88-97
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Res 8g-91
Extract of Minutes of Meeting
of the City Council of the City of
Chanhassen, Carver and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City
Council of the City of Chanhassen, Minnesota, was duly held in the City Hall in
said City on Thursday, September 15, 1988, commencing at 7:30 P.M.
The following members were present: Hamil ton, Horn, Boyt
and the following were absent: Geving I Johnson
* * *
* * *
* * *
The Mayor announced that the next order of business was consideration of
the offers which had been received for the purchase of the City's $1,775,000
General Obligation Taxable Tax Increment Bonds of 1988, as advertised for sale
by the Official Statement, dated September 1, 1988.
The City Manager presented a tabulation of the bids which had been received
in the manner specified in the Official Notice of Sale of the Bonds. The offers
were as follows:
"
Mericor
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TABULATION OF BIDS
City ot Chanhassen. Minnesota
$1.775.000 General Obligation Taxable Tax Increment Bonds ot 1988
Sale Date: 7:30 p.m.. Thursday. September 15. 1988
Moody's Rating: Baa
Bidder:
Gritfin. Kubik. Stephans & Thompson. Inc.. Manager
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
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Purchase Price:
Net Interest Cost:
Net Effective Interest Rate:
Insurance:
$1.742.027.00
S1.429.687.58
9.4550
FGIC (Aaa/AAA)
8.75%
8.90
9.00
9.10
9.10
9.20
9.25
9.30
9.30
9.40
%
Bidder:
Miller Securities. Inc.. Manager
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
Cronin & Company. Inc.. Co-Manager
Purchase Price:
Net Interest Cost:
Net Effective Interest Rate:
Insurance:
$1.740.486.25
$1.446.063.75
9.5633
FGIC (Aaa/AAA)
9.00%
9.00
9.00
9.10
9.20
9.25
9.30
9.40
9.50
9.50
%
-.
Merlcor Rnancial Services. Inc.
3055 Old Higl:rway Eight. Minneapolis. Minnesota 55418 . 612.782.2520
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TABULATION OF BIDS
City of Chanhassen. Minnesota
$1.775.000 General Obligation Taxable Tax Increment Bonds of 1988
Sale Date: 7:30 p.m.. Thursday. September 15. 1988
Moody's Rating: Baa
Bidder:
First Bank. N.A.. Manager
Norwest Bank Minnesota. N.A.. Co-Manager
Purchase Price:
Net Interest Cost:
Net Effective Interest Rate:
Insurance:
$1. 740.405.25
$1. 483.094.75
9.8082
FGIC (Aaa/AAA)
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
9.00%
9.10
9.20
9.30
9.40
9.50
9.60
9.70
9.75
9.75
%
Bidder:
Piper. Jaffray & Hopwood. Inc.. Manager
Allison-Williams Company. Inc.
American National Bank. St. Paul
Miller & Schroeder Financial. Inc.
Juran & Moody. Inc.
Purchase Price:
Net Interest Cost:
Net Effective Interest Rate:
Insurance:
$1.740.388.00
$1. 483.780.75
9.8128
FGIC (Aaa/AAA)
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
8.75%
9.00
9.10
9.25
9.40
9.50
9.60
9.70
9.80
9.80
%
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After due consideration of the offers, Member
Horn
then
introduced the following resolution and moved its adoption:
RESOLUTION NO. 88-97
A RESOLUTION AWARDING THE SALE OF $1,775,000
GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS
OF 1988;
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. Background: Findings.
a)
The City and the Housing and Redevelopment Authority of the City
(HRA) have duly established a Redevelopment Project Area (Project
Area) in the City and a related Tax Increment Financing District
(TIF District No.1) therein all pursuant to Minnesota Statutes,
Chapter 469 (Act).
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b) The Tax Increment Financing Plan (TIF Plan) for TIF District No.
1 has identified certain public redevelopment costs (Costs) for
the Project Area consisting primarily of the cost of acquiring
certain land for redevelopment which together with other costs
and cost of financing is presently estimated to be $1,775,000.
c) The City is authorized by Section 469.178, Subdivision 2 of the
Act to issue and sell its general obligation bonds to finance all
or a portion of the Costs. The HRA has requested the City to
issue such bonds and the City and the HRA have entered into a Tax
Increment Agreement (TIF Agreement) as required by the Act by
which tax increments from TIF District No. 1 received by the HRA
are transmitted to the City for the purpose of paying principal
of and interest on the general obligation bonds.
d) It is found and determined that it is in the best financial
interests of the City, the HRA, the Project Area and TIF District
that the City issue and sell its General Obligation Taxable Tax
Inclement Bonds of 1988 (Bonds) to finance a portion of the
Costs.
e)
The City is further authorized by Minnesota Statutes, Section
475.60, Subdivision 2(6) to negotiate the sale of the Bonds, it
being determined on advice of bond counsel that the interest on
the Bonds as contemplated by the TIF Plan will be subject to
federal income taxation. The actions of the City staff and
financial advisers in negotiating the sale of the Bonds are
ratified and confirmed in all respects.
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1.02. The offer of Griffin, Kubik, Stephans & Thompson, Inc. (Purchaser) to
purchase $1,775,000 General Obligation Taxable Tax Increment Bonds of 1988
(Bonds) of the City described in the Official Statement thereof is hereby found
and determined to be the highest and best offer received pursuant to duly
advertised notice of sale and shall be and is hereby accepted, the offer being
to purchase the Bonds at a price of $1,742,027.00 plus accrued interest to date
of delivery, for Bonds bearing interest as follows:
Year of Maturity Interest Rate Year of Maturity Interest Rate
1991 8.75% 1996 9.20%
1992 8.90% 1997 9.25%
1993 9.00% 1998 9.30%
1994 9.10% 1999 9.30%
1995 9.10% 2000 9.40%
Net effective interest rate: 9.4550%
1.03. The sum of $2,027.00 being the amount offered by the Purchaser in
excess of $1,740,388 shall be credited to the Debt Service Fund created by
Section 4.01. The City Manager is directed to retain the good faith check of
the Purchaser, pending completion of the sale and delivery of the Bonds. The
Mayor and City Manager are directed to execute a contract with the Purchaser on
behalf of the City.
1.04. The City shall forthwith issue and sell the Bonds in the total
principal amount of $1, 77 5,000, originally dated September 1, 1988, in the
denomination of $5,000 each or any integral multiple thereof, numbered No. R-1,
upward, bearing interest as above set forth, and which mature serially on
November 1 in the years and amounts as follows:
Year Amount Year Amount
1991 $ 75,000 1996 $200,000
1992 100,000 1997 200,000
1993 150,000 1998 200,000
1994 150,000 1999 250,000
1995 200,000 2000 250,000
1.05. Optional Redemption. The City may elect on November 1, 1995 and on
any interest payment date thereafter to prepay Bonds maturing on or after
November 1, 1996. Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, those Bonds remaining unpaid which have
the latest maturity date will be prepaid first. If only part of the Bonds
having a common maturity date are called for prepayment the specific Bonds to be
prepaid will be chosen by lot by the Registrar. All payments will be at a price
of par plus accrued interest.
1. 06. Extraordinary Redemption. The City may elect on May 1, 1989 or
November 1, 1989 to prepay, in whole and not in part, all of the Bonds. This
option to redeem and prepay all of the Bonds must be evidenced by a joint
certificate of the Executive Director of the HRA and the City Manager (i)
stating that the HRA and the City have not executed a Redevelopment Contract
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with Rosemount, Inc. or its parent company Emersen Electric Co. for the redevel-
opment of the land to be acquired with the proceeds of the Bonds, and (ii) filed
with the Bond Registrar named below together with the Redemption Notice required
by Section 2.03(i).
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds shall be issued only in fully registered
form. The interest thereon and, upon surrender of each Bond, the principal
amount thereof, 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 inter-
est 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 shall be dated as of the date of
original issue. The interest on the Bonds shall be payable on May 1 and Novem-
ber 1 of each year, commencing May 1, 1989, 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 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 Regis-
trar 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 execut-
ed 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 registra-
tion 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.
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(d) Cancellation. All Bonds surrendered upon any transfer or ex-
change shall be promptly cancelled by the Registrar and thereafter disposed
of as directed by the City.
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(e) Improper or Unauthorized Transfer. When any Bond is presented to
the Registrar for transfert the Registrar may refuse to transfer the same
until it is satisfied that the endorsement on such Bond or separate instru-
ment of transfer is valid and genuine and that the requested transfer is
legally authorized. The Registrar shall incur no liability for the refus-
alt 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 regis-
ter 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) Taxest 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.
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(h) Mutilatedt Lostt Stolen or Destroyed Bonds. In case any Bond
shall become mutilated or be destroyedt 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 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 such Bond was destroyed, stolen or lost, and of the ownership
thereof t 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.
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(i) Redemption. In the event any of the Bonds are called for redemp-
tion, notice thereof (and, if applicable, the certificate required by
Section 1.06) 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 Regis-
trar and by publishing said notice in the manner required by law. Failure
to give such notice by publication or by mail to any registered ownert 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.
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2.04. Appointment of Initial Registrar. The City hereby appoints
American National Bank & Trust CO.. 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 busi-
ness, 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 Treasurer shall transmit to the Registrar moneys
sufficient for the payment of all principal and interest then due.
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. Notwith-
standing 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
evidence that it has been authenticated and delivered under this Resolution.
When the Bonds have been so prepared, executed and authenticated, the Treasurer
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.
2.06. Temporary Bonds. The City may elect to deliver in lieu of printed
definitive Bonds, one or more typewritten temporary Bonds in substantially the
form set.forth in Section 3 with such changes as may be necessary to reflect
more than one maturity in a single temporary bond. Upon the execution and
delivery of definitive Bonds, the temporary Bonds shall be exchanged therefor
and cancelled.
Section 3. Form of Bond.
3.01. The Bonds shall be printed in substantially the following form:
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[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
GENERAL OBLIGATION TAXABLE TAX INCREMENT BOND OF 1988
Rate
Maturity
Date of
Original Issue
CUSIP
September 1, 1988
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
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 May 1 and November 1 in each year, commencing May 1,
1989, 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 , Minneso-
ta, 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 irrevocably pledged.
The City may elect on November 1, 1995, and on any interest payment date
thereafter, to prepay Bonds of this issue maturing on or after November 1, 1996.
Redemption may be in whole or in part of the Bonds subject to prepayment. If
redemption is in part, those Bonds remaining unpaid which have the latest
maturity date will be prepaid first. If only part of the Bonds having a common
maturity date are called for prepayment the specific Bonds to be prepaid will be
chosen by lot by the Registrar. All prepayments shall be at a price of par plus
accrued interest.
The City may elect on May 1, 1989 or November 1, 1989 to prepay, in whole
and not in part, all of the Bonds. This option to redeem and prepay all of the
Bonds must be evidenced by a joint certificate of ~he Executive Director of the
HRA and the City Manager (i) stating that the HRA and the City have not executed
a Redevelopment Contract with Rosemount, Inc. or its parent company Emersen
Electric Co. for the redevelopment of the land to be acquired with the proceeds
of the Bonds, and (ii) filed with the Bond Registrar named in the Resolution
together with the Redemption Notice required by Section 2.03(i) of the
Resolution.
.
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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.
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.
Dated:
CITY OF CHANHASSEN. MINNESOTA
(facsimile)
City Manager
(facsimile)
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
$1,775,000 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 September 15. 1988 (the Resolution). for the purpose of
providing money to aid in financing the public redevelopment costs of a project
(Project) in a Redevelopment Project area (Project Area) in the City, pursuant
to Minnesota Statutes, Chapter 469 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 Area to be received by the Housing and
Redevelopment Authority of the City (HRA) pursuant to a Tax Increment Agreement
between the HRA and the City all as set forth in the Resolution to which refer-
ence is made for a full statement of rights and powers thereby conferred. The
full faith and credit of the City are irrevocably pledged for payment of this
Bond and the City Council has obligated itself to levy additional ad valorem
taxes on all taxable 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.
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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.
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 constitu-
tional 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.
(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:
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TEN COM -- as tenants
in common
UNIF GIFT MIN ACT
(Cust)
Custodian
(Minor)
TEN EN! -- 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
Act . . . .
(State)
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers
the wi thin Bond and all rights
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.
unto
thereunder,
and
does
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 R~gistrar will not effect transfer of this Bond unless the infor-
mation 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
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3.02. The City Manager shall obtain a copy of the proposed approving legal
opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Associa-
tion, 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 Manager in sub-
stantially the form set forth in the form of Bond. The Manager 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.
Section 4. Payment: Security..
4.01. The Bonds shall be payable from the General Obligation Taxable Tax
Increment Bonds of 1988 Debt Service Fund (Debt Service Fund) hereby created,
and all tax increments (Tax Increments) from the Project Area received by the
City pursuant to a Tax Increment Agreement between the HRA and the City are
hereby pledged to the Debt Service Fund to the extent necessary to pay principal
of and interest on the Bonds. 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 shall be reimbursed for such
advances out of the proceeds of Tax Increments when received. There is hereby
appropriated to the Debt Service Fund the sum of $ 220 , 000 representing
capitalized interest and all accrued interest received from the Purchaser as
part of the purchase price of the Bonds. (accrued interest yet to be deter-
mined) .
4.02. It is hereby determined that the estimated collection of Tax Incre-
ments 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 Manager is authorized and 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 certificates required by
Minnesota Statutes, Section 475.63.
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 Bonds,
certified copies of proceedings and records of the City relating to the Bonds
and to the financial condition and affairs of the City, and such other certifi-
cates, affidavits and transcripts as may be required to show the facts within
their knowledge or as shown by the books and records in their custody and under
their control, relating to the validity and marketability of the Bonds and such
instruments, including any heretofore furnished, shall be deemed representations
of the City as to the facts stated therein.
5.02. The Mayor, Manager and Treasurer are hereby authorized and directed
to certify that they have examined the Official Statement prepared and circulat-
ed 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.
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The motion for the adoption of the foregoing resolution was duly seconded
by Member Boyt , and upon vote being taken thereon, the
following voted in favor thereof: Hamil ton, Horn, Boyt
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.
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STATE OF MINNESOTA )
)
COUNTIES OF CARVER ) SSe
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 September 15. 1988 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
$1.775.000 General Obligation Taxable Tax Increment Bonds of 1988 of the City.
WITNESS My hand officially as such Manager and the corporate seal of the
City this
26 day of September
1988.
;Q a~
City Manager
Chanhassen. Minnesota
(SEAL)
C12:05112D88.RAW
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STATE OF MINNESOTA
COUNTY AUDITOR'S
CERTIFICATE AS TO
REGISTRATION WHERE NO AD
VALOREM TAX LEVY
COUNTY OF CARVER
I, the undersigned County Auditor of Carver County,
Minnesota, hereby certify that a certified copy of a resolu-
tion adopted by the governing body of Chanhassen, Minnesota,
on ).-4.-4Jr /~ , 1988, relating to General Obligation
i
Taxable Tax Increment Bonds of 1988 in the amount of
$1,775,000, dated September 1, 1988, has been filed in my
office and said bonds have been entered on the register of
obligations in my office.
WITNESS My hand and official seal this ;} b
day of
S~pt.
, 1988.
(10mu ijJ~P0
COUnty Aud1tor .
Carver County, Minnesota
(SEAL)
--.
By J) hJrufhi10/Y11/)
Deput:y
0511CL01.F54
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STATE OF MINNESOTA
DIRECTOR OF PROPERTY
TAXATION'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
Chanhassen, Minnesota, on J~~~/J-- , 1988, relating
,
to General Obligation Taxable Tax Increment Bonds of 1988,
in the amount of $1,775,000, dated September 1, 1988, has
been filed in my office and said bonds have been entered on
the register of obligations in my office. ~
WITNESS My hand and official seal this -;..? day of
5e/:/......,-- 1988
/ , .
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ftl!l!1r7' ~ i"'r:"\:1::':7r0
e ~~ Rl ,'.' < ~... I"'" r J_1 ',\ 'j" li ~l
~~-'~;1l, ~~j 0 ? ~ lb~ ~ d~10
Director of Property Taxation
Hennepin County, Minnesota
(SEAL)
--.
By4o---:/ I'~AL- ...~
Deputy
0511CLO 1. F54
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