HomeMy WebLinkAboutCC RES 09-038 RESOLUTION CALLING A HEARING FOR THE ARBORS ALLEY ROADWAY AND UTLITY IMRPOVEMENT PROJECT Meeting Sheet
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Box: 31
Folder: RES 2009
Document: CC RES 09-038 RESOLUTION CALLING A HEARING FOR THE
ARBORS ALLEY ROADWAY AND UTLITY IMRPOVEMENT PROJECT
CITY OF ST.ANTHONY
• RESOLUTION 09-038
A RESOLUTION CALLING A HEARING FOR THE
ARBORS ALLEY ROADWAY AND UTILITY IMPROVEMENT PROJECT
WHEREAS, pursuant to direction of the City Council of the City of St. Anthony, a report has been
prepared with reference to the improvements:
Arbors Alley Roadway and Utility Improvement Project
This project consists of alley reconstruction,replacement of water main, and drainage
improvements in the following locations:
1. Alley located immediately south of Croft Drive and west of Old Highway 8.
NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of St. Anthony:
1. The Council will consider the improvement of such alleyway and utilities in
accordance with the report and the assessment of abutting property for the entire
cost of the improvement pursuant to Minnesota Statutes Chapter 429 at an
estimated total cost of the improvements of$84,300.
2. A public hearing shall be held on such proposed improvements on the 26th day of
. May 2009, in the Council Chambers of the City Hall at 7:00 p.m. or as soon
thereafter as possible, and the Clerk shall give mailed and published notice of
such hearing and improvements as required by law.
Adopted this 92 `bay of 52009.
e.
iayor
ATTEST: &QUR&
City Clerk
Reviewed for administration: `
City Manager
•
K:\0162642Wdmin\Resolutions\Resolution 09-038.doc
• CERTIFICATION OF MINUTES RELATING TO
$5,245,000 GENERAL OBLIGATION BONDS, SERIES 2009A
Issuer: City of St. Anthony, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: A regular meeting held on April 14, 2009,
at 7:00 o'clock P.M., at the City Hall.
Members present: fa m,+l 6 Vey 1 ` t S1CCLL
1 u u
Members absent: Iver- )-
Documents attached:
Minutes of said meeting (including): Pages 1 through 25
RESOLUTION 09-
RESOLUTION RELATING TO $5,245,000 GENERAL
OBLIGATION BONDS, SERIES 2009A; AWARDING
THE SALE, FIXING THE FORM AND DETAILS AND
PROVIDING FOR THE EXECUTION AND DELIVERY
• THEREOF AND SECURITY THEREFOR AND
LEVYING AD VALOREM TAXES FOR THE
PAYMENT THEREOF
I, the undersigned, being the duly qualified and acting recording officer of the
public corporation issuing the obligations referred to in the title of this certificate, certify
that the documents attached hereto, as described above, have been carefully compared
with the original records of the corporation in my legal custody, from which they have
been transcribed; that the documents are a correct and complete transcript of the minutes
of a meeting of the governing body of the corporation, and correct and complete copies of
all resolutions and other actions taken and of all documents approved by the governing
body at the meeting, insofar as they relate to the obligations; and that the meeting was
duly held by the governing body at the time and place and was attended throughout by
the members indicated above, pursuant to call and notice given as required by law.
1
WITNESS my hand officially as such recording officer this I day of April,
2009.
W
Ji I
i U.t
Barb Suciu, 04 Clerk
'a
i
It was reported that ( ) proposals had been received prior to 12:00 Noon, •
Central Time today for the purchase of the $5,245,000 General Obligation Bonds, Series 2009A
of the City in accordance with the Official Statement distributed by the City to potential
purchasers of the Bonds. The proposals have been read and tabulated, and the terms of each
have been determined to be as follows:
Bidder Purchase Price Interest Rates Net Interest Cost
(See Attached) O
It was reported that ten G0 proposals had been received prior to 12:00 Noon, Central
Time today for the purchase of the$5,175,000 General Obligation Bonds, Series 2009A of the
City in accordance with the Official Statement distributed by the City to potential purchasers of
the Bonds. The proposals have been read and tabulated, and the terms of each have been
determined to be as follows:
Bidder Purchase Price Interest Rates Net Interest Cost
(See Attached)
•
BID TABULATION
$5,245,000'' General Obligation Bonds, Series 2009A
CITY OF ST. ANTHONY, MINNESOTA
SALE: April 14, 2009
AWARD: RBC CAPITAL MARKETS
RATING: Standard & Poor's"AA" BBI: 4.92%
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
RBC CAPITAL MARKETS 2010 3.000% 1.000% $5,325,767.60 $1,397,801.70 3.2491%
Minneapolis, Minnesota 2011 3.000% 1.200%
2012 3.000% 1.350%
2013 3.000% 1.750%
2014 3.000% 2.000%
2015 3.000% 2.250%
2016 3.000% 2.500%
2017 3.000% 2.750%
2018 3.000% 3.000%
2019 3.200% 3.200%
2020 3.400% 3.400%
2021 3.600% 3.600%
2022 3.750% 3.750%
® 2023 3.875% 3.875%
2024 4.000% 4.000%
2025 4.000% 4.086%
'Subsequent to bid opening the issue size was decreased to$5,175,000 with the 2010 maturity decreased $10,000 to$200,000,the
2011 maturity decreased $10,000 to$335,000, the 2012 maturity decreased $10,000 to$410,000, the 2013 maturity decreased$10,000
to$420,000, the 2014 maturity decreased$15,000 to$430,000 and the 2015 maturity decreased $15,000 to$445,000 in maturity value.
Adjusted Price-$5,253,383.92
Adjusted Net Interest Cost-$1,392,795.38
Adjusted TIC- 3.2573%
•
www.ehiers-inc.com
fy E H L E RS Minnesota phone 651-697-8500 3060 Centre Pointe Drive
_t, LEADERS IN PUBLIC FINANCE Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville,MN 5511 3-11 22
$5,245,000 General Obligation Bonds, Series 2009A P j2
City of St.Anthony, Minnesota
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTET
(February 1) YIELD COST R�
WACHOVIA SECURITIES, LLC 2010 2.000% $5,221,056.55 $1,424,108.45 3.3400%
Richmond, Virginia 2011 2.000%
2012 2.000%
2013 2.250%
2014 2.250%
2015 2.500%
2016 2.500%
2017 2.750%
2018 3.000%
2019 3.100%
2020 3.350%
2021 3.500%
2022 3.700%
2023 3.850%
2024 4.000%
2025 4.100%
ROBERT W. BAIRD &CO. 2010 2.250% $5,260,284.30 $1,456,971.53 3.4007%
Milwaukee, Wisconsin 2011 2.250%
2012 2.250%
2013 2.250%
2014 2.250%
2015 2.500%
2016 3.000%
2017 3.000% •
2018 3.000%
2019 3.250%
2020 4.000%
2021 4.000%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.000%
STEPHENS INC. 2010 2.000% $5,254,860.05 $1,452,345.62 3.4030%
Little Rock, Arkansa 2011 2.000%
2012 2.000%
2013 3.000%
2014 3.000%
2015 3.000%
2016 3.000%
2017 3.000%
2018 3.100%
2019 3.300%
2020 3.500%
2021 3.600%
2022 3.700%
2023 3.800%
2024 4.000%
2025 4.000%
•
$5,245.f'1 General Obligation Bonds,Series 2009A Page 3
City of 5L.Anthony, Minnesota
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
PIPER JAFFRAY& CO. 2010 2.500% $5,284,046.95 $1,458,846.83 3.4039%
Leawood, Kansas 2011 2.500%
2012 2.500%
2013 2.500%
2014 3.000%
2015 3.000%
2016 3.000%
2017 3.250%
2018 3.250%
2019 3.500%
2020 3.500%
2021 3.625%
2022 3.800%
2023 4.000%
2024 4.000%
2025 4.125%
UBS FINANCIAL SERVICES INC. 2010 2.000% $5,289,204.60 $1,464,132.90 3.4053%
New York, New York 2011 2.000%
2012 2.000%
2013 2.500%
2014 2.500%
2015 3.000%
2016 3.000%
2017 3.000%
2018 3.250%
2019 3.500%
2020 3.750%
2021 4.000%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.250%
CRONIN & COMPANY, INC. 2010 2.000% $5,295,980.75 $1,468,160.92 3.4151%
Minneapolis, Minnesota 2011 2.000%
2012 2.500%
2013 2.500%
2014 2.500%
2015 3.000%
2016 3.000%
2017 3.000%
2018 3.500%
2019 3.500%
2020 4.000%
2021 4.000%
2022 4.000%
• 2023 4.000%
2024 4.000%
2025 4.100%
$5,245,000 General Obligation Bonds,Series 2009A Page 4
City of St.Anthony, Minnesota
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTE�T
(February 1) YIELD COST R�
NORTHLAND SECURITIES, INC. 2010 3.000% $5,288,369.50 $1,477,557.83 3.4480%
Minneapolis, Minnesota 2011 3.000%
2012 3.000%
2013 3.000%
2014 3.000%
2015 3.000%
2016 3.000%
2017 3.000%
2018 3.000%
2019 3.400%
2020 3.600%
2021 3.700%
2022 3.900%
2023 4.000%
2024 4.100%
2025 4.200%
BMO CAPITAL MARKETS GKST INC. 2010 2.250% $5,238,741.25 $1,495,134.68 3.5034%
Chicago, Illinois 2011 2.250%
2012 2.250%
2013 2.500%
2014 2.625%
2015 2.750% •
2016 2.875%
2017 3.125%
2018 3.125%
2019 3.375%
2020 3.500%
2021 4.000%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.125%
UMB BANK, N.A. 2010 1.100% $5,192,604.60 $1,520,438.73 3.5705%
Kansas City, Missouri 2011 1.200%
2012 1.400%
2013 1.900%
2014 2.250%
2015 2.500%
2016 2.750%
2017 3.000%
2018 3.300%
2019 3.550%
2020 3.700%
2021 3.900%
2022 4.000%
2023 4.000% •
2024 4.150%
2025 4.250%
• Tax Levy Calculation For.
City of St. Anthony, Minnesota
$5,175,000 General Obligation Bonds, Series 2009A
Dated Date: 5/7/2009
Abatement Portion Only
Levy Collect Pay Total P & I Net
Year Year Year P &I x 105% Levy
2008 / 2009 / 2010 33,404.25 35,074.46 35,074.46
2009 / 2010 / 2011 45,551.26 47,828.82 47,828.82
2010 / 2011 / 2012 115,551.26 121,328.82 121,328.82
2011 / 2012 / 2013 118,451.26 124,373.82 124,373.82
2012 / 2013 / 2014 116,201.26 122,011.32 122,011.32
2013 / 2014 / 2015 118,951.26 124,898.82 124,898.82
2014 / 2015 / 2016 121,551.26 127,628.82 127,628.82
• 2015 / 2016 / 2017 124,001.26 130,201.32 130,201.32
2014 / 2015 / 2016 121,301.26 127,366.32 127,366.32
2017 / 2018 / 2019 123,601.26 129,781.32 129,781.32
2018 / 2019 / 2020 125,561.26 131,839.32 131,839.32
2019 / 2020 / 2021 127,161.26 133,519.32 133,519.32
2020 / 2021 / 2022 128,381.26 134,800.32 134,800.32
2021 / 2022 / 2023 129,256.26 135,719.07 135,719.07
2022 / 2023 / 2024 129,800.00 136,290.00 136,290.00
2023 / 2024 / 2025 130,000.00 136,500.00 136,500.00
Totals 1,808,725.63 1,899,161.91 1,899,161.91
* $41,819.56 was levied in 2008 for collection in 2009.
� EHLERS
& ASSOCIATES INC
•
COUNTY AUDITOR'S CERTIFICATE AS TO •
REGISTRATION OF BONDS AND TAX LEVY
CITY OF ST. ANTHONY, MINNESOTA
1, the undersigned,being the duly qualified and acting County Auditor of Hennepin
County, Minnesota,hereby certify that there has been filed in my office a certified copy of a
resolution of the City Council of the City of St. Anthony, in said County, adopted April 14, 2009,
awarding the sale, fixing the form and details and providing for the execution, delivery and
security of$5,175,000 General Obligation Bonds, Series 2009A, of the City, to be dated, as of
May 7, 2009 and levying taxes for the payment of principal of and interest on said Bonds.
I further certify that said Bonds have been entered on my bond register and the tax
required by law for payment of the Bonds has been levied and filed, as required by Minnesota
Statutes, Sections 475.61 to 475.63. S+
WITNESS my hand and official seal this day of KA 52009.
•
epm ounty Auditor
(SEAL) DEPOTY COUNTY AUDITOR
• COUNTY AUDITOR'S CERTIFICATE AS TO
REGISTRATION OF BONDS AND TAX LEVY
CITY OF ST. ANTHONY, MINNESOTA
I, the undersigned, being the duly qualified and acting County Auditor of Ramsey
County, Minnesota, hereby certify that there has been filed in my office a certified copy of a
resolution of the City Council of the City of St. Anthony, in said County, adopted April 14, 2009,
awarding the sale, fixing the form and details and providing for the execution, delivery and
security of$5,175,000 General Obligation Bonds, Series 2009A, of the City, to be dated, as of
May 7, 2009 and levying taxes for the payment of principal of and interest on said Bonds.
I further certify that said Bonds have been entered on my bond register and the tax
required by law for payment of the Bonds has been levied and filed, as required by Minnesota
Statutes, Sections 475.61 to 475.63. nn
WITNESS my hand and official seal this day of ✓ ` A 32009.
•
Ramsey County Auditor
(SEAL)
•
• 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 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. Redemption of Prior Bonds. Proceeds of the Bonds are irrevocably
appropriated to pay and redeem the Prior Bonds on June 1, 2009.
Section 5. Security Provisions.
5.01. 2009A Construction Fund.
(a) There is hereby created a special bookkeeping fund to be designated as the "General
Obligation Bonds, Series 2009A Street Construction Fund" (the"Street 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 Street Construction Fund (a) $2,563,302.74 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 Street Construction Fund
• shall be used solely to defray expenses of the Improvements and, including but not limited to the
transfer to the Improvement Bond Fund , created in Section 5.02, hereof, of amounts sufficient
-13-
for the payment of interest and principal, if any,due upon the Improvement 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
Street Construction Fund may be used to pay the cost, in whole or in part, of any other
improvements instituted pursuant to Minnesota Statutes, Chapter 429, as directed by the City
Council,but any balance of such proceeds not so used shall be credited and paid to the
Improvement Bond Fund created in Section 5.02 hereof.
(b) There is hereby created a special bookkeeping fund to be designated as the"General
Obligation Bonds, Series 2009A Park Construction Fund"(the"Park 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 Park Construction Fund $1,330,450.01 of the proceeds of the
sale of the Bonds. The Park Construction Fund shall be used solely to defray expenses of the
Park Improvements and, including but not limited to 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 Park Improvements, any balance remaining in the Park Construction Fund shall be credited
and paid to the Tax Abatement Bond Fund created in Section 5.03 hereof.
5.02. 2009A Improvement Bond Fund. So long as any of the Improvement Bonds are
outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a
separate and special bookkeeping fund designated "2009A Improvement Bond Fund" (the
"Improvement Bond Fund") to be used for no purpose other than the payment of the principal of
and interest on the Improvement Bonds and on such other improvement bonds of the City as
have been or may be directed to be paid therefrom. If the balance in the Improvement 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 Improvement 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.
5.03. 2009A Tax Abatement Bond Fund. So long as any of the Tax Abatement Bonds
are outstanding and any principal of or interest thereon unpaid, the Finance Director shall
maintain a separate and special bookkeeping fund designated "2009A Tax Abatement Bond
Fund" (the "Tax Abatement Bond Fund") to be used for no purpose other than the payment of
the principal of and interest on the Tax Abatement Bonds and on such other tax abatement bonds
of the City as have been or may be directed to be paid therefrom. If the balance in the Tax
Abatement 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 Tax Abatement 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.
• 5.04. 2009A Storm Sewer Bond Fund. The Storm Sewer Bonds shall be payable from
a separate General Obligation Storm Sewer Bonds, Series 2009A Bond Fund (the "Storm Sewer
-14-
• Bond Fund"), which the City agrees to maintain until the Storm Sewer Bonds have been paid in
full. If the moneys in the Storm Sewer Bond Fund should at any time be insufficient to pay
principal and interest due on the Storm Sewer Bonds, such amounts shall be paid from other
moneys on hand in other funds of the City, which other funds shall be reimbursed therefor from
subsequent receipts of Net Revenues appropriated to the Storm Sewer Bond Fund and, if
necessary, from the proceeds of the taxes levied for the Storm Sewer Bond Fund. The City
Finance Director shall deposit in the Storm Sewer Bond Fund the proceeds of all taxes levied and
all other money which may at any time be received for or appropriated to the payment of the
Storm Sewer Bonds and interest, including the Net Revenues herein pledged and appropriated to
the Storm Sewer Bond Fund, all collections of any ad valorem taxes levied for the payment of
the Storm Sewer Bonds, and all other moneys received for or appropriated to the payment of the
Storm Sewer Bonds and interest thereon.
The City hereby covenants and agrees with the holders from time to time of the Bonds
that,so long as any of the Storm Sewer Bonds are outstanding, the City will impose and collect
reasonable charges for the service, use and availability of the System to the City and its
inhabitants according to schedules calculated to produce net revenues which, will be sufficient to
pay all principal and interest when due on the Storm Sewer Bonds and all other obligations
payable from the Net Revenues. Net Revenues, to the extent necessary, are hereby irrevocably
pledged and appropriated to the payment of the principal of the Storm Sewer Bonds and interest
thereon on a parity with the existing pledge of the Net Revenues to pay outstanding obligations
of the City; provided that nothing herein shall preclude the City from hereafter making further
pledges and appropriations of Net Revenues for the payment of additional obligations of the City
• hereafter authorized if the City Council determines before the.authorization of such additional
obligations that the estimated Net Revenues will be sufficient, together with any other sources
pledged to or projected to be used, for the payment of the principal of and interest on the Storm,
Sewer Bonds and paid therefrom and such additional obligations. Such further pledges and
appropriations of said Net Revenues may be made superior or subordinate to or on a parity with
the pledge and appropriation herein made, as to the application of Net Revenues received from
time to time.
5.05. 2009A State-Aid Street Bond Fund. The State-Aid Street Bonds shall be payable
from a separate General Obligation State-Aid Street Bonds, Series 2009A Bond Fund (the
"State-Aid Street Bond Fund"), which the City agrees to maintain until the State-Aid Bonds have
been paid in full. The City hereby appropriates to the State-Aid Street Bond Fund the accrued
interest on the State-Aid Street Bonds and any amounts transferred to the State-Aid Street Bond
Fund from the City's account in the Municipal State-Aid Street Fund of the State of Minnesota.
The Finance Director shall follow the procedure set forth in Minnesota Statutes, Section 162.18,
Subdivision 4, for obtaining such funds. If at any time the moneys in the State-Aid Street Bond
Fund should be insufficient to pay all principal and interest due on the State-Aid Street Bonds,
the Finance Director shall nevertheless pay the same from any moneys on hand in the general
fund of the City, and the moneys so used shall be restored to the general fund from the moneys
next received by the City from the Construction or Maintenance Account in the Municipal State-
Aid Street Fund of the State of Minnesota, which are not required for the payment of additional
principal and interest.
•
-15-
5.06. Lew 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
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$531,000 payable in not more than 15 installments, the first
installment to be collectible with taxes during the year 2009, and that deferred installments shall
bear interest at the rate of not less than 5.25%per annum from the date of the resolution levying
said assessment until December 31 of the year in which the installment is payable.
5.07. Pledge of Taxing Powers. For the prompt and full payment of the principal of and
interest on the Bonds as such payments respectively become due, the full faith, credit and
unlimited taxing powers of the City shall be and are hereby irrevocably pledged. In order to
produce aggregate amounts not less than 5% in excess of the amounts needed to meet when due
the principal and interest payments on the Improvement Bonds, ad valorem taxes are hereby
levied on all taxable property in the City, the taxes to be levied and collected in the following
years and amounts:
Lever Collection Years Amount
See attached levy calculation
The taxes shall be irrepealable as long as any of the hnprovement Bonds are outstanding
and unpaid, provided that the City reserves the right and power to reduce the tax levies from
other legally available funds, in accordance with the provisions of Minnesota Statutes,
Section 475.61.
Section 6. Defeasance. When all of the Bonds have been discharged as provided in
this section, all pledges, covenants and other rights granted by this resolution to the holders of
the Bonds shall cease. The City may discharge its obligations with respect to any Bonds which
are due on any date by depositing with the Registrar on or before that date a sum sufficient for
the payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be
discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with
interest accrued from the due date to the date of such deposit. The City may also discharge its
obligations with respect to any prepayable Bonds called for redemption on any date when they
• are prepayable according to their terms, by depositing with the Registrar on or before that date an
amount equal to the principal, interest and redemption premium, if any, which are then due,
-16-
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qkx Levy Calculation For.
City of St. Anthony, Minnesota
$5,175,000 General Obligation Bonds, Series 2009A
Dated Date: 5/7/2009
Improvement Portion Only
(2) (3)
Levy Collect Pay Total Funds P & I Less: Net
Year Year Year P & I Available(1) x 105% Spec Assmts Levy
2008 / 2009 / 2010 65,206.17 65,206.17 0.00 0.00
2009 / 2010 / 2011 228,917.50 240,363.38 52,025.87 188,337.51
2010 / 2011 / 2012 224,717.50 235,953.38 52,025.87 183,927.51
2011 / 2012 /,2013 225,517.50 236,793.38 52,025.87 184,767.51
2012 / 2013 / 2014 226,167.50 237,475.88 52,025.87 185,450.01
2013 / 2014 / 2015 226,667.50 238,000.88 52,025.87 185,975.01
• 2014 / 2015 / 2016 227,017.50 238,368.38 52,025.87 186,342.51
2015 / 2016 / 2017 227,217.50 238,578.38 52,025.87 186,552.51
2014 / 2015 / 2016 227,267.50 238,630.88 52,025.87 186,605.01
2017 / 2018 / 2019 227,167.50 238,525.88 52,025.87 186,500.01
2018 / 2019 / 2020 231,567.50 243,145.88 52,025.87 191,120.01
2019 / 2020 / 2021 230,277.50 241,791.38 52,025.87 189,765.51
2020 / 2021 / 2022 233,437.50 245,109.38 52,025.87 193,083.51
2021 / 2022 / 2023 235,937.50 247,734.38 52,025.87 195,708.51
2022 / 2023 / 2024 237,800.00 249,690.00 52,025.87 197,664.13
2023 / 2024 / 2025 234,000.00 245,700.00 52,025.87 193,674.13
Totals 3,508,883.67 65,206.17 3,615,861.38 780,388.05 2,835,473.33
(1) The following funds are available to pay the interest payment due February 1, 2010.
Capitalized Interest $65,206.17
(2) Projected special assessment revenue based on $531,000 assessed at 5.25%.
(3) Cashflow and levy needs should be reviewed annually to account for prepaid and/or delinquent
assessments.
EHLERS
& ASSOCIATES INC
• provided that notice of such redemption has been duly given as provided herein. The City may
also at any time discharge its obligations with respect to any Bonds, subject to the provisions of
law now or hereafter authorizing and regulating such action,by depositing irrevocably in escrow,
with 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 time and at such rates and
maturing or callable at the holder's option on such dates as shall be required to pay all principal,
interest and redemption premiums to become due thereon to maturity or said redemption date.
Section 7. County Auditor Registration, Certification of Proceedings Investment of
Money, Arbitrage and Official Statement.
7.01. 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 each County Auditor a certificate that the Bonds have been entered on his bond
register and the taxes described in Section 5.07 hereof have been levied as required by law.
7.02. 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
may be required to show the facts relating to the legality and marketability of the Bonds as the
same appear from the books and records 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.
7.03. Covenant. The City covenants and agrees with the registered owners 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 payable 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 are enacted or promulgated and in effect on the date of
issuance 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 includable in gross income of the recipient under the
Code and the Regulations. The facilities financed by the Bonds shall at all times during the teen
of the Bonds be owned and maintained by the City and the City shall not enter into any lease, use
agreement, management agreement, capacity agreement or other agreement or contract with any
nongovermnental person relating to the use of the facilities financed by the Bonds, or security for
the payment of the Bonds which might cause the Bonds to be considered "private activity bonds"
or"private loan bonds"pursuant to Section 141 of the Code.
7.04. Arbitrage Rebate. For purposes of complying with the requirements of
Section 148(f)(4)(C) of the Code relating to the exemption of certain small governmental units
from the rebate requirements of the Code, the City represents that:
(i) the City is a govermnental unit with general taxing powers;
•
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(ii) the Bonds are not"private activity bonds" as defined in Section 141 of the
• Code (Private Activity Bonds);ninety-five percent of the net proceeds of the Bonds are to
be used for the local governmental purposes of the City; and
(iii) the aggregate face amount of all tax-exempt bonds (other than Private
Activity Bonds and any refunding bonds not taken into account under Section
148(f)(D)(iii) of the Code) 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 with respect to the Bonds.
7.05. 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 2009 it does
not reasonable 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$30,000,000, excluding any tax-
exempt obligations which are refundings of a"qualified tax-exempt obligation"which are not
taken into account for this purpose under Section 265(b)(3)(D)(ii) of the Code.
7.06. Official Statement. The Official Statement relating to the Bonds, dated April 2,
• 2009, prepared and distributed on behalf of the City by Ehlers & Associates, Inc., is hereby
approved. Ehlers & Associates, Inc., 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 8. 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
-18-
• meaning of the Rule for purposes of identifying the entities in respect of which continuing
disclosure must be made.
If the City fails to comply with any provisions of this Section 8, 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 8, 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 8 constitute a
default under the Bonds or under any other provision of this resolution.
As used in this Section 8, "Owner"or"Bondowner"means, in respect of a Bond, the
registered owner or owners thereof appearing in the bond register maintained by the Registrar or
any"Beneficial Owner" (as hereinafter defined) thereof, if such Beneficial Owner provides to
the Registrar evidence of such beneficial ownership in form and substance reasonably
satisfactory to the Registrar. As used herein, "Beneficial Owner"means, in respect of a Bond,
any person or entity which (a) has the power, directly or indirectly, to vote or consent with
respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds
through nominees, depositories or other intermediaries), or(b) is treated as the owner of the
Bond for federal income tax purposes. 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 6 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, 2008 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
-19-
• 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:
• Current Property Valuations
• Direct Debt
• Tax Levies and Collections
• Population Trend
• Employment/Unemployment
Notwithstanding the foregoing paragraph, if the audited financial
statements are not available by the date specified, the City shall provide on or
• before such date unaudited financial statements in the format required for the
audited financial statements as part of the Disclosure Information and, within 10
days after the receipt thereof, the City shall provide the audited financial
statements.
Any or all of the Disclosure Information may be incorporated by
reference, if it is updated as required hereby, from other documents, including
official statements, which have been 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 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 detennines 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.
•
-20-
If the Disclosure Information is changed or this Section 8 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;
(1) 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 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 8 pursuant to
subsection (d), together with a copy of such amendment or supplement and any
explanation provided by the City under subsection (d)(2);
•
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0 (C) the termination of the obligations of the City under this Section 8
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 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 8 shall remain in effect so long
as any Bonds are Outstanding. Notwithstanding the preceding sentence,however, the
obligations of the City under this Section 8 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 8 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) This Section 8 (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,
-22-
• 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 8 as so amended or supplemented would have complied with the
requirements of paragraph (b)(5) of the Rule at the time of the primary offering of the
Bonds, giving effect to any change in circumstances applicable under clause (i)(a) and
assuming that the Rule as in effect and interpreted at the time of the amendment or
supplement was in effect at the time of the primary offering; and (iii) such amendment or
supplement does not materially impair the interests of the Bondowners under the Rule.
If the Disclosure Information is so amended, the City agrees to provide,
contemporaneously with the effectiveness of such amendment, an explanation of the
reasons for the amendment and the effect, if any, of the change in the type of financial
information or operating data being provided hereunder.
(3) This Section 8 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.
Section 9. Authorization of Payment of Certain Costs of Issuance of the Bonds. The
City authorizes the Purchaser to forward the amount of Bond proceeds allocable to the payment
of issuance expenses to Resource Bank &Trust Company, Minneapolis, Minnesota, on the
closing date for further distribution as directed by the City's financial advisor, Ehlers &
Associates, Inc.
Mayor
Attest:
City Clerk
•
-23-
• The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Thuesen, and upon vote being taken thereon, the following voted in favor
thereof: Faust, Gray, Stille, Thuesen and Roth;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor
which signature was attested by the City Clerk.
•
•
-24-
Tax Levy Calculation For.
City of St. Anthony, Minnesota
$5,175,000 General Obligation Bonds, Series 2009A
Dated Date: 5/7/2009
Abatement Portion Only
Levy Collect Pay Total P & I Net
Year Year Year P & I x 105% Levy
2008 / 2009 / 2010 33,404.25 35,074.46 35,074.46
2009 / 2010 / 2011 45,551.26 47,828.82 47,828.82
2010 / 2011 / 2012 115,551.26 121,328.82 121,328.82
2011 / 2012 / 2013 118,451.26 124,373.82 124,373.82
2012 / 2013 / 2014 116,201.26 122,011.32 122,011.32
2013 / 2014 / 2015 118,951.26 124,898.82 124,898.82
2014 / 2015 / 2016 121,551.26 127,628.82 127,628.82
• 2015 / 2016 / 2017 124,001.26 130,201.32 130,201.32
2014 / 2015 / 2016 121,301.26 127,366.32 127,366.32
2017 / 2018 / 2019 123,601.26 129,781.32 129,781.32
2018 / 2019 / 2020 125,561.26 131,839.32 131,839.32
2019 / 2020 / 2021 127,161.26 133,519.32 133,519.32
2020 / 2021 / 2022 128,381.26 134,800.32 134,800.32
2021 / 2022 / 2023 129,256.26 135,719.07 135,719.07
2022 / 2023 / 2024 129,800.00 136,290.00 136,290.00
2023 / 2024 / 2025 130,000.00 136,500.00 136,500.00
Totals 1,808,725.63 1,899,161.91 1,899,161.91
* $41,819.56 was levied in 2008 for collection in 2009.
EHLERS
& ASSOCIATES INC
•
® COUNTY AUDITOR'S CERTIFICATE AS TO
REGISTRATION OF BONDS AND TAX LEVY
CITY OF ST. ANTHONY, MINNESOTA
I, the undersigned,being the duly qualified and acting County Auditor of Hennepin
County, Minnesota,hereby certify that there has been filed in my office a certified copy of a
resolution of the City Council of the City of St. Anthony, in said County, adopted April 14, 2009,
awarding the sale, fixing the fonn and details and providing for the execution, delivery and
security of$5,175,000 General Obligation Bonds, Series 2009A, of the City, to be dated, as of
May 7, 2009 and levying taxes for the payment of principal of and interest on said Bonds.
I further certify that said Bonds have been entered on my bond register and the tax
required by law for payment of the Bonds has been levied and filed, as required by Minnesota
Statutes, Sections 475.61 to 475.63. S+
WITNESS my hand and official seal this day of (,tt, 12009.
epm ounty Auditor
(SEAL) DENTY COUNTY AUDITOR
COUNTY AUDITOR'S CERTIFICATE AS TO
REGISTRATION OF BONDS AND TAX LEVY
CITY OF ST. ANTHONY, MINNESOTA
I, the undersigned,being the duly qualified and acting County Auditor of Ramsey
County, Minnesota,hereby certify that there has been filed in my office a certified copy of a
resolution of the City Council of the City of St. Anthony, in said County, adopted April 14, 2009,
awarding the sale, fixing the form and details and providing for the execution, delivery and
security of$5,175,000 General Obligation Bonds, Series 2009A, of the City, to be dated, as of
May 7, 2009 and levying taxes for the payment of principal of and interest on said Bonds.
I further certify that said Bonds have been entered on my bond register and the tax
required by law for payment of the Bonds has been levied and filed, as required by Minnesota
Statutes, Sections 475.61 to 475.63. nn
WITNESS my hand and official seal this day of d rlA , 2009.
•
Ramsey County Auditor
(SEAL)
•