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93-12 Extm~ct of Minutes of Meeting of the City Council of the City of Chanhassen, Carver and Hennepin Counties, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Chanhassen, Minnesota, was duly held in the City Hall in said City on Monday, February 22, 1993, commencing at 7:30 P.M. The following members were present: Donald Chm4el, Colleen Dockendorf, M±chael Mason, Mark Senn, Richard Wing and the following were absent: None RESOLUTION NO 93-12 The Mayor announced that the next order of business was consideration of the proposals which had been received for the purchase of the City's $5,675,000 Taxable General Obligation Tax Increment Bonds, Series 1993A. The City Manager presented a tabulation of the proposals which had been received in the manner specified in the Official Terms of Proposal of the Bonds. The proposals were as follows: DJK48916 CF1135-24 I SPRINGSTED PUBLIC FINANCE ADVISORS Home Office 85 East Seventh Place Suite 100 Saint Paul, MN 55101-2143 (612) 223-3000 Fax: (612) 223-3002 222 South Ninth Street Suite 2825 Minneapolis, MN 55402-3368 (612) 333-9177 Fax: (612) 333-2363 16655 West Bluemound Road Suite 290 Brookfield, WI 53005-5935 (414) 782-8222 Fax: (414) 782-2904 6800 College Boulevard Suite 600 Overland Park, KS 66211-1533 (913) 345-8062 Fax: (913) 345-1770 $5,675,000 1800 K Street NW Suite 831 Washington, DC 20006-2200 (202) 466-3344 Fax: (202) 223-1362 CITY OF CHANHASSEN, MINNESOTA TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1993A AWARD: PARK INVESTMENT CORPORATION MILLER, JOHNSON & KUEHN, INC. And Associate SALE: Bidder PARK INVESTMENT CORPORATION MILLER, JOHNSON & KUEHN, INC. Crews & Associates CRONIN & COMPANY, INCORPORATED American National Bank Saint Paul U.S. Bank of Washington - In Association With - SMITH BARNEY, HARRIS UPHAM & COMPANY INCORPORATED NORWEST INVESTMENT SERVICES, INC. FBS INVESTMENT SERVICES, INC. DAIN BOSWORTH INCORPORATED PIPER JAFFRAY INC. MILLER & SCHROEDER FINANCIAL, INC. February 22, 1993 Interest Rates 3.50% 1994 4.20% 1995 4.70% 1996 5.2O% 1997 5.60% 1998 5.90% 1999 6.10% 2000 6.50% 2001 3.55% 1994 4.2O% 1995 4.80% 1996 5.35% 1997 5.70% 1998 6.00% 1999 6.10% 2000 6.40% 2001 3.50% 1994 4.20% 1995 4.70% 1996 5.20% 1997 5.65% 1998 6.00% 1999 6.20% 2000 6.50% 2001 Moody's Rating: Aaa Standard & Poor's Rating: AAA (AMBAC Insured) Net Interest True Interest Price Cost Rate $5,589,875.00 $2,133,722.92 6.3242% $5,591,740.25 $2,134,899.33 6.3297% $5,597,593.00 $2,143,150.75 6.3471% (Continued) CHANHASSEN, MINNESOTA TAXABLE G.O. TAX INCREMENT BONDS, 1993A ~OST SALE DEBT SERVICE Prepared February 22, 1993 By SPRINGSTED Incorporated Bond Date: 3/ 1/1993 Sale Date: 2/22/1993 Issue Size: $5,675,000 Date Principal Rate Interest Totai Annual Payment + 5% Levy Payment Year 8/ 1/1993 2/ 1/1994 150,000 3.500 8/ 1/1994 2/ 1/1995 150,000 4.200 8/ 1/1995 2/ 1/1996 150,000 4.700 8/ 1/1996 2/ 1/1997 650,000 5.200 8/ 1/1997 2/ 1/1998 700,000 5.600 8/ 1/1998 2/ 1/1999 1,175,000 5.900 8/ 1/1999 2/ 1/2000 1,225,000 6.100 8/ 1/2000 ~/ 1/2001 1,475,000 6.500 138,136.60 165~762.50 163,137.50 163,137.50 159,987.50 159,987.50 156~462.50 156,462.50 139,562.50 139,562.50 119,962.50 119,962.50 85,300.00 85,300.00 47~937.50 47,937.50 138,136.60 315,762.50 163~137.50 313,137.50 159,987.50 309,987.50 156,462.50 806,462.50 139,562.50 839,562.50 119,962.50 1,294,962.50 85,300.00 1,310,300.00 47,937.50 1,522,937.50 453,899.10 476,595 1992 476,275.00 500,089 1993 469,975.00 493,474 1994 962,925.00 1~011,072 1995 979~125.00 1,028,082 1996 1~414~925.00 1,485,672 1997 1~395,600.00 1~465,380 1998 1~570~875.00 1~649,419 1999 TOTALS $5,675,000 Discount (plus) Net Interest Cost $2,048,599.10 $7~723,599.10 $7~723,599.10 $85,125.00 $2,133,724.10 $8,109,783 Interest rounded on individual $5~000 denominations After due consideration of the proposals, Member introduced the following: Dockendorf then RESOLUTION NO. 93-i2 A RESOLUTION AWARDING THE SALE OF $5,675,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1993A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Chanhassen, Carver and Hennepin Counties, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of Park Tnvestment Corporation (Purchaser) to purchase $5,675,000 Taxable General Obligation Tax Increment Bonds, Series 1993A (Bonds) of the City described in the Official Terms of Proposal thereof is found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and is accepted, the bid being to purchase the Bonds at a price of $ 5,589,875.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate See Attached True Interest Rate: 6. 3242% 1.02. The sum of $ -0- being the amount bid by the Purchaser in excess of $5,589,875 will be credited to the Debt Service Fund hereinafter created. The City Manager is directed to deposit the good faith check of the Purchaser pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City Manager are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds in the total principal amount of $5,675,000, originally dated March 1, 1993, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and which mature serially on February 1 in the years and amounts as follows: DJK48916 CH135-24 2 Bidder GRIFFIN, KUBIK, STEPHENS & THOMPSON, INC. CLAYTON BROWN & ASSOCIATES, INCORPORATED KEMPER SECURITIES, INC. A. H. WILLIAMS & CO., INC. Interest Rates 5.30% 5.50% 5.60% 5.90% 6.20% 6.40% 1994-1995 1996 1997-1998 1999 2000 2001 4.10% 1994 4.50% 1995 5.25% 1996 5.85% 1997 6.05% 1998 6.30% 1999 6.80% 2000 7.00% 2001 Net Interest True Interest Price Cost Rate $5,589,875.00 $2,149,839.58 $5,602,177.00 $2,303,054.25 6.3794% 6.8169% These Bonds are being reoffered at par. BBh 5.85 Average Maturity: 5.98 Years Year Amount Year Amount 1994 $150,000 1998 700,000 1995 150,000 1999 1,175,000 1996 150,000 2000 1,225,000 1997 650,000 2001 1,475,000 1.04. Optional Redemption. The City may elect on February 1, 1999, and on any day thereafter, to prepay Bonds due on or after February 1, 2000. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued interest. 1.05. In order to comply with Minnesota Statutes, Section 475.54, Subdivision 1, the maturity schedule of the Bonds is combined with the maturity schedule of the City's General Obligation Tax Increment Bonds, Series 1992B, dated November 1, 1992, as provided in Minnesota Statutes, Section 475.54, Subdivision 2. Section 2. Registration and Payment. 2.01. Registered Form. The Bonds shall be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case such Bond will be dated as of the date of original issue. The interest on the Bonds is payable on February 1 and August i of each year, commencing August 1, 1993, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 2.03. Registration. The City will appoint, and shall maintain, a bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto are as follows: (a) Register. The Registrar must keep at its principal corporate trust office a bond register in which the Registrar provides for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of DJK48916 CFI135-24 3 any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date. (c) Exchange of Bonds. When Bonds are surrendered by the registered owner for exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. Bonds surrendered upon any transfer or exchange will be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the endorsement on the Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on the Bond and for all other purposes, and payments so made to a registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. For a transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to the transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of the mutilated Bond or in lieu of and in substitution for a Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it and as provided by law, in which both the City and the Registrar must be named as obligees. Bonds so surrendered to the Registrar will be cancelled by the Registrar and evidence of such cancellation must be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it is not necessary to issue a new Bond prior to payment. (i) Redemption. In the event any of the Bonds are called for redemption, notice thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing a copy of the redemption notice by first class mail DJK48916 CH135-24 4 (postage prepaid) not more than 60 and not less than 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books kept by the Registrar and by publishing the notice in the manner required by law. Failure to give notice by publication or by mail to any registered owner, or any defect therein, will not affect the validity of any proceeding for the redemption of Bonds. Bonds so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemption are on deposit with the place of payment at that time. 2.04. Appointment of Initial Registrar. The City appoints American National Bank and Trust Company, St. Paul , Minnesota, as the initi-1 Registrar. The Mayor and the City Manager are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or t~ust company authorized by law to conduct such business, such corporation is authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its possession to the successor Registrar and must deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Manager must transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 2.05. Execution, Authentication and Delivery. The Bonds will be prepared under the direction of the Manager and executed on behalf of the City by the signatures of the Mayor and the Manager, provided that all signatures may be printed, engraved or lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature appears on the Bonds ceases to be such officer before the delivery of any Bond, such signature or facsimile will nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on the Bond has been duly executed by the manual signature of an authorized representative of the Regis- trar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on each Bond is conclusive evidence that it has been authenticated and delivered under this Resolu- tion. When the Bonds have been so prepared, executed and authenticated, the Manager shall deliver the same to the Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser is not obligated to see to the application of the purchase price. 2.06. Temporary Bonds. The City may elect to deliver in lieu of printed definitive Bonds one or more typewritten temporary Bonds in substantially the form set forth in Section 3 with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive Bonds the temporary Bonds will be exchanged therefor and cancelled. DJK48916 CR135-24 5 Section 3. Form of Bond. 3.01. The Bonds will be printed in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTIES OF CARVER AND HENNEPIN CITY OF CHANHASSEN TAXABLE GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 1993A Date of Rate Maturity Original Issue CUSIP March 1, 1993 No. $ The City of Chanhassen, Minnesota, a duly organized and existing municipal corporation in Carver and Hennepin Counties, Minnesota (City), acknowledges itself to be indebted and for value received hereby promises to pay to or registered assigns, the principal sum of $ on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, commencing August 1, 1993, to the person in whose name this Bond is registered at the close of business on the fifteenth day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by , Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevo- cably pledged. The City may elect on February 1, 1999, and on any day thereafter, to prepay Bonds due on or after February 1, 2000. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued interest. Additional provisions of this Bond are contained on the reverse hereof and such provisions for all purposes have the same effect as though fully set forth in this place. This Bond is not valid or obligatory for any purpose or entitled to any security or benefit under the Resolution until the Certificate of Authentication DJK48916 C~1135-24 6 hereon has been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Ctmnhassen, Carver and Hennepin Counties, Minnesota, by its City Council, has caused this Bond to be executed on its behalf by the facsimile signatures of the Mayor and City Manager and has caused this Bond to be dated as of the date set forth below. Dated: CITY OF CHANHASSEN, MINNESOTA (facsimile) (facsimile) City Manager Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. By Authorized Representative [Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $5,675,000 all of like original issue date and tenor, except as to number, maturity date, redemp- tion privilege and interest rate, all issued pursuant to a resolution adopted by the City Council on February 22, 1993 (the Resolution), for the purpose of providing money to aid in financing public redevelopment costs in a Redevelopment Project (Project) in the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 through 469.179, the Minnesota Tax Increment Financing Act, and Minnesota Statutes, Sections 469.001 through 469.047 and the principal hereof and interest hereon are payable primarily from tax increments resulting from increases in taxable valuation of real property in a tax increment financing district within the Project as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency of tax increments pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single matu- rities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written DJK48916 C}{135-24 7 instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar will be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness. (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the legal opinion. ) I certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of Bonds of the City of Chanhassen, Minne- sota, which includes the within Bond, dated as of the date of delivery of and payment for the Bonds. ( Facsimile Signature) City Manager The following abbreviations, when used in the inscription on the face of this Bond, shah be construed as though they were written out in full according to applicable laws or regulations: DJK48916 C~I135-24 8 TEN COM -- as tenants in common UNIF GIFT MIN ACT Custodian (Cust) (Minor) TEN ENT -- as tenants by entireties under Uniform Gifts or Transfers to Minors JT TEN -- as joint tenants with right of survivorship and not as tenants in common Act . · · · · · · · · · · · (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. Dated: Notice: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatever· Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges· The Bond Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided· Name and Address: (Include information for all joint owners if this Bond is held by joint account. ) Please insert social security or other identifying number of assignee DJK48916 CH135-24 9 3.02. The City Manager is directed to obtain a copy of the proposed approv- ing legal opinion of Holmes & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and shall cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the Manager in substantially the form set forth in the form of Bond. The Manager is authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 4. Payment; Security. 4.01. The Bonds are payable from the Taxable General Obligation Tax Increment Bonds, Series 1993A Debt Service Fund (Debt Service Fund) hereby created, and all tax increments (Tax Increments) received by the City from the Tax Increment Financing District (TIF District) within the Redevelopment Project (Project) in which the activity financed by the Bonds is located, pursuant to the Tax Increment Agreement, between the City and the Housing and Redevelopment Authority of the City of Chanhassen, are pledged to the Debt Service Fund. If any payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the Manager will pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Tax Increments when received. There is hereby appropriated to the Debt Service Fund all capitalized interest financed from Bond proceeds, if any, any amount over the minimum purchase price of the Bonds paid by the Purchaser and all accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is hereby determined that the estimated collection of Tax Increments for payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 4.03. The City Manager is authorized and directed to file a certified copy of this resolution with the County Auditor of Carver County and the Director of Property Taxation of Hennepin County and to obtain the certificates required by Minnesota Statutes, Section 475.63. Section 5. Authentication of Transcript. 5.01. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds and such instruments, including any heretofore furnished, may be deemed representations of the City as to the facts stated therein. 5.02. The Mayor and City Manager are hereby authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. DJ'K48916 c~35-24 10 The motion for the adoption of the foregoing resolution was duly seconded by Member Senn , and upon vote being taken thereon, the following. voted in favor thereof:Donald Chmiel, Colleen Dockendorf, Michael Mason, Mark Senn, Richard Wing and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. DJK48916 c~35-24 11 STATE OF MINNESOTA ) ) COUNTIES OF CARVER ) SS. AND HENNEPIN ) ) CITY OF CHANHASSEN ) I, the undersigned, being the duly qualified and acting Manager of the City of Chanhassen, Carver and Hennepin Counties, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on February 22, 1993 with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes insofar as they relate to the issuance and sale of $5,675,000 Taxable General Obligation Tax Increment Bonds, Series 1993A of the City. WITNESS My hand officially as such Manager and the corporate seal of the City this /~ day of ~) ~-~'~' , 1993. City Manager Chanhassen, Minnesota (SEAL) DJK48915 CH135-24