HomeMy WebLinkAbout1993 08-26 Special MeetingSPECIAL MEETING
OF THE
MAPLEWOOD CITY COUNCIL
Thursday, August 26, 1993
4:30 p.m., City Council Chambers, City Hall
Meeting No. 93 -19
AGENDA
A. CALLTOORDER
B. ROLLCALL
C. APPROVIAL OF AGENDA
D. AWARD OF BIDS: 1993 BOND ISSUES
E. A.M.M.'s LEGISLATIVE UPDATE
F. ADJOURNMENT
Background Information
D. Bid Award on 1993 Bond Issues
The attached material was provided by Finance Director Dan Faust.
E. A. M. M.'s Legislative Update
The City Council asked that representatives from the Association of Metropolitan
Municipalities be invited to provide an update of their 1993 activities. Mr. Vern
Peterson and Mr. Roger Peterson will be present at the meeting to speak on behalf of
A.M.M.
The following information is a list of the major organizations in which the City is a
member. The dues are 1993 dollars.
Name
A.M.M.
Municipal Legislative Commission (MLC)
Suburban Area Chamber of Commerce
Ramsey County League of Local Governments (RCLLG)
League of Minnesota Cities (LMC)
Suburban Rate Authority
A rwii ini IN ioc
$5,917
9,410
325
1
11
2
IL
I
.AGENDA NO
AGENDA REPORT _
TO City Manager.
FROM: Finance Director
RE: BID AWARD ON 2993 BONDS
DATE: August 23, .1 993
On July 26th the Council gave preliminary approval for the sale of
equipment certificates, tax increment bonds and refunding bonds .
Additional information is in the attached .report.
The bids on these bonds are scheduled. to be opened at 11 :00 a.m on
Thursday, August 26th. A recommendation regarding the bid award
will be made at the Council meeting by Dan Hartman of Spri ngs t ed
Incorporated.
We- \"\ 93WS
Y
•
•
TO: City Manager
AGENDA NO.
Action by Council�:l
AGENDA REPORT
Endorse d , .. , _,,,,,,,_,,,,,,,.
Modif
Rejected
Dzt -e _
' .3
.OM Finance Director
PRELIN NARY APPROVAL OF 1993 E UIPA ENT CERTMCAlTS
9
TAX INCREMENT BONDS AND REFUNDING BONDS
DATE: July 20, 1993
PROPOSAL
It 'is proposed that three 1993 bond issues be approved. These bond issues consist of (A)
$215,004 of Equipment Certificates to finance replacement of an ambulance and the Public
Safety Department records system upgrade, (B) $8,190,000 Tax Increment Bonds to finance the
Community Center project and (C) $4,840,000 Refunding Bonds to refinance, at a lower interest
rate, existing debt.
BACKGROUND
The 1993 Budget of the Capital Improvement Projects Fund provides that Equipment Certificates
be issued in 1993. The proceeds from these certificates will be used to provide $82,500 for the
replacement of an ambulance and $130,000 to upgrade the Public Safety Department computer
system for records management. Principal and interest payments on the certificates will be
financed by property tax levies payable in 1994 through 1948 in amounts ranging from
.approximately $48,400 to $53,000.
The financing plan for the Community Center project provides that tax increment bonds be
issued that will be retired with a combination of property tax levies and tax increment revenues.
Last September when the Council held public hearings on the Community Center project it was
anticipated that $8,615,000 of tax increment bonds would be required for the pmject. It was
also anticipated that these bonds would require a property tax levy of $325,400 payable in 1994
wri:h subsequ annul properly tax levies increasing by 3 J annually until the bonds were
retired in the year 2015. The latest financial projections indicate that $8,19Q,000 of tax
increment bonds will be required for the project. The property tax levy payable in 1994 will
be $189,000 and subsequent annual property tax levies will increase by 3% annually until the
bonds are retired in the year 2015. The lower annual property tax levy is due primarily to
higher anticipated tax increment revenues and lower interest costs on the bonds.
Agenda Report - Preliminary Approval of 1993 Equipment Certificates, Tax Increment Bonds, and Refunding Bonds
July 20 1993
Page 2
Bonds were issued in 1990 and 1989 to finance public improvements. The outstanding bonds
for these .issues total $4,935,000 and have an average interest rate of 6,66% and 6.709b
respectively. New bonds can be issued at an approximate rate of 5.07% to refinance this
existing debt. The refinancing will save the City approximately $490,884 over the nett 17
years. The estimated presea value of these savings is $248,Q90.
Zfie attached 29 page report prepared by Springsted Inc. provides additional information. It also
recommends a bid award on the bond sale at a special Council meeting at 4:30 p.m. on Monday,
August 30th,
RECOMMENDATION
It is recommended that the City Council (A) schedule a special Council meeting at 4:30 p.m.
on Monday, August 30th for a bid award an the 1993 bond issues, (B)zdopt the attached
resolution which provides preliminary approval for the sale of $21.5,000 General Obligation
Improvement Equipment Certificates, (C) adopt the attached. resolution which provides
preliminary approval for the sale of $8,190,000 General Obligation Tax Increment Bonds and
(D) adopt the attached resolution which provides preliminary approval for the sale of $4,840,000
General Obligation Improvement Refunding Bonds.
� Recommendations
For
City of Maplewood, Minnesota
$215,000
General Obligation Equipment Certificates.
of Indebtedness, Series 19
$8
General Obligation Tax Increment Bonds, Series 19936
$4,840,000
General Obligation'Improvement Refunding Bonds,
Series 1993C
G
SPRINGSTED
r
y. PUBLIC FINANCE ADVISORS
Home Office
85 East Seventh Place
Suite 100
Saint Paul, MN 55101.2143
(612) 223 -3000
Fax: (612) 223 -3002
July 19, 1993
Mayor Gary Bastian
Members, City Council
Mr. Michael McGuire, City Manager
Mr. Dan Faust, Finance Director
City of Maplewood
1830 Fast County Road
Maplewood, MN 55109
120 South Sixth Street
Suite 2507
Minneapolis, MN 55402 -1800
'(612) 333.9177
Fax: (612) 349 -5230
16655 West Bluemound Road
Suite 2.90
Brookfield, Wl 53005 -5935
(414) 782 -8222
Fax: (414) 782 -2904
6800 College. Boulevard
Suite 600
Overland Park, KS 66211- .1533
(913) 345.8062
Fax, (91.3) 34.5 -1770
1800K Street NW
Suite 831
Washington, DC 20006.2200
(202).466-3344
Fax: (202) 223.1362
Re: Recommendations for the Issuance of
$215,000 General Obligation Equipment Certificates of Indebtedness, Series 1993A
$8,190,000 General Obligation Tax Increment Bonds, Series 1993E
$4,840,000 General Obligation Improvement Refunding Bonds, Series 19930
Introduction
We respectfully request your consideration of our recommendations for the issuance of these
obligations in accordance with the attached Terms of Proposal. The recommendations
describe the financing plans to issue the above -named obligations. These recommendations
also will discuss each new issue separately and then address items common to all issues.
General obligation Equipment Certificates of Indebtedness, Series 1993A
(the "Certificates)
Proceeds of the Certificates will be used to finance 1993 equipment purchases of computer
equipment and the purchase of an ambulance. The composition of this issue is as follows:.
Equipment Costs $212,500
Costs of Issuance ' - - 1
Allowance for Discount Bidding
Total Certificate Issue $21 5 000
The Certificates are being Issued pursuant to Minnesota Statutes, Sections 410.32 and
412.301, which allow the City to Issue certificates to purchase capital equipment. Pursuant to
.Section 412.301, the City may issue equipment certificates in an amount equal to 0.25° of the
market value of the taxable property in the City without publication of a resolution determining
to issue them, and without being subject to a reverse referendum. The City's 1992,193
City of Maplewood, Minnesota
July 19, 1993
M
estimated market value is $1 0.25° of which is $3,355 The amount of the
Certificates is well within this limit.
Included in the principal amount of the Certificates is an allowance. for an underwriter's
.discount in the amount of $1,320, or $6/$1 000 bond. The. Certificates will. be dated
September 1, 1993 and will mature August 1, 1994 through 1998 to be repaid in five years in
equal annual installments of principal and interest from a general ad valorem tax levy.
Appendix I shows the repayment schedule for the Certificates. The Certificates have been
structured with approximately even annual debt service payments. The City will levy annually
(1993- 1.997) in an amount equal to the principal and interest coming due on August 1 of each
collection year and the interest due February l of the following year. A cash flow problem may
arise with principal being paid from first-half tax collections. it is our understanding that the City
is prepared to temporarily fund the cash flow internally.
General Obligation Tax Increment Bonds, Series 19938
(the 'Tax Increment Bonds')
The Tax Increment Bonds are being issued pursuant to Minnesota Statutes, Chapters 475 and
469. Proceeds from the Tax Increment Bonds will be used to finance the construction of a City
Community Center. The Community ::Center will provide community meeting rooms, a banquet
facility, a live performing arts area, crafts rooms, senior citizen and teen areas, gyms, fitness
areas, a lap pool and a leisure pool.
The composition of this Issue is as follows:
Project Costs $11,247,056
Allowance for Underwriter's Discount 106,470
Costs of Issuance 50.000
Subtotal $11
Less: Cash on Hand (1,523,400)
2nd 'installment 1993 Tax Increment (855,047)
1 st Installment 1994 Tax increment (769,933)
Investment Earnings (65.1.46
Net Tax Increment Bond Issue S 8190 000
Arnortization Schedule
Appendix 11, Schedule A, Is the amortization schedule for this issue. The Tax Increment Bonds
will be dater September 1, 1993 and will mature each February 1, 1995 through 2015. The
maturity schedule was developed to blend with available tax Increment revenues; existing debt
service payable from those same tax increment revenues; and a 1994 tax levy of $189,000,
increasing 3% annually. The tax increments will be generatad from the City's existing
Economic Development Districts No. 1 -1, 1 -2 and 1.3 and Housing Districts No. 1-1 , 1 -2 and 1-
3.. Debt service on the 'Tax Increment Bonds will be paid' from tax increment revenues collected
the same year. This may create a cash flow problem at times, but the City has informed us that
they will temporarily fund any deficit internally.
Schedule B of Appendix If sets forth the cash flow analysis for the Tax Increment Bonds. The
revenues include the tax increment stream, Tax Increment Bond proceeds, investment earnings
on the Tax Increment Bond proceeds and tax collections. The expenditures include a City
administrative fee, which is based on 5% of projected tax increments; the existing debt service
Page 2
City of .Maplewood, Minnesota
July 19, 1993
payable from the same tax increments; debt service on the Tax Increment Bonds; an equity
transfer to pay other eligible project costs; and Community Center project cost expenditures.
Schedule C of Appendix 11 sets forth the estimated investment earnings on the Tax. Increment
Bond proceeds and tax increment payments.
$4,840,000 General Obligation improvement Refunding Bonds, series 1 993E
tithe "Improvement Refunding Bonds
Plan of Refunding
Proceeds from the Improvement Refunding Bonds along with an estimated $230, 1 0Q., . City
funds on hand will advance refund, by means of a crossover refunding, portions of the City's
$5,000,000 General Obligation Improvement Bonds dated December 1, 1990 (ihe '"1990
Bond ") and the City's $1,470,0x0 General Obligation improvement Bonds dated November 1.
1989 (the "1989 Bonds "), as shown below.
The 1990 Bonds and 1989 Bonds were both originally issued to finance public imptovemenis
throughout the City.
Based on current market conditions, it Is our recommendation that the City :proceed with the
sale of a "crossover". refunding bond issue that would advance refund all of the callable
maturities of the 1990 Bonds and_ the 1989 Bonds. These callable bonds are currently
outstanding at net interest rates of 6.65° on the 1990 Bonds and 6.70% on the 19:89 Bonds.
We project that the 1990 Bonds and 1989 Bonds could be refunded at a net interest rate of
approximately 5.079, resulting In a total savings to the City, net. of all costs of issuance, of
approximately .$490,884. The estimated present value net savings is $248,0900
In a crossover refunding, the proceeds of the refunding (new Issue) bonds are placed in an
escrow account with a major bank and invested In government securities. These securities and
their earnings are structured to pay debt s ervice on the new bon until the respective call
dates on the 1990 Bonds and 1989 Bonds, at which time the escrow account will crossover.
and p ay the remaining principal of the original Issues by calling in all of the remaining "bailed"
maturities.. The Crty will continue to collect taxes and special assessments to pay debt service
on the Original issues through their respective call dates. The City will. then crossover and
begin paying debt service on the new issue.
Refunding Analv
Appendices III and IV are the individual analytical summaries . of each of the issues being
refunded. Schedule A in Appendices III and IV shows the debt service on the refunded bonds
Page 3
Total Amount
of Maturities
Issues to
Dated Date
Maturities to
Late of Call
Being Galled
be Refunded
of issues
be Refunded
for Redemption
for Redemption
$5,000,000 G.G.
Improve Bonds
12.1.1990
1999 -2010
12- 1.1998
$3,860,000
1 , 470 000 G. o.
Improvement Bonds
11 -14989
1996 -2009
8-1-1995
1.075,�?00
Total
$4,935,000
The 1990 Bonds and 1989 Bonds were both originally issued to finance public imptovemenis
throughout the City.
Based on current market conditions, it Is our recommendation that the City :proceed with the
sale of a "crossover". refunding bond issue that would advance refund all of the callable
maturities of the 1990 Bonds and_ the 1989 Bonds. These callable bonds are currently
outstanding at net interest rates of 6.65° on the 1990 Bonds and 6.70% on the 19:89 Bonds.
We project that the 1990 Bonds and 1989 Bonds could be refunded at a net interest rate of
approximately 5.079, resulting In a total savings to the City, net. of all costs of issuance, of
approximately .$490,884. The estimated present value net savings is $248,0900
In a crossover refunding, the proceeds of the refunding (new Issue) bonds are placed in an
escrow account with a major bank and invested In government securities. These securities and
their earnings are structured to pay debt s ervice on the new bon until the respective call
dates on the 1990 Bonds and 1989 Bonds, at which time the escrow account will crossover.
and p ay the remaining principal of the original Issues by calling in all of the remaining "bailed"
maturities.. The Crty will continue to collect taxes and special assessments to pay debt service
on the Original issues through their respective call dates. The City will. then crossover and
begin paying debt service on the new issue.
Refunding Analv
Appendices III and IV are the individual analytical summaries . of each of the issues being
refunded. Schedule A in Appendices III and IV shows the debt service on the refunded bonds
Page 3
City of Maplewood, Minnesota
July 19, 1993
as each now exists. Schedule B shows the estimated debt service for that portion of the new
crossover refunding bonds attributable to each refunded issue. Schedule C is the- individual
anticipated annual savings analyses. based on current rates in the bond market. Please note
that Schedule C of Appendix III shows a negative savings amount of $33,341 in 1998. This
occurs because the 1990 Bonds were on a December 1 principal payment schedule and the
Improvement Refunding Bonds are on a February 1 principal payment schedule. Appendix V,
Schedule A, is a summary of the two individual issues being refunded.
Amortization Schedule
Appendix V, Schedule B, is the amortization schedule for the Improvement Refunding Bonds.
This refunding (new) issue will be dated September 1, 1993 and will mature February 1, 1997
through 2011. Interest on these bonds due February 1, 1994 through August 1, 1995 will be
payable solely from the escrow account, as discussed previously, established upon the sale of
this issue. Interest on these bonds due February 1, 1996 through February 1, 1999 will be
payable. from. a combination of escrow monies and special assessments /tax. collections filed for
this issue. Thereafter, beginning with the August 1, 1999 interest payment, the debt service on
this issue will be made entirely from special assessments and tax collections.
The Improvement Refunding Bonds as now structured includes an additional $135,000 which
will be used to pay for all costs of issuance, including bond discount and rating fees, and to
supplement the escrow account because of yield restrictions. All savings estimates are net of
all these costs. The actual underwriters discount on the Improvement Refunding Bonds, and
actual cost of issuance, may differ from the assumptions made in these recommendations. The
amount of money needed in the escrow account may also differ from the amount projected
because of interest rate fluctuation. Therefore, we have included a provision in the offering to
permit the City to increase or decrease the principal in any of the maturities in a total amount
not to exceed $200,000 to offset any fluctuation.
Common to All issues
Prepayment Ootion
We recommend the Tax Increment Bonds and Improvement Refunding Bonds maturing on or
after February 1, 2004 be subject to payment in advance of their stated maturity dates as early
as February 1, 2003, and on any date thereafter, at a price of par and accrued interest. This
call feature will permit the refinancing or prepayment of the bonds 'if future circumstances
warrant.
We recommend that the Certificates not be subject to optional redemption due to the short
term of the issue.
Ratin s
Rating applications will be made to Moody's Investors Service and Standard & Poor's
Corporation for these issues. We will provide the rating agencies with the necessary data upon
which they will make their rating analyses. The cost of the rating fees has been'. pro-rated in the
issuance costs for each individual issue and the pro -rata portion of the rating fees for the
refunding issue will be paid directly from money in the escrow account.
We have recommended to City staff that representatives of the City and Springsted
Incorporated visit the Moody's and S & P analytical staff in New York for the main purpose of
explaining the financial impact of the Community Center on the City. Springsted will make all of
the arrangements for the trip to New York.
Page 4
City of Maplewood, Minnesota
July 19, 1993
Federal Arbitrage - Rebate
These issues are subject to federal arbitrage regulations. The 1986 Tax Reform Act and the
1989 amendments to the Act introduced and. modified rebating arbitrage profits to the U.S.
.Treasury. Generally speaking, all arbitrage profits (the yield difference between the earnings on
the investments and the yield on the obligations) must be rebated to the Treasury. There are
some exemptions to this rebate requirement which include:
A small issuer exemption if the bonds are for governmental purposes and the issuer
reasonably expects to issue not more than $5,000,040 tax - exempt bonds during the
calendar year.
(ii) A six - month exemption if all of . the proceeds are expended within six months of bond
issuance.
Viii A two -year expenditure test if at least 75 % of the proceeds of the issue are used for
construction and -if 10% is expended within six months, 45% within 12 months, 75%
within 18 months and 100% within two years. If it is reasonably required that a
retainage be maintained to enforce the completion of a contract, up to. 5% of the
proceeds may be retained for an additional 12 months. Net proceeds subject to these
expenditure tests include investment yearnings on the original bond proceeds.
The Certificates:
It is our understanding that the proceeds from the Certificates will be expended within six
months and therefore will be exempt from any arbitrage rebate.
The Tax Increment Bonds:
Based on the disbursement schedule for the Tax Increment Bonds, it appears they will qualify
under item {iii} fisted above. This exemption is based on a test of absolute requirements and is
not based on reasonable expectations, and the spend down requirements include the
additional income earned from the reinvestment of bond proceeds.
The .Improvement Refunding Bonds:
The City will be exempt from rebate on the Improvement Refunding Bonds because the escrow
account, funded from bond proceeds, will be invested in securities at a yield less than the new
refunding bond yield, thus creating no arbitrage. Another potential source of rebate sterns from
the debt service fund to pay debt service on the new bonds. The City will be exempt from
rebate from this source so long as it maintains a "bona fide" debt service fund. A bona fide
debt service fund requires that no more than 13 months of debt service money be
accumulated.
Federal Arbitrage - Reimbursemen Regulations
The Certificates and the Tax Increment Bonds are also subject to the reimbursement .bond
regulations established by the Internal Revenue Service. These regulations apply to any tax-
exempt borrowed proceeds which are intended to be used to reimburse the City for project
expenditures paid before the actual receipt of the proceeds. The regulations do not apply to
proceeds used to make direct payment of project costs initially paid on or after the actual
closing date. It is our understanding that a reimbursement resolution is in place for the
Certificates and the Tax Increment Bonds.
Page 5
City of Maplewood, Minnesota
July 19, 1993
Bank Qualification
The 1986 Tax Reform Act provides that issuers of less than $10,000,000 of tax - exempt
obligations in a calendar year of issuance may declare them to be bank - qualified. The City will
not meet this qualification and, therefore, the issues cannot be declared bank- qualified. This
designation would permit financial institutions to deduct from income, for federal income tax
Purposes, interest expense that is allowable to carry and acquire tax - exempt obligations.
Without that designation these issues will not be as attractive an investment to financial
institutions. Therefore, the interest rates .received will be slightly higher than if the issues were
designated bank - qualified. We have built that interest rate differential into our estimates of the
interest rates used in the attached schedules.
Sale Process
We recommend these issues be offered for sale on Monday, August 30, 1993, with proposals
received at the offices of Springsted Incorporated at 11:00 A.M. touring the remainder of the
day, proposals will be verified and checked for accuracy, and the necessary computer
calculations will be made in order to determine the benefits of the refunding. We will then
present the bids and our recommendations to the Council at its special meeting at 4:30 P.M.
later that day. .
In comparison with the issue amounts of the Tax Increment Bonds and the Improvement
Refunding Bonds, the issue amount for the Certificates is very small. This size relationship may
result in a fewer number of proposals received.
Respectfully submitted,
SPRINGSTED Incorporated
sms
Page 6
City of Maplewood, Minnesota
APPENDIX 1 -
G.O. Equipment Certificates
-
Dated: 9-1-1993
Mature: 8-1
First I nterest a— 1 -1994
Total
Year of Year of
Principal
105%
Le vy P Mat. Principal
Rates Interest
& Interest
of Total
( (3)
( (5)
(
(7)
1993 1994 40
2.55% 10,145
50
52
1994 1995 40,000
3.20°6 5,861
45
48,154
1995 1 996 45,000
3.60% 41411
49
51
1996 1997 45
3.90°/O 2
47
5091 ..W
. 1997 1998 45,000
4.10°0 923
45, 923
48,219
TOTALS: 215,000
24,063
239
251 9 -01 - 6
Bond Years: 642.08
Annual Interest:
24,063
Avg. Maturity: 2.99
Plus Discount:
1 ,320
Avg -. Annual Rate: 3.748°
Net Interest:
25
T.I.C. Rate: 3.951%
N.I.C. Rate:
3.953°/0
Annual payments include the interest payment following the maturity date.
Interest rates are . estimates; changes may cause significant
alterations of this schedule.
The actual underwriter's discount bid may also vary.
Prepared 16— Jul -93 by SPRINGSTED Incorporated.
Page 7
.:.i
►�� MAPLEvvOOD..- !NNESOTA
G.O. TAX INCREMENT BONDS, SERIES 19938
_
APPENDIX it
SCHEDULE A
` -
MONTH
DAY
YEAR
DATED DATE
9
1
1993
'
. T INTEREST
2
1-
1994
ANNUAL
DATE
PRINCIPAL RATE
INTEREST
P & I
P & I
02/61/94
0
2.55
161,967.71
161,967.71
08/01/94
194,361.25.
194,361.25
356,328.95
02/01/95
940,000
3.20
194.36125
1,134,361.25
08/01/95
179.321.25
179,321.25
1,313,682.50
02;01/96
380,000
3.60
179,321.25
559,321.25
08/01/96
172,481.25
172,481.25
731,802.50
02/01/97
400,000
3.90
172,481.25
572,481.25
08/01/97
164.681.25
164,681.25
737,162.50
02/01198
370,000
4.10
164,681.25
534,681.25
08101/98
157,096.25
157,096.25
891,777.50
02/01/99
30,000
4.25
157,096.25
187.096.25
08/01/99
156.458.75
156,458.75
343,555.00
02/01/2000
45,000
4.45
156,458.75
201,458.75
08/01/2000
155,457.50
155,457.50
356,91625
02/01/2001
175.000
4.60
155,457.50
330,457.50
08/01/2001
151,432.50
1.51 j 432-50
481,890.00
02/01/2002
305,000
4.70
151,432.50
456,432.50
08/01/2002
1 44,265.00
144,265.00
1500,697.50
02101/2003
335,000
4.75
144,265.00
+479.265.00
08/0112003
136,308.75
136,308.75
615,573.75
102/01/2004
345.000
4.85
136,308.75
481,308.75
08/01/2004
127,942.50
127,942.50
6W.251.251
02/01/2005
365,000
4.95
127,942.50
492,942.50
'
J 08/0112005
118,908.75
118,908.75
611,851.25
02/01 /2006
390,000
5.10
118,908.75
508,908.75
08/01/2006
108,963.75
108,963.75
617,872.50
02/01/2007
420,000
3.15
108,963.75
528,963.75
08/01/2007
98,148.75
98,148.75
627,112.50
02/01/2008
450,000
5.20
98,148.75
548,148.75
j
08i01 /2008
86,448.75
86,448.75
634,597.50
02/01/2009
545,000
5.25
86,448.75
631,448.75
I
08/01/200.
72,142.50
72.142.50
703,591.25
02/01/2010
595,000
5.30
72,142.50
667,142.50
08/01/2010
56,375.00
56,375.00
723,517.50
02/01/2011
630,000
5.35
56,375.00
686,375.00
08/01/2011
39,522.50
39,522.50
725,897.50
02/01/2012
320,000
5.35
39,522.50
359,522.50
08 101/2012
30,962.50
30,962.50
390,485.00
PAR $8,1 90,000.00
C2101/2013
350,000
5.35
30,962.50
380,962.50
VISCOUNT - (106,470.00)
08/01/201
2 1 ,600.00
21,600.00
402,562.50
COSTS OF ISS. (50,000.00)
02/01/2014
385,000
5.40
21,600.00
406,600.00
PROJECT FUNDS $8,033,530.00
08/01/2014
119205.00
11.205.00
417,805.00
02101 /2015
415,000
5.40
11.205.00
426.205.00
08/01/2015
0.00
0.00
426.205.00
02/01/2016
0.00
0.00
0.00
8,190,000.00
4,930,135.21
13,120,135.21
13,120,135.21
PREPARED BY SPRINGSTED INCORPORATED: (19
ALTERNATE A -T.i. APPLICATIO
Page 8
CITY OF MAPLEWOOD, M IN NESOM
G.O. TAX INCREMENT BONDS, SERIES 19930
CASHPLOW
ANNUAL TAX LEVY 189,000
SOURCES AND USES:
REVENUES
EXPENDITURES.
ANNUAL % INCREASE 3.00%
1993 FOND ISSUE "
$6,190,00.00 * Used Non - benlc Ouuiifried AA+ Metes
.T.i.
DEBT
PLUS:
PLUS: PLUS:
PLUS;
LESS:
LESS:
LESS:
LESS: LESS:
m °
.�
COLL.
SERV.
TIF
C)ND EARNINGS FROM
TAX
TOTAL
ADMIN. FEE
EXISTING DEBI
1993 G.O.
RESIDUAL TRANSFERS TO
T OTAL
C
M" .ATIVE
YEAR
YEAR
REVENUE
F O' C' EEDS. C.C PROJECT
LEVY
REVENUES
5.00%
SERVICE
BOND ISSUE EQUITY TRANSFERS C.C. PROJECT
EX PENDITURES
URP.LUS
BALANCE FORWARD
(1=ir92):
S
?yell/ '
t'
1 ,533,180
1992
1992
0
0
0
1,533,160
1993
1993
1,710,09!'5
8,033,530 30,777
9
55,505
475,915
0
267 4,928,400
5
5,559,612
1994
1994
1
25
189,000
1,754, 235
78,993
374
356,329
6
7.128,122
187,726
1995
1995
1 o 49i * 680
194,670
1,686,350
74, 584
378
1,313,683
1,766.442
107,643
1996
1996
1
200,510
1,478,570
63,903
273,139
731,803
1,068,844
517,369
1997
1997
848,06+5
206,525
1,055
42,433
273,723
737,163
500,000
1.553,319
19,241
1996
1998
799,284
212,721
1,011,985
39,963
278,220
691,778
1
21.265
1999
1999
439,209
219 103
558,402
21,965
281,612
343,555
647
32,535
2000
2000
439,299
225,676
664,975
.21,965
.278,578
356,916
657,459
40,051
2001
2001
439.299
232 ,448
671 9 745
21. 965
162,686
481,890
666.541
45,255
2002
2002
439.299
239,420
678,719
21,965
68
600,698
689
34,838
2003
2003
43909
246.602
685,901
21
67
615,574
704,867
15,873
2004
2004
439,299
254
693,299
21
113,749
609,251
694
14
2005
2005
439,290
261,620
700,919
21
64,975
611,651
698,791
16,335
2006
2006
439,299
289,469
706,768
21,965
65,880
617.873
705,717
19
2007
2007
439,299
277,553
716,852
21,965
66
627,113
715.547
20
2008
2008
439,299
265,879
725.179
21,965
66,728
634,598
723.290
22,578
2009
2009
439.299
294
733,755
21.965
3,878
703.591
729,434
26
2010
2010
439,299
303,290
742,589
21,965
0
723,518
745.482
24,005
2011
2011
439
312,388
751,687
21,965
0
725,898
747.862
27,830
2012
2012
72.491
321,760
394,251
3,625
0
390.485
394
.27,971
2013
2013
72,491
331
403,904
3,625
0
402,563
406,187
25,688
2014
2014
72,491
341,355
413,846
3,825
0
417,805
421,430
18,104
2015
201
72,491
351,
424,087
3,6 25
0
426.205
429,830
12,361
13,66 8,493
8,033,530 65,146
5,771,451
27,538.620
683,425
3,241,672
13,120,135
267,130 11,747,056
29,059,418
ANNUAL TAX LEVY 189,000
SOURCES AND USES:
ANNUAL % INCREASE 3.00%
1993 FOND ISSUE "
$6,190,00.00 * Used Non - benlc Ouuiifried AA+ Metes
0 >
:c
DISCOUNT
(1069470.00)
m °
.�
COST OF ISSUANCE
(50,000.00)
t7
c . Z
�
FUNDS AVAILABLE
$8,033,530.00
C7
�X
i0
W
PREPARED BY SPRINGSTED INCORPORATED: 16- Jul -93
l
rmrui"'
S
?yell/ '
t'
;;TT' OF MAPLEWOOD, MINNESOTA
G ,10. TAX INCREMENT BONDS, SERIES 19936
INVESTMENT EARNINGS /DISBURSEMENT SCHEDULE
PREPARED BY SPRINGSTED INCORPORATED: (16-;-Jul-93)
APPENDIX 11
SCHEDULE C
ALTERNATE A -T.I. APPLICATIO
Page 10
ANNUAL
G.O.80ND PROCEEDS
CASH
INTEREST
! DATE
DISBURSEMENTS
DISBURSEMENTS
& TAX INCREMENT
BALANCE
3.00%
!. _ (12/31 !92)
0.00
0.00
0.00
Jan -93
13,000.00
(13,000.00)
0.00
Feb -93
1001000.00
(113,000.00)
0.00
Mar -93
100,000.00
(213,000.00)
0.00
Apr-93
100,000.00
(313,000.00)
0.00
May -93
100.000.00
(413,000.00)
0.00
Jun -93
213,000.00
0.00
(626,000.00)
0.00
Jul -93
313,000.00
(939,000.00)
0.00
Aug -93
413,000.00
(1.3520000.00)
0.00
Sop -93
513.000.00
8,033,530.00
6,168,530.00
15,421.32
Oct -93
813,000.00
5.370,951.33
13,427.38
Nov -93
1,013,000.00
4,371,378.70
10,928.45
Dec -93
1.237,400.00
4.928,400.00
855,047.46
3.999.954.81
9,999.89
Jan -94
1,013.000.00
2,996,954.50
7,492.39
Feb -94
1,013.000.00
1,991.,446.88
4,978.42
Mar -94
913,000.00
1,083.425.50
2,708.56
Apr -94
1,013,000.00
73,1 34.06
182.84
May -94
1,103,000.00
(1,029,683.10)
0.00
Jun -94
813,000.00
7699933.23
(1.072.749.87)
0.+00
Jul -94
448,200.00
1.523,400.00
2,450.13
5.13
Aug-94
2,456.26
0.00
0.00
Sep --94
0.00
0.00
Oct -94
0.00
0.00
Nov -94
0.00
0.00
Dec -94
6,318,656.26
0.00
0.00
Jan - 95
-
0.00
0.00
Feb -95
.'
0.00
0.00
Mar -95
0.00
0.00
App --95
0.00
11,247,056.26
11.247,056.26
11,181,910.69
65,145.56
PREPARED BY SPRINGSTED INCORPORATED: (16-;-Jul-93)
APPENDIX 11
SCHEDULE C
ALTERNATE A -T.I. APPLICATIO
Page 10
APPENDIX 111 ..
Maplewood, Minnesota
G.O. Refunding Bonds,, Series 1993
Full Crossover Advance Refunding of
G.O. Improvement Bonds, Series 1 990
Even Annual Savings Structure
Issuer Funds Required: $0.00
Date of Bonds: 09/01 /93
Deliver Date: 09/01/93
Refunded Call Date: 12101/98
1st Callable Date: 12/01/99
Comparison:
Refunded
Refundin
Principal:
3
3
Bond Years:
48,750.00
50,188.33
Avg. Maturity:
12.630
12.610
NIC:
6.666%
5.196%
Total Net Savings: 277,978.79
Present Value Savings: 178,70710
As % of P.V. Ref. I nt , 15.25%
As % of P.V. Ref. D.S.: 5.49
Prepared: 07/15/93
By SPRINGSTSD incorporated
page 11
plewood, Minnes
�.0. Improvement Bonds, Series 1990
Existing Debt Service
Date
Principal
12/01/93
140, 000.00
06/01/94
157
12/01/94
150; 000.00
06/01/95
153
12/01/95
160
0.6/01/96
153,710.00
12/01/96
170, 000.00
06/01/97
149
12/01/97
180
06/01/98
149,285.00
12/01/98
195, 000.00
06/01/99
144,485.00
12/01/99
210, 000.00
06/01/2000
144,485.00
12/0 1/2000
225, 0OO.0o
06/01/2001
139,342.50
12/01/2001
240,000.00
06/01/2002
139, 342.50
1 /01/2002
255,000.00
/01/2003
133,852.50
12/01/2003
275,000.00
06/01/2004
133,852.50
12/01/2004
300, 000.00
06/
127,856.25
12/01/2005
320, 000.00
06/01/2006
127 , 856.25
12/01/2006.
345,000900
06/01/2007.
121
12/01/2007
375,000.00
06/01/2008
121, 293.75
12/01/2008
405,000.00
06/0.1/2009
114, 206.25
12/01/2009
435
06/01/2010
114, 206.25
12/01/2010
475, 000.00
Totals
nd Years:
g .
Mat. .
NIC......
APPENDIX III
SCHEDULE A
Prepared: 07/15/93
By SPRINGSTED Incorporated
Rate
Interest
Semi- Annual
Annual
5.800%
157
297,770.00
297, 770.00
10.643
153
153,710.00
12.63
50900%
153,710.00
303,710..00
457,420-000
149
149,285.00
6.000$
149,285.00
309,285.00
458,570.00
144,485.00
144,485.00
6.050%
144,485.00
314
458,970.00
139,342.50
139,342.50
6.100%
139, 342.50
319, 342.50
458, 685.00
133,852.50
133,852050
-
6.150%
133,852.50
328
462,70.5.00
127,856.25
127,856.25
6.250%
127 , 856.25
337 , 856..25
465, 712.50
121
121,293.75
6.300$
121, 293.75
346, 293.75
467, 587.50_
114, 206.25
114, 206.25
6.400%
114, 206.25
354 , 206.25
468, 412.50
10.6,526,25
106
6.500$
106, 526.25
361,526.25
468,052.50
98,238.75
98,238.75
6.500%
98,238975
373,238975
471,477,50
89, 301.25
89, 301.25
6.600%
89
389, 301.25
478, 602.50
79, 401.25
79, 401.25
6.700%
79
399, 401.25
478 802.50
68,681.25
68,681.25
6.750%
68 , 681.25
413 , 681.2 5
482 , 3 62.50
57,037.50
57,037950
6.750%
57,037.50
432
489,075.00
44,381.25
44,381.25
6.750%
44,381.25 -
449,381.25
493,762.50
30, 712.50
30, 712.50
6.750%
30,712.50
465,712.50
496,425.00
16, 031.25
16, 031.25
.
6.750%
16, 031.25
491, 031.25
507, 062..50
4 , 855, 000.00
- - 3, 506, 455.00
8 361, 455.00
8, 361, 455.00
51
All lower calculations
Refunded
Bonds Only
10.643
are made from the date
Avg. Mat..:
12.63
6.633%
of the refunding bonds
NIC.......:
60666
4 Page 12
APPENDIX 111 -
SCHEDULE B
Maplewood, Minnesota
G.Q. Refunding Bonds, Series 1993
Refunding Debt Service
Date
Principal
02/01/94
08/01/94
02/01/95
08/.1/95
02/01/96
08/01/96
02/01/97
o s/ 01/ 97
02/01/98
08/01./98
02/01/99
08/01/99
02/01/2000
240, 000.00
08/01/2000
02/01/2001
255, 000.00
08/01/2001
02/01/2002
265
.08/01/2002
02/01/2003
2'75, 000.00
08/01/2003
02/01/.2004
295,000.00
08/01/2004
02/01/2005
315,000.00
08/01/2005
02/01/2006
330,000.00
08/01/2006
02/01/2007
350, 000.00
08/01/2007
02/01/2008
375 ,, 000.00
08/01/2008
0.2/01/2009
4 00, 000.00
08/01/2009
02/01/2010
425,000.00
08/01/2010
02/01/2011
455, 000.00
Totals
Bond Years:
Avg. Mat..:
NIC..... ..
3 , 980, 000.00
50,188.33
12.610
5.196%
Rate
4e450%
4.600%
4.700%
4.750%
4.850%
4.950%
5.100%
5.150%
.5.200%
5.250%
5.300%
5.350%
Prepared: 07/15/93
By SPRINGSTED Incorporated r
Interest Semi - Annual
83,354.16
100, 025.00
100,025.00
100, 025.00
100,025.00
100 t 025.00
100,025.00
100, 025.00
100,025.00
100,025.00
300, 025.00
100,025.00
100, 025.00
94,685.00
94,685.00
88, 820.00
82,592.50
82,592.50
76,061.25
76, 061.25
68, 907.50
68,907.50
51,111.25
51,111.25
52,1596.25
52 , 696.25
43,683.75
43, 683.75
.33,933,75
33 j '933 .J75
23,433.75
23,433.75
12,171.25
12,171.25
2
* Paid by escrow.
All other payments
made by the issuer.
83,354.16
100,025.00
300, 025.00 #
100,025.00. *
100,025.00 *
300, 025.00
100 025.00
100,02'5.00
100,025.00
100,025.00
100,025,00
100
340, 025.00
94, 685.00
349,685.00
88,820.00
353,820.00
82,592.50
357,592.50
76,061.25
37,1, 061.25
68,907.50
383,907.50
61,111, 25
391,111.25
52,696.25
402,696.25
4 3 , 683.75
418,683,75
33.,933.75
433,933.75
23 , 433. "75
448,433.75
12 ,17.1.25
467,171925
6
Band Date.:
Delivery...
Bond Yield:
Annual
83,354.16
200, 050.00
200,050.00
200,050.00
200, 050.00
2 00 , 050.00
440,050.00
444,370.00
442 , 640 00
440,185.00
447,122.50
452 , 815.00
452 , 222.50
455.,392.50
462 , 367.50
467 , 867.50
471, 867, 50
479 , 342.50
6
09/01/93
09/01/93
5.05939%
Page 13
-
APPENDIX III
SCHEDULE C
-
r _
plewood, Minnesota Prepared: 07/15/93
V.7.0. Re funding Bonds, Series 1993 By SPRINGSTED Incorporated
Annual Savings Analysis
Page 14
Non- Refunded
. Refunding
Total New
Existing
Savings
Date
Debt Service
Debt Service
Debt Service
Debt Service
or (Loss)
(1)
(
(3)
(4)
(5)
(
12/01/93
297 , 7'70.00
297, 770.00
297 , 770.00
06/01/94
12/01/94
457, 420.00
45.7, 420.00
457, 420,.00
06f o1/95
12/01/95
458, 570, 00
458, 570. o0
458 570.00
06/01/96
12/01/96
458,970.00
458,970.00
458,970.00
06/01/97
12/01/97
458, 685.00
458, 685.00
458, 685.00
06/01/98
12/01/98
462,705.00
33, 341.67
496, 046.67
462,705.00
(33,341,67)
06/01/99
12/01/99
440, 050.00
44.0, 050.00
465,712950
25, 662.50
06/01/2000
12/01/2000
444 , 370.00
444 , 370.00
4 67 , 587.50
23 , 217 , 50
06/01/2001
12/01/2001
442, 640, 0.0
442, 640.00
468, 412.50
25,772.50 .
0-6/01/2002
- /01/2002
440,185.00
440,185900
468, 052.50
27, 867.50
/01/2003
12/01/2003
447,122.50
447,122.50
471,477.50
24,355.00
06/01/2004
1.2/01/2004
452
452, 815.00
478, 602.50
25, 787.50
06/01/2005
12/01/2005
452 222.50
452, 222.50
478, 802.50
26, 580.00
06/01/2006
12/01/2006
455,392.50
455,392.50
482,362.50
26,970.00
06/01/2007
12/01/2007
462, 367.50
462, 367.50
489, 075.00
25,707950
06/01/2008
12/01/2008
467, 867.50
467
493, 762.50
25, 895.00
06/01/2009
12/01/2009
471, 867.50
471, 867.50
496, 425.00
24, 557.50
46/01/2010
12/01/2010
479, 342.50
479, 342.50
507, 062.50
27,720, 00
Totals
2, 594,120, 00
5 489, 584,17
8 083, 704,17
_ 8 361, 455.00
277, 750.83
esent Value Rate...:
5.05090%
Excess
Proceeds......:
22 .96
e Value Savings:
iesnt
178,707,00
Funds to
Sinking Fund:
As t of P.V. Ref. Int:
15.25%
Total Net Savings.. , .:
277 , 978.79
Page 14
APPENDIX N
Maplewood, Minnesota
G.O. Refunding.Bonds, Series 1993
Full Crossover Advance Refunding of
G.O. Im rovement :Bonds of 1989
Even Annual Savings Structure
Issuer Funds Required: $230,09.1.15
Date of Bonds: 09/01/93
Delivery Date; 09/01/93
Refunded Call Date: 08/01/95
1st Callable Date: 08/01/96
Comparison:
Refunded
Refundin
Principal:
1
850,000
Band Years:
10,255.42
8
Avg. Maturity:
9.540
9.539
NIC:
5.709%
5.020%
Totat Net Savings: 212,905.10
Present Value Savings: .59,382.54
As % of RV. Ref. #nt: 17.67%
_As % of P.V. Ref. D. S.: 6.46°/o.
Prepared: 07/15/93
By SPRINGSTED Incorporated
i
1
N
APPENDIX.IV
SCHEDULE A
a
lewpod, Minnesota
G.0,,-Improvement Bonds of 1989
Existing Debt Service
Prepared: 07/15/93
By SPRINGSTED Incorporated
Date
Principal
Mate
Interest
Semi- Annual
Annual
02/01/94
39, 832.50
39, 832.50
39 5.0
08/01/94
70, 000.00
60100%
39, 832.50
109, 832.50
02/01/95
37 , 697.50
370697050
147 , 53.0.00 .
08/01/95
70, 000.00
6.150%
. 37, 697.50
107, 697.50
02/01/96
35, 545.00
35
143
08/01/96
75, 000.00
6.200%
35, 545.00
110, 5.45.O0
02/01/97
33:, 220.00
33 , 220.00
143, 765.00
08/01/97
75, 000.00
6.250%
33, 220.00
108,220.00
02/01/98
30
30,876.25
139,096
08/01/98
75, 000.00
6.300%
30, 876, 25
105, 876.25
02/01/99
28, 513.75
28,513 o75
134 , 390.00
08/01/99
75, 000.00
6.400%
28 *75
103, 513.75
02/01/2000
26,113.75
26,113.75
x.29, 627.50
08/01/2000
75,000--o 00
6.500%
26,113.75
101,113475
02/01/2001
23 , 676.25
23 , 676.25
124 ,'790, 00
08 /O1 /2001
75, 000.00
6.600%
23, 676.25
98, 676.25
02/01/2002
21, 201.25
21
119, 8 77.50
- 01/2002
75, 000.00
6.650%
21, 201.25
96, 201, 25
01/20303
18, 707.50
18,707.50
114
0
75, 000.00
6.700%
18, 707.50
93,
02/01/2004
16,195900
16
109, 902.50
08/01/2004
75,000a00
6.750%
16,195.00
91,195.00
02/01/2005
13, 663.75
13, 6.63.75
104, 858.75
08/01/2005
75, 000.00
6.750%
13,663.75
88, 663.75
02/01/2006
11,132..50
11,132.50
99, 796:25
08/01/2006
80, 000.00
69800%
11,132.50
91,132.50
02/01/2007
8, 412.50
8, 412.50
99, 845.00
08/01/2007
80, 000.00
6.80.0%
8, 412.50
88, 412.50
02/01/2008
5,692.50
5,692.50
94
08/01/2008
80, 000.00
6.900%
5 692, 50
85, 692.50
02/01/20.09
2,932.50
2
88,625.00
08/01/2009
85
6.900%
2 , 932.50
87 , 932.50
02/01/2010
87,932.50
Totals''
otals . 1 215, 000.00 -- 706, 825.00
d Years: 10,453.75 All lower calculations
8.604 are made from the date
Avg. Mat..:
NTC, , , , , . ; 6:698$ of the refunding bonds
3., 921, 825.00 1,921, 825.00
Refunded Bonds Only
Avg. Mat..: 9.54
NIC. 6.7 09
Page 16
Totals
860 -
401, 465.63
1, 261
1 261, 465.63
APPENDIX 1V
.
* Paid by escrow.
Bond Date.:
09/01/93
Avg. Mat..:
SCHEDULE B
Maplewood, Minnesota
Delivery..:
09/01/93
Prepared:
07/15/93
G.O. Re funding
Bonds, Series
1993
By SPR-INGSTED
Incorporated
Refunding Debt
Service
Date
Principal
Rate
Interest
Semi Annual
Annual
02/01/94
16, F 890-v63
16, 890.63 *
16, 890.63
08/01/94
20,`268.75
20,268.75 *
02/01/95
20
20,268o75 *
- 40, 537.50
08/0.1/9
20,268.75
20,268.75
02/01/96
20, 268.75
20, 268.75
40, 537.5.0
08/01/96
20,268.75
20,268975
02/01/97
70, 000.00
3.900%
20, 268.75
90, 268.75
110, 537.50
08/01/97
1:8, 903.75
18,903 75
02/01/98
70, 000.00
4.100%
18, 903.75
88, 903.75
107, 807.50
08/01J98
17, 468.75
17 , 468.75
-
02/01/99
70, 000.00
4.250%
17
87 , 468.75
104 , 937.50
08/01/99
15, 981.25
15., 981.25
02/01/2000
65, 000.00
4.450%
:15 1 981.25
80 , 981, 25
96, 962.50
08/01/2000
14
14 ,535.00
02/01/2001
65, 000.00
.4.600$
14 , 535.00
79 , 535.00
94 , 070.00
08/01/2001
130040.00
13,040.00
02/01/2.002
65, 000.00
4.700%
13, 040.00
78,0400-00
91
08/01/2002
11,`512.50
11, 512.50
02/01/2003
08/01/2003
60, 000.00
4.750%
11, 512.50
.10, 087.50
71
10, 087.50
83 , 025.00
02/01/2004
6`0, 000* 00
4.850%
10, 087.50
70, 087.50
80,175.00
08/01/2004
8,632.50
8
02/01/2005
60, 000, 00
4.950%
8 , 6.32.50
68 , 632.50
77 , 265.00
08/01/2005
7,147.50
7
02/01/2006
55, 000.00
50100%
7,147.50
62,147.50
69,295.00
. 08/01/2006
5, 745.00
5
02/01/2007
60, 000.00
5.150%
5
65,745.00
71,490.00
08/01/2007
4, 200.00
4 , 200.00
02/01/2008
55,0000
5.200%
4 200, 00
59, 200.00
63,400.00
0:8/01/2008
2
2
02/01/2009
50,000.00
5.250%
2,770.00
52,770.00
55,540 *00
08/01/2009
1,457.50
1
02/01/2010
55,000.00
59.300%
1, 457.50
56, 457* 50
57,915.o 00
Totals
860 -
401, 465.63
1, 261
1 261, 465.63
Bond Years:
8,203.33
* Paid by escrow.
Bond Date.:
09/01/93
Avg. Mat..:
9.539
All other payments
Delivery..:
09/01/93
NIO. , , , ...:
5.,920%
made by the _issuer.
Bond Yield:
5.03988%
Page 17
APPENDIX !V
SCHEDULE C
'1 plewood, Minnesota
00 Refunding Bonds, Series 1993
Annual Savings Analysis
Prepared: 07/15/93
By SPRINGSTED Incorporated
Totals
Non Refunded
Refunding
Total New
Existing
Savings
Date
Debt Service
Debt Service
Debt S ervice
Debt S erv
or (Loss)
{1)
(
(3)
(
P)
�6)
02/01194
39
39,832.50
39
08/01/94
02/01/95
147, 530.00
14'7, 530.00
147,.530.00
08/01/95
02/01/96
107, 697.50
20, 268.75
127, 966.25
143,242950
15,276.25
08/01/96
02/01/97
110, 537.50
11 , 53 ?.50
143 f 765.00
. 33,227.50
08/01/97
02/01/98
107, 807.50
107, 807.50
139, 096.25
31, 288,75
08/01/98
02/1/99
104 , 937.50
:104 , 937.50
134 , 390.00
29 , 452.50
08/01/99
02/01/20.00
96,962.50
96,962.50
129
32
08/01/2000
02/01/2001
94, 070.00
94, 070.00
124,790.00
30
08/01./2001
02/01/2002
91, 080.00
91, 080.00
119, 877.50
28,797.50
08/01/2002
_02/01/2003
83, 025.00.
83, 025.00
114
31, 883.75
/ 003
v /01/2004
80,175.00
80,175400
109, 902.50
29,727.50
08/01/2004
02/01/2005
77,265.00
77,265.00
104,858.75
27,593.75
08/01/2005
02/01/2006
69,295900
69,295.00
99,796925
30,501.25
08/01/2006
02/01/2007
71, 490.00
71, 490.00
99, 545.00
28, 055.00
0 8/01/ . 2007
02/01/2008
63,400900
63,400.00
94,105.00
30,705900
08/01/2008
02/01/2009
55, 540.00
55, 540.00
88, 625.00
33,085,00
08/01/2009
02/01/2010
57, 915.00
57, 915.00
87, 932.50
30, 017, 50
Totals
295, 060.00
1,183, 768.75
1 478, 828.75 1, 921, 825.00 442, 996.25
Present
Value Rate...:
5905090%
Funds from Issuer....: (230, 091.15)
esent
Value Savings:
69,382.54
Funds to Sink Fund:
hs % of
P.V. Ref. Int.
17.57%
Total Net Savings....: 212, 905.10
Page 18
e
r
CITY OF MAPLEWOOD, MINNESOTA APPENDIX Y
G.O. REFUNDING IMPROVEMENT BONDS, SERIES 1993A SCHEDULE A }
9 989 TOTAL
SOURCES:
TOTAL PRINCIPAL.
DISCOUNT -j
ACCRUED INTEREST
FUNDS FROM ISSUER
USES:
OPEN MARKET SECURITIES
EXPENSES
BEGINNING CASH FOR ESCROW
ACCRUED INTEREST
EXCESS PROCEEDS TO D.S. FUND
FUTURE VALUE SAVINGS
PRESENT VALUE SAVINGS a@ 5.05%
AS %° OF P.V. REFUNDED INTEREST
AS % OF P.V. REFUNDED DEBT SERVICE
1 90
1
3
860, 000.00
4, 840, 000.00
(47,760.00)
(10, 320.00)
(58
0.00
0.00
0.00
0.00
230, 091.15
23U, Q91.15
3
1
5,012,011.15
3
1, 070,148.97
4, 958, 393.47
42,701.98
9
51, 952.28
1
371.88
1,437.44
0.00
0.00
0.00 -
227.96
;
227.96
3, 932, 240.00
1
5, 012,011.15 `
277 212, 905.10 490,883.89
178 69, 382.54 248, 089.54
15.25% 17.67%
5.49% 6.46% 5.93% _
CITY OF MAPL,EW00 .MINNESOTA � SCHEDULE 6
APPENDIX
G.C. IMPROVEMENT REFUNDING BONDS, SERIES 1993C
PREPA BY SPRINGSTED INCORPORATED: (1 Q- JLd -93) ALTEFINATE A -T.I. APPLICATION
Page 20
MONTH
_ DAY -_
__ YEAR
-
_ a DATED DATE
9
1
1993
1ST INTEREST
2
1
1994
ANNUAL
DATE
PRINCIPAL
RATE
INTEREST
P & I
P & I
02/01/94
0
0.00
100,244.79
100,244.79 *
100
08/01/94
120,293
120,293.75 *
02/01/95
0
0.00
120,293.75
120,293.75 *
240
08/01/95
120,293.75
120,293475
02/01/96
0
0.00
120, 293.75
120, 293.75 * *
240, 587.50
08/01/96
1 20, 293.75
1 20t293.75
02/01/97
70,000
3.90
120,293.75
190,293.75 :*
310,587.50
08/01
118,928.75
118,928.75 **
I 02/01/98
70
4.1 O
1 18,928.75
188,928.75'x*
307
08/01
117,493.75
117 **
.02/01/99
70
4.25
117,493.75
187 **
304,987.50
08/01/99
116,006.25
116
. 02/01/2000
305,000
4.45
116,006.25
421,006.25
537,012.50
08/01/2000
109,220.00
109,220.00
02/01
320
4.60
109,220..00
429,220.00
538440.00
08/01/2001
101,860.00
101
02/01/2002
330,000
4.70
101,060.00
431
533,720.00
08/01/2002
94,105.00
94,105.00
02/01/2003
835
4.75
94,105.00
429
523,210.00
08/01 /2000
88148.75
86,148.75
02/01/2004
355,000
4.85
86
441148.75
527
08/01/2004
77,540.00
77
02/01/2005
375,0x0
4.95
77,540.00
452
530
08/01/2905
68,258.75
68
02/01/2006
385,000
5.10
88,258.75
453,258.75
521,517.50
08/01 /2006
58,441.25
58
02/01/2007
410,000
.5.15
58,441.25
468,441.25
526,882.50
08/011X)07
47,883.75
47,883.75
02/01/2008
430,000
5.20
47,883.75
477,883.75
525,767.50
08/01/2008
36
36
02/01/2009
450,000
5.25
36
486,703.75
523,407.50
08,
24,891.25
24
02/01/2010
480,000
5.30
24,891.25
504,891.25
529,782.50
08/01/2010
12
12171.25
02/01/2011
455
5.35
1 2
467,171.25
479, 342.50
Totals 4
2,961,312.29
7,801,312.29
7
*) Fully Escrowed
-
{ * *y Partially Escrowed
PREPA BY SPRINGSTED INCORPORATED: (1 Q- JLd -93) ALTEFINATE A -T.I. APPLICATION
Page 20
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
CAN ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$8,190,000
CITY OF MAPLEWOOD, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1993B
Proposals for the Bonds will be received by the City Clerk or her designee on Monday,
August 30, 1993, until 11:00 A.M., Central Time, at the offices of Springsted Incorporated, 85
East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and
tabulated. Consideration for award of the Bonds will be by the City Council at 4 :30 P.M.,
Central Time, of the same day.
DETAILS OF THE BONDS
The Bonds will be dated September 1, 1993, as the -date of original issue, and will bear interest
payable on August 1 and February of each year, commencing February 1, 1994, Interest Will
be computed on the basis of a 360 -day year of twelve 30 -day months. The ;Bonds will - be
issued in the denomination of $.5,000 each, or in integral multiples thereof, as requested by the
purchaser, and fully registered as to principal and interest. Principal will be payable at the main
corporate office of the registrar and interest on each Bond will be payable by Check or draft of
the registrar mailed to the registered holder thereof at the holder's address as it appears on the
books of the registrar as of the close of business on the 15th day of the immediately preceding
month.
The Bonds will mature February 1 in the years and amounts as follows:
1995 $940,000
2001 $175 2006 $390,000 2011 $630
1996 $380
2002_ $305,000 2007 $420 2012 $320,000
1997 $400,000
2003 $335,000 2008 $450,000 2013 $350
1998 $370,000
2004 $345,000 2009 $545,000 .2014 $385,000
1999 $ 30,000
2005 $365,000 .2010 $595 2015 $415
2000 $ 45,000
OPTIONAL REDEMPTION
The City may elect on February 1, 2003, and on any day thereafter, to prepay Obligations due
on or after February 1, 2004. Redemption may be in whole or in part and if in part, at the
option of the City and in
such order as the City shall determine and within a maturity by lot as
selected by the registrar.
All prepayments shall be at a price of par plus accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to bevy direct general ad valorem taxes. In addition the Cif will pledge tax
increment revenues from various tax increment districts within the - City. The proceeds will be
used to finance the construction of a community center.
Page 21
TYPE OF PROPOSALS
Proposals shall be for not less than $8,083,530 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ( "Deposit ") in
th form of a certified or cashier's check or a Financial Surety Bond in the amount of $81,900,
payable to the order of the City. If a check is used, it must accompany each proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening .of the proposals. The Financial Surety Bond
must identify each underwater whose Deposit is guaranteed by such Financial Surety Bond. If
the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's
check or wire transfer as instructed by Springsted Incorporated not later. than 3:30 P.M.,
Central Time, on the next. business day following the award. If such Deposit is not received by
that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement. The City will deposit. the check of the purchaser, the amount of which will be
ded ucted at settlement and no interest will accrue to the purchaser. In the event the purchaser
fails to comply with the accepted proposal, said amount will be retained by t� #e City. No
proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to
anothe date without award of the Bonds having been made. Rates shall be in integral
multiples of 5/100 or 1/8 of 1 °Xo. Rates must be in ascending order. Bonds of the same
maturity shall bear a single rate from the date of the Bonds to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein.
BOND INSURANCE AT PURCHA OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on
the Bonds.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
Page 22
CUSIP NUMBERS
If the Bonds qualify -for assignment of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be
subject. to receipt by the purchaser of an approving legal opinion of Briggs and Morgan,
Professional Association, of Saint Paul and Minneapolis, Minnesota, which -- opinion will be
printed on the Bonds, and of customary closing papers, including a no- litigation certificate. On
the date of settlement payment for. the Bonds shall be made in federal, or equivalent, funds
which shall be received at the offices of the City or its designee not later than 1.2:00 Noon,
Central Time. Except as compliance with the terms of payment for the Bonds shall have been
made impossible by action of the City, or its agents., the purchaser shall be liable to the City for
any loss suffered by the City by reason of the purchaser's non - compliance with said terms for
payment.
OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
information relative to the Bonds, and said Official Statement will serve as a nearly -final Official
Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223 -3000.
The Official .Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of . the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Bonds are awarded 250 copies of
the Official Statement and the. addendum or addenda described above. The City designates
the senior managing underwriter of, the syndicate to which the Bonds are awarded as its agent
for purposes of distributing copies of the Final Official Statement to each Participating
Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby
that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds for
purposes of assuring the receipt by each such Participating Underwriter of the Final Official
Statement.
Dated July 26, 1993 BY ORDER OF THE , CITY COUNCIL
_ /s/ Lucille E. Aurelius
City Clerk
Page 23
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
CAN ITS BEHALF. PROPOSALS WILL BE RECEIVED ON 'THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$4,840,000*
CITY OF MAPLEWOOD, MINNESOTA
.GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS,
SERIES 1993C
Proposals for the Certificates will be received by .the City Clerk or her designee on Monday,
August 30, 1993, until 11:00 A.M., Central Time, at the offices, of Springsted Incorporated, 85
East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be Opened and
tabulated. Consideration for award of the Certificates will be by the City Council at 4:30 P.M.,
Central Time, of the same day.
DETAILS OF THE CERTIFICATES
The Certificates will be dated September 1, 1993, as the date of original issue, and will bear
interest payable on February 1 and August 1 of each year, commencing February 1, 1994.
Interest will be computed on the basis of a 360 -day year of twelve 30-day months. The
Certificates will be issued in the denomination of $5,000 each, or in integral multiples thereof,
as requested by the purchaser, and fully registered as to principal and interest. Principal will
be payable at the main corporate Office of the registrar and interest on each Certificate will be
payable by check or draft of the registrar mailed to the registered holder thereof at the holder's
address as it appears on the books of the registrar as of the close of business on the 15th day
of the immediately preceding month.
The Certificates will mature February 1 in the years and amounts as follows:
1997 $ 70,000 2001 $320 2005 $375 2009 $450,000
1998 $ 70,000 2002 $330,000 2006 $385,000 2010 $480,000
1999 $ 70,000 2003 $335 2007 $410 2011 $455,000
2000 $305,000 2004 $355,000 2008 $430
The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to exceed $200,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any
discount taken will be increased or reduced by a percentage equal to the percentage by which the
principal amount of the Bonds is increased or reduced.
OPTIONAL REDEMPTION
The City may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due on or
after February 1, 2004. Redemption may be in whole or in part and if in part, at the option of
the City and in such order as the City shall determine and within a maturity by lot as selected
by the registrar. All prepayments shall be at a price of par plus accrued interest.
- AND PURPOSE
The Certificates will be general obligations of the Drty for which the City will pledge its full faith
- and credit and power to levy direct general ad ve.orem taxes. In addition the City will pledge
Page 24
special assessments against benefited properties. The proceeds will be used to refund the
1999 through 2010 maturities of the City's General Obligation Improvement Bonds, Series
1990, dated December 1, 1990 and the 1996 through 2049. maturities of the City's General
Obligation Improvement Bonds of 1989, dated November 1, 1989.
TYPE OF PROPOSALS
Proposals shall be for not less than $4,772,040 and accrued interest on the total principal
amount of the Certificates. Proposals shall be accompanied by a Good Faith Deposit
( "Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount
of $48,300, payable to the order of the City. If a check is used, it must accompany each
proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to
issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be
submitted to Springsted Incorporated prior to the opening of the proposals. The Financial
Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial
Surety Bond. If the Certificates are awarded to an underwriter using a Financial Surety Bond,
then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a
certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later
than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is
not received by that time,. the Financial Surety Bond may be drawn by the City to satisfy the
Deposit requirement. The City will deposit the check of the purchaser, the amount of which will
be deducted at settlement and no interest will accrue to the purchaser. in the event the
purchaser fails to comply with the accepted proposal, said amount will be retained by the City.
No proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Certificates is adjourned, recessed, or continued
to another date without award of the Certificates having been made. Rates shall be in integral
multiples of 5/100 or 1/8 of 190. Rates must be in ascending order. Certificates of the same
maturity shall bear a single rate from the date of the Certificates to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Certificates will be awarded on the basis of the lowest interest rate to be determined on a
true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice., will be controlling.
The City will reserve the right to: (1) waive non - substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Certificates, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein.
BOND INSURANCE AT PURCHASER'S OPTION
If the Certificates qualify for Issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Certifi sates. Any increased costs of issuance of the Certificates resulting from such
purchase of insurance shall be paid by the purchaser, 'except that, if the City has requested
and received a rating on the Certificates from a rating agency, the City will pay that rating fee.
Any other rating agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Certificates have been awarded to
the purchaser shall not constitute cause for failure or refusal by the purchaser to accept
delivery on the Certificates.
Page 25
REGISTRAR
The Cit will name the re which shall be sub to applicable SEC re The Cit
will pa for the services of the re
CUSIP NUMBERS
If the Certificates q ualif y for assi of CUSIP numbers such numbers will be printed on the
Certificates, but neither the failure to print such numbers on an Certificate nor an error with
respect thereto will constitute cause for failure or refusal b the purchaser to accept deliver of
the Certificates. The CUSIP Service Bureau char for the assi of CUSIP identification
numbers shall be paid b the purchaser.
SETTLEMENT
. Wthin 40 da followin the date of their award, the Certificates will. be delivered without cost
to the purchaser at a place mutuall satisfactor to the Cit and the purchaser. Deliver w ill tae
subject to receipt b the purchaser of an approvin le opinio pf Bri and Mor
Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be
printed on the Certificates, and of customar closin papers, includin a no-liti certificate,
On the date of settlement pa for the Certificates shall be made in federal, or e
funds which shall be received at the offices of the Cit or its desi not later than 12:00
Noon, Central Time. Except as c with the terms of pa for the Certificates shall
ha been made impossible b action of the Cit or-its a the purchaser shall be liable to
the Cit for an loss suffered b the Cit b r of the purchaser' non-compliance with said
ter for pa
OFFICIAL STATEMENT
The. Cit has authorized the preparation of an Official Statement containin pertinent
information relative to the Certificates, and said Official -Statement will serve as a nearl
Official Statement within the meanin of Rule 15c2-1.2 of the Securities and Exchan
Commission. For copies of the Official Statement or for an additional information prior to sale,
an prospective purchaser is referred to the Financial Advisor to the Cit Sprin
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone
(612) 223-30006
The Official Statement, when further supplemented b an addendum or addenda specif the
maturit dates, principal amounts and interest rates of the Certificates, to with an other
information re b law, shall constitute a "Final Official Statement" of the Cit with respect
to the Certificates, as that term is defined in Rule 1 5c2 -12. B awardin the Certificates to an
underwriter, or underwritin s submittin a proposal therefor, the Cit a that, no
more than seven business da after the date of such award, it shall provide without _,st to the
senior mana underwriter of the s to which the Certificates are awarded copies
of the Official Statement and the addendum or addenda described above. The Cit desi
the senior mana underwriter of the s to which the Certificates are awarded as its
a for purposes of distributin copies cl� the Final Official Statement to each Participatin
Underwrit3r. An underwriter deliverin a proposal with respect to the Certificates a
thereb that If its proposal is accepted b the Cit {i) it shall accept such desi and (ii) it
shall enter into a contractual relationship with all Participatin Underwriters of the Certificates
for purposes of assurin the receipt b each such Participatin Underwriter of the Final Official
Statement,
Dated Jul 26,1993
BY ORDER OF THE CITY COUNCIL
/s/ Lucille E. Aurelius
Cit Clerk
Pa 26
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON-THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$215,000
CITY OF MAPLEWOOD, MINNESOTA
GENERAL OBLIGATION EQUIPMENT CERTIFICATES
OF INDEBTEDNESS, SERIES 1993A
Proposals for the Certificates will be received by the City Clerk or her designee on Monday,
August 30, 1993, until 11 :00 A.M.., Central Time, at the offices of Springsted Incorporated, 85
East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and
tabulated. Consideration for award of the Certificates will be by the City Council at 4:30 P.M.,
Central Time, of the same day.
DETAILS OF THE CERTIFICATES
The Certificates will be dated September 1 , 1993, as the date of original issue, and will bear
interest payable on February 1 and August 1 of each year, commencing August 1, 1994. •
Interest will be computed on the basis 'of a 360 -day year of twelve 30 -day months. The
Certificates will be issued in the denomination of $5,000 each, or in integral multiples thereof,
as requested by the purchaser, and fully registered as to principal and interest. Principal will
be payable at the main corporate office of the registrar and interest on each Certificate will be
payable by check or draft of the registrar mailed to the registered holder thereof at the holder's
address as it appears on the books of the registrar as of the close of business on the 15th day
of the immediately preceding month.
The Certificates will mature August 1 in the years and amounts as follows:
1994 $40,000 1997 $45,000
1995 $40,000 1998 $45,000
1996 $45,000
OPTIONAL REDEMPTION
The Certificates will not be subject to payment in advance of their respective stated maturity
dates.
SECURITY AND PURPOSE
The Certificates Will be general obligations of the City for which the City will pledge its full faith
and credit and power to levy direct general ad valorem takes. The proceeds will be used to
purchase equipment -for various City departments.
TYPE OF PROPOSALS
Proposals shall be for not less than $213,680 and accrued interest on the total principal
amount of the Certificates. Proposals shall be accompanied by a Good Faith Deposit
("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount
of $2,150, payable to the order of the City. If a check is used, it must accompany each
proposal. ro . If a Financial Sure Bond is used, it must be. from an insurance company licensed to
Surety
Page 27
w
issue such a bond in the State of Minn:ota, and preapproved by the City. Such bond must be
submitted to'Springsted Incorporated prior to the opening of the proposals. The , Financial.
Surety Bond must. identify each undenraiter whose Deposit is guaranteed by such Financial
Surety Bond. If the Certificates are awarded to an underwriter using a Financial Surety Bond,
then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a
certified or cashier's check or wire transfer as instructed by Springsted incorporated not later
than 3:30 P.M., Central Time, on the next business day following the award.. If such Deposit is
not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the
Deposit requirement. The City will deposit the check of the purchaser, the amount of which will
be deducted at settlement and no interest will accrue to the purchaser. In the event the
purchaser fails to comply with the accepted proposal, said amount will be retained by the City.
No proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Certificates is adjourned, recessed, or continued
to another date without award of the Certificates having been made. Rates shall be in integral
multiples of 5/100 or 1/8 of 1 %. Rates must be in ascending order. Certificates of the same
maturity shall bear a single rate from the date of the Certificates to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Certificates will be awarded on the basis of the lowest interest rate to be determined on a
true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Certificates, (ii) reject all proposals
I ithout cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein.
BOND INSURANCE AT PURCHASER'S OPTION
If the Certificates qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Certificates. Any increased costs of issuance of the Certificates resulting from such
purchase of insurance shall be paid by the purchaser, except that, if the City has requested
and received a rating on the Certificates from a rating agency, the City will pay that rating fee.
Any other rating agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Certificates have been awarded to
the purchaser shall not constitute cause for failure or refusal by the purchaser to accept
delivery on the Certificates.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
CUSIP NUMBERS
If the Certificates qualify for assignment of CUSIP numbers such numbers will be printed on the
Certificates, but neither the failure to print such numbers on any Certificate nor any error with
respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of
the Certificates. The CUSIP Service Bureau charge for the assignment of CUSIP identification
numbers shall be paid by the purchaser.
Page 28
:S LEMENT
Within 40 days following the date of their award, the Certificates will be delivered without cost
to the purchaser at a puce mutually satisfactory to the City and the purchaser. Delivery will be
subject .to receipt by the purchaser of an approving legal opinion of Briggs and. Morgan,
Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be
printed on the Certificates, and of customary closing papers, including a no- litigation certificate.
On the date of settlement payment for the Certificates shall be made in federal, or equivalent,
funds which shall be received at the offices of the City or its designee, not later than 12:00
Noon, Central Time. Except as compliance with the terms of payment for the Certificates shall
have been made , impossible by action of the City, or its agents, the. purchaser shall be liable to
the City for any loss suffered by the City by reason of the purchaser's non- compliance with said
terms for payment.
OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent
information relative to the Certificates, and said Official Statement will serve as a nearly -final
Official Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange
Commission. For copies of the Official Statement or for any additional information prior to sale,
any prospective purchaser is referred to the Financial Advisor to the City, Springsted
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone
(612) 223 -30006
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Certificates, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Certificates, as that term is defined in Rule 15c2 -12. By awarding the Certificates to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Certificates are awarded 10 copies
of the Official Statement and the addendum or addenda described above. The City designates
the senior managing underwriter of the syndicate to which the Certificates are awarded as its
agent for purposes of distributing copies of the Final Official Statement to each Participating
Underwriter. Any underwriter delivering a :proposal with respect to the Certificates agrees
thereby that if its proposal is accepted by the City (i) - it shall accept such designation and (ii) it
shall enter into a contractual relationship with all Participating Underwriters of the Certificates
for P urposes of assuring the receipt by each such Participating Underwriter of the Final Official
Statement.
Dated July 26,1993 BY ORDER OF THE CITY COUNCIL
/s/ Lucille E. Aurelius
City Clerk
Page 29
e
P
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF MAPLEWOOD, MINNESOTA
HELD: July 26, 1993
Pursua to due call and notice thereof, a regular or
special meeting of the City Council of the City of Maplewood,
Ramsey County, Minnesota, was duly held at the City Hall in said
City on the 26th day of July, 1993, beginning at o'clock
�. M. for the purpose in part of authorizing the competit
negotiated sale of the $215,000 General Obligation Equipment
Certificates, Series 1993A, of said City.
The following Councilmembers were present.
and the following were absent:
Counc lmember introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR
THE COMPETITIVE NEGOTIATED
SALE OF $215
GENERAL OBLIGATION EQUIPMENT CERTIFICATES,
SERIES 1993A
A. WHEREAS, the City Council of the City of Maplewood,
Minnesota, has heretofore determined that it is necessary and
expedient to ,issue the City's $215,000 General Obligation
Equipment Certificates, Ser 1993A (the "Certificates ") , to
purchase equipment for various City departments; and
B. WHEREAS, the City has retained Springsted
Incorporated, in Saint Paul, Minnesota ("Springsted"), as its
independent financial advisor for the Certificates and-is
therefore authorized to sell the Certificates by a competitive
negotiated sale in accordance with Minnesota Statutes, Section
475.60, Subd 2(9).o
243765
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Maplewood, Minnesota, as follows:
1. Amthori z at ion : Find gs_ The Council- hereby
authorizes 5pringsted to solicit bids for'the competitive
negotiated sale of the Certificates.
2 Meeting #* Bid opeZ] ing. The Council .shall meet at
the time and place specified in the Terms of Proposal attached
hereto as Exhibit A for the purpose of considering sealed bids
for, and awarding the sale of, the Certificates. The City Clerk,
or her designee, shall open bids at the time and place specified
in such Terms of Proposal.
3 Terms of Proposal The terms and conditions of the
Certificates and the negotiation thereof are fully set forth in
the "Terms of Proposal" attached hereto as Exhibit GA and hereby
approved and made a part hereof.
4. Official Statement In connection with said
competitive sale, the officers or employees of the
City are hereby authorized to cooperate with Sprngsted and
participate in the preparation of an official statement for the
Certificates and to execute and deliver it on behalf of the City
upon its completion.
The motion for the adoption of the foregoing resolution
was,duly seconded by Councilmember - and, after
full discussion thereof and upon a vote being taken thereon, the
following Counc i lmembers voted in favor thereof
and the following voted against the same.
Whereupon said resolution was declared duly passed and
adopted.
243765
2
j
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF MAPLEWOOD
I the undersigned, being the duly qualified and acting
City Clerk of the City of Maplewood, Minnesota, DO HEREBY CERTIFY
that I have compared the.attached and foregoing extract of
minutes with the original thereof on file in my office, and that
the same is a full, true and complete transcript of,the minutes.
of a meeting of the City Council of said City, duly called and
held on the date.therein indicated, insofar as such minutes
relate to the City's $215,000 General Obligation Equipment
Certificates, Series 1993A.
WITNESS my hand as such City Clerk and the seal of the
City this 25th day of July, 1993,
City Clerk
(SEAL)
263765
3
"AMIDI I M
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON tTS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$215,000
CITY OF MAPLEWOOD, MINNESOTA
GENERAL OBLIGATION EQUIPMENT CERTIFICATES
OF INDEBTEDNESS, SERIES 1993A
Proposals for the Certificates will be received by the City Clerk or her designee on Monday,
August 3.0, 1993, until .11 :00 A.M., Central Time, at the offices of Springsted Incorporated, 85
East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and
tabulated. Consideration for award of the Certificates will be by the City Council at 4:30 P.M.,
Central Time, of the same day.
DETAILS OF THE CERTIFICATES
The. Certificates will be dated September 1, 1993, as the date of original issue, and will bear-
interest. payable on February 1 and August 1 of each year, commencing August 1, 1994.
Interest will be computed on the basis of a 350 -day year of twelve 30-day months, The
Certificates will be issued in the denomination of $5,000 each, or in integral multiples thereof,
as requested b the purchaser, and full registered as to principal and interest. Principal will
c Y P Y re 9
be payable at the main corporate office of the registrar and interest on each Certificate will be
PY Y g
payable b check or draft of the re istrar mailed to the registered holder thereof at the holder's
..
address as it appears on the books of the registrar as of the close of business on the 15th day
of the immediately preceding month. '
The Certificates will mature August 1 in the years and amounts as follows:
1994 $40,004 1997 $45,000
1995. $40,000 1999 $45,004
1996 $45,000
OPTIONAL REDEMPTION
t
The Cert'if'icates will not be subject to payment in advance of their respective stated maturity
dates.
SECURITY AND PURPOSE
The Certificates will be general obligations of the City for which the City will pledge its full faith
and credit and vY
ower to le direct general ad valorem taxes. The proceeds will be used to
P
purchase equipment for various City departments.
TYPE OF PROPOSALS
Proposals shall be for not less than x$213,530 and accrued interest on the total principal
amount of the Certificates. Proposals shall be accompanied by a Good Faith Deposit
rDeposir) in the form of a certified or cashier's check or a Financial Surety Bond in the amount
of $2,150, payable to the order of the City. If a check is used, it must accompany each
proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to
2z
issue such a bond in the State of Minnesota., and preapprove by the City.. Such bond must be
submitted to Springsted Incorporated prior to the opening of the proposals. The Financial
Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial
Surety Bond. R the Certificates are 'awarded to .an underwriter using a Financial Surety Bond,
then that purchaser is required to submit its Deposit to Springsted Incorporated, in the form of a
certified or cashier's check or wire transfer as instructed by Springsted Incorporated. not later
than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is
not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the
Deposit requirement. The Cf:y will deposit the check of the purchaser, the amount of which will
be deducted at settlement and no interest will accrue to the purchaser. In the event the
urchaser, fails to comply with the accepted proposal, said amount will ill be retained by the City.
No proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Certificates is adjourned, recessed, or continued
to another date without award of the Certificates having been made. Rates shall be in integral
multiples of 5/100 or 118 of 196. Rates must be in ascending order. Certificates of the same
maturity shall bear a single rate from the date of the Certificates to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Certificates will be awarded on the basis of the lowest interest rate to be determined on a
true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City'will reserve the right to: (i) waive non- substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Certificates, (ii) reject all proposals
without cause, and, (Iii reject any proposal which the City determines to have failed to comply
with the ter herein.
BC ND INSURANCE AT PURCHASER'S OPTION
If the Certificates qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance - of any such commitment shall be at the sole option, and expense of the purchaser of
the Certificates. Any increased costs of issuance of the Certificates. resulting from such
purchase of insurance shall be paid by the purchaser, except that, if the City has requested
and received a rating on the Certificates from a rating agency, the City will pay that rating fee.
Any other. rating agency fees shall. be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Certificates have been awarded to
the purchaser shall not constitute cause for failure or refusal by the purchaser to accept
delivery on the Certificates.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
CUSIP NUMBERS
If the Certificates qualify for assignment of CUSIP numbers such numbers will be printed on the
Certificates, but neither the failure to print such numbers on any Certificate nor any error with
respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of
assignment of CUSIP identification
The CUSIP Service Bureau charge for the assi
the Certificates. g g
numbers shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Certificates will be delivered without cost
to the p urchaser at a place .mutually satisfactory to the City and the purchaser. Delivery will be
subject to receipt by the purchaser of an approving legal. opinion of Briggs and Morgan,
Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be
p r on the Certificates, and of customary closing papers, including a no- litigation certificate.
On the date of settlement payment for the Certificates shall be made in federal, or equivalent,
funds which shall be received at the offices of the City or its designee not later than 12:00
Noon, Central Time. Except as compliance with the terms of payment for the Certificates shall
have been made impossible by action of the City, or its agents, the purchaser shall be liable to
the �Y Ci for an loss suffered by the City by reason of the purchaser's non - compliance with said
. Y
terms for payment. -
OFFICIAL STATEMENT
The City has authorized the preparation re aration of an Official Statement . containing pertinent
information relative to the Certificates, and said. Official Statement will serve as a nearly -final
Official Statement within the meaning of Rule 15c2.12 of the Securities and Exchange
Com mission. For copies of the Official Statement or for any additional information prior to sale,
any prospective purchaser is referred to the Financial Advisor to the City, Springsted
Incorporated, .85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone
(612) 223 - 30000
The Official Statement, when further supp lemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Certificates, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Certificates, as that term is defined in Rule 15c2.12. By awarding the Certificates to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Certificates are awarded 10 copies
. 9 g
of the Official Statement and the addendum or addenda described above. The City designates
the senior managing underwriter of the syndicate to which the Certificates are awarded as its
agent for purposes of distributing copies of the Final Official Statement to each Participating
Underwriter. Any underwriter delivering a proposal with respect to the Certificates agrees
thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it
shall enter into a contractual relationship with all Participating Underwriters of the Certificates
for ur oses of assuring the receipt by each such Participating Underwriter of the Final Official
P p g
Statement.
Dated ,duty 26,1993 BY ORDER OF THE CITY COUNCIL
!s/ Lucille E. Aurelius
City Clerk
s
a
We
EXTRACT OF MINUTES OF A MEETING OF THE
I F CITY COUNCIL OF THE
CITY OF MAPLEWOOD, MINNESOTA
HELD: July 26, 1993
Pursuant to due call and notice thereof; a regular or
special meeting of the City Council of the City of Maplewood,
Ramsey County, Minnesota, was duly held at the City Hall in said
City on the 26th day of July, 1993, beginning at o'clock
M..for the purpose in part of authorizing the competitive
negotiated sale of the $8,190,,.000 General Obligation Tax
Increment Bonds, Series 19938, of said City.
The following Councilmembers were present:
and the following were absent:
Councilmember introduced the following
resolution.and moved its adoption:
RESOLUTION PROVIDING FOR
THE COMPETITIVE NEGOTIATED
SALE OF $8,190,000
GENERAL OBLIGATION TAX INCREMENT BONDS,
SERIES 1993E
A. WHEREAS, the City Council of the City of Maplewood,
Minnesota, has heretofore determined that it is necessary and
expedient to issue the City's $8,190,000 General Obligation Tax
Increment Bonds, Series 1993E (the "Bonds"), finance the
construction of a community center; and
Be WHEREAS, the City has retained Springsted
Incorporated, in Saint Paul, Minnesota ( "Springsted "), as its
independent financial advisor for the Bonds and is therefore
authorized to sell the Bonds by a competitive negotiated sale in
accordance with Minnesota Statutes, Section 475.60, Subdivision
2 (9) :
24376B
HOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Maplewood, Minnesota, as follows:
1. Authorization Findings The Council hereby
authorizes Springsted to solicit bids for the competitive
.negotiated sale of the Bonds.
2 . Meeting; B,id ooen ina The Council shall iaeet at
the time and place specified in the Terms of Proposal attached
hereto as Exhibit A for the purpose of considering sealed bids
for, and awarding the sale of, the Bonds. The City Clerk, or her
designee, shall open bids at the time and place specified in such
Terms of Proposal,
3 Terms of P,roR_osal The terms and conditions of the,,
Bonds and the negotiation thereof are fully set forth in the
"Terms of Proposal" attached hereto as Exhibit A and hereby
approved and made a part hereof.
40 Of f cial Statement In connection with said
competitive sale, the officers or employees of the
City are hereby authorized to cooperate with 5pringsted and
participate in the preparation of an official statement for the
Bonds - and to execute and deliver it on behalf of the City upon
its completion.
The motion for the adoption of the .foregoing resolution
.was duly seconded by Councilmember and, after
full discussion thereof and upon a vote being taken thereon, the
following Councilmembers voted in favor thereof.
and the following voted against the same.
Whereupon said resolution was declared duly passed and
adopted.
243768
2
f
r
STATE OF MINNESOTA
COUNTY of MSEY
CITY OF MAPLEWOOD
I, the undersigned, being the duly qualified and acting
City Clerk of the City of Maplewood, Minnesota, DO HEREBY CERTIFY
that I have compared the attached and foregoing extract of
minutes with the original thereof on file in my office, and that
the same is a full, true-and complete transcript of the minutes
of a meeting of the City Council of said City, duly called and
held on the date therein indicated, insofar as such minutes
relate to the City's $5,190 000 General Obligation Tax Increment
Bonds, Series 1993B6
WITNESS my hand as such City Clerk and the seal of the
City this 26th day of July, 1993.
City Clerk
(SEAL)
243768
3
i �..,.} T A
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$8,190,000
CITY of MAPLEWOOD, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT BONDS SERIES 19938
Proposals for the Bonds Will' be received by the City Clerk or her designee on Monday,
P .
August 30, 1993, until 11:00 A.M., Central Time, at the offices of Springsted Incorporated, 85
East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and
tabulated. Consideration for award of the Bonds will be by the City Council at 4 :30 P.M.,
Central Time, of the same day.
DETAILS OF THE BONDS
The Bonds will be dated September 1, 1993, as the date of original issue, and will bear interest
payable on August 1 and February 1 of each year, commencing February 1, 1 .994. Interest will
be computed on the basis. of a 360 -day ye ar of twelve 30 -day months. The fonds will be
issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
P Y g purchaser, and full registered as to p rincipal and interest. Principal will be payabl at the main
corporate office of the registrar and interest on each Bond will be payable by check or draft of
the registrar mailed -to the registered holder thereof at the holder's address as it appears on the
bo of the registrar as of the close of business on the 15th day of the immediately preceding
month.
The Bonds will mature February 1 in the years and amounts as follows:
1995 $940,000 2001 $175 - 2006 $390,000 2011 $630,000
1996 $380,000 2002 $305 2007 $420,000 2012 $320
1997 $400 2003 $335,000 2008 $450,000 2013 $350,000
1998 $370 2004 $345,000 2009 $545,000 2014 $385,000
1999 $ 30 2005 $365,000 2010 $595,000 2015 $415
2000 $ 45,000
OPTIONAL REDEMPTION
The City may elect on February 1, 2003, and on any day thereafter, to prepay Obligations due
on or after February 1, 2004. Redemption may be in whole or in part and if in part, at the
option of the City and in such order as the City shall determine and within a maturity by lot as
selected by the registrar. All prepayments shall be at a price of par plus accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and p ower to levy direct general ad valorem taxes. In addition the City will pledge tax
increment revenues from various tax increment districts within the City,, The proceeds will be
used to finance the construction of a community center. - -
2z
TYPE OF PROPOSALS
Proposals. shall be for not less than $8,083,530 and accrued interest on the total principal
amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in
the form of a. certified or cashier's check or a Financial Surety Bond in the amount of $81,900,
payable to the order of the City. If a check is used, it must accompany each proposal. If a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond
must identify each underwriter whose is guaranteed by such Financial .Surety Bond. if
the Bonds are awarded to an underwriter using a Financial Surety Bond, then. that purchaser is
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's .
check or wire transfer as instructed by Springsted Incorporated not later -than 3:30 Pall.,
Central Time, on the next business day following the award. If such Deposit is not received by
that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement. The City will deposit the check of the purchaser, the amount of which gill be
deducted at settlement and no interest will accrue to the purchaser. in the event the purchaser
fails -to comply with the accepted proposal, said amount will be retained by the City. No
proposal can be withdrawn or amended after the time set for receiving proposals unless the
meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates shall be in integral
multiples of 5/t00 or 1/8 of 1%. Rates must be in ascending order. Bonds of the same
maturity shall bear a single rate from the date of the Bonds to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost IC basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (1) waive non - substantive informalities of any proposal or of
g
matters relating to the rece :pt of proposals and award of the Bonds, (ii) reject all proposals
without -cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein,
BOND INSURANCE AT PURCHASER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor. at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the Bonds from a rating agency, the I City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on
the Bonds.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City
will .pay for the services of the registrar.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for . failure or refusal by the purchaser to accept delivery of the
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be
subject to receipt by the :purchaser of an approving legal opinion of- Briggs and Morgan,
Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be
printed on the Bonds, and of - customary closing papers, including a no litigation certificate. On
the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds
which shall be received at the offices of the City or its designee not later than 12:00 Noon,
Central Time. Except as compliance with the terms of payment for the Bonds shall have been
made impossible by action of the City, or :its agents, the purchases shall be liable to the City for
any loss suffered by the City by reason of the purchaser's non - compliance with said terms for
payment.
OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement . containing pertinent
information relative to the Bonds, and said Official Statement will serve as, a nearly -final Official
Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission.
For copies of the Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223 -30000
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the .date of such award, it shall provide without cost to the
senior managing underwriter of tape syndicate to which the Bonds are awarded 250 copies of
the Official Statement and the addendum or addenda described above. The City designates
the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent
for purposes of distributing copies of the Final Official Statement to each Participating
Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby
that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds for
purposes of assuring the receipt by each such Participating underwriter of the Final Official
Statement. .
Dated July 26, 1993 BY ORDER OF THE ' CITY COUNCIL
Os/ Lucille E. Aurelius
City Clerk
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF MAPLEWOOD, MINNESOTA
HELD: July 26 1993
Pursuant to due.call and notice thereof, a regular or
special meeting of the City Council of the city of Maplewood,
Ramsey County, Minnesota, was duly held at the City Hall in said
City.on the 26th day of July, 1993, beginning at o'clock
. .Me for the purpose in part of authorizing the competitive
negotiated sale of the $4,840,,00.0 General Obligation Improvement
Refunding Bonds, Series 1993C, of said City.
The following Councilmembers were present
and the following were absent:
Councilmember introduced the following
resolution and moved its adoption
RESOLUTION PROVIDING FOR
THE COMPETITIVE NEGOTIATED
SALE OF $4,840,000
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS,
SERIES 1993C
A. WHEREAS, the City Council of the City of Maplewood,
Minnesota, has.heretofore determined that it is necessary and
expedient to issue the City's $4,840,000 General Obligation
Improvement Refunding Bonds, Series 19 9 3 C (the "Bonds ") , to
refund the 1999 through 2010 maturities of the City's General
Obligation Improvement Bonds, Series 1990, dated December 1. 1990
and the 1996 through 2009 maturities of the City's General
Obligation Improvement Bonds of 1989, dated November 1, 1989; and
Be WHEREAS, the City has retained Springsted
Incorporated, in Saint Paul, Minnesota ("Springsted"), as its
independent financial advisor for the Bonds and is therefore
authorized to sell the Bonds by a competitive negotiated sale in
accordance with Minnesota Statutes, Section 475.60, Subdivision
2 ( 9 )=
243770
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Maplewood, Minnesota, as follows:
1. Authorization;-Findincts The Council hereby
authorizes Springsted to solicit bids for.the competitive
negotiated sale of the Bonds.
24 Meetings Bid Opening The Council shall meet at
the time and place specified in the Terms of Proposal attached
hereto .as Exhibit A f the purpo of considering sealed bids
f or, and awarding the sale of the Bonds. The City Clerk, or her
designee, shall open .bids at the time and in such
Terms of Proposal.
3. Terms of Proposal The terms and conditions of the
Bonds and the negotiation thereof are fully set forth in the
"Terms of Proposal" attached hereto as Exhibit A and hereby
approved and made a part hereof.
4. Off State ment in connection with said
�rrrlq r �wrll��i��r��l
competitive sale, the officers or employees of the
City are hereby authorized to cooperate with Springsted and
participate in the preparation of an official statement for the
Bonds and to execute and del iver it on behalf of the City upon
its completion.
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember and, after
full discussion thereof and upon a emote being taken thereon, the
following Councilmembers voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and
adopted.
243"0
2
ti
I the undersig being the duly qualified and acting
�
City Clerk of the City of Maplewood, Minnesota, DO HEREBY CERTIFY
that I have compared the attached and foregoing extract of
m inutes with the original thereof on file in my office, and that
i
the same is a full, true and complete transcript of the minutes
of a meeting of the City Council of said City, duly called and
held on the date therein indicated insofar as such minutes
relate to th City ' $ General Obligation Improvement
Refund Bonds, Ser 1993C.
..
WITNESS my hand as such City Clerk and t:e seal of the
City this 26th day of July, 1993
C ity Clerk
( SEAL)
243"0
3
P
E\A tF"
• i-'�
- - -
MOWN
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS
TERMS OF PROPOSAL
$4
CITY OF MAPLEWOOD, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS
SERIES 1993C
Proposals for the Certifcates will be received by the City Clerk or her designee on Monday,
August 30, 1993, until 11:00 A.M., Central Time, at the offices of Springsted Incorporated, 85
East Seventh. Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and
tabulated. Consideration for award of the Certifi will be by the City Council at 4:30 P.M.,
Central Time, of the same day.
DETAILS OF THE CERTIFICATES
The Ce rtificates will be dated September 1, 1993, as the date of original issue, and will bear
interest payable on February 1 and August 1 of each year, commencing February 1, 1994.
Interest - will be computed on the basis of a 360 - day year of twelve 30 - day months. . The
Certifi will be issued in the denomination of $5,000 each, or in integral multiples thereof,
as req uested by the purchaser, and fully registered as to principal and interest. Principal will
be payable at the main Corporate Office of the registrar and interest on each Certificate will be
p ayable b check or draft of the registrar mailed to the registered holder thereof at the holder's
p y, .
- address .as it appears on the books of the registrar as of the close of business on the 15th day
of the immediately preceding month.
The Certificates will mature February 1 in the years and amounts as follows:
1997 $ 70,000
1998 $ 70
1999 $ 70I
2000 $305,000
2001 $320,000
2002 $330,000
2003 $335,000
2004 $355,000
2005 $375
2006 $385,000
2007 $410,000
2008 $430,000
2009 .$450,000
201 $480,000
2011 $455,+000
* The City res erves the right, after proposals are opened and prior to " award, to increase or reduce the
principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
amount not to exceed $200,000 and will be made in multiples of $5,000 in any of the maturities. In the
event the principal amount of the Bonds is increased or reduced, any premium offered or any
discount taken will be increased or reduced by a percentage equal to the percentage by which the
principal amount of the Bonds is increased or reduced.
OPTIONAL REDEMPTION
The City may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due on or
after February 1, 2004. Redemption may be in whole or in part and if in part, at the option of
the City and in such order as the City shall determine and within a maturity by lot as selected
by the registrar. All prepayments -shall be at a price of par plus accrued interest.
SECURITY AND PURPOSE
The Certificates will be general obligations of the City for which the City will pledge its full faith
and credit and power to levy direct general ad valorem taxes. in addition the City will pledge
v
a
8
e
special assessments against benefited properties. The proceeds will be used to refund the
1999 through 2010 maturities of the City's Obligation Improvement Bonds, Series
1994, dated December 1, 1990 and the 1996 through 2009 maturities of the City's General
Obligation Improvement Bonds of 1989, dated November 1, 1989.
TYPE OF PROPOSALS
Proposals shall be for not less than $4,772,040 and accrued interest on the total principal
amount of the Certificates. Proposals shall be accompanied by a Good Faith Deposit
( "Deposit ") in the form of a certltied or cashler's� check or a Financial Surety Bond in the amount
of $48, 300, payable to the order of the City. If a check is used, it must accompany each
proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed.to
issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be
submitted to Springsted Incorporated prior to the opening of the proposals. The Financial
Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial
Surety Bond. If the Certificates are awarded to an underwriter using a Financial Surety Bond,
then that purch is required to submit its Deposit to Springsted Incorporated in the form of a
certified or cashier's check or wire transfer as instructed _by Springsted Incorporated not later
than 3:30 P.M., -Central Time, on the next business day following the award. If such Deposit is
not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the
Deposit requirement. The City will deposit the check of the purchaser, the amount of which will
be deducted at settlement and no interest will accrue to the purchaser. In the ,event the
purchaser fails to comply with the accepted proposal, said amount will be retained by the City.
No proposal can be withdrawn or amended after the time set for receiving proposals unless. the
meeting of the City scheduled for award of the Certificates is adjourned, recessed, or continued
to another date without award of the Ce rtificates having be made. Rates shall be in integral
multiples of 5/100 or 1/8 of 1 °1 °. Rates must be in ascending order. Certificates of the same
maturity shall bear a single rate from the date of the Certificates to the date of maturity. No
conditional proposals will be accepted.
AWARD
The Certificates will be awarded on the basis of the lowest interest rate to be determined on a
true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in
accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Certificates, (if) reject all proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms herein.
BOND INSURANCE AT PURCHASER'S OPTION
If the Certificates qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the purchaser of
the Certificates. Any increased costs of issuance of the Certificates resulting from such
purchase of insurance shall be paid by the purchaser, except that, if the City has requested
and received a rating on the Certificates from a rating agency, the City will pay that rating fee.
Any other rating agency fees shall be the responsibility of the purchaser.
Failure of the municipal bond insurer to issue the policy after Certificates have been awarded to
the purchaser shall not constitute cause for failure or refusal by the purchaser to accept
delivery on the Certif�.1ates.
we
REGISTRAR
The 'City will name the registrar which shall be subject to applicable SEC regulations. The City
will pay for the services of the registrar.
CUSIP NUMBERS
I the Certificates qualify for assignment of CUSIP numbers such numbers will be printed on the
Certificates, but neither the failure to print such numbers on any Certificate nor any error with
p
respect. thereto will constitute cause for failure or refusal by the purchaser to accept delivery of
the Certificates. The CUSIP Service Bureau charge for the assignment of CUSIP identification
numbers shall be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Certificates will be delivered without cast
to the urchaser at a lace mutually satisfactory to the City and the purchaser. Delivery will be
P P Y
subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan,
Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be
printed on the Certificates, and of customary closing papers, including a no-litigation certificate.
On the date of settlement payment for the Certificates shall be made in federal, or equivalent,
funds which shall be received at the offices of the City or its designee not later than 12:00
Noon, Central Time. Except as compliance with the terms of payment for the Certificates shall
have been made impossible by action of the City, or its agents, the purchaser shall be liable to
the City, Y for an loss suffered by the City by reason of the purchaser's non - compliance with said
terms for payment~ .
OFFICIAL STATEMENT
The City has , authorized the preparation of an Official Statement containing pertinent
information relative to the Certificates, and said Official Statement will serve as a nearly -final
Official Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange
Commission. For copies of the Official Statement or for any additional information prior to sale,
any prospective purchaser is referred to the Financial Advisor to the City, Springsted
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone
(612) 223 -30000
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Certificates, together with any other - --
information required by law, shall constitute a "Final Official Statement" of the City with - respect
to the Certificates,' as that term is defined in Rule 15c2 -12. By awarding the Certificates to any
underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which. the Certificates are awarded 190 copies
.of the Official Statement and the addendum or addenda described above. The City designates
the senior managing underwriter of the syndicate to wh the Certificates are awarded as its
ur
agent for ores of distributing copies of the Final Official Statement to each Participating
9 purposes
Underwriter. Any underwriter delivering a proposal with respect to the Certificates agrees
thereby that if its proposal is accepted by the City (i) it shall accept such designation and (ii) it
shall enter into a contractual reilationship with all Participating Underwriters of the Certificates
for purposes of assuring the receipt by each such Participating Underwriter of the Final Official
P p g
Statement.
Dated July 2f 1993 BY ORDER OF THE CITY COUNCIL - - -- - - -- --
/s! Lucille E. Aurelius
City Clerk