HomeMy WebLinkAboutCC PACKET 06252019
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or email city@savmn.com. People who are deaf or hard of hearing can contact us by using 711 Relay.
Our Mission is to be a progressive and welcoming Village that is walkable, sustainable and safe.
Call to Order.
Pledge of Allegiance.
Roll Call.
Consideration, discussion, and possible action on all of the following items:
I.Approval of the June 25, 2019, City Council Meeting Agenda. (action requested.)
II.Proclamations and Recognitions.
III.Consent Agenda.
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 the item will be
removed from the Consent Agenda and placed elsewhere on the agenda.
A.Approval of June 11, 2019, City Council meeting minutes. (pp.1-5)
B.Licenses and Permits. (pp.7-8)
C.Claims. (pp.9-11)
IV.Public Hearing.
V.Reports from Commission and Staff.
VI.General Business of Council.
A.Presentation of 2018 Audit, Peggy Moeller, Redpath, Ltd. Presenting (motion requested) (pp.13-18)
B.Resolution 19-055 a resolution Authorizing Issuance, Awarding Sale, Prescribing the Form and
Details and Providing for the Payment of $2,975,000 General Obligation Bonds, Series 2019A.
Keith Dahl, Ehlers & Associates presenting. (pp.19-50)
VII.Reports from City Manager and Council members.
VIII.Community Forum
Individuals may address the City Council about any City business item not included on the regular agenda.
Speakers are requested to come to the podium, sign their name and address on the form at 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 the matter to be scheduled on an upcoming agenda.
IX.Information and Announcements
X.Adjournment
CITY OF ST. ANTHONY VILLAGE
CITY COUNCIL MEETING AGENDA
JUNE 25, 2019
7:00 p.m.
CITY OF ST. ANTHONY 1
CITY COUNCIL REGULAR MEETING MINUTES 2
JUNE 11, 2019 3
4
CALL TO ORDER. 5
6
Mayor Faust called the meeting to order at 7:00 p.m. 7
8
PLEDGE OF ALLEGIANCE. 9
10
Mayor Faust invited the Council and audience to join him in the Pledge of Allegiance. 11
12
ROLL CALL. 13
14
Present: Mayor Faust, Councilmembers Gray, Jenson, Randle, and Stille. 15
Absent: 16
Also Present: City Manager Mark Casey, Hennepin County Commissioner Irene Fernando, Ehlers 17
& Associates Representative Keith Dahl, WSB Water Resource Engineer Stephanie 18
Hatten, and GreenCorp Member Minette Saulog. 19
20
21
CONSIDERATION, DISCUSSION, AND POSSIBLE ACTION ON ALL OF THE FOLLOWING 22
ITEMS. 23
24
I. APPROVAL OF JUNE 11, 2019 CITY COUNCIL MEETING AGENDA. 25
26
Motion by Councilmember Gray, seconded b y Councilmember Jenson, to approve the City 27
Council Meeting Agenda of June11, 2019 as presented. 28
Motion carried 5-0. 29
30
II. PROCLAMATIONS AND RECOGNITIONS 31
32
A. Presentation from Hennepin County Commissioner Irene Fernando 33
34
Commissioner Irene Fernando introduced herself to the City Council. She wants to make her 35
office accessible to the City of St. Anthony and she hopes the two entities can partner. Ms. 36
Fernando stated she wants to be specific on the values she holds and be transparent. Hennepin 37
County is made up of 45 cities and organized into 7 districts. She is the Chair of the Housing and 38
Redevelopment Authority. 39
40
Councilmember Stille thanked Commissioner Fernando for coming to St. Anthony and reviewed 41
the history of the relationship between the County and the City. The City has considered adding 42
turf to a ball field by applying to the Hennepin Youth Sports Program. He hopes that 43
Commissioner Fernando will champion the effort when application is made and noted there are 44
two more rounds. 45
46
Mayor Faust stated the City has had a long relationship with Hennepin County since the 1970’s. 47
St. Anthony is located in two counties and that turns out to be a benefit. Road construction 48
1
City Council Regular Meeting Minutes
June 11, 2019
Page 2
coordination is a hurdle staff has had to handle. The partnerships with the County have always 1
been strong and deep. 2
3
III. CONSENT AGENDA. 4
5
A. Approval of May 28, 2019 City Council Meeting Minutes. 6
B. Licenses and Permits. 7
C. Claims. 8
9
Motion by Councilmember Randle, seconded by Councilmember Jenson, to approve the Consent 10
Agenda items. 11
12
Motion carried 5-0. 13
14
IV. PUBLIC HEARINGS 15
16
A. Resolution 19-052; a Resolution Approving Tax Abatement on Identified Tax Parcel 17
Numbers to Finance Various Storm Water Improvements. 18
19
Mayor Faust opened the public hearing at 7:11 p.m. 20
21
Mr. Keith Dahl, Ehlers & Associates, reviewed the City is moving forward with the process to 22
make necessary improvements to address flooding along Silver Lake Road and in the Industrial 23
Park to pay for the City’s portion of improvements to County Road C. These improvements are 24
expected to cost approximately $2,276,000. The City will be receiving grant funds from the 25
DNR and two other entities and funds from Ramsey County, which total $852,000. The 26
remaining costs need to be financed with a general obligation tax abatement bond. To meet the 27
City’s financing parameters, it is anticipated that the City will issue these bonds in an amount not 28
to exceed $1.6M with a 15-year term (anticipated bond amount is $1,505,000). 29
30
The City has the authority under Minnesota Statute 469 to issue abatement bonds for these 31
projects. In order to grant tax abatement, the City is required to hold a public hearing on the 32
amount of the abatement to be granted, identify the properties from which they will abate the 33
City’s portion of the taxes and describe the public purpose for granting the abatement. 34
35
The City will be abating its portion of the taxes from the following properties: 36
313023310036, 0702923110012, 0702923110030, 0702923110031, 0702923110015, 37
0702923110011, 0702923110026, 0702923110025, and 0702923110022, 38
39
The property locations were indicated on a map. 40
41
The public purpose in granting the abatement is that the City expects the benefits to the City of 42
the abatement to at least equal to or exceed the costs to the City and that granting the abatement 43
is in the public interest. 44
45
2
City Council Regular Meeting Minutes
June 11, 2019
Page 3
Mayor Faust stated this does not change the taxes paid. One third of the total cost has been 1
received in grants. 2
3
Councilmember Stille stated this does not follow the property until it is paid off. 4
5
Mayor Faust closed the public hearing at 7:14 p.m. 6
7
Motion by Councilmember Jenson, seconded by Councilmember Gray, to approve Resolution 8
19-052; a Resolution Approving Tax Abatement on identified tax parcel numbers to finance 9
various storm water improvements. 10
11
Motion carried 5-0. 12
13
V. REPORTS FROM COMMISSION AND STAFF – NONE. 14
15
VI. GENERAL BUSINESS OF COUNCIL. 16
17
A. Resolution 19-053; a Resolution Establishing a Complete Count Committee (CCC) for 18
the 2020 Census. 19
20
City Manager Casey reviewed this resolution is to approve the creation of a Complete Count 21
Committee in support of the 2020 US Census. The US Census Bureau’s goal is to have every 22
person counted in the April 1, 2020 Census. In order to help build awareness and maximize 23
participation in the Census, Complete Count Committees (CCC) are formed to encourage their 24
community to participate. The CCC’s are volunteer committees that will help to increase 25
awareness about the census and encourage everyone to respond to the Census. The City of St. 26
Anthony has created a CCC with direction from the US Census Bureau and the willingness of 27
our community volunteers to Chair the committee. 28
29
City Manager Casey noted the City is fortunate to have three community members (Billie Jo 30
Schons, John MacLeod, and Megan MacLeod) volunteer to Chair our CCC with the hopes that 31
more community members will join and assist them to make sure all residents are counted. 32
33
Motion by Councilmember Stille, seconded by Councilmember Gray, to approve Resolution 19-34
053; a Resolution to Create a Complete Count Committee to Support the US Census Bureau’s 35
2020 Census. 36
37
Ms. Billie Jo Schons was present at the meeting. She has been a resident of St. Anthony since 38
1996 and is eager to work with the MacLeod’s on this important census. 39
40
Mayor Faust thanked Ms. Schons for her work. 41
42
Motion carried 5-0. 43
44
B. Resolution 19-054; a Resolution Adopting the City of St. Anthony’s Local Water Plan 45
46
3
City Council Regular Meeting Minutes
June 11, 2019
Page 4
WSB Water Resource Engineer Stephanie Hatten presented the update of the City’s Water 1
Resource Management Plan in conformance with Minnesota Rules Chapter 8410. A resolution is 2
provided that accepts and adopts the Water Resource Management Plan as approved by the Rice 3
Creek Watershed District and Mississippi Watershed Management Organization. 4
5
Ms. Hatten presented a PowerPoint consisting of What is a Local Water Management Plan, Why 6
is the Plan being Updated, Plan Outline & What Has Changed, in a review of Chapters 1-6. 7
8
Councilmember Jenson asked if there are any gaps that need to be resolved in 2019. Ms. Hatten 9
stated the implementation plan outlines the various costs for implementing activities. Grant 10
information was also included. Nothing is required by the State. City Manager Casey noted all 11
would be included in the CIP. 12
13
Councilmember Stille stated the project this year is Silver Lake Road flood mitigation. Mr. 14
Casey stated it is all included in the CIP. There are a number of funding sources. 15
16
Mayor Faust stated when Atlas 14 was implemented it was increased by 30%. Ms. Hatten stated 17
the 30% increase came into play with the heavier rainfall events. Mayor Faust stated the 18
Mississippi Watershed and Rice Creek Watershed have approved this plan. 19
20
Motion by Councilmember Randle, seconded by Councilmember Jenson, to approve Resolution 21
19-054; a Resolution Adopting the City of St. Anthony’s Local Water Plan. 22
23
Motion carried 5-0. 24
25
C. Green Corp Update 26
27
Ms. Minette Saulog, GreenCorp Member provided a power point presentation GreenCorp 28
Update – April – June 2019 for the Council. It included SolSmart Community Designation, 29
Guest Presentations, April 25 Workshops, Mayor’s Water Challenge Results, Community Solar 30
Garden Update, Spring Clean Up Day – May 4th, Organics Recycling Event – May 8th, RETAP 31
Visit – June 3rd, St. Anthony at the State Fair (August 23) and Summer Plans. Her term of 32
service ends August 27, 2019. 33
34
Mayor Faust thanked Minette for her work and he will accept the challenge of the State Fair. He 35
added Minette and Ms. Hatten are role models for youth and young women. 36
37
Commissioner Gray thanked Minette for her presentation. 38
39
Commissioner Jenson stated he appreciates her being at St. Anthony and helping the City 40
become better. 41
42
Commissioner Randle stated Minette makes sustainability fun. 43
44
Commissioner Stille stated he will also join on August 23 at the State Fair. 45
46
4
City Council Regular Meeting Minutes
June 11, 2019
Page 5
1
VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS2
3
The May 2019 Programming, Website and Social Media report was provided for Council review. 4
5
City Manager Casey stated the Youth in Leadership program is ending shortly. He thanked the 6
students that served on the Planning and Parks Commissions. He also thanked Bonnie Brever 7
and Nicole Miller for organizing this program. 8
9
Councilmember Stille stated on May 30, he attended the Dare 2 B Real event. On June 3, he 10
attended the Council work session which included a Sister City group update. 11
12
Councilmember Gray stated on May 30, he attended the Dare 2 B Real event at the high school. 13
On June 3, he also attended the work session. On June 6, he attended the North Suburban 14
Communications meeting. 15
16
Councilmember Randle stated on May 19, he attended the Sister City meeting. 17
18
Councilmember Jenson stated he attended the June 3 work session. 19
20
Mayor Faust stated he attended the Dare 2 B Real event on May 30. On June 3, he attended the 21
work session. Students from Hamline University gave presentations. They were from all across 22
the State of Minnesota. On June 10, he attended the MN Council of Mayors where the DEED 23
appointee spoke. 24
25
VIII. COMMUNITY FORUM – NONE.26
27
IX. INFORMATION AND ANNOUNCEMENTS28
29
City Manager Casey announced this coming Saturday is Coffee with the Council at 9:00 a.m. at 30
Autumn Woods. 31
32
X. ADJOURNMENT. 33
34
Mayor Faust adjourned the meeting at 8:03 p.m. 35
36
Respectfully submitted, 37
Debbie Wolfe 38
TimeSaver off Site Secretarial, Inc. 39
40
41
42
Mayor 43
ATTEST: 44
City Clerk 45
5
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6
Saint Anthony Village
DATE: June 25, 2019 Approved:
TO: Mayor and Councilmembers
FROM: License Clerk
ITEM: License and Permits for Approval:
Mechanical Licenses:
Corval Constructors, St Paul, MN
Piperight Plumbing, St Anthony, MN
Rental Licenses:
Applicant: Joel Anderson
Location: 2519 – 2521 33rd Ave NE
Applicant: Roy Quady
Location: 2803 33rd Ave NE
2807 33rd Ave NE
Applicant: Perry Nelson
Location: 2513 36th Ave NE
Applicant: Paul Johnson
Location: 3300 - 3302 39th Ave NE
Applicant: Nativity Lutheran Church
Location: 3331 Belden Dr NE
3335 Belden Dr NE
Applicant: Thomas Ranallo
Location: 3006 Croft Dr NE
Applicant: Robert Schmidt
Location: 3640 – 3644 Edward St NE
Applicant: Nicholas Pielert
Location: 2601 Kenzie Ter NE #129
Applicant: Gary Peterson
Location: 2601 Kenzie Ter NE #204
Applicant: Richard Herrmann
Location: 2601 Kenzie Ter NE #512
Applicant: Thomas Fritz
Location: 3300 Roosevelt Ct NE
7
Applicant: Adam Parmeter
Location: 3127 Silver Lake Rd NE
Parks Special Event Beer Permit:
Date: September 7, 2019
Applicant: William Volna
Location: Central Park
8
City of St Anthony Village CITY OF ST ANTHONY CHECK REGISTER Page: 1
Check Issue Dates: 6/14/2019 - 6/26/2019 Jun 19, 2019 02:09PM
Vendor Number Payee Check Number Check Issue Date Amount
12180 ARVIG CONSTRUCTION 164 06/26/2019 351.50
10252 CENTERPOINT ENERGY 165 06/26/2019 547.48
10326 COMMERS CONDITIONED WATER 166 06/26/2019 116.25
12648 WINDSTREAM 167 06/26/2019 216.30
11740 XCEL ENERGY 168 06/26/2019 15,518.50
10710 ICMA RETIREMENT TRUST 38233 06/14/2019 1,156.00
11792 INTERNATIONAL UNION LOCAL #49 38234 06/14/2019 420.00
11793 LAW ENFORCEMENT LABOR SERVICES 38235 06/14/2019 867.00
10002 LOCAL UNION IAFF #3486 38236 06/14/2019 357.30
1118 56 BREWING 38237 06/26/2019 852.50
10011 ABLE HOSE & RUBBER LLC 38238 06/26/2019 2.40
10039 AIRGAS USA LLC 38239 06/26/2019 55.77
1054 AMERICAN BOTTLING CO 38240 06/26/2019 395.44
1100 ARTISIAN BEER COMPANY 38241 06/26/2019 9,460.55
1013 BELLBOY CORPORATION 38242 06/26/2019 3,907.39
1014 BELLBOY CORPORATION 38243 06/26/2019 167.50
1035 BERNICK'S BEVERAGE & VENDING 38244 06/26/2019 10,138.13
2009 BLACK STACK BREWING 38245 06/26/2019 1,230.00
8544 BOURGET IMPORTS 38246 06/26/2019 97.75
1018 BREAKTHRU BEVERAGE MN BEER 38247 06/26/2019 28,047.18
1011 BREAKTHRU BEVERAGE MN WINE & SPIRITS 38248 06/26/2019 7,016.30
1009 BREAKTHRU BEVERAGE MN WINE & SPIRITS 38249 06/26/2019 4,671.74
1114 CANNON RIVER WINERY 38250 06/26/2019 156.00
1017 CAPITOL BEVERAGE SALES 38251 06/26/2019 18,913.00
10263 CENTURYLINK 38252 06/26/2019 483.57
12596 CINTAS 38253 06/26/2019 427.81
10293 CITY OF ROSEVILLE 38254 06/26/2019 17,436.00
12303 CITY WIDE LOCK & SAFE, LLC 38255 06/26/2019 117.50
10306 CITY WIDE WINDOW SERVICE INC 38256 06/26/2019 85.50
1042 CRYSTAL SPRINGS ICE 38257 06/26/2019 714.86
10432 DORSEY & WHITNEY 38258 06/26/2019 32,291.70
10461 EHLERS & ASSOCIATES, INC.38259 06/26/2019 200.00
10473 EMERGENCY APPARATUS 38260 06/26/2019 938.94
10508 FERGUSON WATERWORKS 38261 06/26/2019 146.87
10511 FINANCE AND COMMERCE 38262 06/26/2019 197.76
10526 FLEETPRIDE 38263 06/26/2019 154.56
1097 FORESTEDGE WINERY 38264 06/26/2019 126.00
10539 FRATTALLONE'S HARDWARE 38265 06/26/2019 3.98
1032 GRAPE BEGINNINGS, INC.38266 06/26/2019 335.00
1021 GREAT LAKES COCA COLA 38267 06/26/2019 880.42
10607 HACH COMPANY 38268 06/26/2019 183.58
10617 HARBOR FREIGHT TOOLS 38269 06/26/2019 75.94
10618 HARLAN FALCK & SON, INC.38270 06/26/2019 2,650.00
10624 HAWKINS, INC 38271 06/26/2019 3,483.10
2024 HEADFLYER BREWING 38272 06/26/2019 558.00
10642 HENN CNTY INFO TECH DEPT 38273 06/26/2019 4,436.30
10661 HENNEPIN COUNTY TREASURER 38274 06/26/2019 105.00
12801 HOGE, SHANNON 38275 06/26/2019 108.90
1019 HOHENSTEIN'S, INC 38276 06/26/2019 9,831.65
1027 INDEED BREWING COMPANY 38277 06/26/2019 1,212.50
11547 INFOBUREAU SERVICES INC 38278 06/26/2019 15.00
10761 J. SPANJERS CO., INC.38279 06/26/2019 6,929.00
1016 JJ TAYLOR DISTRIBUTING 38280 06/26/2019 29,040.17
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City of St Anthony Village CITY OF ST ANTHONY CHECK REGISTER Page: 2
Check Issue Dates: 6/14/2019 - 6/26/2019 Jun 19, 2019 02:09PM
Vendor Number Payee Check Number Check Issue Date Amount
1004 JOHNSON BROTHERS LIQUOR CO.38281 06/26/2019 1,286.47
1005 JOHNSON BROTHERS LIQUOR COMPANY.38282 06/26/2019 6,870.45
1006 JOHNSON BROTHERS LIQUOR COMPANY.38283 06/26/2019 6,108.31
1044 JOHNSON BROTHERS LIQUOR COMPANY.38284 06/26/2019 11,364.97
10785 KATH FUEL OIL SERVICE 38285 06/26/2019 170.00
1120 KEEPSAKE CIDERY LLP 38286 06/26/2019 130.00
10797 KONICA MINOLTA BUSINESS 38287 06/26/2019 57.90
12802 KUFUS, LYNN 38288 06/26/2019 139.92
10806 L.T.G. POWER EQUIPMENT 38289 06/26/2019 87.60
12806 LAMETTI & SONS INC 38290 06/26/2019 218,554.50
10816 LANGUAGE LINE SERVICES 38291 06/26/2019 33.60
12752 LINDMAN, DAVID 38292 06/26/2019 36.80
10833 LMCIT %BERKLY RISK ADMIN CO 38293 06/26/2019 67,064.00
10861 LOFFLER COMPANIES - 131511 38294 06/26/2019 205.65
2010 LUPULIN BREWING 38295 06/26/2019 392.00
1022 M. AMUNDSON LLP 38296 06/26/2019 1,443.40
11985 MANSFIELD OIL COMPANY 38297 06/26/2019 12,227.20
10948 MIDWEST SPECIALTY SALES 38298 06/26/2019 195.84
10963 MINNEAPOLIS SAW COMPANY INC 38299 06/26/2019 17.35
10994 MINNESOTA OCCUPATIONAL HEALTH 38300 06/26/2019 150.00
11019 MISTER CAR WASH 38301 06/26/2019 14.99
11085 MURPHY'S SERVICE CENTER 38302 06/26/2019 49.38
1051 NEW FRANCE WINE COMPANY 38303 06/26/2019 884.00
11131 NORTH SUBURBAN ACCESS CORPORATION.38304 06/26/2019 381.99
12778 NORTHWEST ASSOCIATED CONSULTANTS INC 38305 06/26/2019 12,849.75
12088 OFFICE 8 38306 06/26/2019 157.45
11163 OFFICE DEPOT 38307 06/26/2019 342.18
11170 OLSEN FIRE PROTECTION, INC.38308 06/26/2019 1,390.00
12779 OPTION ONE MECHANICAL LLC 38309 06/26/2019 2,539.00
11185 PACE ANALYTICAL SERVICES, INC.38310 06/26/2019 150.00
1012 PAUSTIS & SONS 38311 06/26/2019 2,418.25
1001 PHILLIPS WINE & SPIRITS 38312 06/26/2019 2,167.78
1002 PHILLIPS WINE & SPIRITS 38313 06/26/2019 2,675.92
12447 PMG 56 LLC MN SERIES 38314 06/26/2019 186.15
2019 PRYES BREWING COMPANY 38315 06/26/2019 491.00
12311 PUCKETTS RECYCLING 38316 06/26/2019 40.00
11302 RAMSEY COUNTY 38317 06/26/2019 6,423.00
1062 RED BULL DISTRIBUTION COMPANY 38318 06/26/2019 457.50
1020 ROOTSTOCK WINE COMPANY 38319 06/26/2019 232.38
1065 SAINT CROIX 38320 06/26/2019 390.00
12670 SEESTEDT'S 38321 06/26/2019 1,298.34
11408 SIGNATURE CONCEPTS, INC.38322 06/26/2019 417.48
2018 SMALL LOT WINES 38323 06/26/2019 109.04
1024 SOUTHERN GLAZER'S OF MN 38324 06/26/2019 5,241.44
1008 SOUTHERN GLAZER'S OF MN 38325 06/26/2019 1,003.36
1026 SOUTHERN GLAZER'S OF MN 38326 06/26/2019 16,098.14
1036 SOUTHERN GLAZER'S OF MN 38327 06/26/2019 179.84
11531 T A SCHIFSKY & SONS 38328 06/26/2019 397.31
11552 TESSMAN SEED INC.38329 06/26/2019 215.00
11586 TRACY PRINTING 38330 06/26/2019 263.00
11819 TRUE NORTH ELECTRIC 38331 06/26/2019 7,362.26
11626 U.S. BANK (PURCHASING CARD)38332 06/26/2019 7,302.84
2007 URBAN GROWLER 38333 06/26/2019 264.00
10
City of St Anthony Village CITY OF ST ANTHONY CHECK REGISTER Page: 3
Check Issue Dates: 6/14/2019 - 6/26/2019 Jun 19, 2019 02:09PM
Vendor Number Payee Check Number Check Issue Date Amount
11674 VERIZON WIRELESS 38334 06/26/2019 114.92
1025 VINOCOPIA 38335 06/26/2019 781.96
12803 WALTERS 38336 06/26/2019 81.25
11715 WELLS FARGO BANK MACN9303-121 38337 06/26/2019 400.00
12804 WHITLEY, KATHLEEN 38338 06/26/2019 36.80
1034 WINE COMPANY/THE 38339 06/26/2019 1,260.70
1038 WINE MERCHANTS INC 38340 06/26/2019 2,195.20
Grand Totals: 623,631.15
11
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12
2018 Audit Review
City of St. Anthony, Minnesota
June 25, 2019
Peggy Moeller, CPA
651.407.5832
pmoeller@redpathcpas.com 1
•Comprehensive Annual Financial Report
•State Legal Compliance Report
•Report on Internal Controls
•Communication with Those Charged with Governance
2
13
•The financial statements are the responsibility of
management
•The role of the Independent Auditor is to report on the fair
presentation of the financial statements
•“Clean opinion” issued on the 2018 financial statements
3
General Fund:
–Fund balance increased $107,650 during 2018
4
Favorable
Final (Unfavorable)
Budget Actual Variance
Revenues $6,644,117 $6,779,362 $135,245
Expenditures 6,658,655 6,853,097 (194,442)
Revenues over (under) expenditures (14,538) (73,735) (59,197)
Other financing sources (uses):
Transfers from other funds 200,000 357,870 157,870
Transfers to other funds (176,485) (176,485) -
Total change in General Fund balance $8,977 $107,650 $98,673
14
•An allocation of the $2,507,764 General Fund balance at December 31,
2018 is as follows:
5
Nonspendable - prepaid items/inventory $126,304
Unassigned 2,381,460
Total fund balance $2,507,764
•The fund balance available at December 31, 2018 is sufficient to meet the
City’s policy for minimum unassigned fund balances as follows:
6
2019 expenditure budget $7,200,728
Less:
Police services to other cities (713,204)
Financial services to MWMO (107,164)
Fire State Aid passed through to Fire dept.(50,546)
Net 2019 budget 6,329,814
Minimum balance (30-35%)30%
City minimum working capital fund balance $1,898,944
Net unassigned amount available at 12/31/18 $2,381,460
Actual percent of net budget 37.62%
15
Water and Sewer Enterprise Fund:
–Water operations for the past six years is as follows:
–2016 through 2018 includes the Water Plant (separate fund in 2013-2015).
–The City increased water rates for 2018.
7
Water and Sewer Enterprise Fund:
–Sewer operations for the past six years is as follows:
–The City increased sewer rates for 2018.
8
16
Liquor Fund:
–2018 net income before capital contributions and transfers
is $266,071.
–An analysis of 2018 activity is as follows:
9
Market Place Silver Lake Village
Amount Percent Amount Percent Amount Percent
Operating revenues $3,167,282 100.0% $2,700,170 100.0% $5,867,452 100.0%
Cost of goods sold 2,369,416 74.8% 1,975,348 73.2% 4,344,764 74.0%
Gross margin 797,866 25.2% 724,822 26.8% 1,522,688 26.0%
Other operating expenses 629,615 19.9% 635,634 23.5% 1,265,249 21.6%
Net income from operations 168,251 5.3% 89,188 3.3% 257,439 4.4%
Net nonoperating revenues
(expenses)7,650 0.2% 982 0.0% 8,632 0.1%
Income before capital contributions and transfers $175,901 5.6% $90,170 3.3% $266,071 4.5%
Total
•Required by Minnesota Statute §6.65
•OSA audit guide covers seven categories
1)contracting and bidding
2)deposits and investments
3)conflicts of interest
4)public indebtedness
5)claims and disbursements
6)other miscellaneous provisions
7)tax increment provisions
•One finding of noncompliance
10
17
•Consideration of internal control as a basis for designing audit
procedures. No opinion on internal control.
•No findings for 2018.
11
•Required Communications:
–Change in accounting policies used
–Implemented GASB 75 –Accounting and Financial Reporting for
Post Employment Benefits Other Than Pensions (OPEB)
–Difficulties encountered in performing the audit (none)
–Disagreements with management (none)
12
18
4837-9618-8312\4
CERTIFICATION OF MINUTES RELATING TO
$[2,975,000] GENERAL OBLIGATION BONDS, SERIES 2019A
Issuer: City of St. Anthony, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on June 25, 2019, at 7:00 p.m., at
the City Hall.
Members present:
Members absent:
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO. 19-055
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $[2,975,000] GENERAL OBLIGATION BONDS, SERIES
2019A
I, the undersigned, being the duly qualified and acting recording officer of the public
corporation issuing the bonds 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 said
corporation in my legal custody, from which they have been transcribed; that said documents are
a correct and complete transcript of the minutes of a meeting of the governing body of said
corporation, and correct and complete copies of all resolutions and other actions taken and of all
documents approved by the governing body at said meeting, so far as they relate to said bonds;
and that said meeting was duly held by the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and notice of such meeting given as
required by law.
WITNESS my hand officially as such recording officer this 25th day of June, 2019.
City Clerk
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It was reported that [_______] ([___]) proposals for the purchase of $[2,975,000] General
Obligation Bonds, Series 2019A, were received prior to 11:00 A.M., Central Time, on Tuesday,
June 25, 2019, pursuant to the Preliminary Official Statement distributed to potential purchasers
of the Bonds by Ehlers & Associates, Inc., municipal advisor to the City. The proposals have been
publicly opened, read, and tabulated and were found to be as follows:
(See Attached)
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Councilmember ____________________ introduced the following resolution and moved its
adoption, which motion was seconded by Councilmember ____________________:
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $[2,975,000] GENERAL OBLIGATION BONDS, SERIES
2019A
BE IT RESOLVED by the City Council (the “Council”) of the City of St. Anthony,
Minnesota (the “City”), as follows:
SECTION 1. AUTHORIZATION AND SALE.
1.01. Authorization.
To finance various storm water improvements to address flooding issues and installation
of utilities and a new sidewalk along County Road C (the “Tax Abatement Project”), this Council,
by resolution adopted after a public hearing on June 11, 2019 (the “Abatement Resolution”),
granted an abatement for fifteen (15) years of property taxes to be imposed by the City on certain
parcels in the City, pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815 (the “Tax
Abatement”). The revenues received by the City from such Tax Abatement are herein referred to
as the “Tax Abatement Revenue.”
This Council hereby determines that it is in the best interest of the City to issue its
$[2,975,000] General Obligation Bonds, Series 2019A (the “Bonds”), for the purpose of:
(a) currently refunding the February 1, 2020, through February 1, 2026, maturities of the
City’s $1,375,000 General Obligation Street Reconstruction Bonds, Series 2010A (the “Series
2010A Bonds”), dated, as original issued, as of May 20, 2010, aggregating $725,000 in outstanding
principal amount;
(b) currently refunding the February 1, 2021, through February 1, 2027, maturities of the
City’s $2,955,000 General Obligation Improvement Bonds, Series 2011A (the “Series 2011A
Bonds,” and together with the Series 2010A Bonds, the “Refunded Bonds”), dated, as original
issued, as of April 12, 2011, aggregating $1,145,000 in outstanding principal amount;
(c) financing the Tax Abatement Project, and
(d) funding costs of issuance of the Bonds.
The Series 2010A Bonds were issued to finance the costs of certain street reconstruction
projects (the “Street Reconstruction Project”) in the City. The Series 2011A Bonds were issued
to finance various water, street, and sewer improvements (the “Improvement Project,” and together
with the Tax Abatement Project and the Street Reconstruction Project, the “Project”) and to refund
certain of the City’s outstanding general obligation bonds. The Refunded Bonds will be redeemed
on August 1, 2019 (the “Redemption Date”). The City anticipates substantial debt service savings
to result from the refunding of the Refunded Bonds.
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The portion of the Bonds ($[_________]) being issued to finance the Tax Abatement
Project is being issued pursuant to Minnesota Statutes, Chapters 475 and Section 469.1814 (the
“Tax Abatement Bonds”).
The portion of the Bonds ($[________]) being issued to refinance the Street Reconstruction
Project is being issued for the purpose described in Minnesota Statutes, Section 475.67,
subdivision 3, section (b)(2)(i) and in compliance with Minnesota Statutes, Chapter 475 and
Section 475.58, subdivision 3b (the “Street Reconstruction Bonds”).
The portion of the Bonds ($[________]) being issued to refinance the Improvement Project
is being issued for the purpose described in Minnesota Statutes, Section 475.67, subdivision 3,
section (b)(2)(i) and in compliance with Minnesota Statutes, Chapter 475 and Chapter 429 (the
“Improvement Bonds”).
Maturity schedules for each portion of the Bonds are attached hereto as Exhibit A.
1.02. Sale. The City has retained Ehlers and Associates, Inc. (“Ehlers”) as independent
municipal advisor in connection with the sale of the Bonds. Pursuant to Minnesota Statutes,
Section 475.60, subdivision 2, paragraph 9, the requirements as to a public sale do not apply to the
issuance of the Bonds. Pursuant to the Preliminary Official Statement and Terms of Proposal
prepared on behalf of the City by Ehlers, proposals for the purchase of the Bonds were received at
or before the time specified for receipt of proposals. The proposals have been opened, publicly
read and considered, and the purchase price, interest rates and net interest cost under the terms of
each proposal have been determined. The most favorable proposal received is that of [Purchaser]
of [City], [State] (the “Purchaser”). It is hereby determined to issue the Bonds at a purchase price
of $[_________] (representing the principal amount of $[PAR], [plus/minus] an original issue
[premium/discount] of $[________] less an underwriter’s discount of $[______]) plus accrued
interest, if any, and upon the further terms and conditions set forth herein.
1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor
and City Manager are hereby authorized and directed on behalf of the City to execute a contract
for the sale of the Bonds with the Purchaser in accordance with the Terms of Proposal. The good
faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been
delivered, and shall be deducted from the purchase price paid at settlement.
SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY.
2.01. Issuance of Bonds. All acts, conditions and things which are required by the
Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed
precedent to and in the valid issuance of the Bonds having been done, now existing, having
happened and having been performed, it is now necessary for the Council to establish the form and
terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.
2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be
originally dated as of the date of issuance thereof, shall be in the denomination of $5,000 each, or
any integral multiple thereof, of single maturities, shall mature on February 1 in the years and
amounts stated below, and shall bear interest from date of issue until paid or duly called for
redemption, at the annual rates set forth opposite such years and amounts, as follows:
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Year Rate Year Rate
2021 2029
2022 2030
2023 2031
2024 2032
2025 2033
2026 2034
2027 2035
2028
[REVISE MATURITY SCHEDULE FOR ANY TERM BONDS]
The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender
of each Bond, the principal amount thereof shall be payable by check or draft issued by the
Registrar described herein, provided that so long as the Bonds are registered in the name of a
securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and
interest shall be payable in accordance with the operational arrangements of the securities
depository.
2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to
Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on the
Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 2020,
each such date being referred to herein as an Interest Payment Date, to the persons in whose names
the Bonds are registered on the Bond Register, as hereinafter defined, at the Registrar’s close of
business on the first day of the calendar month in which such Interest Payment Date occurs,
whether or not such day is a business day. Interest shall be computed on the basis of a 360-day
year composed of twelve 30-day months.
2.04. Redemption. Bonds maturing on February 1, 2029, and later years shall be subject
to redemption and prepayment at the option of the City, in whole or in part, in such order of
maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar (or,
if applicable, by the bond depository in accordance with its customary procedures) in integral
multiples of $5,000, on February 1, 2028, and on any date thereafter, at a price equal to the
principal amount thereof and accrued interest to the date of redemption. The City Manager shall
cause notice of the call for redemption thereof to be published if and as required by law, and at
least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall
cause notice of call for redemption to be mailed, by first class mail, to the Registrar and registered
holders of any Bonds to be redeemed at their addresses as they appear on the Bond Register
described in Section 2.06 hereof, provided that notice shall be given to any securities depository
in accordance with its operational arrangements. No defect in or failure to give such notice of
redemption shall affect the validity of proceedings for the redemption of any Bond not affected by
such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or
portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the
redemption price therein specified and from and after such date (unless the City shall default in
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the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest.
Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without
charge, representing the remaining principal amount outstanding.
[COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS -
ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS]
[Bonds maturing on February 1, 20__ and 20__ (the “Term Bonds”) shall be subject to
mandatory redemption prior to maturity pursuant to the sinking fund requirements of this Section
2.04 at a redemption price equal to the stated principal amount thereof plus interest accrued thereon
to the redemption date, without premium. The Registrar shall select for redemption, by lot or other
manner deemed fair, on February 1 in each of the following years the following stated principal
amounts of such Bonds:
Year Principal Amount
The remaining $_______________ stated principal amount of such Bonds shall be paid at
maturity on February 1, 20__.
Year Principal Amount
The remaining $_______________ stated principal amount of such Bonds shall be paid at
maturity on February 1, 20__.
Notice of redemption shall be given as provided in the preceding paragraph.]
2.05. Appointment of Registrar. The City hereby appoints Bond Trust Services
Corporation, in Roseville, Minnesota, as the initial Bond registrar, transfer agent and paying agent
(the “Registrar”). The Mayor and City Manager are authorized to execute and deliver, on behalf
of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with
another corporation, if the resulting corporation is a bank or trust company organized under the
laws of the United States or one of the states of the United States and authorized by law to conduct
such business, such corporation shall be authorized to act as successor Registrar. The City agrees
to pay the reasonable and customary charges of the Registrar for the services performed. The City
reserves the right to remove the Registrar, effective upon not less than thirty days’ written notice
and upon the appointment and acceptance of a successor Registrar, in which event the predecessor
Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall
deliver the Bond Register to the successor Registrar.
2.06. Registration. The effect of registration and the rights and duties of the City and the
Registrar with respect thereto shall be as follows:
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(a) Register. The Registrar shall keep at its principal corporate trust office a
register (the “Bond Register”) in which the Registrar shall provide for the registration of
ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be
registered, transferred or exchanged. The term Holder or Bondholder as used herein shall
mean the person (whether a natural person, corporation, association, partnership, trust,
governmental unit, or other legal entity) in whose name a Bond is registered in the Bond
Register.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by
the Holder thereof or accompanied by a written instrument of transfer, in form satisfactory
to the Registrar, duly executed by the Holder thereof or by an attorney duly authorized by
the Holder in writing, the Registrar shall authenticate and deliver, in the 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 first day of the month in which the interest
payment date occurs and until such interest payment date.
(c) Exchange of Bonds. At the option of the Holder of any Bond in a denomination
greater than $5,000, such Bond may be exchanged for other Bonds of authorized
denominations, of the same maturity and a like aggregate principal amount, upon surrender
of the Bond to be exchanged at the office of the Registrar. Whenever any Bond is so
surrendered for exchange the City shall execute and the Registrar shall authenticate and
deliver the Bonds which the Bondholder making the exchange is entitled to receive.
(d) Cancellation. All Bonds surrendered for payment, transfer or exchange shall
be promptly canceled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When any Bond is presented to the
Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that
the endorsement on such Bond or separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized. The Registrar shall incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person in
whose name any Bond is at any time registered in the Bond Register as the absolute owner
of the Bond, whether the Bond shall be overdue or not, for the purpose of receiving
payment of or on account of, the principal of and interest on the Bond and for all other
purposes; and all payments made to or upon the order of such Holder shall be valid and
effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or
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.
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(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become
mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like
amount, number, maturity date and tenor in exchange and substitution for and upon
cancellation of any such mutilated Bond or in lieu of and in substitution for any Bond
destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the
Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon
filing with the Registrar of evidence satisfactory to it that the Bond was destroyed, stolen
or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate
bond or indemnity in 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 canceled by it and evidence of such cancellation shall be given to the City. If the
mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption
in accordance with its terms it shall not be necessary to issue a new Bond prior to payment.
(i) Authenticating Agent. The Registrar is hereby designated authenticating agent
for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1,
as amended.
(j) Valid Obligations. All Bonds issued upon any transfer or exchange of Bonds
shall be the valid obligations of the City, evidencing the same debt, and entitled to the same
benefits under this Resolution as the Bonds surrendered upon such transfer or exchange.
2.07. Execution, Authentication and Delivery. The Bonds shall be prepared under the
direction of the City Manager and shall be executed on behalf of the City by the signatures of the
Mayor and the City Manager, provided that the signatures may be printed, engraved or
lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of
whose signature shall appear on any Bond shall cease to be such officer before the delivery of such
Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the
same as if such officer had remained in office until the date of delivery of such Bond.
Notwithstanding such execution, no Bond shall be valid or obligatory for any purpose or entitled
to any security or benefit under this Resolution unless and until a certificate of authentication on
the Bond, substantially in the form provided in Section 2.09, has been executed by the manual
signature of an authorized representative of the Registrar. Certificates of authentication on
different Bonds need not be signed by the same representative. The executed certificate of
authentication on any Bond shall be conclusive evidence that it has been duly authenticated and
delivered under this Resolution. When the Bonds have been prepared, executed and authenticated,
the City Manager shall deliver them to the Purchaser upon payment of the purchase price in
accordance with the contract of sale theretofore executed, and the Purchaser shall not be obligated
to see to the application of the purchase price.
2.08. Securities Depository. (a) For purposes of this section the following terms shall
have the following meanings:
“Beneficial Owner” shall mean, whenever used with respect to a Bond, the person in whose
name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records
of such Participant, or such person’s subrogee.
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“Cede & Co.” shall mean Cede & Co., the nominee of DTC, and any successor nominee
of DTC with respect to the Bonds.
“DTC” shall mean The Depository Trust Company of New York, New York.
“Participant” shall mean any broker-dealer, bank or other financial institution for which
DTC holds bonds as securities depository.
“Representation Letter” shall mean the Representation Letter pursuant to which the City
agrees to comply with DTC’s Operational Arrangements.
(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 DTC’s Operational Arrangements, and all such payments shall be valid
and effective to fully satisfy and discharge the City’s obligations with respect to the principal of
and interest on the Bonds to the extent of the sum or 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 (e)
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 physical certificates, the City may notify DTC and
the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of
Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance with
paragraph (e) hereof. DTC may determine to discontinue providing its services with respect to the
Bonds at any time by giving notice to the City and the Registrar and discharging its responsibilities
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with respect thereto under applicable law. In such event the Bonds will be transferable in
accordance with paragraph (e) hereof.
(d) The execution and delivery of the Representation Letter to DTC, if not previously filed
with DTC, by the Mayor or City Manager is hereby authorized and directed.
(e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or
(c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the
Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted
transferee in accordance with the provisions of this resolution. In the event Bonds in the 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 physical certificates and the method of payment of principal of and
interest on such Bonds in the form of physical certificates.
2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at
Exhibit B attached hereto.
Section 3. USE OF PROCEEDS.
3.01. Construction Fund
There is hereby established on the official books and records of the City a General
Obligation Bonds, Series 2019A Construction Fund (the “Construction Fund”), and the City shall
continue to maintain the Construction Fund until payment of all costs and expenses incurred in
connection with the Tax Abatement Project financed by the Tax Abatement Bonds have been paid.
To the Construction Fund there shall be credited from the proceeds of the Tax Abatement Bonds
an amount equal to the estimated cost of the Tax Abatement Project ($[_____]) and costs of
issuance of the Tax Abatement Bonds ($[_____]), and from the Construction Fund there shall be
paid all construction costs and expenses of the Tax Abatement Project, including costs of issuance
of the Tax Abatement Bonds. After payment of all construction costs of the Tax Abatement
Project, the Construction Fund shall be discontinued and any Tax Abatement Bond proceeds
remaining therein shall be credited to the Sinking Fund established by Section 4 hereof, provided
that under no circumstances shall amounts remain in the Construction Fund after July 18, 2024,
unless the City has received from bond counsel an opinion that maintenance after such date is
permitted by applicable laws and does not impair the exemption of interest on the Bonds from
federal income taxes.
3.02 Refunding
(a) Proceeds of the Street Reconstruction Bonds in the amount of $[________] shall be
deposited in the sinking fund established for the Series 2010A Bonds to be applied to their payment
on the Redemption Date and proceeds of the Street Reconstruction Bonds in the amount of
$[________] shall be used to pay costs of issuance of the Street Reconstruction Bonds.
(b) Proceeds of the Improvement Bonds in the amount of $[________] shall be deposited
in the sinking fund established for the Series 2011A Bonds to be applied to their payment on the
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Redemption Date, and proceeds of the Improvement Bonds in the amount of $[________] shall be
used to pay costs of issuance of the Improvement Bonds.
SECTION 4. GENERAL OBLIGATION BONDS, SERIES 2019A BOND FUND. The Bonds
shall be payable from a separate General Obligation Bonds, Series 2019A Bond Fund (the “Bond
Fund”) of the City, which shall be created and maintained on the books of the City as a separate
debt redemption fund until the Bonds, and all interest thereon, are fully paid. Into the Bond Fund
shall be paid:
(a) any funds received from the Purchaser upon delivery of the Bonds in excess of the
amounts specified in Section 3 above;
(b) ad valorem taxes pledged pursuant to the resolution authorizing the issuance of the
Series 2010A Bonds;
(c) special assessments and ad valorem taxes pledged pursuant to the resolution authorizing
issuance of the Series 2011A Bonds;
(d) Tax Abatement Revenues;
(d) all excess amounts on deposit in the debt service funds maintained for the payment of
the Refunded Bonds upon the retirement of the Refunded Bonds on the Redemption Date;
(e) any taxes collected pursuant to Section 6 hereof; and
(f) any other funds appropriated by this Council for the payment of the Bonds.
The principal of and interest on the Bonds shall be payable from the Bond Fund, and the
money on hand in the Bond Fund from time to time shall be used only to pay the principal of and
interest on the Bonds. On or before each principal and interest payment date for the Bonds, the
City Manager is directed to remit to the Registrar from funds on deposit in the Bond Fund the
amount needed to pay principal and interest on the Bonds on the next succeeding principal and
interest payment date.
There are hereby established two accounts in the Bond Fund, designated as the “Debt
Service Account” and the “Surplus Account.” There shall initially be deposited into the Debt
Service Account upon the issuance of the Bonds the amount set forth in clause (a) above.
Thereafter, during each bond year (each twelve month period commencing on February 2 and
ending on the following February 1, a “Bond Year”), as monies are received into the Bond Fund,
the City Manager shall first deposit such monies into the Debt Service Account until an amount
has been appropriated thereto sufficient to pay all principal and interest due on the Bonds through
the end of the Bond Year. All subsequent monies received in the Bond Fund during the Bond Year
shall be appropriated to the Surplus Account. If at any time the amount on hand in the Debt Service
Account is insufficient for the payment of principal and interest then due, the City Manager shall
transfer to the Debt Service Account amounts on hand in the Surplus Account to the extent
necessary to cure such deficiency. Investment earnings (and losses) on amounts from time to time
held in the Debt Service Account and Surplus Account shall be credited or charged to said
accounts.
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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 Surplus Account when the
balance therein is sufficient, and the City covenants and agrees that it will each year levy a
sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency,
which levy is not subject to any constitutional or statutory limitation.
SECTION 5. SPECIAL ASSESSMENTS. For the payment of the cost of each of the
improvements financed by the Improvement Bonds, the City has levied 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 Improvement
Project. 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.
SECTION 6. 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 which, together with the collections of other amounts as set forth in
Section 4, will produce amounts not less than 5% in excess of the amounts needed to meet when
due the principal and interest payments on the 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:
Levy Years Collection Years Amount
See attached schedules in Exhibit C
The taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid,
provided that the City reserves the right and power to reduce the tax levies from other legally
available funds, in accordance with the provisions of Minnesota Statutes, Section 475.61.
SECTION 7. 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
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amount equal to the principal, redemption premium, if any, and interest then due, provided that
notice of such redemption has been duly given as provided herein. The City may also at any time
discharge its obligations with respect to any Bonds, subject to the provisions of law now or
hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with the
Registrar or with a bank or trust company qualified by law to act as an escrow agent for this
purpose, cash or securities which are authorized by law to be so deposited for such purpose, bearing
interest payable at such times and at such rates and maturing or callable at the holder’s option on
such dates as shall be required to pay all principal and interest to become due thereon to maturity
or, if notice of redemption as herein required has been irrevocably provided for, to an earlier
designated redemption date. If such deposit is made more than ninety days before the maturity
date or specified redemption date of the Bonds to be discharged, the City must have received a
written opinion of Bond Counsel to the effect that such deposit does not adversely affect the
exemption of interest on any Bonds from federal income taxation and a written report of an
accountant or investment banking firm verifying that the deposit is sufficient to pay when due all
of the principal and interest on the Bonds to be discharged on and before their maturity dates or
earlier designated redemption date.
SECTION 8. TAX COVENANTS; ARBITRAGE MATTERS AND CONTINUING
DISCLOSURE.
8.01. General Tax Covenant. The City agrees with the registered owners from time to
time of the Bonds that it will not take, or permit to be taken by any of its officers, employees or
agents, any action that would cause interest on the Bonds to become includable in gross income of
the recipient under the Internal Revenue Code of 1986, as amended (the “Code”) and applicable
Treasury Regulations (the “Regulations”), and agrees to take any and all actions within its powers
to ensure that the interest on the Bonds will not become includable in gross income of the recipient
under the Code and the Regulations. All proceeds of the Bonds deposited in the Construction Fund
will be expended solely for the payment of the costs of the Tax Abatement Project. The Project is
and will be owned and maintained by the City and available for use by members of the general
public on a substantially equal basis. The City shall not enter into any lease, management contract,
use agreement, capacity agreement or other agreement with any non-governmental person relating
to the use of the Project, or any portion thereof, or security for the payment of the Bonds which
might cause the Bonds to be considered “private activity bonds” or “private loan bonds” pursuant
to Section 141 of the Code.
8.02. Arbitrage Certification. The Mayor and 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 certificate in accordance with Section 148
of the Code, and applicable Regulations, stating the facts, estimates and circumstances in existence
on the date of issue and delivery of the Bonds which make it reasonable to expect that the proceeds
of the Bonds will not be used in a manner that would cause the Bonds to be “arbitrage bonds”
within the meaning of the Code and Regulations.
8.03. Arbitrage Rebate. For purposes of complying with the requirements of
Section 148(f)(4)(D) of the Code relating to the exemption of certain small governmental units
from the rebate requirements of the Code, the City represents that with respect to Tax Abatement
Bonds:
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(i) the City is a governmental unit with general taxing powers;
(ii) the Tax Abatement 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 Tax Abatement 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 and refunding bonds not taken into account under Section
148(f)(4)(D)(i)(IV) of the Code pursuant to Section 148(f)(4)(D)(iii) of the
Code) issued by the City in 2019 is not reasonably expected to exceed
$5,000,000.
Therefore, pursuant to the provisions of Section 148(f)(4)(D) 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 Tax Abatement Bonds.
It is hereby determined that the Bonds issued to refund the Refunded Bonds qualify for the
“small issuer” exemption from arbitrage rebate set forth in Section 148(f)(4)(D) of the Code, as
modified by Section 148(f)(4)(D)(v) of the Code since:
(i) the Refunded Bonds qualified for the exception from arbitrage rebate
provided by Section 148(f)(4)(D)(i) of the Code;
(ii) the aggregate face amount of the bonds issued to refund the Refunded
Bonds does not exceed $5,000,000;
(iii) [the average maturity of the Bonds issued to refund the Refunded Bonds
does not exceed the remaining weighted average maturity of the Refunded
Bonds; and]
(iv) no Bond has a maturity date which is later than the date which is 30 years
after the date the Refunded Bonds were issued.
Therefore, pursuant to the provisions of Section 148(f)(4)(D) 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 portion of the Bonds issued to refund the Refunded
Bonds.
8.04. Qualified Tax-Exempt Obligations. For purposes of section 265(b)(3) of the Code,
the City hereby acknowledges that the portion of the Bonds not in excess of the principal amount
of the Refunded Bonds, $1,870,000, are deemed designated as “qualified tax-exempt obligations.”
For such purposes, the City represents, in accordance with Section 265(b)(3)(D)(ii) and (iii) that
the average maturity date of the portion of the Bonds proposed to be issued to refund the Refunded
Bonds (the “Refunding Bonds”), [________] years, is not greater than the average maturity date
of the Refunded Bonds, [________] years, and the Refunding Bonds have a maturity date which
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is not later than the date which is 30 years after the date the Refunded Bonds were issued. The
remaining amount of the Bond issue, $[________], is designated as qualified tax-exempt
obligations, and the Council hereby finds that the reasonably anticipated amount of 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 the purpose of this representation) and are
not otherwise excluded from calculation pursuant to the Code which will be issued by the City and
all subordinate entities during calendar year 2019 does not exceed $10,000,000.
8.05. Reimbursement. The City certifies that the proceeds of the Bonds will not be used
by the City to reimburse itself for any expenditure with respect to the Tax Abatement Project which
the City paid or will have paid more than 60 days prior to the issuance of the Bonds unless, with
respect to such prior expenditures, the City shall have made a declaration of official intent which
complies with the provisions of Section 1.150-2 of the Regulations, provided that this certification
shall not apply (i) with respect to certain de minimis expenditures, if any, with respect to the Tax
Abatement Project meeting the requirements of Section 1.150-2(f)(1) of the Regulations, or (ii)
with respect to “preliminary expenditures” for the Tax Abatement Project as defined in Section
1.150-2(f)(2) of the Regulations, including engineering or architectural expenses and similar
preparatory expenses, which in the aggregate do not exceed 20% of the “issue price” of the Bonds.
8.06. Continuing Disclosure. (a) Purpose and Beneficiaries. To provide for the public
availability of certain information relating to the Bonds and the security therefor and to permit the
Purchaser and other participating underwriters in the primary offering of the Bonds to comply with
amendments to Rule 15c2-12 promulgated by the SEC under the Securities Exchange Act of 1934
(17 C.F.R. § 240.15c2-12), 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 disclosure must be made. If the City fails to comply with any provisions of this section,
any person aggrieved thereby, including the Owners of any Outstanding Bonds, may take whatever
action at law or in equity may appear necessary or appropriate to enforce performance and
observance of any agreement or covenant contained in this section, including an action for a writ
of mandamus or specific performance. Direct, indirect, consequential and punitive damages shall
not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding
anything to the contrary contained herein, in no event shall a default under this section constitute
a default under the Bonds or under any other provision of this resolution. As used in this section,
Owner or Bondowner means, in respect of a Bond, the registered owner or owners thereof
appearing in the bond register maintained by the Registrar or any Beneficial Owner (as hereinafter
defined) thereof, if such Beneficial Owner provides to the Registrar evidence of such beneficial
ownership in form and substance reasonably satisfactory to the Registrar. As used herein,
Beneficial Owner means, in respect of a Bond, any person or entity which (i) has the power,
directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such Bond
(including persons or entities holding Bonds through nominees, depositories or other
intermediaries), or (ii) is treated as the owner of the Bond for federal income tax purposes.
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(b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection (c)
hereof, either directly or indirectly through an agent designated by the City, the following
information at the following times:
(1) on or before twelve (12) months after the end of each fiscal year of the City,
commencing with the fiscal year ending December 31, 2019, the following
financial information and operating data in respect of the City (the Disclosure
Information):
(A) the audited financial statements of the City for such fiscal year, prepared in
accordance with the governmental accounting standards promulgated by the
Governmental Accounting Standards Board or as otherwise provided under
Minnesota law, as in effect from time to time, or, if and to the extent such
financial statements have not been prepared in accordance with such
generally accepted accounting principles for reasons beyond the reasonable
control of the City, noting the discrepancies therefrom and the effect
thereof, and certified as to accuracy and completeness in all material
respects by the fiscal officer of the City; and
(B) to the extent not included in the financial statements referred to in paragraph
(A) hereof, the information for such fiscal year or for the period most
recently available of the type contained in the Official Statement under
headings: Current Property Valuations, Direct Debt, Tax Levies and
Collections, US Census Data/Population Trend, and
Employment/Unemployment Data.
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 the Municipal Securities Rulemaking Board (“MSRB”) through its Electronic Municipal Market
Access System (“EMMA”) or to the SEC. The City shall clearly identify in the Disclosure
Information each document so incorporated by reference. If any part of the Disclosure Information
can no longer be generated because the operations of the City have materially changed or been
discontinued, such Disclosure Information need no longer be provided if the City includes in the
Disclosure Information a statement to such effect; provided, however, if such operations have been
replaced by other City operations in respect of which data is not included in the Disclosure
Information and the City determines that certain specified data regarding such replacement
operations would be 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 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
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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 not in excess of ten business days after the occurrence of the
event, notice of the occurrence of any of the following events (each a “Material
Fact”):
(A) Principal and interest payment delinquencies;
(B) Non-payment related defaults, if material;
(C) Unscheduled draws on debt service reserves reflecting financial difficulties;
(D) Unscheduled draws on credit enhancements reflecting financial difficulties;
(E) Substitution of credit or liquidity providers, or their failure to perform;
(F) Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue
(IRS Form 5701-TEB) or other material notices or determinations with
respect to the tax status of the security, or other material events affecting
the tax status of the security;
(G) Modifications to rights of security holders, if material;
(H) Bond calls, if material, and tender offers;
(I) Defeasances;
(J) Release, substitution, or sale of property securing repayment of the
securities, if material;
(K) Rating changes;
(L) Bankruptcy, insolvency, receivership or similar event of the obligated
person;
(M) The consummation of a merger, consolidation, or acquisition involving an
obligated person or the sale of all or substantially all of the assets of the
obligated person, other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination
of a definitive agreement relating to any such actions, other than pursuant
to its terms, if material; and
(N) Appointment of a successor or additional trustee or the change of name of
a trustee, if material.
(O) incurrence of a financial obligation of the obligated person, if material, or
agreement to covenants, events of default, remedies, priority rights, or other
similar terms of a financial obligation of the obligated person, any of which
affect security holders, if material; and
(P) default, event of acceleration, termination event, modification of terms, or
other similar events under the terms of a financial obligation of the obligated
person, any of which reflect financial difficulties.
For purposes of the events identified in paragraphs (O) and (P) above, the term “financial
obligation” means (i) a debt obligation; (ii) a derivative instrument entered into in connection with,
or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) a
guarantee of (i) or (ii). The term “financial obligation” shall not include municipal securities as to
which a final official statement has been provided to the MSRB consistent with the Rule.
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As used herein, for those events that must be reported if material, an event is “material” if it is an
event 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, an event is also “material” if it is 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.
For the purposes of the event identified in (L) hereinabove, the event is considered to occur when
any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an
obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under
state or federal law in which a court or governmental authority has assumed jurisdiction over
substantially all of the assets or business of the obligated person, or if such jurisdiction has been
assumed by leaving the existing governing body and officials or officers in possession but subject
to the supervision and orders of a court or governmental authority, or the entry of an order
confirming a plan of reorganization, arrangement or liquidation by a court or governmental
authority having supervision or jurisdiction over substantially all of the assets or business of the
obligated person.
(3) In a timely manner, notice of the occurrence of any of the following events or
conditions:
(A) the failure of the City to provide the Disclosure Information required under
paragraph (b)(1) at the time specified thereunder;
(B) the amendment or supplementing of this section pursuant to subsection (d),
together with a copy of such amendment or supplement and any explanation
provided by the City under subsection (d)(2);
(C) the termination of the obligations of the City under this section pursuant to
subsection (d);
(D) any change in the accounting principles pursuant to which the financial
statements constituting a portion of the Disclosure Information are
prepared; and
(E) any change in the fiscal year of the City.
(c) Manner of Disclosure.
(1) The City agrees to make available to the MSRB through EMMA, in an electronic
format as prescribed by the MSRB, the information described in subsection (b).
(2) All documents provided to the MSRB pursuant to this subsection (c) shall be
accompanied by identifying information as prescribed by the MSRB from time to
time.
(d) Term; Amendments; Interpretation.
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(1) The covenants of the City in this section shall remain in effect so long as any Bonds
are Outstanding. Notwithstanding the preceding sentence, however, the obligations
of the City under this section shall terminate and be without further effect as of any
date on which the City delivers to the Registrar an opinion of Bond Counsel to the
effect that, because of legislative action or final judicial or administrative actions
or proceedings, the failure of the City to comply with the requirements of this
section will not cause participating underwriters in the primary offering of the
Bonds to be in violation of the Rule or other applicable requirements of the
Securities Exchange Act of 1934, as amended, or any statutes or laws successory
thereto or amendatory thereof.
(2) This section (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 this Council filed in the office of the recording officer of the City
accompanied by an opinion of Bond Counsel, who may rely on certificates of the
City and others and the opinion may be subject to customary qualifications, to the
effect that: (i) such amendment or supplement (a) is made in connection with a
change in circumstances that arises from a change in law or regulation or a change
in the identity, nature or status of the City or the type of operations conducted by
the City, or (b) is required by, or better complies with, the provisions of paragraph
(b)(5) of the Rule; (ii) this section as so amended or supplemented would have
complied with the requirements of paragraph (b)(5) of the Rule at the time of the
primary offering of the Bonds, giving effect to any change in circumstances
applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted
at the time of the amendment or supplement was in effect at the time of the primary
offering; and (iii) such amendment or supplement does not materially impair the
interests of the Bondowners under the Rule.
If the Disclosure Information is so amended, the City agrees to provide,
contemporaneously with the effectiveness of such amendment, an explanation of
the reasons for the amendment and the effect, if any, of the change in the type of
financial information or operating data being provided hereunder.
(3) This section is entered into to comply with the continuing disclosure provisions of
the Rule and should be construed so as to satisfy the requirements of paragraph
(b)(5) of the Rule.
SECTION 9. CERTIFICATION OF PROCEEDINGS.
9.01. Registration of Bonds. The City Manager 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 additional information as is required, and to obtain a certificate that the Bonds
and the taxes levied pursuant hereto have been duly entered upon the County Auditor’s Bond
register.
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9.02. Authentication of Transcript. The officers of the City are hereby authorized and
directed to prepare and furnish to the Purchaser and to Dorsey & Whitney LLP, Bond Counsel,
certified copies of all proceedings and records relating to the Bonds and such other affidavits,
certificates and information as may be required to show the facts relating to the legality and
marketability of the Bonds, as the same appear from the books and records in their custody and
control or as otherwise known to them, and all such certified copies, affidavits and certificates,
including any heretofore furnished, shall be deemed representations of the City as to the
correctness of all statements contained therein.
9.03. Official Statement. The Preliminary Official Statement relating to the Bonds
prepared and distributed by Ehlers, is hereby approved. Ehlers, is hereby authorized on behalf of
the City to prepare and distribute to the Purchaser within seven business days from the date hereof,
a Final Official Statement listing the offering price, the interest rates, selling compensation,
delivery date, the underwriters and such other information relating to the Bonds required to be
included in the Official Statement by Rule l5c2-12 adopted by the Securities and Exchange
Commission under the Securities Exchange Act of 1934. The officers of the City are hereby
authorized and directed to execute such certificates as may be appropriate concerning the accuracy,
completeness and sufficiency of the Official Statement.
9.04. Authorization of Payment of Certain Costs of Issuance of the Bonds. The City
authorizes the Purchaser to forward the amount of Bond proceeds allocable to the payment of
issuance expenses to Old National Bank, on the closing date for further distribution as directed by
Ehlers.
9.05. Redemption of Refunded Bonds. The City Manager is hereby directed to advise:
(a) Wells Fargo Bank, National Association, Minneapolis, Minnesota, as paying agent for
the Series 2010A Bonds, to call the Series 2010A Bonds for redemption and prepayment on the
Redemption Date, substantially in the form attached hereto as Exhibit D, all in accordance with
the provisions of the resolutions authorizing the issuance of the Series 2010A Bonds; and
(b) Bond Trust Services Corporation, Roseville, Minnesota, as paying agent for the Series
2011A Bonds, to call the Series 2011A Bonds for redemption and prepayment on the Redemption
Date, substantially in the form attached hereto as Exhibit E, all in accordance with the provisions
of the resolutions authorizing the issuance of the Series 2011A Bonds.
9.06 Effective Date. This resolution shall be in full force and effect from and after its
passage.
Adopted this 25th day of June, 2019.
______________________________
Jerome O. Faust, Mayor
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ATTEST: ___________________________
City Clerk
Reviewed for administration: ______________________________
Mark Casey, City Manager
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EXHIBIT A
Maturity Schedules
Maturity schedule for the Tax Abatement Bonds
Year Principal Year Principal
2021 2029
2022 2030
2023 2031
2024 2032
2025 2033
2026 2034
2027 2035
2028
Maturity schedule for the Street Reconstruction Bonds
Year Principal
2021
2022
2023
2024
2025
2026
Maturity schedule for the Improvement Bonds
Year Principal
2021
2022
2023
2024
2025
2026
2027
40
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4837-9618-8312\4
EXHIBIT B
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF HENNEPIN AND RAMSEY
CITY OF ST. ANTHONY
GENERAL OBLIGATION BONDS,
SERIES 2019A
R-___ $_________
Interest Rate Maturity Date Date of Original Issue CUSIP No.
__% February 1, 20__ July 18, 2019
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
CITY OF ST. ANTHONY, State of Minnesota (the “City”) acknowledges itself to be indebted and
for value received hereby promises to pay to the registered owner specified above, or registered assigns,
the principal amount specified above on the maturity date specified above and promises to pay interest
thereon from the date of original issue specified above or from the most recent Interest Payment Date (as
hereinafter defined) to which interest has been paid or duly provided for, at the annual interest rate specified
above, payable on February 1 and August 1 in each year, commencing February 1, 2020 (each such date,
an “Interest Payment Date”), all subject to the provisions referred to herein with respect to the redemption
of the principal of this Bond before maturity. The interest so payable on any Interest Payment Date shall
be paid to the person in whose name this Bond is registered at the close of business on the first day (whether
or not a business day) of the calendar month in which such Interest Payment Date occurs. Interest hereon
shall be computed on the basis of a 360-day year composed of twelve 30-day months. The interest hereon
and, upon presentation and surrender hereof at the principal office of the agent of the Registrar described
below, the principal hereof are payable in lawful money of the United States of America by check or draft
drawn on Bond Trust Services Corporation, Roseville, Minnesota, as Bond registrar, transfer agent and
paying agent, or its successor designated under the Resolution described herein (the “Registrar”) or other
agreed-upon means of payment by the Registrar or its designated successor. For the prompt and full
payment of such principal and interest as the same respectively come due, the full faith and credit and taxing
powers of the City have been and are hereby irrevocably pledged.
This Bond is one of an issue (the “Bonds”) in the aggregate principal amount of $[2,975,000] issued
pursuant to a resolution adopted by the City Council on June 25, 2019 (the “Resolution”), to finance various
storm water improvements to address flooding issues and installation of utilities and a new sidewalk along
County Road C, to currently refund certain of the City’s general obligations issued to finance street
reconstruction projects in the City and various water, street, and sewer improvements, and to fund the costs
of issuance of the Bonds. This Bond is issued by authority of and in strict accordance with the provisions
of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes,
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B-2
Chapter 475 and Section 469.1814. For the full and prompt payment of the principal of 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 in fully registered form, in the denomination of $5,000
or any integral multiple thereof, of single maturities.
Bonds maturing on February 1, 2029, and later years shall be subject to redemption and prepayment
at the option of the City, in whole or in part, in such order of maturity dates as the City may select and,
within a maturity, by lot as selected by the Registrar (or, if applicable, by the Bond depository in accordance
with its customary procedures) in multiples of $5,000, on February 1, 2028, and on any date thereafter, at
a price equal to the principal amount thereof and accrued interest to the date of redemption. The City shall
cause notice of the call for redemption thereof to be published if and to the extent required by law, and at
least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice
of call for redemption to be mailed, by first class mail (or, if applicable, provided in accordance with the
operational arrangements of the securities depository), to the registered holders of any Bonds, at the holders’
addresses as they appear on the Bond register maintained by the Bond Registrar, but no defect in or failure
to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any
Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid,
the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable
at the redemption price therein specified and from and after such date (unless the City shall default in the
payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial
redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge, representing
the remaining principal amount outstanding.
[COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS -
ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS]
[Bonds maturing in the years 20__ and 20__ shall be subject to mandatory redemption, at a
redemption price equal to their principal amount plus interest accrued thereon to the redemption date,
without premium, on February 1 in each of the years shown below, in an amount equal to the following
principal amounts:
Term Bonds Maturing in 20__ Term Bonds Maturing in 20__
Sinking Fund
Payment Date
Aggregate
Principal Amount
Sinking Fund
Payment Date
Aggregate
Principal Amount
(final maturity) (final maturity)
Notice of redemption shall be given as provided in the preceding paragraph.]
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferable upon the books of the City at the principal office of the Registrar, by the registered owner
hereof in person or by the owner’s attorney duly authorized in writing upon surrender hereof together with
a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the
owner’s attorney, and may also be surrendered in exchange for Bonds of other authorized denominations.
Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the
designated transferee or registered owner, of the same aggregate principal amount, bearing interest at the
same rate and maturing on the same date; subject to reimbursement for any tax, fee or governmental charge
required to be paid with respect to any such transfer or exchange.
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The Bonds have been designated by the City as “qualified tax-exempt obligations” pursuant to
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
The City and the Registrar may deem and treat the person in whose name this Bond is registered
as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment as
herein provided and for all other purposes, and neither the City nor the Registrar shall be affected by any
notice to the contrary.
Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name
of Cede & Co., as nominee of The Depository Trust Company, or in the name of any other nominee of The
Depository Trust Company or other securities depository, the Registrar shall pay all principal of and interest
on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in
accordance with the operational arrangements of The Depository Trust Company or other securities
depository as agreed to by the City.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions
and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen
and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding
general obligation of the City in accordance with its terms, have been done, do exist, have happened and
have been performed as so required; that, prior to the issuance hereof, the City Council has by the Resolution
covenanted and agreed to collect and apply to payment of the bonds ad valorem taxes levied on all taxable
property in the City; tax abatements to be derived by the City from certain specified properties of the City
and special assessments on property specially benefited by the portion of the Bonds issued to refinance
improvement projects in the City, which taxes, revenues and assessments are estimated to be collectible in
years and amounts sufficient to produce sums not less than 5% in excess of the principal of and interest on
the Bonds when due, and has appropriated such assessments, revenues and taxes to its General Obligation
Bonds, Series 2019A Bond Fund for the payment of such principal and interest; that if necessary for the
payment of such principal and interest, additional ad valorem taxes are required to be levied upon all taxable
property in the City, without limitation as to rate or amount; that all proceedings relative to the projects
financed by this Bond have been or will be taken according to law and that the issuance of this Bond,
together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual
issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or statutory
limitation of indebtedness.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or
benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the
Registrar by manual signature of one of its authorized representatives.
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4837-9618-8312\4
B-4
IN WITNESS WHEREOF, the City has caused this Bond to be executed on its behalf by the
facsimile signatures of its Mayor and City Manager and has caused this Bond to be dated as of the date set
forth below.
CITY OF ST. ANTHONY, MINNESOTA
(facsimile signature – City Manager) (facsimile signature – Mayor)
__________
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication: __________________
BOND TRUST SERVICES CORPORATION,
as Registrar
By
Authorized Representative
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B-5
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 the applicable laws or regulations:
TEN COM --as tenants in common UTMA …………. as Custodian for …………..
(Cust) (Minor)
TEN ENT --as tenants by the entireties under Uniform Transfers to Minors Act ....……..
(State)
JT TEN --as joint tenants with right of survivorship and not as tenants in common
Additional abbreviations may also be used.
__________
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
______________________________________________________________________ the within Bond
and all rights thereunder, and does hereby irrevocably constitute and appoint
______________________________________________________________________ attorney to
transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution
in the premises.
Dated:
NOTICE: The assignor's signature to this assignment must
correspond with the name as it appears upon the face of the within
Bond in every particular, without alteration or enlargement or any
change whatsoever.
Signature Guaranteed:
Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the requirements of the
Registrar, which requirements include membership or participation in STAMP or such other "signature
guaranty program" as may be determined by the Registrar in addition to or in substitution for STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF
ASSIGNEE:
45
C-1
4837-9618-8312\4
EXHIBIT C
Special Assessments and Tax Levies
[to come]
46
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EXHIBIT D
NOTICE OF REDEMPTION
$1,375,000 General Obligation Street Reconstruction Bonds, Series 2010A
Dated May 20, 2010
City of St. Anthony, Minnesota
NOTICE IS HEREBY GIVEN that the City of St. Anthony, Minnesota (the “City”) has called for redemption and
prepayment on August 1, 2019, the outstanding bonds of the above-referenced issue maturing on February 1 in the
following years, in the principal amounts and having the interest rates and CUSIP numbers listed below (the “Bonds”):
Year Amount
Interest
Rate
CUSIP
Number*
Year Amount
Interest
Rate
CUSIP
Number*
2020 $ 95,000 3.100% 787260WC8 2024 $ 105,000 3.375% 787260WG9
2021 95,000 3.125 787260WD6 2025 110,000 3.600 787260WH7
2022 100,000 3.300 787260WE4 2026 115,000 3.625 787260WJ3
2023 105,000 3.375 787260WF1
The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date of
redemption. Holders of the Bonds should present them for payment to Wells Fargo Bank, National Association, St.
Paul, Minnesota, on or before said date, when they will cease to bear interest, in the following manner:
By Mail or Courier Service: By Registered or Certified Mail: In Person, By Hand:
Wells Fargo Bank, N.A. Wells Fargo Bank, N.A. Corporate Trust Operations
Corporate Trust Operations Corporate Trust Operations MAC N9300-060
N9300-070 P. O. Box 1517 600 South 4th Street, 6th Floor
600 South 4th Street, 7th Floor Minneapolis, MN 55480-1517 Minneapolis, MN 55415-1526
Minneapolis, MN 55415-1526
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001, federal
backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time the payment
by the redeeming institutions if they are not provided with your social security number or federal employer
identification number, properly certified. This requirement is fulfilled by submitting a W-9 Form, which may be
obtained at a bank or other financial institution.
The Registrar shall not be responsible for the selection of or use of the CUSIP numbers, nor is any representation
made as to its correctness indicated in this Notice of Redemption. It is included solely for the convenience of the
Holders.
Additional information may be obtained from the undersigned or from Ehlers & Associates, Inc., 3060 Centre Point
Drive, Roseville, Minnesota 55113-1105 (651-697-8500), financial advisor to the County.
Dated: ______________, 2019.
BY ORDER OF THE CITY COUNCIL
CITY ST. ANTHONY, MINNESOTA
By s/
Mark Casey, City Manager
* Denotes full call of CUSIP.
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EXHIBIT E
NOTICE OF REDEMPTION
$2,955,000 General Obligation Improvement Bonds, Series 2011A
Dated April 12, 2011
City of St. Anthony, Minnesota
NOTICE IS HEREBY GIVEN that the City of St. Anthony, Minnesota (the “City”) has called for redemption and
prepayment on August 1, 2019, the outstanding bonds of the above-referenced issue maturing on February 1 in the
following years, in the principal amounts and having the interest rates and CUSIP numbers listed below (the “Bonds”):
Year Amount
Interest
Rate
CUSIP
Number*
2021 $260,000 3.25% 787260WU8
2023 275,000 3.50 787260WW4
2025 295,000 3.75 787260WY0
2027 315,000 4.00 787260XA1
The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date of
redemption. Holders of the Bonds should present them for payment to Bond Trust Services Corporation, Attention
Bond Trust Services, 3060 Centre Point Drive, Roseville, Minnesota 55113.
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001, federal
backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time the payment
by the redeeming institutions if they are not provided with your social security number or federal employer
identification number, properly certified. This requirement is fulfilled by submitting a W-9 Form, which may be
obtained at a bank or other financial institution.
The Registrar shall not be responsible for the selection of or use of the CUSIP numbers, nor is any representation
made as to its correctness indicated in this Notice of Redemption. It is included solely for the convenience of the
Holders.
Additional information may be obtained from the undersigned or from Ehlers & Associates, Inc., 3060 Centre Point
Drive, Roseville, Minnesota 55113-1105 (651-697-8500), financial advisor to the County.
Dated: ______________, 2019.
BY ORDER OF THE CITY COUNCIL
CITY ST. ANTHONY, MINNESOTA
By s/
Mark Casey, City Manager
* Denotes full call of CUSIP.
48
4837-9618-8312\4
HENNEPIN COUNTY AUDITOR’S
CERTIFICATE AS TO REGISTRATION AND TAX LEVY
The undersigned, being the duly qualified and acting County Auditor of Hennepin County,
Minnesota, hereby certifies that there has been filed in my office a certified copy of a resolution
duly adopted on June 25, 2019, by the City Council of St. Anthony, Minnesota, setting forth the
form and details of an issue of $[2,975,000] General Obligation Bonds, Series 2019A dated the
date of issuance thereof.
I further certify that the issue has been entered on my bond register and the taxes required
by law have been levied as required by Minnesota Statutes, Sections 475.61 to 475.63.
WITNESS my hand and official seal on the _____ day of ____________, 2019.
Hennepin County Auditor
(SEAL)
49
4837-9618-8312\4
RAMSEY COUNTY AUDITOR’S
CERTIFICATE AS TO REGISTRATION AND TAX LEVY
The undersigned, being the duly qualified and acting County Auditor of Ramsey County,
Minnesota, hereby certifies that there has been filed in my office a certified copy of a resolution
duly adopted on June 25, 2019, by the City Council of St. Anthony, Minnesota, setting forth the
form and details of an issue of $[2,975,000] General Obligation Bonds, Series 2019A dated the
date of issuance thereof.
I further certify that the issue has been entered on my bond register and the taxes required
by law have been levied as required by Minnesota Statutes, Sections 475.61 to 475.63.
WITNESS my hand and official seal on the _____ day of ____________, 2019.
Ramsey County Auditor
(SEAL)
50
Date Type Staff Present
July 9 Regular
Planning Commission items from June
Quarterly Donations & Grants
Beverage Award Recognition
Red Cross Presentation
City Council
City Manager
July 16 Special
5:30 p.m.Worksession-Joint Meeting with Planning Commission City Council
City Manager
July 16 Special
7:00 p.m.Worksession City Council
City Manager
July 23 Regular
Night to Unite Presentation
Night to Unite Proclamation
Liquor Operations Mid Year Report
VillageFest Presentation
Quarterly Goals Update
EAW Results
City Council
City Manager
Police Chief
Liquor Op Mgr
August 13 Regular
Planning Commission items from July
SANB #282 Presentation
City Council
City Manager
August 27 Regular Budget Presentation
GreenCorp Update
City Council
City Manager
Finance Director
September 10 Regular
Planning Commission items from August
2020 Preliminary Operating Budget and Levy-Public Hearing
Kiwanis Peanut Day
Approve 2020 Street & Utility Recon Feasibility Study & order 2020 Plans and Specs
City Council
City Manager
Finance Director
City Engineer
September 24 Regular Fire Prevention Presentation
City Council
City Manager
Fire Dept
October 8 Regular
Planning Commission items from September
Quarterly Donations & Grants
Preliminary Certification of Delinquent Waste Hauler Accounts-Consent Agenda
Preliminary Certification of Delinquent Utility Accounts-Consent Agenda
Quarterly Goals Update
City Council
City Manager
October 22 Regular Approval of CIP
City Council
City Manager
Finance Director
FUTURE COUNCIL AGENDA ITEMS
2019
51
Date Type Staff Present
FUTURE COUNCIL AGENDA ITEMS
November 12 Regular Planning Commission items from October
1st Reading Water, Sewer, & Stormwater-Public Hearing
City Council
City Manager
November 26 Regular
Fire Prevention Poster Winners
Water Conservation Poster Winners
2nd Reading Water, Sewer, & Stormwater
Authorizing polling places for 2020
City Council
City Manager
Fire Dept
Public Works Director
December 10 Regular
Planning Commission items from November
Appoint Parks and Planning Commissioners and Chair/Vice Chairs
Setting Salary of City Manager
Authorizing Transfers & Closing of Specified Funds
Setting the 2020 City & HRA Budgets and Final Property Tax Levy -Public Hearing
Final Reading Water, Sewer, & Stormwater
2020 Fee Schedule
2020 Street Project Approve Plans & Specifications, Authorize Advertisement for Bids
Approval of 2020 Planning Commission Work Plan (motion only)
City Council
City Manager
Finance Director
City Engineer
December 23 Regular
City Council
City Manager
January 14 Regular
Planning Commission items from December
Housekeeping Resolutions
Resolution for the Street Improvement Bond Reimbursement
Quarterly Donations & Grants
City Council
City Manager
January ?Special
9:00 a.m.Goal Setting
City Council
City Manager
Dept Heads
January ?Special
9:00 a.m.Goal Setting
City Council
City Manager
Dept Heads
January 28 Regular 2020 Parks Commission Work Plan- (motion only)
NYFS Agreement
City Council
City Manager
February 11 Regular
Planning Commission items from January
2020 Street Project Call for Hearing on Improvements, Call for Hearing on Assessments,
Order Preparation of Assessments
City Council
City Manager
City Engineer
February 25 Regular
Administration Annual Report
Adoption of Strategic Plan City Council
City Manager
March 10 Regular
Planning Commission Items from February
Liquor Annual Report
Fire Annual Report
Liquor License Renewals
GreenCorp Member application-resolution
City Council
City Manager
Fire Dept
Liquor Op Manager
2020
52
Date Type Staff Present
FUTURE COUNCIL AGENDA ITEMS
March 24 Regular
Police Annual Report
Wyland Water Challenge
Public Hearing-Budget Calendar
2020 Street Project Public Hearing, Order Improvements, Adopt & Confirm Assessments,
Award Contract for Construction, Call for Sale of GO Bonds
City Council
City Manager
Police Dept
Finance Director
April 14 Regular
Planning Commission Items from March
Quarterly Donations & Grants
Public Works Annual Report
Spirit of St. Anthony Award
Award Contracts for construction, Call for Sale of GO Bonds
City Council
City Manager
Public Works Director
City Engineer
April 28 Regular Arbor Day Proclamation
1st Quarter Goals Update
City Council
City Manager
May 12 Regular
Planning Commission items from April
Finance Annual Report
Insurance Renewal
Tort Limits - Consent
City Council
City Manager
Finance Director
May 26 Regular
Salo Park Concert Series
Chamber of the Year and Business of the Year
Finance Department Annual Report
Order 2021 Feasibility Study
City Council
City Manager
City Engineer
Finance Director
June 9 Regular Planning Commission Items from May City Council
City Manager
June 23 Regular Audit Presentation
2020 Street Projects-Approve Sale of Bonds
City Council
City Manager
Finance Director
53