91-100 C
~
.
After due consideration of the bids, Member
Workman
then
introduced the following resolution and moved its adoption:
RESOLUTION NO. 91-100C
A RESOLUTION AWARDING THE SALE OF $575,000
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1991C;
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. The bid of Norwest Investment Services, Inc. (Purchaser)
to purchase $575,000 General Obligation Tax Increment Bonds, Series 1991C
(Bonds) of the City described in the Official Terms of Offering thereof is
found and determined to be the highest and best bid received pursuant to
duly advertised notice of sale and is hereby accepted, the bid being to
purchase the Bonds at a price of $ 569,250.00 plus accrued interest to
date of delivery, for Bonds bearing interest as follows:
e Year of Maturity Interest Rate Year of Maturity Interest Rate
]993 4.65% 1996 5.20%
1994 4.80 1997 5.40
1995 5.00 1998 5.60
True interest rate: 5.5562%
1.02. The sum of $ 1,438.00 being the amount bid by the Purchaser
in excess of $567,812 will be credited to the Debt Service Fund hereinafter
created. The City Manager 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 bidders 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 $575,000, originally dated November 1, 19:91, in the
denomination of $5,000 each or any integral multiple thereof, numbered No.
R-l, 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
1993 $ 75,000 1996 $100,000
1994 90,000 1997 105,000
1995 95,000 1998 110,000
Section 2. Registration and Payment.
2.01. Registered Form.
registered form. The interest
the principal amount thereof,
Registrar described herein.
The Bonds will be issued only in fully
thereon and, upon surrender of each Bond,
is payable by check or draft issued by the
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 August 1 and February 1 of each year, commencing
August 1, 1992, 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.
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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 corpo-
rate trust office a bond register in which the Registrar provides for
the registration of ownership of Bonds and the registration of trans-
fers 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 ex-
change. 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 such
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 prin-
cipal 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.
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(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 de-
stroyed, 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 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.
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2.04. Appointment of Initial Registrar. The City appoints
American National Bank and Trust Company, 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
Manager must transmit to the Registrar moneys sufficient for the payment of
all principal and interest then due.
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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 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 deliv-
ery 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 dif-
ferent 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 Manager 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 sub-
stantially 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.
Section 3. Form of Bond.
3.01. The Bonds will be printed in substantially the fol!owing 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 1991C
e
.
Rate
Maturity
Date of
Original Issue
CUSIP
November 1, 1991
No.
$
The City of Chanhassen,Minnesota, a duly organized and existing
municipal corporation in Carver and Hennepin Counties, Minnesota (City),
acknowledges itself to be indebted and for value received hereby promises
to pay to
e
or registered assigns, the principal sum of $ on the maturity
date specified above without option of prior payment, with interest thereon
from the date hereof at the annual rate specified above, payable August 1
and February 1 in each year, commencing August 1, 1992, 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 ,
Minnesota. as Bond Regis trar. Paying Agent, Transf er 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 irrevocably pledged.
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 have the same 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 Chanhassen, Carver and Hennepin
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
Manager and has caused this Bond to be dated as of the date set forth
below.
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Dated:
.
CITY OF CHANHASSEN, MINNESOTA
(facsimile)
City Manager
(facsimile)
Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution men-
t ioned wi thin.
By
Authorized Representative
[Reverse of the Bond]
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This Bond is one of an issue in the aggregate principal amount of
$575,000 all of like original issue date and tenor, except as to number,
maturity date and interest rate, all issued pursuant to a resolution
adopted by the City Council on October 15, 1991 (the Resolution), for the
purpose of providing money to aid in financing the public development costs
of a project (Project) in a Tax Increment Financing District (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 469.124 through 469.134 and the principal hereof and
interest hereon are payable primarily from tax increments resulting from
increases in assessed valuation of real property in the Proj ect in the
District, as set forth in the Resolution to which reference is made for a
full statement of rights and powe~s 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 all taxable property in the
Ci ty 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 demoninations
of $5,000 or any integral multiple thereof of single maturities.
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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.
.
~he 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
Chanhassen, Minnesota. which includes the within Bond. dated as of the date
of delivery of and payment for the Bonds.
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(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 MTN ACT
(Cust)
Custodian
(Minor)
TEN ENT -- as tenants
by entireties
under Uniform Gifts or
Transfers to Minors
JT TEN -- as joint tenants with
right of survivorship and
not as tenants in common
Ac t . . .
..........
(State)
Additional abbreviations may also be used though not in the above
list.
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.
ASSIGNMENT
For value received, the undersigned hereby
fers unto
rights thereunder, and
sells, assigns and trans-
the within Bond and all
does hereby irrevocably constitute and appoint
attorney to transfer the said Bond on the books
of the within Bond, with full power of substitution
kept for registration
in the premises.
Dated:
Notice:
The assignor's signature to this
with the name as it appears upon
in every particular, without
whatever.
assignment must correspond
the face of the within Bond
alteration or any change
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.
e
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 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 dating 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 Manager is 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.
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.
Section 4. Payment: Security: Pledges and Covenants.
4.01. The Bonds are payable from the General Obligation Tax Increment
Bonds, Series 1991C Debt Service Fund (Debt Service Fund) hereby created,
and all tax increments (Tax Increments) from the Tax Increment Financing
District (District) in which the project financed by the Bonds is located
received by the City 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 Manager 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 (1) capitalized interest funded from Bond proceeds, if
any, (ii) any amount over the minimum 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.
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4.03. The City Manager is directed to file a certified copy of this
Resolution with the County Auditor of Carver County and 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 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 mar-
ketability 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 Manager 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.
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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 appli-
cable 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 1991) exceed the small-issuer exception amount of
$5,000,000.
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(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 ar.tivity 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 within the meaning 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 manner 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 obliga-
tions" 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(c)(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 1991
will not exceed $10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 1991 have been designated for purposes of Section
265(b) (3) of the Code.
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.
6.05. The City will use its best efforts to comply with any federal
procedural requirements which may apply in order to effectuate the designa-
tions made by this section.
The motion for the adoption of the foregoing resolution was duly
seconded by Member
Dimler
, and upon vote being taken
thereon, the following voted in favor thereof: Ursula Dimler, Michael Mason,
Richard Wing, Thomas Workman and Mayor Donald Chmiel
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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e
.'
. 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 Chanhassen, Carver and Hennepin Counties, Minnesota, do hereby
certify that I have carefully compared the attached and foregoing extract
of minutes of a special meeting of the City Council of the City held on
Tuesday, October 15, 1991, 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 $575,000 General Obligation Tax
Increment Bonds, Series 1991C of the City.
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WITNESS My hand officially as such Manager and the corporate seal of
(jJ~
, 1991.
the City this f)~ day of
f!l~
City Manager
Chanhassen, Minnesota
osmoo
e
C4:CHI35RAW.91C
, .
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Extract of Xinutes of Meeting
of the City Council of the City of
Chanhassen, Carver and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof, a special meeting of the City
Council of the City of Chanhassen, Minnesota, was duly held in the City Hall in
said City on Tuesday, October IS, 1991, commencing at 5:30 P.M.
The following members were present: Ursula Dim1er, Michael Mason, Richard
Wing, Thomas Workman and Donald Chmiel
and the following were absent: None
* * *
* * *
* * *
The Mayor announced that the next order of business was consideration of
e the bids which had been received for the purchase of the City's $1,165,000
General Obligation Municipal Building Refunding Bonds, Series 1991D, as
advertised for sale. The City Manager presented affidavits showing publication
of the notice of sale in the City's official newspaper and in Northwestern
Financial Review, a financial paper published in Minneapolis, Minnesota, which
affidavits were examined and found satisfactory and ordered placed on file.
The City Manager presented a tabulation of the bids which had been received
in the manner specified in the Official Terms of Offering of the Bonds. The
bids were as follows:
(See Attached)
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~ SPRINGSTED
"..~ PUBLIC FINANCE ADVISORS
-
.
16655 West Bluemound Road
Suite 290
Brookfield, WI 53005-5935
(414) 782-8222
Fax: (414) 782-2904
2739 Second Avenue S.E.
Cedar Rapids, IA 52403-1434
(319) 363-2221
Fax: (319) 363-6999
85 East Seventh Place
Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
6800 College Boulevard
Suite 600
Overland Park. KS 66211-1533
(913) 345-8062
Fax: (913) 345-1770
222 South Ninth Street
Suite 2825
Minneapolis. MN 55402-3368
(612) 333-9177
Fax: (612) 333-2363
$1 ,165,000*
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBUGATION MUNICIPAL BUILDING REFUNDING BONDS, SERIES 19910
PRUDENTIAL SECURITIES, INC.
LEHMAN BROTHERS
DEAN WITTER REYNOLDS INCORPORATED
PAINEWEBBER INCORPORATED
BEAR, STEARNS Be CO., INC.
AWARD:
SALE:
Bidder
. PRUDENTIAL SECURITIES, INC.
LEHMAN BROTHERS
DEAN WI'ITER REYNOLDS INCORPORATED
PAINEWEBBER INCORPORATED
BEAR, STEARNS & CO., INC.
NORWEST INVESTMENT SERVICES,
INCORPORATED
FBS INVESTMENT SERVICES, INC.
MERRILL LYNCH & CO.
American National Bank Saint Paul
Cronin & Company, Incorporated
Juran & Moody, Incorporated
Miller & Schroeder Financial, Inc.
Dougherty, Dawkins, Strand &
Bigelow, Incorporated
Marquette Bank Minneapolis, N.A.
Moore, Juran and Company, Incorporated
Park Investment Corporation
Peterson Financial Corporation
.
October 15, 1991
Interest
Rates
Moody's Rating: Baa1
Price
True Interest
Cost Be Rate
$1,152,185.00
$361 ,498.13
(5.6845%)
4.60% 1992
4.80% 1993
4.90% 1994
5.10% 1995
5.20% 1996
5.40% 1997
5.50% 1998
5.60% 1999
5.75% 2000
4.50% 1992
4.65% 1993
4.80% 1994
5.00% 1995
5.20% 1996
5.40% 1997
5.60% 1998
5.75% 1999
5.90% 2000
$1 ,153,350.00
$364,750.63
(5.7267%)
(Continued)
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