Loading...
HomeMy WebLinkAboutResolution - 82-43 - Awarding Sale and Authorizing Issuance - $2,900,000 General Obligation Public Building Bonds of 1982 - 03/01/1982 The City Council then proceeded to consider such bid . After the bid had been considered and discussed , Member George Bentley introduced the following resolution and moved its adoption : RESOLUTION NO. 82-43 RESOLUTION AWARDING THE SALE OF; FIXING THE FORM AND DETAILS OF ; PROVIDING FOR THE EXECUTION AND DELIVERY OF' AND THE SECURITY FOR AND LEVYING TAXES FOR THE PAYMENT OF THE $ 2 , 900 , 000 GENERAL OBLIGA- TION PUBLIC BUILDING BONDS OF 1982 . BE IT RESOLVED by the City Council of the City of Eden Prairie , Minnesota , as follows : Section 1 . Award and Sale 1 . 01 . Bids . This City Council, under the authority of Minnesota Statutes , Chapter 475 , and pursuant to a resolu- tion adopted on January 19 , 1982 , entitled "Resolution Rel- ating to $2 , 900 , 000 General Obligation Public Building Bonds of 1982 ; Authorizing the Issuance Thereof and Calling for the Public Sale Thereof" ( the "Resolution" ) , authorizing the issuance of and ordering that a public sale of $2 , 900 , 000 aggregate principal amount of the City ' s General Obligation Public Building Bonds of 1982 (the "Bonds" ) be held on this date . Notice of the public sale of the Bonds was duly given as required by Minnesota Statutes , Section 475 . 60 . In ac- cordance with the Official Notice of Sale for the Bonds one (1) sealed bid was received for the Bonds by the Finance Director-Clerk prior to 4 : 30 o ' clock p .m. , C. S . T. , on this date. Those bids have been opened and publicly read aloud and considered by this City Council , and the terms of each have now been determined . 1. 02 . Award . The bid of BancNorthwest of Minneapolis , Minnesota ( the "Purchaser " ) , for the purchase of the Bonds on the terms set forth in the Official Notice of Sale , at a price of $2 , 873 , 000 plus accrued interest from the date of the Bonds to the date of delivery thereof , the Bonds to bear interest at the rates set forth in Section 4 hereof , results in a net interest cost (determined by the addition of any discount to and the deduction of any premium from the total interest on all Bonds from their date to their stated matur- ity) of $2, 848 , 062 . 50 , which is the lowest net interest cost of all bids received pursuant to the Notice of Bond Sale and the Official Notice of Sale for the Bonds and is therefore declared to be the best bid received and is hereby accepted . The Mayor and the Finance Director-Clerk are hereby authorized and directed to execute a contract For the sale of the Bonds to the Purchaser in accordance with the - 2 - a terms of skid bid , the Official Notice of Sale and this resolution . 1 . 03 Interest Rates . Pursuant to the bid accepted by this City Council by this resolution, Bonds maturing in the years set forth below shall. bear interest at the respective rates per annum set forth opposite such years , as follows : Year Rate Year Rate 1984 11 . 00% 1990 11. 00% 1985 11 . 00 1991 11 . 00 1986 11 . 00 1992 11 . 00 1987 11 . 00 1993 11. 25 1988 11 . 00 1994 11 . 50 1989 11. 00 1995 11. 75 1. 04 . Good Faith Deposits . The Finance Director-Clerk shall retain the good faith check of the successful bidder , pursuant to the Official Notice of Sale , and shall return the good faith checks of the unsuccessful bidders forth- with . Section 2 . Recitals 2. 01 . Authorization . The qualified voters of the City , at a special election duly called and held on November 17 , 1981 , authorized the issuance of general obligation bonds of the City in the aggregate amount of $ 2 , 900 , 000 to provide money for the acquisition and betterment of land , buildings and facilities for public buildings , for public works and park maintenance and public safety purposes (the "Public Building Facilities" ) . The present estimated total cost of the Public Building Facilities to be financed from the pro- ceeds of the issuance of obligations of the City, together with additional obligations issued pursuant to Minnesota Statutes , Section 475 . 56 , is $2 , 873 ,000 . 2. 02 . Sale . This City Council has determined to issue and sell the Bonds to finance such acquisition and better- ment , including every item of cost of the kinds authorized in Minnesota Statutes , Section 475 . 65 , and $200 , 000 of said issue representing interest as provided in Minnesota Sta- tutes , Section 475 . 56 . Pursuant to this resolution , a pub- lic sale of the Bonds was held on this day , and this City Council , by this resolution, has accepted the bid of BancNorthwest , in Minneapolis , Minnesota , to purchase the Bonds on the terms and conditions set forth in the Official Notice of Sale . All acts, conditions and things which are required by the Constitution and the laws of the State of Minnesota to be done , to exist , to happen and to be per- formed prior to the issuance of the Bonds having been done , existing and having happened , it is now necessary for this - 3 - City Council to establish the form and terms of the Bonds , to provide for the security thereof and to issue the Bonds forthwith . 2 . 03 . Maturities . This City Council finds and deter- mines that the maturities of the Bonds , as set forth in Section 4 . 01 hereof , are warranted by the anticipated col- lection of the ad valorem taxes to be levied for the costs of the Public Building Facilities . Section 3 . Form of Bonds and Coupons 3. 01. Form of Bonds . The Bonds shall be prepared in substantially the following form: i 4 No. $5 , 000 UNITED STATES OF AMERICA STATE OF MINNESOTA HENNEPIN COUNTY CITY OF EDEN PRAIRIE GENERAL OBLIGATION PUBLIC BUILDING BOND OF 1982 KNOW ALL PERSONS BY THESE PRESENTS that the City of Eden Prairie , Hennepin County , State of Minnesota, a municipal corporation of the State of Minnesota , hereby acknowledges itself to be indebted , and for value received , promises to pay bearer the sum of FIVE THOUSAND DOLLARS on the lst day of March , 19 , and to pay interest thereon from the date hereof until the principal amount is paid at the rate of percent ( %) per annum, interest to maturity payable September 1 , 1982 , and semiannually there- after on the lst day of March and the lst day of September in each year , in accordance with and upon presentation and surrender of the interest coupons hereto attached as t::ey severally become due . Both principal and interest are pay- able at the' main office of Northwestern National Bank of Minneapolis , in Minneapolis , Minnesota , in any coin or cur- rency of the United States of America which at the time of payment is legal tender for public and private debts , and for the prompt and full payment of such principal and inter- est as the same become due , the full faith , credit and tax- ing powers of the City have been and are hereby irrevocably pledged . This Bond is one of an issue of Bonds in the aggregate principal amount of $2 , 900 , 000, all of like date and tenor except as to maturity, interest rate , serial number and redemption privilege , all issued by the City for the acqui- sition and betterment of public buildings for public works and park maintenance and public safety purposes and is issued pursuant to authority conferred by more than the requisite majority vote of the qualified electors of the City voting on the question of the issue at an election duly and regularly called and held and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling . The Bonds of this issue maturing in the year 1993 and thereafter are subject to redemption prior to maturity , in whole , or in part in inverse order of serial numbers , on - 5 - March 1 , 199'2 , and on any interest payment date thereafter , at a price equal to par plus accrued interest to the date fixed for redemption. Not less than thirty ( 30) days before the date fixed for such redemption , the City will cause notice of the call of any Bond to be published in a daily or weekly periodical published in a Minnesota city of the first class or its metropolitan area , which circulates throughout . the state and furnishes financial news as • a part of its service , and mailed to the bank at which the Bonds are then payable and to the holder thereof , if known , 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 . Holders of prepayable Bonds who desire to receive such notice may register their names and addresses and the serial numbers of their Bonds with the Finance Director- Clerk at the City Hall . IT IS HEREBY CERTIFIED AND RECITED that all acts , condi- tions and things required by the Constitution and laws or the State of Minnesota to be done , to happen and to be per- formed precedent to and in the issuance of this Bond have been done , have happened and have been performed in regular and due form, time and manner as required by law; that prior to the issuance hereof a direct annual irrepealable ad valo- rem tax has been duly levied upon all of the taxable prop- erty in the City in the years and amounts as required by i.aw and additional taxes may be levied on all of said property , if required for such purpose, without limitation as to rate or amount; and that this Bond , together with all other in- debtedness of the City outstanding on the date hereof does not exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF , the City of Eden Prairie , Hennepin County, Minnesota , by its City Council , has caused this Bond to be executed in its behalf by the facsimile signatures of the Mayor and City Manager and the manual signature of the Finance Director-Clerk , the corporate seal of said City having been intentionally omitted as permitted by law, and has caused the interest coupons to be executed and authenti- cated by the facsimile signatures of said officers , all as of March 1 , 1982 . ATTEST: _ (Manual Signature ) _ (Facsimile Signature) Finance Director-Clerk Mayor (Facsimile Signature ) City Manager k .. 6 F VV 4� 3 . 02 . Frorm of Coupons . Interest on each Bond to matur- ity shall be represented by a consecutively numbered set of interest coupons printed in substantially the following form : No . $ On September (March) 1 , 19 , unless the Bond to which this coupon appertains shall previously have been called for redemption and provision for the payment thereof shall have been made , the City of Eden Prairie , Hennepin County, Minne- sota , will pay to bearer at the main office of Northwestern National Bank of Minneapolis , in Minneapolis , Minnesota , the sum shown hereon in coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts , for interest then due on its General Obligation Public Building Bond of 1982 , dated as of March 1 , 1982, No. (Facsimile Signature) (Facsimile Signature) Finance Director-Clerk Mayor (Facsimile Signature) City Manager 3. 03. Form of Certificate . A certificate in substan- tially the following form shall be printed on the reverse side of each Bond , following a copy of the text of the legal opinion to be rendered by bond counsel: We certify that the above is a full , true and correct copy of the legal opinion rendered by Bond Counsel on the issue of Bonds of the City of Eden Prairie , Minnesota , which includes the within Bond , dated as of the date of delivery of and payment for the Bonds. (Facsimile Signature) (Facsimile Signature) Finance Director-Clerk Mayor (Facsimile Signature) City Manager _ Section 4 . Bond Terms , Execution and Delivery 4 . 01. Date , Amount , Denomination and Maturitv . The City shall forthwith issue and deliver the Bonds , which f shall be negotiable coupon general obligation bonds, de- nominated General Obligation Public Building Bonds of L982 , payable primarily from the 1982 General. Obligation Public Building Bond Fund created in Section 5 . 02 hereof . The Bonds shall be dated as of March 1 , 1982 , shall be 580 in number and numbered serially from 1 to 580 , inclusive , each in the denomination of $5 , 000 , and payable to bearer , and shall mature serially on March 1 in the years and amounts set forth below. The Bonds of each annual maturity shall bear interest from date of issue until paid at the rate per annum shown opposite the year of such maturity as follows : Year Amount Rate Year Amount Rate 1984 $125 , 000 11 . 00% 1990 $250 , 000 11 . 00% 1985 150 , 000 11 . 00 1991 275 , 000 11 . 00 1986 150 , 000 11. 00 1992 300 , 000 11 . 00 1987 175 , 000 11 . 00 1993 325 , 000 11 . 25 1988 200 , 000 11 . 00 1994 375 , 000 11 . 50 1989 225 , 000 11. 00 1995 350 , 000 11 . 75 4 . 02. Interest. Interest on the Bonds shall be payable on September 1 , 1982 , and semiannually thereafter on March 1 and September 1 of each year . 4 . 03 . Paving Agent . "he Purchaser of the Bonds has designated Northwestern National Bank of Minneapolis , in Minneapolis , Minnesota , as paying agent . That recommenda- tion is hereby approved . The Mayor and the Finance Direc- tor-Clerk are hereby authorized and directed to enter into a paying agency contract pursuant to which the City will pay the usual and customary charges of said paying agent for the receipt and disbursement of principal and interest moneys . The principal of and interest on the Bonds shall be payable at the main office of the paying agent designated herein, in Minneapolis , Minnesota , or , in the event of its resignation , removal or incapability of acting as paying agent , at the off: ice of such successor paying agent as may be approved by this City Council . Upon merger or consolidation of the paying agent 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 paying agent . No resignation of the paying agent and no appointment of a successor paying agent shall become effective until the date specified in a daily or weekly periodical published in a Minnesota city of the first class or its metropolitan area which circulates throughout the state and furnishes financial news as a part of its service and specified by written notice to the Pur- chaser of the Bonds , not less than thirty (30 ) days before said effective date . g 4 . 04 . 5edemption Feature . Bonds of this issue maturing in the year 1993 and thereafter shall be subject to redemp- tion prior to maturity , in whole , or in part in inverse order of serial numbers , on March 1 , 1992 , and on any inter- est payment date thereafter , at a price equal to par plus accrued interest to the date fixed for redemption. Not less than thirty ( 30 ) days before the date specified for redemp- tion of any of the Bonds , notice stating ' the amount and numbers of the Bonds to be redeemed shall be published in a daily or weekly periodical published in a Minnesota city of the first class or its metropolitan area which circulates throughout the state and furnishes financial news as a part of its services and shall be mailed to the holders , if known, of the Bonds to be redeemed and to the bank at which principal and interest are then payable , but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for redemption of any Bond . The Finance Director-Clerk shall maintain a record of the names and addresses of holders of prepayable Bands and the serial numbers of such Bonds , so far as such information is furnished by the holders . 4. 05 . Preparation and Delivery . The Bonds shall be prepared under the direction of the Finance Director--Clerk and shall be executed on behalf of the City by the printed , engraved or lithographed facsimile signatures of the Mayor and the City Manager and the manual signature of the Finance Director-Clerk . On the reverse side of each Bond shall be printed a copy of the legal opinion rendered thereon by Bond Counsel and the certificate of the Mayor , the City Manager and the Finance Director-Clerk. The certificate as to legal opinion and interest coupons attached to the Bonds shall be executed and authenticated by the printed , engraved or lithographed facsimile signatures of the Mayor , the City Manager and the Finance Director-Clerk . The official corpo- rate seal of the City shall be omitted from the Bonds and the interest coupons as permitted by law. When the Bonds have been so executed and authenticated , they shall be delivered by the Finance Director-Clerk to the Purchaser thereof upon payment of the purchase price in accordance with the contract of sale heretofore made and executed. Said Purchaser shall not be obliged to see to the applica- tion of the purchase price. Section 5 . Security Provisions 5. 01 . 1982 General Obligation Public Building Construc- tion Fund ., There is hereby created a special fund to be designated as the " 1982 General Obligation Public Building Construction Fund" ( the "Construction Fund" ) to be held and administered by the Finance Director-Clerk separate and apart from all other funds of the City. The City appropri- - 9 - �. ates to the Construction Fund the proceeds of the sale of the Bonds until completion and payment of all costs of the Public Building Facilities . The Construction Fund shall be used solely to defray in part expenses of the Public Build- ing Facilities , including , but not limited to, the transfer to the Bond Fund , as created and defined in Section 5 . 02 , of amounts sufficient for the payment of interest and princi- pal , if any , due upon the Bonds prior to the completion and payment of such costs of the Public Building Facilities. Upon completion and payment of such costs of the Public Building Facilities any balance of the proceeds directed by the City Council , but any balance of such proceeds shall be credited and paid to the Bond Fund , as hereinafter defined . 5. 02. 1982 General Obligation Public Building Bond Fund . So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid , the Finance Direc- tor-Clerk shall maintain a separate and special fund desig- nated as the " 1982 General Obligation Public Building Bond Fund" (the "Bond Fund" ) to be used for no purpose other than the payment of the principal of and interest on the Bonds. The City irrevocably appropriates to the Bond Fund : (a) any. taxes levied in accordance with this resolution and (b). all such other moneys as shall be received and appropriated to the Bond Fund from time to time. If the balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on all bonds payable therefrom, the pay- ment shall be made from any fund of the City which is avail- able for that purpose , . subject to reimbursement from the Bond Fund when the balance therein is sufficient . The City covenants and agrees that it will each year levy a suffi- cient amount to take care of any accumulated or anticipated deficiency , which levy is not subject to any constitutional or statutory tax limitation. 5. 03. Ad Valorem Taxes . In order to provide the amounts required by Minnesota Statutes , Section 475 . 61, Subdivision 1 , for the payment of the Bonds , there is hereby levied upon all of the taxable property of the City a di- rect, annual ad valorem tax , which shall be collectible with other taxes in the years and amounts as set forth on Exhibit A attached hereto. Said taxes shall be irrepealable as long as any of the Bonds herein authorized are outstanding and unpaid ; provided that the City reserves the right and power to reduce the levies in the manner and to the extent pro- vided in Minnesota Statutes , Section 475 . 61 . 5. 04 . Full Faith and Credit Pledged . The full faith, credit and taxing powers of the City are irrevocably pledged for the prompt and full payment of the principal of and interest on the Bonds , and the Bonds shall be payable From the Bond Fund in accordance with the provisions and cove- - 10 — t nants contained in this resolution. if the money on hand in the Bond Fund should at any time be insufficient to pay principal and interest due on all bonds payable therefrom, such amounts may be paid from any other fund of the City, and such other fund shall be reimbursed therefor when suffi- cient money is available in the Bond Fund . If on October 1 in any year the sum of the balance in the Bond Fund , plus the amount of ad valorem taxes theretofore - levied for the Public Building Facilities and collectible through the end of the fallowing calendar year , .is not sufficient to pay when due all principal and interest to become due on all bonds payable therefrom in the following calendar year or the Bond Fund has incurred a deficiency in the manner pro- vided in this Section S . 04 , an additional , direct , irrepeal- able ad valorem tax shall be levied on all taxable property within the corporate limits of the City for the purpose of restoring such accumulated or anticipated deficiency in accordance with the provisions of this resolution. Section 6. Defeasance 6 . 01. Defeasance . When all of the Bonds and all cou— pons appertaining thereto have been discharged as provided in this Section 6 . 01 , all pledges , covenants and other rights granted by this resolution to the holders of the ` Bonds shall cease, The City may discharge. its obligations with respect to any Bonds and coupons appertaining thereto which are due on any date by depositing with the paying agent on or before that date a sum sufficient for the pay- ment thereof in full , or if any Bond or coupon should not be paid when due , such Bond or coupon may nevertheless be dis- charged by depositing with the paying agent a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit . The City may also discharge its obli- gations with respect to any prepayable Bonds which are called for redemption on any date according to their terms by depositing with the paying agent on or before that date an amount equal to the principal and interest which are 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 wit'_z 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 general obligations of the United States or securities of United States agencies which are authorized by law to be so deposited , bearing interest payable at such time and at such rates and maturing on such dates as shall be required , without reinvestment, to pay all principal and interest to become due thereon to maturity or said redemption date . { S.ection 7 . Registrations Certification of Proceedings and Arbitrage 7 . 01 . Registration. The Finance Director-Clerk is hereby authorized and directed to file a certified copy of this resolution with the Director of Property Taxation , as County Auditor ( the "County Auditor " ) of Hennepin County , together with such other information as the County Auditor shall require, and to obtain from said County Auditor a certificate that the Bonds have been entered on the bond register of the County Auditor as required by law. 7. 02 . Certification of Proceedings . The officers of the City and the County Auditor are hereby authorized and directed to prepare and furnish to the Purchaser of the Bonds and to O' Connor & Hannan, Bond Counsel , certified copies of all proceedings and records of the City and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under the custody and control of or as otherwise known to the City and the County Auditor . All such certi- fied copies , certificates and affidavits , including any ' heretofore furnished , shall be deemed representations of the City as to the facts recited therein. 7. 03 . Investment of Moneys on Deposit in Bond Fund ; Arbitrage . (a) Covenant . The City covenants and agrees with the holders from time to time of the Bonds tha t the City will not take or permit to be taken by any of its officers , employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1954 , as amended (the "Code" ) , and regulations , issued thereunder , as now existing or as hereafter amended or proposed and in effect at the time of such action. (b) Investment of Moneys on De osit in Bond Fund . Unless and until the regulations under Sec- tion 103 (c) of the Code which have been promulgated by the Internal Revenue Service prior to the date hereof have been modified or amended in pertinent part , the Finance Director-Clerk shall ascertain ` monthly the amount on deposit in the Bond Fund . If the amount on deposit therein ever exceeds by more than $435 , 000 the aggregate amount of principal and interest due and payable from the Bond Fund within thirteen (13) months thereafter , then to the extent necessary to prevent the Bonds from being arbitrage 12 ( bonds , such excess shall either : (a) not be in- vested except at a yield less than or equal to the yield on the Bonds , based upon their amounts , matu- rities and interest on their date of issue, com- puted by the actuarial method or (b) be used to redeem and prepay the Bonds then redeemable . if any additional bonds are ever issued and made pay- able from the Bond Fund pursuant to Section. 5 . 03 hereof , the dollar amount in the preceding sentence shall be changed to equal fifteen percent (15%) of the aggregate original principal amount of all bonds , including the Bonds , which are outstarding and payable therefrom. The City reserves the right to amend the provisions of this Section 7 . 03 ( b) at any time , whether prior to or after the delivery of the Bonds , if and to the extent that this City Council determines that the provisions of this Section 7 . 03 (b) are not necessary in order to as- sure that the Bonds are not arbitrage bonds under Section 103 (c) of the Code and the applicable regu- lations . (c ) Certification. The Mayo:. and the Finance Director-Clerk , 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 Pur- chaser a certificate in accordance with the provi- sions of Section 103 (c ) of the Code and Treasury Regulations , Section 1. 103-13 , 1. 103-14 and 1 . 103- 15 , stating that on the basis of the facts , esti- mates and circumstances in existence on the date of issue and delivery of the Bonds , as such facts , estimates and circumstances are set forth in the certificate , it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be arbitrage bonds within the meaning of Section 103 (c) of the Code and the ap- plicable Regulations. Section 8 . Official Statement 8. 01. Official Statement . The Official Statement , dated as of March 2 , 1982 , relating to the Bonds , prepared and distributed on behalf of the City by Ehlers and Associ- ates , Inc . , is hereby approved and the appropriate officers of the City are hereby authorized and directed to execute 13 - such certificates as are appropriate with respect to the completeness and accuracy of the O.ffici41 Statement . Attest : Z_1) ; Mayor Finance Di/r for-Clerk The motion for the adoption of the foregoing Resolution was duly seconded by Member Dean Edstrom and, upon vote being taken thereon , the following voted : YEAS ABSTAINS NAYS Mayor Wolfgang Penzel None None Paul Redpath Dean Edstrom George Bentley George Tangen Whereupon the Resolution was declared duly passed and adopted and was signed by the Mayor and attested by the Finance Director-Clerk.. w 14 .. EXHIBIT A • ƒ t . COMPUTATION OF TAX LEVY ON : $2 , 900 , 000 O . O , PU2LIC SUILOINO BONDS OF 1982 CITY OF EDEN PRAIRIE , MINNESOTA LEVY COLLECT AMOUNT AMOUNT + S% TAX 1902 1933 $ R4.3938 $ 46613E! $ 466200 : 1983 198R $ RS7g75 $ &80769 a %80800 1984 1905 $ R41375 $ R63W Li.R $ Li-63500 1985 1986 $ 449875 $ R72369 $ 1+72*00 ' $ 45S62S $ &.Cp06 $ %78ROO 1986 1907 7777 1993 $ 458625 $ G81556 $ 431600 1988 1989 $ 458875 $ &81819 $ 14-81903 637S $ ¥79194 $ ¥79200 1989 1990 $ 45 : 1990 1991 $ WS112S $ �73681 # %73700 1991 1992 a65281 $ L�65300 1992 1993 $ 456562 $ +79391 $ 479WOO : 1993 1994 $ 389375 $ 4088%Li. $ 408900 } $ 5362750 $ 5631300 NOTE : BOND PROCEEDS < CAPITALIZEQ INTEREST) OF $200 , 1.300 \ AND FUNDS ON HAND AMOUNTING TO $121.1., 312 . 50 WILL } BE USED TO RAY $3214: 312 , 50 OF INTEREST PAYMENTS . } DUE 9/1/82 AND 3/l/83 . } COMPUTER PROGRAM COPYRIGHT , EHLERS ANB ASSOCIATES , INC . , 1981 } ( .