VII.3. Resolution Providing for the Issuance and Sale of General Obligation Refunding Bonds, Series 2026A; Bishop CITY OF HOPKINS
City Council Report 2025-174
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: December 1, 2025
Subject: Authorize Sale of $6,250,000 General Obligation Refunding Bonds Series
2026A
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO adopt Resolution 2025-076: Providing for the Issuance and Sale of
General Obligation Refunding Bonds, Series 2026A, in the Maximum Aggregate
Principal Amount of Approximately $6,250,000; and Taking Other Actions with Respect
Thereto.
OVERVIEW
The Series 2026A bonds will be general obligations of the City for which it’s full faith,
credit and taxing powers are pledged. The preliminary authorization is for $6.25 million.
The bonds are being issued to refinance $7,335,000 General Obligation Temporary
Bonds, Series 2023A. The City will write down a portion of the bonds with $700,000
from the Storm Sewer Fund and $120,000 in prepaid assessments.
The 2023 GO Temporary Bonds were originally issued for three purposes:
•2023 street and utility reconstruction project in West Central Avenues funded
with general tax levy, special assessments and utility revenues.
•2024 mill and overlay projects on 1st St. N and Lot 700 funded from a general tax
levy. The issuance for the 2024 portion was recommended based on timing of
future street projects.
•Equipment Purchase (Log Truck) funded through general tax levy
Adopting the resolution will allow City Staff to work with its municipal advisor Ehlers &
Associates to prepare an official statement for the bond sale. The City’s last bond rating
was AA+ with a stable outlook. Standard and Poor’s will update the rating before the
bonds are sold. City Council is scheduled to award the sale of bonds on January 6,
2026.
SUPPORTING INFORMATION
•Bond Pre-Sale Report
•Resolution No. 2025-076
Finance Department
December 1, 2025
PRE-SALE REPORT FOR
City of Hopkins, Minnesota
$6,250,000 General Obligation Refunding Bonds, Series
2026A
Prepared by:
Ehlers
3001 Broadway Street, Suite 320
Minneapolis, MN 55413
Advisors:
Stacie Kvilvang, Senior Municipal Advisor
Jason Aarsvold, Senior Municipal Advisor
Keith Dahl, Senior Municipal Advisor
BUILDING COMMUNITIES. IT’S WHAT WE DO.
Presale Report
City of Hopkins, Minnesota
December 1, 2025
Page 1
Proposed Issue:
$6,250,000 General Obligation Refunding Bonds, Series 2026A
Purposes:
The proposed issue is to refinance the General Obligation Temporary Bonds, Series 2023A
Improvement Portion ($3,100,000) - Debt service will be paid from special assessments and
ad valorem property taxes.
Utilities Portion ($2,495,000) - Debt service will be paid from sewer and water utility revenues.
Street Reconstruction Plan Portion ($455,000) - Debt service will be paid from ad valorem
property taxes.
Equipment Portion ($200,000) - Debt service will be paid from ad valorem property taxes.
This refunding is considered to be a Current Refunding as the obligations being refunded are either
callable (pre-payable) now, or will be within 90 days of the date of issue of the new Bonds.
Authority:
The Bonds are being issued pursuant to Minnesota Statutes, Chapters:
429 – Improvement Portion
444 – Utility Portion
475.58, subd. 3b – Street Reconstruction Portion
412.301 – Equipment Portion
410.32 – Equipment Portion
475 – General Bonding Authority
475.67 – Refunding Bonds
Improvement Portion: Because the City is assessing at least 20% of the project costs, this portion of the
Bonds may be a general obligation without a referendum and will not count against the City’s debt limit.
The City levied a total of $1,070,000 in special assessments to benefitting property owners in 2023, of
which $334,000 was collected in pre-paid assessments (this portion of the Bond issue is showing the City
providing an additional $120,000 in prepaid assessments received after the 2023A Bonds were issued).
The current outstanding balance of assessments is $565,000 and will be collected in years 2026 to 2038
at 5.71%. Annual assessments are paid on an equal principal basis.
Utility Portion: Chapter 444 allows cities to issue debt without limitation as long as debt service is
expected to be paid from water and sewer revenues. For the refinancing the City is utilizing $700,000
from the Storm Sewer Fund to write down the utility portion of the Bonds.
Street Reconstruction Portion. The City held a public hearing on March 1, 2022, for the 2022-2026
Street Reconstruction and Overlay Plan (SROP) for the mill and overlay portion of the Bonds, which
provides the authority to issue this portion of the Bonds.
EXECUTIVE SUMMARY OF PROPOSED DEBT
Presale Report
City of Hopkins, Minnesota
December 1, 2025
Page 2
Equipment Portion. The amount of current equipment certificates and the equipment certificate portion
of these Bonds is less than .25% of the estimated market value of taxable property in the City, therefore
a public hearing is not required.
Both the Street Reconstruction and the Equipment portion of the Bonds will count towards the City’s
statutory debt limit, which is 3% of the EMV. Based upon the Pay 2025 EMV noted above, the debt limit
is $89,472,894. As of February 2, 2025 the City had $17,710,000 subject to the legal debt limit (this
amount includes, 2014A (SROP portion), 2015A (SROP Portion), 2016C (Equipment Certificate portion),
2017A (SROP portion), 2018A (SROP and Equipment Certificate portions), 2019A (CIP and SROP
portions), 2020A (Equipment Certificate portion), 2022A (SROP & Equipment Portion), and the 2024A
(SROP)).
The Bonds will be general obligations of the City for which its full faith, credit and taxing powers are
pledged.
Term/Call Feature:
The Bonds are being issued for a term of 13 years. The equipment portion of the bonds is being issued
for 7 years. Principal on the Bonds will be due on February 1 in the years 2027 through 2039. Interest
will be due every six months beginning August 1, 2026.
The Bonds will be subject to prepayment at the discretion of the City on February 1, 2036 or any date
thereafter.
Bank Qualification:
“Deemed Designated” Bank Qualified – Because the Bonds currently refund an issue that was designated
bank qualified when issued, the City is able to designate the Bonds as “bank qualified” obligations. Bank
qualified status broadens the market for the Bonds, which can result in lower interest rates.
Rating:
The City’s most recent bond issues were rated by S&P Global Ratings. The current rating on those bonds
is “AA+”/Stable outlook. The City will request a new rating for the Bonds.
If the winning bidder on the Bonds elects to purchase bond insurance, the rating for the issue may be
higher than the City's bond rating in the event that the bond rating of the insurer is higher than that of the
City.
Basis for Recommendation:
Based on your objectives, financial situation and need, risk tolerance, liquidity needs, experience with the
issuance of Bonds and long-term financial capacity, as well as the tax status considerations related to the
Bonds and the structure, timing and other similar matters related to the Bonds, we are recommending the
issuance of Bonds as a suitable option.
Presale Report
City of Hopkins, Minnesota
December 1, 2025
Page 3
Method of Sale/Placement:
We are recommending the Bonds be issued as municipal securities and offered through a competitive
underwriting process. You will solicit competitive bids, which we will compile on your behalf, for the
purchase of the Bonds from underwriters and banks.
An allowance for discount bidding will be incorporated in the terms of the issue. The discount is treated
as an interest item and provides the underwriter with all or a portion of their compensation in the
transaction.
If the Bonds are purchased at a price greater than the minimum bid amount (maximum discount), the
unused allowance may be used to reduce your borrowing amount.
Premium Pricing:
In some cases, investors in municipal bonds prefer “premium” pricing structures. A premium is achieved
when the coupon for any maturity (the interest rate paid by the issuer) exceeds the yield to the investor,
resulting in a price paid that is greater than the face value of the bonds. The sum of the amounts paid in
excess of face value is considered “reoffering premium.” The amount of the premium varies, but it is not
uncommon to see premiums for new issues in the range of 2.00% to 10.00% of the face amount of the
issue. This means that an issuer with a $2,000,000 offering may receive bids that result in proceeds of
$2,040,000 to $2,200,000.
For this issue of Bonds we have been directed to use the net premium to reduce the size of the issue.
The resulting adjustments may slightly change the true interest cost of the issue, either up or down.
The amount of premium can be restricted in the bid specifications. Restrictions on premium may result in
fewer bids, but may also eliminate large adjustments on the day of sale and unintended impacts with
respect to debt service payment. Ehlers will identify appropriate premium restrictions for the Bonds
intended to achieve the City’s objectives for this financing.
Review of Existing Debt:
We have reviewed all outstanding indebtedness for the City and find that, other than the obligations
proposed to be refunded by the Bonds, there are no other refunding opportunities at this time.
We will continue to monitor the market and the call dates for the City’s outstanding debt and will alert you
to any future refunding opportunities.
Continuing Disclosure:
Because the City has more than $10,000,000 in outstanding debt subject to a continuing disclosure
undertaking (including this issue) and this issue does not meet an available exemption from continuing
disclosure, the City will be agreeing to provide certain updated Annual Financial Information and its
Audited Financial Statement annually, as well as providing notices of the occurrence of certain reportable
events to the Municipal Securities Rulemaking Board (the “MSRB”), as required by rules of the Securities
and Exchange Commission (SEC). The City is already obligated to provide such reports for its existing
bonds, and has contracted with Ehlers to prepare and file the reports.
Presale Report
City of Hopkins, Minnesota
December 1, 2025
Page 4
Arbitrage Monitoring:
The City must ensure compliance with certain sections of the Internal Revenue Code and Treasury
Regulations (“Arbitrage Rules”) throughout the life of the issue to maintain the tax-exempt status of the
Bonds. These Arbitrage Rules apply to amounts held in construction, escrow, reserve, debt service
account(s), etc., along with related investment income on each fund/account.
IRS audits will verify compliance with rebate, yield restriction and records retention requirements within
the Arbitrage Rules. The City’s specific arbitrage responsibilities will be detailed in the Tax Certificate (the
“Tax Compliance Document”) prepared by your Bond Attorney and provided at closing.
The Bonds may qualify for one or more exception(s) to the Arbitrage Rules by meeting 1) small issuer
exception, 2) spend down requirements, 3) bona fide debt service fund limits, 4) reasonable reserve
requirements, 5) expenditure within an available period limitations, 6) investments yield restrictions, 7) de
minimis rules, or; 8) borrower limited requirements.
An Ehlers arbitrage expert will contact the City within 30 days after the sale date to review the City’s
specific responsibilities for the Bonds. The City is currently receiving arbitrage services from Ehlers in
relation to the Bonds.
Risk Factors:
Special Assessments: We have not assumed any additional pre-paid special assessments and we have
assumed that remaining assessments will be levied as projected. If the City receives a significant amount
of additional pre-paid assessments or does not levy the assessments, it may need to increase the levy
portion of the debt service to make up for lower interest earnings than the expected assessment interest
rate.
Other Service Providers:
This debt issuance will require the engagement of other public finance service providers. This section
identifies those other service providers, so Ehlers can coordinate their engagement on your behalf. Where
you have previously used a particular firm to provide a service, we have assumed that you will continue
that relationship. For services you have not previously required, we have identified a service provider.
Fees charged by these service providers will be paid from proceeds of the obligation, unless you notify
us that you wish to pay them from other sources. Our pre-sale bond sizing includes a good faith estimate
of these fees, but the final fees may vary. If you have any questions pertaining to the identified service
providers or their role, or if you would like to use a different service provider for any of the listed services
please contact us.
Bond Counsel: Kennedy & Graven, Chartered
Paying Agent: Bond Trust Services Corporation
Rating Agency: S&P Global Ratings (S&P)
Summary:
The decisions to be made by the City Council are as follows:
Accept or modify the finance assumptions described in this report
Adopt the resolution attached to this report.
Presale Report
City of Hopkins, Minnesota
December 1, 2025
Page 5
Pre-Sale Review by City Council: December 1, 2025
Rating Agency Call and Due Diligence Call to Review Official: Week of December 29, 2025
Distribute Official Statement: Week of December 15, 2025
City Council Meeting to Award Sale of the Bonds: January 6, 2026
Estimated Closing Date: January 27, 2026
Redemption Date for the Obligations Being Refunded: February 1, 2026
Attachments
Estimated Sources and Uses of Funds
Estimated Proposed Debt Service Schedule
Resolution Authorizing Ehlers to Proceed with Bond Sale (Provided by K & G)
EHLERS’ CONTACTS
Stacie Kvilvang, Senior Municipal Advisor (651) 697-8506
Jason Aarsvold, Senior Municipal Advisor (651) 697-8512
Keith Dahl, Senior Municipal Advisor (651) 697-8595
Silvia Johnson, Lead Public Finance Analyst (651) 697-8580
Alicia Gage, Senior Financial Analyst (651) 697-8551
PROPOSED DEBT ISSUANCE SCHEDULE
EHLERS’ CONTACTS
City of Hopkins, Minnesota
$6,250,000 General Obligation Refunding Bonds, Series 2026A
Issue Summary - Current Refunding GO Temp Bonds, Series 2023A
Assumes Current Market BQ AA+ Rates +35bps
Total Issue Sources And Uses
Dated 01/27/2026 | Delivered 01/27/2026
Improvements Utilities
Street
Reconstruction
Plan Equipment
Issue
Summary
Sources Of Funds
Par Amount of Bonds $3,100,000.00 $2,495,000.00 $455,000.00 $200,000.00 $6,250,000.00
Planned Issuer Equity contribution -770,000.00 --770,000.00
Prepaid Assessments 120,000.00 ---120,000.00
Total Sources $3,220,000.00 $3,265,000.00 $455,000.00 $200,000.00 $7,140,000.00
Uses Of Funds
Total Underwriter's Discount (1.200%)37,200.00 29,940.00 5,460.00 2,400.00 75,000.00
Costs of Issuance 53,568.00 43,113.60 7,862.40 3,456.00 108,000.00
Deposit to Current Refunding Fund 3,128,812.50 3,189,862.50 442,612.50 193,325.00 6,954,612.50
Rounding Amount 419.50 2,083.90 (934.90)819.00 2,387.50
Total Uses $3,220,000.00 $3,265,000.00 $455,000.00 $200,000.00 $7,140,000.00
Series 2026A GO Bonds Cur | Issue Summary | 11/25/2025 | 1:18 PM
City of Hopkins, Minnesota
$6,250,000 General Obligation Refunding Bonds, Series 2026A
Issue Summary - Current Refunding GO Temp Bonds, Series 2023A
Assumes Current Market BQ AA+ Rates +35bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
01/27/2026 -----
08/01/2026 --101,083.72 101,083.72 -
02/01/2027 425,000.00 2.950%98,886.25 523,886.25 624,969.97
08/01/2027 --92,617.50 92,617.50 -
02/01/2028 435,000.00 2.900%92,617.50 527,617.50 620,235.00
08/01/2028 --86,310.00 86,310.00 -
02/01/2029 450,000.00 2.900%86,310.00 536,310.00 622,620.00
08/01/2029 --79,785.00 79,785.00 -
02/01/2030 460,000.00 2.850%79,785.00 539,785.00 619,570.00
08/01/2030 --73,230.00 73,230.00 -
02/01/2031 470,000.00 2.900%73,230.00 543,230.00 616,460.00
08/01/2031 --66,415.00 66,415.00 -
02/01/2032 480,000.00 2.950%66,415.00 546,415.00 612,830.00
08/01/2032 --59,335.00 59,335.00 -
02/01/2033 490,000.00 3.050%59,335.00 549,335.00 608,670.00
08/01/2033 --51,862.50 51,862.50 -
02/01/2034 470,000.00 3.050%51,862.50 521,862.50 573,725.00
08/01/2034 --44,695.00 44,695.00 -
02/01/2035 480,000.00 3.150%44,695.00 524,695.00 569,390.00
08/01/2035 --37,135.00 37,135.00 -
02/01/2036 500,000.00 3.400%37,135.00 537,135.00 574,270.00
08/01/2036 --28,635.00 28,635.00 -
02/01/2037 515,000.00 3.500%28,635.00 543,635.00 572,270.00
08/01/2037 --19,622.50 19,622.50 -
02/01/2038 530,000.00 3.600%19,622.50 549,622.50 569,245.00
08/01/2038 --10,082.50 10,082.50 -
02/01/2039 545,000.00 3.700%10,082.50 555,082.50 565,165.00
Total $6,250,000.00 -$1,499,419.97 $7,749,419.97 -
Yield Statistics
Bond Year Dollars $45,404.44
Average Life 7.265 Years
Average Coupon 3.3023639%
Net Interest Cost (NIC)3.4675459%
True Interest Cost (TIC)3.4817028%
Bond Yield for Arbitrage Purposes 3.2883941%
All Inclusive Cost (AIC)3.7660253%
IRS Form 8038
Net Interest Cost 3.3023639%
Weighted Average Maturity 7.265 Years
Series 2026A GO Bonds Cur | Issue Summary | 11/25/2025 | 1:18 PM
City of Hopkins, Minnesota
$6,250,000 General Obligation Refunding Bonds, Series 2026A
Issue Summary - Current Refunding GO Temp Bonds, Series 2023A
Assumes Current Market BQ AA+ Rates +35bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I 105% of Total Assessments Utility Revenue Levy/(Surplus)
02/01/2026 --------
02/01/2027 425,000.00 2.950%199,969.97 624,969.97 656,218.47 75,723.04 252,123.82 328,371.61
02/01/2028 435,000.00 2.900%185,235.00 620,235.00 651,246.75 73,241.38 251,493.38 326,512.00
02/01/2029 450,000.00 2.900%172,620.00 622,620.00 653,751.00 70,759.74 251,719.13 331,272.14
02/01/2030 460,000.00 2.850%159,570.00 619,570.00 650,548.50 68,278.08 251,792.63 330,477.80
02/01/2031 470,000.00 2.900%146,460.00 616,460.00 647,283.00 65,796.42 251,805.75 329,680.83
02/01/2032 480,000.00 2.950%132,830.00 612,830.00 643,471.50 63,314.78 251,574.75 328,581.97
02/01/2033 490,000.00 3.050%118,670.00 608,670.00 639,103.50 60,833.12 251,094.38 327,176.01
02/01/2034 470,000.00 3.050%103,725.00 573,725.00 602,411.25 58,351.46 250,259.63 293,800.17
02/01/2035 480,000.00 3.150%89,390.00 569,390.00 597,859.50 55,869.80 249,264.75 292,724.95
02/01/2036 500,000.00 3.400%74,270.00 574,270.00 602,983.50 53,388.16 253,149.75 296,445.59
02/01/2037 515,000.00 3.500%57,270.00 572,270.00 600,883.50 50,906.50 250,902.75 299,074.25
02/01/2038 530,000.00 3.600%39,245.00 569,245.00 597,707.25 48,424.83 248,251.50 301,030.92
02/01/2039 545,000.00 3.700%20,165.00 565,165.00 593,423.25 45,943.19 250,435.50 297,044.56
Total $6,250,000.00 -$1,499,419.97 $7,749,419.97 $8,136,890.97 $790,830.50 $3,263,867.69 $4,082,192.78
Significant Dates
Dated 1/27/2026
First Coupon Date 8/01/2026
Yield Statistics
Bond Year Dollars $45,404.44
Average Life 7.265 Years
Average Coupon 3.3023639%
Net Interest Cost (NIC)3.4675459%
True Interest Cost (TIC)3.4817028%
Bond Yield for Arbitrage Purposes 3.2883941%
All Inclusive Cost (AIC)3.7660253%
Series 2026A GO Bonds Cur | Issue Summary | 11/25/2025 | 1:18 PM
City of Hopkins, Minnesota
$565,000 General Obligation Bonds, Series 2026A
Assessments
Fixed Rate - Equal Principal
Assessments
Date Principal Coupon Interest Total P+I
12/31/2026 43,461.54 5.710%32,261.50 75,723.04
12/31/2027 43,461.54 5.710%29,779.84 73,241.38
12/31/2028 43,461.54 5.710%27,298.20 70,759.74
12/31/2029 43,461.54 5.710%24,816.54 68,278.08
12/31/2030 43,461.54 5.710%22,334.88 65,796.42
12/31/2031 43,461.54 5.710%19,853.24 63,314.78
12/31/2032 43,461.54 5.710%17,371.58 60,833.12
12/31/2033 43,461.54 5.710%14,889.92 58,351.46
12/31/2034 43,461.54 5.710%12,408.26 55,869.80
12/31/2035 43,461.54 5.710%9,926.62 53,388.16
12/31/2036 43,461.54 5.710%7,444.96 50,906.50
12/31/2037 43,461.53 5.710%4,963.30 48,424.83
12/31/2038 43,461.53 5.710%2,481.66 45,943.19
Total $565,000.00 -$225,830.50 $790,830.50
Significant Dates
Filing Date 1/01/2026
First Payment Date 12/31/2026
Series 2026A GO Bonds - A | SINGLE PURPOSE | 11/25/2025 | 1:17 PM
City of Hopkins, Minnesota
$6,250,000 General Obligation Refunding Bonds, Series 2026A
Issue Summary - Current Refunding GO Temp Bonds, Series 2023A
Assumes Current Market BQ AA+ Rates +35bps
Detail Costs Of Issuance
Dated 01/27/2026 | Delivered 01/27/2026
COSTS OF ISSUANCE DETAIL
Municipal Advisor $65,000.00
Bond Counsel $21,000.00
Rating Agency Fee $21,000.00
Miscellaneous $1,000.00
TOTAL $108,000.00
Series 2026A GO Bonds Cur | Issue Summary | 11/25/2025 | 1:18 PM
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2025-076
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2026A,
IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
APPROXIMATELY $6,250,000; AND TAKING OTHER ACTIONS
WITH RESPECT THERETO
BE IT RESOLVED By the City Council (“Council”) of the City of Hopkins, Minnesota (the “City”), as follows:
1. Background; Authorization.
(a) On March 14, 2023, the City issued its General Obligation Temporary Bonds,
Series 2023A (the “Series 2023A Bonds”), in the original aggregate principal amount of $7,335,000
pursuant to Minnesota Statutes, Chapter 475, as amended (the “Act”), including Minnesota
Statutes, Sections 475.58, subd. 3 and 475.61, as amended, and Minnesota Statutes, Sections
410 and 412.301, as amended, to temporarily finance (i) the construction of the 2023 assessable
street improvement projects; (ii) utility projects; (iii) the construction of certain mill and overlay street
projects; and (iv) the purchase of a log truck (collectively, the “Project”). The Series 2023A Bonds
are currently outstanding in the aggregate principal amount of $6,835,000 of which $6,835,000 is
subject to optional redemption and prepayment on or after February 1, 2024.
(b) The City is authorized by Section 475.67 of the Act (“Section 475.67”) to issue and
sell its general obligation bonds to refund outstanding bonds, if consistent with covenants made to
the holders thereof, when determined by the Council to be necessary and desirable for the
reduction of debt service costs of the City.
(c) The Council hereby finds and determines that it is necessary and desirable for the
reduction of debt service costs to the City that the City issue and sell its General Obligation
Refunding Bonds, Series 2026A (the “Bonds”), in the maximum aggregate principal amount of
approximately $6,250,000, pursuant to the Act, including Section 475.67, to optionally redeem and
prepay the Series 2023A Bonds and refinance the Project.
2. Sale of Bonds. The City has retained Ehlers and Associates, Inc. (the “Municipal Advisor”), to serve
as the City’s independent municipal advisor with respect to the offer and sale of the Bonds and,
therefore, is authorized by Section 475.60, subdivision 2(9), of the Act to sell the Bonds other than
pursuant to a competitive sale.
3. Authority of Municipal Advisor. The Municipal Advisor is authorized and directed to assist the City
in the preparation and dissemination of a Preliminary Official Statement to be distributed to potential
purchasers of the Bonds and to open, read, and tabulate the proposals for the purchase of the
Bonds for presentation to the Council. The Municipal Advisor is further authorized and directed to
assist the City in the award and sale of the Bonds on behalf of the City after receipt of written
proposals and to assist the City in the preparation and dissemination of a final Official Statement
with respect to the Bonds.
2
4. Acceptance of Proposal. The Council shall meet at the time specified in the Preliminary Official
Statement or at such other time designated by the Council to receive and consider proposals for the
purchase of the Bonds and take any other appropriate action with respect to the Bonds.
5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, is authorized to act as bond
counsel for the City (“Bond Counsel”), and to assist in the preparation and review of necessary
documents, certificates, and instruments related to the Bonds. The officers, employees, and agents of
the City are hereby authorized to assist Bond Counsel in the preparation of such documents,
certificates, and instruments.
Adopted by the City Council of the City of Hopkins this 1st day of December, 2025.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk
3
STATE OF MINNESOTA )
)
COUNTY OF HENNEPIN ) ss.
)
CITY OF HOPKINS )
I, the undersigned, being the duly qualified City Clerk of City of Hopkins, Hennepin County, Minnesota
(the “City”), do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a
regular meeting of the City Council of the City held on December 1, 2025, with the original minutes on file in
my office, and the extract is a full, true, and correct copy of the minutes insofar as they relate to they relate to
authorizing the issuance of the City’s General Obligation Refunding Bonds, Series 2026A, in the maximum
aggregate principal amount of approximately $6,250,000.
WITNESS My hand officially as such City Clerk this 1st day of December, 2025.
Amy Domeier, City Clerk
City of Hopkins, Hennepin County, Minnesota