Res 2024-59 Bond Salek Bridgeview ShoresEXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF MENDOTA HEIGHTS, MINNESOTA
HELD: OCTOBER 15, 2024
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 in the City on
October 15, 2024, at 7:00 P.M., for the purpose, in part, of authorizing the issuance and awarding
the sale of $2,755,000 General Obligation Improvement Bonds, Series 2024A.
The following members were present: Mayor Levine, Councilors: Lorberbaum,
Mazzitello, Miller and Paper
and the following were absent: None
Member Miller infioduced the following resolution and moved its adoption:
RESOLUTION NO.2024-59
RESOLUTION AUTHORIZING THE ISSUANCE AND AWARDING THE
SALE OF $2,755,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 2024A, PLEDGING FOR THE SECURITY THEREOF SPECIAL
ASSESSMENTS AND LEVYING A TAX FOR THE PAYMENT THEREOF
A. WHEREAS, the City Council of the City of Mendota Heights, Minnesota (the
"City") has heretofore determined and declared that it is necessary and expedient to issue
$2,755,000 General Obligation Improvement Bonds, Series 2024A (the "Bonds" or individually,
a "Bond"), pursuant to Minnesota Statutes, Chapters 475 and 429 for the purpose of financing
public improvements in the City (the "Improvements"); and
B. WHEREAS, the Improvements and all their components have been ordered prior
to the date hereof, pursuant to the procedural requirements of Minnesota Statutes, Chapter 429;
and
C. WHEREAS, the Improvements and all their components have been ordered prior
to the date hereof, after a hearing thereon for which notice was given describing the
Improvements or all their components by general nature, estimated cost, and area to be assessed;
and
D. 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 475.6Q Subdivision 2(9) and proposals to purchase the Bonds have been
solicited by Ehlers; and
E.
WHEREAS,
the proposals set forth
on Exhibit A
attached hereto
were
received
by
the Finance
Director , or
designee, at the offices
of Ehlers at
10:00 A.M. this
same
day
134994379v1
pursuant to the Preliminary Official Statement, dated October 3, 2024, established for the Bonds;
and
F. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
entry form as hereinafter provided; and
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 BNY Mellon Capital Markets, LLC,
New York, New York (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 $3,075,598.08, plus interest accrued to settlement, is hereby found, determined and
declared to be the most favorable proposal received, 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. The Bonds shall be dated
November 5, 2024, as the date of original issue, be issued forthwith on or after such date in fully
registered form, 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 Denominations") and mature on
February 1 in the years and amounts as follows:
Year Amount
2026
$80,000
2027
260,000
2028
270,000
2029
2805000
2030
285,000
2031
295,000
2032
30500
2033
315,000
2034
325,000
2035
3405000
As may be requested by the Purchaser, one or more term Bonds may be 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 Y 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
successors to its functions hereunder (the "Depository") will act as securities depository for the
Bonds, and to this end:
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I34994379v1
(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 on
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.
134994379v1
(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 fifteen 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-Entrynl�
sue.
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.
134994379v1
(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 (d) shall limit or restrict the provisions of paragraph
10.
(d) Letter of Representations. The provisions in the Letter of Representations 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 Representations shall control.
3. Pu ose. 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, 2025,
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:
Maturitv
, Year Interest Rate
2026
5.00%
2027
5.00
2028
5.00
2029
5.00
2030
5.00
2031
5.00
2032
5.00
2033
5.00
2034
5.00
2035
5.00
134994379v1
5. Redemption. All Bonds maturing on February 1, 2034, and thereafter shall be
subject to redemption and prepayment at the option of the City on February 1, 2033, 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
prepaid shall be chosen by lot by the 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 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 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 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 each 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 Registrar (with, if the City or Registrar so requires, a written
instrument of transfer in form satisfactory to the City and 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 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 Re ig strar. The City hereby appoints Bond Trust Services Corporation, in
Roseville, Minnesota, to act as on 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 in 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:
134994379v1
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2024A
Interest Rate Maturity Date Date of Original Issue CUSIP
5.00% February 1, November 5, 2024 586771
REGISTERED OWNER: CEDE & CO.
il�[�\I�u[�1�1►Y1F.
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, unless called for earlier redemption, in the manner
hereinafter set forth, the principal amount specified above, on the maturity date specified above,
and to pay interest thereon semiannually on February 1 and August 1 of each year (each, an
"Interest Payment Date"), commencing August 1, 2025, at the rate per annum specified above
(calculated on the basis of a 360-day year of twelve thirty -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 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 (I5`") 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.
134994379v1
Optional Redemption. The Bonds of this issue (the "Bonds") maturing on February 1,
2034, and thereafter, are subject to redemption and prepayment at the option of the Issuer on
February 1, 2033, 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 $2,755,000, all of like date of original issue and tenor, except as to number, maturity,
interest rate, redemption privilege and denomination, 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 of the Issuer on October 15, 2024 (the "Resolution"), for the purpose of
providing money to finance public improvements within the jurisdiction of the Issuer. This
Bond is payable out of the General Obligation Improvement Bonds, Series 2024A 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
134994379v1
due, the full faith 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 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; that the
Issuer has covenanted and agreed with the Holders of the Bonds that it will levy a direct, annual,
irrepealable ad valorem tax upon all of the taxable property of the Issuer, without limitation as to
rate or amount, for the years and in amounts sufficient to pay the principal and interest on the
Bonds as they respectively become due, if any sums irrevocably appropriated to the Debt Service
9
134994379v1
Account are insufficient therefor; 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.
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 Administrator, 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,
D \KOTA COUNTY, MINNESOTA
/s/ Facsimile
Mayor
/s/ Facsimile
City Administrator
10
134994379v1
W..
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
JT TEN - as joint tenants with right of survivorship and not as tenants in common
UTMA - as custodian for
(Gust)
under the
(State)
Transfers to Minors Act
Minor
()
Uniform
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:
Signature Guaranteed:
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 any change
whatever.
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 Ad- I5(a)(2).
The Bond Registrar will not affect transfer of this Bond unless the information
concerning the transferee requested below is provided.
Name and Address:
(Include information for all joint owners if the Bond is held by joint account.)
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134994379v1
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 Administrator 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
the 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 5, 2024. 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.
i[]
���eizeriern
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 his, her or its 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. Rights Upon 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 (15`h) 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. Delivem 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. Fund and Accounts. There is hereby created a special fund to be designated the
"General Obligation Improvement Bonds, Series 2024A 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
134994379v1
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 "Construction Account" and 'Debt Service
Account":
(a) Construction Account. To the Construction Account shall be credited the
proceeds of the sale of the Bonds, less capitalized interest, plus any special assessments levied
with respect to the Improvements and collected prior to completion of the Improvements and
payment of the costs thereof. 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; and the 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 receipt of the collection of taxes or special assessments 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 Construction Account, the balance (other than any
special assessments) may be transferred to the Debt Service Account or the fund of any other
improvement instituted pursuant to Minnesota Statutes, Chapter 429, and provided further that
any special assessments credited to the Construction Account shall only be applied towards
payment of the costs of the Improvements upon adoption of a resolution by the City Council
determining that the application of the special assessments for such purpose will not cause the
City to no longer be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1.
(b) Debt Service Account. There are hereby irrevocably appropriated and pledged to,
and there shall be credited to, the Debt Service Account: (i) capitalized interest in the amount of
$101,781.94 (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,
2025; (ii) all collections of special assessments herein covenanted to be levied with respect to the
Improvements and either initially credited to the Construction Account and not already spent a
permitted above and required to pay any principal and interest due on the Bonds or collected
subsequent to the completion of the Improvements and payment of the costs thereof; (iii) all
collections of taxes herein or hereafter levied for the payment of the Bonds; (iv) all funds
remaining in the Construction Account after completion of the Improvements and payment of the
costs thereof; (v) all investment earnings on funds held in the Debt Service Account; and (vi) 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 and any premiums for redemption of the Bonds and any other general
obligation bonds of the City hereafter issued by the City and made payable from the 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 (1) for a reasonable temporary period until such proceeds are
needed for the purpose for which the Bonds were issued and (2) 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
14
134994379v1
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 under
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 the 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 Fund 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").
16. Special Assessments. It is hereby determined that no less than twenty percent
(20%) of the cost to the City of each Improvement financed hereunder within the meaning of
Minnesota Statutes, Section 475.58, Subdivision 1(3), shall be paid by special assessments to be
levied against every assessable lot, piece and parcel of land benefited by any of the
Improvements. The City hereby covenants and agrees that it will let all construction contracts
not heretofore let within one year after ordering each Improvement financed hereunder unless the
resolution ordering the Improvement specifies a different time limit for the letting of
construction contracts. The City hereby further covenants and agrees that it will do and perform,
as soon as they may be done, all acts and things necessary for the final and valid levy of such
special assessments, and in the event that any such assessment be at any time held invalid with
respect to any lot, piece or parcel of land due to any error, defect, or irregularity in any action or
proceedings taken or to be taken by the City or the City Council or any of the City officers or
employees, either in the making of the assessments or in the performance of any condition
precedent thereto, the City and the City Council will forthwith do all further acts and take all
further proceedings as may be required by law to make the assessments a valid and binding lien
upon such property.
The special assessments have heretofore been authorized. Subject to such adjustments as
are required by conditions in existence at the time the special assessments are levied, it is hereby
determined that the assessments shall be payable in equal, consecutive, annual installments,
including both principal and interest, with interest at a rate per annum set forth below:
Improvement Desi n'� Lew Years Collection Years Amount Rate
See Attached Schedule in Exhibit B
At the time the special assessments are in fact levied the City Council shall, based on the
then current estimated collections of the special assessments, make any adjustments in any ad
valorem taxes required to be levied in order to assure that the City continues to be in compliance
with Minnesota Statutes, Section 475.61, Subdivision 1.
17. Tax Lew. 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:
i67
«res�sicrn
Year of Tax Levy Year of Tax Collection Amount
See Attached Schedule in Exhibit B
18. overage Test. The tax levies are such that if collected in full they, together with
estimated collections of special assessments and other revenues herein pledged for the payment
of the Bonds, 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.
19. 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.
20. 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.
21. Compliance With Reimbursement Bond Regulations. The provisions of this
paragraph are intended to establish and provide for 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
City to reimburse itself for any expenditure which the City paid or will have paid prior to the
Closing Date (a "Reimbursement Expenditure"),
16
134994379v1
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 twenty percent 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 five percent 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.
22. 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 15c2-12 (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
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
17
134994379v1
(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 Ciry Administrator of the Ciry, 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.
23. 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 that the tax levy required by law has been made.
24. 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.
25. Negative Covenant as to Use of Bond 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.
26, 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
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
EF9
iKis�rircrii
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(t)(4)(D) of the Code.
27. 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 2024 will
not exceed $10,000,000; and
(e) not more than $10,000,000 of obligations issued by the City during this calendar
year 2024 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.
28. 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,
29. Payment of Issuance Expense s. The City authorizes the Purchaser to forward the
amount of Bond proceeds allocable to the payment of issuance expenses to Wells Fargo Bank,
National Association, San Francisco, California, on the closing date for further distribution as
directed by Ehlers.
19
(34994379v1
30, 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.
31.
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
Mazzitello and, after a full discussion thereof and upon a vote being taken thereon, the following
voted in favor thereof Mayor Levine, Councilors Lorberbaum, Mazzitello, Miller and Paper
and the following voted against the same: None
Whereupon the resolution was declared duly passed and adopted.
fRLL'i•�k➢L'271
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 of the City, duly called
and held on the date therein indicated, insofar as such minutes relate to authorizing the issuance
and awarding the sale of $2,755,000 General Obligation Improvement Bonds, Series 2024A.
WITNESS my hand on October 15, 2024.
City Cle�
21
fX�i'PZXIIG'I71
EXIEBIT A
PROPOSALS
��EHLERS
BID TABULATION
$3,085,000'
General Obligatbn Improvema[d Bonds Series
2024A
City of Mendota Heighb, Minnesob
SALE: October 15, 2024
AWARD: BNY MELLON CAPITAL MARKETS, LLC
Rating: S&P Global Ralulps'7\AA"
Tas Gempl -Dank
Qwlifinl
1'NUE
hW'1'UNI'IY C(3UY(3N NEOFFENINC
IN'1'ENES7'
NMIE OF UIUUEN
(Febrnap•p NA'CE Y'111.0
PRICE
NA'rE
UNV hfELLON C'AFITAL MANKE'[S.
53,437,8?2.40
2!12II%
LLC"
New Vork, New Yad:
202fi S.000SL Z701hn
2027 S.00pt ? 450'/
202N 5900;L 2.480:4
2UJ AOOOH. 2.500!�
203U S.IIOOY. 2.55(P.4
2U3I 5.000'h 2b5U,u
20_L> 5.000'h 2.720Yo
2033 S.00p. >_N00!e
2034 S.00U/. LNSp/,
2035 S.000!� 2.940Y.
UAIRU 2.95NN•.4
htilwaukcc, N'Iscansin
'lU SUCV W'HFS IU SA) LLC 29731Se
New Ywk. New Yod:
PIFEN SANULER@ CO, 3AINN9n
Chicnyv, Illinois
NOR'IHLANU SECUN[I1L'S, INC. 3.U2N!
Minneapolis, htimesula
Subsequent
to bid opening the
issue sin was decreasal l0 52,755.000.
Adj
lu led Prke:
S3,D7j,59g.08
eWjustaJ Nel Interest Cos
L• 5547,Si 8. N6
Adjusmd TIC:29305yo
a UILL'iNG COMMUNiTICS. Ii'i WI,A' WE n0 iiadx�krs-�nv.�o.�n - 1 (a00) Sit-11]I � wxw.�nicr. li c.cum
A -I
134994379v1
eauE
INTEREST"
NAME OF BIDDER RATE
BROWNS'1`(7NE lNL'ESTAIGN'C 3,Ipgp
CiROCP, LLC
New York, New York
5'I"IEEE, NICOLAUS R COMPANY. 3.1 l 109„
INCORPORATED
Birmingham, Alabama
Bid Tabulation October I5, 2024
City tiCMandata Ileiyhls, �9innatata
53,085,000` General Obligation Irrrprovemen[ Bands Series 2024A Faye 2
134994379v1
i�►�:ir_3_r
SCHEDULES
Mendota Heights, Minnesota
General Obligation Improvement Bonds, Series 2024A
Tax Levy Schedule
Tax
Tax
Band
Lery
Collect
Pay
Year
Vear
Vear
T91aIPN
CIF
Net New D/S
P81 �105%
A9seaanlents
NN Levy
2023
302{
20]5
-
-
-
-
-
2024
I025
2026
230,fi5fi96
(101,i81.94)
14b,B)S.OD
156�18.]S
ISS.SSRb9
]59.R6
20.+3
302fi
Z02]
]93.]SOAD
-
J9J,]SOAD
41J,IJ730
150,33232
ZbJ,0i53R
2026
2027
ZOZ8
]90,]SOAO
-
190,]50.00
410jR]SO
145,2R53{
2fi3.001.9fi
202]
2028
2029
J8T,230AD
J87,ZSOAO
406,fi1230
140.14RdB
3bb,4filb2
202A
2029
2030
J]R,230.00
J)6'SOAD
l9],Ifi250
133,01110
26Z,IS0.J0
2029
2030
2031
J]3,000.00
-
J]4,000.00
J92,]00.00
129,87531
2fi2,824A9
]Ol0
2031
2032
J69,ZSOAII
-
3fi9,230.00
3R7,]1250
124,]l8ffi
26Z,9]J.63
ZQII
20J2
ZO)3
J64,000.00
-
Jfi{,000AO
362j00A10
119.603.1]
Z6Z,59]J13
265,521.17
Twl
Duad Due
Call Due
Mendota Heights, Minnesota
$1,041,922 General Obligation Improvement Bonds, Series 2024A
Assessments
2.0 % over TIC -Equal Principal
Assessments
Date Principal Coupon IMarest Totel PSI
IL31/2025
I04,192.Ib
4.930X
31,366.71
135358.89
11A 12026
104,192.16
4.930%
46,230.06
130,12212
17/J12027
104,192.Ifi
4.930%
41,093.38
143,28334
17/J12026
104,192.Ib
4.930%
33,936.72
I40,U8.88
12/J12029
104,192.16
4.930%
30,820.0/
133,012.20
12/J120J0
104,192.13
4.930%
25.683.36
129,875.31
II/J12031
104,192.15
4.9J0%
20,316.70
12/.]38,83
1221201E
104,192.13
4.9J0°A
ISA10.02
119,602.1]
11/JI203J
104,192.13
4.910%
1017J34
114.465.49
IL312014
IO4,I92.15
4.970%
S,U6.b8
109J2H.83
Taal
51,041,92133
5282,517A3
81,324,4JB38
Significant Dates
Filivg D{I9 trot/Z025
Fins Pbymml Da19 I2212023
134994379v1