2024-12-10 Resolution 12287k
Extract of Minutes of Meeting
of the City Council of the
City of Richfield, Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Richfield, Minnesota, was duly held in the Municipal Center in said City on Tuesday,
December 10, 2024, commencing at 7:00 p.m.
The following members were present: Mayor Supple, Council Member Christensen,
Council Member Hayford Oleary, Council Member Trautmann, and Council Member Whalen.
and the following were absent:
The Mayor announced that the next order of business was consideration of the
proposals which had been received for the purchase of the City's General Obligation Sales Tax
Bonds, Series 2024A, to be issued in the original aggregate principal amount of $10,000,000.
The City Manager presented a tabulation of the proposals that had been received in the
manner specified in the Terms of Proposal for the Bonds. The proposals were as set forth in
EXHIBIT A attached hereto.
After due consideration of the proposals, Council Member Whalen then introduced the
following written resolution, the reading of which was dispensed with by unanimous consent,
and moved its adoption:
RC145-770-992637.v2
RESOLUTION NO. 12287
A RESOLUTION AWARDING THE SALE OF GENERAL
OBLIGATION SALES TAX BONDS, SERIES 2024A, IN THE
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF
$10,000,000; 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 (the "City") as follows:
Section 1. Sale of Bonds.
1.01. Authorization: Sales and Use Tax.
(a) Pursuant to a resolution adopted by the City Council on
November 12, 2024, the City authorized the sale of its General Obligation Sales Tax
Bonds, Series 2024A (the "Bonds"), to finance all or a portion of the costs of the
construction of the new Wood Lake Nature Center building in the City (the "Project"),
pursuant to Minnesota Statutes, Chapter 475, as amended (the "Act"), and Laws of
Minnesota 2023, Chapter 64, Article 10, Section 44 (the "Special Law").
(b) Pursuant to approval by a majority of the voters voting in the general
election on November 5, 2024, a majority of the voters voting in the general election
approved the ballot question relating to the imposition of a sales and use tax of one-half
of one percent (0.50%) (the "Sales and Use Tax") for twenty (20) years after first being
imposed or when the City Council determines that the amount received from the Sales
and Use Tax is sufficient to pay for the costs of the Project and the other projects
authorized by the Special Law, whichever comes first. The City Council will approve an
ordinance imposing the Sales and Use Tax.
1.02. Award to the Purchaser and Interest Rates. The proposal of Hilltop Securities Inc.,
Dallas, Texas (the "Purchaser"), to purchase the Bonds is hereby found and determined to be a
reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of
$10,661,012.35 (par amount of $10,000,000.00, plus original issue premium of $686,292.35, less
underwriter's discount of $25,280.00), plus accrued interest, if any, to date of delivery for Bonds
bearing interest as follows:
Year Interest Rate Year Interest Rate
2026 5.000% 2029 5.000%
2027 5.000 2030 5.000
2028 5.000
True interest cost: 2.7130805%
RC145-770-992637.v2 2
1.03. Purchase Contract. The sum of $781,012.35, being the amount proposed by the
Purchaser in excess of $9,880,000.00, shall be credited to the Debt Service Fund hereinafter
created or deposited in the Construction Fund hereinafter created, as determined by the Finance
Director of the City in consultation with the City's municipal advisor. The good faith deposit of the
Purchaser shall be retained and deposited until the Bonds have been delivered and shall be
deducted from the purchase price paid at settlement. The Mayor and City Manager are directed to
execute a contract with the Purchaser on behalf of the City.
1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the
Bonds pursuant to the Act and the Special Law, in the total principal amount of $10,000,000,
originally dated December 30, 2024, in the denomination of $5,000 each or any integral multiple
thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on
February 1 in the years and amounts as follows:
Year
Amount Year Amount
2026
$2,225,000 2029 $1,975,000
2027
1,855,000 2030 2,035,000
2028
1,910,000
1.05. Optional Redemption. The Bonds are not subject to optional redemption prior to
maturity.
Section 2. Registration and Pavment.
2.01. Registered Form. The Bonds will be issued only in fully registered form. The
interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by
check or draft issued by the Registrar described herein.
2.02. Dates: Interest Pavment Dates. Each Bond will be dated as of the last interest
payment date preceding the date of authentication to which interest on the Bond has been paid or
made available for payment, unless (i) the date of authentication is an interest payment date to
which interest has been paid or made available for payment, in which case the Bond will be dated
as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment
date, in which case the Bond will be dated as of the date of original issue. The interest on the
Bonds is payable on February 1 and August 1 of each year, commencing August 1, 2025, to the
registered owners of record thereof as of the close of business on the fifteenth day of the
immediately preceding month, whether or not such day is a business day.
2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating
agent and paying agent (the "Registrar" and "Paying Agent"). The effect of registration and the
rights and duties of the City and the Registrar with respect thereto are as follows:
(a) Resister. The Registrar must keep at its principal corporate trust office a
bond register in which the Registrar provides for the registration of ownership of Bonds and
the registration of transfers and exchanges of Bonds entitled to be registered, transferred or
exchanged.
RC I 45-770-992637.v2 3
(b) Transfer of Bonds. Upon surrender for transfer of a 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 will 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 that interest
payment date.
(c) Exchange of Bonds. When Bonds are surrendered by the registered owner
for exchange the Registrar will 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. Bonds surrendered upon transfer or exchange will be
promptly cancelled by the Registrar and thereafter disposed of as directed by the City.
(e) IMDroDer or Unauthorized Transfer. When a Bond is presented to the
Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is
satisfied that the endorsement on the Bond or separate instrument of transfer is valid and
genuine and that the requested transfer is legally authorized. The Registrar will 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 a Bond is registered in the bond register as the absolute owner of the Bond,
whether the Bond is overdue or not, for the purpose of receiving payment of, or on account
of, the principal of and interest on the Bond and for all other purposes, and payments so
made to a registered owner or upon the owner's order will be valid and effectual to satisfy
and discharge the liability upon the Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. The Registrar may impose a charge upon the
owner thereof for a transfer or exchange of Bonds sufficient to reimburse the Registrar for
any tax, fee or other governmental charge required to be paid with respect to the transfer or
exchange.
(h) Mutilated. Lost. Stolen or Destroved Bonds. If a Bond becomes mutilated or
is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number,
maturity date and tenor in exchange and substitution for and upon cancellation of the
mutilated Bond or in lieu of and in substitution for any Bond destroyed, stolen or lost, upon
the payment of the reasonable 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 the Bond was destroyed, stolen or lost, and of the
ownership thereof, and upon furnishing to the Registrar an appropriate bond or indemnity in
form, substance and amount satisfactory to it and as provided by law, in which both the City
and the Registrar must be named as obligees. Bonds so surrendered to the Registrar will
be cancelled by the Registrar and evidence of such cancellation must be given to the City.
If the mutilated, destroyed, stolen or lost Bond has already matured or been called for
RC145-770-992637.v2 4
redemption in accordance with its terms it is not necessary to issue a new Bond prior to
payment.
2.04. Armointment of Initial Registrar. The City appoints Bond Trust Services
Corporation, Roseville, Minnesota, as the initial Registrar. The Mayor and the City Manager are
authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger
or consolidation of the Registrar With another corporation, if the resulting corporation is a bank or
trust company authorized by law to conduct such business, the resulting corporation is authorized
to act as successor Registrar. The City agrees to pay the reasonable and customary charges of
the Registrar for the services performed. The City reserves the right to remove the Registrar upon
thirty (30) days' notice and upon the appointment of a successor Registrar, in which event the
predecessor Registrar must deliver all cash and Bonds in its possession to the successor Registrar
and must deliver the bond register to the successor Registrar. On or before each principal or
interest due date, without further order of the City Council, the Finance Director must transmit to
the Registrar moneys sufficient for the payment of all principal and interest then due.
2.05. Execution. Authentication and Delivery. The Bonds will be prepared under the
direction of the Finance Director and executed on behalf of the City by the signatures of the Mayor
and the City Manager, provided that those signatures may be printed, engraved or lithographed
facsimiles of the originals. If an officer whose signature or a facsimile of whose signature appears
on the Bonds ceases to be such officer before the delivery of a Bond, that signature or facsimile will
nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in
office until delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for any
purpose or entitled to any security or benefit under this resolution unless and until a certificate of
authentication on the 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 executed certificate of authentication on a Bond is
conclusive evidence that it has been authenticated and delivered under this resolution. When the
Bonds have been so prepared, executed and authenticated, the Finance Director will deliver the
same to the Purchaser upon payment of the purchase price in accordance with the contract of sale
heretofore made and executed, and the Purchaser is not obligated to see to the application of the
purchase price.
Section 3. Form of Bond.
3.01. Execution of the Bonds. The Bonds will be printed or typewritten in substantially the
form set forth in EXHIBIT B attached hereto.
3.02. ADDrovina Leaal Opinion. The City Manager is authorized and directed to obtain
a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis,
Minnesota, and cause the opinion to be printed on or accompany each Bond.
Section 4. Pavment: Securitv: Pledges.
4.01. Debt Service Fund. The Bonds will be payable from the General Obligation Sales
Tax Bonds, Series 2024A Debt Service Fund (the "Debt Service Fund") hereby created. The Debt
Service Fund shall be administered and maintained by the Finance Director as a bookkeeping
account separate and apart from all other funds maintained in the official financial records of the
City. Revenues of the Sales and Use Tax net of costs of collections (the "Net Sales and Use Tax
RC145-770-992637.v2 5
Revenues") are hereby pledged to the Debt Service Fund. There is appropriated to the Debt
Service Fund amounts over the minimum purchase price of the Bonds paid by the Purchaser, to
the extent designated for deposit in the Debt Service Fund in accordance with Section 1.03 hereof.
4.02. Construction Fund. The City hereby creates the General Obligation Sales Tax
Bonds, Series 2024A Construction Fund (the "Construction Fund"). Proceeds of the Bonds, less
the appropriations made in Section 4.01 hereof, together with any other funds appropriated for the
Project, will be deposited in the Construction Fund to be used solely to defray expenses of the
Project and pay the costs of issuing the Bonds. When the Project is completed and the cost
thereof paid, the Construction Fund is to be closed and any balance therein shall be deposited in
the Debt Service Fund.
4.03. General Obligation Pledge. For the prompt and full payment of the principal of and
interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers
of the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is
ever insufficient to pay all principal and interest then due on the Bonds and any other bonds
payable therefrom, the deficiency will be promptly paid out of monies in the general fund of the City
which are available for such purpose, and such general fund may be reimbursed with or without
interest from the Debt Service Fund when a sufficient balance is available therein.
4.04. Debt Service Coveraae. It is determined that the estimated collection of the
foregoing Net Sales and Use Tax Revenues will produce at least five percent (5%) in excess of
the amount needed to meet when due the principal and interest payments on the Bonds and
that no ad valorem tax levy is needed at this time.
4.05. Registration of Resolution. The City Manager is authorized and directed to file a
certified copy of this resolution with the Auditor/Treasurer of Hennepin County, Minnesota and to
obtain the certificate required by Section 475.63 of the Act.
Section 5. Authentication of Transcript.
5.01. Citv Proceedinas and Records. The officers of the City are authorized and directed
to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies
of proceedings and records of the City relating to the Bonds and to the financial condition and
affairs of the City, and such other certificates, affidavits and transcripts as may be required to show
the facts within their knowledge or as shown by the books and records in their custody and under
their control, relating to the validity and marketability of the Bonds, and such instruments, including
any heretofore furnished, will be deemed representations of the City as to the facts stated therein.
5.02. Certification as to Official Statement. The Mayor, the City Manager, and the
Finance Director are authorized and directed to certify that 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 the Official Statement is a complete and accurate
representation of the facts and representations made therein as of the date of the Official
Statement.
5.03. Other Certificates. The Mayor, the City Manager, and the Finance Director are
hereby authorized and directed to furnish to the Purchaser at the closing such certificates as are
required as a condition of sale. Unless litigation shall have been commenced and be pending
RC145-770-992637.v2 6
questioning the Bonds or the organization of the City or incumbency of its officers, at the closing
the Mayor, the City Manager, and the Finance Director shall also execute and deliver to the
Purchaser a suitable certificate as to absence of material litigation, and the Finance Director
shall also execute and deliver a certificate as to payment for and delivery of the Bonds.
5.04. Electronic Signatures. The electronic signature of the Mayor, the City Manager,
the Finance Director, and/or the City Clerk to this resolution and to any certificate authorized to
be executed hereunder shall be as valid as an original signature of such party and shall be
effective to bind the City thereto. For purposes hereof, (i) "electronic signature" means a
manually signed original signature that is then transmitted by electronic means; and
(ii) "transmitted by electronic means" means sent in the form of a facsimile or sent via the
internet as a portable document format ("pdf) or other replicating image attached to an
electronic mail or internet message.
5.05. Pavment of Costs of Issuance. The City authorizes the Purchaser to forward the
amount of Bond proceeds allocable to the payment of issuance expenses in accordance with
the closing memorandum to be prepared and distributed by Ehlers and Associates, Inc., the
municipal advisor to the City, on the date of closing.
Section 6. Tax Covenant.
6.01. Tax -Exempt Bonds. 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 or
agents 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 applicable to the
Bonds.
6.02. Rebate. The City will comply with requirements necessary under the Code to
establish and maintain the exclusion from gross income of the interest on the Bonds under
Section 103 of the Code, 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.
6.03. Not Private Activitv Bonds. 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 141 through 150 of the
Code.
6.04. Qualified Tax-ExemDt Obligations. In order to qualify the Bonds as "qualified tax-
exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the
following factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section 141 of the
M.
RC145-770-992637.v2 7
(b) the City designates the Bonds as "qualified tax-exempt obligations" for
purposes of Section 265(bx3) of the Code;
(c) the reasonably anticipated amount of tax-exempt obligations (other than
private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the City
(and all subordinate entities of the City) during calendar year 2024 will not exceed
$10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City during calendar
year 2024 have been designated for purposes of Section 265(b)(3) of the Code.
6.05. Procedural Reauirements. The City will use its best efforts to comply with any
federal procedural requirements which may apply in order to effectuate the designations made by
this section.
Section 7. Book-Entry Svstem: Limited Obligation of Citv.
7.01. DTC. The Bonds will be initially issued in the form of a separate single typewritten
or printed fully registered Bond for each of the maturities set forth in Section 1.04 hereof. Upon
initial issuance, the ownership of each Bond will be registered in the registration books kept by the
Registrar in the name of Cede & Co., as nominee for The Depository Trust Company, New York,
New York, and its successors and assigns ("DTC"). Except as provided in this section, all of the
outstanding Bonds will be registered in the registration books kept by the Registrar in the name of
Cede & Co., as nominee of DTC.
7.02. Participants. With respect to Bonds registered in the registration books kept by the
Registrar in the name of Cede & Co., as nominee of DTC, the City, the Registrar and the Paying
Agent will have no responsibility or obligation to any broker dealers, banks and other financial
institutions from time to time for which DTC holds Bonds as securities depository (the
"Participants") or to any other person on behalf of which a Participant holds an interest in the
Bonds, including but not limited to any responsibility or obligation with respect to (i) the accuracy of
the records of DTC, Cede & Co. or any Participant with respect to any ownership interest in the
Bonds, (ii) the delivery to any Participant or any other person (other than a registered owner of
Bonds, as shown by the registration books kept by the Registrar), of any notice with respect to the
Bonds, including any notice of redemption, or (iii) the payment to any Participant or any other
person, other than a registered owner of Bonds, of any amount with respect to principal of,
premium, if any, or interest on the Bonds. The City, the Registrar and the Paying Agent may treat
and consider the person in whose name each Bond is registered in the registration books kept by
the Registrar as the holder and absolute owner of such Bond for the purpose of payment of
principal, premium and interest with respect to such Bond, for the purpose of registering transfers
with respect to such Bonds, and for all other purposes. The Paying Agent will pay all principal of,
premium, if any, and interest on the Bonds only to or on the order of the respective registered
owners, as shown in the registration books kept by the Registrar, and all such payments will be
valid and effectual to fully satisfy and discharge the City's obligations with respect to payment of
principal of, premium, if any, or interest on the Bonds to the extent of the sum or sums so paid. No
person other than a registered owner of Bonds, as shown in the registration books kept by the
Registrar, will receive a certificated Bond evidencing the obligation of this resolution. Upon delivery
by DTC to the City Manager of a written notice to the effect that DTC has determined to substitute
a new nominee in place of Cede & Co., the words "Cede & Co." will refer to such new nominee of
RC 145-770-992637.v2 8
DTC; and upon receipt of such a notice, the City Manager will promptly deliver a copy of the same
to the Registrar and Paying Agent.
7.03. Representation Letter. The City has heretofore executed and delivered to DTC a
Blanket Issuer Letter of Representations (the "Representation Letter) which will govern payment of
principal of, premium, K any, and interest on the Bonds and notices with respect to the Bonds. Any
Paying Agent or Registrar subsequently appointed by the City with respect to the Bonds will agree
to take all action necessary for all representations of the City in the Representation Letter with
respect to the Registrar and Paying Agent, respectively, to be complied with at all times.
7.04. Transfers Outside Book-Entry Svstem. In the event the City, by resolution of the
City Council, determines that it is in the best interests of the persons having beneficial interests in
the Bonds that they be able to obtain Bond certificates, the City will notify DTC, whereupon DTC
will notify the Participants, of the availability through DTC of Bond certificates. In such event the
City will issue, transfer and exchange Bond certificates as requested by DTC and any other
registered owners in accordance with the provisions of this resolution. DTC may determine to
discontinue providing its services with respect to the Bonds at any time by giving notice to the City
and discharging its responsibilities with respect thereto under applicable law. In such event, if no
successor securities depository is appointed, the City will issue and the Registrar will authenticate
Bond certificates in accordance with this resolution and the provisions hereof will apply to the
transfer, exchange and method of payment thereof.
7.05. Pavments to Cede & Co. Notwithstanding any other provision of this resolution to
the contrary, so long as a Bond is registered in the name of Cede & Co., as nominee of DTC,
payments with respect to principal of, premium, if any, and interest on the Bond and all notices with
respect to the Bbnd will be made and given, respectively in the manner provided in DTC's
Operational Arrangements, as set forth in the Representation Letter.
Section 8. Continuina Disclosure.
8.01. Execution of Continuina Disclosure Certificate. "Continuing Disclosure Certificate"
means that certain Continuing Disclosure Certificate executed by the Mayor and City Manager and
dated the date of issuance and delivery of the Bonds, as originally executed and as it may be
amended from time to time in accordance with the terms thereof.
8.02. Citv Compliance with Provisions of Continuina Disclosure Certificate. The City
hereby covenants and agrees that it will comply with and carry out all of the provisions of the
Continuing Disclosure Certificate. Notwithstanding any other provision of this resolution, failure of
the City to comply with the Continuing Disclosure Certificate is not to be considered an event of
default with respect to the Bonds; however, any Bondholder may take such actions as may be
necessary and appropriate, including seeking mandate or specific performance by court order, to
cause the City to comply with its obligations under this section.
Section 9. Defeasance. When all Bonds and all interest thereon have been
discharged as provided in this section, all pledges, covenants and other rights granted by this
resolution to the holders of the Bonds will cease, except that the pledge of the full faith and credit of
the City for the prompt and full payment of the principal of and interest on the Bonds will remain in
full force and effect. The City may discharge all Bonds which are due on any date by depositing
with the Registrar on or before that date a sum sufficient for the payment thereof in full. If any Bond
RC145-770-992637.v2 9
should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a
sum sufficient for the payment thereof in full with interest accrued to the date of such deposit
(The remainder of this page is intentionally left blank.)
RC145-770-992637.v2 10
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Trautmann, and upon vote being taken thereon, the following voted in favor thereof:
Mayor Supple, Council Member Christensen, Council Member Hayford Oleary, Council Member
Trautmann, and Council Member Whalen.
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
RC I 45-770-992637.v2 11
Passed by the City Council of the City of Richfield, Minnesota this I 01h day of December, 2024.
Mary B. Sd6pple, Mayor- X�
ATTEST
Miche le Friedrice-CAityCZle:r�k
RC145-770-992637.v2 12
EXHIBIT A
PROPOSALS
RC145-770-992637.v2 A-1
. . . . . . ...
BID TABULATION
$10,000,000 General Obligation Sales Tax Bonds, Series 2024A
City of Richfield, Minnesota
SALE: December 10, 2024
AWARD: HILLTOPSECURITIES
Rating: S&P Global Kalmei "AA-�-"
Tax Exempt - Bank Qualified
TRUE
NIATURITY
C OUPON
REOFFEFJNG
INTEREST
NAME OF 8U)DER
(February I
RATE
YIELD
PRIG E RATE
'ill LTOPSECURI-T ES
S 10,661 012 5, 2
Dnlla�, Texa�,
2026
0001
2 740'.
'027
5 000"
2 600**
'1028
5,0001
26000�
102 2 .q
5 (00°'s
2030
5.000'o
JEFFERI—E-S L'—,C'
2 753D*o
New Yoik New York
PIPER SA: DL12R &- C 0
2,7585'�
Mumelpolm hlilulesota
KEYBANC CAPITALIMARKET'
2
TNCORPOL-ITED
('Ievehaui 0111L,
NZIESIROW Fr\.ANCLkL, ETC
2 -793D*.
( hinvo,
BAIRD
S182%
1 "Ithwilkee
BOK FINANC UL C'7"RI7I:- S
2 819%
INC
RCI 45-770-992637.v2 A-2
TRUE
INTEREST
NAME OF BIDDER RATE
TD SECURITIES (USA) LLC 2.8277%
New Yank, New York
NORTHLAND SECURITIES, INC. 2.85570/a
Minneapolis, Minamta
Bid Tabulation December 10, 2024
City of Richfield, Minnesota
$10,000,000 General Obligation Sales Tax Bonds, Series 2024A Page 2
RC145-770-992637.v2 A-3
1:VA21'II:Jk*:J
I ;[*I ZI J, to] J *ei L, I
No. R- UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION SALES TAX BOND
SERIES 2024A
Date of
Rate Maturitv Onainal Issue CUSIP
February 1, 20 December 30, 2024
Registered Owner: Cede & Co.
The City of Richfield, Minnesota, a duly organized and existing municipal corporation in
Hennepin County, Minnesota (the "City"), acknowledges itself to be indebted and for value
received hereby promises to pay to the Registered Owner specified above 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 (calculated on the basis of a 360-
day year of twelve 30 day months), payable February 1 and August 1 in each year, commencing
August 1, 2025, 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 Bond Trust Services
Corporation, Roseville, 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 Bonds are not subject to optional redemption prior to maturity.
This Bond is one of an issue in the aggregate principal amount of $10,000,000 all of like
original issue date and tenor, except as to number, maturity date, and interest rate, all issued
pursuant to a resolution adopted by the City Council on December 10, 2024 (the "Resolution"),
for the purpose of providing money to defray the expenses incurred and to be incurred in
constructing a new Wood Lake Nature Center building in the City, pursuant to and in full
conformity with the home rule charter of the City and the Constitution and laws of the State of
Minnesota, including Minnesota Statutes, Chapter 475, as amended, and Laws of Minnesota
2023, Chapter 64, Article 10, Section 44. The principal hereof and interest hereon are payable
from net revenues of a sales and use tax imposed on sales within the City as approved by a
majority of voters voting at the general election on November 5, 2024, as set forth in the
RC145-770-992637.v2 B-1
Resolution 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 ad valorem taxes on all taxable property in the
City in the event of any deficiency in net sales and use tax revenues 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.
The City Council has designated the issue of the Bonds of which this Bond forms a part
as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended (the "Code"), relating to disallowance of interest expense
for financial institutions and within the $10 million limit allowed by the Code for the calendar year
of issue.
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 all other purposes, and neither the City nor the Bond
Registrar will 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 home rule charter of the City 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 cause the indebtedness
of the City to exceed any constitutional, charter, or statutory limitation of indebtedness.
This Bond is not valid or obligatory for any purpose or entitled to any security or benefit
under the Resolution until the Certificate of Authentication hereon has been executed by the
Bond Registrar by manual signature of 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 or manual
signatures of the Mayor and City Manager and has caused this Bond to be dated as of the date
set forth below.
Dated: December 30, 2024
RC145-770-992637.v2 B-2
Mayor
CITY OF RICHFIELD, MINNESOTA
(Facsimile) (Facsimile)
City Manager
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
BOND TRUST SERVICES CORPORATION
By
Authorized Representative
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this Bond, will be
construed as though they were written out in full according to applicable laws or regulations:
TEN COM — as tenants in common
TEN ENT -- as tenants by entireties
JT TEN — as joint tenants with right of
survivorship and not as tenants in
common
UNIF GIFT MIN ACT
Custodian
(Cust) (Minor)
under Uniform Gifts or Transfers to
Minors Act, State of
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and 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 power of substitution in
the premises.
Dated:
RC145-770-992637.v2 B-3
Notice: The assignor's signature to this assignment must correspond with the name
as it appears upon the face of the within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of the
Securities Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program
("SEMP"), the New York Stock Exchange, Inc. Medallion Signatures Program ("MSP") or other
such "signature guarantee program" as may be determined by the Registrar in addition to, or in
substitution for, STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934,
as amended.
The 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
PROVISIONS AS TO REGISTRATION
The ownership of the principal of and interest on the within Bond has been registered on
the books of the Registrar in the name of the person last noted below.
Date of Registration
Registered Owner
Cede & Co.
Federal ID #13-2555119
Signature of
Officer of Registrar
RC145-770-992637.v2 B-4
STATE OF MINNESOTA
COUNTY OF HENNEPIN S.
CITY OF RICHFIELD
1111lillilli 111!Illisr mffm�fll
Minnesota (the "City"), do hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the City Council of the City held on
December 10, 2024 with the original minutes on file in my office and the extract is a full, true
and correct copy of the minutes insofar as they relate to the issuance and sale of the City's
General Obligation Sales Tax Bonds, Series 2024A, in the original aggregate principal amount
of $10,000,000.
Will gi iiiiiiii i � 11111 11
City Clerk
City of Richfield, Minnesota
RC 1 45-770-99263T%,2
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