CR 99-61 Award Sale Of Bonds-Valley Park Condominiums
CITY OF
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HOPKINS
. March 30, 1999 Council Rpt #99-061
AWARD SALE OF BONDS - VALLEY PARK CONDOMINIDMS
ProDosed Action
Staff recommends approval of the following motion: Approve resolution 99-023
awarding the sale of$1.465.000 Taxable General Obligation Bonds for the Valley Park
Housing Improvement Area.
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
The City of Hopkins has the authority to establish housing improvement areas under the
Housing Improvement Act (1994 Minnesota Laws, Chapter 587, Article 9, Section 22
through 31). Within a housing improvement area, the City can sell bonds to pay for
various improvements to individual housing units and common areas. Those bonds are
then repaid through fees imposed on the owners of the units.
In December and January the City Council held the required public hearings and
e approved the establishment of the housing improvement area and fees for Valley Park
Condominiums. A development agreement was executed, obligating the City to sell
General Obligation Housing Improvement Area Bonds.
At the March 16, 1999 City Council Meeting, the Council authorized the sale of bonds
for the Valley Park Housing Improvement Area project. The bids will be accepted until
11 :00 A.M. on April 6, 1999 at which time they will be reviewed and the
recommendation incorporated into Resolution 99-023.
Primary Issues to Consider
At this time, there do not appear to be any primary issues relating to the award of the
bond sale. Any significant issues affecting the sale will not be known until after the
closing ofthe bids on April 6, 1999.
SUDDortin2 Information
~ Official Statement/. .'
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. RESOLUTION NO. 99-023
A RESOLUTION AWARDING THE SALE OF $1,465,000
TAXABLE GENERAL OBUGATION HOUSING IMPROVEMENT AREA BONDS
SERIES 1999A; FlXING TIffiIR FORM AND SPECIFICATIONS;
DlRECTING 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) as follows:
Section 1. Sale of Bonds.
1.01. The proposal of (Purchaser) to purchase
$ Taxable General Obligation Housing Improvement Area Bonds, Series 1999A
(Bonds) of the City described in the Terms of Proposal thereof is found and determined to be a
reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of
$ plus accrued interest to date of delivery, for Bonds bearing interest as follows:
Year of Interest Year of Interest
Maturity Rate Maturity Rate
. 2002 2012
2003 2013
2004 2014
2005 2015
2006 2016
2007 2017
2008 2018
2009 2019
2010 2020
2011 2021
True interest cost:
1.02. The sum of $ being the amount proposed by the Purchaser in excess of
$ will be credited to the Debt Service Account in the Housing Fund hereinafter
created. The Finance Director is directed to retain 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.
1.03. The City shall forthwith issue and sell the Bonds in the total principal amount of
. $1,465,000, originally dated May I, 1999, in the denomination of $5,000 each or any integral
multiple thereof, numbered No. R-I, upward, bearing interest as above set forth, and which mature
serially on February I in the years and amounts as follows:
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Year Amount Year Amount .
2002 $40,000 2012 $ 70,000
2003 40,000 2013 75,000
2004 45,000 2014 80,000
2005 45,000 2015 85,000
2006 50,000 2016 90,000
2007 55,000 2017 95,000
2008 55,000 2018 100,000
2009 60,000 2019 110,000
2010 65,000 2020 115,000
2011 65,000 2021 125,000
1.04. Ootional Redemption. The City may elect on February 1, 2009, and on any date
thereafter to prepay Bonds due on or after February 1, 2010. Redemption may be in whole or in
part and if in pan, at the option of the City and in such manner as the City will detennine. If less
than all Bonds of a maturity are called for redemption, the City will notify DTC (as defmed in
Section 6 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by
lot the amount of each participant's interest in such maturity to be redeemed and each participant
will then select by lot the beneficial ownership interests in such maturity to be redeemed. All
prepayments will be at a price of par plus accrued interest. .
Section 2. Registration and Payment.
2.0!. Registered Form. The Bonds shall be issued only in fully registered fonn. The
interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by
check or draft issued by the Registrar described herein.
2.02. Dates: Interest Payment Dates. Each Bond will be dated as of the last interest
payment date preceding the date of authentication to which interest on the Bond has been paid or
made available for payment, unless (i) the date of authentication is an interest payment date to
which interest has been paid or made available for payment, in which case such Bond shall be dated
as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment
date, in which case such Bond will be dated as of the date of original issue. The interest on the
Bonds will be payable on February 1 and August 1 of each year, commencing August 1, 1999, to
the owner of record thereof as of the close of business on the fIfteenth day of the immediately
preceding month, whether or not such day is a business day.
2.03. Registration. The City will appoint, and shall maintain, a bond registrar, transfer
agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights
and duties of the City and the Registrar with respect thereto are as follows:
(a) Register. The Registrar must keep at its principal corporate trust office a .
bond register in which the Registrar provides for the registration of ownership of Bonds and
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. 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
du1y 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 such interest payment date.
(c) Exchange of Bonds. When Bonds are surrendered by the registered owner
for exchange the Registrar will authenticate and deliver one or more new Bonds of a like
aggregate principal amount and maturity, as requested by the registered owner or the
owner's attorney in writing.
(d) Cancellation. Bonds surrendered upon any transfer or exchange will be
promptly cancelled by the Registrar and thereafter disposed of as directed by the City.
(e) Improver or Unauthorized Transfer. When a Bond is presented to the
Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is
. satisfied that the endorsement on the Bond or separate instrument of transfer is valid and
genuine and that the requested transfer is legally authorized. The Registrar will incur no
liability for the refusal, in good faith, to make transfers which it, in its judgment, deems
improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person in
whose name a Bond is registered in the bond register as the absolute owner of the Bond,
whether the Bond is overdue or not, for the purpose of receiving payment of, or on account
of, the principal of and interest on the Bond and for all other purposes, and payments so
made to a registered owner or upon the owner's order will be valid and effectual to satisfy
and discharge the liability upon such Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. For a transfer or exchange of Bonds, the Registrar
may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any
tax, fee or other governmental charge required to be paid with respect to the transfer or
exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes mutilated or
is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number,
maturity date and tenor in exchange and substitution for and upon cancellation of the
mutilated Bond or in lieu of and in substitution for a Bond destroyed, stolen or lost. upon
the payment of the reasonable expenses and charges of the Registrar in connection
e therewith; and, in the case of a Bond destroyed, stolen or lost, upon f1ling with the Registrar
of evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of the
ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity
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in form, substance and amount satisfactory to it and as provided by law, in which both the .
City and the Registrar must be named as obligees. Bonds so surrendered to the Registrar
will be cancelled by the Registrar and evidence of such cancellation must be given to the
City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for
redemption in accordance with its terms it is not necessary to issue a new Bond prior to
payment
(i) Redemption. In the event any of the Bonds are called for redemption, notice
thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing a
copy of the redemption notice by first class mail (postage prepaid) 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 in the manner required by law. Failure to give notice by publication or
by mail to any registered owner, or any defect therein, will not affect the validity of any
proceeding for the redemption of Bonds. Bonds so called for redemption will cease to bear
interest after the specified redemption date, provided that the funds for the redemption are
on deposit with the place of payment at that time.
2.04. Appointment of Initial Registrar. The City appoints ,
. , as 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, such corporation is authorized .
to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the
Registrar for the services perfonned. The City reserves the right to remove the Registrar upon 30
days' notice and upon the appointment of a successor Registrar, in which event the predecessor
Registrar must deliver all cash and Bonds in its possession to the successor Registrar and must
deliver the bond register to the successor Registrar. On or before each principal or interest due date,
without further order of this Council, the Finance Director must transmit to the Registrar moneys
sufficient for the payment of all principal and interest then due.
2.05. Execution, Authentication and Delivery. The Bonds will be prepared under the
direction of the City Clerk and executed on behalf of the City by the signatures of the Mayor and
the City Manager provided that all signanrres may be printed, engraved or lithographed facsimiles
of the originals. In case any officer whose signature or a facsimile of whose signature appears on
the Bonds ceases to be such officer before the delivery of any Bond, such signature or facsimile will
nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in
office until delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for
any purpose or entitled to any security or benefit under this Resolution unless and until a certificate
of authentication on the Bond has been duly executed by the manual signature of an authorized
representative of the Registrar. Certificates of authentication on different Bonds need not be signed
by the same representative. The executed certificate of authentication on each Bond is conclusive
evidence that it has been authenticated and delivered under this Resolution. When the Bonds have
been so prepared, executed and authenticated, the Finance Director shall 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
pnce.
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. 2.06. Temporary Bonds. The City may elect to deliver in lieu of printed defmitive Bonds
one or more typewritten temporary Bonds in substantially the form set forth in Section 3 with such
changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon
the execution and delivery of defmitive Bonds the temporary Bonds will be exchanged therefor and
cancelled.
Section 3. Form of Bond.
3.0l. The Bonds will be printed in substantially the following form:
Face of the Bond
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF HOPKINS
TAXABLE GENERAL OBUGATION HOUSING IMPROVEMENT AREA BONDS
SERlliS 1999A
Date of
. Rate Maturitv Original Issue CUSIP
February 1, May 1. 1999
No. $
Registered Owner: Cede & Co.
The City of Hopkins. Minnesota, a duly organized and existing municipal corporation in
Hennepin County. Minnesota (City). acknowledges itself to be indebted and for value received
hereby promises to pay to the Registered Owner specified above or registered assigns. the principal
sum of $ on the maturity date specified above. with interest thereon from the date
hereof at the annual rate specified above, payable February 1 and August I in each year.
commencing February 1. 1998, to the person in whose name this Bond is registered at the close of
business on the ftfteenth day (whether or not a business day) of the immediately preceding month.
The interest hereon and. upon presentation and surrender hereof. the principal hereof are payable in
lawful money of the United States of America by check or draft by ,
. ,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.
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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 hereon has been executed by 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
COlmcil, has caused this Bond to be executed on its behalf by the facsimile manual signatures of the
Mayor and City Manager and has caused this Bond to be dated as of the date set forth below.
Dated: CITY OF HOPKINS, MINNESOTA
City Manager Mayor
CERTIFICATE OF AUIHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
.
By
Authorized Representative
Reverse of the Bond
This Bond is one of an issue in the aggregate principal amount of $1,575,000 all of like
original issue date and tenor, except as to number, maturity date, and interest rate, all issued
pursuant to a resolution adopted by the City Council on April 6, 1999 (the Resolution), for the
purpose of providing money to aid in financing various housing improvements within a housing
improvement area in the City, pursuant to and in full conformity with the Constitution and laws of
the State of Minnesota, including Minnesota Statutes, Chapter 475, 1994 Minnesota Laws, Chapter
587, Article 9, Sections 22 through 31, and the City's home rule charter and the principal hereof
and interest hereon are payable primarily from certain housing improvement fees levied or to be
levied on property within the housing improvement area in which the housing improvements are
located, as set forth in the Resolution to which reference is made for a full statement of rights and
powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment
of this Bond and the City Council has obligated itself to levy ad valorem taxes on all taxable prop-
erty in the City in the event of any deficiency in revenues pledged, which taxes may be levied
without limitation as to rate or amount The Bonds of this series are issued only as fully registered
Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. .
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. As provided in the Resolution and subject to certain limitations set forth therein, this Bond
is transferable upon the books of the City at the principal office of the Bond Registrar, by the
registered owner hereof in person or by the owner's attorney duly authorized in writing upon
surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar,
duly executed by the registered owner or the owner's attorney; and may also be surrendered in
exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City
will cause a new Bond or Bonds to be issued in the name of the 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 name this Bond is
registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be
affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota and the
City's home rule charter to be done, to exist, to happen and to be performed preliminary to and in
the issuance of this Bond in order to make it a valid and binding general obligation of the City in
accordance with its terms, have been done, do exist, have happened and have been performed as so
. required, and that the issuance of this Bond does not cause the indebtedness of the City to exceed
any constitutional, statutory or charter limitation of indebtedness.
The following abbreviations, when used in the inscription on the face of this Bond, shall be
construed as though they were written out in full according to applicable laws or regulations:
TEN COM -- as tenants UNIF GIFT MIN ACT Custodian
in common (eust) (Minor)
TEN ENT -- as tenants under Uniform Gifts or
by entireties Transfers to Minors
IT TEN -- as joint tenants with
right of survivorship and Act. . . . . . . . . . . .
not as tenants in common (State)
Additional abbreviations may also be used though not in the above list
ASSIGNMENT
. For value received, the undersigned hereby sells, assigns and transfers
unto
the within Bond and all rights thereunder, and
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does hereby irrevocably constitute and appoint attomey to transfer .
the said Bond on the book.c; kept for registration of the within Bond, with full power of substitution
in the premises.
Dated:
Notice: The assignor's signature to this assignment must correspond with the name
as it appears upon the face of the within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a financial institution that is a member of the Securities
Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program
("SEMP"), the New York Stock Exchange, Inc. Medallion Signatures Program ("MSP") or other
such "signature guarantee program" as may be determined by the Registrar in addition to, or in
substitution for, STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of .
1934, as amended.
The Bond Registrar will not effect transfer of this Bond unless the information concerning
the assignee requested below is provided.
Name and Address:
(Include infoffilation for all joint owners if this Bond is held by joint
account)
Please insert social security or other
identifying number of assignee
3.02. The City Clerk shall obtain a copy of the proposed approving legal opinion of
Kennedy & Graven, Chartered, Minneapolis, Minnesota, which shall be complete except as to .
dating thereof and shall cause the opinion to be printed on or accompany each Bond.
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. Section 4. Pavrnent: Security: Pledges and Covenants.
4.0l. For the convenience and proper administration of the moneys to be borrowed and
repaid on the Bonds, and to make adequate and specific security to the purchasers and holders of
the Bonds from time to time, there is hereby created a separate special fund of the City to be known
as the Housing Improvement Area No. 3 Fund (Housing Fund), which fund will be continued and
maintained as a pel1llanent fund of the City until all the Bonds are paid. Within the Housing Fund
there will be established and maintained separate accounts as follows:
(a) Project Account, into which account will be paid proceeds of the Bonds in the
amount of $ . Upon issuance of the Bonds, the City shall also deposit into
the Project Account prepaid housing improvement fees (Housing Fees) in the amount of
$99,657, which Housing Fees are levied on property within Housing Improvement Area No.
3 pursuant to City Council Resolution No. 99-002, adopted January 5, 1999 (the Fee
Resolution), and were prepaid pursuant to the Fee Resolution. Moneys in the Project
Account shall be disbursed to pay the cost of housing improvements in Housing
Improvement Area No.3, in accordance with the tel1llS of the Development Agreement
between the City and Westbrooke-West Condominium Association, Inc., d.b.a. Valley Park
Condominium Association, dated as of March 2, 1999 (the Development Agreement).
. (b) Administrative Account, into which account will be paid proceeds of the Bonds
in the amount of $ , which amount will be used solely for the purpose of
paying administrative costs in connection with Housing Improvement Area No.3 and costs
of issuance of the Bonds. Of that amount, $10,000 shall be credited to the City upon
issuance of the Bonds as reimbursement for internal City administrative expenses. The City
authorizes the Purchaser to forward amounts in the Administrative Account allocable to the
payment of issuance expenses (other than amounts payable 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 fmancial adviser, Ehlers
and Associates, Inc. Any other administrative costs shall be disbursed upon presentation to
the City of proper invoices for such costs. Any balance remaining in the Administrative
Account after all disbursements for administrative and issuance expenses shall be
transferred to the Project Account.
(c) Debt Service Account, into which account will be deposited from Bond
proceeds capitalized interest through February 1, 2000, any amount over the minimum
pmchase price of the Bonds paid by the Purchaser, and all accrued interest paid by the
Purchaser upon delivery of the Bonds, together with Housing Fees in the amount necessary
to pay when due the principal, interest and redemption premium, if any, on the Bonds.
(d) Surplus Account, into which account will be deposited all Housing Fees in
excess of the amounts required to be deposited into the Debt Service Account and the
. Project Account under this Section. Amounts in the Surplus Account shall be applied and
disbmsed in accordance with the Development Agreement
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4.02. Money in the funds and accounts created by this Resolution will be kept separate .
from other municipal funds and deposited only in a bank or banks which are members of the
Federal Deposit Insurance Corporation (FDIC). Deposits which cause the aggregate deposits of the
City in anyone bank to be in excess of the amount insured by FDIC must be continuously secured
in the manner provided by law for the investment of municipal funds. Income derived from
investments in all accounts established under this Resolution shall be credited to the respective
account from which the interest is derived.
4.03. The City hereby covenants with the holders from time to time of the Bonds as
follows:
(a) The City has caused or will cause the Housing Fees for the housing
improvements in Housing Improvement Area No.3 to be promptly levied against housing
units in such area so that the first installment will be collectible not later than 2000 and will
take all steps necessary to assure prompt collection. The City Council will cause to be taken
with due diligence all further actions that are required. under the Development Agreement
for the construction of the housing improvements financed wholly or partly from the
proceeds of the Bonds, and will take all further actions necessary for the final and valid levy
of the Housing Fees and the appropriation of any other funds needed to pay the Bonds and
interest thereon when due.
(b) In the event of any current or anticipated deficiency in Housing Fees (after
taking into account any revenues collected or anticipated to be collected under the .
Development Agreement), the City Council will levy ad valorem taxes in the amount of the
current or anticipated deficiency.
(c) The City will keep complete and accurate books and records showing:
receipts and disbursements in connection with the housing improvements, Housing Fees
levied therefor and other funds appropriated for their payment, collections thereof and
disbursements therefrom, and monies on hand.
4.04. It is hereby determined that the estimated collections of Fee Revenues for the
payment of principal and interest on the Bonds will produce at least five percent in excess of the
amount needed to meet when due, the principal and interest payments on the Bonds and that no tax
levy is needed at this time.
4.05. The City Clerk is authorized and directed to file a certified copy of this resolution
with the Taxpayer Services Division Manager and to obtain the certificate required by Minnesota
Statutes, Section 475.63.
Section 5. Authentication of Transcript.
5.01. The officers of the City arc 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 fmancial condition and affairs of the City, and such other
certificates, affidavits and transcript<; as may be required to show the facts within (heir knowledge
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. or as shown by the books and records in their custody and under their control, relating to the
validity and marketability of the Bonds and such insuuments, including any heretofore furnished,
shall be deemed representations of the City as to the facts stated therein.
5.02. The Mayor, City Manager and Finance Director are authorized and directed to certify
that they have examined the Official Statement prepared and circulated in connection with the
issuance and sale of the Bonds and that to the best of their knowledge and belief the Official
Statement is a complete and accurate representation of the facts and representations made therein as
of the date of the Official Statement.
Section 6. Book-Entrv Svstem~ Umited Obligation ofCitv.
6.01. The Bonds will be initially issued in the form of a separate single typewritten or
printed fully registered Bond for each of the maturities set forth in Section 1.03 hereof. Upon initial
issuance, the ownership of each such Bond will be registered in the registration books kept by the
Bond Registrar in the name of Cede & Co., as nominee for The Depository Trust Company, New
York, New York, and its successors and assigns (DTC). Except as provided in this section, all of
the outstanding Bonds will be registered in the registration books kept by the Bond Registrar in the
name of Cede & Co., as nominee of DTC.
. 6.02. With respect to Bonds registered in the registration books kept by the Bond
Registrar in the name of Cede & Co., as nominee of DTC, the City, the Bond Registrar and the
Paying Agent will have no responsibility or obligation to any broker dealers, banks and other
[mancial institutions from time to time for which DTC holds Bonds as securities depository (the
Participants) or to any other person on behalf of which a Participant holds an interest in the Bonds,
including but not limited to any responsibility or obligation with respect to (i) the accuracy of the
records of DTC, Cede & Co. or any Participant with respect to any ownership interest in the Bonds,
(ii) the delivery to any Participant or any other person other than a registered owner of Bonds, as
shown by the registration books kept by the Bond Registrar, of any notice with respect to the
Bonds, including any notice of redemption, or (ill) the payment to any Participant or any other
person, other than a registered owner of Bonds, or 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 registration 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 with respect to such Bond, for the purpose of registering transfers
with respect to such Bonds, and for all other purposes. The Paying Agent will pay all principal of,
premium, if any, and interest on the Bonds only to or on the order of the respective registered
owners, as shown in the registration books kept by the Bond Registrar, and all such payments will
be valid and effectual to fully satisfy and discharge the City's obligations with respect to payment
of principal of, premium, if any, or interest on the Bonds to the extent of the sum or sums so paid.
No person other than a registered owner of Bonds, as shown in the registration books kept by the
Bond Registrar, will receive a certificated Bond evidencing the obligation of this resolution. Upon
. delivery by DTC to the Finance Manager of a written notice to the effect that DTC has determined
to substitute a new nominee in place of Cede & Co., and the words "Cede & Co.," will refer to
such new nominee of DTC; and upon receipt of such a notice, the Treasurer will promptly deliver a
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copy of the same to the Bond Registrar and Paying Agent, if the Bond Registrar or Paying Agent is .
other than the Treasurer.
6.03. Representation Letter. The City has heretofore executed and delivered to DTC a
Blanket Issuer Letter of Representations (Representation Letter) which shall govern payment of
principal of, premium, if any, and interest on the Bonds and notices with respect to the Bonds. Any
Paying Agent or Bond Registrar subsequently appointed by the City with respect to the Bonds will
agree to take all action necessary for all representations of the City in the Representation letter with
respect to the Bond Registrar and Paying Agent, respectively, to at all times be complied with.
6.04. Transfers Outside Book-Entry System. In the event the City, by resolution of the
City Council, detennines that it is in the best interests of the persons having beneficial interest in
the Bonds that they be able to obtain Bond certificates, the City will notify DTC, whereupon DTC
will notify the Participants, of the availability through DTC of Bond certificates. In such event the
City will issue, transfer and exchange Bond certificates as requested by DTC and any other
registered owners in accordance with the provisions of this Resolution. DTC may detennine to
discontinue providing its services with respect to the Bonds at any time by giving notice to the City
and discharging its responsibilities with respect thereto under applicable law. In such event, if no
successor securities depository is appointed, the City will issue and the Bond Registrar will
authenticate Bond certificates in accordance with this resolution and the provisions hereof will
apply to the transfer, exchange and method of payment thereof.
6.05. Pavments to Cede & Co. Notwithstanding any other provision of this resolution to .
the contrary, so long as any Bond is registered in the name of Cede & Co., as nominee of DTC, all
payments with respect to principal of, premium, if any, and interest on such Bond and all notices
with respect to such Bond will be made and given, respectively in the manner provided in the
Representation Letter.
Section 7. Continuing Disclosure.
7.01. 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, and Bondholder may take such
actions as may be necessary and appropriate, including seeking mandate or specific perfonnance by
court order, to cause the City to comply with its obligations under this section.
7.02. "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 be amended from time to time in accordance with
the terms thereof.
.
SJB./59976
HPl10-59
-- .-- - - .- --
. Passed and adopted this 6th day of April, 1999.
CITY OF HOPKINS, MINNESOTA
Mayor
Attest:
City Clerk
.
.
SJB-159976
HPllO-59
hltere.H "'I lire Bond.. i.1 includible in Kross ill ('o/l/e o(llre rcdpicnl.for Vniled SWle.f or Slare 'if Minne.mW ill come lax /ll/l"fwses See "Tax ExcmpliOlI" /rereilljiJr a di.fcussitm
ofledem/ rax /exiI/alion.
.lre Inuer \<'ill NOT desiWl<1lc lire 8,mds m "'lualified /a.y-exefl1/J/ obliRaliom" I'u I".\UWI 1 /(J SecriorJ 265 'if1he IllIel"llul Rerellue Code of 1986. m amended. ",hiclJ permils
IIIWldul imliWI;,ms ro deduC/ imeresl eXpell.le allocable 10 Ihe BOllds 10 Ihe e Henl permil/ed under prior la1\'. _
New Issue Rating Applications: Moody's Investors Service
Standard & Poor's
, OFFICIAL STATEMENT DATED MARCH 26,1999
CITY OF HOPKINS, MINNESOTA
$1,465,000
TAXABLE GENERAL OBLIGATION
HOUSING IMPROVEMENT AREA BONDS, SERIES 1999A
PROPOSAL OPENING: April 6, 1999, 11:00 A.M., C.T.
CONSIDERATION: April 6, 1999,7:30 P.M., C.T.
PURPOSE/AUTHORITY/SECURITY: The $] ,465.000 Taxable General Obligation Housing Improvement Area Bonds, Series 1999A (the .'Bonds") are
being issued pursuant to 1994 Minnesota Laws, Chapter 587, Article 9, Sections 22 through 33, and Minnesota Statutes, Chapter475, to finance improvements
in Housing Improvement Area No.3 (the "'Area") in the City of Hopkins, Minnesota (the "City"). The Bonds will be general obligations of the City for whieh
the City will pledge its full faith, credit and taxing powers, together with fees imposed upon housing units in the Area. The Bonds will be in fully registered
form as to both principal and interest and will be in integral multiples of$5,000 eaeh. Delivery is subjeet to receipt of an approving kgal opinion of Kennedy
& Graven, Chartered. of Minneapolis, Minnesota.
eJA TE OF BONDS: May I. 1999.
MA TURITY: February I as follows;
Year Amount Year Amount Year Amount
2002 $40,000 2009 $60.000 2016 $90,000
2003 40,000 20lO 65,000 20]7 95.000
2004 45,000 20] I 65,000 2018 100,000
2005 45,000 2012 70,000 2019 ] 10,000
2006 50.000 2013 75.000 2020 115.000
2007 55.000 2014 80.000 2021 125,000
2008 55,000 2015 85,000
TERM BOND OPTION: All dates are inclusi ve. 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.
REDEMPTION: Bonds maturing February 1,20 I 0 and thereafter arc subject to call for prior redemptIOn on Fehruary l, 2009 and any
date thereafter, at par.
INTEREST: February I. 2000 and semiannually thereafter.
MINIMUM PROPOSAL: $1,436,000.
GOOD FAITH DEPOSIT: $29,300, payable to the City
PA YING AGENT: To be named by the City.
BOOK-ENTRY-ONLY: See "Book-Entry-Only System" herein.
~
lllis Oflieial Statement WIll he further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal amount. principal
alTlOllnt per maturity, anticipated delivery date, and unuerwriter. together with any other information required by law. and, as supplemented, shall eonstitute
a "Final On1eial Statement" of the Issuer with respect to the Bonds, as defined in S.E.C. Rule] 5c2-12.
e
_. ... .,.,.. ____.'~_~".. u.__ -- - -.- _~__ ... .." o. _ ._,,___ _., __""__.._'_'_"L_ .~.~ ...... .... -...--. '--'--'.~-~------- ~n__..~"."._ _, ."... ~_,,_. ",,, c. . hum,," . . . ".". .. ........L......."" ,-.-.... .m...,..,.",.".,..w ................ ....,..,._ ._r<<,h,._""..".,..,.u~.__.
e EHLERS LEA 0 E R S I N PUBLIC FINANCE
3060 Centre Pointe Drive, Roseville. MN 55]] 31105
& ASSOCIATES IN C 651.697.8500 fax 65] .697.8555 www.ehlers.inc.com
Offices in Roseville, MN, Brookfield. WI and Naperville, IL
COr.1PLIANCE WITH .s.E.C. RULE 15c2-12
ivlunicipal obligations (issued in an aggregate amount over S; 1.000,000! arc subject to General Rules and RegulatIons, Securities Exchange Act .
of 1934, Rule 15e2-] 2 Municipal Securities Disclosure (the '"Rule").
Official Statement: lllis Official Statement was prepared for the Issuer for dissemination to potential customers, Its primary purpose is to
disclose information regarding lhe Obligations to prospecti ve undenvrilers in the interest ofreeciving competitive proposals in accordan.ce with
the sale notice contained herein. Unless an addendum is received prior to the sale, this documenL shall be deemed the "Near Final Official
SL~ILemenL".
Review Period: TIllS Official Statement has hcen distrihuted to members of the legislative body and other public officials of the Issuer as wel[
as to prospective biduers for an objective review of its disclosure. Comments or omission.~ or in::!ccuracie.~ must be ~ubmit!ed to Ehlers &
Associ3tes 3t least two business dnys prior to the sDle. Requests for additional information or corrections in the Oft1cial Statement received
on or krare this date will not be considered a qualification of a proposal received from an underwriter. If there are any changes, corrections
or additions III the OffiCIal St3tement. interested bidders will be informeu by an addendum at least one business day prior to the sale.
Final Offidul Statement: Upon 3ward of ~~IJc of the Obligaliom. the legislative budy will authorize the preparation of an addendum to the
Onicial Slalernenl that includes the offering prices, interest rales, aggregate principal amount, principal amount per maturity, anticipated delivery
dilte and ulher information reL[llired by law anu the identity of Ihe Syndicate Manager and Syndicate Members. This addendum, together with
any prevIOus addenuuTll ot corrections or additlOllS to thl~ Oflleial StalemclH, sh,dl be deemed the complete Flllal Ofticial Statement Copies
of the FIIl::!1 OtllCwl SlatelT1ell! will he delivered to the underwriter ISyndicate Manager) within seven business days following the proposal
aeCepl~ll1ce.
Continuing Disclosure: Subject III cerlain exemptions, issue~ in an 3ggrcgate amount over.$1 ,000,000 may be required 10 comply with
provi~ions of the Securities Exchange Act of 1914 wJlich require thm issuers of municipal securities enter into agreements for the henetlt of
the owners of the secuntlcs to provide conlinuing disclosure wjth respect to the sccurities. Described in the OITicial Sti!h:rnent arc the conditions
under which the Issuer of these ohligations is exempt or will comply with the Rule.
REPRESENTATIONS
No de~\lcl. bmJ..er. salesperson or uth<:r puson h:l:; het'11 ~\Ulhori/cd by the lsslJt'r to gIve any information or to make any TeprescnU1tioIl other .
than those contained in the Olllc;al St:ltement :md. if gi ven '.If made. such olher infol mati on or represent31ions must not be relied upon as having
been authOrIzed hy the Issuer.
This Official Statement is not In be construed as a contract with thl' underwriter. Strllements contained herein which involve estimates or matters
of oplniun are ;ntended solclY:ls sud] jnd arc not to be construed as rl'pn:sentations of f3Ct.
Tins Onicial Slatcml'nt and any 3Jdend:1 thereto were prepan:d relying on ink,rmation of the Issuer 3nd olher sources 3nd. whIle helieved to
be reliable. arc not guarantced as to eOll1p!ctene" m :ll.currlcy.
Bond Counsel has not parlKip3ted In the [1rl'[13ratil\n pf thIS Utlrci;il St~llcment and is not expressing any opil1lon as to the completeness or
3ccuracy of the information cOlltained therein.
C"mpcn':lIioIl of Ehlers 8: i\,sociate,. Ine.. payabk entirely hI,' Ihe Issuer, is contingent upon the S<lle of the issue,
CLOSING CERTIFICATES
Upon delivery of the Obligatluns, the purchaser (ullllcrwriter) will he furnished with thC following items: (I) a certilicale uflhe appropriate
ortlei~lls to the ellect that at the time oj' the sale of"tl1C Obli.2~\tlons anu alltimcs subsequent therelO up to and including thl.' time ot the delivery
of the Obligatipns. this Official Statement did not and does not cvntain any untme statement of it material fllct or omit to state a m:\terial fact
necessary to make the statements therein. in the ligbt oflhe circlltmtances under which they were made, not misleading; (21 a receipt signed
hy the appropriate officer evidencing p:lyment for the Obllgali<)ns', (3) a certi ficatl.' evidencmg the due execulion of the Ohligatiuns, including
slatenwnts lhat (a) no Itligation of any nature is pendll1g, 1Il to the knowledge of signers, threatened. restraining or enjoining the issuance and
delivery of the Obligations, (h) neither the corporate existence Of boundaries ()fthe [ssuer nor the title offhe signers to their respective offices
IS helllg contested, and I c) no autho[Jty or proccedings for the issu~JIlce of the Obligations have been repealed, revoked or rescinded; and (4)
;1 ('e!tiEc'ate Sl'tllng forlh f~lCls ~l!1d e:o-pect;llions of the Issucr whrch indicatl's that the Issuer docs !lot expect to me thl' proceeds of the
Obligations in a llWlI1er that would Clllse thc;m to he arhltrage bonds wilhin the m<:aning of Section 148 of the I nlcrnal Revenue (nul' of 1'186, .
;lS amended, [)! within the me,ming uL]PI)lic'~lhlc Tre;lsury Reglllations.
IJ
------- ----- --
. TABLE OF CONTENTS
TERMS OF PROPOSAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ]
INTRODUCTION..................................................... ................... ..................... 6
AUTHORITY; PURPOSE................................... ........................... .. ............... .... 6
SOURCES AND USES ..................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 6
SECURITY .............................................................................................. 6
RATING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 7
TAXABILITY ............................................................................................ 7
CONTINUING DISCLOSURE..... .......................... .................................... ............ 7
RISK FACTORS .......................................................................................... 7
VALUATIONS .............................................................................................. 10
MINNESOTA VALUATIONS; PROPERTY TAXES ............................................................ 10
CURRENT PROPERTY V ALUA TIONS ...................................................................... II
1998/99 NET TAX CAPACITY BY CLASSiFICATION.......... ...... ... ................... ................ .... ]2
TREND OF VALUATIONS ................................................................................ 12
LARGER TAXPAYING PARCELS........................... .. ...... .. .......................... ....... .... 12
DEBT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 13
DIRECT DEBT .......................................................................................... 13
DEBT LIMIT ............................................................................................ 13
SUMMARY OF GENERAL OBLIGATION DEBT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 14
OVERLAPPING DEBT........... ........... .. ... ............................................ ... .......... 16
DEBT RATIOS .............................................................. ........................... 17
FUTURE FINANCING ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 17
. LEVY LIMITS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ] 7
TAX LEVIES AND COLLECTIONS.......... ...... ............................................................ 19
TAX COLLECTIONS.................. ..... .. ....... .............. .. .................. ....... ..... ... .. .. 18
THE ISSUER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .......................... 19
CITY GOVERNMENT ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 19
EMPLOYEES; PENSIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 19
FUNDS ON HAND......... ..... ...... ....... ... .......... ........... ....... ............................ 20
LITIGATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... ... .... ... .. 20
DEBT PAYMENT HISTORY..... . ........... .. ............... .... ..... ............... ......... ... .... ..... 20
GENERAL INFORMATION.... ...... ... ...... ... ..... ... ....... ...... ..... ....... .......... .......... ......... 21
LOCATION............. ...... ... ...... .. ..... ..... ...... ...... . ............... ...... ....... ... ...... ... 21
LARGER EMPLOYERS ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 21
U.S. CENSUS DATA..... .... .. . ... ..... . .. . .... ..... .. ... . ...... . ...... ... .... ........ ....... .. ....... ... 22
EMPLOYMENT/UNEMPLOYMENTRATES.................................................................. 22
BUILDING PERMITS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 23
FINANCIAL SERVICES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 23
EDUCATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 24
MEDICAL FACILITIES .................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 24
BOND YEARS .............................................................................................. 25
EXCERPTS FROM FINANCIAL STATEMENTS... ..... ........... ... ... . .............. ..... ... ...... . ... ........ A-I
FORM OF LEGAL OPINION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. B-1
BOOK-ENTRY.ONL Y SySTEM.................. .. .... ....... . . ..... ............... ...... ......... ........... C-I
. CONTiNUING DISCLOSURE CERTIFICATE....... ..... . ....... . ... ... ......... .. ...... .... ... ...... ... .... .... D-I
III
.
OFFI CERS
Charles Redepenning Mayor
Frances Hesch Council Member
Karen J Cllsen Council Member
Diane Johnson Council Member
Eugene Maxwell Council Member
Steve Mielke, City Manager
James Genellic, Assistant City Manager/Community Services Administrator
Terry Obermaier, City Clerk
Lori Yager, Finance Director
JanKs Kerrigan, Ecollomic D('velopment Director
Kersten Elvcmtl1, Huusing Coordinator
.
PROFESSIONAL SERVICES
Jerre A. Miller, City Attorney, Hopkins, Minnesota
Kennedy & Graven, Chartered, Bond Counsel, Minncapolis, Minnesota
Ehlers & Associatcs, Inc.. Fin:mcial Advisors. Ruseville, Minnesota
.
IV
. TERMS OF PROPOSAL
$1,465~OOO
TAXABLE GENERAL OBLIGATION
HOUSING IMPROVEMENT AREA BONDS~ SERIES 1999A
CITY OF HOPKINS~ MINNESOTA
Sealed proposals for the purchase of $1,465,000 Taxable General Obligation Housing Improvement Area Bonds,
Series 1999A (the "Bonds") of the City of Hopkins, Minnesota (the "City") will be received at the offices of Ehlers
& Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, until 11:00 A.M., Central Time,
on April 6, 1999, 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 in the City at 7:30 P.M.,
Central Time, on the same date. The Bonds will be general obligations of the City for which the City will pledge its
full faith, credit and taxing powers, together with fees imposed upon housing units in Housing Improvement Area
No. 3 (the "Area"). 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 Bonds are being issued pursuant to 1994 Minnesota Laws, Chapter 587, Article 9, Sections 22 through 33, and
Minnesota Statutes, Chapter 475, to finance improvements in the Area.
. Dates and Maturities
The Bonds will be dated May 1, 1999 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 in the following years
and amounts:
Year Amount Year Amount Year Amount
2002 $40,000 2009 $60,000 20]6 $90,000
2003 40,000 2010 65,000 20]7 95,000
2004 45,000 2011 65,000 20]8 ] 00,000
2005 45,000 2012 70,000 2019 I 10,000
2006 50,000 2013 75,000 2020 115,000
2007 55,000 2014 80,000 2021 125,000
2008 55,000 2015 85,000
Term Bond OPtion
All dates arc 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.
Interest Payment Dates and Rates
. Interest will be payable on February I and August] of each year, commencing February], 2000, to the registered
owners of the Bonds appearing of record in the bond register as of the close of business on the] 5th day (whether or
I
not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year
of twelve 3D-day months and will be rounded pursuant to rules of the MSRB. All Bonds of the same maturity must
bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any .
subsequent maturity. Each rate must be expressed in an integral multiple of 51100 or 1/8 of 1%.
OPtional Redemption
At the option of the City, Bonds maturing on or after February I, 20 I 0 shall be subject to prior payment on February
I, 1009 or any date thereafter, at a price of par and accl1led 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 such maturity to be redeemed
and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed.
Notice of such Glll shall be given by mailing a notice thereof by registered or certified mail 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 un
the registration books.
Book Entry Format
The Bonds will be design:lled in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"),
Ne\v York, New York. DTC will acl as securities deposit(lry for the Bonds, and will be responsible for maintaining
a book-entry system for recording the interest of its part icipants and the transfers of interests bet ween its participants.
The participants will be responsible for maintaining records regarding the beneficial interests of the individual .
purcklsers of the Bonds. So long 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 obligated to remit such payments to its Participants for
subsequent disbursement to the beneficial owners of the Bonds.
Pavin~ Agent
The City will select a paying agent (the "Paying Agent"). The City will pay the charges for Paying Agent services.
The City reserves the right to remove the Paying Agent and to appoint a successor.
Delivery
Within -+0 days after the sale, the Bonus will be delivered without cost to the original purchaser at DTe. On the day
of cll)sing, the City will furnish to the purchaser the opinion of bond counsel hereinafter described, appropriate
arbitrage certifications and a certificate verifying that no litigation in any manner questioning the validity of the
Bonds is then pending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be
rCl.eived by the City at its designated depository on the date of closing in immediately availabfe funds.
Legal Opinion
An opinion as to the validity of the Bonds will be furnished by Kennedy &. Graven, Chartered, of Minneapolis.
Minnesota, bond counsel to the City, and \vill accompany the Bonds. The legal opinion will state thatlhe Bonds are
valid and binding general obligations of the City enforceable in accordance with their terms, except tn the extent to
which enforceability may be limited by Minne~ola or United States laws relating to bankruptcy, reorganization,
moratoriulll or creditors' rights generally. .
2
. Type of Proposal
Proposals for not less than $ 1,436,000 plus accrued interest on the principal sum of $1,465,000 from date of original
issue of the Bonds to date of delivery must be filed with the undersigned prior to the time of sale. Proposals must
be submitted to Ehlers & Associates, Inc. either:
] ) In a sealed envelope to Ehlers & Associates, Inc. as described herein; or
2) A facsimile submission to Ehlers & Associates, Inc., Financial Advisors, Facsimile Number: (65]) 697-8555.
Proposals must be submitted to Ehlers & Associates, Inc. as described above and must be received prior to the time
established above for the opening of proposals. Each proposal must be unconditional except as to legality.
A good faith deposit (the "Deposit") in the amount of $29,300, or a financial surety bond complying with the
provisions below, must be submitted with each proposa]. The Deposit must be in the form of a certified or cashiers
check or bank draft or a wire transfer offunds to Resource Bank & Trust Company, of Minneapolis, Minnesota, ABA
#09-10-0550-6 for furthercredit to Ehlers & Associates, Inc., Bond Issue Escrow Account #850-788-1, or a financial
surety bond. The Deposit will be retained by the City as liquidated damages if the proposal is accepted and the bidder
fai Is to comply therewith. The Deposit will be returned to the Purchaser at the closing for the Bonds. Proposals for
the Bonds should be addressed to:
Terry Obermaier
City Clerk
. City Hall
1010-lst Street
Hopkins, MN 55343-7573
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 & Associates, Inc. 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 & Associates, Ine. in the form of a certified or cashier's check or wire transfer as instructed by
Ehlers & Associates, Ine. not later than 3:00 P.M., Central Time, on the next business day following the award. If
such deposit is not received by that time, the financial surety bond may be drawn by the City to satisfy the deposit
requirement. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by
the City. No proposal can 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.
A ward
The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost
(TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will
be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. No ora] proposal will be
considered, and the City reserves the right to reject any and all proposals and to waive any informality in any
proposal.
.
3
CLTSIP Numbers
The City will assume no obligation for the nssignment 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 any delay in delivery occasioned thereby.
Information From Purchaser
The successful purchaser will be required to provide, in a timely manner, certain information relating to the initial
offering prices of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions of the Internal
Revenue Code of 1986, as amended.
Taxability
interest on the Bonds is included in gross income of the recipient for United States income tax purposes and is
included, to the same extent, in both gross income and taxable net income for State of Minnesota income tax
purposes.
Continuin'2: Disclosure
In order to assist the Underwriters in complying with the provisions of Rule 15c2-12 promulgated by the Securities
and Exchange Cllmmission under the Securitie~ Exchange Act of 1934 the City will enter into an undertaking (the
"Undertaking") for thl' benefit of the holders of the Bonds. A description of the details and terms of the Undertaking
is set forth in the Ufficial Statement.
Official Statement .
Underwriters lllay obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the
proposal opening. The SynJicJle Manager \Vill be provided with 75 copies of the Final Official Statement within
seven business days of the proposal acceptance. Additional copies af the Final Official Statement will be available
at a cost of $10.00 per capy.
Information fur bidders and proposal forms may he obtained from the undersigned or from the City's Financial
Advisor, Ehlels 8: Associates. Inc., 3060 Cl'ntre Pointc Drive, Roscville, Minnesota 551/3-1105, Telephone (65l)
A97 -~500.
The City reserves the right to reject any ane! all proplIsals, and to \vaive informalities and to adjourn the sale.
RY ORDER OF THE CITY COUNCIL
Terry Obermaier
City Clerk
City Hall
1010-1st Street
Hopkins, MN 55343-7573
If prllposals arc delivered to Ehlers & Associates. Ine.. the good faith deposit, payable to the City, shall be letained .
in the offices of Ehlers 8: Associates, Ine. with the same effect as il'delivered ta the City. Alternatively. bidders may
wire the good faith deposit to Resource Bank & Tl1Ist Company, Minneapolis, Minnesota, A.B.A. #09-]0-0550-6
4
---
. for credit tu Ehlers & Associates, Inc. Bond Issue Escrow Account, #850-788-]. The City and any bidder who
chooses to so wire the good faith deposit hereby agree irrevocably that Ehlers & Associates, Inc. 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 & Associates, Inc. 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 &
Associates, Inc. shall bear al I costs of maintaining the escrow account and returning the funds to the bidder; 5) Ehlers
& Associates, Inc. shall not be an insurer of the good faith deposit amount and shall have no liability hereunder
except jf it willfully fails to perform, or recklessly disregards, its duties specified herein; and 6) FDIC insurance on
deposits within the escrow account shall be limited to $100,000 per bidder.
.
.
5
INTRODUCTION .
AUTHORITY; PURPOSE
The S] ,465,000 Taxable General Obligation Housing Improvement Area Bonds, Series 1999A (the "Bonds") are
being isslled purSU~lIlt to 1994 Minnesota Laws, Chapter 587, Article 9, Sections 22 through 33, and Minnesota
Statutes, Chapter 475, to finance improvements in Housing Improvement Area No.3 (the "Area") in the City of
Hopkins, Minnesota (the "City"), The ordinance establishing the Area was adopted by the City Council on January
5,1999. On March 2,1999, the City Council approved an agreement with the Valley Park Condominium Association
to provide funds to make the following improvements:
. Mansard replacement
. Replace patio doors ::l/Jd rails
. Replace downspouts
. Upgrade entries
. Repair and paint stucco timbers
. Sidewalk replacement
. Rebuild parking lots
. Construct trash buildings
. Rehabilitate garages
SOURCES AND USES e
Suurces
Par Amount of Bonds $] ,465,000
Prepaid Fees 9Sl.657
Total Sources S] ,564,657
Uses
Project Costs $1,429,650
Discount Allowance 29,000
Finance Related Expenses 35,000
Capitalized Interest 7],007
Tutal Uses 5>] ,564,657
SECURITY
The Bonds are general obligati011s or the City for which its full faith, credit and taxing powers are pledged without
limitation as to rate or amount. Revenue to pay deht service on the Bonds will come from the fees imposed upon
housing units in the Area. On Jallll~llY 5, 1999, the City Council adopted the resolution imposing the fees Jnd the
statutory period to petition for veW of the fee resrdution has lapsed. The fees will be levied in 1999 (or initial
colketion with WXl"S payable in :2000. The fees will he payable annually through 2019.
.
6
- -- .-
The City allowed the total fee for each housing unit to be prepaid in full within thirty (30) days of the effective date
. of the resolution imposing the fees. All units not exercising the ability to prepay will pay fees on an annual basis.
The annual fee for each unit represents the payment of the total fee plus interest in equal annual installments over
a 20-year period. The rate of interest used to determine the annual fee will be equal to the average interest rate on
the Bonds plus an amount needed to produce total fee revenue collected from all units in each year that equals 105%
of the average annual debt service on the Bonds. The interest rate on the annual fees wilI be set based on the results
of sale.
RATING
The $1 ,700,000 Taxable General Obligation Housing Improvement Area Bonds, Series 1997B, dated May 15, 1997,
were insured by Financial Security Assurance and, therefore, rated "Aaa" by Moody's Investors Service and "AAA"
by Standard & Poor's (with underlying ratings of "A-I" by Moody's Investors Service and "A+" by Standard &
Poor's). 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 reflect
only the view of the rating agencies and any explanation of the significance of such ratings may only be obtained
from Moody's Investors Service and Standard & Poor's. There is no assurance that such ratings, if and when
received, wil I continue for any period of time or that it will not be revised or withdrawn. Any revision or withdrawal
of thc ratings may have an effect on the market price of the Bonds.
TAXABILITY
Interest on the Bonds is includible in the "gross income" of the owners of the Bonds for purposes of federal and State
. of Minnesota income taxation.
CONTINUING DISCLOSURE
In order to comply with the provisions of Rule 15c2-12 promulgated by the Securities and Exchange Commission
under the Securities Exchange Act of] 934 (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 Board 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 will 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.
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 other rcvenue (housing area improvement
fees) be insufficient.
7
Ratings; Interest Rates: In the future, the City's credit ratings 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 tCl maturity.
State Economy; Local Government Aids: State cash flow problems could affect local governments and possibly
increase property taxes.
Continuing Disclosure: A failure by the City to comply with the Undertaking for continuing disclosure (as
described herein) wiil 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 ad versely affect the
transferability and liquidity of the Bonds and their market price.
Book-Entry-Only System: The timely credit of payments for principal and interest 011 the Bonds to the accounts
of the Beneficial Owners of the Bonds may be delayed due to the customary practices, standing instructions or for
other unknown reasons by The Depository Trust Company ("DTe") participants or indirect participants. Since the
notice of redemption or other notices to holders of these obligations will be delivered by the City to DTC only, there
may be a delay or failure by DTe, DTC participants or indirect participants to notify the Beneficial Owners of the
Bonds.
Year 2000 Efforts of DTC: DTC management is aware that some computer applications, systems, and the like for
processing data ("Systems") that arc dependent upon calendar dates, including dates befure, on, and after January e
1, lOOO, may encounter "Y car 2000 problems." DTC has informed its Participants and other memhers of the financial
community (the "Industry") that it has developed and is implementing a program so that its Systems, as the same
relate to the timely payment of distributions (including principal and interest payments) to security holders, book-
entry deliveries, and settlement of trades within DTC ("DTC Services"), continue to function 3ppropriately. This
program includes a technical assessment and a remediation plan, each of which is complete. Additionally, DTC's
plan includes a testing phase, which is expected to be completed within appropriate time frames.
However, DTCs ability to perform properly its services is 31so dependent upon other parties, including but not
limited 11) is<.;ucrs and their agents, as \vell as third party vendors from whom DTC licen,cs software and hardware,
and third party vendors on whom DTC relies for information or the provision of services, including
telecom1llunication and electrical utility service providers. among others. DTC has informed the Industry that it is
contacting (and will continue to contact) third part)' vendors fmm whom DTC acquires services to: (i) impress upon
them the importance of slIch services being Year 1000 compliant; and (ii) determine the extent of their efforts for
Year lOOO remedi3tion (and, as apprupriate, testing) of their services. In addition, DTC is in the process of
developing such contingency plans as it deellls apprt\priate.
According to DTC the foregoing information with respect to DTC has been provided to the Industry for
informational puqwses llnly and is not intcnd(~d to serve as a representation, warranty, or contract modification of
any kind.
.
8
--
Year 2000 Efforts of the City: Background. The "Year 2000" issue is the result of computer programs being
. written using two digits rather than four to define the applicable year. Computer programs that have date-sensitive
software may recognize a date using "00" as the year 1900 rather than the year 2000. If not corrected, many computer
applications could fail or create erroneous resulLs, possibly affecting an organization's operations, financial condition,
or ability to make timely payments on its indebtedness.
Assessment in Progress, but Incomplete. The City has not completed its assessment of Year 2000 issues and thus
offers no assurance that the consequences of Year 2000 issues will not materially affect the City's operations,
financial condition, or ability to make timely payments on its indebtedness.
The City first began to address this issue in 1997. All City Departments are currently involved in Inventory and
Assessment, Repair and Replacement and Contingency Planning. As of March, 1999, the City is confident that it
will be able to deliver all of its basic services on and after January I, 2000. The City is aware, however, that
addressing the Y car 2000 problem is a global issue. Events outside the control of the City may impact its ability to
provide basic services. Although the City believes that major problems will not occur, contingency plans will be
prepared.
.
.
9
VALUATIONS
.
MINNESOTA VALUATIONS; PROPERTY TAXES
All non-exempt property is subject to taxation hy local taxing districts. TIle total tax rate is detemlineJ by dividing each laxing
diSlrict's dollar levy \budgetless aids and revenues) by its total tax capacity.
Exempt real pflJperty includes Indian lands, puhlic property, and educational, religious and charitable institutions. Most personal
p!opcrty is exempt from laxation (except investor. owned utility mains, generating plants, etc.).
At least one-fourth of all real properties are appraised yearly by local or county assessors who are directed by statute to appraise
each parcel according to its estimated market value (EMV).
The assessors classiCy all property suhject to the general prnperty tax and apply statutory percentages to the EMV to determine
the tax capacity upon which tax capacity rales arc computed. Significant major classifications :mLl the percentages by which tax
capacity is determined are:
Tvpl' or Property 1996/97 199719S 1998/99
Rc,idellll;l111llIlleSlead' FIrst ,~7::.()1)() - I.O'j( Fir,' $75,000 - 1.0% Fir,t $75,000 - 1.0'k
Over $72,000 - 2.0'J. Over $75,000 - 1.85% Over $75,000 - UWI,
1\l:'ricullurJI horne,le;ld' First $ 72.00() HGA. - 1.(1'.1 First $75,000 HGA - 1.0'7, Firsl $75,nOO IIGA . 1.0'7r
Over :t72.0()() HGA - 2.0<::; QVl'f $75.000 1-IGA - 1.859;; Over $75.000 IIGA - 1.70'70
L\l1u lu :120A .-+5<;; - 1.0Se Land III 3201\ . A'k - 0.9% Lllld to :12DA - .357r - (j.S'I,
Llnd nces" - 1 .5ll,(c Land exel'SS - 1.40% Land exccss 1.~:)q1 .
A!2ricullural J1(Jn-hullIeslead L;md - 1.50'k Lane! 1.40'7: Land - 1.2S'k
Seasonal recreational residcn!i~11 Flrq $72,000 - 1.75',';. First .~75,OOO l.4'k First $75,000 - 125'1r
Cher 572.000 2.5S(1 Over $75,000 - 2.5% Over P5.000 - 2.2'7;-
Resldcnllal lHln-holl1estcad:
1-' units 2.3q ] unit - Firs! $75,000 - 1.<)'7<0 \ unit - Flrsl $75,000 - 1.25'7r
.J. ur ! lIl\fC 3.4'7; OVl'f $75,000 - 2.1 o/c Over $75,000 - 1.700/,-
2-3 unils - 2.1 % 2-3 units - I. 70%
Scll'CIcd sl11;lll cities with -I or -+ ()1" more 2.9i/~ -+ or more - 2.5<;';-,
more unl!" 2.J~; 1.3Q-, 2.15%
1 ndu st ri ;1l/Clllllll\l'fC i;ol First S 1 OO,OO[) - '1)',( First S 150,000 ~ 2.7'f" Firsl $ 15C1.(]()O ~ ~..J.5~c;
E\ce" - -+.(,0"'-;- Excess - -!Ot)';i E\ccss - .~. ~()';;.
1'111ity' -+. oW} 4.110'1' :1.50';;-
A rc~idenlial property qua:li f'ICS a:s "homestead" i r it is uccupied by the owner or a relati ve of the owner on th~ a<;sessment
da(('.
; Housclg;u agel I acre.
1 Cities III 5.0r)() population or ks, Jnd Itl\:atecl C'ntirely outside the seven-county metropolitan area and the adjaccnt ninc-
county area ;lnJ whose boundaries arc 15 miles or mllre fromlhc boundaries of a Minncsot~l city with a population over
5.()(JO. .
~ The l'qilllaleU Jl]~lrkC'l value uf utility properly i., uClcrminecl hy the Milll1c,ota Department of' Revl'nue.
10
. CURRENT PROPERTY V ALUA TIONS
Estimated Full Value of Taxable Property, 1998/99 $818,402,445 I
1998/99
Assessor's 1998/99
Taxable Net Tax
Market Value Capacity
Real Estate $725,530,000 $14,524,110
Personal Property 7,754,400 271,406
Total Valuation $733,284,400 $]4,795,516
Less: Captured Tax Increment Tax Capacitl -1,531,218
Fiscal Disparities Contribution' -1,5 14,991
Taxable Net Tax Capacity $11,749,307
Plus Fiscal Disparities Distribution) I, 753,515
Adjusted Taxable Net Tax Capacity $13,502,822
.
I According to the Minnesota Department of Revenue, the Assessor's Taxable Market Value (the "A TMV") for
the City of Hopkins is about 89.5% of the actual selling prices of property most recently sold in the City. That
sales ratio was calculated by comparing the selling prices with the A TMV. Dividing the A TMV of real estate
by .895 and adding personal property and mobile home A TMV, if any, results in a market value of taxable
property for the City of $818,402,445.
2 The $1,531,2] 8 tax increment value shown above represents the captured net tax capacity of a tax increment
financing district(s) in the City of Hopkins. Taxes collected on property in the tax increment district(s) accrue
to the City to pay debt service on outstanding tax increment bonds.
, Each community in the seven-county metropolitan area contributes 4070 of its new industrial and commercia]
. valuation to an area pool which is then distributed among the municipalities on the basis of population, special
neeus. etc. Each governmental unit makes a contribution and receives a distribution--sometimes gaining and
sometimes losing net tax capacity for tax purposes. Taxes are spread on the basis of taxable net tax capacity.
11
1998/99 NET TAX CAPACITY BY CLASSIFICATION
1998/99 Percent of Total .
Net Tax Capacity Net Tax Capacity
Residential $5,333,327 36.05%
Railroad operating property 35,442 0.24%
Co mmerc i alii ndustri al 6,128,684 41.42%
Non-homestead residential/multiple dwelling 3,022,104 20.43%
Commercial & seasonal recreational 2,368 0.02%
Non-profit community association 2,185 0.01%
Personal property 271 ,406 ].83%
Tntal $14.795,516 100.00%
TREND OF VALUATIONS
Assessor's Adjusted
Levy Taxable Net Tax Taxable Net
Year Market Value Capacity' Tax Capacity"
1994/95 $596,R95,300 $15,5]0,773 $] 4,603,004
1995/90 608.] 80,200 15.628,435 14,726,707
1996/97 629,579.800 J 6,056,895 ] 5,] 90,269
1 3
1997/98 662.430,700 14,984,233 13,817 ,231
J .\
1998/99 733,284,400 14.795,5]6 13,502,822
LARGER TAXPAYING PARCELS .
1998/99 1998/99
Taxable Net Tax
Taxp3yer Type of Property Market Value Capacity
Super Valu Stores Inc. Industrial $20,926,000 $940,835
Duke Realty Investments Inc. I lldu s tri all com me rc ial ! 2,844,800 446,418
Southwest Real Estate Inc. A part me n t <; I] ,757,000 293,925
Ramsgate Apartments LLC Apartments 10,237,000 243,640
Alliant Techsy~tems, Inc. industrial 6,030,500 209,493
Glaser Financial Group, Inc. Apartments 7,742,500 193,563
Fleming Companies 1 ndustrial 5,299,800 IS3,91 g
Christian Sah'esen Inc. Industrial 4,992,000 173,145
Century North Construction Co. Apartments 6,8l)] ,700 172.293
Auburn LimiluJ Paltnership Apartments 6,556,000 ]6] ,461
Source: Valuations, Trend of Valuations and Larger Taxpaying Parcels have been fUlnished by Hennepin County.
I Net tax capacity is before fiscal disparities adjustments and includes tax increment v~dues.
Adjusted taxable net tax capacity is after fIscal disparities adjustments and does not include tax increment values.
3 The decline in Net Tax Capacity \':lIucs is due to changes made by the] 997 Legislature which [esulted in lower .
percentages applied against Taxable 1\1arket Value to compute Net Tax Capacity values for taxes beginning in
Il)l):) .
]2
. DEBT
DIRECT DEBT
Long- Term General Obligation Debt
Total G.0. debt being paid from taxes $ 1,870,000
Total G.O. debt being paid from tax increment revenues 8,008,543
Total G.O. debt being paid from special assessments and taxes 1,215,000
Total G.O. debt being paid from housing improvement area fees 3,890,000
Total G.O. debt being paid from storm sewer utility revenues 2,075,000
Total Long-Term General Obligation Debt $17,058,543
Less: Funds on hand for debt redemption as of 02/28/99 I -37 1,457
Net Long-Term General Obligation Debt $16,687,086
DEBT LIMIT
The statutory limit on debt of Minnesota municipalities other than school districts or cities of the first class
. (Minnesota Statutes, Section 475.53, subd. 1) is 2% of the assessor's estimated market value of all taxable property
within its buundaries. "Net debt" (Minnesota Swtutes, Section 475.51, subd. 4) is the amount remaining after
deducting from gross debt: (1) obligations payable wholly or partly from special assessments levied against
benefitted property; (2) warrants or orders having no definite or fixed maturity; (3) obligations issued to finance any
public revenue producing convenience; (4) obligations issued to create or maintain a permanent improvement
revolving fund; (5) funds held as sinking funds for payment of principal and interest on debt other than those
deductible under 1-4 above; (6) other obligations which are not to be included in computing the net debt of a
municipality under the provisions of the law authorizing their issuance.
Assessor's Taxable Value of Taxable Property $733,284,400
Multiply by 2% 0.02
Statutory Bonded Debt Limit $ ]4,665,688
Less: Long-Term Debt Outstanding Being Paid Solely from Taxes -1,870,000
Unused Debt Limit $12,795,688
. I Funds all hand for debt redemption (available for payment of principal and interest) have been deducted from
total g.o. debt to determine net g.O. debt.
13
SU1\EVIARY OF GENERAL OBLIGA TION DEBT
Original Final .
Issue Dated Amount Outstanding Maturitv
Paid From Taxes
Improvement Revolving 3/1 /90 $485,000 $90,000 2/01 2001
Park & Recreation 10/15/93 $2,065,000 1,780,000 2/01 2011
Paid From Tax Increment
Taxable Redevelopment 2/1 /92 $2,888,543 1,083,543 2/01 2006
Redevelopment 10115/93 $3,075,000 2,945,000 2/01 2009
Redevelopment 10/15/93 $ 1,135,000 755,000 6/01 2003
Tax Increment, Ser. C 10/1/96 $500,000 500,000 2/01 2016
Taxable Tax Increment. Scr. D 1 0/ 1 /90 $680,000 680,000 2/01 lOll
Tax Increment 1/1/97 52,240,000 2,045,000 2/01 2012
Paid From Taxes/Assessments
Improvement Revolving '13,/1/92 $2.000,000 1,215,000 2/01 2008
Paid From Housing Imp. Area
Fees
Taxahle HOLl~ing 9/1 /05 5815,000 760,000 2/01 20]1
Taxable Housing 5/15/97 $1,700,000 1,665,000 2/01 2018
This Issue 5/11Y9 S I A65,OnO ] ,465,000 2ml 2021 e
Paid From Utility Revenues
Storm Sewer Revenue RefunJing 1 0/ ] 5/93 $2,445,000 2,075,000 2/01 2010
.
1--1-
.-
.
SUMMARY OF GENERAL OBLIGA nON DEBT (continued)
Total Total Total Principal
Year Principal Interest P&I Outstandillli! % Paid
]999 ] 55,000 4] 5,744 570,744 17,058,543 0.91%
2000 ] ,200,000 835,648 2,035,648 ] 6,903,543 7.94%
2001 1,085,847 978,038 2,063,885 ]5,703,543 ]4.3]%
2002 1,076,502 944,809 2,021,31 ] ]4,617,696 20.62%
2003 1,143,]38 91 1,170 2,054,308 13,54],194 27.32%
2004 1,035,620 875,45 ] 1,9] 1,071 12,398,056 33.39%
2005 1,17],]52 783,639 ],954,79] ] ] ,362,436 40.26%
2006 1,326,284 612,37] ] ,938,655 ]0,]9],284 48.03%
2007 1,535,000 475,956 2,0] 0,956 8,865,000 57.03%
2008 1,590,000 395,329 ] ,985,329 7,330,000 66.35%
2009 ] ,535,000 314,52] 1,849,52 ] 5,740,000 75.35%
2010 885,000 249,558 ], ] 34,558 4,205,000 80.54%
201 ] 675,000 203,156 878,156 3,320,000 84.49%
20]2 560,000 ]64,538 724,538 2,645,000 87.78%
2013 280,000 ] 37,707 4]7,707 2,085,000 89.42%
2014 295,000 ] 18,727 413,727 ] ,805,000 91. ]5%
. 20]5 315,000 98,376 413,376 ] ,5] 0,000 92.99%
20]6 340,000 76,31 ] 416,31 ] 1,195,000 94.99%
2017 245,000 55,8] 7 300,8] 7 855,000 96.42%
2018 260,000 37,237 297,237 6] 0,000 97.95%
20]9 1]0,000 24,] 58 134,]58 350,000 98.59%
2020 1 15,000 16,622 131,622 240,000 99.27%
2021 125,000 8,688 133,688 125,000 100.00%
.
15
OVEHLAPPING DEBT
.
1999/99 Adj. City's
Taxab]e Net % Total Proportionate
Taxing District Tax Capacity In City G.O. Debtl Share
~
Hennepin Coullt)' $1,024,048,441 1.3186% $97,505,000 $],285,674
I.S.D. No. 270 (Hopkins) XO,246,514 ]6.6275% 48,565,000 8,075,] 56
LS.D. No. 2:-)3 (St. Louis Park) 39,615,721 0.4034% 1] ,675,000 47,098
Metropolitan Council/Regional .1 4
Transit District 2,] 14,742,992 0.6534% ] 14,635,000 748,998
Suburb:1I1 Hennepin Reg. Par]..; Di~t. 756,178,289 1.7857% ] 2, 170,000 217,3]6
City's Share of Overlapping Debt $10,374,242
.
I Does not include non-general ubligatinn (kbt or general obligation tax/aid anticipation certificates of
indebtedness.
~ Hennepin County also has $106.425.000 Solid \Vaste Resource Recovery General Obligation Revenue Bonds
uutstanding \vhich are payable entirely from the County's solid waste enterprise fund and 57,500,000 General
obligation Capital Notes outstanding which arc payable entirely from revenues of Hennepin County Medical
Center. These issues have not been included in the overlapping debt or debt ratios.
.' 1l)97/9S value.
4 The above deht includes a]1 outstanding general obligation debt supported by taxes orthe Metropolitan Council.
As uf 3/1/99, the Council also had outstanding S500,935,000 genera] obligation sewer revenue bonds and loans .
supported entirely by revenlles.
]6
--
DEBT RATIOS
. Debt/ Debt!
Market Value 16,559
G.O. Debt ($818,402,445) Population
Direct G.O. debt being paid from:
Taxes $ ] ,870,000
Tax increment revenues 8,008,543
Special assessments and taxes 1,215,000
Housing improvement area fees 3,890,000
Storm sewer utility revenues 2,075,000
Total Long-Term General Obligation Debt $17,058,543
Less: Funds on hand for debt redemption as of 02/28/99 I -37] ,457
Net Long- Term General Obligation Debt $16,687,086 2.04% $1,007.74
City's Share of Total Overlapping Debt $10,374,242 1.27% $626.50
FUTURE FINANCING
. The City has no plans to issue additional debt within the next three months.
LEVY LIMITS
All counties and all cities over 2,500 population are subject to general property tax levy limits for taxes collected in
1998 and 1999. These levy limits do not apply to certain "special levies" which include levies made to pay debt
service on bonded indebtedness. For more detailed information about Minnesota levy limits, contact the Minnesota
Department of Revenue or Ehlers & Associates.
. I Funds on hand for debt redemption (available for payment of principal and interest) have been deducted from
total g.o. debt to determine net g.o. debt.
17
TAX LEVIES AND COLLECTIONS .
TAX COLLECTIONS
Original Gross Total Collected Collected %
Tax Year Tax Levy I Following Year to Date 2 Collected
1994/95 $4,953,600 54,922,537 $4,951,191 99.959~',
1995/96 5,117,000 5,090,734 5,109,610 99.86%
1996/97 5,178,800 5,135,835 5,163,717 99.7]%
]997/98 5,194,184 5.166,160 5,166,160 99.46%
1998/99 5,382.640 In process of collection
Property taxes are coneeted in twn installments in Minnesota--the first by May ]5 and the second by October 15.
~IIobile home taxes are collectible in full by August :3]. Minnesota Statutes require that levies (taxes and special
assessments I for debt service be at least 105% or lhc actual deht service requirements to allow for delinquencies.
TAX CAPACITY RATES
1994/95 1995/96 I 996/97 1997/98 ] 998/99
Hennepin County 37A54tk 37.2700;r 35.515% 38.3S6'lc 40.994%
City or Hopkins 27.1011');- 28.5429" 27.650(7c 30.455% 32.442%
LS.D. No. 270 (llopkins) 75.076r;~ 71.18270 61.884"7c 61.06.1% 58.941 %
MetlOpo1itan Council OARWlr 0.7689(1 0.757% 0.<)22% 0.914% .
Metro Tran~it 3.6'26'7t 4.033% 3.9]9% 4.421 % 4.775%
Park M useUlll ().3 73 (;( 0.3R2% 0.376% 0.419% 0.463%
Metro i\InsquilO 0.347% 0.262% 0.250% 0.303% 0.346%
Hennepin Cllunty RRA 0.0017(' 0.001% 0.000% 0.0009(' 0.509%
Hennepin Parks , .S3Q<;{- 1.454% 1.357(/0 l.418% J.546%
'1'0(;] I 146.078 S{ ]43.894% 131.708% I 37.387i'1t. 140.930%
The ahow total net tax capacity rates are rur taxpayers Jiving within I.S.D. 270 (Hopkins). Following are the tax
rates for J.S.D. 283 which lies in a small portion of the City.
ISD. No. 283 (51. Louis Park) 71.2129'c 74.3 1 71'k 62.954% 64.3l)5l7c fi3.140'X-
Sourcl.': Tax. Collections and Tax Capacity Rates haw been furnished by Hennepin County.
I The Certified Levy includes the property tax levy actually spread upon taxanle property and state cn:Jits and aids,
ie. HACA, disparity reduction aiJ. l'qualizatiun aid, etc.
: Colkctions arc through December 31. 1998 and include abatements, cancellation.s, mobile home collections and .
credits. i.e. HACA aid, disparity rcduction. and equalization aid. In 1998/99, $960,734 (17 .oStX of the original
gross tax levy) was paid by sources other than a tax levy, reducing the obligation of homestead taxpayers.
18
. THE ISSUER
CITY GOVERNMENT
The City of Hopkins was organized as a municipality in ] 893 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 Manager, City Clerk, and Finance Director are responsible for
admi n i strat i ve du ties and fi nanc ial records. The Econo mic Deve I opment Di rector oversees Ci ty acti viti es in the areas
of planning, development and housing. The Housing Coordinator is responsible for all City housing programs.
EMPLOYEES; PENSIONS
The City has 105 full-time, 10 part-time, and 40 seasonal employees including 23 police officers. All full-time and
certain part-time employees of the City are covered by defined benefit pension plans administered by the Public
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 multiple-employer retirement
plans. PERA members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered
by Social Security. See the Notes to Financial Statements in Appendix A for a detailed description of the Plans.
The City's contribution to PERA for] 995 through 1997 has been (] 998 numbers are unavailable):
. 1995 $254,650
1996 $274, ]87
]997 $280,936
Recognized and certified bargaining units are as follows:
Contract
Bargaining Unit Expiration Date
Hopkins Municipal Employees Association 12/31/99
International Union of Operating Engineers (Local 49 IUOE) 12/31/99
Hopkins Police Officer Association L.E.L.S. Local 151 ] 2/3 ]/99
Hopkins Police Dispatcher & Public Service Officer Assoc. L.E.L.S. ] 2/31/99
Hopkins Police Sergeants Union L.E.L.S. Loca] ] 71 12/31/99
.
19
FUNDS ON HAND (INCLUDING INVESTMENTS, AS OF 02/28/99)
Fund Amount .
General Fund $] ,995,775
Special Revenue Funds 3,584,794
Tax Increment Funds 1,103,286
Debt Service Funds 371,457
Capital Funds ] ,942,876
Enterprise Funds 2,434,568
Total $11.432,756
LITIGATION
There is no litigation threatened or pending questioning the org,:mization 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 val ielity 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 cOllll~cl and willnol affect the issuance of these Bonds.
DEBT PA YMENT HISTORY .
The City has never ddaulled on the payment of princip,d and interest on its debt.
.
20
. GENERAL INFORMATION
LOCA TION
The City of Hopkins, with a 1990 U.S. Census of 16,534 and a current State Demographer's estimated population
of ] 6,559, comprises an area of four square miles and is a suburb of the Minneapolis-St. Paul metropolitan area
located in Hennepin County. It is eight miles southwest of downtown Minneapolis. The City is served by Interstate
Highway No. 494, U.S. Highway 169, and State Highway No.7 and a system of county highways.
LARGER EMPLOYERS
Larger employers in the City include the following:
No. of
Firm Type of Business/Product Employees)
Super Valu Inc. Food distributor/retailer 1,400
Alliant Techsystems Military ordinance 1,200
Thermotech Precision injection moldings 441
2
1.S.D. 270 (Hopkins) Education 2]6
Advance Circuits Printed circuit boards 207
Quality Assured Label, Inc. Printing labels ]85
. Hopkins Care Center Nursing home ]70
Chapel View Care Center Nursing home 170
City of Hopkins Municipal government/services ]65
Sungard Financial Systems Data processing ]57
EDCO Products, Inc. Outdoor building products 135
Rainbow Foods Corporate offices ] ]5
Mactac Engineered Products Printing company ] 15
Reuter Manufacturing, lne. High precision machining 1] ]
Innovex, Inc. Lead wire assembly ]00
NAPCO International Inc. Defense related sales 100
In-Line Corp. Contract packaging/automated assembly ]00
Source: Written surveys, August, ]998 and March, 1999; Community Profile (City of Hopkins), Minnesota
Department of Trade and Economic Development, August, ] 996; and the Minnesota Manufacturers
Register 1999.
) Includes full~time, part-time ancl seasonal.
.
,
Represents employees working in school buildings located within the City.
21
u.s. CENSllS DATA
Population Trend: City of Hopkins .
1980 U.S. Census 15,336
1990 U.S. Census 16,534
Current State Demographer's Estimate 16,559
Percent of Change 1980 - 1990 + 7.81%
Income/ Age/Education Statistics (1990)
Hennepin State of
County Minnesota
1'189 per capita income $18,496 $14,389
1089 median houselwld income $35,659 $30,909
1989 n1t'dian family income $44,189 $36,916
Median age (City of Hopkins) 31.3 yrs. 32.5 yrs.
Median value owner occupied housing units $86,700 $74,000
Median contract rent (City of Hopkins) $493 $384
Housing Statistics
City of Hopkins City of Hopkins Percent of .
1980 1990 Change
I-lousing Units 7,257 8,572 + 18.121j(
Source: CenSllS of Population and Housing.
El\IPLOYI\IENTfUNEl\IPLOYI\IENT RATES
Rates are not compikd for individual cOlllmunities within counties.
Emplovmcnt II n e mp 1 oy men t
YC'ar HenneL1in County Hennepin County State of Minnesota
19'15 622.56 ] 3.0% 4.0C;{,
1996 617,137 3.0ck 4.0%
]997 628,325 2.4% 3.3Ck
1998 638,297 1.9% 2S7c
1999. Jan. 636.297 1.9% 3.2c;r
Source: Minncsol:l Department of Economic Security.
.
.,...,
e BUILDING PERMITS
1994 ]995 1996 1997 1998
Sinf?le Family Homes
No. of new homes 4 4 14 57 9
Valuation $338,500 $552,200 $1,391,200 $5,297,000 $1,551,600
Single/Multiple Family
Additions, remodelings 376 285 330 717 362
Valuation $2,981,074 $10,529,485 $4,501,578 $4,367,907 $2,662,470
Multiple Family Dwellings
No. of new buildings 0 0 0 2 0
Valuation $0 $0 $0 $3,500,000 $0
Camme rc ial/lndustri a ]/Ot he r
No. of new buildings 5 3 5 7 6
Valuation $498,8] 7 $681,600 $6,752,000 $4,213,132 $5,133,000
Additions, remodelings 72 98 92 103 86
e Valuation $7,468,423 $2,88:\330 $5,747,018 $3,459,196 $2,345,245
Total Permits 457 390 441 886 463
Total Valuations $11,286,814 $14,648,615 $18,391,796 $20,837,235 $11,692,315
FINANCIAL SERVICES
Financial institutions located in the City arc:
Hopkins Schools Credit Union
Norwest Bank Minnesota, National Association
Super Valu Employees Credit Union
U.S. Bank National Association
Source: American Financial Directory.
e
23
EDllCATION
LS.D. No. 270 (Hopkins) operates four elementary schools plus a community service center in the City. The District, .
with a total enrollment of 8,324, as of February 26, ] 999, employs a total of 1,585 people, 775 of whom are licensed
personnel. In addition, a small portion of the City is served hy LSD. 283 (51. Louis Park).
Fuur year college programs and vocational-technical training are available throughout the Minneapolis-St. Paul
metropolitan area.
MEDICAL FACILITIES
Located within the City is the Chapel View Care Center, a 128-bed nursing home, and the Hopkins Care Center, a
] 57~bcd nursing home.
N \,\.1 11111 \011 a\1 IUI'KIi':SIM\.\L Y5T\0\lIlIr
1<F/o,,,J
.
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24
City of Hopkins, Minnesota
$1,465,000 Taxable G .0. Housing Improvement Area Bonds, Series 1999A
flond Years Report
Average Maturity: 14.20785
Cumulative
Maturity Bond Bond
Maturity Value Years Years
05/01/99 0.00 0.00
02/01/02 40,000.00 110.00 110.00
02/01/03 40,000.00 150.00 260.00
02/01/04 45,000.00 213.75 473.75
02/01/05 45,000.00 258.75 732.50
02/01/06 50,000.00 337.50 1,070.00
02/01/07 55,000.00 426.25 1,496.25
02/01/08 55,000.00 481.25 1,977.50
02/01 /09 60,000.00 585.00 2,562.50
02/01/10 65,000.00 698.75 3,261.25
02/01/11 65,000.00 763.75 4,025.00
02/01/12 70,000.00 892.50 4,917.50
02/01/13 75,000.00 1,031.25 5,948.75
e 02/01/14 80,000.00 1,180.00 7,128,75
02/01/15 85,000.00 1,338.75 8,467.50
02/01/16 90,000.00 1,507.50 9,975.00
02/01/17 95,000.00 1,686.25 11,661.25
02/01/18 100,000.00 1,875.00 13,536.25
02/01/19 110,000.00 2,172.50 15,708.75
02/01/20 115,000.00 2,386.25 18,095.00
02/01/21 125,000.00 2,718.75 20,813.75
TOTAL 1,465,000.00
.
25
....-.----
APPENDIX A .
EXCERPTS FROM FINANCIAL STATEMENTS
Reproduced on the following pages are excerpts from the City's audited Financial Statements for the years ending
1995, 1 Y96 and] 997. The Statements have been prepared by the City and audited by a certified public accountant.
Notes (included here for 1997) arc an integral part of the audits and any judgment of the financial statement should
he based on the statemcnt as a whole.
Copies of the audits and the current budget are avaibble upon request from Ehlers & Associates, Inc.
e
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Kennedy 470 Pillsbury Center
200 Sourh Sixth Street APPENDIX B
Minneapolis MN 55402
. Graven (612) 337-9300 [e1ephone
(6]2) 337-9310 fax
c HARTE RED h[[p:l/v..'\,^v. ken ned)'-graven.com
$1,465,000
Taxable General Obligation Housing
Improvement Area Bonds, Series 1999A
City of Hopkins
Helmepin County, Milmesota
We have acted as bond counsel in connection with the issuance by the City of Hopkins,
Hennepin County, Minnesota, of its Taxable General Obligation Housing Improvement Area
Bonds, Series 1999A, originally dated as of May 1, 1999, in the total principal amount of
$1,465,000. For the purpose of rendering this opinion we have examined ce11ified copies of certain
proceedings taken by the City in the authorization, sale and issuance of the Bonds, including the
form of the Bonds, and ce11ain other proceedings and documents fumished by the City. From our
examination of such proceedings and other documents, assuming the genuineness of the signatures
thereon and based upon laws, regulations, rulings and decisions in effect on the date hereof, it is our
. opinion as of the date hereof that:
1. The Bonds are in due fon11, have been duly executed and delivered, and are valid
and binding general obligations of the City, enforceable in accordance with their temls, except as
such enforcement may be limited by Milmesota or United States laws relating to bankruptcy,
reorganization, moratorium or creditors' rights.
2. The principal of and interest on the Bonds are payable plimarily from housing
improvement fees levied or to be levied on propel1y within a housing improvement area in the City,
but if necessary for the payment thereof ad valorem taxes are required by law to be levied on all
taxable property in the City, which taxes are not subject to any limitation as to rate or amount.
3. We express no opinion as to the status of the interest on the Bonds for federal or
state income tax purposes.
We have not been asked and 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.
Datcd at Minneapolis, Minnesota, May _, 1999.
.
Slfl-15'in7 B-1
HPllO-59
APPENDIX C
BOOK-ENTRY-ONLY SYSTEM .
l. The Depository Trust Company CDTC"), New York, NY, will act as securities depository for the securities
(the "Securities"). The Securities will be issued as fully-registered securities registered in the name of Cede
& Co. lDTC's partnership nominee). One fully-registered Security certificate will be issued for [each issue
of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTe.
tIf, however, the aggregate principal amount of [any] issue exceeds $200 million, one certificate will be
issued v,:ith respect to each $200 million of principal amount and an additional certificate will be issued with
respect to any remaining principal amount of such issue.)
2. DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking
organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System,
a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing
agency" registered pursuant to the provisions of Section 17 A of the Securities Exchange Act of 1934. DTC
holds securities that its participants ("Participants") deposit with DTC. DTC also facilitates the settlement
among Participants of securities transactions, such as transfers and pledges, in deposited securities through
electronic computerized book-entry changes in Participants' accounts, thereby eliminating the need for
physical movement of securities certificates. Direct Participants include securities brokers and dealers,
banks, trust companies, clearing corporations, and certain other organizations. DTC is owned by a number
of its Direct Participants and hy' the New York Stock Exchange, Inc., the American Stock Exchange, Inc.,
and the National Association ol"Securities Dealers, Inc. Access to the DTC system is also available to others
sllch as securities brokers and dealers, banks, and trmt companies that clear through or maintain a custodial
relatillnship with a Direct Participant, either directly or indirectly ("Indirect Participants"). The Rules
applicable to DTC and its Participants are 011 file with the Securities and Exchange Commission. e
3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will
receive a credit for the Securities on DTC's records. The ownership interest of each actual purchase of each
Security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records.
Beneficial Owners wi 11 not recei ve written cun firmation from DTe of their purchase, but Beneficial Owners
are expected to receive written confirmations providing details of the transaction, as well as periodic
statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner
entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by
entries made on the books of Participants acting on behalf of Beneficial Owners. Beneficial Owners will not
receive certificates representing their ownership interests in Securities, except in the event that use of the
bOll!.: -entry system for the Securities is disc ontinued.
4. To facilitate subsequent transfers, all Securities deposited by Participants with DTC are registered in the
name of DTC's partnership nominee, Cede & Co. The deposit of Securities with DTC and their registration
in the name of Cede & Co. effect no change in beneficial ownership. DTC has no knowledge of the actual
Beneficial Owners of the Securities: DTC's records reflect only the identity uf the Direct Participants to
whose accounts such Securities are credited, which mayor may not be the Beneficial Owners. The
Participants will remain responsible for keeping account of their holdings on nehalf of their customers.
5. Conveyance of notices and other COllll11lHlications by DTC to Direct Participnllts, by Direct Participants to
fndirect Participants, and by Direct Partic'ipants and Indirect Participants to Beneficial Owners will be
snverned by arrangements among them, .subject to any statutory or regulatory requirements as may be in
effect from lime to time. .
C-I
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. 6. Redemption notices shall be sent to Cede & Co. 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. will consent or vote with respect to Securities. Under its usual procedures,
DTC mails an Omnibus Proxy to the Issuer 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
are credited on the record date (identified in a listing attached to the Omnibus Proxy).
8. Principal and interest payments on the Securities will be made to DTC. DTC's practice is to credit Direct
Participants' accounts on payable date in accordance with their respective holdings shown on DTC's records
unless DTC has reason to believe that it will not receive payment on payable date. 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 Issuer, subject to any statutory or
regulatory requirements as may be in effect from time to time. Payment of principal and interest to DTC is
the responsibility of the Issuer 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 to 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 a
. demand for purchase or a mandatory purchase will be deemed satisfied when the ownership rights in the
Securities are transferred by Direct Participation on DTC's records.
10. DTC may discontinue providing its services as securities depository with respect to the Securities at any time
by giving reasonable notice to the Issuer or the Agent. Under sllch circumstances, in the event that a
successor securities depository is not obtained, Security certificates are required to be printed and delivered.
II. The Issuer 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 Issuer believes to be reliable, but the Issuer takes no responsibility for the accuracy thereof.
.
C-2
APPENDIX D
CONTINUING DISCLOSURE CERTIFICATE .
This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and
delivered by the City of Hopkins, Minnesota (the "Issuer") in connection with the issuance of
$1,465,000 Taxable General Obligation Housing Improvement Area Bonds, Series 1999A (the
"Securities"). The Securities are being issued pursuant to Authorizing Resolutions adopted by the
City Council of the Issuer on March 16. 1999, and Award Resolutions adopted by the City Council
of the Issuer on April 6, 1999 (collectively, the "Resolutions") and delivered to the Purchaser(s) on
the date hereof. Pursuant to the Resolutions, the Issuer has covenanted and agreed to provide
continuing disclosure of certain frnancial infonnation and operating data and timely notices of the
occurrence of certain events. In addition, the Issuer hereby covenants and agrees as follows:
Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate 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 Ru1e (defined herein) in complying with
SEC Rule 15c2-12(b)(5). This Disclosure Certificate, together with the Resolutions, constitutes the
written Undertaking required by the Rule.
Section 2. Definitions. In addition to the defmed tenns set forth in the Resolutions, which
apply to any capitalized term used in this Disclosure Certificate unless otherwise defmed in this
Section, the following 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.
"Audited Financial Statements" means the Issuer's annual financial statements, prepared in
accordance with generally accepted accounting principles ("GAAP") for Governmental Units as
Prescribed by the Governmental Accounting Standards Board ("GASB").
"Fiscal Year" means the fiscal year of the Issuer.
" Final Official Statement" means the deemed [mal official statement dated
. 1999 plus the addendum thereto which together constitute the [mal official
statement delivered in connection with the Securities, which is available from the MSRB.
"Holder" means the person in whose name a security is registered or a beneficial owner of
such a security.
"Issuer" means the City of Hopkins, Minnesota which is the obligated person with respect
to the Securities.
"Material Event" means any of the events listed in Section 5 (a) of this Disclosure
Certificate.
SJn.159985 .
IlPilO-59
D-I
. "MSRB" means the Municipal Securities Rulemaking Board located at 1150 18th Street,
N.W., Suite 400, Washington, D.C. 20036.
"NRMSIR" means any nationally recognized municipal securities information repository as
recognized from time to time by the SEC for purposes of the Rule.
"Participating Underwriter" means any of the original 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 l5c2-12(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 SEC.
"SEC" means Securities and Exchange Commission.
"SID" means any public or private repository or entity designated by the State of Minnesota
as a state information 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 Audited Financial Statements.
(a) The Issuer shall, as soon as available, but not later than 12 months after the end of
the Fiscal Year commencing with the year that ends December 31, 1998, provide
each Repository with an Annual Report which is consistent with the requirements of
Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a
single document or as separate 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
separately 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.
(c) The Issuer shall determine each year prior to the date for providing the Annual
Report the name and address of each NRMSIR and the SID, if any.
. SJB-lS99RS
lIPI10.59
0-2
Section 4. Content of Annual Reports. The Issuer's Annual Report shall contain or .
incorporate by reference the following sections of the Final Official Statement:
1. Current Property Valuations
2. Direct Debt
3. Overlapping Debt
4. Debt Ratios
5. Tax Levies & Collections
6. Tax Capacity Rates
7. Population Trend
8. Ern ployment/U nem pI oyment
9. Larger Employers
10. Larger Taxpayers
In addition to the items listed above, the Annual Report shall include Audited Financial
Statements submitted in accordance 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 incorporated by reference is a
final official statement, it must also be available from the MSRB. The Issuer shall clearly identify
each such other document so incorporated by reference.
Section 5. Reporting of Material Events. .
(a) This Section 5 shall govern the giving of notices of the occurrence of any of the
following events if material with respect to the Securities:
1. Principal and interest payment delinquencies;
2. Non-payment related defaults;
3. Unscheduled draws on debt service reserves reflecting fmancial difficulties;
4. Unscheduled draws on credit enhancements reflecting financial difficulties;
5. Substitution of credit or liquidity providers, or their failure to perform;
6. Adverse tax opinions or events affecting the tax-exempt status of the
Securities;
7. Modification to rights of Holders of the Securities;
8. Securities calls;
SJ13-159985 .
]-[\'1]05')
D-3
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. 9. Defeasances;
10. Release, substitution or sale of property securing repayment of the
Securities; and
11. Rating changes.
(b) Whenever the Issuer obtains knowledge of the occurrence of a Material Event, the
Issuer shall promptly file a notice of such occurrence with either all NRMSIRs or
with the MSRB and with any SID. Notwithstanding the foregoing, notice of
Material Events described in subsections (a)(8) and (9) need not be given under this
subsection any earlier than the notice (if any) of the underlying event is given to
Holders of affected Securities pursuant to the Resolutions.
(c) Unless otherwise 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 defeasance, 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.
Section 8. Amendment: Waiver. Notwithstanding any other provision of the Resolutions
or this Disclosure Certificate, 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 undertakings to violate the Rule. The provisions of the Resolutions
constituting the Undertaking 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 portions of the Rule which
require the Resolutions and this Certificate are invalid, have been repealed retroactively or
othernrise do not apply to the Securities. The provisions of the Resolutions constituting the
Undertaking and this Disclosure Certificate 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 Information. 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
SJB-159985
HPllO-59
0-4
infol111ation in any Annual Report or notice of occun'ence of a Material Event, in addition to that .
which is required by this Disclosure Certificate. If the Issuer chooses to include any infonnation in
any Annual Report 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 infonnation or include it in any future Annual Report or notice -of
occurrence of a Material Event.
Section lO. Default. In the event of a failure of the Issuer to comply with any provision of
this Disclosure Certificate any Holder of the Securities may take such actions as may be necessary
and appropriate, including seeking mandate or specific perfonnance 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 any failure of the
Issuer to comply with this Disclosure Certificate shall be an action to compel perfonnance.
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 the Securities, and shall
create no rights in any other person or entity.
IN WITNESS WHEREOF, we have executed this Certificate in our official capacities
effective the day of May, 1999,
.
Mayor
(SEAL)
City Manager
SJD-15'1985 .
liP I J 0.5')
D-5
--
PROPOSAL FORM
The City Council April 6, 1999
. City of Hopkins, Minnesota
RE: $1,465,000 Taxable General Obligation Housing Improvement Area Bonds, Series 1999A
VA TED: May 1, 1999
For all or none of the above Bonds, in accordance with the Terms of Proposal and tenns of the Global Book Entry System as
stated in this Official Statement, we will pay you $ (not less than $1,436,000) plus accrued interest to
date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
%due 2002 % due 2009 % due 2016
% due 2003 % due 2010 % due 2017
%due 2004 % due 2011 % due 2018
o/e due 2005 % due 2012 % due 20]9
% due 2006 %due 2013 % due 2020
% due 2007 % due 20]4 % due 202]
% due 2008 % due 2015
We enclose our good faith deposit in the amount of $29,300, 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 #850-788~ I 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 or Ehlers & Associates, Inc., as escrow holder of the good faith deposit, pursuant to this Official Statement dated
. March 26, ] 999. This Proposal is for prompt acceptance and is conditional upon deposit of said Bonds to The Depository Trust
Company, New York, New York in accordance with the Tenns 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] 5c2-12 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 infonnation or corrections
to the Official Statement. As Syndicate Manager, we agree to provide the Issuer with the reoffering price of the Bonds within
24 hours of the Proposal acceptance.
Account Manager: By:
Account Members:
---------------------------------------------~----------------------------------------~--~-~---------~-
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Hopkins, Minnesota, Minnesota this
day of ,1999.
Attest; By:
Title: Title:
. Award 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 May], J 999 of the above
Proposal is :); and the true interest cost (TIC) is '7, .
PROPOSAL FORM
The City Council April 6, 1999
. City of Hopkins, Minnesota
RE: $1,465,000 Taxable General Obligation Housing Improvement Area Bonds, Series 1999A
DA TED: May 1, 1999
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 $1,436,000) plus accrued interest to
date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
% due 2002 % due 2009 o/ec due 2016
%due 2003 % due 2010 % due 2017
%due 2004 % due 2011 % due 20]8
% due 2005 % due 20]2 % due 2019
% due 2006 %due 2013 % due 2020
% due 2007 % due 20]4 % due 202]
%due 2008 % due 2015
We enclose our good faith deposit in the amount of $29,300, 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 #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 eserow account, we agree to the conditions
and Juties of Ehlers & Associates, Inc., as escrow holder of the good faith deposit, pursuant to this Official Statement dated
. March 26, 1999. This Proposal is for prompt acceptance and is conditional upon deposit of said Bonds to The Depository Trust
Company, New York, New York in accordance with the Tenns 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] 5c2-12 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 recei ved and reviewed the Official Statement and have submitted our requests for additional infonnation or corrections
10 the Official Statement. As Syndicate Manager, we agree to provide the Issuer with the reoffering price of the Bonds within
24 hours of the Proposal acceptance.
Account Manager: By:
Account Members:
----------------~--------------------------------------------------------------------------------------
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Hopkins, Minnesota, Minnesota this
day of , ]999.
Attest: By:
Title: Title:
. 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 May 1, 1999 of the above
Proposal is $ and the true intcrest cost (TIC) is 9c.
PROPOSAL FORM
The City Council April 6, 1999
. City of Hopkins, Minnesota
RE: $1,465,000 Taxable General Obligation Housing Improvement Area Bonds, Series 1999A
DA TED: May 1, 1999
For aU or none of the above Bonds, in accordance with the Terms of Proposal and tenns of the Global Book Entry System as
stated in this Official Statement, we will pay you $ (not less than $1,436,000) plus accrued interest to
date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
% due 2002 % due 2009 % due 2016
% due 2003 %due 2010 % due 2017
%due 2004 % due 2011 % due 2018
% due 2005 % due 2012 %due 2019
% due 2006 %due 2013 % due 2020
%duc 2007 % due 2014 % due 2021
% due 2008 % due 2015
We enclose our good faith deposit in the amount of $29,300, 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 #850-788~ I 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 26, 1999. This Proposal is for prompt acceptance and is conditional upon deposit of said Bonds to The Depository Trust
. Company, New York, New York in accordance with [he Tenns 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 15c2-12 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 infonnation or corrections
to the Official Statement. As Syndicate Manager, we agree to provide the Issuer with the reoffering price of the Bonds within
24 hours of the Proposal acceptance.
Account Manager: By:~
Account Members:
-------------------------------------------------------------------~~----------------------------------
The foregoing offer is hereby accepted by and on hehalf of the City Council of the City of Hopkins. Minnesota, Minnesota this
day of , 1999.
Attest: By: _
Title: Title:
Award will be on a true interest cost basis. According to our computations (the correcl computation being controlling in the
. award), the lotal dollar interest cost (induding any discount or Jess any premium) computed from May 1, 1999 of the above
Pn1posal is $ and the true interest cost (TIC) is %.