HomeMy WebLinkAboutResolution No. 114-24 - Resolution - Awarding the Sale of Taxable General Obligation Abatement and CIP Bonds, Series 2024A
RESOLUTION
Awarding the Sale of $11,400,000 Taxable General Obligation Abatement and
Capital Improvement Plan Bonds, Series 2024A Fixing Their Form and
Specifications; Directing Their Execution and Delivery; and Providing for Their
Payment.
WHEREAS, the City of Rochester, Olmsted County, Minnesota (the “City”) is
authorized by Minnesota Statutes, Sections 469.1812 to 469.1815 and Minnesota
Statutes, Chapter 475, as amended (collectively, the “Abatement Act”), to issue its
general obligation tax abatement bonds on such terms and in such manner as the City
determines, subject to certain limitations contained in the Abatement Act; and
WHEREAS, on May 20, 2024, the City held a public hearing regarding, and adopted
a resolution (the “Abatement Resolution”) approving, property tax abatements in the
maximum amount of $4,560,000 (the “Abatements”) on certain property in the City (the
“Abatement Parcels”) pursuant to the Act to finance the acquisition, construction and
installation of certain improvements to the City’s Mayo Civic Center to, among other things,
replace the steam heating and cooling system with a district heating and cooling system
(the “Abatement Project”); and
WHEREAS, the City is authorized by Minnesota Statutes, Chapter 475, including
without limitation, Section 475.521 (collectively the “CIP Act”) to finance certain capital
improvements under an approved capital improvement plan by the issuance of general
obligation bonds of the City payable from ad valorem taxes. Capital improvements
include acquisition or betterment of public lands, buildings or other improvements for the
purpose of a city hall, library, public safety facility and public works facilities (excluding
light rail transit or any activity related to it, or a park, road, bridge, administrative building
other than a city hall, or land for any of those activities); and
WHEREAS, the City held a public hearing on May 6, 2024, regarding a 5-year
capital improvement plan for the years 2024 through 2028 (the “Plan”) and regarding
issuance of bonds in the maximum principal amount of $8,700,000 to finance planned
capital improvements, all in accordance with the CIP Act. The Plan authorizes issuance
of bonds to pay the cost of certain capital improvements identified in the capital
improvement plan, including without limitation the improvements to the Rochester Public
Library and the City Hall to, among other things, replace the steam heating and cooling
system with a district heating and cooling system (the “CIP Improvements”); and
WHEREAS, the Common Council has determined that, within 30 days after the
hearing, no valid petition for a referendum on issuance of bonds to pay costs of the CIP
Improvements was received by the City in accordance with the CIP Act; and
WHEREAS, as required by the CIP Act, the City has determined that:
1
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(a) the expected useful life of the CIP Improvements will be at least 5 years;
and
(b) the amount of principal and interest due in any year on all outstanding bonds
issued by the City under the CIP Act, including the Bonds (as defined below), will not
exceed 0.16% of the estimated market value of property in the City for taxes payable in
2024; and
WHEREAS, it is necessary and expedient to the sound financial management of
the affairs of the City to issue its Taxable General Obligation Abatement and Capital
Improvement Plan Bonds, Series 2024A (the “Bonds”), in the aggregate principal amount
of $11,400,000, to provide financing for the Abatement Project and the CIP
Improvements; and
WHEREAS, the City is authorized by Minnesota Statutes, Section 475.60,
Subdivision 2(9) to negotiate the sale of the Bonds, if the City has retained an independent
municipal advisor in connection with such sale. The City has retained Baker Tilly
Municipal Advisors, LLC as an independent municipal advisor in connection with the sale
of the Bonds. The actions of the City staff and the City’s municipal advisor in negotiating
the sale of the Bonds are ratified and confirmed in all aspects.
NOW, THEREFORE, BE IT RESOLVED By the Common Council of the City of
Rochester, Olmsted County, Minnesota (the “Council”) as follows:
Section 1. Sale of Bonds.
1.01 Authorization. It is hereby determined that it is necessary to provide
financing for the Abatement Project and the CIP Improvements and to finance those
improvements through the issuance of the City’s $11,400,000 Taxable General Obligation
Abatement and Capital Improvement Plan Bonds, Series 2024A (the “Bonds”).
1.02. Award to the Purchaser and Interest Rates. The proposal of BOK Financial
Securities, Inc., Dallas, Texas (the “Purchaser”) to purchase the Bonds of the City
described in the Terms of Proposal thereof, is hereby found and determined to be a
reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a
price of $11,419,431.90 (par amount of $11,400,000.00, plus a premium of $32,526.65
less an underwriter’s discount of $13,094.75), for Bonds bearing interest as follows:
RC110-156-953523.v3
Year of Interest Year of Interest
Maturity Rate Maturity Rate
2026 5.00% 2034* 4.73%
2027 5.00 2036* 4.81
2028 5.00 2038* 4.90
2029 5.00 2040* 5.00
2030 5.00 2042* 5.05
2031 5.00 2044* 5.10
2032 4.69 2045 5.14
1.03. Purchase Contract. Any amount paid by the Purchaser over the minimum
purchase price shall be credited to the Debt Service Fund hereinafter created, or deposited
in the accounts in the Construction Fund hereinafter created, as determined by the City
Director of Finance after consultation with the City’s municipal advisor. The City Director of
Finance is directed to retain the good faith deposit of the Purchaser, pending completion
of the sale of the Bonds. The Mayor and City Clerk are authorized to execute a contract
with the Purchaser on behalf of the City, if requested by the Purchaser.
1.04. Terms and Principal Amount of Bonds. The City will forthwith issue and sell
the Bonds pursuant to the Abatement Act and the CIP Act (together, the “Act”), in the total
principal amount of $11,400,000, originally dated the date of delivery, in fully registered
form in denominations of $5,000 each or any integral multiple thereof, numbered No. R-
1 and upward, bearing interest as above set forth, and maturing serially on February 1 in
the years and amounts as follows:
Year Amount Year Amount
2026 $350,000 2034* $1,000,000
2027 365,000 2036* 1,095,000
2028 385,000 2038* 1,205,000
2029 400,000 2040* 1,325,000
2030 425,000 2042* 1,465,000
2031 440,000 2044* 1,610,000
2032 465,000 2045 870,000
As may be requested by the Purchaser, one or more term Bonds may be issued
having mandatory sinking fund redemption and final maturity amounts conforming to the
foregoing principal repayment schedule, and corresponding additions may be made to
the provisions of the applicable Bond(s).
$4,560,000 of the Bonds (the “Abatement Bonds”) maturing in the amounts and on
the dates set forth below are being issued to finance the cost of the Abatement Project:
RC110-156-953523.v3
Year Amount Year Amount
2026 $140,000 2036 $225,000
2027 145,000 2037 235,000
2028 155,000 2038 245,000
2029 160,000 2039 260,000
2030 170,000 2040 270,000
2031 175,000 2041 285,000
2032 185,000 2042 300,000
2033 195,000 2043 315,000
2034 205,000 2044 330,000
2035 215,000 2045 350,000
$6,840,000 of the Bonds (the “CIP Bonds”) maturing in the amounts and on the
dates set forth below are being issued to finance the cost of the construction of the CIP
Improvements:
Year Amount Year Amount
2026 $210,000 2036 $335,000
2027 220,000 2037 355,000
2028 230,000 2038 370,000
2029 240,000 2039 390,000
2030 255,000 2040 405,000
2031 265,000 2041 430,000
2032 280,000 2042 450,000
2033 295,000 2043 470,000
2034 305,000 2044 495,000
2035 320,000 2045 520,000
1.05. Optional Redemption. The City may elect on February 1, 2034, and on any
day thereafter to prepay Bonds maturing on or after February 1, 2035. Redemption may be
in whole or in part and if in part, at the option of the City and in such manner as the City will
determine. If less than all Bonds of a maturity are called for redemption, the City will notify
DTC (as defined in Section 5 hereof) of the particular amount of such maturity to be prepaid.
DTC will determine by lot the amount of each participant’s interest in such maturity to be
redeemed and each participant will then select by lot the beneficial ownership interests in
such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest.
1.06 Mandatory Redemption; Term Bonds. The Bonds maturing on February 1,
2034, 2036, 2038, 2040, 2042 and 2044 shall hereinafter be referred to collectively as the
“Term Bonds.” The principal amount of the Term Bonds subject to mandatory sinking fund
redemption on any date may be reduced through earlier optional redemptions, with any
partial redemptions of the Term Bonds credited against future mandatory sinking fund
redemptions of such Term Bond in such order as the City shall determine. The Term Bonds
RC110-156-953523.v3
are subject to mandatory sinking fund redemption and shall be redeemed in part at par plus
accrued interest on February 1 of the following years and in the principal amounts as follows:
Sinking Fund Installment Date
February 1, 2034 Term Bond Principal Amount
2033 $490,000
2034* 510,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2036 Term Bond Principal Amount
2035 $535,000
2036* 560,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2038 Term Bond Principal Amount
2037 $590,000
2038* 615,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2040 Term Bond Principal Amount
2039 $650,000
2040* 675,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2042 Term Bond Principal Amount
2041 $715,000
2042* 750,000
____________________
* Maturity
RC110-156-953523.v3
Sinking Fund Installment Date
February 1, 2044 Term Bond Principal Amount
2043 $785,000
2044* 825,000
____________________
* Maturity
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds will be issued only in fully registered form.
The interest thereon and, upon surrender of each Bond, the principal amount thereof is
payable by check or draft issued by the Registrar described herein.
2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last
interest payment date preceding the date of authentication to which interest on the Bond
has been paid or made available for payment, unless (i) the date of authentication is an
interest payment date to which interest has been paid or made available for payment, in
which case the Bond will be dated as of the date of authentication, or (ii) the date of
authentication is prior to the first interest payment date, in which case the Bond will be
dated as of the date of original issue. The interest on the Bonds is payable on February
1 and August 1 of each year, commencing February 1, 2025, to the registered owners
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thereof of record as of the close of business on the 15 day of the immediately preceding
month, whether or not that day is a business day.
2.03. Registration. The City will appoint, and will maintain, a bond registrar,
transfer agent, authenticating agent and paying agent (the “Registrar”). The effect of
registration and the rights and duties of the City and the Registrar with respect thereto
are as follows:
(a) Register. The Registrar will keep at its principal corporate trust office
a bond register in which the Registrar provides for the registration of ownership of
Bonds and the registration of transfers and exchanges of Bonds entitled to be
registered, transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly
endorsed by the registered owner thereof or accompanied by a written instrument
of transfer, in form satisfactory to the Registrar, duly executed by the registered
owner thereof or by an attorney duly authorized by the registered owner in writing,
the Registrar will authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Bonds of a like aggregate principal amount and
maturity, as requested by the transferor. The Registrar may, however, close the
th
books for registration of any transfer after the 15 day of the month preceding each
interest payment date and until that interest payment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered by the
registered owner for exchange the Registrar will authenticate and deliver one or
RC110-156-953523.v3
more new Bonds of a like aggregate principal amount and maturity as requested
by the registered owner or the owner’s attorney in writing.
(d) Cancellation. All Bonds surrendered upon any transfer or exchange
will be promptly cancelled by the Registrar and thereafter disposed of as directed
by the City.
(e) Improper or Unauthorized Transfer. When a Bond is presented to
the Registrar for transfer, the Registrar may refuse to transfer such Bond until the
Registrar is satisfied that the endorsement on the Bond or separate instrument of
transfer is valid and genuine and that the requested transfer is legally authorized.
The Registrar will incur no liability for the refusal, in good faith, to make transfers
which it, in its judgment, deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the
person in whose name a Bond is time registered, as of the applicable record date,
in the bond register as the absolute owner of such Bond, whether the Bond is
overdue or not, for the purpose of receiving payment of, or on account of, the
principal of and interest on the Bond and for all other purposes, and payments so
made to a registered owner or upon the owner’s order will be valid and effectual to
satisfy and discharge the liability upon the Bond to the extent of the sum or sums
so paid.
(g) Taxes, Fees and Charges. The Registrar may impose a charge upon
the owner thereof for a transfer or exchange of Bonds, in an amount sufficient to
reimburse the Registrar for any tax, fee or other governmental charge required to
be paid with respect to the transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes
mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond of
like amount, number, maturity date and tenor in exchange and substitution for and
upon cancellation of the mutilated Bond or in lieu of and in substitution for any
Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and
charges of the Registrar in connection therewith; and, in the case of a Bond
destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to
the Registrar that the Bond was destroyed, stolen or lost, and of the ownership
thereof, and upon furnishing to the Registrar an appropriate bond or indemnity in
form, substance and amount satisfactory to the Registrar and as provided by law,
in which both the City and the Registrar must be named as obligees. Bonds so
surrendered to the Registrar will be cancelled by the Registrar and evidence of
such cancellation must be given to the City. If the mutilated, destroyed, stolen or
lost Bond has already matured or been called for redemption in accordance with
its terms it is not necessary to issue a new Bond prior to payment.
(i) Redemption. In the event any of the Bonds are called for
redemption, written notice thereof identifying the Bonds to be redeemed will be
given by the Registrar by mailing a copy of the redemption notice by first class mail
RC110-156-953523.v3
(postage prepaid) not less than 30 days prior to the redemption date to the
registered owner of each Bond to be redeemed at the address shown on the
registration books kept by the Registrar and by publishing the notice if required by
law. Failure to give notice by publication or by mail to any registered owner, or any
defect therein, will not affect the validity of the proceedings for the redemption of
Bonds. Bonds so called for redemption will cease to bear interest after the
specified redemption date, provided that the funds for the redemption are on
deposit with the place of payment at that time.
2.04. Appointment of Initial Registrar. The City appoints U.S. Bank Trust
Company, National Association, St. Paul, Minnesota, as the initial Registrar. The Mayor
and the City Clerk are authorized to execute and deliver, on behalf of the City, a contract
with the Registrar. Upon merger or consolidation of the Registrar with another
corporation, if the resulting corporation is a bank or trust company authorized by law to
conduct such business, the resulting corporation is authorized to act as successor
Registrar. The City agrees to pay the reasonable and customary charges of the Registrar
for the services performed. The City reserves the right to remove the Registrar upon 30
days’ notice and upon the appointment of a successor Registrar, in which event the
predecessor Registrar must deliver all cash and Bonds in its possession to the successor
Registrar and deliver the bond register to the successor Registrar. On or before each
principal or interest due date, without further order of this Council, the City Director of
Finance must transmit to the Registrar moneys sufficient for the payment of all principal
and interest then due.
2.05. Execution, Authentication and Delivery. The Bonds will be prepared under
the direction of the City Director of Finance and executed on behalf of the City by the
signatures of the Mayor and the City Clerk, provided that all signatures may be printed,
engraved or lithographed facsimiles of the originals. If an officer whose signature or a
facsimile of whose signature appears on the Bonds ceases to be such officer before the
delivery of any Bond, that signature or facsimile will nevertheless be valid and sufficient
for all purposes, the same as if the officer had remained in office until delivery.
Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or
entitled to any security or benefit under this Resolution unless and until a certificate of
authentication on the Bond has been duly executed by the manual signature of an
authorized representative of the Registrar. Certificates of authentication on different
Bonds need not be signed by the same representative. The executed certificate of
authentication on a Bond is conclusive evidence that it has been authenticated and
delivered under this Resolution. When the Bonds have been so prepared, executed and
authenticated, the City Director of Finance will deliver the same to the Purchaser thereof
upon payment of the purchase price in accordance with the contract of sale heretofore
made and executed, and the Purchaser is not obligated to see to the application of the
purchase price.
2.06. Form of Bond. The Bonds will be printed or typewritten in substantially the
form set forth in Exhibit B attached hereto.
RC110-156-953523.v3
2.07. Approving Legal Opinion. The City Director of Finance is authorized and
directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven,
Chartered, Minneapolis, Minnesota, which will be complete except as to dating thereof
and will cause the opinion to be printed on or accompany each Bond.
Section 3. Accounts; Payment; Security; Pledges and Covenants.
3.01. Debt Service Fund and Accounts Maintained Therein. For the convenience
and proper administration of the moneys to be borrowed and repaid on the Bonds, and to
provide adequate and specific security for the Purchaser and holders from time to time of
the Bonds, there is hereby created a special fund to be designated the “Taxable General
Obligation Abatement and Capital Improvement Plan Bonds, Series 2024A Debt Service
Fund (the “Debt Service Fund”). The Debt Service Fund shall be administered and
maintained by the Director of Finance as a bookkeeping account separate and apart from
all other funds maintained in the official financial records of the City. The Debt Service Fund
will be maintained in the manner herein specified until all of the Bonds and the interest
thereon have been fully paid. The City will maintain the following accounts in the Debt
Service Fund: the “Abatement Project Account” and the “CIP Account.” Amounts in the
Abatement Project Account are irrevocably pledged to the Abatement Bonds, amounts in
the CIP Account are irrevocably pledged to the CIP Bonds.
(a) Abatement Project Account. To the Abatement Project Account in the
Debt Service Fund there is hereby pledged and irrevocably appropriated and there
will be credited: (i) proceeds of the ad valorem property taxes levied under Section
3.03(a) or hereafter levied the Abatement Bonds (the “Abatement Taxes”) and the
Abatements; (ii) capitalized interest financed from Abatement Bond proceeds, if any;
(iii) a pro rata portion of the amount over the minimum purchase price paid by the
Purchaser, to the extent designated for deposit in the Debt Service Fund in
accordance with Section 1.03 hereof; (iv) all investment earnings on amounts in the
Abatement Project Account of the Debt Service Fund; and (v) any other funds
appropriated for the payment of principal or interest on the Abatement Bonds. The
Director of Finance must report to the Common Council any current or anticipated
deficiency in the Abatement Project Account in the amount necessary to pay
principal of and interest on all of the Abatement Bonds when due. If a payment of
principal or interest on the Improvement Bonds becomes due when there is not
sufficient money in the Abatement Project Account in the Debt Service Fund to pay
the same, the City Director of Finance is directed to pay such principal or interest
from the general fund of the City, and the general fund will be reimbursed for the
advances out of the proceeds of Abatement Taxes and Abatements when collected.
(b) CIP Account. The Director of Finance shall timely deposit in, and there
are pledged and appropriated to, the CIP Account of the Debt Service Fund hereby
created, (i) proceeds of ad valorem property taxes levied under Section 3.03(b) or
hereafter levied for the CIP Bonds (the “Improvement Taxes” and, together with the
Abatement Taxes, the “Taxes”) for the CIP Improvements, (ii) a pro rata portion of
any amount over the minimum purchase price paid by the Purchaser, to the extent
RC110-156-953523.v3
designated for deposit in the Debt Service Fund in accordance with Section 1.03
hereof, (iii) all investment earnings on funds in the CIP Account of the Debt Service
Fund; and (iv) any and all other moneys which are properly available and are
appropriated by the Common Council to the CIP Account of the Debt Service Fund.
The Director of Finance must report to the Common Council any current or
anticipated deficiency in the CIP Account in the amount necessary to pay principal of
and interest on all of the CIP Bonds when due. If a payment of principal or interest
on the CIP Bonds becomes due when there is not sufficient money in the CIP Account
in the Debt Service Fund to pay the same, the City Director of Finance is directed to
pay such principal or interest from the general fund of the City, and the general fund
will be reimbursed for the advances out of the proceeds of Improvement Taxes when
collected.
3.02. Construction Fund. The City hereby creates the Taxable General Obligation
Abatement and Capital Improvement Plan Bonds, Series 2024A Construction Fund (the
“Construction Fund”) to be administered and maintained by the Director of Finance as a
bookkeeping account separate and apart from all other funds maintained in the official
financial records of the City. The City will maintain the following accounts in the Construction
Fund: the “Abatement Project Account” and the “CIP Account.” Amounts in the Abatement
Project Account will be used to construct the Abatement Project and amounts in the CIP
Account will be used to construct the CIP Improvements.
(a) Abatement Project Account. Proceeds of the Abatement Bonds, less
the appropriations made in Section 3.01(a) hereof, together with the Abatements and
Abatement Taxes collected during the construction of the Abatement Project and any
other funds appropriated for the Abatement Project, will be deposited in the
Abatement Project Account of the Construction Fund to be used solely to defray
expenses of the Abatement Project and the payment of principal of and interest on
the Abatement Bonds prior to the completion and payment of all costs of the
Abatement Project. Any balance remaining in the Abatement Project Account after
the Abatement Project is completed and the costs thereof have been paid may be
used as provided in Minnesota Statutes, section 475.65, under the direction of the
Common Council. Thereafter, the Abatement Project Account of the Construction
Fund is to be closed and any balance remaining therein and any subsequent
collections of the Abatements and Taxes for the Abatement Project are to be
deposited in the Abatement Project Account of the Debt Service Fund.
(b) CIP Account. Proceeds of the CIP Bonds, less the appropriations
made in Section 3.01(b) hereof, together with any other funds appropriated for the
CIP Improvements, will be deposited in the CIP Account of the Construction Fund
to be used solely to defray expenses of the CIP Improvements and the payment
of principal of and interest on the CIP Bonds prior to the completion and payment
of all costs of the CIP Improvements. Any balance remaining in the CIP Account
after the CIP Improvements are completed and the costs thereof have been paid
may be used as provided in Minnesota Statutes, section 475.65, under the
direction of the Common Council. Thereafter, the CIP Account is to be closed and
RC110-156-953523.v3
any balance remaining therein is to be deposited in the CIP Account of the Debt
Service Fund.
3.03. Tax Levy.
(a) For the purpose of paying the principal of and interest on the
Abatement Bonds, there is hereby levied a direct annual irrepealable ad valorem
property tax upon all of the taxable property in the City, which Abatement Taxes will
be spread upon the tax rolls and collected with and as part of other general taxes of
the City. Such Abatement Taxes will be credited to the Abatement Project Account
of the Debt Service Fund above provided and will be in the years and amounts as
set forth in Exhibit C. The tax levy herein provided will be irrepealable until all of the
Abatement Bonds are paid, provided that the Director of Finance may annually, at
the time the City makes its tax levies, certify to the County Auditor of the County the
amount available in the Abatement Account of the Debt Service Fund to pay principal
and interest due during the ensuing year on the Abatement Bonds, and the County
Auditor of the County will thereupon reduce the levy collectible during such year by
the amount so certified.
(b) For the purpose of paying the principal of and interest on the CIP
Bonds, there is hereby levied a direct annual irrepealable ad valorem property tax
upon all of the taxable property in the City, which Improvement Taxes will be spread
upon the tax rolls and collected with and as part of other general taxes of the City.
Such Improvement Taxes will be credited to the CIP Account of the Debt Service
Fund above provided and will be in the years and amounts as set forth in Exhibit D.
The tax levy herein provided will be irrepealable until all of the CIP Bonds are paid,
provided that the Director of Finance may annually, at the time the City makes its tax
levies, certify to the County Auditor of the County the amount available in the CIP
Account of the Debt Service Fund to pay principal and interest due during the ensuing
year on the CIP Bonds, and the County Auditor of the County will thereupon reduce
the levy collectible during such year by the amount so certified in the manner and to
the extent permitted by Section 475.61, subdivision 3 of the Act.
3.04. Registration of Resolution. The Director of Finance is authorized and directed
to file a certified copy of this resolution with the County Auditor of Olmsted County and to
obtain the certificate required by Minnesota Statutes Section 475.63.
3.05. Debt Service Coverage. It is hereby determined that the estimated collection
of the foregoing Abatement Taxes and Abatements will produce at least 5% in excess of the
amount needed to pay, when due, the principal and interest payments on the Abatement
Bonds and the estimated collection of the foregoing Improvement Taxes will produce at least
5% in excess of the amount needed to pay, when due, the principal and interest payments
on the CIP Bonds.
3.06. 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
RC110-156-953523.v3
taxing powers of the City will be and are hereby irrevocably pledged. If the balance in the
Debt Service Fund is ever insufficient to pay all principal and interest then due on the Bonds
and any other bonds payable therefrom, the deficiency will be promptly paid out of monies
in the general fund of the City which are available for such purpose, and such general fund
may be reimbursed with or without interest from the Debt Service Fund when a sufficient
balance is available therein.
Section 4. Authentication of Transcript.
4.01. City Proceedings and Records. The officers of the City are authorized and
directed to prepare and furnish to the Purchaser and to the attorneys approving the
Bonds, certified copies of proceedings and records of the City relating to the Bonds and
to the financial condition and affairs of the City, and such other certificates, affidavits and
transcripts as may be required to show the facts within their knowledge or as shown by
the books and records in their custody and under their control, relating to the validity and
marketability of the Bonds and such instruments, including any heretofore furnished, may
be deemed representations of the City as to the facts stated therein.
4.02. Certification as to Official Statement. The Mayor, City Administrator, City
Clerk and City Director of Finance, or any of them, are hereby authorized and directed to
certify that they have examined the Official Statement prepared and circulated in
connection with the issuance and sale of the Bonds and that to the best of their knowledge
and belief the Official Statement, as of the date thereof, is a complete and accurate
representation of the facts and representations made therein as of the date of the Official
Statement, as it relates to the City and the Bonds.
4.03. Other Certificates. The Mayor, City Administrator, City Clerk and City
Director of Finance, or any of them, are hereby authorized and directed to furnish to the
Purchaser at the closing such certificates as are required as a condition of sale. Unless
litigation shall have been commenced and be pending questioning the Bonds or the
organization of the City or incumbency of its officers, at the closing the Mayor, City
Administrator, City Clerk and City Director of Finance, or any of them, shall also execute
and deliver to the Purchaser a suitable certificate as to absence of material litigation, and
the Director of Finance shall also execute and deliver a certificate as to payment for and
delivery of the Bonds.
4.04. Electronic Signatures. The electronic signature of the Mayor, City
Administrator, City Clerk, and Director of Finance to this resolution and to any certificate
authorized to be executed hereunder shall be as valid as an original signature of such
party and shall be effective to bind the City thereto. For purposes hereof, (i) “electronic
signature” means (a) a manually signed original signature that is then transmitted by
electronic means or (b) a signature obtained through DocuSign or Adobe or a similarly
digitally auditable signature gathering process; and (ii) “transmitted by electronic means”
means sent in the form of a facsimile or sent via the internet as a portable document
format (“pdf”) or other replicating image attached to an electronic mail or internet
message.
RC110-156-953523.v3
Section 5. Book-Entry System; Limited Obligation of City.
5.01. DTC. The Bonds will be initially issued in the form of a separate single
typewritten or printed fully registered Bond for each of the maturities set forth in Section
1.04 hereof. Upon initial issuance, the ownership of each Bond will be registered in the
registration books kept by the Registrar in the name of Cede & Co., as nominee for The
Depository Trust Company, New York, New York, and its successors and assigns (DTC).
Except as provided in this section, all of the outstanding Bonds will be registered in the
registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC.
5.02. Participants. With respect to Bonds registered in the registration books kept
by the Registrar in the name of Cede & Co., as nominee of DTC, the City, the Registrar
and the Paying Agent will have no responsibility or obligation to any broker dealers, banks
and other financial institutions from time to time for which DTC holds Bonds as securities
depository (the “Participants”) or to any other person on behalf of which a Participant
holds an interest in the Bonds, including but not limited to any responsibility or obligation
with respect to (i) the accuracy of the records of DTC, Cede & Co. or any Participant with
respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any
other person (other than a registered owner of Bonds, as shown by the registration books
kept by the Registrar,) of any notice with respect to the Bonds, including any notice of
redemption, or (iii) the payment to any Participant or any other person, other than a
registered owner of Bonds, of any amount with respect to principal of, premium, if any, or
interest on the Bonds. The City, the Registrar and the Paying Agent may treat and
consider the person in whose name each Bond is registered in the registration books kept
by the Registrar as the holder and absolute owner of such Bond for the purpose of
payment of principal, premium and interest with respect to such Bond, for the purpose of
registering transfers with respect to such Bonds, and for all other purposes. The Paying
Agent will pay all principal of, premium, if any, and interest on the Bonds only to or on the
order of the respective registered owners, as shown in the registration books kept by the
Registrar, and all such payments will be valid and effectual to fully satisfy and discharge
the City’s obligations with respect to payment of principal of, premium, if any, or interest
on the Bonds to the extent of the sum or sums so paid. No person other than a registered
owner of Bonds, as shown in the registration books kept by the Registrar, will receive a
certificated Bond evidencing the obligation of this resolution. Upon delivery by DTC to
the City Director of Finance of a written notice to the effect that DTC has determined to
substitute a new nominee in place of Cede & Co., the words “Cede & Co.,” will refer to
such new nominee of DTC; and upon receipt of such a notice, the City Director of Finance
will promptly deliver a copy of the same to the Registrar and Paying Agent.
5.03. Representation Letter. The City has heretofore executed and delivered to
DTC a Blanket Issuer Letter of Representations (the “Representation Letter”) which will
govern payment of principal of, premium, if any, and interest on the Bonds and notices
with respect to the Bonds. Any Paying Agent or Registrar subsequently appointed by the
City with respect to the Bonds will agree to take all action necessary for all representations
of the City in the Representation Letter with respect to the Registrar and Paying Agent,
respectively, to be complied with at all times.
RC110-156-953523.v3
5.04. Transfers Outside Book-Entry System. In the event the City, by resolution
of the Common Council, determines that it is in the best interests of the persons having
beneficial interests in the Bonds that they be able to obtain Bond certificates, the City will
notify DTC, whereupon DTC will notify the Participants, of the availability through DTC of
Bond certificates. In such event the City will issue, transfer and exchange Bond
certificates as requested by DTC and any other registered owners in accordance with the
provisions of this Resolution. DTC may determine to discontinue providing its services
with respect to the Bonds at any time by giving notice to the City and discharging its
responsibilities with respect thereto under applicable law. In such event, if no successor
securities depository is appointed, the City will issue and the Registrar will authenticate
Bond certificates in accordance with this resolution and the provisions hereof will apply to
the transfer, exchange and method of payment thereof.
5.05. Payments to Cede & Co. Notwithstanding any other provision of this
Resolution to the contrary, so long as a Bond is registered in the name of Cede & Co., as
nominee of DTC, payments with respect to principal of, premium, if any, and interest on
the Bond and all notices with respect to the Bond will be made and given, respectively in
the manner provided in DTC’s Operational Arrangements, as set forth in the
Representation Letter.
Section 6. Continuing Disclosure.
6.01. City Compliance with Provisions of Continuing Disclosure Certificate. The
City hereby covenants and agrees that it will comply with and carry out all of the provisions
of the Continuing Disclosure Certificate. Notwithstanding any other provision of this
Resolution, failure of the City to comply with the Continuing Disclosure Certificate is not
an event of default with respect to the Bonds; however, any Bondholder may take such
actions as may be necessary and appropriate, including seeking mandate or specific
performance by court order, to cause the City to comply with its obligations under this
section.
6.02. Execution of Continuing Disclosure Certificate. “Continuing Disclosure
Certificate” means that certain Continuing Disclosure Certificate executed by the Mayor
and City Clerk and dated the date of issuance and delivery of the Bonds, as originally
executed and as it may be amended from time to time in accordance with the terms
thereof.
Section 7. Defeasance. When all Bonds (or all of any of the Abatement Bonds or
CIP Bonds portion thereof) and all accrued interest thereon have been discharged as
provided in this section, all pledges, covenants and other rights granted by this resolution
(with respect to the Abatement Bonds or CIP Bonds portion of the Bonds, as the case
may be) to holders of the Bonds will cease, except that the pledge of the full faith and
credit of the City for the prompt and full payment of the principal of and interest on the
Bonds will remain in full force and effect. The City may discharge all Bonds (or all of
either the Abatement Bonds or CIP Bonds portion thereof) which are due on any date by
RC110-156-953523.v3
depositing with the Registrar on or before that date a sum sufficient for the payment
thereof in full or by depositing irrevocably in escrow, with a suitable institution qualified by
law as an escrow agent for this purpose, cash or securities which are backed by the full
faith and credit of the United States of America, or any other security authorized under
Minnesota law for such purpose, bearing interest payable at such times and at such rates
and maturing on such dates and in such amounts as shall be required and sufficient,
subject to sale and/or reinvestment in like securities, to pay said obligation(s), which may
include any interest payment on such Bond and/or principal amount due thereon at a
stated maturity (or if irrevocable provision shall have been made for permitted prior
redemption of such principal amount, at such earlier redemption date). If any Bond should
not be paid when due, it may nevertheless be discharged by depositing with the Registrar
a sum sufficient for the payment thereof in full with interest accrued to the date of such
deposit.
Section 8. Effective Date. This resolution shall be in full force and effect from and
after its passage.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
RC110-156-953523.v3
EXHIBIT A
PROPOSALS
A-1
RC110-156-953523.v3
A-2
RC110-156-953523.v3
EXHIBIT B
FORM OF BOND
No. R-_____ UNITED STATES OF AMERICA $__________
STATE OF MINNESOTA
COUNTY OF OLMSTED
CITY OF ROCHESTER
TAXABLE GENERAL OBLIGATION ABATEMENT AND
CAPITAL IMPROVEMENT PLAN BOND
SERIES 2024A
Date of
Interest Rate Maturity Date Original Issue CUSIP
% February 1, 20____ July 17, 2024 771588
Registered Owner: Cede & Co.
The City of Rochester, Minnesota, a duly organized and existing municipal
corporation in Olmsted County, Minnesota (the “City”), acknowledges itself to be indebted
and for value received hereby promises to pay to the Registered Owner specified above
or registered assigns, the principal sum set forth above on the Maturity Date specified
above, unless called for earlier redemption, with interest thereon from the date hereof at
the annual Interest Rate specified above (calculated on the basis of a 360-day year of
twelve 30-day months), payable February 1 and August 1 in each year, commencing
February 1, 2025, to the person in whose name this Bond is registered at the close of
business on the 15th day (whether or not a business day) of the immediately preceding
month. The interest hereon and, upon presentation and surrender hereof, the principal
hereof are payable in lawful money of the United States of America by check or draft by
U.S. Bank Trust Company, National Association, St. Paul, Minnesota, as Registrar,
Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor
under the Resolution described herein. For the prompt and full payment of such principal
and interest as the same respectively become due, the full faith and credit and taxing
powers of the City have been and are hereby irrevocably pledged.
This Bond is one of an issue in the aggregate principal amount of $11,400,000, all
of like original issue date and tenor, except as to number, maturity date, denomination,
redemption privilege, and interest rate, all issued pursuant to a resolution adopted by the
Common Council on June 17, 2024 (the “Resolution”), for the purpose of providing
monies in part for improvements related to the City’s Mayo Civic Center, City Library, and
City Hall to replace the steam heating and cooling system with a district heating and
cooling system and pursuant to and in full conformity with the Constitution and laws of the
State of Minnesota, including Minnesota Statutes, Sections 469.1812 to 469.1815 and
475.521 and Minnesota Statutes, Chapter 475. The principal hereof and interest hereon
RC110-156-953523.v3
B-1
are payable from certain property tax abatements and from ad valorem taxes levied on all
taxable property in the City, all as set forth in the Resolution to which reference is made for
a full statement of rights and powers thereby conferred. The full faith and credit of the City
are irrevocably pledged for payment of this Bond and the Common Council has obligated
itself to levy additional ad valorem taxes on all taxable property in the City in the event of
any deficiency in tax abatements and ad valorem taxes pledged, which additional taxes may
be levied without limitation as to rate or amount. The Bonds of this series are issued only
as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single
maturities.
The City may elect on February 1, 2034, and on any date thereafter to prepay
Bonds maturing on or after February 1, 2035. Redemption may be in whole or in part and
if in part, at the option of the City and in such manner as the City will determine. If less
than all Bonds of a maturity are called for redemption, the City will notify The Depository
Trust Company (“DTC”) of the particular amount of such maturity to be prepaid. DTC will
determine by lot the amount of each participant’s interest in such maturity to be redeemed
and each participant will then select by lot the beneficial ownership interests in such
maturity to be redeemed. Prepayments will be at a price of par plus accrued interest.
The Bonds maturing on February 1, 2034, 2036, 2038, 2040, 2042 and 2044 shall
hereinafter be referred to collectively as the “Term Bonds.” The principal amount of the
Term Bonds subject to mandatory sinking fund redemption on any date may be reduced
through earlier optional redemptions, with any partial redemptions of the Term Bonds
credited against future mandatory sinking fund redemptions of such Term Bond in such
order as the City shall determine. The Term Bonds are subject to mandatory sinking fund
redemption and shall be redeemed in part at par plus accrued interest on February 1 of the
following years and in the principal amounts as follows:
Sinking Fund Installment Date
February 1, 2034 Term Bond Principal Amount
2033 $490,000
2034* 510,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2036 Term Bond Principal Amount
2035 $535,000
2036* 560,000
____________________
* Maturity
RC110-156-953523.v3
B-2
Sinking Fund Installment Date
February 1, 2038 Term Bond Principal Amount
2037 $590,000
2038* 615,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2040 Term Bond Principal Amount
2039 $650,000
2040* 675,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2042 Term Bond Principal Amount
2041 $715,000
2042* 750,000
____________________
* Maturity
Sinking Fund Installment Date
February 1, 2044 Term Bond Principal Amount
2043 $785,000
2044* 825,000
____________________
* Maturity
As provided in the Resolution and subject to certain limitations set forth therein,
this Bond is transferable upon the books of the City at the principal office of the Registrar,
by the registered owner hereof in person or by the owner’s attorney duly authorized in
writing upon surrender hereof together with a written instrument of transfer satisfactory to
the Registrar, duly executed by the registered owner or the owner’s attorney; and may
also be surrendered in exchange for Bonds of other authorized denominations. Upon
such transfer or exchange the City will cause a new Bond or Bonds to be issued in the
name of the transferee or registered owner, of the same aggregate principal amount,
bearing interest at the same rate and maturing on the same date, subject to
reimbursement for any tax, fee or governmental charge required to be paid with respect
to such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this
Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for
RC110-156-953523.v3
B-3
the purpose of receiving payment and for all other purposes, and neither the City nor the
Registrar will be affected by any notice to the contrary.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things
required by its home rule charter, the Constitution and laws of the State of Minnesota to
be done, to happen and to be performed preliminary to and in the issuance of this Bond
in order to make it a valid and binding general obligation of the City in accordance with its
terms, have been done, have happened and have been performed in regular and due
form, time and manner, that prior to the issuance of this bond the Common Council of the
City has provided funds for the payment of principal and interest on the bonds of this
issue as the same become due, but the full faith and credit of the City is pledged for their
payment and additional taxes will be levied, if required for such purpose, without limitation
as to the rate of amount; and that this bond, together with all other indebtedness of the
City outstanding on the date of its issuance, does not exceed any constitutional, statutory
or charter limitation thereon.
This Bond is not valid or obligatory for any purpose or entitled to any security or
benefit under the Resolution until the Certificate of Authentication hereon has been
executed by the Registrar by manual signature of one of its authorized representatives.
IN WITNESS WHEREOF, the City of Rochester, Olmsted County, Minnesota, by
its Common Council, has caused this Bond to be executed on its behalf by the facsimile
or manual signatures of the Mayor and City Clerk and has caused this Bond to be dated
as of the date set forth below.
Dated: July 17, 2024
CITY OF ROCHESTER, MINNESOTA
City Clerk Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
RC110-156-953523.v3
B-4
U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION
ST. PAUL, MINNESOTA
By
Authorized Representative
________________________
The following abbreviations, when used in the inscription of the face of this Bond,
will be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM – as tenants UNIF GIFT MINN ACT _____ Custodian
_______
in common (Cust) (Minor)
TEN ENT – as tenants under Uniform Gift or Transfer to
by entireties Minors
JT TEN – as joint tenants
with right of Act……………………..
survivorship and (State)
not as tenants in
common
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
_______________________________________ the within Bond and all rights
thereunder, and does hereby irrevocably constitute and appoint ____________________
attorney to transfer the said Bond on the books kept for registration of the within Bond,
with full power of substitution in the premises.
Dated:
Notice: The assignor’s signature to this assignment must
correspond with the name as it appears upon the face of the within
Bond in every particular, without alteration or any change whatever.
Signature Guaranteed:
RC110-156-953523.v3
B-5
NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of
the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange
Medallion Program (“SEMP”), the New York Stock Exchange, Inc. Medallion Signatures
Program (“MSP”) or other such “signature guarantee program” as may be determined by
the Registrar in addition to, or in substitution for, STAMP, SEMP or MSP, all in accordance
with the Securities Exchange Act of 1934, as amended.
The Registrar will not effect transfer of this Bond unless the information concerning
the assignee requested below is provided.
Name and Address:
(Include information for all joint owners
if this Bond is held by joint account)
Please insert social security or
other identifying number of assignee
PROVISIONS AS TO REGISTRATION
The ownership of the principal of and interest on the within Bond has been
registered on the books of the Registrar in the name of the person last noted below.
Signature of
Date of Registered Owner Registrar
Registration
Cede & Co.
July 17, 2024 Federal ID #13-2555119
RC110-156-953523.v3
B-6
Post-Sale Tax Levies
Pyament 105% Abatement Levy/Collection
DatePrincipalCouponInterestTotal P+IOverlevyRevenueLevy AmountYear
02/01/2025--122,035.70122,035.70128,137.49-128,137.492023/2024
02/01/2026140,000.005.000%226,458.00366,458.00384,780.90228,000.00156,780.902024/2025
02/01/2027145,000.005.000%219,458.00364,458.00382,680.90228,000.00154,680.902025/2026
02/01/2028155,000.005.000%212,208.00367,208.00385,568.40228,000.00157,568.402026/2027
02/01/2029160,000.005.000%204,458.00364,458.00382,680.90228,000.00154,680.902027/2028
02/01/2030170,000.005.000%196,458.00366,458.00384,780.90228,000.00156,780.902028/2029
02/01/2031175,000.005.000%187,958.00362,958.00381,105.90228,000.00153,105.902029/2030
02/01/2032185,000.004.690%179,208.00364,208.00382,418.40228,000.00154,418.402030/2031
02/01/2033195,000.004.730%170,531.50365,531.50383,808.08228,000.00155,808.082031/2032
02/01/2034205,000.004.730%161,308.00366,308.00384,623.40228,000.00156,623.402032/2033
02/01/2035215,000.004.810%151,611.50366,611.50384,942.08228,000.00156,942.082033/2034
02/01/2036225,000.004.810%141,270.00366,270.00384,583.50228,000.00156,583.502034/2035
02/01/2037235,000.004.900%130,447.50365,447.50383,719.88228,000.00155,719.882035/2036
02/01/2038245,000.004.900%118,932.50363,932.50382,129.13228,000.00154,129.132036/2037
02/01/2039260,000.005.000%106,927.50366,927.50385,273.88228,000.00157,273.882037/2038
02/01/2040270,000.005.000%93,927.50363,927.50382,123.88228,000.00154,123.882038/2039
02/01/2041285,000.005.050%80,427.50365,427.50383,698.88228,000.00155,698.882039/2040
02/01/2042300,000.005.050%66,035.00366,035.00384,336.75228,000.00156,336.752040/2041
02/01/2043315,000.005.100%50,885.00365,885.00384,179.25228,000.00156,179.252041/2042
02/01/2044330,000.005.100%34,820.00364,820.00383,061.00228,000.00155,061.002042/2043
EXHIBIT C
02/01/2045350,000.005.140%17,990.00367,990.00386,389.50228,000.00158,389.502043/2044
Total$4,560,000.00-$2,873,355.20$7,433,355.20$7,805,022.96$4,560,000.00$3,245,022.96-
ABATEMENT BONDS TAX LEVY
RC110-156-953523.v3
C-1
Post-Sale Tax Levies
Pyament Levy/Collection
DatePrincipalCouponInterestTotal P+I105% OverlevyLevy AmountYear
02/01/2025--183,047.35183,047.35192,199.72192,199.722023/2024
02/01/2026210,000.005.000%339,675.50549,675.50577,159.28577,159.282024/2025
02/01/2027220,000.005.000%329,175.50549,175.50576,634.28576,634.282025/2026
02/01/2028230,000.005.000%318,175.50548,175.50575,584.28575,584.282026/2027
02/01/2029240,000.005.000%306,675.50546,675.50574,009.28574,009.282027/2028
02/01/2030255,000.005.000%294,675.50549,675.50577,159.28577,159.282028/2029
02/01/2031265,000.005.000%281,925.50546,925.50574,271.78574,271.782029/2030
02/01/2032280,000.004.690%268,675.50548,675.50576,109.28576,109.282030/2031
02/01/2033295,000.004.730%255,543.50550,543.50578,070.68578,070.682031/2032
02/01/2034305,000.004.730%241,590.00546,590.00573,919.50573,919.502032/2033
02/01/2035320,000.004.810%227,163.50547,163.50574,521.68574,521.682033/2034
02/01/2036335,000.004.810%211,771.50546,771.50574,110.08574,110.082034/2035
02/01/2037355,000.004.900%195,658.00550,658.00578,190.90578,190.902035/2036
02/01/2038370,000.004.900%178,263.00548,263.00575,676.15575,676.152036/2037
02/01/2039390,000.005.000%160,133.00550,133.00577,639.65577,639.652037/2038
02/01/2040405,000.005.000%140,633.00545,633.00572,914.65572,914.652038/2039
02/01/2041430,000.005.050%120,383.00550,383.00577,902.15577,902.152039/2040
02/01/2042450,000.005.050%98,668.00548,668.00576,101.40576,101.402040/2041
02/01/2043470,000.005.100%75,943.00545,943.00573,240.15573,240.152041/2042
02/01/2044495,000.005.100%51,973.00546,973.00574,321.65574,321.652042/2043
EXHIBIT D
02/01/2045520,000.005.140%26,728.00546,728.00574,064.40574,064.402043/2044
Total$6,840,000.00-$4,306,476.35$11,146,476.35$11,703,800.17$11,703,800.17-
CIP BONDS TAX LEVY
RC110-156-953523.v3
D-1
STATE OF MINNESOTA COUNTY AUDITOR-TREASURER’S
CERTIFICATE AS TO
COUNTY OF OLMSTED TAX LEVY AND REGISTRATION
I, the undersigned County Auditor of Olmsted County, Minnesota, hereby certify
that a certified copy of a resolution adopted by the governing body of the City of
Rochester, Minnesota, on June 17, 2024, levying taxes for the payment of $11,400,000
Taxable General Obligation Abatement and Capital Improvement Plan Bonds, Series
2024A, of said municipality dated July 17, 2024 has been filed in my office and said bonds
have been entered on the register of obligations in my office and that such tax has been
levied as required by law.
WITNESS My hand this _____ day of _______, 2024.
County Auditor-Treasurer
Olmsted County, Minnesota
Deputy
RC110-156-953523.v3