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Oakes Times
Oakes , North Dakota
January 23, 2014     Oakes Times
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January 23, 2014

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Section A - Oakes Times, Thursday, January 23, 2014 City Council Meeting LUTION AUTHORIZING EXECUTION OF January 13, 2014 LOAN AND GRANT DOCUMENTS. Roll The City Council met at 6:00 PM at call approved• Oakes Armory with the following mem- Committee Reports: bers present: Mayor Zimmer and Coun- Utility Bills, Harris was contacted by cil: Engel, Harris, Strutz, and Brandriet. resident at 109 South 7th Street regarding Sitzler and Forward were absent. Visitors her water bill. She had a water line leak present: Stacy Zimmer, Nathan O'Brien, in her home causing her bill to be higher and Jeremy Sitzler. Employees present: than usual; the reading was 40,000 gal- Marke Roberts, Pat Nelson, Kevin Hating, Ions above her normal usage. Brandriet Gary Neuharth, and April Haring. moved, Strutz second to deny request Minutes, Auditor and Court Reports: to have bill adjusted, carried. The busi- Engel moved, Brandriet second to ap- ness at 704 South 7th Street also re- prove minutes and all other reports as quested an adjustment to their bill. Their presented, carried, account was activated in August When Destruction of Records: Harris moved, City Hall realized a business was operat- Strutz second to approve the destruction ing out of this location, shortly after that of records as presented, carried, the City was notified the sewer was not Year End Financial Statement: Strutz functioning properly. Sewer was repaired moved, Engel second to approve the re- in November, request is have adjustment port as presented showing Year End Fi- made for August, September and Octo- nancials for 2013 ending cash balance ber bills. Strutz moved, Engel second to $2,358,008.05, carried, adjust $96.00 or three months of sewer Pledge of Assets and Designate De- from the bill, carried. Garbage Truck still positories: Starion Financial, First Com- has slight malfunctions with packer, it is munity Credit Union, First State Bank are definitely better than it was and operating designated depositories with pledges of well enough; oil leaks and problems with $2,546,886.68, $0.00, $71,282.45 accord- the arm have been corrected. Brandriet ingly; Harris moved, Strutz second to ac- moved, Engel second to pay the Sanita- cept report and depositories designation, " tion Products invoice of $22,216.89 less carried, the cost of the cylinder and freight, car- Transfers: Brandriet moved, Strutz sec- ried. The reduction is due to the denied ond to approve budgeted annual, quarter- request to have the old cylinder returned ly, and monthly transfers, carried, to the City. Police Department, Officer Capital Asset and Inventory Changes: Prochnow and Officer O'Brien have com- Engel moved, Brandriet second to ap- pleted the School Resource Officer train- prove Inventory changes Capital Asset ing and Officer Prochnow has started in Records and changes for 2013, carried, his new position as the School Resource Budget Amendments: Strutz moved, Officer. Bobcat, Harris moved, Brandriet Engel second to approve the budget second to not trade current bobcat but to amendments for 2013 fiscal year decreas- advertise for bids or direct sell pending at- ing the overall budget by $499,779.32, torney opinion on which option the City is carried, allowed to do, carried. Landfill burn permit Game of Chance Permits: Engel should be approved soon. Garbage Truck moved, Brandriet second to approve fol- Update, Nelson reviewed information lowing game of chance permits, carried: and research on different truck make and 1. SnoBusters--Raffle models. The top two choices would be Building Permits: Brandriet moved, LeBrae or Hell. The prices for these trucks Strutz second to deny building permit ap- are $250,000-$290,000 brand new or plications as follows, carried:$130,000-$215,000 refurbished. Financ- 1. Gilberto Garza Jr, Lot 16 Block 5, ing was discussed with different options Original Plat, improve trailer for storage on how to make lease or loan payments. shed. No decision made, will research further. Bills: New Business: Engel moved, Brandriet second to ap- Armory Grant, Strutz moved, Engel prove bills as listed, roll call approved: second to accept National Guard Grant to Capital Bank & Trust 50.00; Business improve exterior building and replace win- Forms 106.00; Circle R 282.46; Design dows on west of building, carried. Manufacturing 6,500.00; Dickey Rural First Reading Sales Tax Request from Communications 1,422.84; Economy Pro- Tornado TV for $2,500 to purchase new pane 24.89; Farmland Coop 2,194.42; production equipment. FCCU 37.50; Galls 58.28; Hwy 1 Fuel & Tourism Funding Request, Strutz Service 1,241.91 ; Kevin Gelinske 12.50; moved, Harris second to approve request Travel 166.08; Mertz Lumber & Supply from Oakes Area Chamber of Commerce 617.94; Millers Fresh Foods 12.87; Napa for $3,000 to purchase advertising and Parts 310.33 NDPERS-457 70.00; New- games for Irrigation Days, carried• man Signs 6,905.19; ND One Call 12.10; Easement, Engel moved, Strutz second Praskas Hardware 163.24; Waste Man- to approve easement request from Otter agement-Landfill 1,396.83; Waste Man- Tail Power Company for proposed trans- agement-Recycle 634.52; WSI 350.00; mission line on the western edge of the Capital Bank & Trust 50.00; American Lots 2 and 4, West Subdivision, carried. Welding Supplies 11.70; City of Fargo Annual Employee Evaluations and 14.00; Dakota Improvement 325.00; Da- Salary Adjustments, all evaluations were kota Valley Electric 312.00; Daniel Trag- turned in and acceptable for increases• eton 80•00; Economy Propane 1,622.88; Strutz moved, Engel second to approve FCCU 37.50; Hawkins 2,497.36; ITD a cost of living adjustment and step in- 27.75; Flex 1,040.00; Locators & Sup- crease for all employees effective January plies 703.86; Michael Todd & Co 723.70; 1,2014. Roll call approved. NDPERS-457 70.00; Oakes Truck &Announcements&Correspondence: Trailer 799.90; Parts 111.51; Sanita- 2014 Election petitions available for po- tion Products 349.17; Seyer Plumbing & sitions of Mayor, City Council Member (3) Heating 646.79; Siemens Water Tech and Park Board Member (4). 76,675.00; USA Blue Book 1,522.47; Brandriet moved, Strutz second to ad- Wendy Johnson 36•00; Western Agency, journ meeting at 7:52 PM. Inc 11.00; Dakota Supply Group 61.18; MAYOR J Thomas Homan 390.00; Mertz Lumber ATTEST & Supply 9,063.00; Flex 2,400.00; RDO (minutes subject to correction and Equipment 15,371.70; Red River Electric approval at the next regular meeting) 272.58; Siemens Water Tech 1,361.59; NOTICE OF PUBLIC HEARING Wades Service Center 128.72; WaSte PLEASE TAKE NOTICE that the Bear Management-Landfill 2,410.57; AFLAC Creek and Riverdale Boards of Township 106.04; American Welding Supplies Supervisors will hold a combined public 12.09; Ameripride Linen 72.79; Ameritas hearing Monday, January 27, 2014, at Life Insurance 900.00; Arbor Day Founda- 7:00 p.m. in the Otter Tail Power Company tion 15.00; AT&T 878.39; Circle R 360.49; Community Room in Oakes. The purpose City of Fargo 28.00; Computer Express of this hearing is to receive public input on 200.00; Dakota Valley Electric 2,592.60; Otter Tail Power Company's application Dakota Valley Electric 408•00; Dickey for a Conditional Use Permit and setback County 6,816.24; Dickey Rural Communi- variance in Bear Creek and Riverdale cations 834.54 Digital Ally 4,374.00; Eco- Townships• lab 91.00; Economy Propane 2,732.95; The 9-mile 41.6-kilovolt electric line is Farmland Coop 6,173.31; Galls 85.56; Ioca',ed from just outside the northwest Neuharth Law 675.00; Hwy 1 Fuel & Ser- corner of the City of Oakes to Otter Tail vice 1,462.95; ITD 27.75; GS Services Power Company's substation six miles 337.50; Larson Electric 120.00; Mertz south of Oakes, within both townships in Lumber & Supply 71.80; Midwest Pest Dickey County, North Dakota. Control 131.00; Millers Fresh Foods 20.44; All interested Bear Creek and Riverdale Moore Engineering 2,477.50; Napa Parts Township residents should attend. 652.61; National Assoc of SRO 990.00; (Published in the Oakes l-lines ND Tax Commissioner 1,432.35; ND Wa- ThUrsday, January 16 & 23, 2014) ter Users Assoc 300.00; NDPERS-Group Oakes Public Schools Insurance 14,587.17; NDPERS-Retire- Regular Meeting ment 6,261.49; O akes Area Chamber of December 10, 2013 Commerce 67.00; OEI 9,564•74; Oakes The Oakes School Board met in regular Times 198.00; Oakes True Value 53.93; session on Tuesday, December 10, 2013, Oakes Veterinary Service 30.00; ND One at 4:45 p.m. in the high school second Call 8.80; Otter Tail Power 6,876.27; Pit- floor conference room. President Brenda ney Bowes 131.25; Praskas Hardware Tyre called the meeting to order. Direc- 207.57; Quill 134.16; RDO 1,564.44; tors present: Brenda Tyre, Cherie Mug- Reardon Office Equipment 171.30; Rods gli, Philip Roney, Sonia Meehl, and Karla Cleaning 222.50; Verizon Wireless Hoelscher. Also attending were Superin- 297.54; Verizon Wireless 305.17; Virginia tendent Joshua Johnson, Business Man- Pratschner 970.00; Visa 501.18; Visa agerThomasvanorny, CariHaugen, Gary 810.57; Vistos Carquest 126.58; Waste Fitzgerald, Larry Engel, Dawn Osbom, Ja- Management-Cardboard 307.11; Waste son Schmitz, Greg Dobitz, Janna Diggs, Management-Landfill 2,301.26; Waste Rod Buck. Management-Recycling 664.75; WSI Meehl motioned, Hoelscher seconded, 6,608.19; WSI-Fire District 898.75; Zack's to approve the agenda with the addition Repair 169.95; Starion/PSN - Bank Fees of Janna Diggs. All approved, motion car- 361.13; Payroll Taxes 12,547.20; Salaries fled. 38,273.69. Diggs addressed the Board in regard Visitors: to the Facebook page she had created in Fire District, represented by Nathan support of Don Warren. She thanked the O'Brien and Jeremy Sitzler, stated interest Board, Administration and Staff for their in purchasing the 2007 Ford Expedition service. the police department is currently using. Muggli motioned, Roney seconded, to The purchase will depend on price and approve the minutes of the November 17 ability for police department to replace meeting. All approved, motioned carried. vehicle. Chief of Police Roberts and Po- Meehl motioned, Muggli seconded, to lice Portfolio will work with Fire District to approve the business manager's financial reach an agreement, reports, including checks/direct depos- Engineer Report: its #4899-5056 and #47756-880 totalling Phase 3 & 4 grant funding still available, $474,749.92. All approved, motion car- will work on priority list to apply funds, fled. Oakes Water Towers project awarded Committee Report was given. funding by USDA Rural Development; Activities: Hoelscher moved, Roney 45% grant with remaining loan. Discus- seconded to approve the addition of sion held on necessity of tower. Impor- Grades 9-12 Spring Baseball for 2013-14. tance of project is based on fire safety All approved, motion carried. and water quality. Engel moved, Brandriet Principal and Activities Director Reports second to introduce and approve RESO- were given. Thank you's were read from the Oakes 2. Notify the Department of Public In- as Paying Agent, or its successor. Inter- less be discharged by depositing with the Chamber of Commerce, Tom and Caro- struction and paying agent not less than est shall be payable on February 1 and paying agent a sum sufficient for the pay- line Crane and Tom and Sharon Vanorny. 15 days prior to any potential default on August 1 in each year, commencing Au- ment thereof in full with interest accrued Meehl motioned, Hoelscher seconded the Current Refunded Bonds. gust 1, 2014, to the holder of record on from the due date to the date of such de- to approve the contract with Dawn Osborn 2. The District shall deposit any debt the close of the 15th day (whether or not posit. The issuer may also discharge its to serve as High School Principal, Kau- service payments for the Current Refund- a business day) of the immediately pre- obligations with respect to any prepayable sha Magill to serve as secondary Eng- ed Bonds a minimum of five (5) days prior ceding month. Interest on the Bonds shall Bonds according to their terms, by depos- lish teacher and Jason Schmitz to serve to the payment due date in an amount suf- cease at maturity or on a date prior thereto iting with the paying agent on or before as Athletic Director for the remainder of ficient to make that payment or notify the on which they have been duly called for that date an amount equal to the principal,. the 2013-14 school year. Kasey Koep- Department of Public Instruction that the redemption unless the holder thereof shall interest and redemption premium, if any, plin to teach World Geography for Jason District will be unable to make all or a por- present the same for payment and pay- which are then due, provided that notice Schmitz second semester and Wallace tion of that payment, ment is refused, of such redemption has been duly given Geske to teact~P~oblems of Democracy 3. The District's Bond Counsel is direct- Section 3. Redemption. as provided herein. The Issuer may also for Jason Schmitz second semester. Rich- ed to submit the applicable forms to the 3.01. The Bonds of this issue are not at any time discharge its obligations with ard Schmit to serve as Junior High Boys Department of Public Instruction in con- subject to prior redemption, respect to any Bonds, subject to the provi- Basketball Coach for the 2013-14 school nection with the School District Enhance- Section 4. Execution. sions of law now or hereafter authorizing year. Sarah Neer to take two days without ment Program. 4.01 The Bonds shall be printed under and regulating such action, by depositing pay on December 19-20. All approved, APPROVED: the supervision and at the direction of irrevocably in escrow, with a bank quail- motion carried. Brenda Tyre, President the Business Manager, executed by the fled by law as an escrow agent for this Hoelscher motioned, Muggli seconded ATTEST: manual signature of the President, and purpose, cash or securities which are to remove the January 13, 2014 Parent Thomas Vanorny, Business Manager attested to by the manual signature of general obligations of the United States or Teacher Conferences from the calendar. The motion for the adoption of the fore- the Business Manager and delivered to securities of United States agencies which All approved, motion carried, going resolution was duly seconded by the holder at closing upon receipt of the are authorized by law to be so deposited, Muggli motioned, Meehl seconded to Member Meehl. Upon roll call vote, the purchase price plus any accrued interest, bearing interest payable at such times approve the Audit. following members voted aye: Hoelscher, The Bonds shall not be valid or become and at such rates and maturing on such Meehl motioned, Hoelscher seconded Meehl, Muggli, Roney, Tyre. The following obligatory for any purpose or be entitled to dates as shall be required to pay all prin- to call for bids on Boiler Insurance. All ap- members voted nay: none. The following any security or benefit under this Resolu- cipal, interest and redemption premium to proved, motion carried, members were absent and not voting: tion until the Certificate of Authentication become due thereon to maturity or said Bond Refunding~See Attachment A. none. The majority having voted aye, the thereon shall have been executed by the redemption date. Hoelscher motionedr Meehl seconded motion was carried and the resolution was Bond Registrar by manual signature of Section 10. Arbitrage. to approvethe Superintendent Evaluation. duly adopted, one of its authorized representatives. 10.01. The issuer covenants and All approved, motion carried. Member Muggli introduced the follow- 4.02. The Bonds shall be reproduced agrees with the holders from time to Next regular meeting is scheduled for ing resolution and moved its adoption: in substantially the form attached to this time of the Bonds that it will not take or Monday, January 13, 12:00 p.m. RESOLUTION FOR PUBLIC SALE Resolution as Attachment 2. permit to be taken by any of its officers, The following contracts were signed: OF $840,000 GENERAL OBLIGATIONSection 5. Establishment of Bond Fund. employees or agents, any action which Robin PauI-JHGBB Coach-S1747.20SCHOOL BUILDING FUND REFUNDING5.01. There is hereby created the Is- would cause the interest on the Bonds to Tyre declared the meeting adjourned at BONDS, SERIES 2014 suer's General Obligation School Build- become subject to taxation under the In- 5:31 p.m. WHEREAS, the governing body of the ing Fund Refunding Bonds, Series 2014, ternal revenue Code of 1986 (the "Code"), ATTEST: Oakes Public School District No. 41, State Bond Fund (the "Bond Fund") which shall and Regulations, Amended Regulations APPROVE: of North Dakota (the "Issuer") previously be maintained by the Business Manager and Proposed Regulations issued there- Carl Haugen, Recording Secretary issed its $1,200,000 General Obligation as a separate and special fund for the sole under, as now existing or as hereinafter Brenda Tyre, President School Building Bonds of 2008 (the "Re- purpose of payment of principal and inter- amended or proposed and in effect at the funded Bond"), and now desires to current est on any outstanding Bonds and shall be time of such action. Member Muggli introduced the follow- refund those bonds in order to achieve a maintained until all balances of principal Section 11. Designation of Bond Regis- ing resolution and moved for its adoption: reduction in its debt service obligations; and interest on the Bonds are fully paid. trar and Paying Agent. INITIAL RESOLUTION FOR THE IS- and There is hereby appropriated to the Bond 11.01. The Issuer hereby designates SUANCE OF GENERAL OBLIGATION WHEREAS, it is necessary for the Issu- Fund all of the funds heretofore appro- Station Bond Services as Paying Agent BUILDING FUND REFUNDING BONDS, er to advertise for the sale of its $840,000 priated for the payment of the Refunded and Bond Registrar for the Bonds. SERIES 2014. General Obligation School Building Fund Bonds, subject to the prior lien of the Re- Section 12. Certificate of Proceedings. WHEREAS, the governing body of the Refunding Bonds, Series 2014. funded Bonds upon such funds until they 12.01. The officers of the Issuer are Oakes Public School District No. 41, State NOW, THEREFORE, be it resolved by have been fully paid or redeemed. All hereby authorized and directed to prepare of North Dakota (the "issuer") previously the governing body of the Issuer as fol- taxes levied and collected for the payment and furnish to said purchaser, and to the issued its $1,200,000 General Obligation lows: of the Refunded Bonds shall be credited attorneys approving the legality of said School Building Bonds of 2008 (the "Re- 1. The Issuer shall proceed to offer at to the Bond Fund and shall be used and Bonds, certified copies of such proceed- funded Bond"), and now desires to current public sale $840,000 General Obligation applied in payment of the principal and in- ing, ordinances, resolutions and records refund those bonds in order to achieve a School Building Fund Refunding Bonds, terest on the Bonds as such principal and and all such certificates and affidavits and reduction in its debt service obligations; Series 2014. interest become due, or for the redemp- other instruments as may be required to and 2. The Business Manager and Issuer's tion of the Bonds when and as the same evidence the legality and marketability of WHEREAS, it is deemed advisable by financial consultants are hereby directed are redeemable by their terms, said Bonds, and all certified copies, cer- the Issuer that bonds be issued for the to arrange for publication of Notice of Sale Section 6. Retirement of the Refunded tificates, affidavits and other instruments purpose hereinafter mentioned; and in the official newspaper of the Issuer, and Bonds. so furnished, including any heretofore fur- WHEREAS, pursuant to Section 21-03- any other publication at their discretion. 6.01. At closing, the Issuer shall set nished, shall constitute representation of 07(7), N.D.C.C., the Refunded Bond was APPROVED aside Bond proceeds and, if necessary, the Issuer as to the correctness of all facts not required to be submitted to election Brenda Tyre, President other funds of the Issuer, in an amount stated or recited therein. and, as a result, the bond to be issued is ATTEST: equal to the amount necessary to pay the Section 13. Book Entry System. not required to be submitted to the elec- Thomas Vanorny, Business Manager principal and interest, if any, on all of the 13.01. The Bonds shall be initially is- tors; The motion for the adoption of the fore- Refunded Bonds on August 1,2015. Alter- sued and, so long as they remain in book NOW THEREFORE, be it resolved that going resolution was duly seconded by natively, the Issuer will invest such funds entry form only (the "Book Entry Only Pe- the Issuer shall issue its Bonds as follows: Member Hoelscher. Upon roll call vote, in a manner so that the original funds, to- riod"), shall at all times be in the form of 1. The maximum amount of Bonds pro-, the following members voted aYe: Hoel- gether with investment earnings, will be a separate single fully registered Bond for posed to be issued is $840,000.scher, Meehl, Muggli, Roney, Tyre. The sufficient to pay the principal and interest, each maturity of the Bonds. The Deposito- 2. The purpose for which the Bonds following members voted nay: none. The if any, on all of the Refunded Bonds on ry Trust Company, a limited purpose trust are proposed to be issued is to refund the following members were absent and not August 1,2015. company organized under the laws of the 2015-2023 maturities of the General Obli- voting: none. The majority having voted Section 7. Transfer of Taxes. State of New York or any of its successors gation School Building Bonds of 2008. aye, the motion was carried and the reso- 7.01. It is hereby found, determined and or successors to its functions hereunder 3. The assessed valuation of all tax- lution was duly adopted, declared that the levy of taxes held as as- (the "Depository") will act as securities de- able property in the Oakes Public School Member Muggli introduced the follow- sets of the Issuer's 2015-2023 maturities pository for the Bonds. District No. 41 as defined in Section 21- ing Resolution and moved its adoption: of the General Obligation Building Fund 13.02. Upon initial issuance, ownership 03-01, N.D.C.C., is $161,808,134 for tax RESOLUTION PROVIDING FOR THE Bonds of 2008 bond funds shall, simul- of the Bonds shall be registered in a bond year 2013. ISSUANCE OF taneously with the issuance of the Bonds register maintained by the Bond Registrar 4. The total amount of outstanding gen- $840,000 herein authorized, be immediately trans- in the name of CEDE & CO., as the nomi- eral obligation indebtedness of the Issuer GENERAL OBLIGATION SCHOOL ferred and deposited into the Bond Fund nee (it or any nominee of the existing or is $1,359,744, and there are $1,359,744 BUILDING FUND created hereby. The taxes shall be held in a successor Depository, the "Nominee"). General Obligation Bonds of the Issuer is- REFUNDING BONDS, SERIES 2014 trust for the holders of the Bonds subject 13.03. With respect to the Bonds, nei- sued for a similar purpose. WHEREAS, the Oakes Public School only to the prior lien in favor of the holders ther the Issuer nor the Bond Registrar Brenda Tyre, President District No. 41, North Dakota (the "Issuer") of the Refunded Bonds until they are fully shall have any responsibility or obligation ATTEST: by resolution has heretofore authorized paid or redeemed on August 1,2015. to any broker, dealer, bank or any other Thomas Vanorny, Business Manager the issuance of its 2015-2023 maturities Section 8. Covenants and Agreements financial institution for which the Deposi- Motion for adoption of the foregoing of the General Obligation School Building of the Issuer. tory holds Bonds as securities deposi- resolution was duly seconded by Mem- Bonds of 2008 (the "Refunded Bonds") 8.01. The Issuer hereby covenants and tory (the "Participant") or the person for ber Roney. On roll call vote, the following of the Issuer, which Refunded Bonds are agrees with the holders from time to time which a Participant holds an interest in the members voted aye: Hoelscher, Meehl, outstanding at the date of this resolution of the Bonds: Bonds shown on the books and records Muggli, Roney, Tyre. The following mem- providing for the issuance of $842,000 (a) That the taxes have been validly of the Participant (the"Beneficial Owner"). bers voted nay: None.The following mem- General Obligation School Building Fund levied by resolution for the payment of Without limiting the immediately preced- bers were absent and not voting: None. Refunding Bonds, Series 2014 (the "Res- the bonds and are payable in years and ing sentence, neither the Issuer, nor the The majority having voted aye, the motion olution"); and amounts required by law, and that it will Bond Registrar, shall have any such re- was carried and the resolution was duly WHEREAS, the Issuer, through the is- use due diligence to collect the taxes, sponsibility or obligation with respect to adopted, suance of new Refunding General Obliga- (b) That it will preserve and enforce (A) the accuracy of the records of the De- Member Muggli introduced the follow- tion Bonds for the purpose of refunding for the benefit of the holders from time to pository, the Nominee or any Participant ing Resolution and moved its adoption: the Refunded Bonds can reduce the debt time of the Bonds all the rights, powers with respect to any ownership interest in RESOLUTION AUTHORIZING PAR- service thereon; and and privileges reserved to holders of the the Bonds, or (B) the delivery to any Par- TICIPATION IN SCHOOL DISTRICT EN- WHEREAS, it is desired to provide for Bonds and all of the covenants of the Is- ticipant, any Owner or any other person, HANCEMENT PROGRAM the retirement of the Refunded Bonds suer as provided in the resolutions autho- other than the Depository, of any notice WHEREAS, N.D.C.C. 6-09.4-23 pro- from the proceeds of the Refunded Gen- rizing the same. with respect to Bonds, including any no- vides for the School District Credit En- eral Obligation Bonds; and (c) That the Issuer recognizes its ob- tice of redemption, or (C) the payment to hancement program (hereinafter referred WHEREAS, a bid has been received as ligations under the provisions of Section any Participant, any Beneficial Owner or to as the "Program"); and follows: 21-03-15 of the North Dakota Century any other person, other than the Deposi- WHEREAS, the Program helps schools BIDDER Code that whenever insufficient funds are tory, of any amount with respect to the to reduce their cost of borrowing funds NET EFFECTIVE RATE available to pay the principal and interest principal of or premium, if any, or interest to finance the projects by providing for a for the purchase price of $ . on the Bonds, the Issuer shall levy a direct on the Bonds, or (D) the consent given or limited state guarantee for the repayment NOW, THEREFORE, be it resolved by tax against all property within the Oakes other action taken by the Depository as of school district bonds which results in the governing body of the Issuer as fol- Public School District No. 41 to pay such the Registered Holder of any Bonds (the a higher credit rating and lower interest lows: deficiency. Such taxes may be levied with- "Holder"). For purposes of securing the rates on bonds issued by School Districts; Section 1. Authorization and Sale. out limitation as to rate or amount, and the vote or consent of any Holder under this and 1.01. There is hereby authorization to Issuer covenants and agrees that all col- Resolution, the Issuer may, however, rely WHEREAS, the District previously is- be issued a series of bonds designated lection thereof will be credited to the Bond upon an omnibus proxy under which the sued its $1,200,000 Oakes Public School the Issuer's General Obligation Build- Fund subject only to the prior lien thereon Depository assigns its consenting or vot- District No. 41 General Obligation School ing Fund Refunding Bonds, Series 2014, of the Bonds until the Refunded Bonds ing rights to certain Participants to whose Building Bonds of 2008 (hereinafter the in the total amount of $840,000 (the have been fully paid or redeemed, accounts the Bonds are credited on the "Refunded Bonds"); and "Bonds") for the purpose of refunding the (d) In the event the monies in the Bond record date identified in a listing attached WHEREAS, the District desires to issue outstanding Refunded Bonds. The sale of Fund should at any time be insufficient to to the omnibus proxy. its $840,000 General Obligation School the Bonds is hereby awarded to __, by make payments of principal and interest 13.04. The Issuer and the Bond Regis- Building Fund Refunding Bonds, Series this resolution, then due on the Bonds and any additional trar may treat as and deem the Depository 2014 (hereinafter the "Current Refunding Section 2. Terms. Bonds payable from the Bond Fund, said to be the absolute owner of the Bonds for Bonds") in order to redeem the Refunded 2.01. The Bonds shall initially be dated monies shall be first used to pay the inter- the purpose of payment of the principal of Bonds in order to achieve debt service re- February 5, 2014. Bonds issued upon ex- est then accrued on all such Bonds out- and premium, if any, and interest on the duction; and change or transfer after August 1, 2014, standing, and the balance shall be applied Bonds, for the purpose of giving notices WHEREAS, the District desires to par- shall be dated as of the interest payment in payment of the principal of the Bonds in of redemption and other matters with re- ticipate in the Program in order enhance date next preceding their issuance, or order of their maturity dates, and pro rate spect to the Bonds, for the purpose of the credit rating of the current refunding; if the date of such issuance shall be on in payment of principal amount of Bonds obtaining any consent or other action to and an interest payment date as of the date maturing on the same date; and the Issuer be taken by Holders for the purpose of WHEREAS, in order to participate in of such issue; provided, however, that if reserves the right and privilege of refund- registering transfers with respect to such the Program, the District must adopt a interest on the Bonds shall be in default, ing any of such matured Bonds for the Bonds, and for all purpose whatsoever. resolution wherein the District elects to the Bonds shall be dated as of the date payment of which monies are not at the The Bond Registrar, as paying agent participate in the Program and obligate to which interest has been paid in full on time available by issuing new bonds pay- hereunder, shall pay all principal of and the District to be bound by the provisions the Bonds being transferred. The Bonds able from the Bond Fund, which Bonds premium, if any, and interest on the Bonds of Section 6-09.4-23 and authorize the shall be issued in fully registered form in shall be on a parity with those theretofore only to or upon the Holder or the Holders withholding of state funds as required by denominations of $5,000 or any multiple issued as to interest charges thereon, but of the Bonds as shown on the bond reg- the Program. thereof, of single maturities. The Bonds the maturity of all Bonds payable from the ister, and all such payments shall be valid NOW, THEREFORE, BE IT RE- shall be numbered in consecutive numeri- Bond Fund and then outstanding, which and effective to fully satisfy and discharge SOLVED by the School Board that the cal order from R-1 upwards as issued and are not so refunded, the Issuer's obligations with respect to the District hereby elects to participate the shall mature on August 1 in the years and Section 9. Discharge. principal of and premium, if any, and inter- School District Enhancement Program in the amounts and shall bear interest at 9.01 When all of the Bonds have been est on the Bonds to the extent of the sum provided for in Section 6-09.4-23 of the the rates set forth in the Schedule of Ma- discharged as provided in this paragraph, or sums so paid. North Dakota Century Code in connection turities and Interest Rates attached hereto all pledges covenants and other rights 13.05. Upon delivery by the Deposi- with the issuance of the Current Refund- as Attachment 1. granted by this resolution will cease. The tory to the Bond Registrar of written no- ing Bonds, and it covenants that it will: 2.02. Interest on the Bonds and, upon Issuer may discharge its obligations with tice to the effect that the Depository has 1. Be bound by the provisions of Sec- presentation and surrender thereof, the respect to any Bonds which are due on determined to substitute a new Nominee tion 6-09.4-23 and authorize the with- principal thereof shall be payable in lawful any date by sufficient for the payment in place of the existing Nominee, and sub- holding of State funds as required by the money of the United States of America by thereof in full; or if any Bond shall not be ject to the transfer provisions in Section 16 Program. check or draft by the Starion Bond Service paid when due, the same may neverthe- (with respect to registration, transfer,