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HomeMy WebLinkAbout09.21.15 Council Packet City of Farmington Mission Statement 430 Third Street Through teamwork and cooperation, Farmington,MN 55024 the City of Farmington provides quality services that preserve our proud past and foster a promising future. FARMINGTON CITY COUNCIL Todd Larson, Mayor Jason Bartholomay Douglas Bonar Terry Donnelly Tim Pitcher AGENDA REGULAR CITY COUNCIL MEETING SEPTEMBER 21, 2015 7:00 P.M. CITY COUNCIL CHAMBERS Action Taken 1. CALL TO ORDER 7:00 P.M. 2. PLEDGE OF ALLEGIANCE 3. ROLL CALL 4. APPROVE AGENDA 5. ANNOUNCEMENTS/COMMENDATIONS a) Update on Recent Farmington Fire Department Training Information Received 6. CITIZEN COMMENTS/RESPONSES TO COMMENTS(This time is reserved for citizen comments regarding non-agenda items.No official Council action can be taken on these items. Speakers are limited to five minutes to address the Council during"Citizen Comment"time.) a) Rambling River Center Members Information Received 7. CONSENT AGENDA a) Approve Council Minutes (9/8/2015 Regular)(9/14/2015 Work Session)— Administration Approved b) Joint Powers Agreement for Fire Marshal Services with the City of Lakeville —Fire Approved c) Adopt Resolution Accept Park Bench Donation—Parks and Recreation R44-15 d) Adopt Resolution Accept Donation from Happy Harry's Furniture to the Rambling River Center—Parks and Recreation R45-15 e) Appointment Recommendation Fire Department—Human Resources Approved f) Appointment Recommendation Fire Department—Human Resources Approved g) Appointment Recommendation Fire Department—Human Resources Approved h) Approve Seasonal Wage Schedule—Human Resources Approved i) Approve Bills Approved REGULAR AGENDA (The Council takes a separate action on each item on the Regular Agenda. If you wish to address the Council regarding any or all of the items on the Regular Agenda,please address the item when the item is discussed Speakers will be given at least three minutes to speak per item.Additional time may be granted to speakers representing two or more persons.) 8. PUBLIC HEARINGS 9. AWARD OF CONTRACT 10. PETITIONS,REQUESTSAND COMMUNICATIONS a) City of Farmington Rating Upgrade—Finance Information Received b) Approve Resolution Awarding Sale of$3,210,000 General Obligation Street Reconstruction Bonds, Series 2015A—Finance R46-15 c) Approve Appointments to the Downtown Redevelopment Plan Task Force— Community Development Approved 11. UNFINISHED BUSINESS 12. NEW BUSINESS 13. COUNCIL ROUNDTABLE 14. ADJOURN Persons with a disability may request a reasonable accommodation by contacting the City Administrator's office at 651-280-6803. Request should be made 24 hours in advance or as early as possible to allow time to arrange accommodation. of AR iy City of Farmington 4 430 Third Street Farmington,Minnesota 1 g0-li 651.280.6800 -Fax 651.280.6899 '5r.,, f www.cifarmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Jim Larsen, Fire Chief SUBJECT: Update on Recent Farmington Fire Department Training DATE: September 21,2015 INTRODUCTION The Farmington Fire Department recently participated in three days of specialized training prvided by an outside instructor. Members of the Farmington Fire Department will give a short briefing on each of the training sessions. DISCUSSION Firefighter Rick Fischer will speak about a Leadership class.Assistant Chief Jim Schmitz will discuss a class regarding firefighter incident scene rehab and the prevention of injuries. Firefighter Mike Poot will speak about a training session dedicated to working with and moving high flow fire hoses. Firefighter Matt Price will discuss the classes on coordinated fire attack in structure fires. BUDGET IMPACT None. ACTION REQUESTED Listen to the presentations and ask any questions you may have. ,411 409,6 City of Farmington ."'" � 430 Third Street cs Farmington,Minnesota e o 651.280.6800 -Fax 651.280.6899 '4.4f' www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Cynthia Muller,Executive Assistant SUBJECT: Rambling River Center Members DATE: September 21, 2015 INTRODUCTION Members of the Rambling River Center have requested to address the city council. DISCUSSION Rambling River Center members would like to express their concerns regarding the part-time Rambling River Center Program Assistant position not being filled. BUDGET IMPACT NA ACTION REQUESTED Receive comments from the Rambling River Center members. 401*y��► City of Farmington +gyp 430 Third Street �' Farmington,Minnesota 651.280.6800 -Fax 651.280.6899 ,,,fe www.cifarmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Cynthia Muller, Executive Assistant SUBJECT: Approve City Council Minutes (9/8/2015 Regular)(9/14/2015 Work Session)- Administration DATE: September 21,2015 INTRODUCTION Attached are September 8 and 14, 2015 city council minutes. DISCUSSION NA BUDGET IMPACT NA ACTION REQUESTED Approve September 8 and 14,2015 city council minutes. ATTACI3MENTS: Type Description El Exhibit Council Minutes (9/8/2015 Regular) a Backup Material 9/14/2015 Work Session COUNCIL MINUTES REGULAR September 8, 2015 1. CALL TO ORDER The meeting was called to order by Mayor Larson at 7:00 p.m. 2. PLEDGE OF ALLEGIANCE Mayor Larson led the audience and Council in the Pledge of Allegiance. 3. ROLL CALL Members Present: Larson, Bartholomay, Bonar, Donnelly, Pitcher Members Absent: None Also Present: Andrea Poehler, City Attorney; David McKnight, City Administrator; Robin Hanson, Finance Director;Brian Lindquist, Police Chief;Adam Kienberger, Community Development Director;Randy Distad, Parks and Recreation Director;Kevin Schorzman, City Engineer;Brenda Wendlandt,Human Resources Director;Jim Schmitz,Assistant Fire Chief; Cynthia Muller, Executive Assistant Audience: Diane Lind,Kurt Weidner,Greg Delo,Jerry Rich 4. APPROVE AGENDA Councilmember Bartholomay pulled item 7i)Appointment Recommendation Parks and Recreation for separate vote. Councilmember Bonar pulled item 7d)Disposal of Surplus Property for discussion. MOTION by Bartholomay, second by Donnelly to approve the Agenda. APIF, MOTION CARRIED. 5. ANNOUNCEMENTS a) 911 Hero Award—Jacob Delo Diane Lind, Dakota Communications Center Executive Director and Police Chief Brian Lindquist presented Jacob Delo with the 911 Hero Award for calling 911 and saving his father's life. 6. CITIZEN COMMENTS 7. CONSENT AGENDA MOTION by Bartholomay, second by Donnelly to approve the Consent Agenda as follows: a) Approved Council Minutes(8/17/15 Regular)(8/24/15 Work Session)- Administration b) Amended ORDINANCE 015-701 Therapeutic Massage Licenses- Administration c) Approved City Administrator Annual Performance Review Summary and Re- execution of Employment Agreement-Attorney Council Minutes(Regular) September 8,2015 Page 2 d) Authorized Disposal of Surplus Property-Fire e) Adopted RESOLUTION R38-15 Accepting EMS Scholarship Award-Fire f) Adopted RESOLUTION R39-15 Accepting Donations—Parks and Recreation g) Adopted RESOLUTION R40-15 Accepting Park Bench Donation—Parks and Recreation h) Acknowledged Resignation Liquor Operations—Human Resources i) Tabled Appointment Recommendation Parks and Recreation—Human Resources j) Approved Appointment Recommendation Fire Department—Human Resources k) Approved Appointment Recommendation Fire Department—Human Resources 1) Approved Appointment Recommendation Fire Department—Human Resources m) Approved Seasonal Hiring—Human Resources n) Approved Bills APIF,MOTION CARRIED. d) Disposal of Surplus Property-Fire This item was to declare Rescue 1 as surplus equipment and authorize the city administrator to sell the vehicle through a competitive bid process. Assistant Fire Chief Jim Schmitz explained this heavy rescue vehicle is used to respond to ambulance calls or light rescue calls. The fire department does not operate as a heavy rescue department. With the re-organization the fire department has been looking for multi-purpose vehicles. Rescue 1 is very large and not easy to maneuver. It would be replaced with a smaller brush truck type vehicle for tighter places and off road. i) Appointment Recommendation Parks and Recreation—Human Resources Councilmember Bartholomay asked that this item be tabled for 90 days to go through the budget process further and look at other possible ways to address this without having to hire. Councilmember Bonar noted with the preliminary levy it is a good time to pause on this position and make sure whatever decision is made is done so when the budget process is finished. MOTION by Bartholomay, second by Bonar to table this item for 90 days to complete the budget process. APIF,MOTION CARRIED. 8. PUBLIC HEARINGS 9. AWARD OF CONTRACT 10. PETITIONS,REQUESTS AND COMMUNICATIONS a) 2016 Preliminary Budget and Tax Levy-Finance The 2016 budget has been reviewed by Council and staff in several work sessions. Local government aid(LGA)and fiscal disparities numbers have been finalized which resulted in increased revenues of$35,000. A corresponding increase to the administrative reserve was added so the numbers are the same as the last budget work session. Council was asked to set the preliminary tax levy which is due to the county by September 30,2015. Once the preliminary levy is established, Council Minutes(Regular) September 8,2015 Page 3 Council can adopt the same or a lower amount as the fmal tax levy in December, but the levy cannot be increased. During the October work session, staff will review the proposed fee schedule for 2016. In November Council will have another opportunity to review all the budgets. Council is also being asked to set the truth in taxation hearing for December 7, 2015, after which the final 2016 budget will be adopted. The final tax levy is due to the county by December 16,2015. The 2016 general fund budget was developed with the following guidelines: - Continue to provide core services for police, fire,streets,parks and recreation and administration. - Continue to fund Council's long term financial planning strategies. - Support the 2015 strategic plan. Fiscal disparities will decrease by$133,000 in 2016. Due to fewer lots,building permit revenue has been reduced by$100,000. Local government aid is increased to$285,000. A 3%increase from the transfers in to cover personnel related costs and administrative services has been incorporated. General fund revenues come from several sources with 74%coming from property taxes. Transfers in from the enterprise funds comprise 10%, intergovernmental receipts, charges for services, licenses and permits,fines and forfeitures, investment income and miscellaneous revenues make up the remaining 16%. The combined general fund revenues for 2016 are budgeted at $11,806,427. The general fund expenditures include estimates for union contracts,wage study implementation plan, retirement contributions, estimates for health insurance benefits, anticipated workers' compensation premium increases and not filling 1.5 full time positions vacated in 2015. The budget also provides increased funding for deferred and ongoing equipment needs in the fire department and long term funding for the fire CIP, fire relief association, seal coating,trail maintenance and building maintenance. The 2016 general fund expenditures total$11,806,427. The police department represents 35%of the overall total,parks and recreation, municipal services and the fire department each represent 10%of the total,with engineering, community development,administration,transfers out to other funds, finance,risk management and human resources comprising the remaining expenditures. Transfers out include$40,000 to the EDA, $295,000 to the fire capital equipment projects fund, $20,000 to the arena capital projects fund, $157,000 to the general equipment fund which will provide for two replacement squad cars and replacement of other equipment as recommended by the municipal services director. Money for seal coating and trail maintenance are included and funds for building maintenance. Council Minutes(Regular) September 8,2015 Page 4 LGA totals$284,000 and is being allocated for equipment needs,with$205,000 being transferred to the fire capital project fund and$71,000 being used for general capital equipment needs. For the second year in a row,the city's fund balance has stayed above zero throughout the year. For the first time in June 2015,the fund balance met one of the two minimum fund balance calculations recommended by the state auditor. The next goal is to provide a buffer in the fund balance for unforeseen circumstances. There are two components to the debt levy. One helps pay for general fund expenditures. The other helps pay for the scheduled principle and interest payments for the city's debt as well as ongoing trustee, assessment, arbitrage and post-issuance compliance costs, continued efforts to strengthen the city's debt cash flow to achieve full compliance with the 105%funding requirement and to provide partial funding for the city's portion of the 195th Street project. The 2016 debt levy totals$2,970,848. The net tax levy for 2016 is$9,613,254 and represents a 4.9%increase over the 2015 levy. The reduction in fiscal disparities and building permit revenue totals $233,000. Investments in the fire department total$209,000. Human resource costs are increasing by$21,100. There are 1.5 full time equivalents less in the 2016 budget than the 2015 budget. All other combined department increases total $74,000. The net debt levy is being reduced in 2016,the debt levy is increasing for the 195th Street project,but in 2016 the city is utilizing$200,000 of municipal state aid funds for debt service on two municipal state aid road projects that were previously funded with bonds. In 2016 the estimated market value for the average residential home is expected to be$213,155 which is a 6.9% increase from 2015. After applying the market value exclusion you have a taxable value of$195,099 for 2016, and an estimated city tax of$1,155.19. The average residential home would see a yearly property tax increase of$48.18 for 2016. Mayor Larson noted this budget follows our strategic plan. Councilmember Pitcher stated he has been told by residents not to raise taxes and that they are too high already. In the community survey,just 1%of the survey respondents said taxes are somewhat low. The survey classified Farmington as tax hostile. He believed the people have spoken and they do not want taxes increased,therefore he cannot support the property tax increase. Councilmember Pitcher suggested looking for innovative ways to find efficiencies in government. He suggested outsourcing payroll, privatize garbage collection, in the workshops the elimination of one additional employee was taken out so we could look at that again, look for excessive overtime,we should utilize the empty space in city hall Council Minutes(Regular) September 8,2015 Page 5 and rent it out. Mayor Larson reminded him the bonds would need to be changed in order to rent city hall and then we would be competing with other vacant buildings. Councilmember Pitcher noted we can rent to other government agencies. Councilmember Bartholomay noted humans are conditioned to say taxes are too high. We have to make some tough decisions which residents expect us to do. He asked if most residential taxes would go up even with a 0%increase due to valuation. Finance Director Hanson stated it depends on where you fall in the market value exclusion scale;they are all over the board. Councilmember Bartholomay stated he does not like to increase taxes,but we have laid out a very good strategic plan that has put the city in the right direction for financial stability. If we continue to cut we are going backwards. We need to continue stay the course. Next year will not be any easier. Councilmember Bonar stated people who find their tax burden to be appropriate have found a way to avoid taxation all together. When it comes to taxes, it is a matter of value. With 8,000 homes we would have 8,000 different opinions as to how the tax dollars are spent. He stated if we were to line item all expenses, debt would either be the second or largest expense we have,with law enforcement being the largest or second largest. Finance Director Hanson noted police is 4.1% and the debt levy is approximately 3%. Councilmember Bonar noted this Council has not issued much debt,but inherited much because the city grew so fast in a short period of time. Councilmember Donnelly stated debt is a big problem,but we cannot undo it. Council gave staff direction and they followed through. We did not fill 1.5 positions and including those,the city has cut 16 positions since 2006. We are not raising taxes because we are hiring people. We have the 195th Street project, local government aid is cut and housing projects are down. The 195th Street project had to be done and the county participated. People will always say taxes are high. A few years ago,we had two years with a 0%tax increase. We could not put money aside by doing that. He will support the budget, it is a minimal increase for what we have to pay and provide what people need. It would be easy to say no increase,but that is not good for our future. Mayor Larson stated the fiscal disparities have been reduced,we pay a portion of the 195th Street project and building permits are down. This is not under our control. We don't want to go back to our previous financial position. We have made hard decisions to be in a healthier financial position. We are following our financial plan and putting money aside for building maintenance and trails. He did not like raising taxes, but we need to keep the city moving in a positive direction. He does not want to go backwards. Council Minutes(Regular) September 8,2015 Page 6 Councilmember Pitcher agreed this is not easy. He felt we have not looked hard enough for efficiencies and improvements. He wants to make sure we are moving forward and boosting our economy and looking for more efficiencies. Councilmember Bonar stated during the work sessions one of the greatest challenges is he does feel there is room for staff adjustment. He has pushed for a lower increase because this should be integrated into our budget. Councilmember Bartholomay agreed we need to continue to look for efficiencies, but wanted to give staff credit. They have worked really hard to get us to where we are. Everyone contributed to making things as efficient as possible. A lot of the departments are not spending all of their money. By not spending all the money we were able to stay above zero in June. Each department is daily thinking about ways to save money. Mayor Larson did not want anyone to get the impression that Council and staff do not look for efficiencies. That has been going on for many years. We see it every year. Councilmember Donnelly stated the solid waste department is a self-contained enterprise unit. The tax money does not pay to pick up the garbage. Getting rid of municipal solid waste will not decrease taxes. Mayor Larson noted other cities tell him to not ever get rid of city garbage. MOTION by Bartholomay, second by Bonar to adopt RESOLUTION R41-15 approving the budget as presented with a 4.9%tax levy increase with adding the elimination of a to-be-determined position by the city administrator by the December 7,2015, final budget vote. Also set the public input meeting prior to the adoption of the final 2016 budget and tax levy for December 7, 2015. Voting for: Larson,Bartholomay, Bonar, Donnelly. Voting against: Pitcher. MOTION CARRIED. 11. UNFINISHED BUSINESS 12. NEW BUSINESS a) Resolution Supporting Temporary Data Classification-Police The legislature was asked to provide privacy for body camera data. This was not accomplished before the end of the session. There are several agencies seeking a temporary stay of classification on body camera data. The police department would like to become part of this group until it gets through legislation. MOTION by Bartholomay, second by Pitcher to adopt RESOLUTION R42-15 in support of an application for temporary classification of body worn camera data. APIF,MOTION CARRIED. b) Adopt Resolution Authorizing the Submittal of a Local Government Unit Mighty Ducks Grant Application—Parks and Recreation Council Minutes(Regular) September 8,2015 Page 7 Staff requested permission to apply for a Mighty Ducks Grant to purchase a new ice resurfacer. The requirement is a 1:1 dollar match from non-state sources. In the 2017 budget the replacement of the ice resurfacer is included. The grant would allow for the purchase of an electric ice resurfacer which emits zero carbon monoxide. It would improve the air quality at the arena. All equipment would then be electric. The application deadline is October 1,2015. After that we have 16 months to purchase a resurfacer which fits with the 2017 budget. The 1:1 match funding would come from funds set aside from transfers or from a small profit and a commitment from Farmington Youth Hockey to contribute$5,000 annually towards capital improvements at the arena. In 2017 funding would amount to$17,563 from Farmington Youth Hockey and$26,437 from the arena capital improvement fund. This totals$80,000 which would allow us to request a $50,000 grant. MOTION by Donnelly, second by Bonar to adopt RESOLUTION R43-15 authorizing the submittal of a Mighty Ducks Grant application for the purchase of a new electric ice resurfacer for the arena. APIF, MOTION CARRIED. 13. COUNCIL ROUNDTABLE Councilmember Donnelly: Flagstaff Avenue is open. Councilmember Bartholomay: September 12 is household hazardous waste drop- off day. He appreciated the discussion regarding the budget and all opinions. Councilmember Pitcher: He also appreciated the budget discussion. He reminded everyone about the farmers' market on Thursday. Finance Director Hanson: A letter will be mailed next week to those with delinquent utility accounts reminding owners they have until October 1,2015,to pay before the amounts are certified to property taxes. City Engineer Schorzman: Pilot Knob Road is now closed from south of 195th Street to 190th Street, as well as 195th Street is still closed between Akin Road and Everest Path. The Akin Road roundabout is open. The first two stages were completed prior to the start of school. The project should be done around the first of November. He was very pleased with the caution being taken by drivers at Flagstaff Avenue and Highway 50. Human Resources Director Wendlandt: The city is working on a website redesign. She encouraged residents to take the survey on the website to provide public input. Mayor Larson: He appreciated the discussion on the budget. He asked everyone to shop local. Businesses are asked for numerous donations so it would be good to repay them. Council Minutes(Regular) September 8,2015 Page 8 14. ADJOURN MOTION by Donnelly, second by Pitcher to adjourn at 8:19 p.m. APIF,MOTION CARRIED. Respectfully submitted, Cynthia Muller Executive Assistant Council Work Session Minutes September 14,2015 Mayor Larson called the work session to order at 6:30 p.m. Present: Larson,Bartholomay, Bonar,Pitcher Absent: Donnelly Also Present: David McKnight, City Administrator;Robin Hanson,Finance Director;Jim Larsen,Fire Chief; Sue Miller,Administrative Assistant MOTION by Pitcher,second by Bonar to approve the agenda. The motion was approved 4-0. Fire Department Fees Fire Chief Jim Larsen reviewed the fee structure that exists in the city including those associated with the fire department. Chief Larsen review our current fees compared to other area cities. City councilmembers asked a number of questions in regards to our history of not collecting these fees,possible implementation of current and potentially new fees and other questions. City Administrator McKnight discussed the issue of implementation and how this could be perceived by the public. City staff will review how Empire Township handles this issue. Specific examples of overuse of the department on non-emergency calls were discussed. Finance Director Hanson talked about the collection of any fees we charge and some hurdles we would need to address. The city council did raise concerns about who would be paying these fees. The city council did not want Farmington residents charged for items that are covered by the property taxes residents pay unless there are circumstances that would justify a fee. City staff will look in the Empire Township issue,address some legal questions and collection questions and bring this item forward in the future. Economic Development Authority Structure City Administrator McKnight reviewed the requirements in state statute in regards to the structure of the economic development authorities in Minnesota. Currently Farmington has a five member group and state law allows either three, five or seven members. The city council has discussed in the past increasing the size of the economic development authority to seven members. In discussing the issue Councilmember Bartholomay favored adding two Farmington School Board members to the EDA. Councilmember Bonar and Mayor Larson agreed with the concept of adding two school board members. Councilmember Pitcher had a preference for one school board member and one other city commission representative. The consensus of the group was to move forward on this issue with adding two school board members who live within the city to the EDA. A public hearing will need to be held to change the structure of the EDA and city staff will inquire about some legal issues with the city attorney. Council Work Session September 14,2015 Page 2 Metro Cities City Administrator McKnight discussed the issue of membership in the Metro Cities organization. Farmington was a member of this group until 2010 when budget cuts impacted the ability to pay membership dues to this organization. The purpose of Metro Cities was discussed and city councilmember shared their opinions on potential membership. Councilmembers had thoughts both for and against membership in the organization. A representative from Metro Cities will be asked to come and present specific information on the group at a future work session. City Administrator Update The city council was provided updates on a bond upgrade the city received, a Hockey Moms television show that will feature a Farmington family and a needed equipment repair at the arena MOTION by Bartholomay, second by Bonar to adjourn at 7:38 p.m. The motion was approved 4-0. OW 46 City of Farmington Street Farmington, Minnesota 651.280.6800 -Fax 651.280.6899 *4 1414044 www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Jim Larsen, Fire Chief SUBJECT: Joint Powers Agreement for Fire Marshal Services with the City of Lakeville-Fire DATE: September 21,2015 INTRODUCTION The Farmington Fire Department is seeking to enter into a joint powers agreement for fire inspection services with the Lakeville Fire Department. DISCUSSION The City of Farmington has been without a fire marshal since earlier in this year. There is a need for properly trained and certified personnel to provide inspectional services in the city in order to prevent fires and to ensure that buildings are compliant with the fire code,thereby providing for the safety of the public. The Lakeville Fire Department has agreed to provide these services as needed to the Farmington Fire Department until we are able to perform these duties with our own trained and certified personnel. BUDGET IMPACT To be determined based upon frequency of use. ACTION REQUESTED Approve the joint powers agreement as presented between the City of Farmington and the City of Lakeville for fire inspectional services. ATTACHMENTS: Type Description ® Cover Memo WA with Lakeville for Fire Inspection Services JOINT POWERS AGREEMENT BETWEEN CITY OF LAKEVILLE AND CITY OF FARMINGTON THIS AGREEMENT("Agreement")is entered into thislst day of July,2015,by and between the CITY OF LAKEVILLE,a Minnesota municipal corporation("Lakeville")and the CITY OF FARMINGTON, a Minnesota municipal corporation("Farmington"),hereinafter collectively referred to as the"Cities." RECITALS WHEREAS,Minnesota Statutes §471.59 authorizes two or more governmental units to • enter into agreements to jointly or cooperatively exercise any power common to the contracting cities; and WHEREAS,the City of Lakeville employs fire inspectors on staff; and WHEREAS,Farmington desires to have Lakeville provide certain fire inspection services to Farmington on a contract basis. NOW,THEREFORE,Farmington and Lakeville agree as follows: 1. FIRE INSPECTION SERVICES. Upon Farmington's request,Lakeville will provide technical assistance,plan reviews, and site inspections to the City of Farmington for compliance with the Minnesota State Fire Code. 2. EMPLOYEE STATUS. Lakeville's employees providing fire inspection services to Farmington shall remain employees of Lakeville and shall not be deemed employees of Farmington for any purpose. Lakeville shall maintain liability and errors and omissions insurance on its fire inspection employees at all times in amounts not less than the tort liability limitations set out in Minn.Stat.466.04,and shall maintain all required workers' compensation insurance on such employees. 3. INDEMNIFICATION. Each City shall be liable for its own acts and the results thereof to the extent provided by law and agrees to defend,indemnify and•hold harmless each other(including their officials,employees,volunteers and agents),from any liability,claims, causes of action,judgments,damages,losses,costs or expenses,including reasonable attorney's • fees,resulting directly or indirectly from any act or omission of the party,anyone directly or indirectly employed by it,and/or anyone for whose acts and/or omissions it may be liable,in the performance or failure to perform its obligations under this Agreement. Each City's liability . shall be governed by the provisions of Minnesota Statutes,Chapter 466 and other applicable law. The parties agree that liability under this Agreement is controlled by Minnesota Statute 471.59, subdivision la and that the total liability for the parties shall not exceed the limits on governmental liability for a single unit of government as specified in 466.04,subdivision 1(a). 182618v1 1 a. Each City warrants that it has purchased insurance or has a self-insurance program. b. Duty to Notify. Each City shall promptly notify the others of any claim,action, cause of action or litigation brought against the City,its employees,officers, agents or subcontractors,which arises out of the services contained in this Agreement and should also notify the other City whenever a City has a reasonable basis for believing that the City, and/or its employees,officers,agents or subcontractors, or the other City might become the subject of a claim,action, cause of action or litigation arising out of the services contained in the Agreement. 4. PAYMENT FOR SERVICES. Farmington shall pay Lakeville for fire inspection services $67.50 and$95.00 for regular time and overtime in 2015,respectively, and as identified in. the City's Official Fee Schedule for future years plus mileage at the current Internal Revenue Service(IRS)rate.Lakeville shall invoice Farmington monthly for services rendered and Farmington shall pay the invoices within thirty-five(35) days of receipt of an invoice. 5. TERM. This Agreement is for an indefinite term but may be terminated by either City upon sixty(60)days written notice to the other City. 6. DOCUMENTS.All documents relating to fire inspections in Farmington, including electronic data prepared under this Agreement,shall be the property of Farmington and will be collected and maintained in a manner as deemed appropriate by Farmington consistent with its records retention schedule. 7. MINNESOTA GOVERNMENT DATA PRACTICES ACT All data collected, created,received,maintained,or disseminated,in any form,for any purposes because of this • Agreement is governed by the Minnesota Government Data Practices Act(Minn. Stat.Chapter 13), and Federal Regulations on data privacy. The person responsible for release of all data under this Agreement shall be identified by each City. 8. ENTIRE AGREEMENT. This Agreement supersedes any prior or contemporaneous representations or agreements,whether written or oral,between the Cities and contains the entire agreement of the Cities related to fire inspection services. 9. AMENDMENTS. Any modification or amendment to this Agreement shall require a written agreement signed by all parties. • 10. NOTICE. Any notice,statement or other written documents required to be given under this Agreement shall be considered served and received if delivered personally to the other City,or if deposited in the U.S.First Class mail,postage prepaid,as follows: a. Notice to: City of Lakeville City Administrator 20195 Holyoke Ave. Lakeville,Minnesota 55044-8339 182618v1 2 • b. Notice to: City of Farmington City Administrator 430 3rd St. Farmington,Minnesota 55024-1355 CITY OF LAKE LE By: Ma I Li e,Mayor By: �l Charlene Friedges, City Clerk/` CITY OF FARMINGTON By: o d Larson,Mayor By: A vid McKnight. Lt ministrator 182618v1 3 eARiig City of Farmington ; 430 Third Street yllioFarmington, Minnesota 651.280.6800 -Fax 651.280.6899 447'2,nos"° www.cifamiington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Randy Distad,Parks and Recreation Director SUBJECT: Adopt Resolution Accept Park Bench Donation-Parks DATE: September 21, 2015 INTRODUCTION A bench was recently donated to the City of Farmington by the Brandon Heller family in memory of Brandon Heller. DISCUSSION The family of Brandon Heller have donated a bench valued at$907.00 in memory of Brandon Heller. The bench will be installed by park maintenance staff on a scenic point in the Prairie Waterway. The bench will provide a respite for trail walkers and for people who fish. It will also provide an opportunity for people to sit and enjoy the pond and open space area of the Prairie Waterway. It is in the best interest of the city to accept this donation. Staff will thank the family of Brandon Heller on behalf of the city of Farmington BUDGET IMPACT NA ACTION REQUESTED Adopt the attached resolution to accept the donation of a park bench from the family of Brandon Heller in memory of Brandon Heller valued at$907.00. ATTACHMENTS: Type Description © Resolution Donation Resolution RESOLUTION NO. R44-15 ACCEPT PARK BENCH DONATION VALUED AT$907.00 FROM THE BRANDON HELLER FAMILY Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Farmington, Minnesota, was held in the Council Chambers of said City on the 21St day of September, 2015 at 7:00 p.m. Members Present: Larson, Bartholomay, Bonar, Pitcher Members Absent: Donnelly Member Bartholomay introduced and Member Pitcher seconded the following: WHEREAS, the family of Brandon Heller have donated a park bench in memory of Brandon Heller that will be installed on a scenic point of the Prairie Waterway; and, WHEREAS, the total value of the donation is $907.00; and, WHEREAS, it is in the best interest of the City and required by State Statute to accept such donations. NOW,THEREFORE,BE IT RESOLVED that the City of Farmington hereby accepts with gratitude the generous donation of a park bench at a value of$907.00 from the family of Brandon Heller in memory of Brandon Heller. This resolution adopted by recorded vote of the Farmington City Council in open session on the 215t day of September, 2015. Mayor Attested to the .73' day of September, 2015. ity Adminis a • SEAL 41 City of Farmington 430 Third Street Farmington,Minnesota 651.280.6800 -Fax 651.280.6899 4 ,4 *, www.cifarmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Randy Distad,Parks and Recreation Director SUBJECT: Adopt Resolution Accept Donation from Happy Harry's Furniture to the Rambling River Center-Parks DATE: September 21, 2015 INTRODUCTION A donation to the Rambling River Center(RRC)was recently made by Happy Harry's Furniture. DISCUSSION A$365.50 cash donation was made by Happy Harry's Furniture to the Rambling River Center. The donation was made through a program created in 2011, in which a customer of Happy Harry's Furniture is able to select a charity of their choice to receive a donation when merchandise is purchased from the store and then 10%from the sale to the customer is donated to the charity. The Rambling River Center is one of the charities that can be selected. With this most recent donation,Happy Harry's Furniture has donated a total of$6,329.50 to the Rambling River Center since the program's inception. This donation has been deposited into the Rambling River Center Capital Improvement Fund and will be used for future improvements to the Rambling River Center building. Staff will communicate the city's appreciation on behalf of the city council to Happy Harry's Furniture,for their generous donation to the Rambling River Center. BUDGET IMPACT NA ACTION REQUESTED Adopt the attached resolution accepting the donation of$365.50 from Happy Harry's Furniture to the Rambling River Center. ATTACHMENTS: Type Description v Resolution Donation Resolution RESOLUTION NO.R45-15 ACCEPT $365.50 CASH DONATION FROM HAPPY HARRY'S FURNITURE TO THE RAMBLING RIVER CENTER Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Farmington, Minnesota, was held in the Council Chambers of said City on the 21St day of September, 2015 at 7:00 p.m. Members Present: Larson, Bartholomay, Bonar, Pitcher Members Absent: Donnelly Member Bartholomay introduced and Member Pitcher seconded the following: WHEREAS, a donation of$365.50 was received from Happy Harry's Furniture to the Rambling River Center; and, WHEREAS, it is required by State Statute that this donation be formally accepted; and, WHEREAS, it is in the best interest of the City to accept this donation. NOW,THEREFORE,BE IT RESOLVED that the City of Farmington hereby accepts with gratitude the generous donation of$365.50 from Happy Harry's Furniture to the Rambling River Center. This resolution adopted by recorded vote of the Farmington City Council in open session on the 215`day of September, 2015. Mayor Attested to the 07,.3` day of September,2015. . d)C City Administrator SEAL -01 ii City of Farmington t ®, 430 Third Street Farmington, Minnesota po 651.280.6800 -Fax 651.280.6899 ' .4 „a www.cifarmington.nm.us TO: Mayor, Councn7members and City Administrator FROM: Brenda Wendlandt,Human Resources Director SUBJECT: Appointment Recommendation Fire Department-Human Resources DATE: September 21, 2015 INTRODUCTION The recruitment and selection process for the appointment of a paid on-call Fire Lieutenant position has been completed. DISCUSSION After a thorough review of all applicants by the Fire Department and the Human Resources Office, this promotional opportunity has been offered to Rick Fischer, subject to ratification by the city council. Mr. Fischer has been with the Fire Department since March of 2011 and meets the qualifications for this position. BUDGET IMPACT The Fire Lieutenant position is paid both a monthly stipend of$87.07 and an hourly rate of$10.75 per hour for training and call hours. Funding for this position is authorized in the 2015 budget. ACTION REQUESTED Approve the appointment of Rick Fischer as a paid on-call Fire Lieutenant effective on October 1,2015. 4a 1kRif, City of Farmington 430 Third Street Farmington,Minnesota ,, ,� 65L280.6800 -Fax 651.280.6899 °-. +��° www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Brenda Wendlandt, Human Resources Director SUBJECT: Appointment Recommendation Fire Department-Human Resources DATE: September 21, 2015 INTRODUCTION The recruitment and selection process for the appointment of the paid on-call Fire Lieutenant position has been completed. DISCUSSION After a thorough review of all applicants by the Fire Department and the Human Resources Office, this promotional opportunity has been offered to Matthew Price, subject to ratification by the city council. Mr. Price has been with the Fire Department since August of 2013 and meets the qualifications for this position. BUDGET IMPACT The Fire Lieutenant position is paid both a monthly stipend of$87.07 and an hourly rate of$10.75 per hour for training and call hours. Funding for this position is authorized in the 2015 budget. ACTION REQUESTED Approve the appointment of Matthew Price as a paid on-call Fire Lieutenant effective on October 1,2015. o FAR.Ni , City of Farmington 430 Third Street Farmington,Minnesota 651.280.6800 -Fax 651.280.6899 ° �° www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Brenda Wendlandt,Human Resources Director SUBJECT: Appointment Recommendation Fire Department-Human Resources DATE: September 21, 2015 INTRODUCTION The recruitment and selection process for the appointment of a paid on-call Fire captain position has been completed. DISCUSSION After a thorough review of all applicants by the Fire Department and the Human Resources Office, this promotional opportunity has been offered to Mark Arens, subject to ratification by the city council. Mr. Arens has been with the Fire Department since January of 2010 and meets the qualifications for this position. BUDGET IMPACT The Fire Captain position is paid both a monthly stipend of$125.75 and an hourly rate of$10.75 per hour for training and call hours. Funding for this position is authorized in the 2015 budget. ACTION REQUESTED Approve the appointment of Mark Arens as a paid on-call Fire Captain effective on October 1,2015. o ttRi City of Farmington 44. 430 Farmington,Minnesota 651.280.6800 -Fax 651.280.6899 •A www.cifarmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Brenda Wendlandt,Human Resources Director SUBJECT: Approve Seasonal Wage Schedule-Human Resources DATE: September 21, 2015 INTRODUCTION The purpose of this memorandum is to provide information and present a new seasonal wage schedule for city council approval DISCUSSION The State of Minnesota's new minimum wage standards came into effect with a phased in approach beginning in 2014. Due to these increases and in anticipation of the increase set for August 1,2016, staff evaluated and adjusted wage rates not only to comply with the new minimum wage but to provide wages that continue to attract qualified applicants. This is especially important as we have seen a decline in the number of qualified applicants applying for city positions over the past few years. As part of this evaluation, staff collected salary information on seasonal positions (using both public and private data),matched that data to the city's seasonal positions and developed the attached seasonal wage schedule. In addition to adjusting wages based on the minimum wage and market data, staff also created a uniform step structure for most positions and based that structure using the same methodology used when the regular employee salary structure was established(e.g.—percent increase between each step). The new structure changes the current structure from a 4 step pay scale to a 5 step pay scale which encourages previous employees to re-apply for the next season. Both the current and proposed wage structures are attached for your review. While the State's new minimum wage standards does provide for paying a lower wage to those under age 18, it is not practical or efficient to have two separate wage schedules for the same position as it requires additional administrative time to track employees in the same job classification to ensure we comply with minimum wage standards. Finally,the new wage schedule was designed to be able to absorb the minimum rate changes scheduled for August 1, 2016 meaning that the wage ranges that would be below the new minimum wage would be the only ones that would require adjustments for 2016. BUDGET IMPACT Funding for these positions including the proposed changes are included in various department budgets for both 2015 and 2016. ACTION REQUESTED Approve the proposed Seasonal Wage Schedule. ATTACHMENTS: Type Description © Backup Material Current Seasonal Wage Schedule © Backup Material Proposed Seasonal Wage Schedule 2015 Seasonal Wages POSITION STEP 1 STEP 2 STEP 3 STEP 4 Pool Supervisor Warming House Supervisor $ 11.98 $ 12.51 $ 13.08 $ 13.63 Program Supervisor Water Safety Instructor $ 9.85 $ 10.14 $ 10.41 $ 10.74 Assistant Pool Supervisor Lifeguard &WSA(Lesson Asst.) $ 8.94 $ 9.28 $ 9.56 $ 9.91 Swim Bus Supervisor $ 8.60 $ 8.87 $ 9.23 $ 9.54 Water Safety Assts (non-guards) Cashier/Concessions $ 7.43 $ 7.75 $ 8.05 $ 8.37 Recreation Assistant $ 8.21 $ 8.60 $ 9.23 $ 9.68 (Helping at Programs) Site/Softball Supervisors $ 11.54 Park Maintenance Solid Waste $ 8.94 $ 9.56 $ 9.85 $ 10.33 Seasonal Liquor Stock Person Warming House Attendent $ 7.74 $ 7.99 $ 8.31 $ 8.73 Skate Guard/Scoreboard Arena Supervisors $ 8.60 $ 9.23 $ 9.79 $ 10.28 Skating Supervisor $ 18.64 $ - $ - $ - Head Skate Instructors $ 12.95 $ 13.61 $ 14.24 $ - Skating Instructors $ 9.25 $ 9.82 $ 10.56 $ 11.14 Assistant Instructors $ 7.74 $ - $ - $ - Off Ice Rate of Pay $ 7.74 $ - $ - $ - Ticket Seller $ 9.96 $ - $ - $ - PW Maintenance Worker $ 9.24 $ 9.84 $ 10.41 $ 10.94 Engineering Interns $ 12.00 $ 12.53 $ 13.07 $ 13.59 Tennis Instructors $ 8.94 $ 9.33 $ - $ - Assistant Coach $ 12.95 $ 13.61 $ 14.24 Tennis Coach $ 27.74 $ - $ - $ - Gymnastic Assistants $ 8.69 $ 9.09 $ - $ - Assistant Leader $ 9.19 $ 9.57 Gymnastics Coach $ 11.95 $ - $ - $ - 2015 Seasonal Wages (Minimum Wage Increase effective August 1,2015) POSITION STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 Pool Supervisor $ 12.73 $ 13.08 $ 13.41 $ 13.72 $ 14.02 Warming House Supervisor Program Supervisor Water Safety Instructor $ 10.77 $ 11.07 $ 11.35 $ 11.61 $ 11.86 Assistant Pool Supervisor Lifeguard &WSA(Lesson Asst.) $ 9.86 $ 10.13 $ 10.38 $ 10.62 $ 10.85 Swim Bus Supervisor Water Safety Assts (non-guards) $ 9.00 $ 9.25 $ 9.48 $ 9.70 $ 9.91 Cashier/Concessions Recreation Assistant(helps at Programs Skate Guard/Scoreboard Warming House Attendent Site/Softball Supervisors $ 9.80 $ 10.07 $ 10.32 $ 10.56 $ 10.79 Park Maintenance $ 10.16 $ 10.44 $ 10.70 $ 10.95 $ 11.19 Solid Waste Seasonal Liquor Stock Person Arena Supervisors $ 9.80 $ 10.07 $ 10.32 $ 10.56 $ 10.79 Skating Supervisor $ 19.80 $ 20.35 $ 20.86 $ 21.33 $ 21.80 Head Skate Instructors $ 14.46 $ 14.86 $ 15.23 $ 15.58 $ 15.93 Skating Instructors $ 10.43 $ 10.72 $ 10.99 $ 11.24 $ 11.49 Assistant Instructors $ 9.00 $ 9.25 $ 9.48 $ 9.70 $ 9.91 Off Ice Rate of Pay $ 9.00 Ticket Seller $ 9.00 $ - $ - PW Maintenance Worker $ 10.46 $ 10.74 $ 11.01 $ 11.27 $ 11.51 Engineering Interns $ 13.31 $ 13.68 $ 14.02 $ 14.34 $ 14.66 Tennis Instructors $ 9.91 $ 10.18 $ 10.44 $ 10.68 $ 10.91 Assistant Tennis Coach $ 13.76 $ 14.14 $ 14.49 $ 14.82 $ 15.15 Tennis Coach $ 29.47 $ 30.28 $ 31.04 $ 31.76 $ 32.45 Gymnastic Assistants $ 9.66 $ 9.93 $ 10.18 $ 10.41 $ 10.64 Assistant Gymnastic Leader $ 10.17 $ 10.45 $ 10.71 $ 10.96 $ 11.20 Gymnastic Coach $ 14.46 $ 14.86 $ 15.23 $ 15.58 $ 15.93 ‘114 City of Farmington 430 Third Street Farmington,Minnesota e o 651.280.6800 -Fax 651.280.6899 '.t.4 www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Robin Hanson,Finance Director SUBJECT: Approve Bills DATE: September 21, 2015 INTRODUCTION Attached is the list of bills for September 4-16, 2015. 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'V. N U) �- V; co. O a- O) N a 0 O co T C N N (O C V ti ti U) IN U) t Oi O) ai Oi U) C O ti (` OE N N N O OOi N N d• co co W -, co M O) M co 4- N Lc) O [O Uf 07 O a- a- Nr U) 0 0 (D N CD E CO V (o (D to (D to to 0 0 0 0 0 N F. W w - r r r N E ❑ a) m a) a) a) a) YT a )D co ti co a) 0 U IDD to N IDD N to to x • s m CO co M co el co W z r r e- e- e- , U Q� i City of Farmington per. 430 Third Street Farmington,Minnesota 651.280.6800 -Fax 651.280.6899 ‘a,„4,•4PO" www.cifarmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Robin Hanson, Finance Director SUBJECT: City of Farmington Rating Upgrade DATE: September 21, 2015 INTRODUCTION Standard&Poor's Ratings Services rates the city's debt. This past week, in conjunction with the planned issuance of the 2015A bonds for the 195th street reconstruction project, Standard and Poor's reviewed the city's economy,management, and financial measures. They concluded their review by upgrading the city's debt rating from AA-to AA. The rating upgrade recognizes the collective work over the past five years of staff, city council and Ehlers (the city's financial advisor);it is not the work of any one person. It is a very important milestone for the city. Congratulations to all! jMSCUSSION The city's last rating upgrade came in 2008 when Moody's Investor Services (one of the other national rating agencies)upgraded the city's bond rating from A2(comparable to an S&P'A'rating)to Aa3 (comparable to an S&P 'AA-'rating). When Standard and Poor's began rating the city's debt in 2010 they assigned a AA- rating. The rating upgrade is a culmination of five years of hard work by staff and the city council to improve the city's financial performance, strengthen management's oversight,update and improve on the city's financial policies and practices, and to improve the city's debt position. The rating outlook is stable for the next two years. A higher rating is possible in the future if the economy and the city's debt profile were to improve. A lower rating is possible if the budgetary performance becomes of concern and the budgetary flexibility deteriorates. S&P also shared it is very important for the city to complete and the city council to adopt a comprehensive financial plan which pulls together the various long-term financial components that council has adopted and just importantly demonstrates the city is able to and will finance. A copy of Standard and Poor's ratings analysis is attached for you, as well as an updated ratings chart comparing the City of Farmington's debt rating with Minnesota cities of similar population and the neighboring cities of Apple Valley,Lakeville and Rosemount. BUDGET IMPACT The increased rating may result in lower future borrowing costs for the city. ACTION REQUESTED No action is required. Staff simply asks that you join us in recognizing and sharing this accomplishment. It is the result of dedicated work by staff, council and the city's financial advisor,Ehlers, over the past five years. ATTACIV ENTS• Type Description © Backup Material Debt Ratings Comparison Chart Updated Sept 2015 ® Executive Summary S and P Ratings Direct t _ *lunowasoa *a!I!naNej 0 A,O *AalleA alddy : E c G; O 0 Pla!H U0N RS Y Q� • adoH MaN m O > d * a L w ai • uolSu!wJej oji m V▪ ) J o I • sOu!lseH a a IA > - - Y co QJ � ' v .E fO • Jana)II3 °' U > , m a L f - O LPL CL', llneq!aej cloy' _ 9r- . 0 }' 0 u!ldweq o 4 _ C 0 uassequegJ i aA U C ' - • CL i 06 s • Aaswea VI dA •v •Z • eNse4J C CO • aNei Jea8 al!4M I a a a a '1 RATINGSRSERVIICESS McGRAW HILL FINANCIAL RatingsDirect® Summary: Farmington, Minnesota; General Obligation Primary Credit Analyst: Errol R Arne,New York(1)212-438-2379;errol.ame@standanlandpoors.com Secondary Contact: Angel A Bado,Centennial 303.721.4671;angellado@standardandpoors.com Table Of Contents Rationale Outlook Related Criteria And Research • WWW.STANDABDANDPOORS.COM/AATINGSDIRECT SlPTO N=SR 15,2016 1 1451133 300382073 Summary: Farmington, Minnesota; General Obligation Credit_P;rdfile' US$3.21 mil GO,street reconstruction beds ser 2015A dtd 10/15■2015 due 02/01/2030 •Long Term Ratfri _- = AA/Stable New " - Farmington GO . • Long Term RaU,g • • A4►/$tabte Upgraded . - unenhai ced ltcjg> i0(SPtill),' Farmington GO imp rfdg b ids ser 2011A dtd:08/25/2011 due 82/81/2012-2019 Long?hrm Rating AA/Stable' . . Upgraded Facmlugton GO imp rMg: ser 20.13A dtd 01/15/2013 due 02/01/2015-2022" Long Term Roang _ AA/Stable , "' - • Upgraded Farmington GO(AGM) Unenhanced Rating AA(SPUR)/Stable - Upgraded Many Issues are enhanced by bond Insurance. Rationale Standard&Poor's Rating Services raised its long-term rating on Farmington,Minn.'s outstanding general obligation (GO)debt to'AA'from'AA-'.At the same time,we assigned our'AA'rating to Farmington's series 2015A GO street reconstruction bonds. The upgrade reflects our view of the city's improving management profile,strengthening to a level we consider strong, coupled with an increase in its debt profile from levels we considered very weak to weak. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes without limitation as to rate or amount secure the 2015A series bonds. The rating reflects our view of the city's: • Adequate economy,with access to a broad and diverse metropolitan statistical area(MSA); • Strong management,with"good°financial policies and practices under our Financial Management Assessment methodology; • Very strong budgetary performance,with operating surpluses in the general fund and at the total governmental fund level; • Very strong budgetary flexibility,with an available fund balance in fiscal 2014 of 46%of operating expenditures; • Very strong liquidity,with total government available cash of 1.7x total governmental fund expenditures and 7.6x governmental debt service,and access to external liquidity we consider strong; • Weak debt and contingent liability position,with debt service carrying charges of 22.5%of expenditures and net direct debt that is 124.8%of total governmental fund revenue,but rapid amortization with 87.6%of debt scheduled to be retired in 10 years;and W W W.STANDARDANDPOOR LOOM/RATINGSDIRECT SEPTEMBER 15,2016 2 1451133 I 300382073 Summary:Farmington,Minnesota;General Obligation • Strong institutional framework score. Adequate economy • We consider Farmington's economy adequate.The city,with an estimated population of 22,911,encompasses 14.8 miles in Dakota County about 25 miles south of Minneapolis-St.Paul.It is part of the Minneapolis-St Paul Bloomington,M'1nn Wis.MSA,which we consider to be broad and diverse.The city has a projected per capita effective buying income of 106.5%of the national level and per capita market value of$75,656.Overall,the city's market value grew by 8.9%over the past year to$1.7 billion in 2015.The county unemployment rate was 3.7%in 2014. The city has a local stable economy with employment opportunities in the school district,federal aviation,utilities,and health care sectors. Management expects economic market values to increase modestly in the upcoming year. Strong management We view the city's management as strong,with"good"financial policies and practices under our Financial Management Assessment methodology,indicating financial practices exist in most areas,but that governance officials might not formalize or monitor all of them on a regular basis. We changed the score to°good°from"standard"based on updated information related to the long-term capital plan, the debt management policy,and reserve and liquidity policy. The city currently uses at least two years of historical data to formulate revenue and expenditure assumptions for the upcoming year's budget.Budget to actuals are reviewed by the administrator monthly and reported at least quarterly to the council.Management is currently working on a long-term financial plan but has a 20-year long-term capital plan that is updated annually with sources of funds identified for upcoming projects.A formal debt management policy has been adopted containing provisions limiting the city from issuing variable rate debt and will not use derivative-based debt.A formal reserve and liquidity policy has been adopted to maintain 40%to 50%of operating expenditures for cash flow needs. Very strong budgetary performance Farmington's budgetary performance is very strong in our opinion.The city had operating surpluses of 9.6%in the general fund and 3.6%across all governmental funds in fiscal 2014. Historically,the city has been able to produce consecutive surpluses in each of the past four years with expectations of a slight surplus of$286,000 in fiscal year end 2015(Dec.31)and breakeven results in fiscal 2016.Given historical budgetary performance we believe that the city will likely outperform its budget Management anticipates that the total governmental fund performance will remain positive during the next two years.Therefore,we expect no deterioration in the budgetary performance score. Very strong budgetary flexibility Farmington's budgetary flexibility is very strong,in our view,with an available fund balance in fiscal 2014 of 46%of operating expenditures,or$4.8 million.We expect the available fund balance will remain above 30%of expenditures W W W.STANDARDANDPOORS.COM/RATINOSDIRECT SEPTEMBER 16,2015 3 1451133 1 300382073 Summary:Farmington,Minnesota;General Obligation • for the current and next fiscal years,which we view as a positive credit factor.The available fund balance includes$4.1 million(38.8%of expenditures)in the general fund and$775,000(7.4%of expenditures)that is outside the general fund but legally available for operations. Since 2012,the city has increased its general fund balance by 108.5%to current levels,which we view as very strong. Given management's ability to make budgetary adjustments when needed,we do not believe that the general fund will deteriorate significantly within our two-year year outlook horizon.Additional flexibility is provided by the cash and cash equivalents in the liquor fund,which could be used for operating expenditures. Very strong liquidity In our opinion,Farmington's liquidity is very strong,with total government available cash of 1.7x total governmental fund expenditures and 7.6x governmental debt service in 2014.In our view,the city has strong access to external liquidity if necessary. We believe that the city has strong access to external liquidity because it has been issuing GO debt within the last 20 years,which demonstrates access to capital markets.We do not expect the city's cash position to change much over the next two years with respect to its total governmental expenditures and debt service.We do not view the city's investment practices as risky as a majority of its investments are in highly rated securities. Weak debt and contingent liability profile In our view,Farmington's debt and contingent liability profile is weak.Total governmental fund debt service is 22.5% of total governmental fund expenditures,and net direct debt is 124.8%of total governmental fund revenue.About 87.6%of the direct debt is scheduled to be repaid within 10 years,which is in our view a positive credit factor Management has confirmed that the city has no other alternative financings. We understand that the city does not currently have any plans to issue additional debt outside of possible refunding fur interest cost savings.The city does intend to issue debt in fiscal 2019 for capital projects. Farmington's combined pension and other postemployment benefits(OPEB)contributions totaled 5.2%of total governmental fund expenditures in 2014.The city made its full annual required pension contribution in 2014. All full time and certain part time employees of Farmington are covered by defined-benefit plans administered by the Public Employees Retirement Association of Minnesota(PERA).PERA administers the General Employees retirement Fund(GERF)and Public Employees Police and Fire Fund(PEPFF),which are cost-sharing multiple-employer retirement plans.As of fiscal year 2014(Dec.31)the GERF plan was funded at 82%. Strong institutional framework The institutional framework score for Minnesota cities with a population greater than 2,500 is strong Outlook The stable outlook reflects our expectation that the rating will not change over the two-year outlook horizon.We expect Farmington to maintain at least very strong budgetary flexibility,with available reserves that are at or above WW W.STANDARDANDPOORS.COMIRATINGSDIRECT SEPTEMBER 15,2015 4 1951133 1 300382073 Summary:Farmington,Minnesota;General Obligation current levels coupled with very strong liquidity. Upside scenario A higher rating is possible if the city's economy were to improve to a level we would view as very strong coupled with an increase in the debt profile score to a level we view as strong,though we do not view that as likely. Downside scenario A lower rating is possible if the budgetary performance were to decline to a level we view as weak or very weak coupled with deterioration in budgetary flexibiiity.Given historical performance,we do not view this as likely. Related Criteria And Research Related Criteria • USPF Criteria:Local Government GO Ratings Methodology And Assumptions,Sept.12,2013 • USPF Criteria:Financial Management Assessment,June 27,2006 • USPF Criteria:Debt Statement Analysis,Aug.22,2006 • USPF Criteria:Methodology:Rating Approach To Obligations With Multiple Revenue Streams,Nov 29,2011 • USPF Criteria:Assigning Issue Credit Ratings Of Operating Entities,May 20,2015 • Criteria:Use of CreditWatch And Outlooks,Sept.14,2009 Related Research Institutional Framework Overview Minnesota Local Governments Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com.All ratings affected by this rating action can be found on Standard&Poor's public Web site at www.standardandpoors.com.Use the Ratings search box located in the left column. 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WWW.STANDABDANDPOORS.COMIBATINGSDIRECT SEPTEMBER 15r 2015 6 1951133 1 300382073 City of Farmington 430 Third Street Farmington,Minnesota ,� sa 651.280.6800 -Fax 651.280.6899 ' . `, www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: RobinHanson,Finance Director SUBJECT: Approve Resolution Awarding Sale of$3,210,000*General Obligation Street Reconstruction Bonds, Series 2015A DATE: September 21, 2015 INTRODUCTION At your August 17,2015 meeting the city council authorized Ehlers,the city's financial advisor,to solicit proposals for the 2015A Bonds. The bond proceeds will be used to finance a portion of the city's cost for the joint county/city 195th street reconstruction project. DISCUSSION Competitive bids will be received on Monday, September 21, 2015 at the office of Ehlers &Associates, Inc. The number of bidders and the interest rates received will be presented at the September 21,2015 city council meeting. The draft resolution(attached)will be updated with the final amounts. BUDGET IMPACT The estimated debt service has been included in the 2015 and 2016 debt levies. ACTION REQUESTED Staff recommends the city council adopt the updated resolution awarding the sale of$3,210,000*General Obligation Street Reconstruction Bonds, Series 2015A to the low bidder, as presented by Ehlers& Associates, Inc. *Preliminary, subject to change. ATTACHMENTS: Type Description © Resolution 2015A Bond Resolution CERTIFICATION OF MINUTES RELATING TO $3,050,000 GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS, SERIES 2015A City: City of Farmington, Minnesota Governing Body: City Council Kind, date,time and place of meeting: A regular meeting held on September 21, 2015, at 7:00 o'clock p.m.,at City Hall, 430 Third Street in Farmington, Minnesota. Members present: Larson, Bartholomay, Bonar, Pitcher Members absent: Donnelly Documents Attached: Minutes of said meeting (including): RESOLUTION NO. R46-15 RESOLUTION AUTHORIZING ISSUANCE,AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $3,050,000 GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS, SERIES 2015A 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 recording officer onsipeA , 2015. • / o Administr• o It was reported that 8 proposals for the purchase of$3,050,000 General Obligation Street Reconstruction Plan Bonds, Series 2015A were received prior to 10:00 o'clock a.m., Central time,pursuant to the Official Statement distributed to potential purchasers of the Bonds by Ehlers & Associates, Inc., financial consultants to the City. The proposals have been publicly opened,read and tabulated and were found to be as follows: See Attached Councilmember Bartholomay introduced the following resolution and moved its adoption,which motion was seconded by Councilmember Bonar: RESOLUTION NO. R46-15 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $3,050,000 GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS, SERIES 2015A BE IT RESOLVED by the City Council, City of Farmington, Minnesota(the City), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. The City Council hereby determines that it is in the best interest of the City to issue its $3,050,000 General Obligation Street Reconstruction Plan Bonds, Series 2015A (the Bonds), pursuant to Minnesota Statutes, Section 475.58, subdivision 3b. The proceeds of the Bonds will be used,together with any additional funds of the City which might be required,to finance the cost of certain street reconstruction projects, including the 195th Street Reconstruction Project(the"Project"), described in the 5-Year Street Reconstruction Plan adopted by this Council,following a public hearing, on August 5,2013. A petition requesting a vote on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast in the last municipal general election, was not filed with the City within 30 days of the public hearing held with respect to issuance of the Bonds on August 17, 2015. Accordingly,the issuance of the Bonds is authorized without an election. 1.02. Sale. Pursuant to the Terms of Proposal and the Official Statement prepared on behalf of the City by Ehlers&Associates, Inc., sealed proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened, publicly read and considered and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of in , , (the Purchaser),to purchase the Bonds at a price of$ plus accrued interest on all Bonds to the day of issuance and delivery, on the further terms and conditions hereinafter set forth. 1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor and City Administrator are hereby authorized and directed to execute a contract on behalf of the City for the sale of the Bonds in accordance with the terms of the 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. SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY. 2.01. Issuance of Bonds. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, 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. 2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be originally dated as of October 15, 2015, shall be in the denomination of$5,000 each, or any integral multiple thereof, of single maturities, shall mature on February 1 in the years and amounts stated below, and shall bear interest from date of issue until paid or duly called for redemption at the annual rates set forth opposite such years and amounts, as follows: Year Amount Rate Year Amount Rate 2017 $215,000 % 2024 $225,000 2018 210,000 2025 230,000 2019 210,000 2026 240,000 2020 215,000 2027 245,000 2021 210,000 2028 250,000 2022 215,000 2029 260,000 2023 220,000 2030 265,000 [REVISE MATURITY SCHEDULE FOR ANY TERM BONDS] The Bonds shall be issuable only in fully registered form. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months. The interest on and, upon surrender of each Bond,the principal amount thereof, shall be payable by check or draft issued by the Registrar described herein,provided that, so long as the Bonds are registered in the name of a securities depository, or a nominee thereof, in accordance with Section 2.08 hereof,principal and interest shall be payable in accordance with the operational arrangements of the securities depository. 2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06,the date of authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing August 1, 2016, each such date being referred to herein as an Interest Payment Date, to the persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at the Registrar's close of business on the fifteenth day of the calendar month next preceding such Interest Payment Date, whether or not such day is a business day. 2.04. Redemption. Bonds maturing on or after February 1, 2025 shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity,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, on February 1, 2024, and on any date thereafter, at a price equal to the 2 principal amount thereof and accrued interest to the date of redemption. The City Administrator shall cause notice of the call for redemption thereof to be published if and as required by law, and, at least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice of call for redemption to be mailed,by first class mail,to the Registrar and registered holders of any Bonds to be redeemed at their addresses as they appear on the register described in Section 2.06 hereof,provided that notice shall be given to any securities depository in accordance with its operational arrangements. No defect in or failure to give such mailed notice of redemption shall affect the validity of 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 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 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. [COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS- ADD ADDITIONAL PROVISIONS IF THERE ARE MORE THAN TWO TERM BONDS] [Bonds maturing on February 1, 20 and 20 (the Term Bonds) shall be subject to mandatory redemption prior to maturity pursuant to the sinking fund requirements of this Section 2.04 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: Year Principal Amount The remaining $ stated principal amount of such Bonds shall be paid at maturity on February 1, 20 Year Principal Amount The remaining$ stated principal amount of such Bonds shall be paid at maturity on February 1, 20 .1 [Notice of redemption shall be given as provided in the preceding paragraph.] 3 2.05. Appointment of Initial Registrar. The City hereby appoints U.S. Bank National Association, St. Paul, Minnesota, as the initial bond registrar,transfer agent and paying agent (the Registrar). The Mayor and City Administrator are authorized to execute and deliver, on behalf of the City, 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 organized under the laws of the United States or one of the states of the United States and 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 the Registrar, effective upon not less than thirty(30) days' written notice and upon the appointment and acceptance of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. 2.06. Registration. 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 register(the Bond Register) in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered,transferred or exchanged. The term Holder or Bondholder as used herein shall mean the person(whether a natural person, corporation, association,partnership, trust, governmental unit, or other legal entity) in whose name a Bond is registered in the Bond Register. (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 for payment,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 4 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 the Bond, whether the Bond shall be 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 all payments made to any registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability upon 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 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, 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. 2.07. Execution, Authentication and Delivery. The Bonds shall be prepared under the direction of the City Administrator and shall be executed on behalf of the City by the signatures of the Mayor and City Administrator,provided that the 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 5 any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. Notwithstanding such 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 the 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 prepared, executed and authenticated,the City Administrator shall deliver them to the Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.08. Securities Depository. (a) For purposes of this section the following terms shall have the following meanings: "Beneficial Owner" shall mean,whenever used with respect to a Bond,the person in whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records of such Participant, or such person's subrogee. "Cede & Co." shall mean Cede& Co.,the nominee of DTC, and any successor nominee of DTC with respect to the Bonds. "DTC" shall mean The Depository Trust Company of New York,New York. "Participant" shall mean any broker-dealer, bank or other financial institution for which DTC holds Bonds as securities depository. "Representation Letter" shall mean the Representation Letter pursuant to which the City agrees to comply with DTC's Operational Arrangements. (b) The Bonds shall be initially issued as separately authenticated fully registered bonds, and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon initial issuance,the ownership of such Bonds shall be registered in the bond register in the name of Cede& Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of payment of the principal of or interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, if any, giving any notice permitted or required to be given to registered owners of Bonds under this resolution, registering the transfer of Bonds, and for all other purposes whatsoever; and neither the Registrar nor the City shall be affected by any notice to the contrary. Neither the Registrar nor the City shall have any responsibility or obligation to any Participant, any person claiming a beneficial ownership interest in the Bonds under or through DTC or any Participant, or any other person which is not shown on the bond register as being a registered owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any Participant, with respect to the payment by DTC or any Participant of any amount with respect to the principal of or interest on the Bonds,with respect to any notice which is permitted or required to be given to owners of Bonds under this resolution, with respect to the selection by 6 DTC or any Participant of any person to receive payment in the event of a partial redemption of the Bonds, or with respect to any consent given or other action taken by DTC as registered owner of the Bonds. So long as any Bond is registered in the name of Cede & Co., as nominee of DTC, the Registrar shall pay all principal of and interest on such Bond, and shall give all notices with respect to such Bond, only to Cede& Co. in accordance with DTC's Operational Arrangements, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other than DTC shall receive an authenticated Bond for each separate stated maturity evidencing the obligation of the City to make payments of principal and interest. Upon delivery by DTC to the Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co.,the Bonds will be transferable to such new nominee in accordance with paragraph (e)hereof. (c) In the event the City determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bonds in the form of physical certificates,the City may notify DTC and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of Bonds in the form of certificates. In such event,the Bonds will be transferable in accordance with paragraph(e)hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph(e)hereof. (d) The execution and delivery of the Representation Letter to DTC by the Mayor or City Administrator, if not previously filed with DTC, is hereby authorized and directed. (e) In the event that any transfer or exchange of Bonds is permitted under paragraph(b) or(c)hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede& Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds,the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation,the printing of such Bonds in the form of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09. Form of Bonds. The Bonds shall be prepared in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF FARMINGTON GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BOND, SERIES 2015A No. R- $ 7 Interest Rate Maturity Date Date of Original Issue CUSIP No. February 1, 20_ October 15, 2015 REGISTERED OWNER: CEDE&CO. PRINCIPAL AMOUNT: THOUSAND DOLLARS THE CITY OF FARMINGTON, 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 amount specified above on the maturity date specified above, and promises to pay interest thereon from the date of original issue specified above or from the most recent Interest Payment Date (as hereinafter defined)to which interest has been paid or duly provided for, at the annual interest rate specified above,payable on February 1 and August 1 in each year, commencing August 1, 2016 (each such date, an Interest Payment Date), 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 calendar month, all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. 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 at the principal office of the agent of the Registrar described below,the principal hereof are payable in lawful money of the United States of America by check or draft drawn on U.S. Bank National Association, St. Paul, Minnesota, as bond registrar, transfer agent and paying agent, or its successor designated under the Resolution described herein (the Registrar) or other agreed-upon means of payment by the Registrar. 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. This Bond is one of an issue (the Bonds)in the aggregate principal amount of $3,210,000, issued pursuant to a resolution adopted by the City Council (the Council)on September 21, 2015 (the Resolution)to provide funds to finance certain street reconstruction projects in the City, including the 195th Street Reconstruction Project pursuant to a street reconstruction plan approved by the Council in accordance with Minnesota Statutes, Section 475.58, subdivision 3b, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475. The Bonds are issuable only in fully registered form, in denominations of $5,000 or any integral multiple thereof, of single maturities. Bonds maturing on or after February 1, 2025 shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and,within a maturity, 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, on February 1, 2024, and on any date thereafter, at a price equal to the principal amount thereof and accrued interest to the date of redemption. The City Administrator shall cause notice of the call for redemption thereof to be published if and as required by law, and, at least thirty (30)and not more than sixty(60)days prior to the designated redemption date, shall cause notice of call for 8 redemption to be mailed,by first class mail,to the Registrar and registered holders of any Bonds to be redeemed at their addresses as they appear on the register, provided that notice shall be given to any securities depository in accordance with its operational arrangements. No defect in or failure to give such mailed notice of redemption shall affect the validity of 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 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 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. [COMPLETE THE FOLLOWING PROVISIONS IF THERE ARE TERM BONDS] [Bonds maturing in the years 20 and 20 shall be subject to mandatory redemption, at a redemption price equal to their principal amount plus interest accrued thereon to the redemption date,without premium, on February 1 in each of the years shown below, in an amount equal to the following principal amounts: Term Bonds Maturing in 20-- Term Bonds Maturing in 20-- Sinking Fund Aggregate Sinking Fund Aggregate Payment Date Principal Amount Payment Date Principal Amount $ $ Notice of redemption shall be given as provided in the preceding paragraph.] The Bonds have been designated as "qualified tax-exempt obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. 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 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 9 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 established its General Obligation Street Reconstruction Plan Bonds, Series 2015A Bond Fund and has appropriated thereto ad valorem taxes heretofore levied on all taxable property in the City, which taxes will be collectible for the years and in amounts sufficient to produce sums not less than five percent in excess of the principal of and interest on the Bonds when due;that if necessary for payment of such principal and interest, additional 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 improvements 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 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 Farmington, Minnesota,by its City Council,has caused this Bond to be executed on its behalf by the facsimile signatures of the Mayor and City Administrator and has caused this Bond to be dated as of the date set forth below. CITY OF FARMINGTON, MINNESOTA Mayor Administr. o CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. 10 Date of Authentication: U.S. BANK 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 the applicable laws or regulations: TEN COM - as tenants in common UTMA as Custodian for (Cust) (Minor) TEN ENT- as tenants by the entireties under Uniform Transfers to Minors Act (State) JT TEN -- as joint tenants with right of survivorship and not as tenants in common Additional abbreviations may also be used. 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 enlargement or any change whatsoever. Signature Guaranteed: Signature(s)must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such other "signature guaranty program" as may be determined by the Registrar in addition to or in 11 substitution for STAMP,all in accordance with the Securities Exchange Act of 1934, as amended. PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE: [end of bond form] SECTION 3. GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS, SERIES 2015A CONSTRUCTION FUND. There is hereby established on the official books and records of the City a General Obligation Street Reconstruction Plan Bonds, Series 2015A Construction Fund(the Construction Fund). The City Administrator shall maintain the Construction Fund until payment of all costs and expenses incurred in connection with the construction of the Project have been paid. To the Construction Fund there shall be credited from the proceeds of the Bonds, exclusive of unused discount and accrued interest, an amount equal to the estimated cost of the Project and from the Construction Fund there shall be paid all construction costs and expenses incurred by the City in construction of the Project. After payment of all construction costs,the Construction Fund shall be discontinued and any Bond proceeds remaining therein received shall be credited to the Bond Fund described in Section 4.01 hereof. SECTION 4. GENERAL OBLIGATION STREET RECONSTRUCTION PLAN BONDS, SERIES 2015A BOND FUND; PLEDGE OF TAXING POWER. 4.01. General Obligation Street Reconstruction Plan Bonds, Series 2015A Bond Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid,the City Administrator shall maintain a separate debt service fund on the official books and records of the City to be known as the General Obligation Street Reconstruction Plan Bonds, Series 2015A Bond Fund (the Bond Fund), and the principal of and interest on the Bonds shall be payable from the Bond Fund. The City irrevocably appropriates to the Bond Fund(i) any amount in excess of$ received from the Purchaser; (ii)the amounts specified in Section 3 above, after payment of all costs of the Project; (iii) all taxes levied and collected in accordance with this resolution; and(iv) all other moneys as shall be appropriated by the Council to the Bond Fund from time to time. If the aggregate 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 Bond Fund when the balance therein is sufficient, and the Council 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 or statutory limitation. 4.02. Pledge of Taxing Powers. For the prompt and full payment of the principal of and interest on the Bonds as such payments respectively become due,the full faith, credit and 12 unlimited taxing powers of the City shall be and are hereby irrevocably pledged. In order to produce aggregate amounts not less than five percent in excess of amounts needed to meet when due the principal and interest payments on the Bonds, ad valorem taxes are hereby levied on all taxable property in the City, said taxes to be levied and collected in the following years and amounts: Levy Years Collection Years Amount See attached levy computation Said taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid,provided that the City reserves the right and power to reduce said levies from other legally available funds in accordance with the provisions of Minnesota Statutes, Section 475.61. SECTION 5. 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 registered owners of the Bonds shall cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably 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, redemption premium, if any, and interest 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 the Registrar or with a bank or trust company qualified by law to act as an escrow agent for this purpose, cash or securities which are authorized by law to be so deposited for such purpose,bearing interest payable at such times and at such rates and maturing or callable at the holder's option on such dates as shall be required to pay all principal and interest to become due thereon to maturity or, if notice of redemption as herein required has been irrevocably provided for,to an earlier designated redemption date,provided, however,that if such deposit is made more than ninety days before the maturity date or specified redemption date of the Bonds to be discharged,the City shall have received a written opinion of Bond Counsel to the effect that such deposit does not adversely affect the exemption of interest on any Bonds from federal income taxation and a written report of an accountant or investment banking firm verifying that the deposit is sufficient to pay when due all of the principal and interest on the Bonds to be discharged on and before their maturity dates or earlier designated redemption date. SECTION 6. CERTIFICATION OF PROCEEDINGS. 6.01. Registration of Bonds. The City Administrator is hereby authorized and directed to file a certified copy of this resolution in the records of Dakota County,together with such additional information as is required, and to issue a certificate that the Bonds have been duly 13 entered upon the County Treasurer-Auditor's bond register and the tax required by law has been levied. 6.02. Authentication of Transcript. The officers of the City and the City Administrator are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey& Whitney LLP, Bond Counsel, certified copies of all proceedings and records relating to the Bonds 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 books and records in their custody and control or as otherwise known to them, and all such certified copies, affidavits and certificates, including any heretofore furnished, shall be deemed representations of the City as to the correctness of all statements contained therein. 6.03. Official Statement. The Preliminary Official Statement relating to the Bonds, dated September_, 2015,prepared and distributed by Ehlers&Associates, Inc., is hereby approved. Ehlers & Associates, Inc. is hereby authorized on behalf of the City to prepare and distribute to the Purchaser within seven business days from the date hereof, a supplement to the Official Statement listing the offering price,the interest rates, selling compensation, delivery date,the underwriters and such other information relating to the Bonds as is required to be included in the Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission(the SEC)under the Securities Exchange Act of 1934. 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 Official Statement. SECTION 7. TAX COVENANTS; ARBITRAGE MATTERS AND CONTINUING DISCLOSURE. 7.01. General Tax Covenant. The City covenants and agrees with the registered owners of the Bonds that it will not take or permit to be taken by any of its officers, employees or agents any actions that would cause interest on the Bonds to become includable in the gross income of the recipient under the Internal Revenue Code of 1986, as amended (the Code) and applicable Treasury Regulations (the Regulations), and covenants to take any and all actions within its powers to ensure that the interest on the Bonds will not become includable in gross income of the recipient under the Code and the Regulations. In particular,the City covenants and agrees that all proceeds of the Bonds deposited in the Construction Fund will be expended solely for the payment of the costs of the Project. All improvements so financed will be owned and maintained by the City as part of the public infrastructure of the City and available for use by members of the general public on a substantially equal basis. The City has not entered and will not enter into any lease, management, use or other agreement or contract relating to the use of the Project, or any portion thereof, or security for the payment of the Bonds which might cause the Bonds to be considered"private activity bonds" or"private loan bonds"pursuant to Section 141 of the Code. 7.02. Arbitrage Certification. The Mayor and City Administrator,being the officers of the City charged with the responsibility for issuing the Bonds pursuant to this resolution, are authorized and directed to execute and deliver to the Purchaser a certificate in accordance with Section 148 of the Code and applicable Regulations stating the facts, estimates and 14 circumstances in existence on the date of issue and delivery of the Bonds which make it reasonable to expect that the proceeds of the Bonds will not be used in a manner that would cause the Bonds to be"arbitrage bonds"within the meaning of the Code and Regulations. 7.03. Arbitrage Rebate. (a) It is hereby found that the City has general taxing powers, that no Bond is a "private activity bond" within the meaning of Section 141 of the Code,that 95%or more of the net proceeds of the Bonds are to be used for local governmental activities of the City, and that the aggregate face amount of all tax-exempt obligations (other than private activity bonds) issued by the City and all subordinate entities thereof during the year 2015 is not reasonably expected to exceed$5,000,000. Therefore,pursuant to Section 148(f)(4)(D)of the Code,the City shall not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) of Section 148(f) of the Code. (b)Notwithstanding the provisions of paragraph(a) of this Section 7.03, if the arbitrage rebate provisions of Section 148(f) of the Code apply to the Bonds,the City hereby covenants and agrees to make the determinations, retain records and rebate to the United States the amounts at the times and in the manner required by said Section 148(f) and applicable Regulations. 7.04. Qualified Tax-Exempt Obligations. The City Council hereby designates the Bonds as"qualified tax-exempt obligations"for purposes of Section 265(b)(3)of the Code relating to the disallowance of interest expense for financial institutions, and hereby finds that the reasonably anticipated amount of tax-exempt obligations which are not private activity bonds (not treating qualified 501(c)(3)bonds under Section 145 of the Code as private activity bonds for the purpose of this representation) and are not excluded from this calculation by Section 265(b)(3)(C)(ii) of the Code which will be issued by the City and all subordinate entities during calendar year 2015 does not exceed $10,000,000. 7.05. Reimbursement. The City certifies that the proceeds of the Bonds will not be used by the City to reimburse itself for any expenditure with respect to the Project which the City paid or will have paid more than 60 days prior to the issuance of the Bonds unless, with respect to such prior expenditures,the City shall have made a declaration of official intent which complies with the provisions of Section 1.150-2 of the Regulations, provided that this certification shall not apply (i) with respect to certain de minimis expenditures, if any, with respect to the Project meeting the requirements of Section 1.150-2(f)(1) of the Regulations, or(ii)with respect to "preliminary expenditures"for the Project as defined in Section 1.150-2(f)(2)of the Regulations, including engineering or architectural expenses and similar preparatory expenses,which in the aggregate do not exceed 20%of the"issue price" of the Bonds. 7.06. 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 15 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: (1) on or before twelve months after the end of each fiscal year of the City, commencing with the fiscal year ending December 31, 2015, 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: Current Property Valuations; Direct Debt; Tax Levies& Collections; Population Trend; and Employment/Unemployment Data. 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 16 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"). 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 Information 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 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 17 definitive agreement relating to any such actions, other than pursuant to its terms, if material; and (N) Appointment of a successor or additional trustee or the change of name of a trustee, if material. 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. 18 (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 Board 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. 19 (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. SECTION 8. AUTHORIZATION OF PAYMENT OF CERTAIN COSTS OF ISSUANCE OF THE BONDS. The City authorizes the Purchaser and Escrow Agent to forward the amount of Bond proceeds allocable to the payment of issuance expenses to Klein Bank, Chaska,Minnesota, on the closing date for further distribution as directed by the City's financial advisor, Ehlers& Associates, Inc. Upon vote being taken thereon,the following voted in favor thereof: Larson, Bartholomay, Bonar, Pitcher and the following voted against the same: None whereupon the resolution was declared duly passed and adopted. 20 APPENDIX I Taxes Levied with respect to the Project Levy Years Collection Years Amount $ DAKOTA COUNTY TREASURER-AUDITOR'S CERTIFICATE AS TO REGISTRATION AND TAX LEVY The undersigned,being the duly qualified and acting County Treasurer-Auditor of Dakota County, Minnesota,hereby certifies that there has been filed in my office a certified copy of a resolution duly adopted on September 21, 2015,by the City Council of Farmington, Minnesota, setting forth the form and details of an issue of$3,210,000 General Obligation Street Reconstruction Plan Bonds, Series 2015A, dated as of October 15, 2015, and levying taxes for the payment of the Bonds. I further certify that the issue has been entered on my bond register and the tax levy has been filed as required by Minnesota Statutes, Sections 475.61 to 475.63. WITNESS my hand and official seal this day of , 2015. Dakota County Treasurer-Auditor (SEAL) EHLERS LEADERS IN PUBLIC FINANCE September 21 , 2015 Sale Day Report for City of Farmington, Minnesota $3,050,000 General Obligation Street Reconstruction Bonds, Series 2015A j air% , ► Prepared by: Shelly Eldridge Senior Municipal Advisor and Bruce Kimmel Senior Municipal Advisor 113—E-0— 1-800-552-1171 1 www.ehlers-inc.com Page 1 Sale Day Report — September 21 , 2015 City of Farmington, Minnesota $3,050,000 General Obligation Street Reconstruction Bonds, Series 2015A Purpose: To finance thel 95th Street project outlined in the Street Reconstruction Plan dated August 5,2013. Rating: Standard & Poor's Credit Markets "AA" (Upgraded from AA-) Number of Bids: 8 Low Bidder: Piper Jaffray & Co., Minneapolis, Minnesota Comparison from Low Bid High Bid Lowest to Highest Bid: 2.1499% 2.4101% (TIC as bid) Summary of Results: Results of Sale Principal Amount*: I $3,050,000 Underwriter's Discount: I $19,877 Reoffering Premium: _ $134,641 True Interest Cost: ' 2_.0934% Costs of Issuance: $36,470 Yield: ; 0.600% - 2.600% Total Net P&I $3,675,060 Notes: *The size of the bond issue was reduced from the projected amount due to a reduction in underwriter's discount, a decrease in costs of issuance, and a premium bid. Closing Date: October 15, 2015 City Council Action: Resolution authorizing issuance, awarding the sale,prescribing the form and details and providing for the payment of$3,050,000 General Obligation Street Reconstruction Bonds, Series 2015A. Attachments: A. Bid Tabulation B. Sources and Uses of Funds C. Updated Debt Service Schedules D. Rating Report (Distributed in City Council Packets) E. BBI Graph F. Bond Resolution (Distributed in City Council Packets) Sale Day Report City of Farmington, Minnesota $3,050,000 General Obligation Street Reconstruction Bonds, Series 2015ASeptember 21, 2015 Page 2 • EHLERS BID TABULATION LEADERS IN PUBLIC FINANCE $3,210,000* General Obligation Street Reconstruction Bonds, Series 2015A City of Farmington, Minnesota SALE: September 21, 2015 AWARD: PIPER JAFFRAY & CO. Rating: Standard&Poor's Credit Markets "AA" BBI: 3.78% NET TRUE MATURITY REOFFERING INTEREST INTEREST NAME OF BIDDER (February 1) RATE YIELD PRICE COST RATE PIPER JAFFRAY&CO. $3,325,018.35 $571,737.55 2.1499% Minneapolis,Minnesota 2017 3.000% 0.600% 2018 3.000% 0.800% 2019 3.000% 1.000% 2020 3.000% 1.200% 2021 3.000% 1.400% 2022 3.000% 1.550% 2023 3.000% 1.700% 2024 3.000% 1.800% 2025 2.000% 1.900% 2026 2.000% 2.000% 2027' 2.500% 2.350% 2028' 2.500% 2.350% 20292 2.750% 2.600% 20302 2.750% 2.600% BAIRD $3,263,998.05 $589,299.59 2.2256% Milwaukee,Wisconsin 2017 2.000% 2018 2.000% 2019 2.000% 2020 2.000% 2021 2.000% 2022 2.000% 2023 2.000% 2024 2.000% 2025 2.000% 2026 2.250% 2027 2.500% 2028 3.000% 2029 3.000% 2030 3.000% " Subsequent to bid opening the issue size was decreased to $3,050,000. Adjusted Price - $3,164,764.07 Adjusted Net Interest Cost - $510,296.21 Adjusted TIC - 2.0934% 1$510,000 Term Bond due 2028 with mandatory redemption in 2027. 2$340,000 Term Bond due 2030 with mandatory redemption in 2029. 1-800-552-1171 I www.ehlers-inc.com Page 3 NET TRUE MATURITY REOFFERING INTEREST INTEREST NAME OF BIDDER (February 1) RATE YIELD PRICE COST RATE NORTHLAND SECURITIES,INC. $3,249,089.55 $595,016.70 2.2555% Minneapolis,Minnesota 2017 2.000% 2018 2.000% 2019 2.000% 2020 2.000% 2021 2.000% 2022 2.000% 2023 2.000% 2024 2.000% 2025 2.000% 2026 2.500% 2027 2.500% 2028 2.500% 2029 3.000% 2030 3.000% RAYMOND JAMES& $3,311,255.85 $599,573.25 2.2598% ASSOCIATES,INC. St.Petersburg,Florida 2017 3.000% 2018 3.000% 2019 3.000% 2020 3.000% 2021 3.000% 2022 3.000% 2023 3.000% 2024 3.000% 2025 2.250% 2026 2.250% 2027 2.250% 2028 2.500% 2029 2.750% 2030 3.000% WELLS FARGO BANK,NATIONAL $3,312,005.60 $600,397.04 2.2620% ASSOCIATION Charlotte,North Carolina 2017 3.000% 2018 3.000% 2019 3.000% 2020 3.000% 2021 3.000% 2022 3.000% 2023 3.000% 2024 3.000% 2025 2.000% 2026 2.250% 2027 2.500% 2028 2.500% 2029 2.750% 2030 3.000% 0 Bid Tabulation September 21, 2015 City of Farmington, Minnesota $3,210,000* General Obligation Street Reconstruction Bonds, Series 2015A Page 2 Page 4 NET TRUE MATURITY REOFFERING INTEREST INTEREST NAME OF BIDDER (February 1) RATE YIELD PRICE COST RATE UNITED BANKERS'BANK $3,249,480.29 $606,424.22 2.2976% Bloomington,Minnesota 2017 2.000% 2018 2.000% 2019 2.000% 2020 2.000% 2021 2.000% 2022 2.000% 2023 2.000% 2024 2.000% 2025 2.100% 2026 2.300% 2027 2.750% 2028 2.750% 2029 3.000% 2030 3.000% D.A.DAVIDSON $3,340,794.95 $634,538.24 2.3606% Denver,Colorado 2017 2.000% 2018 2.000% 2019 2.500% 2020 2.500% 2021 2.500% 2022 2.500% 2023 3.000% 2024 3.000% 2025 2.500% 2026 2.500% 2027 3.000% 2028 3.000% 2029 3.500% 2030 3.500% STIFEL NICOLAUS $3,345,244.95 $644,910.05 2.4101% Memphis,Tennessee 2017 3.000% 2018 3.000% 2019 3.000% 2020 3.000% 2021 3.000% 2022 3.000% 2023 3.000% 2024 3.000% 2025 3.000% 2026 3.000% 2027 3.000% 2028 3.000% 2029 3.000% 2030 3.000% GBid Tabulation September 21, 2015 City of Farmington, Minnesota $3,210,000* General Obligation Street Reconstruction Bonds, Series 2015A Page 3 Page 5 Farmington, Minnesota $3,050,000 General Obligation Street Reconstruction Bonds, Series 2015A Sources & Uses Dated 10/15/2015 I Delivered 10/15/2015 Sources Of Funds Par Amount of Bonds $3,050,000.00 Reoffering Premium 134,640.85 Planned Issuer Equity contribution 1,931,250.00 City Tax Levy 33,750.00 Total Sources $5,149,640.85 Uses Of Funds Total Underwriter's Discount (0.652%) 19,876.78 Costs of Issuance 36,470.00 Deposit to Project Construction Fund 5.090,000.00 Rounding Amount 3,294.07 Total Uses $5,149,640.85 Series 2015A GO Bonds-R I SINGLE PURPOSE I 9/21/2015 I 10:52 AM ell EHLERS LEADERS IN PUBLIC FINANCE Page 6 Farmington, Minnesota $3,050,000 General Obligation Street Reconstruction Bonds, Series 2015A Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 10/15/2015 - - - - - 08/01/2016 - - 66,097.78 66,097.78 - 02/01/2017 200,000.00 3.000% 41,600.00 241,600.00 307,697.78 08/01/2017 - - 38,600.00 38,600.00 - 02/01/2018 200,000.00 3.000% 38,600.00 238,600.00 277,200.00 08/01/2018 - - 35,600.00 35,600.00 - 02/01/2019 205,000.00 3.000% 35,600.00 240,600.00 276,200.00 08/01/2019 - - 32,525.00 32,525.00 - 02/01/2020 215,000.00 3.000% 32,525.00 247,525.00 280,050.00 08/01/2020 - - 29,300.00 29,300.00 - 02/01/2021 210,000.00 3.000% 29,300.00 239,300.00 268,600.00 08/01/2021 - - 26,150.00 26,150.00 - 02/01/2022 220,000.00 3.000% 26,150.00 246,150.00 272,300.00 08/01/2022 - - 22,850.00 22,850.00 - 02/01/2023 225,000.00 3.000% 22,850.00 247,850.00 270,700.00 08/01/2023 - - 19,475.00 19,475.00 - 02/01/2024 235,000.00 3.000% 19,475.00 254,475.00 273,950.00 08/01/2024 - - 15,950.00 15,950.00 - 02/01/2025 240,000.00 2.000% 15,950.00 255,950.00 271,900.00 08/01/2025 - - 13,550.00 13,550.00 - 02/01/2026 250,000.00 2.000% 13,550.00 263,550.00 277,100.00 08/01/2026 - - 11,050.00 11,050.00 - 02/01/2027 250,000.00 2.500% 11,050.00 261,050.00 272,100.00 08/01/2027 - - 7,925.00 7,925.00 - 02/01/2028 260,000.00 2.500% 7,925.00 267,925.00 275,850.00 08/01/2028 - - 4,675.00 4,675.00 - 02/01/2029 265,000.00 2.750% 4,675.00 269,675.00 274,350.00 08/01/2029 - - 1,031.25 1,031.25 - 02/01/2030 75,000.00 2.750% 1,031.25 76,031.25 77,062.50 Total $3,050,000.00 - $625,060.28 $3,675,060.28 - Yield Statistics Bond Year Dollars $23,823.06 Average Life 7.811 Years Average Coupon 2.6237620% Net Interest Cost(NIC) 2.1420267% True Interest Cost(TIC) 2.0934742% Bond Yield for Arbitrage Purposes 2.0034637% All Inclusive Cost(AIC) 2.2606694% IRS Form 8038 Net Interest Cost 1.9904920% Weighted Average Maturity 7.737 Years Series 2015A GO Bonds-R I SINGLE PURPOSE 1 9/21/2015 I 10:52 AM elk EHLERS LEADERS IN PUBLIC FINANCE Page 7 Farmington, Minnesota $3,050,000 General Obligation Street Reconstruction Bonds, Series 2015A Debt Service Schedule 105% Date Principal Coupon Interest Total P+I Overlevy 02/01/2016 - - - - - 02/01/2017 200,000.00 3.000% 107,697.78 307,697.78 323,082.67 02/01/2018 200,000.00 3.000% 77,200.00 277,200.00 291,060.00 02/01/2019 205,000.00 3.000% 71,200.00 276,200.00 290,010.00 02/01/2020 215,000.00 3.000% 65,050.00 280,050.00 294,052.50 02/01/2021 210,000.00 3.000% 58,600.00 268,600.00 282,030.00 02/01/2022 220,000.00 3.000% 52,300.00 272,300.00 285,915.00 02/01/2023 225,000.00 3.000% 45,700.00 270,700.00 284,235.00 02/01/2024 235,000.00 3.000% 38,950.00 273,950.00 287,647.50 02/01/2025 240,000.00 2.000% 31,900.00 271,900.00 285,495.00 02/01/2026 250,000.00 2.000% 27,100.00 277,100.00 290,955.00 02/01/2027 250,000.00 2.500% 22,100.00 272,100.00 285,705.00 02/01/2028 260,000.00 2.500% 15,850.00 275,850.00 289,642.50 02/01/2029 265,000.00 2.750% 9,350.00 274,350.00 288,067.50 02/01/2030 75,000.00 2.750% 2,062.50 77,062.50 80,915.63 Total $3,050,000.00 - $625,060.28 $3,675,060.28 $3,858,813.29 Significant Dates Dated 10/15/2015 First Coupon Date 8/01/2016 Yield Statistics Bond Year Dollars $23,823.06 Average Life 7.811 Years Average Coupon 2.6237620% Net Interest Cost(NIC) 2.1420267% True Interest Cost(TIC) 2.0934742% Bond Yield for Arbitrage Purposes 2.0034637% All Inclusive Cost(AIC) 2.2606694% IRS Form 8038 Net Interest Cost 1.9904920% Weighted Average Maturity 7.737 Years Series 2015A GO Bonds-R I SINGLE PURPOSE I 9/21/2015 I 10:52 AM EHLERS LEADERS IN PUBLIC FINANCE Page 8 2 YEAR TREND IN MUNICIPAL BOND INDICES Weekly Rates September,2013 -September, 2015 5.50% 5.00% - 4.50% \--N\-1-11\--.,_\/\...\ 4.00% 3.50% Circle=Max BBI(4.75%on 1/3/2014), Diamond=Min BBI(3.29%on 1/16/2015) 3.00% Nov 13 Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 — RBI — BBI(Current: 3.78%) The Bond Buyer"20 Bond Index.'(BBI)shows average yields on a group of municipal bonds that mature in 20 years and have an average rating equivalent to Moody's Aa2 and S&P's AA. ■ w A Source:The Bond Buyer The Revenue Bond Index(RBI)shows the average yield on a group of revenue bonds that L K J mature in 30 years and have an average rating equivalent to Moody's Al and S&P's A*. LEADERS IN PUBLIC FINANCE Page 9 iota* City of Farmington 430 Third Street Farmington,Minnesota 651.280.6800 -Fax 651.280.6899 .4 ,.4+ www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Adam Kienberger, Community Development Director SUBJECT: Appointments to the Downtown Redevelopment Plan Task Force DATE: September 21, 2015 INTRODUCTION Staff is recommending the city council appoint a Downtown Redevelopment Plan Task Force to oversee the creation of the Downtown Redevelopment Plan. pISCUSSION Earlier this year the city council authorized an application for a Dakota County Community Development Agency(CDA)Redevelopment Incentive Grant(RIG)for downtown redevelopment planning. The city was successful and was awarded the maximum grant amount of$15,000. A request for proposals (RFP)was issued at the end of June, and on August 17th city council approved a contract with Hoisington Koegler Group, Inc. (HKGi) to serve as the project consultant. Jeff Miller with HKGi will serve as the project lead. HKGi's proposal was selected as the best fit for this project, and offers a unique solution by partnering with two other firms contributing specialized experience and knowledge. HKGi offered a proposal that partners with Maxfield Research to provide market analysis and feasibility research, and Northland Securities to provide implementation tools and financial analysis. By undertaking the development of a Downtown Redevelopment Plan, a unified vision will be established for Downtown Farmington. This process will help city council, EDA, and other advisory commissions identify opportunities in the downtown area for redevelopment. Because redevelopment efforts can often take many years, it is important to have a unified vision for the area so that staff can identify funding sources for specific projects or opportunities as they become available. Based on staff's discussion with the consultant team and with the mayor, the following people have been contacted and all indicated a willingness to participate in this process pending Council's appointment. Downtown Redevelopment Plan Task Force: Kris Akin—Downtown Building Owner Heidi Cunningham—ISD 192 Director of Community Education Ed Endres—Pizza Man/Downtown Business Owner John Franceschelli III—Heritage Preservation Commission(HPC), Chair Nicole Gorman—Rambling River Center Chris Kulus—Farmington Business Association(FBA), President David McMillen—Parks and Recreation Commission(PRC), Chair Dirk Rotty—Planning Commission, Chair Barb Svoboda—Farmington Library Manager Janie Tutewohl—Janie's Home Team/Market on Oak Downtown Business Owner Steve Wilson—Economic Development Authority(EDA) Megan Richards—Student Representative—Farmington High School Staff: Adam Kienberger, Community Development Director Tony Wippler, Planning Manager BUDGET IMPACT NA ACTION REQUESTED Appoint the recommended individuals to a Downtown Redevelopment Plan Task Force to assist and guide the creation of the Downtown Redevelopment Plan.