HomeMy WebLinkAboutResolution 2016-04411•
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Issuer: City of Lake Elmo, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on May 17, 2016, at 7:00 pm., at
the City Hall.
M en -lb ers present;
AJ
Members absent: No Nc,
Documents Attached:
Minutes of said meeting (including):
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $9,545,000 GENERAL OBLIGATION BONDS, SERIES 2016A
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.
Clerk�
It was reported that six (6) proposals for the purchase of $9,545,000 General Obligation
Bonds, Series 2016A were received prior to 10:30 A. 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:
Councilmember introduced the following resolution and moved its
adoption, which motion was seconded by Councilmember f
BE IT RESOLVED by the City Council, City of Lake Elmo, Minnesota (the "City"), as
follows:
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1.01. Authorization. This City Council, by resolution duly adopted on May 3, 2016,
authorized the issuance and sale of its General Obligation Bonds, Series 2016A (the "Bonds"),
pursuant to Minnesota Statutes, Chapters 429, 444 and 475, for the purpose of (a) financing
various improvement projects in the City (the "Improvements Project"), (b) financing various
street, water, sewer and storin water improvements in the City (the "Utility Project"), and (c)
funding costs of issuance of the Bonds (collectively, the "Project").
1.02. Sale. Pursuant to the Notice of Sale and the Preliminary Official Statement
prepared on behalf of the City by Northland Securities, Inc.,;municipal advisor to the'City, sealed
or electronic proposals for the purchase of the Bonds were received at or before the time
specified for receipt of proposals. The proposals have been opened, publicly read and considered
and the purchase price, interest rates and net interest cost -under the terms of each proposal have
been detennined. The most favorable proposal received is that of Stifel Nicolas & Co., Inc., in
Bin-ningham, Alabama (the "Purchaser"), to purchase the Bonds in the principal amount of
$9,545,000, at a price of $9,770,397.80 plus accrued interest of $3,711.94 on all Bonds to the
day of delivery and payment, on the further tenus and conditions hereinafter set forth. The
principal amount of the portion of the Bonds allocable to the Improvements Project ($2,690,000)
shall be designated as the "Improvement Bonds," and the principal amount of the portion of the
Bonds allocable to the Utility Project ($6,855,000) shall be designated as the "Utility Bonds."
1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor
and City Finance Director are hereby authorized and directed on behalf of the City to execute a
contract for the sale of the Bonds with the Purchaser in accordance with the Preliminary Official
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 from the purchase price paid at
settlement.
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
perfonned precedent to and in the valid issuance of the Bonds having been done, now existing,
having happened and having been perfon-ned, it is now necessary for the Council to establish the
foam and tenris of the Bonds, to provide security therefor and to issue the Bonds forthwith.
2,02.
Maturities-, Interest Rates- Denominations and rqVneal. The Bonds shall be
originally dated
as of June 1, 2016, shall be in the denomination 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:
Maturity
Improvement
Utility Bonds
Total
Rate
Bonds
2018
$245,000
395,000 $
640,000
2.000%
2019
250,000
405,000
655,000
2.000
2020
255,000
410,000
665,000
2.000
2021
265,000
425,000
690,000
2.000
2022
2651000
430,000
695,000
2.000
2023
275,000
4.05,000
710,000
2.000
2024
280,000
445,000
725,000
2.000
2025
280,000
455,000
735,000
2,000
2026
285,000
470,000
755,000
2.000
2027
290,000
475,000
765,000
2.000
2028
485,000
485,000
2.000
2029
490,000
490,000
2.000
2030
505,000
505,000
2.000
2031
510,000
510,000
2.000
2032
520,000
520,000
2.000
Tlie Bonds shall be issuable only in hilly registered forin. 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 depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and
interest shall be payable in accordance with the operational arrangements of the securities
depository,
2.03. Dates and Interest Payne it Dates. Upon initial delivery of the Bonds pursuant to
Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on
the Bonds shall be payable on January 15 and July 15 in each year, commencing
January 15, 2017, each such date being referred to herein as an Interest Payment Date, to the
persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at
the Registrar's close of business on the first day of the calendar month in which such Interest
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, Redem ion. Bonds maturing on January 15, 2025 and later years shall be subject
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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
(or, if applicable, by the bond depository in accordance with its customary procedures) in
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integral multiples of $5,000, on January 15, 2024, and on any date thereafter, at a price equal to
the principal amount thereof and accrued interest to the date of redemption. The City Finance
Director shall cause notice of the call for redemption thereof to be published if and as required
bylaw, 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, to the
Registrar and registered holders of any Bonds to be redeemed at their addresses as they appear
on the Bond Register described in Section 2.06 hereof, provided that notice shall be given to any
securities depository in accordance with its operational arrangements. No defect in or failure to
give such notice of redemption shall affect the validity of proceedings for the redemption of any
Bond 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 fi-om and after such date
(unless the City shall default in the payment of the redemption price) 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.
2.05. The City hereby appoints Noithland Trust Services,
Inc., in Minneapolis, Minnesota, as the initial Bond registrar, transfer agent and paying agent
(the "Registrar"). The Mayor and City Finance Director are authorized to execute and deliver,
on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the
Registrar with another corporation, if the resulting corporation is a bank or trust company
organized under the laws of the United States or one of the states of the United States and
authorized by law to conduct such business, such corporation shall be authorized to act as
successor;Registrar. The City agrees to pay the reasonable and customary charges of the
Registrar for the services performed. The City reserves the right to remove the Registrar,
effective upon not less than thirty days' written notice and -upon the appointment and acceptance
of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and
Bonds in its possession to the successor Registrar and shall deliver the Bond Register to the
successor Registrar.
2.06. Registration. The effect of registration and the rights and duties of the City and the
Registrar with respect thereto shall be as follows:
(a) RW �ster. The Registrar 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 exchanges 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,
trust, governmental unit, or other legal entity) in whose name a Bond is registered in the
Bond Register.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by
the Holder thereof or accompanied by a written instrument of transfer, in fonn
satisfactory to the Registrar, duly executed by the Holder thereof or by an attorney duly
authorized by the Holder in writing, the Registrar shall authenticate and deliver, in the
naive of the designated transferee or transferees, one or more new Bonds of a like
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aggregate principal amount and maturity, as requested by the transferor. The Registrar
may, however, close the books for registration of any transfer after the first day of the
month in which the interest payment date occurs and until such interest payment date,
(c) Exchange of Bonds. At the option of the Holder of any Bond in a
denomination greater than $5,000, such Bond may be exchanged for other Bonds of
authorized denominations, of the same maturity and a like aggregate principal amount,
upon surrender of the Bond to be exchanged at the office of the Registrar. Whenever any
Bond is so surrendered for exchange the City shall execute and the Registrar shall
authenticate and deliver the Bonds which the Bondholder making the exchange is entitled
to receive.
(d) Cancellation, All Bonds surrendered for payment, transfer or exchange shall
be promptly canceled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When any Bond is presented to the
Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that
the endorsement on such Bond or separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized, The Registrar shall incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(f) Persons Deemed Owners, The City and the Registrar may treat the person in
whose name any Bond is at any time registered in the Bond Register as the absolute
owner of the Bond, whether the Bond shall be overdue or not, for the purpose of
receiving payment of or on account of, the principal of and interest on the Bond and for
all other purposes; and all payments made to or upon the order of such Holder shall be
valid and effectual to satisfy and discharge the liability upon such Bond to the extent of
the sum or sutras so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except
for an exchange upon a partial redemption of a Bond), the Registrar may impose a charge
upon the owner thereof sufficient to reirnburse the Registrar for any tax, fee or other
governmental charge required to be paid with respect to such transfer or exchange.
(h) Mutilated, Lq� Stolen �®r D�estro �edBo�nds. In case any Bond shall become
mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like
amount, number, maturity date and tenor in exchange and substitution for and upon
cancellation of any such mutilated Bond or in lieu of and in substitution for any Bond
destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the
Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost,
upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed,
stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an
appropriate bond or indemnity in forni, substance and amount satisfactory to it, in which
both the City and the Registrar shall be named as obligees. All Bonds so surrendered to
the Registrar shall be canceled by it and evidence of such cancellation shall be given to
the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been
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called for redemption in accordance with its terms it shall not be necessary to issue a new
Bond prior to payment.
(i) Authenticating Agent, The Registrar is hereby designated authenticating
agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
0) —Valid Obligations. 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 Finance Director and shall be executed on behalf of the City by the
signatures of the Mayor and the City Finance Director, 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 signature or facsimile shall nevertheless be valid and sufficient
for all purposes, the same as if such officer had remained in office until the date of delivery of
such Bond. Notwithstanding such execution, no Bond shall be valid or obligatory for any
purpose or entitled to any security or benefit under this Resolution unless and until a certificate
of authentication on the Bond, substantially in the form provided in Section 2.09, has been
executed by the manual signature of an authorized representative of the Registrar. Certificates of
authentication on different Bonds need not be signed by the same representative. The executed
certificate of authentication on any Bond shall be conclusive evidence that it has been duly
authenticated and delivered under this Resolution. When the Bonds have been prepared,
executed and authenticated, the City Finance Director shall deliver them to the Purchaser upon
payment of the purchase price in accordance with the contract of sale theretofore executed, and
the Purchaser shall not be obligated to see to the application of the purchase price.
2.08, Securities -Depository, (a) For purposes of this section the following terms shall
have the following meanings:
"Beneficial Owner" shall mean, whenever used with respect to a Bond, the person in
whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the
records of such Participant, or such person's subrogee,
"Cede & Co." shall mean Cede & Co., the nominee of DTC, and any successor nominee
of DTC with respect to the Bonds.
"DTC" shall mean The Depository Trust Company of New York, New York,
"Participant" shall mean any broker -dealer, bank or other financial institution for which
DTC holds bonds as securities depository.
"Representation Letter" shall mean the Representation Letter pursuant to which the City
agrees to comply with DTC's Operational Arrangements.
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(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 ownership 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
payment of the principal of or interest on the Bonds,, selecting the Bonds or portions thereof to be
redeen-ied, if any, giving any notice pen-nitted or required to be given to registered owners of
Bonds Linder this resolution, registering the transfer of Bonds, and for all other purposes
whatsoever; and neither the Registrar nor the City shall be affected by any notice to the contrary.
Neither the Registrar nor the City shall have any responsibility or obligation to any Participant,
any person claiming a beneficial ownership interest in the Bonds under or through DTC or any
Participant, or any other person which is not shown on the Bond Register as being a registered
owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any
Participant, with respect to the payment by DTC or any Participant of any amount with respect to
the principal of or interest on the Bonds, with respect to any notice which is permitted or
required to be given to owners of Bonds under this resolution, with respect to the selection by
DTC or any Participant of any person to receive payment in the event of a partial redemption of
the Bonds, or with respect to any consent given or other action taken by DTC as registered owner
of the Bonds. So long as any Bond is registered in the name of Cede & Co., as nominee of DTC,
the Registrar shall pay all principal of and interest on such Bond, and shall give all notices with
respect to such Bond, only to Cede & Co. in accordance with DTC's Operational Arrangements,
and all such payments shall be valid and effective to fully satisfy and discharge the City's
obligations with respect to the principal of and interest on the Bonds to the extent of the sum or
surns so paid. No person other than DTC shall receive an authenticated Bond for each separate
stated maturity evidencing the obligation of the City to make payments of principal and interest.
Upon delivery by DTC to the Registrar of written notice to the effect that DTC has determined to
substitute a new nominee in place of Cede & Co., the Bonds will be transferable to such new
nominee in accordance with paragraph (e) hereof.
(c) In the event the City deten-nines that it is in the best interest of the Beneficial Owners
that they be able to obtain Bonds in the form of physical certificates, the City may notify DTC
and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC
of Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance
with paragraph (e) hereof DTC may determine to discontinue providing its set -vices with respect
to the Bonds at any time by giving notice to the City and the Registrar and discharging its
responsibilities with respect thereto under applicable law. In such event the Bonds will be
transferable in accordance with paragraph (e) hereof.
(d) The execution and delivery of the Representation Letter to DTC, if not previously
filed with DTC, by the Mayor or City Finance Director is hereby authorized and directed.
(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 forrit 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
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of this resolution shall also apply to all matters relating thereto, including, without limitation, the
printing of such Bonds in the or of physical certificates and the method of payment of
principal of and interest on such Bonds in the form of physical certificates.
2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at
EXHIBIT A attached hereto.
3,01. Proms' ect Fund
There is hereby created a special bookkeeping fund to be designated as the "General
Obligation Bonds, Series 2016A Project Fund" {the 'Project Fund"), to be held and administered
by the City Finance Director separate and apart from all other funds of the City. Within the
Project Fund are established the following accounts:
(a) Improvements Proiect Account. The Improvements Project Account shall
be credited with (i) $2,753,512,00 from the proceeds from the Bonds and (ii) all special
assessments collected with respect to the Improvements Project -until all costs of the
Improvements Project have been fully paid. The City Finance Director shall maintain the
Improvements Project Account until payment of all costs and expenses incurred in
connection with the construction of the linprovements Project have been paid.
(b) Utility Project Account. The Utility Project Account shall be credited
with $6,923,084.00 from the proceeds of the Bonds. The City Finance Director shall
maintain the Utility Project Account until all costs and expenses incurred by the City in
connection with the construction of the Utility Project have been paid.
From the Project Fund there shall 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 shall
be credited to the Bond Fund described in Section 4 hereof, unless and except as such proceeds
may be transferred to some other fund or account as to which the City has received from bond
counsel an opinion that such other transfer is permitted by applicable laws and does not impair
the exemption of interest on the Bonds from federal income taxes. In no event shall funds
remain in the Project Fund later than June 1, 2021.
SECTION 4. GENERAL OBLIGATION BONDSEERIE S 2016A BOND FUND. The Bonds
shall be payable from a separate General Obligation Bonds, Series 2016A Bond Fund (the "Bond
Fund") of the City, which shall be created and maintained on the books of the City as a separate
debt redemption fund until the Bonds, and all interest thereon, are hilly paid. Into the Bond Fund
shall be paid (a) any funds received from the Purchaser upon delivery of the Bonds in excess of
the amounts specified in Section 3 above; (b) special assessments levied and collected in
accordance with this Resolution except as otherwise provided in Section 3.01, clause (a) hereof;
(c) net revenues of the municipal water, sewer and storm water systems, such revenues to be
distributed ratably with respect to the Utility Bonds payable therefrom and any other obligations
of the City payable from the same source; (d) any taxes collected pursuant to Section 7 hereof;
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and (e) any other fonds appropriated by this Council for the payment of the Bonds, The principal
of and interest on the Bonds shall be payable from the Bond Fund, and the money on hand in the
Bond Fund from time to time shall be used only to pay the principal of and interest on the Bonds.
On or before each principal and interest payment date for the Bonds, the City Finance Director is
directed to remit to the Registrar from hinds on deposit in the Bond Fund the amount needed to
pay principal and interest on the Bonds on the next succeeding principal and interest payment
date.
There are hereby established two accounts in the Bond Fund, designated as the "Debt
Service Account" and the `{Surplus Account," There shall initially be deposited into the Debt
Service Account upon the issuance of the Bonds the amount set forth in clause (a) above.
Thereafter, during each bond year (each twelve month period commencing on January 16 and
ending on the following January 15, a "Bond Year"), as monies are received into the Bond Fund,
the City Finance Director shall first deposit such monies into the Debt Service Account until an
amount has been appropriated thereto sufficient to pay all principal and interest due on the Bonds
through the end of the Bond Year. All subsequent monies received in the Bond Fund during the
Bond Year shall be appropriated to the Surplus Account, If at any time the amount on hand in
the Debt Service Account is insufficient for the payment of principal and interest then due, the
City Finance Director shall transfer to the Debt Service Account amounts on hand in the Surplus
Account to the extent necessary to cure such deficiency. Investment earnings (and losses) on
amounts from time to time held in the Debt Service Account and Surplus Account shall be
credited or charged to said accounts.
If the balance in the Bond Fund is at anytime insufficient to pay all interest and principal
their due on all Bonds payable therefrom, the payment shall be made from any fund of the City
which is available for that purpose, subject to reirribursernent from the Surplus Account when the
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.
SECTION 5. SPECIAL ASSESSMENTS. The City hereby covenants and agrees that, for the
payment of the costs of the Improvements Project, the City has done or will do and perform all
acts and things necessary for the final and valid levy of special assessments in the principal
amount of $1,596,340, which is not less than 20% of the cost of the Improvements Project. The
principal of and interest on such special assessments are estimated to be levied and collected in
the years and arnounts shown on EXHIBIT B attached hereto. The principal of the assessments
shall be made payable in annual installments, with interest as established:by this Council in
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 eiriployees of the City, either in the
making of such special assessment or in the perforinance of any condition precedent thereto, the
City hereby covenants and agrees that it will forthwith do all such further things and take all such
farther proceedings as shall be required by law to make such special assessment a valid and
binding lien upon said property.
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SECTION 6. PLEDGE OF NET REVENUES, It is hereby found, detennined and declared that
the City owns and operates its municipal water, sewer and storm water systems as revenue -
producing utilities and as a convenience, and that the net operating revenues of the systems, after
deducting from the gross receipts derived from charges for the service, use and availability of the
systems the normal, current and reasonable expenses of operation and maintenance thereof, will
be sufficient, together with any other pledged funds, for the payment when due of the principal
of and interest on the Utility Bonds and on any other bonds to which such revenues are pledged.
Pursuant to Minnesota Statutes, Section 444.075, the City hereby covenants and agrees
with the registered owners from time to time of the Bonds that until the Bonds and the interest
thereon are discharged as provided in Section 8 or paid in full, the City will impose and collect
reasonable charges in accordance with said Section 444.075 for the service, use and availability
of its municipal water and storm water systems according to schedules sufficient to produce net
revenues sufficient, with other Rinds pledged to payment of the Utility Bonds, to pay the Utility
Bonds and any other bonds to which said net revenues have been pledged; and the net revenues,
to the extent necessary, are hereby irrevocably pledged and appropriated to the payment of the
Bonds and interest thereon when due. Nothing herein shall preclude the City from hereafter
making further pledges and appropriations of the net revenues of its municipal water, sewer and
storm water systems for payment of additional obligations of the City hereafter authorized if the
Council determines before the authorization of such additional obligations that the estimated net
revenues of the systems will be sufficient, together with any other sources pledged to the
payment of the outstanding and additional obligations, for payment of the outstanding bonds and
such additional obligations. Such finther pledges and appropriations of net revenues may be
made superior or subordinate to or on a parity with, the pledge and appropriation herein made.
Lgyy Years Collection Years Amount
See attached schedules
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 from other legally
available funds, in accordance with the provisions of Minnesota Statutes, Section 475.61.
SECTION 8. DEFEASANCE. When all of the Bonds have been discharged as provided in this
Section, all pledges, covenants and other rights granted by this Resolution to the Holders of the
Bonds shall cease. The City may discharge its obligations with respect to any Bonds which are
due on any date by depositing with the Registrar on or before that date a sum sufficient for the
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payment thereof in full-, or, if any Bond should not be paid when due, it may nevertheless be
discharged by depositing with the Registrar a sum sufficient for the payment thereof in Rill with
interest accrued from the due date 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 Registrar on or before that date an
amount equal to the principal, redemption premium, if any, and interest then due, provided that
notice of such redemption has been duly given as provided herein. The City may also at any
time discharge its obligations with respect to any Bonds, subject to the provisions of law now or
hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with the
Registrar or with a bank or trust company qualified by law to act as an escrow agent for this
purpose, cash or securities which are authorized by law to be so deposited for such purpose,
bearing interest payable at such times and at such rates and maturing or callable at the holder's
option on such dates as shall be required to pay all principal and interest to become due thereon
to maturity or, if notice of redemption as herein required has been irrevocably provided for, to an
earlier designated redemption date. If such deposit is made more than ninety days before the
maturity date or specified redemption date of the Bonds to be discharged, the City must have
received a written opinion of Bond Counsel to the effect that such deposit does not adversely
affect the exemption of interest on any Bonds from federal income taxation and a written report
of an accountant or investment banking firm verifying that the deposit is sufficient to pay when
due all of the principal and interest on the Bonds to be discharged on and before their maturity
dates or earlier designated redemption date.
SECTION 8. TAX COVENANTS: ARBITRAGE MATTERS AND CONTINUING
DISCLOSURE.
8.01. General Tax Covenant. The City agrees with the registered owners from time to
time of the Bonds that it will not take, or permit to be taken by any of its officers, employees or
agents, any action that would cause interest on the Bonds to become includable in gross income
of the recipient under the Internal Revenue Code of 1986, as amended (the "Code) and
applicable Treasury Regulations (the "Regulations"), and agrees to take any and all actions
within its powers to ensure that the interest on the Bonds will not become includable in gross
income of the recipient under the Code and the Regulations. All proceeds of the Bonds
deposited in the Project Fund will be expended solely for the payment of the costs of the Project.
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-
goverrunental person relating to the use of the Project, or any portion thereof, or security for the
payment of the Bonds which might cause the Bonds to be considered "private activity bonds" or
"private loan bonds" pursuant to Section 141 of the Code.
8.02. ALbitrayge, Certification. The Mayor and City Finance Director being the officers of
the City charged with the responsibility for issuing the Bonds pursuant to this Resolution, are
authorized and directed to execute and deliver to the Purchaser a certificate in accordance with
Section 148 of the Code, and applicable Regulations, stating the facts, estimates and
circumstances in existence on the date of issue and delivery of the Bonds which make it
reasonable to expect that the proceeds of the Bonds will not be used in a mariner that would
cause the Bonds to be "arbitrage bonds" within the meaning of the Code and Regulations.
H
8.03. Arbitrage Rebate. The City acknowledges that the Bonds are subject to the rebate
requirements of Section 148(f) of the Code. The City covenants and agrees to retain such
records, make such determinations, file such reports and documents and pay such amounts at
such times as are required under said Section 148(f) and applicable Regulations unless the Bonds
qualify for an exception from the rebate requirement pursuant to one of the spending exceptions
set forth in Section 1. 148-7 of the Regulations and no "gross proceeds" of the Bonds (other than
amounts constituting a "bona fide debt service Rind") arise during or after the expenditure of the
original proceeds thereof.
8.04. -Qualified Tax -Exempt Obligations. The City Council hereby designates the Bonds
as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code relating to
the disallowance of interest expense for financial institutions, and hereby finds that the
reasonably anticipated amount of tax-exempt obligations (within the meaning of Section
265(b)(3) of the Code) which will be issued by the City and all subordinate entities during
calendar year 2016 does not exceed $ 10,000,000.
8,05. Reimbursement. The City certifies that the proceeds of the Bonds will not be used
by the City to reimburse itself for any expenditure with respect to the Project which the City paid
or will have paid more than 60 days prior to the issuance of the Bonds unless, with respect to
such prior expenditures, the City shall have made a declaration of official intent which complies
with the provisions of Section I . 150-2 of the Regulations, provided that this certification shall
not apply (i) with respect to certain de minimis expenditures, if any, with respect to the Project
meeting the requirements of Section 1. 1 50-2(f)(1) of the Regulations, or (ii) with respect to
"preliminary expenditures" for the Project as defined in Section 1. 150-2(f)(2) of the Regulations,
including engineering or architectural expenses and similar preparatory expenses, which in the
aggregate do not exceed 20% of the "issue price" of the Bonds.
8.06. Continuing Disclosure. (a) Purpose and Beneficiaries. To provide for the public
availability of certain information relating to the Bonds and the security therefor and to pen -nit
the Purchaser and other participating underwriters in the primary offering of the Bonds to
comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities
Exchange Act of 1934 (17 C.F.R. § 240.1 Sc2-12), relating to continuing disclosure as in effect
and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds,
the City hereby makes the following covenants and agreements for the benefit of the Owners (as
hereinafter defined) from time to time of the outstanding Bonds. The City is the only obligated
person in respect of the Bonds within the meaning of the Rule for purposes of identifying the
entities in respect of which continuing disclosure must be made. If the City fails to comply with
any provisions of this section, any person aggrieved thereby, including the Owners of any
outstanding Bonds, may take whatever action at law or in equity may appear necessary or
appropriate to enforce performance and observance of any agreement or covenant contained'in
this section, including an action for a writ of mandamus or specific performance. Direct,
indirect, consequential and punitive damages shall not be recoverable for any default hereunder
to the extent penrlitted by law. Notwithstanding anything to the contrary contained herein, in no
event shall a default tinder this section constitute a default under the Bonds or under any other
provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a
Bond, the registered owner or owners thereof appearing in the bond register maintained by the
Registrar or any Beneficial Owner as hereinafter defined) thereof, if such Beneficial Owner
provides to the Registrar evidence of such beneficial ownership in form and substance
reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a
Bond, 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 entities 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, the
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, 2015, the following
financial information and operating data in respect of the City (the Disclosure
Information):
(A) the audited financial statements of the City for such fiscal year, prepared
in accordance with the goverrunental accounting standards promulgated by
the Govenuirental Accounting Standards Board or as otherwise provided
under Minnesota law, as in effect from time to time, or, if and to the extent
such financial statements have not been prepared in accordance with such
generally accepted accounting principles for reasons beyond the
reasonable control of the City, noting the discrepancies therefrom and the
effect thereof, and certified as to accuracy and completeness in all material
respects by the fiscal officer of the City; and
(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 Infoiniation—Valuations,"
-Tax Capacity Rates" and "--Tax Levies and Collections" and
"Su nary of Debt and Debt Statistics," which information may be
unaudited.
Notwithstanding the foregoing paragraph, if the audited financial statements are not available by
the date specified, the City shall provide on 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 is
updated as required hereby, from other documents, including official statements, which have
been submitted to the Municipal Securities Rulernaking Board (the MS ) through its
Electronic Municipal Market Access System (EMMA) or the SEC. The City shall clearly
identify in the Disclosure Infonnation each document so incorporated by reference. If any part
of the Disclosure Infortnation can no longer be generated because the operations of the City have
materially changed or been discontinued, such Disclosure Information need no longer be
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
12
is not included in the Disclosure hifori-nation and the City determines that certain specified data
regarding such replacement operations would be a Material Fact (as defined in paragraph (2)
hereof), then, from and after such determination, the Disclosure Information shall include such
additional specified data regarding the replacement operations. If the Disclosure Inforniation 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 Inforination 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.
(2) In a timely mariner, not in excess of 10 business days after the occurrence of the
event, to the MSRB through EA, notice of the occurrence of any of the
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 deterininations of taxability, Notices of Proposed Issue
(IRS Form 5701-TEB), or other material notices or detenninations with
respect to the tax status of the Bonds or other material events affecting the
tax status of the Bonds;
(G) modifications to rights of Bond holders, if material;
(H) Bond calls, if material and tender offers;
(1) defeasances;
(J) release, substitution, or sale of property securing repayment of the Bonds
if material;
(K) rating changes;
(L) bankruptcy, insolvency, receivership, or similar event of the obligated
person,
(M) the consurnination 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, other than in the ordinary course of business, the entry
into a definitive agreement to -undertake such an action or the tennination
of a definitive agreement relating to any such actions, other than pursuant
to its terins, if material; and
(N) appointment of a successor or additional trustee or the change of name of
a trustee, if material,
As used herein, for those events that must be reported if material, an event is material if a
substantial likelihood exists that a reasonably pludent investor would attach importance thereto
in deciding to buy, hold or sell a Bond or, if not disclosed, would significantly alter the total
information otherwise -available to an investor from the Official Statement, infoirnation disclosed
W
hereunder or information generally available to the public, Notwithstanding the foregoing
sentence, an event is also material if it would be deemed material for purposes of the purchase,
holding or sale of a Bond within the meaning of applicable federal securities laws, as interpreted
at the time of discovery of the occurrence of the event.
For the purposes of the event identified in (L) hereinabove, the event is considered to occur when
any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an
obligated person in a proceeding under the U.S. Bankniptcy Code or in any other proceeding
under state or federal law in which a court or governmental authority has assumed jurisdiction
over substantially all of the assets or business of the obligated person, or if such jurisdiction has
been assumed by leaving the existing governing body and officials or officers in possession but
subject to the supervision and orders of a court or governmental authority, or the entry of an
order confirming a plan of reorganization, arrangement or liquidation by a court or governmental
authority having supervision or jurisdiction over substantially all of the assets or business of the
obligated person.
(3) In a timely manner, to the MSRB through EMMA, notice of the occurrence of any
of the following events or conditions:
(A) the failure of the City to provide the Disclosure Information required
-under paragraph (b)(1) at the time specified thereunder;
(13) the amendment or supplementing of this section pursuant to
subsection (d), together with a copy of such amendment or supplement
and any explanation provided by the City under subsection (d)(2);
(C) the ten-nination of the obligations of the City under this section pursuant to
subsection (d);
(D) any change in the accounting principles pursuant to which the financial
statements constituting a portion of the Disclosure Information are
prepared; and
(E) any change in the fiscal year of the City.
(1) The City agrees to make available to the MSRB through EMMA, in an electronic
folmat as prescribed by the MSRB, the information described in subsection (b).
(2) All documents provided to the MSRB pursuant to this subsection (c) shall be
accompanied by identifying information as prescribed by the MS R-B from time to
time.
(d) Tenn; Amendments- lnte�tation.
(1) The covenants of the City in this section shall remain in effect so long as any
Bonds are outstanding. Notwithstanding the preceding sentence, however, the
obligations of the City under this section shall terminate and be without further
effect as of any date on which the City delivers to the Registrar an opinion of
E
Bond Counsel to the effect that, because of legislative action or final judicial or
administrative actions or proceedings, the failure of the City to comply with the
requirements of this section will not cause participating underwriters in the
primary offering of the Bonds to be in violation of the Rule or other applicable
requirements of the Securities Exchange Act of 1934, arnended, or any statutes
or laws successory thereto or amendatory thereof.
(2) This section (and the forin and requirements of the Disclosure Infon-nation) may
be amended or supplemented by the City from time to time, without notice to
(except as provided in paragraph (c)(2) hereof) or the consent of the Owners of
any Bonds, by a resolution of this Council filed in the office of the recording
officer of the City accompanied by an opinion of Bond Counsel, who may rely on
certificates of the City and others and the opinion may be subject to customary
qualifications, to the effect that: (i) such amendment or supplement (a) is made in
connection with a change in circumstances that arises from a change in law or
regulation or a change in the identity, nature or status of the City or the type of
operations conducted by the City, or (b) is required by, or better complies with,
the provisions of paragraph (b)(5) of the Rule; (ii) this section as so amended or
supplemented would have complied with the requirements of paragraph (b)(5) of
the Rule at the time of the primary offering of the Bonds, giving effect to any
change in circumstances applicable under clause (i)(a) and assuming that the Rule
as in effect and interpreted at the time of the amendment or supplement was in
effect at the time of the primary offering; and (iii) such amendment or supplement
does not materially impair the interests of the Bondowners under the Rule.
If the Disclosure Information is so amended, the City agrees to provide,
contemporaneously with the effectiveness of such amendment, an explanation of
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.
(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.
9.01 . Registration of Bonds. The City Finance Director is hereby authorized and
directed to file a certified copy of this resolution with the County Auditor of Washington County,
together with such additional infonnation as is required, and to obtain a certificate that the Bonds
and the taxes levied pursuant hereto have been duly entered upon the County Auditor's Bond
register.
9.02. Authentication of Trqqcrin . The officers of the City and the County Auditor are
hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey & Whitney
LLP, Bond Counsel, certified copies of all proceedings and records relating to the Bonds and
such other affidavits, certificates and information as may be required to show the facts relating to
the legality and marketability of the Bonds, as the same appear from the books and records in
M
their custody and control or as otheiwise known to them, and all such certified copies, affidavits
and certificates, including any heretofore ftimished, shall be deemed representations of the City
as to the correctness of all statements contained therein.
9.03. Official Statement, The Preliminary Official Statement relating to the Bonds,
dated as of May 9, 2016 prepared and distributed by Northland Securities, Inc., is hereby
approved. Northland Securities, Inc., is hereby authorized on behalf of the City to prepare and
distribute to the Purchaser within seven business days from the date hereof, a Final Official
Statement listing the offering price, the interest rates, selling compensation, delivery date, the
undeiivriters and such other information relating to the Bonds required to be included in the
Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission under
the Securities Exchange Act of 1934. The officers of the City are hereby authorized and directed
to execute such certificates as maybe appropriate concerning the accuracy, completeness and
sufficiency of the Official Statement.
9.04. Authorization of Payment of Certain Costs of Issuance of the Bonds. The City
authorizes the Purchaser to forward the amount of Bond proceeds allocable to the payment of
issuance expenses to the Registrar on the closing date for fin-ther distribution as directed by
Northland Securities, Inc.
9.05. Effective Date. This resolution shall be in fall force and effect from and after its
passage.
Upon vote being taken thereon, the following voted in favor thereof -
and the following voted against the same:
whereupon the Resolution was declared duly passed and adopted.
a
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF MINNE SOTA
COUNTY OF WASHINGTON
CITY OF LAKE ELMO
GENERAL OBLIGATION BONDS,
SERIES 2016A
R-
Interest Rate _Maturity Date
—% January 15, 20_
REGISTERED OWNER: CEDE & CO.
Date of Original Issue
June 1, 2016
CITY OF LAKE ELM , 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, 2017 (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 composed of twelve 30-day months,
The interest hereon and, upon presentation and suiTender 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 .all 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 $9,545,000
issued pursuant to a resolution adopted by the City Council on May 17, 2016 (the "Resolution"), to
finance various street, water, sewer and storm water improvements and to fond 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 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 fith 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,
Bonds maturing on January 15, 2025 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 (or, if applicable, by the Bond depository
in accordance with its customary procedures) in multiples of $5,000, on January 15, 2024, and on any
date thereafter, at a price equal to the principal amount thereof and accrued interest to the date 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' addresses 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 Bond 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 price) such Bonds or
portions of Bonds shall cease to bear interest. Upon partial redeniption 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 Bond is
transferable upon the books of the City at the principal office of the Registrar, by the registered owner
hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together
with a written 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
denorninations . Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in
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 date; 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 Code of 1986, 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 aifected by
any notice to the contrary.
Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name
of Cede & Co., as nominee of The Depository Trust Company, or in the narne 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 Depository 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 (lone, do exist, have
I
happened and have been performed as so required, that, prior to the issuance hereof, the it 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, sewer and storm
water systems and special assessments upon property specially benefited by the local improvements
financed with the Bonds, winch taxes, revenues and assessments are estimated to be collectible in years
and amounts sufficient to produce sums not less than 5% 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
Bonds, Series 2016 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
Bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its
actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or
statutory limitation of indebtedness,
This Bond 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 Finance Director and has caused this Bond to be dated as of the
date set forth below.
CITY OF LAKE ELMO, MINNESOTA
(facsimile signature — City Finance Director) {facsimile signature — Mayor)
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication:
NORTHLAND TRUST SERVICES, INC.,
as Registrar
By
Authorized Representative
I
The following abbreviations, when used in the inscription on the face of this Bond, shall be
I
construed as though they were written out in full according to the applicable laws or regulations:
TEN COM --as tenants in corn UTMA ..... _ . ,. as Custodian for........ ......
{Cost) (Minor)
TEN ENT --as tenants by the entireties under Unifonn Transfers to Minors act ...... . _
(State)
TT TEN --as joint tenants with right of survivorship and not as tenants in con nion
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 fall power of
substitution in the premises,
Dated: I
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
z:1
Registrar, which requirements include membership or participation in STAMP or such other "signature
guaranty program" as may be determined 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 OR
OTHER 11)ENTIFYING NUMBER OF
ASSIGNEE:
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Special Assessments and Tax Levies
Im rovemet
Improvement
--iew er
Asses.
Levy
DTAsses, CST LevV
Asses,
Total Asses.
Total C °y
66,146.06
62,266.94
53,23035 127,044.65
43,774, 6
163,205.77
1 , 13.5
66,146.06
65 416.94
53,280 33 123,999.67
43,779.36
168,205-7
1 ,413.61
66;146.05
63,213.95
59,280,33 126,2 4.67
43,779.36
169,20514
1.59,41&62
66.146.f}7
66,253.93
5819_0+35 12a 304.65
43779 35
16%205.77
1 4,563.53
66,,146M
63,943.95
58,290.34 125,3 49.66
43,77936
1.E , fl .7a
188,998.61
66,146,0
66,63&94
58,290.53 127, .67
43,779-36
16 ,205-75
193,933.61
66,146.06
64, 73.94
58,290.34 123, 34r66
4 ,779-35
1%2.05.7
193,
66,14&C,6
62,058.94
53,290 35 125,469.65
43,779.35
163,20,,5. 6
1 7,528-59
66,146.05
64.393.95
58.290-3,9 12 f)D4 7
4A 77q f;
t Qq Mr.. -7A
I rzA goo r
43,779,36
43779.35
The undersigned, being the duly qualified and acting County Auditor of Washington
County, Minnesota, hereby certifies that there has been filed in any office a certified copy of a
resolution duly adopted on May 17, 2016, by the City Council of Lake Elmo, Minnesota, setting
forth the form and details of an issue of $9,545,000 General Obligation Bonds, Series 2016A
dated the date of issuance thereof
I further certify that the issue has been entered on my bond register and the taxes required
by la-vv have been levied as required by Minnesota Statutes, Sections 475.61 to 475,63.
WITNESS any hand and official seal on the _ day of 2016.
Washington County Auditor
EM