HomeMy WebLinkAboutResolution - 83-288 - Approving Sale of $19,800,000 TIF Refunding Bonds to Norwest Securities - 11/29/1983 After due consideration of the bids , Council Member Redpath
introduced the following resolution and moved its adoption:
Resolution No. 83-288
RESOLUTION AWARDING THE SALE OF $ 19 ,800 , 000
GENERAL OBLIGATION ADVANCE REFUNDING TAX IN-
CREIVIENT BONDS OF 1983 ; FIXING THEIR FORM AND
SPECIFICATIONS ; DIRECTING THEIR EXECUTION AND
DELIVERY; AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the City Council of the City of Eden
Prairie , Minnesota, as follows :
1 . The bid of
(the "Purchaser " ) to purchase the City' s $ 19 ,800 ,000 General
Obligation Advance Refunding Tax Increment Bonds of - 1983
(the "Bonds" ) , as described in the notice of sale thereof ,
is hereby found and determined to be the highest and best
bid received pursuant to duly advertised notice of sale and
shall be and is hereby accepted , such bid being to purchase
the Bonds at a price of $ 19,415,000 plus accrued interest
to date of delivery, the Bonds to bear interest, to mature
in the years and amounts , and to be subject to such otter
terms and conditions as hereinafter provided. The sum of
$ -0- , being the amount bid in excess of $ 19 , 415 , 600 ,
shall be credited to the Debt Service Account hereinafter
created . The City Finance Director/Clerk is directed to
retain the good faith check of the Purchaser pending comple-
tion of the sale and delivery of the Bonds and to return the
checks of the unsuccessful bidders forthwith.
2 . The City Council hereby finds and determines (a)
that the issuance of the Bonds and the advance refunding
thereby of the City ' s $ 19 ,800 , 000 General Obligation Tax
Increment Bonds of 1982 , dated March 1, 1982 (the "Refunded
Bonds " ) , is permitted by and consistent with the City ' s
covenants with the holders of the Refunded Bonds , as pro-
vided in the resolution authorizing the issuance of the
Refunded Bonds , adopted by the City Council on March 2 , 1982
( the "Refunded Bonds Resolution" ) , and particularly Section
7 thereof ; (b) that as of June 1, 1983 , the nominal date of
the Bonds , the dollar amount of the interst on the Bonds is
lower by at least five percent than the dollar amount of
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interest on the Refunded Bonds , as computed according to the
provisions of Minnesota Statutes , Section 475 .67 , Subdivi-
sion 12 ; and (c) that the City is authorized by Minnesota
Statutes , Section 475 . 67 , to issue the Bonds for the purpose
of refunding the Refunded Bonds in advance of their respec-
tive maturities .
3 . The City of Eden Prairie shall forthwith issue and
sell its General Obligation Advance Refunding Tax Increment
Bonds of 1983 in the total principal amount of
$ 19 1800 1000 . The Bonds shall be dated December 1, 1983 ,
shall be fully registered without interest coupons and shall
be numbered R-1, et s_ eg. , shall be in the denomination of
$5 , 000 , or in integral multiples thereof , shall bear inter-
est as set forth below, all interest payable September 1 ,
1984 , and semiannually thereafter on Marcia 1 and September 1
in each year , and shall bear interest at the rates per annum
and mature serially on March 1 in the years and amounts as
follows , respectively:
YEAR AMOUNT RATE YEAR AMOUNT RATE
1985 $ 300 , 000 8. 50% 1994 $ 1, 425 ,000 9. 00%0
1986 $ 700 , 000 8. 5010 1995 1 , 450 ,000 9. 20%
1987 $ 775 , 000 8. 50 1996 1, 525 , 000 9• 40%
1988 $ 8251000 8. 50,E 1997 1, 550 ,000 9. 50%
1989 $ 1, 000 , 000 8. 50% 1998 11550 ,000 9. 60°
1990 $1, 3501000 8. 50° 1999 1 , 525 , 000 9. 700/0'
1991 $ 1, 350 , 000 8. 50% 2000 1, 775 ,000 9• 75'
1992 $1, 350 , 000 8. 50%
1993 $ 1, 350 , 000 8. 75/
All Bonds maturing after March 1, 1990 , are subject to re-
demption at the option of the City on said date and on any
interest payment date thereafter , in inverse numerical
order , at the price of par plus accrued interest to date of
redemption.
4 . The maturities for the Bonds shall be combined with
the maturities for all other general obligation bonds of the
City, and the City Council hereby determines that such
schedule of combined maturities conforms to the maturity
schedule requirements of Minnesota Statutes , Section 475 . 54 ,
Subdivision 1.
5 . Both pri i al f and interest on the Bonds shall
be payable by �or iest ?ank, v .A. _ Bank
, in the City of i nneapo i s ,
Minnesota �, which shall also act as registrar and
transfer agent for the Bonds , or by its duly appointed and
qualified successor thereto (such agent or successor herein
referred to as the "Bond Registrar ") , and the City shall pay
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the reasonable charges of the Bond Registrar for such ser-
vices .
6 . The Bonds shall be in substantially the following
f orm:
N o . R- $
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDEN PRAIRIE
GENERAL OBLIGATION ADVANCE REFUNDING
TAX INCREMENT BOND OF 1983
RATE OF INTEREST MA.TURITY DATE DATE OF ISSUE CUSIP
% December 1, 1983
The City of Eden Prairie , Hennepin County , Minnesota
( the "City" ) , hereby acknowledges itself to be indebted and ,
+. for value received , promises to pay to
or registered assigns ( the "Registered Owner" ) , upon pre-
sentation and surrender hereof , the principal sum of
DOLLARS
on the maturity date specified above , or on any earlier date
on which this Bond may be and shall have been duly called
for prior redemption, and to pay interest to the Registered
Owner from the date hereof on such principal sum, until
paid , at the per annum rate of interest specified above , all
interest payable on March 1 and September 1 of each year ,
commencing September 11 1984 ( the "Interest Payment
Dates" ) . Both princi. al of and interest on this Bond are
ppayable by �torwest �ank , N.A. , in the City of
�1inrieaI)oI is 111 Tilleso LCL or by its duly appointed suc-
cessor as paying and authenticating agent and registrar for
the Bonds ( the "Bond Registrar " ) , in any coin or currency of
the United States of America which on the date of payment is
legal tender for public and private debts . On each Interest
Payment Date the Bond Registrar will pay the interest then
due on this Bond by mailing to the Registered Owner ' s
address a check or draft made payable to the Registered
Owner , as such name and address of the Registered Owner
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appear on the registration books of the City maintained for
the Bonds by the Bond Registrar (the "Bond Register" ) at the
end of the 15th day of the month prior to such Interest
Payment Date .
( If provisions of the Bonds are to be printed on the reverse
side thereof , the face of the Bonds shall contain the fore-
going provisions , the last two paragraphs of the Bonds , the
signatures of the City officials executing the Bonds , and
the seal of the City (if the same is to be printed on the
Bonds) , and the following paragraph shall be inserted on the
face of the Bonds immediately preceding the above-mentioned
final two paragraphs:
REFERENCE IS HEREBY MADE TO THE ADDITIONAL PROVISIONS OF
THIS BOND WHICH ARE SET FORTH ON THE REVERSE SIDE HEREOF . )
All Bonds of this issue maturing after March 1 , 1990 ,
are subject to redemption at the option of the City in in-
verse order of maturities on said date and on any Interest
Payment Date thereafter at a price of par plus accrued in-
terest to date of redemption. If the City elects to prepay
a princpal amount of Bonds which results in not all of the
principal amount of Bonds of the same maturity being called
for prepayment,, the Bond Registrar shall assign a separate
number to each $5 ,000 multiple of each Bond of that matu-
rity , shall select the appropriate prepayment amount by lot
therefrom, and shall authenticate and deliver to each Regis-
tered Holder of a Bond partially prepaid thereby a new Bond
in the principal amount not so prepaid. Notice of any prior
redemption of this Bond shall be given in the manner re-
quired by law and shall be mailed to the Registered Owner no
less than 15 days prior to the date of redemption.
This Bond is one of an issue of Bonds in the total prin-
cipal amount of $ 19 ,800 , 000 , all of like date and tenor ex-
cept as to maturity, interest rate , provision for redemp-
tion , and registration number , all issued by the City pursu-
ant to and in full conformity with the Constitution and laws
of the State of Minnesota, including Minnesota Statutes ,
Section. 475 . 67 , to refund in advance of their respective
maturities all of the City' s $ 19 ,800 , 000 General Obligation
Tax Increment Bonds of 1982 , dated March 1 , 1982 , heretofore
issued to finance the costs of certain_ public improvements
within the City. The principal of and interest on this Bond
are payable from ad valorem tax increments and special
assessments derived from certain public improvements within
the City, but this Bond constitutes a general obligation of
the City, and , to provide moneys for the prompt and full
payment of the principal of and interest on the Bonds as the
same become due , the full faith and credit and taxing powers
of the City have been and are hereby irrevocably pledged,
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and the City Council will levy ad valorem taxes if required
for such purpose, which taxes may be levied on all of the
taxable property in the City without limitation as to rate
or amount _
As further security for the payment of the principal of
and interest on this Bond , American Municipal Bond Assurance
Corporation, a New York Stock Insurance Company ( "AMBAC" ) ,
has,, issued its Municipal Bond Insurance Policy Number
42' ( the "Policy" ) to United States Trust Company of
New York (the "Insurance Trustee" ) , copies of which Policy
are on file and available for inspection at the principal
office of AMBAC and the Insurance Trustee, and reference to
the Policy is hereby made for a full statement of the rights
and security conferred thereby .
This Bond may be transferred or exchanged , but only upon
the Bond Register and only by the Registered Owner or its
attorney duly authorized in writing , upon surrender hereof
together with a duly executed written instrument of •transfer
satisfactory to the Bond Registrar , whereupon the Bond Reg-
istrar shall authenticate and deliver in the name of the
designated transferees a new registered Bond or Bonds of the
same aggregate amount, maturity, rate of interest, and other
terms hereof . Only the Registered Owner shall be entitled
to receive the principal of and interest on this Bond, and
the City and the Bond Registrar may treat the Registered
Owner as the absolute owner hereof for all other purposes
whatsoever .
IT IS HEREBY CERTIFIED AND RECITED that all acts , condi-
tions , and things required by the Constitution and laws of
the State of Minnesota to be done, to have happened, and to
be performed 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;
and that this Bond , together with all other indebtedness of
the City outstanding on the date hereof and on the date of
its actual issuance and delivery, does not cause the indebt-
edness of the City to 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 by the facsimile signatures of its Mayor and
City Manager ; has caused this Bond to be executed manually
by the Bond Registrar , as the City ' s duly appointed authen-
ticating agent for the Bonds; has caused the official seal
of the City to be omitted from this Bond as permitted by
law; and has caused this Bond to be dated December 1, 1983 .
(OMIT SEAL)
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( facsimile signature) ( facsimile signature`_
City Manager Mayor
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds designated herein and
issued pursuant to the resolution authorizing its issuance
and delivery.
Norwest Bank , N.A.
Bond Registrar
Date of
Authentication:
By
Its Authorized Signature
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned, hereby sells,
assigns, and transfers unto
(Tax Identification or Social -Security No. )
this Bond and all rights thereunder and hereby irrevocably
constitutes and appoints ,
as attorney of the undersigned , to transfer this Bond on the
Bond Register with full power of substitution.
Date :
NOTICE : The signature to this
assignment must correspond with
the name as it appears upon the
face of this Bond in every
particular , without alteration,
enlargement, or any other
change whatsoever .
Signature Guaranteed:
Signature (s) must be guaranteed by a national bank or trust
company or by a brokerage firm which is a member of a major
stock exchange .
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.. ..�..•..ter; `..•...s ..ar if'::u. ..• I.v.-�•.-,•.. .. .y1 •.. •r .%.J^,.. . ^Y
The Band Registrar will not transfer this Bond unless
{ the following information on the transferee is provided
( including such information on all joint owners if the
Bond (s) are to be held by joint account ) :
Name and Address :
The following abbreviations , when used in the inscrip-
tion on the face of this Bond , shall be construed as though
they were written out in full according to applicable laws
or regulations :
TEN COM - as tenants in common UNIF GIFT MIN ACT -
TEN ENT - as tenants by the Custodian
entireties (Cust) (Minor)
under Uniform Gifts to Minors
JT TEN - as joint tenants with
right of survivorship Act of
and not as tenants in (State)
common
Additional abbreviations may also be used though not in the
above list .
(End of Bond Form)
7 . The City Finance Director/Clerk shall obtain a copy
of the proposed approving legal opinion of bond counsel,
O' Connor & Hannan , of Minneapolis , Minnesota, which shall be
complete except as to dating thereof, shall cause such
opinion to be filed in the offices of the City, and shall
cause said opinion to be printed on each of the Bonds , to-
gether with a certificate to be signed by the facsimile
signature of the City Finance Director/Clerk in substanti-
ally the following form:
I hereby certify that the foregoing is a full ,
true, and correct copy of the legal opinion exe-
cuted by the above-named attorneys , except as to
the dating thereof, which opinion has been handed
to me for filing in my office prior to the time of
delivery of the Bonds .
(facsimile signature)
City Finance Director Clerk
City of Eden Prairie, Minnesota
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8 . The Bonds shall be executed on behalf of the City
by the facsimile signatures of the Mayor and the City
Manager and shall be duly authenticated by the manual sig-
nature of an authorized representative of the Bond Regis-
trar , hereby designated by the City as its authenticating
agent for the Bonds pursuant to Minnesota Statutes , Section
475 .55 , Subdivision 1. The Bonds , when fully executed,
shall be delivered by the City Finance Director/Clerk to the
Purchaser upon receipt of the purchase price, and the Pur-
chaser shall not be obligated to see to the proper applica-
tion thereof .
9 . All Refunded Bonds which are subject to prior re-
demption shall be and are hereby called for such prior re-
demption on March 1, 1989 , the earliest ' date on which such
bonds may be so redeemed , and the City Finance Direc-
tor/Clerk is hereby authorized and directed to cause the
notice of such prior redemption substantially in the form
attached to this Resolution as Exhibit A to be published in
accordance with Minnesota Statutes , Section 475 .67 , Subdivi-
sion 7 , no later than 30 days after the issuance of the
Bonds .
10 . The form of the Escrow Agreement which is on f ile
in the office of the City Finance Director/Clerk and which
has been proposed to be entered into between the City and
Norwest Bank Minneapolis , National Association , Minneapolis ,
Minnesota , as Escrow Agent , for the purpose of providing an
irrevocable escrow of funds and investments which will be
sufficient to provide payment of all principal of and inter-
est on the Refunded Bonds , when due, including upon the
required prior redemption thereof on March 1 , 1989 , is
hereby approved, and the Mayor , City Manager , and City
Finance Director/Clerk are hereby authorized and directed to
execute and/or attest such agreement in substantially the
form on file but with such changes thereto not inconsistent
with Minnesota Statutes, Section 475 . 67 , as the officers
executing the same may approve , which approval shall be
conclusively evidenced by their execution thereof . The
Escrow Agreement shall be irrevocable, and the City hereby
covenants to perform the terms and conditions thereof and
agrees to pay the reasonable charges of the Escrow Agent
thereunder .
11 . The firm of Fox and Company, Minneapolis, Minne-
sota, certified public accountants , is hereby authorized and
directed to verify and certify that the deposits and invest-
ments in the Escrow Account established by the Escrow Agree-
ment will be sufficient to comply with the requirements of
Minnesota Statutes , Section 475 .67 , and is further autho-
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rized to make such calculations as may be necessary for the
purposes of determining the sufficiency of the Escrow
Account to make timely payments of, principal of and interest
on the Refunded Bonds ( including upon the prior redemption
thereof ) and of determining compliance with yield restric-
tions and other provisions of Section 103 (c) of the Internal
Revenue Code of 1954 , as amended , and regulations and rul-
ings thereunder .
12 . In connection with the issuance of the Refunded
Bonds , the City established its Development District No. 1
Tax Increment Bond Account (the "Debt Service Account" ) .
The funds in the Debt Service Account, consisting of
capitalized interest for the Refunded Bonds and investment
earnings thereon and totaling $ -0- , shall be
transferred to the Escrow Account and invested and applied
as pro:*idled in the Escrow Agreement. In addition, in order
to provide a sufficient Escrow Deposit, the City hereby
appropriates and shall transfer to the Escrow Account from
its General Fund or other available fund of the City the sum
of $ 845,900. 68 , which shall be invested and applied as
provided in the Escrow Agreement . Upon the issuance of the
Bonds and the establishment of the Escrow Account in accor-
dance with this Resolution and the Escrow Agreement, the
Debt Service Account shall no longer be held in trust for or
applied to the payment of any principal of or interest on
the Refunded Bonds but shall instead be held in trust for
the holders from time to time of the Bonds , as provided
below. The City Council hereby estimates and determines
that all proceeds of the Refunded Bonds which are currently
on hand in the project fund established to pay the costs of
the public improvements for which the Refunded Bonds were
issued are needed and shall be used to pay such costs.
13 . The Debt Service Account shall be held in trust by
the City for the benefit of the holders from time to time of
the Bonds , as hereinafter provided . Until the principal of
and interest on all of the Bonds are paid , or until all of
the Bonds are otherwise discharged as hereinafter provided,
there shall be credited to and maintained in the Debt Ser-
vice Account (a) those tax increments (the "Tax Increments" )
and special assessments (the "Special Assessments" ) pledged
to the Debt Service Account pursuant to Section 5 . 01 of and
Exhibits A and B of the Refunded Bonds Resolution, (b) the
ad valorem taxes hereinafter levied (the "Tax Levies" ) , and
(c) the proceeds of any general ad valorem taxes hereafter
levied by the City for the purpose of paying the principal
of and interest on the Bonds . The aforesaid funds in the
Debt Service Account shall be used only and exclusively for ,
and are hereby pledged to, the payment of the principal of
and interest on the Bonds , when due. If any such payment of
principal or interest shall become due when there are not
sufficient funds in the Debt Service Account to pay the
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same , the City Finance Director/Clerk shall pay such prin-
cipal or interest from the general fund or other available
fund of the City, and such fund shall be reimbursed for such
advances from the proceeds of the Tax Increments , Special
Assessments , Tax Levies , or of any general ad valorem taxes
hereafter levied for such purposes , when collected.
14 . The full faith and credit , and taxing powers of the
City are hereby pledged to the payment of the principal of
and interest on the Bonds , and in the event of any cur r rent
or anticipated deficiency of funds in the Debt Service
Account of amounts needed to make any such payment, when
due, the City Council shall levy ad valorem taxes on all
taxable property in the City in the amount of such defi-
ciency. In order to provide funds for the timely payment of
the principal of and interest on the Bonds , when due , there
are hereby levied the following direct, annual, irrepealable
ad valorem tax levies (the "Tax Levies" ) against all taxable
properties in the City, which TEix Levies shall be in the
years and amounts as follows (year stated being year of levy
for collection the following year) :
Year Lev-; Year Levy
see attached levy cornputation
The foregoing Tax Levies shall be irrepealable until all of
the Bonds are paid, provided that the City Finance Direc-
tor/Clerk may annually, prior to October 10 , certify to the
Hennepin County Director of Property Taxation the amount
available in the Debt Service Account to pay principal and
interest due on the Bonds during the ensuing year , and the
Director of Property Taxation shall thereupon reduce the
levy collectible during such year by the amount so certi-
fied .
15 . The ad valorem taxes levied by the City pursuant to
Resolution No . 82-41, adopted by the Eden Prairie City Coun--
cil on March 2 , 1982 , are hereby cancelled.
16 . It is hereby determined that the Tax Increments and
Special Assessments will be in the principal amount of at
least 20% of the cost of the public improvements refinanced
by the Bonds , that the estimated collections of Tax Incre-
ments , Special Assessments , and Tax Levies will produce at
least 5% in excess of the amount needed to meet , when due ,
the principal of and interest on the Bonds . The City
Finance Director/Clerk is directed to file a certified copy
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C UTATION OF TAX LEVY ON :
$19 . 800 . 000 G . O . ADVANCE REFUHDING TAX INCREMENT BDNDS
CITY OF EDEN PRAIRIE , MINNESOTA
LEVY COLLECT AMOUNT AMOUHT + 57% TAX
1983 1984 $ 2538016 $ 2664916 $ 2665000
1984 1985 $ 2464913 $ 2588158 1; 2588200
1985 1986 $ 2480413 $ 2604433 $ 2604580
1988 1987 $ 2464538 2587764 $ 2587880
1987 1988 $ 2569413 $ 2697883 $ 2697900
1988 1989 $ 2834413 $ 2976133 $ 2976200
1989 1990 $ 0719663 $ 2855646 $ 2855700
1990 1991 $ 2604913 $ 2735158 $ 2735200
1991 1992 $ 2490163 $ 2614671 $ 2614700
1992 1993 $ 2447038 $ 2569389 $ 2569400
1993 1994 $ 2343788 $ 2460977 $ 2461000
1994 1995 1; 2285388 $ 2399657 $ 2399700
1995 1996 $ 2167038 $ 2275389 $ 2275400
1996 1997 $ 2019788 $ 2120777 $ 2120800
1997 1998 $ 1845988 $ 1938287 $ 1938300
1998 1999 $ 1948063 $ 2045466 $ 2045500
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$ 38223528 $ 40135300
COMPUTER PROGRAM COPYRIGHT . EHLERS AND ASSOCIATES , INC . . 1981
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of this Resolution_ with the Director of Property Taxation of
Hennepin County, Minnesota, and to obtain the certificate
required by Minnesota Statutes , Section 475 . 63 .
17 . The officers of the City are hereby authorized and
directed to prepare and furnish to the Purchaser and to the
attorneys approving the Bonds , certified copies of proceed-
ings and records of the City relating to the Bonds and to
the financial condition and affairs of the City, and to
furnish such other certificates , affidavits , and transcripts
as may be required to show facts within their knowledge or
as shown by the books and records in their custody and under
their control relating to the validity and marketability of
the Bonds, and such instruments , including any heretofore
furnished, shall be deemed representations of the City as to
the facts stated therein.
18 . The Mayor , the City Manager , and the City Finance
Director/Clerk are hereby authorized and directed to certify
that they have examined the official statement or prospectus
prepared and circulated in connection with the issuance and
sale of the Bonds and that to the best of their knowledge
and belief said official statement is a complete and accu-
rate representation of the facts and representations made
therein as they relate to the City.
19 . The City covenants and agrees with the holders from
time to time of the Bonds that 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 Reve-
nue Code of 1954 , as amended , and regulations issued there-
under (the "Code" ) , as now existing or as hereafter amended
or proposed and in effect at the time of such action . In
particular , the City covenants that the investments of the
proceeds of the Bonds and of other funds invested and
applied under the Escrow Agreement shall be limited as to
amount and yield so that the Bonds shall not be arbitrage
bonds under Section 103 (c) of the Code . On the basis of
existing facts , estimates, and circumstances, the City
hereby certifies that it is not expected that the proceeds
of the Bonds will be used to cause the Bonds to be arbitrage
bonds under Section 103 (c) of the Code .
20 . When any Bond has been discharged as provided in
this paragraph , all pledges , covenants , and other rights
granted by this Resolution to the holder (s) of such Bond
shall cease , and such Bond shall no longer be deemed to be
outstanding under this Resolution. The City may discharge
its obligations with respect to any Bond which are due on
any date by depositing with the Bond Registrar on or before
that date a sum sufficient for the payment thereof in full ;
or , if any Bond should not be paid when due, it may never-
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theless be discharged by depositing with the Bond Registrar
a sum sufficient for the payment thereof in full with inter—
est accrued to the date of such deposit. The City may also
discharge its obligations with respect to any prepayable
Bonds by depositing with the Bond Registrar on or before the
duly declared date of prepayment an amount equal to the
principal and interest then due , provided that notice of
such redemption has been duly given according to law . 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 authorized by law to be so deposited, bearing
interest payable at such times and at such rates and
maturing on such dates as shall be required to pay all prin—
cipal and interest on such Bonds as the same become due .
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember Bentley and
upon vote being taken thereon, the following voted in favor
thereof : Mayor Wolfgang Penzel , Council Members : George Tangen , George
Bentley, Paul Redpath
and the following voted against the same:
Council Member Richard Anderson was absent
whereupon said resolution was declared duly passed and
adopted .
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E X1-I IB IT A
NOTICE OF CALL FOR REDEMPTION
$ 19 ,800 , 000 General Obligation Tax Increment Bonds of 1982
City of Eden Prairie
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that by order of the City Council
of the City of Eden Prairie, Minnesota, the bonds of the
above issue which have stated maturity dates of March 1 in
the years 1990 through 2000 , bear serial numbers 451 through
3 , 600 , and total $ 15 , 750 , 000 in principal amount are called
for redemption and prepayment on March 1, 1989 . The bonds
will be redeemed at a price of 100% of par plus accrued
interest to the date of redemption, whereupon they will
cease to bear interest.
Holders of the bonds hereby called for redemption are
requested to present their bonds for payment at The Northern
Trust Company, Chicago , Illinois , or at the office of its
duly appointed successor as Paying Agent for the bonds, on
or no earlier than 90 days prior to March 1, 1989 . This
notice is given in compliance with Minnesota Statutes , Sec-
tion 475 . 67 , Subdivision 7 , in connection with a refunding
of the bonds in advance of their respective maturities .
BY ORDER OF THE EDEN PRAIRIE
CITY COUNCIL
Dated: November 29 , 1983 . /s/ John Frane
City Finance Director/Clerk
Eden Prairie , Minnesota
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STATE OF MINNESOTA )
COUNTY OF HENNEP IN ) SS .
CITY OF EDEN PRAIRIE )
I , the undersigned , being the duly qualified and acting
Finance Director/Clerk of the City of Eden Prairie , Minne-
sota, do hereby certify that I have carefully compared the
attached and foregoing extract, of minutes of a meeting of
the Eden Prairie City Council duly called and regularly held
on November 29 , 1983 , with the original thereof on file -in
my office and I further certify that the same is a full ,
true, and complete transcript therefrom insofar as the same
relates to the issuance and sale of the City' s $ 19 ,800 ,000
General Obligation Advance Refunding Tax Increment Bonds of
1983 .
WITNESS My hand as such. City Finance Direct;. r/Clerk and
the corporate seal of the City this,
of,
1983 .
G�
City Fi a ,i Director/Clerk
Chi y of Eden Prairie, Minnesota
(SEAL)
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