Loading...
HomeMy WebLinkAboutCity Council Resolution 1986-305BAfter due consideration of the bids, Councilmember Crain introduced the following resolution and moved its adoption: RESOLUTION NO. 86-305B RESOLUTION AWARDING THE SALE OF $1,650,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS, SERIES 1986B; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Plymouth, Minnesota, (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of (Purchaser) to purchase $1,650,000 General Obligation Water and Revenue Bonds, Series 1986B (Bonds) of the City described in the Official Notice of Sale thereof is hereby found and determined to be the highest and beat bid received pur- suant to duly advertised notice of sale and shall be and is hereby accept- ed, the bid being to purchase the Bonds at a price of $ plus accrued interest to date of delivery, for Bonds bearing interest as fol- lows: Year of Interest Maturity Rate 1988 % 1989 1990 1991 1992 1993 1994 1995 1996 Net Effective Interest Rate: A Reoffering Yield: Z The Finance Director is directed to retain the good faith check of the Purchaser on behalf of the City pending completion of the sale and delivery of the Bonds, and to return the checks of the unsuccessful bidders forth- with. The sum of $ being the amount offered by the Purchaser in excess of $1,625,250 shall be credited to the Debt Service Account created by Section 3. The sum of $ representing capitalized interest shall be credited to the Debt Service Fund created by Section 3. 1.02. The City shall forthwith issue and sell the Bonds in the total principal amount of $1,650,000, originally dated as of June 1, 1986, the Bonds being in fully registered form and issued in the denomination of $5,000 or any integral multiple thereof, numbered no. R-1 upward, bearing interest as above set forth, and which Bonds mature serially on March 1 in the years and amounts as follows: YEAR AMOUNT 1988 ; 75,000 1989 100,000 1990 100,000 1991 100,000 1992 225,000 1993 225,000 1994 250,000 1995 275,000 1996 300,000 Bonds maturing in the years 1995 and 1996 are subject to redemption and prepayment, in whole or in part, at the election of the City on March 1, 1994, at their principal amount and accrued interest to date of redemption. If redemption is in part those bonds remaining unpaid which have the latest maturity date will be prepaid first. If only a part of the bonds having a common maturity date are called for prepayment, the specific bonds to be prepaid will be chosen by lot by the Registrar. Section 2. Form: Registration. 2.01. Registered Form. The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond shall be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which Interest has been paid or made available for payment, in which case such Bond shall be dated as of the date of authentication, or (10 the date of authentication is prior to March 1, 1987, in which case such Bond shall be dated as of June 1, 1986. •The interest on the Bonds shall be payable on March 1 and September 1 in each year, commencing March 1, 1987, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 2.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal corpo- rate trust office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, trans- ferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of any 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 shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such inter payment date. (c) Exchai_, :;onds. Whenever any Bonds are surrendered by the registered owi.,r for exchange the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When any Bond is pre- sented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall 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 any Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Bond and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof suffi- cient to reimburse the Registrar for any tax, fee or other govern- mental charge required to be paid with respect to such transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond destroyed, stolen or lost, upon the payment of the reason- able 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 such Bond was destroyed. stolen or lost. and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the City and the Registrar shall be named as obligees. All Bonds so sur- rendered to the Registrar shall be cancelled by it and evidence of such cancellation shall 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 shall not be necessary to issue a new Bond prior to payment. (1) Redemption. In the event any of the Bonds are called for redemption, notice thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not more than 60 and not less than 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the regis- tration books kept by the Registrar and by publishing said notice in the manner required by law. Failure to give such notice by publica- tion or by mail to any registered owner, or any defect therein, will not affect the validity of any proceeding for the redemption of Bonds. All Bonds so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemp- tion are on deposit with the place of payment at that time. 2.04. Appointment of Initial Registrar. The City hereby appoints , as the initial Registrar. The Mayor and the !tanager are authorised 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 result- ing corporation is a bank or trust company authorised by law to conduct such business, such corporation shall be authorised 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 shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Finance Director shall transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 2.05. Execution, Authentication and Delivery. The Bonds shall be prepared under the direction of the Clerk and shall be executed on behalf of the City by the signatures of the Mayor and the Manager, provided that all signatures may be printed, engraved or lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes. the same as if he had remained in office until delivery. Notwithstanding such execution, no Bond shall 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 such Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on differ- ent Bonds need not be signed by the same representative. The executed certificate of authentication on each Bond shall be conclusive evidence that it has been authenticated and delivered under this Resolution. When the Bonds have been so prepared, executed and authenticated, the Finance Director shall deliver the same to the Purchaser thereof upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.06. Form of Bonds. The Bonds shall be printed in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION WATER AND SEWER REVENUE BOND, SERIES 1986E Date of Rate Maturity Original Issue CUSIP June 1, 1986 No. R - The City of Plymouth, a duly organized and existing municipal corporation in Hennepin County, Minnesota (City), acknowledges itself to be indebted and for value received hereby promises to pay to 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 March 1 and September 1 in each year, com- mencing March 1, 1987, to the person in whose name this Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presenta- tion and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by Minnesota, as Bond Registrar, Transfer Agent, Authenticating Agent and Paying 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. Bonds mrturing in the years 1995 and 1996 are subject to redemption and prepayment, in whole or in part, at the election of the City on March 1, 1994, at their principal amount and accrued interest to date of redemption. If redemption is in part those bonds remaining unpaid which have the latest maturity date will be prepaid first. If only a part of the bonds having a common maturity date are called for prepayment, the specific bonds to be prepaid will be chosen by lot by the Registrar. Additional provisions of this Bond are contained on the reverse hereof and such provisions shall for all purposes have the same effect as though fully set forth in this place. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Plymouth, Hennepin County, Minnesota, by its City Council, has caused this Bond to be executed on its behalf by the facsimile signatures of the Mayor and City Manager and has caused this Bond to be dated as of the date set forth below. Dated: CITY OF PLYMOUTH, MINNESOTA (facsimile) (facsimile) City Manager Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. By Authorized Representative (Reverse of the Bond) This Bond is one of an issue in the aggregate principal amount of $1,650,000, all of like original date and tenor, except as to number, maturity date, redemption privilege and interest rate, issued pursuant to a resolution adopted by the City Council on May 20, 1986 (the Resolution), for the purpose of providing money to defray the expenses incurred and to be incurred in making improvements to the water and sewer systems of the City (Utilities), pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 444.075, and is payable from net revenues of the Utilities but constitutes a general obligation of the City and, to provide moneys for the prompt and full payment of said principal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the city Council will levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. 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. IT IS HEREBY CERTIFIED AND RECITED That in and by the authorizing resolution, the City has covenanted and agreed that it will continue to own and operate the Utilities free from competition by other like utilities; that adequate insurance on the Utilities and suitable fidelity bonds on employees will be carried; that proper and adequate books of account will be kept showing all receipts and disbursements relating to the Fund, into which funds it will pay all of the gross revenues from the Utilities; that it will also create and maintain a General Obligation Sewer Revenue Bonds, Series 1986A Debt Service Account in the Fund, into which it will pay, out of the net revenues from the Utilities, a sum sufficient to pay principal hereof and interest hereon when due, and that it will pro- vide, by ad valorem tax levies, for any deficiency in such net revenues. As provided in the Resolution and subject to certain limitations set forth therein this Bond is transferable upon the books of the City at the principal office of the Bond Registrar by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly exec�ited by the registered owner or the owner's attorney, and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all sets, conditions and things required by 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 or statutory limitation of indebtedness. (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the legal opinion.) I certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of Bonds of the City of Plymouth, Minnesota, which includes the within Bond, dated as of the date of delivery of and payment for the Bonds. (Facsimile Signature) City Clerk The following abbreviations, when used in the inscription of the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants UNIF GIFT MIN ACT Custodian in common (Gust (Minor TEN ENT -- as tenants by entireties under Uniform Gifts 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 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, with- out alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joir_c owners if this Bond is held by joint account) Please insert social security or other identifying number of assignee 2.07. The Clerk shall obtain a copy of the proposed approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien b Drawz, a Professional Association, Minneapolis, Minnesota, which shall to complete except as to dating thereof and shall cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the Clerk in substantially the form set forth in the form of Bond. The Clerk is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 3. Security: Payment: Funds and Accounts. 3.01. The City shall create and continue to operate its Water and Sewer Fund to which shall be credited all gross revenues of the water and sewer systems (Utilities) and out of which shall be paid all normal and reasonable expenses of current operations of the Utilities. Any balance therein shall be Net Revenues and shall be transferred, from time to time, to Revenue Bonds, Series 1986B Debt Service Fund (Debt Service Fund) hereby created, which fund shall be used only to pay principal of and interest on the Bonds and any other bonds similarly authorized. There shall always be retained in the Debt Service Fund sufficient amounts to pay principal of and interest on the Bonds. The Finance Director shall report any current or anticipated deficiency in the Debt Service Account �:o the Council. Net Revenues of the Utilities not needed for the purpose of the Debt Service Account shall be retained in the Fund, for the uses of that Fund or for other corporate purposess permitted by law. 3.02. The City Council covenants and agrees with the holders of the Bonds that so long as any of the Bonds remain outstanding and unpaid, it will keep and enforce the following covenants and agreements. (a) The City will continue to maintain and efficiently operate the Utilities as public utilities and conveniences and will cause all revenues therefrom to be deposited in a bank accounts and credited to the Fund as hereinabove provided, and will make no expenditures from said account except for a duly authorized purpose and in accordance with this resolution. (b) The City will also maintain a separate account for the Debt Service Fund and will cause money to be credited thereto from time to time, out of net revenues from t'.e Utilities, in sums sufficient to pay principal of and interest on the Bonds when due. (c) The City will keep and maintain proper and adequate books of record and account separate from all other records of the City in which will be complete and correct entries as to all transactions relating to the Utilities and which shall 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 transcripts there- from upon request and upon payment of a reasonable fee therefor, and said account shall 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) The City Council will cause all persons handling revenues of the Utilities 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 Utilities to be deposited in a bank whose deposits are guaranteed under the Federal Deposit Insurance Law. (e) The Council will keep the Utilities 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) The City and each and all of its officers will punctually perform all duties with reference to the Utilities as required by th% laws of the State of Minnesota. (g) The City will impose and collect charges of the nature authorized by Minnesota Statutes, Section 444.075, at the times and in the amounts required to produce. net revenues adequate to pay all principal and interest when due on the Bonds. (h) The City Council will levy general ad valorem taxes on all taxable property in the City when required to meet any deficiency in Net Revenues required for payment of principal and interest on the Bonds. 3.03. The balance of the Net Proceeds (gross proceeds of $ less $ costs of issuance, to -wit, $ ) of the Bonds after payments to the Debt Service Fund required by Section 1.01 and payment of coats of issuance of the Bonds shall be paid into a special 19868 Construc- tion Account hereby created in the Fund. Expenditures from the 1986B construction Account shall be made only for capital costs of the improve- ments (Improvements) to the Utility financed by the Bonds. Records of expenditures from the Construction Account shall be kept of such nature as are adequate to enable the Finance Coordinator to determine the following: (a) the date on which 52 of the Net Proceeds of the Bonds will have been expended; (b) the date on which construction of the Improvcaents com- menced; (c) the amount of Net Proceeds to be used for the acquisition of tangible real and personal property in connection with the Improve- ments and date of expenditure therefor; (d) the date on which the construction of the Improvements will be 902 completed; and (e) the date on which an amount of money equal to the Net Proceeds of the Bonds, from whatever source derived, shall have been expended for the acquisition and construction of the Improvements. The Finance Director shall at the request of any Bondholder or of bond counsel approving the issuance of the Bonds, furnish certificates regarding the status of the monies in the Construction Account. Sums on the Con- struction Account may be invested as permitted by law and will be invested in accordance with and subject to the conditions expressed in Section 4.03. 3.04. In order to ensure compliance with Section 103(c) of the Internal Revenue Code, and applicable regulations, the Finance Director. upon allocation of any funds to the Debt Service Fund, shall ascertain the balance then on hand in the Debt Service Fund allocable to the Bonds. If such balance exceeds by more than 1/12th the amount of principal and Interest to become due and payable on the Bonds through February 1 next following that excess shall within 30 days (unless an opinion is otherwise received from bond counsel) be used to prepay or purchase Bonds, or in- vested at a yield which does not exceed the yield on the Bonds calculated in accordance with Section 103(c). 3.05. It is hereby determined that the estimated collections of Net Revenues of the Utilities pledged for the payment of the Bonds will produce at least five percent in excess of the amount needed to most, when due, the principal and interest payments on the Bonds. The City Clerk is directed to file a certified copy of this resolution with the Director of Property Taxation of Hennepin County, and to obtain the certificate required by Minnesota Statutes. Section 475.63. Section 4. Authentication of Transcript: Special Covenants. 4.01. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of 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 market- ability of the Bonds and such instruments, including any heretofore fur- nished, shall be deemed representations of the City :s to the facts stated therein. 4.02. The Mayor, Manager and 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, as of the date thereof, a complete and accurate representa- tion of the facts and representations made therein as it relates to the City. 4.03. The City hereby covenants that at least 52 of the net proceeds of the Bonds will be expended for costs of the Improvements within 30 days after delivery of the 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 1954, as amended (the Code), and the Treasury Regulations promulgated thereunder, and that it will comply with all provisions of H.R. 3838 in the form in which it was adopted by the United States House of Representatives on December 18, 1985, to maintain the taz-exempt status of interest on the Bonds. The Bonds are hereby designat- ed by the City as "qualified tax exempt obligations" and as a part of its $10,000,000 limitation of such obligations within the meaning of and for purposes of Section 802(e)(3) of H.R. 3838, adopted by the United States House of Representatives on December 18, 1985. In the event H.R. 3838 is not adopted in the form referred to above, or in any form, the covenants in this Section 4.03 and in Section 3.03 will be of no further force or effect. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Zitur and upon vote being taken there- on, the following voted in favor thereof: Mayor Schneider, Councilmembers Crain, Sisk, and Zitur and the following voted against: none whereupon said resolution was delcared duly passed and adopted. STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) CITY OF PLYMOUTH ) I, the undersigned, being the duly qualified and acting Clerk of the City of Plymouth, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a special meeting of the City Council held on Tuesday, May 20, 1986, with the original thereof on file in my office and I further certify that the same is a full, true and complete transcript therefrom insofar as the same related to the issuance and sale of the City's $1,650,000 General Obligation Water and Sewer Revenue Bonds, Series 1986B. :FITNESS My hand as Clerk and the corporate seal of the City this 10 day of , 1986. City Clerk City of Plymouth, Minnesota (SEAL) 2d660586.raw ' STATE OF MINNESOTA DIRECTOR OF PROPERTY TAXATION'S CERTIFICATE COUNTY OF HENNEPIN AS TO REGISTRATION I, the undersigned Director of Property Taxation of Hennepin County, Minnesota, hereby certify that a certified copy of a resolution adopted by the governing body of the City of Plymuth, Minnesota, on May 20, 1986, avarding the sale of $1,650,000 General Obligation Water and Sever Revenue Bonds, Series 1986E of said municipality dated June 1, 1986, has been filed in my office and said bonds have been entered on the register of obligations in my office. 1986. WITNESS My hand and official seal this _ day of , Director of Property Taxation Hennepin County, Minnesota (SEAL) 2D660586 -RAW ' EXTRACr OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF PLYMOUTH COUNTY OF HENNEPIN, MINNESOTA Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Plymouth, ' inesots, was duly held in the City Hall iri the City of Plymouth, on Tuesday. May 20, 1986, commencing at 7:30 o'clock p.m., C.T. The following members of the Council were present: Mayor Schneider, Councilmembers Crain, Sisk and Zitur and the following were absent: Councilnember Vasiliou *** *** a*e The Mayor announced that the meeting was convened for the consider- ation of the bids which had been received for the purchase of the City's $4,725,000 General Obligation Improvement Bonds, Series 1986A, as adver- tised for sale. The City Clerk presented affidavits showing publication of notice of sale in the City's official newspaper and in Cosmereial West, a financial paper published in Minneapolis, !Minnesota, which affidavits were examined, found satisfactory and ordered placed on file. The City Clark presented a tabulation of the bids which had been re - calved in the manner specified in the Official Notice of Sale of the Bonds. 0 The bids were as follows: