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Home My WebLink AboutBoard of Commissioners - Minutes - 02/17/19930 0 0 Minutes of the OTTER TAIL COUNTY BOARD OF CONNISSIORERS commissioners• Room, Floor 1-B Otter Tail County courthouse Wednesday, February 17, 1993 9130 a.m. Call to Order The otter Tail County Board of CoDllllissioners convened Wednesday, February 17, 1993, at 9:30 a.m. at the Otter Tail County Courthouse with CoDllllissioners Malcolm Lee, Chairman; Andy Lindquist, Harley Windels, Bill Stone and Virginia Portmann present. Approval of Minutes Motion by Stone, seconded Portmann and unanimously carried to approve the minutes of February 10, 1993, as submitted. Tax Statement Nailer Insert Motion by Portmann, seconded Lindquist and unanimously carried to approve the tax statement mailer insert as presented by Marie Tysdal, Public Information Officer, with input from Bill Kalar, Land & Resource Director and Steve Andrews, Treasurer. Employee Years of Service Certificates Employees• CoDllllittee Chairman, Terry Hoff, along with member Jan Brooberg, presented certificates to a number of Otter Tail County employees. These certificates acknowledged five, ten, fifteen, twenty and thirty years of service. Board of Commissioners' Meeting Change Motion by Windels, seconded stone and unanimously carried to change the date for the regularly scheduled Board of Commissioners' meeting from Tuesday, March 2, 1993, to Wednesday, March 3, 1993, because of conflict with the East Otter Tail County Township Officers' Association meeting, scheduled for 1:30 p.m. on March 2. Approval to Pay Bills Motion by Windels, seconded Stone and unanimously carried to approve the payment of bills per Attachment A of these minutes. 1986 Highway Bond Refinancing Motion by Lindquist, seconded Stone and unanimously carried to authorize Chairman Lee to execute a lengthy resolution, pending review and approval by the County Attorney. This resolution awards the sale of $2,745,000 General Obligation State Aid Highway Refunding Bonds of 1993; fixes their form and specifications; directs their execution and 0 0 otter Tail County Board of Cornmiaai6~tf~ February 17, 1993 Page 2 delivery; provides for their payment; provides for the escrowing and investment of the proceeds thereof; and provides for the redemption of bonds refunded thereby. Adopted this 17th day of February, 1993, at Fergus Falla, MN. Dated,..J{,/2,µ1/ 4,J/, Jq~ , OTTER TAIL COUTY BOARD OF COMMISSIONERS ·Attest: Larry Note: This resolution, executed by Chairman Lee, is available for inspection at the Coordinator's Office. The refinancing of the 1986 Highway Bonda resulted in a minimum Total Debt Savings of $108,021 for Otter Tail County. Soil Boring: Schmidt's Bridge Project Motion by Lindquist, seconded Windels and unanimously carried to authorize the Highway Engineer to enter into an agreement with Braun Intertec Engineering, Inc. of St. Cloud, MN, to conduct soil boring and geotechnical evaluation on the bridge abutments for the Schmidt's Bridge Project at a proposed cost of $2,985. Bid Opening: 1993 Highway Sings & Posts The Highway Engineer, having previously advertised for bids to be opened on 1993 Highway Signing Materials, opened the following bids: Gopher Sign Company st. Paul, MN M-R Sign Company, Inc. Fergus Falls, MN $29,419.50 $24,754.50 The Highway Engineer requested time to review the bids to make a recommendation at the Board meeting on February 24, 1993. Highway Equipment: Advertise for Bids Motion by Partmann, seconded Lindquist and unanimously carried to authorize the Highway Engineer to advertise for bids for a frontend loader. Bid opening at 1:00 p.m. on March 23, 1993. Motion by Partmann, seconded Stone and unanimously carried to authorize the Highway Engineer to advertise for bids for rubberized crackfiller equipment. Bid opening is set for 1:00 p.m. on March 23, 1993. Conditional Use Applications Motion by Stone, seconded Partmann and unanimously carried to accept the recommendation of the Planning Commission and approve the conditional use application of Folden Township -Unnamed Lake. 0 Q () ?tter Tail County Board of Commissioners February 17, 1993 Page 3'' , Motion by Partmann, seconded Lindquist and unanimously carried to uphold the recommendation of the Planning Commission and approve the conditional use application of John Donelan (People of a Sacred Place, Inc.), West Battle Lake, subject to the following additional conditions: 1. That the State of Minnesota, should it deem necessary to erect a water control structure, be allowed to acquire the necessary property from People of a sacred Place, Inc.; and 2. That a permanent sanitary facility, meeting Shoreland regulations, be installed on site; and 3. That the by-laws of the People of a Sacred Place, Inc. designate an individual or caretaker to respond to possible complaints/nuisances as they may occur at the site. Sewage Disposal Cleaners/Installers License Renewals Motion by Windels, seconded Lindquist and unanimously carried to approve the following Sewage Disposal Cleaners/Installers License renewals: Clean·ers: Installers: Al Dahl Construction, Al Dahl Fergus Power Pump, Roland Okerstrom Greg's Septic Service, Greg Kramer Lake Construction, John Lake Super Sucker, Wayne Johnson Al Dahl Construction, Al Dahl Bluffton Hardware, Dan Wegscheid Esser Plumbing & Htg., Joseph Esser Lake Region Well Drilling & Exe., Randy Vareberg Lake Sand & Gravel, Lloyd Hendershot McGowan Clearing & Sodding, Melvin McGowan P.J. Excavating & Concrete, Pourrier & Jorgenson Adjournment Closed to the Public At 2:21 p.m. Chairman Lee declared the meeting adjourned and closed to the public for the purpose of evaluating the performance of individuals subject to its authority pursuant to M,S. 471.705, Subd. ld,(d), The performances being evaluated were those of Bill Kalar, Land & Resource Director and Mike Hanan, Solid Waste Director. A summary report of conclusions. regarding the evaluations will be provided at the next regular Board meeting. The next scheduled meeting for the Otter Tail County Board of commissioners is 1:00 p.m. on Wednesday, February 24, 1993. Larry cb:kal Attachments AIL COUNTY BOARD ~F 507-IONERS /4/4 /~ . Chairman 0 -' Otter Tail County Board of Commissioners 'February 17, 1993 Page 4, Attachment A VENDOR NAME ....••...•......•.•..... A-1 LOCK AND KEY A.M.I. AMERICAN BUSINESS FORMS AMERICAN INFORMATION SYSTEMS AMOCO OIL COMPANY ANDERSON LAND SURVEYING INC. ARCHIE'S PLACE ARCHIES AREA BACKBONE COMMUNICATIONS AUTO SAFETY SERVICE BALLARD SANITATION INC. BATTLE LAKE AUTO PARTS BATTLE LAKE FARMERS UNION OIL BATTLE LAKE FARMERS UNION OIL BECKER CO SHERIFF DEPT BEST INC. BEST INC. BIG A AUTO PARTS BILL'S AMOCO SERVICE BRAD BOTNER EXCAVATING BRANDON COMMUNICATIONS BRANDON COMMUNICATIONS BRETZ HARDWARE BROGARD PLUMBING CO. BUREAU OF BUSINESS PRACTICE BURGESS INTERNATIONAL GROUP BUSINESS RECORDS CORPORATION CARLSON OIL CO INC CARQUEST AUTO PARTS CASH AND DASH CATHERINE'S CONST. SRVCS. CHRISTENSON,DENNIS CO-OP SERVICES INC COAST TO COAST STORE-P COFFEE CUP FUEL STOP COMMISSIONER OF TRANSPORTATION COMPUTERVISION CORPORATION CONSTRUCTION BULLETIN COOPER'S OFFICE SUPPLY INC. COOPER'S OFFICE SUPPLY INC. COOPER,DENZIL COPY EQUIPMENT INC. CRANE JOHNSON LUMBER CO. CUTLER MAGNER COMPANY DACOTAH PAPER COMPANY DAILY JOURNAL, THE DAKOTAH TRUCK EQUIPMENT DALQUIST,RICHARD DALTON MOBIL & BAIT DALTON MOBIL & BAIT DCA INC. DENNY'S ENTERPRISES INC. CHECK AMOUNT 3.82 32.10 3232.46 5000.00 133.05 560.00 7.97 158.79 1028.88 35.95 29.31 83.99 239.66 1129.10 22.10 12.00 16.00 54.26 28.70 260.00 171.34 147.00 50.95 198.14 116.57 283.58 306.68 139.89 108.91 569.21 27.42 720.00 1086.24 14.06 38.25 43.20 2410.32 115.00 838.92 398.60 35.73 30.23 24.08 12929.00 505.62 56.34 293.86 25.00 108.12 56.61 41.25 165.11 0 Q ~ ·otter Tail County Board of Commissioriers February 17, 1993 Page 5, Attachment A VENDOR NAME .••.....•... , •.......... DENT HOMECENTER & HARDWARE DICTAPHONE DIVERSION AUTO DOUG'S FRONTIER ELDERS RADIO COMM. INC. ELECTRIC MOTOR SERVICE ELLENSON'S BODY SHOP EMPIRE BUSINESS MACHINES EXHAUST PROS FAITH AND FELLOWSHIP PRESS FARNAM TIRE CENTER FERGUS FALLS DAILY JOURNAL FERGUS FALLS POLICE DEPT FERGUS FALLS,CITY OF FERGUS TIRE CENTER FERRELLGAS FIHN,THOMAS FOSSEN OIL & PROPANE FREDERICK,G. A. G. N. EVENSON INC. GALAXY COMPUTER SERVICES GEHRKE CONSTRUCTION GEISER,DONNA GENE'S STANDARD SERVICE GERALD N. EVENSON INC. GIRARD'S BUSINESS MACHINES INC GRIPENTROG,LARRY HALL GMC INC. HANSON'S PLUMBING & HEATING HENDRICKX IMPLEMENT HENKES,WILLIAM HENNING ADVOCATE HENNING ADVOCATE INC,,THE HENNING TRUSTWORTHY HDWE. HOLIDAY HOOLEON CORPORATION HOVDEN'S TREE CARE SERVICE INDEPENDENT SCHOOL DISTRICT INDEPENDENT,THE INDIANHEAD SPECIALTY INFORMATION SYSTEMS CORP. INLAND TRUCK PARTS CO, JAMAR TECHNOLOGIES INC. JIM BORTNEM ENT. INC. JIM'S SERVICE JK SALES KERR,JEFFREY LARRY OTT INC TRUCK SERVICE LAWSON PRODUCTS INC. LINDQUIST,ANDY LITTLE FALLS MACHINE INC. MARIPOSA PUBLISHING CHECK AMOUNT 2.44 1488.82 90.43 58.53 99.00 31.10 25.02 254.54 62.68 114.92 70.11 63.36 4350.59 7.76 208.00 197,62 500.00 541.83 12.50 13.55 245.00 102.39 129.69 61.27 199,51 135.31 10.00 646.01 41.95 8.60 4.89 39.58 19.50 99.00 1619.85 81.00 425.00 19.00 91.21 33.08 86.99 61.18 65.41 960.00 1913.00 312.50 352.06 475.00 89.55 146.79 882.34 41.64 . . 0 Q Otter Tail county Board of comrnissioriers February 17, 1993 Page 6, Attachment A VENDOR NAME ......•..........••..... MEYER'S SERVICE STATION MID AMERICA POWER DRIVES MIDWEEK,THE MINNESOTA BLUEPRINT MISSISSIPPI TOOL SUPPLY INC. MN DEPT OF PUBLIC SAFETY MN MOTOR COMPANY MN STATE AUDITOR MN STATE BAR ASSOCIATION NAPA AUTO PARTS NATIONAL BUSHING & PARTS CO. NATIONAL RIFLE ASSOCIATION NELSON FORD NEW YORK MILLS HERALD NEWBORG,KEVIN NORTH UNION TEXACO NORTHERN WASTE SYSTEMS OLEJNICAK,THOMAS OLSEN CHAIN & CABLE CO INC. OTTER TAIL AG CENTER OTTER TAIL CO TREASURER OTTER TAIL COUNTY TREASURER OTTERTAIL AGGREGATE PC CONNECTION P.J'S GAS AND GROCERY PAMIDA INC. PARK REGION CO-OP OIL CO PARK REGION CO-OP OIL CO. PARTA PRINTERS INC. PAUL'S HOLIDAY STATION STORE PEBBLE LAKE AUTO REPAIR PELICAN RAPIDS PRESS PELICAN RAPIDS PRESS PERHAM CO-OP OIL PERHAM CO-OP OIL CO. PERHAM ENTERPRISE BULLETIN PERHAM ENTERPRISE BULLETIN PERHAM OASIS INC PERHAM READY MIX & AGGREGATE PERHAM READY MIX & AGGREGATE PERHAM STEEL PERHAM SUPER AMERICA PHOTO CENTER,THE PIERCE CO,THE POUCHER PRINTING AND LITHO PRODUCTIVE ALTERNATIVES INC. REVIEW ENTERPRISES INC. REVIEW ENTERPRISES INC. RICK'S REPAIR AND SERVICE RICK'S TIRE SERVICE RINKE-NOONAN RINKE-NOONAN LAW FIRM CHECK AMOUNT 183.69 209.56 23.16 676.9B 472.48 510.00 900.60 5719.60 316.84 116.18 26.06 35.00 219.68 25.20 150.99 183.87 397.16 1191.44 115.34 4597.50 328.91 5.00 2636.94 100.00 37.00 19.15 15.95 33.90 36.24 33.40 92.04 74.55 25.20 271.20 31.50 22.00 21.00 15.70 112.50 2195.50 45.34 512.07 32.69 144.52 79.88 90.37 20.66 269.50 52.23 20.00 100.00 50.00 0 '·_,.Otter Tail County Board of Commissiciners February 17, 1993 Page 7, Attachment A VENDOR NAME •........•...•.........• SAUCK,ROLAND SCHAUB,DARRELL SCHMITZ FORD SCOTT HOFLAND CONSTRUCTION SEWER SERVICE SHERWIN WILLIAMS SMEDSTAD,TODD SOUTH MILL SERVICE STANDARD PARTS OF WADENA STANLEY TOUTGES GARBAGE SERV STATE OF MN DEPT OF ADMIN. STATE TREASURER STEIN,WAYNE STREICHER'S STRUCTURAL STEEL SUPPLY INC THRIFTY WHITE STORES U OF M, MN EXTENSION SERVICE UNITED BUILDING CENTER UNIXWORLD VAN WECHEL,LORI VERGAS HARDWARE HANK VICTOR LUNDEEN COMPANY VICTOR LUNDEEN COMPANY WADENA PIONEER JOURNAL WELDING SUPPLIES & FIRE EQUIP. WEST CENTRAL ED CO-OP WEST O.T. CO EXTENSION SERVICE WEST SIDE MOBIL WEST,RICHARD K. WESTSIDE MOBIL WIDSETH SMITH NOLTING & ASSOC. WILEMAN,JOAN WORNER'S AUTO SALES INC WORNER'S AUTO SALES INC. XPERCOM ZIEGLER INC. ZUEHLKE,DUANE 193 records listed. CHECK AMOUNT 5.00 4.69 23.11 2130.00 1188.25 45.26 4.26 981.37 123.19 37.28 78.36 21. 00 141.18 5.56 110.00 66.01 85.00 19.16 18.00 82.50 16.31 4437.09 163.46 21. 00 21. 77 1634.61 360.00 92.84 91.89 5302.44 64.00 50.00 188.13 129.30 99.19 70.23 223.66 ============= 93445.84 0 I Extract of Minutes of Meeting of the Board of Commissioners of Otter Tail County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of Otter Tail County, Minnesota, was duly held in the County Courthouse in the City of Fergus Falls on Wednesday, February 17, 1993, commencing at __ _ .M. The following Commissioners were present: and the following were absent: BNG48780 T1'120-l * * * * * * 1 Commissioner _________ then introduced the following resolution and moved its adoption: RESOLUTION NO. __ _ A RESOLUTION AWARDING THE SALE OF $2,745,000 GENERAL OBLIGATION STATE AID HIGHWAY REFUNDING BONDS OF 1993; · FIXING THEIR FORM AND SPECIFICATIONS; . DIRECTING THEIR EXECUTION AND DELIVERY; PROVIDING FOR THEIR PAYMENT; PROVIDING FOR THE ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; AND PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED THEREBY. BE IT RESOLVED By the Board of Commissioners of Otter Tail County, Minnesota (County) as follows: · Section 1. Findings; Authorization. 1.01. It is hereby found, determined and declared that it is in the best interest of the County to realize certain debt service savings by refunding certain outstanding bonds of the County designated as the $7,735,000 General Obligation fl State-Aid Highway Bonds of 1986 (Refunded Bonds), of which $2,675,000 in ""'1' principal amount is .subject to redemption on March 1, 1994. 0 1.02. There is hereby authorized the issuance by the County of $2,745,000 General Obligation State Aid Highway Refunding Bonds of 1993 (Bonds) for the purpose of refunding the Refunded Bonds. Section 2. Sale of Bonds. 2. 01. The Bonds are to be sold to Dougherty, Dawkins, Strand & Bigelow Incorporated at a price of $2,703,825 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturity 1995 1996 1997 Net effective interest rate: 3. 629% Interest Rate 3.25% 3.55 3.90 2. 02. The Chairman and County Auditor are directed to execute a contract with the I;'urchaser on behalf·of the County. 2. 03. The County will forthwith issue and sell the Bonds in the total principal amount of $2,745,000, originally dated March 1, 1993, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest SNG48780 '1T120-l 2 as above set forth, and which mature serially on March 1 without option of prior payment in the years and amounts as follows: 0 Year 1995 1996 1997 Section 3. Registration and Payment. Amount $930,000 955,000 860,000 3. 01. Registered Form. T.q.e Bonds shall be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. , 3. 02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case such Bond will be dated as of the date of original issue. The interest on the Bonds is payable on March 1 and September 1 of each year, commencing September 1 , 1993, 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. · 3.03. Registration. The County will appoint, and shall maintain, a bond Q registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the'rights and duties of the County and the Registrar with respect thereto are as follows: SNG48780 '1Tl20-1 (a) Register. The Registrar must keep at its principal corporate trust office a bond register in which the Registrar provides for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. {b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the 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. When Bonds are surrendered by the registered owner for exchange the Registrar will 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. 3 Q 0 u ( d) Cancellation. Bonds surrendered upon any transfer or exchange will be promptly cancelled by the Registrar and thereafter disposed of as directed by the County. (e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the endorsement on the Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The County and the Registrar may treat the person in whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on the Bond and for all other purposes, and payments so made to a registered owner or uporr the owner's order will 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 a transfer or exchange of Bonds, the Registrar may imposEJ a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other go_vernmental charge required to be paid with respect to the transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of the mutilated Bond or in lieu of and in substitution for any Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the 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 and as provided by law, in which both the County and the Registrar must be named as obligees. Bonds so surrendered to the Registrar will be cancelled by the Registrar and evidence of such cancellation must be given to the County. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it is not necessary to issue a new Bond prior to payment. 3. 04. Appointment of Initial Registrar. The County appoints National City Bank of Minneapolis, Minneapolis, Minnesota, as the initial Registrar. The Chairman and the County Auditor are authorized to execute and deliver, on behalf of the County, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to coriduct such business, such corporation is authorized to act as successor Registrar. The County agrees to pay the reasonable and customary charges of the Registrar for the services performed. The County reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its possession to the successor Registrar and must SNG48780 Tl'l20-l 4 deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Board, the Treasurer must transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 3.05. Execution, Authentication and Delivery. The Bonds will be prepared under the direction of the Auditor and executed on behalf of the County by the signatures of the Chairman and the. Auditor, 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 appears on the Bonds c~ases to be such officer before the delivery of any Bond, such signature or facsimile will nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. Notwithstanding such execution, a Bond will not be valid OJ:' obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on the Bond has been duly executed by the manual signature of an authorized representative of the Regis- trar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on each Bond is conclusive evidence thafit has been authenticated and delivered under this Resolu- tion. When the Bonds have been so prepared, executed and authenticated, the Treasurer shall deliver the same to the Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser is not obligated to see to the application of the purchase price. 3 :oe;. Temporary Bonds. The County may elect to deliver in lieu of printed definitive Bonds one or more typewritten temporary Bonds in substantially the form set forth in Section 3 with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive Q Bonds the temporary Bonds will be exchanged therefor and -cancelled. Section 4. Form of Bond. 4.01. The Bonds will be printe.d in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA OTTER TAIL COUNTY GENERAL OBLIGATION STATE AID HIGHWAY REFUNDING BOND OF 1993 Rate Maturity No. Date of Original Issue March 1, 1993 CUSIP $. ____ _ Otter Tail County, Minnesota (County), acknowledges itself to be indebted and for value received promises to pay to SNG48780 TT120-1 5 0 r \ or registered assigns, the principal sum of $--~--on the maturity date lw/ specified above without option of prior payment, with interest thereon from the date hereof at the annual rate 'spe"cified above, payable March 1 and September 1 in each year, commencing September 1, 1993, 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 immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by -----------~• Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein, For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the County have been and are .. hereby irrevocably pledged. 0 The Board of Commissioners has designated the Bonds as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the Code) relating to disallowance of interest expense for financial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. Additional provisions of this Bond are contained on the reverse hereof and such provisions for all purposes have the same effect as though fully set forth in this place. This Bond is not valid or obligatory for any_purpose or entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon has been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, Otter Tail County, Minnesota, by its Board of Commissioners, has caused this Bond to be executed on its behalf by the facsimile signatures of the Chairman and County Auditor and has caused this Bond to be dated as of the date set forth below. Dated: ____________ _ OTTER TAIL COUNTY, MINNE SOT A (Facsimile) (Facsimile) County Auditor Chairman CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. SNG487BO TT120-l 6 NATIONAL CITY BANK OF MINNEAPOLIS By ____________ _ Authorized Representative [Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $2,745,000 all of like original issue date and tenor, except as to number, maturity date and interest rate, all issued pursuant to a resolution adopted by the Board of Commissioners on February 17, 1993 (the Resolution), for the purpose of providing money to refund in advance of maturity and on the Redemption Date, as defined in the Resolution, a portion of certain general obligation bonds of the County, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 475. 67, Subdivision 13 and 162.181. The interest hereon is payable until the Redemption Date, out of the Escrow Account in the County's Refunding Bonds of 1993 Debt Service Fund and after the Redemption Date from moneys allotted or to be allotted to the County from its account in the county state-aid highway fund, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the County are irrevocably pledged for payment of this Bond and the Board of Commissioners has obligated itself to levy ad valorem taxes on all taxable property in the County in the event of any deficiency in such allotment pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the County at the principal office of the Bond 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 Bond 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 County will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The County and the Bond 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 County nor the Bond Registrar shall be affected by any notice to the contrary. 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 County in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness of the County to exceed any constitutional or statutory limitation of indebtedness. (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the legal opinion.) SNG48780 Tl'120~1 7 0 0 0 0 I certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of Bonds of Otter Tail County, Minnesota, which includes the within Bond, dated as of the date of delivery of and payment for the Bonds. (Facsimile Signature) County Auditor 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 --as tenants in common UNIF GIFT MIN ACT-~-~ Custodian--~~ (Cust) (Minor) TEN ENT --as tenants by entireties JT TEN --as joint tenants with right of survivorship and not as tenants in common under Uniform Gifts or Transfers· to Minors Act . . . · . . . . (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint,---~=---=-:- attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. Dated: -------------- Notice: . The assignor's signature to this assignment must correspond with the name as .. it appears upon the face of the within Bond in every particular; without alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. BNG48780 TT120-1 8 Name and Address: (Include information for all joint owners if this Bond is held by joint account.) Please insert social security or other identifying number of assignee . 4. 02. The County Auditor is authorized and directed to obtain a copy of the proposed approving legal opinion of Holmes & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the Auditor in substantially the form set forth in the form of Bond. The Auditor is authorized and directed to execute the certificate in the name of the County upon receipt of the opinion and to file the opinion in the County offices. Section 5. Bonds; Security; Escrow. 5. 01. · Funds and Accounts. For the convenience and proper administration of the moneys to be borrowed and repaid on the Bonds and the Refunded Bonds (as 0 defm_edd indthe rtesoludtion prifo:7iding f!-1tr tfhe itshsuapnce hand saledofhth1de Bonfds), t~nd tto 0 prov.i. e a equa e an spec 1c secur1 y or e urc aser an o ers rem 1me o ~ time of the Bonds and Refunded Bonds, there is hereby created a special fund to be designated the Refunding Bonds of 1993 Debt Service Fund (the Fund) to be administered and maintained by the Treasurer as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the County.·. The Fund shall be maintained in the manner herein specified until all of the Refunded Bonds have been paid and until all of the Bonds and the interest thereon shall have been fully paid. There shall be maintained in the Fund two separate accounts, to be designated the Escrow Account arid Debt Service Account. SNG48780 'IT120-1 (a) Escrow Account. The Escrow Account shall be maintained as an Escrow Account (Escrow Account) with National City Bank of Minneapolis in Minneapolis, Minnesota, which is a suitable financial institution within the State, whose deposits · are insured by the Federal Deposit Insurance Corporation, whose combined capital and surplus is not less than $500,000 and said financial institution is hereby designated escrow agent (Escrow Agent) for the Escrow Account. All proceeds of the sale of the Bonds shall be received by the Escrow Agent and applied to fund the Escrow Account or to pay costs of issuing the Bonds. Proceeds of the Bonds not used to pay costs of issuance are hereby irrevocably pledged and appropriated to the Escrow Account, together with all investment earnings thereon. 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 pro:vide sufficient funds, together with any cash or other funds retained in the Escrow Account, to pay when due the interest to accrue on each Bond to (\ and including March 1, 1994 (Redemption Date), and to pay when due on the .._, Redemption Date the principal amount of each of the Refunded Bonds then outstanding. From the Escrow Account there shall be paid (i) all interest paid 9 Q Q on, or to be paid on, or to accrue on, the Bonds to and including the Redemption Date, and (ii) the principal of the Refunded Bonds due by reason of redemption on the Redemption Date. The Escrow Account shall be irrevocably appropriated to the payment of the principal of and interest on the Bonds until the proceeds of the Bonds therein are applied to prepayment of the Refunded Bonds. The moneys in the Escrow.Account shall be used solely for the purposes herein set forth and for no other purpose, except that any surplus in the Escrow Account may be remitted to the County, all in accordance with the Escrow Agreement (hereafter defined) by and between the County and the Escrow Agent. Any moneys remitted to the County upon termination of the Escrow Agreement shall be deposited in the Debt Service Account. (b) Debt Service Account. To the Debt Service Account there is hereby pledged and irrf!VOcably appropriated and there shall be credited: (i) 'any balance remitted' to the County upon the termination of the Escrow Agreement; (ii) any balance remaining on March 2, 1994, in the Debt Service Fund created by the Board of Commissioners resolution authorizing the issuance and sale of the Refunded Bonds (Prior Resolution); (iii) any collections of all taxes hereafter levied for the payment of the Bonds and interest thereon; (iv) aU investment earnings on.funds in the Debt Service Account; (v) amounts allotted or to be allotted to the County from its account in the county state-aid highway fund sufficient to pay the principal of and interest on the Bonds as they respectively become due; (vi) accrued interest (if any) received upon delivery of the Bonds to the extent not required to fund the Escrow A<,)cimnt; and (vii) any and all other moneys which are properly available and are appropriated by the Board of Commissioners to the Debt Service Account. The amount of any surplus remaining in the Debt Service Account when the Bonds and interest thereon are paid shall be used as provided in Section 4 75. 61, Subdivision 4 of the Act. 5. 02. The moneys in the Debt Service Account shall be used solely to pay the principal of and interest on the Bonds or any other bonds hereafter issued and made payable from the Fund. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (i)' for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued, and (ii) in addition to the above, in an amount not greater than the lesser of five percent of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds any sums from time to time held in the Fund (or any other County account which will be used to pay principal and interest to become due on the Bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by the arbitrage regulations on such investments after taking into account any applicable temporary periods or minor portion made available under the federal arbitrage regulations. In addition, the proceeds of the Bonds and money in the Fund ·shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof 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). BNG48780 'l'T120-l 10 5. 03. General Obligation 'Pledge. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full Q faith, credit and taxing powers of the County shall be and are hereby irrevocably pledged. If the balance in the Escrow Account or Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency shall be promptly paid out of monies in the general fund of the County which are available for such purpose, and such general fund may be reimbursed with or without interest from the Escrow Account or Debt Service Account when a sufficient balance is available therein. 5. 04. It' is determined that moneys allotted to the County from its account in the county state-aid highway fund will be available in an amount at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 5 .05. Filing. The County Auditor is authorized and directed to place on file a certified copy of this resolution and to provide the certificate required by Section 4 75 . 63 of the Act. 5. 06. Prior Resolution Pledges. The pledges and covenants of the County made by the Prior Resolution relating to the allotment of moneys from the County's account in the county state-aid highway fund are restated and confirmed in all respects. The provisions of the Prior Resolution are hereby supplemented to the extent necessary to give full effect to the provisions of this resolution. Section 6. Refunding; Findings; Redemption of Refunded Bonds. 6; 01. As of the date of delivery of and payment for the Bonds the proceeds Q of the Bonds, in the amount of $2,703,825 plus accrued interest on the Bonds less necessary expenses of the issuance of the Bonds (Proceeds), together with other funds (Funds) in the amount of $-0-are hereby pledged and appropriated and shall be deposited in the Escrow Account. 6. 02. It is hereby found and determined that the Proceeds and Funds available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of the Escrow Account, to pay interest on the Bonds and all of the principal of the Refunded Bonds called for redemption on the Redemption Date. 6. 03. Securities purchased from the monies in the Escrow Account shall be limited to securities specified in Section 4 75. 67, Subdivision 8 of the Act. Securities purchased for the Escrow Account shall be purchased simultaneously with the delivery of and payment for the Bonds. The Chairman and County Auditor are authorized and directed to purchase such securities. · 6. 04. The Refunded Bonds maturing on March 1, 1995 and thereafter shall be redeemed and prepaid on the Redemption Date. The Refunded Bonds shall be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as Attachment A which terms and conditions are hereby approved and incorporated herein by reference. B d 6.0h5.ChE~crow A7J'e~ment. OnA odr. prior to thbe delivherr odf thde dR:efundid"ng 0 on s, t e airman an t e County u 1tor are here y aut or1ze an 1recte to Vtiiltll SNG48780 'IT120-l 11 • (J execute on behalf of the County an escrow agreement (Escrow Agreement) with the Escrow Agent in substantially the form now on file with the Auditor. All essential terms and conditions of the Escrow Agreement including payment by the County of reasonable charges for the services of the Escrow Agent, are hereby approved and adopted and made a part of this resolution, and the County covenants that it will promptly enforce all provisions thereof in the event of default thereunder by the Escrow Agent. 6. 06. Defeasance. When all Bonds and all interest thereon, have been discharged as provided in'this'paragraph, all pledges, covenants,and other rights granted by this resolution to the holders of the Bonds shall cease, except that the pledge of the full faith and credit of the County for the prompt and full payment of the principal of and interest on the Bonds shall remain in full force and effect .. The County may discharge all 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; 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 tot he date of such deposit. The County may also at any time discharge and defease the Bonds in their entirety by complying with the provisions of Section 475.67 of Minnesota Statutes, except that the funds deposited in escrow in accordance with said provisions may (to the extent permitted by law) but need not be, in whole or in part, proceeds of bonds as therein provided without the consent of any Bondholders. Section 7. Authentication of Transcript. 7. 01. The officers of the County are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of -the County relating to the Bonds and to the financial condition and affairs of the County, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of_' the Bonds and such instruments, including any heretofore furnished, shall be deemed representations of the County as to the facts · stated therein. 7. 02·. The Chairman and County Auditor are hereby authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. Section 8. Tax Covenant. 8. 01. The County covenants and agrees with the holders from time to time of the Bonds 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 on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees or agents to take, all affirmative action within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and made applicable to the Bonds. SNG48780 !IT120-l 12 8. 02. The County will comply with requirements necessary under the Code to n establish and maintain the exclusion from gross income of the interest. on the Bonds W under Section 103 of the Code, including without limitation requirements relating to temporary periods for investments, limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess investment earnings, if any, to the United States if the Bonds. 8.03. The County further covenants not to use the proceeds of the Bonds or to cause or permit them or any of them to be used, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. · · 8.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265{b) (3) of the Code, the County makes the following factual statements and representations: (a) the Bonds'are not "private activity bonds" as defined in Section 141 of the Code; {b) the County hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Se~tion 265(b) (3) of the Code; (c) the reasonably anticipated amount "of tax-exempt obligations (other than private activity bonds, treating qualified 501 (c)(3) bonds as not being private activity bonds) which will be issued by the County (and all subordinate entities of the County) during calendar year 1993 will not exceed $10,000,000; and Q (d) not more than $10,000,000 of obligations issued by .the County during calendar year 1993 have been designated for purposes of Section 265(b)(3) of the Code. 8. 05. The County shall use its best efforts to comply with any federal procedural requirements which may apply in order .to effectuate the designations made by this section. The motion.for the adoption of the foregoing resolution was duly seconded by Commissioner ____________ , and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. SNG(8780 'I"l'120-1 13 0 ST A TE OF MINNE SOT A COUNTY OF OTTER TAIL ) ) ss. ) I, the undersigned, being the duly qualified and acting Auditor of Otter Tail County, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the Board of Commissioners of the County held on February 17, 1993 with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes insofar as they relate to the issuance and sale of $2,745,000 General Obligation State Aid Highway Refunding Bonds of 1993 of the County. WITNESS My hand officially as such Auditor and the corporate seal of the County this /1,d, day of.:/~ , 1993. SNG48780 TT120·1 (SEAL) 14 Countyuditor Otter Tail County, Minnesota f ' . . , ATTACHMENT A 0 NOTICE OF CALL FOR REDEMPTION $7,735,000 GENERAL OBLIGATION STATE-AID HIGHWAY BONDS OF 1986 OTTER TAIL COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that, by order of the Board of Commissioners of Otter Tail County, Minnesota, there have been called for redemption and prepayment on March 1, 1994 all outstanding bonds of the County designated as General Obligation State-Aid Highway Bonds of 1986, dated June 1, 1986, having stated maturity dates of March 1 in the years 1995 through 1997, both inclusive, totalling $2,675,000 in principal amount, and with the following CUSIP numbers: Year of Maturity 1995 1996 1997 CUSIP 689597AP7 689597AQ5 689597AR3 The bonds are being called at a price of par plus accrued interest to March 1, 1994, Q. on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment at the main office of Norwest Bank Minnesota, N. A. , in the City of Minneapolis, Minnesota, on or before March 1, 1993. Bondholders presenting their Bonds for payment must include their taxpayer identification number on Form W-9 to avoid withholding under the Interest and · Dividend Compliance Act. Dated: February 17, 1993 Further Information: SNG,8780 'IT120-1 15 BY ORDER OF THE BOARD OF COMMISSIONERS By /s/ Wayne Stein County Auditor Otter Tail County, Minnesota 0