Loading...
HomeMy WebLinkAboutResolution 4358 . . . RESOLUTION NO. 4358 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING A WAGE ADJUSTMENT FOR PAUL HARRINGTON CITY PLANNER WHEREAS, Paul Harrington is a regular full-time employee who began working for the City of Mounds View on September 17, 1990; and WHEREAS, Mr. Harrington's work performance has fulfilled the responsibilities of City Planner as outlined in the City Planner job description; and WHEREAS, his work performance has been satisfactorily reflected in his annual performance review; and WHEREAS, a Step 2 wage adjustment that is consistent with the City's compensation policy is recommended. NOW, THEREFORE, BE IT RESOLVED that the Mounds View City Council hereby approve a wage adjustment for Paul Harrington from $2588.73/month to $2750.52/month effective 4/14/93. Presented this 12th day of April, 1993. ( SEAL) (ATTEST) . . . EXTl~CT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF MOUNDS VIEW, MINNESOTA HELD: April 12, 1993 Pursuant to due call and notice thereof, a regular or specia~ meeting of the City council of the City of Mounds View, Ramsey County, Minnesota, was duly held at the City Hall in said City on the 12th day of April, 1993, beginning at 7:00 o'clock _.M. for the purpose in part of authorizing the competitive negotiated sale of the $720,000 General Obligation Tax Increment Refunding Bonds, Series 1993B, of said City. The following Councilmembers were present: "':"-- I-layor Linke, Councilmembers Huori, Rickaby, Blanch~rd~i..s:kaby and the following were absent: ~ ~ ~.$~"j'" GENERAL '. ''Ii",:":',, ~ntroduced \. '\, l' ", \. -;./! \: " RESOLUTION 4359 \\ D~N.;U:;D RESOLUTION PROVIDING'FOR \~ _ \.1., THE COMPETITIVE NEG9TI~TED ," "-". ,i;,. SALE OF $720\',00'0.....'~ IIW. ~.~\. OBLIGATION TAX INCREMEN.T REFUNDING SERIES 1993131\" "-t: .,~:" BONDS, Councilmember Quick resolution and moved its adoption: the following .. : .~\ " ~ \ ~ A. WHERE1\.S..,--the"-Ci.ty \~oun€il of the city of Mounds View, Minnesota, hi~ heretofor~ d~termined that it is necessary and expedient tql1ss~ the Cit~'s. $720,000 General Obligation Tax Increment Refunding Bonds, Ser:i!es 1993B (the "Bonds"), to refund in advance of ~aturiti\the 199fl through 2005 maturities of the City's General Obligati0n TaxJIncrement Bonds, Series 1989B, ~'\ .!.r dated November 1, 1989; -and l \ /~ B. WHEREAS, t~~'''/Ci ty has retained Springsted Incorporated, in Saint Paul, Minnesota ("Springsted"), as its independent financial advisor for the Bonds and is therefore authorized to sell the Bonds by a competitive negotiated sale in accordance with Minnesota statutes, Section 475.60, Subdivision 2(9): 236783 . . . NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota, as follows: 1. Authorization: Findings. The Council hereby authorizes Springsted to solicit bids for the competitive negotiated sale of the Bonds. 2. Meetinq: Bid Ooeninq. The Council shall meet at the time and place specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed bids for, and awarding the sale of, the Bonds. The City Clerk- Administrator, or her designee, shall open bids at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby approved and made a part hereof. 4. Official Statement. In connection with said competitive negotiated sale, the officers or employees of the City are hereby authorized to cooperate with Springsted and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. "..K('~,-,,< "\J \~\ . "1.0,0~ '~"'" The motion for the adoption of the foreg,Ji~g re~:6lution was duly seconded by Councilmember Rl,"ll1ron.::lrn ' and" jl"fter full discussion thereof and upon a vote being taken thereon, the following Councilmembers ~~E~xtHxta~~~x~he~e~~x d~niat of Resolution No. 4359. '"\:,, \,}I Hayor Linke, Councilmembers l;-Juor i, Blanchard., Q\Lick}";'Rickaby '("\;.. and the following voted against the same: \ " 'I?'~:;~I \}, " \<, ."" .;j.....,.:J;".)~ NONE \i' ~'\- '~" :.declare(f,~, ~~:lYx~1$1$~::a.M Whereupon said resolution was ~'x denied. ',\"//,, / ,-,.... . ~~ .:-'. ATTEST: ~.... . 'J~~:~,~:..":..~~ .~;.~ ~'I'.\~:.~II".- .,~.~. '{\\/i' ,;- Hayor (SEAL) City Administrator 236783 2 . STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF MOUNDS VIEW I, the undersigned, being the duly qualified and acting City Clerk-Administrator of the City of Mounds View, Minnesc)ta, DO HEREBY CERTIFY that I have compared the attached and forE~going extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City, duly called and held on the date therein indicated, insofar as such minutes relate to the City's $720,000 General Obligation Tax Increment Refunding Bonds, Series 1993B. WITNESS my hand as such City Clerk-Administrator and . the seal of the City this 12th day of April, 1993. City Clerk-Administrator ( SEAL) . 236783 3 . . . i.~ V LIt r" t ~ !1 ~.. \! ;IC1! ..... THE CIlY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHAlf. PROPOSALS Will BE RECEIVED ON THE FOllOWING BASIS: TERMS OF PRCPOSAL $720,000. CITY OF MOUNDS VIEW, MINNESOTA GENERAL OBUGAnON TAX INCREMENT REFUNDING BONDS, SERIES 1993B Proposals for the Bonds will be received on Monday, May 10, 1993, until 11 :00 A.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated June 1, 1993, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1994. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1998 $80,000 1999 $80,000 2000 $85,000 2001 $85,000 2002 $95,000 2003 $95,000 2004 $100,000 2005 $100,000 . The City reserves the right, atter proposals are opened and prior to award, to increase or reduce the principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $25,000 and will be made in multiples of $5,000 in any of the maturities. In the event the principal amount of the Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage equal to the percentage by which the principal amount of the Bonds is increased or reduced. OPTIONAL REDEMPTION The City may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due on or after February 1, 2004. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax increment revenue from Tax Increment District NO.1. The proceeds will be used to refund in - i - advance of maturity the 1998 through 2005 maturities of the City's General Obligation Tax Increment Bonds, Series 1989B, dated November 1, 1989. . TYPE OF PROPOSALS Proposals shall be for not less than $712,800 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $7,200, payable to the order of the City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1 %. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. . AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (Hi) reject any proposal which the City determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the underwriter, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that, if the City has requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. . - ii - . . . REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated April 12, 1993 BY ORDER OF THE CI1Y COUNCIL Isl Ms. Samantha Orduno Clerk-Administrator -iii- - '''" . . . EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF MOUNDS VIEW, MINNESOTA HELD: April 12, 1993 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Mounds View, Ramsey County, Minnesota, was duly held at the City Hall in said City on the 12th day of April, 1993, beginning at 7:00 o'clock _.M. for the purpose in part of authorizing the competitive negotiated sale of the $2,310,000 General Obligation Water Revenue Refunding Bonds, Series 1993A, of said City. The following Councilmembers were present: Hayor Linke, Councilmembers Quick, Blanchard, Rickaby, Wuori and the following were absent: None Councilmember Quick resolution and moved its adoption: RESOLUTION NO. 4360 RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $2,310,000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 1993A introduced the following A. WHEREAS, the City Council of the City of Mounds View, Minnesota, has heretofore determined that it is necessary and expedient to issue the City's $2,310,000 General Obligation Water Revenue Refunding Bonds, Series 1993A (the "Bonds"), to refund in advance of maturity the 2001 through 2013 maturities of the City's General Obligation Water Revenue Bonds, Series 1991A, dated May 1, 1991; and B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, Minnesota ("Springsted"), as its independent financial advisor for the Bonds and is therefore authorized to sell the Bonds by a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2 (9) : 236781 NOW, THEREFORE, BE IT RESOLVED by the City Council of . the City of Mounds View, Minnesota, as follows: 1. Authorization; Findings. ~~e Council hereby authorizes Springsted to solicit bids for the competitive negotiated sale of the Bonds. 2. Meetinq; Bid Openinq. The Council shall meet at the time and place specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed bids for, and awarding the sale of, the Bonds. The City Clerk- Administrator, or her designee, shall open bids at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby approved and made a part hereof. 4. Official Statement. In connection with said competitive negotiated sale, the officers or employees of the city are hereby authorized to cooperate with Springsted and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. . The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Blanchard and, after full discussion thereof and upon a vote being taken thereon, the following Councilmembers voted in favor thereof: Mayor Linke, Councilmembers Wuori, Blanchard, Quick, Rickaby and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. ATTEST: ~.. / ,/ . ./--1'>'7. ,//;I'&/, / ayor //~ ./' ~ ----- ( SEAL) . 236781 2 r=X! '1" 1'7 '- .NiDi; .4. THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHAlf. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: . TERMS OF PROPOSAL $2,310,000. CITY OF MOUNDS VIEW, MINNESOTA GENERAL OBUGATlON WATER REVENUE REFUNDING BONDS, SERIES 1993A Proposals for the Bonds will be received on Monday, May 10, 1993, until 11 :00 A.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS . The Bonds will be dated June 1, 1993, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1994. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 2001 $130,000 2002 $135,000 2003 $145,000 2004 $150,000 2005 $155,000 2006 $165,000 2007 $170,000 2008 $180,000 2009 $195,000 2010 $205,000 2011 $215,000 2012 $225,000 2013 $240,000 . The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $50,000 and will be made in multiples of $5,000 in any of the maturities. In the event the principal amount of the Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage equal to the percentage by which the principal amount of the Bonds is increased or reduced. OPTIONAL REDEMPTION The City may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due on or after February 1, 2004. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge net . revenues of the City's water utility. The proceeds will be used to refund in advance of maturity the 2001 through 2013 maturities of the City's General Obligation Water Revenue Bonds, Series 1991 A, dated May 1, 1991. - i - . . . 1l'PE OF PROPOSALS Proposals shall be for not less than $2,279,970 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashiE::lr's check or a Financial Surety Bond in the amount of $23,100, payable to the order of the City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1 %. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (iii) reject any proposal which the City determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of municipal bond insurance- or commitment therefor at the option of the underwriter, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that, if the City has requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. - ii - . . . CUSIP NUMBERS 11 the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUS/P Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 100 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated April 12, 1993 BY ORDER OF THE CliY COUNCIL /s/ Ms. Samantha Orduno Clerk-Administrator - iii - . STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF MOUNDS VIEW I, the undersigned, being the duly qualified and acting City Clerk-Administrator of the City of Mounds View, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City, duly called and held on the date therein indicated, insofar as such minutes relate to the city's $2,310,000 General Obligation Water Revenue Refunding Bonds, Series 1993A. WITNESS my hand as such City Clerk-Administrator and . the seal of the City this 12th day of April, 1993. City Clerk-Administrator (SEAL) . 236781 3