87-7328R102
RESOLUTION N0. 7328
A RESOLUTION AWARDING THE SALE OF $1,080,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1987;
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.
I.O1. The bid of Piper Jaffrav & Hopwood (Purchaser) to
purchase $1,080,000 General Obligation Improvement Bonds of 1987 (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 $ 1,063,044 pies accrued
interest to date of delivery, for Bonds bearing interest as follows:
Year of Interest Year of Interest
Maturity Rate Maturity Rate
1989 4 • 7 S % 1999 6.60
1990 S . 00% 2000 6 . 70%
1991 5.20% 2001 6.80%
1992 5. 4 0% 2002 6. 9 0
1993 5 . 6 0 % 2003 7 . 00
1994 5 . 8 0 % 2004 7 . 10
1995 6.00% 2005 7 , 20%
1996 6 . 15 % 2006 7 , 2 5 %
1997 6.25% 2007 7.25%
1998 6. 4 0% 2008 7. 2 5
Net effective interest rate• 6.8621%
1.02. The sum of $ 1,9 4 4 being the amount bid by the Purchaser in
excess of $1,061,100 shall be credited to the Debt Service Fund hereinafter
created. The City Treasurer is directed to retain the good faith check of
the Purchaser pending completion .of the sale and delivery of the Bonds, and
to return the checks of the unsuccessful bidders forthwith. The Mayor and
City Clerk are directed to execute a contract with the Purchaser on behalf
of the City.
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i.03. The City shall fc
principal amount of $1,080,0(
denomination of $5,000 each c
R-1 upward, bearing interest
serially on~February 1 in the
thwith issue and sell the Bonds in the total
originally dated September 1, 1987, in the
any integral multiple thereof, numbered No.
is above set forth, and which Bonds mature
ears and amounts as follows:
Year Amount Year Amount
1989 $80,000 1999 $50,000
1990 75,00( 2000 50,000
1991 75,000 2001 50,000
1992 50,000 2002 50,000
1993 50,000 2003 50,000
1994 50,000 2004 50,000
1995 50,000 2005 50,000
1996 50,000, 2006 50,000
1997 50,000 2007 50,000
1998 50,0001 2008 50,000
1.04. Optional Redemotio~. The City may elect on February 1, 1997
and on any interest payment dat~l thereafter, to prepay Bonds maturing on or
after February I, 1998. Redemption may be in whole or in part of the Bonds
subject to prepayment. If re emption is in part, those Bonds remaining
unpaid which have the latest m~turity date will be prepaid first. If only
part of the Bonds having a common maturity date are called for prepayment
the specific Bonds to be prepaid will be chosen by Iot by the Registrar.
All prepayments shall be at a price of par plus accrued interest.
Section 2. Registration and Pavment.
2.01. Registered Form. The Bonds shall be issued only in fully
registered•form. The interest thereon and, upon surrender of each Bond,
the principal amount thereof s~all be payable by check or draft issued by
the Registrar described herein.)
2.02. Dates; Interest Payt
the last interest payment date
which interest on the Bond has
unless (i) the date of authentic
interest has been paid or made
Bond shall be dated as of the d
authentication is prior to the
such Bond shall be dated as of t
the Bonds shall be payable on ]
mencing February 1, 1988, to the
business on the fifteenth day o
or not such day is a business da
ent Dates. Each Bond shall be dated as of
preceding the date of authentication to _
been paid or made available for payment,
anon is an interest payment date to which
available for payment, in which case such
.te of authentication, or (ii) the date of
`first interest payment date, in which case
-e date of original issue. The interest on
ebruary 1 and August I of each year, com-
owner of record thereof as of the close of
the immediately preceding month, whether
2.03. Registration. TheCity shall appoint, and shall maintain, a
bond registrar, transfer agent, authenticating agent and paying agent
(Registrar). The effect of registration and the rights and duties of the
City and the Registrar with respect thereto shall be as follows:
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(a) Register. The Registrar
rate trust office a bond register ~
for the registration pf ownership
transfers and exchanges of Bonds
ferred or exchanged.
shall keep at its principal corpo-
z which the Registrar shall provide
of Bonds and the registration of
entitled to be registered, trans-
(b) Transfer of Bonds. Upon surrender for transfer of any Bond
duly endorsed by the registered owner thereof. or accompanied by a
written instrument of transfer, in form satisfactory to the Registrar,
duly executed by the registered owner thereof or by an attorney duly
authorized by the registered owner in writing, the Registrar shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Bonds of a Like aggregate principal
amount and maturity, as requested by the transferor. The Registrar
may, however, close the books for registration of any transfer after
the fifteenth day of the month preceding each interest payment date
and until such interest payment 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) Imnroo_er 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 all 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 Charles. 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
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Registrar shall deliver
date and tenor in exchan~
of any such mutilated ~Bor
such Bond destroyed, sto:
able expenses and charge.
and, in the case of a Bon
the Registrar of eviden
destroyed, stolen or los
furnishing to the Regist
form, substance and amours
and the Registrar shall l
dered to the Registrar st
cancellation shall be give
stolen or lost Bond has a
in accordance with its tee
Bond prior to payment.
(i) Redemption. In
redemption, notice thereo
be given by the Registrar
by first class mail (posy
than 30 days prior to the
owner of each Bond to be
tration books kept by the
the manner required by la
tion or by mail to any re
not affect the validity of
All Bonds so called for r
the specified redemptional
Lion are on deposit with t
2.04. Appointment of Znit
National City Bank Minnea
The Mayor and the Clerk are autl
the City, a contract with the
the Registrar with another corF
bank or trust company authori~
corporation shall be authorizec
agrees to pay the reasonable anc
services performed. The City ;
upon 30 days' notice and upon t
which event the predecessor Reg
its possession to the success
register to the successor Reg
interest due date, without fur
shall transmit to the Registrar
principal and interest then due.
2.0.5. Execution, Authenti
prepared under the direction of
of the City by the signatures of
signatures may be printed, en
originals. In case any offices
signature shall appear on the B
new Bond of like amount, number, maturity
and substitution for and upon cancellation
i or in lieu of and in substitution for any
~n or Lost, upon the payment of the reason-
of the Registrar in connection therewith;
destroyed, stolen or lost, upon filing with
e satisfactory to it that such Bond was
:, and of the ownership thereof, and upon
ar of an appropriate bond or indemnity in
satisfactory to it, in which both the City
named as obligees. All Bonds so surren-
ill be cancelled by it and evidence of such
n to the City. If the mutilated, destroyed,
.ready matured or been called for redemption
ns, it shall not be necessary to issue a new
the event any of the Bonds are called for
identifying the Bonds to be redeemed will
by mailing a copy of the redemption notice
age prepaid) not more than 60 and not less
date fixed for redemption to the registered
redeemed at the address shown on the regis-
Registrar and by publishing said notice in
r. Failure to give such notice by publica-
;istered owner, or any defect therein, will
any proceeding for the redemption of Bonds.
:demption will cease to bear interest after
ite, provided that the funds for ,the redemp-
ie place of payment at that time.
sal Re istrar. The City hereby appoints
~0 1 bs Minnesota, as the initial Registrar.
orized to execute and deliver, on behalf of
.egistrar. Upon merger or consolidation of
gyration, if the resulting corporation is a
ed by law to conduct such business, such _
to act as successor Registrar. The City
customary charges of the Registrar for the
eserves the right to remove the Registrar
ie appointment of a successor Registrar, in
'.stray shall deliver a1I cash and Bonds in
~r Registrar and shall deliver the bond
Lstrar. On or before each principal or
:her order of this Council, the Treasurer
moneys sufficient for the payment of all
cation and Delivery. The Bonds shall be
the Clerk and shall be executed on behalf
the Mayor and the Clerk, provided that all
graved or lithographed facsimiles of the
whose signature or a facsimile of whose
onds shall cease to be such officer before
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the delivery of any Bond, such signature or facsimile shall nevertheless be
valid and sufficient for all purposes, the same as if the officer had
remained. in office until delivery. Notwithstanding such execution, no Bond
shall be valid or obligatory for any purpose or entitled to any security or
benefit under this Resolution unless and until a certificate of authentica-
tion on such Bond has been duly executed by the manual signature of an
authorized representative of the Registrar. Certificates of authentication
on different Bonds need not be signed by the same representative. The exe-
cuted certificate of authentication on each Bond shall be conclusive
evidence that it has been authenticated and delivered under this Resolu-
tion. When the Bonds have been so prepared, .executed and authenticated,
the Treasurer 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
application of the purchase price.
2.Ob TemDOrarv Bonds. The City may elect to deliver in Lieu of
printed definitive bonds, one or more typewritten temporary 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 the Bonds.
3.01. The Bonds shall be printed in substantially the following form:
jFace of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION IMPROVEMENT BOND OF 1987
Date of
Rate Maturity Original Issue CUSIP
No. R
September 1, 1987
The City of Richfield, a duly organized and existing municipal
corporation 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 i and August 1 in each year, com-
mencing February I, 1988, to the person in whose name this Bond is regis-
tered at the close of business on the fifteenth day (whether or not a
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business day) of the immediate
upon presentation and surrende
lawful money of the United
Transfer Agent .and Authentica~
the Resolution described here
principal and interest as the
and credit and taxing powers
cably pledged.
The City may elect on Februa~
thereafter, to prepay Bonds of
1998. Redemption may be in
prepayment. If redemption is
have the latest maturity date
Bonds having a common maturity
Bonds to be prepaid will be c
ments shall be at a price of p~
ty preceding month. The interest hereon and,
r hereof, the principal hereof are payable in
States of America by check or draft by
Minnesota, as Bond Registrar, Paying Agent,
ing Agent, or its designated successor under
.n. _For the prompt and full payment of such
same respectively become due, the full faith
~f the City have been and are hereby irrevo-
y 1, 1997 and on any interest payment date
this issue maturing on or after February 1,
whole or in part of the Bonds subject to
in part, those Bonds remaining unpaid which
will be prepaid first. If only part of the
date are called for prepayment the specific
zosen by lot by the Registrar. All prepay-
r plus accrued interest.
The City Council has designated the Bonds as "qualified tax exempt
obligations within the meaning of Section 265(b)(3) of the Internal
Revenue Code of 1986 (the Code)I and within the $10 million limit allowed by
the Code for the calendar year of issue.
Additional provisions of bihis Bond are contained on the reverse hereof
and such provisions shall for all purposes have the same effect as though
fully set forth in this place. ~i
This Bond shall not be va~.id or become obligatory for any purpose or
be entitled to any security Iior benefit under the Resolution until the
Certificate of Authentication HI_ereon shall have been executed by the Bond
Registrar by manual signature o~t one of its authorized representatives.
IN WITNESS WHEREOF, the City of Richfield, Hennepin County, Minnesota,
by its City Council, has caused this Bond to be executed on its behalf by
the facsimile signatures of th~ Mayor and City Clerk and has caused this
Bond to be dated as of the date,, set forth below.
Dated:
CITY OF RICHFIELD, MINNESOTA
(facsimile) ', {facsimile)
City Clerk ', Mayor
~~
CERTZFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution
mentioned within.
By
Authorized Representative
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[Reverse of the Bond)
This Bond is one of an issue in the aggregate principal amount of
$1,080,000, all of like original issue date and tenor, except as to number,
maturity date, redemption privilege and interest rate, issued. pursuant to a
resolution adopted by the City Council on August 24, 1987 (the Resolution),
for the purpose of providing money to defray the expenses incurred and to
be incurred in making local improvements, pursuant to and in full conformi-
ty with the City's home rule charter, the Constitution and laws of the
State of Minnesota, including Minnesota Statutes, Chapter 429, and the
principal hereof and interest hereon are payable primarily from special
assessments against property specially benefited thereby, as set forth in
the Resolution to which reference is made for a full statement of rights
and powers thereby conferred_ The full faith and credit of the City is
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 in special assessments pledged, which taxes
may be levied without limitation as to rate or amount. The Bonds of this
series are issued only as fully registered Bonds in denominations of $5,000
or any integral multiple thereof of single maturities.
As provided in the Resolution 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 ail
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 City's home rule charter and the
Constitution and laws of the State of Minnesota, 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
cai.~se the indebtedness of the City to exceed any charter, constitutional or
statutory limitation of indebtedness.
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(Form of certificate to
following a full copy of the
be printed on the reverse side of each Bond,
.egal opinion.)
I certify that the above is a full, true and correct copy of the legal
opinion rendered by bond counsel on the issue of Bonds of the City of
Richf ie1d, Minnesota, which includes the within Bond, dated as of the date
of delivery of and payment for the 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 ~aws or regulations:
TEN COM -- as tenants
in common
TEN ENT -- as tenants
by entireties
JT TEN -- as joint tenants wit
right of survivorshi
not as tenants in co
Additional abbreviat
above list.
GIFT MIN ACT Custodian
(Gust) (Minor)
under Uniform Gifts or
Transfers to Minors
and Ac t
on (State)
may also be used though not in the
I
ASSIG~Ii~NT
For value received, '', the undersigned hereby sells, assigns and
transfers unto
thle within Bond and all rights thereunder, and
does hereby irrevocably constitute and appoint
attorney to transfer the said (Bond on the books kept for registration of
the within Bond, with full powe~lr of substitution in the premises.
Dated:
Notice: The assigno'z's signature to this assignment must
correspond faith the name as it appears upon the face of
the within Bond in every particular, without alteration
or any change whatever.
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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 ail joint owners if
this Bond is held by joint account)
Please insert social security or
other identifying number of assignee
3.02. The Clerk shall obtain a copy of the proposed approving legal
opinion of LeFevere, Lefler, Kennedy, O'Brien & 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
Clerk in substantially the form set forth in the form of Bond. The 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: Pledges and Covenants.
4.01. The Bonds shall be payable from the Improvement Bonds of 1987
Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of
any general taxes hereinafter levied {Taxes), and special assessments
(Assessments) to be levied for the improvements (Improvements) financed by
the Bonds are hereby pledged to the Debt Service Fund. If any payment of
principal or interest on the Bonds shall become due when there is not
sufficient money in the Debt Service Fund to pay the same, the Treasurer
shall pay such principal or interest from the general fund of the City and
the general fund may be reimbursed for such advances out of proceeds of
Assessments for the Improvements when collected.
4,02, It is hereby determined that the Improvements to be financed by
the Bonds will directly and indirectly benefit the abutting property, and
the City hereby covenants with the holders from time to time of the Bonds
as follows:
(a) The City has caused or will cause the Assessments
for the Improvements to be promptly levied so that the first
installment will be collectible not later than 1988 and will
10-
take all steps neces~
the levy of the Asses
Council shall cause
relative to the maki.
financed hereby to b.
required for the cons
wholly or partly from
final and valid levy
tion of any other fund
thereon when due.
iry to assure prompt collection, and
ments is hereby authorized. The City
ill further actions and proceedings
g and financing of the Improvements
taken with due diligence that are
ruction of each Improvement financed
he proceeds of the Bonds, and for the
f the Assessments and the appropria-
needed to pay the Bonds and interest
(b} In the event 'I of any current or anticipated defi-
ciency in the Assessments, the City Council will levy ad
valorem taxes in the mount of said current or anticipated
deficiency.
(c) The City will'keep complete and accurate books and
records showing: all r!ieceipts and disbursements in connec-
tion with the Improvements, Assessments levied therefor and
other funds appropriated for their payment, all collections
thereof and disbursemeni~~s therefrom, moneys on hand and, the
balance of unpaid Assess;4nents.
(d) The City will
audited at least annua:
audit reports to any int
4.03. It is hereby determ
Assessments and interest thereon
excess of the amount needed to m~
payments on the Bonds and that n
City Clerk is directed to file a c
Director of Property Taxation
certificate required by Minnesota
Section 5. Authenticat
5.01. The officers of the Cit
prepare and furnish to the Purcha,
Bonds, certified copies of proceedi
the Bonds and to the financial coed
other certificates, affidavits and
the facts within their knowledge o
their custody and under their contrc
ability of the Bonds and such. inst
nished, shall be deemed representatj
therein.
cause its books and records to be
.y and will furnish copies of such
rested person upon request.
ned that the estimated collections of
will produce at least five percent in
:t when due, the principal and interest
tax levy is needed at this time. The
rtified copy of this resolution with the
of Hennepin County, and obtain the
tatutes, section 475.63,
of Transcript.
y are hereby authorized and directed to
:er and to the attorneys approving the
igs and records of the City relating to
ition and .affairs of the City, and such
transcripts as may be required to show
' as shown by the books and records in
1, relating to the validity and market-
ruments, including any heretofore fur-
ons of the City as to the facts stated
5.02. The Mayor and City Clerk
certify that they have examined the
lated ih connection with the issuance
best of their knowledge and belief ;
rate representation of the facts and
date of the Official Statement.
are hereby authorized and directed to
Official Statement prepared and circu-
s and sale of the Bonds and that to the
paid statement is a complete and accu-
representations made therein as of the
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Sec. 6. Special Tax Covenant.
6.01. {a) The City covenants and agrees with the holders from time
to time of the Bonds that it will not take or permit to be taken by any of
its officers, employees orsagents any action which would cause the interest
on the Bonds to become subject to taxation under the Internal Revenue Code
of 1986, as amended (the Code), and the Treasury Regulations promulgated
thereunder, in effect at the time of such actions, and that it will take or
cause its officers, employees or agents to take, all affirmative action
within its power that may be necessary to ensure that such interest will
not become subject to taxation under the Code and applicable Treasury
Regulations, as presently existing or as hereafter amended and made appli-
cable to the Bonds.
(b) The City shall comply with requirements necessary under the
Code to establish and maintain the exclusion from gross income under
Section 103 of the -Code of the interest on the Bonds, including without
limitation 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 1987) exceed the small-issuer exception amount of
$5,000,000. 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 alI 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
$5,000,000, all within the meaning of Section i48(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, in such a manner as
to cause the Bonds to be "private activity bonds" within the meaning of
Sections 103 and i41 through ISO of the Code.
b.03. In order to qualify the Bonds as "qualified tax-exempt obliga-
tions" 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 14i of the Code;
(b) the City hereby designates the Bonds as "qualified tax-
exempt 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 SO1(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 $10,000,000; and
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(d) not more than $
during calendar year 1987
265(b)(3) of the Code.
0,000,000 of obligations issued by the City
have been designated for purposes of Section
The City shall use its best ef'~forts to comply with any federal procedural
requirements which may apply in order to effectuate the designation made by
this section.
6.04. For purposes of Section 14I(b)(9) of the Code, the City hereby
elects to treat that portionof the proceeds of the Bonds which will
finance a fire suppression system for the Academy of the Holy Angels
{"Private Portion") as "qualified SO1(c)(3) bonds" within the meaning of
Section 145 of the Code. In conjunction therewith, the City makes the
following factual statements and representations:
(a) the weighted average maturity of the Bonds (10.28 years)
does not exceed 1207 of the weighted average useful life of the fire
suppression system finan ed by the Private Portion of the Bonds
( g years) as deter~ined in accordance with Section 147{b) of
the Code; ',
(b) the City Council will hold a public hearing on the project
financed by the Private Portion of the Bonds on Monday, September 14,
1987 in accordance with S ction 147(f) of the Code, and delivery of
the Bonds will not take place until after the public hearing is held;
(c) for purposes of Section 148 of the Code, the City will
rebate to the U.S. Treasurly excess investment earnings on the Private
Portion of the Bonds and the Private Portion of the Bonds will not
qualify under the small ' issuer exception to the arbitrage rebate
requirements; and
(d) costs of issuance relating to the Private Portion will not
exceed 27 of the proceeds (within the meaning of the Code) of the
Private Portion.
Passed by the City Council of tihe City of Ri ~hfield,
day of August, 1987. r1 ~~ ,
Hamil;~on;
ayor
sota this 24th