HomeMy WebLinkAboutResolution 99-48After due consideration of the proposals, Member wvc kof f then introduced
the following' written resolution and moved its adoption the reading of which had been
dispensed with by unanimous consent:
RESOLUTION NO. 99-~a
A RESOLUTION AWARDING THE SALE OF $860,000 GENERAL
OBLIGATION IMPROVEMENT BONDS
SERIES 1999A; 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 Columbia Heights, Anoka
County, Minnesota (City) as follows:
Section 1. Slle of nonds.
1.01. The proposal of Cronin & Company, Incorporated (Purchaser) to purchase
$860,000 General Obligation Improvement Bonds, Series 1999A (Bonds) of the City
described in the Terms of Proposal thereof is found and determined to be a reasonable offer
and is accepted, the proposal being to purchase the Bonds at a price of $853,432.60 plus
accrued interest to date of delivery, for Bonds bearing interest as follows:
Year of Interest Year of Interest
MatiraW Rate Maturity Rate
2001 3.45% 2006 4.00%
2002 3.55 2007 4.10
2003 3.65 2008 4.15
2004 3.80 2009 4.25
2005 3.90 2010 4.30
True interest rate: 4. 1570%
1.02. The sum of $312.60 being the mount proposed by the Purchaser in excess of
$853,120 will be credited to the Debt Service Fund hereinafier created. The City
Clerk/Finance Director is directed to deposit 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
proposers forthwith. The Mayor and City Clerk/Finance Director 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 principal amount
of $860,000, originally dated May l, 1999, in the denomination of $5,000 each or any
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integral multiple thereof, numbered No. R- 1, upward, bearing interest as above set forth, and
which mature serially on February 1 in the years and amounts as follows:
Year of Year of
Maturity Amount Maturity Amount
2001 $ 50,000 2006 $90,000
2002 105,000 2007 90,000
2003 100,000 2008 85,000
2004 95,000 2009 85,000
2005 95,000 2010 65,000
1.04. Optional Redemption. The City may elect on Febnxary 1, 2007 and on any
day thereafter to prepay Bonds duc on or after February 1, 2008. Redemption may be in
whole or in part and if in part, at the option of the City and in such order as the City will
determine and within a maturity by lot as selected by the Regiswar. All prepayments will be
at a price of par plus accrued interest.
Section 2. Registratioll 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. Dat~.s: Interest Pn~anent l~ates. Each Bond will be dated as of the last interest
payment date preceding the date of authentication to which interest on the Bond has been
paid or made available for payment, unless (i)the date of authentication is an interest
payment date to which interest has been paid or made available for payment, in which case
such Bond will be dated as of the date of authentication, or (ii) the date of authentication is
prior to the first interest payment date, in which case such Bond will be dated as of the date
of original issue. The interest on the Bonds will be payable on February 1 and August 1 of
each year, commencing February 1, 2000, to the owner of record thereof as of the close of
business on the fifteenth day of the immediately preceding month, whether or not such day is
a business day.
2.03. Regist,~ation. The City will appoint, and will maintain, a bond registrar,
transfer agent, authenticating agent and paying agent (Registrar). The effect of registration
and the rights and duties of the City and the Registrar with respect thereto are as follows:
(a) Regiger. 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) Tran.~fer of l~onds. Upon surrender for transfer of a Bond duly
endorsed by the registered owner thereof or accompanied by a written instnm~ent of
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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.
(c) ~xchnnge of aona~. 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.
(d) Cancellation. Bonds surrendered upon any transfer or exchange will be
promptly canceled by the Registrar and thereafter disposed of as directed by the City.
(e) lrrlprO~per or Unauthori~'.ed Trsnsfer. 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 the Bond or separate instnnnent 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 Wansfers 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 paid.
(g) Taxes, Fees and Chsrl, es. 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 go~zemmental charge required to be paid with
respect to the transfer or exchange.
en) Mntilated. lost. ,~tol~ or Besttoyed P, oncl.~. 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
deslroyed, 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 al~proptiate bond or indemnity in form, substance and amount
satisfactory to it and as provided by law, in which both the City and the Registrar
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must be named as obligees. Bonds so surrendered to the Registrar will be canceled 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 marl (J~ostage 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 RegisU'ar. Failure to give notice 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.
2.04. Appointmerit of Initial Registrar. The City appoints U.S. Bank Trust National
Association, Saint Paul, 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 meerger or consolidation of the Registrar with another corporation, if the
resultingcorporation 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 Finance Director must transmit to the Registrar moneys sufficient for the
payment of all principal and interest then due.
2.05. ~xecution. Authenti~ation aXld Delivery. The Bonds will be prepared under
the direction of the Finance Director and 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
lithegraphed facsimiles of the originals. In case any officer whose signature or a facsimile of
whose signature appean 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 ff 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 authorized representative of the
Registrar. Certificates of authentication on different Bonds need not be signed by the same
representative. The executed certificate of authentication on each Bond is conclusive
evidence that it has been authenticated and delivered under this Resolution. When the Bonds
have been so prepared, executed and authenticated, the Finance Director will 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
ai~plication 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 canceled.
Section 3. Form of Rond.
3.01. The Bonds will be printed in substantially the following form:
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[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF COLUMBIA HEIGHTS
GENERAL OBLIGATION IMPROVEMENT
BOND, SERIES 1999A
Date of
Rate MaturiW Qriginal Issue CURIP
May 1, 1999
No.
Registered Owner: Cede & Co.
Principal Sum:
The City of Columbia Heights, Minnesota, a duly organized and existing municipal
corporation in Anoka County, Minnesota (City), acknowledges itself to be indebted and for
value received hereby promises to pay to the registered owner specified above or registered
assigns, the principal sum specified above on the maturity date specified above, with interest
thereon from the date hereof at the annual rate specified above, payable February 1 and
August 1 in each year, commencing February l, 2000, 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. The interest hereon and, upon presentation and
surrender hereof, the principal hereof are payable in lawful money of the United States of
America by check or draft by U.S. Bank Trust National Association, St. Paul, Minnesota, as
Bond Registrar, Paying Agent, Transfer Agent ~nd Authenticating Agent, or its designated
successor under the Resolution described herein. For the prompt and full payment of such
principal and interest as the same respectively become due, the full faith and credit and
taxing powen of the City have been and are hereby irrevocably pledged.
The City may elect on Febnutty 1, 2007 and on any day thereafter to prepay Bonds
due on or after February 1, 2008. Redemption may be in whole or in part and if in part, at
the option of the City and in such order as the City will determine and within a maturity by
lot as selected by the Registrar. All prepayments will be at a price of par plus accrued
interest
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The City Council has designated the issue of Bonds of which this Bond forms a part
as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal
Revenue Cede of 1986, as amended (the Cede) relating to disallowance of interest expense
for financial institutions and within the $10 million limit allowed by the Cede for the
calendar year of issue.
This Bend is one of an issue in the aggregate principal mount of $ 860,000 all of like
original issue date and tenor, except as to number, maturity date, redemption privilege, and
interest rate, all issued pursuant to a resolution adopted by the City Council on April 12,
1999 (the Resolution), for the purpose of providing money to aid in financing various local
improvements within the City, pursuant to and in full conformity with the Constitution and
laws of the State of Minnesota, including Minnesota Statutes, Chapter 429 and the City's
home rule charter and the principal hereof and interest hereon are payable primarily from
special assessments levied against property specially bene~ted by improvements in a special
debt service fund of the City, 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 ad valorera taxes on all taxable property in the City in the event of any deficiency in
special assessments pledged, which taxes nay 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 or any integral multiple thereof of single maturities.
As provided in the Resolution and subject to certain limitations set forth therein, this
Bond is transfenble 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 insU'urnent 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 will cause a new Bond or Bonds to be issued in the name of the
transferee or registered owner, of the same aggregate principal amount, bearing interest at the
same rate and maturing on the same date, subject to reimbursement for any tax, fee or
governmental charge required to be paid with respect to such transfer or exchange.
The City and the Bond RegisWar 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
RegisWar 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
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not cause the indebtedness of the City to exceed any consttimtional, statutory or charter
limitation of indebtedness.
This Bond is not valid or obligatory for any purpose or entitled to any security or
benefit under the Resolution until the Certificate of Authentication hereon has been executed
by the Bond ReSistrat 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
~a~siw~le) (~aCsir0ile)
City Manager Mayor
CERTIFICATE OF AUTHHNYICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
By
Authorized Representative
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and does hereby
irrevocably constitute and appoint attorney to transfer the said Bond
on the books kept for registration of the within Bond, with full power of substitution in the
premises.
Dated:
Notice:
The assignor's signature to this assignment must correspond with the
name as it appears upon the face of the within Bend in every particular,
without alteration or any change whatever.
Signature Guaranteed:
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 in,sen social security
or other identifying number of assignee
Section 4. payment: ,~ecuriW Piedies ?nd Cove~nnts.
4.01. The City will create and maintain its General Obligation hnprovement Bonds,
Series 1999A Debt Service Fond (Debt Service Fund) which fund will be used only to pay
principal of and interest on the Bonds. All Special Assessments (Assessments), levied for the
improvements financed by the Bonds are hereby pledged and required to be deposited in the
Debt Service Fund. The Finance Director must report any current or anticipated deficiency
in the Debt Service Fund to the City Council which deficiency shall be paid from the general
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fund of the City, to be reimbursed out of proceeds of Assessments and taxes levied hereunder
when collected. There is appropriated to the Debt Service Fund all capitalized interest
financed from Bond proceeds, if any, any amount over the minimum purchase price of the
Bonds paid by the Purchaser and all accrued interest paid by the Purchaser upon closing and
delivery of the Bonds.
4.02. The City Council covenants and agrees with the holders of the Bonds that so
long as any of the Bonds remain outstanding and unpaid, it will keep and enforce the
following covenants and agreements:
(a) The City Council will levy general acl vaiorem taxes on all taxable
property in the City, when required to meet any deficiency in Assessments.
Co) The city has levied and will levy and is collecting Assessments against
property specially bene~ted by the Improvements in accordance with the procedures
of Minnesota Statutes, Chapter 429 and the City's home rule charter payable in such
installments as the City Council has determined by resolution, and all payments of the
Assessments will be credited to the Debt Service Fund for payment of prior principal
and interest on the Bonds.
(c) The City will keep complete and accurate books and records showing:
receipts and disbursements in cormection with the Improvements, Assessments, taxes
levied therefor and other funds appropriated for their payment, collections thereof and
disbursements therefrom, moneys on hand and, the balance of unpaid Assessments.
(d) The City will cause its books and records to be audited at least annually
and will furnish copies of such audit reports to any interested person upon request.
4.03. At least 20% of the cost of the hnprovements will be specially assessed
against benefited properties. It is hereby determined that the estimated collection of
Assessments for the 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 n~eded at this time.
4.04. The City Clerk is authorized and directed to file a certified copy of this
resolution with the County Auditor and to obtain the certificate required by Minnesota
Statutes, Section 475.63.
Section 5. Anthentic~ation of Transcript.
5.01. 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 Bonds 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
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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, will be deernod representations of the City as to the facts
stated therein.
5.02. 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.
5.03. The Mayor, City Manager and Finance Director are authorized to execute and
deliver the continuing Disclosure Undertaking substantially in the form on file with the City
Clerk.
Section 6. Tsx Covenant.
6.01. 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 affffmative 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.
6.2. (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, limitations on amounts invested at a
yield greater than the yield on the Bonds, and the rebate of excess investment
earnings to the United States if the Bonds (together with other obligations reasonably
expected to be issued in calendar year 1999) exceed the small-issuer exception
amount of $5,000,000.
(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 mount 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 reasonably expected to
exceed $5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code.
6.03. 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 141 through 150 of the Code.
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6.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the
meaning of Section 265(0)(3) of the Code, the City makes the following factual statements
and representations:
(a)
the Code;
the Bonds are not "private activity bonds" as defined in Section 141 of
(0) the City designates the Bonds as "qualified m-exempt obligations" for
purposes of Section 265(0){3) of the Code;
(c) 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 1999 will not exceed $10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City during
calendar year 1999 have been designated for purposes of Section 265(0)(3) of the
Code.
6.05. 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.
Section 7. Rook-Entry System: t.irvited ObliV, ation of City,
7.01. The Bonds will be initially issued in the form of a separate single typewritten
or printed fully registered Bond for each of the maturities set forth in Section 1.03 hereof.
Upon initial issuance, the ownership of each such Bond will be registered in the registration
books kept by the Bond Registrar in the name of Cede & Co., as nominee for The Depository
Trust Company, New York, New York, and its successors and assigns {DTC). Except as
provided in this section, all of the outstanding Bonds will be registered in the registration
books kept by the Bond Registrar in the name of Cede & Co., as nominee of DTC.
7.02. With respect to Bonds registered in the registration books kept by the Bond
Registrar in the name of Cede & Co., as nominee of DTC, the City, the Bond Registrar and
the Paying Agent will have no responsibility or obligation to any bwker dealers, banks and
other financial institutions from time to time for which DTC' holds Bonds as securities
depository (the Participants) or to any other person on behalf of which a Participant holds an
interest in the Bonds, including but not limited to any responsibility or obligation with
respect to (i) the accuracy of the records of DTC, Cede & Co. or any Participant with respect
to any ownership interest in the Bonds, (ii) the delivery to any Participant or any other person
other than a registered owner of Bonds, as shown by the registration books kept by the Bond
Regiswar, of any notice with respect to the Bonds, including any notice of redemption, or
(iii) the payment to any Participant or any other person, other than a registered owner of
Bonds, or any amount with respect to principal of, premium, if any, or interest on the Bonds.
The City, the Bond RegisWar. and the Paying Agent may treat and consider the person in
whose name each Bond is registered in the registration books kept by the Bond Registrar as
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the holder and absolute owner of such Bond for the purpose of payment of principal,
premium and interest with respect to such Bond, for the purpose of registering transfers with
respect to such Bonds, and for all other purposes. The Paying Agent will pay all principal of,
premium, if any, and interest on the Bonds only to or on the order of the 'respective registered
owners, as shown in the registration books kept by the Bond Registrar, and all such payments
will be valid and effectual to fully satisfy and discharge the City's obligations with respect to
payment of principal of, premium, if any, or interest on the Bonds to the extent of the sum or
sums so paid. No person other than a registered owner of Bonds, as shown in the registration
books kept by the Bond Registrar, will receive a certificated Bond evidencing the obligation
of this resolution. Upon delivery by DTC to the Finance Director of a written notice to the
effect that DTC has determjn'ed to substitute a new nominee in place of Cede & Co., and the
words "Cede & Co.," will refer to such new nominee of DTC; and upon receipt of such a
notice, the Finance Director will promptly deliver a copy of the same to the Bond Registrar
and Paying Agent.
7.03. Representation I.etter. The form of representation letter proposed to be
submitted to DTC, which is on file with the City Clerk and presented to this meeting
(Representation Letter), is hereby approved, and the City Manager is authorized to execute
and deliver the Representation Letter in substantially the form on file, with such changes
therein not inconsistent with law as the City Manager may approve, which approval will be
conclusively evidenced by the execution thereof. Any Paying Agent or Bond Registrar
subsequenfiy appointed by the City with respect to the Bonds will agree to take all action
necessary for all representations of the City in the Representation letter with respect to the
Bond Registrar and Paying Agent, respectively, to at all times to complied with.
7.04. TrsnSfers Outside Bo~k-l:ntry ,~yStern. In ~e ev~t ~e CiW, by re~lufion d
~e CiW Co~l, d~s ~t it is ~ ~e ~t ~t~es~ of ~e ~ hang ~fi~
~t~est ~ ~e B~& ~at ~ey ~ able m ob~n Bond c~cates, ~e CiW Mll nofi~ DTC,
wh~eu~n DTC ~ll nofi~ ~e P~~m, of ~e availabiliW ~ou~ DTC of Bond
c~fi~tes. h such ev~t the CiW MH issue, ~sf~ ~d exch~ge Bond ~fi~tes ~
r~uest~ by DTC nd ~y o~ ~ster~ ohm ~ a~r~ M~ ~e provisi~ of ~s
Resolution. DTC ny de~e to discon~ue ~o~g iB s~ces ~ re~ W ~e
Bon& at ~y me by ~g nofi~ w ~e CiW ~d ~sc~g im r~o~ibilifies M~
rs~t ~eto ~ a~li~le law. h such iv~ if no su~r sectties d~sito~ is
a~hR ~e CiW Mll isle ~d ~e Bond Re~s~ Mll au~fi~ Bond ~fi~s ~
~~ ~ ~s ~lufi~ ~d ~e ~sio~ h~f ~I1 ~ly m ~e ~f~, ~c~ge
~d me~ of pa~t ~of.
70.5. P~ym~nts to Celle & Co. Notwithstanding any other provision of this
resolution to the contrary, so long as any Bond is registered in the name of Cede & Co., as
nominee of DTC, all payments with respect to principal of, premium, if any, and interest on
such Bond and all notices with respect to such Bond will be made and given, respectively in
the manner provided in the Representation Letter.
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The motion for the
Member szu rek
favor thereof:
Szurek,
adoption of the foregoing resolution was duly seconded by
, and upon vote being taken thereon, the following voted in
Jolly~ Wyckoff, Hunter, Peterson
and the following voted againg the same:
None
whereupon said resolution was declared duly passed and adopted.
I~ayor Gary'.~P~eterson
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STATE OF MINNESOTA )
)
COUNTY OF ANOKA ) SS.
)
CITY OF COLUMBIA HEIGHTS )
I, the undersigned, being the duly qualified and acting Council Secretary 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 April 12, 1999 with the original minutes on file in my office and
the exU~act is a full, true and correct copy of the minutes insofar as they relate to the issuance
and sale of $860,000 General Obligation Improvement Series 1999A of the City.
WITNESS My hand officially as such and the corporate seal of the City this 12 th
day of April, 1999.
i~tyCounci(~-,~,v~Secretsry
Columbia Heights, Minnesota
(SEPAL)
M!:4~51B.OI
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