CR 2000-046 Award Sale Of Bonds-G.O. Water Revenue Bonds Series 2000A
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March 16,2000
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AWARD SALE OF BONDS ~ G.O. WATER REVENllE BONDS, SERIES 2000A
Council Report 00-046
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Proposed Action
Staffreconmlcnds approval of the following motion: ApprO\~e resolution No. 2000-018 awarding the sale of
$2.060.000 Genera! Obligation Water Revenue Bonds for pail1tin.l'; the water towers, renovation of the water
treatment facility and the radio read meter system implementatiQn.
With this motion, the sale of the bonds will be awarded based on the recommendation of Ehlers and Associates.
Inc.. financial advisor for this project.
Overview
Water Revenue Bonds: The City of Hopkins has the authority to issue revenue bonds to pay for any utIlity or
other public conveniencc from which a revenue is or may he derived. The current and future projects in the water
fund qualify for bond issuance. Tn order to pay for the bonds the water rate was increased in 2000 to generate an
additional $70.000 in revenues each year. The bonds being issued will pay for projects approved in 2000 and those
Itsted in the preliminary capital Improvement plan for the year 200 I and 2002, for a total of approximately
$1,995,000. The current water rate will need to increase by $.10 per 1,000 gallons used, in the years 2004, 2008
and probably 2012 to maintain operating expenses and pay fiJ[ principal and interest on the new bonds.
At the March 7th, 2000 Council Meeting, the Council authorized the sale of bonds for the Water Revenue capital
improvements projects. The hids will be accepted unlill I :00 am on March 21. 2000 at which time they will be
reviewed and the recommendation incorporated into Resolution OO-Oxx.
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Primary Issues to Consider
At this time, there do not appear to be any primal)' issues relatll1g to the award of the bond sales. Any significant
issues affecting the sale will not be known until after the closing of the bids on March 2 1st, 2000.
One item of note is the rate change the City orIlopkins has received from Standard and POOl's. The city requested a
rate change consideration last year and has been awarded with the change this year! The new rate is now AA-,
which puts the city into a smaller group of municipalities, which have earned this distinction. The City Council and
management should be vel)' proud of achieving this goal. It is directly attnbuted to the continued development and
redevelopment of the city, continued growth in market values, forecasting of futurc needs, increasing wealth levels
and thesc positiv~ trends continuing over time. CONfJRATULA nONS!
Supporting Information
· Resolution No. 2000-018
. Official Statement
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Lori Yager
Fmance Director
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Financial Impact: $2,06Q&OQ Budgeted: Y Source: Water Fund Related documents: ClF
Notes: S2,060,000 Water Revenue fund bonds issued for water fund capital improvement projects.
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EHLERS
& ASS 0 I~ I ^ T E SIN 1-;
Dear Elected Official:
At your direction, we have prepared the enclosed preliminary Official Statement describing this
financial transaction which must meet the Securities and Exchange Conunission disclosure
requirements. This Official Statement is also being distributed to potential bidders who will rely
on the contents of this document in assessing the security of this issue before submitting their bid.
The resolution you will consider when you award the sale of this offering to the successful bidder
will ask you to approve the contents of this Official Statement by designating it as the "Final
Official Statement."
"A Pocket Guide for Elected and Other Public Officials" prepared by the National League of Cities;
National Association of Counties; National Association of State Auditors, Comptrollers, and
Treasurers; and the Government Finance Officers Association with input from the Securities and
Exchange Commission recommends that municipal officials ask the following questions of outside
professionals who produce disclosure documents for the sale of municipal obligations:
1. What is the nature or scope of the written opinion or certification, if uny, that you are giving in
this transaction and relating to the disclosure document? Have we given YOll access to the
information you need?
2. Have you explained to us all aspects of the structure or nature of this transaction so that you are
confiden t we full y und ersta nd all critical aspects? Does our official s tatemen t adeq 1/ at eI y address
any concerns YOll have about this transaction Owt a reasonable investor would consider
important?
3. Are there any matters regarding your participation in this transaction about which you should
make us aware, including potential conflicts of interest?
4. Has your revielo of the relevant financial documents and other materials, including the official
statement, raised any concerns regarding this borrowing? Do these concerns need to be disclosed?
5. Are you aware of any circumstances in which we, our staff, or others have not complied with ollr
procedures so that we can make sure that our official statement adequately and accurately
describes this transaction?
We hope Ehlers has answered these questions prior to or within this document. If not, please feel
free to contact us. Please review the contents of the Official Statement, and let us know within one
week if any changes are necessary to this Official Statement.
Yours truly,
EHLERS & ASSOCIATES, INe.
cc: Administrator
[ (l1.:l1 I ) I! fJ I Ir r 11111 t Y E' I ; I! I" y ~ ~ r
LEA D E R S I~, I' U I:: Lie FIN A r'l C E
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J Uti U I ~'rll r c Pi) j n I C [II' i V c fi' u ~ (~ v i II f', M r'l S:-~ 1 I .~. ] ". n :! (I S] {~CJ 7 . 8 r:, n n Fax Ii '11 C! 9 7 . K 5 r::, '1 \IV W W . phi P. r" ',-I n r . [ n m
III lite of'illioll "rBolld COUIISel. IlIc ill Ie reS! OIlllle Bo",ls is c_rcmptfrollllllxatioll by Jhe Slalc 'ifMi,JIlc.\(Ita and ils .wbdi,'isiorlS and mUllicil",lilics wid lit I' illlcreSI to be paid
IJllllIe Bmuls is 1I0t illcludible ill tile gross ill come of tile recif'ie,If for Ulliled States or Stare lif Millneso/(l income lax purposes (but is subjecl /0 fedcral al,ert/alir'e millimum
lines 011 (orporalioll.f alld Millnesota frallchise /axcs imposed O!I corporl1lioJls. illcludillg !illallcirrl inslilutions, alld meamred by IIEI illcome lJlld thc al/enw//\'c minimulJI IILr
bwc) accordillg 10 !"esenl federal alld Milllle.H>ra laI<'s. regulariollS, mlings ,md decisio!LI. (See "Tax Exemplioll" hereill.)
.IIC Issller \1'ill designalc IlIe BOllds as "qllalified lax-neil/pi obligations" f'UrSUWII to Seerioll 26'; of/lIc IlIlemal Rel'cll!le Code of1986, (IS ImIC,lded. ,,'lIich permiHji"'lI1ciaj
ISIIfUllUlI.\ 10 dcducI JIllerC.fl expellJes allocablc /(( the BOllds 10 Ille e.rlent penllllled Wider priOr 1,,\1'.
New Issue
Rating Application Made: Moody's Investors Service
Standard & Poor's
OFFICIAL STATEMENT DATED MARCH 9, 2000
CITY OF HOPKINS, MINNESOTA
$2,060,000
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2000A
PROPOSAL OPENING: March 21,2000, II :00 A.M., C.T.
CONSIDERATION: March 21,2000,7:30 P.M., C.T.
PU R POSE/AUTHORITY/SECURITY: The $2,060,000 General Obligation Water Revenue Bonds, Series 2000A (the "Bonds")
are being issued pursuant to Minnesota StaLutes, Chapters 444 and 475, by the City of Hopkins, Minnesota (the "City") for the
purpose of financing the construction of improvements to the City's water treatment and distribution system. The Bonds will be
paid from net revenues of the Water System. The Bonds are general obligations of the City, for which its full faith, credit and
taxing powers are pledged. Delivery is subject to receipt of an approving legal opinion of Kennedy & Graven, Chartered, of
Minneapolis, Minnesota.
.JATE OF BONDS:
MATURITY:
TERM BONDS:
INTEREST:
OPTIONAL REDEMPTION:
MINIMUM PROPOSAL:
GOOD FAITH DEPOSIT:
PAYING AGENT:
BOOK-ENTRY-ONL Y:
April 1,2000
February I as follows:
Year Amount
2001 $115,000
2002 100,000
2003 105,000
2004 110,000
2005 115,000
See "Term Bond Option" herein.
February 1,2001 and semiannually thereafter.
Bonds maturing February 1, 20 I 0 and thereafter are subject to call for prior redemption on
February I, 2009 and any date thereafter, at par.
$2,029,100.
$41,200.
To be named by the Issuer.
See "Book-Entry-Only System" herein.
Year
Amount
Year
Amount
2006
2007
2008
2009
2010
$120,000
125,000
130,000
140,000
145,000
2011
2012
2013
20[4
2015
$155,000
160,000
170,000
180,000
190.000
This Official Statement will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate
principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate Members,
together with any other information required by law, and, as supplemented, shall constitute a "Final Official Statement" of the
City with respect to the Bonds, as defined in SEe. Rule 15c2-12.
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EHLERS
& ASS [) C I A I l SIN C
LFADERS IN PUBLIC FINANCE
30GO r:entre Pointe Orivp, Rns€vllle. MN 55113-1105
651.697.8500 fax 651.697.8555 www.ehlers-inc.com
Offices In Rosevrlle, MN, Brookfield, WI and Naperville. IL
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REPRESENTATIONS
Nu deJ!er. bfl>~cr, s;i!l'sperson or other person h3, heen authorizl.'J hy the City to gi ve any infonmltion or to make any representation other th3n
those cnnlallled Inlhe 0ftlciJl Stalemelll 3nJ, if given or melde, such othL'f IIlfnnn3tion or rcpn~seJl(ations must not be relied upon as having
been Jut!l(lriLed hy the City. T/lis Official Statemellt dues lIot cOllstiwte all offer to sell or solicitatioll of an offer to bllY any of these
obligatiollS ill any jllriHliction (0 any person to Ir1/011/ it is 1If1/alljit! to make melt (Ill affer or solicitatioll ill mell jurisdiclion.
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This Onlcial Statcm<:nt is not to be construed OS;] contr~ct with the SynJicHe !\hnager ur Synd1C3te Members, St;llements cont~ined herein
which 1I1\'ohc c>lill1Jtes or matters of opinion 3re inlcndl.'d solely as such and Jre nutlo be construed as representations of fJct.
This Ofticial StJteIl1eIH and any addenda thereto were prep:m:d relyini! on intormntion of the City and other sources am], while beli('ved to he
rellable, Jre fwt guaranteed as to complctene~s or accuracy.
Bond Cuun,ellus nOl p~lrticipated in the prl'Jlaration of this OUicial Statement anu is not expressing Jill' upinion as to the completeness or
aecur~jc'y of the lllfonl1Jtion wntained therelll. CompematlOn of Ehlers & As,ociates, Inc., pJYJble entirely by the City, is contingent upon
lhe S3le of the issue.
COMPLIANCE WITH S.E.C. RULE 15c2-12
Cert~lin municipal 'lbllg~tiollS lissucd in In ~Igi!regate amuunt ()\'(~r $1 ,(JOO.OOOI Jre subject to General Rules ami Regulations. Securities
E\change Aell,f I 'l3.t, Rule 15c2-1::' I\lunicipal SeL'urities Diselnsure Ithe "Rule" I.
Official Statement: 111i, OffiCIal StJtemcnt \\'ns prepared ft>! tht.' City for dissemination to potentiJl customers, Its primary purpose is to
dJ,clc'sL' inf,'nn~lIion regarding these obligal1ons tll prnspecti\'e underwriters in the mlere,t of reeeivlllg compctiliw prornsals in 3econJance
with the ,;dc nt'tlce cl.\ntained herein, Unles, ~In addenJum i, recei\<:d pni)r to the ,ale, this document shall be deemed the "!'\ear final Of/lclal
Statement"
Review Period: This Omcial Statement has been Jistributt.'d to mcmbers of the legislative hody and other puhlic officials of the City JS well
;1, tll Jlr"'pt.'dl \'L' bidJers I'm an 0hJccti ve re\'ie\\' Qj Its dlsc!,),ure. Cumments ur requests tm the correction of 01llissions or inaccuracies must
hI.' sllQll1itt:'J tn Fhlers 8: Assnciates Jlleasl t\\'II nmim:,s days prillr [() Ih{; sale. Requests [or addItional information or c(\rrectiom in the
()Ificial SUlell1crIt recci \t::d on or before this dntc \\'11] D..'l.!. he cunsidered a qUJlificnti0n 0f a propos;1l reeeivcd from In underWriter. If there
:lre :111" ch~iI1~e'i. c0Ircctions 01 additions III the Oflil'i;JI St3lemcnl. 1IItL'lc,,{ed bidders will be informed by In addendum at lenst one husiness
J~IY prior 10 thl' SJle.
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Final Official Statement: Upon il\I'JnJ of sJle of thesc ,-,blig~l1ion,\. tbe elly Council will authorile the prep3ration of In JdJendllm to thc
OJ J JCJ~ll Statement that includes the offering price~, interest rale" ag~r~g;Jk Jlrincipal amount, principal 31l10Unt pcr maturity, 3nticirated deli very
date ;lIld (Hher Infurm:ltion rt.'quired by low and the Idcntily urthe Syndicate t\bnager and SyndICale i\1cmbers. This ndJendull1, tDgether with
:my prl.'\\IJUS ;lddenJum of cmrectiun, Qr addlll<lllS to Ihe ()rticial St:llell1ent, shall be dcell1eJ Ihe comr]cte Fino] Ot1leinl Statement. Caries
Qfthe Fill:lI CHlleic1! Statement \I'ill he deli\cfed to the undl'[\\',iler (SyndIL'ute Mall~lger) wlthin seven bUSiness days following the proJl0sal
aL'\'Cf.ll~lIl ce,
Continuing Disclosure: Subject tu certain eXelTlptil"IS. i"ues In an aggregate amount OVer $! ,000.000 may be reqllired to comply with
pnl\isions Df the Securities Exchange i\d or I ()J4 \\'hich rcquire thJt issuers of municipal s....curities enter into :'Igreements for the henefit of
th,' owners llf the securiries to provide continuing disclosure with respectlo those sccurities. This Omcial Statement JesL"fibes the e0ndItfons
under \\'lllch lhe,e ob\Jgations ~rc exempt l'r requlrecllo L'omply \\ilh the Rule.
CLOSING CERTIFICATES
Upun deb \'e{") llf these llbligJtions, the purch:her (underwriter) will be furnIshed with the following Items: (I) a ccniftcnte of the apprOpriJtl~
nUicials (nthI.' dfcet that :11 the time of the SJle of these phligatlOns 3nd all times subsequelllthereto up tu and includmg: the rime ufthe dclivery
of these l)hlii!:ltluns. tlm OtTiciJ! Statement diU not :Ind docs IW[ cOlltJill any untrue statement of a material fael or omit to state a materiJl bet
llc,'essafV tlllll;lJ...e fhe statements therein, in Ihe light of the circumst~lI1ce, under which they were made, nol misleading; (21 ~ receipt signed
by the aprr('pri;lte ullieer e\idencing pCi)'ment for these 0hligatiuns: ( 'I) a certificate evidencing the due executIon of these obligati0ns, including
stakmeI1ls th~lI I al no litigali0n uf any n3ture i, pending, or lu the knowledge of signers, threatened, restrainIng Dr enjoining: the issuance and
Jelivery of these ohligatiuns. (bj neither the corpl1r:1le existence or bOllnd~lries of the City /lor [he tItle of the signers to th....ir respective offices
is beIllg CIIIJleSled. and {c) no authDrity or proeecdings for the issuance of these oblig:nions have been repealed, revoJ...ed or rescinded; and (4)
a CL'r111ic:lle settIng: fl1rlh facts and cxpectatiom of th<: City which indicates that the City dues not expect to use the proceeds of these oblig~llfons
In ~l manner {kit \\l1uld L'aLlse themlo be arbitragc n0nds withInlh~ meaning orSection 148 nfthe Internal Revenue Codt.' cd lLJ8tl, ns Jmended,
IJr within the I1lc':1I1JI1i! IJf ~lpr]ic:lhle Trc':lsury Regul:i(iun,
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TABLE OF CONTENTS
INTRODUCTORY STATEMENT
THE BONDS ...... _ . . . . . . . . . . . . . . . . . _ . . . . . . _ . . . . . . . . . . . _ . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . .. I
GENERAL . . . . . . . . . . . _ . . . . . . . . . . . . . . _ . . _ . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . - . . . . . . . . . . . . . - . . . . . . . . . . . . . . . .. I
;\UTHORITY; PIJRPOSE . ...... ... _. .. _. .. .. .. ... .. .. _... ....... -... -. .. .... ... -.. .... ... -.... ......... .. .. 2
SOURCES AND lISES . _ . . _ . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . - . . . . . . . . . . - . . - . . . . . . . . . . . . . . . . . . . . - . .. 2
SECURITI .......... _ . . . . . . . . . . _ . . . _ . . . . . . . . . . . . . . _ . . . . . _ _ . . . . . . . - . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . .. 2
RATING... .. . _... ...... _.... ... _. .... .. .. .. ... .... .. .. . ... ... -... .. . -..... .. .. -.... .. . -... .... . -.... .... 2
CONTINUING DISCLOSURE ... . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . - . . . . . . . - . . - . . . - . . . . . . . . . . . . . - . . . . . . . - - . . . . . . .. 3
LEGAL OPINION .. . . . . . . . . . . . _ . . . . . . _ . . . . . . . . . . . . . . _ . . - . . . - . . . . . . . - . . . . . . - . . . . . . . . . . . . . - . . . . . . . - - . . . . . . .. 3
TAX EXEMPTION . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . - . . . - . . . . . . - . . . - - . . . . :I
QUALIFIED TAX-EXEMPT OBLIGATIONS .. ... _... .... .. ..... _... ... _... -. . - -. ..... ...... . -... -. .. - -... -.. .. 4
FINANCIAL ADVISOR . _ . . . . . . _ . . _ . . . _ . . . _ . . . . . . . . . . . . . _ . . . _ . . _ . . . _ . . . . . . . - . . . . . . . . . . . . . - . . . - . . . - - . . . - . . .. 4
RISK FACTORS .......... _ . . . _ . . . . . . . . . . . . . . . . . . . . . . . . _ . . _ _ . . . . . . . . . . - . . . . . . . . . . - . . . - . . - . . . . . . . . . . . . . . . .. 5
VALUATIONS. _......... _.. _....... _... _................. _...... -... -... -...... -.......... -....... -.... -... - 7
!\1INNESOTA VALUATIONS; PROPERTY TAXES .......... _ . . _. . . . . . . . . . . . . . _ _ . . - . . - . . . . . . . - . . . - . . . - . . . . - .. . - 7
C URR ENT PR OPERTY VALVA TI ON S .. _ . . . . . . . . . . . . . . . . . _ . . __ . . _ . . . . . . . _ . . . . . . . . . . . . . . . . . - . . . - . . . -- . . . - . . -- 8
19{j9/00 NET TAX CAPACITY BY CLASSIFICATION. . . . . . . . _ . . _ _ . . _ . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . - . . . - . . - - 9
TREND OF V ALVA TIONS ............ _ . . . . . . _ . . . . . . . . . . . . . . _ . . _ . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . - . . . - - . . . - . . . - 9
LARGER TAXPAYING PARCELS .. _... _............. _...... __............. --.. -.......... -....... --...... - 10
DEBT......... _................. _.. _... _.................... _... _.......... -... -.......................... - ]1
D]RECT DEBT ............... - . . - . . . . . . . . . . - . . . . . . - . . . . . . - . . . . . . . . . . . . . . - . . . - . . . . . . . . . . - . . . . . . - . . . . - . . .. ] I
SUMMARY TABLES OF LONG TERM GENERAL OBLIGATION DEBT. . . . . . . . . . _ . . . . . . . . . . . . . - . . . . . . . . . . . . . . . .. ] 1
DEBT LIMIT. . . . . . . . . . . . . . . . . . . . _ . . . _ . . . . . . _ . . _ . . . . . . . . . . . . . . . . . . . . . . . . . - . . . - . . - . . . . . . . . . . . . . . - . . . . . . . -. 14
OYERLAPPIl'\G DEBT. _ . . _ . . . . . . . _ . . . _ . . _ . . . _ . . _ . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . - . . . . . . - . . . - . . . . . . . . . . . -. 15
FUTURE FINANCING .... _ . . . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . _ . . . . . . . . . . . _ . . . . . . . . . . - . . . - . . . . . . - . . . . . . . . . . . .. 15
DEBT RATIOS ....... _. . _. ....... ..... _. .. ... .. . _.. ... .. .. .. ...... . _. .. .. .. ... ...... ... .. .. .. .... .. 16
TA\: LEVIES AND COLLECTIONS. _ . .. .. _ . . . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . - . . . . .. . . . . . . . . . . . . . . . . . . . - .. 17
TAX COLLECTIONS. . . . . . . . . . . . . . . . _. ........... _ . . . . . . . . . . _ . . . . . . . . .. ................. ........... - .. 17
TAX CAPACITY RATES............. _............. _.......... _... _.......... -.. -...................... -.. 17
LE V Y LI M ITS . . . . _ . . . . . . . . . . . .. ... _ . . . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . _ . . . - . . - . . . . . . . . . . . . . . . . . . . - . . . .. 18
TilE ISSUER...... ... .......... _... .. . _ _. .. ... .. .. ... .... _. .... . _... .... ... -..' -.... .. -... .... ... -. .. -. .. .. 19
CITY GOVERNMENT _.. ... _ . . _ . _ . . . . . _ . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . _ . _ . . . . - . . . - . . . . . . - . . . - . . . . - . . . -. 19
EMPLOYEES; PENSIONS; UNIONS ..................... _ . . _ . . . _ . . . . . . . . . . . . . . . . . . . . . - . . . . . . .. . - .. . - . . . -. 19
FUNDS ON HAND ...... _ . . _ _ . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . _ _ . . . . - . . . - . . . . . . - . . . - . . . . . . . . .. 19
ENTERPRISE FUNDS ... _ . . _ . . . _ . _ . . . . . _ . . _ . . . . . . . . . . . . . . . . _ . . . . . . . . . _ . . . . - . . . - . . . . . . . . . . . .. 20
SUMMARY GENERAL FUND FINANCIAL INFORl'vlATION . .. . _... _. .. .. ..... .... ... _. .... ... .. -... ..... .. .. . - 22
LITIGATION. . . . _ . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . .. ..... _ . . . . . . . . . . . _ . . . . . - . . . - . . . . . . - . . . . . . . . . . . . .. 23
DEBT PA YMENT HISTORY. . . . . _ . . . _ . . . . . . . . . . _ . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . - . . . . . - . . . . . . . . . . . . . . . - .. 23
GENERAL INFORMATION. . _. _. ........ ... . .. ..... ... ............. _.. . .. .. .... . .. . ... . -. .. .. .. .. .. ... .. .. . - 24
LOCATIO:'J .. . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 24
LARGER EMPLOYERS ..... . . . . . . . . . . . . . . . _ . . . . . . . . . . . .. .................. _ . . _ . . . . . . . . . . . . . . . . . . . .' .... 24
U.S. CENSUS DATA _ . . . . . . . _ . . . . . . . . . _ . . . . . . . . . . . . . . . . . _ . _ . . . . . . _ . . . . . . _ . . . . . . . . . - - . . . - . . . . . . . . . . . . . . . . .. 25
EMPLOYMENT/UNEMPLOYMENT DATA....... . _.... .. ... .... .. . _. .. ... _. .... ..... _... .. .. -. .. -.... -... .. 25
BUILDING PERMITS. . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . _ . . . . . . - . . - - . . . . . . . . . . . . . . . . . . . . .. 211
F]NANCIAL INSTITUTIONS. . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . . _ _ . . . . . . . . . . . . . . . . . . . . .. 211
EDUCATION... .. . _... _... .... .. .. .. .. ... .. _. ... _........... .. _... _... .. .. ..... . - -. . -.... ......... .. . -.. 26
MEDICAL FACILITIES. _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . .. ......... _ . . . . . . . . . . . . . - . . . . . . . . . . . - . . . . . . . . . .. 26
BO:---lD YEARS ................... _ . . . _ . . . _ . . . . . . . . . . . . . . . . . . . . . _ . . . . . . _ . . . . . . . . . . - . . - . . . . . . . . . . . . . . . . - . . . . .. 27
. ... . _. A-J
. . .. B-1
.. Co]
... D]
... E-]
EXCERPTS FROM FINANCIAL STATEMENTS ....... -.......... -................................
FORM OF LEGAL OPINION . . . . _ . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . .
BOOK-ENTRY-ONI_''- SYSTEM. _ . . . . . . . _ . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FORM OF CONTINUING DISCLOSURE CERTIFICATE. . . - . . . . . . . . . . . . . . - . . . . . . - . . . . . . . . . . . . . - . . - . . .
TERMS OF PROPOSAL. . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . - . . . . . . - . . . . . . . . . . . . . . . . . . . . . . .
1Il
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CITY COUNCIL
Eugene Maxwell
Ric hmd Brausen
Frances Hesch
Karen Jensen
Diane J ohnsan
Mayor
Council Member
Council Member
Council Member
Council Member
ADMINISTRATION
Stc\'e l'vIiclKe, City t\1anager
James Gt'IlL' II ie, Assistant City Manager
LnI i Y age r, Finance Director
Terry Uberlllaier. City ClerK
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PROFESSIONAL SERVICES
Jerre A. ,'vlilkr. City Attorney, H~1pkins, Minnesota
Kennedy & Graw'n, Chartered, Bond Counsel, Minneapolis, Minnesuta
Ehlers 8.: Associates, Inc., Financial Advisors, Roseville, Minnesota
Crlil!!" offiCi'S locarl'd ill B,.,,(lk{rcld, Wisconsin {lnd Noper\'ille, llIillois
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INTRODUCTORY STATEMENT
This Official Statement contains certain information regarding the City of Hopkins, Minnesota (the "City") and the
issuance of $2,060,000 General Obligation Water Revenue Bonds, Series 2000A (the "Bonds"). Any descriptions
or summaries of the Bonds, stittules, or documents included herein are not intended to be complete and are qualified
in their entirety by reference to such statutes and documents and the form of the Bomls to be included in the Bond
Resolution.
Inquiries may be directed to Ehlers & Associates, Inc. ("Ehlers" or the "Financial Advisor"), Roseville, Minnesota,
(65]) 697-8500, the City's Financial Advisor.
THE BONDS
GENERAL
The Bonds will be issued in fully registered form as to both principal and interest in denominations of $5,000 each
or any integral multiple thereof, and will be dated, as originally issued, as of April 1,2000. The Bonds will mature,
subject to redemption, on Febmary 1 in the years and amounts set forth on the cover of this Official Statement.
Interest will be payable on February I and August 1 of each year, commencing February 1,2001, to the registered
owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or
not a business day) of the immediately preceding month at the raks set forth on the cover of this Official Statement.
Interest will be computed upon the basis of a l60-day year of twelve 3D-day months and will be rounded pursuant
to rules of the MSRB. All Bonds of the saIlle maturity will bear interest from date of issue until paid at a single,
uniform rate.
The Bonds will be designated in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"),
New York, New York. (See "Book-En try-Only System" herein.) As long as the Bonds are held under the book-entry
system, beneficial ownership interests in the Bonds may be acquired in book-entry fonn only, and all payments of
principal of, premium, if any, and interest on the Bonds shall be made through the facilities of DTC and its
Participants. If the book-entry system is terminated, principal of, premium, if any, and interest on the Bonds shall
be payable as provided in the Bond Resolution.
The City \vill select a bank to act as paying agent (the "Paying Agent"). The City will pay the charges for Paying
Agcnt services. The City reserves the right to remove the Paying Agent and to appoint a successor.
Optional Redemption
At the option of the City, Bonds maturing on or after February 1,2010 shall he subject to prior payment on February
I, 2009 or any date thereafter, at a price of par and accrued interest.
Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection
of the Bonds remaining unpaid to be prepaid shall be at the discretion of the City. If only part of the Bonds having
a common maturity date are called for prepayment, the City will notify DTC of the particular amount of such maturity
to be prepaid. DTC will determine by lot the amount of each participant's interest in slIch maturity to be redeemed
and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed.
Notice of ~uch call shall be given by mailing a notice at least thirty (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 registration books. ..
AUTHORITY; PURPOSE
The $2,ObO,OOO General Obligation Water Rnenue Bonds, Series 2000A (the "Bonds") are heing issued pursuant
to Minnesota Statutes, Chapters 444 and 47.'1, by the City of Hopkins, Minnesota (the "City") for the purpose of
finaJll'ing the construction of improvements tll the City's water treatment and distribution system.
SOURCES AND USES
Sources
Par Amount nf Bonus
Total Sources
$2,060.000
$2,060,000
1I Sl'S
Project Costs
Discount Alluwance
Finance Related Expenses
Tota] Uses
$1,995,000
30,900
34.100
52,060,000
SECURITY
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The Bonds arc genera] obligations llf the City fOJ which its full faith, credit and taxing powers arc pledged without
limitation as to rate or amount. Princip3] and interest on the Bonds will be paid from net revenues of the Water
System which is owned and operated hy the City, Should the revenues pledged for payment of the Bonds be
insufficient to pay the prjncip~tl and in(crest as the same shall become due, the City is required to pay maturing
principal and interest from moneys on hand in any other Cunu nf the City not pkdged for another purpose and/or to
1c\')' a tax fiX this purpose upon all the taxabk property in the City. without limitation as to rate or amount.
RATING
The City currently h3s underlying Muudy's Investors Service "A 1" and Standard & Poor's "A-l" ratings. Such
underlying' ratings reflect only the view of the rating agencies and any explanation of the significance of such ratings
may only be obtained from the rating agencies. There is no assurance that such ratings will continue for any period
oftillle or that they will not be revised or withdrawn, Any revision or withdrawal of the unuerlying ratings may have
an effect on the market price of the Bonds. Following arc the City's outstanding issues that are fully and/or partially
insured,
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Dated Date Name of Issue
Insurance Company
Rating Agency/
Rating
05/15/00
$1,700,000 Taxable General Obligation Housing
Improvement Area Bonds, Series 1997B
Financial Security
Assurance
Moody's "Aaa"
S&P "AAA"
08/0 I 199
$2,565,000 Taxable General Obligation
Improvement Area Bonds, Series I 999B
MBlA Insurance
Corporation
S&P "AAA"
The City has requested ratings on this issue from Moody's Investors Service and Standard & Poor's, and bidders will
be notified as to the assigned ratings prior to the sale. Such ratings, if and when received, will reOeet only the view
of the rating agencies and any explanations of the significance of such rating s may only be obtained from Moody's
Investors Service and Standard & Poor's. There is no assurance that such ratings, if and when recei ved, will continue
for any period of time or that either will not be revised or withdrawn. Any revision or withdrawal of a rating may
have an effect on the market price of the Bonds.
CONTINUING DISCLOSURE
In order to comply with the provisions of Rule 15c2-12 promu 19ated by the Securities and Exchange Commission
under the Securities Exchange Act of 1934 (the "Rule") the City has entered into an undertaking (the "Undertaking")
for the benefit of the holders of the Bonds. Through the Undertaking, the City covenants and agrees to provide
certain annual financial information and operating data about the City and to provide notice of the occurrence of
certain material events. This information shall be provided according to the time parameters described in the
Undertaking and to the information repositories and the Municipal Securities Rulemaking Bmrd as required by the
Rule. The specific provisions of the Undertaking are set forth in the Continuing Disclosure Certificate in
substantially the form attached hereto as Appendix D. The Continuing Disclosure Certificate \\:iIl be executed and
delivered by the City at the time the Bonds are delivered. The City is the only "obligated person" with respect to the
Bonds within the meaning of the Rule. The City has complied in all material respects with any previous
undertaking under the Rule.
LEGAL OPINION
An opinion as to the validity of the Bonds and the exemption from taxation of the interest thereon will be furnished
by Kennedy & Graven, Chartered, of Minneapolis, Minnesota, bond counsel to the City, and will accompany the
Bonds. The legal opinion will state that the Bonds are valid and binding general obligations of the City enforceable
in accordance with their terms, except to the extent to which enforceability may be limited by Minnesota or United
States laws relating to bankruptcy, reorganization, moratorium or creditors' rights generally.
TAX EXEMPTION
In the opinion of Bond Counsel, under existing statutes, regulations, rulings and decisions, interest on the Bonds is
not includible in the "gross income" of the owners thereof for purposes of federal income taxation and is not
includable in taxable net income of individuals, estales or trusts for purposes of State of Minnesota income taxation.
but is subject to State of Minnesota franchise taxes measured by income that are imposed upon corporations,
including financial institutions.
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NUl1compkmce following the issuance of the Bonds with certain requirements of the Internal Revenue Code of 1986,
as amended. (the "Code") and covenants of the bond resolution may result in the inclusion of interest on the Bonds e
in gross income (for federal tax purposes) and taxahle net income (for State of Minnesota tax purposes) of the owners
thereof. Nu provision has been madl' for reJemptiClI1 of the BL1l1ds, or for an increase in the interest rate on the Bonds,
in the event that interest OJ] the Bonds becumes subject to United States or State of Minnesota income taxation.
The Cude imposes an ~tltemativt' minimum tax with respect to individuals and corporations all alternative minimum
taxable income. Interest on the Bonds will not be treated as a preference item in calculating alternative minimum
taxable income. The Code provides, however, that a portion of the adjusted current earnings of a corporation not
utherwise included in the minimum tax base would be included for purposes of calculating the alternative minimum
tax thaI may be imposed \vith respect to corporations. Adjusted current earnings include income received that is
otherwise exempt from taxation such as interest on the Bonds.
The Code provides that in the ca<;e of an insurance company subject to the tax imposed by Section 831 of the Code,
the Jmonnt whidl otherwise would be taken into account as "losses incurred" under Section 832(b)(S) shall be
reduct'd by all JIllOllnt equal to ] 5S~ of the intere::;t on the Bonds that is received or accmed during the taxahJe year.
Interest on the Bonds may be included in the income of a foreign corporation for purposes of the br~lIlch profits tax
i Illposed by Section 884 of the Code. Under certain ci rcuIllstances, interest on the Bonds may be subject to the tax
011 "excess net passive income" of Subchapter S cl'rporations imposed hy Section 1375 of the Code.
The above is not a comprehensive list uf all Feder al tax consequences whieh Illay arise from the receipt of interest
un the Bonds. The receipt of interest on the Bonds may otherwise affect the Federal Dr State income tax liability of
the recipiellt based on the particular taxes to whkh the recipient is subject and the particubr tax status of other items
or deductions. 130nd Counsel expresses no opinion regarding any such consequences. All prospective purchasers .
of the B(Inds are advised to consult their uwn tel\. advisors as lL1lhe tax conseqdences of, or tax consider3tions for,
purchasing or holding the Bonds.
QUALIFIED TAX-EXEMPT OBLIGATIONS
Prior to the adoption of the Code, financial institutions were generally permitted to deduct ROC/," of their interest
expenses alli1cablc to tax-exempt bonds. Under the Cllde. however, financial institutions are generally not entitled
to sllch a deduction for tux-exempt bonds purchased after August 7, 1986. However, the City will designate the
Bonds of thi s issue CiS qual i fied tax-exempt obligati ons pursuant to section 265(b )(3) of the Code which wou Id permit
i'inancial institutions to deduct interest expenses allocable to the Bonds to the extent permitted under prior law.
FINANCIAL ADVISOR
Ehlers has served as Financial Advisor t\l the City in connection \vith the issuance of the Bonds. The Financial
Advisor \\ill not participate in the underwriting of the Bonds. The financial information included in the Official
Statement has been compi ted by the Fin:mcial Advisor. Such information does not purport to be a review, audi t or
ccrtified forecast of future events and may not conform with accounting principles applicable to compilatiom of
financial information. Ehlers is not a firm of certifieJ public accountants.
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RISK FACTORS
Following is a description of possible risks to holders of these Bonds without weighting as to probability. This
description of risks is not intended to be all-inclusive, and there may be other risks not now perceived or listed here.
Taxes: The Bonds of this offering are general obligations of the City, the ultimate payment of which rests in the
City's ability to levy and collect sufficient taxes to pay debt service should net revenues of the Water System be
insufficient.
Ratings; Interest Rates: In the future, the City's credit rating may be reduced or withdrawn, or interest rates for this
type of obligation may rise generally, both possibilities resulting in a reduction in the value of the obligations for
resale prior to maturity.
Tax Exemption: If the federal government or the State of Minnesota taxes the interest on municipal obligations
directly or indirectly, the value of the Bonds may fall for purpo.~es of resale. Noncompliance following the issuance
of the Bonds with certain requirements of the Code and covenants of the bond resolution may result in the inclusion
of interest on the Bonds in gross income of the recipient for United States or in taxable net income of individuals,
estates or trusts for State of Minnesota income tax purposes. No provision has heen made for redemption of the
Bonds, or for an increase in the interest rate on the Bonds, in the event that interest on the Bonds becomes subject
to United States or State of Minnesota income taxation, retroactive to the date of issuance.
The 1995 Minnesota Legislature enacted a statement of intent that interest on obligations of Minnesota governmental
units and Indian tribes be included in net income of indi viduals, estates and trusts for Minnesota income tax purposes
if a court determines that Minnesota's exemption of such interest unlawfully discriminates against interstate
commerce because interest on obligations of govellll11ental issuers located in other states is so included. This
provision applies to taxable years that begin during or after the calendar year in which any such court decision
becomes final, irrespective of the date 011 which the obligations were issued. The Issuer is not aware of any judicial
decision holding that a state's exemption of interest on its own bonds or those of its political subdivisions or Indian
tribes, bul not of interest on the bonds of other states or their political subdivisions or Indian tribes, unlawfully
discriminates against interstate commerce or otherwise contravenes the United States Constitution. Nevertheless,
the Issuer cannot predict the likelihood that interest on the Bonds would become taxable under this Minnesota
statutory provision.
Continuing Disclosure: A failure by the City to comply with the Undertaking for continuing disclosure (as
described herein) will not constitute an event of default on the Bonds. Any such failure must be reported in
accordance with the Rule and must be considered by any broker, dealer, or municipal securities dealer before
recommending the purchase or sale of the Bonds in the secondary market. Such a failure may adversely affect the
transferability and liquidity of the Bonds and their market price.
Year 2000 Efforts of the City: All City Departments have repaired and replaced all non- Y2K campI iant equipment.
As of March I, 2000, the City has experienced no disruptions in its operations resulting from Year 2000 issues, and
does not foresee any problems that would materially affect its operations, financial condition, or ability to make
timely payments on its indebtedness. Although the City believes that major problems will not occur, contingency
plans are in place.
Year 2000 Efforts ofDTC: Refer to DTC's Web site at http://www.dtc.orgforthe latest information regarding its
Y car 2000 efforts.
State Economy; Local Government Aids: State cash flow problems could affect local governments and possibly
increase property taxes.
5
Book-Entry-Only System: The timely credit of pJyments for principal ~lI1d interest on thc Bonds to the accounts .
of the Beneficial Owners of the Bonds tTI:lY be delayed due to the customary practices, standing instJUctions or for
other unknown reasons by DTC participants or indirect participants. Since the notice of redemption or other notices
to holders (if these obligations \vill be delivered by the City t() DTC only, there may be a delay or failure by DTC,
DTC participant~; IJr indirect participants t(i notify the Btneficial Owners of the Bonds.
El'onomy: A cUlllbination of economic, climatic, political or civil disruptions could affect the local economy and
result in reduced t:lX collections and/or increased demands upon local government.
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V ALUA TrONS
MINNESOTA VALUATIONS; PROPERTY TAXES
All non-exempt propcrty is subject to taxation hy local laxing districts. 111e total tax rate is determined by viding each taxing
district's dollar levy (hudget less aids and revenues) by its total tax capacity.
Exempt real property includes Indian lands, puhlic properly, and educational, reJigious and charitahle institutions. Most personal
property is exempt from taxation {except investor-owned utility mains, generating plants, etc.).
At least one-fourth of all real properties arc appraised yearly by local or county assessors who arc directed by statute to appraise
each parcel according to its estimated market value (EMV).
The asscssors classify all property subject to the general property tax and apply statutory percentages to the EMV to determine
the tax capacity upon which tax capacity rates arc computed. Significant major classifications and the percentages by whieh tax
capacity is determined are:
Tvpe of Propertv
Re~idcntial horm:steaJI
Agricultural horne~tcad'
Agricultural non-homestead
Season:J1 recre;ltiona] residential
Residential nOli hOl11estc:Ju:
1-3 units
4 or morc
Selected small cities with 4 or
. ,
more units'
] ndustn al/CommcrciallUti I i tl
1997/98
First $7.<;'000 - ] .0%
Over $75,000 - I.R5o/r
First $75,000 HGN - 1.0%
Over $75,000 HGA - 1);5%
Lnnd !o 320A - .4% - 0.9%
Land excess - ] .40',7"
Land 1 .40%
First $75,000 - 1.4%
Over $75,000 - '2.5%
I unit - First $75,000 - 1.9'7r
Over $75,000 ~ '2.] 7"
2-3 units 2.10%
4 or more - '2.90%
Small City - '2.3%
First $150,000 - 2.7%
Excess - 4.00%
1998/99
First $75,000 - ] .00%
Over $75,000 - l. 70%
First $75,000 HGA - ] .O'l~
Over $75,000 HGA - 1.70%
Land to 320A - .35% - 0.8%
Lllld excess - 1.25%
Land - 1.25%
Ftrst $75,000 - 1.25%
Over $75,000 '2.2%
] unit - First $75.000 - 1.25%
Over $75,000 - 1.70%
2-3 units - l. 70%
4 or mllfc - 2.50%
Small City 2.]5%
Firs! $J50,000 - 2.45%
Excess - 3.50%
1999/2000
First $76,000 - 1.00%
Over $76,000 - ] .65%
First $76,000 HGA - 1.00%
Over $76,000 HGA - ] .65%
Land to $115.000 - .35%
Land $115,000 - $600,000 ~ .8%
Land over $600,000 - 1.20%
L:Jnd - 1.20o/r
First $76,000 - ] .20%
Over $76,000 - 1.65%
1 unit FIrst $76,000 - 1.20%
Over $76,000 - 1.65%
2 .3 units - ] .65q.
4 or more - 2.40'7<,
Small City - 2.]5o/r.
First $150,000 - 2.40o/r
Excess - 3.40%
House/garage/om: acre.
,\ residential property qU:J1rfies as "humestead" if it is occupied by the owner or a relative of the owner on the assessment date.
Cities of 5,00D population or less and located entirely outside the seven-county metropolitan area and the adjacent nine~counLy area
ant.! whose boundaries are] 5 miles or more from the boundaries of a Minnesota city with :J population over 5,00n.
111c estimated l11:\rKet value ofutiJity properly is determined hy the Minnewta Department ofRevcnue.
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CURRENT PROPERTY VALUATIONS
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EqiIllatec! Full Value of Taxable Property, ] 999/00
S890.517.1231
Real Eqate
Personal Property
1999/00
Assessor's Taxable
Market Value
$ 787,397.500
7,784,500
1999/00
Net Tax
Capacity
$15,507,256
264.343
Total Valuation
Less: Captured Ta\. Increment TOo\. Clpaeity"
Fiscal Disparities Contribution'
5' 795,1 R2.00n
$15,771,599
-1,670,794
-] ,605,278
TzL\able Net Tax Capacity
Pills: Fj,cal Disparities Distribution'
S 12,495,527
1,947,285
Adjusted Taxable Net Ta.\ Capacity
S14A42.S12
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Accurding to the Minl1t'sota Department of Revenue, the Assessor's Taxahle Market Valut' (the "ATMV")
fur the City of Hopkins is about 39.2<;:;- of the actual selling prices of property 1110st recently sold in the City.
That s~des ratio was calculated by cumparing the selling prices with the A TMV. Dividing the A TMV uf real
est ale by .892 and aduing personal property anu mohi Ie home A TMV, if any, results in an "Estimated Full
Value of Ta\.ablc Property" fur the City ()f $890,517,] n.
The $1.670,794 tax increment value shown above n~presents the captured net tax capacity of a tax increment
financing district(s) in the City uf Hopkins. Lnes collected on property in the tax increment district(s)
accrue to the City to pay (kbt service un outstanding tax increment bonds and to reimburse eligible
devtlopment expenses,
Elch community in the seven-county metropnl i tan area contributes 407., of its new industrial and commerc i al
valuation l0 an area pool which is then distributed amung the municipalities on the basis of pupulatirm,
special needs. ete. Each governmental unit makes a l'ontribution and receives a distribuliun-~s()ll1elimcs
gaining and somC'times losing net tax cap3city for lax purposes. Taxes arc spread on the basis (If taxahle net
tax capacity.
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1999/00 NET TAX CAPACITY BY CLASSIFJCATION
Residential homestead
Commerc ia]/industria]
Railroad operating property
N on-homestead residential
Commercia] & residential seasonal/rec.
Non-profit Community Association
Personal property
Total
TREND OF VALUATIONS
Levy
Year
Assessor's
Taxable
Market Value
Net Tax
Capacity 1
] 995/96
] 996/97
] 997/98
] 99::\/99
1999/00
$608,] 80,200
629,579,SOO
662,430,700
733,284,400
795.182,000
$15,628.435
16,056,895
14,984,233
14,795,516 ]
15,77] ,599
1999/00
Net Tax Capacity
Percent of Total
Net Tax Capacity
$ 5,548,307
6,543,453
36,853
3,374,419
2,018
2,206
__264.343
$15,771,599
35.18%
41.49%
0.23%
21.40%
0.01%
0.01%
1.68%
100.00%
Adjusted
Taxable Net
Tax Capacitl
Percent +/- in Assessor's
Taxable Market Value
$14,726,707
15,190,269
13,817,231
J
] 3,502,822
14,442,812
1.89%
3.52%
5.22%
10.70%
8.44%
Net Tax Capacity is before fiscal disparities adjustments and includes tax increment values.
Adjusted Taxab]e Net Tax Capacity is after fiscal disparities adjustments and docs not include tLlx increment
values.
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LARGER TAXPAYING PARCELS
Taxpaver
Super Valu Stores Inc.
Duke Realty Ltd. Pmtnership
Southwest Real Estate, Inc.
Ramsgate Apartments LLC
Glaser Financial Group Inc.
Alliant Techsystems Inc.
Ryan Hopkins LLC
Greenfield Apartmenb
Flcmi ngs Cumpanies
Auburn Limited Partnership
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Tvpe of Property
Industrial
Commercial
Apartment
Apartment
Apartment
Industrial
Industrial
Apartment
Industrial
Apartment
1999/00
Assessor's Taxable
Market Value
$27 ,462,800
13,056,000
13,686,000
11,320,000
8,594,200
6,030,500
5,8] 9,300
7,649,800
5,400,000
7,277,000
1999/00
Net Tax
Capacity'
$932,235
440,964
328,464
259,002
206,26 ]
203,537
IS5,816
] S3,595
j 82, 100
] 74,648
Source: Current Property Valuations. Net Tax Capacity by Classification, Trend uf Valuations and Lmger
Taxpa\'C'rs have been fUIl1ished by Hennepin County.
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Beginning \\ilh taxes payable in ] 99X, the Stale of Minnesota reduced the "class rates" used to calculate net _
tax cJ.pacity fur most types llf property. This has resulted in a reuuction in the net tax capacity uf some .
parceb.
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DEBT
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DIRECT DEBT
Long-Term General Obligation Debt (See Summary Tables Below)
Tota] g.o. debt being paid from taxes
Tota] g.o. debt being paid from tax increment revenues
Total g.o. debt being paid from special assessments and taxes
Total g.o. debt being paid from housing improvement area fees
Total g.o. debt being paid from revenues
$ ] ,660,000
7,378,543
1,930,000
6,380,000
5,475.000
Total Long-Term General Obligation Debt
Less: Funds on hand for debt redemption as of 0 1/3 1/00 1
$22,823,543
-865,984
Net Long-Term General Obligation Debt
$21,957,559
SUMMARY TABLES OF LONG-TERM GENERAL OBLIGATION DEBT
Original Final
Issue Dated Amount Outstanding Maturity
. Paid From Taxes
Improvement Revo]ving 3/1/90 $485,000 $45,000 2/0] 2001
Park & Recreation 10/15/93 $2,065,000 1,6] 5,000 2/01 201]
Paid From Tax Increment Revenues
Taxable Redeve]opment 2/1/92 $2,888,543 753,543 2/01 2006
Redevelopment 10/15/93 $3,075,000 2,9]5,000 2/0] 2009
Redevelopment 10/15/93 $1,135,000 600,000 6/01 2003
Tax Increment, Series C 10/1 /96 $500,000 500,000 2/0] 2016
Taxable Tax Increment, Series 0 1 0/1 /96 $680,000 680,000 2/01 2011
Tax Increment 1/1/97 $2,240,000 1,930,000 2/01 2012
Paid From Taxes/Assessments
Improvement Revolving 8/ ] /92 $2,000,000 1,080,000 2/01 2008
Improvement Revolving 8/ 1 /99 $850,000 850,000 2/01 2010
Paid From Housing; Imp. Area Fees
Taxable Housing 9/1/95 $815,000 725,000 2/01 2012
Taxable Housing 5/15/97 $1.700,000 1,625,000 2/01 2018
Taxable Housing 5/1/99 $1,465,000 1,465,000 2/01 2021
Taxable Housing 8/1 /99 $2,565,000 2,565,000 2/01 2021
e Funds on hand for debt redemption (avai]able for payment of principal and interest) have been deducted from
total g.o. debt to determine net g.o. debt.
11
SUI'vIMARY TABLES OF LONG-TERM GENERAL OBLIGATION DEBT
.
Paid From Utility Revenues
S[(1rm Sewer Ref. Rev. 101 [ 5/93 $2,445,000 1,925,000 210[ 20]0
Storm Sewer Revenue S/l/Q9 $1.545,000 1,.+90,000 210[ 2015
\V~ter Revenue (This Issue) 4/1100 $2.060,000 2,060,000 210 [ 2015
Summary of Debt Paid From Taxes
Total Toto I Total P ri Il (' i pa {
Principal Interest P &! ()utstanding Year
0 $3/\,652 538,652 S I ,6fiO,000 2000
5205.000 72,118 277,118 1,455,000 2001
[ 55,000 63,365 :2 18,365 1.300,000 2002
[ 55,000 50,235 211,235 1.145,000 2003
150,000 49,220 199,220 905,000 2004
15(1,000 42,320 192,320 X45,000 2005
[ 50,000 35,..l.20 [ 85,420 695,000 2006
[45,OiJO 28.635 173,li35 550,000 2007
[45,000 2[,965 [ (ll1,lJ65 405,000 :2008
[ -W,nOG 15,410 [55,410 265,000 2009
135.000 G,OS5 [44,085 [ 30,000 2010
[ 30.nOn 2,()90 1~2,C)9O 0 2011
S J ,660,000 S435,4 15 $2.095,415 .
Summary of Debt Paid From Tax Incremt'nt Revenues
l; itui Totol Tutal Principal
PrillciJ1(1{ Intcrest P & I Ollrstallllillg Yea r
$155,000 Sl~1.243 S36 [ ,654 $7,223,543 2000
505,1\47 494'-+8 ] 1,004,948 6,717,696 2001
4()6,502 490,920 990,983 6,221.104 2002
553, I.3 ~ 486.244 1.044.058 5,668,056 2003
42:'1,620 426,891 G 11.864 5,242,436 2004
546,152 289.292 973,04J 4,696,284 2005
681,284 188.164 970,576 4,015,000 2006
865,000 144,600 l.05J, 1 64 3,150,000 2007
qoo,OOo 98,427 I.U44.600 2,250.000 2008
960,000 66. [30 1.05::::.427 1,290,000 2009
280,000 48,625 J46, ] 30 1,010,000 2010
300,000 31.590 J48,625 710,000 2011
295,000 20.948 _~26,590 4 15,000 2012
95,OnO [5.390 1 ]5.948 320,000 lOD
I nOJHIO 9,:'\48 115.390 220,000 2014
105,lJOO 3.277 1 ]4.543 115,000 2015
115JIl)O 0 1]"'.277 0 2016 e
$2,995.770
'1>7.318,543 $ 1 0,89S.825
12
. Summary of Debt Paid From Special Assessments and Taxes
Total Total Total Principal
Principal Interest P &1 Outstanding Year
0 $47,31 ] $47,3 II $1.930,000 2000
205,000 89,916 294,916 ] ,725,000 200]
205,000 80,398 285,398 1,520,000 2002
210,000 70,589 2HO,589 1,310,000 2003
215,000 60,380 275,380 1,095,000 2004
215,000 49,833 264,833 880,000 2005
220,000 38,937 258,937 660,000 2006
225,000 27 ,598 252,598 435,000 2007
230,000 15,802 245,802 205,000 2008
] 00,000 7,415 107,4]5 105,000 2009
105,000 2,520 ] 07 ,520 0 2010
$] ,930,000 $490,699 $2,420,699
Summary of Deht Paid From Housing Improvement Area Fees
Total Total Total Principal
Principal Interest P & I Outstanding Year
0 $226,244 $226,244 $6,380,000 2000
. 80,000 449,775 529,775 6,300,000 2001
] 95,000 440,86 ] 635,86 ] 6,105,000 2002
205,000 428,041 633,041 5,900,000 2003
220,000 4]4,237 634,237 5,680,000 2004
235,000 399,] 92 634,192 5,445,000 2005
255,000 382,741 637,741 5,190,000 2006
275,000 364,825 639,825 4,915,000 2007
290,000 345,531 635,53 ] 4,625,000 2008
310,000 324,801 634,801 4,315,000 2009
340,000 301,930 641,930 3,975,000 20]0
360,000 276,934 636,934 3,615,000 2011
385,000 250,072 635,072 3,230,000 20]2
3] 5,000 224,931 539,931 2,915,000 2013
335,000 201.713 536,713 2,580,000 2014
360,000 176,482 536,482 2,220,000 2015
385,000 149,053 534,053 1,835,000 20]6
415,000 119,428 534,428 1,420,000 2017
440,000 87,659 527,659 980,000 2018
305,000 60,]92 365,] 92 675,000 2019
325,000 37,295 362,295 350,000 2020
350,000 12,734 362,734 0 2021
56,380,000 $5,674,671 $ 12,054,671
.
13
Summary of Debt Paid From Utility Revenues .
Tora! Tota! Totu! Principal
P, inclp(l{ Interest P & I Outstanding Year
0 S79,O.+O S7CJ,O.+0 $5.475,000 2000
:1'+5.000 241,979 586,979 5. I :10,000 2001
,B5.UOO 24'+,.+ 18 579,4IB 4.795,000 2002
,150,UOO 229,265 579,265 4,445,000 2003
,~70,UOU 213,180 5S::;, I SO 4,075,000 2004-
365.000 196,107 581,107 ).690,000 2005
'+00,000 178,110 578,110 3,'290,000 2006
425,000 158,93) 5S3,Y1,5 2,865,000 2007
'+45,000 138.490 5S3,490 2,420,000 2008
'+65,000 117 ,0'+0 582,040 1,955,000 2009
'+90,000 9.+,195 584,1 9) 1,465,000 2010
26),000 7),72U 340,720 1,200,000 2011
275,UOO 61.725 336,72) 925,000 2012
290,000 47,050 337,050 635,000 2013
~ 10,non 31,280 341,280 325,000 2014
325,O()() 1'+.39) :'39,395 0 2015
$5.47).000 52,120,929 57,595,929
.
DEBT LIMIT
The qatutory limit 0n deht of Minnesota municipalities other than school districts or cities of the first cIass
(Minnesota Statutes. Section 475.53, subd. 1) is 2'}- of the Assessor's Taxable Market Value of all taxable property
wi thin i [., boundaries. "Net debt H (M innesot3 Statutes, Section 475.51, subd. 4-) is the amount remaining after
deducting from gross debt: (I) obligations payable wholly or p3rtly from special assessments levied against
hcncfitted property: (2) warrants or orders having no definite or fixed maturity: (3) obligations issued to finance any
[Ju bl ic revenue produci ng convenience: (41 ohl igat ions issued to create or m3intai n a permanent improvement
revol ving fund: (5) funds held as sinking funds for payment of principal and interest on debt other than those
deduL'lib1c under 1-4 abuve: (6) other ohligatiom which arc not to be included in computing the net debt of a
lllunicipality under the provisions of the law Clutlwrizing their issuance.
Assessor\ Taxable Market Value
J'vlultiply by 290
$7'15,182,000
0.02
llnused Debt Limit
S 15,903.640
-] ,660.000
S 14,243.640
Statutory Bonded Debt Limit
Less: Long-Term Debt Outstanding Being Paid Solely from Taxes
.
14
.
.
.
OVERLAPPING DEBT1
Taxing District
Hennepin County
1.5,D. No. 270 (Hopkins)
I.s.D. No. 283 (St. Louis Park)
Metropolitan Council
Suburban Hennepin Reg, Park District
City's Share of Overlapping Debt
FUTURE FINANCING
1999/00 Adj.
Taxable Net
Tax Capacity
$],083,711,505
84,926,139
41,010,37J
4
2,090,818,016
802,550,295
%
In City
1.3327%
]6.8052%
0.4165%
0.6908%
1 .7996%
City's
Proportionate
Share
$2,532,963
7,7/6,108
236,046
1,022,379
286,499
Total
G,O. Debt2
3
$190,060,000
45,915,000
56,675,000
5
148,005,000
15,920,000
$11.793.994
The City reports no plans for additional financing in the next three months.
Only those taxing jurisdictions with general obligation deht outstanding are included in this section.
Docs lIot include non-general obligation debt or general obligation tax/aid anticipation certificates of
indebtedness,
Hennepin County also has $98,330,000 Solid Waste Resource Recovery General Obligation Revenue Bonds
olltstanding which are payable entirely from the County's solid waste enterprise fund; $2,000,000 General
Obligation Capital Notes outstanding which are payable entirely frol11 revenues of the Hennepin County
Medical Center; $18,285,000 General Obligation Bonds, Series 1997 A (Century Plaza Debt) which are
expected to be paid from building rental fees from County departments ami non-County tenants; and
$2,465,000 General Obligation Augsburg Ice Arena Bonds which are expected to be paid from building
rental payments from Augsburg College. These issues have not been inc luded in the overlapping debt or debt
ratios.
This represents the I 99H/99 value.
-'
The above debt includes all outstanding general obligation debt supported by taxes of the Metropolitan
Council. As of 3/1100, the Council also had outstanding $532,695,000 general obligation sewer revenue
bonds and loans supported entirely by revenues.
15
DEBT RATIOS
G.U Debt
Debt/Estimated
Full Value of
Taxable Property
($890.517.123)
Debt/l6.t-\X 7
Population
Direct G.O. Debt Being Paid From:
Taxes
Tax increment revenues
Special assessments and taxes
Housing improvement area fees
Revenues
$ l,abU,C100
7.3 78.543
1,930.00U
6.380,000
5.4 75,000
T utal General Oblig::ttion Debt
Less: Funds (1!1 Hand]
:->22,823.543
-8hS,984
Net G~'neral Obligation Debt
$21,957.SSlJ
2.47%
S 1,300.26
City's Share of Total Overbpping Debt
511.793.994
$698.4 1
1.32 s:t
FunJ~ un hanu for debt redemption (avai!abl e for payment of principal anu interest) have been deducted from
total general ()bligation debt tu determine net general obligation debt.
16
.
.
.
.
TAX LEVIES AND COLLECTIONS
TAX COllECTIONS
Tax Year
1995/96
1996/97
1997/98
1998/99
] 999/00
Original Gross Tota] Collected Collected %
Tax Levyl Following Year to Date" Collected
$5,] 17,000 $5,090,734 $5,] ]2,]53 99.91%
5,178,800 5,]35)'135 5,167,485 99.78%
5,194,]84 5,]66,160 5,183,285 99.79%
5,382,640 .'),328,554 5,328,554 99.00%
r----------------------------------____~____________________~
5,664,144l___________________!~~~o_c_eYj_2fs9Jl~~~Q~__-________________J
Property taxes are collected in two installments in Minnesota--the first by May] 5 and the second by October ]5.
Mobile home taxes are collectible in full by August 31. Minnesota Statutes require that levies (taxes and special
assessments) for debt service be at least 105% of the actual debt service requirements to allow for delinquencies.
TAX CAPACITY RATES3
1995/96 1996/97 1997/98 ] 998/99 ] 999/00
Hennepin COllnty 37.27000% 35.5] 500% 38.38600% 40.99400% 39.65500%
City of Hopkins 28.54200% 17.65000% 30.45500% 32.44200% 32.] 9200%
I.s.D. No. 270 (Hopkins) 7] . ] 82007c 6 J .88400% 61.06300% 58.94100ifC 56.56000%
. I.s.O. No. no (Hopkins)
Market Value Rate 0.00523% 0.004371fi: 0.04965% 0.08706% O. 1308 1 %
Special Districts ~ 6.90000% 6.05900% 7.48300% 8.55300% 11.75700o/c
Total 143.89923% 131.7]23790 137.43665% 14] .017061.'10 ]40.2948] %
The above total net tax capacity rates are fur taxpayers living within LSD. 270 (Hopkins). Fol]owing are the tax
rates for I.s.O. 283 which lies in a small portion of the City.
1.S.D. No. 283 (St. Louis Park) 74.317%
62.954%
64.395%
63.140%
74.]55%
Source: Tax CollcctlOns and Net Tax Capacity Rates have been furnished by Hennepin COllnty.
The Original Gross Tax Levy reflects the property tax levy budgeted by the City prior to reductions for state
credits and aids, i.e. HACA, disparity reduction aid, equalization aid, etc.
Collections are through December 3], ] 999 and include abatements, cancellations, mobile home collections
and credits, i.e. HACA aid, disparity reduction, and equalization aid. In 1999/00, $991,388 (17.50% of the
original gross tax levy) will be paid by sources other than a tax ]evy, reducing the obligation of homestead
taxpayers.
After reduction for state aids.
.
Special Districts are the Metropolitan Council, Mosquito Control, Metropolitan Transit District, Hennepin
County Parks, Hennepin County Park Museum and HCRRA.
17
LEVY LIMITS
In I l)l)l), thl::' Minnesota Legislature extended levy limitati(lll~ fortaxes collected in 2000 for all counties and all cities
owr 2,500 population. This action extended for one mure year the levy limitations applied to taxes eolkckd in 1998
and 1999. These levy limits do not apply to cerLlin "special kvies" which include levies made to pay debt ~l'rvice
on bonded lIldebtedness. for more detaikd Information about Minnesota levy limits, contact the f\..Iinnesota
Department llf Re\"l'nue or Ehlers 8:. As,uciatl.'s.
18
.
.
.
.
.
.
THE ISSUER
CITY GOVERNMENT
The City of Hopkins was organized as a municipality in 1893 and comprises four square miles. The City operates
under a home rule charter form of government consisting of a five-member City Council, of which the Mayor is a
voting member. The City Manager, Assistant City Manager, City Clerk, and Finance Director are responsible for
administrative duties and financial records. The Economic Development Director oversees City activities in the areas
of planning, development and housing. The Housing Coordinator is responsible for all City housing programs.
EMPLOYEES; PENSIONS; UNIONS
The City has] 07 full-time, 20 part-time, and 50 seasonal employees. All full-time and certain part-time employees
of the City are covered by defined benefit pension plans administered by the Pub]ic Employee Retirement Association
of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees
Police and Fire Fund (PEPFF) which are cost-sharing multip]e-employer retirement plans. PERA members belong
to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social Security. The City
contributes to the Hopkins Fire Relief Association, a single employer defined benefit plan. The funding policy
provides that contributions from the City and from the State of Minnesota are in amounts sufficient to accumulate
assets to pay benefits when due. Annual City pension plan expenses for the Hopkins Fire Relief Association have
been as follows: ]1.}96, $25,900; ]997, $26,700; and ]99~, $27,500. See the Notes to Financia] Statements in
Appendix A for a detailed description of the Plans.
The City's recognizes the following certified bargaining units. All contracts are in pro'cess of renegotiation.
Contract
Bargaining Unit Expiration Date
Hopkins Municipa] Employees Association
International Union of Operating Engineers (Local 49 IUOE)
Hopkins Police Officer Association L.E.L.S. Loca] ]5]
Hopkins Police Dispatcher & Public Service Officer Assoc. L.E.L.S.
Hopkins Police SC'rgeants Union L.E.L.S. Local] 71
] 2/3 ]/99
] 2/3 ]/99
] 2/31/99
12/31/99
] 2/31/99
FUNDS ON HAND (AS OF JANUARY 31,2000)
Fund
General
Special Revenue
Tax Increment
Debt Service
Internal Service
Capital
Enterprise:
Operating
Debt Service
Total Cash & Investments
$2,558,885
2,738,] 92
] ,488,370
6]5,984
] ,452,] 84
3,293,422
2,969,5 J 9
250,000
Total
$15,366,556
]9
ENTERPRISE FUNDS
.
Ca~h nu\Vs fur the City's enterrrise funds have ken as follows as of December 31 each year:
1996 1997 1998
Water
Tutal Operating Revenues S 906.066 $ 8-1-3,533 $ 823,580
Less: Operating Expenses
(Exc luding Depreciation) :")7-1-,220 -602,020 -678,782
Operating Income $ 331,846 $ 241,513 $ 144,798
Plus: Interest Income 15,000 32.095 21,582
).'e( Revenues 5 346.846 S 273,608 $ 166,380
Sewer
Total Operating Revenues $1,625,990 $1,549,098 $ 1 ,531,41 ]
Less: Operati ng Expenses
I Excluding Depreciation) -1.228,14() -1,249)\09 -! ,242,526
Operating Income S 307.844 S 299,289 $ 288,885
Plus: Interest Income 20.086 72A50 50,67!
Net Revenues ), 417.930 S 371,739 $ ,i39.556 .
Refuse
Tot~d Operating Rcvcnues $ 588.150 S 496,310 $ 576,799
Less: Operating Expenc;es
(Exc ]uding Depreciati on) -525,500 -538,495 -579320
Operating Income S 62,644 $ -42, ] 85 $ -2,52]
Plus: [ntereq Income 2,000 28.151 39,034
NL'l Revenues $ 64,644 S -14,034 S 36,513
Storm Sewer
Tota] Operating Revenues
Less: Operating Expenses
(Exc Juding Depree iJtion)
5513,513
$469,938
$554,622
-103,677
-88,715
- ] 10,294
Operating Income
Plus: Interest Income
S409,83h
()
5381,223
o
$444,328
[2.-1-24
Net Re\el1ues
5-+U9,836
$381,223
5456,752
.
20
ENTERPRISE FUNDS (continued):
. 1996 1997 1998
Pavilion/Ice Arena
Total Operating Revenues $240,122 $252,738 $248,260
Less: Operating Expenses
(Excluding Depreciation) -218,632 ~251 ,707 -237,630
Operating Income $ 21,490 $ 1,031 $ ] 0,630
Plus: Interest Income 0 1,385 3,003
Net Revenues $ 21,490 $ 2,416 $ 13,633
Art Center
Total Operating Revenues N.A. $ 32,316 $193,137
Less: Operating Expenses
(Excluding Depreciation) N.A. -62.393 -258,441
Operating Income N.A. $ -30,077 $ -65,304
Plus: Interest Income N.A. 9,976 ]6,912
. Net Revenues N.A. $ -20,101 S -48,392
Housing Authority
Total Operating Revenues $194,276 $197,870 $207,436
Less: Operating Expenses -202,5] 5 -198,125 -210,148
Operating Income $ -8,239 $ ~255 $ -2,712
Plus: Interest Income 1,416 1.126 ] ,518
Net Revenues $ -6,823 $ 871 $ -1,1 94
.
21
SUMMARY GENERAL FUND FINANCIAL INFORMATION
.
Follo\ving art' sUlTlmaries of the assets, liabilities, fund balances, revenues and expenditures for the City's Gener.:ll
Fund for the past fi ve fiscal years. These summaries are not purported to he the complete audited financ ia! st.:ltements
of the City. Copies of the complete statements are available upon request. See Appendix A for excerpts from the
City's ]l)l)(i. 1997 and] 99.'; audited financial statements.
Total Assets
FISCAL YEAR ENDING DECEl\IBER 31
1994 1995 1996 1997 1998
S3.347,779 $3,261,005 $ 3,325,009 $ 2.619,]72 $ 2,5iS5.620
m.375 51\,899 46.742 75,8Y3 85,298
26.l034 302.434 243.501 1.361.876 LOoS.742
$3.701.188 $3.622.338 $3.615.312 S 4.056.94] S 3.739.fJ60
S 023.236 $ 594,924 $ 544,997 $ Y3] .820 .'); 732.241
17IJ:03 ] 57.208 50.450 ] 84.9i12 172.66]
:f, 7Y.'>,UJ9 .'); 75'2,]32 $ 60J ,447 $ 1,116,302 .'); 904.902
2.LJ06.1 4LJ 2.37fl.206 3.n 13 .S65 2.940.13l) 2./1,34.751-:
53.7111.11-:8 S 3.622.JJi-l $3.6]5.312 $ 4.056.941 S 3.739.660
::; 88.ti44 S XO.693 S 73.448 $ 74.900 :]; 686.70X .
$ 2,627,400 $ 2.1 43,920
52.SI7.505 S2.7XY's13 $2.LJ.:1O.417 '!; 237.1-:39 $ 4.130
52.<101'1. ]49 ]; 2.1\70.200 $3.013.805 S2.940.139 S 2.834.75/;
COI\IBINED BALANCE SHEET
Assets
Ca~h
Taxes Receivable
Other Assets
Liabilities and Fund Balances
Current LiabilitIes
Dekrred Revenue
Tutal Liabilities
Total Fund Balance
Total Liahilities alld Frllld Balance
DETAIL Of FUND BALA1\CE
Reserved
U nreserveJ:
Designated
UnJesignaled
Total Gel/eral Fund Balance
SU]\)MARIZED STA TEMENT OF REVENUES
AND EXPENDITlJRES
Rnellues
Expenditures
'Hd26,757
-5.l)1I(:i.233
$ 6.368,33]
-6.090.579
$6,663,064 S 6,305.401 S 6,853.664
-6.402.143 -6.329.523 6.95LJ.045
RCl'enllcs Over (Under) Expenditures $ 330524 $ 271,752 .'); 260,921 S -24,062 S -J05,3/)l
Other Financing Source, (Uses) ]; -f,~6.o57 .'); -307.6LJ5 $ -l17.2fi2 S -8.479 S 0
Rc'\'ellllCS and Olher SOli I ces Over
(Linder) Expenditures and Other lTses $ -2%.] 33 S -35.943 S 143,659 S -32,541 S -I 05.3X 1
FI/nd Balance Beginning of Year $3.202.282 $2,906,149 S 2,870,206 S 3,OI.U65 S 2,940,139
Prior Period Adjustmcnt $ 0 S 0 S 0 S -4 US5 S 0
Fund Balancc End of Year .'Ii 2.Y()6.] 49 S2,R70.206 53,013,<'\65 $ 2,940,1.39 $ 2,834.758
.
')1
.
.
.
LITIGATION
There is no litigation threatened or pending questioning the organization or boundaries of the City or the right of any
of its officers to their respective offices or in any manner questioning their rights and power to execute and deliver
these Bonds or otherwise questioning the validity of these Bonds.
The City Attorney reports that any litigation and claims currently pending against the City are being handled by the
City's insurance carrier or outside counsel and will not affect the issuance of these Bonds.
DEBT PAYMENT HISTORY
The City has never defaulted on the payment of principal and interest on its debt.
23
LOCATION
GENERAL INFORMATION
.
The City of Hopkins, \vilh a 1990 U.S. Census of ] (j,5J.::/. and a cum~nt State Demographer's eslim3ted popul3tion
of J (j,SS7, comprises <1n area of four square miles and is a suburb of the Minneapolis-51. Paul metropolitan area
located in Hennepin County. It is eight mile, southwest of downtown Minneapolis. The City is served by Interstate
Highway No. 494, U.S. Highway 169, and Stale Highway No.7 and a system of county highways.
LARGER EMPLOYERS
Largt'r employers in the City include the following::
Firm
Super Valu Inc.
AlIiant Techsystems
ADC T decoll1munications
Thermotech
P G J Fulfillment, Inc.
l.S.D. 270 (Hnpkins)
AdvalKC Circuits
Quality Assurcd Label, Inc.
Oak Ridge Country Club
City ()f Hopkins
Sungaru FinJ.ncial Systems
Chape! View Care Center
Best Buy
I ]opkins Carl' Center
Rainforest Cafe, Inc.
US Bank
FDCU 8: Arrowhead Products, Inc.
Town & Country Dodge, Inc.
United States p()st Office
I-Iupkins Honda
Drew Pearsun i\1arketing, Inc.
Reuter ~'iaJ]ufacturi ng, Inc.
Rainhow Foods
TnK of Rusine-ssIPruduct
Food distrihutor/retailer
tvfilitary ordinunce
Fiber optic [e kphone and radio equ ipment
Precision injection moldings
COl11l11er.:ial 8: offset printing
Educat i< In
Printed circuit boards
Printing labels
Country cluh
MunicipciJ gm'ernm<-'nt/serviccs
Data processing
Nursing home
Regional offices
Nursing home
CllqJOratc offices
Branch 8: regional office
Outdoor bu ildi ng products
Auto Jealership
Postal services
Auto dealership
SPOl ts hats & textile hags, aprons & b3ndannas
High precision machining
Corporate offices
No. of
Employees'
3,000
600
400
400
301
246
207
J85
]80
]77
170
160
150
]40
130
]30
]25
J J5
113
lO2
100
100
100
.
Source; Written & telephone survey (February. 2000,\. and the Minnesota MWJ/ifncturers Register (2000).
Includes full-time, part-tinw and seasonal.
24
.
.
.
.
U.S. CENSUS DATA
Population Trend: City of Hopkins
] 9g0 U.S. Census
1990 U.S. Census
Current State Demographer's Estimate
Percent of Change 1980 - 1990
Income and Age Statistics (1990)
1989 per capita income
1989 median household income
1989 median family income
Median age
Median value owner occupied housing unit
Median contract rent
Housing Statistics
All Housing Units
City of Hopkins
1980
7,257
15,336
16,534
16,887
+ 7.81 %
City of Hennepin State of
Hopkins County Minnesota
$17 , 106 $18,496 $14,389
$29,584 $35,659 $30,909
$36,008 $44,] 89 $36,916
31.3 yrs. 32.7 yrs. 32.5 yrs.
$86, I 00 $86,700 $74,000
$493 $452 $384
City of Hopkins
1990
8,572
Percent of
Change
+18.12%
Source: 1990 Cewws oj Populatioll and Housing, U.S. Department of Commerce.
EMPLOYMENT/UNEMPLOYMENT DATA
Year
1995
]996
1997
]998
]999
2000, Jan.
Average Employment
Hennepin County
622,561
617,137
628,325
638,297
639,280
643,322
Average U nemplovment
Hennepin County State of Minnesota
3.0% 4.0%
3.0% 4.0%
2.4% 3.3%
] .9% 2.5'7/l
2.2% 2.8%
2.0% 3.3%
Source: Minnesota Department of Economic Security.
25
BUILDING PERMITS .
1995 11.)96 1997 1998 1999
New Sin~k Family Homes
Nli. Llf huilding permits ..1- 14 57 9 9
Valuation $552.20n S I ,391,200 $5,297,000 $ 1,551 ,6()O $1.511,625
New Ivlu1tipk Family Buildim':s
No. nf building permits 0 0 :2 0 0
Valuation SO $0 $3.500,000 SO $0
New ComlllerciallIndustrial
Nn. of building permits 3 5 7 6 7
Valuation S6~ 1.600 $6,752,000 $4,213,132 $5,133,000 $24,] 70,016
No. of All Building Permits
(illi'illdillg uddiri(l/ls. relllodelillgs) .:;90 441 SS6 463 587
Valuation nf All Building Permits
(illdlldill,!; uddiriol/s, rel/wdelillgs) S 14,()..1-8J115 '); 1:':1,191,796 $20,837,235 $11,692,315 $42,828,312
FINANCIAL INSTITUTIONS LOCATED WITHIN THE CITY
ITopkins ScllLiols Credit Un ion
Nnrwest Bank !vlinnesota. NatIOnal Association (Branch of Minncapnli:,)
Super Valu Employees Credit Union
U.S. Bank National Associatiun (Branch of Minneapolis)
.
EDUCATION
I.S. D. No. 27U I Hopkins) operates three e kmcntary sc hooh plus a community service center in the City. The District,
with a toted enrullment of appwximately 8,343, employs a total of 1,380 people. Tn addition, a small portion of the
CIty is ser\"(:d by I.s.D. 283 (51. LDuis Park}. Four-year eolkge programs and vocational-technical training are
a \'ai Libk t hn.ughout the f.,1 i nntJpolis-St. Paul metropol itan area.
MEDICAL FACILITIES
Name of Facility
Type of Facility
Beds
Chapel View Care Center
Hopf..:ins Care Center
Nursing home
Nursing home
128
140
Source: Diret'fol \' (~rLiccnsed and CCrfljlcd Hcalth Carc Facilities and Scn'iu's, Minnesota Department of Health
( IQQ9).
.
2()
.
BOND YEARS
$2,060,000 G.O. Water Revenue Bonds, Series 2000A
Total $17,851.67
A verage Life 8.666 Years
Bond Years
Date Principal Annual Cumulative
2/1 /0 1 115,000 95.83 95.83
2/1/02 100,000 183.33 279.16
2/1/03 105,000 297.50 576.66
2/l /04 110,000 421.67 998.33
2/1/05 115,000 555.83 1,554.16
2/1 /06 120,000 700.00 2,254.16
. 2/1/07 125,000 854.17 3,108.33
2/1/08 130,000 1,018.33 4, ] 26.66
211109 140,000 1,236.67 5,363.33
2/1/10 145,000 1,425.83 6,789.16
2/1/11 155,000 ],679.17 8,468.33
2/ 1/12 160,000 1,893.33 10,361.66
2/1/13 170,000 2,181.67 12,543.33
2/1/14 180,000 2,490.00 15,033.33
2/1/15 190,000 2,818.33 17,851.66
TOTAL 2.060,000 17,851.67
e
27
APPENDIX A
EXCERPTS FROM FINANCIAL STATEMENTS
Reproduced on thL' following pages are excerpts from the City's auJited Financial Statements for the fiscal years
ending December 3 [, 1996, I 9lJ7, and 1998. The Statements have been prepared by the City and audited by 0. certified
pub1 ic accountant. Notes (included here for fiscal year ending 1998) are an integral part of the audits and ;lllY
judgment of the Financial Stateml.'nts should be b3sed on thl.' Statements 3S a whole.
Copies of the audits and the current budget Jre 3vailable lllx1ll request from Ehlers.
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.
.
.
APPENDIX B
-I \1 i'~1'~l~.:I" ~,--"_'r;;~"
.:I~ll ~"\!L1 -<,:1, )~:~'r...r
\~l!"~~'.:l\lIl:~ .\:''': ~'1 ~('I-'
(,1 ~I ',,_';-_\, i:,'i: ~....'~n,ll':r,i..'
(. L1'. ,:, ~ ~ ,'J.-, I: ' 1-
i: !-i r., f,
i~ € u
I~::T~. ',', ,',",', : L"'I'" ~~'. -I'r.;', ~ 1._\ : I:
FORM OF LEGAL OPINION
$2,060,000
General Obligation Water Revenue
Bonds, Seties 2000A
City of Hopkins
Hennepin County, Minnesota
We have acted as bond counsel in connection with the issuance by the City of Hopkins, Hennepin County,
Minnesota, of its General Obligation Water Revenue Bonds, Series 2000A, originally dated as of April 1,2000, in
the total principal amount of $2,060,000. For the purpose of rendering this opinion we have examined certified
copies of certain proceedings taken by the City in the authorization, sale and issuance of the Bonds, including the
form of the Bonds, and certain other proceedings and documents furnished by the City. From our examination of
such proceedings and other documents, assuming the genuineness of the signatures thereon and the ac::uracy of the
facts stated therein and continuing compliance by the City with its covenants to comply with the Intern(11 Revenue
Code of 19S6. as amended, and based upon laws, regu lations, rulings and decisions in effect on the date hereof. it
is our opin ion as of the date hereof that:
1. The Bonds are in due fonn, have been duly executed and delivered, and are valid and binding general
obligations of the City, enforceable in accordance with their terms, except as such enforcement may be limited by
Minnesota or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights.
2. The principal of and interest on the Bonds are payable from net revenues of the water system of the
City, but if n~cessary for the payment thereof, ad valorem taxes are required by law to be levied on all taxable
property in the City, which taxes are nol subject to any limitation as to rate or amount.
3. Interest on the Bonds is not includable in gross income of the recipient for federal income tax
purposes or in taxable net income for Minnesota income tax purposes, and is not a preference item for purposes of
the computation of the federal alternative minimum tax, or the computation of the Minnesota alternative minimum
tax imposed on individuals, trusts and estates, but such interest is includable in the computation of "adjusted current
earnings," used in the calculation of federal alternative minimum taxable income of corporations, and is subject to
Minnesota franchise taxes on corporations (including financial institutions) measured by income and the alternative
minimum tax base. We express no opinion regarding other federal or state tax consequences arising with respect to
the Bonds. The Bonus are not arbitrage bonds and are not private activity bonds.
\Ve have not been asked ami have not undertaken to review the accuracy, completeness or sufficiency of the
Official Statement or other offering material relating to the Bonds, and accordingly we express no opinion with
respect thereto.
Dated at Minneapolis, Minnesota.
B-1
APPENDIX C
.
BOOK-ENTRY-ONL Y SYSTEM
I. The Depository Tmst Company ("DTC"), New York, New York, will act as securities depository for the
securities (the "Securities"). The Securities will bc issued as fully-registered securities registered in the name
of Cede & Cu, (DTC's partnership nominee) or such other name as may be requested by an authorized
rt'presentative of DTC. One fully-registered Security certificate will be issued for [each issue of] the
Securities. [each] in the aggregate principal an1Llunt of such issuc. and will be deposited with DTC.
,~
DTC is J li ll1ited-purpose trust company orgaIl17eJ under the New York Banking Law, a "hanking organization"
within the meaning of the New York B~mking Law, a member of the Federal Reserve System. a "clearing
corpuratiun" within the meaning of thc New York Uniform Commercial Code, ancl a "clearing agency"
rl'gistered pursuant to the provisions of Section 17 A of the Securities Exchange Act of 1934, DTC holds
securities that its participants ("Direct Participants") deposit with DTC. DTC also facilitates the settlement
among Dirt'ct Participants uf securities transactions, such as transfers and pledges, in deposited securities
through electronic computerized book-ell try changes in Direct Participants' accounts, thereby eliminating the
need for physical movement of securities ccrtificates. Direct Participants include securities brokers and
dealers. banks, trmt companies. clearing corporations. J.nd certain other organizations. DTC is owned by a
number of its Direct ParticipJ.nts and by the New Yark Swck Exchange, Inc., the American Stock Exchange.
Inc.. and the Natinnal Association of Securities Dealers. Inc. Access to the DTC system is alSll available to
othcrs such as securities brokers and dealers. hanKS, and trust companies that clear through or maintain a
custodia I relationship wit h a Direct Partil"ipant. either directly or indirectly ("Indirect Participants"). The Rules
;iPplicable to DTC and its Direct and Indirect Participants i:i'T on file with the Securities and Exchange
Cnmmission. .
3. Purchases of Securities uncler the DTC system must be maJe by or through Direct Participants, which will
receive a creJit for the Securities on DTC's records, The ownership interest of each actual purchaser of each
Security ("Beneficial Owner") is in turn to be n:cllrded on the Direct and Indirect Participants' records.
Beneficial Owners will not recei ve wri tten confi rmat ion from DTC of their purchase, but Beneficial Owners
are expected to receive written confirmatiuns pn ,viding details of the transaction, as well as periodic statements
rd' their holdings. from the Direct or InJirect Participant through which the Beneficial Owner entered into the
transaction. Transfers of ownership intercsts inlhe Securities are to be accomplished by entries made on the
LXlOKs of Direct and Indirect P;u ticipants acting on behalf of Beneficial Owners. Beneficial Owners will not
recei\'c certificates representing their ownership interests in Securities, except in the ewnt that use of the
book-entry system fnr the Securities is discontinued.
4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in
the ni:lme of DTC's partnership nominee, Cede & Co, or sllch other name as may be requested by an authorized
n:presentative of DTC. The deposit of Securitics with DTC i:lI1d their registration in the name of Cede & Co.
ur such other nominee do not effect any changl' in beneficial ownership. DTC has no Knowledge of the actual
Beneficial Owners of the Securi ties; DTC's rccords rdkct only the identity of the Di rect Participants to whose
;Iccounls ~uch Securities arc credited, which may ur may not be thc Beneficial Owner~. The Direct and Indirect
Participants will remain rcsponsible for kceping account of their holdings on bebalf of their customers.
5. Conveyance of notices and other cOl11mLInicatinns hI' DTC to Direct P;.trticipants, by Direct Participants to
Ind i rcct Parlicip~l11ts, and by Dire(.'t Participants and Indirect Participants to Beneficial Uwners will be govt'rned
by arrangements among them, subject tu any statutory or regulatory requircments as may be in effect from time .
to timt'. Beneficial Owners of Sl'cmities may \vish to take certain steps to augment transmission to them of
11l1lices of sign ific;.tnt events with respect to the Seeu rities. such as redemptiuns, tenders, defaults, and propused
C-I
.
.
.
amendments to the security documents. Beneficial Owners fa Securities may wish to ascertain that the
nominee holding the Securities fortheir benefit has agreed to obtain and transmit notices to Beneficial Owners,
or in the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and
request that copies of the notices be provided directly to them.
6
Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed,
DTC"s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be
redeemed.
7.
Neither DTC nor Cede & Co. (nor such other DTC nominee) wiIl consent or vote with respect to Securities.
Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date.
The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose
accounts the Securities arc credited on the record date (identified in a listing attached to the Omnibus Proxy).
8.
Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or
such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit
Direct Participants' accounts, upon DTC's receipt of funds and corresponding detail information from the City
or Agcnt on payable date in accordance with their respective holdings shown on DTC's records. Payments by
Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the
case with securities held for the accounts of customers in bearer form or registered in "street name," and will
be the responsibility of such Participant and not of DTC, the Agent, or the City, subject to any statutory or
regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions,
and dividends to Cede & Co. (or such other nominee as may be requested by an authorized representative of
DTC) is the responsibility ofthc City or the Agent, disbursement of such payments to Direct Participants shall
be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall be the
responsibility of Direct and Indirect Participants.
9. A Beneficial Owner shall give notice to elect 10 have its Securities purchased or tendered, through its
Participant, to the [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the
Direct Participant to transfer the Participant's interest in the Securities, on DTC's records, to the
[Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an
optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities
are transferred by Direct Participants on DTC's records and followed any a book-entry credit of tendered
Securities to [Tender/Remarketing] Agent's DTC account.
] O. DTC may discontinue providing its services as securities depository with respect to the Securities at any time
by giving reasonahle notice to the City or the Agent. Under such circumstances, in the event that a successor
securities depository is not obtained, Security certificates are required to be printed and delivered.
11. The City may decide to discontinue use of the system of book-entry transfers through DTC (or a successor
securities depository). In that event, Security certificates will be printed and delivered.
12. The information in this section concerning DTC and DTC's book-entry system has been obtained from sources
that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.
C-2
APPENDIX D
.
FORM OF CONTINUING DISCLOSURE CERTIFICATE
Thj s Con tin uing Discl osure Certi ficatc (the" Disc I osure Certificate" ) is exeCl! ted ~md deli vered by the Ci t Y
of Hopkins, Minnesota (the "Issuer") in connection with the issuance of $2,060,000 General Obligation Water
Revenue Bonds, Series 2000A (the "Securities"). The Securities are being issued pursuant to the A ward
Resolution adopted by the City Council oCthe Issuer on March 15.2000 (the "Resolution") and delivered to the
Purchaser(s) on the date hereof. Pursuant to the Resolution, the Issuer has covemmted and agreed to provide
continuing disclosure of certain financial information and operating data and timely notices of the occurrence of
certain events. In addition, the Issuer hereby covenants and agrees as follows:
Section I. Purpose of the Disclosure Certificate. This Disclosure Ce11ificate is being executed and
delivered by the Issuer for the benefit of the Holders of the Securities in order to assist the Participating
Underwriters within the meaning of the Rule (defined herein) in complying with SEC Rule 15c2-12(b)(:)). This
Disclosure Certificate, together \vith the Resolution. constitutes the written Undertaking required by the Rule.
Section 2. Definitions. In addition to the defined tel1115 set forth in the Resolution, which arrly to <my
capitalized tenl1 used in this Disclosure Celtificatc unless otherwise defined in this Section, the [allowing
capitalized terms shall have the following meanings:
.
"Annual Report" means any annual report provided by the Issuer pursuant to, and as described in,
Sections 3 and 4 of this Disclosure Certificate.
"j\uJited Fin~mcial Statements" means the Issuer's annual financial statements, prep<u'ed in accord,mce
with generally accepted accounting princirk~ ("GAAP") for Govemmental Units as Prescrihed by the
Go\'emmental Accounting Stand~mls Board ("GASB").
"Fiscal y e~ll.o means the fiscal ye~u' uf the Issuer.
"Final Onicial Statement" means the deemed final official statement dated ,2000 plus
the addendum thereto which together constitute the final official statement delivered in connection with the
Securities. whieh is available ii'om the MSRB.
"Holder" means the person in \vhose name a security is registered or a beneficial owner of such a security.
"Issuer" means the City nf Hopkjns, I\1innesota which is the obligated person with respect to the
Securities.
"\1aterial Event" means any of the e\Ents listed in Section 5(a) of this Disclosure Cet1ificate.
.
D-l
.
e
.
"MSRB" means the Municipal Securities Rulemaking Board located at 1150 18th Street, N.W., Suite 400,
Washington, D.e. 20036.
"NRMSIR" means ~my nationally recognized municipal securities infOlmation repository as recognized
from time to time by the SEC for purposes of the Rule.
"Participating Underwliter" means any of the Oliginal underwriter(s) of the Securities (including the
Purchaser(s)) required to comply with the Rule in connection with the offering of the Securities.
"Repository" means each NRMSIR and each SID, if any.
"Rule" means SEC Rule 15c2-12(b)(5) promulgated by the SEC under the Securities Exchange Act of
1934, as the same may be amended from time to time, and including written interpretations thereof by the SEe.
"SEC" means Securities and Exchange Commission.
"SID" means any public or private repositOlY or entity designated by the State of Minnesota as a state
inf01111ation depository for the purpose of the Rule. As of the date of this Certificate, there is no SID.
Section 3. Provision of Annual Financial Information and AlJdited Financial Statements.
(a)
The Issuer shall, a.<; soon as available, but not later than 12 months after the end of the Fiscal Ye3f
cOlmneneing with the year that ends December 31, 1999, provide each Repository with an
Annual Report which is consistent with the requirements of Section 4 of this Disclosure
Certificate. The Annual RepOlt may be submitted as a single document or as sep3fate documents
comprising a package, and may cross-reference other information as provided in Section 4 of this
Disclosure Certificate; provided that the Audited Financial Statements of the Issuer may be
submitted sep3fately from the balance of the Annual Report and will be submitted as soon as
available.
(b) If the Issuer is unable or fails to provide to the Repositories an Annual Report by the date
required in subsection (a), the Issuer shall send a notice of that fact to the NRMSIRs, the MSRB
and SID.
ee) The Issuer shall detennine each ye3f prior to the date for providing the Annual Repott the name
and address of each NRMSIR and the SID, if any.
Section 4. Content of Annual RepOlts. The Issuer's Annual Report shall contain or incorporate by
reference the following sections of the Final Official Statement:
1.
CUITcnt Property Valuations
Larger Taxpayers
Direct Debt
Overlapping Debt
Debt Ratios
2.
3.
4.
5.
D-2
6.
7.
8.
l)
Tax. Levies & Collections
Net Tax Capacity Rates
Pnpulation Trend
EmploymentJU nemployment
.
In addition to the items listed abuw. the Annual Report shall include Audited Fll1ancial Statements
submitted ill accord~U1ce with Section 3 of this Disclosure Certificate.
Any or all of the items listed above may be incorporated by reference from other documents. including official
statements of debt issues of the Issuer or related public entities, which have been submitted to each of the
Repositories or the SEe. If the document incOll'orated by reference is a final official statement, it must also be
available from the MSRB. The Issller shall clearly identify each such other document so incorporated by
reference.
Section 5. Reporting of Material Events.
(a) This Section 5 shall gOYem the giving of notices of the occurrence of any ofthe f()llowing events
if material with respect tn the Securities:
1.
PrincipJ..! ~U1c1 interest payment delinquencies;
'J
Non-payment related defaults:
..,
-' .
Unscheduled draws un debt service reserves rel1ecting financial difficulties:
e
4. Unscheduled draws all credit enhancements ref1ecting financial difficulties:
5. Substitution of credit ur liquidity providers, or their failure to pert'onn;
6. Adverse t~L\. opinions or events affecting the tax~exel11pt status of the security:
7. ModificJtions to rights of security holders;
S. Bond calls;
l), DefeJsances;
10. Release, substitution or sale of property securing repayment of the securities; ~md
II. Rating changes.
(11)
Whenever the Issuer obtains k.nowledge of thc occurrence of a M:lterial Event, the Issuer shaH
promptly file a notice of such occurrence with cither all NRMSIRs or with the MSRB and with
anv SID. Notwithstanuini! the fore2:oin2. notice of Material Events described in subsections
... "-- '- '-
(a)( S) ~Uld (9} need not be gi ven under this subsection any emlier than the notice (if any) of the
underlying event is given to Holders of aflccted Securities pursuant to the Resolutions.
.
D-3
.
(c)
Unless othelWise required by law and subject to technical and economic feasibility, the Issuer
shall employ such methods of information transmission as shall be requested or recommended
by the designated recipients of the Issuer's information.
Section 6. Termination of Reporting Obligation. The Issuer's obligations under the Resolutions and this
Disclosure Certificate shall terminate upon the legal defe<L<;ance, prior redemption or payment in full of all the
Securities.
Section 7. Agent. The Issuer may, from time to time, appoint or engage a dissemination agent to assist
it in carrying out its obligations under the Resolutions and this Disclosure Certificate, and may discharge any such
agent, with or without appointing a successor dissemination agent.
e
Section 8. Amendment; Waiver. Notwithstanding any other provision of the Resolutions or this
Disclosure Cer1ificate, the Issuer may amend this Disclosure Certificate, and any provision of this Disclosure
Certificate may be waived, if such amendment or waiver is supported by an opinion of nationally recognized
bond counsel to the effect that such amendment or waiver would not, in and of itself, cause the under1akings to
violate the Rule. The provisions of the Resolutions constituting the Undel1aking and this Disclosure Certificate,
or any provision hereof, shall be null and void in the event that the Issuer delivers to each then existing NRMSIR.
and the SID, if any, an opinion of nationally recognized bond counsel to the effect that those ponions of the Rule
which require the Resolutions and this Cenificate are invalid, have been repealed retroactively or othelWise do
not apply to the Securities. The provisions of the Resolutions constituting the Undertaking and this Disclosure
CC11ificatc may be amended without the consent of the Holders of the Securities, but only upon the delivery by
the Issuer to each then existing NRMSIR and the SID, if any, of the proposed amendment and an opinion of
nationally recognized bond counsel to the effect that such amendment, and giving effect thereto, will not
adversely affect the compliance of the Resolutions and this Disclosure Certificate and by the Issuer with the Rule.
Section 9. Additional Infonnation. Nothing in this Disclosure Certificate shall be deemed to prevent the
Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure
Certificate or any other means of communication, or including any other infonnation in any Annual Report or
notice of occurTence of a Material Event, in addition to that which is required by this Disclosure Cenificate. If
the Issuer chooses to include any infonnation in any Annual Rep0l1 or notice of occurrence of a Material Event
in addition to that which is specifically required by this Disclosure Certificate, the Issuer shall have no obligation
under this Certificate to update such infOlmation or include it in any future Annual Report or notice of OCClmence
of a Material Event.
Section 10. Default. ]n the event of a failure of the Issuer to comply with any provision of this Disclosure
Certificate ;my Holder of the Securities may take such actions as may be necessary and appropriate, including
seeking mandate or specific perfomlancc by court order, to cause the Issuer to comply with its obligations under
the Resolutions and this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed
an event of default with respect to the Securities and the sole remedy under this Disclosure Certificate in the event
of ~U1y failure of the Issuer to comply with this Disclosure Certificate shall be an action to compel performance.
.
Section 11. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Issuer, the
Participating Underwriters and Holders from time to time of tile Securities, and shall create no rights in any other
person or entity.
D-4
m WITNESS WHEREOF, we have executed this Cenificatc in our official c:.1pacities effective the
day of . 2000. e
HOPKINS, MIl'-INESOTA
Mayor
(SEAL)
City M~ager
e
.
D-S
e
e
.
APPENDIX E
TERMS OF PROPOSAL
$2,060,000 GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2000A
CITY OF HOPKINS, MINNESOTA
Proposals for the purchase of $2,060,000 General Obligation Water Revenue Bonds, Series 2000A (the "Bonds") of
the City of Hopkins, Minnesota (the "City") will be received at the offices of Ehlers & Associates, Inc. ("Ehlers"),
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, Financial Advisors to the City, until II :00 A.M.,
Central Time, on March 21, 2000, when they will be opened, read and tabulated for presentation to the City Council.
The proposals will be presented to the City Council for consideration for award at a meeting to be held at the City
Hall at 7:30 P.M., Central Time, on the same date. The proposal offering to purchase the Bonds upon the terms
specified herein and most favorable to the City will be accepted unless all proposals are rejected.
PURPOSE
The $2,060,000 General Obligation Waler Revenue Bonds, Series 2000A (the "Bonds") are being issued pursuant
to Minnesota Statutes, Chapters 444 and 475, by the City of Hopkins, Minnesota (the "City") for the purpose of
financing the construction of improvements to the City's water treatment and distribution system. The Bonds will
be paid frolll net revenues of the Water System. The Bonds arc general obligations of the City, for which its full
faith, credit and taxing powers are pledged.
DATES AND MATURITIES
The Bonds will be dated April 1, 2000 as the date of original issue, will be issued as fully registered Bonds in the
denomination of $5,000 each, or any integral multiple thereof, and will mature on February I as follows:
Year Amount Year Amount Year Amount
2001 $115,000 2006 $120,000 2011 $155,000
2002 100,000 2007 125,000 2012 ] 60,000
2003 105,000 2008 130,000 2013 170,000
2004 110,000 2009 ] 40,000 2014 180,000
2005 115,000 2010 145,000 2015 190,000
TERM BOND OPTION
All dates are inclusive. Proposals for the Bonds may contain a maturity schedule providing for any combination of
serial bonds and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject
to mandatory redemption in each year conforms to the maturity schedule set forth above.
E-l
INTEREST PAYMENT DATES AND RATES
.
lntere~t wiIl he payable on Febnlary 1 and Augu\t I of t'3ch year, commencing February 1,200 I, to the registered
owners of the Bonus appearing of record in the bond register as of the close of business on the 15th day (whether or
not a business day) oflhe immediately preceding month. JlJlt'reSI will be computed upon the basis of a 360-day year
of twel ve .:IO-day monlhs and wi II be rounded pursuant 10 nlles of the MSRB. All Bonds of the same maturity mllst
bear interest frum date of issue until paid at a single, uniform rate, nut exceeding the rale specified for Bonds of any
subsequent maturity. Each rale must be expressed in an integral mulliple of S/lOO or 1/8 of 1 %.
BOOK ENTRY ONLY FORMAT
The Bonds will be designated in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"),
New York, New York. DTe will act as securities depository for the Bonds. and will be responsible for maintaining
a book-entry syslem for reeording the interest~ of its participants and the transfers of interests between its
participanh. The participants will be responsible for maintaining records regarding the beneficial interests of the
individual rureha~ers of the Bonds. So kIng as Cede & Co. is the registered owner of the Bonds. all payments of
principal and interest will be made to the depository which, in turn, will be oblig<lted to remit such payments to its
partieipant~ fur subsequent disoursement to the beneficial owners of the Bonds.
PAYING AG ENT
The City \\ill ,eket a bank to act a~ paying agent (the "Paying Agent"). The City will pay the charges for Paying
Agent ~er\iec\. The City reserves (lit' right to remove the Paying Agent and to appoint a SUccessor.
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OPTIONAL REDEMPTION
A t the opt illn ()f the City, Bonds maturing 011 or after February 1, 20] 0 shall be subject to prior payment on February
I. 2000 or any datt' thereafter. at il prict' of pilr and :lccrued interest.
Redemption Imy be in whole or in part of the Bonds subject 10 prepayment. If redemption is in part, the selection
of the Bllnd~ remaining unpaid to he prepaid shall be at the discretion of the City. If only part of the Bonds having
a COmm(lll maturity date are called for prepayment, the City will notify DTC ufthe particular amount of sueh maturity
to be prepaid. [)TC will determine by lot the amount of each participant's intl'rest in such maturity to be redeemeu
and each participant will then select by lot the henefiL'ial ownership intere~t in sLleh maturity to he redeemed.
Nutiee of sueh call shall be given by mailing a notice at least thirty {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 registration books.
DELIVERY
Within -+0 days afkr the sale, the Bonds will be delivered without cost to the original purchaser at DTe. On the day
of clelsing, the City will furnish to the pUlchaser the opinion of bond counsel hereinafter ckscrihecl, an arbitrage
certiriC:llion :lIlJ certificates verifying that no litigation in any manner questioning the validity of the Bonds is then
pending or, tu the best knowledge uf l1fficers of the City_ threatened. Payment for the Bonds mllst be received by the
City dt Its de,ignatecl depository on the date ()f closing in immediall'ly availabk funds
.
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LEGAL OPINION
An opinion as to the validity of the Bonds and the exemption from taxation of the interest thereon will be furnished
by Kennedy & Graven, Chartered, of Minneapolis, Minnesota, bond counsel to the City, and will accompany the
Bonds. The legal opinion will slate that the Bonds are valid and binding obligations of the City enforceable in
accordance with their tenTIS, except to the extent to which enforceability may be limited by Minnesota or United
States laws relating to bankruptcy, reorganization, moratorium or creditors' rights generally.
TYPE OF PROPOSAL
Proposals must not be for less than $2,029, 100 plus accrued interest on the principal sum of $2,060,000 from date
of original issue of the Bonds to date of delivery. A signed proposal form must be 5ubmitted prior to the time
established above for the opening of proposals. Proposals must be submitted to Ehler~ as follows:
J) In a sealed envelope as described herein; or
2) A facsimile submission to Ehlers, Facsimile Number (651) 697-8555; or
3) Electronic submission to Ehlers via our intemet bidding site. If any provision in this Terms of Proposal
confl icts with i nformalion provided all the internet bidding site, this Terms of Proposal shall control. Bidders
interested in submitting proposals via the intemet should call any Ehlers' Bond Sale Coordinator at (651)
697 -8500.
Proposals must be submitted to Ehlers as described above and must be received prior to the tlllle established above
for the opening of proposals. Each proposal must be unconditional except as to legal it)'. Neither the City nor Ehlers
shall be responsible for any failure to receive a facsimile or electronic submission.
A good failh deposit (the "Deposit") in the amount of $4] ,200, complying with the provisions below, must be
submitted with each proposal. The Deposit must be in the form of a certified or cashiers check, or a financial surety
bond or a wire transfer of funds to Resource Bank & Trust Company, of Minneapol is, Minnesota, ABA No. 09-10-
0550-6 for further credit to Ehlers, Bond Issue E~crow Account No. 850-788-]. The Deposit will be retained by the
City as liquidated damages if the proposal is accepted and the bidder fails to comply therewith. The Deposit will be
returned to the Purchaser at the closing for the Bonds.
If a financial surety bond is used, it must be from an insurance company licensed to issue such a bond in the State
of Minnesota, and preapproved by the City. Such bond must be submitted to Ehlers prior to the opening of the
proposals. Such bond must identify each bidder whose Deposit is guaranteed by such financial surety bond. If the
Bonds are awarded to a bidder using a financial surety bond, then that purchaser is required to submit its Deposit to
Ehlers in the form of a certified or cashier's check or wire transfer as instructed by Ehlers not later than 3:00 P.M.,
Central Time, all the next business day following the award. If such Deposit is not received by that time, the financial
surety bond Illay be drawn by the City to satisfy the Deposit requirement. The amount securing the successful
proposal will be retained as liquidated damages if the proposal is accepted and the bidder fails to comply therewith.
No proposal Glll be withdrawn after the time set for receiving proposals unless the meeting of the City scheduled for
award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been
made.
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AWARD
The Bonds will be awarded to the hiddC'r offering the lowest interest rare to be determined on a Tme Interest Cost
(TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customJry practice, will
be controlling. In the event of a tie. the s:l!e of the Bonds will be awarded by lot. No oral proposal will be
considered, :md the City reserves the right to reject any and all proposals and to waive any infornmlity in any
proposal.
.
BOND INSURANCE
If the Bonds arc qualified for any bond insurance policy, the purchase of such policy shall be at the sole option and
expense of the purchaser of the Bonds. Any cost for such insurance policy is to be paid by the purchaser, except that,
if the City reque'ited and received a rating on thC' Bonds from a rating agency, the City will pay that ruting fee. Any
rating agency fees not reLJuC'sted by the City are the responsibility of the purchaser.
Failure of the municipal bond insurer tn issue the policy after the Bonds are ilwarded to the purchaser shall not
cOl15titute ('JUSt' for failure or refusal by the purchaser to ilccept delivery of the Bonus.
CUSiP NUMBERS
The City will a~sume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the
correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the
purchaser, if the purchaser waives allY delay in delivery occasioned thereby.
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QUALIFIED TAXwEXEMPT OBLIGATIONS
The City will designate the Bonds as quali fied tax -exempt obligations for purposes of Secti on 2G5 (b)( J) of the
Internal RC\'l'l1ue Code of ] 986, JS amended.
CONTINUING DISCLOSURE
In order to a~sist the Underwriters in complying with the provisions of Rule 15c2-12 promulgated by the Securities
and Exchange Cnmmission under the Securities F\ch;lnge Act of 1934 the City will enter into ;In undertaking (the
"U ndertakiIlg') for the benerit of the holders of the Bonds. A description of the details and terms of the UnulTtaking
is set forth in thl' Orficial St;ltement. The City has complied in all material respects ,...ith any undertaking
previously entered into by it under the Rule.
INFORMATION FROM PURCHASER
The successful purchaser \vill be required to provide. in a timely manner, certain information relating to the initial
offering prices of the Bonds necessary to L'ompute the yield 011 the Bonds pursuant to the rro\'ision~ of the Internal
Rl'\'elllle CO(k of I QS6. as amended.
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OFFICIAL STATEMENT
Underwriters may obtain a copy of the Official Statement by request to Ehlers prior to the proposal opening. The
Syndicate Manager will be provided with 75 copies of the Final Official Statement within seven business days of the
proposal acceptance. Additional copies of the Final Official Statement will be available at a cost of$1O.00 per copy.
Information for bidders and proposal forms may be obtained from the undersigned or from Ehlers at 3060 Centre
Pointe Drive, Roseville, Minnesota 55113-1105, Telephone (651) 697-8500.
By Order of the City Council
Terry Obermaier, City Clerk
City of Hopkins, Minnesota
10] 0 First Street
Hopkins, Minnesota 55343-7573
If proposals are delivered to Ehlers, the good faith deposit, payable to the City, shall be retained in the offices of
Ehlers with the same effect as if delivered to the City. Alternatively, bidders may wire the good faith deposit to
Resource Bank & Trust Company, Minneapolis, Minnesota, A.B .A. No. 09- I 0-0550-6 forcredit to Ehlers Bond Issue
Escrow Account, No. 850-788- I. The City and any bidder who chooses to so wire the good faith deposit hereby agree
irrevocably that Ehlers shall be the escrow holder of the good faith deposit wired to such account subject only to these
conditions and duties: I) All income earned thereon shall be retained by the escrow holder as payment for its
expenses; 2) If the proposal is not accepted, Ehlers shall, at its expense, promptly return the good faith deposit amount
to the losing bidder; 3) If the proposal is accepted, the good faith deposit shall be returned to the purchaser at the
closing; 4) Ehlers shall bear all costs of maintaining the escrow account and returning the funds to the bidder; 5)
Ehlers shall not be an insurer of the good faith deposit amollnt and shall have no liability hereunder except if it
willfully fails to perform, or recklessly disregards, its duties specified herein; and 6) FDIC insurance on deposits
within thc c~cro\"i account shall be limited to $100,000 per bidder.
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PROPOSAL FORM
.
The City Council
City of Hopkins, Minnesota
March 21, 2000
RE:
DA TED:
$2,060,000 General Obligation Water Revenue Bonds, Series 2000A
April 1, 2000
For all or none of the above Bonds, in accordance with the Terms of Proposal and terms of the Global Book Entry System
as stated in this Official Statement, we will pay you $ (not less than $2,029,100) plus accrued interest
to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
% due 200] % due 2006 % due 2011
% due 2002 % due 2007 % due 2012
% due 2003 % due 2008 % due 2013
% due 2004 % due 2009 % due 2014
% due 2005 % due 2010 % due 20lS
We enclose our good faith deposit in the amount of $41,200, to be held by you pending delivery and payment.
Alternatively, we have provided a financial surety bond or have wired our good faith deposit to the Ehlers & Associates,
Inc. Bond Issue Escrow Account No, 850-788- I at Resource Bank & Trust Co., Minneapolis, Minnesota. If our proposal
is not accepted, said deposit shall be promptly retumeu to us. If the good faith deposit is wired to such escrow account,
we agree to the conditions and duties of Ehlers & Associates, Inc., as escrow holder of the good faith deposit, pursuant to
this Official Statement dated March 9, 2000. This proposal is for prompt acceptance and is conditional upon deposit of
tit said Bond~ to The Depository Trust Company, New York, New York in accordance with the Terms of Proposal.
This proposal is subject to the City's covenant and agreement to enter into a written unuertaking to provide continuing
disclosure under Rule ISd-12 promulgated by the Securities and Exchange Commission under the Securities Exchange
Act of 1934 as described in the Official Statement for this Issue.
We have received and reviewed the Official Statement and have submitted our requests for additional information or
corrections to the Official Statement. As Syndicate Manager. we agree to provide the City with the rcuffering price of the
Bonds within 24 hours of the proposal acceptance.
Account Manager:
By:
Account Members:
A ward will be on a true interest cost basis. According to Ollr computations (the correct computation being cDntrolling
in the award), the total dollar interest cost (including any discount or less any premium) computed from April 1,2000 of
the above proposal is $ and the true interest cost (TIC) is %.
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Hopkins, Minnesota on
March 21, 2000.
II Attest: By:
Title: Title:
.
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It
PROPOSAL FORM
The City Council
City of Hopkins, Minnesota
March 21, 2000
RE:
DA TED:
$2,060,000 General Obligation Water Revenue Bonds, Series 2000A
April 1, 2000
For all or none of the above Bonds, in accordance with the Terms of Proposal and terms of the Global Book Entry System
as stated in this Official Statement, we will pay you $ (not less than $2,029,] 00) plus accrued interest
to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
% due 2001 % due 2006 % due 20] I
% due 2002 % due 2007 % due 20]2
% due 2003 % due 200R % due 2013
% due 2004 % due 2009 % due 2014
% due 2005 % due 20]0 % due 2015
We enclose our good faith deposit in thc amount of $41,200, to be held by you pending delivery and payment.
Alternatively, we have provided a financial surety bond or have wired our good faith deposit to the Eh]ers & Associates,
Inc. Bond Issue Escrow Account No. 850-78R-] at Resource Bank & Trust Co., Minneapolis, Minnesota. If our propos a]
is not accepted, said deposit shall be promptly returned to us. If the good faith deposit is wired to such escrow account,
we agree to the conditions and duties of Ehlers & Associates, Inc., as escrow holder of the good faith deposit, pursuant to
this Official Statement datcd March 9, 2000. This proposal is for prompt acceptance and is conditional upon deposit of
said Bond~ to The Depository Trust Company, New York, New York in accordance with the Terms of Proposal.
This proposal is subject to the City's covenant and agreement to enter into a written undertaking to provide continuing
disclosure under Rule 15c2-] 2 promulgated by the Securities and Exchange Commission under the Securities Exchange
Act of 1934 as described in the Official Statement for this Issue.
We have received and reviewed the Official Statement and havc submitted our requests for additional information or
corrections to the Official Statement. As Syndicate Manager, we agree to provide the City with the reoffering price of the
Bonds within 24 hours of the proposal acceptance.
Account Mana.~er:
By:
Account Members:
A ward will be on a true interest cost basis. According to our computations (the correct computation being controlling
in the award), the total dollar interest cost (including any discount or less any premium) computed from April 1,2000 of
the above proposal is $ and the true interest cost (TIC) is %.
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Hopkins. Minnesota on
March 2], 2000.
Attest:
Bv:
Title:
Title:
PROPOSAL FORM
.
The City Council
City of Hopkins, Minnesota
March 21, 2000
RE:
DATED:
$2,060,000 General Obligation Water Revenue Bonds, Series 2000A
Aprill,2000
For all or none of the above Bonds, in accordance with the Terms of Proposal and tem1S of the Global Book Entry System
as stated in this Official Statement, we will pay you $ (not less than $2,029,100) plus accrued interest
to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
% due 2001
% due 2006
% due 2007
% due 2008
% due 2009
% due 2010
% due 20 II
% due 2002
% due 2012
% due 2003
%due 2013
% due 2004
% due 2014
% due 2005
% due 2015
We enclose our good faith deposit in the amount of $41,200, to be held by you pending delivery and payment.
Alternatively, we have provided a financial surety bond or have wired our good faith deposit to the Ehlers & Associates,
Inc. Bond Issue Escrow Account No. 850-788-1 at Resource Bank & Trust Co., Minneapolis, Minnesota. If our proposal
is not accepted, said deposit shall be promptly returned to us. If the good faith deposit is wired to such escrow account,
we agree to the conditions and duties of Ehlers & Associates, Inc., as escrow holder of the good faith deposit, pursuant to
this Official Statement dated March 9, 2000. This proposal is for prompt acceptance and is conditional upon deposit of
tit said B\lnd~ to The Depository Trust Company, New York, New York in accordance with the Terms of Proposal.
This proposal is subject to the City's covenant ami agreement to enter into a written undertaking to provide continuing
disclosure under Rule 15c2-] 2 promulgated by the Securities and Exchange Commission under the Securities Exchange
Act of ] 934 as described in the Official Statement for this Issue.
We have received and reviewed the Official Statement and have submitted our requests for additional information or
corrections to the Official Statement. As Syndicate Manager. we agree to provide the City with the reoffering price of the
Bonds within 24 hours of the proposal acceptance.
Account Manaeer:
By:
Account Members:
A ward will be on a true interest cost basis. According to our computations (the correct computation being controlling
in the award), the total dollar interest cost (including any discount or less any premium) computed from April 1,2000 of
the above proposal is $ and the true interest cost (TIC) is %.
------------------------------------------------------------~------------------------------------------
The foregoing otTer is hereby accepted by and on behalf of the City Council of the City of Hopkins, Minnesota on
March 21, 2000.
.
Attest:
By:
Title:
Title:
It
.
.
RESOLUTION NO. 2000-IS
A RESOLUTION AWARDING THE SALE OF $2,060,000 GENERAL
OBLIGATION WATER REVENUE BONDS,
SERIES 2000A; 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 Hopkins, Hennepin County,
Minnesota (City) a'\ [allows:
Section 1.
SaJe of Bonds.
1.01. It is dctcnnined that
(a) the City Engineer has recommended the construction of vanous
improvements to the City's water system (Project).
(b) the City is authorized by Minnesota Statutes, Section 444.075 (Act) to
finance all or a portion of the cost of the Project (Project Costs) by the issuance or general
obligation bonds of the City payable from the net revenues of the water system. The Project
Costs ,u'e presently estimated by the engineer to be as follows:
Project Desl~nation & Descrif)tion
Total Proiect Cnst
Sources
Par Amount of Bonds
Total Sources
$2,060,O()()
$2.0W.OOO
Uses
Project Costs
Discount Allowance
Finance Related Expenses
$1,995,0()()
30,9()()
34.100
Total Uses
$2J)60,OOO
ec) It IS necessary ami expedient to the sound rinancial management of the
allairs of the City to issue $2,()()().oOO General Oblig<ltion Water Revenue Bonds, Series
2000A (Bonds) pursuant to the Act to provide financing for the Pm;ect.
1.02. The proposal of (Purchaser) tn
purchase $2,(}f1(),()(}O General Ohligalion WOller Rcven ue Bonds, Series 2000A (Bnnds) or the Cily
described in the Terms of Proposal thercof is found and detcrmined to be a rcasonahle oller and is
accepted. the proposal bei ng to pUrCkL'le the Bonds at a price of $ plus accrued
interesllo dale oj" delivery. for Bonds hearing interL~st as follows:
SJB-I77~f,7\"1
Ill> llll-t>l
e
Year of
Maturitv
Interest
Rate
Year of
Maturit y
Interest
Rate
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
True interest cost
1.03. The sum of $ heing the amount proposed by the Purcha"er in excess of
$2,029, I ()O will he credited to the Debt Service Fund hereinafter created. The City 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 Manager are directed to execute a contract with the Purchaser on behalf of the City.
. 1.04. The City will fonhwith issue and sell the Bonds pursuant to Minnesota Statutes.
Section 444.075 (Act). in the total principal amoLlnt of $2,060,O(Xl, originally dated April I. 20(XI. in
the denomination of $5,000 each or any integral multiple thereof, numhered No. R-I, upward,
bearing interest as ahove set forth, and maturing selially on February I in the years and aI110unL<:; as
fol1 ows:
.
:-;r[1-177'it,7\J
Ill'l I rI-to I
.
Year Amount Year Amount
2001 $115,000 2009 $140,000
2002 100,000 2010 145,000
2003 105,000 2011 155,oeX)
2004 110,000 2012 160,000
2005 115,000 2013 170,000
2006 120,000 2014 180,000
2007 125,0(X) 2015 190,000
2008 130,000
1 '()4. Optional Redemption. The City may elect on February I, 2009, and on any day
thereafter to prepay Bonds due on or after February I, 20W. 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 7 hereo1) of the particular amount of such maturity to be prepaid. DTC will detem1ine 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 interesL" in such maturity to be redccmcd.
Prepayments will be at a price of par pi us accrued interest.
.
1.05. Term Bonds. To be completed if Tel111 Bonds arc reLJuestcd by the Purchaser.
Section 2.
Re~istration and Payment.
2.01. Registered Fonll. The Bonds will be isslled only in fully registered f01111. 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 <1.<'; of the last intercst
payment date preceding the date of authentication to which interest on the Bond h,l" 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 avai]able for payment, in which case the Bond will be dated as
or the date of authentication, or (ii) the date of authentication is prior to the first interest payment
date, in which case the Bond will he dated ,L'i of thc date a!" original isslle. The interest on the Bonds
will he pa yahle on February ] and August I of each year, commencing February 1. 2()() L to the
registered owners of record thereof as of the close of husiness on the ri!kcnth day of the
immediately preceding month, whether or not that day is a business day.
2.0.3. RCt':istratiol1. The City will appoint a hond rcgistr,u.. transfer agent, authenticating
agent and paying agent (Registrar). The effect o!" registration and the rights ami duties of the City
and the Registrar with respect thereto arc as follows:
.
(a) Re~ister. The Registrar must keep at iL'i principal corporate trust office a
hond register in which the Registrar provides for the registratiol1 of ownership or Bonds and
SJB-I77'h7\j
111'1 III-hI
It
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) Exchan!.!c 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 sUlTendered 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.
(0 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 or, 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 wi]] 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 Char12es. TIle Registrar may impose a charge upon the
owner thereof for a transkr or exchange of Bonds sufficient to reimhurse the Registrar for
any tax, fee or other govemmenta] ch:.lrge required to be paid with respect to the transfer m
exchange.
.
(h) Mutilated. Lost Stolen or Destroyed Bonds. If a Bond hecomes mutilated or
is dcstruyed, stolen or lost. the Registrar will deliver a new Bond of like amount. numhef,
T11LllUrity date and tenor in exchange amI suhstitution fm and upon cancellation of the
mutilated Bond or in Iiell of and in suhstitution It)r a Bnnd destroyed, stolen or lost, upon the
payment of the reasonah]e expenses and charges of the Registrar in connection therewith:
amI. ill the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of
S!B-j775(,7,-1
JlI'1 10-!>I
-
evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of the ownership
thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in fornI,
substance and amount satisfactory to it and as provided by law, in which both the City and
the Registrar must be named a.;; 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 teffi1S it is not necessary to issue a new Bond prior to
payment.
(i) Redemption. In the event any of the Bonds arc 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 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
registered owners, or any defect therein. will not affect the validity or the proceedings for
the redemption of Bonds. Bonds so called for redemption wilJ ccase to bear interest after
the specified redemption date, provided that the funds for the redemption arc on deposit with
the place of payment at that time.
.
2.04. Appointment of Initial Re~istrar. The City appoints
, Minnesota, ~L<'; the initial
Registrar. The Mayor and the City Manager 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 customm)' chargcs of the Registrar for the services perfonl1ed. The City
reserves the right to remove the Registrur upon 30 days' nolice 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 hond register to the successor Registrar.
On or hefore each principal or interest due date, without further order of this Council, the City
Finance Director must transmit to the Registrar moneys sufficient for the payment of all principal
and interest then due.
.
LOS. Execution. Authentication and Delivery. The Bonds will be prepared under the
direction of the City Clerk and executed on hehalf of the City by the signatures of the Mayur and the
City Manager, provided that those signatun:s may be plinted. cngraved or lithographed Cacsimiles of
the' miginals. If an officer whose signature or a facsimile o( whose signaturc appc<u.s on the Bonds
ceases to he .such officer hdore the delivery o( a Bond, that signature or facsimile will nevertheless
he valid and sul1iciem for all purposes. the same as if the o1licer had remained in office until
ddiwry. Notwithstanding such execution, a Bond will not he valid or ohligatory for any purpOSl' or
entitled to any security or bcncrit under this Resolution unless and until a certificate of
authentication on the Bond has heen duly executed by the manual signature of an authoriZL'd
representative of the Registr~u-. Certificates of authentication on diCrcrent Bonds need not be signed
hy the sallle representati ve. The executed certi ricate of authentication nn a Bond is conclusi ve
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evidence that it has heen authenticated and delivered under this Resolution. When the Bonds have
been so prepared, executed and authenticated, the City Finance Director 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
poce.
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 foml set f011h in Section 3 with such
changes as may be necessary to rel1ect 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. The Bonds will he printed ortypewritten in substantially the following foml:
[Face of the BondJ
No. R-
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF HOPKINS
$
GENERAL OBLIGATION WATER REVENUE
BOND, SERIES 2000A
Rate
Maturitv
Date or
Original IssLle
CU SIP
April I, ::WO()
Registered Owner: Cede & Co.
The City of Hopkins. Minnesota. a duly organized and existing municipal corporation in
Hennepin County. Minnesota (City). acknowledges itself to he imlehted and for valuc received
herehy promises to pay to the Registered Owner specified ahovc ur registered assigns. the principal
sum of $ on the maturity dale specified ahove. with interest thereon from the date
herellf at the annual rate specified ahove, payahle February I and August I in each year.
commencing Fehruary I. 2()O I, to the pl'rson in whosc namc this Bond is registered at the close of
husiness on the fifteenth day (whether or not a husiness day) of the immediately preceding l1lonth.
SJB.177'\,,7I-1
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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 irrevocably pledged.
The City may elect on February 1, 2009, and on any day thereafter to prepay Bonds due on
or after February 1, 201 o. 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 (DTe) of thc particular amount
of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest
in such mallll;ty to be redeemed and each participant will then select oy lot the heneficial owncrship
interests in such maturity to be redeemed. PrepaymenL~ will be at a price of par plus accrued
interest.
.
The City Council has designated the issue of Bonds 01" which this Bond 1"00111S a part as
"qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Intel11al Revenue
Code of 19X6, as amended (the Code) relating to disallowance of interest expense for financial
institutions and within the $ \0 million limit allowed hy thc Code for the calendar year of issue.
Additional provisions of this Bond contained on the reverse hereof have the same effect as
though fully set forth in this place.
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 hercon has bccn executed hy the Bond
Registrar by manual signature of one of its authorized representatives.
IN WITNESS WHEREOF, the City of Hopkins, Hennepin County, Minnesota, by its City
Council. has caused this Bond to be executed on its hehalf hy the facsimile or manual signatures of
the Mayor and Cily Managcr and has caused this Bond to be dated a.<.; of the date set forth bclow.
Dated:
CITY OF HOPKINS, MINNESOTA
(Facsimile)
(Facsimile)
City Manager
Maym
.
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CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
By
Authorized Representative
[Reverse of the BondJ
This Bond is one of an issue in the aggregate principal amount of $2,060,()(X) all of like
OIiginal issue date and tenor, except as to number, matLllity date, redemption privilege, and interest
rate, all issued pursuant to a resolution adopted by the City Council on March 21, 2000 (the
Resolution), for the purpose of providing money to aid in financing various improvement.s to the
water system of the City, pursuant to and in full confomlity with the home m]e charter of the City
and the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section
444.075 and Chapter 475 and the principal hereof and interest hereon arc payahle primarily from the
net revenues or the water system of the City in a special debt service fund of the City, 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 ohligated itself to levy ad valorem taxes on all taxable property in the City
in the event of any deficiency in net revenues pledged, which taxes may he levied withoLltlimitation
as to rate or amount. The Bonds of this series arc issued only as fully registered Bonds in
denominations of $5,()()() or any integral multiple thereof of single maturit1cS.
IT IS HEREBY CERTIFIED AND RECITED That in and hy the Resolution, the City has
covenanted and agreed that it will continue to own and operate the water plant and system free from
competition hy other like municipal utilities; that adequate insurance on said plant and system and
suitable fidelity bonds on employees will be calTied; that proper and adequate books of account will
he kept showing all receipLS and dishursements relating to the Water Fund, into which it will pay all
of the gross rcvenucs from the water system: that it will also create and maintain a Genera]
Obligation Water Revenue Bonds, Selies 2000A Deht Service Fund, into which it will pay. out of
the net revcnues from the water system a sum sufficient to pay principal hereof and interest thereon
when due: and that it will provide. hy ad valorem tax levies. for any deficiency in required net watcr
system revenucs.
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferahle upon the hooks of the City at the pnncipal office of the Bond Registrar. hy thl'
registered owner helen!" in person or hy the owner's attorney duly authorized in writing upon
surrender hereo!" together with a written instrument of translcr satis(actory to the Bond Registrar.
duly execuled hy the registered owner or the owner's attorncy: and may also he sum:ndered in
exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City
SHl-1775hh I
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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 Bond Registrar may deem and treat the person in whose nan1e this Bond is
registered as the absolute owner hercof, 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 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 home rule chartcr of the City and the Constitution and laws of
thc State of Minncsota to be donc, to cxist, 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 tern1s, have been done, do exist, have happened and have bccn performed as so
required, and that the issuance of this Bond docs not causc the indebtedness of the City to exceed
any constitutional, statutory or charter limitation of indebtcdness.
The following abbreviations, when used in the inscription on the face of this Bond. will he
construed as though they were written out in full according to applicable laws or regulations:
TEN COM n as tenant,>
1I1 common
UNIF GIFT MIN ACT Custodian
(eust) (Minor)
TEN ENT -- as tenants
by entireties
under U nifon11 GifL'> or
Transfers to Minors
JT TEN
as joint tenants with
right of survi vorship and
not ,L'> tenanL" in common
(State)
Act _ _ _ . . .
Additional abbreviations may also be llsed though nol in the above list.
SJI}.ln'h7,"]
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ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and
does hereby ilTevocably 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 cOlTespond with the nanlC
as it appears upon the face of the within Bond in every particular, without
alteration or any change whatever.
Signature Gwmmtced:
NOTICE: Signature(s) must be guaranteed by a financial institution that is a memher of the
Securi tics Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program
("SEMP"), the New York Stock Exchange, Inc. Medallion Signatures Program ("MSP") or other
sllch "signature guarantee program" as may be detemlined 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 Bond Registrar will not effect transfer of this Bond unless the infol1l1ation cO!1ceming
the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if this Bond
is held ny joint account.)
Pk,L'le insert social security or other
identifying numner of assignee
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PROVISIONS AS TO REG ISTRA nON
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
Registered Owner
Signature of
Officer of the Registrar
Cede & Co.
Federal ID #13~2555119
3.02. The City Clerk will obtain a copy of the proposed approving legal OplI1l0n of
Kennedy & Graven, Chartered, Minneapolis, Minnesota, which will be complete except as to dating
thereof and will cause the opinion to he printed on or accompany each Bond.
Section 4.
Payment: Security: Pledges and ('ovenanL<;.
4.01. (a) The City will create and continue to operate its Water Fund to which will he
credited all gross revenues of the water system and out of which will he paid all normal and
reasonable expenses of current operations of the water system. Any balance therein are
deemed net revenues and will be transferred, from time to time. to a General Obligation
Water Revenue Bonds, Series 2000A Deht Service Fund (Deht Service Fund) hereby
created in the Water Fund, which fund will be used only to pay principal of and interest on
the Bonds and any other honds similarly authorized. There will always be retained in the
Debt Service Fund a sufficient amount to pay principal of and interest on all the Bonds
descrihed in Section 1.0 I, and the City Finance Director must rcport any current or
anticipated deficiency in the Debt Service Fund to the City Council. There is appropriated
to the Deht Service Fund (I) capitalized interest financed from Bond proceeds, if any, (ii)
any amount over the minimum purchase price of the Bonds paid hy the Purchaser, and (iii l
the accrued interest paid by the Purchaser upon closing and delivery or the Bonds.
(h) The proceeds of the Bonds, less the appropriatlons made in paragraph ( a).
together with any other funds appropriated during the constnlction or the project financed hy
the Bonds will he deposited in a separate construction fund to be used sole]y to defray the
Project Costs. When all Project Costs arc paid. the construction rund is to be closed and any
balance therein is to he deposited in the Deht Service Fund.
4.02. The City Council covenants and agrees with the holders of the Bonds that so long ,L"
any of thL' Bonds remain outstanding and unpaid. it will keep and enrorce the following covenants
and agreements:
(a) The City will continue to maintain and etTicient]y operate the water system
as puhlic utilities and conveniences free from com petiti on of other like municipal uti Iities
and will cause all revenues therefrom to he deposited in hank accounts and credited to the
SIB- 177)(,/,"1
111'111101
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water systcm accounts as hercinabovc provided, and will make no expenditures from those
accounts except for a duly authorized purpose and in accordance with this resolution.
(b) The City will also maintain the Debt Service Fund as a separatc account in
the Watcr Fund and will causc moncy to be credited thereto from time to time, out of net
revcnues from the water plant and system in sums sufficient to pay principal of and interest
on the Bonds when due.
(c) Thc City will kecp and maintain proper and adcquate books of records and
accounts scparate from all other records of the City in which will be complete and con'cct
entries as to all transactions relating to the water system and which will bc open to
inspcction and copying by any bondholder, or thc bondholder's agent or attorney, at any
reasonable time, and it will fumish certified transcripL'" therefrom upon requcst and upon
payment of a reasonable fee therefor, and said account will be audited at least annually by a
qualified public accountant and statcmcnL<; of SLlch audit and report will be furnished to all
bondholders upon request.
.
(d) The City Council will caLIse persons handling rcvenucs of the water systcm
to be bonded in reasonab]c amounts for thc protection of the City and the bondholders and
wi] I cause the funds collected on account of the operations of the water system to bc
deposited in a hank whose dcposiL') arc guaranteed under the Federal Deposit Insurance
Law.
(e) The Council will keep the water system insured at all times against loss by
!'ire. tomado and other risks customarily insured against with an insurer or insurers in good
standing, in such amounL.., as are customary for like p]anL<;, to protect the holders. from time
to time, of the Bonds and the City from any loss due to any such C<L')ua]ty and will apply the
proceeds of such insurance to make good any such loss.
(1) The City and each and all of its officers will punctually perform all duties
with reference to the water system as required by law.
(g) The City will impose and collect ch,uges of the nature authorized hy
Minnesota Statutes, Section 444.075 at the times and in the amount.'> required to produce, net
revenues adequate to pay all principal and interest when due on the Bonds and to create and
maintain such reserves seCLlling said payments as may he provided in this resolution.
(h) The City Council willlcvy general ad valorem taxes on alltaxahlc property
in the City, when required to meet any deficiency in net revenues.
.
LUU. It is herehy dClelmined that the estimated collection of net r"L'\'L'IlUCS for the payment
nr principal and interest on the Bonds \viIl produce at least five percent in excess of the amount
needed to meet. when due. the principal and interest payments on the Bonds and that no tax levy is
needed at this lime.
SJn-I77~(-;7\'J
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4.03. The City Clerk is authorized and directed to file a certified copy of this resolution
with the Taxpayer Services Division Manager of Hennepin County and to obtain the certificate
required by Minnesota Statutes, Section 475.63.
Section 5.
Authentication of Transcript.
5.01. 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, affidaviL'\ 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 marketahility of the Bonds, and such instrumcnL'\, including any heretofore furnished, will be
deemed representations of the City as to the facts stated therein.
5.02. The Mayor. City Manager and City Finance Director are authorized and dirccted to
certify that they have examincd 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 facL'\ and representations made therein as
of the date of the Official Statement.
s.m. The City authorizes the Purchaser to l"OIwm'd the amount of Bond proceeds allocable
to the payment of issuance expenses (other than amounL,> payahle to Kennedy & Graven. Chartered
as Bond Counsel) to Resource Bank & Trust Company, Minneapolis, Minnesota on the closing date
for further distribution as directed by the City's financial adviser, Ehlers & Associates, Inc.
Section 6.
Tax Covenant.
6.0J. The City covenants and agrees with the holders from time to time of the Bonds that
it will not take or pem1it to be taken by any of its ofriccrs, employees or agents any action which
would cause the interest on the Bonds to hecome suhject to taxation under the Intcmal 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 ollicers, employees or agent,> to
take, all affirmative action within its power U1at may be necessary to ensure that such interest will
not hecome subject to taxation under the Code and applicable Treasury Regulations, as presently
existing or as hereafter amended and made applicable to the Bonds.
(dC. (a) The City will comply with requirements nccessary under the Code to estahlish
and maintain the exclusion from gross income oj" the interest on the Bonds under Section 103 or the
Code, including without limitation requirements relating to temporary periods for investmenL,>.
limitatilll1s on amounts invested at a yield greater than the yield on the Bonds. and the rehale of
excess investment ecm1ings to the United States if the Bonds (together with other obligations
reasonahly expected to be issued in call'ndar ye<u' 2()()()) exceed the small issuer exception amount
o l' $ 5 . ()O{) . ()()() .
S.IB-I77"f>7\"1
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(b) For purposes of qualifying for the small issuer exception to the federal arbitrage
rebate requirements, the City tInds, 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)(C) of the
Code.
6.03. The City further covenants not to use the proceeds of the Bonds or to cause or pem1it
them or any of them to be used, in such a manner <L" to cause the Bonds to be "private activity
bonds" within the meaning of Sections 103 and 141 through 150 of the Code.
6.04. 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 arc not "private activity honds" a<; defined in Section 141 of the
Code;
(b) the City designates the Bonds as "qualified tax-exempt obligations" for
purposes of Section 265(0)(3) of the Code;
.
(c) the rea<;onahly anticipated amount of tax-exempt ohligations (other than
private activity bonds that arc not qualified 501 (c)(.3) hnnds) which will he issued by the
City (and all suhordinate entities of the City) during calendar year 2000 will not exceed
$ I (),OOO,OOO; and
(d) not more than $lO,()OO,OOO of obligations isslled hy the City during calendar
year 200() have heen designated for purposes uf Section 265(h)( 3) llf the Code.
6.05. The City will use iL<; best cffOIts to comply with any federal procedural requirements
which may apply in order to clTectuatc the designations made by this section.
Section 7. Book-Entry System: Limited Obligation oreity.
7.01. The Bonds will be initially issued in the fOlm or a separate single typewritten or
printed fully registered Bond ror each of the maturities set forth in Section 1.03 hercor. Upon initial
issuance. the ownership of each Bond will he registered in the registration buoks kept hy the Bond
Registrar in the name of Cede & Co., as nominee ror TIle Depository Trust Company, New York,
New York, and its successors and assigns (OTC). Except ,L<; provided in this section, all of the
outstanding Bonds will he registered in the registration books kept hy the Bond Registrar in the
name of Cede & Co., ,LS nominee of OTC.
.
7.02. With n:speclto Bonds registered inth(' registration bonks kept hy the Bond Registrar
in lhl~ name of Cede & Co., as nominee of OTC. the City. the Bond Registnu' and the Paying Agent
will have no respnnsihilily or ohligation to any hroker dealers, hanks and lllher financial institutions
SJH-I77'if17\1
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from time to time for which DTC holds Bonds as securities depositoI)' (ParticipanL<;) 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 Bond 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 Bond Registrar and the Paying Agent may treat and consider the person in whose name
each Bond is registered in the regisu'ation books kept by the Bond Registrar as the holder and
absolute owner of such Bond for the purpose of payment of principal, premium and interest willl
respect to such Bond, for the purpose of registering transfers with respect to such Bond, and for all
other purposes. The Paying Agent will pay aU principal or, premium, if any, and interest on the
Bonds only to or on the order of the respecti ve registered owners, as shown in the registration hooks
kept by the Bond Registrar, and aU 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 hooks kept by the Bond Registrar, will receive a certificated
Bond evidencing the obligation of this resolution. Upon delivery by DTC to llle City Manager of a
written notice to the effect that DTC has detcmlined 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 Manager will promptly deliver a copy of the same to the Bond Regisu'ar and Paying
Agent.
7.03. Representation Letter. The City has heretofore executed and delivered to DTC a
Blanket Issuer Letter of Representations (Representation Letter) which shall govem payment of
principal of, premium, if any, and interest on the Bonds and notices with respect to 11le Bonds. Any
Paying Agent or Bond Registrar subsequently appointed by the City with respect to the Bonds will
agree to takc all action necessary for all representations of the City in the Representation letter with
respect to the Bond Registrar and Paying Agent, respectively, to he complied with at all times.
7.04. Transfers Outside Book-Entry System. In the event the City, hy resolution of the City
Council, determines that it is in the hest interesL<.; of the persons having bendicial interests in the
Bonds that they be ahle tll obtain Bond certificate, the City will nOlify DTC whereupon DTC will
notify the ParticipanL<.;, of the availability through DTC of Bond certificates. In such event the City
will issue. translCr and exchange Bond certificates as requested by DTC and any other registered
owner in accordance \vith the provisions of this Resolution. DTC may determine to discontinue
providing its services with rcsrect to the Bonds at any time by giving notice to the City and
discharging iL<; responsibilities with respect thereto under applicable law. In such event. if no
succcssor securities depository is appointed. the City will issue and the Bond Registrar will
authenticate Bond certificates ill accordance with this resolution and the provisions hereof will
apply to the transfer, exchange and method or payment thereo!".
. 7.05. Payments to Cede & Co. Notwithstanding any other provision of this Reslllutilln to
the conlrary. so long as a Bond is registered in the name of Cede & Co., as nominee of DTC,
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payments with respect to principal of, premium, if any, and interest on the Bond and all 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 8. Continuing Disclosure.
8.01. 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 pCIi'om1ance by
court order, to cause the City to comply with its obligations under this section.
8.02. "Continuing Disclosure Certificate" means that certain Continuing Disclosure
Certificate executed by the Mayor and City Manager and dated the date of issuance and delivery of
the Bonds, as originally executed and as it may he amended from time to time in accordance with
the tem1S thereof.
Passed and adopted this ~ day of , 2000.
. CITY OF HOPKINS, MINNESOTA
Mayor
City Manager
.
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STATE OF MINNESOTA )
)
COUNTY OF HENNEPIN ) SS.
)
CITY OF HOPKINS )
I, the undersigned, being the duly qualified and acting Clerk of the City of Hopkins,
Hennepin County, Minnesota, do herehy 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 March 21,
2000 with the original minutes on file in my officc ami the extract is a full, true and con.cct copy of
the minutes insofar <1.<; they relate to the issuance and sale of $2,060,000 General Ohligation Water
Rcvcnue Bonds, Series 20t)OA of thc City.
WITNESS My hand officially as sllch Clerk and the corporate seal of the City this
day of
, 2000.
Ci ty Clerk
Hopkins, Minncsota
(SEAL)
sm- I 77'ifo 7 \" I
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STATE OF MINNESOTA
TAXPAYER SERVICES DIVISION
MANAGER' S CERTIFICATE
AS TO REGISTRA TlON WHERE
NO AD V ALOREM TAX
COUNTY OF HENNEPIN
I, the undersigned Taxpayer Services Division Manager of Hennepin County, Minnesota,
hereby certify that a resolution adopted hy the City Council of the City of Hopkins, Minnesota, on
March 21, 2000, relating to General Obligation Water Revenue Bonds, Series 2000A, in the amount
of $2,060.000. dated April 1, 2000, has been filed in my office and said ohligations have heen
registered on the register of ohligations in my office.
WITNESS My hand and official sea] this _ day of
, 200().
Taxpayer Services Division Manager
Hennepin County, Minnesota
(SEAL)
By
Deputy
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