HomeMy WebLinkAbout04/24/1984 TENTATIVE AGENDA
ADJ .REG.SESSION SHAKOPEE, MINNESOTA APRIL 24, 1984
Mayor Reinke presiding
—RQ1 1_-f:.PJ 1 t ,77-,nn
., ,.
23 REUUGNITI43N By CI'YY Z-OA3NZIL OF 111-1-hRESTED CITIZENS
3] Presentation from fiscal consultants:
a. 7 :00 p.m. - Ehlers and Associates
b . 7 : 40 p .m. - Miller & Schroeder
C . 8: 20 p.m. - Springsted Inc .
41 Fox Run 1st Addition - Review of Proposed Road Alignment
51 Huber Park Trail Restroom Facility
6] Computer System Cost
71 Consulting Services from Westwood Planning & Engineering
81 Other business:
a.
b .
C .
9] Adjourn.
John K. Anderson
t
P E R S O N N E L
STAFF PROFILE
Ehlers and Associates, Inc. currently has twenty staff members, including nine
finance professionals, an office/projects manager, supervisory and research
analysts, and other support personnel. Ehlers' professional staff has
education and experience in law, business, banking, accounting, finance,
education, urban planning and public administration, and over 175 years of
combined experience in public finance. Ehlers and Associates, Inc. is
especially proud of the quality and experience of our support staff. Ehlers'
"back office" has a well-deserved reputation for attention to detail and
quality of work product. Ehlers and Associates, Inc. is confident that we
have the personnel and resources to provide clients with superior service.
SERVICE DELIVERY; TEAM APPROACH
Ehlers and Associates, Inc. uses a team approach in working with clients.
This means that one Account Executive will have primary responsibility for a
client's account, but will be assisted by one or more associate account
executives and research analysts. This approach fixes responsibility and
assures continuity of service for the client from the time of the proposal
through any follow-up work on a bond issue. Additionally, it allows a better
match of Ehlers' staff expertise and experience to the particular needs of our
clients.
PROJECT TEAM
Ehlers and Associates, Inc. offers a group of individuals with an exceptional
combination of expertise and experience to act as the financial advisory team
for the City of Shakopee. The following section introduces the project team
and highlights the role of each member. Full resumes of the team members
follow this summary section.
William E. Fahey, First Vice President. Mr. Fahey will be the lead Account
Executive for the contract with the City of Shakopee. He will coordinate and
review all work performed under the contract and act as the primary liaison to
the City. Mr. Fahey has experience in local government, finance, law and
administration since 1971, joining Ehlers and Associates in 1976 as financial
advisor to local governments. He obtained his formal education from the
Minnesota School of Business, Minnesota Junior College System, University of
Minnesota and Syracuse University. He served Thief River Falls, Northfield
and Shakopee as City Administrator with primary responsibility for
administration and finance. Additional offices held by Mr. Fahey include
assessor, H.R.A. Director, Planning and Grant Director.
- 6 -
Mr. Fahey has been an instructor in short courses sponsored by the League of
Cities, the University of Minnesota, and the Minnesota Municipal Clerks and
office. he served
on several committees of the League of Cities and Metro League of Cities.
Mr. Fahey is a registered lobbyist and has provided testimony supporting local
government and sound financing laws.
He has served as President of the Minnesota Municipal Clerks and Finance
Officers Association and a member of Minnesota City Managers Association.
.eve Apfelbacher. Steve Apfelbacher has over 14 years in public -mance
irk. His public finance experience include tax increment development,
lojections, and financings; advance refundings; pure revenue financing; cash
nw analysis; short term cash flow financing; debt defeasance; development of
4i_ts-L ijr_ov_ement lqrorrams;_ municipal budgeting; referendums for capital
cpenditures; program administration; tax impact analysis and presentation;
?ase back financing of municipal buildings; bond fund or working capital
ivestment programs; successful funding of federal and state grant
?plications; and securing private financing for private developers.
its experience has aided numerous cities, counties, sanitary districts, and
,hool districts in undertaking successful projects for highway, health care,
lectrical, storm sewer, wastewater treatment, water, solid waste, public
silding, airport, urban renewal downtown development/redevelopment, housing,
?creational and industrial development facilities. These projects may have
acorporated any combinations of project revenues including special
ssessments, user charges, tax increment revenues, general property tax levy,
tate or federal payments, special property tax levy, contract revenues, and
pecial revenue charges.
KPERIENCE
971 to 1976 - Secondary teacher for St. Paul Schools.
Elected three terms to the South St. Paul, Minnesota City
Council and selected Finance Chairperson and City Council
President.
rb 'tO L fTLl'ytrL'L:%YC-uL-I, W!L-0kR' n--'* ...f'. �91J:t;va Ti�J'1�!tnr �f _the_ Housing
& Redevelopment Authority (HRA), and Executive Dltectbr oi-
the Economic Development Authority (EDA) for the City of
South St. Paul in a $12 million development/redevelopment
and housing program.
to present - Joined Ehlers and Associates, Inc.
- 7 -
1I1
197!
WHAT DOES EHLERS & ASSOCIATES DO FOR THEIR CLIENTS AS THEIR FINANCIAL ADVISOR
IN ADDITION TO SELLING BONDS?
1. Regular visits
Example: Service clients within the area (i.e. Eden Prairie).
2. Attendance at Budget Sessions as Requested
Example: Fairmont, Virginia.
3. Scheduling of Regular Visits by Representatives of Moody's Investors
Service, Inc.
Example: Dinner - May 2, 1984
Tour - May 4, 1984
Seminar - May 29, 1984
Tour - May 30-31, 1984
4. Contacting Clients to Pass on Important Developments
Example: City of Plymouth's recent visit to Moody's.
Moody's reconsideration of cash in the debt service
sinking funds for debt per capita calculations.
5. Seminars for Clients
Example: Cash flow seminar on May 5, 1982.
6. Meeting with Staff to Jointly Examine Special Projects for
Preliminary Financial Planning and Feasibility
Example: Eden Prairie and South St. Paul tax increment projects.
7. Special Alerts to Program, Policy and Law Changes
Example: UDAG, state legislation, Moody's rating policy changes.
8. Staff/City Council Workshops
Example: Hutchinson, Redwood Falls, Virginia, Faribault, Blue
Earth.
9. Internal Rating Reviews and Analysis of Credit Reports
Example: Fairmont, Virginia, Owatonna, Hutchinson, Redwood Falls,
Blue Earth, Eden Prairie.
i
CITY OF SHAKOPEE, MINNESOTA
FINANCIAL ADVISORY PROPOSAL
April 24, 1984
T A B L E O F C O N T E N T S
Page
I. PROFILE OF FIRM ......................................... 1
History................................................. 1
Independence............................................1
Philosophy of Service ................................... 1
Continuity of Service ................................... 2
Areasof Expertise......................................3
-Planning & Marketing of Public Debt ................... 3
-Recognition in Investment World ....................... 3
-Computer Capabilities ................................. 4
-Other Financial Services .............................. 5
II. PERSONNEL ............................................... 6
StaffProfile ........................................... 6
ServiceDelivery; Team Approach ......................... 6
ProjectTeam ............................................ 6
................... .. 7
III. SCOPE OF SERVICES ....................................... 10
FinancialPlanning ...................................... 10
BondSale Preparation ................................... 11
BondSale ............................................... 12
PostSale...............................................12
Compensation............................................ 13
IV. EXPERIENCE & REFERENCES OF THE FIRM ..................... 17
Dollar Volumes & Sample Projects ........................ 17
ProfessionalReferences ................................. 20
V. APPENDIX
Client/Project List
Q_the r Fi A*LrJ_°L S4.''�t&2-2�L _ zi�- iiJiii�iuL T resources and staff expertise in
finance, analysis, and budgeting allows us to provide clients a broad range of
financial advisory services in addition to the planning and marketing of
specific debt issues.
Debt Management Policy. Because the financing costs associated with the
placement of bond issues is directly affected by a community's
outstanding debt and credit position, effective debt management is an
important component of a sound fiscal policy. Ehlers and Associates,
Inc. can review existing short and long term debt, applying economic
indices and other market standards to evaluate the client's credit
Position. Ehlers can then advise actions and policy changes to improve
debt management.
Capital Improvements Programming. Sound fiscal management also entails
the anticipation of future capital requirements. Ehlers and Associates,
Inc. can assist in the development of a multi-year capital improvement
program, providing computer-generated projections of project costs and
capital requirements for various financing alternatives. With an
adopted capital improvement program, all gradects can be evaluated in
light of future needs, and new debt issues can be structured to
accommodate anticipated future debt service requirements.
Investment Analysis. The investment of idle public funds can be a
significant source of revenue. Ehlers' computer capabilities and
knowledge of the financial markets will enable us to analyze investment
opportunities and develop a program to enhance the interest earned on
a'aiiable public funds.
Special Studies. Ehlers has the expertise to undertake special studies
of a variety of project or development proposals. A fiscal impact
analysis of a proposed annexation program based on a proposed
development of a residential subdivision would enable county officials
to be more fully Df4-Lr!mPd t.Ve�u4aagc^�di�• 11ugtrC of urian
growth. Similarly, a cost -benefit analysis of alternative arrangements
for the provision of public services will help county officials to
better evaluate all alternatives propflsed for their consideration.
Ehlers can undertake financial feasibility studies of utility projects
such as hydroelectric, cogeneration and solid waste projects that will
assist clients in formulating construction programs that most
efficiently meet the needs of the service area.
- 5 -
Mr. Fahey has been an instructor in short courses sponsored by the League of
Cities, the University of Minnesota, and the Minnesota Municipal Clerks and
Finance Officers Association. During his years in municipal office, he served
on several committees of the League of Cities and Metro League of Cities.
Mr. Fahey is a registered lobbyist and has provided testimony supporting local
-•- -----„..�AyP��c�p��� d'S�iti1Sf J1Si'6 •id�S'a . -
He has has served as President of the Minnesota Municipal Clerks and Finance
Officers Association and a member of Minnesota City Managers Association.
Steve Apfelbacher. Steve Apfelbacher has over 14 yetrz ja public fi:&nt�e
work. His public finance experience include tax increment development,
projections, and financings; advance refundings; pure revenue financing; cash
flow analysis; short term cash flow financing; debt defeasance; development of
capital improvement programs; municipal budgeting; referendums for capital
expenditures; program administration; tax impact analysis and presentation;
lease back financing of municipal buildings; bond fund or working capital
investment programs; successful funding of federal and state grant
applications; and securing private financing for private developers.
This experience has aided numerous cities, counties, sanitary districts, and
school districts in undertakirgg
eiectricaI, storm sewer, wastewater treatment, water, solid waste, public
building, airport, urban renewal downtown development/redevelopment, housing,
recreational and Insius-t-ri-a7 Aq-x, i_mga,- &&-. :«g�-oJects may Have
incorporated any combinations of project revenues including special
assessments, user charges, tax increment revenues, general property tax levy,
state or federal payments, special property tax levy, contract revenues, and
special revenue charges.
EXPERIENCE
1971 to 1976 - Secondary teacher for St. Paul Schools.
Elected three terms to the South St. Paul, Minnesota City
Council and selected Finance Chairperson and City Council
President.
1976 to 1979 - Director of Development, Executive Director of the Housing
&-RR-=�,n 1L AA'tuhsul=itiy 'M&) -anh'hxecutiv”-iract-nr_nf
the Economic Development Authority (EDA) for the City of
�n� rrQai'n -program.
present - Joined Ehlers and Associates, Inc.
- 7 -
1979 to i
* Lecturer for MFOA meetings.
* Cosponsored seminars on municipal finance and tax increment financing.
ivn-hufteh numerous Yinancing feasibility studies for clients' special
needs.
as a Bachelor of Arts Degree in Economics & Finance from Drake
Moines, Iowa. Additionally, he has courses in computer
is a member of the Municipal Finance Officers Association and
Association of School Business Officials.
CE:
istrict Manager for Office Business Machine company.
alesman for calculator firm.
,Senior Vice President. Jana Ristamaki acts as the Firm's
)erations manager. Ms. Ristamaki has nineteen years of
1 Ehlers and Associates, Inc. in virtually every aspect of the
irketing of municipal debt. She is responsible for project
and company billings. She will also coordinate the details of
igs and the delivery of the bond proceeds to the City of
.1 as assisting the issuer in dealing with inquiries of the
throughout the maturity of the issue.
Supervisory Analyst. Marge Stanton has been with Ehlers for
and has extensive experience in research, debt service
flow studies, property tax structures, legal and accounting
omputer operations. She has researched and written, or
completion of more than 300 offering statements for new
issues. Marge Stanton will supervise the research and
the official statement.
istant Account Executive. As an assistant account executive at
ciates, Inc., Nancy DeMarais works closely with the account
e preparation of official statements. Ms. Liss does extensive
collection and computer analysis for Ehlers' official
addition, she supervises the printing and mailing of the
ents, acts as liaison between the issuer, the account
the rating agencies, and coordinates follow-up activity after
Ms. Liss will be working closely with the team account
he research and preparation of the official statement.
cDDUA1T0A':
Mr. Chenoweth h
University, Des
Dro£rza nli_0yc.Dd
AFFILIATIONS:
Mr. Chenoweth
the Minnesota
OTHER EXPERIEN
- Former
- Former
Jana Ristamaki
business and o]
experience wit]
planning and mi
record-keeping
the bond closir
Shakopee as we]
broker/investor
Marge Stanton,
over six years
planning, cash
functions and c
supervised the
municipal bond
preparation of
Nancy Liss, Ass
Ehlers and Asso
executive in th
research, data
statements. In
official statem
executive, and
the bond sale.
executives in t.
�4: rJ, -n_ P_ F_ -n-F S P R V T _r- F- S
to the City of Shakopee, Ehlers and Associates, Inc. will
As financial advisor
letailed in the following sections:
perform services as d
FINANCIAL PLANNING
:isting Debt -- Our first action, if employed as financial
Review Resources & Ex
study the City's economic resources and review its
advisor, will be to s
Ehlers believes that a thorough understanding of the
financial objectives.
'inancial position is a necessary prerequisite to the
City's economic and f
,nd marketing of new debt obligations. We will review
successful planning a
fidgets and capital improvement programs, the outstanding
current and recent bu
er pertinent social, physical and economic data bearing on
debt, as well as oth
and creditworthiness of the issuer. If appropriate,
the financial health
mprove an issuer's debt management will be offered.
recommendations to ii
Refunding Opportunities -- As part of our review of the
Analysis of Advance
11 identify any opportunities for saving debt service
existing debt, we wi
tages that might be available through an advance refunding
costs or other advan
ffecting the feasibility of an advance refunding include
of bonds. Factors a
d bonds, current interest rates, the call date on the
interest rates on ol,
he call premium, the years the old bonds have to run after
outstanding bonds, t'
covenants, arbitrage regulations, availability of
the call date, bond
value of savings, total economic value.
investments, present
rojects -- For each proposed capital financing project, we
Review of Proposed P;
aluate all available financing options, considering any
will identify and ev
rojects and capital market conditions. With the aid of
anticipated future p;
s, we will analyze the impact of the alternative financing
our computer program
es and/or utility rates through the financing period. We
options on local tax,
mit written reports, including printed computer
will prepare and subs
staff and governing board outlining the feasibility of the
projections, to the
ng alternative methods of financing, including the
projects and compari,
osts, tax and utility rates. We will advise the City of
resulting interest c,
t of the alternative financing options and recommend the
the long-range impac
that best fit the project, resources of the issuer, and
methods of financing
market conditions.
Issue -- In developing the maturity schedule,
Structuring the Debt
st given to the maturities of existing debt. The new debt
consideration is fir
around" the old debt. The utility rates or property tax
may then be "wrapped
ortize both the existing and new debts will be structured
rates required to am
ly possible to reflect service, benefits and ability to
as close as reasonab
is also given to how the maturity schedule will affect the
pay. Consideration
new issue and the total interest costs. We will assist
marketability of the
g the best maturity schedule for the new debt and
the City in selectin,
- 10 -
offer recommendations regarding bond denominations, call provisions, debt
service reserves, and bond covenants, appropriate to the particular debt issue.
Authorization of the Debt; communication with the public -- Ehlers' staff will
attend all meetings and public hearings necessary to properly explain the
project financing and assist in preparing public information materials
including brochures, news releases and visual aids regarding the financing, if
necessary. We will consult with attorneys of the City's choice relative to
all minutes, resolutions and proceedings necessary to authorize the financing.
BOND SALE PREPARATION
Bond Market Conditions -- We will advise the City on bond market conditions
and recommend a sale schedule that will best assure the successful marketing
of the City's issue.
Preparation of Official Statement -- We will provide leadership and maximum
cooperation with the City's staff in the preparation of an Official Statement
which completely and accurately represents the City of Shakopee to rating
agencies and to investors. We welcome the involvement of the City's staff in
data collection, and in the review and approval of the final draft. To avoid
costly last-minute revisions, the Official Statement will be as complete as
possible when sent to the approved printer.
Representation to Rating Agencies -- We recognize the importance of retaining
and improving the "A" rating now enjoyed by the City of Shakopee. We will
supplement the Official Statement as deemed advisable with additional
information for rating agencies. We will also act on the City's behalf in
responding to any questions buy the rating agencies regarding the City's
issue. Ehlers will advise when a trip to New York appears to be in the
issuer's best interest or, perhaps, if inviting the rating service's staff to
Shakopee would be wise or both. If special conferences with the rating
services are necessary, Ehlers will provide leadership in developing an
effective presentation.
Notice of Sale -- In cooperation with attorneys of the City's choice we will
prepare and publish the Official Notice of Sale in compliance with all
requirements specified in state laws. In addition, we will advertise the sale
in such financial publications as will best assure competitive bidding.
Preparation of Bid Form -- We will provide a Uniform Bid Form appropriate to
the particular bonds offered for sale.
Structuring the Bond Issue -- This service addressed in FINANCIAL PLANNING,
section, above.
Coordination of Professional Services -- We will cooperate fully with the
City's bond counsel and other professionals to ensure that legal and
procedural details are properly followed and that all necessary documents are
prepared. We will also work closely with the engineers and architects in
structuring debt issues to meet the actual needs of the project and, if
requested, to invest idle construction funds as effectively as possible.
- 11 -
Bond Registration -- Bond registration has been moving forward since July 1
without any great disruption to the bond markets, and it appears that
registration will result in a more efficient closing and transfer of
securities. We will assist the issuer in selecting an appropriate
Registrar/Paying Agent.
Prospective Bidders -- A comprehensive listing of regional and national
prospective bidders and buyers is maintained and current in the Ehlers'
office, to which local banks and underwriters will be added to provide the
widest possible distribution of the official statement. Ehlers will solicit
interest in the issue through personal contact with prospective bidders and
will be available to answer their questions.
BOND SALE
Competitive Sale -- Ehlers' involvement on "sale day" will be geared to the
best interest of the City of Shakopee. We will advise the City as to market
conditions on the day of the sale, market trends and recent comparable sales.
As an independent agent, we will receive, complete and deliver bids to the
sale on behalf of any underwriters requesting such service in order to
maximize the number of competitive bids.
Ehlers' staff will attend the sale and assure procedural compliance with the
provisions as set forth in the Official Notice of Sale. The accuracy of the
bids received will be immediately verified by our staff on our computers. You
will then be advised as to the accuracy of the bids and on the acceptability
of those bids. If bids are not acceptable for whatever reason, the City will
be advised, options will be thoroughly explained and reviewed, and appropriate
action will be advised.
Negotiated Sale -- Where required or desirable, and in lieu of certain
services specified above (official statement, advertising), Ehlers will
negotiate on behalf of the issuer with interested purchasers for the sale of
obligations to obtain the best possible terms thereon for the community.
POST SALE
Bond Closing -- A prompt, trouble-free closing is a vital part of any bond
transaction and can affect underwriter relationships in future transactions.
The great detail required in the last stages of issuance is addressed by firm
procedure in the Ehlers' office so nothing is overlooked. Coordination with
the approved bond printer, bond counsel, successful bidder, registrar/paying
agency, bond signers, designated banks and the City's staff on the various
final stages will be careful and complete. Ehlers' staff will attend the bond
closing, supervise the execution of all necessary documents, assure delivery
of bonds, and ensure the prompt transfer (same day) of funds to the issuer for
prompt investment.
- 12 -
Investment of Bond Proceeds -- At the request of the issuer, we will assist in
the investment of the sale proceeds consistent with the safety and financial
requirements of the community. Our specialized computer software will enable
us to develop an investment program that structures investment maturities to
maximize investment earnings while ensuring adequate funds to meet financial
obligations.
Records of Issue -- The City will be furnished a complete bond transcript and
a permanent bond record book and Ehlers will maintain copies of proceedings
(hard copy or microfilm) until final maturity of the obligations. The City
will be invited to contact our office at any future time with any questions
pertaining to the issue(s).
Annual Rating Agency Reports -- As the City's financial advisor, Ehlers will
provide computer printouts of the maturity schedules of all outstanding
issues. At the City's request, we will also prepare the annual rating
agencies' reports to best ensure maintenance of the current rating.
COMPENSATION
In return for the services described above in connection with the financing of
a project and for each issue or series of obligations, we shall be entitled to
a fee, due and payable only upon the award of the sale of the obligations or
commitment from the appropriate state or federal agency of a grant or loan for
the project, as follows:
$ 12.50 per $1,000 for the first $500,000 bonds issued
$ 6.23 per $1,000 for the next $500,000 bonds issued
$ 3.12 per $1,000 for the next $1,000,000 bonds issued
$ 1.61 per $1,000 for the next $8,000,000 bonds issued
$ .81 per $1,000 for any amount in excess of $10,000,000
The gross fee for any offering processed above shall not be less than $5,875.
When more than one bond issue is sold in a single offering, the fee for the
small issue(s) of the offering shall be reduced by twenty-five percent;
provided, however, that the fee for any issue shall not be less than $4,400.
For revenue bonds, including "double barrelled" general obligation revenue
bonds, the above fee shall be multiplied by 1.5.
From said fee we are to pay the costs of computer services furnished or
ordered by us in connection with processing such issues, advertising the sale,
preparation and distribution of the official statement, printing of the
obligations, and normal company personnel travel and overhead expense required
to service a normal bond issue.
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All legal fees, C.P.A. or accountant's charges, and the charges for any other
professional work required to complete the project financing, and all bond
rating expenses and the cost of any authenticating agent shall be paid by the
government.
It is further agreed that the City reserve the right to reject all offers
secured for the obligations.
Failure to Receive Offers; No Fee -- If no offer is received for the bonds or
if the best offer is determined to be unreasonable in the light of various
indices recognized by the trade for bonds of similar maturities and quality
and is rejected, we shall not be entitled to any fee under this portion of the
agreement (marketing bonds), but we shall be reimbursed our out of pocket
expenses incurred in advertising, printing and distribution of the official
statement, and travel expense. In such case, for a period of one year, we
shall be authorized to solicit further offers, either through solicitation or
public sale and, if successful in obtaining an offer reasonably close to
market rates, or which is accepted notwithstanding, we shall be entitled to
the fees described above, less any previous reimbursements of expenses. Such
time to seek additional offers shall be extended if we are prevented from
entertaining offers because of statutory interest rate or other legal
limitations.
Abandonment -- If a project is abandoned before receiving bids on bonds, we
shall be reimbursed for our actual time and out of pocket expenses spent on
the project. If the project is abandoned after market rate bids have been
received for bonds, we shall be entitled to the entire fee determined for the
schedule above, less bond printing expense if no bonds have been printed. At
our option, a project shall be deemed abandoned if bonds are not issued within
nine months after authorization by election, hearings, and governing body
action, or other required proceedings; provided, however, that if a bond sale
is in process, the project shall not be deemed abandoned. If, after it shall
have been abandoned, a project is reactivated, any fees previously billed for
travel and other out of pocket expense shall not be credited against the fee
and expenses involved in completing the reactivated project, except as further
agreed between the parties.
Limitation of Liability; Bond Market and Interest Rates -- The bond market and
interest rates can be volatile and fast changing, subject to factors beyond
the control or knowledge of the consultant, and Ehlers and Associates, Inc.
shall not be liable for differential interest costs which might be
determinable only after the sale. For example, should we recommend a bond
sale and it later appears that, had the sale been advanced or postponed, a
lower interest rate might have been obtained, neither the company nor
employees of the company shall be held liable for the differential interest
cost.
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Government Regulations; Renegotiation -- The United States government recently
adopted and may in the future adopt laws and regulations relating to the sale
and issuance of municipal bonds. Depending upon future regulations and
interpretations thereof, substantial additional duties and responsibilities
may be imposed not contemplated in the description of services above. Should
such laws and regulations result in such added work and costs that they cannot
be performed within the compensation provided in this proposal, the company
reserves the right to renegotiate the company's compensation, provided
however, that if the parties cannot renegotiate an agreement to their mutual
satisfaction, this contract may be terminated, provided that the company shall
be compensated for services and expenses incurred to that time according to
the terms of this proposal.
Work Product; Computer Programs -- Upon completion of work for which billings
are made, copies of all computer runs, analyses, reports, and official
statements, shall be delivered to the government, provided, however, no such
documents shall be used in soliciting offers for the puchase of bonds or other
investment without our permission. All computer programs used by the Company
in preparing fiscal analyses shall remain the property of the Company.
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EXECUTION OF PROJECT FINANCING
CALCULATION OF FEE
EHLERS AND ASSOCIATES PROPOSAL
Security
Issue
Minimum fee
$500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
1,500,000
1,750,000
2,000,000
2,500,000
3,000,000
4,000,000
5,000,000
7,500,000
10,000,000
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Fee
$ 5,875
$ 6,694
7,361
8,029
8,696
9,364
10,031
10,365
10,699
11,033
11,366
11,700
12,535
13,369
14,231
15,094
16,819
18,544
22,856
27,169
E X P E R I E N C E & R E F E R E N C E S
Ehlers and Associates, Inc. offers clients nearly thirty years of public
finance experience gained over an eight -state area in the Upper Midwest.
Three lists of clients and references are included in the Appendix. The first
list includes some of our long-term clients and the total dollar volume of
debt issued throughout the years. The second list provides information on
projects completed since the beginning of 1983, while the third list indicates
1981 and 1982 projects. In order to obtain a better view of our services, we
invite the City to contact any of the communities or people mentioned below or
listed in the Appendix material.
DOLLAR VOLUMES & SAMPLE PROJECTS
In the last twelve months Ehlers and Associates, Inc. has participated in the
planning and marketing of 135 bond issues for a total dollar volume of
$149,375,000. We have included for the City's review official statements and
sale results of four bond projects which are summarized below.
City of Plymouth, Minnesota
$7,000,000 General Obligation Tax Increment Bonds of 1984
$4,900,000 General Obligation Improvement Bonds of 1984
The $7,000,000 General Obligation Tax Increment Bonds were sold by the City to
finance interchange improvements on I-494 for the development of the
Minneapolis Industrial Park. The City sold these bonds based on developments
projected by Carlson Properties, the real estate group of Carlson Companies,
in the City's development district. In the event sufficient tax increment
revenues are not generated, Carlson Properties has provided an indemnity bond
by St. Paul Fire & Marine Insurance Company to guarantee the payment of debt
service on this bond issue for the City. Four bids were received from the New
York, Chicago, Minneapolis, and Milwaukee financial markets.
Contact Persons: Mr. James Willis, City Manager
Mr. Lloyd Ricker, Finance Director
3400 Plymouth Blvd.
Plymouth, MN 55447
(612) 559-2800
- 17 -
City of South Saint Paul, Minnesota
The City has retained Ehlers and Associates continuously as their fiscal
consultants for over 22 years. During that time the City has issued over
$21,000,000 in general obligation bonds and $10,000,000 in Residential
Mortgage Revenue Bonds. Ehlers and Associates, with South St. Paul, issued
the first General Obligation Tax Increment bonds in Minnesota. Issuing
general obligation bonds saved the City numerous dollars in interest expense
over the terms of the three general obligation Tax Increment Bonds. General
Obligation Tax Increment bonds are now issued by all communities throughout
Minnesota. Due to the success of the Tax Increment District two of these
issues have been defeased with available cash in the tax increment district.
This has now allowed the City to finance more Tax Increment projects than
originally projected.
Contact Persons: Mayor Charles Michelson
James Cosgrove, City Coordinator
City Hall
125 Third Avenue North
South St. Paul, MN 55075
(612) 451-2787
Lakeview Downtown Development Authority of Battle Creek Township
$5,200,000 Limited Obligation Development Bonds of 1982
The $5,200,000 limited obligation bonds were issued to finance site
development work and other improvements in support of a $35 million three
department store regional shopping center. This issue represents a very
complex and innovative use of tax increment financing and was critical to the
financial feasibility of the entire project. The proceeds of this issue were
escrowed until the developer constructed the shopping center and public
improvements. Once the increment was certified, the bond issue proceeds were
released from the escrow account and the developer reimbursed for all costs.
The issue was insured by AMBAC and received a Standard & Poor's rating of
"AAA". The bonds were sold on a semi -competitive basis at a net interest rate
of 11.9557
Contact Persons: Mr. John Faus, Chairman
Lakeview Downtown Development Authority
1125 West Territorial Road
Battle Creek, MI 49015
(616) 968-1330
- 18 -
Battle Creek
Contact Persons (cont.)
Mr. Maurice Cohen
Forbes/Cohen Properties
30840 Northwestern Highway
Suite 230
Farmington Hills, MI 48018
(313) 851-8800
City of Eden Prairie, Minnesota
$19,800,000 General Obligation Advance Refunding Tax Increment Bonds of 1983
and $2,900,000 General Obligation Bonds and Certificates of Indebtedness
The $19,800,000 G.O. Advance Refunding Tax Increment Bonds were issued to
refund $18,000,000 in 1982 G.O. Tax Increment Bonds. The original tax
increment bonds were issued to finance the construction of interchange
improvements. This $18,000,000 bond issue was the first General Obligation
Tax Increment issue to be sold with AMBAC insurance. This innovative approach
was used to lower the interest rate on the bond issue so that the bonds could
be sold. At that time, the market interest rate was greater than the maximum
interest rate allowed under state law. Ehlers and Associates was able to sell
this bond issue and the City started construction on the interchange
improvements on schedule.
Ehlers and Associates, Inc. recommended the refunding to achieve savings in
debt service costs. The sale of the Advance Refunding Tax Increment Bonds
resulted in a savings of $1,970,000.
The $2,900,000 G.O. Bonds and Certificates are being issued to finance a
variety of street and water system improvements and to purchase equipment.
Contact person: Mr. John Frane
Finance Officer -Clerk
City of Eden Prairie
Eden Prairie, MN 55344
(612) 937-2262
- 19 -
EHLERS AND ASSOCIATES, INC.
Professional References
Banking References
American National Bank of St. Paul, Mr. William Langford, (612) 298-6059
Continental Illinois National Bank & Trust, Chicago, IL, Mr. Hal Werner
(312) 828-4825
F & M Marquette National Bank of Minneapolis, Mr. Paul Roche, Ms. Barbara
Graham, (612) 341-6568
First Bank Minneapolis, Mr. Lee Hamilton, Mr. Donald Bergum, (612) 340-4141
First Bank (N.A.), Milwaukee, Mr. Tom Steele, (414) 278-6064
First National Bank of St. Paul, Mr. John Mullen, Mr. John Wooldridge, Mr.
Alan Vagstad, (612) 291-5674
Marine Bank, N.A., Milwaukee, WI, Ms. Vera McRoberts, (414) 765-2516
Northern Trust Company, Chicago, IL, Ms. Beatrice Mahlum, (312) 444-3712
Norwest Bank Minneapolis, N.A., Mr. Jon L. Van Valkenburg, Ms. Pamela Mohr,
Trust Department, (612) 372-8971
Bond Rating Agencies
Moody's Investors Service, New York, Ms. Freda Stern Ackerman, (212) 553-0300
Standard and Poor's, Mr. Richard Huff, (212) 248-2525
Municipal Bond Insurance Companies
AMBAC (American Municipal Bond Assurance Corporation), Milwaukee Regional
Office, Mr. Thomas Sackett, (800) 588-9900; New York Executive Office, Mr.
Kenneth Hall, (800) 221-1854
MBIA (Municipal Bond Insurance Association), New York, Mr. Thomas Scherer,
(914) 946-4242
- 20 -
Bond Attorney References
Ahlers, Cooney, Dorweiler, Haynie & Smith, Des Moines, IA, Mr. Kenneth H.
Haynie, Mr. Philip J. Dorweiler, Des Moines, (515) 243-7611
Arntson, Hagen, Wentz & Klein, Fargo, ND, Mr. Jon Arntson, (701) 293-9159
Birdzell and Beauclair, Bismark, ND, Mr. Robert Birdzell, Mr. Leo Beauclair,
Mr. Maurice E. Cook, (701) 255-1008
Boardman, Suhr, Curry & Field, Madison, WI, Mr. James A. Flader, (608) 257-9521
Borge and Pitt, Chicago, IL Mr. Mike Borge, (312) 726-6080
Briggs and Morgan, St. Paul, MN, Mr. Bernard P. Friel (612) 291-1215
Chapman and Cutler, Chicago, IL, Mr. Herbert H. Hanson, (312) 726-6130
Davis, Hochenberg, Wine, Brown and Koehn, Des Moines, IA Mr. Dave Van Sickle
(515) 243-2300
Dorsey & Whitney, Minneapolis, MN, Mr. A. B. Whitney, (612) 340-2600
Faegre and Benson, Minneapolis, MN, Mr. Stephen Rosholt, Mr. Walter Duffy,
(612) 338-7571
Honigman, Miller, Schwartz and Cohn, Detroit, MI, Mr. John M. Kamins, (313)
962-6700
LeFevere, Lefler, Kennedy, O'Brien and Drawz, Minneapolis, MN, Mr. Clayton
LeFevere, (612) 333-0543
Miller, Canfield, Paddock and Stone, Detroit, MI, Mr. Stratton S. Brown,
Mr. George T. Stevenson, (313) 963-6420
Mulcahy & Wherry, Milwaukee, WI, Mr. Paul R. Schilling, (414) 278-7110
O'Connor and Hannan, Minneapolis, MN, Mr. William McGrann, (612) 341-3800
Ohnstad, Twichell, Breitling, Rosenvold, Wanner, Nelson, Neugebauer & Maring,
P.C., Fargo, ND, Mr. Dan Twichell, Mr. Brian Neugebauer (701) 282-3249
Quarles & Brady, Milwaukee, WI, Mr. Darryl Bell, (414) 277-5000
Wurst, Pearson, Hamilton, Larson and Underwood, Minneapolis, Mr.Curtis A.
Pearson, (612) 338-4200
- 21 -
Bond Dealer References
Columbian Securities, Chicago, IL, Ms. Marie Luth, (312) 977-1777
Croake Roberts, Inc., Chicago, IL, Mr.Bob Croake, (312) 346-4949
Cronin & Marcotte, Inc., Minneapolis, MN, Mr. Richard Cronin, Mr. Warren
Jones, (612) 339-8561
Dain Bosworth, Inc., Minneapolis, MN, Ms. Shirley M. Hogan, (612) 371-2899,
Mr. Lance Levitan, (612) 341-2958
First Boston Corporation, New York, NY, Ms. Claire Devine, (212) 909-3210
Merrill Lynch White Weld, Minneapolis, MN, Mr. Nicholas Schaps, Mr. John Iten,
Mr. Robert Boeck, (612) 371-7387; Chicago, IL, Mr. Steve Wilson, (312) 933-2373
John Nuveen & Co. Inc., Chicago, IL, Ms. Evaliene Schwarz, (312) 621-30127;
Minneapolis office - Mr. Paul C. Williams, Mr. Daniel Hazen, (612) 341-2400
Paine Webber Jackson & Curtis, Inc., Minneapolis, MN, Mr. Paul A. Lynch, (612)
371-4022
Piper, Jaffray & Hopwood, Inc., Minneapolis, MN, Mr. D. V. (Duke) Steenson,
Mr. Gerald Bowers, (612) 271-8271
- 22 -
Total Dollar Amount
Name of Client
# of Issues
of All Issues
Reference Name/Address
MINNESOTA
City of Blue Earth
19
$11,573,000
Mr. John S. Rudd
(since 1960)
City Administrator
City of Blue Earth
125 W. 6th St.
Blue Earth, MN 56013
(507) 526-7336
City of Buffalo
22
$13,163,000
Mr. Wallace I. Peterson
(since 1961)
City Clerk -Treasurer
City of Buffalo
212 Central Avenue
Buffalo, MN 55313
(612) 682-1181
City of Eden Prairie
36
$119,813,000
Mr. John Frane
(since 1968)
Finance Officer -Clerk
City of Eden Prairie
8950 Eden Prairie Road
Eden Prairie, MN 55344
(612) 937-2262
City of Fairmont
20
$16,220,000
Mr. Gary Klaphake
(since 1955)
City Administrator
City of Fairmont
114 East First Street
Fairmont, MN 56031
(507) 235-5563
City of Faribault
16
$13,425,000
Mr. Robert Yochum
(since 1957)
City Administrator
City of Faribault
208 N.W. 1st Avenue
Faribault, MN 55021
(507) 334-2222
City of Fridley
17
$21,615,000
Mr. Nasim M. Qureshi
(since 1961)
City Manager
City of Fridley
6431 University Ave. N.E.
Fridley, MN 55432
(612) 571-3450
Total Dollar Amount
Name of Client
# of Issues
of All Issues
Reference Name/Address
MINNESOTA (CON'T)
City of Hibbing
3
$11,500,000
Mr. Karl Marietta
(Hibbing Public Utilities)
P,E., General Manager
(since 1979)
Mr. David Strafaccia
Assis. General Mgr -Sec.
Hibbing Public Utilities
6th Ave. E. & 19th Street
Hibbing, MN 55746
(218) 263-7515
City of Hutchinson
7
$5,900,000
Mr. Gary D. Plotz
(since 1979)
City Administrator
City of Hutchinson
37 Washington Ave. W.
Hutchinson, MN 55350
(612) 587-5151
City of Mounds View
14
$12,525,000
Mr. Donald F. Pauley
(since 1960)
City Clerk -Administrator
City of Moundsview
2401 Highway #10
P.O. St. Paul, MN 55112
(612) 784-3055
City of Owatonna
11
$14,745,000
Mr. Thomas Mealey
(since 1976)
City Clerk -Treasurer
City of Owatonna
540 West Hills Circle
Owatonna, MN 55060
(507) 451-4540
City of Plymouth
19
$72,070,000
Mr. James Willis
(since 1972)
City Manager
Mr. Lloyd Ricker
Finance Director
City of Plymouth
3400 Plymouth Blvd
Plymouth, MN 55447
(612) 559-2800
City of Virginia
13
$26,335,000
Ms. Norma Nekich
(since 1973)
City Clerk
City of Virginia
Virginia, MN 55792
(218) 741-3890
MINNESOTA
NAME
OF ISSUER
DATE
AMOUNT & PURPOSE
REFERENCE
Independent School District
1/22/81
$510,000 School Building Bonds
Mr. Patrick De Sutter
No.
1 (Aitkin)
Superintendent
306 2nd St. N.W.
Aitkin, MN 56431
(218) 927-2115
Independent School District
8/30/82
$1,700,000 Aid Anticipation
Dr. Clayton Hovda
No.
206 (Alexandria)
Certificates of Indebtedness
Superintendent
Ms. Janice Esala
Business Manager
I.S.D. No. 206
P.O. Box 308
Alexandria, MN 56308
(612) 762-2141
Independent School District
8/12/81
$795,000 G.O. School Building
Mr. Roland Theis
No.
566 (Askov)
Bonds
Supertintendent
I.S.D. No. 566
Askov, MN 55704
(612) 838-3111
City
of Audubon
9/01/82
$215,000 G.O. Temporary Improvement
Mr. Parry Jacobson
Bonds (sewer improvement)
City Clerk -Treasurer
City of Audubon
Audubon, MN 56511
(218) 439-6318
City
of Aurora
4/21/81
$335,000 Temporary Improvement
Mrs. Geraldine Boben
Bonds
City Clerk -Treasurer
City of Aurora
16 West 2nd Ave. No.
Aurora, MN 55705
(218) 229-2614
City
of Barnesville
12/08/82
$105,000 Telephone Revenue Bonds
Mr. David J. Pederson
$ 65,000 Electric Revenue Bonds
City Clerk -Treasurer
City of Barnesville
P.O. Box 207
Barnesville, MN 56514
(218) 354-2292
Town
of Bass Brook
4/08/81
$875,000 Temporary Improvement
Ms. Diana Skelly
Bonds (water system)
Town Clerk
Town of Bass Brook
Box 146
Cohasset, MN 55721
(218) 328-6677
City
of Belle Plaine
5/18/82
$425,000 G.O. Temporary Improvement
Mr. David Unmacht
Bonds (streets, storm sewer, curb
City Clerk -Treasurer
and gutter)
City of Belle Plaine
420 E. Main Street
Belle Plaine, MN 56011
(612) 873-5553
City
of Blue Earth
8/11/81
$900,000 G.O. Temporary
Mr. John S. Rudd
Improvement Bonds
City Administrator
6/08/82
$2,250,000 G.O. Temporary
City of Blue Earth
Improvement Bonds
125 W. 6th St.
(81/82 projects storm sewer, water
Blue Earth, MN 56013
& sewer & street improv. -HUD Grant)
(507) 526-7336
City
of Boyd
10/05/81
$275,000 G.O. Temporary
Ms. Karen Engelke
Construction Bonds
City Clerk -Treasurer
(water improvement (FmHA)
City of Boyd
Boyd, MN 56218
(612) 855-2242
NAME OF ISSUER DATE
City of Buffalo 6/18/81
9/22/81
11/16/81
2/22/82
4/28/82
9/14/82
City of Cambridge 5/27/81
9/28/82
MINNESOTA (Continued)
AMOUNT E PURPOSE
$1,375,000 G.O. Water Revenue Bonds
$700,000 G.O. Tax Increment
Redevelopment Bonds
$250,000 G.O. Improvement Bonds
$895,000 G.O. Municipal Building
Bonds (public works bldg - city
hall remodeling)
$1,440,000 Temporary Construction
Bonds
$525,000 G.O. Improvement Bonds
(street, storm sewer, water mains)
$950,000 G.O. Bonds (tax increment
and temporary improvement)
$480,000 G.O. Improvement bonds
(refunding and streets)
City of Clarkfield 10/15/81 $225,000 G.O. Improvement Bonds
12/08/81 $475,000 G.O. Medical Facilities
Revenue Bonds
City of Cottage Grove 7/07/82 $155,000 G.O. Certificates of
Indebtedness (equipment)
City of Dilworth 3/24/82 $225,000 G.O. Building Bonds
(community center, fire hall)
Independent School District 1/14/81 $570,000 G.O. School Building
No. 147 (Dilworth) Bonds of 1981
11/22/82 $350,000 School Aid Anticipation
Certificates of Indebtedness
City of Echo 6/17/81 $180,000 Loan Anticipation Notes
(FmHA)
City of Eden Prairie 3/02/82 $18,000,000 G.O. Tax Increment
Bonds (highway interchange)
$2,900,000 G.O. Puhlic Bldg Bonds
(safety bldg. (law enforcement) E
addition to public works facility)
$1,100,000 G.O. Improvement Bonds
(water san. sewer, storm
sewer, drainage street, sidewalk
curb and gutter)
$300,000 G.O. Equipment Certifi-
cates of Indebtedness
11/18/82 $6,200,000 G.O. Improvement Bonds
$2,300,000 G.O. State -Aid Bonds
REFERENCE
Mr. Wallace I. Peterson
City Clerk -Treasurer
City of Buffalo
212 Central Avenue
Buffalo, MN 55313
(612) 682-1181
Mr. Scott Larson
City Administrator -Clerk
City of Cambridge
Cambridge Municipal Bldg.
Cambridge, MN 55008
(612) 689-3211
Ms. Margaret Mc Roden
City Clerk
Mr. Leo Flattum, Mayor
The City of Clarkfield
Clarkfield, MN 56223
(612) 669-4435
Mr. Carl F. Meissner
City Clerk -Administrator
City of Cottage Grove
7516 80th St. S.
Cottage Grove, MN 55016
(612) 458-2800
Mr. Gary Cowden
City Clerk -Treasurer
City of Dilworth
107 Center Ave. E.
Dilworth, MN 56529
(218) 287-2313
Mr. Don Vellenga
Superintendent
I.S.D. No. 147
Box 188
Dilworth, MN 56529
(218) 287-2371
C. W. Brown
Clerk -Treasurer
City of Echo
P.O. Box 215
Echo, MN 56237
(507) 925-4190
Mr. John Frane
Finance Officer -Clerk
City of Eden Prairie
8950 Eden Prairie Road
Eden Prairie, MN 55344
(612) 937-2262
MINNESOTA (Continued)
NAME OF ISSUER
DATE
AMOUNT & PURPOSE
REFERENCE
Independent School District
No. 272 (Eden Prairie)
8/05/82
$1,220,000 Aid Anticipation
Mr. Merle 0. Gamm
Certificates of Indebtedness
$490,000 Tax Anticipation
Dir. of Business Affairs
Certifi-
I.S.O. No. 272
cates of Indebtedness
8100 School Road
Eden Prairie, MN 55344
(612) 937-1650
City of Eveleth
8/04/81
$200,000 G.O. Energy Improvement
Mr. Elmer A. Milbridge
7/06/82
Bonds
$825,000 G.O. Grant Anticipation
City Clerk -Treasurer
City of Eveleth
Bonds (EPA -PCA sanitary sewer
Eveleth, MN 55734
system improvements)
(218) 744-2501
City of Fairmont
9/28/81
$975,000 G.O. Temporary Improvement
Mr. Gary Klaphake
Bonds
City Administrator
City of Fairmont
114 East First Street
Fairmont, MN 56031
(507) 235-5563
City of Falcon Heights
10/05/82
$225,000 G.O. Improvment Bonds
Mr. Dewan Barnes
(streets)
City Administrator
$675,000 Temporary Improvement
City of Falcon Heights
Bonds (sanitary sewer, water,
1644 W. Larpenteur Ave.
storm sewer and streets)
St. Paul, MN 55113
(612) 644-5050
City of Faribault
6/23/81
$2,785,000 G.O. Bonds (local im-
Mr. Robert Yochum
provements, improvements in
City Administrator
development area)
City of Faribault
10/19/82
$ 660,000 G.O. Bonds
208 N.W. 1st Avenue
Faribault, MN 55021
(507) 334-2222
Faribault County
6/01/82
$320,000 G.O. Drainage System
Mr. Palmer N. Eckhardt
Bonds
Faribault County Auditor
Faribault County Court-
house
Blue Earth, MN 566013
(507) 526-5145
City of Fridley
1/19/81
$2,200,000 G.O. Tax Increment
Mr. Nasim M. Qureshi
Redevelopment Bonds
City Manager
7/26/82
$1,425,000 Special Assessment Fund
City of Fridley
Bonds (sewer, water, streets)
6431 University Ave. N.E.
$625,000 G.O. Tax Increment
Fridley, MN 55432
Redevelopment Bonds
(612) 571-3450
11/08/82
$600,000 G.O. Tax Increment
Redevelopment Bonds, Series II
City of Gibbon
4/01/81
$140,000 G.O. Improvement Bonds
Mr. Floyd Kent
12/16/82
$110,000 G.O. Community Center
City Clerk
Bonds of 1982
City of Gibbon
Gibbon, MN 55335
(507) 834-6667
City of Glyndon
5/13/81
$635,000 G.O. Improvement Bonds
Mr. Dennis Johnson
City Clerk -Treasurer
City of Glyndon
Glyndon, MN 56547
(218) 498-2157
MINNESOTA (Continued)
NAME OF ISSUER
DATE
AMOUNT Y, PURPOSE
REFERENCE
City of Goodview
7/13/81
$1,000,000 Improvement Bonds
Mr. Daryl K. Zimmer
10/04/82
$160,000 G.O. Improvement Bonds
City Administrator
(sanitary sewer, storm sewer,
City of Goodview
streets)
Winona, MN 55987
(507) 452-1630
City of Granite Falls
6/22/81
$275,000 G.O.Improvement Bonds
Mr. Richard Voller
4/19/82
$575,000 G.O. Hospital and
City Manager
Nursing Home Bonds
City of Granite Falls
10/18/82
$2,235,000 G.O. Hospital, Nursing
885 Prentice
Home 8 Medical Facilities Bonds
Granite Falls, MN 56241
(612) 564-4430
City of Greenfield
6/01/82
$75,000 G.O. Improvement Bonds
Mr. David Wilde
City Clerk -Treasurer
City of Greenfield
Route 2, Box 298
Rockford, MN 55373
(612) 477-6201
City of Hawley
11/24/81
$365,000 G.O. Temporary
Mr. Lawrence L. Quam
Construction Bonds (medical
City Clerk/Treasurer
facility FmHA)
City of Hawley
Hawley, MN 56549
(218) 483-3331
City of Hibbing
10/19/82
$1,390,000 Grant Anticipation Notes
Mr. Karl Marietta
(Hibbing Public Utilities)
(water plant)
P.E., General Manager
Mr. David Strafaccia
Assis. General Mgr -Sec.
Hibbing Public Utilities
6th Ave. E. E 19th Street
Hibbing, MN 55746
(218) 263-7515
City of Hugo
9/21/81
$170,000 G.O. Temporary Improvement
Ms. Mary Ann Creager
Bonds
City Clerk -Treasurer
The City of Hugo
5524 Upper 146th St.
Hugo, MN 55038
(612) 429-6676
City of Hutchinson
6/30/81
$3,350,000 G.O. Bonds
Mr. Gary D. Plotz
7/27/82
$135,000 G.O. Tax Increment Bonds
City Administrator
8/10/82
$490,000 G.O. Improvement Bonds
City of Hutchinson
$1,275,000 G.O. Water Revenue Bonds
37 Washington Ave. W.
(improvements to water utility)
Hutchinson, MN 55350
(612) 587-5151
Isanti County
12/01/82
$2,140,000 Loan Anticipation Notes
Mr. George Rindelaub
(jail building)
Executive Secretary
Isanti County Courthouse
237 S.W. 2nd Avenue
Cambridge, MN 55008
(612) 434-9400
Kanabec County
12/08/82
$590,000 G.O. Jail Building Bonds
Mr. Jerry T. Tvedt
Kanabec County Auditor
Kanabec County Courthouse
Mora, MN 55051
(612) 679-1030
MINNESOTA (Continued)
NAME OF ISSUER
DATE
AMOUNT & PURPOSE
REFERENCE
City of Mountain Iron
5/24/82
$100,000 G.O. Equipment Certif-
Mr. Peter Von Drak
icates of Indebtedness
$200,000 G.O. Tax Anticipation
City Administrator
Certificates
City of Mountain Iron
9/13/82
$520,000 G.O. Improvement Bonds
Mountain Iron, MN 55768
(218) 735-8267
(streets)
City of Nashwauk
3/30/82
$625,000 G.O. Temporary
Ms. Arleen Halliday
Construction Bonds
City Clerk
City of Nashwauk
Nashwauk, MN 55769
(218) 885-1210
City of New Ulm
1981
Power Planning Study: Alternate
Mr. Richard D. Salvati
Power Sources
City Manager
Mr. Karl Huber, Jr.
City Clerk
City of New Ulm
100 North Broadway
New Ulm, MN 56073
(507) 359-8259
City of Olivia
6/20/82
$625,000 Grant Anticipation Bonds
Mr. Richard Carlson
(wastewater treatment facility,
Executive Director -Clerk
sewer rehab (EPA -PCA))
City of Olivia
1009 W. Lincoln Ave.
Olivia, MN 56277
(612) 523-2361
City of Orono
11/22/82
$475,000 G.O. Improvement Bonds
Mr. Thomas Kuehn
(sanitary sewer, water main,
Finance Director
streets)
City of Orono
Box 66
Crystal Bay, MN 55323
(612) 473-7357
City of Ortonville
10/18/82
$185,000 G.O. Improvement Bonds
Mr. Donald E. Geier
(storm sewer)
$185,000 G.O. Public Utility
City Clerk -Treasurer
City of Ortonville
Revenue Bonds (waste water
135 Madison Avenue
treatment plant)
Ortonville, MN 56278
(612) 839-3428
City of Owatonna
7/07/81
$1,140,000 G.O. Improvement Bonds
Mr. Thomas Mealey
7/20/82
$1,610,000 G.O. Bonds (street,
City Clerk -Treasurer
curb and gutter, storm sewer,
City of Owatonna
sidewalk, public improvements in
540 West Hills Circle
redevelopment area)
Owatonna, MN 55060
(507) 451-4540
City of Pelican Rapids
5/26/81
$410,000 G.O. Improvement Bonds
Mr. Richard Jenson
(streets, water, sewer)
City Clerk -Treasurer
City of Pelican Rapids
Pelican Rapids, MN 56572
(218) 863-6571
City of Plymouth
4/04/81
$2,625,000 G.O. Improvement Bonds
Mr. James Willis
8/16/82
$1,300,000 G.O. Improvement Bonds
City Manager
(various local improvements)
Mr. Lloyd Ricker
$525,000 G.O. Water Revenue Bonds
Finance Director
(well construction & trunk water
City of Plymouth
main)
3400 Plymouth Blvd
Plymouth, MN 55447
(612) 559-2800
MINNESOTA (Continued)
NAME OF ISSUER DATE AMOUNT & PURPOSE REFERENCE
City of Redwood Falls
6/02/81
$210,000 G.O. Tax Increment Bonds
Mr. Neil Ruddy
12/07/82
$215,000 G.O. Improvement Bonds
City Administrator
City of Redwood Falls
207 E. 4th Street
Redwood Falls, MN 56283
(507) 637-5755
City of Remer
8/23/82
$305,000 G.O. Grant and Loan
Mr. Arlie Fundaun
Anticipation Bonds (water,
City Clerk -Treasurer
sanitary system (FmHA))
City of Remer
Remer, MN 56672
(218) 566-2382
City of Round Lake
11/30/81
$385,000 Temporary Improvement
Mrs. Lorraine Huehn
Bonds, Series 1981
City Clerk -Treasurer
City of Round Lake
Round Lake, MN 56167
(507) 945-8127
City of Silver Lake
7/15/81
$105,000 G.O. Improvement Bonds
Mr. Howard F. Chalupsky
City Clerk -Treasurer
City of Silver Lake
Silver Lake, MN 55381
(612) 327-2362
City of Slayton
8/16/82
$355,000 G.O. Temporary Improvement
Mr. Ed Suedbeck
Bonds (street improvements)
Mayor
City of Slayton
2451 Broadway
Slayton, MN 56172
(507) 836-6756
City of Sleepy Eye
2/1/83
$725,000 G.O. Bonds (consisting of
Mr. Edwin Treml
$400,000 G.O. Hospital Revenue and
City Clerk
$325,000 G.O. Building Bonds)
City of Sleepy Eye
108 Main St. W.
Sleepy Eye, MN 56085
(507) 794-3731
City of Stacy
12/07/82
$375,000 G.O. Improvement Bonds
Mr. Gerald Fladland
Mayor
City Hall
Stacy, MN 55079
(612) 462-4486
Independent School District
No. 793 (Staples)
11/16/82
$500,000 G.O. School Building Bonds
Dr. Duane R. Lund
$2,000,000 Loan Anticipation Notes
Superintendent
(building)
I.S.D. No. 793
Third Street
Staples, MN 56479
(218) 894-2430
Independent School District
9/16/82
$2,030,000 G.O. Aid Anticipation
Dr. Robert Miller
No. 834 (Stillwater)
Certificates of Indebtedness
Superintendent
I.S.D. No. 834
1875 S. Greeley Street
Stillwater, MN 55082
(612) 439-5160
Independent School District
1/26/83
$235,000 G.O. Tax Anticipation
Mr. Sig Rimestad
No. 140 (Taylors Falls)
Certificates of Indebtedness
Superintendent
I.S.D. No. 140
Taylors Falls, MN 55084
(612) 465-6225
MINNESOTA (Continued)
NAME OF ISSUER DATE
AMOUNT & PURPOSE
REFERENCE
City of Kasson 6/09/81
$1,420,000 G.O. Grant Anticipation
Ms, nolores Meyer
Bonds (wastewater treatment
(plant (EPA
City Clerk -Administrator
11/24 82
/
-PCA grants))
$250,000 G.O. Swimming Pool Bonds
City of Kasson
122 W. Main
Kasson, MN 55944
(507) 634-7071
City of Lake Benton 7/21/82
$675,000 G.O. Temporary Improvement Mr. Pat Krick
Bonds, Series 1982 (local
City Clerk -Treasurer
improvements)
City of Lake Benton
Lake Benton, MN 56149
(507) 368-4641
Independent School District 1/13/81
No. 194 (Lakeville)
$3,650,000 School Building Bonds
Mr. Raymond Jesh
Business Manager
I.S.D. No. 194
8670 210 St. W
Lakeville, MN 55044
(612) 469-4461
Lincoln County 6/29/82
$155,000 Drainage System Bonds
Mr. D. D. Sagmoe
Lincoln County Auditor
Lincoln County Courthouse
Ivanhoe, MN 56142
(507) 694-1529
City of Mahnomen 4/05/82
$170,000 G.O. Grant Anticipation
Mr. Dean Johnson
bonds (sewer system)
City Clerk
City of Mahnomen
Mahnomen, MN 56557
(218) 935-2957
City of Marietta 4/19/82
$450,000 G.O. Temporary
Mr. W. Bill Steinke
Construction Bonds (wastewater
City Clerk
treatment facility (FmHA))
City of Marietta
Marietta, MN 56257
(612) 668-2167
City of Medina 9/29/81
$700,000 G.O.Improvement Bonds
Ms. Donna Roehl
City Clerk -Treasurer
City of Medina
2052 County Road 24
P.O. Hamel, MN 55340
(612) 473-4643
City of Montevideo 7/06/81
$550,000 G.O. Tax Increment
Mr. R. Ben Bifoss
Redevelopment Bonds (Hunt
City Manager
Hotel complex (HUD & CDBG) land
City of Montevideo
acquisition, sewer, sidewalk)
103 Canton Ave.
$380,000 G.O. Improvement Bonds
Box 676
(street improvement, sewer and
Montevideo, MN 56265
water)
(612) 269-6575
Independent School District 11/23/82
No. 332 (Mora)
$150,000 G.O. School Building Bonds
Mr. Pius Lacher
Superintendent
I.S.D. No. 332
400 E. Maple
Mora, MN 55051
(612) 679-3560
City of Mounds View 11/09/81
$1,275,000 G.O. Improvement Bonds
Mr. Donald F. Pauley
(local improvements - streets,
City Clerk -Administrator
water, sewer, curb and gutter)
City of Moundsview
2401 Highway #10
P.O. St. Paul, MN 55112
(612) 784-3055
MINNESOTA (Continued)
NAME OF ISSUER DATE AMOUNT 8 PURPOSE
City of Victoria 12/01/81 $565,000 G.O. Municipal Building
Bonds of 1981 (new fire hall,
maintenance building, remodel
city administrative offices)
City of Virginia 3/24/81
6/22/82
City of Wanamingo 8/10/81
City of Wayzata 12/08/81
Independent School District 6/21/82
No. 284 (Wayzata)
City of Wells 5/12/82
City of Winnebago 5/04/82
City of Winthrop 3/16/82
$900,000 G.O. Improvement Bonds
$450,000 Temporary Improvement
Bonds
$950,000 G.O. Tax Increment Bonds
(public improvements in develop-
ment district)
$125 000 G 0
REFERENCE
Mr. Larry Bodahl
City Administrator
City of Victoria
1600 Arboretum Blvd.
Victoria, MN 55386
(612) 443-2363
Ms. Norma Nekich
City Clerk
City of Virginia
Virginia, MN 55792
(218) 741-3890
Improvement Bonds Mrs. Julia Mason
City Clerk
City of Wanamingo
Wanamingo, MN 55983
(507) 824-2984
$305,000 G.O. Improvement Bonds Mr. Dave Bangasser
(water main, sanitary sewer, City Manager
storm sewer street resurfacing, City of Wayzata
curb and gutter) 600 Rice Street
Wayzata, MN 55391
(612) 473-0234
$4,590,000 G.O. School Building Dr. Thomas Brodie
Bonds Acting Superintendent
I.S.D. No. 284
210 D State Hwy 101 N
Wayzata, MN 55391
(612) 473-1108
$150,000 G.O. Grant Anticipation Mrs. Dolly Schultz
Bonds City Clerk -Treasurer
$260,000 G.O. Temporary Improvement City of Wells
Bonds 125 So. Broadway
Wells, MN 56097
(507) 553-5823
$70,000 G.O. Improvement Bonds Mr. James Keinath
$110,000 G.O. Tax Anticipation City Administrator
Certificates of Indebtedness City of Winnebago
Winnebago, MN 56098
(507) 893-3217
$300,000 G.O. Water and Sewer Mr. Samuel Shult
Revenue Bonds Clerk -Treasurer
City of Winthrop
106 E. 1st Street
Winthrop, MN 55396
(507) 647-5308
WISCONSIN
NAME OF ISSUER
DATE
AMOUNT & PURPOSE
REFERENCE
City of Arcadia
11/17/82
$1,025,000 G.O. Promissory Notes
Ms. Jeannine Davis
(storm sewer, street, municipal
City Clerk
building)
City of Arcadia
203 West Main Street
Arcadia, WI 54612
(608) 323-3359
Village of Baldwin
10/13/82
$800,000 Promissory Notes
Mr. Calvin Hop
11/03/82
$465,000 Water System Mortgage
Village Clerk -Treasurer
Revenue Bonds
Village of Baldwin
P.O. Box 113
Baldwin, WI 54002
(715) 684-3426
City of Baraboo
3/10/81
$1,700,000 G.O. Sewer Bonds
Mr. Dean T. Bothell
City Clerk
City of Baraboo
Municipal Building
135 Fourth Street
Baraboo, WI 53913
(608) 356-8361
City of Blair
11/29/82
$735,000 G.O. Promissory Notes
Mr. Larry A. Ruff
City Clerk -Treasurer
City of Blair
122 S. Urberg
Blair, WI 54616
(608) 98902517
City of Clintonville
5/12/81
$1,650,000 G.O. Corporate Purpose
Mrs. Nancy Harris
Bonds (street, water and sewer
City Clerk -Treasurer
improvement, police and fire
City of Clintonville
safety building)
50 Tenth Street
Clintonville, WI 54929
(715) 823-6584
City of Cumberland
5/11/81
$1,875,000 Sewerage System
Mr. Dennis Rockow
Mortgage Revenue Bonds
City Clerk -Treasurer
City of Cumberland
Box 155
Cumberland, WI 54829
(715) 822-2752
Village of Dousman
3/04/81
$700,000 Promissory Notes
Ms. Bonnie J. Morris
12/06/82
$200,000 Promissory Notes
Village Clerk
Village Hall
P.O. Box 325
Dousman, WI 53118
(414) 965-3792
City of Edgerton
1/14/81
$2,390,000 G.O. Corporate Purpose
Mr. Norman L. Burdick
Bonds (sewage treatment plant,
City Clerk -Treasurer
water system and street improve-
City of Edgerton
ments)
12 Albion Street
Edgerton, WI 53534
(608) 884-3341
City of Elroy
11/18/81
$375,000 G.O. Pronissory Notes
Ms. Alice Brooks
12/09/81
$950,000 Sewerage Mortgage
City Clerk -Treasurer
Revenue Bonds, Series 1981
City of Elroy
102 Liberty Street
Elroy, WI 53929
(608) 462-8245
unur nr I --
WISCONSIN (Continued)
DATE AMOUNT E PURPOSE
School District of Florence 10/27/82 $600,000 G.O. Refunding Bonds
County
Village of Grafton 9/08/81 $1,800,000 G.O. Promissory
Notes
3/02/82 $1,600,000 G.O. Promissory
Notes
Village of Hartland 12/09/81 $610,000 Corporate Purpose Bonds
City of Hillsboro 7/20/82 $925,000 G.O. Promissory Notes
Village of Holmen 3/30/82 $1,075,000 G.O. Sewerage Treatment
Bonds
City of Independence 6/29/81 $325,000 Sewage System Mortgage
Revenue Bonds
Village of Lake Delton 6/25/82 $2,975,000 G.O. Promissory Notes
(wastewater treatment plant,
interceptor sewers, public
improvements)
City of Mauston 9/02/81 $1,325,000 G.O. Corporate Purpose
Notes
9/29/82 $1,050,000 G.O. Promissory Notes
11/30/82 $2,625,000 Bond Anticipation Notes
REFERENCE
Mr. James Falkner
District Administrator
School District of
Florence County
425 Olive Avenue
Florence, WI 54121
(715) 528-3217
Mr. Emory R. Sacho
Village Administrator
Village of Grafton
1102 Bridge Street
Grafton, WI 53024
(414) 377-3610
Mrs. Karen M. Compton
Village Clerk
Village of Hartland
210 Cottonwood Avenue
Hartland, WI 53029
(414) 367-2714
Mr. Rockford Johnson
City Clerk -Treasurer
City of Hillsboro
836 Prairie Avenue
P.O. Box 447
Hillsboro, WI 54634
(608) 489-2521
Mr. Roland Gullickson
Village Clerk
Village of Holmen
Box 148
Holmen, WI 54636
(608) 526-4336
Ms. Sandra Maule
City Clerk
City of Independence
City Clerk's Office
Independence, WI 54747
(715) 985-3055
Mrs. Kay C. Mackesey
Village Clerk -Treasurer
Village of Lake Delton
P.O. Box 87
Lake Delton, WI 53940
(608) 254-2558
Mr. Russell W. Bergh
City Clerk
City of Mauston
303 Mansion Street
Mauston, WI 53948
(608) 847-6676
WISCONSIN (Continued)
NAME OF ISSUER
DATE
AMOUNT & PURPOSE
REFERENCE
Village of West Milwaukee
5/18/81
$1,450,000 G.O. Promissory Notes
Mr. Clarence Quandt
(community building and purchase
Acting Administrator
6/07/82
equipment)
$1,200,000 G.O. Promissory Notes
Village of West Milwaukee
4755 W. Beloit Road
(public works and improvements)
West Milwaukee, WI 53214
(414) 645-1530
City of Monona
12/08/81
$3,165,000 G.O. Promissory Notes
Mr. Gregory A. Knowles
(water utility & sewer utility
City Administrator
improvements, capital works and
City of Monona
10/18/82
improvements)
$2,000,000 Promissory Notes
5211 Schulter Road
Monona, WI 53716
(captial works & improvements,
(608) 222-2525
water utility improvements)
City of Muskego
7/13/82
$1,840,000 G.O. Promissory Notes
Ms. Charlotte L. Stewart
Clerk -Comptroller
City of Muskego
W182 S8200 Racine Avenue
Muskego, WI 53150
(414) 679-2660
Village of Nashotah
12/08/82
$840,000 G.O. Corporate Purpose
Ms. Betty A. Bulen
Bonds
Village Clerk
Village of Nashotah
N44 W32950 Watertown
Plank Road
Nashotah, WI 53058
(414) 367-8440
School District of New
Berlin
8/10/81
$4,400,000 School Orders
Mr. Jerry Engstrom
6/02/82
7/28/82
$800,000 G.O. Promissory Notes
$5,900,000 School Orders
Business Manager
School District of New
Berlin
4333 S. Sunny Slope Road
New Berlin, WI 53151
(414) 786-1440
Village of Prairie du Sac
4/28/81
$550,000 G.O. Promissory Notes
Mrs. Dorothy Bostad
Village Clerk
Village of Prairie du Sac
560 Park Avenue
Prairie du Sac, WI 53578
(608) 643-2421
City of Princeton
1/27/81
$950,000 G.O. Promissory Notes
Mr. Duane G. Norem
City Clerk
City of Princeton
City Clerk's Office
Princeton, WI 54968
(414) 295-6612
City of Reedsburg
6/08/81
51,050,000 G.O. Promissory Notes
Mrs. Caroline R. Held
City Clerk -Treasurer
City Of Reedsburg
134 S. Locust Street
Reedsburg, WI 53959
(608) 524-6404
Village of Saukville
3/4/82
51,600,000 G.O. Corporate Purpose
Mr. Michael C. Harrigan
Bonds
Village Administrator-Clk
Village of Saukville
100 South Main Street
Saukville, WI 53080
(414) 284-9423
WISCONSIN (Continued)
NAME OF ISSUER DATE AMOUNT & PUPPOSE
City of Seymour 4/13/81 $1,400,000 G.O. Water Treatment
Facility Bonds
Village of Slinger 6/09/81 $1,300,000 Sewerage System
Mortgage Revenue Bonds
Village of Spring Green 6/30/82 $265,000 Promissory Notes
Village of Sullivan 12/07/82 $450,000 Promissory Notes
Village of Sussex 3/11/81 $600,000 G.O. Promissory Notes
7/27/82 $1,250,000 Bond Anticipation Notes
Trempealeau County 5/18/81 $1,600,000 G.O. Jail Facilities
Bonds
City of Viroqua 11/09/82 $600,000 G.O. Promissory Notes
City of Whitehall 9/09/82 $270,000 Promissory Notes
Village of Wrightstown 5/06/81 $485,000 G.O. Corporate Purpose
Bonds
REFERENCE
Mrs. Judith I. Zeuske
City Clerk
City of Seymour
328 N. Main Street
Seymour, W1 54165
(414) 833-2209
Mr. Dean A. Otte
Village Clerk
Village of Slinger
220 Slinger Road
Box 227
Slinger, WI 53086
Ms. Peggy Carpenter
Village Clerk -Treasurer
Village of Spring Green
112 West Monroe Street
P.O. Box 188
Spring Green, WI 53588
(608) 588-2335
Mrs. Lucille B. Graves
Village Clerk -Treasurer
Village of Sullivan
P.O. Box 55
Sullivan, WI 53178
(414) 593-2220
Mr. William R. Ross
Village Administrator
Village of Sussex
N63 W23626 Silver Spring
Drive
Sussex, WI 53089
(414) 246-8044
Nr. Harold Tomter
Trempealeau County Clerk
Trempealeau County Court-
house
Whitehall, WI 54773
(715) 538-2311
Mrs. Geraldine Haun
City Clerk
City of Viroqua
202 N. Main Street
Viroqua, WI 54665
(608) 637-7154
Mr. Lynn Johnson
City Clerk
City of Whitehall
1631 Main
Whitehall, WI 54773
(715) 538-4353
Mr. Steve Johnson
Village Clerk
Village of Wrightstown
529 Main Street
Wrightstown, WI 54180
(414) 532-5562
NAME OF ISSUER
Township of Battle Creek
(Lakeview Downtown
Development Authority)
City of Marquette
(Board of Light & Power)
City of Traverse City
(Light & Power Board)
NAME OF ISSUER
Dickinson Public S/D No. 1
City of Fargo
City of Grafton
City of Devils Lake
MICHIGAN
DATE AMOUNT & PURPOSE REFERENCE
6/01/82 $5,200,000 Limited Obligation Mr. John Faus
Development Bonds (tax increment) Chairman
Lakeview Downtown Devel-
opment Authority
1125 W. Territorial Road
Battle Creek, MI 49015
(616) 968-1330
also: Mr. Maurice Cohen
Forbes/Cohen Properties
30840 Northwestern Hwy
Suite 230
Farmington Hills MI 48018
(313) 851-8800
10/16/78 $51,040,000 Electric Utility
Revenue Bonds, 1978 Series
(generating plant)
10/12/82 $4,500,000 1982 Electric Utility
System Revenue Notes (Fuel Supply)
10/27/82 $9,000,000 Electric Utility Revenue
Bonds, 1982 Series (generating
plant)
1982 Feasibility Study: Hydro -Electric
Generating Plant
NORTH DAKOTA
DATE AMOUNT & PURPOSE
5/18/82 $1,900,000 School Building
Unlimited Tax Bonds
12/06/82 $2,550,000 Refunding Improvement
Bonds (skyways, parking)
$1,275,000 G.O. Bonds (tax
increment)
11/09/81 $1,310,000 Temporary Improvement
Warrants
1982 $2,800,000 Steam Heating District
Project
Mr. Wilbert W. Wiitala
Director
Board of Light & Power
2200 Wright Street
Marquette, MI 49855
(906) 228-6900
Mr. William Strom
Executive Director
Light and Power Board
400 Boardman Avenue
Traverse City, MI 49684
(606) 941 2309
REFERENCE
Dr. Donovan Benzie
Superintendent
Mr. Ross Julson
Business Manager
202 East Villard
Dickinson, NO 58601
(701) 225-1550
Mr. F. R. Fahrlander
City Auditor
City of Fargo
201 N. 4th Street
Fargo, NO 58102
(701) 241-1300
Mr. Earl Machart
City Auditor
P.O. Box 547
Grafton, NO 58237
(701) 352-1561
Mr. Mike Connors
City Administrator
City of Devils Lake
P.O. Box 773
Devils Lake, NO
(701) 662-4098
SOUTH DAKOTA
NAME OF ISSUER
DATE
AMOUNT & PURPOSE
REFERENCE
City of Mitchell
1981
Financing Study: Dam improvements
Mr. Paul Tobin
and water treatment plant
Mayor
City of Mitchell
612 North Main Street
Mitchell, SD 57301
(605) 996-2142
IOWA
NAME OF ISSUER
DATE
AMOUNT & PURPOSE
REFERENCE
City of Cedar Falls
1/07/82
$980,000 G.O. Bonds (Corporate
Mr. Douglas Sharp
9/02/82
Purpose) (solid waste disposal)
$15,150,000 G.O. Bonds
Mayor
$3,025,000 Sewer Revenue Bonds
City of Cedar Falls
220 Clay Street
Cedar Falls, IA 50613
(319) 268-0141
City of Cedar Falls
(Public Utilities
1983
Study: Defeasance of outstanding
Mr. Dean Crowe
Commission)
bonds
General Manager
Cedar Falls Utilities
612 East 12th Street
Cedar Falls, IA 50613
(319) 266-1761
City of Decorah Iowa
1983
Wastewater Treatment Facility:
Mr. David T. Nelson
Amount of financing presently
Mayor
under study, estimated at
$2.5 $3
Ms. Patricia A. Luren
- million
City Administrator -Clerk
City of Decorah
Decorah, IA 52101
(319) 382-3651
PRELIMINARY OFFICIAL STATEMENT DATED APRIL 19, 1984
NEW ISSUE Standard & Poor's Rating: "AAA"
In the opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, bond
counsel, under existing laws, regulations, rulings, and court decisions, interest on the Bonds is not
includable in gross income for purposes of United States and State of Minnesota income taxation, except
for State of Minnesota corporate and bank excise taxes measured by income.
$79850,000*
CITY OF MINNETONKA, MINNESOTA
TAX INCREMENT REVENUE BONDS
(CARLSON PROPERTIES, INC. PROJECT)
SERIES 1984
Dated: May 1, 1984
Due: As Shown Below
The Bonds will be issued as fully registered bonds without coupons in the denominations of $5,000
and any integral multiple thereof. Principal of the Bonds is payable at the principal corporate trust
office of the Trustee, First Trust Company of Saint Paul, St. Paul, Minnesota; and interest on the
Bonds is payable semiannually on each December 1 and June 1, beginning December 1, 1984, by check
or draft by the Trustee to the registered owners of the Bonds.
The Bonds are not general obligations of the City of Minnetonka, Minnesota, but are special
limited obligations of the City payable solely from the funds and other security held by the Trustee and
appropriated to payment of the Bonds pursuant to the terms of the Indenture of Trust between the City
and the Trustee. The taxing powers of the City are not available to pay principal, premium, or interest
on the Bonds. See "SECURITY FOR THE BONDS" and "THE INDENTURE OF TRUST" herein.
MATURITY SCHEDULE
Due
Principal
Interest
Due
Principal
Interest
June 1
Amount
Rate
June 1
Amount
Rate
1989
$200,000
%
1992
$1,400,000
%
1990
$500,000
%
1993
2,050,000
%
1991
$700,000
%
1994
3,000,000
%
(Plus Accrued Interest from May 1, 1984)
(Price: 100%)
The Bonds will be subject to redemption prior to maturity as more fully described
under "THE BONDS — Redemption Prior to Maturity."
The Bonds are offered, when, as and if issued by the City and accepted by Miller & Schroeder
Municipals, Inc. as Underwriter, and subject to the approving opinion as to validity and tax exemption
of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota,
bond counsel, and certain other conditions. Certain legal matters will be passed upon for the
Underwriter by Holmes & Graven, Chartered, of Minneapolis, Minnesota. It is expected that delivery of
the Bonds will be made on or about May 15, 1984, in Minneapolis, Minnesota, against payment therefor.
Subject to prevailing market conditions, the Underwriter may, but is not obligated to, effect secondary
market transactions. Although the Underwriter intends to engage in secondary market transactions
there can be no assurance that a secondary market will develop. For information with respect to the
Underwriter, see "UNDERWRITING" herein.
0 Miller &Schroeder Municipals, Inc.
The date of this Official Statement is May , 1984
*Subject to change.
No person has been authorized to give any information or to make any representations
other than those contained in this Official Statement in connection with the offers made
hereby, and if given or made, such information or representations must not be relied upon as
having been authorized by the City, the Developer, or the Underwriter. Neither the delivery
of this Official Statement nor any sale hereunder shall under any circumstances create any
implication that there has been no change in the affairs of the City, the Developer, or the
Surety since the date hereof. This Official Statement does not constitute an offer or
solicitation in any jurisdiction in which such offer or solicitation is not authorized, or in
which the person making such offer or solicitation is not qualified to do so, or to any person
to whom it is unlawful to make such offer or solicitation. The information set forth herein
has been obtained from the City, the Developer, and the Surety, and other sources which are
believed to be reliable, but it is not guaranteed as to accuracy or completeness by, and is not
to be construed as a representation by, the Underwriter.
CONTENTS OF OFFICIAL STATEMENT
Page
Introductory Statement .................................... ................
.........
2
TheBonds......................................................................
...
4
Security for the Bonds.................................................................
5 5
Source and Application of Funds...........................................................
The City..................................................................
8
The Project.................................................................
.............
..........
9
The Development........................................................................
9
The Developer...........................................................................
10
The Contract for Development .................................................
13
Cash Flow Projections..........................................................
.....
15
The Guaranty Agreement.................................................................
17
The Surety....................................................................
......
17
The Surety Bond...................................................................
.....
18
The Indenture of Trust...................................................................
22
Enforceability of Remedies.....................................................•..
22
Legal Matters............................................................................
22
Tax Exemption...........................................................
22
Underwriting............................................................................
.............
23
Rating...............................................................
............
23
Miscellaneous...........................................................
23
23
Definitions............................................................. .................
Appendix A — Form of Surety Bond .......................................................
THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION BY REASON OF THE PROVISIONS OF SECTION
3(a)(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. THE REGISTRATION OR
QUALIFICATION OF THESE SECURITIES UNDER THE SECURITIES OR BLUE SKY
LAWS OF THE JURISDICTIONS IN WHICH THEY HAVE BEEN REGISTERED OR
QUALIFIED, IF ANY, AND THE EXEMPTION FROM REGISTRATION OR QUALI-
FICATION IN OTHER JURISDICTIONS SHALL NOT BE REGARDED AS A RECOM-
MENDATION THEREOF. NEITHER THESE JURISDICTIONS NOR ANY OF THEIR
AGENCIES HAVE PASSED UPON THE MERITS OF THESE SECURITIES OR THE
ACCURACY OR COMPLETENESS OF THIS OFFICIAL STATEMENT. ANY REPRESEN-
TATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE.
ii
OFFICIAL STATEMENT
$7,850,000
CITY OF MINNETONKA, MINNESOTA
TAX INCREMENT REVENUE BONDS
(CARLSON PROPERTIES, INC. PROJECT)
SERIES 1984
INTRODUCTORY STATEMENT
This Official Statement is furnished in connection with the offering of $7,850,000 aggregate
principal amount of Tax Increment Revenue Bonds (Carlson Properties, Inc. Project), Series 1984, of
the City of Minnetonka, Minnesota. This Official Statement may not be reproduced or used, in whole or
in part, for any other purpose. The Introductory Statement of this Official Statement should be
regarded as a brief overview and, therefore, this Official Statement should be read in its entirety. Where
agreements, reports, or other documents are referred to herein, reference should be made to such
agreement, reports, or other documents for more complete information regarding the rights and
obligations of parties thereto, facts and opinions contained therein, and the subject matter thereof. No
statement contained in this Official Statement should be considered less important than any other by
reason of its position herein.
The Bonds are being issued in accordance with the provisions of the Development District Act and
the Tax Increment Act and pursuant to the Indenture between the City and the Trustee. The proceeds
from the sale of the Bonds will be used to acquire certain real property located in the City adjacent to
U. S. Highway No. 12, to construct a highway interchange on such land, and to undertake certain
additional public improvements in the Development District (the "Project"). Portions of the cost of
such acquisition and construction will be paid by the Minnesota Department of Transportation and the
United States Department of Transportation and by Special Assessments imposed on certain adjacent
property benefited by the proposed improvements. The purpose in constructing the proposed
interchange and public improvements is to provide convenient access to and from U. S. Highway No. 12
and the Development District.
The City has entered into the Contract for Development with Carlson Properties, Inc. (the
"Developer"), to provide for the development of the land located within the Development District and
the Tax Increment District. Pursuant to the terms of the Contract for Development, the Developer is
proposing to construct improvements in the Development District and the Tax Increment District
which will generate Tax Increment pledged by the City to pay the principal, premium, if any, and
interest on the Bonds when due. The Developer has also agreed to pay Special Assessments imposed on
certain of its property in the Development District. The Special Assessments are also pledged by the
City to payment of the principal, premium, if any, and interest on the Bonds.
The Developer has also agreed, pursuant to the terms of the Guaranty Agreement, to pay Guaranty
Payments sufficient to pay the principal, premium, and interest on the Bonds in the event the Tax
Increment is insufficient to do so. In addition, St. Paul Fire and Marine Insurance Company (the
"Surety"), has issued a Surety Bond to guaranty that the Developer will make timely payments of
required Guaranty Payments pursuant to the terms of the Guaranty Agreement.
Although the City and the Developer expect the Tax Increment generated from the improvements
in the Tax Increment District and the Special Assessments to be sufficient to pay the principal,
premium, and interest on the Bonds when due, no assurance can be given that this amount of Tax
Increment and Special Assessments will, in fact, be generated from the Tax Increment District.
Therefore, in assessing the security of this investment, prospective investors should not rely on
projected payments of Tax Increment and Special Assessments as a source of payment on the Bonds.
See "THE GUARANTY AGREEMENT" and "THE SURETY BOND" herein.
In the event Tax Increment and Special Assessments are insufficient to pay the principal,
premium, and interest on the Bonds, the Developer has agreed to pay all such deficiencies in order to
ensure that all principal, premium, and interest on the Bonds is paid in full in a timely manner. The
Developer expects that it will be able to pay any such deficiencies throughout the term of the Bonds. In
the event the Developer does not make the required Guaranty Payments when due, for whatever reason,
then the Surety is required to pay on its Surety Bond. In the event a Guaranty Payment is not paid when
due, the Trustee will cause a notice of redemption to be made with respect to all Bonds in which event
the Bonds will be due and payable on the next redemption date for which adequate notice of reSurety will
can be given. On the date established by the terms of the Surety Bond and the Indenture,
thethen be required to pay an amount to the Trustee equal to the aggregate principal amount of all
outstanding Bonds. Such amount will be applied to the payment of Bonds on the date established by the
Trustee for payment. (Accrued interest will be paid from amounts deposited in the Reserve Fund.)
Prospective purchasers of the Bonds should not evaluate the security of this investment and the
creditworthiness of the Bonds on the basis of the adequacy of the Tax Increment or Special Assessments
or the financial strength of the Developer.
Tax Increment generated by the Tax Increment District, Special Assessments, Guaranty
Payments made pursuant to the Guaranty Agreement, and Surety Bond Payments made pursuant to
the terms of the Surety Bond will be pledged and assigned by the City to the Trustee under the
Indenture for the payment of the principal, premium, or interest on the Bonds. Tax Increment and
Special Assessments will be paid by the City to the Trustee periodically throughout each year while any
Bonds are outstanding. 1ll be ilDeveloperhe tly oe
Trustee when
due. Surety Bandyents underr the SuretyBond wl bepaid by theSuretydirectlyto the Trustee
when due.
The Bonds are not general obligations of the City, but are special limited obligations of the City
payable solely from the funds and other security held by the Trustee pursuant to the terms mens
of the
Indenture, including the proceeds of the Bonds and investment earnings thereon,
Guaranty Payments, and Surety Bond Payments. The Bonds and the premium and interest thereon do
not constitute an indebtedness of the City, Hennepin County, or the State of Minnesota, within the
meaning of any constitutional provision or charter or statutory limitation, and will never constitute or
give rise to a pecuniary liability of the City (except for Tax Increment, Guaranty Payments, and Surety
Bond Payments pledged to payment of the Bonds), Hennepin County, or the State of Minnesota. In
addition, the Bonds and the premium and interest thereon can never constitute a charge against the
general credit or taxing powers of the City, Hennepin County, or the State of Minnesota.
This Official Statement contains descriptions of, among other matters,
the Indenture, the
Guaranty Agreement, the Surety Bond, the Bonds, and the security for the Bonds. All summaries and
descriptions of documents and agreements are qualified in their entirety by reference to such documents
and agreements, and all summaries of the Bonds are qualified in their entirety by reference to the form
thereof included in the Indenture, copies of all of which are available for inspection. Copies of the
Indenture and the Guaranty Agreement are available upon request at the principal office of the Trustee.
his
A copy the Surety Bond d such documents will be availabls contained in an appendix toe at the principal pal office o Miller & Schroeder
cial Statement. During the period of
the offeriri ng, copies
Municipals, Inc., Minneapolis, Minnesota.
THE BONDS
General Description
The Bonds are special limited obligations of the City, payable solely from the funds and other
security held by the Trustee pursuant to the terms of the Indenture.
The date on the Bonds on the original date of issue of the Bonds will be May 1, 1984. The Bonds will
bear interest from such date at the rates, and will mature in the amounts and on the dates, shown on the
cover page of this Official Statement. Interest on the Bonds will be payable semiannually on December 1
and June 1 of each year, commencing on December 1, 1984.
X
The Bonds will be issued as fully registered bonds in the denominations of $5,000 or any integral
multiple thereof. The principal of the Bonds is payable upon presentation of the Bonds at the principal
corporate trust office of the Trustee. The interest on the Bonds is payable by check or draft of the
Trustee, mailed to the registered owners thereof, at their addresses as such names and addresses appear
on the Bond registration books maintained by the Trustee as of the fifteenth day of the month preceding
the Interest Payment Date. Bonds may be transferred to a new registered owner upon presentation of
the Bond duly endorsed for transfer at the principal corporate office of the Trustee, provided however
that the Trustee is not required to transfer or exchange any Bond called or being called for redemption
in whole or in part.
Redemption Prior to Maturity
Mandatory Redemption in Part. The Bonds maturing on and after June 1, 1992, are subject to
mandatory redemption and prepayment from Excess Tax Increment and Excess Special Assessments,
in whole or in part, on any Interest Payment Date on or after June 1, 1991, at a price equal to the
principal amount of the Bonds to be redeemed, plus accrued interest to the redemption date.
Optional Redemption. The Bonds maturing on and after June 1, 1990, are each subject to optional
redemption and prepayment, at the option of the City, in whole or in part, on any Interest Payment Date
on or after June 1, 1989, at a price equal to the principal amount of the Bonds to be redeemed, plus
accrued interest to the redemption date, plus a premium, expressed as a percentage of the principal
amount of Bonds to be redeemed, for the various redemption dates set forth below.
Redemption Date Premium
June 1, 1989, to December 1, 1989 2%
June 1, 1990, to December 1, 1990 1%
June 1, 1991, and thereafter 0%
It is provided in the Indenture that Bonds of a denomination larger than $5,000 may be redeemed in
part ($5,000 or a whole multiple thereof) and that upon any partial redemption of any such Bond the
same shall be surrendered in exchange for one or more new Bonds in authorized form for the
unredeemed portion of principal.
Extraordinary Optional Redemption. If the City and the Developer determine, on or before
February 15, 1985, that available funds from all sources are insufficient to pay the costs of constructing
the Highway 12 Interchange Improvements (as defined in the Indenture), then the City and the
Developer may elect to cause the redemption and prepayment of all Bonds on June 1, 1985, at a price of
par plus accrued interest to the date of redemption.
Mandatory Redemption in Whole. The Bonds are also subject to mandatory redemption and
prepayment, in whole, in the event that the Developer fails to pay to the Trustee, when due, a Guaranty
Payment in the amount of the sum of the aggregate principal amount of all Outstanding Bonds on such
date and the interest which will accrue on such Bonds to the next Interest Payment Date on the Bonds,
as required under the terms of the Guaranty Agreement. In such event, all Bonds are subject to
redemption and prepayment on the first Interest Payment Date following the event giving rise to the
redemption in whole for which notice of redemption can be given as provided in the Indenture, at a
redemption price equal to the principal amount of the Bonds to be redeemed plus accrued interest to the
redemption date.
Notice and Effect of Redemption
Notice of redemption will be published at least once not less than twenty days before the
redemption date in a daily or weekly periodical published in a Minnesota city of the first class, or its
metropolitan area, which circulates throughout the state and furnishes financial news as a part of its
service. Notice of redemption will also be mailed at least twenty days before the redemption date to each
Holder of the Bonds to be redeemed at the Holder's last address appearing on the Bond Register; but no
defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for
redemption of any Bond not affected by such failure or defect. All Bonds so called for redemption will
3
cease to bear interest on the specified redemption date, provided funds for their redemption have been
duly deposited, and, except for the purpose of payment, shall no longer be protected by the Indenture
and shall not be deemed Outstanding under the provisions of the Indenture.
Additional Bonds
No additional Bonds or other obligations may be issued under the Indenture, but other obligations
payable from Tax Increment may be issued by the City under certain conditions. See " INDENTURE
OF TRUST — Pledge and Assignment" herein.
SECURITY FOR THE BONDS
General
The Bonds will be special limited obligations of the City payable solely from the following sources:
(i) a portion of the proceeds of the Bonds; (ii) Tax Increment and Special Assessments generated from
the Tax Increment District; (iii) Guaranty Payments, if any, made by the Developer pursuant to the
Guaranty Agreement; (iv) Surety Bond Payments, if any, made pursuant to the Surety Bond by the
Surety; and (v) investment earnings derived from the investment of any of the foregoing. Under the
Indenture, the City will pledge and assign all of its right, title, and interest in and to the foregoing to the
Trustee for the benefit of the Bondholders.
Tax Increment
zes the use of tax increment financing to pay the capital and
The Tax Increment Act authori
administrative costs of a development district created pursuant to the Development District Act. The
Development District was created pursuant to the Development District Act and is therefore eligible to
use tax increment financing. As a prerequisite to the use of tax increment financing, the Tax Increment
Act requires the creation of a tax increment financing district within a project such as a development
district. The Tax Increment District was created as an economic development tax increment financing
district within the Development District pursuant to the requirements of the Tax Increment Act.
The term "tax increment" is used to describe the portion of real estate taxes generated within a tax
increment financing district which is permitted by the Tax Increment Act to be specially allocated to
further the development or redevelopment of a development district. In order to calculate the amount of
tax increment in any tax increment financing district which is available for such purposes it is necessary
to determine the Assessed Market Value, Assessed Value, Original Assessed Value, and Captured
Assessed Value of the real property located within the tax increment financing district. The Assessed
Market Value of taxable real property for ad valorem tax purposes in Minnesota is established as of
January 2 of the year of assessment. Through a statutory local, county and state appraisal and review
process an Assessed Market Value is assigned to each parcel of property and the structures, if any, upon
it. At least one-fourth of all existing real estate in a taxing unit must be reappraised by the local assessor
each year. Each year the appraisal and review process is completed by November 15th. The Assessed
Value of taxable property is determined by multiplying the Assessed Market Value for such property by
a statutorily prescribed percentage. Assessed Value depends upon the property's tax classification.
Minnesota law treats different types of real property differently for assessment purposes. The result is
that some classes of property bear a greater share of the property tax burden than others. For example,
commercial and industrial property (with certain exceptions) is statutorily categorized as Class 4c
property and Minnesota statutes currently provide that Assessed Value for Class 4c property shall equal
forty percent (40%) of the first $50,000 of Assessed Market Value and forty-three percent (43%) of the
remaining Assessed Market Value. Captured Assessed Value is the Assessed Value of the taxable
property in a tax increment financing district in excess of the Original Assessed Value. The Original
Assessed Value of the taxable property in the Tax Increment District is equal to $821,000 which was the
Assessed Value of such property on January 2, 1983, the date used for certifying such property for tax
increment financing purposes. Captured Assessed Value increases can be the result of revaluation,
inflationary growth or the construction of real estate inprovements. The annual Tax Increment is
determined by multiplying the Captured Assessed Value times the combined Mill Rate computed for
taxes levied by all taxing authorities upon the taxable real property located in the Tax Increment
District, which includes the City, the county, the school district and certain special taxing districts. The
combined Mill Rate for such taxes is determined by the County Auditor. Each of the taxing authorities
submits its tax levy to the County Auditor. The County Auditor determines the Mill Rate for each
taxing authority by computing the rate at which taxable Assessed Value, excluding Captured Assessed
Value, must be taxed in order to generate the tax dollars required by that taxing authority. The
combined Mill Rate is then applied against the Assessed Value of all taxable property, including the
Captured Assessed Value. The taxes generated by application of the Mill Rate to the Captured Assessed
Value is the Tax Imcrement, which, if collected, is paid to the City and transferred to the Trustee under
the Indenture. See "TAX INCREMENT PROJECTIONS" herein.
Guaranty Payments
Pursuant to the terms of the Guaranty Agreement, the Developer has agreed to guarantee the
payment of all principal, premium, and interest on the Bonds when due. In the event Tax Increment and
Special Assessments generated by the Tax Increment District will be insufficient to pay the principal,
premium, and interest on the Bonds on any Interest Payment Date, then the Developer is required to
deposit with the Trustee an amount equal to such deficiency. The obligations of the Developer to make
such Guaranty Payments are irrevocable and unconditional.
Surety Bond
Pursuant to the terms of the Guaranty Agreement, the Developer has agreed to deliver to the
Trustee, on or before the date of issuance of the Bonds, the Surety Bond. In the event the Developer fails
to make a Guaranty Payment when due, then a Guaranty Payment equal to the principal amount of all
outstanding Bonds will become due and the Surety will be required to pay the principal amount of all
such Bonds.
SOURCE AND APPLICATION OF FUNDS
The total source and application of funds to complete the Project are estimated as follows:
Source of Funds
Minnesota Department of Transportation ...... .
U. S. Department of Transportation ..... .............................$ 5,995,000
Special Assessments Bond Proceeds . 2,366,000
Bond Proceeds ......... 5,000,000
Total .......... _ 7,850,000
$21,211,000
5
Application of Funds
Construction Costs:
.. , , . , , _ , $10,632,000
Highway #12 Improvements .......................................
5,000,000
Carlson Parkway and Other Improvements ....................
1,445,000
Acquisition Costs.............................................................
Councilperson
Engineering Fees:
. , . , , 783,680
Design and Traffic Engineering .................................::::::::
1,200,000
Construction Engineering ......................... ...........::
35,000
Soil Engineering .............................................
Fred E. n
Miscellaneous Project Costs:
720,070
Capitalized Interest ..............................................
..,.,,.,.,.
344,000
Administrative Costs .............................................
85,000
Appraisals....................................................
December 31, 1987
Financing Costs:
196,250
Underwriting Discount ....................................... ..............
343,000
Reserve Fund ...................................................
433,000
Costs of Issuance and Miscellaneous ....................................
$21,211,000
Total......................................................
THE CITY
The City, which is a suburb located west of the City of Minneapolis in Hennepin County, was
originally incorporated as a municipal corporation in 1956. In 1969, pursuant to adoption of a home rule
City Charter by the qualified voters of the City, the City instituted a council-manager form of
government. The City covers an area of 28 square miles and its population is currently estimated to be
40,130.
The City Council
The City Council is the legislative and policy making body of the City and is composed of seven
members. Four councilpersons are elected from each of the City's four wards for four year terms; two
Councilpersons are elected at -large for four year terms, and the mayor, who presides over council
meetings, is elected at -large for a two year term. The responsibilities of the City Council include;
enacting ordinances, resolutions and orders necessary for the proper governing of the City's affairs; (ii)
reviewing and adopting the annual budget; (iii) reviewing and deciding on recommendations from
various boards and commissions; (iv) appointing a City Manager and citizens to various boards and
commissions; (v) establishing policies and measures to promote the general welfare of the City and
safety and health of its citizens; and (vi) representing the City at official functions with other
organizations and governmental agencies. The present members of the City Council and the expiration
of their respective terms of office are as follows:
Title
Expiration of Term
Name
Mayor
December 31, 1985
Larry A. Donlin
Councilperson
December 31, 1987
Robert J. DeGhetto
Councilperson
December 31, 1987
nneke
Mark Re n
Councilperson
December 31, 1985
Fred E. n
Councilperson
December 31, 1985
n
Cotton
Peter Cotton
Councilperson
December 31, 1985
William
Councilperson
December 31, 1987
Jane G. Gordon
City Administration
The City Manager, Mr. James F. Miller, employed by the City on December 2, 1979, is Chief
Executive Officer of the City, responsible for planning, organizing and directing the activities of the
0
municipality by interpreting City Council -determined policy, coordinating departmental efforts,
handling citizens inquiries and complaints and representing the City in its relations with the public and
other governmental and private agencies. Prior to his appointment to City Manager, Mr. Miller was
Assistant City Manager for the City of Des Moines, Iowa from June, 1971 to December, 1979. Mr. Miller
received his B.A. Degree from the University of Wisconsin, Eau Claire; a Master's Degree in Public
Administration from the University of Pittsburgh; and a Doctor of Public Administration Degree from
Nova University, Center for Public Affairs and Administration, Fort Lauderdale, Florida.
The Finance Director/Clerk-Treasurer, Mr. Dale L. Eggenberger, is responsible for the financial
management of the City. Specifically, the Finance Director/Clerk-Treasurer prepares and administers
annual operating budgets, provides periodic financial reports to the City Council, the City Manager,
City departments, other governmental agencies, investors and the general public, and provides for the
maintenance of public records and receipt, disbursement, and custody of public funds. Prior to his
appointment as Finance Director/Clerk-Treasurer in 1981, Mr. Eggenberger served the City as Director
of Finance/Treasurer (1977-1980) as Director of Finance (1973-1977) and as Assistant Finance Director
(1972-1973). Mr. Eggenberger received his B.A. from Winona State University in 1966.
Principal Governmental Services Performed by the City
Various departments of the City provide the following services for the residents of the City:
Operations and Maintenance. The Operations and Maintenance Department is responsible for the
maintenance of public roadways within the City, including patching, resurfacing, snow and ice removal,
sweeping, tree removal, as well as the maintenance and repair on all City -owned vehicles and motorized
equipment (except the equipment of the Fire Department), and the maintenance of public lands and
recreational facilities within the City including grass maintenance, ice and hockey facilities, general
parks maintenance, ballfield preparation, garbage and litter pickup and weed abatement.
Police. The Police Department includes 52 full-time police officers and is responsible for the
preservation of life and property, maintenance of public peace and order, and prevention of crime.
Fire. The City provides fire protection to residents within the City through trained and equipped
volunteers and through a program of fire inspection and fire prevention education. The Fire
Department includes one full-time Fire Marshall and approximately 53 part-time volunteer firefighters.
Public Works and Engineering Department. The Public Works and Engineering Department
provides for the preparation of plans, specifications and estimates for the design, construction,
maintenance and operation of physical facilities including sanitary sewers, storm sewers and water
mains.
Assessing. The City is the public agency responsible for establishing estimated market value on all
residential, vacant, commercial and industrial property within the City in accordance with the
applicable laws of the State.
Recreation. The City provides various recreational programs to all areas of the City including
recreation classes for all ages, youth sport activities, senior citizen activities, public ice skating facilities,
public swimming beaches, playgrounds, day camps, handicapped adult programs and community
theatre and symphony programs.
Planning. The City's Planning Department, primarily responsible for the coordination of physical,
social and economic changes in the City, is designed to develop and refine ordinances which implement
plans for City growth.
Regional Governmental Agencies Affecting the City
The following regional governmental agencies are involved in the governance of the metropolitan
area in which the City is located.
Metropolitan Council. The Metropolitan Council, created by the 1967 State Legislature, is
empowered to coordinate and ensure the orderly planning and economic development of the
Minneapolis -St. Paul metropolitan area. The Metropolitan Council has jurisdiction over a seven -
7
county area (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington Counties). The
Council is appointed, with 16 district representatives serving four-year terms, and a chairman appointed
by the Governor of the State. The Council has standing committees for personnel and work programs,
human resources, and physical development. In addition, the Council appoints advisory committees on
aging, arts, criminal justice, health, housing and redevelopment, communications, transportation,
parks, land use, modest cost private housing and solid waste.
The Metropolitan Council has adopted a budget of $10.9 million for 1984. ApprAximately 30% of
the funds, to operate the Council, are expected to come from federal sources; 4% from state sources and
the balance approximately 66%, from local sources, in the foof property tax levy on the seven -
base and charges of regional
county area of 8/30ths of one mill, on the seven -county property
commissions for services provided by the Council. The funds are used to carry out the Council's
responsibilities as the Twin Cities area's long-range planning and coordinating agency.
Metropolitan Airports Commission. The Metropolitan Airports Commission plans, constructs and
operates regional airports in the Minneapolis -St. Paul metropolitan area. The Commission has the
power to levy a tax upon taxable property over a seven -county area (Anoka, Carver, Dakota, Hennepin,
Ramsey, Scott and Washington Counties), but has not currently levied such a tax.
Metropolitan Transit Commission. The Metropolitan Transit Commission operates a public
ground transportation system in Minneapolis -St. Paul metropolitan area.
Metropolitan Waste Control Commission. The Metropolitan Waste Control Commission operates
sewage treatment and disposal facilities servicing a seven -county metropolitan area, including the City.
City Employees
The City presently has approximately 174 full-time employees, as follows:
Administration .....................•••••• 29
Planning................................. 7
Engineering .............................. 13
Inspection & licenses ...................... 46
15
Operation & maintenance .......... • • • • ... 52
Police 4
Fire department (1) ....................... 8
Recreation ...............................
174
(1) Approximately 53 part-time volunteers comprise the balance of the fire department.
THE PROJECT
The Project consists of the acquisition of certain real property in the City adjacent to U. S.
Highway No. 12 and the construction thereon of a highway interchange and certain related public
improvements.
The area of Highway 12 west of Interstate 494 has long been identified in City plans as an area of
congested and hazardous traffic conditions which require correction. Past plans have proposed an
interchange to provide this correction. The Project will be to construct this interchange — a full -access,
folded -diamond design — at the location of the proposed Carlson Parkway, approximately 500 feet east
of Parker's Lake Road and to do such further improvements along Highway 12 as are necessary to safely
and efficiently accommodate projected traffic and to integrate the interchange with Highway 12 and the
planned Interstate 394. The improvements to Highway 12 will be made in cooperation with the
Minnesota Department of Transportation, which will pay a portion of the total cost. The balance of the
costs will be paid from a combination of projected Tax Increment and Special Assessments against
abutting benefited properties. The City will construct the internal roadways, storm sewer, sanitary
sewer, and watermains needed to provide service to the Development, which costs will be paid from
Special Assessments to be levied against benefited property.
A project somewhat similar in scope is being constructed by the adjacent City of Plymouth,
Minnesota to the north. The City of Plymouth has issued and sold its $7,000,000 General Obligation
Tax Increment Bonds of 1984, dated April 1, 1984, to finance that project.
The City's and Developer's obligations concerning the construction and timing of the various
public and private improvements in the Project is described in the Contract for Development. See "THE
CONTRACT FOR DEVELOPMENT" herein.
THE DEVELOPMENT
The proposed Project will be an energy efficient, environmentally sensitive, living -working
community on a 207 -acre site in the City, a developing suburb west of Minneapolis. See "THE CITY"
herein. It is part of a 307 -acre mixed use complex in the City and the adjacent City of Plymouth, a
developing suburb northwest of Minneapolis. The Project, as approved by the City and described in the
Contract for Development, consists of approximately 867,500 square feet of corporate headquarters,
344,000 square feet of office, 302,525 square feet of office -distribution, 383,500 square feet of
commercial, 131 townhome units, 312 condominium units, and 135 acres of ponds, recreational areas,
and open space. Construction of the Project will occur in several phases over a period of approximately
ten years. However, the exact type and size of individual development components and the sequence of
development phases is subject to change. See the "CONTRACT FOR DEVELOPMENT" herein.
The Project site is located north of U.S. Highway No. 12 and east and west of I-494, two principal
arterial routes. Within a one and one-half mile radius of the site are the 1,000,000 square foot Ridgedale
Shopping Center, a regional facility which includes four major department stores and approximately
one hundred smaller shops, three other shopping centers and several commercial, office and residential
developments. The Project is approximately ten miles from downtown Minneapolis and approximately
forty minutes from the Minneapolis/St. Paul International Airport.
The Carlson Companies World Headquarters is the key planned component of the integrated
multi -structure complex on the southwest portion of the Project site. At full development of the Project,
the world headquarters building may be connected by a covered walkway to a commercial facility which
may include some or all of the following components: hotel, restaurant and food service, conference
center, retail shops, cafeteria, racquet club, and medical services area. Structured parking will serve the
world headquarters and, if built, the integrated commercial facility.
The Project will include a wide variety of active recreational facilities both accessible for public use
and reserved for private use. Open space and landscaped areas will comprise approximately 60 percent
of the site, including extensive waterways and ponding areas and nature/hiking and bicycle trails.
Linkages will be provided to surrounding uses, including connections to the proposed metropolitan
bikeway system. Energy -conserving site planning, building orientation, and architectural design
techniques will be utilized in the development of the Project.
THE DEVELOPER
The Developer is Carlson Properties, Inc., a wholly owned subsidiary of Carlson Companies, Inc.
Carlson Properties, Inc. is a professional real estate management, property development, investment,
and leasing firm with holdings throughout the continental United States, and management interests in
Hawaii.
The diversified holdings of Carlson Properties, Inc., are valued at over $100 million, ranging from
modern high-rise office buildings to suburban shopping malls and industrial parks. The firm has
participated in several important downtown development projects around the country and is continuing
to expand its development, investment, and management activities into such new areas as personal
storage warehouses and industrial village developments.
In the late 1950s and 1960s, Curt Carlson, the founder of Carlson Companies, Inc., laid the
groundwork for a major industrial park in the Minneapolis suburb of Plymouth,
Minnesota. A new Gold
Bond Stamp Company headquarters was the first portion developed in 1962. The regional park, which
was named Minneapolis Industrial Park, now includes over 1,000 acres. In 1972, the management of
Minneapolis Industrial Park and all other real estate interests of the Carlson Companies were
consolidated under a new corporate operating group, Carlson Properties, Inc. Minneapolis Industrial
Park remains a cornerstone of Carlson Properties' operations as a national model of successful
industrial park development.
entered into real estate transactions with other operating groups
Carlson Properties, Inc., has also
of the Carlson Companies, such as TGI Friday's, a member of Carlson Companies' Hospitality Group,
and the Radisson Hotel Corporation.
THE CONTRACT FOR DEVELOPMENT
The Contract
The Developer intends to develop the land located within the Tax Increment
strict inhe lopme phases,
each one of which is subject to final site plan approval by the City. The City approved
plan for development of the Project (the "Master Development Plan") on November 22, 1982. See
"THE PROJECT" herein. Although the Master Development Plan sets forth a specific sequence for
construction of the phases of development of the Project, the City has agreed that the Developer may
alter that sequence and develop portions of those phases without the necessity of an amendment to the
Master Development Plan upon certain terms and conditions as set forth in the Contract for
Development. The Developer must start construction of improvements in some portion of the Project
no later than twelve months after substantial completion of the U.S. Highway No. 12 interchange at
proposed Carlson Parkway and substantial completion of Carlson Parkway and Cheshire Lane within
the Project. Final site plans for any improvements to be constructed, except public improvements, must
be approved by the City in the manner prescribed in the City's Zoning Ordinance, prior to
commencement of construction.
Contract for Development, the Developer must retain exclusive
Pursuant to the terms of the
al for each building or phase of the Project to ensure
responsibility for obtaining final site plan approv
consistency of development, to facilitate negotiations on individual site plans, and to otherwise carry on
the final site plan review process, even if the Developer divests itself of all or a portion of the property
within the Project. Any agreement entered into by the Developer whereby the Developer divests itself of
ownership of more than fifty percent (50%) of any parcel of land within the Project must expressly
incorporate the obligation of the Developer to retain exclusive responsibility for obtaining final site plan
approval for each building or phase within the Project and must further secure the commitment of the
other party to the agreement to comply with the Master Development Plan and final site plan or plans
as approved by the City. The Developer must construct, operate, and maintain the improvements within
the Project in accordance with the terms of the Contract for Development and all applicable local, state,
and federal laws and regulations. The Developer must obtain, in a timely manner, all required permits,
licenses, and approvals. The Developer must pay all real property taxes due and payable on the Project
in a timely manner.
Pursuant to the terms of the Contract for Development, the City has granted to the Developer the
rights authorized by Minnesota Statutes, Section 462.358, Subd. 3(c), for a period of fifteen years. That
Section provides that, unless the Developer and the City agree otherwise, no amendment to a
comprehensive plan or official control shall apply to or affect the use, development density, lot size, lot
layout, or dedication or platting required or permitted by the approved subdivision.
The Contract for Development provides for construction of public improvements within the
Project including street improvements, storm sewer improvements, sanitary sewer improvements, water
main improvements, permanent street improvements, traffic signing and lighting improvements, and
subdivision monuments. These public improvements will be installed and constructed upon written
request from the Developer and will be available for use at such time as is mutually agreeable to the City
10
and the Developer. All construction, installation, materials, and equipment in connection with the
public improvements will be in accordance with plans and specifications approved by the City Engineer.
The cost of the public improvements, except those installed or constructed by the Developer, will be
assessed against the Project for a period of ten years, pursuant to Minnesota Statutes, Chapter 429, and
the policy of the City. The cost of any public improvements installed by the Developer will be paid
directly by the Developer.
Upon allocation of sufficient funds by the Minnesota Department of Transportation and the
United States Department of Transportation for the State Trunk Highway 12 interchange, and
provided that the Developer is in compliance with the Contract for Development, the City has agreed to
construct or cause to be constructed the U.S. Highway No. 12 interchange. Financing for the U.S.
Highway No. 12 interchange is to be provided by a combination of state, federal, city and Developer
funds. See "SOURCE AND APPLICATION OF FUNDS" herein. If the proceeds of the Bonds,
together with state and federal financing, are insufficient to cover the cost of constructing the U.S.
Highway 12 interchange, the Contract for Development becomes null and void. See "THE BONDS —
Redemption Prior to Maturity — Extraordinary Optional Redemption" herein.
Pursuant to the terms of the Contract for Development, the Developer must insure the
improvements constructed within the Project in the manner and in the amounts usual and customary
for facilities of the same general nature, but in no event may such insurance be less than the outstanding
principal of and six months' interest on the Bonds. If the improvements, or a major portion thereof, are
destroyed by fire or other casualty and a determination is made by the Developer not to reconstruct or
repair such improvements, the proceeds of such insurance must be used as follows:
(A) First, to pay to the mortgagee of such improvements the outstanding principal of and
interest on the notes secured by such mortgagee's mortgage;
(B) Second, to pay to the City the amount necessary to pay the outstanding principal of and
interest on the Bonds; and
(C) Third, to pay from remaining proceeds the amount necessary to pay not to exceed twenty-
five percent (25%) of the outstanding principal of and not to exceed twenty-five percent (25%) of
the interest remaining unpaid on the improvement bonds for the public improvements.
The Contract for Development further provides that if title to and possession of the improvements
constructed in the Project or any material part thereof, are taken by eminent domain by any
governmental body or other person (except the City) prior to the maturity of the Bonds, the proceeds of
the award will be used by the Developer to either:
(A) Reconstruct the improvements; or
(B) First, pay to the mortgagee of the improvements the outstanding principal of and interest
on the note secured by said mortgagee's mortgage, and second, to pay to the City the amount
necessary to pay the outstanding principal of and interest on the Bonds remaining unpaid.
Default and Remedies
The following are Events of Default under the Contract for Development:
(A) Events of Default by the Developer:
(1) Failure by the Developer to observe and perform any covenant, condition, obligation,
or agreement on its part to be observed or performed under the Contract for Development,
unless attributable to an unavoidable delay, as defined in the Contract for Development,
within thirty days after written notice to the Developer specifying such failure and requesting
that it be remedied (or within such other period as otherwise expressly provided in the
Contract for Development), or within such further period of time as is reasonably necessary to
cure such failure, but only if the Developer has within thirty days provided the City with
reasonable assurances that the Developer will cure the failure as soon as is reasonably possible.
11
(2) If the Developer admits in writing its inability to pay its debts generally as they
become due, or files a petition in omenof aecever ofitself orof the
bankruptcy,
Triassignment
tthe
whole to � any
f its
creditors, or consents to the app
substantial part of the Project.
(3) If the Developer files a petition or answer seeking reorganization or arrangement
under the federal bankruptcy laws.
(4) If the Developer, on a petition in bankruptcy filed against it, is adjudicated a
bankrupt, or a court of competent jurisdiction enters an order or decree appointing, without
the consent of the Developer, a receiver of the Developer or of the whole or substantially all of
its property, or approves a petition filed against the Developer seeking reorganization or
r the
tcy laws, and such
order, or a Tee is of nott vacated or setDeveloper easide or federal ayed within pone hundred eighty days fromthe
order, or decree
date of entry thereof.
(B) Events of Default by the City:
(1) Failure of the City to commence and complete construction of the public
improvements upon petition from the Developer and ordering in by the City Council, unless
attributable to an unavoidable delay, and unless the Developer shall have elected to construct
the public improvements pursuant to the Contract for Development.
(2) Failure of the City to commence and complete construction of the U. S. Highway No.
12 interchange, unless attributable to an unavoidable delay, on or before allocation of funds by
the Minnesota Department of Transportation and Federal Highway Administration.
(3) Failure of the City to observe and perform any covenant, condition, obligation, or
agreement on its part to be observed or performed under the Contract for Development, unless
attributable to an unavoidable delay, within thirty days after written notice to the City
specifying such failure and requesting that it be remedied (or within such other period as
otherwise expressly provided in the Contract for Development) or within such further period
of time as is reasonably necessary to cure such failure, but only if the City has, within thirty
days, provided the Developer with reasonable assurances that the City will cure the failure as
soon as is reasonably possible.
Whenever an Event of Default occurs under the Contract for Development, the aggrieved party
may take any one or more of the following actions:
(A) The City may take one or more of the following actions in the event of default by the
Developer:
(1) Suspend its performance under the Contract for Development until it receives
assurances from the Developer that the Developer will cure its default and continue its
performance under the Contract for Development.
(2) Cancel and rescind the Contract for Development.
(3) Take whatever action at law or in equity may appear necessary and desirable to the
City to collect any payments due under the Contract for Development, or to enforce
performance and observance of any obligation, agreement, or covenant of the Developer under
the Contract for Development.
(B) The Developer may take one or more of the following actions in the event of default by the
City:
(1) Suspend its performance under the Contract for Development until it receives
assurances from the City that the City will cure its default and continue its performance under
the Contract for Development.
12
(2) Cancel and rescind the Contract for Development, but only prior to the issuance of
the Bonds or prior to the award of bids for any public improvements.
(3) Take whatever action at law or in equity may appear necessary or desirable to the
Developer to enforce performance and observance of any obligation, agreement, or covenant of
the City under the Contract for Development.
No remedy conferred upon or reserved to the City or the Developer in the Contract for
Development is intended to be exclusive of any other available remedy or remedies unless otherwise
expressly stated therein, but each and every such remedy shall be cumulative and shall be in addition to
every other remedy given under the Contract for Development or now or hereafter existing at law or in
equity or by statute. No delay or omission to exercise any right or power accruing upon any default will
impair any such right or power or will be construed to be a waiver thereof, but any such right and power
may be exercised from time to time and as often as may be deemed expedient. In order to entitle the City
or the Developer to exercise any remedy reserved to it, it is not necessary to give notice, other than such
notice as may be required pursuant to the default and remedy provisions of the Contract for
Development. If any agreement contained in the Contract for Development is breached by either party
and thereafter waived by the other party, such waiver will be limited to the particular breach so waived
and will not be deemed to waive any other concurrent, previous, or subsequent breach thereunder.
The Contract for Development does not obligate the Developer to any level of development of or
construction of improvements in the Project, other than a requirement that the Developer must
commence construction of some improvements within the Project within twelve months after
substantial completion of the U. S. Highway No. 12 interchange, Carlson Parkway, and Cheshire Lane.
CASH FLOW PROJECTIONS
The following projected cash flow schedule for the Bonds assumes no mandatory or optional
redemption features are exercised, but instead it is designed to show estimated fund availability without
such early redemption features being exercised.
CASH FLOW PROJECTION
13
Special
Tax
Assessments
Investment Earnings Debt Service
Increment
Reserve
Bond Project
Cumulative
Date
Revenue
Principal
Interest
Fund
Fund Fund Principal
Interest
Balance
5/01/84
12/01/84$
16,026
$33,183
$ 400,677
$ 720,070
368,602
6/01/85
12/01/85
$ 115,500
13,737
12,415 $ 27,950
343,438
79,266
6/01/86
$ 91,000
13,737
287,070
343,438
243,135
12/01/86
$ 83,500
115,500
115,500
91,000
80,893
13,737
13,737
343,438
119,934
6/01/87
83,500
115,500
80,893
13,737
343,438
343,438
70,126
20,318
12/01/87
221,500
115,500
70,787
13,737
343,438
98,404
6/01/88
221,500
115,500
70,787
13,737
343,438
176,490
12/01/88
384,500
115,500
60,681
13,737
343,438
407,470
6/01/89
384,500
115,500
60,681
13,737
$ 200,000
343,438
438,450
12/01/89
581,500
115,500
50,575
13,737
334,687
865,075
6/01/90
581,500
115,500
50,575
13,737
500,000
334,687
791,700
12/01/90
889,000
115,500
40,468
13,737
312,813
1,537,592
6/01/91
889,000
115,500
40,468
13,737
700,000
312,813
1,583,484
12/01/91
1,108,000
115,500
30,362
13,737
282,188
2,568,895
6/01/92
1,108,000
115,500
30,362
13,737
1,400,000
282,188
2,154,306
12/01/92
1,418,000
115,500
20,256
13,737
220,938
3,500,861
6/01/93
1,418,000
115,500
20,256
13,737
2,050,000
220,938
2,797,416
12/01/93
1,732,000
115,500
10,150
13,737
131,250
4,537,553
6/01/94
1,732,000
116,500
10,150
13,737
3,000,000
131,250
3,278,690
$12,836,000
$2,080,000 $910,344 $277,029
$45,598 $315,020 $7,850,000
$6,055,371
$3,278,690
13
The cash flow projection is based on the following assumptions:
1. Tax Increment
(a) Base Value — The base assessed value of the Tax Increment District is $821,000 at January 1,
1983.
(b) Projected Assessed Values — The following is a projection of the Assessed Values of the Tax
Increment District over the term of the Bonds:
As of January 2, 1985 ..................................... $ 2,450,000
As of January 2, 1986 ..................................... 5,426,000
37,000
As of January 2, 1987 .............................. • • • • • .. 18963,000
As of January 2, 1988 .............................. • • • .... 19,756,000
As of January 2, 1989 .....................................
As of January 2, 1990 ..................................... 24,472,000
As of January 2, 1991 ..................................... 31,116,000
As of January 2, 1992 ..................................... 37,849,000
(c) Pass Through of Tax Increment — It is assumed any tax increment generated from value in
place as of January 2, 1984 will not be captured by the Tax Increment District, but instead will be
distributed in a normal manner to underlying tax jurisdictions. The first year's receipt of tax increment
(with eight years' receipts being the maximum legally permitted) will be the increment from value in
place as of January 2, 1985 for taxes collectible in 1986.
(d) Receipt of Tax Increments — It is assumed eight full years of Tax Increment will be received by
the Tax Increment District in the years 1986-1993.
(e) Mill Rate — A constant rate of 93.88 mills has been used in the calculation of Tax Increment
throughout the cash flow projection.
(f) Fiscal Disparities Effect — The loss of incremental valuation due to the effect of Fiscal
Disparities is assumed to be 29% of total commercial -industrial valuation created within the Tax
Increment District.
(g) Inflation — No consideration has been given to the effect of inflation on the captured valuation
within the Tax Increment District, or the mill rates in effect during the life of the District. It is assumed
that inflation on the Base Value will be 5% per year, which increase is not captured as revenue to the
District.
(2) Special Assessment Revenue — Revenue to the Tax Increment District from special assessments
will come from total assessments of approximately $2,080,000, assessed on October 1, 1984 with equal
annual installments of principal over ten years, carrying interest on the unpaid principal balance at the
bond rate of interest.
(3) Interest Earnings — It is assumed the Project Fund, the Bond Fund, and the Reserve Fund will earn
interest from the investments of amounts deposited therein at a rate of 9.0%, 8.0%, and 8.0%,
respectively.
(4) Redemption of Principal — The cash flow projection does not reflect the early redemption of
principal permitted by the receipt of excess revenues to the Tax Increment District.
(5) Interest on Bonds — The cash flow projection assumes an average interest rate on the bonds of
8.75%.
(6) Capitalized Interest — Interest funded from bond proceeds is expected to be sufficient, together
with other revenues, to pay interest on the bonds until tax increment revenue is received in 1987.
If any of the foregoing assumptions are incorrect, this could adversely affect the Tax Increment
generated by the Tax Increment District and the sufficiency of cash flow. No assurance can be given to
the Bondholders that such assumptions are accurate.
14
THE GUARANTY AGREEMENT
The City and the Developer will execute the Guaranty Agreement, dated as of May 1, 1984. The
following is a summary of certain provisions of the Guaranty Agreement and is qualified in its entirety
by reference to the Guaranty Agreement, a copy of which is on file with the Trustee.
Guaranty
Pursuant to the terms of the Guaranty Agreement, the Developer guarantees, unconditionally and
irrevocably, the timely payment of principal, premium, and interest on the Bonds.
The obligations of the Developer under the Guaranty Agreement are irrevocable and unconditional.
Under no circumstances may the Guaranty Agreement be altered, amended, revoked, or terminated,
notwithstanding any event, foreseen or unforeseen, except as may be approved in writing by the City,
the Developer, and the Trustee. The Trustee may approve changes to the Guaranty Agreement only in
accordance with the terms of the Guaranty Agreement providing for such changes. The Developer has
stated in the Guaranty Agreement that it recognizes that the purchasers of the Bonds have relied and
will be relying, on the obligations of the Developer under the Guaranty Agreement as security for the
prompt payment of the principal of, premium, if any, and interest on the Bonds.
The obligations of the Developer under the Guaranty Agreement are not entitled to any abatement,
diminution, set-off, abrogation, waiver, or modification thereof, nor to any termination for any reason
(except in accordance with the express terms thereof) regardless of any rights of set-off, recoupment, or
counterclaim that the Developer may otherwise have against the City, the Trustee, any Bondholder, the
Surety, and any other person, and regardless of any contingency, act of God, event or cause of any
nature, and notwithstanding any circumstance or occurrence that may arise or take place before, during,
or after the issuance of the Bonds.
On each July 30 and January 30 from and after the date hereof, on which any Bonds are
outstanding, the Trustee will calculate the Tax Increment, Special Assessments, proceeds of the Bonds
allocated to payment of interest on the Bonds, and interest earnings on the foregoing which have been
deposited in the Bond Fund and are available to pay principal, premium, and interest on the Bonds on
the following Interest Payment Date. The Trustee will also determine the amounts of principal,
premium, and interest due and payable on the Bonds (and any other obligations of the City payable, in
whole or in part, from the Tax Increment and Special Assessments) on the Interest Payment Date
following each such July 30 and January 30. Based on this data the Trustee will determine whether and
to what extent the Tax Increment, Special Assessments, proceeds of the Bonds allocated to payment of
interest on the Bonds, and interest earnings on the foregoing on deposit with the Trustee on such July
30 or January 30 would be insufficient to pay all principal, premium, and interest on the Bonds when
due on such Interest Payment Dates.
If this information shows that the available funds would not be sufficient to provide for full and
timely payment of principal, premium and interest on the Bonds on such Interest Payment Dates, then
the Trustee will deliver written notice to the Developer of the deficiency (such deficiency being
hereinafter referred to as the "Shortfall"). Such notice will be delivered to the Developer and the Surety
on or before February 1 for deficiencies with respect to June 1 interest payment dates and on August 1
for deficiencies with respect to December 1 interest payment dates.
The Developer will be required to pay to the Trustee an amount equal to the Shortfall. For
Shortfalls with respect to June 1 interest payment dates the Developer must deposit such amount with
the Trustee on the preceding February 15. For Shortfalls with respect to December 1 interest payment
dates the Developer must deposit such amount with the Trustee on the preceding August 15. All
amounts transferred to the Trustee by the Developer must be made pursuant to an instrument which
provides immediately available funds to the Trustee and which provides for payment in any coin or
currency which at the time of payment is legal tender for the payment of public or private debts in the
United States of America.
15
The Developer will be obligated to pay a Guaranty Payment to the Trustee equal to the aggregate
amount of all outstanding Bonds plus accrued interest to the date of payment in the event a petition in
bankruptcy is filed by or against the Developer under the United States Bankruptcy Code.
In the event that the amount of funds which are available to pay principal, premium, and interest
on the Bonds on any Interest Payment Date, are in excess of the principal, premium, and interest due on
the Bonds (and any other obligations of the City secured in whole or in part by Tax Increment) on such
Interest Payment Date, then the City must use such excess funds to redeem and prepay as many Bonds
as possible on such Interest Payment Date in accordance with the terms of the Indenture.
In order to secure its obligations under the Guaranty Agreement, the Developer agrees to deliver to
the Trustee, on or before the date of issuance of the Bonds, the Surety Bond.
Default and Remedies
The following are events of default under the Guaranty Agreement:
(A) Failure by the Developer to pay any amounts required to be paid under the Guaranty
Agreement at the times specified therein;
(B) Failure by the Developer to observe and perform any covenant, condition, or agreement on its
part to be observed or performed, other than as referred to in (A) above, for a period of thirty days after
written notice specifying such failure and requesting that it be remedied shall have been given to the
Developer by the City or the Trustee; provided, however, that if the default be such that it cannot be
corrected within such period, it will not constitute an event of default if corrective action is instituted by
the Developer within such period and diligently pursued until corrected; or
(C) The filing of a petition in bankruptcy by or against the Developer under the United States
Bankruptcy Code.
Whenever any event of default occurs under the Guaranty Agreement, the Trustee (or the City with the
consent of the Trustee) may take whatever action at law or in equity may appear necessary or desirable
to collect the amounts then due and thereafter to become due, or to enforce performance and observance
of any obligation, agreement, or covenant of the Developer under the Guaranty Agreement.
No remedy conferred upon or reserved to the City and the Trustee is intended to be exclusive of any
other available remedy or remedies, but each and every such remedy will be cumulative and will be in
addition to every other remedy given under the Guaranty Agreement or now or hereafter existing at law
or in equity. No delay or omission to exercise any right or power accruing upon any event of default will
impair any such right or power or will be construed to be a waiver thereof, but any such right or power
may be exercised from time to time and as often as may be deemed expedient.
Amendments to the Guaranty Agreement
The Guaranty Agreement may be amended with the consent of the Surety and without the consent
of the Holders of two-thirds in aggregate principal amount of the Bonds outstanding if such amendment
is in writing, is executed by the City, the Trustee, and the Developer, and is necessary to accomplish any
one or more of the following:
(A) To cure any ambiguity or formal defect or omission in the Guaranty Agreement;
(B) To provide security for obligations to be issued to refund all Bonds; and
(C) To provide for any other change which, in the judgment of the Trustee, is not to the prejudice of
the Trustee or the Bondholders.
The Trustee is required to retain an original, executed counterpart of all such amendments until all
Bonds are paid in full.
Other than the foregoing amendments, neither the City, the Developer, nor the Trustee shall
consent to any other amendment to the Guaranty Agreement unless such amendment has first been
approved by the Surety and by the Holders of not less than two-thirds in aggregate principal amount of
16
Bonds outstanding, provided that the consent of all Holders of Bonds outstanding is required for any
amendment of the Guaranty Agreement that would permit the termination of the Guaranty Agreement,
or that would permit a reduction in or postponement of any payments due from the Developer under the
Guaranty Agreement, or that would amend the terms of the Guaranty Agreement providing for
amendments to the Guaranty Agreement. If at any time the City or the Developer request the Trustee's
consent to any amendment, then the Trustee shall, upon being satisfactorily indemnified with respect to
expenses, cause notice of the proposed execution of such supplemental indenture to be published at least
twice in a newspaper of general circulation in Minneapolis, Minnesota, and to be given by registered or
certified mail to the owner of each Bond shown by the list of Bondholders required to be kept at the
principal corporate trust office of Trustee. Any notice mailed as so provided will be conclusively
presumed to have been duly given, whether or not the Holder receives the notice. Such notices will
briefly set forth the nature of the proposed amendment and shall state that copies thereof are on file at
the principal corporate trust office of Trustee for inspection by all Bondholders. If, within sixty days or
such longer period as shall be prescribed by the City following such notices, the owners of not less than
two-thirds (2/3) in aggregate principal amount of the Bonds outstanding at the time of execution of any
amendment shall have consented to and approved the execution thereof as herein provided, no owner of
any Bond will have any right to object to any of the terms and provisions contained in such amendment,
or the operation thereof, or in any manner to question the propriety of the execution thereof, or to enjoin
or restrain the Trustee or the City from executing the same or from taking any action pursuant to the
provisions thereof. Upon the execution of any such amendment, the Guaranty Agreement shall be and
be deemed to be modified and amended in accordance therewith.
THE SURETY
The principal office of the Surety is located at 385 Washington Street, Saint Paul, Minnesota
55102. The Surety is subject to regulation and supervision by the Minnesota Commissioner of Insurance
and the insurance laws and regulations of all jurisdictions in which it is authorized to do business. Those
laws and regulations, which are intended to protect insurance policyholders, provide for the periodic
examination of insurance companies, the imposition of reserve requirements, and the submission of
periodic reports, including financial statements.
The Surety was incorporated on April 18, 1925, under the insurance laws of the State of Minnesota
and is wholly owned, except for directors' qualifying shares, by The St. Paul Companies, Inc., which was
organized in 1853. The Surety is licensed under the insurance laws of all states, the District of Columbia,
and Puerto Rico to write all general forms of fire, marine, and casualty insurance policies, including
surety and indemnity bonds. As of December 31, 1983, the Surety's total assets amounted to
$5,594,723,000 and shareholders' equity equalled $1,286,712,000.
THE SURETY BOND
Concurrently with the issuance and delivery of the Bonds, the Surety will issue and deliver the
Surety Bond to the Trustee. On such date the Surety will also deliver to the Trustee an opinion of
counsel to the Surety to the effect that the Surety Bond is a valid and binding obligation of the Surety
enforceable in accordance with its terms.
The Surety Bond is issued to secure the obligations of the Developer under the Guaranty
Agreement to make Guaranty Payments. In the event Tax Increment and Special Assessments are
insufficient to pay all principal and interest due on the Bonds on any Interest Payment Date, then the
Developer is required to make Guaranty Payments in an amount sufficient to pay the deficiency. If the
Developer does not pay such deficiency then all Bonds may be subject to redemption and prepayment in
whole and, in such event, the Developer will be obligated to pay a Guaranty Payment equal to the
principal amount of all outstanding Bonds plus accrued interest to the redemption date. If the Developer
does not make this payment when due then the Surety will be required to pay to the Trustee the
aggregate principal amount of all outstanding Bonds. The Trustee may also make demand for payment
under the Surety Bond in the event a petition in bankruptcy is filed by or against the Developer.
17
The Surety Bond expires on June 1, 1994, unless a demand for payment has been made to the
Surety on or before such date. The form of the Surety Bond is attached hereto in Appendix A.
THE INDENTURE OF TRUST
The City and the Trustee will execute the Indenture, dated as of May 1, 1984. The following is a
summary of certain provisions of the Indenture and is qualified in its entirety by reference to the
Indenture, a copy of which is on file with the Trustee.
Pledge and Assignment
Pursuant to the terms of the Indenture, the City has pledged and assigned to the Trustee, on behalf
of all Bondholders, the Tax Increment, Special Assessments, Guaranty Payments, and Surety Bond
Payments. Guaranty Payments and Surety Bond Payments are to be paid directly to the Trustee when
and if made. Tax Increment and Special Assessments will be paid periodically by the City to the Trustee
as and when received by the City.
The City has reserved to itself the right to pledge the Tax Increment to obligations other than the
Bonds, upon the approval of the Developer, on a parity basis with the Bonds, but only under certain
terms and conditions. First, the interest payment dates on the additional obligations must be the same
as the Interest Payment Dates on the Bonds. Second, the City must determine and certify to the Trustee
and the Developer that the Tax Increment will be sufficient to pay the principal, premium, and interest
on the Bonds and the additional obligations in full and in a timely manner. Third, the City may pledge to
the additional obligations only the amount of Tax Increment sufficient to pay annual principal,
premium, and interest due on such additional obligations.
Revenues and Funds
The following funds have been established by the Indenture to be held by the Trustee with respect
to the Bonds:
Bond Fund. An initial deposit will be made to the Bond Fund on the date of issue of the Bonds
consisting of accrued interest on the Bonds and a certain portion of the proceeds from the sale of the
Bonds. The initial deposit to the Bond Fund will be applied to payment of interest on the Bonds.
The Trustee will deposit to the credit of the Bond Fund, as received, the entire Tax Increment and
Special Assessments paid to it by the City, all Guaranty Payments paid to it by the Developer pursuant
to the Guaranty Agreement, all Surety Bond Payments paid to it by the Surety pursuant to the Surety
Bond and any other moneys received by it for the payment of the Bonds and the interest thereon.
The Trustee will apply amounts in the Bond Fund solely to the payment of the principal and
interest coming due on all Bonds outstanding on any Interest Payment Date by redemption, upon
acceleration or otherwise.
Project Fund. An initial deposit will be made to the Project Fund on the date of issue of the Bonds
in an amount equal to the proceeds derived from the sale of the Bonds less the amounts deposited in the
Bond Fund and the Reserve Fund.
Moneys in the Project Fund will be used (i) to pay the costs of issuing the Bonds (including bond
counsel fees, fees of counsel to the City, Underwriter, and Trustee, printing costs, and Trustee's fees);
and (ii) to pay costs of acquiring and constructing the Highway 12 interchange improvements. The
Trustee will disburse moneys from the Project Fund to pay or reimburse such costs by check or other
manner requested by the City and acceptable to the Trustee, but only upon receipt by the Trustee of the
following:
(A) a certificate of an officer of the City setting forth the following:
(1) A detailed statement as to the application of the amounts to be disbursed pursuant to such
certificate;
18
(2) With respect to costs incurred under an approved contract, the name and address of the
person to whom payment is to be made and the amount to be paid, the nature of the services or work
performed and materials and equipment provided (or to be performed or provided) by such person,
and a description of the approved contract;
(3) With respect to costs incurred other than under an approved contract, a brief description
of the application of the amounts to be disbursed and, if applicable, a brief description of services or
work performed and material and equipment provided for which payment or reimbursement is
sought;
(4) A statement that costs in the aggregate amount stated in such certificate have been paid or
incurred and are now due and payable;
(5) A statement that none of the costs for which payment or reimbursement is requested has
formed the basis for any payment or reimbursement theretofore made from the Project Fund;
(6) A statement that no default under the Indenture has occurred which has not been waived,
consented to, or cured; and
(7) A statement that all conditions precedent relating to such withdrawal and payment have
been complied with.
On the Completion Date, all moneys remaining in the Project Fund will be transferred to the Bond
Fund and thereafter used for the purposes of said Bond Fund.
Reserve Fund. An initial deposit will be made to the Reserve Fund on the date of issue of the Bonds
in the amount of the maximum amount of interest which will have accrued on the Bonds on any interest
payment date after December 1, 1984.
Upon an event of default and the acceleration of the principal of the Bonds in accordance with the
terms of this Indenture or upon redemption of the Bonds in whole, the Trustee will transfer from the
Reserve Fund to the Bond Fund the amount needed to pay interest on the Bonds on the date fixed for
payment thereof pursuant to the terms of this Indenture. If not used for such purpose, the Trustee will
hold the Reserve Fund in trust to be applied toward payment of the final payment or payments of
principal and interest on the Bonds or toward redemption of outstanding Bonds when Bonds are by
their terms redeemable and all of the outstanding Bonds are to be redeemed and paid in full.
Investments
Amounts held in the Project Fund will be invested by the Trustee in accordance with directions
from the City. Amounts held in the Bond Fund and the Reserve Fund will be invested in such
investments as are permitted by applicable laws of the State of Minnesota and the limitations imposed
by the Indenture and at the direction of the City. The Trustee will, without further direction from the
City, terminate or sell such investments as and when required to make any payment for the purpose of
which such investments are held. Any income received on such investments will be credited to the
respective fund for which it is held, subject to the provision of the Indenture requiring certain
investment earnings from the Reserve Fund to be deposited in the Bond Fund.
Discharge of Indenture
The Indenture will be discharged if:
(A) all fees and expenses of the Trustee have been paid and the City has performed all of its other
covenants in the Bonds and the Indenture; and
(B) sufficient monies or securities which are general obligations of the United States or
unconditionally guaranteed as to payment by the United States, or both, and which do not permit the
redemption thereof at the option of the City, in such aggregate face amount, and bearing interest at such
rates, and maturing on such dates, as will without reinvestment, provide amounts sufficient in the
aggregate for the payment or redemption of all the Bonds at or prior to maturity and with interest and
premium, if any, has been deposited with the Trustee in accordance with the Indenture.
19
Defaults and Remedies
The following are events of default under the Indenture:
(A) default in the payment of any interest upon any Bond when it becomes due and payable; or
(B) default in the payment of the principal of any Bond when it becomes due and payable; or
(C) default in the performance, or breach, of any covenant or warranty of the City in the Indenture
(other than a covenant or warranty a default in whose performance or whose breach is elsewhere
specifically dealt with), and the continuance of such default or breach for a period of thirty (30) days
after there has been given, by registered or certified mail, to the City by the Trustee or to the City and
the Trustee by the Holders of at least ten percent (10%) in principal amount of the outstanding Bonds,
a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a "Notice of Default"; provided, however, that if the default be such that it cannot be corrected
within such period, it will not constitute an event of default if corrective action is instituted by the City
within such period and diligently pursued until corrected; or
(D) the failure or refusal of the Surety to honor any demand for payment under the Surety Bond
and the occurrence of the "Event of Default" under the Guaranty Agreement relating to the filing of a
petition in bankruptcy by or against the Developer.
Whenever any event of default occurs under the Indenture, the Trustee will have the following
remedies:
(A) If an event of default under (A), (B), or (D) above occurs and is continuing, then and in every
such case the Trustee may declare the principal of all the Bonds to be due and payable immediately, by a
notice in writing to the City and the Developer, and upon any such declaration such principal shall
become immediately due and payable. Upon any declaration of acceleration hereunder, the Trustee is
required to take all actions necessary to draw upon or otherwise enforce the Surety Bond. All amounts
received by the Trustee pursuant to the Surety Bond will be deposited in the Bond Fund and applied to
payment of the principal of the Bonds.
(B) Upon the occurrence of an event of default under (C) above, the Trustee may pursue any
remedy available at law or in equity (other than a draw upon, or enforcement of the terms of, the Surety
Bond). If an event of default shall have occurred and be continuing under (C) above, and if requested to
do so by the Holders of not less than twenty-five percent in aggregate principal amount of outstanding
Bonds, the Trustee shall be obligated to exercise such one or more of the remedies referred to herein as
the Trustee, being advised by counsel, deems most expedient in the interests of the Bondholders.
Bondholders Acts
No Holder of any Bond will have any right to institute any proceeding, judicial, or otherwise, with
respect to the Indenture, the Guaranty Agreement, or the Surety Bond, or for the appointment of a
receiver or trustee, or for any remedy hereunder, unless:
(A) such Holder previously gave written notice to the Trustee of a continuing Event of Default;
(B) the Holders of not less than twenty-five percent (25%) in principal amount of outstanding
Bonds have made written request to the Trustee to institute proceedings in respect to such event of
default in its own name or Trustee hereunder;
(C) such Holder or Holders have offered the Trustee reasonable indemnity against the costs,
expenses and liabilities to be incurred in compliance with such request;
(D) the Trustee for sixty (60) days after its receipt of such written request and offer of indemnity
has failed to institute any such proceeding; and
(E) no direction inconsistent with such written request has been given to the Trustee during such
60 -day period by the Holder of a majority in principal amount of outstanding Bonds.
No one or more Holders of Bonds will have any right, in any manner whatever, by virtue of, or by
availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other Holders
20
of Bonds or to obtain or seek to obtain priority or preferences over any other Holders or to enforce any
right under this Indenture, or the Guaranty Agreement, or the Surety Bond, except in the manner
provided in the Indenture and for the equal and ratable benefit of all the Holders of the Bonds.
The Holders of not less than a majority in principal amount of the Bonds may, by act of such
Bondholders delivered to the Trustee and the City on behalf of the Holders of all the Bonds, waive any
past default hereunder and its consequences, except a default
(A) in the payment of the principal of or interest on any Bond, or
(B) the bankruptcy of the Developer, or
(C) in respect of a covenant or provision hereof which under the terms of the Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Bond affected.
Upon any such waiver, such default shall cease to exist, and any event of default arising therefrom
shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver shall extend
to any subsequent or other default or impair any right consequent thereon.
Supplemental Indentures
Without the consent of the Holders of any Bonds, the City, with the consent of the Surety and
when authorized by a resolution of the City Council of the City, and the Trustee, at any time and from
time to time, may enter into one or more indentures supplemental to the Indenture, in form satisfactory
to the Trustee, for any one of the following purposes:
(A) To evidence the succession of another entity to the City, and the assumption by any such
successor of the covenants of the City therein and in the Bonds contained; or
(B) To add to the covenants of the City, for the benefit of the Holders of the Bonds, or to surrender
any right or power therein conferred upon the City; or
(C) To authorize the exchange of registered Bonds for Bonds in coupon form and to establish the
form of such coupon Bonds; or
(D) To cure any ambiguity, to correct or supplement any provision of the Indenture which may be
inconsistent with any other provision of the Indenture, or to make any other provisions with respect to
matters or questions arising under the Indenture which shall not be inconsistent with the provisions of
the Indenture, provided such action will not adversely affect the interests of the Holders of the Bonds.
With the consent of the Surety and the Holders of not less than a majority in principal amount of
the Bonds outstanding by act of said Holders delivered to the City and the Trustee, the City, when
authorized by a resolution of the City Council, and the Trustee may enter into an indenture or
indentures supplemental to the Indenture for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of modifying any of the provisions of the
Indenture or of modifying in any manner the rights of the Holders of the Bonds under the Indenture,
provided, however, that no such supplemental indenture may, without the consent of the Holder of each
outstanding Bond affected thereby,
(A) change the stated maturity of the principal of, or any installment of interest on, any Bond, or
reduce the principal amount thereof or the interest thereon, or change any place of payment where, or
the coin or currency in which, any Bond is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the stated maturity thereof (or, in the case of redemption,
on or after the redemption date), or
(B) reduce the percentage in principal amount of the outstanding Bonds, the consent of whose
Holders is required for any such supplemental indenture, or the consent of whose Holders is required for
any waiver (of compliance with certain provisions of the Indenture or certain defaults hereunder and
their consequences) provided for in this Indenture, or
21
(C) modify any of the provisions of the Indenture establishing the conditions for entering into
supplemental indentures except to increase any such percentage of Holders required to consent or to
provide that certain other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each Bond affected thereby.
ENFORCEABILITY OF REMEDIES
While the Bonds are secured by Guaranty Payments and Surety Bond Payments, the practical
realization of such security upon any default may depend upon the exercise of various remedies specified
by the Indenture. These and other remedies may be dependent upon judicial actions which are subject to
discretion and delay. Under existing constitutional, statutory, and judicial law, such remedies may not
be readily available or may be limited. A court may decide not to order the specific performance of
covenants contained in such documents. The various legal opinions to be delivered concurrently with
the delivery of the Bonds will be qualified as to the enforceability of the various legal instruments by
limitations imposed by state and federal laws affecting remedies and by bankruptcy, reorganization or
other laws affecting the enforcement of creditor's rights.
LEGAL MATTERS
Legal matters incident to the authorization, issuance, and sale by the City of the Bonds and with
regard to the tax-exempt status thereof will be passed upon by LeFevere, Lefler, Kennedy, O'Brien &
Drawz, a Professional Association, bond counsel. Certain legal matters will be passed upon for the
Underwriter by Holmes & Graven, Chartered, as counsel for the Underwriter; for the Developer by
Larkin, Hoffman, Daly & Lindgren, Ltd., as counsel for the Developer; and for the Surety by its counsel.
TAX EXEMPTION
In the opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association,
Minneapolis, Minnesota, bond counsel, under existing laws, regulations, rulings, and court decisions,
interest on the Bonds is not includable in gross income for purposes of United States and State of
Minnesota income taxation, except for State of Minnesota corporate and bank excise taxes measured by
income.
UNDERWRITING
Pursuant to the terms and conditions of a Bond Purchase Agreement, Miller & Schroeder
Municipals, Inc. has agreed to purchase the Bonds from the City at an aggregate purchase price of
$7,653,750 plus accrued interest from May 1, 1984, to the date of delivery of the Bonds. The Underwriter
is obligated to take and pay for all of the Bonds, if any Bond is purchased. The Bonds are being offered
for sale to the public at the initial prices or yields determined to produce the yields or prices to maturity
stated on the cover page of this Official Statement, plus accrued interest. The public offering prices may
be changed from time to time and may be reduced for sales to selected dealers. During the initial offering
period the Bonds will be sold at par. The Underwriter reserves the right to join with other dealers in
offering the Bonds to the public.
The Bonds are offered, subject to prior sale, when, as and if issued by the City, subject to the
opinions as to validity and certain other matters of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a
Professional Association, Minneapolis, Minnesota, and certain other conditions.
Under the Bond Purchase Agreement, certain of the parties will indemnify certain other parties
with respect to matters relating to this Official Statement and the information provided herein.
Subject to prevailing market conditions the Underwriter intends, but is not obligated, to effect
secondary market transactions for the Bonds. However, the Underwriter is not obligated to repurchase
any of the Bonds at the request of the Holders thereof.
22
RATING
Standard & Poor's Corporation ("Standard & Poor's"), a New York corporation located at 25
Broadway, New York 10004, telephone (212) 248-2525, has been engaged in providing ratings for
corporate bonds since 1923 and municipal bonds since 1940. Long-term debt ratings assigned by
Standard & Poor's reflect its analysis of the overall level of credit risk involved in financings. At present,
Standard & Poor's assigns long-term debt ratings with the symbols "AAA" (the highest rating) through
"D" (the lowest rating).
Standard & Poor's has given the Bonds a rating of "AAA". This rating is defined as follows:
Debt rated "`AAA" has the highest rating assigned by Standard & Poor's. Capacity to pay
interest and repay principal is extremely strong.
Any further explanation of the significance of such rating may only be obtained from Standard &
Poor's. There has been furnished to such rating agency certain information and materials concerning
the financing and the Bonds. Generally, rating agencies base their ratings on such information and
materials and on investigations, studies and assumptions by the rating agencies. This rating expresses
only the views of the agency issuing the rating. There is no assurance that the rating will continue for
any given period of time or that it may not be lowered or withdrawn entirely by the rating agency, if in its
judgment circumstances so warrant. Any such downward change in or withdrawal of such rating can be
expected to have an adverse effect on the market price of the Bonds.
MISCELLANEOUS
Any statements in this Official Statement involving matters of opinion, whether or not expressly so
stated, are intended as such and not as representations of fact. This Official Statement is not to be
construed as a contract or agreement between the City, the Developer, the Surety, or the Underwriter
and the purchasers or Holders of any of the Bonds.
Certain provisions of the operative legal documents relating to the Bonds are summarized in this
Official Statement. Such summaries do not purport to be comprehensive or definitive and reference is
made to such documents for a full and complete statement of their respective provisions. Copies of such
documents are available upon request at the principal office of the Trustee.
The City, the Developer, and the Surety have consented to the distribution of this Official
Statement.
DEFINITIONS
The following are definitions of certain of the terms used in this Official Statement. Such terms,
when used in this Official Statement, are spelled with initial capital letters. Certain terms used in this
Official Statement have been given specialized meanings in the Bonds, the Indenture, the Guaranty
Agreement, or the Surety Bond, but have not been defined herein and are not spelled with initial capital
letters. Reference is hereby made therefore to the Bonds, the Indenture, the Guaranty Agreement, and
the Surety Bond for the definitions of such terms.
Assessed Market Value means the value assigned to taxable real property in Minnesota as of
January 2 of every year for ad valorem tax purposes.
Assessed Value means the value determined by multiplying the Assessed Market Value by a
percentage established by statutes of the State of Minnesota.
Bond Fund means the fund by that name created by the Indenture and maintained by the Trustee
under the Indenture.
Bondholder means a person in whose name a Bond is registered in the Bond Register.
23
Bond Purchase Agreement means the Bond Purchase Agreement, dated as of May 7, 1984, among
the Underwriter, the City, the Developer, and the Surety.
Bonds means the $7,850,000 City of Minnetonka, Minnesota, Tax Increment Revenue Bonds
(Carlson Properties, Inc. Project), Series 1984, and the term "Bond" means any one of such Bonds.
Contract for Development means the Contract for Development made on or as of the first day of
July, 1983, by and between the City and the Developer, as amended.
City means the City of Minnetonka, Minnesota.
City Council means the governing body of the City.
Captured Assessed Value means any amount by which the current Assessed Value of the real
property in a tax increment financing district exceeds the Original Assessed Value of such real property.
Completion Date means the date the City certifies that the Project has been substantially
completed.
County Auditor means, with respect to the Bonds, the Director of Property Taxation of the County
of Hennepin.
Developer means Carlson Properties, Inc., a Minnesota corporation, its successors and assigns.
Development District means Development District #1 established by the City in the City pursuant
to the provisions of the Development District Act.
Development District Act means Minnesota Statutes, Chapter 472A, as amended.
Excess Special Assessments means Special Assessments generated in any year which, together with
any other funds available to pay principal and interest on the Bonds will be in excess of the amounts
needed to pay principal, premium, and interest on the Bonds and on any other obligations to which
Special Assessments are pledged.
Excess Tax Increment means Tax Increment generated in any year which, together with any other
funds available to pay principal and interest on the Bonds will be in excess of the amounts needed to pay
principal, premium, and interest on the Bonds and on any other obligations to which Tax Increment is
pledged.
Guaranty Agreement means the Guaranty Agreement, dated as of May 1, 1984, among the City, the
Developer, and the Trustee.
Guaranty Payments means payments made by the Developer pursuant to the terms of the Guaranty
Agreement.
Holder means a Bondholder.
Indenture means the Indenture of Trust, dated as of May 1, 1984, between the City and the Trustee.
Interest Payment Date means each date on which interest on the Bonds is required to be paid, which
shall be December 1, 1984, and each June 1 and December 1 thereafter.
Mill Rate means the combined rate established by the County Auditor at which Assessed Value of
taxable property is taxed.
Official Statement means this Official Statement.
Original Assessed Value means the Assessed Value of all taxable real property within a tax
increment financing district, as most recently certified by the Commissioner of Revenue of the State of
Minnesota, as of the date of the request for certification of such Original Assessed Value.
Project means the improvements described in "THE PROJECT" herein.
Project Fund means the fund by that name created by the Indenture and maintained by the Trustee
under the Indenture.
24
Reserve Fund means the fund by that name created by the Indenture and maintained by the
Trustee under the Indenture.
Shortfalls means the amount by which the Tax Increment Special Assessments, proceeds of the
Bonds allocated to payment of interest on the Bonds, and interest earnings on the foregoing are less
than the sum of the principal, premium, and interest due on the Bonds on any Interest Payment Date.
Special Assessments means the special assessments imposed upon certain property located in the
District.
Surety means St. Paul Fire and Marine Insurance Company, a Minnesota corporation, its
successors and assigns, with its principal office at 385 Washington Street, Saint Paul, Minnesota 55102.
Surety Bond means the Surety Bond dated as of May 1, 1984, by the Surety to secure payment of
the Bonds.
Surety Bond Payment means any payment made to the Trustee by the Surety pursuant to the terms
of the Surety Bond.
Tax Increment means the taxes generated by the application of the Mill Rate to the Captured
Assessed Value.
Tax Increment Act means Minnesota Statutes, Sections 273.71-273.78, as amended.
Tax Increment District means the economic tax increment financing district created by the City
within the Development District pursuant to the Tax Increment Act.
Trustee means First Trust Company of Saint Paul, its successors and assigns.
Underwriter means Miller & Schroeder Municipals, Inc.
25
(This Page Has Been Left Blank Intentionally.)
APPENDIX A
SURETY BOND
A-1
SURETY BOND
KNOW ALL MEN BY THESE PRESENTS that we, Carlson Properties, Inc., a Minnesota
corporation having its principal offices in Plymouth, Minnesota, as Principal, and St. Paul Fire and
Marine Insurance Company, a Minnesota Corporation having its principal office in the City of St. Paul,
Minnesota, as Surety, are hereby held and firmly bound unto the City of Minnetonka, hereafter called
the Obligee, in the full and just sum of for the payment of which the
Principal and the Surety do hereby, jointly and severally, bind themselves and their respective heirs,
personal representatives successors and assigns firmly by these presents.
Made, executed and delivered on this
WHEREAS, the Principal has, on the entered into that certain GUARANTY
AGREEMENT, hereinafter referred to as the "AGREEMENT", by and among the Principal, the
Obligee; and First Trust Company of St. Paul, hereinafter called the Trustee; and
WHEREAS, the Principal has, in the AGREEMENT, undertaken certain duties and obligations to
the Obligee as more specifically set forth therein, including, but not limited to, the obligation to
guarantee the full and timely payment of the principal on the Tax Increment Bonds (as those terms are
defined in the AGREEMENT); and
WHEREAS, for the benefit of the Obligee and its assignee, if any, the Principal and the Surety
have agreed to provide this Surety Bond which applies only to the obligation of the Principal to make
payment of the principal on the Tax Increment Revenue Bonds to the Obligee as specified in the
AGREEMENT.
NOW, THEREFORE, THE CONDITION OF THIS SURETY BOND IS SUCH that, if the
Principal shall make payment of the principal, premium and interest on the Tax Increment Revenue
Bonds as required under the provisions of the Agreement, then this obligation shall be null and void;
otherwise, it shall be and remain in full force and effect.
This Surety bond is made, executed and delivered by the Principal and the Surety and is accepted by the
Obligee upon the following express conditions:
A. Once issued this Surety Bond is an irrevocable and non -cancelable obligation of the Surety. The
premium for this Surety Bond is prepaid and is a non-refundable charge.
B. The liability of the Principal or the Surety, or both, under the provisions of this Surety Bond,
shall not exceed, at any time, the amount specified in the first paragraph of this Surety Bond.
C. Notwithstanding any other provision hereof, the liability of the Principal or the Surety, or both,
under the provisions of this Surety Bond, shall be as specified in the following Schedule of Liability
during each period specified in said Schedule (the amounts in the following Schedule of Liability shall in
no event be deemed to be cumulative from year to year or from period to period):
Schedule of Liability
D. Upon any default (as defined in the AGREEMENT) by the Principal under the provisions of
the AGREEMENT, the Trustee shall give the Surety written notice as provided in the AGREEMENT.
If such notice is given to Surety in accordance with the terms of the AGREEMENT the notice shall be
A-2
deemed to have become effective as the date of the Principal's default. Otherwise, the notice shall be
deemed to have become effective as of the date of mailing. Any such notice shall be sent to the surety at
385 Washington Street, St. Paul, Minnesota 55102, Attention: Vice President, Fidelity and Surety Bond
Department, or at such other address as the Surety may, from time to time, specify in a written notice
mailed to the Obligee at its address as specified in the AGREEMENT. Upon receipt of such notice the
Surety shall make payment as specified in the AGREEMENT no later than 15 days after receipt of such
notice. If this Surety Bond be assigned by the Obligee, any such change of address notice shall be mailed
by the Surety to the assignee by Certified U.S. Mail.
E. This Surety Bond is for the sole benefit only of the Obligee and, if this Surety Bond is assigned,
the assignee or the Trustee for the Tax Increment Revenue Bonds, if any, and no suit may be brought
hereon by any other person, corporation or governmental body.
F. Irrespective of any other duties or obligations imposed upon the Principal under the provisions
of the AGREEMENT, this Surety Bond shall apply only to the Principal's duty and obligation to pay
the principal, premium and interest on the Tax Increment Revenue Bonds and does not apply to any
other of the Principal's duties, obligations or performance requirements under the AGREEMENT or
under or by virtue of any other contract, ordinance, law or regulations as may be binding upon the
Principal.
(SEAL)
ATTEST:
Its
(SEAL)
ATTEST:
Its
A-3
CARLSON PROPERTIES, INC.
Principal
By
Its
ST. PAUL FIRE AND MARINE
INSURANCE COMPANY
Surety
LIM
Its
TABLE OF CONTENTS
A. Letter of Transmittal
B. History of Miller & Schroeder Municipals, Inc.
C. Experience of Miller & Schroeder Municipals, Inc.
D. Miller & Schroeder Computer Capabilities
E. Miller & Schroeder's Opinion of Services
F. Miller & Schroeder's Project Team and Resumes
G. Miller & Schroeder's Criteria for Improvement of Credit Rating
H. Miller & Schroeder's Revelant Experience (Minnesota - National)
I. Estimated Issuance Costs (Financial Consulting Contract)
J. Additional Data
1. CREDENTIALS
Z. Statement of Financial Condition, October 31, 1983
3. Official Statement
a. City of Minnetonka, :Minnesota
%w
Toll Free Minnesota (800) 862-6002
Toll Free Other States (800) 328-6122
Miller & Schroeder Municipals, Inc.
Northwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55431 • (612) 831-1500
April 19, 1984
The Honorable Eldon Reinke, Mayor
Members, Shakopee City Council
Mr. John Anderson, City Administrator
City of Shakopee
129 East First Avenue
Shakopee, Minnesota 55397
Re: Fiscal Advisory Services
Dear Mayor Reinke:
Thank you for the opportunity to submit this proposal for your consideration
covering Miller & Schroeder Municipals, Inc. services as fiscal advisor to the City
of Shakopee.
I bring to your attention the portions of our proposal that cover our services as
fiscal advisor and also the opinion of Miller & Schroeder Municipals, Inc. in your
ability to enhance the credit quality of your upcoming bond issue.
On behalf of myself and the entire staff of Miller & Schroeder Municipals, Inc., we
would be privileged to commence work immediately on your proposed project. If
chosen as your fiscal advisor, I promise you the full dedication of the entire project
team and assure you that you would indeed be a high priority client for us.
Thank you for your interest in Miller & Schroeder Municipals, Inc. and your
consideration of this proposal.
Sincerely,
6�R�(A'V
Steven C. Emerson
Public Finance Advisor
SCE/djg
Enclosure
%W Headquarters: Minneapolis, Minnesota
Branch Offices: Downtown Minneapolis • Solana Beach, California • Northbrook, Illinois • St. Paul, Minnesota • Naples, Florida • Carson City, Nevada
Member of the Securities Investor Protection Corporation
HISTORY AND REVIEW OF
MILLER & SCHROEDER MUNICIPALS, INC.
Since its establishment in 1965, Miller & Schroeder Municipals, Inc. ("Miller &
Schroeder") has grown to a staff of approximately 160 professionals. The firm has
offices in Minneapolis, Bloomington, and St. Paul, Minnesota; Solana Beach, California;
Naples and Tallahassee, Florida; Chicago, Illinois; and Carson City, Nevada.
Miller & Schroeder provides a wide range of services to its issuer clients. These
services include help with initial feasibility studies, consultation on the appropriate
structure and timing of an issue, coordinating the preparation of documents necessary
for a tax-exempt financing, distribution of the official statement to potential buyers,
and pricing the issue so that the borrower will have the lowest possible interest cost.
After bonds have been issued, Miller & Schroeder will maintain a secondary market in
them.
As a major factor in the municipal securities market, Miller & Schroeder has
been a pioneer in using credit enhancement mechanisms, such as letters of credit and
pooled security devices. Since 1973 Miller & Schroeder has been managing underwriter
for the Saint Paul Port Authority. The Authority is one of the largest issuers of tax-
exempt revenue bonds with $240 million outstanding. Revenue bonds secured by the
Port Authority's Common Reserve receive a Standard & Poor's rating of "A". This is
one of the highest rated pooled fund vehicles in the country. Miller & Schroeder was
active in designing this system and modifying it as needed to allow the agency
maximum flexibility while still maintaining its high credit rating.
As interest rates began increasing rapidly during the late 1970's and early 1980's,
Miller & Schroeder was able to continue to help small borrowers, public agencies, and
tax-exempt entities to have access to tax-exempt capital markets. Because of their
excellent relationships with a number of large banks, Miller & Schroeder was able to
help borrowers obtain letters of credit and to use other creative structures to borrow
funds at the lowest possible cost.
In addition to providing underwriting services, Miller & Schroeder also serves as
fiscal advisor for a number of cities and public agencies who need to issue debt that is
often underwritten on a competitive bid basis. Miller & Schroeder has helped these
issuers obtain higher credit ratings from rating agencies which, in turn, has enabled
them to reduce their debt service costs. As an active participant in the municipal
market, Miller & Schroeder is in a good position to provide advice on the timing of
competitively offered issues. In today's market with interest rates changing rapidly,
intimate knowledge of the market is a prerequisite to a successful financing.
EXPERIENCE OF MILLER & SCHROEDER MUNICIPALS, INC.
Local governmental jurisdictions throughout our nation are confronting new
financial problems resulting from a rapidly changing economy and a public demanding
more accountability for their tax dollar. Miller & Schroeder Municipals, Inc. is
responsive to such phrases as initiative referendum, Proposition 13, escalating prime
interest rate, declining enrollments, deficit spending and promised tax cuts. We are
acutely aware of the financial road blocks that cities, school districts and other local
governmental units must deal with in this time of inflation, decreasing governmental
aids and levy limits, while attempting to maintain necessary services.
The financial requirements of government have encouraged us to become
innovative and responsive to the drastic changes in our local economy. We realize the
financial services rendered to the public sector are of paramount importance,
demanding not only technical expertise, but also a theoretical approach to long-range
interrelated municipal and educational finance.
Miller & Schroeder Municipals, Inc. is unique and different. For, in addition to
those individuals involved in Municipal Financial Consulting, there is a large staff that
devotes its full time to underwriting and marketing tax-exempt bonds. Their sole
concern is dealing with municipal, industrial develoment, and hospital bonds. The
combined staff knowledge of the municipal bond industry enables the firm to provide
the municipality with a financing program that will attract the largest number of
bidders.
Our awareness of other competitive offerings and their projected entrance into
the market place insures our clients a minimum of competition on the sale date of
their prospective municipal bond issue. Our excellent marketing ability keeps
potential underwriters constantly informed of the progress of proposed offerings to
insure the availability of underwriting. We are constantly aware of how bonds are
trading in the secondary market through our wire services.
We have an excellent relationship with the major rating services and are aware
of the detailed information required,by the services necessary to enable the assign-
ment of a rating that will accurately reflect the financial credit of the municipality.
Miller & Schroeder has worked closely with most of the recognized bond
approving attorneys in the United States, as well ,as the major engineering firms and
architects.
Miller & Schroeder's municipal consulting staff has extensive experience in
structuring and marketing the following securities: general obligation bonds and notes;
special assessment B bonds; tax increment bonds and notes; tax and other revenue
anticipation notes; certificate of indebtedness and warrants; revenue bonds for cities,
utilities and special authorities; airport general obligation revenue bonds; refunding
and advance refunding bonds; public housing authority bonds and notes; industrial
development revenue and pollution control revenue bonds; tax-exempt mortgages;
hospital and nursing home revenue bonds and notes; and single family mortgage
revenue bonds.
MILLER & SCHROEDER COMPUTER CAPACITIES
Miller & Schroeder Municipals, Inc. acquired its first computer, a Hewlett-
Packard 9830, in 1974 to meet the increasing need for prompt, accurate and
diversified financial calculations. The proprietary programs created by Miller &
Schroeder have been designed to calculate a wide variety of cashflow scenarios, from
simple debt service schedules to complex tax increment pro -formas and advance
refundings.
While the basis for the computer operations was established almost a decade ago,
Miller & Schroeder has modified its computer operations to keep pace with the
dynamic needs of the finance industry. Two in-house analysts have the capability to
design new, and modify existing, software to accomodate individual client require-
ments. These analysts, both with accounting and underwriting backgrounds, have an
understanding of the range of challenges confronting clients in today's economic
climate and are equipped to help meet each challenge with innovation and creativity.
Miller & Schroeder Municipals, Inc. has recently expanded its investment in state
of the art computer hardware to provide its consultants with more efficient under-
writing tools. Each employee is encouraged to attend training sessions in the use of
computer and commercial available software such as electronic worksheets.
While the computer capabilities at Miller & Schroeder are worthy of at least a
modest degree of pride, such capabilities mean little if, in the end, the client is not
afforded with the best possible financing package available, given current market and
credit conditions. The computer operations personnel work closely with the municipal
trading desk in both public sales and negotiated offerings to develop a marketable
interest rate scale and competitive net interest cost to the issue.
Philosophy of Relationship Between the City of Shakopee
and Miller & Schroeder Municipals, Inc.
The role of the financial consultant should not only involve the traditional
structuring and sale of bond issues, but also the presenting and developing of new
concepts and assistance in designing public participation in development programs.
These additional services will be discussed in inverse order.
PUBLIC/PRIVATE PARTNERSHIP: The last six years have seen a rapid decline
in the contributions by the state and federal government to local development
programs. Increasingly, cities have been left to fend for themselves. This dearth of
state and federal funds has been accompanied by an explosion of innovative financing
techniques to help the cities compensate for these losses.
Almost every major development and redevelopment program seems to involve a
partnership between the public and private sectors. The use of housing revenue bonds,
industrial development revenue bonds, commercial rehabilitation loan programs,
interest rate reduction programs, reserve fund revenue bond programs, tax increment
general obligation bonds, tax increment revenue bonds and the creation of project
areas are only some of the concepts and programs a city must consider to remain
competitive.
Our philosophy is simply to assist the city in being as competitive as possible,
while seeking a maximum return on the public investment. We believe that financing
is only the end result of a good planning process that attempts to integrate the city's
development and redevelopment programs. To that end, we believe in very large
planning areas, preferrably a single planning area, and we believe in very small tax
increment districts. We believe every developer should have to make some repayment
of the public subsidy, bonds should be used for financing only when no other means are
available, new development which generates substantial tax revenues should help
finance renewal of those older urban areas that require the greatest public investment
and when cities are acting as "bankers", they should receive all the security and
assurance that good banking practices dictate.
In order to play a responsible and creative role in the city, we would ask to be
included in the city's planning process. We would also want to work with the city's
attorneys, helping them design any amendments to the city's development plan. In
addition, we would appreciate participating in the negotiating sessions with the
developers when the amount and extent of public finance is being discussed. We are
able to do an analysis of any proposal, and we are able to integrate that cost into the
city's overall financial program.
PRESENTATION AND DEVELOPMENT OF NEW CONCEPTS: Miller &
Schroeder's ability to design and implement innovative financing techniques is recog-
nized throughout the upper Midwest. Nationally, Miller & Schroeder is playing a major
role in shaping the current revenue bond legislation before Congress. Richard Graves
and Lou DeMars, from Miller & Schroeder, have been drafting and promoting
legislation which should help preserve a small city's legitimate use of industrial
development revenue bonds and housing bonds. The concept of a city making some
contribution in an industrial development revenue bond issue would fit in perfectly
with the city's present development program. If this concept becomes law, Shakopee
will be in a very aggressive position.
At the state level, Miller & Schroeder is an active advocate of allowing cities to
design and finance their local development programs. With Miller & Schroeder's many
years of involvement with the Saint Paul Port Authority, ;Minneapolis Community
Development Agency and the Iron Range Resources and Rehabilitation Board, almost
every element of local public finance is currently being implemented or analyzed for a
client issuer. Any changes necessitated by the state or federal activities can be
immediately dealt with. Changes that work especially to the city's advantage will be
immediately forwarded.
In conclusion, the financial consulting relationship between the City of Shakopee
and Miller & Schroeder Municipals, Inc. would be more than the traditional one of
consultant util-*zation only as funding is needed by the issuer. Miller & Schroeder
anticipates becoming an active participant in offering informed and independent
assistance before, during and after the issuance of debt.
PROJECT TEAM
Those staff members specifically available to the City of Shakopee, Minnesota
for Fiscal Advisory Service are as follows:
James Casserly Project Manager
Steven C. Emerson
Richard Graves
George McMahon
RESUMES
James R. Casserly, Vice President, received his undergraduate degree from St.
Johns University and his Juris Doctor degree from the University of Minnesota.
Before joining Miller & Schroeder, Mr. Casserly served four terms (1972-1980) in the
Minnesota House of Representatives. During this service, he chaired the House
Committee which provided bonding authorizations for regional, county and local units
of government. In 1981, Mr. Casserly returned full time to the practice of law,
working primarily in the assistance of assembling economic development, redevelop-
ment and housing programs. He also engaged in government relations work for clients
with bonding, finance and development concerns.
Steven C. Emerson, Financial Consultant, received a Bachelor of Arts degree
from Gustavus Adolphus College. Mr. Emerson's experience includes Investment and
Trust Banking with the American National Bank in St. Paul, Minnesota, and, most
recently, seven years of Public Fiscal Advisory Experience with Springsted, Inc., St.
Paul, Minnesota. Mr. Emerson's special areas of expertise include special assessment
policy development, tax increment financing, solid waste handling and recovery
facilities financing, revenue bond financing for electric, gas, water and sewer utilities.
Richard R. Graves, Vice President, received his B.A. in Economics from the
University of Minnesota with graduate work in Urban Studies at Mankato State
University. Prior to joining the Miller & Schroeder, Mr. Graves was Director of
Research at a local law firm and worked with tax exempt bond mechanisms. Mr.
Graves also served as the Director of Technical Assistance and Research Service for
the League of Minnesota Cities and became Director of a statewide task force which
resulted in the enactment of the 1979 Minnesota Tax Increment Financing Act and
Common Bond Reserve Financing Systems, as well as amendments of numerous other
laws relating to housing.
George McMahon, Financial Consultant, joined Miller & Schroeder in 1982 after
serving as a member of the St. Paul City Council for eight years. While on the
Council, he chaired the Public Works and Finance Committees where his responsi-
bilities included the preparation and supervision of the City's $100 million annual
budget. He was also vice chairman of the St. Paul Port Authority. Mr. McMahon has
worked on college equipment loan programs and multi -family housing Frograms. He
attended the University of Minnesota and has taken additional courses in public
finance and management.
CRITERIA FOR THE IMPROVEMENT OF A BOND RATING
In evaluating the possibilities of the City of Shakopee to upgrade their credit
rating, the following four broad areas of concern should be considered.
1. ADMINISTRATIVE FACTOR
This area examines the type of government along with the management of the
government entity. Tax rates, levy limitations and debt limitations are an
important consideration under this categorey.
Management of the government entity as well as turnover of personnel and
labor/ management relations are examined by the rating agency.
Z. DEBT FACTOR
Debt factors include the type of security being pledged for debt retirement, overall
debt burden, debt history and trend.
3. ECONOMIC FACTOR
These factors take into account diversity and growth in employment opportunities,
with creation of jobs and income levels a vital ingredent in that review.
4. FISCAL FACTOR
The annual audit and the balance sheet of that audit are the main items that will
be examined by the rating agencies for trends that might show fiscal weakness or
strength of the government entity.
On an overall basis, the rating agencies consider the economic base and the fiscal
factors as the critical elements in the determination of a municipal bond rating.
The credit rating agencies will examine the management's ability to administer
fiscal controls and policies for the preservation of a strong, bottom-line position in
each annual audit. In reviewing the annual audit, the rating agency makes a
judgment of the rating in direct proportion to the fiscal results over the previous
reporting period as well as the planning and budgeting for the future reporting
period.
One of the unrecognized tools which should be used more fully in the possible
upgrading of the rating for Shakopee, is for management of the City to take a
stronger approach and a more direct approach in making the upgrading possible.
In every city, planning and budgeting could possibly be improved, and financial
results of these improvements will be reflected with those improvements. Avoid-
In every city, planning and budgeting could possibly be improved, and financial
results of these improvements will be reflected with those improvements. Avoid-
ance or reliance of short-term debt is a management decision which is a desirable
characteristic by the rating agencies. The rating agencies prefer to see a balanced
debt policy so that bonds, not notes, are issued to pay for capital projects when all
costs are in. The local economic base is usually not a factor that the management
would have direct control over, but a municipality can adopt an orderly climate for
planning and zoning and land use and encourage a balanced economic environment.
In most cases, the government entity does have the ability to enhance the credit
duality of an upcoming bond issue.
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MILLER & SCHROEDER MUNICIPALS, INC.
FINANCIAL CONSULTANT CONTRACT
Miller & Schroeder Municipals, Inc. (M&S) is pleased to make this Proposal
which shall constitute the Financial Consultant Contract ("Contract") between the
City of Shakopee, Minnesota, ("Client") and M&S (i) upon Client's execution
of an acceptance of the proposal, or (ii) upon M&S's performance of a Service or
Additional Service, (See IA and IIB)) at Client's request, whichever event occurs
first.
L DUTIES AND REPRESENTATIONS OF MILLER & SCHROEDER
Section A. Services
For each debt offering (an "Issue") undertaken by Client during the term of
the Contract, as appropriate, M&S shall (in coordination with the staff designated
by the client):
1. Prepare a sale calendar which will indicate dates and events of all
major financial activities. These activities will be scheduled around
regular committee board or Council meetings.
2. Research and identify potential revenues, grants, user fees, loans,
assessments, etc. that could offset property tax demands upon the
citizens.
3. Recommend possible changes in or additions to the existing financial
resources and revenues within the municipality.
4. Provide recommendations as to the need for short or intermediate term
financing prior to or in conjunction with long-term financing and any
desirable call/redemption privileges.
5. Submit for approval several maturity schedules, coordinated with the
existing debt of the Client that present choices for repayment of
principal and interest.
6. Coordinate activities with the Client's bond approving attorney re-
garding required resolutions and ordinances.
7. Advise the Client as to whether the issue would best be negotiated or
sold at public sale.
8. Select a sale date, day and time that will attract the most competitive
bidding to assure the Client of the lowest possible interest costs.
9. Prepare the necessary financial details for the Official Notice of Sale
and initiate required publication.
10. Collect the following information; audits, budgets, capital improve-
ment programs, initial resolutions and request for rating application to
the rating services as appropriate.
11. Compile, in cooperation with Client staff and auditors, the information
to be included in the Official Statement.
12. Prepare, assemble, arrange for printing and distribute the Official
Statement to potential bidders and institutional buyers.
13. Submit final detailed financial, revenue, tax and budget data to the
rating agencies. At the option of the Client, this could be a personal
interview with representatives of the Client and M&S with repre-
sentatives of the rating agencies.
14. Answer all verbal and written inquiries from potential bidders prior to
actual hour of sale and supervise the mechanics of the sale, tabulate
bids for accuracy, advise the Client regarding the acceptance or
rejection of bids, notify all bidders of the award and return the good
faith checks to the unsuccessful bidders.
15. Arrange for printing of the bonds, supervise delivery and attend closing.
16. Assist the Client in the initial investment of proceeds to obtain the
highest interest rates consistent with funding requirements.
17. Compile and produce transcript book of all activities and present a copy
to the Client.
Each of the foregoing, 1-17, shall be referred to herein as a "Service", or,
collectively, the "Services".
Section B. Purchase and Resale of Issue
M&S shall not participate directly or indirectly in the purchase or resale of
any Issue, unless the Client requests our participation in writing, either as a sole
bidder or a partner in a syndicate.
Section C. Title VI of the Civil Rights Acta
M&S shall abide by the requirements of Title VI of the Civil Rights Act of
1964.
Section D. Independent Contractor Status of Miller & Schroeder
M&S shall perform its duties pursuant to the Contract as an independent
contractor and M&S employees shall not be deemed to be Client's employees.
Claims that may or might arise under any workmen's compensation act on behalf of
M&S's employees while engaged in the performance of duties pursuant to the
Contract and any claims made by any third party as a consequence of any act or
omission on the part of M&S's employees or other persons while so engaged by M&S
in the performance of duties pursuant to the Contract shall not be Client's
obligation or responsibility.
Section E. Handling of Potential Conflicts
M&S shall disclose to Client any contract, agreement or understanding M&S
has as of the date of submission of the Contract, or in the future may have, with
any entity or individual which in M &S's opinion may represent a conflict, then M &S
shall forthwith resign from such conflicting contract, agreement or understanding,
in which event the Contract shall remain in full force and effect. In the event
M&S does not so resign, then Client shall have the option of terminating the
Contract forthwith by written notice to M&S and Client shall be liable to M&S for
only those amounts due M&S by the terms of the Contract to the date of such
termination.
IL RIGHTS AND DUTIES OF CLIENT
Section A. Rights of Client
1. Client's Proprietary Rights
The Client shall have title to all finished or unfinished documents, data,
studies, surveys, drawings, maps, models, photographs, reports, memoranda, etc.
prepared by M&S, except internal records of M&S.
Z. Confidentiality of Information
The Client shall have the right to have all reports, information, data, etc.
C,
by Client to M&S, or prepared or assembled by M&S pursuant to the
Contract, kept confidential by M&S except as its release is necessary to the
performance of a Service or Additional Service pursuant to the Contract.
Section B. Duties of Client
1. Fees for Services
The Client shall pay fees for services, according to M&S's then standard fee
schedule, which will be amended from time to time. (see attached Exhibit)
Z. Additional Fees for Services
In the event Client requests and M&S performs a service other than one of
the Services described in Section I herein, or if M&S repeats any of the said
Services, which repetition is not the fault of M&S, Client shall pay for such
"Additional Service".
3. Expenses of the Issue
The Client shall be responsible for all fees and expenses in.:urred regarding
the issue of bonds, including, but not limited to, attorneys fees, fees for bond
counsel, printing and mailing of official statements, publication costs, printing of
certificates, rating agency fees, paying and transfer agent fees, etc.
III. INDEMNIFICATION
The Client and M&S shall each indemnify and hold harmless the other from
and against any and all losses, claims, damages, expenses, including legal fees for
defences, or liabilities, collectively, "Damages", to which either may be subjected
by reason of the other's acts, errors or omissions except however, neither will
indemnify the other from or against Damages by reason of changed events and
conditions beyond the control of either or errors of judgement reasonably made.
IV. CONTRACT TERM
The Contract between Client and M&S shall continue until such time as
either party terminates it by not less than 60 days written notice to the other party
except that the Contract shall continue in full force and effect with respect to an
Issue commenced during the time the Contract is in effect until completion of such
Issue.
The Contract may be amended in whole or in part from time to time by
mutual consent of the parties.
Submitted this
V. OTHER AGREEMENTS
day of , 1984.
MILLER & SCHROEDER MUNICIPALS, INC.
BY:
Steven C. Emerson, Public Finance Advisor
The foregoing proposal by Miller & Schroeder Municipals, Inc. is accepted
this day of , 19 on behalf of the
BY:
Our numbers
speak for
M
Miffer & Schroeder.
A company built on hard work,
imovation and results.
We're specialists in tax-exempt finance. Specialists in under-
writing, initial marketing, financial consulting and maintaining
secondary markets. And our numbers speak for themselves.
Last year we accomplished over $2 billion in combined under-
writing and secondary market sales.
We entered our ninth year as sole underwriter for the City of St. Paul
Port Authority — having managed 158 issues totaling over $500 million.
We're co -managers of all bonds issued under the Minneapolis
Bond Fund Program.
We've been the managing underwriter for $1 billion in residential home
mortgage revenue bond financings.
Our experience now covers over 500 forms of tax-exempt bonds.
As pioneer in tax-exempt hospital finances, we have under-
written over $1 billion in hospital and nursing home revenue bonds.
We have acted as lead manager in syndicates which have
included every major broker/dealer firm in the nation.
Our active retail customer list has grown to over 40,000 clients.
And Miller & Schroeder has consistently ranked among Institutional
Investor Magazine's top 20 national underwriters of municipal bonds. In fact,
we're now the largest outside of Wall Street.
The list goes on and on. But that's not surprising.
Because the potential of a skilled and dedicated team of specialists is
virtually unlimited.
Miller & Schroeder Municipals, Inc.
Northwestern Financial Center, 7900 Xerxes Avenue South
Minneapolis, Minnesota 55431 (612) 831-1500
Branch Offices:
Minneapolis, MN
Solana Beach, CA
Naples, FL
Chicago, IL
Carson City, NV
Tallahassee, FL
7900 Xerxes Avenue South
Minneapolis, Minnesota 55431
612-893-8014
505 Lomas Santa Fe Drive
Solana Beach, California 92075
619481-5894
Flagship National Bank Building
801 Laurel Oak Drive
Naples, Florida 33940-9990
813-597-2971
899 Skokie Boulevard
Northbrook, Illinois 60062
312-564-4010
901 East Second Street
Carson City, Nevada 89701
702-882-2234
Suite F-229
Woodcrest Office Park
325 John Knox Road
Tallahassee, Florida 32303
904-386-3660
Miller & Schroeder Municipals, Inc.
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New Issue Moody's Rating:
In the opinion of Bond Counsel, the interest to be paid on the Bonds is not includable in the gross
income of the recipient for United States or Minnesota income tax purposes, but is subject to Minnesota
taxes on banks and corporations measured by income, according to present federal and Minnesota laws,
regulations, rulings and decisions.
CITY OF MINNETONKA
HENNEPIN COUNTY, MINNESOTA
$119000,000
General Obligation Improvement Bonds
Series 1984
Dated: May 1, 1984 Due: May 1, as shown below
The Bonds are being issued in fully registered form in any authorized whole multiple of $5,000.
Interest on the Bonds is payable on each May 1 and November 1, commencing May 1, 1985. The
Registrar, Transfer Agent and Paying Agent will be. Norwest Bank Minneapolis N.A., Minneapolis,
Minnesota.
MATURITY SCHEDULE
Maturity Interest
Amount
(May 1) Rate
$250,000
1985
575,000
1986
775,000
1987
775,000
1988
775,000
1989
775,000
1990
775,000
1991
775,000
1992
Maturity Interest
Yield Amount
(May 1) Rate
$775,000
1993
775,000
1994
775,000
1995
775,000
1996
775,000
1997
775,000
1998
875,000
1999
(Plus accrued interest from May 1, 1984)
Yield
All Bonds of this issue maturing after May 1, 1996 will be subject to prior redemption at the option
of the City in inverse order of maturity and by lot within a maturity on said date and any interest
payment date thereafter at a price of par plus accrued interest to date of redemption.
The Bonds are general obligations of the City. The Bonds are payable primarily from special
assessments against property specially benefited by the improvements to be financed therefrom and, to
the extent necessary, from annual levies of ad valorem taxes on all taxable property within the City. The
Bonds do not constitute a debt or general obligation of the County of Hennepin or the State of
Minnesota.
The bonds are offered when, as and if issued, subject to the opinion as to their validity and tax
exemption of LeFevere, Lefler, Kennedy, O'Brien and Drawz, Minneapolis, Minnesota, Bond Counsel.
It is expected that delivery of the Bonds to the Underwriter will be made on or about June 12, 1984.
The Date of the Official Statement is April 13, 1984.
No dealer, salesman or any other person has been authorized
by the Village or the Financial Advisor to give any information
or to make any representations other than those contained in
this Official Statement, and if given or made, such information
or representations must not be relied upon as having been
authorized by any of the foregoing. This Official Statement
does not constitute an offer to sell or a solicitation of an
offer or solicitation is not authorized or in which the person
making such offer or solicitation is not qualified to do so or
to any person to whom it is unlawful to make such offer or
solicitation. The information and expressions of opinion herein
are subject to change without notice and neither the delivery of
this Official Statement nor any sale made hereunder shall under
any circumstances create any implication that there has been no
change in the affairs of the Village since the date hereof.
TABLE OF CONTENTS
Pa ge
INTRODUCTORY STATEMENT
1
THE BONDS
1
Description of the Bonds
1
Redemption Provisions
2
Authority of Issuance
2
The Improvements
2
Application of Funds
2
Security for the Bonds
2
Constitutional and Statutory
Considerations and Limitations
Concerning the City's Power
to
Incur Indebtedness and Procedure
for Issuance of Debt
3
THE CITY
4
The City Council
4
City Administration
5
Principal Governmental Services
21
Provided by the City
5
Regional Governmental Agencies
21
Affecting the City
6
City Employees
7
INDEBTEDNESS OF THE CITY
8
General Obligation
22
Bonded Indebtedness
8
Debt Service Schedule
10
Five Year Summary of
23
General Obligation
23
Bonded Indebtedness
11
Overlapping Indebtedness
24
of the City
12
Page
Statistical Summary Relating
to Indebtedness of the City
13
Debt Limit
13
FINANCIAL INFORMATION
14
Financial Records
15
Tax Levies, Rates and
Collections
15
Special Assessment Levies
and Collections
17
Limitation on City Tax Levy
17
City Revenue
18
Assessed and Market Valuations
18
Metropolitan Fiscal Disparities
Act
19
Major Taxpayers in the City
21
GENERAL INFORMATION RELATING
TO THE CITY
21
Population of the City
21
Major City Developments
21
Employment in the City
22
Construction Permits
22
Miscellaneous
23
Future Financing
23
UNDERWRITING
23
FINANCIAL ADVISOR
23
TAX EXEMPTION
24
LITIGATION
24
LEGAL MATTERS
24
RATINGS
24
MISCELLANEOUS
24
APPENDIX A
APPENDIX B
OFFICIAL STATEMENT
CITY OF MINNETONKA, HENNEPIN COUNTY, MINNESOTA
$11,00011000
GENERAL OBLIGATION IMPROVEMENT BONDS
SERIES 1984
INTRODUCTORY STATEMENT
This Official Statement presents certain information relating to the
City of Minnetonka (the "City"), Hennepin County (the "County"),
Minnesota in connection with the sale of the City's $11,000,000 General
Obligation Improvement Bonds Series 1984 (the "Bonds"). The Bonds are to
be issued pursuant to the Constitution and laws of the State of Minnesota
(the "State"), including Chapters 429 and 475, Minnesota Statutes, and
resolutions adopted by the City Council and other proceedings and
determinations related thereto.
A portion of the proceeds from the sale of the Bonds ($7,807,000)
will be applied to various sewer, water, street, and storm sewer
improvements within the City. Approximately $1,593,000 has been provided
out of the proceeds of the Bonds as contingency funds, administrative
costs, engineering and issuance costs for the construction projects.
Approximately $100,000 of the proceeds from the sale of the Bonds will be
used for additional interest incidental to the issuance of the Bonds.
Approximately $1,500,000 of the proceeds of the Bonds represents
capitalized interest which, until exhausted, will be used by the City to
pay, as due, the interest on the Bonds.
The Bonds are payable primarily from special assessments against
property specially benefited by the improvements to be financed therefrom
and to the extent necessary from annual levies of ad valorem taxes on all
taxable property within the City without limitation as to rate or amount.
This Official Statement contains descriptions of and information
concerning the Bonds and the City (including the City's audited financial
statements.) Such descriptions and information have been obtained from
the City and other sources as so indicated. All summaries and
explanations of the laws of the State and resolutions and proceedings of
the City contained herein do not purport to be complete and are qualified
in their entirety by reference to the definitive form of the Bonds.
Copies of the resolutions and other documents may be obtained from the
Financial Advisors upon request.
THE BONDS
Description of the Bonds
The Bonds will be dated May 1, 1984 and will
date at the rate and mature in the amount and on
the cover of this Official Statement. The Bonds
-1-
bear interest from that
the date as set forth on
will be issued in fully
registered form in any authorized whole multiple of $5,000. Interest on
the Bonds will be payable semiannually on May 1 and November 1,
commencing May 1, 1985 Norwest Bank Minneapolis, N.A., Minneapolis,
Minnesota will be Registrar, Transfer Agent and Paying Agent.
Redemption Provisions
All bonds of this issue maturing after May 1, 1996 will be subject to
prior redemption at the option of the City in inverse order of maturity
and by lot within a maturity on said date and any interest payment date
thereafter at a price of par plus accrued interest to date of redemption.
Authority for Issuance
The Constitution of the State and legislation enacted pursuant
thereto authorize the City (and other cities of the State) to issue bonds _
for purposes specified by statute. Proper purposes enumerated by statute
include, but are not limited to, the financing of betterments and
improvements to municipal water and sewer systems and street
improvements, as authorized by Minnesota Statutes, Chapter 429 and 475.
The Improvements
A portion of the proceeds from the sale of the Bonds will be applied
to various sewer, water, street and storm sewer improvement projects
within the City. The City has determined that improvements for several
project areas within the City are necessary in order that new
developments can occur. Such improvements include Projects No. 5344,
5368, 5369, 5370, 5374, 5381, 5385, 5387, 5389, 5380, 5363, 4759, 4757,
4760, 5346, 4763, 5364, 5373, 5396, 4766, 4770, 4764, and 5382.
Application of Funds
Set forth below is a summary of the application of funds related to
the Bonds:
APPLICATION:
Cost of Improvements $ 7,807 000
Issuance and Administrative Costs,
Engineering and Contingency 1,593,000
Capitalized Interest 1,500,000
Additional Interest (discount) 100,000
$11,000,000
Security for the Bonds
The General Obligation Improvement Bonds of 1984 will be payable
primarily from special assessments levied and to be levied by the City
against property specially benefited by the improvements to be financed
therefrom. The City will levy as necessary additional taxes on all
taxable property in the City without limitation as to rate or amount to
pay the principal of and interest on the Bonds.
-2-
Statutory Considerations and Limitations Concerning the City's Power
to Incur Indebtedness and Procedure for Issuance of Debt
The laws of the State limit the power of the City (and other cities
in the State) to issue obligations and to contract indebtedness. Such
legislative limitations include the following, in summary form and as
generally applicable to the City.
Purpose. The City may borrow money or issue bonds for, among other
things, the financing of betterments and improvements for and to
municipal water and sewer systems. This is the purpose for which the
obligations are being issued.
Payment and Maturity. Obligations must mature in annual or
semiannual installments. The first installment must mature not later
than three years from the date of the obligations and the last
installment shall mature not more than thirty years from such date. No
amount of principal of any obligations payable in any calendar year shall
exceed five times the amount of the smallest amounts payable in any
preceding calendar year ending three years or more after the date of
issue. The City is required, prior to delivery of any particular
obligations, to levy an irrevocable, direct general ad valorem tax upon
all taxable property within the City, except to the extent that the debt
service on the obligations is expected to be paid from special
assessments or other revenues (see the caption "THE BONDS --Security for
the Bonds").
Certificates of Indebtedness. In addition to being authorized to
issue bonds, the City is authorized to borrow money using certificates of
indebtedness in anticipation of the collection of taxes levied for any
fund named in the tax levy for the purpose of raising money for such
fund, or to issue certificates of indebtedness to borrow money for
certain equipment purchases. Generally, such certificates may not be
issued prior to the beginning of the fiscal year for which the taxes so
anticipated were intended, may not at any time exceed fifty percent of
the amount of taxes previously levied for such fund remaining uncollected
and shall be issued to become due and payable not later than March 31 of
the year succeeding the year in which the certificates were issued. In
the case of certificates of indebtedness issued to borrow money for
equipment purchases, such certificates mist mature in annual or
semi-annual installments with the last installment maturing not later
than five years from the date of issue of the certificates. The
certificates may not be sold for less than par and accrued interest and
may not bear a rate of interest greater than twelve percent per annum.
Such certificates constitute general obligations of the City. The City
has no certificates of indebtedness currently outstanding.
Debt Limit. The City has the power to contract indebtedness for
purposes specified by statute, but, subject to certain exceptions, may
not incur or be subject to net debt in excess of six and two-thirds
percent of the assessed value of all taxable property within the City.
Certain indebtedness, both special and general obligation, is excluded
from the net debt of the City. For information with respect to the
percentage of the City's legal debt incurred, see the caption
"INDEBTEDNESS OF THE CITY --Debt Limit."
-3-
Issuance of Bonds. In addition to the statutory limitations
referred to above, the City must comply with the procedures prescribed by
the State Legislature before it may borrow money and incur indebtedness. _
All proceedings for the issuance of bonds by any city crust be
initiated by a resolution stating the amount proposed to be borrowed, the
purpose for which the debt is to be incurred and providing for the sale
of the bonds. Such resolution may also provide for the submission of the
question to a vote of the electors, but need not so provide in certain _
circumstances.
In addition to the initial resolution, the governing body of a city
proposing to issue bonds must enact a resolution which sets forth the
details of the bonds to be issued and which levies a tax or provides
other revenues to pay principal of and interest on the bonds as they
become due (see the caption "THE BONDS --Security for the Bonds").
The City has or will have, prior to May 7, 1984, enacted all
requisite resolutions in connection with the Bonds and the tax levy
therefore.
THE CITY
The City, which is a suburb located west of the City of Minneapolis
in Hennepin County in east -central Minnesota, was originally incorporated
as a municipal corporation in 1956. In 1969, pursuant to adoption of a
home rule City Charter by the qualified voters of the City, the City
instituted a council-manager form of government. The City covers an area
of 28 square miles and its population is currently estimated to be
40,130. For further demographic information on the City, see the caption
"GENERAL INFORMATION RELATING TO THE CITY".
The City Council
The City Council is the legislative and policy making body of the
City and is composed of seven members. Four Councilpersons are elected
from each of the City's four wards for four year terms; two
Councilpersons are elected at large for four year terms, and the mayor,
who presides over council meetings, is elected at large for a two year
term. The responsibilities of the City Council include; (i) enacting
ordinances, resolutions and orders necessary for the proper governing of
the City's affairs; (ii) reviewing and adopting the annual budget; (iii)
reviewing and deciding on recommendations from various boards and
commissions; (iv) appointing a City Manager and citizens to various
boards and commissions; (v) establishing policies and measures to promote
the general welfare of the City and safety and health of its citizens;
and (vi) representing the City at official functions with other
organizations and governmental agencies. The present members of the City
Council and the expiration of their respective terms of office are as
follows:
-4-
City Administration
The City Manager, Mr. James F. Miller, employed by the City on
December 2, 1979, is Chief Executive Officer of the City, responsible for
planning, organizing and directing the activities
coo Rhein g muni
departmental
cipality by
implementing City Council -determined policy,
the
efforts, handling citizens inquiries and complaints and representing nate
City in its relations with the public and other governmental and ler was
ri
agencies. Prior to his appointment to City Manager, 1971
Assistant City Manager for the City of Des Moines, Iowa from June,
to December, 1979. Other experience includes assistant administrative
positions with Janesville and Brown Deer, Wisconsin. Mr. Miller received
his B.A. Degree from the Univerrations fromity othe lUniversityaofCPittsburgh; andlaire; a , a
Degree in Public Ad minist Center for
Doctor of Public Administration Degree from Nova Un
Floridaty�
Public Affairs and Administration, Fort Lauderdale,
The Finance Director/Clerk-Treasurer, Mr. Dale L. Eggenberger, is
responsible for the financial management of the City. Specifically, the
Finance Director/Clerk-Treasurer prepares and administers annual
operating budgets, provides periodic financial reports to the City
Council, the City Manager, City departments,
therforyernmthe ental
agencmainnance es,
of
investors and the general public, and p public funds.
public records and receipt, disbursement, and custody of p
Prior to his appointment as Finance Director/Clerk-Treasurer in 1981, Mr.
Eggenberger served the City a3-197 ectando asF1AssistantasFinanceurer lgDirecctor
as Director of Finance (197
(1972-1973). Mr. Eggenberger received his B.A. from Winona State
University in 1966.
Principal Governmental Services Performed by the City
Various departments of the City provide the following services for
the residents of the City:
operations and Maintenance. The Operations and Maintenance
Department is responsible for the maintenance of public roadways within
includin patching, resurfacing, snow and ice removal,
the City, g
sweeping, tree removal, as well as the maintenance and repair on al
of the
city -owned vehicles and motorized
equ p e tpublzc(except the lands andlpment recreat oral
i
Fire Department), and the ice and hockey
facilities within the City including grass maintenance,
facilities, general parks maintenance, ballfield preparation, garbage and
litter pickup and weed abatement.
-5-
Title
Expiration
of
Term
Name
Larry
A. Donlin
Mayor
December
December
31,
31,
1985
1987
Robert
J. DeGhetto
Councilperson
Councilperson
December
31,
1985
Peter
Cotton
Councilperson
December
31,
1987
Mark
Renneke
Councilperson
December
31,
1987
Jane
G. Gordon
Councilperson
December
31,
1985
Fred
E. Hanus
Councilperson
December
31,
1985
William
P. Hise
City Administration
The City Manager, Mr. James F. Miller, employed by the City on
December 2, 1979, is Chief Executive Officer of the City, responsible for
planning, organizing and directing the activities
coo Rhein g muni
departmental
cipality by
implementing City Council -determined policy,
the
efforts, handling citizens inquiries and complaints and representing nate
City in its relations with the public and other governmental and ler was
ri
agencies. Prior to his appointment to City Manager, 1971
Assistant City Manager for the City of Des Moines, Iowa from June,
to December, 1979. Other experience includes assistant administrative
positions with Janesville and Brown Deer, Wisconsin. Mr. Miller received
his B.A. Degree from the Univerrations fromity othe lUniversityaofCPittsburgh; andlaire; a , a
Degree in Public Ad minist Center for
Doctor of Public Administration Degree from Nova Un
Floridaty�
Public Affairs and Administration, Fort Lauderdale,
The Finance Director/Clerk-Treasurer, Mr. Dale L. Eggenberger, is
responsible for the financial management of the City. Specifically, the
Finance Director/Clerk-Treasurer prepares and administers annual
operating budgets, provides periodic financial reports to the City
Council, the City Manager, City departments,
therforyernmthe ental
agencmainnance es,
of
investors and the general public, and p public funds.
public records and receipt, disbursement, and custody of p
Prior to his appointment as Finance Director/Clerk-Treasurer in 1981, Mr.
Eggenberger served the City a3-197 ectando asF1AssistantasFinanceurer lgDirecctor
as Director of Finance (197
(1972-1973). Mr. Eggenberger received his B.A. from Winona State
University in 1966.
Principal Governmental Services Performed by the City
Various departments of the City provide the following services for
the residents of the City:
operations and Maintenance. The Operations and Maintenance
Department is responsible for the maintenance of public roadways within
includin patching, resurfacing, snow and ice removal,
the City, g
sweeping, tree removal, as well as the maintenance and repair on al
of the
city -owned vehicles and motorized
equ p e tpublzc(except the lands andlpment recreat oral
i
Fire Department), and the ice and hockey
facilities within the City including grass maintenance,
facilities, general parks maintenance, ballfield preparation, garbage and
litter pickup and weed abatement.
-5-
Police. The Police Department includes 52 full time po1ic e
officers and is responsible for the preservation of life and property,
maintenance of public peace and order, and prevention of crime.
Fire. The City provides fire protection to residents within the
City through trained and equipped volunteers and through a program of
fire inspection and fire prevention education. The Fire Department
includes four full time employees and approximately 53 part-time
volunteer firefighters.
Engineering Department. The Engineering Department provides for
the preparation of plans, specifications and estimates for the design,
construction, maintenance and operation of physical facilities including
sanitary sewers, storm sewers and water mains.
Assessing. The City is the public agency responsible for
establishing estimated market value on all residential, vacant,
commercial and industrial property within the City in accordance with the
applicable laws of the State. For information with respect to assessed
and market valuations of the City see the caption "FINANCIAL
INFORMATION --Assessed and Market Valuations."
Recreation. The City provides various recreational programs to all
areas of the City including recreation classes for all ages, youth sport
acitivites, senior citizen activities, public ice skating facilities,
public swimming beaches, playgrounds, day camps, handicapped adult
programs and community theatre and symphony programs.
Planning. The City's Planning Department, primarily responsible
for the coordination of physical, social and economic changes in the
City, is designed to develop and refine ordinances which implement plans
for City growth.
Regional Governmental Agencies Affecting the City
The following regional governmental agencies are involved in the
governance of the metropolitan area in which the City is located.
Metropolitan Council. The Metropolitan Council, created by the
1967 State Legislature, is empowered to coordinate and ensure the orderly
planning and economic development of the Minneapolis -St. Paul
metropolitan area. The Metropolitan Council has jurisdiction over a
seven -county area (Anoka, Carver, Dakota, Hennepin, Ramsey,
Washington Counties). The Scott and
Council is appointed, with 16 district
representatives serving four-year terms, and a chairman appointed by the
Governor of the State. The Council has standing committees for personnel
and work programs, human resources, and physical development. In
addition, the Council appoints advisory committees on aging, arts
criminal justice, health, housing and redevelopment, communications,
transportations, parks, land use, modest cost private housing and solid
waste.
-6-
The Metropolitan Council has adopted a budget of $10.9 million for
1984. Approximately 30% of the funds, to operate the Council, are
expected to come from federal sources; 4% from state sources and the
balance approximately 66%, from local sources, in the form of a property
tax levy on the seven -county area of 8/30ths of one mill, on the
seven -county property tax base and charges of regional commissions for
services provided by the Council. The funds are used to carry out the
Council's responsibilities as the Twin Cities area's long-range planning
and coordinating agency.
Metropolitan Airports Commission. The Metropolitan Airports
Commission plans, constructs and operates regional airports in the
Minneapolis -St. Paul metropolitan area. The Commission has the power to
levy a tax upon taxable property over a seven -county area (Anoka, Carver,
Dakota, Hennepin, Ramsey, Scott and Washington Counties), but has not
currently levied such a tax.
Metropolitan Transit Commission. The Metropolitan Transit
Commission operates a public ground transportation system in
Minneapolis -St. Paul metropolitan area. See the caption "INDEBTEDNESS OF
THE CITY --Overlapping Debt" for a description of the City's share of the
general obligation debt of the Commission.
Metropolitan Waste Control Commission. The Metropolitan Waste
Control Commission operates sewage treatment and disposal facilities
servicing a seven -county metropolitan area, including the City.
City Employees
The City presently has approximately 174 full time employees, as
follows:
Administration 29
Planning 7
- Engineering 13
Inspection & licenses 15
Operations & maintenance 46
Police 52
Fire (1) 4
Recreation 8
174
(1) Approximately 53 part-time volunteers comprise balance of fire
department.
Certain groups of employees of the City are organized into employee
associations or labor unions for purposes of conducting collective
bargaining with the City. The City considers its present relations with
its employees to be satisfactory. Substantially all City employees,
except volunteer firefighters, participate in the State of Minnesota
Public Employee's Retirement Association. Eligible employees
(except)police officers) currently contribute 4.0% of their monthly
_
-7-
earnings to the retirement plan. The City currently, pursuant to State
Law, contributes 5.5% of the eligible employees (except police officers)
monthly earnings to the retirement plan. The City currently contributes
12.0% of the eligible police officers' monthly earnings to the retirement
plan. The City's total contribution to the retirement plan was
approximately $157,000 for the year ended December 31, 1983. The City
levies annually for its contribution to the Firemen's Relief Fund on
behalf of the volunteer firefighters in the City. The amount of the
City's contribution to such fund in 1983 was $36,436 (unaudited). There
are no unfunded past service costs applicable to the above listed pension
funds.
INDEBTEDNESS OF THE CITY
General Obligation Bonded Indebtedness
Set forth in the following table is the general obligation bonded
indebtedness of the City as of December 31, 1983, December 31, 1982,
December 31, 1981 and as of April 1, 1984 assuming the issuance of the
Bonds. The term "general obligation bonded indebtedness" as used in this
Official Statement means the principal amount outstanding of the City's
general obligation bonds, including such obligations of the City for
which the general credit of the City is obligated, but with respect to
which special assessments or revenues collected are anticipated to be
sufficient to retire such indebtedness.
The table shows the general obligation indebtedness of the City which
is subject to debt limits under State law as well as the general
obligation indebtedness of the City which is not subject to debt limits
under State law. See the caption "INDEBTEDNESS OF THE CITY --Debt Limit"
for a discussion of the general obligation indebtedness of the City which
is subject to legal debt limits and general obligation indebtedness of
the City which is not subject to debt limits. Certain indebtedness not
constituting general obligation indebtedness of the City, including
certain revenue bonds of the City relating to the City's ice arena
facilities, have been excluded from this table. The total amount of
revenue bonds outstanding as of December 31, 1983 was $715,000.
General Obligation Bonded Indebtedness of the City
Amount
Amount
Amount
Amount
Outstanding
Outstanding
Outstanding
Outstanding
as of
as of
as of
as of
April 1, 1984
December 31, 1983
December 31, 1982
December 31, 1981
Category of Debt
General Obligation Bonds Subject
to Debt Limitation
Municipal Building Bonds
Series 1969
$ 40,000
$ 80,000
$ 120,000
160,000
Park Land Acquisition and
Development Bonds, Series 1973
1,700,000
1,825,000
1,925,000
2,025,000
Fire Hall Construction and
Equipment Bonds, Series 1974
550,000
600,000
650,000
700,000
Total General Obligation Bonds
Subject to Debt Limitation
$ 2,290,000
$ 2,505,000
$ 2,695,000
$ 2,885,000
General Obligation Bonds Not
Subject to Debt Limitation
Improvement Bonds, Series 1964
$ 135,000
$ 135,000
$ 180,000
$ 225,000
Improvement Bonds, Series 1966
-0-
-0-
-0-
15,000
Improvement Bonds, Series 1969
55,000
85,000
115,000
145,000
Improvement Bonds, Series 1970-I
365,000
480,000
595,000
710,000
Improvement Bonds, Series 1971-I
A 5 B
1,830,000
2,080,000
2,330,000
2,595,000
Improvement Bonds, Series 1972
4,575,000
5,025,000
5,475,000
5,925,000
Improvement Bonds, Series 1974-1
3,850,000
4,200,000
4,550,000
4,900,000
Improvement Bonds, Series 1974 -II
2,400,000
2,800,000
3,200,000
3,600,000
Improvement Bonds, Series 1975-I
2,450,000
2,800,000
3,150,000
3,500,000
Refunding Improvement Bonds,
Series 1976
5,735,000
6,460,000
7,185,000
7,910,000
Improvement Bonds, Series 1976-I
7,000,000
7,800,000
8,600,000
9,400,000
Improvement Bonds, Series 1976 -II
B b C
2,895,000
3,080,000
3,190,000
3,350,000
Water Revenue Bonds, Series 1976
1,625,000
1,700,000
1,775,000
1,850,000
Improvement Bonds, Series 1977
4,500,000
4,950,000
5,400,000
5,850,000
Refunding Bonds, Series 1978
6,005,000
6,830,000
7,655,000
8,480,000
Refunding Improvement Bonds,
Series 1978
5,800,000
6,450,000
7,100,000
7,750,000
Improvement Bonds, Series 1980
6,985,000
7,620,000
8,250,000
9,500,000
Glenn Lake Station Tax Increment
Bonds, Series 1981
2,200,000
29200,000
2,200,000
2,200,000
Improvement Bonds, Series 1982
2,750,000
3,000,000
3,000,000
-0-
Improvement Bonds, Series 1984
"The Bonds"
11,000,000
-0-
-0-
-0-
Total General Obligation Bonds
Not Subject to Debt Limitations
$72,155,000
$67,695,000
$73,950,000
$77,905,000
Total General Obligation Bonds
$74,445,000
$70,200,000
$76,645,000
$80,790,000
Debt Service Schedule
Set forth in the table below is a schedule of the debt service on the
total outstanding general obligation bonded indebtedness of the City as
of April 1, 1984. The table assumes that the Bonds will be issued on May
7, 1984. Interest on the Bonds has been calculated at 8.80%.
Debt Service Schedule
-10-
General Obligation Bonds
General Obligation Bonds
Subject
to
Not
Subject to
Legal Debt
Limit
Legal
Debt Limit
Year
_
Principal
Interest
Principal
Interest
Total _
1984
$ -0-
$ 62,848
$ 95,000
$ 1,919,823
$ 2,077,671
1985
215,000
114,615
6,855,000
4,932,488
12,117,103
1986
175,000
104,650
7,205,000
4,052,286
11,536,936
1987
225,000
95,175
7,365,000
3,623,471
11,308,646
1988
225,000
83,775
7,365,000
3,180,738
10,854,513
1989
225,000
72,338
7,390,000
2,728,725
10,416,063
1990
225,000
60,825
7,380,000
2,269,815
9,935,640
1991
225,000
49,256
7,025,000
1,815,276
9,114,532
1992
250,000
37,669
6,245,000
1,386,366
7,919,035
1993
175,000
26,775
5,055,000
1,009,106
6,265,881
1994
175,000
17,850
3,740,000
701,956
4,634,806
1995
175,000
8,925
2,650,000
452,936
3,286,861
1996
-0-
-0-
1,060,000
272,944
1,332,944
1997
-0-
-0-
1,075,000
187,925
1,262,925
1998
-0-
-0-
775,000
111,100
886,100
1999
-0-
-0-
875,000
38,500
913$00
$2,290,000
$734,701
$72,155,000
$28,683,455
$103,863,156
-10-
Five Year Summary of General Obligation Bonded Indebtedness
Set forth below are the amounts of general obligation bonded
indebtedness outstanding, of the City, as of December 31 for the years
1975 through 1983, respectively.
Summary of General Obligation Bonded Indebtedness
-11-
General
General
Obligation Bonds
Obligation Bonds
Not Subject to
Subject to
December 31,
Legal Debt Limit
1983
$2,505,000
1982
2,695,000
1981
2,885,000
1980
3,075,000
1979
3,245,000
1978
3,415,000
1977
3,565,000
1976
3,700,000
1975
3,820,000
-11-
General
Obligation Bonds
Not Subject to
Legal Debt Limit
Total
$67,695,000
$70,200,000
73,950,000
76,645,000
77,905,000
80,790,000
81,335,000
84,410,000
82, 335, 000
85, 580, 000
82,220,000
85,635,000
81,260,000
84,825,000
77,735,000
81,435,000
62,035,000
65,855,000
Overlapping Indebtedness of the City
Set forth in the table below is information relating to the
outstanding overlapping indebtedness of the City. Total amounts
outstanding represent all debt which is in whole or in part payable from
ad valorem property taxes levied with respect to the real estate within
the City. These amounts are reduced to the extent that amounts are
otherwise available to pay such obligations and by amounts financed other
than by the levy of a property tax.
Overlapping Indebtedness of the City
-12-
city's
Percentage
Share
Total
Net
Applicable
of Net
Entity
Outstanding
Outstanding
As of
to the City
Outstanding
Hennepin County
$ 47,925,000
$39,503,571
12-31-83
5.56%
$ 2,196,399
Metropolitan Council
31,940,000
9,223,393
12-31-83
3.01
277,624
Metropolitan Transit
Commission
18,200,000
14,557,000
12-31-83
3.26
474,558
School District No. 270
(Hopkins)
6,275,000
5,102,612
06-30-83
57.58
2,938,084
School District No. 276
(Minnetonka)
2,535,000
1,935,000
06-30-83
25.63
495,941
School District No. 284
(Wayzata)
8,210,000
6,621,900
06-30-83
16.79
1,111,817
Vocational Technical
School No. 287
11,100,000
7,434,945
06-30-83
8.89
659,480
Total
$126,185,000
$84,378,421
9.666
$ 8,153,903
-12-
Statistical Summary Relating to Indebtedness of the City
Set forth below is a statistical summary of certain information
T relating to the 83 debdness of the
handl as asof
oApDile December
31 fassum ng or the years
1981 through 19respectively,
issuance of the Bonds.
Statistical Summary Relating to Indebtedness of the City
April 1,
1984
647,363,666
Market Valuation $1,012 920
Taxable Assessed Valuation $ 425,012,920
Indebtedness Subject to $ 1,959,882
Debt Limitation
Indebtedness Not Subject to $ 48,363,585
Debt Limitation
City's Share of Overlapping $
Debt
Population
Indebtedness Subject to
Debt Limitation As a Percent of:
Market Valuation
Assessed Valuation $
Per Capita
Indebtedness Not Subject to
Debt Limitation As a Percent of:
Market Valuation
Assessed Valuation $
Per Capita
City's Share of Overlapping Debt
As a Percent of:
Market Valuation
Assessed Valuation $
Per Capita
Market Valuation Per Capita $
Assessed Valuation Per Capita $
Debt Limit
8,153,903
40,130
.12%
.46%
48
2.94%
11.38%
1,205
December 31,
1983
$1,647,363,666
$ 425,012,920
$ 1,923,553
$ 36,939,603
$ 8,153,903
40,130
.12%
.45%
$ 48
2.24%
8.69%
$ 920
December 31,
1982
$1,472,269,790
$ 395,475,195
$ 2,158,927
$ 41,954,614
$ 8,266,195
39,270
.15%
.55%
$ 55
2.85%
10.61%
$ 1,068
.50%
.50%
.50%
2.09%
1.92%
1.92%
$
210
203 $
$
203
41,050 $
37,490
41,050
$
10,590 $
10,070
10,590
ons
As described under the
theion City's
Statutory I curindebtedne strand
and Limitations Concerning not
Issuance of Debt --Debt Limit," the "net debt" of the City may
exceed six and two-thirds percent of the assessed valuation of all
within the City. Net debt is defined by State law to
taxable property ross debt the following:
mean the amount remaining after dedappliccablemwithin the current year to
(1) the amount of current revenues app able wholly or in
the payment of any debt, (2) obligations which are pay no
proceeds of special assessments, (3) warrants having
part from the p g Payable wholly from income of revenue
definite maturity, (4) obligations p y permanent
producing conveniences, (5 ) obligations issued to create a
revolving fund, (6) obligations issued for public works from which a
-13-
revenue is or may be derived, (7) all amounts of money and the face value
of all securities held as a sinking fund for the extinguishment of
obligations other than those which are deductible, and (8) all other
obligations which under the provisions of the law authorizing their
issuance are not to be included in computing the net debt of the
municipality. Set forth below is a comparison 'of the net debt of the
City as a percentage of the applicable debt limit as of April 1, 1984, to
the net debt of the City as a percentage of the applicable debt limit as
of, December 31, 1983, and as of December 31, 1982.
Percent of Legal Debt Incurred
Assessed Valuation
Legal Debt Percentage Allowed
Legal Debt Limit
Amount of Debt Applicable
to Debt Limit
Unused Margin of Indebtedness
Percent of Legal Debt Incurred
April 1, December 31 December 31,
1984 1983 1982
$425,012,920 $425,012,920 $395,475,195
6.667% 6.667'/, 6.667%
$ 28,335,611
1,959,882
$ 28,335,611 $ 26,366,331
__1,923,553
$ 26,375,729 $ 26,412,058
6.92% 6.79%
FINANCIAL INFORMATION
2,158,927 _
$ 24,207,404
8.19%
The financial operations of the City are, pursuant to State law,
conducted primarily through its General Fund, its Special Revenue Funds,
its Debt Service Funds, its Capital Project Funds, its Enterprise Funds,
its Special Assessment Funds and its Trust and Agency Funds. All
revenues not attributable to any other fund are accounted for in the
General Fund and recorded therein, and any lawful expenditure of the City
may be made from the General Fund. The revenues from tax levies
collected for the purpose of paying debt service on the City's
outstanding tax supported bonded indebtedness are recorded in the Debt
Service Fund; revenues from tax levies are held in trust for the purpose
of paying debt service of the bonded indebtedness for which such revenue
was collected.
The revenues from special assessments and enterprise revenues
collected for the purpose of paying debt service on the City's
outstanding improvement bonds and water revenue bonds and ice arena bonds
are recorded in the Special Assessment Funds and Enterprise Funds,
respectively; revenues from each separate source of revenues are held in
separate trusts for the purpose of paying the debt service of the bonded
indebtedness for which such revenue was collected.
-14-
Financial Records
The City maintains its financial records on a calendar year basis.
All funds except for minor variances are maintained on a modified accrual
basis and in conformity with Generally Accepted Accounting Principles
(GAAP) applicable to governmental entities. Appendix A hereto sets forth
the financial statements of the City for the year ending December 31,
1982 which have been examined by Laventhol & Horwath, independent
certified public accountants, Minneapolis, Minnesota, for that period and
to the extent set forth in their report. Such audited statements have
been included herein in reliance upon such firm as experts in auditing
and accounting. Appendix B, presents a Balance Sheet for year ending
December 31, 1983, (unaudited) as prepared by the City.
Tax Levies, Rates and Collections
In October of each year, the City Council adopts the City budget for
the ensuing year, and levies on real and personal property in the City
are set, which if collected in the ensuing year will be sufficient to
cover budgeted operating expenses, debt service and other expenditures of
the City. Taxes on personal property become due on January 1 of each
year and become delinquent after the first day of March of each year, and
after the sixteenth day of May and the sixteenth day of October,
respectfully, for the first and second halves in the case of real
property taxes.
Set forth below are
purposes and the
the tax rates established
by the City
for City
tax
- overlapping upon City
rates of
residents.
other
governmental
units within or
against the assessed valuation
of
Tax rates shown
residential
are those levied
property
and the major portion of the assessed valuation of
within
commercial -industrial
the City
property in the City
INFORMATION --Metropolitan Fiscal
(see
the
caption "FINANCIAL
Disparities
Act," herein).
City and Other
Governmental
unit
Tax Rates
(in Mills)
Per
$1,000 of
Assessed
Value(1)
_ Entit
1983
1982
1981
1980
1979
City of Minnetonka
Hennepin County
16.184
15.095
15.463
17.746
18.637
Metropolitan Council
28.451
29.183
29.271
31.195
32.184
Metropolitan Transit
.419
.399
.454
•4+
.408
Commission
Metropolitan Mosquito
3.036
3.062
2.938
2.187
2.107
Control District
.600
.438
.211
Watershed District
.449
.346
-0
.213
-0-
.183
Suburban Parks District
.108
.129
-0-
Park Museum
Vocational School
.350
.350
.149
.350
.181
.350
.225
.350
District No. 287
1.119
1.469
1.510
1.681
2.227
`50.716
50.471
50.346
54.007
56.321
-15-
(1) In addition to the tax rates listed, residents of the City
living within one of the school districts (numbers 270, 276, or
to
284), whose boundaries overlap upon the City,subject
taxes levied to support such school districts. The following
are tax rates payable by residents of the City living within
such school district boundaries.
Set forth below are the City's tax levies for collecti983. ons for the
amounts
years 1979 through 1982, and the tax levy f
represent only the taxes collected for the City for City purposes.
City Tax Levies and Collections
School
District Tax
Rates (in
mills)
Per
$1,000 of Assessed Value
School
District
1983
1982
1981
1980
1979
Number
270
45.475
44.861
40.934
42.390
44.755
46.483
48.166
49.570
Number
276
55.931
42.982
49.847
40.675
35.745
38.850
44.293
Number
284
Percent
of Levy
to
December 31,
December 31,
Uncol-
Uncol-
Set forth below are the City's tax levies for collecti983. ons for the
amounts
years 1979 through 1982, and the tax levy f
represent only the taxes collected for the City for City purposes.
City Tax Levies and Collections
Property taxes for the City are collected for the City (and for the
other political subdivisions within the County of Hennepin) by the County
Treasurer of Hennepin County. Th-- County Treasurer settles accounts with
the appropriate political subdivisions, including the City, based upon
their respective tax rates and assessed valuations. Taxes levied on both
real and personal property which are delinquent constitute, pursuant to
State law, first and perpetual liens thereon (with certain exceptions for
personal property).
-16-
Percent
Total
of Total
Collected
Collected
Percent
Total
to
Total
of Total
Collected
Percent
of Levy
to
December 31,
December 31,
Uncol-
Uncol-
Levy
Tax
in Follow
Collected
1983
1983
lected
Lected
Year
Levy
ing Year
1983
$6,400,306
I N
97.63X
P R O C E S S
$6,347,850
99.36%
44,272
:87X
1982
6,189,062
X6,237,850
5,022,924
97.30
5,117,947
99.14
1981
5,162,219
4,619,843
4,504,382
97.50
4,600,639
.58
99.60
19,204
17,437
.42
.40
1980
1979
4,351,389
4,269,138
98.11
4,333,952
Source
- County Auditor
- Hennepin County
Property taxes for the City are collected for the City (and for the
other political subdivisions within the County of Hennepin) by the County
Treasurer of Hennepin County. Th-- County Treasurer settles accounts with
the appropriate political subdivisions, including the City, based upon
their respective tax rates and assessed valuations. Taxes levied on both
real and personal property which are delinquent constitute, pursuant to
State law, first and perpetual liens thereon (with certain exceptions for
personal property).
-16-
Special Assessment Levies and Collections
Special assessments, which are paid by property owners, involve the
funding of such projects as streets, curbs, sidewalks, ditches and storm
sewers. When any of these improvements are made to a property owner,
that property owner is considered to have benefited directly by them.
Improvements of this nature have no relationship to the value of the
owner's property. The determination of the mill rate and the taxes on
each property excludes the amounts needed for various special
assessments. Any amounts for special assessments are added, but
enumerated separately, on the property tax statement and are not
considered a tax on property. Special assessments for the City are
collected by the County in the manner of property taxes.
Set forth in the following table are the City's Special Assessment
Levies and Collections for the years 1973 through 1983.
Source - Comprehensive Annual Financial Report, City of Minnetonka,
Minnesota for year ending December 31, 1982 and City records,
Limitation on City Tax Levy
State law limits the amount by which the City (as well as other
political subdivisions) may increase its tax levy from one year to the
ext. The levy limit base may be increased each year by formula pursuant
next made to allow the limitations to be
to State law. Provisions
increased or decreased based on a number of circumstances, including
population or boundary changes, transfer of a governmental function or
of in is
service or by way of a direct referendum. The amount increase
of
generally limited to 8% per capita per year. Levies for the pay
direct bonded indebtedness are not included in this limit-
-17-
Total
Current special
Amount
Ratio of
current and
assessment
installments
collected
current
delinquent
Current
becoming due
currently
during the
collections
to amount
assessments
uncollected
Percentage
balance
Fiscal
during the
fiscal period
fisc a_ 1 P®rim
due
at year end
collected
uncollected
Year
$ 325,270
1973
$2,333,222
$2,9226:1
236,060
.
279,680
6
92.2x 8
187,709
237,117
1974
2,423,769
2,514,316
2,277,199
.9056:1
529,197
60
90.56
89.00
286,525
1975
1976
2,604,863
2,318,338
.8900:1
766,3
703,360
87.54
335,933
1977
2,695,410
2 359,477
.8754:1
709,842
86.17
385,341
1978
2,785,957
2,400,616
2,450,077
.8617:1
.8493:1
711,946
84.93
434,749
484,157
1979
2,884,826
2,975,373
2,491,216
.8373:1
965,341
83.73
83.95
533,565
1980
1981
3,324,699
2,791,134
.8395:1
1,134,042
1,396,612
81.10
673,073
1982
3,562,121
2,889,048
.8110:1
996,764
87.56
423,489
1983
3,405,208
2,981,719
.8756:1
Source - Comprehensive Annual Financial Report, City of Minnetonka,
Minnesota for year ending December 31, 1982 and City records,
Limitation on City Tax Levy
State law limits the amount by which the City (as well as other
political subdivisions) may increase its tax levy from one year to the
ext. The levy limit base may be increased each year by formula pursuant
next made to allow the limitations to be
to State law. Provisions
increased or decreased based on a number of circumstances, including
population or boundary changes, transfer of a governmental function or
of in is
service or by way of a direct referendum. The amount increase
of
generally limited to 8% per capita per year. Levies for the pay
direct bonded indebtedness are not included in this limit-
-17-
The following table summarizes the City's compliance with the law for
the years, 1981 through 1983.
City Revenue
Set forth below are the revenue sources and the amounts of such
revenue sources of the City for the General Fund, for the year ending
December 31, 1983.
Percent
Source (1)
1983
1982
1981
Total Tax Levy
Less
$6,400,306
$5,178,820
$4,636,386
Special Tax Levies
1,436,244
413,000
1,816,086
Limited Levy
Levy
$4,964,062
$4,765,820
$2,820,300
Limitation
4,994,824
4,794,246
2,843,058
Under Levy Limitation
30,762
28,426
22,758
City Revenue
Set forth below are the revenue sources and the amounts of such
revenue sources of the City for the General Fund, for the year ending
December 31, 1983.
Percent
Source (1)
Amountof
Total
General Property Tax
$4,446,546
Licenses and Permits
630,0
5.
Intergovernmental Revenue
2,016,06633
7 7 0
Transfers from other funds
386,396
23.3.3
6
6
4.47
Other
1,153,071
13.36
Total
$8,632,150
100.00%
(1) In addition to the revenue sources listed above, the City receives
revenue from the Utility Fund. The 1983 net operating income for the
Utility Department was $195,635 (unaudited). The City's ice arena
had a net operating loss of $1,528 (unaudited) for the year ended
December 31, 1983.
Assessed and Market Valuations
Set forth below are the assessed valuations and market valuations of
property located within the City for the years 1976 through 1983
(assessed and market valuations of property located within the City are
determined in November and December of each year). State law provides,
with certain exceptions, that all taxable property is to be valued at its
market value.
All real property subject to taxation must be listed and at least
one-fourth of the parcels listed must be appraised each year with
reference to their value on the January 2 preceding the assessment, so
that each parcel is reappraised at intervals of four years. The assessed
value of property in the City is computed upon the basis of its full
market value and its category of use. Real property is currently
classified generally by the following use categories for taxes payable in
-18-
1984: (i) residential homestead property, which is assessed at 17% of the
first $30,000, 19% of the second $30,000 and 30% of the balance of its
full market value; (ii) residential non -homestead property, which is
assessed at 30% of the full market value; (iii) agricultural homestead
property, which is assessed at 14% of the first $60,000 and 19% in excess
of $60,000 the full market value; (iv) agricultural non -homestead
property, which is assessed at 19% of its full market value; and (v)
industrial/commercial/utility property, which is assessed at 34% of the
first $50,000 of its full market value, (provided property owner owns one
(1) parcel) and 43% in excess of $50,000. A property qualifies as a
"homestead" if it is occupied by the owner on the assessment date.
Owners of homestead property receive a 50% credit (up to a maximum of
$650) on the taxes levied on their property; homestead credits are
reimbursed by the State to the City and other taxing districts in
proportion to their levies. Most personal property, with the exception
of certain utility property, is exempt from taxation, along with public
property and property owned by educational, religious and charitable
institutions. The Minnesota Legislature has enacted amendments which, in
effect, phased out the Limited Market Values over a two year period
(1979-1980).
Assessed and Market Valuations of Property Within the City
Metropolitan Fiscal Disparities Act
The Metropolitan Fiscal Disparities Act was first implemented for
taxes payable in 1975. It established a new property tax system for the
seven metropolitan counties of Anoka, Carver, Dakota, Hennepin, Ramsey,
Scott and Washington. Generally, the objective of the Metropolitan
Fiscal Disparties Act is to prevent competition among the various
municipalities in the seven -county metropolitan area for industrial and
commercial development to improve their respective tax bases. The
following discussion summarizes the operation of the Metropolitan Fiscal
Disparities Act.
-19-
Total
Total
Taxable
Assessed
Market
Assessed
Valuation
Valuation
Valuation
1983
$459,724,703
$1,647,363,666
$425,012,920
395,475,195
1982
421,611,162
366,122,164
1,472,269,790
1,335,102,387
343,075,726
1981
1980
317,713,485
1,149,248,172
298,878$95
1979
259,341,745
945,901,983
216.%861,066,,325
1978
228,491,200
208,598,726
774,374,452
651,054,346
200,356,294
1977
1976
193,938,154
562,309,172
186,568,143
Metropolitan Fiscal Disparities Act
The Metropolitan Fiscal Disparities Act was first implemented for
taxes payable in 1975. It established a new property tax system for the
seven metropolitan counties of Anoka, Carver, Dakota, Hennepin, Ramsey,
Scott and Washington. Generally, the objective of the Metropolitan
Fiscal Disparties Act is to prevent competition among the various
municipalities in the seven -county metropolitan area for industrial and
commercial development to improve their respective tax bases. The
following discussion summarizes the operation of the Metropolitan Fiscal
Disparities Act.
-19-
Forty percent of the increase in commercial -industrial (including
public utility) assessed valuation in each assessment district since 1971
is contributed to an area -wide tax base. Using the factors of population
and real property market value, a per capita distribution index is
calculated. This index is employed in determining what proportion of the
assessed value in the area -wide tax base shall be distributed back to
each assessment district. Each metropolitan county auditor certifies to
the administrative auditor the area -wide portions of the levy for each
district located within that county. The administrative auditor then
computes an area -wide mill rate by dividing the total of the area -wide
levies by the total area -wide tax base.
As a result of this law, the property tax levy of a taxing district
is not the tax amount paid by the taxpayers located within the geographic
boundaries of that district. The amount they pay could be more or less
than what is actually needed by the district in which they live,
depending upon whether the area -wide mill rate was larger or smaller than
the local mill rate and whether the contribution value was larger or
smaller than the distribution value.
Fiscal Disparities impacts the City's assessed valuation as follows:
Source - Comprehensive Annual Financial Report, City of Minnetonka,
Minnesota, December 31, 1982 and County Auditor, Hennepin
County, Minnesota.
-20-
Assessed
Assessed
Value
Value
Contributed
Received
Net
Year
to "pool"
from "pool"
Contributed
1983
$43,903,106
$14,384,958
$(29,518,148)
1982
36,015,747
12,238,542
(23,777,205)
1981
31,079,726
9,804,145
(21,275,581)
1980
25,123, 980
7,046,980
(18, 077, 000)
1979
18,822,482
5,402,131
(13,420,351)
1978
15,915,836
4,355,099
(11,560,737)
1977
11,416,732
3,174,300
(8,242,432)
1976
10,100,137
2,730,126
(7,370,011)
1975
7,446,277
3,036,409
(4,382,868)
1974
3,669,931
2,280,270
(1,389,661)
Source - Comprehensive Annual Financial Report, City of Minnetonka,
Minnesota, December 31, 1982 and County Auditor, Hennepin
County, Minnesota.
-20-
Major Taxpayers in the City
The table below sets forth ten major taxpayers and their estimated
1983 market valuation within the City.
Name
Market Valuation of Certain Real Estate in the City
Estimated
Market Percent of City
Valuation Market Valuation
Ridgedale Shopping Center
$ 50,520,000
3.10%
Greenbriar Condominiums
29,232,000
1.79
Cargill, Inc.
23,778,000
1.46
Opus Center
13,345,000
.82
Stratford Wood Apartments
10,841,000
.67
DATA 100
7,209,000
.44
Shady Oak Office Center
6,724,000
.41
MAPCO Industrial Park
6,681,000
.41
Umaga
6,433,000
.39
Modern Merchandising, Inc.
5,698,000
.35
$160,461,000
9.84%
GENERAL INFORMATION RELATING TO THE CITY
Population of the City
The population of the City for 1960, 1970 and 1980 according to the
United States Census, and as estimated by the Metropolitan Council for
the years 1981, 1982, 1983 and 1984 is set forth below.
1960
23,037
1970
35,776
1980
38,683
1981
38,830
1982
39,270
1983
40,130
1984
40,130
Major City Developments
One of the major developments is the Carlson Center, a multi -use
development, located partially within the City. The focal point of the
project is the Carlson Company world headquarters. The proposal calls
for commercial, industrial, office and residential uses. The commercial
development plans include a 200 -room Radisson Hotel. Total development
costs are estimated to be $300,000,000 with construction expected to
b eg in in 19 85.
-21-
A significant project located at the south entrance of the City is
Opus II, a multi -use office, residential and industrial park complex. A
200 -room hotel will be constructed as a later phase to the development.
Total development costs, when complete, are expected to be $250,000,000.
Opus II project is approximately seventy-five percent complete.
Employment in the City
Shown below is a list of the major industrial employers in the City
and their approximate number of employees.
Firm
Cargill, Inc.
Northern Telecom, Inc.
Fingerhut Corporation
Modern Merchandising
Data Card Corporation
Scientific Computers, Inc.
Precision-Cosmet Co., Inc.
Charmilles-Andrew Mfg.
Drag Specialties, Inc.
K -Tel International
Opportunity Workshop, Inc.
Coast to Coast Stores
Source - Minnesota Department of Energy and Economic Development
Construction Permits
The schedule below shows the total value of new residential,
industrial and commercial, public and other construction permits issued by
the City each year for 1973 through 1983 and for the months of January and
February for the year 1984.
Total Value of New Construction Permits
Number
Product/Service
Employees
Agribusiness
2,000
Computer Service
1,100
Mail Order
580
Showroom - Retail
500
Credit Card Embossing Machines
325
Data Processing Service
280
Optic Goods
270
EDM Systems
237
Motorcycle Accessories
175
Leisure Time Products
150
Social Service Pack/Assembly
75
Hardware
70
Source - Minnesota Department of Energy and Economic Development
Construction Permits
The schedule below shows the total value of new residential,
industrial and commercial, public and other construction permits issued by
the City each year for 1973 through 1983 and for the months of January and
February for the year 1984.
Total Value of New Construction Permits
-22-
Industrial
or
Residential
Total
Residential
Commercial
Units
Valuation
1984
$ 8,981,886
$ 7,504,010
98
$16,485,896
1983
49,329,578
16,714,195
546
66,043,773
1982
34,079,077
25,386,145
389
59,465,222
1981
42,939,384
46,784,449
878
89,723,833
1980
25,749,408
29,659,818
374
55,409,226
1979
36,340,976
23,987,985
797
60,328,961
1978
27,825,132
20,277,390
476
48,102,522
1977
24,914,509
21,766,617
683
46,681,126
1976
17,842,767
9,385,079
610
27,227,846
1975
8,461,191
25,004,471
352
33,465,662
1974
6,101,340
19,688,075
175
25,789,415
1973
6,741,374
17,465,993
220
24,207,367
-22-
Miscellaneous
The Minnesota Department of Economic Security reports the December
1983 unemployment rate for the Minneapolis - St. Paul Metropolitan Area
to be 5.6% compared to the State of Minnesota rate of 7.5% and the United
States rate of 8.0%.
The 1982 Survey of Buying Power, Sales and Marketing Management
reports the median Household Effective Buying Income for Hennepin County
to be $26,557.
Future Financing
The City plans to build three new Fire Stations including support
equipment, for a total estimated expenditure of $2.4 million, funded by
the issuance of General Obligation Bonds. A bond referendum would be
required for the funding and would have to be held in late 1984 to
complete these projects in 1985.
UNDERWRITING
The Bonds have been purchased at public sale by a group of
underwriters for whom
is acting as managing underwriter. The underwriters intend to offer the
Bonds to the public initially at the prices set forth on the cover page
of this Official Statement plus accrued interest from May 1, 1984, which
prices may subsequently change without any requirement of prior notice.
The underwriters reserve the right to join with dealers and other
underwriters in offering the Bonds to the public. The underwriters may
offer and sell the Bonds to certain dealers (including dealers depositing
the Bonds into investment trusts) at prices lower than the public
offering prices.
FINANCIAL ADVISOR
Miller & Schroeder Municipals, Inc., Minneapolis, Minnesota, has
acted as Financial Advisor to the City in connection with the issuance of
the Bonds. The fee to be paid the Financial Advisor in connection with
the transaction is contingent upon the successful sale and issuance of
the Bonds. Any questions regarding the facts presented in this Official
Statement or any request for additional information concerning the City
should be addressed to Miller & Schroeder Municipals, Inc., 2400
Northwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis,
Minnesota 55431 (telephone 612-831-1500).
-23-
TAX EXEMPTION
In the opinion of Bond Counsel, the interest to be paid on the Bonds
is not includable in the gross income of the recipient for United States
or Minnesota income tax purposes, but is subject to Minnesota taxes on
banks and corporations measured by income, according to present federal
and Minnesota laws, regulations, rulings and decisions.
LITIGATION
There is no controversy or litigation of any nature now pending or,
to the knowledge of the City, threatened, restraining or enjoining the
issuance, sale, execution or delivery of the Bonds, or in any way
contesting or affecting the validity of the Bonds or any proceedings of
the City taken with respect to the issuance or sale thereof.
LEGAL MATTERS
Legal matters incident to the authorization and issuance of the Bonds
are subject to the opinion of LeFevere, Lefler, Kennedy, O'Brien and
Drawz, Bond Counsel, as to validity and tax exemption. A copy of such
opinion will be printed on the reverse side of the Bonds and will be
available at the time of the delivery of the Bonds.
RATINGS
M oody's Investors Service, Inc. has given the Bonds the rating of
If it Such rating reflects only the view of such organization and
explanations of the significance of such rating may be obtained from the
rating agency furnishing the same. There is no assurance that such
rating will continue for any given period of time or that it will not be
revised downward or withdrawn entirely by such rating agency, if in the
judgment of such rating agency circumstances so warrant. Any such
downward revision or withdrawal of such ratings may have an adverse
effect on the market price of the Bonds.
MISCELLANEOUS
Any statements made in this Official Statement involving matters of
opinion or of estimates, whether or not so expressly stated, are set
forth as such and not as representations of fact, and no representation
is made that any of the estimates will be realized.
-24-
I -
lop
I-
..
The execution and delivery of the Official Statement, by its Mayor
and its Director of Finance/Clerk-Treasurer, has been duly authorized by
the City.
CITY OF MINNETONKA, MINNESOTA
By _ /s/ LARRY A. DONLIN
Larry A. Donlin
Mayor
By _ /s/ DALE L. EGGENBERGER
Dale L. Eggenberger
Director of Finance/Clerk-Treasurer
-25-
(This Page Has Been Left Blank Intentionally.)
APPENDIX A
GENERAL PURPOSE FINANCIAL STATEMENTS
CITY OF
MINNETONKA, MINNESOTA
for the
Year Ended
December 31, 1982
(This Page Has Been Left Blank Intentionally.)
PRLaventhol & Horwath
Certified Public Accountants
Honorable Mayor and Members
of the City Council
City of Minnetonka, Minnesota
100 Washington Square
Minneapolis, Minn. 55401
(612) 332-5500
We have examined the combined financial statements of
the City of Minnetonka, Minnesota, as of and for the year ended
December 31, 1982, as listed in Section II -A of the table of con-
tents. Our examination was made in accordance with generally
accepted auditing standards and, accordingly, included such tests
of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion, the combined financial statements referred
to above present fairly the financial position of the City of Minne-
tonka, Minnesota, at December 31, 1982, and the results of its
operations and the changes in financial position of its proprietary
fund types for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with
that of the preceding year after giving retroactive effect to the
changes, with which we concur, in the methods of accounting for
revenues in the special assessment fund and for the cost of certain
employee benefits as described in Note 2 to the financial statements.
Our examination was made for the purpose of forming an
opinion on the combined financial statements taken as a whole. The
combining, individual fund, and account group financial statements
and schedules as listed in Section II -B of the table of contents are
presented for purposes of additional analysis and are not a required
part of the combined financial statements of the City of Minnetonka,
Minnesota. The information has been subjected to the auditing pro-
cedures applied in the examination of the combined financial state-
ments and, in our opinion, is fairly stated in all material respects
in relation to the combined financial statements taken as a whole.
The accompanying statistical tables on pages 94 to 115
were not audited by us and, accordingly, we do not express an opinion
on them.
April 18, 1983
A member of Horwatah & Horwath International with affiliated offices worldwide.
CITY OF MINNEI'ONKA, MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1982
ASSETS
Cash
Cash with paying agent
Certificates of deposit and
government securities
Receivables:
Taxes, net of allowance
for uncollectibles
Special assessments
Customer and other
Due from other funds (Note 4)
Accrued interest on investments
inventory and prepaid expenses
Property and equipment, net
(Notes 5 and 6)
Unamortized bond discounts and
other assets
Amount available in debt
service funds
Amount to be provided from
future tax levies
Amount to be provided from
future tax increments
GO�E TAL FUND TYPES
SPECIAL DEBT CAPITAL SYt;C:IAL
GENERAL REVENUE SERVICE PRWECT ASSESSMENT
$ 3,334 $ (151,654) $ 7,121 $ 642 $ 232,533
4,065,000 1,010,000 740,000 1,200,000 31,551,805
45,864 37,194 17,577
49,806 967,662
56,583 995,508
120,970 37,357 24,077
89,110
48,127,926
555,384
1,354 150,420 -
46,258 1,137,175
373,230
$4,430,667 $2,896,067 $788,775 $1,248,254 $82,128,473
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts and contracts payable
$ 206,934 $ 25,451
$ 37,527
$ 149,394 -
Interest and other payables
385,850
33,748
85,806
21,529
505,000
Due to other funds (Note 4)
490,508 108,801
69,975,000
Bonds payable (Note 7)
Other debt payable
54,517
47,983,514
Deferred revenue
1,137,809 134,252
157,081
118,634,437
Contingency (Note 11)
Fund equity (deficit) (Note 2):
Contributions
Investment in general
fixed assets
Retained earnings:
Reserved (Note 8)
Unreserved
Bund balance:
Reserved (Note 8) 89,110 27,761 364,570
Unreserved (Note 10) 3,203,748 2,761,815 $788,775 1,063,412 (36,870,534)
3,292,858 2,761,815 788,775 1,091,173 (36,505,964)
$4,430,667 $2,896,067 $788,775 $1,248,254 $82,128,473
See notes to financial statements.
-12-
Exhibit 1
PROPRIETARY
FIDUCIARY
ACCOUNT GROUPS
$ 523,896
89,427
FUND TYPE
FUND 'TYPE
344,778
GENERAL
TOTAL
_
TRUST AND
GENERAL
LONG-TERM
(MEMORANDUM ONLY)
ENTERPRISE
AGENCY
FIXED ASSETS
DEBT
1982
1981
48,038,031
$ 233,482
$29,512
29,512
4,995,000 127,978,974
$ 354,970
$ 273,079
85,484,771
85,484,771
85,157,347
1,114,308
_ 2,490,000
25,611,397
_ 228,312
41,056,805
37,070,341
62,968
1,339
2,666,156
2,196,559
164,942
570,141
481,441
281,292
1,339
48,127,926
49,646,751
443,989
1,339
27,592,916 87,402,151
79,097,512
2,016,841
2,520,831
_
$27,592,916 $4,995,000 $215,381,125
$212,402,279
1,203,865
920,808
93,391
1,459,228
1,361,387
128,466
217,576
203,588
87,543,450
$27,592,916
115,136,366
112,933,408
274,376
647,606
702,637
$ 788,775
788,775
645,867
2,225,007
2,225,007
2,510,265
1,981,218
1,981,218
1,928,868
$91,270,122
$30,851
$27,592,916
$4,995,000
$215,381,125
$212,402,279
_ $ 57,758
$ 5,459
$ 482,523
$ 523,896
89,427
21,465
552,019
344,778
11,162
2,588
1,203,865
920,808
2,545,000
$4,995,000 77,515,000
81,605,000
187,536
187,536
391,787
48,038,031
49,518,498
2,890,883
29,512
4,995,000 127,978,974
133,304,767
85,484,771
85,484,771
85,157,347
$27,592,916 27,592,916
25,611,397
_ 228,312
228,312
205,709
2,666,156
2,666,156
2,196,559
481,441
281,292
1,339
(29,051,445)
(34,354,792)
_ 88,379,239
1,339
27,592,916 87,402,151
79,097,512
$91,270,122
$30,851
$27,592,916 $4,995,000 $215,381,125
$212,402,279
-13-
CITY OF MINNE'10M11 MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
YEAR ENDED DECEMBER 31, 1982
—GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL SPECIAL
GENERAL REVENUE SERVICE PROTECT ASSESSMENT
Revenues:
Property taxes, net
$3,847,662
$ 648,747
$338,354
Special assessments
$ 3,871,833
Licenses and permits
478,202
Intergovernmental
1,650,880
1,412,203
Interest and other revenues
906,558
151,404
211,482 $
277,467 7,450,904
6,883,302
2,212,354
549,836
277,467 11,322,737
Other financing sources:
Transfers from other funds
597,074
1,067
917,005
Total revenues and other sources
7,480,376
2,213,421
549,836
277,467 12,239,742
Expenditures:
General government
Community development
Operations and maintenance
Public safety
Capital outlay
Sundry
Debt service:
Principal retirement
Interest and paying agent
charges
Other financing uses:
1,690,185
1,209,419 1,097,020
1,759,627
2,341,986
205,897
90,000
1,430,927
1,875,673
25,799
316,928 3,973,839
7,207,114 1,097,020 406,928 1,430,927 5,875,311
Transfers to other funds 73,300 1,168,217 1,489
1_,)tal expenditures and other uses 7,280,414 2,265,237 406,928 1,432,416 5,875,311
Excess (deficiency) of revenues
and other sources over expendi-
tures and other uses 199,962 (51,816) 142,908 (1,154,949) 6,364,431
Fund balance (deficit), January 1 3,088,160 2,813,631 645,867 2,246,122 (42,870,395)
Increase in reserve for
inventories 4,736
Fund balance (deficit),
December 31 $3,292,858 $2,761,815 $788,775 $1,091,173 $(36,505,964)
See notes to financial statements.
-14-
Exhibit 2
_ FIDUCIARY
1,690,185
1,561,362
FUND TYPE
TOTAL
EXP NDABLE
(MEMORANDUM ONLY)
TRUST
1982
1981
_ $33,043
$ 4,867,806
$ 4,372,776
1,875,673
3,871,833
4,027,049
266,515
478,202
545,407
90,000
3,063,083
2,959,601
4,290,767
8,997,815
11,120,422
33,043
21,278,739
23,025,255
1,515,146 1,437,336
33,043 22,793,8852 4,462,591
_
1,690,185
1,561,362
3,737,366
2,681,686
1,759,627
1,569,104
2,341,986
2040,146
1,875,673
2,956,358
34,819
266,515
222,489
90,000
190,000
4,290,767
4,424,422
34,819
16,052,119
15,745,567
1,243,006
1,000,599
34,819
17,295,1251
6,746,166
(1,776)
5,498,760
7,716,425
3,115
(34,073,500)
(41,874,299)
4,736 64,374
$ 1,339 $(28,570,004) $(34,073,500)
-15-
CITY OF MINNETONKA, MINNESOTA -
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES
Revenues:
Property taxes, net
Licenses and permits
Intergovernmental
Interest and other
revenues
other financing sources:
Transfer from other
funds
YEAR ENDED DECEMBER 3.1, 1982
'_rotal revenues and other
7,560,000 7,480,376 (79,624) 2,181►3�0 213►421
sources 2, — 32,1
Expenditures:
General government
1,704,500
1,209,700
1,690,185
1,209,419
SPECIAL REVENUE
Community develognent
GENERAL
Operations and
maintenance
1,856,400
OVER
(96,773)
Public safety
OVER
2,341,986
205,897
(75,314)
(76,903)
(252,980)
(UNDER)
BUDGET
AC
__
(UNDER)
BUDGET
BUDGET
ACTUAL
BUDGET
$4,050,000
$3,847,662
$(202,338) $
662,200 $
648►747
$ (13,453) -
450,000
1,691,000
478,202
1,650,880
28►202
(40,120)
1,391,100
1,412,203
21,103
780,000
906,558
126,558
(87
128,000
2.181►300
151,404
2,212,354
23,404
31,054
6,9 17 ,000
6,8
►698)
589,000
597,074
8,074
1,067
1,067
s
'_rotal revenues and other
7,560,000 7,480,376 (79,624) 2,181►3�0 213►421
sources 2, — 32,1
Expenditures:
General government
1,704,500
1,209,700
1,690,185
1,209,419
(14,315)
(281) 1,350,000 1,097,020 (252,98
Community develognent
Operations and
maintenance
1,856,400
1,759,627
(96,773)
Public safety
2,417,300
282,800
2,341,986
205,897
(75,314)
(76,903)
(252,980)
Sundry
7,470,700
7,207,114
(263,586) 13501000 00 1'097'020
Other financing uses: 1,137,067 1,168►217 31,150
Transfer to other funds 73,300 73,300
Total expenditures and 586) 2,487,067 2,265,237 (221,830)
other uses 7,544,000 7,280,414 (263,
Excess (deficiency) of
revenues and other
sources over expendi-
tures and other uses $ 16,000
Fund balance, January 1
increase in reserve
nor inventories
Fund balance, December 31
199,962 $ 183,962 $ (305,767)
3,088,160
4,736
$3,292,858
See notes to financial statements.
Q[i :s
(51,816) $ 253,951
2,813,631
$2,761,815
Exhibit 3
_
TOrAL
(14,315)
(MEMORANDUM ONLY)
2,306,439
(253,261)
OVER
1,759,627
(96,773)
(
BUDGET
ACTUAL
RUDER)
BUDGET
$4,712,200
-
$4,496,409
$(215,791)
450,000
478,202
28,202
3,082,100
3,063,083
(19,017)
908,000
1,057,962
149,962
9,152,300
9,095,656
(56,644)
5— 89000
598,141
9,141
9,741►300 __9,693,797 (47,503)
1,704,500
1,690,185
(14,315)
2,559,700
2,306,439
(253,261)
1,856,400
1,759,627
(96,773)
2,417,300
2,341,986
(75,314)
- 282,800
205,897
(76,903)
8,8 0702 0
8,304,134
(516,566)
112101367 1,241,517 31,150
10,031,067 9,545,651L 485,416)
$ (289,767) 148,146 $ 437,913
5,901,791
4,736
$6,054,673
-17-
Exhibit 4
CITY OF MINNETONKA, MINNESOTA
AND
COMBINED ARNINGSENT OF REVALLEPROPRIETARY/FUND TYPES IN
RETAINEDINED EARNINGS
E
YEAR ENDED DECEMBER 31, 1982
Operating revenues:
Water sales and sewer charges
Ice rental charges
Other
Operating expenses:
Sewer service charges
Personal services
Other services and charges
Water meters and supplies
Operating income before depreciation
Depreciation
Operating loss
Nonoperating revenues, net
Loss before operating transfers
Operating transfers from other
funds, net
Net loss
Retained earnings, January 1
Redistribute current year contribution
in aid of operations
Redistribute depreciation on customer
contributed property and equipment
Retained earnings, December 31
TOTAL
MEMORANDUM ONLY
1982
1981
$2,461,784
$1,882,611
294,169
275,315
71,861
93,796
2,827,814
2,251,722
1,261,568
971,499
405,453
361,896
485,006
480,539
144,540
143,986
2,296,567
1,957,920
531,247
293,802
1,489,458 1,423,432
(958,21 1 ) ( 1 ,129,630)
161,234 258,608
(796,977) (871,022) _
16,196 41,978
(780,781) (829,044) _
2,402,268 2,030,566
(116,196) (116,978)
1,389,177 1,317,724
$2,894,468 $2,402,268
See notes to financial statements.
CITY OF MINNETONKA, MINNESOTA
COMBINED STATEMENT OF CHANGES IN
FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1982
Source of funds:
Operations:
Net loss
Add items not affecting working capital:
Depreciation and amortization
Working capital provided from operations
Contributions in aid
Other
Application of funds:
Additions to property and equipment
Reduction of long-term debt
Increase in working capital
Summary of increase (decrease) in
working capital:
Cash
Certificates of deposit and
government securities
Receivables
Water meter inventory
Prepaid expenses and other
Current portion of long-term debt
Accounts payable
Accrued interest
Accrued vacation
Accrued salaries
Other
Increase in working capital
Exhibit 5
TOTAL
MEMORANDUM ONLY
1982
1981
$ (780,781) $ (829,044)
1,492,792 1,426,891
712,011 597,847
1,600,405 1,864,485
10,824 17,401
$2,323,240 $2,479,733
$1,710,897 $1,975,245
160,748 149,077
451,595 355,411
$2,323,240 $2,479,733
$ (20,773) $ 37,598
435,000
74,118
5,660
3,592
(1 1 , 672)
(11,898)
3,059
(64 1 )
(14,422)
( 10,428)
$ 451,595
See notes to financial statements.
-19-
210,000
76,857
442
24,172
(26,581)
20,867
2,433
(2,165)
$ 355,411
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1982
1. Summary of significant accounting policies:
The accounting policies of the City of Minnetonka, Minnesota
conform to generally accepted accounting principles as appli-
cable to governments. The following is a summary of the more
significant policies:
A. Fund accounting:
The accounts of the City are organized on the basis of funds
and account groups, each of which is considered a separate
accounting entity. The operations of each fund are accoun-
ted for with a separate set of self -balancing accounts
that comprise its assets, liabilities, fund equity, rev-
enues, and expenditures, or expenses, as appropriate.
Government resources are allocated to and accounted for
in individual funds based upon the purposes for which
they are to be spent and the means by which spending
activities are controlled. The various funds are grouped,
in the financial statements in this report, into seven _
generic fund types and three broad fund categories as
follows:
GOVERNMENTAL FUNDS:
General Fund - The general fund is the general operating fund
of the City. It is used to account for all financial re-
sources except those required to be accounted for in another
fund.
Special Revenue Funds - Special revenue funds are used to
account for the proceeds of specific revenue sources that
are legally restricted to expenditures for specified pur-
poses.
Debt Service Funds - Debt service funds are used to account
for the accumulation of resources for, and the payment
of, general long-term debt principal, interest, and related
costs.
Capital Project Funds - Capital project funds are used to
account for financial resources to be used for the acquisi-
tion or construction of major capital facilities, other
than those financed by proprietary funds, the special
assessment fund, and trust funds.
-20-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
1. Summary of significant accounting policies (continued):
GOVERNMENTAL FUNDS (CONTINUED):
Special Assessment Fund - The special assessment fund is used
to account for the financing of public improvements or
services deemed to benefit the properties against which
special assessments are levied.
PROPRIETARY FUNDS:
Enterprise Funds - Enterprise funds are used to account
for operations that are financed and operated in a manner
similar to private business enterprises - where the in-
tent of the governing body is that the costs (expenses,
including depreciation) of providing goods or services
to the general public on a continuing basis be financed
or recovered primarily through user charges.
FIDUCIARY FUNDS:
Trust and Agency Funds - Trust and agency funds are used
to account for assets held by the City in a trustee
capacity or as an agent for individuals, private organiza-
tions, other governments, and/or other funds. These in-
clude expendable trust, nonexpendable trust, pension trust,
and agency funds. The firemen's relief fund and MHFA
grant fund are classified as expendable trust funds and
are accounted for in essentially the same manner as govern-
mental funds. The escrow accounts are classified as
agency funds. They are custodial in nature (assets equal
liabilities) and do not involve measurement of operations.
B. Property and equipment and long-term liabilities:
The accounting and reporting treatment applied to the prop-
erty and equipment and long-term liabilities associated
with a fund are determined by its measurement focus. All
governmental funds and expendable trust funds are accounted
for on a spending or "financial flow" measurement focus.
This means that only current assets and current liabilities
are generally included in their balance sheets. Their re-
ported fund balance is considered a measure of "available
spendable resources." Governmental fund operating state-
ments present increases (revenues and other financing
-21-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA _
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
1. Summary of significant accounting policies (continued):
B. Property and equipment and long-term liabilities (continued):
sources) and decreases (expenditures and other financing
ncaid
uses) in net current assets. Accordingly, Y are
to present a summary of sources and uses of "available
spendable resources" during a period.
Property and equipment used in governmental fund type opera-
tions (general fixed assets) are accounted for in the
general fixed assets account group, rather than in govern-
mental funds. Public domain ("infrastructure") general
fixed assets consisting of roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems, and
lighting systems, are excluded from general fixed assets
as such items are immovable and of value only to the City.
No depreciation has been provided on general fixed assets.
All property and equipment are valued at historical cost or
estimated historical cost if actual historical cost is not
available. Donated property and equipment are valued at
their estimated fair value on the date received.
Long-term liabilities expected to be financed from govern-
mental funds are accounted for in the general long-term
debt account group, not in the governmental funds. The
single exception to this general rule is for special
assessment bonds, which are accounted for in the special
assessment fund.
The two account groups are not "funds." They are con-
cerned only with the measurement of financial position.
They are not involved with measurement of results of op-
erations.
Noncurrent portions of long-term receivables due to govern-
mental funds are reported on their balance sheets, in spite
of their spending measurement focus. Special reporting
treatments are used to indicate, however, that they should
not be considered "available spendable resources," since
they do not represent net current assets. Recognition
of governmental fund type revenues represented by non-
current receivables is deferred until they become current
receivables. Noncurrent portions of long-term loans re-
ceivable are offset by fund balance reserve accounts.
-22-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
1. Summary of significant accounting policies (continued):
B. Property and equipment and long-term liabilities (continued):
Special reporting treatments are also applied to govern-
mental fund inventories to indicate that they do not
represent "available spendable resources," even though
they are a component of net current assets. Such amounts
are generally offset by fund balance reserve accounts.
Because of their spending measurement focus, expenditure
recognition for governmental fund types is limited to
exclude amounts represented by noncurrent liabilities.
Since they do not affect net current assets, such long-
term amounts are not recognized as governmental fund type
expenditures or fund liabilities. They are instead re-
ported as liabilities in the general long-term debt account
group.
All proprietary funds are accounted for on a cost of services
or "capital maintenance" measurement focus. This means that
all assets, including property and equipment, and all
liabilities, including long-term liabilities, associated
with their activities are included on their balance sheets.
Their reported fund equity is segregated into contributed
capital and retained earnings components. Proprietary
fund type operating statements present increases (revenues)
and decreases (expenses) in net total assets.
Depreciation of all exhaustible property and equipment used
by proprietary funds, including contributed property and
equipment, is charged as an expense against their opera-
tions. Accumulated depreciation is reported on proprietary
fund balance sheets. Depreciation has been provided over
the estimated useful lives using the straight-line method.
The estimated useful lives are as follows:
Buildings and structures 40- 50 years
Distribution system 50-100 years
Iron removal system 40 years
Machinery and equipment 7- 15 years
-23-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
1. Summary of significant accounting policies (continued):
C. Basis of accounting:
Basis of accounting refers to when revenues and expendi-
tures or expenses are recognized in the accounts and re-
ported in the financial statements. Basis of accounting
relates to the timing of the measurements made regardless
of the measurement focus applied.
All governmental funds and expendable trust funds are
accounted for using the modified accrual basis of account-
ing. Their revenues are recognized at the time cash is,
or normally should be, received or when susceptible to
accrual (measurable and available as net current assets).
Substantially all sources of revenues are accrued except
interest on special assessments receivable, which is recog-
nized when due.
Expenditures are generally recognized under the modified
accrual basis of accounting when the related fund liability
is incurred. An exception to this general rule is principal
and interest on special assessment and general long-term
debt, which is recognized when due.
All proprietary funds are accounted for using the accrual
basis of accounting. Their revenues are recognized when
earned, and their expenses are recognized when incurred.
Unbilled utility service receivables are recorded at year
end.
D. Property taxes:
Property taxes are set by the City Council with the levy
certified to the County (collection agent) in October _
prior to the year collectible. Property taxes attach
as an enforceable lien on property as of January 1 of the
year collectible. Cities in Minnesota operate under a
levy limitation law which generally permits an 8% in-
crease in taxes levied per capita each year within the
taxing district. Levies for bonded indebtedness are not
limited by this law.
-24-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
1. Summary of significant accounting policies (continued)•
D. Property taxes (continued):
Property tax revenues are considered measurable when in
the hands of the County (collection agent) and are con-
- sidered available when received in cash or are likely to
be received in cash within a short period after year end
(generally 60 days). Thus, the amounts recognized as
1982 property tax revenues are collections of taxes during
1982 or the early part of 1983 which pertained to the 1981
levy. Taxes receivable have been reduced by an allowance
for uncollectible taxes of $249,165 for 1982.
E. Budgets and budgetary accounting:
The City follows these procedures in establishing the
budgetary data reflected in the financial statements:
1. At the first Council meeting in September, the City
Manager submits to the City Council a proposed oper-
ating budget for the fiscal year commencing the follow-
ing January 1. The operating budget includes proposed
expenditures and the means of financing them.
2. Public hearings are conducted to obtain taxpayer com-
ments.
3. At the first Council meeting in October, the budget
is legally enacted through passage of a resolution.
4. The City Council may authorize transfers of budgeted
amounts between departments within a fund.
5. Budget information shown for the general fund and special
revenue funds is on a basis consistent with generally
accepted accounting principles (GAAP).
-25-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER.31, 1982
Summary of significant accounting policies (continued):
E. Budgets and budgetary accounting (continued):
6. The budget for 1982 was originally adopted in 1981 in
accordance with the above procedures. On October 4,
1982, the City Council passed a resolution adopting
the City Manager's 1983 budget, and a 1982 revised
budget. All budget figures contained in the 1982
annual financial report are taken from the 1982 re-
vised budget. The differences between the 1982 or-
iginal budget and the 1982 revised budget for the gen-
eral fund and special revenue funds are as follows:
Excess (deficiency)
of revenues and
other sources over
expenditures and
other uses $ (799,609) $ (289,767) $509,842
F. Certificates of deposit and government securities:
Excess cash balances from all funds are combined and in-
vested to the extent available in certificates of deposit
and government securities. Investment income from such
investments is allocated to the various funds on the
basis of applicable investment balance participation by
each fund. Certificates of deposit and government secur-
ities are stated at cost, which approximates market.
IW41:fl
1982
1982
original
revised
Increase
budget
budget
(decrease)
Revenues and other
sources
$ 9,807,638
$ 9,741,300
$(66,338)
Expenditures and
other uses
10,607,247
10,031,067
(576,180)
Excess (deficiency)
of revenues and
other sources over
expenditures and
other uses $ (799,609) $ (289,767) $509,842
F. Certificates of deposit and government securities:
Excess cash balances from all funds are combined and in-
vested to the extent available in certificates of deposit
and government securities. Investment income from such
investments is allocated to the various funds on the
basis of applicable investment balance participation by
each fund. Certificates of deposit and government secur-
ities are stated at cost, which approximates market.
IW41:fl
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
1. Summary of significant accounting policies (continued):
G. Inventory:
Inventory is valued at the lower of cost (first -in, first -
out method) or market. Inventory in the general fund con-
sists of expendable supplies held for consumption. The
cost of such supplies is recorded as expenditures at the
time the inventory is purchased (purchase method). General
fund inventories are equally offset by a fund balance
appropriation which indicates that they do not constitute
"available spendable resources" even though they are a com-
ponent of net current assets. The cost of inventory in the
utility fund is recognized as an expense at the time the
items are used (consumption method).
H. Total columns on combined statements:
Total columns on the combined statements are captioned "Mem-
orandum Only" to indicate that they are presented only to
facilitate financial analysis. Data in these columns do
not present financial position, results of operations, or
changes in financial position in conformity with generally
accepted accounting principles. Neither is such data
comparable to a consolidation. Interfund eliminations
have not been made in the aggregation of this data.
2. Accounting changes:
Effective January 1, 1982, the City changed its method of account-
ing for revenues in the special assessment fund in order to
strictly conform with the treatment prescribed by National
Council on Governmental Accounting (NCGA) Statement No. 1.
In prior years, revenues from special assessments were recog-
nized based on the amounts to be received in the following year
plus any prepayments received in the current year. This prac-
tice resulted in revenues being recorded before they were
susceptible to accrual (measurable and available as net current
assets). Under the new method, special assessments revenues are
recognized when received in cash or are likely to be received
in cash within a short period after year end (generally 60 days) .
-27-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
2. Accounting changes (continued):
Prior to 1982, the City followed the common practice of account-
ing for the costs of employees' vacation and compensation time
pay benefits in the period they were paid. Effective January
1, 1982, as a result of Financial Accounting Standards Board
Statement No. 43 and National Council on Governmental Accounting
Statement No. 4, the City began accruing such benefits as they
were earned.
The 1981 financial statements and fund balance at the beginning
of that year have been restated. The effects on the 1981 fi-
nancial statements of such restatements are as follows:
3. Financial reporting entity of the City:
The funds included in this annual financial report are controlled
by the City's Mayor and Council. Control by or dependence on
the City was determined on the basis of budget adoption, taxing
authority, outstanding debt secured by revenues or general
obligations of the City, or the City's obligation to fund any
deficits that may occur.
own
Special
Ice
General
assessments
Utility
Arena
fund
fund
fund
fund
Decrease January 1, 1981
fund balance or retained
earnings
$149,559
$4,034,284
$ 8,326
$2,242
Increase deferred revenue
4,415,297
Increase current liabilities
176,743
10,080
2,653
Decrease in special assess-
ment revenue
381,013
Increase expenditures for
personal services
27,184
1,754
411
Decrease excess of revenues
over expenditures or
net income (loss)
27,184
381,013
1,754
411
3. Financial reporting entity of the City:
The funds included in this annual financial report are controlled
by the City's Mayor and Council. Control by or dependence on
the City was determined on the basis of budget adoption, taxing
authority, outstanding debt secured by revenues or general
obligations of the City, or the City's obligation to fund any
deficits that may occur.
own
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
3. Financial reporting entity of the City (continued):
The activities of the Minnetonka Housing and Redevelopment
Authority (HRA) are excluded from the City's annual financial
report since the HRA is a separate legal entity. The HRA's
operating and capital expenditures, including debt service,
will be financed from HRA tax levies and tax -increment bonds
issued by the City. Since the bonds were issued by the City,
the HRA remits to the City the funds needed by the City to
meet its debt service obligations on the bonds. Remittances
from the HRA to the City during 1982 totalled $131,769. The
HRA's commissioners are appointed by the Mayor, with the
consent of the City Council, and an employee of the City is
the executive director of the HRA. Financial transactions be-
tween the City and the HRA, reported in the accompanying
financial statements, reflect an operating loan to the HRA in
the amount of $555,384 as of December 31, 1982.
4. Interfund receivables and payables:
Interfund Interfund
Fund receivables payables
General fund $ 56,583 $ 490,508
Special revenue funds:
Civil defense fund 40,930
Federal revenue sharing trust fund 1,354
State street aid fund 505,000 37,386
Public benefit fund 27,228
Forestry fund 1,903
Capital improvement fund 490,508
Capital project funds:
Park land acquisition fund 1,354
Glen lake station fund 85,806
Special'assessment fund 150,420 505,000
Enterprise funds:
Utility fund 8,758
Ice arena fund 2,404
Trust and agency funds:
MHFA grant fund 2,588
$1,203,865 $1,203,865
-29-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
5. Changes in enterprise fund property and equipment:
A summary of changes in enterprise fund property and equipment
follows:
Utility fund:
Land
Buildings and
structures
Distribution
system
Iron removal
system
Wells
Tanks
Lift stations
Machinery and
equipment
Construction in
progress
Ice arena fund:
Buildings and
structures
Machinery and
equipment
Balance Balance
January 1, December 31,
1982 Additions Deletions 1982
$ 7,650
293,277
87,871,654 $1,217,907
2,751,252
553,688
1,202,966
1 ,405,408
500,747 46,045
795,942 1,600,405 $1,217,907
769,707
47,418 64,447
96,199,709 2,928,804
$ 7,650
293,277
89,089,561
2,751,252
553,688
1,202,966
1 ,405,408
546,792
1,178,440
769,707
111,865
1 ,217,907 97,910,606
Less accumulated 10,367,156
depreciation 8,877,698 1,489,458
$87,322,011 $1,439,346 $1,217,907 $87,543,450
-30-
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
6. Changes in general fixed assets:
A summary of changes in general fixed assets follows:
Land
Buildings and
structures
Improvements other
than buildings
and structures
Machinery and
equipment
Construction in
progress
Balance
January 1,
1982 Additions Deletions
$ 4,092,620 $ 395,000
2,705,890 66,729
15,562,080 1,564,521
2,685,491 294,341
565,316
$25,611,397 $2,320,591
Exhibit 6
Balance
December 31,
$ 4,487,620
2,772,619
17,126,601
$ 85,402 2,894,430
253,670 311,646
$339,072 $27,592,916
7. Bonds payable:
- Bonds payable at December
31, 1982 are summarized as follows:
Interest
Type of bonds
Maturities
rate
Total
Special assessment bonds
1983-1997
3.4-10.0%
$69,975,000
Ice arena revenue bonds
1983-1993
7.0- 8.0
770,000
General obligation water
revenue bonds
1983-1995
5.4- 5.8
1,775,000
General obligation bonds
1983-1996
5.0-11.7
4,995,000
$77,515,000
-31-
7.
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
Bonds payable (continued):
The following is a summary of bond transactions of the City
for the year ended December 31, 1982:
Special General
assessment Revenue obligation Total
Bonds payable at
January 1, 1982 $73,855,000 $2,665,000 $5,085,000 $81,605,000
New bonds issued:
Improvement bonds
Series 1982 3,000,000 3,000,000
Bonds retired (6,880,000) (120,000) (90,000) (7,090,000)
Bonds payable at
December 31, 1982 $69,975,000 $2,545,000 $4,995,000 $77,515,000
The annual debt service requirements of all debt outstanding as
of December 31, 1982, including interest payments of $27,636,723,
are as follows:
Year ending Special General
December 31, assessment Revenue obligation Total
1983
$10,013,153
$ 281,231
$ 572,201
$ 10,866,585
1984
10,005,590
273,444
612,572
10,891,606
1985
9,610,862
270,462
636,931
10,518,255
1986
9,207,123
286,625
635,139
10,128,887
1987
8,800,358
286,650
653,066
9,740,074
1988 and
thereafter
45,683,709
2,259,588
5,063,019
53,006,316
$93,320,795 $3,658,000 $8,172,928 $105,151,723
-32-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
7. Bonds payable (continued):
General obligation water revenue bonds are serviced by the util-
ity fund and are carried as debt of that fund. Special assess-
ment bonds are backed by the full faith, credit, and taxing
power of the City, and are carried as debt of the special
assessment fund.
The legal debt limit for Minnesota municipalities is 6.67% of
assessed value. This limit applies only to general obligation
tax levy bonds and excludes special assessment, revenue and
tax increment bonds. The total general obligation debt at
December 31, 1982, net of $788,775 available in the debt ser-
vice funds to service general obligation bonds, was $2,242,584
as compared to the legal debt limit of $22,883,151. The re-
sulting legal debt margin is $20,640,567.
There are a number of limitations and restrictions contained in
the various bond indentures. The City is in compliance with
all significant limitations and restrictions. There are no
authorized bonds which have not been issued.
8. Reserved fund equity:
Fund equity in the various funds has been reserved for the fol-
lowing purposes:
General fund:
Inventory
Capital project funds:
Contract commitments
Special assessment fund:
Contract commitments
Enterprise funds:
Ice arena fund:
Bond reserve escrow accounts
-33-
$ 89,110
$ 27,761
$364,570
$228,312
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER -31, 1982
9. Retirement plans:
The City levies annually for pension contributions to the Minne-
tonka Firemen's Relief Association in accordance with State
statutes. The Association has approximately 63 members to
which the annual levy applies. The pension levy for the
year ended December 31, 1982 was $33,373. In addition, the
Association received state aid of $74,574 during 1982. The
total contribution to the Association includes amortization of
unfunded liabilities over twenty years.
Accumulated plan benefit information and plan assets as of
January 17, 1979, the most recent actuarial valuation, are
presented below:
Actuarial present value of accumulated
plan benefits $745,307
Net assets (deficit) available for benefits $(39,000)
The weighted average assumed rate of return used in determining _
the actuarial present value of accumulated plan benefits was
5%.
The vested and non -vested portions of accumulated plan benefits
are not available.
The City participates in a state-wide contributory retire-
ment plan (PERA), which covers substantially all other City
employees. The contribution determined by PERA and paid
by the City for the year ended December 31, 1982 was $312,141
and included an amount required to retire prior years' un-
funded liabilities with full funding required by the year ..
2009. An individual City's portion of the unfunded liability
of PERA is not available, because no city is directly liable
for any unfunded liability under Minnesota law.
-34-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1982
10. Fund deficiencies/deficits:
Expenditures (expenses) exceeded revenues in certain individual
funds for the year ended December 31, 1982 as follows:
Special revenue funds:
Civil defense fund $ 28,933
Police town aid fund 25,687
Public benefit fund 26,547
Forestry fund 149,530
Capital improvement fund 210,000
Storm water fund 131,026
Debt service funds:
Glen lake station bond fund 52,350
Capital project funds:
Park land acquisition fund 7,148
Glen lake station fund 1,147,801
Enterprise funds:
Utility fund 844,132
Trust and agency funds:
Firemen's relief fund 1,776
A fund balance deficit of $36,505,964 exists in the special
assesment fund for the year ended December 31, 1982. This
deficit arises because of the application of generally accepted
accounting principles to the financial reporting for this
fund (see Note 2). Bond proceeds used to finance construction
of special assessment projects are not recognized as an
"other financing source." Liabilities for special assessment
bonds payable are accounted for in the special assessment
fund. Special assessments are recognized as revenues only to
the extent that individual installments are considered current
assets. The deficit will be reduced and eliminated in future
years as deferred special assessment installments become current
assets.
-35-
Exhibit 6
CITY OF MINNETONKA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS {CONTINUED)
YEAR ENDED DECEMBER 31, 1982
11. Litigation:
Bren vs. City of Minnetonka:
This suit requests $867,100 in damages arising out of the sale
by the City of land purchased from Bren. The plaintiff alleges
the City purchased land from him for $101,000 for park purposes
and then proceeded to sell the land for $450,000. The City
Attorney is of the opinion that the maximum exposure appears to
be $350,000. This suit was commenced in 1978 and is in the
discovery stage. The City feels it will prevail in this matter
and no provision has been made for any possible loss.
There are several other pending lawsuits, claims and disputes in
which the City is involved. The City Attorney estimates that
the potential claims against the City not covered by insurance
resulting from such litigation, claims and disputes would not _
materially affect the financial statements of the City.
12. Reclassifications:
Certain amounts in the 1981 financial statements have been re-
classified to conform with the 1982 presentation.
-36-
APPENDIX B
UNAUDITED COMBINED BALANCE SHEET
UNAUDITED COMBINED STATEMENT OF
REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
for the
Year Ended
December 31, 1983
UNAUDITED
CITY OF MINNET NO KA, MINNESOTA
COMBINED BALANCE SHEET3D1, TYPES
AND ACCOUNT GROUPS
DECEMBER
ASSETS
Cash
Certificates of deposit and
government securities
Receivables:
Taxes, net of allowance
for uncollectibles
Special assessments
Customer and other
Due from other funds
Accrued interest on investments
Inventory and prepaid expenses
Property and equipment, net
Unamortized bond discounts and
other assets
Amount available in debt
service funds
Amount to be provided from
future tax levies
Amount to be provided from
4 -increments
future ax
$5,530,933
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts and contracts payable $ 327,254
Interest and other payables 399,310
Dut to other funds 450,000
Bonds payable
Other debt payable 75 101
Deferred revenue
$1,251,665
Fund equity (deficit)
Contributions
Investment in general
fixed assets
Retained earnings
Reserved
Unreserved
Fund balance:
Reserved
Unreserved
$4,336,058 $1,031,517 $855,792
$ 194,496 $
$ 6,166
1,750
$ 1g4,496 $ $ 7,916
85,334
4,193,934 4,141,562 1,031,517 847,876
4,279,268 4,141,562 1,031,517 847,876
$5,530,933 $4,336,058 $1,031,517 $855,792
SPECIAL
ASSESSMEN'
$ 202,97
30,260,21`
16,85
43,720,06',
594,15.
1,003,77(
312,-'(
7&_111.06:
$ 361,314
578,97!
63,795,00(
43,485,27(
$108,220,56:
332,73,
(32,442,23`:
(3Z, 102,
$ 76,111,06:
GOVERNMENTAL FUND TYPES
SPECIAL
DEBT
CAPITAL
GENERAL
REVENUE
SERVICE
PROJECT
$ 8,276
$ (37,215)
$ 8,651
$ 1,115
5,165,000
1,735,000
865,000
825,000
101,844
15,678
5,364
29,880
1,670,596
7,190
900,000
128,975
133,409
51,999
23,527
29,677
85,334
future ax
$5,530,933
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts and contracts payable $ 327,254
Interest and other payables 399,310
Dut to other funds 450,000
Bonds payable
Other debt payable 75 101
Deferred revenue
$1,251,665
Fund equity (deficit)
Contributions
Investment in general
fixed assets
Retained earnings
Reserved
Unreserved
Fund balance:
Reserved
Unreserved
$4,336,058 $1,031,517 $855,792
$ 194,496 $
$ 6,166
1,750
$ 1g4,496 $ $ 7,916
85,334
4,193,934 4,141,562 1,031,517 847,876
4,279,268 4,141,562 1,031,517 847,876
$5,530,933 $4,336,058 $1,031,517 $855,792
SPECIAL
ASSESSMEN'
$ 202,97
30,260,21`
16,85
43,720,06',
594,15.
1,003,77(
312,-'(
7&_111.06:
$ 361,314
578,97!
63,795,00(
43,485,27(
$108,220,56:
332,73,
(32,442,23`:
(3Z, 102,
$ 76,111,06:
PROPRIETARY
FIDUCIARY ACCOUNT GROUPS
202,280
164,942
FUND TYPE
FUND TYPE GENERAL
43,720,062
TOTAL
101,092,569
TRUST AND GENERAL LONG-TERM
(MEMORANDUM ONLY)
ENTERPRISE
AGENCY FIXED ASSETS DEBT
1983
1982
$ 240,317
$11,897
$ 436,016
$ 354,970
2,810,000
41,660,219
41,056,805
62,038
469,691
94,376
16,701
91,543,452
268,291
$95,504,866
$ 24,550
92,914
7,190
2,415,000
156,787
$ 2,696,441
89,557,497
245,575
3,005,353
505
228,312
202,280
164,942
418,068
481,441
43,720,062
48,127,926
101,092,569
87,402,151
2,764,428
2,016,841
1,036,165
1,203,865
1,336,767
1,459,228
102,035
217,576
30,092,916
121,636,368
115,136,366
581,207
647,606
1,031,517
1,031,517
788,775
2,001,747
2,001,747
2,225,007
1,771,736
1,771,736
1,981,218
$12,402
$30,092,916 $4,805,000
$218,280,547
$215,381,125
$
$ $
$ 913,778
$ 482,523
11,897
505,871
552,019
1,036,165
1,203,865
4,805,000
71,015,000
77,515,000
156,787
187,536
43,560,377
48,038,031
$11,897
$ $4,805,000
$117,187,978
$127,978,974
30,092,916
505
92,808,425 505 30,092,916
$95,504,866 $12,402 $30,092,916 $4,805,000
89,557,497 85,484,771
30,092,916 27,592,916
245,575
228,312
3,005,353
2,666,156
418,068
481,441
(22,226,840)
(29,051,445)
101,092,569
87,402,151
$218,280,547
$215,381,125
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Lip
OFFICIAL
NOTICE OF SALE
$11,000,000 General Obligation Improvement Bonds, Series 1984
City of Minnetonka,
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that the City Council of the City of
Minnetonka, Minnesota, will receive and open bids at the City Hall in the
_ City of Minnetonka on Monday, May 7, 1984, at 10:00 o'clock a.m., C.D.T.,
and consider bids at 6:30 p.mon the
$11,000,000 general obligation.
impro ementmebondse of r thee Citychone thof
e
following terms:
Purpose and Security
The purpose of the bonds is to provide funds for the financing of
various assessable public improvements in the City. The bonds will be
general obligations of the issuer, for which its full faith, credit and
taxing powers are pledged.
Dates and Maturities
The bonds will be issued in fully registered form, will be dated May
1, 1984, will be in integral multiples of $5,000 each and will mature on
May 1 in the following years and amounts:
Year Amount Year
Amount
1985 $ 250,000 1992 $ 775,000
1986 575,000 1993 775,000
1987 775,000 1994 775,000
1988 775,000 1995 775,000
1989 775,000 1996 775,000
1990 775,000 1997 775,000
1991 775,000 1998 775,000
1999 875,000
Redemption Feature
All bonds of this issue maturing after May 1, 1996 will be subject to
prior redemption at the option of the City in inverse order of bond
maturities on said date and any interest payment date thereafter at a
price of par plus accrued interest to date of redemption.
Interest
Interest on the bonds will be payable on May 1, 1985, and
rig
semiannually thereafter on eac l November and l from date issueuntil u
lpaid atna
on the same date must bear interest
single, uniform rate, not exceeding the rate specified for bonds of any
subsequent maturity. Each rate must be in an integral multiple of 5/100
fective
of 1%, and no rate of interest rate of interest permitted vbyai awraof the
on the day
issue may exceed the maximum
of sale.
Paying Agent
The City will name the Registrar which shall be subject
ri ci al applicable
SEC regulations. Principal will be payable able b the
che k or draft of the
the Registrar and intereof
st will be pay YCity will
Registrar mailed oregistered
chargeshforetheer fser icesond• ofTthe Registrar.paY
the reasonable andcustomary
CUSIP Numbers
The City will assume no obligation for the assignment or printing of
CUSIP numbers on the bonds or for the correctness of any numbers printed
thereon, but will permit such numbers to be assigned and printed at the
expense of the purchaser, if the purchaser waives any extension of the ..
time of delivery caused thereby.
Delivery
Within 40 days after sale, the City will furnish and deliver to the _
office of the purchaser or, at his option, will deposit with a bank in
the United States selected by him and approved by the City as its agent
to permit examination by and to deliver to the purchaser, the printed and
executed bonds, the unqualified opinion thereon of bond counsel, and a
certificate stating that no litigation in any manner questioning their
validity is then threatened or pending. The charge of the delivery agent
must be paid by the purchaser, but all other costs will be paid by the
City. The purchase price must be paid upon delivery of the bonds in
funds available for expenditure by the City on the day of payment.
Legal Opinion
An unqualified legal opinion on the bonds will be furnished by
LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association of
Minneapolis, Minnesota. The legal opinion will be printed on the bonds
the
at the request of the purchaser. The legal opinion will state that able _
bonds are valid and binding general obligations of the City,and payable
primarily from special assessments against benefited property,
the City is obligated
dthe and
samerequired
be omen due without for
limit the
as rto Irate al aor
i
interest t thereon as
amount.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and must
be received prior to the time of said meeting. Each bid must be
unconditional and must be accompanied by a cashier's or certified check
or bank draft in the amount of $220,000, payable to the City Clerk, to be
retained by the City as liquidated damages if the bid is accepted and the
bidder fails to comply therewith. The bid authorizing the lowest net
interest cost (total interest from date of bonds to stated maturities,
L less any cash premium or plus any amount less than $11,000,000 bid for
principal) will be deemed the most favorable. No oral bid and no bid of
less than $10,900,000 for principal plus accrued interest on all of the
bonds will be considered, and the City reserves the right to reject any
and all bids and to waive any informality in any bid.
BY ORDER OF THE CITY COUNCIL
/s/ Dale Eggenberger
City Clerk
Dated: March 19, 1984.
-
Call Feature - All Bonds of this issue maturing after May 1, 1996 will be
subject to prior redemption at the option of the City in
inverse order of maturity and by lot within a maturity on
said date and any interest payment date thereafter at a
price of par plus accrued interest to date of redemption.
WORKSHEET
$11,000,000
CITY OF
MINNETONKA, MINNESOTA
GENERAL
OBLIGATION IMPROVEMENT BONDS
SERIES 1984
Dated
- May 1, 1984
Due -
May I
.. First
Interest Date -
May 1, 1985
Year
Amount
Run
Bond Years
Cumulative
Bond Years
�- 1985
$250,000
1986
575,000
2
250
250
1987
775,000
1150
1400
1988
775,000
4
2325
3725
1989
775,000
5
3100
6825
1990
775,000
6
3875
10700
1991
775,000
46507
15350
1992
775,000
g
5425
20775
1993
775,000
9
6200
26975
1994
775,000
10
6975
33950
1995
775,000
11
7750
41700
1996
775,000
12
8525
50225
•• 1997
775,000
13
9300
59525
1998
775,000
14
10075
69600
1999
875,000
15
10850
80450
13125
93575
•- Average
Maturity - 8.507
Years
Call Feature - All Bonds of this issue maturing after May 1, 1996 will be
subject to prior redemption at the option of the City in
inverse order of maturity and by lot within a maturity on
said date and any interest payment date thereafter at a
price of par plus accrued interest to date of redemption.
BID FORM
MEMBERS OF THE CITY COUNCIL
CITY OF MINNETONKA, MINNESOTA May 7, 1984
We offer to purchase the $11,000,000 General Obligation Improvement
Bonds of 1984, of the City of Minnetonka, Minnesota to be dated April 1,
1984 and offered for sale on the above date, on the terms and conditions
stated in the Official Notice of Sale and the Official Statement
therefor, for a price of
$10,900,000), and accrued interest to date of delivery. ( not less
The bonds ofttae
various maturities to bear interest at the following annual rate:
_ %
for
bonds
due
May
1,
19
through
May
1,
19
for
for
bonds
bonds
due
May
1,
19
through
May
1,
19
for
bonds
due
due
May
May
1,
1,
19
19
through
May
1,
19
for
bonds
due
May
1,
19
through
through
May
May
1,
1,
19
19_
for
bonds
due
May
1,
19through
May
1,
19
for
bonds
due
May
1,
19
through
May
1,
19
for
bonds
due
May
1,
19
through
May
13
19
for
bonds
due
May
13
19_
through
May
1,
19
for
bonds
due
May
1,
19`
through
May
1,
19
Our computation of the
maturity represented by the
total amount of
interest
interest
from date of issue to
net interest cost of this
rates specified
bid, while
above, and of the
forth below.
not
a part
of
this
bid, are set
This bid is made for prompt acceptance and subject to the conditions
of the Official Notice of Sale. We enclose, herewith, our cashier's or
certified check or bank draft, in the amount of $220,000, which is to be
held by the City pending compliance with the conditions of this bid.
Respectfully submitted,
Syndicate Manager
By
Interest Computation
We compute the total amount of interest from date of issue to
maturity, represented by the interest rates specified in the bid, to
be for a Net Rate of
The foregoing bid is hereby accepted by and on behalf of the City of
Minnetonka, Minnesota this 7th day of May, 1984.
Mayor
Director of Finance/Clerk-Treasurer
BID FORM
MEMBERS OF THE CITY COUNCIL
CITY OF MINNETONKA, MINNESOTA
May 7, 1984
We offer to purchase the $11,000,000 General Obligation Improvement
Bonds of 1984, of the City of Minnetonka, Minnesota to be dated April 1,
1984 and offered for sale on the above date, on the terms and conditions
stated in the Official Notice of Sale and the Official Statement
therefor, for a price of
_ (not less than
$10,900,000), and accrued interest to date of delivery. The bonds of the
various maturities to bear interest at the following annual rate:
_ %
for
bonds
due
May
1,
19
through
May
1,
19
for
bonds
due
May
1,
19
through
May
1,
19
_ %
for
bonds
due
May
1,
19
through
May
1,
19
for
bonds
due
May
1,
19
through
May
1,
19
_ %
for
bonds
due
May
1,
19
through
May
1,
19
•- %
for
bonds
due
May
1,
19
through
May
1,
19
_ %
for
bonds
due
May
1,
19
through
May
1,
19
for
bonds
due
May
1,
19
through
May
1,
19
_ %
for
bonds
due
May
1,
19
through
May
1,
19
for
bonds
due
May
1,
19
through
May
1,
19
Our computation
maturity represented
of the
by
total amount
of
interest from
date of issue to
the
interest
rates
specified
above,
and of the
net interest cost of
forth below.
this
bid, while not
a part
of
this
bid, are set
This bid is made for prompt acceptance and subject to the conditions
of the Official Notice of Sale. We enclose, herewith, our cashier's or
certified check or bank draft, in the amount of $220,000, which is to be
held by the City pending compliance with the conditions of this bid.
Respectfully submitted,
Syndicate Manager
,..
By _
Interest Computation
We compute the total amount of interest from date of issue to
maturity, represented by the interest rates specified in the bid, to
be for a Net Rate of %.
The foregoing bid is hereby accepted by and on behalf of the City of
Minnetonka, Minnesota this 7th day of May, 1984.
Mayor
Director of Finance/Clerk-Treasurer
BID FORM
MEMBERS OF THE CITY COUNCIL
CITY OF MINNETONKA, MINNESOTA May 7, 1984
We offer to purchase the $11,000,000 General Obligation Improvement
•- Bonds of 1984, of the City of Minnetonka, Minnesota to be dated April 1,
1984 and offered for sale on the above date, on the terms and conditions
stated in the Official Notice of Sale and the Official Statement
therefor, for a price of
$10,900,000), and accrued interest to date of deliver (not less than
various maturities to bear interest at the following nnualh rate:bonof the
for bonds due May 1, 19 through May 1, 19
for bonds due May 1, 19_ through May 1, 19
for bonds due May 1, 19 through May 1, 19
for bonds due May 1, 19 through May 1, 19
for bonds due May 1, 19— through May 1, 19_
for bonds due May 1, 19 through May 1, 19
for bonds due May 1, 19 through May 1, 19�
for bonds due May 1, 19 through May 1, 19
for bonds due May 1, 19 through May 1, 19
for bonds due May 1, 19` through May 1, 19
Our computation of the total amount of interest from date of issue to
maturity represented by the interest rates specified above, and of the
net interest cost of this bid, while not a part of this bid, are set
forth below.
This bid is made for prompt acceptance and subject to the conditions
of the Official Notice of Sale. We enclose, herewith, our cashier's or
certified check or bank draft, in the amount of $220,000, which is to be
held by the City pending compliance with the conditions of this bid.
Respectfully submitted,
Syndicate Manager
By
Interest Computation
We compute the total amount of interest from date of issue to
maturity, represented by the interest rates specified in the bid, to
be for a Net Rate of
The foregoing bid is hereby accepted by and on behalf of the City of
Minnetonka, Minnesota this 7th day of May, 1984.
Mayor
Director of Finance/Clerk-Treasurer
41.
..
..
..
SPRINGSTED INCORPORATED PUBLIC FINANCE ADVISORS
SPRINGSTED INCORPORATED.
PROPOSAL TO SERVE AS FINANCIAL ADVISOR
TO THE
CITY OF SHAKOPEE, MINNESOTA
TABLE OF CONTENTS
Page(s)
A. Letter of Transmittal ..................................... 1-3
B. Prof i le of the Proposer
History.................................................
4
Experience ..............................................
4-5
Staff...................................................
5-6
Computer Capability ......................................
7-8
C. Summary of SPRINGSTED Incorporated Qualifications
Project Team ............................................ 9
Resumes ................................................ 10-13
Representative References ................................ 14-17
Shakopee Past Sales Information ............................ 18
D. Scope of Services Including Ratings ......................... 19-23
E. Compensation ............................................ 24
SPRINGSTED Incorporated Standard Contract .................. Exhibit I
SPRINGSTED Incorporated Bond Issues 1982 to Date ............. Exhibit II
Sample Official Statement - City of Willmar, Minnesota
Municipal Utility Revenue Bonds ............................ Exhibit III
- SPRINGSTED
INCORPORATED
PUBLIC FINANCE
ADVISORS
A. LETTER OF TRANSMITTAL
20 April 1984
Mr. Eldon Reinke, Mayor
Mr. Dean Colligan, Councilmember
Mrs. Dolores Lebens, Councilmember
Mr. John Leroux, Councilmember
Ms. Gloria Vierling, Councilmember
Mr. Jerry Wampach, Councilmember
Mr. John Anderson, Administrator
City of Shakopee, Minnesota
We are pleased to provide you the attached material in response to your
invitation to submit a proposal to serve the City of Shakopee as financial
advisor. We believe this material answers the specific questions you raised in
your request for proposals, and provides additional information about certain
matters which we feel are critical to your consideration of a financial advisor.
We believe there are six primary reasons why more units of government in
Minnesota select SPRINGSTED Incorporated than any other firm as their
financial advisor. These reasons include:
Quality and Stability of Staff
We believe our staff of 26 persons represents a depth of knowledge and
experience which is unparalleled in the Upper Midwest. The three staff
members proposed for assignment to your account collectively have 50
years of public finance experience and have 29 years of experience with
SPRINGSTED Incorporated. This stability provides a strong indication
that personnel assigned to your account will not become a "cast of
characters," and that the some staff is likely to be available after the
_ sale of any obligations should post sale consultation be necessary in
future years, or additional services be necessary. We invite your close
comparison of our staff's stability with that of our competitors.
2. Independence
Our sole activity is providing independent financial advisory services to
tax-exempt bond issuers. Our sole source of income is from fees paid by
our issuer clients. We do not, directly or indirectly, participate in
underwriting commissions or profits. Our sole responsibility is to you,
the issuer. In this way we are able to maintain complete objectivity in
our work assignments.
3. General Experience
During the period 1980-1983 SPRINGSTED Incorporated has been
800 Osborn Building, Saint Pau(, Minnesota 55102 (612) 222-4241
250 North Sunnyslope Road, Brookfield, Wisconsin 53005 (414) 782-8222
Letter of Transmittal
20 April 1984
Page 2
involved as advisor in the sale of 725 issues totaling more than $2.5
billion. That activity has provided us with a depth of experience
unparalleled in this area, and is an indicator that there are few public
finance problems or needs we have not encountered.
Tax Increment Experience
Since 1981 there have been a total of 84 tax increment bond issues sold
by Minnesota's units of government. SPRINGSTED Incorporated has been
the financial advisor on 41 of these issues, or 49% of all such issues
marketed.
Not included in these totals is the City of Shakopee's $5,300,000 Special
Obligation Tax Increment Issue, sold in 1979.
Shakopee Experience
Since 1972 SPRINGSTED Incorporated has been privileged to serve as
advisor to the Citof Shakopee in the issuance of 18 separate bond
programs totaling 16,895,000. A listing of those issues, with pertinent
sales data is included in this proposal.
This 12 years of experience has provided us a significant knowledge of
the community. Perhaps more importantly, it has provided the City an
extended exposure to our professional competence and level of service.
During those 12 years and 18 issues, the City has never had a major
problem with its financing. Sale results have been within estimates,
funds have been received on time and to our knowledge each issue has
been self -supported with revenues forecast at the time of sale. That
represents a significant track record of effectiveness.
4. Effectiveness With Rating Agencies
We have shared with Shakopee officials for several years their concern
for a higher bond rating. It is easy for someone on the outside to
promise improved ratings. However, a look at the record of recent years
of Minnesota rating downgradings and upgradings might serve to keep
promises of others within reasonable bounds.
During 1982-83 there were a total of 656 known issues sold in Minnesota.
SPRINGSTED Incorporated served as financial advisor on 288 of those
issues, or 44%. It would seern reasonable then, that 44% of all rating
changes might involve SPRINGSTED Incorporated clients. However,
actual experience is dramatically different. During this time there were
35 separate rating downgradings. Of those only 2, or 5% were
SPRINGSTED Incorporated clients. During the saane period there were 7
upgradings, 4 or 57% of which were SPRINGSTED Incorporated clients.
No one can guarantee rating results. However, due to our frequency of
contacts with the rating agencies we understand their requirements, and
we have gained and retained their respect for our credibility.
Letter of Transmittal
20 April 1984
Page 3
5. Innovation
Over the past several decades SPRINGSTED Incorporated has been in the
forefront of change in the tax-exempt bond industry. We were the first
in Minnesota to propose dramatic changes which have now become
standard in the industry. These include unlimited early redemption, par
calls, limits in interest rate spreads, negotiated small general obligation
issues to reduce cost, marketing of tax and grant anticipation obliga-
tions, advance refunding of debt, and settlement in wire transferred
federal funds.
Shakopee has been the beneficiary of our innovation. It was
SPRINGSTED Incorporated's idea to include the new water tower in the
K -Mart tax increment project, which provided a relatively painless
financing source for that facility. That was the first such project in the
State to be financed in that manner. That bond issue also included what
we believe to be the State's first tax assessment agreement, required by
Shakopee even before such agreements were authorized under Minnesota
law.
6. Competitive Fee Schedule
Our current fee schedule is included in the proposed contract found
elsewhere in this proposal. That fee schedule is not always the lowest
available but it is competitive and is set at a level which we believe is
necessary to permit us to keep our highly skilled and experienced staff,
and to maintain an awareness of those changing legal and market
conditions which confront our clients. We prefer to have our record of
performance, depth of service and consistency serve as the major
incentive to prospective clients retaining our services, rather than to be
known as the least expensive advisor.
We look forward to discussing this proposal in detail with you at your April 24th
meeting. We have enjoyed our Shakopee experience and we feel it has been
mutually rewarding. We want to continue that relationship through the next
several years of difficult financing responsibilities for the City. We believe the
City's best interests will be served by our retention.
Respectfully submitted,
Robert D. Putscher
President
/gf
B. PROFILE OF THE PROPOSER
History
SPRINGSTED Incorporated traces its beginning over more than half a century,
_ which makes it one of the oldest continuing financial advisory firms in the
nation. During that time it has had several corporate designations and has been
directed since 1955 by Osmon R. Springsted. SPRINGSTED Incorporated is a
private corporation and has no ownership or contractual affiliations with any
other firm, business or persons and has no indebtedness other than current
billings. Our sole source of income is from fees received for services rendered.
SPRINGSTED Incorporated does not share fees, nor accept payment except
directly from its clients.
SPRINGSTED Incorporated is solely engaged in the activity of providing
financial advisory services to issuers of tax-exempt obligations. SPRINGSTED
Incorporated does not, directly or indirectly, participate in underwriting profits
or commissions of offerings of its clients and has no affiliation with, or
commitment to, any organization which may purchase obligations of its clients
or may otherwise be involved in an offering.
Experience
SPRINGSTED Incorporated is one of the largest public finance advisory firms in
the nation. In addition to the planning and implementation of capital financing,
SPRINGSTED Incorporated's staff is called on frequently for management
services such as: economic feasibility studies of redevelopment projects, tax
increment financing, long range capital improvement financing plans, idle cash
investments, utility rate studies, alternative cost ,recovery methods, and
consolidation and coordination of services. While a major share of our work
experience has been gained in work with local units of government located in
the Upper Midwest, our qualifications and expertise are being increasingly
recognized by major issuers including:
-4-
City of Billings, Montana
City of Saint Paul, Minnesota
City of Wausau, Wisconsin
Consortium of Universities, Washington, D.C.
Georgetown University
The George Washington University
Louisiana Association of Independent Colleges and Universities
Minnesota Higher Education Coordinating Board
Minnesota Higher Education Facilities Authority
Washington State Student Loan Guaranty Association
Staff
SPRINGSTED Incorporated has a current staff of 26 - 16 of whom are finance
professionals having an average tenure of ten years with 5rrcuvc 5 i Cu
Incorporated. The five Senior Officers of the firm collectively have over 130
years experience in municipal finance and all have been with SPRINGSTED
Incorporated for more than 13 years. Our staff and their areas of responsibility
are listed on the following page.
-5-
SPRINGSTED Incorporated Staff
Osman R. Springsted
Robert D. Pulscher
Chairman & Chief Executive Officer
Project Management
President
Ronald W. Langness Senior Vice President
Gerard B. Shannon Vice President
Richard L. Treptow Vice President
J. Luther Anderson Assistant Vice President, Computer & Statistical Services
Jason C. Willett Financial & Systems Analyst
Kingsley D. Forness
David L. Goblirsch
Dr. David B. Laird, Jr.
Luther Fjelstad
Diane M. Allan
Carolyn J. Ganz
Corliss J. Weeks
Allen E. Hoppe
Nancy L. Langness
Cristine E. Pasch
Elizabeth G. Aby
Patricia A. Walters
Verle E. Polglase
Kim U. Poirier
Gloria A. Fudenberg
Rhonda T. Mott
Dena L. Rabe
Patricia L. Heroff
Teresa L. Lowen
Project Development
Research and Analysis
Legal Liaison Services
Support Services
M
Senior Vice President
Senior Vice President
Vice President
Vice President
Administrative Assistant
Assistant Vice President
Assistant Vice President
Analyst
Assistant Vice President
Assistant
Vice President & Treasurer
Office Manager
Librarian
Supervisor Word Processing
Word Processor
Word Processor
Word Processor
Receptionist
General Office Assistant
Computer Capability
SPRINGSTED Incorporated's computer capability permits us to accommodate an
ever increasing work responsibility and represents an important supplement to
our 26 -member staff.
We apply state-of-the-art computer technology which enables us to provide our
clients rapid, optional in-depth studies of, and solutions to, complex problems.
Six computer terminals in our office provide access to the speed and power of
large-scale computers of two major time sharing services, with results instanta-
neously transmitted for printout on SPRINGSTED Incorporated terminals. Time
sharing hardware includes two DEC 11 /70 computers and a CDC Cyber 835.
SPRINGSTED Incorporated has supplemented its mainframe processing
capabilities with seven microcomputers, and is evaluating the feasibility of
purchase of additional units.
_ SPRINGSTED Incorporated has developed its own computer programs for
advance refundings which enables us to rapidly adjust to changes in federal and
state regulations. This in-house programming capability also permits us to fine
tune a refunding to the specific issue in a much more efficient manner than can
a program which is marketed nationally and therefore is designed to cover the
broadest spectrum of issues.
Two full-time computer professionals are on staff and are responsible for
developing that software programing considered necessary for a continued
expansion of our service. We have a data base implemented which permits
SPRINGSTED Incorporated to enter and recall all debt service payments for
major issuers, on a levy year, revenue year, fiscal year or payment year basis.
_ Other programs developed in recent years include:
Even Debt Service Structuring Grant Anticipation Structuring
Average Annual Debt Service w/Current Debt Tax Increment Analysis
Average Annual Debt Service/Net of Income Advance Refunding Calculations
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Even Annual Principal Structuring Defeasance Programs
Revenue Cash Flow Modeling Tax Impact Analysis
Leasing Programs Special Assessment Models
Scale Coupon Rate Calculations True Interest Cost Calculations
Our in-house programming staff is also accustomed to developing cash flow and
other models for specific projects, permitting our analytical staff to develop as
many options, variations and sensitivity studies as are required for complex
revenue -based financings. The large-scale computers accessible through our
time sharing arrangements permit the scope of these analyses to be as broad as
is required by the complexity of the financing.
C. SUMMARY OF SPRINGSTED INCORPORATED'S QUALIFICATIONS
Project Team
Although many members of the SPRINGSTED Incorporated staff will be
involved with your projects to varying degrees, a Project Team will be assigned
which will collectively be responsible for all phases of SPRINGSTED
Incorporated involvement with your project and will be the staff members
working directly with you throughout the project.
The City of Shakopee Project Team will consist of the three individuals whose
resumes follow hereafter. The percentage of time each member of the Project
Team will devote to your projects will vary dependent on the work to be
accomplished at any given time and the timetable agreed on. We are proud of
our ability and reputation for getting the job done right and on time.
Mr. Robert Pulscher will serve as Project Manager and retain full responsibility
for the conduct of required work.
M
Education:
Experience:
RESUME
Robert D. Pulscher
University of South Dakota, Vermillion, South Dakota
Received B.A. degree in Government and Business
Administration, 1956
University of Kansas, Lawrence, Kansas
Received MPA degree in Public Administration, 1959
University of Chicago, Illinois
Completed Advanced Management Training Program
for Municipal Administrators, 1962
After discharge from active duty with the U.S. Army Adjutant General's Corps,
Mr. Pulscher enrolled in graduate school at the University of Kansas and
subsequently began employment as an intern in the City Manager's office at
Sioux City, Iowa. In 1959 he was appointed Administrative Assistant and placed
in charge of implementing the city's first Minimum Housing Code Inspection
program and for development of initial financing projections for the city's first
urban renewal program.
1960- 1967
Mr. Pulscher was appointed City Manager of Coon Rapids, Minnesota in early
1960. During his tenure the city's population grew from approximately 10,000
to 24,500. Major work efforts involved development of comprehensive zoning
and land use plans; construction and financing of multiple public improvements,
including utilities, public buildings and recreational facilities; organization and
implementation of the North Suburban Sanitary Sewer District; and the
provision of public services to an expanding community with budgets
consistently representing one of the lowest per capita spending totals in the
State. Mr. Pulscher's innovative financing of public improvements drew wide
attention and were copied by many suburban communities in the metropolitan
area during this time frame.
1967 - 1970
Assuming the position of City Manager of .Muskegon, Michigan provided Mr.
Pulscher an opportunity to deal with extensive redevelopment problems. During
his tenure the city completed the State's largest residential urban renewal
housing project, completed HUD's first scattered site public housing program in
Michigan and started a $24 million Central Business District redevelopment
project involving major clearance, relocation and new construction. That
project was completed successfully in 1974. From 1970 through 1973 Mr.
Pulscher served as special consultant for financial matters on this and other
development projects for the City of Muskegon.
S1m
1970 - Present
Mr. Pulscher joined SPRINGSTED Incorporated as Executive Vice President in
1970 and began working with local units of government in the Upper Midwest in
areas of management and financial related problems. In 1974 he began to
concentrate on financial advisory service primarily to cities, counties and
special districts. In that capacity he was the primary advisor on the first
sanitary district financing done outside the metropolitan area; on several of the
State's early general obligation tax increment bond issues; on the State's first
two tax increment revenue bond programs involving industrial uses; and has
been instrumental in the development of numerous innovative financings of
recreational facilities, housing projects, hospitals, transit facilities and public
utilities.
In 1979 Mr. Pulscher became President of SPRINGSTED Incorporated and has
the responsibility of supervising all municipal consulting activities of the firm.
He continues to work as the primary Project Manager for many of the firm's
major municipal accounts.
Shakopee Experience
Mr. Pulscher has served as Project Manager on all Shakopee bond issues since
1972. He has been SPRINGSTED Incorporated's direct representative to the
City on 16 separate issues totaling $16,545,000.
Affiliations:
Municipal Finance Officers Association of the United States and Canada
Minnesota Municipal Finance Officers Association
International City Management Association
Citizens League, Twin Cities
Minnesota Association of School Business Officials
RESUME
Richard L. Treptow
Education: Drake University, Des Moines, Iowa
Received B.S. degree in Accounting, 1968
Course in Governmental Fund Accounting, 1969
Municipal Finance Officers Association
Intermediate Governmental Fund Accounting, 1977
Experience:
As an Accounting and Finance Officer in the U.S. Air Force, Mr. Treptow was
in charge of all base level fund accounting systems for Grand Forks Air Force
Base. Responsibilities included the setting of policy for and the administration
of the seven departments reporting to his office.
From 1972 to 1976 Mr. Treptow held four different positions of increasing
responsibility with a large Fortune 500 company. His areas of responsibility
included financial analysis, annual and five-year planning for both capital and
operating budgets, business analysis for product decisions and financial
reporting to government, management and investors. Mr. Treptow developed
creative financial tools still in use for the computer assisted measurement of
inventory cost and runout positions, product discontinuance decisions and price -
volume analysis.
Mr. Treptow joined SPRINGSTED Incorporated as Assistant Vice President in
1976. Although he has been involved in nearly every type of tax-exempt
financing, he has specialized in the more complex, highly technical debt issues
of advance refundings, utility mortgage revenue bonds, special assessment and
tax increment projects. His involvement has included utility rate studies,
statistical and computer applications for data analysis. He also has a high level
of experience and expertise for data analysis. He also has a high level of
experience and expertise in cash flow and investment of municipal funds, and
has been requested to address the Minnesota Association of County Treasurers
on this topic on several occasions. In recent year, Mr. Treptow has specialized
in assisting school districts in cash flow management and in the issuance of Tax
and Aid Anticipation Certificates.
In 1980, Mr. Treptow was elected Vice President, Project Management of
SPRINGSTED Incorporated and serves as Project Team Manager for many of
the firm's major accounts.
Shakopee Experience
Mr. Treptow has served as Assistant Project Manager on eight Shakopee issues
since 1977, including the City's $5,300,000 Tax Increment Revenue Bonds of
1979.
Affiliations:
Minnesota Municipal Finance Officers Association
Wisconsin Municipal Finance Officers Association
Minnesota Economics Club
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RESUME
Carolyn J. Ganz
Education: University of Minnesota,
Received B.A. degree
Sequence
Experience:
Minneapolis, Minnesota
n Journalism, News/Editorial
Ms. Ganz joined SPRINGSTED Incorporated as an Analyst in 1976 and was
elected an Assistant Vice President in 1980. Her studies at the University of
Minnesota concentrated on local government and American social policy. Prior
to becoming a part of the SPRINGSTED Incorporated staff she did research in
the area of banking and insurance for a published guide to public records, and as
a member of the staff of a metropolitan area newspaper published a series of
articles on land use.
Ms. Ganz's area of expertise at SPRINGSTED Incorporated is the compilation
and analysis of statistical, economic, financial and demographic data necessary
for the sale of a bond or note issue. She is also responsible for writing the
official statment for the issue. In her role as Analyst, she is involved in the
presentation of both the issue and the issuer to the New York credit agencies
and to bond underwriters across the country. She is a member of our internal
Rating Committee, which was organized to review client ratings and to monitor
policy changes of the rating agencies.
Her special areas of study have included extensive course work in governmental
accounting and the analysis of financial statements; pre-election assistance for
school districts, including the preparation and presentation of voter information
and discussion of tax impact at public meetings; health care facilities issues;
and, student loan programs.
Ms. Ganz is a member of the Minnesota Municipal Officers Association and was
a "Project Business" consultant for Junior Achievement, a program bringing
business people into junior and senior high school classrooms on a weekly basis.
She will complete work in June, 1984 on a masters degree in public
administration at the College of St. Thomas in Saint Paul, Minnesota.
Ms. Ganz has been the primary analyst on eight issues in Shakopee since 1977
and is intimately familiar with the City's finances, its economy and bond rating
history.
-13-
Representative Client References for Robert D. Pulscher
City of Alexandria, Minnesota
Population 7,608. Central city, S-1 client since 1960. Responsibility
of Robert Pulscher since 1970. Fifteen bond issues sold since 1970
including two electric revenue and one tax increment issue.
References
Paul Nelson, Mayor
Arlan Johnson, Administrator
(612/763-6678)
City of Anoka, Minnesota
Population 15,634. S-1 client since 1981. Older suburban city with
downtown retail area. Six bond issues since 1981 including
improvements, golf course, and advance refunding issues.
References
Jerry Dulgar, City Manager
H. James Otto, Finance Director
(612/421-6630)
City of Billings, Montana
Montana's largest city. Population 65,000. Client since 1982. Three
bond issues since 1982 including $9,500,000 Public Utility Revenue
Bonds and $6,000,000 Tax Increment Revenue Bonds.
References
Alan Thelen, City Administrator
Thomas McKerlick, Community Development Director
(406/657-8201)
City of Brooklyn Center, Minnesota
Population 31,230. First tier suburb, primarily fully developed.
Client since 1972. Five bond issues including one tax increment issue
for housing purposes.
References
Gerald Splinter, City Manager
Paul Holmlund, Finance Director
(612/561-5440)
-14-
City of Champlin, Minnesota
Population 9,006. Suburban community with downtown retail area
with large amounts of undeveloped property. Client since 1971.
Twenty-three issues sold including general obligation, utility revenue
and recreation facility revenue bonds.
References
Dale Winch, Mayor
Daniel Hartman, City Administrator
(612/421-8064)
City of Coon Rapids, Minnesota
Population 35,826. Client since 1962. Rapidly growing suburb with
large amounts of undeveloped property. Twenty-three bond issues
sold since 1970, including two tax increment issues for industrial and
housing purposes.
References
Robert Lewis, Mayor
Robert Thistle, City Manager
(612) 755-2880
City of Inver Grove Heights, Minnesota
Population 17,171. Second tier suburb with large amounts of
undeveloped property. Client since 1974. Since that time seventeen
issues have been placed including $2,900,000 Tax Increment Revenue
Bonds for the Cenex project.
References
William Soed, Mayor
Robert Schaefer, City Administrator
(612/457-2111)
City of Lakeville, Minnesota
Population 14,790. Second tier suburb with central retail area with
large amounts of undeveloped property. Client since 1958. Since
1970 S-1 has served as advisor on thirty-four issues, including two tax
increment issues.
References
Duane Zoun, Mayor
Patrick McGarvey, City Administrator
(612/469-4431)
-15-
City of Maple Grove, Minnesota
Population 20,525. Metropolitan area's most rapidly growing suburb.
Client since 1971. Since then S-1 has been advisor to the City on
forty-two issues including two tax increment issues.
References
James Deane, Mayor
Douglas Reeder, City Administrator
(612/420-4000)
City of Marshall, Minnesota
Population 11,161. Outstate central city with rapidly growing agri-
business economy. S-1 client since 1960. Twenty-four bond issues
have been sold since 1970 including four tax increment issues.
References
Robert Schlagel, Mayor
James Heller, City Administrator
(507/537-6763)
City of Minnetonka, Minnesota
Population 38,683. Regular financial advisor is Miller -Schroeder. S-1
retained as special consultant on tax increment projects including
$7,750,000 Carlson Center tax increment revenue issue and
$3,000,000 Cliff Housing Project tax increment revenue issue.
References
James Miller, City Manager
.- Barry Johnson, HRA Director
(612/933-2511)
City of Moorhead, Minnesota
Population 29,998. Outstate central city with large central business
district redevelopment project. S-1 client since 1958. Forty-two
bond issues have been sold since 1970, including six tax increment and
two electric revenue issues.
References
Morris Lanning, Mayor
Everett Lecy, Administrative Director
(218/299-5301)
M
City of White Bear Lake, Minnesota
Population 25,380. First tier suburb with large central business
district now undergoing redevelopment. S-1 client since 1962.
Sixteen bond issues sold since 1970 including one tax increment issue.
References
Brad Stanius, Mayor
David MacGillivray, Finance Director
(612/429-8526)
City of Willmar, Minnesota
Population 15,895. Outstate central city with sound and diversified
T economic base. Recently completed total downtown redevelopment
project. S-1 client since 1971. Thirty-two bond issues sold since
then, including hospital and electric utility revenue bonds and four
tax increment issues.
References
F. J. Reynolds, Mayor
Richard Hoglund, City Clerk
C. Ted Nelson, Public Utilities Manager
(612/235-4913)
Shakopee Area References
Scott County
Anthony Worm, Chairman
Joseph Ries, Administrator
Thomas Hennen, Auditor
City of Burnsville
Connie Morrison, Mayor
James Spore, City Manager
City of Savage
Rod Hopp, Mayor
Mark McNeill, Administrator
-17-
Sale
Date
CITY OF SHAKOPEE, MINNESOTA
PAST SALES INFORMATION
FINANCIAL ADVISOR: SPRINGSTED INCORPORATED
Issue
(1) (2)
Net Interest General Obligation
Cost Bond Buyer's Index
8/29/72
$ 605,000
G.O. Improvement
4.87
5.32
4/17/73
495,000
G.O. Improvement
4.60
5.07
6/12/73
295,000
G.O. Improvement, Series B
4.80
5.13
8/27/74
600,000
G.O. Improvement
6.51
6.73
2/25/74
600,000
G.O. Temporary Improvement
4.68
6.40
7/29/75
850,000
G.O. Public Service Building
6.15
7.22
7/29/75
175,000
G.O. Improvement
5.88
7.22
8/24/76
845,000
G.O. Improvement, Series A
5.20
6.60
1/18/77
135,000
G.O. Improvement, Series A
4.51
5.89
8/09/77
1,200,000
G.O. Improvement, Series B
4.58
5.63
11/09/77
995,000
G.O. Improvement, Series C
4,71
5.55
1/16/79
240,000
G.O. Improvement, Series A
5.65
6.50
11/20/79
5,300,000
Special Obligation Tax Increment
8.28
N. A.
11/27/79
370,000
G.O. Tax Increment Bonds
6.64
7.38
5/20/80
2,900,000
G.O. Improvement, Series A
6.86
7.44
7/07/81
940,000
G.O. Improvement, Series A
9.83
10.85
12/01/81
165,000
G.O. Judgement
8.89
11.98
7/20/82
185,000
G.O. Improvement Bonds
10.48
12.36
111
(1) Represents net interest rate received on issue.
(2) Represents General Obligation 20 -Bond long-term
of Shakopee issues.
Bond Buyer's Index of the week of sale
D. SCOPE OF SERVICES
SPRINGSTED Incorporated prides itself upon its innovativeness and ability for
problem solving. We never assume that a project may be cast in the mold of
previous experience. We believe this is why we have been chosen so often as
the advisor for difficult and unusual projects requiring ingenuity and patience,
especially with respect to tax supported offerings, an area in which we believe
we are preeminent.
Although the ultimate goal of an advisor is the successful marketing of the
obligations of a client, we believe that paramount to that goal is the sound
structuring of the project to best serve the client not only to satisfy the
immediate marketing problem, but more importantly, for the life of the
obligation. It is easy to gain a better interest rate and marketing advantage by
"giving away the store" but this probably does not serve the clients' real best
interest. Therefore, our service emphasizes feasibility review and issue -
structuring which takes into careful consideration debt supporting ability and
_. equities of debt service production.
In short, we do not approach a project as "bond peddlers," but as full-service
advisors.
Throughout a project we maintain a program of review and re -review, analysis
and re -analysis. Prior to the client's decision to bring an issue to market,
SPRINGSTED Incorporated presents written recommendations containing our
appraisal of feasibility, cash flow projections, estimated debt service require-
ments and rateability as well as callability, term and other provisions of the
obligations. In all instances it is our practice to state our reasoning in order
that the client may be fully informed of why we have made a recommendation
and may judge the soundness and logic of our premises.
Our overriding policy at all times is to "get the job done right."
We believe major services which would be required include those shown
hereafter.
SIM
I. Selection of Proper Authorization
SPRINGSTED Incorporated would review the authorization available to
the City of Shakopee and would examine that authorization process to
fully acquaint ourselves with the required process for issuance of bonds
for the project.
II. Design of an Appropriate Debt Service Program
A successful sale of bonds can be assured through careful planning,
design and analysis. SPRINGSTED Incorporated will prepare alternative
programs for review by the City Council and staff which will take into
consideration:
A. Revenues and/or tax base available for debt service.
B. The Issuer's resources, taking into account current and future
needs.
C. Marketability factors, including:
I. Current and forecasted market conditions.
2. Rating.
3. Discount requirements and rate limitations.
4. Length of maturities and redemption options.
5. Market acceptability of the purpose and amount.
6. Security covenants.
SPRINGSTED Incorporated personnel will attend whatever meetings are
necessary to assist the City in arriving at a decision on the final program
to be marketed.
III. Preparation of Offering Statement
SPRINGSTED Incorporated personnel, in cooperation with City staff will
develop all data required to obtain a rating and will assume responsibility
for preparation of the initial draft of the offering statement, will
arrange for printing of the statement and will distribute it to all
potential bond purchasers.
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Required information for the offering statement will include:
A. Nature and purpose of the project.
B. History of the City's population growth, total revenues, taxable
values, budgets, land use and tax collections.
C. Forecast of future tax base, if possible.
D. Future financing plans.
E. Financial audit information.
IV. Ratings
SPRINGSTED Incorporated will assemble all data required for the credit
evaluation by the rating agencies. The rating of an issue is primarily
dependent upon the credit being rated. However, the manner in which
data is presented to a rating agency is critical and a fundamental
responsibility of a financial advisor. We believe our experience uniquely
qualifies SPRINGSTED Incorporated in this area of expertise. Our staff
constantly monitors ratings not only of the offering of our clients but of
other sales also. Within our staff we have a "Rating Committee" whose
task is to evaluate the probable rating of each issue for which we are the
advisor and to identify the areas of strengths and weaknesses of an issue
before preparation of a rating presentation. In the last four years eight
of our clients were awarded a rating above that previously assigned. In
addition more than 16 clients received ratings for the first time.
We are reluctant to "push" the rating agencies for a higher rating unless
we feel a rating upgrading is warranted. We have felt for several years
Shakopee's rating should be raised from "A" to "A I." Moody's Investors
Service repeatedly has rejected an increase, citing Shakopee's large
undeveloped land area, lack of a comprehensive land use plan and lack of
a formal capital improvement program budget.
We have had a Moody's analyst visit Shakopee to tour the community in
an effort to impress upon them the quality of new development. We had
planned in 1982 and 1983 a personal rating presentation in New York, but
the City issued only $185,000 of improvement bonds in 1982, and had no
bond issue in 1983, and we felt the expense of a trip, estimated at
$3,000-$4,000 was not justified.
-21-
We do not feel a rating request normally should be made until the City
has a specific issue to be marketed, since a better rating has no benefit
to the City except through lower interest rates on a new issue.
We would recommend a personal presentation to Moody's in advance of
your current financings. Circumstances have changed in Shakopee since
_ your last rating was obtained in 1981. These changed circumstances
include the following:
I. Lower debt ratios since 1981.
2. Additional sustained population and economic growth.
3. Adoption of a comprehensive land use plan with designated
municipal service boundaries.
4. Designation of Shakopee as the site for the race track, with a
projected growth in ancillary development.
SPRINGSTED Incorporated makes no additional charge for services
involved with rating presentations, but does request reimbursement for
travel expenses.
The key -stone of an advisor's ability to influence a rating agency must be
a reputation for accuracy and integrity. We strive to never cause the
_ raters concern as to the reliability of information we present. We would
welcome your verification of this with either, or both, Moody's Investors
Service, Inc. and Standard & Poor's Corporation.
V. Other Services
A. SPRINGSTED Incorporated shall arrange for all required publica-
tions of the official notice of sale. We will also serve as liaison
with local counsel and bond counsel.
B. If the issue is sold by public, competitive bidding SPRINGSTED
Incorporated shall attend the opening of bids for the issue,
compute the accuracy of the bids and make a recommendation as
to the acceptability of the best offer. If the sale is by private
negotiation, SPRINGSTED Incorporated shall assist the client as
-22-
to the acceptability of the underwriting offer. The final decision
of acceptance or rejection of an offer either received by public
bidding or negotiation will be solely that of the client.
C. SPRINGSTED Incorporated shall arrange for the printing, signing,
security and settlement of the issue.
D. At the client's request, SPRINGSTED Incorporated shall make
suggestions for the initial investment of the proceeds of the issue.
E. SPRINGSTED Incorporated shall compile a Bond Record contain-
ing information pertinent to the issue, to which the client may
need to make reference during the life of the issue. The Record
will include a schedule of debt service payments.
VI. Additional Services
SPRINGSTED Incorporated for negotiated fees can provide additional
services unrelated to a specific bond issue. Those additional services
have included:
A. Economic analyses of requests for tax-exempt development
subsidies.
B. Tax and revenue projections for revenue supported programs.
C. Utility rate analyses.
D. Special assessment policies.
E. Special counsel on bond defeasance programs.
-23-
E. COMPENSATION
Our fee schedule for various type issues is contained in our standard contract, a
copy of which is included in this proposal as Exhibit I.
For purposes of summarizing the schedule we have provided the following
specific fees for certain illustrative issues.
Issue Fee
$1,000,000 General Obligation Improvement
$ 9,100
$2,000,000 General Obligation Improvement
$12,100
$2,000,000 General Obligation Tax Increment
$18,150
$4,000,000 General Obligation Tax Increment
$25,350
Advance Refundings - General Obligation or Revenue
Fee to be
Negotiated
These illustrative fees represent total compensation for standard services and
include payment for the following items:
I. All SPRINGSTED Incorporated staff time.
2. Overhead expenses, including travel costs within the metropolitan
area.
3. Preparation of the Official Statement.
4. Delivery and settlement costs for Twin City settlements.
In addition, SPRINGSTED Incorporated would request reimbursement for actual
out-of-pocket expenses incurred, or payment required for the following items:
I. Printing and publication of Official Statement.
2. Printing of the obligations.
3. Registration expenses.
4. Rating fees and travel for rating presentations.
5. Bond counsel fees.
6. Legal publication costs.
-24-
SPRINGSTED
INCORPORATED
PUBLIC FINANCE
ADVISORS
EXHIBIT I
WHEREAS, the City of Shakopee, Minnesota, ("Client"), wishes to retain
SPRINGSTED Incorporated ("S-111) as its Financial Advisor, S-1 is pleased to
make this Proposal which shall constitute the "Contract" between Client and S-1
upon Client's (i) execution of an acceptance of the proposal, or (ii) upon S -I's
performance of a Service or Additional Service, each hereinafter described, at
Client's request, whichever event occurs first.
Section I. Services
For each debt offering (an "Issue") undertaken by Client during the term of the
Contract, as appropriate, S-1 shall:
A. Prepare: (i) a fiscal feasibility report; (ii) an estimate of principal
and interest requirements ("Debt Service"); (iii) an opinion of the
adequacy of Client's current or proposed cost -recovery policies to
provide Debt Service; (iv) alternative methods for the provision of
Debt Service; (v) an opinion of the fiscal impact upon Client's: (a)
constituents, (b) resources, (c) rating, and (d) future financing
capabilities; (vi) an opinion of marketability; (vii) a debt retire-
ment plan acceptable to Client which shall consider: (a) revenues
available for Debt Service, (b) correlation of Debt Service with
outstanding and projected indebtedness, (c) current and projected
fiscal policies, (d) adequacy of the anticipated cash flow to meet
Debt Service, (e) Client's resources, (f) marketability factors, and
(g) arbitrage regulations; (viii) Client's Official Statement which
S-1 will distribute to prospective bidders on behalf of Client;
B. Sample market interest and encourage offers;
C. Arrange publications of the Official Notice of Sale;
D. Submit a recommendation as to whether the Issue should be rated,
and, if Client elects to apply for a rating, prepare information for
presentation to the rating agency;
E. If the Issue is sold by public, competitive bidding, compute the
accuracy of the bids and submit a recommendation as to the
acceptability of the best offer, or, if the sale is by private
negotiation, assist Client with the negotiation and advise Client
as to the acceptability of the offer;
F. Arrange for the printing, signing, delivery and settlement of the
Issue;
800 Osborn Building, Saint Paul, Minnesota 55102 (612) 222-4241
250 North Sunnyslope Road, Brookfield, Wisconsin 53005 (414) 782-8222
G. At Client's request, make suggestions for the initial investment of
the proceeds of the Issue;
H. Compile a Bond Record containing information pertinent to the
Issue, including a Debt Service payment schedule, to which Client
will need to make reference during the life of the Issue; and,
I. Act as Client's liaison with legal counsel.
Each of the foregoing, A. through I., shall be referred to herein as a "Service,"
or, collectively, the "Services."
Section II. Fees for Services
A. When an Issue has been settled, or S-1 has performed all of the
appropriate Services for settlement, S-1 shall be compensated
pursuant to whichever of the following Fee Schedules of this
Section is appropriate, subject however to the provisions of
subsection B. 3 of this Section:
I. Fee Schedule I - For issues primarily supported by a
general tax levy or special assessments.
Amount of
- 2000
Issue
2001
- 2500
(000 Omitted)
Fee
$ to
100
$ 4,900
101 -
300
5,500
301 -
500
6,400
501 -
700
7,300
701 -
900
8,200
901 -
1100
9,100
1101 -
1300
10,000
1301 -
1500
10,900
Amount of
Issue
(000 Omitted)
Fee
$1501
- 2000
$12,100
2001
- 2500
13,300
2501
- 3000
14,500
3001
- 3500
15,700
3501
- 4000
16,900
4001
- 4500
17,900
4501
- 5000 -
upwards 18,900, plus $800 per $.5
million or any part there-
of in excess of $5.5
million
2. Fee Schedule 2 - For issues primarily supported by project
revenues or tax increments.
When the Debt Service of an Issue will be primarily
supported by revenues of the project to be financed from
the proceeds of the Issue, or from tax increments, S -I's fee
shall be 1.5 x the foregoing Fee Schedule I for an Issue of
like principal amount.
B. The following shall be a part of each of the foregoing Fee
Schedules:
I. Expenses
S-1 shall not be responsible for issuance expenses of: (i)
printing and distributing the Official Statement, (ii)
publication of notices, (iii) legal fees, (iv) printing the
-2-
obligations, (v) delivery and settlement, (vi) travel, except
S -I's travel between Client's and S -I's offices, (vii) rating
fees, (viii) other direct expenses specifically incurred for
the Issue, including S -I's in -office duplication costs for
copies in excess of 200, (ix) telephonic toll charges, and, (x)
delivery charges other than by regular mail. S-1 may bill
Client for expenses advanced by S -I as those expenses are
incurred; and payment shall be due upon Client's receipt of
such billings.
2. Fee Payment
a. When Due
S -I's fee shall be due upon Client's receipt of Issue
proceeds, except that in the event (i) no offer for the Issue
is received, or none is accepted, or (ii) an award is made of
the Issue but, by no fault of S -I, it becomes impossible to
make delivery within the time specified, in each instance
S-1 shall be deemed to have fully discharged its
responsibilities pursuant to the Contract and S -I's full fee
for the Issue shall be due. If thereafter a delivery of the
Issue is completed S -I shall be entitled to no additional fee
for performance of a Service necessary therefor, unless
such Service is an Additional Service pursuant to Section III
hereinafter.
b. Abandonment
In the event an Issue is abandoned, S-1 shall be
compensated forthwith for any Service performed by S -I to
the point of abandonment as if that Service was an
Additional Service hereinafter described. An Issue shall be
deemed to have been abandoned whenever no action has
been taken by Client relative to the Issue for a period of
one year from the date of S -I's initial performance of a
Service, or there has been an overt act of abandonment by
Client.
3. Effective Period of Fee Schedules
The Fee Schedules set forth in the Contract shall be
guaranteed by S-1 for 12 months following the date on
which S-1 submitted the Contract to Client (the "Date");
thereafter S-1 shall be compensated at the rates of the
appropriate S-1 Fee Schedules in effect at the time of S -I's
completion of a Service or an Additional Service, except, if
an Issue is both commenced within the initial 12 -month
period following the Date and is completed within 24
months of the Date the effective Fee Schedule shall be the
appropriate Fee Schedule initially set out in the Contract.
Section III. Additional Services
In the event Client requests and S-1 performs a service other than one of the
Services described in Section I herein, or if S-1 repeats any of the said Services,
which repetition is not the fault of S -I, such service shall be an "Additional
Service" for which S-1 shall be compensated pursuant to the following Fee
Schedule, subject however to the provisions of Section 11. B. 3 herein:
-3-
0
Section IV.
Fee Schedule 3
I. Hourly Rates
Senior Officer $125 Data Processing $50
Officer $ 85 Word Processing 525
2. Expenses
In addition to the foregoing hourly charges S-1 shall be
reimbursed for the expenses described in Section II. B. I
herein, plus travel expenses between Client's and S -I's
offices.
3. When Due
Fees for an Additional Service shall be due upon
completion of the Additional Service.
None of the fees herein stated shall be applicable to an advance refunding issue,
the fee for which shall be negotiated between Client and S -I.
Section V.
S-1 shall not participate directly or indirectly in the purchase or resale of any
Issue.
Section VI.
The Contract shall not prohibit Client and S-1 from entering into a separate
contract relative to a specific Issue or project.
Section VII.
S-1 agrees to abide by the requirements of Title VI of the Civil Rights Act of
1964.
Section VIII.
Reports, information, data, etc. given by Client to S -I, or prepared or
assembled by S-1 pursuant to the Contract shall be kept confidential by S-1,
except as its release is necessary to the performance of a Service or Additional
Service pursuant to the Contract.
Section IX.
All finished or unfinished documents, data, studies, surveys, drawings, maps,
models, photographs, reports and memorandums, prepared by S -I, except
T internal records of S -I, shall be Client's property.
Section X.
S -I shall perform its duties pursuant to the Contract as an independent
contractor and S-1 employees shall not be deemed to be Client's employees.
Claims that may or might arise under any workmen's compensation act on
behalf of S -I's employees while engaged in the performance of duties pursuant
-4-
to the Contract and any claims made by any third party as a consequence of any
act or omission on the part of S -I's employees or other persons while so engaged
by S-1 in the performance of duties pursuant to the Contract shall not be
Client's obligation or responsibility.
t Section XI.
S-1 shall disclose to Client any contract, agreement or understanding S-1 has as
of the date of submission of the Contract, or in the future may have, with any
entity or individual which in S -I's opinion may represent a conflict of interest in
the performance of S -I's performance of its duties for Client and if Client
determines that there is in fact a conflict, then S -I shall forthwith resign from
such conflicting contract, agreement or understanding, in which event the
Contract shall remain in full force and effect. In the event S -I does not so
resign, then Client shall have the option of terminating the Contract forthwith
by written notice to S -I and Client shall be liable to S -I for only those amounts
due S -I by the terms of the Contract to the date of such termination.
Section XII. Indemnification
The Client and S -I shall each indemnify and hold harmless the other from and
against any and all losses, claims, damages, expenses, including legal fees for
_ defense, or liabilities, collectively, "Damages," to which either may be subject-
ed by reason of the other's acts, errors or omissions, except however, neither
will indemnify the other from or against Damages by reason of changed events
and conditions beyond the control of either or errors of judgment reasonably
made.
Section XIII. Other Agreements
-5-
Section XIV. Contract Term
The Contract between Client and S-1 shall continue until such time as either
party terminates it by not less than 60 days written notice to the other party
except that the Contract shall continue in full force and effect with respect to
an Issue commenced during the time the Contract is in effect until completion
of such Issue. The Contract may be amended in whole or in part from time to
time by mutual consent of the parties.
Submitted this 20th day of April, 1984
SPRINGSTED Incorporated
C
Robert D. Pulscher
President
The foregoing proposal by SPRINGSTED Incorporated is accepted this
day of , 19 on behalf of the
City of Shakopee, Minnesota.
M.
M
EXHIBIT II
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The $3,830,000 Municipal Utility Refunding Revenue Bonds, Series 1984A and
$3,000,000 Municipal Utility Revenue Bonds, Series 19848 are not general
obligations of the City. The following is presented for informational purposes only.
A SUMMARY OF CITY PROPERTY VALUES, OUTSTANDING DEBT
AND DEBT COLLECTIONS
1983 Indicated Market Value of Taxable Property: $368,259,844
1983 Taxable Assessed Value: $69,608,233
Trend of Values
Ten of the Largest Taxpayers
Taxpayer
First Union Real Estate Investments
Medical Park of Willmar, Inc.
Minnesota Gas Company
First National Bank of Willmar
Jennie -0 -Foods, Inc.
Torgerson-Forstrom
Willow Run Partners
Burlington Northern, Inc.
First American Bank & Trust
Meadowbrook Apartments of Wi I Imar
Type of Business
Shopping Center
Medical Clinic
Utility
Bank
Turkey Processing
Holiday Inn Motel
Apartments
Railroad
Bank
Apartments
Tota I
* Represents 11.3% of the total assessed value.
-13-
1983 Taxable
Assessed Value
$1,823,000
1,122,972
870,969
828,367
804,900
625,450
502,436
480,998
421,200
410,720
$7,891,012*
Indicated
Taxable
Market Value
Assessed Value
- 1983
$368,259,844
$69,608,233
1982
354,100,913
68,479,455
1981
335,990,793
64,276,838
1980
313,178,098
56,839,512
1979
237,766,724
47,677,927
Ten of the Largest Taxpayers
Taxpayer
First Union Real Estate Investments
Medical Park of Willmar, Inc.
Minnesota Gas Company
First National Bank of Willmar
Jennie -0 -Foods, Inc.
Torgerson-Forstrom
Willow Run Partners
Burlington Northern, Inc.
First American Bank & Trust
Meadowbrook Apartments of Wi I Imar
Type of Business
Shopping Center
Medical Clinic
Utility
Bank
Turkey Processing
Holiday Inn Motel
Apartments
Railroad
Bank
Apartments
Tota I
* Represents 11.3% of the total assessed value.
-13-
1983 Taxable
Assessed Value
$1,823,000
1,122,972
870,969
828,367
804,900
625,450
502,436
480,998
421,200
410,720
$7,891,012*
Summary of Direct Debt as of 3-2-84*
Gross Debt
G.O. Bonds Supported by Taxes $ 1,375,000
G.O. Bonds Supported Primarily by
Special Assessments 9,370,000
G.O. Bonds Supported by Revenue 14,695,000
Revenue Bonded Debt 6,830,000
Less: Debt Net
Service Funds** Direct Debt
$ 51,404
4,964,716
1,852,337
774,007
$ 1,323,596
4,405,284
12,842,663
6,055,993
* Includes these Issues but excludes Refunded Bonds.
** Debt service funds are as of February 29, 1984 and include money to pay both
principal and interest.
Indirect Debt
Total $2,983,814
* Only $730,000 of County debt is being supported by taxes. The balance consists
of bonds for drainage or sewer and water improvements, which will be paid
from special assessments against benefited properties lying outside the City of
Willmar.
** The District has a total of $700,000 outstanding for vo-tech purposes, for which
it receives 84.4% in State aids for debt service. Therefore, only 15.6%
($109,200) of this debt has been shown here.
Debt Ratios
Net Direct
Net Direct G.O. Debt and
G.O. Debt* Indirect Debt*
To 1983 Indicated Market Value 1.56% 2.37%
Per Capita (16,987 - Current Estimate) $337 $513
* Excluding general obligation debt supported by revenue.
Tax Collections - Three Year Average: 97.7%
-14-
Debt Applicable to
Valuation in City
1983 Taxable
G.O. Debt
Taxing Unit
Assessed Value
As of 3-2-84
Percent Amount
Kandiyohi County
$254,989,082
$5,293,000*
27.3% $1,444,989
ISD 347 (Willmar)
122, 620, 984
2,709,200**
56.8% 1,538,825
Total $2,983,814
* Only $730,000 of County debt is being supported by taxes. The balance consists
of bonds for drainage or sewer and water improvements, which will be paid
from special assessments against benefited properties lying outside the City of
Willmar.
** The District has a total of $700,000 outstanding for vo-tech purposes, for which
it receives 84.4% in State aids for debt service. Therefore, only 15.6%
($109,200) of this debt has been shown here.
Debt Ratios
Net Direct
Net Direct G.O. Debt and
G.O. Debt* Indirect Debt*
To 1983 Indicated Market Value 1.56% 2.37%
Per Capita (16,987 - Current Estimate) $337 $513
* Excluding general obligation debt supported by revenue.
Tax Collections - Three Year Average: 97.7%
-14-
GENERAL INFORMATION CONCERNING THE CITY
The City of Willmar, the County Seat of Kandiyohi County, is in west central
Minnesota, approximately 100 miles west of the Minneapolis/Saint Paul metropoli-
tan area. Encompassing an area of 6,748 acres, the City had a 1980 federal Census
population of 15,895, a 23.5% increase over the 1970 Census of 12,869. The
current population is estimated to be 16,987.
January 1984
.+s
Employment
Retail Trade
2,453
2,340
Wholesale Trade
Approximate
Employer
Business/Product
Employment
Jennie -0 Foods
Turkey Processing
720
Independent School District 347
Education
600
Willmar State Hospital
Psychiatric Care
600
Rice Memorial Hospital
Medical Services
570
Burlington Northern, Inc.
Railroad Switching Yard
350
Willmar Medical Center
Medical Clinic
200
i Willmar Poultry Company
Turkey Hatchery
165
City of Willmar
Government
139
Northwestern Bell Telephone Co.
Communications
130
Willmar Manufacturing Co.
Fertilizer Application Equip.
118
Source: "City of Willmar, Minnesota, Community Profile."
Willmar Employment By Industry
The January, 1984, preliminary unemployment rate for Kandiyohi County was 8.8%
compared to a State average of 7.8% and a national average of 8.8%.
-15-
January 1984
January 1983
Retail Trade
2,453
2,340
Wholesale Trade
590
595
Services
1,875
1,841
Transportation and Utility
619
641
Government*
2,787
2,758
Manufacturing
1,249
1,209
-�- Construction
560
440
Finance
409
405
Agricultural Service
371
345
Total
10,913
10,574
Includes the Willmar State Hospital,
City government,
Rice Memorial Hospital
and the public schools.
Source: Minnesota Department of Economic Security.
The January, 1984, preliminary unemployment rate for Kandiyohi County was 8.8%
compared to a State average of 7.8% and a national average of 8.8%.
-15-
Building Permit Summary
Financial Institutions
Banks located within the City are:
Deposits
As of 12-31-83
Bank of Willmar and Trust Company $ 63,495,532
Citizens National Bank 20,654,707
First Bank Willmar 68,7692000
$152,919,239
The First Federal Savings and Loan Association also serves the community.
GOVERNMENTAL ORGANIZATION AND SERVICES
Organization
Willmar has been a municipal corporation since 1901 and is governed in accordance
with a Home Rule Charter which was adopted in 1968. The City has a Mayor -
Council form of government, in which the Mayor is elected to a two-year term of
office and the eight Council mernbers are elected, two from each of the City's four
wards, to overlapping four year terms. The following persons comprise the present
City Council:
F. J. Reynolds
Stephen N. Enockson
Richard Halterman
David Lien
Wilkie Norsten
Irma Peterson
Wayne Roelofs
Robert Tinklenberg
Clarence Welch
Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
S[.
Expiration of Term
January I, 1985
January I, 1987
January 1, 1985
January I, 1985
January 1, 1987
January I, 1987
January I, 1985
January I, 1987
January I, 1985
Total
Total
Housing Unit
Year
Permits
Valuation
Housing Units
Valuation Only
1983
250
$ 9,943,476
126
$4,644,400
1982
219
8,125,000
139
4,725,000
1981
282
18,346,300
161
6,699,539
1980
255
12,999,027
140
3,833,060
1979
183
19,504,687
117
4,066,336
1978
273
11,689,189
201
4,296,729
1977
322
9,724,026
330
5,228,000
Financial Institutions
Banks located within the City are:
Deposits
As of 12-31-83
Bank of Willmar and Trust Company $ 63,495,532
Citizens National Bank 20,654,707
First Bank Willmar 68,7692000
$152,919,239
The First Federal Savings and Loan Association also serves the community.
GOVERNMENTAL ORGANIZATION AND SERVICES
Organization
Willmar has been a municipal corporation since 1901 and is governed in accordance
with a Home Rule Charter which was adopted in 1968. The City has a Mayor -
Council form of government, in which the Mayor is elected to a two-year term of
office and the eight Council mernbers are elected, two from each of the City's four
wards, to overlapping four year terms. The following persons comprise the present
City Council:
F. J. Reynolds
Stephen N. Enockson
Richard Halterman
David Lien
Wilkie Norsten
Irma Peterson
Wayne Roelofs
Robert Tinklenberg
Clarence Welch
Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
S[.
Expiration of Term
January I, 1985
January I, 1987
January 1, 1985
January I, 1985
January 1, 1987
January I, 1987
January I, 1985
January I, 1987
January I, 1985
The City Clerk -Treasurer, Mr. Richard C. Hoglund, is responsible for all record-
keeping functions of the City and for directing the administration of Council
policy. The Clerk -Treasurer is appointed by the Council and serves at the Council's
discretion. Other key staff personnel are Mr. Lawrence Haats, the City Finance
Director; Mr. Verne E. Carlson, the City Engineer; and Mr. Richard Ronning, the
City Attorney. All three positions are Council -appointed.
The City has 709 permanent employees on its payroll, including 570 Rice Memorial
Hospital employees and 59 Municipal Utilities employees.
Employee Pensions
City employees are part of the Public Employees Retirement Association ("PERA")
which is administered by the State of Minnesota. The City therefore has no
responsibility for management of the pension plan. The City pays the employer's
share of PERA costs. Contribution rates are determined on a Statewide basis and
include provisions for prior service costs. The amount of unfunded liability
attributable to an individual governmental unit is not determinable. During 1982,
the City contributed $146,670 to PERA and $55,788 to Social Security.
-17-
L�.
(This page was intentionally left blank.)
APPENDIX I
LAW OFFICES
MATTHEW J. LEvITT RONALD E. ORCHARD BRIGGS A N D MORGAN JEFFREY F. SHAW
MATTHEW L LEVITI
GoLE OEHLER
JOHN TROYER
PROFESSIONAL ASSOCIATION
DAVID G. GREENING
Rom= M. BOWEN
STEPHEN WINNICE
DAVID R SAND
A. LADRENGE DAVIS
AvRoN L. GORDON
JOSEPH P NOACE
FRANE HAMMOND
JOHN R. HENErIcE
CHARLES R. HATNOR
LEONARD J. KEYES
JOHN R. FRIEDMAN
2200 FIRST NATIONAL BANK BUILDING
ANDREA M. BOND
ROBERr G. SHARE
JOHN M. SULUVAN
DAVID J. SPENCER
DANIEL J. COLE, JR.
MARTIN H. FisE
JoNN BITLTENA
BERNARD P. FRIEL
PETER W. SIPEINS
SAINT PAUL, MINNESOTA 55101
JAMES G. HAY
BURT E. SWANsoN
DOUGLAS L. SEoR
RICHARD H MARTIN
M. J. GALVIN. JR.
MICHAEL H. JEHONIMUS
TRUDY J. HALL
DAVID G. Fonmmzo
R. SCOTT DAvizs
MARY L. IPPEL
JOHN J. MCNEELY
J. PATRIcE MCDAvITT
TELEPHONE (012) 291-1215
RoaaaT E. WOODS
McNEIL V. SEYMOUR, JR.
JOHN B. VAN DE NORTH, JR.
ROBYN L. HANSEN
JERRY F.HOTMAN
RICHARD G. MARE
TELEGOPIER (612) 222-4071
WILLIAM J.
TERETcE N. DoYLE
ANDREW G. BECHEH
K. R.JOANIS
MeaosRar SAVAGE
RICHARD H. KYLE
JAMES E. NELSON
BRIAN G. BELISLE
JOHN L. DEvNEY
R. L. SORE soN
JEROME A.GEIS
STEVE A. BRAND
INCLUDING THE FORMER FIRM OF
TONY STEMBERGER
MARY SCRAFFNER Evrima
PETER H. SEED
SAMUEL L. BAN SON
JOEL H. GOTTESXLN
ALAN H. MAcLD:
LEVITT, PALMER, BOWEN, ROTMAN & SHARE
MICHAEL H. S77iBATEH
PROPOSED FORM
$3,830,000
MUNICIPAL UTILITY REFUNDING
REVENUE BONDS, SERIES 1984A
CITY OF WILLMAR
KANDIYOHI COUNTY
MINNESOTA
JOHN H. LINDSTROM
RICHARD D.ANDRasoN
SALLY A. SO000IP
DAVID G. MCDOMALD
BRUCE W. Moan
VIRGINIA A. DWTEB
ERIC NILSSON
ANDREW R.KINrcD+GER
FREDERIGY P. ANGST
ROBERT L. LEE
TRUDY R.GAsTEAzoao
ELIzABETH J. ANDREWS
GREOONY J. STENMOE
GHARI.Es B. ROGERS
TERaY L. SITE
MARY M. DTasETa
HEvrN A. SERO
OF COUNSEL
J. NEIL MORTON
RICHARD E. KYLE
JOHN M.PALMER
SAMUEL H. MORGAN
FRANE N. GRAHAM
WE IiEREBY CERTIFY that we have examined the law and
certified copies of the proceedings and other certificates of
public officials furnished to us in connection with the
issuance by the City of Willmar, Kandiyohi County, Minnesota of
its Municipal Utility Refunding Revenue Bonds, Series 1984A, in
the aggregate principal amount of $3,830,000 bearing a date of
original issue of May 1, 1984.
As to questions of fact material to our opinion we
have relied upon the certified proceedings and other certifica-
tions of public officials furnished to us without undertaking
to verify such facts by independent investigation.
We have not been engaged or undertaken to review the
accuracy, completeness or sufficiency of the Official Statement
or other offering material relating to the Bonds (except to the
extent, if any, stated in the Official Statement) and we
express no opinion relating thereto (excepting only the matters
set forth as our opinion in the Official Statement).
Based upon such examinations, and assuming the
authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to
us as certified or photostatic copies and the authenticity of
the originals of such documents, and the accuracy of the
statements of fact contained in such documents, and based upon
present Minnesota and federal laws, regulations, rulings and
decisions, it is our opinion that:
(1) the proceedings show lawful authority for the
issuance of the Bonds according to their terms under the
Constitution and laws of the State of Minnesota now in force;
(2) subject to the exercise of judicial discretion in
accordance with general principles of equity, to the
constitutional powers of the United States of America and to
bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting creditors' rights heretofore or
hereafter enacted, the Bonds are valid and binding special
obligations of the City of Willmar; and
(3) at the time of their issuance and delivery to the
original purchaser the Bonds are not arbitrage bonds and each
Bond is exempt from all taxation by the State of Minnesota and
its subdivision's and municipalities and bears interest not
includable in gross income of the owner of the Bond for the
purposes of United States income tax or the State of Minnesota
income tax (other than Minnesota corporate and bank excise
taxes measured by income).
Dated at St. Paul, Minnesota, this
Professional Association
SM
LAW OFFICES
MrrraEw J. LEVITT RONALD E. ORCHARD B I? I G G S A N D M O R G A' -N- JEFFREY F. SHAW JOHN H. LwDsraox
COLE OEBLER
JOHN TROYEB
MAITRE- L. LEVITT
RD
RICHARD D. ANDERSON
ROBERT M. Bow -EN
STEPHEN WINNIOs
PROFESSIONAL ASSOCIATION
DAVID G. GRKENwo
SALLY A. SOOOOrN
A.LAVREwcE DAVIS
AvaoN L. GORDON
DAvrC B.SAhD
DAVID G.McDoNALD
FRANK HAMMOND
JOHN R. KENEFICK
JOSEPH P. NOAOK
BRUCE W MOOTY
LEONARD J. KEYES
JOHN R. FRIEDMAN
GRARLES R. RAYNOR
VIRowIA A. DwYEa
ROBERT G. SRAHE
DAVID J. SPENCER
2200 FIRST NATIONAL BANS BUILDING
ANDREA M. BOND
ERIC NILSSON
JOHN M. SULLIVAN
DANIEL J. GOLF, JR.
MARTIN H. FISK
ANDREW R. Rn=rxOER
BERNARD P. FRIEL
PETER W. SIPKINs
SAINT MINNESOTA 56101
JOHN BULTENA
FREDERICK P. ANGST
BcaT E. SWANsON
DovoLAs L. SKoa
PAUL,
JAMES G. RAY
ROBERT L. LEE
M. J. GALVIN, JR.
MICHAEL B. JERONIM US
RICHARD H. MARTIN
TRUDY R. GASTEAzoao
DAVID G. FORSBERG
R. Soorr DAVIES
TaUDY J. HALL
ELIZABETH J. ANDREws
JOHN J. MCNEELY
J. PATRICK MCDAVirT
TELEPHONE (612) 291-1216
MARY L. IPPEL
GREoORY J. STENIIOE
MONEIL V. SEYMOUR, JR.
JOHN B. VAN DE NORTH. -JR.
ROBERT E. WOODS
GHABI.Es B. ROGERS
JERRY F. ROTMdN
RICHARD G. MAKE
ROBIN L. HANSEN
TERRY L. SLYE
TERENcE N. DOYLE
ANDREW G. BECHEa
TELECOPIER (612) 222-4071
WILU&M J. JOANIS
MARY M. DTRSETR
RICHARD R. KYLE
JAMES E. NELSON
MARGARET K. SAVAGE
KEvnr A.BERG
JOHN L, DEVNEY
JEROME A.GEIs
BRIAN G. BELISLE
R. L. SORENSON
STEVE A. BRAND
INCLUDING THE FORMER FIRM OF
ToxY STEMHEaoER
OF COUNSEL
PETER H.SEED
JOEL H.GOTTESMAN
MARY SCHAFFNER EVINGER
J. NEIL MORTON
SAMUEL L. HANSON
ALAN H. MAcLIN
LEVITT, PALMER, BOW EN, ROTMAN & SH ARE
MICHAEL H. STREATER
RICHARD E. KYLE
-JOHN
M.PALMER
SAMUEL H. MORGAN
FRANK N.GRARAM
PROPOSED FORM
$3,000,000
MUNICIPAL UTILITY REVENUE BONDS, SERIES 1984B
CITY OF WILLMAR
KANDIYOHI COUNTY
MINNESOTA
WE HEREBY CERTIFY that we have examined the law and
certified copies of the proceedings and other certificates of
public officials furnished to us in connection with the
issuance by the City of Willmar, Kandiyohi County, Minnesota of
its Municipal Utility Revenue Bonds, Series 1984B in the
aggregate principal amount of $3,000,000, bearing a date of
original issue of May 1, 1984.
As to questions of fact material to our opinion we
have relied upon the certified proceedings and other
certifications of public officials furnished to us without
undertaking to verify such facts by independent investigation.
We have not been engaged or undertaken to review the
accuracy, completeness or sufficiency of the Official Statement
or other offering material relating to the Bonds (except to the
extent, if any, stated in the Official Statement) and we
express no opinion relating thereto (excepting only the matters
set forth as our opinion in the Official Statement).
-20-
Based upon such examinations, and assuming the
authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to
us as certified or photostatic copies and the authenticity of
the originals of such documents, and the accuracy of the
statements of fact contained in such documents, and based upon
present Minnesota and federal laws, regulations, rulings and
decisions, it is our opinion that:
(1) the proceedings show lawful authority for the
issuance of the Bonds according to their terms under the
Constitution and laws of the State of Minnesota now in force;
(2) subject to the exercise of judicial discretion in
accordance with general principles of equity, to the
constitutional powers of the United States of America and to
bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting creditors' rights heretofore or
hereafter enacted, the Bonds are valid and binding special
obligations of the City of Willmar; and
(3) at the time of their issuance and delivery to the
original purchaser the Bonds are not arbitrage bonds and each
Bond is exempt from all taxation by the State of Minnesota and
its subdivision's and municipalities and bears interest not
includable in gross income of the owner of the Bond for the
purposes of United States income tax or the State of Minnesota
income tax (other than Minnesota corporate and bank excise
taxes measured by income).
Dated at St. Paul, Minnesota, this
Professional Association
-21-
APPENDIX II
WATER RATE SCHEDULE
Effective January I, 1982
First 300 cu. ft. @ 1.08 per 100 cu. ft. per mo.
Next 700 cu. ft. @ .77 per 100 cu. ft. per mo.
Next 2,500 cu. ft. @ .50 per 100 cu. ft. per mo.
Next 46,500 cu. ft. @ .35 per 100 cu. ft. per mo.
Excess over 50,000 cu. ft. @ .29 per 100 cu. ft. per mo.
Minimum monthly bill - based on meter size
Meter Size Charge
5/8" ...................... $ 3.25
3/4" ...................... 5.05
1" ...................... 8.40
11/2" ...................... 16.80
2" ...................... 26.65
3" ...................... 53.25
....... 84.00
6" ...................... 168.00
DISTRICT HEATING RATE SCHEDULE
Effective January 1, 1984
Steam Heat
Steam for heat (condensate return)
Code 11
$7.50 per 1000 lbs.
Steam for process (live steam)
Code 20
$7.75 per 1000 lbs.
Hot Water Heat
Heating season (Billing months Oct.
- April)
Code 14
2.60¢ per KWH
_
Non -heating season (Billing months
May - Sept.)
(Industrial customers only)
2.00¢ per KWH
Minimum bill
$12.40 per month
-22-
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APPENDIX III
WILLMAR MUNICIPAL UTILITIES COMMISSION
1983 GENERAL PURPOSE FINANCIAL STATEMENTS
-24-
Q
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tm
MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
STATEMENT OF INCOME AND MUNICIPAL EQUITY
YEARS ENDED DECEMBER 31, 1983 AND 1982
Operating Revenue
Electric Energy
Water
Heating
Penalties
Other Services
Total Operating Revenue
Operating Expenses
Production
Operation
Maintenance
Purchased Power
Distribution
Operation
Maintenance
Customers' Accounting and Collection
Administrative and General
Depreciation - Note 2
Total Operating Expenses
Operating Income
Other Income
Interest Income
Merchandise, Jobbing and
Contract Work - Net
Gain from Disposition of Property
Total Other Income
Other. Deductions
Interest on Liabilities
Amortization of Deferred Charges
Net Earnings
Deduct Earnings Contributed to
City of Willmar - Note 9
Earnings Retained by Municipal
Utilities Commission
Municipal Equity - Beginning of Year
Municipal Equity - End of Year
Year Ended December 31,
1983
1982
$ 6,820,756
$6,419,870
726,381
688,146
528,276
621,525
51,023
57,692
6,976
6,775
8,133,412 7,794,008
2,935,024
326,949
1,532,806
338,649
183,856
166,514
758,514
630,372
6,872,684
1,260,728
426,431
30,994
14,726
•-sn . r.
576,366
22,270
598,636
1,134,243
2,982,895
265,176
1,172,612
392,279
176,127
169,094
682,175
469,563
6,309,921
1,484,087
414,729
17,947
432,676
1,916,763
141,417
5,247
146,664
1,770,099
467,225
621,243 1,302,874
9,691,485 8,388,611
$10,312,728 $9,691,485
The Notes to Financial Statements are
an integral part of this statement.
-26-
EXHIBIT B
Increase
(Decrease)
$400,886
38,235
(93,249)
(6,669)
201
339,404
(47,871)
61,773
360,194
(53,630)
7,729
(2,580)
76,339
160,809
562,763
(223,359)
11,702
13,047
14,726
39,475
(183,884)
434,949
17,023
451,972
($635,856)
O
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3
MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
1. Summary of Significant Accounting Policies
The accounting policies of the Municipal Utilities Commission conform to
the requirements of the Uniform System of Accounts of the Federal Energy Regulatory
Commission and are in accordance with generally accepted accounting principles. The
policies outlined below include those which have a significant effect on the
financial statements and are in addition to those outlined in other notes to the
financial statements.
Fixed Assets
Additions, major renewals, replacements and improvements to the utility
plant are capitalized at cost. Maintenance and repairs are charged to operations as
incurred. Depreciation is calculated using the straight-line method.
Inventory Valuation
Inventories are stated at the lower of cost or market, with cost determined
substantially on a moving average basis.
Sick Leave Provision
Sick leave and retirement pay are charged to operations in the period in
which they occur.
2. Utility Plant
Major classes of depreciable assets, at cost, are as follows:
Total Utility Plant - Net $11,127,332 $10,474,868
-28-
December
31,
Estimated
1983
1982
Useful Life
Buildings and Improvements
$ 2,139,991
$ 2,021,519
50
Years
Boiler Equipment
2,687,963
2,678,720
30
Years
Turbo -Generator Equipment
2,452,258
2,452,180
30
Years
Switchgear, Transformers
and Substation
575,956
575,956
25
Years
Distribution System - Electric
7,626,613
7,468,215
25
Years
Wells, Pumps and Accessories
551,985
551,985
20
Years
Distribution System - Water
737,824
737,824
50
Years
Distribution System - Heating
1,757,748
1,736,744
20
Years
Other Equipment
728,435
659,120
10
Years
19,258,773
18,882,263
Less Accumulated Depreciation
9,055,389
8,529,804
10,203,384
10,352,459
Construction in Progress
923,948
122,409
Total Utility Plant - Net $11,127,332 $10,474,868
-28-
MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
2. Utility Plant (Cont'd)
Depreciation charged to operations for the years ended December 31, 1983
and 1982 was $630,372 and $469,563, respectively.
During the year ended December 31, 1982, interest expense of $235,964 was
capitalized to certain fixed assets as interest incurred during construction. In
addition, interest earned on construction funds was also capitalized in the amount of
$118,181 to offset capitalized interest expense. This resulted in a net amount of
$117,783 interest expense being capitalized. There was no interest income or expense
capitalized during the current year.
3. Restricted Funds and Accounts
A. Capital Expenditure Account
Proceeds from the sale of the City of Willmar G. 0.
Improvement Bonds and the Municipal Utilities Revenue Bonds of 1982,
less $563,800 that was deposited to the Revenue Bond Sinking Fund and
the Bonds and Interest Reserve Accounts were deposited in this fund.
At December 31, 1983, this fund is invested as follows:
F & M Marquette National Bank of Minneapolis
Certificate of Deposit - 9.5% $ 400,000
F & M Marquette National Bank of Minneapolis
Certificate of Deposit - 9.7% 263,643
$663,643
The following is a summary of the capital expenditure account receipts and
disbursements:
Face Value of Bonds
Less: Discount $ 79,400
Amount Transferred to
Revenue Account 563,800
Proceeds Available to Finance
Capital Expenditure
Capital Expenditures thru
December 31, 1983
Bond Proceeds Remaining
Interest Received on Funds
Capital Expenditure Account Balance
-29-
$4,790,000
643,200
4,146,800
3,717,339
429,461
234,182
$ 663,643
MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
3. Restricted Funds and Accounts (Cont'd)
B. Revenue Bond Sinking Fund
This fund is to be used for the payment of principal and
interest of the Municipal Utilities Revenue Bonds of 1973 and 1982.
In accordance with the bond resolution, monthly deposits must be made
to this fund in amounts not less than 1/12 of the total principal and
interest payments due during the ensuing twelve months until an
amount equal to the principal and interest due on the next maturity
date is accumulated. The fund is invested as follows:
F & M Marquette National Bank of Minneapolis
Certificate of Deposit - 9.5% $250,111
First Trust Company of St. Paul - Deposit 153,031
$403,142
C. Bond and Interest Reserve Account
This account is to be used only when and if money in the
Revenue Bond Sinking Fund is insufficient to pay principal and
interest on the Municipal Utilities Revenue Bonds of 1973 and 1982.
The balance in this fund is invested as follows:
F & M Marquette National Bank of Minneapolis
Certificate of Deposit - 9.5% $368,474
Certificate of Deposit - 9.5% 181,526
$550,000
D. Expansion Reserve Fund
This account is used by the Commission to set aside funds
for future expansion and to insure against excess catastrophe. The
fund is invested as follows:
F & M Marquette National Bank of Minneapolis
Certificate of Deposit - 9.5%
Certificate of Deposit - 9.5%
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$100,000
400,000
$500,000
MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
3. Restricted Funds and Accounts (Cont'd)
E. Utilities Improvement Fund
This account is used by the commission to set aside funds
for future projects as designated by the Commission. The fund is
invested as follows:
F & M Marquette National Bank of Minneapolis
Certificate of Deposit - 10.08% $441,462
Certificate of Deposit - 9.5% 26,213
$467,675
F. Water Assessment Fund
This account is designated to pay the amounts for water
improvements on the City of Willmar's Downtown Redevelopment Project.
At December 31, 1983 these funds were invested in a Certificate of
Deposit, at 9.6% at the F & M Marquette National Bank, Minneapolis,
Minnesota.
G. Consumer Deposit Fund
The amount in this fund is restricted for the payment of
consumer deposits and is invested in a Certificate of Deposit, at
9.5% at the F & M Marquette National Bank.
H. Sick Leave Fund
This fund is restricted for future sick leave and retirement
of utility personnel. The corresponding reserve account may not be
adequate to cover total potential liability for sick leave or
retirement allowance as the actual liability is not determinable.
These funds are invested in a Certificate of Deposit at 9.5%, at the
F & M Marquette National Bank.
4. Investments
The bond resolutions require that the Commission shall maintain an operation
and maintenance account sufficient to cover the operations and maintenance costs of
the Municipal Utilities Commission for the ensuing month. At December 31, 1983,
current investments were sufficient to meet this requirement.
R912
MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
5. Inventories
Inventories used in the computation of cost of operations were as
follows:
$683,773 $761,907 $668,039
6. Unamortized Debt Expense
During the current year, the City of Willmar had a General Obligation
Refunding Bond Issue of which the Commission is a party. As a result of the
refunding issue, the Commission was required to deposit sufficient funds with the
escrow agent to provide for the payment of interest and principal and eventual
retirement of the General Obligation Improvement Bonds of 1982. The Commission has
elected to amortize this cost over the life of the new bond issue.
7. Long -Term Liabilities
Long-term liabilities consist of the following at December 31, 1983:
December 31,
Due Within
Due After
1983
1982
1981
Fuel Stock
$430,997
$497,075
$419,943
Production
31,891
29,400
44,296
Distribution
182,403
210,459
178,984
Water Works
22,276
20,911
20,438
Heating
16,206
4,062
4,378
$683,773 $761,907 $668,039
6. Unamortized Debt Expense
During the current year, the City of Willmar had a General Obligation
Refunding Bond Issue of which the Commission is a party. As a result of the
refunding issue, the Commission was required to deposit sufficient funds with the
escrow agent to provide for the payment of interest and principal and eventual
retirement of the General Obligation Improvement Bonds of 1982. The Commission has
elected to amortize this cost over the life of the new bond issue.
7. Long -Term Liabilities
Long-term liabilities consist of the following at December 31, 1983:
Agreement 160,000 160,000
$6,176,460 $231,890 $5,944,570
The 1973 revenue bonds have remaining coupon interest rates of 4.75% to 5%.
The last payment is to be made July 1, 1988-
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Due Within
Due After
Total
One Year
One Year
Municipal Utilities
Revenue
Bonds of 1973
$1,130,000
$200,000
$ 930,000
Municipal Utilities
Revenue
Bonds of 1982
2,700,000
25,000
2,675,000
City of Willmar G.
0. Refunding
Bonds of 1983
2,090,000
2,090,000
City of Willmar - Assessment
96,460
6,890
89,570
State of Minnesota
- Purchase
Agreement 160,000 160,000
$6,176,460 $231,890 $5,944,570
The 1973 revenue bonds have remaining coupon interest rates of 4.75% to 5%.
The last payment is to be made July 1, 1988-
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MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
7. Long -Term Liabilities (Cont'd
The 1982 revenue bonds have remaining coupon interest rates of 8.5% to 12%.
The last payment is to be made July 1, 1996.
The 1983 City of Willmar G.O. refunding bonds of 1983 have remaining coupon
interest rates of 5.75% to 8.75%. The last payment is to be made February 1, 1999.
The amount payable to the City of Willmar is payable in fifteen equal
annual installments of $6,890 plus interest at 11.26%.
The amount payable to the State of Minnesota is a lease with an option to
purchase land and building formerly used by The Department of Transportation. The
agreement, in the original amount of $200,000, requires payments of $40,000 per year
which are due on January 1st of each year beginning in 1984. If the Commission so
elects it can purchase the property at any time by paying to the State of Minnesota
the original purchase price together with interest at 9% per annum beginning
January 1, 1984. All rental payments will be applied to the purchase price. It is
the intent of the Commission to purchase the property.
The aggregate amounts of long-term liability cash requirements in each
of the five succeeding twelve-month periods and subsequent periods are as follows:
$11,326,187 $6,176,460 $5,149,727
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Total
Principal
Interest
Year Ending
December 31,
1984
$ 810,312
$ 231,890
$ 578,422
1985
796,639
271,890
524,749
1986
808,875
296,890
511,985
1987
915,449
421,890
493,559
1988
969,098
461,890
507,208
Subsequent Periods
7,025,814
4,492,010
2,533,804
$11,326,187 $6,176,460 $5,149,727
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MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
8. Construction Contracts and Accounts Payable
The Commission had the following contracts regarding construction in
progress at December 31, 1983:
The cash contributions to the City of Willmar for the year ended December 31,
1983 amounted to $513,000.
The contribution to the City of Willmar for the year ended December 31,
1982 was made pursuant to an agreement dated December 30, 1981. In accordance with
that agreement, the Commission would make a contribution in the amount of $687,225
less a credit of $220,000 for a net cash contribution of $467,225.
Effective January 1, 1982 the Utilities Commission became responsible for
the installation, maintenance and operation of the street lighting system from the
City of Willmar. As a result of this agreement, the City agreed to a reduction in
its annual contribution in the amount of $220,000.
10. Commitments
During the year 1979 the Commission entered into an agreement with the City
of Willmar whereby they will share the costs of data processing equipment. The costs
will be shared equally for all equipment and programs that benefit both the Utilities
and the City. Equipment and programs that are purchased specifically for either
entity will be charged directly to that entity.
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Remaining
Total
Contract
Retainage
Contract
Contract
Paid
Payable
Payable
Work
Duininck Bros.
$1,814,197
$1,610,811
$203,386
MND, Inc.
Lindblad Electric
284,878
54,110
42,627
_ $ 5,091
$183,050
Central Sheet Metal
37,861
45,830
1,470
192
3,505
32,886
Genesis Architecture
15,000
11,800
45,638
3,200
Pederson Construction
117,485
71,415
26,449
8,032
11,589
Holm Brothers
57,297
25,003
7,211
25,084
Ecopipe
137,024
130,172
6,852
Scantec
33,298
33,298
$2,542,870
$1,938,271
$283,178
$19,975
$301,447
9. Distribution of Earnings
The cash contributions to the City of Willmar for the year ended December 31,
1983 amounted to $513,000.
The contribution to the City of Willmar for the year ended December 31,
1982 was made pursuant to an agreement dated December 30, 1981. In accordance with
that agreement, the Commission would make a contribution in the amount of $687,225
less a credit of $220,000 for a net cash contribution of $467,225.
Effective January 1, 1982 the Utilities Commission became responsible for
the installation, maintenance and operation of the street lighting system from the
City of Willmar. As a result of this agreement, the City agreed to a reduction in
its annual contribution in the amount of $220,000.
10. Commitments
During the year 1979 the Commission entered into an agreement with the City
of Willmar whereby they will share the costs of data processing equipment. The costs
will be shared equally for all equipment and programs that benefit both the Utilities
and the City. Equipment and programs that are purchased specifically for either
entity will be charged directly to that entity.
-34-
MUNICIPAL UTILITIES COMMISSION
WILLMAR, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1983 AND 1982
11. Contingent Liabilities
The Municipal Utilities Commission was a member of United Minnesota
Municipal Power Agency together with five other Minnesota Municipal Utilities.
Effective July 31, 1982 the Municipal Utilities Commission withdrew from the Agency.
The Agency had entered into an agreement with American National Bank and
Trust Company of Chicago under which the Bank had agreed to lend $1,700,000 to pay
development costs incurred by the Agency. In an agreement between the Commission and
the Agency, dated September 1, 1981, the Commission was contingently obligated in the
amount of 44.779% as its proportionate share of the funds borrowed.
On December 5, 1983, the United Minnesota Municipal Power Agency issued
$62,000,000 in long-term bonds, a portion of which was used to retire the $1,700,000
development loan. By virtue of the retirement of the $1,700,000 loan, the Commission
is no longer contingently liable for any of the United Minnesota Municipal Power
Agency's obligations.
-35-
APPENDIX IV
The following is a portion of the Resolution Accepting Bid on Sale of
$3,000,000 Municipal Utility Revenue Bonds, Series 19848 and Providing For
Their Issuance to be adopted by the City on April 18, 1984. A Resolution in
substantially the same form will be adopted by the City at the some time
for the $3,830,000 Municipal Utility Refunding Bonds, Series 1984A.
13. Definitions - The following terms as used in this
resolution shall have the meanings hereinafter specified,
except where the context by clear implication otherwise
requires:
(a) "Bonds": the Bonds herein authorized;
(b) "Consulting Engineer": means an engineer or
firm of engineers who are not an officer or regular
employee of the Commission or the City of Willmar and who
are not devoting substantially all of his, hers or its
time and effort to the affairs of the Public Utilities;
(c) "Fiscal Year": the 12 month period beginning on
January 1 of each year and ending on December 31 of the
same year. Should the Commission deem it advisable at
some later date to change its Fiscal Year, the same may be
done by proper actions to that effect, with the
-36-
approval of the original Purchaser of the Bonds herein
authorized, which change shall not constitute an amendment
or modification of this resolution;
(d) "Gross Revenues": the gross receipts from all
sources which are attributable to the Public Utilities,
including interest income, excluding however, revenues
received from charges for sanitary sewer collection and
treatment, collection of sales taxes imposed by other
governmental agencies, and customer service deposits;
(e) "Minimum Reserve": for any issue of Parity
Bonds the Minimum Reserve shall mean the maximum annual
debt service or the maximum reasonably required reserve
permitted pursuant to Section 103(c) of the Internal
Revenue Code of 1954, as amended;
(f) "Net Revenues": the Gross Revenues less
Operation and Maintenance Expenses;
(g) "Operation and Maintenance Expenses": the
current expenses of operating, maintaining, insuring and
repairing the Public Utilities as determined in accordance
with generally accepted accounting principles, including
but not limited to administrative expenses, salaries,
premiums for insurance, fuel and energy purchased or used,
materials, supplies and labor necessary for current
operation, maintenance and repair, contractural and
professional services, excluding however, allowances for
depreciation, interest costs, payments made by the
Commission to the City in lieu of taxes or surcharges, or
any charges for the accumulation of reserves for capital
replacements;
(h) "Parity Bonds" or "bonds": the Bonds, the
$3,830,000 Municipal Utility Refunding Revenue Bonds,
Series 1984, and any other bonds which may be issued after
the date of this resolution on a parity of lien with the
Bonds and the $3,830,000 Municipal Utility Refunding
Revenue Bonds, Series 1984;
(i) "Subordinate Bonds": that portion of the
$3,535,000 General Obligation Refunding Bonds of 1983,
Series A which refunded the $2,090,000 General Obligation
Improvement Bonds of 1983, Series B, and any other
obligations which are payable in whole or in part from the
Net Revenues of the Public Utilities and which are not
issued on a parity of lien with the Parity Bonds but which
have a second and subordinate lien on the Net Revenues.
-37-
14. Funds and Accounts. The General Revenue Fund
heretofore created and established by the Commission shall
continue to be in effect and maintained in the manner
heretofore maintained subject to the following changes and
modifications. All Gross Revenues derived from the Public
Utilities shall continue to be deposited in the General Revenue
Fund in accordance with the City Charter and the Operation and
Maintenance Expenses shall continue to be paid therefrom. The
following accounts shall be continued, or are hereby
established as the case may be,, in the General Revenue Fund:
(a) A "Capital Expenditure Account" into which there
shall be paid the proceeds from the sale of the Bonds less
the following amounts: (i) any accrued interest paid by
the Purchaser upon delivery of the Bonds, (ii) all funds
paid for the Bonds in excess of $2,942,000, (iii)
capitalized interest in the amount of $
together with interest earnings thereon and subject to
such other adjustments as are appropriate to provide
sufficient funds to pay interest due on the Bonds on or
before January 1, 1985; and (iv) the $350,000 in Bond
proceeds hereinafter pledged and appropriated to the Bond
and Interest Reserve Account. From the Capital
Expenditure Account shall be paid all costs of the
improvements to be financed by the Bonds, including legal,
engineering, financing and other such expenses incidental
thereto. Any balance remaining in the account after the
payment of such costs shall be transferred to the Revenue
Bond Sinking Fund Account hereinafter referred to.
(b) A "Utility Operating Reserve Account" in which
there shall at all times be maintained a reserve in an
amount sufficient to cover the Operation and Maintenance
Expenses of the Public Utilities for a one month period.
(c) A "Parity Revenue Bond Sinking Fund Account"
into which there shall be credited and into which there is
hereby irrevocably pledged (i) the accrued interest and
premium (if any) paid by the Purchaser upon delivery of
the Bonds, (ii) all funds paid for the Bonds in excess of
$2,942,000, (iii) capitalized interest in the amount of
$ (together with interest earnings thereon and
subject to such other adjustments as are appropriate to
provide sufficient funds to pay interest due on the Bonds
on or before January 1, 1985), and (iv) from the Net
Revenues of the Public Utility, monthly commencing as of
July 1, 1984, a sum equal to at least 1/12th of the total
principal and interest to become due during the ensuing 12
months on all outstanding Parity Bonds; provided, however,
so
that no further payments need'be made into this account
when the moneys held therein are sufficient for the
payment of all principal and interest due on all Parity
Bonds payable therefrom on or before the next principal or
interest payment date of each issue. No money shall be
paid out of the account except to pay principal and
interest on all Parity Bonds made payable from the
account.
(d) A "Bond and Interest Reserve Account" to be used
only when and if moneys in the Revenue Bond Sinking Fund
Account or other moneys available therefor are
insufficient to pay principal and interest on the bonds
payable from the Revenue Bond Sinking Fund Account;
provided, however, that the moneys in the Bond and
Interest Reserve Account may be used to prepay the bonds
payable therefrom when such prepayment will retire all of
the bonds then outstanding. There is hereby pledged and
appropriated from the proceeds of the Bonds herein
authorized, the sum of $350,000, to be deposited
immediately on settlement for the Bonds. Whenever any
moneys in this account shall be used to pay principal and
interest on any Parity Bonds, the account shall be
restored from the next available Net Revenues, provided
however, that this account shall terminate whenever there
are sufficient funds herein to pay principal and interest
on all outstanding bonds payable from the Revenue Bond
Sinking Fund Account. In no event may sums in this
account be used to fund the Revenue Bond Sinking Fund
Account so long as there are sufficient Net Revenues
therefor. Upon discharge of any issue of Parity Bonds,
this account shall be adjusted to equal the lesser of
either (i) the maximum annual debt service for any
remaining Parity Bonds or (ii) the maximum reasonably
required reserve permitted pursuant to Section 103(c) of
the Internal Revenue Code of 1954, as amended and the
applicable regulations promulgated thereunder, such amount
hereinafter being referred to as the "Minimum Reserve.
Any sums in this account in excess of the Minimum Reserve
shall be treated as surplus sums and shall be credited to
the General Revenue Fund and distributed in the same
manner as other sums in the General Revenue Fund. The
balance in this account shall be deemed to be the sum of
all cash and the face amount of any securities held
therein.
510
(e) A "Subordinate Bond Sinkin5 Fund Account" into
which there shail be cred-TEe-d and into which ere is
hereby irrevocably pledged from the Net Revenues of the
Public Utility, monthly a sum equal to at least 1/12th of
the total principal and interest due during the ensuing 12
months on any Subordinate Bonds; provided, however, that
no further payments need be made into this account when
the moneys held therein are sufficient for the payment of
all principal and interest due on the Subordinate Bonds on
or before the next principal or interest payment date of
each issue. No money shall be paid out of the account
except to pay principal and interest on any Subordinate
Bonds.
(f) A "Utility Improvement and Replacement Account"
to be used for extraordinary maintenance, repairs and
improvements and to pay the cost of renewals,
replacements, extensions or additions to the Public
Utilities. Sums in this account shall be maintained in
such amount as the Commission determines is appropriate.
In the event the moneys in the Parity Revenue Bond Sinking
Fund Account, the Bond and Interest Reserve Account and
the Subordinate Bond Sinking Fund Account, shall at any
time be insufficient to pay principal or interest payable
from those accounts, moneys in this account may be used
for such purpose.
15. Order of Priority - The money in the General
Revenue Fund shall be allotted and paid to the various accounts
herein established in the order in which the funds are listed
on a cumulative basis, and if in any month the money in the
funds and accounts is insufficient to place the required amount
in any fund or account, the deficiency shall be made up in the
following month or months after payment into all other funds
having a prior claim on the revenues have been made in full.
Net Revenues of the Public Utilities in excess of those
required for the foregoing purposes may be used for any proper
purpose.
16. Investments - All money held in any fund or
accounts set forth in paragraph 14 shall be kept separate and
apart from all municipal funds and accounts and shall be
deposited in any bank or banks selected by the Commission.
Moneys in any fund or account, may be invested or reinvested by
the Commission in such investments as are permitted by
applicable laws of the State of Minnesota. The obligations
purchased as an investment of moneys from any account shall be
deemed at all times to be a part of the fund or account and,
except as hereinafter provided, the interest accruing thereon
and any profit realized therefrom shall be credited to the
applicable fund or account and any loss resulting from such
investment shall be charged to the applicable fund or account.
As long as the amount in the Bond and Interest Reserve Account
equals not less than the Minimum Reserve, any interest income
or profit from the sale of investments attributable thereto may
be transferred to the General Revenue Fund and distributed in
the same manner as other moneys in the General Revenue Fund.
The Commission shall redeem or sell any obligations purchased
as an investment whenever it shall be necessary to do so in
order to provide moneys to meet any required payment or
transfer from any fund or account. Any sums from time to time
held in the Parity Revenue Bond Sinking Fund Account and Bond
and Interest Reserve Account (or any other City or Commission
fund or account which is reasonably expected to be used to pay
principal or interest to become due on the Bonds) in excess of
amounts which under the applicable federal arbitrage
regulations may be invested without regard as to yield shall
not be invested at a yield in excess of the applicable yield
restrictions imposed by the arbitrage regulations on such
investments.
17. Issuance of Parity Bonds - The Bonds issued
hereunder, together with the Public Utility Refunding Revenue
Bonds, Series 1984, shall be a first charge and lien upon the
Net Revenues. No additional obligations shall be hereafter
issued unless the same are Subordinate Bonds, provided however,
that additional obligations may be issued as Parity Bonds,
provided the annual Net Revenues of the Public Utilities (with
adjustments as hereafter provided for) for the last completed
Fiscal Year for which an audit is available preceding the
issuance of such additional obligations shall have been at
least (a) one and one-quarter times the average annual
principal and interest coming due thereafter on all outstanding
Parity Bonds, including the additional obligations so to be
issued; and (b) equal to the maximum annual principal and
interest coming due thereafter on all outstanding Parity Bonds
(after taking into account any mandatory redemption schedule)
and Subordinate Bonds and the additional obligations to be
issued. Such facts shall be shown by a certificate of the
Secretary of the Commission and shall be recited in the
resolution authorizing such additional Parity Bonds. For the
purpose of determining the Net Revenues for the last Fiscal
Year immediately preceding the date of issuance of such
additional obligations, the amount of Net Revenues of the
Public Utilities may be adjusted by a Consulting Engineer
experienced in public power rate structures or by an
-41-
independent certified public accountant retained by the
Commission to reflect any changes in the amount of the Net
Revenues which would have resulted if (a) any revision in the
schedule of rates and charges in effect at the time of issuance
of such additional obligations had been in effect for the full
last Fiscal Year, and (b) any new customers added to the Public
Utilities on or before the date of issuance of any additional
obligations had been connected to the Public Utilities for the
full last Fiscal Year, provided however that if the Net
Revenues are so adjusted for such additional customers, the Net
Revenues shall also be adjusted by deducting from Gross
Revenues the increased Operation and Maintenance Expenses which
would have resulted from servicing such additional customers
for that full last Fiscal Year. In addition, in computing Net
Revenues, (a) the Operation and Maintenance Expenses may be
adjusted to reflect: (i) any changes to contracts with a
public power agency in effect at the date of issuance of any
additional obligation which affects the costs of purchasing
power as if such contract had been in effect for the full last
Fiscal Year, and (ii) any reduction in the base load energy
costs or savings in the cost of purchasing power which would
have been effected if the improvements and extensions then to
be constructed had been in operation during the preceeding
year; and (b) Net Revenues may be increased by any additional
increase in Net Revenues expected to occur during the first
calendar or Fiscal Year of operation of the improvements and
extensions then to be constructed from the sale of surplus
power resulting from the addition to the Public Utilities of
the improvements and extensions, provided, however, that such
sale or sales may be considered only to the extent the same are
supported by firm contracts requiring the purchaser to pay for
available surplus power or capacity whether or not it is in
fact accepted by the purchaser. In addition the following
conditions shall be met:
(a) The payments required to be made (at the time of
the issuance of any additional Parity Bonds) into the
various funds and accounts provided for in this resolution
have been made.
(b) The resolution authorizing such additional
Parity Bonds provides for the pledge and payment of Net
Revenues into the Bond and Interest Reserve Account
either: (a) monthly commencing on the first day of the
month next succeeding issuance of the additional bonds an
additional sum equal to at least 1/48th of the maximum
annual principal and interest coming due thereafter on the
-42-
bonds to be issued until an additional reserve equal to at
least the Minimum Reserve for such additional bonds or (b)
bond proceeds in an amount equal to the Minimum Reserve
for such additional bonds.
(c) The proceeds of such Parity Bonds shall be used
only for the purpose of making improvements, additions,
extensions, renewals or replacements to the Public
Utilities.
18. Issuance of Refunding Bonds In Event of
Deficiency - The Commission also reserves the right and privi-
lege of issuing additional Parity Bonds payable from Net
Revenues if and to the extent needed to refund bonds maturing
within six months of the issuance of such additional Parity
Bonds which are payable from the Parity Revenue Bond Sinking
Fund Account in case the moneys in the Parity Revenue Bond
Sinking Fund Account, Bond and Interest Reserve Account, and
the Utility Improvement and Replacement Account are
insufficient to pay the same at maturity, provided that such
refunding bonds shall mature subsequent to all the obligations
which are payable from the Parity Revenue Bond Sinking Fund
Account and which are still outstanding upon completion of such
refunding.
19. Issuance of Refunding Bonds - Except as
authorized in paragraphs 17 and 18 hereof, the City covenants
and agrees that it will issue or incur no obligations payable
from the Net Revenues of all or a part of the Public Utilities
or constituting in any manner a lien thereon, unless such
obligations are expressly made second and subordinate to the
lien and charge of all outstanding Parity Bonds, except that
the Bonds herein authorized and any other Parity Bonds, or any
part thereof, may be refunded and the refunding bonds issued
shall enjoy complete equality of lien with the portion of any
outstanding Parity Bonds not refunded; provided that if only a
portion of all outstanding Parity Bonds shall be so refunded
and if such bonds shall be refunded in such manner that the
annual principal and interest to become due on the refunding
bonds shall be greater than the annual principal and interest
to become due on the bonds to be refunded (assuming payment at
their maturity), then such bonds may not be refunded without
the consent of the holders of the unrefunded portion of the
outstanding Parity Bonds.
20. Priority of Payments - In the event that the
moneys in the Parity Revenue Bond Sinking Fund Account, the
Bond and Interest Reserve Account and the Utility Improvement
and Replacement Account shall be insufficient at any time to
-43-
pay the principal then due and interest then accrued on all
outstanding Parity Bonds, said moneys shall first be applied
to the payment pro rata of the accrued interest on all such
bonds, and any balance shall be applied in payment pro rata of
the principal on all such bonds; provided further that if it
shall ever be determined by a court of competent jurisdiction
while any such Parity Bonds remain outstanding that the sums
available and to become available for the payment of the
principal thereof and interest thereon are insufficient whether
or not then due, then the moneys in the Revenue Bond Sinking
Fund Account shall be applied in payment of all then
outstanding principal whether or not then due and the interest
accrued thereon to the date of payment ratably according to the
aggregate amount thereof without any preference or priority.
21. Rights of Holders - The holders of 20% or more in
aggregate principal amount of all Parity Bonds at any time
outstanding may, either at law or in equity, by suit, action,
or other proceedings, protect and enforce the rights of all
holders of Parity Bonds then outstanding or enforce or compel
the performance of any and all of the covenants and duties
specified in this resolution, to be performed by the Commission
and City or their officers and agents, including the fixing and
maintaining of rates and charges and the collection and proper
segregation of Net Revenues and the application and use
thereof; provided, however, that nothing herein shall affect or
impair the right of any Parity Bondholder to enforce the
payment of the principal of and interest on any Parity Bond at
and after the maturity thereof, or the obligation of the City
to pay the principal of and interest on each of the Parity
Bonds issued hereunder to the respective holders thereof at the
time and place, from the source and in the manner provided in
the Parity Bonds.
22. Covenants - For the protection of the holders of
the Bonds herein authorized and all other Parity Bonds, the
City herein covenants and agrees to and with the holders
thereof from time to time as follows:
(a) Operation - It will at all times adequately main-
tain and efficiently operate the electric, heating and
water utilities as municipal utilities. It will from time
to time make all needful and proper repairs, replacements,
additions and betterments to the equipment and facilities
of the Public Utilities so that they may at all times be
operated properly and advantageously, and whenever any
-44-
equipment of the system shall have been worn out,
destroyed or otherwise become insufficient for proper use,
it shall be promptly replaced or repaired so that the
value and efficiency of the Facilities shall be at all
times fully maintained and its Net Revenues unencumbered
by reason thereof.
(b) Reasonable Rates - The rates for all electric,
heating and water service and the charges for all
electricity, heating and water supplied by the Public
Utilities shall be reasonable and just, taking into
account the cost and value of the Public Utilities, the
cost of maintaining and operating the Public Utilities and
the proper and necessary allowances for depreciation and
the amounts required for the payment of principal and
interest on the bonds payable from the Net Revenues of the
Public Utilities.
(c) Coverage - It will establish, maintain and
collect such charges and rates as will produce Net
Revenues sufficient to pay 125 percent of the interest on
and principal of the Bonds herein authorized and any
Parity Bonds and 100 percent of the interest and principal
on any Subordinate Bonds, as and when they become due, as
well as to provide sufficient money to make the required
appropriations to the various funds and accounts
established herein. The City hereby finds, determines and
declares that the estimated revenues to be derived from
the operation of the Public Utilities during the term of
the Bonds authorized by this resolution will be more than
sufficient to produce Net Revenues to pay principal and
interest when due on the Bonds authorized herein, the
Municipal Utility Refunding Revenue Bonds, Series 1984 and
that portion of the $5,350,000 General Obligation
Refunding Bonds of 1983, Series A which refunded the
$2,090,000 General Obligation Improvement Bonds of 1982
and to maintain reasonable reserves therefor.
(d) Sale or Other Disposition of Public Utilities -
The City will not sell, lease, mortgage, or in any manner
dispose of the Public Utilities or any part thereof
including any and all extensions and additions that may be
made thereto until all bonds payable from the Net Revenues
of the Public Utilities or a part thereof have been paid
in full; provided however, that the City may sell the
Public Utilities or any part thereof if simultaneously
with or prior to the sale all of the outstanding Parity
Bonds and Subordinate Bonds are discharged in accordance
with paragraph 23 of this resolution; and provided further
-45-
that the City may sell or lease all or any part of the
electric generating facilities of the Public Utilities to
a municipal power agency of which it is a member provided
that the municipality shall continue to operate and
maintain an electric distribution system as part of the
Public Utilities. This covenant shall not be construed to
prevent the sale by the municipality at fair market value
of real estate, equipment or other non -revenue-producing
properties which in the judgment of the Commission have
become unnecessary, uneconomical or inexpedient to use in
connection with the Public Utilities provided that
suitable facilities are obtained in place thereof or in
the judgment of the Commission the sale will not adversely
affect the Public Utilities earnings or ability to meet
required financial obligations.
(e) Insurance - It will procure and keep in force
insurance upon the Public Utilities of a kind and in an
amount which would normally be carried by like businesses,
including public liability insurance, with an insurer or
insurers in good standing; and it will keep in full force
and effect fiduciary bonds on employees in.charge of the
Public Utilities. In the event of any loss, -the proceeds
from such insurance (including liability insurance) or
bonds shall be used to make good such loss or to repair or
restore the Public Utility or to discharge all of the
outstanding Bonds herein authorized in accordance with
paragraph 23 of this resolution.
(f) Records - The Commission shall at all times keep
or cause to be kept, proper financial records relating to
the Public Utilities, in accordance with generally
accepted accounting principles, and will cuase an annual
audit thereof to be made by an independent certified
public accountant, and copies of the audit report will be
furnished, if requested, to the original purchaser of
Parity Bonds and the holder of any Parity Bonds. Each
audit report shall be completed in such a manner as is
deemed necessary by the Commission and the accountant to
present fairly the financial position of the Public
Utilities and the results of operation in conformity with
generally accepted accounting principles.
-46-
(g) Billing - All customers bills for Public
Utilities shall be rendered monthly, either in advance of
service receipt or in the month following the service
received; and in event such bills are not paid when due,
said service shall be disconnected and the rates and
charges, including but not limited to the cost of
disconnection and reconnection shall be collected in a
lawful manner. Charges for various types of service may
be billed jointly, but any joint bill shall show
separately the charges for. each service.
(h) Performance - It will faithfully and punctually
perform all duties with reference to the Public Utilities
required by the Constitution and laws of the State of
Minnesota and this resolution.
(i) Franchise - The municipality will grant no fran-
chise to any competing utility if denial of such a
franchise is not in violation of any law.
23. Additional Covenants - The City herein covenants
that neither it nor the Commission has heretofore and will not
hereafter enter into any contract which will obligate any
person or persons to purchase electric energy, heat or water
from the Commission in a total aggregate amount which would
cause any Parity Bonds to become industrial development bonds
within the meaning of Section 103(b) of the Internal Revenue
Code and the regulations promulgated thereunder, and in
particular Federal Income Tax Regulations, Section
1.103-7(b)(5).
24. Amendments - No change, amendment, modification
or alteration shall be made in the covenants herein made
without the consent of the holders of not less than 60% in
principal amount of all outstanding Parity Bonds except for
changes, amendments, modifications and alterations made (a) to
cure any ambiguity or formal defect or omission, or (b) any
other change which would not materially prejudice the holders
of any outstanding Parity Bonds; provided, however, that
nothing herein contained shall permit or be construed as
permitting (1) an extension of the maturity of the principal of
or the interest on any Parity Bonds, or (2) a reduction in the
principal amount of any such Parity Bond or the rate of
interest thereon, or (3) a privilege or priority of any such
Parity Bond or Bonds over any other Parity Bond or Bonds except
as otherwise provided herein, or (4) a reduction in the
aggregate principal amount of such Parity Bonds required for
-47-
consent to any change, amendment, modification or alteration,
or (5) permit the creation of any lien ranking prior to or on a
parity with the lien of such Parity Bonds, except as
hereinbefore expressly permitted, or (6) modify any of the
provisions of this paragraph without the consent of the holders
of one hundred percent (100%) of the principal amount of such
Parity Bonds outstanding, or, in the case of any modifications
described in clauses (1) through (5), the consent of the
holders of all Parity Bonds adversely affected by such
modification.
25. Discharge of Covenants - When any Parity Bonds
and the interest due thereon, have been discharged as provided
in this paragraph, all pledges, covenants and other rights
granted by this resolution to the holders of such Parity Bonds
shall cease. The City may discharge any Parity Bonds which are
due on any date by depositing with the Bond Registrar for such
Parity Bonds on or before that date a sum sufficient for the
payment thereof in full; or if any Parity 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. The City may also discharge any prepayable
Parity Bonds which are called for redemption on any date when
they are prepayable according to their terms, by depositing
with the Bond Registrar on or before that date an amount equal
to the principal, interest and redemption premium, if any,
which are then due, provided that notice of such redemption has
been duly given as provided in the resolution authorizing the
Parity Bonds. The City may also at any time discharge any
Parity Bonds of this issue by complying with the applicable pro-
visions of Minnesota Statutes, Section 475.67, and any amend-
ments thereto, except that the funds deposited in escrow in
accordance with the provisions may but need not be in whole or
part proceeds of advance refunding bonds. The City may
discharge Parity Bonds as herein provided without the consent
of any Parity Bondholders.
26. Unenforceability - 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.
27. Failure to Issue Municipal Utility Refunding
Revenue Bonds, Series 1984 - If for any reason the $3,830,000
Municipal Utility Refunding Revenue Bonds, Series 1984, are not
issued, the Commission and the City shall remain bound by the
respective terms and covenants set forth in the resolutions
ME
authorizing the Municipal Utility Revenue Bonds of 1973 (the
"1973 Bonds" and the Municipal Utility Revenue Bonds of 1982,
(the "1982 Bonds") and in the event of any conflict between the
terms and covenants set forth in the resolutions authorizing
the 1973 Bonds and the 1982 Bonds and the terms and covenants
set forth herein, the terms and covenants provided therein
shall control until payment of the 1973 Bonds and the 1982
Bonds has been made or provided for.
28. Certification - The City Clerk is authorized and
directed to prepare and furnish to the original Purchaser of
the Bonds, and the attorneys approving the same, certified
copies of all orders and resolutions of the Commission and City
relating to the Public Utilities, and the issuance of the
Bonds, and all other proceedings or records showing the right,
power and authority of the City and Commission to issue the
same and to provide funds for the payment thereof, and such
certified copies and certificates shall be deemed
representations of the Commission as to all statements therein.
29. Effective Date - Each and all of the terms and
provisions of this resolution shall be and constitute a
covenant on the part of the Commission to and with each and
every holder from time to time of the Bonds issued hereunder
and shall go into effect only upon issuance of the Bonds.
30. Filing - The Clerk is authorized and directed to
file a certified copy of this resolution with the County
Auditor of Kandiyohi County, and obtain a certificate that the
Bonds herein authorized have been duly entered in his Bond
Register.
The motion for the adoption of the foregoing resolu-
tion was duly seconded by member and upon
a vote being taken thereon, the following voted in favor
thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed
and adopted.
SM
OFFICIAL BID FORM
TO: Mr. Richard C. Hoglund, Clerk -Treasurer SALE DATE: April 18, 1984
Willmar City Hall
333 Southwest Sixth Street
Willmar, Minnesota 56201
(612/235-4913)
RE: $3,830,000 Municipal Utility Refunding Revenue Bonds, Series 1984A
For the Bonds of this Issue which shall mature and bear interest at the annual rate, as follows,
we offer a price of $ (not less than $3,762,000) and accrued interest to the
date of delivery.
*
1984
%
1989
%
1993
%
1985
%
1990
%
1994
%
1986
%
1991
%
1995
%
1987
%
1992
%
1996
In making this offer we accept all of the terms and conditions of the Official Terms of Offering
published in the Official Statement dated April 3, 1984. In the event of failure to deliver these
Bonds in accordance with the Official Terms of Offering as printed in the Official Statement and
made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit
accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
Account Manager
Received good faith check for return to bidder as of the
date of this offer. SPRINGSTED Incorporated by
The foregoing offer .is •hereby accepted by the Issuer on the date of the offer •by its following
officers duly authorized and empowered to make such acceptance.
Clerk -Treasurer
Mayor
OFFICIAL BID FORM
TO: Mr. Richard C. Hoglund, Clerk -Treasurer SALE DATE: April 18, 1984
Willmar City Hall
333 Southwest Sixth Street
Willmar, Minnesota 56201
(612/235-4913)
RE: $3,830,000 Municipal Utility Refunding Revenue Bonds, Series 1984A
For the Bonds of this Issue which shall mature and bear interest at the annual rate, as follows,
we offer a price of $ (not less than $3,762,000) and accrued interest to the
date of delivery.
In making this offer we accept all of the terms and conditions of the Official Terms of Offering
published in the Official Statement dated April 3, 1984. In the event of failure to deliver these
Bonds in accordance with the Official Terms of Offering as printed in the Official Statement and
_ made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit
accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
Account Manager
Received good faith check for return to bidder as of the
date of this offer. SPRINGSTED Incorporated by
.......................................................................
The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following
officers duly authorized and empowered to make such acceptance.
Clerk -Treasurer
Mayor
1984
%
1989
%
1993
1985
%
1990
%
1994
%
1986
%
1991
%
1995
1987
%
1992
%
1996
In making this offer we accept all of the terms and conditions of the Official Terms of Offering
published in the Official Statement dated April 3, 1984. In the event of failure to deliver these
Bonds in accordance with the Official Terms of Offering as printed in the Official Statement and
_ made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit
accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
Account Manager
Received good faith check for return to bidder as of the
date of this offer. SPRINGSTED Incorporated by
.......................................................................
The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following
officers duly authorized and empowered to make such acceptance.
Clerk -Treasurer
Mayor
OFFICIAL BID FORM
TO: Mr. Richard C. Hoglund, Clerk -Treasurer SALE DATE: April 18, 1984
Willmar City Hall
333 Southwest Sixth Street
Willmar, Minnesota 56201
(612/235-4913)
RE: $3,830,000 Municipal Utility Refunding Revenue Bonds, Series 1984A
For the Bonds of this Issue which shall mature and bear interest at the annual rate, as follows,
we offer a price of $ (not less than $3,762,000) and accrued interest to the
date of delivery.
% 1984 % 1989 % 1993
* 1985 % 1990 % 1994
% 1986 % 1991 % 1995
* 1987 % 1992 % 1996
In making this offer we accept all of the terms and conditions of the Official Terms of Offering
published in the Official Statement dated April 3, 1984. In the event of failure to deliver these
Bonds in accordance with the Official Terms of Offering as printed in the Official Statement and
made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit
accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
Account Manager
BY:
Received good faith check for return to bidder as of the
date of this offer. SPRINGSTED Incorporated by
The .foregoing offer .is .hereby accepted by•the• Issuer on the date of the offer •by*its following
officers duly authorized and empowered to make such acceptance.
Clerk -Treasurer
Mayor
OFFICIAL BID FORM
TO: Mr. Richard C. Hoglund, Clerk -Treasurer SALE DATE: April 18, 1984
Willmar City Hall
333 Southwest Sixth Street
Willmar, Minnesota 56201
(612/235-4913)
RE: $3,000,000 Municipal Utility Revenue Bonds, Series 19848
For the Bonds of this Issue which shall mature and bear interest at the annual rate, as follows,
we offer a price of $ (not less than $2,942,000) and accrued interest to the
date of delivery.
% 1986
% 1987
% 1988
_% 1989
% 1990
% 1991
' . )FSA
% 1993
% 1994
% 1995
% 1996
% 1997
% 1998
% 1999
%2000
In making this offer we accept all of the terms and conditions of the Official Terms of Offering
published in the Official Statement dated April 3, 1984. In the event of failure to deliver these
Bonds in accordance with the Official Terms of Offering as printed in the Official Statement and
made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit
accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
Account Manager
BY:
Received good faith check for return to bidder as of the
date of this offer. SPRINGSTED Incorporated by
The foregoing offer *is hereby accepted bythe•(ssuer.on the date of the offer �by� its following
officers duly authorized and empowered to make such acceptance.
Clerk -Treasurer Mayor
OFFICIAL BID FORM
TO: Mr. Richard C. Hoglund, Clerk -Treasurer SALE DATE: April 18, 1984
Willmar City Hall
333 Southwest Sixth Street
Willmar, Minnesota 56201
(612/235-4913)
RE: $3,000,000 Municipal Utility Revenue Bonds, Series 19848
For the Bonds of this Issue which shall mature and bear interest at the annual rate, as follows,
we offer a price of $ (not less than $2,942,000) and accrued interest to the
date of delivery.
%
1986
%
1991
% 1996
%
1987
%
1992
% 1997
%
1988
%
1993
% 1998
%
1989
%
1994
% 1999
%
1990
%
1995
%2000
In making this offer we accept all of the terms and conditions of the Official Terms of Offering
published in the Official Statement dated April 3, 1984. In the event of failure to deliver these
Bonds in accordance with the Official Terms of Offering as printed in the Official Statement and
made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit
accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
Account Manager
BY:
Received good faith check for return to bidder as of the
date of this offer. SPRINGSTED Incorporated by
The •foregoing offer •is .hereby accepted by•the' Issuer •on the date of the offer •by• its following
officers duly authorized and empowered to make such acceptance.
Clerk -Treasurer Mayor
Certificate
As of the date of the Official Statement, April 3, 1984, prepared for
the issuance of the City's $3,830,000 Municipal Utility Refunding
Revenue Bonds, Series 1984A and $3,000,000 Municipal Utility
Revenue Bonds, Series 1984B, it did not and does not as of the date of
this Certificate contain any untrue statement of material fact or
omit to state a material fact necessary in order to make the
statements made therein, in light of the circumstances under which
they were made, not misleading.
Witness our hands this day of , 1984.
FOR THE CITY OF WILLMAR, MINNESOTA
F. J. Reynolds, Mayor
Richard C. Hoglund, Clerk -Treasurer
MEMO TO: John K. Anderson/City Administrator
FROM: Judi Simac/City Planner
RE: Fox Run - Review of Proposed Road Alignment
DATE: April 19, 1984
Background:
On April 3, 1984, the City Council reconsidered the Preliminary
Plat of Fox Run 1st Addition and approved a motion that gives
preliminary approval of the plat for two lots (Block 1, Lots
1 and 2) subject to the eight conditions as recommended by the
Planning Commission exclusive of condition V.
The applicant, Fred Corrigan, has requested that Council review
the proposed road alignment to serve the plat, prior to having
final plat plans drawn. He wants to make certain that it will
be approved by Council when the final plat is discussed.
The attached design was drawn by the City Engineer with a copy
given to Mr. Corrigan to indicate what type of design the City
would accept. The cul-de-sac will serve the two lots.
Recommendation:
Staff recommends approval of the proposed road alignment for
the Fox Run preliminary plat as drawn by the City Engineer.
Action Requested:
Motion by the City Council to approve the proposed road align-
ment for Fox Run 1st Addition as drawn by the City Engineer.
JS:cah
Attachment
Yr?O `SEA._.}� i? ►� 1 s+ Add ►� - IT
j r
)
r R.
15
MEMO TO: John K. Anderson, City Admin.
FROM: Jeanne Andre, Community Development Dir.
RE: Huber Park Trail Restroom Facility.
DATE: April 19, 1984
INTRODUCTION
As previously discussed by City Council, staff has attempted
to provide for an existing watermain to be relocated to allow for
proper siting of the new restroom facility. This memo is to
update Council on their efforts and seek authorization to proceed.
BACKGROUND
Fulton Schleisman prepared an estimate of the proposed work
which came to $5,900.00. Quotes were sought from Consolidated
Plumbing and Heating and F.F. Jedlicki, Inc. The consolidated
quote came in at $10,500.00 with an additional cost to SPUC of
$4,900.00 for work they desire. Jedlicki's quote was $13,261.50
with $1,350.00 for SPUC's additional work. (Copies of quotes
will be provided on request). Since both quotes were signifi-
cantly above the estimate, a new approach was taken. Mr. Jedlicki
was asked to provide a time and materials quote for the City work,
excluding restoration work. This quote is attached and would
cost $5,720.00 if the work takes three days as he estimates.
Fulton recommends that three days is reasonable and the work could
even get done in two days. Of course with a time and materials
approach, the City will pay if problem areas are encountered.
However, the Engineering Department is very comfortable working
with Jedlicki after the success of the Levee Drive project last
year, and recommends this approach as the most cost effective.
Restoration has been removed from the project due to a new
effort currently underway regarding all landscaping for this
project. The site plan provided by Bonestroo provided landscaping
but only related it to the new building, not co the whole site
including the Community Services Building. Consequently, Steve
Hurley has been requested to undertake this total site review,
considering the existing cedar tree. With the new landscaping
proposal, it is recommended that the landscaping element be
removed from the existing construction contract for the building
(as a change order) and the new plan, including grading, sod
restoration and plantings be untaken through quotes by local
landscaper contractors.
REQUESTED ACTION
1] Authorize F.F. Jedlicki to undertake the relocation of
the watermain under the Huber Park Trail Restroom Facility
site, charging for materials and time at an hourly rate of
$130.00 for a three man crew, with materials estimated
to cost $2,600.00.
Huber Park Trail Restroom -Facility
Page 2
April 19, 1984
21 Authorize a change order to remove sod and landscaping
from the current contract for the Huber Park Trail Rest-
room Facility with Consolidated Mechanical Contractors,
and direct staff to solicit quotes to provide these
services for the revised landscape plan.
Pkione: 934-7272
April 18, 1984
City Of Shakopee
129 East 1st Street
Shakopee, Minnesota
Engineering Dept.
F. F. JEDLICKI INC.
SEINER & WATFR CONTRACTOR
EXCAVATING
14203 West 62nd Street
Eden Prairie, Minnesota 55344
5537(-,3
RE: Huber Trail - 10" Watermain Relocate
Dear Mr. Spurrier:
Mobile Tel. 1-977-7247
If we relocated the 10" wa.termain and did it by the
hour we could do it cheaper by the hour than by our original.
bid. With a three man crew, a backhoe, and tools, we should
be able to complete the job in three days.
We would charge 7130.00 per hour. Ivinterial will run about
$2,600.00. We are not including any blacktop or sod restoration.
Sincerely, r
Frank F. Jed.ki
F.F. Jedlicki, Inc.
FFJf llg
R
MEMO TO: John K. Anderson/City Administrator
FROM: Stephen Hurley/Engineering Technician
RE: Computer System Cost
DATE: April 16, 1984
Introduction:
Computer system hardware, software, networking equipment and
printers are currently on order from two vendors. There are a
few modifications to Council's motion of 3-19-84.
Background:
Office Products Tele -Terminals
3 Micro Computers & Related
Computer Hardware $ 9,988.00
Computer Software 25248.00
Micronet Equipment 1,510.00
2 Printers $3,674.00
TOTAL: $13,746.00 $3,674.00
GRAND TOTAL: $17,420.00
The above tabulation reflects the specific purchases from Tele -
Terminals and Office Products. It also reflects a temporary
postponement of $5,475.00 in purchases from the total purchase
approved by Council 3-19-84 which was $22,895.00. The postpone-
ment of the purchase of certain equipment and software is to allow
for a brief shakedown period.
Recommendation:
Staff recommends that Council's 3-19-84 motion authorizing a
$22,895.00 purchase of computer equipment and hardware be amended
to more accurately reflect the actual purchase orders to Tele -
Terminals and Office Products. The final follow-up purchase will
come before Council for future action when appropriate.
Actions Requested:
Pass a motion amending Council's 3-19-84 motion to purchase
$22,895.00 in computer equif
and Office Products to rest
zing the purchase of 3 micrc
hardware, computer software
Products at $13,746.00 and t
Tele -Terminals at $3,674.00.
SH:cah
ment and soft
to the specif
computers an
and micronet
o purchase tw
ware from Tele -Terminals
is purchase as authori-
d related computer
equipment from Office
o printers from
0
MEMO TO: John K. Anderson, City Administrator
FROM: Jeanne Andre, Community Development Director
RE: Consulting Services From Westwood
Planning and Engineering.
DATE: April 19, 1984
INTRODUCTION
City Staff has been working with MnDOT Staff to urge some
action on the "mini by-pass" proposed in the Downtown Concept
Plan. Although MnDOT has generally been favorable, the most
recent meeting with Assistant District Engineer Duane Brown
raised issues which must be resolved before further action is
possible.
BACKGROUND
MnDOT funding level has been in question while the State
Legislature has been considering whether to allow early trans-
fer of excise tax revenues to the highway fund. With this
uncertainty MnDOT Staff are very cautious about encouraging,
or even considering, new projects. They have stated their
willingness to fund bridge improvements but are reluctant to
consider funding for the other two elements of the City's
"mini by-pass" plan. To look at any involvement with the plan,
they want more refined geometric design plans then are presented
in the current concept plan.
The City Engineering Department is not in a position to
provide such work at this time, so a quote for services was
requested from Westwood Planning and Engineering. Their response
is attached. Since the desire at this point is not to proceed
through the environmental assessment worksheet unless we have
MnDOT support, Mr. Anderson was requested to provide a not -to -
exceed figure which would provide the documentation requested by
MnDOT. He recommended doing $7,340.00 in base mapping plus Engineer-
ing services at an hourly rate not to exceed $4,000.00 for a
total cost of $11,340. This will be charged against the improve-
ment project if it does in fact occur. It is recommended that
the expenditure be charged against the Downtown Tax -Increment
District for planning if an improvement project does not occur.
RECOMMENDED ACTION
The Downtown Committee considered this issue at its April
18, 1984 meeting and passed the following motion:
7
Consulting Services From Westwood
Planning and Engineering
Page 2
April 19, 1984
Link/Steel moved to recommend to City Council that they
authorize"Westwood Planning and Engineering to prepare the con-
tour maps for the amount of $7,340.00 and to expend up to
$4,000.00 on an hourly rate basis to prepare the preliminary
geometric designs and information requested by the State for the
"mini by-pass".
REQUESTED ACTION:
Concur with Downtown Committee recommendation to authorize
Westwood Planning and Engineering to prepare the contour maps
for the amount of $7,340.00 and to expend up to .$4,000.00 on an
hourly rate basis to prepare the preliminary geometric designs
and information requested by the State for the "mini by-pass".
Motion carried.
JA/bn
Att.
WESTWC}Oi�
PLANNING & ENGINEERING COMPANY
April 12, 1984
Mr. John Anderson
City of Shakopee` , iJ�a
129 East First Avenue
Shakopee, MN 55379
RE: Shakopee Traffic Study
Dear Mr. Anderson:
At our meeting yesterday, you asked that I summarize the current status
of the downtown traffic situation in light of our recent conversations
with MnDOT and the potential impact of racetrack traffic. A key element
in Shakopee's Downtown Plan has been reconstruction of the TH 169-101
intersection to reduce the negative impacts of this bottleneck on Shakopee's
business community. Adoption of this plan will commit the city to agres-
sively seek ways and means of relocating and improving this major access
into downtown.
Funding and construction of state highways has undergone subtle changes
over the last ten years. While it is still possible to sit back and wait
for MnDOT to find a problem and correct it using their funding resources,
this process can literally take forever. A much larger share of the state's
budget must be spent for maintenance and repair activities. Because of
mandated staff reductions, there are fewer professionals available to
conduct studies, prepare preliminary planning, and to "shepard" projects
through the planning/programming/design/approval phases.
The state's reaction to this "do more with less" mandate has been to shift
the leadership role to local communities in some instances. If the City
of Shakopee is committed to reconstruction of TH 169/101 and construction
of the Shakopee bypass, we recommend that you take an assertive position
in advancing these projects through each stage of the process toward con-
struction. This will involve a commitment of staff time, development of
political support for your needs, and production of the necessary support
information and documentation in a timely manner. We continue to offer our
services as a consultant to the city for these projects.
Up to this point, Shakopee has maintained a good level of momentum in pur-
suing both of these projects. The Shakopee Bypass EIS has been approved
and right-of-way funds have been requested from the Metropolitan Council.
The state's 1986 - 1989 construction program acknowledges the Shakopee
bypass. We have had a number of meetings with MnDOT to discuss the poten-
tial of downtown improvements. Westwood has provided you proposals for
advancing the Downtown Study into its implementation phase and we have
proposed a process to implement the highway reconstruction in the 1st Avenue
corridor. On behalf of the city, we have negotiated for the necessary base
mapping and survey work to accomplish these tasks.
7415 W.AYZATA BOULEVARD, MINNEAPOLIS, MINNESOTA 55426 (612) 546.0155
rI
Mr. John Anderson
April 12, 1984
Page 2
MEETINGS WITH MnDOT
The city staff and Westwood have met with MnDOT, District 5, to discuss
their position and possible assistance in reconstruction of TH 169/101.
In meeting with Bill Crawford, District Engineer, he indicated a coopera-
tive and helpful attitude, acknowledging the state's desire to mitigate
traffic problems at this intersection in cooperation with the city. A
number of important questions were raised in our discussions, including
the feasibility and costs of these improvements and possible funding
sources. The city requested that MnDOT evaluate the Downtown Study Pro-
posal and a meeting was held on March 20th with the assistant district
engineer to develop an implementation process. A number of key issues
were discussed:
® This project is contained in none of the state's present construc-
tion programs. Therefore, any state or federal funding by MnDOT
would require that the project be "inserted" into the program,
which could delay a number of projects which are prioritized.
One project which might be affected by this delay would be the
Shakopee bypass.
o Widening of the Minnesota River bridge is an important element of
improving this access to Shakopee. Because river clearance under
the existing bridge does not meet US Army Corps of Engineers stan-
dards for a navigable waterway, a number of approvals are required
to allow this improvement.
m Depending on the design selected, improvement to the bridge and
bridge approaches could also require a number of "watchdog agency"
approvals for work in the floodplain, riverbottom and other environ-
mentally sensitive areas.
a The state felt that funding of the bridge widening is appropriately
a state responsibility. Timely funding of improvements south of
the bridge might not be easily attained from MnDOT sources. The
assistant district engineer made a strong case for the city's finan-
cial involvement in realignment of the state highway south of the
river. This is a matter of delicate negotiation and almost certainly
will involve some locally -generated monies. However, some of the
city's state and federal aid funds might be eligible for assignment
to this work (note that these are not "new" funds, but merely an
assignment of entitlement revenues).
a The state will make a more specific response to these items if
requested by the city's engineering staff. However, they requested
that specific geometries be proposed by the city for their review
and feasibility evaluation.
Mr. John Anderson
April 12, 1984
Page 3
RACETRACK TRAFFIC
As you requested, we have made a cursory review of Barton-Aschman's traffic
estimates in the racetrack Environmental Impact Statement. As you know,
we provided Barton-Aschman with our traffic engineering data from the
Downtown Study and this information was supplemented by their estimates
of racetrack -generated traffic demand.
Since race schedules are carefully designed to avoid the normal morning
and evening rush hour time periods, peak operation of the TH 169/101 inter-
section should not be affected to any great degree. However, weekday
evening races (beginning at 8 p.m.) will have some affect on peak hour
movements because employees will be coming to work during the evening
rush hour. The EIS does not quantify the impact of racetrack employees
or movement of horsetrailers to the site under those conditions.
Weekday afternoon races will disgorge patrons between 7:30 and 8:30 p.m.
This traffic will represent the maximum impact of racetrack traffic on
the TH 169/101 intersection. We anticipate that congestion levels will
be slightly higher than those presently experienced during the peak hours.
We also expect congestion during the 1:00 to 2:00 p.m. inbound peak and
the 6:00 to 7:00 p.m. outbound peak for weekend races.
From the data presented, it does not appear that racetrack traffic will
present an insurmountable traffic problem at the intersection of TH 169/101.
However, since the racetrack will be in operation by next summer, the
urgency of improving this intersection to relieve congestion in downtown
Shakopee is increased and we recommend that this program be advanced as
rapidly as possible.
WHERE ARE WE?
The Downtown Committee is in its final review process of the Downtown
Revitalization Program. A position has already been established in support
of the TH 169/101 improvement and implementation of that proposal is a
key element of the plan.
The city has a proposal from Boerhave, Assoc., and Mark Hurd Aerial Surveys
to provide base mapping and 1 foot contour lines for the downtown area,
including the necessary contours for the highway improvement. Aerial
photography has been completed. The surveyor must now provide horizontal
control information and spot elevations so that Mark Hurd can prepare one
foot contour maps from the photographs. The cost of these items is
$7,340 and we recommend that this work be authorized as soon as possible.
In our letter of January 12,
the downtown study into its
the following key elements:
1984, we outlined a proposal for advancing
implementation stage. That proposal involved
I
I
Mr. John Anderson
April 12, 1984
Page 4
o Prepare detailed base maps to an accuracy of 0.10 feet
a Select and identify the design elements for downtown area improve-
ments, including street furniture, signing elements, sidewalks and
walkways, roadways and parking areas, and landscape features
a Preparation of implementation plans for a specific improvement (the
2nd Avenue parking lot)
Concurrently with this, we proposed that Westwood Planning & Engineering
prepare a FeasibiliLy Study and an Environmental Assessment Worksheet for
the road improvements.
A major cost element in the January 12 proposal involved survey work to
provide an accurate basis for design. Because of the large commitment of
manhours to provide accurate base maps, we evaluated and recommended an
alternative proposal using aerial photography techniques to provide 1 foot
contours for preliminary design and deferring the more accurate ground
surveying until specific projects require that level of accuracy. Therefor,
we recommend that the following actions be authorized by the city:
o Boerhave be authorized to complete the 1 foot contour maps for a
contract amount of $7,340
Westwood Planning & Engineering be authorized to continue working
with the downtown committee to prepare limited preliminary design
elements for development of the downtown area at a cost of $5,000
a Westwood be authorized to prepare the feasibility and scoping docu-
ments and an Environmental Assessment Worksheet for relocation of
TH 101 and reconstruction of the TH 169/101 intersection for an
amount of $15,000
As an alternative to the second and third items, we are willing to advance
this project by working on an hourly basis to prepare the preliminary
geometric designs and other information requested by the state, based on
the 1 foot contour maps.
Yours truly,
WESTWOOD PLANNING & ENGINEERING COMPANY
Kenneth W. Anderson, P.E.
KWA/dg