HomeMy WebLinkAboutCC PACKET 03272001 Meeting Sheet
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Box: 17
Folder: CC PACKETS 1999-2001
Document: CC PACKET 03272001
_H.R.A. IMMEDIATELY FOLLOWING _
REGULAR COUNCIL MEETING.
CITY OF ST. ANTHONY
CITY COUNCIL REGULAR MEETING AGENDA
MARCH 27, 2001
7:00 pm
Council Chambers
PAGE(S)
I. CALL TO ORDER.
II. PLEDGE OF ALLEGIANCE.
III. ROLL CALL.
IV. APPROVAL OF MARCH 27, 2001 CITY COUNCIL REGULAR
MEETING AGENDA.
V. PROCLAMATIONS AND RECOGNITIONS.
• A. Proclamation declaring April as Child Abuse Prevention Month ............. 1
B. Fire Department presentation ........................................................... 2
VI. COMMUNITY FORUM.
Individuals may address the City Council about any item not included on the regular
agenda. Speakers are requested to come to the podium, state their name and address
for the Clerk's record, and limit their remarks to five minutes. Generally, the City
Council will not take official action on items discussed at this time, but may typically
refer the matter to staff for a future report or direct that the matter be scheduled on
an upcoming agenda.
VII. CONSENT AGENDA. ........................................................................ 3 - 30
These items are considered routine and will be enacted by one motion. There will be
no separate discussion of these items unless a Councilmember or citizen so requests,
in which event the item will be removed from the Consent Agenda and placed
elsewhere on the agenda.
VIII. PUBLIC HEARINGS - None.
IX. GENERAL POLICY BUSINESS OF THE COUNCIL.
A. Resolution 01 -053, re: Award sale of bonds for
• 2001 Street and Utility Improvement Project ............................. 31 - 55
City Council Regular Meeting Agenda
• March 27, 2001
Page 2
PAGE(S)
B. -Resolution 01-051 , re: Authorizing bidding for Central
Pak Redevelopment Project ..:.................................................. 56 - 58
C. Resolution 01-052, re: Adopt Strategic Planning Report ............. 59 -75
X. REPORTS FROM COMMISSIONS AND STAFF.
XI. REPORTS FROM CITY MANAGER AND COUNCILMEMBERS.
XII. INFORMATION AND ANNOUNCEMENTS.
XIII. ADJOURNMENT.
MISCELLANEOUS INFORMATIONAL DOCUMENTS ARE ATTACHED.
V. PROCLAMATIONS.
A. Proclamation declaring April Child Abuse Prevention
Month
B. Fire Department.presentation.
1
aill thr%MIL
ills e
PROCL 4MATION
WHEREAS, child abuse prevention is a community problem and finding solutions
depends on involvement among people throughout the community
WHEREAS, the effects of child abuse are felt by whole communities and need to be
addressed by the entire community;
WHEREAS, family-serving, youth focused prevention programs offer positive
alternatives for young people and encourage parents and youth to
develop strong ties to their.communities;
WHEREAS, all citizens need to be more aware of child abuse and neglect and its
prevention within the community, and be involved in supporting
parents to raise their children in a safe, nurturing society.
NOW, THEREFORE, the Mayor and City Councilmembers of the City of St. Anthony
hereby proclaim April as Child Abuse Prevention Month in the City of St. Anthony
and call upon all citizens, community agencies, religious organizations, medical
facilities, and businesses to increase their participation in efforts to prevent child
abuse and neglect, thereby strengthening the communities in which we live.
Mayor
r
Date
INTEROFFICE MEMORANDUM —�
TO: MICHAEL J.MORNSON l
FROM: JOEL A.HEWITT
SUBJECT: COUNCIL APPEARANCE
DATE: 3/16/01
CC:
As part of the 2001 Capital Improvement plan the Council approved and you recommended.Was to
replace our entire firefighting turnout gear inventory as it was outdated and in poor condition.
Additionally approved was to replace our self contained breathing apparatus,which was at the end of
its service life.Both items are the protection from the hostile environment in which we work.
Protecting our most important resource our people.
The personnel of the department are extremely excited and appreciative of having these items
provided to them,and would like to express their appreciation personally to the Council and you at
the March 27,2001 meeting.
Thank you for your consideration of our request.
VII. CONSENT AGENDA
1 . Council Regular Meeting Minutes - February 13,
2001
2. Council Study Session Minutes - March 13, 2001
3. Licenses/Permits
4. Claims
3
1 CITY OF ST. ANTHONY
2 CITY COUNCIL REGULAR MEETING MINUTES
3 February 13, 2001
4 I. CALL TO ORDER.
5 Mayor.Cavanaugh called the meeting to order at 7:00 p.m.
6 II. PLEDGE OF ALLEGIANCE.
7 Mayor Cavanaugh invited the Council and the audience to join in the Pledge of Allegiance.
8 III. ROLL CALL.
9 Councilmembers present: Mayor Cavanaugh; Councilmembers Sparks, Thuesen, Horst, and
10 Hodson.
11 Councilmembers absent: None.
_ 12 Also present: City Manager Michael Mornson and City Attorney Jerome
13 Gilligan.
14 IV. APPROVAL OF FEBRUARY 13, 2001 CITY COUNCIL REGULAR MEETING
15 AGENDA.
16 Motion by Hodson to approve the February 13, 2001 City Council Regular Meeting Agenda with
17 the following revision:
18 . VIII. GENERAL POLICY BUSINESS OF THE COUNCIL. A. Resolution 01=043, re: Support
19 Hennepin County Park's purchase of the Salvation Army property will be removed from the
20 Agenda.
21 Motion carried unanimously.
22 V. PROCLAMATIONS AND RECOGNITIONS.
23 A. Award presentation to Fire Prevention Poster Contest winner.
24 Mayor Cavanaugh, Fire Chief Hewitt, and Chief Phieffer presented Calvin Walker with a plaque
25 and a$75 cash prize as the winner of the fire prevention poster contest conducted by the St.
26 Anthony Fire Department for students in the fourth and fifth grades. Calvin placed first in the
27 state competition in the fourth and fifth grades category.
28 VI. COMMUNITY FORUM.
29 Mayor Cavanaugh invited any residents in the audience to speak to the Council on items that are
30 not on the regular agenda. Hearing no further response, Cavanaugh moved forward with the
31 agenda.
32 VII. CONSENT AGENDA.
33 Motion by Thuesen to approve the Consent Agenda as presented. Said Consent Agenda
. 34 consisted of:
35 1. Council Regular Meeting Minutes - January 23, 2001; and
City Council Regular Meeting Minutes
February 13, 2001
Page 2
1 2. Licenses/Permits; and
2 3. Claims.
3 Voting on the motion: Cavanaugh, Sparks, Thuesen, and Horst voted aye.
4 Hodson abstained from voting due to absence at that meeting.
5 Motion carried.
6 VIII. GENERAL POLICY BUSINESS OF THE COUNCIL.
7 A. Resolution 01-043 re: Support Hennepin County Park's purchase of the Salvation Army
8 propelly.
9 Mayor Cavanaugh stated that the Superintendent of Parks has withdrawn Resolution 0l-043 as
10 the Hennepin County Park's negotiations with the Salvation Army have not been finalized.
I 1 B. Resolution 01-037 re: Acquiring Harding Street Ponding easements.
12 City Manager Mornson reported that this is a resolution to use the power of eminent domain to
13 acquire the remaining seven easements which the City has been unable to acquire by negotiation.
14 Mornson noted that at the January 23 meeting the City Council accepted three easements.
015. Mornson added that just prior to tonight's meeting, Matt Storm, Evergreen Land Services
16 reported that one more property owner has accepted.
17
18 Todd Hubmer, WSB, presented background on the Harding Street Ponding project as it relates to
19 the 100 Year Flood Protection Plan. He also reviewed the letter which was sent out to property
20 owners responding to their questions on various issues such as landscaping, trucks hauling,
21 construction hours, vibrations associated with.construction, video inspection of the properties
22 before construction, anticipated start date of construction, and if the construction adversely
23 affects property values how to reduce taxes. He added that a draft maintenance agreement was
24 also included in the mailing to property owners. Hubmer stated that residents were asked for
25 their response, but he has not received any responses.
26 Hubmer showed the planting plan that the landscape architect is proposing which.was presented
27 to residents:He noted that the plan includes numerous trees and shrubbery, and a native wet
28 prairie mixture which is very low maintenance and durable. Comments were received from
29 property owners on changes which have been subsequently made. This part of the project is
30 projected to go out for bid at the beginning of next month. Hubmer also showed the artist's
31 conception of what the ponding area landscaping will look like in five years.
32 Hubmer stated that the project was bid in December, and the bid has not yet been awarded to the
33 contractor as there is a 90-day hold on the contract. He noted that as of March 13, the bid will
34 need to be awarded or will have to be renegotiated, with construction to begin in May.
i
City Council Regular Meeting Minutes
February 13, 2001
Page 3
1 Sparks inquired as to the details of the maintenance agreement. Hubmer explained that the
2 property owners are responsible for the general day-to-day maintenance, and the city would be
3 responsible for major repairs as outlined in the maintenance agreement. He added that the prairie
4 grass will be under a three year maintenance agreement, but it is essentially a maintenance-free
5 landscape. Sparks also asked about a complaint process to handle problems expeditiously.
6 Hubmer noted that a contact from the City of St. Anthony will need to be named to handle
7 complaints.
8 In response to an inquiry by Horst regarding the timing of using materials from Central Park for
9 this project, Hubmer noted that the timing has changed and this needs to be worked through with
10 the contractor by March 13. Horst asked how the cost will be affected to which Hubmer replied
11 that it will be very close to the same. Hubmer reviewed how the materials will be used and
12 stored by the contractor. Hubmer added that this could result in a significant cost savings for the
13 Central Park plan.
14 Cavanaugh requested that the City Manager and City Attorney draw up a document regarding the
15 maintenance agreement to be filed with the title of the properties so future property owners will
16 have access to their entitlements.
�17' Thuesen noted his agreement for a document of this type, particularly for future use. Sparks
18 expressed her concern as to the details and timeliness of this document.
19 Cavanaugh received the consensus of the Council that the staff is directed to draw up the
20 appropriate documents and file them so they have continuity for the future.
21 Hodson inquired as to where these documents would be filed, and Gilligan stated this could be an
22 attachment to the condition of easement agreement itself.
23 Cavanaugh asked the staff to bring the document back to the City Council for approval.
24
25 Matt Storm, Evergreen Land Services, reviewed the easement which was accepted earlier tonight
26 for $30,500 at 2812 31St Avenue NE.
27
28 Motion by Thuesen to approve the drainage easement for 2812-315`Avenue NE. for $30,500.
29 Motion carried unanimously.
30 Storm reported that three easements have been signed and recorded, one easement is ready to be
31 signed and recorded, one property owner has made a counter offer which will be considered. He
32 added that one property owner will be undergoing an operation and has requested to continue
33 negotiations after his recovery. Storm stated that this property owner has a temporary easement
34 for construction and the condemnation process was explained to him including that negotiations
City Council Regular Meeting Minutes
February 13, 2001
Page 4
1 can continue during the condemnation process to which he is agreeable. Storm continued that
2 three property owners.are represented by.the;same attorney and are in their own appraisal
3 process, and one property owner has submitted all the information to an attorney and Storm is
4 waiting for a response. In reply to an inquiry by Horst, Storm explained that the appraisal process
5 can be lengthy, but that the condemnation process can proceed simultaneously.
6 City Attorney Gilligan reviewed the process and timeline for the quick-take condemnation
7 action. Gilligan explained that the petitioner must notify the owner of the intent to take
8 possession by certified mail at least 90 days prior to the date.on which possession is to be taken.
9 He added that a response to the petition by property owners is due within 20 days of service. A
10 hearing is then set to appoint commissioners and rule on the Petitioner's request for a quick-take.
11 If the request for a quick-take is approved, the court will order the petitioner to deposit
12 petitioner's approved appraisal amount with the administrator of the court, and upon deposit, and
13 after the 90-day notice period, the property shall belong to the petitioner.
14 Cavanaugh offered the audience an opportunity to address the City Council to which there was
15 no response.
16 Motion by.Hodson to adopt Resolution 01-037; re: Acquiring Harding Street Ponding easements.
.17
18 Cavanaugh asked for any discussion to which Gilligan stated that regarding the six parcels for
19 which no easement has been obtained, the negotiation process will continue along with the
20 condemnation process. Gilligan urged any attorneys involved to proceed as timely as possible.
21 Sparks expressed her concern that she would like to see a more detailed maintenance agreement
22 prior to her vote, as she is not in agreement with this proposal.
23 Cavanaugh noted that he appreciates Sparks' position and directed the staff to give the
24 aforementioned document their priority.
25 Voting on the motion:. Cavanaugh, Thuesen, Horst and Hodson voted aye.
26 Sparks voted nay.
27 Motion carried.
28 IX. PUBLIC HEARINGS.
29 Mayor Cavanaugh noted that in early January all the residents impacted by the road improvement
30 have been sent assessment notices.
31
32 Mayor Cavanaugh opened the public hearing at 7:40 p.m.
City Council Regular Meeting Minutes
February 13, 2001
Page 5
i Mornson explained that, as to the awarding of the construction bid, it will be tabled for 30 days.
2 Mornson added that the street assessment-bond sale will be deferred until March 13.
3 Todd Hubmer reviewed the street reconstruction, storm sewer, watermain, sanitary sewer, and
4 pond excavation and appurtenant work. Hubmer noted that the street reconstruction and
5 replacement of watermain and storm sewer lines will be done on Wilson Street from 29`h Avenue
6 to 30" Avenue, West Armour Terrace from Roosevelt Street to Silver Lake Road, and 30`h
7 Avenue from Wilson Street to Silver Lake Road.
8 Hubmer reviewed project costs and proposed funding sources. Hubmer explained that the City
9 assesses 35% of the street construction and utility rehabilitation and the remaining 65% is
10 handled by the City. Hubmer noted that the total amount proposed to be assessed is $305,535.21.
11 He pointed out that the Pond Construction is not assessed to the residents but is paid for by the
12 Minnesota DNR. Hubmer added that the total estimated cost of the project is $2,020,600.
13 Hubmer explained the amortization schedule for the pay-off of the assessment over a 15 year
14 period, if the interest rate of the bonds is at 6 '/z%. The payment can be made in cash in order to
15 avoid the interest with the payment being made by November 2001.
016 Mayor Cavanaugh invited any residents in the audience to speak to the Council.
17 Hubmer responded to questions from the audience including: interest rate which is established by
18 the rate the City gets on the bonds when they issue them for the project, estimated to be about"6
19 ''/2%; the schedule of street reconstruction; cost comparison between the original street
20 reconstruction and the flooding-related street reconstruction of which the costs assessed are the
21 same; driveway replacement by residents which can be coordinated with the reconstruction and
22 paid for by the property owner; and payment schedule for the assessment.
23 Hubmer added that once the project is awarded and the bonds are sold, another neighborhood
24 meeting will be held at the end of April or beginning of May with the construction representative
25 where the schedule of the project and driveway replacement will be reviewed.
26 Cavanaugh added that this schedule was changed because of the Flood Mitigation Street work
27 and, once that is completed, the City will continue with the long term plan for street
28 reconstruction.
29 Mornson stated that in April a letter will be sent to property owners explaining the options for
30 payment and the interest rate based on the sale of the bonds.
31 Mayor Cavanaugh closed the public hearing at 8:00 p.m.
32 A. 2001 Street Improvement Project:
City Council Regular Meeting Minutes
February 13, 2001
Page 6
1 1. Resolution 01-038, re: Order improvements.
2 Motion by Hodson to adopt Resolution 01-038, re: Order improvements.
3 Voting on the motion: Cavanaugh, Thuesen, Horst and Hodson voted aye.
4 Sparks voted nay.
5 Motion carried.
6 2. Resolution 01-039, re: Adopt assessments.
7 Motion by Thuesen to adopt Resolution 01-039, re: Adopt assessments.
8 Motion carried unanimously.
9 3. Resolution 01-040, re: Award construction bid.
10 Motion by Hodson to table Resolution 01-040, re: Award construction bid.
11 Motion carried unanimously.
�12 VIII. GENERAL POLICY BUSINESS OF THE COUNCIL (continued).
13 C. Resolution 01-041 re: Change Order#1 for Harding Street Lift Station Pro'eecct..
14 Hubmer reviewed the change order noting that the Harding Street Lift Stations project was
15 originally bid to be completed under summer and fall working conditions. He added that due to
16 delays in negotiating with the Met Council to reroute the sanitary sewer, the contractor worked
17 under winter conditions which changed the construction conditions. He noted that two sanitary
18 sewer lines needed to be relocated, and the contractor was requested to remove an existing
19 service pole. Hubmer stated that the total cost of the change order is $9800.
20
21 Motion by Sparks to adopt Resolution 01-041, re: Change Order#1 for Harding Street Lift
22 Station Project.
23 Motion carried unanimously.
24 D. Resolution 01-042 re: Award bid for installation of EVP Systems.
25 Cavanaugh noted that the bid for the installation of 7 Emergency Vehicle Preemption (EVP)
26 systems will be awarded to the lowest bidder in the amount of$44,730.00, and that this is a great
27 asset to the Police and Fire Departments.
28 Motion by Thuesen to adopt Resolution 01-042, re: Award bid for installation of EVP Systems.
29 Motion carried unanimously.
City Council Regular Meeting Minutes
February 13, 2001
Page 7
1 E. Resolution 01-036, re: Appointments to Citizens Committee for improvements to City
2. Hall/Community Center:
3 Morrison explained that an ad was placed in the newsletter and Bulletin asking for any citizens`
4 who are interested in participating in a Citizens Committee for improving the City
5 Hall/Community Center to which there was an excellent response. He added that the first
6 meeting will be held on March 1 with Councilmember Sparks as the liaison from the City
7 Council and Jay Hartman as the staff representative. Molly Olivier, SEH, who is the architect for
8 the park buildings, will facilitate the meeting.
9 Sparks added that she has received feedback from citizens who are looking forward to their
10 participation.
11 Cavanaugh thanked residents for their interest in this project and suggested that the Community
12 Center Task Force Document be made part of the Resolution. The Council agreed.
13
14 Motion by Sparks to adopt Resolution 01-036, re: Appointments to Citizens Committee for
15 improvements to City Hall/Community Center with Community Center Task Force Document.
16 Motion carried unanimously.
17 F. Ordinance 2001-001, re: Council meetings (waive V and 2nd readings and adopt).
18 Cavanaugh stated in a recent retreat the City Council discussed the work sessions and the
19 legislative sessions resulting in a decision to designate a more informal study/work session on
20 the 2"d Tuesday of the month with the legislative meeting on the 4`h Tuesday of the month. The
21 work session will be cablecast.
22 Hodson suggested that the study session include a business casual dress code.
23 Horst stated that, even though he agrees with the work sessions, he would prefer two meetings a
24 month for legislative work in addition to one work session a month.
25 Thuesen and Morrison agreed that the schedule should be evaluated at the end of the year to
26 determine if the meeting schedule needs to changed requiring an additional legislative session
27 every month.
28 Morrison noted that the work sessions will include a recording secretary and that legislative
29 actions can be taken at these sessions if needed. He added that the March 13 meeting will be a
30 work session.
31 Motion by Hodson to adopt Ordinance 2001-001, re: Council meetings (waive I" and 2n1
32 readings and adopt).
10
City Council Regular Meeting Minutes
February 13, 2001
Page 8
1 Voting on the motion: Cavanaugh, Sparks, Thuesen, and Hodson voted aye.
2 Horst voted nay.
3 Motion carried.
4 G. Resolution 01-035, re: Amend Standing Rules for City Council meetings.
5 Cavanaugh stated that the standing rules are the rules the Council uses to conduct its business
6 and will reflect the work sessions on the second Tuesday of the month and legislative meetings
7 on the fourth Tuesday of the month.
8 Motion by Sparks to adopt Resolution 01-035, re: Amend Standing Rules for City Council
9 meetings.
10 Voting on the motion: Cavanaugh, Sparks, Thuesen, and Hodson voted aye.
1 l Horst voted nay.
12 Motion carried.
�13 X. REPORTS.FROM COMMISSIONS AND STAFF.
14 None.
15 XI. REPORTS FROM CITY MANAGER AND COUNCILMEMBERS.
16 City Manager's report:
17 City Manager Michael Mornson began with a summary of the Northwest Quadrant
18 redevelopment. He noted that a grant of$120,000 will be forthcoming from the Metropolitan
19 Council for planning the St. Anthony Northwest Redevelopment Area. He reviewed the
20 upcoming meeting schedule included developers response on February 16, School District's
21 response on February 20 regarding impact residential development would have on school
22 enrollment,Northwest Quadrant Task Force special meeting,on February 22 and Issues Forum
23 for Public Input on March 10 to which the Task Force is invited. He reviewed the updated
24 communications plan for the Northwest Quadrant Project pointing out the first newsletter will be
25 sent to every property owner in the community 7 to 10 days before the March 10 forum.
26 Mornson noted the City Council meeting schedule for 2001 for both study sessions and regular
27 meetings, and detailed the budget calendar for the 2002 budget including a Public Hearing for
28 Citizens to communicate 2002 suggestions on April 24.
29 Cavanaugh suggested that additional ways to encourage citizen participation in the April 24
1# 30 Public Hearing, possibly through advance mailings, should be explored.
11
City Council Regular Meeting Minutes
February 13, 2001
Page 9
1 Morrison reviewed the future Council agenda items, both action and review items, for the next
2 two months. He pointed out specific items including the investment report by Ehlers as a result
3 of the goal setting, and Fire Chief Hewitt's presentation of a code policy at the March 13-study
4 session. In addition, he mentioned the Board of Review property evaluation at the April 10 study
5 session.
6 Morrison continued with updates including DARE graduation on February 15, Staff Goal Setting
7 on February 15 to finalize the objectives and actions steps to then present to the Council, the
8 Employee Recognition Lunch on March 1, and the Volunteer Dinner for which invitations will
9 be mailed in the middle of March. He added that Chief of Police Engstrom is on a 30 day
10 medical leave of absence.
11 Hodson reported that he recently met with President Yudof of the University of Minnesota,
12 Congressman Sabo, and a Commissioner of the Department of Transportation and discussed the
13 Smart Growth Initiative and the City's work with the Met Council which they applauded.
14 Hodson added that approximately 600 people attended the recent Pancake Breakfast and
15 commended Jay Hartman on a job well done.in planning the event. Hodson noted that the Chili
#16 Cook-Off will be held on Saturday,February 17.
17 Horst reported that he attended an Experienced Leaders Conference with a focus on ethical
18 decision-making in government on January 26-27 in Grand Rapids where case studies on
19 affordable housing were presented. He added that he attended a Legislative Conference which
20 included the issue of tax increment financing for the future. Horst also attended a Chamber Board
21 of Directors meeting last week; he is serving his tenth year on the Chamber Board of Directors,
22 his term will soon be expiring, and he will continue to attend meetings as an adviser.
23 Horst also mentioned the Chili Cook-Off at City Hall on Saturday, February 17, with tickets
24 available at the door.
25 Horst rioted that annual Chamber of Commerce:meeting will be held in April.where Villager and
26 Business of the Year will be selected. Anyone who would like to nominate candidates should
27 contact George Wagner.
28 Thuesen reported that he also attended the Legislative Conference which he found to be very
29 information including the overview of the Governor's proposed budget. He attended a meeting at
30 Wilshire Park for parents to express their views on the proposed budget for education. Thuesen
31 added that it is important for all residents to pay attention to these education issues as they
32 impact our schools and the education of our youth for the future.
City Council Regular Meeting Minutes 12
February 13, 2001
Page 10
1 Thuesen noted that he recently talked to a high school student who was quite interested and
2 knowledgeable in city government and suggested that a.City Councilmember possibly speak at
3 the school.
4 Sparks reported that she attended a meeting to determine an alternate location for Village Fest
5 and also noted that volunteers are needed for Village Fest. Anyone who is interested in
6 volunteering can contact Horst, Sparks, or Susan Johnson.
7 Hodson made a suggestion as to a possible location at the Salvation Army site, and Mornson
8 added that St. Anthony Shopping Center or an area at Apache Plaza may be another option.
9 XII. INFORMATION AND ANNOUNCEMENTS.
10 None.
11
12 XIII. ADJOURNMENT.
13 Motion by Hodson to adjourn the meeting at 8:47 p.m.
14
15 Motion carried unanimously.
016 Res ectfull submitted,
p Y
17 Teresa Rosecke
18 Timesaver Off Site Secretarial, Inc.
13
1 CITY OF ST. ANTHONY
CITY COUNCIL STUDY SESSION
3 March 13, 2001
4 1. CALL TO ORDER.
5 Mayor Cavanaugh called the meeting to order at 7:00 p.m.
6 2. PLEDGE OF ALLEGIANCE.
7 Mayor Cavanaugh invited the Council and the audience to join in the Pledge of Allegiance.
8 3. ROLL CALL.
9 Councilmembers present: Mayor Cavanaugh; Councilmembers Sparks, Thuesen, Horst and Hodson.
10 Councilmembers absent: None.
11 Also present: City Manager Michael Morrison.
12 4. ACTION ITEMS.
13 a. Consent Agenda
14 Motion by Sparks to approve the Consent Agenda as presented. Said Consent Agenda consisted
15 -of-
16 1. Licenses and Permits.
2: Claims.
18 3. Resolution 01-044:
19 4. Resolution 01-050.
20 Motion carried unanimously.
21 b. February 20 2001 Planning Commission Items:
22 1. Fitness Crossroad for 2912 Pentap-on Drive; Conditional Use (Resolution 01-049)
23 Kim Tillmann, Planning Commission member, reviewed the conditional use permit item
24 with the Council and noted the Commission recommended approval of this item as
25 submitted with five conditions.
26 Barry Tedlund, the applicant, noted he was proposing a fitness center with a sauna,
27 sandwich shop, and dry cleaning services. Mr. Tedlund noted he felt a fitness center
28 would thrive within this shopping center. He noted he surveyed roughly 200 people in
29 the area and found a very positive response for a neighborhood fitness center. Mr.
30 Tedlund noted the convenience of being located within the shopping center would draw
31 neighborhood residents to this center.
32 Mr. Tedlund noted he is looking for the conditional use permit to be approved to start the
33 renovations and allow him to open some time this summer. Ms. Tillmann noted the
4 Planning Commission was impressed with the plans and amenities of the fitness center
35 and recommended the following five conditions.
14
City Council Study Session Minutes
March 13, 2001
Page 2
1 1. Hours of operation will be from 5:00 am to 11:00 pm, Monday-Friday, and 7:00
2 am to 10:00 pm, Saturday and Sunday.
3 2. Applicant continue working with the City Staff and the Building Inspector
4 regarding any open issues that were-set forth in his letter of January 18, 2001.
5 3. Compliance with all other laws and regulations including those of the City,
6 County, State and any other regulatory bodies.
7 4. Compliance with the St. Anthony Shopping Center lease agreement regarding
8 specified signage criteria.
9 5. Explore the possibilities of installing bicycle racks during the summer hours.
10 Councilmember Horst questioned if the bicycle racks could be placed on the sidewalk.
11 Ms. Tillmann indicated she was not aware of any regulations in this area, but stated the
12 applicant would be willing to work with the Council on this issue.
13 Councilmember Thuesen commended the applicant for his efforts on this request and for
14 the efforts of the Planning Commission.
15 Motion by Hodson to approve Resolution 01=049 for a Conditional Use Permit for
16 Fitness Crossroad at 2912 Pentagon Drive as presented with conditions.
017 Motion carried.unanimously
18 C. Engineering Items:
19 1) Insurance Agreement on Property Damage Claims Resulting from July 9, 2000
20 and September 2000 Storms (Resolution 01-048)
21 Mr. Hubmer indicated the agreement was attached within the packet for the Council to
22 review for the property damage from the 2000 storms.
23 Councilmember Horst asked where this money would come from to cover these expenses
24 and if the City foresaw this occurring again in the near future. Morrison indicated the
25 expenses would be covered by the storm sewer fund and noted this was a rare request as
.26. there were unusual variables behind this damage.
27 Mr. Hubmer indicated the sum to date of$16,347.95 and noted this dollar value could
28 increase after hearing from an additional claimant but by no more than $2,500.
29 Motion by Hodson to approve Resolution 01-048 authorizing payment of damages for
30 sanitary sewer backups associated with the 29`h Avenue Street reconstruction project with
31 aside note stating the amount is to increase by no more than$2,500 or a total of$18,800.
2 Motion carried unanimously
15
City Council Study Session Minutes
March 13, 2001
Page 3
1 ) Approve Electronic Data License Agreement with Hennepin County relating to
2 its use by WSB & Associates(Resolution 01-047)
3 'Mr. Hubmer reviewed the electronic data license agreement with Hennepin County
4 relating to GIS digital background-information for St. Anthony. He indicated there was
5 no cost to the City at this time. Mr. Hubmer noted if there was to be a cost the City
6 would be notified at that time.
7 Councilmember Thuesen questioned what the fees might be in the future. Mr. Hubmer
8 stated he was not aware of any expenses that would be incurred by the City, but stated
9 this would be spelled out within the contract before being signed.
10 Councilmember Sparks asked how the City would use the GIS system. Mr. Hubmer
11 indicated this system would be used by the fire department, the police department and by
12 City staff. He noted GIS would eliminate some extra paperwork by all users. Mr.
13 Hubmer stated it would also increase the level of detail provided on aerial pictures for the
14 City.
15 Morrison indicated the contract was a formality to allow Hennepin County to let St.
16 Anthony use this information.
07 Motion by Horst to approve Resolution 01-047 a Conditional Use License Agreement
18 between the City of St. Anthony and Hennepin County relating to electronic data as
19 presented.
20 Motion carried unanimously
21 3) Approve Easement relating to Harding Street Ponding_Project (Resolution
22 01-046
23 Morrison noted there was a$26,000 drainage and ponding easement fee for the property
24 on Harding Street. He indicated negotiations have proceeded with the property owners.
25 Motion by Thuesen to approve Resolution 01-046 for a drainage and ponding easement
.26 for Harding Street as presented.
27 Motion carried unanimously
28 4) Award Bid for 2001 Street and Water Main Improvements (Resolution 01-
29 040
30 Mr. Hubmer reviewed the bidding prices for the year 2001 street and watermain
31 improvements. He indicated Park Construction came in with the low bid at
2 $1,603,648.50 for the improvements outlined.
City Council Study Session Minutes 16
March 13, 2001
Page 4
1 Councilmember Horst questioned if the Central Park clean up could be combined with
2 this contract. Mr. Hubmer indicated after conversing with the Park Construction, he felt
3 the bidding should be kept separate at this time as they are not yet ready to bid out the.
4 Central Park renovations:
5 Councilmember Thuesen asked if staff was concerned with the $600,000 difference in bid
6 prices. Mr. Hubmer noted he was not concerned with the large differences. He noted the
7 owner of Park Construction was from the City of St. Anthony and indicated the owner
8 was interested in working for the City. Mr. Hubmer indicated Park Construction did
9 successfully complete work for the City at Silver Point Park.
10 Motion by Hodson to approve Resolution 01-040 awarding a bid for 2001 street and
11 watermain improvements to Park Construction.
12 Motion carried unanimously
13 5) Call for Sale for Bonds for 2001 Street and Water Main Improvements
14 (Resolution 01-045)
15 Morrison indicated the Council is requested to call for the sale for bonds for the 2001
6 street and watermain.improvements. He noted Springsted would be present at the next
17 meeting to review this with the Council.'
18 Motion by Sparks to approve Resolution 01-045 calling for the sale of general obligation
19 improvement bonds, series 2001 B, as presented.
20 Motion carried unanimously
21 d. Appoint Council Liaison to Community Services Advisory Council
22 Mayor Cavanaugh indicated there was an opening on the Community Services Advisory
23 Council as Councilmember Thuesen now works for the school district full time and was
24 not able to serve on the Advisory Council. Councilmember Horst indicated he would be
25 interested in serving as the liaison to this Advisory Council.
26 Motion by Sparks to appoint Councilmember Horst as the Community Services Advisory
27 Council Liaison.
28 Motion carried unanimously
29 5. REVIEW ITEMS
�30 a. Hennepin County Commissioner Mark Stenglein will be present.
31 Mayor Cavanaugh introduced Mark Stenglein, a Hennepin County Commissioner and asked him
32 to address the public.
17
City Council Study Session Minutes
March 13, 2001
. Page 5
1 Mr. Stenglein thanked the Mayor for the introduction and reviewed several items that are new
2 with Hennepin County. He noted transportation, public safety and general services are major
3 concerns for the County this year.
4 Mr. Stenglein indicated the County is working heavily to increase transportation within the
5 Hennepin County area. He noted there would be a Lowry Avenue upgrade and was being
6 studied by the County to rebuild this area. Mr. Stenglein indicated light rail transit did get
7 approval and was now in the hands of MnDOT. He explained the light rail will be above ground,
8 with current plans heading from Minneapolis to the Mall of America and Minneapolis to St.
9 Cloud.
10 Mr. Stenglein noted for public safety the new correctional facility will be opened in August of
11 this year. He indicated the jail would be a holding facility and could house roughly 500
12 individuals before their trials. Mr. Stenglein indicated this will be a great addition for the County
13 as the old holding cells were two floors within City Hall. He indicated Crim-Net would be
14 online within the next three years for the County as well.
15 Mr. Stenglein reported under general services,the St. Anthony Library renovations would begin
16 sometime this year with an opening set by the end of this year. He noted the County is very
7 excited for the growth in this area:
18 Councilmember Horst asked if the facing on the library has been discussed. Mr. Stenglein noted
19 he had hoped it would conform with the neighborhood and stated he was not aware of the style of
20 this structure to date. He noted there has been talks that all libraries would be structured
21 similarly to make them identifiable as Hennepin County buildings.
22 Mayor Cavanaugh indicated the library could become a catalyst to additional renovations near
23 the shopping center.
24 Councilmember Thuesen questioned how St. Anthony would fit into the light rail transit. Mr.
25 Stenglein noted the location of St. Anthony within the metro area was ideal. He indicated the
26 benefits from being located on the light rail transit schedule would eliminate the need to drive to.
27 the airport or Mall of America in the future.
28 Mayor Cavanaugh asked when the County could foresee Silver Lake Road being resurfaced. He
29 indicated he would like to see some long range planning done on this roadway to alleviate future
30 concerns. Mayor Cavanaugh indicated the City would like to eliminate the blacktop sidewalk
31 once this is updated, as well. Mr. Stenglein indicated this could be brought up and reported back
32 to the City.
Mayor Cavanaugh commended Mr. Stenglein for his efforts on the Hennepin County Library
#33
34 system. He noted he felt the County was making great strides in this area to get ahead of other
35 county library systems.
City Council Study Session Minutes
March 13, 2001
Page 6
1 Councilmember Thuesen questioned if Highway 88 was County or State owned. Mr. Stenglein
2 indicated this was State owned.
3 Councilmember Thuesen indicated he felt the 29`h Street corridor would be heavily used, but
4 stated concern for the major intersections at each entrance. He asked if a bridge could be lobbied
5 for by the County. Mr. Stenglein noted a pedestrian bridge is certainly something that could be
6 investigated.
7 b. Hennepin County Assessor Tamara Doolittle will be present to discuss the upcoming
8 Board of Review on April 10, 2001.
9 Mayor Cavanaugh introduced Tamara Doolittle from the Hennepin County Assessor's office.
10 Ms. Doolittle reviewed the summary of the year 2001 assessments and some sales data from the
1 I City. She noted there was a raise in the assessments to 8.8%for 2000 and up 3.8% in 1999. Ms.
12 Doolittle reviewed several high priced sales within the City for residential and condominium
13 style homes. She indicated the manufactured home park value increased 3.7% over the past year.
14 Ms. Doolittle explained the median home sales price was $150,000, up from $139,000 from the
5 previous year. She noted only valid sales are included within these numbers.. Ms. Doolittle
16 indicated she-felt the values-and sales prices were very strong throughout the year.
17 Mayor Cavanaugh asked how close the assessed prices were to the actual value of the home. Ms.
18 Doolittle indicated she set her value at roughly 95% of the value of the home at the time it is
19 assessed. She noted as the year progresses, this number varies as the value of the home increases
20 over time.
21 Ms. Doolittle stated she mailed value notices to the residents several days ago and indicated the
22 County has received a couple calls to date. She indicated the residents are becoming more
23 knowledgeable about the value of their property and the assessments charged accordingly.
24 Councilmember Thuesen noted he.does feel the market is.very strong in St. Anthony as he has .
25 been looking for another home within the City.
26 Ms. Doolittle reviewed the actions the local Board of Review could take. She asked for
27 comments or questions from the Council.
28 Mayor Cavanaugh thanked Ms. Doolittle for her comments and noted the process she uses has
29 been self-explanatory which keeps the resident's minds at ease.
30 C. Discuss Custom Liquidators Property, 2654 Kenzie Terrace.
31 Nancy Schultz, from SEH, reviewed the building condition survey of Custom Liquidators at
32 2654 Kenzie Terrace. She indicated the City would need to set the minimal function for this
19
City Council Study Session Minutes
March 13, 2001
Page 7
t building and decide if the second floor would be renovated. She explained the probable costs for
2 the interior alterations, site improvements, and maintenance needs would be a bare minimum of
.3 $60,000.
4 Councilmember Hodson indicated several members of the community may be interested in
5 donating time and materials to reduce the renovation expenses for the temporary building. He
6 stated there was positive support from the residents on this issue.
7 Councilmember Sparks asked how long this building could be used on a"temporary basis." Mr.
8 Gilligan noted after a certain amount of time,roughly one to two years, the temporary use would
9 become'permanent. He stated at that time, the TIF funds would need to be reimbursed.
10 Councilmember Sparks questioned the benefits of using this site. Mayor Cavanaugh noted the
11 temporary use as a teen center could benefit the community and would allow for redevelopment
12 of the site for the future.
13 Councilmember Sparks stated she feels there may not be a need for a teen center because it
14 would not meet the needs of all teens. Councilmember Hodson stated he felt the building would
15 be perfect for teen activities and indicated he has heard positive feedback for this use.
016 Councilmember Sparks explained,
xplained she would like to see this site used as a community center,
17 versus teen center. Councilmember Horst indicated he felt there was enough community
18 activities to incorporate this into a combined teen center/community center.
19 Councilmember Sparks questioned if using this site on a temporary basis would be beneficial for
20 the City. Mayor Cavanaugh indicated a structural review was done to see if the building could
21 be used and the expense that would need to be incurred to get the teen center/community center
22 up and running. He stated he would be interested in having additional discussions on the interim
23 uses of this structure.
24 Morrison indicated the purchase of the property would be provided by TIF funds provided to the
25 City in 1999. He noted if the City does.not purchase this site it may be demolished.
26 Councilmember Thuesen stated he was astonished with the stability of this structure. He stated
27 the temporary use of this structure should be greatly considered by the Council before jumping
28 into the purchase and renovation of this site.
29 Councilmember Sparks cautioned the Council when proceeding with this item and asked that
30 they all consider the benefits of this purchase.
t 1 Mayor Cavanaugh thanked the Council for their comments and noted this discussion would
32 continue at a future meeting. Mornson reported the City would be closing on this site on April
33 15, 2001.
20
City Council Study Session Minutes
March 13, 2001
.Page 8
1 d. Investment Report.
2 Lynn Trausen, Ehlers, reviewed the City's investment report with the Council. She noted the
3 rate of return,was roughly 1.08% higher than the average rate of.return on treasuries. Ms. .
4 Trausen explained the unrealized loss of market value on the portfolio as being a small
5 proportion of loss to the net book value. She reviewed the distribution of the net book value over
6 the next 30 years and the analysis of investment by type.
7 Ms. Trausen explained the distribution of bonds by broker and brokerage houses. She suggested
8 the City diversify the composition of bonds among brokerage houses as Dain Rauscher holds
9 73% of the total portfolio at this time.
to Ms. Trausen recommended the City encourage competition by obtaining quotes on short-term
11 investments. She added that the City should consider consolidating money market accounts into
12 the higher yielding 4M accounts. Ms. Trausen also recommended developing short term and
13 long term cash flow forecast along with long term operating and capital needs.
14 Councilmember Horst questioned if investing cash in the short term would increase the level of
15 risk for the City. Ms. Trausen stated the risk level would not be increased as a Commercial
16 . Paper has a higher level of return than.money markets. She noted State law regulates short-term
17 investments to eliminate the level of high risk.
f .
18 Councilmember Horst asked if the bank relations were established with Firstar for any particular
19 reason. Mr. Larson indicated the City has had a great working relationship with Firstar over the
20 years and noted the interest they gain on our funds covers some of the fees that are waived.
21 Councilmember Thuesen asked for Mr. Larson's thoughts on these recommendations. Mr.
22 Larson commended Ehlers for their work on this report. He noted he was in agreement with the
23 diversification recommendation to benefit the City.
24 Councilmember Hodson thanked Mr. Larson for his 12 years of service to the City. Mayor
25 Cavanaugh concurred. He asked that this document be put into policy for approval by the
26 Council.
27 e. Financial Development Proposal.
28 Jim Prosser reviewed the key financial strategies for the City of St. Anthony. He suggested the
29 Council hold several workshop meetings to discuss the City's financial goals and objectives. Mr.
30 Prosser indicated through these meetings the Council would review"Financial Foundations"
31 relating to city capital and operating funds, impacts of growth on tax rates, service levels,
32 operating budgets and capital needs. He explained the Council would also identify funding
33 alternatives,prioritize projects in the general fund and draft strategies for the City's future capital
34 and operating financing needs.
21
City Council Study Session Minutes
March 13, 2001
Page 9
1 Councilmember Sparks questioned the definition of"Financial Foundations." Mr. Prosser
2 reviewed the definition with the Council and stated it would include capital improvement
3: projects,,pavement management systems, information technology, vehicle replacement, non-
4 annual recurring maintenance, building replacement and budget alternative analysis. He noted
5 this foundation would assist the Council in making financial decisions that would greater benefit
6 the community over the long term.
7 Mr. Prosser indicated the budget will turn to an outcome-based item versus income based. He
8 explained this framework on financial thinking takes time to establish but would assist the
9 Council in the decisions that are made at a Council level.
10 Councilmember Thuesen asked which cities Mr. Prosser has worked with in the past. Mr.
I 1 Prosser indicated he has worked with West St. Paul and Mound.
12 Councilmember Thuesen questioned if retraining would be needed after each election, when new
13 Councilmembers were brought on board. Mr. Prosser stated this could be completed if warranted
14 by the Council or noted City staff could educate new members on this frameworks.
15 . . Councilmember Horst questioned the value of this training to the Council. Mr. Prosser stated he
16 feels the training is extremely valuable in establishing a framework for evaluating each financial
17 situation and assessing the impacts it will have on the City.
18 Mayor Cavanaugh asked staff for their input on this training. Morrison noted he felt the Council
19 needed to follow through with some financial training as this was one of their goals for the year
20 2001. He indicated staff was ready for this to take place.
21 Morrison suggested the Council consider this proposal to begin setting this framework in place
22 and to establish a financial strategy for the City to adopt. He recommended the Council take
23 their time with this item and get as much as they can from the work session meetings with the
24 financial representative. Mayor Cavanaugh concurred.
25 Councilmember Horst noted his only concern would be the Council becoming ultra conservative
26 or over planning every financial decision for the City.
27 Mayor Cavanaugh advised staff to move forward with the proposal as presented.
28 f. Economic Development Proposal.
29 Jim Prosser, Ehlers, reviewed the economic development proposal for a number of properties
30 within the Southwest Quadrant of the City. Mr. Prosser stated the Council would need to define
31 all goals and objectives for this area before this would commence. He reviewed his scope of
32 services as a financial advisor and what services could be offered to assist in the redevelopment
33 of these areas. Mr. Prosser explained he works with roughly ten municipalities on economic
34 development.
22
City Council Study Session Minutes
March 13,2001
Page 10
1 Councilmember Horst asked if this entire plan would be covered by the $4,500 fee. Mr. Prosser
2 indicated this would cover the preparation of the TIF plans. He stated all other services would be
3 billed out on an hourly basis.
4 Councilmember Horst stated he would not be willing to proceed with this item as the area is still
5 changing and redeveloping.
6 Mayor Cavanaugh indicated this proposal would mostly address the Stonehouse property and
7 Custom Liquidators property.
8 Mornson noted these two properties were selected because the services offered at each site are up
9 for redevelopment. He indicated there is not City staff available to address economic
10 development issues. Momson stated he would be in favor of the Council proceeding with this
11 report.
12 g. City's Code Enforcement Policy.
13 Fire Chief Hewitt indicated Don Drush was also present to address the Council. Fire Chief
14 Hewitt noted his memo to the Council was a draft code enforcement policy for the City to
15 consider. He noted the fire department has been responsible for enforcing the City Code for
6 some time now. .
17 Fire Chief Hewitt stated he felt the fire department was doing a fine job, but felt there was room
18 for improvement. He explained one concern at this time was training. Fire Chief Hewitt noted
19 there may also be difficulty with defining the role of the fire department on this issue and the
20 authority that should be taken by the members of the department. He indicated things must be
21 greater defined so that codes remain consistently defined and enforced.
22 Fire Chief Hewitt reviewed how the fire department would proceed with a complaint. He stated
23 the procedure would hopefully protect members of the department when out on calls. Fire Chief
24 Hewitt read through several recommendations to the Council and asked for their comments.
25 Councilmember Hodson questioned the role of the fire chief as the code enforcement officer and
26 if he was aware of other cities operating in a similar fashion. Fire Chief Hewitt indicated several _
27 smaller cities operate in this fashion and other cities have there own code enforcement
28 departments.
29 Don Drush noted the City of Columbia Heights used to complete all housing code issues but
30 have backed down to only one person assisting in this matter.
31 Mayor Cavanaugh asked how many members of the fire'department were trained to deal with
32 code enforcement. Fire Chief Hewitt indicated seven members of the Fire Department were
33 trained to deal with code enforcement at this time.
23
City Council Study Session Minutes
March 13, 2001
Page 11
1 Mayor Cavanaugh asked if this number could be reduced to only have one or two members of
2 the fire department trained in this area. Fire Chief Hewitt indicated this may be difficult due to
3 the various shifts that officers work at.the department. He stated this reduction in the number.
4 trained could delay resolution of complaints.
5 Councilmember Horst questioned if a single code enforcement officer was feasible for the City.
6 Fire Chief Hewitt noted he felt this would be a great recommendation as a 40-hour a week full-
7 time position separate from the fire department.
8 Councilmember Horst asked if the fire department could set standards for non-compliance. Fire
9 Chief Hewitt indicated this was a conflict of interest because the fire department provides a
10 social service to the residents. He noted he didn't feel it was prudent for the fire department to
11 establish non-compliance standards at this time. Mr. Drush added that he felt the code needed to
12 be reviewed at this time because times have changed since its inception.
13 Councilmember Sparks asked how much revision would be needed before code enforcement
14 could begin. Mr. Drush stated he was unaware of the amount of revisions, he noted this would
15 be up to the Council and staff.
6 Councilmember Horst stated he feels the purpose.of this code was to eliminate blight. He noted
17 this is how the Council should`determine which items are of the most-importance.
18 Fire Chief Hewitt noted as he drives the streets of the City code enforcement is not the first thing
19 on his mind. Councilmember Horst concurred stating the public safety should be the main
20 concern of the fire chief. He indicated he felt that the Council members and residents need to
21 take more responsibility in reporting code enforcement issues.
22 Councilmember Sparks asked if there was a common complaint form for enforcement issues.
23 Fire Chief Hewitt indicated a form has been created for complaints to be used by the fire
24 department and the City staff.
25 Councilmember Thuesen noted he felt the comments made-by fire department were crucial. He
26 indicated.he felt the fire department's objectives should be to public safety and not code
27 enforcement. Councilmember Thuesen agreed with the authorization of a feasibility study for the
28 hiring of a code specialist/fire marshal to cover the enforcement issues.
29 Fire Chief Hewitt indicated the fire department may be interested in redirecting some overtime
30 funds to cover a portion of the expense for hiring a code specialist/fire marshal. He added that
31 fines received by the code enforcement officer could be directed to this position as well.
32 Mayor Cavanaugh noted the primary charge of the fire department should be the wellness and
33 public safety of the public. He indicated he feels code enforcement is crucial to the communities
34 wellness as well.
24
City Council Study Session Minutes
March 13, 2001
Page 12
1 Mayor Cavanaugh stated he would like to see the level of enforcement kept to a high standard
2 and noted he would be interested in reviewing this issue in greater detail or restructuring the
-. 3 current system. He rioted this may be an area the Community Services Officer may be able to
4 take on. Mayor Cavanaugh asked staff to bring this issue back to the Council at a future meeting.
5 6. INFORMATION AND ANNOUNCEMENTS
6 Mornson reviewed a request for funding for state aid on Silver Lane for flood mitigation. He
7 indicated the previous Council approved some green space at the shopping center, which has not
8 been completed to date. Mornson indicated this would be discussed with the shopping center
9 developers in the near future.
10 Mornson indicated the Park Commission held a meeting last night to discuss Central Park.
11 Councilmember Hodson indicated the Park Commission would like to hold a joint meeting with
12 the Council prior to the March 27' Council meeting on March 20`h. He asked if any
13 Councilmembers were available. Mayor Cavanaugh indicated he would be willing to meet on
14 the 201h of March to discuss any issues they may have.
15 Mornson noted the Council would be approving their goals at the next meeting. He stated after
16 approval, the goals would be disbursed to all City consultants to keep them abreast of the City's
7 . objectives.
18 Mornson indicated he felt the City Code Enforcement issue needed additional clarification. He
19 stated these issues were moved from the Public Works Department to the Fire Department for
20 several safety and important reasons.
21 Mornson noted code enforcement was currently at a 95% compliance rate which makes him
22 think a change was not needed. He added that due to this high level of compliance, he felt a new
23 position was not warranted at this point. Mornson'indicated future discussions will follow on
24 this item.
25 Mayor Cavanaugh asked if anyone was available to attend the Northeast Diagonal Land
26 Use/Transit Study meeting on April 18`''.at 4:00 p.m. Councilmember Thuesen volunteered to -
27 attend.
28 Councilmember Sparks indicated the first VillageFest meeting would be held on the 2151 of
29 March at 7:00. She encouraged all Councilmembers to attend.
3o 7. ADJOURNMENT.
31 Motion by Horst to adjourn the meeting at 10:35 p.m.
32 Motion carried unanimously.
25
City Council Study Session Minutes
March 13, 2001
Page 13
1 Respectfully submitted,
2 Heidi Guenther
3 Timesaver. Off Site Secretarial, Inc:
4'.
5 Mayor
6 ATTEST:
7 City Clerk
26
Saint Anthony Village
DATE: .March 27, 2001 Approval:.,�'`��
TO: Mayor and Councilmembers
FROM: Judy Monson, License Clerk
ITEM: Licenses and Permits for Approval:
General Contractors License:
Asphalt Driveway Co., of St. Paul, Inc., St Paul, MN
Eagle Sign Co., Eden Prairie, MN
Garbage Haulers License:
BFI of the Twin Cities, Inc., Circle Pines, MN Residential & Recyclables
Aspen Waste Systems,Inc. St. Paul, MN Commercial
Lightning Disposal Inc., Eagan, MN Commercial
Waste Management, Blaine Commercial & Residential
Cigarette License:
Fuel Mart Inc., 3813 Stinson Blvd
Snyder's Drug Store, Inc., Minnetonka, MN
Murphy's Service Center, Inc.
Synder's Drug Store, Inc.
Super Valu (Cub Foods)
Service Stations:
Dick's St. Anthony 66 Service, 2700 Kenzie Terrace
Fuel Mart Inc., 3813 Stinson Boulevard
Murphy's Service Center, Inc., 3501 - 29' Avenue NE
Bench License:
U. S. Bench Corporation
27
Licenses and Permits for Approval:
Page 2
Vending Machines:
SJN, Inc., St. Anthony Laundry
Automatic Sales & Service
Super Valu (Cub Foods)
28
BRC FINANCIAL SYSTEM ST. ANTHONY Vj
03/19/2001 15: Check Register GL540R-VO6.27 PAGE
BANK VENDOR CHECK# DATE AMOUNT
_ FIRS FIRSTAR ST. ANTHONY CHECKING
008776 AARCEE . PARTy & TENT . RENT . 141'92 0,3/28/01. 295.60.
_ 008471 AIRGAS NORTH CENTRAL 14193 03/28/01 61 .58
_ 008779 AMERICAN AIRWORKS 14194 03/28/01 4,378.96
048450 ANIMAL CONTROL SERVICES, 14195 03/28/01 174.68
_ 004271 AT&T BROADBAND 14196 03/28/01 3.50
_ 008255 _AVAYA, INC . 14197 03/28/01 29.32
_ 007253 BRAKE & EQUIPMENT WAREHO 14198 03/28/01 52.47
000430 BRIGHTON AUTO ELECTRIC 14199 03/28/01 26. 12
008711 BROADWAY PIZZA 14200 03/28/01 86.37
008778 BRW/URS 14201 03/28/01 32,4.80.00
000610 CATCO CLUTCH & TRANS SVC 14202 03/28/01 46.5Jlt
008577 CITY OF_ST._PAUL 1420_3 03/28/01 219.00_
000741 CONNELLY ELECTRONICS 14204 03/28/01 76.26
000800 DAVIES WATER EQUIP CO. 14205 03/28/01 176.08
008634 DRIVER & VEHICLE SERVICE 14206 03/28/01. 1 , 153.31
_ 008604 EMERGENCY APPARATUS 14207 03/28/01 816.48
_ 006496 EVERGREEN LAND SERVICES 14208 03/28/01 728.50
008153 _ _ 14209 03/28/_01 53.98
005251 FIRE INSTRUCT ASSOC OF M 14210 03/28/01 40.00
008609 . . FIRSTAR BANK .CORPORATE T 14211 03/28/01 36, 153.75
_ 008647 FRATTALLONE 'S. HARDWARE . 14212 03/28/0i. 46.31
001025 G & ' K SERVICES 14213 03/28/01 63:65
001030 G & K SERVICES INC 14214 03/28/01 328.99
008748 GE CAPITAL MODULAR SPACE 14215 03/28/01 357.84.
001145 GLENWOOD INGLEWOOD 14216 03/28/01 104.98
.00001 GMAC 14217 03/28/01 17,454.00
008050 CASH_ REG CO _ 14_218 03/28/01. 14.99_
007059 GOVERNMENT TRAINING SERV 14219 03/28/01 125.00
.00002 HALL/THOMAS P. 14220 03/28/01 50.00
005121 HAR"fMAN/JAY 14221 03/28/01 _ 99.99
001420 HAWKINS WATER TREATMENT 14222 03/28/01. 67.50
005017 HENNEPIN COUNTY TREASURE 14223 03/28/01 401 .95
008365 HENNEPIN COUNTY TREASURE 14224 03/28/01 225.50
< '. 008709 HENRY/SUSAN 14225 03/28/01 22.73
_ 008252 HOME DEPOT-GECF - 14226 '03/2.8/0]. 69.83
008239 HOSKA/JIM 14227 03/28/01 59.9.0
008658 INSTRUMENTAL RESEARCH, I 14228 03/28/01 160.00
008680" LARSON ALLEN WEISHAIR & 14229 03/28/01 90.00
4; .00001 LORDON INC . 14230 03/28/01 146.0E
<: 002395 M T I DIST CO 14231 03/28/01 7.70
'A7 008666 MAIL.COM BUSINESS MESSAG 14232 03/28/01. 51 .50
.a _ 007348 MC COLLISTER & COMPANY _ 14233 03/28/01 195.78
008263 MCLEOD USA, INC . TEC 14234 03/28/01. 490.5
002230 MENARD LUMBER 14235 03/28/01 63.85
008178 METRO SALES INC . 14236 03/28/01 46.0E
007835 METROCALL 14237, 03/28/01 4.95-
008467 MIDWAY FORD 14238 03/28/01 157.44
s 002060 MINNESOTA BOLT car NUT COM 14239 03/28/01 25.91.
29
BRC FINANCIAL SYSTEM ST. ANTHONY VI
03/19/2001 15: Check Register GL540R-•V06.27 PAGE
BANK VENDOR CHECK# DATE AMOUNT
FIRS FIRSTAR ST. ANTHONY CHECKING
. 008766 MINNESOTA OCCUPATIONAL H 14240 03/2.8%01: 286.00
008269 MINNESOTA SHREDDING LLC 14241 03/28/01 54.95
008074 MN POLLUTION CONTROL_ AGE 14242 03/28/01 260.00
008686 MUSKA ELECTRIC CO. 14243 03/28/01 592. 17
007370 MYERS TIRE SUPPLY COMPAN 14244 03/28/01 42.07
0_07159N_APA_. AUTO PART5 - 14245 03/28/01 _51 .81. _
14246 03/28/03. 603.49
000045 OFFICE DEPOT
008749 ON SITE SANITATION 14247 03/28/01 85.73
00_1230 ONE CALL _CON_CEPTS, INC . 14_248 03/28/01. 17.60
_ 008528 PACE ANALYTICAL SERVICES 14249 03/28/01 285.00
008780 PARR EMERGENCY PRODUCTS, 14250 03/28/01. 44.98
s; 008594 PETERBILT NORTH 14251 03/28/01 13.21
-FIRSTAR ST. A 14252 03/28/01. 101 .67
002820 PETTY CASH
008274 PITNEY BOWES 14253 03/28/01 148.46
_ 008369 POSTMASTER 14254 03/28/01._ _ 1 ,275.00
- -
_ 004492 OWEST 14255 03/28/01 287.78
_ 008462 RAMSEY COUNTY 14256 03/28/01 515.84
008777_ _RA_MSE_Y COUNTY CHIEFS ASS _ 14257 03/28/01 50.00
008428 RESERVE OFFICER TRAINING 14258 03/28/01 100.00
003100 - . ROSEDALE CHEVROLET 14259 -03/28./01 67.67
.003350 SEH-RCM_ 14260 03%28/01 :7,595..04 .
008351 STONEBROOKE EQUIPMENT IN 14261 03/28/01 210.46
007330 TRI STATE BOBCAT, INC . 14262 03/28/01 654.36
004481 TWIN CITY JANITOR SUPPLY 03/28/01_ 82.81
008336 UNITED ELECTRIC COMPANY 14264 03/28/01 133. 13
008781 UNITED HOSPITALS 14265 03/28/01 195.00
_ 008270 UNITED STATES POSTAL SER 14266 03/28/01. 600.00
008227 VERIZON WIRELESS, BELLEV 14267 03/28/01 542.08
008388 W. W. GOETSCH ASSOCIATES 14268 03/28/01 410.51
00_2680 XCEL E_ NERGY _ 14269 03/28/01 _ 191 .26
007325 YOCUM OIL MPANY, INC . 14270 03/28/01. 9, 186.00
L_
FIRSTAR ST. ANTHONY CHECKING _ 122,669.61
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' LIQR LIQUOR CHECKING...--ACCOUNT _. _ __________--___--'_-__-_-______________________
008696 A J GALLAGHER & CO. OF 17946 O3/28/O1 57 .50
^ ^ 17947 O3/28/O1 54O.38
OO4225 ALLIANT FOODSERVICE 17q4�-��/����� - - -�7 1i
__ALLIED PAPERCO. ^
17949 03/28/01 112.51
- OO4293 BELLBOY CORP. 1795O O3/28/O1 25,OOO,OO
004086 CITY OF ST. ANTHONY �� _ __
- --COMPT[���qCnMMFkt!AL ���- �-- ----�7��1 O3/28/O1 t,++z.
CREATIVE MARKETING 17952 O3/28/O1 1 ,367 ^95
OO41O6 17953 03/28/01 88^2O
- OOOO1 DOOR MASTERS INC . 17954
^ --------------------- - 491 .56
z/ z+ w3/co/u 3_ 1 ,491 .56
OO4 17955 O3�28/O1 2,342. 19
141 FRITZ COMPANY, INC .
` 157 GETTMAN HOWIE INC 17956 O3/28/O1 182.75
�
004 ` -^ - ' ' 17q57- ��3����/O�'- --- - -- 5i��(jo'_
' 0���72 - GR�/\pEBEGINNINGS, INC. 7 7O5 16
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004175 GRIGGS COOPER & CO INC 17958 O3/28/O1 , .
17959 03/28/01 92.05
004201 HEGGIES PIZZA - --_'- - ---___- l7��O-O�7�a 7 i]--'-- ------������ - -
HOME- _DE�OT-G'ECF 17q61 O3/28/O1 17,777^76
OO422O JOHNSON BROS. IQ.
^ 8/O1 230.00
~~ '�-- -ILLI-'SOBU SUBURBAN . |PAPF 17962O3/2 �
OO2O4O � � -�� �p w=�� �___
- - ----`T�C---' -i7963 O3/28/O1 66��.�^~
rk�LE�O�-\JSA INC .
" � 30 24
' ----- -- 17964 O3/28/O1 .
004272 METZ BAKING CO - - �
17965 03/28/O1 86.69
000045 OFFICE DEPOT 17q66 O3/28/�1 -' 27 ^ 12
004345 -- OLD DUTCH FOODS INC 17967 O3/28/O1 390,34
004354 PAUSTIS & SONS 17q68 O3�28/O1 12 858^78
004360 PHILLIPS WINE & SPIRITS ��_
-17969-(]�7���/761 65.VU
_ --- -OO877O-- -PORTER/WILLIAM 17970 03/28/01 2, 139,41
- O04376 PRIOR WINE CO 17q71 03/28/01 11 ,848^88
�
004385 QUALITY WINE CO INC . ' 17q72-O3/28/O1- -i79~7 ` -
- -- O085q7 - ' R�D. HANSON ASSOC . ` .4 726.66
' OO238O RELIANT ENERGY MINNEGASC 17973 O3/28/O1 ,
' 466 SYSCO MINNESOTA 17974 O3/28/O1 943.33
004 - FILTER--SERVICE-----.-----1-7975-03/28 01
----����
00-4-4:80-"-- -TWIN-CITY- FI[TER-SERVICE- 17976 03/28/01 100,00
008270 UNITED STATES pOSTALSER 1. q77 O3/28�Oi 1 ,540.00'
OO449� VAL�-PAK OF MINNESOTA / _ _
-WINE -MERCHANTS--INC 17979 03/28/01 3, 194.85
002680 XCEL ENERGY 17990 03/28/01 247.85
003840 ZEP MFG COMPANY
LIQUOR CHECKING ACCOUNT
..
'
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|-| - - --- - ' ----- '---' - --'_- ---
' -_
IX. GENERAL POLICY BUSINESS OF THE COUNCIL.
A. Resolution 01-053
B. Resolution 01-0.51
C. Resolution 01-052
31
CERTIFICATION OF MINUTES RELATING TO
$1,160,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2001B
Issuer: City of St..Anthony, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: A regular meeting held on March 27, 2001,
at 7:00 o'clock P.M., at the City Hall.
Members present:
Members absent:
Documents attached:
Minutes of said meeting (including): Pages 1 through 22
RESOLUTION 01- 053
RESOLUTION RELATING TO $1,160,000 GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 200113; AWARDING THEI 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 day of March,
2001.
Connie Kroeplin, City Clerk
32
It was reported that (_�proposals for the purchase of
the $1,160,000 General Obligation Improvement Bonds, Series 2001B of the City (the "Bonds")
in accordance with-the Terms of Proposal.for the sale of the Bonds approved by the City Council .
by Resolution 01-045 adopted March 13, 2001. The bids have been opened, read and tabulated,
and the terms of each were found to be as follows:
Bidder Purchase Price Interest Rates Net Interest Cost
(See Attached)
33
Councilmember then introduced the following
resolution and moved its adoption:
RESOLUTION 01- 053
RESOLUTION RELATING TO $1,160,000 GENERAL OBLIGATION
IMPROVEMENT BONDS,SERIES 2001B; 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 the an improvement
project to be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429,
consisting of street, water and sewer improvements (collectively the "Improvements"). The
present estimated total cost of the Improvements is as follows:
Project Costs ....................................................... $2,020,600
Less: Available City_Funds ................................. (939,700)
Issuance Expenses.............................................:. 23,722
Capitalized Interest ............................................. 41,458
Discount Allowance ............................................ 13,920
Total .............................................................. $1,160,000
This Council hereby determines to issue and sell $1,160,000 principal amount of General
Obligation Improvement Bonds, Series 2001B, 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
$13,920 representing interest as provided in Minnesota Statutes, Section 475.56. The City has
retained Springsted Incorporated to act as financial advisor to the City in connection with the
issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the
requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant
to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section
475.60, subdivision 2.
1.02. Sale of Bonds. The City has received ( ) proposals
for the purchase of the Bonds. The most favorable proposal received is that of
of ,
(the "Purchaser"), to purchase the Bonds at a price of$ ,
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
34
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
assessments and ad valorem taxes levied and to be levied for the payment of the Bonds as
provided in Section 4 hereof.
Section 2. Form of Bonds. The Bonds shall be prepared in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF HENNEPIN AND RAMSEY
CITY OF'ST. ANTHONY
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2001B
No. R- $
Date of
Interest Rate Maturijy Original Issue CUSIP
April 1, 2001
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
THE CITY OF ST. ANTHONY, Hennepin and Ramsey Counties, Minnesota(the
"City"), acknowledges itself to be indebted and, for value received, hereby promises to pay to
the registered owner named above, or registered assigns, the principal amount specified above,
on the maturity date specified above, with interest thereon from the date of original issue
specified above, or from the most recent interest payment date to which interest has been paid or
duly provided for, at the annual rate specified above. Interest hereon is payable on February 1
and August 1 in each year, commencing August 1, 2001, to the person in whose name this Bond
-2-
35
is registered at the close of business on the'15th day (whether or not a business day) of the
immediately preceding month, all subject to the provisions referred to herein with respect to the
redemption of the principal of this Bond before maturity. The interest hereon and, upon
presentation and surrender hereof, the principal hereof, are payable in lawful money of the
United States of America by check or draft of Firstar Bank,N.A., in St. Paul,Minnesota, as
Bond Registrar, Transfer Agent.and Paying Agent(the"Bond Registrar"), or its successor
designated under the Resolution described herein.
This Bond is one of an issue in the aggregate principal amount of$1,160,000 (the
"Bonds"), issued pursuant to a resolution adopted by the City Council on March 27, 2001 (the
"Resolution"), for the purpose of financing a portion of the costs of various street and alley
improvements in the City (the "Improvements"), and is issued pursuant to and in full conformity
with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling,
including Minnesota Statutes, Chapters 429 and 475. The Bonds are payable primarily from the
2001 Improvement Bond Fund (the"Fund") of the City. In addition, for the full and prompt
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 2003 through 2010 are payable on their respective
stated maturity dates without option of prior payment, but Bonds having stated maturity dates in
2011 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, 2010 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.
[INSERT REDEMPTION PROVISIONS FOR ANY TERM BONDS.]
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,
-3-
36
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,
duly executed by the registered owner or his attorney; and may also be surrendered in exchange
for Bonds of other authorized denominations. Upon such transfer or exchange, the City.will
cause a new Bond or Bonds-to be issued in the name of the 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 such transfer or exchange.
The City and the Bond 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 and for all other purposes, and neither the City nor the Bond
Registrar shall be affected by any notice to the contrary.
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 precedent to and in the issuance of this Bond in
order to make this Bond a valid and binding general obligation of the City according to its terms,
have been done, do exist, have happened and have been performed in regular and due form as so.
required; that prior to the issuance hereof the City has levied or agreed to levy special
assessments on property specially benefited by the Improvements and ad valorem taxes on all
taxable property in the City, collectible in the years and amounts.required to produce sums not
less than 5%-in excess of the principal of and interest on the Bonds as such principal and,interest
respectively become due, and has appropriated the same to the Fund in the manner specified in
Minnesota Statutes, Section 429.091, Subdivision 4; that, to take care of any accumulated or
anticipated deficiency in the Fund, additional ad valorem taxes are required by law to be levied
upon all taxable property in the City without limitation as to rate or amount; and that the
issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or
statutory limitation.
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 Bond Registrar by the manual signature of a person authorized
to sign on its behalf.
-4-
37
IN WITNESS WHEREOF, the City of St. Anthony, Hennepin and Ramsey
Counties, Minnesota,by its City Council,has caused this Bond to be executed by the signatures
of the Mayor and the City Manager and has caused this Bond to be dated as of the date set forth
below.
CITY OF ST. ANTHONY -
City Manager Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication:
FIRSTAR.BANK,N.A.,
St. Paul, Minnesota, as Bond Registrar
By_
Authorized Representative
The following abbreviations, when used in the inscription on the face of this
Bond, shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM——as tenants UNIF TRANS MIN ACT. . . . . . . Custodian. . . . . . . .
in common (Cust) (Minor)
TEN ENT——as tenants
by the entireties under Uniform Transfers to
Minors
Act. . . . . . . . . . . . . . . . . . . . . .
JT TEN—— as joint tenants (State)
with right of
survivorship and
not as tenants in
common
Additional abbreviations may also be used.
-5-
38
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:
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER NOTICE: The signature(s) to
OF ASSIGNEE: this assignment must correspond with the
name as it appears upon the face of
the within Bond in every particular,
without alteration, enlargement
or any change whatsoever.
Signature(s) must be guaranteed by an
"eligible guarantor institution"
meeting the requirements of the
Bond Registrar, which requirements
include membership or participation
in the Securities Transfer Association
Medalion Program (STAMP) or such
other"signature guaranty program"
as may be determined by the Bond
Registrar in addition to or in
substitution for STAMP, all in
accordance with the Securities
Exchange Act of 1934, as amended.
Section 3. Bond Terms, Execution and Delivery.
3.01. Maturities Interest Rates, Denominations, Payment, Dating of Bonds. The
City shall forthwith issue and deliver the Bonds, which shall be denominated"General
Obligation Improvement Bonds, Series 200113" and shall be payable primarily from the 2001
General Obligation Improvement Bond Fund of the City created in Section 4.02. The Bonds
shall be dated as of April 1, 2001, shall be issuable in the denominations of$5,000 or any
integral multiple thereof, shall mature on February 1 in the years and amounts set forth below,
acid Bonds maturing in such years and amounts shall bear interest, computed on the basis of a
360-day year consisting of twelve 30-day months, from April 1, 2001 until paid or duly called
for redemption at the rates per annum set forth opposite such years and amounts,respectively:
39
Year Amount Rate Year Amount Rate
2003 $70,000 % 2011 $75,000 %
2004 70,000 2012 80,000
2005 70,000 201.3 80,000
2006 70,000 2014 85,000
2007 70,000 2015 85,000
2008 75,000 2016 90,000
2009 75,000 2017 90,000
2010 75,000
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 August 1, 2001,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) Re ig ster. 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.
-7-
4®
(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 Bond is at any time registered in the bond register as the absolute owner
of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving
payment of, or on account of,the principal of and interest on such Bond and for all other
purposes, and all such payments so made to any such registered owner or upon the
owner's order shall be valid and effectual to satisfy and discharge the liability of the City
upon such Bond to the extent of the sum or sums 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 reimburse the Registrar for any tax, fee or other
governmental charge required to be paid with respect to such transfer or exchange.
(h) Mutilated, Lost,Stolen or Destroyed.Bonds. In case any Bond shall become
mutilated or be lost, stolen or destroyed, the Registrar shall deliver a new Bond of like
amount, number, interest rate, 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
such Bond lost, stolen or destroyed, upon the payment of the reasonable expenses and
charges of the Registrar in connection therewith; and, in the case of a Bond lost, stolen or
destroyed, upon receipt by the Registrar of evidence satisfactory to it that such Bond was
lost, stolen or destroyed, and of the ownership thereof, and upon receipt by the Registrar
of an appropriate bond or indemnity in form, 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 cancelled by it and evidence of such cancellation
shall be given to the City. If the mutilated, lost, stolen or destroyed Bond has already
matured or been 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.
3.04. Appointment of Initial Re ig strar. The City hereby appoints Firstar Bank,
N.A. in St. Paul, Minnesota, as the initial Registrar. The Mayor and City Manager are
authorized to execute and deliver, on behalf of the City, a contract with Firstar Bank, N.A., as
Registrar. Upon merger or consolidation of the Registrar with another corporation, if the
-8-
41
resulting corporation is a bank or trust company 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 any Registrar upon thirty (30) days' notice and upon the appointment of a
successor Registrar, in which event the predecessor Registrar shall.deliver all cash and Bonds in
its possession to the successor Registrar. On or before each principal or interest due date,
without further order of this Council,the Finance Director shall transmit to the Registrar from
the 2001 Improvement Bond Fund described in Section 4 hereof, moneys sufficient for the
payment of all principal and interest then due.
3.05. Redemption. (a) Bonds maturing in the years 2003 through 2010 are
payable on their respective stated maturity dates without option of prior payment, but Bonds
maturing in 2011 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, 2010 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 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
*Final Maturity
In the event that any.Bonds maturing in the year are redeemed pursuant to (a) above by the
City and canceled by the Registrar and not reissued, the Bonds maturing in the year 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 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 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:
-9-
42
. Year Amount
*Final Maturity
In the event that any Bonds maturing in the year are redeemed pursuant to (a) above by the
City and canceled by the Registrar and not reissued, the Bonds maturing in the year 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 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.
(d) 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, or.a 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 obligatory for any purpose or entitled to any security or benefit under this
Resolution unless and until a certificate of authentication on such Bond has been duly 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 each Bond shall be conclusive evidence that it has been
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authenticated and delivered under this Resolution. When the Bonds have been so executed and
authenticated,they shall be delivered by the City Manager to the Purchaser upon payment of the
purchase price in accordance with the contract of sale heretofore made and executed, and the
Purchaser shall not be obligated to see to the application of the purchase price.
3.07.. 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 from the City to
DTC with respect to the procedures of DTC presently on file with DTC.
(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 redeemed, if any, giving any notice permitted or required to be given to registered
owners of Bonds under 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 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
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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 under 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. 2001 Improvement Construction Fund. There is hereby created a special
bookkeeping fund to be designated as the "2001 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) $1,146,080
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 improvements instituted pursuant to the
Act, as directed by the City Council, but any balance of such proceeds not so used shall be
credited and paid to the Bond Fund.
4.02. 2001 Improvement Bond Fund. So long as any of the Bonds are
outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a
separate and special bookkeeping fund designated"2001 Improvement Bond Fund" (the "Bond
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Fund") to be used for no purpose other than the payment of the principal of and interest on the
Bonds and on such other improvement bonds of the City as have been or may be directed to be
paid therefrom. The City irrevocably appropriates to the Bond Fund (a) all amounts in excess of
$1,146,080 received from the Purchaser, (b) the collections of special assessments and other
funds to-be credited and paid thereto in accordance-with the provisions of Section 4.01, (c) any
taxes levied in accordance with this resolution; and (d) all such other moneys as shall be received
and appropriated to the Bond Fund from time to time. If the balance in the Bond Fund is at any
time insufficient to pay all interest and principal then 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
reimbursement from the Bond Fund when the balance therein is sufficient, and the Council
covenants and agrees that it will each year levy a sufficient amount to take care of any
accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory
tax limitation.
There are hereby established two accounts in the Bond Fund, designated as the
"Debt Service Account" and the "Surplus Account." All money appropriated or to be deposited
in the Bond Fund shall be deposited as received into the Debt Service Account. On each
February 1, the Finance Director shall determine the amount on hand in the Debt Service
Account. If such amount is in excess of one-twelfth of the debt service payable from the Bond
Fund in the immediately preceding 12 months,the Finance Director shall promptly transfer the
amount in excess to the Surplus Account. The City appropriates to the Surplus Account any
amounts to be transferred thereto from the Debt Service Account as herein provided and all
income derived'from the investment of amounts on hand in the Surplus Account. If at any time
i the amount on hand in the Debt Service Account is insufficient to meet the requirements of the
Bond Fund, the Finance Director shall transfer to the Debt Service Account amounts on hand in
the Surplus Account to the extent necessary to cure such deficiency.
4.03. Additional Bonds. The City reserves the right to issue additional bonds
payable from the Bond Fund as may be required to finance costs of the Improvements not
financed hereby; provided that the City Council shall, prior to the delivery of such additional
bonds, levy or agree to levy by resolution sufficient additional special assessments and ad
valorem taxes, if any, which, together with other moneys or revenues pledged for the payment of
said additional obligations, will produce revenues at least five percent(5%) in excess of the
amount needed to pay when due the principal and interest on all bonds payable from the Bond
Fund. The additional special assessments, ad valorem taxes and moneys or revenues so pledged,
levied or agreed to be levied shall be irrevocably appropriated to the Bond Fund in the manner
provided by Minnesota Statutes, Section 475.61.
4.04. Leyy of Special Assessments. The City hereby covenants and agrees that
for payment of the cost of each of the Improvements it will do and perform all acts and things
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
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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$ payable in not more than 15 installments, the.first
installment to be collectible with taxes during the year 2002, and that deferred installments shall
bear interest at the rate of not less than and hundredths percent(_%) 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
2001 2002 $
2002 2003
2003 2004
2004 2005
2005 2006
2006 2007
2007 2008
2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
The foregoing tax levies 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
it Bonds, and the Bonds shall be payable from the Bond Fund in accordance with the provisions
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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 funds shall be reimbursed.
therefor when sufficient money is available to the Bond Fund. If on October 1 in any year the
sum of the balance in the Bond Fund plus the amount of taxes and special assessments
theretofore levied for the Improvements and collectible through the end of the following
calendar year is not sufficient to pay when due all principal and interest become due on all
Bonds payable therefrom in said following calendar year, or the Bond Fund has incurred a
deficiency in the manner provided in this Section 4.06, a direct, irrepealable, ad valorem tax
shall be levied on all taxable property within the corporate limits of the City for the purpose of
restoring such accumulated or anticipated deficiency in accordance with the provisions of this
resolution.
Section 5. Defeasance. When any Bond has been discharged as provided in this
Section 5, all pledges, covenants and other rights granted by this resolution to the holders of such
Bonds shall cease, and such Bonds shall no longer be deemed outstanding under this Resolution.
The City may discharge its obligations with respect to any Bond which is due on any date by
irrevocably depositing with the Registrar on or before that date a sum sufficient for the payment
thereof in full; or, if any Bond should not be paid when due, the City may nevertheless discharge
its obligations with respect thereto by depositing with the Registrar a sum sufficient for the .
payment thereof in full with interest accrued to the:date of such deposit. The City may also
discharge its obligations with respect to any prepayable Bond called for redemption on any date
when it is prepayable according to their terms, by depositing with the Registrar on or before that
date a sum sufficient for the payment thereof in full; provided that notice of the redemption
thereof has been duly given as provided in Section 3.05. 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 a
bank qualified_ by law as an escrow agent for this purpose, cash or securities which are
authorized by law to be so deposited, bearing interest payable at such times and at such rates and
maturing on such dates as shall be required, without reinvestment,to pay all principal and
interest to become due thereon to maturity or, if notice of redemption as herein required has been
duly provided for,to such earlier redemption date.
Section 6: County Auditor Registration, Certification of Proceedings, Investment
of Money, Arbitrage and Official Statement.
6.01. County Auditor Registration. The City Clerk is hereby authorized and
directed to file a certified copy of this Resolution with the County Auditors of Hennepin and
Ramsey Counties,together with such other information as the County Auditors shall require, and
to obtain from said County Auditors a certificate that the Bonds have been entered on his bond
register and the taxes described in Section 4.05 hereof have been levied as required by law.
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6.02. Certification of Proceedings. The officers of the City and the County
Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and
furnish to the Purchaser and to Dorsey & Whitney LLP, Bond Counsel to the City, certified
copies of all proceedings and records of the City, and such other affidavits, certificates and
information as maybe required to show the facts relating to the,legality and marketability of the
Bonds as the same appear from the books and records under their custody and control or as
otherwise known to them, and all such certified copies, certificates and affidavits, including any
heretofore furnished, shall be deemed representations of the City as to the facts recited therein.
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.
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.
6.04. 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 ever 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
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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 448 of the Code and Regulations:
6.05. 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 authorized and directed to execute and deliver to the Purchaser a certification in
accordance with the provisions of Section 148 of the Code, and the 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 manner that
would cause the Bonds to be arbitrage bonds within the meaning of the Code and Regulations.
6.06. Interest Disallowance. The City hereby designates the Bonds as "qualified
tax—exempt obligations" for purpose of Section 265(b) of the Code relating to the disallowance
of interest expenses for financial institutions. The City represents that in calendar year 2001 it
does not reasonably expect to issue tax—exempt obligations which are not private activity bonds
(not treating qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds
for purposes of this representation) in an amount in excess of$10,000,000.
6.07. Official Statement. The Official Statement relating to the Bonds, dated
March 13, 2001, prepared and distributed on behalf of the City by Springsted Incorporated,is
hereby approved. Springsted Incorporated, is hereby authorized of behalf of the City to prepare
and distribute to the Purchaser a supplement to the Official Statement listing the offering price,
the interest rates, 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. Within seven business days from the date hereof, the City
shall deliver to the Purchaser 30 copies of the Official Statement and such supplement. The
officers of the City are hereby authorized and directed to execute such certificates as may be
appropriate concerning the accuracy, completeness and sufficiency of the Official Statement.
The officers of the City are hereby authorized and directed to execute such certificates as may be
appropriate concerning the accuracy, completeness and sufficiency of the Official Statement.
Section 7. 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 permit the original purchaser
and other participating underwriters in the primary offering of the Bonds to comply with
amendments to Rule 15c2-12 promulgated by the Securities and Exchange Commission(the
"SEC")under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), 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
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disclosure must be made.
If the City fails to comply with any provisions of this Section 7, 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 7, 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 permitted by law. Notwithstanding
anything to the contrary contained herein, in no event shall a default under this Section 7
constitute a default under the Bonds or under any other provision of this resolution.
As used in this Section 7, "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(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(b) is treated as the owner of
the Bond for federal income tax purposes. As used herein, "Outstanding" when used as of any
particular time with reference to Bonds means.all Bonds theretofore, or thereupon being,
authenticated and.delivered by the Registrar under this Resolution except (i) Bonds theretofore
canceled by the Registrar or surrendered to the Registrar for cancellation; (ii) Bonds with respect
to which the liability of the City has been discharged in accordance with.Section 5 hereof; and
(iii) Bonds for the transfer or exchange or in lieu of or in substitution for which other Bonds
shall have been authenticated and delivered by the Registrar pursuant to this Resolution.
(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, 2000 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,
accompanied by the audit report and opinion of the accountant or government
auditor relating thereto, as permitted or required by the laws of the State of
Minnesota, containing balance sheets as of the end of such fiscal year and a
statement of operations, changes in fund balances and cash flows for the fiscal
year then ended, showing in comparative form such figures for the preceding
fiscal year of the City, prepared in accordance with generally accepted accounting
principles promulgated by the Financial Accounting Standards Board as modified
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
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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 set forth below, which information may be
unaudited, but is to be certified as to accuracy and completeness in all material
respects by the City's financial officer to the best of his or
her knowledge, which certification may be based on the
reliability. of information obtained from governmental
or third party sources :
• City Property Values
• City Indebtedness
• City Tax Capacity Rates
• City Tax Levies and Collections
• Current General Fund Budget
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 submitted to each
of the repositories hereinafter referred to under
subsection (b) or the -SEC. If the document
incorporated by reference' is a final official
statement, it must be available from the Municipal
Securities Rulemaking Board. 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
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statement to such effect; provided, however, if such
operations have been replaced by other City operations
in respect of which data is not included in the
Disclosure Information and the City determines that
certain specified data regarding such replacement
operations would .be a Material Fact (as . defined in
paragraph (2) hereof) , then, from and after such
determination, the Disclosure Information shall include
such additional specified data regarding the
replacement operations .
If the Disclosure Information is changed or
this Section 7 is amended as permitted by this
paragraph (b) (1) or subsection (d) , then the City shall
include in the next Disclosure Information to be
delivered hereunder, to the extent necessary, an
explanation of the reasons for the amendment and the
effect of any change in the type of financial
information or operating data provided.
(2 ) In a timely manner, notice of the occurrence of
any of the following events which is a Material Fact (as
hereinafter. defined)
(A) Principal and interest payment delinquencies;
(B) Non-payment related defaults;
(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 or events affecting the tax-
exempt status of the security;
(G) Modifications to rights of security holders;
(H) Bond calls;
(I) Defeasances;
(J) Release, substitution, or sale of property
securing repayment of the securities; and
(K) Rating changes .
As used herein, a `Material Fact" is a fact as to which a
substantial likelihood exists that a reasonably prudent 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, information disclosed hereunder or information
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generally available to the public,. Notwithstanding the foregoing
sentence, a "Material Fact" is also an event that 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.
(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 7 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 7 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 . The City agrees to make
available the information described in subsection (b) to the
following entities by telecopy, overnight delivery, mail or other
means, as appropriate :
(1) the information described in paragraph (1) of
subsection (b)-, to each then nationally recognized municipal
securities- information repository under -the Rule and to any state
information depository then designated or operated by the State
of Minnesota as contemplated by the Rule (the "State
Depository") , if any;
(2) the information described in paragraphs (2) and (3) of
subsection (b) , to the Municipal Securities Rulemaking Board and
to the State Depository, if any; and
(3) the information described in subsection (b) , to any
rating agency then maintaining a rating of the Bonds and, at the
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. expense of such Bondowner, to any Bondowner who requests in
writing such information, at the time of transmission under
paragraphs ( 1) or (2) of this subsection (c) , as the case may be,
or, if such information is transmitted with a subsequent time of
release, at the .time such information is to be released.
(d) Term; Amendments; Interpretation.
(1) The covenants of the City in this Section 7 shall
remain in effect so long as any Bonds are Outstanding.
Notwithstanding the preceding sentence, however, the obligations
of the City under this Section 7 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 7 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, as amended, or any statutes or
laws successory thereto or amendatory thereof.
. (2) Thi.s Section 7. (and the form and requirements of the
Disclosure Information) . may be amended or :supplemented by the
City from time to time, without notice to (except as provided in
paragraph (c) (3) hereof) or the consent of the Owners of any
Bonds, by a resolution of the City Council filed in the office of
the City Clerk 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 7.
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
-22-
55
. 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.. 7 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 .
Mayor
Attest:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember , and upon vote being taken thereon, the following voted in
favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor
which signature was attested by the City Clerk.
-23-
56
CITY OF ST. ANTHONY
RESOLUTION 01-051
A RESOLUTION RELATING TO THE REDEVELOPMENT OF
CENTRAL PARK; ORDERING ADVERTISEMENT FOR BIDS
WHEREAS, plans and specifications for the redevelopment.of Central Park were submitted
by BRW, Inc. and were approved by the Council on September 26, 2000,
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of St. Anthony
hereby orders the consulting firm of BRW, Inc. to prepare and cause to be inserted in the
official paper an advertisement for bids for the redevelopment of Central Park in the City of St.
Anthony.
Adopted this day of , 2001.
Mayor
ATTEST:
City Clerk
Reviewed by Administration:
City Manager
57
MEMORANDUM
DATE: March 21, 2001
TO: Mayor and Councilmembers
FROM: Michael.Morrison, City Manager
ITEM: RESOLUTION AUTHORIZING BIDDING FOR CENTRAL PARK
PROJECT
On September 26, 2000, the Council authorized the firm of BRW, Inc. to prepare plans and
specifications for the Central Park redevelopment project. The plans and specifications are
essentially complete and are now ready to advertise for bids.
• The tentative date for the bids to be considered b the Council is scheduled for May 8, 2001;
Y Y
tentative construction would be June 15, 2001. The only component left to bid for Central Park
would be a picnic shelter bathrooms as well as bathrooms for Watertower Park and two
buildings for Silver Point park. These plans are being prepared by Molly Olivier of SEH, Inc.
and will be ready to bid later this year.
Early indication from BRW, Inc.. is that the cost for the Park may be higher than was
originally planned last September 26. I have instructed Finance Director Roger Larson to
develop possible funding options should the bids come in higher than anticipated.
The other unknown to this project are the possible clean up costs that the MPCA will be
.assessing the City in the redevelopment of Central Park. Staff will meet with the MPCA on
April'4 to attempt to gain a better understanding of that situation.
The building plans may be presented at the May 8 Council meeting with the bid opening for
the Central Park project. The cost for the building at Silver Point Park will be paid using DNR
funds.
•
58
CENTRAL PARK REDEVELOPMENT
TE%IELINE
Action Date
Council authorizes bid letting March 27, 2001
City and MPCA discuss environmental remedial April 4, 2001
plans and requirements
Advertise for bids April 5, 2001
Plans released for bids April 9, 2001
• Bid opening May 1, 2001
Council awards construction bid May 8, 2001
Construction begins May 21, 2001
Construction completed October 15, 2002
Park back in service Late fall/winter, 2002
59
CITY OF ST. ANTHONY
RESOLUTION 01-052
A RESOLUTION ADOPTING A STRATEGIC
PLANNING REPORT
WHEREAS, two Strategic Planning Sessions were conducted in January, 2001 by Lynn &
Associates, with participants including the Mayor and Councilmembers, City
Manager, Assistant City Manager, Department Heads, and Commissions
Chairs; and
WHEREAS, a set of goals and strategies were designed and set for both sessions.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of St. Anthony
hereby adopts the Strategic Planning Report developed by Lynn & Associates following the
2001 strategic planning sessions for the City of St. Anthony and attached hereto.
Adopted this day of , 2001.
Mayor
ATTEST:
City Clerk
Reviewed by Administration:
City Manager
•
60
CITY OF ST. ANTHONY STRATEGIC PROFILE
Our Vision
"A Village in the City"
Our Core City Values
9 Community...
➢ Collaboration...
➢ Resident focus...
➢ Safe and secure environment...
➢ The feel of a Village...
➢ Fiscal responsibility...
Our Mission
Our Mission is to be a progressive and livable community,
a `walkable' village which is safe and secure,
that invites residents to linger
and enjoy our centralized environment.
Our Key Action Areas
➢ Flood protection
➢ Redevelopment
➢.. Welcoming image and appearance
➢ Strong infrastructure
➢ A safe and secure environment
➢ Clear and open communication
Revised January 18,2001
•
20
61
THE SEVEN
2001 CITY GOALS
Goal #1: Shape the future by defining and reviewing regularly our goals and fiscal
policies.
Goal #2: Develop a Plan or Options for the Stonehouse Property.
Goal #3: Provide 100-Year Flood Protection for all residents and businesses to protect
health and property.
Goal #4: Focus on redevelopment initiatives so that our image and tax base stays firm.
Goal #5: Protect and maintain our infrastructure so that our City works
both now and in the future.
Goal #6: Provide 'a Park System that offers a mix of recreational opportunities for
residents of all ages.
Goal #7: Build a sense of community by involving our City's diverse groups in the on-
going development of the City
21
62
• Goal#1: Shape the future by defining and reviewing regularly our goals and fiscal policies.
Objective#1: Develop a.Financial Strategies Plan.
Individual(s) Primarily Responsible: Ehlers &Associates
Key Individuals Involved: Roger L, Mike M., City Council, Department Heads
Target Completion Date: 10/31/01
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Ask for a proposal from Ehlers &Associates. Mike M. Roger 2/1/01
2. Obtain a proposal from Ehlers &Associates. Mike M. Roger 3/1/01
Ehlers and
3. Have the Council approve the proposal. City Council Assoc. 4/1/01
Ehlers and City Council May -
• 4. Develop the Financial Strategies Plan with Ehlers& Assoc.. Department September
Associates' process outline. Heads
Ehlers and
5. Review plan to find agreement on recommendations City Council Assoc. 10/15/01
and implementation of the plan. City Council
6. Council approves the"Financial Strategies Plan." City Council 10/31/01
Define Goal Accomplishment:
Have the City Council and Staff agree on a financial plan that is able to identify and prioritize the funding
for all infrastructure improvements, new construction projects, reconstruction projects, and the Five-Year
Capital Equipment Plan.
•
22
63
Goal#2: Develop a Plan or Options for the Stonehouse Property.
Objective#1; Provide the Council with enough detail to enable them to make an informed decision
regarding'the Stonehouse Property/on-sale liquor business.
Individual(s) Primarily Responsible: Mike L, City Council
Key Individuals Involved: Mike M.
Target Completion Date: 10/1/01
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Develop detailed informational packets for the Mike L. City Council 7/1/01
Council to preview containing both pros and cons,
detailed information of costs and savings of the Mike M.
Stonehouse property.. Information will include:
• + Split liquor store referendum.
■ Financial impact on the Sports Boosters.
■ Cost of improvements needed for the building.
■ Repair and maintenance costs.
■ Complete pro forma Financials.
■ Labor costs.
■ Overall purchasing policy.
■ Product costs and retail pricing.
■ Repair and maintenance costs.
■ Survey cross customer base.
■ Customer information/frequency study findings.
2. Approximately one month after the Council has 8/01
received the informational packet, schedule a Council
meeting with the Council to discuss.the Stonehouse
Operation.
F 3. The decision made by the Council regarding the 9/15/01
future of the Stonehouse. Council
Define Goal Accomplishment:
The Council has enough information to make an informed decision about the future of the Stonehouse.
•
23
64
Goal#3: Provide 100-Year Flood Protection for all residents and businesses to protect health and
property.
Objective#1: Continue to provide a City Based Flood Relief Grant Program to all residents as needed.
Individual(s) Primarily Responsible: Todd Hubmer
Key Individuals Involved: Jay H, Mike M., Roger L., City Council
Target Completion Date: December 31, 2001
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Approve 2001 Grant Program by Council. Todd H. Mike M. 1/23/01
Roger L.
Jay H.
Council
Todd
• 2. Publicize 2001 Program. Connie Mike M. 4/15/01
Todd
3. Receive FRG Applications. Judy Jay 6/15/01
4. Conduct application evaluation to ensure qualification Todd Jay 7/1/01
and complete site inspection.
5. Submit qualified grants to applicants. Roger Todd
6. Pay applicants and conduct project inspections. Roger Todd
Define Goal Accomplishment:
Timely granting of Flood Relief Grants during 2001.
•
24
65
Goal#3: Provide 100-Year Flood Protection for all residents and businesses to protect health and
property.
Objective#2: Complete the 29t'Avenue Street Reconstruction Project.
Individual(s) Primarily Responsible: Todd Hubmer
Key Individuals Involved: Jay H, Mike M., Roger L., City Council
Target Completion Date: August 15, 2001
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Begin construction on Phase III and current project Todd Jay 5/1/01
and restoration of Phase I and II.
2.. Finish adding decorative lighting, driveways, and tree Todd . Jay 6115/01
• enhancements.
Define Goal Accomplishment:
29'x'Street Reconstruction completed to project specifications.
•
25
66
Goal#3: Provide 100-Year Flood Protection for all residents and businesses to protect health and
property.
Objective#3: Complete the Street Reconstruction Project/Harding Street Pond Project according to
plan.
Individual(s) Primarily Responsible: Todd Hubmer
Key Individuals Involved: Jay H, Mike M., Roger L., Springsted, Dorsey and Whitney, Evergreen,
City Council
Target Completion Date: December 31, 2001
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Authorize Bond Sale. City Council Springsted 3/13/01
Todd H.
• 2. Award contract: City Council (WSB) 3/13/01
3. Hold neighborhood meeting to discuss project WSB Jay 4/15/01
progress and details.
4. Acquire and obtain all easements necessary to Evergreen Dorsey and 4/15/01
complete project. Whitney
5. Construction begins. WSB Jay 6/1/01
6. Substantial completion of project. Pond and road WSB Jay 10/1/01
reconstruction will be completed.
7. Restoration and pavement complete. WSB Jay 5/15/02
Define Goal Accomplishment:
Project completed to specifications on time and within budget.
•
26
67
Goal#3: Provide 100-Year Flood Protection for all residents and businesses to protect health and
property.
Objective#4: ' Reduce the amount of inflow and infiltration of storm water to the City's sanitary sewer
system and meet conformance standard set by the Metropolitan Council.
Individual(s) Primarily Responsible: Todd Hubmer
Key Individuals Involved: Springsted, Jay H, Sue, Mike M., Roger L., City Council
Target Completion Date: December 31, 2001
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Continue on-going inspections and enforcement at Jay Springsted 12/31/01
point of sale of residential properties.
• 2. Provide a citywide educational program consisting of
a separate newsletter to inform residents of key Sue Jay 12/31/01
issues/areas of interest and hold one or two Todd
neighborhood meetings (late spring/early fall).
3. Provide a citywide educational program consisting of Sue Todd 8/1/01
a program displayed on Cable to inform residents of Jay
key issues/areas of interest.
4. City staff completes voluntary inspections of Todd Jay 12/31/01
removals to ensure compliance is occurring.
Define Goal Accomplishment:
Reduction in the amount of inflow and infiltration in the sanitary system.
27
68
Goal#4: Focus on redevelopment initiatives so that our image and tax base stays firm.
Objective#1: Finalize'the Northwest Quadrant Master Plan.
Individual(s) Primarily Responsible: Dahlgren, Shardlow, and Uban (DSU), Steering Committee,
City Council
Key Individuals Involved: Sue, Mike M., Ehlers &Associates
Target Completion Date: 7/30/01
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Complete the four project phases as outlined by NW 7/0/01
(DSU)which includes research and analysis (phase DSU Quadrant
community visioning (phase 2) preparation and Steering
evaluation of alternatives (phase 3), and preparation Committee
of the Master Plan (phase 4):
2. Phase 2 involves flushing out the preferred concept NW 4/24/01
plan at Steering Committee Meetings in February and DSU Quadrant
March, 2001, The Council will review and approve Steering
the preferred Concept Plan. Committee
3. The final document of the Northwest Quadrant DSU NW 7/15/01
Master Plan will be submitted to the Council for Quadrant
approval. Steering
Committee
4. The Council takes action on the Master Plan. City Council DSU/Ehlers 9/1/01
Define Goal Accomplishment:
Develop a realistic redevelopment master plan for the City's Northwest Quadrant.
28
69
Goal#4: Focus on redevelopment initiatives so that our image and tax base stays firm.
Objective.#2: Begin work on the Southwest Quadrant Master Plan:
Individual(s) Primarily Responsible: Ehlers and Assoc., City Council
Key Individuals Involved: Mike L., Joel H., Sue , Mike M., Dorsey and Whitney, Steering Committee
Target Completion Date: 12/31/01
Primary Key Target
Action Steps Responsible individuals Completion
Involved Date
1. Review proposal from Ehlers &Associates on the City Council Mike M. 3/13/01
Economic Development Plan for the Southwest
Quadrant.
2. Close on Custom Liquidators. Determine the future Dorsey and Mike M. 4/30/01
of the building in conjunction with the Southwest < Whitney
Quadrant Redevelopment Planning Process.
3. Recruit community members for the Southwest City Council Sue H. 10/31/01
Quadrant Steering Committee
Southwest
4. Review financial analysis from the Steering City Council Quadrant 11/30/01
Committee. Steering
Committee
5. Look at possible fire station relocation and off sale Ehlers and Joel H., 12/31/01
location (select architect, developer draft design, Assoc. Mike M.
select possible station sites, and estimate cost of Mike L.
station construction).
6. Begin to implement the Master Plan. City Council Ehlers and 12/31/01
Assoc.
Define Goal Accomplishment:
To develop a plan to redevelop blighted property located in the City's southwest quadrant.
•
29
70
•
Goal#5: Protect and maintain our infrastructure so that our City works both now and in the future.orce
Objective#1: Develop a plan using the City's consultant and a dbc ty hall Build ngto upgrade
and enhance the look and feel of the Community Center a
Individual(s) Primarily Responsible:Task Force
Key Individuals Involved: Jay H., City Council, Molly O.
Target Completion Date: 8/1/01
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Receive letters of interest from residents considering Mike M. City Council 2/15/01
Facility Improvement Task Force. Approve these
letters.
• 2.. Schedule the first Facility Improvement Task Force Mike M. Molly 0.. 3/1/01
meeting.
3. The Task Force will make recommendations to the Task Force Jay
7/1101
Council for proposed plans for improving the
Community Center. Molly O.
4. Make recommendations to Council.
Task Force Jay 1111/01
Define Goal Accomplishment:
Based on community involvement, inform the City Council what are some ideas for improving the City
Hall/Community Center facility.
•
30
71
Goal#5: Protect and maintain our infrastructure so that our City works both now and in the future.
Objective#2: . Develop a plan for the entire city to incorporate sidewalks,.decorative lighting, and tree
enhancements'for all Mutual State Aide (MSA) roadways.
rKey iduals) Primarily Responsible: Jay H., Joel
Indiv iduals Involved: SEH, John O. (PD), Neighborhood Watch, Excel Energy
Target Completion Date: 9/1/01
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Develop a list of all roadways in the City included in SEH Jay H.
3/1/01
MSA roadways.
2. Ask the Police Department and Neighborhood Watch John O., Jay H. 5/1/01
• Groups to list all areas of the City.where there might
be inadequate lighting
LRe ve a proposal for a comprehensive sidewalk SEH Jay H.
5/15/01
or all MSA roadways.
ct Excel Energy and have them provided an Excel Energy Jay H.
7/1/01
sment of street lighting needs.
w the plan with the City Council and have the City Council Jay H. 7/1/01
cil adopt the plan.
lop a lighting plan for all stree ts and alleyways
SEH Jay H. 10/1/01 prove visibility and security for all residents.t the Village employees'code enforcement goal Joel H. Mike M. 12/31/01 ally at the department
levels.
Define Goal Accomplishment:
Update the City's code enforcement policies and procedures.
•
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72
•
Goal#6: Provide a Park System that offers a mix of recreational opportunities for residents of all ages.
Objective#1: Begin the redevelopment of Central Park and park shelters.
Individual(s) Primarily Responsible: BRW
Key Individuals Involved: St.Anthony Park Commission, City Council, and City Staff
Target Completion Date: 7/1/01
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. BRW will advertise for bids for construction.
BRW Park Comm. 3/30/01
2. The City Council will approve a bid. City Council Park Comm. 4/30/01
BRW Park Comm.
3. Construction will begin. � . 7/1101
BRW Park Comm. 511/03
4. Target completion date.
Define Goal Accomplishment:
A redeveloped Central Park.
•
32
73
Goal#6: Provide a Park System that offers a mix of recreational opportunities for residents of all ages.
Objective 42: Complete the Silver Point Park Project.
Individuals) Primarily Responsible: SEH, Molly O.
Key Individuals Involved: St. Anthony Park Commission, Todd H., Jay
Target Completion Date: 5/31101 :1
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Begin the construction of permanent park shelter.
SEH Park Comm. 6/13101
2. Complete security lighting throughout the park.
SEH Park Comm. 7/1/01
• 3. Complete the.permanent park helter..
SEH Park Comm: 8/30/01
WSB Jay 8/30/01
4. Regrade the skating areas.
5. Grand Opening Celebration.
Park Comm. Jay 10/15/01
Define Goal Accomplishment:
Improved park facilities in 2001.
•
33
74
Goal#7: Build a sense of community by involving our City's diverse groups in the on-going
development of the City.
Objective#1: Offer clear, current and open communication through a variety of means so people are
informed about St. Anthony's issues and news.
F ividual(s) Primarily Responsible: Sue
y Individuals Involved: Police Department, Connie, Action Board,And Volunteer Committee,
wsletter Designer
Target Completion Date: December 31, 2001
Primary Key Target
Action ::pi Responsible Individuals Completion
Involved Date
PJ. UUlflze a design consultant.to make improvements to Sue Newsletter 6/1/01
• the layout and design.to.the City's quarterly
Designer .
newsletter.
2. Develop a policy, procedure, and wish list to keep the Connie Sue 7/1/01
City's web site fresh and current.
3. Have the Planning Commission present the overall Planning Sue 7/1/01
findings to the Council regarding a City Comm.
Monume it/Sign Message Board by June, 2001.
4. Letc partment heads attend at least one work Department Mike M. On-going
/year to discuss pertinent issues and P
s, offer the Council information on key issues, Heads
5. .Have staff obtain proposals regarding a citizen
Consultant
survey. Also, discuss with the retained consultant the Sue Mike M. 10/15/01
possibility of conducting an employee survey.
6. Survey data completed in time for Council/Staff 2002 Sue H. Mike M.
Goal Setting Session.
Define Goal Accomplishment:
• Refine and enhance the City's communication vehicles.
34
75
Goal#7: Build a sense of community by involving our City's diverse groups in the on-going
development of the City.
Objective#2: Increase citizen participation and community ownership by increasing the number of
citizens involved in St. Anthony's government and volunteer activities.
Individual(s) Primarily Responsible: Sue
Key Individuals Involved: Police Department, Connie,Action Board, And Volunteer Committee
Target Completion Date: December 31, 2001
Primary Key Target
Action Steps Responsible Individuals Completion
Involved Date
1. Publish community volunteer opportunities through Sue/Connie Amy Quarterly
the City newsletter,web site, and cable television
2001
bulletin board.
• Sue Police
2. Increase National Night Out block parties by Department
publishing them in the Newsletter and web site. p
3. Conduct our first inter generational town meeting. Amy City Council 10/01
4. Continue to foster civic pride in the community by
5/16/01
continuing popular events such as Clean Up Day and City Council Public Works 8/4/01
Village fest.
5. Determine a committee for the Community Center to
develop ideas on Community Center improvements (see goal#5-
that would enhance the overall building and its' objective#1)
functioning.
6. ` Increase overall number of active volunteers from City Council City Council 12/31/01
200-250.
Define Goal Accomplishment:
Continue city-community partnerships.
35
•
MISCELLANEOUS INFORMATIONAL DOCUMENTS
•
To: Michael Morrison, City Manager
From: Michael L. Larson, Liquor Operations Manager
Subject: February.Informational.Report
Date: 03/05/2001
February Sales Summary Monthly Sales Increase/(Decrease)
Stonehouse Bar& Grill $61,652.00 $2,310.00
Off-Sale Store#1 $132,986.00 ($3,247.00)
Off-Sale Store#2 $131,875.00 ($12,575.00)
Category Summary
Liquor $81,592.00 ($6,000.00)
Beer $109,247.00 ($8,950.00)
Wine $61,090.00 ($1,620.00)
Mix/Misc. $5,063.00 $244.00
Tobacco $7,873.00 ($1,520.00)
""`The increase/decrease column represents figures compared to the year 2000.
While the sales figures do not represent a good month, gross profit for the off-
sale stores finished $4,843.00 more than February of last year. The main reason
for this is because we purchased product in February that.was:due to increase in .
cost in March, but we raised our retail price to reflect the cost increase prior to
the cost actually going up. As far as the decrease in gross sales, can you say
c0000000ld? If memory serves me right, people were golfing this time last year.
During the warm winter of 2000, sales increased $16,400.00 at store#1 and
$23,175.00 at store#2, over February of 1999. Comparatively speaking, we still
had a decent month. Sales at store #1 were up $13,172.00 and sales at store#2
were up $10,600.00 over February of 1999.
We did not perform a check survey in February. We will in March and continue
every other month.
We held a wine tasting on February 8th..The tasting went well even though .
(newsflash) it snowed like crazy that afternoon and evening. The next.tasting will
be March 15th at store #2. The March tasting will be Micro/Craft and Import
beers. On March 8th, the coolers at both stores will be reset. We are introducing
40 new beer labels to the liquor stores, thus the reason for the cooler reset and
beer tasting.
February was cleaning month at both stores. All bottles and shelves are cleaned
and wiped down.
of I have attached a couple of articles that I thought might interest you and the
Council.
Don't Ki I I the Goose That Lays- the
t Golden Egg
This 1989 article has been updated and reprinted by MMBA member request.
The management of city governments regulators have privately acknowledged difficult to find for the sewer,water,
in Minnesota and across the nation is municipal liquor operations have fewer street and other service departments of
changing. problems. They admit"there is nothing government? Yes.
The role which municipal liquor stores worse than a liquor store in a bad (c)Is it nearsighted to think a
play within these changes is financial condition. Some will do community will have fewer police
dramatically changing as well. anything to turn over a buck. And that's problems with a private liquor outlet?
In analyzing this role we first have to when laws are broken." Considering the "control" issue
remember how and why municipal The social responsibilities of moderate discussed earlier, it probably is.
liquors came into existence. After the drinking is best achieved through (d)Does not the problem of bad
repeal of.prohibition in the late 1920's, municipal stores. checks also occur in other parts of city
many councils opted to build their own Reason(2): Municipal money government(i.e. license fee, water bill
beer,wine and spirits outlets. shortages Each year,municipal stores payments,etc.). Yes.
The reasons were primarily twofold. throughout the state create revenue for We suggest that blaming the municipal
(1)Illegal bootlegging was so prevalent cities to purchase bulletproof jackets for liquor can be an excuse for other city
during prohibition that the citizenry the police department,breathalizers for problems. However,not realizing the
wanted common sense control over the DWI enforcement and labor/materials full potential of a wellmanaged
legal sale of beer,wine and spirits. for numerous community municipal liquor store to a community
Communities all over Minnesota improvements. socially and profitably is often short
decided control is best achieved thru The income generated from municipal sighted. It indicates that possibly some
municipal outlets. (2)Most operations is just as important today.as city officials do not.
communities welcomed the income too. it was years ago:.With federal understand the liquor business so now
During this time they were short of government eliminating all aids and they want to get out.of it.
money for public improvements such state government drastically reducing However,the trend has reversed.
as water towers,streets,buildings,etc. them,local Councils are looking to their Remodeling,expansion and building
It is often said: "We live in a world of liquor stores for help..They realize new facilities are the year 2000 trends.
cycles." This quotation begs the without these funds,new monies for the Occasionally,we still see some
question: "Are not the same reasons for grader and sewer repair will have to councils closing a municipal liquor
municipal beverage stores the same come from unhappy taxpayers. store to gain immediate cash or relieve
today as they were in the 1920's,30's, The cycle in the midl%O's was for a perceived headache. However, many
etc.?" . ' municipalities to sell their liquor stores then quickly reopen a closed facility or
Let's make an examination of those to private owners. The reasons were explore options to get back into a
reasons again but this time as they many. Some valid,others not. Their business previously sold.
relate to today's reality today's contention "good employees are hard to These councils have seen the light!
changing times. get and keep. . .having both a liquor . We congratulate them. They have
Reason(1): Control Underage store and a police department is realized that you don't.kill the goose
drinking and DWI's are probably the somewhat contradictory . . .there have that lays the golden egg.
two most important and publicized been problems with minors . . . there is
issues facing the liquor industry today. a problem with checks. . .auditing,
Although there is no single solution,a figuring and keeping records is costly
majority of the responsibility for and timeconsuming all for a seemingly =T
preventing these incidents has been small profit.
, hr:, _..,.,,
placed on the liquor store operator. In analyzing the situation,several ��(MBA r
As it was in the past,communities are questions must be asked: �irll�ll��
realizing municipal stores do the best (a)By closing the store,will its sale MtNNESarAMUNICU�tL
job of policing their outlets. generate,as in one community's B VERrGE nssOC►nrrory
We are not saying or implying that all situation,$32,000/year($320,000 over
private liquor outlets do a bad job ten years) profit in license fees and ,
concerning excess alcohol sales. taxes? It's doubtful...
However,government alcohol (b)Are not good employees also •
MLTNICTPAI.T.IOIJOR S t'ORES 14
h®'s Asking the Important
and WhatFs the Plan?
Q
By Mike McKinley,Alive Alive competence and confidence? How does devoid of everyday office distractions.'
Associates present leadership assume a"resource" The team needs to acknowledge that
On an airplane recently,I sat next to a. role instead of a "doer"role? the plan is a work in progress and will ..
person who told me he works fora How will progress be tracked?.. never be completed..Rather,the plan.
constriction company that enjoys a What's the timeline?.. What savings in has measuring points along the way as
tremendous history,is transitioning to time and money can be expected? How pieces of the plan are implemented. Be
second generation leadership,and is will these savings be measured9 aware that the notion that planning
maturing to a new level. Sound A second point quickly became does not have an ending date(as most
familiar? apparent: Every member of the projects do)can be disconcerting to
After I told him that I am a leadership team must recognize the some participants.
professional speaker and consultant,he need to analyze the business and change Commit the plan to paper to officially
started to pump me for some free what doesn't work. Once everyone capture the organization's mission
advice. (I told him he would get what accepts this need,the team needs to statement,to summarize its values and
he paid for.) He had me captive for 2- create a plan to analyze the company beliefs;to list its strengths,weaknesses
1/2 hours while we visited about his and their roles within it. And how and fears;and to document resources.
situation. might that plan be created? Moreover,this document specifies who
This basic point came out during our Develop the plan as a team. Set aside will do what by when.
conversation: The company is specific planning days.to focus on the Many of us feel we don't have time
successful in spite of itself. The future. Ideally,these planning days to plan,but few long-term businesses
company had not set aside time to would take place at an off-site location can afford that attitude anymore.
periodically analyze What is our
business?" Perhaps the founder had a.
ission,but that mission was no longer .
articulated. A.
Years earlier,new ownership had
bought the company,but success and
hard work had come at the expense of
education at all employee levels.
Having a proactive focus was shelved
fora,Which fire should we put out
y.
toda " focus. Lots of management but r r • r
?
very little leadership was going on.
Finally,the new generation began to
view the organization differently. The
current leadership began asking
themselves"What are we all about?" • Totally Concealed -Virtually Undetectable
They also asked these questions: • Short Term Rental Available (3 day minimum)
•What are the leadership team's
• Com lete Installation Included in All Prices
values'and beliefs? How does the team p.
communicate these values and beliefs to o All ]Equipment Provided
employees and customers? What are
the leadership team's strengths, • No Charge for After Hours Installation
weaknesses,and fears? How do they . As Low as $49.00 Per Day (following 1st week)
affect the growth of the business? How • Free.Consultation
can.the leadership team use these
qualities to the business's advantage? Discreet/Confidenual
•.What resources need to be invested
to develop the structure of the business? ��
These resources include people, THOMAS M. GOODPASTER &ASSOCIATES
physical plant and equipment, 763-323-7324 • iyww tmg-pi.com • SNWPI @aol.com
education,technology,and finances.
•What role(s)do the leadership team
members play? How will present Got questions?-Check out the FAQS on our web site.Or give us a call!
leaders allow aspiring leaders to gain
FEBRUARY 2001 City of St.Anthony
Profit&Loss Statement from Operations
Actual Actual
Year to Date Year to Date Increase
SAV I SAV II STONEHOUSE 02/28/01 02128/00 (Decrease)
Sales $132,986.00 $131,875.00 $61,592.00 $668,241.00 $660,356.00 $7,885.00
Less: Cost of Goods Sold $102,403.00 $102,457.00 $17,520.00 $464,476.00 $471,971.00 ($7,495.00)
Gross Profit $30,583.00 $29,418.00 $44,072.00 $203,765.00 $188;385.00 $15,380.00
Ratio to Net Sales 23.00% 22.31% 71.55% 30.49% 28.53%
Operating Expense:
Salaries,Wages, Benefits $11,994.00 $12,089.00 $22,386.00 $97,769.00 $91,165.00 $6,604.00
All Other Expenses $11,307.00 $11,528.00 $15,544.00 $82,304.00 $91,142.00 ($8;838:00)
Total Operating Expense $23,301.00 $23,617.00 $37,930.00 $180,073.00 $182,307.00 ($2,234.00)
Ratio to Net Sales 17.52% 17.91% 61.58% 26.95% 27.61%
Profit from Operations $7,282.00 $5,801.00 $6,142.00 $23,692.00 $6,078.00 $17,614.00
Other Income ($64.00) $264.00 $3,268.00 $7,451.00 $5,954.00 $1,497.00
Net Income $7,218.00 $6,065.00 $9,410.00 $31,143.00 $12,032.00 $19,111.00
Ratio to Net Sales 5.43% 4.60% 15.28% 4.66% 1.82%
February-Net Income $22,693.00
Y-T-D
SAV I SAV II STONEHOUSE ALL STORES
YEAR TO DATE 02/28/01 $12,190.00 $11,394.00 $7,559.00 $31,143.00
YEAR TO DATE 02/28/00 $7,080.00 $4,762.00 $190.00 $12,032.00
INCREASE/DECREASE $5,110.00 $6,632.00 $7,369.00 $19,111.00
Ab
2000 Actual Profits (Un-Audited) 2001 Y-T-D Profits
Actual Y-T-D
SAV I SAY II Stonehouse SAV I SAV 11 Stonehouse Profits Comparison
January $4,569.00 $1,343.00 $4,496.00 $10,408.00 January $4,972.00 $5,329.00 ($1,851.00) $8,450.00 ($1,958.00)
February $2,511.00 $3,419.00 ($4,306.00) $12,032.00 February $7,218.00 $6,065.00 $9,410.00 $31,143.00 $19,111.00
March $9,915.00 $9,020.00 $9,039.00 $40,006.00 March $0.00 $0.00 $0.00 $31,143.00 $0.00
April $15,157.00 $9,893.00 $6,060.00 $71,116.00 April $0.00 $0.00 $0.00 $31,143.00 $0.00
May $11,957.00 $10,567.00 ($600.00) $93,040.00 May $0.00 $0.00 $0.00 $31,143.00 $0.00
June $13,557.00 $10,924.00 $141.00 $117,662.00 June $0.00 $0.00 $0.00 $31,143.00 $0.00
July $9,694.00 $7,835.00 ($259.00) $134,932.00 July $0.00 $0.00 $0.00 $31,143.00 $0.00
August $7,201.00 $4,050.00 $5,301.00 $151,484.00 August $0.00 $0.00 $0.00 $31,143.00 $0.00
September $13,908.00 $5,609.00 $2,295.00 $173,296.00 September $0.00 $0.00 $0.00 $31,143.00 $0.00
October $6,961.00 $2,508.00 ($3,333.00) $179,432.00 October $0.00 $0.00 $0.00 $31,143 .00 $0.00
November $8,445.00 $9,832.00 $6,272.00 $203,981.00 November $0.00 $0.00 $0.00 $31,143.00 $0.00
December $14.576.00 $18.001.00 $4.665.00 $241,223.00 December $0.00 $0.00 E D $31,143.00 $0.00
Total $118,451.00 $93,001.00 $29,771.00 $241,223.00 Total $12,190.00 $11,394.00 $7,559.00 $31,143.00
Increasel(Decrease) $5,110.00 $6,632.00 $7,369.00 $19,111.00
Y-T-D By Store
4
February - 2001 City of St.Anthony
Reconciliation to Inventory Valuation Report
SAV I SAV II
Beginning Inventory: $254,543.72 Beginning Inventory: $268,929.66
Plus or Minus: Plus or Minus:
Transfers $2,269.88 Transfers ($2,269.88)
Adjustments ($5,597.50) Adjustments ($1,590.92)
Returns to Vendors ($7,546.66) Returns to Vendors ($847.32)
Add: Receiving $81,693.85 Add: Receiving $65,70091
Less: Cost of Goods Sold ($102,403.45) Less: Cost of Goods Sold ($102,457.12)
TOTAL $222,959.84 TOTAL $227,465.33
Total per Valuation Report $222,774.47 *** Total per Valuation Report $227,653.22 ***
Difference ($185.37) Difference $187.89
Beginning March 2001 Inventory $222,774.47 Beginning March 2001 Inventory $227,653.22
***Comes from Valuation Report ***Comes from Valuation Report
INVESTMENT PORTFOLIO: 02/28/2001
Interest Date
. FIRSTAR ST ANTHONY BANK $ale Purchased Matudtf Book Value
INVESTMENT DEMAND-MONEY MARKET SAVINGS 5.11% 1 DAY LIQUIDITY(SWEEP) $616,126.48
4/M GENERAL
$401,000 GREAT LAKES COMM PAPER 6.44% 12/18/00 03123/01 $394,386.28
$573,000 EAGLE FUNDING COMM PAPER 5.124% 02/20/01 05/10/01 $566,872.08
$500,000 FHLB-ZERO COUPON BOND 8.000% 11/18/99 07/28/17 $124,800.00
$1,086,058.36
4/M ARMY-WATER FILTRATION
$200,000 FED HOME LOAN MORTGAGE CORP. 6.010% 11/05/98 11/05/08 $200,000.00
$100,000 FED HOME LOAN MORTGAGE CORP. 6.175% 12/07198 12/22/08 $100,000.00
$200,000 FED HOME LOAN MORTGAGE CORP. 6.00% 12/21/98 06/23104 $200,000.00
$100,000 FED HOME LOAN MORTGAGE-STEP UP 6.00% 02/03/99 02124/14 $100,000.00
$200,000 FED HOME LOAN MORTGAGE-STEP UP 6.00% 03/03/99 03/03/14 $200,000.00
$100,000 FED HOME LOAN MORTGAGE-STEP UP 6.25% 03/09/99 03124/14 $100,000.00
$ 45,000 FED HOME LOAN MORTGAGE-STEP UP 6.20% 03/18/99 01/21/08 $45,000.00
$200,000 FED HOME LOAN MORTGAGE-STEP UP 6.50% 03/30/99 01/24/08 $200,000.00
$100,000 FED HOME LOAN MORTGAGE-STEP UP 6.15% 04/13199 04/14/14 $100,000.00
$100,000 FED HOME LOAN MORTGAGE-STEP UP 6.46% 05/12199 01/08/08 $100,000.00
$200,000 FED HOME LOAN MORTGAGE-STEP UP 7.00% 06/04/99 05/06/14 $199,000.00
$800,000 FED HOME LOAN BANK-ZERO COUPON 7.00% 01/12/99 01/28/19 $202,057.98
$500,000 FED HOME LOAN BANK-ZERO COUPON 6.20% 01/12/99 01/28/19 $126,286.24
$500,000 FED HOME LOAN BANK-ZERO COUPON 8.12% 09/09/99 07/14/17 $48,312.00
$289,000 STELLER FUNDING COMMERCIAL PAPER PARKS 6.50% 10/27/00 04/26/01 $279,976.70
$139,000 GENERAL MOTORS COMMERCIAL PAPER PARKS 6.50% 01/26/01 04/26/01 $137,189.53
$2,337,822.45
s DAIN RAUSCHER-GENERAL
$52,000 FICO STRIPPED COUPON 9.37% 6/22190 12/06101 $19,891.31
GNMA POOL 4734 8.50% 02/01/75 01/15105 $237.89
GNMA POOL 6472 7.50% 07/01175 07/15/05 $995.51
GNMA POOL 14376 7.50% 03/01/77 03/15/07 $2,130.89
GNMA POOL 23364 9.00% 09/01/78 09/15/08 $1,222.77
GNMA POOL 23356 9.00% 1110108 11/15/08 $2,253.37
$433,000 FORD MOTOR COMMERCIAL PAPER 6.32% 12/19100 04/11/01 $424,700.06
$435,000 GE CAPITAL COMMERCIAL PAPER 6.24% 12/19/00 05/11/01 $424,625.90
$876,057.70
DAIN RAUSCHER-HONEYWELL
$125,000 FHLBC-ZERO COUPON BOND 8.041% 11/16/99 07/14/17 $31,076.25
$312,000 FNMA-ZERO COUPON BOND 8.00% 11/17/99 08/09/19 $66,407.96
$100,000 FHLMC-ZERO COUPON BOND 8.00% 12/15/99 03/08/29 $10,105.00
$130,000 FNMA-ZERO COUPON BOND 8.30% 06/01/00 08/02/18 $29,555.30
$106,000 GENERAL ELECTRIC COMM PAPER PARKS 5.042% 02/08101 05/09/01 $104,698.32
$200,000 FED HOME LOAN MORTGAGE-STEP UP 6.00% 03/03/99 03/03/14 $200,000.00
$200,000 FED HOME LOAN MORTGAGE-STEP UP 6.150% 04/14/99 04/14/14 $200,000.00
$200,000 FED HOME LOAN MORTGAGE-STEP UP 6.00% 07/15/99 02/24/14 $193,700.00
$835,542.83
JOHN G.KINNARD
$43,000.00 FICO FED STRIP SERIES 1 7.479% 11109/94 05111/02 $24,781.96
$500,000.00 FED HOME LOAN BANK CALLABLE 6.00% 10/29/98 08/20/18 $128,730.00
$1,200,000.00 FED HOME LOAN BANK CALLABLE 6.00% 10/21/98 09/10/18 $307,538.40
$250,000.00 FED HOME LOAN BANK-ZERO COU 6.109% 02/18/99 07/07/17 $60,625.00
$550,000.00 FNMA-MEDIUM TERM NOTE 7.950% 11/24199 06/22/18 $129,228.00
$200,000.00 FEDERAL HOME LOAN BANK 7.537% 02/01/01 03/23/18 $56,224.00
.Time3/19/01 MONTHLY INVESTMENT REPORT FEBRUARY 2001.xIsINVESTl
JOHN G.KINNARD (Continued!
$90,000.00 GREENWOOD TRUST-C/D 7.00% 10/06/94 10/12/01 $90,000.00
$44,000.00 CONSECO BANK-C/D 6.65% 11/01100 15/01/02 $44,000.00
$100,000.00 FED HOME LOAN BANK CALLABLE 6028% 06/11198 10102/02 $100,578.13
$100,000.00 FED HOME LOAN MORT-CALLABLE 6.284% 01/14/99 01/14109 $99,750.00
$100,000.00 FED HOME LOAN BANK-CALLABLE .6.390.% ..05117/99 05117/06 .$100,000.00
$100,000.00 FED HOME LOAN MORT-CALLABLE 6.50% 06/02199 06/02/14 $99,000.00
$100,000.00 FED HOME LOAN MORT-CALLABLE 6.50% 06/02199 06102/14 $100,000.00
$100,000.00 FED HOME LOAN MORT-CALLABLE 7040% 06/11/99 06109/14 $100,000.00
$250,000000 FHLMC MED TERM NOTE-CALLABLE 6.31% 02/26/01 03/26118 $248,923061
^�$1,689,379.10
DEAN WITTER
$100,000.00 HURLEY STATE BANK-C/D 7.15% 09/21/94 09/21/01 $100,000.00
JURAN&MOODY
$150,000 GSIF FRMAC SERIES 10 7.50% 03/09/93 03/09/07 $27,130.47
$200,000 FNMA-9334 P/0 7.24% 04/20/93 03/25/23 $29,475.00
$200,000 GSIF FRMAC SER 1166.6% 7.00% 04/20/93 04120/08 $60,798.34
$11,000 FICO STRIPS SERIES 11 9.40% 10115/93 08/08/06 $8,446.95
$100,000 FRMAC SER 11 MPRG 33.3 7.00% 01/25/94 01/25/09 $34,973.06
$50,000 FHLMC MCB SER 1629MB 7.00% 02107/94 01/15/23 $42,034.07
$148,000- FHLMC STEP-UP NOTE 7.00% 06/08/98 04/30113 $148,000.00
$400,000-FNMA SEMI 30/360 6.14% 09/09/98 09/10/08 $401,165.55
$200,000-FNMA SEMI 30/360 6.30% 09/10/98 09/10/08 $200,441043
$200,000-FNMA CALLABLE 6.5% 6.50% 09/24/98 01/24/08 $298,938.50
$300,000-FNMA SEMI 30/360 5.65% 5.65% 11/12/98 11112/08 $202,292.73
_$150,000-FHLM SEMI 30/360 6.50% 6.50% 02/17/99 02117/06 $151,047.67
$200,000.-FHLM SEMI 30/360 6050% 6.50% 03/10/99 07/28/08 $199,402.07
$200,000-FNMA.MEDIUM TERM NOTE 6.00% 600% 02/27/01 01/28/09 $200,000.00
$200,000-GENERAL MOTORS COMM PAPER WALGREENS 5.001% 02/23/01 08/01/01 $195,741.40
$650,000-GENERAL MOTORS COMM PAPER CUSTOM LIQ 5.233% 02/23/01 04/02101 $646,483.30
$2,846,370.54
TOTAL BOOK VALUE $10,387,357.46
-----------------
-----------------
Time3/19/01 MONTHLY INVESTMENT REPORT FEBRUARY 2001.xIsINVESTl
HOUSING AND REDEVELOPMENT AUTHORITY AGENDA
CITY OF ST.,ANTHONY
HOUSING AND REDEVELOPMENT AUTHORITY AGENDA
March 27, 2001
PAGE(S)
1. CALL TO ORDER.
II. ROLL CALL.
111. APPROVAL OF March 27, 2001 H.R.A. AGENDA.
IV. CONSENT AGENDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 2
These items are considered routine and will be enacted by
one motion. There will be no separate discussion of these
items unless a Councilmember or citizen so requests, in which
event the item will be removed from the Consent Agenda and
placed elsewhere on the agenda.
V. GENERAL POLICY BUSINESS OF THE H.R.A.
VI. STAFF REPORTS.
VII. H.R.A. COMMISSIONER COMMENTS.
VIII. INFORMATION AND ANNOUNCEMENTS.
IX. ADJOURNMENT.
IV. CONSENT AGENDA.
A. H.R.A. Minutes - February 13, 2001
B. Claims
1
1 CITY OF ST. ANTHONY
2 HOUSING AND REDEVELOPMENT AUTHORITY MEETING
3 February 13, 2001
4 I. CALL TO ORDER..
5 Mayor Cavanaugh called the meeting to order at 8:50 p.m.
6 II. ROLL CALL.
7 Commissioners present: Chairman Cavanaugh, Commissioners Sparks, Thuesen, Horst, and
8 Hodson.
9 Commissioners absent: None.
10 Also present: Executive Director Michael Mornson and City Attorney Jerome
I I Gilligan.
12 III. APPROVAL OF FEBRUARY 13, 2001 H.R.A. AGENDA.
13 Motion by Hodson to approve the February 13, 2001 Housing and Redevelopment Authority
14 Agenda as presented.
15 Motion carried unanimously.
16 IV. CONSENT AGENDA.
17 Motion by Sparks to approve the Consent Agenda, which consisted of:
0 8 A. H.R.A. Meeting Minutes of January 23 2001• and
19 B. Claims.
20 Motion carried unanimously.
21 V. GENERAL POLICY BUSINESS OF THE H.R.A.
22 None.
23 VI. STAFF REPORTS.
24 None.
25 .VII. H.R.A. COMMISSIONER COMMENTS.
26 None:
27 VIII. INFORMATION AND ANNOUNCEMENTS.
28 None.
29 IX. ADJOURNMENT.
30 Motion by Thuesen to adjourn the meeting at 8:52 p.m.
I Motion carried unanimously.
32 Respectfully submitted,
33 Teresa Rosecke, TimeSaver Off Site Secretarial, Inc.
Following are the verified claims for the March 27, 2001 (HRA)
1. Dahlgren,.Shardlow &Uban .. ............... ... $32,762.90
Apache Plaza = Master Plan
2. Dorsey & Whitney ......................................$1,601.81
Legal Services/Custom Liquidators
3. Dorsey & Whitney. ....................................... $919.68
Apache Plaza TIF Matters
4. Dorsey & Whitney. .....................................$5,132.75
Legal Services/Walgreen's
5. Ehlers & Associates. .......... ...........................$82.00
NW Quadrant Study
6. Ehlers & Associates. ...................................... $455.00
NW Quadrant Study
7. Hennepin County. ......... ...........................$1,877.15 .
TIF Administrative Costs
8. Mail Boxes Etc. ..............................................$71.01
Color Copies/Comprehensive Plan
9. SEH. ...................I....................................$1,803.50
Building Conditions /Custom Liquidators
10. Stuart J. Bonniwell. ....................................... $825.00
Professional Auditing Services
12. WSB & Associates. .....................................$2,714.50
Northwest Quadrant Study
13. WSB & Associates. ....................................... $442.50
Walgreen's Plan Review
OFFICIAL STATEMENT DATED MARCH 15, 2001
Rating: Requested from Moody's
• NEW ISSUE Investors Service
In the opinion of Dorsey & Whitney LLP, Bond Counsel, on the basis of laws in effect on the date of issuance of the Bonds,
interest on the Bonds is not includable in the gross income of the recipient for federal income tax purposes and in taxable net
income of individuals, estates and trusts for Minnesota income tax purposes, but is includable in taxable income of corporations
and financial institutions for purposes of the Minnesota franchise tax. (See "Tax Exemption"herein.)
$1 ,160,000
City of St. Anthony, Minnesota
General Obligation Improvement Bonds, Series 2001 B
(Book Entry Only)
Dated Date: April 1, 2001 Interest Due: Each February 1 and August 1,
The Bonds will mature each February 1 as follows: commencing August 1, 2001
2003 $70,000 2006 $70,000 2009 $75,000 2012 $80,000 2015 $85,000
2004 $70,000 2007 $70,000 2010 $75,000 2013 $80,000 2016 $90,000
2005 $70,000 2008 $75,000 2011 $75,000 2014 $85,000 2017 $90,000
Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds
and term bonds, provided that no serial bond may mature on or after the first mandatory sinking fund
redemption date of any term bond. All term bonds shall be subject to mandatory sinking fund
redemption and must conform to the maturity schedule set forth above at a price of par plus accrued
interest.
The City may elect on February 1, 2010, and on any day thereafter, to prepay the Bonds due on or after
February 1, 2011 at a price of par plus accrued interest.
The Bonds are general obligations of the City for which the City pledges its full faith and credit and
power to levy direct general ad valorem taxes. In addition the City will pledge special assessments from
benefitted properties. The proceeds will be used to finance various street, water and sewer
improvement projects in the City.
Proposals for not less than $1,146,080 must be submitted along with a good faith deposit of $11,600 in
the form of a certified or cashier's check or a Financial Surety Bond, payable to the order of the City.
Rates shall be specified in integral multiples of 5/100 or 1/8 of 1% and must be in level or ascending
order. Award will be made on the basis of True Interest Cost (TIC).
The Bonds will be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended, and will not be subject to the alternative minimum tax for
individuals.
The Bonds will be issued as fully registered bonds without coupons and, when issued, will be registered
in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). DTC will act as
securities depository of the Bonds. Individual purchases may be made in book entry form only, in the
principal amount of $5,000 and integral multiples thereof. Purchasers will not receive certificates
representing their interest in the Bonds purchased. (See "Book Entry System" herein.) Firstar Bank,
N.A., St. Paul, Minnesota will serve as the Registrar for the Bonds. Bonds will be available for delivery
at DTC within 40 days after award.
PROPOSALS RECEIVED: March 27, 2001 (Tuesday) until 10:00 A.M., Central Time
• AWARD: March 27, 2001 (Tuesday) at 7:00 P.M., Central Time
Further information may be obtained from SPRINGSTED
S P R I N G S T E D
Incorporated, Financial Advisor to the Issuer, 85 East Seventh
Advisors to the Public Sector
Place,Suite 100,Saint Paul, Minnesota 55101-2887(651)223-3000
For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, •
this document, as the same may be supplemented or corrected by the City from time to time
(collectively, the "Official Statement"), may be treated as an Official Statement with respect to
the Bonds described herein that is deemed final as of the date hereof (or of any such
supplement or correction) by the City, except for the omission of certain information referred to
in the succeeding paragraph.
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. Any such addendum shall, on and after
the date thereof, be fully incorporated herein and made a part hereof by reference.
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 copies of the Official Statement and the addendum or addenda described
in the preceding paragraph in the amount specified in the Terms of Proposal.
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 bid is accepted by the City (1) 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.
No dealer, broker, salesman or other person has been authorized by the City to give any
information or to make any representations with respect to the Bonds, other than as contained
in the Official Statement or the Final Official Statement, and if given or made, such other
information or representations must not be relied upon as having been authorized by the City.
Certain information contained in the Official Statement and the Final Official Statement may
have been obtained from sources other than records of the City and, while believed to be
reliable, is not guaranteed as to completeness or accuracy. THE INFORMATION AND
EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL
STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE
OFFICIAL,STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE
UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS
BEEN NO CHANGE IN THE AFFAIRS OF THE CITY SINCE THE DATE THEREOF.
References herein to laws, rules, regulations, resolutions, agreements, reports and other
documents do not purport to be comprehensive or definitive. All references to such documents
are qualified in their entirety by reference to the particular document, the full text of which may
contain qualifications of and exceptions to statements made herein. Where full texts of
documents prepared by or on behalf of the City have not been included as appendices to the F
Official Statement or the Final Official Statement, they will be furnished on request.
TABLE OF CONTENTS
Page(s)
Termsof Proposal ............................................................................................................ i-iv
IntroductoryStatement ..................................................................................................... 1
ContinuingDisclosure....................................................................................................... 1
TheBonds........................................................................................................................ 2
Authorityand Purpose...................................................................................................... 4
Securityand Financing ..................................................................................................... 4
FutureFinancing............................................................................................................... 5
Litigation........................................................................................................................... 5
Legality............................................................................................................................. 5
TaxExemption.................................................................................................................. 5
Bank Qualified Tax-Exempt Bonds ................................................................................... 6
Rating............................................................................................................................... 6
FinancialAdvisor.............................................................................................................. 7
Certification....................................................................................................................... 7
CityProperty Values......................................................................................................... 8
CityIndebtedness............................................................................................................. 9
City Tax Rates, Levies and Collections............................................................................. 13
Fundson Hand................................................................................................................. 14
Investments...................................................................................................................... 14
General Information Concerning the City.......................................................................... 15
Governmental Organization and Services......................................................................... 17
Proposed Form of Legal Opinion ............................................................................ Appendix I
Continuing Disclosure Covenant ............................................................................. Appendix II
Summary of Tax Levies, Payment Provisions, and
Minnesota Real Property Valuation ...................................................................... Appendix III
Selected Annual Financial Statements .................................................................... Appendix IV
ProposalForms ...................................................................................................... Inserted
(This page was left blank intentionally.)
•
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$1,160,000
CITY OF ST. ANTHONY, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2001 B
(Minnesota School District Credit Enhancement Program)
(BOOK ENTRY ONLY)
Proposals for the Bonds will be received on Tuesday, March 27, 2001, until 10:00 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.
SUBMISSION OF PROPOSALS
Proposals may be submitted in a sealed envelope or by fax (651) 223-3046 to Springsted.
Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the
time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal
price and coupons, by telephone (651) 223-3000 or fax (651) 223-3046 for inclusion in the
• submitted Proposal. Springsted will assume no liability for the inability of the bidder to reach
Springsted prior to the time of sale specified above. All bidders are advised that each Proposal
shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds
regardless of the manner of the Proposal submitted.
DETAILS OF THE BONDS
The Bonds will be dated April 1, 2001, as the date of original issue, and will bear interest
payable on February 1 and August 1 of each year, commencing August 1, 2001. Interest will
be computed on the basis of a 360-day year of twelve 30-day months.
The Bonds will mature annually on February 1 in the years and amounts as follows:
2003 $70,000 2007 $70,000 2011 $75,000 2015 $85,000
2004 $70,000 2008 $75,000 2012 $80,000 2016 $90,000
2005 $70,000 2009 $75,000 2013 $80,000 2017 $90,000
2006 $70,000 2010 $75,000 2014 $85,000
Proposals for the Bonds may contain a maturity schedule providing for a combination of serial
bonds and term bonds, provided that no serial bond may mature on or after the first mandatory
sinking fund redemption date of any term bond. All term bonds shall be subject to mandatory
sinking fund redemption and must conform to the maturity schedule set forth above at a price of
par plus accrued interest to the date of redemption. In order to designate term bonds, the
proposal must specify "Last Year of Serial Maturities" and "Years of Term Maturities" in the
spaces provided on the Proposal Form.
- i -
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of
Bonds made to the public. The Bonds will be issued in fully registered form and one Bond,
representing the aggregate principal amount of the Bonds maturing in each year, will be
registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"),
New York, New York, which will act as securities depository of the Bonds. Individual purchases
of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single
maturity through book entries made on the books and records of DTC and its participants.
Principal and interest are payable by the registrar to DTC or its nominee as registered owner of
the Bonds. Transfer of principal and interest payments to participants of DTC will be the
responsibility of DTC; transfer of principal and interest payments to beneficial owners by
participants will be the responsibility of such participants and other nominees of beneficial
owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the
Bonds with DTC.
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.
OPTIONAL REDEMPTION
The City may elect on February 1, 2010, and on any day thereafter, to prepay Bonds due on or
after February 1, 2011. Redemption may be in whole or in part and if in part at the option of the
City and in such manner as the City shall determine. If less than all Bonds of a maturity are
called for redemption, the City will notify DTC of the particular amount of such maturity to be
prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to
be redeemed and each participant will then select by lot the beneficial ownership interests in
such maturity to be redeemed. 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 special
assessments from benefitted properties. The proceeds will be used to finance various street,
water and sewer improvement projects in the City.
TYPE OF PROPOSALS
Proposals shall be for not less than $1,146,080 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 $11,600,
payable to the order of the City. If a check is used, it must accompany the 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
- ii -
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 level or 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.
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 through DTC in New York, New York. Delivery will be subject to receipt by the
purchaser of an approving legal opinion of Dorsey & Whitney LLP of Minneapolis, Minnesota,
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.
CONTINUING DISCLOSURE
In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution
awarding sale of the Bonds, to provide annual reports and notices of certain events. A
description of this undertaking is set forth in the Official Statement. The purchaser's obligation
to purchase the Bonds will be conditioned upon receiving evidence of this undertaking at or
prior to delivery of the Bonds.
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 (651) 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 45 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 March 13, 2001 BY ORDER OF THE CITY COUNCIL
/s/ Connie Kroeplin
City Clerk
- iv -
OFFICIAL STATEMENT
$1,160,000
CITY OF ST. ANTHONY, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2001B
(BOOK ENTRY ONLY)
INTRODUCTORY STATEMENT
This Official Statement contains certain information relating to the City of St. Anthony,
Minnesota (the "City" or the "Issuer"), and its issuance of $1,160,000 General Obligation
Improvement Bonds, Series 2001B (the "Bonds," the "Obligations" or the "Issue"). The Bonds
are general obligations of the City for which the City pledges its full faith and credit and power to
levy direct general ad valorem taxes without limit as to rate or amount. Additional sources of
authority and pledged security for the Bonds are described in more detail herein.
Inquiries may be directed to Mr. Roger Larson, Finance Director, City of St. Anthony, 3301
Silver Lake Road, St. Anthony, Minnesota 55418 or by telephoning (612) 789-8881. Inquiries
may also be made to Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul,
Minnesota 55101-2887, or by telephoning (651) 223-3000. If information of a specific legal
matter is desired, requests may be directed to Mr. Jerome Gilligan, Dorsey & Whitney LLP,
Bond Counsel, 2200 First Bank Place East, Minneapolis, Minnesota 55402, or by telephoning
(612) 340-2962.
CONTINUING DISCLOSURE
In order to permit bidders for the Bonds and other participating underwriters in the primary
offering of the Bonds to comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended
(the "Rule"), the City will covenant and agree, for the benefit of the registered holders or
beneficial owners from time to time of the outstanding Bonds, in the Bond Resolutions, to
provide annual reports of specified information and notice of the occurrence of certain events, if
material, as hereinafter described (the "Disclosure Covenants"). The information to be
provided on an annual basis, the events as to which notice is to be given, if material, and a
summary of other provisions of the Disclosure Covenants, including termination, amendment
and remedies, are set forth in Appendix II to this Official Statement.
Breach of the Disclosure Covenants will not constitute a default or an "Event of Default' under
the Bonds or the Bond Resolutions. A broker or dealer is to consider a known breach of the
Disclosure Covenants, however, before recommending the purchase or sale of the Bonds in the
secondary market. Thus, a failure on the part of the City to observe the Disclosure Covenants
may adversely affect the transferability and liquidity of the Bonds and their market price.
- 1 -
THE BONDS
General Description
The Bonds are dated as of April 1, 2001 and will mature in the years and amounts as set forth
on the cover of this Official Statement. The Bonds are issued in book entry form. Interest on
the Bonds is payable August 1, 2001 and semiannually thereafter on February 1 and August 1.
Interest will be payable to the holder (initially Cede & Co.) registered on the books of the
registrar (the "Registrar") on the fifteenth day of the calendar month next preceding such
interest payment date. Firstar Bank, N.A., St. Paul, Minnesota will serve as Registrar for the
Bonds. The City will pay for registration services. Principal of and interest on the Bonds will be
paid as described in the section herein entitled "Book Entry System."
Optional Redemption
The City may elect on February 1, 2010, and on any day thereafter, to prepay Bonds due on or
after February 1, 2011. Redemption may be in whole or in part and if in part at the option of the
City and in such manner as the City shall determine. If less than all Bonds of a maturity for an
issue are called for redemption, the City will notify DTC of the particular amount of such
maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in
such maturity to be redeemed and each participant will then select by lot the beneficial
ownership interests in such maturity to be redeemed. All prepayments shall be at a price of par
plus accrued interest.
Book Entry System
The Depository Trust Company ("DTC"), New York, New York, will act as securities depository
for the Obligations. The Obligations will be issued as fully-registered securities registered in the
name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by
an authorized representative of DTC. One fully-registered certificate will be issued for each
maturity of the Obligations, in the aggregate principal amount of such maturity, and will be
deposited with DTC.
DTC is a limited-purpose trust company organized under the New York Banking Law, a
"banking organization" within the meaning of the New York Banking Law, a member of the
Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform
Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A
of the Securities Exchange Act of 1934. DTC holds securities that its participants ("Direct
Participants") deposit with DTC. DTC also facilitates the settlement among Direct Participants
of securities transactions, such as transfers and pledges, in deposited securities through
electronic computerized book-entry changes in Direct Participants' accounts, thereby
eliminating the need for physical movement of securities certificates. Direct Participants
("Direct Participants") include securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. DTC is owned by a number of its Direct
Participants and by the New York Stock Exchange, Inc.; the American Stock Exchange LLC;
and the National Association of Securities Dealers, Inc. Access to the DTC system is also
available to others such as securities brokers and dealers, banks, and trust companies that
clear through or maintain a custodial relationship with a Direct Participant, either directly or
indirectly ("Indirect Participants"). The Rules applicable to DTC and its Direct and Indirect
Participants are on file with the Securities and Exchange Commission.
- 2 -
Purchases of Obligations under the DTC system must be made by or through Direct
Participants, which will receive a credit for the Obligations on DTC's records. The ownership
interest of each actual purchaser of each Obligation ("Beneficial Owner") is in turn to be
recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive
written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive
written confirmations providing details of the transaction, as well as periodic statements of their
holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into
the transaction. Transfers of ownership interests in the Obligations are to be accomplished by
entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial
Owners. Beneficial Owners will not receive certificates representing their ownership interests in
the Obligations, except in the event that use of the book-entry system for the Obligations is
discontinued.
To facilitate subsequent transfers, all Obligations deposited by Direct Participants with DTC are
registered in the name of DTC's partnership nominee, Cede & Co. or such other name as
requested by an authorized representative of DTC. The deposit of Obligations with DTC and
their registration in the name of Cede & Co. or such other DTC nominee do not effect any
change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the
Obligations; DTC's records reflect only the identity of the Direct Participants to whose accounts
such Obligations are credited, which may or may not be the Beneficial Owners. The Direct and
Indirect Participants will remain responsible for keeping account of their holdings on behalf of
their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to
Beneficial Owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time. Beneficial Owners of the
Obligations may wish to take certain steps to augment transmission to them of notices of
significant events with respect to the Obligations, such as redemptions, defaults, and proposed
amendments to the security documents. Beneficial Owners of the Obligations may wish to
ascertain that the nominee holding the Obligations for their benefit has agreed to obtain and
transmit notices to Beneficial Owners, or in the alternative, Beneficial Owners may wish to
provide their names and addresses to the Registrar and request that copies of the notices be
provided directly to them. "
Redemption notices shall be sent to DTC. If less than all of the Obligations within a maturity
are being redeemed, DTC's practice is to determine by lot the amount of the interest of each
Direct Participant in such maturity to be redeemed.
Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to
the Obligations. Under its usual procedures, DTC mails an Omnibus Proxy to the Registrar as
soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting
or voting rights to those Direct Participants to whose accounts the Obligations are credited on
the record date (identified in a listing attached to the Omnibus Proxy).
Principal and interest payments on the Obligations will be made to Cede & Co. or such other
nominee as may be requested by an authorized representative of DTC. DTC's practice is to
credit Direct Participants' accounts on the payable date in accordance with their respective
holdings shown on DTC's records, unless DTC has reason to believe that it will not receive
payment on the payable date. Payments by Participants to Beneficial Owners will be governed
by standing instructions and customary practices, as is the case with securities held for the
accounts of customers in bearer form or registered in "street name," and will be the
responsibility of such Participant and not of DTC (nor its nominee), the Registrar, or the Issuer,
subject to any statutory or regulatory requirements as may be in effect from time to time.
Payment of principal and interest to Cede & Co. (or such other nominee as may be requested
by an authorized representative of DTC) is the responsibility of the Registrar, disbursement of
- 3 -
such payments to Direct Participants is the responsibility of DTC, and disbursement of such
payments to the Beneficial Owners is the responsibility of Direct and Indirect Participants.
A Beneficial Owner shall give notice to elect to have its Obligations purchased or redeemed,
through its Direct Participant, to the nominee holding the Obligations, and shall effect delivery of
such Obligations by causing the Direct Participant to transfer the Direct Participant's interest in
the Obligations, on DTC's records, to the nominee holding the Obligations. The requirement for
physical delivery of the Obligations in connection with a purchase or redemption will be deemed
satisfied when the ownership rights in the Obligations are transferred by the Direct Participants
on DTC's records and followed by a book-entry credit of purchased or redeemed Obligations to
the nominee holding the Obligations.
DTC may discontinue providing its services as securities depository with respect to the
Obligations at any time by giving reasonable notice to the Registrar. Under such
circumstances, in the event that a successor securities depository is not obtained, certificates
are required to be printed and delivered.
The Issuer may decide to discontinue use of the system of book-entry transfers through DTC
(or a successor securities depository). In that event, certificates will be printed and delivered.
The information in this section concerning DTC and DTC's book-entry system has been
obtained from sources that the Issuer believes to be reliable, but the Issuer takes no
responsibility for the accuracy thereof.
AUTHORITY AND PURPOSE
•
The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475. The
proceeds of the Bonds will be used to finance various street, water and sewer improvement
projects within the City. The composition of the Bonds is as follows:
Project Costs $2,020,600
Less: Available City Funds (939,700)
Plus: Issuance Costs 23,722
Allowance for Discount Bidding 13,920
Capitalized Interest 41,458
Total Bonds $1,160,000
SECURITY AND FINANCING
In addition to its general obligation pledge, the City pledges special assessments levied against
benefited property. Special assessments in the principal amount of $335,100 are expected to
be filed on or about October 15, 2001 for first collection in 2002. Assessments will be spread
over 15 years in equal annual principal and interest installments with interest charged on the
unpaid balance at a rate of 6.5%. The August 1, 2001 and February 1, 2002 interest payments
will be made from capitalized interest of approximately $41,458 which is included in the
principal amount of the issue. Thereafter, special assessments and levy collections will be in
an amount sufficient to pay 105% of the interest coming due August 1 in the year of collection
and the principal and interest coming due February 1 of the following year.
-4 -
FUTURE FINANCING
The City does not expect to issue any additional general obligation debt within the next 90 days.
LITIGATION
The City is not aware of any threatened or pending litigation affecting the validity of the Bonds
or the City's ability to meet its financial obligations.
LEGALITY
The Bonds are subject to approval as to certain matters by Dorsey & Whitney LLP of
Minneapolis, Minnesota as Bond Counsel. Bond Counsel has not participated in the
preparation of this Official Statement except for guidance concerning the following section, "Tax
Exemption," and will not pass upon its accuracy, completeness, or sufficiency. Bond Counsel
has not examined nor attempted to examine or verify, any of the financial or statistical
statements, or data contained in this Official Statement, and will express no opinion with
respect thereto. A legal opinion substantially in the form as set out in Appendix I herein will be
delivered at closing.
TAX EXEMPTION
In the opinion of Dorsey & Whitney LLP, as Bond Counsel, under federal and Minnesota laws,
regulations, rulings and decisions in effect on the date of issuance of the Bonds, interest on the
Bonds is not includable in gross income for federal income tax purposes or in taxable net
income of individuals, estates and trusts for Minnesota income tax purposes. Interest on the
Bonds is includable in taxable income of corporations and financial institutions for purposes of
the Minnesota franchise tax. Certain provisions of the Internal Revenue Code of 1986, as
amended (the "Code"), however, impose continuing requirements that must be met after the
issuance of the Bonds in order for interest thereon to be and remain not includable in federal
gross income and in Minnesota taxable net income. Noncompliance with such requirements by
the District may cause the interest on the Bonds to be includable in gross income for purposes
of federal income taxation and in taxable net income for purposes of Minnesota income
taxation, retroactive to the date of issuance of the Bonds, irrespective in some cases of the date
on which such noncompliance is ascertained. No provision has been made for redemption of or
for an increase in the interest rate on the Bonds in the event that interest on the Bonds
becomes includable in federal gross income or Minnesota taxable income.
Interest on the Bonds is not an item of tax preference includable in alternative minimum taxable
income for purposes of the federal alternative minimum tax applicable to all taxpayers or the
Minnesota alternative minimum tax applicable to individuals, estates and trusts, but is
includable in adjusted current earnings in determining the alternative minimum taxable income
of corporations for purposes of the alternative minimum tax. Interest on the Bonds may be
includable in the income of a foreign corporation for purposes of the branch profits tax imposed
- 5 -
f
by Section 884 of the Code and is includable in the net investment income of foreign insurance
companies for purposes of Section 842(b) of the Code. In the case of an insurance company
subject to the tax imposed by Section 831 of the Code, the amount which otherwise would be
taken into account as losses incurred under Section 832(b)(5) of the Code must be reduced by
an amount equal to fifteen percent of the interest on the Bonds that is received or accrued
during the taxable year. Section 86 of the Code requires recipients of certain Social Security
and railroad retirement benefits to take into account, in determining the taxability of such
benefits, receipts or accruals of interest on the Bonds. Passive investment income, including
interest on the Bonds, may be subject to federal income taxation under Section 1375 of the
Code for a Subchapter S corporation that has Subchapter C earnings and profits at the close of
the taxable year if greater than twenty-five percent of the gross receipts of such Subchapter S
corporation is passive investment income. Section 265 of the Code denies a deduction for
interest on indebtedness incurred or continued to purchase or carry the Bonds or, in the case of
a financial institution, that portion of the holder's interest expense allocated to interest on the
Bonds, except with respect to certain financial institutions (within the meaning of Section 265(b)
of the Code).
The foregoing is not intended to be an exhaustive discussion of collateral tax consequences
arising from receipt of interest on the Bonds. Prospective purchasers or holders of the Bonds
should consult their tax advisors with respect to collateral tax consequences, including without
limitation the calculations of alternative minimum tax, environmental tax or foreign branch profits
tax liability or the inclusion of Social Security or other retirement payments in taxable income.
BANK QUALIFIED TAX-EXEMPT BONDS
The City will designate the Bonds as "qualified tax-exempt obligations" for purposes of
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the ability of
financial institutions to deduct from income for federal income tax purposes, interest expense
that is allocable to carrying and acquiring tax-exempt obligations.
RATING
Application for a rating of the Bonds has been made to Moody's Investors Service ("Moody's"),
99 Church Street, New York, New York. If a rating is assigned, it will reflect only the opinion of
Moody's. Any explanation of the significance of the rating may be obtained only from Moody's.
There is no assurance that the rating, if assigned, will continue for any given period of time, or
that such rating will not be revised or withdrawn if, in the judgment of Moody's, circumstances
so warrant. A revision or withdrawal of the rating may have an adverse effect on the market
price of the Bonds. •
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FINANCIAL ADVISOR
The City has retained Springsted Incorporated, Advisors to the Public Sector, of St. Paul,
Minnesota, as financial advisor (the "Financial Advisor") in connection with the issuance of the
Bonds. In preparing the Official Statement, the Financial Advisor has relied upon governmental
officials who have access to relevant data to provide accurate information for the Official
Statement, and the Financial Advisor has not been engaged, nor has it undertaken, to
independently verify the accuracy of such information. The Financial Advisor is not a public
accounting firm and has not been engaged by the City to compile, review, examine or audit any
information in the Official Statement in accordance with accounting standards. The Financial
Advisor is an independent advisory firm and is not engaged in the business of underwriting,
trading or distributing municipal securities or other public securities and therefore will not
participate in the underwriting of the Bonds.
CERTIFICATION
The City has authorized the distribution of this Official Statement for use in connection with the
initial sale of the Bonds. As of the date of the settlement of the Bonds, the Purchaser will be
furnished with a certificate signed by the appropriate officers of the City. The certificate will
state that as of the date of the Official Statement, the Official Statement did not and does not as
of the date of the certificate contain any untrue statement of material fact or omit to state a
material fact necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading.
(The Balance of This Page Has Been Intentionally Left Blank)
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CITY PROPERTY VALUES
1999 Indicated Market Value of Taxable rtY
Pro P a $442,650,440`
' Calculated by dividing the Hennepin and Ramsey county 1999 estimated market values of
$281,631,300 and $101,435,800, respectively by the 1999 sales ratios of 88.3% and 82.0%,
respectively for the City as determined by the State Department of Revenue.
1999 Net Tax Capacity: $6,300,727
Hennepin Ramsey
County County Total
Real Estate $4,098,656 $2,091,974 $6,190,630
Personal Property 74,475 35,622 110,097
Total $4,173,131 $2,127,596 $6,300,727
1999 Taxable Net Tax Capacity: $6,116,003
1999 Net Tax Capacity $6,300;727
Less: Captured Tax Increment Tax Capacity (790,953)
Contribution to Fiscal Disparities (368,413)
Plus: Distribution from Fiscal Disparities 974,642
1999 Taxable Net Tax Capacity $6,116,003
1999 Taxable Net Tax Capacity by Property Class
Real Estate:
Residential Homestead $3,574,834 58.4%
Non-Homestead Residential 957,429 15.7
Commercial/Industrial, Railroad and
Public Utility' 1,473,643 24.1
Personal Property 110,097 1.8
Total $6,116,003 100.0%
Reflects adjustments for fiscal disparities and captured tax increment tax capacity.
- 8 -
Trend of Values
Assessor's
Indicated Estimated Taxable Tax
Market Value(a) Market Value Capacity(b)
1999 $442,650,440 $383,067,100 $6,116,003
1998 392,499,174 353,614,300 5,713,569(c)
1997 364,196,638 335,789,300 5,914,038(0
1996 349,640,546 319,921,100 6,234,749
1995 337,579,157 312,598,300 5,962,847
(a) Calculated by dividing the county assessors' estimated market value by the sales ratios determined
for the City each year by the State Department of Revenue.
(b) See Appendix 111 for an explanation of tax capacity and the Minnesota property tax system.
(c) The decrease in taxable tax capacity for 1997 and 1998 was due to a reduction in property tax class
rates, as detailed in Appendix Ill.
Ten of the Largest Taxpayers in the City
1999 Net
Taxpayer Type of Property Tax Capacity*
Glaser Financial Group Inc. Apartments $ 263,280
St. Anthony Nursing Home/
Chandler Place Health Facility 194,184
SuperValu Inc. Grocery 192,916
St. Marie Company Shopping Mail 163,877
Equinox Properties Apartments 134,064
Northern States Power Company Utility 101,035
Northern Gopher Enterprises Apartments 99,124
Village North Apartments 97,871
Individual Commercial 77,662
Resourcenet International Industrial 58,000
Total $1,382,013'
Represents 22.6%of the City's total 1999 taxable net tax capacity.
CITY INDEBTEDNESS
Legal Debt Limit
Legal Debt Limit (2% of Estimated Market Value) $7,661,342
Less: Outstanding Debt Subject to Limit (-0-)
Debt Margin as of January 2, 2001 $7,661,342
- 9 -
General Obligation Debt Supported Primarily by Special Assessments
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 1-2-01
8-1-93 $ 470,000 Improvements 2-1-2009 $ 300,000
6-1-94 525,000 Improvements 2-1-2010 400,000
3-1-95 825,000 Improvements 2-1-2011 700,000
4-1-97 690,000 Improvements 2-1-2013 655,000
4-1-98 725,000 Improvements 2-1-2014 715,000
4-1-99 425,000 Improvements 2-1-2015 425,000
4-1-01 1,160,000 Improvements (this Issue) 2-1-2017 1,160,000
Total $4,355,000
General Obligation Debt Supported by Tax Increments
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 1-2-01
1-1-94 $ 215,000 Tax Increment Refunding 2-1-2001 $ 35,000
12-1-95 2,650,000 Tax Increment 2-1-2010 1,950,000
7-1-96 1,720,000 Taxable Tax Increment 2-1-2013 1,645,000
2-1-01 625,000 Tax Abatement 2-1-2016 625,000
Total $4,255,000
General Obligation Debt Supported by Revenues
Principal
Date Original Final Outstanding
of issue Amount Purpose Maturity As of 1-2-01
6-1-00 $1,610,000 Storm Sewer 2-1-2015 $1,610,000
6-1-00 950,000 State-Aid Street 4-1-2015 950,000
Total $2,560,000
Revenue Debt
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 1-2-01 do
8-1-97 $940,000 Liquor Revenue 1-1-2012 $795,000
Other Debt
The City entered into an equipment note agreement for equipment used in its liquor operations.
The agreement matures December 1, 2002, requires monthly payments of $185 and has an
outstanding balance at January 31, 2001 of$3,371.
- 10 -
Annual Debt Service Payments Including This Issue
G.O. Debt
Supported Primarily by G.O. Debt Supported
Special Assessments by Tax Increments
Principal Principal
Year Principal & Interest(a) Principal & Interest
2001(at 1-2) $ 210,000 $ 381,253.35 $ 270,000 $ 483,795.00
2002 220,000 414,635.01 250,000 490,700.00
2003 290,000 473,087.51 295,000 507,762.50
2004 305,000 474,666.26 315,000 511,460.00
2005 320,000 475,215.01 330,000 508,868.75
2006 325,000 464,962.51 350,000 510,000.00
2007 340,000 463,950.01 365,000 504,830.00
2008 355,000 461,946.26 390,000 508,155.00
2009 375,000 463,770.01 410,000 504,742.50
2010 345,000 415,601.88 435,000 504,603.75
2011 310,000 364,065.00 210,000 259,106.25
2012 235,000 275,653.75 225,000 258,538.75
2013 240,000 269,180.00 240,000 256,720.00
2014 185,000 203,898.75 55,000 61,730.00
2015 120,000 131,625.00 55,000 59,172.50
2016 90,000 96,592.50 60,000 61,440.00
2017 90,000 92,205.00
Total $4,355,000(b) $5,922,307.81 $4,255,000(x) $5,991,625.00
G.O. Debt Supported
by Revenues Revenue Debt
Principal Principal
Year Principal & Interest Principal & Interest
2001(at 1-2) -- $ 150,151.25 (Paid) $ 22,181.25
2002 $ 150,000 277,660.00 $ 55,000 97,918.75
2003 155,000 275,432.50 55,000 95,031.25
2004 160,000 272,867.50 60,000 97,012.50
2005 165,000 269,980.00 65,000 98,650.00
2006 170,000 266,790.00 65,000 95,075.00
2007 175,000 263,232.50 70,000 96,362.50
2008 180,000 259,322.50 75,000 97,281.25
2009 185,000 255,105.00 80,000 97,825.00
2010 185,000 245,625.00 85,000 98,081.25
2011 190,000 240,905.00 90,000 98,050.00
2012 200,000 240,665.00 95,000 97,731.25
I 2013 205,000 234,862.50
2014 215,000 233,447.50
2015 225,000 231,267.50
Total $2,560,000(d) $3,717,313.75 $795,000(e) $1,091,200.00
(a) Includes the Bonds at an assumed average annual interest rate of 4.50%
(b) 70.8% of this debt will be retired within ten years.
(c) 80.1% of this debt will be retired within ten years.
(d) 67.0%of this debt will be retired within ten years.
(e) 88.1%of this debt will be retired within ten years.
- 11 -
Summary of Debt
Gross Less: Debt Net ,
Debt Service Funds(a) Direct Debt
G.O. Debt Supported Primarily by
Special Assessments $4,355,000 $ (799,070) $3,555,930
G.O. Debt Supported by Tax Increments 4,255,000 (1,468,649) 2,786,351
G. O. Debt Supported by Revenues 2,560,000 (b) 2,560,000
Revenue Debt 795,000 (C) 795,000
(a) Debt service funds are as of December 31, 2000 and include money to pay both principal and interest.
(b) State-Aid road bonds are paid from allotments from the State of Minnesota's Highway Fund, and
storm sewer bonds are paid from user fees.
(c) Debt service is paid directly from net revenues of the City's Liquor Enterprise.
Indirect Debt
Debt Applicable to
1999 Taxable G.O. Debt Tax Capacity in City
Taxing Unit(a) Net Tax Capacity As of 1-2-01W Percent Amount
Hennepin County $1,083,711,505 $205,135,000 0.40% $ 820,540
Ramsey County 364,547,086 116,055,000 0.50 580,275
ISD 282 (St. Anthony-
New Brighton) 7,396,406 5,320,000 82.69 4,399,108
Northeast Metro
Intermediate District 421,181,735 2,585,000 0.43 11,116
Ramsey County Library 191,983,629 5,825,000 0.95 55,338
Hennepin County
Park District 802,550,295 13,625,000 0.53 72,213
Metropolitan Council 2,244,229,627 31,730,000(c) 0.27 85,671
Metropolitan Transit
District 1,988,859,543 116,275,000 0.31 360,453
Total $6,384,713
(a) Only those taxing units which have outstanding general obligation debt are presented here.
(b) Excludes general obligation debt supported by revenues and revenue-supported debt.
(c) Excludes general obligation debt supported by sewer system revenues, 911 user fees, and rental
housing revenues.
Debt Ratios Including This Issue
G.O. Net G.O. Indirect &
Direct Debt' Net Direct Debt
To 1999 Indicated Market Value ($442,650,440) 1.43% 2.88%
Per Capita (8,435- 1999 State Demographer's Estimate) $752 $1,509
Excludes revenue debt. 40
- 12 -
CITY TAX RATES, LEVIES AND COLLECTIONS
Tax Capacity Rates for a City Resident in Hennepin County
1999/00
For
1995/96 1996/97 1997/98 1998/99 Total Debt Only
Hennepin County 37.270% 35.515% 38.386% 40.994% 39.817% 2.515%
City of St. Anthony 28.507 26.653 29.372 32.497 30.607 3.838
ISD 282 (St. Anthony)(a)76.430 72.105 58.269 60.534 57.624 8.850
Special Districts(b) 6.900 6.659 7.743 8.553 8.471 1.475
Total 149.107% 140.932% 133.770% 142.578% 136.519% 16.678%
(a) ISD 282 also has a tax rate of 0.15103% spread on the market value of property in support of an
excess operating levy for 1999100.
(b) Includes Metropolitan Council, Regional Transit District, Mosquito Control District, Hennepin Parks,
Park Museum, and County Regional Railroad Authority.
NOTE: Taxes are determined by multiplying the net tax capacity by the tax capacity rate, expressed as
a percentage. (See Appendix Ill.)
City Tax Levies and Collections
Collected During Collected
Net Collection Year As of 12-31-99
Levy/Collect Levy (a) Amount Percent Amount Percent
2000/01 $2,035,664 (In Process of Collection)
1999/00 1,885,112 $1,884,058(b) 99.9% $1,884,058 99.9%
1998/99 1,863,081 1,856,684 99.7 1,856,684 99.7
1997/98 1,738,321 1,732,268 99.7 1,737,471 99.9
1996/97 1,661,294 1,656,422 99.7 1,660,182 99.9
1995/96 1,670,183 1,664,761 99.7 1,660,031 99.4
(a) The net levy excludes state aid for property tax relief and fiscal disparities, if applicable. The net levy
is the basis for computing tax capacity rates.
(b) Collections for Collection Year 2000 are as of December 31, 2000 and were provided by the City.
1,
Y
•
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i
FUNDS ON HAND
As of December 31, 2000
Fund Cash and Investments
General $ 910,181
Special Revenue 241,241
HRA Fund 732,469
Capital Equipment 270,140
Debt Service:
Taxes and Special Assessments 799,070
Tax Increment 1,468,649
Capital Projects 139,423
Community Center 76,297
Enterprise 6,227,414
Miscellaneous 148,673
Total $11,013,557
INVESTMENTS
The City's current investments are in accordance with Minnesota State Statutes compliance
requirements sections 118.01, 471.56 and 475.66. In addition, the City has an investment
policy for Mortgage Backed Securities which does not permit the City to invest in the following
high risk securities (as defined in Minnesota Statutes, Chapter 475.66, Subdivision 5):
1. Interest-only or Principal-only backed securities.
2. Any mortgage derivative security that:
a. has an expected average life greater than ten years;
b. has an expected average life which will extend more than four years as the result of
an immediate and parallel shift in the yield curve of plus 300 basis;
c. has an expected average life which will shorten by more than six years as the result
of an immediate and sustained parallel shift in the yield curve of minus 300 basis I
points;
d. will have an estimated change in price of more than 17 percent, as the result of an 1
immediate and sustained parallel shift in the yield curve of plus or minus 300 basis
points.
Investment firms are required to repurchase any and all securities which do not comply with
Minnesota State Statutes, Sections 118.01, 471.56 and 475.66, or the City's investment policy
with regard to high risk, at full face value of the purchase price.
•
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i
Current Value of City Investments at December 31, 2000
sTotal Booked at Cost $8,812,897.69
Change in Valuation 17,625.00
Current Valuation $8,830,522.69'
The amount listed is the value of the assets as of December 31, 2000. It is a policy of the City of
St. Anthony to hold all its investments until maturity unless capital gains can be realized by the sale of
the investment.
GENERAL INFORMATION CONCERNING THE CITY
The City of St. Anthony is located in Hennepin and Ramsey Counties, immediately north of the
City of Minneapolis. The City encompasses an area of 1,600 acres or approximately 3 square
miles. Historical population figures for the City are shown below.
Percent
U.S. Census Population Increase/(Decrease)
1970 9,239 82%(a)
1980 7,981 (14%)
1990 7,727 (36/6) -
1999(b) 8,435 9%
(a) Represents increase in population from 1960 to 1970.
(b) State Demographer Estimate.
Employment
The City is centrally located within the Minneapolis/St. Paul metropolitan area which provides
City residents with easy access to employment opportunities throughout the metropolitan area.
Some of the larger employers within the City limits are:
Approximate
Number
Employer Product/Service of Employees
St. Anthony Health Center 150-Bed Nursing Home 250
Independent School District 282 Education 230
Apache Plaza Mall Shopping Center 115
Herbergers Merchandise Sales 92
Source. 2000 survey of individual employers.
St. Anthony's industrial park has approximately 25 small or medium-sized businesses, each
with employment ranging up to 50 employees.
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l
Labor Force Data
January 2001 January 2000
Civilian Unemployment Civilian Unemployment
Labor Force Rate Labor Force Rate
Hennepin County 662,769 2.5% 637,832 2.5%
Ramsey County 284,664 2.7 274,148 2.8
Mpls./St. Paul MSA 1,742,765 2.8 1,677,066 2.9
State of Minnesota 2,761,510 3.9 2,669,561 4.1
Source: Minnesota Department of Economic Security. 2001 data are preliminary.
Summary of City Building Permits
New
Total Permits Commercial/Industrial Single Family
Year Number Value Number Value Number Value
2001 (to 1-31) 8 $ 49,750 0 0
2000 314 4,396,650 32 $1,319,550 6 $1,036,000
1999 414 4,475,575 19 1,658,825 0 -0-
1998 256 5,761,050 28 4,589,250 8 1,171,800
1997 302 9,953,478 57 6,453,578 0 -0-
1996 226 10,496,600 45 8,542,400 6 900,000
1995 205 2,764,940 56 1,745,140 2 1,099,800
1994 222 1,635,000 31 539,500 2 1,046,500
1993 258 2,365,280 47 1,388,480 1 976,800
1992 229 2,445,015 10 878,400 8 190,000
Commercial development figures include several large building permits. $411,500 for Apache
Commons, $432,100 for a Unocal station, and $3,019,800 Cub Foods at Apache Plaza. In addition,
permits in the amount of$1,043,500 were issued for remodeling and repairing the middle/high school
and the middle/high school library. The City was issued a permit in the amount of $3,000,000 for
building the new city hall/community center complex.
Education
Independent School District 282 ("ISD 282") is headquartered in the City. The City constitutes I
82.7% of ISD 282's valuation. ISD 282 has a 2000/01 enrollment of approximately 1,540 in
kindergarten through grade 12 and employs a total staff of approximately 230, of which 125 are
teachers and administrators.
Parochial education is available at St. Charles Borromeo School, which has approximately 380
students in kindergarten through grade eight.
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GOVERNMENTAL ORGANIZATION AND SERVICES
Is The City has been a municipal corporation since 1946 and is a statutory City operating under
the council-manager plan. The City Council is comprised of the Mayor and four Council
members, all elected at large. The current Council members are:
Expiration of Term
Dennis Cavanaugh Mayor December 31, 2003
Randy Hodson Member December 31, 2001
Richard Horst Member December 31, 2003
Amy Sparks Member December 31, 2003
Brian Thuesen Member December 31, 2001
The City Manager, Mr. Michael Mornson, is responsible for the daily administration and
operating function of the City and implementation of Council directives. The Finance Director,
Mr. Roger Larson, Sr., is responsible for maintaining the records and accounts of the City's
operations. The City has a total of 54 full-time employees. The City Clerk is Connie Kroeplin.
City Services
Protective services are provided by the City through 18 police officers and 7 full-time and 23
volunteer fire fighters. The City also provides police services to the cities of Lauderdale and
Falcon Heights through contract agreement.
St. Anthony's water system is supplied by three wells and has two storage facilities with total
capacity of 2,250,000 gallons.
Interceptor sewer lines and wastewater treatment plants in the seven-county metropolitan area,
of which the City is a part, are under the jurisdiction of the Metropolitan Council Environmental
Services ("MCES"). MCES finances its operations through user charges based on usage. The
City is responsible for the construction and maintenance of sewer laterals.
The City owns and operates two municipal liquor stores: one with on- and off-sale and one off-
sale warehouse. The Liquor Fund has transferred $65,000 to the General Fund annually from
1995 through 1999.
- 17 -
General Fund Budget
2000 2001
Budget Budget
Revenues:
Property Taxes and Homestead Credit $1,647,970 $1,766,475
Licenses and Permits 95,400 110,050
Intergovernmental Revenue 1,267,930(a) 1,301,200(a)
Charges for Services 100,000 100,000
Miscellaneous 76,150 142,150
Transfers 340,000 100,000
Total Revenues $3,527,450 $3,519,875
Expenditures:
General Government $1,045,650 $ 915,100
Police 1,485,000(b) 1,474,800(b)
Fire 494,300 527,975
Public Works 420,700 496,900
Parks 81,800 105,100
Total Expenditures $3,527,450 $3,519,875
(a) Includes revenues from Lauderdale/Falcon Heights police contracts.
(b) Includes Lauderdale/Falcon Heights Police contract expenses.
Employee Pensions
All full-time and certain part-time employees of the City of St. Anthony are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). The PERA administers the Public Employees Retirement Fund (PERF) and
the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer
public employee retirement plans. PERF members belong to either the Coordinated Plan or the
Basic Plan. Coordinated members are covered by Social Security and Basic members are not.
All new members must participate in the Coordinated Plan. All police officers, fire fighters and
peace officers who qualify for membership by statute are covered by the PEPFF. The City's
contribution for employees covered by PERA for the year ended December 31, 1999, 1998 and
1997 was $218,135, $204,546 and $184,595, respectively.
The St. Anthony Firefighters Relief Association is the administrator of a single employer
retirement system established to provide pension and other benefits to its membership in
accordance with Minnesota Statutes. The Association maintains a separate Special Fund to I
accumulate assets to fund the retirement benefits earned by its membership. Funding of the
Association is derived primarily from an insurance premium tax in accordance with the
Volunteer Firefighter's Relief Association Financing Guidelines Act of 1971.
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APPENDIX
DORSEY & WHITNEY LLP
MINNEAPOLIS PILLSBURY CENTER SOUTH BRUSSELS
t NEW YORK 220 SOUTH SIXTH STREET COSTA MESA
SEATTLE MINNEAPOLIS, MINNESOTA 55402-1498 BILLINGS
DENVER TELEPHONE: (612)340-2600 FARGO
WASHINGTON.D.C. FAX: (612)340-2868 HONG KONG
NORTHERN VIRGINIA GREAT FALLS
DES MOINES ROCHESTER
LONDON TOKYO
ANCHORAGE MISSOULA
SALT LAKE CITY VANCOUVER
City of St. Anthony
St. Anthony, Minnesota
Re: $1,160.000 General Obligation Improvement Bonds, Series 2001B
City of St. Anthony, Hennepin and Ramsey Counties, Minnesota
Ladies and Gentlemen:
As Bond Counsel in connection with the authorization, issuance and sale by the
City of St. Anthony, Hennepin and Ramsey Counties, Minnesota(the "City"), of its General
Obligation Improvement Bonds, Series 2001B dated, as originally issued, as of April 1, 2001, in
the total principal amount of$1,160.000 (the "Bonds"), we have examined certified copies of
certain proceedings taken, and certain affidavits and certificates furnished, by the City in the
authorization, sale and issuance of the Bonds, including the form of the Bonds. As to questions
of fact material to our opinion we have assumed the authenticity of and relied upon the
proceedings, affidavits and certificates furnished to us without undertaking to verify the same by
independent investigation. From our examination of such proceedings, affidavits and
certificates, and based upon laws, regulations, rulings and decisions in effect on the date hereof,
it is our opinion that:
1. The Bonds are valid and binding general obligations of the City
enforceable in accordance with their terms.
2. The principal of and interest on the Bonds are payable from special
assessments which the City has levied or agreed to levy on the property specially benefited by
the improvements financed by the issuance of the Bonds and ad valorem taxes levied on all
I-1
taxable property in the City, and, to any extent not so paid, from additional ad valorem taxes
required by law to be levied on all taxable property in the City without limitation of rate or
amount.
3. Interest on the Bonds (a) is not includable in gross income for federal
income tax purposes or in taxable net income of individuals, estates or trusts for Minnesota
income tax purposes; (b) is includable in taxable income of corporations and financial
institutions for purposes of the Minnesota franchise tax; (c) is not an item of tax preference
includable in alternative minimum taxable income for purposes of the federal alternative
minimum tax applicable to all taxpayers or the Minnesota alternative minimum tax applicable to
individuals, estates and trusts; and (d) is includable in adjusted current earnings of corporations
in determining alternative minimum taxable income for purposes of the federal alternative
minimum tax imposed on corporations.
4. The City has designated the Bonds as "qualified tax-exempt obligations"
within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the
"Code"), and, financial institutions described in Section 265(b)(5) of the Code may treat the
Bonds for purposes of Section 265(b)(2) and 291(e)(1)(B) of the Code as if they were acquired
on August 7, 1986.
The opinions expressed in paragraphs 1 and 2 are subject as to enforceability to
the effect of any state or federal laws relating to bankruptcy, insolvency, reorganization,
moratorium or creditors' rights and the exercise of judicial discretion.
The opinions set forth in paragraphs 3 and 4 are subject to the condition that the
City comply with all the requirements of the Code that must be satisfied subsequent to the
issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross
income for federal income tax purposes, and the Bonds be and continue to be qualified tax-
exempt obligations. The City has covenanted in the resolution authorizing the issuance of the
Bonds to comply with these continuing requirements. Failure of the City to comply with these
requirements may result in the inclusion of interest on the Bonds in federal gross income and in
Minnesota taxable net income, retroactive to the date of issuance of the Bonds. Except as stated
in this opinion, we express no opinion regarding federal, state or other tax consequences to
owners of the Bonds.
We have not been asked, and have not undertaken, to review the accuracy,
completeness or sufficiency of any offering materials relating to the Bonds, and accordingly, we
express no opinion with respect thereto.
Dated: April _, 2001.
Very truly yours,
1-2
APPENDIX II
CONTINUING DISCLOSURE
In order to permit bidders for the Bonds and other participating underwriters in the primary offering of
the Bonds to comply with paragraph(b)(5)of Rule 15c2-12 promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934(as in effect and interpreted from time to time,the"Rule"),
the City will covenant and agree in the Bond Resolutions, for the benefit of the Owners(as hereinafter defined)
�. from time to time of any Bonds which are Outstanding,to provide annual reports of specified information and
notice of the occurrence of certain events, if material, as hereinafter described(the"Disclosure Covenants"). 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. The City has complied in all
material respects with any undertaking previously entered into by it under the Rule.
Breach of the Disclosure Covenants will not constitute a default under the Bond Resolutions or the
Bonds. A broker or dealer is to consider a known breach of the Disclosure Covenants, however, before
recommending the purchase or sale of Bonds in the secondary market. Thus, a failure on the part of the City to
observe the Disclosure Covenants may adversely affect the transferability and liquidity of the Bonds and their
market price.
As used herein,"Owner"or"Bondowner"means, in respect of a Bond,the registered holder or holders
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 (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(b) is treated as the owner of the Bond for federal income tax purposes.
As used herein,a"Material Fact" is a fact as to which a substantial likelihood exists that a reasonably
prudent 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, information
disclosed under the Disclosure Covenants or information generally available to the public. Notwithstanding the
foregoing sentence, a"Material Fact" is also an event that 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.
Information To Be Disclosed
The City will provide, in the manner set forth under"Manner of Disclosure" below,either directly or
indirectly through an agent designated by the City,the following information at the following times:
Annual Information
As soon as available, but not later than 365 days after the end of each fiscal year of the City,
commencing with the fiscal year ending December 31,2000,the following financial information and operating data
(the"Disclosure Information"):
II - 1
(A) The audited financial statements of the City for such fiscal year, accompanied
by the audit report and opinion of the accountant or government auditor relating thereto,as
permitted or required by the laws of the State of Minnesota,which financial statements shall
contain balance sheets as of the end of such fiscal year and a statement of operations, changes
in fund balances and cash flows for the fiscal year then ended, showing in comparative form
such figures for the preceding fiscal year of the City, prepared in accordance with generally
accepted accounting principles promulgated by the Financial Accounting Standards Board as
modified 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, information of the type set forth below, which information may be unaudited, but
is to be certified as to accuracy and completeness in all material respects by the City's
financial officer to the best of his or her knowledge.which certification may be based on the
reliability of information obtained from governmental or other third party sources:
City Property Values; City Tax Capacity Rates;and City Tax Levies and
Collections
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, if it is updated as required by the
Disclosure Covenants,by reference from other documents, including official statements. If the document
incorporated by reference is a final official statement, it must be available from the Municipal Securities
Rulemaking Board(the"MSRB").
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 a Material Fact,then, from
and after such determination,the Disclosure Information shall include such additional specified data regarding the
replacement operations.
If the Disclosure Information is changed or the Disclosure Covenants are amended as permitted by the
Bond Resolution,then the City is to include in the next Disclosure Information to be delivered under the Disclosure
Covenants,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.
•
II - 2
Certain Material Events
In a timely manner, notice of the occurrence of any of the following events which is a Material Fact(the
"Material Events"):
(1) Principal and interest payment delinquencies;
(2) Non-payment related defaults;
(3) Unscheduled draws on debt service reserves reflecting financial difficulties;
(4) Unscheduled draws on credit enhancements reflecting financial difficulties;
(5) Substitution of credit or liquidity providers,or their failure to perform;
(6) Adverse tax opinions or events affecting the tax-exempt status of the security;
(7) Modifications to rights of security holders;
(8) Bond calls;
(9) Defeasances;
(10) Release, substitution,or sale of property securing repayment of the securities; and
(1 1) Rating changes.
Certain Other Information
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 at the time
specified under"Annual Information"above;
(B) the amendment or supplementing of the Disclosure Covenants pursuant to the
Bond Resolution, together with a copy of such amendment or supplement and any
explanation provided by the City under the Disclosure Covenants;
(C) the termination of the obligations of the City under the Disclosure Covenants
pursuant to the Bond Resolution;
(D) any change in the accounting principles pursuant to which the financial
statements constituting a portion of the Disclosure Information [or the audited financial
statements, if any, furnished pursuant to the Disclosure Covenants] are prepared;and
(E) any change in the fiscal year of the City.
Manner of Disclosure
The City agrees to deliver the information described under"Information To Be Disclosed"above to the
following entities by telecopy, overnight delivery, mail or other means,as appropriate:
(1) the information described under"Annual Information" above,to each then nationally recognized
municipal securities information repository under the Rule and to any state information depository then designated
or operated by the State of Minnesota as contemplated by the Rule(the"State Depository"), if any;
(2) the information described under"Certain Material Events"and"Certain Other Information"above,
to the Municipal Securities Rulemaking Board and to the State Depository, if any;and
(3)the information described under"Information To Be Disclosed"to any rating agency then
maintaining a rating of the Bonds and,at the expense of such Bondholder, to any Bondholder who requests in
writing such information,at the time of transmission under clauses(1)or(2)above,as the case may be,or, if such
• information is transmitted with a subsequent time of release, at the time such information is to be released.
II - 3
Term
The Disclosure Covenants shall remain in effect until all Bonds have been paid or defeased under the
Bond Resolutions. Notwithstanding the preceding sentence, however,the Disclosure Covenants shall terminate and
be without further effect as of any date on which the Citv 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 Disclosure Covenants 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,
as amended, or any statutes or laws successory thereto or amendatory thereof.
Amendments; Interpretation
The Disclosure Covenants(and the form and requirements of the Disclosure Information)may be
amended or supplemented by the City from time to time, without notice to or the consent of the Owners of any
Bonds, by a resolution of the governing body of the City filed with the Registrar 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)the Disclosure Covenants 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 anv 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.
The Disclosure Covenants are to be construed so as to satisfy the requirements of paragraph (b)(5)of the
Rule.
Default; Remedies
If the City fails to comply with any of the Disclosure Covenants.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 such covenant. Direct, indirect,consequential and
punitive damages shall not be recoverable, however, for any default thereunder to the extent permitted by law. In
no event shall a default under the Disclosure Covenants constitute a default under the Bonds or under any other
provision of the Bond Resolutions.
•
II - 4
APPENDIX III
SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND
MINNESOTA REAL PROPERTY VALUATION
Following is a summary of certain statutory provisions effective through 2000 relative to tax levy
procedures, tax payment and credit procedures, and the mechanics of real property valuation.
The summary does not purport to be inclusive of all such provisions or of the specific provisions
discussed, and is qualified by reference to the complete text of applicable statutes, rules and
regulations of the State of Minnesota.
Property Valuations (Chapter 273, Minnesota Statutes)
Assessor's Estimated Market Value. Each parcel of real property subject to taxation must, by
statute, be appraised at least once every four years as of January 2 of the year of appraisal.
With certain exceptions, all property is valued at its market value which is the value the
assessor determines to be the price the property to be fairly worth, and which is referred to as
the "Estimated Market Value."
Limitation of Market Value Increases. Effective through assessment year 2001, the amount of
increase in market value for all property classified as agricultural homestead or non-homestead,
residential homestead or non-homestead, or non-commercial seasonable recreational
residential, which is entered by the assessor in the current assessment year, may not exceed
the greater of (i) 10% of the preceding year's market value or (ii) 1/4 of the difference between
the current assessment and the preceding assessment.
Indicated Market Value. Because the Estimated Market Value as determined by an assessor
may not represent the price of real property in the marketplace, the "Indicated Market Value" is
generally regarded as more representative of full value. The Indicated Market Value is
determined by dividing the Estimated Market Value of a given year by the same year's sales
ratio determined by the State Department of Revenue. The sales ratio represents the overall
relationship between the Estimated Market Value of property within the taxing unit and actual
selling price.
Net Tax Capacity. The Net Tax Capacity is the value upon which net taxes are levied,
extended and collected. The Net Tax Capacity is computed by applying the class rate
percentages specific to each type of property classification against the Estimated Market Value.
Class rate percentages vary depending on the type of property as shown on the last page of
this Appendix. The formulas and class rates for converting Estimated Market Value to Net Tax
Capacity represent a basic element of the State's property tax relief system and are subject to
annual revisions by the State Legislature.
Property taxes are determined by multiplying the Net Tax Capacity by the tax capacity rate,
expressed as a percentage.
Property Tax Payments and Delinquencies
(Chapters 275, 276, 277, 279-282 and 549, Minnesota Statutes)
Ad valorem property taxes levied by local governments in Minnesota are extended and
collected by the various counties within the State. Each taxing jurisdiction is required to certify
the annual tax levy to the county auditor within five (5) working days after December 20 of the
year preceding the collection year. A listing of property taxes due is prepared by the county
auditor and turned over to the county treasurer on or before the first business day in March.
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The county treasurer is responsible for collecting all property taxes within the county. Real
estate and personal property tax statements are mailed out by March 31. One-half (1/2) of the
taxes on real property is due on or before May 15. The remainder is due on or before 401
October 15. Real property taxes not paid by their due date are assessed a penalty which,
depending on the type of property, increases from 2% to 4% on the day after the due date. In
the case of the first installment of real property taxes due May 15, the penalty increases to 4%
or 8% on June 1. Thereafter, an additional 1% penalty shall accrue each month through
October 1 of the collection year for unpaid real property taxes. In the case of the second
installment of real property taxes due October 15, the penalty increases to 6% or 8% on
November 1 and increases again to 8% or 12% on December 1. Personal property taxes
remaining unpaid on May 16 are deemed to be delinquent and a penalty of 8% attaches to the
unpaid tax. However, personal property owned by a tax-exempt entity, but which is treated as
taxable by virtue of a lease agreement, is subject to the same delinquent property tax penalties
as real property.
On the first business day of January of the year following collection all delinquencies are
subject to an additional 2% penalty, and those delinquencies outstanding as of February 15 are
filed for a tax lien judgment with the district court. By March 20 the clerk of court files a
publication of legal action and a mailing of notice of action to delinquent parties. Those
property interests not responding to this notice have judgment entered for the amount of the
delinquency and associated penalties. The amount of the judgment is subject to a variable
interest determined annually by the Department of Revenue, and equal to the adjusted prime
rate charged by banks, but in no event is the rate less than 10% or more than 14%.
Property owners subject to a tax lien judgment generally have five years (5) in the case of all
property located outside of cities or in the case of residential homestead, agricultural
homestead and seasonal residential recreational property located within cities or three (3) years
with respect to other types of property to redeem the property. After expiration of the
redemption period, unredeemed properties are declared tax forfeit with title held in trust by the
State of Minnesota for the respective taxing districts. The county auditor, or equivalent thereof,
then sells those properties not claimed for a public purpose at auction. The net proceeds of the
sale are first dedicated to the satisfaction of outstanding special assessments on the parcel,
with any remaining balance in most cases being divided on the following basis: county - 40%;
town or city - 20%; and school district - 40%.
Property Tax Credits (Chapter 273, Minnesota Statutes)
In addition to adjusting the taxable value for various property types, primary elements of
Minnesota's property tax relief system are: property tax levy reduction aids; the circuit breaker
credit, which relates property taxes to income and provides relief on a sliding income scale; and
targeted tax relief, which is aimed primarily at easing the effect of significant tax increases. The
circuit breaker credit and targeted credits are reimbursed to the taxpayer upon application by
the taxpayer. Property tax levy reduction aid includes educational aids, local governmental aid,
equalization aid, homestead and agricultural credit aid (HACA) and disparity reduction aid.
Levy Limitations for Counties and Cities (M.S. 275.70 to 275.74)
(Laws 1999, Chapter 243, Article 6)
Levy limitations are in effect for taxes levied in 1999 for all counties and cities with populations
exceeding 2,500. Levy increases for cities are limited to its adjusted levy limit base from 1999
plus any increase due to growth in population. Counties are limited in their levy increases to
the difference between their adjusted levy limit from 1999 plus any increase due to growth in
population and one-half of the county's share of the net cost to the state for assumption of
district court costs. The 2000 Legislature allowed the levy limit law to sunset for taxes payable
in 2001.
III-2
Certain property tax levies are authorized outside of the new overall levy limitation ("special
levies"). Special levies include debt service levies for bonded indebtedness, excluding
installment payments on conditional sales contracts, debt service on state-aid road bonds,
payments on contracts for deed, any levies to pay debt service on tax increment revenue
bonds, and lease payments under certificates of participation. In order to receive approval for
any special levy claims outside of the overall levy limitation, requests for such special levies
must be submitted to the Property Tax Division of the Department of Revenue on or before
September 15th in the year in which the levy is to be made for collection in the following year.
The Department of Revenue has the authority to approve, reduce or deny a special levy
request. Final adjustments to all levies must be made by the Department of Revenue on or
before December 10th.
` Debt Limitations
All Minnesota municipalities (counties, cities, towns and school districts) are subject to statutory
"net debt" limitations under the provisions of Minnesota Statutes, Section 475.53. Net debt is
defined as the amount remaining after deducting from gross debt the amount of current
revenues which are applicable within the current fiscal year to the payment of any debt and the
aggregate of the principal of the following:
1. Obligations issued for improvements which are payable wholly or partially from the
proceeds of special assessments levied upon benefited property.
2. Warrants or orders having no definite or fixed maturity.
3. Obligations payable wholly from the income from revenue producing conveniences.
• 4. Obligations issued to create or maintain a permanent improvement revolving fund.
5. Obligations issued for the acquisition and betterment of public waterworks systems,
and public lighting, heating or power systems, and any combination thereof, or for any
other public convenience from which revenue is or may be derived.
6. Certain debt service loans and capital loans made to school districts.
7. Certain obligations to repay loans.
8. Obligations specifically excluded under the provisions of law authorizing their
issuance.
9. Certain obligations to pay pension fund liabilities.
10. Debt service funds for the payment of principal and interest on obligations other than
those described above.
Levies for General Obligation Debt
(Sections 475.61 and 475.74, Minnesota Statutes)
Any municipality which issues general obligation debt must, at the time of issuance, certify
levies to the county auditor of the county(ies) within which the municipality is situated. Such
levies shall be in an amount that if collected in full will, together with estimates of other
revenues pledged for payment of the obligations, produce at least five percent in excess of the
amount needed to pay principal and interest when due. Notwithstanding any other limitations
upon the ability of a taxing unit to levy taxes, its ability to levy taxes for a deficiency in prior
levies for payment of general obligation indebtedness is without limitation as to rate or amount.
III-3
Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes)
"Fiscal Disparities Law"
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as
"Fiscal Disparities," was first implemented for taxes payable in 1975. Forty percent of the
increase in commercial-industrial (including public utility and railroad) net tax capacity valuation
since 1971 in each assessment district in the Minneapolis/St. Paul seven-county metropolitan
area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott,
excluding the City of New Prague, and Washington Counties) is contributed to an area-wide tax
base. A distribution index, based on the factors of population and real property market value
per capita, is employed in determining what proportion of the net tax capacity value in the area-
wide tax base shall be distributed back to each assessment district.
Iron Range Fiscal Disparities
In 1996 Minnesota Legislature established a commercial-industrial tax base sharing program for
the Iron Range that is modeled after the Twin Cities metropolitan area program commonly
known as "fiscal disparities."
Under the Iron Range Fiscal Disparities ("IRFD") program, 40% of the growth in each
municipality's commercial-industrial tax base after 1995 is contributed to an area wide pool.
The tax base pool is distributed back to municipalities on the basis of property wealth per
capita; i.e., municipalities with lower property wealth receive greater distributions. For the
purposes of the IRFD program, commercial-industrial property includes public utility property,
but does not include commercial, seasonal, recreational property. All local taxing jurisdictions in
the area, including counties, cities, towns (including unorganized towns), school districts, and
special taxing districts, participate in the IRFD program. •
The IRFD program is identical to the Twin Cities metropolitan area program except for the
provisions summarized below:
1. The geographical area involved is the taconite tax relief area. This includes all of Cook
County and Lake County, most of Itasca County and St. Louis County (the City of Duluth
and surrounding area is not included), portions of Aitkin County and Crow Wing County,
and a very small portion of Koochiching County.
2. The base year is 1995, so that 40% of the growth in commercial-industrial tax base after
1995 will be shared. The first tax year to be affected will be 1997/98.
3. Municipalities are not required to share commercial-industrial growth in tax increment
financing (TIF) districts created before May 1, 1996.
4. Municipalities that consciously exclude commercial-industrial development are excluded
from participation. This will be determined by a joint effort of the Department of
Revenue (MnDOR) and the Iron Range Resources and Rehabilitation Board (IRRRB).
A lower court has declared the Iron Range Fiscal Disparities Law unconstitutional. This ruling is
in the process of being appealed.
III-4
STATUTORY FORMULAE
CONVERSION OF ESTIMATED MARKET VALUE (EMV) TO NET TAX CAPACITY FOR
MAJOR PROPERTY CLASSIFICATIONS
Net Tax Capacity Net Tax Capacity Net Tax Capacity Net Tax Capacity Net Tax Capacity
General Classifications Levy Year 1996 Levy Year 1997 Levy Year 1998 Levy Year 1999 Levy Year 2000
Residential Homestead First$72,000 of EMV at 1.00% First$75,000 of EMV at 1.00% First$75,000 of EMV at 1.00% First$76,000 of EMV at 1.00% First$76,000 of EMV at 1.00%
EVM in excess of$72,000 EMV in excess of$75,000 EMV in excess of$75,000 EMV in excess of$76,000 EMV in excess of$76,000
° at 185%
at o . at 1.70% at 1.65% at 1.65%
Residential Non-Homestead 3.40%;except certain cities of 2.90%;except certain cities of 2.50%;except certain cities of 2.40%;except certain cities of 2.40%;except
certain cities of
4 or more units 5,000 population or less 5,000 population or less 5,000 population or less 5,000 population or less 5,000 population or less
0
a 2.30% at 2.30% at 2.15% at 2.15% at 2.15%
Agricultural Homestead First$72,000 EMV of house, First$75,000 EMV of house, First$75,000 EMV of house, First$76,000 EMV of house, First$76,000 EMV of house,
garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00%
EMV in excess of$72,000 of EMV in excess of$75,000 of EMV in excess of$75,000 of EMV in excess of$76,000 of EMV in excess of$76,000 of
house,garage and 1 acre house,garage and 1 acre house,garage and 1 acre house,garage and 1 acre house,garage and 1 acre
at 2.00% at 1.85% at 1.70% o 0
at 1.65/o at 1.65/o
Remaining Property: Remaining Property: Remaining Property: Remaining Property: Remaining Property:
First$115,000 of EMV on First$115,000 of EMV on first First$115,000 of EMV on First$115,000 of EMV at 0.35% First$115,000 of EMV at 0.35%
first 320 acres at 0.45% 320 acres at 0.40% first 320 acres at 0.35% EMV in excess of$115,000 and EMV in excess of$115,000 and
EMV in excess of$115,000 on EMV in excess of$115,000 on EMV in excess of$115,000 on less than$600,000 less than$600,000
first 320 acres at 1.00% first 320 acres at 0.90% first 320 acres at 0.80% at 0.80% at 0.80%
EMV in excess of$115.000 EMV in excess of$115,000 EMV in excess of$115,000 EMV in excess of$600,000 EMV in excess of$600,000
over 320 acres at 1.50% over 320 acres at 1.40% over 320 acres at 1.25% at 1.20% at 1.20%
Agricultural Non-Homestead EMV of house,garage and First$75,000 of EMV of house, First$75,000 of EMV of house, First$76,000 of EMV of house, First$76,000 of EMV of house,
1 acre at 2.30% garage and 1 acre at 1.90% garage and 1 acre at 1.25% garage and 1 acre at 1.20% garage and 1 acre at 1.20%
EMV of land and other buildings EMV in excess of$75,000 of EMV in excess of$75,000 of EMV in excess of$76,000 of EMV in excess of$76,000 of
at 1.50% house,garage and 1 acre house,garage and 1 acre house,garage and 1 acre house,garage and 1 acre
at 2.10% at 1.70% at 1.65% at 1.65%
EMV of land and other buildings EMV of land and other buildings EMV of land and other buildings EMV of land and other buildings
at 1.40% at 1.25% at 1.20% at 1.20%
Commercial-Industrial First$100,000 of EMV at 3.00% First$150,000 of EMV at 2.70% First$150,000 of EMV at 2.45% First$150,000 of EMV at 2.40% First$150,000 of EMV at 2.40%
EMV in excess of$100,000 EMV in excess of$150,000 EMV in excess of$150,000 EMV in excess of$150,000 EMV in excess of$150,000
at 4.60% at 4.00% at 3.50% at 3.40% at 3.40%
Seasonal/Recreational Non-Commercial Non-Commercial Non-Commercial Non-Commercial Non-Commercial
Residential First$72,000 of EMV First$75,000 of EMV First$75,000 of EMV First$76,000 of EMV First$76,000 of EMV
at 1.75% at 1.40% at 1.25% at 1.20% at 1.20%
EMV in excess of$72,000 EMV in excess of$75,000 EMV in excess of$75,000 EMV in excess of$76,000 EMV in excess of$76,000
at 2.50% at 2.50% at 2.20% at 1.65% at 1.65%
Commercial-2.30% Commercial-2.10% Commercial— 1.80% Commercial—1.60% Commercial—1.60%
Homestead Resorts—1.00% Homestead Resorts—1.00%
Vacant Land N/A N/A N/A N/A N/A
(All vacant land is reclassified to (All vacant land is reclassified to (All vacant land is reclassified to (All vacant land is reclassified to (All vacant land is reclassified
to
highest and best use highest and best use highest and best use highest and best use highest and best use
pursuant to local zoning pursuant to local zoning pursuant to local zoning pursuant to local zoning pursuant to local zoning
ordinance ordinance ordinance
ordinance ordinance
(This page was left blank intentionally.)
APPENDIX IV
SELECTED ANNUAL FINANCIAL STATEMENTS
Excerpts from the City's annual financial statements from the years ended December 31, 1999,
1998 and 1997 are presented on the following pages. The City's financial statements are
audited annually by an independent certified public accounting firm. Governmental funds and
expendable trust funds are accounted for using the modified accrual basis of accounting.
Proprietary funds are accounted for using the accrual basis of accounting. The readers should
be aware that the complete financial statements may contain additional data relating to the
information presented here, which may interpret, explain or modify it
IV-1
CITY OF ST. ANTHONY
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1999 (With Comparative Totals for 1998)
Governmental Fund Types Proprietary Fund Types Account Groups
----------------------------------------------- ----------------------- ----------------------- Totals
Special Debt Capital Internal General General (Memorandum Only)
General Revenue Service Project Enterprise Service Fixed Long-Term ----------------------------
ASSETS AND OTHER DEBITS Fund Funds Funds Funds Funds Fund Assets Debt 1999 1998
Cash and Investments $902,876 $422,488 $1,911,525 $2,944,768 $6,119,746 $226,420 $12,527,823 $13,563,951
Accounts and Other Receivables 24,175 2,017 17,927 314,128 358,247 329,152
Taxes Receivable 11,203 294 5,964 950 18,411 11,339
Special Assessments Receivable 393,737 393,737 382,482
Due from Other Governmental Units 30,886 5,273 250,828 8,463 295,450 442,745
Due from Other Funds 300,000 20,232 30,000 61,697 411,929 594,309
Inventory, at Cost 461,418 461,418 431,370
Prepaid Items and Other Assets 99,142 45,984 54,753 199,879 192,211
Property, Plant and Equipment, at Cost 2,223,224 $7,840,154 10,063,378 9,971,220
Amounts Available in Debt Service Funds $1,928,192 1,928,192 2,033,873
Amounts to be Provided for Debt 5,414,888 5,414,888 5,100,177
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
NTotals $1,368,282 $430,072 $2,331,458 $3,290,457 $9,181,732 $288,117 $7,840,154 $7,343,080 $32,073,352 $33,052,829
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
LIABILITIES, EQUITY AND OTHER CREDITS
Liabilities
Accounts Payable $80,283 $16,969 $10,000 $350,386 $341,347 $798,985 $1,603,865
Accrued Payroll and Related Items 94,847 28,861 $382,890 506,598 470,189
Other Accrued Liabilities 2,212 55,518 $108,080 165,810 96,519
Due to Other Funds 20,232 300,000 91,697 411,929 594,309
Deferred Revenue and Deposits 300,000 393,266 250,828 91,713 1,035,807 946,609
Bonds Payable 845,000 7,235,000 8,080,000 7,980,000
Notes Payable 7.849 7,849 11,893
----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
Total Liabilities 497,574 16,969 403,266 901,214 1,461,985 382,890 7,343,080 11,006,978 11,703,384
----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
Fund Equity
Contributed Capital 534,500 534,500 600,174
Investment in General Fixed Assets $7,840,154 7,840,154 7.597,912
Retained Earnings
Reserved 7,185,247 7,185,247 6,884,750
Unreserved (94,773) (94,773) (41,050)
Fund Balance
Reserved 29,508 1,928,192 1,869,304 3,827,004 2,575,481
Unreserved - Designated 841,200 413,103 519,939 1,774,242 3,732,178
----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
Total Fund Equity 870,708 413,103 1,928,192 2,389,243 7,719,747 (94,773) 7,840,154 21,066,374 21,349,445
----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
Totals $1,368,282 $430,072 $2,331,458 $3,290,457 $9,181,732 $288,117 $7,840,154 $7,343,080 $32,073,352 $33,052,829
CITY OF ST. ANTHONY
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1998 (With Comparative Totals for 1997)
Governmental Fund Types Proprietary Fund Types Account Groups
----------------------------------------------- ----------------------- ----------------------- Totals
Special Debt Capital Internal General General
(Memorandum Only)
General Revenue Service Project Enterprise Service Fixed Long-Term ----------------------------
ASSETS AND OTHER DEBITS Fund Funds Funds Funds Funds Fund Assets Debt 1998 1997
Cash and Investments $873,460 $306,135 $2,006,963 $4,202,830 $5,924,556 $250,007 $13,563,951 $12,616,969
Accounts and Other Receivables 4,584 2,219 15,227 307,122 329,152 282,121
Taxes Receivable 7,246 71 4,022 ,631
11,339 1
Special Assessments Receivable 373,578 8,904 382,482 331,276
Due from Other Governmental Units 34,338 5,271 317,438 85,698 442,745 678,003
Due from Other Funds 300,000 23,925 192,326 78,058 594,309 475,784
Inventory, at Cost 431,370 431,370 389,820
Prepaid Items and Other Assets 84,248 44,814 63,149 , , 185,544
1 192,21
Property, Plant and Equipment, at Cost 2,373,308 E7597912 9,971,211 9,701,960
Amounts Available in Debt Service Funds $2,033,873 2,033,873 374,290
Amounts to be Provided for Debt 5,100,177 5,100,177 6,476,468
--------- ----------- ----------- ----------- ----------- ------------- -------------
Totals $1,303,876 $313,696 $2,408,488 $4,781,539 $9,185,203 $328,065 $7,597,912 $7,134,050 $33,052,829 $31,520,866
W LIABILITIES, EQUITY AND OTHER CREDITS
Liabilities
Accounts Payable $97,515 $19,112 $1,205 $1,075,508 $410,525 $1,603,865 $1,104,441
Accrued Payroll and Related Items 74,929 26,145 $369,115 470,189 434,939
Other Accrued Liabilities 2,610 44,859 $49,050 96,519 68,472
Due to Other Funds 79,575 300,000 214,734 594,309 475,784
Deferred Revenue and Deposits 300,000 373,410 176,076 97,123 946,609 1,248,320
Bonds Payable 895,000 7,085,000 7,980,000 7,765,000
Notes Payable 11,893 11,893 15,405
----------- ----------- ----------- ----------- ----------- ----------- -----------
------------- -------------
Total Liabilities --- ---
554,629 19,112 374,615 1,551,584 1,700,279 369,115 7,134,050 11,703,384 11,112,361
Fund Equity -------- ----------- -------- ----------- ----------- -----------
----------- ------------- -------------
Contributed Capital 600,174 600,174 668,348
Investment in General Fixed Assets $7,597,912 7,597,912 7,401,537
Retained Earnings
Reserved 6,884,750 6,884,750 6,456,839
Unreserved (41,050)
(41,050) (19,758)
Fund Balance
Reserved 37,953 2,033,873 503,655 2,575,481 401,505
Unreserved - Designated 711,294 294,584 2,726,300 3,732,178 5,500,034
----------- ----------- ----------- ----------- ----------- ----------- -----------
------------- -------------
Total Fund Equity 749,247 294,584 2,033,873 3,229,955 7,484,924 (41,050) 7,597,912 21,349,445 20,408,505
----------- ----------- ----------- ----------- ----------- ----------- ------------- -------------
Totals $1,303,876 $313,696 $2,408,488 $4,781,539 $9,185,203 $328,065 $7,597,912 $7,134,050 $33,052,829 $31,520,866
CITY OF ST. ANTHONY
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1997 (With Comparative Totals for 1996)
Governmental Fund Types Proprietary Fund Types Account Groups
------------------------------------------
---------------------- ----------------- Totals
Special Debt Capital Internal General General (Memorandum Only)
General Revenue Service Project Enterprise Service Fixed Long-Term ----------_______
ASSETS AND OTHER DEBITS Fund Funds Funds Funds Funds Fund Assets Debt 1997 1996
Cash and Investments $828,018 9260,347 91,968,458 $3,470,871 $5,839,275 $260,000 $12,616,969 $13,705,590
Accounts and Other Receivables 6,275 11,781 264,065 282,121 249,626
Taxes Receivable 962 10 659 1,631 25,045
Special Assessments Receivable 327,004 11,272 338,276 235,619
Due from Other Funds 300,000 18,303 50,000 31,841 76,640 476,784 1,466,610
Due from Other Governmental Units 25,035 27,631 522,846 102,491 678,003 645,294
Inventory, at Cost 389,820 389,820 317,669
Prepaid Items and Other Assets 80,330 31,442 67,772 185,544 141,468
Property, Plant and Equipment, at Cost 2,300,423 97,401,537 9,701,980 715931783
Amounts Available in Debt Service Funds 91,891,034 1,891,034 2,101,279
Amounts to be Provided for Debt 4,939,988 4,939,966 4,636,721
Totals 91,240,620 9287,988 92,314,424 94,104,212 98,996,687 9326,640 97,401,537 96,831,000 931,501,108 931,117,884
_________ ___________
LIABILITIES, EQUITY AND OTHER CREDITS
Liabilities
Accounts Payable 9120,926 913,773 997,349 9245,860 9826,534 91,104,441 91,179.,111
Accrued Payroll and Related Items 67,430 22,110 9345,398 96,000 440,938 433,017
Due to Other Funds 18,303 331,841 125,640 475,784 .1,465,610
Other Accrued Liabilities 3,215 39,500 42,715 35,947
Deferred Revenue and Deposits 300,000 326,041 520,968 101,311 1,248,320 1,081,720
Bonds Payable 940,000 6,825,000 7,765,000 8,820,000
Notes Payable 16,405 15,405
---------- --------- -------- ---------- ----------- -------- --------
Total Liabilities 509,873 13,773 423,390 1,098,889 1,870,500 345,398 6,831,000 11,092,603 11,015,405
Fund Equity
Contributed Capital 668,348 688,348 737,104
Investment in General Fixed Assets 97,401,537 7,401,637 6,134,687
Retained Earnings
Reserved 6,456,839 6,456,839 5,285,788
Unreserved (19,768) (19,758) 880,225
Fund Balance
Reserved 27,215 1,891,034 1,918,249 2,126,759
Unreserved - Designated 703,532 274,215 3,005,543 3,983,290 4,938,016
----------- ------- --------- -------- ---------- ----------- ----------
Total Fund Equity 730,747 274,215 1,891,034 3,005,643 7,125,187 (19,758) 7,401,537 20,408,505 20,102,479
Totals 91,240,620 9287,988 $2,314,424 $4,104,212 $8,996,687 $326,640 97,401,537 96,831,000 931,601,108 931,117,884
CITY OF ST. ANTHONY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED DECEMBER 31, 1999 (With Comparative Totals for 1998)
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project --------------------------
Fund Funds Funds Funds 1999 1998
Revenues
General Property Taxes $1,623,024 $459027 $979,875 $2629983 $2,910,909 $2,672,694
Special Assessments 105,939 9,831 115,770 161,946
Licenses and Permits 110,457 110,457 96,844
Intergovernmental Revenues 778,524 47,010 1,434,914 2,260,448 2,588,225
Charges for Current Services 536,171 146,782 239,860 922,813 873,542
Fines and Forfeitures 100,647 100,647 88,389
Investment Income 22,341 16,139 26,108 79,392 143,980 337,396
Other Revenues 137,649 22,389 149,644 309,682 236,546
------------ ------------ ------------ ------------ ------------ ------------
Total Revenues 39308,813 277,347 1,111,922 2,176,624 6,874,706 7,055,582
------------ ------------ ------------ ------------ ------------ ------------
Expenditures
General Government 577,894 125,735 703,629 671,250
Public Safety 19927,205 37,763 1,964,968 1,821,197
Public Works 458,265 458,265 432,478
Park Maintenance 69,623 69,623 59,657
Capital Outlay and Other 43,008 93,990 364,047 501,045 379,381
Debt Service 676,491 676,491 849,116
Improvement Costs and Other 537,857 3,154,393 3,692,250 3,303,432
------------ ------------ ------------ ------------ ------------ -------------
Total Expenditures 3,075,995 257,488 1,214,348 3,518,440 8,066,271 7,516,511
------------ ------------ ------------ ------------ ------------ ------------
Excess (Deficiency) of Revenues Over Expenditures 232,818 19,859 (102,426) (1,341,816) (1,191,565) (460,929)
------------ ------------ ------------ ------------ ------------ ------------
Other Financing Sources (Uses)
Proceeds from Sale of Bonds 15,150 405,002 420,152 716,373
Transfers from Other Funds 86,340 120,000 71,660 1,211,167 1,489,167 553,164
Transfers (to) Other Funds (197,697) (21,340) (90,065) (1,115,065) (1,4-4,167) (402,488)
------------ ------------ ------------ ------------ ------------ ------------
Total Other Financing Sources (Uses) (111,357) 98,660 (3,255) 501,104 485,152 867,049
------------ ------------ ------------ ------------ ------------ ------------
Excess (Deficiency) of Revenues and Other
Sources Over Expenditures and Other Uses 121,461 118,519 (105,681) (840,712) (706,413) 406,120
Fund Balance Beginning of Year 749,247 294,584 2,0339873 3,229,955 6,307,659 5,901,539
------------ ------------ ------------ ------------ ------------ ------------
Fund Balance End of Year $870,708 $413,103 $1,928,192 $2,389,243 $5,601,246 $6,307,659
CITY OF ST. ANTHONY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED DECEMBER 31, 1998 (With Comparative Totals for 1997)
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project --------------------------
Fund Funds Funds Funds 1998 1997
Revenues
General Property Taxes $1,555,969 $31,253 $788,318 $297,154 $2,672,694 $2,513,000
Special Assessments 158,677 3,269 161,946 94,660
Licenses and Permits 96,844 96,844 143,787
Intergovernmental Revenues 675,468 41,684 1,871,073 2,588,225 800,377
Charges for Current Services 510,153 143,566 219,823 873,542 731,202
Fines and Forfeitures 88,389 88,389 73,503
Investment Income 25,112 15,521 89,945 206,818 337,396 339,305
Other Revenues 93,075 8,701 134,770 236,546 294,364
------------ ------------------------ ------------ ------------ ------------
Total Revenues 3,045,010 240,725 1,036,940 2,732,907 7,055,582 4,990,198
------------ ------------------------ ------------ ------------ ------------
Expenditures
General Government 543,782 127,468 671,250 686,554
Public Safety 1,794,621 26,576 1,821,197 1,720,739
Public Works 432,478 432,478 460,679
Park Maintenance 59,657 59,657 45,863
Capital Outlay and Other 29,411 76,312 45,783 227,875 379,381 274,839
Debt Service 849,116 849,116 970,573
Improvement Costs and Other 3,303,432 3,303,432 2,735,259
------------ ------------ ------------ ------------ ------------ ------------
Total Expenditures 2,859,949 230,356 894,899 3,531,307 7,516,511 6,894,506
------------ ------------ ------------ ------------ ------------ ------------
Excess (Deficiency) of Revenues Over Expenditures 185,061 10,369 142,041 (798,400) (460,929) (1,904,308)
------------ ------------ ------------ ------------ ------------ ------------
Other Financing Sources (Uses)
Proceeds from Sale of Bonds 798 715,575 716,373 681,720
Transfers from Other Funds 65,000 10,000 478,164 553,164 955,481
Transfers to Other Funds (231,561) (170,927) (402,488) (896,129)
------------ ------------ ------------ ------------ ------------ ------------
Total Other Financing Sources (Uses) (166,561) 10,000 798 1,022,812 867,049 741,072
------------ ------------ ------------ ------------ ------------ ------------
Excess (Deficiency) of Revenues and Other
Sources Over Expenditures and Other Uses 18,500 20,369 142,839 224,412 406,120 (1,163,236)
Fund Balance Beginning of Year 730,747 274,215 1,891,034 3,005,543 5,901,539 7,064,775
------------ ------------ ------------ ------------ ------------ ------------
Fund Balance End of Year $749,247 $294,584 $2,033,873 $3,229,955 $6,307,659 $5,901,539
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
IN
• •
CITY OF ST. ANTHONY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED DECEMBER 31, 1997 (With Comparative Totals for 1996)
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project --------------------
Fund Funds Funds Funds 1997 1996
Revenues
General Property Taxes $1,512,430 $15,370 $630,015 $346,892 $2,604,707 $2,566,046
Special Assessments 87,402 7,258 94,660 83,983
Licenses and Permits 143,787 143,787 124,672
Intergovernmental Revenues 677,810 40,017 82,750 800,377 793,980
Charges for Current Services 494,078 136,800 97,989 728,867 656;734
Fines and Forfeitures 73,503 73,503 74,250 .
Other Revenues 167,087 29,580 56,430 358,242 601,339 1,236,147
--------- ---------------------- --------- --------- -- -------
Total Revenues 3,058,495 221,767 773,847 893,131 4,947,240 6,424,794
Expenditures
General Government 542,003 144,551 686,554 578,702
Public Safety 1,688,820 31,919 1,720,739 1,630,229
G Public Works 460,679 460,679 476,917
44 Park Maintenance 45,863 45,863 37,684
Other -21,297 40,315 242,614 378,445 682,671 80,697
Debt Service 970,573 970,573 781,689
Improvement Costs and other 2,284,469 2,284,489 5,607,214
----------- ------- -----------;--- --------- ------- - --
Total Expenditures 2,758,662 216,785 1,213 187 2,662,914 6,851,548 9,193,132
----------- ----- -- ------------ ---------- --------- --------
Excess (Deficiency) of Revenues Over Expenditures 299,833 4,982 (439,340) (1,769,783) (1,904,308) (3,768,338)
Other Financing Sources (Uses)
Proceeds from Sale of Bonds 681,720 681,720 1,699,360
Transfers from Other Funds 218,713 100,000 249,095 430,631 998,439 2,327,764
Transfers to Other Funds (493,321) (100,000) (20,000) (325,766) (939,087) (2,262,764)
------------ ------------ ----------- -------- ------- -------
Total Other Financing Sources (Uses) (274,608) - 229,095 786,585 741,072 1,764,360
----------- ---------- ---------- ------------ ---------- -------
Excess (Deficiency) of Revenues and Other
Sources Over Expenditures and Other Uses 25,225 4,982 (210,246) (983,198) (1,163,236) (2,003,978)
Fund Balance Beginning of Year 705,522 269,233 2,101,279 3,988,741 79064,776 9,068,753
Residual Equity Transfers _
Fund Balance End of Year $730,747 $274,215 $1,891,034 $3,005,543 $5,901,539 $7,064,776
CITY OF ST. ANTHONY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 1999
General Fund Special Revenue Funds Totals (Memorandum Only)
-------------------------------------------------------------------------------- ----------------------------------------
Variance- Variance- Variance-
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues
General Property Taxes $1,617,147 $1,623,024 $5,877 $15,000 $45,027 $30,027 $1,632,147 $1,668,051 $35,904
Licenses and Permits 88,000 110,457 22,457 88,000 110,457 22,457
Intergovernmental Revenues 669,872 778,524 108,652 41,500 47,010 5,510 711,372 825,534 114,162
Charges for Current Services 537,976 536,171 (1,805) 145,800 146,782 982 683,776 682,953 (823)
Fines and Forfeitures 100,000 100,647 647 100,000 100,647 647
Investment Income 23,500 22,341 (1,159) 8,500 16,139 7,639 32,000 38,480 6,480
Other Revenue 44,500 137,649 93,149 3,000 22,389 19,389 47,500 160,038 112,538
------------ ------------ ------------------------ ------------ ------------ ------------ ------------ ------------
Total Revenues 3,080,995 3,308,813 227,818 213,800 277,347 63,547 3,294,795 3,586,160 291,365
------------ ------------ ---------------------- ------------ ------------ ------------ ------------ ------------
Expenditures
General Government 693,000 577,894 115,106 143,800 125,735 18,065 836,800 703,629 133,171
Public Safety 1,963,500 1,927,205 36,295 18,000 37,763 (19,763) 1,981,500 1,964,968 16,532
OD Public works 551,900 458,265 93,635 551,900 458,265 93,635
Park Maintenance 78,900 69,623 9,277 78,900 69,623 9,277
Other 43,008 (43,008) 54,500 93,990 (39,490) 54,500 136,998 (82,498)
------------ ------------ ------------------------ ------------ ------------ ------------ ------------ ------------
Total Expenditures 3,287,300 3,075,995 211,305 216,300 257,488 (41,188) 3,503,600 3,333,483 170,117
------------ ------------ ------------------------ ------------ ------------ ------------ ------------ ------------
Excess (Deficiency) of Revenues
Over Expenditures (206,305) 232,818 439,123 (2,500) 19,859 22,359 (208,805) 252,677 461,482
------------ ------------ ------------------------ ------------ ------------ ------------ ------------ ------------
Other Financing Sources (Uses)
Transfers from Other Funds 281,305 86,340 (194,965) 10,000 120,000 110,000 291,305 206,340 (84,965)
Transfers (to) Other Funds (75,000) (197,697) (122,697) (100,000) (21,340) 78,660 (175,000) (219,037) (44,037)
------------ ------------ ------------------------ ------------ ------------ ------------ ------------ ------------
Total Other Financing Sources (Uses) 206,305 (111,357) (317,662) (90,000) 96,660 188,660 116,305 (12,697) (129,002)
------------ ------------ ------------------------ ------------ ------------ ------------ ------------ ------------
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures
and Other Uses $ - 121,461 $121,461 ($92,500) 118,519 $211,019 ($92,500) 239,980 $332,480
Fund Balance Beginning of Year 749,247 294,584 1,043,831
------------ ------------ ------------
Fund Balance End of Year $870,708 $413,103 $1,283,811
CITY OF ST. ANTHONY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 1998
General Fund Special Revenue Funds Totals (Memorandum Only)
------------------------ ---------------------------------------- ----------------------------------------
Variance- Variance- Variance-
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues
General Property Taxes $1,567,767 $1,555,969 ($11,798) $15,500 $31,253 $15,753 ,955
$3
$1,583,267 $1,587,222
Licenses and Permits 63,900 96,844 32,944 63,900 96,222 ,944
$3
Intergovernmental Revenues 576,991 675,468 98,477 26,000 41,684 15,684 602,991 717,152 114,161
Charges for Current Services 511,160 510,153 (1,007) 158,000 143,566 (14,434) 669,160 653,719 (15,441)
Fines and Forfeitures 100,000 88,389 (11,611)
Investment Income 100,000 88,389 (1.1,611)
23,000 25,112 2,112 7,500 15,521 8,021 30,500 40,633 10,133
Other Revenue 41,000 93,075 52,075 3,000 8,701 5,701 44,000 101,776 57,776
------------ ------------ ------------ ------------ ------------ _
------------ ------------ ------------
Total Revenues
2,883,818 3,045,010 161,192 210,000 240,725 30,725 3,093,818 3,285,735 191,917
Expenditures
General Government 670,250 543,782 126,468 141,000 127,468 13,532 811,250 671,250 140,000
Public Safety 1,792,150 1,794 621 (9,576) 1,809,150 1,821,197
(2,722 17,000 26,576 (12,047)
(CO Public Works 532,200 432,478 99,722 532,200 432,478 99,722
Park Maintenance 61,300 59,657 1,643
Other 61,300 59,657 1,643------------ ----- - ----
29,411 (29,411) 54,500 76,312 (21,812) 54,500 105,723 (51,223)
------ -------- ------------ ------ ---------- ----------- -------
-- - ---- -
Total Expenditures 3,055,900 2,859,949 195,951 212,500 230,356 (17,856) 3,268,400 3,090,305 178,095
--- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Excess (Deficiency) of Revenues
Over Expenditures - (172,082) 185,061 357,143 (2,500) 10,369 12,869 (174,582) 195,430 370,012
--- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Other Financing Sources (Uses)
Transfers from Other Funds 247,082 65,000 (182,082) 10,000 10,000 - 257,082 75,000 (182,082)
Transfers to Other Funds (75,000) (231,561) (156,561) (100,000) 100,000 (175,000) (231,561) (56,561)
------------ ------------ ------------ ------------ ------------
---- ------- ------------ ------------ ------------
Total Other Financing Sources (Uses) 172,082 (166,561) (338,643) (90,000) 10,000 100,000 82,082 (156,561) (238,643)
Excess (Deficiency) of Revenues and ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Other Sources Over Expenditures
and Other Uses $ 18,500 $18,500 ($92,500) 20,369 $112,869 ($92,500) 38,869 $131,369
Fund Balance Beginning of Year --- 730,747- 274,215 1,004,962
------------ ------------
Fund Balance End of Year $749,247 $294,584 $1,043,831
CITY OF ST. ANTHONY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 1997
General Fund Special Revenue Funds Totals (Memorandum Only)
------------------------------------ -------------------------------------- --------
Variance- Variance- Variance-
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues
General Property Taxes $1,531,006 $1,512,430 ($18,576) $15,500 $15,370 ($130) $1,646,506 $1,627,600 ($18,708)
Licenses and Permits 58,800 143,787 84,987 58,800 143,787 84,987
Intergovernmental Revenues 571,353 677,610 106,257 40,014 40,017 3 611,367 717,627 106,260
Charges for Current Services 488,003 494,078 6,075 110,800 136,800 26,000 598,803 630,876 32,075
Fines and Forfeitures 100,000 73,503 (26,497) 100,000 73,503 (26,497)
Other Revenue 59,000 157,087 98,087 6,000 29,680 21,580 67,000 186,661 119,667
Total Revenues 2,808,162 3,058,495 -250,333 174,314 221,767 47,453 2,982,476 3,280,262 297,786
Expenditures
General Government 641,825 542,003 99,822 110,800 144,551 (33,751) 752,625 686,564 66,071
_ Public Safety 1,731,100 1,688,820 42,280 16,354 31,919 (15,665) 1,747,454 1,720,739 26,715
Public Works 514,950 460,679 54,271 514,960 460,679 64,271
Park Maintenance 59,000 45,663 13,137 59,000 45,863 13,137
p Other 5,000 21,297 (16,291) 39,160 40,315 (11155) 44,160 61,612 (17,452)
---------- ----------- ----------- ----- - -
Total Expenditures 2,951,875 2,758,662 193,213 166,314 216,785 (50,471) 3,118,189 2,975,447 142,742
Excess (Deficiency) of Revenues
Over Expenditures (143,713) 299,833 443,548 8,000 49982 (3,018) (135,713) 304,815 440,528
Other Financing Sources (Uses)
Transfers from (to) Other Funds 143,713 (274,808) (418,321) (100,000) - 100,000 43,713 (274,608) (318,321)
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures
and Other Uses $ - 25,225 $25,225 ($92,000) 4,982 $96,982 ($92,000) 30,207 $122,207
Fund Balance Beginning of Year 705,522 269,233 974,755
Fund Balance End of Year $730,747 $274,215 $1,004,962
CITY OF ST. ANTHONY
• ENTERPRISE FUNDS
COMBINING STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31 , 1999 AND 1998
Totals
Liquor Utility ------------------------
Fund Fund 1999 1998
Operating Revenues
Sales and Cost of Sales
Sales $4,662,867 $4,662,867 $4,180,692
Cost of Sales 3,417,747 3,417,747 3,031 ,420
- ------------ ------------ ------------
Gross Profit 1 ,245,120 1 ,245,120 1 ,149,272
Charges for Services $1 ,123,893 1,123,893 1 ,026,017
------------ ------------ ------------ ------------
Total Operating Revenues 1 ,245,120 1 ,123,893 2,369,013 2,175,289
------------ ------------ ------------ ------------
Operating Expenses
Personal Services 558,424 282,607 841 ,031 835,006
Supplies 35,971 26,767 62,738 55,563
Contracted Services 240,380 256,422 496,802 426,920
Filtration and Other Charges 76,800 76,800 76,800
Treatment Charges 433,037 433,037 489,928
Depreciation 91 ,081 97,744 188,825 - 184, 145
Other Charges 106,141 106,141 45,159
• ------------ ------------ ------------ ------------
Total Operating Expenses 1 ,031 ,997 1 , 173,377 2,205,374 2, 113,521
Operating Income (Loss) 213,123 (49,484) 163,639 61 ,768
Nonoperating Revenues (Expenses)
Reimbursements 177,975 177,975 110,666
Commissions, Rental and Other 37,396 23,805 61 ,201 50,263
Investment Income 8,952 (57,698) (48,746) 356,661
Interest and Amortization (52,529) (52,529) (57,945)
Loss on Disposal of Equipment (1,717) (1 ,717)
------------ ------------ ----------- -----------
Total Nonoperating Revenues (7,898) 144,082 136,184 459,645
------------ ----------- ------------ ------------
Income Before Transfers 205,225 94,598 299,823 521 ,413
Transfers to Other Funds (65,000) (65,000) (161 ,676)
------------ ------------ ------------ ------------
Net Income (Loss) After Transfers 140,225 94,598 234,823 359,737
Retained Earnings Beginning of Year 916,686 5,968,064 6,884,750 6,456,839
Redistribution of Depreciation
• to Contributed Capital -------- --- -----65,674 65,674 68, 174
-
Retained Earnings End of Year $1 ,056,911 $6,128,336 $7,185,247 $6,884,750
IV-11
CITY MANAGER REPORTS
MARCH 27, 2001 COUNCIL MEETING
1. Joint meeting with Planning Commission - Tuesday, April 17; 6:00 PM - 7:30 PM.
2. Police Open House - May 16; 6:30 PM - 9:00 PM.
3. Fire Department Pancake Breakfast - Sunday, April 29.
4. First budget work session - May 8 or June 12.
5. Audit presentation - May 8.
6. Volunteer Dinner - Apri1:27.
7. Meeting with school officials this week.
8. Clean Up Day - May 5.
9. Wine in grocery stores - staff report.
10. Bus tour - Saturday, March 31; 9 AM - 1 PM.
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To: Michael Mornson, City Manager
From: Michael L. Larson, Liquor Operations Manager
Subject: Informational Report on Wine in Grocery Stores
Date: 03/26/2001
As you are aware, the wine in grocery store proposal (HF 1205) passed the sub-
committee hearing by a 5-2 vote on Friday March 23rd, 2001. Now is the time for our
City Council to get involved if they have concerns with this bill becoming law.
believe that our City Council would not want this bill to become law due to the written
language that removes all of the city's control over licensing. The proposal states that a
city shall issue a license to a Supermarket that occupies a building space with at least
10,000 square feet and meets the qualifications in subdivisions 2 and 5 and section
340a.402 of the liquor statutes and rules. The proposal also states that a city shall renew
the license if it finds that the licensee continues to meet the qualifications set forth in this
subdivision.
Under the grocer's definition of a supermarket, the proposal would allow Target, Super
Target and Target Greatland, Wal-Mart, Costco, Sam's Club, K-Mart and other stores
like these to sell wine. The proposal does not apply only to Cub and Rainbow grocery
stores. This is a point that I don't believe the general public is aware of..
During the sub-committee hearing, the grocer's.talked about the bad publicity,that they
have received regarding youth access issues. They claim that the liquor industry as well
as the Doctor's and Police Chief's that testified against the proposal created a bad
image of today's young adults. I contend that we have not created any image but rather
recognized the facts as we see them on a daily basis, underage youth gain access to
adult beverages. Reasonable thought leads me to believe that expanding access to
alcohol would provide additional outlets for underage youths to obtain alcohol, either by
theft or unlawful sales. The grocer's pledge to post signs, implement employee training
and inspect identification for every sale does not preclude the fact that expansion of
alcohol retailers in the fashion proposed could not prevent the inevitable, which is
increased youth access to alcoholic beverages.
With the proposal as defined,the focus has shifted from profits to youth access. While
loss of revenue should be a concern, youth access to alcohol far out weigh dollars any
day. Off-sale liquor stores concentrate on one product, alcohol. Minors typically are not .
even employed by liquor stores. Most, if not all municipal liquor stores do'not hire
anyone under the age of 21. This is a claim that supermarkets, Target, Wal-Mart and
Sam's Club cannot make.
Our City Council can make a difference. I believe they carry more clout with the
Senators and Representatives than the grocers and the liquor industry combined. I
would encourage them to contact the Senators and Representatives for our area and tell
them their position on increased youth access to alcohol.
•
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Northwest Quadrant Master Planning Project
Planning Steering Committee
Bus Tour Agenda
Saturday, March 312001, 9 a.m. — 1 p.m.
_ Meet at
St. Anthony City Hall
3301 Silver Lake Road
9:00 a.m. 1) Meet at City Hall
9:0.0-9:30 2) Briefly review revised concept plan,review list of tour
'destinations -
9:30-1:00 3) our
1:00 P.M. 4) Return to City Hall
Prior to taking the tour we will meet at City Hall to briefly review a revised concept plan. The
revised concept is the product of input from the March 10 Community Forum,the March 15
Steering Committee meeting, and from the desire of the Committee to see a concept that is
thought to be, upon initial analysis, financially feasible. We will also review the list of tour
destinations.
During the tour we will visit approximately ten destinations in the west-metro area that
display an array of different residential and commercial building_types of the general nature
that are being assumed in the concept planning for the Apache site. Due to a number of
factors, walking tours of the sites are not scheduled to be part of the program.
Questions or comments may be directed to:
Sue Henry, Assistant City Manager at 612.789.8881, or
Geoff Batzel, Dahlgren, Shardlow and Uban at 612.339.3300.