83-37
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CERTIFICATION OF MINUTES RELATING TO
$4,320,000 GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS
OF 1983
Issuer: City of Chanhassen, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A reaul ar meeting held
August S, 1983 at --Z..:19 o'clock P.M., at the City Hall.
Members present: Mayor Hamilton. Council members Geving. Horn. Swenson.
and Watson
Members absent: None
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO. 83-37
RESOLUTION AUTHORIZING ISSUANCE, PRESCRIBING THE FORM AND
DETAILS AND PROVIDING FOR THE PAYMENT OF $4,320,000 GENERAL
OBLIGATION REFUNDING IMPROVEMENT BONDS OF 1983
I, the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing the
bonds referred to in the title of this certificate, certify
that the documents attached hereto, as described above, have
been carefully compared with the original records of said
corporation in my legal custody, from which they have been
transcribedJ that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
said corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at said meeting, so far as they
relate to said bondsJ and that said meeting was duly held by
the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and
notice of such meeting given as required by law.
WITNESS my hand
this ~ day of August,
officially as such recording officer
1983. ~ Q
~ ()..~
Dona d W. As worth
City Manager
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Councilmember
Hamilton
introduced the
following resolution and moved its adoption:
RESOLUTION NO. 83-37
RESOLUTION AUTHORIZING ISSUANCE, PRESCRIBING THE FORM AND
DETAILS AND PROVIDING FOR THE PAYMENT OF $4,320,000 GENERAL
OBLIGATION REFUNDING IMPROVEMENT BONDS OF 1983
BE IT RESOLVED by the City. Council of the City of
Chanhassen, Minnesota, as follows:
Section 1. Authorization and Sale.
(a) This Council, by its Resolution No. A3-35 adopted
July 20, 1983, awarded the sale of $4,320,000 General
Obligation Refunding Improvement Bonds of 1983 of the City, to
Norwest Securities, and associates, of Minneapolis,
Minneapolis. Said Resolution is incorporated herein by
reference.
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(b) It is now determined to be necessary and
desirable to set forth the form and details of said bonds, and
. to provide for their payment and security.
Section 2. Bond Terms~ Registration~ Execution and
Delivery.
2.01. Maturities~ Interest Rates~ Denominations~
patment. The Bonds shall be designated General Obligation
Re unding Improvement Bonds of 1983, shall be originally dated
as of August 1, 1983, shall be in the denomination of $5,000
each, or any integral multiple thereof, shall mature in order
of serial numbers on February 1 and August 1 in the respective
years and amounts stated below, and shall bear interest from
date of issue until paid at the respective annual rates set
forth opposite such years and amounts, as follows:
Date Amount Rate Date Amount Rate
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2-1-84 $310,000 8.50% 8-1-90 $170,000 8.50%
8-1-84 175,000 8.50% 2-1-91 190,000 8.50%
2-1-85 175,000 8.50% 8-l-9l 150,000 8.50%
8-1-85 160,000 8.50% 2-1-92 l65,000 8.50%
2-1-86 175,000 8.50% 8-1-92 145,000 8.50%
8-1-86 185,000 8.50% 2-1-93 155,000 8.50%
2-1-87 190,000 8.50% 8-1-93 150,000 8.50%
8-1-87 180,000 8.50% 2-l-94 150,000 8.75%
2-1-88 190,000 8.50% 8-1-94 l50,000 8.75%
e 8-1-88 170,000 8.50% 2-1-95 150,000 9.00%
2-1- 89 185,000 8.50% 8-1-95 150,000 9.00%
8-1-89 165,000 8.50% 2-1-96 150,000 9.10%
2-1-90 l85,000 8.50%
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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. DatesJ 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 payme_n.t 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 February 1, 1984, in
which case such Bond shall be dated as of August 1, 1983. The
interest on the Bonds shall be payable on February 1 and
August 1 in each year, commencing February 1, 1984, 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 and paying
agent (the Registrar). The effect of registration and the
. rights and duties of the City and the Registrar with respect
thereto shall be as follows:
(a) Register. The Registrar shall keep at its
principal corporate 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, transferred
or exchanged.
(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
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Bonds of a like aggregate principal amount and maturity, as
requested by the registered owner or the owner's attorney
in writing.
(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.
(e) Improper or Unauthorized Transfer. When any Bond
is presented 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 incur
no liability for the refusal, in good faith, to make
transfers which it, in its judgment, deems improper or
unauthorized.
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(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.
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(g) Taxes, Fees and Charges. For every 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 such transfer or exchange.
(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
a~d 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 reasonable expenses and charges of the Registrar in
connection therewith7 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
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City and the Registrar shall be named as obligees. All
Bonds so surrendered 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.
2.04. Appointment of Initial Registrar. The City
hereby appoints First Trust CompanYQf Saint Paul, 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 said 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 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 thirty (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 City Treasurer shall transmit to the Registrar,
from the sinking fund described in Section 3, moneys sufficient
for the payment of all principal and interest then due.
2.05. Redemption. The Bonds shall not be subject to
redemption and prepayment prior to their maturity.
2.06. Execution, Authentication and Delivery. The
Bonds shall be prepared under the direction of the City Manager
and shall be 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 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 different Bonds
need not be signed by the same representative. The executed
certificate of authentication on each Bond shall be conclusive
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evidence that it has been authenticated and delivered under
this Resolution. When the Bonds have been so prepared, .
executed and authenticated, the City Manager shall deliver the
same ~o the purchaser thereof upon payment of the purchase
price in accordance with the contract of sale heretofore made
and executed, and said purchaser shall not be obligated to see
to the application of the purchase price.
2.07. Form of Bonds. The Bonds shall be printed in
substantially the following form: ~..
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[Face of the Bonds]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANBASSEN
GENERAL OBLIGATION REFUNDING., IMPROVEMENT BOND OF 1983
Rate
No.
Maturity
Date of
Original Issue
CUSIP
August 1, 1983
$
KNOW ALL MEN BY THESE PRESENTS that the City of
Chanhassen, a duly organized and existing municipal corporation
of Carver and Hennepin Counties, Minnesota (the City),
acknowledges itself to be indebted and for value received
hereby promises to pay to or registered
assigns, without option of prior payment, the principal sum of
DOLLARS on the maturity date
specified above, with interest thereon from the date hereof at
the annual rate specified above, payable on February 1 and
August 1 in each year, commencing February l, 1984, 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
presentation and surrender hereof, the principal hereof are
payable in lawful money of the United States of America by
check or draft by First Trust Company of Saint Paul, in St.
Paul, Minnesota, as Bond Registrar 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.
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
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Resolution until the Certificate of Authentication hereon shall
have been executed by the Bond Registrar by manual signature of
one of its authorized representatives.
IN WITNESS WHEREOF, the City of Chanhassen, Carver and
Hennepin Counties, Minnesota, by its City Council, has caused
this Bond to be executed an 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:
CITY OF CHANHASSEN, MINNESOTA
(facsimile)
Mayor
Attest: (facsimile)
City Manager
~ CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the
Resolution mentioned within.
FIRST TRUST COMPANY OF SAINT PAUL
By
Authorized Representative
[Reverse of the Bonds]
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This Bond is one of an issue in the aggregate
principal amount of $4,320,000, all of like date and tenor,
except as to serial number, maturity date, interest rate,
denomination and redemption privilege, issued pursuant to a
resolution adopted by the City Council on August 8t 1983 (the
Resolution), for the purpose of providing money to refund,
pursuant to Minnesota Statutes, Section 475.67, in advance of
maturity, the outstanding principal amount of certain General
Obligation Improvement Bonds of the City, which have been
issued to defray the expenses incurred in construction of
various assessable public improvements in the City, pursuant to
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and in full conformity with the Constitution and laws of the
State of Minnesota, including Minnesota Statutes, Chapter 429,
and is payable primarily from special assessments against
property specially benefited thereby, but constitutes a general
obligation of the City, and to provide moneys for the prompt
and full payment of said principal and interest as the same
become due, the full faith and credit of the City is hereby
irrevocably pledged and the City Council will levy additional
ad valorem taxes, if required for such purpose, which taxes may
be levied on all of the taxable property in the City without
limitation as to rate or amount. The Bonds of this series are
issuable only as fully registered bonds, in denominations of
$5,000 or any 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 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 attorneY1and may also be surrendered in exchange for Bonds
of other authorized denominations. Upon such transfer or
exchange the City will cause a new Bond or Bonds to be issued
in the name of the transferee or registered owner, of the same
aggregate principal amount, bearing interest at the same rate
and maturing on the same date, subject to reimbursement for any
tax, fee or governmental charge required to be paid with
respect to such transfer or exchange.
The City and the Bond Registrar may deem and treat the
person in whose name this Bond is registered as the absolute
owner hereof, whether this Bond is overdue or not, for the
purpose of receiving payment and for all other purposes, and
neither the City nor the Bond Registrar shall be affected by
any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED
that all acts, conditions and things required by the
Constitution and laws of the State of Minnesota 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.
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(Form of certificate to be printed on the reverse side of
each Bond, following a full copy of the legal opinion)
We 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 Chanhassen, Minnesota, which includes
the within Bond, dated as of the date of delivery of and
payment for the Bonds.
(Facsimile Signature)
City Manager
(Facsimile Signature)
Mayor
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
UNIF GIFT MIN ACT Custodian
(Cust) (Minor)
as tenants
in common
TEN ENT -- as tenants
by entireties
under Uniform Gifts to
Minors
JT TEN
as joint tenants
with right of
survivorship and
not as tenants in
common
(State)
Act. . . .
. . . . .
. . . .
Additional abbreviations may also be used though not
in the above list.
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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 premis.es.
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 information for all joint
owners if the Bonds are held by
joint account)
Please insert social security
or other identifying number of
assignee
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Section 3. Sinking Fund Assessments and Tax Levies.
3.01. The Bonds shall be payable from the General
Obligation Refunding Improvement Bonds of 1983 Fund (Debt
Service Fund) hereby created, and the proceeds of any general
taxes hereinafter levied and special assessments (Assessments)
heretofore levied for the public improvements (Improvements)
financed by the bonds refunded hereby are pledged to the Debt
Service Fund. The debt service fund heretofore established for
the bonds refunded hereby is terminated, and all monies therein
are hereby transferred to the Debt Service Fundi provided,
however, that the Treasurer is hereby authorized and directed
to transfer from said debt service fund those amounts
determined by actuarial calculation at the time of delivery of
the Bonds to be necessary to properly fund the Escrow Account
established by Section 4.02 of this resolution. 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 Treasurer shall pay such principal or interest
from the general fund of the City, and the general fund may be
reimbursed for such advances out of proceeds of Assessments and
taxes when collected.
3.02. It is hereby determined that the City has duly
levied special assessments (Assessments) for the Improvements
in the principal amount of at least 20% of the cost of the
Improvements. To pay the City's share of the cost of the
Improvements, there is hereby levied a direct, annual,
irrepealable ad valorem tax against all taxable properties in
the City, which tax levy Shall be in the years and amounts as
follows (year stated being year of levy for collection the
following year):
Levy Year Amount Levy Year Amount
1983 $45,000 1990 $85.000
1984 50,000 1991 85,000
1985 65,000 1992 85.000
1986 85,000 1993 90.000
1987 80.000 1994 85.000
,1988 80,000 1995 -0-
1989 80,000 1996 -0-
It is hereby determined that the estimated collections of
Assessments pledged for the payment of the Bonds and the
foregoing ad valorem tax levy 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 shall be irrepealable until all of the Bonds
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are paid, provided that the City Manager may annually, prior to
October 10th, certify to the Director of Property Taxation of
Hennepin County and County Auditor of Carver 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 and County Auditor shall thereupon reduce the
levy collectible during such year by the amount so certified.
It is further determined that upon the deposit of Proceeds and
Funds (as hereinafter defined) in the Escrow Account (as
hereinafter defined) that an irrevocable appropriation to the
debt service fund for the refunded bonds shall have been made
within the meaning of Section 475.61, Subdivision 3 of the Act,
and the City Manager is hereby authorized and directed to
certify such fact to and request the Director of Property
Taxation and Auditor, respectively, to cancel any and all tax
levies made by the resolution awarding the sale of and issuing
the refunded bonds.
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3.03. In order to ensure compliance with Section
103(c) of the Internal Revenue Code, and applicable
regulations, the Treasurer, upon allocation of any funds to the
Debt Service Fund, shall ascertain the balance then on hand in
the Debt Service Fund. If it exceeds, by more than 1/12th, the
amount of principal and interest to become due and payable on
the Bonds through February 1 next following, said excess shall
within 30 days (unless an opinion is otherwise received from
bond counsel) be used to prepay or purchase Bonds, or invested
at a yield which does not exceed the yield on the Bonds
calculated in accordance with said Section 103(c) (9.2873 ').
Section 4. Refunding; Findings: Escrow; Redemption
of Refunded Bonds.
4.01. The bonds refunded hereby (Refunded Bonds) is
the following issue of General Obligation Bonds of the City:
(a) $3,955,000 General Obligation Improvement Bonds
of 1982, dated June 1, 1982.
It is hereby found and determined that based upon information
presently available from the City's financial advisers, the
issuance of the Bonds will result in a reduction of debt
service or cost to the City on the Refunded Bonds as follows:
Total interest to maturity
on Refunded Bonds:
$ 2,972.150
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Total interest to maturi ty
on Bonds new issued (including
City contribution to Escrow
of ~ 157,234 ):
$ 2,415,336.50
$ 556,813.50
$ 56,102.25
Difference (-Reduction-):
Present Value of Reduction at yield of 9.2873 %
The Reduction is 23 % of the interest of the Refunded
Bonds, which is in excess of the 5% required by Minnesota
Statutes, Section 475.67, subd. 12.
4.02. As of the date of delivery of and payment for
the Bonds the proceeds (Proceeds) of the sale of the Bonds,
other than the amount of $16~460 which shall be deposited in
the Debt Service Fund estab11shed by Section 3.01 hereof and
other than the amount of $ 136.634 which shall be used to pay
issuance expenses, together with other funds (Funds) in the
amount of $ 157.234 hereby appropriated for such purpose as
shall be necessary to pay the principal of, interest on and
redemption premium (if any) on the Refunded Bonds to their
maturity or the date on which they are called for redemption,
whichever date is earlier, are hereby pledged and appropriated
and shall be deposited in escrow with Pirst Trust Company of
Saint Paul, St. Paul, Minnesota, a suitable banking institution
within the State, whose deposits are insured by the Federal
Deposit Insurance Corporation and whose combined capital and
surplus is not less than $500,000 and said bank is hereby
designated escrow agent (Agent) for such Proceeds and Funds.
The City shall pay the reasonable charges of the Agent for its
services. The Proceeds and Funds shall be invested in
securities maturing or callable at the option of the holder on
such dates and bearing such interest at such rates as shall be
required to provide sufficient funds, together with any cash or
other funds retained in the Escrow Account, to pay when due the
interest to accrue on each Refunded Bond at maturity or on the
date on which it is called for redemption as herein provided
and to pay the principal amount of each such Refunded Bond at
maturity or on the date on which it has been called for
redemption and to pay any premium required for redemption on
such date. The monies in the Escrow Account shall be used
solely for the purposes herein set forth and for no other
purpose, except that if any balance shall remain in the Escrow
Account after all of the Refunded Bonds and interest (and any
premium) thereon are paid, then such balance shall be
transferred to the Debt Service Fund for the Bonds.
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4.03. The City Council hereby finds and determines
that the Proceeds and Funds available and appropriated to the
Escrow Account will be sufficient, together with the permitted
earni~gs on the investment of the Escrow Account to pay at
maturity or redemption all of the principal of, interest on and
redemption premium (if any) on the Refunded Bonds.
4.04. Securities purchased from the monies in the
Escrow Account shall be limited to securities set forth in
Section 475.67, Subdivision 8 of ~he Act. Securities purchased
for the Escrow Account shall be purchased simultaneously with
the delivery of and payment for the Refunding Bonds.
4.05. The Refunded Bonds maturing January 1, 1993 and
thereafter shall be called for redemption and prepayment on
January 1, 1992. The Refunded Bonds shall be redeemed and
prepaid in accordance with their terms and in accordance with
the terms and conditions set forth in the form of Notice of
Call attached hereto as Exhibit A, which terms and conditions
are hereby approved and incorporated herein by reference. The
City Manager is hereby authorized and directed to forthwith
publish said notice of call in a publication qualified under
Section 475.54 of the Act and to send a certified copy of the
Notice of Call to the paying agent for the Refunded Bonds,
~ provided that pUbliShed notice alone shall be effective.
4.06. On or prior to the delivery of the Bonds, the
Mayor and the City Manager are authorized and directed to
execute on behalf Qf the City an escrow agreement (Escrow
Agreement) with the Agent in substantially the form now on file
with the City Manager. All essential terms and conditions of
the Escrow Agreement are hereby approved and adopted and made a
part of this resolution, and the City covenants that it will
promptly enforce all provisions thereof in the event of default
thereunder by the Agent.
Section 5. Defeasance 1 Registration Certification.
5.01. When all Bonds have been discharged as provided
in this paragraph, all pledges, covenants and other rights
granted by this resolution to the holders of the Bonds shall
cease, except that the pledge of the full faith and credit of
the City for the prompt and full payment of the principal of
and interest on the Bonds shall remain in full force and
effect. The City may discharge all Bonds which are due on any
date by depositing with the Paying Agent for such bonds on or
before that date a sum sufficient for the payment thereof in
ful11 if any Bond should not be paid when due, it may
nevertheless' be discharged by depositing with the Paying Agent
e a sum sufficient for the payment thereof in full with interest
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accrued to the date of such deposit. The City may also at any
time discharge and defease the Bonds in their entirety by
complying with the provisions of Section 475.67, Subdivisions 4
to l2.of the Act, except that the funds deposited in escrow in
accordance with said provisions may (to the extent permitted by
law) but need not be, in whole or in part, proceeds of
refunding bonds as therein provided without the consent of any
Bondholders.
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5.02. The officers of the City are hereby authorized
and directed to prepare and furnish to the purchaser and to the
attorneys approving the legality of the issuance of the Bonds,
certified copies of all proceedings and records of the City
relating to the Bonds and to the financial condition and
affairs of the City, and such other affidavits, certificates
and information as are required to show the facts relating to
the legality and marketability of said bonds as the same appear
from the books and records under their custody and control or
as otherwise known to them, and all such certified copies,
certificates and affidavits, including any heretofore
furnished, shall be deemed representations of the City as to
the facts stated therein. The Mayor and City Manager 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 said statement is a
complete and accurate representation of the facts and
representations made therein as of the date of the Official
Statement.
5.03. The City Manager is directed to file a
certified copy of this resolution with the Director of Property
Taxation of Hennepin County and the County Auditor of Carver
County and to obtain the certificates required by Minnesota
Statutes, Section 475.63.
The motion for the adoption of the foregoing
resolution was duly seconded by Councilmember Watson
and upon vote being taken thereon, the following voted in favor
thereof: Mayor Ham1lton. Council members Geving, Horn, SWenson and Watson
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted
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EXHIBIT A
NOTICE OF CALL
FOR REDEMPTION
$3,955,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
NOTICE IS HEREBY GIVEN, that, by order of the City
Council of the City of Chanhassen, Carver and Hennepin Counties
Minnesota, there have been called for redemption and prepayment
on
January 1, 1992
all outstanding bonds of the City designated as General
Obligation Improvement Bonds of 1982, dated June 1, 1982,
bearing serial numbers 554 through 791, inclusive, having
stated maturity dates of January 1 in the years 1993 through
1996, both inclusive, and totalling $1,190,000 in principal
amount. The bonds are being called at a price of par plus
accrued interest to Janaury 1, 1992, on which date all interest
on said bonds will cease to accrue. Holders of the bonds
hereby called for redemption are requested to present their
bonds for payment with interest coupons attached at the main
office of Norwest Bank Minneapolis, N.A., in the City of
Minneapolis, Minnesota, on or before January 1, 1992.
Dated: August 8,.~9B3..
BY ORDER OF THE CITY COUNCIL
By Isl Donald W. Ashworth
City Manager
City of Chanhassen
Further Information:
Juran & Moody, Inc.
400 North Robert
suite BOO
St. Paul, Minnesota 55101
(612) 224-1500
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