Loading...
CCR19930515-/- 9.3 Promissory Notes, Series 1993A) (General Obligation Refunding of Common Council Held March 9, 1993 Excerpts of Minutes of Meeting Muskego, Waukesha County, Wisconsin, was held in open session on March 9, 1993 and called to order by the Mayor atmP.M. The following Aldermen were present: A duly-convened meeting of the Common Council of the City of The following Aldermen were absent: open meeting of the Common Council. Notice of this meeting was given to the public at least 24 hours in advance of the meeting by forwarding the complete agenda to the official City newspaper, the Muskeqo Sun, and to all news media who have requested the available for inspection at the City Clerk's office. Anyone same as well as posting. Copies of the complete agenda were desiring information as to forthcominq meetinqs should contact The Mayor opened the meeting by announcing that this was an - - 0 the City Clerk's office. (Here occurred matters not pertinent to the note issue.) The City Clerk announced that 11 sealed bids had been received for the note issue, which had been advertised for bids pursuant to the action of the Common Council. The City Clerk indicated that each such bid was accompanied by a $52,300 good faith deposit and read the following details as to each bid submitted: 52438 MOR 09 '93 03:36PM EHLERS B QSSOCIQTES P. 417 BID TARULATION $2,615,000 General Obligation Retundlng Promlssory Notes, Serles 1993A City of Muskego, Wlsconsln U: Tuesday, March 9.1993 BvyBBp: HARRIS TRUST AND SAVINGS BANK I BATING: Moodvs A I m. $SI: 5.47% 1 NAME OF BIDDER COUPON RATE NET INTEREST COST YEAR & RATE PRICE HARRIS TRUST AND SAVINGS BANK 2.80% 1994 2.95% 1995 3.30% 1996 Chicago, Illinois $364,721.90 $2,594,253.10 3.50% 1597 -1998 3.6472% EQUITABLE SECURITIES CORPORATION MORGAN KEEGAN 8 COMPANY, INC. Nashville, Tennessee bmphis, Tennessee Llttle Rock, Arkansas St. Petersburg. Florida ILLIAM R. HOUGH & COMPANY Birmingham, Alabama 2.50% 1994 $366.31 0.50 $2,600.094.50 3.00% 1995 3.20% 1996 3.6631% 3.50% 1997 3.75% 1998 I STEPHENS, INC. a4 STERN, AGEE, 8. LEACH, INC. KEMPER SECURITIES, INC. Chicago, Illinols EANC ONE CAPITAL CORPORATION ~ ~~~~ ..~ ~. Milwaukee. Wisconsin THE NORTHERN TRUST SECURITIES. INC. Chlcago, Illinois ROBERT W. BAIRD & COMPANY, INC. DEAN WllTER REYNOLDS, INC. Milwaukee, Wlsconsin Chicago, llllnois 3.00% 1994 3.10% 1995 $372,286.45 $2,576,266.05 3.30% 1996 3.35% 1997 3.375% 1998 3.7228% 2.60% 1994 3.GQ% 1995 3.35% 1996 3.60% 1997 3.80% 1998 $372.483.50 $2,602.1 86.50 3.7248% 2.70% 1994 $372,570.50 $2,602.709.50 3.00% 1995 3.60% 1997 3.40% 1996 3.7257% 3.80% 1998 I. MFIR 09 '93 03:37PM EHLERS F. FISSOCIFITES P. 517 - $2.615.000 General Obligation Refundlng Prornlssory Notes, Series 19934, 'Tuesday, March 9. 1993 Clty of Muskego, Wisconsin Page 2 NAME OF BIDDER COUPON RATE NET INTEREST COST YEAR 8 RATE PRICE MERCANTILE BANK OF ST. LOUIS NA St. Louis, Mlssourl 2.75% 1994 3.00% 1995 3.45% 1996 $373,155.00 $2,615,000.00 3.731 5% CLAYTON BROWN & ASSOCIATES, INC. Chicago, llllnois FIRSTAR BANK MILWAUKEE, N.A. Milwaukee, Wisconsin LEHMAN BROTHERS Chi- 0, lllinols Chica 0, llllnois Nike Securltles L.P. Chicago, lllinols HUTC 8 INSON, SHOCKEY. ERLEY & COMPANY RODMIN 8 RENSHAW, INC. PARK INVESTMENT CORPORATION Minneapolis, Minnesota Mlnneylis. Mlnnesota MILLER B SCHROEDER FINANCIAL, INC. DOUGH RTY, DAWKINS, STRAND 8 BIGELOW. INC. Mlnneapolis, Minnesota GRIFFIN, KUBIK, STEPHENS 8 THOMPSON. INC. Chicago, llllndis 3.00% 1994 3.20% 1995 3.30% 1996 3.375% 1997 -1998 2.80% 1994 3.00% I995 3.375% 1996 3.65% 1997 3.90% 1998 2.50% 3.00% 3.40% 3.80% 3.60% 3.00% 3.30% 3.75% 3.60% 1994 1995 1996 1998 1997 1994 -1995 1996 1998 1997 $374.595.70 52,575,796.80 3.7459% $378,095.50 $2,602,709.60 3.7809% $379,158.75 $2,596,041.25 3.7915% $381,118.l0 $2,591,466.90 3.81 11% 3.30% 1994 -1995 $381,620.00 $2,575,775.00 3.375% 1996 3.40% 1997 3.50% 1998 3.81 62% The City Clerk read the following resolution: Resolution No. . -iy- e, A RESOLUTION AUTHORIZING THE CITY OF MUSKEG0 GENERAL OBLIGATION REFUNDING PROMISSORY NOTES, TO BORROW THE SUM OF $2,615,000 BY ISSUING SECTION 67.12(12) OF THE WISCONSIN STATUTES SERIES 1993A, PURSUANT TO AND AUTHORIZING THE SALE OF THE NOTES WHEREAS the City of Muskego, Waukesha County, Wisconsin (sometimes hereinafter called the "City") is presently in need of the sum of Two Million Six Hundred Fifteen Thousand Dollars ($2,615,000) for the public purpose of refunding obligations of the City, including interest on them; and WHEREAS the Common Council deems it necessary and in the best interest of the City that the monies needed for such purpose be borrowed by issuing general obligation promissory notes pursuant to the provisions of Section 67.12(12), Wis. Stats., upon the terms and conditions hereinafter provided; and proposed issue of $2,615,000 General Obligation Refunding Promissory Notes, Series 1993A (the "Notes"); and WHEREAS the City has duly received sealed bids for its was that submitted by Harris Trust & Savings Bank and associates; WHEREAS it has been determined that the best bid received NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Muskego, Waukesha County, Wisconsin, that: and associates, for the purchase price of $2,594,253.10, be and it hereby is accepted and the Mayor and City Clerk are authorized and directed to execute an acceptance of the offer of said successful bidder on behalf of the City. The good faith deposit of the successful bidder shall be retained by the City Treasurer until the closing of the note issue, and deposits of the unsuccessful bidders shall be promptly returned. Section 1. Award. The bid of Harris Trust & Savings Bank, execute and deliver the Notes to said purchaser, for and on behalf of the City. The Notes shall be negotiable, general obligation promissory notes of the City, registered as to both principal and interest, in the denomination of Five Thousand R-1 upward and dated April 1, 1993. The Notes shall mature on Dollars ($5,000) each, or whole multiples thereof, numbered from Section 2. The Notes. The Mayor and City Clerk shall make, 0 April 1 of each of the years and shall bear interest at the rates per annum as follows: Year Amount Interest Rate 1994 $ 40,000 1995 315,000 1996 380,000 1997 1998 1,210,000 670,000 2.80% 3.30 2.95 3.50 3.50 Said interest shall be payable on April 1 and October 1 of each year, commencing October 1, 1993. Interest shall be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of the Municipal Securities Rulemaking Board. maturity. The Notes shall not be subject to redemption prior to Section 3. Form of Notes. The Notes shall be in substantially the form set forth on Exhibit A. Section 4. Tax Provisions. of paying the principal of and interest on each of said Notes as (A) Direct, Annual Irrepealable Tax. For the purpose there be and there hereby is levied on all of the taxable taxing powers of the City are hereby irrevocably pledged and amount and at the times sufficient for said purpose, such tax to property in the City a direct, annual irrepealable tax in an be for the following years and in the following minimum amounts: the same respectively falls due, the full faith, credit and For the year 1993 For the year 1994 $ 172,568.75 397,986.25 For the year 1995 452,070.00 For the year 1997 For the year 1996 1,254,625.00 681,725.00 without power to repeal such levy or obstruct the collection of said tax until all such payments have been made or provided for. After the issuance of the Notes, said tax shall be, from year to year, carried into the tax rolls of the City and collected as other taxes are collected, provided that the amount of tax carried into said tax rolls may be reduced in any year by the amount of any surplus money in the Debt Service Account created in Section 5(A) hereof. (B) Tax Collection. The City shall be and continue e -3- 52418 hand insufficient funds from the aforesaid tax levy to meet a principal and/or interest payments on said Notes when due, the available, which sums shall be replaced upon the collection of requisite amounts shall be paid from other funds of the City then the taxes herein levied. (C) Additional Funds. If at any time there shall be on (D) Appropriation. There be and there hereby is appropriated from funds of the City on hand a sum sufficient to be deposited in the Debt Service Account to meet payments with respect to debt service due on October 1, 1993, which sum may be returned to the general fund upon collection of the taxes herein 'levied for the year 1993. Section 5. Debt Service Fund and Account. JA) Creation and Deposits. There be and there hereby already been created, a debt service fund, separate and distinct is established in the treasury of the City, if one has not from every other fund, which shall be maintained in accordance with generally accepted accounting principles. Sinking funds established for obligations previously issued by the City may be considered as separate and distinct accounts within the debt service fund. Within the debt service fund, there be and there hereby is established a separate and distinct account designated as the Refunding Promissory Notes, Series 1993A' dated April 1, 1993," "Debt Service Account for $2,615,000 'General Obligation (the "Debt Service Account") and such account shall be maintained otherwise extinguished. The City Treasurer shall deposit in such Debt Service Account (i) all accrued interest received by the City at the time of delivery of and payment for the Notes; (ii) principal of and interest on the Notes when due; (iii) such other the taxes herein levied for the specific purpose of meeting sums as may be necessary at any time to pay principal of and interest on the Notes when due; (iv) any premium which may be received by the City above the par value of the Notes and accrued interest thereon; (v) surplus monies in the Borrowed Money Fund as specified in Section 6 hereof; and (vi) such further deposits as may be required by Sec. 67.11, Wis. Stats. I until the indebtedness evidenced by the Notes is fully paid or I (B) Use and Investment. No money shall be withdrawn from the Debt Service Account and appropriated for any purpose other than the payment of principal of and interest on the Notes until all such principal and interest has been paid in full and canceled; provided (i) the funds to provide for each payment of principal of and interest on the Notes prior to the scheduled receipt of taxes from the next succeeding tax collection may be I 57',* a -4- invested in direct obligations of the United States of America maturing in time to make such payments when they are due or in other investments permitted by law; and (ii) any funds over and above the amount of such principal and interest payments on the Notes may be used to reduce the next succeeding tax levy, or may, at the option of the City, be invested by purchasing the, Notes as permitted by and subject to Section 67.11(2)(a), Wis. Stats., in other obligations of the City or in other investments permitted interest-bearing obligations of the United States of America, in by law, which investments shall continue to be a part of the Debt Service Account. (C) Remaininq Monies. When all of the Notes have been of, any money remaining in the Debt Service Account shall be paid in full and canceled, and all permitted investments disposed deposited in the general fund of the City, unless the Common Council directs otherwise. Section 6. Proceeds of the Notes. All monies received by the City upon the delivery of the Notes to the purchaser thereof, except for accrued interest and premium, if any, shall be deposited by the City Treasurer into a special fund (the distinct from all other funds of the City and shall be used for "Borrowed Money Fund") which shall be maintained separate and no purpose other than the purpose for which the Notes are issued. Monies in the Borrowed Money Fund may be temporarily invested as provided in Section 66.04(2), Wis. Stats. Any monies, including Money Fund after the purpose for which the Notes have been issued any income from permitted investments, remaining in the Borrowed has been accomplished, and, at any time, any monies as are not needed and which obviously thereafter cannot be needed for such purpose shall be deposited in the Debt Service Account. resolution shall be legal investments, but no such investment shall be made in such a manner as would cause the Notes to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), or the Regulations of the Commissioner of Internal Revenue thereunder responsibility for issuing the Notes, shall certify as to facts, (the "Regulations"); and an officer of the City, charged with the estimates, circumstances and reasonable expectations in existence on the date of closing which will permit the conclusion that the Notes are not "arbitrage bonds," within the meaning of the Code or Regulations. Section 7. No Arbitraqe. All investments permitted by this The City Clerk shall keep books for the registration and for the transfer of the Notes. The person in whose name any Note shall be registered shall be deemed and regarded as the absolute owner Section 8. Persons Treated as Owners: Transfer of Notes. 52L38 -5- thereof for all purposes and payment of either principal or interest on any Note shall be made only to the registered owner thereof. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid. by surrender of the Note at the office of the City Clerk, duly endorsed for the transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing. Upon such transfer, the Mayor and City Clerk shall execute and deliver in the name of the transferee or transferees a new Note or Notes of a like aggregate principal amount, series and maturity, and the City Clerk shall record the name of each transferee in the registration book. No registration shall be made to bearer. The City Clerk shall cancel any Note surrendered for transfer. Any Note may be transferred by the registered owner thereof The City shall cooperate in any such transfer, and the Mayor and City Clerk are authorized to execute any new Note or Notes necessary to effect any such transfer. The fifteenth day of each calendar month next preceding each Payment of interest on the Notes on any interest payment date interest payment date shall be the record dates for the Notes. shall be made to the registered owners of the Notes as they appear on the registration book of the City at the close of business on the corresponding record date. Section 9. Compliance with Federal Tax Laws. The City represents and covenants that the projects financed by the Notes and the Refunded Obligations defined in Section 12 and their ownership, management and use will not cause the Notes or the Refunded Obligations to be "private activity bonds" within the meaning of Section 141 of the Code, and that the City shall maintain the tax-exempt status of the interest on the Notes comply with the provisions of the Code to the extent necessary to including, if applicable, the rebate requirements of Section 148(f) of the Code. The City Clerk or other officer of the City charged with the responsibility of issuing the Notes shall provide an appropriate certificate of the City certifying that provisions of the Code and Regulations. the City can and covenanting that it will comply with the The City also covenants to use its best efforts to meet the requirements and restrictions of any different or additional federal legislation which may be made applicable to the Notes provided that in meeting such requirements the City will do so only to the extent consistent with the proceedings authorizing 52438 -6- @ the Notes and the laws of Wisconsin and to the extent that there is a reasonable period of time in which to comply. Obliqations. The Notes are hereby designated as "qualified Section 10. Desiqnation as Qualified Tax-Exempt tax-exempt obligations" for purposes of Section 265 of the ability of financial institutions to deduct from income for Internal Revenue Code of 1986, as amended, relating to the to carrying and acquiring tax-exempt obligations. federal income tax purposes, interest expense that is allocable Section 11. Utilization of The Depository Trust Company Book-Entry-Only System. In order to make the Notes eligible for the services provided by The Depository Trust Company, New York, New York ("DTC"), the City agrees to the applicable provisions set forth in the Letter of Representations attached hereto as Exhibit B. The appropriate officers of the City are authorized and directed to execute such Letter of Representations, in substantially the form attached hereto as Exhibit B, and deliver it to DTC on behalf of the City. has outstanding an issue of General Obligation Promissory Notes Section 12. Redemption of Refunded Obliqations. The City dated June 30, 1988 (the "Refunded Obligations"). The Refunded Obligations maturing in the years 1994 through 1998 are called plus accrued interest to the date of redemption. for prior payment on June 1, 1993 at the price of 100% of par e Wisconsin, the Fiscal Agent for the Refunded Obligations, to cause a notice of redemption, in substantially the form attached hereto as Exhibit C, to be sent by registered or certified mail to the registered owner of each Refunded Obligation to be redeemed no later than April 30, 1993. Such direction shall be given to the Fiscal Agent no later than April 24, 1993. The City Clerk shall direct First Bank (N.A.), Milwaukee, The City Clerk shall also direct the Fiscal Agent to provide notice of the call to registered securities depositories and national information services as provided in the Fiscal Agency Agreement for the Refunded Obligations. authorizes the purchaser to forward the amount of Note proceeds Section 13. Payment of Issuance Expenses. The City I allocable to the payment of issuance expenses to Resource Bank & Trust Company, Minneapolis, Minnesota on the closing date for f'urther distribution 'as directed by the City's financial advisor, Ehlers and Associates, Inc. I a separate record book and shall record a full and correct Section 14. Records. The City Clerk shall provide and keep a -7- statement of every step or proceeding had or taken in the course of authorizing and issuing these Notes. Section 15. Official Statement. The Common Council hereby approves the Official Statement with respect to the Notes Official Statement and addenda as "final" for purposes of SEC including addenda submitted at this meeting and deems the Rule 15~2-12. All actions taken by officers of the City in connect.ion with the preparation of such Official Statement and addenda are hereby ratified and approved. In connection with the closing for the Notes, the appropriate City official shall certify the Official Statement and addenda. The City Clerk shall cause copies of the Official Statement and addenda to be distributed to the purchaser of the Notes. are hereby authorized and directed to execute and deliver the Notes to the purchaser thereof upon receipt of the borrowed The Mayor and City Clerk may execute the Notes by manual or funds, accrued interest to date of delivery and premium, if any. the Notes manually. facsimile signature, but at least one of said officers shall sign Section 16. Closinq. The Mayor and City Clerk of the City 52438 -8- to take all steps necessary or convenient to close this issue as The officers of the City are hereby directed and authorized soon as practicable hereafter, in accordance with the terms of directed to execute and deliver such documents, certificates and sale thereof; and said officers are hereby authorized and acknowledgments as may be necessary or convenient in accordance therewith. Adopted, approved and recorded March , 1993. Attest: City Clerk Alderman F#p4b*.,,L2 moved that Resolution No. ,7/-9~ be adopted. Mot& seconded by Alderman ( ,A ,,*L,, *, J and carried by the following vote: Nos : the Mayor and City Clerk signed same in the appropriate manner in open meeting. The Mayor declared the resolution adopted and approved and (Here occurred business not pertinent to the note issue.) There being no further business to come before the meeting, the meeting adjourned. City Clerk 52438 -9- EXHIBIT A UNITED STATES OF AMERICA STATE OF WISCONSIN COUNTY OF WAUKESHA CITY OF MUSKEG0 GENERAL OBLIGATION REFUNDING PROMISSORY NOTE, SERIES 1993A Number Rate Maturity Date Oriqinal Issue Amount CUsIp Date of R- % April 1, 1993 $ FOR VALUE RECEIVED, the City of Muskego, Waukesha County, Wisconsin, promises to pay to , or registered assigns, the principal amount of DOLLARS ($ ) on the maturity date specified above, toqether with interest thereon from ADril 1, 1993 or the most ~ ~~ ~~~ recent payment date to which interest-has been paid, unless the date of registration of this Note is after the 15th day of the calendar month immediately preceding an interest payment date, in which case interest will be paid from such interest payment date, at the rate per annum specified above, such interest being payable on April 1 and October 1 of each year, with the first interest on this issue being payable on October 1, 1993. Notes of this issue are not subject to redemption prior to maturity. Both principal hereof and interest hereon are hereby made payable to the registered owner in lawful money of the United States of America, and for the prompt payment of this Note with interest thereon as aforesaid, and the levying and collection of taxes sufficient for that purpose, the full faith, credit and resources of the City of Muskego, Wisconsin, are hereby only upon presentation and surrender of this Note at the office irrevocably pledged. The principal of this Note shall be payable of the City Treasurer. Interest hereon shall be payable by check or draft dated as of the applicable interest payment date and mailed from the office of the City Treasurer to the person in whose name this Note is registered at the close of business on the fifteenth day of the calendar month next preceding each interest payment date. This Note is transferable only upon the books of the City kept for that purpose at the office of the City Clerk, by the registered owner in person or his duly authorized attorney, upon surrender of this Note together with a written instrument of 52638 transfer (which may be endorsed hereon) satisfactory to the City Clerk duly executed by the registered owner or his duly authorized attorney. Thereupon a new Note or Notes of the same aggregate principal amount, series and maturity shall be issued to the transferee in exchange therefor. The City may deem and absolute owner hereof for the purpose of receiving payment of or treat the person in whose name this Note is registered as the on account of the principal or interest hereof and for all other purposes. The Notes are issuable solely as negotiable, denominations of $5,000 or any whole multiple thereof. fully-registered Notes without coupons in authorized This Note is issued pursuant to the provisions of Section refunding obligations of the City, including interest on them, 67.12(12), Wisconsin Statutes, for the public purpose of and is authorized by a resolution of the Common Council of the City, duly adopted by said Common Council at its meeting duly convened on March 9, 1993, which resolution is recorded in the official book of its minutes for said date. tax-exempt obligation" for purposes of Section 265 of the Internal Revenue Code of 1986, as amended. This Note has been designated by the City as a "qualified It is hereby certified and recited that all conditions, things and acts required by law to exist or to be done prior to and in connection with the issuance of this Note have been done, have existed and have been performed in due form and time; that others authorized simultaneously herewith, does not exceed any the aggregate indebtedness of the City, including this Note and Wisconsin; and that the City has levied a direct, annual limitation imposed by law or the Constitution of the State of irrepealable tax sufficient to pay this Note, together with interest thereon when and as payable. No delay or omission on the part of the owner hereof to exercise any right hereunder shall impair such right or be considered as a waiver thereof or as a waiver of or acquiescence in any default hereunder. 52438 -2- Muskego, Waukesha County, Wisconsin, has caused this Note to be IN WITNESS WHEREOF, the Common Council of the City of signed on behalf of said City by its duly qualified and acting Mayor and City Clerk, and its corporate seal to be impressed hereon, all as of the date of original issue specified above. ( SEAL ) CITY OF MUSKEGO, WAUKESHA COUNTY, WISCONSIN BY City Clerk BY Mayor -3- (Form of Assignment) FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto of Assignee) (Please print or typewrite name and address, including zip code, Please insert Social Security or other identifying number of Assignee the within Note, and all rights thereunder, hereby irrevocably constituting and appointing Attorney to transfer said Note on the books kept for the registration thereof with full power of substitution in the premises. Dated : NOTICE: The signature to this assignment must correspond with the name as it appears upon the particular, without alteration face of the within Note in every or enlargement or any change whatever. Signature(s) guaranteed by: 52430 -4- EXHIBIT B. Letter of Representations City of Muskego, Wisconsin .\nw ui Issuefi 3/9/93 U.,,r The Depository Trust Company .Ittention: Ceneral Comseli Olfice .55 {Vmr Street: 49th Floor Sew York. SY 100~1-~ R~. $2,615,000 General Obligation Refunding Promissory Notes, Series 1993A This letter sets forth our understanding with respect to certain matters relilting to the h\e-reterenced issue (the "BoML"). 7 .. ?' 4w Wv The Bonb \dl be issued pursuant to i~ 1111ncl resolution. or other such document authorizing the issuance of the Bonds d.ttrd March 9 . 199, 3 (the "D~ull,ent"), _Harris Trust & Savinqs Bank , 'lIICmnnr'1 IS tlistributinp the Bonds through The Depositon. Tmt Company ("DX-1. To induce DTC to ucept the Bonrh a eligble for depit Jt DTC. .md to act in accnrcluw nith its Rules with respect to the Bonds. Issuer- make the follwi~~? representations to DTC: L t ?*lrcIOaI Amount $ 40,000 315,000 380,000 1,210,000 670,000 Matwr, Date 04/01/94 04/01/95 04/01/96 04/01/97 04/01/98 SCHEDULE A :-.O.*St :a;? 2.80% 3.30 2.95 3.50 3.50 I SCHEDULE 6 - I1 - EXHIBIT C of Registered Owner) (Name and Address Re: City of Muskego, Wisconsin General Obligation Promissory Notes Date of Original Issue - June 30, 1988 Notice is hereby given that the Notes of the above-described issue which mature on June 1 of the years and bear interest at June 1, 1993: the rates set forth below, have been called for prior payment on Year Interest Rate CUSIP No. 1994 1995 1996 1997 1998 6.20% 6.30% 6.45% 6.60% 6.70% 627636GB3 627636GC1 627636GD9 627636GE7 627636GF4 The Notes should be presented for payment at the Servicing Center of the Fiscal Agent as follows: e Reqular Mail Overniaht Mail First Trust N.A. First Trust N.A. Corporate Trust Dept. Corporate Trust Dept. P.O. Box 64111 First Trust Center, 3rd Floor St. Paul, MN 55164-0111 180 East Fifth Street St. Paul, MN 55101 Bondholder Inquiries: (612) 223-7900 paid the principal amount of such Notes and accrued interest to Upon presentation and surrender of said Notes, you will be the date of redemption. Owners of called Notes should also provide a fully-executed W-9 Taxpayer Identification Number Certificate. Such Notes will cease to bear interest on June 1, 1993. Very truly yours, FIRST 'BANK (N.A. ) Fiscal Agent 52615