HomeMy Public PortalAbout1987-083After due consideration of the bids, Councilmember Theis
introduced the following resolution and moved its adoption:
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A RESOLUTION AWARDING THE SALE OF $400,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1987;
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED By the City Council of the City of Medina,
Hennepin County, Minnesota, (City) as follows:
Section 1. Sale of Bonds.
1.01. The bid of * (Purchaser) to
purchase $400,000 General Obligation Improvement Bonds of 1987 (Bonds) of
the City described in the Official Notice of Sale thereof is hereby found
and determined to be the highest and best bid received pursuant to duly
advertised notice of sale and shall be and is hereby accepted, such bid
being to purchase the Bonds at a price of $ plus accrued
interest to date of delivery, for Bonds bearing interest as follows:
Year of Interest Year of Interest
Maturity Rate Maturity Rate
1989 4. 7 5% 1993 5 .7 0%
1990 5 .0 0 % 1994 5 .9 0 %
1991 5 . 25 % 1995 6 .10 %
1992 5 .50% 1996 6 . 25 %
1997 6.40%
Net effective interest rate: 6 . 1821 %
1.02. The sum of $ 3,80 0.00 being the amount bid by the Purchaser in
excess of $392,200 shall be credited to the Debt Service Fund hereinafter
created. The City Clerk -Treasurer is directed to retain the good faith
check of the Purchaser pending completion of the sale and delivery of the
Bonds, and to return the checks of the unsuccessful bidders forthwith. The
Mayor and City Clerk -Treasurer are directed to execute a contract with the
Purchaser on behalf of the City.
1.03. The City shall forthwith issue and sell the Bonds in the total
principal amount of $400,000, originally dated September 1, 1987, in the
denomination of $5,000 each or any integral multiple thereof, numbered No.
R-1 upward, bearing interest as above set forth, and which Bonds mature
serially on March 1 in the years and amounts as follows:
Year Amount Year Amount
1989 $20,000 1994 $50,000
1990 25,000 1995 55,000
1991 30,000 1996 65,000
1992 40,000 1997 70,000
1993 45,000
1.04. Optional Redemption. The City may elect on March 1, 1994 and
on any interest payment date thereafter, to prepay Bonds maturing on or
after March 1, 1995. Redemption may be in whole or in part of the Bonds
subject to prepayment. If redemption is in part, those Bonds remaining
unpaid which have the latest maturity date will be prepaid first. If only
part of the Bonds having a common maturity date are called for prepayment
the specific Bonds to be prepaid will be chosen by lot by the Registrar.
A11 prepayments shall be at a price of par plus accrued interest.
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds shall be issued only in fully
registered form. The interest thereon and, upon surrender of each Bond,
the principal amount thereof shall be payable by check or draft issued by
the Registrar described herein.
2.02. Dates; Interest Payment Dates. Each Bond shall 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 such
Bond shall 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
such Bond shall be dated as of the date of original issue. The interest on
the Bonds shall be payable on March 1 and September 1 of each year, com-
mencing March 1, 1988, to the owner of record thereof as of the close of
business on the fifteenth day of the immediately preceding month, whether
or not such day is a business day.
2.03. Registration. The City shall appoint, and shall maintain, a
bond registrar, transfer agent, authenticating agent and paying agent
(Registrar). The effect of registration and the rights and duties of the
City and the Registrar with respect thereto shall be as follows:
(a) Register. The Registrar shall keep at its principal corpo-
rate trust office a bond register in which the Registrar shall provide
for the registration of ownership"of Bonds and the registration of
transfers and exchanges of Bonds entitled to be registered, trans-
ferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of any 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 shall
authenticate and deliver, in the name of the designated transferee or
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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 transfer after
the fifteenth day of the month preceding each interest payment date
and until such interest payment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered by
the registered owner for exchange the Registrar shall 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. A11 Bonds surrendered upon any transfer or
exchange shall be promptly cancelled by the Registrar and thereafter
disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When any Bond is pre-
sented to the Registrar for transfer, the Registrar may refuse to
transfer the same until it is satisfied that the endorsement on such
Bond or separate instrument of transfer is valid and genuine and that
the requested transfer is legally authorized. The Registrar shall
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 any Bond is at any time registered in the
bond register as the absolute owner of such Bond, whether such Bond
shall be overdue or not, for the purpose of receiving payment of, or
on account of, the principal of and interest on such Bond and for all
other purposes, and all such payments so made to any such registered
owner or upon the owner's order shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of
Bonds, the Registrar may impose a charge upon the owner thereof suffi-
cient to reimburse the Registrar for any tax, fee or other govern-
mental charge required to be paid with respect to such transfer or
exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any
Bond shall become mutilated or be destroyed, stolen or lost, the
Registrar shall deliver a new Bond of like amount, number, maturity
date and tenor in exchange and substitution for and upon cancellation
of any such mutilated Bond or in lieu of and in substitution for any
such Bond destroyed, stolen or lost, upon the payment of the reason-
able 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 such Bond was
destroyed, stolen or lost, and of the ownership thereof, and upon
furnishing to the Registrar of an appropriate bond or indemnity in
form, substance and amount satisfactory to it, in which both the City
and the Registrar shall be named as obligees. All Bonds so surren-
dered to the Registrar shall be cancelled by it and evidence of such
cancellation shall 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 shall not be 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) not more than 60 and not Less
than 30 days prior to the date fixed for redemption to the registered
owner of each Bond to be redeemed at the address shown on the regis-
tration books kept by the Registrar and by publishing said notice in
the manner required by law. Failure to give such notice by publica-
tion or by mail to any registered owner, or any defect therein, will
not affect the validity of any proceeding for the redemption of Bonds.
A11 Bonds so called for redemption will cease to bear interest after
the specified redemption date, provided that the funds for the redemp-
tion are on deposit with the place of payment at that time.
2.04. Appointment of Initial Registrar. The City hereby appoints
* , Minnesota, as the initial Registrar.
The Mayor and the Clerk -Treasurer are authorized to execute and deliver, on
behalf of the City, a contract with the Registrar. Upon merger or consoli-
dation of the Registrar with another corporation, if the resulting corpora-
tion is a bank or trust company authorized by law to conduct such business,
such corporation shall be 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 shall deliver all cash
and Bonds in its possession to the successor Registrar and shall deliver
the bond register to the successor Registrar. On or before each principal
or interest due date, without further order of this Council, the
Clerk -Treasurer shall transmit to the Registrar moneys sufficient for the
payment of all principal and interest then due.
2.05. Execution, Authentication and Delivery. The Bonds shall be
prepared under the direction of the Clerk -Treasurer and shall be executed
on behalf of the City by the signatures of the Mayor and the Clerk -
Treasurer, provided that all signatures may be printed, engraved or litho-
graphed facsimiles of the originals. In case any officer whose signature
or a facsimile of whose signature shall appear on the Bonds shall cease to
be such officer before the delivery of any Bond, such signature or fac-
simile shall nevertheless be valid and sufficient for all purposes, the
same as if the officer had remained in office until delivery. Notwith-
standing such execution, no Bond shall 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 such 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 authentica-
tion on each Bond shall be conclusive evidence that it has been authenti-
cated and delivered under this Resolution. When the Bonds have been so
prepared, executed and authenticated, the Clerk -Treasurer shall deliver
*American National Bank and Trust Company, in St. Paul, Minnesota
the same to the Purchaser thereof upon payment of the purchase price in
accordance with the contract of sale heretofore made and executed, and the
Purchaser shall not be 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 Section 3 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
shall be exchanged therefor and cancelled.
Section 3. Form of the Bonds.
3.01. The Bonds shall be printed in substantially the following form:
[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF MEDINA
GENERAL OBLIGATION IMPROVEMENT BOND OF 1987
Date of
Rate Maturity Original Issue CUSIP
% September 1, 1987
No. R $
The City of Medina, a duly organized and existing municipal
corporation in Hennepin County, Minnesota (City), acknowledges itself to be
indebted and for value received hereby promises to pay to
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 March 1 and September 1 in each year, com-
mencing March 1, 1988, 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
, Minnesota, as Bond 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 irrevo-
cably pledged.
r
The City may elect on March 1, 1994 and on any interest payment date
thereafter, to prepay Bonds of this issue maturing on or after March 1,
1995. Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, those Bonds remaining unpaid which
have the latest maturity date will be prepaid first. If only part of the
Bonds having a common maturity date are called for prepayment the specific
Bonds to be prepaid will be chosen by lot by the Registrar. A11 prepay-
ments shall be at a price of par plus accrued interest.
The City Council has designated the Bonds as "qualified tax exempt
obligations" within the meaning of Section 265(b)(3) of the Internal
Revenue Code of 1986 (the Code) and within the $10 million limit allowed by
the Code for the calendar year of issue.
Additional provisions of this Bond are contained on the reverse hereof
and such provisions shall for all purposes have the same effect as though
fully set forth in this place.
This Bond shall not be valid or become obligatory for any purpose or
be entitled to any security or benefit under the Resolution until the
Certificate of Authentication hereon shall have been executed by the Bond
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 signatures of the Mayor and City Clerk -Treasurer and has caused
this Bond to be dated as of the date set forth below.
Dated:
CITY OF , MINNESOTA
(facsimile) (facsimile)
City Clerk -Treasurer Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution
mentioned within.
By
Authorized Representative
[Reverse of the Bond]
This Bond is one of an issue in the aggregate principal amount of
$400,000, all of like original issue date and tenor, except as to number,
maturity date, redemption privilege and interest rate, issued pursuant to a
resolution adopted by the City Council on September 1, 1987 (the Resolu-
tion), for the purpose of providing money to defray the expenses incurred
and to be incurred in making local improvements, pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota,
including Minnesota Statutes, Chapter 429, and the principal hereof and
interest hereon are payable primarily from special assessments against
property specially benefited thereby, 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 is irrevocably pledged
for payment of this Bond, and the City Council has obligated itself to levy
taxes on all of the taxable property in the City in the event of any
deficiency in special assessments pledged, 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.
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 Bond 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
Bond 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 transferde 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 Bond 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 Bond Registrar shall 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.
(Form of certificate to be printed on the reverse side of each Bond,
following a full copy of the legal opinion.)
I certify that the above is a full, true and correct copy of the legal
opinion rendered by bond counsel on the issue of Bonds of the City of
Medina, Minnesota, which includes the within Bond, dated as of the date of
delivery of and payment for the Bonds.
(Facsimile Signature)
City Clerk -Treasurer
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
UNIF GIFT MIN ACT Custodian
(Cust) (Minor)
TEN ENT -- as tenants
by entireties under Uniform Gifts or
Transfers to Minors
JT TEN -- as joint tenants with
right of survivorship and
not as tenants in common
Act
(State)
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: The assignor's signature to this assignment must
correspond with the name as it appears upon the face of
the within Bond in every particular, without alteration
or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
The Bond 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
3.02. The Clerk -Treasurer shall obtain a copy of the proposed approv-
ing legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Profes-
sional Association, Minneapolis, Minnesota, which shall be complete except
as to dating thereof and shall cause the opinion to be printed on each
Bond, together with a certificate to be signed by the facsimile signature
of the Clerk -Treasurer in substantially the form set forth in the form of
Bond. The Clerk -Treasurer is hereby authorized and directed to execute
such certificate in the name of the City upon receipt of such opinion and
to file the opinion in the City offices.
Section 4. Security: Payment: Pledges and Covenants.
4.01. The Bonds shall be payable from the Improvement Bonds of 1987
Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of
any general taxes hereinafter levied (Taxes), and special assessments
(Assessments) to be levied for the improvements (Improvements) financed by
the Bonds are hereby pledged to the Debt Service Fund. If any payment of
principal or interest on the Bonds shall become due when there is not
sufficient money in the Debt Service Fund to pay the same, the
Clerk -Treasurer shall pay such principal or interest from the general fund
of the City and the general fund may be reimbursed for such advances out of
proceeds of Assessments for the Improvements when collected.
4.02. It is hereby determined that the Improvements to be financed by
the Bonds will directly and indirectly benefit the abutting property, and
the City hereby covenants with the holders from time to time of the Bonds
as follows:
(a) The City has caused or will cause the Assessments
for the Improvements to be promptly levied so that the first
installment will be collectible not later than 1988 and will
take all steps necessary to assure prompt collection, and
the levy of the Assessments is hereby authorized. The City
Council shall cause all further actions and proceedings
relative to the making and financing of the Improvements
financed hereby to be taken with due diligence that are
required for the construction of each Improvement financed
wholly or partly from the proceeds of the Bonds, and for the
final and valid levy of the Assessments and the appropria-
tion of any other funds needed to pay the Bonds and interest
thereon when due.
(b) In the event of any current or anticipated defi-
ciency in the Assessments, the City Council will levy ad
valorem taxes in the amount of said current or anticipated
deficiency.
(c) The City will keep complete and accurate books and
records showing: all receipts and disbursements in connec-
tion with the Improvements, Assessments levied therefor and
other funds appropriated for their payment, all collections
thereof and disbursements therefrom, moneys on hand and, the
balance of unpaid Assessments.
(d) The City will cause its books and records to be
audited at least annually and will furnish copies of such
audit reports to any interested person upon request.
4.03. It is determined that at least 20% of the cost of the Improve-
ments will be specially assessed against benefitted properties. For the
purpose of paying principal and interest on the Bonds, there is hereby
levied a direct annual irrepealable ad valorem tax upon all taxable proper-
ty in the City which shall be spread upon the tax rolls and collected with
and as part of other general taxes of the City. Such tax shall be credited
to the Debt Service Fund above provided and shall be in the years and
amounts as follows (year stated being year of levy for collection in the
following year):
Year Lev
(See Attachment A)
4.04. It is hereby determined that the estimated collections of
Assessments and foregoing Taxes 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 levy herein provided shall be irrepealable
until all of the bonds are paid, provided that the City Clerk -Treasurer may
annually, prior to October 10 of any year, certify to the Director of
Property Taxation the amount available in the Debt Service Fund to pay
principal and interest during the ensuing year, and the Director of Proper-
ty Taxation shall thereupon reduce the levy collectible during such year by
the amount so certified. The City Clerk -Treasurer is directed to file a
certified copy of this resolution with the Director of Property Taxation of
Hennepin County, and obtain the certificate required by Minnesota Statutes,
section 475.63.
Section 5. Authentication of Transcript.
5.01. The officers of the City are hereby 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
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 market-
ability of the Bonds and such instruments, including any heretofore fur-
nished, shall be deemed representations of the City as to the facts stated
therein.
5.02. The Mayor and City Clerk -Treasurer 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 said statement is a complete
and accurate representation of the facts and representations made therein
as of the date of the Official Statement.
Sec. 6. Special Tax Covenant.
6.01. (a) 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 appli-
cable to the Bonds.
(b) 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 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 1987) exceed the small -issuer exception amount of
$5,000,000. For purposes of qualifying for the small issuer exception to
the federal arbitrage rebate requirements, the City hereby finds, deter-
mines 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)(C) of the Code.
6.02. 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.
6.03. In order to qualify the Bonds as "qualified tax-exempt obliga-
tions" 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 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, treating qualified 501(c)(3) bonds
as not being private activity bonds) which will be issued by the City
(and all subordinate entities of the City) during calendar year 1987
will not exceed $10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 1987 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 section.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Sc hmi t and upon vote being taken
thereon, the following voted in favor thereof: Mayor Anderson and
Council Members Mitchell, Scherer, Schmit and Theis
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF MEDINA
) SS.
I, the undersigned, being the duly qualified and acting
Clerk -Treasurer of the City of Medina, Minnesota, do hereby certify that I
have carefully compared the attached and foregoing extract of minutes of a
regular meeting of the City Council held on Tuesday, September 1, 1987,
with the original thereof on file in my office and the same is a full, true
and correct copy thereof insofar as the same relates to the issuance and
sale of $400,000 General Obligation Improvement Bonds of 1987 of the Cl.ty.
WITNESS My hand as Clerk -Treasurer and the corporate seal of the
City this
/ day of September
(SEAL)
M3:00450887.RAW
, 1987.
L2Y7"-7 z -727 }
City Clerk -Treasurer
City of Medina, Minnesota
ATTACHMENT A
DATE 09/09/87
COMPUTATION OF TAX LEVY ON --
$400,000 G. 0. IMPROVEMENT BONDS OF 1987
CITY OF MEDINA, MINNESOTA
$343,000
LEVY/COLLECT P&I PLUS 5 % ASSESSMENT NET TAX
1987/1988 43,660.31 $ 62,807.11 $19,146.80 $0
1988/1989 49,809.38 60,063.11 $29,400.52 $0
1989/1990 53,746.88 57,319.11 $32,972.75 $0
1990/1991 62,593.13 54,575.11 $24,954.73 $0
1991/1992 65,533.13 51,831.11 $11,252.71 $0
1992/1993 68,089.88 49,087.11 $7,750.05- $7,800
1993/1994 70,242.38 46,343.11 $23,899.27- $23,900
1994/1995 77,219.63 43,599.11 $33,620.52- $33,700
1995/1996 78,204.00 40,855.11 $37,348.89- $37,400
$569,098.72 $466,479.99 $102,800
NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF $13500.00
WILL BE USED TO PAY $11693.75 OF INTEREST PAYMENTS DUE
3/1/1988
CAPITALIZED INTEREST, FUNDS AVAILABLE & FUNDS ON HAND
HAVE BEEN DEDUCTED FROM THE FIRST YEAR LEVY SHOWN ABOVE.
COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS
WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN.
PROGRAM 'LEVYCALC', COPYRIGHT, EHLERS & ASSOCIATES, INC., 10/15/1984
0940Z