HomeMy WebLinkAbout2021-099 CCR Extract of Minutes of Meeting
of the City Council of the City of
Brooklyn Center, Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Brooklyn Center, Minnesota, was duly called and held by teleconference in said City on
Monday, the 23rd day of August, 2021, at 7:00 o'clock P.M. The teleconference was held in
accordance with Minnesota Statutes, Section 13D.021.
The following members were present:
Butler, Elliott, Graves, Lawrence-Anderson, Ryan
and the following were absent: None
* * * * * * * * *
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 approximately $8,010,000 General
Obligation Improvement and Utility Revenue Bonds, Series 2021A.
The City Manager presented a tabulation of the proposals that had been received in the
manner specified in the Official Terms of Proposal for the Bonds. The proposals were as set forth
in Exhibit A attached.
After due consideration of the proposals, Member Elliott then introduced the following
resolution, and moved its adoption:
BR291-412-734065.v2
RESOLUTION 2021-99
RESOLUTION AWARDING THE SALE OF $8,010,000 GENERAL
OBLIGATION IMPROVEMENT AND UTILITY REVENUE BONDS,
SERIES 2021A 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 Brooklyn Center,Hennepin County,
Minnesota(the "City") in regular meeting assembled as follows:
Section 1. Background.
1.01 The City is authorized by Minnesota Statutes, Chapters 429 and Minnesota
Statutes, Chapter 475, as amended (collectively, the"Improvement Act") to provide financing for
various public street improvements in the City (the "Improvements").
1.02 The City is authorized by Minnesota Statutes, Section 444.075 and Minnesota
Statutes, Chapter 475, as amended (collectively, the "Utility Act"), to finance all or a portion of
the cost of certain utility improvements of the City (the "Utility Improvements") by the issuance
of general obligation bonds of the City payable from the net revenues of the water, sanitary sewer,
and storm drainage utility systems of the City.
1.03 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to
negotiate the sale of the Bonds, it being determined that the City has retained an independent
municipal advisor in connection with such sale. The actions of the City staff and the City's
municipal advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects.
Section 2. Sale of Bonds.
2.01 Authorization. It is hereby determined that it is necessary to provide financing for
the Improvements and the Utility Improvements and to finance those improvements through the
issuance of the City's $8,010,000 General Obligation Improvement and Utility Revenue Bonds,
Series 2021A (the "Bonds").
2.02. Acceptance of Offer. The proposal of Piper Sandler & Co., Minneapolis,
Minnesota(the"Purchaser")to purchase the Bonds is hereby found and determined to be the most
favorable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of
$8,870,219.07 ($8,010,000.00 par amount, plus original issue premium of $922,376.00, less
underwriter's discount of$62,156.93), for Bonds bearing interest as follows:
2
BR29 1-4 1 2-734065.v2
Year of Interest Year of Interest
Maturity Rate Maturity Rate
2023 4.00% 2028 3.00%
2024 4.00 2029 3.00
2025 4.00 2030 3.00
2026 4.00 2031 2.00
2027 4.00 2032 2.00
2.03. Purchase Contract. Any amount paid by the Purchaser over the minimum purchase
price shall be credited to the Debt Service Fund hereinafter created, or deposited in the accounts in
the Construction Fund hereinafter created, as determined by the City Finance Director after
consultation with the City's municipal advisor. The City Finance Director is directed to retain the
good faith check of the Purchaser, pending completion of the sale of the Bonds. The Mayor and
City Manager are authorized to execute a contract with the Purchaser on behalf of the City, if
requested by the Purchaser.
2.04. Terms and Principal Amounts of Bonds. The City will forthwith issue and sell the
Bonds pursuant to the Improvement Act and the Utility Act (collectively, the "Act"), in the total
principal amount of$8,010,000, originally dated the date of delivery, the Bonds being in fully
registered form in the denominations of$5,000 each or any integral multiple thereof, numbered
No. R-1 and upward,bearing interest as above set forth, and maturing serially on February 1 in the
years and amounts as follows:
Year Amount Year Amount
2023 $625,000 2028 $830,000
2024 725,000 2029 850,000
2025 755,000 2030 870,000
2026 770,000 2031 855,000
2027 795,000 2032 905,000
$3,005,000 of the Bonds (the"Improvement Bonds")maturing in the amounts and on the dates set
forth below are being issued to finance the cost of the Improvements:
Year Amount Year Amount
2023 $250,000 2028 $310,000
2024 280,000 2029 315,000
2025 290,000 2030 320,000
2026 295,000 2031 320,000
2027 300,000 2032 325,000
BR291-412-734065.v2 3
$5,005,000 of the Bonds (the "Utility Bonds") maturing in the amounts and on the dates set forth
below are being issued to finance the cost of the Utility Improvements:
Year Amount Year Amount
2023 $375,000 2028 $520,000
2024 445,000 2029 535,000
2025 465,000 2030 550,000
2026 475,000 2031 565,000
2027 495,000 2032 580,000
As may be requested by the Purchaser, one or more term Bonds may be issued having
mandatory sinking fund redemption and final maturity amounts conforming to the foregoing
principal repayment schedule, and corresponding additions may be made to the provisions of the
applicable Bond(s).
2.05. Optional Redemption. The City may elect on February 1, 2030, and on any day
thereafter to prepay Bonds maturing on or after February 1, 2031. Redemption may be in whole or
in part and if in part, at the option of the City and in such manner as the City will determine. If less
than all Bonds of a maturity are called for redemption,the City will notify DTC (as defined in Section
7 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the
amount of each participant's interest in such maturity to be redeemed and each participant will then
select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be
at a price of par plus accrued interest.
Section 3. Registration and Payment.
3.01. 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.
3.02. Dates; Interest Payment 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, 2022, to the
registered owners of record as of the close of business on the 15th day of the immediately
preceding month, whether or not that day is a business day.
3.03. Registration. The City will appoint, and will maintain, a bond registrar, transfer
agent, authenticating agent and paying agent (the "Registrar"). The effect of registration and the
rights and duties of the City and the Registrar with respect thereto are as follows:
(a) Register. The Registrar will keep at its principal corporate trust office a
bond register in which the Registrar provides for the registration of ownership of Bonds
BR291-412-734065.v2 4
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 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 15th day
of the month preceding each interest payment date and until that interest payment date.
(c) Exchange of Bonds. Whenever any 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. All Bonds surrendered upon any transfer or exchange will be
promptly cancelled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper 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 at any time registered in the bond register as the absolute owner
of such 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 Destroyed 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
BR291-412-734065.v2 5
ownership thereof, and upon furnishing to the Registrar an appropriate bond or indemnity
in form, substance and amount satisfactory to the Registrar 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 redemption in accordance with its terms it is not be necessary to issue a
new Bond prior to payment.
(i) Redemption. In the event any of the Bonds are called for redemption,
written notice thereof identifying the Bonds to be redeemed will be given by the Registrar
by mailing a copy of the redemption notice by first class mail (postage prepaid) in
accordance with the requirements of DTC to the registered owner of each Bond to be
redeemed at the address shown on the registration books kept by the Registrar and by
publishing the notice if required by law. Failure to give notice by publication or by mail
to any registered owner,or any defect therein,will not affect the validity of the proceedings
for the redemption of Bonds. Bonds so called for redemption will cease to bear interest
after the specified redemption date, provided that the funds for the redemption are on
deposit with the place of payment at that time.
3.04. Appointment of Initial Registrar. The City appoints Zions Bancorporation,
National Association, Chicago, Illinois, 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 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 deliver the bond register to the successor Registrar. On or before each principal or
interest due date, without further order of this Council, the City Finance Director must transmit to
the Registrar money sufficient for the payment of all principal and interest then due.
3.05. Execution, Authentication and Delivery. The Bonds will be prepared under the
direction of the City Finance Director and executed on behalf of the City by the signatures of the
Mayor and the City Manager,provided that all 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 any 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 a 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 City Finance Director will deliver
the same to the Purchaser thereof upon payment of the purchase price in accordance with the
BR291-412-734065.v2 6
contract of sale heretofore made and executed, and the Purchaser will not be obligated to see to
the application of the purchase price.
3.07. Form of Bonds. The Bonds will be printed or typewritten in substantially the form
set forth in Exhibit B attached hereto.
3.08. Approving Legal Opinion. The City Finance Director is authorized and directed to
obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered,
Minneapolis, Minnesota, which will be complete except as to dating thereof and will cause the
opinion to be printed on or accompany each Bond.
Section 4. Funds and Accounts; Security; Payment.
4.01. Debt Service Fund and Accounts Maintained Therein. For the convenience and
proper administration of the moneys to be borrowed and repaid on the Bonds,and to provide adequate
and specific security for the Purchaser and holders from time to time of the Bonds, there is hereby
created a special fund to be designated the "General Obligation Improvement and Utility Revenue
Bonds, Series 2021A Debt Service Fund" (the "Debt Service Fund"). 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. The Debt Service Fund
will be maintained in the manner herein specified until all of the Bonds and the interest thereon have
been fully paid. The City will maintain the following accounts in the Debt Service Fund: the
"Assessable Improvements Account" and the "Utility Improvements Account." Amounts in the
Assessable Improvements Account are irrevocably pledged to the Improvement Bonds and
amounts in the Utility Improvements Account are irrevocably pledged to the Utility Bonds.
(a) Assessable Improvements Account. To the Assessable Improvements
Account in the Debt Service Fund there is hereby pledged and irrevocably appropriated and
there will be credited: (i) proceeds of the ad valorem taxes levied under Section 4.03(a) or
hereafter levied (the "Taxes"), which ad valorem taxes are pledged to the Assessable
Improvements Account; (ii) capitalized interest financed from Improvement Bond proceeds,
if any; (iii) a pro rata portion of the amount over the minimum purchase price paid by the
Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with
Section 2.03 hereof; (iv)all investment earnings on amounts in the Improvements Account of
the Debt Service Fund; and (v) any other funds appropriated for the payment of principal or
interest on the Improvement Bonds.
(b) Utility Improvements Account. The City will continue to maintain and
operate its water, sanitary sewer, and storm drainage utility fund or funds, to which will be
credited all gross revenues of the water, sanitary sewer, and storm drainage utility systems
(the "Utility Systems"), and out of which will be paid all normal and reasonable expenses of
current operations of such systems. Any balances therein are deemed net revenues (the"Net
Revenues")and will be transferred,from time to time,to the Utility Improvement Account of
the Debt Service Fund in an amount sufficient to pay the principal of and interest on the Utility
Bonds, which Utility Improvements Account will be used only to pay principal of and
interest on the Utility Bonds, and any other bonds similarly authorized. There is also
BR291-412-734065.v2 7
appropriated to the Utility Improvements Account (i) any collections of taxes hereafter
levied for the payment of the Utility Bonds and interest thereon, (ii) a pro rata portion of
any amount over the minimum purchase price paid by the Purchaser, to the extent
designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof,
(iii) all investment earnings on funds in the Utility Improvements Account of the Debt
Service Fund; and(iv)any other funds appropriated for the payment of principal or interest
on the Utility Bonds. The Finance Director must report to the City Council any current or
anticipated deficiency in the Utility Improvements Account or in the availability of Net
Revenues to pay principal of and interest on the Utility Bonds and any other bonds similarly
authorized. If a payment of principal or interest on the Utility Bonds becomes due when
there is not sufficient money in the Utility Improvements Account in the Debt Service Fund
to pay the same,the City Finance Director is directed to pay such principal or interest from
the general fund of the City, and the general fund will be reimbursed for the advances out
of the proceeds of Net Revenues and taxes when collected.
4.02. Construction Fund. The City hereby creates the "General Obligation Improvement
and Utility Revenue Bonds, Series 2021A Construction Fund" (the "Construction Fund") to 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. The City will maintain
the following accounts in the Construction Fund: the "Assessable Improvements Account" and the
"Utility Improvements Account." Amounts in the Assessable Improvements Account will be used
to construct the Improvements and amounts in the Utility Improvements Account will be used to
construct the Utility Improvements.
(a) Assessable Improvements Account. Proceeds of the Improvement Bonds,
less the appropriations made in Section 4.01(a) hereof, together with any other funds
appropriated for the Improvements and the Taxes collected during the construction of the
Assessable Improvements, will be deposited in the Assessable Improvements Account of the
Construction Fund to be used solely to defray expenses of the Improvements and the payment
of principal of and interest on the Improvement Bonds prior to the completion and payment
of all costs of the Improvements. Any balance remaining in the Assessable Improvements
Account after the Improvements are completed and the cost thereof have been paid may be
used as provided in Minnesota Statutes, section 475.65, under the direction of the City
Council. Thereafter,the Assessable Improvements Account of the Construction Fund is to be
closed and any balance remaining therein and any subsequent collections of the Taxes for the
Improvements are to be deposited in the Assessable Improvements Account of the Debt
Service Fund.
(b) Utility Improvements Account. Proceeds of the Utility Improvements
Bonds, less the appropriations made in Section 4.01(b)hereof,will be deposited in the Utility
Improvements Account of the Construction Fund to be used solely to defray expenses of the
Utility Improvements. Any balance remaining in the Utility Improvements Account after the
Utility Improvements are completed and the cost thereof have been paid may be used as
provided in Minnesota Statutes, section 475.65, under the direction of the City Council.
Thereafter, the Utility Improvements Account of the Construction Fund is to be closed and
BR291-412-734065.v2 8
any balance remaining therein is to be deposited in the Utility Improvements Account of the
Debt Service Fund.
4.03. Tax Levy for Improvement Bonds. For the purpose of paying the principal of and
interest on the Improvement Bonds,there is hereby levied a direct annual irrepealable ad valorem tax
upon all of the taxable property in the City,which Taxes will be spread upon the tax rolls and collected
with and as part of other general taxes of the City. Such Taxes will be credited to the Assessable
Improvements Account of the Debt Service Fund above provided and will be in the years and amounts
as set forth in Exhibit C.
The tax levy herein provided will be irrepealable until all of the Improvement Bonds are paid,
provided that the City Finance Director may annually, at the time the City makes its tax levies,certify
to the Taxpayer Services Division Manager the amount available in the Assessable Improvements
Account of the Debt Service Fund to pay principal and interest due during the ensuing year on the
Improvement Bonds, and the Taxpayer Services Division Manager will thereupon reduce the levy
collectible during such year by the amount so certified.
4.04. City Covenants with Respect to the Improvement Bonds. It is hereby determined that
the Improvements will directly and indirectly benefit certain property in the City,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 and special assessments levied or to be
levied against the property specially benefited by the Improvements (the "Assessments") to
be promptly levied so that the first installment will be collectible not later than 2022 and will
take all steps necessary to assure prompt collection,and the levy of the Assessments is hereby
authorized. The City Council will cause to be taken with due diligence all further actions that
are required for the construction of each Improvement financed wholly or partly from the
proceeds of the Bonds, and will take all further actions necessary for the final and valid levy
of the Assessments and the appropriation of any other funds needed to pay the Improvement
Bonds and interest thereon when due.
(b) In the event of any current or anticipated deficiency in the Assessments and
Taxes,the City Council will levy additional ad valorem taxes in the amount of the current or
anticipated deficiency.
(c) The City will keep complete and accurate books and records showing:
receipts and disbursements in connection with the Improvements, Assessments and Taxes
levied therefor and other funds appropriated for their payment, collections thereof and
disbursements therefrom,monies on hand and,the balance of unpaid Assessments.
(d) The City will cause its books and records to be audited at least annually and
will furnish copies of such audit reports to any interested person upon request.
(e) At least 20%of the cost to the City of the Improvements described herein has
been or will be specially assessed against benefited properties.
BR291-412-734065.v2 9
(f) In lieu of pledging the Assessments to the payment of the principal of and
interest on the Bonds, the City will pay costs of the Improvements, and thereby reduce the
cost thereof financed by the Bonds, from its Special Assessment Construction Fund in an
amount equal to the amount of the Assessments and will utilize the Assessments, when
received to replenish Special Assessment Construction Fund in such amount.
4.05 City Covenants with Respect to the Utility Bonds. The City Council covenants and
agrees with the holders of the Bonds that so long as any of the Utility Bonds remain outstanding
and unpaid, it will keep and enforce the following covenants and agreements:
(a) The City will continue to maintain and efficiently operate the Utility
Systems as public utilities and conveniences free from competition of other like municipal
utilities and will cause all revenues therefrom to be deposited in bank accounts and credited
to the accounts of the Utility Systems as hereinabove provided, and will make no
expenditures from those accounts except for a duly authorized purpose and in accordance
with this resolution.
(b) The City will also maintain the Debt Service Fund as a separate account in
the Utility Improvements Account and will cause money to be credited thereto from time
to time, out of Net Revenues from the Utility Systems in sums sufficient to pay principal
of and interest on the Utility Improvements Bonds when due.
(c) The City will keep and maintain proper and adequate books of records and
accounts separate from all other records of the City in which will be complete and correct
entries as to all transactions relating to the Utility Systems and which will be open to
inspection and copying by any bondholder, or the bondholder's agent or attorney, at any
reasonable time, and it will furnish certified transcripts therefrom upon request and upon
payment of a reasonable fee therefor, and said account will be audited at least annually by
a qualified public accountant and statements of such audit and report will be furnished to
all bondholders upon request.
(d) The City Council will cause persons handling revenues of the Utility
Systems to be bonded in reasonable amounts for the protection of the City and the
bondholders and will cause the funds collected on account of the operations of the Utility
Systems to be deposited in a bank whose deposits are guaranteed under the Federal Deposit
Insurance Law.
(e) The Council will keep the Utility Systems insured at all times against loss
by fire, tornado and other risks customarily insured against with an insurer or insurers in
good standing, in such amounts as are customary for like plants, to protect the holders,
from time to time, of the Utility Bonds and the City from any loss due to any such casualty
and will apply the proceeds of such insurance to make good any such loss.
(f) The City and each and all of its officers will punctually perform all duties
with reference to the Utility Systems as required by law.
BR291-412-734065.v2 10
(g) The City will impose and collect charges of the nature authorized by
Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce
Net Revenues adequate to pay all principal and interest when due on the Utility Bonds and
to create and maintain such reserves securing said payments as may be provided in this
resolution.
(h) The City Council will levy general ad valorem taxes on all taxable property
in the City, when required to meet any deficiency in pledged Net Revenues.
(i) The City hereby determines that the estimated collection of net revenues
herein pledged for the payment of principal and interest on the Utility Bonds will produce
at least 5% in excess of the amount needed to meet, when due, the principal and interest
payments on such portion of the Bonds.
4.06 Registration of Resolution. The City Clerk is directed to file a certified copy of this
resolution with the Taxpayer Services Division Manager of Hennepin County and to obtain the
certificate required by Section 475.63 of the Act.
4.07. Debt Service Coverage. It is hereby determined that the estimated collection of the
foregoing Taxes and Assessments will produce at least 5% in excess of the amount needed to pay
when due, the principal and interest payments on the Improvement Bonds and the Net Revenues
herein pledged will produce at least 5%in excess of the amount needed to pay when due the principal
and interest payments on the Utility Bonds.
4.08. 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.
Section 5. Authentication of Transcript.
5.01. City Proceedings and Records. The officers of the City are hereby 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, City Manager and Finance
Director, or any of them, are hereby 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, as of the date thereof,
BR291-412-734065.v2 1 1
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, City Manager, and Finance Director, or any of
them, 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
questioning the Bonds or the organization of the City or incumbency of its officers, at the closing
the Mayor, City Manager, and Finance Director, or any of them, 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 and/or the City
Administrator 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) a manually signed original signature that is
then transmitted by electronic means or (b) a signature obtained through DocuSign or Adobe or a
similarly digitally auditable signature gathering process;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.
Section 6. Tax Covenants.
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. To that end, the City will comply with all 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 and limitations on amounts invested at a yield greater than the yield on 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 unless the Bonds qualify for an exception
to the rebate requirement under the Code and related Treasury Regulations.
6.03. Not Private Activity 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.
BR291-412-734065.v2 12
6.04. Procedural Requirements. 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 System; Limited Obligation of City.
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 2.04 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 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, if 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
BR291-412-734065.v2 13
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 System. 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. Payments 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 notices with
respect to the Bond will be made and given, respectively in the manner provided in DTC's
Operational Arrangements, as set forth in the Representation Letter.
Section 8. Continuing Disclosure.
8.01. City Compliance with Provisions of Continuing 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 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.
8.02. Execution of Continuing 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
Section 9. Defeasance. When all Bonds (or all of either the Improvement Bonds or Utility
Bonds portion thereof) and all accrued interest thereon have been discharged as provided in this
section, all pledges, covenants and other rights granted by this resolution (with respect to the
Improvement Bonds or Utility Bonds portion of the Bonds, as the case may be) to 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 (or all of either the Improvement Bonds or Utility Bonds portion
thereof) 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 or by depositing irrevocably in escrow, with a suitable
institution qualified by law as an escrow agent for this purpose, cash or securities which are backed
BR291-412-734065.v2 14
by the full faith and credit of the United States of America, or any other security authorized under
Minnesota law for such purpose, bearing interest payable at such times and at such rates and
maturing on such dates and in such amounts as shall be required and sufficient, subject to sale
and/or reinvestment in like securities, to pay said obligation(s), which may include any interest
payment on such Bond and/or principal amount due thereon at a stated maturity (or if irrevocable
provision shall have been made for permitted prior redemption of such principal amount, at such
earlier redemption date). 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 motion for adoption of the foregoing resolution was duly seconded by Member Ryan and upon
vote being taken thereon, the following voted in favor thereof:
Butler, Elliott, Graves, Lawrence-Anderson, Ryan
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
BR291-412-734065.v2 15
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF BROOKLYN CENTER )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Brooklyn
Center, Minnesota, do hereby certify that I have carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council held on Monday, August 23, 2021,
with the original minutes on file in my office 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$8,010,000 General
Obligation Improvement and Utility Revenue Bonds, Series 2021A of the City.
WITNESS My hand officially as such City Clerk of the City this 24th day of August, 2021.
City Clerk
City of Brooklyn Center, Minnesota
BR291-412-734065.v2 16
EXHIBIT A
PROPOSALS
A-1
BR291-412-734065.v2
bakertiUy
MVN!cPA.�UYSCeS
S89a0.000'
City of Brooklyn Center,Minnesota
General Obligation Improvement and Utility Revenue Bonds.Series 2021A
S&P Rating: AA
Sale Date: August 23.2021 BBI:2.14%
Average Maturity: 5.894 Tears
Bidder TIC
Piper Sandler&Co. 1.0652'.
The Baker Group 1.07921.
Hilkop Seciitie.Inc. 1.1500%
Robert R.Baird&Co..Incorporated 1.1653'.'.
Laterest Reoffering Reoffering
Maniac Bidder Information Maturitn Rate Vield Price
PIPER SA_ DLER&CO 2,012023 4.00'. 0.151.. 105 222'.
(No Syndicate Members) 2,01.2024 4.00% 0 201. 108.9351.
2,012025 4.00'. 0.30'. 112.3531.
2201.2026 4.00'. 0.50. 115.070'.
2•012027 4.00'. 0.65% I 17.612•.
201.2028 3.001. 0.85'. 113 279%
2'01.2029 3.00'. 1.00% 114.153'.
2,01.2030 3.00'. 1.101. 115.132'.
2'01 2031 2.00'. 1.15'. 106.7541.
2,012032 2.000. 1.25% 105.934'.
Purchase Price:59,904.183.90'
Net Interest Cost S597,313.18'
TIC: 1 0652'.'
Other Bidders and Syndicate Members
THE BAKER GROUP
Middlegate Securities Ltd
HILLTOP SECURITIES INC.(No Syndicate Members)
ROBERT W.BAIRD&CO..LNCORPORATED(And Syndicate)
• Saib:psunt to bid"owe At par awo a:denasd to U.010,000.and rho prick see nrrrws cot and mae macro wr cost haw clawed to
$3.3'0.219.0'.$563.425.09.and 1.0824'.rcprcroe.5
B Yet T ly Mundpai AO.'sorl..LC K a registered Tut opal ac.w ar rtole c wwda t or Bata Tay US,1.1P.an accounting arms Baer nary US,
LIP,rang as Baer Tay,ac a meatier of the soma nelson of Baler Tay tavral arms Ln.,to members at Awn are separate and Indepenoert legs
entries.0 2021 Baer Tay Amapa Ao awrl.LLC
Page III
BR291-412-734065.v2 2
EXHIBIT B
FORM OF BOND
No. R- UNITED STATES OF AMERICA $
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF BROOKLYN CENTER
GENERAL OBLIGATION IMPROVEMENT AND UTILITY REVENUE
BOND, SERIES 2021A
Date of
Rate Maturity Date Original Issue CUSIP
February 1, 20 September 22, 2021 113835
Registered Owner: Cede & Co.
The City of Brooklyn Center, 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 set forth above on the Maturity Date specified above, unless called for
earlier redemption, 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, 2022, 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,
the principal hereof are payable in lawful money of the United States of America by check or draft
by Zions Bancorporation, National Association, Chicago, Illinois, as Registrar, Authenticating
Agent and Paying 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.
This Bond is one of an issue in the aggregate principal amount of$8,010,000, all of like
original issue date and tenor, except as to number, maturity date, denomination, redemption
privilege, and interest rate, issued pursuant to a resolution adopted by the City Council on August
23, 2021 (the "Resolution"), for the purpose of providing monies in part for various street
improvements and various utility improvements and pursuant to and in full conformity with its
home rule charter, the Constitution, and the laws of the State of Minnesota, including Minnesota
Statutes, Chapters 429, 444 and 475. The principal hereof and interest hereon are payable from
certain special assessments against property specially benefited by local improvements, net revenues
of the water, sanitary sewer, and storm drainage utility systems and from ad valorem taxes, 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 are irrevocably pledged for payment of this Bond and
BR291-412-734065.v2 B-1
the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the
City in the event of any deficiency in special assessments,net revenues and ad valorem taxes pledged,
which additional 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 may elect on February 1, 2030, and on any date thereafter to prepay Bonds
maturing on or after February 1, 2031. Redemption may be in whole or in part and if in part, at
the option of the City and in such manner as the City will determine. If less than all Bonds of a
maturity are called for redemption, the City will notify The Depository Trust Company ("DTC")
of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of
each participant's interest in such maturity to be redeemed and each participant will then select by
lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a
price of par plus accrued interest.
IT IS HEREBY CERTIFIED AND RECITED that in and by the Resolution, the City has
covenanted and agreed that it will continue to own and operate the water, sanitary sewer,and storm
drainage utility systems free from competition by other like municipal utilities; that adequate
insurance on said systems and suitable fidelity bonds on employees will be carried;that proper and
adequate books of account will be kept showing all receipts and disbursements relating to the
Utility Systems fund,into which it will pay all of the gross revenues from the water,sanitary sewer,
and storm drainage utility systems; that it will also create and maintain a Utility Improvements
Account within the General Obligation Improvement and Utility Revenue Bonds, Series 2021A
Debt Service Fund, into which it will pay, out of the net revenues from the water, sanitary sewer,
and storm drainage utility systems, a sum sufficient to pay principal of and interest on the Utility
Revenue Bonds when due; and that it will provide, by ad valorem tax levies, for any deficiency in
required net revenues of the water, sanitary sewer, and storm drainage utility systems.
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 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 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 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 Registrar will be affected
by any notice to the contrary.
The City has not designated the Bonds as "qualified tax-exempt obligations" pursuant to
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
BR291-412-734065.v2 B-2
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required
by the Constitution and laws of the State of Minnesota to be done, 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, have happened and have been
performed in regular and due form, time and manner, that prior to the issuance of this bond the
City Council of the City has provided funds for the payment of principal and interest on the bonds
of this issue as the same become due, but the full faith and credit of the City is pledged for their
payment and additional taxes will be levied, if required for such purpose, without limitation as to
the rate of amount; and that this bond,together with all other indebtedness of the City outstanding
on the date of its issuance, does not exceed any constitutional or statutory limitation thereon.
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
Registrar by manual signature of one of its authorized representatives.
IN WITNESS WHEREOF,the City of Brooklyn Center, 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: September 22, 2021
CITY OF BROOKLYN CENTER, MINNESOTA
City Manag ayor
-- 16#1
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
ZIONS BANCORPORATION,
NATIONAL ASSOCIATION
By
Authorized Representative
BR291-412-734065.v2 B-3
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 UNIF GIFT MIN ACT
in common Custodian
(Cust) (Minor)
TEN ENT -- as tenants under Uniform Gift or Transfer to
by entireties Minors Act
of
JT TEN -- as joint tenants (State)
with right of
survivorship and
not as tenants in
common
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:
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:
BR291-412-734065.v2 B-4
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.
Signature of
Date of Registration Registered Owner Registrar
Cede & Co.
September 22, 2021 Federal ID #13-2555119
BR291-412-734065.v2 B-5
EXHIBIT C
IMPROVEMENT BONDS TAX LEVY
Post-Sale Tax Levies
Payment Principal Coupon Interest Total P+I 105% Assessment Levy Amount Levy/Collect
Date Overlevy Revenues Year
02/01/2023 250,000.00 4.000% 132,912.92 382,912.92 402,058.57 188,644.44 213,414.13 2021/2022
02/01/2024 280,000.00 4.000% 87,850.00 367,850.00 386,242.50 176,800.00 209,442.50 2022/2023
02/01/2025 290,000.00 4.000% 76,650.00 366,650.00 384,982.50 171,600.00 213,382.50 2023/2024
02/01/2026 295,000.00 4.000% 65,050.00 360,050.00 378,052.50 166,400.00 211,652.50 2024/2025
02/01/2027 300,000.00 4.000% 53,250.00 353,250.00 370,912.50 161,200.00 209,712.50 2025/2026
02/01/2028 310,000.00 3.000% 41,250.00 351,250.00 368,812.50 156,000.00 212,812.50 2026/2027
02/01/2029 315,000.00 3.000% 31,950.00 346,950.00 364,297.50 150,800.00 213,497.50 2027/2028
02/01/2030 320,000.00 3.000% 22,500.00 342,500.00 359,625.00 145,600.00 214,025.00 2028/2029
02/01/2031 320,000.00 2.000% 12,900.00 332,900.00 349,545.00 140,400.00 209,145.00 2029/2030
02/01/2032 325,000.00 2.000% 6,500.00 331,500.00 348,075.00 135,200.00 212,875.00 2030/2031
Total $3,005,000.00 - $530,812.92 $3,535,812.92 $3,712,603.57 $1,592,644.44 $2,119,959.13 -
BR291-412-734065.v2 C-1
STATE OF MINNESOTA TAXPAYER SERVICES DIVISION MANAGER'S
CERTIFICATE AS TO
COUNTY OF HENNEPIN TAX LEVY AND
REGISTRATION
I, the undersigned Taxpayer Services Division Manager of Hennepin County, Minnesota,
hereby certify that a certified copy of a resolution adopted by the governing body of the City of
Brooklyn Center, Minnesota, on August 23, 2021, levying taxes for the payment of$8,010,000
General Obligation Improvement and Utility Revenue Bonds, Series 2021 A, of said municipality
dated September 22, 2021 has been filed in my office and said bonds have been entered on the
register of obligations in my office and that such tax has been levied as required by law.
WITNESS My hand and official seal this day of , 2021.
Taxpayer Services Division Manager
Hennepin County, Minnesota
(SEAL)
Deputy
BR291-412-734065.v2