HomeMy WebLinkAboutRES 20-042 AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $3,000,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2020ACERTIFICATION OF MINUTES RELATING TO
$3,000,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS,
SERIES 2020A
Municipality: City of St. Anthony, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on April 28, 2020, at 7:00 o'clock
p.m., at the City Hall.
Memberspresent: SV; ��'" -L w�'�
,�' ���, 1 I
Members absent: N AL
Documents Attached:
Minutes of said meeting (including): j�lJ
RESOLUTION NO. a 0 - U -I
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $3,000,000 GENERAL OBLIGATION STREET
RECONSTRUCTION BONDS, SERIES 2020A
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 on 14,0 � , 2020.
City Clerk
4852-6958-9943\5
It was reported that five (5) proposals for the purchase of $3,000,000 General Obligation
Street Reconstruction Bonds, Series 2020A, were received prior to 10:30 a.m., Central time, on
Monday, April 28, 2020, pursuant to the Preliminary Official Statement distributed to potential
purchasers of the Bonds by Ehlers and Associates, Inc., municipal advisors to the City. The
proposals have been publicly opened, read, and tabulated and were found to be as follows:
See Attached
4852-6958-9943\5
el EHLERS
BID TABULATION
$3,000,000 General Obligation Street Reconstruction Bonds, Series 2020A
City of St. Anthony, Minnesota
SALE: April28, 2020
AWARD: PIPER SANDLER & CO
Rating: S&P Global Ratings "AA"
Tax Exempt - Bank Qualified
NAME OF BIDDER
SET TRUE
MATURITY REOFFERING INTEREST INTEREST
(February 1) - RATE YIELD PRICE COST _ RATE
PIPER SANDLER & CO.
Minneapolis,Minnesota 2022 3.000% 1.100%
Cantor Fitzgerald 2023 3.000% 1.150%
2024 3.000% 1.200%
2025 3.000% 1.250%
2026 3.000% 1.300°.)
2027 3.000% 1.350%
2028 3.000% 1.400%
2029 3.000% 1.450%
2030 2.000% 1.500%
2031 2.000% 1.600%
2032 2.000% 1.700°
2033 2.000% 1.800%
2034 2.000% 1.850%
2035 2.000% 1,900%
2036 2.000°A 2.000%
$3.134.181.05 $486,273.95
Subsequent to bid opening the uithvivual maturity amounts were adjusted.
Adjusted Price - $3,132,246.00 Adjusted Net Interest Cost - 3497,274.00 Adjusted TIC - 1.7665%
BUILDING COMMUN'TIES. IT'S WHAT WE 00. [ mooiric.ctl'n
1.7608%
1 CO3)P552-I'71 : NAVINe I. Icr2. Ilecurn
4852-6958-9943\5
3
NAIIE OF BIDDER
NORTHLAND SECURITIES, INC.
Minneapolis, Minnesota
STIFEL, NICOLAUS
Birmingham, Alabama
BAIRD
Milwaukee, Wisconsin
BERNARDI SECURITIES, INC.
Chicago. Illinois
NET TRUE
ALATURITY REOFFERING INTEREST IA'TEREST
(February 1) RATE YIELD PR.IC E COST RATE
$3,122,081.50 $508,672.50 1.8452%
S3,108,640.90 $511.814.10 1.8634%
S3.102,918.50 $517,536.50 1.8865%
$3,258,952.80 $631,552.20 2.2263%
Bid Tabulation
City of St. Anthony, Minnesota
S3,000.000 General Obligation Street Reconstmction Bonds, Series 2020A
April 28, 2020
Page 2
4852-6958-994315
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Councilmember 1 j0 $ 0 n introduced the following resolution and moved its adoption,
which motion was seconded by Councilmember kr :
RESOLUTION NO.
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
PAYMENT OF $3,000,000 GENERAL OBLIGATION STREET
RECONSTRUCTION BONDS, SERIES 2020A
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. This Council, by resolution adopted March 10, 2020, authorized the
issuance and sale of its General Obligation Street Reconstruction Bonds, Series 2020A, in the
approximate principal amount of $3,000,000 (the "Bonds"), pursuant to Minnesota Statutes,
Section 475.58, subdivision 3b. The proceeds of the Bonds will be used, together with any
additional funds of the City which might be required, to finance the cost of certain street
reconstruction projects (the "Projects"), described in the 5-Year Street Reconstruction Plan
adopted by this Council, following a public hearing, on March 10, 2020. A petition requesting a
vote on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast
in the last municipal general election, was not filed with the City within 30 days of the public
hearing. Accordingly, the issuance of the Bonds is authorized without an election.
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 Piper Sandler
& Co. of Minneapolis, Minnesota, and associate (the "Purchaser"). It is hereby determined to
issue the Bonds at a purchase price of $3,132,246.00 (representing the principal amount of
$3,000,000 plus an original issue premium of $154,026.00, less an underwriter's discount of
$21,780.00) 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 to execute a contract on behalf of the City
for the sale of the Bonds 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.
4852-6958-994315
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 May 19, 2020, 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:
Year Amount Rate Year Amount Rate
2022 $150,000 3.00% 2030 $210,000 2.00%
2023 175,000 3.00 2031 210,000 2.00
2024 175,000 3.00 2032 215,000 2.00
2025 180,000 3.00 2033 220,000 2.00
2026 185,000 3.00 2034 225,000 2.00
2027 190,000 3.00 2035 230,000 2.00
2028 200,000 3.00 2036 230,000 2.00
2029 205,000 3.00
The Bonds shall be issuable only in fully registered form. The interest on 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, 2021,
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 fifteenth day of the calendar month next preceding such Interest Payment Date,
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 in 2030 and later years shall be subject to redemption
and prepayment at the option of the City, in whole or in part, in such order as the City shall
determine 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
4852-6958-994315
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February 1, 2029, 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 days prior to the
designated redemption date, shall cause notice of the call for redemption to be mailed, by first
class mail, to the registered owners of any Bonds to be redeemed at their addresses as they appear
on the bond register described in Section 2.06 hereof 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; provided that notice shall be given to any securities depository
in accordance with its operational arrangements. 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 registered owner without charge, representing the remaining principal
amount outstanding.
2.05. Appointment of Initial Registrar. The City hereby appoints Bond Trust Services
Corporation, Roseville, Minnesota, as the initial bond registrar, transfer agent and paying agent
(the "Registrar"). The Mayor and the 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 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 upon thirty days' notice and upon
the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all
cash and Bonds in its possession to the successor Registrar 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:
(a) Register. The Registrar shall keep at its principal corporate trust office a
bond register in which the Registrar shall provide for the registration of ownership of
Bonds and the registration of transfers and exchanges of Bonds entitled to be registered,
transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed
by the registered owner thereof or accompanied by a written instrument of transfer, in form
satisfactory to the Registrar, duly executed by the registered owner thereof or by an
attorney duly authorized by the registered owner in writing, the Registrar shall authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Bonds
of a like aggregate principal amount and maturity, as requested by the transferor. The
Registrar may, however, close the books for registration of any transfer after the fifteenth
day of the month preceding each interest payment date and until such interest payment
date.
4852-6958-9943\5
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(c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered
owner for exchange the Registrar shall authenticate and deliver one or more new Bonds of
a like aggregate principal amount and maturity, as requested by the registered owner or the
owner's attorney in writing.
(d) Cancellation. All Bonds surrendered upon any 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 such Bond, whether such Bond shall be overdue or not, for the purpose of receiving
payment of, or on account of, the principal of and interest on such Bond and for all other
purposes, and all such payments so made to any such registered owner or upon the owner's
order shall be valid and effectual to satisfy and discharge the liability 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, the
Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar
for any tax, fee or other governmental charge required to be paid with respect to such
transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become
mutilated or be 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 such 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 such 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.
4852-6958-9943\5
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(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 all 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 the Bonds shall cease to be such officer before the delivery of any Bond, such
signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he
or she had remained in office until delivery. Notwithstanding such execution, no Bond shall be
valid or obligatory for any purpose or entitled to any security or benefit under this Resolution
unless and until a certificate of authentication on such Bond has been duly executed by the manual
signature of an authorized representative of the Registrar. Certificates of authentication on
different Bonds need not be signed by the same representative. The executed certificate of
authentication on each Bond shall be conclusive evidence that it has been authenticated and
delivered under this Resolution. When the Bonds have been so 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 heretofore made and 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.
"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 sender
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
4852-6958-9943\5
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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 bond certificates, the City may notify DTC
and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of
Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance with
paragraph (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
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 bond certificates and the method of payment of principal of and
interest on such Bonds in the form of bond certificates.
2.09. Form of Bonds. The Bonds shall be printed in substantially the form attached as
Exhibit A hereto.
4852-6958-9943\5
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SECTION 3. GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES
2020A CONSTRUCTION FUND. There is hereby established on the official books and records
of the City a General Obligation Street Reconstruction Bonds, Series 2020A Construction Fund
(the "Construction Fund"). The City Manager shall maintain the Construction Fund until payment
of all costs and expenses incurred in connection with the construction of the Projects have been
paid. To the Construction Fund there shall be credited from the proceeds of the Bonds an amount
equal to $3,080,026.00. From the Construction Fund there shall be paid all construction costs and
expenses incurred by the City in construction of the Projects $(3,029,050.00) and costs of issuance
of the Bonds ($50,976.00). Prepaid assessments in the amount of $126,760.00 will also be credited
to the Construction Fund.
After payment of all construction costs and costs of issuance of the Bonds, the Construction
Fund shall be discontinued and any Bond proceeds remaining therein received shall be credited to
the Bond Fund described in Section 4.01 hereof.
SECTION 4. GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES
2020A BOND FUND; PLEDGE OF TAXING POWER.
4.01. General Obligation Street Reconstruction Bonds, Series 2020A Bond Fund. So long
as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the City
Manager shall maintain a separate debt service fund on the official books and records of the City
to be known as the General Obligation Street Reconstruction Bonds, Series 2020A Bond Fund (the
"Bond Fund"), and the principal of and interest on the Bonds shall be payable from the Bond Fund.
The City irrevocably appropriates to the Bond Fund (i) the amount of $52,220.00 representing
capitalized interest; (ii) the amounts specified in Section 3 above, after payment of all costs of the
Projects; (iii) all taxes levied and collected in accordance with this resolution; and (iv) all other
moneys as shall be appropriated by the Council to the Bond Fund from time to time.
There are hereby established two accounts in the Bond Fund, designated as the "Debt
Service Account" and the "Surplus Account." As set forth in the previous paragraph, there shall
initially be deposited into the Debt Service Account upon the issuance of the Bonds the amount of
$52,220.00. 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 applicable subaccount
within 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 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.
4852-6958-9943\5
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4.02. Pledge of Taxing Powers. For the prompt and full payment of the principal of and
interest on the Bonds as such payments respectively become due, the full faith, credit and unlimited
taxing powers of the City shall be and are hereby irrevocably pledged. In order to produce
aggregate amounts not less than 5% in excess of 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 will be levied and collected in the following years and amounts:
Levy Years
Collection Years Amount
See attached levy computation
Said 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 said levies from other legally available funds
in accordance with the provisions of Minnesota Statutes, Section 475.61.
SECTION 5. BOND FUND BALANCE RESTRICTION. In order to ensure compliance with the
Internal Revenue Code of 1986, as amended (the "Code"), and applicable Treasury Regulations
thereunder (the "Regulations"), upon allocation of any funds to the Bond Fund, the balance then
on hand in the Bond Fund shall be ascertained. If it exceeds the amount of principal and interest
on the Bonds to become due and payable through February 1 next following, plus a reasonable
carryover equal to 1 /12th of the debt service due in the following bond year, the excess shall (unless
an opinion is otherwise received from bond counsel) be used to prepay the Bonds, or invested at a
yield which does not exceed the yield on the Bonds calculated in accordance with Section 148 of
the Code.
SECTION 6. DEFEASANCE. When all of the Bonds have been discharged as provided in this
section, all pledges, covenants and other rights granted by this resolution to the registered owners
of the Bonds shall cease. The City may discharge its obligations with respect to any Bonds which
are due on any date by irrevocably depositing with the Registrar on or before that date a sum
sufficient for the payment thereof in full, or, if any Bond should not be paid when due, it may
nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment
thereof in full with interest accrued from the due date to the date of such deposit. The City may
also discharge its obligations with respect to any prepayable Bonds called for redemption on any
date when they are prepayable according to their terms by depositing with the Registrar on or
before that date an amount equal to the principal, 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, provided, however, that 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 shall 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
4852-6958-9943\5
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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 7. CERTIFICATION OF PROCEEDINGS.
7.01. 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.
7.02. Authentication of Transcript. The officers of the City and the City Manager 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.
7.03. Official Statement. The Preliminary Official Statement relating to the Bonds, dated
as of April 16, 2020, and Addendum dated April 24, 2020, prepared and distributed by Ehlers, are
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
15c2-12 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.
7.04. 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.
SECTION 8. TAX COVENANTS; ARBITRAGE MATTERS AND CONTINUING
DISCLOSURE.
8.01. General Tax Covenant. The City covenants and agrees with the registered owners
of the Bonds that it will not take or permit to be taken by any of its officers, employees or agents
any actions that would cause interest on the Bonds to become includable in the gross income of
the recipient under the Internal Revenue Code of 1986, as amended (the "Code") and applicable
Treasury Regulations (the "Regulations"), and covenants to take any and all actions within its
powers to ensure that the interest on the Bonds will not become includable in gross income of the
4852-6958-9943\5
9
recipient under the Code and the Regulations. In particular, the City covenants and agrees that all
proceeds of the Bonds deposited in the Construction Fund will be expended solely for the payment
of the costs of the Projects. All improvements so financed will be owned and maintained by the
City as part of the public infrastructure of the City and available for use by members of the general
public on a substantially equal basis. The City has not entered and will not enter into any lease,
management, use or other agreement or contract relating to the use of the Projects, 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. (a) It is hereby found that the City has general taxing powers,
that no Bond is a "private activity bond" within the meaning of Section 141 of the Code, that 95%
or more of the net proceeds of the Bonds are to be used for local governmental activities of the
City, and that the aggregate face amount of all tax-exempt obligations (other than private activity
bonds) issued by the City and all subordinate entities thereof during the year 2020 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.
(b) Notwithstanding the provisions of paragraph (a) of this Section 8.03, if the arbitrage
rebate provisions of Section 148(f) of the Code applies to the Bonds, the City hereby covenants
and agrees to make the determinations, retain records and rebate to the United States the amounts
at the times and in the manner required by said Section 148(f) and applicable Regulations.
8.04. Qualified Tax -Exempt Obligations. The Council hereby designates the Bonds as
"qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code relating to the
disallowance of interest expense for financial institutions, and 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) which will be issued by the City and all subordinate entities during calendar
year 2020 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 Projects 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
or be required with respect to (i) certain de minimis expenditures, if any, with respect to the
Projects meeting the requirements of Section 1.150-2(f)(1) of the Regulations, or (ii) "preliminary
expenditures" for the Projects as defined in Section 1.150-2(1)(2) of the Regulations, including
4852-6958-9943\5
10
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.
(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
4852-6958-9943\5
11
(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: "Valuations — Current Property Valuations," "Debt — Direct
Debt," "Tax Levies and Collections," "General Information — 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
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;
4852-6958-9943\5
12
(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;
(0) 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 (0) 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.
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.
4852-6958-9943\5
13
(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.
(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
4852-6958-9943\5
14
(3)
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.
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.
Adopted this rday of April, 2020.
ATTEST: /11,dif
City Clerk
Reviewed for administration:
y Stille, ayor
AA. 6/,
Mark Casey, City Manager
4852-6958-9943\5
15
R-
EXHIBIT A
FORM OF BOND
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF HENNEPIN AND RAMSEY
CITY OF ST. ANTHONY
GENERAL OBLIGATION STREET RECONSTRUCTION BOND, SERIES 2020A
Interest Rate Maturity Date Date of Original Issue CUSIP No.
February 1, 20_ May 19, 2020
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
THE CITY OF ST. ANTHONY, MINNESOTA (the "City"), acknowledges itself to be indebted
and for value received hereby promises to pay to the registered owner named above, or registered assigns,
the principal amount specified above on the maturity date specified above, 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 each year, commencing February 1, 2021 (each such date, an
Interest Payment Date), to the person in whose name this Bond is registered at the close of business on the
fifteenth day (whether or not a business day) of the immediately preceding calendar month, all subject to
the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity.
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. For the prompt and full payment of
such principal and interest as the same respectively become 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 $3,000,000, issued
pursuant to a resolution adopted by the City Council (the "Council") on April 28, 2020 (the "Resolution"),
to provide funds to finance various street reconstruction projects pursuant to a street reconstruction plan
approved by the Council in accordance with Minnesota Statutes, Section 475.58, subdivision 3b, and is
issued pursuant to and in full conformity with the Constitution, laws of the State of Minnesota thereunto
enabling, including Minnesota Statutes, Chapter 475. The Bonds are issuable only in fully registered form,
in denominations of $5,000 or any integral multiple thereof, of single maturities.
4852-6958-9943\5
Bonds having stated maturity dates in the years 2030 and thereafter are each subject to redemption
and prepayment, at the option of the City and in whole or in part and if in part, in the maturities selected by
the City and by lot, assigned in proportion to their principal amount, within any maturity, on February 1,
2029 and on any date thereafter, at a price equal to the principal amount thereof to be redeemed plus interest
accrued to the date of redemption.
The Bonds have been designated as "qualified tax-exempt obligations" pursuant to Section 265(b)
of the Internal Revenue Code of 1986, as amended.
The City shall cause notice of the call for redemption to be published if and as required by law and,
at least thirty (30) and not more than sixty (60) days prior to the date specified for redemption, will cause
notice of the call thereof to be mailed, by first class mail (or, if applicable, provided in accordance with the
operational arrangements of the bond depository), to the registered owner of any Bond to be redeemed at
the owner's address as it appears on the register maintained by the 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 registered owner without charge,
representing the remaining principal amount outstanding.
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
transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate
and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required
to be paid with respect to such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this Bond is registered
as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment
and for all other purposes, and neither the City nor the 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 has established its General
Obligation Street Reconstruction Bonds, Series 2020A Bond Fund and has appropriated thereto ad valorem
taxes heretofore levied on all taxable property in the City, which taxes will be collectible for the years and
4852-6958-994315
3
in amounts sufficient to produce sums not less than five percent in excess of the principal of and interest on
the Bonds when due; that if necessary for 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 improvements 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.
4852-6958-9943\5
4
IN WITNESS WHEREOF, the City of St. Anthony, Minnesota, by its City Council, has caused
this Bond to be executed on its behalf by the facsimile signatures of the 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
4852-6958-9943\5
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
(Cult) (Minor)
TEN ENT --as tenants by the entireties under Uniform Transfers to Minors Act
(State)
IT 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:
Signature Guaranteed:
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(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:
4852-6958-9943\5
6
APPENDIX I
Taxes Levied with respect to the Projects
4852-6958-9943\5
TAX LEVY CALCULATION
City of St, Anthony, MN
53,000,000 General Obligation Street Reconstruction Bonds, Series 20204
General Obligation Street Reconstruction Bonds, Series 20204
Issue IDn 336533
Dated Date: 5/19/2020
Call Date: 2/1/2029
Tax Levy Tax Collect Bond Pay Funds Available (2) Less:
Year Year Year Total P & I (11 P & I @ 105% Assessments Net Levy
2019 / 2020 / 2021 52,220.00 152,220..00) 0.00 0.00
2020 / 2021 J 2022 224,600.00 235,830.00 235,830.00
2021 / 2022 / 2023 245,100.00 257,355.00 (19,711.18) 237,643.82
2022 / 2023 / 2024 239,850.00 251,842.50 (19,242.16) 232,600.34
2023 / 2024 / 2025 239,600.00 251,580.00 (18,773 16) 232,806.84
2024 / 2025 / 2026 239,200.00 251,160.00 (18,304.14) 232,835.86
2025 / 2026 / 2027 238,650.00 250,582.50 (17,835.14) 232,747.36
2026 / 2027 / 2028 242,950.00 255,097.50 (17,366.12) 237,731.38
2027 / 2028 / 2029 241,950.00 2.54,047.50 (16,897.10) 237,150.40
2028 / 2029 / 2030 240,800.00 252,840.00 (16,428.10) 236,411.90
2029 / 2030 / 2031 236,600.00 248,430.00 (15,959.08) 232,470.92
2030 / 2031 / 2032 237,400.00 249,270.00 (15,490.0S) 233,779.92
2031 / 2032 / 2033 238,100.00 250,005.00 (15,021.06) 234,983.94
2032 / 2033 / 2034 238,700.00 250,635.0O (14,552.04) 236,082.96
2033 / 2034 / 2035 239,200.00 251,160.00 (14,083.04) 237,076.96
2034 / 2035 / 2036 234,600.00 246,330.00 (13,614.02) 232,715.98
2O1S / 2035 / 2057 (13 145 O2, (1i.145 O21
Totals 3,629,520.00 (52,220.00) 3,756,165.00 (246.421,441 3,509,743.56
{1) The following funds are available to pay the interest payment due February 1, 2021.
Deposit to Capitalized Interest Fund: 52,220.00
(2) Projected special assessment revenue based on 5190,140.00 assessed at 3.700%.
Cashflow and levy needs should be reviewed annually to account for prepaid and/or delinquent assessments.
EI1LERS
4852-6958-9943\5
3
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 April 28, 2020, by the City Council of the City of St. Anthony, Minnesota, setting
forth the form and details of an issue of $3,000,000 General Obligation Street Reconstruction
Bonds, Series 2020A, dated as of May 19, 2020, and levying taxes for the payment of the Bonds.
I further certify that the issue has been entered on my bond register and the tax required by
law for their payment has been levied and filed as required by Minnesota Statutes, Sections 475.61
through 475.63.
WITNESS my hand and official seal this day of , 2020.
Hennepin County Auditor
(SEAL)
4852-6958-9943\5
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 April 28, 2020, by the City Council of the City of St. Anthony, Minnesota, setting
forth the form and details of an issue of $3,000,000 General Obligation Street Reconstruction
Bonds, Series 2020A, dated as of May 19, 2020, and levying taxes for the payment of the Bonds.
I further certify that the issue has been entered on my bond register and the tax required by
law for their payment has been levied and filed as required by Minnesota Statutes, Sections 475.61
through 475.63.
WITNESS my hand and official seal this day of , 2020.
Ramsey County Auditor
(SEAL)
4852-6958-994315