HomeMy WebLinkAboutResolution No. 2024-101 Awarding the Sale of $3,220,000 GO Housing Improvement Bonds, Series 2024Caron A llison, City Clerk
CERTIFICATION OF MINUTES RELATING TO
$3,065,000 TAXABLE GENERAL OBLIGATION HOUSING IMPROVEMENT BONDS,
SERIES 2024C
Issuer: City of Edina, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on November 19, 2024
at 7:00 o'clock P.M., at the City Hall, Edina, Minnesota.
Members present:
Members absent:
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO.
RESOLUTION AUTHORIZING ISSUANCE, AWARDING
SALE, PRESCRIBING THE FORM AND DETAILS AND
PROVIDING FOR THE PAYMENT OF $3,065,000 TAXABLE
GENERAL OBLIGATION HOUSING IMPROVEMENT
BONDS, SERIES 2024C
I, the undersigned, being the duly qualified and acting recording officer of the public
corporation issuing the bonds referred to in the title of this certificate, certify that the documents
attached hereto, as described above, have been carefully compared with the original records of
said corporation in my legal custody, from which they have been transcribed; that said
documents are a correct and complete transcript of the minutes of a meeting of the governing
body of said corporation, and correct and complete copies of all resolutions and other actions
taken and of all documents approved by the governing body at said meeting, so far as they relate
to said bonds; and that said meeting was duly held by the governing body at the time and place
and was attended throughout by the members indicated above, pursuant to call and notice of such
meeting given as required by law.
WITNESS my hand officially as such recordi officer I -I day of November,
2024.
4871-3471-2306\6
It was reported that three (3) proposals had been received prior to 10:30 A.M., Central
Time today for the purchase of the $3,065,000 Taxable General Obligation Housing
Improvement Bonds, Series 2024C of the City pursuant to the Preliminary Official Statement
distributed to potential purchasers of the Bonds by Ehlers & Associates, Inc., municipal advisor
to the City. The proposals have been read and tabulated, and the terms of each have been
determined to be as follows:
[See Attached]
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IL,1/41ti ..„ EH L E Rs ® PUBIC FINANCE ADVISORS
BID TABULATION
$3,220,000* Taxable General Obligation Housing Improvement Bonds, Series 2024C
City of Edina, Minnesota
SALE: November 19, 2024
AWARD: BAIRD
Rating: Moody's Investor's Service "Aaa"
S&P Global Ratings "AAA"
Taxable - Non-Bank Qualified
NAME OF BIDDER
BAIRD
MATURITY
(February 1)
COUPON
RATE
TRUE
REOFFERING INTEREST
YIELD PRICE RATE
$3,224,747.35 5.0105%
Milwaukee, Wisconsin 2026 5.500% 4.350%
C.L. King & Associates 2027 5.500% 4.350%
Colliers Securities LLC 2028 5.500% 4.370%
Crews & Associates, Inc. 2029 5.500% 4.400%
Edward Jones 2030 5.500% 4.450%
Northland Securities, Inc. 2031 5.500% 4.500%
Commerce Bank, N.A. 2032 5.500% 4.550%
UMB Bank, N.A. 2033 5.500% 4.600%
CADZ Securities Inc 2034 5.500% 4.650%
First Bankers' Banc Securities, Inc. 20352 4.700% 4.750%
Country Club Bank 20362 4.700% 4.750%
Loop Capital Markets 20372 4.800% 4.850%
Lsaak Bond Investments, Inc 20382 4.800% 4.850%
Celadon Financial Group, LLC 20393 4.900% 4.950%
FMS Bonds Inc. 20403 4.900% 4.950%
Alliance Global Partners 20414 5.000% 5.050%
IVintrust Investments, LLC 20424 5.000% 5.050%
First Southern LLC 2043 5.000% 5.080%
Midland Securities 2044 5.000% 5.100%
Dinosaur Financial Group 2045 5.000% 5.120%
Mountainside Securities LLC
StoneX Financial Inc.
United Bankers Bank
Valdes and Moreno
Central States Capital Markets
Blaylock Van, LLC
Carty & Company, Inc.
Caldwell Sutter Capital, Inc.
Subsequent to bid opening the issue size was decreased to S3,065,000.
Adjusted Price: $3,066,858.02 Adjusted Net Interest Cost: $1,899,723.19
$300,000 Term Bond due 2036 with mandatory redemption in 2035.
2 $325,000 Term Bond due 2038 with mandatory redemption in 2037.
3 5360,000 Term Bond due 2040 with mandatory redemption in 2039.
4S400,000 Term Bond due 2042 with mandatory redemption in 2041.
Adjusted TIC: 5.0154%
BUILDING COMMUNITIES. IT'S WHAT WE DO. infor,ehlers•inc.com I (800) 552-1171 www.ehlers•inc.com
4871-3471-2306\6
TRUE
INTEREST
NAME OF BIDDER RATE
PIPER SANDLER & CO. 5.0872%
Chicago, Illinois
BERNARDI SECURITIES, INC. 5.1270%
Chicago, Illinois
Bid Tabulation November 19, 2024
City of Edina, Minnesota
$3,220,000* Taxable General Obligation Housing Improvement Bonds, Series 2024C Page 2
4871-3471-2306\6
Councilmember then introduced the following
resolution and moved its adoption:
RESOLUTION NO. A 0)4- (0
RESOLUTION AUTHORIZING ISSUANCE, AWARDING
SALE, PRESCRIBING THE FORM AND DETAILS AND
PROVIDING FOR THE PAYMENT OF $3,065,000 TAXABLE
GENERAL OBLIGATION HOUSING IMPROVEMENT
BONDS, SERIES 2024C
BE IT RESOLVED by the City Council (the "Council") of the City of Edina, Minnesota
(the "City"), as follows:
Section 1. Authorization and Sale.
1.01. Authorization of Bonds. Pursuant to Resolution No. 2024-81, adopted on October
15, 2024, this Council determined it to be in the best interest of the City to issue and sell its
Taxable General Obligation Housing Improvement Bonds, Series 2024C (the "Bonds"), in the
estimated principal amount of $3,220,000, pursuant to Minnesota Statutes, Chapters 428A and
475, for the purpose of refinancing construction of common area improvements within the Edina
West Housing Improvement Area established by the City and paying costs of issuance of the
Bonds (the "Project"), upon the terms and conditions hereinafter set forth.
1.02. Sale of Bonds. The City has retained Ehlers & Associates, Inc. ("Ehlers"), as
independent municipal advisors in connection with the sale of the Bonds. Pursuant to Minnesota
Statutes, Section 475.60, subdivision 2, paragraph (9), the requirements as to public sale do not
apply to the issuance of the Bonds. Pursuant to the Terms of Proposal and the Preliminary
Official Statement prepared on behalf of the City by Ehlers, sealed or electronic proposals for the
purchase of the Bonds were received at or before the time specified for receipt of proposals. The
proposals have been opened and publicly read and considered and the purchase price, interest
rates and net interest cost under the terms of each proposal have been determined. The most
favorable proposal received is that of Robert W. Baird & Co., Incorporated, in Milwaukee,
Wisconsin (the "Purchaser"), to purchase the Bonds in the principal amount of $3,065,000 at a
purchase price of $3,066,858.02, on the further terms and conditions hereinafter set forth.
1.03. Award.
The proposal is hereby accepted, and the Mayor and the City Manager are hereby
authorized and directed to execute a contract on the part of the City for the sale of the Bonds
with the Purchaser in accordance with the Terms of Proposal. The good faith deposit of the
Purchaser shall be retained and deposited by the City until the Bonds have been delivered and
shall be deducted from the purchase price paid at settlement.
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1.04. Performance of Requirements. All acts, conditions and things which are required
by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapters
428A and 475, as amended, to exist, to happen and to be performed precedent to and in the valid
issuance of the Bonds having been done, now existing, having happened and having been
performed, it is now necessary for the Council to establish the form and terms of the Bonds, to
provide security therefor and to issue the Bonds forthwith.
Section 2. Bond Terms; Registration; Execution and Delivery.
2.01. Maturities; Interest Rates; Denominations; Payment. The Bonds shall be
designated Taxable General Obligation Housing Improvement Bonds, Series 2024C, shall be
originally dated as of December 12, 2024, shall be in the denomination of $5,000 each, or any
integral multiple thereof, shall mature on February 1 in the respective years and amounts stated
below, and shall bear interest, computed on the basis of a 360-day year consisting of twelve 30-
day months, from December 12, 2024, until paid or duly called for redemption at the respective
annual rates set forth opposite such years and amounts, as follows:
Year Amount Rate Year Amount Rate
2026 $ 70,000 5.500% 2036 $ 300,000 4.700%
2027 95,000 5.500 2038 325,000 4.800%
2028 100,000 5.500 2040 360,000 4.900%
2029 105,000 5.500 2042 400,000 5.000%
2030 110,000 5.500 2043 215,000 5.000%
2031 120,000 5.500 2044 225,000 5.000%
2032 125,000 5.500 2045 245,000 5.000%
2033 130,000 5.500
2034 140,000 5.500
The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued
by the Registrar for the Bonds appointed herein.
2.02. Interest Payment Dates. Each Bond shall be dated by the Registrar as of the date of
its authentication. The interest on the Bonds shall be payable on February 1 and August 1 in
each year, commencing August 1, 2025, to the owner of record thereof as of the close of business
on the fifteenth day of the immediately preceding month, whether or not such day is a business
day.
2.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer
agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of
the City and the Registrar with respect thereto shall be as follows:
(a) Register. The Registrar shall keep at its principal corporate trust office a bond
register in which the Registrar shall provide for the registration of ownership of Bonds
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and the registration of transfers and exchanges of Bonds entitled to be registered,
transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by
the registered owner thereof or accompanied by a written instrument of transfer, in form
satisfactory to the Registrar, duly executed by the registered owner thereof or by an
attorney duly authorized by the registered owner in writing, the Registrar shall
authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Bonds of a like aggregate principal amount and maturity, as requested by the
transferor. The Registrar may, however, close the books for registration of any transfer
after the fifteenth day of the month preceding each interest payment date and until such
interest payment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered
owner for exchange the Registrar shall authenticate and deliver one or more new Bonds
of a like aggregate principal amount and maturity, as requested by the registered owner or
the owner's attorney in writing.
(d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be
promptly canceled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When any Bond is presented to the
Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that
the endorsement on such Bond or separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized. The Registrar shall incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person in
whose name any Bond is at any time registered in the bond register as the absolute owner
of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving
payment of, or on account of, the principal of and interest on such Bond and for all other
purposes, and all such payments so made to any such registered owner or upon the
owner's order shall be valid and effectual to satisfy and discharge the liability upon such
Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except
for an exchange upon a partial redemption of a Bond), the Registrar may impose a charge
upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other
governmental charge required to be paid with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become
mutilated or be destroyed, stolen or lost, the 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
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Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges
of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or
lost, upon filing with the Registrar of evidence satisfactory to it that such Bond was
destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the
Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory
to it, in which both the City and the Registrar shall be named as obligees. All Bonds so
surrendered to the Registrar shall be canceled by it and evidence of such cancellation
shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already
matured or been called for redemption in accordance with its terms it shall not be
necessary to issue a new Bond prior to payment.
(i) Authenticating Agent. The Registrar is hereby designated authenticating
agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55,
Subdivision 1, as amended.
(j) Valid Obligations. All Bonds issued upon any transfer or exchange of Bonds
shall be the valid obligations of the City, evidencing the same debt, and entitled to the
same benefits under this Resolution as the Bonds surrendered upon such transfer or
exchange.
2.04. Appointment of Registrar and Paying Agent. The City hereby appoints U.S. Bank
Trust Company, National Association in St. Paul, Minnesota, as the initial Registrar. The Mayor
and City Manager are authorized to execute and deliver, on behalf of the City, a contract with
U.S. Bank Trust Company, National Association, as Registrar. Upon merger or consolidation of
the Registrar with another corporation, if the resulting corporation is a bank or trust company
authorized by law to conduct such business, such corporation shall be authorized to act as
successor Registrar. The City agrees to pay the reasonable and customary charges of the
Registrar for the services performed. The City reserves the right to remove any Registrar upon
thirty (30) days' notice and upon the appointment of a successor Registrar, in which event the
predecessor Registrar shall deliver all cash and Bonds in its possession to the successor
Registrar.
2.05. Redemption. Bonds maturing in 2035 and later years are each subject to
redemption and prepayment at the option of the City, in whole or in part, and if in part in such
order of maturity dates as the City may select and by lot as selected by the Registrar (or, if
applicable, by the bond depository in accordance with its customary procedures) in multiples of
$5,000 as to Bonds maturing on the same date, on February 1, 2034, and on any date thereafter,
at a price equal to the principal amount thereof plus accrued interest to the date of redemption.
Prior to the date specified for the redemption of any Bond prior to its stated maturity date, the
City will cause notice of the call for redemption to be published if and as required by law, and, at
least thirty days prior to the designated redemption date, will cause notice of the call to be mailed
by first class mail (or, if applicable, provided in accordance with the operational arrangements of
the bond depository), to the registered owner of any Bond to be redeemed at the owner's address
as it appears on the Bond Register maintained by the Registrar, but no defect in or failure to give
such mailed notice of redemption shall affect the validity of proceedings for the redemption of
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any Bond not affected by such defect or failure. Official notice of redemption having been given
as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date,
become due and payable at the redemption price therein specified, and from and after such date
(unless the City shall default in the payment of the redemption price) such Bonds or portions of
such Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or
Bonds will be delivered to the registered owner without charge, representing the remaining
principal amount outstanding.
Bonds maturing on February 1, 2036, 2038, 2040, 2042 (the "Term Bonds") shall be
subject to mandatory redemption prior to maturity pursuant to the sinking fund requirements of
this Section 2.05 at a redemption price equal to the stated principal amount thereof plus interest
accrued thereon to the redemption date, without premium. The Registrar shall select for
redemption, by lot or other manner deemed fair, on February 1 in each of the following years the
following stated principal amounts of such Bonds:
Term Bonds Maturing in 2036 Term Bonds Maturing in 2038
Sinking Fund Aggregate Sinking Fund Aggregate
Payment Date Principal Amount Payment Date Principal Amount
2035 $145,000 2037 $160,000
2036* 155,000 2038* 165,000
* stated maturity * stated maturity
Term Bonds Maturing in 2040 Term Bonds Maturing in 2042
Sinking Fund Aggregate Sinking Fund Aggregate
Payment Date Principal Amount Payment Date Principal Amount
2039 $175,000 2041 $195,000
2040* 185,000 2042* 205,000
*stated maturity * stated maturity
Notice of redemption shall be given as provided in the preceding paragraph.
2.06. Execution, Authentication and Delivery. The Bonds shall be prepared under the
direction of the City Finance Director and shall be executed on behalf of the City by the
signatures of the Mayor and the City Manager, provided that all signatures may be printed,
engraved or lithographed facsimiles of the originals. In case any officer whose signature or a
facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the
delivery of any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all
purposes, the same as if he or she had remained in office until delivery. Notwithstanding such
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execution, no Bond shall be valid or obligatory for any purpose or entitled to any security or
benefit under this Resolution unless and until a certificate of authentication on such Bond has
been duly executed by the manual signature of an authorized representative of the Registrar.
Certificates of authentication on different Bonds need not be signed by the same representative.
The executed certificate of authentication on each Bond shall be conclusive evidence that it has
been authenticated and delivered under this Resolution. When the Bonds have been so prepared,
executed and authenticated, the City Finance Director shall deliver them to the Purchaser upon
payment of the purchase price in accordance with the contract of sale heretofore made and
executed, and the Purchaser shall not be obligated to see to the application of the purchase price.
2.07. Form of Bonds. The Bonds shall be typed or printed in substantially the form
attached hereto as Exhibit A.
2.08. Use of Securities Depository; Book-Entry Only System. The provisions of this
Section shall take precedence over the provisions of Sections 2.01 through 2.07 to the extent they
are inconsistent therewith.
(a) The Depository Trust Company ("DTC") has agreed to act as securities depository
for the Bonds, and to provide a Book-Entry Only System for registering the ownership interest of
the financial institutions for which it holds the Bonds (the "DTC Participants"), and for
distributing to such DTC Participants such amount of the principal and interest payments on the
Bonds as they are entitled to receive, for redistribution to the beneficial owners of the Bonds as
reflected in their records (the "Beneficial Owners").
(b) Initially, and so long as DTC or another qualified entity continues to act as securities
depository, the Bonds shall be issued in typewritten form, one for each maturity in a principal
amount equal to the aggregate principal amount of each maturity, shall be registered in the name
of the securities depository or its nominee, shall be subject to the provisions of this Section 2.08,
and no Beneficial Owner shall have the right to receive a certificate of ownership or printed
Bond. While DTC is acting as the securities depository, the Bonds shall be registered in the
name of the DTC's nominee, CEDE & CO; provided that upon delivery by DTC to the City and
the Registrar of written notice to the effect that DTC has determined to substitute a new nominee
in place of CEDE & CO., the words "CEDE & CO." in this Resolution shall refer to such new
nominee of DTC.
With respect to Bonds registered in the name of a securities depository or its nominee, the
City and the Registrar shall have no responsibility or obligation to any DTC Participant or
Beneficial Owner with respect to the following: (i) the accuracy of the records of any securities
depository or its nominee with respect to any ownership interest in the Bonds, (ii) the delivery to
any DTC Participant or other person or any other person, other than DTC, of any notice with
respect to the Bonds, including any notice of redemption, or (iii) the payment to any DTC
Participant or any other person, other than DTC, of any amount with respect to the principal of or
premium, if any, or interest on the Bonds. The Registrar shall pay all principal of and premium,
if any, and interest on the Bonds only to or upon the order of DTC, and all such payments shall
be valid and effective to fully satisfy and discharge the City's obligations with respect to the
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principal and interest on the Bonds to the extent of the sum or sums so paid. So long as the
Book-Entry Only System is in effect, no person other than DTC shall receive an authenticated
Bond.
(c) Upon receipt by the City and the Registrar of written notice from the securities
depository to the effect that it is unable or unwilling to discharge its responsibilities under the
Book-Entry Only System, the Registrar shall issue, transfer and exchange Bonds of the initial
series as requested by the securities depository in appropriate amounts, and whenever the
securities depository requests the City and the Registrar to do so, the City and the Registrar shall
cooperate with the securities depository in taking appropriate action after reasonable notice (i) to
arrange for a substitute depository willing and able, upon reasonable and customary terms, to
maintain custody of the Bonds, or (ii) to make available Bonds registered in whatever name or
names the Beneficial Owner registering ownership transferring or exchanging such Bonds shall
designate, in accordance with clause (f) or clause (g) below, whichever is applicable.
(d) In the event the City determines that it is in the best interests of the Beneficial Owner
that they be able to obtain printed Bonds, the City may so notify the securities depository and the
Registrar, whereupon the securities depository shall notify the Beneficial Owners of the
availability through the securities depository of such printed Bonds. In such event, the City shall
cause to be prepared and the Registrar shall issue, transfer and exchange the printed Bonds fully
executed and authenticated, as requested by the securities depository in appropriate amounts and,
whenever the securities depository requests, the City and the Registrar shall cooperate with the
securities depository in taking appropriate action after reasonable notice to make available
printed Bonds registered on the Bond Register in whatever name or names the Beneficial Owners
entitled to receive Bonds shall designate, in accordance with clause (f) or clause (g) below,
whichever is applicable.
(e) Notwithstanding any other provisions of this Resolution to the contrary, so long as
any Bond is registered in the name of a securities depository or its nominee, all payments of
principal and interest on the Bond and all notices with respect to the Bond shall be made and
given, respectively, to the securities depository.
(f) In the event that the Book-Entry Only System established pursuant to this Section is
discontinued, except as provided in clause (g), the Bonds shall be issued through the securities
depository to the Beneficial Owners.
(g) In the event of termination of the Book-Entry Only System, the City shall have the
right to terminate, and shall take all steps necessary to terminate, all arrangements with the
securities depository described herein, and thereafter shall issue, register ownership of, transfer
and exchange all Bonds as provided in Section 2.03. Upon receipt by the securities depository of
notice from the City, the securities depository shall take all actions necessary to assist the City
and the Registrar in terminating all arrangements for the issuance of documents evidencing
ownership interests in the Bonds through the securities depository. Nothing herein shall affect
the securities depository's rights under clause (e) above.
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Section 3. Taxable General Obligation Housing Improvement Bonds, Series 2024C
Refunding Fund. There is hereby established in the official books and records of the City, a
Taxable General Obligation Housing Improvement Bonds, Series 2024C Refunding Fund (the
"Refunding Fund"). The City hereby appropriates to the Refunding Fund proceeds of the Bonds
in the amount of $3,023,712.27, representing the estimated costs to refinance the Project
($2,982,625.57) and costs of issuance of the Bonds ($41,086.70). The Refunding Fund shall be
used solely to refinance a construction loan for the Project and pay costs of issuance of the
Bonds, including but not limited to the transfer to the Bond Fund created in Section 4 hereof, of
amounts sufficient for the payment of interest due upon the Bonds prior to the completion of the
Project and the payment of the expenses incurred by the City in connection with the issuance of
the Bonds.
Proceeds of the Bonds in the amount of $30,650.00 will be used to pay the City's fee for
establishing the Edina West Housing Improvement Area.
Section 4. Taxable General Obligation Housing Improvement Bonds, Series 2024C
Bond Fund. The Bonds shall be payable from a Taxable General Obligation Housing
Improvement Bonds, Series 2024C Bond Fund (the "Bond Fund"), which the City agrees to
maintain until the Bonds have been paid in full. Into the Bond Fund shall be deposited: (i) the
amounts specified in Section 3 above, after payment of all costs of the Project; (ii) housing fees
received in each bond year from the Edina West Housing Improvement Area; (iii) any additional
funds received by the City from the Edina West Condominium Association (the "Association"),
pursuant to that certain Development Agreement dated as of July 18, 2023 (the "Development
Agreement") for the Project between the City and the Association; (iv) any taxes collected
pursuant to Section 6 hereof; (v) amounts in the Reserve Fund, if necessary, and (vi) any other
funds appropriated by this Council for the payment of the Bonds.
If the balance in the Bond Fund is at any time insufficient to pay all interest and principal
then due on all Bonds payable therefrom, the payment shall be made from any fund of the City
which is available for that purpose, subject to reimbursement from the Surplus Account when the
balance therein is sufficient, and the City covenants and agrees that it will each year levy a
sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency,
which levy is not subject to any constitutional, statutory or charter limitation.
Section 5. Taxable General Obligation Housing Improvement Bonds, Series 2024C
Reserve Fund. There is hereby established in the official books and records of the City, a
Taxable General Obligation Housing Improvement Bonds, Series 2024C Reserve Fund (the
"Reserve Fund"). Forthwith upon delivery of the Bonds, there shall be deposited in the Reserve
Fund proceeds of the Bonds in the amount of $12,495.75. Moneys on hand in the Reserve Fund
shall be used only to pay maturing principal and interest on the Bonds when moneys in the Bond
Fund are insufficient therefore, provided that moneys on hand in the Reserve Fund may be
applied by the City to the payment or discharge of the Bonds at any time when the Bonds are to
be discharged or paid and the total of moneys on hand in the Reserve Fund and the Bond Fund
plus any other moneys irrevocably appropriated by the City for the purpose are sufficient to pay
or discharge all such Bonds.
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Section 6. Full Faith and Credit Pledged. The full faith and credit of the City are
irrevocably pledged for the prompt and full payment of the principal of and the interest on the
Bonds, and the Bonds shall be payable from the Bond Fund in accordance with the provisions
and covenants contained in this Resolution. It is presently estimated that the housing fees
received in each bond year from the Edina West Housing Improvement Area, together with any
other funds received by the City from the Association pursuant to the Development Agreement,
will be collected in amounts not less than five percent (5%) in excess of the annual principal and
interest requirements of the Bonds. However, the City covenants that if the principal of and
interest on any Bond is not paid in full when due, the City will levy an ad valorem tax upon all
taxable property within its corporate limits in an amount sufficient to pay such principal and
interest.
Section 7. Defeasance. When all of the Bonds have been discharged as provided in this
section, all pledges, covenants and other rights granted by this Resolution to the holders of the
Bonds shall cease. The City may discharge its obligations with respect to any Bonds which are
due on any date by depositing with the Registrar on or before that date a sum sufficient for the
payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be
discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with
interest accrued from the due date to the date of such deposit. The City may also discharge its
obligations with respect to any prepayable Bonds called for redemption on any date when they
are prepayable according to their terms, by depositing with the Registrar on or before that date an
amount equal to the principal, interest and redemption premium, if any, which are then due,
provided that notice of such redemption has been duly given as provided herein. The City may
also at any time discharge its obligations with respect to any Bonds, subject to the provisions of
law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow,
with a bank or trust company qualified by law as an escrow agent for this purpose, cash or
securities which are authorized by law to be so deposited, bearing interest payable at such time
and at such rates and maturing or callable at the holder's option on such dates as shall be
required to pay all principal, interest and redemption premiums to become due thereon to
maturity or said redemption date.
Section 8. County Auditor Registration, Certification of Proceedings, and Official
Statement.
8.01. County Auditor Registration. The City Clerk is hereby authorized and directed to
file a certified copy of this Resolution with the County Auditor of Hennepin County, together
with such other information as the County Auditor shall require, and to obtain from said County
Auditor a certificate that the Bonds have been entered on such officer's bond register as required
by law.
8.02. Certification of Proceedings. The officers of the City and the County Auditor of
Hennepin County are hereby authorized and directed to prepare and furnish to the Purchaser and
to Dorsey & Whitney LLP, Bond Counsel to the City, certified copies of all proceedings and
records of the City, and such other affidavits, certificates and information as may be required to
show the facts relating to the legality and marketability of the Bonds as the same appear from the
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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 City as to the facts recited therein.
8.03. Official Statement. The Preliminary Official Statement relating to the Bonds,
prepared and distributed on behalf of the City by Ehlers and Associates, Inc., is hereby approved.
Ehlers is hereby authorized on behalf of the City to prepare and distribute to the Purchaser a
Final Official Statement listing the offering price, the interest rates, other information relating to
the Bonds required to be included in the Official Statement by Rule 15c2-12 adopted by the
Securities and Exchange Commission under the Securities Exchange Act of 1934. Within seven
business days from the date hereof, the City shall deliver to the Purchaser a reasonable number
of copies of the Final Official Statement. The officers of the City are hereby authorized and
directed to execute such certificates as may be appropriate concerning the accuracy,
completeness and sufficiency of the Final Official Statement.
Section 9. Continuing Disclosure. (a) Purpose and Beneficiaries. To provide for the public
availability of certain information relating to the Bonds and the security therefor and to permit
the Purchaser and other participating underwriters in the primary offering of the Bonds to
comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities
Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to continuing disclosure (as in effect
and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds,
the City hereby makes the following covenants and agreements for the benefit of the Owners (as
hereinafter defined) from time to time of the Outstanding Bonds. The City is the only obligated
person in respect of the Bonds within the meaning of the Rule for purposes of identifying the
entities in respect of which continuing disclosure must be made. If the City fails to comply with
any provisions of this section, any person aggrieved thereby, including the Owners of any
Outstanding Bonds, may take whatever action at law or in equity may appear necessary or
appropriate to enforce performance and observance of any agreement or covenant contained in
this section, including an action for a writ of mandamus or specific performance. Direct,
indirect, consequential and punitive damages shall not be recoverable for any default hereunder
to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no
event shall a default under this section constitute a default under the Bonds or under any other
provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a
Bond, the registered owner or owners thereof appearing in the bond register maintained by the
Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner
provides to the Registrar evidence of such beneficial ownership in form and substance
reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a
Bond, any person or entity which (i) has the power, directly or indirectly, to vote or consent with
respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds
through nominees, depositories or other intermediaries), or (ii) is treated as the owner of the
Bond for federal income tax purposes.
(b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection
(c) hereof, either directly or indirectly through an agent designated by the City, the following
information at the following times:
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(1) on or before twelve months after the end of each fiscal year of the City,
commencing with the fiscal year ending December 31, 2024, the following
financial information and operating data in respect of the City (the Disclosure
Information):
(A) the audited financial statements of the City for such fiscal year, prepared
in accordance with the governmental accounting standards promulgated by
the Governmental Accounting Standards Board or as otherwise provided
under Minnesota law, as in effect from time to time, or, if and to the extent
such financial statements have not been prepared in accordance with such
generally accepted accounting principles for reasons beyond the
reasonable control of the City, noting the discrepancies therefrom and the
effect thereof, and certified as to accuracy and completeness in all material
respects by the fiscal officer of the City; and
(B) to the extent not included in the financial statements referred to in
paragraph (A) hereof, the information for such fiscal year or for the period
most recently available of the type contained in the Official Statement
under headings: "VALUATIONS — Current Property Valuations;" "DEBT
— Direct Debt;" "TAX LEVIES, COLLECTIONS AND RATES — Tax
Levies and Collections;" "GENERAL INFORMATION — U.S. Census
Data — Population Trend;" and "— Employment/Unemployment Data;"
which information may be unaudited.
Notwithstanding the foregoing paragraph, if the audited financial statements are not available by
the date specified, the City shall provide on or before such date unaudited financial statements in
the format required for the audited financial statements as part of the Disclosure Information and,
within 10 days after the receipt thereof, the City shall provide the audited financial statements.
Any or all of the Disclosure Information may be incorporated by reference, if it is updated as
required hereby, from other documents, including official statements, which have been filed with
the SEC or have been made available to the public on the Internet Web site of the Municipal
Securities Rulemaking Board (MSRB). If the document incorporated by reference is a final
official statement, it must be available from the MSRB. The City shall clearly identify in the
Disclosure Information each document so incorporated by reference. If any part of the
Disclosure Information can no longer be generated because the operations of the City have
materially changed or been discontinued, such Disclosure Information need no longer be
provided if the City includes in the Disclosure Infomiation a statement to such effect; provided,
however, if such operations have been replaced by other City operations in respect of which data
is not included in the Disclosure Information and the City determines that certain specified data
regarding such replacement operations would be a Material Fact (as defined in paragraph (2)
hereof), then, from and after such determination, the Disclosure Information shall include such
additional specified data regarding the replacement operations. If the Disclosure Information is
changed or this section is amended as permitted by this paragraph (b)(1) or subsection (d), then
the City shall include in the next Disclosure Information to be delivered hereunder, to the extent
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necessary, an explanation of the reasons for the amendment and the effect of any change in the
type of financial information or operating data provided.
(2) In a timely manner not in excess of ten business days after the occurrence of the
event, notice of the occurrence of any of the following events (each a Material
Fact):
(A) Principal and interest payment delinquencies;
(B) Non-payment related defaults, if material;
(C) Unscheduled draws on debt service reserves reflecting financial
difficulties;
(D) Unscheduled draws on credit enhancements reflecting financial
difficulties;
(E) Substitution of credit or liquidity providers, or their failure to perform;
(F) Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue
(IRS Form 5701-TEB) or other material notices or determinations with
respect to the tax status of the security, or other material events affecting
the tax status of the security;
(G) Modifications to rights of security holders, if material;
(H) Bond calls, if material, and tender offers;
(I) Defeasances;
(J) Release, substitution, or sale of property securing repayment of the
securities, if material;
(K) Rating changes;
(L) Bankruptcy, insolvency, receivership or similar event of the obligated
person;
(M) The consummation of a merger, consolidation, or acquisition involving an
obligated person or the sale of all or substantially all of the assets of the
obligated person, other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination
of a definitive agreement relating to any such actions, other than pursuant
to its terms, if material;
(N) Appointment of a successor or additional trustee or the change of name of
a trustee, if material;
(0) Incurrence of a financial obligation of the obligated person, if material, or
agreement to covenants, events of default, remedies, priority rights, or
other similar terms of a financial obligation of the obligated person, any of
which affect security holders, if material; and
(P) Default, event of acceleration, termination event, modification of terms, or
other similar events under the terms of a financial obligation of the
obligated person, any of which reflect financial difficulties.
For purposes of the events identified in paragraphs (0) and (P) above, the term "financial
obligation" means (i) a debt obligation; (ii) a derivative instrument entered into in connection
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with, or pledged as security or a source of payment for, an existing or planned debt obligation; or
(iii) a guarantee of (i) or (ii). The term "financial obligation" shall not include municipal
securities as to which a final official statement has been provided to the MSRB consistent with
the Rule.
As used herein, for those events that must be reported if material, an event is "material" if it is an
event as to which a substantial likelihood exists that a reasonably prudent investor would attach
importance thereto in deciding to buy, hold or sell a Bond or, if not disclosed, would
significantly alter the total information otherwise available to an investor from the Official
Statement, information disclosed hereunder or information generally available to the public.
Notwithstanding the foregoing sentence, an event is also "material" if it is an event that would be
deemed material for purposes of the purchase, holding or sale of a Bond within the meaning of
applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the
event.
For the purposes of the event identified in (L) hereinabove, the event is considered to occur when
any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an
obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding
under state or federal law in which a court or governmental authority has assumed jurisdiction
over substantially all of the assets or business of the obligated person, or if such jurisdiction has
been assumed by leaving the existing governing body and officials or officers in possession but
subject to the supervision and orders of a court or governmental authority, or the entry of an
order confirming a plan of reorganization, arrangement or liquidation by a court or governmental
authority having supervision or jurisdiction over substantially all of the assets or business of the
obligated person.
(3)
In a timely manner, notice of the occurrence of any of the following events or
conditions:
(A) the failure of the City to provide the Disclosure Information required
under paragraph (b)(1) at the time specified thereunder;
(B) the amendment or supplementing of this section pursuant to subsection
(d), together with a copy of such amendment or supplement and any
explanation provided by the City under subsection (d)(2);
(C) the termination of the obligations of the City under this section pursuant to
subsection (d);
(D) any change in the accounting principles pursuant to which the financial
statements constituting a portion of the Disclosure Information are
prepared; and
(E) any change in the fiscal year of the City.
(c) Manner of Disclosure.
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(1) The City agrees to make available to the MSRB, in an electronic format as
prescribed by the MSRB from time to time, the information described in
subsection (b).
(2) All documents provided to the MSRB pursuant to this subsection (c) shall be
accompanied by identifying information as prescribed by the MSRB from time to
time.
(d) Term; Amendments; Interpretation.
(1) The covenants of the City in this section shall remain in effect so long as any
Bonds are Outstanding. Notwithstanding the preceding sentence, however, the
obligations of the City under this section shall terminate and be without further
effect as of any date on which the City delivers to the Registrar an opinion of
Bond Counsel to the effect that, because of legislative action or final judicial or
administrative actions or proceedings, the failure of the City to comply with the
requirements of this section will not cause participating underwriters in the
primary offering of the Bonds to be in violation of the Rule or other applicable
requirements of the Securities Exchange Act of 1934, as amended, or any statutes
or laws successory thereto or amendatory thereof.
(2) This section (and the form and requirements of the Disclosure Information) may
be amended or supplemented by the City from time to time, without notice to
(except as provided in paragraph (c)(3) hereof) or the consent of the Owners of
any Bonds, by a resolution of this Council filed in the office of the recording
officer of the City accompanied by an opinion of Bond Counsel, who may rely on
certificates of the City and others and the opinion may be subject to customary
qualifications, to the effect that: (i) such amendment or supplement (a) is made in
connection with a change in circumstances that arises from a change in law or
regulation or a change in the identity, nature or status of the City or the type of
operations conducted by the City, or (b) is required by, or better complies with,
the provisions of paragraph (b)(5) of the Rule; (ii) this section as so amended or
supplemented would have complied with the requirements of paragraph (b)(5) of
the Rule at the time of the primary offering of the Bonds, giving effect to any
change in circumstances applicable under clause (i)(a) and assuming that the Rule
as in effect and interpreted at the time of the amendment or supplement was in
effect at the time of the primary offering; and (iii) such amendment or supplement
does not materially impair the interests of the Bondowners under the Rule.
If the Disclosure Information is so amended, the City agrees to provide,
contemporaneously with the effectiveness of such amendment, an explanation of
the reasons for the amendment and the effect, if any, of the change in the type of
financial information or operating data being provided hereunder.
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(3) This section is entered into to comply with the continuing disclosure provisions of
the Rule and should be construed so as to satisfy the requirements of paragraph (b)(5) of
the Rule.
Issuance of the Bonds. The
c eds allocable to the payment
the closing date for further
ciates, Inc.
Section 10. Authorization of Payment of Certain Costs
City authorizes the Purchaser to forward the amount of Bond pr
of issuance expenses to Wells Fargo Bank, National Associatio 1, 0
distribution as directed by the City's municipal advisor, Ehlers
Adopted this 19th day of November, 2024.
Mayor "."-4
Attest:
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember I( fi-05Z.
voted in favor thereof: RI' rat, P-k%StSi *14-(-°14.
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
and upon vote being taken thereon, the following
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EXHIBIT A
BOND FORM
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDINA
TAXABLE GENERAL OBLIGATION HOUSING IMPROVEMENT BOND, SERIES 2024C
R- $
Interest Maturity Date of
Rate Date Original Issue CUSIP
February 1, 20_ December 12, 2024
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
THE CITY OF EDINA, Hennepin County, Minnesota (the "City"), acknowledges itself
to be indebted and for value received hereby promises to pay to the registered owner named
above, or registered assigns, the principal sum specified above on the maturity date specified
above, and to pay interest thereon from the date of original issue specified above, or the most
recent interest payment date to which interest has been paid or provided for, at the annual rate
specified above, payable on February 1 and August 1 in each year, commencing August 1, 2025
(each such date, an "Interest Payment Date"), to the person in whose name this Bond is
registered at the close of business on the 15th day (whether or not a business day) of the month
immediately preceding the payment date, all subject to the provisions referred to herein with
respect to redemption of the principal of this Bond before maturity. The interest so payable on
any Interest Payment Date shall be paid to the person in whose name this Bond is registered at
the close of business on the fifteenth day (whether or not a business day) of the calendar month
next preceding such Interest Payment Date. Interest hereon shall be computed on the basis of a
360-day year composed of twelve 30-day months. The interest hereon and, upon presentation
and surrender hereof, the principal hereof are payable in lawful money of the United States of
America by check or draft by U.S. Bank Trust Company, National Association in St. Paul,
Minnesota, as Bond Registrar, Transfer Agent and Paying Agent (the "Registrar"), or its
designated successor under the resolution described herein. For the prompt and full payment of
such principal and interest as the same respectively become due, the full faith and credit and
taxing powers of the City have been and are hereby irrevocably pledged.
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4871-3471-2306\6
This Bond is one of an issue in the aggregate principal amount of $3,065,000, all of like
date and tenor, except as to serial number, maturity date, interest rate, redemption privilege and
denomination issued pursuant to a resolution adopted by the City Council on November 19, 2024
(the "Resolution"), to refinance construction of common area improvements within the Edina
West Housing Improvement Area established by the City, and is issued pursuant to and in full
conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto
enabling, including Minnesota Statutes, Chapters 428A and 475. The Bonds are issuable only as
fully registered bonds in denominations of $5,000 or any multiple thereof, of single maturities.
The Bonds of this series are issuable only as fully registered Bonds, in denominations of $5,000
or any multiple thereof, of single maturities.
Bonds maturing in 2035 and later years are each subject to redemption and prepayment at
the option of the City, in whole or in part, and if in part in such order of maturity dates as the
City may select and by lot as selected by the Registrar (or, if applicable, by the bond depository
in accordance with its customary procedures) in multiples of $5,000 as to Bonds maturing on the
same date, on February 1, 2034, and on any date thereafter, at a price equal to the principal
amount thereof plus accrued interest to the date of redemption.
Bonds maturing in the years 2036, 2038, 2040, 2042 shall be subject to mandatory
redemption prior to maturity by lot pursuant to the mandatory sinking fund requirements of the
Resolution on February 1 in the years and in the principal amounts set forth in the Resolution at a
redemption price equal to the stated principal amount thereof to be redeemed plus interest
accrued thereon to the redemption date, without premium.
At least thirty days prior to the date set for redemption of any Bond, notice of the call for
redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be
redeemed at his address appearing in the Bond Register, but no defect in or failure to give such
mailed notice of redemption shall affect the validity of the proceedings for the redemption of any
Bond not affected by such defect or failure. Official notice of redemption having been given as
aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on the redemption date,
become due and payable at the redemption price herein specified and from and after such date
(unless the City shall default in the payment of the redemption price) such Bond or portions of
Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or
Bonds will be delivered to the registered owner without charge, representing the remaining
principal amount outstanding.
As provided in the Resolution and subject to certain limitations set forth therein, this
Bond is transferable upon the books of the City at the principal office of the Registrar, by the
registered owner hereof in person or by the owner's attorney duly authorized in writing upon
surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly
executed by the registered owner or the owner's attorney; and may also be surrendered in
exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City
will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of
the same aggregate principal amount, bearing interest at the same rate and maturing on the same
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date, subject to reimbursement for any tax, fee or governmental charge required to be paid with
respect to such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this Bond is
registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the City nor the Registrar shall be
affected by any notice to the contrary.
Notwithstanding any other provisions of this Bond, so long as this Bond is registered in
the name of Cede & Co., as nominee of The Depository Trust Company, or in the name of any
other nominee of The Depository Trust Company or other securities depository, the Registrar
shall pay all principal of and interest on this Bond, and shall give all notices with respect to this
Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of
The Depository Trust Company or other securities depository as agreed to by the City.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota to be done,
to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order
to make it a valid and binding general obligation of the City in accordance with its terms, have
been done, do exist, have happened and have been performed as so required; that prior to the
issuance hereof the City has by the Resolution agreed to collect and apply to payment of the
Bonds certain housing improvement fees, which fees are estimated to be collectible in years and
amounts sufficient to produce sums not less than 5% in excess of the principal of and interest on
the Bonds when due, and has appropriated such fees to its Bond Fund for the payment of such
principal and interest; that if necessary for the payment of such principal and interest, ad valorem
taxes are required to be levied upon all taxable property in the City, without limitation as to rate
or amount; that all proceedings relative to the projects financed by this Bond have been or will
be taken according to law and that the issuance of this Bond, together with all other indebtedness
of the City outstanding on the date hereof and on the date of its actual issuance and delivery,
does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of
indebtedness..
This Bond shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under the Resolution described herein until the Certificate of Authentication
hereon shall have been executed by the Registrar by manual signature of one of its authorized
representatives.
IN WITNESS WHEREOF, the City of Edina, Hennepi i. County, Minnesota, by its City
Council, has caused this Bond to be executed on its behalf by h manual or facsimile signatures
of the Mayor and City Manager, and has caused this Bond to b ated as of the Date of Original
Issue set forth above.
Mayor zp‘p_vt,sQ.}im
4871-3471-2306\6
PtYL
A-3
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication:
U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION,
as Registrar
By
Authorized Representative
The following abbreviations, when used in the inscription on the face of this Bond, shall
be construed as though they were written out in full according to applicable laws or regulations:
TEN COM --
TEN ENT --
JT TEN --
as tenants UTMA Custodian
in common (Cust) (Minor)
under Uniform Transfers to Minors Act
as tenants (State)
by entireties
as joint tenants with
right of survivorship and
not as tenants in common
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
the
within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney to
transfer the within Bond on the books kept for registration thereof, with full power of
substitution in the premises.
Dated:
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4871-3471-2306\6
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER NOTICE: The signature(s) to this assignment
OF ASSIGNEE: must correspond with the name as it appears upon
the face of the within Bond in every particular,
without alteration, enlargement or any change
/ / whatsoever.
Signature(s) must be guaranteed by an
"eligible guarantor institution" meeting the
requirements of the Bond Registrar, which
requirements include membership or participation
in the Securities Transfer Association Medalion
Program (STAMP) or such other "signature
guaranty program" as may be determined by the
Bond Registrar in addition to or in substitution
for STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.
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4871-3471-2306\6
COUNTY AUDITOR'S CERTIFICATE
AS TO REGISTRATION
The undersigned, being the duly qualified and acting County Auditor of Hennepin
County, Minnesota, hereby certifies that there has been filed in my office a certified copy of a
resolution duly adopted on November 19, 2024, by the City Council of the City of Edina,
Minnesota, setting forth the form and details of an issue of $3,065,000 Taxable General
Obligation Housing Improvement Bonds, Series 2024C, dated as of December 12, 2024.
I further certify that said Bonds have been entered on my bond register as required by
Minnesota Statutes, Sections 475.62 and 475.63.
WITNESS my hand and official seal this day of , 2024.
County Auditor
(SEAL)
4871-3471-2306\6