Res 2007- 47 Accepting Offer/Levying Tax GO Bonds 2007A7-+"7
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: June 5, 2007
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 Tuesday, the 5th day of June, 2007, at 7:30 P.M., for the purpose of
awarding the sale of, $2,790,000 General Obligation Bonds, Series 2007A of the City.
The following members were present: May Huber, Duggan, Krebsbach,
Schneeman and Vitelli;
and the following were absent: none.
Councilmember Krebsbach introduced the following resolution and moved its
adoption:
RESOLUTION ACCEPTING OFFER ON SALE OF
$2,790,000 GENERAL OBLIGATION BONDS,
SERIES 2007A
AND LEVYING A TAX FOR THE PAYMENT THEREOF
A. WHEREAS, on April 24, 2007, pursuant to an election held on that date, a
majority of the voters in the City of Mendota Heights approved the issuance of general
obligation bonds to defray the expense of the acquisition and betterment of an existing par 3 golf
course for use as park or other recreational facilities (the "Project"); and
B. WHEREAS, the City has heretofore determined and declared that it is necessary
and expedient to issue $2,790,000 General Obligation Bonds, Series 2007A of the City, pursuant
to Minnesota Statutes, Chapter 475, to provide moneys to finance the Project; and
C. 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
therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been
solicited by Ehlers; and
D. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
by the Clerk, or designee, at the offices of Ehlers, at 10:00 A.M., this same day pursuant to the
Terms of Proposal established for the Bonds; and
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Bidder Interest Rate Net Interest Cost
See attached bid tab
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 Wells Fargo Brokerage Services LLC,
Minneapolis, Minnesota (the "Purchaser"), to purchase $2,790,000 General Obligation Bonds,
Series 2007A of the City (the "Bonds" or individually a "Bond"), at the rates of interest
hereinafter set forth, and to pay therefor the sum of $2,778,848.76, plus interest accrued to
settlement, is hereby found, determined and declared to be the i 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 the Purchaser and to forthwith return to the others making offers
their good faith deposits.
2. Terms of Bonds.
(a) Title; Original Issue Da• Denominations; Maturities. The Bonds shall be titled
"General Obligation Bonds, Series 2007A",
shall be dated June 27, 2007, as the date of original
issue and shall be issued forthwith on or after such date as fully registered bonds. The Bo nds
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
2009 $135,000
2017 $190,000
2010 145,000
2018 200,000
2011 150,000
2019 205,000
2012 155,000
2020 215,000
2013 160,000
2021 225,000
2014 170,000
2022 235,000
2015 175,000
2023 245,000
2016 185,000
As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory
sinking fund redemption and final maturity amounts conforming to the foregoing principal
repayment schedule, and corresponding additions may be made to the provisions of the
applicable Bond(s).
(b) Book Epla Only System. The Depository Trust Company, a limited purpose
trust company organized under the laws of the State of New York or any of its successors or its
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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 11 (with respect to registration, transfer, 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
premium, if any, or interest on the Bonds, or (D) the consent given or other action taken
by the Depository as the Register 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 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.
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(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 12 hereof (with
respect to registration, transfer, exchange), 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 ").
(vii) All transfers of beneficial ownership interests in each Bond issued in
book -entry form shall be limited in principal amount to Authorized Denominations and
shall be effected by procedures by the Depository with the Participants for recording and
transferring the ownership of beneficial interests in such Bonds.
(viii) In connection with any notice or other communication to be provided to
the Holders pursuant to this Resolution by the City or Bond Registrar with respect to any
consent or other action to be taken by Holders, the Depository shall consider the date of
receipt of notice requesting such consent or other action as the record date for such
consent or other action; provided, that the City or the Bond Registrar may establish a
special record date for such consent or other action. The City or the Bond Registrar shall,
to the extent possible, give the Depository notice of such special record date not less than
15 calendar days in advance of such special record date to the extent possible.
(ix) Any successor Bond Registrar in its written acceptance of its duties under
this Resolution and any paying agency registrar agreement, shall agree to take any actions
necessary from time to time to comply with the requirements of the Letter of
Representations.
(x) In the case of a partial prepayment of a Bond, the Holder may, in lieu of
surrendering the Bonds for a Bond of a lesser denomination as provided in paragraph 5
hereof (with respect to redemption), make a notation of the reduction in principal amount
on the panel provided on the Bond stating the amount so redeemed.
(c) Termination of Book -Entry Only System. Discontinuance of a particular
Depository's services and termination of the book -entry only system may be effected as follows:
(i) The Depository may determine to discontinue providing its services with
respect to the Bonds at any time by giving written notice to the City and discharging its
responsibilities with respect thereto under applicable law. The City may terminate the
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services of the Depository with respect to the Bond if it determines that the Depository is
no longer able to carry out its functions as securities depository or the continuation of the
system of book -entry transfers through the Depository is not in the best interests of the
City or the Beneficial Owners.
(ii) Upon termination of the services of the Depository as provided in the
preceding paragraph, and if no substitute securities depository can be found which, in the
opinion of the City, is willing and able to assume such functions upon reasonable or
customary terms, or if the City determines that it is in the best interests of the City or the
Beneficial Owners of the Bond that the Beneficial Owners be able to obtain certificates
for the Bonds, the Bonds shall no longer be registered in the bond register in the name of
the Nominee, but may be registered in whatever name or names the Holder of the Bonds
shall designate at that time, in accordance with paragraph 11 hereof (with respect to
registration, transfer, exchange). To the extent that the Beneficial Owners are designated
as the transferee by the Holders, in accordance with paragraph 11 hereof (with respect to
registration, transfer, exchange), the Bonds will be delivered to the Beneficial Owners.
(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of
paragraph 11 hereof (with respect to registration, transfer, exchange).
(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 Bonds shall provide funds to defray the expense of the acquisition
and betterment of an existing par 3 golf course for use as park or recreational facilities.
4. Interest. The Bonds shall bear interest payable semiannually on February 1 and
August 1 of each year (each, an "Interest Payment Date "), commencing February 1, 2008,
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
2009
4.000%
2017
4.050%
2010
4.000%
2018
4.050%
2011
4.000%
2019
4.125%
2012
4.000%
2020
4.125%
2013
4.000%
2021
4.200%
2014
4.000%
2022
4.200%
2015
4.000%
2023
4.200%
2016
4.000%
As may be requested by the Purchaser, one or more term Bonds may be issued having
mandatory sinking fund redemption and final maturity amounts conforming to the foregoing
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principal repayment schedule, and corresponding additions may be made to the provisions of the
applicable Bond(s).
5. Optional Redemption. All Bonds maturing in the years 2017 through 2023 shall
be subject to redemption and prepayment at the option of the City on February 1, 2016, 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 in a random manner 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, numbers so assigned to such Bonds, as many numbers as, at $5,000 for each
number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be
redeemed shall be the Bonds to which were assigned numbers so selected; provided, however,
that only so much of the principal amount of each such Bond of a denomination of more than
$5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If
a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the
City or the Bond Registrar so requires, a written instrument of transfer in form satisfactory to the
City and the Bond Registrar duly executed by the holder thereof or his attorney duly authorized
in writing) and the City shall execute 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.
6. Bond Re ig stray. Bond Trust Services Corporation, in Roseville, Minnesota, is
appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond
Registrar "), and shall do so unless and until a successor Bond Registrar is duly appointed, all
pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith.
The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is
duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or
record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 13 (with
respect to interest payment and record date) of this resolution.
7. Form of Bond. The Bonds, together with the Bond Registrar's Certificate of
Authentication, the form of Assignment and the registration information thereon, shall be in
substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
R- $—
GENERAL OBLIGATION BOND,
SERIES 2007A
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
JUNE 27, 2007
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, unless called for earlier redemption,
on the maturity date specified above, and to pay interest thereon semiannually on February 1 and
August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2008, 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
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i
of principal of, premium, if any, and interest on this Bond and notice with respect thereto shall be
made as provided in Letter of Representations, as defined in the Resolution, and surrender of this
Bond shall not be required for payment of the redemption price upon a partial redemption of this
Bond. Until termination of the book -entry only system pursuant to the Resolution, Bonds may
only be registered in the name of the Depository or its Nominee.
Optional Redemption. All Bonds of this issue (the "Bonds ") maturing in the years 2017
through 2023 are subject to redemption and prepayment at the option of the Issuer on February 1,
2016, 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 in a random manner 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 by lot, using such method of selection as it shall
deem proper in its discretion from the numbers assigned to the Bonds, as many numbers as, at
$5,000 for each number, shall equal the principal amount of 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 the Bond Registrar so requires, a written instrument of transfer in form
satisfactory to the Issuer and the Bond Registrar duly executed by the Holder thereof or his
attorney duly authorized in writing) and the Issuer shall execute 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, General Obligation. This Bond is one of an issue in the total principal
amount of $2,790,000, 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 June 5, 2007 (the "Resolution "), for the
purpose of providing funds to finance the acquisition and betterment of an existing par 3 golf
course for use as park or other recreational facilities. This Bond is payable out of the Debt
Service Account of the Issuer's General Obligation Bonds, Series 2007A Fund. 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.
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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
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 fully 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 f or the purpose of receiving payment as
herein provided (except as otherwise provided herein with respect to the Record Date) and for all
other purposes, whether or not this Bond shall be overdue, and neither the Issuer nor the Bond
Registrar shall be affected by notice to the contrary.
Authentication. This Bond shall not be valid or become obligatory for any purpose or be
entitled to any security unless the Certificate of Authentication hereon shall have been executed
by the Bond Registrar.
Qualified Tax-ExgmpLObligation. 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, 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.
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.
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Date of Registration:
Registrable by: BOND TRUST SERVICES
CORPORATION
Payable at: BOND TRUST SERVICES
CORPORATION
BOND REGISTRAR'S
CITY OF MENDOTA HEIGHTS,
CERTIFICATE OF MINNESOTA
MINNESOTA
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned
/s/ Facsimile
within.
Mayor
Bond Trust Services Corporation
Roseville, Minnesota
Bond Registrar
/s/ Facsimile
Clerk
By
Authorized Signature
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ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this
Bond, shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
under the
(Cust) (Minor)
Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used
though not in the above list.
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ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within
Bond and does hereby irrevocably constitute and appoint attorney to
transfer the Bond on the books kept for the registration thereof, with full power of substitution in
the premises.
Dated:
Notice:
Signature Guaranteed:
The assignor's signature to this assignment must
correspond with the name as it appears upon the
face of the within Bond in every particular, without
alteration or any change whatever.
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.)
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Use only for Bonds when they are
Registered in Book Entry Only System
PREPAYMENT SCHEDULE
This Bond has been prepaid in part on the date(s) and in the amounts) as follows:
Date Amount Authorized Signature
of Holder
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8. Execution; Temporary 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 June 27, 2007. The Certificate of Authentication so executed on each Bond shall
be conclusive evidence that it has been authenticated and delivered under this resolution.
10. Registration; Transfer; Exchange. The City will cause to be kept at the principal
office of the Bond Registrar a bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of Bonds
and the registration of transfers of Bonds entitled to be registered or transferred as herein
provided.
Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the
City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of
registration (as provided in paragraph 10 with respect to authentication) of, and deliver, in the
name of the designated transferee or transferees, one or more new Bonds of any authorized
denomination or denominations of a like aggregate principal amount, having the same stated
maturity and interest rate, as requested by the transferor; provided, however, that no Bond may
be registered in blank or in the name of "bearer" or similar designation.
At the option of the Holder, Bonds may be exchanged for Bonds of any authorized
denomination or denominations of a like aggregate principal amount and stated maturity, upon
surrender of the Bonds to be exchanged at the principal office of the Bond Registrar. Whenever
2029527vl 14
any Bonds are so surrendered for exchange, the City shall execute (if necessary), and the Bond
Registrar shall authenticate, insert the date of registration of, and deliver the Bonds which the
Holder making the exchange is entitled to receive.
All Bonds surrendered upon any exchange or transfer provided for in this resolution shall
be promptly canceled by the Bond Registrar and thereafter disposed of as directed by the City.
All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general
obligations of the City evidencing the same debt, and entitled to the same benefits under this
resolution, as the Bonds surrendered for such exchange or transfer.
Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or
be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar,
duly executed by the Holder thereof or his, her or its attorney duly authorized in writing.
The Bond Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the transfer or exchange of any Bond and any
legal or unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject to reasonable regulations of the City contained in any
agreement with the Bond Registrar, including regulations which permit the Bond Registrar to
close its transfer books between record dates and payment dates. The Finance Director is hereby
authorized to negotiate and execute the terms of said agreement.
11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in
exchange for or in lieu of any other Bond shall 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 13 above with respect to interest payment and record date) 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.
2029527vl 15
ar
14. Delivery_ Application mlication 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 2007A 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 herein authorized and the interest thereon shall
have been fully paid. There shall be maintained in the Fund two separate accounts, to be
designated the "Construction Account", and "Debt Service Account", respectively.
(i) Construction Account. To the Construction Account there shall be
credited the proceeds of the sale of the Bonds less accrued interest received thereon and
less any amount paid for the Bonds in excess of $2,762,100, and less capitalized interest
in the amount of $67,606.17 (together with interest earnings thereon, and subject to such
other adjustments as are appropriate to provide sufficient funds to pay interest due on the
bonds on or before February 1, 2008). From the Construction Account there shall be paid
all costs and expenses of the Project, including the cost of any construction contracts
heretofore let and all other costs incurred and to be incurred of the kind authorized in
Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no
other purpose except as otherwise provided by law; provided that the proceeds of the
Bonds may also be used to the extent necessary to pay interest on the Bonds due prior to
the anticipated date of commencement of the collection of taxes herein levied.
(ii) Debt Service Account. To the Debt Service Account there is hereby
pledged and irrevocable appropriated and there shall be credited: (1) the accrued interest
received on the sale of the Bonds, (2) all investment earnings on funds in the Debt
Service Account; (3) capitalized interest in the amount of $68,679 (together with interest
earnings thereon, and subject to such other adjustments as are appropriate to provide
sufficient funds to pay interest due on the Bonds on or before February 1, 2008); (4) any
taxes herein or hereinafter levied for the payment of the Bonds in the event the monies
heretofore pledged are insufficient for the payment thereof; (5) any and all other moneys
which are properly available and are appropriated by the governing body of the City to
the Debt Service Account. The amount of any surplus remaining in the Debt Service
Account when the Bonds and interest thereon are paid shall be used consistent with
Minnesota Statutes, Section 475.61, Subdivision 4.
The moneys in the Debt Service Account shall be used solely to pay the principal of and
ft r
interest on the Bonds or any other bonds hereafter issued and made payable from the Fund. 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 proceeds of the Bonds and any sums from time to time held in the Fund (or
any other City account which will be used to pay principal and interest to become due on the
2029527A 16
Bonds) in excess of amounts which under the applicable federal arbitrage regulations may be
invested without regard as to yield shall not be invested in excess of the applicable yield
restrictions imposed by the arbitrage regulations on such investments after taking into account
any applicable "temporary periods" or "minor portion" made available under the federal arbitrage
regulations. In addition, the proceeds of the Bonds and 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. Tax Lever Coverage Test. To provide monies for the payment of principal and
interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct
annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of,
other general property taxes in said City for the years and in the amounts as follows:
Year of Tax Year of Tax
Lew Collection Amount
See attached tax levy
Said tax levies are such that if collected in full they, together with estimated collections of
investment earnings and other revenues herein pledged for the payment of the Bonds will, if
_ collected when due, produce at least five percent in excess of the amount needed to meet when
due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so
long as any of 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(3).
17. General Obligation Pledge. For the prompt and full payment of the principal of
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
Construction Account or Debt Service Account is ever insufficient to pay all principal and
interest then due on the Bonds and any other bonds payable therefrom, the deficiency shall be
promptly paid out of any other funds of the City which are available for such purpose, and such
other funds may be reimbursed with or without interest from the Construction Account or Debt
Service Account when a sufficient balance is available therein.
18. Certificate of Registration and Tax Lew. The City 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 shall require, and to obtain the County Auditor's
Certificate that the Bonds have been entered in the County Auditor's Bond Register, and that the
tax levy required by law for the Bonds has been made.
19. 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
2029527v1 17
(ax Levy Calculation For
City of Mendota Heights, Minnesota
$2,790,000 General Obligation Bonds, Series 2007A
Dated Date: 6/27/2007
Levy
Year
Collect
Year
Pay
Year
Total
P & I
Funds
Available (1)
P&I
x 105%
Net
Levy
2006
/ 2007
/ 2008
67,606.17
67,606.17
0.00
0.00
2007
/ 2008
/ 2009
248,730.00
261,166.50
261,166.50
2008
/ 2009
/ 2010
253,330.00
265,996.50
265,996.50
2009
/ 2010
/ 2011
252,530.00
265,156.50
265,156.50
2010
/ 2011
/ 2012
251,530.00
264,106.50
264,106.50
2011
/ 2012
/ 2013
250,330.00
262,846.50
262,846.50
2012
/ 2013
/ 2014
253,930.00
266,626.50
266,626.50
2013
/ 2014
/ 2015
252,130.00
264,736.50
264,736.50
2014
/ 2015
/ 2016
255,130.00
267,886.50
267,886.50
2015
/ 2016
/ 2017
252,730.00
265,366.50
265,366.50
2016
/ 2017
/ 2018
255,035.00
267,786.75
267,786.75
2017
/ 2018
/ 2019
251,935.00
264,531.75
264,531.75
2018
/ 2019
/ 2020
253,478.76
266,152.70
266,152.70
2019
/ 2020
/ 2021
254,610.00
267,340.50
267,340.50
2020
/ 2021
/ 2022
255,160.00
267,918.00
267,918.00
2021
/ 2022
/ 2023
255,290.00
268,054.50
268,054.50
Totals
3,863,484.93
67,606.17
3,985,672.70
3,985,672.70
(1) The following funds are available to pay the interest payment due February 1, 2008:
Capitalized Interest:
EHLERS
& ASSOCIATES INC
67,606.17
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.
20. Negative Covenant as to Use of Proceeds and Project. The City hereby covenants
not to use the proceeds of the Bonds or to use the Project, or to cause or permit them to be used,
or to enter into any deferred payment arrangements for the cost of the Project, 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.
21. Compliance with Reimbursement Bond Regulations. The provisions of this
paragraph are intended to establish and provide for the City's compliance with United States
Treasury Regulations Section 1.150 -2 (the "Reimbursement Regulations ") applicable to the
"reimbursement proceeds" of the Bonds, being those portions thereof which will be used by the
City to reimburse itself for any expenditure which the City paid or will have paid prior to the
Closing Date (a "Reimbursement Expenditure ").
The City hereby certifies and/or covenants as follows:
(a) Not later than 60 days after the date of payment of a Reimbursement
Expenditure, the City (or person designated to do so on behalf of the City) has made or
will have made a written declaration of the City's official intent (a "Declaration ") which
effectively (i) states the City's reasonable expectation to reimburse itself for the payment
of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii)
gives a general and functional description of the property, project or program to which
the Declaration relates and for which the Reimbursement Expenditure is paid, or
identifies a specific fund or account of the City and the general functional purpose thereof
from which the Reimbursement Expenditure was to be paid (collectively the "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
2029527vl 18
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 21 upon receipt of an opinion of its Bond Counsel for the Bonds stating in effect
that such action will not impair the tax-exempt status of the Bonds.
22. Desation of Qualified Tax - Exempt Obligations. In order to qualify the Bonds
as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the
City hereby makes the following factual statements and representations
(a) the Bonds are issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code;
(c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for
purposes of Section 265(b)(3) of the Code.
(d) the reasonably anticipated amount of tax-exempt obligations (other than private
activity bonds, treating qualified 5 01 (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 2007 will
not exceed $10,000,000; and
(e) not more than $ 10,000,000 of obligations issued by the City during this calendar
year 2007 have been designated for purposes of Section 265(b)(3) of the Code.
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.
23. Dgfeasance. 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 fall; 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 fall 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 fall,
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
2029527vl 19
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.
24. Tax- Exempt Status of the Bonds; Rebate. The City shall comply with
requirements necessary under the Code to establish and maintain the exclusion from gross
income under Section 103 of the Code of the interest on the Bonds, including without limitation
(1) requirements relating to temporary periods for investments, (2) limitations on amounts
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 is not reasonably expected to exceed
$5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code.
25. Continuing Disclosure. The City is the sole obligated person with respect to the
Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2 -12 (the "Rule "),
promulgated by the Securities and Exchange Commission (the "Commission ") pursuant to the
Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the
"Undertaking ") hereinafter described:
(a) to provide or cause to be provided, (i) (a) upon request to any person, or (b) upon
establishment of a state information depository ( "SID"), to the SID, its audited financial
statements for the most recent fiscal year, and (ii) to each nationally recognized municipal
securities information repository or to the Municipal Securities Rulemaking Board and the SID,
if any, notice of the occurrence of certain material events with respect to the Bonds in
accordance with the Undertaking; and
(b) its covenants pursuant to the Rule set forth in this paragraph and in the
Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be
enforceable on behalf of such Holders; provided that the right to enforce the provisions of these
covenants shall be limited to a right to obtain specific enforcement of the City's obligations under
the covenants.
The Mayor and Clerk, or any other officer of the City authorized to act in their place (the
"Officers ") are hereby authorized and directed to execute on behalf of the City the Undertaking
2029527vl 20
in substantially the form presented to the City Council subject to such modifications thereof or
additions thereto as are (i) consistent with the requirements under the Rule, (ii) required by the
Purchaser of the Bonds, and (iii) acceptable to the Officers.
26. Payment of Issuance Expenses. The City authorizes the Purchaser to forward the
amount of Bond proceeds allocable to the payment of issuance expenses to U.S. Trust Company
N.A., Greenwich, Connecticut, on the closing date for further distribution as directed by the
City's financial advisor, Ehlers.
27. 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.
28. 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
Vitelli and, after a fall discussion thereof and upon a vote being taken thereon, the following
voted in favor thereof: Huber, Duggan, Krebsbach, Schneeman and Vitelli;
and the following voted against the same: none.
2029527v1 21
' -
BUD TABULATION
` $2B10D0O^ General Obligation Bonds, Series 2007A
CITY {]FKDE0QOTA HEIGHTS, MINNESOTA
SALE: June 6.2OO7
AWARD: WELLS FARGO BROKERAGE SERVICES, LLC
RATIN<3 K8 od ' Investors B' 441 96
Service, Inc. |n���4a2^ '
NET TRUE
NAME OFBIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
WELLS FARGO BROKERAGE SERVICES, LLC 2009
4.000%
3.720%
Minneapolis, Minnesota 2010
4.00096
3J50Y6
2U11°°
4.000%
3.80096
2012**
4.000%
3.800Y6
2013°*
4.000%
3.850Y6
2014^**
4.00096
3.850Y6
2015°**°
4.00096
3.950Y4
2016°**°
4.000Y6
3.95096
2017*****
4.050Y6
4.05096
2018*****
4.05096
4.050%
2019°**°**
4.125%
4.125%
2020°**^**
4.12596
4.12596
'^- 2021
\
�
42OOY6
42OO��
�
( �O2�°�^�°
4.20096
4.200Y6
2023°**°**°
4.20096
4.200%
*Subsequent to bid opening the issue size was decreased to $2,790,000 with the 2009 maturity decreased $5,000 to $135,000, the 2012
maturity decreased $5.00Oto$155.00O. the 2O13 maturity decreased $5.ODOto$1GO.0OO. and the 2O1S maturity decreased $5.00Otn
$2O5.OUOin maturity value.
Adjusted Price -$2,77D.84O.7G
Adjusted Net Interest Cost -$1.O84.63G.17
Adjusted TIC -4.158S96
^°$31O.00O Term Bond due 2O12 with mandatory redemption in2O11 (Adjusted amount $3O5.DOO)
'$335,000 Term Bond due 2014 with mandatory redemption in 2013 (Adjusted amount $330,000)
^°°°$3GO.00O Term Bond due 301G with mandatory redemption in2O15
°**°°$3QO.00O Term Bond due 2O18 with mandatory redemption in2017
°°°^^°$435.00O Term Bond due 2O2O with mandatory redemption in2O1A (Adjusted amount $42O,UOO\
^°**°°$705.00O Term Bond due 2O23 with mandatory redemption in2O21-2O22
�� � �� �� sO§o Cent vpvimvon,e' nnovvUo. Mw 5513
�� �� ���� ��� !P 651.6978500 fox651.0978555 *=w.vh|n,o-no.ovm
| o xuunn/«/eo /wo Offices /n Roseville, mw Brookfield, un and Lisle, //
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and acting Clerk of the City of
Mendota Heights, 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 fall, true and complete transcript of the minutes of a meeting of the City
Council, duly called and held on the date therein indicated, insofar as such minutes relate
to considering offers for, and awarding the sale of $2,790,000 General Obligation Bonds,
Series 2007A of said City.
WITNESS my hand this 6 day of��-' 2007
Clerk