Res 2025-63 Bond Sale Series 2025A Friendly Hills AssessmentEXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF MENDOTA HEIGHTS, MINNESOTA
HELD: OCTOBER 7, 2025
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 7, 2025, at 6:00
P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of $2,625,000
General Obligation Improvement Bonds, Series 2025A.
The following members were present: Mayor Levine, Councilors Lorberbaum, Maczko,
Mazzitello, and Paper
and the following were absent: None
Member Mazzitello introduced the following resolution and moved its adoption:
RESOLUTION NO. 2025-63
RESOLUTION AUTHORIZING THE ISSUANCE AND AWARDING THE
SALE OF $2,625,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 2025A, 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
$2,625,000 General Obligation Improvement Bonds, Series 2025A (the "Bonds" or individually, a
"Bond"), pursuant to Minnesota Statutes, Chapters 475 and 429 to finance the Friendly Hills street
rehabilitation and water main replacement project 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 City has retained Ehlers &Associates, Inc., in Minneapolis,
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
D. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by
the City Clerk, or designee, at the offices of Ehlers at 9:30 A.M. this same day pursuant to the
Prelirninary Official Statement for the Bonds, dated September 25, 2025; and
E. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
entry form as hereinafter provided; and
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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 TD Financial Products 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 $2,872,059.40,
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 October 28, 2025, 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 Year Amount
2028
$240,000
2033
$275,000
2029
2505000
2034
285,000
2030
255,000
2035
295,000
2031
260,000
2036
300,000
2032
27000
2037
19500
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 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
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").
176670284v2
(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.
(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 Bond 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-
c
176670284v2
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
-Entry
Only
S,
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.
(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.
176670284v2
(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. Pur4 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
475,655 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, 2026, 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
2028
5.00%
2033
5.00%
2029
5.00
2034
5.00
2030
5.00
2035
4.00
2031
5.00
2036
4.00
2032
5.00
2037
4.00
5. Redem tion. All Bonds maturing on February 1, 2035, and thereafter shall be
subject oreedemption and prepayment at the option of the City on February 1, 2034, 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 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
176670284v2
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 Registrar. Bond Trust Services Corporation, in Minneapolis, 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 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 form set forth on Exhibit B attached hereto.
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 the Bond,
substantially in the form set forth on Exhibit B attached hereto, 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 October 28, 2025. The
Certificate of Authentication so executed on each Bond shall be conclusive evidence that it has
been authenticated and delivered under this resolution.
10.
42
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
176670284v2
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.
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 cant' 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 (151h) 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
7
176670284d2
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. Fund and Accounts. There is hereby created a special fund to be designated the
"General Obligation Improvement Bonds, Series 2025A 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 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, 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 listed
in paragraph 16, 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) 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, (ii) all collections of taxes herein or hereafter levied for the payment
176670284v2
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 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 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. 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 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:
E
L76690284dL
Improvement Designation Lew Years Collection Years Amount Rate
See Attached Schedule in Exhibit C
At the time the assessments are in fact levied the City Council shall, based on the then
current estimated collections of the 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; 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:
Year of Tax Lew Year of Tax Collection Amount
See Attached Schedule in Exhibit C
The tax levies are such that if collected in full they, together with estimated collections of
special assessments 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.
18. 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.
19. 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
10
176670284v2
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.
20. 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"),
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 Program 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.
11
�ric2snrz:�r�a
21. 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.
(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.
22. Certificate of Reeistration and Tax Levy. A certified copy of this resolution is
hereby directed to be filed with the County Auditor/Treasurer of Dakota County, Minnesota,
together with such other information as the County Auditor/Treasurer shall require, and there shall
be obtained from the County Auditor/Treasurer a certificate that the Bonds have been entered in
the County Auditor/Treasurer's Bond Register, and that the tax levy required by law has been made.
23. Records and Certificates. The officers of the City are hereby authorized and directed
to prepare and furnish to the Purchaser, and to bond counsel, 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.
24.
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
12
17G670284v2
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.
25, 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 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.
26. Designation of Qualified Tax -Exempt Obligations. 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(bA ) of the Code;
(d) the reasonably anticipated amount of tax-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 2025 will not exceed
$10,000,000; and
(e) not more than $10,000,000 of obligations issued by the City during this calendar
year 2025 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.
13
nee�ozsavz
27. 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.
28. 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,
National Association, San Francisco, California, on the closing date for further distribution as
directed by Ehlers.
29, 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.
30. 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
Maczko and, after a full discussion thereof and upon a vote being taken thereon, the following voted
in favor thereof: Mayor Levine, Councilors Lorberbaum, Maczko, Mazzitello, and Paper
and the following voted against the same: None
Whereupon the resolution was declared duly passed and adopted.
14
1766702R4v2
STATE OF MIN NESOTA
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 $2,625,000 General Obligation Improvement Bonds, Series 2025A.
WITNESS my hand on October 7, 2025.
Citj Clerk
15
176670284v2
EXHIBIT A
PROPOSALS
FREERS
BID TABULATION
52,820,000• General Odlgatlon Improvement Bonds, Sedea 2025A
Clry of Mendota Helghls, Minnesota
SALE: October 7, 2025
AWARD: TD SECURITIES (USA) LLC
RatlnK: SRP (ilnbal Rating. "A.\:\" til.�hlc
NA\1 F. OF 1NSfITUTIO,Y
TD FI NANf IA L PRODUCT'S LLC
Ncu• York, Ncu� Yodc
\uR I I II .\ \U SLCli RlTlf•S, INC.
\Ihm<.yv li., \linn.�ot.
1{ROW\STONE INVFSTA{ENT
oROL P. LL('
N.w Turk, \cw Ywk
DOK FI\.\�l' IA L SC•CL'RITI FS
INC.
hl0u�uk.c. W n.wnin
[iAIRD
MBuauF.., \Ynr.unin
\L\TI�RIII'
COUPON
R!:()!{l:RI\/:
(Frbruan 11
RATE
\ Il:I.II
2028
5.000',6
2.a30°a
2029
2030
5.001)!a,
5.000'ii,
2.dW!�
2.a10',:,
2031
2032
2033
2034
2035
5.00090
5.0009.0
5.000':.
5.0009E
J.00D".o
2A20?b
2.SSM,b
2.6709'.
2.7(109L
3.02095
2036
J.0009;.
3.170'b
2037
J.00096
3.320'A
Tax Ezem{x • Bank (htalificri
TRUF.
1NTF.REST
PR ICP. R\TF.
53,085,267.23 2.91{%99;,
2.98979E
3.01207;.
3.OJ079L
3.01729:
RAYh40ND TAMES @ 3.00019;,
ASSOCIA TFS, INC.
9. Pna.burg, Florida
' Subxqucm to bid opcninG the issuc size wu docrcaseJ la 52,625,UW.
AJjuslcJ Pdcc: S2,S7?,UY).411 AJjmlcd Net Inicrest Cali: SWg,c56U2 Adjuslcd 'fIQ 2.9997Y
unw�c convuNrtr, �r; mom wL uu C; ��„rrm�.��<.:. �..0 ,.. o,.... �,�, ��_.�
A -I
176670284v2
EXHIBIT B
FORM OF BOND
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2025A
Interest Rate Maturity Date Date of Original Issue
February 1, 20 October 28, 2025
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT:
E
CUSIP
586771
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, 2026, 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 the Bond Trust Services Corporation, in Minneapolis, 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 Regishar and at the address appearing thereon at the
close of business on the fifteenth (15`") 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
B-1
176670284v2
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.
Optional Redem t�ion. The Bonds of this issue (the "Bonds") maturing on February 1,
2035, and thereafter, are subject to redemption and prepayment at the option of the Issuer on
February 1, 2034, 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 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 $2,625,000, 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 7, 2025 (the "Resolution"), for the purpose of providing
money to finance the Issuer's Friendly Hills street rehabilitation and water main replacement
B-2
U6670284v2
project in the jurisdiction of the Issuer. This Bond is payable out of the General Obligation
Improvement Bonds, Series 2025A 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 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 Obligation. 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
B-3
176670284v2
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 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 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
Minneapolis, Minnesota
Bond Registrar
By:
Authorized Signature
Registrable by: BOND TRUST SERVICES
CORPORATION
Payable at: BOND TRUST SERVICES
14161
7Z07r11(0-ilkl
CITY OF MENDOTA HEIGHTS,
D WOTA COUNTY, MINNESOTA
jD0 NOT SIGN THIS FORM OF BOND)
Mayor
ADO NOT SIGN THIS FORM OF BOND]
City Clerk
176670284v2
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
JT TEN - as joint tenants with right of survivorship and not as tenants in common
UTMA - as custodian for
(Gust) (Minor)
under the Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and riansfers 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 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.
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 Ad- I5(a)(2).
The Bond Registrar will not effect 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.)
176670284v2
EXHIBIT C
SCHEDULES
Assessments
Date
Principal
Interest*
Total P+I
12/312026
1175069.00
585534.50
175,603.50
12/31/2027
1173069.00
523681.06
169,750.06
12/31/2028
1173069.00
46,827.60
1633896.60
12/31/2029
117,069.00
403974.16
1583043.16
12/31/2030
117,069.00
355120.70
1523189.70
12/312031
117,069.00
29,267
26
146,336.26
12/312032
117,069.00
23,413.80
1407482.80
12/312033
117,069.00
17,560.36
134,62936
12/31 /2034
117,069.00
11,706.90
128,775.90
12/31/2035
117,069.00
5,853.46
122,922.46
Total
$11170,690.00
$3215939,80
$11492,629.80
Significant Dates
Filing Date 1 /Ol /2026
First Payment Date 12/31/2026
* Interest at 5.00
Tax Levy Schedule
Tax Tax Bond
Levy Collect Pay
Year Year Year Total P+l Net New D/S P & 1 @105 % Assessments Net
2025
2026
2027
155,215.42
155,215.42
1625976.19
175,603.50
Q2,627.31)
2026
2027
2028
363,350.00
363,350.00
381,517.50
169,750.06
211,767.44
2027
2028
2029
361,350-00
3615350.00
379,417.50
163,896.60
215,520.90
2028
2029
2030
353,850.00
353,850.00
3713542+50
1587043+16
213,499.34
2029
2030
2031
346, 100.00
mti, 0.00
363,405.00
152,189.70
211,215.30
2030
2031
2032
343,100.00
343, 100.00
360,255.00
146,336.26
213,918+74
2031
2032
2033
334,600.00
33400.00
351,330.00
140,482.80
210,847.20
2032
2033
2034
3303850.00
330,850.00
347,392.50
1343629.36
212,763.14
2033
2034
2035
326,600.00
326,600.00
342,930.00
128,775.90
214,154.10
2034
2035
2036
319,800.00
319,800.00
335,790.00
122792246
212,867.54
2035
2036
2037
20200.00
202,800.00
212,940.00
-
212,940.00
Total
-
-
$39437,615.42
$394379615,42
$35609,496,19
$1,492,629.80
$29116,866.39
17T[:1YFS'F.1
Dated Date
10/28/2025
176670284v2