MN - St Louis: ST. LOUIS COUNTY BOARD OF COMMISSIONERS
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ST. LOUIS COUNTY BOARD OF COMMISSIONERS
AMENDED AGENDA
ST. LOUIS COUNTY, MINNESOTA
Tuesday, February 13, 2018, 9:30 A.M. Hermantown City Hall 5105 Maple Grove Road Hermantown, Minnesota KEITH NELSON, Chair Sixth District FRANK JEWELL PATRICK BOYLE, Vice-Chair BETH OLSON First District Second District Third District TOM RUKAVINA PETE STAUBER MIKE JUGOVICH Fourth District Fifth District Seventh District County Auditor County Administrator County Attorney Clerk of the Board Donald Dicklich Kevin Gray Mark Rubin Phil Chapman
The St. Louis County Board of Commissioners welcomes you to this meeting. This agenda contains a brief description of each item to be considered. The Board encourages your participation. If you wish to speak on an item contained in the agenda, you will be allowed to address the Board when a motion is on the floor. If you wish to speak on a matter that does not appear on the agenda, you may do so during the public comment period at the beginning of the meeting. Except as otherwise provided by the Standing Rules of the County Board, no action shall be taken on any item not appearing in the agenda.
When addressing the Board, please sign in at the podium and state your name and address for the record. Please address the Board as a whole through the Chair. Comments to individual Commissioners or staff are not permitted. The St. Louis County Board promotes adherence to civility in conducting the business of the County. Civility will provide increased opportunities for civil discourse in order to find positive resolutions to the issue before the Board. Tools of civility include: pay attention, listen, be inclusive, do not gossip, show respect, be agreeable, apologize, give constructive criticism and take responsibility [County Board Resolution No. 560, adopted on September 9, 2003]. Speakers will be limited to five (5) minutes.
**In compliance with the Americans with Disabilities Act, those requiring accommodation for this meeting should notify the Administration Department 72 hours prior to the meeting at (218)726-2450.**
All supporting documentation is available for public review in the County Auditor s Office, 100 North 5th Avenue West - Room No. 214, St. Louis County Courthouse, Duluth, MN, during regular business hours 8:00 A.M. - 4:30 P.M., Monday through Friday. Agenda is also available on our website at http://www.stlouiscountymn.gov/GOVERNMENT/BoardofCommissioners.aspx
AMENDED AGENDA St. Louis County Board February 13, 2018 Page 2
Tagged Passions:compliance, audit, and business
9:30 A.M. Moment of Silence Pledge of Allegiance
Roll Call
AT THIS TIME CITIZENS WILL BE ALLOWED TO ADDRESS THE BOARD ON ITEMS NOT ON THE AGENDA. [Speakers will be limited to 5
minutes each.]
FOR ITEMS LISTED ON THE BOARD AGENDA OR COMMITTEE OF THE WHOLE AGENDA, CITIZENS WILL BE ALLOWED TO ADDRESS THE BOARD AT THE TIME A MOTION IS ON THE FLOOR.
CONSENT AGENDA Approval of business submitted on the consent agenda.
REGULAR AGENDA
TIME SPECIFIC: RESOLUTION MUST BE APPROVED BY 11:00 A.M. Finance Budget Committee Commissioner Stauber, Chair
Tagged Passions:budget, finance, and business
General Obligation Capital Improvement Bond, Series 2018A 1. Resolution of the Board of County Commissioners of St. Louis County, Minnesota,
Providing for the Issuance, Sale and Delivery of General Obligation Capital Improvement Bonds, Series 2018A; Establishing the Terms and Form Thereof; Creating a Debt Service Fund Therefor; and Awarding the Sale Thereof. 18-60
Central Management Intergovernmental Committee Commissioner Jewell, Chair 2. Request from the Sixth Judicial Court for a letter of support for a grant application to the
U.S. Bureau of Justice Administration to provide funding to implement a Veterans Treatment Court in South St. Louis County. 18-59
ADJOURNED:
Tagged Passions:veterans, legal, capital spending, Capital Spending, intergovernmental, sale, bond, funding, grant, and court
Capital Improvement Bonds, Series 2018A
FROM: Kevin Z. Gray County Administrator
Donald Dicklich County Auditor-Treasurer
RELATED DEPARTMENT GOAL: To provide effective, efficient government.
Tagged Passions:Treasurer, administrator, capital spending, audit, TREASURER, Capital Spending, and bond
ACTION REQUESTED: The St. Louis County Board is requested to approve the issuance, sale and delivery of 28,095,000 general obligation capital improvement bonds, series 2018A.
BACKGROUND: On January 9, 2018, the County Board adopted County Board Resolution No. 18-39 approving the Capital Improvement Plan, as amended, for the years 2018 through 2022. This resolution also stated the County Board s intention to issue general obligation capital improvement bonds in the maximum amount of 46,000,000 for the purpose of providing funds for the following capital improvements under the plan:
Administration Building Improvements construction of a new Government Services Center located in Virginia;
Tagged Passions:services and construction
Public Works Facility/Administration Building Improvements construction of a new public works facility and administration facility located in Cook.
Tagged Passions:Public Works, construction, facility, and public works
RECOMMENDATION: It is recommended that the St. Louis County Board approve the issuance of 28,095,000 General Obligation Capital Improvement Bonds, Series 2018A, establish the terms and form for the bond sale, create a debt service fund, and award the sale.
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LOUIS COUNTY, MINNESOTA PROVIDING FOR THE ISSUANCE,
SALE AND DELIVERY OF 28,095,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2018A; ESTABLISHING THE TERMS AND FORM THEREOF; CREATING A DEBT SERVICE
Tagged Passions:capital spending, Capital Spending, sale, and bond
1.01 Under and pursuant to the authority contained in Minnesota Statutes, Section 373.40, and Minnesota Statutes, Chapter 475 (collectively the Act ), the County is authorized to issue capital improvement bonds to provide funds for capital improvements pursuant to an approved capital improvement plan.
1.02 Pursuant to Resolution No. 17-728 adopted by the Board on December 19, 2017, the Board proposed an amendment to the County s Capital Improvement Plan, stated that it was considering issuing capital improvement bonds to finance capital improvements under the Capital Improvement Plan, as amended, and called for a public hearing to be held on January 9, 2018, regarding the plan amendment and the issuance of capital improvement bonds.
1.03 Following published notice and a public hearing according to the Act, the Board, pursuant to Resolution No. 18-39 adopted on January 9, 2018, approved the Capital Improvement Plan, as amended for the years 2018 through 2022 (the Plan ), as presented to the Board and on file as County Board Document File No. 60726, and authorized the issuance of general obligation capital improvement bonds in the maximum amount of 46,000,000 for the purpose of providing funds for the following capital improvements under the Plan and for the payment of costs of issuance of such bonds:
Administration Building Improvements construction of a new Government Services Center located in Virginia, Minnesota; and
Tagged Passions:services and construction
Public Works Facility/Administration Building Improvements construction of a new public works facility and administration facility located in Cook, Minnesota.
(collectively, the Project ).
Tagged Passions:Public Works, construction, facility, and public works
1.05 The County financing plan for the Project anticipates the County s sale of two series of general obligation capital improvement bonds in an aggregate amount not to exceed 46,000,000, with the first series in the approximate amount of 28,095,000.
Tagged Passions:capital spending, Capital Spending, sale, and bond
1.06 The Board has determined that it is necessary and expedient to issue its General Obligation Capital Improvement Bonds, Series 2018A (the Bonds ), in the approximate amount
Tagged Passions:capital spending, Capital Spending, and bond
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of 28,095,000 to provide a portion of the funds to finance the Project and the costs of issuance of the Bonds. The maximum amount of principal and interest to become due in any year on the Bonds and all the outstanding bonds issued pursuant to Section 373.40 of the Act will not equal or exceed 0.12 percent of the estimated market value of property in the County.
Tagged Passions:property, bond, finance, funding, and market
1.07 The County has solicited bids for the sale of the Bonds in the amount of 28,095,000 and has received and considered all bids presented pursuant to the Official Terms of Offering and has determined that the most favorable bids is that of _____________ of ________________ (the Purchaser ). Based on the premium bid of the Purchaser, the par amount of the Bonds was resized and the Purchaser agreed to purchase the Bonds in the principal amount of _____________ at a cash price of __________________, upon condition that the Bonds mature and bear interest at the times and annual rates set forth in Section 2. The County, after due consideration, finds such offer reasonable and proper and the offer of the Purchaser is hereby accepted. The Chair is authorized and directed to execute on the part of the County a contract for the sale of the Bonds in accordance with the Purchaser s bid. All actions of the Chair, the County Auditor, the Administrator and Springsted Incorporated, independent municipal advisor to the County, taken with regard to the sale of the Bonds are hereby ratified and approved.
Section 2. Terms, Execution and Delivery of the Bonds.
2.01 A. The Bonds to be issued hereunder shall be dated the date of issuance of the Bonds, as the date of original issue, shall be issued in the denomination of 5,000, or any integral multiple thereof, in fully registered form and lettered and numbered R-1 and upward. The Bonds shall mature on December 1 in the respective years and amounts stated and shall bear interest at the annual rates as follows:
Tagged Passions:administrator, RFP, rfp, audit, purchasing, contract, rates, sale, and bond
Year Amount Interest Rate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
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Year Amount Interest Rate 2038
B.
The Bonds maturing on December 1 in the years 20__ and 20__ shall be subject
to mandatory redemption prior to maturity pursuant to the requirements of this Section 2.01B at a redemption price equal to the stated principal amount thereof plus interest accrued thereon to the redemption date, without premium. The Bond Registrar, as designated below, shall select for redemption, by lot or other manner deemed fair, on December 1 in each of the following years the following stated principal amounts:
Tagged Passions:bond
For Bonds maturing on December 1, 20__ (the 20__ Term Bonds ):
Year Amount
*
* Final Maturity
Tagged Passions:bond
For Bonds maturing on December 1, 20__ (the 20__ Term Bonds ):
Year Amount
*
* Final Maturity
Tagged Passions:bond
2.02 The Bonds maturing in the years 2019 through 2027 shall not be subject to redemption and prepayment before maturity, but those maturing in the year 2028 and in subsequent years shall each be subject to redemption and prepayment at the option of the County on December 1, 2027, and on any day thereafter, in whole or in part, and if in part, at the option of the County and in such manner as the County shall determine. If less than all the Bonds of a maturity are called for redemption, the County, through the Bond Registrar, will notify The Depository Trust Company, New York, New York ( 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 interest in such maturity to be redeemed. All payments shall be at a price equal to the principal amount thereof plus accrued interest. No more than 60 days and no fewer than 30 days prior to the date fixed for redemption and prepayment of any Bonds, notice of redemption shall be mailed to each registered owner of a Bond to be redeemed, at the address shown on the registration books of the County.
Tagged Passions:bond
2.03 The interest shall be payable semiannually on June 1 and December 1 in each year (each referred to herein as an Interest Payment Date ), commencing December 1, 2018. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of the Municipal Securities Rulemaking Board. The Bond Registrar designated below shall make all interest payments with respect to the Bonds by check or draft mailed to the registered owners of the Bonds shown on the bond registration records
Tagged Passions:bond
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maintained by the Bond Registrar at the close of the business on the 15th day (whether or not on a business day) of the month next preceding the Interest Payment Date at such owners addresses shown on such bond registration records.
2.04 A. The Bonds shall be prepared for execution in accordance with the approved form and shall be signed by the facsimile or manual signature of the Chair and attested by the manual or facsimile signature of the Clerk of the County Board and the County Auditor. In case any officer whose signature shall appear on the Bonds shall cease to be an officer before delivery of the Bonds, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery.
B.
The County Auditor is authorized and directed to obtain a copy of the proposed approving legal opinion of Fryberger, Buchanan, Smith Frederick, P.A., Duluth, Minnesota, which is to be complete except as to dating thereof and cause the opinion to be printed on or attached to each Bond.
2.05 A. The Board hereby appoints the County Auditor as registrar, paying agent and transfer agent for the Bonds (the Bond Registrar ). The County reserves the right to name a substitute, successor Bond Registrar upon giving prompt written notice to each registered bond holder. The manual signature of the County Auditor on the Bonds shall be conclusive evidence that it has been executed and delivered under this Resolution.
B.
The County shall cause to be kept by the Bond Registrar at its principal office, a bond register in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the County shall provide for the registration of the Bonds and the registration of transfers of the Bonds entitled to be registered or transferred as herein provided. In the event of the resignation or removal of the Bond Registrar or its incapability of acting as such, the bond registration records shall be maintained at the office of the successor Bond Registrar as may be appointed by the Board.
2.06 Book-Entry System.
A.
In order to make the Bonds eligible for the services provided by DTC, the County has previously agreed to the applicable provisions set forth in the Blanket Issuer Letter of Representations which has been executed by the County and DTC (the Representation Letter ).
B.
Notwithstanding any provision herein to the contrary, so long as the Bonds shall be in Book-Entry Form, the provisions of this Section 2.06 shall govern.
C. All of the Bonds shall be registered in the name of Cede Co., as nominee for DTC. Payment of interest on and principal of any Bond registered in the name of Cede Co. shall be made by wire transfer or New York Clearing House or equivalent same day funds by 10:00 a.m. CT or as soon as possible thereafter following the Bond Registrar s receipt of funds from the County on each Interest Payment Date to the account of Cede Co. on each Interest Payment Date at the address indicated in or pursuant to the Representation Letter.
D.
DTC (or its nominees) shall be and remain recorded on the Bond Register as the holder of all Bonds which are in Book-Entry Form. No transfer of any Bond in Book-Entry Form shall be made, except from DTC to another depository (or its nominee) or except to
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terminate the Book-Entry Form. All Bonds of such stated maturity of any Bonds in Book-Entry Form shall be issued and remain in a single Bond certificate registered in the name of DTC (or its nominee); provided, however, that upon termination of the Book-Entry Form pursuant to the Representation Letter, the County shall, upon delivery of all Bonds of such series from DTC, promptly execute, and the Bond Registrar shall thereupon authenticate and delivery, Bonds of such series to all persons who were beneficial owners thereof immediately prior to such termination; and the Bond Registrar shall register such beneficial owners as holders of the applicable Bonds.
The Bond Registrar shall maintain accurate books and records of the principal balance, if any, of each such outstanding Bond in Book-Entry Form, which shall be conclusive for all purposes whatsoever. Upon the execution or the authentication of any new Bond in Book-Entry Form in exchange for a previous Bond, the Bond Registrar shall designate thereon the principal balance remaining on such bond according to the Bond Registrar s books and records.
Tagged Passions:bond
No beneficial owner (other than DTC) shall be registered as the holder on the Bond Register for any Bond in Book-Entry Form or entitled to receive any bond certificate. The beneficial ownership interest in any Bond in Book-Entry Form shall be recorded, evidenced and transferred solely in accordance with the Book-Entry System.
Except as expressly provided to the contrary herein, the County and the Bond Registrar may treat and deem DTC to be the absolute owner of all Bonds of each series which are in Book- Entry Form (i) for the purpose of payment of the principal of and interest on such Bond, (ii) for the purpose of giving notices hereunder, and (iii) for all other purposes whatsoever. E. The County and the Bond Registrar shall each give notices to DTC of such matters and at such times as are required by the Representation Letter, including the following:
(i) with respect to notices of redemption; and
(ii) with respect to any other notice required or permitted under this Bond Resolution to be given to any holder of a Bond.
All notices of any nature required or permitted hereunder to be delivered to a holder of a Bond in Book-Entry Form shall be transmitted to beneficial owners of such Bonds at such times and in such manners as shall be determined by DTC, the participants and indirect participants in accordance with the Book-Entry System and the Representation Letter.
F. All payments of principal, redemption price of and interest on any Bonds in Book-Entry Form shall be paid to DTC (or Cede Co.) in accordance with the Book-Entry System and the Representation Letter in same day funds by wire transfer.
Tagged Passions:bond and funding
2.07 The principal of and interest on the Bonds shall be payable by the Bond Registrar in such funds as are legal tender for the payment of debts due the United States of America. The County shall pay the reasonable and customary charges of the Bond Registrar for the disbursement of principal and interest.
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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 Bond Registrar and the County in connection therewith, including the cost of printing new Bonds; and, in the case of a Bond destroyed, stolen or lost, upon filing with the Bond Registrar and the County of evidence satisfactory to it and the County that the Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Bond Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it and the County and as provided by law, in which both the County and the Bond Registrar must be named as obligees. Bonds so surrendered to the Bond Registrar will be canceled by the Bond Registrar and evidence of such cancellation must be given to the County. 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.
2.09 Delivery of the Bonds and payment of the purchase price shall be made at a place mutually satisfactory to the County and the Purchaser. Executed Bonds shall be furnished by the County without cost to the Purchaser. The Bonds, when prepared in accordance with this Resolution and executed, shall be delivered by or under the direction of the County Auditor to the Purchaser thereof upon receipt of the purchase price plus accrued interest.
Section 3. Form of the Bonds.
Tagged Passions:audit, purchasing, and bond
3.01 The Bonds shall be printed or typewritten in substantially the following form:
Tagged Passions:bond
GENERAL OBLIGATION CAPITAL IMPROVEMENT BOND
_____ December 1, 20__ March ___, 2018
REGISTERED OWNER: CEDE CO.
PRINCIPAL AMOUNT: __________ DOLLARS
St. Louis County, Minnesota (the County ), for value received, promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above, on the maturity date specified above, and to pay interest on said principal amount to the registered owner hereof from the Date of Original Issue, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, until the principal amount is paid or discharged, said interest being at the rate per annum specified above. Interest is payable
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semiannually on June 1 and December 1 of each year (each referred to herein as an Interest Payment Date ) commencing on December 1, 2018. Both principal hereof and interest hereon are payable in lawful money of the United States of America by check or draft at the main office of the County Auditor, as registrar, paying agent and transfer agent (the Bond Registrar ), or at the office of such successor registrar as may be designated by the Board of Commissioners. The Bond Registrar shall make all interest payments with respect to this Bond directly to the registered owner hereof shown on the bond registration records maintained on behalf of the County by the Bond Registrar at the close of business on the 15th day of the month next preceding the Interest Payment Date (whether or not a business day) at such owner s address shown on said bond registration records, without, except for payment of principal on the Bond, the presentation or surrender of this Bond, and all such payments shall discharge the obligations of the County to the extent of the payments so made. Payment of principal shall be made upon presentation and surrender of this Bond to the Bond Registrar when due. For the prompt and full payment of such principal and interest as they become due, the full faith and credit of the County are irrevocably pledged.
This Bond is one of a series issued by the County in the aggregate amount of 28,095,000, all of like date and tenor, except as to number, amount, maturity date and interest rate, pursuant to the authority contained in Minnesota Statutes, Section 373.40 and Minnesota Statutes, Chapter 475, amendments to the County s Capital Improvement Plan approved by the governing board of the County on January 9, 2018 (the Plan ) and all other laws thereunto enabling, and pursuant to an authorizing resolution adopted by the governing body of the County on February 13, 2018 (the Resolution ). This Bond is issued for the purpose of providing a portion of the funds to finance the construction of a new Government Services Center located in Virginia, Minnesota and a new public works facility and administration facility located in Cook, Minnesota, as more fully set forth in the Plan. The County has levied a direct, annual ad valorem tax upon all taxable property within the County which shall be extended upon the tax rolls for the years and in the amounts sufficient to produce sums not less than five percent in excess of the amounts of principal and interest on the Bonds, as such principal and interest respectively come due.
The Bonds maturing in the years 20__ and 20__ shall be subject to mandatory redemption and redeemed in installments as provided in the Resolution, at par plus accrued interest to the date of redemption.
The Bonds of this series maturing in the years 2019 through 2027 are not subject to optional redemption before maturity, but those maturing in the year 2028 and in subsequent years are each subject to redemption and prepayment at the option of the County on December 1, 2027, and on any day thereafter, in whole or in part, and if in part at the option of the County and in such manner as the County shall determine and by lot as to Bonds maturing in the same year, at a price of par plus accrued interest. Not less than 30 days nor more than 60 days prior to the date fixed for redemption and prepayment of any Bonds, notice of
Tagged Passions:taxes, property, Taxes, capital spending, services, Capital Spending, Public Works, ad valorem, construction, bond, finance, funding, facility, and public works
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redemption shall be mailed to each registered owner of a Bond to be redeemed; however, so long as the Bonds are registered in the name of Cede Co., as nominee for The Depository Trust Company, Jersey City, New Jersey ( DTC ), notice of redemption shall be given in accordance with the terms of the Blanket Issuer Letter of Representations executed by the County and DTC. If any Bond is redeemed in part, upon surrender of the Bond being redeemed, the County shall deliver or cause to be delivered to the registered owner of such Bond, a Bond in like form in the principal amount equal to that portion of the Bond so surrendered not being redeemed.
The Bonds of this series are issued as fully registered obligations without coupons, in the denomination of 5,000 or any integral multiple thereof. Subject to limitations set forth in the Resolution, the County will, at the request of the registered owner, issue one or more new fully registered Bonds in the name of the registered owner in the aggregate principal amount equal to the unpaid principal balance of this Bond, and of like tenor except as to number and principal amount. This Bond is transferable by the registered owner hereof upon surrender of this Bond for transfer at the principal corporate office of the Bond Registrar, duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Bond Registrar and executed by the registered owner hereof or the owner s attorney duly authorized in writing. Thereupon the County shall execute and the Bond Registrar shall authenticate if required by law or the Resolution, and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee, of an authorized denomination, in an aggregate principal amount equal to the unpaid principal amount of this Bond, of the same maturity, and bearing interest at the same rate. No service charge shall be made for any transfer or exchange hereinbefore referred to but the County may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
IT IS CERTIFIED AND RECITED that all acts and conditions required by laws and the Constitution of the State of Minnesota to be done and to exist precedent to and in the issuance of this Bond, in order to make it a valid and binding general obligation of the County in accordance with its terms, have been done and do exist in form, time and manner as so required; that all taxable property within the corporate limits of the County is subject to the levy of ad valorem taxes to the extent needed to pay the principal hereof and the interest thereon when due, without limitation as to rate or amount; and that the issuance of this Bond does not cause the indebtedness of the County to exceed any charter, constitutional or statutory limitation.
IN WITNESS WHEREOF, St. Louis County, Minnesota, by its governing body, has caused this Bond to be executed in its name by the manual or facsimile signatures of the Chair, the Clerk of the County Board and the County Auditor.
Tagged Passions:legal, taxes, property, Taxes, audit, Tony Taylor Custom, ad valorem, and bond
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ATTEST:
(form-no signature required) (form-no signature required) Clerk of the County Board Chair
(form-no signature required) County Auditor
Tagged Passions:audit
Date of Execution: ____________________
REGISTRATION CERTIFICATE
This Bond must be registered as to both principal and interest in the name of the owner on the books to be kept by the County Auditor of St. Louis County, Minnesota, as Bond Registrar. No transfer of this Bond shall be valid unless made on said books by the registered owner or the owner s attorney thereunto duly authorized and similarly noted on the registration books. The ownership of the unpaid principal balance of this Bond and the interest accruing thereon is registered on the books of the County Auditor in the name of the registered owner last noted below.
Tagged Passions:legal, audit, and bond
Date Registered Owner Signature of County
Auditor
3/__/2018 Cede Co. c/o The Depository Trust Company 570 Washington Blvd. Jersey City, NJ 07310 Federal Taxpayer I.D. No. 13-2555119
(form-no signature required)
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto __________________________________________________________________ __________________________________________________________________
(Name and Address of Assignee)
Tagged Passions:audit
_________________________ Social Security or Other _________________________ Identifying Number of Assignee
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 thereof with full power of substitution in the premises.
Dated: ___________________
Tagged Passions:legal, appointments, security, bond, and seniors
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NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the fact of the within Bond with every particular, without alteration or enlargement or any change whatsoever.
Signature Guaranteed:
Tagged Passions:bond
______________________________ (Bank, Trust Company, member of National Securities Exchange)
Unless this Bond is presented by an authorized representative of The Depository Trust Company, a New York corporation ( DTC ), to the County or its agent for registration of transfer, exchange or payment, and any Bond issued is registered in the name of Cede Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede Co., has an interest herein. Section 4. Covenants, Accounts and Representations.
4.01 The full faith and credit and taxing power of the County are irrevocably pledged for the prompt and full payment of the Bonds and the interest thereon, in accordance with the terms set forth in this Resolution.
4.02 On receipt of the purchase price of the Bonds, the County shall credit _____________ of the proceeds from the sale of the Bonds to a separate construction fund, which is hereby created and designated as the Series 2018A Capital Improvement Bonds Construction Account in the Capital Projects Fund (the Construction Fund ). The Construction Fund shall be used solely to pay costs of construction of the Project, and costs of issuance of the Bonds, as such payments become due.
4.03 A. Debt Service Fund. For the convenience and proper administration of the monies 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 2018A General Obligation Capital Improvement Bonds Debt Service Fund (the Debt Service Fund ) to be administered and maintained by the County Auditor as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the County. The Debt Service Fund shall be maintained in the manner herein specified until all of the Bonds and interest thereon have been fully paid.
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B. To the Debt Service Fund there is hereby pledged and irrevocably appropriated and there shall be credited: (i) all investment earnings on funds in the Debt Service Fund; (ii) rounding in the amount of _____________; (iii) any taxes levied to pay the principal and interest on the Bonds; (iv) ___________ of County funds, which together with the rounding amount, will cancel the 2017/collect 2018 tax levy; and (v) any and all other monies which are properly available and are appropriated by the County to the Debt Service Fund.
The money in the Debt Service Fund shall be used for no purpose other than the payment of principal of and interest on the Bonds. If the balances in the Debt Service Fund are ever insufficient to pay all principal and interest then due on the Bonds, the County Auditor shall nevertheless provide sufficient money from any other funds of the County which are available for that purpose, and such other funds shall be reimbursed from the Debt Service Fund when the balance therein is sufficient.
4.04 A. To assure sufficient monies for the payment of the principal of and interest on the Bonds, there is hereby levied a direct, annual, ad valorem tax upon all taxable property in the County which shall be extended upon the tax rolls and collected with and as part of the other general property taxes in the County for the years and in the amounts as follows:
Levy Year Collection Year Tax Levy 2017 2018 * 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 2027 2027 2028 2028 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 3034 2035 2035 2036 2036 2037 2037 2038 * 2017/collect 2018 levy will be paid with County funds appropriated in Section 4.03B.
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Service Fund. If the tax receipts from such levies are ever insufficient to pay all principal and interest on the Bonds when due, the County Auditor shall, nevertheless, provide sufficient monies from other funds of the County which are available and such other funds shall be reimbursed from such tax collections when received.
C.
Such tax levies shall be irrevocable as long as any of the Bonds issued hereunder are outstanding and unpaid; provided, however, that prior to November 30 of each year, while any Bonds issued hereunder remain outstanding, the Board may reduce or cancel the above levies to the extent of the amount on deposit in and which has been appropriated to the Debt Service Fund to pay the principal of and interest on the Bonds, and may direct the County Auditor to reduce the levy for such year by that amount. The Board anticipates annually utilizing local option transit sales tax proceeds to cancel all or a portion of such tax levies.
4.05 Monies on deposit in the Construction Fund and in the Debt Service Fund may, at the discretion of the County, be invested in securities permitted by Minnesota Statutes, Chapter 118A; provided, that any such investments shall mature at such times and in such amounts as will permit for payment of the principal and interest on the Bonds when due. Section 5. Tax Covenants.
5.01 The County covenants and agrees with the holders of the Bonds that the County will (i) take all action on its part necessary to cause the interest on the Bonds to be exempt from federal income taxes including, without limitation, restricting, to the extent necessary, the yield on investments made with the proceeds of the Bonds and investment earnings thereon, making required payments to the federal government, if any, and maintaining books and records in a specified manner, where appropriate, and (ii) refrain from taking any action which would cause interest on the Bonds to be subject to federal income taxes, including, without limitation, refraining from spending the proceeds of the Bonds and investment earnings thereon on certain specified purposes.
5.02 A. 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 needed for the purpose for which the Bonds were issued, and (ii) in addition to the above, in an amount not greater than the lesser of five percent 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 Debt Service Fund (or any other County account which will be used to pay principal and interest to become due on the Bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by the arbitrage regulations on such investments after taking into account any applicable temporary periods of minor portion made available under the federal arbitrage regulations.
B. In addition, the proceeds of the Bonds and money in the Debt Service 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 it and to the extent that such investment would
Tagged Passions:investment, bond, regulation, and funding
5.03 Unless the proceeds are spent pursuant to an arbitrage rebate spending exception, the County covenants to compute and cause the payment to the United States of all amounts required under the rebate requirement of Code Section 148(f), the regulations issued thereunder with regard to the Bonds. To this end, the County agrees to:
(1) maintain records identifying all gross proceeds as defined in Code Section 148(f)(6)(B) attributable to the Bonds, the yield at which such gross proceeds are invested, any arbitrage profit derived therefrom (earnings in excess of the yield on the Bonds) and any earnings derived from the investment of such arbitrage profit;
(2) make, or cause to be made within 30 days after the close of each fifth bond year, the annual determination of the amount, if any, of excess arbitrage required to be paid to the United States by the County (the Rebate Amount );
(3) pay, or cause to be paid, to the United States at least once every five bond years the Rebate Amount, if any, including the last installment which must be made no later than 60 days after the day on which the Bonds are paid in full;
Tagged Passions:investment, bond, and regulation
(4) retain all records of the annual determination of the foregoing amounts until six years after the Bonds have been fully paid.
Tagged Passions:bond
5.04 The County shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this section.
Section 6. Miscellaneous.
6.01 The County Auditor is directed to file a certified copy of this Resolution and such other information as may be required, and to provide to bond counsel a certificate stating that the Bonds herein authorized have been duly entered on his register.
6.02 The officers of the County are authorized and directed to prepare and furnish to the Purchaser and to bond counsel, certified copies of all proceedings and records of the County relating to the legality and marketability of the Bonds, as such facts appear from the official books and records in the officers custody or are otherwise known to them. All such certified copies, Bonds and affidavits, including any heretofore furnished, constitute representations of the County as to the correctness of the facts recited therein and the action stated therein to have been taken.
6.03 The Chair, the Clerk of the County Board and the County Auditor 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
Tagged Passions:audit, sale, and bond
6.04 In the event of the absence or disability of the Chair, the Clerk of the County Board or the County Auditor, such officers as in the opinion of the County Attorney, may act in their behalf, shall without further act or authorization, execute and deliver the Bonds and do all things and execute all instruments and documents required to be done or executed by such absent or disabled officers.
Section 7. Continuing Disclosure. The County acknowledges that the Bonds are subject to the continuing disclosure requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (17 C.F.R. 240.15c2- 12) (the Rule ). The Rule governs the obligations of certain underwriters to require that issuers of municipal bonds enter into agreements for the benefit of the bondholders to provide continuing disclosure with respect to the bonds. To provide for the public availability of certain information relating to the Bonds and the security therefor and to permit underwriters of the Bonds to comply with the Rule, which will enhance the marketability of the Bonds, the Chair and the County Auditor are hereby authorized and directed to execute a Continuing Disclosure Certificate substantially in the form of the Certificate currently on file in the office of the County Auditor.
Section 8. Post-Issuance Compliance Policy and Procedures. The Board has previously approved a Post-Issuance Debt Compliance Policy and Post-Issuance Debt Compliance Procedures which applies to qualifying obligations to provide for compliance with all applicable federal regulations for tax-exempt obligations or tax-advantaged obligations (collectively, the Policy and Procedures ). The Board hereby approves the Policy and Procedures for the Bonds. The County Auditor continues to be designated to be responsible for post-issuance compliance in accordance with the Policy and Procedures.
Tagged Passions:legal, compliance, taxes, Taxes, audit, policy, boards and commissions, disability, security, bond, events, procedure, regulation, and housing
BOARD LETTER NO. 18 - 59
DATE: February 6, 2018 RE: Veterans Treatment Court
ACTION REQUESTED: The St. Louis County Board is requested to adopt a resolution supporting the Veterans Treatment Court grant application by the Sixth Judicial District and authorize a letter of support for such application.
BACKGROUND: The St. Louis County Board has received a letter from Judge Dale Harris and the Sixth Judicial District seeking a letter of support from the St. Louis County Board for a grant application to the U.S. Bureau of Justice Administration (BJA). This grant would provide funding to implement a Veterans Treatment Court in South St. Louis County.
Beginning in 2014, a variety of representatives have worked together to start a designated court calendar for some of the veterans of the County. Since that time other components of treatment court have been added to the program.
A need has been identified for this Veterans Treatment Court and with the success of this program over the past four years the ability to elevate the program has been recommended. With this application the County is not being asked to provide any financial or other assistance other than a letter of support.
Tagged Passions:veterans, legal, judge, program, finance, funding, grant, and court
RECOMMENDATION: It is recommended that the St. Louis County Board adopt a resolution supporting the Veterans Treatment Court grant application by the Sixth Judicial District and authorize a letter of support for such application.
WHEREAS, St. Louis County has a vested interest in ensuring appropriate treatment for men and women who have served our country in uniform; and
WHEREAS, South St. Louis County has documented a need for a Veterans
Tagged Passions:veterans
WHEREAS, The Sixth Judicial District is applying for a Bureau of Justice
Administration implementation grant to fund necessary staff and expenses for a formal Veterans Treatment Court; and
WHEREAS, A letter of support from the St. Louis County Board as a stakeholder
would strengthen this grant application;
THEREFORE, BE IT RESOLVED, That the St. Louis County Board supports the
Tagged Passions:veterans, legal, grant, and court
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Location
Community Center
15 W 1st Ave N
Aurora , MN 55705,
15 W 1st Ave N
Aurora , MN 55705,
Time & Date
02/13/18 @ 9:30 am CST