87-56 B
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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 Monday, June 15, 1987, commencing at 7: 30 0' clock
p.m.
The following members were present: Hamilton, Geving, Horn, Boyt,
Johnson.
and the following were absent:
None.
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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
$3,475,000 General Obligation Tax Increment Bonds of 1987, as advertised
for sale. The City Manager presented affidavits showing publications of
notice of sale in the City's official newspaper and in Commercial West, a
financial paper published in Minneapolis, Minnesota, which affidavits were
examined, 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:
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After due consideration of the bids, Councilmember Geving
introduced the following resolution and moved its adoption:
RESOLUTION NO. 87-56B
A RESOLUTION AWARDING THE SALE OF $3,475,000
GENERAL OBLIGATION TAX INCREMENT BONDS OF 1987;
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 Clayton Brown & Associates Account (Pur-
chaser) to purchase $3 ~475, 000 General Obligation Tax Increment Bonds of
1987 (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, such bid being to purchase the Bonds at a price of $3,407,531.99
plus accrued interest to date of delivery, for Bonds bearing interest as .
follows:
Year of Maturity
Interest Rate Per Annum
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
7.00%
7.00
7.00
7.00
7.00
6.875
6.30
6.40
6.50
6.60
6.70
6.80
6.00
Net effective interest rate:
6.7295%
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1.02. The sum of $ 294.99 being the amount bid by the Purchaser
in excess of $3,407,237, shall be credited to the Debt Service Fund herein-
after created. The City Treasurer is directed to retain the good faith
check of the Purchaser pending completion of the sale and delivery of the
Bonds, and to return the checks of the unsuccessful bidders forthwith. The
Mayor and City Manager are directed to execute a contract with the Purchas-
er on behalf of the City.
1.03. The City shall forthwith issue and sell the Bonds in the total
principal amount of $3,475,000, originally dated July 1, 1987, 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 Bonds mature
serially on August 1 in the years and amounts as follows:
YEAR AMOUNT YEAR AMOUNT
1989 $100,000 1996 $300,000
1990 125,000 1997 300,000-
1991 150,000 1998 350,000
1992 175,000 1999 400,000
1993 200,000 2000 400,000
1994 225,000 2001 500,000
1995 250,000
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1.04. Optional Redemption. The City may elect on August 1, 1995, and
on any interest payment date thereafter, to prepay Bonds maturing on or
after August 1, 1996. Redemption may be in whole or in part of the bonds
subj ect 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.
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.
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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 pa)~ent, 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 February 1 and August 1 of each year, com-
mencing February 1, 1988, 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 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.
(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) 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
othe~ 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
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governmental charge required to be paid with respect to such transfer
or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any
Bond shall become mutilated or be destroyed, stolen or lost, the
Registrar shall deliver a new Bond of like amount, number, maturity
date and tenor in exchange 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 pa)~ent 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
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 th.e 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
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.
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2.04. Appointment of Initial Registrar. The City hereby appoints
First Trust Comoam.1, Inc. 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 result-
ing corporation is a bank or trust c.ompany 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.
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2.05. Execution, Authentication and Delivery. The Bonds shall be
prepared under the direction of the City Manager and shall be executed on
behalf of the City by the signatures of the Mayor and the City Manager,
provided that all signatures may be printed, engraved or lithographed
facsimiles of the originals. In case any officer whose signature or a
facsimile of whose signature shall appear on the Bonds shall cease to be
such officer before the delivery of any Bond, such signature or facsimile
shall nevertheless be valid and sufficient for all purposes, the same as if
the officer 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 certif-
icate of authentication on such Bond has been duly executed by the manual
signature of an authorized representative of the Registrz:.r. Certificates
of authentication on different Bonds need not be signed by the same repre-
sentative. The executed certificate of authentication on each Bond shall
be conclusive evidence that it has been authenticated and delivered under
this Resolution. v."hen 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.
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2.06. Temporary Bonds. The Ci.ty may elect to dE.liver in lieu of
printed definitive Bonds, one or more typewritten 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 should 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 MIhTNESOTA
COUhLIES OF CARVER AND HENNEPIN
CITY OF CHA1~SSEN
GENERAL OBLIGATION TAX "INCREMENT BOND OF 1987
Rate
7.
Maturity
Date of
Original Issue
CUSIP
July 1, 1987
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No. R-
$
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The City of Chanhassen, a duly organized and existing municipal corpo-
ration 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 February. 1 and August 1 in each year, commen-
cing February 1, 1988, 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 August 1, 1995, and on any interest payment date
thereafter, to prepay Bonds of this issue maturing on or after August 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 prepay-
ments shall be chosen by lot by the Registrar. All prepayments 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 (the Code) 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 WI~~SS WHEREOF, the City of Chanhassen, Carver and Hennepin
Count:.es, 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, MIh~ESOTA
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(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
$3,475,000, all of like original issue date and tenor, except as to number,
maturity date, redemptions privilege, and interest rate, issued pursuant to
a resolution adopted by the City Council on June 15, 1987 (the Resolution),
for the purpose of providing money to aid in financing the public redevel-
opment costs of a project in a redevelopment project area (Project Area) in
the City, pursuant to Minnesota Statutes, sections 273.71 to 273.78, the
Minnesota Tax Increment Financing Act, and Minnesota Statutes, Sections
462.411 to 462.716 and the principal hereof and interest hereon are payable
primarily from tax increments resulting from increases in assessed valua-
tion of real property in the Project in the Project Area, 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 taxes on all of the 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 issue
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 iss~ed 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
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other purposes, and neither the City nor the Bond Registrar shall be
affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of
Minnesota to be done, to exist, to happen and to be performed preliminary
to and in the issuance of this Bond in order to make it a valid and binding
general obligation of the City in accordance with its terms, have been
done, do exist, have happened and have been performed as so required, and
that the issuance of this Bond does not cause the indebtedness of the City
to exceed any constitutional or statutory limitation of indebtedness.
(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 ot" 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
Ac t . . .
. . . .
. . . . . .
(State)
Additional abbreviations may also be used though not in the above
list.
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ASSIGNMENT
For value received, the undersigned hereby sells, assigns and trans-
fers unto
the within Bond and all rights thereunder, and
does hereby irrevocably constitute and appoint
attorney to transfer the said Bond on the books kept for registration of
the within Bond, with full power of substitution in the premises.
Dated:
Notice:
The assignor's signature to this assignment must
correspond with the name as it appears upon the face of
the within Bond in every particular, without alteration
or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond unless the
information concerning the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if
the 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
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
City Manager in substantially the form set forth in the form of Bond. The
City 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. Security: Payment.
4.01. The Bonds shall be payable from the General Obligation Tax
Increment Bonds of 1987 Debt Service Fund (Debt Service Fund) hereby
created, and all tax increments (Tax Increments) from the Redevelopment
Project Area (Area) in which the redevelopment project (Project) financed
by the Bonds is located received by the City from the Housing and Redevel-
opment Authority of Chanhassen pursuant to the Tax Increment Agreement
executed by the City and the Authority on June 15, 1981, 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 proceeds of Tax Increments when re-
ceived.
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 of Carver and Director of Property
Taxation of Hennepin County 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
same, 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 said 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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Sec. 6. Special Tax Covenant.
6.01. (a) 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 becoDe subject to taxation under the Internal revenue Code
of 1986, as amended (the Code), and the Trasury 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.
(b) The City shall comply with requirements necessary under the
Code to establish and maintain the exclusion from gross income of the
intreest 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 thye yield on the
Bonds, and the rebate of excess investment earnings to the United States if
the Bonds (together with other obligations reasonably expected to be issued
in calendar year 1987) exceed the small-issuer exception amount of
$5,000,000. For purposes of qualifying for the small issuer exception to
the federal arbitrage rebate requirem:ents, the City hereby finds, deter-
mines and declares that the aggregate face amount of all tax-exempt bonds
(other than private activity bonds) issued by the City (and all subordinate
entities of the City) during the calendar year in which the Bonds are
issued and outstanding at one time is not reasonably expected to exceed
$5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code.
6.02. 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.
6.03. 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 oblgiations
(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 1987
will not exceed $10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 1987 have been designated for purposes of Section
265(b)(3) of the Code.
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The City shall use its best efforts to comply with any federal procedural
requirements which may apply in order to effectuate the designation made by
this section.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Johnson
and upon vote being taken thereon,
the following voted in favor thereof:
Hamilton, Geving, Horn, Boyt, Johnson.
and the following voted against: None
whereupon said resolution was declared- duly passed and adopted!
C6: 05112D87. RAW
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McCLEES It\T\'ESTMENTS, INC.
555 International Centre,
920 Second Avenue South,
Minneapolis, MN 55402-3319
rmBUIATICN OF BIDS
EXHIBIT I
Investment Bankers
City of rh;:mhi'i~sen, Minnesota
$3,475,000 General Cbligation Tax Increment Bonds of 1987
Sale Date: 7:30 p.m., Monday, June 15, 1987
M::xxiy's Rating: Baa
Bid:::ier :
Clayton Brown & Associates, Inc.,'Manager
Blunt, Ellis & Loewi, Inc., YJS.l1ager
Griffin, Kubik, Stephans & Thorrpson, Inc., Manager
In Association With:
Northern Trust, Iv"JBIlager
Purchase Price:
$3,407 ,531. 99
Net Interest Cost:
$2,265,475.78
Net Effective Interest Rate:
6.7295
Insurance:
FGIC
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
7.00%
7.00
7.00
7.00
7.00
6.875
6.30
6.40
6.50
6.60
6.70
6.80
6.00
(612) 370-2900
1-800-McCLEES
( 622.5337)
%
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McCLEES INVESTMENTS, INC.
555 International Centre,
920 Second Avenue South,
Minneapolis, MN 55402-3319
TABUIATICN OF BIDS
City of M'lnnhrH;;sen, Minnesota
$3,475,000 General Cbligation Tax Incrarent Bonds of 1987
Sale Date: 7:30 p.m., MOnday, June 15, 1987
M:xxiy' 5 Rating: Baa
Bid::ier:
Norwest Inves'b'nent Services, Inc.', Iv'.aanager
First Bank, Minneapolis, Manager .
Merrill Lynch Capital Markets, Iv'.aanager
American National Bank of Saint Paul
Cronin & Co., Inc.
Juran & Moody, Inc.
John Nureen & Co., Inc.
Dougherty Dawkins Strand & Yost, Inc.
F & M Marquette National Bank
Moore, Juran & Co., Inc.
M. H. Novick & Co., Inc.
Miller & Schroeder MUnicipals, Inc.
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000:
2001:
In Association With:
Dain Bosworth, Inc., Manager
First Bank Saint P?ul, Manager
Piper, Jaffray & Ho;MOOd, Inc., Iv'.aanager
Paine Web::::>er, Inc., Manager
Allison-Williams Carrpany
~-an Witter Reynolds, Inc.
Miller Securities, Inc.
Ro~rt W. Baird & Co., Inc.
Peterson Financial Corporation
Purchase Price: S3, 407 , 250 . 50
Net Interest Cost: S2,304,053.67
Net Effective Interest Rate:
6.8441
Insurance:
FGIC
Investment Bankers
(612) 370-2900
1-800- McCLEF.s
(622-5337 )
6.00%
6.00
6.00
6.00
6.00
6.00
6.20
6.40
6.60
6.70
6.80
6.90
7.00
%
,
,
.
. .
, ,
Bid:ier :
McCLEES I~lVESTMENTS, INC.
555 International Centre,
920 Second Avenue South,
Minneapolis, MN 55402.3319
TABUIATICN OF BIDS
City of Chnnhn!';sen, Minnesota
$3,475,000 General Cbligation Tax Increment Bonds of 1987
Sale Date: 7:30 p.m., l-bnda:y, June IS, 1987
z.bJdy's Rating: Baa
1989
1999
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
Shears on Lehman Brothers, Inc., ~Bnager
Srni. th Barney, Harris Upham & Co.,' Inc., Manager
Drexel Burnham lambert, Inc.
Prudential-Bache Securities, Inc..
Purchase Price:
$3,407,237.50
Net Interest Cost:
S2,315,163.54
Net Effective Interest Rate:
6.8771
Insurance:
FGIC
Investment Bankers
6.75%
6.75
5.75
5.80
6.00
6.20
6.40
6.50
6.60
6.70
6.80
6.90
7.00
(612) 370.2900
1.800.McCLEES
(622-5337)
%
... f , .~
. .
~ STATE OF MINNESOTA )
)
COUNTIES OF CARVER AND ) SSe
HENNEPIN )
)
CITY OF CHANHASSEN )
.
.
I, the undersigned, being the duly qualified and acting Clerk of the
City of Chanhassen, Minnesota, do hereby certify that I have carefully
compared the attached and foregoing extract of minutes of a regular meeting
of the City Council held on Monday, June 15, 1987, with ,the original
thereof on file in my office and the same is a full, true and correct copy
thereof insofar as the same relates to the issuance and sale of $3,475,000
General Obligation Tax Increment Bonds' of 1987 of the City.
WITNESS My hand as City Manager and the corporate seal of the City
this 18th day of
June
, 1987.
Q
()a~
~
City Manager
City of Chanhassen, Minnesota
(SEAL)
C6:05112D87.RAW