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88-117 C .' ..- e e e f<~. g&-/11c" 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 of the bids which had been received for the purchase of the City's $1,015,000 General Obligation Tax Increment Bonds of 1988, Series 3, as advertised for sale. The City Manager presented affidavits showing publi- cation 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 e After due consideration of the bids, Member Hamilton then introduced the following resolution and moved its adoption: RESOLUTION NO. 88-117C A RESOLUTION AWARDING THE SALE OF $1,015,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1988, SERIES 3; 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 $1,015,000 General Obligation Tax Increment Bonds of 1988, Series 3 (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 pursuant to duly advertised notice of sale and shall be and is hereby accepted, the bid being to purchase the. Bonds at a price of $995,208.20 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturity Interest Rate Year of Maturity Interest Rate 1990 6.80% 1994 6.20% 1991 6.80 1995 6.30 1992 6.00 1996 6.40 1993 6.10 1997 6.50 Net effective interest rate: 6.6409 1. 02. The sum of $1.02 being the amount bid by the Purchaser in excess of $995,207 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. 1.03. The City shall forthwith issue and sell the Bonds in the total principal amount of $1,015,000, 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 1990 $ 15,000 1994 $150,000 1991 50,000 1995 200,000 1992 75,000 1996 200,000 1993 100,000 1997 225,000 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. 1.05. For purposes of Minnesota Statutes, Section 475.54, the maturi- ties of the Bonds are hereby combined with the City's $1,775,000 General Obligation Taxable Tax Increment Bonds of 1988, dated September 1, 1988. 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: e (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, 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. . (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 e the Registrar of evidence satisfactory to it that such Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the 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 e 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 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] e UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTIES OF CARVER AND HENNEPIN CITY OF CHANHASSEN GENERAL OBLIGATION TAX INCREMENT BOND OF 1988, SERIES 3 Rate Maturity Date of Original Issue November 1, 1988 CUSIP 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 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 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. 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 men- tioned within. e By Authorized Representative [Reverse of the Bond] e This Bond is one of an issue in the aggregate principal amount of $1,015,000 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 development costs of a project (Project) in a Tax Increment Financ- ing 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 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 $5,000 or any integral multiple thereof of single maturities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar 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 e 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 (Hinor) 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 sells, assigns and trans- the within Bond and all and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. For value received, the undersigned hereby fers unto rights thereunder, e e Dated: No tice : 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 informat,ion 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. . 4.01. The Bonds shall be payable from the General Obligation Tax Increment Bonds of 1988, Series 3 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 (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 e 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. 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 and obtain the certificates required by Minnesota Statutes, Section 475.63. Section 5. Authentication of Transcript. e 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. 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. e 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 e 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 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. BID10tSM CITV IF 0WHlSSEN, *. TAlll.ATION IF BIDS 07-Nov-88 Jl(H) s&u ISSlE: 1,015,000 GaERAl. OBLIGATION TAX IN:R9OT BlHS [f 1988, SERIES 3 eIDDER: OORET INVESTJIENT SERVICES!.}~1. lEAD MANAGER FBS OlPITIl. MARKETS GROUP ~ IERRILL LYNCH CPPITIl. MARkETS. MANAGER AMERICSlH NATIOtA.. BANK & TRUSt lDlPANY, N.A. JURAN & IIXIDY, Itc. F & " MARGtETTE BSH<. N. A. 1lXlRE. JURAN AND COflPIlNY Ioc. MARCOTTE KJlE & ASSSOCIATES, Ioc. IN ASSOCIATION WITH: DAIN BlBIlRTH, It<<:. MANAGER PIPER, JAFFRAY & iiIPwOOD, IN:., IWilGER Il.LIsm-wILLIAMS CIJIIIPANY It<<:. MILLER SECURITIES, Ioc. ' BAIRD & CO., INC. PETERSON FlNAt<<:IAL CORPORATION MalA 1990 6.SO~ 1991 6.8~ 1992 6.~ 1993 6.1~ 1994 6.W 1995 6.~ 1996 6.40~ 1997 6.~ PUROlASE PRICE: lET INTEREST COST: hET INTEREST RATE: $995,208.20 $458,556. SO 6.~ BIDDER: DBlN WITTER REYNOLDS, HC., lEAD MANAGER PRUDENTIAl. -1lOO-E SECURITIES. INC.. MANAGER SMITH. BARta. HARRIS. lJlfWII & W1PANY, INC., MANAGER SHEARSON LEiMAN HUTTCH, IN:., JlRilGER PURCHASE PRICE: NET INTEREST COST: r INTEREST RATE: $995,228.35 $461,029.15 6. 6767'/. tIBIA 1990 6.15~ 1991 6.15~ 1992 6.15~ 1993 6.15~ 1994 6.25~ 1995 6. 3S~ 1996 6.45~ 1997 6. 55~ BIDDER: GRIFFIN. KUBIK, STEPHENS & THlJPSON, INC., lEAD l'lANASER BLUNT. aLIS & LClEWI Ioc. ~ a..AYTOH BROhW & ASSOCIATES: INC. , MANAGER IIJTCHINSON, SHOCI<EY..I..~ & CO. nE t(1nERN TRUST WMlNY PUllOlASE PRICE: lET INTEREST COST: NET' INTEREST RATE: $995,221.40 $468,308. 60 6.7821~ 1990 7.1~ 1991 6.70~ 1992 6.~ 1993 6.~ "1994 6.~ 1995 6.~ 1996. 6.~ MaIA 1997 , 6. SOl ".I e e 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 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 $1,015,000 General Obligation Tax Increment Bonds of 1988, Series 3 of the City. WITNESS My hand officially as such Manager and the corporate seal of e the City this z... l.-- day of MLI , 1988. LJ; iCk1 City Manager . Chanhassen, Minnesota (SEAL) e C14:05113D88.RAW , . 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 3, in the amount of $1,015,000, 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 /lJc')J, ,1988. e ~J, (2#-~u .Jd~2c~/ County Auditor Carver County, Minnesota (SEAL) By5Z~r/~ir eputy C14:05113D88.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 3, in the amount of $1,015,000, dated November 1, 1988, has been filed in my office and said obligations have been registered on the register of obligations in my office. '"'\c~ WITNESS My hand and official seal this~day of~~, 1988. . Df\i~ ~m ~~lSllD e Director of Property Taxation Hennepin County, Minnesota (SEAL) BYC~ t~c-l~ Deputy 0 CI4:05113D88.RAW .