HomeMy WebLinkAboutResolution - 82-263 - Awarding Sale of Bonds - $6,200,000 Improvement Bonds & $2,300,000 State Aid Bonds - 11/16/1982 CERTIFICATION OF MINUTES RELATING TO
$ 2 , 300 , 000 GENERAL OBLIGATION STATE-AID BONDS OF 1982
Issuer : City of Eden Prairie , Minnesota
i
Governing Body : City Council
Kind , date , time and place of meeting: A regular
meeting , held on November 16 , 1982 , at 4:U0 o ' clock p. m. ,
at the City Hall .
Members present : Mayor Wolfgang Penzel , Council Members : Paul Redpath,
Dean Edstrom, George Bentley, George Tangen
Members absent:
No ne
Documents Attached :
Minutes of said meeting (pages ) :
RESOLUTION RELATING TO $2 , 300 , 000
GENERAL OBLIGATION STATE-AID
BONDS OF 1982 ; AWARDING
THE SALE THEREOF
RESOLUTION RELATING TO $2 , 300 , 000 GENERAL
OBLIGATION STATE-AID BONDS OF 1982 ;
FIXING THE FORM .AND DETAILS , PROVIDING FOR
THE EXECUTION AND DELIVERY THEREOF AND
THE SECURITY THEREFOR
Z
I , the undersigned , being the duly qualified and
acting recording officer of the public corporation issuing
the obligations referred to in the title of this
certificate , certify that the documents attached hereto ,
as described above , have been carefully compared with the
original records of 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 obligations; and that said meeting was duly held by
the governing body at the time and place and was attended
throughout by the members indicated above , pursuant to
call and notice of such meeting given as required by law .
WITNESS my hand officially as such recording
officer this 16th day of November ,,} 1982 .
ohn D. Frane
'C� ty Finance Director/Clerk
( SEAL ) j /
r !
The City Finance Director/Clerk presented
affidavits showing publication of the notice of sale of
$2 , 300 , O00 General Obligation State-Aid Bonds of 1982 , of
the Citv in the Eden Prairie News , the official newspaper
of the City, and in Commercial West , as required by law
and as directed by a resolution, of the Council adopted
uctober 19, 1982 . The affidavits were examined , found
satisfactory and directed to be filed in the office of the
City Finance Director/Clerk .
The City Finance Director/Clerk reported
that two sealed bids had been received at his office
prior to the time designated in the Notice of Sale for the
opening of bids . The bids were then opened , read and
{
considered , and the terms of each were determined to be as
follows:
see attached bid tabulation
BID TABULATION
$2 ,300 ,000 General Obliaation State-Aid Bonds of 1982
City of Eden Prairie , Minnesota
SALE : Tuesday, November 16 , 1982
AWARD: RAIN BOSWORTH , INC .
MOODY ' S RATING "A"
COUPON NET INTEREST COST -
NAME OF BIDDER RATE YEAR & RATE PRICE
DAIN BOSWORTH , INC. 6.50% 1983-85 $1 ,048,631 . 50 $2 ,272,006 .00
Minneapolis , Minnesota 7.00 1986
MERRILL LYNCH WHITE WELD CAPITAL MARKETS 7.3010 1987 8.9562%
GROUP, Minneapolis , Minnesota 7.70% 1988
Cronin & Marcotte , Inc. 8.00% 1989
8.25% 1990
8.50°0 1991
8.75% 1992
9.00% 1993
9.20% 1994
9.40% 1995
9.60% 1996
9.80% 1997
10.00% 1998
10. 100% 1999
10.20% 2000-2001
BANCNORTHWEST 7.25% 1983-1987 $1 ,073,591.00 $2 ,272,000.00
Minneapolis , Minnesota 7.60 1988
THE NORTHERN TRUST COMPANY 8.00 1989 9. 1694%
Chicago, Illinois 8.40 1990
JURAN & MOODY, INC. 8. 70 1991
Saint Paul , Minnesota 9.00 1992
BACHE HALSEY STUART SHIELDS , INC. 9.20 1993
Chicago, Illinois 9.40 1994
American National Bank & Trust Co. 9.60 1995
Blyth Eastman Paine Webber, Inc. 9. 80 1996
Channer, Newman Securities , Co. 10.00 1997
Moore, Juran & Co. , Inc. 10. 10 1998
Miller & Scroeder Municipals , Inc. 10.20 1999
M.H . Novick & Co. , Inc. 10.30 2000-2001
Robert S.C. Peterson
Securities Corporation of Iowa
Dougherty, Dawkins , Strand & Yost, Inc.
IN ASSOCIATION WITH :
PIPER, JAFFRAY & HOPWOOD, INC.
Minneapolis , Minnesota
Allison-Williams Company
First National Bank of Minneapolis
The First National Bank of Saint Paul
ibe rt W. Baird & Co. , Inc.
Craig-Hallum, Inc.
F&M Marquette National Bank
EHLERS AND ASSOCIATES , INC.
507 Marquette Avenue
Minneapolis , Minnesota 55402
Tolonhnno (r,17 ) 2�Q_f27Q1 -
After some discussion , Member Edstrom
introduced the following resolution and moved its adoption :
RESOLUTION RELATING TO $ 2 , 300 , 000
GENERAL OBLIGATION STATE-AID
BONDS OF 1982 ; AWARDING
THE SALE THEREOF
BE IT RESOLVED by the City Council. of the City of
Eden Prairie , Minnesota , as follows :
1 . This Council , under the authority of
Minnesota Statutes , Chapters 162 and 475 , and pursuant to
a resolution adopted on October 19 , 1982 , ordered that a
public sale of $2 , 300 , 000 General Obligation State-Aid
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 Statues , Section 475 . 60 . In accordance with
the Terms and Conditions of Sale , two sealed bids were
received by the City .Finance Director/Clerk prior to 4 : 00
o ' clock p. m. , C . S . T . on this date . Those bids have been
opened , read and considered by this Council and the terms
of each have now been determined .
2 . The bid of Dai n bosworth, Inc.
, of Minneapoiis , ninneso a
( the Purchaser ) , for the purchase of the Bonds on the
terms set forth in the Terms and Conditions of Sale , at a
price of $ ,--,272,006 plus accrued interest from the date of
the Bonds to the date of delivery thereof , the Bonds to
bear interest at specified rates resulting 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
maturity) of $ 1,048,631 .50 , which is the lowest net
interest cost of all bids received pursuant to the Notice
of Sale and the Terms and Conditions of Sale and is
therefore declared to be the best bid received , and is
hereby accepted . The Mayor and the City Finance
Director/Clerk are hereby authorized and directed to
execute a contract for the sale of the Bonds to the
Purchaser in accc -dance with the terms of said bid , the
Terms and Conditions of Sale and this resolution .
3 . The City Finance Director/Clerk shall retain
the good faith check of the Purchaser , pursuant to the
l
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Terms and Conditions of Sale , and shall return the good
faith checks of the unsuccessful biddersyforthwith.
Mayor
Attest :
j e� ty finance Director/Clerk
.f
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J
The motion for the adoption of the foregoing
resolution was duly seconded by Member Bentley and
upon vote being taken thereon,, the following voted in
favor thereof : Mayor Wolfgang Penzel , Counci l Members : Paul Redpath,
Uean Edstrom, ueor-ge Bentley, George Tangen
and the following voted against the same : None
whereupon said resolution was declared duly passed and
adopted and was signed by the Mayor and attested by the
City Finance Director/Clerk .
l`
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Member Edstrorn introduced the
following resolution and moved its adoption :
RESOLUTION RELATING TO $2 , 300 , 000
GENERAL OBLIGATION STATE-AID BONDS OF'
1982 ; FIXING THE FORM AND DETAILS ,
PROVIDING FOR THE EXECUTION AND
DELIVERY THEREOF AND THE SECURITY
THEREFOR
BE IT RESOLVED by the City Council of the City of
Eden Prairie , Minnesota , as follows :
Section 1 . Recitals .
1 . 01 . Authorization . This Council has heretofore
ordered various state-aid street improvement projects ( the
Improvements ) in the City, and has contracted for the
construction of the Improvements , under and pursuant to
Minnesota Statutes , Chapter 162 , as amended ( the Act) .
The total cost of the Improvements is now
estimated as follows :
Construction Costs $ 2 ,026 ,000
Design and Inspection
Legal , Fiscal and Administrative 16 ,000
Total $ 2 ,042 ,000
1 . 02 . Sale . By a resolution adopted on October 19 ,
1982 , this Council determined to issue and sell $2 , 300 , 000
principal amount of General Obligation State-Aid Bonds of
1962 , of the City ( the Bonds ) to defray the expense
incurred and estimated to be incurred by the City in
making the Improvements , including every item of cost of
the kinds authorized in Minnesota Statutes , Section
475 . 65 . Pursuant to the aforesaid resolution , a public
sale of the Bonds was held on November 16 , 1982 and this
Council , by resolution adopted on that date , accepted the
bid of Uain Bosworth , Inc.
of Minneapolis , Pinnesota ( the Purchaser ) , to
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r purchase the Bonds on the terms and conditions set forth
in the Terms and Conditions of Sale .
1 . 03 . Issuance of Bonds . 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 prior to the issuance of the Bonds have been
done , do exist , have happened , and have been performed ,
wherefore it is now necessary for this Council to
establish the form and terms of the Bonds , to provide for
the security thereof , and to issue the Bonds forthwith .
Section 2 . Form of Bonds and Coupons .
2 . 01 . Form of Bonds . The Bonds shall be prepared in
substantially the following form:
1
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UNITED STATES OF AMERICA
STATE, OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDEN PRAIRIE
GENERAL OBI,IGATION STATE-AID BOND OF 1982
No . $ 5 , 000
The City of Eden Prairie , Hennepin County ,
Minnesota ( the City ) , acknowledges itself to be indebted ,
and for value received hereby promises to pay to bearer ,
upon presentation and surrender hereof , the principal sum
of
FIVE THOUSAND DOLLARS
on May 1 , 19 or , if this Bond is prepayable as stated
below , on any date prior thereto on which it shall have
been duly called for redemption , and to pay interest
thereon from the date hereof until said principal sum is
paid , or , if this Bond is prepayable , until it has been
duly called for redemption and the principal thereof and
the interest thereon to the date of redemption have been
paid or deposited with the paying agent designated below,
at the rate of hundredths percent
( % ) per annum. Interest hereon is payable
semiannually on November 1 and May 1 , commencing May 1 ,
1983 , interest to maturity being payable in accordance
with and upon presentation and surrender of the interest
coupons hereto appurtenant . Both principal and interest
are payable at First crust Campdny of Saint Paul
in St. Paul Minnesota or its successor as paying
agent , in any coin or currency of the United States of
America which on the respective dates of payment is legal
tender for public and private debts . For the prompt and
full payment of such principal and interest as the same
become due , the full faith , credit and taxing powers of
the City have been and are hereby irrevocably pledged .
This Bond is one of an issue in the aggregate
principal amount of $2 , 300 , 000 ( the Bonds) , all of like
date and tenor except as to serial number , interest rate ,
redemption privilege and maturity date , issued to pay the
cost of constructing , reconstructing and improving certain
state-aid streets in the City ( the Improvements ) , and
pursuant to and in full conformity with the provisions of
the Constitution and laws of the State of Minnesota
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thereunto enabling , including Minnesota Statutes , Chapters
162 and 475 . This Bond is payable primarily from the 1982
Improvement Bond Fund ( the Fund ) of the City, but the
Council is required by law to pay maturing principal
hereof and interest thereon out of any funds in the
treasury if moneys on hand in the Fund are insufficient
therefor .
Bonds maturing in the years 1983 through 1993 are
payable on their respective stated maturity dates without
option of prior payment , but Bonds having stated maturity
dates in the years 1994 through 2001 are each subject to
redemption. and prepayment at the option of the City, in
inverse order of serial numbers , on November 1 , 1993 , and
any interest payment date thereafter , at a price equal to
the principal amount thereof , plus accrued interest to the
date of redemption . At least thirty days before the date
set for redemption of any Bond , notice of the call for
redemption will 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 City Finance Dire ctor/Clerk .
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 City according
to its terms have been done , do exist , have happened and
have been performed as so required ; that prior to the
issuance hereof the City Council has by resolution
irrevocably pledged and appropriated to a separate and
special sinking fund , to be maintained for the payment of
this and other bonds issued under said Section 162 . 18 , as
long as any of such bonds are outstanding , an amount of
the moneys allotted and to be alloted to the City from its
account in the Municipal State-Aid Street Fund of the
State sufficient to pay when due the principal of and
interest on all such bonds ; and that in the event that in
any year the moneys so allotted and transferred to the
sinking fund should be insufficient to pay all such
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' principal and interest due in the following year , the City
is obligated to levy a direct , irrepealable , ad valorem
tax upon all taxable property within its corporate limits
for the payment of such deficiency , which levy may be made
without limitation as to rate or amount ; and that the
issuance of this Bond does not cause the indebtedness of
the City to exceed any constitutional or statutory
limitation _
IN WITNESS WHEREOF , the City of Eden Prairie,
Hennepin County , State of Minnesota , by its City Council ,
has caused this Bond to be executed by the facsimile
signatures of the Mayor and City Manager and the manual
signature of the City Finance Director/Clerk , and by a
printed facsimile of the official seal of the City , has
caused the interest coupons appurtenant hereto and the
certificate appearing on the reverse side hereof to be
executed and authenticated by the facsimile signatures of
said officers , and has caused this Bond to be dated as of
December 1 , 1982 .
ATTEST :
( Facsimile Signature )
Mayor
/s/ Jonn D. Frdne
(Facsimile Signature )
City Finance Director Clerk City Manager
( FACSIMILE. SEAL)
2 . 02 . Form of Coupons . Interest on each Bond to
maturity shall be represented by a consecutively numbered
set of interest coupons printed in substantially the
following form:
No . $
On May (November ) 1 , 19 , unless the Bond to
which this coupon appertains is subject to and shall
previously have been called for redemption and provision
for the payment thereof shall have been made , the City of
Eden Prairie , Hennepin County , Minnesota , will pay to
bearer at t i rst Trust Company J. in Saint Paul ,
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
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private debts , for interest then due on its General
Obligation State-Aid Bond of 11082 , dated December 1 , 1982 ,
No .
( Facsimile Signature )
Mayor
/s/ John D. Frane ( Facsimile Signature )
City Finance T)irector/Clerk City Manager
s
i
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2 . 03 . Form of Certificates . A certificate in
substantially 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 )
Mavor
/s/ John D. Frane
(Facsimile Signature )
City r inance Director7Cl-e--rT City Manager
Section 3 . Bond Terms , Execution and Deliverv.
3 . 01 . Date , Amount , Denomination and Maturitv. The
City shall forthwith issue and deliver the Bonds ,
denominated General Obligation State-Aid Bonds of 1982 ,
payable primarily from the Bond Fund created in Section
4 . 02 hereof. The Bonds shall be dated as of December 1 ,
1982 , shall be 460 in number and numbered from 1 to 460 ,
inclusive , each in the denomination of $ 5 , 000 . The Bonds
shall mature in order of serial numbers on May 1 in the
vears and amounts set forth below , and Bonds of each
annual maturity shall bear interest from date of issue
until =aid or duly called for redemption at the rate per
annum shown opposite the year of such maturity as follows :
Year Amount Rate Year Amount Rate
1983 $400 , 000 b .50 g 1993 $50 , 000 9.UO %
1984 400 , 000 6.50 1994 50 , 000 9.20
1985 300 , 000 6.50 1995 50 , 000 9.40
1986 300 , 000 7.00 1996 50 , 000 9.60
1987 200 , 000 7.3U 1997 50 , 000 9.80
1988 50 , 000 7. 70 1998 50 , 000 1U.OU
1989 50 , 000 8.00 1999 50 , 000 10. 10
1990 50 , 000 8.25 2000 50 , 000 i0.�O
1991 50 , 000 8.50 2001 50 , 000 10.20
1992 50 , 000 8. 75
3 . 02 . Interest. Interest on the Bonds shall be
payable on May 1 , 1983 , and semiannually thereafter on
November 1 and May 1 of each year .
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3 . 03 . Paving Agent . The Purchaser has designated
first Trust Company of Saint ►'au ! in
St. Paul e' , as paying agent . That recommendation
is hereby approved . The City agrees to 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 principal office of the paying agent designated
herein , in St ._ Paul I ,dnnesota , in or in
the event of its resignation , removal or incapability of
acting as paying agent , at the office of such successor
paying agent as may be approved by this 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 notice of the
appointment which the Council shall cause 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 , a copy of which notice
shall also be mailed to the Purchaser of the Bonds , not
less than thirty ( 30 ) days before said effective date .
3 . 04 . Redemotion . Bonds maturing in the years 1983
through 1993 shall not be subject to redemption prior to
maturity , but Bonds maturing in the years 1994 through
2001 shall each be subject to redemption and prepayment at
the option of the City , in inverse order of serial
numbers , on November 1 , 1993 and any interest payment date
thereafter at a price equal to the principal amount
thereof , and accrued interest to the date of redemption .
At least thirty ( 30 ) days prior to the date set for
redemption of any Bond , the City Finance Director/Clerk
shall cause notice of the call for redemption thereof 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 principal of and interest on the Bonds are
then payable and to the holder thereof , if known to the
City r inance Director/Clerk , 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.
The City Finance Director/Clerk is hereby authorized and
directed to maintain a register of the names and addresses
of the holders of prepayable Bonds who desire to register
t
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the serial numbers of their Bonds with hi-n for the purpose
of receiving such mailed notice .
3 . 05 . Preparation and Delivery. The Bonds shall be
prepared under the direction of the City Finance
Director /Clerk and shall be executed on behalf of the City
by the signatures of the Mayor, the City Manager and the City
Finance Director/Clerk, and shall be sealed with the official
corporate seal of the City , provided that one of said
signatures and the corporate seal may be printed ,
engraved , or lithographed facsimiles thereof . On the
reverse side of each Bond shall be printed a copy of the
legal opinion rendered by Bond Counsel and the certificate
of the Mavor , the City Manager and City Finance
Director/Clerk . The certificate as to legal opinion and
the 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 City Finance Director/Clerk . When the Bonds
have been so executed and authenticated , they shall be
delivered by the City Finance Director/Clerk 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 obliged to see to the
application of the purchase price .
Section 4 . Security Provisions .
4 . 01 . 1982 State-Aid Street Bond Sinking Fund . There
is hereby created and shall be maintained by the City
Finance Director/Clerk on the official books and records
of the City , a separate and special sinking fund to be
designated as the "1982 State-Aid Street Bond Sinking
Fund" ( the Bond Fund ) , the moneys in which shall be used
solely for the payment of the principal of and interest on
the Bonds and on any additional general obligation
State-Aid Street Bonds hereafter issued under the
authority granted by Minnesota Statutes , Section 162 . 18 ,
and directed by the Council to be paid from the Bond
Fund . If at any time moneys in the Bond Fund should be
insufficient to pay all principal and interest due on such
bonds , the City Finance Director/Clerk shall nevertheless
pay the same from any moneys on hand in other funds of the
City and available for such purpose , and the moneys so
used shall be restored to the appropriate funds from the
moneys next received by the City from the Construction or
Maintenance Account in the Municipal State-Aid Street Fund
of the Mate , which are not required for the payment of
additional principal and interest. There is hereby
irrevocably appropriated to the Bond Fund , out of moneys
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allotted and to be allotted to the City from its account
in the Municipal State-Aid Street Fund of the State , such
amount as shall be sufficient to pay the principal of and
interest on the Bonds , as such principal and interest
respectively become due , on the date and in the amounts as
follows :
Interest Payable on
Year Principal Amount Mav 1 November 1
See attached schedule
4 . 02 . Full Faith and Credit: Pledged . The full faith
and credit of the City are irrevocaoly 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 covenants
contained in this resolution . it is estimated that the
municipal state-aid street allotments appropriated in
paragraph 4 . 01 hereof will produce amounts not less than
5% in excess of the annual principal and interest
requirements of the Bonds . The City Finance
Director/Clerk shall follow the procedure set forth in
Minnesota. Statutes , Section 162 . 18 , Subdivision 4 , for
obtaining such funds. If the money on hand in the Bond
Fund should at any time be insufficient to pay principal
of 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
sufficient 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 municipal state-aid street
allotments theretofor appropriated to the Bond Fund and
collectible through the end of the following 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 provided in this Section 4 . 02 ,
a direct , irrepealable , 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 5 . Defeasance . When all of the Bonds and all
coupons appertaining thereto have been discharged as
provided in this section, all pledges ; covenants and other
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SCHEDULE OF PRINCIPAL AND lNTEREST PAYMENTS
$2 , 300 , 000 G . O . STATE AID BONDS OF 1982
CITY OF EDEN PRAIRIE , MINNESOTA
< `AGE 1
\
DATE BOND N0 . P R I N RATE INTEREST TOTAL PAYING AGENT
5/1/1983 1 - 80 400000 6 . 50 71437 . 50 471437 . 50
11/1/1983 72725 . 00 72725 . 00
^ -_--_-------
5/1/1984 81 - 160 400000 6 . 50 72725 . 00 472725 . 00
------------
11/1/1984 59725 . 00 59725 . 00
' .` - -___--------
5/1/1985 161 - 220 300000 6 . 50 59725 . 00 359725 . 00
------------
11/1/1985 49975 . 00 49975 . 08
5/1/1986 221 - 280 300000 7 . 00 49975 . 00 349975 . 00
11/1/1986 39475 . 00 39475 . 00
5/l/J.987 281 281 - 320 208000 7 . 30 39475 . 00 239475 . 0O
------------
` 11/1/1987 32175 . 00 32175 . 00
------------
5/1/198S 321 - 330 50000 7 . 70 32175 . 00 82175 . 00
------------
11/1/1988 30250 . 00 30250 . 00
------------
5/1/1989 331 - 340 50000 8 . 00 30250 . 00 80250 . 00
11/1/1989 28250 . 00 28250 . 00
5/1/1990 341 - 350 50000 6] . 25 2825O . U0 78250 . 00
------------
11/1/1990 26187 . 5O 26187 . 50
5/1/1.991. 35J.351 - 360 50000 8 . 50 26187 . 50 76187 . 50
'1. :I./I/:L991 21.1-062 , 50 24U62 . 50 24062 . 50
5/l/1992 361 361 - 370 50000 8 . 75 24062 . 50 74062 . 50
J
992 21875 . 80 21875 . 00
5/1/1993 371 - 380 50000 9 . 00 21875 . 00 71875 . 00
$2 ' 300 , 000 G . O . STATE AID BONDS OF 1982
/
\ CITY OF EDEN PRAIRIE , MINNESOTA
'
PAGE 2
DATE BOND NU . PRIN RATE INTEREST TOTAL PAYING AGENT
11/1/1993 19625 . 0U 19625 . U0
5/1/1994 381 - 390 50000 9 . 20 19625 . 0O 69625 . 00
11/1/1994 17325 . O0 17325 . 0O
5/1/1995 391 - 4O0 50000 9 . 40 17325 . 00 67325 . O0
11/1/1995 14975 . 0O 14975 . Cl0
5/1/1996 401 - 410 50000 9 . 60 14975 . 00 64975 . 00
11/1/1996 12575 . U0 12575 . O0
5/1/1997 411 - 42O 50000 9 . 80 12575 . 00 625 0 75 . 0
--_-_------_
11/1/1997 10125 . 00 10125 . 00
/ 5/1'Ill 998 421 - 430 58000 1O . 00 10125 . 00 6U125 . 00
11/1/1998 7625 . 00 7625 . 00
------------
5/1/1999 431 - 440 50000 10 . 10 7625 . 00 57625 . 00
11/1/1999 5100 . 00 5100 . 00
5/1/2000 441 - 450 50000 10 . 20 5100 . 00 551O0 . 00
11/1/2000 2558 . 00 2550 . 00
5/1/2001 451 - 460 50000 10 . 20 2550 . 00 5255O . 00
------------
23000OO $ 1020637 . 50 $ 3320637 . 50
/
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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
payment thereof in full ; or , if any Bond or coupon should
not be paid when due , it may nevertheless be discharged 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
obligations 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 , interest and redemption
premium , i� any , which are then due thereon , 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 Bones , subject to the
provisions of law naw 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 .
Section 6 . Registration , Certification of
Proceedings , Investment of Moneys and Arbitrage .
6 . 01 . Reqistration . The City Finance Director/Clerk
is hereby authorized and directed to file a certified copy
of this resolution with the County Auditor of Hennepin
County , together with such other information as he/she
shall require , and to obtain from the County Auditor a
certificate that the Bonds have been entered on his/her
bond register and that the tax required for the payment
thereof has been levied and filed as required by law.
6 . 02 . Certification of Proceedings . The officers of
the City and the County Auditor of Hennepin County are
hereby authorized and directed to prepare and furnish to
the Purchaser , and to Dorsey & Whitney , 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
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appear from the books and records under their custody and
control or as otherwise known to them , and all such
certified copies , certificates and affidavits , including
any heretofore furnished , shall be deemed representations
of the City as to the facts recited therein .
6 . 03 . Covenant . The City covenants and agrees with
the holders from time to time of the Bonds that it will
not take or permit to be taken by any of its officers ,
employees or agents any action 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 promulgated thereunder .
6 . 04 . Investment of Moneys on Deposit in Bond Fund .
From and after November 1 , 1993 , unless and until the
regulations under Section 103 ( c ) of the Code which have
been pror-.1J.-?red- by the Internal Service prior to the date
hereof have been modified or amended in pertinent part ,
the City 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 $ 345 , 000 the
aggregate amount of principal and interest due and payable
from the Bond Fund within 12 months thereafter plus a
reasonable carryover amount not exceeding the greater of
one year ' s earnings on the Bond Fund or one-twelfth of the
annual debt service payable therefrom, such excess shall
either ( a ) be used to prepay and redeem Bonds , or ( b ) not
be invested except at a vield less than or equal to the
yield on the Bonds , based upon their amount , maturities
and interest rates on their date of issue , computed by the
actuarial method . If any additional improvement bonds are
ever issued and made payable from the Bond Fund pursuant
to Section 4 . 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 then outstanding and
payable therefrom. The City reserves the right to amend
the provisions of this Section 6 . 04 at any time , whether
prior to or after the delivery of the Bonds , if, and to the
extent that this Council determines that the provisions of
this Section 6 . 04 are not necessary in order to assure
that the Bonds are not arbitrage bonds under Section
103 ( c ) of the Code and the applicable Regulations .
6 . 05 . Arbitraae. The Mayor and City 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 Purchaser a certificate in accordance
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{ with the provisions of Section 103 ( c ) of the Code , and
Treasury Regulations , Sections 1 . 103-13 , 1 . 103-14 and
1 . 103 . 15 , stating the facts , estimates and circumstances
in existence on the date of issue and delivery of the
Bonds which indicate 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 said Code and
Regulations .
Section 7 . Official Statement . The Official
Statement relating to the Bonds , prepared by the City in
cooperation with Ehlers and Associates , Inc . , is approved ,
and its distribution to prospective bidders for the Bonds
ratified . The City Finance Director/Clerk is authorized ,
in behalf of the City, to sign and deliver to the
Purchaser a certificate as to the accuracy and
completeness of the Official Stateme
Mayor
Attes.�
e
Ci�F � ce Director/Clerk
i
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The motion for the adoption of the foregoing
resolution was duly seconded by Member Bentley
and upon vote being taken thereon , the following voted in
favor thereof : Mayor Wolfgang Fenzel , council Members : Faul Recipath,
Dean Edstrom, George tsentley, George Tangen.
and the following voted against the same : Norge
whereupon said resolution was declared duly passed and
adopted , and was signed by the Mayor , which was attested
by the City Finance Director./Clerk .
—18—
i
CERTIFICATION OF KINUTES RELATING TO
$6 , 200 ,000 GENERAL GELIGAZION IMPROVEMENT BONDS OF 1982
Issuer : City of Eden Prairie, Minnesota
Governing Body : City Council
kind , date , time and place of meeting: A regular
meeting , held on November 16 , 1982 , at 4 :00 o ' clock p . n,. ,
at the City Hall.
Members present: i,iayor Wolfgang Penze i , Council Members : Paul Redpath,
Dean tdstrom, George Qentiey , George Tangen
Members absent: None
Documents Attached :
Minutes of said meeting ( pages ) :
RE.SOLUT'ION RELATING TO -- 6 ,200 ,000
GENERAL OBLIGATION IMPROVEMENT
EONDS OF 1962 ; AY.ARLING
THE SALE THEREOF
RESOLUTION RELAZING T-O $6 ,200 ,000 GENERAL
OBLIGATION IMPROVEMENT FCNLS OF 1982 ;
FIXING T'hE FORM AND DETAILS , PRuVIDING FOR
THE EXECUTION AND DELIVERY THEREOF AND
THE SECURITY ThEREFOR
I , the undersigned , being the duly qualified and
acting recording officer of the public corporation issuing
the obligations referred to in the title of this
certificate , certify that the documents attached hereto ,
as described above , have been carefully compared with the
original records of said corporation in nay legal custody ,
f rcr. 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 obligations; anc that said meeting was duly held by
the governing body at the time and place and was atten6e6
throughout by the members indicated above , pursuant to
call and notice of such n.eeting given as required by law.
WITNESS my hand officially as such recording
officer this Ihth cay of Novemter, ,`) �582 .
John D . Frane
ity Finance Director/Clerk
( SEAL)
J.
1 /
f The City Finance Director/Clerk presented
affidavits showing publication of the notice of sale of
$6 , 200 ,000 General Obligation Improvement Bonds of 1982 ,
of the City in the Eden Prairie News , the official
newspaper of the City , and in Commercial West , as required
by law and as directed by a resolution of the Council
adopted October 19 , 1982 . The affidavits were examined ,
found satisfactory and directed to be filed in the office
of the City Finance Director/Clerk ,
The City Finance Director/Clerk reported
that Viree sealed bids had been received at his office
prior to the time designated in the Notice of Sale for the
opening of bids . The bids were then opened , read and
'. considered , and the terms of each were determined to be as
follows :
see attached bid tabu i ati on
BID TABULATION
$6 ,200,000 General Obligation Bonds of 1982
City of Eden Prairie, Minnesota
SALE : Tuesday, November 16 , 1982
AWARD: BANCNORTHWEST
MOODY ' S RATING "A"
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE.
BANCNORTHWEST 8.00% 1984-1989 $5,789 ,441.00 $6,125,000.00
Minneapolis , Minnesota 8.40% 1990
THE NORTHERN TRUST COMPANY 8. 70% i991 9 .6076%
Chicago, Illinois 9.00% 1992
JURAN & MOODY, INC. 9.20% 1993
Saint Paul , Minnesota 9.40% 1994
BACHE HALSEY STUART SHIELDS, INC. 9.60% 1995
Chicago, Illinois 9.80% 1996
American National Bank & Trust Company 10.00% 1997
B1yth Eastman Paine Webber, Inc. 10. 10% 1998
Channer Newman Securities Company 10.20% 1999
)re, Juran & Co. , Inc. 10.30% 2000
i . IIer & Schroeder Municipals , Inc.
M.H . Novick & Co. , Inc.
Robert S.C. Peterson
Securities Corporation of Iowa
Dougherty, Dawkins , Strand & Yost, Inc.
IN ASSOCIATION WITH :
PIPER, JAFFRAY & HOPWOOD, INC.
Minneapolis , Minnesota
Allison-Williams Company
First National Bank of Minneapolis
The First National Bank of Saint Paul
Robert W. Baird & Company, Inc.
Craig-Hallum, Inc.
F&M Marquette National Bank
Continued on reverse side
City of Eden Prairie , Minnesota
Sale: Tuesday, November 16, 1982
Page 2
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
CONTINENTAL ILLINOIS BANK & TRUST COMPANY 8.60% 1984-1985 $6 ,900,738.64 $6 ,125 ,153.00
Chicago, Illinois 8.65% 1986-1989
THE FIRST NATIONAL BANK OF CHICAGO 8.70% 1990 9.9732%
Chicago, Illinois 9.0090 1991
HARRIS TRUST & SAVINGS BANK 9.250%. 1992
Chicago, Illinois 9.50% 1993
Bear Stearns & Conpany 9.750% 1994
Clayton Brown & Assoc. Inc. 10.00% 1995
Drexel , Burnham & Lambert Group, Inc. 10.20% 1996
L_F. Rothschild, Unterberg & Towbin 10.40% 1997
Warburg, Paribas , Becker/A.G. Becker 10.501/1.1 1998-2000
Hutchinson, Shockley, Erley & Company
Blunt Ellis & Loewi , Inc.
Stern Brothers & Company
Van Kampen , Merritt, Inc.
RAIN BOSWORTH , INC. 8.50% 1984-1986 $5,921,538. 16 $6,125,041 .00
Minneapolis , Minnesota 8. 70% 1987
MERRILL LYNCH WHITE WELD CAPITAL MARKETS 8.75% 1988-1991 9 .8269%
GROUP, Minneapolis , Minnesota 9.00% 1992
Cronin & Marcotte , Inc: 9.25% 1993
9.50% 1994
9.75% 1995
10.00% 1996
10. 10% 1997
10.25% 1998
10.40% 1999
10. 50% 2000
EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone : (612) 339-8291
' After some discussion , Member Edstrom
introduced the following resolution and moved its adoption :
RESOLUTION RELATING TO $6 ,200 , 000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1982 ; AWARDING
THE SALE THEREOF
BE IT RESOLVED by the City Council of the City of
Eden Prairie , Minnesota , as follows :
1 . This Council , under the authority of
Minnesota Statutes , Chapters 429 and 475 , and pursuant to
a resolution adopted on October 19 , 1982 , ordered that a
public sale of $6 ,200 , 000 General Obligation Improvement
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 Statues , Section 475 . 60 . In accordance with
the Terms and Conditions of Sale , 3 sealed bids were
received by the City Finance Director Clerk prior to 4 : 00
o ' clock n .m . , C . S .T. on this date . Those bids have been
opened , read and considered by this Council and the terms
of each have now been determined .
2 . The bid of bancNorthwest
, of mirineapolis yil nn so er r
( the Purchaser ) , for the purchase of the Boners on the
terms set forth in the Terms and Conditions of Sale , at a
price of $6, 1?-5 ,000 plus accrued interest from the date
of the Bonds to the date of delivery thereof , the Bonds to
bear interest at specified rates resulting in a net
interest cost ( determined by the addition of any discount
to and the de3uction of any premium from the total
interest on all Bonds from their date to their stated
maturity ) of $5,789,441.00 , which is the lowest net
interest cost of all bids received pursuant to the Notice
of Sale and the Terms and Conditions of Sale and is
therefore declared to be the best bia received , and is
hereby accepted . The Mayor and the City Manager are
hereby authorized and directed to execute a contract for
the sale of the Bonds to the Purchaser in accordance with
the terms of said bid , the Terms and Conditions of Sale
and this resolution .
3 . The City Finance Director/Clerk shall retain
the good faith check of the Purchaser , pursuant to the
Terms and Conditions of Sale , and shall return the good
faith checks of the unsuccessful bidders forthwith .
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1 /
f ayor
Attest :
Ci' Xnance Director/Clerk
The motion for the adoption of the foregoing
resolution was duly seconded by Member Bentley , and
upon vote being taken thereon , the following voted in
favor thereof :riayor Wolfgang PenzeI , Counci 1 Plembers : Paul Redpath,
Dean Edstrom, George Bentley, George Tangen
and the following voted against the same : None
whereupon said resolution was declared duly passed and
adopted and was signed by the Mayor and attested by the
City Finance Director/Clerk .
—3—
Member Edstrom introduced the
following resolution and moved its adoption :
RESOLUTION RELATING TO $6 ,200 ,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF
1982 ; FIXING TEE FORM AND DETAILS , .
PROVIDING FOR THE EXECUTION AND
DELIVERY THEREOF AND THE SECURITY
THEREFOR
BE IT RESOLVED by the City Council of the City of
Eden Prairie , Minnesota , as follows:
Section 1 . Recitals .
1 . 01 . Authorization . This Council has heretofore
ordered various local improvement projects ( the
Improvements ) in the City , and has contracted for the
construction of the Improvements , under and pursuant to
Minnesota Statutes , Chapter 429 , as amended ( the Act) .
The total cost of the Improvements is now
estimated- as follows :
Construction. Costs $5 ,8u6,000
Design and inspection
Legal , Fiscal and Administrative 24 ,000
Total
1 . 02 . Sa: e . By a resolution adopted on ,
1982 , this Council determined to issue and sell $6 , 200,000
principal amount of General Obligation Improvement Bonds
of 1982 , of the City ( the Bonds ) to defray the expense
incurred and estimated to be incurred by the City in
making the Improvements , including every item of cost of
the kinds authorized in Minnesota Statutes , Section
475 . 65 . Pursuant to the aforesaid resolution , a public
sale of the Bonds was held on November 16 , 1982 and this
Council , by resolution adopted on that date , accepted the
bid of Bancnorthwest
of minneapo ls, Minnesota ( the Purchaser ) , to
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purchase the Bonds on the terms and conditions set forth
in the Terms any Conditions of Sale .
1 . 03 . Issuance of Bonds . All acts , conditions and
things required by the Constitution and laws of the State
of Minnesota to be cone , to exist , to happen and to be
performed prior to the issuance of the Bonds have been
done , do exist , have happened , and have been performed ,
wherefore it is now necessary for this Council to
establish the form and terms of the Bonds , to provide for
the security thereof , and to issue the Bonds forthwith.
1 . 04 . Maturities . This Council finds and determines
that the maturities of the Bonds , as set forth in Section
3 . 01 hereof , are warranted by the anticipated collection
of assessments levied for the cost of the Improvements.
Section 2 . Form of Bonds and Coupons .
2 . 01 . Form of Bonds . The Bonds shall be prepared in
substantially the following form :
i
f
-5-
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNT' OF HENNEPIN
CITY OF EDEN PRAIRIE
GENERAL OBLIGATION IMPROVEMENT BOND OF 1982
No . S5 ,000
The City of Eden Prairie , Hennepin County,
Minnesota ( the City) , acknowledges itself to be indebted ,
and for value received hereby promises to pay to bearer ,
upon presentation, and surrender hereof , the principal sum
of
FIVE THOUSAND DOLLARS
on May 1 , 19 or , if this Bond is prepayable as stated
below , on any date prior thereto on which -it shall have
been duly called for redemption , and to pay interest
thereon from the date hereof until said principal sum is
paid , or ,- if this Bond is prepayable , until it has been
duly called for redemption and the principal thereof and
the interest thereon to the date of redemption have been
paid or deposited with the paying agent designated below ,
at the rate of hundredths percent
( % ) per annum . Interest hereon is payable
semiannually on November 1 and May 1 , commencing May 1 ,
1983 , interest to maturity being payable in accordance
with and upon presentation and surrender of the interest
coupons hereto appurtenant . Both princial and interest
are payable at Northwestern iyational Bank of Np nneapolis
in Minneapolis Minnesota or its successor as paying
agent , in any coin or currency of the United States of
America which on the respective dates of payment is legal
tender for public and private debts . For the prompt and
full payment of such principal and interest as the same
become due , the full faith , credit and taxing powers of
the City have been and are hereby irrevocably pledged .
This Bond is one of an issue in the aggregate
principal amount of $6 , 200 , 000 ( the Bonds ) , all of like
date and tenor except as to serial number , interest rate ,
redemption privilege and maturity date , issued to pay the
cost of construction of various improvements in the City
( the Improvements) , and pursuant to and in full conformity
with the provisions of the Constitution and laws of the
State of Minnesota thereunto enabling , including Minnesota
i
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Statutes , Chapters 42.9 and 475 . This Bond is payable
primarily from the 1981 Improvement Bond Fund ( the Fund )
of the City , but the Council is required by law to pay
maturing principal hereof and interest thereon out of any
funds in the treasury if moneys on hand in the Fund are
insufficient therefor .
Bonds maturing in the years 1984 through 1993 are
payable on their respective stated maturity dates without
option of prior payment , but Bonds having stated maturity
dates in the years 1994 through 2000 are each subject to
redemption and prepayment at the option of the City , in
inverse order of serial numbers , on November 1 , 1993 , and
any interest payment date thereafter , at a price equal to
the principal amount thereof , plus accrued interest to the
date of redemption . At least thirty days before the date
set for redemption of any Bond , notice of the call for
redemption will 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 City Finance Director/Clerk .
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 City according
to 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 levied or agreed to levy
special assessments on property specially benefited by the
Improvements and ad valorem taxes on all taxable property
within the City , collectible in the years and amounts
required to -produce sums not less than 5% in excess of the
principal of and interest on the Bonds as such principal
and interest respectively become due , and has appropriated
the same to the Fund in the manner specified in Minnesota
Statutes , Section 429 . 091 , Subdivision 4 ; that , to take
care of any accumulated or anticipated deficiency in the
Fund , additional ad valorem taxes are required by law to
be levied upon all taxable property in the City without
-7-
limitation as to _rate or amount; and that the issuance of
this Bond does not cause the indebtedness of the City to
exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF , the City of Eden Prairie ,
Hennepin County , State of Minnesota , by its City Council ,
has caused this Bond to be executed by the facsimile
signatures of the Mayor and City Manager and the manual
signature of the City Finance Director/Clerk , and by a
printed facsimile of the official seal. of the City , has
caused the interest coupons appurtenant hereto and the
certificate appearing on the reverse side hereof to be
executed and authenticated by the facsimile signatures of
said officers , and has caused this Bond to be dated as of
December 1 , 1982 .
ATTEST:
( Facsimile Signature)
Mayor
/s/ John u. Frane ( Facsimile Signature)
City Finance Director/Clerk City Manager
( FACSIMILE SEAL)
2 . 02 . Form of Coupons . Interest on each Bond to
( maturity shall be represented by a consecutively numbered
set of interest coupons printed in substantially the
following form:
No . $
On May (November ) 1 , 19 unless the Bond to
which this coupon appertains is subject to and shall
previously have been called for redemption and provision
for the payment thereof shall have been made , the City of
Eden Prairie , Hennepin County , Minnesota , will pay to
bearer at Northwestern National hank , 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 Improvement Bond of 1982 , dated December 1 ,
198�_ , No .
( Facsimile Signature)
Mayor
/s/ John D. Frane ( Facsimile Signature )
City Finance Director/Clerk City Manager
I
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2 . 03 . Form of Certificate . A certificate in
substantially 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 )
Mayor
/s/ Jonn D. Frane ( Facsimile Signature)
City Finance Director/Cleric City Manager
Section 3 . Bond Terms , Execution and Delivery .
3 . 01 . Date , Amount , Denomination and Maturity . The
City shall forthwith issue and deliver the Bonds ,
denominated General Obligation Improvement Bonds of 1982 ,
payable primarily from the Bond Fund created in Section
4 . 02 hereof . The Bonds shall be dated as of December 1 ,
1982 , shall be 1 , 240 in number and numbered from 1 to
1 , 240 , inclusive , each in the denomination of $5 , 000 The
Bonds shall mature in order of serial numbers on May 1 in
the years and amounts set forth below , and Bonds of each
annual maturity shall bear interest from date of issue
until paid or duly called for redemption at the rate per
annum shown opposite the year of such maturity as follows :
Year Amount Rate Year Amount Rate
1984 $ 350 , 000 8.OU& 1.993 $350 , 000 9.20 %
1985 350 , 000 8.00 1994 350 , 000 y.4U
1986 350 , 000 8.00 1995 350 , 000 9.bO
1987 350 ,000 8.OU 1996 350 ,000 9.80
1. 988 350 ,000 8•UO 1997 350 , 000 10.UO
1989 350 ,000 8.00 1998 350 , 000 1U. 10
1990 350 , 000 8.40 1999 475 , 000 10.20
1991 350 , 000 8• '0 2000 475 , 000 i0. :10
1992 350 , 000 9.00
3 . 02 . Interest . Interest on the Bonds shall be
payable on May 1 , 1983 , and semiannually thereafter on
November l and May 1 of each year .
3 . 03 . Pavinq Agent . The Purchaser has designated
Northwestern National 15dnK OT Minneapolis in
-9-
Minneapolis , Minnesota , as paying agent. That recommendation
is hereby approved . The City agrees to 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 principal office of the paving agent designated
herein , in Minneapolis Minnesota , in or in
the event of its resignation , removal or incapability of
acting as paying agent , at the office of such successor
paving agent as may be approved by this 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 notice of the
appointment which the Council shall cause 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 , a copy of which notice
shall also be mailed to the Purchaser of the Bonds , not
less than- thirty ( 30 ) days before said effective date .
3 . 04 . Redemption . Bonds maturing in the years 1984
through 1993 shall not be subject to redemption prior to
maturity, but Bonds maturing is the years 1994 through
2000 shall each be subject to redemption and prepayment at
the option of the City, in inverse order of serial
numbers , on November 1 , 1993 and any interest payment date
thereafter at a price equal to the principal amount
thereof , and accrued interest to the date of redemption .
At least thirty ( 30 ) days prior to the date set for
redemption of any Bond , the City Finance Director/Clerk
shall cause notice of the call for redemption thereof 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 principal of and interest on the Bonds are
then payable and to the holder thereof , if known to the
City Finance Director/Clerk , 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 .
The City Finance Director/Clerk is hereby authorized and
directed to maintain a register of the names and addresses
of the holders of prepayable Bonds who desire to register
the serial numbers of their Bonds with him for the purpose
of receiving such mailed notice .
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3 . 05 . Preparation and Delivery . The Bonds shall be
prepared under the direction of the City Finance
Director/Clerk and shall be executed on behalf of the City
by the signatures of the Mayor and the City Finance
Director/Clerk , and shall be sealed with the official
corporate seal of the City , provided that two of said
signatures and the corporate seal may be printed ,
engraved , or lithographed facsimiles thereof . On the
reverse side of each Bond shall be printed a copy of the
legal opinion rendered by Bond Counsel and the certificate
of the Mayor , the City Manager and City Finance
Director/Clerk . The certificate as to legal opinion and
the 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 City Finance Director/Clerk . When the Bonds
have been so executed and authenticated , they shall be
delivered by the City Finance Director/Clerk 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 obliged to see to the
application of the purchase price .
Section 4 . Security Provisions .
4 . 01 . 1982 Improvement Construction Fund . There is
hereby created a special bookkeeping fund to be designated
as the " 1982 Improvement Construction Fund" ( hereinafter
referred to as the Construction Fund ) , to be held and
administered by the City Finance Director/Clerk separate
and apart from all other funds of the City . The City
appropriates to the Construction Fund ( a) the proceeds of
the sale of the Bonds , and ( b ) all collections of special
assessments levied for the Improvements until completion
and payment of all costs of the Improvements . The
Construction Fund shall be used solely to defray expenses
of the Improvements , including but not limited to the
transfer to the Bond Fund , created in Section 4 . 02 hereof ,
of amounts sufficient for the payment of interest and
principal , if any , due upon the Bonds prior to the
completion and payment of all costs of the Improvements .
Upon completion and payment of all costs of the
Improvements , any balance of the proceeds of Bonds
remaining in the Construction Fund may be used to pay the
cost , in whole or in part , of any other improvements
instituted pursuant to the Act , as directed by the City
Council , but any balance of such proceeds not so used
shall be credited and paid to the Bond Fund .
-11-
4 . 02 . 1982 improvement Bond Fund . So long as any of
the Bonds are outstanding and any principal of or interest
thereon unpaid , the City Finance Director/Clerk shall
maintain a separate and special bookkeeping fund
designated "1982 Improvement Bond Fund " ( hereinafter
referred to as the Bond Fund ) to be used for no purpose
other than the payment of the principal of and interest on
the Bonds and on such other improvement bonds of the City
as have been or may be directed to be paid therefrom. The
City irrevocably appropriates to the Bond Fund ( a) the
collections of special assessments and other funds to be
credited and paid thereto in accordance with the
provisions of Section 4 . 01 , ( b ) any taxes levied in
accordance with this resolution , and ( c) 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
payment shall be made from any fund of the City which is
available for that purpose , subject to reimbursement from
the Bond Fund when the balance therein is sufficient , and
the Council covenants and agrees that it will each year
levy a sufficient amount to take care of any accumulated
or anticipated deficiency , which levy is not subject to
any constitutional or statutory tax limitation .
4 . 03 . Additional Bonds . The City reserves the right
to issue additional bonds payable from the Bond Fund as
may be required to finance costs of the Improvements not
financed hereby; provided that the City Council shall ,
prior to the delivery of such additional bonds , levy or
agree to levy by resolution sufficient additional special
assessments and ad valorem taxes , if any , which , together
;with other moneys or revenues pledged for the payment of
said additional obligations , will produce revenues at
least five percent ( 5% ) in excess of the amount needed to
pay when due the principal and interest on all bonds
payable from the Bond Fund . The additional special
assessments , ad valorem taxes and moneys or revenues so
pledged , levied or agreed to be levied shall be
irrevocably appropriated to the Bond Fund in the manner
provided by Minnesota Statutes , Section 475 . 61 .
4 . 04 . Levv of Special Assessments . The City hereby
covenants and agrees that for payment of the cost of the
Improvements it will do and perform all acts and things
necessary for the full and valid levy of special
assessments against all assessable lots , tracts and
parcels of land benefited thereby and located within the
area proposed to be assessed therefor , based upon the
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benefits received by each such lot , tract or parcel , in an
aggregate principal amount not less than twenty percent
( 20 % ) of the cost of the Improvements . in the event that
any such assessment shall be at any time held invalid with
respect to any lot , piece or parcel of land , due to any
error , defect or irregularity in any action or proceeding
taken or to be taken by the City or this Council or any of
the City ' s officers or employees , either in the making of
such assessment or in the performance of any condition
precedent thereto , the City and this Council hereby
covenant and agree that they will forthwith do all such
further acts and take all such further proceedings as may
be required by law to make such assessments a valid and
binding lien upon such property. The Council presently
estimates that the special assessments shall be payable in
not more than 17 installments , the first installment to be
collectible with taxes during the year 1984 , and that
deferred installments shall bear interest at the rate
ofeleven percent ( 11.0 % ) per annum from the date of the
resolution levying said assessment until December 31 of
the year in which the installment is payable .
4 . 05 . Ad Valorem Taxes . it is hereby found and
determined to best and equitable that all the cost of
the Improvements , not :.aid by collections of the special
t assessments heretofore! agreed to be levied , shall be paid
from general ad valorem tax, levies upon all of the taxable
property in the City , and that such portion of the cost
will not exceed the total benefits to be conferred by the
Improvements upon the City at large . To provide moneys
for the payment of such portion of said cost, there is
hereby levied upon all taxable property in the City a
direct , annual , ad valorem tax , which shall be collectible
with other taxes levied by the City in the following years
and amounts :
Collection Collection
Year Amount Year Amount
See attached levy schedule
t
-13-
i
ill PUTATION OF ASSESSMENTS ANB TAX LEVY ON :
CITY OF EDEN PRAIRIE , MINNESDTA
$6, 200 , 000 G . O . IMPROVEMENT BONDS OF 1982
$ 5580000
LEVY COLLECTION ASSMTS AMOUNT
YEAR YEAR BOND P8I P&I + 5% @ 11 . 00%/YR NET LEVIED
1982 1983 $ 630037 . 58 $ 661539 $ 1095484 $ —433945 1D 0
1983 1984 $ 882075 . 00 $ 926179 it 905929 $ 20250 it 20300
1984 1985 $ 854075 . 00 $ 896779 1; 869823 IS 26956 4; 27000
1985 1986 $ 826075 . 00 $ 867379 $ 833717 IF 33662 $ 33700
1986 1987 111 798075 . 00 $ 837979 1; 797611 $ 40368 $ 40400
1987 1988 $ 770075 . 00 $ 808579 $ 761505 $ 47074 $ 47100
1988 1989 $ 742075 . 00 $ 779179 it 725399 $ 53779 $ 53800
1989 1990 $ 712675 . 00 $ 748309 it 689293 1; 59015 it 59100
1990 1991 $ 682225 . 00 Is 716336 $ 653188 $ 63149 it 63200
1991 1992 At 650725 . 00 $ 683261 it 617082 $ 66179 $ 66200
1992 1993 $ 618525 . 00 $ 649451 $ 580976 $ 68475 it 68500
1993 1994 $ 585625 . 00 it 614906 it 544870 $ 70036 $ 70100
1994 1995 $ 552025 . 00 1, 579626 $ 508764 $ 70862 $ 70900
1 ~95 1996 11; 517725 . 00 it 543611 $ 472658 1; 70953 it 71000
� /6 1997 $ 482725 . 00 $ 506861 11; 436553 1; 70309 $ 70300
1997 1998 $ 572375 . 00 $ 600994 it 400447 $ 200547 it 200600
1998 1999 $ 523925 . 00 1; 550121 11 364341 It 185780 $ 185800
$11401037 . 58 $11971089 $11257640 1; 713450
NOTE : BOND PROCEEDS (CAPITALIZED INTEREST ) OF $513402 . 00
WILL BE USED TO PAY $513402 . 0O OF INTR PAYMTS DUE
5-1-1983 , 11-1-1983 ,
COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS
WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN
COMPUTER PROGRAM COPYRIGHT , EHLERS AND ASSOCIATES, INC . , 1981
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 by the
amount of any moneys irrevocably appropriated to and
actually paid into the Bond Fund from any source other
than the special assessments and taxes herein levied or
provided for , in accordance with the provisions of
Minnesota Statutes , Section 475 . 61 .
4 . 06 . Full Faith and Credit Pledged . The full faith
and credit of the City are irrevocably pledged for the
prompt and full payment of the principal of and the
interest on the Bonds , and the Bonds shall be payable from
the Bond Fund in accordance with the provisions and
covenants contained in this resolution . It is estimated
that the taxes and special assessments levied and to be
levied for the payment of the Improvements will be
collected in amounts not less than five percent ( 5% ) in
excess of the annual principal and interest reauirements
of the Bonds . If the money on hand in the Bond Fund
should at any time be insufficient for the payment of
principal and interest then due , this City shall pay the
principal and interest out of any fund of the City , and
such other fund or funds shall be reimbursed therefor when
sufficient money is available to the Bond Fund . If on
October 1 in any year the sum of the balance in the Bond
Fund plus the amount of taxes and special assessments
theretofore levied for the Improvements and collectible
through the end of the following calendar year is not
sufficient to pay when due all principal and interest
become due on all Bonds payable therefrom in said
following calendar year , or the Bond Fund has incurred a
deficiency in the manner provided in this Section 4 . 06 , a
direct , irrepealable , 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 5 . Defeasance . When all of the Bonds
and all coupons appertaining thereto have been discharged
as provided in this section , all pledges , covenants and
other rights granted by this resolution to the holders of
the Bonds shall cease . The City may discharge its
obligations with respect to any Bonds and coupons
appertaining thereto which are due on any date by
deoositing with the paying agent on or before that date a
sum sufficient for the payment thereof in full ; or , if any
Bond or coupon should not be paid when due , it may
nevertheless be discharged by depositing with the paying
r'
-14-
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 obligations 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 , interest and redemption premium , if any , which
are then due thereon , provided that notice of such
redemption has been duly given as provided herein . The
City may also at any time discharge its obligations with
respect to any Bonds , subject to the provisions of law now
or hereafter authorizing and regulating such action , by
depositing irrevocably in escrow , with a bank qualified by
law as an escrow agent for this purpose , cash or
securities which are 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 .
Section 6 . Registration , Certification of
Proceedings , Investment of Moneys and Arbitrage .
6 . 01 . Registration . The City Finance Director/Clerk
is hereby authorized and directed to file a certified copy
of this resolution with the County Auditor of Hennepin
County , together with such other information as he/she
shall require , and to obtain from the County Auditor a
certificate that the Bonds have been entered on his/her
bond register and that the tax required for the payment
thereof has been levied and filed as required by law.
6 . 02 . Certification of Proceedings . The officers of
the City and the County Auditor of Hennepin County are
hereby authorized and directed to prepare and furnish to
the Purchaser , and tc Dorsey & Whitney , 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
aopear from the books and records under their custody and
control or as otherwise known to them , and all such
certified copies , certificates and affidavits , including
any heretofore furnished , shall be deemed representations
of the City as to the facts recited therein.
6 . 03 . Covenant . The City covenants and agrees with
the holders from time to time of the Bonds that it will
-15-
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 promulgated thereunder .
6 . 04 . Investment of Mons on Deposit in Bond Fund .
From and after November 1 , 1993 , unless and until the
regulations under Section 103 ( c ) of the Code which have
been promulgated by the Internal Service prior to the date
hereof have been modified or amended in pertinent part ,
the City 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 $930 , 000 the
aggregate amount of principal and interest due and payable
from the Bond Fund within 12 months thereafter plus a
reasonable carryover amount not exceeding the greater of
one year ' s earnings on the Bond Fund or one-twelfth of the
annual debt service payable therefrom , such excess shall
either ( a) be used to prepay and redeem Bonds , or ( b ) not
be invested except at a yield less than or equal to the
yield on the Bonds , based upon their amount , maturities
and interest rates on their date of issue , computed by the
actuarial method . If any additional improvement bonds are
ever issued and made payable from the Bond Fund pursuant
to Section. 4 . 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 then outstanding and
payable therefrom . The City reserves the right to amend
the provisions of this Section 6 . 04 at any time , whether
prior to or after the delivery of the Bonds , if and to the
extent that this Council determines that the provisions of
this Section 6 . 04 are not necessary in order to assure
that the Bonds are not arbitrage bonds under Section
103 ( c ) of the Code and the applicable Regulations .
6 . 05 . Arbitraqe . The Mayor and City Finance
Director/Cleric , 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 the provisions of Section 103 ( c ) of the Code , and
Treasury Regulations , Sections 1 . 103-13 , 1 . 103-14 and
1 . 103 . 15 , stating the facts , estimates and circumstances
in existence on the date of issue and delivery of the
Bonds which indicate 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 said Code and
Regulations .
-16-
Section 7 . Official Statement . The Official
' Statement relating to the Bonds , prepared by the City in
cooperation with Ehlers and Associates , Inc . , is approved ,
and its distribution to prospective bidders for the Bonds
ratified . The City Finance Director/Clerk is authorized ,
in behalf of the City , to sign and deliver to the
Purchaser a certificate as to the accuracy and
completeness of the Official Statemerl
Attest : i
City Fi an` e Director/Clerk
l�
-17-
The motion for the adoption of the foregoing
resolution was duly seconded by Member Bentley ,
and upon vote being taken thereon , the following voted in
favor thereof : Mayor Wolfgang Penze l , Council Members : Paul Redpath ,
Dean Edstrom, George Bentley, George 7angen
and the following voted against the same : None
whereupon said resolution was declared duly passed and
adopted , and was signed by the Mavcr , which was attested
by the City Finance Director/Clerk .
-18-
CITY OFFICES / 8950 EDEN PRAIRIE ROAD / EDEN PRAIRIE. MN 55314-2499 / TELEPHONE 16121 937-2262
October 15,1982
The Honorable John Derus, Chairman Y
Hennepin County Board of Commissioners
A-2300 Government Center
Minneapolis, Minnesota 55487
Dear Chm Derus and Board Members
Enclosed please find one copy of the proposed Tax Increment Financing
Plan for Tax Increment District No. 3 to be considered for approval by the
City Council of the City of Eden Prairie at a hearing of the City Council on
Tuesday November 16,1982.
Please note that the estimated project costs have not changed from those
stated in the original Development Program adopted on September 22, 1981.
The increments accruing to Tax Increment District No. 3 may be used for debt
service on bonds already issued or to be issued, or for, project costs.
You are invited to attend the public hearing on November 16; the Council
meets starting at 7:30. Any questions or comments may be directed to my
office or to John Frane, Finance Director, at 937-2262
Thank you for your consideration in reviewing this proposal .
Sincere ,
Carl J. ie
City Manager
cc: Jerry Pahl
Roger Pauly
Arlyn Waelti
John Frane
tw F�t :
CITY OFFICES / 0950 EDEN PRAIRIE ROAD / EDEN PRAIRIE, MIN 55344-2499 ! TELEPHONE 16121 937-2262
October 15,1982
Mr. Norm Friederichs , Chairman of the Board
Joint Independent School District 1#287
Suburban Hennepin Technical Center
1820 Xenium Lane
Minneapolis, Minnesota 55441
Dear Chm Friederichs and Board Members
Enclosed please find one copy of the proposed Tax Increment Financing
Plan for Tax Increment District No. 3 to be considered for approval by the
City Council of the City o1 Eden Prairie at a hearing of the City Council on
Tuesday November 16,1982.
Please note that the estimated project costs have not changed from these
stated in the original Development Program adopted on September 22, 1981.
The increments accruing to Tax Increment District No. 3 may be used for debt
service on bonds already issued or to be issued, or for project costs.
You are invited to attend the public hearing on November 16; the Council
meets starting at 7:30. Any questions or coiments may be directed to my
office or to John Frane, Finance Director, at 937-2262
Thank you for your consideration in reviewing this proposal .
Sin 4reCarl e
City Manag
cc: Jerry Pahl
Roger Pauly
Arlyn Waelti
John Frane
CITY OFFICES / 8950 EDEN PRAIRIE ROAD / EDEN PRAIRIE, MIN 55344-2499 / TELEPHONE 16121 937-2262
October 15,1982
Mr. John Lobben, Chm of the Board
I .S.D. 272
8100 School Road
Eden Prairie, Minnesota 55344
Dear- Chairman ►obben and Board Members
Enclosed please find on` copy of the proposed Tax Increment Financing
Plan for Tax Increment District No. 3 to be considered for approval by the
City Council of the City of Eden Prairie at a hearing of the City Council on
Tuesday November 16, 1982.
Please note than the estimated project costs have not changed from those
stated in the original Development Program adopted on September 22, 1981.
The increments accruing to Tax Increment District No. 3 may be used for debt
service on bonds already issued or to be issued , or for project costs.
You are invited to attend the public hearing on November 16; the Council
r meets starting at 7: 30. Any questions or comments may be directed to my
office or to John Frane, Finance Director, at 937-2262
Thank you for your consideration in reviewing this proposal .
Sin ere
/
i -
Carl J. ie
City Manage
cc : Jerry Pahl
Roger Pauly
Arlyn Waelti
John Frane
s•
fti r �`y 1 N „p PHONE
}:Al' h'IlTCliELL ,
\ CLERK TO THL-' ISOARD ? 348-5433
BOARD OF HENNEPIN COUNTY COMMISSIONERS
240o GOVERNh1EN"r CENTER
MINNEAPOL(S, MINNESOTA 55487
November 2, 1982
Mr . Carl J. Jull -ie
Manager
City of Eden Prairie
8950 Eden Prairie Road
Eden Prairie , MN 55344
RE : TAX INCREMENT FINANCING PLAN - DISTRICT NO. 3
Dear Mr. Jul 1 i e:
/ Your letter enclosing the above plan, dated October 15, 1982, was
received by the Hennepin County Board of Commissioners at their
Board meeting today.
The contents were noted , and Chairman Derus directed that the
matter be referred to the Ways and Means Committee for attention .
Sincerely,
7
Kay Mi t el l
Clerk of the Board
jc
City Counc i 1 l i1 nutes -5- Septenibe r 22, 1981
Sconberg asked about the change in elevation of the road . It was explained
this was done due to changes made by the County.
1
Gerry Beauvais , 7735 Meado%:i Lane , asked about the increase in the rate of
interest . It was explained the City now has to pay close to 12% and the
policy has been to charge 1 in addition to what the City pays to cover
handling costs .
This item was continued to the October 6, 1981 , meeting .
19. Super gmenta1s
Jim Simchuck , 9145 Flying Cloud Drive, questioned the assessment for
lateral water service .
Eugene Hansen, 9125 Flying Cloud , thought he had paid for a lateral water
connection about ten years ago.
Letters were received from Simchuck and Hansen and are attached .
A letter was received from Mrs. Joseph W. Haynes regarding trunk sewer
and water assessments PIN #s : 2- 116-22-23-0006 2-116-22-23-0010
2-116-22-23-0007 2-116-22-23-0011
2-116-22-23-0008 3-116-22-14-0005
2-116-22-23-0009
The Haynes ' assessments were continued to the October 6, 1981 , meeting.
A letter, was received from Donald F. Faulks regarding the problem they
had -in receiving mail relative to the removal of trees on their property.
Faulks spoke to the problem also. (Letter is attached. )
Tree Removal : 6-116-22-23-0003 $2123.00 was deleted ,
MOTION: Tangen moved , seconded by Redpath , to close the Public Hearing and to
adopt Resolution No, 81-200. Motion carried unanimously.
IV. ORDINANCES & RESOLUTIONS
A. Resolution No. 8.1_-19_0 , establ ishinegand designatinq Development District No. I
pursui_nt_to _tile. provisions of Minnesota Statutes , Sections 472A.01 to_4_72A. 13 ,
inclusive , as amended , and Minnesota Statutes ,Sections 273 . 71. to 273. 781 inclusive ,
as amended , a_nd establ`ish^n Tax Increment District No. 1 pursuant to-the rovi11)
of Minnesota Sta utes Sections 273. 71 to 273. 78, inclusive_as amended and adopting
and_api)rovi,nq _a Devel opment Program and F i nance Plan for said De_vel opmen�: District
and Tax Increment District
Penzel noted letters had been received from Elaine Jacques , Minnesota Tree , Ged-
ney Tutle , Hakon Torjesen , and the Board of Directors of the Eden Prairie Chamber
of Commerce - all of which are attached .
Tangen wishod to acknowledge he had read the letters received this evening. He
felt great efforts had been made by the Staff regarding the Plan and did not find
the letters caused him to change his opinion of the Plan.
City"Council Minutes -6- September 22 , 1981
Edstrom inquired W `.he ropayr,ent schedule is on the financing. Fahey said
three factors wi l l be relied ui)-_)11: gro,,ith in the tax base within the tax in-
crement district ; special ass,.-- -tits and interest on those assessments ; and
the t�-ro mill levy. The cow binaLion of those three elements will pay off $16
million worth of tax increment bonds issued by the City and they will run approx-
imately 20 years . They will finance about $18,075 ,000 in project costs . Penzel
noted it is based not on a speculative tax base but on existing buildings which
have yet to be taxed.
MO'riopi: Redpath moved , seconded by Edstrom, to adopt Resolution No . 81-190, a
Resolution establishing and designating Development District No. 1 and Tax Incre-
ment District No . 1 , and adopting and approving a Development Program and Finance
Flan for said Development District and Tax Increment District. Motion carried
unanimously.
V. REPORTS OF OFFICERS, BOARDS & COMMISSIONS
A. Report of City Manager
1. Consideration of 1982 City Budget
MOTION: Tangen moved , seconded by Penzel , to continue consideration of the
1982 City Budget to Thursday, September 24, 1981 , at 8 p.m. Motion carried
unanimously.
VI. NEW BUSINESS
,E City Attorney Rosow asked to meet briefly with the Council to discuss litigation .
VII . ADJOURNMENT
MOTION: Redpath moved, seconded by Tangen , to adjourn the meeting at 11 :31 p .m.
Motion carried unanimously.
The Council met in private session following the Council meeting to discuss litigation.
MOTION: Edstrom moved , seconded by Tangen , to authorize Staff to deposit Cat appropriate timi
with the Court: $3,900 for Sutton , $5 ,400 for Blossoms $15,800 for Pdvelka for possession of
land. Roll call vote: Bentley, Edstrorn, Redpath , Tangen,' and Penzel voted "aye. ' Motion
carried unanimously.