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
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:
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.
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:
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.
4.02 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.
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.
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.
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.
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