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HomeMy WebLinkAboutResolution 5267 � °� 0 0 • �� � C ITY of ORONO ,� .- ,. � ti ti RESOLUTION OF THE CITY COUNCIL �L`�kEsKO�`'�G rvo. � � � � � . A RESOLUTION TO ADOPT THE ' 2005 SPECIAL REVENUE FUNDS BUDGETS BE IT RESOLVED,by the City Council of the City of Orono,County of Hennepin, , Minnesota that the 2005 Special Revenue Funds budgets are determined to be as follows: Improve & Community Estimated Revenues Park Equip Outlay Investment Taxes—General $ 5,000 $ - - $ - - Interest Income 3,750 9,450 54,590 , User Fees/Loan Payment - - 9,100 - - Park Dedication Fees 30,000 - - - - Transfers from other Funds - - 45,000 - - Use of Fund Balance - - - - 65,410 • , Total Revenues 38 75 63 550 120 000 i Appropriated Expenditures General Government $ - - $ 16,800 $ - - ' Public Safety - - 1,800 - - Streets - - -- - - Parks &Recreation - - - - - - Transfers to other Funds - - - - 120,000 Increase to Fund Balance 38,750 44,950 - - Total Expenditures 3 750 63 550 � 120.000 Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held December 13, 2004. ATTEST: , � v�� � . � Linda S. Vee, City Clerk Barbara A. Peterson, Mayor � . I' TomlResolucians!?OOi Spec Rev Budcecs.res�rtuw , I "•i � . . _ _ ...t --.. _ .. , • . . �.. . . . , _ , _ �.' ' • ' . ,� . . . � .. .. _ . � O� . O O • �� l CITY of ORONO � ; :. � ti ti RESOLUTION OF THE CITY COUNCIL �L`�kEsl�Og'�G - � . NO. � � � `� , , RESOLUTION AWARDING SALE OF $910,000 GENERA,L ; OBLIGATION SEWER IMPROVEMENT REFUNDING BONDS, SERIES 2004B, FIXING TIiE FORM AND SPECIFICATIONS THEREOF, PROVIDING FOR THEIR EXECUTION AND ; � DELIVERY, AND PROVIDING FOR THEIR PAYMENT � . � '; BE IT RESOLVED by the City Council of the City of Orono, Miruiesota, as . � follows: , 1. The proposal of Cronin & Company, Inc. (the "Purchaser") to purchase the $910,000 General Obligation Improvemeiit Refiinding Bonds, Series 2004B of the City ' (after a signiilg adjustment permitted by the Terms of Proposal) at a price of$912,928.30 plus accrued interest is hereby found and determined to be the best proposal received and shall Ue and is hereby accepted, said offer being to purchase Bonds Uearing interest according � to year of maturity as follows: � � Maturity Interest Maturity Interest � . . . � � ,�Februar�l Rate �FeUruar�� Rate � 2006 2.50% 2010 3.00% 2007 2.50 2011 3.25 2008 3.00 2012 3.50 2009 3.00 2013 3.50 2. To provide funds to refiuid the City's outstanding General Obligation . Improvement Bonds, Series 1997 (the "Prior Bonds"), which were issued to finance certain . local improvements of the City pursuant to the authority of Chapter 429, Minnesota Statutes, referred to as North Long Lake and Long Lake County Club Sanitary Sewer Improverrients, . Bay Ridge/Hartwood and Brackett's Point Sanitary Sewer and Orono Ice Arena Sewer and Water(the "Improvements"), the City hereby determines that it is necessary and expedient to issue pursuant to Minnesota Statutes, Chapter 429 and Section 475.67, its negotiable General ...:...... y... ._,x, ..a,.�n...r.� ,,.., ...:.... .:.. . .. . . , .. ... . . . .. .. . . .�..a,.,..,. .,�.._.._r.......�_...�, _,, ` � , Obligation Improvement Refunding Bonds, Series 2004B (the "Bonds") in the aggregate � � �� ' principal amount of$910,000, dated December 29, 2004, which Bonds shall bear interest at . the rates above set forth, computed on the basis of a 360-day year of twelve 30-day months, ; payable August 1, 2005 and semiannually thereafter on February 1 and August 1 in each � � i year, and shall mature serially on February 1 in the years and amounts, as follows: � 1 � Page 1 of 13 � ; � � . . . � � . .; : � � ,: . � • - r. � ,..::_: . �, � . . � ;;: ' :� � , � .. y � :t . s' •P: �' ' � ��.,.�_... r���.� . - . . - L . • � .� . O� � � O ``( O , • � l CITY of ORONO . � ,; : . � ti ti RESOLUTION OF THE CITY COUNCIL ��`9 '��G . NO. � � � �� . � kESII� � Year Amount Year Amount � 2006 $100,000 2010 $115,000 � " _ 2007 105,000 2011 120,000 � . � 2008 110,000 2012 125,000 � � ' 2009 110,000 2013 120,000 All Bonds maturing on or after February 1, 2011, are subject�to redemption and prior � payment in whole or in part in such order as the City may deternune and by lot within a " maturity at the option of the City on February 1, 2010, and any date thereafter at par and � ' accrued interest. In the event of redemption by lot of Bonds of like maturity, the Bond Registrar shall assign to each Bond of such mati,irity then outstanding a distinctive number �. � . for each$5,000 of the principal amount of such Bonds and shall select by lot in the manner it deternunes the order of numUers, at $5,000 for each number, for all outstanding Bonds of like � a maturity. The order of selection of Bonds to be redeemed shall be the Bonds to which were . . ` . assigned numbers so selected,but only so much of the principal anlount of each Bond of a : ' denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number . � assigned to it and so selected. The Bonds shall be numbered R-1 upwards in order of � � ' issuance or in such other order as the Registrar may deternzine and shall be in the � � � denomination of$5,000 each or any integral multiple thereof not exceeding the amount � maturing in any year. • � 3. The Bonds, the Registrar's Authentication Certificate and the form of . assignment shall be in substantially the following form: , , UNITED STATES OF AMERICA � � STATE OF MINNESOTA � � � COUNTY OF HENNEPIN CITY OF ORONO � , :t. '-No: . . . _ . _ - , .- . _ . .�. ,�..,�. � ., . .,:., ,..,..... .�.. GENER.AL OBLIGATION IMPROVEMENT � ' REFUNDING BOND, SERIES 2004B • Interest Rate Maturitv Date of Original Issue CUSIP . December 29, 2004 Page 2 of 13 j . . 0,�. .. � O � � . � . . . • l CITY of ORONO � � - : � . , ti ti RESOLUTION OF THE CITY COUNCIL .. ��`9.�f Og'�G NO. .� � � `�' . . ESS Registered Owner: � Principal Amount: �� � i The City of Orono, Hemiepin County, Miilnesota, for value received, hereby � � ' promises to pay to the Registered Ovv�ier specified above, or registered assigns, the Principal Amount specified above on the maturity date specified aUove, upoii the presentation and , ' sunender hereof, and to pay to the Registered Owner hereof interest on such Principal • Amount at the I�Zterest Rate specified above from Deceinber 29, 2004, or the most recent interest payinent date to which interest has Ueen paid or duly provided for as specified below, on February 1 and August 1 of each year, coirimencing August 1, 2005,'until said principal , amount is paid. Principal is payable in lawful money of the United States of Ainerica at the office of U.S. Bank National Association, in St. Paul, Mimlesota, as Bond Registrar or of its - � successor as Bond Registrar designated by the City upon 60 days' notice to the registered � owners at their registered addresses. Interest shall be paid on each February 1 and August 1 interest payment date Uy check or draft mailed to the person in whose name this Bond is � registered at the close of business on the 15th day of the month precedulg each interest . pa}nnent date (whether or not a business day) at said person's address set forth on the registration books maintained by the Bond Registrar. Any such interest not punctually paid or provided for will cease to be payable to the owner of record as'of such regular record dates and such defaulted interest may be paid to the person in whose name this Bond shall be registered at the close of business on a special record date for the payrizent of such defaulted � � interest established by the Bond Registrar. " � The Bonds of tlzis series maturing on or after February 1, 2011, are subject to � redemption at the option of the City, in whole or in part in such order as the City may determine and by lot within a maturity, on February 1, 2010 and any date thereafter at par � and accrued interest. Thirty days' notice of prior redemption will be given by mail to the � � �� . bank where the Bonds are payable and to the registered owners in the manner provided by � Chapter 475, Mimzesota Statutes. Any defect in mailing notice of redemption shall riot affect � the validity of the�proceedings�for�redemption: �Any Bond calle`d'for redemption;and for tlie payment of which moneys are set aside by the City on the redemption date, shall not bear interest after the redemption date,regardless of any delay in its presentation. �1� During such time as this Bond is registered in the name of Cede & Co., as � � � I nonunee of Depository Trust Company New York,New York ("DTC"), the method of � ' payment,notice of redemption and certain other matters are subject to the terms of a Blanket � � Page 3 of 13 � t 1 .. . ... . .... . .. . r.�.,,.- .. ��- . • ,.. _ ... . . . . , . . _ O . > � � . .� O ``` . O � . � Y � C ITY of ORONO � - : � � . , ti RESOLUTION OF THE CITY COUNCIL ti ' �L`�k'ESi�og'�G � NO. 5 2 S �' � . � Letter of Representatioil executed Uy the City and DTC as such Letter may be amended from time to time. . � � • This Bond is one of an issue of Bonds in the aggregate principal amount of $910,000, all of like date and tenor except as to maturity, interest rate and redemption � privilege, issued pursuant to and in full conformity with the Constitution and Laws of the , � State of Mimlesota, including Section 475.67 and Chapter 429, Minnesota Statutes, for the puipose of providing fiinds to refund the City's outstanding General Obligation Improvement � Bonds, Series 1997 which were issued to finance tlie City's 1997 improvement projects � ! identified in the Resolutioil described below; and this Bond is payable primarily from taxes levied and special assessments levied with respect to such improvements, but this Bond . constitutes a general obligation of the City and to provide moneys for the prompt and fiill . payinent of said principal and interest as the saine become due the full faith and credit of the City is hereby irrevocably pledged, and the City will levy additional ad valorem taxes on all , taxable property in the City, if required for such purpose, without limitation as to rate or . . . amouilt. Tllis Bond is transferable, as provided by the Resolution of the City Council . authorizing the issuance of the Bonds of this series adopted December 13, 2004 (the ' "Resolution") only upon books of the City kept at the office of the Bond Registrar by the Registered Owner hereof in person or by the Registered Owner's duly authorized attorney, upon sui-render of this Bond for transfer at the office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bond Registrar duly executed by, the Registered Owner hereof or the Registered Owner's duly authorized attonley, and, upori payment of any tax, fee or other governinental charge required to be paid with respect to such transfer, one or more fully registered Bor�ds of the series of the same principal amount, maturity and interest rate will be issued to the designated transferee or transferees. The Registered Owner of this Bond may be treated as the absolute owner hereof ' for all purposes. . • The Bonds of this series are issuable only,as fully registered bonds without �� A '� coupons in denoinina�ions�of$5,00�or any�integral�multiple�thereof not�exceeding the ' ' "� � principal amount maturing in any one year. As provided in the Resolution and subject to ' certain limitations therein set forth, the Bonds of this series are exchangeable for a like ' aggregate principal amount of Bonds of this series of a different authorized denomination, as � � requested by the Registered Owner or the owner's duly authorized attorney upon surrender � .thereof to the Bond Registrar. . i i . � { Page 4 of 13 • j � . .. .. . _ .. . ..� . - . . . ..w�.. . . . . . . .. . . _ . ., . .., . _ . ... .. .. . .. -. . . `�. -... ".- . .,� .....� . .. . - .. .., . , ry ' . . . O . . .� . . •. •. . .. ..�. ... . � � O O �M . '� � CITY of ORONO � � -:. ; � . , ti � ti RESOLUTION OF THE CITY COUNCIL ���kEsI30g'�G NO. � � � `� . ' IT IS.HEREBY CERTIFIED AND RECITED that all acts, conditions and . . � things required by the Constitution and laws of the State of Mimlesota to be done, to happen �� ' and to be perfornled precedent to and in the issuance of this Bond have been done, have � , happened and have been performed in regular and due foi-m, time and manner as required by law and tllat this Bond, together with all other indebtedness of the City outstanding on the � date of its issuance, does not exceed any constitutional or statutory linutation of indebtedness. This Bond shall not be valid or become obligatory for any purpose until the � . Certificate of Authentication and Registration hereon shall have been signed by the Bond ' Registrar. 1N WITNESS WHEREOF, the City of Orono, Minnesota, by its City.Council, has caused this Bond to be executed in its behalf by the facsimile signature of the Mayor and . � by the facsimile signature of the City Clerk, all as of the Date of Original Issue specified - S� , aUove. , Dated: December 29;2004 � (Facsimile Signature) . - Mayor �Facsimile Si zature) City Clerk � Bond Registrar's Certificate of Authentication and Registration - This is one of the Bonds described in the within inentioned Resolution and this Bond has been registered as to principal and interest in the name of the Registered Owner � identified above on the registration books of the City,of Oi ono, Minnesota. � - r . . .� ,�:,.._.... ,_4^ . . y , . •�. _.�:; ,. :;.,�.: t - ... - ��n _ .. � • . . . . � . ' ;�' U.S. BANK NATIONAL ASSOCIATION � Bond Registrar i By ' Authorized Signature � � a i Page 5 of 13 i , , ,. . . . _ . . . . . . . . . , . ._ ,. . . ._ . ' ' . . _. � -... . � , .. �..J/N . . . ., . .�.. . . . . . . . . . .. . .. .. . . .. . . . . � O� � �� O ``, O ♦ � i � CITY of ORONO . � - : � � , ti RESOLUTION OF THE CITY COUNCIL ~ . G �`gkEs�1�4� . No. � � fi+ "�, . . ,. ASSIGNMENT � . FOR VALUE RECETVED, the undersigned hereUy sells, assigns and hansfers . _unto . _ ..._.. _ ..._.. . .._._ _ ._. _... .._. ._ (Please Priilt or Typewrite Name and Address of Transferee) the within Bond and all rights thereunder, and hereby ii-revocably constitutes and appoints attorney to � transfer the witlun Bond on the books kept for regist�ation thereof, with fiill power of suUstitution iil the prenuses. Dated: � � Please insert Social Security Number Notice: The sigiiature to this assignment � or other identifying number of must correspond with the name as it appears =.� Assignee on the face of this Bond in every particular, without alteration or any change whatever. � . �� Signature Guaranteed: Sig�iatures must be guaranteed by a national banlc or trust company or by a brolcerage firm having memUership in one of the major stock exchanges. 4. The Bonds shall be payable upon presentation at the office of U.S. Bank National Association, in St. Paul, Minnesota, as Registrar and Paying Agent, or at the offices of such other successor agents as the City may hereafter designate upon 60 days' mailed notice to the registered owners at their registered addresses. Interest shall be paid by � re e stration Uooks o e ach�nte estled,to ent dagesiuiless o her arr their addresses,shown on the. , , . . .� . ��g. . �,^� g .� ! . p yi � angements satisfactory to the � ``. , Bond Registrar the City and the registered owners of Bonds are made. The City shall deposit . funds with the Bond Registrar at the time and in the manner necessary to provide for the full . i and prompt payment of such principal and interest. � 5. The Bonds shall be prepared in typewritten or printed form under the � direction of the City Clerlc and when so prepared shall be executed on behalf of the City by Page 6 of 13 . o,�,. � � � � 0 0 • � C ITY of ORONO ,� :, , �, , ti ti RESOLUTION OF THE CITY COUNCIL �L`9kEsII�4�G NO. � � � � . � .: the facsinule signature of the Mayor and by the facsinule signature of the City Clerk. The . � Bonds shall not be valid for any puipose until authenticated Uy the Bond Registrar. The Bond Registrar is authorized and directed to register the Bonds initially issued hereunder in � such names as the purchaser may direct. The Bonds initially issued hereunder shall be � � registered as of'December 29, 2004, and all Bonds issued in exchange therefor shall be � - - - �- - registered as of such date, or, if issued after the fust payment date, as of the most recent interest payment date on which interest was paid or duly provided for. When the Bonds shall have been so prepared and executed,they shall Ue delivered Uy the Finance Director in exchange for the purchase price and upon receipt of the signed legal opinion of Faegre & Benson, as Bond Counsel, and the purchaser shall not be required to see to the proper application of the proceeds. 6. (a) For purposes of this paragraph 6, the following tei-�ns sliall have ' the following meanings: � "Beneficial Owner" shall mean,whenever used with respect to a Bond, the � � ' person recorded as the Ueneficial owner of such Bond by a Participant on the records of such � Participant, or such person's suUrogee. � "Cede & Co." shall mean Cede & Co.,the nominee of DTC, and any successor , nominee of DTC with respect to the Bonds. � � "DTC" shall mean Depository Tnist Company New Yorlc,New York. "Participants" shall mean those broker-dealers,banks and other financial � institutions for which DTC holds Bonds as securities depository. "Representation Letter" shall mean the Blanket Letter of Representation from the City to DTC, heretofore approved by this Council. �� � � (b) The Bonds shall be initially issued as separate authenticated fully :.. _. ,. ,:_�� ���registered=b.onds;:;and one::$ond shall be issued in the principal,amount of each stated , . .. .. : , �.�� _ . maturity of the Bonds. Upon initial issuance, the ownership of such Bonds shall be � ! registered in the bond register of the City kept by the Registrar in the name of Cede & Co., as . � � : . � nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and � exclusive owner of the Bonds registered in its name for the purposes of payment of the 1� . � I: principal of or interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, �. giving any notice permitted or required to Ue given to registered owners of Bonds under this , - Page 7 of 13 � o.�,. . � � 0 0 • �� � C ITY of ORONO � -- ;. � ti �',�� � �G'�' RESOLUTION OF�H�E C�IT��Y COUNCIL �kESII�4 NO. � Resolution,registering the h ansfer of Bonds, and for all other purposes whatsoever; and neither the Registrar nor the City shall be affected by any�izotice to tlie contrary. Neither the Registrar nor the City shall ha�e any responsibility or obligation to any Participant, any , person claiming a beiieficial ownership interest in the Bonds under or through DTC or any � - � Participant; or any other person which is not shovv�i on the registration books of the Registrar - -� --- as being a registered owner of any Bonds, with respect to the accuracy of any records maintained Uy DTC or any Participant, with respect to the pa}nnent by DTC or any Participant of any amount with respect to the principal of or interest on the Bonds, with ' respect to any notice which is permitted or_required to be given to owners of Bonds under this Resolution, with respect to the selection Uy DTC or any Participant of aiiy person to receive payment in the event of a partial redemption of the Boiids, or with respect to any consent given or other action taken by DTC as registered ov�mer of the Bonds. The Registrar shall pay all principal of and interest on the Bonds only to Cede & Co. in accordance with the • Represeiztation Letter, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other than DTC shall receive an authenticated Bond for each separate stated maturity evidencing the obligation of the City.to make payinents of principal and interest. Upon delivery by DTC to the Registrar of written . . notice to the effect that DTC has deternuned to substitute a new noininee in place of Cede & Co., the Bonds will be transferable to such new nominee in accordance with subparagraph (fl hereof. . (c) In the event the City determiiles that it is in the best interest of the ' Beneficial Owners that they be able to obtain Bond certificates, the City may notify DTC and the Registrar, whereupon DTC shall notify the Participants, of the availability through DTC � of Bond certificates.. In such event, the Bonds will be transferable in accordance with subparagraph (fj hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and the Registrar and � discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with subparagraph(fl hereof. ,.�n" �tS. :Ji:a 1➢,'i7iai,n .:t}: . . . . . 1a5 .. . ,. . r,. _i. , . . .. .. . s:e7,K,Ye-�� -s ;'i-;..,r�..� � (d) Notwithstanding any other provision of this Resolution apparently 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 the principal of and interest on such Bond and all notices � with respect to such Bond shall be made and given,respectively, to DTC as provided in the � • Representation Letter. � � � �� Page 8 of 13 � o.�,. . 0 0 • � � C ITY of ORONO . � -- : � . , ti ti RESOLUTION OF THE CITY COUNCIL ���kEsI30g'�G NO. � � � °�' . . . (e) � The execution and delivery of the Representation Letter to DTC by the . Mayor or the City Clerk, is hereUy ratified and confirmed and the terms of the Representation Letter are inade applicable to the Bonds. The Representation Letter incoiporate by reference . certain matters with respect to, among other things, notices, consents and approvals by '-� �registered owners of tlie Bonds and Berieficial Owilers and payinents oii the Bonds. The ' Regist�ar shall have the same rights with respect to its actions thereunder as it has with respect to its actions under this Resolution. (fl In the event that aizy transfer or exchange of Bonds�is pennitted under subparagraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar from the registered owners thereof of the Bonds to be transferred or ' exchanged and appropriate instruments of transfer to the pernutted transferee in accordance with the provisions of paragraph 7 hereof. • - 7. As long as any of the Bonds issued hereunder shall remain outstanding, . . the City shall maintain and lceep at the office of the Bond Registrar an office or agency for the payment of the principal of and interest on such Bonds, as in this Resolution provided, . and for the registration and t�ansfer of such Bonds, and shall also keep at said office of the Bond Regishar books for such registration and transfer. Upon surrender for transfer of any Bond at the office of t11e Bond Registrar with a written insri-ument of transfer satisfactory to the Bond Registrar, duly executed by the reg-istered owner or the owner's duly authorized attorney, and upon payment of any tax, fee or other governmental charge required to be paid with respect to such iransfer, the City shall execute and the Bond Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more fully registered Bonds of the same series, of any authorized denominations and of a like aggregate � principal amount, interest rate and maturity. The Bonds,upon surrender thereof at the office of the Bond Registrar, may, at the option of the registered owner thereof,be exchanged for an � equal aggregate principal amount of Bonds of the same maturity and interest rate of any authorized denominations. In all cases in which the privilege of exchanging Bonds or transferring fully registered Bonds is exercised,the City shall execute and the Bond Registrar ,..:� -.:. .. . ; shall deliver Bonds.,in.accor.dance with.the provisions.,of,this Resolution�For�e�ery such;,�,., ,:.�, , ..�_. � exchange or transfer of Bonds,whether�temporary or definitive, the City or the Bond { Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental i. charge required to be paid with respect to such exchange or transfer, which sum or sums shall � be paid by the person requesting such exchange or transfer as a condition precedent to the • I . j exercise of the privilege of making such exchange or transfer. Notwithstanding any other !' provision of this Resolution, the cost of preparing each new Bond upon each exchange or � Page 9 of 13 . � . . O . . � � � O � O � s � C ITY of ORON4 a �- ; � , ti ti RESOLUTION OF THE CITY COUNCIL ' ���kEsII04�G NO. � � G � . � . . hansfer, and any other expenses of the City or the Bond Registrar incurred in connection therewith(except any applicable tax, fee or other governmental charge) shall be paid by the . � City. The City and the Bond Registrar shall not be obligated to make any such exchange or transfer of Bonds during the fifteen (15) days next preceding the date of redemption in the a case of a proposed redemption of Bonds or to make any transfer during the fifteen (15) days - next preceding any February 1 or August 1 interest payinent date. 8. Interest on any Bond which is payable, and is puncivally paid or duly provided for, on any interest payment date shall be paid to the person in whose name that Bond (or one or more Bonds for which such Bond was exchanged) is registered at the close of Uusiness on the 15th day of the month preceding such interest payment date. Any interest on any Bond which is payable,but is not punctually paid or duly provided for, on any interest . pa}nnent date shall forthwith cease to be payable to the registered holder on the relevant regular record date solely by virtue of such holder having been such holder; and such • defaulted interest may be paid by the City in any lawful manner, if, after notice given by the City to the Bond Registrar of the proposed payment pursuant to this paragraph, such payment ' shall be deemed practicable by the Bond Registrar. Subject to the foregoing provisions of . this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 9. As to any Bond, the City and the Bond Registrar and their respective successors, each in its discretion,may deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the City nor the Bond Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the registered owner thereof,but such registration may be " changed as aUove provided. All such payments shall be valid and effectual to satisfy and . ..: ..:. . . Y_ •.,.discharge the..liability upon;such,Bond to tlie�e�ctent;of the sum.or,:sums.:so,paid.;; . . ; 10. There is hereby created a special fund,to be known as the Refunding I. Bonds of 2004B Fund, for purpose of paying principal and interest on the Bonds, and in the event the principal of and interest upon the said Bonds shall become due and payable and � • there are insufficient moneys in said fund to pay such principal and interest, the City ' Treasurer is authorized and directed to pay said principal and interest from the general fund I and thereafter to reimburse said general fund from collections of special assessments for the . Page 10 of 13 i' .. ,� . .... .. • . . . .. - . �, . . . .. .. . . � .. . �� � . O O • �� g CITY of ORONO � - :. . � . w ti ti RESOLUTION OF THE CITY COUNCIL ��`9k'Es�I�g'�G ' NO. � � � °�' ' Improvement. The proceeds of the Bonds herein authorized shall be deposited in a separate - ' account to be used with other available funds, solely for the redemption of the Prior Bonds on Februaiy 1, 2005. Any remaining proceeds may be used for any lawful purpose. All future . � collections of special assessments for the Improvements are hereby irrevocably appropriated � aild pledged�to the payment of principal of and interest on the Bonds herein authorized, and ' the moneys and investments in the Refunding Bonds of 2004B Fund shall be used for no other puipose than to pay principal and interest on the Bonds until such priiicipal and interest , � shall have been paid in full; provided, however, that nothing herein contained shall prevent . the issuance and sale of additional Uonds payable from the proceeds of such assessments to � provide additional fiinds to pay the Ualance of the cost of said Iinprovements. The City is hereby authorized to levy assessments for any of said Improvenlents for which special assessments have not heretofore beeil levied. The City Treasurer may create separate accounts within the Refiinding Bonds of 2004B Fund for any capitalized interest and for � . • assessinent prepa}nnents. - .� . 11. There is hereby levied upon all the taxable property in the City a direct . . aiznual ad valorem tax which shall be spread upon the tax rolls and collected as.part of other � general ad valorem taxes of the City in the years and amounts as follows: � �. � Lew Year Collection Year Amount � � � 2004 2005 [105% of debt ` 2005 2006 service less � 2006 2007 expected.assessment . �. 2007 2008 collections] . . 2008 2009 2009 2010 2010 2011 � - 2011 2012 Said levy shall be irrepealable and the taxes so levied are irrevocably appropriated to the debt . � . � .. .,.. , . .,_ , , , .uce.said leyy in the m,anner.;and to tk�e.: .,.. ,.;as ;,. :v,�.. :,. , , ,,;�v.., ,,.servzce-;�und,but;.the.Crtyxes�rves the..r.�gh,t�to zed � extent permitted by Minnesota Statutes, Sect�on 475.61. � . � � It is hereby found and determined that the foregoing taxes, if collected in full, � : . � ' will, together with the estimated collection of pledged special assessments,produce at le�st = � • five percent in excess of the amount needed to meet when due the payments of principal and � interest on the Bonds; but the Bonds are general obligations of the City to which the full � . , �. . Page 11 of 13 � . o,�,. � . � � 0 0 • �� � � � CITY of ORONO � �-- : - � ti ��� �G�' � RESOLUTION OF THE CITY COUNCIL . `9kEsII�g' NO. � � � `� . . faith, credit and unlinuted taxing powers of the City have been and are hereby pledged; and . the City Council shall levy additioilal general ad valorem taxes on all taxable property in the City, if necessary, to pay the principal of aYnd interest on the Bonds when due. � --�- -� - - - -� ----��-- - --- --�12.-� ----The-City Clerk is authorized and directed to prepare and furnish to the .- ---- - purchaser and to the attoineys approving the Bonds, certified copies of all proceedings and records relating to the issuance of said General Obligation Iinprovement Refunding Bonds, Series 2004B and to the right, power and authority of the City and its officers to issue the � saine, and said certified copies and cei-tificates shall be deemed the representations of the City . as to all matters stated therein. � 13. The Official Statenlent relating to the Bonds, on file in the office of the Clerlc and presented to this meeting,is hereby approved and its designation as a"near final" � Official Statement for purposes of Rule 15c2-12 of the Securities and Exchange Commission • and the furnishing thereof to prospective purchasers of the Bonds are hereUy ratified and . confii-med, insofar as the same relates to the Bonds and the sale thereof. The Continuing Disclosure Certificate included in the Official Statement is hereby approved and shall be executed and delivered in connection with the deliveiy of the Bonds. The Continuing Disclosure Certificate constit�.ites a con�i actual obligation in accordance with its ternls. _ 14. The officers of the City are hereby authorized and directed to prepare and furnish to the Secretary of the Treasury a statement meeting the information reporting requirements of Section 149(e) of the Internal Revenue Code of 1986, as amended(the "Code"),by the 15th day of the second calendar month after the close of the calendar quarter in which the Bonds are issued. �� . 15. The City shall not take or permit any action that would cause the Bonds to Ue "private activity bonds" within the meaning of Section 141 of the Code. The City shall comply with the rebate requirements imposed under Section 148(fl of the Code and . . ; regulations thereunder, including(if applicable) the requirement to make periodic . � cal.culations of the amount subject to rebate thereunder and the requirement to make all � -,t:. ��.,.......:� ..,, �.:.., ... , ,,., ., _,_-. . . . . � .,.��. x,.�. � ! �reqiiired rebate's to�tlie�IJnited�States.T The City Clerk and City Adriiiriisfra't'o''r of tlie City is � �- � j hereby authorized to make on behalf of the City all elections that they may deem necessary � � and expedient under Section 148 of the Code. In addition, the City shall make no investment of funds that would cause the Bonds to Ue "arbitrage bonds" within the meaning of Section � � 148 of the Code and regulations thereunder and will restrict the yield on amounts which are � � � ; Page 12 of 13 . , . O� . . � O � O • . CITY of ORONO � � ,, . . F �� G~' ' RESOLUTION OF THE CITY COUNCiL �`�kESI��4� NO. � � � '� . replacement proceeds of the Bonds to the extent necessary for that purpose. All terms used in this paragraph 15 shall have the meanings provided in the Code and regulations thereunder. 16. The Bonds are hereUy designated qualified tax exempt obligations for - -� purposes of Sectioil 265(U)(3) of the Code: - - . - � . 17. The Prior Bonds are called for redemption and prior payment on � . � FeUruary 1, 2005 and the Clerk shall give notice thereof as required by law and the tei-ms of ' the Prior Boilds. Iii addition to the proceeds of the Bonds, funds available in the accounts maintained for the Prior Bonds are appropriated for that puipose and for the payment of . issuance expenses of the Bonds. The Finance Directoz is authorized to pay, or anange for the payinent of, issuance costs on the date of delivery of the Bonds. � 18. The City Clerk shall fiu-nish a certified copy of this resolution to the • County Auditor of Hennepin County, and obtain the County Auditor's certificate as required . by law. Adopted by the City Council of the City of Orono, Minnesota, at a regular . meeting held December 13, 2004. ATTEST: . . . � ,� �� . � .. . . .: ,s�` • , ,�..�#• }L"uifla S;•�e�;'Ctty'�Clerk� . .. . , . . �� Barbara�A. terso , ayor ��r y . . ' �4" Pe n���M � . .. .. ., .� ,.��. . . , i " • i . l. ? Page 13 of 13