HomeMy WebLinkAboutCity Council Resolution 1993-758CITY OF PLYMOUTH, MINNESOTA
RESOLUTION NO. 93-758
AUTHORIZING AND AWARDING THE
SALE OF, AND PROVIDING THE FORM, TERMS,
COVENANTS AND DIRECTIONS FOR $895,000
TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS
SERIES 1993C
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
Taxable Tax Increment Bonds of 1988, dated November 1, 1988 (the
"Series 1988 Bonds"). Pursuant to this Resolution, the Issuer
intends to issue its $895,000 Taxable General Obligation Tax
Increment Refunding Bonds, Series 19930 (the "Bonds"), in order to
refund in advance of maturity the Series 1988 Bonds that mature in
the years 1995 through 1998 and aggregate $875,000 in principal
amount (the "Refunded Bonds").
1.02 In accordance with Minnesota Statutes, Section 475.60,
Subdivision 2, the Issuer is authorized to issue the Bonds by
negotiation and without advertisement for bids. Springsted
Incorporated, an independent financial advisor, has been retained
by the Issuer to assist in the sale of the Bonds.
1.03 The Issuer hereby accepts the offer of Cronin a
Company. Incorporated (the "Purchaser") to purchase the Bonds
in accordance with the terms of this Resolution at a price of
$891,196.25 plus accrued interest to the date of delivery, the
Bonds to bear interest at the rates per annum as follows:
Year of
Maturity
1995
1996
Interest
Rate
3.90%
4.35
Year of
Maturity
1997
1998
Interest
Rate
4.75%
5.00
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.
1.04 The Issuer shall issue the Bonds in the aggregate
principal amount of $895,000, dated December 1, 1993, as fully
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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
1995 $160,000 1997 $230,000
1996 210,000 1998 295,000
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.
2.02 As long as any of the Bonds issued hereunder shall
remain outstanding, the Issuer shall cause to be kept at the
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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
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
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Issuer to the person in whose name such 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.
The provisions of this section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with
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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.
(e) With respect to Depository Bonds, the Registrar, Transfer
Agent and Paying Agent shall have no responsibility or obligation
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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 shall 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
approving legal opinion of Mackall, Crounse & Moore as to the
validity and enforceability of the Bonds.
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Section 4. Sinking Fund and Tax Levies.
4.01 There is hereby created a special fund of the Issuer
designated "Series 1993C Refunding Bond Sinking Fund" (the "Sinking
Fund") to be held and administered by the Finance Director of the
Issuer separate and apart from all other funds of the Issuer. The
Sinking Fund shall be maintained in the manner specified until the
Bonds herein authorized and the interest thereon have been fully
paid. In the Sinking Fund there shall be maintained two separate
accounts, to be designated the "Refunding Account" and the "Debt
Service Account," respectively.
Refunding Account. The proceeds from the sale of the Bonds
(other than accrued interest) and interest earnings thereon shall
be credited to the Refunding Account. Funds in the Refunding
Account shall be used to refund the Refunded Bonds on February 1,
1994. The Finance Director, as registrar for the Refunded Bonds,
is directed to provide appropriate notice of redemption, in the
form provided by the Issuer's financial advisor, to the owners of
the Refunded Bonds as provided in Resolution No. 88-760, adopted on
November 7, 1988, with respect to the Refunded Bonds. The Finance
Director of the Issuer is also directed to pay all issuance costs
of the Bonds from the Refunding Account.
Debt Service Account. There is hereby pledged and there shall
be credited to the Debt Service Account (a) collections of tax
increment revenues from the Issuer's Tax Increment District No. 3-3
within Development District No. 3, which revenues were previously
pledged to the payment of the Refunded Bonds, (b) collections of
general ad valorem taxes, if any, levied for the payment of the
Bonds, and (c) all funds remaining in the Refunding Account after
payment of the Refunded Bonds and all issuance costs of the Bonds.
The Debt Service Account herein created shall be used solely to pay
principal of, premium, if any, and interest on the Bonds and any
other general obligation bonds hereafter issued and made payable
from said Debt Service Account as provided by law, except that upon
discharge of the Bonds and any additional bonds made payable from
the Debt Service Account, the Issuer may use any remaining funds
for any lawful purpose.
It is presently estimated that the tax increment revenues
described herein will produce aggregate amounts not less than 5% 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 tax increment revenues 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.
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Subsequent to February 1, 1994, upon redemption and prepayment
of the Refunded Bonds, amounts pledged to the debt service account
for the Series 1988 Bonds will not be required for such purpose,
and shall be made available for payment of principal of and
interest on the Bonds and transferred to the Debt Service Account.
Section 5. Miscellaneous.
5.01 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 tha_ the Bonds have
been entered upon his bond register.
5-,-U 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.
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EXHIBIT A
(Form of Bonds)
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
No. R -
TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BOND,
SERIES 1993C
Nominal Date of
Rate Maturity Original Issue C SIP
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.
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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 Eight Hundred Ninety -Five Thousand Dollars
($895,000) 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 adv -size 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 at the principal
office of the Registrar, but only in the manner and subject to the
limitations set forth in the Resolution.
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93-758
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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 tax increment revenues of the
City 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
ar..ount; 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
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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.
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01553261
93-7S8 page 13
%PF SPRINGSTED
PUBLIC FINANCE ADVISORS
Home Office
85 East Seventh Place
Suite 100
Sant Paul. MN 55101.2143
(612) 223-3000
Fax: (612) 223-3002
- Suite 2507
Minneapolis. MN 55402 _8C0
(6i2) 333-9177
Fax: (612) 3495230
16655 west Sluemound Road
Suite 290
Brookfield. 'NI 53005 5935
(41 4) 7828222
Fax ;414) 7822904
6800 College Boulevard
Suite 60C
Overland Park. KS 6621::533
!913) 345 8062
Fax: '913) 345 ! 17C
18CO K Stree! Nati
Swte 831
Wash ngrce. X 20r126 2120
(202 46, 3341
$895,000 Fax !2CZ! 2231362
CITY OF PLYMOUTH, MINNESOTA
TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1993C
AWARD: CRONIN i COMPANY, INCORPORATED
SALE:
November 17, 1993
Moody's Rating: Asa
Bidder
Interest
Net Interest
True Interest
Rates
cost
Rate
CRONIN 3 COMPANY, INCORPORATED
3.90% 1995
$891,196.25
$126,930.42
4.8854%
4.35% 1996
4.75% 1997
5.00% 1998
AMERICAN NATIONAL BANK SAINT PAUL
3.90% 1995
$890,366.00
$128,124.84
4.9345%
4.35% 1996
4.80% 1997
5.00% 1998
PARK INVESTMENT CORPORATION
4.00% 1995
$890,614.50
$129,747.17
4.9959%
4.45% 1996
4.80% 1997
5.10% 1998
PIPER JAFFRAY INC.
4.00% 1995
$890,525.00
$130,815.42
5.0369%
4.45% 1996
4.85% 1997
5.15% 1998
FBS INVESTMENT SERVICES, INC.
4.00% 1995
$889,630.00
$131,824.17
5.0788%
4.50% 1996
4.75% 1997
5.20% 1998
NORWEST INVESTMENT SERVICES, INC.
4.25% 1995
$889,630.00
$135,863.75
5.2363%
4.75% 1996
5.00% 1997
5.25% 1998
iCwtinueo
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93-758 page 14
Interest Net Interest True Interest
Bidder Rata Price Cost Rate
MILLER 3 SCHROEDER FINANCIAL, INC. 4.40% 1995 $889,719.50 $137,624.67 5.3041%
4.80% 1996
5.10% 1997
5.30% 1998
These Bonds are being reoffered at par.
BBI: 5.46
Average Maturity: 2.90 Years