HomeMy WebLinkAbout1991-195 CCRMember Philip Cohen introduced the following resolution and moved
tion:
RESOLUTION NO. 91 -195
A RESOLUTION AWARDING THE SALE OF $3,000,000
GENERAL OBLIGATION STATE AID ROAD BONDS, SERIES 1991B
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 (City) as follows:
Section 1. Sale of Bonds.
1.01. The bid of Piper. Jaffrav Hopwood Incorporated (Purchaser) to
purchase $3,000,000 General Obligation State Aid Road Bonds, Series 1991B
(Bonds) of the City described in the Official Terms of Offering thereof is
determined to be the highest and best bid received pursuant to duly advertised
notice of sale and is accepted, the bid being to purchase the Bonds at a price
of 2,969,520 plus accrued interest to date of delivery, for Bonds bearing
interest as follows:
Year of Maturity Interest Rate
Year of Maturity Interest Rate
1992 4.707 2000 6.057.
1993 5.00 2001 6.15
1994 5.15 2002 6.25
1995 5.35 2003 6.35
1996 5.55 2004 6.45
1997 5.70 2005 6.55
1998 5.85 2006 6.65
1999 5.95
Net effective interest rate: 6.3704767. True interest rate: 6.3780137.
1.02. The sum of 14,520 being the amount bid by the Purchaser in
excess of $2,955,000 is credited to the Debt Service Fund hereinafter created.
The City Finance Director is directed to retain the good faith check of the
Purchaser, pending completion of the sale of the Bonds, and to return the good
faith checks of the unsuccessful bidders forthwith. The Mayor and City Manager
are directed to execute a contract with the Purchaser on behalf of the City.
1.03. The City will forthwith issue and sell the Bonds in the total
principal amount of $3,000,000, originally dated September 1, 1991, in the
denomination of $5,000 each or any integral multiple thereof, numbered No. R -1,
upward, bearing interest as above set forth, and which mature serially on
April 1 in the years and amounts as follows:
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Resolution No. 91 -195
Year Amount Year Amount
1992 $115,000 2000 $205,000
1993 135,000 2001 220,000
1994 145,000 2002 230,000
1995 150,000 2003 245,000
1996 160,000 2004 265,000
1997 170,000 2005 285,000
1998 180,000 2006 305,000
1999 190,000
1.04. Optional Redem The City may elect on April I, 2000 and on any
day thereafter, to prepay Bonds due on or after April 1, 2001. 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 shall determine and within a maturity by lot as selected by
the registrar. All prepayments shall be at a price of par and accrued interest.
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds shall be issued only in fully registered
form. The interest thereon and, upon surrender of each Bond, the principal
amount thereof, is payable by check or draft issued by the Registrar described
herein.
2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the
last interest payment date preceding the date of authentication to which inter-
est 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 prior to the first
interest payment date, in which case such Bond will be dated as of the date of
original issue. The interest on the Bonds is payable on April 1 and October 1
of each year, commencing April 1, 1992, to the owner 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, and shall maintain, a bond
registrar, transfer agent, authenticating agent and paying agent (Registrar).
The effect of registration and the rights and duties of the City and the Regis-
trar with respect thereto are as follows:
(a) Register. 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.
(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 execut-
ed 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
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Resolution No. 91 -195
Bonds of a like aggregate principal amount and maturity, as requested by
the transferor. The Registrar may, however, close the books for registra—
tion of any transfer after the fifteenth day of the month preceding each
interest payment date and until such interest payment date.
(c) Bxchanze 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 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 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 such Bond to the extent of the sum
or sums so paid.
(g) Taxes, Fees. and Charges. For a 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 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 ownership thereof, and upon
furnishing to the Registrar of 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 sur—
rendered 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 necessary to issue a new
Bond prior to payment.
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(i) Redemption. In the event any of the Bonds are called for redemp-
tion, 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) not more than 60 and not less than 30 days prior to
the data fixed for redemption to the registered owner of each Bond to be
redeemed at the address shown on the registration books kept by the Regis-
trar and by publishing the notice in the manner 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 any proceeding 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.
2.04. Appointment of Initial Registrar. The City appoints
Norwest Bank Minnesota, National Association Minneapolis 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, such 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 must deliver the bond register to the
successor Registrar. On or before each principal or interest due date, without
further order of this Council, the Finance Director must transmit to the
Registrar moneys sufficient for the payment of all principal and interest then
due.
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Resolution No. 91 -195
2.05. Execution, Authentication and Delivery. The Bonds will be prepared
under the direction of the City Manager 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. In case
any officer whose signature or a facsimile of whose signature appears on the
Bonds ceases to be such officer before the delivery of any Bond, such 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 each 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
shall 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.
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Resolution No. 91 -195
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2.06. Temporary Bonds. The City may elect to deliver in lieu of printed
definitive Bonds one or more typewritten temporary Bonds in substantially the
form set forth in Section 3 with such changes as may be necessary to reflect
more than one maturity in a single temporary bond. Upon the execution and
delivery of definitive Bonds the temporary Bonds will be exchanged therefor and
cancelled.
Section 3. Form of Bond.
3.01. The Bonds will be printed in substantially the following form:
[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF BROOKLYN CENTER
GENERAL OBLIGATION STATE AID STREET BOND, SERIES 1991E
Data of
Rate Maturity Original Issue CUSZP
September 1, 1991
No,
The City of Brooklyn Center, Minnesota, a duly organized and existing
municipal corporation in Hennepin County, Minnesota (City), acknowledges itself
to be indebted and for value received promises to pay to
or registered assigns, the principal sum of on the maturity date
specified above with interest thereon from the date hereof at the annual rate
specified above, payable April 1 and October 1 in each year, commencing April 1,
1992, 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
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 respec-
tively become due, the full faith and credit and taxing powers of the City have
been and are hereby irrevocably pledged.
The City may elect on April 1, 2000, and on any day thereafter, to prepay
Bonds of this issue due on or after April 1, 2001. 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 shall determine and within a maturity by lot as selected by the registrar.
All prepayments shall be at a price of par and accrued interest.
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Resolution No. 91 -195
The City Council has designated the Bonds as "qualified tax exempt obliga-
tions" 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.
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 in this place.
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 Brooklyn Center, Hennepin County, Minneso-
ta, by its City Council, has caused this Bond to be executed on its behalf by
the facsimile signatures of the Mayor and City Manager and has caused this
Bond to be dated as of the date set forth below.
Dated:
CITY OF BROOKLYN CENTER, MINNESOTA
(facsimile) (facsimile)
City Manager Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned
within.
[Reverse of the Bond]
By
Authorized Representative
This Bond is one of an issue in the aggregate principal amount of
$3,000,000 all of like original issue date and tenor, except as to number,
maturity date, redemption privilege, and interest rate, all issued pursuant to a
resolution adopted by the City Council on August 12, 1991 (the Resolution), for
the purpose of providing money to defray the expenses incurred and to be
incurred in the establishing, locating, relocating, constructing, reconstructing
and improving state -aid roads within the City, pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota, and the
City's home rule charter, including Minnesota Statutes, Chapter 475 and Section
162.18, and the principal hereof and interest hereon are payable primarily from
the City's annual allotments from the state of Minnesota's Municipal State -Aid
Road Fund, 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 the City Council
has obligated itself to levy additional ad valorem taxes on all taxable property
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Resolution No. 91 -195
in the City in the event of any deficiency, which taxes may be levied without
limitation as to rate or amount. The Bonds of this series are issued only as
fully registered Bonds in denominations of $5,000 or any integral multiple
thereof of single maturities.
As provided in the Resolution and subject to certain limitations set forth
therein, this Bond is transferable upon the books of the City at the principal
office of the Bond Registrar, by the registered owner hereof in person or by the
owner's attorney duly authorized in writing upon surrender hereof together with
a written instrument of transfer satisfactory to the Bond Registrar, duly
executed by the registered owner or the owner's attorney; and may also be
surrendered in exchange for Bonds of other authorized denominations. Upon such
transfer or exchange the City will cause a new Bond or Bonds to be issued in the
name of the transferee or registered owner, of the same aggregate principal
amount, bearing interest at the same rate and maturing on the same date, subject
to reimbursement for any tax, fee or governmental charge required to be paid
with respect to such transfer or exchange.
The City and the Bond Registrar may deem and treat the person in whose name
this Bond is registered as the absolute owner hereof, whether this Bond is
overdue or not, for the purpose of receiving payment and for all other purposes,
and neither the City nor the Bond Registrar shall be affected by any notice to
the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of
Minnesota and the City's home rule charter to be done, to exist, to happen and
to be performed preliminary to and in the issuance of this Bond in order to make
it a valid and binding general obligation of the City in accordance with its
terms, have been done, do exist, have happened and have been performed as so
required, and that the issuance of this Bond does not cause the indebtedness of
the City to exceed any constitutional, statutory or charter limitation of
indebtedness.
(Form of certificate to be printed on the reverse side of each Bond,
following a full copy of the legal opinion.)
I certify that the above is a full, true and correct copy of the legal
opinion rendered by bond counsel on the issue of Bonds of the City of Brooklyn
Center, Minnesota, which includes the within Bond, dated as of the date of
delivery of and payment for the Bonds.
(Facsimile Signature)
City Manager
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Resolution No. 91 -195
The following abbreviations, when used in the inscription on the face of
this Bond, shall be construed as though they were written out in full according
to applicable laws or regulations:
TEN COM as tenants
in common
UNIF GIFT MIN ACT Custodian
(Cust) (Minor) i
TEN ENT as tenants
by entireties under Uniform Gifts or
Transfers to Minors
JT TEN as joint tenants with
right of survivorship and
not as tenants in common
Act
(State)
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 aeaignment must correspond with
the name as it appears upon the face of the within Bond in every
particular, without alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond unless the infor—
mation concerning the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if
this Bond is held by joint account.)
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Resolution No. 91 -195
Please insert social security or
other identifying number of assignee
3.02. The City Manager is authorized and directed to obtain a copy of
the proposed approving legal opinion of Holmes Graven, Chartered, Minneapolis,
Minnesota, which shall be complete except as to dating thereof and cause the
opinion to be printed on each Bond, together with a certificate to be signed by
the facsimile signature of the City Manager in substantially the form set forth
in the fora of Bond. The City Manager is authorized and directed to execute the
certificate in the name of the City upon receipt of the opinion and to file the
opinion in the City offices.
Section 4. Payment: Security: Pledges and Covenants.
4.01. The Bonds are payable from the General Obligation State Aid Road
Bonds, Series 1991B Sinking Fund (Debt Service Fund) hereby created. There is
hereby irrevocably pledged and appropriated to the Debt Service Fund an amount
of the moneys allocated or to be allocated to the City from its account in the
Municipal State Aid Street Fund sufficient to pay the principal of and the
interest of the Bonds as they respectively become due, which amounts are set out
in detail on Exhibit A attached hereto. If any payment of principal or interest
on the Bonds shall become dua when there is not sufficient money in the Debt
Service Fund to pay the same, the Finance Director will pay the principal or
interest from the general fund of the City, and the general fund will be
reimbursed for such advances from the moneys next received by the City from the
construction or maintenance account in the Municipal State Aid Road Fund which
are not required to be paid into the Debt Service Fund. There is hereby
appropriated to the Debt Service Fund all capitalized interest financed from
Bond proceeds, if any, and any amount over the minimum purchase price of the
Bonds paid by the Purchaser and all accrued interest paid by the Purchaser upon
closing and delivery of the Bonds.
4.02. It is hereby determined that principal of and interest on the Bonds
will be payable in the first instance wholly from the allocations to the City
from its accounts in the Municipal State Aid Street Fund. No general tax levy
will be spread for payment of principal and interest at this time, but the City
is be obligated to provide moneys for the payment of the principal of and
interest on the Bonds as they mature and the City Manager shall report to
the City Council annually as to any amount required to be levied to meet current
or anticipated deficits in the Debt Service Fund.
4.03. The City Manager is authorized and directed to file a certified
copy of this resolution with the Director of Property Taxation and to obtain the
certificate required by Minnesota Statutes, Section 475.63.
4.04. The City shall use proceeds of the Bonds for improvements to 69th
Avenue between Brooklyn Boulevard to Shingle Creek Parkway in accordance with
the provisions of law and applicable rules of the transportation commissioner.
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Resolution No. 91 -195
Section 5. Authentication of Transcript.
4 v
5.01. 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, shall be deemed representations
of the City as to the facts stated therein.
5.02. The Mayor and City Manager 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.
Section 6. Tax Covenant.
6.01. 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. 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 invest-
ment earnings to the United States.
6.03. 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 bands" within the meaning of Sections 103 and
141 through 150 of the Code.
6.04. 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 follow-
ing factual statements and representationst
(a) the Bonds are not "private activity bonds" as defined in Section
141 of the Code;
(b) the City hereby designates the Bonds as "qualified tax exempt
obligations" for purposes of Section 265(b)(3) of the Code;
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Resolution No. 91 -195
(c) the reasonably anticipated amount of tax- exempt obligations
(other than private activity bonds, treating qualified 501(c)(3) bonds as
not being private activity bonds) which will be issued by the City (and all
subordinate entities of the City) during calendar year 1991 will not exceed
$10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 1991 have been designated for purposes of Section
265(b)(3) of the Code,
6.05. 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.
August 12, 1991
Date
i
Todd Paulson, Mayor
ATTEST: ra P
Deputy Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Jerry Pedlar and upon vote being
taken thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 91-195
BROOKLYN CENTER, MINNESOTA
G.O. STATE AID ROAD BONDS, 19918
POST SALE DEBT SERVICE
Date Principal Rate
4/ 1/1992 115,000 4.700
10/ 1/1992
4/ 1/1993 135,000 5.000
10/ 1/1993
4/ 1/1994 145,000 5.150
10/ 1/1994
4/ 1/1995 150,000 5.350
10/ 1/1995
4/ 1/1996 160,000 5.550
10/ 1/1996
4/ 1/1997 170,000 5.700
10/ 1/1997
4/ 1/1998 180,000 5.850
10/ 1/1998
4/ 1/1999 190,000 5.950
0 1/1999
1/2000 205,000 6.050
1/2000
1/2001 220,000 6.150
10/ 1/2001
4/ 1/2002 230,000 6.250
10/ 1/2002
4/ 1/2003 245,000 6.350
10/ 1/2003
4/ 1/2004 265,000 6.450
10/ 1/2004
4/ 1/2005 285,000 6.550
10/ 1/2005
4/ 1/2006 305,000 6.650
TOTALS $3,000,000
Discount (plus)
Net Interest Cost
Interest
104,977.34
87,277.50
87,277.50
83,902.50
83,902.50
80,168.75
80,168.75
76,156.25
76,156.25
71,716.25
71,716.25
66,871.25
66,871.25
61,606.25
61,606.25
55,953.75
55,953.75
49,752.50
49,752.50
42,987.50
42,987.50
35,800.00
35,800.00
28,021.25
28,021.25
19,475.00
19,475.00
10,141.25
10,141.25
$1,644,637.34
$30,480.00
$1,675,117.34
Interest rounded on individual $5,000 denominations
Prepared August 13, 1991
By SPRINGSTED Incorporated
Bond Date: 9/ 1/1991
Sale Date: 8/12/1991
Issue Size: $3,000,000
Total
219,977.34
87,277.50
222,277.50
83,902.50
228,902.50
80,168.75
230,168.75
76,156.25
236,156.25
71,716.25
241,716.25
66,871.25
246,871.25
61,606.25
251,606.25
55,953.75
260,953.75
49,752.50
269,752.50
42,987.50
272,987.50
35,800.00
280,800.00
28,021.25
293,021.25
19,475.00
304,475.00
10,141.25
315,141.25
$4,644,637.34
Annual
Payment
307,254.84
306,180.00
309,071.25
306,325.00
307,872.50
308,587.50
308,477.50
307,560.00
310,706.25
312,740.00
308,787.50
308,821.25
312,496.25
314,616.25
315,141.25
$4,644,637.34
EXHIBIT A