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HomeMy WebLinkAboutRESOLUTION 2017-046 BondingIssuer: City of Lake Elmo, Minnesota Kind, date, time and place of imeeting: A regular meeting held on May 16, 2017, at 7:00 .m., at the City Hall. _ Members present: Mayor Pearson, Councilmembers Justin Bloyer, Julie Flit et, Jill Lundgren and Christine Nelson Members absent: None Documents Attached: Minutes of said meeting (including) RESOLUTION NO.; 2017-046 RESOLUTION AUTHORIZING ING ISSUANCE, AWARDING SALE; PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $9,045,000 GENERAL OBLIGATION BONDS, SERIES 2017 ; I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody; from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies; of all resolutions and other actions taken and of a]I documents approved by the governing body at said meeting, so far as they relate to said bonds, and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 1 th day of May, 2017. ity Clerk It was reported that five (5) proposals for the purchase of $9,045,000 General Obligation Bonds, Series 2017A were received prior to 10:30 A.M., Central Time, pursuant to the Official Statement distributed to potential purchasers of the Bonds by Northland Securities, Inc., municipal advisor to the City. The proposals have been publicly opened, read and tabulated and were found to be as follows: All 411 R NOTHLAND w� SECURITIES RPRELMUA— AWARD-FTN FINANCIALAPI MARKETS DATE 3F SDAY, MAY 1 ,, 201'7 TRUE PURCHASE T DTFEMT BIDDER PRICE INFEREST COST COST' (TIC FTN FINANCIAL CAPITAL RKETS $9, 20, 53,9S $1 616,81 ,17 120 7508 3 Memphis, TN OB R.'T W, BAIRD & CO, IN $9,829,326,35 $1, i75,S93,23 12 00207% 'Nldwaukee, Uri STIFEL NICOLAUS & CO, C- $9, 7 :35.5 $1,661,824;08 2.2938359% B' izingham, AL PIPERIAFFRAY $9,801l5,7 $1 °7 3,803.S3 2,3021 1 0 Mumeapobs. NIN RA 1110 D JAMBS & ASSOClATES, INC, S9,796,51CM $1 759,272. 2. 7 3 51 Ie Plasi T issue to lbtds**f4div&n and the s4�*vL�a 152,264078% XWo Office 45 Svmh 7th SteK S ` e M ; Mmampoliz, Mumma 5542 Main Office ToU Free 1-800451A? 20 and,. N Councilmember Bloyer introduced the following resolution and moved its adoption, which motion was seconded by Councilmember Lundgren: ANN W-1-- H BE IT RESOLVED by the City Council, City of Lake Elmo, Minnesota (the "City"), as follows: Y 11F puTIM.Put 7invian oi me portion or me bonas anocame to Me Equipment k;s/- /Jy(,,F A designated as "Equipment Bonds" and does not exceed 0.25 percent of the market value of taxable property ill the City ($3,444,612). 1.03. Award. 7Me sale of the Bonds is hereby awarded to the Porchaser, and the Mayor and City Admillitstrator are hereby authorized and directed on behalf of the City to execute a contract for the sale of the Bonds with the Purchaser in A" Statement. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered, and shall be deducted • the purchase price paid at settlement, MNGNMiMMVHN3M IMA MINIUMN 2.01. Issuance of Bonds. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, now existing, havini hanneied ani h, jcjjijjftn[ , or 1_6 NE412=11#1 � 4 A &11W 2.022. Maturities-, Interest Rates Denominations and RMent. The Bonds shall be I originally dated as of June 8, 2017, shall be in the denoinination of $5,000 each, or any integral multiple thereof, of single maturities, shall mature on January 15 in the years and amounts stated below, and shall bear interest from date of issue until paid or duly called for redemption, at the annual rates set forth opposite such years and amounts, as follows - Improvement utility Equipment 1Vl4t �It Bonds Bonds Bonds 2019 $385,000 $250,000 $25,000 2020 395,000 260,000 30,000 2021 400,000 260,000 30,000 2022 410,000 270,000 30,000 2023 425,000 275,000 30,000 2024 435,000 285,000 30,000 2025 445,000 290,000 30,000 2026 455,000 300,000 30,000 2027 465,000 300,000 35,000 2028 480,000 310,000 2029 315,000 2030 325,000 2031 335,000 2032 345,000 2033 360,000 Total Rate $660,000 2.500% 685,000 2.500 690,000 1500 710,000 1500 73000 2.500 750,000 2.500 765,000 2.500 785,000 2.500 800,000 2.500 790,000 2.500 315PO 2.500 3251000 2,750 335,000 3.000 345,000 3.000 360,000 1000 The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein, provided that so long as the Bonds are registered in the name of a securities d,-gositQr;.i,-or a nominee thereof � in acco interest shall be payable 'in accordance with the operational arrangements of the securities depository. I Payment Date occurs, whether or not such day is a business day. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months. 2.04. Red9t9plion, Bonds maturing on January 15, 2026 and in later years shall be sub ect to redem, tion and re a ent at the o tion of the Cit in whole or in art in such (a) &��. The Regi4= shall keep at its principal corporate trust office a register (the "Bond Register") in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and ® of Bonds entitled to be registered, transferred or exchanged. The term Holder or Bondholder as used herein shall mean the person (whether a natural person, corporation, association, partnership, III fiff .-CAW, trust,6vv unit, or other letal entit�*LivI R A A� Bond Register. M ? §�. ■ � . .r ©.. <:«< » »� «. <— »� ���� .�< . . . ■ �� �� . � �- » � . » ■ �_ �� � ■�. . 4 » � ■ « .� ■ : � ®�� ■ � »��. � � », .°w,� < :. <. �. » z,��!©. �� ., .a » <■.<,�.,< ., � � w ■� . � 4 � <-, ,. ?� » a ».� . a ■� � � � � >� � . <. ■w 4 � »: r ©?�: � s � :a„ : -� � ■ . :,r �. ., a.. .r,,■<a. ..r <«� »:» >:�■.���»:.�: ©���. «.�<».»�. m.w.� � �� « � � �� � $ . » w¥ � y: . . .. . ■, 2 » . 4 � , � ■ w � : ■. °<. . . «. »». »«, . , ». <.. ?.a�..■ <.�? �.: » ©� m 0 Bond prior to payment. (i) AuthenticatingAggil The Registrar is hereby designated authenticating agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1, as amended. 0) yalid Qbhgqjj,ns. All Bonds issued upon any transfer or exchange of Bonds shall be the valid obligations of the City, evidencing the same debt, and entitled to the same benefits under this Resolution as the Bonds surrendered upon such transfer or exchange. 2.07, Execution, Authentication and Delivery, The Bonds shall be prepared under the direction of the City Administrator and shall be executed on behalf of the City by the signatures of the Mayor and the City Adminis� provided that the signatures may be printed, engraved or lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond such si ature or facsimile sh 11 evertbel "DTC" shall mean The #©< Trust Company of New York�, New York. I "Participant" shall mean any broker -dealer, bank or other financial institution for which DTC holds bonds as securities depository. (b) The Bonds shall be initially issued as separately authenticated fully registered bonds, and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon initial issuance, the ownefship of such Bonds shall be registered in the Bond Register in the name of Cede & Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of • f the rinci a i ii __ Mrs• (d) The execution and delivery of the Representation Letter to ITC, if not previously filed with DTC, by the Mayor or City Administrator is hereby authorized and directed. I (e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09. Forin of Bonds. The Bonds shall be prepared in substantially the form found at EXHIBIT A attached hereto. There is hereby created a special bookkeeping fund to be designated as the "General Obligation Bonds, Series 2017A Project Fund" (the "Project Fund"), to be held and administered by the City Administrator separate and apart from all other funds of the City. Within the Project Fund are established the following accounts - (a) ImpLovements Project Account. The Improvements Account shall be credited with (i) $4,408,111.93 from the proceeds from the Bonds and (ii) all special assessments collected with respect to the improvements until all costs of such improvements have been fully paid. The City Administrator shall maintain the lra�hcnts Account with the construction of the Improvements Project have been paid. "ME M. •M.- onst 11"Ell III cc, ion u INCN 111QJ11'"t *J LIM k-Ity 11 1 L W1 I it �r-iul 41111t I the Equipment have been paid, From the Project Fund there §Ul be paid all costs and expenses related to the construction and acquisition of the Project. After payment of all such costs and expenses, the Project Fund shall be terminated. All funds on hand in the Project Fund when terminated sha I be credited to the Bond Fund described in Section 4 hereof, unless and except as such procce may be transferred to sorne other fund or account as to which the City has received from bon ciwei k* *4 611 i 11M UNIONISM 0 ROD If the balance in the Bond Fund is at any time insufficient to pay all interest and pti:ncipal then due on all Bonds payable thereftom, the payment shall be made from any fund of the City r#'O 4��f4 balance therein is sufficient, and the City covenants and agrees that it will each year levy a sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory limitation. M accordance with law on unpaid installments thereof from time to time remaining unpaid. In the event any special assessment shall at any time be held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the City or by this Council or by any of the officers or employees of the City, either in the making of such special assessment or in the performance of any condition precedent thereto, the low Levy Years Collection Years Amount See attached schedules In The taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the tax levies fi-oni other legally available funds, in accordance with the provisions of Minnesota Statutes, Section 475.61, NONNI SECTION 9. TAX COVENANTS; ARBITRAGE MATTERS A �4D CONT!NA DISCLOSURE. y r e payme 7 ecos S 0 e ro The Project is and will be owned and maintained by the City and available for use by members of the general public on a substantially equal basis. The City shall not enter into any lease, management contract, use agreement, capacity agreement or other agreement with any non- governmental person relating to the use of the Project, or any portion thereof, or security for the a m Sond, any person or entity Which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such Bond (including persons or enes holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of the Bond for federal income tax purposes. (b) information To Be Disclosed. The City will provide, in the manner set forth in subsection (c) hereof, either directly or indirectly through an agent designated by the City, tile following information at the following times- (1) on or before twelve (12) months after the end of each fiscal year of the City, commencing with the fiscal year ending December 31, 2016, the following financial information and operating data in respect of the City (the Disclosure Information): (B) to the extent not included in the financial statements referred to in paragraph (A) hereof, the information for such fiscal year or for the period most recently available of the type contained in the Official Statement under the headings- "Economic and Financial Information —Valuations," '�—Tax Capacity Rates" and "--Tax Levies and Collections" and "Summary ► Debt and Debt Statisticswhich information may • unaudited. M Notwithstanding the foregoing paragraph, if the audited financial statements are not available by the date specified, the City shall provide can or before such date unaudited financial statements and, within 10 days after the receipt thereof, the City shall provide the audited financial statements. Any or all of the disclosure Information may be incorporated by reference, if it i updated as required hereby, From other documents, including official statements, which have been submitted to the Municipal Securities Rulemaking Board (the MS ) through its Electronic Municipal Market Access System. (EMMA) or the SEC. The City shall clearly identify in the Disclosure Information each document so incorporated by reference. If any part of the Disclosure Information can no longer be generated because the operations of the City have materially changed or been; discontinued, such Disclosure Information need no longer b provided if the City includes in the Disclosure Information a statement to such effect; provided, however, if such operations have been replaced by other City operations in respect of which data is not included in the Disclosure Information and the City determines that certain specified data regarding such replacement operations would be a Material Fact as defined in paragraph ) hereof), then, from and after such: determination., the Disclosure Information shall include such. additional specified data regarding the replacement operations. If the Disclosure Information is changed or this section is amended as permitted by this paragraph b)(1) or subsection (d), then. the City shall include in the next Disclosure Information to be delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment and the effect of any change in the type of financial information or operating data provided: In a timely manner, not in excess of i business days after the occurrence event, to the MSRB through EMMA, notice of the occurrence of following events (each a "Material Fact," as hereinafter defined): (A) principal and interest payment delinquencies; (B) non-payment related defaults, if material; (C) unscheduled draws on debt service reserves reflecting financial difficulties; (D) unscheduled draws on credit enhancements reflecting financial difficulties; (E) substitution of credit or liquidity providers, or their failure to perform; (F) adverse tax opinions, the issuance by the Internal ;revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB),;or other material notices or determinations with respect to the tax status of the Bonds or other material events affecting the tax status of the Bands; (G) modifications to rights of Bond holders, if material; ( ) Bond calls, if material and tender offers; I) defeasances; (J) release, substitution., or sale of property securing repayment of the Bands if material; (K.) rating changes; (L) bankruptcy, insolvency, receivership, or similar event of the obligated. person, M the consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, ether than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and appointment of a successor or additional trustee or the change of name of a trustee, if material. In a timely manner, to the MSRB through EMMA notice of the occurrence of any of the following events or conditions: x Y t (1) The City agrees to make available to the MSRB through EMMA, in an clectronic format as prescribed by the MSRB, the infbrmafion described in subsection M. (2) All documents provided to the MSRB pursuant to this subsection (c) shall be accompanied by identifying information as prescribed by the MS from time to time. (d) Tenn; Amendments; InterDretation. • q 11 11 11 Mill- ill • H I ill,, A 11% N If the Disclosure Inf6tniation is so amended, the City agrees to provide, . I iiii 111�11gii -L"Itq conternicoraneousl the reasons for the amendment and the effect, if any, of the change in the type of financial information or operating data being provided hereunder. U9 (3) This section is entered into to comply with the continuing disclosure provisions of the Rule and should be construed so as to satisfy the requirements of paragraph (b)(5) of the Rule. 10.01. Reeistfation of Bonds. The City Administrator is hereby authorized and directed to file a certified copy of this resolution with the County Auditor of Washington County, together with such additional inforniation as is required, and to obtain a certificate that the Bonds and the taxes levied pursuant hereto have been duty entered upon the County Auditor's Bond regi ster. 10.02. Authentication of Iran t. The officers of the City and the County Auditor are hereb authorized and • to re are and furnisli to the Purch ser 10.05. Effective Date, This resolution shall be in full force and effect from and after its passage. M Upon vote being taken thereon, the following voted in favor thereof- Pearson, Bloyer, Flifiet, Lundgren, Nelson. and the following voted against the same: None, whereupon the Resolution was declared duly passed and adopted. m MV-1,11=11=111111 Emmemmmmmill I 1"W4 111414 U11 SERIES 2017A R-_ Interest Rate Maturity Date —% January 15, 20_ REGISTERED OWNER: CEDE & CO: lig Date of Original Issue CUSIP No. CITY OF LAKE ELMO, State of Minnesota (the "City") acknowledges itself to be indebted and for value received hereby promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above on the maturity date specified above and promises to pay interest thereon from the date of original issue specified above or from the most recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, at the annual interest rate specified above, payable on January 15 and July 15 in each year, commencing January 15, 2018 (each such date, an "Interest Payment Date"), all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. The interest so payable on any Interest Payment Date shall be paid to the person in whose name this Bond is registered at the close of business on the first day (whether or not a business day) of the calendar month in which such Interest Payment Date occurs. Interest hereon shall be computed on the basis of a 360-day year cornposed of twelve 30-day months. The interest hereon and, upon presentation and surrender hereof at the principal office of the agent of the Registrar described below, the principal hereof are payable in lawful money of the United States of America by check or draft drawn on Northland Trust Services, Inc., Minneapolis, Minnesota, as Bond registrar, transfer agent and paying agent, or its successor designated under the Resolution described herein (the "Registrar") or other agreed -upon means of payment by the Registrar or its designated successor. For the prompt and full payment of such principal and interest as the same respectively come due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged, This Bond is one of an issue (the "Bonds") in the aggregate principal amount of $9,045,000 issued pursuant to a resolution adopted by the City Council on May 16, 2017 (the "Resolution"), to finance various street, water, stormwater, and sewer improvements in the City, and various items of capital equipment and to fund the costs of issuance of the Bonds. This Bond issued by authority of and in strict accordance with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapters 412.301, 429, 444 and 475. For the full and prompt payment of the principal of and interest on the Bonds as the same become due, the full faith, credit and taxing power of the City have been and are hereby irrevocably pledged. The Bonds are issuable only in fully registered form, in the denomination of $5,000 or any integral multiple thereof, of single maturities. . Bands maturing on January 15, 2026 and later years shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity; by lot as selected by the Registrar (car, if applicable, by the Bond depository in accordance with its customary procedures) in multiples of $5,000, on January 15, 2€12 s and on any dine thereafter, at a price equal to the principal amount thereof and accrued interest to the crate of redemption. The City shall cause notice of the call for redemption thereof to be published if and to the extent required by law; and at least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice of call for redemption to be mailed; by first class mail (or, if applicable, provided in accordance with the operational arrangements of the securities depository), to the registered holders of any Bonds, at the holders' adhesses as they appear on the Bond register maintained by the Bond Registrar, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any fond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the ;redemption Trice) such Bonds or portions of Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge; representing the remaining principal amount outstanding. As provided in the Resolution and subject to certain limitations set forth therein, this Bland is transferable upon the books of the City at the principal office of the .Registrar, by the registered yawner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the 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 i the name of the designated transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and: maturing on the same elate; subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to any such transfer or exchange. The Bonds have been designated by the City as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Internal Revenue Cade of lq o, as amended. The City and the 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 as herein provided and for all other purposes, and neither the City nor the Registrar shall be affected by any notice to the contrary. Notwithstanding any ether provisions of this Bond, so long as this Bond is registered in the name of Cede & Co. as nominee of The repository Trust Company, or in the name; of any other nominee of The Depository Trust Company or other securities depository, the Registrar shall pay: all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of The repository Trust Company or other securities depository as agreed to by the City. 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; that, prior to the issuance Hereof, the City Council has by the Resolution covenanted and agreed to collect and apply to payment of the bonds ad valorem taxes levied on all taxable property in the City, certain net revenues of its Municipal water, stormwater, and sewer systems and special assessments upon property specially benefited by the local improvements financed with the Bonds, which taxes, revenues and assessments are estimated to be collectible in years and amounts sufficient to produce satins not less than % in excess of the principal of and interest on the Bonds when due, and has appropriated such assessments, revenues and taxes to its General Obligation gation Bonds, Series 2017 Bond Fund for the payment of such principal and interest, that if Necessary for the payment of such principal and interest, additional ad valorem taxes are required to be levied upon all taxable property in the City, without limitation as to rate or amount, that all proceedings relative to the projects financed by this Bond have been or will be taken according to law and that the issuance of this Band, together with all other indebtedness of the City outstanding on the date Hereof and on the elate of its actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness: This Band shall not be valid; or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Registrar by manual: signature of one of its authorized representatives. IN WITNESS WHEREOF, the City has caused this Bond to be executed on its behalf by the facsimile signatures of its Mayor and City: Administrator and has caused this Bond to be dated as of the date set forth below. CITY OF LAKE ELMO, MINNESOTA ...... w (facsimile signature — City Administrator) (facsimile signature — Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution Mentioned within Date of Authentication; NORTHLAND as Registrar By Authorized Representative 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 the applicable laws or regulations: TEN CO M --as tenants in common UTMA .... .. _. . as Custodian for .............. (Cast) (Minor) TEN ENT --as tenants by the entireties under Uniform Transfers to M inors Act .. _ _ _.. (State) IT TEN --as joint tenants with right of survivorship and not as tenants in conunon Additional abbreviations may also be used. 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 enlargement or any change whatsoever. Signature Guaranteed: Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such other "signature guaranty program" as may be detennined by the Registrar in addition to or in substitution for STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. PLEASE INSERT SOCIAL SECURITY 0 OTHER IDENTIFYING NUMBER 0 ASSIGNEE— -1 W Special Assessments and Tax Lvi s Levy Collection Improvement Equipment UM I i a ou oini I+�+� i u M o u i is u� ni iu� p u TOTAL ... *. « * 1 The undersigned, being the duly qualified and acting County Auditor of Washington County, Minnesota, hereby certifies that there has been filed in my office a certified copy of resolution duly adopted on May 16, 2017, by the City Council of Lake Elmo, Minnesota, setting forth the form and details of issue of $9,045,000 General Obligation Bonds, Series 2017A dated the date of issuance thereof:. I further certify that the issue has been entered on my bond register and the taxes required WITNESS my hand and official seal on the day of 2017. Washington County Auditor