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Enterprise Dispatch Notices
New public notices published in the issue of Nov. 29, 2010
UNOFFICIAL SCHOOL BOARD MINUTES I.S.D. #466, BOARD OF EDUCATION7:00 PM REGULAR BOARD MEETING, OCTOBER 28, 2010DASSEL-COKATO BOARD ROOM
ursuant to due call and notice thereof, a regular meeting of the Board of Education of Independent School District No. 466 (Dassel-Cokato, Minnesota) was duly held in the Dassel-Cokato Board Room, Cokato, Minnesota, on Thursday, October 28, 2010.
Board Chairman Kevin Dahlman called the meeting to order at 7:00 PM.
The following members were present: Dahlman, Tormanen, Bender, McConkey, Linder and Bjork. The following were absent: none. Members of the administration and public were also present.
The meeting began with the pledge of allegiance.
Motion by Bender, seconded by Bjork, accepting the agenda as printed. Motion carried unanimously.
Raquel Avila received the September Russell A. Johnson Courtesy and Respect Award, daughter of Mr. and Mrs. Hector Avila of Darwin.
Motion by Linder, seconded by Tormanen, approving payment of bills as presented including payroll, hand payables and contingency totaling $1,893,778.90. Motion carried unanimously. (A complete list of bills is available from the District Office for review.)
Communications/Open Forum: None
Curriculum Advisory Committee (CAC) Report: Board Member Bjork reported on the 10-14 meeting, which included high school courses for college credit and the Annual Report on Curriculum and Instruction.
Technology Report: Vice Chair Tormanen report on the 10-25 district technology meeting which included Campus, tech upgrades, and the upcoming TIES conference.
MAWSECO Report: Chairman Dahlman reported on the 10-26 meeting, which included autism certification, MA requirements, audit and child count.
Community Education Report: None
Business Manager’s Report: None
Superintendent’s Report: Superintendent Powers reported on a recent supreme court decision.
Student Representative Benda reported on: fall activities, student advisory, and community service Board Clerk Bjork reported that the DCRISC needs to get their building plan approved by Wright County.
Board Member Bender reported on the October Regional SEE meeting.
Motion by Linder, seconded by McConkey approving all consent items, which included approval of the minutes from the September 30, 2010 Regular Board Meeting. Wire transfers made on September 30th for $600,000, October 13th for $200,000 and October 15th for $650,000. Personnel Items: Resignation of Roberta Kottke as a Kitchen Assistant at Dassel Elem effective 10/4/2010, Resignation of Tyra Jessey as the .8 FTE Middle School Custodian effective 10/24/2010, Resignation of Deanna Schindele as the part-time ALC/Cokato Elem Custodian 10/29/10, Resignation of Alvin Arens as Lift Driver effective 11/18/2010, Increase of 1/2 hour/day in Assignment for Doris Kyllonen Dassel Elementary Cook Manager, Employment of Kelci Scanlon as the High School .25 FTE Math Instructor for Trimester II , Approval of lane change for Kelly Kosloski from BA+15 to BA+30 effective 1/1/2011, Approval of lane change for JoAnna Hall from MA+30 to MA+45 effective 1/1/2011, Employment of Amy Kaiser as a Kitchen Assistant at Dassel Elem effective 10/25/2010, Employment of Deanna Schindele as the .8 FTE Middle School Custodian effective 11/1/2010 and Acceptance of a Donation From the Sew Friendly Quilt Guild of $50 donated to Dassel Elementary to purchase school supplies for needy children. Motion carried unanimously.
Motion by Tormanen, seconded by McConkey approving changes to the following policies: 613 Graduation Requirements and 705 Investments. Motion carried unanimously.
Motion by Bjork, seconded by Bender authorizing Superintendent Powers as the Local Education Agency Representative for AYP. Motion carried unanimously Motion by Linder, seconded by Tormanen adopting the following resolution:
RESOLUTION DASSEL-COKATO INDEPENDENT SCHOOL DISTRICT #466
The Dassel-Cokato Board of Education adopted the following resolution at the October 28, 2010 Board meeting:
WHEREAS, the Dassel-Cokato School District (the “District”) currently maintains a cafeteria plan pursuant to the requirements of Section 125 of the Internal Revenue Coded called the Dassel- Cokato Independent School District Flexible Benefits Plan (the Plan), which provides for premium conversion benefits, health care reimbursement benefits and dependent care benefits; and
WHEREAS, the District wishes to amend and restate the Plan effective October 1, 2010,( the date HSA is implemented) to comply with current laws that apply to cafeteria plans, as set out in the District’s Plan Document, Section 4.04, entitled “HSA Contribution Plan” in order to add a health savings account optional benefit for eligible employees, effective October 1, 2010; and
WHEREAS, the District also wishes to modify the Plan by providing that the Medical Flexible Spending Account available in the Plan be a limited-purpose flexible spending account for participants who participate in the health savings account.
NOW, THEREFORE, BE IT RESOLVED, that the District’s Board of Education hereby approves this amendment and restatement of the District’s Flexible Benefits Plan and its component parts, such restatement is effective as of October 1, 2010; and
BE IT FURTHER RESOLVED, that the appropriate designees of the District are hereby
authorized and directed to execute and deliver all documents necessary for the proper implementation of the Plan to ensure that the amended restated Plan, hereby approved is in effect.
The following voted in favor of the resolution: Members Bender, Tormanen, Dahlman, McConkey, Linder, Bjork and the following voted against the resolution: None.
Whereupon said resolution was declared duly passed and adopted.
Member Tormanen introduced the following resolution and moved its adoption:
RESOLUTION RATIFYING THE AWARD OF THE SALE, DETERMINING THE FORM AND DETAILS, AUTHORIZING THE EXECUTION, DELIVERY, AND REGISTRATION, AND PROVIDING FOR THE PAYMENT OF GENERAL OBLIGATION CROSSOVER REFUNDING BONDS, SERIES 2010B
BE IT RESOLVED by the School Board of Independent School District No. 466, State of Minnesota, as follows:
Section 1. Authorization and Sale.
1.01 Authorization. At a meeting held August 26, 2010, this Board determined to sell and issue not to exceed $7,950,000 principal amount of general obligation refunding bonds of Independent School District No. 466 (the “Issuer” or the “District”). Said Bonds shall hereinafter be referred to as the “Bonds” or the “Refunding Bonds.” The Refunding Bonds, together with other available funds of the Issuer, shall provide funds to refund in advance of their stated maturities, through a crossover refunding, all of the bonds maturing in the years 2014 to 2023, aggregating $6,315,000 in principal amount, of the Issuer’s General Obligation School Building Bonds of 2003, bearing a date of original issue of February 1, 2003, and all of the bonds maturing in the years 2014 to 2023, aggregating $1,205,000 in principal amount, of the Issuer’s General Obligation School Building Bonds of 2004, bearing a date of original issue of February 1, 2004 (together, the “Refunded Bonds”), and shall provide funds to pay the interest when due on the Bonds of this issue to and including February 1, 2013. The Refunded Bonds have not previously been refunded.
1.02 Sale. The Board has determined that this issue shall be privately sold after direct negotiation, as authorized pursuant to Minnesota Statutes, Section 475.60, Subdivision 2(5), as amended. The proposal of Northland Securities, Inc. (the “Purchaser”), to purchase the Bonds at a price of $7,887,513.85 plus interest accrued to settlement, was accepted by the Board Chair and the Superintendent or the Business Manager on October 20, 2010 pursuant to the August 26, 2010 resolution of the Board and the sale was awarded on that date. The written designation by the Chair of the Vice Chair to execute the proposal on his behalf is ratified in all respects. The award of the sale of the Bonds to said Purchaser is hereby ratified by the Board.
1.03 Execution of Documents. The endorsement of the acceptance on both copies of the proposal by the Vice Chair and the Superintendent or the Business Manager is ratified in all respects and they are directed to send one copy to the Purchaser.
1.04 Debt Service Savings. Minnesota Statutes Section 475.67 authorizes the issuance of refunding bonds for the purpose of saving debt service costs. Minnesota Statutes Section 475.67, Subd. 13, authorizes the issuance of crossover refunding bonds whereby the proceeds of the crossover refunding bonds, less any proceeds applied to the costs of issuance, are deposited in an escrow account appropriated to the payment of debt service on the refunding bonds until applied to the payment of the obligations to be refunded. Section 475.67, Subd. 13 permits the Issuer to pledge to the Bonds any source of payment of the Refunded Bonds. It is hereby found and determined that the issuance of the Refunding Bonds and the crossover refunding of the Refunded Bonds as contemplated by this Resolution and the Escrow Agreement will result in substantial debt service savings to the Issuer. The present value of the dollar amount of debt service for the Refunding Bonds is lower by at least three percent (3%) than the present value of the dollar amount of debt service for the Refunded Bonds, each computed in accordance with Minnesota Statutes, Section 475.67, Subdivisions 12 and 13.
1.05 Compliance with Law. All acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to the issuance of the Bonds having been done, having happened and having been performed in regular and due form, time and manner as required by law, it is necessary for this Board to establish the form and terms of the Bonds, to provide for the security thereof, and to provide for the issuance of the Bonds forthwith.
1.06 Minnesota School District Credit Enhancement Program. (a) The District hereby covenants and obligates itself to notify the Commissioner of Education of a potential default in the payment of principal and interest on the Bonds and to use the provisions of Minnesota Statutes, Section 126C.55 to guarantee payment of the principal and interest on the Bonds when due. The District further covenants to deposit with the Bond Registrar or any successor paying agent three (3) days prior to the date on which a payment is due an amount sufficient to make that payment or to notify the Commissioner of Education that it will be unable to make all or a portion of that payment. The Bond Registrar for the Bonds is authorized and directed to notify the Commissioner of Education if it becomes aware of a potential default in the payment of principal or interest on the Bonds or if, on the day two (2) business days prior to the date a payment is due on the Bonds, there are insufficient funds to make that payment on deposit with the Bond Registrar. The District understands that as a result of its covenant to be bound by the provisions of Minnesota Statutes, Section 126C.55, the provisions of that section shall be binding as long as any Bonds of this issue remain outstanding.
(b) The District further covenants to comply with all procedures now or hereafter established by the Departments of Management and Budget and Education of the State of Minnesota pursuant to Minnesota Statutes, Section 126C.55, subdivision 2(c) and otherwise to take such actions as necessary to comply with that section.
Section 2. Bond Terms.
2.01 Designation; Registration; Denomination; Maturities. The $7,910,000 aggregate principal amount of general obligation bonds sold on this date shall be designated General Obligation Crossover Refunding Bonds, Series 2010B, shall be dated November 1, 2010, as the date of original issue, and shall be issued forthwith on or after such date using a global book-entry system. The Bonds shall be issued as fully registered bonds and shall be numbered R-1 upward, in the denomination of $5,000 each or any integral multiple thereof of a single maturity. The Bonds shall mature on February 1 in the years and amounts set forth below, and shall bear interest from the most recent Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or provided for, from the date of original issue until paid or duly called for redemption at the rates per annum set forth below opposite such years and amounts, as follows:
Year Amount Interest Rate
2014 $710,000 2.000%
2015 725,000 2.000
2016 740,000 2.000
2017 755,000 2.000
2018 770,000 2.125
2019 795,000 2.350
2020 810,000 2.550
2021 840,000 2.800
2022 865,000 2.850
2023 900,000 3.000
These maturities, together with the maturities of all other outstanding general obligation bonds of the Issuer, meet the requirements of Minnesota Statutes, Section 475.54.
2.02 Interest Payments. Interest shall be payable semiannually on each February 1 and August 1 to maturity (each an “Interest Payment Date”), commencing August 1, 2011. Interest will be calculated on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of the MSRB. Interest will be payable in the manner set forth in the form of Global Certificate or Replacement Bond and Paragraph 4.06 of this resolution.
2.03 Use of Global Book-Entry System.
(a) Description of System. In order to issue obligations in “global book-entry form”, the obligations are issued in certificated form in large denominations, are registered on the books of the Issuer in the name of a depository or its nominee, and are immobilized and held in safekeeping by the depository. The depository, as part of the computerized National Securities Clearance and Settlement System (the “National System”), registers transfers of ownership interests in the obligations by making computerized book entries on its own books and distributing payments on the obligations to its participants shown on its books as the owners of such interests. These participants, which include financial institutions for whom the depository effects book-entry transfers of securities deposited and immobilized with the depository, and other banks, brokers and dealers participating in the National System will do likewise if not the beneficial owners of the obligations.
(b) Designation of Depository; Approval of Blanket Issuer Letter of Representations. Depository Trust Company (“DTC”) of New York, New York, a Securities and Exchange Commission designated depository, a limited purpose New York trust company, a member of the Federal Reserve System, and a “clearing corporation” within the meaning of the New York Uniform Commercial Code, is hereby designated as the depository (the “Depository”) with respect to the Bonds issued hereunder in global book-entry form. There has been submitted to this Board a form of letter of representations (the “Blanket Issuer Letter of Representations”) between the Issuer and the Depository setting forth various matters relating to the Depository and its role with respect to the Bonds. This Blanket Issuer Letter of Representations is hereby approved. The Chair or the Clerk is hereby authorized and directed to execute the Blanket Issuer Letter of Representations in substantially the form attached hereto as EXHIBIT C, if such a letter of representations has not already been executed, with only such variations therein as may be required to complete the Blanket Issuer Letter of Representations, or which are not, in the opinion of Bond Counsel, materially adverse to the interests of the Issuer. Execution of the Blanket Issuer Letter of Representations by such official shall be conclusive evidence as to the necessity and propriety of such changes and their approval by Bond Counsel. So long as DTC is the Depository or it or its nominee is the Holder of any Global Certificate, the District shall comply with the provisions of the Blanket Issuer Letter of Representations, as it may be amended or supplemented by the District from time to time with the agreement or consent of DTC.
(c) Global Certificates. Upon their original issuance, the Bonds will be issued in the form of a single Global Certificate for each maturity which shall represent the aggregate principal amount of the Bonds due on a particular maturity date (the “Global Certificates”). The Global Certificates will be originally issued and fully registered as to principal and interest in the name of Cede & Co., as nominee of DTC. The Global Certificates will be deposited with the Depository by the Purchaser and will be immobilized as further provided herein. No beneficial owners of interest in the Bonds will receive certificates representing their respective interests in the Bonds except as provided below in clause (e) of this Paragraph 2.03. Except as so provided, during the term of the Bonds, beneficial ownership (and subsequent transfers of beneficial ownership) of interests in the Global Certificates will be reflected by book entries made on the records of the Depository and its participants and other banks, brokers, and dealers participating in the National System. The Depository’s book entries of beneficial ownership interest are authorized to be in integral increments of $5,000, despite the larger authorized denominations of the Global Certificates. Payment of principal of, premium, if any, and interest on the Global Certificates will be made to the Bond Registrar as paying agent, and in turn by the Bond Registrar to the Depository or its nominee as registered owner of the Global Certificates. The Depository, according to the laws and rules governing it, will receive and forward such payments on behalf of the beneficial owners of the Global Certificates.
(d) Immobilization of Global Certificates by the Depository. Pursuant to the request of the Purchaser to the Depository, immediately upon the original delivery of the Bonds the Purchaser will deposit the Global Certificates
representing all of the Bonds with the Depository. The Global Certificates shall be in typewritten form or otherwise as acceptable to the Depository, shall be registered in the name of the Depository or its nominee and shall be held immobilized from circulation at the offices of the Depository on behalf of the Purchaser and subsequent Bondholders. The Depository or its nominee will be the sole Holder of record of the Global Certificates and no investor or other party purchasing, selling or otherwise transferring ownership of interests in any Bond is to receive, hold or deliver any Global Certificates so long as the Depository holds the Global Certificates immobilized from circulation, except as provided below in clause (e) of this Paragraph 2.03.
(e) Transfer or Exchange of Global Certificates; Substitute Depository; Replacement Bonds.
Global Certificates evidencing the Bonds may not, after their original delivery, be transferred or exchanged except:
(i) Upon exchange of a Global Certificate after a partial redemption, if authorized in Paragraph 2.04 of this resolution;
(ii) To any successor of the Depository (or its nominee) or any substitute depository (a “Substitute Depository”) designated pursuant to subclause (iii) of this clause (e); provided that any successor of the Depository or any Substitute Depository must be both a “clearing corporation” as defined in the Minnesota Uniform Commercial Code, Minnesota Statutes, Section 336.8-102, and a qualified and registered “clearing agency” as provided in Section 17A of the Securities Exchange Act of 1934, as amended;
(iii) To a Substitute Depository designated by and acceptable to the Issuer upon (a) the determination by the
Depository that the Bonds shall no longer be eligible for its depository services or (b) a determination by the Issuer that the Depository is no longer able to carry out its functions; provided that any Substitute Depository must be qualified to act as such, as provided in subclause (ii) of this clause (e); or
(iv) In the event that (a) the Depository shall resign or discontinue its services for the Bonds or be declared no longer able to carry out its functions and the Issuer is unable to locate a Substitute Depository within two (2) months following the resignation or discontinuance or determination of noneligibility, or (b) the Issuer determines in its sole discretion that (1) the continuation of the book-entry system described herein might adversely affect the interests of the beneficial owners of the Bonds, or (2) it is in the best interests of the beneficial owners of the Bonds that they be able to obtain certificated Bonds, then the Issuer shall notify the Holders of its determination and of the availability of Replacement Bonds to Holders. The Issuer, the Bond Registrar and the Depository shall cooperate in providing Replacement Bonds to Holders requesting the same and the registration, transfer and exchange of such Bonds shall thereafter be conducted as provided in Paragraph 4.04 of this resolution.
In the event of the designation of a Substitute Depository as authorized by this clause (e), the Bond Registrar, upon presentation of the Global Certificates, shall register their transfer to the Substitute Depository, and the Substitute Depository shall be treated as the Depository for all purposes and functions under this resolution. The Blanket Issuer Letter of Representations shall not apply to the Substitute Depository unless the Issuer and the Substitute Depository so agree, and the execution of a similar agreement is hereby authorized.
2.04 Redemption. (a) Optional Redemption. The Issuer may elect on February 1, 2019, and on any date thereafter, to prepay Bonds due on or after February 1, 2020, at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the Issuer shall determine the order of redemption of Bonds; and if only part of the Bonds having a common maturity date are called for prepayment, the Global Certificates to be prepaid may be prepaid in $5,000 increments of principal and, if applicable, the specific Replacement Bonds to be prepaid shall be chosen by lot by the Bond Registrar as provided below. Bonds or portions thereof called for redemption shall be due and payable on the designated redemption date, and interest thereon shall cease to accrue from and after the redemption date.
(b) Mandatory Redemption. (1) The Bonds maturing in the year _n/a_ shall be subject to mandatory redemption at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption, on February 1 in the years and principal amounts set forth below:
Year Amount
n/a $ n/a
The procedures for such mandatory redemption shall be the same as specified in this Paragraph 2.04 for optional redemption.
In the event that any Bonds maturing in the year __n/a__ are optionally redeemed pursuant to Paragraph 2.04(a) above and cancelled by the Bond Registrar and not reissued, the Bonds maturing in the year _n/a__ so redeemed and cancelled may be applied by the Issuer as a credit against the Bonds to be mandatorily redeemed pursuant to this Paragraph 2.04(b), such credit to be equal to the principal amount of the Bonds maturing in the year _n/a_ so optionally redeemed or cancelled. The Issuer may apply these Bonds so optionally redeemed and cancelled as a credit against the Bonds to be mandatorily redeemed pursuant to this Paragraph 2.04 only if it has notified the Bond Registrar not less than thirty-five (35) days prior to the applicable mandatory redemption date of its election to apply such Bonds as a credit and designating the redemption date to which it is to apply.
(c) Redemption of Global Certificates. Upon a partial redemption in the aggregate principal amount of a Global Certificate which results in the stated amount thereof being reduced, the Holder may in its discretion make a notation of such redemption on the panel provided on the Global Certificate stating the amount so redeemed, or may return the Global Certificate to the Bond Registrar in exchange for a new Global Certificate authenticated by the Bond Registrar, in proper principal amount. Such notation of redemption, if made by the Holder, shall be for reference only, and may not be relied upon by any other person as being in any way determinative of the principal amount of such Global Certificate outstanding, unless the Bond Registrar has signed the appropriate column of the panel.
(d) Redemption of Replacement Bonds. To effect a partial redemption of Replacement Bonds having a common maturity date, the Bond Registrar prior to giving a notice of redemption, shall assign to each Replacement Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Replacement Bond. The Bond Registrar shall then select by lot from the numbers so assigned to such Replacement Bonds, using such method of selection as it shall deem proper in its discretion, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Replacement Bonds to be redeemed. The Replacement Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of each such Replacement Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 of principal amount for each number assigned to it and so selected. If a Replacement Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the Issuer or the Bond Registrar so requires, a written instrument of transfer in form satisfactory to the Issuer and the Bond Registrar duly executed by the Holder thereof or the Holder’s attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of such Replacement Bond, without service charge, a new Replacement Bond or Bonds of the same series having the same stated maturity and interest rate and of any authorized denomination or denominations, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Replacement Bond so surrendered.
(e) Notice of Redemption of Global Certificates and Replacement Bonds. The Bond Registrar shall call Bonds for redemption and payment as herein provided upon receipt by the Bond Registrar of a request of the Issuer. The request shall be in written form. The request shall specify the principal amount of Bonds to be called for redemption, the redemption date and the redemption price.
Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the paying agent and to each affected Holder. If and when the Issuer shall call any of the Bonds for redemption and payment prior to the stated maturity thereof, the Bond Registrar shall give written notice in the name of the Issuer of its intention to redeem and pay such Bonds at the office of the Bond Registrar. The Notice of Redemption shall be given by first class mail, postage prepaid, mailed not less than thirty (30) and not more than sixty (60) days prior to the redemption date, to each Holder of Bonds to be redeemed, at the address appearing in the records of the Bond Registrar. For the purpose of giving notice of the redemption of Global Certificates, the Holder of the Global Certificates shall be the Depository or its nominee. In connection with any such notice, the “CUSIP” numbers assigned to the Bonds shall be used. All notices of redemption shall state:
(i) The redemption date;
(ii) The redemption price;
(iii) If less than all outstanding Bonds are to be redeemed, the identification (and, if the case of partial redemption, the respective principal amounts) of the Bonds to be redeemed;
(iv) That on the redemption date, the redemption price will become due and payable upon each such Bond, and that interest thereon shall cease to accrue from and after said date; and
(v) The place where such Bonds are to be surrendered for payment of the redemption price (which shall be the office of the Bond Registrar).
Section 3. Form of Bonds.
The Bonds to be issued hereunder shall be in the form of Global Certificates unless and until Replacement Bonds are made available as provided herein.
3.01 Global Certificates. The Global Certificates to be issued hereunder, together with the Bond Registrar’s Certificate of Authentication, the Register of Partial Payments, the form of Assignment, and the registration information thereon, shall be in substantially the form set forth in EXHIBIT A hereto, which exhibit is incorporated herein by reference as though fully specified in this paragraph, and may be typewritten rather than printed.
3.02 Replacement Bonds. If the Issuer has notified Holders that Replacement Bonds have been made available as provided in Paragraph 2.03(e) of this resolution, then for every Bond thereafter transferred or exchanged (including an exchange to reflect the partial prepayment of a Global Certificate not previously exchanged for Replacement Bonds), the Bond Registrar shall deliver a bond in the form of a Replacement Bond rather than a Global Certificate, but the Holder of a Global Certificate shall not otherwise be required to exchange the Global Certificate for one or more Replacement Bonds since the Issuer recognizes that some Holders may prefer the convenience of the Depository’s registered ownership of the Bonds even though the entire issue is no longer required to be in global book-entry form. The Replacement Bonds, together with the Bond Registrar’s Certificate of Authentication, the form of Assignment and the registration information thereto, shall be in substantially the form set forth in EXHIBIT B hereto, which exhibit is incorporated herein by reference as though fully specified in this paragraph.
Section 4. Execution; Delivery; Registration.
4.01 Appointment of Registrar. U.S. Bank National Association in St. Paul, Minnesota, is appointed to act as the bond registrar and transfer agent (the “Bond Registrar”) and shall do so until a successor Bond Registrar is duly appointed, all pursuant to a contract the Issuer and the Bond Registrar shall execute which is consistent herewith and which the chair and clerk are hereby authorized to execute and deliver. A successor Bond Registrar shall be a bank or trust company eligible for designation as bond registrar pursuant to Minnesota Statutes, Chapter 475. The terms of the appointment of the successor Bond Registrar and its duties shall be specified in a contract between the Issuer and such successor Bond Registrar that is consistent herewith and that the Chair and Clerk are hereby authorized to execute and deliver. The Bond Registrar, which may act through an agent, shall also serve as paying agent until and unless a successor paying agent is duly appointed. The Bond Registrar shall pay principal and interest on the Bonds to the registered Holders (or record Holder) of the Bonds in the manner set forth in the form of Global Certificate or Replacement Bond, as applicable, and Paragraph 4.06 of this resolution. The Issuer agrees to pay the reasonable and customary charges for the services of such Bond Registrar.
4.02 Execution of Bonds. The Bonds shall be executed on behalf of the Issuer by the manual signatures of the Chair and Clerk of the School Board; provided, however that both of such signatures may be printed facsimiles, in which event the Bonds shall also be executed manually by the authenticating agent as provided in Minnesota Statutes, Section 475.55. In the event of disability or resignation or other absence of either such officer, the Bonds may be signed by the manual or facsimile signature of that officer who may act on behalf of such absent or disabled officer. In case either such officer whose signature or facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of the Bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if that officer had remained in office until delivery. If the Issuer has adopted a corporate seal, it shall be omitted on the Bonds as permitted by law.
4.03 Authentication; Date of Registration. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this resolution unless and until a Certificate of Authentication on such Bond, substantially in the form set forth in the form of Global Certificate or Replacement Bond, shall have been duly executed by the manual signature of an authorized representative of the Bond Registrar. Certificates of Authentication on different Bonds need not be signed by the same person. The Bond Registrar shall authenticate each Bond by execution of the Certificate of Authentication on the Bond and shall date each Bond in the space provided as of the date on which the Bond is registered. For purposes of delivering the original Bonds (Global Certificates) to the Purchaser, the Bond Registrar shall insert as the date of registration the date of original issue; and the executed Certificate of Authentication on each Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution.
4.04 Transfer or Exchange. The Issuer will cause to be kept at the principal office of the Bond Registrar a bond register in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged as herein provided.
A Global Certificate shall be registered in the name of the payee on the books of the Bond Registrar by presenting the Global Certificate for registration to the Bond Registrar, whose representative will endorse his or her name and note the date of registration opposite the name of the payee in the certificate of registration on the Global Certificate. Thereafter a Global Certificate may be transferred by delivery with an assignment duly executed by the Holder or the Holder’s legal representative, and the Issuer and Bond Registrar may treat the Holder as the person exclusively entitled to exercise all the rights and powers of an owner until a Global Certificate is presented with such assignment for registration of transfer, accompanied by assurance of the nature provided by law that the assignment is genuine and effective, and until such transfer is registered on said books and noted thereon by the Bond Registrar, all subject to the terms and conditions provided in this resolution and to reasonable regulations of the Issuer contained in any agreement with, or notice to, the Bond Registrar.
Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the Issuer shall execute (if necessary), and the Bond Registrar shall authenticate, date (in the space designated Date of Registration) and deliver, in the name of the designated transferee or transferees, one or more new Bonds of any authorized denomination or denominations of a like aggregate principal amount, having the same stated maturity and interest rate, as requested by the transferor; provided, however, that no Bond may be registered in blank or in the name of “bearer” or similar designation.
When any Bond is presented to the Bond Registrar for transfer, the Bond Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Bond Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized.
At the option of the Holder of a Replacement Bond, Replacement Bonds may be exchanged for Replacement Bonds of any authorized denomination or denominations of a like aggregate principal amount and stated maturity, upon surrender of the Replacement Bonds to be exchanged at the principal office of the Bond Registrar. Whenever any Replacement Bonds are so surrendered for exchange, the Issuer shall execute (if necessary), and the Bond Registrar shall authenticate, date (in the space designated Date of Registration) and deliver the Replacement Bonds which the Holder making the exchange is entitled to receive. Global Certificates may not be exchanged for Global Certificates of smaller denominations.
All Bonds surrendered upon any exchange or transfer provided for in this resolution shall be promptly canceled by the Bond Registrar and thereafter disposed of as directed by the Issuer.
All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general obligations of the Issuer evidencing the same debt, shall be entitled to the same benefits under this resolution as the Bonds surrendered for such exchange or transfer, and shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bonds.
Transfer of a Bond may be made on the Issuer’s books by the registered owner in person or by the registered owner’s attorney duly authorized in writing. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the registered owner thereof, with signature guaranteed, or by the registered owner’s attorney duly authorized in writing, and shall include written instructions as to the details of the transfer of the Bond.
The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of any Bond and any legal or unusual costs regarding transfers and lost bonds.
Transfers shall also be subject to reasonable regulations of the Issuer contained in any agreement with, or notice to, the Bond Registrar, including regulations which permit the Bond Registrar to close its transfer books between record dates and payment dates.
4.05 Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become mutilated or be lost, stolen or destroyed, the Bond Registrar shall deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond lost, stolen or destroyed, upon payment of the reasonable expenses and charges of the Bond Registrar in connection therewith; and, in the case of a Bond lost, stolen or destroyed, upon filing with the Registrar of evidence satisfactory to it that such Bond was lost, stolen or destroyed, and of the ownership thereof, and upon furnishing to the Bond Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the Issuer and the Bond Registrar shall be named as obligees. All Bonds so surrendered to the Bond Registrar shall be canceled by it and evidence of such cancellation shall be given to the District. If the mutilated, lost, stolen or destroyed Bond has already matured, it shall not be necessary to issue a new Bond prior to payment.
4.06 Interest Payments; Record Dates. Interest on any Global Certificate shall be paid as provided in the first paragraph thereof and interest on any Replacement Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond is registered (the “Holder”) on the registration books of the Issuer maintained by the Bond Registrar and in each case at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at the close of business on a date fixed for the payment of such defaulted interest (the “Special Record Date”). The Special Record Date shall be fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest, and notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior thereto. The term “Holder” shall also include those lawfully entitled to take actions on behalf of the beneficial owners of the Bonds for purposes of any consent or approvals given by Holders.
If the date for payment of the principal of, premium, if any, or interest on this Bond shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in the City of New York, New York, or the city where the principal office of the Bond Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such date shall have the same force and effect as if made on the nominal date of payment.
4.07 Persons Deemed Owners. The Issuer and the Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in Paragraph 4.06 above), on such Bond and for all other purposes whatsoever, whether or not such Bond shall be overdue, and neither the Issuer nor the Bond Registrar shall be affected by notice to the contrary.
For the purposes of all actions, consents and other matters affecting Holders of Bonds issued under this Resolution as from time to time supplemented, other than payments, redemptions, and purchases, the Issuer may (but shall not be obligated to) treat as the Holder of a Bond the beneficial owner of the Bond instead of the person in whose name the Bond is registered. For that purpose, the Issuer may ascertain the identity of the beneficial owner of the Bond by such means as the Bond Registrar in its sole discretion deems appropriate, including but not limited to a certificate from the Depository or other person in whose name the Bond is registered identifying such beneficial owner.
4.08 Delivery. The Bonds when so prepared and executed shall be delivered by the Treasurer of the Issuer to the Purchaser thereof upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof.
Section 5. Creation of Fund and Tax Levies.
5.01 Fund. There is hereby created within the Debt Redemption Fund of the Issuer a special fund to be designated “General Obligation Crossover Refunding Bonds, Series 2010B Fund” (the “Fund”) to be held and administered by the Treasurer separate and apart from all other funds of the Issuer. The Fund shall be maintained in the manner herein specified until all of the Refunded Bonds and the Bonds herein authorized and the interest thereon have been fully paid.
There shall be maintained in the Fund two separate accounts to be designated the “Escrow Account” and the “Debt Service Account,” respectively.
(a) Escrow Account. The proceeds of the sale of the Bonds herein authorized, less any accrued interest received thereon and any premium or unused discount (unless used to help fund the Escrow Account), and less such Bond proceeds (if any) as may be used to pay issuance expenses, plus other available funds of the Issuer (estimated at $0.00) as may be required to adequately fund the Escrow Account for the purposes set forth in this subparagraph are hereby pledged and appropriated and shall be credited to the Escrow Account. The Escrow Account shall be maintained as an escrow account with U.S. Bank National Association in St. Paul, Minnesota (the “Escrow Agent”), a suitable banking institution within the State. The Escrow Account shall be invested in securities maturing or callable at the option of the Holder on such dates and bearing interest at such rates as shall be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Account, to pay the outstanding principal amount on the Refunded Bonds when called for redemption and prior payment on February 1, 2013 and to pay any premium required for redemption on such date, and to pay when due the interest to accrue on each Refunding Bond to and including February 1, 2013. The monies in said Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that any surplus in said Escrow Account may be remitted to the Issuer, all in accordance with an agreement (the “Escrow Agreement”), between the Issuer and Escrow Agent, a form of which agreement is on file in the office of the Clerk. Any monies remitted to the Issuer upon termination of the Escrow Agreement shall be deposited in the Debt Service Account.
The firm of Grant Thornton, LLP, independent public accountants, is hereby authorized and directed to verify that the deposits in the Escrow Account for the Refunding Bonds and the Refunded Bonds will be sufficient to meet the payments of interest on the Refunding Bonds to and including February 1, 2013, and the redemption on February 1, 2013 of the outstanding principal of all Refunded Bonds having stated maturities on or after February 1, 2014, and to make such calculations as may be necessary for the purpose of determining compliance with Section 148 of the Code.
(b) Debt Service Account. There is hereby pledged and appropriated and there shall be credited to the Debt Service Account upon issuance of the Refunding Bonds (i) any uncollected taxes heretofore levied and pledged to the Debt Redemption Fund of the Issuer for the payment of the Refunded Bonds; (ii) any other unexpended monies pledged to the Debt Redemption Fund of the Issuer for payment of the Refunded Bonds pursuant to the Resolutions of the School Board adopted January 9, 2003 and December 22, 2003 authorizing the issuance of the Refunded Bonds (unless used to fund the Escrow Account); (iii) all taxes herein levied and extended or confirmed to be levied pursuant to Paragraph 5.04 of this Resolution; (iv) all accrued interest received upon delivery of the Refunding Bonds (unless used to fund the Escrow Account); and (v) any premium or unused discount (unless used to fund the Escrow Account). The Debt Service Account shall be used solely to pay the principal and interest on the Refunded Bonds through and including February 1, 2013 and the principal of and interest on the Refunding Bonds due after February 1, 2013, and the principal and interest on any bonds heretofore or hereafter authorized and made payable from said account as provided by law. If any payment of principal or interest on the Refunded Bonds shall become due on or prior to February 1, 2013 or any payment of principal and interest on the Refunding Bonds shall become due after February 1, 2013 and there is not sufficient money in the Debt Service Account or the Debt Redemption Fund generally to make such payment, the Treasurer shall pay the same from the General Fund of the Issuer and the General Fund shall be reimbursed for such advances out of the proceeds of the taxes levied for the payment of such Bonds.
5.02 Escrow Agreement. The School Board has investigated the facts and hereby finds and determines that the Escrow Agent is a suitable institution to act as escrow agent. On or prior to the delivery of the Refunding Bonds, the Chair and the Clerk are hereby authorized and directed to execute on behalf of the Issuer an Escrow Agreement in substantially the form presented to this Board. All essential terms and conditions of such Escrow Agreement are hereby approved and adopted and made a part of this resolution, and the Issuer covenants that it will promptly enforce all provisions thereof in the event of default thereunder by the Escrow Agent. The Escrow Agreement is irrevocable and the Issuer hereby covenants to perform the terms and conditions thereof as long as the Refunded Bonds are outstanding. The Issuer agrees to pay the reasonable fees of the Escrow Agent and the other issuance expenses specified in the Escrow Agreement.
5.03 Purchase of Securities. Securities purchased from the monies in the Escrow Account shall be limited to securities set forth in Minnesota Statutes, Section 475.67, and any amendments or supplements thereto. Securities purchased from the Escrow Account shall be purchased simultaneously with the delivery of the Bonds. The Treasurer or anyone designated by him to act in the Treasurer’s behalf, is hereby authorized and directed to purchase the appropriate securities from the proceeds of the Bonds in accordance with the provisions of this resolution and to execute all such documents (including the appropriate subscription form) required to effect the purchase of said securities. As used in paragraphs 5.01 to 5.03 of this resolution and in the escrow agreement, the term “securities” includes securities defined in Minnesota Statutes, Section 475.67, subdivision 8, and investment contracts or similar agreements with a bank or insurance company meeting the requirements of Minnesota Statutes, Section 118A.05, subdivision 5.
5.04 Confirmation and Cancellation of Levies.
Confirmation. The resolutions of the School Board adopted January 9, 2003 and December 22, 2003 levied upon all of the taxable property in the District a direct ad valorem tax to be paid into the General Obligation Bond Sinking Fund of the Issuer. The taxes levied in said resolutions in the years 2003 payable 2004 through 2011 payable 2012 are hereby confirmed.
Cancellation. The School Board finds, determines and certifies that the proceeds of the sale of the Refunding Bonds, together with other funds available and appropriated to the Escrow Account for said purpose, will be sufficient to pay when called for redemption all of the outstanding principal of and premium, if any, due on the Refunded Bonds on and after February 1, 2013. Accordingly, upon Bond closing, the County Auditors of each county in which the Issuer is located in whole or in part are hereby authorized and directed, to the extent and in the manner permitted by law, to cancel forthwith or if necessary from year to year the taxes levied in said January 9, 2003 and December 22, 2003 resolutions in the years 2012 payable 2013 through 2021 payable 2022.
5.05 Pledge of Full Faith and Credit; Tax Levies. For the prompt and full payment of the principal of and interest on the Refunding Bonds as the same respectively become due, the full faith and credit and taxing powers of the Issuer shall be and are hereby irrevocably pledged. In order to provide the moneys for the payment thereof required by Minnesota Statutes, Section 475.61, there is hereby levied upon all of the taxable property in the Issuer a direct annual ad valorem tax which shall be spread upon the tax rolls, as a part of other general taxes of the Issuer, for collection in the years 2012 payable 2013 through 2021 payable 2022 and in the amounts as specified on the levy computation sheet attached hereto as EXHIBIT D and incorporated herein by reference as though fully specified in this paragraph.
The tax levies provided in this paragraph and those confirmed in Paragraph 5.04 are such that if collected in full they, together with amounts available under the Escrow Agreement and with estimated collections of other revenues herein pledged for the payment of the Refunding Bonds (other than cash on hand) will produce at least five percent (5%) in excess of the amounts needed to meet when due the principal and interest payments on the Refunding Bonds, except for interest payable hereunder from cash on hand on the date of Bond closing and pledged for such purpose. The tax levy does not include interest on the Refunding Bonds from their date of original issue of November 1, 2010 through February 1, 2013, as that amount will be paid from the Escrow Account.
Said tax levies shall be irrevocable as long as any of said Refunding Bonds are outstanding and unpaid, provided that the Issuer reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61.
5.06 Investment Restrictions. 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 (1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued and (2) in addition to the above in an amount not greater than the lesser of five percent (5%) of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Fund (or any other District account which will be used to pay principal or interest to become due on the Bonds payable therefrom) in excess of amounts which under then applicable federal arbitrage restrictions may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable “temporary periods” or “minor portion” made available under the federal arbitrage regulations. Money in those funds shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be “federally guaranteed” within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the “Code”).
5.07 Redemption of Refunded Bonds. The General Obligation School Building Bonds of 2003 which mature in 2014 and thereafter shall be redeemed and prepaid on February 1, 2013, in accordance with the terms and conditions of the Notice of Call For Redemption attached hereto as EXHIBIT E1, which terms and conditions are hereby approved and incorporated herein by reference. The General Obligation School Building Bonds of 2004 which mature in 2014 and thereafter shall be redeemed and prepaid on February 1, 2013, in accordance with the terms and conditions of the Notice of Call For Redemption attached hereto as EXHIBIT E2, which terms and conditions are hereby approved and incorporated herein by reference. The Notices of Call For Redemption shall be mailed to the Paying Agent for and the registered owners of the Refunded Bonds not less than thirty (30) days before the redemption date. The form of Notice of Call may contain such additional information or different provisions concerning the redemption as may be requested by the paying agent for the Refunded Bonds or the Escrow Agent.
5.08 Refunded Bonds; Security. Until retirement of the Refunded Bonds, all provisions theretofore made for the security thereof shall be observed by the District and all of its officers and agents.
5.09 Supplemental Resolution. The resolutions of the School Board authorizing the issuance of the Refunded Bonds are hereby supplemented to the extent necessary to give effect to the provisions of this resolution.
Section 6. Rebate to the United States.
6.01 Calculation and Payment. The Issuer acknowledges and confirms that maintenance of the tax exempt status of interest on the Bonds is dependent, among other things, on compliance with the arbitrage requirements set forth in Section 148 of the Code and regulations promulgated thereunder. The Issuer agrees to make such calculations and to make such rebate payments to the United States as and when required by said Section 148 and the regulations promulgated thereunder. In construing this Section 6, all terms used herein shall have the meanings provided in Section 148 of the Code and the regulations promulgated thereunder.
6.02 Opinion of Counsel. Notwithstanding any other provision of this Section 6, any requirement imposed hereunder or under Paragraph 5.06 hereof may be deemed inapplicable and of no force or effect if an opinion of Counsel is rendered to the Issuer by nationally recognized Bond Counsel to the effect that the failure to impose such requirement will not adversely effect the tax exempt status of interest on the Bonds.
6.03 Rebate Obligations; Refunded Bonds. The District’s obligations relating to rebate calculations and payments on the Refunded Bonds shall continue in full force and effect.
Section 7. Certifications, Designations, Defeasance, Arbitrage Reporting.
7.01 Filing of Resolution; County Auditor Certificate. The Clerk is hereby authorized and directed to file with the County Auditor of each county in which the Issuer is located in whole or in part a certified copy of this resolution, together with such other information as said County Auditor shall require, and to obtain from said County Auditor a certificate that the tax required by law for the payment of said Bonds has been levied, and that said Bonds have been entered upon the County Auditor’s Bond Register.
7.02 Defeasance. When all of the Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution shall cease. The Issuer may discharge its obligations with respect to any Bonds which are due on any date by depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full with interest accrued from the due date to the date of such deposit. The Issuer may also discharge all Bonds of said issue at any time by irrevocably depositing in escrow with the Bond Registrar, for the purpose of paying all principal and interest due on such Bonds to maturity, or if prepayable, to an earlier date on which they may be called for redemption, a sum of cash or securities of the types described in Minnesota Statutes, Section 475.67, as amended, in such aggregate amount, bearing interest at such rates and maturing or callable at the Issuer’s option on such dates as shall be required to provide funds sufficient for this purpose.
7.03 Designation as Qualified Tax-Exempt Obligations. The Bonds of this issue are hereby designated as “Qualified Tax-Exempt Obligations” for the purposes of Section 265 of the Code relating to the deduction of interest expenses allocable to the Bonds by financial institutions.
7.04 Authentication of Transcript. The officers of the Issuer and each said County Auditor are hereby authorized and requested to prepare and furnish to the Purchaser of said Bonds, and to the attorneys approving legality of the issuance thereof, certified copies of all proceedings and records of the Issuer relating to said Bonds and to the financial condition and affairs of the Issuer, and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of said Bonds as they appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the Issuer as to the facts recited therein.
7.05 Covenant to Continue Tax Exemption. The Issuer covenants and agrees with the Holders from time to time of the Bonds herein authorized, that it will not take, or permit to be taken by any of its officers, employees or agents, any action which would cause the interest payable on the Bonds to become subject to taxation under the United States Internal Revenue Code, the regulations promulgated thereunder, or any other applicable federal tax law or regulation; and that it will take, or it will cause its officers, employees or agents to take, all affirmative actions within its powers which may be necessary to ensure that such interest will not become subject to taxation under the Internal Revenue Code. The term “Internal Revenue Code” or “Code” as used herein includes the Internal Revenue Code of 1986, as amended, and all regulations, amended regulations and proposed regulations issued thereunder, as now existing, or as hereafter amended or proposed.
7.06 Arbitrage Certification. The Chair and School District Clerk, being the officers of the Issuer charged with the responsibility for issuing the Bonds pursuant to this resolution, are authorized and directed to execute and deliver to the Purchaser an arbitrage certification in order to satisfy the provisions of the Code and the regulations promulgated thereunder.
7.07 Official Statement. The Official Statement relating to the Bonds, on file with the Clerk and presented to this meeting, is hereby approved and deemed final, and the furnishing thereof to prospective purchasers of the Bonds is hereby ratified and confirmed, insofar as the same relates to the Bonds and the sale thereof.
7.08 Information Reporting. For purposes of compliance with the provisions of Section 149(e) of the Code, the Issuer shall submit to the Secretary of the Treasury, not later than the 15th day of the second calendar month after the close of the calendar quarter in which the Bonds are issued, a statement concerning the Bond issue which meets the requirements of Section 149(e) (2).
7.09 Payment of Issuance Expenses. The Issuer authorizes the Purchaser to forward the amount of Bond proceeds allocable to the payment of issuance expenses to U.S. Bank National Association on the closing date for further distribution as directed by the Purchaser.
7.10 Continuing Disclosure. The Chair and the School District Clerk are authorized and directed to execute and deliver a Continuing Disclosure Certificate to assist the Participating Underwriters in complying with SEC Rule 15c2-12(b)(5) for full disclosure (The “Rule”). The Continuing Disclosure Certificate shall be entered into for the benefit of the Holders of the Bonds and shall constitute the written undertaking required by the Rule to provide or cause to be provided to the MSRB, in an electronic format through the use of the Electronic Municipal Market Access system (“EMMA”), the annual financial information specified therein and to give notice of the occurrence of the Listed Events specified therein, each in the manner specified therein, as required by the Rule. The provisions of the Continuing Disclosure Certificate are incorporated herein as though fully specified in this paragraph.
The motion for the adoption of the foregoing resolution was duly seconded by Member Bender, and upon vote being taken thereon, the following voted in favor thereof: Bender, Tormanen, Dahlman, McConkey, Linder, Bjork and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.
Motion by Linder, seconded by McConkey approving Logan Benda’s appointments as Student Representative to the Board. Motion carried unanimously.
Motion by Bender, seconded by McConkey approving alternate dates for the NHS trip to Washington, D.C.. Motion carried unanimously.
The board briefly discussed the November 8 Special Board Meeting. Agenda items will include canvassing the 11-2 board election results and a report by the Curriculum / Activities Director.
Being no further business, the meeting adjourned at 8:08 PM.
Kevin Bjork, Clerk
Published in the Enterprise Dispatch Nov. 29, 2010.

NOTICE OF PUBLIC HEARINGAccessory Bldg. Relocation to 2nd Street SE
Notice is hereby given that the Planning and Zoning Commission will hold a public hearing at 6 p.m. Monday, December 13th, 2010 in the council chamber to consider an application from Chris and Amy Korsbon for a Site plan/Special Use permit to allow relocation of an existing 12 x 16 Accessory building to 415 2nd Street SE. The property is located in an R3 Residential District.
Legal Description/PID
105-500-341226
Sect-34 Twp-119 Range-028
UNPLATTED LAND
BEG AT PT 55FT N OF S LN OF
LT C OF LT A ON PROLONG LN FR
W LN OF BLK 1 GRIFFITH’S 1ST
TH NELY 84FT TO PT 70FT FR S
LN OF SO LT C TH N TO RR R/W
TH W ALG R/W TO PT IN A DIRECT
LN N OF BEG TH S TO POB
EX TR DES ON DOC728405(341233)
ALSO TH PRT OF LT C OF LT A OF
NE1/4 LY&BEING W OF E LN OF
ABV DES TR EXTED S EX THFR
FOL 4 TRS:
TR1-TH PRT OF LT C OF LT A
DES BEG AT PT 55 FT N OF S LN
OF SD LT C ON PROLONG OF W LN
OF BLK 1 OF GRIFFITHS 1ST TH
RUN NELY 84FT TO PT 70FT N FR
SD S LN OF SD LT C TH N TO RR
R/W TH W ALG SD RR R/W LN TO
PT IN DIRECT LN N OF POB TH S
TO POB
TR 2-W33FT OF ALL TH PRT OF SD
LT C LY N OF 2ND ST IN LEES AD
EXTED E
TR 3-TH PRT OF LTS C&D OF LT A
DES COM SE COR OF NE1/4 TH N
89052’10”W ASM E LN BRS NOD41’
37”W 2601.09 FT TH NOD05’49”E
ON LN TH IF EXTED WOULD
INT/SEC NW COR OF SD NE 1/4
1631.79FT TO POB TH CONT NOD
05’49”E ALG SD LN 50 FT TH N90D
0’0”E33FT TH N89D47’25”E 70.06
FT TH N85003’22”E 122.48FT TH
S0D05’49”W 50.19FT TH S85D03’
22”W 120.14FT TH S89D47’25”W
81.39FT TH N89D59’56”W 33FT TO
POB
TR 4-TH PRT OF LTS C&D DES COM
SE COR OF NE1/4 TH N89D52’10”W
2601.09FT TH NOD05’49”E ALG LN
TH IF EXTED WOULD INT/SEC NW
COR OF NE1/4 1356.05FT TO POB
TH CONT NOD05’49”E ALG SD LN
275.74FT TH S89D59’56”E33FT TH
SOD05’49”W 274.80FT TH S89D03’
54”W 33.01FT TO POB
EX TR DES ON DOC760597(341218)
Persons wishing to be heard regarding the accessory building relocation project will have an opportunity to do so at the public hearing. Written comments may be submitted at anytime prior to the commission meeting.
Don Levens
City Administrator
Published in the Enterprise Dispatch Nov. 29, 2010.

Notice of Proposed Property TaxesThe City of Dassel
The Dassel City Council will hold a public hearing on its budget and on the amount of property taxes it is proposing to collect to pay for the costs of services the city will provide in 2011.
Attend the Public Hearing
All Dassel city residents are invited to attend the public hearing of the city council to express their opinions on the budget and on the proposed amount of 2011 property taxes. The hearing will be held on:
Monday, December 6, 2010 at 7:00pm
Dassel City Hall Community Room
460 3rd Street
Dassel, MN
Published in the Enterprise Dispatch Nov. 29, 2010.

PUBLIC NOTICE ORDINANCE AMENDMENTON THE 15th DAY OF NOVEMBER, 2010 AT A DULY AUTHORIZED REGULAR MEETING OF THE DASSEL CITY COUNCIL THE FOLLOWING LANGUAGE WAS ADOPTED AS AN AMENDMENT TO DASSEL CITY CODE SECTION 52.44 USER RATE SCHEDULE OF CHARGES
PARAGRAPH (B) OF DASSEL CITY CODE 52.44 IS AMENDED AS FOLLOWS:
Current Language -
(B) All users shall be charged monthly for sewer services according to their respective December meter reading of the previous year.
Adopted Language –
(B) All single family residential users shall be charged monthly for sewer services according to their respective December meter reading of the previous year. In the event the current resident did not reside in the property during December of the previous year the account shall carry charges according to the current meter reading until such time as the December meter reading is established. All Commercial, Industrial, Institutional, and Multifamily (4 or more residential units) customers shall be charged monthly in accordance with the current monthly meter reading.
I, Myles Mc Grath, City Clerk in and for the City of Dassel, MN do hereby certify that the afore going language is a true and correct copy of the language adopted by the Dassel City Council a duly authorized meeting of that body and as contained in the records of said meeting in my possession. The amendment was made as prescribed by law and shall become effective January 1, 2011, following the publication of said language as herein contained.
Myles Mc Grath
Administrator-Clerk/Treasurer
City of Dassel
Published in the Enterprise Dispatch Nov. 29, 2010.