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EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF CHANHASSEN, MINNESOTA
HELD: April 11, 2005
Pursuant to due call, a regular or special meeting of the City Council of the City of
Chanhassen, Carver and Hennepin Counties, Minnesota, was duly held at the City Hall on April
11,2005, at'7:00 P.M., for the purpose, in part, of authorizing the issuance of $4,067,000
Taxable General Obligation Improvement Bonds, Series 2005A.
The following members were present: Mayor Furlong, Council 'Members : Labatt,
Peterson and Tjornhom
and the following were absent: Councilman Lundquist
Member
Peterson
introduced the following resolution and moved its adoption:
RESOLUTION APPROVING THE LOAN AGREEMENT, AUTHORIZING THE ISSUANCE
OF $4,067 ,000 TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES
2005A, PLEDGING FOR THE SECURITY THEREOF SPECIAL ASSESSMENTS AND
LEVYING A TAX FOR THE PAYMENT THEREOF #2005-36
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A. WHEREAS, Minnesota Statutes, Section 174.52, Subdivision 2 establishes a
procedure under which the Minnesota Department of Transportation ("MnDOT") may provide
loans to statutory or home rule charter cities, towns and counties, the proceeds of which will be
used by such local entities to pay such local entities' cost sharing portion of a trunk highway
project; and
B. WHEREAS, MnDOT has created and established a general obligation bond local
loan program (the "Program") to implement the provisions contained in Minnesota Statutes,
Section 174.52, Subdivision 2; and
C. WHEREAS, the City has requested a loan under the Program, and MnDOT has
approved said request, which such loan is to be repaid in accordance with the provisions of a
loan agreement (the "Loan Agreement") dated as ofthe date of the Bond by and between the City
ofChanhassen, Minnesota (the "City") and MnDOT; and
D. WHEREAS, the City Council of the City ofChanhassen, Minnesota has
heretofore determined and declared that it is necessary and expedient to issue $4,067,000
Taxable General Obligation Improvement Bonds, Series2005A (the "Bonds" or individually a
"Bond"), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance the construction of
various street, sewer and water improvements (the "Improvements") in the City; and:
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E. WHEREAS, the Improvements and all their components have been ordered on or
prior to the date hereof, after a hearing thereon for which mailed and published notice was duly
given as required by law describing the Improvements and all their components by general
nature, estimated cost and area to be assessed; and
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F. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville,
Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was
therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
Statutes, Section 475.60, Subdivision 2(9); and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Chanhassen,
Minnesota, as follows:
1. Acceptance of Offer. The offer of the State of Minnesota, acting through the
Commissioner of Finance (the "Purchaser"), to purchase a $4,067,000 Taxable General
Obligation Improvement Bond, Series 2005A of the City (the "Bond"), at the rates of interest
hereinafter set forth, and to pay therefor the sum of $4,067,000, is hereby accepted.
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2. Title~ Original Issue Date: Denominations~ Maturity. The Bond shall be titled
"Taxable General Obligation Improvement Bonds, Series 2005A", shall be dated the date of
delivery, as the date of original issue and shall be issued forthwith on or after such date as a fully
registered bond. The Bond shall be in the denomination of the entire principal amount and shall
be held in the Commissioner of Finance Treasury Vault. The principal amount of the Bond
which has been disbursed from time to time as provided in the Loan Agreement and accrued
interest thereon shall be amortized as set forth in the Loan Agreement and shall be paid in annual
installments on each June 1 commencing June 1, 2008 or such other date as set forth in the Loan
Agreement. The Bond shall mature, and the entire outstanding principal amount of the Bond
plus accrued and unpaid interest thereon shall be paid, on June 1, 2017, or such other date as set
forth in the Loan Agreement, unless called for earlier redemption, (the "Maturity Date").
3. Purpose. The Bonds shall provide funds to finance the Improvements. The total
cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section
475.65, is estimated to be at least equal to the amount of the Bonds. The City covenants that it
shall do all things and perform all acts required of it to assure that work on the Project proceeds
with due diligence to completion and that any and all permits and studies required under law for
the Project are obtained.
4. Interest. The Bond shall bear interest on so much of the principal amount of the
Bond as (i) may be disbursed from time to time as provided in the Loan Agreement and (ii)
remains unpaid, from the date of each disbursement until the principal amount of the Bond has
been paid or provided for, at the rate of interest as determined in Section 2.3 ofthe Loan
Agreement, payable on each June 1, commencing June 1, 2006, or such other date as set forth in
the Loan Agreement. Interest shall accrue only on the aggregate amount of the Bond which has
been disbursed and is unpaid under the Loan Agreement. Interest shall be computed on the basis
of a 360 day year of twelve 30-day months.
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5. Redemption. The Bond is subject to redemption and prepayment at the option of
the Authority, on any date at a price of par plus accrued interest. Redemption may be in whole
or in part of the Bond subject to prepayment. If redemption is in part, the latest maturities of
principal shall be prepaid first. The principal of the Bond called for redemption shall be due and
payable on the redemption date, and interest thereon shall cease to accrue from and after the
redemption date.
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6. Bond Registrar. The Finance Director of the City is appointed to act as bond
registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so
unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the
City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall
also serve as paying agent unless and until a successor paying agent is duly appointed. Principal
and interest on the Bonds shall be paid to the registered holders (or record holders) ofthe Bonds
in the manner set forth in the form of Bond.
7. Form of Bond. The Bonds, together with the Certificate of Registration, shall be
in substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
CARVER AND HENNEPIN COUNTIES
CITY OF CHANHASSEN
R-l
$4,067,000
TAXABLE GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2005A
REGISTERED OWNER:
STATE OF MINNESOTA, ACTING THROUGH THE
COMMISSIONER OF FINANCE
The City of Chanhassen, Carver and Hennepin Counties, Minnesota (the "Issuer"),
acknowledges that it is indebted and, for value received, hereby promises to pay to the registered
owner specified above, or registered assigns, unless called for earlier redemption, in the manner
hereinafter set forth, in the amounts and at the times described below, and to pay interest on so
much of the principal amount of the debt as (i) may be disbursed from time to time as provided
in the Loan Agreement (as defined below) and (ii) remains unpaid, from the date of each
disbursement until the principal amount hereof is paid or has been provided for at the rate per
annum as set forth in the Loan Agreement (as defined below) on each June 1, commencing June
1, 2006, or such other date as set forth in the Loan Agreement, until the principal sum is paid or
has been provided for. Interest shall accrue only on the aggregate amount of this Bond which
has been disbursed under the Loan Agreement dated as ofthe date of the Bond (the "Loan
Agreement"), by and between the Issuer and the Minnesota Department of Transportation. The
principal shall be paid in the amount specified above even if at the time of payment the full
principal amount of this Bond has not been disbursed; provided that if the full principal amount
of this Bond is never disbursed, the amount of the principal not disbursed shall be applied to
reduce the unpaid principal. This Bond will bear interest from the most recent Interest Payment
Date to which interest has been paid or, if no interest has been paid, from the date of original
issue hereof. The principal of and premium, if any, on this Bond are payable upon presentation
and surrender hereof at the office of the Finance Director ofthe Issuer (the "Bond Registrar"),
acting as paying agent, or any successor paying agent duly appointed by the Issuer. The
principal of and premium, if any, and interest on this Bond are payable in lawful money of the
United States of America.
THE ISSUER HAS ELECTED TO ISSUE THIS BOND AS A TAXABLE
OBLIGATION, AND ACCORDINGLY THE INTEREST ON THE BOND IS INTENDED TO
BE INCLUDED IN GROSS INCOME FOR FEDERAL INCOME TAXATION PURPOSES
AND, TO THE SAME EXTENT, IN BOTH GROSS INCOME AND TAXABLE NET
INCOME FOR STATE INCOME TAXATION PURPOSES.
Principal Payments. The principal amount of this Bond which has been disbursed from
time to time as provided in the Loan Agreement and accrued interest thereon shall be amortized
as set forth in Section 2.3 of the Loan Agreement and paid in annual installments each June 1
commencing June 1, 2008, or such other date as set forth in the Loan Agreement. This Bond
shall mature, and the entire outstanding principal amount of this Bond plus accrued and unpaid
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interest thereon shall be paid, on June 1,2017, or such other date as set forth in the Loan
Agreement, unless called for earlier redemption, (the "Maturity Date").
Date ofPavrnent Not a Business Day. If the nominal date for payment of any principal of
or interest on this Bond shall not be a business day of the Issuer or of the registered owner, then
the date for such payment shall be the next such business day and payment on such business day
shall have the same force and effect as if made on the nominal date of payment.
Issuance~ Purpose~ General Obligation. This Bond is issued as a single instrument, to be
held in the Commissioner of Finance Treasury Vault, under and pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution
adopted by the City Council, the governing body of the Issuer, on April 11, 2005 (the
"Resolution") and the Loan Agreement, for the purpose of providing money to finance various
street, sewer and water improvement projects in the City (the "Project"). This Bond is payable
out of the Taxable General Obligation Improvement Bonds, Series 2005A Fund of the Issuer.
This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt
and full payment of its principal, premium, if any, and interest when the same become due, the
full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably
pledged.
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Optional Redemption. The principal of this Bond is subject to redemption and
prepayment at the option of the Issuer on any date at a price of par plus accrued interest.
Redemption may be in whole or in part of the principal amount of the Bond. If redemption is in
part, the latest maturities shall be prepaid first. The principal of the Bond or portions thereof
called for redemption shall be due and payable on the redemption date, and interest thereon shall
cease to accrue from and after the redemption date. Mailed notice of redemption shall be given
\ to the paying agent and to each affected Holder of the Bond.
Registration~ Transfer. This Bond shall be registered in the name of the payee on the
books of the Issuer by presenting this Bond for registration to the Bond Registrar, who will
endorse his or her name and note the date of registration opposite the name of the payee in the
certificate of registration. Thereafter this Bond may be transferred to a bona fide purchaser only
by delivery with an assignment duly executed by the registered owner or his, her or its legal
representative, and the Issuer may treat the registered owner as the person exclusively entitled to
exercise all the rights and powers of an owner until this Bond is presented with such assignment
for registration of transfer, accompanied by assurance of the nature provided by law that the
assignment is genuine and effective, and until such transfer is registered on said books and noted
hereon by the Treasurer.
Taxable Interest. The interest on this Bond is included in the gross income of the owner
hereof for purposes of United States income tax and to the same extent in both gross income and
taxable net income for purposes of State of Minnesota income tax.
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IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things
required by the Constitution and laws ofthe State of Minnesota to be done, to happen and to be
performed, precedent to and in the issuance of this Bond, have been done, have happened and
have been performed, in regular and due form, time and manner as required by law; and that this
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Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof
and the date of its issuance and delivery to the original purchaser, does not exceed any
constitutional or statutory limitation of indebtedness.
IN WITNESS WHEREOF, the City ofChanhassen, Carver and Hennepin Counties,
Minnesota, by its City Council has caused this Bond to be executed on its behalfby the manual
signatures of its Mayor and its City Manager, the corporate seal of the Issuer having been
intentionally omitted as permitted by law.
Date of Registration:
Registrable by: FINANCE DIRECTOR
CITY OF CHANHASSEN, MINNESOTA
April 13. 2005
Payable at:
FINANCE DIRECTOR
CITY OF CHANHASSEN, MINNESOTA
CITY OF CHANHASSEN,
CARVER AND HENNEPIN COUNTIES, MINNESOTA
B;LA 7-
Its: Mayor
By~ /{;J ^
Its: City Manager
---
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CERTIFICATE OF REGISTRATION
The transfer of ownership of the principal amount of the attached Bond may be made
only by the registered owner or his, her or its legal representative last noted below.
DATE OF
REGISTRATION
REGISTERED OWNER
State of Minnesota, acting
through the Commissioner of
Finance
April 13. 2005
St. Paul. Minnesota
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SIGNATURE OF
FINANCE DIRECTOR
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8. Execution; Temporary Bonds. The Bonds shall be executed on behalf of the City
by the signatures of its Mayor and City Manager, the seal having been omitted on the Bonds as
permitted by law. In the event of disability or resignation or other absence of either officer, the
Bonds may be signed by the manual or facsimile signature of that officer who may act on behalf
of the absent or disabled officer. In case either officer whose signature shall appear on the Bonds
shall cease to be such officer before the delivery of the Bonds, such signature shall nevertheless
be valid and sufficient for all purposes, the same as if the officer had remained in office until
delivery.
9. Delivery; Application of Proceeds. The Bonds when so prepared and executed
shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price,
and the Purchaser shall not be obliged to see to the proper application thereof.
10. Fund and Accounts. There is hereby established a special fund to be designated
"Taxable General Obligation Improvement Bonds, Series 2005A Fund" (the "Fund") to be
administered and maintained by the Finance Director as a bookkeeping account separate and
apart from all other funds maintained in the official financial records of the City. The Fund shall
be maintained in the manner herein specified until all of the Bonds and the interest thereon have
been fully paid. In such records there shall be established accounts or accounts shall continue to
be maintained as the case may be, of the Fund for the purposes and in the amounts as follows:
(a) Debt Service Account. There are hereby irrevocably appropriated and pledged to,
and there shall be credited to, the Debt Service Account: (i) all collections of special
assessments herein covenanted to be levied with respect to the Improvements not already spent
as permitted above and required to pay any principal and interest due on the Bonds or collected
subsequent to the completion of the Improvements and payment of the costs thereof; (ii) accrued
interest received upon delivery of the Bonds; (iii) any collections of all taxes herein or hereafter
levied for the payment of the Bonds and interest thereon; (iv) all investment earnings on funds
held in the Debt Service Account; and (v) any and all other moneys which are properly available
and are appropriated by the governing body of the City to the Debt Service Account. The Debt
Service Account shall be used solely to pay the principal and interest of the Bonds and any other
general obligation bonds of the City hereafter issued by the City and made payable from said
account as provided by law.
11. Covenants Relating to the Bonds.
(a) Assessments. It is hereby determined that no less than twenty percent ofthe cost
to the City of each of the Improvements financed hereunder within the meaning of Minnesota
Statutes, Section 475.58, Subdivision 1(3), shall be paid by special assessments to be levied
against every assessable lot, piece and parcel of land benefitted by any of the Improvements.
The City hereby covenants and agrees that it will let all construction contracts not heretofore let
within one year after ordering each of the Improvements financed hereunder unless the
resolution ordering the Improvements specifies a different time limit for the letting of
construction contracts. The City hereby further covenants and agrees that it will do and perform
as soon as they may be done all acts and things necessary for the final and valid levy of such
special assessments, and in the event that any such assessment be at any time held invalid with
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respect to any lot, piece or parcel ofland due to any error, defect, or irregularity in any action or
proceedings taken or to be taken by the City or the City Councilor any of the City officers or
employees, either in the making of the assessments or in the performance of any condition
precedent thereto, the City and the City Council will forthwith do all further acts and take all
further proceedings as may be required by law to make the assessments a valid and binding lien
upon such property. It is hereby determined that the assessments shall be payable in equal,
consecutive, annual installments, with general taxes for the years shown below and with interest
on the declining balance of all such assessments at a rate per annum not greater than the
maximum permitted by law and not less than the rates per annum shown opposite their collection
years specified below:
Improvement
Designation
Collection
Years
Rate
Levy Years
Amount
$1,516,390
2005-2014
2006-2015
6.00%
At the time the assessments are in fact levied the City Council shall, based on the then-
current estimated collections of the assessments, make any adjustments in any ad valorem taxes
required to be levied in order to assure that the City continues to be in compliance with
Minnesota Statutes, Section 475.61, Subdivision 1.
(b) Tax Levy: Covera~e Test. To provide moneys for payment of the principal and
interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct
annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of
other general property taxes in the City for the years and in the amounts as follows:
Year of Tax Levy
Year of Tax Collection
Amount
2005-2015
2006-2016
See attached levy schedule
The tax levies are such that if collected in full they, together with estimated collections of
special assessments and other revenues herein pledged for the payment of 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. For purposes of determining the tax levies, the City has used
estimated rates of interest on the Bonds, in accordance with Minnesota Statutes, Section 475.56,
Subdivision (c). The tax levies shall be irrepealable so long as any of the Improvement Portion
of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to
reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section
475.61, Subdivision 3.
11. Loan Agreement. The Loan Agreement is hereby approved in substantially the
form heretofore presented to the City Council and, as executed, is hereby incorporated by
reference and made a part of this resolution. The execution of the Loan Agreement by the Mayor
and Manager of the City shall be conclusive evidence of the approval of the Loan Agreement in
accordance with the terms hereof. The Loan Agreement may be attached to the Bond, and shall
be attached to the Bond if the holder of the Bond is any person other than the Purchaser.
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12.. General Obligation Pledge. For the prompt and full payment of the principal and
interest on the Bonds, as the same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt
Service Account is ever insufficient to pay all principal and interest then due on the Bonds and
any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds
of the City which are available for such purpose, and such other funds may be reimbursed with
or without interest from the Debt Service Account when a sufficient balance is available therein.
13. Defeasance. When all Bonds have been discharged as provided in this paragraph,
all pledges, covenants and other rights granted by this resolution to the registered holders of the
Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with
respect to any Bonds which are due on any date by irrevocably depositing with the Bond
Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond
should not be paid when due, it may nevertheless be discharged by depositing with the Bond
Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such
deposit. The City may also discharge its obligations with respect to any prepayable Bonds called
for redemption on any date when they are prepayable according to their terms, by depositing
with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full,
provided that notice of redemption thereof has been duly given. The City may also at any time
discharge its obligations with respect to any Bonds, subject to the provisions oflaw now or
hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a
suitable banking institution qualified by law as an escrow agent for this purpose, cash or
securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest
payable at such times and at such rates and maturing on such dates as shall be required, without
regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if
notice of redemption as herein required has been duly provided for, to such earlier redemption
date.
14. Certificate of Registration. A certified copy of this resolution is hereby directed
to be filed in the offices of the County Auditor of Carver County and the Director of Property
Tax and Public Records of Hennepin County, Minnesota together with such other information as
the County Auditor and Director shall require, and to obtain the County Auditor's and Director's
Certificates that the Bonds have been entered in their respective Bond Registers.
15. Records and Certificates. The officers of the City are hereby authorized and
directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the
issuance of the Bonds, certified copies of all proceedings and records of the City relating to the
Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates
and information as are required to show the facts relating to the legality and marketability of the
Bonds as the same appear from the books and records under their custody and control or as
otherwise known to them, and all such certified copies, certificates and affidavits, including any
heretofore furnished, shall be deemed representations of the City as to the facts recited therein.
16. Taxable Status of the Bonds. It is hereby determined that the Bond is to be issued
as a fully taxable obligation, and all interest received on the Bond is to be included in the gross
income of the Holder of the Bond for federal income taxation purposes and, to the same extent,
in both gross income and taxable net income for state income taxation purposes.
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17. Severability. If any section, paragraph or provision of this resolution shall be held
to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section,
paragraph or provision shall not affect any of the remaining provisions of this resolution.
18. Headings. Headings in this resolution are included for convenience of reference
only and are not a part hereof, and shall not limit or define the meaning of any provision hereof.
The motion for the adoption of the foregoing resolution was duly seconded by member
Labatt and, after a full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof: Mayor Furlong, Council Members Labatt, Peterson and
Tjornhom
and the following voted against the same: None
Whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
I, the undersigned, being the duly qualified and acting City Manager of the City of
Chanhassen, Minnesota, DO HEREBY CERTIFY that I have compared the attached and
foregoing extract of minutes with the original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of the City Council, duly called and .
held on the date therein indicated, insofar as such minutes relate to authorizing the issuance and
awarding the sale of $4,067,000 Taxable General Obligation Improvement Bonds, Series 2005A.
WITNESS my hand on Apri!!!, 200~ rI/ .L ~
City Manager
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STATE OF MINNESOTA
COUNTY OF CARVER
COUNTY AUDITOR'S CERTIFICATE
AS TO TAX LEVY AND REGISTRATION
I, the undersigned, being the duly qualified and acting County Auditor of Carver County,
Minnesota, DO HEREBY CERTIFY that on the date hereof, there was filed in my office a
certified copy of a resolution adopted on April 11, 2005 by the City Council of the City of
Chanhassen, Minnesota, authorizing the issuance of $4,067,000 Taxable General Obligation
Improvement Bonds, Series 2005A (the "Bonds"), and levying a tax for the payment thereof,
together with full information regarding the Bonds for which the tax was levied; the Bonds have
been entered in my Bond Register; and the tax levy required by law has been made.
WITNESS my hand and the seal of the County Audito n
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(SEAL)
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STATE OF MINNESOTA
DIRECTOR OF PROPERTY TAX AND PUBLIC RECORDS
COUNTY OF HENNEPIN
CERTIFICATE AS TO TAX LEVY AND REGISTRATION
I, the undersigned, being the duly qualified and acting Director of Property Tax and
Public Records of Hennepin County, Minnesota, DO HEREBY CERTIFY that on the date
hereof, there was filed in my office a certified copy of a resolution adopted on April!!, 2005 by
the City Council of the City of Chanhassen, Minnesota, authorizing the issuance of $4,067,000
Taxable General Obligation Improvement Bonds, Series 2005A (the "Bonds"), and levying a tax
for the payment thereof, together with full information regarding the Bonds for which the tax
was levied; the Bonds have been entered in my Bond Register; and the tax levy required by law
has been made.
WITNESS my hand and the seal of the Director of Property Tax and Public Records on
e April /g~005.
'.....H. O'COM<<>R
Director of Property Tax and Public Records
(SEAL)
G(ay~2
. ~00Ifnv AlIDIroR
IfCE1VED
APR 1 2 2005
an Of CH^NH^SSEN
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