92-122 Extract of Minutes of Meeting
of the City Council of the City of
Chsnhassen, Carver and Hennepin Counties, Minnesota
Pursue~t to due call and notice thereof, a regular meeting of the City Council
of the City of Cb~nhassen, Minnesota, was duly held in the City Hall in said City on
Monday~ October 26~ 1992, commencing at 7:30 P.M.
The following members were present: Ursula Dimler, Michael l~ason, Richard
Win§, Thomas Workman and 14a¥or Donald Chmiel
and the following were absent: none
The Mayor announced that the next order of business was consideration of the
proposals that had been received for the purchase of the City's $1,350,000 General
Obligation Tax Increment Bonds, Series 1992B, as advertised for sale.
The City Manager presented a tabulation of the proposals which had been
received in the manner specified in the Official Terms of Proposal of the Bonds. The
proposals were as follows:
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(~].3~-23 I
SPRINGSTED
PUBLIC FINANCE ADVISORS
Home Office
85 East Seventh Place
Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
120 South Sixth Street
Suite 2507
Minneapolis, MN 55402-1800
(612) 333-9177
Fax: (612) 349-5230
16655 West Bluemound Road
Suite 290
Brookfield, WI 53005-5935
(414) 782-8222
Fax: (414) 782-2904
6800 College Boulevard
Suite 600
Overland Park, KS 66211-1533
(913) 345-8062
Fax: (913) 345-1770
1800K Street NW
Suite 831
Washington, DC 20006-2200
(202) 466-3344
Fax: (202) 223-1362
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1992B
AWARD:
FBS INVESTMENT SERVICES, INC.
NORWEST INVESTMENT SERVICES, INC.
MERRILL LYNCH & CO.
PIPER JAFFRAY INC.
And Associates
SALE:
October 26,. 1992
Moody's Rating: Baal
Bidder
FBS INVESTMENT SERVICES, INC.
NORWEST INVESTMENT SERVICES, INC.
MERRILL LYNCH & CO.
PIPER JAFFRAY INC.
Cronin & Company, Incorporated
American National Bank Saint Paul
Dougherty, Dawkins, Strand &
Bigelow, Incorporated
Moore, duran and Company, Incorporated
Peterson Financial Corporation
Park Investment Corporation
Interest
Rates
5.00% 1994-1996
5.25% 1997-1998
5.50% 1999
·
5.75% 2000
Net Interest True Interest
Price Cost Rate
$1,333,125.00 $397,343.75 5.7156%
REOFFERING SCHEDULE OF THE PURCHASER
Rate Year Yield
5.00% 1994 3.75%
5.00% 1995 4.00%
5.00% 1996 4.50%
5.25% 1997 5.00%
5.25% 1998 Par
5.50% 1999 Par
5.75% 2000 Par
BBI: 6.53
Average Maturity: 5.18 Years
After due consideration of the bids, Member Mason
introduced the following resolution and moved its adoption:
then
RESOLUTION NO. 92-122
A RESOLUTION AWARDING THE SALE OF $1,350,000
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1992B
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 Chanhassen, Carver and
Hennepin Counties, Minnesota (City) as follows:
Section 1. Sale of Bonds.
1.01. Theproposalof FBS _Investment Services, Inc. (Purchaser)
to purchase $1,350,000 General Obligation Tax Increment Bonds, Series 1992B
(Bonds) of the City described in the Official Terms of Proposal thereof is found and
determined to be the highest and best proposal received and is accepted, the
proposal being to purchase the Bonds at a price of $1,333,125.00plus accrued
interest to date of delivery, for Bonds bearing interest as follows:
Year of Interest Year of Interest
Maturity Rat__e Maturity Rate
1994 5.00%
1995 5.0C
1996 5.00
1997 5.25
True Interest Rate: 5. 7156
1998 5.25%
1999 5.50
2000 5.75
1.02. The sum of $ -0- being the amount bid by the Purchaser in
excess of $1,333,125 will be credited to the Debt Service Fund hereinafter created.
The City Treasurer is directed to deposit the good faith check of the Purchaser,
pending completion of the sale of the Bonds, and to return the good faith checks of
the unsuccessful proposers forthwith. The Mayor and City Manager are directed to
execute a contract with the Purchaser on behalf of the City.
1.03. The City will forthwith issue and sell the Bonds in the total principal
amount of $1,350,000, originally dated November 1, 1992, 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 1 without option
of prior payment in the years and amounts as follows:
Year Amount Year Amount
1994 $ 50,000 1997 $ 200,000
1995 100,000 1998 250,000
1996 150,000 1999 300,000
2000 300,000
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C~135-23
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds will 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 August 1, 1993, 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. Re~stration. The City will appoint, and shall m~i~tain, 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 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) Improl~er 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 such Bond or separate
instrument of transfer is valid and gen_u_~e 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.
D,Y~4~627
CB1.~5-2~
(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 CharKes. 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 excb__~nge.
(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 tike 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, subs~n_ce and amount satisfac-
tory to the Registrar, 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.
2.04. Al~pointment of Initial Registrar. The City appoints
First Trust National Association , St. Paul , Minnesota, 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 Treasurer 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 Manager and executed on behalf of the City by the
signatures of the Mayor and the ManaEer, 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
re_ms_i~ed in office until delivery. Notwithstanding such execution, a Bond will not
DJK43627
be valid or oblt~tory for any purpose or entitled to an7 security or benefit under
th~a Resolution unless and until a certificate of authentication on the Bond has been
duly executed by the manual ~ture of an authorized representative of the Regis-
trar. Certificates of authentication on different Bonds need not be si~ned by the
same representative. The executed cer~dficate of authentication on each Bond is
conclusive evidence that it has been authenticated and delive~t under this Resolu-
tion. When the Bonds have been so prepared, executed and authenticated, the
Treasurer shall deliver the same to the Purchaser upon payment of the purchase
price in accordance with the contract of sale heretoffore ~mde and executed, and the
Purchaser is not obli~ted to see to the application of the purchase price.
2.06. Temporm~y Bonds. The City may elect to deliver in lieu of printed
definitive Bonds one or mo~e typewritten tempore~y Bonds in substan~y the form
set forth in Section 3 with such cl~enGees as may be necessar~ to reflect more than one
maturity in a stn&le temporary bond. Upon the execution and delivery of def~tive
Bonds the temporary Bonds will be excbAaged therefor and cancelled.
Section 3. Form of Bond.
3.01. The Bonds will be printed in substantially the followin~ form:
[ Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 1992B
Date of
Rate Maturity Ori~ Issue CUSIP
· ,
November 1, 199-2-
NO. $
The City of Ch~t~A.~sen, l~nnesota, a duly organized and existin~ municipal
corporation in Carver and Hennepin Counties, Minnesota ( City), acknowledges itself
to be indebted and for value received hereby promises to pay to
or registered assig~ns, the principal sum of $ on the maturity date
specified above without option of prior payment, with interest thereon from the date
hereof at the _~nn,,~a! rate specified above, payable Februaz~y 1 az~d Au&ust 1 in each
year, commencin~ Au&~tst 1, 1993 to the person in whose n_Rme this Bond is regis-
tered at the close of business on the fifteenth day (whether or not a business day)
of the immediately precedin& 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 ,
~_nnesota, 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 irrsvocably pledged.
The City Council has designated the Bonds as "qualified tax exempt obliga=
tions' within the roes_ nlng of Section 265 (bi (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 ave contained on the reverse hereof and
such provisions have the ~me effect as though fully set forth in this place.
This Bond will 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 has been executed by the Bond Registrar by manual signature of one of its
authorized representatives.
IN WITNESS WHEREOF, the City of Chanhs.~sen, Carver and He~nepin
Counties, Minnesota, by its City Council, has caused this Bond to be executed on
its behalf by the facsimile signatures of the Mayor and City Mana~er and has caused
this Bond to be dated as of the date set forth below.
Dated:
CITY OF CHANHASSEN, MINNESOTA
(Facsimile) (Facsimile)
City Manager Mayor
CERTIFICATE OF AUTHENTICATION
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 $1,350,000
all of like orig~qal_ issue date and tenor, except as to number, maturity date, and
interest rate, all issued pul'suant to a resolution adopted by the City Council on
October 26, 1992 (the Resolution), for the purpose of providing money to aid in fi-
nancing the public redevelopment costs of a project (Project) in a Tax Increment
Financing District in the City, pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including Minnesota Statutes,
Sections 469.174 to 469.179, the Minnesota Tax Increment Financing Act, and
Minnesota Statutes, Sections 469.001 through 469.047 and the principal hereof and
interest hereon are payable primarily from tax increments resulting from increases
in assessed valuation of real property in the Project, 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
D,.TK43627
(31135-23 6
taxes on all taxable property in the City in the event of any deficiency of tax
increments 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 CERTIFIED, RECITED, COVENANTED AND AGREED that all
acts, conditions and things required by the Constitution 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 or statutory
limitation of indebtedness.
(Form of certificate to be printed on the reverse side of each Bond, following
a full copy of the legal opinion. )
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 ,
Minnesota, which includes the within Bond, dated as of the date of delivery of and
payment for the Bonds.
(Facsimile Signature)
City Manager
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
in common
UNIF GIFT MIN ACT Custodian
(Oust) (l~inor)
IM'K43627
C~135-23 7
TEN ENT -- as tenants
by entireties
under U,~form Gifts or
Transfers to l~nors
JT TEN --
as joint tenants with
right of survivorship and
not as tenants in common
Act .
' ' '(Sta )---t'e ' ' '
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unt°
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:
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 ~nformation 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 Manager 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 dati_ug thereof and to cause the opinion to be printed on each
Bond, together with a certificate to be signed by the facsimile signature of the
Manager in substantially the form set forth in the form of Bond. The ManaEer is
IM1~43627
cs~-2~ 8
authorized and di~eted to execute such certificate in the name of the City upon
receipt of such opinion and to file the opinion in the City offices.
Section 4. Payment: Security: Pledges and Covenants.
4.01. The Bonds are payable from the General Obligation Tax Increment
Bonds, Series 1992B Debt Service Fund (Debt Service Fund) hereby created, and
all tax increments (Tax Increments) from the Tax Increment ~nsncing District
(District) in which the project fins~ced by the Bonds is located received by the City
pursuant to the Tax Increment Agreement between the City and the Housing and
Redevelopment Authority of the City of Chanl~assen are pledged to the Debt Service
Fund. If any payment of principal or interest on the Bonds becomes due when there
is not sufficient money in the Debt Service Fund to pay the same, the Treasurer is
directed to pay such principal or interest from the general fund of the City, and the
general fund is to be reimbursed for such advances out of the proceeds of Tax
Increments when received. There is appropriated to the Debt Service Fund (i)
capitalized interest funded from Bond proceeds, if any, (ii) any amount over the
minir~um purchase price paid by the Purchaser and (iii) accrued interest paid by the
Purchaser upon closing and delivery of the Bonds.
4.02. It is determined that the estimated collection of Tax Increments for
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.
4.03. The City Msnacer is directed to file a certified copy of this Resolution
with the County Auditor of Carver County and the Director of Property Taxation of
Hen_~epin County and obtsin the certificates required by Minnesota Statutes, Section
475.63.
Section 5. Authentication of Transcri]~t.
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 f!~_ncial
condition and affairs of the City, and such other certificates, affidavits and
transcripts as may be requi~ed 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, shall be deemed representations of the City as to the facts
stated therein.
5.02. The Mayor and City hger 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 with/n its power that may be necessary to ensure that such interest will not
become subject to taxation under the Code and applicable T~easury ReKulations, as
presently existing or as hereafter amended and made applicable to the Bonds.
6.02. (a) 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, and the rebate of excess investment
earnings to the United States if the Bonds (together with other obligations
reasonably expected to be issued in calendar year 1992) exceed the small-issuer
exception amount of $5,000,000.
(b) For purposes of qualifying for the small issuer exception to the federal
arbitrage rebate requirements, the City finds, determines and declares that the
aggregate face amount of all tax-exempt bonds (other than private activity bonds)
issued by the City (and all subordinate entities of the City) during the calendar year
in which the Bonds are issued and outstanding at one time is not reasonably expected
to exceed $5,000,000, all with~,~ the m~aning of Section 148(f)(4)(C) of the Code.
6.03. The City further covenants not to use the proceeds of the Bonds or to
cause or permit them or any of them to be used, in such a mst~ner as to cause the
Bonds to be '*private activity bonds" within the meaning of Sections 103 and 141
through 150 of the Code.
6.04. In order to qualify the Bonds as "qualified tax-exempt obligations"
·
Within the meaning of Section 265(b)(3) of the Code, the City makes the following
factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section
141 of the Code;
(b) the City 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 private activity bonds, treating qualified 501 (e) (3) bonds as not
being private activity bonds) which will be issued by the City (and all
subordinate entities of the City) during calendar year 19 will not exceed
$10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 19 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.
The motion for the adoption of the foregoing resolution was duly seconded by
Member Workman
, and upon vote being taken thereon, the following
voted in favor thereof: Dimler, Mason, Wing, Workman and Chmiel
I)~K43627
C~135-23 10
and the following voted aga_inst the same: none
whereupon said resolution was declared duly passed and adopted.
D,3'~43627
c~23s-23 11
STATE OF MINNESOTA )
)
COUNTIES OF CARVER ) SS.
AND HENNEPIN )
)
CITY OF CHANHASSEN )
I, the undersigned, being the duly qualified and acting Manager of the City
of Chanha.~sen, Carver and Hennepin Counties, Minnesota, 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 Monday, October 26, 1992 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 $1,350,000 General
Obligation Tax Increment Bonds, Series 1992 of the City.
WITNESS My hand officially as such acting Manager and the corporate seal of
the City this ~/.X day of ~ , 197__~
City Manager
Chanhassen, Minnesota
(SEAL)
CR13.~-23