04-16-13 CC Agenda Packet (entire) AGENDA
Regular Meeting
of the
City Council
Golden Valley City Hall
7800 Golden Valley Road
Gouncil Chamber
April 16, 2013
6:30 pm
The Council may consider item numbers 1, 2, 3, 5 and 6
prior to the public hearings scheduled at 7 pm
1. CALL TO ORDER PAGES
A. Roll Call
B. Pledge of Allegiance
C. Presentation of Envision Award - Kristine Frey and Leslie Hendricks, Market in the 3
Valley
2. ADDITIONS AND CORRECTIONS TO AGENDA
3. CONSENT AGENDA
Approval of Consent Agenda - All items listed under this heading are considered to be
routine by the City Council and will be enacted by one motion. There will be no
discussion of these items unless a Council Member or citizen so requests in which
event the item will be removed from the general order of business and considered in its
normal sequence on the agenda.
A. Approval of Minutes - City Council Meeting - February 19, 2013 4-9
B. Approval of Check Register 10
C. Licenses:
1. Therapeutic Massage Certificate - Tremaine Roundtree 11
D. Minutes of Boards and Commissions:
1. Human Services Fund - February 11, 2013 12-13
2. Open Space and Recreation Commission - January 28, 2013 14-15
E. Bids and Quotes:
1. Asphalt Overlay - Bids 16-18
2. Street Construction and Maintenance Materials - Bids 19-20
F. Emails, Letters, and/or Petitions:
1. Email from Cate Hiebert Regarding Schuller's Tavern Proposed Zoning 21
Change
G. Metropolitan Gouncil Environmental Services (MCES) 1-GV-461 Reliever Project: 22-33
1. Authorization to Sign Amended Agreement with MCES
2. Authorization to Sign Agreement with Xcel Energy to Remove and Reinstall
Lighting on Xenia Avenue and Turners Crossroad
H. Authorization to Submit Application for MnDOT Corridor Investment Management 34-41
Strategy Solicitations 13-24
I. Authorization to Sign Agreement with Hennepin County for Sidewalk Improvements 42-52
on Winnetka Avenue 13-25
J. Establish Temporary No Parking Zones for Golden Valley Days 13-26 53-57
K. Establish Temporary No Parking Zones for Walk for Animals 13-27 58-62
L. Authorization to Revise Municipal State Aid Street Routes 13-28 63-67
M. Supporting Legislation Authorizing the Establishment of Street Improvement Qistricts 68-72
13-29
3. CONSENT AGENDA - GONTINUED
N. Supporting Legislation Authorizing the Appropriation of Monies to Assist Cities in 73-77
Addressing Inflow and Infiltration Improvement Issues 13-30
O. Receipt of March 2013 General Fund Budget Reports 78-86
P. Approval of Plat 13-31 and Authorization to Sign Subdivision Development 87-95
Agreement - Mitchell Addition
Q. Authorization to Sign Amended PUD Permit and Development Agreement - 96-107
PUD # 53 - Amendment#4 (Arcata Apartments)
R. Board/Gommission Reappointments 108
S. Approval of Requests for Beer and/or Wine at Brookview Park 109-110
T. Call for Administrative Hearing - Appeal of Administrative Citation - 111
9110 Naper Street - 5/7/13
U. Bottineau Transitway Update 112
4. PUBLIC HEARINGS 7 PM
A. Continued Public Hearing - Platted Drainage and Utility Easement Vacations - 113-119
PUD #63 - Saturn Addition (MINI Cooper) - 701 and 801 Louisiana Avenue South
13-32
5. OLQ BUSINESS
6. NEW BUSINESS
A. Authorizing Issuance, Awarding Sale, Prescribing the Form and Details and 120-174
Providing for the Payment of:
1. $4,635,000 General Obligation Improvement Bonds, Series 2013A 13-33
2. $7,330,000 General Obligation Refunding Bonds, Series 2013B and Escrow
Agreement 13-34
B. First Consideration - Ordinance #498 - Council Salaries 175-177
C. Approval of Plat 13-35 and Authorization to Sign Amended PUD Permit and 178-190
Development Agreement - Lupient (MINI Cooper) PUD No. 63, Amendment #2
D. Announcements of Meetings
E. Mayor and Council Communications
7. ADJOURNMENT
Regular Meeting
of the
City Council
February 9 9, 2013
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Golden Valley, Hennepin County, Minnesota was held at 7800 Golden Valley Road in said
City on February 19, 2013 at 6:30 pm.
The following members were present: Clausen, Harris, Pentel, Scanlon and Schmidgall;
Also present were: Thomas Burt, City Manager; Jeannine Clancy, Director of Public Works;
Allen Barnard, City Attorney; and Judy Nally, Administrative Assistant.
Pledqe of Alleqiance
The Pledge of Allegiance was recited.
Bob Doncaster
Thomas Burt stated that Bob Doncaster, a 23-year employee had passed away on
February 13, 2013. He started in the Public Works Department in 1990 and was promoted
to Street Crew Leader in 2010.
The Council held a moment of silence and sends their condolences to his family.
Approval of Aqenda
MOVED by Scanlon, seconded by Clausen and motion carried unanimously to approve the
agenda of February 19, 2013 as submitted.
Approval of Consent Apenda
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to approve the
agenda of February 19, 2013 as amended: removal of City Council Meeting minutes -
January 2, 2013, Gambling License Exemption and Waiver of Notice Requirement -
Northwest Suburban Optimist Club and Bottineau Transitway Update.
Approval of Minutes - City Council Meetinct - January 2, 2013 and Council/Manaqer -
Januarv 8, 2013
Mayor Harris requested staff to amend the minutes to acknowledge the correct Council
Member voting.
MOVED by Pentel, seconded by Schmidgall and motion carried unanimously to approve
the City Council Meeting minutes for January Z, 2013 as amended and the Council/Manager
Meeting minutes for January 8, 2013 as submitted.
Regular Meeting of the City Council
February 19, 2013
Page 2
*Approval of Check Reqister
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to authorize the
payment of the bills as submitted.
*Rental Propertv Licenses
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to authorize the
issuance of licenses as recommended by staff.
*Therapeutic Massaae Certificate - Rene Ann Dauphinais
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to approve the
issuance of a therapeutic massage certificate to Rene Ann Dauphinais at Massage Envy,
7704 Olsan Memorial Highway.
*Therapeutic Massaqe Certificate - David Vasilyevich Pavlvuk
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to approve the
issuance of a therapeutic massage certificate to David Vasilyevich Pavlyuk at Massage
Envy, 7704 Olson Memorial Highway.
*Therapeutic Massaqe Certificate - Jennifer Lvnn Koubskv Bell
MOVED by Pentel, seconded by Scanlan and motion carried unanimously to approve the
issuance of a therapeutic massage certificate to Jennifer Lynn Koubsky Bell at Massage
Envy, 7704 Olson Memorial Highway.
*Solicitor's License - Budaet Waste Svstems LLC
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to approve the
solicitor's license for Budget Waste Systems LLC.
*Solicitor's License - GGC Environmental Group, LLC d/b/a Garbas�e Man, A Green
CompanV
MOVED by Pentel, seconded by Scanlon and motion carried unanimously ta approve the
solicitor's license for GGC Environmental Group, LLC d/b/a Garbage Man.
Gamblinp License Exemption and Waiver of Notice Requirement - Northwest
Suburban Optimist Club
Council Member Pentel encouraged the public to attend the Northwest Suburban Optimist
Club Gala on May 16, 2013.
Regular Meeting of the City Council
February 19, 2013
Page 3
Gamblinq License Exemption and Waiver of Notice Requirement - Northwest
Suburban Optimist Club - Continued
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to receive and
file the gambling license exemption and approve the waiver of notice requirement for
Northwest Suburban Optimist Club.
*General Business Licenses
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to authorize the
issuance of the license as recommended by staff.
*Minutes of Boards and Commissions
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to receive and
file the minutes as follows:
Joint Water Commission - December 5, 2012
Civil Service Commission - February 6, 2012
Bassett Creek Watershed Management Commission - December 20, 2012
*Authorization to Submit Communitv Development Block Grant Application for Jewish
Housinq and Pro�ramminq (J-HAP) Supportive Housin� Proiect - 9300 and 9310
Golden Vallev Road
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION 13-9
RESOLUTION APPROVING PROPOSED APPLICATION FOR 2013 URBAN HENNEPIN
COUNTY COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM FUNDS
AND AUTHORIZING EXECUTION OF SUBRECIPIENT AGREEMNT WITH
URBAN HENNEPIN COUNTY AND ANY THIRD PARTY AGREEMENTS
The motion for the adoption of the foregoing resolution was seconded by Member Scanlon
and upon a vote being taken thereon, the following voted in favor thereof: Clausen, Harris,
Pentel, Scanlon and Schmidgall; and the following voted against the same: none,
whereupon said resalution was declared duly passed and adopted, signed by the Mayor
and his signature attested by the City Clerk.
Regular Meeting of the City Council
February 19, 2013
Page 4
*Modifvinq 2013 Generat Waqes and Salarv - New Deputv Fire Chief Position
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION 13-10
RESOLUTION MODIFYING 2013 GENERAL WAGES AND SALARY
FOR NEW DEPUTY FIRE CHIEF POSITION
The motion for the adoption of the foregoing resolution was seconded by Member Scanlon
and upon a vote being taken thereon, the following voted in favor thereof: Clausen, Harris,
Pentel, Scanlon and Schmidgall; 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.
*Authorization for Staff to Administer the Minnesota Wetland Conservation Act
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION 13-11
RESOLUTION REGARDING THE ADMINISTRATION OF THE
MINNESOTA WETLAND CONSERVATION ACT
The motion for the adoption of the foregoing resolution was seconded by Member Scanlon
and upon a vote being taken thereon, the following voted in favor thereof: Clausen, Harris,
Pentel, Scanlon and Schmidgall; 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.
*Authorization to Siqn Contract with Prairie Restorations, Inc. for Restoration and
Maintenance of Native Plant Communities
MOVED by Pentel, seconded by Scanlon and motion carried unanimausly to authorize the
City Manager to sign the contract with Prairie Restoration, Inc. for 2013 restoration and
maintenance of Native Plant Communities for $25,050.
*Authorization to Siqn First Amendment to Aqreement with City of Edina for Dispatch
Services and Operation and Maintenance of Emerqencv Communications Center
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to authorize the
Mayor and City Manager to sign the First Amendment to Agreement between Edina and
Golden Valley for Provision of Dispatch Services and Operation and Maintenance of the
Emergency Communications Center.
Regular Meeting of the City Council
February 19, 2013
Page 5
*Bottineau Transitwav Update
Joe Hogeboom, City Planner, updated the Council on upcoming meetings and events
regarding the Bottineau Transitway and answered questions from the Council.
The Council requested the letter to Susan Haigh, Metropolitan Council Chair, and Mike
Opat, Hennepin Council Board Chair, Regarding the Bottineau Transitway Minneapolis
Park and Recreation Board's Wirth Park Design Team Community Meeting, Open House
and Exercise be received and filed at the next City Council Meeting.
MOVED by Pentel, seconded by Clausen and motion carried unanimously to acknowledge
the oral report.
Public Hearinq - Utilitv and Drainaqe Easement Vacation - Mueller Industrial Park
Plat - 7101 Madison Avenue West
Jeannine Clancy introduced the agenda item.
The Mayor opened the meeting for public input and persons present to do so were
afforded the opportunity to express their views thereon. Hearing and seeing no one, the
Mayor closed the public hearing.
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION 13-12
RESOLUTION VACATING A PORTION OF CERTAIN PLATTED DRAINAGE AND
UTILITY EASEMENTS IN THE RECORDED PLAT OF MUELLER INDUSTRIAL PARK
(7101 MADISON AVENUE WEST)
The motion for the adoption of the foregoing resolution was secanded by Member Clausen
and upon a vote being taken thereon, the following voted in favor thereof: Clausen, Harris,
Pentel, Scanlon and Schmidgall; 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.
First Consideration - Ordinance #494 - Human Riqhts Commission
The following ordinance was MOVED by Pentel, seconded by Scanlon:
ORDINANCE NO. 494, 2ND SERIES
AN ORDINANCE AMENDING THE CITY CODE
Deleting and Replacing in its Entirety Section 2:53: Human Rights Commission
Thomas Burt introduced the agenda item and answered questions from the Council.
Regular Meeting of the City Council
February 19, 2013
Page 6
First Consideration - Ordinance #494 - Human Riqhts Commission - Continued
MOVED by Pentel, seconded by Scanlon and motion carried unanimously to adopt on First
Consideration, Ordinance #494, 2nd Series. Upon a roll call vote, the vote was as follows:
CLAUSEN - YES HARRIS - YES PENTEL - YES SCANLON - YES SCHMIDGALl. - YES
Announcements of Meetinqs
The Hopkins Education Foundation's Royal Bash and Online Auction will be held on
February 23, 2013 at 6 pm at the Golden Valley Country Club.
The American Lung Association Climb for Air will be held on February 23, 2013 at
Accenture Tower.
A Bassett Creek Watershed Management Commission meeting will be held on February
21, 2013 at 11:30 am at the Plymouth City Hall.
Golden Valley Day at the Minnesota Timberwolves game is February 24, 2013.
The Beyond the Yellow Ribbon Kick-off meeting will be held on March 6, 2013 at 7 pm at
the Golden Valley VFW.
The West Metro Remodeling Fair will be held on February 24, 2013 from 10:30 am to
3:30 pm at the Eisenhower Center, 1001 Highway 7.
The next City Council meeting will be held on March 5, 2013 at 6:30 pm.
A Community Blood Drive will be held on March 6, 2013 from 1:30 to 5:30 pm at City Hall.
Mavor and Council Communication
The Council announced that Neighborhood Meetings will continue to be held but they
will be conducted in public locations that are handicap accessible. There will be no
Neighborhood Meeting in March. They also stated that future meetings may be conducted
at restaurants or other venues.
Adiournment
MOVED by Pentel, seconded by Clausen and motion carried unanimously to adjourn the
meeting at 7:09 pm.
Shepard M. Harris, Mayor
ATTEST:
Judy Nally, Administrative Assistant
Resolution 13-33 April 16, 2013
Member introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PRQVIDING FQR THE
PAYMENT OF $4,365,000 GENERAL OBLIGATIQN BONDS, SERIES 2013A
BE IT RESOLVED by the City Council, City of Golden Valley, Minnesota (the City), as
follows:
SECTION 1. AUTHORIZATION AND SALE.
1.01. Authorization. This Council, by resolution duly adopted on March 19, 2013,
authorized the issuance and sale on the date hereof of its General Obligation Bonds, Series
2013A (the Bonds), pursuant to Minnesota Statutes, Section 412.301 and Chapters 429 and 475.
Proceeds of the Bonds will be used to (i) finance various improvement projects in the City (the
Improvements), (ii) finance various items of capital equipment (the Equipment, and together
with the Improvements, the Project), and (iii) refund the 2014 through 2019 maturities of the
City's General Obligation Tax Abatement Bonds, Series 2004B (the Refunded Bonds), dated as
originally issued as of July 1, 2004. The Refunded Bonds shall be called for redemption and
prepayment on July 1, 2013 (the Redemption Date). Maturity schedules for the portion of the
Bonds being issued to finance the Project (the New Money Portion) and the portion of the Bonds
being issued to refund the Refunded Bonds (the Refunding Portion) are attached hereto as
Exhibit A. The refunding of the Refunded Bonds is being carried out for the purpose described
in Minnesota Statutes, Section 475.67, subdivision 3, section (b)(2)(i) and in compliance with
Minnesota Statutes, Chapter 475.
1.02. Sale. Pursuant to the Terms of Proposal and the Official Statement prepared on
behalf of the City by Springsted Incorporated, sealed proposals for the purchase of the Bonds
were received at or before the time specified for receipt of proposals. The proposals have been
opened, publicly read and considered and the purchase price, interest rates and net interest cost
under the terms of each proposal have been determined. The most favorable proposal received is
that of , in , (the Purchaser), to purchase
the Bonds at a price of$ 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 DELNERY.
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 May 21, 2013, 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
2014 $ 530,000 % 2024 $ 0 %
2015 645,000 2025 0
2016 640,000 2026 100,000
2017 770,000 2027 100,000
2018 515,000 2028 100,000
2019 345,000 2029 100,000
2020 145,000 2030 100,000
2021 145,000 2031 105,000
2022 80,000 2032 105,000
2023 0 2033 110,000
[REVISE MATURITY SCHEDULE FOR ANY TERM BONDS]
Solely for purposes of the maturity limitations in Minnesota Statutes, Section 475.54,
Subdivision 1, and as permitted by that provision,this issue is combined with the City's General
Obligation Improvement Refunding Bonds, Series 2013B. The Bonds shall be issuable only in
fully registered form. The interest thereon 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 r�gistered 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,
2014, 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 month immediately preceding the Interest
Payment Date, whether or not such day is a business day. Interest shall be computed on the basis
of a 360-day year composed of twelve 30-day months.
2.04. Redemption. Bonds maturing in 2026 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
2
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$5,004, on February 1, 2022, 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 and not more than 60 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.
[COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS-
ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS]
[Bonds maturing on February 1, 20_and 20_(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:
Term Bonds Maturin� February l, 20—
Year Principal Amount
The remaining $ stated principal amount of such$onds shall be paid at
maturity on February 1, 20_.
Term Bonds Maturing February 1, 20—
Year Principal Amount
The remaining $ stated principal amount of such Bonds shall be paid at
maturity on February 1, 20_.
Notice of redemption shall be given as provided in the preceding paragraph.]
2.05. Appointment of Initial Re ig'strar. The City hereby appoints U.S. Bank National
Association, St. Paul, Minnesota, as the initial bond registrar, transfer agent and paying agent
3
(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 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:
(a) Re i� ster. 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 Holder thereof or accompanied by a written instrument of transfer, in form
satisfactory to the Registrar, duly executed by the Holder thereof or by an attorney duly
authorized by the Holder 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) Impro�er 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.
4
(fl 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 or upon the order of such Holder shall be
valid and effectual to satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid.
(g) Taxes, Fees and Char�es. 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) Authenticatin�A�ent. The Registrar is hereby designated auth�nticating
agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
�) Valid Obli ations. 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 Deliverv. 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 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 any Bond shall cease to be such officer before the delivery of
such 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 the date of delivery of such Bond.
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, substantially in the form provided in Section 2.09,has been executed by the manual
5
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 any Bond shall be conclusive evidence that it has been duly 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.
"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,
6
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
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:
7
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF GOLDEN VALLEY
GENERAL OBLIGATION BOND, SERIES 2013A
No. R- $
Interest Rate Maturitv Date Date of Original Issue CUSIP No.
% February 1, 20_ May 21, 2013
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 specified 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, 2014 (each such date, an Interest Payment
Date), all subject to the provisions referred to herein with respect to the redemption of the
principal of this Bond before maturity. The interest so payable on any Interest Payment Date
shall be paid 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 calendar month immediately preceding the
Interest Payment Date. 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 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). 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.
This Bond is one of an issue (the Bonds) in the aggregate principal amount of$4,365,000
issued pursuant to a resolution adopted by the City Council on April 16, 2013 (the Resolution),
to finance and refinance various improvement projects in the City and finance the costs of
acquisition of capital equipment and is issued pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota
Statutes, Section 412.301 and Chapters 429 and 475. The Bonds are issuable only in fully
registered form, in the denomination of$5,000 or any integral multiple thereof, of single
maturities.
8
Bonds maturing in 2026 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 l,
2022, and on any date thereafter, at a price equal to the principal amount thereof and accrued
interest to the date of redemption. The City shall cause notice of the call for redemption thereof
to be published if and as required by law, and at least thirty and not more than 60 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, at the holders' addresses as they appear 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 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 Maturin i�n 20-- Term Bonds Maturing in 2Q--
Sinking Fund Aggregate Sinking Fund Aggregate
Payment Date Princi�al Amount Pa. my ent 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
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 designated 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 any such transfer or exchange.
9
The Bonds have been designated as "qualified tax-exempt obligations"pursuant to
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
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 as herein provided 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 prior 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 Council has by the Resolution covenanted and agreed to levy ad valorem taxes
upon all taxable property in the City and special assessments upon property specially benefited
by the local improvements financed by the Bonds and collect tax abatement revenue from certain
specified properties of the City, which taxes, special assessments and tax abatement revenue 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, and has appropriated such
amounts to its General Obligation Bonds, Series 2013A Bond Fund for the payment of principal
and interest; that if necessary for payment of principal and interest, additional ad valorem taxes
are required to be levied upon all taxable property in the City, without limitation as to rate ar
amount; 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.
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 si�nature—City Mana�
10
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.
ASSIGNMENT
For value reeeived, 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.
11
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:
[end of bond form]
SECTION 3. USE OF PROCEEDS.
3.01. Project Fund. There is hereby established on the official books and records of the
City a separate fund designated the General Obligation Bonds, Series 2013A Project Fund (the
Project Fund). To the Project Fund there shall be credited from the proceeds of the Bonds an
amount equal to the estimated cost of the Project, including $ for costs of constructing
the Improvements and $ for costs of acquiring the Equipment. There shall also be
credited to the Project Fund all special assessments collected with respect to the Improvements
until all costs of the Improvements have been fully paid. All proceeds of the Bonds deposited in
the Project Fund will be expended solely for the payment of the costs of the Project. The City
Manager shall maintain the Project Fund until all costs and expenses incurred by the City in
connection with the construction of the Improvements and acquisition of the Equipment have
been paid. All special assessments on hand in the Project Fund when terminated or thereafter
received, and any Bond proceeds not so transferred, shall be credited to the General Obligation
Bonds, Series 2013A Bond Fund.
3.02. Current,Refundin�. Bond proceeds in the amount of$ shall be
deposited in the sinking funds established for the Refunded Bonds to be applied to their
redemption and prepayment on the Redemption Date in accordance with the provisions of the
resolution authorizing their issuance.
3.03. Costs of Issuance. Proceeds of the Bonds in the amount of$ shall be
applied to costs of issuance of the Bonds.
SECTION 4. GENERAL OBLIGATION BONDS SERIES 2013A BOND FUND. There is
hereby established on the official books and records of the City a separate fund designated the
12
General Obligation Bonds, Series 2013A Bond Fund (the Bond Fundj. Into the Bond Fund shall
be paid (a)the amounts specified in Section 3 above, (b) any amounts received from the
Purchaser upon delivery of the Bonds in excess of the amounts appropriated to the Project Fund
or applied to the redemption of the Refunded Bonds or to the payment of costs of issuance of the
Bonds pursuant to Section 3 hereof, (c) any special assessments and taxes collected pursuant to
Sections 5 or 6 hereof, except as otherwise provided in Section 3 hereof, (d) any tax abatement
revenue received by the City pursuant to the resolution authorizing the issuance of the Refunded
Bonds and (e) any other funds appropriated by the City Council for the payment of the Bonds.
The money on hand in the Bond Fund from time to time shall be used only to pay the principal of
and interest on the Bonds. If the balance on hand in the Bond Fund is at any time insufficient to
pay principal and interest then due on the Bonds, such amounts shall be paid from other money
on hand in other funds of the City, which other funds shall be reimbursed therefor when
sufficient money becomes available in the Bond Fund. The Bond Fund shall be maintained until
the City has paid, or made provision for the payment of, all of the principal of and interest on the
Bonds.
There are hereby established two accounts in the Bond Fund, designated as the "Debt
Service Account" and the "Surplus Account." There shall initially be deposited into the Debt
Service Account upon the issuance of the Bonds the amount set forth in (b) above. Thereafter,
during each Bond Year (i.e., each twelve month period commencing on February 2 and ending
on the following February 1), as monies are received into the Bond Fund, the City Manager shall
first deposit such monies into the Debt Service Account until an amount has been appropriated
thereto sufficient to pay all principal and interest due on the Bonds through the end of the Bond
Year. All subsequent monies received in the Bond Fund during the Bond Year shall be
appropriated to the Surplus Account. If at any time the amount on hand in the Debt Service
Account is insufficient for the payment of principal and interest then due, the City Manager shall
transfer to the Debt Service Account amounts on hand in the Surplus Account to the extent
necessary to cure such deficiency. Investment earnings (and losses) on amounts from time to
time held in the Debt Service Account and Surplus Account shall be credited or charged to said
accounts.
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 from any fund
of the City which is available for that purpose, subject to reimbursement from the Surplus
Account in 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.
In order to ensure compliance with the Code and applicable Regulations (all as defined in
Section 8.01 hereo�, the Finance Director, upon allocation of any funds to the Bond Fund, shall
ascertain the balance then on hand in the Bond Fund. If it exceeds the amount of principal and
interest on the Bonds to become due and payable through the next following Februaxy 1, plus a
reasonable carryover equal to 1/12t" of the debt service due in the following bond year, the
excess shall (unless an opinion is received from bond counsel stating that another use shall not
interfere with the tax exemption of the bonds)be used to prepay or purchase Bonds, or be
13
invested at a yield which does not exceed the yield on the Bonds calculated in accordance with
Section 148 of the Code.
SECTION 5. SPECIAL ASSESSMENTS. The City hereby covenants and agrees that, for the
payment of the costs of the Improvements,the City has done or will do and perform all acts and
things necessary for the final and valid levy of special assessments in an amount not less than
20% of the cost of the Improvements financed by the Bonds. The City estimates it has levied or
will levy special assessments in the original aggregate principal amount of$533,000.00. It is
estimated that the principal and interest on such special assessments will be levied beginning in
2013 and collected in the years 2014-2023 in the amounts shown on Appendix I attached hereto.
The principal of the special assessments shall be made payable in annual installments, with
interest as established by this City Council in accordance with law on installments thereof from
time to time remaining unpaid. In the event any special assessment shall at any time be held
invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any
action or proceeding taken or to be taken by the City or by this City Council or by any of the
officers or employees of the City, either in the making of such special assessment or in the
performance of any condition precedent thereto, the City hereby covenants and agrees that it will
forthwith do all such further things and take all such further proceedings as shall be required by
law to make such special assessment a valid and binding lien upon said property.
SECTION 6. PLEDGE OF TAXING POWERS. For the prompt and full payment of the
principal of and interest on the Bonds as such payments respectively come 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 which, together with the collections of special assessments
as set forth in Section 5 and tax abatement revenues, will produce amounts not less than 5% in
excess of the amounts needed to meet when due the principal and interest payments on the
Bonds, ad valorem taxes are hereby levied on all taxable property in the City. The taxes will be
levied and collected in years and amounts shown on the 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 in accordance with the provisions of
Minnesota Statutes, Section 475.6L
SECTION 7. 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 Holders 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 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,
14
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.
SECTION 8. TAX COVENANTS• ARBITRAGE MATTERS AND CONTINUING
DISCLOSURE.
8.01. General Ta�c Covenant. The City agrees with the registered owners from time to
time of the Bonds that it will not take, or permit to be taken by any of its officers, employees or
agents, any action that would cause interest on the Bonds to become includable in gross income
of the recipient under the Internal Revenue Code of 1986, as amended (the Code) and applicable
Treasury Regulations (the Regulations), and agrees 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. All proceeds of the Bonds deposited in the Project
Fund will be expended solely for the payment of the costs of the Project. The Project is and will
be owned and maintained by the City and available for use by members of the general public on
a substantially equal basis. The City shall not enter into any lease, management contract, use
agreement, capacity agreement or other agreement with any non-governmental person 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.
8.02. 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.
8.03. Arbitra�e Rebate. The City acknowledges that the Bonds are subject to the rebate
requirements of Section 148(� 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(� 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.
15
8.04. 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, May 1, 2012, 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(�(1) of the Regulations, or(ii) with respect to "preliminary expenditures" for
the Project as defined in Section 1.150-2(�(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.
8.05. Qualified Tax-Exem tp Obli ations. The Council hereby designates the Bonds as
"qualified tax exempt obligations" for purposes of Section 265(b)(3) of the Code relating to the
disallowance of interest expense for financial institutions, and hereby finds that the reasanably
anticipated amount of tax-exempt obligations which are not private activity bonds (not treating
qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds for the purpose
of this representation) and are not excluded from this calculation by Section 265(b)(3)(C)(ii) of
the Code which will be issued by the City and all subordinate entities during calendar year 2013
does not exceed $10,000,000.
8.06 Continuin�Disclosure. (a) Purpose and Beneficiaries. In arder to permit bidders
for the Bonds and other participating underwriters in the primary offering of the Bonds to
comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934 (as in effect and interpreted from time to
time, the Rule), the Issuer hereby covenants and agrees for the benefit of the Owners (as
hereinafter defined) from time to time of any Bonds which are Outstanding, to provide annual
reports of specified information and notice of the occurrence of certain events, if material, as
hereinafter described (the Disclosure Covenants). The Issuer 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.
Breach of the Disclosure Covenants will not constitute a default under this Resolution or the
Bonds. A broker or dealer is to consider a known breach of the Disclosure Covenants, however,
before recommending the purchase or sale of Bonds in the secandary market. Thus, a failure on
the part of the Issuer to observe the Disclosure Covenants may adversely affect the transferability
and liquidity of the Bonds and their market price.
As used herein, "Owner" or "Bondowner"means, in respect of a Bond, the registered holder or
holders 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.
16
As used herein, a"Material Fact" is a fact as to which a substantial likelihaod 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 atherwise available to an
investor from the Official Statement, information disclosed under the Disclosure Covenants 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.
(b) Information To Be Disclosed. The Issuer will provide, in the manner set forth under
"Manner of Disclosure" in subsection (c) below, either directly or indirectly through an agent
designated by the Issuer, the following information at the following times:
(1) Annual Information. As soon as available, but not later than twelve (12) months after
the end of each fiscal year of the Issuer, commencing with the fiscal year ending
December 31, 2012, the following financial information and operating data(the
Disclosure Information):
(A) The audited financial statements of the Issuer 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 Issuer, 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 Issuer; and
(B) To the extent not included in the financial statements referred to in paragraph
(A) hereof, information of the type set forth below, which information may be
unaudited: City Property Values, City Indebtedness and City Tax Rates, Levies
and Collections.
Notwithstanding the foregoing paragraph, if the audited financial statements are not available by
the date specified,the Issuer shall provide on ar 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 Issuer shall provide the audited financial
statements. Any or all of the Disclosure Information may be incorporated, if it is updated as
required by the Disclosure Covenants, by reference from other documents, including official
statements. If the document incorporated by reference is a final official statement, it must be
available from the Municipal Securities Rulemaking Board (the MSRB). If any part of the
Disclosure Informatian can no longer be generated because the operations of the Issuer have
materially changed or been discontinued, such Disclosure Information need no longer be
provided if the Issuer includes in the Disclosure Information a statement to such effect; provided,
however, if such operations have been replaced by other Issuer operations in respect of which
data is not included in the Disclosure Information and the Issuer determines that certain specified
17
data regarding such replacement operations would be a Material Fact,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 the Disclosure
Covenants are amended as permitted by this Resolution, then the Issuer is to include in the next
Disclosure Information to be delivered under the Disclosure Covenants, 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) Certain Material Events. 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
(each a Material Fact):
(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 propased
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;
(I) Defeasances;
(J) Release, substitution, or sale of property securing repayment of the securities, if
material;
(K) Rating changes;
(L) Bankruptcy, insolvency, receivership or a similar event with respect to 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 trustee or the change of name of a
trustee, if material.
(3) Certain Other Information. In a timely manner, notice of the occurrence of any of
the following events or conditions:
(A) the failure of the Issuer to provide the Disclosure Information at the time
specified under"Annual Information" in paragraph(b)(1) above;
(B) the amendment or supplementing of the Disclosure Covenants pursuant to this
Resolution, together with a copy of such amendment or supplement and any
explanation provided by the Issuer under the Disclosure Covenants;
18
(C) the termination of the obligations of the Issuer under the Disclosure Covenants
pursuant to this Resolution;
(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 Issuer agrees to mak� available to the MSRB, in an electronic format as
prescribed by the MSRB from time to time, the information described above.
(2) All documents provided to the MSRB shall be accompanied by identifying
information as prescribed by the MSRB from time to time.
(d) Term; Amendments; Interpretation.
(1) The Disclosure Covenants shall remain in effect until all Bonds have been paid or
defeased under this Resol�ution. Notwithstanding the preceding sentence, however,
the Disclosure Covenants shall terminate and be without further effect as of any date
on which the Issuer delivers to the Registrar an opinion of Bond Counsel to the
effect that, because of leggslative action or final judicial or administrative actions or
proceedings, the failure ot the Issuer to comply with the Disclosure Covenants will
not cause participating underwriters in the primary offering of the Bonds to be in
vaolation 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) The Disclosure Covenants (and the form and requirements of the Disclosure
Information)may be amended or supplemented by the Issuer from time to time,
without notice to or the cc�nsent of the Owners of any Bonds, by a resolution of the
governing body of the Issuer filed with the Registrar accompanied by an opinion of
Bond Counsel, who may r•ely on certificates of the Issuer 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
Issuer or the type of operations conducted by the Issuer, or(b) is required by, or
better complies with, the provisions of paragraph(b)(5) of the Rule; (ii)the
Disclosure Covenants 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 af the primary offering; and (iii)
such amendment or supplement does not materially impair the interests of the
Bondowners under the Rule.
19
If the Disclosure Information is so amended, the Issuer 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) The Disclosure Covenants are to be construed so as to satisfy the requirements of
paragraph (b)(5) of the Rule.
(e) Default; Remedies. If the Issuer fails to comply with any of the Disclosure Covenants, any
person aggrieved thereby, including the Owners of any Outstanding Bonds, may take whatever
action at law or in equity may appear necessary ar appropriate to enforce performance and
observance of any such covenant. Direct, indirect, consequential and punitive damages shall not
be recoverable, however, for any default thereunder to the extent permitted by law. In no event
shall a default under the Disclosure Covenants constitute a default under the Bonds or under any
other provision of this Resolution.
SECTION 9. CERTIFICATION OF PROCEEDINGS.
9.01. Re�istration of Bonds. The City Manager 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 and the taxes levied pursuant hereto have been duly�ntered upon the
Auditor's bond register.
9.02. 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.
9.03. Official Statement. The Official Statement relating to the Bonds, dated April_,
2013, prepared and distributed by Springsted Incorporated, the financial consultant for the City,
is hereby approved. Springsted Incorporated is hereby authorized on behalf of the City to
prepare and deliver 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
required to be included in the Official Statement by Rule 15c2-12 adopted by 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.
9.04. Refunded Bonds Call. The City Manager is hereby directed to advise U.S. Bank
National Association, in St. Paul, Minnesota, as paying agent for the Refunded Bonds, to call the
Refunded Bonds for redemption and prepayment on the Redemption Date using the form
20
attached hereto, in accordance with the provisions of the resolution authorizing issuance of the
Refunded Bonds.
Shepard M. Harris, Mayor
ATTEST:
Susan M. Virnig, 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 thereaf:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted, signed by the Mayor and his
signature attested by the City Clerk.
21
EXHIBIT A
Maturity Schedule
New Money Refunding
Year Portion Portion
2014 $ $
2015
2016
2017
2Q18
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
TOTAL $ $
APPENDIX I
City of Golden Valley,Minnesota
General Obligation Bonds, Series 2013A
Payments on Special Assessments
Year of
Collection Principal Interest Total
2014 $ $ $
2015
2016
2017
2018
2019
2020
2021
2022
2023
$ $ $
PROJECTED TAX LEVIES
Date Lev
2013 $
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2Q27
2028
2029
2030
2031
Total $
2
NOTICE OF REDEMPTION
$4,785,000 General Obligation Tax Abatement Bonds, Series 2004B
Dated as of July 1, 2004
City of Golden Valley, Minnesota
NOTICE IS HEREBY GIVEN THAT all Bonds of the above issue which mature on February 1
in the following years and amounts:
Maturi Amount Rate CUSIP Maturi Amount Rate CUSIP
381244 381244
2014* $340,000 4.250% 7W6 2017* $350,000 4.375% 7Z9
2015* 340,000 4.250 7X4 2018* 355,000 4.500 8A3
2016* 345,000 4.250 7Y2 2019* 355,000 4.500 8B1
*Indicates full ca1L �
are called for redemption and prepayment on July 1, 2013. The Bonds will be redeemed at a price of
100% of their principal amount plus accrued interest to the date of redemption. Holders of such Bonds
should present them for payment on or before said date, on which date they will cease to bear interest.
A form W-9, Payer's Request for Taxpayer ldentification Number, must be completed and returned with
the called bond or 31% of the bond redemption proceeds will be withheld. Payment of bonds to be
redeemed will be made on and after July 1, 2013, by submitting said bond along with the completed form
W-9 to U.S. Bank National Association,at the following addresses:
If b_y Mail: If bv Hand or Overni ng t Mail:
U.S. Bank National Association U.S. Bank National Association
Corporate Trust Operations, 3rd Floor 60 Livingston Avenue
P.O. Box 64111 EP-MN-WS3C
St. Paul, MN 55164-0111 Bond Drop Window, 1 st Floor
St. Paul, MN 55107
If you request payment of principal and/or interest via wire transfer, please be advised there is a wire
transfer fee which will be deducted from your payment.
Dated: , 2013. U.S. BANK NATIONAL ASSQCIATION
Resolution 13-34 April 16, 2013
Member introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE, AWARDING
SALE, PRESCRIBING THE FORM AND DETAILS AND
PROVIDING FOR THE PAYMENT OF $7,330,000 GENERAL
OBLIGATION IMPROVEMENT REFUNDING BONDS,
SERIES 2013B
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota(the
Issuer), as follows:
SECTION 1. AUTHORIZATION AND SALE.
1.01. Authorization. Pursuant to a resolution adopted by this Council on March 19,
2013, the Issuer has determined it to be in its best interests to issue its General Obligation
Improvement Refunding Bonds, Series 2013B, in a principal amount not to exceed $7,330,000
(the Bonds),pursuant to Minnesota Statutes, Chapter 475, to provide funds to be used, along
with other available funds, to refund (the Refunding), the 2017 through 2026 maturities of the
Issuer's General Obligation Improvement Bonds, Series 2006B, dated, as originally issued, as of
July 1, 2006, which maturities are presently outstanding in the principal amount of$6,945,000
(the Refunded Bonds). February 1, 2016 (the Crossover Date) is the earliest date upon which the
Refunded Bonds may be redeemed without payment of premium. The Refunding is being
carried out for the purpose described in Minnesota Statutes, Section 475.67, subdivision 3,
section (b)(2)(i) and in compliance with Minnesota Statutes, Chapter 475.
1.02. Sale. Pursuant to the Terms of Proposal and the Official Statement prepared on
behalf of the Issuer by Springsted Incorporated, sealed proposals for the purchase of the Bonds
were received at or befare the time specified for receipt of proposals. The proposals have been
opened, publicly read and considered and the purchase price, interest rates and net interest cost
under the terms of each proposal have been determined. The most favorable proposal received is
that of , in , (the Purchaser), to
purchase the Bonds at a price of$ 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 Issuer
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 Issuer until the Bonds have been delivered
and shall be deducted from the purchase price paid at settlement.
1.04. Savin�s. It is hereby determined that:
(a) by the issuance of the Bonds, the Issuer will realize a substantial interest rate
reduction, a gross savings of approximately $ and a present value savings
(using the yield on the Bonds, computed in accordance with Section 148 of the Internal
1
Revenue Code of 1986, as amended(the Code), as the discount factor) of approximately
$ ; and
(b) as of the Crossover Date,the sum of(i)the present value of the debt service
on the Bonds, computed to their stated maturity dates, after deducting any premium,
using the yield of the Bonds as the discount rate, plus (ii) any expenses of the refunding
payable from a source other than the proceeds of the Bonds or investment earnings
thereon, is lawer by %than the present value of the debt service on the Refunded
Bonds, exclusive of any premium, computed to their stated maturity dates, using the yield
of the Bonds as the discount rate.
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 Pa,yment. The Bonds shall be
originally dated as of May 21, 2013, 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
2017 $ 305,000 % 2022 $1,110,000 %
2018 310,000 2023 1,130,000
2019 1,070,000 2024 600,000
2020 890,000 2025 335,000
2021 400,000 2026 1,180,000
[REVISE MATURITY SCHEDULE FOR ANY TERM BONDS]
Solely for purposes of the maturity limitations in Minnesota Statutes, Section 475.54,
Subdivision 1, and as permitted by that provision,this issue is combined with the City's General
Obligation Bonds, Series 2013A. The Bonds shall be issuable only in fully registered form. The
interest thereon 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 Pa�ment Dates. Upon initial delivery of the Bonds pursuant ta
Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
2
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, commencing February 1, 2014, 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. Interest shall be computed on the basis of a 360-day
year composed of twelve 30-day months.
2.04. Redem tp ion. Bonds maturing in 2024 and later years shall be subject to
redemption and prepayment at the option of the Issuer, in whole or in part, in such order of
maturity dates as the Issuer 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, onFebruary 1, 2023, 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 redemptian thereof to be published if and as required by law, and at
least thirty and not more than 60 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 Issuer 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.
[COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS-
ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS]
[Bonds maturing on February l, 20_and 20_(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:
Term Bonds Maturing February 1, 20—
Year Principal Amount
The remaining $ stated principal amount of such Bonds shall be paid at
maturity on February 1, 20_.
Term Bonds Maturing February 1, 20—
3
Year Principal Amount
The remaining $ stated principal amount of such Bonds shall be paid at
maturity on February 1, 20�.
Notice of redemption shall be given as provided in the preceding paragraph.]
2.05. A�pointment of Initial Re istrar. The Issuer 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 Issuer, a contract with the Registrar. Upon merger or consolidation of the Registrar with
another corporation, if the resulting corporation is a bank or trust company 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
Issuer agrees to pay the reasonable and customary charges of the Registrar far the services
performed. The Issuer reserves the right to remove the Registrax, effective upon not less than
thirty 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 Issuer and
the Registrar with respect thereto shall be as follows:
(a) Re i�. The Registrar shall keep at its principal corporate trust office a bond
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 Holder thereof or accompanied by a written instrument of transfer, in form
satisfactory to the Registrar, duly executed by the Holder thereof or by an attorney duly
authorized by the Holder 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 arnount 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 ovvner's attorney in writing.
4
(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 Issuer.
(e) Improper or Unauthorized Transfer. When any Bond is presented to the
Registrar for transfer,the Registrar may refuse to transfer the same until it is satisfied that
the endorsement on such Bond or separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized. The Registrar shall incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(� Persons Deemed Owners. The Issuer and the Registrar may treat the person in
whose name any Bond is at any time registered in the bond register as the absolute owner
of the Bond, whether the Bond shall be overdue or not, for the purpose of receiving
payment of or on account of, the principal of and interest on the Bond and for all other
purposes, and all payments made to any registered owner or upon the owner's order shall
be valid and effectual to satisfy and discharge the liability upon the Bond to the extent of
the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except
for an exchange upon a partial redemption of a Bond), the Registrar may impose a charge
upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other
governmental charge required to be paid with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or 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,
upan filing with the Registrar of evidence satisfactory to it that the Bond was destroyed,
stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an
appropriate bond or indemnity in form, substance and amount satisfactory to it, in which
both the Issuer and the Registrar shall be named as obligees. All Bonds so surrendered to
the Registrar shall be canceled by it and evidence of such cancellation shall be given to
the Issuer. If the mutilated, destroyed, stolen or lost Bond has already matured or been
called for redemption in accordance with its terms it shall not be necessary to issue a new
Bond prior to payment.
(i) Authenticatin�A ent. The Registrar is hereby designated authenticating
agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
(j) Valid Obli at� ions. All Bonds issued upon any transfer or exchange of Bonds
shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Resolution as the Bonds surrendered upon such transfer or
exchange.
5
2.Q7. Execution, Authentication and Deliverv. The Bonds shall be prepared under the
direction of the City Manager and shall be executed on behalf of the Issuer 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 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 ar
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.
"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 Issuer 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 Issuer shall be affected by any notice to
the contrary. Neither the Registrar nor the Issuer 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
6
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 Bands, or with respect to any consent given or other action taken by DTC as
registered owner of the Bonds. So iong 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 accardance with DTC's
Operational Arrangements, and all such payments shall be valid and effective to fully satisfy and
discharge the Issuer'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 Issuer ta 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 Issuer 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 Issuer
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 Issuer and 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, 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:
7
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF GOLDEN VALLEY
GENERAL OBLIGATION IMPROVEMENT REFUNDING BOND, SERIES 2013B
Interest Rate Maturity Date Date of Original Issue CUSIP N�.
% February 1, 20� May 21, 2013
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
THE CITY OF GOLDEN VALLEY, MINNESOTA (the Issuer), 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 Februaxy 1 and
August 1 of each year, commencing February 1, 2014 (each such date, an Interest Payment
Date), all subject to the provisions referred to herein with respect to the redemption of the
principal of this Bond before maturity. The interest so payable on any Interest Payment Date
shall be paid 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 calendar month next preceding such Interest
Payment Date. 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 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 (the
Registrar), or its designated successor under the Resolution described herein. For the prompt and
full payment of such principal and interest as the same respectively become due, the full faith
and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged.
This Bond is one of an issue in the aggregate principal amount of$7,330,000 (the Bonds)
issued pursuant to a resolution adopted by the City Council on April 16, 2013 (the Resolution)to
provide funds,together with other available funds of the Issuer, to refund outstanding general
obligation improvement bonds previously issued by the Issuer. The Bonds are 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 in 2024 and later years shall be subject to redemption and prepayment at
the option of the Issuer, in whole or in part, in such order of maturity dates as the Issuer 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,
2023, and on any date thereafter, at a price equal to the principal amount thereof and accrued
8
interest to the date of redemption. The Issuer shall cause notice of the call for redemption
thereof to be published if and as required by law, and at least thirty and not more than 60 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, at the holders' addresses as they appear
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 Issuer
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.
[COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS-
ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDSJ
[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 Maturin ig n 20__ Term Bonds Maturin i� n 20__
Sinking Fund Aggregate Sinking Fund Aggregate
Pavment Date Principal Amount Pavment Date Princi�al 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 Issuer at the principal office of the Registrar, by the
registered owner hereof in person or by the owner's attorney duly authorized in writing upon
surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly
executed by the registered owner or the owner's attorney, and may also be surrendered in
exchange for Bonds of other authorized denominations. Upon such transfer or exchange the
Issuer will cause a new Bond or Bonds to be issued in the name of the transferee or registered
owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on
the same date, subject to reimbursement for any tax, fee or governmental charge required to be
paid with respect to such transfer or exchange.
The Bonds have been designated as "qualified tax-exempt obligations"pursuant to
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
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
9
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 ta this
Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of
The Depository Trust Company ar other securities depository as agreed to by the Issuer.
The Issuer and the Registrar may deem and treat the person in whose name this Bond is
registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the Issuer nor the Registrar shall be
affected by any notice to the contrary.
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 prior to and in the issuance of this Bond in order to make
it a valid and binding general obligation of the Issuer in accordance with its terms, have been
done, do exist, have happened and have been performed as so required; that the Issuer has
established its General Obligation Improvement Refunding Bonds, Series 2013B Bond Fund and
has appropriated thereto certain investment earnings on the proceeds of the Bonds, special
assessments levied upon property specially benefited by the local improvements refinanced by
the Bonds and ad valorem taxes levied upon all taxable property in the Issuer, which will be
collectible in the years and in 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, additional ad valorem taxes are required to be levied
upon all taxable property in the Issuer, without limitation as to rate or amount; and that the
issuance of this Bond, together with all other indebtedness of the Issuer outstanding on the date
hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the
Issuer 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.
IN WITNESS WHEREOF, the City of Golden Valley, 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.
CITY OF GOLDEN VALLEY, MINNESOTA
(facsimile si�nature—Citv 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
10
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
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 1NSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE:
[End of the Bond form]
11
SECTION 3. USE OF PROCEEDS AND SECURITY.
3.01. Bond Proceeds. Upon payment for the Bonds by the Purchaser, the City Manager
shall deposit and apply the proceeds of the Bonds as follows: (a) $ shall be
deposited in escrow with U.S. Bank National Association, in St. Paul, Minnesota(the Escrow
Agent), the funds so deposited, together with funds of the Issuer in such amount as may be
required, to be invested in securities authorized for such purpose by Minnesota Statutes,
Section 475.67, subdivision 13, maturing on such dates and bearing interest at such rates as are
required to provide funds sufficient, with cash retained in the escrow account, to pay all interest
to become due on the Bonds to and including the Crossover Date and to pay and redeem the
outstanding principal of the Refunded Bonds on the Crossover Date (and the amounts in such
account are irrevocably appropriated to such purposes); (b) $ shall be used to pay
issuance expenses of the Bonds; and (c) $ representing rounding amount will be
deposited in the Bond Fund described in Section 3.02 hereo£ The Mayor and City Manager are
hereby authorized to enter into an Escrow Agreement with the Escrow Agent establishing the
terms and conditions for the escrow account in accordance with Minnesota Statutes,
Section 475.67.
3.02. General Obli�;ation Improvement Refunding Bonds, Series 2013B 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
Issuer to be known as the General Obligation Improvement Refunding Bonds, Series 2013B
Bond Fund (the Bond Fund), and the principal of and interest on the Bonds shall be payable from
the Bond Fund. The Issuer irrevocably appropriates to the Bond Fund (a) all receipts of principal
and interest on the investments held in the escrow account established pursuant to Section 3.01 to
and including the Crossover Date (other than the sum of$6,945,000 received from maturing
investments on the Crossover Date to be used to retire the Refunded Bonds); (b) commencing on
the Crossover Date, special assessments pledged pursuant to the resolution authorizing issuance
of the Refunded Bonds; (c) ad valorem taxes collected in accordance with the provisions of
Section 3.03 hereof; and (d) such other funds as may be appropriated from time to time by the
Issuer 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 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 Issuer shall be and are hereby irrevocably pledged. In order to
produce aggregate amounts which, together with collections of special assessments pledged as
described in Section 3.02 above, will produce not less than 5% in excess of the amount needed to
meet when due the principal and interest payments on the Bonds, ad valorem ta�ces are hereby
levied on all taxable property in the Issuer. The taxes are to be levied and collected in the
following years and amounts:
Lev.�rs Collection Years Amount
See attached Levy Computation
12
The taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid, provided
that the Issuer reserves the right and power to reduce the tax levies in accordance with the
provisions of Minnesota Statutes, Section 475.61.
SECTION 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 Holders of the
Bonds shall cease. The Issuer may discharge its obligations with respect to any Bonds which are
due on any date by depositing with the Registrar on or before that date a sum sufficient for the
payment thereof in full, or if any Bond should not be paid when due, it may nevertheless be
discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with
interest accrued from the due date to the date of such deposit. The Issuer may also 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 af such redemption has been duly given as provided herein. The Issuer may
also at any time discharge its obligations with respect to any Bonds, subject to the provisions of
law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow,
with the Registrar or with a bank or trust eompany 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 Issuer 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 ar 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.
SECTION 5. CERTIFICATION OF PROCEEDINGS.
5.01. Re istg ration of Bonds. The City Manager 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 County Auditor's bond register and
the tax required by law has been levied.
5.02. Authentication of Transcript. The officers of the Issuer 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 Issuer
as to the correctness of all statements contained therein.
13
5.03. Official Statement. The Official Statement relating to the Bonds, dated Maxch 27,
2013, prepared and delivered on behalf of the Issuer by Springsted Incorporated, is hereby
approved, and the officers of the Issuer are hereby authorized and directed to execute such
certificates as may be appropriate concerning the accuracy, completeness and sufficiency
thereof. Springsted Incorporated is hereby authorized on behalf of the Issuer 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 Issuer 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 Issuer covenants and agrees with the registered
owners from time to time of the Bonds that it will not take or permit to be taken by any of its
officers, employees or agents, any action which would cause the interest on the Bonds to become
includable in gross income of the recipient under the Code and applicable Treasury Regulations
(the Regulations), and covenants to take any and all affirmative actions within its powers to
ensure that the interest on the Bonds will not become includable in the gross income of the
recipient under the Code and the Regulations. The Issuer has not and will not enter into any
lease, management contract, operating agreement, use agreement or other contract relating to the
use or operation of the facilities refinanced by the Bonds, or any portion thereof, or security for
the payment of the Bonds which would cause the Bonds to be considered "private activity
bonds" or"private loan bonds"pursuant to Section 141 of the Code.
6.02. Arbitrage Certification. The Mayor and City Manager, being the officers of the
Issuer charged with the responsibility for issuing the Bonds pursuant to this Resolution, are
authorized and directed to execute and deliver to the Purchaser a certificate in accordance with
the provisions of Section 148 of the Code and 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. The Issuer acknowledges that the Bonds are subject to the rebate
requirements of Section 148(� of the Code. The Issuer 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(� 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.
14
6.04. Qualified Tax-Exempt Obli ations. The City Council hereby designates the Bonds
as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code relating to
the disallowance of interest expense for financial institutions, and hereby finds that the
reasonably anticipated amount of tax-exempt obligations which are not private activity bonds
(not treating qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds
for the purpose of this representation) and are not excluded from this calculation by Section
265(b)(3)(C)(ii) of the Code which will be issued by the Issuer and all subordinate entities during
calendar year 2013 does not exceed $10,000,000.
6.05. Redemption of Refunded Bonds. The City Manager is hereby directed to advise
U.S. Bank National Association, as paying agent for the Refunded Bonds,to call the Refunded
Bonds for redemption and prepayment on the Crossover Date and to give notice of redemption in
accordance with the resolution authorizing the issuance of the Refunded Bonds.
6.06. Continuing Disclosure. (a) Purpose and Beneficiaries. In order to permit bidders
for the Bonds and other participating underwriters in the primary offering of the Bonds to
comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934 (as in effect and interpreted from time to
time, the Rule), the Issuer hereby covenants and agrees for the benefit of the Owners (as
hereinafter defined) from time to time of any Bonds which axe Outstanding, to provide annual
reports of specified information and notice of the occurrence of certain events, if material, as
hereinafter described (the Disclosure Covenants). The Issuer 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.
Breach of the Disclosure Covenants will not constitute a default under this Resolution or the
Bonds. A broker or dealer is to consider a known breach of the Disclosure Covenants, however,
before recommending the purchase or sale of Bonds in the secondary market. Thus, a failure on
the part of the Issuer to observe the Disclosure Covenants may adversely affect the transferability
and liquidity of the Bonds and their market price.
As used herein, "Owner" or"Bondowner" means, in respect of a Bond, the registered holder or
holders 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.
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 ar, if not disclosed, would significantly alter the total information otherwise available to an
investor from the Official Statement, information disclosed under the Disclosure Covenants or
information generally available to the public. Notwithstanding the faregoing sentence, a
"Material Fact" is also an event that would be deemed"material" for purposes of the purchase,
15
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.
(b) Information To Be Disclosed. The Issuer will provide, in the manner set forth under
"Manner of Disclosure" in subsection (c) below, either directly or indirectly through an agent
designated by the Issuer, the following information at the following times:
(1) Annual Information. As soon as available, but not later than twelve (12) months after
the end of each fiscal year of the Issuer, commencing with the fiscal year ending
December 31, 2012, the following financial information and operating data(the
Disclosure Information):
(A) The audited financial statements of the Issuer 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 Issuer, 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 Issuer; and
(B) To the extent not included in the financial statements referred to in paragraph
(A) hereof, information of the type set forth below, which information may be
unaudited: City Property Values, City Indebtedness and City Tax Rates, Levies
and Collections.
Notwithstanding the foregoing paragraph, if the audited financial statements are not available by
the date specified, the Issuer 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 Issuer shall provide the audited financial
statements. Any or all of the Disclosure Information may be incorporated, if it is updated as
required by the Disclosure Covenants, by reference from other documents, including official
statements. If the document incorporated by reference is a final official statement, it must be
available from the Municipal Securities Rulemaking Board (the MSRB). If any part of the
Disclosure Information can no longer be generated because the operations of the Issuer have
materially changed or been discontinued, such Disclosure Information need no longer be
provided if the Issuer includes in the Disclosure Information a statement to such effect; provided,
however, if such operations have been replaced by other Issuer operations in respect of which
data is not included in the Disclosure Information and the Issuer determines that certain specified
data regarding such replacement operations would be a Material Fact, 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 the Disclosure
Covenants are amended as permitted by this Resolution, then the Issuer is to include in the next
Disclosure Information to be delivered under the Disclosure Covenants, to the extent necessary,
16
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) Certain Material Events. 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
(each a Material Fact):
(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;
(I) Defeasances;
(J) Release, substitution, or sale of property securing repayment of the securities, if
material;
(K) Rating changes;
(L) Bankruptcy, insolvency, receivership or a similar event with respect to the
Issuer;
(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 trustee or the change of name of a
trustee, if material.
(3) Certain Other Information. In a timely manner, notice of the occurrence of any of
the following events or conditions:
(A) the failure of the Issuer to provide the Disclosure Information at the time
specified under"Annual Information" in paragraph (b)(1) above;
(B) the amendment or supplementing of the Disclosure Covenants pursuant to this
Resolution, together with a copy of such amendment or supplement and any
explanation provided by the Issuer under the Disclosure Covenants;
(C) the termination of the obligations of the Issuer under the Disclosure Covenants
pursuant to this Resolution;
17
(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 Issuer.
(c) Manner of Disclosure.
(1) The Issuer agrees to make available to the MSRB, in an electronic format as
prescribed by the MSRB from time to time,the information described above.
(2) All documents provided to the MSRB shall be accompanied by identifying
information as prescribed by the MSRB from time to time.
(d) Term; Amendments; Interpretation.
(1) The Disclosure Covenants shall remain in effect until all Bonds have been paid or
defeased under this Resolution. Notwithstanding the preceding sentence, however,
the Disclosure Covenants shall terminate and be without further effect as of any date
on which the Issuer 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 Issuer to comply with the Disclosure Covenants 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) The Disclosure Covenants (and the form and requirements of the Disclosure
Information)may be amended or supplemented by the Issuer from time to time,
without notice to or the consent of the Owners of any Bonds, by a resolution of the
governing body of the Issuer filed with the Registrar accompanied by an opinion of
Bond Counsel, who may rely on certificates of the Issuer 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
Issuer or the type of operations conducted by the Issuer, or(b) is required by, or
better complies with, the provisions of paragraph(b)(5) of the Rule; (ii)the
Disclosure Covenants 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 Issuer agrees to provide,
contemporaneously with the effectiveness of such amendment, an explanation of the
18
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) The Disclosure Covenants are to be construed so as to satisfy the requirements of
paragraph (b)(5) of the Rule.
(e) Default; Remedies. If the Issuer fails to comply with any of the Disclosure Covenants, 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 such covenant. Direct, indirect, consequential and punitive damages shall not
be recoverable, however, for any default thereunder to the extent permitted by law. In no event
shall a default under the Disclosure Covenants constitute a default under the Bonds or under any
other provision of this Resolution.
Shepard M. Harris, Mayor
ATTEST:
Susan M. Virnig, 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 his
signature attested by the City Clerk,
19
PROJECTED LEVIES
Date L�
$
Total �
20
ESCROW AGREEMENT
THIS ESCROW AGREEMENT, made and entered into by and between the City of
Golden Valley, Minnesota(the Issuer), and U.S. Bank National Association, in St. Paul,
Minnesota(the Agent);
WITNESSETH, that the parties hereto recite and, in consideration of the mutual
covenants and payments referred to and contained herein, covenant and agree as follows:
1. The Issuer has duly issued and presently has outstanding an issue of General
Obligation Improvement Bonds, Series 2006B (the Series 2006B Bonds) and has issued its
$7,330,000 General Obligation Improvement Refunding Bonds, Series 2013B, dated as of
May 21, 2013 (the Refunding Bonds), to refund in an advance crossover refunding on
February 1, 2016 (the Crossover Date)those outstanding Series 2006B Bonds maturing in the
years 2017 through 2026, which are currently outstanding in the principal amount of$6,945,000
(the Refunded Bonds).
2. The Issuer has also, in accordance with a resolution adopted April 16, 2013 (the
Resolution), simultaneously with the execution of this Agreement, transmitted Refunding Bond
proceeds in the amount of$ to the Agent to be used as follows:
(a) $ of Refunding Bond proceeds to purchase an equivalent
principal amount of federal securities as identified in Exhibit A attached hereto; and
(b) $ of Refunding Bond proceeds to be deposited as a beginning cash
balance in the Escrow Account hereinafter established.
In the opinion of Barthe & Wahrman, PA, independent, nationally recognized certified
public accountants (the Accountants),the federal securities designated in paragraph (a) mature at
such times and bear interest at such rates that the collections of principal and interest therean,
together with the initial cash balance designated in paragraph(b), will produce amounts shown
on Exhibit B attached hereto sufficient to pay (i)the interest due on the Refunding Bonds to and
including the Crossover Date and (ii) the principal amount of the Refunded Bonds on the
Crossover Date.
3. The Agent agrees to apply the funds received from the Issuer in the manner and for
the purposes set forth in Section 2 hereof and in this Section. The Agent acknowledges purchase
and receipt of the cash and federal securities described in Section 2 and agrees that it will hold
such cash and federal securities in a special escrow account(the Escrow Account) in the name of
the Issuer, and will collect and receive on behalf of the Issuer all payments of principal and
interest on such federal securities and will remit from the Escrow Account, as the paying agent
for the Refunded Bonds, the money required from time to time for payment of principal of,
redemption price and interest thereon as shown in Exhibit B. The Agent will, not less than 30
days prior to the Crossover Date, cause the Notice of Redemption relating to the Refunded
Bonds attached hereto as Exhibit C, to be mailed to the holders of all Refunded Bonds to be
redeemed on the Crossover Date.
4. In order to ensure continuing compliance with the Internal Revenue Code of 1986, as
amended (the Code), and Treasury Regulations (the Regulations) promulgated thereunder, the
Agent agrees that it will not reinvest any cash received in payment of the principal of and interest
on the federal securities held in the Escrow Account. Said prohibition on reinvestment shall
continue unless and until an opinion is received from nationally recognized bond counsel that
reinvestments in general obligations of the United States or obligations the principal of and
interest on which are guaranteed as to payment by the United States, as specified in said opinion,
may be made in a manner consistent with the Code and then-existing Regulations.
The federal securities described in Exhibit A hereto may, at the written direction of the
Issuer, be replaced, in whole or in part, with general obligations of the United States or
obligations the principal of and interest on which are guaranteed as to payment by the United
States and which mature as to principal and interest in such amounts and at such times as will
assure the availability of sufficient moneys to make payment when due of the interest on the
Refunding Bonds to and including the Crossover Date, to the extent described in Section 2
hereof, and will be sufficient to pay the principal amount of the Refunded Bonds called for
redemption on the Crossover Date, provided, however, that concurrently with such written
direction, the Issuer shall provide the Agent with (a) a certification of an independent certified
public accountant as to the sufficiency of the federal securities to be subject to this Agreement
following such replacement and as to the yields thereof, setting forth in reasonable detail the
calculations underlying such certification, (b) an unqualified opinion of nationally recognized
bond counsel to the effect that such replacement (1) will not cause the Refunded Bonds or the
Refunding Bonds to be subjected to treatment as "arbitrage bonds,"under Section 148 of the
Code, and (2) is otherwise in compliance with this Agreement.
Any replacement authorized by this paragraph 4 shall be accomplished by sale, transfer,
request for redemption or other disposition of all or a portion of the federal securities described
in Exhibit A hereto with the proceeds thereof being applied to the purchase of substitute federal
securities, all as specified in the written direction of the Issuer.
5. The Agent acknowledges that arrangements satisfactory to it for payment of its
compensation for all services to be performed by it as Agent under this Agreement have been
made. The Agent expressly waives any lien upon or claim against the moneys and investments
in the Escrow Account.
6. If at any time it shall appear to the Agent that the money in the Escrow Account will
not be sufficient to make any payment due to the registered owners of any of the Refunding
Bonds or Refunded Bonds as described in Section 2 hereof, the Agent shall immediately notify
the Issuer. Upon receipt of such notice the Issuer shall forthwith transmit to the Agent for
deposit in the Escrow Account from moneys on hand and legally available therefor, such
additional moneys as may be required to make any such payment, and the Issuer recognizes its
obligation to levy ad valorem taxes on all taxable property in the Issuer to the extent permitted
by Minnesota law to produce the moneys necessary for this purpose.
2
7. Within 60 days following the close of each fiscal year of the Issuer and the close of
the Escrow Account, the Agent shall submit to the Issuer a report covering all money it shall
have received and all payments it shall have made or caused to be made hereunder during the
preceding fiscal year or portion thereof.
8. It is recognized that title to the federal securities and money held in the Escrow
Account from time to time shall remain vested in the Issuer but subject always to the prior
charge and lien thereon of this Agreement and the use thereof required to be made by the
provisions of this Agreement. The Agent shall hold all such money and obligations in a special
trust fund and account separate and wholly segregated from all other funds and securities of the
Agent or deposited therein. It is understood and agreed that the responsibility of the Agent under
this Agreement is limited to the safekeeping and segregation of the moneys and securities
deposited with it in the Escrow Account, and the collection of and accounting for the principal
and interest payable with respect thereto.
9. This Agreement is made by the Issuer for the benefit of the holders of the Refunding
Bonds and the Refunded Bonds, as their interests may appear, and is not revocable by the Issuer,
and the investments and other funds deposited in the Escrow Account and all income therefrom
have been irrevocably appropriated for the payment of interest on the Refunding Bonds prior to
and including the Crossover Date and the payment and redemption of the Refunded Bonds on the
Crossover Date, in accordance with this Agreement. This Agreement may not be amended
except to (i) sever any clause herein deemed to be illegal, (ii)provide for the reinvestment of
funds or the substitution of securities as permitted by Section 4 hereof or(iii) cure any ambiguity
or correct or supplement any provision herein which may be inconsistent with any other
provision, provided that the Agent shall determine that any such amendment shall not adversely
affect the owners of the Refunded Bonds or Refunding Bonds. In the event an amendment to
this Agreement is proposed to be made pursuant to this Section 9, prior notice shall be given by
first class mail, postage prepaid, to the following organization at the following address (or such
other address as may be provided by the addressee) and shall be deemed effective upon receipt:
Moody's Municipal Rating Desk/Refunded Bonds, 7 World Trade Center—250 Greenwich
Street,New York,New York 10007.
10. This Agreement shall be binding upon and shall inure to the benefit of the Issuer and
the Agent and their respective successors and assigns. In addition,this Agreement shall
constitute a third party beneficiary contract for the benefit of the registered owners of the
Refunding Bonds and the Refunded Bonds, as their interests may appear. Said third party
beneficiaries shall be entitled to enforce performance and observance by the Issuer and the Agent
of the respective agreements and covenants herein contained as fully and completely as if said
third party beneficiaries were parties hereto.
1 L Upon merger or consolidation of the Agent, 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 Agent. Upon the resignation of the Agent, which shall be communicated in
writing to the Issuer, or in the event the Agent becomes incapable of acting hereunder,the Issuer
reserves the power to appoint a successor Agent. No resignation shall become effective until a
successor Agent has been appointed.
3
TN WITNESS WHEREOF the parties hereto have caused this instrument to be duly
executed by their duly authorized officers on May 21, 2013.
CITY OF GOLDEN VALLEY,
MINNESOTA
By
Mayor
And
City Manager
[Signature Page to Escrow Agreement dated May 21, 2013]
4
U.S. BANK NATIONAL ASSOCIATION,
' as Agent
By
Its
[Signature Page to Escrow Agreement dated May 21, 2013]
5
EXHIBIT A
A-1
EXHIBIT B
B-1
NOTICE OF REDEMPTION
$7,320,000 General Obligation Improvement Bonds, Series 2006B
Dated as of July 1, 2006
City of Golden Valley, Minnesota
Notice is hereby given that all Bonds of the above issue which mature on February 1 in the
following years and amounts:
Maturi Amount Rate CUSIP Maturi Amount Rate CUSIP
381246 381246
2017* $210,000 4.100% CA3 2022* $ 1,040,000 4.150% CF2
2018* 215,000 4.100 CB1 2023* 1,145,000 4.150 CGO
2019* 220,000 4.125 CC9 2024* 1,155,000 4.200 CH8
2020* 310,000 4.125 CD7 2025* 1,165,000 4.250 CJ4
2021* 310,000 4.150 CES 2026* 1,175,000 4.250 CK1
*Indicates full call.
are called for redemption and prepayment on February 1, 2016. The Bonds will be redeemed at a price of
100% of their principal amount plus accrued interest to the date of redemption. Holders of such Bonds
should present them for payment on or before said date, on which date they will cease to bear interest.
A form W-9, Payer's Request for Taxpayer ldentification Number, must be completed and returned with
the called bond or 31%of the bond redemption proceeds will be withheld. Payment of bonds to be
redeemed will be made on and after February 1, 2016, by submitting said bonc!along with the completed
form W-9 to U.S. Bank National Association,at the following addresses;
If bv Mail: If by Hand or Overni h�Mail:
U.S. Bank National Association U.S. Bank National Association
Corporate Trust Operations, 3rd Floor 60 Livingston Avenue
P.O. Box 64111 EP-MN-WS3C
St. Paul, MN SS164-011 ] Bond Drop Window, lst Floor
St. Paul, MN 55107
If you request payment of principal and/or interest via wire transfer,please be advised there is a wire
transfer fee which will be deducted from your payment.
Dated: , 20 . U.S. BANK NATIONAL ASSOCIATION
C-1
�Z�� 0� ��,. P:
Planning Department
763-593-8095/763-593-8109(fax)
��. ,��a�P � ,..
�� �,�,� _
Executive Summary For Action
Golden Valley City Council Meeting .
April 16, 2013
Agenda Item
6. C. Approval of Plat- Lupient (MINI Cooper) PUD No. 63 and Authorization to Sign Amended
PUD Permit and PUD Development Agreement - PUD No. 63 -Amendment#2
Prepared By
Joe Hogeboam, City Planner
Summary
At the April 3, 2013 City Council meeting,the Council held a public hearing on the Final PUD plan
for the Lupient (MINI Cooper) PUD No. 63, Amendment#2. After the hearing the Council
approved the Final plan. The Final Plat, PUD Permit and PUD Development Agreement have now
been prepared for consideration. City staff has reviewed the documents and finds them to be
consistent with the approved Final PUD plan and the requirements of City Code.
Attachments
Underlined/Overstruck MINI Cooper PUD Permit No. 63, Amendment#2 (4 pages)
PUD Development Agreement - MINI Cooper PUD No. 63 (6 pages)
Final Plat - MINI Cooper PUD No. 63 (2 pages)
Resolution for Approval of Plat- MINI Cooper PUD No. 63 (1 page)
Recommended Action
Motion to adopt Resolution for Approval of Plat- MINI Cooper PUD No. 63,
Motion to authorize the Mayor and City Manager to sign the amended PUD permit and PUD
Development Agreement for MINI Cooper PUD No. 63, Amendment#2.
Saturn Addition P.U.D. No. 63
City Council Approval: September 21, 1993
Amendment#1 City Council Approval: April 18, 1995
Amendment#2 City Council Approval: April 3, 2013
City of Golden Valley, Minnesota
Use Permit
for
Planned Unit Development
Project Name: ��-A�sN�e� MINI Coo�er P.U.D. No. 63
Location: Area bounded by Louisiana Avenue on the west, Laurel Avenue
on the north and Market Street on the south
Legal Description: , , , Lots 1 2 and 3 Block 1 MINI
Cooper P.U.D. No. 63
Applicant: UAG Minneapolis B1, LLC, a
Delaware limited liability com�anv
Address: , � ' , 2555 Telegraph Road
Owner: Jim Lupient E�e�+�e Company. Inc.
Address: 7100 Wayzata Blvd, Minneapolis, MN 55426
Zoning District: �a�l I-394 Mixed Use
Permitted Uses: The P.U.D. Permit allows for the #e�three parcels to be used for
two auto dealerships and one auto reconditioning center (body
shop)
Components:
A. Land Use Component
( e n i4�or) ��ii4hin D ��"���cnrlmon4 Aln. '1�� 11��
. c c�-�rttca-o rrtrrn-r�-.
�z���
2. The plans prepared for Amendment No. 2 bv BKBM En.gineers dated February 5�
2013, submitted with the application shall become part of this approval.
3. The recommendations and requirements outlined in the memo from Fire Chief
Mark Kuhnly to Mark Grimes, Director of Planninq and Development dated March
4, 2013, reqardinq Amendment No. 2 shall become part of this approval.
MINI Cooper P.U.D. No. 63 (Amendment No. 2)
Page 2
4. The recommendations and requirements outlined in the memo from Citv Engineer
Jeff Oliver to Mark Grimes, Director of Planning and Development, dated March 4,
2013, regarding Amendment No. 2 shall become a part of this ap�roval.
5. The ##�ee buildings on #�e Lots 1 and 2 shall be for auto sales and limited auto
service. The building on Lot 3 sha!! be used for auto reconditioning (body shop).
Uses other than specified above shall require an amendmen#ta this amended
(No. �- 2) P.U.D. No. 63 Permit.
6.
7. .
. The building
plans for the auto reconditioning (body shop) building are shown on the attached
building plan dated 1/21/95.
. (Note: the Saturn
building was constructed as part of the original P.U.D. The auto reconditioning
building was built as part of the original P.U.D. and w+N-�e was expanded as part
of Amendment No. 1.)
8.
� The Chief of Fire and Inspections shall have the right to modify�+s��
the lightingplans. The main parking lot lighting shall be turned off between the
hours of 10 pm and 6 am. Security lighting, approved by the Chief of Fire and
Inspections, shal� be permitted.
9. All signs � shall meet the requirements of the City's sign �se code.
10. There shall be no hardscape vehicle display areas within the front yard setback
areas.
11. The second level parking area in the auto reconditioning center permitted by ##is
amendment No. 1 shall not be converted to work space and shall anly be used
for the parking of vehicles waiting for service. The stacks on the auto
reconditioning center facing Laurel Avenue shall be screened prior to a
"Certificate of Occupancy" t�eing granted to the auto reconditioning center
addition.
B. Circulation Component
1. Access drives and parking shall be constructed as per the site plan prepared for
Amendment No. 2 bv BKBM Enqineers dated February 5, 2013.
MINI Cooper P.U.D. No. 63 (Amendment No. 2)
Page 3
2. Cross parking and access agreements for the entire P.U.D. have been filed with
Hennepin County. These agreements allow the use of all parking and drive areas
by all users of the properties.
3.
C. Subdivision
1. The final plat of � MINI Cooper P.U.D. No. 63 n����,� shall be
filed with Hennepin County. Proof of such filing "°„ °�rt shall be given to the
City.
D. Services and Facilities
1. The grading and utility plans dated 1/23/95 and prepared by RLK Associates and
the plans prepared for Amendment No. 2 bv BKBM Engineers dated Februarv 5,
2013 shall become part of this permit. Any changes to the plan sha!! be
approved by the City Engineer.
2. The drainage plan shall be approved by the Bassett Creek Water Management
Organization prior to issuance of any building permits.
3. Sewer and water service connections shall conform to the City's utility standards.
4. Jim Lupient Oldsmobile Company has received a permit from the U.S. Army
Corps of Engineers to construct on this site and applicant agrees to any
conditions placed on development of this site by the U.S. Army Corps of
Engineers.
5. The use of an outdoor loudspeaker system shall not be allowed.
6. The hours of operation shall be from 6 am to 10 pm.
7. Exterior bicycle parkinq shall be added to the northeast corner of the MINI
Cooper building_
8. The applicant shall store snow in accordance with the snow storage areas
indicated on the Site Plan.
It is hereby understood and agreed that this Use Permit is a part of the City Council
approval granted on September 21, 1993, April 18, 1995 and April 3, 2013. Any changes
to . . . . . . . , . , this PUD
Permit shall require an additional amendment.
���-A�ie� MINI Cooper P.U.D. No. 63 (Amendment No. 2)
Page 4
1111A 1 I IDICAIT f11 1'1C11Af'1Q11 C �`�111ADA1►IV
UAG MINNEAPOLIS B1, LLC
Witness: By:
Title:
Date:
CITY OF GOLDEN VALLEY
Witness: By:
Rl�ir Trerr+oro� Shepard M. Harris, Mayor
Date:
Witness: By:
�-��es, Thomas D. Burt, City
Manager
Date:
Warning: This permit is subject to all other state, federal, and local ordinances,
regulations, or laws with authority over this development.
DEVELOPMENT AGREEMENT
MINI Cooper P.U.D.#63 Amendment 2
AGREEMENT dated this 16th day of April, 2013, by and between the City of Golden
Valley, a Minnesota municipal corporation (the "City"), and UAG Minneapolis B1, LLC, (the
"Developer").
1. Reauest for Plat Approval. The Developer has asked the City to approve a Planned Unit
Development and a plat of land to be known as MINI Cooper, which land is legally
described on Attachment One, attached hereto and hereby made a part hereof
(hereinafter referred to as the "subject property").
2. Conditions of Plat Approval.The City has approved the Planned Unit Development
Amendment and the plat on the following conditions:
a. Conformance to, and inclusion of, all provisions of the Final Plans for MINI Cooper
dated February 5, 2013, prepared by BKBM Engineering.
b. Incorporation of any easements necessary to accommodate drainage, ponding,
streets and utilities.
c. Marketable title in the Developer, if the City Attorney determines a title review is
necessary before final plat approvaL
d. The property must achieve compliance with the City's Inflow and Infiltration
Ordinance, prior to occupancy of the building.
3. Effect of Subdivision Approval. For two (2) years from the date of this Agreement, no
amendments to the City's Comprehensive Plan, or official controls shall apply to or
affect the use, development density, lot size, Iot layout or dedications of the approved
plat unless required by state or federal law or agreed to in writing by the City and the
Developer. Thereafter, notwithstanding anything in this Agreement to the contrary, to
the full extent permitted by state law, the City may require compliance with any
amendments to the City's Comprehensive Guide Plan, official controls, platting or
dedication requirements enacted after the date of this Agreement.
4. Development Plans. The subject property shall be develaped in accordance with the
approved plans, original copies of which are on file with the City Department of Public
Works. lf the plans vary from the written terms of this Agreement,the written terms
shall controL
S. Installation bv Developer. The Developer shall install or cause to be installed and pay
for the following, hereinafter referred to as the "Developer Improvements." The
grading, erosion control and landscaping shall all be made in accordance with City
approved plans.
a. Setting of Lot and Block Monuments
b. Surveying and staking of work required to be performed by the Developer
c. Gas, electric, telephone, and cable lines prior to building occupancy
1
d. One set of sewer and water services per building prior ta building occupancy
e. The sewer service to the new building must comply with the City's Inflow and
Infiltration ordinance prior to occupancy of the building
f. Other items as necessary to complete the development as stipulated herein or in
other agreements
6. Permit. The Developer hereby grants the City, its agents, employees, officers and
contractors a permit to enter the Subject Propertyto perform all work and inspections
deemed appropriate by the City during the site development including building
construction.
7. Assessment for Public Works Costs.
a. The Developer must submit the following cash securities:
i. Payment of the estimated costs (calculated at $17,000) for the City to construct
a future sidewalk and associated curb ramps along Laurel Avenue adjacent to the
development. If the City's plans to construct a sidewalk along Laurel Avenue
change due to unforeseen circumstances, the City may use these funds to
construct, repair, or improve its pedestrian system in another location that
meets the needs of the City.
b. The Developer shall be responsible for obtaining compliance with the City's Inflow
and Infiltration (I/I) ordinance. The Developer shall enter into an I/I Deposit
Agreement with the City and provide a financial security as a guarantee that the
sanitary sewer service is brought into compliance with the Inflow and Infiltration
ordinance prior to occupancy of the building.
c. The Developer must submit a Stand-by Irrevocable letter of Credit for the following:
i. The Developer must dredge the west basin of the existing Stormwater pond to
its design contours, remove volunteer trees and vegetation, and remove trash
and debris from the west basin and its pipes and outlets. The Developer shall
include in the Letter of Credit 125% of the estimated cost to perform the pond
dredging and maintenance (calculated at$6,000) as a guarantee that the work
will be completed in a timely manner and according to the approved plans on file
in the Engineering office.
ii. The Letter of Credit submitted by the Developer must include 125% of the
estimated cost (calculated at $59,100) to furnish and install the landscape plant
materials. The landscape plantings must survive a two-year warranty period and
will be inspected by the City two years after project completion.
8. Propertv Fees, Char�es and Assessments. The Developer understands that builders will
be required to pay for the Subject Property fees, charges and assessments in effect at
the time of issuance of building permits. The rates for each of these items will be set
according to the current rate structure at the time the building permit is received.
9. Developer's Default. In the event of default by the Developer as to any of the work to
be performed by its hereunder, the City may, at its option, perform the work and the
Developer shall promptly reimburse the City for any expense incurred by the City,
provided the Developer is first given notice of the work in default, not less than 48 hours
2
in advance. This Agreement is a license for the City to act, and it shall not be necessary
for the City to seek a court order for permission to enter the land. When the City does
any such work, the City may, in addition to its other remedies, levy the cost in whole or
in part as a special assessment against the Subject Property. Developer waives its rights
to notice of hearing and hearing on such assessments and its right to appeal such
assessments pursuant to Minnesota Statutes, Section 429.081.
10. Miscellaneous.
a. The Developer represents to the City that the development of the Subject Property,
the subdivision and the plat comply with all city, county, metropolitan, state and
federal laws and regulations including, but not limited to: subdivision ordinances,
zoning ordinances and environmental regulations.
b. Third parties shall have no recourse against the City under this Agreement.
c. Breach of the terms of this Agreement by the Developer shall be grounds for denial
of building permits, including lots sold to third parties.
d. If any portion, section, subsection, sentence, clause, paragraph or phase of this
Agreement is for any reason held invalid, such decision shall not affect the validity of
the remaining portion of this Agreement.
e. The action or inaction of the City shall not constitute a waiver or amendment to the
pravisions of this Agreement. To be binding, amendments or waivers shall be in
writing, signed by the parties and approved by written resolution of the City Council.
The City's failure to promptly take legal action to enforce this Agreement shali not
be a waiver or release.
f. This Agreement shall run with the land and may be recorded against the title to the
property. The Developer agrees to provide the execution of amendments to this
Agreement, as are necessary to effect the recording hereof. After the Developer has
campleted the work required of it under this Contract, at the Developer's request,
the City will execute and deliver to the Developer a release.
g. Each right, power or remedy herein conferred upon the City is cumulative and in
addition to every other right, power or remedy, express or implied, now or hereafter
arising, available to the City, at law or in equity, or under any other agreement, and
each and every right, power and remedy herein set forth or otherwise so exciting
may be exercised from time to time as often and in such order as may be deemed
expedient by the City and shall not be a waiver of the right to exercise at any time
thereafter any other right, power or remedy.
h. The Developer may not assign this Agreement without the written permission of the
City Council.
3
i. it is the present intention of the Council not to grant to the developer variances for
this subdivision.
11. Notices. Required notices to the Developer shall be in writing, and shall be either hand
delivered to the Developer, its employees or agents, or mailed to the Developer by
registered mail at the following address:
UAG Minneapolis B1, LLC
2555 Telegraph Road
Bloomfield Hills, MI 48302
Notices to the City shall be in writing and shall be either hand delivered to the City
Manager, or mailed to the City by registered mail in care of the City Manager at the
following address:
City Manager
City of Golden Valley
7800 Golden Valley Road
Golden Valley, MN 55427
IN WITNESS WHEREOF,the parties have hereunto set their hands the day and year first above
written.
CITY OF GOLDEN VALLEY
By:
Shepard M. Harris, Mayar
By:
Thomas D. Burt, City Manager
DEVELOPER
By:
Its
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this day of
2013, by Shepard M. Harris, Mayor, and Thomas D. Burt, City Manager, of the City of Golden
Valley, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the
authority granted by its City Council.
Notary Public
4
STATE OF MINNESOTA )
) ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this day of
20 , by UAG Minneapolis B1, LLC, on behalf of the said Developer.
Notary Public
5
ATTACHMENT 1
Lots 1, 2 and 3, Block 1, MINI Cooper P.U.D. 63
� _ - ; _ ;a ��� � o c.��
, � � = ,� vo E� � ' A�/y
- - o a � _
i oo� , �
— — i I L _- —o DI � N .
d „ Q � � v V�3 m u O � N I ��y
i C ��y o� i �\/
- - i� -� i° orr� � � � � �
- lo lo oEv� o� v � A
� � � „ � r�
� n 'o y � � lo I I 1 I a 'a I � I I I � � �o _ � o M1�
Z � a � I` i I I y . I I I I c«no � x 1 �° I m� Y n I a° o �
a �° I � � T h � ' � I o S:�o I N II j� � � >.
o I I >`n � � �o i G
I I d . n� I I ����M L o« V �
V - � q T- � � I � ,� I II � � � � �� I � � � i ~`
4 T a`' � ��A i � I I u � �a � � I I °n � � I o,� 1 a I
j � I I I I °�i n' I a � I c>.. � u I � 1
Q `oa �' � I `�+O I I I ��- � �i..I �i . I I �o I "-; y � � y 1
� a � v � �� I 1= ; �o � 1= ; �nto� � � I ��I I �� � a � - I = I
� _ � I° � I� � - � � I I� ' -o� I�. I � , ;� � ; -' ; � �
�:: M v I a I � � � � � Im � I � I E,t,�act lim I � I 1 I Tp I � � �,
�3 � � �`o I I � I IE � I � �Oy'°" �NN � I I u I o 1 1 �
I I � I � I � � �� � i i I
� �", o Z � �o I I Iv o. I �o I I� _o�`o ��z � I Im � ,Q _
o � I I �z° = I IO I I Ia oo.o _ 1� � I ix° - � �= I
o° - � L I c i Iw _ j i � i i I�' Em 'o ic i � I jc - i v I m I
`oc d o o o �`o_ � � N 'o_ lom � I °a � � I a I
` W vE � m °o I ��'O I � I I
°� c a o yl I° I �'� �,�d, °� �I I Ia'� �QO Ixo `o j Id'�E a°�" � � I
V� � a � U � lo I I�'� � o ` Dla I I�'o `°m 3 �v'�m a 1 I:'o o w � � � I
"�.°• z ' z o � tE � �o�. ° j a` � =� I IoV ao'c m �I I`� I I ��>. v�� I � °�+ y �, > d >
�v I IE� � I Iz3 o r m m L m j m
�N �n � 1 «� 1 z� �o E I .. I z� NoE c`o � I o � `o_ m a
. 0 -:+ m v I I `v O I °y N
'-- � �'; °t `c � �c c� r° I Eo ;'-'_- I °`°' a
� a a,a � o � va � 1 � �a ay°, � o } c o .. o
�'c �J . � o j o � t `o -- �; I t n 1 � c N N
o Y z I � �� � o I Q o � . � c O
�_ :_ - � n' p: � � _ _ � y I r �. � N �
° a ° ` I _ I i ��°- _ I E ; � v� � I M � z
�� Q �� � C� ° I �a P� ^ „ � � � CM - �
a. °o E 1 I '�'6 v I I a'o c°°°a n i �.
Wc� " �`o ° �� ..o I � ;o y � I I ;o >,o«o� I io � � i u � � -
a5 � o-o Q ` n j � i � a i do I I i a � °'°°3o i Z � J I � - ? c� _ _
v�� s v� � i � � i �, � E e � i i m � @ _ i °' a '° a i W � � o � a
o �N � n � '> 1 I :- > 1 I �`° w 3 a>. > I ¢ � o N c .; o
�v m •• od � � m I � ; � r�l m � I ; I `��rn�r �. i W �a Z ' w � 7 a u �^ � s ts m
m y �c v' '�Y -� I I j � I � � I - -°o O Z a I N � � ° � � c c � W « '� 'rn
p E I � i I ' I � I o�.c I �a � � � u � w rN � i m � I ¢
Z�, o �� � I I � I a I I I � - � O w � o I�'n c� �• � � - F "
o« a o a `o � I � I y_ I I o�n-��°ai I zi ; W z m � � > I c zd � o - " o �-
�� E° m ..`o d � I I ` j m I I rn I ` �o j z i � � ��o � j w T j 'o � � � p --o E W W
a. - o? ri ow io I ' � j 3u ILL _ � i`� ::- � �� E ¢ o=o z I w � � o " m rc ul c� i,.
� ° �V O > � I ¢ �
° O I a �O Q, N' v;� - N � a � I
3n � oci ° - �a°I oz o � � �z o `�.00; '" �z _ Q - ° I a m i > � E � '' i _
°� a� i,D, .si F� -;$ <� �>o o °m �o _ ° r . � _ .
Y„ i o �o ° r r - i
a a 5 i t _ I in c> r.. _n �n c� t-., -in_5 m o �n c> � 5 v� c.� m r _ I � v�i a 3 a I � o
v
_ I ,-� i �i-�-�ininni •n•n• � ni�iiinnv ^n�ivnr�ini �
� �<_ �1_J`�V Y I I I V V I I �� I V�J 111 V V V "V<] V I V J V V ?
I a�� „%aa�"w�1 _.O£�OBf+ M„ZS�Oo ZS _ A�M/N3d0 �
'•- �,Z//OrB7b�
� � 0£'64Z J
°oz � � � � � 009£Z --
I I � � £9'ON / N °n' � T_�_ _ ''� � . vUi
I I �p'�'d NOI1100tl NiY11tl5 �� � 53'22�24°E 151.97 � _,� H <
I �.-jp ltlld 213d 1N3Y135tl3-�\ i I T f ` M,ZS,hO,ZS
/ AlllLLfl ONV 3`�tlNItl2JU � �� � Mu£l���F_.:
b f e�-..;
I I __ � � s� = BjS�
r ; ,
� � �-- —�L_—� � � a��
I - -- _ I
1 __oo�__,—r—� , � , � o 0
, S Q
rLLJ � I � � _
� �
( Q w
I a �'
��s__� '-
I = z
w
N � �' 107 �� � a `` �r; � � �
I = - � Z
I ry / w O
� � � _y C> �S� � � �
-� ��; �--
g oc I a Z
I - ----- ` - � � o
h, �_ ��,�I �o �w �
/� �1 �I—��,� �> �- = a� � I
�� �� �z z�
`T� I i N p '° r_ ��a w I I `i �O / //__ I . g 3 a�°
� w� � I � C� � �I � "t I ow mz
w= / ow� ,___ �� _�,
I ��a L� QaQ I I � � p� ?p_
�a I 5 � <I a�� I I Z I ( �v'�i Nx
1 rca z w �� \3
O � aa� �aN ° Z
I `J i. W I I � - I �� �
`� 1 � � �\ U W W�
� < I iWp J ` I� - Q I p� pY
c� �' I o« �;, , I � �� C� I � w� Wa
p- O�
2 ~
�' I :'J I 1 W � 6��I�',,Is sI�i �y,� oi'ti 7 Q V.
C� �� 1\ �/ �� A� _�"� � 0ry.�,. ``M��81,fOsOS L_ I �O I �S� • O
. C -�-ss-----� �� oa `'0,�° "- � �' ,�-=� �
O � ��'�/ � C�
�i_ oz I ��� �� 5k�k� � !.�tc����N� �y `V
� -- �� 09£/Z M„OZ,IO.OS � '-"--. �'. 'r S�3„OZ,I O.ON � �,
\ I - 49'bL (-"�^-� ————— \ =e'': -' `\' 6£'99Z i _�,`', Oµ �� I �>
� -"-- S.9 � �� — -- J
^ � s'�Z{,�';,__�.64'41 N 1 �r ���"� 666Lt M„OZ,/0,05 �� "�Y"5 h (;)
A , I � ,,OZ 9_`__ M��04�85.69N Q I / \� /I Qj I ��
u d' �z� �� 2 �/ Ep\ \.J �/ 'fI01 � •
I � W U z r �\\� /� � I Z _�
� w I �� Qa �
�. �o __ _ 'z ��ti / � I w�n
w � �W \ / I L1- 3M
�i� > I �£ a� I ow �•. / / �o
W � `.� o � i o� �,� `W � � y`� .��—_� _� �z
� �. \�� _��. � ��% i�-�=- " , I
� iY 3�,? ' '�,>_-�_ _� ¢o
�� � z< I /„` -� ?�6�/� Y " £6'801 3„OZ,IO.ON � i� �
� �W
. I �� oh co I \ �•, 05 %� N �� aan
O p a ! s/ I �.� I �?Z�
�1 N I a I \\�� � lol L�� LL�e
M o
I `� �� o°z
O L� Fo�/A\� � II G� � . �slsl �O� e I .�� I �-� a�m
� ��i I ��, \��`I 11 � I I • ( �- ��o
�� �
C� � da�
_� �� I � (� �� I �,
^I � =4�
<J 6Q I �I O PI I I -� "II I �IJ �Z(/1
I I � N
�w I \/ / V pl I �-� e � -J LiJQ
� �` � �� � :�� � � �_ �!- �o I <C
� ( ,.� e I \>
I o =� � �- ��
I I = I I c, I L,
,
I I � I I I L/I\J
Ow LJ
aa ,�S I
I - -�9-----i - � -
L « � c�
_
� f ��
a� ..
_� � o� �
I '
oii - ----oii-----�----I—_ �-i
— � �— —,--- �o� I
o � ' � o�
I N_W a
�; �Z j a / I 1N3W3Stl3 ALIlLLf1 ' I
'� 1 � / UNtl 3`JtlNItlE10"� W �
'` ' - -----------L--SIZ----1--T--------� +I1� tl , mao
I � . o�—`------'-I------},,;� � i�a °z
,' g O
f9'ON'0'fl'd NOI11Wtl ��08� ''�[CJ'���e�^/ u=? I
0
:�,
/ "_w;I
NWI1tl5�O 3NIl 153M , '
�A_ I . o an �'� \34 = �
\
� r •.. a Nol OW �n �w I
� "---'L>'9f81 3„LS,I I.— Zry .�.J 'l/�.��-/"1 A v o�°� �m � v�i�i� .
� ' _Ji i/V_Ji�V ��/l'7 �t� �� \
V/V V/J/I IV '���
I �� � .
� y i9'£f££ M„CS,II.ZS------ ---;
��c�iz 3'\
��z� � ~ - O �
��:io I �1\I\J i 'lL/ _
s i�(1V�� IV111^nVIVI \, J.�� V/�l � pg ,N21: n
\�� I 011 ( �:t(�- ' vi :
0
�;�� N3N:E��� '^
�
0
Resolution 13-35 April 16, 2013
Member intr4duced the following resolution and moved its adoption:
RESOLUTION FOR APPROVAL OF PLAT - MINI COOPER P.U.D. NO. 63
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 MINI
Cooper P.U.D. 63 covering the following described tracts of land:
Lots 1, 2 and 3, Block 1, MINI Cooper P.U.D. 63
WHEREAS, all persons present were g+ven the opportunity to be heard;
NOW, THEREFORE, BE IT RESOLVED, by the City Council for 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.
Shepard M. Harris, Mayor
ATTEST:
Susan M. Virnig, 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 his signature attested by the City Clerk.