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87-56 C .. .. c.. ~ 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 o'clock P.M. The following members were present: Hamilton, Geving, Horn, Boyt, Johnson and the following were absent: None * * * * * * * * * The Mayor announced that the next order of business was consideration of 4Ii the bids which had been received for the purchase of the City's $200,000 General Obligation Equipment Certificates of Indebtedness of 1987, as advertised for sale. The City Manager presented affidavits showing publication 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 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 Certificates. The bids were as follows: . ~ 6 . After due consideration of the bids, Councilmember Geving then introduced the following resolution and moved its adoption: RESOLUTION NO. 87-56C A RESOLUTION AWARDING THE SALE OF $200,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS 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 Certificates. 1.01. The bid of Norwest Investment Services, Inc. Account (Purchaser) to purchase $200,000 General Obligation Equipment Certificates of Indebtedness of 1987 (Certificates), 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 Certificates at a price of $ 197,000.00 plus accrued interest to date of delivery, for Certificates bearing interest as follows: Year of Maturity Interest Rate 1989 1990 1991 1992 5.20 5.40 5".60 5.80 Net effective interest rate: 6.0675% 1.02. The sum of $ 900.00 being the amount bid by the Purchaser in excess of $196,100 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 Certificates, 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 Certificates in the total principal amount of $200,000, originally dated July 1, 1987, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, bearing interest as above set forth, and shall mature serially on February 1 in the years and amounts as follows: Year Amount ~ 1988 $50,000 1989 50,000 1990 50,000 1991 50,000 1.04. Optional Redemption. The City may elect on February 1, 1991 and on any interest payment date thereafter, to prepay Certificates maturing on or after February 1, 1992. Redemption may be in whole or in part of the Certifi- cates subject to prepayment. If redemption is in part, those Certificates remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Certificates having a common maturity date are called for prepayment the specific Certificates to be prepaid will be chosen by lot by the Registrar. All payments shall be at a price of par plus accrued interest. Section 2. Registration and Payment. 2.01. Registered Form. registered form. The interest the principal amount thereof, Registrar described herein. The Certificates shall be issued only in fully thereon and, upon surrender of each Certificate, shall be payable by check or draft issued by the . 2.02. Dates; Interest Payment Dates. Each Certificate shall be dated as of the last interest payment date preceding the date of authentication to which interest on the Certificate 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 Certificate 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 Certificate shall be dated as of the date of original issue. The interest on the Certificates shall be payable on February 1 and August 1 of each year, commencing February 1, 1988, to the owner of record thereof as of the close of business on the fif- teenth 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 certificate 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 corporate trust office a certificate register in which the Registrar shall provide for the registration of ownership of Certificates and the registration of transfers and exchanges of Certificates entitled to be registered, trans- ferred or exchanged. . (b) Transfer of Certificates. Upon surrender for transfer of any Certificate 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 authen- ticate and deliver, in the name of the designated transferee or transfer- ees, one or more new Certificates 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 Certificates. Whenever any Certificates are surren- dered by the registered owner for exchange, the Registrar shall authenti- cate and deliver one or more new Certificates of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. All Certificates 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 Certificate 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 Certificate 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 Certificate is at any time registered in the certificate register as the absolute owner of such Certificate, whether such Certificate shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Certificate 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 Certificate to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. For every transfer or exchange of Certificates, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other govern- mental charge required to be paid with respect to such transfer or exc- hange. . (h) Mutilated, Lost, Stolen or Destroyed Certificates. In case any Certificate shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Certificate of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Certificate or in lieu of and in substitution for any such Certificate 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 Certificate destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that such Certificate was de- stroyed, 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 Certificates so surrendered 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 Certificate has . already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Certificate prior to payment. (i) Redemption. In the event any of the Certificates are called for redemption, notice thereof identifying the Certificates 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 Certificate to be redeemed at the address shown on the registration books kept by the Registrar and by publishing said notice in the manner required by law. Failure to give such notice by publication or by mail to any registered owner, or any defect therein, will not affect the validity of any proceeding for the redemption of Certificates. All Certificates so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemption are on deposit with the place of payment at that time. . 2.04. Appointment of Initial Registrar. The City hereby appoints First Trust Company, 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 resulting corporation is a bank or trust company authorized by law to conduct such busi- ness, such corporation shall be authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Certificates in its posses- sion to the successor Registrar and shall deliver the certificate register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Treasurer shall transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 2.05. Execution, Authentication and Delivery. The Certificates 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 signa- ture shall appear on the Certificates shall cease to be such officer before the delivery of any Certificate, 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 Certificate 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 Certificate has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Certificates need not be signed by the same representative. The executed certificate of authenti- cation on each Certificate shall be conclusive evidence that it has been authen- ticated and delivered under this Resolution. When the Certificates 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. e 4( 2.06. Temporary Certificates. The City may elect to deliver in lieu of printed definitive Certificates, one or more typewritten temporary certificates 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 certificate. Upon the execution and delivery of definitive certificates, the temporary certificates shall be exchanged therefor and cancelled. Section 3. Form of Certificate. 3.01. The Certificates shall be printed in substantially the following form: [Face of the Certificate] UNITED STATES OF AMERICA STATE OF MINNESOTA CITY OF CHANHASSEN COUNTIES OF CARVER AND HENNEPIN GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS OF 1987 Rate Maturity Date of Original Issue CUSIP July 1, 1987 . No. $ The City of Chanhassen, Minnesota, a duly organized and existing municipal corporation in Carver and Hennepin Counties, Minnesota (City), acknowledges itself to be indebted and for value received hereby promises to pay to or registered assigns, the principal sum of $ on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, commencing February 1, 1988, to the person in whose name this Certificate 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 Certificate Registrar, Paying Agent, Transfer Agent and Authenti- cating 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 February 1, 1991, and on any interest payment date thereafter, to prepay Certificates of this issue maturing on or after February 1, 1992. Redemption may be in whole or in part of the Certificates subject to . . . prepayment. If redemption is in part, those Certificates remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Certificates having a common maturity date are called for prepayment the specif- ic Certificates to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par plus accrued interest. The City Council has designated the Certificates 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 Certificate 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 Certificate shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certifi- cate of Authentication hereon shall have been executed by the Certificate 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 Certificate to be executed on its behalf by the facsimile signatures of the Mayor and City Manager and has caused this Certificate 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 Certificates delivered pursuant to the Resolution mentioned within. By Authorized Representative [Reverse of the Certificate] This Certificate is one of an issue in the aggregate principal amount of $200,000 all of like original date and tenor, except as to number, maturity date, redemption 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 defray the expenses incurred and to be incurred in pur- chasing various items of capital equipment, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 412.301, and the principal hereof and interest hereon are payable primarily from ad valorem taxes, as set forth in the Resolution to which .. . e 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 Certificate 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 deficien- cy, which taxes may be levied without limitation as to rate or amount. The Certificates of this series are issued only as fully registered bonds in denomi- nations 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 Certificate is transferable upon the books of the City at the principal office of the Certificate 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 Certificate Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Certificates of other authorized denominations. Upon such transfer or exchange the City will cause a new Certificate or Certificates 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 trans- fer or exchange. The City and the Certificate Registrar may deem and treat the person in whose name this Certificate is registered as the absolute owner hereof, whether this Certificate is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Certificate 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 Certificate 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 Certificate 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 Certificate, 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 Certificates of the City of Chanhassen, Minnesota, which includes the within Certificate, dated as of the date of delivery of and payment for the Certificates. (Facsimile Signature) City Manager ~ The following abbreviations, when used in the inscription on the face of this Certificate, 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 sells, assigns and transfers unto the within Certificate and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Certificate on the books kept for registration of the within Certificate, 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 Certificate 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 Certificate Registrar will not effect transfer of this Certificate unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joint owners if this Certificate is held by joint account.) . ~ 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 Associa- tion, Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Certificate, 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 Certificate. 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. Payment: Security: Pledges and Covenants.. 4.01. The Certificates shall be payable from the General Obligation Equipment Certificates of Indebtedness of 1987 Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of the ad valorem taxes hereinafter levied are hereby pledged to the Debt Service Fund. If any payment of principal or interest on the Certificates 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 the taxes levied by this resolution, when collected. . 4.02. For the purpose of paying the principal of and interest on the Certificates, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which shall be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax shall be credited to the Debt Service Fund above provided and shall be in the years and amounts as follows (year stated being year of levy for collection the following year): YEAR 1987 1988 LEVY 631000 601000 YEAR 1989 1990 LEVY 571000 541000 It is hereby determined that the estimated collection of the foregoing taxes will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Certificates. . 4.03. The tax levy herein provided shall be irrepealable until all of the Certificates are paid, provided that the City Manager may annually, prior to October 10 of any year, certify to the County Auditors the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the City Manager shall thereupon reduce the levy collectible during such year by the amount so certified. The City Manager is authorized and directed to file a certified copy of this resolution with the County Auditor of Carver County and Director of Property Taxation of Hennepin County, and to obtain the certificates required by Minnesota Statutes, Section 475.63. fL . . Section 5. Authentication of Transcript. 5.01. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser arid to the attorneys approving the Certifi- cates, certified copies of proceedings and records of the City relating to the Certificates 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 the books and records in their custody and under their control, relating to the validity and marketability of the Certificates and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 5.02. The Mayor and City Manager are 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 Certificates 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. Sec. 6. Special Tax Covenant. 6.01. (a) The City covenants and agrees with the holders from time to time of the Certificates 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 Certificates to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated there- under, 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 applicable to the Certificates. (b) The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on the Certificates under Section 103 of the Code, including without limitation re- quirements relating to temporary periods fo~ investments, limitations on amounts invested at a yield greater than the yield on the Certificates, and the rebate of excess investment earnings to the United States if the Certificates (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 quali- fying for the small issuer exception to the federal arbitrage rebate require- ments, the City hereby finds, determines 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 Certificates 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 Certifi- cates or to cause or permit them or any of them to be used, in such a manner as to cause the Certificates to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. fl . . .. 6.03. In order to qualify the Certificates as "qualified tax-exempt obligations" within the meaning of Section 265(b) (3) of the Code, the City hereby makes the following factual statements and representations: (a) the Certificates are not "private activity bonds" as defined in Section 141 of the Code; (b) the City hereby designates the Certificates 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 City) 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. 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 Member Johnson , and upon vote being taken thereon, the following voted in favor thereof: Hamilton, Geving, Horn, Boyt, Johnson. and the following voted against the same: None whereupon said resolution was declared duly' passed and adopted. , . . . EXHIBIT I 4J) McCLEES INVESTMENTS, INC. Investment Bankers 555 International Centre, 920 Second Avenue South, Minneapolis, MN 55402-3319 (612) 370-2900 1-800- McCLEES ( 622-~337) TABUIATICN OF BIDS City of Ch;mhassen, Minnesota $200,000 General Cbligation Equiptent Certificates of Indebtedness of 1987 Sale Date: 7:30 p.m., MOnday, June 15, 1987 M:>ody's Rating: Baa Bid::ler: . Norwest Investment Services, Inc., Manager First Bank, Minneapolis, Manager Merrill Lynch Capital Markets, Manager 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: 5.20% 5.40 5.60 5.80 In Association With: Dain Bosworth, Inc.., Manager First Bank Saint Paul, Manager Piper, Jaffray & Hopwood, Inc., Manager Paine Webber, Inc., Manager Allison-Williams Company Dean Witter Reynolds, Inc. Miller Securities, Inc. Robert W. Baird & Co., Inc. Peterson Financial Corporation Purchase Price: $197,000.00 Net Interest Cost: 37,416.67 e Net Effective Interest Rate: 6.0675 % Insurance: None ... ..... . ( STATE OF MINNESOTA ) . ) SS. COUNTIES OF CARVER ) AND HENNEPIN ) ) CITY OF CHANHASSEN ) I, the undersigned, being the duly qualified and acting City 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 regular meeting of the City Council of the City of Chanhassen 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 therefrom insofar as the same relates to the issu- ance and sale of $200,000 General Obligation Equipment Certificates of Indebted- ness of 1987 of the City. WITNESS My hand officially as such City Manager and the corporate seal of . the City this 18th day of Jnne , 1987. n/ City Manager Chanhassen, Minnesota . Oo_SkA (SEAL) . C6: 05113D87. RAW \ ,\ ,