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HomeMy WebLinkAbout1987-039 CCR1 1 1 Member Rich Theis introduced the following resolution and moved its adoption: Minnesota numbered multiple provided, February years and RESOLUTION NO. 87 RESOLUTION AWARDING THE SALE OF $1,200,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1987A PROVIDING FOR THE FORM AND SPECIFICATIONS THEREOF; PROVIDING FOR THEIR PAYMENT; PROVIDING FOR THE ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; AND PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED THEREBY BE IT RESOLVED BY THE CITY COUNCIL of the City of Brooklyn Center, Minnesota (City), as follows: Section 1. Sale of Refunding Bonds. 1.01. The bid of Norwest Investment Services, Inc. (Purchaser) to purchase $1,200,000 General Obligation Improvement Refunding Bonds, Series 1987A (Refunding Bonds), bearing interest as follows: Year of Maturity Interest Rate per annum) 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 3.90% 4.00% 4.25% 4.50% 4.70% 4.90% 5.10% 5.25% 5.40% 5.50% is hereby accepted, said bid being to purchase the Refunding Bonds at a price of 1,189,200. The Mayor and the City Manager are authorized and directed to execute a contract with the Purchaser on behalf of the City. The Clerk is instructed to return the good faith checks of all unsuccessful bidders forthwith. Of the purchase price, the sum of 2,200 representing additional interest shall be deposited in the Debt Service Fund hereinafter created. 1.02. The City shall forthwith issue the Refunding Bonds pursuant to Statutes, Chapter 475 (Act), which Refunding Bonds shall be initially R -1 upwards, in the denomination of $5,000 each or any integral thereof, initially dated April 1, 1987, bearing interest as above payable February 1, 1988, and semiannually thereafter on August 1 and 1 in each year, and which shall mature serially on February 1 in the amounts as follows: RESOLUTION NO. 87 Year Amount 1988 $180,000 1989 170,000 1990 165,000._ 1991 155,000 1992 _145,000 1993 110,000 1994 100,000 1995 85,000 1996 50,000 1997 40,000 The City may elect on February 1, 1992, and on any interest payment date thereafter, to. prepay Bonds due on 1, 1993. Redemption maybe in_whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepay- ment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interest. 1.03. The Refunding Bonds shall be issuable only in fully regis- tered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein. 1.04. Dates; Interest Payment Dates. Each Refunding 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 avail- able 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 shall be dated as of the date of original issue. The interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing Feb- ruary 1, 1988, 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. 1.05. Registration. Pursuant to the Act the City shall appoint, and shall maintain, a bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (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 Refunding 1 RESOLUTION NO. 87 -39 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 shall ,appear on the Refunding Bonds skull- -ccacc to be such officer before the delivery of any Refunding Bond, such signature or facsimile shall nevertheless.be valid and sufficient for purposes, the same as if such officer had remained in office until delivery. Notwithstanding such execution, no Refunding Bond shall be valid or obligatory for any purpose or enti- tled :to any` security or benefit under this Resolution unless and until a certificate authentication on such Refunding Bond has, been duly executed 'by manual 'signature: an authorized representative of the Registrar: ``Certificates of `"authentication on_: different Refunding Bonds :need not be` signed by the;`same representative. The executed certificate authentication on each Refunding Bond shall be conclu- sive`evidence that it`has'been authenticated and delivered under this Resolution. When`the Refunding Bonds have been so prepared, executed and authen- ticated, tk e 'Director`shall deliver the "same to the Purchaser thereof upon payment of purchase price in accordance with the contract 'of sale heretofore made and executed, and the Purchaser shall not be obligated to see to the application of the purchase price. Rate' Maturity Section 2. Form and Execution. 2.01. The Refunding Bonds shall 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 IMPROVEMENT REFUNDING BOND,' SERIES'1987A 'Date of Original Issue CUSIP April 1, 1987 No. The City of Brooklyn Center, a duly organized and existing municipal corporation in Hennepin County, Minnesota (City), acknowl- edges itself to be indebted and for value received hereby promises to pay to 1 1 1 RESOLUTION NO. -82-39 or registered assigns,'the principal sum of THOUSAND DOLLARS ,000) on the maturity date specified above, with interest thereon_ from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, commencing February 1, 1988 to the person whose name this Bond is registered at the close of business on the 15th day (whether or 'a business day) of the immediately preceding month. The interest hereon and, upon presenta- tionand surrender hereof, the principal are payable in lawful money of the of America check or draft by as Bond Registrar, Transfer' Agent, Authenticating Agent and Paying Agent, or its desig- nated under the Resolution described`berein. For the prompt and full payment of" such principal and interest as the same respec- tively become due, the full faith and credit taxing powers of the City"have'been and irrevocably pledged. The City may elect on February 1, 1992, and on any interest payment date thereafter, to prepay Bonds of this issue due on or after February 1, 71993. Redemption may be in whole or in part of the Bonds snB"j"ect to prepayment. If redemption is in part, those Bonds remain- ing unpaid which have the latest maturity date be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interest. 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. The Bonds of this issue have been designated by the City as "qualified tax exempt obligations" pursuant to Section 265 (b) (3) of the Internal Revenue Code of 1986. 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 Authentication hereon shall have been exe- cuted by the Bond Registrar by manual signature of one of its author- ized 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 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 1 1 RESOLUTION NO. 87 -39 CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolu- tion mentioned within. By [Reverse of the.cBond_j Authorized Representative This bond is one of an issue of bonds in the total principal amount of $1,200,000, all of like original issue date and tenor except as to interest rate, maturity and redemption privilege, all issued by the City, pursuant to a resolution adopted by the City Council on February 23, 1987 (Resolution) for the purpose of providing money to jOund,_ to Statutes, Section 475.67, in advance of their maturity, the outstanding principal amount of certain general obligation improvement bonds of the City, which have been issued for the .purpose of providing money for various assessable public improve- ments in the City pursuant to and in full conformity with the Consti- tution and laws of the State of Minnesota, including Minnesota Stat- utes, Chapter 429, and is payable primarily from special assessments against property specially .benefited thereby,_ but constitutes a general obligation of the City and, to provide moneys for the prompt and full payment of its principal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council will levy additional ad valorem taxes, if re- quired for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. The bonds of this series are issued in denomination of $5,000 or any integral multiple thereof, of single maturities. As provided in the Resolution and subject to certain limita- tions set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the regis- tered owner hereof in person or by his 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 his 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 1 1 RESOLUTION NO. 87 -39 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 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 accor- dance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuanceof 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.) ar. n I,certify that the above isa 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, glated as of the date of delivery of and payment for the Bonds. -The following abbreviations, when used in the inscription of he 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 UNIF GIFT MIN ACT Custodian t. _in common (Cust) (Minor) TEN_ENT as_ tenants by entireties 3T TEN as joint tenants with right of survivorship and not as tenants in common (Facsimile Signature) City Manager under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used though not in the above list. 1 1 1 RESOLUTION NO. 87 -39 ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and all rights there- under, 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, with- out 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 information concerning the assignee requested below is provided. Name and Address: Please insert social security or other identifying number of assignee (Include information for all joint owners if this Bond is held by joint account) 2.02. The Manager shall obtain a copy of the proposed approv- ing legal opinion of LeFevere, Lefler, Kennedy, O'Brien Drawz, a Professional Association, Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the Manager in substantially the form set forth in the form of Refunding Bond. The Manager is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 3. Refunding Bonds: Security. 1 1 RESOLUTION NO. 87 -39 3.01. The Refunding Bonds shall be payable from the General Obligation Improvement Refunding Bonds, Series 1987A Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of general taxes, if any, hereinafter levied and special assessments heretofore levied for the public improvements financed_by the TRefunding Bonds and the Refunded Bonds are hereby pledged to the Debt Service Fund. The debt service bond fund (but not the construction fund) heretofore estab- lished for the Refunded "Bonds is terminated, and all monies therein are hereby transferred to the Debt Service Fund herein created; provided, however, that the Finance Director is hereby authorized and directed to transfer from said debt service fund those amounts deter- mined by actuarial Eelcu'lation at the time of delivery of the Refund- ing Bonds to be necessary to properly fund the Escrow Account estab- lished by Section 4 of this resolution. If any payment of principal or interest on the Refunding Bonds shall become due when there is not sufficient money in -the Debt Service Fund to pay the same, the Finance Director shall pay such principal or interest from the general fund of the City, and the Debt Service Fund may be reimbursed for such advanc- es out of proceeds of general taxes levied by this resolution when collected. 3.02. It is hereby determined that the City has duly levied special assessments (Assessments) for the Improvements in the princi- pal amount of at least 20% of the Cost of the Improvements. It is further determined that the estimated collections of Assessments, the levy of which Assessments is hereby reauthorized, pledged to the payment of the Refunding Bonds, will produce at least 105% of the amounts needed to pay, when due, the principal of and interest pay- ments on the Refunding Bonds and that no tax levy is needed at this time. The City Clerk is directed to file a certified copy of this resolution with the Director of Property Taxation of Hennepin County and to obtain the certificate required by Section 475.63 of the Act. 3.03. It is hereby determined that the Improvements have bene- fitted and will directly and indirectly benefit abutting properties. The City hereby covenants with the holders from time to time of the Refunding Bonds as follows: (a) The City having caused the Assessments for said im- provement to be levied, will take all steps necessary to assure prompt collection of the Assessments. (b) In the event of any current or anticipated deficiency in the 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 balance of unpaid Assessments. 1 RESOLUTION NO. 87 (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 Bondholders upon 'request. Section 4. Refunding: Findings: Escrow: Redemption of Refund ed' Bonds. 4.01. The Refunded Bonds are the $2,625,000 General Obligation Improvement Bonds of 1982, of -the City, dated December 1, 1982. It is hereby found and determined that based upon information presently available from the City's financial advisers, the issuance of the Refunding Bonds will result in a reduction of debt service or interest cost to the City on-the Refunded-Bonds as follows: Date of Refunded Bonds December 1, 1982 Net Effective Interest Rate: Refunded Bonds Net Effective Interest Rate: Refunding Bonds 9.0192% 5.05729% The dollar value of such debt service or interest cost savings (Reduc- tion) is 405,834.63 and the present value of the Reduction is $141,540.61. The dollar amount of the Reduction is 15.14 of the (debt service) (IMUXXXXXXXNA3 on the Refunded Bonds. The Reduction, after the inclusion of all authorized expenses of refunding in the computation of the effective interest rate on the Refunding Bonds, is adequate to authorize the issuance of the Refunding Bonds as provided by Section 475.67, Subdivision 12 of the-Act. 4.02. As of the date of delivery of and payment for the Refund- ing Bonds the proceeds (Proceeds) of the Refunding Bonds, in the amount of 1,189,200.00 together with other funds (Funds) in the amount of 859,812.03 hereby appropriated for such purpose as shall be necessary to pay the principal of, interest on and redemption premium (if any) on the Refunded Bonds to their maturity or the date on which they are called for redemption, whichever date is earlier, less necessary expenses of the issuance of the Refunding Bonds and less any amount of Proceeds in excess of $1,187,000 required to be deposited in the Debt Service Fund by Section 1.01, are hereby pledged and appropriated and shall be deposited in escrow in account with American National Bank and Trust Company in St. Paul, Minnesota a suitable banking institution within the State, whose deposits are insured by the Federal Deposit Insurance Corporation and whose com- bined capital and surplus is not less than $500,000, and said bank is hereby designated escrow agent (Agent) for such funds. The City shall pay the reasonable charges of the Agent for its services. The Pro- ceeds and Funds shall be invested in securities maturing or callable at the option of the holder on such dates and bearing such interest at such rates as shall be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Account, to pay 1 1 RESOLUTION NO. 87 when due the interest to accrue on each obligation at maturity or on the date on which it is called as herein provided and to pay the principal amount of each such obligation at maturity or on the date on which it has been called for redemption and to pay any premium re- quired for redemption on such date. The monies in the Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in the Escrow Account after all of the Refunded Bonds and interest (and any premium) thereon are paid, then such balance shall be transferred to the City. 4.03. The City Council hereby finds and determines that the ;Proceeds and Funds_ available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of .the _Escrow _Account to pay at maturity or redemption all of-the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 4.04. Securities purchased from the monies in the Escrow Account ,shall be limited to securities specified in Section 475.67, Subdivi- Sion 8 of the Act. Securities purchased for the Escrow Account shall be purchased simultaneously with the delivery of and payment for the Refunding Bonds. 4.05. The Refunded Bonds maturing on February 1, 1992 and thereafter shall be redeemed and prepaid on February 1, 1991. The Refunded Bonds shall be redeemed and prepaid in accordance with terms and in accordance with the terms and conditions set forth in the forms of._Notice.of. Call for Redemption attached hereto as Exhibit C -1 which terms and conditions are hereby approved and incorporated herein by reference. The City Clerk is hereby authorized and directed to forthwith publish the Notice of Call for Redemption in a publication qualified under Section 475.54 of the Act and to send written notices pf call to the paying agent for the Refunded Bonds, provided that published notice alone shall be effective. 4.06. On or prior to the delivery of the Refunding Bonds, the Mayor and the City Manager are hereby authorized and directed to execute on behalf of the City an escrow agreement (Escrow Agreement) with the Agent in substantially the form now on file with the City Clerk. All essential terms and conditions of the Escrow Agreement are hereby approved and adopted and made a part of this resolution, and the City covenants that it will promptly enforce all provisions thereof in the event of default thereunder by the Agent. 4.07. When all Refunding Bonds and all interest thereon, have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the holders of the Refunding Bonds shall cease, except that the pledge of the full faith and credit of the City for the prompt and full payment of the princi- pal of and interest on the Refunding Bonds shall remain in full force and effect. The City may discharge all Refunding Bonds which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; if any Refunding Bond should not be paid when due, it may nevertheless be discharged by 1 1 1 RESOLUTION NO. 87 -39 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 and defease the Refunding Bonds in their entirety by complying with the provisions of Section 475.67, Subdivisions 4 to 11 of the Act, except that the funds deposited in escrow in accordance with said provisions may (to the extent permitted by law) but need not be, in whole or in part, proceeds of refunding bonds as therein provided without the consent of any Bondholders. Section 5. Authentication of Transcript: Tax Matters. 5.01. The officers of the City are hereby authorized and direct- ed to prepare and furnish to the Purchaser and to the attorneys approving the legality of the issuance of the Refunding Bonds, cer- tified copies of all proceedings and records of the City relating to the Refunding Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any hereto- fore furnished, shall be deemed representations of the City as to the facts stated therein. The Mayor, Director of Finance and Manager are hereby authorized and directed to certify that they have examined the Official Statement dated February 10, 1987, prepared and circulated in connection with the issuance and sale of the Refunding 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 thereof. 5.02. The City hereby covenants and agrees with the holders from time to time of the Refunding 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 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 actions 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. 5.03. Tax Exempt Status of the Bonds: Rebate. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Refunding Bonds, including without limitation requirements relating to temporary periods for investments, limita- tions on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess investment earnings to the United States if the Bonds (together with other obligations reasonably expected to be issued in calendar year 1987) exceed the small- issuer 1 1 1 RESOLUTION NO. 87 exception amount of $5,000,000. For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City hereby finds, determines and declares that the aggregate face amount of all tax exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities of the City) during the calendar year in which the Refunding Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code. 5.04. Designation of Oualified Tax Exempt Obligations. In order to qualify the Refunding Bonds as "qualified tax exempt obligations" within the meaning of Section .265 (b)(3) of the Code, the City hereby makes the following factual statements and representations: The City shall use its best efforts procedural requirements which may apply in order made by this-- February 23, 1987 Date ATTEST: (a) the Refunding Bonds are not "private activity bonds" as defined in Section 141 of the Code; (b) the City hereby designates the Refunding Bonds as "qualified tax exempt obligations" for purposes of Section 265(b)(3) of the Code; 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 1987 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 1987 have been designated for purposes of Section 265(b)(3) of the Code.- (c r Clerk to comply with any federal to effectuate the designation Mayy, The motion for the adoption of the foregoing resolution was duly seconded by member Gene Lhotka and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: whereupon said resolution was declared duly none, passed and adopted. 1 RESOLUTION NO. 87 -39 $2,625,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 CITY OF BROOKLYN CENTER HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN, that, by order of the City Council of the City of Brooklyn Center, Hennepin County, Minnesota, there have been called for redemption and prepayment on all outstanding bonds of the City designated as General Obligation Improvement Bonds of 1982, dated December 1, 1982, having stated maturity dates of February 1 in the years 1992 through 1997, both inclusive, and totalling $1,825,000 in principal amount. The bonds are being called at a price of par plus accrued interest to February 1, 1991, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are re- quested to present their bonds with interest coupons attached for payment at the main office of First Trust Company, Inc., in the City of St. Paul, Minnesota, on or before February 1, 1991. Dated: February 23, 1987. Further Information: Springsted, Inc. Public Finance Advisors 85 East Seventh Place Suite 100 Saint Paul, Minnesota 55101 -2143 (612) 223 -3000 NOTICE OF CALL FOR REDEMPTION February 1, 1991 By City Clerk City of Brooklyn Center Exhibit C -1 BY ORDER OF THE CITY COUNCIL