4.5 1994 Refunding Bondsi
I MEMORANDUM
CITY OF 45-
CHANHASSEN
690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN, MINNESOTA 55317
(612) 937 -1900 • FAX (612) 937 -5739
TO: Mayor and City Council
FROM: Don Ashworth, City Manager
DATE: February 28, 1994
SUBJ: 1994 Refunding Bonds:
a. $5,570,00 G.O. Improvement Refunding Bonds, Series 1994A
b. $1,665,000 G.O. Improvement Refunding Bonds, Series 1994B
C. $1,170,000 Taxable G.O. Tax Increment Refunding Bonds, Series 1994C
d. $525,000 G.O. Tax Increment Refunding Bonds, Series 1994D
Dave MacGillivrary from Springsted will be present Monday evening to read the bids received
on the various refunding bonds of 1994. Although the market has fluctuated in the last two
weeks, we are still anticipating savings similar to those presented by Mr. MacGillivrary from 2 -3
weeks ago.
Assuming Mr. MacGillivrary recommends that the city council endorse that recommendation, the
form of action that will be taking place is the passage of a resolution authorizing each individual
sale. Mr. MacGillivrary will be bringing the resolutions with him.
SPRINGSTED
120 South Sixth Street
PUBLIC FINANCE ADVISORS Suite 2507 5
P - 1 Minneapolis, MN 55402.1800
(612) 333.9177
Fax: (612) 349 -5230
Home Office
85 East Seventh Place 16655 West Bluemound Road
Suite 100
Saint Paul. MN 55101.2143 Suite 290
(612) 223.3000 Brookfield, 7 - 8222 5935
Fax: (612) 223 -3002 (414)
Fax: (414) ) 782- 22
782 -2904
' February 7, 1994 6800 Colle 600 ulevard
Overland Park, KS 66211 -1533
(913) 345.8062
Fax: (913) 345 -1770
Mr. Donlad Ashworth, City Manager 1800 K Street NW
Mr. Tom Chaffe, Finance Director Suite 831
' CI of Chanhassen Washington, 46 -3344 2200
(2021 466.3344
690 Coulter Drive Fax: (202) 223 -1362
Chanhassen, MN 55317 -0147
' RE: $5,570,000 G.O. Improvement Refunding Bonds, Series 1994A
$1,665,000 G.O. Improvement Refunding Bonds, Series 1994B
$1,170,000 Taxable G.O. Tax Increment Refunding Bonds, Series 1994C
' $525,000 G.O. Tax Increment Refunding Bonds, Series 1994D
Dear Mr. Ashworth and Mr. Chaffe:
' Enclosed is a draft of the Official Statement for the above -named Issues. We would like to print
the Official Statement on February 14, 1994.
' We have made every effort to ensure that the information contained in the Official Statement is
as accurate and complete as possible. Since the underwriters and ultimate purchasers of your
Issues will make their pricing and buying decisions largely on reliance of the information
' contained in this document, we would like to be assured at this time that we have not
misrepresented your community in the statement we are making on your behalf.
' We request that you review the enclosed material at your earliest convenience to ascertain that
the information is complete and accurate to the best of your knowledge. Please telephone our
office and let us know whether we may begin printing the Official Statement as is, or if you have
additions or corrections. We would prefer not to print the Official Statement until we have
' received your clearance.
Please sign the enclosed document which states that you have reviewed the draft Official
' Statement and that you authorize Springsted Incorporated to print and distribute it on your
behalf. We are enclosing a self- addressed stamped envelope for your convenience. You do
not have to return the draft copy of the Official Statement itself.
' Thank you for your cooperation.
Respectfully,
' Brenda Krueger
Financial Analyst e
Enclosure C
1 nff r
;! i Y ur Lr nvr,r;55ciV
RE: $5,570,000 G.O. Improvement Refunding Bonds, Series 1994A
$1,665,000 G.O. Improvement Refunding Bonds, Series 1994B
$1,170,000 Taxable G.O. Tax Increment Refunding Bonds, Series 1994C
$525,000 G.O. Tax Increment Refunding Bonds, Series 1994D
City of Chanhassen, Minnesota
I, the undersigned, being the duly qualified and acting
of the
City of Chanhassen, Minnesota.
DO HEREBY CERTIFY that I have reviewed the draft Official Statement prepared
on our behalf by Springsted Incorporated for the above -named issues.
I HEREBY AUTHORIZE Springsted Incorporated to print and distribute the
Official Statement (as presented) (with the corrections and /or additions provided) for
use in connection with the initial sale of these issues.
WITNESS my hand this day of , 1994.
t:
OFFICIAL STATEMENT DA RUARY 14,1994
x J Ratings: Requested from Moody's
NEW ISSUES a Investors Service
.' In the opinion of Holmes & Graven, Chartered, Bond Co 1, under existing laws, regulations, rulings and decisions, assuming compliance wfM the
covenants set forth in the Resolution, the interest on the Series 1994A Bonds, the. Series 19948 Bonds and the Series 1994D Bonds is not includable in
Cie gross income of the owners thereof for /oderel income tax purposea or in taxable not Income of individuals, estates or trusts for Minnesota income
tax purrpposes, and is not a preference item for purposes of the computation of the federal alternative minimum tax or the computation of Minnesota
akemative mrnrmum tax imposed on individuals, trusts and sstales. Interest on the Series I MA Bonds, Mo Series 19948 Bonds and the Series itwD
' Bonds is includable in the calculation of certarn federal and Minnesota taxes imposed on corporations. The interest to be paid on the Series 1994C
Bonds is includable in gross income of the recipient for United States and State of Minnesota taxation. (for a description of related issues, see 'Tax
Exemption - The Series 1994A Bonds, the Sodas 19948 Bonds and the Series 1994D Bonds' and 'Taxability of Interest - The Series 19940 Bonds'
herein)
' City of Chanhassen, Minnesota
$5,570 000*
General Obligation Improvement refunding Bonds, Series 1994A
' (the 'Series 1994A Bonds
$1,665 000*
General Obligation Improvement gefunding Bonds, Series 1994B
' (the •Series 19948 Bonds')
$1,170
Taxable General Obligation Tax Increment Refunding Bonds, Series 1994C
(the 'Series 1994C Bonds?
' $525
General Obligation Tax Increment Refunding Bonds, Series 1994D
(the "Series 1994D Bonds')
' (collectively referred to as the 'Bonds,' the 'Refunding Bonds' or the •Issues')
Dated Date: March 1, 1994
The Series 1994A Bonds will bear interest payable on February 1 and August 1, commencing February 1, 1995, and will mature
' February 1 as follows:
1996 $740,000 1998 $ 785, 000 2000 $ 875,000 2001 $910,000 2002 $665,000
1997 $750,000 1999 $845,000
' The Series 19948 Bonds will bear interest payable on May 1 and November 1, commencing November 1, 1994, and will mature
November 1 as follows:
1996 $525,000 1998 $ 425, 000 2000 $30,000 2002 $35,000 2004 $40,000
1997 $510,000 1999 $ 30,000 2001 $35,000 2003 $35,000
' The Series 1994C Bonds will bear interest payable on May 1 and November 1, commencing November 1, 1994, and will mature
November 1 as follows:
1996 $245,000 1998 $ 235 ,000 2000 $40,000 2002 $45,000 2003 $45,000
1997 $240,000 1999 $280,000 2001 $40.000
7
The Series 1994D Bonds will bear interest payable on May 1 and November 1, commencing November 1, 1994, and will mature
November 1 as follows:
1995 $65,000 1997 $85,000 1999 $80,000 2001 $30,000 2003 $35,000
1996 $85,000 1998 $85,000 2000 $30,000 2002 $30,000
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
A separate proposal, for not lass than the amounts shown below, must be submitted for each Issue, along with a good faith deposit in
the form of a certified or cashier's check or a Financial Surety Bond, payable to the order of the City. Rates shall be specified in integral
multiples of 5/100 or 1/8 of 1% and must be designated in ascending order. The award for each Issue will be made on a True Interest
Cost (TIC) basis.
Minimum Bid Good Faith Deposit Minimum Bid Good Faith Deposit
Series 1994A Bonds $5,531,010 $55,700 Series 1994C Bonds $1,158,300 $11,700
Series 1994B Bonds $1,651,680 $16,650 Series 1994D Bonds $ 519,750 $ 5,250
The Bonds will bu bank- qualified tax - exempt obligations pursuant to Section 265(b) (3) of the Internal Revenue Code of 1986, as
amended, and will nrt be subject to the alternative minimum tax for individuals.
The Bonds will be issued in integral multiples of $5,000, as requested by the Purchaser(s), and will be fully registered as to principal and
interest. The Issues will be delivered without cost to the Purchaser(s) within 40 days following the date of their award. The City will name
the Registrar and pay for registration services.
Amount subject to change, see Terms of Proposal for each Issue herein.
PROPOSALS RECEIVED: February 28,1994 (Monday) at 11:00 A.M., Central Time
AWARD: February 28, 1994 (Monday) at 7:30 P.M., Central Time
Further information may be obtained from SPRINGSTED
S P R I N GSTE D incorporated, Financial Advisor to the Issuer, 85 East
' PUBUC FINANCE ADVISORS Seventh zm=. Suite 100, Saint Paul, Minnesota 55101
r'
L
For purposes of compliance with Rule 15c2 -12 of the Securities and Exchange Commission,
this document, as the same may be supplemented or corrected by the Issuer from time to time
(collectively, the "Official Statement'), may be treated as an Official Statement with respect to
the Obligations described herein that is deemed final as of the date hereof (or of any such
supplement or correction) by the Issuer, except for the omission of certain information referred '
to in the succeeding paragraph.
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Obligations, together with any other '
information required by law, shall constitute a "Final Official Statement" of the Issuer with
respect to the Obligations, as that term is defined in Rule 15c2 -12. Any such addendum shall,
on and after the date thereof, be fully incorporated herein and made a part hereof by reference. '
By awarding the Obligations to any underwriter or underwriting syndicate submitting a Proposal
therefor, the Issuer agrees that, no more than seven business days after the date of such ,
award, it shall provide without cost to the senior managing underwriter of the syndicate to
which the Obligations are awarded copies of the Official Statement and the addendum or
addenda described in the preceding paragraph in the amount specified in the Terms of
Proposal. '
The Issuer designates the senior managing underwriter of the syndicate to which the
Obligations are awarded as its agent for purposes of distributing copies of the Final Official '
Statement to each Participating Underwriter. Any underwriter delivering a Proposal with
respect to the Obligations agrees thereby that if its bid is accepted by the Issuer (i) it shall
accept such designation and (ii) it shall enter into a contractual relationship with all
Participating Underwriters of the Obligations for purposes of assuring the receipt by each such ,
Participating Underwriter of the Final Official Statement.
No dealer, broker, salesman or other person has been authorized by the Issuer to give any ,
information or to make any representations with respect to the Obligations other than as
contained in the Official Statement or the Final Official Statement, and, if, given or made, such
other information or representations must not be relied upon as having been authorized by the '
Issuer. Certain information contained in the Official Statement and the Final Official Statement
may have been obtained from sources other than records of the Issuer and, while believed to
be reliable, is not guaranteed as to completeness or accuracy. THE INFORMATION AND
EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL '
STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE OFFICIAL
STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER
SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE '
IN THE AFFAIRS OF THE ISSUER SINCE THE DATE THEREOF.
References herein to laws, rules, regulations, resolutions, agreements, reports and other
documents do not purport to be comprehensive or definitive. All references to such '
documents are qualified in their entirety by reference to the particular document, the full text of
which may contain qualifications of and exceptions to statements made herein. Where full texts
have not been included as appendices to the Office ,l �� fatement or the Final Official Statement, '
they will be furnished on request.
J
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON ITS BEHALF. PROPOSALS WALL BE RECEIVED ON THE FOLLOWING BASIS:
=5,570
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS,
SERIES 1994A
Proposals for the Bonds will be received on Monday, February 28, 1994, until 11:00 A.M.,
Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day.
TERMS OF PROPOSAL
DETAILS OF THE BONDS
' The Bonds will be dated March 1, 1994, as the date of original issue, and will bear interest
payable on February 1 and August 1 of each year, commencing February 1, 1995. Interest will
be computed on the basis of a 360 -day year of twelve 30 -day months. The Bonds will be
' issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
purchaser, and fully registered as to principal and interest. Principal will be payable at the main
corporate office of the registrar and interest on each Bond will be payable by check or draft of
' the registrar mailed to the registered holder thereof at the holder's address as it appears on the
books of the registrar as of the close of business on the 15th day of the immediately preceding
month.
I The Bonds will mature February 1 in the years and amounts as follows:
1996 $740,000
1997 $750,000
1998 $785,000
1999 $845,000
2000 $875,000
2001 $910,000
2002 $665,000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to exceed $100,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any
discount taken will be increased or reduced by a percentage equal to the percentage by which the
principal amount of the Bonds is increased or reduced.
OPTIONAL REDEMPTION
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
- SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition the City will pledge
special assessments against benefited properties. The proceeds will be used to refund in
advance of maturity the 1996 through 2002 maturities of the City's General Obligation
Improvement Bonds, Series 1989A, dated December 1, 1989.
�I
TYPE OF PROPOSALS I
Proposals shall be for not less than $5,531,010 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ( "Deposit ") in
the form of a certified or cashier's check or a Financial Surety Bond in the amount of $55,700,
,
payable to the order of the City. If a check is used, it must accompany each proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
,
Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond
must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If
the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's
,
check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M.,
Central Time, on the next business day following the award. If such Deposit is not received by
that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
'
requirement. The City will deposit the check of the purchaser, the amount of which will be
deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser
fails to comply with the accepted proposal, said amount will be retained by the City. No
proposal can be withdrawn or amended after the time set for receiving proposals unless the
'
meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates shall be in integral
multiples of 5/100 or 1/8 of 1 %. Rates must be in ascending order. Bonds of the same
,
maturity shall bear a single rate from the date of the Bonds to the date of maturity. No
conditional proposals will be accepted.
'
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true '
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of ,
matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein. '
BOND INSURANCE AT PURCHASER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment '
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of '
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser. ,
Failure of the municipal bond insurer to issue tie policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on '
the Bonds.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City '
will pay for the services of the registrar.
- ii I
' CUSIP NUMBERS
If the Bonds qualify for assignment :of - CUSIP nu m bees such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be
subject to receipt by the purchaser of an approving legal opinion of Holmes & Graven,
Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of
' customary closing papers, including a no- litigation certificate. On the date of settlement
payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at
the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as
' compliance with the terms of payment for the Bonds shall have been made impossible by
action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by
the City by reason of the purchaser's non - compliance with said terms for payment.
' OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
' information relative to the Bonds, and said Official Statement will serve as a nearly -final Official
Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223 -3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the
' maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any
' underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Bonds are awarded 200 copies of
' the Official Statement and the addendum or addenda described above. The City designates
the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent
for purposes of distributing copies of the Final Official Statement to each Participating
Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby
' that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds for
purposes of assuring the receipt by each such Participating Underwriter of the Final Official
' Statement.
Dated January 24, 1994 BY ORDER OF THE CITY COUNCIL
' /s/ Donald W. Ashworth
City Manager
1 - iii -
SCHEDULE OF BOND YEARS
$5,570,000
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1994A
it
Average Maturity: 4.95 Years
Bonds Dated: March 1, 1994
Interest Due: February 1, 1995 and each February 1 and August 1 to maturity. '
Principal Due: February 1, 1996 -2002 inclusive.
Optional Call: None. ,
Cumulative
Year
Principal
Bond Years
Bond Years
1996
$740,000
1
1,418.3333
1997
$750,000
2,187.5000
3,605.8333
'
1998
$785,000
3,074.5833
6,680.4166
1999
$845,000
4,154.5833
10,834.9999
'
2000
$875,000
5,177.0833
16,012.0832
2001
$910,000
6,294.1667
22,306.2499
'
2002
$665,000
5,264.5833
27,570.8332
Average Maturity: 4.95 Years
Bonds Dated: March 1, 1994
Interest Due: February 1, 1995 and each February 1 and August 1 to maturity. '
Principal Due: February 1, 1996 -2002 inclusive.
Optional Call: None. ,
1
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
$1,665,000*
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS,
SERIES 1994B
Proposals for the Bonds will be received on Monday, February 28, 1994, until 11:00 A.M.,
Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day.
DETAILS OF THE BONDS
TERMS OF PROPOSAL
The Bonds will be dated March 1, 1994, as the date of original issue, and will bear interest
payable on May 1 and November 1 of each year, commencing November 1, 1994. Interest will
be computed on the basis of a 360 -day year of twelve 30 -day months. The Bonds will be
issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
purchaser, and fully registered as to principal and interest. Principal will be payable at the main
corporate office of the registrar and interest on each Bond will be payable by check or draft of
the registrar mailed to the registered holder thereof at the holder's address as it appears on the
' books of the registrar as of the close of business on the 15th day of the immediately preceding
month.
The Bonds will mature November 1 in the years and amounts as follows:
1996 $525,000
1997 $510,000
1998 $425,000
1999 $30,000
2000 $30,000
2001 $35,000
2002 $35,000
2003 $35,000
2004 $40,000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to exceed $25,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any
discount taken will be increased or reduced by a percentage equal to the percentage by which the
principal amount of the Bonds is increased or reduced.
OPTIONAL REDEMPTION
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition the City will pledge
special assessments against benefited properties. The proceeds will be used to refund in
advance of maturity the 1996 through 2002 maturities of the City's General Obligation
Improvement Bonds of 1988, dated November 1, 1988.
J
TYPE OF PROPOSALS
Proposals shall be for not less than $1,651,680 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ( "Deposit") in
the form of a certified or cashier's check or a Financial Surety Bond in the amount of $16,650,
payable to the order of the City. If a check is used, it must accompany each proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond
must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If
the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's
check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M.,
Central Time, on the next business day following the award. If such Deposit is not received by
that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement. The City will deposit the check of the purchaser, the amount of which will be
deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser
fails to comply with the accepted proposal, said amount will be retained by the City. No
proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates shall be in integral
multiples of 5/100 or 1/8 of 1 %. Rates must be in ascending order. Bonds of the same
maturity shall bear a single rate from the date of the Bonds to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein.
BOND INSURANCE AT PURCHASER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on
the Bonds.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
1
1
L
C
CUSIP NUMBERS
If the Bonds qualify for assignment of.CUSIP numbers - such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
r SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be
subject to receipt by the purchaser of an approving legal opinion of Holmes & Graven,
Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of
customary closing papers, including a no- litigation certificate. On the date of settlement
payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at
the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as
' compliance with the terms of payment for the Bonds shall have been made impossible by
action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by
the City by reason of the purchaser's non - compliance with said terms for payment.
1 OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
' information relative to the Bonds, and said Official Statement will serve as a nearly -final Official
Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223 -3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the
' maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Bonds are awarded 65 copies of the
Official Statement and the addendum or addenda described above. The City designates the
senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for
purposes of distributing copies of the Final Official Statement to each Participating Underwriter.
Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its
proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a
contractual relationship with all Participating Underwriters of the Bonds for purposes of
assuring the receipt by each such Participating Underwriter of the Final Official Statement.
' Dated January 24, 1994 BY ORDER OF THE CITY COUNCIL
' /s/ Donald W. Ashworth
City Manager
SCHEDULE OF BOND YEARS
$1,665,000
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1994B
Year
Principal
Bond Years
1996
$525,000
1,400.0000
1997
$510,000
1,870.0000
1998
$425,000
1,983.3333
1999
$30,000
170.0000
2000
$30,000
200.0000
2001
$35,000
268.3333
2002
$35,000
303.3333
2003
$35,000
338.3333
2004
$40,000
426.6667
Cumulative
Bond Years
1,400.0000
3,270.0000
5,253.3333
5,423.3333
'
5,623.3333
5,891.6666
6,194.9999
6,533.3332
6,959.9999 '
Average Maturity: 4.18 Years ,
Bonds Dated: March 1, 1994
Interest Due: November 1, 1994 and each May 1 and November 1 to maturity.
Principal Due: November 1, 1996 -2004 inclusive.
Optional Call: None.
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
$1,170,000*
CITY OF CHANHASSEN, MINNESOTA
TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 1994C
Proposals for the Bonds will be received on Monday, February 28, 1994, until 11:00 A.M.,
Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day.
DETAILS OF THE BONDS
TERMS OF PROPOSAL
1 The Bonds will be dated March 1, 1994, as the date of original issue, and will bear interest
payable on May 1 and November 1 of each year, commencing November 1, 1994. Interest will
be computed on the basis of a 360 -day year of twelve 30 -day months. The Bonds will be
' issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
purchaser, and fully registered as to principal and interest. Principal will be payable at the main
corporate office of the registrar and interest on each Bond will be payable by check or draft of
the registrar mailed to the registered holder thereof at the holder's address as it appears on the
books of the registrar as of the close of business on the 15th day of the immediately preceding
month.
1
LJ
The Bonds will mature November 1 in the years and amounts as follows:
1996 $245,000
1997 $240,000
1998 $235,000
1999 $280,000
2000 $ 40,000
2001 $ 40,000
2002 $45,000
2003 $45,000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to exceed $25,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any
discount taken will be increased or reduced by a percentage equal to the percentage by which the
principal amount of the Bonds is increased or reduced.
OPTIONAL REDEMPTION
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax
increment revenue from the City's Tax Increment District No. 1. The proceeds will be used to
refund in advance of maturity the 1996 through 2000 maturities of the City's Taxable General
Obligation Tax Increment Bonds, Series 1988, dated September 1, 1988.
TYPE OF PROPOSALS
Proposals shall be for not less than $1,158,300 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ( "Deposit ") in '
the form of a certified or cashier's check or a Financial Surety Bond in the amount of $11,700,
payable to the order of the City. If a check is used, it must accompany each proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a '
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond
must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If
the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is ,
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's
check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M.,
Central Time, on the next business day following the award. If such Deposit is not received by '
that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement. The City will deposit the check of the purchaser, the amount of which will be
deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser
fails to comply with the accepted proposal, said amount will be retained by the City. No '
proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates shall be in integral ,
multiples of 5/100 or 1/8 of 1 %. Rates must be in ascending order. Bonds of the same
maturity shall bear a single rate from the date of the Bonds to the date of maturity. No
conditional proposals will be accepted. '
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true '
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of ,
matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein. '
BOND INSURANCE AT PURCHASER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment '
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of '
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond injurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitu y muse for failure or refusal by the purchaser to accept delivery on ,
the Bonds.
REGISTRAR I
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
W
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to pnnt numbcon any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
' Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
' SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
' purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be
subject to receipt by the purchaser of an approving legal opinion of Holmes & Graven,
Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of
customary closing papers, including a no- litigation certificate. On the date of settlement
' payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at
the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as
compliance with the terms of payment for the Bonds shall have been made impossible by
' action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by
the City by reason of the purchaser's non - compliance with said terms for payment.
OFFICIAL STATEMENT
' The City has authorized the preparation of an Official Statement containing pertinent
information relative to the Bonds, and said Official Statement will serve as a nearly -final Official
' Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
' 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223 -3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Bonds, together with any other
1 information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
' more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Bonds are awarded 45 copies of the
Official Statement and the, addendum or addenda described above. The City designates the
' senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for
purposes of distributing copies of the Final Official Statement to each Participating Underwriter.
Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its
proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a
' contractual relationship with all Participating Underwriters of the Bonds for purposes of
assuring the receipt by each such Participating Underwriter of the Final Official Statement.
' Dated January 24, 1994 BY ORDER OF THE CITY COUNCIL
/s/ Donald W. Ashworth
' City Manager
SCHEDULE OF BOND YEARS
$1,170,000
CITY OF CHANHASSEN, MINNESOTA
1
TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING
BONDS, SERIES 1994C
'
Cumulative
Year
Principal
Bond Years
Bond Years
653.3333
653.3333
,
1996
$245,000
1997
$240,000
880.0000
1,533.3333
'
1998
$235,000
1,096.6667
2,630.0000
1999
$280,000
1,586.6667
4,216.6667
'
2000
$40,000
266.6667
4,483.3334
2001
$40,000
306.6667
4,790.0001
2002
$45,000
390.0000
5,180.0001
,
2003
$45,000
435.0000
5,615.0001
,
Average Maturity:
4.80 Years
Bonds Dated:
March 1,
1994
Interest Due:
November
1, 1994 and each May 1 and November
1 to maturity.
Principal Due:
November
1, 1996 -2003 inclusive.
,
Optional Call:
None.
i
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
$525,000
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 1994D
Proposals for the Bonds will be received on Monday, February 28, 1994, until 11:00 A.M.,
Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day.
DETAILS OF THE BONDS
TERMS OF PROPOSAL
' The Bonds will be dated March 1, 1994, as the date of original issue, and will bear interest
payable on May 1 and November 1 of each year, commencing November 1, 1994. Interest will
be computed on the basis of a 360 -day year of twelve 30-day months. The Bonds will be
issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
' purchaser, and fully registered as to principal and interest. Principal will be payable at the main
corporate office of the registrar and interest on each Bond will be payable by check or draft of
the registrar mailed to the registered holder thereof at the holder's address as it appears on the
books of the registrar as of the close of business on the 15th day of the immediately preceding
month.
The Bonds will mature November 1 in the years and amounts as follows:
1995 $65,000
1996 $85,000
1997 $85,000
1998 $85,000
1999 $80,000
2000 $30,000
2001 $30,000
2002 $30,000
2003 $35,000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to exceed $10,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any
discount taken will be increased or reduced by a percentage equal to the percentage by which the
principal amount of the Bonds is increased or reduced.
OPTIONAL REDEMPTION
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax
increment revenue from the City's Tax Increment District No. 1. The proceeds will be used to
refund in advance of maturity the 1995 through 2001 maturities of the City's General Obligation
Tax Increment Bonds of 1988, Series 2, dated November 1, 1988.
TYPE OF PROPOSALS I
Proposals shall be for not less than $519,750 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ( "Deposit") in ,
the form of a certified or cashier's check or a Financial Surety Bond in the amount of $5,250,
payable to the order of the City. If a check is used, it must accompany each proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond
must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If
the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is '
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's
check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M.,
Central Time, on the next business day following the award. If such Deposit is not received by
that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit ,
requirement. The City will deposit the check of the purchaser, the amount of which will be
deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser
fails to comply with the accepted proposal, said amount will be retained by the City. No ,
proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates shall be in integral ,
multiples of 5/100 or 1 /8 of 1 %. Rates must be in ascending order. Bonds of the same
maturity shall bear a single rate from the date of the Bonds to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of ,
matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein.
BOND INSURANCE AT PURCHASER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment '
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of ,
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on ,
the Bonds.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to pnnt``stich nurrmhers�on any Bond nor any error with respect
' thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
' SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
' purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be
subject to receipt by the purchaser of an approving legal opinion of Holmes & Graven,
Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of
' customary closing papers, including a no- litigation certificate. On the date of settlement
payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at
the offices of the City or its designee not later than 12.00 Noon, Central Time. Except as
compliance with the terms of payment for the Bonds shall have been made impossible by
' action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by
the City by reason of the purchaser's non - compliance with said terms for payment.
' OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
' information relative to the Bonds, and said Official Statement will serve as a nearly -final Official
Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223 -3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the
' maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
' more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Bonds are awarded 20 copies of the
Official Statement and the addendum or addenda described above. The City designates the
senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for
purposes of distributing copies of the Final Official Statement to each Participating Underwriter.
Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its
' proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a
contractual relationship with all Participating Underwriters of the Bonds for purposes of
assuring the receipt by each such Participating Underwriter of the Final Official Statement.
' Dated January 24, 1994 BY ORDER OF THE CITY COUNCIL
/s/ Donald W. Ashworth
City Manager
SCHEDULE OF BOND YEARS
$525,000
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1994D
Cumulative
Year
Principal
Bond Years
Bond Years
1995
$65,000
108.3333
108.3333
1996
$85,000
226.6667
335.0000
1997
$85,000
311.6667
646.6667
1998
$85,000
396.6667
1,043.3334
1999
$80,000
453.3333
1,496.6667
2000
$30,000
200.0000
1,696.6667
2001
$30,000
230.0000
1,926.6667
2002
$30,000
260.0000
2,186.6667
2003
$35,000
338.3333
2,525.0000
Average Maturity: 4.81 Years
Bonds Dated: March 1, 1994
Interest Due: November 1, 1994 and each May 1 and November 1 to maturity.
Principal Due: November 1, 1995 -2003 inclusive.
Optional Call: None.
I
OFFICIAL STATEMENT
CITY OF CHANHASSEN, MINNESOTA
$5,570,000*
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1994A
' $1,665,000*
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 19948
$1,170,000*
' TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1994C
$525,000*
GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1994D
Introductory Statement
' This Official Statement contains certain information relating to the City of Chanhassen,
Minnesota (the "City ") and its issuance of: $5,570,000 General Obligation Improvement
Refunding Bonds, Series 1994A (the "Series 1994A Bonds "); $1,665,000 General Obligation
' Improvement Refunding Bonds, Series 1994B (the "Series 1994B Bonds "); $1,170,000 Taxable
General Obligation Tax Increment Refunding Bonds, Series 1994C (the "Series 1994C Bonds ");
and $525,000 General Obligation Tax Increment Refunding Bonds, Series 1994D (the "Series
' 1994D Bonds "), collectively referred to as the "Bonds," the "Refunding Bonds" or the "Issues."
The Bonds are general obligations of the City for which the City pledges its full faith and credit
and power to levy direct general ad valorem taxes without limit as to rate or amount. Additional
' sources of security for each Issue are described in the following sections.
Inquiries may be directed to Mr. Donald Ashworth, City Manager, City of Chanhassen, 690
Coulter Drive, Chanhassen, Minnesota 55317 -0147 or by telephoning (612) 937 -1900.
' Inquiries can also be made to Springsted Incorporated, 85 East Seventh Place, Suite 100, St.
Paul, Minnesota 551 01 -21 43 or by telephoning (612) 223 -3000.
I Method and Purpose of Refunding
Proceeds of the Bonds will be used to advance refund the callable maturities of four of the
' City's outstanding bond issues, all of which provided financing for improvements within the
City's Tax Increment Financing District No. 1. The refundings are being conducted to achieve
interest cost savings, as well as take advantage of an opportunity to maximize the cash flow of
' revenues from the City's Tax Increment Financing District No. 1 and extend the term of the
Series 1994B Bonds, the Series 1994C Bonds and the Series 1994D Bonds.
' The refundings will all be conducted by means of a "crossover" refunding mechanism. The
proceeds of each of the Refunding Issues will be placed in an escrow account with a bank or
trust company to be named by the City. Amounts in the escrow account will be invested in
special obligations of the United States Treasury or other obligations of the United States or of
' its agencies, which shall mature in such amounts and at such times as to be available to pay
debt service on the Refunding Bonds through the call date of the bonds to be refunded. On
the respective call dates, the escrow account will cross over and pay the remaining principal on
' the original issues by calling in all of those remaining bonds. The City will continue to pay debt
service on the issues to be refunded through their respective call dates. Beginning with the
first interest payment due after the call, or crossover, date for each issue to be refunded, the
' * Amount subject to change; see Terms of Proposal for each Issue herein.
n
The Series 1994A Bonds '
Purpose and Authoritv
The Series 1994A Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and '
475. Proceeds of this Issue will be used to refund the 1996 through 2002 maturities of the
City's General Obligation Improvement Bonds, Series 1989A Bonds (the "1989A Improvement
Bonds "). '
Security and Financina
In addition to its general obligation pledge, the City also pledges special assessments '
originally filed for the 1989A Improvement Bonds for payment of the Series 1994A Bonds,
subsequent to the crossover date. Furthermore, the City will contribute tax increment revenues
from its Tax Increment Financing District No. 1 for payment of the Series 1994A Bonds, as it
has provided to payment of the 1989A Improvement Bonds. Assessments, tax increment
revenues and taxes collected each year will be used to make the August 1 semi - annual interest
payment due that same year as well as the subsequent February 1 payment of principal and ,
interest.
-2-
City will start to make debt service payments on the new Refunding Issues, which shall have no
principal payments prior to their respective crossover dates.
Actuarial services necessary to insure the adequacy of the escrow accounts to provide timely
payment of the debt service for which the escrow accounts are obligated will be performed by
a certified public accounting firm.
'
Issues to be Refunded
A summary of the issues to be refunded and their respective call dates is provided below. All
'
Bonds will be called at a price of par.
Maturities Total Amount
,
Issues to be Refunded to be of Refunded Crossover
New Issues the "Refunded Bonds ") Refunded Principal Date
Series 1994A Bonds $6,650,000 G.O. Improvement
Bonds, Series 1989A,
dated December 1, 1989 1996 -2002 $5,450,000 2 -1 -95
,
Series 19946 Bonds $4,185,000 G.O. Improvement
Bonds of 1988,
dated November 1, 1988 1996 -2002 1,625,000 11 -1 -95
,
Series 1994C Bonds $1,775,000 Taxable G.O.
Tax Increment Bonds of 1988,
,
dated September 1, 1988 1996 -2000 1,100,000 11 -1 -95
Series 1994D Bonds $740,000 G.O. Tax Increment
Bonds of 1988, Series 2,
,
dated November 1, 1988 1995- 2001 500.000 11 -1 -94
Total $8,675,000
,
The Series 1994A Bonds '
Purpose and Authoritv
The Series 1994A Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and '
475. Proceeds of this Issue will be used to refund the 1996 through 2002 maturities of the
City's General Obligation Improvement Bonds, Series 1989A Bonds (the "1989A Improvement
Bonds "). '
Security and Financina
In addition to its general obligation pledge, the City also pledges special assessments '
originally filed for the 1989A Improvement Bonds for payment of the Series 1994A Bonds,
subsequent to the crossover date. Furthermore, the City will contribute tax increment revenues
from its Tax Increment Financing District No. 1 for payment of the Series 1994A Bonds, as it
has provided to payment of the 1989A Improvement Bonds. Assessments, tax increment
revenues and taxes collected each year will be used to make the August 1 semi - annual interest
payment due that same year as well as the subsequent February 1 payment of principal and ,
interest.
-2-
1�
The Series 1994B Bonds
Purpose and Authority
The Series 19946 Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and
475. Proceeds of this Issue will be used to refund the 1996 through 2002 maturities of the
City's General Obligation Improvement Bonds of 1988 (the 1988 Improvement Bonds ") and to
extend the final maturity of the Series 1994B Bonds to 2004.
Security and Financing
In addition to its general obligation pledge, the City also pledges special assessments
originally filed for the 1988 Improvement Bonds for payment of the Series 19948 Bonds,
subsequent to the crossover date. Furthermore, the City will contribute tax increment revenues
from its Tax Increment Financing District No. 1 for payment of the Series 1994B Bonds, as it
has provided to payment of the 1988 Improvement Bonds. Assessments, tax increment
revenues and taxes collected each year will be used to make the May 1 semi - annual interest
payment due that same year as well as the subsequent November 1 payment of principal and
interest.
The Series 1994C Bonds
Purpose and Authority
The Series 1994C Bonds are being issued pursuant to Minnesota Statutes, Chapters 469 and
475. Proceeds of this Issue will be used to refund the 1996 through 2000 maturities of the
City's Taxable General Obligation Tax Increment Bonds of 1988 (the 'Taxable 1988 Tax
Increment Bonds ") and extend the final maturity of the 1994C Bonds to 2003.
Security and Financing
In addition to its general obligation pledge, the City also pledges tax increment revenues from
the City's Tax Increment Financing District No. 1. Subsequent to the crossover date, tax
increment revenues collected each year will be used to make the May 1 interest payment due
in the collection year and the subsequent November 1 payment of principal and interest.
The Series 1994D Bonds
Purpose and Authority
The Series 1994D Bonds are being issued pursuant to Minnesota Statutes, Chapters 469 and
475. Proceeds of this Issue will be used to refund the 1995 through 2001 maturities of the
City's General Obligation Tax Increment Bonds of 1988, Series 2 (the "1988 -2 Tax Increment
Bonds ") and extend the final maturity of the 1994D Bonds to 2003.
Security and Financing
In addition to its general obligation pledge, the City also pledges tax increment revenues from
the City's Tax Increment Financing District No. 1. Subsequent to the crossover date, tax
increment revenues collected each year will be used to make the May 1 interest payment due
in the collection year and the subsequent November 1 payment of principal and interest.
5:11
11
Future Financing
,
The City anticipates no additional financing within the next 90 days.
Litigation
The City is not aware of any threatened or pending litigation affecting the validity of the Bonds
,
or the City's ability to meet its financial obligations.
,
Legality
The Bonds are subject to approval as to certain matters by Holmes & Graven, Chartered, of
'
Minneapolis, Minnesota as Bond Counsel. Bond Counsel has not participated in the
preparation of this Official Statement and will not pass upon its accuracy, completeness, or
sufficiency. Bond Counsel has not examined nor attempted to examine or verify, any of the
financial or statistical statements, or data contained in this Official Statement and will express
'
no opinion with respect thereto. Legal opinions in substantially the form set out as Appendix I
to this Official Statement, will be delivered at closing.
Tax Exemption - The Series 1994A Bonds, the Series 19948 Bonds and
the Series 1994D Bonds
'
In the opinion of Bond Counsel, under existing statutes, regulations, rulings and decisions,
interest on the Series 1994A Bonds, the Series 1994B Bonds and the Series 1994D Bonds is
not includable in the "gross income" of the owners thereof for purposes of federal income
'
taxation and is not includable in net taxable income of individuals, estates or trusts for
purposes of State of Minnesota income taxation, but is subject to State of Minnesota franchise
taxes measured by income that are imposed upon corporations and financial institutions.
'
Noncompliance following the issuance of the Series 1994A Bonds, the Series 19948 Bonds
and the Series 1994D Bonds with certain requirements of the Internal Revenue Code of 1986,
as amended, (the "Code ") and covenants of the bond resolution may result in the inclusion of
,
interest on the Series 1994A Bonds, the Series 1994B Bonds and the Series 1994D Bonds in
gross income (for federal tax purposes) and net taxable income for State of Minnesota tax
purposes of the owners thereof. No provision has been made for redemption of the Series
'
1994A Bonds, the Series 1994B Bonds and the Series 1994D Bonds, or for an increase in the
interest rate on the Bonds, in the event that interest on the Series 1994A Bonds, the Series
1994B Bonds and the Series 1994D Bonds becomes subject to United States or State of
Minnesota income taxation.
'
The Code imposes an alternative minimum tax with respect to individuals and corporations on ,
alternative minimum taxable income. Interest on the Series 1994A Bonds, the Series 1994B
Bonds and the Series 1994D Bonds will not be treated as a preference item in calculating
alternative minimum taxable income. The Code provides, however, that for taxable years
beginning after 1989, a portion of the adjusted current earnings of a corporation not otherwise
included in the minimum tax base would be included for purposes of calculating the alternative
minimum tax that may be imposed with respect to corporations. Adjusted current earnings
includes income received that is otherwise exempt from taxation such as interest on the Series
1994A Bonds, the Series 1994B Bonds and the Series 1994D Bonds.
The Code imposes an environmental tax with respect to corporations on the excess of a ,
corporation's modified alternative minimum taxable income over $2,000,000. The
environmental tax applies with respect to taxable years beginning after December 31, 1986 and
before January 1, 1996.
:t
The Code provides that in the case of an insurance company subject to the tax imposed by
t Section 831 of the Code, for taxable years beginning after December 31, 1986 the amount
which otherwise would be taken into account as "losses incurred" under Section 832(b)(5) shall
be reduced by an amount equal to 15% of the interest on the Series 1994A Bonds, the Series
' 19946 Bonds and the Series 1994D Bonds that is received or accrued during the taxable year.
Interest on the Series 1994A Bonds, the Series 1994B Bonds and the Series 1994D Bonds may
be included in the income of a. foreign corporation for purposes of the branch profits tax
imposed by Section 884 of the Code. Under certain circumstances, interest on the Series
1994A Bonds, the Series 1994B Bonds and the Series 1994D Bonds may be subject to the tax
on "excess net passive income" of Subchapter S corporations imposed by Section 1375 of the
Code.
The above is not a comprehensive list of all federal tax consequences which may arise from the
' receipt of interest on the Series 1994A Bonds, the Series 1994B Bonds and the Series 1994D
Bonds. The receipt of interest on the Series 1994A Bonds, the Series 1994B Bonds and the
Series 1994D Bonds may otherwise affect the federal or State income tax liability of the
' recipient based on the particular taxes to which the recipient is subject and the particular tax
status of other items or deductions. Bond Counsel expresses no opinion regarding any such
consequences. All prospective purchasers of the Series 1994A Bonds, the Series 1994B
Bonds and the Series 19940 Bonds are advised to consult their own tax advisors as to the tax
' consequences of, or tax considerations for, purchasing or holding the Series 1994A Bonds, the
Series 1994B Bonds and the Series 1994D Bonds.
' Bank - Qualified Obligations - The Series 1994A Bonds, the Series 1994B Bonds and
the Series 1994D Bonds
' The City will designate the Series 1994A Bonds, the Series 1994B Bonds and the Series 1994D
Bonds as bank - qualified tax- exempt obligations for purposes of Section 265(b)(3), of the
Internal Revenue Code of 1986, as amended, relating the ability of financial institutions to
' deduct from income for federal income tax purposes, interest expense that is allocable to
carrying and acquiring tax- exempt obligations.
' Taxability of Interest - The Series 1994C Bonds
The interest to be paid on the Series 1994C Bonds is includable in the income of the recipient
' for purposes of United States and State of Minnesota income taxation, and is subject to
Minnesota corporate franchise and bank excise taxes measured by net income.
' Ratings
' Application for ratings of the Bonds has been made to Moody's Investors Service ( "Moody's "),
99 Church Street, New York, New York. If ratings are assigned, they will reflect only the opinion
of Moody's. Any explanation of the significance of the ratings may be obtained only from
Moody's.
1 There is no assurance that ratings, if assigned, will continue for any given period of time, or that
such ratings will not be revised or withdrawn, if in the judgment of Moody's, circumstances so
' warrant. A revision or withdrawal of the ratings may have an adverse effect on the market price
of the Bonds.
1 -5-
r
Financial Advisor
The City has retained Springsted Incorporated, Public Finance Advisors, of St. Paul, Minnesota,
as financial advisor (the "Financial Advisor') in connection with the issuance of the Bonds. In
preparing the Official Statement, the Financial Advisor has relied upon governmental officials,
and other sources, who have access to relevant data to provide accurate information for the
Official Statement, and the Financial Advisor has not been engaged, nor has it undertaken, to
independently verify the accuracy of such information. The Financial Advisor is not a public '
accounting firm and has not been engaged by the City to compile, review, examine or audit any
information in the Official Statement in accordance with accounting standards. The Financial
Advisor is an independent advisory firm and is not engaged in the business of underwriting,
trading or distributing municipal securities or other public securities and therefore will not ,
participate in the underwriting of the Bonds.
Certification 1
The City has authorized the distribution of this Official Statement for use in connection with the
initial sale of the Bonds. I
As of the date of the settlement of the Bonds, the Purchaser(s) will be furnished with a
certificate signed by the appropriate officers of the City. The certificate will state that as of the '
date of the Official Statement, it did not and does not as of the date of the certificate contain
any untrue statement of material fact or omit to state a material fact necessary in order to make
the statements made therein, in light of the circumstances under which they were made, not ,
misleading.
CITY PROPERTY VALUES I
1992 Indicated Market Value of Taxable Property: $737,667,949" '
t Calculated by dividing the county assessor's combined estimated market value of $690,457,200 by
the 1992 aggregate sales ratio of 93.6% for the City as provided by the State Department of Revenue. ,
1992 Net Tax Capacity: $14,914,129
Personal
'
Real Estate
Prope
Total
Carver County $13,183,489
$503,704
$13,687,193
,
Hennepin County 1.220.699
6.237
1.226.936
Total $14,404,188
$509,941
$14,914,129
'
1992 Taxable Net Tax Cap;:.s :ty: $10,594,669
'
1992 Net Tax Capacity
$14,914,129
Less: Captured Tax Increment Tax Capacity
(4,189,740)
Contribution to Fiscal Disparities
(1,106,376)
,
Plus: Distribution from Fiscal Disparities
976.656
1992 Taxable Net Tax Capacity
$10,594,669
,
-6-
,
1992 Taxable Net Tax Capacity by Class of Property
Residential Homestead
$ 7,145,626
67.4%
Commercial /Industrial, Public
Estimated
Taxable Tax
Utility and Personal Property"
2,110,996
20.0
Residential Non - Homestead
1,010,115
9.5
Agricultural
282,983
2.7
Other
44.949
0.4
Total
$10,594,669
100.0%
" Reflects adjustments for fiscal disparities and captured tax increment tax capacity.
411,130,700
Trend of Values
Ten of the Largest Taxpayers
Taxpayer
Rosemount, Inc.
McGlynn Bakeries
PRN Music Corp.
DataSery
Instant Web
Victory Envelope
The Press
United Mailing
Redmond Products
ABC /Lyman Lumber
Tvpe of Business
Precision Instrument
Bakery Goods
Music Recording Business
Computer Software
Printing
Envelope Manufacturing
Printing
Bulk Mailing
Hair Care Products
Lumber Distribution
N
1992 Net
Tax Capacity
$ 993,738
915,476
310,810
308,500
300,095
256,688
232,078
228,426
189,120
151.050
Total
Represents 36.7% of the City's 1992 taxable net tax capacity.
$3,885,981 "
-7-
Assessor's
Indicated
Estimated
Taxable Tax
Market Value
Market Value
Ca aci (b)
1992 $737,667,949
$690,457,200
$10,594,669
1991 709,763,290
651,562,700
9,759,042
1990 674,284,544
584,604,700
9,855,275
1989 549,603,027
472,109,000
8,430,768
1988 469,327,283
411,130,700
10,064,099
(a) Calculated by dividing the county assessors' combined estimated market value by the aggregate
sales ratio for the City as provided by the State Department of Revenue.
(b) See Appendix 11 for a discussion of tax capacity and other elements of Minnesota property tax law.
Ten of the Largest Taxpayers
Taxpayer
Rosemount, Inc.
McGlynn Bakeries
PRN Music Corp.
DataSery
Instant Web
Victory Envelope
The Press
United Mailing
Redmond Products
ABC /Lyman Lumber
Tvpe of Business
Precision Instrument
Bakery Goods
Music Recording Business
Computer Software
Printing
Envelope Manufacturing
Printing
Bulk Mailing
Hair Care Products
Lumber Distribution
N
1992 Net
Tax Capacity
$ 993,738
915,476
310,810
308,500
300,095
256,688
232,078
228,426
189,120
151.050
Total
Represents 36.7% of the City's 1992 taxable net tax capacity.
$3,885,981 "
-7-
CITY INDEBTEDNESS I
Legal Debt Limit
Legal Debt Limit
(2% of Estimated Market Value)
$13,809,144
Less: Outstanding
Debt Subject to Limit
(2.775.0001
Debt Margin as of January 2, 1994
$11,034,144
'
General Obligation Debt Supported by Taxes'
Principal
Date Original
Final
Outstanding
of Issue Amount
Purpose
Maturi
As of 1 -2 -94
'
9 -1 -88 $1,200,000
12 -1 -89 835,000
Fire Station, Equipment
Corporate Purpose
11 1 2003
2 -1 -2004
$1,025,000
740,000
'
11 -1 -91 1,165,000
Municipal Building Refunding
8-1-2000
1.010.000
Total
$2,775,000
,
These issues are subject to the statutory debt limit.
General Obligation Debt Supported by Special Assessments
Principal
Date Original
Final
Outstanding
'
of Issue Amount
Purpose
MaturN
As of 1 -2 -94
5 -1 -83 $1,330,000
Local Improvements
8 -1 -1996
$ 450,000
8 -1 -83 4,320,000
Improvement Refunding
2 -1 -1996
750,000
7 -1 -86 4,615,000
Local Improvements
1 -1 -1996
400,000
7 -1 -87 4,685,000
Local Improvements
2 -1 -2003
2,625,000
11 -1 -88 4,185,000
Local Improvements
11 -1 -2002
2,600,000(
12 -1 -89 2,945,000
Local Improvements, Series 1989A
2 -1 -2002
6,050,000(b)
12 -1 -90 1,335,000
Local Improvements
2 -1 -2000
1,145,000
11 -1 -91 1,700,000
Local Improvements
2 -1 -2002
1,655,000
'
11 -1 -91 1,405,000
Improvement Refunding
1 -1 -2003
1,415,000
11 -1 -92 3,630,000
Local Improvements
2 -1 -2005
3,630,000
10 -1 -93 1,635,000
Local Improvements
2 -1 -2004
1,635,000
3-1 -94 5,570,000
Improvement Refunding
'
(Series 1994A Bonds)
2 -1 -2002
5,570,000
3 -1 -94 1,665,000
Improvement Refunding
(Series 19946 Bonds)
11 -1 -2004
1.665,000
'
Subtotal
$29,590,000
Less: Refunded 1989A linprovement
Bonds
(5,450,000)
Refunded 1988 Improvement Bonds
(1.625,000)
'
Total $22,515,000 '
(e) The 1996 through 2002 maturities are being refunded with the Series 19948 Bonds. This Issue is
also supported with tax increment revenues.
(b) The 1996 through 2002 maturities are being refunded with the Series 1994A Bonds. This Issue is also '
supported with tax increment revenues.
General Obligation Debt Supported by Tax Increments
( The 1996 through 2000 maturities are being refunded with the Series 1994C Bonds
(b) The 1995 through 2001 maturities are being refunded with the Series 1994D Bonds
General Obligation Debt Supported by Revenues
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturft As of 1 -2 -94
12 -1 -90 $830,000 Water Revenue 2 -1 -1999 $700,000
-9-
Principal
Date
Original
Final
Outstanding
of Issue
Amount
Purpose
Maturi
As of 1 -2 -94
8 -1 -83
$5,184,620
Tax Increment Refunding
8 -1 -1995
$ 576,861
7 -1 -87
3,475,000
Tax Increment
8- 1- 1996
775,000
9 -1 -88
1,775,000
Taxable Tax Increment
11 -1 -2000
1,450,000(
11 -1 -88
740,000
Tax Increment, Series 2
11 -1 -2001
550,000(b)
11 -1 -88
1,015,000
Tax Increment, Series 3
11 -1- 1997
775,000
12 -1 -89
725,000
Tax Increment, Series 1989B
2 -1- 1995
500,000
3 -1 -90
2,685,000
Tax Increment Refunding
2 -1 -2003
2,685,000
11 -1 -91
1,685,000
Taxable Tax Increment
2 -1 -2001
1,685,000
11 -1 -91
575,000
Tax Increment
2 -1- 1998
500,000
11 -1 -92
1,350,000
Tax Increment
2 -1 -2000
1,350,000
3 -1 -93
5,675,000
Taxable Tax Increment
2 -1 -2001
5,675,000
10 -1 -93
5,630,000
Tax Increment
2 -1 -2003
5,630,000
10 -1 -93
680,000
Tax Increment
2 -1 -1999
680,000
10 -1 -93
2,015,000
Tax Increment Refunding
8 -1 -2002
2,015,000
3 -1 -94
1,170,000
Taxable Tax Increment Refunding
(Series 1994C Bonds)
11 -1 -2003
1,170,000
3 -1 -94
525,000
Tax Increment Refunding
(Series 1994D Bonds)
11 -1 -2003
525,000
Subtotal
$26,541,861
Less: Refunded Taxable 1988 Tax Increment
Bonds
(1,100,000)
Refunded 1988 -2 Tax Increment Bonds
(500.000)
Total
$24,941,861
( The 1996 through 2000 maturities are being refunded with the Series 1994C Bonds
(b) The 1995 through 2001 maturities are being refunded with the Series 1994D Bonds
General Obligation Debt Supported by Revenues
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturft As of 1 -2 -94
12 -1 -90 $830,000 Water Revenue 2 -1 -1999 $700,000
-9-
Annual Debt Service Payments Including These Issues
and Excluding the Refunded Bonds
G.O. Debt Supported
G.O. Debt Supported
Primarily by
by Taxes
Special Assessments
Principal
Principal
Year
Princi al
& Interest
Principal
& Interest
'
1994 (at 1 -2)
$ 205,000
$ 374,945.00
$ 1,865,000
$ 2,667,978.76
1995
245,000
403,662.50
2,400,000
3,587,908.75
1996
260,000
404,578.75
3,280,000
4,163,746.25
1997
280,000
409,450.00
2,470,000
3,180,181.25
1998
315,000
427,980.00
2,410,000
3,007,106.25
1999
335,000
428,863.75
2,070,000
2,551,911.25
'
2000
380,000
453,307.50
2,120,000
2,496,543.75
2001
200,000
249,440.00
1,985,000
2,256,818.75
2002
230,000
265,690.00
1,970,000
2,138,742.50
2003
235,000
254,635.00
1,195,000
1,276,662.50
'
2004
90,000
93,015.00
440,000
473,935.00
2005
310.000
319.920.00
'
Total
$2,775,000(b)
$3,765,567.50
$22,515,000(x)
$28,121,455.01
G.O. Debt Supported
G.O. Debt Supported
by Tax Increments
by Revenues
Principal
Principal
Year
Principal
& Interest
Principal
& Interest
1994 (at 1 -2)
$ 1,522,871.25
$ 3,208,902.10
$ 90,000
$131,900.00
1995
2,408,990.40
4,066,682.50
100,000
136,055.00
1996
2,580,000.00
3,640,372.50
110,000
139,490.00
1997
3, 095, 000.00
4, 021, 980.00
120,000
142,185.00
1998
3,085,000.00
3,860,975.00
135,000
148,957.50
1999
3,225,000.00
3,852,730.00
145,000
149,785.00
2000
2,985,000.00
3,439,920.00
2001
2,715,000.00
3,012,385.00
2002
1,755,000.00
1,920,225.00
'
2003
1.570,000.00
1,623,870.00
Total
$24,941,861.65
$32,648,042.10
$700,000
$848,372.50
'
(e) Includes the
Series 1994A Bonds and the Series 1994B Bonds at an assumed annual interest rates of
4.00% and 4.20% respectively, and excludes the Refunded Bonds.
(b) 96.8% of this debt will be retired within ten years.
'
(c) 96.7% of this debt will be retired within ten years.
(d) Includes the Series 1994C Bonds and the Series 1994D Bonds at assumed
annual interest rates of
,
5.75% and 4.00%
respectively, and excludes the Refunded Bonds.
-10- 1
' Indirect Debt
Debt Applicable to
1992 Taxable G.O. Debt Tax Capacity in City
' Taxing Unit Net Tax Capacity As of 1- 2 -94 Percent Amount
Carver County $ 32,059,920 $18,265,000(x) 30.7% $ 5,607,355
' ISD 112 (Chaska) 14,874,214 29,460,000( 29.7 8,749,620
ISD 276 (Minnetonka) 37,450,946 23,859,885 14.5 3,459,683
Hennepin County
Technical College 612,941,252 1,585,000(e) 1.6 25,360
' Metropolitan Council 1,862,579,652 40,070,000(0 0.5 200,350
Metropolitan Transit
District 1,701,455,732 64,165,000 0.6 384,990
' Total $18,427,358
(a) The taxable net tax capacity value of that portion of the City located in Hennepin County is a negative
value because the combination of captured tax increment tax capacity which is remitted back to the
City and the contribution to fiscal disparities exceeds the net tax capacity value. Therefore, Hennepin
County has not been included in the overlapping debt of the City.
(b) Excludes general obligation State -aid road bonds and tax anticipation certificates.
' (c) Includes $8,000,000 Jail Facility Revenue Bonds, Series 1992A issued by the Carver County HRA and
payable solely from lease payments made by the County to the HRA pursuant to a Lease Agreement.
The lease payments are absolute and unconditional and are unlimited tax obligations of the County.
' ( The District anticipates issuing a total of approximately $32,000,000 under its current voter
authorization over the next 1 112 years. Excludes $1,500,000 School Facilities Lease Revenue Bonds,
Series 1993, issued by the City of Chaska and payable solely from lease payments made by the
District to the City pursuant to a Lease Agreement. The lease payments are subject to annual
appropriation. .
(e) Represents outstanding certificates of participation.
(0 Metropolitan Council also has outstanding $500,245,000 general obligation sanitary sewer bonds and
loans which are supported by sewer system revenues.
' -11-
Lease- Purchase Agreements
The City has the following outstanding lease agreement:
Monthly
Final
'
Date of Lease Company /Equipment Term
Payment
Payment
September, 1989 Kodak/Ektaprint 235AF 60 months
$989.33
September, 1994
Summary of General Obligation Direct Debt
Gross
Less: Debt
Net
Debt
Service Funds
Direct Debt
G.O. Debt Supported by Taxes $ 2,775,000
$ (801,022)
$ 1,973,978
G.O. Debt Supported Primarily
'
by Special Assessments 22,515,000
(2,836,157)
19,678,843
G.O. Debt Supported by Tax Increments 24,941,861
(b)
24,941,861
G.O. Debt Supported by Revenues 700,000
(c)
700,000
'
(a) Debt service funds are as of December 31, 1993 and include money to pay
both principal and
interest.
(b) Tax increment revenues are deposited into the City's Capital Projects Fund and later transferred into
'
the Tax Increment Debt Service Fund as required.
(c) Paid directly from revenues of the City's enterprise fund.
' Indirect Debt
Debt Applicable to
1992 Taxable G.O. Debt Tax Capacity in City
' Taxing Unit Net Tax Capacity As of 1- 2 -94 Percent Amount
Carver County $ 32,059,920 $18,265,000(x) 30.7% $ 5,607,355
' ISD 112 (Chaska) 14,874,214 29,460,000( 29.7 8,749,620
ISD 276 (Minnetonka) 37,450,946 23,859,885 14.5 3,459,683
Hennepin County
Technical College 612,941,252 1,585,000(e) 1.6 25,360
' Metropolitan Council 1,862,579,652 40,070,000(0 0.5 200,350
Metropolitan Transit
District 1,701,455,732 64,165,000 0.6 384,990
' Total $18,427,358
(a) The taxable net tax capacity value of that portion of the City located in Hennepin County is a negative
value because the combination of captured tax increment tax capacity which is remitted back to the
City and the contribution to fiscal disparities exceeds the net tax capacity value. Therefore, Hennepin
County has not been included in the overlapping debt of the City.
(b) Excludes general obligation State -aid road bonds and tax anticipation certificates.
' (c) Includes $8,000,000 Jail Facility Revenue Bonds, Series 1992A issued by the Carver County HRA and
payable solely from lease payments made by the County to the HRA pursuant to a Lease Agreement.
The lease payments are absolute and unconditional and are unlimited tax obligations of the County.
' ( The District anticipates issuing a total of approximately $32,000,000 under its current voter
authorization over the next 1 112 years. Excludes $1,500,000 School Facilities Lease Revenue Bonds,
Series 1993, issued by the City of Chaska and payable solely from lease payments made by the
District to the City pursuant to a Lease Agreement. The lease payments are subject to annual
appropriation. .
(e) Represents outstanding certificates of participation.
(0 Metropolitan Council also has outstanding $500,245,000 general obligation sanitary sewer bonds and
loans which are supported by sewer system revenues.
' -11-
Dent Ratios
G.O. Net
Direct Debt*
G.O. Indirect &
Net Direct Debt
6.41%
$3,678
To 1992 Indicated Market Value 6:92%
Per Capita (12,863 -1992 Metropolitan Council Estimate) $2,245
* Excludes general obligation debt supported by revenues.
CITY TAX RATES, LEVIES AND COLLECTIONS
Tax Capacity Rates for a Chanhassen Resident in ISD 112
1988/89 1989190 1990/91
1992/93
For
1991/92 Total Debt Only
Carver County 30.077% 32.864% 35.230% 40.466% 42.687% 4.772%
City of Chanhassen 21.124 25.441 24.100 25.384 25.453 7.027
(Urban)
ISD 112 (Chaska) 46.052 48.497 51.604 62.658 57.401 1.836
Watershed District 0.445 0.436 0.449 0.490 0.781 -0-
Special Districts* 2.760 3.003 2.966 4.059 3.602 0.671
Total 100.458% 110.241% 114.349% 133.057% 129.924% 14.306%
* Special Districts include Metropolitan Council, Regional Transit District and Metropolitan Mosquito
Control.
NOTE. For property taxes payable in 1989, taxes were determined by multiplying the gross tax capacity
by the tax capacity rate, expressed as a percentage. This replaced the use of assessed value
multiplied by mill rates. Beginning with taxes payable in 1990, net tax capacity has replaced
gross tax capacity as the basis on which taxes are levied (see Appendix ll).
Tax Levies and Collections
-12
Collected During Collected
Amount
Collection Year As of 12 -31 -93
Leyy /Collect
of Lew
Amount Percent Amount Percent
1993/94
$3,815,400*
(In Process of Collection)
1992/93
3, 640, 000
$3,442,921 94.6% $3,442,921 96.4%
1991/92
3,341,955
3,253,927 97.4 3,299,730 98.7
1990/91
3,156,242
3,091,950 98.0 3,142,209 99.6
1989/90
2,754,255
2,679,423 97.3 2,735,302 99.3
* The 1993194 gross tax levy includes $963,016 of Homestead and Agricultural Credit Aid (HACA').
The net levy of
$2,852,384, after subtracting HACA, is the basis for computing the 1993194 tax
capacity rates.
-12
I GENERAL INFORMATION CONCERNING THE CITY
The City of Chanhassen, located in the southwestern portion of the Twin Cities metropolitan
area, is situated primarily in Carver County with a small portion within Hennepin County. The
City encompasses an area of 15,117 acres or 23.6 square miles. The City's 1980 federal
census population was 6,351; the 1990 census count of 11,732 represents an 85% increase
' over the 1980 census figure. As of April 1, 1992, the Metropolitan Council estimates the City's
population to be 12,863.
U.S. Highways 169 and 212, as well as State Highways 5, 7, 52 and 101, provide access for
commuters coming into the City from the Twin Cities metropolitan area as well as for City
residents traveling to work outside the City. Major reconstruction of Highway 5 was recently
completed and major reconstruction of Highway 101 is underway. The upgrading of Highway 5
1 coming into the City from the east was completed in 1993, and major realignment of
Highway 101 is also scheduled for completion in 1993. Additional reconstruction and widening
of Highway 5 to the west is expected to be done within the next three to five years and,
' combined with the scheduled rerouting and reconstruction of U.S. Highway 212, will provide
expansion of traffic capacity, thereby easing the increased flow of traffic in the Chanhassen
area.
' -13-
FUNDS ON HAND
As of December 31,1993
Fund
Cash and Investments
General
$ 1,637,548
'
Special Revenue
433,992
Debt Service:
G.O. Debt Supported by Taxes
801,022
G.O. Debt Supported by Special Assessments
2,836,157
'
G.O. Debt Supported by Tax Increment
(1,616,144)(
Capital Projects /Construction Fund
8,359,960
Enterprise
Trust and Agency
2,648,402
3,367,764
Internal Service
340.020
Total
$18,808,721(
( Tax increment revenues are deposited into the City's Capital Projects Fund and later transferred into
'
the Tax increment Debt Service Fund as required.
( The City maintains a separate investment fund the funds,
and pools available
cash of all allocating
interest earnings accordingly. As of December 31, 1993, $15,225,700 is invested, with accrued
interest receivable of $13,858.
I GENERAL INFORMATION CONCERNING THE CITY
The City of Chanhassen, located in the southwestern portion of the Twin Cities metropolitan
area, is situated primarily in Carver County with a small portion within Hennepin County. The
City encompasses an area of 15,117 acres or 23.6 square miles. The City's 1980 federal
census population was 6,351; the 1990 census count of 11,732 represents an 85% increase
' over the 1980 census figure. As of April 1, 1992, the Metropolitan Council estimates the City's
population to be 12,863.
U.S. Highways 169 and 212, as well as State Highways 5, 7, 52 and 101, provide access for
commuters coming into the City from the Twin Cities metropolitan area as well as for City
residents traveling to work outside the City. Major reconstruction of Highway 5 was recently
completed and major reconstruction of Highway 101 is underway. The upgrading of Highway 5
1 coming into the City from the east was completed in 1993, and major realignment of
Highway 101 is also scheduled for completion in 1993. Additional reconstruction and widening
of Highway 5 to the west is expected to be done within the next three to five years and,
' combined with the scheduled rerouting and reconstruction of U.S. Highway 212, will provide
expansion of traffic capacity, thereby easing the increased flow of traffic in the Chanhassen
area.
' -13-
Major Employers In the City
,
Approximate
November. 1993
November,
1992
Number
Employer
Product/Service
of Employees
Rosemount, Inc.
Aerospace /Electrical Engineering Mfg.
1,010
Labor Force
McGlynn Bakeries
Baked Goods /Corporate Headquarters
450
29,263
United Mailing
Mailing /Pre -Sort
340
Empak
Plastics /Molding
325
4.3
The Press
Printing
290
'
Datasery
Computer Software
280
Source: Minnesota Department of Jobs and
Bloomberg Companies
Chanhassen Dinner Theaters
270
Summary of Building Permits Issued by the City
Instant Web
Commercial Printing
240
Redmond Products
Hair Care Products
230
Ver- Sa -Til
Contract Mach. Shop
160
Victory Envelope
Manufacturing /Print Envelopes
145
Value Permits
ABC /Lyman Lumber
Millwork/Distribution
75
'
M A Gedney Company
Pickles & Dressings
70
Source: City of Chanhassen Planning Department, September, 1993. '
Labor Force Data
,
November. 1993
November,
1992
Civilian
Unemployment
Civilian Unemployment
Labor Force
Rate
Labor Force
Rate
'
Carver County
29,263
2.7%
28,853
3.8%
Minneapolis /St. Paul MSA 1,458,729
3.4
1,435,694
4.3
State of Minnesota
2,486,409
4.0
2,445,858
4.9
'
Source: Minnesota Department of Jobs and
Training. 1993 data is preliminary.
'
Summary of Building Permits Issued by the City
Commercial /Industrial
Residential Total
Year Permits
Value
Permits Units
Value Permits
Value
1993 45
$ 5,221,000
844 267
$44,553,500 889
$49,774,500
1992 54
5,737,400
678 229
34,468,400 732
40,205,800
1991 30
4,056,000
593 293
26,619,900 623
30,675,900
1990 8
9,350,000
491 162
25,619,200 604
42,804,600
'
1989 8
31,985,000*
314 387
35,663,800 794
73,833,081
1988 18
7,821,800
372 416
38,428,900 673
48,074,881
1987 6
1,951,000
301 337
31,192,500 604
38,101,850
1986 7
8,429,000
270 326
25,339,000 484
35,809,900
'
1985 5
3,330,000
214 265
19,264,000 464
24,208,035
1984 29
1,874,000
123 140
9,419,800 276
13,182,900
1983 7
2,630,000
71 100
7,426,500 207
11,310,900
1982 6
3,776,500
20 21
2,025,000 143
6,833,250
Includes $11,711,000
for the new Rosemount, Inc. facility and $9,000,000 for the McGlynn Bakeries
'
facility.
-14- 1
Recent and Proposed Development
Chanhassen continues to experience strong residential . and commercial /industrial growth, with
major projects currently underway ih the'Chanhasseh - Lakes Business Park and in downtown
Chanhassen, as well as continued building activity in a number of large residential
developments in the City. Projects recently proposed, under construction or recently
completed are the following:
' Target Stores, Inc., a major national retailer, completed construction of a 117,000
square foot facility in the City's downtown redevelopment area in October 1993 valued
at approximately $5.5 million. Adjacent commercial sites will consist of four outlots
which are expected to be developed with restaurants and a small service strip center.
• The Chanhassen Medical Arts facility has an 11,000 square foot addition under
' construction which is expected to be valued at approximately $500,000.
• Market Square, a 99,000 square foot retail center, opened in the City's downtown area
in 1992. The retail center is 100% leased and occupied. Major tenants include: a
35,000 square foot grocery store; a 10,000 square foot hardware store, a 7,000 square
foot drug store; and a 6,000 square foot off -sale liquor store. There will also be several
eateries and specialty shops located in the retail center. Market Square has an
estimated valuation of $5,500,000.
• Construction of a 10,000 square foot bank/office building, located across the boulevard
' from Market Square, was also completed in 1992.
• Mail Source, a mass mailing processing and distribution facility completed construction
of a new facility in the Chanhassen Business Park in 1992. The 20,000 square foot
facility has an approximately value of $700,000 and employs approximately 50 people.
' Education
Two independent school districts serve the City: Independent School District 112 (Chaska)
' and Independent School District 276 (Minnetonka). ISD 112 has a 1992/93 enrollment of 4,644
students, and ISD 276 has a 1992/93 enrollment of 6,668 students.
GOVERNMENTAL ORGANIZATION AND SERVICES
' The City of Chanhassen was organized as a municipality in 1967 and became a statutory city in
1974. The City's governing body is the City Council, comprised of the Mayor and four Council
' members. The Mayor serves a two -year term of office; Council members are elected at large to
serve overlapping four -year terms.
The present Mayor and Council Members are:
Expiration of Term
' Donald J. Chmiel Mayor December 31, 1994
Colleen C. Dockendorf Council Member December 31, 1996
Michael C. Mason Council Member December 31, 1994
Mark O. Senn Council Member December 31, 1996
1 Richard C. Wing Council Member December 31, 1994
' -15-
The daily management and administration of the City is under the direction of the City
Manager, Mr. Donald W. Ashworth. Mr. Ashworth has served in this capacity for the City since
1976. The appointed City Treasurer, Ms. Mary Jean Meuwissen, administers the financial
affairs of the City, reporting directly to the City Manager. Ms. Meuwissen has been with the City
for 23 years.
The City has 45 full -time employees and 32 part-time employees serving in various '
departments.
The City contracts with Carver County for sheriff and police services. The Chanhassen Fire
Department is a 40- member volunteer force with two fully equipped fire stations.
The City provides water, sanitary sewer and storm sewer service to all its developed areas.
The water system includes five wells with an approximate pumping capacity of 4,400 gallons ,
per minute and 3.8 million gallons of storage capacity. Average daily water demand is
approximately 3 million gallons.
Although the City maintains over 69 miles of its own sewer laterals, core facilities are owned by
the Metropolitan Waste Control Commission ( "MWCC "), an agency of the Metropolitan Council.
Wastewater treatment and disposal is also the responsibility of MWCC. The City is billed for its
usage of MWCC facilities. In May 1991, the Metropolitan Council approved inclusion of
approximately 2,600 acres of City land within the Metropolitan Urban Service Area which could
lead to the development of the land with assurance of being provided with sanitary sewer
service. Various proposals for development of much of this property are currently being
studied. ,
Employee Pensions I
All full -time and certain part-time employees of the City of Chanhassen are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund and the Public
Employees Police and Fire Fund which are cost - sharing multiple - employer public employee
retirement systems. Public Employees Retirement Fund members belong to either the
Coordinated Fund or the Basic Fund. Coordinated members are covered by Social Security ,
and Basic members are not. All police officers, fire fighters and peace officers who qualify for
membership by statute are covered by the Police and Fire Fund. The PERA plans provide
pension benefits, deferred annuity, and death and disability benefits. Benefits are established ,
by State statute. The City's contribution for employees covered by PERA plans for the year
ended December 31, 1993 was $90,628.
The City levies taxes on behalf of a single- employer public employee retirement plan operated '
by the Chanhassen Fire Relief Association for volunteer firefighters of the City. The City levies
property taxes at the direction of and for the benefit of the Association and passes through
State aids allocated to the plan, all in accordance with enabling State statutes. Total '
contributions to the Association's plan in 1993 amounted to $57,200.
Regional Government - Metropolitan Council '
The Metropolitan Council is comprised of 17 members who are appointed by the governor with
the advice and consent of the State Senate. Sixteen members are appointed to four -year terms t
from districts of equal population size within the seven - county metropolitan area. The Council
Chair, the 17th member, represents the region as a whole and serves at the pleasure of the
governor. The Council is accountable, in law, to the State Legislature.
-16- 1
The Council's primary mission, as described in the 1967 Council Enabling Act, is to undertake
those planning and coordinative actions that are necessary to insure the "orderly and
economic" development of the Twin,, ites _area
' In addition, the Legislature has instructed the Council to assist local communities in their
planning and provide information to the public on matters pertaining to the region and its
development. The Council has 12 citizen advisory committees at present.
� I
� I
� I
� I
� I
� I
� I
1 -17-
APPENDIX III
ANNUAL FINANCIAL STATEMENTS
The City is audited annually by an independent certified public accounting firm. Data on the ,
following pages was extracted from the annual audits for the fiscal years ended
December 31, 1992, 1991 and 1990. For all years shown, financial statements for
governmental funds were prepared on the modified accrual basis of accounting; the accrual '
basis if followed for proprietary funds. The reader should be aware that the complete audits
may contain additional information which may interpret, explain or modify the data presented
herein.
The City's comprehensive annual financial report for the year ended December 31, 1992 has ,
been awarded the Certificate of Achievement for Excellence in Financial Reporting by the
Government Finance Officers Association of the United States and Canada (GFOA). The '
Certificate of Achievement is the highest form of recognition for excellence in state and local
government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily '
readable and efficiently organized comprehensive annual financial report, whose contents
confirm to program standards. Such CAFR must satisfy both generally accepted accounting
principles and applicable legal requirements. '
A Certificate of Achievement is valid for a period of one year only.
�7
1
III -1 1
CITY OF CHANHASSEN. MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1992
FidunNY
Account Onosso s
�e nmmltolLLf tnd ilraaa
_-- "BfffI9t9Ul.[IflO_.'JRIf ..
.__[1WsTjVM_
('.Deal* aosf
TeWa
Saud*
Debt
G *bl
t Ce
ones m
ASSFIS AND OTHER DENTS
Ceeew*
Revanw
S-1ce
P.9ct
fe
Enaepla
S.,Wce
Afancr
Allows. Debt
—
MS1.1S
t'nh and ends equivalents, ane
lnettmrnts
Investments lot drfened rnmprtnatbn
f 1.472,121
1 7115.10% f
S,2141,151 3
7,129,214
f 2,11 3.012 3
N0,t15
f 1,20!,261
f x0,611],175 3
20 , 90 1,261
Dlam
n eveh esu9w aRenl
1,161,1611
%7l,tol
577,591
468,657
M mrd Intetefl terelvahk
A, ro
111.071
1..)61,
1,31
:
1,115
111,697
%,20(1
66.1,.136
J8.U71 71
67,92 87,vx7
o bk
.— 1ev
I awn tlsobleMbk
172,91021
618,518
361.651
INllnquent
16S.348
Isur Rote Corny
C
34.218
165,.411
191,960
Us Inclement • tones evoelsable
11,218 -
46,438
R6 2,4
Ih I'MCM#"
11,712
-
86x.118
195,236
IX h lle
um ols funds
IMMslw Is— eivabir
S DUuselva
6,911,265
7118
111136.1
1 6�.JT
236,363
� Nr bk
t 11.112
168,1141
6.9)5.033
-
e,lOi
Pur ft" *11m fl9veemeent* onns
29,820
781,222
)12.670
151,971
filed a
Investment Inv oDety
III.061,IV,t
9911,111
1
6,682,362
811.042
17,742,311'. -
452,936
V,306,0"
777,/1*
777,074
I I 1111.0 MITI$
Ansonnl a "liable in Debt Sewhe Fend
N Amotlttl b be ytovhkd fos 1M11r111f111
f 9,649.196
9.619,16
10,516, 4114
of ID•nenl bnS -letm debt
X 1.802 3
16.578.581 3
9291.606
S U -177 -889
�
1---•
j KO U43
1
11ANE1TWI , EOIIITY, AND OTHER CREDITS
IJAIIII MU:
('asbeveadmR,
f
5,220,610
3 41.791
l4reventsfaiaTies
f $6,466
3 188 1
2,602
191 .494
3 57,035 f
1,142
536,258
3 5,26x13! 3
1,(70,171
Satodes payable
11,137
27S
1,6%1
6.417
111!,
29J,312
Rrfundo Dgable
311
106.158
I,r.72
15,1143
1
=1n 4111" run*
1 hle In 9th” So vetnmrnlal units
z
413,OM
1118 „171
441,036
361.036
S.S97
l.nllens* a
m ed btentes Datable
172,706
39.61
4,616
76
254.211
3:1,796
Ikpnet
Centtactsompen
662,127
192,JSx
212. 142
192,122
201,791
57;921
oles compensation payable n payable
Nellef papYlt
571,591
662.591
571,591
NM 68,993
,65.1
Ronda WTebk
M AIM
3.660
1 4kned 1eTotal mos
165.118
6.926.706
1.61911]
_ 277.471.
274.876
f 42.024.620
12,799620
42.062.620
Total NI911n
Y
439,0(111
161
6,929,788
7,3636.,067
1,407,144
3,142
2,024,911
42,024,636
9361.90!
60,610,8111
1j��
1Sf1
EQUITY AND OTHM CREDITS
f .onkl0I"N clpkd
In
Invest anel4 M Seneol Hard saleb
10,432,1511
1, 911
11,936,27:
10.611.177
Retakes: eenbspp unlesesved
1.2911.1412
3
6.682.362
6.662.162
6.379,364
land ba1a111e1 Ierndtl.
1,298,0412
1.362,755
Rrleeved
9,649,196
11111elerselE
9,649, I W.
10,5",481
[).% o"
1,226,636
423,119
7.076,117
3,1141,411
Ilndnl%*W
15.191.679
11,826.791
13,276,520
:Dial equity and *has audits
firs('
, ,1n.,,
��
16.578.536 1
9291.606
%
T---
A.
�
�1 �1
C0MBMW BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER At 1"t
o. - •pr.ar....
Special D13r Cmrad
s.nis A
ASSM
ado" L�r �iirwwwMr
s IAZI s
1".B3 s
6,794391 s
1%023.104
_ 3w1
48.653
43A53
296.40
•`� Y
A
e ° bommas asawl"
.023."9
2.139.934
A1e1monsnom obb
A.e...wwI "
6,130
43ao6
67.927
343,178
-and"
Tlrl MOWN"
1,711
3"
713.734
DAmpommt
346.960
13,197
29,276
Dan ilw43ww)
31.763
6AN
11,319
Isxss2
Tr ilewmmow . w3w ww6wM
4.470
34.6!7
Dollompoems
Dll B1MQ4q
393216
313204
2/0%61
� rarww/�Mwt/�
1111.067
7,!13 .5b
127,272
Noft"Mi."
11.302.069
Is 1.971
Dr 6+104) lrlr f71w7sr11 wdw
711%71
1,777
171,971
119.6115
Nrir.m
(1.613)
411.211
- 243.633
011m mini
f
6,flsas6
17.306.099
14990.101
Ammum w111111 Y171M 11/lill lvd
f 1%766.136
313194786
(m m L__ 423
1%s"A"
32319 770
8,064.676
natl.2"
MMM
Alrw4 M be Mriii b w6wwnl 16
4113313 f
Lee-A713.113 f
f
99.776
fwwll w'rtw 6131
f
IA22197 L_JLIM
f
14135371
L A11a M!
Carlrrlio
293.312
131337
f
4.330397
f 73.515 s
6.501 s
2.376
179,715
f ��
■
35,049
756
321.786
1.611
ftob Ill
Dr M /Mr 3www7w6i uft
34,786
170.137
33,100
163397
Vli���"
167,993
163.150
stA61
�Crr�
32,711
1.10
Commumpopollb D1frldort�opp11Y
147,933
916.317
917.913
Barr twpik
11emb pay"
11110.653
29440
011x1116 Mrwl�
T1w11iiiWM
191x0
471"
116.97
122,7%
7.739 ap
7,"S.N0
1 -713
3.80.967
DQLIRYM8D0MMOMM
4ZU2.620
9_b7A73
33.4"Am
3.604.911
393,]01
621.3911
G - 69m
38.300.737
53.209.178
I%MIA77
tr.....r:11Mwa11 a
11/wir6wl�iy
1%941.177
I IAK2q
f
- wwwrwd
Piw6 ir..w /42"k.
43783"
!.510.717
1.002.711
Riiii6
t/w.r.16:
1.001.7ss
903.242
1%713.134
Domilposul
uladmilloolod
1213.113
1.29!,700
23.213,634
Tod "oily wM alive aw11b
1 fh 11 111
L.UIUU L1.L1iil3i
1?7! 703
37 to 134
2
r13f3A/21
3.613.%07
11 - 42 " 74
rwwd y
w 1 --Amax=- Aeclmmr wluw To"
1504%7rr T1.0 am6 Qrd Uomwll L ms-
Bllnrl� _Amm Rod AmM Mn Drlr 1991 1990
s 910.536 s
612,79)
f
21!!01]61 s
16,869,261
48.653
43A53
296.40
4.323.6111
2.139.934
117,927
67.927
343,178
310.434
1,711
3"
713.734
13.197
13,197
29,276
194.90
Isxss2
4.470
34.6!7
393216
391.021
270.363
30.834
217
11.302.069
.7.792.219
171,971
151.974
(1.613)
411.211
- 243.633
1%927.715
f
6,flsas6
17.306.099
14990.101
f 1%766.136
313194786
(m m L__ 423
1%s"A"
32319 770
8,064.676
natl.2"
MMM
f 12m_139 f
4113313 f
Lee-A713.113 f
f
99.776
s
1.40.171 s
3,672.973
f 29m
1.502
293.312
131337
3.618
41.036
23.337
169.3"
213.313
321.786
34,786
170.137
33,100
"Was
163.150
stA61
32,711
439.136
147,933
916.317
68.653
11110.653
29440
f 3,60
3.60
7.324
12.86030
4ZU2.620
9_b7A73
33.4"Am
3.604.911
393,]01
621.3911
4 2.366,20
38.300.737
53.209.178
I%MIA77
1%941.177
I IAK2q
f
6.37$x34
43783"
!.510.717
1.002.711
1.001.7ss
903.242
I 0446AM
1.694.676
317,90
6. .331
-- AJBrllwa f 1LNLN f
13116330
/43934421
37.47378
1%315•719
11.1317031
34316.962
11 3%1217
S 12237.139 L,
367.923
1.1133% L
911 -713315 &---L103140
Irr .IP CIIANHRStiVH, "INNF.SI/TA
COMBINED BALANCE SHEET ALL PUNT' TYPE', ANII AI'I'�IUNt GR(R7P:
DEC P.MBER 11, 1991)
Fiduciary
Proprietary Fund Type a Account Groups Totals
Fund Type Trust and Gen*161 General Lonq- (Newrandum Only)
Enterp agency Fined Assets Tern Debt 1990 _ 1959
IUnaudoted) IUnaudltedl
72e,151 ` 808,431 ; ; ;16,009,251 ;17,707,715
296,440 2,906,774 257,040
245,478 245,476 241,112
249,947 $15,724 264,049
29,276 29,216 28,227
IS2,S 2 113 17
24,5697 21,257
191,027 202,080
30,614 71,407
097 7,102.249 5,609.454
I51,974 179,254
11,665) 224,577 127.247 -> -i
11,409,654 14,505,078 26.071,772 2". i�'1,049
9,084,476 0,004,676 6,204,622
10,617,264 70,617,264 29,766,170
412.491.951 111.)44.4117 U4.51S.079 436.701,940 494.120.771 604.277.695
256,770 ; ` ; 7,672.975 ; 1.179,156
8,766 970 171,511 211,771
e+ 25,177 18,097
100 21).561
167,689 170,IS7 40,572
30,570 IGS,ISO ISO,661
177,086 479,116 79,091
916,717 426,946
296,440 2+6,440 257,040
7,320 7,120 11.112
19,694,620 78,694.620 75,609,620
0,176,921 6, u7,7SS
209,426 990,014 70,701,940 57,209,476 11,127,243
11,616,571 11,170,577 11,"5,670
I4,S0S,070 14,S4S,510 11,937,999
010,9" 010,9" 661,969
0,004,676 6,244,622
754,177 10.745,779 10,674,925
11,417,705 11,041,421
12,209.S2S 754.173 l4.S05,070 40.911.297 40.ISO.652
11.714.427 11 6.5115.079 610.101.960 664.120.771 Ae6.277.1195
Gnve e
ental F und Typa
-- - Debt
ec
Splel
Capital
ASSE AN D OTHER DEBITS
General__
Revenur
_ Servl ce
P[o ect
A 44519:
Cash, casA equivalent@, and
.:...talent•
;1,176,992
; 040,800
; 5,577,586
;1,801,270
Deposits v1tA escrow agent
2,609,974
Accrued Interest teceivable
Accounts receivable
5,141
51,777
200,099
Acceunta receivable - certified
Taste recef vablr.
Delinquent
152,582
Due crow County
16,676
7,282
4,779
Tax Increment - taxes -receivable:
bellnquent
791,027
Due IT 00 County
70,824
Special assessments receivable
217,745
1,291,276
270,775
Note receivable --
151,974
Due Iron other governmental units
22,748
201, IS0
,I ad 00 to
Other Oeblta:
Anoont available In Debt service
rand
Amount to be provided tot
retirement of general long -term
debt
TOTAL ASSETS
11.109.564
k15.445.517
19.054.519
LIABILITIES, 4QU1rY, AND or"R CREDITS
Liabilities:
Cash overdraft
;
;
; 00,975
07,771,282
Accounts payable
47,724
1,705
76,710
Solar lee payable
27,716
201
159
Ret enM payable
697
212,271
Due to other gowraxsental units
2,668
Co"aneated absences payable
174,620
Escrow dopes its payable
1,250
Coatracts payable
916,317
Referred compensation payable
Not*@ payable
bonds payable
Deterred revenue
152,502
212,769
7,219,982
912,106
Total liabilities
757,807
215,sa1
7,760,657
5,774,067
equity sod otber credits:
Contributed capital
Investment In general fixed
assets
Bstainsd earnings - unrestrvad
road balances Ideticlt):
Reserved
9,066,676
Unreserved:
Designated
1,015,892
097,977
0,117,777
Undeslgnsted
44,437,705
Total equity and other credit,
1,0.15,092
097,971
0,064,676
7,697,672
TOTAL LIABILITIES, EQUITY,
AND O?d6R CREDITS
=1.109.564
515.445.5]]
'9.059.519
Fiduciary
Proprietary Fund Type a Account Groups Totals
Fund Type Trust and Gen*161 General Lonq- (Newrandum Only)
Enterp agency Fined Assets Tern Debt 1990 _ 1959
IUnaudoted) IUnaudltedl
72e,151 ` 808,431 ; ; ;16,009,251 ;17,707,715
296,440 2,906,774 257,040
245,478 245,476 241,112
249,947 $15,724 264,049
29,276 29,216 28,227
IS2,S 2 113 17
24,5697 21,257
191,027 202,080
30,614 71,407
097 7,102.249 5,609.454
I51,974 179,254
11,665) 224,577 127.247 -> -i
11,409,654 14,505,078 26.071,772 2". i�'1,049
9,084,476 0,004,676 6,204,622
10,617,264 70,617,264 29,766,170
412.491.951 111.)44.4117 U4.51S.079 436.701,940 494.120.771 604.277.695
256,770 ; ` ; 7,672.975 ; 1.179,156
8,766 970 171,511 211,771
e+ 25,177 18,097
100 21).561
167,689 170,IS7 40,572
30,570 IGS,ISO ISO,661
177,086 479,116 79,091
916,717 426,946
296,440 2+6,440 257,040
7,320 7,120 11.112
19,694,620 78,694.620 75,609,620
0,176,921 6, u7,7SS
209,426 990,014 70,701,940 57,209,476 11,127,243
11,616,571 11,170,577 11,"5,670
I4,S0S,070 14,S4S,510 11,937,999
010,9" 010,9" 661,969
0,004,676 6,244,622
754,177 10.745,779 10,674,925
11,417,705 11,041,421
12,209.S2S 754.173 l4.S05,070 40.911.297 40.ISO.652
11.714.427 11 6.5115.079 610.101.960 664.120.771 Ae6.277.1195
CITY OF CHANHASSEN, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND
YEAR ENDED DECEMBER 31, 1992
Fiduciary
Fund Tvos Totals
Expendable IMemorandum Only)
Trust 1992 1991
S 2,510,251 S
2,420,896
Governmental Fund Types
SAM,397
2,177,120
2,015,963
Special
Debt
Capital
754,910
General
Revenue
Service
Project
RI VI�.NI IFS:
1,485,626
596,012
4(8),662
t Wllt'ral payN•rly laxes
3 1,1146,9811
S 1115,674
$ 5%7,597
3,484932
Iaxlnclenient
6,579,863
4,042,330
$ 6,28(1,(1711
Slm-tial assesanenls
85,969
24.745.620
1,') 17,746
2:1
Licenses and lortnoils
S4' ►.159
2,552,461
(6,468,461)
189,935
Intergovernmental
617,161
74,05:1
1 75,10.1
1.15,540
l llarges for services
394,
450,984
6.641.970
I ill" and forleUs
16,7W
Interest on investments
17%,353
2(81,:137
728,421
694,376
Rents and other
:11 .4 9
411.30 7
34.
1422 d97
lolal revenues
3,651,721
871,155
3,433.1161
7,681,792
I:.XI'FNI I'1'1IRFS:
Current:
(:eneralRovernmem
(A Mr, 176
248,788
233,741
1'111111( safely
11179,7'91
hiblit wor ►s
1.011, 160
Not, and « •t realion
218.865
t otrununllytievelop11lcnt
1118.477
(n Inlerlund inwresr
14.1, %1 1
452.51
t onlla(lual servit es anti other
44.831
84'1,W)1
( :aldlal outlay
12, %75
:163,447
9,6'N),87S
I Will service:
I'rinclival
S,(W.l,(K8)
1,536,86:1
Interest anti laying agent fees
2.457.659
541,039
lotal exleendllures
3.0(A).255
612.235
7.689.01:1
13.298,128
I-.X( (DEFICIENCY) OF RI:VFNI1FS
OVER EXPENDITURFS
591,466
259,120
(4,255,172)
(5,616,336)
0111FR FINANCING SOtIRCES (USES):
Olreraling transfers in
19
3,021,(88)
3,2811,08)
Operating transfers troll
(58(1,(88))
I1, p)())
(5,721,(8)(1)
Btmd proceeds
435.25:4
4.505.101
Total other financing
sources (uses)
(58mmy
1990
3.454.263
2,004,101
EXCFSS ( DEFICIINCY) 01: RIM :NtIF•_S
AND OTHER SOURCFS OVER
EXPENDFRIRGS AND OTIII;R I15FS
11,466
261,110
(R(81,(8)O)
(3,552,235)
1:1 Will BALANCES AF BEGINNING
0I YEAR
1,215,219
1,299,703
10,546,484
5,615,607
F.t)IIITYTRANSFER
(1.137.474)
(96.379)
(578.65.1
11 IND BAIANCFS AT END 01: YEAR
S 1.226.684
J 421.339
S 9,649.196
L
Fiduciary
Fund Tvos Totals
Expendable IMemorandum Only)
Trust 1992 1991
S 2,510,251 S
2,420,896
6,280,070
SAM,397
2,177,120
2,015,963
7:19,094
SS3,629
1,(8)2,1157
754,910
S I 1145 9'13
4(81,357
36,700
28,410
636,646 2,435,115
1,485,626
20) 1,084 2.250, LY) 391.588
2,6311,430 18,277,151 13,520,776
85,601
1,177,3(81
1,100,583
1,(179,79:(
9
1,011,369
860,501
218,865
176,464
101,477
91,994
596,012
4(8),662
887,952
1,124, 731
368
10,087,265
3,484932
6,579,863
4,042,330
2.998.698
2.696.683
85,969
24.745.620
14.974.474
2,552,461
(6,468,461)
(1,453,698)
6,302,990
5,586,323
(6,302,99())
(5,586,323)
4.940.354
6.641.970
4.940354 6.641.97()
2,552,461 (1,528,107) S,188,272
S47,950 19, 224962 14,036,690
(1,812,500
S 3-1(N) 411 S 15.884.349 1'1.224.962
w
= m = m m m mm m = = = = = r m m mm
COMIBMW STATEMENT OF REVENUES. EXPENDITURES,
AND (HIANOES IIV FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
1.1991
REV84M.
Oletwal pmmy leiee
TAX inner
Llwtww�e.r1
art bar wniar
Fiw aad forfeit
Speid ewwmuur
bow" N iveer��r
sre.fpa may
Rat11 rd ade
Toed wvsw
DES:
T Chet!
O1twd swe"W M
Pane
Pawc vemd�q
C owvLow
rew0ud imm"
Qeeteeerl eervieee
ClPW -dwf
DeM awviee:
Priacipl
bona ed p7ii YM 60
Tad egetdirwe
BXC$SS (DBPIC7l8"m OF REYB14pES OVER
OTMW FRIANOM 30MC S (UMS).
OFwelitt tetlfwe ie
Opn1Lt t�dwe oa
satdfeae..de
Tad adw lieeaeiet eaae9ee
E71CWS O)WgCENM OFREVWMM AND
OTHM MOWN OVER EXPE1DMMEs AND
ORIIeR USES
FUND sALAWSS AT DBODOAM OP YEAR
PUND sALAW S AT END OP YEAR
OaysaoW Paad 7yr. Tai
Spcial D&W Cad Etgeadebk Oo6r1
Omw Rerrew Smcm Palm rr 1991 1990
s 1.631,24{ s
328933 s
"1.6"
3.174.053
353.629
616.790
S
:
43{,221
492.917
29.410
485.401
4" .318
121.333
116.947
2!.134
247,764
141.293
10.973
26.410
113.101
1.713.731
18.106
71.131
".91D
366.530
711.262
11.36
2.936.462
]7.60z
603.485
2.663101
1 ®..tl9
6.68.779
312.063
264.399
213.449
995.58
80,301
176.464
91.991
t 323
47.60
Iti111
230.149
40.672
4001/62
1.124.731
WSW 182360 3.272.052
2.330400 1.512.330
26'1{_76{ MIS
27]7.1]6 446739 3`20{_76/ 6341.139 4DA72
s 2,420.86 s
2,071.791
3.461.597
3.174.053
353.629
616.790
754.910
1.016.331
409 .337
492.917
29.410
29.622
$01:.963
1.736,313
1.463.626
1.006.762
48.111
13.52D.776 10.644.666
1.100.313
910.929
"s.5"
912.84
80;301
911.443
176.461
83.739
91.991
8.322
400.662
17U 17
1.124.731
1.367 027
3.414.932
7.991.90
4012.330 2.621 -W
j�,�j 1.911.226
1171.174 17 217 J»
199 .326 356,726 (2.342.167) 143.640 18.177 (1.113.696) (6.573.167)
2,297.237 3.28.066 3,516.321 2.927.716
(10900) (5.4",321) (:.5/6.323) (2.952.760
L3_ 2102111 ]_976 332 1611.970 1739J33
19000 4J01.675 1.7/{_793 1641 970
t734-233
199 .326 405.726 2.461.101 1x31.935 89.4" 3.1".272 (1.01 .334)
1.013.192 193977 1.014.676 16!1672 vt _473 /1036690 13.173.0751
2 1211218 S ss s ---"i 1 3.7930 s 19.221962 s 14.016.690
M M M M M M M M M M M M M i M M= W W
CITY OF CHANHASSEN,
MINNESOTA
COMBINED STATEMENT
OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
POR THE YEAR
ENDED DECEMBER
31, 1990
Governmental fund Types
Fiduciary
Fund Type
Totals
Special
Debt
Capital
Expendable
(Memorandum
Only)
General
Revenue
Service
Project
Trust
1990
1939
REVENUES:
General property taxes
#1,382,774
# 280,504
* 408,513
#
#
; 2,071,791 =
1,689,978
Tax increment
3,173,055
3,179,033
2,637,911
Licenses and permits
499,732
147,053
646,790
925,201
Intergovernmental
492,430
155,773
121,587
276,561
1,046,3S1
82S,730
Charges for services
147,850
313,367
21,300
200
482,917
406,333
Pines and forfeits
29,822
29,822
27,409
Special assessments
142,838
1,403,304
190,173
1,736.31S
2,371,SS8
Interest an investments
65,531
48,734
395,360
470,240
26,917
1.006,782
1,040,616
Sale of property
48,111
48,111
341,014
Rents and other
47,622
46,939
287,763
15,408
397,734
174,966
Total revenues
2,665,761
988,355
2,328,764
4,619,263
42,525
10,644,668
10,441,266
EXPENDITURES:
Current:
General government
S19,587
216.529
1S4,362
20,451
910,929
905,635
Public safety
912,644
912,844
885.170
Public works
918,443
918,443
838,989
Community services
193.739
193,739
160,991
C Dam unity development
84,322
84,322
105,885
V Interfund interest
172,817
172,817
92,695
Contractual services
1,567,025
1,567,025
1,4S4,419
Capital outlay
22,731
376,312
7,493.940
7,894,983
8.144,390
Debt service:
Principal
2,040,017
581.490
2,621,507
2,888.456
Interest and paying.agent fees
1.938,656
2,570
1,941,226
2,065,417
Total expenditures
2,631,666
394,841
3,978,673
9,972,204
20,451
17,217,835
17,542,237
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES
14,095
393,514
(1.649,909
(S.3S2,941
22,074
(6,573,167
(7,100,971
OTHER FINANCING SOURCES (USES)
Operating transfers in
59,500
5.000
735.493
1,791,394
336,399
2,927,786
2,020,505
Operating transfers out
46S,000)
(200,962)
(16,746)
(2,670,178)
(2,952,7861
(2,020,SOS)
Bond proceeds
2,731,216
2,028,617
4,759,833
8.167.596
Total other financing sources (uses)
_ (5,500
(195,962
3,449,963
1,149,833
336,399
4,734,833
8,167,598
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
SOURCES OVER B =PENDITURES AND OTHER USES
8,S95
197,652
1,800,054
(4,203,108)
353,473
(1,838,334)
1,066,627
CUMULATIVE EPFBCT OF CNANGE IN
ACCOUNTING PRINCIPLE
(89,819
EXCESS (DEPICIENCT) OF REVENUES AND
OTHER SOURCES OVER EXPENDITURES AND
OTHER USES AFTER ACCOUNTING CHANGE
6,595
197,652
1,800,054
14,203,1081
358,473
(1,638,334)
976.608
FUND BALANCE - BEGINNING OF YEAR
1,007,297
696,32S
6,284.622
7,886.760
I5,015,024
14,898,216
FUND BALANCE - END OF YEAR
11.015.892
1 893.917
18.084.676
13.683672
jk358.473
:14.036.690 =15.875.024
M M M M M M M M M M M M M i M M= W W
m m m M'm m m r m m m m m mm mm m
CITY OF CHANHASSEN, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES BUDGET AND ACTUAL -
GENERAL AND SPECIAL REVENUE FUND TYPES
YEAR ENDED DECEMBER 31, 1992
Tomb
-_
--
_Sm . Re nua_
181an
mendllrn OrNv)
1992
- --
1991
Budget
Actual
Vsrisna
Budget
Actual
_
Variallca
Budget
Actual
__
Valiance
Actual
111 VI NI 11 5:
I.-nrlal pngrrly lairs
3 I.wwx4
3 1,846,9811
3 46.076
3 2711,696
S 11151,74
S (165022)
3 2,071,6011t►
3 1,952,654
3 1118,946)
3 1.972,201
51.•, NI Aa t flirlll\
1 i raav All.1 In•rnuls
49-I0SO
549,159
Sq IIN
197,050
519, 159
50. U1/
4 1 :1)111, IM
1,2
lolrlgnv,9nnlr01a1
lark 196
617,161
7,765
6'11154
74
/.'NN)
678.4511
691,214
12,764
(0N) 971
1 UArg- fin wrviuls
271411
- !94'81)
121,969
1'xllxx1
4511984
2611,984
462,940
845,891
182,951 •
389.057
18n•. And WrIells
I%(Ax)
36,7(0)
J. I(01
31.6181
36,760
4,1(x1
.. 28,4111
Ilnrlrtlnnnlvrclnlr0la
8(11xx)
175, "133
95,131
415,21x1
21x11'17
55,137
225,21X1
375,6711
1511,4711.
1411,111
U118•r
'lnui
_11x1
55
31.41'1
15 91
561x
3)
41 / 197
17
51.11x)
71426
20.62(4 =�;
189411
nwelit"'
4,111, 1'81
3,651,721
.190, 131
711/5511
871.355
1(A),8115
11121,9411
4,524,076
5111,1.16 ;,
"1,739,947
1 X1'1 NI11I I INI:S
'
1 unnlr.
r.-wlalFlwr040nrul
1
637,176
609,176
28,2(1111
2'1'1,(0x)
248,788
.
936,976
857,961
7-0,012
816,462
1'u418 %Alrly
1.11111016
I X179,793
21,223
1,101,016
1,1179,793
21,22.1
975,594
hibli, aids
11149, 170
11111,369
38,1x11
1,149,370
1,011.369
KOM '-
8(01501
PAA aml m rrallo0
217,1815
218,865
11.780)
217,1x15
21R.86S
41,714f if
176,14
t'nnnnnlllydrvrkgm8'lll
II 1,5811
10x1,477
S. 101
11.3,5111
11111.177
5.1111
911191
I apflal lnilia
I nul rX18•Itlllturrs
_ 311. 15(1
32.575
3- 775
.383 -142(1
.163.4
20.173
119,9711
396.022
2:1,948
212,8811
1154.777
3.1601255
94 522
683.2211
612.235
M.985
3.837.997
3.6724911
165.5117
3. 183,895
IX( 1. 55( M III VF .N1l1.5UVIREXi'F.NOITIIIIES
IK.61.1
S91,466
4t4,8S1
27,3:11
259,120
1`11.7911
183,943
851),586
666,641
.S..i052
111111 If I INANITNG Sol JkCFS IIISM):
t h.•rabag Iransom 10
1,4911
1,9911
1,990
1!1911
tryrra0uglrialOrrsl8rl
IMn811014 arrsls (1Uv11M1115)
)8111x81)
IS811,(xa))
(Slxl/w)
(80,000)
158(1,(1)(1)
(5000 11))
1109,1111))
filial 1,Ilwr IUwB Ulm vmKrs lusrs)
1165.1150
165.0511
(165.0 1
1650511
1583ax)
I8111xx1
ISN(Ilxx)
151811x81
1 1 6 511511
118411
167.041
(24505(
(578.010
(432.
491Xx)
1 XI 1551111 I•ICIEN/ YI (>F REVENUES AND OTIIER
%O Ilk( ISOVER1A I 'F.NI)Il'IIkFSANTI(FFIIERIISF.S
76.611
11,466
3 16.5147
L (137420
261,110
3 398.830
3 (61.107
272,576
3 133.683
(0)5,1152
FI R41►11A(ANCF.S AT BLGINNIWi OF WAR
1,215,218
1,247,703
2,514,921
MAN1.869
1 It 1 11 Y 1 RANSFER
11.137471
11.137474
11 IND RAIANCES Al FND OF YFU
3 1.226.6!41
3-423.3M-39
Lm=
3 2.j 921
Slw nolrl 81 Iilu1N Jai %lalrmr1115.
MY SENAGNNESOTA
COM DM STAIMMENf OF REVENUES, EXPENDrrURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
GENERAL AND SPECIAL REVENUE FUND TYPES
YFA,se F -6475(975 DE��ER 31.1991
Tomb
T
f0
REVOO M.
ow.r p4rl1)1rr
u�w9.l.r
iwp..��rl
C7rT. k �w.lew
Rr. w twMr
VIr M ��M
O�v
T�1Y wnwe
1AM:
Clrl�e
Os�i rwl�M
PO& ■Ml
lMOe wb
srieft
C -OMEN" •w1�r
C7Wai7
Tend /qir
(011X.3 MEXCE88OPR811Oi11M
OM E7OBOM ME.9
OnM PRIM MM 90URRM O Mh
Oj venom in
09ruliy 6wuhn s4
Ee.L p.ssb
Two i!w lWa ft soar
EXCESS (DS)ACiM1M OPREVENM/S AND UMM
3OMCIS OVER 0004DFnX= AND
01181 USM
FUND EALAMM AT EEODRAIM OPTBAR
FUND EALAWIN AT END OP YMR
R�L�!
Ors!
AraJ V�ir:
7
O�Lr
lYr�
Ae�l
Vri�s�
`ir
1441
AraJ
Vries
10
Aged
s 101.000
s 1.6312" s
(9.752)
s 323.478 s
330.433 Z
(2.460 Z
1."Ou s
1.972.201 s
(12219) s
1.763.279
129 200
113.104
(14 0%)
Man
111.101
114090
142.93B
4". 910
430.223
(41.463)
419.910
110223
(4403)
4".732
494.00
410 .31
33.310
113.007
121.331
3.746
370.!07
469.871
19204
6".J"
223.300
267.764
22.264
I MAM
141293
(10.707)
303.300
3"A"
3.357
461.411
20.000
20.110
(390)
n s0
26.410
(39"
29.022
0A0
t23o
71.131
11 46
11.131
5996
62.730
]L10
46.400
37AM
6270
L.202
122.730
l7 L>D
140.131
17.711
11.2U
114"
91 61
2.914260
2.934162
20.202
822.377
03.103
(19.092)
3.71!.637
=
3.739.947
1.110
3.631,116
6,360
382.463
76.2P
2%.430
3".M
30A51
Ms10
"GAO
106.346
736.116
WI.M3
943!91
75461
1.071AM
"S.S"
73.491
912.8"
971.303
"0.301
111.001
f71.3M
/0.301
111.006
918.443
179.ft7
176.164
3.301
179
174464
3.301
193.739
114.320
2L.720
].02=
91.991
.10.320
2717.136
22.326
4100►
264J19
I0t2m
754.740
102]0
Ibd739
a1Ln
27191
1".3204
2aif26
11%601
91.946
21210
110].143
22.326
!3.4601
]12710
"J22
mum
j 21L 647
(105.641)
199.126
3MA21
317.927
SKIN
8.79!
212=
$16"
313.8204
407.60
64-IW
LL1030
16391D
(109AM
W9M
(I09AM1
rt 9311
Itsaso
1[3930
(IMAM)
Isamu
(109A001
75 9!01
(263./62)
!411.]621
IfmD
/116.03[1
1990
llltObl
8 r10iLf31
19.326 j_
19!4 LH
>; 1�
301021
s 31247►
s
103.720 f
glYTl
L2K_7m
r10723 ;��
t
463.032 t
1.04J6a
25IIJSI
B7S70
s
246217
Ln=
Lm4J64
M M M M M M M M M M M M M r M M M w M
CIrY OF CHA,VHAS%F.N, MINNESOTA
COMBINED STATEMENT O/ REVENUES, EXPENDITURES,
AND
CHANGES IN FUND BALANCE - BUDGET AND
ACTUAL
GENERAL AND SPECIAL REVENUE FUND
TYPES
For the Year Ended December 11,
1990
Totals
(Nemorandua Only)
General
Special
Revenue
1990
1989
Budget
Actual
Variance
budget
Actual
Variance
Budget
Actual
Vat l ance
Actual
REVENUES:
,;eneral property taxes
$1,635,S00
$1,382,776
$IS2,726)
$285,000
$280,506
= (6,196)
$1,720,S00
$1,663,270
#157,2221
01,239,261
%peclaI assessments
136,500
162,830
6,338
138,500
162,038
1,330
Licensee and permits
512,220
699,732
112,6881
512,220
199,732
(12,688)
605,755
Intergovernmental
687,200
692,630
5,230
153,270
.155,773
2,503
660,670
666,203
7,733
715,362
charges for services
136,320
117,850
11,530
230,000
313,567
83,567
366,320
661,617
95,097
606,603
Fines and forfeits
31,900
29,822
(2,078)
31,900
29,022
(2,076)
27,609
Interest on Investments
65,000
65,531
S31
66,700
60,736
2,036
111,700
116,26S
2,565
- 102,51)
Other
52,250
67,622
16,620
28,950
66,939
17,909
81,200
96,561
13,361
'275,060
Total revenue
2,720,390
2,665,761
(56,629
882,620
988,355
105,935
3,602,610
3,656,116
51,306
3,652,221
EXPENDITURES:
Current:
General government
557,630
519,507
37,863
316,160
216,529
99,651
673,610
736,116
137,696
751,109
Public safety
962,120
912,666
29,276
962,120
912,666
29,276
885,170
.a Public wort•
963,180
910,661
26,937
963,300
918,663
26,931
636,909
Community services
186,314
193,139
(7,6251
186,316
193,139
(7,625)
- 160,991
community development
85,720
86,322
1,398
05,720
$4,322
1,396
' 105,665
Capital outlay _
23,255
22,731
526
376,000
376,312
(6,312
397,2SS
601,063
J3,796)
262,902
Total expenditures
2,738,219
2,651,666
66,SS3
690,100
596,861
9S,339
3,628,399
3,266,507
161,092
- ,),005,066
EXCESS IDEFICIENCYI OF REVENUES OVER EXPENDITURES
(17,029
16,095
31,926
192,210
393,516
201,216
176,611
607,609
233,190
667,175
OTHER Fl"ANCING SOURCES (USESI:
Operating transfers In
59,500
59,500
S,000
5,000
66,S80
66,560
09,580
Operating transfers out
190,000
(65,000
25,000
(116,500
(200,662
21 6,362
1266,500
126S,862
11,362
(262,000
Total other financing sources loses)
130,500
(5,500
25,000
4169,500
(195,862
126,362
(200,000
1201,362
(1
(152,500
EXCESS (66FICIENCT) OF REVENUES AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
(66.329
8,595.
56.926
1 22.760
197,652
.*116.912
t 1 25.589
206,261
1211,236
294,67S
7UNULATIVE EFFECT OF CBANGE IN ACCOUNTING PRINCIPLE
(89,619
EXCESS OF REVENUES AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES AFTER ACCOUNTING GRANGE
6,595
197,652
206,267
206,SS6
FUND BALANCE - BEGINNING OF YEAR
1,007,297
696,325
1,703,622
1,696,766
FUND BALANCE - END OF YEAR
11.015.892
&093.917
hi.909.K9
1.703.622
PROPOSAL
TO: Mr. Donald Ashworth, City Manager
City of Chanhassen, Minnesota
c/o Springsted Incorporated
85 East Seventh Place, Suite 100
St. Paul, MN 55101 -21 43
(612) 223 -3000
SALE DATE: February 28, 1994 '
RE: $5,570,000" General Obligation Improvement Refunding Bonds, Series 1994A
1
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as 1
follow, we offer a price of $ (Note: This amount may not be less than
$5,531,010) and accrued interest to the date of delivery.
% 1996 % 1999 %2001 '
% 1997 %2000 %2002
% 1998 '
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of
the Series 1994A Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $100,000
and will be made in multiples of $5,000 in any of the maturities. In the event the principal amount of Me Series 1994A '
Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Series 1994A Bonds is increased or reduced.
In making this offer we accept all of the terms and conditions of the Terms of Proposal published in the '
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we '
reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
TRUE INTEREST RATE: %
Account Members
Account Manager
BY:
............................................................................................................................................... ...............................
The fore: z,Al ng offer is hereby accepted by the Issuer on the date of the offer by its following officers
duly authorized and empowered to make such acceptance.
City Manager
SURE -BID
Mayor
Good Faith Check Submitted
i PROPOSAL
TO: Mr. Donald Ashworth, City Manager SALE DATE: February 28, 1994
City of Chanhassen, Minnesota
c/o Springsted Incorporated
' 85 East Seventh Place, Suite 100
St. Paul, MN 55101 -2143
(612) 223 -3000
RE: $5,570,000* General Obligation Improvement Refunding Bonds, Series 1994A
' For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
follow, we offer a price of S (Note: This amount may not be less than
$5,531,010) and accrued interest to the date of delivery.
' % 1996 %1999 %2001
% 1997 %2000 %2002
' % 1998
* The City reserves the right, alter roposals are opened and prior to award, to increase or reduce the principal amount of
Me Series 19W Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $100,000
' and will be made in mini /es of $5,000 in any of the maturities. In the event the principal amount of the Series 19W
Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Series 19W Bonds is increased or reduced.
In making this offer we accept all of the terms and conditions of the Terms of Proposal published in the
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we
reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
TRUE INTEREST RATE: %
Account Members
Account Manager
BY:
............................................................................................................................................... ...............................
' .The foregoing otter is hereby accepted by the Issuer on the date of the offer by its following .officers
duly authorized and empowered to make such acceptance.
City Manager
SURE -BID
I '
Mayor
Good Faith Check Submitted
PROPOSAL
TO: Mr. Donald Ashworth, City Manager
City of Chanhassen, Minnesota
c/o Springsted Incorporated
85 East Seventh Place, Suite 100
St. Paul, MN 55101 -2143
(612) 223 -3000
SALE DATE: February 28, 1994 1
RE: $1,665,000' General Obligation Improvement Refunding Bonds, Series 1994B
1
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as ,
follow, we offer a price of $ (Note: This amount may not be less than
$1,651,680) and accrued interest to the date of delivery.
% 1996 %1999 .%2002 '
% 1997 %2000 %2003
% 1998 %2001 %2004 '
The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of
the Series 1994B Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $25,000
and will be made in multip of $5,000 in any of the maturities. In the event the principal amount of the Series 1994B '
Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Series 19948 Bonds is increased or reduced.
In making this offer we accept all of the terms and conditions of the Terms of Proposal published in the '
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we '
reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the '
verification of the offer, we have made the following computations:
NET INTEREST COST: $ ■
TRUE INTEREST RATE: %
Account Members
Account Manager
BY:
The foregoing offet is hereby ace =: 0 by the Issuer on thQ date of the offer b
y its following officers
duly authorized and empowered to make such acceptance.
City Manager Mayor
SURE -BID Good Faith Check Submitted
PROPOSAL
TO: Mr. Donald Ashworth, City Manager SALE DATE: February 28, 1994
City of Chanhassen, Minnesota
c/o Springsted Incorporated
' 85 East Seventh Place, Suite 100
St. Paul, MN 551 01 -21 43
(612) 223 -3000
' RE: $1,665,000* General Obligation Improvement Refunding Bonds, Series 19948
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
' follow, we offer a price of $ (Note: This amount may not be less than
$1,651,680) and accrued interest to the date of delivery.
' % 1996 %1999 % 2002
% 1997 %2000 %2003
% 1998 %2001 %2004
' * The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of
the Seri" 1994B Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $25,000
and will be made in multiples of $5,000 in any of the maturities. In the event the principal amount of the Series 1994B
' Bonds Is Increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to Me percentage by which the principal amount of the Series 19948 Bonds is increased or reduced.
' In making this offer we accept all of the terms and conditions of the Terms of Proposal published in the
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we
' reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
' verification of the offer, we have made the following computations:
NET INTEREST COST: $
TRUE INTEREST RATE: %
Account Members
' Account Manager
BY:
..................................................................................:............................................................ ...............................
The foregoing offer is hereby accepted by the Issuer on the .date of the offer by its following officers
' duly authorized and empowered to make such acceptance
City Manager Mayor
' SURE -BID Good Faith Check Submitted
PROPOSAL
TO: Mr. Donald Ashworth, City Manager
City of Chanhassen, Minnesota
c/o Springsted Incorporated
85 East Seventh Place, Suite 100
St. Paul, MN 551 01 -21 43
(612) 223 -3000
RE: $1,170,000* Taxable General Obligation Tax Increment Refunding Bonds, Series 1994C
ru
SALE DATE. February 28, 1994 1
P
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
follow, we offer a price of $ (Note: This amount may not be less than
$1,158,300) and accrued interest to the date of delivery.
%1996
% 1997
% 1998
% 1999
%2000
%2001
%2002
%2003
* The City reserves the right, after proposals are opened and prior to award, to Increase or reduce the principal amount of
the Series 1994C Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $25,000 '
and will be made in multi les of $5,000 in any of the maturities. In the event the principal amount of the Series 1994C
Bonds is increased or reouced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Series 1994C Bonds is increased or reduced.
In making this offer we accept all of the terms and conditions of the Terms of Proposal published in the '
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we '
reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the '
verification of the offer, we have made the following computations:
NET INTEREST COST: $ '
TRUE INTEREST RATE: %
Account Members
Account Manager
BY:
................................................................................................................................................ ...............................
The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following officers
duly authorized and empowered to make such acceptance.
I �
I �
I i
I �
City Manager Mayor
SURE -BID Good Faith Check Submitted
I �
7
F
PROPOSAL
TO: Mr. Donald Ashworth, City Manager
City of Chanhassen, Minnesota
c/o Springsted Incorporated
85 East Seventh Place, Suite 100
St. Paul, MN 551 01 -21 43
(612) 223 -3000
SALE DATE: February 28, 1994
RE: $1,170,000* Taxable General Obligation Tax Increment Refunding Bonds, Series 1994C
' For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
follow, we offer a price of $ (Note: This amount may not be less than
$1,158,300) and accrued interest to the date of delivery.
' % 1996 %1999 %2002
% 1997 %2000 %2003
' % 1998 %2001
* The City reserves the right, alter proposals are opened and prior to award, to increase or reduce the principal amount of
Me Series 1994C Bonds offered for sale. Any such increase or reduction will be in a total amount not to succeed $25,000
' and will be made in multiples of $5,000 in any of the maturities. In Me event the principal amount of the Series 1994C
Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Series 1994C Bonds is increased or reduced.
in making this offer we accept all of the terms and conditions of the Terms of Proposal published in the
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we
reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
TRUE INTEREST RATE:
I Account Members
r3
Account Manager
BY:
............................................................................................................................................... ...............................
' The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following officers
duly authorized and empowered to make such acceptance.
City Manager
SURE -BID
Mayor
Good Faith Check Submitted
t
PROPOSAL
TO: Mr. Donald Ashworth, City Manager
City of Chanhassen, Minnesota
c/o Springsted Incorporated
85 East Seventh Place, Suite 100
St. Paul, MN 551 01 -21 43
(612) 223 -3000
RE: $525,000* General Obligation Tax Increment Refunding Bonds, Series 1994D
SALE DATE: February 28, 1994
1
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
follow, we offer a price of $ (Note: This amount may not be less than
$519,750) and accrued interest to the date of delivery.
% 1995
% 1996
% 1997
%1998
%1999
____%2001
%2002
%2003
1
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of
Me Series 1994D Bonds offered for sale. My such increase or reduction will be in a total amount not to exceed $10,000 ,
and will be made in multiples of $5,000 in any of the maturities. In the event the principal amount of the Series 19940
Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Series 1994D Bonds is increased or reduced.
In making this offer we accept all of the terms and conditions of the Terms of Proposal published in the ,
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we ,
reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the ,
verification of the offer, we have made the following computations:
NET INTEREST COST: $
TRUE INTEREST RATE: %
Account Members t
Account Manager t
BY: '
The foregoing o ff is hereby accepted b y the Issuer on the date of the offer b y its following officers
duly authorized and empowered to make such acceptance.
City Manager Mayor I
SURE -BID Good Faith Check Submitted. I
t PROPOSAL
TO: Mr. Donald Ashworth, City Manager SALE DATE: February 28, 1994
City of Chanhassen, Minnesota
c/o Springsted Incorporated
85 East Seventh Place, Suite 100
St. Paul, MN 551 01 -21 43
(612) 223 -3000
RE: $525,000' General Obligation Tax Increment Refunding Bonds, Series 1994D
' For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
follow, we offer a price of $ (Note: This amount may not be less than
$519,750) and accrued interest to the date of delivery.
1995 % 1998 %2001
% 1996 % 1999 .%2002
1997 %2000 %2003
• The City reserves the right, alter p roposals are opened and prior to award, to increase or reduce the principal amount of
Me Series 1994D Bonds offered for sale. Any such increase or reduction will be in a total amount not to succeed $10,000
and will be made in mule� of $5,000 in any of the maturities. In the event the principal amount of the Series 1994D
Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Series 19940 Bonds is increased or reduced.
n
Account Manager
BY:
............................................................................................................................................... ...............................
The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following officers
duly authorized and empowered to make such acceptance.
City Manager
SURE -BID
In making this offer we accept all of the terms and conditions of the Terms of Proposal published in the
Official Statement dated February 14, 1994. In the event of failure to deliver these Bonds in
accordance with the Terms of Proposal as printed in the Official Statement and made a part hereof, we
reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately
returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
TRUE INTEREST RATE: %
Account Members
Mayor
Good Faith Check Submitted