Loading...
HomeMy WebLinkAboutResolution 90-38 After due consideration of the bids, Member Rue:timann then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 90-38 A RESOLUTION AWARDING THE SALE OF $2,399,720.75 GENERAL OBLIGATION TAX INCREMENT CAPITAL APPRECIATION BONDS OF 1990, SERIES A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT Year 2002 2003 2004 2005 2006 2007 2008 2009 BE IT RESOLVED By the City Council of the City of Columbia Heights, Anoka County, Minnesota (the "City") as follows: Section 1. Sale of Bonds. 1.01. The bid of Prudential-Bache Capital Fundin2 (the "Purchaser") to purchase $ 2,399,720.75 General Obligation Tax Increment Capital Appreciation Bonds of 1990, Series A (the "Bonds") of the City described in the Official Notice of Sale thereof is found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and is hereby accepted, the bid being to purchase the Bonds at a price of $ 2,363,724.9~in the original principal amount of ~ 399. 720. ~Sfor Bonds bearing terms and yields to maturity as hereinafter set forth. 1.02. The City Manager is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Manager are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds in the total original principal amount of $ 2;3qq.~770.75 , to be dated the date of settlement which is expected to be August 23, 1990, in the denomination of $5,000 Aecreted Amount (as hereinafter defined) at maturity each or any integral multiple thereof, numbered No. R-l, upward, bearing interest payable at maturity at the approximate yields to maturity and which mature serially on September 1 in the years and amounts as follows: Original Total Total Principal Aeereted Original Amount per Approximate Amount at Principal $5,000 at Yield to Maturity Amount Maturity Maturity $885,000.00 $391 920,000.00 377 920,000.00 350 920,000.00 327 920,000.00 300 920,000.00 280 920,000.00 259. 425,000.00 111 .515.15 $2,211.95 6.90% 917.60 2,053.90 6.~95 584.40 1,905.35 7.00 271.60 1,778.65 7.00 821.60 1,634.90 7.10 544.80 1,524.70 7.10 375.60 1,409.65 7.15 690.00 1,314.00 7.15 The original principal amounts set forth above will be adjusted as appropriate for any change in the settlement date. 1.04. Optional Redemption. The City may elect on September 1, 2005 and on any March i or September 1 thereafter to prepay Bonds maturing on or after September 1, 2006. Redemption may be in whole or in part of the Bonds subiect to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date wil! be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. Prepayments will be at a price equal to the Accreted Amount on the date of redemption. Section 2. Registration and Payment. 2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Interest. The Bonds shall bear interest from their date of settlement. Interest on the Bonds of each maturity shall be compounded at the yield to maturity applicable to that maturity, as set out in Section 1.03 of this Resolution, commencing September 1, 1990, and semiannually thereafter on each March 1 and September 1, and interest on the Bonds shall be payable, together with the principal thereof, only at maturity or upon optional redemption thereof. For purposes of this Resolution and the Bonds, the compound value of each Bond as of a given March 1 or September 1 shall be the original principal amount thereof plus the interest thereon compounded accordance with the foregoing provisions) and accrued to said date, as set forth in Exhibit A hereto, and shall be referred to herein as the "Accreted Amount". 2.03. Registration. The City will appoint, and shall maintain, a bond registrar, transfer agent, authenticating agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto are as follows: (a) Register. The Registrar must keep at its principal corporate trust office a bond register in which the Registrar provides for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date. (e) Exchange of Bonds. When Bonds are surrendered by the registered owner for exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. 3 (d) Cancellation. Bonds surrendered upon any transfer or exchange will be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on the Bond and for all other purposes, and payments so made to a registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so pai'd. (g) Taxes~ Fees and Charges. For a transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to the transfer or exchange. (h) Mutilated~ Lost~ Stolen or Destroyed Bonds If a Bond becomes mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of the mutilated Bond or in lieu of and in substitution for a Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to the Registrar, in which both the City and the Registrar must be named as obtigees. Bonds so surrendered to the Registrar will be cancelled by the Registrar and evidence of such cancellation must be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it is not necessary to issue a new Bond prior to payment. (i) Redemption. In the event any of the Bonds are called for redemption, notice thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not more than 60 and not less than 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books kept by the Registrar and by publishing the notice in the manner required by law. Failure to give notice by publication or by mail to any registered owner, or any defect therein, will not affect the validity of any proceeding for the redemption of Bonds. Bonds so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemption are on deposit with the place of payment at that time. 4 2.04. Al~l~ointment of Initial Registrar. The City appoints Norwest Bank Minnesota, Minneapolis, Minnesota, as the initial Registrar. The Mayor and the City Manager are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation is authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its possession to the successor Registrar and must deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the City Clerk Treasurer must transmit to the Registrar moneys sufficient for the payment of all amounts then due. 2.05. Execution~ Authentication and Delivery. The Bonds will be executed on behalf of the City by the signatures of the Mayor and the City Manager, provided that all signatures may be printed, engraved or lithographed facsimiles of the originals, in case any officer whose signature or a facsimile of whose signature appears on the Bonds ceases to be such officer before the delivery of any Bond, such signature or facsimile will nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on the Bond has been duly executed by the manual signature of an author'ized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on each Bond is conclusive evidence that it has been authenticated and delivered under this Resolution. When the Bonds have been so prepared, executed and authenticated, the City Manager shall deliver the same to the Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser is not obligated to see to the application of the purchase price. 2.06. Temporary Bonds. The City may elect to deliver in lieu of printed definitive Bonds one or more typewritten temporary Bonds in substantially the form set forth in Section 3 with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive Bonds the temporary Bonds will be exchanged therefor and cancelled. No. Section 3. Form of Bond. 3.01. The Bonds will be printed in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF COLUMBIA HEIGHTS GENERAL OBLIGATION TAX INCREMENT CAPITAL APPRECIATION BOND OF 1990, SERIES A Original Principal Amount Maturity Date Date of Original Issue ,19 CUSIP REGISTERED OWNER: ACCRETED AMOUNT AT MATURITY: The City of Columbia Heights, Minnesota, a duly organized and existing municipal corporation in Anoka County, Minnesota (the "City"), acknowledges itself to be indebted and for value received hereby promises to pay to the registered owner specified above or registered assigns, the Accreted Amount set forth above on the maturity date specified above, being the original principal amount set forth above with interest from the date of original issue stated above compounded and payable with principal at maturity at the rate which compounded, on each March 1 and September 1, commencing September 1, 1990 results in the Accreted Amount set forth for such date in the table printed on the reverse side hereof for each $5,000 maturity amount, subject to the provisions for prior redemption of this Bond hereinafter set forth. The Acereted Amount of this Bond is payable to the person in whose name this Bond is registered at the close of business on the fifteenth day (whether or not a business day) of the immediately preceding month upon presentation and surrender hereof, the principal hereof, in lawful money of the United States of America by check or draft by Norwest Bank Minnesota, Minneapolis, Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein. For the prompt and full payment of such Accreted Amount as the same becomes due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. 6 The City may elect on September 1, 2005, and on any March I or September 1 thereafter, to prepay Bonds of this issue maturing on or after September 1, 2006. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at the Accreted Amount as of the date of redemption. The City Council has designated the Bonds as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") relating to disallowance of interest expense for financial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. Additional provisions of this Bond are contained on the reverse hereof and such provisions have the same effect as though fully set forth in this place. This Bond will not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon has been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Columbia Heights, Anoka County, Minnesota, by its City Council, has caused this Bond to be executed on its behalf by the facsimile signatures of the Mayor and City Manager and has caused this Bond to be dated as of the date set forth below. Dated: CITY OF COLUMBIA HEIGHTS, MINNESOTA (facsimile) (facsimile City Manager Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. NORWEST BANK MINNESOTA Authorized Representative [Reverse of the Bond] This Bond is one of an issue in the aggregate original principal amount of $2,399,720.___7.?1~Ll of like original issue date and tenor, except as to number, maturity date, redemption privilege, and approximate yield to maturity, all issued pursuant to a resolution adopted by the City Council on July 23 , 1990 (the "Resolution"), for the purpose of providing money to aid in financing public red~-~velopment costs of a Redevelopment Project (the "Project") in the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 to 469.179, the Minnesota Tax Increment Financing Act, and Minnesota Statutes, Sections 469.001 through 469.047 and the City's home rule charter and the Accreted Amount hereof is payable primarily from tax increments resulting from increases in taxable valuation of real property in certain Tax Increment Financing Districts (the "TIF Districts") with the Project, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency of tax increments pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 Accreted Amount at maturity or any integral multiple thereof. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City wilt cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar will be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota and the City's home rule charter to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional, statutory or charter limitation of indebtedness. Date Date of Original Issue September 1, 1990 March 1, 1991 September 1, 1991 March 1, 1992 September 1, 1992 March 1, 1993 September 1, 1993 March 1, 1994 September 1, 1994 March 1, 1995 September 1, 1995 March 1, 1996 September 1, 1996 March 1, 1997 September 1, 1997 March 1, 1998 September 1, 1998 March 1, 1999 September 1, 1999 March 1, 2000 September 1, 2000 March 1, 2001 September 1, 2001 March 1, 2002 September 1, 2002 March 1, 2003 September 1, 2003 March 1, 2004 September 1, 2004 March 1, 2005 September 1, 2005 March 1, 2006 September 1, 2006 March 1, 2007 September 1, 2007 March 1, 2008 September 1, 2008 March 1, 2009 September 1, 2009 2002 TABLE OF ACCRETED AMOUNTS Bonds Maturing September 1 2003 2004 2005 2006 2007 2008 (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the leg~ opinion.) I 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 Columbia Heights, Minnesota, which includes the within Bond, dated as of the date of delivery of and payment for the Bonds. {Facsimile Signature) City Manager The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- TEN ENT -- JT TEN -- as tenants in common as tenants by entireties as joint tenants with right of survivorship and not as tenants in common UNIF GIFT MIN ACT Custodian (Cust) (Minor) under Uniform Gifts or Transfers to Minors Act ............. (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. Dated: Notice: The assignor's signature to this assignment mustcorrespond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatever. Signature Guaranteed: 10 Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joint owners if this Bond is held by joint account.) Please insert social security or other identifying number of assignee 3.02. The City Manager is directed to obtain a copy of the proposed approving legal opinion of Holmes & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the City Manager in substantially the form set forth in the form of Bond. The City Manager is authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 4. Payment: Security: Pledges and Covenants. 4.01. The Bonds are payable from the Debt Service Subaceount of the Project Account created on the official records of the City by a resolution of the City adopted on August 11, 1980, and all tax increments (the "Tax Increments") received by the City from Tax Increment Financing Districts A3 and C7 (the "TIF Districts") pursuant to the Tax Increment Pledge Agreement between the City and the Housing and Redevelopment Authority of the City of Columbia Heights (the "HRA") are pledged to the Debt Service Subaccount. Ad valorem taxes levied under Section 4.02 are also pledged to the Debt Service Subaccount. If any payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Subaeeount to pay the same, the City Clerk-Treasurer is directed to pay such principal or interest from the general fund of the City, and the general fund is to be reimbursed for such advances out of the proceeds of Tax Increments when received. 4.02. It is determined that the estimated collection of Tax Increments for payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 11 4.03. The City Manager is directed to file a certified copy of this Resolution with the County Auditor of Anoka County and obtain the certificate required by Minnesota Statutes, Section 475.63. Section 5. Application of Proceeds. 5.01. The proceeds of the Bonds shall be transferred to First Trust National Association (the "Escrow Agent") on September 4, 1990 to be applied to redemption of the Tax Increment Revenue Bonds, Series 1990 (the "Revenue Bonds") of the HRA. Amounts received from the Escrow Agent or the HRA constituting proceeds of the Revenue Bonds shall be deposited in the Project Account and disbursed to pay or reimburse for payment of public redevelopment costs of the Project. Section 6. Authentication of Transcript. 6.01. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bo~ds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the 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. 6.02. The Mayor and City Manager are authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. Section 7. Tax Covenant. 7.01. 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 1986, as amended (the "Code"), and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees or agents to take, all affirmative action within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and made applicable to the Bonds. 7.02. (a) The City will comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code, including without limitation requirements relating to temporary periods for investments, and limitations on amounts invested at a yield greater than the yield on the Bonds. (b) For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City finds, determines and declares that the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities of the City) during the calendar year in which the Bonds are issued and outstanding at one time is not 12 reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code. 7.03. The City further covenants not to use the proceeds of the Bonds or to cause or permit them or any of them to be used, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and t41 through 150 of the Code. 7.04. in order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (b) the City designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (e) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 1990 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 1990 have been designated for purposes of Section 265(b)(3) of the Code. 7.05. The City will use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations made by this section. 13 D~te Date of OriginalIssue September 1, 1990 March 1, 1991 September 1, 1991 March 1, 1992 September 1, 1992 March 1, 1993 September 1, 1993 March 1, 1994 September 1, 1994 March 1, 1995 September 1, 1995 March 1, 1996 September 1, 1996 March 1, 1997 September 1, 1997 March 1, 1998 September 1, 1998 March 1, 1999 ptember 1, 1999 March 1, 2000 September 1, 2000 March 1, 2001 September 1, 2001 March 1, 2002 September 1, 2002 March 1, 2003 September 1, 2003 March 1, 2004 September 1, 2004 March 1, 2005 September 1, 2005 March 1, 2006 September 1, 2006 March 1, 2007 September 1, 2007 March 1, 2008 September 1, 2008 March 1, 2009 September 1, 2009 2002 I~XI-IIBIT A TABLE OF ACCRETED AMOUNTS Bonds Maturing September 1 2003 2004 2005 2006 2007 2008 200 14 The motion for the adoption of the foregoing resolution was duty seconded by Member C]erkin , and upon vote being taken thereon, the following voted in favor thereof: Car]son, Na~vrocki, C]erkin, Ruettimann, Peterson and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. ~ 2 ~ /./o-AnHe Student:, C6u~cil Secretary STATE OF MINNESOTA ) ) ss. COUNTY OF ANOKA ) Deputy City I, the undersigned, being the duly qualified and acting C ]erk of the City of Columbia Heights, Anoka County, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on Jul y 23 , 1950 with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes insofar as they relate to the issuance and sale of $2,395,720.75 General Obligation Capital Appreciation Tax Increment Bonds of 1990, Series A of the City. WITNESS My hand officially as such and the corporate seal of the City this 2~rd day of July , 19~0. (SEAL) 15