86-48
e
e
e
. .
~
R~(~-f i 7)^ 3lc-lfg
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF CHANHASSEN
COUNTIES OF CARVER AND HENNEPIN, 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 the City of Chanhassen, on Monday, July 21, 1986, commencing at
7:30 o'clock p.m., C.T.
The following members of the Council were present:
Hamilton, Swenson,
Watson, Geving and Horn.
and the following were absent: None
***
***
***
The Mayor announced that the meeting was convened for the consider-
ation of the bids which had been received for the purchase of the City's
$195,000 General Obligation Equipment Certificates of Indebtedness of 1986,
as advertised for sale. The City Manager presented affidavits showing
publication of notice of sale in the City's official newspaper and in
Connnercial West, a financial paper published in Minneapolis, Minnesota,
which affidav-l.ts were examined, found satisfactory and ordered placed on
file.
The City Manager presented a tabulation of the bids which had been re-
ceived 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 bids, Member Horn
introduced the
following resolution and moved its adoption:
RESOLUTION NO. 86- 48
RESOLUTION AWARDING THE SALE OF $195,000
GENERAL OBLIGATION EQUIPMENT CERTIFICATES
OF INDEBTEDNESS OF 1986; FIXING THE
FORM AND SPECIFICATIONS THEREOF;
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. Findings.
1.01. The City is authorized by Minnesota Statutes Section
412.301 (Act) to issue and sell its certificates of indebtedness on such
terms and in such manner as the City determines to provide funds to finance
the purchase of items of capital equipment, subject to certain limitations
contained in the Act.
1.02. It is hereby determined that the City is in need of vari-
ous items of capital equipment (Equipment), which items and the estimated
cost thereof, are listed on Exhibit 1, attached hereto and made a part
hereof. It is declared to be the intention of this Council to purchase the
items of Equipment for the estimated costs listed on Exhibit 1, but this
Council reserves the right to substitute other items of Equipment for those
listed when, in its judgment, such factors as availability of the Equip-
ment, competitive bidding considerations, and the desirability of obtaining
alternate Equipment so dictate.
1.03. It is further found and determined as required by the Act
that the principal amount of Bonds to be issued will not exceed one percent
of the assessed valuation of taxable property of the City.
1.04. The CiLY shall therefore issue and sell its General
Obligation Equipment Certificates of Indebtedness of 1986 (Certificates)
pursuant to the Act to finance the purchase of the Equipment.
Section 2. Sale of Certificates.
2.01. The bid of : Marcotte, Hume & Associates, Inc.* (Purchaser), to
purchase the Certificates 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 Certificates at a
price of $192,094.50 plus accrued interest to date of delivery, for Certif-
icates bearing interest at the following rates of interest:
*Bid Tabulation attached as Exhibit 2
e Year of Maturity Interest Rate Per Annum
1988 5.25 %
1989 5.70
1990 6.00
1991 6.20
The Mayor and City Manager, are directed to enter into a purchase contract
for the Certificates with the Purchaser. The Treasurer is directed to
deposit the good faith check of the Purchaser on behalf of the City pending
completion of the sale and delivery of the Certificates, and to return the
checks of the unsuccessful bidders forthwith. The sum of $ 897.50 being
the amount bid in excess of $191,197 shall be credited to the Debt Service
Fund created by Section 4.
2.02. The City shall forthwith issue and sell the Certificates
in the principal amount of $195,000, dated July 1, 1986, the Certificates
being numbered No. 1 upwards, in the denomination of $5,000 each or any
integral multiple thereof, bearing interest as above set forth, and which
Certificates mature serially on January 1 in the years and amounts as
follows:
YEAR
AMOUNT
e
1988
1989
1990
1991
$ 45,000
50,000
50,000
50,000
The City may elect on January 1, 1990 and any interest payment date
thereafter, to prepay in whole or in part in inverse order of maturity.
certificates due on or after January 1, 1991 at a price of par plus accrued
interest. If prepayment is in part the specific certificates to be prepaid
will be selected by lot by the Registrar.
Section 3. Form: Execution.
3.01. Registered Form. The Certificates shall be issuable only
in fully registered form. The interest thereon and, upon surrender of each
Certificate, the principal amount thereof shall be payable by check or
draft issued by the Registrar described herein.
e
3.02. Dates; Interest Payment Dates. Each Certificate shall be
dated as of the last interest payment date preceding the date of authenti-
cation to which interest on the Note 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
e
January 1 and July 1 in each year, commencing January 1, 1987, 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.
3.03. 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 corpo-
rate 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, transferred 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 authenticate and deliver, in the name of the designat-
ed transferee or transferees, one or more new Certificates of a like
aggregate principal amount and maturity, as requested by the transfer-
or. 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.
e
(c) Exchange of Certificates. Whenever any Certificates are
surrendered by the registered owner for exchange the Registrar shall
authenticate and deliver one or more new Certificates of a like
aggregate principal amount and maturity, as requested by the regis-
tered owner or the owner's attorney in writing.
(d) Cancellation. All Certificates surrendered upon any trans-
fer 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
presented 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.
e
(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 the discharge the liability upon
such Certificate to the extent of the sum or sums so paid.
e
(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
governmental charge required to be paid with respect to such transfer
or exchange.
(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 reasonable expenses and charges of the Regis-
trar 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 destroyed, stolen or
lost, and of the ownership thereof, and upon furnishing to the Regis-
trar 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.
e
(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
3.04. Appointment of Initial Registrar. The City hereby appoints
Fi rst Trust Company, Inc. , of St. Paul ,Minnesota, as
the initial Registrar. The Mayor and the 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 Certificates in its possession to the successor
Registrar and shall deliver the Certificate register to the successor
e
e
e
Registrar. On or before each principal or interest due date, without
further order of this Council, the Treasurer shall transmit to the Regis-
trar moneys sufficient for the payment of all principal and interest then
due.
3.05. Execution, Authentication and Delivery. The Certificates
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 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
authentication on each Certificate shall be conclusive evidence that it has
been authenticated and delivered under this Resolution. When the Certifi-
cates 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.
3.06. Form of Certificates. The Certificates shall be printed
in substantially the following form:
e
[Face of the Certificate]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
GENERAL OBLIGATION EQUIPMENT CERTIFICATE
OF INDEBTEDNESS OF 1986
Rate
Maturity
Date of
Original Issue
CUSIP
July 1, 1986
No.
$
The City of Chanhassen, 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, without option of prior payment, the principal sum
of THOUSAND DOLLARS ($ ,000) on the maturity date specified
above, with interest thereon from the date hereof at the annual rate
specified above, payable January 1 and July 1 in each year, commencing
January 1, 1987, to the person in whose name this Certificate is registered
at the close of business on the 15th day (whether or not a business day) of
the immediately preceding month. The interest hereon and, upon presenta-
tion and surrender hereof, the principal hereof are payable in lawful money
of the United States of America by check or draft by
in , Minnesota, as
Certificate Registrar and Paying 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' irrevoca-
bly pledged.
The City may elect on January 1, 1990 and any interest payment date
thereafter, to prepay in whole or in part in inverse order of maturity,
certificates due on or after January 1, 1991 at a price of par plus accrued
interest. If prepayment is in part the specific certificates to be prepaid
will be selected by lot by the Registrar.
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.
e
This Certificate shall not be valid or become obligatory for any
purpose or be entitled to any security or benefit under the Resolution
e
e
e
until the Certificate 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 Resolu-
tion mentioned within.
By
Authorized Representative
[Reverse of the Certificate]
This Certificate is one of an issue in the aggregate principal
amount of $195,000, all of like date and tenor, except as to serial number,
maturity, interest rate, and redemption privilege, issued pursuant to a
resolution adopted by the City Council on July 21, 1986 (the Resolution),
for the purpose of providing money to defray the expenses incurred and to
be incurred in purchasing 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, but constitutes a
general obligation of the City and, to provide moneys for the prompt and
full payment of said principal and interest as the same become due, the
full faith and credit of the City is hereby irrevocably pledged, and the
City Council has duly levied ad valorem taxes on all taxable property in
the City and will levy additional ad valorem taxes, if required for such
purpose, which taxes may be levied on all of the taxable property in the
City without limitation as to rate or amount. The Certificates of this
series are issued only as fully registered Certificates in denominations of
$5,000 or any integral multiple thereof, of single maturities.
e
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 regis-
tered owner hereof in person or by the owner's attorney duly authorized in
writing upon surrender hereof together with a written instrument of trans-
fer satisfactory to the Certificate Registrar, duly executed by the regis-
tered owner or the owner's attorney; and may also be surrendered in ex-
change 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 transfer 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.
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 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 limita-
tion of indebtedness.
(Form of certificate to be printed on the reverse side of each Certif-
icate, 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 Certificate 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
e
The following abbreviations, when used in the inscription of the
face of this Certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:
e
e
e
TEN COM -- as tenants
in common
UNIF GIFT MIN ACT
(Cust)
Custodian
(Minor)
TEN ENT -- as tenants
by entireties
under Uniform Gifts 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 thereun-
der, 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, with-
out a1teration.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.
e
e
e
. .
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
3.07. The 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 if requested by the Purchaser cause the opinion to
be printed on each Certificate, together with a certificate to be signed by
the facsimile signature of the Manager in substantially the form set forth
in the form of Certificate. 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. Security.
4.01. There is hereby created a separate debt service fund
(Fund) for the Certificates, which shall be used for no other purposes than
to pay principal of and interest on the Certificates, provided that if any
payment of principal or interest shall become due when there is not suffi-
cient money in the 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 moneys appropriated by
the City Council for such purpose.
4.02. For the purpose of paying the principal of and interest on
the Certificates, there is hereby levied upon all of the taxable property
in the City a direct annual irrepealable ad valorem tax, which shall be
spread upon the tax rolls and collected with and as part of other general
taxes of the City and shall be credited to the Fund, which tax is in the
years and amounts as follows (the years shown are years of levy for taxes
collectible during the following year):
YEAR
1986
1987
1988
1989
LEVY
$59,128
61,898
58,905
55,755
e
A certified copy of this resolution shall be delivered to the County
Auditors of Carver and Hennepin Counties in order to obtairt the certificate
required by Minnesota Statutes, Section 475.63.
Section 5. Transcript: Miscellaneous: Tax Covenant.
5.01. The officers of the City are hereby authorized and direct-
ed to prepare and furnish to the Purchaser and to the attorneys approving
the Certificates, 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 within their knowledge or as shown by the books
and records in their custody and under their control, relating to the
validity and marketability of the 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, City Manager and Treasurer are hereby author-
ized and directed to certify that they have examined the Official Statement
dated June 16, 1986, prepared and circulated in connection with the issu-
ance and sale of the Bonds and that to the best of their knowledge and
belief the Official Statement is, as of the date thereof, a complete and
accurate representation of the facts and representations made therein as it
relates to the City.
e
5.03. The City hereby 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
Internal Revenue Code of 1954, 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 actions 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.
e
5.04. Pending the preparation of definitive Certificates, the
Mayor and Manager may execute, authenticate and deliver a temporary Certif-
icate or Certificates which are printed, lithographed, typewritten, mimeo-
graphed, or otherwise produced, in any denomination~ substantially of the
tenor of the definitive Certificates in lieu of which they are issued, in
registered form, and with such appropriate insertions, omissions, substitu-
tions and other variations as the officers executing such Certificate or
Certificates may determine, as evidenced by their signing of such Certifi-
cate or Certificates. If a temporary Certificate or Certificates are
issued, the City shall cause definitive Certificates to be prepared without
unreasonable delay. After the preparation of definitive Certificates, the
temporary Certificate or Certificates shall be exchangeable for definitive
Certificates upon surrender of the temporary Certificate or Certificates at
the principal office of the Registrar, without charge to the holder. Upon
surrender for cancellation of anyone or more temporary Certificates the
City shall execute and the Registrar shall authenticate and deliver in
exchange therefor a like principal amount of definitive Certificates of
e
e
e
authorized denominations. Until so exchanged the temporary Certificate or
Certificates shall in all respects be entitled to the same benefits under
this Resolution as definitive Certificates, and interest thereon, when and
as payable, shall be paid to the holders of temporary Certificates upon
presentation thereof for notation of such payment thereon.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Watson
, and upon vote being taken thereon,
the following voted in favor thereof: Hamilton, Swenson, Geving, Watson
and Horn.
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
e
EXHIBIT 1
LIST OF CAPITAL EQUIPMENT
1985 Utility Vacuum Truck
1985 Rear Mount Paver
1985 Fire Tanker Truck
1985 Sedan
1986 Dump Truck
1986 Commercial Lawn Mower
e
e
e
e
e
. .
Exhibit 2
A. K. MERRY & COMPANY, INC.
2025 Sloan Place
St. Paul, MN 55117
612/772-7466
TABULATION OF BIDS
City of Chanhassen, Minnesota
$195,000 G.O. Equipment Certificates of Indebtedness of 1986
Sale Date: 7:30 P.M., Monday, July 21,1986
Moody's Rating: Baa
Bidder
Marcotte Hume & Associates, Inc., Manager
Purchase Price: $192,094.50
Net Interest Cost: $38,024.24
Net Effective Interest Rate: 6.4176%
Coupons
5.25% - 1988
5.70% - 1989
6.00% - 1990
6.20% - 1991
-----------------------------------------------------------------------------------
Bidder
First Nat'l Bank of Mpls., Co-Manager
Merrill-Lynch Capital Markets Group, Co-Mgr.
Norwest Securities, Co-Manager
Cronin & Co., Inc.
Juran & Moody, Inc.
Miller Securities, Inc.
John Nuveen & Co., Inc.
F & M Marquette National Bank
Moore, Juran & Co.
In Association With:
Dain Bosworth, Inc., Co-Manager
1st 'Nat" Bank of St. Paul, Co-Mgr.
Paine Webber, Inc., Co-Manager
Pi per Jaffray & Hopwood, Inc., Cci-Mgr.
Allison Williams Company
Robert W. Baird & Co., Inc.
Dean Witter ReynoldS
Robert S.C. Peterson, Inc.
Purchase Price: $191,587.50
Net Interest Cost: $38,706.25
Net Effective Interest Rate: 6.5327%
Coupons
5.25% - 1988
5.75% - 1989
6.00% - 1990
6.25% - 1991
, . .
e STATE OF MINNESOTA )
)
COUNTIES OF CARVER ) SS.
AND HENNEPIN )
)
CITY OF CHANHASSEN )
I, the undersigned, being the duly qualified and acting Manager
.
of the City of Chanhassen, Minnesota do hereby certify that I have careful-
ly compared the attached and foregoing extract of minutes of a regular
meeting of the City Council held on Monday, July 21, 1986, with the origi-
nal thereof on file in my office and the same is a full, true and complete
transcript therefrom insofar as the same relates to the issuance and sale
of $195,000 General Obligation Equipment Certificates of Indebtedness of
Series 1986 of the City.
WITNESS My hand as Manager and the corporate seal of the City
e
this
6r..n...
day of
A~r"'(1
..
, 1986.
4 ,Ql. 0
City Manager
City of Chanhassen, Minnesota
(SEAL)
e