HomeMy WebLinkAboutCity Council Resolution 1990-232After
due consideration of the bids, Member
Vasi 1 iau
then
introduced
the following written resolution and moved
its adoption the
reading of
which had been dispensed with by unanimous consent:
RESOLUTION NO. 90-232
A RESOLUTION AWARDING THE SALE OF $1,350,000
GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS,
SERIES 1990;
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT
BE 1T 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 Perk Investment corporation (Purchaser) to
QQuurrehase $1,350,000 Genes ga on a a: eremen—t , series logo
(Bonds) of the City described in the Official Notice of Bale Terms of Offering thereof
is found and determined to be the highest and bast bid received pursuant to duly
advertised notice of sale and is accepted, the bid being to purchase the Bonds at a
price of $1,3331681-25 plus accrued interest to date of delivery, for Bonds bearing
Interest as rollowis
Year of Maturity Interest Rate
1994
8.901
1995
8.90%
1096
8.90%
1997
8.90%
1998
8.90%
1999
8.90%
Not effective interest rates 9.0834%
1.02. The sum of $ 3,931.25 being the amount bid by the Purchaser In excess
of $1,329,750 will be credited tote Debt Service Fund hereinafter created, The City
Finance Director is directed to retain the good faith check of the Purchaser pending
completion of the sale of the Bonds, and to return the good faith checks of the
unsuccessful bidders forthwith. The Mayor and City Manager are directed to execute
a contract with the purchaser on behalf of the City.
1.03. The City will forthwith issue and sell the Bonds in the total principal
amount of $1,350,000 originally dated April 16, 1990, 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
1994 9 150,000
1995 2000000
19% 225,000
Year Amount
1997 $ 250,000
1998 250,000
1999 275,000
1.04. Optional Redemption. The City may elect on February 1, 1996 and on any
Interest payment date thereafter to prepay Bonds maturing on or after August 1, 1997.
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. anistration and Payment.
2.01. Metered Porm. The Bonds shall be issued only in fully registered form.
The interest thereon and, upon surrender of each Bond, the principal amount thereof,
is payable by check or draft issued by the Registrar described herein.
2.02. Pj tesl Interest Pa ment Dates. Each Bond will be dated as of the last
Interest payment date preceding* the date of authentication to which interest on the
Bond has been paid or made available for payment, unless (i) the date of authentication
Is an Interest payment date to which interest has been paid or made available for
payment, in which case such Bond shall be dated es of the date of authentication, or
(ii) the date of authentication is prior to the first Interest payment date, in which case
such Bond will be dated as of the date of original issue. The Interest on the Bonds is
payable on August i and February 1 of each year, commencing August 1, 1990, to the
owner of record thereof as of the close of business on the fifteenth day of the immedi-
ately preceding month, whether or not such day Is a business day.
2.03. Registration_ The City will 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 are as follows:
(a) i ter. The Registrar must keep at its principal corporate trust
office a bond reg eter in which the Registrar provides for the registration of
ownership of Bonds and the registration of transfers and exchanges of Bonds
entitled to be registered, transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly
endorsed by the registered owner thereof or accompanied by a written
Instrument of transfer, in form satisfactory to the Registrar, duly executed by
the registered owner thereof or by an attorney duty authorized by the registered
owner In writing, the Registrar will authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Bonds of a like aggregate
principal amount and maturity, as requested by the transferor. The Registrar
may, however, close the books for registration of any transfer after the fifteenth
day of the month preceding each Interest payment date and until such Interest
payment date.
(c) Exchange of Bonds. When Bonds are surrendered by the registered
owner for exchange the Registrar will authenticate and deliver one or more new
Bonds of a Ilk* aggregate principal amount and maturity, as requested by the
registered owner or the owner's attorney In writing. or
(d) Cancellation. Bonds surrendered upon any transfer or exchange will
be promptly cancelled by the Registrar and thereafter disposed of as directed by
the City.
(e) Improper or Un uthorized Tr nsfer. When a Bond is presented to the
Registrar for transfer, the Registrar may re use to transfer the Bond until the
Registrar Is satisfied that the endorsement on the Bond or separate instrument
of transfer is valid and genuine and that the requested transfer is legally
authorized. The Registrar will incur no liability for the refusal, In good faith, to
make transfers which It, in its judgment, deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the
person in one name a Bond Is registered In the bond register as the absolute
owner of the Bond, whether the Bond is overdue or not, for the purpose of
receiving payment of, or on account of, the principal of and interest on the Bond
and for all other purposes, and payments so made to a registered owner or upon
the owner's order will be valid and effectual to satisfy and discharge the liability
upon such Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. For a transfer or exohange of Bonds, the
Registrar may Impose a charge upon the owner thereof sufficient to reimburse
the Registrar for any tax, fee or other governmental charge required to be paid
with respect to the transfer or exchange.
(h) Mutilated, Lot Stolen or Destroyed Bonds. If a Bond becomes
mutilated or s destroys , stolen or lost, the Registrar will deliver a new Bond of
like amount, number, maturity date and tenor in exchange and substitution for
and upon cancellation of the mutilated Bond or in lieu of and in substitution for a
Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and
charges of the Registrar in connection therewith; and, in the case of a Bond
destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory
to It that the Bond was destroyed, stolen or lost, and of the ownership thereof,
and upon furnishing to the Registrar of an appropriate bond or indemnity In form,
substance and amount satisfactory to It and as provided by law, in which both the
City and the Registrar must be named as obligees. Bonds so surrendered to the
Registrar will be cancelled by the Registrar and evidence of such cancellation
must be given to the City. If the mutilated, destroyed, stolen or lost Bond has
already matured or been called for redemption in accordance with its terms it is
not necessary to issue a new Bond prior to payment.
(1) Redem ti n. In the event any of the Bonds are called for redemp-
tion, notice thereo 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 registration books kept by the Registrar and by publishing the
notice in the manner required by law. Failure to give notice by publication or by
mail to any registered owner, or any defect therein, will not affect the validity
of any proceeding for the redemption of Bonds. Bonds so called for redemption
will cease to bear interest after the specified redemption date, provided that the
funds for the redemption are on deposit with the place of payment at that time.
3.04. Appointment of Initial i r r. The City hereby appoints the Finance
Director of the ty 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.
2.08. Ex$oution, Authentication and Delive The Bonds will be prepared under
the direction of the Clerk and executed on behal 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 appears on the Bonds ceases to be such officer before the
delivery of any Bond, such signature or facsimile will nevertheless be valid and
sufficient for all purposes, the same as if the officer had remained in office until
delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for
any purpose or entitled to any security or benefit under this Resolution unless and until
a certificate of authentication on the Bond has been duly executed by the manual
signature of an authorized representative of the Registrar. Certificates of
authentication on different Bonds need not be signed by the same representative. The
executed certificate of authentication on each Bond is conclusive evidence that It has
been authenticated and delivered under this Resolution. When the Bonds have been so
prepared, executed and authenticated, the Finance Director shall deliver the same to
the Purchaser upon payment of the purchase price in accordance with the contract of
sale heretofore made and executed, and the Purchaser is not obligated to see to the
application of the purchase price.
2.06. Temporary Bonds. The City may elect to deliver In lieu of printed
definitive Bonds one or more typewritten temporary Bonds in substantially the form
set forth in Section 3 with such changes as may be necessary to reflect more than one
maturity In a single temporary bond. Upon the execution and delivery of definitive
Bonds the temporary Bonds will be exchanged therefor and cancelled.
Section 3. Form of Bond.
3.01. The Bonds will be printed in substantially the following forms
Face of the Bond
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
GENERAL OBLIGATION TAXABLE TAX INCREMENT BOND, SERIES 1990
Date of
Rate Maturity Original Issue CUSIP
April le, 1990
No.
The City of Plymouth, Minnesota, 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
Cede do Co.
or registered assigns, the principal sum of $ on the maturity date specified
above without option of prior payment, with interest thereon from the date hereof at
the annual rate specified above, payable August i and February i in each year, com-
mencing August 1, 1990, to the person in whose name this Bond Is registered at the
close of business on the fifteenth day (whether or not a business day) of the immedi-
ately 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 Officer of the City of Plymoyth,
Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating
Agent, or Its designated successor under the Resolution described herein. For the
prompt and full payment of such principal and interest as the same respectively
become due, the full faith and credit and taxing powers of the City have been and are
hereby Irrevocably pledged.
The City may elect on February Is 1999, and on any Interest payment date
thereafter, to prepay Bonds of this Issue maturing on or after February 1, 1997.
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 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 for all purposes have the same effect as though fully set forth in this place.
This Bond is not valid or obligatory for any purpose or be entitled to any security
or benefit under the Resolution until the Certificate of Authentication hereon has
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 $1,350,000 all
of like original issue date and tenor, except as to number, maturity date, redemption
privilege, and Interest rate, all issued pursuant to a resolution adopted by the City
Council on April 29 1990 (the Resolution), for the purpose of providing money to aid In
financing the public development costs In a Development District (District) In the
City, pursuant to and in full conformity with the Constitution and laws of the State of
Minnesota, Including Minnesota Statutes, Sections 469.174 through 489.1790 the
Minnesota Tax Increment Financing Act, and Minnesota Statutes Section 469.124
through 489.129, and and the principal hereof and Interest hereon are payable primari-
ly from tax Increments resulting from increases In taxable valuation of real property
In a Tax Increment Financing District (TIP District) within 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 ad valorem
taxep 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 maturities.
As provided in the Resolution and subject to certain limitations set forth therein,
this Bond is transferable upon the books of the City at the principal office of the 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 paymelt -and for all other purposes, and neither the
City nor the Bond Registrar will be affected by any notice to the contrary.
IT IS HEREBY CERTIFI&D, RECITED, COVENANTED AND AGREED that all
acts, 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 or charter
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 SI ature
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 not as tenants in Act .............
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.
Dateds
Notice:The assignor's signature to this
name as it appears upon the face of the
alteration or any change whatever.
Signature Guaranteed:
assignment must correspond with the
within Bond in every particular, without
Signature(s) must be guaranteed by a national bank or trust company or by a brokerage
firm hiving a membership in one of the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond unless the information
concerning the assignee requested below is provided.
Name and Address:
(include Information for all joint owners if
this Bond is held by joint account.)
Please Insert social security or
other Identifying number of assignee
3.03. The City Clerk is directed to obtain a copy of the proposed approving legal
opinion of Holmes & Graven, Chartered, Minneapolis, Minnesota, which is to 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 form set forth in the form of Bond. The Clerk is 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-Entnt Svettma Lim—Redtin 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 set 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 & Co., as nominee for The Depository Trust
Company, New York, New York, and its successors and assigns (DTC). Except as
otherwise provided In this 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 do
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 do 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 & 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 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 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 new nominee in place of Cede k Co., and the words "Cede & Co.," shall
refer to such now 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 Bond Registrar or Paying Agent is other than the Finance Officer.
3.05. Revresentation Letter. The form of Representation Letter proposed to be
submitted to DTC, which to on file with the Finance Director and presented to this
meting, Is hereby approved, and the Finance Director is authorized to execute and
deliver the Representation Letter in substantially the form on file, with such changes
therein not inconsistent with law as the 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 Counc 1, 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 certificates. In such event the City shall issue, transfer and
exchange Bond certificates as requested by DTC and any other registered owners in
accordance with the provisions of this resolution. DTC may determine to discontinue
providing its services with respect to the Bonds at any time by giving notice to the
City and discharging its responsibilities with respect thereto under applicable law. In
such event, if no successor securities depository is appointed, the City 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. EamInts to Cede do Co. Notwithstanding any other provision of this Bond
Resolution to the contrary, so long as any Bond is registered in the name of Cede do
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. payments Security.
4.01. The Bonds are payable from the General Obligation Taxable Tax Increment
Bonds, Series 1990 Debt Service Fund (Debt Service Fund) hereby created, and so much
of the tax increments (Tax Increments) received by the City from Tax Increment
Financing District 7-1 (TIF District) in which the activity financed by the Bonds is
located as are necessary for the payment of principal and interest on the Bonds are
pledged to the Debt Service Fund. If any payment of principal or Interest on the Bonds
becomes due when there is not sufficient money in the Debt Service Fund to pay the
same, the Finance Director will pay such principal or interest from the general fund of
the City, and the general fund will be reimbursed for such advances out of the
proceeds of Tax Increments when received. There is appropriated to the Debt Service
Fund all capitalized interest financed from Bond proceeds, if any, any amount over the
minimum purchase price of the Bonds paid by the Purchaser and all accrued interest
paid by the Purchaser upon closing and delivery of the Bonds.
4.02. 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.
4.03. The City Clerk 1s authorized and 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 475.03.
. Section S. Authentication of Transcript.
5.01. The officers of the City are authorized and directed to prepare and furnish
to the Purchaser and to the attorneys approving the Bonds, certified copies of
proceedings and records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other certificates, affidavits and
transcripts as may be required to show the facts within their knowledge or as shown by
the books and records in their custody and under their control, relating to the validity
and marketability of the Bonds and such instruments, including any heretofore
furnished, may be deemed representations of the City as to the facts stated therein.
5.02. The Mayor and City Manager are hereby authorized and directed to certify
that they have examined the Official Statement prepared and circulated in connection
with the issuance and sale of the Bonds and that to the best of their knowledge and
belief the Official Statement is a complete and accurate representation of the facts
and representations made therein as of the date of the Official Statement.
The motion 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: Members Helliwell, Ricker, Vasil iou and Zitur
' and the following voted against the same: None. Mayor Bergman, absent.
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 special maeting
of the City Council of the City held on April 20 1990 with the original minutes on file
In my off fee and the extract is a full, true and correct copy of the minutes insofar as
they relate to the Issuance and sale of $1,350,000 General Obligation Taxable Tax
Increment Bonds, Series 1990 of the City.
WITNESS My hand officially as such Clerk and the corporate seal of the City this
_3 r day of 11 , 19 90.
City Clerk
Plymouth, Minnesota
(SEAL)