88-117 B
. \ ,:. -
e
Res gg -117 8
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 special meeting of the City
Council of the City of Chanhassen, Minnesota, was duly held in the City
Hall in said City on Monday, November 7, 1988, commencing at 7:30 P.M.
The following members were present: Hamilton, Horn, Boyt
and the following were absent: Geving, Johnson
* * *
* * *
* * *
The Mayor announced that the next order of business was consideration
e
of the bids which had been received for the purchase of the City's $740,000
General Obligation Tax Increment Bonds of 1988, Series 2, as advertised for
sale. The City Manager presented affidavits showing publication of the
notice of sale in the City's official newspaper and in Commercial West, 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 Notice of Sale of the
Bonds. The bids were as follows:
e
e
After due consideration of the bids, Member Hamilton then introduced
the following resolution and moved its adoption:
RESOLUTION NO. 88-117B
A RESOLUTION AWARDING THE SALE OF $740,000
GENERAL OBLIGATION TAX INCREMENT BONDS OF 1988, SERIES 2
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.
e
1.01. The bid of Norwest Investment Services, Inc. (Purchaser) to
purchase $740,000 General Obligation Tax Increment Bonds of 1988, Series 2
(Bonds) of the City described in the Official Notice of Sale thereof is
hereby found and determined to be the highest and best bid received pursu-
ant to duly advertised notice of sale and shall be and is hereby accepted,
the bid being to purchase the Bonds at .s price of $725,570 plus accrued
interest to date of delivery, for Bonds bearing interest as follows:
Year of Maturity Interest Rate Year of Maturity Interest Rate
1989 7.10% 1996 6.40%
1990 7.10 1997 6.50
1991 7.10 1998 6.60
1992 7.10 1999 6.70
1993 6.10 2000 6.75
1994 6.20 2001 6.80
1995 6.30
Net effective interest rate: 6.8525
1.02. The sum of $ -0- being the amount bid by the Purchaser in
excess of $725,570 shall be credited to the Debt Service Fund hereinafter
created. The City Treasurer is directed to retain 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.
e
1.03. The City shall forthwith issue and sell the Bonds in the total
principal amount of $740,000, originally dated November 1, 1988, 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 November 1 in the years and amounts as follows:
e Year Amount Year Amount
1989 $15,000 1996 $75,000
1990 25,000 1997 75,000
1991 50,000 1998 75,000
1992 50,000 1999 75,000
1993 50,000 2000 75,000
1994 50,000 2001 75,000
1995 50,000
1.04. Optional Redemption. The City may elect on November 1, 1994
and on any interest payment date thereafter to prepay Bonds maturing on or
after November 1, 1995. 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.]
Section 2. Registration and Payment.
e
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 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 shall be dated as of the date of original issue. The interest on
the Bonds shall be payable on May 1 and November 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.
2.03. Registration. The City shall appoint, and shall maintain, a
bond registrar, transfer agent, authenticating agent and paying agent
(Registrar). The effect of registration and the rights and duties of the
City and the Registrar with respect thereto shall be as follows:
(a) Register. The Registrar shall keep at its principal corpo-
rate trust office a bond register in which the Registrar shall provide
for the registration of ownership of Bonds and the registration of
transfers and exchanges of Bonds entitled to be registered, trans-
ferred or exchanged.
e
(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,
~
e
duly executed by the registered owner thereof or by an attorney duly
authorized by the registered owner in writing, the Registrar shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Bonds of a like aggregate principal
amount and maturity, as requested by the transferor. The Registrar
, may, however, close the books for registration of any transfer after
the fifteenth day of the month preceding each interest payment date
and until such interest payment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered by
the registered owner for exchange the Registrar shall authenticate and
deliver one or more new Bonds of a like aggregate principal amount and
maturity, as requested by the registered owner or the owner's attorney
in writing.
(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
(e) Improper or Unauthorized Transfer. When any Bond is pre-
sented to the Registrar for transfer, the Registrar may refuse to
transfer the same until it is satisfied that the endorsement on such
Bond or separate instrument of transfer is valid and genuine and that
the requested transfer is legally authorized. The Registrar shall
incur no liability for the refusal, in good faith, to make transfers
which it, in its judgment, deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat
the person in whose name any Bond is at any time registered in the
bond register as the absolute owner of such Bond, whether such Bond
shall be overdue or not, for the purpose of receiving payment of, or
on account of, the principal of and interest on such Bond and for all
other purposes, and all such payments so made to any such registered
owner or upon the owner's order shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of
Bonds, the Registrar may impose a charge upon the owner thereof suffi-
cient to reimburse the Registrar for any tax, fee or other govern-
mental charge required to be paid with respect to such transfer or
exchange.
e
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any
Bond shall become mutilated or be destroyed, stolen or lost, the
Registrar shall deliver a new Bond of like amount, number, maturity
date and tenor in exchange and substitution for and upon cancellation
of any such mutilated Bond or in lieu of and in substitution for any
such Bond destroyed, stolen or lost, upon the payment of the reason-
able expenses and charges of the Registrar in connection therewith;
and, in the case of a Bond destroyed, stolen or lost, upon filing with
the Registrar of evidence satisfactory to it that such Bond was
destroyed, stolen or lost, and of the ownership thereof, and upon
furnishing to the Registrar of an appropriate bond or indemnity in
e
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.
(i) Redemption. In the event any of the Bonds are called for
redemption, notice thereof identifying the Bonds to be redeemed will
be given by the Registrar by mailing a copy of the redemption notice
by first class mail (postage prepaid) not more than 60 and not less
than 30 days prior to the date fixed for redemption to the registered
owner of each Bond to be redeemed at the address shown on the regis-
tration books kept by the Registrar and by publishing said notice in
the manner required by law. Failure to give such notice by publica-
tion or by mail to any registered owner, or any defect therein, will
not affect the validity of any proceeding for the redemption of Bonds.
All' Bonds so called for redemption will cease to bear interest after
the specified redemption date, provided that the funds for the redemp-
tion are on deposit with the place of payment at that time.
e
2.04. Appointment of Initial Registrar. The City hereby appoints
American National Bank & 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 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.
e
2.05. Execution, Authentication and Delivery. The Bonds shall be
prepared under the direction of the Manager and shall be executed on behalf
of the City by the signatures of the Mayor and the Manager, provided that
all signatures may be printed, engraved or lithographed facsimiles of the
originals. In case any officer whose signature or a facsimile of whose
signature shall appear on the Bonds shall cease to be such officer before
the delivery of any Bond, such signature or facsimile shall nevertheless be
valid and sufficient for all purposes, the same as if he had remained in
office until delivery. Notwithstanding such execution, no Bond shall be
valid or obligatory for any purpose or entitled to any security or benefit
under this Resolution unless and until a certificate of authentication on
such Bond has been duly executed by the manual signature of an authorized
representative of the Registrar. Certificates of authentication on differ-
ent Bonds need not be signed by the same representative. The executed
certificate of authentication on each Bond shall be conclusive evidence
e
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 pur-
chase price in accordance with the contract of sale heretofore made and
executed, and the Purchaser shall not be obligated to see to the applica-
tion 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:
[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
e
GENERAL OBLIGATION TAX INCREMENT BOND OF 1988, SERIES 2
Rate
Maturity
Date of
Original Issue
CUSIP
November 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
e
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 regis-
tered at the close ofbusiness 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 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, 1994, and on any interest payment
date thereafter, to prepay Bonds of this issue maturing on or after Novem-
ber 1, 1995. 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 prepay-
ments shall be at a price of par plus accrued interest.
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 shall for all purposes have the same effect as though
fully set forth in this place.
e
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)
(facsimile)
City Manager
Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds d{livered pursuant to the Resolution men-
tioned within.
e
By
Authorized Representative
e
[Reverse of the Bond]
This Bond is one of an issue in the aggregate principal amount of
$740,000 all of like original issue date and tenor, except as to number,
maturity date, redemption privilege, and interest rate, all issued pursuant
to a resolution adopted by the City Council on November 7, 1988 (the
Resolution), for the purpose of providing money to aid in financing the
public redevelopment costs of a project (Project) in a redevelopment Tax
Increment Financing District (District) in the City, pursuant to and in
full conformity with the Constitution and laws of the State of Minnesota,
including Minnesota Statutes, Sections 469.174 to 469.179, the Minnesota
Tax Increment Financing Act, and Minnesota Statutes, Sections 469.001
through 469.047 and the principal hereof and interest hereon are payable
primarily from tax increments resulting from increases in assessed
valuation of real property in the Project in the District, as set forth in
the Resolution to which reference is made for a full statement of rights
and powers thereby conferred. The full faith and credit of the City are
irrevocably pledged for payment of this Bond and the City Council has
obligated itself to levy additional ad valorem 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 $S, 000 or any integral multiple thereof of single matu-
rities.
e
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.
e
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.
(Facsimile Signature)
City Manager
The' following abbreviations, when used in the inscription on the face
of this Bond, shall be construed as though they were written out in full
according to applicable laws or regulations:
TEN COM -- as tenants
in common
UNIF GIFT MIN ACT
(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
Act . . .
. . . .
. . . . . .
(State)
Additional abbreviations may also be used though not in the above
list.
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:
.
e
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.
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.)
e
Please insert social security or
other identifying number of assignee
3.02. The City Manager shall obtain a copy of the proposed approving
legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional
Association, Minneapolis, Minnesota, which shall be complete except as to
dating thereof and shall cause the opinion to be printed on each Bond,
together with a certificate to be signed by the facsimile signature of the
Manager in substantially 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: Pledges and Covenants.
e
4.01. The Bonds shall be payable from the General Obligation Tax
Increment Bonds of 1988, Series 2, Debt Service Fund (Debt Service Fund)
hereby created, and all tax increments (Tax Increments) from the Tax
Increment Financing District (District) in which the redevelopment project
(Project) financed by the Bonds is located received by the City are hereby
pledged to the Debt Service Fund. 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 all
capitalized interest funded from Bond proceeds, if any, any amount over the
minimum purchase price paid by the Purchaser and all accrued interest paid
by the Purchaser upon closing and delivery of the Bonds.
e
4.02. It is hereby 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. The City Manager is directed to file a certified copy of
this Resolution with the County Auditor and Director of Property Taxation
of Carver and Hennepin Counties, and 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 certificates, affidavits and transcripts as may be required to show
the facts within their knowledge or as shown by the books and records in
their custody and under their control, relating to the validity and market-
ability 'of the Bonds and such instruments, including any heretofore fur-
nished, shall be deemed representations of the City as to the facts stated
therein.
e
5.02. 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 the Official Statement is a
complete and accurate representation of the facts and representations made
therein as of the date of the Official Statement.
Section 6. Tax Covenant.
6.01. The City covenants and agrees with the holders from time to
time of the Bonds that it will not take or permit to be taken by any of its
officers, employees or agents any action which would cause the interest on
the Bonds to become subject to taxation under the Internal Revenue Code of
1986, as amended (the Code), and the Treasury Regulations promulgated
thereunder, in effect at the time of such actions, and that it will take or
cause its officers, employees or agents to take, all affirmative action
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. The City shall 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
e
e
in calendar year 1988) exceed the small-issuer exception amount of
$5,000,000.
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 hereby
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 hereby designates the Bonds as "qualified tax-ex-
empt 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 County) during calendar year 1988
will not exceed $10,000,000; and
e
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 1988 have been designated for purposes of Section
265(b)(3) of the Code.
6.05. The City shall 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.
Section 7. Ratification.
7.01. The actions of the City's financial advisor, Mericor Financial
Services, Inc., taken with respect to correcting an error in the Official
Notice of Sale of the Bonds and correcting typographical errors in the
Official Statement are hereby ratified and confirmed in all respects.
The motion for the adoption of the foregoing resolution was duly
seconded by Member Horn, and upon vote being taken thereon, the following
voted in favor thereof: Hamilton, Horn, Boyt
and the following voted against the same: None
e
whereupon said resolution was declared duly passed and adopted.
BID74Of1l .
CITY CF ~, m
TABWlTICIf CF BIDS
07-H0v-88 BOND $l..E
740,000 6aEPJl. OBLISATICH TAX IN:RaENT BONDS CF 1988, SERIES a
r:
BIDDER:
OORWEST ItNESTlENT SERVICES. IN:.. l.BlD MANAGER
FBS CllPITtL. ~Rl<ETS 6R1lJP. ~
JlERRILl L'flOI CSlPITAL. MARRETS. MANASER
AMERICM NATIIJR. BANK & TRUST CC/iPANY, N.A.
JUR$lH & MOODY It<<:.
F & M MAROOEitE ~. M.A.
)(](]RE. JU~ AND CQIiIPfWf, INC.
MARCOTTE IDE & ASSOCIf\TES, It<<:.
IN ASSOCIATION WITH:
DAIN BOSWORTH. INC.. mER
PIPER. JAFFRAY & OOPWOOD, IN:. , MANAGER
tLLI5m-WILlIA/llS lJlIIIPANY, IN:.
MILLER SECURITIES, IHe.
BAIRD & CO.. INC.
PETERSON FItw<<:HI. CORPORATIOO
PURCHASE PRICE:
ta INTEREST COST:
NET INTEREST RATE:
$72S,S70.00
$413,895.00
6.S525~
MalA
BIDDER:
!lEflH WITTER REYNOLDS. INC.. l.BlD ~R
PRUDENTIAL -BAOE SECURITIES. INC.. IllfJ.NAGER
SMITH. BARtEl', ~RRIS, LPHAH & COI4PANY, INC., ~
srEliRSON l.EHPlAN liITTON, INC., MANAGER
PUROiASE PRICE:
JR INTEREST COST:
. INTEREST RATE:
$725,757.50
$420,157.50
6.~
MalA
BIDDER:
GRIFFIN!... : KtJB.IK, S'TEPfoENS & nDlPSOH, INC., l.BlD IWmR
BLOO. w.IS & LOEWI. It<<:., MAlilGER
ClAYTON BROWN & ASSOCIATES, INC., MANAGER
ti.lTCHIHSOH, SHOCKEY, ERLEY & CO.
llE tmTaN TRUST ~
PURCIASE PRICE:
1ET INTEREST COST:
NET INTEREST RATE:
$725, 580. 60
$428, 169. 40
7.0888~
MalA
e
1989 7; 10~
1990 7.1~
1991 7.1~
1m 7.1~
1993 6.1~
1994 6.~
1m 6.30~
1996 6.~
1997 6.50~
1998 6.60~
1999 6.70~
2000 6. 7S~
2001 6.~
1989 6.~
1990 6.~
1991 6.~
1992 6.60~
1993 6.6Oi
1994 6.~
1m 6.60~
1996 6.~
1997 6.6~
1998 6.6S~
1999 6. 7S~
2000 6. as~
2001 6. 95~
1989
1990
1991
1992
. 1993
1994
1995
1996
1997
1998
1m
2000
2001
6.~
.7.~
7.~..
7.4O~
6.~
6.~
6.~
6.60~
6.7~
6.~
6.9Q1.
7.~
7.1~
e
STATE OF MINNESOTA
)
)
) SSe
)
)
)
COUNTIES OF CARVER
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
November 7, 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 $740,000 General Obligation Tax Incre-
ment Bonds of 1988, Series 2 of the City.
WITNESS My hand officially as such Manager and the corporate seal of
--
the City this
2"2-. day of November, 1988.
ci~Qger [)fl ~
Chanhassen, Minnesota
(SEAL)
e
C14:05112D88.RAW
, .
.
e
e
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 resolution adopted by the City Council of the City of
Chanhassen, Minnesota, on November 7, 1988, relating to General Obligation
Tax Increment Bonds of 1988, Series 2, in the amount of $740,000, dated
November 1, 1988, has been filed in my office and said obligations have
been registered on the register of obligations in my office.
WITNESS My hand and official seal this .))- day of /!loll .
, 1988.
~
County Auditor
Carver County, Minnesota
(SEAL)
il~d~ vjJ
Deputy
C14:05112D88.RAW
. ..
.
e
.
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 resolution adopted by the City Council of
the City of Chanhassen, Minnesota, on November 7, 1988, relating to General
Obligation Tax Increment Bonds of 1988, Series 2, in the amount of
$740,000, dated November 1, 1988, has been filed in my office and said
obligations have been registered on the register of obligations in my
office. .
WITNESS My hand and official seal thisd~day Of~ 1988.
P!l"!'I f':"J A I7"Al'S'lAD
r;;"";<', :"1 ~";j~.
(' ,<""\., ~i,'; ~ i! \Ul
Director of Property Taxation
Hennepin County, Minnesota
(SEAL)
By(l~ -tL'~
Deputy
C14:0S112D88.RAW