Res 2023-68 Bond Sale 1,015,000EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL
CITY OF MENDOTA HEIGHTS, MINNESOTA
HELD: OCTOBER 17, 2023
Pursuant to due call, a regular or special meeting of the City Council of the City of
Mendota Heights, Dakota County, Minnesota, was duly held at the City Hall on October 17,
2023, at 7:00 P.M., for the purpose of, in part, of authorizing the issuance and awarding the sale
of $1,015,000 General Obligation Street Reconstruction Bonds, Series 2023A.
The following members were present: L�/�Ii�C� Ma1z1�-el�a� l� II1�V� Pa.pGr,
and the following were absent: �dY b�Y J �.�
Member /y I�Z1�I lC� introduced the following resolution and moved its
adoption:
RESOLUTION NO. Z��. J — b
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,015,000
GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES
2023A AND LEVYING A TAX FOR THE PAYMENT THEREOF
A. WHEREAS, the City of Mendota Heights, Minnesota (the "City"), has heretofore
determined and declared that it is necessary and expedient to issue $1,015,000 General
Obligation Street Reconstruction Bonds, Series 2023A (the "Bonds" or individually, a "Bond"),
pursuant to Minnesota Statutes, Chapter 475 and Section 475.58, Subdivision 3b, to finance
street reconstruction improvements under the City's 2023 through 2027 Five -Year Street
Reconstruction Overlay Plan adopted on September 5, 2023 (the "Improvements"); and
B. WHEREAS, on September 5, 2023, following duly published notice thereof, the
Council held a public hearing on the issuance not to exceed of approximately $1,200,000
principal amount of bonds to finance the Improvements and all persons who wished to speak or
provide written information relative to the public hearing were afforded an opportlxnity to do so;
and
C. WHEREAS, no petition signed by voters equal to 5 percent of the votes cast in
the City in the last municipal general election requesting a vote on the issuance of the street
reconstruction bonds has been filed with the City Clerk within 30 days after the public hearing
on September 5, 2023; and
D. WHEREAS, the Bonds, together with any outstanding bonds of the City that are
subject to the City's net debt limit, do not exceed the City's net debt limit; and
129319358v2
E. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville,
Minnesota ("Ehlers"), as its independent municipal advisor for the sale of the Bonds and was
therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been
solicited by Ehlers; and
F. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
by the City Clerk, or designee, at the office of Ehlers, at 11:00 A.M. on the date hereof, pursuant
to the Preliminary Official Statement for the Bonds, dated October 5, 2023; and
G. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
entry form as hereinafter provided;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota
Heights, Minnesota, as follows:
1. Acceptance of Proposal. The proposal of Robert W. Baird & Co. Incorporated,
Milwaukee, Wisconsin (the "Purchaser"), to purchase the Bonds in accordance with the
Preliminary Official Statement, at the rates of interest hereinafter set forth, and to pay therefor
the sum of $1,045,799.17, plus interest accrued to settlement, is hereby found, determined and
declared to be the most favorable proposal received and is hereby accepted and the Bonds are
hereby awarded to the Purchaser. The Finance Director is directed to retain the deposit of the
Purchaser.
2. Bond Terms.
(a) Original Issue Date; Denominations; Maturities; Term Bond Option. The Bonds
shall be dated November 87 2023, as the date of original issue, shall be issued forthwith on or
after such date in fully registered form, shall be numbered from R-1 upward in the denomination
of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized
)enominations") and shall mature on February 1 in the years and amounts as follows:
Year Amount Year Amount
2026
$95,000
2031 $115,000
2027
100,000
2032 125,000
2028
100,000
2034* 265,000
2029
105,000
2030
110,000
* Term Bond
As maybe requested by the Purchaser, one or more term Bonds maybe issued having
mandatory sinking fund redemption and final maturity amounts conforming to the foregoing
principal repayment schedule, and corresponding additions may be made to the provisions of the
applicable Bond(s).
(b)
Book
Entry
Only
System.
The
Depository Trust Company, a limited purpose
trust company
organized under
the
laws
of the
State of New York or any of its successors or its
129319358v2
successors to its functions hereunder (the "Depository") will act as securities depository for the
Bonds, and to this end:
(i) The Bonds shall be initially issued and, so long as they remain in book
entry form only (the "Book Entry Only Period"), shall at all times be in the form of a
separate single fully registered Bond for each maturity of the Bonds; and for purposes of
complying with this requirement under paragraphs 5 and 10 Authorized Denominations
for any Bond shall be deemed to be limited during the Book Entry Only Period to the
outstanding principal amount of that Bond.
(ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond
register maintained by the Bond Registrar (as hereinafter defined) in the name of CEDE
& CO., as the nominee (it or any nominee of the existing or a successor Depository, the
"Nominee").
(iii) With respect to the Bonds neither the City nor the Bond Registrar shall
have any responsibility or obligation to any broker, dealer, bank, or any other financial
institution for which the Depository holds Bonds as securities depository (the
"Participant") or the person for which a Participant holds an interest in the Bonds shown
on the books and records of the Participant (the "Beneficial Owner"). Without limiting
the immediately preceding sentence, neither the City, nor the Bond Registrar, shall have
any such responsibility or obligation with respect to (A) the accuracy of the records of the
Depository, the Nominee or any Participant with respect to any ownership interest in the
Bonds, or (B) the delivery to any Participant, any Owner or any other person, other than
the Depository, of any notice with respect to the Bonds, including any notice of
redemption, or (C) the payment to any Participant, any Beneficial Owner or any other
person, other than the Depository, of any amount with respect to the principal of or
premium, if any, or interest on the Bonds, or (D) the consent given or other action taken
by the Depository as the Registered Holder of any Bonds (the "Holder"). For purposes of
securing the vote or consent of any Holder under this Resolution, the City may, however,
rely upon an omnibus proxy under which the Depository assigns its consenting or voting
rights to certain Participants to whose accounts the Bonds are credited on the record date
identified in a listing attached to the omnibus proxy.
(iv) The City and the Bond Registrar may treat as and deem the Depository to
be the absolute owner of the Bonds for the purpose of payment of the principal of and
premium, if any, and interest on the Bonds, for the purpose of giving notices of
redemption and other matters with respect to the Bonds, for the purpose of obtaining any
consent or other action to be taken by Holders for the purpose of registering transfers
with respect to such Bonds, and for all purpose whatsoever. The Bond Registrar, as
paying agent hereunder, shall pay all principal of and premium, if any, and interest on the
Bonds only to the Holder or the Holders of the Bonds as shown on the bond register, 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 premium, if any, and interest on the Bonds
to the extent of the sum or sums so paid.
1293193S8v2
(v) Upon delivery by the Depository to the Bond Registrar of written notice to
the effect that the Depository has determined to substitute a new Nominee in place of the
existing Nominee, and subject to the transfer provisions in paragraph 10, references to the
Nominee hereunder shall refer to such new Nominee.
(vi) So long as any on is registered in the name of a Nominee, all payments
with respect to the principal of and premium, if any, and interest on such Bond and all
notices with respect to such Bond shall be made and given, respectively, by the Bond
Registrar or City, as the case may be, to the Depository as provided in the Letter of
Representations to the Depository required by the Depository as a condition to its acting
as book -entry Depository for the Bonds (said Letter of Representations, together with any
replacement thereof or amendment or substitute thereto, including any standard
procedures or policies referenced therein or applicable thereto respecting the procedures
and other matters relating to the Depository's role as book -entry Depository for the
Bonds, collectively hereinafter referred to as the "Letter of Representations").
(vii) All transfers of beneficial ownership interests in each Bond issued in
book -entry form shall be limited in principal amount to Authorized Denominations and
shall be effected by procedures by the Depository with the Participants for recording and
transferring the ownership of beneficial interests in such Bonds.
(viii) In connection with any notice or other communication to be provided to
the Holders pursuant to this Resolution by the City or Bond Registrar with respect to any
consent or other action to be taken by Holders, the Depository shall consider the date of
receipt of notice requesting such consent or other action as the record date for such
consent or other action; provided, that the City or the Bond Registrar may establish a
special record date for such consent or other action. The City or the Bond Registrar shall,
to the extent possible, give the Depository notice of such special record date not less than
15 calendar days in advance of such special record date to the extent possible.
(ix) Any successor Bond Registrar in its written acceptance of its duties under
this Resolution and any paying agency/bond registrar agreement, shall agree to take any
actions necessary from time to time to comply with the requirements of the Letter of
Representations.
(c)
Termination of
Book
-Entry
Only
Discontinuance
of a particular
Depository's
services and termination of the book -entry
only system may
be effected as follows:
(i) The Depository may determine to discontinue providing its services with
respect to the Bonds at any time by giving written notice to the City and discharging its
responsibilities with respect thereto under applicable law. The City may terminate the
services of the Depository with respect to the Bond if it determines that the Depository is
no longer able to carry out its functions as securities depository or the continuation of the
system of book -entry transfers through the Depository is not in the best interests of the
City or the Beneficial Owners.
129319358v2
(ii) Upon termination of the services of the Depository as provided in the
preceding paragraph, and if no substitute securities depository is willing to undertake the
functions of the Depository hereunder can be found which, in the opinion of the City, is
willing and able to assume such functions upon reasonable or customary terms, or if the
City determines that it is in the best interests of the City or the Beneficial Owners of the
Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds
shall no longer be registered as being registered in the bond register in the name of the
Nominee, but may be registered in whatever name or names the Holder of the Bonds
shall designate at that time, in accordance with paragraph 10. To the extent that the
Beneficial Owners are designated as the transferee by the Holders, in accordance with
paragraph 10, the Bonds will be delivered to the Beneficial Owners.
(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of
paragraph 10.
(d) Letter of Representations. The provisions in the Letter of Representation are
incorporated herein by reference and made a part of the resolution, and if and to the extent any
such provisions are inconsistent with the other provisions of this resolution, the provisions in the
Letter of Representation shall control.
3. Purpose. The Bonds shall provide funds to finance the Improvements. The total
cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the
Improvements shall proceed with due diligence to completion. The City covenants that it shall
do all things and perform all acts required of it to assure that work on the Improvements
proceeds with due diligence to completion and that any and all permits and studies required
under law for the Improvements are obtained.
4. Interest. The Bonds shall bear interest payable semiannually on February 1 and
August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 2024,
calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per
annum set forth opposite the maturity years as follows:
Maturity Year Interest Rate Maturity Year Interest Rate
2026
5.00%
2031 5.00%
2027
5.00
2032 5.00
2028
5.00
2034 4.00
2029
5.00
2030
5.00
* Term Bond
5. Optional Redemption. All Bonds maturing February I, 2033 and thereafter shall
be subject to redemption and prepayment at the option of the City on February 1, 2032, and on
any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part
of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal
amounts within each maturity to be redeemed shall be determined by the City; and if only part of
the Bonds having a common maturity date are called for prepayment, the specific Bonds to be
129319358v2
prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for
redemption shall be due and payable on the redemption date, and interest thereon shall cease to
accrue from and after the redemption date. Mailed notice of redemption shall be given to the
paying agent and to each affected registered holder of the Bonds not more than sixty (60) days
and not fewer than thirty (30) days prior to the date fixed for redemption.
To effect a partial redemption of Bonds having a common maturity date, the Bond
Registrar prior to giving notice of redemption shall assign to each Bond having a common
maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The
Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in
its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for
each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be
redeemed shall be the Bonds to which were assigned numbers so selected; provided, however,
that only so much of the principal amount of each such Bond of a denomination of more than
$5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If
a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the
City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the
City and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly
authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall
authenticate and deliver to the Holder of the Bond, without service charge, a new Bond or Bonds
having the same stated maturity and interest rate and of any Authorized Denomination or
Denominations, as requested by the Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond so surrendered
6. Bond Registrar. Bond Trust Services Corporation, in Roseville, Minnesota, is
appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond
Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all
pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith.
The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is
duly appointed. Principal and interest on the Bonds shall be paid to the registered Holders (or
record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 12.
7. Form of Bond. The Bonds, together with the Bond Registrar's Certificate of
Authentication, the form of Assignment and the registration information thereon, shall be in
substantially the following form:
129319358v2
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
R-2U&5- p8
$ I,ols, OOo
GENERAL OBLIGATION STREET RECONSTRUCTION BOND, SERIES 2023A
Intlereppst Rate Maturity Date Date of Original Issue CUSIP
`t•Op % February 1, November 8, 2023 586771
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: 4 1, V l CJj Q O I DOLLARS
THE CITY OF MENDOTA HEIGHTS, DAKOTA COUNTY, MINNESOTA (the
"Issuer"), certifies that it is indebted and for value received promises to pay to the registered
owner specified above, or registered assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturity date specified above, unless called for earlier
redemption and to pay interest thereon semiannually on February 1 and August 1 of each year
(each, an "Interest Payment Date"), commencing August 1, 2024, at the rate per annum specified
above (calculated on the basis of a 360-day year of twelve 30-day months) until the principal
sum is paid or has been provided for. This Bond will bear interest from the most recent Interest
Payment Date to which interest has been paid or, if no interest has been paid, from the date of
original issue hereof. The principal of and premium, if any, on this Bond are payable upon
presentation and surrender hereof at the principal office of Bond Trust Services Corporation, in
Roseville, Minnesota (the 'Bond Registrar"), acting as paying agent, or any successor paying
agent duly appointed by the Issuer. Interest on this Bond will be paid on each Interest Payment
Date by check or draft mailed to the person in whose name this Bond is registered (the "Holder"
or 'Bondholder") on the registration books of the Issuer maintained by the Bond Registrar and at
the address appearing thereon at the close of business on the fifteenth (15'h) day of the calendar
month next preceding such Interest Payment Date (the "Regular Record Date"), Any interest not
so timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular
Record Date, and shall be payable to the person who is the Holder hereof at the close of business
on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes
available for payment of the defaulted interest. Notice of the Special Record Date shall be given
to Bondholders not less than ten days prior to the Special Record Date. The principal of and
premium, if any, and interest on this Bond are payable in lawful money of the United States of
America. So long as this Bond is registered in the name of the Depository or its Nominee as
provided in the Resolution hereinafter described, and as those terms are defined therein, payment
of principal of, premium, if any, and interest on this Bond and notice with respect thereto shall be
made as provided in the Letter of Representations, as defined in the Resolution, and surrender of
this Bond shall not be required for payment of the redemption price upon a partial redemption of
this Bond. Until termination of the book -entry only system pursuant to the Resolution, Bonds
may only be registered in the name of the Depository or its Nominee.
7
129319358v2
Optional Redemption. All Bonds of this issue (the "Bonds") maturing February 1, 2033
and thereafter are subject to redemption and prepayment at the option of the Issuer on February
15 2032, and on any date thereafter at a price of par plus accrued interest. Redemption may be in
whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and
the principal amounts within each maturity to be redeemed shall be determined by the Issuer; and
if only part of the Bonds having a common maturity date are called for prepayment, the specific
Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof
called for redemption shall be due and payable on the redemption date, and interest thereon shall
cease to accrue from and after the redemption date. Mailed notice of redemption shall be given
to the paying agent and to each affected registered holder of the Bonds not more than sixty (60)
days and not fewer than thirty (30) days prior to the date fixed for redemption.
Prior to the date on which any Bond or Bonds are directed by the Issuer to be redeemed
in advance of maturity, the Issuer will cause notice of the call thereof for redemption identifying
the Bonds to be redeemed to be mailed to the Bond Registrar and all Bondholders, at the
addresses shown on the Bond Register. All Bonds so called for redemption will cease to bear
interest on the specified redemption date, provided funds for their redemption have been duly
deposited.
Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption
of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a
common maturity date a distinctive number for each $5,000 of the principal amount of such
Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall
deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at
$5,000 for each number, shall equal the principal amount of the Bonds to be redeemed. The
Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided,
however, that only so much of the principal amount of such Bond of a denomination of more
than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so
selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar
with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's
attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of the Bond, without service charge, a new
Bond or Bonds having the same stated maturity and interest rate and of any Authorized
Denomination or Denominations, as requested by the Holder, in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered.
Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal
amount of $1,015,000, all of like date of original issue and tenor, except as to number, maturity,
interest rate, denomination and redemption privilege, issued pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by
the City Council on October 17, 2023 (the "Resolution"), for the purpose of providing money to
finance street reconstruction improvements within the jurisdiction of the Issuer. This Bond is
payable out of the General Obligation Street Reconstruction Bonds, Series 2023A Fund of the
Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the
prompt and full payment of its principal, premium, if any, and interest when the same become
129319358v2
due, the full in and credit and taxing powers of the Issuer have been and are hereby
irrevocably pledged.
Denominations; Exchange; Resolution. The Bonds are issuable solely in fully registered
form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully
registered Bonds of other Authorized Denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner and subject to the limitations
provided in the Resolution. Reference is hereby made to the Resolution for a description of the
rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal
office of the Bond Registrar.
Transfer. This Bond is transferable by the Holder in person or by the Holder's attorney
duly authorized in writing at the principal office of the Bond Registrar upon presentation and
surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the
Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond
Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and
deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized
Denomination or Denominations, in aggregate principal amount equal to the principal amount of
this Bond, of the same maturity and bearing interest at the same rate.
Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection with the transfer
or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds.
Treatment of Registered Owners. The Issuer and Bond Registrar may treat the person in
whose name this Bond is registered as the owner hereof for the purpose of receiving payment as
herein provided (except as otherwise provided herein with respect to the Record Date) and for all
other purposes, whether or not this Bond shall be overdue, and neither the Issuer nor the Bond
Registrar shall be affected by notice to the contrary.
Authentication. This Bond shall not be valid or become obligatory for any purpose or be
entitled to any security unless the Certificate of Authentication hereon shall have been executed
by the Bond Registrar,
Qualified Tax -Exempt Obli ag tion. This Bond has been designated by the Issuer as a
"qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue
Code of 1986, as amended.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things
required by the Constitution and laws of the State of Minnesota to be done, to happen and to be
performed, precedent to and in the issuance of this Bond, have been done, have happened and
have been performed, in regular and due form, time and manner as required by law, and that this
Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof
and the date of its issuance and delivery to the original purchaser, does not exceed any
constitutional or statutory limitation of indebtedness.
129319358v2
IN WITNESS WHEREOF, the City of Mendota Heights, Dakota County, Minnesota, by
its City Council has caused this Bond to be executed on its behalf by the facsimile signatures of
its Mayor and Its City Clerk, the corporate seal of the Issuer having been intentionally omitted as
permitted by law.
Date of Registration:
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned
Within.
BOND TRUST SERVICES
CORPORATION
Roseville, Minnesota
Bond Registrar
By:
Authorized Signature
Registrable by: BOND TRUST SERVICES
CORPORATION
Payable at: BOND TRUST SERVICES
CORPORATION
CITY OF MENDOTA HEIGHTS,
DAKOTA COUNTY, MINNESOTA
Facsimile
Mayor
Facsimile
City Clerk
10
129319358v1
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this Bond, shall
be construed as though they were written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
7T TEN - as joint tenants with right of survivorship and not as tenants in common
UTMA - as custodian for
(Gust) (Minor)
under the Uniform Transfers to Minors Act
(State)
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and does hereby
irrevocably
constitute and appoint
attorney to transfer
the Bond on the
books kept
for the registration thereof,
with full power of substitution in the
premises.
Dated:
Notice: The assignor's signature to this assigmnent must
correspond with the name as it appears upon the
face of the within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
Signatures) must be guaranteed by a national bank or trust company or by a brokerage firm
having a membership in one of the major stock exchanges or any other "Eligible Guarantor
Institution" as defined in 17 CFR 240.17 AdA 5(a)(2).
The Bond Registrar will not affect transfer of this Bond unless the information
concerning the ri•ansferee requested below is provided.
60104
ififl�lM
(Include information for all joint owners if the Bond is held by joint account.)
11
129319358v2
8. Execution. The Bonds shall be in typewritten form, shall be executed on behalf of
the City by the signatures of its Mayor and City Clerk and be sealed with the seal of the City;
provided, as permitted by law, both signatures may be photocopied facsimiles and the corporate
seal has been omitted. In the event of disability or resignation or other absence of either officer,
the Bonds may be signed by the manual or facsimile signature of the officer who may act on
behalf of the absent or disabled officer. In case either officer whose signature or facsimile of
whose signature shall appear on the Bonds shall cease to be such officer before the delivery of
the Bonds, the signature or facsimile shall nevertheless be valid and sufficient for all purposes,
the same as if the officer had remained in office until delivery.
9. Authentication. No Bond shall be valid or obligatory for any purpose or be
entitled to any security or benefit under this resolution unless a Certificate of Authentication on
such Bond, substantially in the form hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of Authentication on different
Bonds need not be signed by the same person. The Bond Registrar shall authenticate the
signatures of officers of the City on each Bond by execution of the Certificate of Authentication
on the Bond and by inserting as the date of registration in the space provided the date on which
the Bond is authenticated, except that for purposes of delivering the original Bonds to the
Purchaser, the Bond Registrar shall insert as a date of registration the date of original issue of
November 8, 2023. The Certificate of Authentication so executed on each Bond shall be
conclusive evidence that it has been authenticated and delivered under this resolution.
10. Registration; Transfer; Exchange. The City will cause to be kept at the principal
office of the Bond Registrar a bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of Bonds
and the registration of transfers of Bonds entitled to be registered or transferred as herein
provided.
Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the
City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of
registration (as provided in paragraph 9) of, and deliver, in the name of the designated transferee
or transferees, one or more new Bonds of any Authorized Denomination or Denominations of a
like aggregate principal amount, having the same stated maturity and interest rate, as requested
by the transferor; provided, however, that no Bond may be registered in blank or in the name of
"bearer" or similar designation.
At the option of the Holder, Bonds may be exchanged for Bonds of any Authorized
Denomination or Denominations of a like aggregate principal amount and stated maturity, upon
surrender of the Bonds to be exchanged at the principal office of the Bond Registrar. Whenever
any Bonds are so surrendered for exchange, the City shall execute (if necessary), and the Bond
Registrar shall authenticate, insert the date of registration of, and deliver the Bonds which the
Holder making the exchange is entitled to receive.
All Bonds surrendered upon any exchange or transfer provided for in this resolution shall
be promptly canceled by the Bond Registrar and thereafter disposed of as directed by the City.
12
1293I9358v2
All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general
obligations of the City evidencing the same debt, and entitled to the same benefits under this
resolution, as the Bonds surrendered for such exchange or transfer.
Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or
be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar,
duly executed by the Holder thereof or the Holder's attorney duly authorized in writing.
The Bond Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or exchange of any Bond and any
legal or unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject to reasonable regulations of the City contained in any
agreement with the Bond Registrar, including regulations which permit the Bond Registrar to
close its transfer books between record dates and payment dates. The Finance Director is hereby
authorized to negotiate and execute the terms of said agreement.
11. Rightspon Transfer or Exchange. Each Bond delivered upon transfer of or in
exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Bond.
12, Interest Payment, Record Date. Interest on any Bond shall be paid on each
Interest Payment Date by check or draft mailed to the person in whose name the Bond is
registered (the "Holder") on the registration books of the City maintained by the Bond Registrar
and at the address appearing thereon at the close of business on the fifteenth (15th) day of the
calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any
such interest not so timely paid shall cease to be payable to the person who is the Holder thereof
as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at
the close of business on a date (the "Special Record Date") fixed by the Bond Registrar
whenever money becomes available for payment of the defaulted interest. Notice of the Special
Record Date shall be given by the Bond Registrar to the Holders not less than ten days prior to
the Special Record Date.
13. Treatment of Registered Owner. The City and Bond Registrar may treat the
person in whose name any Bond is registered as the owner of such Bond for the purpose of
receiving payment of principal of and premium, if any, and interest (subject to the payment
provisions in paragraph 12) on, such Bond and for all other purposes whatsoever whether or not
such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by
notice to the contrary.
14. Delivery, Application of Proceeds. The Bonds when so prepared and executed
shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price,
and the Purchaser shall not be obliged to see to the proper application thereof.
15. Funds. There is hereby established a special fund to be designated the "General
Obligation Street Reconstruction Bonds, Series 2023A Fund" (the "Fund") to be administered
and maintained by the Finance Director as a bookkeeping account separate and apart from all
other funds maintained in the official financial records of the City. The Fund shall be maintained
13
129319358v2
in the manner herein specified until all of the Bonds and the interest thereon have been fully
paid. There shall be maintained in the Fund the following two (2) separate accounts, to be
designated the "Construction Account" and "Debt Service Account", respectively.
(a) Conshuction Account. To the Construction Accowuit there shall be credited the
proceeds of the sale of the Bonds, less capitalized interest. From the Construction Account there
shall be paid all costs and expenses of making the Improvements, including the cost of any
construction contracts heretofore let and all other costs incurred and to be incurred of the kind
authorized in Minnesota Statutes, Section 475.65. Moneys in the Construction Account shall be
used for no other purpose except as otherwise provided by law; provided that the proceeds of the
Bonds may also be used to the extent necessary to pay interest on the Bonds due prior to the
anticipated date of commencement of the collection of taxes herein levied or covenanted to be
levied; and provided further that if upon completion of the Improvements there shall remain any
unexpended balance in the Conshuction Account, the balance shall be transferred to the Debt
Service Account.
(b) Debt Service Account. There are hereby irrevocably appropriated and pledged
and shall be credited to the Debt Service Account (i) capitalized interest in the amount of
$59,189.72 (together with interest earnings thereon and subject to such other adjustments as are
appropriate) to provide sufficient funds to pay interest due on the Bonds on or before August 1,
2024); (ii) all collections of taxes herein or hereafter levied for the payment of the Bonds; (iii) all
funds remaining in the Construction Account after completion of the Improvements and payment
of the costs thereof, (iv) all investment earnings on funds held in the Debt Service Account; and
(v) any and all other moneys which are properly available and are appropriated by the governing
body of the City to the Debt Service Account. The amount of any surplus remaining in the Debt
Service Account when the Bonds and interest thereon are paid shall be used consistent with
Minnesota Statutes, Section 475.61, Subdivision 4. The Debt Service Account shall be used
solely to pay the principal and interest on the Bonds and any other general obligation bonds of
the City hereafter issued by the City and made payable from the Debt Service Account as
provided by law.
No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire
higher yielding investments or to replace funds which were used directly or indirectly to acquire
higher yielding investments, except (i) for a reasonable temporary period until such proceeds are
needed for the purpose for which the Bonds were issued and (ii) in addition to the above in an
amount not greater than the lesser of five percent of the proceeds of the Bonds or $100,000. To
this effect, any proceeds of the Bonds and any sums from time to time held in the Construction
Account or Debt Service Account (or any other City account which will be used to pay principal
or interest to become due on the bonds payable therefrom) in excess of amounts which wider
then applicable federal arbitrage regulations may be invested without regard to yield shall not be
invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage
regulations on such investments after taking into account any applicable "temporary periods" or
"minor portion" made available under the federal arbitrage regulations. Money in the
Construction Account shall not be invested in obligations or deposits issued by, guaranteed by or
insured by the United States or any agency or instrumentality thereof if and to the extent that
such investment would cause the Bonds to be "federally guaranteed" within the meaning of
Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code").
14
�`�xsex�:rt
16. Tax Levy; Coverage Test. To provide moneys for payment of the principal and
interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct
annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of
other general property taxes in the City for the years and in the amounts as follows:
Years of Tax Levy Years of Tax Collection Amount
SEE ATTACHED SCHEDULE IN EXHIBIT B
The tax levies are such that if collected in full they will produce at least five percent in
excess of the amount needed to meet when due the principal and interest payments on the Bonds.
The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid,
provided that the City reserves the right and power to reduce the levies in the manner and to the
extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3,
17. General Obligation Pledge. For the prompt and full payment of the principal and
interest on the Bonds, as the same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt
Service Account is ever insufficient to pay all principal and interest then due on the Bonds and
any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds
of the City which are available for such purpose, and such other funds may be reimbursed with
or without interest from the Debt Service Account when a sufficient balance is available therein.
18. Defeasance. When all Bonds have been discharged as provided in this paragraph,
all pledges, covenants and other rights granted by this resolution to the registered holders of the
Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with
respect to any Bonds which are due on any date by irrevocably depositing with the Bond
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 Bond
Registrar a sum sufficient for the payment thereof in full with interest accrued 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 Bond Registrar on or before that date a sum sufficient for the payment thereof in full,
provided that notice of redemption thereof has been duly given. The City may also at any time
discharge its obligations with respect to any Bonds, subject to the provisions of law now or
hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a
suitable banking institution qualified by law as an escrow agent for this purpose, cash or
securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest
payable at such times and at such rates and maturing on such dates as shall be required, without
regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if
notice of redemption as herein required has been duly provided for, to such earlier redemption
date.
19. Compliance With Reimbursement Bond Regulations. The provisions of this
paragraph are intended to establish and provide fox the City's compliance with United States
Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the
"reimbursement proceeds" of the Bonds, being those portions thereof which will be used by the
129319358v2
City to reimburse itself for any expenditure which the City paid or will have paid prior to the
Closing Date (a "Reimbursement Expenditure").
The City hereby certifies and/or covenants as follows:
(a) Not later than 60 days after the date of payment of a Reimbursement Expenditure,
the City (or person designated to do so on behalf of the City) has made or will have made a
written declaration of the City's official intent (a "Declaration") which effectively (i) states the
City's reasonable expectation to reimburse itself for the payment of the Reimbursement
Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional
description of the property, project or program to which the Declaration relates and for which the
Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the
general functional purpose thereof from which the Reimbursement Expenditure was to be paid
(collectively the "Program"); and (iii) states the maximum principal amount of debt expected to
be issued by the City for the purpose of financing the Program; provided, however, that no such
Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for
the Program, defined in the Reimbursement Regulations to include engineering or architectural,
surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not
exceed 20% of the "issue price" of the Bonds, and (ii) a de minimis amount of Reimbursement
Expenditures not in excess of the lesser of $100,000 or 5% of the proceeds of the Bonds.
(b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of
the Bonds or any of the other types of expenditures described in Section 1.150-2(d)(3) of the
Reimbursement Regulations.
(c) The "reimbursement allocation" described in the Reimbursement Regulations for
each Reimbursement Expenditure shall and will be made forthwith following (but not prior to)
the issuance of the Bonds, and not later than three years after the later of (i) the date of the
payment of the Reimbursement Expenditure, or (ii) the date on which the Project to which the
Reimbursement Expenditure relates is first placed in service.
(d) Each such reimbursement allocation will be made in a writing that evidences the
City's use of Bond proceeds to reimburse the Reimbursement Expenditure and, if made within 30
days after the Bonds are issued, shall be treated as made on the day the Bonds are issued.
Provided, however, that the City may take action contrary to any of the foregoing
covenants in this paragraph upon receipt of an opinion of its Bond Counsel for the Bonds stating
in effect that such action will not impair the tax-exempt status of the Bonds.
20, Continuing Disclosure. The City is the sole obligated person with respect to the
Bonds. The City hereby agrees, in accordance with the provisions of Rule 15e2-12 (the "Rule"),
promulgated by the Securities and Exchange Commission (the "Commission") pursuant to the
Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the
"Undertaking") hereinafter described to:
(a) Provide or cause to be provided to the Municipal Securities Rulemaking Board
(the "MSRB") by filing at www.emma.msrb.org in accordance with the Rule, certain annual
16
129319358v2
financial information and operating data in accordance with the Undertaking. The City reserves
the right to modify from time to time the terms of the Undertaking as provided therein.
(b) Provide or cause to be provided to the MSRB notice of the occurrence of certain
events with respect to the Bonds in not more than ten (10) business days after the occurrence of
the event, in accordance with the Undertaking.
(c) Provide or cause to be provided to the MSRB notice of a failure by the City to
provide the annual financial information with respect to the City described in the Undertaking, in
not more than ten (10) business days following such occurrence.
(d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph
and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be
enforceable on behalf of such Holders; provided that the right to enforce the provisions of these
covenants shall be limited to a right to obtain specific enforcement of the City's obligations under
the covenants.
The Mayor and City Clerk of the City, or any other officer of the City authorized to act in
their place (the "Officers") are hereby authorized and directed to execute on behalf of the City the
Undertaking in substantially the form presented to the City Council subject to such modifications
thereof or additions thereto as are (i) consistent with the requirements under the Rule, (ii) required
by the Purchaser of the Bonds, and (iii) acceptable to the Officers.
21. Certificate of Registration and Tax Levy. A certified copy of this resolution is
hereby directed to be filed with the County Auditor of Dakota County, Minnesota, together with
such other information as the County Auditor shall require, and there shall be obtained from the
County Auditor a certificate that the Bonds have been entered in the County Auditor's Bond
Register and the tax levy required by law has been made.
22. Records and Certificates. The officers of the City are hereby authorized and
directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the
issuance of the Bonds, certified copies of all proceedings and records of the City relating to the
Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates
and information as are required to show the facts relating to the legality and marketability of the
Bonds as the same appear from the books and records under their custody and control or as
otherwise known to them, and all such certified copies, certificates and affidavits, including any
heretofore furnished, shall be deemed representations of the City as to the facts recited therein.
23. Negative Covenant as to Use of Proceeds and Improvements. The City hereby
covenants not to use the proceeds of the Bonds or to use the Improvements, or to cause or permit
them to be used, or to enter into any deferred payment arrangements for the cost of the
Improvements, in such a manner as to cause the Bonds to be "private activity bonds" within the
meaning of Sections 103 and 141 through 150 of the Code.
24, Tax -Exempt Status of the Bonds; Rebate. The City shall comply with
requirements necessary under the Code to establish and maintain the exclusion from gross
income under Section 103 of the Code of the interest on the Bonds, including without limitation
(i) requirements relating to temporary periods for investments, (ii) limitations on amounts
17
129379358v2
invested at a yield greater than the yield on the Bonds, and (iii) the rebate of excess investment
earnings to the United States if the Bonds (together with other obligations reasonably expected to
be issued and outstanding at one time in this calendar year) exceed the small -issuer exception
amount of $5,000,000.
For purposes of qualifying for the small issuer exception to the federal arbitrage rebate
requirements for governmental units issuing $5,000,000 or less of bonds, the City hereby finds,
determines and declares that (i) the Bonds are issued by a governmental unit with general taxing
powers; (ii) no Bonds are a private activity bond; (iii) 95% or more of the net proceeds of the
Bonds are to be used for local governmental activities of the City (or of a governmental unit the
jurisdiction of which is entirely within the jurisdiction of the City); and (iv) the aggregate face
amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all
entities subordinate to, or treated as one issuer with the City) during the calendar year in which
the Bonds are issued and outstanding at one time is not reasonably expected to exceed
$5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code.
25. Designation of Qualified Tax -Exempt Obli atg ions. In order to qualify the Bonds
as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the
City hereby makes the following factual statements and representations:
(a) the Bonds are issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code;
(c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for
purposes of Section 265(b)(3) of the Code;
(d) the reasonably anticipated amount oftax-exempt obligations (other than private
activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will
be issued by the City (and all entities treated as one issuer with the City, and all subordinate
entities whose obligations are treated as issued by the City) during this calendar year 2023 will
not exceed $10,000,000; and
(e)
not more than $10,000,000 of obligations
issued by
the City during this calendar
year 2023
have been designated for purposes of Section
265(b)(3)
of the Code; and
(f) the aggregate face amount of the Bonds does not exceed $10,000,000.
The
City shall use
its
best efforts to
comply with any
federal
procedural requirements
which may
apply in order
to
effectuate the
designation made
by this
paragraph.
26. Official Statement. The Official Statement relating to the Bonds prepared and
distributed by Ehlers is hereby approved and the officers of the City are authorized in connection
with the delivery of the Bonds to sign such certificates as may be necessary with respect to the
completeness and accuracy of the Official Statement.
27.
Payment
of
Issuance
Expenses. The
City authorizes the Purchaser
to forward the
amount of Bond proceeds allocable
to the payment
of issuance expenses to Wells
Fargo Bank,
129319358v2
San Francisco, California on the closing date for further distribution as directed by the City's
financial advisor, Ehlers.
28, Severability. If any section, paragraph or provision of this resolution shall be held
to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section,
paragraph or provision shall not affect any of the remaining provisions of this resolution.
29. Headings. Headings in this resolution are included for convenience of reference
only and are not a part hereof, and shall not limit or define the meaning of any provision hereof.
The motion for the adoption of the foregoing resolution was duly seconded by member
Altl( and, after a full discussion thereof and upon a vote being taken thereon,
the following voted in favor thereof:
and the following voted against the same: �J ,
Whereupon the resolution was declared duly passed and adopted.
19
129319358v2
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and acting City Clerk of the City of Mendota
Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office, and that the same is a full, true
and complete transcript of the minutes of a meeting of the City Council duly called and held on
the date therein indicated, insofar as the minutes relate to considering proposals and awarding the
competitive negotiated sale of $1,015,000 General Obligation Street Reconstruction Bonds,
Series 2023A.
WITNESS my hand on October 17, 2023
20
129319358v2
EXHIBIT A
PROPOSALS
51,451),QQO" General t}6llgatlan Street Reoonstructian bonds. Series 4028A
City of Mendota Heights, Minnesota
SALE: October 17, 2023
AWARD: BAIRO
Rnting: S�:.P Glitbal Raungs'AAA"
NAME GF-BIDDER
HARD
MdLeyWkeb, Wtscnnxm
�.�1. King & Assu cin vs
Colliers Securities LLC
Fidclily Capilal Markcis
Cw" & Ashociates„ Inc.
Country Club Hank
Sicma Pacific Securities
Alliance Ginbal Partners
t:eladon Financinl Gneup, LLC`.
[saak Bond Investments, Inc
Carty & Company, Inc.
Wintrust Iovcsimenus, LLC
FMS Hands Inc.
Centmi States Capital Markets
Midland Securities
Muhi Bank Sororities Inc.
Firsi Soudicm LLC
Dinosaur Securities
First Bnnkerx` Banc Securitiex,. Inc.
Monntainside Sccutitiu LLC
Scopnn (ilobai Securities LLC
AORTHLAN(A SECLIRIT'tES, IN
Minuenpnlis, kiiomsam
HGR1v.ARDt SECURITIES, ['YC.
Chicago. Illinois
M1iANA[TY
(Fehtaarf 17
REOFFERING
C'41UK)N
YIELD
]LATE
2172h
3,8 %
5.0414t`r0
20 7
3A)ITli
5.40Mr
2029
3.750%1
5.00t1!L.
202'Y
3.75096
S lt14M^.4
2030
31-%%
30(106*
2031
3.7704e
5.00t1°-'a
2032
3-m(w) ,
5.0(ti?'v
M33"
4.Uili)%
4.471106.,f
2034'
4.00011;„
4A(W°s
' Subsequent
to bid opening
the
istiuu tiizc .vae d,ccrcnsad
to 51,(i lS,tlHil_
Ad}'usted Price
='�1,095,7�7�.17
Ad}'ustcd
N'et i0cerest
Cost - 5375,n9f7.S5
t $265,000 Tcim Bond tine 2034 with mandatory reetemptun in 2433.
rsraitaru.•: ccMr.un,irl_s. {rs vJuna WE ou
A-1
Tux Gxumpt -bent`. i,7vulified
TRUE
INTEREST
PRAC'E RATE:
51,61r2SG9. I5 S.0E104°l
SI,t7ESEC,IGLGS 3,133y46
31,092,115,Bp d.2ti13",6
Adjusted Tit'. = 3,f781 I °-Q
129319358v2
EXHIBIT B
TAX LEVY SCHEDULE
Mendota Heights, Minnesota
$1,015,000 General Obligation Street Reconstruction Bonds, Series 2023A
Tax Levy Schedule
Tax
Tax
Bond
Levy
Collect
Pay
Year
Year
Year
Total P+I
CIF
Net New D/S
P & 1 0105 %
Assessments
Net Levy
2022
2023
2024
-
-
-
-
-
2023
2024
2025
59,189,72
(59,199_72)
-
-
12,25532
()2,255.32)
2024
2025
2026
143,100000
-
143,100,00
150,25500
11,79098
138,464.02
2025
2026
2027
143350.00
-
143,35000
150,51750
11732666
139, 190,84
2026
2027
2028
13835000
138350.00
145267.50
10862,32
134405.19
2027
2028
2029
13815000
-
138,350.00
145,267.50
10,39800
134,86950
2028
2029
2030
138,100000
-
138,100.00
145,005,00
9,93366
13%07134
2029
2030
2031
137,600.00
-
137,600.00
144,48000
9146932
13%01068
2030
2031
2032
141,850.00
-
1417850.00
148,94250
9100500
139,937.50
2031
2032
2033
14U,60000
-
140,600,00
147,630,00
9,540.66
139,09934
2032
2033
2034
14040000
-
140,400,00
147420.00
807634
1393T366
Total
$1,320,889.72
(59,199,72)
S11261J00.00
$1,324,785.00
$101,658.26
51,223,126.74
B-1
129319358v2