89-068
.
After due consideration of said bids, Member Stover
introduced the following resolution and mov.ed its adoption:
RESOLUTION NO. 68 - 8 9
RESOLUTION AWARDING THE SALE OF $1,095,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES
1989A; 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 Shorewood,
Minnesota, as follows:
1. The proposal of First Bank National Association in
Minneapolis, Minnesota
to purchase $1,095,000 General Obligation Improvement Bonds, Ser ies 1989A
of the City described in the notice of sale thereof is hereby found and
determined to be the highest and best bid received and shall be and is hereby
accepted, such bid being to purchase such bonds at a price of
$ 1,079,560.50 plus accrued interest to date of delivery, such bonds to
bear interest as follows:
6.00% 1990 6.25% 1997
. 6.00% 1991 6.40% 1998
6.00% 1992 6.50% 1999
6.10% 1993 6.50% 2000
6.15% 1994 6.50% 2001
6.20% 1995 6.50% 2002
6.25% 1996 6.50% 2003
The sum of $ 985.50 , being the amount bid in excess of
$1,078,575, shall be credi ted to the bond sinking fund hereinafter created.
The City Clerk is directed to retain the good faith check of the successful
bidder pending completion of the sale and deli very of the bonds. The Ci ty
Clerk is directed to return the checks of the unsuccessful bidders
forthwith.
2. The City of Shorewood shall forthwith issue and sell its
General Obligation Improvement Bonds, Series 1989A (the "Bonds") in the
principal amount of $1,095,000, dated October 1, 1989. The printed, fully
registered bonds shall be in the denomination of $5,000 each or higher
multiples thereof for any single maturity, bearing interest as above set
forth, all interest payable February 1, 1990, and semiannually thereafter
on August 1 and February 1 in each year, and which bonds mature ser ially on
February 1 in the years and amounts as follows:
.
. YEAR AMOUNT YEAR AMOUNT
1990 $55,000 1997 $80,000
1991 85,000 1998 80,000
.1992 85,000 1999 80,000
1993 85,000 2000 75,000
'1994. 85,000 2001 75,000
1995 80,000 2002 75,000
1996 80,000 2003 75,000
The Ci ty may elect on February 1, 1996, and on any day thereafter, to prepay
Bonds due on or after February 1, 1997. Redemption may be in whole or in
part, in inverse order of matur i ty by lot as selected by the registrar. All
prepayments shall be at the price of par and accrued interest.
3. Both pr incipal of and in~erest on the Bonds shall be payable at
American National Bank and Trust Company, in St. Paul, Minnesota
and the Ci ty of Shorewood shall pay the reasonable charges of said bank for
its services as paying agent.
4.
The Bonds shall be in substantially the following form:
(Face of the Bonds)
UNITED STATES OF AMERICA
STATE OF MINNESOTA
HENNEPIN COUN'l'Y
CITY OF SHOREWOOD
.
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1989A
Rate
Maturity
Date of Original Issue
CUSIP
October 1, 1989
KNOW ALL MEN BY THESE PRESENTS that the City of Shorewood, Hennepin
County, Minnesota, a municipal corporation, (the City), acknowledges
itself to be indebted and, for value received, hereby promises to pay to
or registered assigns, the pr incipal sum of DOLLARS, on
the maturity date specified above, with interest thereon from the date
hereof at the annual rate specified above, payable on February 1 and August
1 in each year, commencing February 1, 1990, to the person in whose name this
Bond is registered at the close of business on the 15th day (whether or not a
business day) of the immediately preceding month. The interest hereon
and, upon presentation and surrender hereof at the pr incipal office of the
Bond Registrar hereinafter designated, the pr incipal hereof are payable in
lawful money of the United States of America by check or draft of the
, in , Minnesota, as Bond Registrar,
Transfer Agent and Paying Agent (the Bond Registrar), or its successor
designated under the Resolution described herein.
.
Additional provisions of this Bond are contained on the reverse
hereof and such provisions shall for all purposes have the same effect as
though fully set forth hereon.
.
.
.
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 AuthenticatJon hereon shall have been executed by the Bond
Registrar by manual-signature of one of its authorized representatives.
. IN WITNESS WHEREOF, the City of Shorewood, Hennepin County,
Minnesota, by its City Council, has caused this Bond to be executed by the
facsimile signatures of the Mayor and the City Clerk, and has caused this
Bond to be dated as of the date set forth below.
Dated:
(Facsimile Signature)
City Clerk
(Facsimile Signature)
Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution
mentioned within.
as Bond Registrar and Paying Agent
Dated:
By
Authorized Representative
(Reverse of the Bonds)
This Bond is one of an issue in the aggregate pr incipal amount of
$1,095,000 (the Bonds), all of like date and tenor except as to serial
number, denomination, interest rate, redemption privilege, and maturity
date, issued pursuant to a resolution adopted by the Ci ty Council on August
28,1989, (the Resolution), to refinance the City's $1,450,000 General
Obligation Temporary Improvement Bonds, Ser ies 1987A, dated July 1, 1987,
and is issued pursuant to and in full conformity with the provisions of the
Consti tution and laws of the State of Minnesota thereunto enabling,
including Minnesota Statutes, Chapter 475. This Bond is payable pr imar ily
from the General Obligation Improvement Bond, Series 1989A Fund (the Bond
Fund) of the City, but the City is required by law to pay maturing principal
hereof and interest hereon from any available funds of the City if moneys on
hand in the Bond Fund are insufficient therefor. The Bonds are issuable
only as fully registered bonds, in denominations of $5,000 or any multiple
thereof, of single maturities. The City may elect on February 1, 1996, and
on any day thereafter, to prepay Bonds due on or after February 1, 1997.
Redemption may be in whole or in part, in inverse order of maturity by lot as
selected by the registrar. All prepayments shall be at the pr ice of par and
accrued interest.
As provided in the Resolution and subject to certain limitations
set forth therein, this Bond is transferable upon the books of the Ci ty at
the principal office of the Bond Registrar, by the registered owner hereof
.
.
.
in person or by his attorney duly authorized in writing upon surrender
hereof together with a wr i tten instrument of transfer satisfactory to the
Bond Registrar, duly.executed by the registered owner or his attorney; and
may also be surrendered .in exchange for Bonds of other author ized
denominations. Up"on such transfer or exchange, the Ci ty will cause a new
Bond or Bonds to be issued in the name of the transferee or registered owner,
of the same aggregate pr incipal amount, bear ing interest at the same rate
and matur ing 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, COVENAN'l'ED AND AGREED that all
acts, conditions, and things required by the Constitution and laws of the
State of Minnesota to be done, to exist, to happen and to be performed
precedent to and in the issuance of this Bond in order to make ita valid and
binding general obligation of the City according to its terms have been
done, do exist, have happened and have been performed in regular and due
form as so required; that the City has levied or will levy special
assessments and ad valorem taxes, collectible in the years and amounts
required to produce sums not less than five percent in excess of the
principal of and interest on the Bonds as such principal and interest
respecti vely become due, and has appropr iated the same to the Bond Fund in
the manner specified in Minnesota Statutes, Section 475.61; that, in the
event of any accumulated or anticipated deficiency in the Bond Fund,
additional ad valorem taxes are required by law to be levied upon all
taxable property in the City without limitation as to rate or amount; and
that the issuance of this Bond does not cause the indebtedness of the Ci ty to
exceed any constitutional or statutory limitation.
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 the applicable laws or regulations:
TEN COM - as tenants
in common
UNIF TRANSFERS MIN ACT...Custodian....
(Cust) (Minor)
TEN ENT - as tenants
by the entireties
JT TEN
as joint tenants
with right of
survivorship and
not as tenants
in common
(State)
under Uniform Transfers to
Minors
Act . .
.
.
.
list.
Addi tional abbreviations may also be used though not in the above
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 within Bond on the books kept for registration
thereof, with full power of substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: The assignor I s signature to
this assignment must correspond with the
name as it appears upon the face of the
wi thin Bond in every particular, without
alteration or any change whatever.
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 the Bond is held by joint account.)
PLEASE INSERT SOCIAL SECURITY NUMBER OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
5. The Bonds shall be issuable only in fully registered form.
The interest and pr incipal amount thereof shall be payable by check or draft
issued by the Registrar described herein.
6. Dates; Interest Payment Dates. Each Bond shall 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 such
Bond shall be dated as of the date of authentication, or (ii) the date of
authentication is pr ior to February I, 1990, .in which case such Bond shall
be dated as of Octok?er I, 19B9. The interest on the Bonds shall be payable
on FebJ:uary I and August I in each year, commencing February I, 1990, to the
owner Q~ 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.
7. Registration. The City shall appoint and shall maintain a
bond registrar, transfer agent, and paying agent (the Registrar). The
effect of registration and the rights and duties of the City and the
Registrar with respect thereto shall be as follows:
(a) Register. The Registrar shall keep at its
principal corporate trust office a bond register in which
the Registrar shall provide for the registration of
ownership of Bonds and the registration of transfers and
exchanges of Bonds entitled to be registered, transferred
or exchanged.
(b) Transfer of Bonds. Upon surrender for
transfer of any Bond duly endorsed by the registered owner
thereof or accompanied by a wr i tten instrument of transfer,
in form satisfactory to the Registrar, duly executed 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 Bond is
surrendered by the registered owner for exchange, the
Registrar shall authenticate and deliver one or more new
Bonds of a like aggregate pr incipal amount and matur i ty, as
requested by the registered owner or the owner's attorney
duly authorized in writing.
(d) Cancellation. All Bonds sur rendered 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 presented 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 legally authorized. The
Registrar shall incur no liability for its 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 pr incipal 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 of the
Ci ty 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 sufficient to reimburse the Registrar for
any tax, fee or other governmental 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 lost, stolen
or destroyed, the Registrar shall deli ver a new Bond of like
amount, number, maturity date and tenor in exchange and
substi tution for and upon cancellation of any such
mutilated Bond or in lieu of and in substitution for any
such Bond lost, stolen or destroyed, upon the payment of the
reasonable expenses and charges of the Registrar in
connection therewith: and, in the case of a Bond lost,
stolen or destroyed, upon filing with the Registrar
evidence satisfactory to it that such Bond was lost, stolen
or destroyed, and of the ownership thereof, and upon
furnishing to the Registrar an appropriate bond or
indemnity in form, substance and amount satisfactory to it,
in which bond the City and the Registrar shall be named as
obligees, all pursuant to the provisions of Minnesota
Statutes, Sections 475.69 and 475.70. All Bonds so
surrendered to the Registrar shall be cancelled by it and
evidence of such cancellation shall be given to the City.
If the mutilated, lost, stolen or destroyed Bond has
already matured or been called for redemption in accordance
wi th its terms, it shall not be necessary to issue a new Bond
prior to payment.
8. Appointment of Initial Registrar. The City hereby appoints
American National Bank and Trust Company, in St. Paul, Minnesota
as the initial Registrar. The Mayor and the City Clerk are author ized to
execute and deliver, on behalf of the City, a contract with
American National Bank and Trust Compan~, in St. Paul, Minnesota
as Registrar. Upon merger or consolidatlon of the Registrar with another
corporation, if the resulting corporation is a bank or trust company
authorized by law to conduct such business, such corporation shall be
authorized to act as successor Registrar. The City agrees to pay the
reasonable and customary charges of the Registrar for the services
performed. The Ci ty reserves the right to remove any Registrar upon thirty
(30) days' notice and upon the appointment of a successor Registrar, in
which event the predecessor Registrar shall deliver all cash and Bonds in
.
.
.
.
its possession to the successor Registrar and shall deliver the bond
register to the successor Registrar. On or before each principal or
interest due date, without further order of this Ci ty, the Ci ty Clerk shall
transmit to the Registrar~ from the General Obligation Improvement Bond
Fund described in paragraph 15 hereof, monies sufficient for the payment of
all piincipal and interest then due.
~. Preparation and Delivery. The Bonds shall be prepared under
the direction of the Ci ty Administrator and shall be executed on behalf of
the Ci ty by the signatures of the Mayor and the Ci ty Clerk, provided that the
Mayor and Clerk's signatures may be facsimiles thereof. 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 and sufficient for
all purposes, the same as if such 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 authentication 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 of the
Registrar. 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 executed and authenticated,
they shall be delivered by the Clerk to the Purchaser upon payment of the
purchase price, and the Purchaser shall not be obligated to see to the
application of the purchase price.
10. The Clerk shall cause the proceeds of the Bonds to be applied
for the costs of construction of public improvements authorized and
approved pursuant to Minnesota Statutes, Chapter 429.
II. 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 will cause the assessments for the
Improvements to be promptly levied so that the first
installment will be collectible not later than 1990 if
necessary and will take all steps necessary to assure
prompt collection. The City Council shall cause all
further actions and proceedings relative to the making and
financing of the Improvements financed hereby to be taken
with due diligence that are required for the construction
of each Improvement financed wholly or partly from the
proceeds of the Bonds, and for the final and valid levy of
special assessments and the appropriation of any other
funds needed to pay the obligations and interest thereon
when due.
(b) In the event of any current or anticipated
deficiency in said special assessments, the City Council
will levy ad valorem taxes in the amount of said current or
.
.
.
anticipated deficiency.
(c) . The City will keep complete and accurate
books and records showing all receipts and disbursements in
,connection- with the Improvements, the taxes levied and the
assessments levied therefor and other funds appropriated
"for" their payment, and all collections thereof and
disbursements therefrom, moneys on hand and the balance of
unpaid assessments.
(d) The City will cause its books and records to
be audited at least annually by qualified public
accountants and will furnish copies of such audit reports
to any interested person upon request.
12. When all of the Bonds have been discharged as provided in this
resolution, all pledges, covenants and other rights granted by this
resolution to the holders of the Bonds shall cease. The Ci ty may discharge
its obligations with respect to any Bonds which are due on any date by
irrevocably depositing with the Registrar on or before that date a sum
sufficient for the payment thereof in full; or, if any Bond should not be
paid when due, it may nevertheless be discharged by depositing with the
Registrar a sum sufficient for the payment thereof in full with interest
accrued to the date of such deposit. The City may also at any time
discharge its obligations with respect to any Bonds, subject to the
provisions of law now or hereafter author izing and regulating such action,
by depositing irrevocably in escrow, with a bank qualified by law as an
escrow agent for this purpose, cash or secur i ties which are general
obligations of the United States or securities of United States agencies
which are authorized by law to be so deposited, bearing interest payable at
such time and at such rates and matur ing on such dates as shall be required,
without reinvestment, to pay all principal and interest to become due
hereon to maturity.
13. The General Obligation Temporary Improvement Bonds, Series
1987A refunded hereby which mature on July 1, 1990, shall be redeemed and
prepaid on January 1, 1990, in accordance with the terms and conditions set
forth in the Notice of Call attached hereto as Exhibit A, which terms and
conditions are hereby approved and incorporated herein by reference.
14. 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 (the Reglations), and covenants to take any and all actions
wi thin its powers to ensure that the interest on the Bonds will not become
subject to taxation under the Code and the Regulations. The Bonds will be
designated by the City as "qualified tax-exempt obligations" for purposes
of the Tax Reform Act of 1986. It is also determined that the Bonds are not
arbitrage bonds and are not private activity bonds. The City does not
anticipate issuing tax-exempt obligations in 1989 which will exceed
$10,000,000.
.
.
.
.15. The Ci ty has agreed to furnish to the purchaser the approving
legal opinion of Messrs. Wurst, Pearson, Larson, Underwood and Mertz, of
Minneapolis, Minnesota, and such opinion is hereby requested. The City
Clerk shall obtain a copy oJ said approving legal opinion, which shall be
complete except as"to dating thereof, and shall cause said opinion to be
printed on each Bond, together with a certificate to be signed by the
facsimile signature of the Clerk in substantially the following form:
I hereby certify that the foregoing is a
full, true and correct copy of the legal opinion
executed by the above named attorneys, except as
to the dating thereof, which opinion has been
handed to me for filing in my office prior to the
time of bond deli very... .., / ........w.........:?~"-. / C /,,/
~;n~ria~ ie~~el1yt7L,L-C L d
City Clerk
City of Shorewood
At the time of delivery, the Clerk shall prepare a similar separate
certificate, and 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.
16. The Bonds shall be payable from the General Ogligation
Improvement Bonds, Series 1989A Fund hereby created. It is hereby
determined that the estimated collection of special assessments levied for
the payment of the Bonds will produce at least five percent in excess of the
amount needed to meet, when due, the pr incipal and interest payments on the
Bonds. The City Clerk is directed to file a certified copy of this
resolution with the County Auditor of Hennepin County and obtain the
certificate required by Minnesota Statutes, Sectio~ 475.63. The full
faith and credit of the City is irrevocably pledged for the prompt and full
payment of the principal and interest on the Bonds.
17. The officers of the City are hereby authorized and directed to
prepare and furnish to the purchaser of the Bonds and to the attorneys
approving the same, certified copies of proceedings and records of the Ci ty
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 wi thin their knowledge or as shown by the books
and records in their custody and under their control, relating to the
validi ty and marketabili ty of the Bonds and such instruments, including any
heretofore furnished, shall be deemed representations of the City as to the
facts stated therein.
18. The Mayor, City Administrator, and City Clerk are hereby
authorized and directed to certify that they have examined the official
statement or prospectus 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 said official
statement or prospectus as it relates to the City.
.
.
.
The motion for the adoption of the foregoing resolution was duly
seconded by Member
Gaqne
, and upon vote being taken
thereon, the following voted in favor thereof:
All members
and the following voted against:
None
whereupon said resolution was declared duly passed and adopted.
Approved this
day of Augu}~,' 1989.
( ,
Attest:
City Clerk
.
.
.
S'l'ATE OF MIRRESOTA
COUN'J.'Y OF HENNEPIN
CITY OF SHORE1lOOD
I, the undersigned, being the duly qualified and acting City Clerk
of the Ci ty of Shorewood, Minnesota, do hereby certify that I have carefully
compared the attached and foregoing extract of minutes of a meeting of the
Ci ty Council of said Ci ty held on August 28, 1989, with the or iginal thereof
on file in my office and the same is a full, true and complete transcript
thereof, insofar as the same relates to the issuance and sale of $1,095,000
General Obligation Improvement Bonds, Series 1989A of the City.
WITNESS My hand as such Clerk and the corporate seal of the City
this dJ0day of ~~z: , 1989.
c;/~.~.4r"~~~1J
City Clerk
City of Shorewood
(SEAL)
.
.
.
Exhibit A
NOTICE OF REDEMPTION
$1,450-, gOO General Obligation Temporary Improvement
Bonds, Series 1987A
Dated July 1, 1987
City of Shorewood
Hennepin County, Minnesota
Notice is hereby gi ven that all bonds of the above issue matur ing on July 1,
1990, are called for redemption and prepayment on January 1, 1990. The
Bonds will be redeemed at a price of 100% of their principal amount plus
accrued interest to the date of redemption. Holders of such Bonds should
present them for payment to The Marquette Bank Minneapolis, N.A., in the
Ci ty of Minneapolis, Minnesota, on or before said date when they will cease
to bear interest.
Dated
, 1989.
BY ORDER OF THE CITY COUNCIL
City Clerk
-.
.
EXTRACT OF MINUTES OF MEETING OF THE
CIn COUNCIL OF THE CIn OF SHOREliOOD,
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a (~~~~x~~t(regular)
meeting of the City Council of the City of Shorewood, Hennepin County,
Minnesota, was duly held at the Ci ty Hall in said Ci ty on Monday, the 28th
day of August, 1989, at 7:30 p.m.
The following members were present: B. Brancel, R. Gagne, Jr.,
L. Watten, K. Stover & Mayor J. Haugen
and the following were absent:
None
* * *
* * *
* * *
The Mayor announced that the next order of business would be the
. consideration of bids for the purchase of $1,095,000 General Obligation
Improvement Bonds, Series 1989A as advertised for sale.
The City Clerk then presented the bids which had been delivered to
her prior to the time specified in the notice of sale anq said bids had been
opened, examined and found to be as follows:
See Attached
.
-~
.
~~
~.~
SPRINGSTED
PUBLIC FINANCE ADVISORS
85 East Seventh Place, Suite 100
Saint Paul, Minnesota 55101.2143
612.223.3000
FAX 612.223.3002
$1 ,095,000
CITY OF SHOREWOOD, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1989A
AWARD:
FIRST BANK NATIONAL ASSOCIATION
And Associates
SALE:
.
Bidder
August 28, 1989
Interest
Rates
FIRST BANK NATIONAL ASSOCIATION
Miller & Schroeder Financial,
Incorporated
Dougherty, Dawkins, Strand & Yost,
Incorporated
6.00% 1990-1992
6.10% 1993
6.15% 1994
6.20% 1995
6.25% 1996-1997
6.40% 1998
6.50% 1999-2003
5.80% 1990
5.90% 1991
6.00% 1992
6.10% 1993
6.15% 1994
6.20% 1995
6.25% 1996
6.30% 1997
6.40% 1998
6.50% 1999
6.60% 2000
6.65% 2001
6.70% 2002
6.75% 2003
NORWEST INVESTMENT SERVICES,
INCORPORATED
Moore, Juran and Company Incorporated
Peterson Financial Corporation
.
Indiana Office:
251 North Illinois Street, Suite 1510
Indianapolis, Indiana 46204.1942
317.237.3636
j:"v. 'l17.?'l7.'lI':'lO
Price
$1 ,079,560.50
$1 ,084,050.00
Wisconsin Office:
500 Elm Grove Road, Suite 101
Elm Grove, Wisconsin 53122.0037
414.782.8222
j:"v. &1&.7R??OI'l&
Moody's Rating: A
Net Interest
Cost & Rate
$491 ,912.00
(6.5895%)
$493,965.83
(6.6170%)
(Continued)
Interest Net Interest
Bidder Rates Price Cost & Rate
PIPER, JAFFRA Y & HOPWOOD 6,00% 1990-1991 $1,083,174,00 $494,501,00
INCORPORATED 6,10% 1992 (6,6242%)
Allison-Williams Company 6,15% 1993
Robert W, Baird & Company, Incorporated 6,20% 1994
Craig-Hallum, Incorporated 6,25% 1995
6,30% 1996
6,35% 1997
6,40% 1998
6,50% 1999
6,55% 2000
6,60% 2001
6,65% 2002
6,70% 2003
DAIN BOSWORTH INCORPORATED 5,75% 1990 $1,080,765,00 $494,616,67
JURAN & MOODY, INCORPORATED 5,90% 1991 (6,62580%)
MERRILL LYNCH CAPITAL MARKETS 6,00% 1992
6,10% 1993
6,15% 1994
6,20% 1995
6,25% 1996
6,30% 1997
6.40% 1998
6,50% 1999-2000
6,60% 2001-2002
6,70% 2003
CRONIN & COMPANY, INCORPORATED 5.90% 1990 $1,081,312.50 $498,008,33
Smith Barney, Harris Upham & Company 6,00% 1991-1992 (6,6712%)
Incorporated 6,10% 1993
6,15% 1994
6,20% 1995
6,30% 1996
6.40% 1997
6.45% 1998
6,50% 1999
6,60% 2000
6,65% 2001
6,70% 2002
6.75% 2003
MILLER JOHNSON & KUEHN, INCORPORATED 6,00% 1990-1991 $1 ,082,955,00 $498,126,67
Marquette Bank Minneapolis, N,A, 6,10% 1992 (6,6728%)
6,15% 1993
6,20% 1994
6,25% 1995
6,30% 1996
6.40% 1997
6,50% 1998
6,60% 1999-2000
6,70% 2001-2003
(Continued)
~.
.Bidder
PARK INVESTMENT CORPORATION
DEAN WITTER REYNOLDS INCORPORATED
PRUDENTIAL-BACHE CAPITAL FUNDING
SHEARSON LEHMAN HUTTON, INC.
.
Interest
Rates
6.00% 1990-1992
6.10% 1993
6.15% 1994
6.20% 1995
6.25% 1996
6.30% 1997
6.40% 1998
6.50% 1999
6.60% 2000
6.70% 2001
6.75% 2002-2003
6.00% 1990
6.05% 1991
6.10% 1992
6.15% 1993
6.20% 1994
6.25% 1995
6.30% 1996
6.40% 1997
6.50% 1998
6.60% 1999
6.65% 2000
6.70% 2001
6.75% 2002
6.80% 2003
REOFFERING SCHEDULE OF THE PURCHASER
Rate
6.00%
6.00%
6.00%
6.10%
6.15%
6.20%
6.25%
6.25%
6.40%
6.50%
6.50%
6.50%
6.50%
6.50%
.
Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Yield
Par
Par
Par
Par
Par
Par
Par
6.30%
Par
Par
6.55%
6.60%
6.65%
6.70%
Price
$1 ,079,670.00
$1 ,078,684.50
Net Interest
Cost & Rate
$499,383.33
(6.68966%)
$504,303.83
(6.7555%)
BBI: 7.15
Average Maturity: 6.82 Years