16-41 - 06-07 - Bond Sale 2016C Resolution 16-41 June 7, 2016
Member Snope introduced the following resolution and moved its adoption..
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE
FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $5,630,000
GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS, SERIES 2016C
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. The City Council hereby determines that it is in the best interest
of the City to issue its $5,630,000 General Obligation Street Reconstruction Plan Bonds,
Series 2016C (the Bonds), pursuant to Minnesota Statutes, Section 475.58, subdivision 3b.
The proceeds of the Bonds will be used, together with any additional funds of the City
which might be required, to finance the cost of certain street reconstruction projects,
including the 2016 Douglas Drive Reconstruction Project (the "Project'), described in the 5-
Year Street Reconstruction Plan adopted by this Council, following a public hearing, on
April 19, 2016. A petition requesting a vote on the question of issuing the Bonds, signed by
voters equal to five percent of the votes cast in the last municipal general election, was not
filed with the City within 30 days of the public hearing held with respect to issuance of the
Bonds on April 19, 2016. Accordingly, the issuance of the Bonds is authorized without an
election.
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 Robert W. Baird & Co. Incorporated in Milwaukee,
Wisconsin (the Purchaser), to purchase the Bonds at a price of$5,780,100.00 plus accrued
interest, if any, 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 the 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 Council
Resolution No. 16-41 -2- June 7, 2016
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 the date of original issuance thereof, shall be in the denomination of
$5,000 each, or any integral multiple thereof, of single maturities, shall mature on February
1 in the years and amounts stated below, and shall bear interest from date of issue until
paid or duly called for redemption at the annual rates set forth opposite such years and
amounts, as follows:
Year Amount Rate Year Amount Rate
2018 $225,000 2.000% 2026 $ 265,000 3.000%
2019 225,000 2.000 2027 275,000 2.000
2020 230,000 2.000 2028 280,000 2.125
2021 235,000 2.000 2029 285,000 2.250
2022 240,000 2.000 2030 290,000 4.000
2023 245,000 2.000 2031 305,000 3.000
2024 250,000 3.000 2032 315,000 3.000
2025 260,000 3.000 2037 1,705,000 3.000
The Bonds shall be issuable only in fully registered form. Interest shall be computed on the
basis of a 360-day year composed of twelve 30-day months. The interest on and, upon
surrender of each Bond, the principal amount thereof, shall be payable by check or draft
issued by the Registrar described herein, provided that, so long as the Bonds are
registered in the name of a securities depository, or a nominee thereof, in accordance with
Section 2.08 hereof, principal and interest shall be payable in accordance with the
operational arrangements of the securities depository.
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 February 1 and August 1 in each
year, commencing February 1, 2017, each such date being referred to herein as an Interest
Payment Date, to the persons in whose names the Bonds are registered on the Bond
Register, as hereinafter defined, at the Registrar's close of business on the fifteenth day of
the calendar month next preceding such Interest Payment Date, whether or not such day is
a business day.
2.04. Redemption. Bonds maturing on or after February 1, 2026 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, 2025, and on any date thereafter, at a
price equal to the principal amount thereof and accrued interest to the date of redemption.
The City Manager shall cause notice of the call for redemption thereof to be published if
and as required by law, and, at least thirty (30) and not more than sixty (60) days prior to
the designated redemption date, shall cause notice of call for redemption to be mailed, by
Resolution No. 16-41 -3- June 7, 2016
first class mail, to the Registrar and registered holders of any Bonds to be redeemed at
their addresses as they appear on the register described in Section 2.06 hereof, provided
that notice shall be given to any securities depository in accordance with its operational
arrangements. 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.
Bonds maturing on February 1, 2037 (the Term Bonds) shall be subject to
mandatory redemption prior to maturity pursuant to the sinking fund requirements of this
Section 2.04 at a redemption price equal to the stated principal amount thereof plus interest
accrued thereon to the redemption date, without premium. The Registrar shall select for
redemption, by lot or other manner deemed fair, on February 1 in each of the following
years the following stated principal amounts of such Bonds:
Year Principal Amount
2033 $320,000
2034 330,000
2035 340,000
2036 350,000
The remaining $365,000 stated principal amount of such Bonds shall be paid at maturity on
February 1, 2037.
Notice of redemption shall be given as provided in the preceding paragraph.
2.05. Appointment of Initial Registrar. The City hereby appoints U.S. Bank National
Association, 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
organized under the laws of the United States or one of the states of the United States and
authorized by law to conduct such business, such corporation shall be authorized to act as
successor Registrar. The City agrees to pay the reasonable and customary charges of the
Registrar for the services performed. The City reserves the right to remove the Registrar,
effective upon not less than thirty (30) days' written notice and upon the appointment and
acceptance 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:
Resolution No. 16-41 -4- June 7, 2016
(a) Register. The Registrar shall keep at its principal corporate trust office a
register (the 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. The term Holder or Bondholder
as used herein shall mean the person (whether a natural person, corporation,
association, partnership, trust, governmental unit, or other legal entity) in whose
name a Bond is registered in the Bond Register.
(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 for payment, 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 Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds
(except for an exchange upon a partial redemption of a Bond), the Registrar may
impose a charge upon the owner thereof sufficient to reimburse the Registrar for any
tax, fee or other governmental charge required to be paid with respect to such
transfer or exchange.
Resolution No. 16-41 -5- June 7, 2016
(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.
Q) Valid Obligations. All Bonds issued upon any transfer or exchange of
Bonds shall be the valid obligations of the City, evidencing the same debt, and
entitled to the same benefits under this Resolution as the Bonds surrendered upon
such transfer or exchange.
2.07. Execution, Authentication and Delivery. The Bonds shall be prepared under
the direction of the City Manager and shall be executed on behalf of the City by the
signatures of the Mayor and 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 such officer had remained in office until delivery.
Notwithstanding such execution, no Bond shall be valid or obligatory for any purpose or
entitled to any security 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 City Manager 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.
Resolution No. 16-41 -6- June 7, 2016
"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
City 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 physical 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
Resolution No. 16-41 -7- June 7, 2016
the Registrar and 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 by the Mayor or
City Manager, if not previously filed with DTC, 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
physical certificates and the method of payment of principal of and interest on such Bonds
in the form of physical certificates.
2.09. Form of Bonds. The Bonds shall be prepared in substantially the form attached
hereto as Exhibit A.
SECTION 3. GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS,
SERIES 2016C CONSTRUCTION FUND. There is hereby established on the official books
and records of the City a General Obligation Street Reconstruction Plan Bonds, Series
2016C Construction Fund (the Construction Fund). The City Manager shall maintain the
Construction Fund until payment of all costs and expenses incurred in connection with the
construction of the Project have been paid. To the Construction Fund there shall be
credited from the proceeds of the Bonds, exclusive of unused discount and accrued
interest, an amount equal to the estimated cost of the Project and from the Construction
Fund there shall be paid all construction costs and expenses incurred by the City in
construction of the Project. After payment of all construction costs, the Construction Fund
shall be discontinued and any Bond proceeds remaining therein received shall be credited
to the Bond Fund described in Section 4.01 hereof.
SECTION 4. GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS,
SERIES 2016C BOND FUND; PLEDGE OF TAXING POWER.
4.01. General Obligation Street Reconstruction Plan Bonds, Series 2016C Bond
Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon
unpaid, the City Manager shall maintain a separate debt service fund on the official books
and records of the City to be known as the General Obligation Street Reconstruction Plan
Bonds, Series 2016C 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 (i) the amount of $225,100.00 received from the Purchaser; (ii) the amounts specified
in Section 3 above, after payment of all costs of the Project; (iii) all taxes levied and
collected in accordance with this resolution; and (iv) all other moneys as shall be
appropriated by the Council to the Bond Fund from time to time.
If the aggregate 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
Resolution No. 16-41 -8- June 7, 2016
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 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.
4.02. Pledge of Taxing Powers. For the prompt and full payment of the principal of
and interest on the Bonds as such payments respectively become due, the full faith, credit
and unlimited taxing powers of the City shall be and are hereby irrevocably pledged. In
order to produce aggregate amounts not less than five percent in excess of amounts
needed to meet when due the principal and interest payments on the Bonds, ad valorem
taxes are hereby levied on all taxable property in the City, said taxes to be levied and
collected in the following years and amounts:
Levy Years Collection Years Amount
See attached levy computation
Said taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid,
provided that the City reserves the right and power to reduce said levies from other legally
available funds in accordance with the provisions of Minnesota Statutes, Section 475.61.
SECTION 5. 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 irrevocably 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, redemption premium, if any, and interest 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 the Registrar or with a bank or trust company qualified by law to
act as an escrow agent for this purpose, cash or securities which are authorized by law to
be so deposited for such purpose, bearing interest payable at such times and at such rates
and maturing or callable at the holder's option on such dates as shall be required to pay all
principal and interest to become due thereon to maturity or, if notice of redemption as
herein required has been irrevocably provided for, to an earlier designated redemption
date, provided, however, that if such deposit is made more than ninety days before the
maturity date or specified redemption date of the Bonds to be discharged, the City shall
have received a written opinion of Bond Counsel to the effect that such deposit does not
adversely affect the exemption of interest on any Bonds from federal income taxation and a
written report of an accountant or investment banking firm verifying that the deposit is
sufficient to pay when due all of the principal and interest on the Bonds to be discharged on
and before their maturity dates or earlier designated redemption date.
Resolution No. 16-41 -9- June 7, 2016
SECTION 6. CERTIFICATION OF PROCEEDINGS.
6.01. Registration of Bonds. The City Manager is hereby authorized and directed to
file a certified copy of this resolution in the records of Hennepin County, together with such
additional information as is required, and to issue a certificate that the Bonds have been
duly entered upon the County Auditor's bond register and the tax required by law has been
levied.
6.02. 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.
6.03. Official Statement. The Preliminary Official Statement relating to the Bonds,
dated June 14, 2016, prepared and distributed by Springsted Incorporated, is hereby
approved. 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 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 7. TAX COVENANTS; ARBITRAGE MATTERS AND CONTINUING
DISCLOSURE.
7.01. 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 actions that would cause interest on the Bonds to become
includable in the gross income of the recipient 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. In particular, the City covenants and agrees that all proceeds of the Bonds
deposited in the Construction Fund will be expended solely for the payment of the costs of
the Project. All improvements so financed will be owned and maintained by the City as part
of the public infrastructure of the City and available for use by members of the general
public on a substantially equal basis. The City has not entered and will not enter into any
lease, management, use or other agreement or contract relating to the use of the Project,
or any portion thereof, or security for the payment of the Bonds which might cause the
Bonds to be considered "private activity bonds" or"private loan bonds" pursuant to Section
141 of the Code.
Resolution No. 16-41 -10- June 7, 2016
7.02. Arbitrage Certification. The Mayor and City Manager, being the officers of the
City charged with the responsibility for issuing the Bonds pursuant to this resolution, are
authorized and directed to execute and deliver to the Purchaser a certificate in accordance
with Section 148 of the Code and applicable 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.
7.03. Arbitrage Rebate. 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.
7.04. 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 Project which the
City paid or will have paid more than 60 days prior to the date of adoption of its
reimbursement resolution for the Project, March 19, 2013, provided that this certification
shall not apply (i) with respect to certain de minimis expenditures, if any, with respect to the
Project meeting the requirements of Section 1.150-2(f)(1) of the Regulations, or (ii) with
respect to "preliminary expenditures" for the Project 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.
7.06. 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. 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
Resolution No. 16-41 -11- June 7, 2016
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 (ii) 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 12 months after the end of each fiscal year of the City, commencing
with the fiscal year ending December 31, 2015, 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, prepared in
accordance with generally accepted accounting principles 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
the headings: City Property Values; City Indebtedness and City Tax Rates,
Levies and Collections, which information may be unaudited.
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 filed with the SEC or have been submitted to
the Municipal Securities Rulemaking Board (MSRB) through its Electronic Municipal Market
Access System (EMMA). 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
Resolution No. 16-41 -12- June 7, 2016
replacement operations would be described 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 not in excess of ten business days after the occurrence of
the event, notice of the occurrence of any of the following events:
(A) Principal and interest payment delinquencies;
(B) Non-payment related defaults, if material;
(C) Unscheduled draws on debt service reserves reflecting financial difficulties;
(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, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue
(IRS Form 5701-TEB) or other material notices or determinations with
respect to the tax status of the Bonds, or other material events affecting the
tax status of the Bonds;
(G) Modifications to rights of security holders, if material;
(H) Bond calls, if material, and tender offers;
(1) Defeasances;
(J) Release, substitution, or sale of property securing repayment of the
securities, if material;
(K) Rating changes;
(L) Bankruptcy, insolvency, receivership or similar event of the City;
(M) The consummation of a merger, consolidation, or acquisition involving an
obligated person or the sale of all or substantially all of the assets of the
obligated person, other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination of
a definitive agreement relating to any such actions, other than pursuant to
its terms, if material; and
(N) Appointment of a successor or additional paying agent or the change of
name of a paying agent, if material.
As used herein, for those events that must be reported if material, an event is "material" if it
is an event 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, an event is also "material" if it is 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.
Resolution No. 16-41 -13- June 7, 2016
For the purposes of the event identified in (L) hereinabove, the event is considered to occur
when any of the following occur: the appointment of a receiver, fiscal agent or similar officer
for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other
proceeding under state or federal law in which a court or governmental authority has
assumed jurisdiction over substantially all of the assets or business of the obligated person,
or if such jurisdiction has been assumed by leaving the existing governing body and
officials or officers in possession but subject to the supervision and orders of a court or
governmental authority, or the entry of an order confirming a plan of reorganization,
arrangement or liquidation by a court or governmental authority having supervision or
jurisdiction over substantially all of the assets or business of the obligated person.
(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.
(1) The City agrees to make available to the MSRB through EMMA, in an electronic
format as prescribed by the MSRB, the information described in subsection (b).
(2) All documents provided to the MSRB pursuant to this subsection (c) shall be
accompanied by identifying information as prescribed by the MSRB from time to
time.
(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.
Resolution No. 16-41 -14- June 7, 2016
(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.
Larry Fonne t,lyayor Pro-tem
ATTEST:
Kristine A. Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Clausen
and upon a vote being taken thereon, the following voted in favor thereof: Clausen, Fonnest
and Snope and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and his signature attested by the City Clerk.
Resolution No. 16-41 -15- June 7, 2016
EXHIBIT A
FORM OF SERIES 2016C BOND
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF GOLDEN VALLEY
GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BOND, SERIES 2016C
No. R- $
Interest Rate Maturity Date Date of Original CUSIP No.
Issue
% February 1, July 7, 2016
20
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
THE CITY OF GOLDEN VALLEY, MINNESOTA (the City), acknowledges itself to be
indebted and for value received hereby promises to pay to the registered owner named
above, or registered assigns, the principal amount specified above on the maturity date
specified above, and promises to pay interest thereon from the date of original issue
specified above or from the most recent Interest Payment Date (as hereinafter defined) to
which interest has been paid or duly provided for, at the annual interest rate specified
above, payable on February 1 and August 1 in each year, commencing February 1, 2017
(each such date, an Interest Payment Date), 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 calendar 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. The
interest hereon and, upon presentation and surrender hereof at the principal office of the
agent of the Registrar described below, the principal hereof are payable in lawful money of
the United States of America by check or draft drawn on U.S. Bank National Association,
St. Paul, Minnesota, as bond registrar, transfer agent and paying agent, or its successor
designated under the Resolution described herein (the Registrar) or other agreed-upon
means of payment by the Registrar. 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.
Resolution No. 16-41 -16- June 7, 2016
This Bond is one of an issue (the Bonds) in the aggregate principal amount of
$5,630,000, issued pursuant to a resolution adopted by the City Council (the Council) on
June 7, 2016 (the Resolution) to provide funds to finance certain street reconstruction
projects in the City, including the 2016 Douglas Drive Reconstruction Project, pursuant to a
street reconstruction plan approved by the Council in accordance with Minnesota Statutes,
Section 475.58, subdivision 3b, and is issued pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota
Statutes, Chapter 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 on or after February 1, 2026 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, 2025, and on any date thereafter, at a price equal to the
principal amount thereof and accrued interest to the date of redemption. The City Manager
shall cause notice of the call for redemption thereof to be published if and as required by
law, and, at least thirty (30) and not more than sixty (60) days prior to the designated
redemption date, shall cause notice of call for redemption to be mailed, by first class mail,
to the Registrar and registered holders of any Bonds to be redeemed at their addresses as
they appear on the register, provided that notice shall be given to any securities depository
in accordance with its operational arrangements. 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.
Bonds maturing in the years 2037 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 February 1, 2037
Sinking Fund Aggregate
Payment Date Principal Amount
2033 $320,000
2034 330,000
2035 340,000
2036 350,000
2037 365,000
Notice of redemption shall be given as provided in the preceding paragraph.
Resolution No. 16-41 -17- June 7, 2016
As provided in the Resolution and subject to certain limitations set forth therein, this
Bond is transferable upon the books of the City at the principal office of the Registrar, by
the registered owner hereof in person or by the owner's attorney duly authorized in writing
upon surrender hereof together with a written instrument of transfer satisfactory to the
Registrar, duly executed by the registered owner or the owner's attorney; and may also be
surrendered in exchange for Bonds of other authorized denominations. Upon such transfer
or exchange the City will cause a new Bond or Bonds to be issued in the name of the
transferee or registered owner, of the same aggregate principal amount, bearing interest at
the same rate and maturing on the same date, subject to reimbursement for any tax, fee or
governmental charge required to be paid with respect to such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this Bond
is registered as the absolute owner hereof, whether this Bond is overdue or not, for the
purpose of receiving payment and for all other purposes, and neither the City nor the
Registrar shall be affected by any notice to the contrary.
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.
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, prior to the issuance hereof, the City has established its General Obligation
Street Reconstruction Plan Bonds, Series 2016C Bond Fund and has appropriated thereto
ad valorem taxes heretofore levied on all taxable property in the City, which taxes will be
collectible for the years and in amounts sufficient to produce sums not less than five
percent in excess of the principal of and interest on the Bonds when due; that if necessary
for payment of such principal and interest, additional ad valorem taxes are required to be
levied upon all taxable property in the City, without limitation as to rate or amount; that all
proceedings relative to the improvements financed by this Bond have been or will be taken
according to law and 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.
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.
Resolution No. 16-41 -18- June 7, 2016
IN WITNESS WHEREOF, the City has caused this Bond to be executed on its
behalf by the facsimile signatures of its Mayor and City Manager.
CITY OF GOLDEN VALLEY, MINNESOTA
(facsimile signature — Mayor) (facsimile signature — City Manager)
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication:
U.S. BANK NATIONAL ASSOCIATION,
as 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.
Resolution No. 16-41 -19- June 7, 2016
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
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:
Resolution No. 16-41 -20- June 7, 2016
APPENDIX I
Taxes Levied with respect to the Project
PW S3Vd
$5,630,000
City of Golden Valley, Minnesota
General ONigabon Street Reconstruction Bonds,Series 20160
Douglas Drive
Post-Sale Tax Levies
pa"ent princlow COWM Intog" TOW P-4 105%o1w" L"YOWWd Le"Colsect
Date Yam
abral,12017 65 MH65,26z5R9,525.19 E9,us.N 9- 20152r16
02 1 X01 a 5,0W, 2, IW146a5c 375Z --4.Z3-F3 334,235,63 2016W7
0 2r1:1 I 12 0 19 2-215,0 W.W 2.CW% 37D,962,50 W9,510M 2017W 3
ca'V=u 230=0Z0 2.CW% 141,462M 371,4x:M N0,036M 3K-1035'e3 2015209
MS1,1021 235=,00 2.WO% 13EI'M2150 371;M.50 3 0'455.63 20MMM
M,S1,120222 2140,OWM 2X01% 132'162'152 372,16210 343,77163 M-,770,63 21 2D21
=172m.4 245,3COM 2.=% 127,362.5D 31"2,362.50 31m,001,63 M"HO'El; 2.2 Umm
02,U1,'2024 250=w 3.=% 121.2,462150 372,46C-10 391,05.63 39',OP-1,63
02V112MB 260,OW,M I003% 114,9E2 50 374,562.50 343,7*,63 3S3,710.63 =312=
CaSt'2026 ZWOMW IEW% 10;.162:50 3-Z'62,50 343,x^0.63 390.770;f3 O,EZ Z024=25
02 1112027 1175,OM.M 2.000% '99,252;50 374.212'Eo 392,921,13 2=12=25
02 11202E 2Wr"'W 2.1125% 3-1712,50 3-7171210 392,33EA3 3192;3W,a3 20252202`7
ftlr,lalm 2m=-w 2.2K% V,7K,50 3772,76210 391.4M,63 391AW,63 20272=5
02IE1,'20 Zm=zo ZZ00% a1'350W 371,3w,cc 383,917,5&3 Wi,')57-10 202&2=331
MIEVION 3 ,0W.W 3.1.00% 69,750M 374'-'-&3zO S3,437,5Z NR3,4ET50 21MV=
020112= 315X1:M 3.CW% 6D,5C43M, 3TSfolcc MV4,3EGM 2=12101
MCV21333 13-V=,00 lax% 51,150-M 371,150M 3&3,7G7,50 389,707.50 X3112Dr.
0201,'2= 1330,LW,W 3.CW% 41,5MOC 3715WIO 390,127M "K,1 Z7,W 2017D-113
02CI12035 340"Y.0.00 IWO% 31'5MOC 371.6531;0 390,232.50 39D,232-50 203 =34
02lZ1111-10f 350"30OM 3.CW% 2%450 371,450.W mc,am'-so 313c' 2 50 20342105
I M,u1i2037 3E6,mam 3=% 1z'9W.W 375 1M 394,74TSO 334,747.60 2052036
TOLV $5'630,000,00 57,W262.0 57,92~,525,19
The ay.Wavbfe Qty fund.-or,hand mff be u--ed tee rnake the February 1,2017 irtferect
payment due On the sefiec 20160 Bond
7�Olv
Resolution No. 16-41 -21- June 7, 2016
HENNEPIN COUNTY AUDITOR'S CERTIFICATE
AS TO REGISTRATION AND TAX LEVY
The undersigned, being the duly qualified and acting County Auditor of Hennepin
County, Minnesota, hereby certifies that there has been filed in my office a certified copy of
a resolution duly adopted on June 7, 2016, by the City Council of the City of Golden Valley,
Minnesota, setting forth the form and details of an issue of$5,630,000 General Obligation
Street Reconstruction Plan Bonds, Series 2016C, dated as of the date of issuance thereof
and levying taxes for the payment of the Bonds.
I further certify that the issue has been entered on my bond register and the tax
required by law for their payment has been levied and filed as required by Minnesota
Statutes, Sections 475.61 through 475.63.
WITNESS my hand and official seal this day of 12016.
Hennepin County Auditor
(SEAL)