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HomeMy Public PortalAbout2013-21 Resolution Awarding Sales of Gen Obligation Refunding BondsExtract of Minutes of Meeting of the City Council of the City of Medina, Hennepin County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Medina, Minnesota, was duly held in the City Hall in said City on Tuesday, April 2, 2013, commencing at 7:00 P.M. The following members were present: Anderson, Martinson, Pederson, and Weir and the following were absent: Crosby * * * The Acting Mayor announced that the next order of business was consideration of the proposals which had been received for the purchase of the City's General Obligation Refunding Bonds, Series 2013A, to be issued in the original aggregate principal amount of $2,690,000. The City Administrator -Clerk presented a tabulation of the proposals which had been received in the manner specified in the Terms of Proposal for the Bonds. The proposals were as set forth in EXHIBIT A attached. After due consideration of the proposals, Member Anderson then introduced the following resolution and moved its adoption: Resolution No. 2013-21 April 2, 2013 RESOLUTION NO. 2013-21 A RESOLUTION AWARDING TIIE SALE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $2,690,000; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; PROVIDING FOR THEIR PAYMENT; PROVIDING FOR THE ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; AND PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED THEREBY BE IT RESOLVED By the City Council of the City of Medina, Hennepin County, Minnesota (the "City") as follows: Section 1. Findings; Sale of Bonds. 1.01. Findings. It is hereby determined that: (a) Pursuant to Minnesota Statutes, Chapters 444 and 475, as amended, the City issued its General Obligation Water Revenue Bonds, Series 2007A (the "Refunded Bonds"), dated December 20, 2007, in the original aggregate principal amount of $4,395,000, which are currently outstanding in the aggregate principal amount of $3,210,000, $2,660,000 of which is callable on or after February 1, 2015. The Refunded Bonds were issued in order to finance the construction of improvements to the water system, including improvements to a well, well -pumping station, and raw water supply line, the construction of a well and water reservoir, and land acquisition (the "Water Project"). (b) Due to a downsizing of the Water Project, a portion of the Refunded Bonds in the amount of $1,400,000 remained unspent (the "Unspent Proceeds"). On October 12, 2012, pursuant to Minnesota Statutes, Section 475.521, the City recharacterized the Unspent Proceeds as general obligation capital improvement plan bonds to be used to help finance a new public works and police facility in the City (the "CIP Project"). The Unspent Proceeds were expended for the costs of the CIP Project on December 14, 2012. (c) The City is authorized by Minnesota Statutes, Section 475.67, subdivision 13, to issue and sell its general obligation bonds to refund outstanding bonds when determined by the City Council to be necessary and desirable. (d) The City finds it necessary and desirable to issue its General Obligation Refunding Bonds, Series 2013A (the "Bonds"), in the original aggregate principal amount of $2,690,000, to refund in advance of maturity and at their redemption date the 2016 through 2023 maturities of the Refunded Bonds. (e) The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to negotiate the sale of the Bonds, it being determined that the City has retained an independent financial advisor in connection with such sale. The actions of the City staff and financial advisors in negotiating the sale of the Bonds are ratified and confirmed in all aspects. Resolution No. 2013-21 2 April 2, 2013 1.02. Award to the Purchaser and Interest Rates. The proposal of FTN Financial Capital Markets, Memphis, Tennessee (the "Purchaser) to purchase the Bonds of the City is determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds price of $2,789,957.13 (par amount of $2,690,000.00, plus original issue premium of $112,571.05, less underwriter's discount of $12,613.92), plus accrued interest to date of delivery, if any, for Bonds bearing interest as follows: Year Interest Rate 2016 2017 2018 2019 True interest cost: 1.2925616% 2.000% 2.000 2.000 2.000 Year Interest Rate 2020 2021 2022 2023 2.000% 2.000 1.750 1.750 1.03. Purchase Contract. The sum of $126,857.13, being the amount proposed by the Purchaser in excess of $2,663,100.00, shall be credited to the Debt Service Fund hereinafter created or the Escrow Fund hereinafter created unless the funds are determined to be deposited in another fund by action of the City's Finance Director in consultation with the City's financial advisor. The Finance Director is directed to deposit the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Acting Mayor and City Administrator -Clerk are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal Amount of Bonds. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapters 444 and 475, as amended, specifically Sections 444.075, 475.521, and 475.67, subdivision 13 (collectively, the "Act"), in the original aggregate principal amount of $2,690,000, originally dated April 25, 2013, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: Year Amount 2016 2017 2018 2019 $315,000 315,000 320,000 335,000 Year Amount (a) $1,520,000 in principal amount of Bonds") maturing in the amounts and on the dates advance of maturity and at their redemption date the maturities of the Refunded Bonds used to finance the Bonds"): Year Amount 2016 2017 2018 2019 $180,000 180,000 180,000 190,000 2020 2021 2022 2023 $340,000 350,000 355,000 360,000 the Bonds (the "Water Revenue Refunding set forth below are being used to refund in portion of the outstanding 2016 through 2023 Water Project (the "Refunded Water Revenue Year Amount 2020 2021 2022 2023 $190,000 195,000 200,000 205,000 Resolution No. 2013-21 3 April 2, 2013 (b) The remainder of the Bonds in the principal amount of $1,170,000 (the "CIP Refunding Bonds") maturing in the amounts and on the dates set forth below are being used to refund in advance of maturity and at their redemption date the portion of the outstanding 2016 through 2023 maturities of the Refunded Bonds used to finance the CIP Project (the "Refunded CIP Bonds"): Year Amount Year Amount 2016 $135,000 2020 $150,000 2017 135,000 2021 155,000 2018 140,000 2022 155,000 2019 145,000 2023 155,000 1.05. Optional Redemption. The City may elect on February 1, 2021, and on any day thereafter to prepay Bonds due on or after February 1, 2022. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section 8 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. Section 2. Registration and Payment. 2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case the Bond will be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on February 1 and August 1 of each year, commencing February 1, 2014, to the registered owners of record as of the close of business on the fifteenth day of the immediately preceding month, whether or not that day is a business day. 2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto are as follows: (a) Register. The Registrar must keep at its principal corporate trust office a bond register in which the Registrar provides for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any Resolution No. 2013-21 4 April 2, 2013 transfer after the fifteenth day of the month preceding each interest payment date and until that interest payment date. (c) Exchange of Bonds. When Bonds are surrendered by the registered owner for exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. Bonds surrendered upon transfer or exchange will be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the endorsement on the Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on the Bond and for all other purposes, and payments so made to a registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. The Registrar may impose a charge upon the owner thereof for a transfer or exchange of Bonds sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to the transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of the mutilated Bond or in lieu of and in substitution for any Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar an appropriate bond or indemnity in form, substance and amount satisfactory to it and as provided by law, in which both the City and the Registrar must be named as obligees. Bonds so surrendered to the Registrar will be cancelled by the Registrar and evidence of such cancellation must be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it is not necessary to issue a new Bond prior to payment. (i) Redemption. In the event any of the Bonds are called for redemption, notice thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) to the registered owner of each Bond to be redeemed at the address shown on the registration books kept by the Registrar and by publishing the notice if required by law. Failure to give notice by publication or by mail to any registered owner, or any defect therein, will not affect the validity of the proceedings for the redemption of Bonds. Bonds so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemption are on deposit with the place of payment at that time. Resolution No. 2013-21 5 April 2, 2013 2.04. Appointment of Initial Registrar. The City appoints Bond Trust Services Corporation, Roseville, Minnesota, as the initial Registrar. The Mayor and the City Administrator -Clerk are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, the resulting corporation is authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its possession to the successor Registrar and must deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the City Administrator -Clerk must transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 2.05. Execution, Authentication and Delivery. The Bonds will be prepared under the direction of the City Administrator -Clerk and executed on behalf of the City by the signatures of the Mayor and the City Administrator -Clerk, provided that those signatures may be printed, engraved or lithographed facsimiles of the originals. If an officer whose signature or a facsimile of whose signature appears on the Bonds ceases to be such officer before the delivery of a Bond, that signature or facsimile will nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or entitled to any security or benefit under this resolution unless and until a certificate of authentication on the Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on a Bond is conclusive evidence that it has been authenticated and delivered under this resolution. When the Bonds have been so prepared, executed and authenticated, the City Administrator -Clerk will deliver the same to the Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser is not obligated to see to the application of the purchase price. 2.06. Temporary Bonds. The City may elect to deliver in lieu of printed definitive Bonds one or more typewritten temporary Bonds in substantially the form set forth in EXHIBIT B attached hereto, with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive Bonds the temporary Bonds will be exchanged therefor and cancelled. Section 3. Form of Bond. 3.01. Execution of the Bonds. The Bonds will be printed or typewritten in substantially the form attached hereto as EXHIBIT B. 3.02. Approving Legal Opinion. The City Administrator -Clerk is authorized and directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and cause the opinion to be printed on or accompany each Bond. Section 4. Bonds; Security; Covenants; Escrow. 4.01. Debt Service Fund. For the convenience and proper administration of the moneys to be borrowed and repaid on the Bonds, and to provide adequate and specific security for the Purchaser and holders from time to time of the Bonds, there is hereby created a special fund to be designated the General Obligation Refunding Bonds, Series 2013A Debt Service Fund (the "Debt Service 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. There shall be established and maintained within the Debt Service Fund two separate accounts designated as the "Water Revenue Bonds Account" and the "CIP Resolution No. 2013-21 6 Apri12, 2013 Bonds Account." The Debt Service Fund will be maintained in the manner herein specified until all of the Refunded Bonds have been paid and until all of the Bonds and the interest thereon have been fully paid. (a) Water Revenue Bonds Account. The City will continue to operate and maintain its Water Fund to which will be credited all gross revenues of the water system of the City and out of which will be paid all normal and reasonable expenses of current operations of the water system. Any balance therein will be deemed net revenues (the Net Revenues") and will be transferred from time to time to the Water Revenue Bonds Account of the Debt Service Fund as set forth herein. To the Water Revenue Bonds Account there is hereby pledged and irrevocably appropriated and there will be credited: (i) a pro rata portion of any balance remitted to the City upon the termination of the Escrow Agreement (as defined herein); (ii) Net Revenues of the water system and not otherwise pledged and applied to the payment of other obligations of the City, in an amount, together with other funds which may herein or hereafter from time to time be irrevocably appropriated to the account sufficient to meet the requirements of Section 475.61 of the Act for the payment of the principal of and interest on the Water Revenue Refunding Bonds; (iii) a pro rata portion of amounts over the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the Water Revenue Bonds Account in accordance with Section 1.03; (iv) all investment earnings on funds in the Water Revenue Bonds Account; and (v) any and all other moneys which are properly available and are appropriated by the City Council to the Water Revenue Bonds Account. The amount of any surplus remaining in the Water Revenue Bonds Account when the Water Revenue Refunding Bonds and interest thereon are paid will be used as provided in Section 475.61, subdivision 4 of the Act. There will always be retained in the Water Revenue Bonds Account a sufficient amount to pay principal of and interest on all the Water Revenue Refunding Bonds, and the Finance Director must report any current or anticipated deficiency in the Water Revenue Bonds Account to the City Council. (b) CIP Bonds Account. To the CIP Bonds Account of the Debt Service Fund there is hereby pledged and irrevocably appropriated and there will be credited: (i) a pro rata portion of any balance remitted to the City upon the termination of the Escrow Agreement; (ii) collection of all taxes hereafter levied for the payment of the CIP Refunding Bonds and interest thereon; (iii) after February 1, 2015 (the "Redemption Date"), taxes collected for the payment of the Refunded CIP Bonds, if any; (iv) a pro rata portion of amounts over the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the CIP Bonds Account in accordance with Section 1.03; (v) all investment earnings on funds in the CIP Bonds Account; and (vi) any and all other moneys which are properly available and are appropriated by the City Council to the CIP Bonds Account. The amount of any surplus remaining in the CIP Bonds Account when the CIP Refunding Bonds and interest thereon are paid will be used as provided in Section 475.61, subdivision 4 of the Act. 4.02. Escrow Fund. A portion of the proceeds of the Bonds in the amount of $2,787,845.22 will be deposited in a separate fund (the "Escrow Fund") maintained by U.S. Bank National Association, in Saint Paul, Minnesota, acting as escrow agent (the "Escrow Agent"). Such funds will be received by the Escrow Agent and applied to fund the Escrow Fund or to pay costs of issuing the Bonds. Proceeds of the Bonds deposited to the Escrow Fund and not used to pay costs of issuance on the Bonds are hereby irrevocably pledged and appropriated to the Escrow Fund, together with all investment earnings thereon. The Escrow Fund will be invested in securities maturing or callable at the option of the holder on such dates and bearing interest at such rates as will be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Fund to (i) pay when due the interest to accrue on the Bonds to and including February 1, 2015 (the "Redemption Date"); and (ii) pay on the Redemption Date the principal amount of the Refunded Bonds then outstanding. The Escrow Fund will be irrevocably appropriated to the payment of the principal of and interest on the Refunded Bonds until the proceeds of the Bonds therein are applied to Resolution No. 2013-21 7 April 2, 2013 prepayment of the Refunded Bonds. The moneys in the Escrow Fund will be used solely for the purposes herein set forth and for no other purpose, except that any surplus in the Escrow Fund may be remitted to the City, all in accordance with the Escrow Agreement by and between the City and the Escrow Agent. Any moneys remitted to the City upon termination of the Escrow Agreement will be deposited on a pro rata basis in the Water Revenue Bonds Account and the CIP Bonds Account of the Debt Service Fund. 4.03. Prior Debt Service Fund. The debt service fund heretofore established for the Refunded Bonds pursuant to the resolution authorizing the issuance and sale of the Refunded Bonds (the "Prior Resolution") shall be terminated on February 1, 2015, following the redemption of the Refunded Bonds, and all monies therein are hereby transferred on a pro rata basis to the Water Revenue Bonds Account and the CIP Bonds Account of the Debt Service Fund herein created. 4.04. Prior Resolution Pledges. The pledges and covenants of the City made by the Prior Resolution relating to the ownership, protection of and other particulars governing the operation and financial management of the water system of the City and the improvements thereto are restated and confirmed in all respects. The provisions of the Prior Resolution are hereby supplemented to the extent necessary to give full effect to the provisions hereof. 4.05. 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 will be and are hereby irrevocably pledged. If the balance in the Escrow Fund or Debt Service Fund is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which are available for such purpose, and such general fund may be reimbursed with or without interest from the Escrow Fund or Debt Service Fund when a sufficient balance is available therein. 4.06. Pledge of Tax Levies. (a) To provide moneys for payment of a portion of the principal and interest on the CIP Refunding Bonds maturing after the Redemption Date, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax will be credited to the CIP Bonds Account of the Debt Service Fund above provided and will be in the years and in the amounts attached hereto as EXHIBIT C. (b) The tax levies are such that if collected in full they, together with estimated collections of investment earnings (and until the Redemption Date, of all amounts in the Escrow Fund), Net Revenues of the water system, and other revenues herein pledged for the payment of the Bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies will be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right to reduce the levies in the manner and to the extent permitted by Section 475.61, subdivision 3 of the Act. 4.07. Cancellation of Prior Levy after Redemption Date. Following the payment in full of all outstanding principal of and interest on the Refunded CIP Bonds on the Redemption Date, the Finance Director is hereby directed to certify such fact to and request the Taxpayer Services Division Manager of Hennepin County, Minnesota, to cancel any and all tax levies made for the Refunded CIP Bonds. 4.08. Filing of Resolution. The City Administrator -Clerk is authorized and directed to file a certified copy of this resolution with the Taxpayer Services Division Manager of Hennepin County, Minnesota, and to obtain the certificate required by Section 475.63 of the Act. Resolution No. 2013-21 8 April 2, 2013 Section 5. Refunding; Findings; Redemption of Refunded Bonds. 5.01. Purpose of Refunding. The outstanding 2016 through 2023 maturities of the Refunded Bonds will be called for redemption on February 1, 2015, in the amount of $2,660,000. It is hereby found and determined that based upon information presently available from the City's financial advisor, the issuance of the Bonds, a portion of which will be used to refund the Refunded Bonds, is consistent with covenants made with the holders of the Refunded Bonds. 5.02. Findings. It is hereby found and determined that based upon information presently available from the City's financial advisors, the issuance of the Bonds will result in a reduction of debt service cost to the City on the Refunded Bonds, such that the present value of such debt service or interest cost savings (the "Reduction") is at least 3.00% of the debt service on the Refunded Bonds. The Reduction, after the inclusion of all authorized expenses of refunding in the computation of the effective interest rate on the Bonds, is adequate to authorize the issuance of the Bonds as provided by Section 475.67, subdivisions 12 and 13 of the Act. 5.03. Proceeds Pledged to the Escrow Fund. As of the date of delivery of and payment for the Bonds, proceeds of the Bonds in the amount of $2,741,357.22 are hereby pledged and appropriated and will be deposited in the Escrow Fund for the purposes of redeeming the principal of the 2016 through 2023 maturities of the Refunded Bonds on February 1, 2015, and paying interest on the Bonds through February 1, 2015. Proceeds of the Bonds in the amount of $46,488.00 will be deposited in the Escrow Fund to pay the costs of issuance of the Bonds. 5.04. Securities to Fund Escrow Fund. Securities purchased, if any, from the moneys in the Escrow Fund will be limited to securities specified in Section 475.67, subdivision 8 of the Act. Ehlers & Associates, Inc., and/or U.S. Bank National Association as agent for the City, is hereby authorized and directed to purchase for and on behalf of the City and in its name, appropriate securities to fund the Escrow Fund. Upon the issuance and delivery of the Bonds, the securities so purchased will be deposited with the Escrow Agent and held pursuant to the terms of the Escrow Agreement (as defined herein) and the resolution. 5.05. Notices of Call for Redemption. The Refunded Bonds maturing on February 1, 2016, and thereafter will be redeemed and prepaid on the Redemption Date in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as EXHIBIT D, which terms and conditions are hereby approved and incorporated herein by reference. The registrar for the Refunded Bonds is authorized and directed to send a copy of the Notice of Call for Redemption to each registered holder of the Refunded Bonds. 5.06. Escrow Agreement. On or prior to the delivery of the Bonds, the Mayor and the City Administrator -Clerk are hereby authorized and directed to execute on behalf of the City an escrow agreement (the "Escrow Agreement") with the Escrow Agent in substantially the form now on file with the City Administrator -Clerk. All essential terms and conditions of the Escrow Agreement including payment by the City of reasonable charges for the services of the Escrow Agent, are hereby approved and adopted and made a part of this resolution, and the City covenants that it will promptly enforce all provisions thereof in the event of default thereunder by the Escrow Agent. Section 6. Authentication of Transcript. 6.01. City Proceedings and Records. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such Resolution No. 2013-21 9 April 2, 2013 other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds, and such instruments, including any heretofore furnished, may be deemed representations of the City as to the facts stated therein. 6.02. Certification as to Official Statement. The Mayor, City Administrator -Clerk, and Finance Director are hereby authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. 6.03. Other Certificates. The Mayor, City Administrator -Clerk, and Finance Director are hereby authorized and directed to furnish to the Purchaser at the closing such certificates as are required as a condition of sale. Unless litigation shall have been commenced and be pending questioning the Bonds or the organization of the City or incumbency of its officers, at the closing the Mayor, the City Administrator -Clerk, and the Finance Director shall also execute and deliver to the Purchaser a suitable certificate as to absence of material litigation, and the Finance Director shall also execute and deliver a certificate as to payment for and delivery of the Bonds. 6.04. Payment of Costs of Issuance. Costs of issuance of the Bonds will be paid by the Escrow Agent pursuant to the Escrow Agreement. Section 7. Tax Covenants. 7.01. Tax -Exempt Bonds. The City covenants and agrees with the holders from time to time of the Bonds that it will not take or permit to be taken by any of its officers, employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees or agents to take, all affirmative action within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and made applicable to the Bonds. 7.02. No Rebate Required. (a) The City will comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code, including without limitation requirements relating to temporary periods for investments, limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess investment earnings to the United States, if the Bonds (together with other obligations reasonably expected to be issued in calendar year 2013) exceed the small -issuer exception amount of $5,000,000. (b) For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City finds, determines and declares that the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities of the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code. Furthermore: Resolution No. 2013-21 10 April 2, 2013 (i) each of the Refunded Bonds was issued as part of an issue which was treated as meeting the rebate requirements by reason of the exception for governmental units issuing $5,000,000 or less of bonds; (ii) the average maturity of the Bonds does not exceed the remaining average maturity of the Refunded Bonds; and (iii) no maturity of the Bonds has a maturity date which is later than the date which is 30 years after the date the Refunded Bonds were issued. 7.03. Not Private Activity Bonds. The City further covenants not to use the proceeds of the Bonds or to cause or permit them or any of them to be used, 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. 7.04. 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 makes the following factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (b) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (c) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds which are not qualified 501(c)(3) bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 2013 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 2013 have been designated for purposes of Section 265(b)(3) of the Code. 7.05. Procedural Requirements. The City will use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations made by this section. Section 8. Book -Entry System; Limited Obligation of City. 8.01. The Depository Trust Company. The Bonds will be initially issued in the form of a separate single typewritten or printed fully registered Bond for each of the maturities set forth in Section 1.04 hereof. Upon initial issuance, the ownership of each such Bond will be registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York, and its successors and assigns ("DTC"). Except as provided in this section, all of the outstanding Bonds will be registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC. 8.02. Participants. With respect to Bonds registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, the City, the Registrar and the Paying Agent will have no responsibility or obligation to any broker dealers, banks and other fmancial institutions from time to time for which DTC holds Bonds as securities depository (the "Participants") or to any other person on behalf of which a Participant holds an interest in the Bonds, including but not limited to any responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co. or any Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any other person (other than a registered owner of Bonds, as shown by the registration books kept by the Registrar), of any notice with Resolution No. 2013-21 11 April 2, 2013 respect to the Bonds, including any notice of redemption, or (iii) the payment to any Participant or any other person, other than a registered owner of Bonds, of any amount with respect to principal of, premium, if any, or interest on the Bonds. The City, the Registrar and the Paying Agent may treat and consider the person in whose name each Bond is registered in the registration books kept by the Registrar as the holder and absolute owner of such Bond for the purpose of payment of principal, premium and interest with respect to such Bond, for the purpose of registering transfers with respect to such Bonds, and for all other purposes. The Paying Agent will pay all principal of, premium, if any, and interest on the Bonds only to or on the order of the respective registered owners, as shown in the registration books kept by the Registrar, and all such payments will be valid and effectual to fully satisfy and discharge the City's obligations with respect to payment of principal of, premium, if any, or interest on the Bonds to the extent of the sum or sums so paid. No person other than a registered owner of Bonds, as shown in the registration books kept by the Registrar, will receive a certificated Bond evidencing the obligation of this resolution. Upon delivery by DTC to the City Administrator -Clerk of a written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., the words "Cede & Co." will refer to such new nominee of DTC; and upon receipt of such a notice, the City Administrator -Clerk will promptly deliver a copy of the same to the Registrar and Paying Agent. 8.03. Representation Letter. The City has heretofore executed and delivered to DTC a Blanket Issuer Letter of Representations (the "Representation Letter") which shall govern payment of principal of, premium, if any, and interest on the Bonds and notices with respect to the Bonds. Any Paying Agent or Registrar subsequently appointed by the City with respect to the Bonds will agree to take all action necessary for all representations of the City in the Representation Letter with respect to the Registrar and Paying Agent, respectively, to be complied with at all times. 8.04. Transfers Outside Book -Entry System. In the event the City, by resolution of the City Council, determines that it is in the best interests of the persons having beneficial interests in the Bonds that they be able to obtain Bond certificates, the City will notify DTC, whereupon DTC will notify the Participants, of the availability through DTC of Bond certificates. In such event the City will issue, transfer and exchange Bond certificates as requested by DTC and any other registered owners in accordance with the provisions of this Resolution. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and discharging its responsibilities with respect thereto under applicable law. In such event, if no successor securities depository is appointed, the City will issue and the Registrar will authenticate Bond certificates in accordance with this resolution and the provisions hereof will apply to the transfer, exchange and method of payment thereof. 8.05. Payments to Cede & Co. Notwithstanding any other provision of this resolution to the contrary, so long as a Bond is registered in the name of Cede & Co., as nominee of DTC, payments with respect to principal of, premium, if any, and interest on the Bond and notices with respect to the Bond will be made and given, respectively in the manner provided in DTC's Operational Arrangements, as set forth in the Representation Letter. Section 9. Continuing Disclosure. 9.01. Execution of Continuing Disclosure Certificate. "Continuing Disclosure Certificate" means that certain Continuing Disclosure Certificate executed by the Mayor and City Administrator -Clerk and dated the date of issuance and delivery of the Bonds, as originally executed and as it may be amended from time to time in accordance with the terms thereof. 9.02. City Compliance with Provisions of Continuing Disclosure Certificate. The City hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. Notwithstanding any other provision of this resolution, failure of the City to Resolution No. 2013-21 12 April 2, 2013 comply with the Continuing Disclosure Certificate is not to be considered an event of default with respect to the Bonds; however, any Bondholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this section. Section 10. Defeasance. When all Bonds and all interest thereon have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the Bonds will cease, except that the pledge of the full faith and credit of the City for the prompt and full payment of the principal of and interest on the Bonds will remain in full force and effect. The City may discharge all Bonds which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full. If any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. (The remainder of this page is intentionally left blank.) Resolution No. 2013-21 13 April 2, 2013 17 th Weir, Acting Mayor ATTEST: ( di- 4,.../ Scott T. Johnson, ity Administrator -Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Pederson and upon vote being taken thereon, the following voted in favor thereof: Anderson, Martinson, Pederson, Weir And the following voted against same: (Absent: Crosby) None Whereupon said resolution was declared duly passed and adopted. Resolution No. 2013-21 14 April 2, 2013 EXHIBIT A PROPOSALS Resolution No. 2013-21 A-1 April 2, 2013 BID TABULATION $2,785,000* General Obligation Refunding Bonds, Series 2013A CITY OF MEDINA, MINNESOTA SALE: April 2, 2013 AWARD: FTN FINANCIAL CAPITAL MARKETS RATING: Moody's Investors Service, Inc. "Aa2" NAME OF BIDDER BBI: 3.99°l0 NET TRUE MATURITY RATE REOFFERING PRICE INTEREST INTEREST (February 1) YIELD COST RATE FTN FINANCIAL CAPITAL MARKETS Memphis, Tennessee PIPER JAFFRAY & CO. Minneapolis, Minnesota UNITED BANKERS' BANK Bloomington, Minnesota 2016 2.000% 0.550% $2,888,616.50 $232,853.08 1.2889% 2017 2.000% 0.650% 2018 2.000% 0.750% 2019 2.000% 0.950% 2020 2.000% 1.150% 2021 2.000% 1.350% 2022 1.750% 1.500% 2023 1.750% 1.600% 2016 2.000% $2,900,010.40 $238,492.93 1.3156% 2017 2.000% 2018 2.000% 2019 2.000% 2020 2.000% 2021 2.000% 2022 2.000% 2023 2.000% 2016 0.500% $2,773,860.00 $233,208.75 1.3171% 2017 0.650% 2018 0.800% 2019 1.000% 2020 1.150% 2021 1.350% 2022 1.600% 2023 1.700% 'Subsequent to bid opening the issue size was decreased to $2,690,000. Adjusted Price - $2,789,957.13 4 E H LE RS LEADERS IN PUBLIC FINANCE Adjusted Net Interest Cost - $226,719.12 Adjusted TIC - 1.2925% wvwv.ehlers-inc.com Minnesota phone 651-697-8500 3060 Centre Pointe Drive (*fres ahn in Wivtonsin arri Ilinnis fax 651-697-8555 Ftsevile. MN 55113-1122 Resolution No. 2013-21 A-2 April 2, 2013 $2,785,000 General Obligation Refunding Bonds, Series 2013A Page 2 City of Medina, Minnesota NAME OF BIDDER NET TRUE MATURITY RATE REOFFERING PRICE INTEREST INTEREST (February 1) YIELD COST RATE BAIRD 2016 2.000% $2,897,352.90 $241,150.43 1.3310% Milwaukee, Wisconsin 2017 2.000% 2018 2.000% 2019 2.000% 2020 2.000% 2021 2.000% 2022 2.000°k 2023 2.000% UMB BANK, N.A. 2016 0.500% $2,766,619.00 $236,619.00 1.3386% Kansas City, Missouri 2017 0.600% 2018 0.800% 2019 1.000% 2020 1.150% 2021 1.350% 2022 1.500% 2023 1.700% STIFEL NICOLAUS 2016 2.000% $2,894,347.05 $244,156.28 1.3484% Memphis, Tennessee 2017 2.000% 2018 2.000% 2019 2.000% 2020 2.000% 2021 2.000% 2022 2.000% 2023 2.000% RAYMOND JAMES & ASSOCIATES, INC. 2016 0.550% $2,808,087.30 $240,942.87 1.3548% Memphis, Tennessee 2017 2.000% 2018 2.000% 2019 1.100% 2020 1.300% 2021 1.400% 2022 1.550% 2023 1.700% BOSC, INC., A SUBSIDIARY OF BOK 2016 2.000% $2,886,123.40 $252,379.93 1.3963% FINANCIAL CORPORATION 2017 2.000% Milwaukee, Wisconsin 2018 2.000% 2019 2.000% 2020 2.000% 2021 2.000°k 2022 2.000% 2023 2.000°k Resolution No. 2013-21 A-3 April 2, 2013 No. R- Rate EXHIBIT B FORM OF BOND UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF MEDINA GENERAL OBLIGATION REFUNDING BOND SERIES 2013A Maturity February 1, 20_ Registered Owner: Cede & Co. Date of Original Issue April 25, 2013 CUSIP The City of Medina, Minnesota, a duly organized and existing municipal corporation in Hennepin County, Minnesota (the "City"), acknowledges itself to be indebted and for value received promises to pay to the Registered Owner specified above or registered assigns, the principal sum of $ on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, commencing February 1, 2014, to the person in whose name this Bond is registered at the close of business on the fifteenth day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by Bond Trust Services Corporation, Roseville, Minnesota as Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. The City may elect on February 1, 2021, and on any day thereafter to prepay Bonds due on or after February 1, 2022. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify The Depository Trust Company ("DTC") of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. This Bond is one of an issue in the aggregate principal amount of $2,690,000 all of like original issue date and tenor, except as to number, maturity date, and interest rate, all issued pursuant to a resolution adopted by the City Council on April 2, 2013 (the "Resolution"), for the purpose of providing money to refund in advance of maturity on February 1, 2015, a portion of certain general obligation bonds of the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapters 444 and 475, specifically Sections 444.075, 475.521, and 475.67, subdivision 13. The principal and interest is payable in part from net revenues of the water system of the City and in part from ad valorem taxes, and a portion of the interest hereon is payable through February 1, 2015 Resolution No. 2013-21 B-1 April 2, 2013 out of an escrow fund held by an escrow agent and a debt service fund, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency in net revenues of the water system and ad valorem taxes, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. The City Council has designated the issue of Bonds of which this Bond forms a part as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") relating to disallowance of interest expense for fmancial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing, upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Registrar will be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness. This Bond is not valid or obligatory for any purpose or entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon has been executed by the Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Medina, Hennepin County, Minnesota, by its City Council, has caused this Bond to be executed on its behalf by the facsimile or manual signatures of the Mayor and City Administrator -Clerk and has caused this Bond to be dated as of the date set forth below. Dated: April 25, 2013 CITY OF MEDINA, MINNESOTA (Facsimile) (Facsimile) Mayor City Administrator -Clerk Resolution No. 2013-21 B-2 April 2, 2013 CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. BOND TRUST SERVICES CORPORATION By Its Authorized Officer ABBREVIATIONS The following abbreviations, when used in the inscription on the face of this Bond, will be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants in common UNIF GIFT MIN ACT Custodian (Cust) (Minor) TEN ENT -- as tenants by entireties under Uniform Gifts or Transfers to Minors Act, State of JT TEN -- as joint tenants with right of survivorship and not as tenants in common Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond, 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. Resolution No. 2013-21 B-3 April 2, 2013 NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP"), the New York Stock Exchange, Inc. Medallion Signatures Program ("MSP") or other such "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended. The Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joint owners if this Bond is held by joint account.) Please insert social security or other identifying number of assignee PROVISIONS AS TO REGISTRATION The ownership of the principal of and 'interest on the within Bond has been registered on the books of the Registrar in the name of the person last noted below. Date of Registration Signature of Registered Owner Officer of Registrar Cede & Co. Federal ID #13-2555119 Resolution No. 2013-21 B-4 April 2, 2013 EXHIBIT C TAX LEVY SCHEDULE FOR CIP REFUNDING BONDS YEAR * TAX LEVY 2015 $165,506.25 2016 162,671.25 2017 165,086.25 2018 167,396.25 2019 169,601.25 2020 171,701.25 2021 168,446.25 2022 165,598.13 * Year tax levy collected. Resolution No. 2013-21 C-1 April 2, 2013 EDIT D NOTICE OF CALL FOR REDEMPTION $4,395,000 CITY OF MEDINA, MINNESOTA GENERAL OBLIGATION WATER REVENUE BONDS SERIES 2007A NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Medina, Hennepin County, Minnesota (the "City"), there have been called for redemption and prepayment on February 1, 2015 all outstanding bonds of the City designated as General Obligation Water Revenue Bonds, Series 2007A, dated December 20, 2007, having stated maturity dates of February 1 in the years 2016 through 2023, both inclusive, totaling $2,660,000 in principal amount, and with the following CUSIP numbers: Year of Maturity Amount CUSIP Number 2016 $290,000 584768 KYO 2017 300,000 584768 KZ7 2018 310,000 584768 LAl 2019 325,000 584768 LB9 2020 340,000 584768 LC7 2021 350,000 584768 LD5 2023 745,000 584768 LFO The bonds are being called at a price of par plus accrued interest to February 1, 2015, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment at the main office of Bond Trust Services Corporation, 3060 Centre Pointe Drive, Roseville, Minnesota 55113, on or before February 1, 2015. Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2003, the City is required to withhold a specified percentage of the principal amount of the redemption price payable to the holder of any Bonds subject to redemption and prepayment on the Redemption Date, unless the City is provided with the Social Security Number or Federal Employer Identification Number of the holder, properly certified. Submission of a fully executed Request for Taxpayer Identification Number and Certification, Form W-9 (Rev. December 2011), will satisfy the requirements of this paragraph. Dated: BY ORDER OF THE CITY COUNCIL By /s/ Scott Johnson City Administrator -Clerk City of Medina, Minnesota Resolution No. 2013-21 D-1 April 2, 2013 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF MEDINA ) SS. I, the undersigned, being the duly qualified City Administrator -Clerk of the City of Medina, Minnesota (the "City"), do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on April 2, 2013, with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes insofar as they relate to the issuance and sale of the City's General Obligation Refunding Bonds, Series 2013A, in the original aggregate principal amount of $2,690,000. WITNESS My hand officially as such City Administrator -Clerk and the corporate seal of the City this day of , 2013. City Administrator -Clerk City of Medina, Minnesota (SEAL) Resolution No. 2013-21 April 2, 2013