HomeMy WebLinkAbout7616 (Res.)
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Councilmember
Bodlovick
tnen introduced
the following resolution and moved its adoption:
RESOLUTION NO. 7616
RESOLUTION RELATING TO $380,000 GENERAL OBLIGA~rr.J[ii CAPl'l'AL.
OUTLAY BONDS, SERIES 1986; AUTHORIZING THE ISSU~CE,
AWARDING THE SALE, PRESCRIBING THE FORM ~~D uETAILS ~~D
PROVIDING FOR THE PAYMENT THEREOF
BE IT RESOLVED by the City Council of the City of
Stillwater, Minnesota (the City), as follows:
Section 1, Recitals; Authorization and Sale of donds.
1.01. This council, by a resolution adopted June 3,
1986, authorized the issuance and pUblic sale of general
Obligation bonds of the City in an aggregate principal amount
not exceeding $380,000 (the Bonds), to finance various capital
projects in the City as set forth in Exhibit A hereto. The
resolution is incorporated herein by reference and made a part
hereof.
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1.02. Notice of sale of tne Bonds has been duly
pUblished, and this Council, having examined and considered all
bids received purs~ant to the published notice, does hereoy
find and determine that the most favorable bid received is that
of Dain Bosworth Incorporate~ of Minneapolis ,
Minnesota , and associates, to purchase the donas
at a price of $376,200.00 plus accrued interest on all donds
to the day of delivery and payment, on the further terms ana
conditions hereinafter set forth.
1.03. The sale of the Bonds is hereby awarded to sald
bidder, and the Mayor and City Clerk are nereoy a~tnorizea and
'directed on behalf of the City to execute a contract for tne
sale of the Bonds in accordance with the terms of said Did.
The good faith check of the successful bidder shall be retainea
and deposited by the Finance Director. The good faitn cnecks
of other bidders shall be returned to them forthwith.
Section 2. Bond Terms, Registration, Execution and
Delivery.
2.01. The Bonds shall be desi~nated General
Obligation Capital Outlay Bonds, Series 1986, shall be
orginally dated as of August 1, 1986, shall be in tne
denomination of $5,000 each, or any integral multiple thereof,
shall mature on February 1 in the respective years and amounts
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stated below and shall bear interest from date of issue until
paid or duly called for redemption at the respective annual
rates set forth opposite such years and amounts, as follows:
~ Amount Rate
1988 $ 30,000 5.00%
1989 50,000 5.30%
1990 l25,000 5.60%
1991 175,000 5.90%
2.02. Each Bond shall be dated as of the last
interest payment date preceding the date of authentication to
which interst on the Bond has been paid or made availaole 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 cas such Bond snall be dated as of tne
date of authentication, or (11) ~the date of authentication is
prior to August 1, 1987, in which case sucn Bond snall be dated
as of August 1, 1986. The interest on the 80nds snall be
payable on February 1 and August 1 in each year, commencing
August 1, 1987, to the owner of record thereof as of close of
business on the fifteenth day of the immediately preceding
month,
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2.03. The Bonds shall be fully registered as to ootn
principal and interest. The City shall appoint, and snall
maintain, a bond registrar, transfer agent and pajing agent
(the Agent).
(a) Register. The Agent shall keep at its prlncipal
corporate trust office a bond register in which tne Agent
shall provide for the registration of Bonds and tne
registration of transfers of Bonds entitled to De
registered or transferred.
(b) Transfer of Bonds. Upon surrender for transfer of
any Bond duly endorsed by the registered owner tnereof or
accompanied by a written instrument of transfer, in torm
satisfactory to the Agent, duly executed by tne re~istered
owner thereof or its attorney duly authorized in writing,
the Agent shall authenticate and deliver, in tne 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.
(c) Exchange of Bonds. whenever any Bonds are
surrendered for exchange the Agent shall authenticate and
deliver the Bonds wnich the owner making tne excnange is
entitled to receive.
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(d) Cancellation. All Bonds surrenderea upon any
transfer or exchange shall be promptly cancelled by tne
Agent and thereafter disposed of as directed by tne City.
(e) Improper or Unauthorized Transfer. ~nen any dona
is presented to the Agent for transfer, tne Agent may
refuse to transfer the same until it is satisfied that tne
endorsement on such Bond or separate instrument of transfer
is valid and genuine and that the requested transfer is
legally authorized. The Agent Shall incur no liaoility for
the refusal, in good faith, to make transfer~ which it, in
its judgment, deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Agent
may treat the person in whose name any Bond is registered
in the bond register as the absolute owner of such dona,
whether such Bond shall be overdue or not, for the purpose
of receiving payment of, or on account of, tne principal of
and interest on such Bond and for all other purposes, and
all such payments so made to any such registered owner or
upon his order shall be valid and effectual to satisfy and
discharge the liability upon such Bond to the extent of tne
sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or
exchange of Bonds, the Agent may impose a cnarge upon the
owner thereof sufficient to reimburse the Agent for any
tax, fee or other governmental charge required to oe paid
with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroved donds. In
case any dOnd shall become mutilated or be destroyea,
stolen or lost, the Agent shall deliver a new dond of like
amount, number, maturity date and tenor in exchange and
substitution for and upon cancellation of such mutilated
Bond or in lieu of and in substitution for sucn Bond
destroyed, stolen or lost, upon the payment of the
reasonable expenses and charges of the Agent in connection
therewith, and, in case of a Bond destroyed, stolen or
lost, upon filing with the Agent evidence satisfactory to
it that such Bond was destroyed, stolen or lost, and of nis
ownerShip thereof, and furnishing the Agent witn an
appropriate bond or indemnity in form, suostance and amount
satisfactory to it in whiCh both the City and tne Agent
shall be named as oOligees. All donds so surrendered to
the Agent shall be cancelled by it and evidence of such
cancellation shall be given to the City, If the mutilatea,
destroyed, stolen or lost Bond has already matured or been
called for redemption in accoraance with its terms it snall
not be necessary to issue a new Bond prior to payment.
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2.04. The City hereby appoints American National Bank
and Trust Company ,St. Paul , Minnesota ,as
the initial Agent. The Mayor and the City Clerk are authorized
to execute and deliver, on behalf of the City, a contract w~tn
the Agent. upon merger or consolidation of the Agent with
another corporation, if the resulting corporation is a oan~ or
trust company authorized by law to conduct such business, such
corporation shall be authorized to act as successor Agent. Tne
City agrees to pay the reasonable and customary cnarges of tne
Agent for the services performed. The City reserves tne rignt
to remove the Agent upon thirty (30) days notice and upon cne
appointment of a successor Agent, in whiCh event the
predecessor Agent shall delilver all cash and Bonds in its
possession to the successor Agent and shall deliver tne bond
register to the successor Agent.
2.05. In the event that pursuant to federal laws and
regulations the City, in the opinion of bond counsel, is
required to use unexpended Bond proceeds for early redemption
of Bonds in order to assure the exemption of interest paiaole
on the Bonds from federal income taxation, the City shall use
such unexpended Bond proceeds to redeem Bonds on any date.
Those Bonds remaining unpaid which have the latest maturity
date will be prepaid first. If only part of the aonds naving a
common maturity date are called for prepayment, the specific
Bonds to be prepai6 will be chosen by lot. Bonds shall be
redeemed at a price of 102\ of the principal amount plus
accrued interest. Prior to the date set for redemption of ani
Bond prior to its stated maturity date, the Clerk snall cause
notice of the call for redemption thereof to be published as
required by law and, at least 20 days prior to tne designatea
redemption date, shall cause notice of tne call to be mailed to
the registered holde,rs of any Bonds to be redeemed at tneir
addresses as they appear on the bond register described in
Section 2.03 hereof.
2.06. The Bonds shall be prepared under tne airection
of the City Clerk and shall be executed on behalf of toe City
by the signatures of the Mayor and the City ClerK, provided
that all signatures may oe printed, engraved or lithograpned
facsimiles of the originals. In case any officer whose
signature or a facsimile of whose signature shall appear on tne
Bonds shall cease to be such officer before tne delivery of any
aond, such signature or facsimile shall nevertheless oe valid
and sufficient for all purposes, the same as if he nad remained
in office until delivery. No Bond shall be valid or ooligatory
for any purpose or entitled to any security or benefit under
this resolution unless and until a certificate of authentica-
tion on such Bond shall have been duly executed by an autno-
rized representative of the Agent. Certificates of
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authentication on ditferent Bonds need not oe signed oy tne
same representative. The executed certificate of
authentication on each Bond shall be conclusive evidence tnat
it has been authenticated and delivered under this Resolution.
2.07. The Bonds shall be printed in substantlal1i tne
following form:
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[Face of the BondsJ
U~ITED STA'rES OF AMERICA
S'rA'rE OF MI NNESOTA
COUNTY OF ~ASHINGTui
CITY OF STILLWATER
GENERAL OBLIGATION CAPITAL OUTLAY BOND, SERIES 1986
Rate
Maturitv
Date of
Original Issue
August l, .1.986
CUSIl?
Registered Owner:
principal Amount:
Dollars
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Stillwater, washington County, Minnesota, acknowledges itself
to be indebted and~ for value received hereby promises to pay to
the registered owner specified above, or registered assigns,
the principal amount specified above on the maturity date
specified above, with interest thereon from the date nereof at
the annual rate specified above, such interest payable on
February 1 and August 1 in each year, commencin~ August l,
1987, 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, all suoJect
to the provisions referred to herein with respect to the
redemption of the principal of this dond before maturity. roe
interest hereon and, upon presentation and surrender hereof,
the principal hereof are payable in lawful money of toe United
States of America by check or draft by
, in , , as
Bond Registrar and Paying Agent, or its designated succeSsor.
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 herecy
irrevocably pledged.
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 at tnis place.
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This Bond shall not be valid or become ooligatory for
any purpose or be entitled to any securitj or benefit under tne
resolution authorizing its issuance until the Certificate of
Authentication hereon shall have been executed by tne dond
Registrar by manual signature of one of its authorized
representatives.
IN WITNESS WHEREOF, the City of Stillwater, wasnington
County, Minnesota, by its City Council, has caused tnis dond to
be executed on its behalf by the facsimile signatures Ot the
Mayor and City Clerk, and has caused tnis Bond to be dated as
of the date set forth below.
Dated:
CITY OF STILLwATER, MIdNESOTA
(f acs imile )
."1ayor
Attest:
( facsimile~)
Ci ty ClerK
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the
resolution mentioned witnin.
By
Authorized Representative
[Reverse of the Bonds)
This Bond is one of an issue in the aggregate
principal amount of $380,000, all of like date and tenor,
except as to maturity date, interest rate and denomination, and
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issued for the purpose of financing various capital proJects
within the City, and is issued pursuant to and in tull
conformity with the Constitution and laws of the 3tate ot
Minnesota tnereunto enabling, including Minnesota Statute~,
Chapter 475, and pursuant to the City cnarter of tne City and
resolutionS duly adopted by the City Council, including an
authorizing resolution of the City Council adoptea July 1, 1~86
(the Resolution).
Bonds of this issue may be redeemed at a price of !02%
of their principal amount, plus accrued interest, on any date,
from unexpended proceeds if required, in the opinion of oona
counsel, to assure the continued exemption of interest pajaole
on the Bonds from federal income taxation, said redemption to
be in inverse order of maturity dates and by lot as to donds
maturing on the same date. Prior to tne~ date specified tor tne
redemption of any Bond prior to its stated maturity date, the
City will cause notice of the call for redemption to be
published as required by law, and, at least 20 days prior to
the designated redemption date, will cause notice of the call
to be mailed to the registered owner of any Bond to be redeemed
at his address as it appears on the bond register maintained oy
the Bond Registrar. Upon partial redemption of any dond, a ne.,
Bond or Bonds will be delivered to tne owner witnout cnarge,
representing the remaining principal amount outstanding.
As provided in the Resolution, and subject to certain
limitations set forth therein, this Bond is transferraole upon
the books of the City at the principal office of tne Bond
Registrar, by the registered 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 tne registered owner or
his attorneYI and may also be surrendered in excnange for donas
of other authorized denominations. Upon sucn transter or
exchange the City will cause a new Sond 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 reimoursement tor any
tax, fee or governmental charge required to be paid with
respect to such transfer or excnange. The Bonds of tnis series
are issuable only as fully registered bonds, in denominations
of $5,000 or any multiple thereof, of single maturities.
The City and the Bond Registrar may deem and treat tne
person in whose name this Bond is registered as the aosolute
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 oy
any notice to the contrary.
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IT IS HEREBY CERTIFIED, RECITED, COVE~~i~ED ~~D AGREED
that all acts, conditions and things required oy tne
Constitution and laws of the state of Minnesota, and tne
Charter of the City, to be done, to exist, to happen and to oe
performed preliminary to and in the issuance of tnis Dona in
order to make it a valid and binding general ooligation of tne
City in accordance with its terms, have been done, do exist,
have happened and have been performed as so required; that,
prior to the issuance hereof, the City have levied ad valorem
taxes on all taxable property within the corporate limits of
the City, which taxes are collectible for the years and in
amounts sufficient to produce sums not less than 5% in excess
of the principal of and interest on the Bonds of tnis issue
when due, and has appropriated such taxes to the payment of
such principal and interest; that if necessary for payment of
such principal and interest, additional ad valorem taxes are
required to be levied upon all taxable property in tne City,
without limitation as to rate or amount; and that the issuance
of this Bond does not cause the indebtedness of the City ~~
exceed any constitutional or statutory limitation.
(Form of certificate to be printed on the reverse side of
each Bond, following a full copy of the legal opinion)
We certify that the ~aoove is a full, true and correct
copy of the legal opinion rendered by bond counsel on tne issue
of Bonds of the City of Stillwater, Minnesota, which includes
the within Bond, dated as of the date of delivery of and
payment for the Bonds,
(Facsimile Signature)
City Clerk
(Facsimile signature)
,>tayor
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 applicaole
laws or regulations:
TEN COM -- as tenants
in common
UNIF GIFT MIN ACT Custodian ____
(Cust) (Minor)
TEN ENT -- as tenants
by entireties
under Uniform Glfts to
Minors
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as joint tenants
with right of
survivorship and
not as tenants in
common
Act..................... .
(3tate)
Additional abbreviations may also oe usea
though not in the above list.
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ASSIG~MENT
For value received, the undersigned hereoy sells,
assigns and transfers unto
the within Bond and does nerebj
irrevocably constitute and appoint
attorney to transfer the said Bona 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 tne
face of the within 80nd in every particular,
without alteration or any cnange whatever.
Signature Guaranteed:
signature(s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a memoersnip in one of
the major stock exchanges.
The Bond Registrar will not effect transfer of this
Bond unless the information concerning the assignee re~uestea
below is provided.
Name and Address:
(Include information for all Joint owners
if the Bond is held by joint account)
please insert social security
or other identifying number of
assignee
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Section 3. 1986 Capital Outlay dond Account. The
Bonds shall be payable from a separate and special ~986 Capital
Outlay Bond Account in the Sinking Fund of the City (the
Account), which is hereby established and which the City agrees
to maintain until the Bonds have been paid in full. If tne
money in the Account should at any time be insufficient to pay
principal and interest due on the Bonds, sucn amounts shall oe
paid from other moneys on hand in the General Fund or any other
funds of the City that are available for that purpose, and tne
General Fund or such other funds shall be reimbursed tnerefor
when sufficient money becomes available in tne Account. Tne
moneys on hand in the Account from time to time shall be used
only to pay the principal of and interest on the Bonds. Into
the Account shall be paid all Bond proceeds in excess of
$376,200, all taxes collected pursuant to Section 4 nereof, anj
excess Bond proceeds remaining after completion of the proJects
financed by the Bonds, and all other moneys appropriated
thereto.
Section 4. Pledqe of Taxinq Powers. The full faitn
and credit and taxing powers of the City are hereoy irrevocaolj
pledged to the payment of the principal of and interest on tne
Bonds when due. For the purpose of producing sums which will
be not less than 5% in excess of the principal of and interest
on the Bonds when due, there is hereby levied upon all taxable
property within the corporate limits of the City, a direct,
annual, ad valorem tax to be spread upon the tax rolls of the
City in each of the years set forth below, in tne amounts set
forth opposite such years, to be collected with and as a part
of other general taxes of the City, in the respective
succeeding collection years:
Levy Year Collection Year Amount
1986 1987 $ 65,324
1987 1988 73,474
1988 1989 149,442
1989 1990 194,592
Said tax shall be irrepealable so long as any of the Bonds are
outstanding and unpaidl provided, that the City reserves the
right and power to reduce the levies in the manner and to the
extent permitted by Minnesota Statutes, Section 475.61. the
City also recognizes and reaffirms its pledge of the full taitn
and credit of the City to the payment of the donds and, in the
event that said tax does not prove sufficient to paj saia
principal and interest, the City will ;romptly levy additional
ad valorem taxes upon all taxable property witnin the corporate
limits of the City as necessary for such payment, without
limitation as to rate or amount.
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Section 5. Defeasance. When all of the donds issueu
have been discharged as provided in tnis Section 5, all
pledges, covenants and other rignts granted by this resolution
to the holders of the Bonds shall cease. Tne City may
discharge its obligations with respect to any Bonas wnicn are
due on any date by depositing with the Agent, on or beiore tnat
date, a sum sufficient for the payment of principal tnereof anu
interest thereon in full, or, if tne principal of or interest
on any Bond shall not be paid when due, it may nevertheless be
discharged by depositing with the Agent a sUlli~ sufficient for~--
the payment thereof in full with interest accrued to the date
of such deposit. The City may also at any tiffie discnarye its
obligations with respect to any Bonds, sUbject to tne
provisions of law now or hereafter autnorizing ana regulating
such action, by depositing irrevocably in escrow, with a oank
qualified by law as an escrow agent for tnis purpose, cash or
securities which are authorized by law to be so deposited,
bearing interest payable at sucn times and at such rates and
maturing on such dates as shall be required to pay all
principal and interest, if any, to become due tnereon to
maturity or earlier redemption.
Section 6. Registration of Bonds. Tne Clty ~lerk is
hereby author ized -~and directed to file a certified copy of tnis
resolution with the County Auditor of washington County,
together with such. additional information as he shall require,
and to obtain from said County Auditor a certificate statlng
that the Bonds have been duly entered upon his bond reglster
and that the tax required for tne payment thereof nas oeen
levied and filed as required oy law.
Section 7, Autnentication of Transcri~t. Tne
officers of the City and the County Auditor are nerebf
authorized and directed to prepare and turnisn to tne
purchasers of tne Bonds and to the attorneys rendering an
opinion as to the legality thereof cer~ified copies of all
proceedings and records relating to the autnorization and
issuance of the Bonds and to tne financial condition and
affairs of the City and ~such other affidavits, certificates and
information as may be required to snow the facts relating to
the legality and marketability of the Bonds, as the same a~pear
from the books and records in their custody and control or as
otherwise known to them, and all such certified copies,
affidavits and certificates, including any heretoiore
furnished, shall be deemed representations of the City as to
the correctness of all statements contained tnerein.
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Section 8. Tax covenant; Arbitrage.
8.01. The City covenants and agrees witn tne nolders
from time to time of the Bonds, that it will not ta~e or permic
to be taken by any of its officers, employees or agents any
action that would cause the interest payaole on tne donds to
become subject to taxation under the COde and ~reasuri
Regulations promulgated thereunder, as now existing or nerein-
after amended or proposed and in effect at tne time of sucn
action, and that it will take or it will cause its officers,
employees or agents to take all affirmative actions witnin its
powers that may be necessary to insure tnat sucn interest will
not become subject to taxation under the Code and applicao!e
Treasury Regulations, as presently existing or as hereafter
amended and made applicable to tne Bonds.
8.02. The Mayor and tne City Clerk, being tne
officers of the City charged witn ,toe responsioility for
issuing the Bonds pursuant to this resolution, are autnorized
and directed to execute and deliver to the purchaser a
certification in order to satisfy the provisions of Section
103(c) of the Code and tne Treasury Regulations promu13ated
thereunder. sucn certification snall state tnat, on toe oasis
of the facts, estimates and circumstances in existence on tne
date of issue and delivery of the Bonds oS therein set fortn,
it is not expected~ that tne proceeds of tne Bonds will oe use a
in a manner that would cause the Bonds to be arDitrage Donds
within the meaning of the Code and said Treasury Regulations,
and the certification shall further state tnat, to the o~st of
the knowledge and belief of the certifying officers, tnere are
no other facts, estimates or circumstances toat would
materially change such expectation.
Section 9. Qualified Tax-Exempt Obligations, In order
to enhance the marketability of toe Bonds, and since tne donas
meet all applicable requirements, the Bonds are hereby
designated by the City as .Q~alified Tax-Exempt ooli3at~ons.
for the purposes of Section 802(e) of the Tax Reform Act of
1985 relating to the proposed disallowance of interest expense
for financial institutions.
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Passed:
July 1, 1986.
Approved: ~~..
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Attest:
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L'layor
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The motion for the adoption of tne foregoing
resolution was duly seconded by Councilmember Kimble
and, upon vote being taken thereon, the following votea in
favor thereof: All members present
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and the following voted against the same:
None
whereupon the resolution was declared duly passed and adopted.
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000079
CERTIFICATION OF MINUTES RELATING TO
$380,000 GENERAL OBLIGATION CAPITAL OUTLAY BONDS,
SERIES 1986
Issuer:
City of Stillwater, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A special meeting neld
Tuesday, July l, 1986, at 4:30 o'clock P.M., at the City Hall.
Members present: Bodlovick, Kimble, Opheim' Mayor Peterson
Members absent: Farrell
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO. 7616
RESOLUTION RELATING TO $380,000 GENERAL OBLIGATION CAPITAL
OUTLAY BONDS, SERIES 19861 AUTHO~IZING THE ISSUANCE,
AWARDING THE SALE, PRESCRIBING THE FORM AND DETAILS AND
PROVIDING FOR THE PAYMENT THEREOF
~. I, the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing the
bonds referred to in the title of this certificate, certify
that the documents attached hereto, as described above, have
been carefully compared with the original records of said
corporation in my legal custody, from which they have been
transcribed1 that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
said corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at said meeting, so far as they
relate to said bonds1 and that said meeting was duly held by
the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and
notice of such meeting given as required by law.
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WITNESS my hand officially as such recording officer
this ~ day of July, 1986.
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Mary Lou Johnson, City ClerK
Name and Title