to the County Auditor, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole such assessment, with interest to the date of payment, to the City Treasurer, but no interest shall be charged if such payment is made by November 28, 2003. Resolution 02-71 October 15, 2002 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Johnson, LeSuer, Loomis and Tremere; and the following was absent: Grayson; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-72 October 15, 2002 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION WAIVING THE PUBLIC HEARING PURSUANT TO MINNESOTA STATUES 429.031 AND ORDERING CERTIFICATION OF SPECIAL ASSESSMENTS ON PRIVATE DRIVEWAYS THAT INVOLVE 2002 CITY STREET IMPROVEMENTS Project Years Interest Rate First Year Leyy otal Assessed 2002 Driveways 10 7% 2003 $182,087.27 1. Each individual address (lots) will be assessed the full value of the signed contract with the homeowner for the various driveway improvement(s). 2. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said property respectively together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of 10 years, as indicated in each case. 3. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter unless the entire assessment is paid in full by November 29, 2002. 4. The owner may pay off the assessment in full after November 29, 2002 with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the succeeding year. 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Johnson, LeSuer, Loomis and Tremere; and the following was absent: Grayson; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-72 October 15, 2002 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION WAIVING THE PUBLIC HEARING PURSUANT TO MINNESOTA STATUES 429.031 AND ORDERING CERTIFICATION OF SPECIAL ASSESSMENTS ON PRIVATE DRIVEWAYS THAT INVOLVE 2002 CITY STREET IMPROVEMENTS Project Years Interest Rate First Year Levy Total Assessed 2002 Driveways t 10 7% 2003 $182,087.27 1. Each individual address (lots) will be assessed the full value of the signed contract with the homeowner for the various driveway improvement(s). 2. The proposed assessments are hereby adopted and confirmed as the proper assessments for each of said property respectively together with interest at the rate of seven (7) percent per annum accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not prepaid shall be payable in equal annual principal installments extending over a period of 10 years, as indicated in each case. 3. The first of said installments, together with interest on the entire assessment for the period of January 1, 2003 through December 31, 2003, will be payable with general taxes for the year of 2002, collectible in 2003, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be paid with general taxes for each consecutive year thereafter unless the entire assessment is paid in full by November 29, 2002. 4. The owner may pay off the assessment in full after November 29, 2002 with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the succeeding year. 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the proper tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk Resolution 02-72 - Continued October 15, 2002 The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Johnson, LeSuer, Loomis and Tremere; and the following is absent: Grayson, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-73 October 15, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION FOR APPROVAL OF PLAT - WESSIN ADDITION WHEREAS, the City Council for the City of Golden Valley, pursuant to due notice, has heretofore conducted a public hearing on the proposed plat to be known as WESSIN ADDITION covering the following described tracts of land: 1807 Noble Drive: Tract G, Registered Land Survey No. 1104, files of the Registrar of Titles in and for Hennepin County, Minnesota together with that part of Lot 3, Auditor's Subdivision No. 330 described as follows: Beginning at the northwest corner of said Tract G; thence northwesterly along the westerly extension of the northerly line of said Tract G a distance of 71.15 feet; thence south 172.13 feet to an intersection with the westerly extension of the southerly line of said Tract G at a point 70.65 feet from the southwest corner of said Tract G; thence easterly along said westerly extension 70.65 feet to the southwest corner of said Tract G; thence northerly to the point of beginning. 1811 Noble Drive: Lot 10, Block 1, Heathbrooke Addition NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Golden Valley, that said proposed plat be, and the same hereby is, accepted and approved, and the proper officers of the City are hereby authorized and instructed to sign the original of said plat and to do all other things necessary and proper in the premises. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-74 October 15, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION FOR APPROVAL OF PLAT - SUNNYRIDGE SECOND ADDITION WHEREAS, the City Council for the City of Golden Valley, pursuant to due notice, has heretofore conducted a public hearing on the proposed plat to be known as SUNNYRIDGE SECOND ADDITION covering the following described tracts of land: Lot 4, Sunnyridge Addition NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Golden Valley, that said proposed plat be, and the same hereby is, accepted and approved, and the proper officers of the City are hereby authorized and instructed to sign the original of said plat and to do all other things necessary and proper in the premises. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-75 November 4, 2002 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION FOR APPROVAL OF PLAT - SESSOMS ADDITION WHEREAS, the City Council for the City of Golden Valley, pursuant to due notice, has heretofore conducted a public hearing on the proposed plat to be known as Sessoms Addition covering the following described tracts of land: All of Lot 9 except that part lying East of a line drawn parallel to and distant 4 feet Westerly measure at right angles from the easterly line thereof, and that part of Lot 10 lying East of a line drawn parallel to and distant 6 feet westerly measure at right angles from the easterly line thereof, Block 7, Woodlawn Park, according to the plat thereof of file or of record in the office of the Registrar of Deeds in and for Hennepin County. All of lot 8, except that part lying east of a line drawn parallel to and distant 2 feet westerly measured at right angles from the easterly line thereof; and that part of Lot 9 lying east of a line drawn parallel to and distant 4 feet westerly measured at right angles from the Easterly line thereof; Block 7 Woodlawn Park, according to the plat thereof of file or of record in the office of the Registrar of Deeds in and for Hennepin County. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Golden Valley, that said proposed plat be, and the same hereby is, accepted and approved, and the proper officers of the City are hereby authorized and instructed to sign the original of said plat and to do all other things necessary and proper in the premises. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member LeSuer and upon a vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-76 November 19, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $3,370,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the City), as follows: SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to issue its General Obligation Tax Increment Bonds, Series 2003A, in the principal amount of $3,370,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 469 and 475, to provide financing for public improvements within the City's Valley Square Redevelopment Area and Tax Increment Financing District. SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for the Bonds which is attached hereto and hereby approved and shall be placed on file by the Clerk. Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit proposals for the Bonds on behalf of the City on a negotiated basis. SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the Terms of Proposal, for the purpose of considering sealed proposals for the purchase of the Bonds and of taking such action thereon as may be in the best interests of the City. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-77 November 19, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,445,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 2003B BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the City), as follows: SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to issue its General Obligation Taxable Tax Increment Bonds, Series 2003B, in the principal amount of $1,445,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 469 and 475, to provide financing for private activity improvements within the City's Valley Square Redevelopment Area and Tax Increment Financing District. SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for the Bonds which is attached hereto and hereby approved and shall be placed on file by the Clerk. Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit proposals for the Bonds on behalf of the City on a negotiated basis. SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the Terms of Proposal, for the purpose of considering sealed proposals for the purchase of the Bonds and of taking such action thereon as may be in the best interests of the City. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-78 December 2, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION APPOINTING CITY MANAGER AS CITY OF GOLDEN VALLEY REPRESENTATIVE ON THE GOLDEN VALLEY-CRYSTAL-NEW HOPE JOINT WATER COMMISSION WHEREAS, the Cities of Golden Valley, New Hope and Golden Valley created a Joint Water Commission in 1963 to benefit the three communities; and WHEREAS, more control is needed by the City and City Manager must assume direct responsibility for the commission's responsibilities; and WHEREAS, it would be the best interest of the City to appoint the City Manager to the Commission for a three year term or until such time as there is a change to a joint powers organization. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the City Manager Thomas D. Burt is hereby appointed as the City of Golden Valley's representative on the Golden Valley-Crystal New Hope Joint Water Commission for a three year term expiring December 31, 2004. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. CERTIFICATION OF MINUTES RELATING TO $3,370,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A Issuer: City of Golden Valley, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held December 2, 2002, at 6:30 o'clock p.m., at the City Hall, Golden Valley, Minnesota. Members present: Grayson, Johnson, LeSuer, Loomis and Tremere Members absent: none Documents Attached: Minutes of said meeting (including): RESOLUTION NO. 02-79 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $3,370,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, 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 said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer on December 2, 2002. Clerk It was reported that three sealed proposals for the purchase of$3,370,000 General Obligation Tax Increment Bonds, Series 2003A, were received prior to 12 o'clock noon, pursuant to the Official Statement distributed to potential purchasers of the Bonds by Springsted Incorporated, financial consultants to the City. The proposals have been publicly opened, read and tabulated and were found to be as follows: (See Attached) 2 85 E.SEVENTH PLACE,SUITE 100 SAINT PAUL,MN 55101-2887 651.223.3000 FAX:651.223.3002 E-MAIL: advisors(Cl�,springsted.com SPRINGSTED Advisors to the Public Sector $3,370,000 CITY OF GOLDEN VALLEY, MINNESOTA GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A (BOOK ENTRY ONLY) AWARD: CRONIN &COMPANY, INCORPORATED SALOMON SMITH BARNEY UBS PAINEWEBBER INCORPORATED CIBC WORLD MARKETS CITIZENS BANK MORGAN STANLEY—MORGAN STANLEY DW INC. SALE: December 2, 2002 Moody's Rating: Aa1 Interest Net Interest True Interest Bidder Rates Price Cost Rate CRONIN & COMPANY, INCORPORATED 3.00% 2004-2007 $3,404,092.10 $634,578.73 3.4752% SALOMON SMITH BARNEY 3.50% 2008 UBS PAINEWEBBER INCORPORATED 4.00% 2009-2011 CIBC WORLD MARKETS CITIZENS BANK MORGAN STANLEY— MORGAN STANLEY DW INC. U.S. BANCORP PIPER JAFFRAY INC. 3.00% 2004-2007 $3,374,675.90 $638,444.52 3.5147% 3.15% 2008 3.50% 2009 4.00% 2010-2011 RBC DAIN RAUSCHER INC. 2.00% 2004 $3,332,930.00 $676,095.00 3.7499% 2.25% 2005 2.75% 2006 3.00% 2007 3.375% 2008 3.625% 2009 3.80% 2010 4.00% 2011 (Continued) CORPORATE OFFICE: SAINT PAUL,MN • Visit our website at www.sprinpted.com DES MOINES,IA • MILWAUKEE,WI • MINNEAPOLIS,MN • OVERLAND PARK,KS • VIRGINIA BEACH,VA • WASHINGTON,DC Member Gloria L. Johnson introduced the following resolution and moved its adoption, which motion was seconded by Member Scott D. Grayson: RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF$3,370,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota(the City), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. This Council, by Resolution No. 02-76, adopted November 19, 2002, authorized the issuance and sale on the date hereof of$3,370,000 aggregate principal amount of General Obligation Tax Increment Bonds, Series 2003A (the Bonds), of the City, pursuant to Minnesota Statutes, Chapters 469 and 475. The Bonds are being issued to provide financing for public improvements (the Improvements) located within the City's Valley Square Redevelopment Area and Tax Increment Financing District (the District), as more fully described in Exhibit A attached hereto under the heading "Tax-Exempt TIF." 1.02. Sale. Pursuant to the Terms of Proposal and the Official Statement prepared on behalf of the City by Springsted Incorporated, sealed proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened, publicly read and considered and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of Cronin &Company, Inc., in Minneapolis, Minnesota(the Purchaser), to purchase the Bonds at a price of$3,404,092.10 plus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. 1.03. Award. 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 City for the sale of the Bonds in accordance with the Terms of Proposal. The good faith deposit of the Purchaser shall be retained and deposited by the City 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 performed, 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 January 1, 2003, 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 3 amounts stated below, and shall bear interest from date of issue until paid or duly called for redemption at the annual rates set forth opposite such years and amounts, as follows: Year Amount Rate Year Amount Rate 2004 $ 70,000 3.00% 2008 $530,000 3.50% 2005 115,000 3.00 2009 530,000 4.00 2006 535,000 3.00 2010 530,000 4.00 2007 530,000 3.00 2011 530,000 4.00 .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. Upon 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 delivered, exchanged or transferred. Interest on the Bonds shall be payable on each February 1 and August 1, commencing August 1, 2003, 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. Bonds maturing in 2010 and later years shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the bond depository in accordance with its customary procedures) in multiples of$5,000, on February 1, 2009, and on any date thereafter, at a price equal to the principal amount thereof and accrued interest to the date of redemption. The Clerk shall cause notice of the call for redemption thereof to be published as required by law and, at least thirty days prior to the designated redemption date, shall cause notice of call for redemption to be mailed, by first class mail, to the registered holders of any Bonds to be redeemed at their addresses as they appear on the bond register described in Section 2.06 hereof, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date,become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. 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. 2.05. Appointment of Initial Registrar. The City hereby appoints U.S. Bank 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 City, 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 4 City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon thirty 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 City and the Registrar with respect thereto shall be as follows: (a) Re ig ster. 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 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 canceled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name any Bond is at any time registered in the bond register as the absolute owner of 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 the Bond to the extent of the sum or sums so paid. 5 (g) Taxes, Fees and Chargees. 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 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 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 City and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be canceled by it and evidence of such cancellation shall be given to the City. 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. (i) Authenticating Agent. The Registrar is hereby designated authenticating 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 City by the signatures of the Mayor and the City Manager, provided that the 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 he had remained in office until delivery. Notwithstanding 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 evidence 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 accordance 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. Securities Depository. (a) For purposes of this section the following terms shall have the following meanings: "Beneficial Owner" shall mean, whenever used with respect to a Bond, the person in whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records of such Participant, or such person's subrogee. 6 "Cede & Co." shall mean Cede &Co.,the nominee of DTC, and any successor nominee of DTC with respect to the Bonds. "DTC" shall mean The Depository Trust Company of New York, New York. "Participant" shall mean any broker-dealer, bank or other financial institution for which DTC holds Bonds as securities depository. "Representation Letter" shall mean the Representation Letter pursuant to which the sender agrees to comply with DTC's Operational Arrangements. (b) The Bonds shall be initially issued as separately authenticated fully registered bonds, and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon initial issuance, the ownership of such Bonds shall be registered in the bond register in the name of Cede & Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of payment of the principal of or interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, if any, giving any notice permitted or required to be given to registered owners of Bonds under this resolution, registering the transfer of Bonds, and for all other purposes whatsoever, and neither the Registrar nor the City shall be affected by any notice to the contrary. Neither the Registrar nor the City shall have any responsibility or obligation to any Participant, any person claiming a beneficial ownership interest in the Bonds under or through DTC or any Participant, or any other person which is not shown on the bond register as being a registered owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any Participant, with respect to the payment by DTC or any Participant of any amount with respect to the principal of or interest on the Bonds, with respect to any notice which is permitted or required to be given to owners of Bonds under this resolution, with respect to the selection by DTC or any Participant of any person to receive payment in the event of a partial redemption of the Bonds, or with respect to any consent given or other action taken by DTC as registered owner of the Bonds. So long as any Bond is registered in the name of Cede &Co., as nominee of DTC, the Registrar shall pay all principal of and interest on such Bond, and shall give all notices with respect to such Bond, only to Cede & Co. in accordance with DTC's Operational Arrangements, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other than DTC shall receive an authenticated Bond for each separate stated maturity evidencing the obligation of the City to make payments of principal and interest. Upon delivery by DTC to the Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede &Co., the Bonds will be transferable to such new nominee in accordance with paragraph (e) hereof. (c) In the event the City determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bonds in the form of bond certificates, the City may notify DTC and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance with paragraph (e) hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and the Registrar and 7 discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph (e) hereof. (d) The execution and delivery of the Representation Letter to DTC, if not previously filed with DTC, by the Mayor or City Manager is hereby authorized and directed. (e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or(c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of bond certificates and the method of payment of principal of and interest on such Bonds in the form of bond certificates. 2.09. Form of Bonds. The Bonds shall be prepared in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF GOLDEN VALLEY GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 2003A Interest Rate Maturity Date Date of Original Issue CUSIP % February 1, 20-- January 1, 2003 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: THOUSAND DOLLARS THE CITY OF GOLDEN VALLEY, HENNEPIN COUNTY, MINNESOTA (the City), acknowledges itself to be indebted and hereby promises to pay the principal sum specified above on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, payable on February 1 and August 1 of each year, commencing August 1, 2003, 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 immediately preceding month, all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. Interest hereon shall be computed on the basis of a 360-day year composed of twelve 30-day months. Interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by U.S. Bank National Association, in St. Paul, Minnesota, 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 City have been and are hereby irrevocably pledged. 8 This Bond is one of an issue in the aggregate principal amount of$3,370,000 issued pursuant to a resolution adopted by the City Council on December 2, 2002 (the Resolution), to provide funds to finance certain public improvements within the Valley Square Redevelopment Area and Tax Increment Financing District located within the City(the District), 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 469 and 475. The Bonds are issuable only in fully registered form, in denominations of$5,000 or any integral multiple thereof, of single maturities. Bonds maturing in 2010 and later years are each subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the bond depository in accordance with its customary procedures) in multiples of$5,000 on February 1, 2009, and on any date thereafter, at a price equal to the principal amount thereof plus interest accrued to the date of redemption. The City will cause notice of the call for redemption to be published as required by law and, at least thirty days prior to the designated redemption date, will cause notice of the call thereof to be mailed by first class mail to the registered owner of any Bond to be redeemed at the owner's address as it appears on the bond register maintained by the Registrar, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. [COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS- ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS] [Bonds maturing in the years 20 and 20 shall be subject to mandatory redemption, at a redemption price equal to their principal amount plus interest accrued thereon to the redemption date, without premium, on February 1 in each of the years shown below, in an amount equal to the following principal amounts: Term Bonds Maturing in 20-- Term Bonds Maturing in 20-- Sinking Fund Aggregate Sinking Fund Aggregate Payment Date Principal Amount Payment Date Principal Amount Notice of redemption shall be given as provided in the preceding paragraph.] As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Registrar, by the 9 registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company, or in the name of any other nominee of The Depository Trust Company or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of The Depository Trust Company or other securities depository as agreed to by the City. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Registrar shall be affected by any notice to the contrary. 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 preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required; that the City has established its General Obligation Tax Increment Bonds, Series 2003A Bond Fund and has appropriated thereto ad valorem tax increments to be received by the City from the Valley Square Redevelopment Area and Tax Increment Financing District, which tax increments are estimated to be receivable in years and amounts not less than five percent in excess of the amounts required to pay the principal of and interest on the Bonds when due; that if necessary for payment of such principal and interest, ad valorem taxes are required to be levied upon all taxable property in the City, without limitation as to rate or amount; that the issuance of this Bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness; and that the opinion printed hereon is a full, true and correct copy of the legal opinion given by Bond Counsel with reference to the Bonds, dated as of the date of original delivery of the Bonds. 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, Hennepin County, 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. 10 CITY OF GOLDEN VALLEY, MINNESOTA (facsimile signature City Manager) (facsimile signature Mayor) CERTIFICATE OF AUTHENTICATION Dated This is one of the Bonds delivered pursuant to the Resolution mentioned within. U.S. BANK NATIONAL ASSOCIATION as Bond Registrar By Authorized Representative 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 the applicable laws or regulations: TEN COM - as tenants in common UTMA ................... as Custodian for ..................... (Gust) (Minor) TEN ENT - as tenants by the entireties under Uniform Transfers to Minors Act .............. (State) JT TEN -- as joint tenants with right of survivorship and not as tenants in common Additional abbreviations may also be used. 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 whatsoever. Signature Guaranteed: Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such other "signature guaranty program" as may be determined by the Registrar in addition to or in 11 substitution for STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. Please insert social security or other identifying number of assignee: [end of form of Bond] SECTION 3. SECURITY PROVISIONS. 3.01. General Obligation Tax Increment Bonds, Series 2003A Construction Fund. There is hereby established on the official books and records of the City a General Obligation Tax Increment Bonds, Series 2003A Construction Fund (the Construction Fund). To the Construction Fund there shall be credited from the proceeds of the Bonds the sum of$3,332,930 and from the Construction Fund there shall be paid all costs and expenses of the Improvements. After payment of all costs of the Improvements, the Construction Fund shall be discontinued and any Bond proceeds and other funds remaining therein shall be transferred to the General Obligation Tax Increment Bonds, Series 2003A Bond Fund. 3.02. General Obligation Tax Increment Bonds, Series 2003A Bond 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 City to be known as the General Obligation Tax Increment Bonds, Series 2003A Bond Fund (the Bond Fund), and the principal of and interest on the Bonds shall be payable from the Bond Fund. The City irrevocably appropriates to the Bond Fund (a) all amounts in excess of$3,332,930 received from the Purchaser; (b) any excess proceeds of the Bonds transferred to the Bond Fund pursuant to Section 3.01 above; (c) the ad valorem tax increments described in Section 3.03 hereof; (d) any ad valorem taxes collected in accordance with the provisions of Section 3.03 hereof, and (e) such other funds as may be appropriated from time to time by the City to the Bond Fund to pay principal of and interest on the Bonds. The moneys on hand in the Bond Fund from time to time shall be used solely to pay the principal of and interest on the Bonds. 3.03. Pledge of Tax Increments and Taxing Powers. Principal of and interest on the Bonds shall be paid primarily from ad valorem tax increments to be received by the City from the Housing and Redevelopment Authority in and for the City of Golden Valley, Minnesota(the Authority), pursuant to a Tax Increment Pledge Agreement (the Agreement) executed by and between the City and the Authority, pursuant to which Agreement the Authority has agreed to pay to the City sufficient tax increments derived from the Valley Square Redevelopment Area and Tax Increment Financing District to pay principal of and interest on the Bonds when due. 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 unlimited taxing powers of the City shall be and are hereby irrevocably pledged. It is hereby estimated that the amounts received by the City pursuant to the Agreement will be not less than 5% in excess of the amounts needed to meet when due the principal and interest payments on the Bonds, and therefore no ad valorem taxes are required to be levied at this time. Nevertheless, 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 City which is available for that purpose, subject 12 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 4. DEFEASANCE. When all of the Bonds have been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the registered owners of the Bonds shall cease. The City 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 City may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to their terms, by depositing with the Registrar on or before that date an amount equal to the principal, interest and redemption premium, if any, which are then due, provided that notice of such redemption has been duly given as provided herein. The City 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, interest and redemption premiums to become due thereon to maturity or earlier designated redemption date. SECTION 5. CERTIFICATION OF PROCEEDINGS. 5.01. 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. 5.02. Authentication of Transcript. The officers of the City and the County Auditor are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey&Whitney LLP, Bond Counsel, certified 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 City as to the correctness of all statements contained therein. 5.03. Official Statement. The Official Statement relating to the Bonds, dated November 20, 2002, prepared and delivered on behalf of the City by Springsted Incorporated, is hereby approved, and the officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency thereof. Springsted Incorporated is hereby authorized on behalf of the City to prepare and distribute to the Purchaser within seven business days from the date hereof a supplement to the Official Statement listing the offering price, the interest rates, selling compensation, delivery date,the underwriters and such other information relating to the Bonds as is required to be 13 included in the Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission (the SEC)under the Securities Exchange Act of 1934. The officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. SECTION 6. TAX COVENANTS, ARBITRAGE MATTERS AND CONTINUING DISCLOSURE. 6.01. General Tax Covenant. The City covenants and agrees with the registered owners 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 Internal Revenue Code of 1986, as amended (the Code) and applicable Treasury Regulations (the Regulations), and covenants to take any and all actions within its powers to ensure that the interest on the Bonds will not become includable in gross income of the recipient under the Code and the Regulations. The Improvements financed with the proceeds of the Bonds will be owned and maintained by the City so long as the Bonds are outstanding and will be part of the City's publicly available infrastructure. The City will not enter into any lease, use agreement, management agreement or other agreement or contract with any non- governmental person relating to the use of the Improvements which might cause the Bonds to be considered "private activity bonds" or"private loan bonds"pursuant to Section 141 of the Code. 6.02. Arbitrage Certification. As the Mayor and City Manager are the officers of the City charged with the responsibility for issuing the Bonds pursuant to this resolution, they 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 Section 1.148-2(b) of the Regulations, stating the facts, estimates and circumstances in existence on the date of issue and delivery of the Bonds which make it reasonable to expect 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 Regulations. 6.03. Arbitrage Rebate Exemption. The City acknowledges that the Bonds are subject to the rebate requirements of Section 148(f) of the Code. The City covenants and agrees to retain such records, make such determinations, file such reports and documents and pay such amounts at such times as are required under said Section 148(f) and applicable Regulations to preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes, unless the Bonds qualify for an exception from the rebate requirement pursuant to one of the spending exceptions set forth in Section 1.148-7 of the Regulations and no "gross proceeds" of the Bonds (other than amounts constituting a "bona fide debt service fund") arise during or after the expenditure of the original proceeds thereof. 6.04. Reimbursement. The City certifies that the proceeds of the Bonds will not be used by the City to reimburse itself for any expenditure with respect to the Improvements which the City paid or will have paid more than 60 days prior to the issuance of the Bonds unless, with respect to such prior expenditures, the City shall have made a declaration of official intent which complies with the provisions of Section 1.150-2 of the Regulations; provided that this certification shall not apply (i) with respect to certain de minimis expenditures, if any, with respect to the Improvements meeting the requirements of Section 1.150-2(f)(1) of the 14 Regulations, or (ii) with respect to "preliminary expenditures" for the Improvements as defined in Section 1.150-2(f)(2) of the Regulations, including engineering or architectural expenses and similar preparatory expenses, which in the aggregate do not exceed 20% of the "issue price" of the Bonds. 6.05. Continuing Disclosure. (a) Purpose and Beneficiaries. To provide for the public availability of certain information relating to the Bonds and the security therefor and to permit the Purchaser and other participating underwriters in the primary offering of the Bonds to comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12)relating to continuing disclosure (as in effect and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds, the City hereby makes the following covenants and agreements for the benefit of the Owners (as hereinafter defined) from time to time of the Outstanding Bonds. The City is the only obligated person in respect of the Bonds within the meaning of the Rule for purposes of identifying the entities in respect of which continuing disclosure must be made. The City has complied in all material respects with any undertaking previously entered into by it under the Rule. If the City fails to comply with any provisions of this section, any person aggrieved thereby, including the Owners of any Outstanding Bonds, may take whatever action at law or in equity may appear necessary or appropriate to enforce performance and observance of any agreement or covenant contained in this section, including an action for a writ of mandamus or specific performance. Direct, indirect, consequential and punitive damages shall not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no event shall a default under this section constitute a default under the Bonds or under any other provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a Bond, the registered owner or owners thereof appearing in the bond register maintained by the Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner provides to the Registrar evidence of such beneficial ownership in form and substance reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a Bond, any person or entity which(i) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of the Bond for federal income tax purposes. (b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection (c) hereof, either directly or indirectly through an agent designated by the City, the following information at the following times: (1) on or before 365 days after the end of each fiscal year of the City, commencing with the fiscal year ending December 31, 2002,the following financial information and operating data in respect of the City (the Disclosure Information): (A) the audited financial statements of the City for such fiscal year, containing balance sheets as of the end of such fiscal year and a statement of operations, changes in fund balances and cash flows for the fiscal year then ended, showing in comparative form such figures for the preceding fiscal year of the City, prepared in accordance with generally accepted accounting principles promulgated by the Financial Accounting Standards Board as modified in 15 accordance with the governmental accounting standards promulgated by the Governmental Accounting Standards Board or as otherwise provided under Minnesota law, as in effect from time to time, or, if and to the extent such financial statements have not been prepared in accordance with such generally accepted accounting principles for reasons beyond the reasonable control of the City, noting the discrepancies therefrom and the effect thereof, and certified as to accuracy and completeness in all material respects by the fiscal officer of the City; and (B)to the extent not included in the financial statements referred to in paragraph(A) hereof, the information for such fiscal year or for the period most recently available of the type contained in the Official Statement under headings: City Property Values; City Indebtedness; City Tax Rates, Levies and Collections; Funds on Hand; and City Investments. Notwithstanding the foregoing paragraph, if the audited financial statements are not available by the date specified, the City shall provide on or before such date unaudited financial statements in the format required for the audited financial statements as part of the Disclosure Information and, within 10 days after the receipt thereof, the City shall provide the audited financial statements. Any or all of the Disclosure Information may be incorporated by reference, if it is updated as required hereby, from other documents, including official statements, which have been submitted to each of the repositories hereinafter referred to under subsection (c) or the SEC. If the document incorporated by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The City shall clearly identify in the Disclosure Information each document so incorporated by reference. If any part of the Disclosure Information can no longer be generated because the operations of the City have materially changed or been discontinued, such Disclosure Information need no longer be provided if the City includes in the Disclosure Information a statement to such effect; provided, however, if such operations have been replaced by other City operations in respect of which data is not included in the Disclosure Information and the City determines that certain specified data regarding such replacement operations would be a Material Fact (as defined in paragraph (2) hereof), then, from and after such determination, the Disclosure Information shall include such additional specified data regarding the replacement operations. If the Disclosure Information is changed or this section is amended as permitted by this paragraph (b)(1) or subsection (d), then the City shall include in the next Disclosure Information to be delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment and the effect of any change in the type of financial information or operating data provided. (2) In a timely manner, notice of the occurrence of any of the following events which is a Material Fact (as hereinafter defined): (A) Principal and interest payment delinquencies; (B) Non-payment related defaults; (C) Unscheduled draws on debt service reserves reflecting financial difficulties; (D) Unscheduled draws on credit enhancements reflecting financial difficulties; 16 (E) Substitution of credit or liquidity providers, or their failure to perform; (F) Adverse tax opinions or events affecting the tax-exempt status of the security; (G) Modifications to rights of security holders; (H) Bond calls; (I) Defeasances; (J) Release, substitution, or sale of property securing repayment of the securities; and (K) Rating changes. As used herein, a Material Fact is a fact as to which a substantial likelihood exists that a reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a Bond or, if not disclosed, would significantly alter the total information otherwise available to an investor from the Official Statement, information disclosed hereunder or information generally available to the public. Notwithstanding the foregoing sentence, a Material Fact is also an event that would be deemed material for purposes of the purchase, holding or sale of a Bond within the meaning of applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the event. (3) In a timely manner, notice of the occurrence of any of the following events or conditions: (A) the failure of the City to provide the Disclosure Information required under paragraph (b)(1) at the time specified thereunder; (B) the amendment or supplementing of this section pursuant to subsection (d), together with a copy of such amendment or supplement and any explanation provided by the City under subsection (d)(2); (C) the termination of the obligations of the City under this section pursuant to subsection (d); (D) any change in the accounting principles pursuant to which the financial statements constituting a portion of the Disclosure Information are prepared; and (E) any change in the fiscal year of the City. (c) Manner of Disclosure. The City agrees to make available the information described in subsection (b) to the following entities by telecopy, overnight delivery, mail or other means, as appropriate: (1) the information described in paragraph (1) of subsection (b), to each then nationally recognized municipal securities information repository under the Rule and to any state information depository then designated or operated by the State of Minnesota as contemplated by the Rule (the State Depository), if any; (2) the information described in paragraphs (2) and (3) of subsection (b), to the Municipal Securities Rulemaking Board and to the State Depository, if any; and 17 (3) the information described in subsection (b), to any rating agency then maintaining a rating of the Bonds at the request of the City and, at the expense of such Bondowner, to any Bondowner who requests in writing such information, at the time of transmission under paragraphs (1) or(2)of this subsection (c), as the case may be, or, if such information is transmitted with a subsequent time of release, at the time such information is to be released. (d) Term; Amendments; Interpretation. (1) The covenants of the City in this section shall remain in effect so long as any Bonds are Outstanding. Notwithstanding the preceding sentence, however, the obligations of the City under this section shall terminate and be without further effect as of any date on which the City delivers to the Registrar an opinion of Bond Counsel to the effect that, because of legislative action or final judicial or administrative actions or proceedings, the failure of the City to comply with the requirements of this section will not cause participating underwriters in the primary offering of the Bonds to be in violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended, or any statutes or laws successory thereto or amendatory thereof. (2) This section (and the form and requirements of the Disclosure Information) may be amended or supplemented by the City from time to time, without notice to (except as provided in paragraph (c)(3) hereof) or the consent of the Owners of any Bonds, by a resolution of this Council filed in the office of the recording officer of the City accompanied by an opinion of Bond Counsel, who may rely on certificates of the City and others and the opinion may be subject to customary qualifications, to the effect that: (i) such amendment or supplement (a) is made in connection with a change in circumstances that arises from a change in law or regulation or a change in the identity, nature or status of the City or the type of operations conducted by the City, or(b) is required by, or better complies with, the provisions of paragraph(b)(5) of the Rule; (ii) this section as so amended or supplemented would have complied with the requirements of paragraph (b)(5) of the Rule at the time of the primary offering of the Bonds, giving effect to any change in circumstances applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted at the time of the amendment or supplement was in effect at the time of the primary offering; and (iii) such amendment or supplement does not materially impair the interests of the Bondowners under the Rule. If the Disclosure Information is so amended, the City agrees to provide, contemporaneously with the effectiveness of such amendment, an explanation of the reasons for the amendment and the effect, if any, of the change in the type of financial information or operating data being provided hereunder. (3) This section is entered into to comply with the continuing disclosure provisions of the Rule and should be construed so as to satisfy the requirements of paragraph(b)(5) of the Rule. 18 Upon vote being taken thereon, the following voted in favor thereof. Grayson, Johnson, LeSuer, Loomis and Tremere and the following voted against the same: none, whereupon the resolution was declared duly passed and adopted. Cz Mayor Attest: City Clerk 19 EXHIBIT A IMPROVEMENTS FUNDED BY GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A AND TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003B Tax- Use of Funds Exempt TIF Taxable TIF Pedestrian/Streetscape Improvements $3,000,000.00 Parking Structure $635,000.00 Soil Correction 350,000.00 Storm Sewer—T.H. 55 & GV Road 300,000.00 Retaining Wall 270,000.00 Demolition 250,000.00 Utility Relocation 200,000.00 Environmental Study/Remediation 150,000.00 Storm Water Ponding 100,000.00 CERTIFICATION OF MINUTES RELATING TO $1,445,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003B Issuer: City of Golden Valley, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held December 2, 2002, at 6:30 o'clock p.m. at the City Hall, Golden Valley, Minnesota. Members present: Grayson, Johnson, LeSuer, Loomis and Tremere Members absent: none Documents Attached: Minutes of said meeting (including): RESOLUTION NO. 02-80 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,445,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003B I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, 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 said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer on December 2, 2002. Clerk It was reported that seven sealed proposals for the purchase of$1,445,000 Taxable General Obligation Tax Increment Bonds, Series 2003B, were received prior to 12 o'clock noon, pursuant to the Official Statement distributed to potential purchasers of the Bonds by Springsted Incorporated, financial consultants to the City. The proposals have been publicly opened, read and tabulated and were found to be as follows: (See Attached) 2 85 E.SEVENTH PLACE,SUITE 100 SAINT PAUL,MN 55101-2887 651.223.3000 FAX:651.223.3002 E-MAIL: advisors@)springsted.com SPRINGSTED Advisors to the Public Sector $1,445,000 CITY OF GOLDEN VALLEY, MINNESOTA TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003B (BOOK ENTRY ONLY) AWARD: CRONIN & COMPANY, INCORPORATED SALOMON SMITH BARNEY UBS PAINEWEBBER INCORPORATED CIBC WORLD MARKETS CITIZENS BANK ALE: December 2, 2002 Moody's Rating: Aa1 Interest Net Interest True Interest Bidder Rates Price Cost Rate CRONIN &COMPANY, INCORPORATED 3.00% 2004-2005 $1,446,233.95 $350,160.22 4.4923% SALOMON SMITH BARNEY 4.00% 2006-2007 UBS PAINEWEBBER INCORPORATED 4.10% 2008 CIBC WORLD MARKETS 4.50% 2009 CITIZENS BANK 5.00% 2010-2011 UNITED BANKERS' BANK 2.35% 2004 $1,436,330.00 $351,948.12 4.5312% 2.75% 2005 3.40% 2006 3.85% 2007 4.15% 2008 4.55% 2009 4.85% 2010 4.95% 2011 U.S. BANCORP PIPER JAFFRAY INC. 2.50% 2004 $1,437,197.00 $352,576.13 4.5389% 3.00% 2005 3.45% 2006 3.90% 2007 4.30% 2008 4.50% 2009 4.75% 2010 5.00% 2011 (Continued) CORPORATE OFF/CE: SAINT PAUL,MN Visit our website at www.springsted.com DES MOINES,IA • MILWAUKEE,WI • MINNEAPOLIS,MN • OVERLAND PARK,KS • VIRGINIA BEACH,VA • WASHINGTON,DC Member Gloria L. Johnson introduced the following resolution and moved its adoption, which motion was seconded by Member Jan A. LeSuer: RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF$1,445,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003B BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the City), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. This Council, by Resolution No. 02-77, adopted November 19, 2002, authorized the issuance and sale on the date hereof of$1,445,000 Taxable General Obligation Tax Increment Bonds, Series 2003B (the Bonds) of the City, pursuant to Minnesota Statutes, Chapters 469 and 475. The Bonds are being issued to provide financing for eligible project costs (the Improvements) located within the City's Valley Square Redevelopment Area and Tax Increment Financing District (the District), as more fully described in Exhibit A attached hereto under the heading "Taxable TIF." 1.02. Sale. Pursuant to the Terms of Proposal and the Official Statement prepared on behalf of the City by Springsted Incorporated, sealed proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened, publicly read and considered and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of Cronin & Company, Inc., in Minneapolis, Minnesota(the Purchaser), to purchase the Bonds at a price of$1,446,233.95 plus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. 1.03. Award. 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 City for the sale of the Bonds in accordance with the Terms of Proposal. The good faith deposit of the Purchaser shall be retained and deposited by the City 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 performed, 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 January 1, 2003, shall be in the denomination of$5,000 each, or any 3 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 or duly called for redemption at the annual rates set forth opposite such years and amounts, as follows: Year Amount Rate Year Amount Rate 2004 $ 25,000 3.00% 2008 $230,000 4.10% 2005 50,000 3.00 2009 230,000 4.50 2006 230,000 4.00 2010 225,000 5.00 2007 230,000 4.00 2011 225,000 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. Upon 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 delivered, exchanged or transferred. Interest on the Bonds shall be payable on each February 1 and August 1, commencing August 1, 2003, 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. Bonds maturing in 2010 and later years shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the bond depository in accordance with its customary procedures) in multiples of$5,000, on February 1, 2009, and on any date thereafter, at a price equal to the principal amount thereof and accrued interest to the date of redemption. The Clerk shall cause notice of the call for redemption thereof to be published as required by law and, at least thirty days prior to the designated redemption date, shall cause notice of call for redemption to be mailed, by first class mail, to the registered holders of any Bonds to be redeemed at their addresses as they appear on the bond register described in Section 2.06 hereof, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. 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. 2.05. Appointment of Initial Re isg_trar. The City hereby appoints U.S. Bank 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 City, 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 4 City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon thirty 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 City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal corporate trust office a bond register in which the Registrar shall provide for the registration of ownership of 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 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 canceled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name any Bond is at any time registered in the bond register as the absolute owner of 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 the Bond to the extent of the sum or sums so paid. 5 (g) Taxes, Fees and Char. 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 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 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 City and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be canceled by it and evidence of such cancellation shall be given to the City. 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. (i) Authenticating Agent. The Registrar is hereby designated authenticating 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 City by the signatures of the Mayor and the City Manager, provided that the 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 he had remained in office until delivery. Notwithstanding 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 evidence 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 accordance 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. Securities Depository. (a) For purposes of this section the following terms shall have the following meanings: "Beneficial Owner" shall mean, whenever used with respect to a Bond, the person in whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records of such Participant, or such person's subrogee. 6 "Cede & Co." shall mean Cede &Co.,the nominee of DTC, and any successor nominee of DTC with respect to the Bonds. "DTC" shall mean The Depository Trust Company of New York, New York. "Participant" shall mean any broker-dealer, bank or other financial institution for which DTC holds Bonds as securities depository. "Representation Letter" shall mean the Representation Letter pursuant to which the sender agrees to comply with DTC's Operational Arrangements. (b) The Bonds shall be initially issued as separately authenticated fully registered bonds, and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon initial issuance, the ownership of such Bonds shall be registered in the bond register in the name of Cede & Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of payment of the principal of or interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, if any, giving any notice permitted or required to be given to registered owners of Bonds under this resolution, registering the transfer of Bonds, and for all other purposes whatsoever; and neither the Registrar nor the City shall be affected by any notice to the contrary. Neither the Registrar nor the City shall have any responsibility or obligation to any Participant, any person claiming a beneficial ownership interest in the Bonds under or through DTC or any Participant, or any other person which is not shown on the bond register as being a registered owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any Participant, with respect to the payment by DTC or any Participant of any amount with respect to the principal of or interest on the Bonds, with respect to any notice which is permitted or required to be given to owners of Bonds under this resolution, with respect to the selection by DTC or any Participant of any person to receive payment in the event of a partial redemption of the Bonds, or with respect to any consent given or other action taken by DTC as registered owner of the Bonds. So long as any Bond is registered in the name of Cede &Co., as nominee of DTC, the Registrar shall pay all principal of and interest on such Bond, and shall give all notices with respect to such Bond, only to Cede &Co. in accordance with DTC's Operational Arrangements, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other than DTC shall receive an authenticated Bond for each separate stated maturity evidencing the obligation of the City to make payments of principal and interest. Upon delivery by DTC to the Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co.,the Bonds will be transferable to such new nominee in accordance with paragraph(e) hereof. (c) In the event the City determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bonds in the form of bond certificates, the City may notify DTC and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance with paragraph (e) hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its 7 responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph(e) hereof. (d) The execution and delivery of the Representation Letter to DTC, if not previously filed with DTC, by the Mayor or City Manager is hereby authorized and directed. (e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or(c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of bond certificates and the method of payment of principal of and interest on such Bonds in the form of bond certificates. 2.09. Form of Bonds. The Bonds shall be prepared in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF GOLDEN VALLEY TAXABLE GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 2003B Interest Rate Maturity Date Date of Original Issue CUSIP % February 1, 20-- January 1, 2003 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: THOUSAND DOLLARS THE CITY OF GOLDEN VALLEY, HENNEPIN COUNTY, MINNESOTA (the City), acknowledges itself to be indebted and hereby promises to pay the principal sum specified above on the maturity date specified above, 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, 2003, 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 immediately preceding month, all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. Interest hereon shall be computed on the basis of a 360-day year composed of twelve 30-day months. Interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by U.S. Bank National Association, in St. Paul, Minnesota, 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 City have been and are hereby irrevocably pledged. 8 This Bond is one of an issue in the aggregate principal amount of$1,445,000 issued pursuant to a resolution adopted by the City Council on December 2, 2002 (the Resolution), to provide funds to finance certain eligible project costs within the Valley Square Redevelopment Area and Tax Increment Financing District located within the City (the District), 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 469 and 475. The Bonds are issuable only in fully registered form, in denominations of$5,000 or any integral multiple thereof, of single maturities. Bonds maturing in 2010 and later years are each subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the bond depository in accordance with its customary procedures) in multiples of$5,000 on February 1, 2009, and on any date thereafter, at a price equal to the principal amount thereof plus interest accrued to the date of redemption. The City will cause notice of the call for redemption to be published as required by law and, at least thirty days prior to the designated redemption date, will cause notice of the call thereof to be mailed by first class mail to the registered owner of any Bond to be redeemed at the owner's address as it appears on the bond register maintained by the Registrar,but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. [COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS- ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS] [Bonds maturing in the years 20 and 20 shall be subject to mandatory redemption, at a redemption price equal to their principal amount plus interest accrued thereon to the redemption date, without premium, on February 1 in each of the years shown below, in an amount equal to the following principal amounts: Term Bonds Maturingin 20-- Term Bonds Maturingin n 20__ Sinking Fund Aggregate Sinking Fund Aggregate Payment Date Principal Amount Payment Date Principal Amount Notice of redemption shall be given as provided in the preceding paragraph.] As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Registrar, by the 9 registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company, or in the name of any other nominee of The Depository Trust Company or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede &Co. or other nominee in accordance with the operational arrangements of The Depository Trust Company or other securities depository as agreed to by the City. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Registrar shall be affected by any notice to the contrary. 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 preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required; that the City has established its Taxable General Obligation Tax Increment Bonds, Series 2003B Bond Fund and has appropriated thereto ad valorem tax increments to be received by the City from the Valley Square Redevelopment Area and Tax Increment Financing District, which tax increments are estimated to be receivable in years and amounts not less than five percent in excess of the amounts required to pay the principal of and interest on the Bonds when due; that, if necessary for payment of such principal and interest, ad valorem taxes are required to be levied upon all taxable property in the City, without limitation as to rate or amount; that the issuance of this Bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness; and that the opinion printed hereon is a full, true and correct copy of the legal opinion given by Bond Counsel with reference to the Bonds, dated as of the date of original delivery of the Bonds. 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, Hennepin County, 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. 10 CITY OF GOLDEN VALLEY, MINNESOTA (facsimile signature City Manama (facsimile signature Mayor) CERTIFICATE OF AUTHENTICATION Dated This is one of the Bonds delivered pursuant to the Resolution mentioned within. U.S. BANK NATIONAL ASSOCIATION as Bond Registrar By Authorized Representative 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 the applicable laws or regulations: TEN COM - as tenants in common UTMA ................... as Custodian for ..................... (Cust) (Minor) TEN ENT - as tenants by the entireties under Uniform Transfers to Minors Act .............. (State) JT TEN -- as joint tenants with right of survivorship and not as tenants in common Additional abbreviations may also be used. 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 whatsoever. Signature Guaranteed: Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such 11 other "signature guaranty program" as may be determined by the Registrar in addition to or in substitution for STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. Please insert social security or other identifying number of assignee: [end of form of Bond] SECTION 3. SECURITY PROVISIONS. 3.01. Taxable General Obligation Tax Increment Bonds, Series 2003B Construction Fund. There is hereby established on the official books and records of the City a Taxable General Obligation Tax Increment Bonds, Series 2003B Construction Fund (the Construction Fund). To the Construction Fund there shall be credited from the proceeds of the Bonds the sum of$1,426,215 and from the Construction Fund there shall be paid all costs and expenses of the Improvements. After payment of all costs of the Improvements, the Construction Fund shall be discontinued and any Bond proceeds and other funds remaining therein shall be transferred to the Taxable General Obligation Tax Increment Bonds, Series 2003B Bond Fund. 3.02. Taxable General Obligation Tax Increment Bonds, Series 2003B Bond 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 City to be known as the Taxable General Obligation Tax Increment Bonds, Series 2003B Bond Fund (the Bond Fund), and the principal of and interest on the Bonds shall be payable from the Bond Fund. The City irrevocably appropriates to the Bond Fund (a) all amounts in excess of $1,426,215 received from the Purchaser; (b) any excess proceeds of the Bonds transferred to the Bond Fund pursuant to Section 3.01 above; (c) the ad valorem tax increments described in Section 3.03 hereof; (d) any ad valorem taxes collected in accordance with the provisions of Section 3.03 hereof; and (e) such other funds as may be appropriated from time to time by the City to the Bond Fund to pay principal of and interest on the Bonds. The moneys on hand in the Bond Fund from time to time shall be used solely to pay the principal of and interest on the Bonds. 3.03. Pledge of Tax Increments and Taxing Powers. Principal of and interest on the Bonds shall be paid primarily from ad valorem tax increments to be received by the City from the Housing and Redevelopment Authority in and for the City of Golden Valley, Minnesota(the Authority), pursuant to a Tax Increment Pledge Agreement (the Agreement) executed by and between the City and the Authority, pursuant to which Agreement the Authority has agreed to pay to the City sufficient tax increments derived from the Valley Square Redevelopment Area and Tax Increment Financing District to pay principal of and interest on the Bonds when due. 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 unlimited taxing powers of the City shall be and are hereby irrevocably pledged. It is hereby estimated that the amounts received by the City pursuant to the Agreement will be not less than 5% in excess of the amounts needed to meet when due the principal and interest payments on the Bonds, and therefore no ad valorem taxes are required to be levied at this time. Nevertheless, if the balance in the Bond Fund is at 12 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 City 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 4. DEFEASANCE. When all of the Bonds have been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the registered owners of t eo- nuc ss1i—la 1 cease. Cmay discharg se i o ligations with respect o 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 City may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to their terms, by depositing with the Registrar on or before that date an amount equal to the principal, interest and redemption premium, if any, which are then due, provided that notice of such redemption has been duly given as provided herein. The City 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, interest and redemption premiums to become due thereon to maturity or earlier designated redemption date. SECTION 5. CERTIFICATION OF PROCEEDINGS. 5.01. 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. 5.02. Authentication of Transcript. The officers of the City and the County Auditor are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey& Whitney LLP, Bond Counsel, certified 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 City as to the correctness of all statements contained therein. 5.03. Official Statement. The Official Statement relating to the Bonds, dated November 20, 2002, prepared and delivered on behalf of the City by Springsted Incorporated, is hereby approved, and the officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency thereof. Springsted Incorporated is hereby authorized on behalf of the City to prepare and distribute to the Purchaser within seven business days from the date hereof, a supplement to the 13 Official Statement listing the offering price, the interest rates, selling compensation, delivery date,the underwriters and such other information relating to the Bonds as is required to be included in the Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission(the SEC)under the Securities Exchange Act of 1934. The officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. SECTION 6. CONTINUING DISCLOSURE. (a) Purpose and Beneficiaries. To provide for the public availability of certain information relating to the Bonds and the security therefor and to permit the Purchaser and other participating underwriters in the primary offering of the Bonds to comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to continuing disclosure (as in effect and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds, the City hereby makes the following covenants and agreements for the benefit of the Owners (as hereinafter defined) from time to time of the Outstanding Bonds. The City is the only obligated person in respect of the Bonds within the meaning of the Rule for purposes of identifying the entities in respect of which continuing disclosure must be made. The City has complied in all material respects with any undertaking previously entered into by it under the Rule. If the City fails to comply with any provisions of this section, any person aggrieved thereby, including the Owners of any Outstanding Bonds, may take whatever action at law or in equity may appear necessary or appropriate to enforce performance and observance of any agreement or covenant contained in this section, including an action for a writ of mandamus or specific performance. Direct, indirect, consequential and punitive damages shall not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no event shall a default under this section constitute a default under the Bonds or under any other provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a Bond, the registered owner or owners thereof appearing in the bond register maintained by the Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner provides to the Registrar evidence of such beneficial ownership in form and substance reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a Bond, any person or entity which (i) has the power, directly or indirectly, to vote or consent with respect to,or to dispose of ownership of, such Bond (including persons or entities holding Bonds through nominees, depositories or other intermediaries), or(b) is treated as the owner of the Bond for federal income tax purposes. (b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection (c) hereof, either directly or indirectly through an agent designated by the City, the following information at the following times: (1) on or before 365 days after the end of each fiscal year of the City, commencing with the fiscal year ending December 31, 2002,the following financial information and operating data in respect of the City(the Disclosure Information): (A) the audited financial statements of the City for such fiscal year, containing balance sheets as of the end of such fiscal year and a statement of operations, changes in fund balances and cash flows for the fiscal year then ended, showing in comparative form such figures for the preceding fiscal year of 14 the City, prepared in accordance with generally accepted accounting principles promulgated by the Financial Accounting Standards Board as modified in accordance with the governmental accounting standards promulgated by the Governmental Accounting Standards Board or as otherwise provided under Minnesota law, as in effect from time to time, or, if and to the extent such financial statements have not been prepared in accordance with such generally accepted accounting principles for reasons beyond the reasonable control of the City, noting the discrepancies therefrom and the effect thereof, and certified as to accuracy and completeness in all material respects by the fiscal officer of the City; and (B) to the extent not included in the financial statements referred to in paragraph (A) hereof, the information for such fiscal year or for the period most recently available of the type contained in the Official Statement under headings: City Property Values; City Indebtedness; City Tax Rates, Levies and Collections; Funds on Hand and City Investments. Notwithstanding the foregoing paragraph, if the audited financial statements are not available by the date specified, the City shall provide on or before such date unaudited financial statements in the format required for the audited financial statements as part of the Disclosure Information and, within 10 days after the receipt thereof, the City shall provide the audited financial statements. Any or all of the Disclosure Information may be incorporated by reference, if it is updated as required hereby, from other documents, including official statements, which have been submitted to each of the repositories hereinafter referred to under subsection (c) or the SEC. If the document incorporated by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The City shall clearly identify in the Disclosure Information each document so incorporated by reference. If any part of the Disclosure Information can no longer be generated because the operations of the City have materially changed or been discontinued, such Disclosure Information need no longer be provided if the City includes in the Disclosure Information a statement to such effect; provided, however, if such operations have been replaced by other City operations in respect of which data is not included in the Disclosure Information and the City determines that certain specified data regarding such replacement operations would be a Material Fact (as defined in paragraph (2) hereof), then, from and after such determination,the Disclosure Information shall include such additional specified data regarding the replacement operations. If the Disclosure Information is changed or this section is amended as permitted by this paragraph (b)(1) or subsection (d), then the City shall include in the next Disclosure Information to be delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment and the effect of any change in the type of financial information or operating data provided. (2) In a timely manner, notice of the occurrence of any of the following events which is a Material Fact (as hereinafter defined): (A) Principal and interest payment delinquencies; (B) Non-payment related defaults; (C) Unscheduled draws on debt service reserves reflecting financial difficulties; 15 (D) Unscheduled draws on credit enhancements reflecting financial difficulties; (E) Substitution of credit or liquidity providers, or their failure to perform; (F) Adverse tax opinions or events affecting the tax-exempt status of the security; (G) Modifications to rights of security holders; (H) Bond calls; (I) Defeasances; (J) Release, substitution, or sale of property securing repayment of the securities; and (K) Rating changes. As used herein, a Material Fact is a fact as to which a substantial likelihood exists that a reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a Bond or, if not disclosed, would significantly alter the total information otherwise available to an investor from the Official Statement, information disclosed hereunder or information generally available to the public. Notwithstanding the foregoing sentence, a Material Fact is also an event that would be deemed material for purposes of the purchase, holding or sale of a Bond within the meaning of applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the event. (3) In a timely manner, notice of the occurrence of any of the following events or conditions: (A) the failure of the City to provide the Disclosure Information required under paragraph (b)(1) at the time specified thereunder; (B)the amendment or supplementing of this section pursuant to subsection (d), together with a copy of such amendment or supplement and any explanation provided by the City under subsection (d)(2); (C) the termination of the obligations of the City under this section pursuant to subsection (d); (D) any change in the accounting principles pursuant to which the financial statements constituting a portion of the Disclosure Information are prepared; and (E) any change in the fiscal year of the City. (c) Manner of Disclosure. The City agrees to make available the information described in subsection (b) to the following entities by telecopy, overnight delivery, mail or other means, as appropriate: (1) the information described in paragraph (1) of subsection (b), to each then nationally recognized municipal securities information repository under the Rule and to any state information depository then designated or operated by the State of Minnesota as contemplated by the Rule (the State Depository), if any; (2) the information described in paragraphs (2) and (3)of subsection (b), to the Municipal Securities Rulemaking Board and to the State Depository, if any; and 16 (3) the information described in subsection (b), to any rating agency then maintaining a rating of the Bonds at the request of the City and, at the expense of such Bondowner, to any Bondowner who requests in writing such information, at the time of transmission under paragraphs (1) or(2)of this subsection (c), as the case may be, or, if such information is transmitted with a subsequent time of release, at the time such information is to be released. (d) Term; Amendments; Interpretation. (1)The covenants of the City in this section shall remain in effect so long as any Bonds are Outstanding. Notwithstanding the preceding sentence, however, the obligations of the City under this section shall terminate and be without further effect as of any date on which the City delivers to the Registrar an opinion of Bond Counsel to the effect that, because of legislative action or final judicial or administrative actions or proceedings, the failure of the City to comply with the requirements of this section will not cause participating underwriters in the primary offering of the Bonds to be in violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended, or any statutes or laws successory thereto or amendatory thereof. (2)This section (and the form and requirements of the Disclosure Information) may be amended or supplemented by the City from time to time, without notice to (except as provided in paragraph (c)(3) hereof) or the consent of the Owners of any Bonds, by a resolution of this Council filed in the office of the recording officer of the City accompanied by an opinion of Bond Counsel, who may rely on certificates of the City and others and the opinion may be subject to customary qualifications, to the effect that: (i) such amendment or supplement (a) is made in connection with a change in circumstances that arises from a change in law or regulation or a change in the identity, nature or status of the City or the type of operations conducted by the City, or(b) is required by, or better complies with, the provisions of paragraph (b)(5) of the Rule; (ii) this section as so amended or supplemented would have complied with the requirements of paragraph (b)(5) of the Rule at the time of the primary offering of the Bonds, giving effect to any change in circumstances applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted at the time of the amendment or supplement was in effect at the time of the primary offering; and (iii) such amendment or supplement does not materially impair the interests of the Bondowners under the Rule. If the Disclosure Information is so amended, the City agrees to provide, contemporaneously with the effectiveness of such amendment, an explanation of the reasons for the amendment and the effect, if any, of the change in the type of financial information or operating data being provided hereunder. (3) This section is entered into to comply with the continuing disclosure provisions of the Rule and should be construed so as to satisfy the requirements of paragraph (b)(5) of the Rule. 17 Upon vote being taken thereon, the following voted in favor thereof: Grayson, Johnson, LeSuer, Loomis and Tremere and the following voted against the same: none, whereupon the resolution was declared duly passed and adopted. Mayor Attest: 2 City Clerk 18 EXHIBIT A IMPROVEMENTS FUNDED BY GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A AND TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 20038 Tax- Use of Funds Exempt TIF Taxable TIF Pedestrian/Streetscape Improvements $3,000,000.00 Parking Structure $635,000.00 Soil Correction 350,000.00 Storm Sewer—T.H. 55 &GV Road 300,000.00 Retaining Wall 270,000.00 Demolition 250,000.00 Utility Relocation 200,000.00 Environmental Study/Remediation 150,000.00 Storm Water Ponding 100,000.00 Resolution 03-81 December 2, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR PUBLIC HEARING ON CERTAIN PROPOSED PUBLIC IMPROVEMENT 03-1 BROOKVIEW NEIGHBORHOOD BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: 1. In conformity with the provisions of Minnesota Statutes, Chapter 429, this Council proposes to construct certain proposed public improvements within the City as stated in the form of notice included in Paragraph 4 hereof. 2. The Engineer for the City has reported to the Council advising it in a preliminary way that the proposed public improvements are feasible and that they should be made as proposed and not in connection with some other improvements. 3. The Council shall meet at the time and place specified in the form of the notice included in Paragraph 4 hereof for the purpose of holding a public hearing on the proposed public as described therein. 4. The Clerk is authorized and directed to cause notice of the time, place and purpose of said meeting to be published for two successive weeks in the NEW HOPE/GOLDEN VALLEY SUN POST, the official newspaper of the City, the first of said publications to be in the issue of said paper dated December 26, 2002, and the last of said publications to be in the issue dated January 2, 2003. Such notice shall be substantially the same as in the attached form. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 03-81- Continued December 2, 2002 NOTICE OF PUBLIC HEARING ON CERTAIN PROPOSED PUBLIC IMPROVEMENT 03-1 BROOKVIEW NEIGHBORHOOD NOTICE IS HEREBY GIVEN that the City Council of the City of Golden Valley, Hennepin County, Minnesota, will meet on Tuesday, January 7, 2003, at 7:00 p.m. at the Golden Valley City Hall, 7800 Golden Valley Road, in said City for the purpose of holding a public hearing on certain proposed public improvements. The City Engineer's estimated cost and the area where said improvements will be constructed and which it will serve is as follows: Estimated Cost: $ Improvement Area: • Brookview Parkway: Field Drive to Winnetka Avenue North • Colonial Road: Louisiana Avenue South to Jersey Avenue South • Decatur Avenue North: Wally Street to South Frontage Road of Olson Memorial Highway • Ensign Avenue North: Wally Street to South Frontage Road of Olson Memorial Highway • Field Drive: North Frontage Road of Wayzata Boulevard to Hanley Road • Half Moon Drive: Ridgeway Road to Ridgeway Road • Hanley Road: North Frontage Road of Wayzata Boulevard to Western Avenue • Kentucky Avenue North: Western Avenue to Louisiana Avenue North • Kentucky Avenue South: Colonial Road to Western Avenue • Louisiana Avenue North: Western Avenue to Harold Avenue • Louisiana Avenue South: Colonial Road to Western Avenue • Maryland Avenue South: Western Avenue to cul-de-sac • Nevada Avenue South: Western Avenue to cul-de-sac • Olson Memorial Highway South Frontage Road: Vacated Flag Avenue to General Mills Boulevard • Oregon Avenue South: Western Avenue to cul-de-sac • Pennsylvania Avenue South: North Frontage Road of Wayzata Boulevard to Ridgeway Road • Quebec Avenue South: Ridgeway Road to Western Avenue • Quebec Avenue South: Laurel Avenue to Pennsylvania Avenue South • Rhode Island Avenue South: North Frontage Road of Wayzata Boulevard to Western Avenue • Ridgeway Road: Hanley Road to Harold Avenue • Sumter Avenue South: North Frontage Road of Wayzata Boulevard to Ewald Terrace • Utah Avenue South: North Frontage Road of Wayzata Boulevard to Ridgeway Road • Vermont Avenue South: South Frontage Road of Wayzata Boulevard to Wisconsin Avenue South • Wally Street: Ensign Avenue North to Decatur Avenue North • Western Avenue: Brookview Parkway to Winnetka Avenue Resolution 03-81- Continued December 2, 2002 • Western Terrace: Western Avenue to cul-de-sac • Wisconsin Avenue South: South Frontage Road of Wayzata Boulevard to Vermont Avenue South Municipal State-Aid Streets (MSAS): • Laurel Avenue: Winnetka Avenue South to Pennsylvania Avenue South • Western Avenue: Winnetka Avenue to Jersey Avenue • Winnetka Avenue North: Western Avenue to Olson Memorial Highway • Winnetka Avenue South: North Frontage Road of Wayzata Boulevard to Western Avenue All properties abutting the above streets and being located in Section 5, Township 117, Range 21, Section 6, Township 117, Range 21, Section 31, Township 118, Range 21 and Section 32, Township 118, Range 21, City of Golden Valley, Hennepin County, Minnesota. BY ORDER OF THE CITY COUNCIL Donald G. Taylor, City Clerk Resolution 02-82 December 17, 2002 Member LeSuer introduced the following resolution and moved its adoption: RESOLUTION OF THE CITY OF GOLDEN VALLEY, MINNESOTA AUTHORIZING A LEVY FOR 2003 BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota as follows: 1. There is hereby approved a General Tax Levy for 2003 for the purposes indicated: General Fund - Personal Services, Operating Expenses and Capital Outlay $8,129,590 Fire Relief Association 79,980 Bonded Debt: Certificates of Indebtedness $560,000 1987 Storm Sewer Refunding Bonds 650,000 1996 Street Improvement Bonds 49,980 1998 Street Improvement Bonds 670,170 1999 Street Improvement Bonds 652,860 2000 Street Improvement Bonds 201,990 2,785,000 Total 2003 Tax Levy $10.994.570 2. That the City Clerk shall cause a copy of this resolution to be certified to the County Auditor so that said sum shall be spread upon the tax rolls and will be payable in the year 2003. /s/Linda R. Loomis Linda R. Loomis, Mayor ATTEST: /s/Donald G. Taylor Donald G. Taylor, City Clerk 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: Grayson, Johnson, LeSuer, Loomis and Tremere; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-83 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE GENERAL FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the General Fund Divisions for the calendar year 2003 shall be as follows: DIVISION DESCRIPTION AMOUNT 01 City Council $273,675 03 City Manager 589,485 04 Transfers Out 600,000 05 Administrative Services 1,261,345 06 Legal 75,000 07 Casualty Insurance 217,900 11 General Government Buildings 608,755 16 Planning 268,220 21 Public Safety Administration 688,800 22 Police 2,736,695 23 Fire 1,240,985 24 Prosecution and Court 183,100 35 Public Works Administration 258,855 36 Engineering 523,675 37 Street 1,025,830 65 Community Center 79,530 66 Park and Recreation Administration 532,580 67 Park Maintenance 796,760 68 Recreation Programs 305,805 TOTAL 2003 BUDGET $12,266,995 Resolution 02-83 - Continued December 17, 2002 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Ad Valorem Taxes $8,083,590 Licenses 152,065 Permits 600,000 Federal Grants -0- State Grants 91,160 Charges For Services 1,548,945 Fines and Forfeitures 265,000 Interest Earnings 325,000 Miscellaneous Revenue 234,240 Transfers In -0- Fund Balance 966,995 TOTAL 2003 BUDGET $12,266.995 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-84 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE WATER AND SEWER UTILITY FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Water and Sewer Utility Fund Programs for the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 7121 Administration and Overhead $736,600 7122 Sewer Maintenance 1,793,990 7123 Water Maintenance 2,808,485 TOTAL 2003 BUDGET $5.339.075 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Water Charges $3,195,000 Sewer Charges 2,385,000 Meter Sales 25,000 Penalties 50,000 Interest Earnings -0- State Water Testing Fee Pass Through 35,000 Other 25,000 TOTAL 2003 BUDGET $5.715,000 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-85 December 17, 2002 Member introduced the following resolution and moved its adoption RESOLUTION ADOPTING THE 2003 BUDGET OF THE BROOKVIEW GOLF FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Brookview Golf Fund Programs for the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 7151 Golf Operations $706,580 7152 Course Maintenance 683,930 7153 Pro Shop 135,180 7154 Grill 186,310 7155 Driving Range 81,430 7156 Par 3 39,330 TOTAL 2003 BUDGET $1,832,760 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Fees and Lessons: Golf Course $1,033,730 Driving Range 125,000 Par 3 213,325 Handicap 9,775 Patron Cards 54,415 Golf Lessons 34,215 Pro Shop Sales 71,000 Pro Shop Rentals 219,150 Concession Sales 212,500 Other 10,000 Interest Earnings 25,000 Less: Sales Tax & Credit Card Charges (150,000) TOTAL 2003 BUDGET $1,858,110 Resolution 02-85 - Continued December 17, 2002 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-86 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE MOTOR VEHICLE LICENSING FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Motor Vehicle Licensing Fund for the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 7201 Motor Vehicle Licensing $376,195 TOTAL 2003 BUDGET $376,195 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Registration Fees $472,500 Interest Earnings 10,000 TOTAL 2003 BUDGET $482.500 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-87 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE CONSERVATION/RECYCLING FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Conservation/Recycling Fund for the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 7001 Conservation/Recycling $335,930 TOTAL 2003 BUDGET $3a5.,.930 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT County Grant $60,000 Recycling Charges 220,000 Interest Earnings 7,000 Retained Earnings 48,930 TOTAL 2003 BUDGET $335.930 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-88 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE STORM SEWER UTILITY FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Storm Sewer Utility Fund for the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 7301 Storm Sewer Maintenance $2,011,330 7302 Street Cleaning 82,605 7303 Environmental Control 141,105 TOTAL 2003 BUDGET $2.235,040 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Storm Sewer Charges $1,740,000 Transfer From Conservation/Recycling Fund 7,000 Interest Earnings 35,000 Retained Earnings 453,040 TOTAL 2003 BUDGET $2,235,040 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-89 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE HUMAN SERVICES FOUNDATION BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Human Services Foundation of the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 2020 Human Services Foundation $77,000 TOTAL 2003 BUDGET $77.000 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Charitable Gambling Contributions $40,000 Fund Raising Proceeds 28,000 Interest Earnings 3,000 Fund Balance 6,000 TOTAL 2003 BUDGET $77,000 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-90 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE ELECTRONIC COMMUNICATION FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Electronic Communications Fund for the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 2010 Electronic Communication $65,780 TOTAL 2003 BUDGET $65,780 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Transfer From the General Fund $55,000 Interest Earnings 250 Fund Balance 10,530 TOTAL 2003 BUDGET $65,780 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-91 December 17, 2002 Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE 2003 BUDGET OF THE VEHICLE MAINTENANCE FUND BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, that the appropriations for the Vehicle Maintenance Fund for the calendar year 2003 shall be as follows: PROGRAM NUMBER DESCRIPTION AMOUNT 8200 Vehicle Maintenance $273,530 TOTAL 2003 BUDGET $273.530 BE IT FURTHER RESOLVED by the City Council that the sources of financing the sums appropriated shall be: DESCRIPTION AMOUNT Charges to Other Funds $293.100 TOTAL 2003 BUDGET $293,100 Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-92 December 17, 2002 Member introduced the following resolution and moved its adoption RESOLUTION SETTING THE EMPLOYEE MILEAGE REIMBURSEMENT RATE CONSISTENT WITH IRS RULES BE IT RESOLVED by the City Council of the City of Golden Valley that the mileage reimbursement rate for the use of an employee's personal vehicle on City business shall be 36¢ per mile effective January 1, 2003 (as per IRS rules for computing the value of personal use of an employer-supplied vehicle under the vehicle-cents-per-mile rule). Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-93 December 17, 2002 Member introduced the following resolution and moved its adoption RESOLUTION SETTING THE EMPLOYEE MILEAGE REIMBURSEMENT RATE CONSISTENT WITH IRS RULES BE IT RESOLVED by the City Council of the City of Golden Valley that the mileage reimbursement rate for the use of an employee's personal vehicle on City business shall be 36¢ per mile effective January 1, 2003 (as per IRS rules for computing the value of personal use of an employer-supplied vehicle under the vehicle-cents-per-mile rule). Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member 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, signed by the Mayor and her signature attested by the City Clerk. Resolution 02-94 Member introduced the following resolution and moved its adoption: RESOLUTION ESTABLISHING GENERAL WAGES AND SALARIES FOR 2003 FOR ALL NON-UNION PERSONNEL BE IT RESOLVED by the Clty Council of the Clty of Golden Valley that it hereby adopts the following general wages and salaries schedule, for all non- union personnel for the year 2003, said schedule to commence for work performed by the personnel named herein effective as of January 1, 2003. Supervisory Exempt Start 6 Months 1 Year 2 Years Director of Public Works 91982 95014 98047 101079 Finance Director 91012 94012 97013 100013 Director of Public Safety 89750 92708 95667 98626 Director of Park and Recreation 86370 89217 92065 94912 Director of Planning and Development 81499 84185 86872 89559 Chief of Fire and Inspection Services 78679 81272 83866 86460 Deputy Police Chief 77973 80544 83114 85685 Public Works Maintenance Manager 77599 80158 82716 85274 City Engineer 77141 79684 82227 84770 Street/Vehicle Maintenance Supervisor 69367 71653 73940 76227 Utility Supervisor 66354 68541 70729 72916 Park Supervisor 66354 68541 70729 72916 Public Works Project Coordinator 66354 68541 70729 72916 Assistant Finance Director 65665 67829 69994 72159 Assistant to the City Manager 62755 64823 66892 68961 Golf Operations Manager 59748 61718 63687 65657 Greens Superintendent 59748 61718 63687 65657 Communication Coordinator 57882 59791 61699 63607 Environmental Coordinator 57539 59436 61333 63230 Vehicle Maintenance Foreman 56272 58127 59982 61837 Motor Vehicle Lic Supv/Adm Asst. 53426 55187 56949 58710 Resolution 02-94 Professional Exempt Start 6 Months 1 Year 2 Years Building Official 56091 57941 59790 61639 Engineering Technician III 54160 55945 57731 59516 Chief Building Inspector 53978 55758 57537 59317 MIS Specialist 52473 54203 55933 57663 Senior Citizen Coordinator 52473 54203 55933 57663 Recreation Supervisor 52473 54203 55933 57663 Deputy Fire Marshal 51341 53034 54726 56419 Building Inspector 51341 53034 54726 56419 Crime Prevention Specialist 47570 49139 50707 52275 Planner 47446 49010 50574 52138 Engineering Technician II 45287 46780 48273 49766 Accountant 44815 46292 47770 49247 Education Specialist 42506 43907 45309 46710 Assistant Greens Superintendent 40579 41916 43254 44592 Assistant Golf Operations Manager 40579 41916 43254 44592 Mechanic-Golf Course 38442 39709 40977 42244 Engineering Technician 1 37343 38574 39805 41036 Turf Maintenance Foreman 35478 36648 37817 38987 Turf Maintenance Assistant 27829 28746 29664 30581 Non-Exempt Start 6 Months 1 Year 2 Years Golf Operations Admin. Asst. 18.18 18.78 19.38 19.98 Community Standards Inspector 17.96 18.56 19.15 19.74 Communications Assistant 17.96 18.56 19.15 19.74 Administrative Assistant 17.92 18.51 19.10 19.69 General Services Clerk 17.40 17.97 18.55 19.12 Motor Vehicle Leadperson 16.28 16.82 17.35 17.89 Secretary 15.52 16.03 16.54 17.05 Motor Vehicle License Clerk 15.37 15.88 16.38 16.89 Buildings' Custodian 15.14 15.64 16.14 16.64 Records Clerk 14.36 14.83 15.31 15.78 Receptionist 14.36 14.83 15.31 15.78 Resolution 02-94 Non-Exempt (Non-Union) Start 6 Months 1 Year 2 Years Crew Leader-Maintenance 22.05 Public Works Maintenance- 16.13 17.31 18.48 19.64 Step C 20.04 Step B 20.43 Community Service Officers 13.92 14.19 Fire Department Assistant Chief $9,387 per year/plus calls Deputy Chief $15.25 per hour Captain $14.69 per hour Lieutenant $13.62 per hour Firefighter $11.82 per hour Firefighter-Apprentice $9.96 per hour Firefighter in Training $7.48 per hour Temporary Part-Time and Seasonal Minimum Wages $7.48 per hour Maximum Wages $16.13 per hour And, be further resolved that: 1. The dollar amount of the City's contribution for all non-management employees for health insurance will be $550.00 per month effective January 1, 2003. The City will also pay the cost of group term life IRS maximum taxable level and group disability insurance for those employees. 2. The dollar amount of the City's contribution for all management employees for health insurance will be $571.00 plus 2% of monthly salary effective January 1, 2003. The City will also pay the cost of group term life IRS maximum taxable level and group disability insurance for those employees. Linda R. Loomis, Mayor ATTEST: Donald G. Taylor, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member and upon a vote being taken thereon, the following vetoed in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk.