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HomeMy WebLinkAboutCity Council Resolution 1993-756CITY OF PLYMOUTH, MINNESOTA RESOLUTION NO. 93-756 AUTHORIZING AND AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR $4,510.000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS SERIES 1993A BE IT RESOLVED BY THE CITY COUNCIL (THE "COUNCIL") OF THE CITY OF PLYMOUTH, MINNESOTA (THE "ISSUER") AS FOLLOWS: Section 1. Award of Sale: Terms of Bonds. 1.01 The Issuer has heretofore issued its General Obligation Water Revenue Bonds of 1987, dated June 16, 1987 (the "Series 1987 Bonds") and its General Obligation Water Revenue Bonds of 1989, dated November 1, 1989 (the "Series 1989 Bonds"). Pursuant to this Resolution, the Issuer intends to issue its $4,5105000 General Obligation Water Revenue Refunding Bonds, Series 1993A (the "Bonds"), in order to refund in advance of maturity the Series 1987 Bonds that mature in the years 1996 through 2002 and aggregate $2,000,000 in principal amount and the Series 1989 Bonds that mature in the years 1996 through 2000 and aggregate $2,460,000 in principal amount (together, the "Refunded Bonds"). 1.02 In accordance with Minnesota Statutes, Section 475.60, Subdivision 2, the Issuer is authorized to issue crossover refunding obligations by negotiation and without advertisement for bids. The Bonds are crossover refunding obligations described in Minnesota Statutes, Section 475.67, subdivision 13. 1.03 The Issuer hereby accepts the offer of Firstar Bank Minnesota, N.A. (the "Purchaser") to purchase the Bonds in accordance with the terms of this Resolution at a price of $4,506,392.00 plus accrued interest to the date of delivery, the Bonds to bear interest at the rates per annum as follows: Year of Maturity 1996 1997 1998 1999 Interest Rate 3.10% 3.35 3.55 3.70 Year of Maturity 2000 2001 2002 Interest Rate 3.903 4.00 4.15 The City Finance Director is directed to retain the good faith check of the Purchaser, if any, pending delivery of and payment for the Bonds. 0 93-756 page 2 1.04 The Issuer shall issue the Bonds in the aggregate principal amount of $4,510,000 , dated December 1, 1993, as fully registered bonds without coupons. The Bonds shall be in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount of a single maturity, shall be numbered from R-1 upwards in order of issuance, and shall bear interest at the rates set forth above, payable August 1, 1994, and semiannually thereafter on each February 1 and August 1, and shall mature on February 1 in the years and amounts as follows: Year Amount Year Amount 1996 $720,000 2000 $810,000 1997 780,000 2001 280,000 1998 810,000 2002 295,000 1999 815,000 Bonds issued in exchange for Bonds shall be dated as of the date of authentication thereof and shall bear interest from the date to which interest due and payable has been paid in full on the Bonds surrendered, except that Bonds issued upon a transfer or exchange prior to the first interest payment date shall be dated as of December 1, 1993. 1.05 The Bonds shall not be subject to redemption and prepayment prior to their stated maturity. 1.06 The Bonds shall be payable as to principal at the office of the Finance Director of the Issuer (the "Registrar"), or at the office of such other successor registrar as the Issuer may hereafter designate upon 60 days' mailed notice to the registered owners. If the stated maturity date for payment of principal of any Bonds shall not be a business day, then such payment shall be made on the next succeeding business day with the same force and effect as if made on the stated maturity, and without additional interest accruing thereon for the period after such stated maturity. Interest on each Bond shall be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his or her address as it appears on the bond register at the close of business on the 15th day (whether or not a business day) of the calendar month next preceding the interest payment date. For purposes of this resolution "business day" shall mean any day other than a day on which banks in the City of Minneapolis, Minnesota are authorized to be closed. Section 2. Form and Execution of Bond. 2.01 The Bonds shall be in substantially the form as set forth in Exhibit A hereto, with the necessary variations as to number, CUSIP Number, rate of interest and date of maturity, the blanks to be properly filled in. 93-756 page 3 2.02 As long as any of the Bonds issued hereunder shall remain outstanding, the Issuer shall cause to be kept at the principal office of the Registrar the Register in which, subject to such reasonable regulations as the Registrar may prescribe, the Registrar shall provide for the registration of Bonds and the registration of transfers of Bonds. The Finance Director of the Issuer is hereby appointed Registrar, Transfer Agent and Paying Agent with respect to the Bonds. Upon surrender for transfer of any Bond with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or his duly authorized attorney, and upon payment of any tax, fee or other governmental charge required to be paid with respect to such transfer, .the Issuer shall execute and the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more fully registered Bonds of any authorized denominations and of a like aggregate principal amount, interest rate and maturity. Any Bonds, upon surrender thereof at the office of the Registrar, may at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of Bonds of the same maturity and interest rate of any authorized denominations. In all cases in which the privilege of exchanging or transferring fully registered Bonds is exercised, the Issuer shall execute and the Registrar shall deliver Bonds in accordance with the provisions of this Resolution. For every such exchange or transfer of Bonds, whether temporary or definitive, the Issuer or the Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. Notwithstanding any other provision of this Resolution, the cost of preparing each new Bond upon each exchange or transfer, and any other expenses of the Issuer or the Registrar incurred in connection therewith (except any applicable tax, fee or other governmental charge) shall be paid by the Issuer. Each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 2.03 Interest on any Bond which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the person in whose name that Bond (or one or more Bonds for which such Bond was exchanged) is registered at the close of business on the preceding January 15 and July 15, as the case may be. Any interest on any Bond which is payable, but is not punctually paid or duly provided for, on any interest payment date • • 93-756 page4 shall forthwith cease to be payable to the registered owner on the relevant regular record date solely by virtue of such owner having been such owner; and such defaulted interest may be paid by the Issuer to the person in whose name sucr Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. Subject to the foregoing provisions of this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 2.04 As to any Bond, the Issuer and the Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the Issuer nor the Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the registered owner thereof, but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. 2.05 If (i) any mutilated Bond is surrendered to the Registrar, or the Issuer and the Registrar receive evidence to their satisfaction of the destruction, loss, or theft of any Bond, and (ii) there is delivered to the Issuer and the Registrar such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer or the Registrar that such Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its request the Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of like tenor and principal amount, bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost, or stolen Bond has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Bond, pay such Bond. Upon the issuance of any new Bond under this subsection, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Every new Bond issued pursuant to this subsection in lieu of any destroyed, lost, or stolen Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Resolution equally and proportionately with any and all other Bonds duly issued hereunder. 93-756 page 5 The provisions of this section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Bonds. 2.06 (a) Notwithstanding the other provisions of this Resolution regarding registration, ownership, transfer, payment and exchange of the Bonds, unless the Issuer determines to permit the exchange of book -entry only bonds for certificates in the denominations provided in Section 1.04, the Bonds shall be issued in denominations of the entire principal amount of a particular maturity ("Depository Bonds"), registered in the nominee name of The Depository Trust Company, New York, New York, its successors and assigns, or a substitute depository as provided below (the "Depository"). So long as the Bonds are held by the Depository, the Registrar shall comply with the provisions of the Letter of Representations executed and delivered to the Depository. The form of the Letter of Representations, currently on file with the Finance Director, is hereby approved, and the Finance Director is hereby authorized to execute and deliver the same. (b) Upon (i) a determination by the Issuer that the Depository is no longer able to carry out its functions or is otherwise determined unsatisfactory by the Issuer in its sole discretion, or (ii) a determination by the Depository that the Bonds are no longer eligible for its depository services, or (iii) a determination by the Registrar that the Depository has resigned or discontinued its services for the Bonds, the Issuer shall either (a) designate a substitute depository in accordance with paragraph (d) below, or (b) provide for the exchange of Depository Bonds for Bonds in the denominations provided in Section 1.04. (c) If the Issuer determines to provide for the exchange of Depository Bonds for Bonds in the denominations provided in Section 1.04, the Issuer shall so notify the Registrar and shall provide the Registrar with a supply of executed unauthenticated bonds to be so exchanged. The Registrar shall thereupon notify the owners of the Bonds and provide for such exchange. (d) Any substitute depository shall be a "clearing corporation" as defined in the Minnesota Uniform Commercial Code, Minnesota Statutes, Section 336.8-102, and shall be a qualified and registered "clearing agency" as provided in Section 17A of the Securities Exchange Act of 1934, as amended. The substitute depository shall provide for (i) immobilization of the Depository Bonds, (ii) registration and transfers of beneficial ownership of interests in the Depository Bonds by book entries made on records of the Depository and participating entities, and (iii) payment of principal of, premium, if any, and interest on the Depository Bonds to the beneficial owners thereof through its participating entities. • 93-756 page 6 (e) With respect to Depository Bonds, the Registrar, Transfer Agent and Paying Agent shall have no responsibility or obligation to any broker-dealers, banks and other financial institutions from time to time for which the Depository holds Bonds as securities depository (the "Participants"), or to any other person on behalf of whom 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 the Depository or any Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any other person other than a registered owner of Bonds, as shown by the registration books kept by the Registrar, of any notice with respect to the Bonds, including any notice of redemption, or (iii) the payment to any Participant or any other person, other than a registered owner of Bonds, of any amount with respect to principal of, premium, if any, or interest on the Bonds. Section 3. Execution and Delivery. 3.01 The Bonds shall be executed by the respective manual or facsimile signatures of the Mayor and City Manager of the Issuer as set forth in the form of Bond. The seal of the Issuer shall be omitted from the Bonds as permitted by law. When said Bonds shall have been duly executed and authenticated by the Registrar in accordance with this Resolution, the same shall be delivered to the Depository upon payment of the purchase price, and the receipt of the Finance Director of the Issuer delivered to the Purchaser thereof shall be a full acquittance; and the Purchaser shall not be bound to see to the application of the purchase money. The Bonds shall not be valid for any purpose until authenticated by the Registrar. 3.02 The Official Statement relating to the Bonds, on file with the City Clerk at the time of this meeting, is hereby approved. If such officers find the same to be accurate, the Mayor and City Manager are authorized and directed to furnish to the Purchaser at the closing a certificate stating that, to the best knowledge of such officers, the Official Statement does not, at the date of closing, and did not, at the time of sale of the Bonds, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 3.03 Unless litigation &.hall have been commenced and be Pending questioning the Bonds, revenues pledged for payments of the Bonds, or the organization of the Issuer or incumbency of its officers, at the closing, the Mayor and the City Manager of the Issuer shall execute and deliver to the Purchaser a suitable certificate as to absence of material litigation, and a certificate as to payment for and delivery of the Bonds, together with the arbitrage certificate referred to below and the approving legal 93-756 page 7 opinion of Mackall, Crounse & Moore as to the validity and enforceability of the Bonds and the exclusion of interest on the Bonds from gross income for purposes of federal and Minnesota income taxation. Section 4. Use of Proceeds. 4.01 The proceeds of the Bonds are irrevocably appropriated for the purposes set forth in the Escrow Agreement hereinafter described. The City Finance Director is hereby authorized and directed, simultaneously with the delivery of the Bonds, to deposit the proceeds thereof pursuant to an escrow agreement (the "Escrow Agreement") with First Trust National Associatign in St. Paul 'Minnesota, a banking nst tution whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000, and shall invest the funds so deposited in securities authorized for such purpose by Minnesota Statutes, Section 475.67, Subdivision 8, maturing on such dates and bearing interest at such rates as are required to provide funds sufficient, with cash retained in the escrow account, to make the payments described in the Escrow Agreement. Springsted Incorporated, as agent for the Issuer, is hereby authorized and directed to purchase for and on behalf of the Issuer and in its name, appropriate securities to fund the escrow account as provided in the Escrow Agreement. The Mayor and City Manager are hereby authorized to enter into the Escrow Agreement, in substantially the form on file with the City Clerk on the date hereof. On February 1, 1995, subsequent to redemption of the Refunded Bonds, amounts remaining under the Escrow Agreement shall be transferred to the Sinking Fund established in Section 5.03 hereof. Section 5. Sinking Fund and Tax Levies. 5.01 The Series 1987 Bonds and the Series 1989 Bonds are payable from separate debt service accounts heretofore established upon the books of the Issuer, pursuant to Resolution No. 87-422 adopted on June 22, 1987, and Resolution No. 89-685 adopted on November 6, 1989, respectively (the "Refunded Bond Resolutions"). There has previously been pledged to such debt service accounts net revenues of the Issuer's water utility, as described in Section 4.01 of the Refunded Bond Resolutions. 5.02 Subsequent to February 1, 1995, upon redemption and prepayment of the Series 1987 Bonds, amounts pledged to the debt service account for the Series 1987 Bonds described in 5.01 above will not be required for such purpose, and shall be made available for payment of principal of and interest on the Bonds and transferred as required to the Sinking Fund hereinafter created in Section 5.03 for payment of the Bonds. Subsequent to February 1, 1995, upon redemption and prepayment of the Series 1989 Bonds, amounts pledged to the debt service account for the Series 1989 93-756 page S Bonds described in 5.01 above will not be required for such purpose, and shall be made available for payment of principal of and interest on the bonds and transferred as required to the Sinking Fund hereinafter created in Section 5.03 for payment of the Bonds. 5.03 Subsequent to February 1, 1995, all of the Bonds shall be payable from a separate "Series 1993A Refunding Bond Sinking Fund" (the "Sinking Fund") which shall be created and maintained on the books of the Issuer until the Bonds, and all interest thereon, are fully paid. All excess amounts under the Escrow Agreement transferred pursuant to Section 4.01 hereof, all net revenues of the Issuer's water utility transferred pursuant to Section 5.02 hereof, as well as any ad valorem taxes levied and collected as hereinafter specified, shall be credited to said Sinking Fund. Interest earnings on amounts in the Sinking Fund shall also be credited thereto. For payment of principal of and interest on the Bonds after February 1, 1995, it is presently estimated that the net revenues of the Issuer's water utility described in Section 5.02 hereof will produce aggregate amounts not less than 53 in excess of the amounts needed to meet when due such principal and interest payments, and therefore no ad valorem taxes are presently required to be levied. The Issuer recognizes and reaffirms its pledge of the full faith and credit of the Issuer to the payment of the Bonds and, in the event that said net revenues of the Issuer's water utility do not prove sufficient to pay principal of and interest on the Bonds, the Issuer will promptly levy ad valorem taxes on all taxable property in the Issuer as necessary for such payment without limitation as to rate or amount. 5.04 In order to ensure compliance with the Internal Revenue Code of 1986, as amended (the "Code"), and applicable regulations, the Finance Director of the Issuer, upon allocation of any funds to the Sinking Fund, shall ascertain the balance then on hand in the Sinking Fund. If it exceeds the amount of principal and interest on the Bonds to become due and payable through February 1 next following, plus a reasonably carryover equal to 1/12th of the debt service due in the following bond year, said excess shall (unless an opinion is otherwise received from bond counsel) be used to purchase Bonds, or invested at a yield which does not exceed the yield on the Bonds calculated in accordance with Section 148 of the Code. Section 6. Miscellaneous. 6.01 The City Manager is hereby authorized and directed to call for redemption and prepayment on their earliest redemption date all Refunded Bonds which by their terms are subject to redemption and to give notice of redemption in accordance with the Refunded Bond Resolutions. 93-756 page 9 6.02 The Issuer covenants and agrees with the Purchaser and holders of the Bonds that the investment of proceeds of the Bonds, including the investment of any revenues pledged to the Bonds which are considered proceeds under the applicable regulations, and accumulated sinking funds, if any, shall be limited as to amount and yield in such manner that the Bonds shall not be arbitrage bonds within the meaning of Section 148 of the Code and any regulations thereunder. On the basis of the existing facts, estimates and circumstances, including the foregoing findings and covenants, the Issuer hereby certifies that it is not expected that the proceeds of the Bonds will be used in such manner as to cause the Bonds to be arbitrage bonds under Section 148 of the Code and any regulations thereunder. The Mayor and City Manager shall furnish an arbitrage certificate to the Purchaser embracing or based on the foregoing certification at the time of delivery of the Bonds to the Purchaser. The proceeds of the Bonds will likewise be used in such manner that the Bonds are not private activity bonds under Section 141 of the Code. 6.03 The Issuer hereby designates the bonds as "Qualified Tax -Exempt Obligations" within the meaning of Section 265(b) of the Code. With respect to such designation, the Issuer covenants that it does not reasonably anticipate issuing governmental or qualified 501(c)(3) obligations in an aggregate amount greater than $10,000,000 in calendar year 1993. 6.04 The City Clerk is hereby authorized and directed to certify a copy of this Resolution and to cause the same to be filed in the office of the Hennepin County Director of Property Taxation, together with such other information as such officer may require, and to obtain from such officer a certificate that the Bonds have been entered upon his bond register. 6.05 The Issuer covenants that it will file with the Internal Revenue Service the information required under Section 149(e) of the Code. 6.06 The officers of the Issuer are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of all proceedings and records of the Issuer relating to the power and authority of the Issuer to issue the Bonds within their knowledge or as shown by the books and records in their custody and control, and such certified copies and certificates shall be deemed representations of the Issuer as to the facts stated therein. Adopted this 17th day of November, 1993. 93-756 pagel0 No. R - EXHIBIT A (Form of Bonds) UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION WATER REVENUE REFUNDING BOND, SERIES 1993A Nominal Date of $4ite Maturity_ Original Issue CUSIP December 1, 1993 Registered Owner: Principal Amount: The City of Plymouth, Minnesota (the "City"), for value received, hereby certifies that it is indebted and hereby promises to pay to the Registered Owner specified above or registered assigns, the principal amount specified above on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the registered owner hereof interest on such principal sum at the interest rate specified above from December 1, 1993, or from the most recent interest payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing August 1, 1994, until said principal sum is paid. Principal is payable in lawful money of the United States of America at the office of the Finance Director of the City, as Registrar, Transfer Agent and Paying Agent, or at the offices of such successor agent as the City may designate upon 60 days notice to the registered owners at their registered address (the "Registrar"). Interest shall be paid on each February 1 and August 1 by check or draft of the Registrar mailed the last business day prior to the interest payment date to the person in whose name this Bond is registered at the close of business on the preceding January 15 and July 15 (whether or not a business day) at his or her address set forth on the bond register maintained by the Registrar. Any such interest not punctually paid or provided for will be paid to the person in whose name this Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. A-1 93-756 page 11 The Bonds of this series are not subject to redemption or prepayment prior to their stated maturity. This Bond is one of a series of Bonds in the aggregate principal amount of Dollars ($ ) of like date and tenor except for number, interest rate, denomination, and date of maturity, and is issued for the purpose of providing funds to refund in advance of maturity certain outstanding general obligation bonds of the City, and is issued pursuant to an authorizing resolution (the "Resolution") adopted by the City Council of the City on November 17, 1993, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 475. The Bonds of this series are issuable only as fully registered bonds without coupons in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series of a different authorized denomination, as requested by the registered owner or his duly authorized attorney, upon surrender thereof to the Registrar. As provided in the Resolution, and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City kept for that purpose at the principal office of the Registrar, by the registered owner hereof in person or by such owner's attorney duly authorized in writing, upon presentation of a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or such owner's duly authorized attorney. Upon such transfer and the payment of any tax, fee or governmental charge required to be paid by the City or the Registrar with respect to such transfer, there will be issued in the name of the transferee a new Bond or Bonds of the same aggregate principal amount as the surrendered Bond. The Bonds are issuable originally only as immobilized book -entry bonds ("Depository Bonds") in the denomination of the entire principal amount of the issue maturing on a single date. Depository Bonds are not exchangeable for fully registered Bonds of smaller denominations except in exchange for Replacement Bonds if then available. In the event the City determines to convert the Depository Bonds to certificated securities ("Replacement Bonds"), the Replacement Bonds, if made available by the City, are issuable solely as fully registered Bonds in the denominations of $5,000 and integral multiples thereof of a single maturity and will be exchangeable for fully registered Bonds of other authorized denominations in equal aggregate principal amounts ,.- the principal office of the Registrar, but only in the manner arl subject to the limitations set forth in the Resolution. A-2 93-756 page 12 The City has designated the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. It is hereby Certified and Recited 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 in order to make this Bond a valid and binding general obligation of the City according to its terms, have been done, do exist, have happened and have been performed in due form, time and manner as so required; that the Bonds are payable from a separate debt redemption fund of the City, and from net revenues of the City's water utility and other funds which have been appropriated to such fund; that if necessary for payment of principal of and interest on the Bonds of this series, ad valorem taxes may be levied upon all taxable property in the City without limitation as to rate or amount; and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been manually signed by a person authorized to sign on behalf of the Registrar. IN WITNESS WHEREOF, the City of Plymouth, Minnesota has caused this Bond to be executed with the manual or facsimile signatures of its Mayor and its City Manager, both as of the Nominal Date of Original Issue specified above. Dated: CITY OF PLYMOUTH, MINNESOTA By Mayor By City Manager CERTIFICATE OF AUTHENTICATION This is one of the Bonds described in the within mentioned Resolution. By Bond Registrar A-3 93-756 page 13 ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (Please Print or Typewrite Name and Address of Transferee. Include information for all joint owners if the Bond is held by joint account.) the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed by: Signature(s) must be guaran- teed by a commercial bank or trust company or by a broker- age firm having membership in one of the major stock exchanges. Please Insert social Security Number or Other Identifying Number of Assignee. Notice: The signature(s) on this assignment must correspond with the name(s) appearing on the face of this Bond in every particular, without alteration or any change whatever. A-4 • 93-756 page 14 November 17, 1953 SPRINGSTED Moody's Rating: Aaa PUBLIC FINANCE ADVISORS Suite 2507 Minne3polis, MN 55402.B�C (612)3339177 True interest Fax: (612) 349 5230 Home Office Prise 85 East Seventh Place Suite 100 16655 West Bluemound Roa, Saint Paul. MN 551012143 Suite 290 Brookfield, WI 53005-5935 (612) 223-3000 Fax: (612) 2233002 (414) 7828222 3.7309% Fax- (414) 7822904 3.35% 1997 Boulevxr 6800 'Suite Suite 6C0 Ove•land'3rk. KS 662'. i :5= (913) 3458062 Fax :913) 345: 7^ 3.70% 1999 1800 K Street VW Suite 831 Washington. OC 20006 22=0 (202) 4663344 Fax: (202) 223-7 36: =4,555,000 C17Y OF PLYMOUTH, MINNESOTA GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 1993A AWARD: FIRSTAR BANK MINNESOTA, N.A. FIRSTAR BANK MILWAUKEE, NA SALE: 1 November 17, 1953 Moody's Rating: Aaa Interest Not Interest True interest Bidder Rates Prise Cost Rate FIRSTAR BANK MINNESOTA, N.A. 3.10% 1996 $4,551,356.00 $798,405.67 3.7309% FIRSTAR BANK MILWAUKEE, N.A. 3.35% 1997 3.55% 1998 3.70% 1999 3.90% 2000 4.00% 2001 4.15% 2002 ROBERT W. BAIRD & COMPANY, 3.10% 1996 $4,536,298.20 $800,358.88 3.7495% INCORPORATED 3.35% 1997 3.55% 1998 3.65% 1999 3.80% 2000 3.90% 2001 4.00% 2002 BANC ONE CAPITAL CORPORATION 3.10% 1996 $4,550,445.00 $802,510.00 3.7499% 3.30% 1997 3.55% 1998 3.75% 1999 3.90% 2000 4.05% 2001 4.20% 2002 (ContinuecQ e 93-756 page 15 Interest Net Interest True Interest Bidder Rates Price Cost Rate PIPER JAFFRAY INC. 3.15% 1996 $4,535,641.25 $813,622.50 3.8105% American National Bank Saint Paul 3.35% 1997 Juran & Moody, Incorporated 3.55% ;9" 3.70% 1999 3.85% 2000 4.00% 2001 4.20% 2002 HARRIS TRUST AND SAVINGS BANK 3.10% 1996 $4,526,165.00 $820,669.58 3.8492% KIDDER, PEA80DY & COMPANY, 3.30% 1997 INCORPORATED 3.55% 1998 Boatmen's National Bank of St. Louis 3.75% 1999 Mesirow Capital Markets 3.90% 2000 Shawmut Bank, N.A. 4.00% 2001-2002 United Missouri Bank, N.A. 4.10% 2002 NORWEST INVESTMENT SERVICES, INC. 3.20% 1996 FBS INVESTMENT SERVICES, INC. 3.40% 1997 Dougherty, Dawkins, Strand & 3.60% 1998 Bigelow, Incorporated 3.80% 1999 Jour G. Kinnard & Company Incorporated 3.95% 2000 Park Investment Corporation 4.10% 2001 National City Bank 4.25% 2002 GRIFFIN, KUBIK STEPHENS & 3.30% 1996 THOMPSON, INC. 3.375% 1997 KEMPER SECURITIES, INC. 3.50% 1998 CLAYTON BROWN & ASSOCIATES, 3.70% 1999 INCORPORATED 3.90% 2000 4.00% 2001 4.10% 2002 DEAN WETTER REYNOLDS INCORPORATED 3.20% 1996 PAINEWEBBER INCORPORATED 3.40% 1997 PRUDENTIAL SECURITIES, INC. 3.65% 1998 ROBERT W. BAIRD & COMPANY, 3.85% 1999 INCORPORATED 3.95% 2000 4.10% 2001 4.20% 2002 $4,542,200.45 $823,444.13 3.8526% $4,523,115.00 $827,430.83 3.8830% $4,523,115.00 $845,056.67 3.9649% These Bonds are not being reoffered. BBI: 5.46 Average Maturity: 4.69 Years Subsequent to bid opening, rhe issue size was reduced to $4,510,00 by reducing the 2000, 2001 and 2002 maturities each by $15,000.