1999-065~. :~
r
Extract of Minutes of Meeting
of the City Council of the City of
Hopkins, Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Hopkins, Minnesota, was duly held in the City Hall in said City on Tuesday, July 20, 1999,
commencing at 7:30 P.M.
The following members were present: Mayor Charles Redepenning and Council Members
Frances Hesch, Karen Jensen, Diane Johnson and Eugene Maxwell
and the following were absent: None
The Mayor announced that the next order of business was consideration of the proposals which
had been received for the purchase of the City's $850,000 General Obligation Permanent Improvement
Revolving Fund Bonds, Series 1999D.
The City Clerk presented a tabulation of the proposals which had been received in the manner
specified in the Official Terms and Conditions of Issue of the Bonds. The proposals were as follows:
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City of Hopkins, Minnesota
SALE: July 20, 1999
AWARD: JOHN G. KINNARD & COMPANY
BID TABULATION
$850,000 General Obligation P rmanent Improvement Revolving Fund Bonds, Seri s
1999D
RATING: Moody's Investors Service "Ai"
Standard & Poor's "A+"
BBI: 5.36%
NET TRUE
NAME OF BIDDER RATE YEAR PRICE INTEREST INTEREST
COST RATE
JOHN G. KINNARD & COMPANY
Minneapolis, Minnesota
CRONIN & CO., INC.
Minneapolis, Minnesota
DAIN RAUSCHER, INC.
Chicago, Illinois
4.00%
4.10%
4.15%
4.25%
4.40%
4.50%
4.60%
4.70%
4.75%
4.80%
4.00%
4.10%
4.15%
4.25%
4.35%
4.50%
4.55%
4.60%
5.00%
4.00%
4.05%
4.15%
4.25%
4.35%
4.45%
4.55%
4.65%
4.70%
4.80%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2001
2002
2003
2004
2005
2006
2007
2008
2009-2010
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$841,500.00
$257,338.75
4.7586%
$842,847.40
$838,100.00
$259,206.35
$258,938.75
4.7838%
4.8011
FREERS L E A D E R S I N P U B L I C F I N A N C E
3060 Centre Pointe Drive, Roseville, MN 55113-1105
& ASSOCIATES I N C 651.697.8500 fax 651.697.8555 www.ehlers-inc.com
Offices in Roseville, MN, Brookfield, WI and Naperville, IL
$850,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series 1999D
City of Hopkins, Minnesota ~ ~
NET TRUE
NAME OF BIDDER RATE YEAR PRICE INTEREST INTEREST
COST RATE
NORWEST INVESTMENT SERVICES, INC. 4.00% 2001 $840,650.00 $262,946.25 4.8663%
Minneapolis, Minnesota 4.20% 2002
4.30% 2003
4.40% 2004
4.50% 2005
4.60% 2006
4.70% 2007
4.75% 2008
4.80% 2009
4.90% 2010
MILLER, JOHNSON & KUEHN, INC. 4.05% 2001 $838,100.00 $263,765.00 4.8911%
Minneapolis, Minnesota 4.15% 2002
DOUGHERTY SUMMIT SECURITIES LLC 4.25% 2003
Minneapolis, Minnesota 4.35% 2004
4.45% 2005
4.55% 2006
4.65%
4.75% 2007
2008
4.80% 2009
4.85% 2010
•
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After due consideration of the proposals, Member Johnson then introduced the following written
resolution and moved its adoption, the reading of which had been dispensed with by unanimous consent:
RESOLUTION N0.99-065
A RESOLUTION AWARDING THE SALE OF $850,000
PERMANENT IMPROVEMENT REVOLVING FUND BONDS, Series 1999D;
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the City Council of the City of Hopkins, Hennepin County, Minnesota
(City) as follows:
Section 1. Sale of Bonds.
1.01. The proposal of John G. Kinnard & Company (Purchaser) to purchase $850,000 General
Obligation Permanent Improvement Revolving Fund Bonds, Series 1999D (Bonds) of the City
described in the Official Terms and Conditions of Issue thereof is hereby found and determined to be a
reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of
$841,500.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows:
Year of Interest Year of Interest
Maturi Rate Maturi Rate
2001 4.00% 2006 4.50%
2002 4.10 2007 4.60
2003 4.15 2008 4.70
2004 4.25 2009 4.75
2005 4.40 2010 4.80
True interest cost: 4.7586%
1.02. The sum of $3,400.00 being the amount proposed by the Purchaser in excess of
$838,100 will be credited to the Debt Service Fund hereinafter created. The City 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 will forthwith issue and sell the Bonds in the total principal amount of
$850,000, originally dated August 1, 1999, in the denomination of $5,000 each or any integral multiple
thereof, numbered No. R-1, upward, bearing interest as above set forth, and which mature serially on
February 1 in the years and amounts as follows:
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Year Amount Year Amount
2001 $70,000 2006 $85,000
2002 70,000 2007 90,000
2003 75,000 2008 95,000
2004 80,000 2009 100,000
2005 80,000 2010 105,000
1.04. Optional Redemption. The City may elect on February 1, 2006 and on any interest
payment date thereafter to prepay Bonds maturing on or after February 1, 2007. Redemption may be in
whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining
unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a
common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot
by the Registrar. All payments will be at a price of par plus accrued interest.
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds shall be issued only in fully registered form. The interest
thereon and, upon surrender of each Bond, the principal amount thereof, 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 is payable on
February 1 and August 1 of each year, commencing February 1, 2000, 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 the
registration of transfers and exchanges of Bonds entitled to be registered, transferred or
exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the
registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory
to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized
by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Bonds of a like aggregate principal
amount and maturity, as requested by the transferor. The Registrar may, however, close the
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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) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar
for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the
endorsement on the Bond or separate instrument of transfer is valid and genuine and that the
requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in
good faith, to make transfers which it, in its judgment, deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person in
whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether
the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the
principal of and interest on the Bond and for all other purposes and payments so made to
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 therewith; and, in the case of a
Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that
the Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the
Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it
and as provided by law, in which both the City and the Registrar must be named as obligees.
Bonds so surrendered to the Registrar will be cancelled by the Registrar and evidence of such
cancellation must be given to the Ciry. 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
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redeemed at the address shown on the registration books kept by the Registrar and by publishing
the notice in the manner required bylaw. 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 Re ig•strar. The City appoints Bankers Trust Company, Des
Moines, Iowa, 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 performed. The
City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a
successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its
possession to the successor Registrar and must deliver the bond register to the successor Registrar. On
or before each principal or interest due date, without further order of this Council, the 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 signatures 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 price.
2.06. Temporary Bonds. The City may elect to deliver in lieu of printed definitive Bonds one
or more typewritten temporary Bonds in substantially the form set forth in Section 3 with such changes
as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution
and delivery of definitive Bonds the temporary Bonds will be exchanged therefor and cancelled.
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Section 3. Form of Bond.
3.01. 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
GENERAL OBLIGATION PERMANENT IMPROVEMENT
REVOLVING FUND BOND, SERIES 1999D
Date of
Rate Maturi Original Issue CUSIP
August 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 1 in each year, commencing February 1,
2000, to the person in whose name this Bond is registered at the close of business on the fifteenth day
(whether or not a business day) of the immediately preceding month. The interest hereon and, upon
presentation and surrender hereof, the principal hereof are payable in lawful money of the United States
of America by check or draft by Bankers Trust Company, Des Moines, Iowa, 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 respec-
tively become due, the full faith and credit and taxing powers of the City have been and are hereby
irrevocably pledged.
The City may elect on February 1, 2006, and on any interest payment date thereafter, to prepay
Bonds of this issue maturing on or after February 1, 2007. Redemption may be in whole or in part of the
Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the
latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are
called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All
prepayments shall be at a price of par plus accrued interest.
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The City Council has designated the Bonds as "qualified tax exempt obligations" within the
meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the Code) relating to
disallowance of interest expense for financial institutions and within the $10 million limit allowed by the
Code for the calendar year of issue.
Additional provisions of this Bond are contained on the reverse hereof and such provisions for
all purposes 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
Council, has caused this Bond to be executed on its behalf by the facsimile or 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
(Facsimile)
City Manager
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
BANKERS TRUST COMPANY
By
Mayor
Authorized Representative
[Reverse of the Bond]
This Bond is one of an issue in the aggregate principal amount of $850,000 all of like original
issue date and tenor, except as to number, maturity date, redemption privilege, and interest rate, all
issued pursuant to a resolution adopted by the City Council on July 20, 1999 (the Resolution), for the
purpose of providing money for the Permanent Improvement Revolving Fund of the City as authorized
by Section 7.14, Subd. 2 of the City's home rule charter, to finance certain assessable local
improvements, pursuant to and in full conformity with the Constitution and laws of the State of
Minnesota, and the City's home rule charter, and the principal hereof and interest hereon are payable
primarily from special assessments against property specially benefited by local improvements and ad
valorem taxes, 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 additional ad valorem taxes on all taxable
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property in the City in the event of any deficiency in special assessments pledged, which taxes may be
levied without limitation as to rate or amount. The Bonds of this series are issued only as fully
registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities.
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferable upon the books of the City at the principal office of the Bond Registrar, by the registered
owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof
together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the
registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other
authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to
be issued in the name of the 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 will be affected by any
notice to the contrary.
IT IS HEREBY CERTIFIIED, 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.
City Clerk
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:
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S
TEN COM -- as tenants Ul
in common
TEN ENT -- as tenants
by entireties
TT TEN -- as joint tenants with
right of survivorship and
not as tenants in common
VIF GIFT MIN ACT Custodian
(Gust) (Minor)
under Uniform Gifts or
Transfers to Minors
Act............
(State)
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and does
hereby irrevocably constitute and appoint attorney to transfer the said
Bond on the books kept for registration of the within Bond, with full power of substitution in the
premises.
Dated:
Notice: The assignor's signature to this assignment must correspond with the name as it
appears upon the face of the within Bond in every particular, without alteration
or any change whatever.
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of the Securities
Transfer Agent Medallion Program ("STAMP"),the Stock Exchange Medallion Program ("SEMP"),the
New York Stock Exchange, Inc. Medallion Signatures Program ("MSP") or other such "signature
guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP,
SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.
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The Bond Registrar will not effect transfer of this Bond unless the information concerning the
assignee requested below is provided.
Name and Address:
(Include information for all joint owners if this Bond is
held by joint account.)
Please insert social security or other identifying
number of assignee
3.02. The City Clerk is directed to obtain a copy of the proposed approving legal opinion of
Holmes & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating
thereof and to cause the opinion to be printed on or accompany each Bond.
Section 4. Payment: Securi ~: Pledges and Covenants.
4.01. The Bonds are payable from the General Obligation Permanent Improvement Revolving
Fund Bonds, Series 1999D Debt Service Fund (Debt Service Fund) hereby created within the Permanent
Improvement Revolving Fund. The proceeds of general taxes hereinafter levied (Taxes), and special
assessments (Assessments) levied or to be levied for the improvements (Improvements) financed by the
Bonds are hereby pledged to the Debt Service Fund. If any payment of principal or interest on the
Bonds shall become due when there is not sufficient money in the Debt Service Fund to pay the same,
the Finance Director is directed to pay such principal or interest from the general fund of the City, and
the general fund will be reimbursed for such advances out of the proceeds of Assessments and Taxes
when collected. There is appropriated to the Debt Service Fund all capitalized interest financed from
Bond proceeds, if any, any amount over the minimum purchase price paid by the Purchaser and the
accrued interest paid by the Purchaser upon closing and delivery of the Bonds.
4.02. For the purpose of paying the principal and interest on the Bonds, there is levied a direct
annual irrepealable ad valorem tax (Taxes) upon all of the taxable property in the City, which shall be
spread upon the tax rolls and collected with and as part of other general taxes of the City. The Taxes
will be credited to the Debt Service Fund above provided and will be in the years and amounts as
follows (year stated being year of levy for collection in the following year):
(See Attachment A)
4.03. It is hereby determined that the estimated collections of Assessments and the foregoing
Taxes will produce at least five percent in excess of the amount needed to meet when due the principal
and interest payments on the bonds. The tax levy herein provided is irrepealable until all of the bonds
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are paid, provided that the City Clerk annually, at the time the City makes its tax levies, may certify to
the Director of Property Taxation of Hennepin County the amount available in the Debt Service Fund
to pay principal and interest due during the ensuing year, and the Director of Property Taxation will
thereupon reduce the levy collectible during such year by the amount so certified.
4.04. The City Clerk is authorized and directed to file a certified copy of this resolution with the
Director of Property Taxation of Hennepin County and to obtain the certificate required by Minnesota
Statutes, Section 475.63.
Section 5. Authentication of Transcript.
5.01. The officers of the City are authorized and directed to prepare and furnish to the
Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the
City relating to the Bonds and to the financial condition and affairs of the City, and such other certifi-
cates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown
by the books and records in their custody and under their control, relating to the validity and
marketability of the Bonds and such instruments, including any heretofore furnished, may be deemed
representations of the City as to the facts stated therein.
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. Tax Covenant.
6.01. The City covenants and agrees with the holders from time to time of the Bonds that it
will not take or permit to be taken by any of its officers, employees or agents any action which would
cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986,
as amended (the Code), and the Treasury Regulations promulgated thereunder, in effect at the time of
such actions, and that it will take or cause its officers, employees or agents to take, all affirmative action
within its power that may be necessary to ensure that such interest will not become subject to taxation
under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and
made applicable to the Bonds.
6.02. The City will comply with requirements necessary under the Code to establish and
maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code,
including without limitation requirements relating to temporary periods for investments, limitations on
amounts invested at a yield greater than the yield on the Bonds.
6.03. The City further covenants not to use the proceeds of the Bonds or to cause or permit
them or any of them to be used, in such a manner as to cause the Bonds to be "private activity bonds"
within the meaning of Sections 103 and 141 through 150 of the Code.
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6.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning
of Section 265(b)(3) of the Code, the City makes the following factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code;
(b) the Ciry hereby designates the Bonds as "qualified tax-exempt obligations" for
purposes of Section 265(b)(3) of the Code;
(c) the reasonably anticipated amount of tax-exempt obligations (other than any
private activity bonds other than qualified 501(c)(3) bonds) which will be issued by the City
(and all subordinate entities of the City) during calendar yeaz 1999 will not exceed $10,000,000;
and
(d) not more than $10,000,000 of obligations issued by the City during calendaz
year 1999 have been designated for purposes of Section 265(b)(3) of the Code.
6.05. The City will use its best efforts to comply with any federal procedural requirements
which may apply in order to effectuate the designations made by this section.
Passed and adopted this 20th day of July, 1999.
The motion for the adoption of the foregoing resolution was duly seconded by Member Hesch,
and upon vote being taken thereon, the following voted in favor thereof: Redepenning, Hesch, Jensen,
Johnson and Maxwell
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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CITY OF HOPKINS, MINNESOTA
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF HOPKINS )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Hopkins,
Hennepin County, Minnesota, do hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the Ciry Council of the Ciry held on July 20,
1999 with the original minutes on file in my office and the extract is a full, true and correct copy of
the minutes insofar as they relate to the issuance and sale of $850,000 General Obligation
Permanent Improvement Revolving Fund Bonds, Series 1999D of the City.
WITNESS My hand officially as such City Clerk and the corporate seal of the City this
Okh day of JV , 1999.
(SEAL)
iry Clerk
City of Hop ' ,Minnesota
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Tax Levy Calculations For:
City of Hopkins, Minnesota
,000 G.O. Permanent Improvement Revolving Fund Bonds, Series 1999D
a e of Bonds: 08/01/99
Attachment A
Less:
Levy Collect Total Funds P & I Special Net Tax
Year Year P & I Available x 105% Assessments (1) Levy (2) Levy (3)
1998 / 1999 $18,961.25 $18,961.25 $0.00 $0.00 $0
1999 / 2000 107,922.50 113,318.63 $25,420.41 87,898.22 87,900
2000 / 2001 105,122.50 110,378.63 25,420.41 84,958.22 85,000
2001 / 2002 107,252.50 112,615.13 25,420.41 87,194.72 87,200
2002 / 2003 109,140.00 114,597.00 25,420.41 89,176.59 89,200
2003 / 2004 105,740.00 111,027.00 25,420.41 85,606.59 85,700
2004 / 2005 107,220.00 112,581.00 25,420.41 87,160.59 87,200
2005 / 2006 108,395.00 113,814.75 25,420.41 88,394.34 88,400
2006 / 2007 109,255.00 114,717.75 25,420.41 89,297.34 89,300
2007 / 2008 109,790.00 115,279.50 25,420.41 89,859.09 89,900
2008 / 2009 110,040.00 115,542.00 25,420.41 90,121.59 90,200
Total $1,098,838.75 $18,961.25 $1,133,871.38 $254,204.07 $879,667.31
Notes: Total "Funds Available" consists of $14,402.51 of capitalized interest, $1,158.74 of accrued interest,
and $3,400.00 of unused discount. This amount will be deposited into the Debt Service Fund and will be
used to pay the interest payment due 02/01100.
(1) Projected Special Assessment revenue is based on $170,573 assessed at 8.00%.
(2) Cashflow and levy needs should be reviewed annually to account for prepaid and/or delinquent assessments.
(3) Projected based on statutory coverage factor and 100% assessment collection. Levy needs should be
reviewed annually.
$880, 000
Prepared by Ehlers and Associates 08/02/99 (P&inew.123)