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HomeMy WebLinkAboutResolution No. 2009-74RESOLUTION N0.2009-74 A RESOLUTION AWARDING THE SALE OF $3,935,000 GENERAL OBLIGATION PUBLIC FACILITIES BONDS, SERIES 2009A; FI7IING THEIIt FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council (the "Council") of the City of Columbia Heights, Anoka County, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. Public Safety Center and Murzyn Hall. The City is authorized by the Charter of the City of Columbia Heights (the "Charter") to issue its general obligation bonds for, among other things, the purchase or erection of needful public buildings within the City and any other public convenience from which a revenue is or may be derived. The City therefore intends to issue its general obligation bonds pursuant to the Charter to finance (i) a new public safety center for the police and fire departments (the "Public Safety Center"), and (ii) energy-efficient improvements to Murzyn Hall ("Murzyn Improvements"). The Public Safety Center and the Murzyn Improvements are collectively referred to herein as the "Public Facilities Improvements." The City has previously issued its General Obligation Public Safety Center Bonds, Series 2008B, in the aggregate principal amount of $10,000,000, to finance a portion of the construction and equipping of the Public Safety Center. 1.02. Watermain Improvements. The City is authorized by Minnesota Statutes, Section 444.075, as amended (the "Utility Act"), to issue its general obligation bonds to defray the costs of certain watermain improvements. The City therefore intends to issue its general obligation bonds pursuant to the Utility Act and Minnesota Statutes, Chapter 475, as amended ("Chapter 475"), to undertake various water lining projects within the City's watermain system (the "Watermain Improvements"). 1.03. Street and Alley Reconstruction. The City is authorized by Minnesota Statutes, Chapter 429, as amended (the "Assessment Act"), to issue its general obligation bonds to defray the costs of certain street and alley improvements. The City therefore intends to issue its general obligation bonds pursuant to the Assessment Act and Chapter 475 to undertake various street and alley rehabilitation and reconstruction improvements, identified as Project No. 2007-02 and Project No. 2009-02 (collectively, the "Street Improvements"). The Public Facility Improvements, the Watermain Improvements, and the Street Improvements are collectively referred to herein as the "Projects." 1.04. Ordinance Readings. On April 13, 2009, the Council conducted a first reading of an ordinance authorizing the City to issue its general obligation bonds in the maximum principal amount of $3,935,000 to finance the Projects (the "Ordinance"). On Apri127, 2009, the Council 352627v2 AJP CL162-44 2 conducted a second reading of the Ordinance and adopted the Ordinance, subject to referendum as described in the Charter. 1.05. Publication of Ordinance• No Petition for Referendum. The Ordinance was published at least once in the City's official newspaper. The City Clerk did not receive a petition signed by the requisite amount of registered voters in the specified time frame to require a referendum on the issuance of the Bonds (hereinafter defined) under the Charter. Section 2. Sale of Bonds. 2.01. Award to Purchaser and Interest Rates. The proposal of Cronin & Company, Inc. (the "Purchaser") to purchase $3,935,000 General Obligation Public Facilities Bonds, Series 2009A (the "Bonds") of the City described in the Terms of Proposal thereof is determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $3,937,298.20 for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2010 2.000% 2017 3.500% 2011 2.000% 2018 4.000% 2012 2.000% 2019 4.000% 2013 2.250% 2020 4.000% 2014 3.000% 2021 4.000% 2015 3.000% 2022 4.000% 2016 3.250% Term Bonds due Febniary 1, 2024 at 4.100%. Term Bonds due February 1, 2027 at 4.250%. Term Bonds due February 1, 2030 at 4.500%. Term Bonds due February 1, 2033 at 4.625%. Term Bonds due Febniary 1, 2038 at 4.750%. Net interest cost: 4.2440617%. 2.02. Purchase Contract. The sum of $51,485.20 being the amount proposed by the Purchaser in excess of $3,885,813.00 will be deposited in allocable amounts to the respective subaccounts in the Construction Account under Section 5.01 hereof. The City Finance Director 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 proposers forthwith. The Mayor and the City Finance Director are directed to execute a contract with the Purchaser on behalf of the City. 2.03. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the City Charter, the Utility Act, the Assessment Act, and Chapter 475 in the total principal amount of $3,935,000, originally dated as of the date of delivery, in the denomination of $5,000 each or any 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: 352627v2 AJP CL162-44 3 Year Amount Year Amount 2010 $40,000 2017 $225,000 2011 185,000 2018 235,000 2012 190,000 2019 200,000 2013 200,000 2020 130,000 2014 205,000 2021 140,000 2015 205,000 2022 140,000 2016 220,000 Term Bonds due February 1, 2024 in the aggregate principal amount of $305,000. Term Bonds due February 1, 2027 in the aggregate principal amount of $210,000. Term Bonds due February 1, 2030 in the aggregate principal amount of $240,000. Term Bonds due February 1, 2033 in the aggregate principal amount of $285,000. Term Bonds due February 1, 2038 in the aggregate principal amount of $580,000. $3,005,000 of the Bonds (the "Public Facilities Portion") maturing in the amounts and on the dates set forth below are being issued to finance the Public Facilities Improvements: Year Amount Year Amount 2011 $95,000 2025 $65,000 2012 95,000 2026 70,000 2013 100,000 2027 75,000 2014 105,000 2028 75,000 2015 105,000 2029 80,000 2016 115,000 2030 85,000 2017 110,000 2031 90,000 2018 120,000 2032 95,000 2019 130,000 2033 100,000 2020 130,000 2034 105,000 2021 140,000 2035 110,000 2022 140,000 2036 115,000 2023 150,000 2037 120,000 2024 155,000 2038 130,000 $325,000 of the Bonds (the "Water Revenue Portion") maturing in the amounts and on the dates set forth below are being issued to finance the Watermain Improvements: Year Amount Year Amount 2011 $30,000 2016 $35,000 2012 35,000 2017 40,000 2013 35,000 2018 40,000 2014 35,000 2019 40,000 2015 35,000 352627v2 AJP CL162-44 4 $605,000 of the Bonds (the "Street Improvements Portion") maturing in the amounts and on the dates set forth below are being issued to finance the Street Improvements: Year Amount Year Amount 2010 $40,000 201 S $65,000 2011 60,000 2016 70,000 2012 60,000 2017 75,000 2013 65,000 2018 75,000 2014 65,000 2019 30,000 2.04. Optional Redemption. The City may elect on February 1, 2019, and on any date thereafter to prepay Bonds due on or after February 1, 2020. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section 8 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. 2.05. Term Bonds. The Term Bonds are subject to mandatory sinking fund redemption and shall be redeemed in part by lot at par plus accrued interest on the sinking fund installment dates and in the principal amounts as follows: Sinking Fund Installment Date February 1, 2024 Term Bonds 2023 2024 (maturity) Principal Amount $150,000 155,000 2027 Term Bonds 2025 2026 2027 (maturity) 2030 Term Bonds 2028 2029 2030 (maturity) 2033 Term Bonds 2031 2032 2033 (maturity) 65,000 70,000 75,000 75,000 80,000 85,000 90,000 95,000 100,000 352627v2 AJP CL 162-44 5 2038 Term Bonds 2034 105,000 2035 110,000 2036 115,000 2037 120,000 2038 (maturity) 130,000 The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All prepayments will be at a price of par plus accrued interest. Section 3. Registration and Payment. 3.01. 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. 3.02. Dates; Interest Payment Dates. 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 the 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 the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on February 1 and August 1 of each year, commencing February 1, 2010, to the registered owners of record as of the close of business on the fifteenth day of the immediately preceding month, whether or not that day is a business day. 3.03. Registration. The City will appoint, and will 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 that interest payment date. (c) 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 352627v2 AJP CL162-44 6 aggregate principal amount and maturity as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. Bonds surrendered upon 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 the 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 the Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. The Registrar may impose a charge upon the owner thereof for a transfer or exchange of Bonds 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 any 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 an appropriate bond or indemnity in form, substance and amount satisfactory to it and as provided by law, in which both the City and the Registrar must be named as obligees. 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) 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 if required by law. Failure to give notice by publication or by mail to any registered owner, or any defect therein, will 352627v2 AJP CL162-44 7 not affect the validity of the proceedings 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. 3.04. Appointment of Initial Re ig_strar. The City appoints U.S. Bank 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 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, the resulting 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 Finance Director must transmit to the Registrar monies sufficient for the payment of all principal and interest then due. 3.05. Execution, Authentication and Delivery. The Bonds will be prepared under the direction of the City Manager 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 lithographed facsimiles of the originals. If an officer whose signature or a facsimile of whose signature appears on the Bonds ceases to be such officer before the delivery of any Bond, that 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 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 a 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 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 application of the purchase price. 3.06. Temporary Bonds. The City may elect to deliver in lieu of printed defmitive Bonds one or more typewritten temporary Bonds in substantially the form set forth in Section 4 hereof 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. Section 4. Form of Bond. 4.01. The Bonds will be printed or typewritten in substantially the following form: 352627v2 AJP CL162-44 g No. R-_ UNITED STATES OF AMERICA $ STATE OF MINNESOTA COUNTY OF ANOKA CITY OF COLUMBIA HEIGHTS GENERAL OBLIGATION PUBLIC FACILITIES BONDS, SERIES 2009A Date of Rate Maturity Original Issue CUSIP February 1, 20_ July 1, 2009 Registered Owner: Cede & Co. The City of Columbia Heights, Minnesota, a duly organized and existing municipal corporation and political subdivision located in Anoka County, Minnesota (the "City"), acknowledges itself to be indebted and for value received promises to pay to the Registered Owner specified above or registered assigns, the principal sum of $ 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 1 , 2010, 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 National Association, Saint Paul, Minnesota, as 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 principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. The City may elect on February 1, 2019, and on any date thereafter to prepay Bonds due on or after February 1, 2020. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify Depository Trust Company ("DTC") of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. The Term Bonds are subject to mandatory sinking fund redemption and shall be redeemed in part by lot at par plus accrued interest on the sinking fund installment dates and in the principal amounts as follows: 35262'Iv2 AJP CL162-44 (~ Sinking Fund Installment Date Principal Amount February 1, 2024 Term Bonds 2023 $150,000 2024 (maturity) 155,000 2027 Term Bonds 2025 65,000 2026 70,000 2027 (maturity) 75,000 2030 Term Bonds 2028 75,000 2029 80,000 2030 (maturity) 85,000 2033 Term Bonds 2031 90,000 2032 95,000 2033 (maturity) 100,000 2038 Term Bonds 2034 105,000 2035 110,000 2036 115,000 2037 120,000 2038 (maturity) 130,000 The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All prepayments will be at a price of par plus accrued interest. This Bond is one of an issue in the aggregate principal amount of $3,935,000, 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 June 8, 2009 (the "Resolution"), for the purpose of providing funds to (i} construct a new public safety center for the police and fire departments within the City, (ii) defray the costs of certain improvements to the City's watermain system, and (iii) defray the costs of certain street and alley improvements within the City, pursuant to and in full conformity with the home rule charter of the City and the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 444.075, Chapter 429, and Chapter 475, as amended. The principal hereof and interest hereon are payable in part from net revenues of the City's water utility, in part from special assessments levied or to be levied on property specially benefited by local improvements, and in part from ad valorem taxes, 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 352627v2 AJP CL162-44 1 ~ property in the City in the event of any deficiency in water revenues, special assessments, and taxes pledged, which additional 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 or any integral multiple thereof of single maturities. 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 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 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 transferor exchange. The City and the 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 Registrar will be affected by any notice to the contrary. 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 Code of 1986, as amended (the "Code"), relating to disallowance of interest expense for financial institutions and within the $30 million limit allowed by the Code for the calendar year of issue. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the home rule charter of the City and the Constitution and laws of the State of Minnesota 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. 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 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 or manual signatures of the Mayor and City Manager and has caused this Bond to be dated as of the date set forth below. 352627v2 AJP CL 162-44 11 Dated: June 8, 2009 CITY OF COLUMBIA HEIGHTS, MINNESOTA (Facsimiled (Facsimile) City Manager Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. U.S. BANK NATIONAL ASSOCIATION By Authorized Representative The following abbreviations, when used in the inscription on the face of this Bond, will be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants UNIF GIFT MIN ACT Custodian in common (Gust) (Minor) TEN ENT -- as tenants under Uniform Gifts or by entireties Transfers to Minors JT TEN -- as joint tenants with right of survivorship and Act . .... , .. . . . not as tenants in common (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 352627v2 AJP CL162-44 12 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 Bond in every particular, without alteration or any change whatever. Signature Guaranteed: NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP"), the New York Stock Exchange, Inc. Medallion Signatures Program ("MSP") or other such "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended. The 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 PROVISIONS AS TO REGISTRATION The ownership of the principal of and interest on the within Bond has been registered on the books of the Registrar in the name of the person last noted below. 352627v2 AJP CL162-44 13 Signature of Date of Registration Registered Owner Officer of Re isg tray Cede & Co. Federal ID #13-2555119 4.02. Approving Le ag 1 Opinion. The City Finance Director is authorized and directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and cause the opinion to be printed on or accompany each Bond. Section 5. Payment; Security Pledges and Covenants. 5.01. Funds and Accounts. (a) Generally. The Bonds are payable from the General Obligation Public Facilities Bonds, Series 2009A Debt Service Fund (the "Debt Service Fund") hereby created. The City will maintain a Public Facilities Account (the "Public Facilities Account"), a Water Revenue Account (the "Water Revenue Account"), and a Street Improvements Account (the "Street Improvements Account") in the Debt Service Fund. (b) Public Facilities Account. The City Finance Director will timely deposit in the Public Facilities Account the taxes (the "Taxes") levied or to be levied for hereunder, which Taxes are pledged to that account of the Debt Service Fund. There is also appropriated to the Public Facilities Account of the Debt Service Fund $69,590.94, representing the amount necessary to pay interest on the Public Facilities Portion of the Bonds on February 1, 2010. If any payment of principal or interest on the Public Facilities Portion of the Bonds will become due when there is not sufficient money in the Public Facilities Account of the Debt Service Fund to pay the same, the City Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Taxes when received. (c) Water Revenue Account. The City will create and continue to operate its Water Fund to which will be credited all gross revenues of the City's water system and out of which will be paid all normal and reasonable expenses of current operations of the water system. Any balance therein are deemed net revenues and will be transferred, from time to time, to the Water Revenue Account of the Debt Service Fund, hereby created in the Water Fund, which account will be used only to pay principal of and interest on the Water Revenue Portion of the Bonds and any other bonds similarly authorized. There will always be retained in the Water Revenue Account of the Debt Service Fund a sufficient amount to pay principal of and interest on the Water Revenue Portion of the Bonds and the City Finance Director must report any current or anticipated deficiency in the Water Revenue Account to the City Council. If any payment of principal or interest on the Water Revenue Portion of the Bonds will become due when there is not sufficient money in the Water Revenue Account of the Debt Service Fund to pay the same, the City Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of pledged net revenues when received. (d) Street Improvements Account. The City Finance Director will timely deposit in the Street Improvements Account the Taxes and the special assessments (the "Assessments") levied or 35262'7v2 AJP CLi62-44 14, to be levied for the Street Improvements described in Section 1,03 hereof, which Taxes and Assessments are pledged to the Street Improvements Account of the Debt Service Fund. There is also appropriated to the Street Improvements Account of the Debt Service Fund $4,367.71, representing the amount necessary to pay interest on the Street Improvements Portion of the Bonds on February 1, 2010. If any payment of principal or interest on the Street Improvements Portion of the Bonds will become due when there is not sufficient money in the Street Improvements Account of the Debt Service Fund to pay the same, the City Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Taxes and Assessments when received. (e) Construction Fund. The proceeds of the Bonds, less the appropriations made in paragraphs (b), (c) and (d) of this Section but including any amounts in excess of the minimum proposal designated for deposit herein in accordance with Section 2.02 hereof, together with any other funds appropriated for the Public Facilities Improvements, the Watermain Improvements, and the Street Improvements, respectively, as the case may be, will be allocated to and deposited in a Public Facilities subaccount, a Water Revenue subaccount, and a Street Improvements subaccount, respectively, in a separate "Construction Fund" to be used solely to defray expenses of the Public Facilities Improvements, the Watermain Improvements, and the Street Improvements, respectively. When the Public Facilities Improvements, the Watermain Improvements, and the Street Improvements, respectively, are completed and the costs thereof paid, the relevant subaccount in the Construction Fund is to be closed and any balance in the respective subaccount therein is to be deposited in the Public Facilities Account, the Water Revenue Account, and the Street Improvements Account, respectively, of the Debt Service Fund, as the case may be. 5.02. Covenants Reg_ardin~ Water Revenue Portion of Bonds. The Council covenants and agrees with the holders of the Bonds that so long as any of the Water Revenue Portion of the Bonds remain outstanding and unpaid, it will keep and enforce the following covenants and agreements: (a) Maintenance and Operation of System. The City will continue to maintain and efficiently operate its water system as a public utility and convenience free from competition of other like utilities and will cause all revenues therefrom to be deposited in bank accounts and credited to the water account as hereinabove provided, and will make no expenditures from that account except for a duly authorized purpose and in accordance with this Resolution. (b) Water Revenue Account to be Maintained as Separate Account. The City will also maintain the Water Revenue Account of the Debt Service Fund as a separate account in the Water Fund and will cause money to be credited thereto from time to time, out of net revenues from the water system in sums sufficient to pay principal of and interest on the Water Revenue Portion of the Bonds when due. (c) Books of Records and Accounts Relating to the System. The City will keep and maintain proper and adequate books of records and accounts separate from all other records of the City in which will be complete and correct entries as to all transactions relating to the water system and which will be open to inspection and copying by any bondholder, or the bondholder's agent or attorney, at any reasonable time, and it will furnish certified 352627v2 AJP CL 162-44 15 transcripts therefrom upon request and upon payment of a reasonable fee therefor, and said account will be audited at least annually by a qualified public accountant and statements of such audit and report will be furnished to all bondholders upon request. (d) Persons Handling Revenues and Banks Receiving Deposits. The Council will cause persons handling revenues of the water system to be bonded in reasonable amounts for the protection of the City and the bondholders and will cause the funds collected on account of the operations of the water system to be deposited in a bank whose deposits are guaranteed under the Federal Deposit Insurance Law. (e) Insurance. The Council will keep the water system insured at all times against loss by fire, tornado and other risks customarily insured against with an insurer or insurers in good standing, in such amounts as are customary for like plants, to protect the holders, from time to time, of the Bonds and the City from any loss due to any such casualty and will apply the proceeds of such insurance to make good any such loss. (f) Performance of Duties. The City and each and all of its officers will punctually perform all duties with reference to the water system as required by law. (g) Pledge to Produce Revenues. The City will impose and collect charges of the nature authorized by the Utility Act at the times and in the amounts required to produce net revenues adequate to pay all principal and interest when due on the Water Revenue Portion of the Bonds and to create and maintain such reserves securing said payments as may be provided in this Resolution. (h) Payment of Deficiencies, if Any. The Council will levy general ad valorem taxes on all taxable property in the City when required to meet any deficiency in net revenues with respect to the Water Revenue Portion of the Bonds. 5.03. Pledge of Tax Levy. For the purpose of paying the principal of and interest on the Public Facilities Portion and the Street Improvements Portion of the Bonds, there is levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. The Taxes will be credited to the respective subaccounts of the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of collection): Year Levy (See EXHIBIT B) 5.04. Certification to County Auditor as to Debt Service Fund Amount. (a) It is hereby determined that the estimated collections of the foregoing Taxes will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Public Facilities Portion of the Bonds. It is hereby determined that the estimated collections of the foregoing Taxes and Assessments will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Street Improvements 352627v2 AJP CL162-44 16 Portion of the Bonds. The tax levy herein provided is irrepealable until all of those respective portions of the Bonds are paid, provided that at the time the City makes its annual tax levies the City Finance Director may certify to the County Auditor of Anoka County the amounts available in the Public Facilities Account or Street Improvements Account of the Debt Service Fund, as the case may be, to pay principal and interest due during the ensuing year, and the County Auditor will thereupon reduce the levy collectible during such year by the amount so certified. (b) It is hereby determined that the estimated collection of net revenues for the payment of principal and interest on the Water Revenue Portion of the Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on such portion of the Bonds and that no tax levy is needed at this time with respect to the Water Revenue Portion of the Bonds. 5.05. County Auditor Certificate as to Registration. The City Finance Director is directed to file a certified copy of this Resolution with the County Auditor of Anoka County and to obtain the certificate required by Minnesota Statutes, Section 475.63. Section 6. Authentication of Transcript. 6.01. City Proceedin>s and Records. The officers of the City are authorized and directed to prepare and fiarnish 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 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 deemed representations of the City as to the facts stated therein. 6.02. Certification as to Official Statement. The Mayor, the City Manager, and the City Finance Director are hereby 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. 6.03. Pavment of Costs of Issuance. The City authorizes the Purchaser to forward the amount of Bond proceeds allocable to the payment of issuance expenses (other than amounts payable to Kennedy & Graven, Chartered as Bond Counsel) to Bank of America, N.A. on the closing date for further distribution as directed by the City's financial adviser, Ehlers & Associates, Inc. Section 7. Tax Covenants. 7.01. Tax-Exempt Bonds. 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 352627v2 AJP CL 162-44 17 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. No Rebate Required. (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 2009) exceed the small issuer rebate exception amount of $5,000,000. (b) For purposes of qualifying for the small issuer rebate 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 is not reasonably expected to exceed $5,000,000, within the meaning of Section 148(f)(4)(D) of the Code. 7.03. Not Private Activity Bonds. 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. 7.04. Qualified Tax-Exempt Obli ations. 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: Code; (a) the Bonds are not "private activity bonds" as defined in Section 141 of the (b) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (c) the reasonably anticipated amount of tax-exempt obligations other than any private activity bonds which will be issued by the City (and all subordinate entities of the City} during calendar year 2009 will not exceed $30,000,000; and (d) not more than $30,000,000 of obligations issued by the City during calendar year 2009 have been designated for purposes of Section 265(b)(3) of the Code. 7.05. Procedural Requirements. 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. 352627v2 AJP CL162-44 18 Section 8. Book-Entry System; Limited Obligation of City 8.01. DTC. 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 2.03 hereof. Upon initial issuance, the ownership of each Bond will be registered in the registration books kept by the 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 Registrar in the name of Cede & Co., as nominee of DTC. 8.02. Participants. With respect to Bonds registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, the City and the Registrar will have no responsibility or obligation to any broker 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 Registrar), 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, of any amount with respect to principal of, premium, if any, or interest on the Bonds. The City and the Registrar may treat and consider the person in whose name each Bond is registered in the registration books kept by the Registrar as 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 Registrar 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 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 Registrar, will receive a certificated Bond evidencing the obligation of this resolution. Upon delivery by DTC to the City Finance Director of a written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., the words "Cede & Co.," will refer to such new nominee of DTC; and upon receipt of such a notice, the City Finance Director will promptly deliver a copy of the same to the Registrar. 8.03. Representation Letter. The City has heretofore executed and delivered to DTC a Blanket Issuer Letter of Representations (the "Representation Letter") which will govern payment of principal of, premium, if any, and interest on the Bonds and notices with respect to the Bonds. Any Registrar subsequently 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 Registrar, to be complied with at all times. 8 04. Transfers Outside Book-Entr~ystem. In the event the City, by resolution of the Council, determines that it is in the best interests of the persons having beneficial interests in the Bonds that they be able to obtain Bond certificates, the City will notify DTC, whereupon DTC will 352627v2 AJP CL 162-44 19 notify the Participants of the availability through DTC of Bond certificates. In such event the City will issue, transfer and exchange Bond certificates as requested by DTC and any other registered owners in accordance with the provisions of this Resolution. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and discharging its responsibilities with respect thereto under applicable law. In such event, if no successor securities depository is appointed, the City will issue and the Registrar will authenticate Bond certificates in accordance with this Resolution and the provisions hereof will apply to the transfer, exchange and method of payment thereof. 8.05. Payments to Cede & Co. Notwithstanding any other provision of this Resolution to the contrary, so long as a Bond is registered in the name of Cede & Co., as nominee of DTC, payments with respect to principal of, premium, if any, and interest on the Bond and notices with respect to the Bond will be made and given, respectively, in the manner provided in DTC's Operational Arrangements as set forth in the Representation Letter. Section 9. Continuing Disclosure. 9.01. City Compliance with Provisions of Continuing Disclosure Certificate. The City covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate (hereinafter defined). Notwithstanding any other provision of this Resolution, failure of the City to comply with the Continuing Disclosure Certificate will not be considered an event of default with respect to the Bonds; however, any Bondholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this Section. 9.02. Execution of Continuing Disclosure Certificate. "Continuing Disclosure Certificate" means that certain Continuing Disclosure Certificate executed by the Mayor and the City Manager and dated the date of issuance and delivery of the Bonds, as originally executed and as it maybe amended from time to time in accordance with the terms thereof. Section 10. Defeasance. When all Bonds and all interest thereon have been discharged as provided in this Section, all pledges, covenants and other rights granted by this Resolution to the holders of the Bonds will cease, except that the pledge of the full faith and credit of the City for the prompt and full payment of the principal of and interest on the Bonds will remain in full force and effect. The City may discharge all Bonds (or relevant portion thereof) which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full. If any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. 352627v2 AJP CL162-44 20 The foregoing Resolution was introduced by Member Williams and seconded by Member Kelzenberg. The following voted in favor of the Resolution: Peterson, Williams, Nawrocki, Diehm, Kelzenberg The following voted against: none The following were absent: none Adopted: June 8, 2009. ATTEST: .U. ~`~ -.~ ~ ~.~-'~, City Clerk ,~ 352627v2 AJP C[.162-44 2 1 STATE OF MINNESOTA ) COUNTY OF ANOKA ) SS. CITY OF COLUMBIA HEIGHTS) I, the undersigned, being the duly qualified and acting Manager 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 June 8, 2009 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 $3,935,000 General Obligation Public Facilities Bonds, Series 2009A of the City. WITNESS My hand officially as such City Manager and the corporate seal of the City this 8th day of June 2009. g .~- ,~- ~~-' City Manager City of Columbia Heights, Minnesota (SEAL) 352627v2 AJP CL162-44 STATE OF MINNESOTA COUNTY AUDITOR'S CERTIFICATE AS TO COUNTY OF ANOKA TAX LEVY AND REGISTRATION I, the undersigned County Auditor of Anoka County, Minnesota, hereby certify that a certified copy of a resolution adopted by the governing body of the City of Columbia Heights, Minnesota, on June 8, 2009, levying taxes for the payment of $3,935,000 General Obligation Public Facilities Bonds, Series 2009A, of said municipality dated July 1, 2009, has been filed in my office and said bonds have been entered on the register of obligations in my office and that such tax has been levied as required by law. WITNESS My hand and official seal this day of , 2009. County Auditor Anoka County, Minnesota (SEAL) Deputy 352627v2 AJP CL162-44 EXHIBIT B TAX LEVY SCIIEDULE 352627v2 AJP CL162-44 BID TABULATIaN $3,935,000° General obligation Public Facilities Bvnds, Series 2009A CITY OF COLUMBIA HEIGHTS, MINNESOTA SALE: June 9, 2009 AWARD: CRr_~N[N & C«t•.1PANY. INC. RATING: Standard & Poar's Credit PYiarkets "AA" BBI: 4.71 °u NET TRUE NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST (February 1) YIELD COST RATE -- CRONIN 8 CGtP,1PANY, INC. tvtinneapolis, F~iinnesota 4'': ELLS FARCO BROKERAt3E 5ER!/ICES. LLC ~.tinneapolis, FAinnesota 2014 2004°0 1.250°ia 2011 2.000°to '1.500% 2012 2.OOfl°o 1.750°rc 2013 2.254°'0 2.000Dio 2014 3.000% 2.444?'a 2015 3.004°0 2.750°ID 2015 3.250°!0 3.000°!a 2017 3.500°'0 3.150°.ja 201$ 4.004°'0 3.400°!a 2619 4.000%D 3.600°tD 2020 4.000°./0 3.750°.~a 202'1 4.000% 3.900'.0 2022 d.00fl°'o d.40G°!a 2023"' d.10fl°o 4. t00 ra 2024"` d.14fl°r`o 4.100°,S 2025"" 4.250°!0 4.fl00°./0 2425"' 4.250^0 4.250°~D 2027•" 4.254°0 4.250°fo 2023•"• 4.500°!0 4.500°!0 2024•»'• 4.500°'0 4.500°a 2030"'"" 4."+04°-0 4.50G°~D 2431-,'.' d.+s25go d 52=~ 2032"»`"' 4.%25°'0 -t.52~a1o 2433""` 4.G25°fD 4.525°k 2034"•••" d.754°~0 4.750°0 2435"'"" 4.750°° 4.750 i0 243E`a"'" 4.754?'0 4.750lD 2437"`a"" 4.750°0 4.750°h 2433"""` d.75flgo 4.750°.•'a 53,937;205.20 52,10d,3n8.29 4.15t;4% 'Subsequent to bid opening the 2011 maturity decreased 510,040 to 5185,QOG, the 2412 maturity decreased 510004 to S 190,044, the 2015 maturity decreased 510,040 to 5245.044, the 2419 maturity increased 510,040 to 5204.400 the 2421 maturity increased 55A00 to 5140404 the 2022 maturit_ increased 55.440 to 5144.000 the 2023 maturihr increased 55,000 to 5150.404 and the 2027 maturity increased 55.000 to 575.OOG in maturity •:alue. Adjusted Price - 53,937.298.24 Adjusted Net Interest Cost - 52,116,955.E7 Adjusted TIC - 4.1599°./0 "3300,000 Tenn Band due 2024 avith mandatory redemption in 2023 ""$205,000 Term Batul due 2027 with mandatory redemption in 202:-2026 (Adjusted amount of S210.000) ""3240,000 Tem1 Bond due 2030 with mandatory redemption in 2029-2029 """S2R5.000 Term Bond dtte 2033 ~vith tzlandatory redemption in 2031-2032 """"'5590,000 Term Band due 2038 vrith mandatary redemption in 2034-2037 352627v2 AJP CL162-44 53.935,000 General Obllgatian Public Facilities Bonds. Series 2009A City of Columbia Heights. Minnesota Page 2 NET TRUE NAME OF 81ODER MATURITY RATE REOFFERING PRICE INTEREST INTEREST (Februaryli YIELD COST RATE REC CAPITAL t~gARKET5 h'.inneapolis. P~linnesota NORTHLAND SECURITIES. INC. tAinneapolis, Minnesota 20'10 2011 2012 2G 13 2014 2015 2015 2017 2018 2019 2020 2021 2022 2023 2024 2025 2x26 2027 2028 2029 2030 2G3i 2G3z 2C33 2634 2035 2036 2037 2038 2610 2011 2012 2013 2014 2C15 2015 2017 2018 2019 2020 2G2t 2022 2023 2024 2025 2025 2027 2028 2029 2630 2031 2032 2033 2034 2035 2036 2037 2038 3.GGfl%b 3.OCr0°io 3.OC+fl°o 3.000°./o 3.GGfl°.o 3.009°0 3.OGflgo 4.GOG~o 4.OGG°'o 4.t,ofl°io 4.000°ro 4.OCtG°o 4.GUfl°.•n 4.OGfl°.to 4.125°0 4.300°.m 4.400% 4.500°io 4.50fl°.+~o 4.500°l0 4.500°0 4.6GG~;'o 4.6Gfl°~o 1.i;OG°'o 4.Et)fl°'o 4.700°io 4.7Vfl°o 4.7Gfl°o 4.7Ufl°fo 3.COfl°,o 3.OGfl °,~o 3.GOfl°jo 3_Gu0°~o 3.aGfl°,° 3.GQE1°'c 3.GOfl% 3.200°./0 3AC~J°o 3.6C~J°~o 3.700°.~o 3.800% 3.9oG% 4.000% 4.1 GO°6 4.260°;o 4.2Gfl°./o 4.350°./0 4.350°.0 4.5Gfl°io 4.56fl°.lo d.r36fl°m 4.s6G~o 4.760°./o 4.7Gfl°./o =1.80fl°lo 4.860°~ 4.96f1% 4.96fl°b 53 °44.132.30 52.109.552.95 4.1758°~0 S3.BS5.812.5G 52,'141.559.38 4.2551°%0 352627v2 AJP CL i 62-44 53,938.000 General Obligation Public Facilities Bonds. Series 2009A City of Columbia Heights, Minnesota Page 3 NET TRUE NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST (February 1) YIELD COST RATE UBS FINANCIAL SER`v`ICES INC. Ner. York. New• York R`)BERTV•1 8A1RD S CU. tailh•aukee :'ti'isconsin ZG10 2411 2612 2613 2414 2615 2615 2017 2418 2019 2420 2421 2422 2423 2424 2425 2626 2027 2a2s 2429 2034 2431 2432 2633 2434 2635 2436 z437 2438 2410 2611 2412 2613 2014 2415 2618 2417 241 a 2019 2020 2621 2422 2423 2024 2425 2426 2627 242$ 2x29 2o3G 2GS1 z432 2433 2434 2435 2035 2037 203ft 2.440% 2.54E°.~o 3.040°.•~0 3.OG09o 3.440°~o 3.~.G0°o 3.54E°.io 3.750°'0 4.4x3°io 4.040% 4.444°io 4.000?/0 4.OC~J°fo 4.440°o 4.44E°jo 4.125°fo 4.25E°.'o 4.375°.~0 4.=,G0°,io 4.5Cb°la 4.540°,b 4.625°0 4.754°~ 4.750°~0 4.750°'0 4.7cA°k 4.$75% 4.1:75°% 5.000°5 2.400°./0 2.GGE°,`o 2 25E°.•% 2.5UJ °.jo 3.4E0°./o 3.000°to 3.254°i, 3.540°.fo 3.540°o 3.750°.fo 4.640°,io 4.GG0°1o 4.GGfl°io 4.1 GO°''o 4.140°.~0 4.440°Jo 4.400°io 4..400°.•~0 dAGO°.o 4.400°.-''o S.aGa~ 5.444°r° 5.4GG~i, 5.400°,'0 5.00E°Xo S.GGE°ro 5.OG09o ~:.OG~a~o 5.400°o 53,899,425.45 52,187,443.28 4.3554°0 53.858.487.2E 52,2E5,296 55 4.3531°u 352627v2 AJP CL162-44 Extract of Minutes of Meeting of the City Council of the City of Columbia Heights, Anoka County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Columbia Heights, Minnesota, was duly held in the City Hall in said City on Monday, June 8, 2009, commencing at 7:00 P.M. The following members were present: Mayor Gary L, Peterson, Councilmernber Robert Williams, Councilmember Bruce Nawrocki, Councilmember Tammera Diehm, Councilmember Bruce Kelzenberg. and the following were absent: none The Mayor announced that the next order of business was consideration of the proposals which had been received for the purchase of the City's $3,935,000 General Obligation Public Facilities Bonds, Series 2009A. The City Finance Director presented a tabulation of the proposals which had been received in the manner specified in the Terms of Proposal for the Bonds. The proposals are as set forth in Exhibit A attached. After due consideration of the proposals, Member Williams then introduced the following written resolution, the reading of which was dispensed with by unanimous consent, and moved its adoption: 352627v2 AJP CL 162-44 1 EXHIBIT B TAX LEVY SCHEDULE 352627v2 AJP 0.162-44 Tax Levy Calculation For: City of Columbia Heights, Minnesota $3,935,000 General gbiigation Public Facilities Bonds, Series 2009A Dated Oate: 711!2009 Levy Year Collect Pay Year Year Total P 8 I Funds Available (1) Less Water Revenues P & I x 105% (2) Less: Spec Assmts (3) Less: Spec Assmts (4) Net Levy 2008 / 2009 / 2010 125,683.65 73,958.65 5,789.58 48,232.19 45,935.42 4,367.71 -2,070.94 2009 / 2010 ! 2011 331,086.26 39,925.00 305,719.32 44,375.00 32,487.50 228,856.82 2010 / 2011 / 2012 332,386.26 44,325.00 302,464.32 43,675.00 31,987.50 226,801.82 2011 / 2012 / 2013 338,586.26 43,625.00 309,709.32 47,975.00 31,487.50 230,246.82 2012 ! 2013 / 2014 339,086.26 42,837.50 311,061.20 47,075.00 30.925.00 233,061.20 2013 ! 2014 / 2015 332,936.26 41,787.50 305,706.20 45,875.00 30,175.00 229,fi56.20 2014 / 2015 / 2016 341,786.26 40,737.50 316,101.20 44,675.00 34,425.00 237,001.20 2015 / 2016 / 2017 339,636.26 44,600.00 309,788.07 48,375.00 33,450.00 227,963.07 2016 / 2017 ! 2018 341,761.26 43,200.00 313,489.32 46,800.00 32,400.00 234,289.32 2017 ! 2018 ! 2019 297,361.26 41,600.00 268,549.32 31,200.00 237,349.32 2018 / 2019 / 2020 219,361.26 230,329.32 230,329.32 2019 / 2020 / 2021 224,161.26 235,369.32 235,369.32 2020 1 2021 ! 2022 218,561.26 229,489.32 229,489.32 2021 / 2022 / 2023 222,961.26 234,109.32 234,109.32 2022 / 2023 / 2024 221,811.26 232,901.82 232,901.82 2023 / 2024 / 2025 125,456.26 131,729.07 131,729.07 2024 1 2025 / 2026 127,693.76 134,078.45 134,078.45 2025 / 2026 / 2027 129,718.76 136,204.70 136,204.70 2026 ! 2027 1 2028 126,531.26 132,857.82 132,857.82 2027 1 2028 / 2029 128,15626 134,564.07 134,564.07 2028 / 2029 / 2030 129,556.26 136,034.07 136,034.07 2029 1 2030 / 2031 130,731.26 137,267.82 137,267.82 2030 / 2031 / 2032 131,568.76 138,147.20 138,147.20 2031 / 2032 / 2033 132,175.00 138,783.75 138,783.75 2032 ! 2033 / 2034 132,550.00 139,177.50 139,177.50 2033 / 2034 l 2035 132,562.50 139,190.63 139,190.63 2034 / 2035 / 2036 132,337.50 138,954.38 138,954.38 2035 ! 2036 / 2037 131,875.00 138,468.75 138,468.75 2036 / 2037 / 2038 136,175.00 142,983.75 142,983.75 Totals 6,054,253.87 73,958.65 388,427.08 5,871,461.55 414,760.42 292 905 21 5 163 795 92 (1) The following funds are available to pay a portion of the interest payment due 2/1/2010: Capitalized Interest: $73,958.65 (2) Projected special assessment revenue based on 2007 Assessments assessed at 100% of annual debt service. (3) Projected special assessment revenue based on 2009 Assessments assessed at 100% of annual debt service. (4) Cashflow and lery needs should be reviewed annually to account for prepaid and/or delinquent assessments. EHLERS 6 ASSOCIATES INC 352627v2 ATP CL162-44 06-30-09 12.30pm From-PROP REG & TAX STATE OF MINNESOTA COUNTY OF ANOKA 7633235421 T-970 P.03/04 F-716 COUNTY AY.3bITOR'S CERTIFICATE AS TO TALC LEVY AND REGISTRATION I, the undersigned County Auditor of Anoka County, Minnesota, hereby certify that a certified copy of a resolution adopted by the governing body of the City of Columbia Heights, Minnesota, on June 8, 2009, levying taxes for the payment of $3,935,000 General Obligation Public Facilities Bonds, Series 2009A, of said municipality dated July 1, 2009, has been filed in any office and said bonds have been entered on the register of obligations in my office and that such tax has been levied as required bylaw. WITNESS My hand and official seal this ~~~ day of _`, 2009. (SEAL} ° ` ~.~ i .•.. P° srW ~. County Auditor Anoka County, Minnesota