88-7414R84
RESOLUTION N0. 1414
A RESOLUTION AWARDING THE SALE OF $1,900,000
GENERAL OBLIGATION REDEVELOPMENT BONDS, SERIES 1988A;
.FIXING THEIR FORM AND SPECIFICATIONS; _
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the City Council of the City of Richfield, Hennepin
County, Minnesota, (City) as follows:
Section 1. Sale of Bonds.
1.01. The bid of Dain Bosworth, Inc. (Purchaser) to purchase
$1,900,000 General Obligation Redevelopment Bonds, Series 1988 (Bonds) of
the City described in the Official Notice of Sale thereof is hereby found +
and determined to be the highest and best bid received pursuant. to duly
advertised notice of sale and shall be and is hereby accepted, such bid
being to purchase the Bonds at a price of $1,883,470 plus accrued interest
to date of delivery, for Bonds bearing interest as follows:
Year Rate Year Rate
1989 4.70 1994 5.702
1990 4.90 1995 5.90
1991 5.10 1996 6.10.
1992 5.30 1997 6.25
1993 5.50 1998 6.40
Net effective interest rate: 6.1037
1.02. The sum of $2,470 being the amount bid by the Purchaser in
excess of $1,881,000, shall be credited to the Debt Service Fund herein-
after referred to in Section 4. The City Finance Director is directed to
deposit the good faith check of the Purchaser pending completion of the
sale and delivery of the Bonds, and to return the checks of the unsuccess-
ful bidders forthwith. The Mayor and City Manager are directed to execute a
contract with the Purchaser on behalf of the City.
1.03. The City shall forthwith issue and sell the Bonds in the total
principal amount of $1,900,000, originally dated May 1, 1988, in the
denomination of $5,000 each or stny integral multiple thereof, numbered
No. R-1 upward, bearing interest as above set forth, and which Bonds mature
serially on February 1 in the years and amounts as follows:
YEAR AMOUNT YEAR AMOUNT
1989 $150,000 1994 $200,000
1990 150,000 1995 200,000
1991 150,000 1996 225,000
1992 175,000 1997 225,000
1993 175,000 1998 250,000
1.04. Optional Redemptio
and on any interest payment d
February 1, in the years 1997
part of the bonds subject to
Bonds remaining unpaid which h
first. If only part of the Bc
for prepayment the specific Bc
the Registrar. All prepaymen
interest.
Section 2. Re~tistration
The City may elect on February 1, 1996,
to thereafter, to prepay Bonds maturing on
nd 1998.. Redemption may be in whole or in
repayment. If redemption is in part, those
~e the latest maturity date will be prepaid
ds having a common maturity date are called
ds to be prepaid will be chosen by lot by
a shall be at a price of par plus accrued
Payment.
2.01. Registered Form. IThe Bonds shall be issued only in fully
registered form. The interest thereon and, upon surrender of each Bond,
the principal amount thereof (hall be payable by check or draft issued. by
the Registrar described herein.
2.02. Dates; Interest Pad
the last interest payment dat
which interest on the Bond ha
unless (i) the date of authent:
interest has been paid or mad
Bond shall be dated as of the
authentication is prior to the
such Bond shall be dated as of
the Bonds shall be payable on
mencing February 1, 1989, to th
business on the fifteenth day
or not such day is a business d
went Dates. Each Bond shall be dated as of
e preceding the date of authentication to
s been paid or made available for payment,
cation is an interest payment date to which
available for payment, in which case such
late of authentication, or (ii) the date of
first interest payment date, in which case
the date of original issue. The interest on
February 1 and August 1 of each year, com-
e owner of record thereof as of the close of
~f the immediately preceding month, whether
2.03. Registration. The'i City shall appoint, and shall maintain, a
bond registrar, transfer agent, authenticating agent and paying. agent
(Registrar). The effect of reg$istration and the rights and duties of the
City and the Registrar with res',pect thereto shall be as follows:
(a} Register. The
rate trust office a bond
for the registration of
transfers and exchanges
ferred or exchanged.
(b) Transfer of Bond
duly endorsed by the reg
written instrument of tran
duly executed by the regia
authorized by the registe
authenticate and deliver,
transferees, one or more
amount and maturity, as r
may, however, close the b.
the fifteenth day of the
and until such interest pa
istrar shall keep at its principal corpo-
ister in which the Registrar shall provide
iership of Bonds and the registration of
Bonds entitled. to be registered, trans-
s. Upon surrender for transfer of any Bond
istered owner thereof or accompanied by a
sfer, in form satisfactory to the Registrar,
~tered owner thereof or by an attorney duly
.red owner in writing, the Registrar shall
in the name of the designated transferee or
new Bonds of a like aggregate principal
equested by the transferor. The Registrar
Woks for registration of any transfer after
month preceding each interest payment date
yment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered by
the registered owner for exchange the Registrar shall authenticate and.
deliver one or more new Bonds of a like aggregate principal amount and
maturity, as requested by the registered owner or the owner's attorney
in writing.
(d) Cancellation. All Bonds surrendered upon any transfer or
exchange shall- be promptly cancelled by the Registrar and thereafter
disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When any Bond is pre-
sented to the Registrar for transfer, the Registrar may refuse to
transfer the same until it is satisfied that the endorsement on such
Bond or separate instrument of transfer is valid and genuine and that
the requested transfer is legally authorized. The Registrar shall
incur no liability for the refusal, in good faith, to make transfers
which it, in its judgment, deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat
the person in whose name any Bond is at any time registered in the
bond register as the absolute owner of such Bond, whether such Bond
shall be overdue or not, for the purpose of receiving payment of, or
on account of, the principal of and interest on such Bond and for all
other purposes, and alI such payments so made to any such registered
owner or upon the owner's order shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of
Bonds, the Registrar may impose a charge upon the owner thereof suffi-
cient to reimburse the Registrar for any tax, fee or other govern-
mental charge required to be paid with respect to such transfer or
exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any
Bond shall become mutilated or be destroyed, stolen or lost, the
Registrar shall deliver a new Bond of like amount, number, maturity
date and tenor in exchange and substitution for and upon cancellation
of any such mutilated Bond or in lieu of and in substitution for any
such Bold destroyed, stolen or lost, upon the payment of the reason-
able expenses and charges of the Registrar in connection therewith;
and, in the case of a Bond destroyed, stolen or lost, upon filing with
the Registrar of evidence satisfactory to it that such Bond was
destroyed, stolen or lost, and of the ownership thereof, and upon
furnishing to the Registrar of an appropriate bond or indemnity in
form, substance and amount satisfactory to it, in which both the City
and the Registrar shall be named as obligees. All Bonds so sur-
rendered to the Registrar shall be cancelled by it and evidence of
such cancellation shall be given to the City. If the mutilated,
destroyed, stolen or lost Bond has already matured or been called for
redemption in accordance with its terms it shall not be necessary to
issue a new Bond prior to payment.
(i) Redemption. In
redemption, notice thereo~
be given by the Registrar
by first class mail (post
than 30 days prior to thel
owner of each Bond to be ~
tration books kept by the
the manner required by lai
tion or by mail to any re
not affect the validity or
All Bonds so called for r
the specified redemption d
tion are on deposit with t
2.04. Appointment of In:
National City Bank, Minneapoli
Mayor and the City Manager are
of the City, a contract with
of the Registrar with another
a bank or trust company suthc
corporation shall be authorize
agrees to pay the reasonable a~
services performed. The City
upon 30 days' notice and upon
which event the predecessor Re
its possession to the succef
register to the successor RE
interest due date, without f
Director shall transmit to the
of all principal and interest ~
the event any of the Bonds are called for
identifying the Bonds to be redeemed will
by mailing a copy of the redemption notice
sge prepaid) not more than 60 and not less
date fixed for redemption to the registered
-edeemed at the address shown on the regis-
Registrar and by publishing said notice in
~. Failure to give such notice by publica-
gistered owner, or any defect therein, will
any proceeding for the redemption of Bonds.
edemption will cease to bear interest after
ate, provided that the funds for the redemp-
he place of payment at that time.
teal Registrar. The City hereby appoints
;, Minnesota, as the initial Registrar. The
authorized to execute and deliver, on behalf
he Registrar. Upon merger or consolidation
:orporation, if the resulting corporation is
sized by law to conduct such business, such
3 to act as successor Registrar. The City
d customary charges of the Registrar for the
reserves the right to remove the Registrar
:he appointment of a successor Registrar, in
;istrar shall deliver all cash and Bonds in
nor Registrar and shall deliver the bond
;istrar. On or before each principal or
,rther order of this Council, the Finance
Registrar moneys sufficient for the payment
hen due.
2.05. Execution, Authent'~ication and Delivery. The Bonds shall be
prepared under the direction of the City Clerk and shall be executed on
behalf of the City by the sig' atures of the Mayor and the City Manager,
provided that all signatures may be printed, engraved or lithographed
facsimiles of the originals. ', In case any officer whose signature or a
facsimile of whose signature shall appear on the Bonds shall cease to be
such officer before the delivery of any Bond, such signature or facsimile
shall nevertheless be valid ands! sufficient for all purposes, the same as if
•the officer had remained in o~fice until delivery. Notwithstanding such
execution, no Bond shall be vapid or obligatory for any purpose or entitled
to any security or benefit unde~lr this Resolution unless and until a certif-
icate of authentication on such Bgnd has been duly executed by the manual
signature of an authorized representative of the Registrar. Certificates
of authentication on differentjBonds need not be signed by the same repre-
sentative. The executed certificate of authentication on each Bond shall
be conclusive evidence that it'has been authenticated and delivered under
this Resolution. When the Bonds have been so prepared, executed and
authenticated, the Finance Dire~,ctor shall deliver the same to the Purchaser
thereof upon payment of the purchase price in accordance with the contract
of sale heretofore made and ',executed, and the Purchaser shall not be
obligated to see to the applica~,tion of the purchase price.
2.06. Temporary Bonds.` The City may elect to deliver in lieu of
printed definitive Bonds, one or more typewritten Bonds in substantially
the form set forth in Section 3 with such changes as may be necessary to
reflect more than one maturity in a single temporary Bond. Upon the
execution and delivery of definitive Bonds the temporary Bonds shall be
exchanged therefor and cancelled.
Section 3. Form of Bond.
3.01. The Bonds shall be printed in substantially the following form:
[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION REDEVELOPMENT BOND, SERIES 1988A
Date of
Rate Maturity Original Issue CUSIP
z
May 1, 1988
No. R- ~
The City of Richfield, a duly organized and existing municipal corpo-
ration in Hennepin County, Minnesota (City), acknowledges itself to be
indebted and for value received hereby promises to pay to
or registered assigns, the principal sum of ~ on the maturity date
specified above with interest thereon from the date hereof at the annual
rate specified above, payable February 1 and August 1 in each year, commen-
cing February 1, 1989, to the person in whose name this Bond is registered
at the close of business on the fifteenth day (whether or not a business
day) of the immediately preceding month. The interest hereon and, upon
presentation and surrender hereof, the principal hereof are payable in
lawful money of the United States of America by check or draft by
National City Bank, Minneapolis, Minnesota, as Bond Registrar, Paying
Agent, Transfer Agent and Authenticating Agent, or its designated successor
under the Resolution described herein. For the prompt and full payment of
such principal and interest as the same respectively become due, the full
faith and credit and taxing powers of the City have been and are hereby
irrevocably pledged.
The City may elect on Fel
date thereafter, to prepay Bonc
the years 1997 and 1998. Red
Bonds subject to prepayment.
remaining unpaid which have the
If only part of the Bonds hay
prepayment the specific Bonds
Registrar. All prepayments sha
est. In the event any of th
thereof identifying the Bonds t
by mailing a copy of the reds
prepaid) not more than 60 and n
for redemption to the register
address shown on the registrE
publishing said notice in the m
notice by publication or by mF
therein, will not affect the vF
of Bonds. All Bonds so called
after the specified redemptio
redemption are on deposit with
~ruary 1, 1996, and on any interest payment
s of this issue maturing on February 1, in
emption may be in whole or in part of the
If redemption is in part, those Bonds
latest maturity date will be prepaid first.
ing a common maturity date are called for
to be prepaid will be chosen by lot by the
11 be at a price of par plus accrued inter-
e Bonds are called for redemption, notice
~ be redeemed will be given by the Registrar
mption notice by first class mail (postage
~t less than 30 days prior to the date fixed
:d owner of each Bond to be redeemed at the
tion books kept by the Registrar and by
inner required by law. Failure to give such
it to any registered owner, or any defect
lidity of any proceeding for the redemption
for redemption will cease to bear interest
z date, provided that the funds for the
:he place of payment at that time.
The City Council has designated the bonds of this issue as "qualified
tax exempt obligations" within the meaning of Section 265(b)(3) of the
Internal Revenue Code of 1986 (Code) and within the $10,000,000 limit
allowed by the Code for the calendar year of issue.
Additional provisions of t~;his Bond are contained on the reverse hereof
and such provisions shall for Fall purposes have the same effect as though
fully set forth in this place.
This Bond shall not be valid or become obligatory for any purpose or
be entitled to any security or benefit under the Resolution until the
Certificate of Authentication hereon shall have been executed by the Bond
Registrar by manual signature o'f one of its authorized representatives.
IN WITNESS WHEREOF, the Ci~,ty of Richfield, Hennepin County, Minnesota,
by its City Council, has caused this Bond to be executed on its behalf by
the facsimile signatures of the Mayor and City Manager and has caused this.
Bond to be dated as of the date, set forth below.
Dated:
(facsimile)
City Manager
CERTIFICATE OF
This is one of the Bonds
mentioned within.
CITY OF RICHFIELD, MINNESOTA
(facsimile)
Mayor
AUTHENTICATION
delivered pursuant to the Resolution
By
Authorized Representative
[Reverse of the Bond]
This Bond is one of an issue in the aggregate. principal amount of
$1,900,000, all of like original issue date and tenor, except as to number,
maturity date, redemption privilege, and interest rate, issued pursuant to
resolutions adopted by the City Council on December 2, 1985 and April 25,
1988 (the Resolutions), for the purpose of providing money to aid in
permanently financing the public redevelopment costs. of a project in a Tax
Increment Financing District (District) in the City, pursuant to Minnesota
Statutes, sections 469.174 througf~ 469.179, the Minnesota Tax Increment
Financing Act, and the principal. hereof and interest hereon are payable
primarily from tax increments resulting from increases in assessed valua-
tion of real property in the District, all as set forth in the Resolutions
to which reference is made for a full statement of rights and powers
thereby conferred. The full faith and credit of the City are irrevocably
pledged for payment of this Bond, and the City Council has obligated itself
to levy taxes on all of the taxable property in the City in the event of
any deficiency of tax increments pledged, which taxes may be levied without
limitation as to rate or amount. The bonds of this issue are issued only
as fully registered bonds in denominations of X5,000 or any integral
multiple thereof of single maturities.
As provided in the Resolutions and subject to certain limitations set
forth therein, this Bond is transferable upon the books of the City at the
principal office of the Bond Registrar, by the registered owner hereof in
person or by the owner's attorney duly authorized in writing upon surrender
hereof together with a written instrument of transfer satisfactory to the
Bond Registrar, duly executed by the registered owner or the owner's
attorney; and may also be surrendered in exchange for Bonds of other
authorized denominations. Upon such transfer or exchange the City will
cause a new Bond or Bonds to be issued in the name of the transferee or
registered owner, of the same aggregate principal amount, bearing interest
at the same rate and maturing on the same date, subject to reimbursement
for any tax, fee or governmental charge required to be paid with respect to
such transfer or exchange.
The City and the Bond Registrar may deem and treat the person in whose
name this Bond is registered as the absolute owner hereof, whether this
Bond is overdue or not, for the purpose of receiving payment and for all
other purposes, and neither the City. nor the Bond Registrar shall be
affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Charter of the City and the Constitu-
tion and laws of the State of Minnesotg to be done, to exist, to happen and
to be performed preliminary to and in the issuance of this Bond in order to
make it a valid and .binding general obligation of the City in accordance
with its terms, have been done, do exist, have happened and have been
performed as so required, and that the issuance of this Bond does not cause
the indebtedness of the City to exceed any constitutional, statutory or
charter limitation of indebtedness.
(Form of certificate to
following a full copy of the
printed on the reverse side of each Bond,
1 opinion.)
I certify that the above is a full, true and correct copy of the legal
opinion rendered by bond coun~~sel on the issue of Bonds of the City of
Richfield, Minnesota, which includes the within Bond, dated as of the date
of delivery of and payment forthe Bonds.
(facsimile signature)
City Clerk
The following abbreviations, when used in the inscription on the face
of this Bond, shall be construed as though they were written out in full
according to applicable laws or~~, regulations:
TEN COM -- as tenants UNIF GIFT MIN ACT Custodian
in common '~, (Gust) (Minor)
TEN ENT -- as tenants
by entireties under Uniform Gifts or
i Transfers to Minors
JT TEN -- as point tenants with
right of survivorshipl'~and Act .
not as tenants in common (State)
Additional abbreviati',ons may also be used though not in the above
Iist.
II ASSIGNMENT
For value received, the undersigned hereby sells, assigns and trans-
fers unto __ !,
tn,e witnin ~sond and all rights thereunder, and
does hereby irrevocably constitute and appoint
attorney to transfer the saidi,Bond on the books kept for registration of
the within Bond, with full power of substitution in the premises.
Dated:
Notice: The assign',or's signature to this assignment must
correspond with the name as it appears upon the face of
the within Bond in every particular, without alteration
or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond unless the
information concerning the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if
this Bond is held by joint account.)
Please insert social security or
other identifying number of assignee
3.02. The City Clerk shall obtain a copy of the proposed approving
legal opinion of LeFevere, Lefler, Kennedy, O'Brien b Drawz, a Professional
Association, Minneapolis, Minnesota, which shall be complete except as to
dating thereof and shall cause the opinion to be printed on each Bond,
together with a certificate to be signed by the facsimile signature of the
City Clerk in substantially the form set forth in the form of Bond. The
City Clerk is hereby authorized and directed to execute such certificate in
the name of the City upon receipt of such opinion and to file the opinion
in the City offices.
Section 4. Security: Payment.
4.01. The Bonds are issued to permanently finance Public Redevelop-
ment Costs incurred and to be incurred in the ILN Redevelopment Project
Area. The Bonds are issued pursuant to Resolution No. 7123 of December 2,
1985 (Particularly Section 4 thereof) (Prior Resolution) and this Resolu-
tion for the purpose of refunding the City's $18,675,000 General Obligation
Temporary Redevelopment Bonds, Series 1985 all as part of a common plan of
financing of Public Redevelopment Costs in the Project Area.
4.02. The Bonds are payable from the ILN Tax Increment Bond Debt
Service Fund (Debt Service Fund) created by the Prior Resolution. All the
increments (Tax Increments). from the Project Area received by the City
pursuant to the Tax Increment Agreement dated December 2, 1985, between the
City and the Housing and Redevelopment Authority in and for the City of
Richfield are pledged to the Debt Service Fund to the extent necessary to
pay principal and interest on the Bonds. If any payment of principal of or
interest on the Bonds becomes due when there is not sufficient money in the
Debt Service Fund to pay the same, the Finance Director shall pay such
principal and interest from the general fund of the City and the general
fund shall be reimbursed for such advances out of the proceeds of Tax
Increments when received or from the proceeds of ad valorem taxes which the
City covenants to levy in the event of any deficiency in tax increments
available for debt service. The full faith, credit and taxing powers of
the City are hereby pledged to the payment of the Bonds.
4.03. From the proceeds <
redeem the Temporary Bonds sha:
purpose.
4.04. It is hereby Bete
Increments for payment of prin
at least five percent in excess
principal and interest payment
at this time. The City Clerk
Resolution with the Director
obtain the certificate require
Section 5. Authenticat
5.01. The officers of the
prepare and furnish to the Pu
same, certified copies of proc
the Bonds and to the financial
other certificates, affidavits
the facts within their knowled
their custody and under their c
ability of the Bonds and such
nished, shall be deemed repress
therein.
the Bonds the sums necessary to prepay and
be applied by the Finance Director to that
mined that the estimated collection of Tax
ipal and interest on the Bonds will produce
of the amount needed to meet, when due, the
on the Bonds and that no tax levy is needed
.s directed to file a certified copy of this
f Property Taxation of Hennepin County and
by Minnesota Statutes, Section 475.63.
of Transcript.
City are hereby authorized and directed to
~chasez and to the attorneys approving the
:edings and records of the City relating to
condition and affairs of the City, and such
and transcripts as may be required to show
;e or as shown by the books and records in
~ntrol, relating to the validity and market-
instruments, including any heretofore fur-
ntations of the City as to the facts stated
5.02. The Mayor, City Manager and Finance Director aze hereby author-
ized and directed to certify th'~,at they have examined the Official Statement
prepared and circulated in connection with the issuance and sale of the
Bonds and that to the best of their knowledge and belief said Statement is
a complete and accurate representation of the facts and representations
made therein as of the date. of the Official Statement.
5.03. The Temporary Bonds are called for prepayment and redemption on
June 1, 1988. The actions of, the City Clerk in publishing a notice of
redemption for the Temporary Bonds and notifying the Bond Registrar for the
Temporary Bonds are ratified an~'~d confirmed.
Sec. 6. Special Tax C
6.01. (a) The City cove
to time of the Bonds that it
its officers, employees or ages
on-the Bonds to become subject
of 1986, as amended (Code),
thereunder, in effect at the t:
cause its officers, employees
within its power that may be
not become subject to taxati
Regulations, as presently exis
cable to the Bonds.
pants and. agrees with the holders from time
.11 not take or permit to be taken by any of
is any action which would cause the interest
to taxation under the Internal Revenue Code
and. the Treasury Regulations promulgated
ne of such actions, and that it will take or
or agents to take, all affirmative action
iecessary to ensure that such interest will
n under the Code and applicable Treasury
ing or as hereafter amended and made appli-
(b) The City will comply with requirements necessary under the
Code to establish and maintain the exclusion from gross income under
Section 103 of the Code of `the interest on the Bonds, including without
limitation requirements relating to temporary periods for investments,
limitations on amounts invested at a yield greater than the yield on the
Bonds, and the rebate of excess investment earnings to the United States if
the Bonds (together with other obligations reasonably expected to be issued
in calendar year 1988) exceed the small-issuer exception. amount of
55,000,000. For purposes of qualifying for the small issuer exception to
the federal arbitrage rebate requirements, the City hereby finds, deter-
mines and declares that the aggregate face amount of all tax-exempt bonds
(other than private activity bonds issued by the City (and all subordinate
entities of the City) during the calendar year in which the Bonds are
issued and outstanding at one time is not reasonably expected to exceed
55,000,000, all within the meaning of Section 148(f)(4)(C) of the Code.
6.02. The City further covenants not to use the proceeds of the Bonds
or to cause or permit them or any of them to be used, or to enter into any
agreement with a non-exempt person, in such a manner as to cause the Bonds
to be "private activity bonds" within the meaning of Sections 103 and 141
through 150 of the Code.
6.03. In order to qualify the Bonds as "qualified tax-exempt oblige- '
lions" within the meaning of Section 265(b)(3) of the Code, the City hereby '
makes the following factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in
Section 141 of the Code;
(b) the City hereby designates the Bonds as "qualified tax-ex-
empt obligations" for purposes of Section 265(b)(3) of the Code.
(c) the reasonably anticipated amount of tax-exempt obligations
(other than private activity bonds, treating qualified 501(c)(3) bonds
as not being private activity bonds) which will be issued by the City
(and all subordinate entities of the City) during calendar year 1987
will not exceed 510,000,000; and
(d) not more than 510,000,000 of obligations issued by the City
during calendar year 1988 have been designated for purposes of Section
265(b)(3) of the Code.
Passed by the City Council of the City of Richfield,
May, 1988. ,
At~t
omas Ferber, Clerk
am
nesota ~is ~ day of
yor