Res 2009- 91 Extract of Minutes - Accepting Offer on Sale of GO BondsResolution No. 09 -91
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: October 20, 2009
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Mendota Heights, Dakota County, Minnesota, was duly called and held at the City Hall in said
City on Monday, the 20th day of October, 2009, at 7 P.M., for the purpose of awarding the sale
of, $745,000 General Obligation Bonds, Series 2009A of the City.
The following members were present: John Huber, U1tan Duggan, Sandra Krebsbach
and Jack Vitelli
and the following were absent: Mary Jeanne Schneeman
Councilmember Vitelli introduced the following resolution and moved its adoption:
RESOLUTION ACCEPTING OFFER ON THE
SALE OF $745,000 GENERAL OBLIGATION BONDS, SERIES 2009A,
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
$745,000 General Obligation Bonds, Series 2009A (the 'Bonds" or individually, a 'Bond ") of
the City, pursuant to Minnesota Statutes, Chapters 429, 475 and Section 412.301, to finance the
construction of various improvements in the City (the "Improvements ") and to finance the
acquisition of various capital equipment in the City (the "Equipment ", and together with the
Improvements, the "Project "); and
B. WHEREAS, the hnprovements 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
C. WHEREAS, each piece of Equipment to be financed by the Bonds has an
expected useful life at least as long as the term of the portion of the Bonds issued to finance the
Equipment; and
D. WHEREAS, the principal amount of the Equipment Portion of the Bonds does not
exceed 0.25% of the market value of taxable property in the City; and
E. WHEREAS, $310,000 in principal amount of the Bonds (the "Improvement
Portion ") will finance the Improvements and $435,000 in principal amount of the Bonds (the
"Equipment Portion ") will finance the acquisition of the Equipment; and
F. WHEREAS, the City has retained Ehlers and Associates, Inc., in Roseville,
Minnesota ( "Ehlers "), as its independent financial advisor for the sale of the Bonds and is
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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
G. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
by a representative of the City at the offices of Ehlers, at 10:00 A.M., this same day pursuant to
the sale details established for the Bonds; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota
Heights, Minnesota, as follows:
1. Acceptance of Offer. The offer of Northland Securities, Inc., Minneapolis,
Minnesota (the "Purchaser "), to purchase $745,000 General Obligation Bonds, Series 2009A of
the City (the 'Bonds ", or individually a 'Bond "), in accordance with the terms of proposal, at the
rates of interest hereinafter set forth, and to pay therefor the sum of $738,446.20, plus interest
accrued to settlement, is hereby found, determined and declared to be the most favorable offer
received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The
Finance Director is directed to retain the deposit of said Purchaser and to forthwith return to the
others making offers their good faith deposits.
2. Terms of Bonds.
(a) Title; Original Issue Date; Denominations; Maturities; Letter of Representations.
j The Bonds shall be titled "General Obligation Bonds, Series 2009A ", shall be dated November
17, 2009, as the date of original issue and shall be issued forthwith on or after such date as fully
registered bonds. The Bonds shall be numbered from R -1 upward in the denomination of $5,000
each or in any integral multiple thereof of a single maturity. The Bonds shall mature on
February 1 in the years and amounts as follows:
Year Amount Year Amount
2011 $40,000 2016 $80,000
2012 75,000 2017 80,000
2013 75,000 2018 80,000
2014 75,000 2019 80,000
2015 75,000 2020 85,000
As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory
sinking fund redemption and final security amounts confirming to the foregoing principal
repayment schedule, and corresponding additions may be made to the provisions of the
applicable Bond(s).
(b) Allocation of Bonds to Improvements and Equipment. $310,000 of aggregate
principal amount of the Bonds maturing in the years and amounts hereinafter set forth below are
properly allocable to the costs of the Improvement (the "Improvement Bonds "); and $435,000 of
the aggregate principal amount of the Bonds maturing in the years and amounts hereinafter set
forth are properly allocable to the costs of the Equipment (the "Equipment Bonds "):
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Improvement
Bonds
MM
2012
2013
2014
2015
2016
2017
2018
2019
2020
MIX1A:5
Amount
$35,000
35,000
35,000
30,000
35,000
35,000
35,000
35,000
35,000
$310,000
Equipment
Bonds
Year
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
TOTAL
Amount
$40,000
40,000
40,000
40,000
45,000
45,000
45,000
45,000
45,000
50,000
$435,000
(c) Book Entry Only ystem and Letter of Representations. 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 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 (with respect to optional
redemption) and 10 (with respect to registration, transfer and exchange). 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 Bond Trust Services Corporation, Roseville, Minnesota (the
"Bond Registrar ") 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
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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 or upon the Holder of 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 (with respect to
registration, transfer and exchange) hereof, 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 -entry Depository for the
Bonds, collectively hereinafter referred to as the "Letter of Representations ").
(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. Purpose. The Improvement Bonds shall provide funds to finance the construction
of the Improvement Project and the Equipment Bonds shall provide funds to finance the
acquisition of the Equipment (collectively, the "Project "). The total cost of the Project, 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 Improvement and the acquisition of the
Equipment shall proceed with due diligence to completion. The City covenants that it shall do
2406715v] 4
all things and perform all acts required of it to assure that work on the Project proceeds with due
diligence to completion and that any and all permits and studies required under law for the
Project 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, 2010,
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
Interest
Maturity
Interest
Year
Rate
Year
Rate
2011
1.50%
2016
2.75%
2012
1.50%
2017
3.20%
2013
2.25%
2018
3.20%
2014
2.25%
2019
3.50%
2015
2.75%
2020
3.50%
5. Optional Redemption. All Bonds maturing in the years 2018 through 2020, both
inclusive, shall be subject to redemption and prepayment at the option of the City on February 1,
2017, 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 City shall
determine the maturities and principal amounts within each maturity to be prepaid; 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.
To effect a partial redemption of Bonds having a common maturity date, the Bond
Registrar prior to giving notice of redemption shall assign to each Bond having a common
maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The
Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in
its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for
each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be
redeemed shall be the Bonds to which were assigned numbers so selected; provided, however,
that only so much of the principal amount of each such Bond of a denomination of more than
$5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected.
6. Bond Registrar. Bond Trust Services Corporation, in Roseville, Minnesota, is
appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond
Registrar "), and shall do so unless and until a successor Bond Registrar is duly appointed, all
pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith.
The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is
duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or
record holder) of the Bonds in the manner set forth in the form of Bond and paragraph 12 of this
resolution (with respect to interest payment and record date).
2406715v]
BE
7. Form of Bond. The Bonds to be issued hereunder, 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:
2406715v1 6
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
R- $
GENERAL OBLIGATION BOND, SERIES 2009A
INTEREST MATURITY DATE OF CUSIP
RATE DATE ORIGINAL ISSUE
% November 17, 2009
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of Mendota Heights,
Dakota County, Minnesota (the "Issuer"), certifies that it is indebted and for value received
promises to pay to the registered owner specified above, or registered assigns, in the manner
hereinafter set forth, the principal amount specified above, on the maturity date specified above,
unless called for earlier redemption, and to pay interest thereon semiannually on February 1 and
August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 2010, at the
rate per annum specified above (calculated on the basis of a 360-day year of twelve 30-day
months) until the principal sum is paid or has been provided for. This Bond will bear interest
from the most recent Interest Payment Date to which interest has been paid or, if no interest has
been paid, from the date of original issue hereof. The principal of and premium, if any, on this
Bond are payable upon presentation and surrender hereof at the principal office of Bond Trust
Services Corporation, in Roseville, Minnesota (the "Bond Registrar"), acting as paying agent, or
any successor paying agent duly appointed by the Issuer. Interest on this Bond will be paid on
each Interest Payment Date by check or draft mailed to the person in whose name this Bond is
registered (the "Holder" or "Bondholder") on the registration books of the Issuer maintained by
the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth
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
2406715vl 7
pursuant to the Resolution, Bonds may only be registered in the name of the Depository or its
Nominee.
Optional Redemption. All Bonds of this issue (the "Bonds ") maturing in the years 2018
through 2020, both inclusive, are subject to redemption and prepayment at the option of the
Issuer on February 1, 2017, 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 Issuer shall determine the maturities and principal amount within each maturity to be
prepaid; 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 Holder of the Bonds.
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 in a random manner, 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 such Bonds to be
redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so
selected; provided, however, that only so much of the principal amount of 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 his, her or its attorney duly authorized in writing) and the Issuer shall execute (if necessary)
and the Bond Registrar shall authenticate and deliver to the Holder of such Bond, without service
charge, a new Bond or Bonds of the same series having the same stated maturity and interest rate
and of any authorized denomination or denominations, as requested by such 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 $745,000, all of like date of original issue and tenor, except as to number, maturity,
interest rate, denomination and redemption privilege, which Bond has been 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 20, 2009 (the "Resolution "), for
the purpose of providing money to finance the construction of public improvements and the
acquisition of capital equipment. This Bond is payable out of the General Obligation Bonds,
Series 2009A 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 as fully registered
bonds in the denominations of $5,000 and integral multiples thereof of a single maturity and are
2406715v1
exchangeable for fully registered Bonds of other authorized denominations in equal aggregate
principal amounts at the principal office of the Bond Registrar, but only in the manner and
subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution
for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on
file in the principal office of the Bond Registrar.
Transfer. This Bond is transferable by the Holder in person or by his, her or its 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 on the reverse side hereof with respect to the
l 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.
Designation as a 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; 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.
24067]5v] 9
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
Registrable by:
BOND TRUST SERVICES
CORPORATION
Roseville, Minnesota
Payable at:
BOND TRUST SERVICES
BOND REGISTRAR'S
CORPORATION
CERTIFICATE OF
Roseville, Minnesota
AUTHENTICATION
This Bond is one of the
Bonds described in the
CITY OF MENDOTA HEIGHTS,
Resolution mentioned
DAKOTA COUNTY,
within.
MINNESOTA
BOND TRUST SERVICES
CORPORATION
/s/ Facsimile
Bond Registrar
Mayor
By:
Authorized Signature
/s/ Facsimile
Clerk
24067]5v] 10
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
(Cust)
under the
(State)
Transfers to Minors Act
(Minor)
Uniform
Additional abbreviations may also be used
though not in the above list.
2406715v] 11
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.
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:
Signature(s) 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- 15(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.)
2406715v1 12
Use only for Bonds when they are
Registered in Book Entry Only System
This Bond has been prepaid in part on the date(s) and in the amounts) as follows:
Authorized Signature
Date Amount of Holder
2406715v1 13
8. Execution; Temporal Bonds. The Bonds shall be printed (or, at the request of
the Purchaser, typewritten) shall be executed on behalf of the City by the signatures of its Mayor
and Clerk and be sealed with the seal of the City; provided, however, that the seal of the City
may be a printed (or, at the request of the Purchaser, photocopied) facsimile; and provided
further that both of such signatures may be printed (or, at the request of the Purchaser,
photocopied) facsimiles and the corporate seal may be omitted on the Bonds as permitted by law.
In the event of disability or resignation or other absence of either such officer, the Bonds may be
signed by the manual or facsimile signature of that officer who may act on behalf of such absent
or disabled officer. In case either such 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, such
signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he
or she had remained in office until delivery. The City may elect to deliver, in lieu of printed
definitive bonds, one or more typewritten temporary bonds in substantially the form set forth
above, with such changes as may be necessary to reflect more than one maturity in a single
temporary bond. The temporary bonds may be executed with photocopied facsimile signatures
of the Mayor and Clerk. Such temporary bonds shall, upon the printing of the definitive bonds
and the execution thereof, be exchanged therefor and canceled.
9. Authentication. No Bond shall be valid or obligatory for any purpose or be
entitled to any security or benefit under this resolution unless a Certificate of Authentication on
such Bond, substantially in the form hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of Authentication on different
Bonds need not be signed by the same person. The Bond Registrar shall authenticate the
signatures of officers of the City on each Bond by execution of the Certificate of Authentication
on the Bond and by inserting as the date of registration in the space provided the date on which
the Bond is authenticated, except that for purposes of delivering the original Bonds to the
Purchaser, the Bond Registrar shall insert as a date of registration the date of original issue,
which date is November 17, 2009. The Certificate of Authentication so executed on each Bond
shall be conclusive evidence that it has been authenticated and delivered under this resolution.
10. Reizistration; 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 8) 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
2406715v] 14
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 cancelled 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. Riszhts 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 (15th) day of the
calendar month next preceding such Interest Payment Date (the "Regular Record Date "). Any
such interest not so timely paid shall cease to be payable to the person who is the Holder thereof
as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at
the close of business on a date (the "Special Record Date ") fixed by the Bond Registrar
whenever money becomes available for payment of the defaulted interest. Notice of the Special
Record Date shall be given by the Bond Registrar to the Holders not less than ten (10) 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 above) 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.
2406715v] 15
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 Bonds, Series 2009A 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 two (2) separate accounts, to be designated the
"Construction Account" and "Debt Service Account ", respectively.
(i) Construction Account-, Subaccounts. The Construction Account shall
have two separate subaccounts therein named the Equipment Subaccount and the
Improvement Subaccount. To each subaccount of the Construction Account there shall
be credited a pro rata share of the proceeds of the sale of the Bonds based on the principal
amount of the Equipment Bonds and the Improvement Bonds less a pro rata share of any
amount paid for the Bonds in excess of $735,668.50. From the Improvement Subaccount
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.
Moneys in the Improvement Subaccount shall be used for no other purpose except as
otherwise provided by law; provided that the proceeds of the Improvement Bonds may
also be used to the extent necessary to pay interest on the Improvement Bonds due prior
to the anticipated date of commencement 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 Improvement
Subaccount, the balance (other than any special assessments) shall be transferred by the
Council 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. All special assessments levied with respect to the Improvement Project
and collected prior to the completion of the Improvement Project shall be deposited in the
Improvement Subaccount. From the Equipment Subaccount there shall be paid all costs
and expenses of acquiring and installing the Equipment, and all other costs incurred and
to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the
moneys in said account shall be used for no other purpose except as otherwise provided
by law.
(ii) Debt Service Account Subaccounts. The Debt Service Account shall have
two separate subaccounts named the Equipment Subaccount and the Improvement
Subaccount. There are hereby irrevocably appropriated and pledged to, and there shall be
credited to, the respective Subaccount of the Debt Service Account: (a) any collections
of taxes herein levied for the Bonds, or hereafter levied for the payment of the Bonds and
2406715v1 16
interest thereon; (b) a pro rata share of any amount paid for the Bonds in excess of
$735,687.50; (c) funds remaining in the respective subaccounts of the Construction
Account after purchase and installation of the Equipment Project or completion of the
Improvements, as the case may be, and payment of the costs thereof; (d) all investment
earnings on funds held in the appropriate subaccount of the Debt Service Account; and
(e) any and all other moneys which are properly available and are appropriated by the
governing body of the City to the Debt Service Account. In addition, there shall be
credited to the Improvement Subaccount, all special assessments covenanted to be levied
in paragraph 16 hereof. The taxes levied herein shall be deposited in the separate
subaccounts in the amounts as provided in paragraph 17 hereof. 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 said 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 (5 %) of the proceeds of the Bonds or $100,000.
To this effect any special assessments against benefitted properties are also pledged to the Debt
Service Account, 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 said arbitrage regulations on such investments after
taking into account any applicable "temporary periods" or "minor portion" made available under
the federal arbitrage regulations. Money in the 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 the Improvements financed hereunder within the meaning of Minnesota
Statutes, Section 475.58, Subdivision 1(3), shall be paid by special assessments to be heretofore
levied against every assessable lot, piece and parcel of land benefitted by the Improvement
Project. The City hereby covenants and agrees that it will let all construction contracts not
heretofore let within one (1) year after ordering the Improvements financed hereunder unless the
resolution ordering the Improvements 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. It is hereby determined that the assessments are payable in equal,
consecutive installments of principal, with general taxes for the years shown below, and with
2406715v1 17
interest on the declining balance of all such assessments at a rate per annum not greater than the
maximum permitted by law and not less than 6.00% per annum:
Improvement Levy Collection
Project Designation Amount Years Years
Cherry Hill See attached levy schedule
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 Levy; Coverage Test.
(a) Equipment Bonds. To provide moneys for payment of the principal and interest
on the Equipment 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 Year of
Tax Levy Tax Collection Amount
See attached levy schedule
(b) Improvement Bonds. To provide moneys for payment of the principal and
interest on the Improvement 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 Year of Amount
Tax Lew Tax Collection
See attached levy schedule
The tax levies are such that if collected in full they, together with special assessments and
other revenues herein pledged for the payment of the Bonds, will produce at least five percent
(5 %) 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 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
24067 ] 5v ] 18
—` Tax Levy Cakulatimn For.,
City mf Mendota Heights, Minnesota
$745,000 General Obligation Bonds, Series 2009A
Dated Date: 11/17/2009
Levy
Year
Collect
Year
Pay
Year
Total
P&I
P&|
x 105%
(1)
Less:
Spec Assmts
(2)
Net
Levy
2009
/ 2010
/ 2011
10.340.85
10.857.88
18.936.16
-8.078.48
2010
/ 2011
/ 2012
43.577.50
45.756.38
18.226.05
27.53032
2011
/ 2012
/ 2013
43.052.50
45.205.13
17.515.95
27.889.18
2012
/ 2013
/ 2014
42.265.00
44.37825
16.805.84
27`572.41
2013
/ 2014
/ 2015
36.477.50
38.301.38
16.095.74
22.205.84
2014
/ 2015
/ 2016
40.652.60
42.686.13
15.385.83
27.290.50
2016
/ 2018
/ 2017
30.690.00
41.674.50
14.675.52
28.988.98
2018
/ 2017
/ 2018
38.570.00
40.498.50
13.985.42
26.633.08
2017
/ 2018
/ 2019
37.450.00
39.322.50
13.355.31
26.06710
2018
/ 2019
/ 2020
38.225.00
38.036.25
12.545.21
25.491.04
Totals
368,300.65
386,715.68
157,406.83
229,308.85
(1) Projected special assessment revenue based on $118,351 assessed at 6.00%.
(Cherry Hill Development)
(2) Cashflow and levy needs should be reviewed annually to account for prepaid and/or
delinquent assessments.
�� ��� �� ����
N�0�U�U���"�
Tax Levy Calculation For.
City of Mendota Heights, Minnesota
$745,000 General Obligation Bonds, Series 2009A
Dated Date: 11/17/2009
Levy
Year
Collect
Year
Pen
Year
Total
P & I
P &|
x 105%
Net
Levy
2009
/ 2010
/ 2011
54.080.89
58.784.93
56.784.93
2010
/ 2011
/ 2012
51.080.00
53.634.00
53.684.00
2011
/ 2012
/ 2013
50.480.00
53.004.00
53.004.00
2012
/ 2013
/ 2014
49.580.00
52.059.00
52.059.00
2013
/ 2014
/ 2015
53.880.00
50.364.00
56.364.00
2014
/ 2015
/ 2016
52.443.00
55.065.15
55.065.15
2015
/ 2010
/ 2017
51.205.00
53.785.25
53.765.25
2016
/ 2017
/ 2018
49.765.00
52.253.25
52.253.25
2017
/ 2018
/ 2019
48.325.00
60.741.25
50.741.25
2018
/ 2019
/ 2020
51.750.00
54.337.50
54.537.50
Totals 512,388.89 538,008.33 538,008.33
AOL �� ��� �� ����
������������
| m xoovo/xr,o INC
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. Certificate of Registration and Tax Levy. The Clerk is hereby directed to file a
certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together
with such other information as he or she shall require, and to obtain the County Auditor's
certificate that the Bonds have been entered in the County Auditor's Bond Register and the tax
levy required by law has been made.
20. 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.
21. 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, subject
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.
22. Negative Covenant as to Use of Proceeds and Projects. The City hereby
covenants not to use the proceeds of the Bonds, the Improvements or the Equipment, or to cause
or permit them to be used, or to enter into any deferred payment arrangements for the cost of the
Improvements or Equipment, 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.
23. 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
(1) requirements relating to temporary periods for investments, (2) limitations on amounts
2406715v1 19
invested at a yield greater than the yield on the Bonds, and (3) 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 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 (1) the Bonds are issued by a governmental unit with general
taxing powers, (2) no Bond is a private activity bond, (3) ninety -five percent (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 (4)
the aggregate face amount of all tax exempt bonds (other than private activity bonds) issued by
the City (and all subordinate entities thereof, and all entities 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.
24. Designation as 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 December 31, 2008;
(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 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 2009 will
not exceed $30,000,000;
(e) not more than $30,000,000 of obligations issued by the City during this calendar
year 2009 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 $30,000,000.
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.
25. 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:
2406715v1 20
-- (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 "Project "); and (iii) states the maximum principal amount of debt expected to be
issued by the City for the purpose of financing the Project; provided, however, that no such
Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for
the Project, defined in the Reimbursement Regulations to include engineering or architectural,
surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not
exceed 20% of the "issue price" of the Bonds, and (ii) a de minimis amount of Reimbursement
Expenditures not in excess of the lesser of $100,000 or 5% of the proceeds of the Bonds.
(b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of
the Bonds or any of the other types of expenditures described in Section 1.150- 2(d)(3) of the
Reimbursement Regulations.
(c) The "reimbursement allocation" described in the Reimbursement Regulations for
each Reimbursement Expenditure shall and will be made forthwith following (but not prior to)
the issuance of the Bonds and in all events within the period ending on the date which is the later
of three years after payment of the Reimbursement Expenditure or one year after 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 25 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.
26. 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.
27. 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
Duggan and, after a full discussion thereof and upon a vote being taken thereon, the following
voted in favor thereof: Huber, Duggan, Krebsbach and Vitelli;
and the following voted against the same: none.
2406715v] 21
Whereupon said resolution was declared duly passed and adopted
Adopted by the City council of the City of Mendota Heights, Minnesota, this 20th day of
October, 2009. r--� ® / Z
Mayor
ATTEST:
C'ty Clerk
2406715v1 22
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
1, the undersigned, being the duly qualified and acting 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 said City, duly called
and held on the date therein indicated, insofar as such minutes relate to authorizing the issuance
of $745,000 General Obligation Bonds, Series 2009A of said City.
WITNESS my hand this 20th day of October, 2009.
Nrk
2406715v] 23
General Obligation Bonds, Series 2009A
CITY OF MENDOTA HEIGHTS, MINNESOTA
SALE: October 2O.2OUS
AWARD: NORTHLAND SECURITIES, INC.
RATING: Moody's Investors Service, Inc. "Aa2"
BBI: 4.32%
NET
TRUE
NAME OF BIDDER
MATURITY
RATE
REOFFERING
PRICE
INTEREST
INTEREST
(February 1)
YIELD
COST
RATE
NORTHLAND SECURITIES, INC.
2011°
1.600Y6
1.50096
$738.446.20
$142'242.84
3.1640%
Minneapolis, Minnesota
2012°
1.50096
1.500Y4
2013°°
2.25096
225096
2014=
2.25096
2250%
2015°°°
2.750%
3.75096
2016^°°
2.750%
2.75096
2017°^°°
3.20096
3.20096
2018°^°°
3.200%
3.200%
2019°°°°°
3.60096
3.600%
2020°°°^°
3.500Y6
3.500%
CRON|N& COMPANY, INC.
2011
2.00096
$750.694.75
$146.426.50
32180Y6
Minneapolis, Minnesota
2012
2.00096
/'-
2013
2.000%
( )
2014
2.50096
2015
3.00096
3016
3.350%
2017
3.500%
2018
3.60096
2019
4.00096
2020
4.000%
UN|TEDBANKERB'BANkC
2011
1.25096
Q738.285.00
$145.027.78
3.223696
Bloomington, Minnesota
2012
1250Y6
2013
3.15096
2014
2.150%
2015
2.850%
2016
2.850%
2017
3.300%
2018
3.30096
2019
3.60096
2020
3'60096
°$115.00O Term Bond due 2O12 with mandatory redemption hx2O11
^°$15O'OOO Term Bond due 2U14 with mandatory redemption in2O13
°*°$1S5.00O Term Bond due 2O1G with mandatory redemption in2O15
' GO'OOO Term Bond due 2U1B with mandatory redemption |n2O17
_ ^$1G5.00O Term Bond due 2O3O with mandatory redemption |n2O1S
����� ������
U�����k����� LEADERS IN PUBLIC FINANCE
Minnesota phone 651-697-8500 nU80 Centre Pointe Drive
Offices also inWisconsin and Illinois fax 651-697-8555 Roseville, IVINn5110-1122