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Home My WebLink About2009-07-22 CC Set Agenda & Handouts 4 :teroi[[e ~'J:.,t,,[{';['d1E57 CITY OF CENTERVILLE COUNCIL MEETING AGENDA Wednesday, July 22, 2009 6:30 p.m. or shortly thcreaftcr Sct Agenda = Italics OPEN FORUM 6:30 p.m.: An opportunity for members of the public to address the City Council on items not on the current agenda, Items requiring Council action may be deferred to staff or Boards and Commissions for research and future Council Agendas if appropriate. You will be limited to two (2) minutes and we ask that you conduct yourself in a professional, courteous manner, and refrain from the use of profanity, Failure to abide by this policy may result in the loss of your privilege to speak. Persons wishing to speak will be required to complete a sign-up sheet and give it to the Mayor or a Staff person by 6: 15 p,m, COUNCIL MEETING I. CALL TO ORDER 1. Roll Call II. PUBLIC HEARlNG(S) III. APPROVAL OF AGENDA IV. APPROVAL OF MINUTES 1. July 7, 2009 Council Meeting Minutes (Pages 1-6) 2. July 7, 2009 Council Work Session Meeting Minutes (Page 7) V. CONSENT AGENDA 1. City of Centerville July 9, 2009 through July 22, 2009 Claims (Check #24562-24584 & Check #24596-24617 (Page 8 & Page 8a) 2. Centennial Lakes Police Department Claims through July 13,2009 (Check #7342-7366) (Page 9) 3. Successful Performance Review Public Works Maintenance Worker, Mr. Allen Anderson 4. Successful Performance Review Account Clerk II, Ms. Kristin Sweeney, Grade 5, Step 8 - Move to Grade 5, Step 9 5. Recognition of Dedication & Outstanding Work During the Absence of a Finance Director, Ms. Kristin Sweeney - Additional 48 hours of Paid Time Off (Page 10) 6. Use of 1694 Sorel Street Property for St. Genevieve's Annual Picinic Parking (Page 11) 7. Consideration of Purchase Cable Equipment - Not to Exceed $3,000 (Page 12) 8. Forest Lake Contracting Request for Payment #3, Peltier Lake Drive (2009.01) - $187,869.30 (Pages 13-19) 9. Forest Lake Contracting Request for Payment #3, 2009 Street Improvement Project (2009.02) - $194,885.20 (Pages 20-22) VI, A W ARDSIPRESENT A nONS/APPEARANCES 1. Police Chief Makela - Annual Report VII. OLD BUSINESS VIII. NEW BUSINESS 1. Review of Standard & Poors Bond Rating Report - Mr. Rusty Fifield, Northland Securities (Page 23-27) 2. Res. #09-0_ - Accepting Proposal on the Sale of $3,715,000 G.O. Improvement Bonds (Pages 28-52) ***Replace with New One*** 3. Downtown Redevelopment - Mr. Rusty Fifield, Northland Securities (Pages 4. Platting of Backage Road Project (Pages 53-54) 5. Centerville Elementary PTA Request for Bingo Permit - November 13, 2009 & February 26, 2010 (Pages 55-59) 6. Identity Theft Prevention Program (Pages 60-66) 7. Staff Parade/City Participation IX. ANNOUNCEMENTSIUPDATES 1. City Administrator, Dallas Larson 2. Police Commission (Update) 3. Music in the Park X. ADJOURNMENT **REMINDERS** Planning & Zoning Commission Meeting - August 4, 2009, 6:30 p.m. Council Chambers National Night Out - August 4, 2009 Parks & Recreation Committee Meeting - August 5, 2009, 6:30 p.m. Council Chambers FETE DES LACS - August 7,8 & 9, 2009 - CONSIDER VOLUNTEERING! City Council Meeting - August 12,2009, 6:30 p.m. Council Chambers - Work Session to Follow City Council Meeting - August 28,2009, 6:30 p.m. Council Chambers CITY OF CENTERVILLE 07/22/09 3:44 PM Page 1 *Check Summary Register@ Name Check Date Check Amt 10100 MAIN STREET BANK Paid Chk# 024596 AVLlC 7/22/2009 Paid Chk# 024597 BONESTROO, ROSENE, ANDERL 7/22/2009 Paid Chk# 024598 BURMEISTER, GREG 7/22/2009 Paid Chk# 024599 CITY OF ST. PAUL 7/22/2009 Paid Chk# 024600 COMCAST 7/22/2009 Paid Chk# 024601 DELTA DENTAL 7/22/2009 Paid Chk# 024602 HAWKINS WATER TREATMENT 7122/2009 Paid Chk# 024603 HISDAHL INC. 7/2212009 Paid Chk# 024604 HORTICULTURE SERVICES LLC. 7/22/2009 Paid Chk# 024605 IDEAGROUP MAILING SERVICE 7/22/2009 Paid Chk# 024606 MCPHERSON, JOEL 7122/2009 Paid Chk# 024607 MENARDS - FOREST LAKE 7/2212009 Paid Chk# 024608 MORTENSON CONSTRUCTION 7/22/2009 Paid Chk# 024609 NATIONWIDE RETIREMENT SOL 7/22/2009 Paid Chk# 024610 QUALITY CONTRACTING 7/22/2009 Paid Chk# 024611 RHINO COMMUNICATION RENTA 7122/2009 Paid Chk# 024612 SPRINT 7/22/2009 Paid Chk# 024613 TIME SAVER 7/2212009 Paid Chk# 024614 U.S. POSTAL SERVICE 7/22/2009 Paid Chk# 024615 US BANK' 7/2212009 Paid Chk# 024616 VIKING INDUSTRIAL CENTER 7/22/2009 Paid Chk# 024617 XCEL ENERGY 7/22/2009 Paid Chk# 500508E BI-WEEKL Y ACH 7/9/2009 Paid Chk# 500525E BI-WEEKL Y ACH 7/23/2009 Total Chacks UPDATE JULY 2009 $25.00 DEF COMP W/H FOR PAY PERIOD 15 $64,527,47 STREET ISSUES - SERV THRU 6-20 $103.40 MILEAGE REIMBURSEMENT FOR 7-6- $395.03 ASPHALT $66.64 INTERNET & CABLE FOR p.w. $398.15 AUGUST 2009 DENTAL INS. $954.03 CHEMICALS $214.34 FETE DES LACS AWARDS FOR PARAD $3,163.05 LAWN MOWING FOR JUNE 2009 $424.00 2009 - 2ND QTR UTILITY BILLING $44.07 MILEAGE REIMBURSMENT FROM 7-6- $155.74 OPERATING SUPPLIES $5,000.00 RELEASE ESCROW - 6812 - 20TH A $686.31 DEF COMP W/H FOR PAY PERIOD 15 $220.00 FETE DES LACS PARADE - TRAFFIC $276.90 PORTABLE RADIOS FOR FETE DES L $248.67 CELL PHONE SERV THRU 7-14-09 $253.60 6-24-09 CITY COUNCIL MEETING $543.20 ENVELOPES WITH STAMPS $383.76 POSTAGE LABEL ROLLS - ENDICIA $572.00 DUST/MIST RESP. & VENTURE II G $4,269.16 1889 CENTER ST - SEWER LIFT - $18,401.06 $20,357.04 ----- $121,682.62 gcu EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF CENTERVILLE, MINNESOTA HELD: July 22, 2009 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City ofCenterville, Minnesota was duly called and held at the City Hall in said City on the 22nd day of July, 2009, at 6:30 o'clock PM. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: CITY OF CENTERVILLE, MINNESOTA RESOLUTION NO. RESOLUTION ACCEPTING PROPOSAL ON THE SALE OF $3,715,000 GENERAL OBLIGATION TAXABLE IMPROVEMENT BONDS, SERIES 2009A (BUILD AMERICA BONDS), PROVIDING FOR THEIR ISSUANCE AND PLEDGING FOR THE SECURITY THEREOF CERTAIN REVENUES. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CENTERVILLE (the "City") AS FOLLOWS: A. WHEREAS, the City has authority pursuant to Minnesota Statutes, Chapter 429, to issue its general obligation improvement bonds to finance the construction of public improvement projects within the City; and B. WHEREAS, the City desires to finance the construction of various public improvement projects listed on Exhibit B to this Resolution (collectively, the "Project"), which improvement projects have been combined into a single improvement for financing purposes, through the issuance of its general obligation bonds pursuant to Minnesota Statutes, section 429.091 and Minnesota Statutes, Chapter 475; and C. WHEREAS, the City determines and declares that it is necessary and desirable to issue its General Obligation Taxable Improvement Bonds, Series 2009A (Build America Bonds) (the "Bonds") in a principal amount of $3,715,000 to finance its costs of constructing the Project; and D. WHEREAS, the City engaged Northland Securities, Inc., ("Northland Securities") to solicit proposals to purchase the bonds pursuant to Minnesota Statutes, Section 475.60; and E. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by Northland Securities; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City as follows: 1. Sale of Bonds: Purpose. 1.01. The proposal of Robert W. Baird and Company, Inc. (the "Purchaser") to purchase the Bonds (or individually, a "Bond") in accordance with the terms established for the Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $3,693,595.00, plus interest accrued to the date of delivery of the Bonds, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to said Purchaser. 1.02. The Bonds shall be titled "General Obligation Taxable Improvement Bonds, Series 2009A (Build America Bonds)", shall be dated August I, 2009, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The City assumes no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any CUSIP numbers printed thereon. The City will permit such numbers to be printed on the Bonds at the expense of the Purchaser, provided, that the City shall not be responsible for any delay in delivery of the Bonds occasioned thereby. The Bonds shall be numbered from R-l upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"). The Bonds shall mature on February I in the years and amounts as follows: Year Amount Year Amount 2012 2013 2014 2015 2016 2017 2018 $130,000 $135,000 $260,000 $265,000 $265,000 $270,000 $280,000 2019 2020 2021 2022 2023 2024 2025 $290,000 $300,000 $300,000 $300,000 $300,000 $310,000 $310,000 1.03. The Bonds shall provide funds to finance the cost of constructing the Project. 1.04. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date") commencing on August 1,2010, calculated on the basis ofa 360-day year of twelve 30-day months and will be rounded pursuant to rules of the 2 Municipal Securities Rulemaking Board, at the respective rates per annum set forth opposite the maturity years as follows: Year Rate Year Rate 2012 2.30% 2019 4.70% 2013 2.65% 2020 4.85% 2014 3.15% 2021 5.05% 2015 3.55% 2022 5.15% 2016 4.00% 2023 5.25% 2017 4.20% 2024 5.50% 2018 4.55% 2025 5.60% Net Effective Interest Rate: 3.1590% Section 2. Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York, or any of its successors or its successors to its functions hereunder (the "Depository"), will act as securities depository for the Bonds, and to this end: (a) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under Section 6, Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. (b) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by the Registrar (as hereinafter defined) in the name of Cede & Co., as the nominee (it or any nominee ofthe existing or a successor Depository, the "Nominee"). (c) With respect to the Bonds, neither the City nor the Registrar shall have any responsibility or obligation to any broker, dealer, bank, or any other financial institution for which the Depository holds Bonds as securities depository, (the "Participant") or the person for which a Participant holds an interest in the Bonds shown on the books and records of the Participant (the "Beneficial Owner"). Without limiting the immediately preceding sentence, neither the City, nor the Registrar, shall have any such responsibility or obligation with respect to (A) the accuracy of the records of the Depository, the Nominee or any Participant with respect to any ownership interest in the Bonds, or (B) the delivery to any Participant, any Owner or any other person, other than the Depository, of any notice with respect to the Bonds, including any notice of redemption, or (C) the payment to any Participant, any Beneficial Owner or any other person, other than the Depository, of any amount with respect to the principal of, premium, if any, or interest on the Bonds, or (D) the consent giyen or other action taken by the Depository as the Registered Holder of any Bonds (the "Holder"). For purposes of securing the vote or consent of any Holder under this Resolution, the City may, however, rely upon an omnibus proxy under which the Depository assigns its consenting or voting rights to certain Participants to whose 3 accounts the Bonds are credited on the record date identified in a listing attached to the omnibus proxy. (d) The City and the Registrar may treat as and deem the Depository to be the absolute owner of the Bonds for the purpose of payment of the principal of and premium, if any, and interest on the Bonds, for the purpose of giving notices of redemption and other matters with respect to the Bonds, for the purpose of obtaining any consent or other action to be taken by Holders for the purpose of registering transfers with respect to such Bonds, and for all purposes whatsoever. The Registrar, as paying agent hereunder, shall pay all principal of and premium, if any, and interest on the Bonds only to or upon the Holder or the Holders of the Bonds as shown on the Bond register, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. (e) Upon delivery by the Depository to the Registrar of written notice to the effect that the Depository has determined to substitute a new Nominee in place of the existing Nominee, and subject to the transfer provisions in Section 6 hereof, references to the Nominee hereunder shall refer to such new Nominee. (f) So long as any Bond is registered in the name of a Nominee, all payments with respect to the principal of and premium, if any, and interest on such Bond and all notices with respect to such Bond shall be made and given, respectively, by the Registrar or City, as the case may be, to the Depository as provided in the Letter of Representations to the Depository required by the Depository as a condition to its acting as book-entry Depository for the Bonds (said Letter of Representations, together with any replacement thereof or amendment or substitute thereto, induding any standard procedures or policies referenced therein or applicable thereto respecting the procedures and other matters relating to the Depository's role as book-entry Depository for the Bonds, collectively hereinafter referred to as the "Letter of Representations"). (g) All transfers of beneficial ownership interests in each Bond issued in book-entry form shall be limited in principal amount to Authorized Denominations and shall be effected by procedures by the Depository with the Participants for recording and transferring the ownership of beneficial interests in such Bonds. (h) In connection with any notice or other communication to be provided to the Holders pursuant to this Resolution by the City or the Registrar with respect to any consent or other action to be taken by Holders, the Depository shall consider the date of receipt of notice requesting such consent or other action as the record date for such consent or other action; provided, that the City or the Registrar may establish a special record date for such consent or other action. The City or the Registrar shall, to the extent possible, give the Depository notice of special record date not less than 25 calendar days in advance of such special record date to the extent possible. (i) Any successor Registrar in its written acceptance of its duties under this Resolution and any paying agencyfbond registrar agreement, shall agree to take any actions necessary from time to time to comply with the requirements of the Letter of Representations. 4 0) In the case of a partial prepayment of a Bond, the Holder may, in lieu of surrendering the Bond for a Bond of a lesser denomination as provided in Section 6 hereof, make a notation of the reduction in principal amount on the panel provided on the Bond stating the amount so redeemed. Section 3. Termination of Book-Entrv Onlv Svstem. Discontinuance of a particular Depository's services and termination of the book-entry only system may be effected as follows: (a) The Depository may determine to discontinue providing its services with respect to the Bonds at any time by giving written notice to the City and discharging its responsibilities with respect thereto under applicable law. The City may terminate the services of the Depository with respect to the Bonds if it determines that the Depository is no longer able to carry out its functions as securities depository or the continuation of the system of book -entry transfers through the Depository is not in the best interests of the City or the Beneficial Owners. (b) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities depository willing to undertake the functions of the depository hereunder can be found which, in the opinion of the City, is willing and able to assume such functions upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bonds that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with Section 6 hereof. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with Section 6 hereof, the Bonds will be delivered to the Beneficial Owners. (c) Nothing in this Section 3 shall limit or restrict the provisions of Section 6 hereof. The City Administrator is authorized and directed to execute in the name of the City the Letter of Representations in substantially the form on file in the office of the City. In the event of the disability or the resignation or other absence of the City Administrator of the City, such other officer of the City who may act in his or her behalf shall without further act or authorization of the City do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled official. The provisions in the Letter of Representations are incorporated herein by reference and made a part of this Resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this Resolution, the provisions in the Letter of Representations shall control. Section 4. Redemption. 4.01. At the option of the City, Bonds maturing on or after February 1, 2019, shall each be subject to call and prior payment on February 1, 2018, or on any date thereafter at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection of the Bonds remaining unpaid to be prepaid shall be at the 5 l discretion of the City. If only part of the Bonds having a common maturity date are called for prepayment the City will notify the Depository of the particular amount of such maturity to be prepaid. The Depository will determine by lot the amount of participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. Section 5. Registration and Payment. 5.01. 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. 5.02. Each Bond shall be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is 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 to the owner of record thereof as of the close of business on the fifteenth day of the month preceding the interest payment date, whether or not such day is a business day. Section 6. Registration. The City appoints Northland Trust Services, Inc., Minneapolis, Minnesota, as bond registrar and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal office a bond register in which the Registrar shall provide for the registration of ownership of the Bonds and the registration of transfers or exchanges of the Bonds. (b) Transfer of Bonds. Upon surrender for transfer of the Bonds 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 shall authenticate and deliver, in the name of the designated transferee or transferees, a new Bond of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may close the books for registration of any transfer after the fifteenth day of the month preceding each Interest Payment Date and until such Interest Payment Date. (c) Cancellation. The Bonds surrendered upon any transfer shall be promptly canceled by the Registrar and thereafter disposed of as directed by the City. (d) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and the requested transfer is 6 legally authorized. The Registrar shall incur no liability for its refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (e) Persons Deemed Owners. The City and the Registrar may treat the person(s) in whose name( s) the Bonds are at any time registered in the bond register as the absolute owners of the Bonds, whether the Bonds shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of or interest on such Bonds and for all other purposes, and all such payments so made to any such registered owners or upon the owners' order shall be valid and effectual to satisfy and discharge the liability of the City upon such Bonds to the extent of the sum or sums so paid. (f) Taxes. Fees and Charges. For every transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee, or other governmental charge required to be paid with respect to such transfer or exchange. (g) Mutilated. Lost. Stolen or Destroved Bonds. In case any Bond shall become mutilated or be lost, stolen, or destroyed, the Registrar shall deliver a new Bond of like amount, maturity dates and tenor in exchange and substitution for and upon cancellation of such mutilated Bond or in lieu of and in substitution for such Bond lost, stolen, or destroyed, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond lost, stolen, or destroyed, upon filing with the Registrar of evidence satisfactory to it that such Bond was lost, stolen or destroyed, 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, in which both the City and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be canceled by it and evidence of such cancellation shall be given to the City. If the mutilated, lost, stolen, or destroyed Bond has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Bond prior to payment. (h) Redemption. In the event the Bonds are called for redemption, if applicable, notice thereof will be given by the Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not less than 30 days prior to the date fixed for redemption to the registered owner of the Bonds to be redeemed at the address shown on the registration books kept by the Registrar. 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 ofthe Bonds. The Bonds when 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 Registrar at the place of payment at the time. Section 7. Execution. Authentication and Delivery. The Bonds shall be prepared under the direction of the City Clerk of the City and shall be executed on behalf of the City by the manual signatures, or facsimile thereof, of its City Clerk and Mayor. In case any officer whose signature, or a facsimile of whose signature, shall appear on the Bonds shall cease to be such officer before the delivery of the Bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. Notwithstanding such execution, the Bonds shall not be valid or obligatory for any 7 purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on such Bonds 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 the Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. When the Bond has been so executed and authenticated, it shall be delivered by the City Clerk or Registrar to the Purchaser thereof upon payment of the purchase price, and the Purchaser shall not be obligated to see to the application of the purchase price. Section 8. 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 9, with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Such temporary bonds may be executed with photocopied facsimile signatures of the Mayor and City Clerk. Such temporary bonds shall, upon the printing of the definitive bonds and the execution thereof, be exchanged therefor and canceled. Section 9. Form of Bond. 9.01. The Bonds, together with the Bond Registrar's Certificate of Authentication, the form of Assignment and the registration information thereon, shall be in substantially the following form: 8 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF CENTERVILLE No. R- GENERAL OBLIGATION TAXABLE IMPROVEMENT BONDS, SERIES 2009A (BUILD AMERICA BONDS) Rate Maturity Date of Original Issue August 1, 2009 CUSIP No. Registered Owner: Cede & Co., as nominee of the Depository Trust Company, New York, New York Principal Sum: KNOW ALL PERSONS BY THESE PRESENTS that the City of Centerville, Minnesota, a duly organized and existing municipal corporation in Anoka County, Minnesota (the "City") acknowledges itself to be indebted and for value received hereby promises to pay to the registered owner set forth above, or registered assigns, the principal sum set forth above on the maturity date specified above, and to pay interest thereon from the date hereof at the annual rate specified above, payable February I and August I of each year (each, an "Interest Payment Date") commencing August I, 2010, (calculated on the basis of a 360-day year of twelve 30-day months and rounded pursuant to the rules of the Municipal Securities Rulemaking Board) to the person in whose name this bond is registered at the close of business on the 15th 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 Northland Trust Services, Inc., Minneapolis, Minnesota, Registrar 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, credit and taxing powers of the City have been and are hereby irrevocably pledged. (So long as this Bond is registered in the name of the Depository or its Nominee as provided in the Resolution hereinafter described, and as those terms are defined therein, payment of principal of and interest on this Bond and notice with respect thereto shall be made as provided in the Letter of Representations, as defined in the Resolution, and surrender of this Bond shall not be required for payment of the redemption price upon a partial redemption of this Bond. Until termination of the book-entry only system pursuant to the Resolution, Bonds may only be registered in the name of the Depository or its Nominee.)* * Include only until termination of the book-entry only system under Section 2 hereof. 9 At the option of the City, Bonds maturing on or after February 1,2019, shall each be subject to call and prior payment on February 1,2018, or on any date thereafter at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. Redemption may be in whole or in part of the Bonds subject to prepayment. Ifredemption is in part, the selection of the Bonds remaining unpaid to be prepaid shall be at the discretion of the City. If only part of the Bonds having a common maturity date are called for prepayment the City will notify the Depository of the particular amount of such maturity to be prepaid. The Depository will determine by lot the amount of participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All prepayments will be at a price of par plus accrued interest. This Bond is one of an issue in the aggregate principal amount of $3,715,000 all of like original issue date and tenor, except as to number, maturity date, and interest rate, all issued pursuant to a resolution adopted by the City Council of the City on July 22, 2009 (the "Resolution"), for the purpose of providing funds to finance various public improvement projects within the City pursuant to and in full conformity with the Constitution and laws of the State of Minnesota. Pursuant to the Resolution, the City has pledged to the payment of this Bond revenues derived from the payment of special assessments levied against properties benefited by the above-described public improvements and certain other revenues. 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 ad valorem taxes on all taxable property in the City in the event of any deficiency in revenues pledged, 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 Authorized Denominations (as defined in the Resolution described above). 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 ovmer 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 ofthe 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. 10 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. 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 have happened, and to be performed precedent to and in the issuance of this Bond have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; and that this Bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF, the City of Centerville, Anoka County, Minnesota, by its City Council, has caused this Bond to be executed by the manual signatures, or facsimiles thereof, ofthe Mayor and the City Clerk and has caused this Bond to be dated August 1,2009. City Clerk Mayor II CERTIFICATE OF AUTHENTICATION This is one of the bonds delivered pursuant to the Resolution mentioned within. NORTHLAND TRUST SERVICES, INC. By: Authorized Representative (Farm of certificate to be printed on each Bond, following a full copy of the legal opinion.) It is certified that the original opinion, of which the foregoing is a true and correct copy, is on file in the office of the , and is dated as of the date of delivery of the Bonds and payment therefor by the original purchaser. City Clerk 12 L ABBREVIATIONS 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 TEN ENT -- as tenants by entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common as custodian for (Minor) Uniform Transfers to Minors Act UTMA -- (Cust) under the (State) 13 ASSIGNMENT FOR VALUE RECEIVED, ("Transferor"), the undersigned, hereby sells, assigns and transfers unto (Social Security or Federal Employer Identification No. ) the within Bond and all rights thereunder, and hereby irrevocably constitute and appoints ("Transferee") as attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises; provided, however, that if any default with respect to the Bond shall have occurred to or to the date of this transfer, the within Bond shall not be registered and the Transferee shall be entitled to receive payment with respect to the within Bond upon presentation thereof as assignee of the Transferor. Date: NOTICE: No transfer will be registered and no new Bond will be issued in the name of the Transferee, unless the signature(s) to this assignment correspond( s) with the name( s) as it (they) appear(s) upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever and the Social Security or Federal Employer Identification numbers of the settlor and beneficiaries of the trust, the date of the trust and the name of the trustee should be supplied. Signature Guaranteed: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or a trust company or any other "Eligible Guarantor Institution" as defined in 17 CFR 240.17 Ad-IS (a) (2) 14 9.02. The City Administrator of the City shall obtain a copy of the proposed approving legal opinion of Bradley & Deike, P.A., Edina, 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 City Clerk in substantially the form set forth in the form of Bond. The City Clerk is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City's offices. Section 10. Funds and Accounts. There is hereby created a special fund to be designated the "General Obligation Taxable Improvement Bonds, Series 2009A Fund" (the "Fund") to be administered and maintained by the City Finance Director as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) separate accounts, to be designated the "Construction Account" and "Debt Service Account" respectively. 10.01 Proiect Account. To the Construction Account there shall be credited an amount of the proceeds of the Bonds necessary to pay the City's costs of issuance of the Bonds and constructing the Project. After payment of all such costs, any Bond proceeds remaining on hand in the Construction Account shall be transferred to the Debt Service Account. 10.02. Debt Service Account. There shall be maintained a Debt Service Account to be designated the "Debt Service Account". There are hereby irrevocably appropriated and pledged to, and there shall be credited to the Debt Service Account: (I) accrued interest and unused discount and any proceeds of the Bonds not used to pay the City's costs of constructing the Project or other improvement projects or to pay the cost of issuance of the Bonds; and (2) general fund moneys and tax levy receipts in each year sufficient to pay the debt service due on the Bonds in each year; and (3) special assessment receipts and fees and charges pledged pursuant to Section II of this Resolution. The moneys in the Debt Service Account shall be used solely to pay the principal of and interest on the Bonds until such Bonds are paid in full. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (I) for a reasonable temporary period until such proceeds are needcd for the purpose for which the Bonds were issued and (2) in addition to the above, in an amount not greater than the lesser of five percent (5%) of the proceeds of the Bonds, or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Project Account, or Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds payable therefrom) in excess of amounts which under then-applicable federal arbitrage regulations may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portion" made available under the federal arbitrage regulations. Money in the fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the federal Internal Revenue Code of 1986, as amended (the "Code"). ]5 Section II. Assessments; Tax Levv. A. The Bonds are payable in part from the proceeds of special assessments (the "Assessments") levied or to be levied against properties benefited by the Project. The City hereby covenants and agrees that, for the payment of the cost of the Project, the City has done or will do and perform all acts and things necessary for the final and valid levy of the Assessments in an amount not less than 20% of the costs of each of the improvements financed by the Bonds. It is estimated that collections of the Assessments will be as shown on Exhibit C attached hereto. In the event any such assessment shall at any time be held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the City or by the City Councilor by any of the officers or employees of the City, either in the making of such Assessment or in the performance of any condition precedent thereto, the City hereby covenants and agrees that it will forthwith do all such further things and take all such further proceedings as shall be required by law to make such Assessment a valid and binding lien upon said property. Collections of the Assessments shall be deposited in the Debt Service Account or Construction Account as directed by the City Council. B. Tax Levv: Coverage Test: Cancellation of Certain Tax Levies. To provide moneys for payment of the principal of and interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Levv Year of Tax Collection Amount See attached Exhibit C The tax levies are such that if collected in full they, together with the Assessments and other revenues herein pledged for the payment of the Bonds, will produce at least five percent (5%) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, 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, Subdivision 3. Section 12. Defeasance. When all Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this Resolution to the registered holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. If applicable, the City may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to their terms, by depositing with the Bond Registrar on or before that date a sum sufficient for the 16 payment thereof in full, provided that notice of redemption thereof has been duly given. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates and maturing on such dates as shall be required, subject to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if notice of redemption as herein required has been duly provided for, to such earlier redemption date. Section 13. 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 shall be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds payable therefrom, the deficiency shall be promptly paid out of any other accounts of the City which are available for such purpose, and such other funds may be reimbursed from the Debt Service Account when a sufficient balance is available therein. Section 14. Certification of Proceedings. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the Bonds and to Bradley & Deike, P. A., Bond Counsel, certified copies of all proceedings and records of the City, and such other affidavits, certificates, and information as may be required to show the facts relating to the legality and marketability of the 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 heretofore furnished, shall be deemed representations of the Issuer as to the facts recited therein. The officers of the City are also hereby authorized to execute a continuing disclosure certificate to satisfy rules of the federal Securities Exchange Commission. Section IS. Certificate of Registration. The City Administrator is hereby directed to file a certified copy of this resolution with the County Auditor of Anoka County, Minnesota, together with such other information as he or she shall require, and to obtain the County Auditor's Certificate that the bonds have been entered in the County Auditor's Bond Register. Section 16. Tax Covenants. 16.01. 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 other than the election made in Section 16.07 of this Resolution which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated thereunder (the "Regulations"), 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 Regulations, as presently existing or as hereafter amended and made applicable to the Bonds had the City not made the election in Section 16.07 of this resolution. 17 16.02. 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 if the interest on the Bonds were intended to be tax-exempt 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. 16.03. 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 bonds" within the meaning of Section 103 and 141 through 150 of the Code. 16.05. The City certifies that the proceeds of the Bonds will not be used by the City to reimburse itself for any expenditure with respect to the Project which the City paid or will have paid more than 60 days prior to the issuance of the Bonds unless, with respect to such prior expenditures, the City is in compliance with the relevant provisions of the American Resource and Recovery act of 2009 and unless the City shall have made a declaration of official intent which complies with the provisions of Section 1.150-2 of the Regulations, except with respect to certain de minimis expenditures meeting the requirements of Section 1.l50-2(f)(l) and preliminary expenditures meeting the requirements of Section 1.150-2(f)(2) which in the aggregate do not exceed 20% of the "issue price" of the Bonds. 16.06. 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. 16.07. Build America Bonds Election. The City irrevocably elects to have Section 54AA of the Internal Revenue Code of 1986, as amended (the "Code"), applied to the Bonds, specifically including Section 54AA(g) of the Code. The term "Internal Revenue Code" or "Code" as used herein includes the Internal Revenue Code of 1986, as amended, and all regulations, amended regulations and proposed regulations issued thereunder, as now existing, or as hereafter amended or proposed. Section 17. Severabilitv. If any provision of this Resolution shall be held or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction or jurisdictions or in all jurisdictions or in all cases because it conflicts with any provisions of any constitution or statute or rule or public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to any extent whatever. The invalidity of anyone or more phrases, sentences, clauses or paragraphs in this Resolution contained shall not affect the remaining portions of this Resolution or any part thereof. Section 18. reference only and provisions hereof. Headings. Headings in this Resolution are included for convenience of are not a part hereof, and shall not limit or define the meaning of any 18 The motion for the adoption of the foregoing resolution was duly seconded by council member Weston and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. 19 STATEOFMINNESOTA ) COUNTY OF ANOKA ) SS CITY OF CENTERVILLE ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Centerville, Minnesota, hereby certify that I have carefully compared and attached the foregoing extract of minutes of a meeting of the City Council of said City held July 22, 2009, with the original thereof on file and of record in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to the considering of proposals for and awarding the sale of $3,715,000 General Obligation Taxable Improvement Bonds, Series 2009A (Build America Bonds), of said City. WITNESS my hand this 22nd day of July, 2009. City Clerk EXHIBIT A Proposals CITY Of CENTERVILLE, MINNESOTA $3,715,000 GENERAL OBLlGA TIONT AXABLE IMPROVEMENT BONDS, SERJES 2009A AWARD: DATE OF SALE: ROBERT W. BAIRD & CO., INC. STANDARD & POOR'S CORPORA TION UNDERLYING RATING: WEDNESDAY, JULY 22, 2009 AA BIDDER ROBERT W. BAIRD & CO., INC. MiJwaukee, WI (TAXABLE) BMO CAPITAL MARKETS Chicago, JL (TAXABLE) NORTHLAND SECURlTrES, INC. Minneapolis,. MN (TAXABLE) MORGAN KEEGAN & COMPANY, lNe. Memphis, TN (TAXABLE) CRONIN & CO., me. Minneapolis, MN (TAXABLE) UBS FINANCIAL SERVICES, INe. New Yark, NY (TAXABLE) PURCHASE PRICE NET INTEREST COST $3,693,595,00' Net ofBABCredit: ' $1,770,777.50 $1,ISt,497J6 . ..~, $3,686,19jl!60 $1,794,S33.15 Net ofBAB dedit: SI,176,724.86 <'" t . '. $3,686,6q6.80 $1,813,031.95 . Net ofBAB de<llti:;..,.;".~,.s,1,!88,387.39 ~"'-. tI:~t'ft -, '- "'... r '1- $3,678,471.25 $1,814,061<.25 Net ofBABQ-edit, $l,i91,924.96 " ''4'~'f:,;,~~ '. .""';-h.k. <~ $3,67&,139.10 Si,827,554.65 Net ofBAB Credit: SI,200.8h.86 .- ~,. ~. . .:t:,. $3,6;7 ,8~0"- ~M'$2,010;280.00 Net ofBAB Credit: $1,319,684.59 ;J. f "", ~ ! ....'~'n'1:.:.<..... TRUE INTEREST COST (TIC) 4.875313% 3.202814% 4.946462% 3.256685% 4.996976% 3.289076% 5.01965&% 3.309047% 5.045041% 3.32&542% 5.547637% 3.657298% EXHIBIT B Projects 2009 Street Improvement Project 1. Peltier Lake Drive from CSAH 14 to a point ISO feet northeast of Centerville Road by street reconstruction, curb and related drainage improvements, and 2. Peltier Lake Drive between the easterly and westerly intersections of Peltier Circle by street reconstruction, curb and related drainage improvements, and 3. Centerville Road from Peltier Lake Drive to Lakeland Circle by street reconstruction, curb and related drainage improvements, and 4. Peltier Lake Drive from Centerville Road to Peltier Circle by street reconstruction, curb and related drainage improvements, and 5. Peltier Lake Drive from Peltier Circle to Mill Road by street reconstruction, curb and related drainage improvements, and 6. All of Clear Ridge by street reconstruction, curb and related drainage improvements, and 7. All of Grange View by street reconstruction, curb and related drainage improvements, and 8. All of Prairie Drive by street reconstruction, curb and related drainage improvements, and 9. Fox Run between Peterson Trail and Brian Drive by street reconstruction, curb and related drainage improvements, and 10. Peterson Trail between Prairie Drive and 73'" Street by street reconstruction, curb and related drainage improvements, and II. Brian Drive between Main Street and a point 200 feet north of 73,d Street by street reconstruction, curb and related drainage improvements, and 12. 73nl Street between 20th Avenue and a point approximately 200 feet west of Brian Drive by street reconstruction, curb and related drainage improvements, and 13. nnd Street between Brian Drive and Unity A venue by street reconstruction, curb and related drainage improvements, and 14.72 I/, Street between Unity Avenue and Twin Lakes Avenue by street reconstruction, curb and related drainage improvements, and 15. All of Twin Lakes Avenue by street reconstruction, curb and related drainage improvements, and 16. All of Brian Way by street reconstruction, curb and related drainage improvements, and 17. All of Unity Avenue by street reconstruction, curb and related drainage improvements. and .. c '" ~ ~ ~ .~ ," ~ .' 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(j) ~ t ~ t E " ~ . i; > " "0 u " 0 r c: c . ,0 .; '# "':':R m ;; $ . 0 .!!1 c :;; ~ ~ iL o '" . ~:'t ..c: ""~ '" "' t .~ ;;;: 0 :0 " ., Z 0 ~ Q. . N 8 ~c ~ ::i :2 . :1 ~ 8 g .' N ~ " o " ~ 0, ~ . , o o. w .; o. ~ ~ N m ;" . i . u " c '0 c .. " . c . > . '" ~ 'L<wUi'.<iie,{ 18-'7 City of Centerville June 2009 Financial Statement Analysis Prepared July 15th, 2009 The summary below was derived from observations related to the City of Centerville's monthly financial statements, which should be read in conjunction with the analysis below. The City of Centerville utilizes a fund accounting system consisting of a General Fund, Debt Service Funds, Other Governmental Funds and Enterprise Funds. Staff reviewed the procedures and underlying supporting documentation available in the areas discussed below and evaluated the key factors used to develop the actual historical data and projected fiscal year budgets in determining that they are reasonable in relation to the financial statements taken as a whole. Balance Sheet Assets Cash and Cash Equivalents: The City of Centerville ended the month of June with a reconciled checking account balance of $15,952 and an investment holdings balance of $3,582,724. A summary of the City's cash account holdings is chronicled below: Main Checking............."......... ........................ ....................... .................................. $484,483 Less Outstanding Checks......... ......... ...... .... "... ...... ..,... ......,........ ........ ......" ........ ..."", ...$(391,847) Flex Savings..........,... .............".......... ...................... ....................... .....................,. $173,309 12 Month CD .... ..... ".." ......."". .............. .......... ..... ....."..... ....... ........... ...... ...... .............,,$921 ,013 12 Month CO.... ....................... ........................ .............................................. .......... $350,000 CDARS............................................ ........................ ...................... ......n..."............. $1,170,856 CDARS.... ...... ............ ..... ...... ......."...... .................. ......... ... ........... ...... ..... ................. $622,437 Money Market... .... ..... ....... ..,... ..... .... ............. ...... ...... ............. ....................... .. .......... $1,105 CD - Capital One........................... .................... ................,....... ........................ ..... $90,000 CD - Doral Bank........, ............"........... ..................................".......... ...................... $96,000 CD - Cltl Bank........... ......................... ......................,............................................... $62,000 CD - Discover Bank.............. ........................................................................ ............ $96,000 Total. ........ ............ ................... .. ........ ...... ....... . .................. .......... ......... ......... ..........$3,675,360 It should also be noted that $42,008 was accrued as interest receivable in relation to these held securities. The City also has $50,000 in depository funds being utilized at Twin Cities Community Capital Fund in order to help provide the financing needs of the communities businesses. Receivables: The City has a receivable of roughly $41,800 in relation to downtown EAW. Interfund Loans: The Sewer fund has interfund loans with the General Fund and the Park Capital Project Fund totaling $710,660. Inventory: The City has rou9hly $8,500 worth of water meters that are held and distributed on a need basis. LandlOther Fixed Assets: The City has roughly $20,985,000 in land, infrastructure and other fixed assets at the end of June Liabilities Current Liabilities: The City accrued $13,939 in retainage fees from Precision Excavating for the Old Mill road project. Also, various payroll liabilities were accrued at the end of the reporting period and totaled $1,650. Long Term Debt: The City of Centerville has four outstanding bond issues-2004, 2006, 2007, and Police Station (held by Circle Pines). Total outstanding debt in relation to these bonds is roughly $7,500,000 at the end of June. Fund Balance Fund Balance: The City of Centerville began fiscal year 2009 with a General Fund balance of $1,157,515 and has since (1/1/09 through 6/30/09) incurred an excess of expenditures over revenues (net loss) of ($974,429)-leaving the City of Centerville with a totai General Fund balance of $183,086 at the end of June. Please note that this is a normal fund balance decline due to the fact that tax revenue is not paid until July, while expenses are rather evenly distributed through the year. Income Statement - General Fund Revenue Property Tax and State Grants: There was no activity in this classification during the month of June. Overall, property tax and state grant generated revenue is coming in at 1 % of the year to date budget through the end of June. It should be noted that the first tax settlement arrived in the City's bank account in July and totaled roughly $1,111,000 across all funds. Administration: Administration revenue consists of mostly fees derived from the selling of liquor licenses. The City has received $5,246 in Administration revenue or 14% of the year to date budget, which is below projections. Building Inspection: Building inspection revenues are comprised of the various permits associated with building projects-plumbing, building, mechanical, and etc. The City has received roughly 43,177 in Building inspection revenue or 33% of the year to date budget, which is below projections. Overall, general fund revenue is running below budgeted amounts coming in at roughly 4% of the year to date budget through June. Again, this is mainly because the first tax settlement was received in July and not yet reflected. Expenses Salaries and Wages: Salaries and Wages expense totaled $217,509 through the month of June. Overall, the City of Centerville's salaries and wages line items are running a little below budgeted amounts coming in at roughly 43% of the year to date budget through June. Benefits: Benefits expense totaled roughly $69,899 through the month of June. Overall, the City of Centerville's benefits are running a little beiow budgeted amounts for the fiscal year, coming in at roughly 41 % of the year to date budget through the month of June. Supplies and Materials: Supply and materiais totaled roughly $11,351. Overall, the City of Centerville's suppiy line items are coming in at roughly 31 % of the year to date budget through the month of June. Fees for Service: Fees for service expenses totaled $779,214 through the month of June. Overall, purchased services are running in line with budgeted amounts for the fiscal year, coming in at roughiy 41 % of the YTD budget through the month of June. Overall, General Fund expenses totaled $1,077,973 through June or 41% of the year to date budget. Analysis Prepared By: Michael Jeziorski Finance Director City of Centerville mieziorski@centervillemn.com City 01 Cttnlervllle Sanll Reconcillallon Fiscal Year 2009 6/30109 MI1/I1I1II.,r 221,113,13 720,344,52 912,369,27 350,00000 I Main Checking FlexSalfmgs 12 Month CD 12 Month CD .1 37011394 I MainstreetBali< I 3017115 1321332 303665 303902 I" 83.464,11 .,.. 550,000.00 (550,000.00) ~,"I 484.483.30 173,309,79 921,013,03 350,000,00 2.965,27 8,643,76 2,203.826,92 11.609.03 1,928.80612 Mal'1Street Bank (Cedar) CDARS CDARS 1004296636 1003302586 1.170,85877 622.437.38 1.793,296,15 1,170,85877 622,43738 1.793,296,15 Money Market CD - Capital One B"lfIk CD. Doral Bank CD-Cltl Bank CD . Discover B8nk 0001278423 14041AK73 25811LCG2 17284AEM5 25469JM48 62.855,50 90.00000 96,00000 (62,00000) 249.79 1,105.29 90.000.00 96,00000 62,00000 96,000,00 Smith Bsrney 6200000 96,00000 344.855,50 249.79 345.105.29 Total Investments per Statements 4,341.978.57 11,858.82 4.067,207.56 GltXx.10100 BOS Outstanding Statement Unreconclled I 3,675,360.0:1 391,847.54 4,067,207.56 OK Unaudited - For Management Purposes Only City 01 Centerville Billimc:e Sheet FIsul Year 2009 &J30109 Othe' Governmental Fund Name General Fund Debt Service Funds Enterprise Funds All Funds G ~x~-'01ooCash 629.419.64 887,422.10 (685,187,99) 2,841706.26 3675,36001 G xxx-l0200 Petty Cash 199.00 19900 G xxx-,0250 Cougar Cash 15000 1&0.00 G ~~x-10410 Twin C~K!s CCF 50,000,00 50,000,00 G ~x~-'0450 Interest Receivable on Invest 42.00812 42.00612 G JO(~-107oo Taxes Receivable-Delinquent 75.53631 7553631 G xxx-i0800 Allow for Uncollected Tllxes (75536,31) 75.536.31 G )(Xx-115oo ACCOunts Receivable 2.90208 41.796.30 44.698.38 G xxx-122oo Special Assess Rec ~ DelinQuent 1.70357 1.70357 G xxx-12300 SpeciaiAssess Rec-De/erred 148.493.81 148.49381 G xxx-13100Due from Ot~r Funds 710,66000 710,66000 G )(Xx-142oo InventOr)' fo! Resale 8.48675 6.48675 G xxx-15620 Unamortized Bond Discount 119,361.00 119,361.00 G xxx-16100 Land 3.099999,00 186,00000 3.285,999,00 G )(X~-16200 BUildings 1.627,438.00 414,00000 2.041.43800 G xxx-16330 Streets 6,016,224.00 6,016,224.00 G xxx-15331 TraJs 1310.166.00 1,310,166.00 G xxx-16335 Storm Water 1.745,288,00 1,745,28800 G xxx-16400 Machinery 8b1,02000 8.410,37781 9,261,39781 G xxx-16410 Depreciation (2130980.43) (2130,980 43~ G xxx-16500 Fixed Asset. In Progress 1,647,301.00 0,77 1,647,301,77 G )()(x-16600 Fixed Assets 988.08043 988.08043 G ){)(x-16999 Accumu~led Depreciation (3142.117,QO) (37,44985) {3i79,566,85} ,,0IIII,..... 174.17Ll4 1IIIl'.4U.'0 12.7VI-Jl7 11.ID.01'I.12 U_ftftAII G xx)(-20600 Contracts Payab~ 13,939.35 13.939,35 G )()(x-20800 State Sales and Use Ta~ 14323 143,23 G )()(x.20801 ServiCe Availabiltty 1.78825 1.78825 G xx)(-20900 Advance From Other Funds 435.66000 275,000.00 710,660.00 G )()(X-21500 Accrued Interest Payable 7848800 78.48800 G xx~-21706 HO'S-p~il~zatlol1/Med,callns (443900) (4.439DO) G KXK-21708 Dlsabjl~y Ins (10800) {10800;- G )()(x-21710 Other deductions 5,00000 5.00000 G xxx-21711 FSA Payab~ 884,75 88475 G )()(x-21715 L~e Insurance (3996) (3996) G xxx-21716 Dental Insurance (44759) (44759) G xxx'22000 Deposits 800,00 80000 G xo.-22100 Bonds Payable Current 305.354,00 305.354,00 G JO('x-2.2200 Deferred Revenues (1,640.686,52) 249,50000 (1,391,18652) G xx~-231oo BOr"Jds Payable Non-CUrrent 7546,543,00 7.546.543,00 G xxx-245oo Bk:lg Permit Surcl)arqe 1.537.05 1.537,05 G xxx-24501 Plumblllg Permit Su!charge 1198 1 ~.9[> G xxx-24502 Mech Permit Surchilr~ 944 944 G xxx-24503 E~c Permit Surcharge 24.28 24,28 G xxx,24504 Sll:e Main. Escrow 20000 20000 G xxx-24506 ROild Repai! escrow 440000 4400,00 G xxx-24508 Erosion Control Escrow 6,100.00 6,100,00 G xxx.Z4510 Other Escrov. 42,00000 35550 -<;2,35550 TotIIfUII..... ~It aM AI ..I7I.U7.13 211.7"'.11 "--817.71 Fund Balance G xxx-25300 Unreserved Fund Balance 01112/31/08 1.157,51503 1,296.21767 6,636.092.07 11.468858.98 20,558,683.75 Excess of Revenues over Expenses (1/1i09to 6130109) (974,429.14) (408,795,57) (507905.28) (1:.17,56684) (2.018,69683) Total Fund Balance 183,085.89 887,422.10 6,128,186.79 11,341,292.14 18,539,986.92 Y'" ua..-a _ Fund ..laRGe l74.&l8.I4 117.422.'0 12..,...1JU52 11.IiU.G7I.1Z 21l11nftftA.. Unaudited - For Management Purposes Only City of Centerville Revenue I Expense Report Fiscal Year 2009 1/1/D9 to 6/30/09 2009 Activity YTDa$ a % Account Description through 6/30109 FY 2009 Budget of Budget General Fund Revenues Propeny Tax and State Grants 13,299.09 2,208,320.00 1% Administration 5,246.67 37,000.00 14% Planning and Zoning 700.00 2,000.00 35% Police - Fines I Forfeih; I State Aid 16.167.25 70.000.00 23% Fire Plotection 1,030.00 125,000.00 1% Building Inspection 43,176.85 131,000.00 33% Electrical Inspection 7,415.00 10,000.00 74% Animal Control 277.50 2,000.00 14% Public Works 15.461.56 15,000.00 103% Parks 340.98 NIA Economic Development 428.76 N/A ,1"_R_..-Genetw'Fund 10U4U. 2MO.3ZO.110 4% Expenses Council 13,072.78 35,000.00 37% Administration 146,710.67 424,260.00 35% Financial Administration 10,000.00 15,000.00 67% Assessing 7.685.26 17,000.00 45% Law and Legal 16,571.85 75,000.00 22% Planning and Zoning 1,450.76 7,500.00 19% Engineering Services 1$,659.40 12,000.00 130% Police Protection 346,107.81 751,032.00 46% City Hall/Fire Hall 7,663.20 40,00000 20% Fire Protection 56,023.00 237,000.00 24% Building Inspection 67.634.03 168,575.00 40% Eledricallnspection 3,832.60 7,000.00 55% Civil Defense 455.40 1,500.00 30% Animal Control 461.82 1,500.00 310,1,] Otner Prolection (GENERAL) 600_00 0% Public Works (GENERAL) 96.741.76 175,418.00 55% Streets 18,176.36 75,500.00 24% Special Proj - CR 14 3.516.11 NlA Special Proj - Str - 09 17,925_25 N/A Special Proj_ - TRAILS 888.03 N/A Parks/Rec. Committee 300_00 4,00000 8% Parks/Ree Programs 3,871.23 8,500.00 46% Parks Maintenance 49.229.63 95,535_00 52% Recycling 3,33308 6,500.00 51% Downtown Redevelopment 5,263_00 NIA TE Trail Granl 154.611.78 N/A Economic Develop 13,076.48 14,00000 93% UnaJlacated 407,900_00 0% City Festival 15,511.51 24,000.00 65% Totalt=.uendi&u... - General Fund 1.m,87Ull UOUZO.110 41% Ex_oI"""....___-GenenlFund 1I7<U2t.141 14.llO0.001 Expenses by Object Ares Salaries And Wages 217,508.63 502,598.00 43% Benefits 69,899,24 171J90.00 41% Supplies 11,350.78 36,900.00 31% Fees far Service 779,214.15 1,893.032.00 41% 1,077,972,80 2,604,320.00 41% Unaudited - For Management Purposes Only Debt Service Revenues !Total R....... City of Centerville Revenue / Expense Report Fiscal Year 2009 1/1/09 to 6/30/09 Account Description 30B 21st Ave Debt Service Joint Police Station 200SA MUl1i Street Imp debt service DEPT 49200 Unallocated Parkview Development Debt Service DEPT 49200 Unallocated OEPT 49200 Unallocated 2007 A 2009 Activity through 6/30/09 FY 2009 Budget YTO ailS a "I. of Budget 576.02 NIA 356,86 NIA 5,551.86 NIA 5.485.45 NIA 90.10 NIA 174.74 NIA 25,361,07 NIA 46.160.41 NIA 8J.T1U1 HlA 36,806.33 71.018_00 52% 162,868.75 NIA 292.875.00 NIA ,a, M'!J 08 1'1.01..00 8M'll. .....7JI..I71 '111.llt8.\1Ol Expenses lTODI E.............Debt1kN'vicll Public Safety Streets Debt Service __RlI,1IRlUJ ...,1: Other Governmental Funds Revenues _...DtMIeftr;tce, Park Pedestrian Trail Ways 2006 Municipal Improvement CSAH 14 Improvements 2007 Developments Downtown Redevelopment Cable TV 631.46 NIA 89.41 NIA NIA 14,030.19 NIA 763.08 NIA 1,131.30 NIA 202.88 NIA ttAt8.32 MIA 5,347_87 NIA 6,329.00 NIA 5.421.23 NIA 531,500,87 NIA 4.376_81 NlA 112.11'8.78 MIA /838.127....1 Expensn :r_R_.__.-fF...... Engineering Fees Improvement Projects Community Development Public Works Cable TV ,T...IE_ .00000GoY...-ntaf F_ 1Eac6u OfRwMtuM over Expenditure. . OIMr Go\I~.IleI1'" F..... EnterDris.e Funds Revenues Water Sewer Storm Recycling 54.547,82 NIA 84,374_96 NIA 21,002_96 NIA NIA 118.928.1'. Nt... 76.29106 NIA 142A43.89 NIA 36.764.95 NIA 3.770.50 N/A 2M.mUll NtA '".MUll Expenses TOIllIR_._F._ T...IE__._'...... ttet Income . e.........1h FundI. Water Sewer Storm Recycling Unaudited - For Management Purposes Only ~ FOR CITY OF CENTERVILLE, MINNESOTA $3,715,000 TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2009A (BUILD AMERICA BONDS) BOND RATING - STANDARD AND POOR'S" AA" JULY 22, 2009 NO RTHLAND. SE C U RIT I ES 45 South 7th Street Suite 2000 Minneapolis, MN 55402 612-851-5900 800-851-2920 City of Centerville, Minnesota $3,715,000 Taxable General Obligation Improvement Bonds, Series 2009A A) PURPOSE The Bonds will be issued pursuant to Minnesota Statutes, Chapter 429 to finance the 2009 Street Improvements and the Peltier Lake Drive Street and Utility Improvements. B) SALE RESULTS ~ Bonds purchased by Robert W. Baird & Co. (Milwaukee, WI) ~ True Interest Cost: 4.875% (3.203% adjusted for BAB credit) ~ 6 bids - all taxable/BAB with broad market response (Minneapolis, Milwaukee, Memphis, Chicago, New York) C) REVENUE SOURCES The Bonds are structured with a IS-year term. The City expects to utilize the following revenue sources to pay debt service on the Bonds: · Special Assessment portion - the City will be assessing approximately 33% of the principal amount of the bonds. The special assessments will be in the three following categories: 1. Special assessments less than $2,000 (assessed over a 10-year term @ 5.50%), 2. Special assessments greater than $2,000 (assessed over a IS-year term @ 5.50%), and 3. Water supply assessments (assessed over a IS-year term @ 5.25%). · Debt Service Tax Levy - the balance of the debt service will be paid for by a debt service tax levy spread over all taxable property with the City. D) ATTACHMENTS 1. Tabulation of Bids 2. Final Sources and Uses of Funds 3. Final Debt Service Schedule 4. Final Cash Flow Projections NORTHLAND. SEe U RITIES TABULATION OF BIDS CITY OF CENTERVILLE, MlNNESOT A $3,715,000 GENERAL OBLIGATION TAXABLE IMPROVEMENT BONDS, SERIES 2009A AWARD: DATE OF SALE: STANDARD & POOR'S CORPORATION UNDERLYING RATING: BIDDER PURCHASE PRICE NET INTEREST COST TRUE INTEREST COST (TIC) ROBERT W. BAIRD & CO., INC Milwaukee, WI (TAXABLE) $3,693,595.00 Net of BAB Credit: BMO CAPITAL MARKETS Chicago, IL (TAXABLE) $3,686,190.60 Net of BAB Credit: NORTHLAND SECURITIES, INC Minneapolis, MN (T AXABLE) $3,686,666.80 Net of BAB Credit: MORGAN KEEGAN & COMPANY, INC Memphis, TN (TAXABLE) $3,678,471.25 Net of BAB Credit: CRONIN & CO., INC Minneapolis, MN (TAXABLE) $3,678,139.10 Net ofBAB Credit: UBS FINANCIAL SERVICES, INC New York, NY (TAXABLE) $3,677,850.00 Net ofBAB Credit: ROBERT W. BAIRD & CO" INC WEDNESDAY, JULY 22, 2009 AA $1,770,777.50 $1,158,497.16 4.875313% 3.2028 J 4% $1.794,833.15 4.946462% $1,176,724.86 3.256685% $1,813,031.95 4.996976% $1,188,387.39 3.289076% $1,814,061.25 5.019658% $1,191,924.96 3.309047% $1,827,554,65 5.04504 I % $1,200,811.86 3.328542% $2,0 I 0,280.00 5.547637% $1,319,684.59 3.657298% . Final City of Centerville, Minnesota G.O. Improvement Bonds, Series 2009A (Build America Bonds) Sources & Uses Dated 08/01/20091 Delivered 08/19/2009 Sources Of Funds Par Amount of Bonds Transfer from Water U~i1ity Fun~ Transfe:r from Sewer Utility Fund Accrued Interest from 08/01/2009 to 08/19/2009 Total Sources -..-.- Uses Of Funds Qapos!t to P~oject Construction Fun~ Engineerin_g / legal (2?%) Contingency (3%) Costs of Issuance -- Total Underwriter's Discount (Q.576%) Unused Discount to DS Fund Deposit to Debt Servi?e Fund Rounding Amount ____ _ Total Uses New Money 1 I New Money I 7!2212009 I 11 :02 AM Northland Securities Public Finance . $3,715,000.00 229,121.00 140,492c2.1.. _8,389.25 $4,093,002,26 3,120,938.61 803,614.69 __ -....-3.62~~ 27,500.00 . __~1,405.00 15,745.00 ~ 8,389.25 --.-J..781.55 ~,093,002.26_ I=inal City of Centerville, Minnesota G, O. Improvement Bonds, Series 2009A (Build America Bonds) Debt Service Schedule Principal Coupon Date 08/19/2009 0810112010 02/01/2011 08/0112011 02/01/2012 08/01L201L- 0210112013 08/01/2013 02/01/2014 08/01/2014 02/01/2015 98/0112015 __ __ __ 02/01/2016 08/01/2016 02/01/2017 08/01/2017 02/0112018 08/011201~ 02/01/2019 290,000.00 ----VOO% 08/01/2019 02/01/2020 0810112020 02/01/2021 ~~1/~ 02/01/2022 08/01/2022 0210112023 08/01/2023 02/01/2024 Q8/01/2024___._ 02/01/2025 Interest Tota' P+l 167,785,00 167,785.00 83,892.50 83,892,50 83,892,50 83.892.50 83,892.50 213,89250 __. ._~_ 82,397.50.__ 82,397.50 82,397.50 217,397.50 80,60875 80,608.75 80,608,75 340,608.75 76,513.75 76,513,75 76,513.75 341,513.75 _Z1,810.~ ------.I~,810.00 71,810.00 336,81000 66,510,00 66,510.00 66,510.00 336,510,00 60,840,00 60,840.00 60,840.00 340,840,00 54,470,90_~,470.00_ 54,470.00 344,470.00 47,655.00 47,65500 47,655.00 347,655.00 40,380,00 40,380,00 40,380.00 340,380.00 ~5,~ ~5.00 32,805.00 332,805,00 25,080.00 25,080,00 25,080.00 325,080.00 17,205.00 17,205,00 17,205,00 327,205.00 8,680.00 8,860,00 ~-31a:68Q.OO $1,749,372,50 $5,464,372.50 130,000,00 2.300% 135,000.00 2.650% 260,000.00 3.150% 265,000.00 3,550% 265,000.00 4.000% 270,00000 4200% 280,000,00 4,550% 300.000.00 4,850% 300,000,00 5.050% 300,000.00 5.150% 300,000.00 5250% 310,000.00 5.500% Total 310,000,00 $3,715,000,00 5.600% Q~---- -- -~- -'- DeliveryQ~____ __' ____ __ _~_ First Coupon Date __ _ _ ____ First_available caU d81e _ CaI\Price____ Accryedlnlerestfrom08/01/2009to08f1912009 ,_ _ _. ____ Bond_Year Dollars _ __~ __. _ ___ Averaqellfe _ ____ __ AveraQe Coupon _ __ ~e\ Interest Cost (NIC) 1!:.ue Interest Cost (TIC) BO_ndYield tor Arbitrage Purpose:; Netlnter~s~ __ _YYeighted Average Malurity New Ma""y' I New M<",9y I 712212OO9! 11:02 AM II Northland Securities Public Finance Fiscal Total Federal Reimbursement Adjusted Total 251,677.50 (88,087.13) 163,590,38 297,785.00 (58,724.75) 239,060.25 ~,67~ --,- 299,795.00 242,116.75 421,217.50 (56,426.13) 364,791.38 418,027.50 (53,559,63) 364,467.88 ~-,--------- 408,620.00 (50,267.00) 358,353,00 403,020.0D (46,557.00) 356,46300 401,680.00 (42,588.00) 359,092,00 ~,129.00) 360,811.00 398,940.00 395.310.00 (33,358,50) 361,951.50 380,760.00 (28,266.00) 352,494.00 --"- 365,610.00 (22,963.50) 342,646.50 350,160,00 (17,556.00) 332,604.00 344,410.00 (12,043.50) 332,366.50 ---'~- -'--.- ~- 327,360.00 (6,076.00) 321.284.00 $5,464,372.50 (612,280.38) $4,852,092.13 8101/2009 8/19/2009 - 8101/201.Q. 2/01/2018 ~OOOOO~ 8,389.25 $36.007.50 9.692Year2. ~~559% 4,917801B% 4.8771785% 4.8002597% 4,B60129go/~ 9.642 Years ;;; , u: '" o " o ~ ~ :;g 0" ~ ~ ~ o U '- o b U ~ g '" .~ ~ VI '3' ~ OJ ~ ~ ~ &~ .!j .~ '" " .~ ~ C'. ~ 1i " ;S G (S <:0 '" "- I, ;;f i; & t~; ~ ~ > 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8: > 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ c c 0 c c 0 c c c c c c 0 c 0 0 ~ 0 0 0 0 0 0 0 a 0 0 0 0 0 a 0 0 0, 0 0 0 0 0 0 0 a 0 0 0 0 0, a 0, ~ w. e e 0 0 c: 0 0 C; 0 e 0 .n 0 .n co .!I 0' <, 0 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 0' ~ - - " " " 0' " " " " " " ~, " 0' " ~ e; ~ ~ ~ 0 - " ~ ~ co ~ ,- w ~ 0 " ~ ~ .c: 0 G G G G G G 0' 0' ~, ~, ~, " a 0 0 0 0 0 0 0 0 " VJ 0' 0' " " " " " " " 0' " 0' " " " ~ " u 5 .... >- " n w ~ 0 - " ~ ~ co ~ ,- ~ 0, 0 0' ~ 0 ~ ~ 0 " G G ;0; G G G " " ~, " € 0 " 0 " 0 ;; 0 0 0 0 " " " " " " 0' " " 0' " " " 0' (j j ~ E ~ v v ~ g " " ~;g ; U . 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