1985-3229A
.~
... '"
o
~o
o
.0
o
After due consideration of the bids, Councilmember
introduced. the following resolution and moved its adoption, the reading of
which was dispensed with by unanimous consent:
RESOLUTION NO. 85-3229 B
RESOLUTION AWARDING THE SALE OF $2,775,000
GENERAL OBLIGATION TEMPORARY REDEVELOPMENT BONDS, SERIES 1985B
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION A1~ DELIVERY;
AND PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED By the City Council of the City of Hopkins,
Minnesota, (City) as follows:
Section 1. Sale of Bonds.
1.01. The bid of Chemical Bank in New York, New York
(Purchaser) to purchase $2,775,000 General Obligation Temporary Redevelop-
ment Bonds, Series 1985B (Bonds) of the City described in the Official
Notice of Sale thereof is hereby found and determined to be the highest and
best bid received pursuant to duly advertised notice of sale and shall be
and is hereby accepted, the bid being to purchase the Bonds at a price of
$2,769,727.50 plus accrued interest to date of delivery, for Bonds bearing
interest at the rate of 6.20 % per annum
The City Finance Director is directed to deposit the good faith check of
the Purchaser on behalf of the City pending completion of the sale and
delivery of the Bonds and to return the checks of the unsuccessful bidders
forthwith. The sum of $22,477. 5tbeing the amount offered by the Purchaser
in excess of $2,747,250 shall be credited to the Debt Service Fund created
by Section 3.
1.02. The City shall forthwith issue and sell the Bonds in the total
principal amount of $2,775,000, originally dated as of December 1, 1985,
the Bonds being in fully registered form and issued in the denomination of
$5,000 or any integral multiple thereof, numbered no. R-l upward, bearing
interest as above set forth, and which Bonds mature on December 1, 1988.
The City may elect on December 1, 1986, and on any interest payment date
thereafter, to prepay the Bonds in whole or in part. If only part of the
Bonds 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
and accrued interest to date of redemption.
Section 2. Form: Registration.
2.01. Registered Form. The Bonds shall be issuable only in fully
registered form. The interest thereon and, upon surrender of each Bond,
~
~
the principal amount thereof shall be payable by check or draft issued by
the Registrar described herein.
2.02. Dates; Interest Payment Dates. Each Bond shall 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 June 1, 1986, in which case such Bond shall be
dated as of December 1, 1985. The interest on the Bonds shall be payable
on December 1 and June 1 in each year, commencing June 1, 1986, 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 shall 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 shall be as follows:
o
(a) Regi~ter. The Registrar shall keep at its principal corpo-
rate trust office a bond register in which the Registrar shall provide
for the registration of ownership of Bonds and the registration of
transfers and exchanges of Bonds entitled to be registered, trans-
ferred or exchanged.
o
(b) Transfer of Bonds. Upon surrender for transfer of any 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 shall
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. Whenever any Bonds are surrendered by
the registered owner for exchange the Registrar shall 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.
o
(d) Cancellation. All Bonds surrendered upon any transfer or
exchange shall be promptly cancelled by the Registrar and thereafter
disposed of as directed by the City.
o
(e) Improper or Unauthorized Transfer. When any Bond is pre-
sented to the Registrar for transfer, the Registrar may refuse to
transfer the same until it is satisfied that the endorsement on such
Bond or separate instrument of transfer is valid and genuine and that
the requested transfer is legally authorized. The Registrar shall
"
Q
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 any Bond is at any time registered in the
bond register as the absolute owner of such Bond, whether such Bond
shall be overdue or not, for the purpose of receiving payment of, or
on account of, the principal of and interest on such Bond and for all
other purposes, and all such payments so made to any such registered
owner or upon the owner's order shall 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 every transfer or exchange of
Bonds, the Registrar may impose a charge upon the owner thereof suffi-
cient to reimburse the Registrar for any tax, fee or other govern-
mental charge required to be paid with respect to such transfer or
exchange.
o
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any
Bond shall become mutilated or be destroyed, stolen or lost, the
Registrar shall deliver a new Bond of like amount, number, maturity
date and tenor in exchange and substitution for and upon cancellation
of any such mutilated Bond or in lieu of and in substitution for any
such Bond destroyed, stolen or lost, upon the payment of the reason-
able 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 such 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, in which both the City
and the Registrar shall be named as obligees. All Bonds so sur-
rendered to the Registrar shall be cancelled by it and evidence of
such cancellation shall 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 shall not be necessary to
issue a new Bond prior to payment.
o
o
(i) 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 said notice in the
manner required by law. Failure to give such 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.
All Bonds so called for redemption will cease to bear interest after
the specified redemption date, provided that the funds for the redemp-
tion are on deposit with the place of payment at that time.
o
2.04. Apkointment of Initial Registrar. The
Norwest Ban Mlnneapolls, N.A., Minneapolis
City hereby appoints
Minnesota, as the
o
initial Registrar. The Mayor and the 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 result-
ing corporation is a bank or trust company authorized by law to conduct
such business, such corporation shall be 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 shall deliver
all cash and Bonds in its possession to the successor Registrar and shall
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 shall transmit to the Registrar moneys sufficient for the l
payment of all principal and interest then due.
o
2.05. Execution, Authentication and Delivery. The Bonds shall be
prepared under the direction of the Manager and shall be executed on behalf
of the City by the signatures of the Mayor and the 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 shall appear on the Bonds shall cease to be such officer before
the delivery of any Bond, such signature or facsimile shall nevertheless be
valid and sufficient for all purposes, the same as if he had remained in
office until delivery. Notwithstanding such execution, no Bond shall 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
such Bond has been duly executed by the manual signature of an authorized
representative of the Registrar. Certificates of authentication on differ-
ent Bonds need not be signed by the same representative. The executed
certificate of authentication. on each Bond shall be 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 thereof upon payment of
the purchase price in accordance with the contract of sale heretofore made
and executed, and the Purchaser shall not be obligated to see to the
application of the purchase price. The bonds may be executed, authen-
ticated and delivered in temporary typewritten form pending delivery in
definitive form.
o
2.06. Form of Bonds. The Bonds shall be printed in substantially the
following form:
o
o
1
o
[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF HOPKINS
GENERAL OBLIGATION TEMPORARY REDEVELOPMENT BOND, SERIES 1985B
Rate
Maturity
Date of
Original Issue
CUSIP
December 1, 1985
No. R-
$
o
KNOW EVERYONE BY THESE PRESENTS that the City of Hopkins, 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
o
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 June 1 and December 1 in each year, com-
mencing June 1, 1986, to the person in whose name this Bond is registered
at the close of business on the 15th day (whether or not a business day) of
the immediately preceding month. The interest hereon and, upon presenta-
tion and surrender hereof, the principal hereof are payable in lawful money
of the United States of America by check or draft by
, , Minnesota, as Bond Registrar, Transfer
Agent, Authenticating Agent and Paying 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.
o
The City may elect on December 1, 1986, and on any interest payment
date thereafter, to prepay bonds of this issue in whole or in part. If
only part of the Bonds having a common maturity date are called for prepay-
ment the specific bonds to be prepaid will be chosen by lot by the Regis-
trar. All prepayments shall be at a price of par and accrued interest to
date of redemption.
o
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
, .
o
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 said notice in the manner required by law. Failure to give such
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. All 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.
Additional provisions of this Bond are contained on the reverse hereof
and such provisions shall for all purposes have the same effect as though
fully set forth in this place.
This Bond shall not be valid or become obligatory for any purpose or
be entitled to any security or benefit under the Resolution until the
Certificate of Authentication hereon shall have been executed by the Bond
Registrar by manual signature of one of its authorized representatives.
o
IN WITNESS WHEREOF, the City of Hopkins, Hennepin County, Minnesota,
by its City Council, has caused this Bond to be executed of its behalf by
the facsimile signatures of the Mayor and City Manager and has caused this
Bond to be dated as of the date set forth below.
Dated:
o
CITY OF HOPKINS, MINNESOTA
(facsimile)
City Manager
(facsimile)
Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution
mentioned within.
o
By
Authorized Representative
[Reverse of the Bond]
o
This Bond is one of an issue in the aggregate principal amount of
$2,775,000, all of like original date and tenor, except as to number,
maturity date, interest rate, and provision for redemption, issued pursuant
to a resolution adopted by the City Council on December 17, 1985 (the
Resolution), for the purpose of providing money to finance all or a portion
o
of the public redevelopment costs of a project (Project) in a Redevelopment
Tax Increment Financing District (District) in the City, pursuant to and in
full conformity with the Constitution and the laws of the State of
Minnesota, including Minnesota Statutes, Sections 273.71 to 273.78 and
Section 462.411, ~ ~. and is payable primarily from tax increments (Tax
Increments) resulting from increases in the assessed valuation of real
property in the District pursuant to a tax increment agreement between the
City and the Housing and Redevelopment Authority of the City of Hopkins,
dated September 30, 1977, but constitutes a general obligation of the City
and, at or prior to the maturity of this bond the City is obligated to
issue and sell definitive, long term or additional temporary bonds to pay
the interest on and principal of this bond to the extent that the same
cannot be paid from Tax Increments or from other municipal funds which are
properly available and are appropriated for such purpose. The bonds of
this series are issued only as fully registered bonds in denominations of
$5,000 or any integral multiple thereof of a single maturity.
o
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 his 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 his attorney; and may
also be surrendered in exchange for Bonds of other authorized denomina-
tions. 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.
o
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.
o
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the charter of the City and the Constitu-
tion and laws of the State of Minnesota, to be done, to exist, to happen
and to be performed preliminary to and in the issuance of this Bond in
order to make it a valid and binding general obligation of the City in
accordance with its terms, have been done, do exist have happened and have
been performed as so required, and that the issuance of this Bond does not
cause the indebtedness of the City to exceed any constitutional, statutory
or charter limitation of indebtedness.
o
(Form of certificate to be printed on the reverse side of each Bond:J
following a full copy of the legal opinion.)
o
I certify that the above is a full, true and correct copy of the legal
opinion rendered by bond counsel on the issue of Bonds of the City of
Hopkins, Minnesota, which includes the within Bond, dated as of the date
of delivery of and payment for the Bonds.
(Facsimile Signature)
City Clerk
The following abbreviations, when used in the inscription of 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
in common
UNIF GIFT MIN ACT
(Cust)
Custodian
(Minor)
TEN ENT -- as tenanLS
by entireties
under Uniform Gifts to Minors
o
JT TEN -- as joint tenants with
right of survivorship and
not as tenants in common
Ac t . . .
(State)
o
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:
o
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, with-
out alteration or any change whatever.
Signature Guaranteed:
o
o
Signature(s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
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
o
2.07. The Clerk shall obtain a copy of the proposed approving legal
opinion of LeFevere, Lefler, Kennedy, 0' Brien & Drawz, a Professional
Association, Minneapolis, Minnesota, which shall be complete except as to
dating thereof and shall cause the opinion to be printed on each Bond,
together with a certificate to be signed by the facsimile signature of the
Clerk in substantially the form set forth -in the form of Bond. The Clerk
is hereby authorized and directed to execute such certificate in the name
of the City upon receipt of such opinion and to file the opinion in the
City offices.
o
Section 3. Security: Payment.
o
3.01. The Bonds or additional temporary or long term bonds similarly
issued shall be payable from the CBD North Sector Proj ect Debt Service
Account in the Debt Service Fund for the CBD Project Area (Debt Service
Fund) hereby created, and all tax increments (Tax Increments) from the
Project Area (the Project Area) in which the Redevelopment Project
(Project) financed by the Bonds is located received by the City pursuant to
the Tax Increment Agreement (Agreement) dated September 30, 1977 between
the City and the Housing and Redevelopment Authority of the City of Hopkins
are hereby irrevocably appropriated and pledged to the Debt Service Fund to
pay principal of and interest on the Bonds and any additional temporary or
long term definitive bonds issued in aid of the Project. 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 shall pay such principal or interest from the general fund of the
City and such fund may be reimbursed for such advances out of proceeds of
Tax Increments when received or from the proceeds of additional temporary
or long term bonds issued in aid of the Project.
o
3.02. The City Council herewith covenants and agrees that in accor-
dance with its statutory duties as provided in Minnesota Statutes, Section
273.77, Clause (d), it will pay and retire the Bonds and the interest
.,
4)
thereon out of the proceeds of additional temporary bonds or long term
definitive bonds which the City Council will issue and sell at or prior to
the maturity of the Bonds to the extent that the Bonds cannot be paid out
of moneys available in the Debt Service Fund or out of other municipal
funds which are available and appropriated by the City Council to such
purpose. The proceeds of such additional bonds or long term definitive
bonds, any taxes hereafter levied for that purpose, and any special assess-
ments levied for Project costs are pledged to the Debt Service Fund.
3.03. It is determined that the proceeds of the Tax Increments and
additional temporary and long term definitive bonds as received will be
adequate to pay principal and interest on the Bonds when due and that no
tax levy pursuant to Minnesota Statutes, Section 475.61 is needed at this
time. The Clerk is directed to file a certified copy of the resolution
with the Director of Property Taxation of Hennepin County and to obtain the
certificate required by Minnesota Statutes, Section 475.63.
Section 4. Common Plan of Financing.
o
4.01. It is found and determined that the scope, intensity and extent
of the Public Redevelopment Costs for the Project and the private improve-
ments whose construction is anticipated to be stimulated thereby requires
the issuance and sale, from time to time, of temporary and long term
definitive bonds, including the Bonds, to finance those Public Redevelop-
ment Costs.
o
4.02. It is the intent of the City Council by this Resolution, by the
Tax Increment Agreement between the HRA and the City and the TIF Plan, to
authorize the issuance and sale of the aggregate principal amount of
$2,775,000 of general obligation bonds in temporary or long term defini-
tive form under Section 273. 77, Clauses (a) and (c) and such issuance and
sale is hereby authorized.
4.03. Any additional temporary bonds issued pursuant to this resolu-
tion to pay and retire the Bonds shall be issued in substantially the form
provided for in this resolution. Any long term definitive bonds issued
pursuant to this resolution shall be in such form, be dated, and mature at
such times as shall be fixed by subsequent resolution of this Council and
shall bear interest at such rates as shall be determined by the Council at
public or private sale as may be permitted by law.
o
4.04. Capitalized terms used in this resolution have the meanings
given them in Resolution No. ____, dated December 3, 1985.
Section 5. Authentication of Transcript.
5.01. The officers of the City are hereby authorized and directed to
prepare and furnish to the Purchaser and to the attorneys approving the
o
o
Bonds certified copies of proceedings and records of the City relating to
the Bonds and to the financial condition and affairs of the City, and such
other certificates, affidavits and transcripts as may be required to show
the facts within their knowledge or as shown by the books and records in
their custody and under their control, relating to the validity and market-
ability of the Bonds and such instruments, including any heretofore fur-
nished, shall be deemed representations of the City as to the facts stated
therein.
5.02. The Mayor, Manager and Finance Director are hereby authorized
and directed to certify that they have examined the Official Statement
prepared and circulated in connection with the issuance and sale of the
Bonds and that to the best of their knowledge and belief the Official
Statement is, as of the date thereof, a complete and accurate representa-
tion of the facts and representations made therein as it relates to the
City.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember
and upon vote being taken thereon, the
.
following voted in favor thereof:
o
and the following voted against:
whereupon said resolution was declared duly passed and adopted.
o
o
0 STATE OF MINNESOTA )
)
COUNTY OF HENNEPIN ) SSe
)
CITY OF HOPKINS )
I, the undersigned, being the duly qualified and acting Clerk of
the City of Hopkins, Minnesota, do hereby certify that I have carefully
compared the attached and foregoing extract of minutes of a regular meeting
of the City Council held on Tuesday, December 17, 1985, with the original
thereof on file in my office and I further certify that the same is a full,
true and complete transcript therefrom insofar as the same relates to the
issuance and sale of the City's $2,775,000 General Obligation Temporary
.
Redevelopment Bonds, Series 1985B.
WITNESS My hand as Clerk and the corporate seal of the City this
o
day of
, 1985.
City Clerk
City of Hopkins, Minnesota
(SEAL)
o
o
~
6
'"
o
STATE OF MINNESOTA
DIRECTOR OF PROPERTY TAY~TION'S
CERTIFICATE AS TO REGISTRATION
WHERE NO AD VALOREM TAX LEVY
COUNTY OF HENNEPIN
I, the undersigned Director of Property Taxation of Hennepin County,
Minnesota, hereby certify that a certified copy of a resolution adopted by
the governing body of the City of Hopkins, Minnesota, on Tuesday, December
17, 1985, providing for the issuance of the City's General Obligation
Temporary Redevelopment Bonds, Series 1985B, in the total principal amount
of $2,775,000, and dated December 1, 1985, has been filed in my office, and
I further certify that said Bonds have been registered on the register of
obligations in my office.
.
WITNESS My hand and official seal this
day of
, 1985.
o
Director of Property Taxation
Hennepin County, Minnesota
(SEAL)
o
('"' ...
.,
o
,~
o
o
o
Q
o
EVENSEN DODGE, INC.
RESULTS OF SALE
SALE DATE: Tuesday, December 17, 1985
FINANCIAL CONSULTANTS
$2,775,000 General Obligation Temporary
Redevelopment Bonds, Series 1985A
City of Hopkins, Minnesota
Moody's - Al BBI - 8.42
BIDDERS
YEAR RATE YIELD
CHEMICAL BANK
ADDRESS
New York
1988 6.20%
PRICE
Chicago
Chicago
Chicago
Chicago
Chicago
Chicago
New York
Minneapolis
St. Paul
Minneapolis
Minneapolis
Minneapolis
St. Paul
$2,769,727.50
NIC
$521,422.50
NIR
6.263333%
1988 6.40%
PRICE
$2,747,444.25
NIC
$560,355.75
NIR
6.731%
1988 6.40%
PRICE
CONTINENTAL ILLINOIS NATIONAL
BANK & TRUST CO. OF CHICAGO
SMITH BARNEY, HARRIS UPHAM
& COMPANY, INC.
SHEARSON LEHMAN CHILES HEIDER
DIVISION
DREXEL BURNHAM LAMBERT
BLUNT, ELLIS & LOEWI, INC.
Griffin, Kubik, Stephens &
Thompson, Inc.
Marine Midland Bank, N.A.
FIRST BANK MINNEAPOLIS
THE FIRST NATIONAL BANK OF
SAINT PAUL
NORWEST SECURITIES
Moore, Juran & Company, Inc.
Summit Investments
IN ASSOCIATION WITH:
American National Bank
$2,747,250.00
NIC
$560,550.00
NIR
6.733%
~~ !roS.Tg~r7'J1inneapolis Minnesota 55402
612/338-3535 800/328-8200 800/328-8100 M i n nesota