HomeMy Public PortalAbout2012-71 Resolution Awarding Sale 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, October 2, 2012, commencing at
7:00 P.M.
The following members were present:
and the following were absent:
* * *
The 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 2012B, to be issued
in the original aggregate principal amount of $2,845,000.
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 Martinson then introduced the following
resolution and moved its adoption:
Resolution No. 2012-71
October 2, 2012
RESOLUTION NO. 2012-71
A RESOLUTION AWARDING THE SALE OF GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2012B, IN THE
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $2,845,000;
FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING
THEIR EXECUTION AND DELIVERY; PROVIDING FOR THEIR
PAYMENT; PROVIDING FOR THE ESCROWING AND
INVESTMENT OF A PORTION 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 2005A (the "Refunded Water
Revenue Bonds"), dated May 17, 2005, in the original aggregate principal amount of $4,760,000,
which are currently outstanding in the aggregate principal amount of $2,815,000, $2,185,000 of
which is callable on or after February 1, 2014. Proceeds of the Refunded Water Revenue Bonds
were used to finance improvements to the water system of the City, including the construction of
the water treatment plant and water supply lines (the "Water Project").
(b) Pursuant to Minnesota Statutes, Chapters 469 and 475, as amended, specifically
Section 469.178, the City issued its General Obligation Tax Increment Bonds, Series 2005C (the
"Refunded TIF Bonds"), dated October 13, 2005, in the original aggregate principal amount of
$1,040,000, which are currently outstanding in the aggregate principal amount of $725,000,
$655,000 of which is callable on or after February 1, 2013. Proceeds of the Refunded TIF Bonds
were used to finance certain public redevelopment costs in Tax Increment Financing District
No. 1-9 (the "TIF District") within Development District No. 1 in the City (the "Project Area'),
including improvements to Sioux Drive, Mill Drive, and Hamel Road. A portion of the proceeds
of the Refunded TIF Bonds financed public development costs payable from special assessments
levied against property specially benefited from such development and tax increment revenues
from the Uptown Hamel area of the TIF District (the "Improvement Project").
(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 is authorized by Minnesota Statutes, Section 475.67, subdivision 3, to
issue and sell its general obligation bonds to refund obligations and the interest thereon before the
due date of the obligations, if consistent with covenants made with the holders thereof, when
determined by the City Council to be necessary or desirable for the reduction of debt service costs
to the City or for the extension or adjustment of maturities in relation to the resources available
for their payment.
Resolution No. 2012-71 2
October 2, 2012
(e) The City finds it necessary and desirable to issue its General Obligation
Refunding Bonds, Series 2012B (the "Bonds"), in the original aggregate principal amount of
$2,845,000, to (i) achieve the current refunding of the Refunded TIF Bonds by redeeming and
prepaying the outstanding principal amount of the Refunded TIF Bonds on February 1, 2013; and
(ii) achieve the crossover refunding of the Refunded Water Revenue Bonds by refunding in
advance of maturity and at their redemption date the outstanding principal amount of the 2015
through 2020 maturities of the Refunded Water Revenue Bonds on February 1, 2014.
(f) 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.
1.02. Award to the Purchaser and Interest Rates. The proposal of
(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 $ (par amount of $2,845,000, [plus original
issue premium of $ ,] [less original issue discount of $ ,] less underwriter's discount of
$ ), plus accrued interest to date of delivery, if any, for Bonds bearing interest as follows:
Year Interest Rate Year Interest Rate
2014
2015
2016
2017
True interest cost:
2018
2019
2020
2021
1.03. Purchase Contract. The sum of $ , being the amount proposed by the Purchaser
in excess of $2,906,560, shall be credited to the Debt Service Fund hereinafter created, the Current
Refunding 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 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, 469, and 475, as amended, specifically Section 475.67,
subdivisions 3 and 13 (collectively, the "Act"), in the original aggregate principal amount of $2,845,000,
originally dated November 7, 2012, 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:
Resolution No. 2012-71 3
October 2, 2012
Year Amount Year Amount
2014
2015
2016
2017
2018
2019
2020
2021
(a) $2,255,000 in principal amount of the Bonds (the "Water Revenue 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 outstanding 2015 through 2020 maturities of the
Refunded Water Revenue Bonds:
Year Amount Year Amount
2015
2016
2017
2018
2019
2020
(b) The remainder of the Bonds in the principal amount of $675,000 (the "TIF
Refunding Bonds") maturing in the amounts and on the dates set forth below are being used to
redeem and prepay the outstanding maturities of the Refunded TIF Bonds:
Year Amount Year Amount
2014
2015
2016
2017
2018
2019
2020
2021
1.05. Optional Redemption. The City may elect on February 1, 2020, and on any day thereafter to
prepay Bonds due on or after February 1, 2021. 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.
[1.06. Mandatory Redemption; Term Bonds. To be completed if Term Bonds are requested by the
Purchaser.]
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
Resolution No. 2012-71 4
October 2, 2012
date of original issue. The interest on the Bonds is payable on February 1 and August 1 of each year,
commencing August 1, 2013, 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
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,
Resolution No. 2012-71 5
October 2, 2012
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.
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.
Resolution No. 2012-71 6
October 2, 2012
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 2012B 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 fmancial records of the City. There shall be established and maintained within the
Debt Service Fund two separate accounts designated as the "TIF Bonds Account" and the "Water Revenue
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) TIF Bonds Account. The Finance Director will timely deposit in the TIF Bonds
Account of the Debt Service Fund the special assessments (the "Assessments") levied for the
Improvement Project financed with the proceeds of the Refunded TIF Bonds and tax increment
revenues from the Hamel Uptown area of the TIF District (the "Tax Increment Revenues"), which
Assessments and Tax Increment Revenues are hereby pledged to the TIF Bonds Account. To the
TIF Bonds Account there is hereby pledged and irrevocably appropriated and there will be credited a
pro rata portion of amounts over the minimum purchase price paid by the Purchaser, to the extent
designated for deposit in the TIF Bonds Account in accordance with Section 1.03 hereof. The debt
service fund heretofore established for the Refunded TIF Bonds pursuant to the resolution
authorizing the issuance and sale of the Refunded TIF Bonds (the "Refunded TIF Bonds
Resolution") is hereby terminated and all monies therein are hereby transferred to the TIF Bonds
Account herein created.
(b) 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) 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
Resolution No. 2012-71 7
October 2, 2012
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. The debt service fund heretofore established for the Refunded Water Revenue
Bonds pursuant to the resolution authorizing the issuance and sale of the Refunded Water Revenue
Bonds (the "Refunded Water Revenue Bonds Resolution") shall be terminated on February 1, 2014,
following the redemption of the Refunded Water Revenue Bonds, and all monies therein are hereby
transferred to the Water Revenue Bonds Account herein created.
4.02. Current Refunding Fund. Proceeds of the TIF Refunding Bonds, less the appropriations
made in Section 4.01(a) hereof, will be deposited in a separate fund (the "Current Refunding Fund") to be
used solely to redeem and prepay the Refunded TIF Bonds. Any balance remaining in the Current Refunding
Fund after the redemption of the Refunded TIF Bonds shall be deposited in the TIF Bonds Account of the
Debt Service Fund herein created.
4.03. Escrow Fund. A portion of the proceeds of the Bonds in the amount of $ 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 Water
Revenue Refunding Bonds 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 Water Revenue Refunding Bonds to and
including February 1, 2014 (the "Refunded Water Revenue Bonds Redemption Date"); and (ii) pay on the
Refunded Water Revenue Bonds Redemption Date the principal amount of the Refunded Water Revenue
Bonds then outstanding. The Escrow Fund will be irrevocably appropriated to the payment of the principal
of and interest on the Refunded Water Revenue Bonds until the proceeds of the Water Revenue Refunding
Bonds therein are applied to prepayment of the Refunded Water Revenue 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 in the Water Revenue Bonds Account of the Debt Service Fund.
4.04. Prior Resolution Pledges. The pledges and covenants of the City made by the Refunded
TIF Bonds Resolution and the Refunded Water Revenue Bonds Resolution (the "Prior Resolutions")
relating to the Assessments levied for the Improvement Project and 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 Resolutions
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.
Resolution No. 2012-71 8
October 2, 2012
4.06. Debt Coverage. It is hereby determined that the estimated collection of Assessments,
Tax Increment Revenues, and Net Revenues of the water system for the payment of principal of and
interest on 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 Refunded TIF Bonds and the principal and interest payments
on the Refunded Water Revenue Bonds maturing after the Refunded Water Revenue Bonds Redemption
Date; therefore, no tax levy is needed at this time.
4.07. 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.
Section 5. Refunding; Findings; Redemption of Refunded Bonds.
5.01. Purpose of Refunding. The outstanding maturities of the Refunded TIF Bonds will be
called for redemption on February 1, 2013 in the amount of $655,000. The outstanding 2015 through
2020 maturities of the Refunded Water Revenue Bonds will be called for redemption on February 1, 2014
in the amount of $2,185,000. 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
redeem and prepay the Refunded TIF Bonds and the Refunded Water Revenue Bonds (collectively, 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 Water Revenue 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 Water Revenue 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 Water Revenue Refunding Bonds in the amount of $ are hereby pledged
and appropriated and will be deposited in the Escrow Fund for the purposes of redeeming the principal of the
2015 through 2020 maturities of the Refunded Water Revenue Bonds on February 1, 2014, and paying
interest on the Water Revenue Refunding Bonds through February 1, 2014. Proceeds of the Bonds in the
amount of $ 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 Ca11 for Redemption. The Refunded TIF Bonds maturing on February 1, 2014,
and thereafter will be redeemed and prepaid on the Refunded TIF Bonds 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 C-1, which terms and conditions are hereby approved and
incorporated herein by reference. The Refunded Water Revenue Bonds maturing on February 1, 2015, and
thereafter will be redeemed and prepaid on the Refunded Water Revenue Bonds Redemption Date in
accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of
Resolution No. 2012-71 9
October 2, 2012
Call for Redemption attached hereto as EXHIBIT C-2, which terms and conditions are hereby approved and
incorporated herein by reference. The registrars for the Refunded Bonds are authorized and directed to send a
copy of the respective 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
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.
Resolution No. 2012-71 10
October 2, 2012
7.02. Rebate. 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.
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 2012 will not exceed $10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City during calendar year
2012 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 financial 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
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
Resolution No. 2012-71 11
October 2, 2012
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
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.
Resolution No. 2012-71 12
October 2, 2012
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. 2012-71 13
October 2, 2012
Dated: October 2, 2012.
T.M. Crosby, Jr., Mayor
ATTEST:
4,40/
Scott T. Johnson, ity Administrator -Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member Weir and upon
vote being taken thereon, the following voted in favor thereof:
Crosby, Martinson, Pederson, Siitari, Weir
And the following voted against same:
None
Whereupon said resolution was declared duly passed and adopted.
•
Resolution No. 2012-71 14
October 2, 2012
EXHIBIT A
PROPOSALS
Resolution No. 2012-71 A-1
October 2, 2012
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 2012B
Maturity
Date of
Original Issue
February 1, 20 November 7, 2012
Registered Owner: Cede & Co.
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 August 1, 2013, 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, 2020, and on any day thereafter to prepay Bonds due on or after
February 1, 2021. 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 $2,845,000 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 October 2, 2012 (the "Resolution"), for the purpose of providing money to
refund the outstanding principal amount of certain general obligation bonds of the City and to refund in
advance of maturity on February 1, 2014, 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, 469, and 475, specifically Section 475.67, subdivisions 3 and 13. The principal and
interest is payable in part from special assessments, tax increment revenues, and net revenues of the water
Resolution No. 2012-71 B-1
October 2, 2012
system of the City, and a portion of the interest hereon is payable through February 1, 2014 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 ad valorem
taxes on all taxable property in the City in the event of any deficiency in special assessments, tax increment
revenues, and net revenues of the water system, 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 financial 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: November 7, 2012
CITY OF MEDINA, MINNESOTA
(Facsimile) (Facsimile)
Mayor City Administrator -Clerk
Resolution No. 2012-71 B-2
October 2, 2012
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
TEN ENT -- as tenants by entireties
JT TEN -- as joint tenants with right of
survivorship and not as tenants in common
UNIT' GIFT MIN ACT
Custodian
(Gust) (Minor)
under Uniform Gifts or Transfers to Minors
Act, State of
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: �I
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. 2012-71 B-3
October 2, 2012
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. 2012-71 B-4
October 2, 2012
EXHIBIT C-1
NOTICE OF CALL FOR REDEMPTION
OF REFUNDED TIF' BONDS
$1,040,000
CPTY OF MEDINA, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT BONDS
SERIES 2005C
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, 2013
all outstanding bonds of the City designated as General Obligation Tax Increment Bonds, Series 2005C,
dated October 13, 2005, having stated maturity dates of February 1 in the years 2014 through 2021, both
inclusive, totaling $655,000 in principal amount, and with the following CUSIP numbers:
Year of Maturity
Amount CUSIP Number
2014 $ 70,000 584768 KH7
2015 75,000 584768 KJ3
2016 75,000 584768 KKO
2017 80,000 584768 KL8
2019 170,000 584768 KN4
2021 185,000 584768 KQ7
The bonds are being called at a price of par plus accrued interest to February 1, 2013, 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, 2013.
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. 2012-71 C-1-1
October 2, 2012
EXHIBIT C-2
NOTICE OF CALL FOR REDEMPTION
OF REFUNDED WATER REVENUE BONDS
$4,760,000
CITY OF MEDINA, MINNESOTA
GENERAL OBLIGATION WATER REVENUE BONDS
SERIES 2005A
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, 2014
all outstanding bonds of the City designated as General Obligation Water Revenue Bonds, Series 2005A,
dated May 17, 2005, having stated maturity dates of February 1 in the years 2015 through 2020, both
inclusive, totaling $2,185,000 in principal amount, and with the following CUSIP numbers:
Year of Maturity
Amount CUSIP Number
2015 $330,000 584768 JS5
2016 345,000 584768 JT3
2017 355,000 584768 JUO
2018 370,000 584768 JV8
2019 385,000 584768 JW6
2020 400,000 584768 JX4
The bonds are being called at a price of par plus accrued interest to February 1, 2014, 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, 2014.
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. 2012-71 C-2-1
October 2, 2012
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF MEDINA )
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 October 2, 2012, 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 2012B, in the original
aggregate principal amount of $2,845,000.
WITNESS My hand officially as such City Administrator -Clerk and the corporate seal of the City
this day of , 2012.
City Administrator -Clerk
City of Medina, Minnesota
(SEAL)
Resolution No. 2012-71
October 2, 2012