Res 2008-63 GO Improv Bonds 2008AResolution 08-63
EXTRACT OF MINUTES OF, ATMEETING OF THE
CITY` COUNCIL OF THE CITY OF
MENDOTA HEIGHTS. MINNESOTA
HELD: September.161 112008
Pursuant to due call and notice thereof, a mg-til r net Ling of` the City Catincil of the City
of Mendota l-leisPubs Dakota .County, Minnesota was duly held at the 'CitvBall oil Wednesday
.
the purpose, in e ss e
Sp-pteMber 16.2008.,W730 PiNl, for I pan" of�atlthorlzlng th i , uanc I and
aw-ardina the sale of S1,290,000 General, Ob c,"ition. Improvement Bonds:, Series 220088.
The following members were present:
lack k . V tell . i, SmdraKrebsbach, Mary Jeanne Schneeman and Ultan Duggan,
antt:7
, cI tile flollo-winv.\vere absent: John Huber
Member Schneernarl introduced t1w, following rosolution and moved its adoption:
SALE OF
RESOL,UTION PROVIDING 'FOR THE ISSUANCE AND.
ROVEMENT
53,200.000 GENERAL OBLIGATION IMP'
BQINOS' SERIES 1 20W A. lI1_.E__DG- I SPECIAL ASSESSMtNTS
FOR THE SECURITY THEREOF AND
EVVING: A TAX F011� 1PAY, MENIT THEBc.EOF
A
A. eCi: of:M,,�qdotaHeJghts
t
1,clty"), has and ,declar-24 thqt it r5 nccc$sa:tv Gild ox.jidlierif ca issuC
200, �t�ds" 6r indi "idually,
6 at Obll.�,ptio-i.), fjvipro�telner.4 BoRds (the "Ben".
L.1S.ci.C.s 'SA
.,20(,0,)O C
Aes 1iaptets �429 and 475. to Cmance the
ond"'i ufthc City, mirstiailt to milynesota 'Statl
cons trL1 Cti on,o f va -10 U Is, 1 r11pl,0VQM ents in the (71ty(thy and
t
R. t1w,linprovement s and all th cir caniponcnts have beeii ordered . priar
to the date liereof, after a hearing theveon for wNeb.notic ie was the
Improvements. or all their components by gerlekal nature, estimated post, and area. to be assessed .,4,
and
and Associates, Inc, in. Roseville
C, WHEREAS.,� the City has retained: Ehlers a
Minnesota C'Ehlers.',), as, its indopen , dcht Financial ad I Visor for the sale.. ofibe Bond's and is
therefore auth orized tol sell' . themBonds by in accordance �.y-.ith
Statutes, -Section 475'.60. Subdivision 24;x)) and proposals to,purefine the Boiids have been
solicited by Ehlers; and,
D_ WHEREAS, thy; proposals set forth an' Exhibit A attached h ereto were received
by 9 representative of the Cavity at the offices of Ehlers, at I I M A.M., this same day pursuant to
the sale details established for the Bonds ;, and
221-6282vi
NOS ? J HER EFORE, BE IT R.8SOLVED by the City Council of the City of Meridotal
Heigglits,Minnesota, as 1`611ows!
I.. Acceptance of Offer. The proposal 6OVelIg Fargo Brok&,iRe Services. LLC
mlinheqjx)jis Min DCst-,),ta'(thq Turcha.ser" I ).,.to purchase the; Bonds in acico rda lice W1 th the Terms
of Proposaj,,at the raies . of interest hereinafter set forth, and to pay 'therefor flic'sum of
S' ). 192.206.40, -plus interest I nterest accrued to settlement, is.heroby fbqnd, d6termw6di and declared to
be the most favorable 'proposal received And ishereb Yaccepted, and the *Bonds ',are hereby
awarded .to the Purchaser. The City Finance Dire.otoj- is directed 10 retain. the deposit of the
Purchaserand to forthwith return to the unsuccessful bidder-, their good ffi4b checks or drafts:.
2. BotATerms..
(a) Title: Original Issue Dd . te, Denominations, Maturities. Term Bond option.. The
Bond.s.shall betffled "General.ObJigation linprovement Bonds. Series 2008A", shall beclated
October 8, 2008, as the date of original issue d N�l 1. be issued ffirtlivvith on or .after such date
w0n . s .1
in fully registered. l'brin; The Bonds: shall be number6d froni.R- I upWa'rd: in thedenomination of
S 5,000 each or in any lilt earal inUltii)]e thereof (:f a isimfle maturity (tlie:'Aufliomed
1-in the. years aril :aip-OLUIts, as fiollows;
Dcnominatjoiis"). The Bonds shall m atim,.- on. February
Year
Amount
Year
Amount
20 101
S 105 0 0
200
154000
2011
1:50,000
2 Q -) 1
.1710000
20
1 -50!000.
2011
170,000
210.13
1 -5 5, 00 0:
2023
1.! 1:, {00
2 0 t 4
)}, 11V
2) 0 -2 4
1. 85.000
60,000
90,000
2-0 i 6
16 U00
2026
195s;000
1)017
.1 65.0()0:
2027
' Oofloo
201 S
2028
210,000
2019
170,000
As may be requested by the Purcjjvser�, once or more term Bonds may be issued having
mandatory sinkmg fund i-edemption an(� . I final maturity anIOLUAS COD J.'orming, to the fore' i
'going
print i I pa]A.701iay,jpent schedule, and coiTespoi.idii.i(:):additions may be niade to the provi4ions ofthe
appheable Bopd(s).
(b) Book Entry Only System. The Dc,Lio.sito.ilyTi-u.st Coii.i.i)at.i,},.al limited r)utpose
trust CODIPWIN, organized under the laws of the State of New York or any of its $U.ccessors or its
successors to its functions liercunder (die "Depositorv") will act as securities depository for the
Bonds., and to this i tid:
(i ) The Bonds shall be initiall-v issued and, so long as they remain in b(.-),bk
entry form only (the "Book. Entry 0ifly Period"), shall atall times Abe in the -form of a
separate single fully�'registered Bond .for each maturity of the Bonds; and for purposes of
colnpl }ring with this requirement under paragraphs S and l0 Authorized Denorninatio.lis
for any Bcnld shall be deem ed to be limited during the Book. Entry., Only Period :to the
outstanding princir at amount of that Bond.
(ii) Upon illitial
issuance. own ersh'ijl clfthe Bonds. shall be registered in a bond .
register maint;lined by the Bond !Zegistrar (as hereinafter defined) in the i ?aftic of CEDE
Co.; as the norni lee (it or any :nolninee of the existing or a successor;Deposltory, the
"I�1017ilne4 }.
(iii) Wit . l'i respect to the Bonds neitllcr the City, nor the 'Bond Registrar shall
hate. any responsibility or.obligation to any broker, dealer; Dank; or ally . ther financial
institution for which the Depository holds Bonds as securities depository! (the
Participant") car the person for tvhich:a Participant tibids ati interest in th6 Bonds sllo�m
on the bool:s'and r cords c >ftlle Pal lie ipallt (the "Beneficial C3��rner " }. Without limiting
die immediately preceding 5C'•r ?te'llC 8, 17eltller the City, nor tll( Bondi Relgistr4r' shall have
any such responsibility or obligation with respect to (A) the ac:e`uracy of the records of.the
Depository, the pirtipeo ! }1 any Pilrticipaht with respeet to anly mytershii3 interest in the
1Bt711dS, or (B): the delive).-V t0 any Pal 11Cll3allt, any Owner or any athelr person, other than
the Depository. of arty notice with respect to the Bonds, including any. notice of",
redemption, or (C') the payment to ally Participant any Ben .ficfal'Owner or any other
person, other than .tbe. Depository, of any amount ;Vitt respect to the prinolhal of or
l�lenli nn, if, fny, cue interest on. Ott e Bclnds, or. (D }the consent given or other action talon
by the Depository- as the Registered Holder
of �xn-- Ronds (the "Holder" j: For Pur-{-tores taf'
s curillc; tl:l Grote or consult. of any Flolder udder. this Resolution, tile, City, rn y, hots fi ver,
rely upon an omnibus proxy under which the: Depcisi'tory asslg Its Gtanse'nting or vilt32r�?
1il.ts to whose aceotnits the Bonds: are credited oil the record dale
idenfflied' ill a listii r; dt:tGlched to the bmnrbus {?l oxy.
f Y 1`
(1v' `1`h t.ity Miler ttl?::' Bond. l�epistrar may tleat.IiS acrd t. eem flge l..�c:rjol ii.C?, Y tO
be the absolute c1Nvner ot•'t110 Bond" f :'Or the l'f'urp.o` e Cif 'i#';'mellt ilf .iii €l
premium. I f zany, and interest on the Bolds, for the purpose. >of giving notices of
redemption and other matters m'ith respect to the Bvnd.s, for the purpose cat obtaining �3riy'
consent ± }r- other action to be taken by Holders ('or the purpose of;'.registering tratlsfers
wIith respect to. such Bonds; and for all purpose whatsoever. The Bond Registrar, as;
paying agent hereunder. shal l pay all. principal of and premium, if any, and interest on the
Bonds only to the Holder or thee lloiders of the Bonds as shown on the bond register; alid .
all sticll paylnomts :shall be valid tend effective to fully satisfy and discharge the City
obligations with respect to the principal of and premium, if any, and interest on the Bonds
to the extent of the sum oi` sums so paid.
{V) L?tac?n delivery by the Depository to the Bttlid Registrar d«rrittcn notice; to
the effect that the Depository has determined to substitute it nety NomiIlee in place of the
existing l4oininee, and Subject to the transfer provisions )n paragraph 10 hereof j
r•efer•ences to the Non ince hereunder shall refer to such new Nominee,
(vi) $o :long its any Bond is registel-ed in the name of a:; Nominee, all lnayments
tihjitlr tespect tc7 tho principal of .and prerrrium if, any, and interest on such Bond and all
n()tic c s vNtith respect to such Fond shall, be made and (,,,itiJen, respectively; by the„ Bond.
.Registrar or it;r; as the c tsc rila:y bc; tc� the Depository as provided in the Letter- of
llet)resentatiozrs to the Depository required by the Depository as a: cunditiic:nl to its acting;
as book -entry Depository for the Bonds (said Letter- of Representations; together with any
replacement talereofor amendment or substitute thereto, including :auy standard-
procedures: or policies referenced therein or' applicable: thereto) respecting tIle procedures,
and other matters relating to the Depository's role as book -entry Depositpry for the
Bonds, cone ctivelyhereinafter referr•ed'to as the "Letter of"Rcpr'esOntaticizs "1:
(vii) All uansfcr-s of beneficial ownership interests in each Bond issued in
book -bntry f.)rni shall be. limited in principal amount to Authorized Denominations and
Shall be effected ley procedures by the Depository with the .Participants for recording and
transf er-r-ing,the o-kviiership of-beneficial interests in such Bonds.
(vi ij In connection with ally -notice or other communication to be provided to
the Holders pursu�rrlt, to this Resolution by the C;'ity cat• Bond Registrar with respect to any
consent or I othcr:ac<tion to betaken by Holders, the Depository shall consider the date .of
receipt of notice reyuesting such consent or other action as the record date for such
consent or other action; provided, that t;lle City or the Bond Registrar play establish a.
special record elate for stroll consent e:)r c.)ther ctiora. The City or the Bond Registrar shall
to tli. ee extc;nt possible, gir,e the Depository notic.e of "such special record elate not less than
1:5 calendar days iii advance e of such special is ;eeord date to the e..tcnt 1.rossible-
(i %) zn y successor Bond PX islra.r in its written a£,£.%t: ptiltl£.e o if its duti s under
tints Retiolution and airy payrrl�� i re rr{ ,- 'i3c)nd i'��jltii 'riE cigt'(Cr1�� ill, shall agree to tali. ilt?1'
actiolls.rroCt .7ary iron -1 trifle to time'tc:r. cortnply with the :.requirements of the Letter Of
ReprLesentations.
(X) In the oagQ of a pa rtial'pr epayrnl.n of a �iE'nd, vh ijo1'dl(r, Ill <li %, in, lieu of
urrenderirlg the Bonds ft)r a Bond of a lesser denomination as piro.'id d in Paragraph
hereof, make a notatie:)n: of'the reduction in principal amount ern the panel provided on tiro
Bind stating the. amount so re�cleeme£i.
(c) 1'erinination of Book...-Entry Only System. Discontinuance orf a particular
Depository's services anti ternliiration of the book entry oii.ly system may be effected as follows:
(i) The Depository may detel -mine to discontinue providing its servlces with
respect to tire. Bonds at any time by giviIng Britten notice to the City and discharging: its
responsibilities with respee;t thereto under applicable law, The City ma y terimnate the
services of the Depositol,y with respect to the Bond if it detemaines, that the Depositoi,y is
no longer able to carry out its functions as securities depository or the continuation of the
system of book-entry y transfers through'the. Depository is not in the lest interests of the
City or the Beneficial Ov"'ner s.
(i:) Upon termination of the services of the Depository as provided in the
Precedipg paragraph., and if no si.tibs(itutq securities depository is \,vij,jin g to undea akc the
functions of the . : Di positoi-y hereunder can be found whidli. in the opinion ofthe city, is
6 and able, to assume such functions upon reasol iable or ctistomary ter ins or if
City determines,thatit is iii .the best interests of the City or the Bene ficial Owners of the
Bond that the .13en6ficlatOmners be able to obtain certificates for the Bonds, the Bonds
shall no lonoter be registe r ed as being registered in the bond register in the Heine: Heine: of the
Nominee, I . )ut rnay be fe(Tisteredin w I 1.1atever name or names the Holder of the Bond.,,-,
Shall desi(
m ate at accordance w
I that time, in. accordith paragh I I hereof. To the extent that
t:` . . rap ere c; -d n e with
the Beneficial Owners are designated as the transfereeby:fficHoldets, in a coi a 6 1
paragraph 10 hereof, the Bonds,;will 'be delivered to thQ Befteficial Owners.
(iii) Nothing in this.subparagrapb (d) shall line Or restrict, the "Provi Sion s of
paragraPh t hereo-f..
d) Let!ei` of Re The provisions in the Letter of Representations are
hc6rp6rafcdh -cf-c made a part of the resolution, and if and to the extent anY
iercin b� ,, j
suell the other provisioiis of this resolutic n, the provisions, in the
'proNdsions are illconsisfe.nt:w t I
etter of Representations slIall control..
s to ame 0
-p shall provide fund
Pe ImprOveftlents. Tlie'tW
pui j)se. The Bon,OS
cost of the liilnrovem ents, NvIii ch shall , includezIl coststnurnei-02d in Minnesota Statutes;
f th Bonds. Work- oll the
Section 475.6.5, isgsdinated to bQ A least equal to the amount o e
I t y co ve ri ants that,. il SIWII
proceed with due diligence to (�0111jActio t , The Ci
-ovemer
d'o al I i u,
fill 11 s:and perfbrm all acts reclOited:6fit 'to assuir- that �vork or the Impi r0
i1p], tion and that: any cuid l perllvlts and qLldies, required
proceeds with due diligeno,C' W clo, e I
under. law Ryr the IMPI-Ovc1nentS, are obtained.
41. Interest. The Bonds shall bear interes,t payable se"'alainnually on Febmary I and
--ust 1, 2000
r 11, a a y ir) en i ate" -nencing Au
August I cllf�-"Qll Ve,31 ((��16 tj 11.111tero-,st N corm
1. 1 i respecdjvk�
Calculated on. the ba-sis ofa 33610-day: year oft- cl.ve "30-day months, at the
re maturity years as follows:
annilill set forth opposito t]
Interest
interest
Fear'
Rate
Year
Rate
2010
3. 25 °;
2020
4. 0 OXo
2 . 0 1 ll
3.25%
2021
4.20%,
201 1 2
3.25%
2022
4.20( <
,)Oil
3.25IX
2023
4,30%
2014
3.25°,'b
20.24
4.130%)
l
3-501/4
2025
4.35%
2016
3.50%
2026
4. _3 5%
2017
4,00%
2027
4.45 ° %n
2018
4.00"•
2028
4A5%
2019
4,00%
5. optional Redeirtution. All Bolds inaturing in the year -0117 thri7u�h h 2029, both
inclusive, shall be sttl�ject toredemllti(�n arld p�epa }mz�alt at the option of the City oil 1=ehl'uary 1,
20I6, and on any date thereafter at a price of par plus accrued iliterest. Redemption may be in
whole or in hart of the Bonds subject to',prepayment. If redemption is in Bart, those Bonds
remairitlg unpaid licll ha<<e the latest rriaturity date shall be prepaid first, and if'only part of the
Bt }nds having a common maturity date are called fk)r prepayn ent, the specific Bonds to be
prepaid shall be chosen by Iot by the Bond R.egisftar_ .Bonds or portions thereof Balled for
redemption shall be due and payable on the redemption date, and iliteresl thereon shall cease to
a.cetue from and after the redemption date.
'To ef:fcct a partial al redcniption of Bonds having a common maturity date, the Build
RefYSStJ "c17" I)I'lol' 10 f?1Vii1� nQtiCC t;)f redf>mPtion s;lall assign to each Bond having a conlnlon
ill aturiiy bate a clistirlctn -c nuiniier fc}r Bath S, 100 of tile principal amount of Such Bond. The
Bond Registrar shall. then select.bl- lot, uskig such method of selection as it Shall.detin1 17it7pe�' In
its discretio i, from the numbers so assigned to such Bonds. as nlan,y numbers as at $5.000 for
each. number., shall equal the principal amount Of tile Bonds to be redeeia�(d. TIYt Bends to be
redeemed shall be the Bonds to which we1e assigned nurnbds so selected provided, however .
that Dilly so t1� uch of the principal amount of each Bond of a d* nozillriatiozi of mole illari $5,000
shall tie redeemed as shall equal $5.000 for each number assi.cped to it aii:cl so selected. if a
Bond is to be redeenlecl oily in hart, it shall be surrendered to the Bond. Rcgistrai (Lyitll, if the
City of Bond.Reaist -ar so:regtiires a \N!ritten iiistruil�.er1t of transfer irl foriii satis factory to the 11
:itv alid Bc:)r d t (gi:5trardoily executed.iiy the" dei'thctcofor the lloldcr's att�lixley duly
tltzthor`i.z.ed in l�, ?rit:ing) and the City shall execute (1f niec essary) arld the Bond Reg,rstrar shall
autlrent.icate: and deliver to. the Ilolder. Without 4c.ryic;e charge, a new Bone or Binds ha: ilea the
ry
carne stated iiiat�.trity' and interest late and �f aTIV is ii%11I- }rIZeEr .[�CnC1t11lnatlo21 t)i' Denominations, as
requests (f by tile 1lcil(Icr,'ii1 ag n"c ate piirle ipal ai1)ount etfu l to l ryci iii t x(h<inpc f'or the
triiecletrr,ccI l�riiit<?r of the principal of the B +�n1cl so surrender
{; 1�e ?�rci Rt;s�i�,ti ar. Bc)nd �l "rtr:�t ��rr it�csi`Coil�czrtitit)rR; ii, l�t3sf;� Itrt, ��1rnl�est>ta, is
upx�c)irltr (:l fir tit as bond TEx�r�rial' crud transfer agent 'with respect to tliC Bonds �tlry ri741nCt
Registrar"), and sllall do So unless and lentil a auccwss& Bo,:io Registrar is dtuly ripl)oiritict1, Al
pr11'suant to ally contract the L ity and Bond !iegi ;tray :sh.811 execute WIliCl1.,IS CC }n'srstelit hGi "el'i %rtlrt:
The Bond Registrar sllal,I aISU Sf eve as payttlg agent Unless .and until a sUcceSsOr paying age nt ts.
duly appointed. Principal and interest on the Bonds shall be paid to fli registered holders {oi'
record .holders) Of the Bonds in tllc manner set forth III the f:brrn of Bond and parapral5lt I' of this
resolution..
7. Ferrel of Bond. The Bonds, 'together with the Bond Regisirarts: Certificate Of
Authentication the fora of Assignment and the registration infornnatuln thereon, shall be in
substantially the f0llowin<� norm:
UNFTED STATES OF AMERICA
STATE OF MIN NIESC)A
DAKOTA COU ITT "Y
CITY OF I .ENDOTA HEIGHTS
R-• 5
GENERAL OBLIGATION IMPROVEIAENT BOND, SERIES 2008A:
INTEREST MATURITY' DATE O
RATE DATE ORIGINAL ISSUE C`USII'
u -, FEBIRU A.RY 1; _ October 5,, 2008
R.EGISTERI D 0NVNER. CEDE Vic, CO,
PRINCIPAL AIA UN7
71jE.(:;ITY OF l�!I.ENDOTA. HEIGHTS Dakota Ct untv., Minncsota (tl e "Issuer ":f
cez-ti 1_es thr]t tt is indebted grid far` value; rc.ceitred proiiiises t.,) pay to the: rel isiered oi�Jn: r
specified a1)ove, or registered assigns. uzilc ss culled for earlier redemption:, in the Inatiner
hereinafter m foi �h the principal amount specified, above, on the maturity datd zspecifi d ab( e;
and to pay interest thereon'senlia.11nualk, on Feb uary''1 an.d Au "ust I of each year (each an:
"Interest:. F'ayrnc'nt Dt]tc °"} t nnlzlZei�t ink A��t;ust t 2,Q09, at tl o rate: !�� r a,)nutrr apt{ ified above
(calculated t�1i,,.hc ba rs iii "tz 6fl�rla r caa of yvelve '0 -tlay znozzt115'j txntaI the princip, sum is
atCl i?l' has bger€ sr •idea fai . hi-S fszzrrd �;�rll'1 cal r, "I1G 7 f �t .i'rs`zlil tll'c etz0 1'. ? �rtt interest 1.
: yirie rt Dabu tC, v,hiclz interes-t bas, bl en par Ci2, ]f rIC? rntLre4t lids ?�Mt1 i1 1CI, 1 --'r6m the Batt, of
GOf" TI le 17IIilcii3 3l of and prchirffib '? f aby,. oA this Bond:81-cl.pa able uppri
l:resehtation al-id suticz >tler hereof' al. the',I1rz]zc tlj�I r,fftite c.z l�c�n {1 l.'raSt Serve -ces C"orj.)oratic)z1,'xti
IRc)bct:;Il� i�l.IiliteSL)'t t itlS: tiv:iiru 1 CgfSti rs „j acting as pay =:rt !. c3irtrlt £}t ar'ryj 4(?F'
agent duly = ppolI11 , by the Issuer, interest are this Bond will be paid on. 0961, Interest 1'0 %mer)t
ate hM. checlt or dT a% rzzailt d tc.r tllc I3ersti]I in � hose name: this Bond is r6gistc.red (the'' "Holdt r"
t)r "Be ndholder ") c> i the registration books of "t!]c lss.tic] maintained by the Bon Re- lair and at
the a ddress appearing thereon at the close . of bLisrness orl tl?c lrftet;ilth dad: of the calendar month
nest 6ceding such Interest Paviiient Date (the "Regular FR:ec.c ?rd Datt. "). Any interest not s
timely paid shall c t ase to be pay`a'IIIe to Mlle person who is the Holdt z hereof as of the 'Regular
Record Date .and slir]ll he payable to the pers{ ).n r�7��ho is the_ Holderl,erecrf'at the close of busii.lc ss
on a date (tire "Special Record Date'.) fixed by the Bond Registrar whenever money, becomes
avaflal Ie fc)rpavnleilf of the defaulted interest. Notice of the Special Record Date shall be ive:ri
tc.) Bondhold rs not less than ten days, prior to the Sliecial Rue ord Date: The p incipal cif anti
n
premium, if any and interest on this Bond are payable in 1a«-ful oney'oi'the United States of
An erica.
Optional Redeni gion. All Bonds of t.liis issue (thc "Bonds ") ]mitiaring in the years 2017
through 2029, both inclusive, are subject to redemption and prepayment.at the cptron of the
Issuer on February I, 2016, and on any date; thereafter at a price of"par OuS aec-ue d interest.
Redeitlption ma }y be in whole or in part of the Bonds subject t:o prepayment.:If`redt nipiit�n is; r)
r �,
heart, those Bonds remaining unpaid which have the latest maturity date shall be prepaid first; and
if onIN part offtile Bands having a :Conlni(in inatUrity date ai'e called fC31' prepayment, t11C: Specific
Bonds to be Prepaid :shall be chosen by lot by the Bond Registrar. Bonds or portions thereof
called for redemption shall tie due and Payable on the redemption date, and interest thereon shall
cease:to accrue from and ;:after the redemption date. Mailed notice: of iederllption shall be given
to the paying went and to each affected Holder of the Bonds at least thii -tv (30) days prior to the
date fixed far redemption.
Selection of Bonds for R.edemption.• Pai-tial_Redemption. To effect a partial recleniption.
of ands having a corl"non maturity date,. the Bond Registrar shall' assig�l to each Bond having g a
coninion rr aturity date a distinctive number for each $5,000'of the principal amount ofsuch
Bored The Bond Registrar shall tli.en select by lot, using such n•tethod of selection as it shall
dee in, pro per in its discretion, ftorn the nuinbers assigned to the Bonds, as inanynwilbers as, at
$15,000: for each nuinl,er, shall equal the principal amount of Bonds to:be redeemed. The
Bonds to be redeemed s1u6ll be tile, 13oilds t.o which wei c as;s.igned nuzxil)ci's sc> selected; provided,
I�ot�revcr; tliat.only:so much. of the principal aniount of each. Bond of a denomination oi'more
than $5,000 shall be redeernecl as shall equal. n:5,000 for each number assigned to it and so
selected. If a Bond is to be redeen-ted only in part, it shall be surrendered, to the bond Rcoistrar
(with, if the Issuer or Bond Registrar so x cgwri , a written instrunaeili of transfer in form:
satisfactory to the Issuer laid Band Registrar- duly executed by the Holder thereof or the Holder'.5
attorney duly; authorized in writi.11g) ai d_.the Issuer shall execute fifnecessary) and the Bond
Registrar shall authenticate and eleliver :to the Holder of the Bond,;'A,iAbout ser -vice charge., a new
Bond or Bonds having the same stated maturity and izitei•est rate and of an Authorized
Denoi-nination or Denominations, as requested by the Holder, in aggi cgat:e principal a:illotint
equal to and n exc cadge for the unredOemed portion i:�f the }�rirrt:ip I of the B nid so sur- Cildei
ssutiiici: Puri!L)s. Gcin;riil QLJLsg tia . This Bond is one ():Can issue. in the total principal
arnount of S3,200,000. 00. all of like elate: 0:1Eoi'ig nal issue and tenor, e ept as to n inber., maturity'
interesi rate; denCltnination and re<dempt on pr.ivi1lege issued pursuant to and in Tull coDfornm -y
with the C.onstittition and lmkls ()f thti ry ar. o : u�y t c cl op�
the City Co neiI c> the Issuer oil September 16, 2008 (the "Resolu ion "). for the Purpose of
providing i lc�ilcy tci finatiee the construction of varlous in proverricnts within file jurisdiction of
the Issuer. This Bond is payable out of the General Obligation Improvement 13(}rlds, Series
2008A Fund of tlie'ISSUU This: Band COnstitl.itCS a general obligatRxi of the Issuer; and to
Provide moneys, for the prompt and full payment of its, pi-in.cipal; premium. if any and interest
when the same became due, the full faith and credit and taxing powers of the Issuer have been
and are hereby irrevocably Pledged.
Denominations. Exchan .Ye: Resolution. The Bonds lire issuable solely in fully registered
fc >iii� in Authorized Denominations (as defined in the Resolution' and are exchangeable for fully
registered Bonds of other Authorizcd Denominations in equal aggregate principal amc >uilis at fife
principal office of the Bond Reg iStiai but only in tile planner and subject to the limitations
provided in. the Resolution -. R6e§ enee is hereby made to the Resolution fora. description of the
I ia'lits and duties of the Bon Registrar. C;c:>pies of?tile Resolution are on File in the principal
office of the Bond Registrar.
Transfer. °l'his Bond is transferable by the Holder in person or by the 1- lolder's attorney
duly aullorized in l ritirtg at the }�rincip�il c ?Rice of the Bond Registrar upon presentation and:
surrender hereof to t:lie Bond Registlar,'al.l subject to: the terms and conditions provided in the
F..e.s()ILjtion and to reason able rep, lations of tile; Issuer contained in anv i)gree'r11E ilt with: the B()ild
Registrar. Thercupoll tllc; kSUer•. shall e&e cCute and the ;Bond. Reoistrar shall authenticate and
deliver; in exchange for this Bond, one or more ne \v fully regrstel ed Bonds in, the name of the
transferee (but not registered in blank onto "bearer" or similar d�signationj; pf an Authozr red
Oenornination or Denominations. in.. aggregate principal amount equal to the principal amount. o '
this Bond, of the sarlle i.naturity and hearing iz Crest at the same rate.
Fees upon Trgisfesr or Loss. The Bond Registrar may require: payl.tent of a sum
sufficient to cover any tai:: or other governmental charge payable in connection with the transfer
or of this Bond and any legal or unusual casts regarding transfers au lost B»1cis;
Treatment of Revistered _owners, The Issuer and Bond Registrar. #slay treat the Person'irn
VOIose name this Bond is: registered as the owner hereof for the purpose of receiving paYn'Wntas
here:iii j)r()vided (except as c)tlierwise:lirovided herein with respect to the Record Datej and fi r all
c)ther purposes, whether or not this Bond shall be overdue, and nt:itller~ t17c Issuer nor fire F'ozltl
Regist °ar shall be affected by notice to the contrary.
Aiitherlticat ozr. Tliis F3 l d shall' not'he alid: or become e)bligat()ry fc)r ritly prrz<i)os6 or be
c.rrtitled to any security unless the Certificate o Authentication hereon: shall have been executed'
by the Bond Registrar.
C uali fed I' , L czlr t E I�lizatio . iris Bond has becrz desi!4ntitPd by the lssui t as a
"quali tax-exempt : I 1% l
s, or Section 2655 � 3 j(.)) of
the
i d t:lig ztr(r" lot' I zr P) lzitel':tzal R � � t z �:e
Code ?f' 1986. as amlended.
IT IS 1IEREBY CERTIFIED AND RI ( 11 11) that atl ciass, r ondi'tions a:n(1 things
c, r x t� r l
rceluiitt by 2:])e c�rl8�lzutri.;n sn(l e)1'ti,� . tote o #`, "' I ,1 Ais �t el t,c 3r,rc ti lair }�r7 ri arEe t(.) i,.�
p(I.r ornred._prectede:nt to and in the issuance, ofthis 1-3, nd,; have been doni , havehaj : }pe:ncd and
have been per fornic:d, in regular and duc fmr); trzl�,e and planner as requr.L•e d by %Iag= and the tAhis
Bond tog etll r Nvitli all other dell s oftlre Issuer outstandin~:.� on the date, of 61i irtal issue hereof
and the date of I its issuance and delivers-. to the original purchaser,. dohs not exxceed ally
constitutional or statutory limitation Of indebtedness.
IN WITNESS WHEREOF, the City of Mendota 1-leights; Dakota C(?uzYty, .l�Iizxilesota, by
its City Council has caused this Band to be executed on its behalf by the facsimile signatures of
its Mayor and Clerk,. the corporate seat of tile. tssue3 �h "avirlt been_ intentionally�onlrtt�d as
permitted by la�v,
Date of Regs-i.stration,
BONI)REOISTRAR'S
CERTIFIC, ATt 0•
A.UTHENITICATION
This Bond is. one of the
B6nds describedia the
Resolution mentioned
Within.
BOND TRUST SE -VICES
CORTORATIONn
Roseville, mitill.c.sota
Bond Registrar
8v —
Aittlimized Si,(;nataltre
Regist.rable by: BOND TRUST ShRvlcr'-S:
CORPOR.A.TION
Payable at: BOND TRUST SERVICES
CORPORATION
CITY 0F:N4ENDQ'FA HEICHFISI-I
DAKOTA COUNTY; II`( IN`LSO'F
js/ Facsihid
jo
/s/Tacsi-mil.e
Clerk
ABBREVIATIONS
The . when used in the inscription On file face of this Bond, shall
be construed as I though they were written out in full according to applicable laws or regulations:
TEN CUM - as tennnts . in common
TEN I ENT - as tenants by the entireties,;
a
JT TEN as � joint tenants right of survivorship.
and not as tenants in commoT i,
UTMA - ... as custodian for
(Cust) Q4inor)
ulider the Uniforni,prans.-fdrs..to: Minors Act.
(State)
Additional. abbreviations s m ay alsa be.Used.
tj.l(,)ugh:no,t in the above list.
ASSI I GNIMENT
For value, received. the undersigned hbrbby §61h., assigns and transfers : unto
the within, Bond Tn�,l
-er the
duet, hereby irrevockly Wllstitutc:and appoint attorney to tran..,if
w ofsubl.;fitution in the
rtion
fbr the regili§t of
Bon d oft ,the books: 1UT I I P TO po el
Premises.
. ................... .
Tassignor's sif4ilature to this assignnent in ust t - bit csl 01101 w t I
ihin Bond in e�,Cry
the iianle a-,:, it a he co of the wi I
pp C, i's up c 11
1' artiCL)181', �vjtlhout alter0,6c K) n or ahv, cl ail
, , . 1 9
Signature GLiarantco& _. .v........
,$,gilature(s) inust be gg-Liaranteed by a national bank, or trust company or by a brokerage firm
r ativ otl igible Guarantor
having a nleinbcr.�liip 41:cnje, of the.ni�ajorsto& exchanges o
Institution" as del:hled:in 17 CFR 240,17 Ad-] 5(a)(2),
The Bond Registrar v,,111 not c1gect,1jj-.,ansfdt Of this 136nd -unless the information
conc&rninc-tho transferee requested below is prOvided.
Name and Address:
(Include inforination for all joint owners ifthe Bond held by joint account.)
P`I� -PAYMENT SCHEDULE
Phis Bond has been prepaid r ;1 Fait on the date($) a d i;t tale amount(s) as fo lla �rsi
4UTHOTZIZ.ED
SIGNATURE
DA`I`S AMOUNT OF HOLDER
/
/ \ Bonds (r H`r. of
°
' ""~~~~^"~~~r ,;hall be executed �^ ^ on. behalf ` 'the Cityby the sigrnatures
of the
N o: an provided, however, that theseal r quest of the.purchaser.
forther that bothof such signatures rna ted (or, at the .0
be prin
. pl I iotocopied) faesuililes and the corporate seal may be oinitted on the Bonds as permitted by law,
in the event of disability or resignation or other absence Ofeither officer, the Bonds inav be
si ed by the:nialrua or facsimile signaiure of an officer who may -act on belialf of the absent oi
disabled officer. In case either the Officer AN/hosesignature or facsimile of Whose signaturesball
ap . pe , ar on the Bonds shall cease. to be-such: of)".1cer before the delivery of the Bonds, the signature
Or faesimile. shall nevertheless be valid and sufficient Iorzll purposes. the:sarne as, if the oflicer
*had remained in oil-lee until delivery. The City nlav eleato deliver, in lieu of printeddefinitive
bonds, one or more typeNvritten temporary- bonds in substantially the form set forth above,. with
s rnav I be necessary to reflectmore than one maturity in a sin0e teniporar bond.
'Such temporary bonds may be executed with photo
Clerk, Such telliporarybonds sball. uppriAheprinting of the definitive bonds and the execution
tl I iereofl- be exchanged therefor aid canceled.
9. AuthgijLicqtjon No Bon( . Isl iall be valid or obligatory jjI'(.val)y.purl.)ose or be
entitled to any I Security -or benefit;under this.resolution unless aCertificate of Authentication oil
the Bond. substantiall'Y :ill the forni hereinabove set i7olill, shall have been.�duly execute.d by in
a, �ertilficates: of Authentication on di-I"Terent
Litboriz'd r6pi-eseritative of the Bond Rq�istrar., CC
le Sal )c pe�rsoq The Bond Recristi �I lie
Bonds need not be signed by tl -ar shall. authenticate
onithc Bond. and, bv insertine as tile date of regis: afion In the space provided-the date on wliioh
th I e I Bond is authenticated, except'illat for purposes-ofdclivering tile original Bonds to the
Purohaser, the B . ond Registrar shall Hiscrt �isa date of registration the da-te jSSLIC,
�kdiich date is October 8, 2008. 1-1he Cerfificate of Authentication SO 0'KYCCUtCd,OJ1 C,"ICIJ Bond shall
be, cbncklsive (.."vidence dla!-It haS been authcaticated aml delivered under this r(solutioll.
prill
oipal
IS
office o-Fthe Bond ReGistrar a bond reoister in vvhich. subject,to such reasonable rcaulatioris is.
the Bond in ay presC'JiL be' tile Bond Registrar shall provide for themg.i,stration of Bonds
-rd as herel Il
Stirrender for transfer ofaily Bond at the principal office. ofthe Bond Registrar, I he
Cityshall execute (if necessary). and the Bond Registrar shalt authenticate, insert. the date of
tj
i.egiaration (as provided in paragraph 9) of, and deliver, 1 le nalne of the de8io-tiacd. transferee
ol t sf-crees, one or more new Bonds of any Authorized Denomination oi
ran
like aggregate j-.)rincipal amount, having the same stated maturity a a e
by the transf -or;. provided.. how ever, that no Bond may be regi stered in blalik 01. 1 n t1le name of
nbearer" or snri,ilar designation.
At the optlon. of the Holder, Bonds may be exchanoed Authorized
Denomination or Deomnioaboos of oUko. ag,(;regate principal onn«Vnt and stated maturity, upon
`
Surrender 0f the Bonds tohe exchanged uL tile pl-iocipal office of the Bond Registrar, Wli.00cvnc
/ )
�_.
any Bonds are :set surrendered for exchange., the City shall execute (if necessary), and the Bond
R:egtstrar shall authentic aic, insett:tlte date of registration of, and deliver the Bonds Wliieh the
Holder making the exchange is entitled to receive.
11 B(inds surrendered upon any exchange or transfer provided for:in this resolution slxall
be promptly canceler) by the Bond Registrar and thereafter disposed of as directucl by the City.
All Bonds deliverecI in exchange 'for or upon traiisfe r of Bonds shall be valid general.
obligations of the City evidencing the same debt, and 'entitled to the sartle bcnefits under this:
resolution, as the Bonds t:uri•endered for such exchange or transfer:.
Every ;Bond presented or surrendered 1 :.br rt ansfer or exchange shall be duly endorsed Or
be accompanied ,
ccompanied by a written instrument of transfer. in forms satisfactory to .tlie Bond Registrar,
duly executed by the Holder thereof or his, her or its attorney duly autla�tri cc) in witting._
The Bond Registrar may require laayment c)f a sum sufficient to cover any tax or other
governmental charge payable in connection �Mitli the tiansi:er or exchange of any Bond and any
legal or unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject tc� reasr�n, . Ie re;7ulalions of the City eciirtained i3t. any
agreement with the Bond Registrar, including regulations which peim.it the Bond Rgj;istrar to
close its transfer books bet ,veen record dates, and payment dates. The. finance Director is hereby
authorized to 'iicge)titate �rr�d e.� e,Giate the terms of said: agreement.
y f' € lieu t 3':1,12 G,t)1` 7'l�st rIU SI `�: ' -r all th< r ty i'tSt accrued, ` tn iJf n a
t „1G lair t' tilt �. n lr t1 `rrioe Each t�ctnd tlCltiFrCll }
t t Rzcrtits J t.tra Transfer or , ,t :ionts to int
-in(-.] untaaid
and to accrue which ',Vc r e carried by such other Bond.
f
Interest ,�?akt2tziit I�vc.c�rd Date, Interest oil, arty bond shall be p� aid on eaell
?nt .t c, t I'rain'F�crit DP t(.--- 111,,Che t of dt f.,la2 mined tee the: p rson in vdl)+)se name tlie::.11o11 is
rcg~ste;a'efl (the "HCtldca ").r,:;i� the is Iistzat,oi; bar t�s cif the C;tt1 Iraittt�tratatc:4:1' }� t)ic. Iaetnd R� �Yrsti,z�r
and at the address appearing thcrcon at the C.10-se O, f bcrsiriess on the fifteenth (l `tlr) day c)t: t.tti
calendar month next preceding, reels lnte est Payinent Date (the "Regular Record Deate ") any
such interest not. so timely paid shall cease to be I)ayable to the per., �v17o is the Holder thereof
as of tile Regular Record ,Date. a.nd shall be payallie to the Berson mIio is the Holder thereof at
the close of Ilusiness oii a date (tile "Special Record Date ") fixed by the bond Ii. gistraa
w,heneve :r money becoitics avai table fc�r payment o'ithe defauIt.ed iaite est, Notice of'the S pecial
Record .Date: shall be gi%en by the Monti Registrar to the Holders not less than ten 00) da- s prior
to the Special Record Date.
1: I`reatn�ciat: of' Registered Owner. J'lie 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.
receiviriv }�ayn�ent .of pritaci }gal t�f and pren2iuiti, if any; and interest (subject to the p�►yrneiit
provisions in. paragraph 1? above) oil, such Bond and for all otlier purposes whatsoeve whether
or not such Bond shall he overdue,: and neither the City nor the Bond Registrar shall be affected
by notice to the c»itrary.
1 . Delis ery: .r�nlication of Proceeds, T1 1e Bonds whet? so prepared and e ecuted
shall be delivered by the EI.nance Director to the Purchaser upon receipt of-the purchase price,
and the Purchaser shall not be obliged to sere to the proper application thereof
la: Fund and Accounts. There is hereby created .a specitll Rind to be designated the
"General Obligation lnlprovement Bonds. Series 2008A Fund" (the "l� Elnd ") to be adn i.nlstered
and maintained by the Finance Director as a bookkeeping ac:eount separate and apart from all
ether furlds.maintai:ned in tine official financial records of the City. "1 "he Fund sl-4111 be maumined
ill the rhanner herein specified until all of.'the Bonds and the interest thereon have been :fully
paid. There shall be. il-raintained in the mid two. (2) separate accounts, io be designated the
iCOl7structloli_%c.couilt" and ' "Debt Service Account," respectiv'e'ly.
(a) Construction. Account. To. the Construction Account there shall be credited the
P roceeds ofth:e sale of the Bonds;,less any accrued interest received thereon, plus any:special
assessments levied with respect. t(") tile Ina prav =!ements: and collected prior to completion of the
improvements and payment, of�the costs. thereof. From the Construction Account there;sllall be
bard all costsilnd expenses of making the Improvements listed in paragraph 16; including the
cost: of any construction cO).tracis heretofore let and all other` costs incurred and to be int 4rl.ed of''
the kind authorized in Minnesota Statutes, Section 475.65! Moneys in the Construction Account
shall be used fc)r no other purpose except as otherwise ivied by levy: pre vided that the
proceeds of tile; Bonds play also be used to tale extent :necessary to pay interest oil the Bonds clue
prior to the anticipated d ate 'of � {?r�7rnencerTleut of the collection U) takes or special assessi-nents
herelll: levied 'or GO? ?enanted it-s be levied, a.Ild provided further that if upon completion of the
l:rr113I`Ui'enleilis file €'e, :Sl.uil
rerriain any unexpended balance in the Construction Aecoulit, the'
balance (other than any spe{ 'al assessments) shall be. transferred by the Council to the Debt
Sert- ice Account. or till fund (.-sf any other innprov e'ne'lt I'listitutcd pursuant to lt`tinnewot. a Statu.tes,
C.haprter 429 , ,rind pre)` ided f;.€rthe:r that zany peci Il assCssn'lents creditcor to tll(. {1ri rtI'4r4{r{3il
Acc('uht shall only t)e applied tC v'ards pa rnent o F the costs of d h e l ill 1)1.0 illents upon acloption
o a resolution-by the Clio that thy ilpphcatlosl: Ckr C trr• e special. s esrnie- rLts for
r.
suell tmrvose Will not Cause fire City' to no follge -r be Ell C'oinj)lit.Inco, 1ti itl.i Iv4inriesota S4,itule: ,,
Sec"-tion 47 7 I 'Sul'-xilivision 1.
i c>t cr >cc o�rrcpriatvd and pledged to. Te e
and there shall be credited to, the Debt Service Account: (i) all coliectiops ofspecial
assessment,; herein cov-ena nted.to be levied -with respect to tile Improvements and either initially
credited to the Construction Account and not already spent as pesrmitte(I abov e.and required to
pay I any principal ail(] interest due on the Bonds or collected subsequent, to file coil,pleti{lrl of the;
hnprovc:rnerlts and payment of the costs thereof; (ii) airy accrued interest.recei ved upon delivery
of the Bonds; ,(iii) anycoliectioils of all taxes herein or hereafter levied for the payment elf the
bonds and. interest thereon, (iv,) All funds remaining in the Construction account after
completion of the Improvements and payment of the casts thereof -, not so transferred to tile.
account, of another improvement: (v) all investment earnings ctrl funds held in the Debt Service
Account; and (vi) any and rill other moneys tuhich are properly available and are appropriated by
the :gov:erning body ofthe City to the'Debt Service Account The Debt Service Account. shall be
used sUlely. to pay the. grin :ilaai and interest:and any premiums for redenlpti {)n of'ihc Bcrlicis and
any other Oeneral obliption bonds of the City hereafter issued by the City and made payable
1:-oiri said account as provided by Imm.
No portion of the proceeds of the Bonds shrill' be used directly or indirectly to acquire
higher yielding inV stments car to re}�lace fullers whicl were used directly car indirectly to acquire
higher yielding inv.estmcnts, except (1) fora reasonable tenlporary period until such proceeds are
needed for th purpose for which the Botids were issued and (2) in addition to the above in an
axno Tint not greater than the lesser of five percent (,5 )
Improvement Collection
Desigmatio ADIOLUlt _Ley3._,Years year
Avenue 5712,913 2008-2026 2009-2027
Ever 009-2018:
g rectos 122,779 r) -1
Callahan 186,0()0 2008-12026 2009-2027
At the-flnle the assessments are in -fact le,,ded the City CoLincil shall,, based on th,cAllell
current. e§t I fillated co Ilections of theassQssn.ibnt,'.;, makeamy ad-justrnents.i6 any taxes
required to I e le-,,,i I c -dcr to assure that the City continues: to be in compliance with
M.innesota. Statutes, Section. 475,61, Sqbdivi sion 1.
r&ide.money -or pa3 11
17.: Tax: . y, CoNigrage Test., To p sf ti ent of the, principal and
L
interest on the �Bonds . I I there is her6bylevied upon alitof.thetaxabl.6 proj)&r.ty in the .City R dit&t
annual ad valbrem 1-aN i,;�.,,hicli shall be spread Minn the tax roils and Collected with and as part of
encra . I proper cars a d in. the amounts: as ft.)Ilows:
other ar ty taxes In the City for the y ji.
Year of Tax
Year of Tax
Mato ri ty Year of Tax
Lcyti
Collection.
Amount Year collection Amount
1 2008
200
2018 20. 219
20,09
6 a
2019 20ZO
2010
2011
2, 0 '021
2011
20 Ji
—02 1 2022
0 12
13
2t92? ,
201:1 ,
_'2'O 14,
2 2), 3 202n
�2O i 4,
2 ,
20'214 ? 0�.';
20115
2) o 1
27 02 5 X0_2
2) 0 1, 6
2_'O 17
2026 _Q_
2017
20:1.8;
See attached levy schedifle
The tax levies are such that if collected in full :they, tm4ether with Ostil-nated collections of
hel7ei 11 for tile payinent ofthe Bonds, \vi,ll
specialassessi andotherreventies, pledged
amount needed to ineet NOwn due; the principal
produceat least live porceilt, (.5%) in excess,c),f the ,
'File tax levies shall be irrepealable so long as an�
and,interest. payments on the Bonds.. of th e
Bonds are:out I s . tanding and unpaid. provided I I hat thetity reserves. the right and p6'wd to educe
the, levies in the n.u0nner and to thd extent .perml tied bY Minnesota Statutes, Section 475.6.1,
Subdivision 3.
18. ae -aph,
&�tsancq. When all Bonds lave 1-.)-condischarged as provided in this pa adl
all pledges, covenants: *and other rights granted by this resolution to tlie:registered holders of the
Bonds shall. to the extent permitted by law, cease. Tile City nla-v discharge its obligations With
respect to any I Bonds which are dLIC on any date by irrevocably depositing Nv.itli the Bond
Registrar on or before that date a SLITII Sufficient Ifim- the pavill.ent thereof in full; or if any Bond
Tax Levy Calc6fation, Farb..
,ity.:of MeridotaHolghts, Minnesbta
$3,200,000 Oe'neral Oblicta ti6h.li-n'orbv.��riiefit, Bonds, Series 2008A
.Da I ted. Paley: 101812008.
(1) l")rojected spec! 1 81 *assessment revenue .based. on 571'2,913 assessed at 6.00%:(Avenues Improvem✓nts).
(2) Projected special assessment . revenue based on $122,779 assessed at 6,00% (Evergreens Improvements),
(3): Projected special assessment revenue based on assessed at 6.00% (Callahan Improvements}:
(4) Casliflow and ieVY na6ds s.hould be reviewed annually to account for prepaid and/or delinquent assessments.
E �,J L E R S
Z ti ASSO,CIATES IN:C
(1)
(2)
.(13)
(4)
Levy
Collect
Ray
Total P & I
Less-
Less*
Less:
Net
Year
'Y ear
Year
x P 9 1 105%
Spec Assrnts:
Spec Assrnts
Spec'Assmts
Levv
.
2,008
2009,
2010
270,536.86 2841063.70
80,296.52
19,644,64
20,949,47
163:173:07
2ooq 1
201. : 0,
2011
272,577.50 286,206.38.
78,045;21,
1�8:907,97
20,362.11
168,891.09
2010 1
1 2012
267,702.50 281,087,63
75,791911
19,774.74
167,34171.69
2011 /:
2012
/ 20,13
2C-7i82-7.50 .281 t218.88
542.60
17,434,62
19,187,VI
171,054.28
20 , 12 1
2 1 013
1 :2014
262,790-00
71,291.30
16,697.c-,4
1
169,340.126
2,013 1 1 1
201:4 . 1
/ 2()15
202,752.50 275;890.13
69104Q.00
151�961 2.7
181*0. 12M
172,876,23
2014 f
�2015
i 2016 1
257;152,50 . 1 1 2i6 'wo,13
66,788.69;
:15 1 -,2-24M
17,425.26
1701,571.:57
2015; 1
2016
/ 2017
2b6,552.50 269,380,13:
64537.39:
14,487,92
16.,837..89
1 16.92
201& 1
2017 . . 1
1 V2018 . , 1 ,
24. 952,5 . 0 262;450,13 4
62,2 . 86.08.
13,7 . 51.25
161250.53
17011. 62.27
2W�t 1
2018
2019
?48,352.50. 260177013
607034J8:
13,0114.5.7
15.663116
172057.61
201 , 8
2019
1: 2020:
241;552.10 . 1 1 253.( 3 , 30.13
I
15,075.79
180,1770186
2010-
2020
/. 201.1
1
' 246,490J3.
234,752.50:
1 1. :�
55,532.17
14,488..42
176469.63
2020 1
2021
1 21022
227,612,50 238'R93.18
53,280.87
'11901.05:
171,311.21'
2 1 021 1
2022
1 2,023
225,472.50: 1 2 . 36,746A3
51,029,513
13,313.66:
172,402.88.
2b� . 2
2 02z'�
2624
227 190.50. 2.3,91344 88
48,77826
-42,72.0.32:
:1
10
1177,S49.3
2023 1
2024
2025
': 236,242.'13
224,992.50
12,1 8 EO,5:
177,5M22
'j 02A I
2025
1 2026
2?1,727 SO 232,81,3,88,
7_025 t
MCI
/ 2027
�45.bo, 229;151 25
2- 1
4.2,02435
.10,964.21
202.5 4"
2027
1 2028
219!345.00 230i312.25
39,77104
1 sb1i ct.2,37
otals
4,657,844.36 4,890,736,58
1,140,660.80
163 296:07
297j600.00
3,289,179,71
(1) l")rojected spec! 1 81 *assessment revenue .based. on 571'2,913 assessed at 6.00%:(Avenues Improvem✓nts).
(2) Projected special assessment . revenue based on $122,779 assessed at 6,00% (Evergreens Improvements),
(3): Projected special assessment revenue based on assessed at 6.00% (Callahan Improvements}:
(4) Casliflow and ieVY na6ds s.hould be reviewed annually to account for prepaid and/or delinquent assessments.
E �,J L E R S
Z ti ASSO,CIATES IN:C
should: not be paid �xhen due, it:iiaay nevertheless be discharged by depositing with the Bond
Registrar a stem sufficient for the:`paytnent thereof in full with interest accri.ied to' the date of such
deposit. The C;'ity may also discharge its obligations vvith respect to any prepayable Bonds called
for rcdcinlatioia on and date when they are prepayable according to their terms, by depositing
r� +ith the Boml, Registrar on or before that date a sum su ff'icieiat for the paynxent thereof full;.
provided that .notice of `redemption thereof has +been club given. The City nay also at any tim.0
discharge. iis: obligations with respect to any Bonds. subject to the provisions of law n.ow or
lcreaftcr authorizing and regulating such acii {gin by depositing irrevocabI }? in escrow-, a
suitable banki ag institution qualified by as ata escrotNy- agent for this-purpose, cash or
securities described in Minnesota Statutes; Section 47.5.67, Subdivision Vbearing interest
piiyable at such times and at such rates and maturing on such dates as shall be required. avithout
regard to sale andlor teilwestment, to pay all amounts to become due, thereon to inatur t:y or, if
notice of redemption as herein required has been duly provided fear. to such earlier redemption.
date.
19. Reimburscment Bond Regulations. The provisions of this
p�rragtaltla are itat:etided to establish and'larca�J:icic ft:n- the C it�''s compliance: a ith United States.
Treasury Regulations Section 1.150 -2 (the "Reimbursement ltiegulations ") applicable to, the
'Teimbursement. Proceeds" of the Bonds., being: those portions thereof which wilt be used by the
City to reimburse itself for any expenditure vvbich the City paid oi= °will have paid prior to the
Closing Datc (a " Reianbut 'semetit.Expetiditure ").
The City hereby certifies a,ndilor eovenants as follows
(.a). Nlot. later thin 60 .days iafter the date of payment of a Reitiibut.semenf lixlrc nclitui c,
fl.-j E•,1 (or l }i 1 son elesivt "Ic wd io do so oil beh llf oftht 0" "' rliz,S treci�e E,t willt.
hiavd riiad'e a `; ritie:a declaration U'1 the City's icia:i intept (a "Declaration' t
NVI -Beth cffect<vch, (a1 States the City's re €tsonable itxpecaatio.tr to reinil ur'se itself 16t
the paynl`:Iit of the. Reimbursement Expenditure out of thle prtt)t,eeds of-'a.
4uifsCllliiti'17t}i3t3r' +'tcf ;ti.) !y' E:, u �g,e':t rip-1 irl {1 ft11'lit_t }r t _S,.;il ?:tE Sl t)'tll 11
1 lc3pczty. Ilrojc i tot pro�u. iii n to which th Declaration relates a?a�1 fo wili la the
Retjithursemetit xpenditure is paid, cu identifies a specific fi.rnd car account t.fthe
City and the general functional purpose thereof f-om which the Reimbuiseme;nt
Expenditut;c was to be pa id (collec,tivelythe. "Pt o�jcc;t " }; and (iii) states .the
111MMIuiil princilial ain(yunt of debt expected ter be issued.by the'C;ity for the
purpose of financing the PrUject_ provided, lien =.lever, that no such} De laration
shall tnecessarila hav'ebeen made -�A-ith respect to: (i) "preliminary expenditures`'
4br the Project, dcf ned iia the Reiibbursoment Regulations to include engineei ng
or architect zral. surveying and soil testing expenses and similar pref'aiory costs;
which in the aggre;at.c dc� not'exceed 20`t�o of the: "issue price" uf'the Bpards,.and
(i.i) a de m.inhnis anioui t of Reinabursenaeni .Expeiaditures not in excess of the.
lesser of 5100,000 or 5 °1/o of the proceeds of the Bonds.
(b� Each Reimbursement Expenditure is a capital expenditut`e or a cost. of issuance of
i:la:e I3E�ncls i ?r airy of the other t�I)cs of expenditures described itt Section 1.150 -
2(d)(;) of'tlic I eiiiibui`sc:inetit Regulations.
(c) Tlie'reirnbursement allocation" described in the Reirnbursemei for
it: Regulations
eadiReirnbursement Expenditufe_shall and. will. be made Jbrth%vith (,.but
not, 71 pri:or -to) the issuance of the Bonds and in all event,, Within the P e�riod, ending
on the date which is the later of three years after payment of the 1),eimbursellient
Expenditure or one year after the date on w1iieh the PJ
.roject to which the
,
Reirnbursenlent Expenditure relates. is -rust placed in servrjce
(d) Each suchirei mbursem entt a] I peation °.vill be:rnadeiii a writing that. qvidence& the.
Cit.v's use of Bond proceeds to rpimbqrso.tlie Reimburseibent Expenditare'and, if
niade vvithin 3tI days after the Bonds are issued,. shA be treated as itade on the
day the 136ndS are.. issued.
-or ovenant.s in
Pj:Qvddi�d, ljo.Nvever. that the City may take. action contrary to any of the f. egolng q,
(j: -ect that
this paragraph upon. receipt of all; opinion of its Bond Counsel fi.n. the Bonds statin., in eff
Such I action will notfiripair the tax-exeml-A, status. of the Bonds.
20. Gencrat Obligation Pledge. For the pro-rapt and fill] payment oftliep,rineipal and
in
teresfon filel3onds, as the same respectivelybedorne:dije; the fill] fbith,:credit and taxing
povv'ers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt
Service Account is :ever
I in sm, ffici entto pay all piIncival mid interest then due On the ',Bonds and
any other bonds paydbI d
tli& fronin, the d,eficileftey'sh'all be. promptly paid out of any other flunds
-e'
of the City which are available fior such and such other fund§lrnay be. i . inibm -scd tvith
or \,yqtIjout: interest. fiom flic Debt Service Account when a sufficient balan.celis: :available there.in,
2.1, Continrjnj�M I)isclosure.
Y s p
ed.t6 the Bonds. The .City hereby.
by the
,SecLjr1tie',§,. and Exchange ("on-imission (the to thie:Seuurifios Exchaniw
I I ( I _ I lk
Act of I 9�4, ai,4 an), tided, an'd a ('.7ont-inuing Disclosure Undertaking (ilie'../Inderia ing
herciflafTer d'escrfl bed to:
(i) Provide or cause to be provided tci each national] }, recognized brunicipal
securities inform.,ation repository ("NRMSIR!') and to the appropriate state information,
depositary ("SID"); if any, for the State. of M I innesota, in each case as deslg�nated by the
(,olilmission in acoordance with thol-R-tile- certain annual financial Injibrination and
operating data in accordance �vjtli the Lindertaking. I'lie City reserves the right to modify
from time to tinle the terms.oftlie Undertaking as provided therein.
(ii) Provide or cause to be provided, in a thriely rnaliner, to (1) each NRAIISIR
or to the munteipa] securities Rulemak ing Board ("MS.R8") and (ii) the-81D., notice of
the occurrence of certain niatelial events with respect to the Bonds in accordance witli the
Undertaking.
(iii) Provide or cause to be provided, in a timely manner. to (i) each NIRMSIR
onto the MSRB and (ii) the SID, notice of a Flilure by the Issuer to p.rovide the annual
financial infornlation with respect to the IssUel, described in the Undertaking.
(iv }: The City agrees that Its ecivenal is pursuaait to the Rule setforth;iil this
paragraph and in the Undertaking is intended to be for the beriefit of the holders of the
Bonds nand sli all be enforceable on behalf of. such holders. providers that the right to
enforce the provisions of these covenants shall be linniterd to a right to obtain specific
enforcement the City's obligations under the covenants.
(b) The Mayor and Cleric of the City, or any otllei- officer of the City authorzed to act
ii1 t1lei:r 1�laee (t11e: "Officers") are hereby authorized: grid directed to execute on behalf"of" the City
the I.jhdertak.ii g in substantially the form presented to the C'i'ty Council, subject to such
iilodif cations thereofor additions thereto as are (i} c:o ,isistent with the requirein ilts under the
Rule, (ii) required by the purchaser of'the Bonds and.(iii) acceptable to the Officers.
22 Certificate of Reuistration and Tax. Lem!. The Clc21d is hereby directed to file a
certified copy of this rest >lutiOil wi th tlii County Auditor of T.sakottt Counter, Nrinnesota,. together
N?iitl1 such other infortridtion as the County Auditor shall rINuiI`e, and tU obtaU1 II, *0iu the County
Auditor the certificate that the Bonds have been entered in the County Auditor's Bond Register,
and tbatItbe, tax levy required by Jaw has been rnade.
03. Records and Cerli#ic;ates. The o`f`ficers of the City are hereby authorized. and
rllxocfGCl.to prepare amid furnish tti;tlle Purchaser ; allcl: to tlae attorneys approving tlie`lcgafty- of the
issuance of the Bonds, uerti Pied copies of all proceedings acid reu)rds of the City= ri lasing to the
Bonds and to th6 financial conditioli arid; affairs of the City; ind such other affidavits, ceilificates
and infibrinat on as are required to sl�7: =v� the facts relatina, to the legitflity andl marketability cif tfrt
Bonds as the sa111e appear from the books zinc] records under their custod ° aiid.writroI or as.
otherwise knci: 4i'ia to, then1, and .111 SUC11 Codified Copies,. certificates anel 2atffi ae'?is imcj'U'.Uinw i,my
heI'{;tC1fC ?"�.'. flil`I71`i1C:fI, :Isall b;. t1C(:5137:;C{ ri',11 {�.ie:l�'.itlEi;I$ C�fttl� t '_t jJ i?�. t� til.�'�iiC%t5 2'C,C1tC!I tii.l "C:..I21,M
7 N iat,b i, t Yoh G Il t as t£1 � � sL; 4o hosed :Proemis and 1171 t)royern ntts. The: City
1)1(.:� I IT2 hRr b-.' covenants no! to use tc proceeds of '110 .i o as iie ln..l US—Or tO t IUSC 0V
17( r1T1F't' test I ?? t( 11e tisG (.1. (st' t(.i 11tt ';` into wlw; def:L'i "i "CCt f � ?i'I ?1L'ilt aF f'r! ?2£'CFTtC,t'It fC1r t1lE C(7St C7f t11C
bripi-Ovements. in smeh a Banner: as to cause the BoF & to be "private, iictiv ity bonds" - within the
nicanina of Sections 10"') and 141 thrciu�(rh 150 of the Code.
25: Ta, -Cxezn a fates cif "tlze Bonds i;el ate. The. City shall. comply with
i-equirenlents.iiec,essary under the Code t6 establish ,ind ina titain tiie exclusion f (.) II Bross.
income. Under Section 103 of the_ Code of the Inieresi on the Bonds, including without h 11lt<atlon
(1 } i'egU1re211ei1tS rUl,clttil4� to temporary periods ftw investments, t?) limitations: on amounts
invested at a }yield aircateir than the yield on the Bonds, and (3} the rebate of excess invostme> t
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 iss e exception
a n6unt of $5;(. }OO;Cft For purposes of qualifying f6r the exception to the federal arbitrage
rebate requirements tier governmental units issuing $5.000,000 or`less 6fbonds, the C:'ity hereby
finds,, determines and declares that (1) the Bonds are issued by a governmental unit 1�lith general
taxing powers; (?} Iio Bc�ilci is i} `(iris ate activity 1�o21c1, (3) ninety -five; percent (95 %) or more: of
the not proceeds of the Bonds are to be used fbr local governmental activities of the City (or, of a
0oveInmental unit th lurlsdiction of NvIiich is eIiti_rely kvitliin the jurisdiction. o tlae CltV ), and (4)
� 1
the aggregate face arnountof all tax exempt bonds (other than private activity, bonds) issued by
the City (and': all subordinate entities thereof, and all eatitie� treated as one issuer Nvitl the City)
during: the calendar year in which the Bonds ar-e isstied and outstanding at c)nc; tulle is not
reasonably expected to exceed $5,000,0( }0. all within; the it c nillg,c)1 Sei Lion 148(fi)(4 )(0) of the.
Cody:.
26. D4.si- Tnation. of Oualitied Tax- Exernjjt Oblii-atiorrs: In order to qualify: the Bonds
IS ' Cllli3l]12f C!'tdX -[ Xl'nil ?t obligations" lrllt11111 .t13C I138iti111]] of Section '265(b)( ) of the Code.. the
City.lierebv n-iakes the following factual st >ate;iii,ents and rel3reseotation,s:
(a) tl3e :Bonds are issued after August 7, 1.98.6
(b)' the Bonds are not „private activity bonds" as defined in Section 141 of the Code:
(L) the C"iiyfhereby designates the'Bonds as. "qualified tax - exempt o ligations" for•
purposes of` Section 2650)(3) of the Code.
(d) the reasonably anticipated amount oftax -e- e ilpt 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 en titres treated as on issuer witli the City, andal I subordinate:
t iltit:ie s Whose obligaiiJ�ns are treated as issusvd' l)y the City) during this calendar year -200 will
n6t ekeeed $10,0000(); 4:nd
(e) not more than ,S.10 000, 00 (�f oblrgat i)ns issued by the City duriiag this calendar
Year 2(tOn lia ,e been do ;igi�,tc:€1 for pui °1)�y s of
The 265(b)(3), of the'Code,
`l"he C:'ity shall use it, best 'efforts: to c €:itr31)ly w th any federal l)rkedural: requirements which f -'ay'
apply Iil €)rd r o effecluate the desiojiiat,ion. miade bV this 1)€�ra�ti "rl131'i.
27, Sevt_rabi1ity. If -any pi(:)vis )'n of this, shall beheld,
Ti) 1:74': 1£)1 "all(:l'o 1131€ 1314,J1.�.at'lr: for citi, r`i:'.�a`+oi3; i;ltc, II1Z +'tilititi.y't.:3r €atiui °t C1iC( (1i31tity % +t stl(:l "1' �t CtiE)Ll;.
paragraph € r,provj.-slod shall not affect an1v of the provisions o.P his resuluti€ ll.
28 Payment of Issuance ExUeris. ,.. The City auth.oriz e$ the Purchaser to orivard the
anlouit# ofiBond proceeds allocable 1C1 the payirirern 011 issuance expenses :'to l_I.S.'Trust 0,mrippy
N.A., Greenwich, Connecticut, on the closing date for further distribution as directed by the
C ity5 financial advisor-. Ehlers.
29. Head_it3 s. I :cad ilgs in this resolution are included for convenience of reference
oInly and are not a`(dirt hereof, and shall nol limit or define the meaning of any provis:ot3 hereof.
The: Inotion, I�br the ado tionbfithe, fore jig,r soluti iv as duly s aded byineniber
�p I goi e ion\, � I eco
Yjt M and, afiter a full.disctissioD thereof and upon, a vote being taken: thercon, tbe. following
Voted in favorthereof.-:
Vitell), KID sbach. Schneenian aiid' pub am
and the.17ollowing-voted ag6inst.the sarne-
none,-,
Wheretipon the resolutioti was declai'cd duly passed and adopted..
STATE OF MINNEso,rA
cOUNITTY Or� , DAKO'T'A
CITY OF MENDOTA HEIGHTS
L the ujidersianed- being the duly qualified andactin& Clerk of the City of.'Mendota
Heialits A\Onnsota, DO HEREBY CERTIPAY that I have compared the attached abdiffireg(jing:
extract :of milibLes with the origffial thercol'on file in my office; and that the same is a full. true
pad comlAete transcri t. of i t f
p mmu es o ,tincetiagy of the City C6un6l, duly called Neciandlieldon
the date therein indicaied, insofar as such ininutes relate to authorizing th.e issuance ofand
amlarding the sale of S3.200.000 Genenil Obligation 1-niprovement , Builds, Scrids 2000
NVITNESS mv hnd tbis; da-vof .2008.
�. I -ZL. ,
Clerk ...
2. 2 S ' 1 21)
BID TABULATION
$3,200,'000 General OblWatid: Improvem,ent,13onds, S I etbes 2009A
9 n
CITY0.F MENDOT . A:H I EIGHM MINNESOTA
SALE:. September 16, 2006
AWA.RDx WELLS FARGO BROKERAGE SERVICES,.LLC
RATING: Moody'slnVestors Service, inc.."AaZ"
BBI* 4.54%
NET
TRUE
NAME OF8113DER
MATURITY
RATE
REOFFERING
PRICE INTEREST
INTE . REST
(February 1),
YIELD
COST
RATE
WELLS FARGO BROKERAGE; SERVICES, LLC
2010
3250;/0
2.100%
$3J92'206.40 : 51..;465,637.96
4J 476%
Minneapolis,% Minnesota
2011
. �250%
2.4506/.
C I RbNIN 8 CO., INC. _JN
...
�2012
3,250%,
2.650%
Minneapolis Minnesota
2012
3250%
2.850%
2014
3.250%
3.04b%
�2015
31500%
3-1:50%
2016
3.600%
33600%
2017
4:.Ooo., 16
3,550 %0.
2016
4.0 - 00%
3.750%
,2019
4.000%
3.900%
2020
4.000 %
4.000°14
20,21 '
4200%
4.200%
2622*
4.206%,
420%
2023
4.300%
4.:300%
%2024 *t
4300%
4.300%
2026—
4,350%
4.360%
2027"
4.450%
4-4500/c,
2028`"*
4,450%
4,450%
F$340.000 Term Bond due 2022 with mandatory redemption in 2.021
x-"$360,000 Term. Bond due 2021 with iTi.an'datorv.i-ede.ii.i.i)ti.on in 21023
'**$385,000 Term Bond due 2026 with: mandatory redemption in 2025
** **$41bjOOO Term bond due 2028 with mandatory redemption in 2027
v "v"
.......................
lve
P,
E H
1A
ever p I eribs 2008A
19 nO espia.,
QF Pjo..O.�R
..........
NORTHLANO'.8'EU
BF-MAk,01. 8EGURITIES 111,04
RPE * R Jj�FFRAY,
:RATE ftW FERfI
YO�Lb
201:0
Z. 26b6%
PRIPe" IN t
IMRe$
l ERESI
2012
-3
2013
31.000.li
2014
SJ%h/
20.
G.26:15
6 16
3 5
2017
1-75 6%
z .'A
01".
b**'
49. 00%
,2020.
4,000%
202`
4.16bIX,
2'023
44 .3
775, W
2*01-24
4. 30 0 P/6;
2b.25,
4,56 #1 %:
2026
4,500%.
207
4.7a0%
2028:
4;70061
201:0
TREE_
PRIPe" IN t
IMRe$
l ERESI
QOst.
:RATE
2013
31.000.li
of
20.
2017
3; 8 0 06A.
2019*
4,1.00%
,2020.
4.1-00%
i264
4.37,15%
2'023
44 .3
775, W
2*01-24
2b.25,
4,56 #1 %:
2026
4,500%.
0
4; 5600/p
2128
4-.$0Q%
Page 3
Adopted by the City Council of the City of Mendota Heights this 16th day of September, 2008.
ATTEST:
By Z��7 &. k(
kdthleen M. Swanson, City Clerk
M
Ultan
4 2 7...
94' -1b,
TREE_
PRIPe" IN t
IMRe$
l ERESI
QOst.
:RATE
42664"A'
Adopted by the City Council of the City of Mendota Heights this 16th day of September, 2008.
ATTEST:
By Z��7 &. k(
kdthleen M. Swanson, City Clerk
M
Ultan
4 2 7...
94' -1b,