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HomeMy WebLinkAbout03-09-2009A. A A FBI E MINUTES MAPLEWOOD CITY COUNCIL 6:30 p.m., Monday, March 9, 2009 Council Chambers, City Hall Meeting No. 06-09 CALL TO ORDER A meeting of the City Council was held in the City Hall Council Chambers and was called to order at 6:30 p.m. by Mayor Longrie. PLEDGE OF ALLEGIANCE ROLL CALL Diana Longrie, Mayor Present Erik Hjelle, Councilmember Present Kathleen Juenemann, Councilmember Present John Nephew, Councilmember Present Will Rossbach, Councilmember Present APPROVAL OF AGENDA The following items were added or changed by the council: Councilmember Nephew added H10. Alarm Permits and H11. Commissions Mayor Longrie added H12. Citizen Forum Update Mayor Longrie added a new G1. Under Administrative Presentations Swearing in new City Manager, James Antonen and moving the old G1. to G2. and G2. to G3 Councilmember Nephew moved to approve the agenda as amended. Seconded by Councilmember Rossbach. Ayes — All The motion passed. APPROVAL OF MINUTES Approval of January 14, 2009, City Manager Interview Minutes. Councilmember Juenemann asked if an adjournment time should be stated in the minutes. City Clerk, Karen Guilfoile recommended that the recordinq secretary could indicate after adiournment the council and the candidates met at the Maplewood Community Center at 4:00 p. m. The council agreed that would be appropriate. Councilmember Juenemann moved to approve the January 14, 2009, City Manager Interview Minutes as amended. Seconded by Councilmember Rossbach. Ayes — All March 9, 2009 City Council Meeting Minutes The motion passed. Approval of February 23, 2009, City Council Workshop Minutes. Councilmember Rossbach moved to approve the February 23, 2009, City Council 5:00 p.m. Workshop Minutes as submitted. Seconded by Councilmember Nephew. Ayes — All The motion passed. Approval of February 23, 2009, City Council Meeting Minutes. Councilmember Juenemann said page 7 of 146, under item D. K1. it should say Councilmember Hjelle stated that he would be leaving. Councilmember Rossbach said on page 24 of 146 the spelling of John O'Fallin's last name should be clarified in item 2 b. 1. Stillwater Road/Hwy 5 improvements. (the recording secretary clarified that the spelling is O'Phelan and corrected the minutes.) Councilmember Nephew moved to approve the February 23, 2009, City Council Meeting Minutes as amended Seconded by Councilmember Rossbach. Ayes — All The motion passed. F. VISITOR PRESENTATIONS — PART I Elizabeth Sletten, 2747 Clarence Street North, Maplewood. Ms. Sletten welcomed the new City Manager, Mr. Antonen to the City of Maplewood. Ms. Sletten inquired if there was an open door policy for citizens to speak to the City Manager. She then stated that on March 10, 2008, Xcel Energy received a CUP from the city and within that CUP as part of the approval process, Xcel Energy was to prepare an annual report and submit it to the city regarding wood chipping and the activity on the site. The city council was to receive that report in one year and Ms. Sletten inquired if staff had heard from Xcel Energy because she hadn't seen anything regarding that item on a council agenda as of this time. Mayor Longrie said she had received information that this report would be added to the agenda very soon. 2. Judy Baier, 2240 Hazelwood Street, Maplewood. Ms. Baier commented on outside recreational fires. Ms. Baier shared her comments regarding the potential problems of restricting residents from having outside recreational fires. Councilmember Rossbach informed Ms. Baier that was not the intent of the Wood Smoke Task Force. 3. Bob Zick, 2515 White Bear Avenue, Maplewood. Mr. Zick welcomed the new City Manager. Mr. Zick made several comments regarding issues he feels the new City Manager has in store. 4. Robert Martin, 2329 Londin Lane, Maplewood. Mr. Martin discussed that the Corner Kick Soccer facility in Maplewood had closed and he would like people to come together and share ideas of how Maplewood can get a soccer facility here for the many kids who play March 9, 2009 2 City Council Meeting Minutes soccer in the area. He would like residents to call him if they have ideas or suggestions and stated his phone number is listed on the city website under Planning Commission members. 5. Julie Binko, 1949 Greenbrier Street, Maplewood. Ms. Binko stated that she sent a letter to staff about a problem she has had regarding gas pressure in her neighborhood that she noticed when a tank less water heater was installed. She is concerned about the safety of the neighborhood because of the lack of gas pressure and then gave her specific concerns. The council asked staff to comment on this problem. Staff commented that there were some issues and staff would check into this with Xcel Energy and follow up and bring further information back to the council. The new City Manager commented that he knows this was a problem at the city he previously worked at in California and staff will be taking this issue seriously. 6. Frederica Musgrave, 1949 Greenbrier Street, Maplewood. Ms. Musgrave spoke about the error printed in the City Newsletter regarding the incorrect date for the Citizens Forum as March 14th instead of March 7th. Ms. Musgrave also spoke of a lawsuit she was in with the City of Maplewood which has been dropped. She mentioned 3 former members on the Environmental Commission and the fact that they were never recognized for their time serving on the Environmental Commission. Ms. Musgrave was concerned about policies and procedures on these commissions and inquired why these individuals resigned. She also spoke of the interest for citizens to have a community garden since 2006 and shared her concerns and comments regarding having a community garden in Maplewood. Mayor Longrie moved to complete Administrative Presentations in their entirety. Seconded by Councilmember Hjelle. Ayes — All The motion passed. G. ADMINISTRATIVE PRESENTATIONS 1. Swearing In of New City Manager, James Antonen (added during approval of agenda) a. Mayor Longrie read the Oath of Office to the New City Manager, James Antonen. 4-.2. Swearing In of Police Officer Brian Tauzell a. Maplewood Police Chief, Dave Thomalla introduced Brian Tauzell. b. Mayor Longrie read the Oath of Office to Maplewood Police Officer, Brian Tauzell. Brian's Fiance Ann, was chosen to present Brian with his badge. 3. Certificate of Achievement For Excellence In Financial Reporting Awarded for 2007 Comprehensive Annual Financial Report (CAFR) a. Finance Director, Bob Mittet gave the report H. COUNCIL PRESENTATIONS (moved to the end of the meeting) Employment Contracts — Mayor Longrie March 9, 2009 3 City Council Meeting Minutes 2. Fish Creek — Councilmember Nephew 3. Code Enforcement Nuisance Ordinance — Mayor Longrie 4. 311 — Mayor Longrie 5. Website — City Council Page — Mayor Longrie 6. Announcement of Appointment to First Tier Suburbs Council for National League of Cities — Mayor Longrie 7. Website Corrections - Mayor Longrie 8. Basics of Planning and Zoning — Mayor Longrie 9. GIS — Mayor Longrie 10. Alarm Permits — Councilmember Nephew 11. Commissions — Councilmember Nephew 12. Citizen Forum Update - Mayor Longrie APPOINTMENTS AND PRESENTATIONS None. J. PUBLIC HEARINGS County Road D Improvements, Project 08-20 a. Public Hearing 7:00 p.m. b. Resolution Ordering Improvement After Public Hearing (4 votes) i. Acting Public Works Director, Michael Thompson gave the report. ii. Finance Director, Bob Mittet answered questions of the council. Mayor Longrie opened the public hearing at 7:27 p.m. 1. Dave Seidel, 2370 County Road D East, Maplewood. 2. Lisa Houck, 2326 County Road D East, Maplewood. 3. Larry Rider, 2292 County Road D East, Maplewood. 4. Laura Scott, 2334 County Road D East, Maplewood. 5. Art Strobel, 3036 Bellaire Avenue, Maplewood. 6. Mark Jenkins, 830 New Century Boulevard South, Maplewood. 7. Bill Schweigert, 3051 Bellaire Avenue, Maplewood. 8. Judy Garsha, 2280 County Road D East, Maplewood. 9. Sandy Letourneau, 3044 Bellaire Avenue, Maplewood. 10. Melanie Hill Strobel, 3036 Bellaire Avenue, Maplewood. 11. Tina Schoenecker, 2378 County Road D East, Maplewood. 12. Ordell Vanoverbeke, 3015 Bellaire Avenue, Maplewood. 13. Ken Scherkenbach, 2266 County Road D East, Maplewood Mayor Longrie closed the public hearing. Councilmember Juenemann moved to approve the resolution ordering the improvement after the public hearing for the County Road D Street Improvements, City Project 08-20. RESOLUTION 09-03-144 ORDERING IMPROVEMENT AFTER PUBLIC HEARING March 9, 2009 4 City Council Meeting Minutes WHEREAS, a resolution of the city council adopted the 23rd day of February, 2009, fixed a date for a council hearing on the proposed street improvements for the County Road D Improvements, City Project 08-20. AND WHEREAS, ten days mailed notice and two weeks published notice of the hearing was given, and the hearing was duly held on March 9, 2009, and the council has heard all persons desiring to be heard on the matter and has fully considered the same; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF MAPLEWOOD, MINNESOTA, as follows: 1. That it is necessary, cost-effective and feasible, as detailed in the feasibility report, that the City of Maplewood make improvements to County Road D Improvements, City Project 08-20. 2. Such improvement is hereby ordered as proposed in the council resolution adopted the 9th day of March, 2009. 3. The city engineer is the designated engineer for this improvement and is hereby directed to prepare final plans and specifications for the making of said improvement. 4. The finance director is hereby authorized to make the financial transfers necessary to implement the financing plan for the project. A project budget of $1,780,137 shall be established. The proposed financing plan is as follows: Financing Plan - County Road D Improvements - Project 08-20 FUNDING SOURCE AMOUNT M.S.A. BONDS $1,148,260 SPECIAL ASSESSMENTS $312,147 SANITARY SEWER FUND $163,200 NORTH SAINT PAUL WAC FUND $80,000 NORTH SAINT PAUL $46,530 DRIVEWAY REPLACEMENT PROGRAM $30,000 TOTAL $1,780,137 Seconded by Councilmember Rossbach. Ayes — All The motion passed The Council took a 15 -minute recess. K. UNFINISHED BUSINESS 1. Resolution Accepting Proposal On the Competitive Negotiated Sale of $4,765,000 General Obligation Improvement and Refunding Bonds, Series 2009A, And Providing For Their Issuance. a. Finance Director, Bob Mittet gave the report b. Terrie Heaton, Springsted Incorporated addressed and answered questions of the council. Councilmember Hjelle moved to approve the Resolution Accepting Proposal On the Competitive Negotiated Sale of $4,765,000 General Obligation Improvement and Refunding Bonds, Series 2009A, And Providing For Their Issuance. March 9, 2009 5 City Council Meeting Minutes EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF MAPLEWOOD, MINNESOTA HELD: March 9, 2009 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Maplewood, Ramsey County, Minnesota, was duly called and held at the City Hall on March 9, 2009 at 7:00 p.m., for the purpose, in part, of considering proposals for and awarding the competitive negotiated sale of, $4,765,000 General Obligation Improvement and Refunding Bonds, Series 2009A. The following members were present: ALL and the following were absent: NONE In accordance with the resolution adopted by the City Council on February 9, 2009, the City Clerk presented proposals on $4,765,000 General Obligation Improvement and Refunding Bonds, Series 2009A, which were received and tabulated at the offices of Springsted Incorporated on this same day: Bidder Interest Rate True Interest Cost SEE ATTACHED The Council then proceeded to consider and discuss the proposals, after which member Councilmember Hjelle introduced the following resolution and moved its adoption: RESOLUTION 09-03-143 ACCEPTING PROPOSAL ON THE COMPETITIVE NEGOTIATED SALE OF $4,765,000 GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BONDS, SERIES 2009A, AND PROVIDING FOR THEIR ISSUANCE A. WHEREAS, the City Council of the City of Maplewood, Minnesota (the "City") has heretofore determined and declared that it is necessary and expedient to provide moneys for a current refunding of the City's General Obligation Improvement Bonds, Series 2001 B, dated October 1, 2001 (the "Prior Bonds") which mature on and after February 1, 2010; and B. WHEREAS, $1,640,000 of the principal amount of the Prior Bonds which mature on and after February 1, 2010, are callable on February 1, 2009, at a price of par plus accrued interest, as provided in the Resolution of the City Council, adopted October 4, 2001, authorizing the issuance of the Prior Bonds (the "Prior Resolution"); and C. WHEREAS, the refunding of the Prior Bonds maturing on and after February 1, 2010 (the "Refunded Bonds") on May 15, 2009 (the "Prior Bonds Call Date"), is consistent with covenants made with the holders thereof, and is necessary and desirable for the reduction of debt service cost to the City; and D. WHEREAS, the City Council has also heretofore determined and declared that it is necessary and expedient to finance various improvement projects (the "Improvements"); pursuant to Minnesota Statutes, Chapter 429, and the Improvements and all their components have been ordered prior to the date hereof, after a hearing thereon for which notice was given describing the Improvements or all their components by general nature, estimated cost and area to be assessed; and March 9, 2009 6 City Council Meeting Minutes E. WHEREAS, the City Council has heretofore determined and declared that it is necessary and expedient to issue $4,765,000 General Obligation Improvement and Refunding Bonds, Series 2009A, pursuant to Minnesota Statutes, Chapter 475 and 429, to provide moneys for a current refunding of the Refunded Bonds and to finance the Improvements; and F. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Maplewood, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of (the "Purchaser"), to purchase $4,765,000 General Obligation Improvement and Refunding Bonds, Series 2009A of the City (the "Bonds" or the "Refunding Bonds", or individually a "Bond"), in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefore the sum of $ , plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to said proposal maker. The City Clerk is directed to retain the deposit of said proposal maker and to forthwith return to the unsuccessful proposal makers their good faith checks and drafts. 2. Bond Terms. (a) Title; Original Issue Date; Denominations; Maturities; Term Bond Option. The Bonds shall be titled "General Obligation Improvement and Refunding Bonds, Series 2009A", shall be dated April 1, 2009, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature on February 1, in the years and amounts as follows: Year Amount 2010 $ 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 All dates are inclusive. As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Allocation. The aggregate principal amount of $ maturing in each of the years and amounts hereinafter set forth are issued to refund the Prior Bonds (the "Refunding Portion"). The March 9, 2009 7 City Council Meeting Minutes aggregate principal amount of $ maturing in each of the years and amounts hereinafter set forth are issued to finance the Improvements (the "Improvement Portion"): Refunding Improvement Year Portion Portion Amount Amount 2010 $ 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Amount If Bonds are prepaid, the prepayments shall be allocated to the portions of debt service (and hence allocated to the payment of Bonds treated as relating to a particular portion of debt service) as provided in this paragraph. If the source of prepayment moneys is the general fund of the City, or other generally available source, the prepayment may be allocated to any portions of debt service in such amounts as the City shall determine. If the source of the prepayment is special assessments levied and collected for the Refunding Portion, the prepayment shall be allocated to the Refunding Portion of debt service. If the source of the prepayment is special assessments levied and collected for the Improvements, the prepayment shall be allocated to the Improvement Portion of debt service. (c) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 5 and 10 Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. (ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by the Bond Registrar (as hereinafter defined) in the name of CEDE & CO., as the nominee (it or any nominee of the existing or a successor Depository, the "Nominee"). March 9, 2009 8 City Council Meeting Minutes (iii) With respect to the Bonds neither the City nor the Bond Registrar shall have any responsibility or obligation to any broker, dealer, bank, or any other financial institution for which the Depository holds Bonds as securities depository (the "Participant") or the person for which a Participant holds an interest in the Bonds shown on the books and records of the Participant (the "Beneficial Owner"). Without limiting the immediately preceding sentence, neither the City, nor the Bond Registrar, shall have any such responsibility or obligation with respect to (A) the accuracy of the records of the Depository, the Nominee or any Participant with respect to any ownership interest in the Bonds, or (B) the delivery to any Participant, any Owner or any other person, other than the Depository, of any notice with respect to the Bonds, including any notice of redemption, or (C) the payment to any Participant, any Beneficial Owner or any other person, other than the Depository, of any amount with respect to the principal of or premium, if any, or interest on the Bonds, or (D) the consent given or other action taken by the Depository as the Registered Holder of any Bonds (the "Holder"). For purposes of securing the vote or consent of any Holder under this Resolution, the City may, however, rely upon an omnibus proxy under which the Depository assigns its consenting or voting rights to certain Participants to whose accounts the Bonds are credited on the record date identified in a listing attached to the omnibus proxy. (iv) The City and the Bond Registrar may treat as and deem the Depository to be the absolute owner of the Bonds for the purpose of payment of the principal of and premium, if any, and interest on the Bonds, for the purpose of giving notices of redemption and other matters with respect to the Bonds, for the purpose of obtaining any consent or other action to be taken by Holders for the purpose of registering transfers with respect to such Bonds, and for all purpose whatsoever. The Bond Registrar, as paying agent hereunder, shall pay all principal of and premium, if any, and interest on the Bonds only to the Holder or the Holders of the Bonds as shown on the bond register, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. Upon delivery by the Depository to the Bond Registrar of written notice to the effect that the Depository has determined to substitute a new Nominee in place of the existing Nominee and subject to the transfer provisions in paragraph 10 hereof, references to the Nominee hereunder shall refer to such new Nominee (v) So long as any Bond is registered in the name of a Nominee, all payments with respect to the principal of and premium, if any, and interest on such Bond and all notices with respect to such Bond shall be made and given, respectively, by the Bond Registrar or City, as the case may be, to the Depository as provided in the Letter of Representations to the Depository required by the Depository as a condition to its acting as book -entry Depository for the Bonds (said Letter of Representations, together with any replacement thereof or amendment or substitute thereto, including any standard procedures or policies referenced therein or applicable thereto respecting the procedures and other matters relating to the Depository's role as book -entry Depository for the Bonds, collectively hereinafter referred to as the "Letter of Representations"). (vi) All transfers of beneficial ownership interests in each Bond issued in book -entry form shall be limited in principal amount to Authorized Denominations and shall be affected by procedures by the Depository with the Participants for recording and transferring the ownership of beneficial interests in such Bonds. (vii) In connection with any notice or other communication to be provided to the Holders pursuant to this Resolution by the City or Bond Registrar with respect to any consent or other action to be taken by Holders, the Depository shall consider the date of receipt of notice requesting such consent or other action as the record date for such consent or other action; provided, that the City or the Bond Registrar may establish a special record date for such consent or other action. The City or the Bond Registrar shall, to the extent possible, give the Depository March 9, 2009 9 City Council Meeting Minutes notice of such special record date not less than 15 calendar days in advance of such special record date to the extent possible. (viii) Any successor Bond Registrar in its written acceptance of its duties under this Resolution and any paying agency/bond registrar agreement, shall agree to take any actions necessary from time to time to comply with the requirements of the Letter of Representations. (ix) In the case of a partial prepayment of a Bond, the Holder may, in lieu of surrendering the Bonds for a Bond of a lesser denomination as provided in paragraph 5 hereof, make a notation of the reduction in principal amount on the panel provided on the Bond stating the amount so redeemed. (d) Termination of Book -Entry Only System. Discontinuance of a particular Depository's services and termination of the book -entry only system may be effected as follows: (i) The Depository may determine to discontinue providing its services with respect to the Bonds at any time by giving written notice to the City and discharging its responsibilities with respect thereto under applicable law. The City may terminate the services of the Depository with respect to the Bond if it determines that the Depository is no longer able to carry out its functions as securities depository or the continuation of the system of book -entry transfers through the Depository is not in the best interests of the City or the Beneficial Owners. (ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities depository is willing to undertake the functions of the Depository hereunder can be found which, in the opinion of the City, is willing and able to assume such functions upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with paragraph 11 hereof. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10 hereof, the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10 hereof. (e) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purpose. The Refunding Portion of the Bonds shall provide funds to refund the Refunded Bonds (the "Refunding") and the Improvement Portion of the Bonds shall provide funds to finance the Improvements. It is hereby found and determined that the Refunding is pursuant to Minnesota Statutes, Section 475.67 and shall result in a reduction of debt service cost to the City. The total cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. The City covenants that it shall do all things and perform all acts required of it to assure that work on the Improvements proceeds with due diligence to completion and that any and all permits and studies required under law for the Improvements are obtained. 4. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2010, calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per annum set forth opposite the maturity years as follows: March 9, 2009 10 City Council Meeting Minutes Maturity Year Interest Rate 2010 % 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5. Redemption. All Bonds maturing on February 1, 2020 and thereafter shall be subject to redemption and prepayment at the option of the City on February 1, 2019, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected registered holder of the Bonds. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar prior to giving notice of redemption shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the City and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of the Bond, without service charge, a new Bond or Bonds having the same stated maturity and interest rate and of any Authorized Denomination or Denominations, as requested by the Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. 6. Bond Registrar. U.S. Bank National Association, in St. Paul, Minnesota, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 12 of this resolution. March 9, 2009 11 City Council Meeting Minutes 7. Form of Bond. The Bonds, together with the Bond Registrar's Certificate of Authentication, the form of Assignment and the registration information thereon, shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF MAPLEWOOD R- $ GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BOND, SERIES 2009A INTEREST MATURITY DATE OF RATE DATE ORIGINAL ISSUE CUSIP FEBRUARY 1, 20_ APRIL 1, 2009 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: DOLLARS The City of Maplewood, Ramsey County, Minnesota (the "Issuer"), certifies that it is indebted and for value received promises to pay to the registered owner specified above, or registered assigns in the manner hereinafter set forth, the principal amount specified above, on the maturity date specified above, and to pay interest thereon semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2010, at the rate per annum specified above (calculated on the basis of a 360 -day year of twelve 30 -day months) until the principal sum is paid or has been provided for. This Bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the date of original issue hereof. The principal of and premium, if any, on this Bond are payable upon presentation and surrender hereof at the principal office of U.S. Bank National Association, in St. Paul, Minnesota (the "Bond Registrar"), acting as paying agent, or any successor paying agent duly appointed by the Issuer. Interest on this Bond will be paid on each Interest Payment Date by check or draft mailed to the person in whose name this Bond is registered (the "Holder" or "Bondholder") on the registration books of the Issuer maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less than ten days prior to the Special Record Date. The principal of and premium, if any, and interest on this Bond are payable in lawful money of the United States of America. So long as this Bond is registered in the name of the Depository or its Nominee as provided in the Resolution hereinafter described, and as those terms are defined therein, payment of principal of, premium, if any, and interest on this Bond and notice with respect thereto shall be made as provided in Letter of Representations, as defined in the Resolution, and surrender of this Bond shall not be required for payment of the redemption price upon a partial redemption of this Bond. Until termination of the book -entry only system pursuant to the Resolution, Bonds may only be registered in the name of the Depository or its Nominee. Redemption. All Bonds of this issue (the "Bonds") maturing on February 1, 2020, and thereafter, are subject to redemption and prepayment at the option of the Issuer on February 1, 2019, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the Issuer; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot March 9, 2009 12 City Council Meeting Minutes by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected Holder of the Bonds. Selection of Bonds for Redemption; Partial Redemption. To affect a partial redemption of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of the Bond, without service charge, a new Bond or Bonds having the same stated maturity and interest rate and of any Authorized Denomination or Denominations, as requested by the Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal amount of $4,765,000, all of like date of original issue and tenor, except as to number, maturity, interest rate, and denomination, which Bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council of the Issuer on March 9, 2009, (the "Resolution"), for the purpose of providing funds for a current refunding of the Issuer's General Obligation Improvement Bonds, Series 2001B, dated October 1, 2001, which mature on and after February 1, 2010, and to finance various improvement projects within the jurisdiction of the Issuer. This Bond is payable out of the Debt Service Account of the Issuer's General Obligation Improvement and Refunding Bonds, Series 2009A Fund. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. Denominations; Exchange; Resolution. The Bonds are issuable solely in fully registered form in the denominations of $5,000 and integral multiples thereof of a single maturity and are exchangeable for fully registered Bonds of other authorized denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. Transfer. This Bond is transferable by the Holder in person or by the Holder's attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee (but not registered in blank or to "bearer" or similar designation), of an authorized denomination or denominations, in aggregate principal amount equal to the principal amount of this Bond, of the same maturity and bearing interest at the same rate. Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. Treatment of Registered Owners. The Issuer and Bond Registrar may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided (except as otherwise provided herein with respect to the Record Date) and for all other purposes, whether or not this Bond shall be overdue, and neither the Issuer nor the Bond Registrar shall be affected by notice to the contrary. March 9, 2009 13 City Council Meeting Minutes Authentication. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security unless the Certificate of Authentication hereon shall have been executed by the Bond Registrar. Qualified Tax -Exempt Obligation. This Bond has been designated by the Issuer as a "qualified tax- exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this Bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and that this Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Maplewood, Ramsey County, Minnesota, by its City Council has caused this Bond to be executed on its behalf by the facsimile signatures of its Mayor and its City Clerk. Date of Registration: Registrable by: U.S. BANK NATIONAL ASSOCIATION BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the Resolution mentioned within. U.S. BANK NATIONAL ASSOCIATION St. Paul, Minnesota Bond Registrar Payable at: U.S. BANK NATIONAL ASSOCIATION CITY OF MAPLEWOOD RAMSEY COUNTY, MINNESOTA /s/ Facsimile Mayor By Authorized Signature /s/ Facsimile Clerk ABBREVIATIONS The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UTMA - as custodian for (Cust) underthe (State) (Minor) Uniform Transfers to Minors Act Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and does hereby irrevocably constitute and appoint attorney to transfer the Bond on the books kept for the registration thereof, with full power of substitution in the premises. March 9, 2009 14 City Council Meeting Minutes Dated: Notice: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges or any other "Eligible Guarantor Institution" as defined in 17 CFR 240.17 Ad -15(a)(2). The Bond Registrar will not affect transfer of this Bond unless the information concerning the transferee requested below is provided. Name and Address: (Include information for all joint owners if the Bond is held by joint account.) March 9, 2009 15 City Council Meeting Minutes 8. Execution; Temporary Bonds. The Bonds shall be printed (or, at the request of the Purchaser, typewritten) shall be executed on behalf of the City by the signatures of its Mayor and Clerk and be sealed with the seal of the City; provided, however, that the seal of the City may be a printed (or, at the request of the Purchaser, photocopied) facsimile; and provided further that both of such signatures may be printed (or, at the request of the Purchaser, photocopied) facsimiles and the corporate seal may be omitted on the Bonds as permitted by law. In the event of disability or resignation or other absence of either officer, the Bonds may be signed by the manual or facsimile signature of an officer who may act on behalf of the absent or disabled officer. In case either officer whose signature or facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of the Bonds, the signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. The City may elect to deliver, in lieu of printed definitive bonds, one or more typewritten temporary bonds in substantially the form set forth above, with such changes as may be necessary to reflect more than one maturity in a single temporary bond. The temporary bonds may be executed with photocopied facsimile signatures of the Mayor and Clerk. Such temporary bonds shall, upon the printing of the definitive bonds and the execution thereof, be exchanged therefore and canceled. 9. Authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this resolution unless a Certificate of Authentication on the Bond, substantially in the form hereinabove set forth, shall have been duly executed by an authorized representative of the Bond Registrar. Certificates of Authentication on different Bonds need not be signed by the same person. The Bond Registrar shall authenticate the signatures of officers of the City on each Bond by execution of the Certificate of Authentication on the Bond and, by inserting as the date of registration in the space provided, the date on which the Bond is authenticated, except that for purposes of delivering the original Bonds to the Purchaser, the Bond Registrar shall insert as a date of registration the date of original issue, which date is April 1, 2009. The Certificate of Authentication so executed on each Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. 10. Registration; Transfer; Exchange. The City will cause to be kept at the principal office of the Bond Registrar a bond register in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of Bonds and the registration of transfers of Bonds entitled to be registered or transferred as herein provided. Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of registration (as provided in paragraph 9) of, and deliver, in the name of the designated transferee or transferees, one or more new Bonds of any authorized denomination or denominations of a like aggregate principal amount, having the same stated maturity and interest rate, as requested by the transferor; provided, however, that no Bond may be registered in blank or in the name of "bearer" or similar designation. At the option of the Holder, Bonds may be exchanged for Bonds of any authorized denomination or denominations of a like aggregate principal amount and stated maturity, upon surrender of the Bonds to be exchanged at the principal office of the Bond Registrar. Whenever any Bonds are so surrendered for exchange, the City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of registration of, and deliver the Bonds which the Holder making the exchange is entitled to receive. All Bonds surrendered upon any exchange or transfer provided for in this resolution shall be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City. All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general obligations of the City evidencing the same debt, and entitled to the same benefits under this resolution, as the Bonds surrendered for such exchange or transfer. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the Holder thereof or his, her or its attorney duly authorized in writing. March 9, 2009 16 City Council Meeting Minutes The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of any Bond and any legal or unusual costs regarding transfers and lost Bonds. Transfers shall also be subject to reasonable regulations of the City contained in any agreement with the Bond Registrar, including regulations which permit the Bond Registrar to close its transfer books between record dates and payment dates. 11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. 12. Interest Payment: Record Date. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond is registered (the "Holder") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior to the Special Record Date. 13. Treatment of Registered Owner. The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in paragraph 12 above) on, such Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 14. Delivery: Application of Proceeds. The Bonds when so prepared and executed shall be delivered by the Finance and Administration Manager to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. Fund and Accounts. For the convenience and proper administration of the moneys to be borrowed and repaid on the Bonds, and to make adequate and specific security to the Purchaser and holders from time to time of the Bonds, there is hereby created a special fund to be designated the "General Obligation Improvement and Refunding Bonds, Series 2009A Fund" (the "Fund") to be administered and maintained by the Finance and Administration Manager as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds herein authorized and the interest thereon shall have been fully paid. In such records there shall be established accounts or accounts shall continue or be maintained as the case may be, of the Fund for the purposes and in the amounts as follows: (a) Payment Account. The proceeds of the Refunding Portion of the Bonds shall be deposited in the Payment Account. On or prior to the Prior Bonds Call Date, the Finance and Administration Manager shall transfer from the Payment Account to the paying agent for the Prior Bonds, $ of the Refunding Portion of the Bonds. The foregoing sums are sufficient, together with other funds on deposit in the debt service account for the Refunded Bonds, to pay the principal and interest due on the Refunded Bonds on and after the Prior Bonds Call Date, including the principal of the Refunded Bonds called for redemption. (b) Construction Account. To the Construction Account there shall be credited the proceeds of the sale of the Improvement Portion of the Bonds, less accrued interest received thereon, less capitalized interest, and less any amount paid in excess of the minimum bid, plus any special assessments levied with respect to the Improvements and collected prior to completion of the Improvements and payment of the costs thereof. From the Construction Account there shall be paid all March 9, 2009 17 City Council Meeting Minutes costs and expenses of the Improvements and all costs and expenses of the Improvements, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65. Moneys in the Construction Account shall be used for no other purpose except as otherwise provided by law; provided that the proceeds of the Improvement Portion of the Bonds may also be used to the extent necessary to pay interest on the Improvement Portion of the Bonds due prior to the anticipated date of commencement of the collection of taxes or special assessments herein levied or covenanted to be levied; and provided further that if upon completion of the Improvements there shall remain any unexpended balance in the Construction Account, the balance (other than any special assessments) shall be transferred to the Debt Service Account or may be transferred by the Council to the fund of any other improvement instituted pursuant to Minnesota Statutes, Chapter 429, and provided further that any special assessments credited to the Construction Account shall only be applied towards payment of the costs of the Improvements upon adoption of a resolution by the City Council determining that the application of the special assessments for such purpose will not cause the City to no longer be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1. (c) Debt Service Account. To the Debt Service Account there shall be credited: (A) all collections of special assessments herein covenanted to be levied with respect to the Improvements and either initially credited to the Construction Account and not already spent as permitted above and required to pay any principal and interest due on the Improvement Portion of the Bonds or collected subsequent to the completion of the Improvements and payment of the costs thereof; (B) any uncollected special assessments which were heretofore pledged for the payment of the Refunded Bonds and are herein pledged to the payment of the Refunding Portion of the Bonds; (C) all accrued interest received upon delivery of the Bonds; (D) capitalized interest in the amount of $ ; (E) any collections of all taxes herein or hereinafter levied for the payment of the Bonds and interest thereon; (F) any funds remaining on deposit in the Debt Service Account established for the Prior Bonds; (G) all funds remaining in the Construction Account after completion of the Improvements and payment of the costs thereof; (H) all investment earnings on funds held in the Debt Service Account; and (1) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal and interest and any premiums for redemption of the Bonds and any other general obligation bonds of the City hereafter issued by the City and made payable from said Account as provided by law. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued and (2) in addition to the above in an amount not greater than the lesser of five percent of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Construction Account or Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds payable therefrom) in excess of amounts which under then applicable federal arbitrage regulations may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portion" made available under the federal arbitrage regulations. Money in the Fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 16. Covenants Relating to the Refunding Portion of the Bonds. (a) Special Assessments. Pursuant to the Prior Resolution, the City has heretofore levied special assessments which are pledged to the payment of the principal and interest on the Prior Bonds. All uncollected special assessments are now pledged to the payment of principal of and interest on the Refunding Portion of the Bonds. The special assessments are such that if collected in full they, together with estimated collections of other revenues herein pledged for the payment of the Refunding Portion of the Bonds, will produce at least five percent in excess of the amount needed to meet when due the March 9, 2009 18 City Council Meeting Minutes principal and interest payments on the Refunding Portion of the Bonds. The balance of the special assessments shall be payable in equal, consecutive, annual installments with general taxes for the years shown below and with interest on the declining balance of all such installments as follows: Improvement Designation Uncollected Amount Collection Years 2001 Improvements (b) Cancellation of Certain Tax Levies. Pursuant to the Prior Resolution, the City has heretofore levied taxes which are pledged to the payment of the principal and interest on the Prior Bonds. Upon payment of the Refunded Bonds the taxes levied by the Prior Resolution in the years 20 through 20_ for collection in the years 20_ through 20_ shall be canceled. 17. Covenants Relating to the Improvement Portion of the Bonds. (a) Assessments. It is hereby determined that no less than twenty percent of the cost to the City of each Improvement financed hereunder within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1(3), shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by any of the Improvements. The City hereby covenants and agrees that it will let all construction contracts not heretofore let within one year after ordering each Improvement financed hereunder unless the resolution ordering the Improvement specifies a different time limit for the letting of construction contracts. The City hereby further covenants and agrees that it will do and perform as soon as they may be done all acts and things necessary for the final and valid levy of such special assessments, and in the event that any special assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity in any action or proceedings taken or to be taken by the City or the City Council or any of the City officers or employees, either in the making of the assessments or in the performance of any condition precedent thereto, the City and the City Council will forthwith do all further acts and take all further proceedings as may be required by law to make the assessments a valid and binding lien upon such property. It is hereby determined that the assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the declining balance of all such assessments at a rate per annum not greater than the maximum permitted by law and not less than the rates per annum shown opposite their collection years specified below: Improvement Collection Designation Amount Levy Year Years Rate At the time the assessments are in fact levied the City Council shall, based on the then -current estimated collections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1. 18. Covenants Relating to the Bonds. (a) Tax Levy: Coverage Test. To provide moneys for payment of the principal and interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Levy Year of Tax Collection Amount March 9, 2009 19 City Council Meeting Minutes See Attached The tax levies are such that if collected in full they, together with estimated collections of special assessments and other revenues herein pledged for the payment of the Bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. 19. Prior Bonds; Security. Until retirement of the Prior Bonds, all provisions theretofore made for the security thereof shall be observed by the City and all of its officers and agents. 20. Notice of Call for Redemption. The Clerk is hereby authorized and directed to cause mailed notice of redemption to be given to the paying agent for the Prior Bonds and to all registered holders of the Refunded Bonds. The notice of redemption shall be in substantially the form attached hereto as Exhibit A. 21. Continuing Disclosure. The City is the sole obligated person with respect to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), promulgated by the Securities and Exchange Commission (the "Commission") pursuant to the Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the "Undertaking") hereinafter described: (a) Provide or cause to be provided to each nationally recognized municipal securities information repository ("NRMSIR") and to the appropriate state information depository ("SID"), if any, for the State of Minnesota, through and including June 30, 2009, and thereafter to the Electronic Municipal Market Access system at www.emma.msrb.org ("Emma"), in each case as designated by the Commission in accordance with the Rule, certain annual financial information and operating data in accordance with the Undertaking. The City reserves the right to modify from time to time the terms of the Undertaking as provided therein. (b) Provide or cause to be provided, in a timely manner, (i) through and including June 30, 2009 to each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB") and any SID, and (ii) thereafter to EMMA, notice of the occurrence of certain material events with respect to the Bonds in accordance with the Undertaking. (c) Provide or cause to be provided, in a timely manner, (i) through and including June 30, 2009 to each NRMSIR or to the MSRB and any SID, and (ii) thereafter to EMMA, notice of a failure by the City to provide the annual financial information with respect to the City described in the Undertaking. (d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be enforceable on behalf of such Holders; provided that the right to enforce the provisions of these covenants shall be limited to a right to obtain specific enforcement of the City's obligations under the covenants. The Mayor and Clerk, or any other officer of the City authorized to act in their place are hereby authorized and directed to execute on behalf of the City the Undertaking in substantially the form presented to the City Council subject to such modifications thereof or additions thereto as are (i) consistent with the requirements under the Rule, (ii) required by the Purchaser of the Bonds, and (iii) acceptable to the Council President and Administrator. 22. General Obligation Pledge. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable March 9, 2009 20 City Council Meeting Minutes therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 23. Redemption of Prior Bonds. The Prior Bonds which mature on and after February 1, 2010, shall be redeemed and prepaid on May 15, 2009, in accordance with the terms and conditions set forth in the Notices of Call for Redemption attached hereto as Exhibit A, which terms and conditions are hereby approved and incorporated herein by reference. 24. Certificate of Registration. The Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as the County Auditor shall require, and to obtain the County Auditor's Certificate that the Bonds have been entered in the County Auditor's Bond Register and that the tax levy required by law has been made. 25. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 26. Negative Covenant as to Use of Bond Proceeds and Project. The City hereby covenants not to use the proceeds of the Bonds or to use the improvements financed by the Prior Bonds (the "Project"), or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 27. Tax -Exempt Status of the Bonds: Rebate — Refunding Portion of the Bonds and Improvement Portion of the Bonds. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds, including without limitation (a) requirements relating to temporary periods for investments, (b) limitations on amounts invested at a yield greater than the yield on the Bonds, and (c) the rebate of excess investment earnings to the United States. With respect to the Improvement portion of the Bonds, the City expects to satisfy the 24 -month expenditure exemption for gross proceeds of the Improvement Portion of the Bonds as provided in Section 1.148-7(d)(1) of the Regulations. With respect to the Refunding Portion of the Bonds, the City will meet the 6 -month expenditure exemption for gross proceeds of the Refunding Portion of the Bonds as provided in Section 1.148-7(d)(1) of the Regulations. The Mayor and or Clerk are hereby authorized and directed to make such elections as to arbitrage and rebate matters relating to the Bonds as they deem necessary, appropriate or desirable in connection with the Bonds, and all such elections shall be, and shall be deemed and treated as, elections of the City. 28. Designation of Qualified Tax -Exempt Obligations. In order to qualify the Bonds as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Bonds are issued after August 7, 1986; (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Bonds as "qualified tax exempt obligations" for purposes of Section 265(b)(3) of the Code; (d) the reasonably anticipated amount of tax exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the March 9, 2009 21 City Council Meeting Minutes City (and all entities treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2009 will not exceed $30,000,000; (e) not more than $30,000,000 of obligations issued by the City during this calendar year 2009 have been designated for purposes of Section 265(b)(3) of the Code; (f) the aggregate face amount of the Bonds does not exceed $30,000,000; Furthermore, the Refunding Portion of the Bonds is deemed designated as a "qualified tax exempt obligation" within the meaning of Section 265(b)(3) of the Code to the extent it does not exceed the outstanding principal balance of the Refunded Bonds because: (g) each of the Refunded Bonds was designated as a "qualified tax exempt obligation" for purposes of Section 265(b)(3) of the Code; (h) the aggregate face amount of the Bonds does not exceed $10,000,000; (i) the average maturity of the Bonds does not exceed the remaining average maturity of the Refunded Bonds; 0) no part of the Bonds has a maturity date which is later than the date which is thirty years after the date the Refunded Bonds were issued; (k) the Refunding Portion of the Bonds is issued to refund, and not to "advance refund" the Prior Bonds within the meaning of Section 149(d)(5) of the Code and shall not be taken into account under the $10,000,000 issuance limit to the extent the Refunding Portion of the Bonds do not exceed the outstanding amount of the Prior Bonds. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. 29. Defeasance. When all Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates and maturing on such dates as shall be required, subject to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if notice of redemption as herein required has been duly provided for, to such earlier redemption date. 30. Supplemental Resolution. The Prior Resolution authorizing the issuance of the Prior Bonds is hereby supplemented to the extent necessary to give effect to the provisions hereof. 31. Severability. If any section, paragraph or provision of this Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Resolution. 32. Headings. Headings in this Resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. March 9, 2009 22 City Council Meeting Minutes The motion for the adoption of the foregoing Resolution was duly seconded by Councilmember Juenemann and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: All and the following voted against the same: None Whereupon the Resolution was declared duly passed and adopted. STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF MAPLEWOOD I, the undersigned, being the duly qualified and acting 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 duly called and held on the date therein indicated, insofar as such minutes relate to providing for the issuance and sale of $4,765,000 General Obligation Improvement and Refunding Bonds, Series 2009A. WITNESS my hand this 9th day of March, 2009. Clerk EXHIBIT A NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2001B CITY OF MAPLEWOOD, RAMSEY COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Maplewood, Ramsey County, Minnesota, there have been called for redemption and prepayment on May 15, 2009 those outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 2001 B, dated as of October 1, 2001, having stated maturity dates in the years 2010 through 2017, inclusive, and totaling $1,640,000 in principal amount. The bonds are being called at a price of par plus accrued interest to May 15, 2009, on which date all interest on the bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment, at U.S. Bank National Association. (successor to Norwest Bank Minnesota, National Association), Attention: Paying Agent Services, 180 East Fifth Street, St. Paul, Minnesota 55101. Dated: March 9, 2009 BY ORDER OF THE CITY COUNCIL /s/ Karen Guilfoile March 9, 2009 23 City Council Meeting Minutes City Clerk Important Notice: Under the Interest and Dividend Compliance Act of 1983 31% will be withheld if tax identification number is not properly certified. Seconded by Councilmember Juenemann. Ayes — All The motion passed. L. NEW BUSINESS Approval of Off -Sale Intoxicating Liquor License — Kevin M. Branstad, Cub Discount Liquor. a. City Clerk, Director Citizens Service, Karen Guilfoile gave the report. i. Kevin M. Branstad, Cub Discount, 100 County Road B West, Maplewood addressed and answered questions of the council. Councilmember Hjelle moved to approve the Off -Sale Intoxicating Liquor License for Kevin M. Branstad, Cub Discount Liquor at 100 County Road B West, Maplewood. Seconded by Councilmember Rossbach. Ayes — All The motion passed. 2. Discussion and Approval of Penalties for 2008 Alcohol Compliance Check Failures a. City Clerk, Director Citizen Services, Karen Guilfoile gave the report and answered questions of the council. b. City Attorney, Alan Kantrud answered questions of the council. C. Maplewood Police Chief, Dave Thomalla answered questions of the council. Bambu Restaurant Owner, Dinh (Yin) Thong, addressed and answered questions of the council. Councilmember Hjelle moved to approve a $400 penalty for the 2008 Alcohol Compliance Check Failure for Bambu Restaurant. Seconded by Councilmember Juenemann. After a lengthy discussion among the council and with Ms. Thong, the owner of Bambu Restaurant, the motion was amended. Councilmember Hjelle moved to amend the penalty from $400 to $250 for the 2008 Alcohol Compliance check Failure with Bambu Restaurant with the option to work a pavment plan out with the city manager and city clerk. Furthermore, alcohol compliance training shall be conducted with the Maplewood Police Department and the training must be ongoing with current and new employees at Bambu Restaurant. Seconded by Councilmember Juenemann. Ayes - All The motion passed. Champp's Restaurant, General Manager, Richard Milton Authier, addressed and answered questions of the council. March 9, 2009 City Council Meeting Minutes 24 Councilmember Hjelle moved to approve a $500 penalty for the 2008 Alcohol Compliance Check Failure for Champp's Restaurant. Seconded by Councilmember Juenemann. Councilmember Hjelle moved to amend the penalty for the 2008 Alcohol Compliance Check Failure for Champp's Restaurant from $500 to $400 and to require Champps Restaurant to bring in an outside trainer to conduct alcohol compliance training. Seconded by Councilmember Nephew. The motion passed. Ayes — Mayor Longrie, Councilmember Hjelle & Nephew Nays — Councilmember Juenemann & Rossbach Councilmember Rossbach moved to require Champp's Restaurant to provide proof to the City that an outside trainer came in to train the employees of Champp's Restaurant. Seconded by Mayor Longrie. The motion passed. Ayes — All Councilmember Hjelle moved to approve a $500 penalty for the 2008 Alcohol Compliance Check Failure for Heritage Liquor. Seconded by Councilmember Nephew. The motion passed. Ayes — Councilmembers Hjelle, Juenemann, Nephew & Rossbach Nay — Mayor Longrie Councilmember Nephew moved to approve a $1,000 penalty for the 2008 Alcohol Compliance Check Failure for Huey's Saloon. Seconded by Councilmember Rossbach. March 9, 2009 City Council Meeting Minutes Ayes — Mayor Longrie, Councilmembers Nephew & Rossbach Nay — Councilmembers Hjelle, & Juenemann 25 The motion passed. Councilmember Rossbach moved to approve imposing a $5,000 fine to Huey's Saloon if another alcohol violation occurs within two vears of March 9. 2009. and aroof of outside Alcohol Compliance training must be provided to the City of Maplewood. Seconded by Councilmember Hjelle. Ayes — Councilmembers Hjelle, Juenemann, Nephew & Rossbach Nay — Mayor Longrie The motion passed. M. CONSENT AGENDA 1. Councilmember Hjelle moved to approve items 1 & 2. Seconded by Councilmember Nephew. Ayes — All The motion passed. 2. Councilmember Nephew moved to approve item 3. Seconded by Mayor Longrie. Ayes — All The motion passed. 3. Councilmember Rossbach moved to approve item 4. Seconded by Councilmember Juenemann. Ayes — All The motion passed. 4. Councilmember Juenemann moved to approve item 5. Seconded by Councilmember Hjelle. Ayes — All The motion passed. 5. Councilmember Hjelle moved to approve item 6. Seconded by Councilmember Juenemann. Ayes — All The motion passed. 1. Approval of Claims. Councilmember Hjelle moved Approval of Claims. March 9, 2009 26 City Council Meeting Minutes ACCOUNTS PAYABLE: $ 282,985.18 $ 132,614.64 $ 208,407.76 $ 375,541.62 PAYROLL 999, 549.20 Checks # 77734 thru # 77790 Dated 02/20/09 thru 02/24/09 Disbursements via debits to checking account Dated 02/13/09 thru 02/20/09 Checks # 77791 thru # 77844 Dated 02/24/09 thru 03/03/09 Disbursements via debits to checking account dated 02/20/09 thru 02/27/09 Total Accounts Payable 487,860.81 Payroll Checks and Direct Deposits dated 02/20/09 3,511.99 Payroll Deduction check #1006873 thru #1006874 dated 02/20/09 $ 491,372.80 Total Payroll $ 1,490,922.00 GRAND TOTAL Seconded by Councilmember Nephew. Ayes — All The motion passed. 2. CarMax/Mogren Addition, Northeast Corner of Highway 61 and Beam Avenue: Annual Conditional Use Permit Review Councilmember Hjelle moved to approve the CarMax/Mogren Addition planned unit development and to be reviewed again in one year. Seconded by Councilmember Nephew. Ayes — All The motion passed. 3. Community Design Review Board 2008 Annual Report Councilmember Nephew moved to approve the Community Design Review Board 2008 Annual Report. Seconded by Mayor Longrie. Ayes — All The motion passed. 4. Carry Over of 2008 Appropriations to 2009 March 9, 2009 City Council Meeting Minutes 27 N H Councilmember Rossbach moved to approve the Carry Over of the 2008 Appropriations to 2009 in the amount of $82,809. Seconded by Councilmember Juenemann. Ayes — All The motion passed. 5. Approve Entering Into Contract for Residential Sanitary Sewer Cleaning and Televising For 2009 Capital Improvement Projects Councilmember Juenemann moved to approve entering into a contract for services with Weld & Sons Plumbing for residential sanitary sewer cleaning at $100/hour and televising at $135/hour and additional length/time at $100/hour no add. LF charges for the 2009 Capital Improvement Projects. Seconded by Councilmember Hjelle. The motion passed. Ayes — Al I 6. Approve Contracts For Purchasing Of Truck Body Equipment For Single -Axle Dump Truck Councilmember Hjelle moved to approve entering into the following contracts for the State Contract 440595 with Aspen Equipment for the purchase of dump body and sander for $53,669.00 and State Contract 440607 with Towmaster Truck Equipment, Inc. for the purchase of snow plow, wing and underbody scraper for $33,105.52. Seconded by Councilmember Juenemann. The motion passed. AWARD OF BIDS Ayes — Councilmembers Hjelle, Juenemann, Nephew & Rossbach NRL— Mayor Longrie Council Consider Approval of Bid for Land Cover Classification a. Open Space Naturalist, Ginny Gaynor gave the report and answered questions of the council. Councilmember Hjelle moved to approve the Bid from Emmons & Olivier Resources, Inc. for $15,976 to conduct land cover classification of Maplewood. Further recommending that up to $10,976 of this be funded from CIP Project #PM08.060 (open space improvement), and the remaining $5,000 be funded by the Community Conservation Assistance Grant. Seconded by Councilmember Juenemann. Ayes — All The motion passed. COUNCIL PRESENTATIONS (moved to the end of the meeting) Employment Contracts — Mayor Longrie (Mayor Longrie said this item had been resolved) March 9, 2009 City Council Meeting Minutes 28 2. Fish Creek — Councilmember Nephew Councilmember Nephew spoke regarding Fish Creek and mentioned he would like the council to direct staff to provide a report to the council regarding the status of the CoPar property. Councilmember Nephew inquired how the council felt regarding acquiring land for conservation in the Fish Creek area which is allowed by the settlement agreement with CoPar in 2008. 3. Code Enforcement Nuisance Ordinance — Mayor Longrie Mayor Longrie said a citizen contacted her several times regarding a neighbor who has had code enforcement issues and has been harassing neighbors. This resident does not have the money to file a harassment restraining order for this particular neighbor. Mayor Longrie asked the City Attorney if there is an ordinance where this nuisance neighbor could be sited with a violation ordinance. Mayor Longrie asked if a nuisance neighbor with a high frequency of police calls to a particular address can then be charged for those excessive amount of police calls for city services used in order to address this nuisance behavior rather than through a restraining order. This particular resident is not the only person in the neighborhood that feels they are harassed or violated its many neighbors. (City Attorney, Kantrud said he would recommend that the neighbor or neighbors contact him directly. It would be difficult to prosecute a case that the basis for the public nuisance was service calls to that resident. There is an Excessive Consumption of Services Ordinance that might be a better to use.) 4. 311 — Mayor Longrie Mayor Longrie discussed an article regarding 311. She also mentioned doing research regarding this option when a new phone system is proposed and set forth in the capital improvement plan in the future budget. 5. Website — City Council Page — Mayor Longrie Mayor Longrie discussed the city website where it states councilmember's are elected at large with three year overlapping terms. The website needs to be corrected to read four-year staggered terms. It also says council objectives and describes what the council does rather than what the council objectives are. 6. Announcement of Appointment to First Tier Suburbs Council for National League of Cities — Mayor Longrie said she was appointed to the First Tier Suburbs Council for National League of Cities and 2 weeks or so later she was appointed to the Energy and Environmental Resource Policy and Advocacy Committee. Information was provided in the city council packet. Councilmember Nephew moved to Suspend the Rules for Consideration to allow a vote on whether or not to make budget adjustments to allow for the Mayors trip to the National League of Cities. Seconded by Councilmember Rossbach. Ayes — Mayor Longrie, Councilmembers Nephew & Rossbach The motion passed Nays — Councilmembers Hjelle, Juenemann March 9, 2009 29 City Council Meeting Minutes U Councilmember Rossbach moved to direct staff to make financial arrangements so that the Mayor can represent the council in Washington at the League of Cities Conference in March 2009. Seconded by Councilmember Nephew. The motion passed. Ayes — Mayor Longrie, Councilmembers Nephew & Rossbach Nays — Councilmembers Hjelle, & Juenemann 7. Website Corrections - Mayor Longrie (saved for a later date) 8. Basics of Planning and Zoning — Mayor Longrie (Mayor Longrie passed information on to the council regarding planning and zoning) 9. GIS — Mayor Longrie (Mayor Longrie discussed GIS systems) 10. Alarm Permits — Councilmember Nephew (Councilmember Nephew discussed Home Alarm Permits and the fee that is charged. If you have a permit for the alarm the first two false alarms in 6 months time are free. Councilmember Nephew discussed some alternative ways of charging customers a different fee structure.) 11. Commissions — Councilmember Nephew (Councilmember Nephew suggested that the council follow up in the future with a council workshop to discuss Commissions and Boards. New City Manager Antonen will follow up with that. 12. Citizen Forum Update - Mayor Longrie (If you saw in the City Newsletter that the Citizens Forum it was printed as March 14, 2009, it should have been March 7, 2009. It's always scheduled for the first Saturday of the month.) VISITOR PRESENTATIONS — PART II None. P. ADJOURNMENT Mayor Longrie adjourned the meeting at 11:55 p.m. March 9, 2009 30 City Council Meeting Minutes For The Permanent Record Meeting Date:Oq Agenda Item #: KI J Springsted $4,765,000* CITY OF MAPLEWOOD, MINNESOTA Springsted Incorporated 380 Jackson Street, Suite 300 Saint Paul, MN 55101-2887 Tel: 651-223-3000 Fax: 651-223-3002 Email: advisors@springsted.com www.springsted.com GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BONDS, SERIES 2009A (BOOK ENTRY ONLY) AWARD: CRONIN & COMPANY, INC. WELLS FARGO BROKERAGE SERVICES, LLC SALE: March 9, 2009 Moody's Rating: Aa2 Interest Net Interest True Interest Bidder Rates Price Cost Rate CRONIN & COMPANY, INC. 2.00% 2010-2012 $4,803,848.00 $1,194,287.83 3.3879% WELLS FARGO BROKERAGE 2.50% 2013 SERVICES, LLC 3.00% 2014-2016 3.25% 2017 3.50% 2018 4.00% 2019-2022 4.10% 2023 4.25% 2024 4.40% 2025 PIPER JAFFRAY & CO. 2.00% 2010-2012 $4,778,222.25 $1,203,323.38 3.4282% 2.15% 2013 2.40% 2014 3.125% 2015 3.25% 2016 3.50% 2017 3.75% 2018 3.625% 2019 3.875% 2020 4.00% 2021-2023 4.15% 2024 4.20% 2025 NORTHLAND SECURITIES 2.50% 2010-2012 $4,820,387.00 $1,216,029.67 3.4436% 3.00% 2013-2015 3.25% 2016-2017 3.50% 2018-2019 4.00% 2020-2021 4.25% 2022-2023 4.50% 2024-2025 (Continued) Public Sector Advisors Interest Net Interest True Interest Bidder Rates Price Cost Rate UMB BANK, N.A. 1.50% 2010 $4,726,308.20 $1,277,413.47 3.6660% 1.90% 2011 2.15% 2012 2.45% 2013 2.75% 2014 3.00% 2015 3.20% 2016 3.40% 2017 3.60% 2018 3.75% 2019 3.90% 2020 4.00% 2021 4.10% 2022 4.20% 2023 4.30% 2024 4.35% 2025 MORGAN KEEGAN & COMPANY, INC. 3.00% •2010-2011 $4,797,065.25 $1,299,135.79 3.7043% 2.50% 2012 3.00% 2013 3.25% 2014-2015 3.75% 2016 4.00% 2017-2021 4.125% 2022-2023 4.375% 2024-2025 FTN FINANCIAL CAPITAL MARKETS 3.00% 2010-2013 $4,717,350.00 $1,352,593.33 3.9052% 3.25% 2014-2015 3.40% 2016 3.60% 2017 3.80% 2018 3.90% 2019 4.10% 2020-2021 4.15% 2022-2023 4.25% 2024-2025 (Continued)