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HomeMy WebLinkAboutRES 13-033 Awarding Sale of $1,810,000 GO Bonds 2013BCERTIFICATION OF MINUTES RELATING TO $1,775,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2013B Issuer: City of St. Anthony, Minnesota Governing body: City Council Kind, date, time and place of meeting: A regular meeting held on March 26, 2013, at 7:00 o'clock P.M., at the City Hall. Members present: Faust, Gray, Jenson, Roth and Stille Members absent: None. Documents attached: Minutes of said meeting (including): Pages 1 through 21 RESOLUTION 13-033 RESOLUTION RELATING TO $1,775,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2013B; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF I. the undersigned. being the duly qualified and acting recording officer of the public corporation issuing the obligations referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of the corporation in my legal custody. from which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body of the corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at the meeting, insofar as they relate to the obligations; and that the 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 given as required by law. WITNESS my hand officially as such recording officer this X)ay of March, 2013. SLICiLUIty Clerk Councihnember Roth then introduced the following resolution and moved its adoption: RESOLUTION 13-033 RESOLUTION RELATING TO $1,775,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 201313; AWARDING THE SALE. FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals. Authorization and Sale of Bonds. 1.01. Authorization. This Council has heretofore ordered various local street reconstruction projects (collectively, the Improvements), to be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429. This Council has previously determined to issue and sell $1,775,000 principal amount of General Obligation Improvement Bonds, Series 2013B, of the City (the "Bonds") to defray a portion of the expense incurred and estimated to be incurred by the City in making the Improvements, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and $17,750 representing interest as provided in Minnesota Statutes, Section 475.56. The City has retained Ehlers & Associates, Inc. to act as financial advisor to the City in connection with the issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1. pursuant to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section 475.60, subdivision 2. 1.02. Sale of Bonds. The City has received six (6) proposals for the purchase of the Bonds. The most favorable proposal received is that of United Bankers' Bank, of Bloomington. Minnesota (the "Purchaser"), to purchase the Bonds at a price of $1.780,707.99, the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the further terms and conditions set forth in this Resolution. The proposal is hereby accepted. and the Mayor and the City Manager are hereby authorized and directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. The good faith checks of the unsuccessful bidders shall be returned forthwith. 1.03. Performance of Requirements. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist. to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed. it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. 1.04. Maturities of Bonds. The Council hereby finds that the maturities of the Bonds as set forth in Section 3.01 hereof are warranted by the anticipated collections of special payment of the principal and interest on the Bonds as the same become due, the full faith, credit and taxing power of the City have been and are hereby irrevocably pledged. The Bonds are issuable only as fully registered bonds in denominations of $5,000 or any multiple thereof, of single maturities. Bonds maturing in the years 2015 through 2020 are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in 2021 and later years are each subject to redemption and prepayment, at the option of the City and in whole or in part, and if in part, in the maturities selected by the City and, within a maturity, in $5,000 principal amounts selected by lot, on February 1, 2020 and on any date thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. Bonds maturing in the year 2016 shall be subject to mandatory sinking fund redemption by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption, on February 1, in the years and principal amounts set forth below: Year Amount 2015 $115.000 2016* 115,000 *Final Maturity In the event that any Bonds maturing in the year 2016 are redeemed pursuant to (a) above by the City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2016 so redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed pursuant to this subsection (b). such credit to be equal to the principal amount of the Bonds maturing in the year 2016 so redeemed or canceled provided that the City has notified the Register not less than thirty-five (35) days prior to the redemption date of its election to apply such Bonds as a credit. Bonds maturing in the year 2018 shall be subject to mandatory sinking fund redemption by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption, on February 1. in the years and principal amounts set forth below: Year Amount 2017 $1 15,000 2018* 115,000 *Final Maturity pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds maturing in the year 2025 so redeemed or canceled provided that the City has notified the Register not less than thirty-five (35) days prior to the redemption date of its election to apply such Bonds as a credit. Bonds maturing in the year 2029 shall be subject to mandatory sinking fund redemption by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption. on February 1, in the years and principal amounts set forth below: Year Amount 2026 $120,000 2027 125,000 2028 125,000 2029* 130,000 *Final Maturity In the event that any Bonds maturing in the year 2029 are redeemed pursuant to (a) above by the City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2029 so redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds maturing in the year 2029 so redeemed or canceled provided that the City has notified the Register not less than thirty-five (35) days prior to the redemption date of its election to apply such Bonds as a credit. At least thirty days prior to the date set for redemption of any Bond, notice of the call for redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be redeemed at his address appearing in the Bond Register. but no defect in or failure to give such mailed notice of redemption shall affect the validity of the 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 the Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price herein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. The Bonds have been designated by the City as "qualified tax-exempt obligations' pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. 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 Bond Registrar. by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, -5- CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. Date of Authentication: BOND TRUST SERVICES CORPORATION. Roseville, Minnesota, as Bond Registrar Authorized Representative The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM — — as tenants in common TEN ENT — — as tenants by the entireties .IT TEN — — as joint tenants with right of survivorship and not as tenants in common UNIF TRANS MIN ACT....... Custodian....... . (Cost) (Minor) under Uniform Transfers to Minors Act...................... (State) 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 hereby irrevocably constitutes and appoints attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: -7- The Bonds shall be issuable only in fully registered form, of single maturities. The interest thereon and, upon surrender of each Bond at the principal office of the Registrar described herein, the principal amount thereof, shall be payable by check or draft issued by the Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication. 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 2014, to the owners thereof as such appear of record in the bond register as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal office a 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. (b) Transfer of Bonds. Upon surrender to the Registrar for transfer of any Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date. (c) Exchange of Bonds. Whenever any Bond is surrendered by the registered owner for exchange. the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount, interest rate and maturity, as requested by the registered owner or the owner's attorney duly authorized in writing. (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be promptly cancelled 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 its 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 Band is at any time registered in the bond register as the absolute owner 0 2021 and later years are each subject to redemption, at the option of the City and in whole or in part, and if in part, in the maturities selected by the City and, within any maturity, in $5,000 principal amounts selected by the Registrar by lot, on February 1, 2020 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. (b) Bonds maturing in the year 2016 shall be subject to mandatory sinking fund redemption by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption, on February 1, in the years and principal amounts set forth below: Year Amount 2015 $115,000 2016* 115,000 *Final Maturity In the event that any Bonds maturing in the year 2016 are redeemed pursuant to (a) above by the City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2016 so redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds maturing in the year 2016 so redeemed or canceled provided that the City has notified the Register not less than thirty-five (35) days prior to the redemption date of its election to apply such Bonds as a credit. (c) Bonds maturing in the year 2018 shall be subject to mandatory sinking fiord redemption by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption. on February 1, in the years and principal amounts set forth below: Year Amount 2017 $115,000 2018* 115,000 *Final Maturity In the event that any Bonds maturing in the year 2018 are redeemed pursuant to (a) above by the City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2018 so redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed Pursuant to this subsection (c), such credit to be equal to the principal amount of the Bonds maturing in the year 2018 so redeemed or canceled provided that the City has notified the (f) Bonds maturing in the year 2029 shall be subject to mandatory sinking fund redemption by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption, on February 1, in the years and principal amounts set forth below: Year Amount 2026 $120,000 2027 125,000 2028 125,000 2029* 130.000 *Final Maturity In the event that any Bonds maturing in the year 2029 are redeemed pursuant to (a) above by the City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2029 so redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed pursuant to this subsection (b). such credit to be equal to the principal amount of the Bonds maturing in the year 2029 so redeemed or canceled provided that the City has notified the Register not less than thirty-five (35) days prior to the redemption date of its election to apply such Bonds as a credit. (g) At least thirty days prior to the date set for redemption of any Bond, the City shall cause notice of the call for redemption to be mailed to the Registrar and to the registered owner of each Bond to be redeemed, 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. The notice of redemption shall specify the redemption date, redemption price. the numbers. interest rates and CUSIP numbers of the Bonds to be redeemed and the place at which the Bonds are to be surrendered for payment, which is the principal office of the Registrar. Official notice of redemption having been given as aforesaid, the Bonds or portions thereof 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 thereof shall cease to bear interest. Bonds in a denomination larger than $5,000 may be redeemed in part in any integral multiple of $5,000. The owner of any Bond redeemed in part shall receive without charge, upon surrender of such Bond to the Registrar. one or more new Bonds in authorized denominations equal in principal amount to be unredeemed portion of the Bond so surrendered. 3.06. Preparation and Delivery. The Bonds shall be prepared under the direction of the City Manager and shall be executed on behalf of the City by the signatures of the Mayor and the City Manager; provided that said signatures may be printed, engraved, or lithographed facsimiles thereof. In case any officer whose signature. ora facsimile of whose signature, shall appear on the Bonds shall cease to be such officer before the delivery of any 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 delivery. Notwithstanding such execution, no Bond shall be valid or -13- 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 the Representation Letter, 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 sums 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 (d) hereof. (c) In the event the City determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bonds in the form of bond 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 (d) hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its responsibilities with respect thereto render applicable law. In such event the Bonds will be transferable in accordance with paragraph (d) hereof. (d) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto. including, without limitation, the printing of such Bonds in the form of bond certificates and the method of payment of principal of and interest on such Bonds in the form of bond certificates. Section 4. Security Provisions. 4.01. 2013B Improvement Construction Fund. There is hereby created a special bookkeeping fund to be designated as the "2013B Improvement Construction Fund" (the "Construction Fund"), to be held and administered by the Finance Director separate and apart from all other funds of the City. The City appropriates to the Construction Fund (a) S 1,727,357.00 of the proceeds of the sale of the Bonds, and (b) all collections of special assessments levied for the Improvements until completion and payment of all costs of the Improvements. The Construction Fund shall be used solely to defray expenses of the Improvements. including but not limited to the transfer to the Bond Fund, created in Section 4.02 hereof, of amounts sufficient for the payment of interest and principal, if any, due upon the Bonds prior to the completion and payment of all costs of the Improvements and the payment of the expenses incurred by the City in connection with the issuance of the Bonds. Upon completion and payment of all costs of the Improvements. any balance of the proceeds of Bonds remaining in the Construction Fund may be used to pay the cost. in whole or in part, of any other -15- necessary for the full and valid levy of special assessments against all assessable lots, tracts and parcels of land benefited thereby and located within the area proposed to be assessed therefor, based upon the benefits received by each such lot, tract or parcel, in an aggregate principal amount not less than twenty percent (20%) of the cost of the Improvements. In the event that any such assessment shall be at any time held invalid with respect to any lot, piece or parcel of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the City or this Council or any of the City's officers or employees, either in the making of such assessment or in the performance of any condition precedent thereto, the City and this Council hereby covenant and agree that they will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. The Council presently estimates that the special assessments shall be in the aggregate principal amount of $303,360 payable in not more than 15 installments, the first installment to be collectible with taxes during the year 2015, and that deferred installments shall bear interest at the rate of 3.90% per annum from the date of the resolution levying said assessment until December 31 of the year in which the installment is payable. 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of the City are irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds as the same become respectively due. For the purpose there is hereby levied upon all of the taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the tax rolls prepared in each of the following years and collected with other taxes in the following years and amounts as follows: Levy Collection Year Year Amount See attached levy schedule The foregoing tax levies together with special assessments are such that if collected in full they will produce at least five percent (5%) in excess of the amount needed to pay when due the principal of and interest on the Bonds. This tax shall be irrevocably appropriated to the Bond Fund as long as any of the Bonds are outstanding and unpaid; provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes. Section 475.61. 4.06. Full Faith and Credit Pledged. The full faith and credit of the City are irrevocably pledged for the prompt and full payment of the principal of and the interest on the Bonds, and the Bonds shall be payable from the Bond Fund in accordance with the provisions and covenants contained in this resolution. It is estimated that the special assessments and ad valorem taxes levied and to be levied for the payment of the Improvements will be collected in amounts not less than five percent (5%) in excess of the annual principal and interest requirements of the Bonds. If the money on hand in the Bond Fund should at any time be insufficient for the payment of principal and interest then due, this City shall pay the principal and interest out of any fund of the City, and such other fund or finds shall be reimbursed therefor when sufficient money is available to the Bond Fund. If on October I in any year the sum of the balance in the _17_ 6.03. Covenant. The City covenants and agrees with the holders 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 which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the "Code"), and Regulations promulgated thereunder (the "Regulations"), as such are enacted or promulgated and in effect on the date of issue of the Bonds, and covenants to take any and all actions within its powers to ensure that the interest on the Bonds will not become subject to taxation under such Code and Regulations. The Improvements are public improvements available for use by members of the general public on a substantially equal basis. The City will not enter into any lease, use agreement or other contract respecting the Improvements which would cause the Bonds to be considered "private activity bonds" or "private loan bonds" pursuant to Section 141 of the Code. 6.04. Arbitrage Rebate. For purposes of complying with the requirements of Section 148(f)(4)(C) of the Code relating to the exemption of certain small governmental units from the rebate requirements of the Code, the City represents that: (i) the City is a governmental unit with general taxing powers; (ii) the Bonds are not "private activity bonds" as defined in Section 141 of the Code (Private Activity Bonds); (iii) ninety-five percent of the net proceeds of the Bonds are to be used for the local governmental purposes of the City; and (iv) the aggregate face amount of all tax-exempt bonds (other than Private Activity Bonds) issued by the City in calendar year in which the Bonds are to be issued is not reasonably expected to exceed $5,000,000. Therefore, pursuant to the provisions of Section 148(f)(4)(C) of the Code, the City shall not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) of Section 148(f) of the Code. 6.05. Investment of Money on Deposit in the Bond Fund. The Finance Director shall ascertain monthly the amount on deposit in the Bond Fund. If the amount on deposit therein eves exceeds the aggregate amount of principal and interest due and payable from the Bond Fund through the next following February 1 plus a reasonable carryover as permitted by the Regulations. such excess shall be used to prepay and redeem Bonds or be invested at a yield less than or equal to the yield on the Bonds, based upon their amounts, maturities and interest rates on their date of issue, computed by the actuarial method. The City reserves the right to amend the provisions of this Section at any time, whether prior to or after the delivery of the Bonds, if and to the extent that this Council determines that the provisions of this Section are not necessary in order to ensure that the Bonds are not "arbitrage bonds" within the meaning of Section 148 of the Code and Regulations. 6.06. Arbitrage Certification. The Mayor and the City Manager, being the officers of the City charged with the responsibility for issuing the Bonds pursuant to this resolution, are -19- 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 (i) 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 (ii) 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 365 days after the end of each fiscal year of the City, commencing with the fiscal year ending December 31, 2012, 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 generally accepted accounting principles in accordance with the governmental accounting standards promulgated by the Governmental 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 headings: Current Property Valuations; Direct Debt; Tax Levies and Collections; Population Trend and Employment/Unemployment. 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 in the format required for the audited financial statements as part of the Disclosure Information 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 filed with the SEC or have been made available to the public on the Internet Web site of the Municipal Securities Rulemaking Board (MSRB). The City shall clearly identify in the Disclosure Information each document so incorporated by reference. if any part of the Disclosure Information can no longer be generated because the operations of the City have materially changed or been discontinued, such Disclosure Information need no longer 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 is not included in the Disclosure Information and the City determines that certain specified data regarding such replacement operations would be described in paragraph (2) hereof, then, from and after such determination. the Disclosure Information shall include such additional specified data regarding -21- 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. Bankruptcy 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, 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; (B) 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 termination 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. (c) Manner of Disclosure. (1) The City agrees to make available to the MSRB. in an electronic format as prescribed by the MSRB from time to time, 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 MSRB from time to time. (d) Term; Amendments: Interpretation. (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 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 -23- The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Jensen, and upon vote being taken thereon, the following voted in favor thereof: Faust, Gray, Jensen, Roth and Stille and the following voted against the same: None whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor which signature was attested by the City Clerk. -25- COUNTY AUDITOR'S CERTIFICATE AS TO REGISTRATION OF BONDS AND TAX LEVY CITY OF ST. ANTHONY, MINNESOTA I, the undersigned.. being the duly qualified and acting County Auditor of Ramsey County, Minnesota, hereby certify that there has been tiled in my office a certified copy of a resolution of the City Council of the City of St. Anthony, in said County, adopted March 26, 2013, awarding the sale, fixing the form and details and providing for the execution, delivery and security of $1,775,000 General Obligation Improvement Bonds. Series 201313. of the City, to be dated, as of April 23, 2013 and levying taxes for the payment of principal of and interest on said Bonds. I further certify that said Bonds have been entered on my bond register and the tax required by law for payment of the Bonds has been levied and filed, as required by Minnesota Statutes, Sections 475.61 to 475.63. WITNESS my hand and official seal this day of , 2013. Ramsey County Auditor (SEAL) CITY OF ST. ANTHONY VILLAGE STATE OF MINNESOTA RESOLUTION 13-028 A RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR THE 2013 STREET AND UTILITY IMPROVEMENTS The amount proper and necessary to be specially assessed at this time for various public improvements is 35% assessable as follows: First Year Years First Year Lew Collectible Assessed 15 2013 2014 $379,200.40 For improvements to the following: 1. Street and Utility Reconstruction Edward Street from 35'h Avenue NE to 35h Avenue NE 36'h Avenue NE from Roosevelt Street to Silver Lake Road against every assessable lot, piece, or parcel of land affected thereby has been duly calculated upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Minnesota Statutes, Chapter 429, and notice has been duly published, as required by law that this Council would meet to hear, consider and pass upon all objections, if any, and said proposed assessment has at all time since its filing been open for public inspection and an opportunity has been given to all interested persons to present their objections if any, to such proposed assessments. 2. This Council, having heard and considered all objections so presented, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment was and is specially benefited by the construction of said improvement in not less than the amount of the assessment set opposite the description of each such lot, piece and parcel of land respectively, and such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein described. 3. The proposed assessments are hereby adopted and confirmed as the proper special assessments for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate calculated at 2% over the interest cost per annum on the bonds to be issued by the City for said improvement, accruing on the full amount thereof unpaid, shall be a lien concurrent with general taxes upon parcel and all thereof. The total amount of each such assessment not pre -paid shall be payable in equal annual principal installments extending over a period of years, as indicated in each case. The first of said installments, together with interest on the entire assessment for the period of January 1, 2013 through December 31, 2013 will be payable with general taxes for the levy year of 2013 collectible in 2014, and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, will be payable with general taxes for each consecutive year thereafter until the entire assessment is paid. 4. The owner of any property so assessed may, at any time prior to certification, make payments (partial or full) towards the balance owed. The owner may, at any time after certification, pay the whole of the assessment, with interest accrued to the date of payment, except that no interest be charged if the entire assessment is paid by November 30'" of the assessment year. 5. The City Clerk shall, as soon as may be, prepare and transmit to the County Auditor a certified duplicate of the assessment roll, with each installment and interest on each unpaid assessment set forth separately, to be extended upon the property tax lists of the County and the County Auditor shall thereafter collect said assessment in the manner provided by law. Adopted this 26'h day of February , 2013. R ndy ti e,Mayor Pro Tem ATTEST: Barbara J Suciu, ty Clerk Reviewed for administration: V Mark Casey, City Wanager F:\Council Matings\2013\02262013\Resolution 13-xxx - Adopting Confirming Assessments.docx