HomeMy WebLinkAboutResolution - 2003-173 - $745,000 1995A G.O. Refunding Bonds, Series 2004A - 12/16/2003 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO. 2003-173
RESOLUTION AUTHORIZING ISSUANCE,AWARDING SALE,PRESCRIBING
THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF$745,000
GENERAL OBLIGATION BUILDING REFUNDING BONDS, SERIES 2004A
BE IT RESOLVED by the City Council of the City of Eden Prairie,Minnesota
(the Issuer), as follows:
Section 1. Authorization and Sale.
1.01. Authorization. This Council hereby determines that it is in the best
interests of the Issuer to issue its General Obligation Building Refunding Bonds, Series 2004A
(the Bonds)in the approximate principal amount of$745,000, subject to adjustment in
accordance with the Terms of Proposal. The Issuer believes that a substantial debt service
savings can be achieved by the issuance and sale of the Bonds. The proceeds of the Bonds will
be used, together with funds on hand as may be required, to refund on March 1, 2004 (the
Redemption Date), the 2005 through 2008 maturities, aggregating$735,000 in principal amount
outstanding, of the$1,680,000 General Obligation Building Refunding Bonds, Series 1995A,
dated June 1, 1995 (the Refunded Bonds).
1.02. Sale. The Issuer has retained Northland Securities,Inc., as independent
financial advisor in connection with the sale of the Bonds. Pursuant to Minnesota Statutes,
Section 475.60, subdivision 2,paragraph(9),the requirements as to public sale do not apply to
the issuance of the Bonds. A proposal has been received from Anchor Bank National
Association of Wayzata, Minnesota and associates (the Purchaser). In accordance with the
Terms of Proposal, it is hereby determined to issue the Bonds in the principal amount of
$745,000 at a price of$745,000.00 plus accrued interest, and upon the further terms and
conditions set forth herein. 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 Issuer for the sale of the Bonds in accordance with the terms of the proposal.
Section 2. Bond Terms, Registration; Execution and DeliverX.
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 City 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 January 15, 2004, shall be in denominations of$100,000 or integral
multiples of$5,000 in excess thereof, of single maturities, shall mature on March 1 in the years
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and amounts stated below, and shall bear interest from the date of issue until paid at the annual
rates set forth opposite such years and amounts, as follows:
Year Amount Rate
2005 $185,000 1.45%
2006 180,000 1.75
2007 195,000 2.10
2008 185,000 2.45
[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.
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.
The interest on the Bonds shall be payable on March 1 and September 1 in each year,
commencing September 1, 2004,to the owner of record thereof as of the close of business on the
fifteenth day of the preceding month,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. The Bonds shall not be subject to redemption prior to their
stated maturity dates.
2.05. Appointment of Initial Re 'strar. The Issuer hereby appoints the City
Finance Director as the initial bond registrar, transfer agent and paying agent(the Registrar).
The Issuer reserves the right to remove the Registrar upon thirty(30) days' notice and upon the
appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all
cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to
the successor Registrar.
2.06. Registration. The effect of registration and the rights and duties of the
Issuer and the Registrar with respect thereto shall be as follows:
(a) Re ig ster. 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
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more new Bonds of a like aggregate principal amount and maturity, as requested by the
transferor. The Registrar may,however,close the books for registration of any transfer
after the fifteenth day of the month preceding each interest payment date and until such
interest payment date.
(c) Exchange of Bonds. Whenever any 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 Issuer.
(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 Issuer 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 any registered owner or upon the owner's order shall
be valid and effectual to satisfy and discharge the liability upon Bond to the extent of the
sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except
for an exchange upon a partial redemption of a Bond),the Registrar may impose a charge
upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other
governmental charge required to be paid with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become
mutilated or be 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 Issuer 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 Issuer. 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.
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(i) Authenticating A ent. The Registrar is hereby designated authenticating
agent for the Bonds,within the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
2.07. Execution, Authentication and Delivery. The Bonds shall be prepared
under the direction of the Manager and shall be executed on behalf of the Issuer by the signatures
of the Mayor and the 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 the Bonds shall cease to be such officer before the delivery of
any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes,
the same as if such officer had remained in office until delivery. Notwithstanding such
execution,no Bond shall be valid or obligatory for any purpose or entitled to any security or
benefit under this Resolution unless and until a certificate of authentication on the 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 prepared,
executed and authenticated, the Manager shall deliver them to the Purchaser upon payment of the
purchase price in accordance with the contract of sale heretofore executed, and the Purchaser
shall not be obligated to see to the application of the purchase price.
2.08. Form of Bonds. The Bonds shall be prepared in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
HENNEPIN COUNTY
CITY OF EDEN PRAIRIE
GENERAL OBLIGATION BUILDING REFUNDING BOND, SERIES 2004A
Interest Rate Maturityate Date of Original Issue CUSIP No.
% March 1, 20 January 15, 2004
REGISTERED OWNER:
PRINCIPAL AMOUNT: THOUSAND DOLLARS
The City of Eden Prairie, State of Minnesota(the Issuer) 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,
without option of prior payment;with interest thereon from the date hereof at the annual rate
specified above,payable on March 1 and September 1 in each year, commencing September 1,
2004,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 month. 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,the principal hereof are payable in lawful
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money of the United States of America by check or draft by the Finance Director of the Issuer, as
Bond Registrar and Paying Agent, or by other means of payment if its designated successor
under the Resolution described herein. 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
Issuer have been and are hereby irrevocably pledged.
This Bond is one of an issue in the aggregate principal amount of$745,000 (the Bonds)
issued pursuant to a resolution adopted by the City Council on December 16, 2003 (the
Resolution), to provide funds to refund certain outstanding general obligation bonds of the Issuer
and is issued pursuant to and in full conformity with the Constitution and 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$100,000 or any integral multiple of
$5,000 in excess thereof, of single maturities.
[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 March 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 Aggregate Sinking Fund Aggregate
Payment Date Principal Amount Payment Date Principal Amount
The Issuer shall cause notice of the call for redemption thereof to be published as
required by law, and at least thirty and not more than 60 days prior to the designated redemption
date, shall cause notice of call for redemption to be mailed, by first class mail, to the registered
holders of any Bonds to be redeemed, 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.]
Bonds in the principal amount of$735,000 have been deemed designated as "qualified
tax-exempt obligations"pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986.
The remaining$10,000 in principal amount of bonds have been designated by the Issuer as
"qualified tax-exempt obligations."
As provided in the Resolution and subject to certain limitations set forth therein,this
Bond is transferable upon the books of the Issuer at the office of the Bond 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 Bond Registrar,
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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
Issuer 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 Issuer and the Bond Registrar may deem and treat the person in whose name this
Bond is registered as the absolute owner hereof,whether this Bond is overdue or not, for the
purpose of receiving payment and for all other purposes, and neither the Issuer nor the Bond
Registrar shall be affected by any notice to the contrary.
IT IS HEREBY CERTIFIED,RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota to be done,
to exist,to happen and to be performed precedent to and in the issuance of this Bond in order to
make it a valid and binding general obligation of the Issuer in accordance with its terms,have
been done, do exist,have happened and have been performed as so required; that the Issuer has
established its General Obligation Building Refunding Bonds, Series 2004A Bond Fund and has
appropriated thereto ad valorem taxes on all taxable property in the Issuer,which are estimated
to be receivable in years and amounts not less than five percent in excess of the principal of and
interest on the Bonds when due; that if necessary for the payment of such principal and interest
when due, additional ad valorem taxes are required to be levied upon all such property,without
limitation as to rate or amount; that the issuance of this Bond does not cause the indebtedness of
the Issuer to exceed any constitutional or statutory limitation of indebtedness; and that the
opinion printed hereon is a full and correct copy of the legal opinion given by Bond Counsel
with reference to the Bonds, dated as of the date of original delivery of the Bonds.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under the Resolution until the Certificate of Authentication hereon shall have
been executed by the Bond Registrar by manual signature of one of its authorized
representatives.
IN WITNESS WHEREOF, the Issuer,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 EDEN PRAIRIE,MINNESOTA
(facsimile signature City Manager) (facsimile signature Mayor)
CERTIFICATE OF AUTHENTICATION
Dated
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
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CITY FINANCE DIRECTOR, as Bond
Registrar
By
Authorized Representative
[Insert Legal Opinion]
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:
[End of the Bond form]
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Section 3. Use of Proceeds. Upon payment for the Bonds by the Purchaser,the
Finance Director shall deposit and apply the proceeds of the Bonds as follows: (a)
$ shall be deposited in the sinking funds established for the Refunded Bonds to
be applied to their redemption and prepayment on their date of redemption(March 1,2004), in
accordance with the provisions of the resolutions authorizing their issuance; (b)
$ shall be used to pay issuance expenses of the Bonds; and(c) $
shall be deposited in the Bond Fund created pursuant to Section 4.01 hereof.
Section 4. General Obligation Building`Refiznding Bonds, Series 2004A Bond
Fund and Pledge of Taxing Powers.
4.01. General Obligation Building Refunding Bonds, Series 2004A Bond Fund.
The Bonds shall be payable from a separate and special General Obligation Building Refunding
Bonds, Series 2004A Bond Fund(the Bond Fund) of the Issuer,which the Issuer agrees to
maintain until the Bonds have been paid in full. If the money in the Bond Fund should at any
time be insufficient to pay principal and interest due on the Bonds, such amounts shall be paid
from other moneys on hand in other funds of the Issuer,which other funds shall be reimbursed
therefor when sufficient money becomes available in the Bond Fund. The moneys on hand in
the Bond Fund from time to time shall be used only to pay the principal of and interest on the
Bonds. Into the Bond Fund shall be paid: (a) any accrued interest and unused discount received
from the Purchaser upon delivery of the Bonds; (b) subsequent to the Redemption Date, all ad
valorem taxes collected as specified in Section 4.02; and(c) any other funds appropriated by the
Council for the payment of the Bonds.
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 Issuer 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 4.01,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 Issuer. The taxes will be levied and collected in years and amounts
shown on the attached levy computation. Said taxes shall be irrepealable as long as any of the
Bonds are outstanding and unpaid,provided that the Issuer reserves the right and power to
reduce said levies in accordance with the provisions of Minnesota Statutes, Section 475.61.
Section 5. 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 Issuer 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 Issuer may
also at any time discharge its obligations with respect to any Bonds, subject to the provisions of
law now or hereafter authorizing and regulating such action,by depositing irrevocably in escrow,
with a bank qualified by law as an escrow agent for this purpose, cash or securities which are
authorized by law to be so deposited,bearing interest payable at such time and at such rates and
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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.
Section 6. Tax Covenants; Arbitrage Matters and Continuing Disclosure.
6.01. General Tax Covenant. The Issuer covenants and 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 actions 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 covenants to
take any and all actions within its powers to ensure that the interest on the Bonds will not
become includable in gross income of the recipient under the Code and the Regulations.
6.02. Certification. The Mayor and City Manager being the officers of the Issuer
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 the
provisions of 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.
6.03. Arbitrage Rebate. The Issuer acknowledges that the Bonds are subject to
the rebate requirements of Section 148(f) of the Code. The Issuer covenants and agrees to retain
such records, make such determinations, file such reports and documents and pay such amounts
at such times as are required under said Section 148(f) and applicable Regulations to preserve the
exclusion of interest on the Bonds from gross income for federal income tax purposes, unless the
Bonds qualify for an exception from the rebate requirement pursuant to one of the spending
exceptions set forth in Section 1.148-7 of the Regulations and no "gross proceeds"of the Bonds
(other than amounts constituting a"bona fide debt service fund") arise during or after the
expenditure of the original proceeds thereof.
6.04. Qualified Tax-Exempt Obligations. It is hereby determined that the portion
of the Bonds which is equal to the outstanding principal amount of the Refunded Bonds,
$735,000, is deemed designated as "qualified tax-exempt obligations"as provided in Section
265(b)(3)(D) of the Code, since:
(a) the Refunded Bonds, when issued,were designated by the City as qualified
tax-exempt obligations under Section 265(b)of the Code;
(b) the aggregate face amount of the issue of which the Bonds are a part.does not
exceed$10,000,000;
(c) the weighted average maturity of the Bonds does not exceed the remaining
weighted average maturity of the Refunded Bonds; and
(d) no Bond has a maturity date which is later than thirty(30) years after the date
of issuance of any bonds refunded by the Refunded Bonds which were designated as
qualified tax-exempt obligations.
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The City Council hereby designates the remaining$10,000 in principal amount of Bonds as
"qualified tax-exempt obligations"for purposes of Section 265(b)(3) of the Code, 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) and are not excluded from this calculation
by Section 265(b)(3)(C)(ii) of the Code which will be issued by the Issuer and all subordinate
entities during calendar year 2004 does not exceed$10,000,000.
Section 7. Certification of Proceedings and Redemption of Refunded Bonds.
7.01. Registration of Bonds. The City Clerk is hereby authorized and directed to
file a certified copy of this resolution with the County Auditor of Hennepin County and obtain a
certificate that the Bonds have been duly entered upon the County Auditor's bond register and
the tax required by law has been levied.
7.02. Authentication of Transcript. The officers of the Issuer and the County
Auditor 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 Issuer as to the correctness of all statements contained therein.
7.03. Redemption of Refunded Bonds. The Finance Director is hereby directed
to advise U.S. Bank National Association, in St. Paul,Minnesota, as successor to First Trust
National Association, St. Paul, Minnesota, as paying agent for the Refunded Bonds, to call the
Refunded Bonds for redemption and prepayment on the Redemption Date in the form attached
hereto, all in accordance with the provisions of the resolutions authorizing the issuance of the
Refunded Bonds.
ADOPTED by the City Council of the City of Eden Prairie this 16th day of December 2003.
an *u4ay6i
ATTEST:
/,0,W ) 12- f
A",
Kathleen Porta, City Clerk
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NOTICE OF REDEMPTION
$1,680,000 General Obligation Building Bonds, Series 1995A
Dated June 1, 1995
City of Eden Prairie,Hennepin County,Minnesota
NOTICE IS HEREBY GIVEN THAT there have been called for redemption and prepayment on
March 1,2004,all outstanding Bonds of the above referenced issue,dated June 1, 1995,maturing March
1 in the following years and having the interest rates listed below:
Maturily Amount CUSP# Rate
2005 $175,000* * 5.00%
2006 175,000* * 5.10
2007 195,000* * 5.20
2008 190,000* * 5.30
*Indicates full call.
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 U.S.Bank National
Association, St.Paul,Minnesota, successor to First Trust National Association, on or before said date,
when they will cease to bear interest,in the following manner:
If by Mail: If by Hand or Overnight Mail:
U.S.Bank National Association U.S.Bank National Association
Corporate Trust Operations, 3Td Floor 60 Livingston Avenue
P. O.Box 64111 EP-MN-WS3C
St.Paul,MN 55164-0111 Bond Drop Window, 1"Floor
St.Paul,MN 55107
In compliance with the Interest and Dividend Compliance Act of 1983 and Broker Reporting
Requirements,the redeeming institutions are required to withhold 3 1%of the principal amount of your
holdings redeemed unless they are provided with your social security number or federal employer
identification number,properly certified. This requirement is fulfilled through the submitting of a W-9
Form,which may be obtained at a bank or other financial institution.
Additional information may be obtained from the undersigned or from Northland Securities,Inc.,45 S. 7a'
St., Ste.2500,Minneapolis,Minnesota 55402(612-851-5900),financial consultants to the City of Eden
Prairie,Minnesota.
Dated: December 16,2003.
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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 December 16,2003,by the City Council of the City of Eden Prairie,
Minnesota, setting forth the form and details of an issue of$745,000 General Obligation
Building Refunding Bonds, Series 2004A, dated as of January 15, 2004, and levying taxes for
their payment.
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 475.51 to 475.74.
WITNESS my hand and official seal , 20 .
County Auditor
(SEAL)
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Upon vote being taken thereon,the following voted in favor thereof: 'C4 W B4*4'cr, C"O)
and the following voted against the same:
whereupon the resolution was declared duly passed and adopted.
CERTIFICATION OF MINUTES RELATING TO
GENERAL OBLIGATION BUILDING REFUNDING BONDS, SERIES 2004A
Issuer: City of Eden Prairie,Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held December 16, 2003, at 7 o'clock
P.M., at the City Hall, Eden Prairie,Minnesota.r l
Members present: �A6( 10 1 a n"-! � � — W(e ys �u�I 1�1�jx65 Sk
bu--kGorr Rnj &e) `fah �osman
Members absent: PA11Y �014KI
Documents Attached:
Minutes of said meeting(including):
RESOLUTION NO. 2003-173
RESOLUTION AUTHORIZING ISSUANCE,AWARDING
SALE, PRESCRIBING THE FORM AND DETAILS AND
PROVIDING FOR THE PAYMENT OF $745,000 GENERAL
OBLIGATION BUILDING REFUNDING BONDS, SERIES
2004A
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 December 16, 2003.
City Clerk
Councilmember Rtkly r introduced the following resolution and moved its adoption,
which motion was seconded by Councilmember C4 S�