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t~ESOLU~'IOTv' 54-39
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
FALCON HEIGHTS, MINNESOTA
HELD: November 5, 1984
Pursuant to due call and notice thereof, a special
meeting of the City Council of the City of Falcon Heights,
Ramsey County, Minnesota, was duly called and held at the City
Hall in said City on the 5th day of November, 1984, at 7:00
P.M. for the purpose of opening, considering bids for and
awarding the sale of $600,000 General Obligation Tax increment
Bonds of 1984, Series B of said City.
The following members were present: Ronald Eggert,
Rice' Chestovich, Paul Ciernia,Stephen Hard, Thomas Baldwin
and the following were absent: None
The Clerk-Administrator presented affidavits showing
publication of notice of call for bids on $600,000 General
• Obligation Tax Increment Bonds of 1984, Series B of the City,
for which bids were to be received at this meeting, in
accordance with the resolution adopted by the City Council on
October 10, 1984. The affidavits were examined, found to
comply with the provisions of Minnesota Statutes, Chapter 475,
and were approved and ordered placed on file.
The Council proceeded to receive and open bids for
the sale of the bonds. The following bids were received:
Bidder Interest Rate Net Interest Cost
See attached "Bid Tabulation"
•
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BIO TABULATION
;600,000 General Obligation Tax Increment Bonds
Falcon Heights, Minnesota
SALE: Monday, November 5, 1984
AWARD: THE FIRST NATIONAL BANK OF ST. PAUL
RATING: "A-1"
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
THE FIRST NATIONAL BANK OF ST. PAUL
St. Paul, Minnesota
FIRST NATIONAL BANK OF MINNEAPOLIS
Minneapolis, Minnesota
PIPER, JAFFRAY & HOPWOOD, INC.
Minneapolis, Minnesota
Allison-Williams Company
Robert W. Baird & Company, Inc.
s.oox
8.2ox
8.40x
8.60x
8.sox
9.OOX
9.20x
9.40X
9.60X
9.70x
9.80x
9.90x
i.50x
7.75x
s.oox
8.2ox
8.40x
8.60x
8 . sox
9.OOx
9.20x
9.40x
9.50X
9.60x
9.75x
9.90x
lo.oox
1988-1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001-2005
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1996
1999
2000
2001-2002
2003-2005
;811,870.00
9.7521x
;813,165.00
9.7677x
;588,240.00
;588,240.00
. Bid Tabulation continued on the reverse side .
l~,000 6.0. Tax Increment Bonds
Fa on Heights, Minnesota
November 5, 1984
Page 3 '
COUPON NET INTEREST COST
NAME OF BIDOER RATE YEAR & RATE PRICE
DAIN BOSWORTH, INC.
Minneapolis, Minnesota
CRONIN & MARCOTTE, INC.
Minneapolis, Minnesota
$820,456.25
$589,050.00
590,400.00
. EHLERS AND ASSOCIATES, INC.
507 MARQUETTE AVENUE
MINNEAPOLIS, MINNESOTA 55402
(612) 339-8291
7.50x
7.75x
B.OOx
8.25%
8.50x
8.75x
9.OOx
9.20x
9.40x
9.60x
9.70x
9.80x
9.90x
lo.oox
7.50%
B.OOX
8.20x
8.40x
8.60x
8.80%
9.OOX
9.20x
9.40%
9.60x
9.80x
9.90%
lo.oox
lo.lox
1o.15x
10.20x
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001-2005
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000-2001
zoo2
2003
2004-2005
9.8553%
$827,780.00
9.9433%
RESOLUTION 81t-39
The Council then proceeded to consider and discuss
the bids, after which member StP~h _n Ham introduced
the following resolution and moved its adoption:
RESOLUTION NO. 84-39: RESOLUTION ACCEPTING BID ON SALE OF
$600,000 GENERAL OBLIGATION TAX INCREMENT
BONDS OF 1984, SERIES B
AND PROVIDING FOR THEIR ISSUANCE
BE IT RESOLVED by the Council of the City of Falcon
Heights, Minnesota, as follows:
1. The bid of the First National Bank of St.P(the
"Purchaser") to purchase 600,000 General Obligation Tax
Increment Bonds of 1984, Series B of the City (hereinafter
referred to as "Bonds" or individually. as "Bond"), in
accordance with the notice of bond sale, at the rates of
interest hereinafter set forth, and to pay therefor the sum of
$ 588,240.00 plus interest accrued to settlement is hereby
foun etermined and declared to be the most favorable bid
received, and is hereby accepted and the Bonds are hereby
awarded to said bidder. The Clerk-Administrator is directed to
retain the deposit of said bidder and to forthwith return the
good faith checks or drafts to the unsuccessful bidders.
2. The Bonds shall be dated November 1, 1984, as the
date of original issue and shall be issued forthwith as fully
registered bonds. The Bonds shall be numbered from R-1 upward
in the denomination of $5,000 each or any integral multiple
thereof. The Bonds shall mature on February 1 in the years and
amounts as follows:
1988 $ 5,000
1989 $10,000
1990 $15,000
1991-1995 $25,:000 ~"
199 - $~,C~
199?:-2,000- $)t0000
2,001-2,005 $50,000
3. For the purposes of complying with Minnesota
Statutes, Section 475.54, Subdivision 1, the maturity schedule
for the Bonds has been combined with the maturity schedule for
the City's outstanding $525,000 General Obligation Tax
Increment Improvement Bonds of 1983, dated September 1, 1983,
as permitted by Minnesota Statutes, Section 475.54, Subdivision
2.
4. The Bonds shall provide funds to defray the
expense of certain capital and administration costs in
accordance with the City's Tax Increment Financing Plan for
Redevelopment District No. 1, approved by the City Council on
September 19, 1984 (the "Plan"), within the City's Development
District No. 2 created pursuant to Minnesota Statutes, Chapter
472A (the "Project"). Pursuant to the Plan adopted by the
City, tax increments derived from the tax increment financing
district established pursuant to the Plan, have been pledged to
the payment of the Bonds and interest thereon. The estimated
collection of the tax increments exceeds 20$ of the cost of the
Project.
5. The Bonds shall bear interest payable
semiannually on February 1 and August 1 of each year commencing
August 1, 1985 at the respective rates per annum set forth
opposite the maturity years as follows:
Maturity Years Interest Rates
1988 8.OOg
1989 8.00
1990 8.00
1991 8.20$
1992 8.40
1993 8.60
1994 8.80$
• 1995 9.00$
1996 9.20
1997 9.40
1998 9.60
1999 9.70
2000 9.80
2001 9.90
2002 9.90
2003 9.90
2004 9.90
2005 9.90$
6. All Bonds of this issue maturing in the years
1998 to 2005, both inclusive, shall be subject to redemption
and prepayment at the option of the City on February 1, 1997
and on any interest payment date thereafter at par and accrued
interest. Redemption may be in whole or in part of the Bonds
subject to prepayment. If redemption is in part, those Bonds
remaining unpaid which have the latest maturity date shall be
prepaid first; and if only part of the Bonds having a common
maturity date are called for prepayment, the specific Bonds to
be prepaid shall be chosen by lot by the Rond Registrar.
• 3
Published notice of redemption shall in each case be given in
• accordance with law, and mailed notice of redemption shall be
given to the paying agent and to each registered holder of the
Bonds.
To effect a partial redemption of Bonds having a com-
mon maturity date, the Bond Registrar prior to giving notice of
redemption, shall assign to each Bond having a common maturity
date a distinctive number for each $5,000 of the principal
amount of such Bond. The Bond Registrar shall then select by
lot, using such method of selection as it shall deem proper in
its discretion, numbers so assigned to such Bonds, as many
numbers as, at $5,000 for each number, shall equal the
principal amount of such Bonds to be redeemed. The Bonds to be
redeemed shall be the Bonds to which were assigned numbers so
selected; provided, however, that only so much of the principal
amount of each such Bond of a denomination of more than $5,000
shall be redeemed as shall equal $5,000 for each number
assigned to it and so selected. If a Bond is to be redeemed
only in part, it shall be surrendered to the Bond Registrar
(with, if the City or the Bond Registrar so requires, a written
instrument of transfer in form satisfactory to the City and the
Bond Registrar duly executed by the holder thereof or his
attorney duly authorized in writing) and the City shall execute
and the Bond Registrar shall authenticate and deliver to the
holder of such Bond, without service charge, a new Bond or
Bonds of the same series having the same stated maturity and
interest rate and of any authorized denomination or
denominations, as requested by such holder, in aggregate
principal amount equal to and in exchange for the unredeemed
portion of the principal of the Bond so surrendered.
Minneapolis
~•The First Natioanl Bank of in Minneapolis
Minnesota is appointed to act as bond registrar and transfer
agent (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 holder) of the Bonds in
the manner set forth in the form of Bond and paragraph 12 of
this resolution.
8. The Bonds to be issued hereunder, together with
the Bond Registrar's Certificate of Authentication, the form of
Assignment and the registration information thereon shall be in
substantially the following form:
UNITED STATES OF AMERICA
• STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF FALCON HEIGHTS
R- $
GENERAL OBLIGATION TAX INCREMENT
BOND OF 1984, SERIES B
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
November 1, 1984
REGISTERED OWNER:
PRINCIPAL AMOUNT:
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Falcon Heights, Ramsey County, Minnesota (the "Issuer"),
certifies that it is indebted and for value received promises
to pay to the registered owner specified above, or registered
assigns in the manner hereinafter set forth, the principal
amount specified above, on the maturity date specified above,
unless called for earlier redemption, and to pay interest
thereon semiannually on February 1 and August 1 of each year
(each, an "Interest.Payment Date") commencing August 1, 1985 at
the rate per annum specified above, (calculated on the basis of
a 360-day year of twelve 30-day months) until the principal sum
is paid or has been provided for. 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 principal office of the First National Bank of,Mpls.
a banking corporation duly organized and
validly existing under the laws of the State of Minnesota
(the "Bond Registrar"), acting as paying agent, or any
successor paying agent duly appointed by the Issuer. Interest
on this Bond will be paid on each Interest Payment Date by
check or draft mailed to the person in whose name this Bond is
registered (the "Holder" or "Bondholder") on the registration
books of the Issuer maintained by the Bond Registrar and at the
• 5
address appearing thereon at the close of business on the
fifteenth day of the calendar month next preceding such
Interest Payment Date (the "Regular Record Date"). Any
interest not so timely paid shall cease to be payable to the
person who is the Holder hereof as of the Regular Record Date,
and shall be payable to the person who is the Holder hereof at
the close of business on a date (the "Special Record Date")
fixed by the Bond Registrar whenever money becomes available
for payment of the defaulted interest. Notice of the Special
Record Date shall be given to Bondholders not less than ten
days prior to the Special Record Date. The principal of and
premium, if any, and interest on this Bond are payable in
lawful money of the United States of America.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS
SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH
HERE. -
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the 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 this
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 of Falcon Heights,
Ramsey County, Minnesota, by its City Council has caused this
Bond to be executed in its behalf by the facsimile signatures
of the Mayor and the Clerk-Administrator, the corporate seal of
the Issuer having been intentionally omitted as permitted by
law.
•
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•
•
Date of Registration: Registrable by:
Payable at: _
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
within mentioned
Resolution.
Bond Registrar
CITY OF FALCON HEIGHTS,
RAMSEY COUNTY, MINNESOTA
/s/ Facsimile
Mayor
/s/ Facsimile
Clerk-Administrator
By
Authorized Signature
7
ON REVERSE OF BOND
• All Bonds of this issue maturin in the ears 1998 to
g Y
2005, both inclusive, are subject to redemption and prepayment
at the option of the Issuer on February 1, 1997 and on any
Interest Payment Date thereafter at par and accrued interest.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, those Bonds remaining
unpaid which have the latest maturity date shall be prepaid
first; and if only part of the Bonds having a common maturity
date are called for prepayment, the specific Bonds to be
prepaid shall be chosen by lot by the Bond Registrar.
Published notice of redemption shall in each case be given in
accordance with law, and mailed notice of redemption shall be
given to the paying agent and to the Holders of the Bonds.
To effect a partial redemption of Bonds having a
common maturity date, the Bond Registrar shall assign to each
Bond having a common maturity date, a distinctive number for
each $5,000 of the principal amount of such Bond. The Bond
Registrar shall then select by lot, using such method of
selection as it shall deem proper in its discretion from the
numbers assigned to the Bonds, as many numbers as, at $5,000
for each number, shall equal the principal amount of such Bonds
to be redeemed. The Bonds to be redeemed shall be the Bonds to
which were assigned numbers so selected; provided, however,
• that only so much of the principal amount of such Bond of a
denomination of more than $5,000 shall be redeemed as shall
equal $5,000 for each number assigned to it and so selected.
If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or the
Bond Registrar so requires, a written instrument of transfer in
form satisfactory to the Issuer and the Bond Registrar duly
executed by the Holder thereof or his attorney duly authorized
in writing) and the Issuer shall execute and the Bond Registrar
shall authenticate and deliver to the Holder of such Bond,
without service charge, a new Bond or Bonds of the same series
having the same stated maturity and interest rate and of any
authorized denomination or denominations, as requested by such
Holder, in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Rond so
surrendered.
This Bond is one of an issue in the total principal
. amount of $600,000 all of like date of original issue and
tenor, except as to number, maturity, interest rate,
denomination and redemption privilege, which Bond has been
issued 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 on November 5, 1984 (the "Resolu-
tion") for the purpose of providing money to defray the expense
of certain capital and administration costs in Development
District No. 2 in the City and is payable out of the General
Obligation Tax Increment Bonds of 1984, Series B Fund of the
Issuer. This Bond constitutes a general obligation of the
Issuer, and to provide moneys for the prompt and full payment
of the principal 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.
The Bonds are issuable solely as fully registered
Bonds in the denominations of $5,000 and integral multiples
thereof and are exchangeable for fully registered Bonds of
other denominations in equal aggregate principal amounts and in
authorized denominations at the principal office of the Bond
Registrar, but only in the manner and subject to the
limitations provided in the Resolution. Reference is hereby
made to the Resolution for a description of the rights and
duties of the Sond Registrar. Copies of the Resolution are on
file in the principal office of the Bond Registrar.
• This Bond is transferable by the Holder in person or
by his attorney duly authorized in writing at the principal
office of the Bond Registrar upon presentation and surrender
hereof to the Bond Registrar, all subject to the terms and
conditions provided in the Resolution and to reasonable regula-
tions of the Issuer contained in any agreement with the Bond
Registrar. Thereupon the Issuer shall execute and the Bond
Registrar shall authenticate and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or
similar designation), of an authorized denomination or
denominations, in aggregate principal amount equal to the
principal amount of this Bond, of the same maturity and bearing
interest at the same rate.
The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
payable in connection with the transfer or exchange of this
Bond.
•
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The Issuer and the Bond Registrar may treat the
person in whose name this Bond is registered as the owner
• hereof for the purpose of receiving payment as herein provided
and for all other purposes, whether or not this Bond shall be
overdue, and neither the Issuer nor the Bond Registrar shall be
affected by notice to the contrary.
This Bond shall not be valid or become obligatory for
any purpose or be entitled to any security unless the
Certificate of Authentication hereon shall have been executed
by the Bond Registrar.
The following abbreviations, when used in the inscription
on the face of this Bond, shall be construed as though they
were written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UNIF GIFT MIN ACT Custodian
~Cust Minor
under Uniform Gifts to Minors
Act
(State)
Additional abbreviations may also be used
though not in the above list.
:7
10
ASSIGNMENT
• For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond'and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, 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 transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
•
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9. The Bonds shall be executed on behalf. of the City
by the signatures of its Mayor and Clerk-Administrator and be
• sealed with the seal of the City; provided, however, that the
seal of the City may be a printed facsimile; provided further
that both of such signatures may be printed facsimiles, and the
corporate seal may be omitted on the Bonds as permitted by law.
In the event of disability or resignation or other absence of
either such officer, the Bonds may be signed by the manual or
facsimile signature of that officer who may act on behalf of
such absent or disabled officer. In case either such officer
whose signature or facsimile of whose signature shall appear on
the Bonds shall cease to be such officer before the delivery of
the Bonds, such signature or facsimile shall nevertheless be
valid and sufficient for all purposes, the same as if he or she
had remained in office until delivery.
10. No Bond shall be valid or obligatory for any
purpose or be entitled to any security or benefit under this
resolution unless and until a Certificate of Authentication on
such Bond, substantially in the form hereinabove set forth,
shall have been duly executed by an authorized representative
of the Bond Registrar. Certificates of Authentication on
different Bonds need not be signed by the same person. The
Bond Registrar shall authenticate the signatures of officers of
the City on each Bond by execution of the Certificate of
Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond
• is authenticated, except that for purposes of delivering the
original Bonds to the Purchaser, the Bond Registrar shall
insert as a date of registration the date of original issue,
which date is November 1, 1984. The executed Certificate of
Authentication on each Bond shall be conclusive evidence that
it has been authenticated and delivered under this resolution.
11. The City will cause to be kept at the principal
office of the Bond Registrar a Bond Register in which, subject
to such reasonable regulations as the Bond Registrar may
prescribe, the Bond Registrar shall provide for the
registration of Bonds and the registration of transfers of
Bonds entitled to be registered or transferred as herein
provided.
Upon surrender for transfer of any Bond at the
principal office of the Bond Registrar, the City shall execute,
and the Bond Registrar shall authenticate, insert the date of
registration (as provided in paragraph 10) and deliver, in the
name of the designated transferee or transferees, one or more
12
new Bonds of any authorized denomination or denominations of a
• like aggregate principal amount, having the same stated
maturity and interest rate, as requested by the transferor;
provided, however, that no bond shall be registered in blank or
in the name of "bearer" or similar designation.
At the option of the holder, Bonds may be exchanged
for Bonds of any authorized denomination or denominations of a
like aggregate principal amount and stated maturity, upon
surrender of the Bonds to be exchanged at the principal office
of the Bond Registrar. Whenever any Bonds are so surrendered
for exchange, the City shall execute (if necessary), and the
Bond Registrar shall authenticate, insert the date of
registration of, and deliver the Bonds which the holder making
the exchange is entitled to receive.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
the Bond Registrar and thereafter disposed of as directed by
the City.
All Bonds delivered in exchange for or upon transfer
of Bonds shall be valid general obligations of the City
evidencing the same debt, and entitled to the same benefits
under this resolution, as the Bonds surrendered for such
exchange or transfer.
• Every Bond presented or surrendered for transfer or
exchange shall be duly endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the holder thereof or his attorney
duly authorized in writing.
The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
payable in connection with the transfer or exchange of any
Bond.
Transfers shall also be subject to reasonable
regulations of the City contained in any agreement with the
Bond Registrar, including regulations which permit the Bond
Registrar to close its transfer books between record dates and
payment dates.
13
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12. Each Bond delivered upon transfer of or in
exchange for or in lieu of any other Bond shall carry all the
rights to interest accrued and unpaid, and to accrue, which
• were carried by such other Bond.
13. The City shall transmit to the Bond Registrar on
or before February 1 or August 1 in each of the years 1985 _
through 2005 sufficient monies so that the Bond Registrar can
pay the interest and/or principal coming due on such February 1
or August 1. Interest on any Bond shall be paid on each
interest payment date by check or draft mailed to the person in
whose name the Bond is registered (the "Holder") on the
registration books of the City maintained by the Bond Registrar
and at the address appearing thereon at the close of business
on the fifteenth day of the calendar month next preceding such
interest payment date (the "Regular Record Date"). Any such
interest not so timely paid shall cease to be payable to the
person who is the Holder thereof as of the Regular Record Date,
and shall be payable to the person who is the Holder thereof-at
the close of business on a date (the "Special Record Date")
fixed by the Bond Registrar whenever money becomes available
for payment of the defaulted interest. Notice of the Special
Record Date shall be given by the Bond Registrar to the Holders
not less than 10 days prior to the Special Record Date.
14. The City and the Bond Registrar may treat the
person in whose name any Bond is registered as the owner of
such Bond for the purpose of receiving payment of principal of
• and premium, if any, and interest on (subject to the payment
provisions in paragraph 13 above), on, such Bond and for all
other purposes whatsoever whether or not such Bond shall be
overdue, and neither the City nor the Bond Registrar shall be
affected by notice to the contrary.
15. The Bonds when so prepared and executed shall be
delivered by the Treasurer to the Purchaser upon receipt of the
purchase price, and the Purchaser shall not be obliged to see
to the proper application thereof.
16. There is hereby created a special fund to be
designated "General Obligation Tax Increment Bonds of 1984,
Series B Fund" (the "Fund") to be held and administered by the
Treasurer separate and apart from all other funds of the City.
The Fund shall be maintained in the manner herein specified
until all of the Bonds and any general obligation tax increment
bonds hereinafter issued and made payable from the Fund and the
interest thereon have been fully paid. There shall be
14
•
/. ~\ -~
maintained in the Fund two separate accounts, to be designated
• the "Construction Account" and the "Debt Service Account",
respectively. The proceeds of the sale of the Bonds, less (a)
any accrued interest received thereon, (b) any amount paid for
the Bonds in excess of $588,236, and (c) capitalized interest
in the amount of $155,420 (together with interest earnings
thereon and subject to such other adjustments as are
appropriate to provide sufficient funds to pay interest due on
the bonds on or before 8/1/87 ), shall be credited to the
Construction Account, from which there shall be paid all costs
and expenses of the Project, including the cost of any
construction contracts heretofore let and all other costs
incurred and to be incurred of the kind authorized in Minnesota
Statutes, Section 475.65; and the moneys in said account shall
be used for no other purpose except as otherwise provided by
law; provided that the Bond proceeds may also be used to the
extent necessary to pay interest on the Bonds due prior to the
anticipated date of commencement of the collection of tax -
increments. There is hereby pledged and there shall be
credited to the Debt Service Account (a) all accrued interest
received upon delivery of the Bonds; (b) all funds paid for the
Bonds in excess of $588,236; (c) capitalized interest in the
amount of $ 155,420 (together with interest earnings
thereon and subject to such other adjustments as are
appropriate to provide sufficient funds to pay interest due on
the Bonds on or before 8/1/87 ); (d) tax increments
derived from the redevelopment district established pursuant to
• the Plan as a tax increment financing district (the "Tax
Increment Financing District") (e) any collections of all taxes
which may hereafter be levied in the event that the sums herein
pledged to the Debt Service Account are insufficient for the
payment of the principal and interest on the Bonds, (f) all
funds remaining in the Construction Account after completion of
the Project and payment of the costs thereof, and (g) all
investment earnings on funds held in the Debt Service Account.
The Debt Service Account herein created shall be used solely to
pay the principal and interest and any premiums for redemption
of the Bonds issued hereunder and any other general obligation
tax increment bonds of the City hereafter issued by the City
.and made payable fran said account as provided by law. Any
sums from time to time held in the Debt Service Account (or any
other City account which will be used to pay principal or
interest to become due on the Bonds) in excess of amounts which
under the applicable federal arbitrage regulations may be
invested without regard as to yield shall not be invested at a
yield in excess of the applicable yield restrictions imposed by
said arbitrage regulations on such investments after taking
into account any applicable "temporary periods" made available
under the federal arbitrage regulations. In addition, money in
the Fund shall not be invested in obligations or deposits
15
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issued by, guaranteed by or insured by the United States or any
• agency or instrumentality thereof if and to the extent that
such investment would cause the Bonds to be "federally
guaranteed" within the meaning of Section 103(h) of the
Internal Revenue Code of 1954, as amended.
17. The County Auditor of Ramsey County has certified
the original assessed value (as defined in Minnesota Statutes,
Section 273.73, Subdivision 7) of property in the Tax Increment
Financing District is $ 136,540 The County Auditor shall
determine in each year if the then current assessed value of
property in the Tax Increment Financing District exceeds the
original assessed value, and shall calculate, in the manner
provided in Minnesota Statutes, Section 273.76, Subdivision 3,
the captured assesed value (as defined therein) attributable to
the Tax Increment Financing District. The City hereby
determines to retain 100$ of the captured assessed value for
purposes of tax increment financing. The County Auditor shall,
in each such year, compute the mill rates to be extended
against the captured assessed value in the manner provided in
Minnesota Statutes, Section 273.76, Subdivision 3, and the tax
generated thereby shall constitute the tax increment revenue
for the year in which it is received.. The County Treasurer
will remit to the City the tax increment revenue so received
until the cost of the Project, including principal of the
interest on the Bonds, has been paid and the City has been
fully reimbursed for any principal of and interest on the Bonds
• which have been paid from any taxes levied.
18. On or before October 10 of each year, the
Clerk-Administrator shall certify to the County Auditor of
Ramsey County the amount of tax increments and any other sums
appropriated to. and then held in the Debt Service Account and
the estimated collections of tax increments to be received in
the next succeeding year. In the event that it is anticipated
that the aggregate of said sums will not be sufficient to pay
the principal and interest on the Bonds to become due in the
first calendar year thereafter and the first six months of the
succeeding calendar year, the City Council shall pass a
resolution requesting the County Auditor of Ramsey County to
levy an ad valorem tax in an amount as is necessary, together
with the aforementioned funds then held in the Debt Service
Account and said estimated collections of tax increments to pay
the principal and interest on the Bonds to become due during
said period.
•
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The tax increments are such that if collected in full
• they, together with estimated collections of 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 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 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.
19. The Clerk-Administrator is hereby directed to
file a certified copy of this resolution with the County
Auditor of Ramsey County, Minnesota, together with such other
information as he shall require, and to obtain from the Auditor
his certificate that the Bonds have been entered in the
Auditor's Bond Register.
20. The officers of the City are hereby authorized
and directed to prepare and furnish to the Purchaser of the
Bonds, and to the attorneys approving the legality of the
• issuance thereof, 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.
21. Notwithstanding any provisions herein to the
contrary the City reserves the right to terminate, reduce, or
apply to other lawful purposes the tax increments herein
pledged to the payment of the Bonds and interest thereon to the
extent and in the manner permitted by law.
17
The motion for the adoption of the foregoing
resolution was duly seconded by member Mayor Eaaert and
• upon vote being taken thereon, the following voted in favor
thereof:
Chestovich, Ciernia, Hard, Baldwin
and the following voted against the same: None
Whereupon said resolution was declared duly passed
and adopted.
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~'"~.
STATE OF MINNESOTA
COUNTY OF RAMSEY
• CITY OF FALCON HEIGHTS
I, the undersigned, being the duly qualified and
acting Clerk-Administrator of the City of Falcon Heights,
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 of said City, duly called and held on the date therein
indicated, insofar as such minutes relate to opening and
considering bids for, and awarding the sale of $600,000 General
Obligation Tax Increment Bonds of 1984, Series B of said City.
• WITNESS my hand and the seal of said City this 5th
day of November 1984.
~ ~~
Clerk-Administrator
(SEAL)
• 19
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SCHEDULE OF PRINCIPAL AND~IMTEREST PAYMENTS _
$600,000 GENERAL OBLIGATIfm TAX
INCREMENT BONDS, OF 1984, SERIES B
FALCON HEIGHTS, MINNESOTA
PAGE N0. 1
DATE PRINCIPAL RATE INTEREST TOTAL REGISTRAR FEE
8/ 1/1985 $42,390.00 $x'2,390.00 _.._________._____._
2/ 1/1986 $28,260.00 $28,260.00 __._______.__..____
81 1/1986 $28,260.40 $28,264.00 __.__.._______._____
2/ 1/1987 $28,260.00 $28,260.00 __.____.._________
8/ 1/1987 $28,260.00 $28,260.00 ____.________.___
2/ 1/1988 $5,000 8.000% $28,260.00 $33,260.00 ..__._.__._._________._
8/ 1/1988 $28,060.00 $28,060.00 __.__.,..___._.._____.__
2/ 1/1989 $10,000 8.000% $28,060.04 $38,060.00 _______.______,__,_,_
8/ 1/1989 $27,660.00 $27,660.00 _____.___________
21 111990 $15,044 8.000% $27,660.00 $42,660.04 ______,_______,.___,_
8/ 1/1990 $27,Ob0.00 $27,060.00 .__.____.________._
2/ 1/1991 $25,000 8.200% $27,060.00 $52,Ob0.Q0 ____________.___
8/ 1/1991 $26,035.00 $26,035.00 __..__,_______..__._._
2/ 1/1992 $25,000 8.400% $26x035.00 $51,035.40
8/ 111992 $24,9$5.00 $24,985.00 _______________.,,.
2/ 1/1993 $25,000 8.600:: $24,985.00 $49,985.00 _.._ ._......_.______..___
8/ 1/1993 $23,910.00 $23,910.00 ___.___.______, _ .,__
2/ 1/1994 $25,044 8.800% $23,914.00 $48,910.00 .________„_,___,_____
8/ 1/1994 $22,810.40 $22,810.00 ___.______.._.___..._._
2/ 1/1995 $25,000 9.040% $22,810.00 $47,810.00 __.~._.__________.__
8/ 1 / 1995 $21, 685.00 $21, 685.00 _._._______.__..__..__
2/ 1/1996 $35,000 9.200% $21,b85.00 $5b,685.00 _. _...,.,_,,.,_,_,____
i•
SCHEAULE OF P R 1'NC I PAL AND ~-' ~TEREST PAYMENTS
$600,000 GENF_RAL OBLIGATION TAX
INCREMENT BONDS, OF 1984, SERIES B
FALCON HEIGHTS, MINNESOTA
PAGE N0. 2
DATE PRINCIPAL RATE
ii
INTEREST TOTAL. REGISTRAR FEE
8/ 1/1996 $20,075.04 $20:075.00 ___.________.______._
2/ 1/1997 $40,000 9.404% $20,075.00 $b0,075.04 _,.,,__._____.__._.,.._..,._
8/ 1/1997 $18,195.40 $18,195.00 _._._.___.__.___.__.._
2/ 1/1998 $40, 000 9.600% $18,195.00 $5$,195.00 ____._______.._,__.,..
8/ 1/1998 $1b,275.00 $ib,275.00 ______.___._.__.____
2/ ii 1999 $40,000 .9.700% $1b,275.00 $5b,275.00 _______.____....___
8/ 1/1999 $14,335.00 $14,335.04 ___._._________.__
2/ 1/2000 $40,000 9.800% $14,335.00 $54,335.00 _____.._______._____
8/ 1/2000 $12,375.00 $12,375.00 _____________.__._
2/ 1/2001 $50,040 9.900% $12,375.04 $62,375.00 _.________..._._.__.._
8/ 1/2001 $9:900.00 $9,900.04 ___.__________._.__.
2/ 1/2042 $50,000 9.900% $9,904.00 $59,900.00 ___________..____
8/ 1/2002 $7,425.00 $7,425.00 ________._______
2/ 1/2043 $50,040 .9.900% $7,425.00 $57,425.00 _________.______
81 1 /2003 $~! , 950.00 $4 , 950.00 _.__ _____..____.__..._
2/ 1/2004 $50,000 9.900% $4,950.00 $54,950.00 ____._____._...____
8/ 1/2004 $2,475.00 $2,475.00 ___._._____._____._.__
2/ 1/2005 $50,000 9.900% $2,475.00 $52,475.00 _._____.___._____._,_
$600,000 $800,110.00 $1,400,110.00
PROGRAM "BRBOOK", COPYRIGHT EHLERS ~ ASSOC., INC. 1983