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HomeMy WebLinkAboutCity Council Resolution 1988-760After due consideration of the bids, Member Sisk then introduced the following resolution and moved its adoption: RESOLUTION NO. 88-760 A RESOLUTION AWARDING THE SALE OF $1,050,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS OF 1988; 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, Hennepin County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of stiller Securities, Inc. and others (Purchaser) to purchase $1.050,000 General Obligation Taxable Tax Increment Bonds of 1988 (Bonds) of the City described in the Official Notice of Sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 1,041,600.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturity Interest Rate 1992 8.80% 1993 8.80% 1994 8.90% 1995 9.00% 1996 9.05% 1997 9.10% 1998 9.20% Net effective interest rate: 9.1967% 1.02. The sum of $ 12,500 being the amount bid by the Purchaser In excess of $1,029,500 shall bicredited to the Debt Service Fund herein- after created. The City Clerk s directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Manager are directed to execute a contract with the Purchas- er on behalf of the City. 1.03. The City shall forthwith issue and sell the Bonds in the total principal amount of $1,050,000, originally dated November 1, 1988, 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: Year Amount 1992 $ 25,000 1993 50,000 1994 100,000 1995 150,000 1996 200,000 1997 225,000 1998 300,000 1.04. In order to conform to the provisions of Minnesota Statutes, Section 475.54, Subdivision 1, the maturity schedule of the Bonds is combined with the maturity schedule of the City's $1,025,000 General Obligation Tax Increment Bonds, Series 1988A, dated August 16, 1988, as permitted by Minnesota Statutes, Section 475.54, Subdivision 2. 1.05. The City may elect on February 1, 1994 and on any interest payment date thereafter to prepay Bonds maturing on or after February 1, 1995. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All payments will be at a price of par plus accrued interest. Section 2. Registration and Payment. 2.01. Registered Form. The Bonds shall be issued 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 (1) 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 (ii) the date of authentication is prior to the first interest payment date, in which case such Bond shall be dated as of the date of original issue. The interest on the Bonds shall be payable on February 1 and August 1 of each year, com- mencing August 1, 1989, 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 interest payment date. (c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered owner 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 !.n exchange and substitution for and upon cancellation of any such mut dated 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 fore. 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 the Finance Director of the City of Plymouth, Minnesota, as the initial Registrar. In the event the Bonds are no longer registered in the name of a securities depository as provided in Section 3 the Finance Director may continue as Registrar or the Mayor and the City Manager are authorized to execute and deliver, on behalf of the City, a contract with a Successor Registrar. Upon merger or consolidation of the Registrar with another corporation. if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be 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 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 manual or facsimile 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 certif- icate of authentication on such Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authenti:ation on different Bonds need not be signed by the same rep- resentative. 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. Temporary Bonds. The City may elect to deliver in lieu of printed definitive Bonds, one or more typewritten temporary Bonds in substantially the form set forth in Section 3 with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive Bonds, the temporary Bonds &hall be exchanged therefor and cancelled. Section 3. Form of Bond. 3.01. The Bonds shall be printed or typewritten in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA' COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION TAXABLE TAX INCREMENT BOND OF 1988 Date of Rate Maturity Original Issue CUSIP November 1, 1988 No. The City of Plymouth, Minnesota, a duly organized and existing munici- pal 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 February 1 and August 1 in each year, commencing August 1, 1989, to the person in whose name this Bond is regis- tered 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 the Finance Director of the City of Plymouth, Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or the designated successor Registrar 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, 1994, and on any interest payment date thereafter, to prepay Bonds of this issue maturing on or after Feb- ruary 1, 1995. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If on17 part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par plus accrued interest. 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 t►►i: 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 or of an authorized representative. 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 manual or 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 City Manager Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution men- tioned within. By Authorized Representative [Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $1,050,000 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 November 7, 1988 (the Resolution), for the purpose of providing money to aid in financing the public development costs of a project in a municipal development district (District) in the City, pursuant to Minnesota Statutes, Chapter 469, and the principal hereof and interest hereon are payable primarily from tax increments resulting from increases in assessed valuation of real property in tax increment financing district in the District, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency of tax increments pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single matu- rities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond In transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City 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 acts, conditions and things required by the City's home rule charter and Consti- tution 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 statu- tory limitation of indebtedness. (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the legal opinion if the Bonds are in printed form.) 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 CERTIFICATE OF REGISTRATION (For use if Finance Director is Registrar) This Bond has been registered as to principal and interest in the name of the Registered Owner specified above on the registration books of the City of Plymouth, Minnesota. The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants UNIF GIFT MIN ACT Custodian in common (Cult) (Minor) TEN ENT -- as tenants by entireties under Uniform Gifts or 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 trans- fers 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, without alteration or any change whatever. Signature Guaranteed: Sgnature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the Information concerning the assignee requested below is provided. Name and Address: (Include Information for all joint owners =1 this Bond is held by joint account.) Please insert social security or other identifying number of assignee 3.02. The City Clerk shall obtain a copy of the proposed approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien b Drswz, a Professional Association, Minneapolis, Minnesota, which shall be 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 fora act 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. 3.03. Book -Entry System; Limited Obligation of City. The Bonds shall be initially issued in the form of a separate single typewritten or printed fully registered Bond for each of the maturities net forth in Section 1.03 hereof. Upon initial issuance, the ownership of each such Bond shall be registered in the registration books kept by the Bond Registrar in the name of Cede b Co., as nominee for The Depository Trust Company, New York, New York, and its successors and assigns (DTC). Except as provided in Section 3 hereof, all of the outstanding Bonds shall be registered in the registration books kept by the Bond Registrar in the name of Cede b Co., as nominee of DTC. 3.04. Payments: Transfers. With respect to Bonds registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as nominee of DTC, the City, the Bond Registrar and the Paying Agent shall 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 6 Co. or any Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any other person other than a registered owner of Bonds, as shown by the registration books kept by the Bond 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, or any amount with respect to principal of, premium, if any, or interest on the Bonds. The City, the Bond Registrar and the Paying Agent may treat and consider the person in whose name each Bond is registered in the registration books kept by the Bond Registrar as 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 Bond, and for all other purposes. The Paying Agent shall pay all principal of, premium, if any, and interest on the Bonds only to or on the order of the respective registered owners, as shown in the registration books kept by the Bond Registrar, and all such payments shall be valid and effectual to fully satisfy and discharge the City's obligations with respect to payment of principal of, premium, if any, or interest on the Bonds to the extent of the sum or sums so paid. No person other than a registered owner of Bonds, as shown in the registration books kept by the Bond Registrar, shall receive a certificated Bond evidencing the obligation of the City to make payments of principal, premium, if any, or interest pursuant to this Bond Resolution. Upon delivery by DTC to the Finance Officer of a written notice to the effect that DTC has determined to substitute a now nominee in place of Cede 6 Co., and the words "Cede 6 Co.." shall refer to such new nominee of DTC; and upon receipt of such a notice. the Finance Director shall promptly deliver a copy of the same to the Bond Registrar and Paying Agent, if the Boud Registrar or Paying Agent is other than the Finance Officer. 3.05. Representation Letter. The form of Representation Letter proposed to be submitted to DTC, which is on file with the Finance Director and presented to this meeting, is hereby approved, and the Finance Director is authorized to execute and deliver the Representation Letter in substan- tially the form on file, with such changes therein not inconsistent with law as the Finance Director and the City Attorney may approve. which approval shall be conclusively evidenced by the execution thereof. Any Paying Agent or Bond Registrar subsequently appointed by the City with respect to the Bonds shall agree to take all action necessary for all representations of the City in the Representation Letter with respect to the Bond Registrar and Paying Agent, respectively. to at all times be complied with. 3.06. Transfers Outside Book -Entry System. In the event the City, by resolution of the City Council, determines that it is in the best interests of the persons having beneficial interest in the Bonds that they be able to obtain Bond certificates, the City shall notify DTC. whereupon DTC shall notify the Participants, of the availability through DTC of Bond certifi- cates. In such event the City shall issue, transfer and exchange Bond certificates as requested by DTC and nay other registered owners in accor- dance with the provisions of this resolution. DTC may determine to discon- tinue 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 shall issue and the Bond Registrar shall authenticate Bond certificates in accordance with this Bond Resolution and the provisions hereof shall apply to the transfer, exchange and method of payment thereof. 3.07. Payments to Cede b Co. Notwithstanding any other provision of this Bond Reaolution to the contrary, so long as any Bond is registered in the name of Cede 6 Co.. as nominee of DTC, all payments with respect to principal of, premium, if any, and interest on such Bond and all notices with respect to such Bond shall be made and given, respectively. in the manner provided in the Representation Letter. Section 4. Payment: Security: Pledges and Covenants. 4.01. The Bonds shall be payable from the 1988 Taxable Tax Increment Bonds Debt Service Fund (Debt Service Fund) hereby created, and all tax Increment* (Tax Increments) from Tax Increment District 3-3 in Development District No. 3 financed by the Bonds received by the City are hereby pledged to the Debt Service Fund to the extent necessary to pay principal of and interest on the Bonds. There is hereby appropriated to the Debt Service Fund the following amounts, together with any accrued interest Incurred with the purchase price of the Bonds: Capitalized Interest ;240,500.00 Excess Over Minimum Purchase Price 8,213.75 Total $ 8.213.75 4.02. It is hereby determined that the estimated collection of Tax Increments for payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet, when due. the principal and interest payments on the Bonds and that no tax levy is needed at this time. The City Clerk is directed to file a certified copy of this Resolution with the Director of Property Taxation of Hennepin County, and obtain the certificates required by Minnesota Statutes, Section 475.63. Section 5. Authentication of Transcript. 5.01. 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 furnished, shall be deemed representations of the City as to the facts stated therein. 5.02. The Mayor, Manager and Finance Director are hereby authorized and directed to certify ti-. they have examined the Official Statement pre- pared and circulated in connection with the issuance and sale of the Bonds and that to the beat 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. The notion for the adoption of the foregoing resolution was duly seconded by Member Zitur , and upon vote being taken thereon, the following voted in favor thereof: Mayor Schneider, Members Ricker, Vasiliou, Zitur and Sisk. and the following voted against the same: None, whereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) SS. CITY OF PLYMOUTH ) I, the undersigned, being the duly qualified and acting Clerk of the City of Plymouth, Hennepin 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 November 7, 1988 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 $1.050.000 General Obligation Taxable Tax Increment Bonds of 1988 of the City. WITNESS My hand officially as such Clerk and the corporate seal of the City this 7th day of November , 1988. City Clerk Plymouth, Minnesota (SEAL) P5:00661088.RAW BID TABULATION $1,050.000 General Obligation Taxable Tax Increment Bonds of 1988 City of Plymouth, Minnesota SALE: Monday. November 7, 1988 AWARD: MILLER SECURITIES, INC. RATING: Aoodv's "Aa" BBI: 7.33% COUPON NET INTEREST COST NAME ;: BIDDER RATE YEAR & RATE PRICE MILLER SECURITIES. INC. 8.80% 1992 -1993 $720,793.75 $1.041.600.00 Minneapolis. Minnesota 8.90% 1994 CRONIN & COMPANY. INC. 9.00% 1995 9.1967% Minneapolis, Minnesota 9.05% 1996 9.10% 1997 9.20% 1998 %ANK CAPITAL MARKETS 8.75% 1992 $724,375.63 $1.030.583.75 Dallas. Texas 8.90% 1993 9.00% 1994 -1998 9.2424% AMERICAN NATIONAL BANK & TRUST 8.'5% 1992 $724.926.26 '$1,039.080.00 COMPANY OF ST. PAUL 8.80% 1993 St. Paul, Minnesota 8.90% 1994 9.2494% Dain Bosworth. Inc. 9.00% 1995 M.H. Novick & Company, Inc. 9.10% 1996 9.15% 1997 9.20% 1998 MOORE. JURAN & COMPANY. INC. 8.90% 1992 =727,800.00 $1.040.025.00 Minneapolis Minnesota 8.95% 1993 Park Investment Corporation 9.05% 1994 9.2861% 9.10% 1995 9.15% 1996 9.20% 1997 -1998 DOUGHERTY. DAWKINS. STRAND & YOST. INC. 8.90% 1992 $729.818.75 $1.039.500.00 Minneapolis. Minnesota 9.00% 1993 urity Corporation of Iowa 9.05% 1994 9.3118% 9.10% 1995 9.15% 1996 9.20% 1997 9.25% 1998 fr �ill�ir 507 M&Kweft Avanue tEA9E45 IN PUBLIC FINANCE MlnnMp612)33I& MN -8291 {r (612)339-8281 v $1.050.000 General Obligation Taxable Tax Increment Bonds of 1988 • City of Plymouth. Minnesota Monday, November 7, 1988 Page 2 GLICKENHAUS & CO. - NEW JERSEY 9.00% 1992 $735.218.75 $1.040.550.00 Clifton. New Jersy 9.10% 1993 9.15% 1994 9.3807% 9.20% 1995 • 9.25% 1996 9.30% 1997 -1998 MC CLEES INVESTMENTS, INC. 9.00% 1992 $736.403.13 $1.036.875.00 Minneapolis. Minnesota 9.05% 1993 9.10% 1994 9.3958% 9.15% 1995 9.20% 1996 9.25% 1997 9.30% 1998 FBS CAPITAL MARKETS GROUP 9.00% 1992 -1993 $736.843.75 $1,038.450.00 Minneapolis. Minnesota 9.10% 1994 NORWEST INVESTMENT SERIVCES. INC. 9.20% 1995 9.4015% Minneapolis, Minnesota 9.25% 1996 9.30% 1997-1998 GRIFFIN. KUBIK, STEPHENS & THOMPSON, INC. 9.00% 1992 $742.122.25 $1.037,877.75 Chicago. Illinois 9.10% 1993 9.20% 1994 9.4688% 9.25% 1995 9.30% 1996-1997 • 9.40% 1998 COUPON NET INTEREST COST NAME OF BIDDER RATE YEAR & RATE PRICE PIPER. JAFFRAY & HOPWOOD INC. 8.90% 1992 $732.859.38 $1.039.500.00 Minneapolis. Minnesota 9.00% 1993 Allison -Williams Company 9.05% 1994 9.3506% Marquette Bank Minneapolis. N.A. 9.10% 1995 Craig-Hallum.Inc. 9.20% 1996 9.25% 1997 9.30% 1998 GLICKENHAUS & CO. - NEW JERSEY 9.00% 1992 $735.218.75 $1.040.550.00 Clifton. New Jersy 9.10% 1993 9.15% 1994 9.3807% 9.20% 1995 • 9.25% 1996 9.30% 1997 -1998 MC CLEES INVESTMENTS, INC. 9.00% 1992 $736.403.13 $1.036.875.00 Minneapolis. Minnesota 9.05% 1993 9.10% 1994 9.3958% 9.15% 1995 9.20% 1996 9.25% 1997 9.30% 1998 FBS CAPITAL MARKETS GROUP 9.00% 1992 -1993 $736.843.75 $1,038.450.00 Minneapolis. Minnesota 9.10% 1994 NORWEST INVESTMENT SERIVCES. INC. 9.20% 1995 9.4015% Minneapolis, Minnesota 9.25% 1996 9.30% 1997-1998 GRIFFIN. KUBIK, STEPHENS & THOMPSON, INC. 9.00% 1992 $742.122.25 $1.037,877.75 Chicago. Illinois 9.10% 1993 9.20% 1994 9.4688% 9.25% 1995 9.30% 1996-1997 • 9.40% 1998 0.650,000 General Obligation Taxable Tax Increment Bonds of 1988 City of Plymouth. Minnesota Monday, November 7. 1986 Pao 3 NAME OF BIDDER COUPON NET INTEREST COST RATE YEAR & RATE PRICE FIRST TENNESSLE BANK. 9.00% 1992 -1993 $743.928.13 NATIONAL ASSOCIATION 9.10% 1994 -1995 Memphis. Tennessee 9.25% 1996 -1997 9.4919% 9.30% 1998 DEAN WITTER REYNOLDS. INC. 9.10% 1992 $747.943.75 Chicago. Illinois 9.15% 1993 SHEARSON LEHMAN HUT TON. INC. 9.20% 1994 9.5431% Chicago. Illinois 9.25% 1995 PRUDENTIAL-BACHE CAPITAL FUNDING 9.30% 1996 cago.Illinois 9.40% 1997 TH BARKY. HARRIS UPHAM 9.50% 1998 COMPANY. INC. Minneapolls. Minnesota $1.029.500.00 $1.036.875.W