2025-03-03 City Council Agenda PacketCity of Albertville Council Agenda
Monday, March 3, 2025
City Council Chambers
7 pm
PUBLIC COMMENTS -The City of Albertville welcomes and encourages public input on issues listed on the agenda or of general community
interest. Citizens wishing to address the Council regarding specific agenda items, other than public hearings, are invited to do so under Public Forum
and are asked to fill out a “Request to Speak Card.” Presentations are limited to five (5) minutes.
Pages
3-6
7
8-11
12-15
16-48
1.Call to Order
2.Pledge of Allegiance – Roll Call
3.Recognitions – Presentations – Introductions
4.Public Forum – (time reserved 5 minutes)
5.Amendments to the Agenda
6.Consent Agenda
All items under the Consent Agenda are considered to be routine by the City staff and will be
enacted by one motion. In the event an item is pulled, it will be discussed in the order it is listed
on the Consent Agenda following the approval of the remaining Consent items. Items pulled
will be approved by a separate motion.
A.Approve the February 18, 2025, regular City Council Meeting minutes as presented.
B.Authorize the Monday, March 3, 2025, payment of claims as presented, except bills
specifically pulled which are passed by separate motion. The claims listing has been
provided to City Council as a separate document and is available for public view at City
Hall upon request.
7.Public Hearing
A.Public Hearing – Abatement of property taxes levied by City on the properties
identified on Resolution
•Mayor to open the public hearing
•Motion to close the public hearing
(Motion to adopt Resolution No. 2025-05 approving Property Tax Abatements.)
B.Public Hearing – Adopt Street Reconstruction Plan and approve issuance of General
Obligation Street Reconstruction Bonds
•Mayor to open the public hearing
•Motion to close the public hearing
(Motion to adopt Resolution No. 2025-06 adopting a Street Reconstruction Plan and
approving the Issuance of General Obligation Street Reconstruction Bonds.)
C.Series 2025A General Obligation Bonds
(Motion to accept the Finance Plan for the General Obligation Bonds, Series 2025A.)
(Motion to approve the Municipal Advisory Service Agreement between the City of
Albertville and Northland Securities, Inc.)
(Motion to adopt Resolution No. 2025-07 authorizing the Competitive Negotiated Sale of
Gene
ral Obligation Bonds, Series 2025A.)
City of Albertville City Council Agenda
Monday, March 3, 2025 Page 2 of 2
8. Wright County Sheriff’s Office – Updates, reports, etc.
9. Department Business
A. City Council
1. Committee Updates (STMA Arena, Planning, JPWB, Parks, Fire Board, FYCC, etc.)
B. Building – None
C. City Clerk – None
D. Finance – None
E. Fire
1. Purchase of 2025 Ford F250 4X4 Crew Cab 8’ Box XLT 49-50
(Motion to authorize the purchase of a new 2025 Ford F250 4X4 Crew Cab 8’ Box
XLT, for the Fire Department, under State Contract; and authorize the purchase and
equipping of emergency equipment and graphic lettering, based on State of
Minnesota contract or low quotes, for a total purchase not-to-exceed $70,000.)
2. Fire Department Fleet Update
F. Planning and Zoning – None
G. Public Works/Engineering
1. County Road 137 Project Discussion
• Project Trails/Snowmobile Trails
• Pedestrian Bridge
• Funding Agreement/Cost Split
H. Legal – None
I. Administration
1. City Administrator’s Update 51-52
2. Closed Meeting – To discuss possible purchase of PID# 101500012107 located on
Main Avenue NE
• Motion to go into a closed session under State Statute 13D.01(3) to discuss
possible purchase of property.
• Motion to close the closed session and reopen the Council meeting.
10. Announcements and/or Upcoming Meetings
March 10 STMA Arena Board, 6 pm
March 11 Planning Commission, 7 pm
March 17 City Council, 7 pm
March 24 Joint Power Water Board, 6 pm
Parks Committee, 7 pm
March 31 Joint Governance Meeting, 6 pm (at City of St. Michael)
11. Adjournment
ALBERTVILLE CITY COUNCIL
DRAFT REGULAR MEETING MINUTES February 18, 2025 – 7 pm
Council Chambers
Albertville City Hall
1. Call to Order
Acting Mayor Olson called the meeting to order at 7 pm.
2. Pledge of Allegiance – Roll Call
Present: Acting Mayor Olson, Councilmembers Cocking, Hayden and Zagorski.
Mayor Hendrickson arrived at 7:51 pm.
Staff Present: City Administrator Nafstad, Fire Chief Bullen, Finance Director Lannes, and City
Clerk Luedke.
3. Recognitions – Presentations – Introductions – None
4. Public Forum
Ms. Kaitlin Lougiu-Nelson, 10671 Karston Ave NE, said she was here to talked about the City’s
ordinance regarding urban chickens and reported she would like to either gain the Council’s support
for allowing them. She reported with the current bird flu epidemic and the steep rise in egg prices,
she said citizens needed to find viable alternatives to source eggs in which allowing Albertville
residents to keep back yard chickens would be one way. Ms. Lougiu-Nelson stated many
surrounding cities allowed chicken and incorporate strict guidelines which Albertville could also
include, from not allowing roosters, limits on the number of chickens permitted, standards on coop
maintenance and incorporating an annual permit fee. She answered questions from Council.
City Administrator Nafstad reported the City has not recently received requests for chickens but
rather for pigeons and some other animals. He said Albertville generally has smaller lots approved
through the plan unit development process and many of the City’s HOA do not allow chickens.
Administrator Nafstad said no action could take place tonight, but he would bring back material
presented by the previous City Planner for Council’s review and discussion.
5. Amendments to the Agenda
There were no amendments to the agenda.
MOTION made by Councilmember Cocking, seconded by Councilmember Olson to approve the
February 18, 2025, agenda as submitted. Ayes: Cocking, Hayden, Olson and Zagorski. Nays: None.
Absent: Hendrickson. The motion carried.
6. Consent Agenda
All items under the Consent Agenda are considered to be routine by the City staff and will be
enacted by one motion. In the event an item is pulled, it will be discussed in the order it is listed on
the Consent Agenda following the approval of the remaining Consent items. Items pulled will be
approved by a separate motion.
Agenda Page 3
City Council Meeting Draft Minutes Page 2
Regular Meeting of February 18, 2025
A. Approve the February 3, 2025, regular City Council Meeting minutes as presented.
B. Authorize the Tuesday, February 18, 2025, payment of claims as presented, except bills
specifically pulled which are passed by separate motion. The claims listing has been
provided to City Council as a separate document and is available for public view at City
Hall upon request.
C. Approve revisions to the Albertville Fire Department’s Standard Operating Policies and
Procedures.
D. Approve a Tetrahydrocannabinol (THC) License application for BJ’s Sport Tavern
located at 5788 Main Avenue NE, Albertville through December 31, 2025.
City Clerk Luedke answered questions from Council regarding the THC license request for BJ’s
Sport Tavern.
MOTION made by Councilmember Cocking, seconded by Councilmember Hayden to approve the
February 18, 2025, consent agenda as submitted. Ayes: Cocking, Hayden, Olson and Zagorski.
Nays: None. Absent: Hendrickson. The motion carried.
7. Public Hearing – None
8. Wright County Sheriff’s Office – Updates, reports, etc.
There were no updates from Wright County Sheriff’s Office.
9. Department Business
A. City Council
1. Committee Updates (STMA Ice Arena, Planning, JPWB, Parks, Fire Board,
FYCC, etc.)
Councilmember Cocking provided an update from the STMA Arena Board meeting in which he
reported he would continue to be the Chair of the Board and Councilmember Hayden would be the
Vice Chair. He said the Board reviewed the preliminary budget and discussed the ice rates and
possible future capital improvements.
B. Building
1. 2024 Year-End Building Permit Review
City Administrator Nafstad presented the staff report and summarized the 2024 Building Permit
Activity report. He also reviewed the information on the rental licenses and the number of
inspections conducted in 2024. Administrator Nafstad answered questions from Council regarding
the Building Official’s responsibilities since bringing the service in house instead of contracting
with the City of St. Michael for inspection services. He added that City’s Building Department
Permit Technician position has expanded, and Ms. Becker was doing a great job.
C. City Clerk – None
D. Finance – None
E. Fire – None
F. Planning and Zoning – None
Agenda Page 4
City Council Meeting Draft Minutes Page 3
Regular Meeting of February 18, 2025
G. Public Works/Engineering
1. Approve Purchase of Salt Storage Cover
City Administrator Nafstad presented the staff report which included background information on
the location of the proposed salt storage cover which were old reed beds from the Wastewater
Treatment facility project. He reported with the addition of the storage cover, Public Works would
like not purchase salt through county an would have an opportunity to purchase surplus salt from
other communities. He answered questions from Council.
MOTION made by Councilmember Zagorski, seconded by Councilmember Hayden to the
purchase of a fabric covered storage building as quoted by Greystone Construction for $74,860.
Ayes: Cocking, Hayden, Olson and Zagorski. Nays: None. Absent: Hendrickson. The motion
carried.
2. Central Park Discussion
City Administrator Nafstad reported he originally planned to just ask for direction on whether or not
to purchase the Central Park playground equipment but before doing so wanted to discuss the other
projects that had come up at recent Park Committee meetings. Nafstad presented information the
projects and said the City was looking at funding for upcoming 2025 projects which included the
Main Avenue reconstruction project. He discussed possible funding options for the projects which
could include using City reserves, WAC and SAC fees, park dedication funds, bonding, and which
would include an associated tax levy. The projects discussed included a new Central Park
playground, an entry plaza, the land purchase of property adjoining the park, field #1 lighting
replacement and an outdoor rink/pickleball improvements. He reviewed each improvement in detail
and provided the estimated costs and stated Northland Securities has run various scenario for
possible funding. Nafstad answered questions from Council regarding each project and estimated
costs and requested direction as to the Council’s priority for the proposed projects.
Finance Director Lannes provided additional information on the possible funding sources and
reiterated that a tax levy would be needed to fund all the projects.
There was much Council discussion regarding the projects, possible funding sources and the
priority of the projects. The Council’s priority consensus was:
1. Playground Improvements
2. Outdoor Rink/Pickleball
3. Entry Plaza
4. Field #1 Lighting Replacement
5. Land Purchase
The Council directed staff to pursue the playground improvements in 2025 and to include the entry
plaza as an add alternate to the bid for consideration.
City Administrator Nafstad reported if the Council agreed that he would like a motion to move
forward with the purchase of the playground equipment so that it could be installed this fall.
MOTION made by Councilmember Cocking, seconded by Councilmember Hayden to approve the
purchase of the playground equipment for Central Park in the amount of $869,226.04. Ayes:
Cocking, Hayden, Hendrickson, Olson and Zagorski. Nays: None. The motion carried.
Agenda Page 5
City Council Meeting Draft Minutes Page 4
Regular Meeting of February 18, 2025
H. Legal – None
I. Administration
City Administrator Nafstad recognized the City staff for their extra work while the office is short
staffed, the Public Works staff for their snow removal work and the Water Department staff for
their dealing with the many water main breaks that have happened lately.
Administrator Nafstad said he appreciated all of the people that attended the CSAH 37/CR137 Open
House and reported he would bring items forward as they related to the project as it continued to
developed. He answered questions from Council.
Wright County Commission Holland provided additional information from the Open House and
answered questions from Council regarding the proposed pedestrian crossing and the County’s trail
systems.
Announcements and/or Upcoming Meetings
February 24 Joint Power Water Board, 6 pm
Parks Committee, 7 pm
March 3 City Council, 7 pm
March 10 STMA Arena Board, 6 pm
March 11 Planning Commission, 7 pm
10. Adjournment
MOTION made by Councilmember Zagorski, second by Councilmember Hayden to adjourn the
meeting at 8:30 pm. Ayes: Cocking, Hayden, Hendrickson, Olson and Zagorski. Nays: None. The
motion carried.
Respectfully submitted,
_____________________________
Kristine A. Luedke, City Clerk
Agenda Page 6
Mayor and Council Request for Action
March 3, 2025
SUBJECT: CONSENT – FINANCE – PAYMENT OF BILLS
RECOMMENDATION: It is respectfully requested that the Mayor and Council consider the
following:
MOTION TO: Authorize the Monday, March 3, 2025, payment of the claims as presented
except the bills specifically pulled, which are passed by separate motion. The claims listing has
been provided to Council as a separate document. The claims listing is available for public
viewing at City Hall upon request.
BACKGROUND: The City processes claims on a semi-monthly basis. The bills are approved
through their respective departments and administration and passed onto the City Council for
approval.
KEY ISSUES:
• Account codes starting with 810 are STMA Arena Expenses/Vendors (bolded) and
key issues will be presented in the claims listing document.
POLICY/PRACTICES CONSIDERATIONS: It is the City’s policy to review and approve
payables on a semi-monthly basis.
FINANCIAL CONSIDERATIONS: City staff have reviewed and recommends approval of
payments presented.
LEGAL CONSIDERATIONS: The Mayor and Council have the authority to approve all bills
pursuant to Minnesota State Law, which requires all bills to be paid in a timely manner,
generally within 30 days unless one party determines to dispute the billing.
Responsible Person: Tina Lannes, Finance Director
Submitted through: Adam Nafstad, City Administrator-PWD
Attachment:
• List of Claims (under separate cover)
Agenda Page 7
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF ALBERTVILLE, MINNESOTA
HELD: MARCH 3, 2025
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Albertville, Wright County, Minnesota, was duly called and held at the Albertville City Hall
in Albertville, Minnesota, on March 3, 2025, at 7:00 p.m., for the purpose in part of approving
property tax abatements.
The following members were present: _______________________________________
and the following were absent: _____________________________________________
Member ________________ introduced the following resolution and moved its adoption:
CITY OF ALBERTVILLE
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2025-05
RESOLUTION APPROVING PROPERTY TAX ABATEMENTS
BE IT RESOLVED by the City Council of the City of Albertville, Minnesota (the
"City"), as follows:
WHEREAS, the City proposes to approve tax abatements to finance the cost of burying
power lines, street lighting improvements, and park improvements in the City (the "Project").
The City proposes to use the abatement for the purposes provided for in the Abatement Law (as
hereinafter defined), including the Project. The proposed term of the abatement will not exceed
twenty (20) years in an amount not to exceed $3,645,000. The abatement will apply to the City's
share of the property taxes (the "Abatement") derived from the property described by tax parcel
identification numbers in the table below (the “Property”); and
101011002140 101015002090 101030001010 101041001100 101152001020 101152001340 101152002160
101011002150 101015002100 101030001020 101041001110 101152001030 101152001350 101152002170
101011002160 101015005010 101030001030 101041001120 101152001040 101152001360 101152002180
101011002170 101015005020 101030001040 101041001130 101152001050 101152001370 101152002190
101011002180 101016001010 101030001050 101041001140 101152001060 101152001380 101152002200
101011002190 101016001020 101030001060 101041002010 101152001070 101152001390 101152002210
101011003010 101016002010 101030001070 101041002020 101152001080 101152001400 101500011303
101012001010 101016002020 101030001080 101041002030 101152001090 101152001410 101500011305
101012001020 101016002030 101030001090 101041002040 101152001100 101152001420 101500011306
101012001030 101017001010 101030001100 101041002050 101152001110 101152001430 101500011307
101012001040 101017001020 101030001110 101041002060 101152001120 101152001440 101500011308
Agenda Page 8
City of Albertville
Resolution No. 2025-05
Meeting of March 3, 2025
Page 2
101013001032 101017001040 101030001120 101041002070 101152001130 101152001450 101500011309
101013001060 101018000010 101030001130 101041002080 101152001140 101152001460 101500011316
101013001080 101018000040 101030002010 101041002090 101152001150 101152001470 101500011318
101013001091 101018000050 101030002020 101041002100 101152001160 101152001480 101500011319
101013002010 101018000070 101030002030 101041002110 101152001170 101152001490 101500012403
101013002030 101018000080 101030002040 101041002120 101152001180 101152001500 101500012405
101013002050 101022004010 101030002050 101041002130 101152001190 101152002010 101500012406
101013002070 101022004020 101030002060 101043001010 101152001200 101152002020 101500012407
101013002080 101022004030 101030002070 101043001020 101152001210 101152002030 101500012409
101015001010 101024001010 101030002080 101043001030 101152001220 101152002040 101500012410
101015001020 101024002010 101030002090 101043001040 101152001230 101152002050 101500013101
101015001040 101024002020 101030002100 101077001040 101152001240 101152002060 101500013103
101015001050 101024003010 101041001010 101077001050 101152001250 101152002070 101500013107
101015002010 101024003020 101041001020 101077001060 101152001260 101152002080 101500013113
101015002020 101024003030 101041001030 101077002050 101152001270 101152002090 101500013115
101015002030 101024003040 101041001040 101077002060 101152001280 101152002100 101500014301
101015002040 101024003050 101041001050 101077002080 101152001290 101152002110 101500014302
101015002050 101027000010 101041001060 101077002090 101152001300 101152002120 101500014304
101015002060 101027003010 101041001070 101077002100 101152001310 101152002130 101500014306
101015002070 101027003020 101041001080 101152000010 101152001320 101152002140 101500014307
101015002080 101027003030 101041001090 101152001010 101152001330 101152002150 101500014314
WHEREAS, on the date hereof, the Council held a public hearing on the question of the
Abatement, and notice of said hearing was published in a newspaper of general circulation in the
City at least once more than ten days but less than 30 days before the hearing; and
WHEREAS, the City Council proposes to issue its general obligation abatement bonds
in an amount not to exceed $3,645,000 to finance the Project; and the Abatement will be pledged
to pay the principal amount of the Bonds; and
WHEREAS, the Abatement is authorized under Minnesota Statutes, Sections 469.1812
through 469.1815, as amended (the "Abatement Law").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Albertville, Minnesota, as follows:
1. Findings for the Abatement. The City Council hereby makes the following findings:
(a) The Council expects the benefits to the City of the Abatement to at least
equal or exceed the costs to the City thereof.
(b) Granting the Abatement is in the public interest because it will help provide
access to services for residents of the City, provide public infrastructure, and promote
economic development in the City.
Agenda Page 9
City of Albertville
Resolution No. 2025-05
Meeting of March 3, 2025
Page 3
(c) The Property is not and will not be located in a tax increment financing
district during the Abatement period.
(d) In any year, the total amount of property taxes abated by the City by this and
other existing abatement resolutions, shall not exceed ten percent (10%) of net tax
capacity of the City for the taxes payable year to which the abatement applies or
$200,000, whichever is greater (the "Abatement Limit"). The City may grant other
abatements permitted under the Abatement Law after the date of this resolution, provided
that to the extent the total abatements in any year exceed the Abatement Limit the
allocation of the Abatement limit to such other abatements is subordinate to the
Abatement granted by this resolution.
2. Terms of Abatement. The Abatement is hereby approved. The terms of the
Abatement are as follows:
(a) The Abatement shall be for up to twenty (20) years anticipated to commence
for the taxes payable in the year 2025. The City reserves the right to modify the
commencement date, but the abatement period shall not exceed twenty (20) years.
(b) In accordance with Section 469.1815 of the Act, the City will add to its levy
in each year during the term of the Abatement the total estimated amount of current year
Abatement granted under this resolution.
(c) The City will abate the City's share of property tax amount which the City
receives from the Property, cumulatively not to exceed $3,645,000.
(d) The Abatement shall be subject to all the terms and limitations of the
Abatement Law.
The motion for the adoption of the foregoing resolution was duly seconded by Member
_____________________________ and, after a full discussion thereof and upon vote being
taken thereon, the following voted in favor thereof:__________________________________
___________________________________________________________________________
and the following voted against the same: ____________________________________
Adopted by the City Council of the City of Albertville this 3rd day of March 2025.
________________________________
Jillian Hendrickson, Mayor
ATTEST:
________________________
Kristine A. Luedke, City Clerk
Agenda Page 10
City of Albertville
Resolution No. 2025-05
Meeting of March 3, 2025
Page 4
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF ALBERTVILLE
I, the undersigned, being the duly qualified and acting city Administrator of the City of
Albertville, Wright County, Minnesota, DO HEREBY CERTIFY that I have compared the
attached and foregoing extract of minutes with the original thereof on file in my office, and that
the same is a full, true and complete transcript of the minutes of a meeting of the City Council of
said City, duly called and held on the date therein indicated, insofar as such minutes relate to the
approval of property tax abatements.
WITNESS my hand this 3rd day of March, 2025.
___________________________________
City Administrator
Agenda Page 11
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF ALBERTVILLE, MINNESOTA
HELD: MARCH 3, 2025
Pursuant to due call, a regular or special meeting of the City Council of the City of
Albertville, Wright County, Minnesota, was duly held at the City Hall Council Chambers on
March 3, 2025, at 7:00 p.m., for the purpose, in part, of adopting a street reconstruction plan and
authorizing issuance of street reconstruction bonds.
The following members were present: ________________________________________
and the following were absent: ______________________________________________
Member ______________ introduced the following resolution and moved its adoption:
CITY OF ALBERTVILLE
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2025-06
RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND
APPROVING THE ISSUANCE OF GENERAL OBLIGATION STREET
RECONSTRUCTION BONDS
WHEREAS, the City of Albertville, Minnesota (the "City"), has determined that it is in
the best interest of the City to authorize the issuance and sale of general obligation street
reconstruction bonds pursuant to Minnesota Statutes, Section 475.58, subdivision 3b, as
amended (the "Act"), to finance the cost of street reconstruction projects, as described in the
proposed street reconstruction plan described below, a copy of which is on file in the City
Administrator’s office; and
WHEREAS, pursuant to the Act, the City is authorized to issue and sell general
obligation street reconstruction bonds for street reconstruction under the circumstances and
within the limitations set forth in the Act. The Act provides that a street reconstruction plan may
be financed with general obligation street reconstruction bonds, following adoption of a street
reconstruction plan, after a public hearing on the street reconstruction plan and on the issuance of
general obligation street reconstruction bonds and other proceedings conducted in accordance
with the requirements of the Act; and
WHEREAS, pursuant to the Act, the City has prepared a five year street reconstruction
plan for calendar years 2025 through 2029, which describes the streets to be reconstructed, the
estimated costs and any planned reconstruction of other streets in the City, including the issuance
of general obligation street reconstruction bonds under the Act (the "Plan"), to determine the
funding strategy for street reconstruction projects; and
Agenda Page 12
City of Albertville
Resolution No. 2025-06
Meeting of March 3, 2025
Page 2
WHEREAS, on the date hereof, the City Council held a public hearing on the adoption
of the Plan and the issuance of not to exceed $6,520,000 general obligation street reconstruction
bonds (the "Bonds") under the Plan for street reconstruction improvements to those streets
described in the Plan (the "Street Reconstruction Projects") after publication of the notice of
public hearing not less than 10 days nor more than 28 days prior to the date thereof in the City's
official newspaper; and
WHEREAS, all parties who appeared at the public hearing were given an opportunity to
express their views with respect to the proposal to adopt the Plan and to undertake and finance
the Street Reconstruction Projects by the issuance of Bonds and any written comments submitted
prior to the public hearing were considered.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Albertville, Minnesota, as follows:
1. City Policies and Goals. The financing of the Street Reconstruction Projects and the
issuance and sale of the Bonds would further the policies and goals of the City as set forth in the
Plan, hereby adopted by the City Council in connection with the issuance of the Bonds.
2. Adoption of Street Reconstruction Plan. Based on information received at the public
hearing, such written comments (if any) and such other facts and circumstances as the City
Council deems relevant, it is hereby found, determined and declared that:
(a) the Street Reconstruction Projects proposed in the Plan will allow the City to
upgrade its transportation infrastructure to accommodate anticipated and existing
residential and commercial development; and
(b) the Plan is hereby approved and adopted in the form presently on file with the
City.
3. Authorization and Approval of Bonds. The City is hereby authorized to issue the
Bonds, the proceeds of which will be used, together with any additional funds of the City which
might be required, to finance certain costs of the Street Reconstruction Projects and to pay costs
of issuance of the Bonds.
4. Execution of Documents. The Mayor and City Administrator are authorized and
directed to execute such other documents and instruments as may be required to give effect to the
transactions herein contemplated.
5. Voter Referendum Contingency. Pursuant to the Act, 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, may be filed within thirty days of the public hearing. Upon
receipt of such petition within the prescribed time period, the City may issue the Bonds only
after obtaining the approval of a majority of the voters voting on the question of the issuance of
the Bonds. The authorizations and approvals contained herein are subject to and contingent upon
not receiving such a petition, or, in the event such a petition is filed, the approving vote of a
majority of the voters voting on the question of the issuance of the Bonds.
Agenda Page 13
City of Albertville
Resolution No. 2025-06
Meeting of March 3, 2025
Page 3
The motion for the adoption of the foregoing resolution was duly seconded by Member
__________________ and, after a full discussion thereof and upon a vote being taken thereon,
the following voted in favor thereof: ________________________________________________
______________________________________________________________________________
and the following voted against the same: ____________________________________________
whereupon the resolution was declared duly passed and adopted.
Adopted by the City Council of the City of Albertville this 3rd day of March 2025.
________________________________
Jillian Hendrickson, Mayor
ATTEST:
________________________
Kristine A. Luedke, City Clerk
[Bonds must be approved by at least a two-thirds vote of the membership present.]
[Issuance of Bonds is subject to a 30-day reverse referendum after the public hearing.]
Agenda Page 14
City of Albertville
Resolution No. 2025-06
Meeting of March 3, 2025
Page 4
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF ALBERTVILLE
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Albertville, Minnesota, do hereby certify that I have compared the attached and foregoing extract
of minutes with the original thereof on file in my office, and that the same is a full, true and
complete transcript of the minutes of a meeting of the City Council, duly called and held on the
date therein indicated, insofar as such minutes relate to adopting a street reconstruction plan and
the issuance of general obligation street reconstruction bonds.
WITNESS my hand on the 3rd day of March 2025.
________________________________
City Clerk
Agenda Page 15
Finance Plan
City of Albertville, Minnesota
$14,015,000
General Obligation Bonds, Series 2025A
March 3, 2025
150 South 5th Street, Suite 3300
Minneapolis, MN 55402
612-851-5900 800-851-2920
www.northlandsecurities.com
Member FINRA and SIPC | Registered with SEC and MSRB
Agenda Page 16
Northland Securities, Inc. Page 2
Contents
Executive Summary ............................................................................................................................... 1
Issue Overview ....................................................................................................................................... 2
Purpose ........................................................................................................................................................ 2
Authority ..................................................................................................................................................... 2
Structure ...................................................................................................................................................... 3
Security and Source of Repayment ................................................................................................... 3
Plan Rationale ............................................................................................................................................ 3
Issuing Process .......................................................................................................................................... 3
Attachment 1 – Preliminary Debt Service Schedule .......................................................................... 5
Attachment 2 – Preliminary 105% Levy Schedules ............................................................................ 6
Attachment 3 – Related Considerations .............................................................................................. 8
No Bank Qualification .................................................................................................................... 8
Arbitrage Compliance .................................................................................................................... 8
Continuing Disclosure .................................................................................................................... 8
Premiums ............................................................................................................................................. 8
Rating .................................................................................................................................................... 9
Attachment 4 – Calendar of Events .................................................................................................... 10
Attachment 5 - Risk Factors ................................................................................................................. 12
Agenda Page 17
Northland Securities, Inc. Page 1
Executive Summary
The following is a summary of the recommended terms for the issuance of $14,015,000 General
Obligation Bonds, Series 2025A (the “Bonds” or “2025A Bonds”). Additional information on the
proposed finance plan and issuing process can be found after the Executive Summary, in the Issue
Overview and Attachment 3 – Related Considerations.
Purpose Proceeds from the Bonds will be used to fund the City’s 2025
street reconstruction projects, street lighting and burying
power lines, storm sewer, water, and sanitary sewer
improvements, improvements to Central Park, and to pay the
costs of issuance of the Bonds.
Security The Bonds will be a general obligation of the City. The City will
pledge for payment of the Bonds:
• Tax abatement levies.
• Property tax levies.
• Net revenues of the City’s storm sewer, water, and sanitary
sewer utilities.
Repayment Term The Bonds will mature annually each February 1 in the years
2027 - 2041. Interest on the Bonds will be payable on February
1, 2026 and semiannually thereafter on each August 1 and
February 1.
Estimated Interest Rate True interest cost (TIC): 4.25%
Prepayment Option Bonds maturing on and after February 1, 2034 will be subject to
redemption on February 1, 2033 and any day thereafter at a
price of par plus accrued interest.
Rating A rating will be requested from Moody’s Investors Service
(Moody’s). The City’s general obligation debt is currently rated
"Aa2" by Moody’s.
Tax Status The Bonds will be tax-exempt, not bank qualified obligations.
Risk Factors There are certain risks associated with all debt. Risk factors
related to the Bonds are discussed in Attachment 5.
Type of Bond Sale Public Sale – Competitive Bids
Proposals Received Monday, July 7, 2025 @ 10:30 A.M.
Council Consideration Monday, July 7, 2025 @ 7:00 P.M.
Agenda Page 18
Northland Securities, Inc. Page 2
Issue Overview
Purpose
Proceeds from the Bonds will be used to the City’s 2025 street reconstruction projects, street
lighting and burying power lines, storm sewer, water, and sanitary sewer improvements,
improvements to Central Park, and to pay the costs of issuance of the Bonds. The table below
contains the sources and uses of funds for the bond issue.
Authority
The Bonds will be issued pursuant to the authority of Minnesota Statutes, Chapters 475 and 444,
and Sections 469.1812 through 469.1815 and 475.58 subdivision 3b.
Sections 469.1812 through 469.1815 do not authorize the actual “abatement of taxes.” Instead, the
City has the ability to levy a property tax (an abatement levy) that is equivalent to taxes that could
be abated. The City will certify a property tax abatement levy to pay the debt service on the Bonds.
A public hearing will be held on March 3, 2025and following the hearing the City Council will
adopt a resolution approving the property tax abatement for this purpose.
The total amount of abated taxes in any year cannot exceed the greater of (1) 10% of the net tax
capacity of the political subdivision for the taxes payable year to which the abatement applies, or
(2) $200,000. The City’s 2023/2024 net tax capacity is $13,162,148 ($13,162,148 x 0.1 =
$1,316,214.80). The maximum amount of abated taxes is expected to be approximately $315,000,
which is less than $1,316,214.80.
Under Section 475.58, Subdivision 3b., street reconstruction bonds can be used to finance the
reconstruction and bituminous overlay of existing city streets. Eligible improvements may
include turn lanes, bicycle lanes, sidewalks, paths and other improvements having a substantial
public safety function, realignments, other modifications to intersect with state and county roads
and the local share of state and county road projects. Eligible improvements do not include the
portion of project cost allocable to widening a street or adding curbs and gutters where none
previously existed.
Minnesota Statutes, Section 475.53 states that a city or county may not incur or be subject to a net
debt in excess of three percent (3%) of its estimated market value. Net debt is, with limited
exceptions, debt paid solely from ad valorem taxes, including street reconstruction bonds. The
City’s 2023/2024 Estimated Market Value is $1,192,720,900 and the City’s legal debt margin is
$35,781,627 ($1,192,720,900 x 0.03 = $35,781,627). The Street Reconstruction portion and the City’s
outstanding bonds applicable to its debt limit total $15,965,000.
Street
Reconstruction
Tax
Abatement
(Burying
Power Lines
and Street
Lighting)Storm Sewer Water
Sanitary
Sewer
Tax
Abatement
(Central Park
Improv)
Issue
Summary
Sources Of Funds
Par Amount of Bonds $6,520,000.00 $1,560,000.00 $1,490,000.00 $1,680,000.00 $680,000.00 $2,085,000.00 $14,015,000.00
Total Sources $6,520,000.00 $1,560,000.00 $1,490,000.00 $1,680,000.00 $680,000.00 $2,085,000.00 $14,015,000.00
Uses Of Funds
Deposit to Project Construction Fund 6,257,000.00 1,500,000.00 1,459,000.00 1,645,000.00 670,000.00 2,000,000.00 13,531,000.00
Deposit to Capitalized Interest (CIF) Fund 130,064.28 31,125.79 ---41,592.06 202,782.13
Total Underwriter's Discount (1.200%)78,240.00 18,720.00 17,880.00 20,160.00 8,160.00 25,020.00 168,180.00
Costs of Issuance 51,645.93 12,357.00 11,802.53 13,307.54 5,386.38 16,515.62 111,015.00
Rounding Amount 3,049.79 (2,202.79)1,317.47 1,532.46 (3,546.38)1,872.32 2,022.87
Total Uses $6,520,000.00 $1,560,000.00 $1,490,000.00 $1,680,000.00 $680,000.00 $2,085,000.00 $14,015,000.00
Agenda Page 19
Northland Securities, Inc. Page 3
If a petition signed by voters equal to at least 5 percent of the votes cast in the last general election
requesting a vote on the issuance of bonds is received by the clerk within 30 days after the public
hearing, then the bonds may not be issued unless approved by the voters at an election. The
Calendar of Events provided in Attachment 4 indicates that the Bonds will not be sold until after
the 30-day petition period has expired on April 2, 2025.
Structure
The Bonds have been structured to result in relatively level annual debt service payments over
the 15-year life of the Bonds.
The proposed structure for the bond issue and preliminary debt service projections are illustrated
in Attachment 1.
Security and Source of Repayment
The Bonds will be general obligations of the City. The finance plan relies on the following
assumptions for the revenues used to pay debt service, as provided by City staff:
• Utility Revenues. Net revenues of the City’s water, storm sewer, and sanitary sewer
utilities will be pledged for payment of the Bonds. The City will covenant to institute water,
storm sewer, and sanitary sewer rates and charges that are sufficient to produce net
revenues equal to at least 105% of the debt service requirements on the Bonds. In the event
there is a deficiency in the amount of net revenues available for payment of debt service,
the City may levy taxes to cover the insufficiency, but only on a temporary basis until rates
are adjusted.
• Tax Abatements. The total amount of the taxes proposed to be abated by the City on the
parcels identified within the abatement area is estimated to be sufficient to pay annual
principal over the 15-year term of the Abatement Portion of the Bonds. The annual
abatement levy is spread over the City’s entire general tax base (net tax capacity) the same
as the general fund levy. Property within the abatement area will pay the same amount of
City taxes as property outside of the abatement area. There is no different impact on
individual property tax statements for property within the abatement area compared to
other property within the City as a whole.
• Property Taxes. The remaining revenues needed to pay debt service on the Bonds are
expected to come from property tax levies. The initial projections show an annual tax levy
ranging from approximately $160,279 down to $30,468 for the Abatement Portions and
averaging approximately $619,853 for the Street Reconstruction Portion annually, is
needed, which includes the statutory requirement of 105% of debt service. The levy will be
adjusted annually. The initial tax levy will be made in 2025 for taxes payable in 2026. Due
to the timing of the initial levy, capitalized interest will cover the February 1, 2026 interest
payment on the Street Reconstruction and Tax Abatement portions.
The table in Attachment 2 shows the estimated flow of funds, including the 5% overlevy.
Plan Rationale
The Finance Plan recommended in this report is based on a variety of factors and information
provided by the City related to the financed projects and City objectives, Northland’s knowledge
of the City and our experience in working with similar cities and projects. The issuance of General
Obligation Bonds provides the best means of achieving the City’s objectives and cost effective
financing. The City has successfully issued and managed this type of debt for previous projects.
Issuing Process
Agenda Page 20
Northland Securities, Inc. Page 4
Northland will receive bids to purchase the Bonds on Monday, July 7, 2025 at 10:30 AM. Market
conditions and the marketability of the Bonds support issuance through a competitive sale. This
process has been chosen as it is intended to produce the lowest combination of interest expense
and underwriting expense on the date and time set to receive bids. The calendar of events for the
issuing process can be found in Attachment 4.
Municipal Advisor: Northland Securities, Inc., Minneapolis, Minnesota
Bond Counsel: Taft Stettinius & Hollister LLP, Minneapolis, Minnesota
Paying Agent: Northland Bond Services, a division of First National Bank of Omaha,
Minneapolis, Minnesota
Agenda Page 21
Northland Securities, Inc. Page 5
Attachment 1 – Preliminary Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
07/29/2025 -----
02/01/2026 --279,605.09 279,605.09 279,605.09
08/01/2026 --276,532.50 276,532.50 -
02/01/2027 715,000.00 3.450%276,532.50 991,532.50 1,268,065.00
08/01/2027 --264,198.75 264,198.75 -
02/01/2028 740,000.00 3.500%264,198.75 1,004,198.75 1,268,397.50
08/01/2028 --251,248.75 251,248.75 -
02/01/2029 760,000.00 3.550%251,248.75 1,011,248.75 1,262,497.50
08/01/2029 --237,758.75 237,758.75 -
02/01/2030 800,000.00 3.550%237,758.75 1,037,758.75 1,275,517.50
08/01/2030 --223,558.75 223,558.75 -
02/01/2031 820,000.00 3.600%223,558.75 1,043,558.75 1,267,117.50
08/01/2031 --208,798.75 208,798.75 -
02/01/2032 845,000.00 3.650%208,798.75 1,053,798.75 1,262,597.50
08/01/2032 --193,377.50 193,377.50 -
02/01/2033 885,000.00 3.700%193,377.50 1,078,377.50 1,271,755.00
08/01/2033 --177,005.00 177,005.00 -
02/01/2034 910,000.00 3.800%177,005.00 1,087,005.00 1,264,010.00
08/01/2034 --159,715.00 159,715.00 -
02/01/2035 945,000.00 3.900%159,715.00 1,104,715.00 1,264,430.00
08/01/2035 --141,287.50 141,287.50 -
02/01/2036 990,000.00 4.050%141,287.50 1,131,287.50 1,272,575.00
08/01/2036 --121,240.00 121,240.00 -
02/01/2037 1,030,000.00 4.150%121,240.00 1,151,240.00 1,272,480.00
08/01/2037 --99,867.50 99,867.50 -
02/01/2038 1,075,000.00 4.250%99,867.50 1,174,867.50 1,274,735.00
08/01/2038 --77,023.75 77,023.75 -
02/01/2039 1,120,000.00 4.350%77,023.75 1,197,023.75 1,274,047.50
08/01/2039 --52,663.75 52,663.75 -
02/01/2040 1,165,000.00 4.400%52,663.75 1,217,663.75 1,270,327.50
08/01/2040 --27,033.75 27,033.75 -
02/01/2041 1,215,000.00 4.450%27,033.75 1,242,033.75 1,269,067.50
Total $14,015,000.00 -$5,302,225.09 $19,317,225.09 -
Yield Statistics
Bond Year Dollars $129,135.36
Average Life 9.214 Years
Average Coupon 4.1059436%
Net Interest Cost (NIC)4.2361790%
True Interest Cost (TIC)4.2485129%
Bond Yield for Arbitrage Purposes 4.0847858%
All Inclusive Cost (AIC)4.3581294%
IRS Form 8038
Net Interest Cost 4.1059436%
Weighted Average Maturity 9.214 Years
Agenda Page 22
Northland Securities, Inc. Page 6
Attachment 2 – Preliminary 105% Levy Schedules
Street Reconstruction Portion
Tax Abatement (Burying Power Lines and Street Lighting)
Date Total P+I CIF 105% Levy Levy Year
Collection
Year
02/01/2026 130,064.28 (130,064.28)---
02/01/2027 592,270.00 -621,883.50 2025 2026
02/01/2028 590,712.50 -620,248.13 2026 2027
02/01/2029 588,637.50 -618,069.38 2027 2028
02/01/2030 591,035.00 -620,586.75 2028 2029
02/01/2031 587,900.00 -617,295.00 2029 2030
02/01/2032 589,220.00 -618,681.00 2030 2031
02/01/2033 589,802.50 -619,292.63 2031 2032
02/01/2034 589,632.50 -619,114.13 2032 2033
02/01/2035 588,482.50 -617,906.63 2033 2034
02/01/2036 591,322.50 -620,888.63 2034 2035
02/01/2037 592,692.50 -622,327.13 2035 2036
02/01/2038 592,772.50 -622,411.13 2036 2037
02/01/2039 591,522.50 -621,098.63 2037 2038
02/01/2040 588,902.50 -618,347.63 2038 2039
02/01/2041 590,142.50 -619,649.63 2039 2040
Total $8,985,111.78 (130,064.28) $9,297,799.88
Date Total P+I CIF 105% Levy
Tax
Abatement
Levy
Debt Service
Levy Levy Year
Collection
Year
02/01/2026 31,125.79 (31,125.79)-----
02/01/2027 141,567.50 -148,645.88 80,000.00 68,645.88 2025 2026
02/01/2028 138,807.50 -145,747.88 80,000.00 65,747.88 2026 2027
02/01/2029 141,007.50 -148,057.88 85,000.00 63,057.88 2027 2028
02/01/2030 142,990.00 -150,139.50 90,000.00 60,139.50 2028 2029
02/01/2031 139,795.00 -146,784.75 90,000.00 56,784.75 2029 2030
02/01/2032 141,555.00 -148,632.75 95,000.00 53,632.75 2030 2031
02/01/2033 143,087.50 -150,241.88 100,000.00 50,241.88 2031 2032
02/01/2034 139,387.50 -146,356.88 100,000.00 46,356.88 2032 2033
02/01/2035 140,587.50 -147,616.88 105,000.00 42,616.88 2033 2034
02/01/2036 141,492.50 -148,567.13 110,000.00 38,567.13 2034 2035
02/01/2037 142,037.50 -149,139.38 115,000.00 34,139.38 2035 2036
02/01/2038 142,265.00 -149,378.25 120,000.00 29,378.25 2036 2037
02/01/2039 142,165.00 -149,273.25 125,000.00 24,273.25 2037 2038
02/01/2040 141,727.50 -148,813.88 130,000.00 18,813.88 2038 2039
02/01/2041 141,007.50 -148,057.88 135,000.00 13,057.88 2039 2040
Total $2,150,605.79 (31,125.79) $2,225,454.00 $1,560,000.00 $665,454.00
Agenda Page 23
Northland Securities, Inc. Page 7
Tax Abatement (Central Park Improvements)
Date Total P+I CIF 105% Levy
Tax
Abatement
Levy
Debt Service
Levy Levy Year
Collection
Year
02/01/2026 41,592.06 (41,592.06)-----
02/01/2027 187,270.00 -196,633.50 105,000.00 91,633.50 2025 2026
02/01/2028 188,647.50 -198,079.88 110,000.00 88,079.88 2026 2027
02/01/2029 189,797.50 -199,287.38 115,000.00 84,287.38 2027 2028
02/01/2030 190,715.00 -200,250.75 120,000.00 80,250.75 2028 2029
02/01/2031 191,455.00 -201,027.75 125,000.00 76,027.75 2029 2030
02/01/2032 186,955.00 -196,302.75 125,000.00 71,302.75 2030 2031
02/01/2033 187,392.50 -196,762.13 130,000.00 66,762.13 2031 2032
02/01/2034 187,582.50 -196,961.63 135,000.00 61,961.63 2032 2033
02/01/2035 187,452.50 -196,825.13 140,000.00 56,825.13 2033 2034
02/01/2036 186,992.50 -196,342.13 145,000.00 51,342.13 2034 2035
02/01/2037 191,120.00 -200,676.00 155,000.00 45,676.00 2035 2036
02/01/2038 189,687.50 -199,171.88 160,000.00 39,171.88 2036 2037
02/01/2039 187,887.50 -197,281.88 165,000.00 32,281.88 2037 2038
02/01/2040 190,710.00 -200,245.50 175,000.00 25,245.50 2038 2039
02/01/2041 188,010.00 -197,410.50 180,000.00 17,410.50 2039 2040
Total $2,873,267.06 (41,592.06) $2,973,258.75 $2,085,000.00 $888,258.75
Agenda Page 24
Northland Securities, Inc. Page 8
Attachment 3 – Related Considerations
No Bank Qualification
The City’s Bonds will exceed $10,000,000 in par amount. Therefore the Bonds will be designated
as “not bank qualified” obligations pursuant to Federal Tax Law.
Arbitrage Compliance
The Bonds are expected to qualify for the “24-month” exemption related to arbitrage rebate.
The City should become familiar with the various Arbitrage Compliance requirements for this
bond issue. The Resolution for the Bonds prepared by Bond Counsel explains the requirements
in greater detail.
Continuing Disclosure
Type: Full
Dissemination Agent: Northland Securities
The requirements for continuing disclosure are governed by SEC Rule 15c2-12. The primary
requirements of Rule 15c2-12 actually fall on underwriters. The Rule sets forth due diligence
needed prior to the underwriter’s purchase of municipal securities. Part of this requirement is
obtaining commitment from the issuer to provide continuing disclosure. The document
describing the continuing disclosure commitments (the “Undertaking”) is contained in the
Official Statement that will be prepared to offer the Bonds to investors.
The City has more than $10,000,000 of outstanding debt and is required to undertake “full”
continuing disclosure. Full disclosure requires annual posting of the audit and a separate
continuing disclosure report, as well as the reporting of certain “material events.” Material events
set forth in the Rule, including, but not limited to, bond rating changes, call notices, and issuance
of “financial obligations” (such as PFA loans, leases, or bank placements) must be reported within
ten business days of occurrence. The report contains annual financial information and operating
data that “mirrors” material information presented in the Official Statement. The specific contents
of the annual report will be described in the Undertaking that appears in the appendix of the
Official Statement. Northland currently serves as dissemination agent for the City, assisting with
the annual reporting. The information for the Bonds will be incorporated into our reporting.
Premiums
In the current market environment, it is likely that bids received from underwriters will include
premiums. A premium bid occurs when the purchaser pays the City an amount in excess of the
par amount of a maturity in exchange for a higher coupon (interest rate). The use of premiums
reflects the bidder’s view on future market conditions, tax considerations for investors and other
factors. Ultimately, the true interest cost (“TIC”) calculation will determine the lowest bid,
regardless of premium.
A premium bid produces additional funds that can be used in several ways:
• The premium means that the City needs less bond proceeds and can reduce the size of the
issue by the amount of the premium.
• The premium can be deposited in the Construction Fund and used to pay additional
project costs, rather than used to reduce the size of the issue.
• The premium can be deposited in the Debt Service Fund and used to pay principal and
interest.
Agenda Page 25
Northland Securities, Inc. Page 9
Northland will work with City staff on the sale day to determine use of premium (if any).
Rating
A rating will be requested from Moody’s Investors Services (Moody’s). The City’s general
obligation debt is currently rated "Aa2" by Moody’s. The rating process will include a conference
call with the rating analyst. Northland will assist City staff in preparing for and conducting the
rating call.
Agenda Page 26
Northland Securities, Inc. Page 10
Attachment 4 – Calendar of Events
The following checklist of items denotes each milestone activity as well as the members of the
finance team who will have the responsibility to complete it. Please note this proposed timetable
assumes regularly scheduled City Council meetings.
Date Action Responsible Party
February 4 City confirms parcels for Tax Abatement and not to
exceed amount for Tax Abatement Bonds
City confirms not to exceed amount for Street
Reconstruction Bonds
City Staff, Northland
February 5 Notice for Street Reconstruction Public Hearing and
Tax Abatement Public Hearing sent to City
Bond Counsel, Northland
February 6 City submits Notice of Public Hearing to newspaper
Notice for Street Reconstruction Public must be at
least 14 but not more than 28 days before public
hearing date
Notice for Tax Abatement Public Hearing must be
more than 10 days, but not more than 30 days before
public hearing date
City Staff
February 12 Street Reconstruction Plan drafted and sent to City for
review
Bond Counsel, Northland
February 13 Hearing notices published in newspaper City Staff
May 2025 June 2025
Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat
1 2 3 1 2 3 4 5 6 7
4 5 6 7 8 9 10 8 9 10 11 12 13 14
11 12 13 14 15 16 17 15 16 17 18 19 20 21
18 19 20 21 22 23 24 22 23 24 25 26 27 28
25 26 27 28 29 30 31 29 30
July 2025 August 2025
Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5 1 2
6 7 8 9 10 11 12 3 4 5 6 7 8 9
13 14 15 16 17 18 19 10 11 12 13 14 15 16
20 21 22 23 24 25 26 17 18 19 20 21 22 23
27 28 29 30 31 24 25 26 27 28 29 30
31
Holiday
Agenda Page 27
Northland Securities, Inc. Page 11
Date Action Responsible Party
February 24 Set Sale Resolution, Tax Abatement Resolution, Street
Reconstruction Plan Resolution, and Finance Plan
Sent to City
Northland, Bond Counsel
March 3 City Council Holds Public Hearings for Approving
Street Reconstruction Plan and Tax Abatement
Presentation of Finance Plan
Set Sale Resolution Adopted
City Council Action,
Northland, Bond Counsel
April 2 Reverse Referendum Period for Street Reconstruction
Bonds ends
May 20 Preliminary Official Statement Sent to City for Sign
Off and to Rating Agency
Northland, City
Week of June 9 Rating Call Northland, City, Rating
Agency
June 26 Rating Received Northland, City, Rating
Agency
June 30 Awarding Resolution Sent to City
Bond Counsel, Northland
July 7 Bond Sale – 10:30 a.m.
Awarding Resolution Adopted – 7:00 p.m.
City Council Action,
Northland, Bond Counsel
July 29 Closing on the Bonds (Proceeds Available) Northland, City Staff,
Bond Counsel
Agenda Page 28
Northland Securities, Inc. Page 12
Attachment 5 - Risk Factors
Property Taxes: Property tax levies shown in this Finance Plan are based on projected debt service
and other revenues. Final levies will be set based on the results of sale. Levies should be reviewed
annually and adjusted as needed. The debt service levy must be included in the preliminary levy
for annual Truth in Taxation hearings. Future Legislative changes in the property tax system,
including the imposition of levy limits and changes in calculation of property values, would affect
plans for payment of debt service. Delinquent payment of property taxes would reduce revenues
available to pay debt service.
Tax Abatement: The tax abatement levy needs to be calculated annually in accordance with the
abatement resolution. The abatement levy must be included in the preliminary levy used for
annual Truth in Taxation hearings. A tax abatement levy was authorized as a special levy (not
subject to levy limits) under the most recent legislation. Levy limits are not currently enacted. The
status of a tax abatement levy under future levy limitations (if any) cannot be predicted.
Utility Revenues: The City pledges the net revenues of the Water, Sanitary Sewer, and Storm
Sewer utilities to the payment of principal and interest on the Bonds. The failure to adjust rates
and charges as needed and the loss of significant customers will affect available net revenues. If
the net revenues are insufficient, the City is required to levy property taxes or use other revenues
to cover the deficiency. Property taxes can only be used on a temporary basis and may not be an
ongoing source of revenue to pay debt service.
General: In addition to the risks described above, there are certain general risks associated with
the issuance of bonds. These risks include, but are not limited to:
• Failure to comply with covenants in bond resolution.
• Failure to comply with Undertaking for continuing disclosure.
• Failure to comply with IRS regulations, including regulations related to use of the proceeds
and arbitrage/rebate. The IRS regulations govern the ability of the City to issue its bonds as
tax-exempt securities and failure to comply with the IRS regulations may lead to loss of tax-
exemption.
Agenda Page 29
MUNICIPAL ADVISORY SERVICE AGREEMENT
BY AND BETWEEN
THE CITY OF ALBERTVILLE, MINNESOTA
AND
NORTHLAND SECURITIES, INC.
This Agreement is made and entered into by and between the City of Albertville, Minnesota
(hereinafter "Client") and Northland Securities, Inc., of Minneapolis, Minnesota (hereinafter
"Northland").
WITNESSETH
WHEREAS, the Client desires to have Northland provide it with advice on the structure, terms, timing
and other matters related to the issuance of the General Obligation Bonds, Series 2025A (the “Debt”)
serving in the role of municipal (financial) advisor, and
WHEREAS, Northland is a registered municipal advisor with both the Securities and Exchange
Commission (“SEC”) and the Municipal Securities Rulemaking Board (“MSRB”) (registration # 866-
00082-00), and
WHEREAS, Northland will act as municipal advisor in accordance with the duties and responsibilities
of Rule G-42 of the MSRB, and
WHEREAS, the MSRB provides a municipal advisory client brochure on its website (www.msrb.org)
that describes the protections that may be provided by the MSRB rules, including professional
competency, fair dealing, duty of loyalty, remedies for disputes and how to file a complaint with an
appropriate regulatory authority, and
WHEREAS, the Client and Northland are entering into this Agreement to define the municipal
advisory relationship at the earliest opportunity related to the inception of the municipal advisory
relationship for the Debt, and
WHEREAS, Northland desires to furnish services to the Client as hereinafter described,
NOW, THEREFORE, it is agreed by and between the parties as follows:
SERVICES TO BE PROVIDED BY NORTHLAND
Northland shall provide the Client with services necessary to analyze, structure, offer for sale and close
the Debt. The services will be tailored to meet the needs of this engagement and may include:
Planning and Development
1. Assist Client officials to define the scope and the objectives for the Debt.
2. Investigate and consider reasonably feasible financing alternatives.
3. Assist the Client in understanding the material risks, potential benefits, structure and other
characteristics of the recommended plan for the Debt, including issue structure, estimated debt
Agenda Page 30
Municipal Advisory Service Agreement
2
service payments, projected revenues, method of issuance, bond rating, sale timing, and call
provisions.
4. Prepare a schedule of events related to the issuance process.
5. Coordinate with bond counsel any actions needed to authorize the issuance of the Debt.
6. Attend meetings of the Client and other project and bond issue related meetings as needed and as
requested.
Bond Sale
1. Assist the Client with the preparation, review and approval of the preliminary official statement
(POS).
2. Assist the Client and bond counsel with preparing and publishing the Official Notice of Sale if
required by law.
3. Prepare and submit application for bond rating(s) and assist the Client with furnishing the rating
agency(s) with any additional information required to conduct the rating review. Assist the Client
with preparing and conducting the rating call or other presentation.
4. Assist the Client in receiving the bids, compute the accuracy of the bids received, and recommend
to the Client the most favorable bid for award.
5. Coordinate with bond counsel the preparation of required contracts and resolutions.
Post-Sale Support
1. Assist the Client with the preparation of final official statement, distribution to the underwriter
and posting on EMMA.
2. Coordinate the bond issue closing, including making all arrangements for bond printing,
registration, and delivery.
3. Furnish to the Client a complete transcript of the transaction, if not provided by bond counsel.
There are no specific limitations on the scope of this agreement.
COMPENSATION
For providing these services with respect to the Debt, Northland shall be paid a lump sum of $57,465.
The fee due to Northland shall be payable by the Client upon the closing of the Bonds.
Northland agrees to pay the following expenses from its fee:
• Out-of-pocket expenses such as travel, long distance phone, and copy costs.
• Production and distribution of material to rating agencies and/or bond insurance companies.
• Preparation of the bond transcript.
The Client agrees to pay for all other expenses related to the processing of the bond issue(s) including,
but not limited to, the following:
• Engineering and/or architectural fees.
• Publication of legal notices.
• Bond counsel and local attorney fees.
• Fees for various debt certificates.
• The cost of printing Official Statements, if any.
• Client staff expenses.
• Airfare and lodging expenses of one Northland official and Client officials when and if traveling
for rating agency presentations.
• Rating agency fees, if any.
Agenda Page 31
Municipal Advisory Service Agreement
3
• Bond insurance fees, if any.
• Accounting and other related fees.
It is expressly understood that there is no obligation on the part of the Client under the terms of this
Agreement to issue the Debt. If the Debt is not issued, Northland agrees to pay its own expenses and
receive no fee for any municipal advisory services it has rendered pursuant to this Agreement.
CONFLICTS OF INTEREST
Northland, as your Municipal Advisor, mitigates conflicts through its adherence to its fiduciary duty
to the Client, which includes a duty of loyalty to the Client in performing all municipal advisory
activities for the Client. This duty of loyalty obligates Northland to deal honestly and with the utmost
good faith with the Client and to act in the Client’s best interests without regard to our own financial
or other interests. In addition, because Northland is a broker-dealer with significant capital due to the
nature of its overall business, the success and profitability of Northland is not dependent on
maximizing short-term revenue generated from individualized recommendations to its clients but
instead is dependent on long-term profitably built on a foundation of integrity, quality of service and
strict adherence to its fiduciary duty. Furthermore, Northland’s municipal advisory supervisory
structure leverages our long-standing and comprehensive broker-dealer supervisory processes and
practices, and provides strong safeguards against individual representatives of Northland potentially
departing from our regulatory duties due to personal interests. The disclosures below describe, as
applicable, any additional mitigations that may be relevant with respect to any specific conflict
disclosed below.
Northland serves a wide variety of other clients that may from time to time have interests that could
have a direct or indirect impact on the interests of the Client. For example, Northland serves as
Municipal Advisor to other Municipal Advisory clients and, in such cases, owes a regulatory duty to
such other clients just as it does to the Client under this Agreement. These other clients may, from time
to time and depending on the specific circumstances, have competing interests, such as accessing the
new issue market with the most advantageous timing and with limited competition at the time of the
offering. In acting in the interests of its various clients, Northland could potentially face a conflict of
interest arising from these competing client interests. In other cases, as a broker-dealer that engages in
underwritings of new issuances of municipal securities by other municipal entities, the interests of
Northland to achieve a successful and profitable underwriting for its municipal entity underwriting
clients could potentially constitute a conflict of interest if, as in the example above, the municipal
entities that Northland serves as underwriter or municipal advisor have competing interests in seeking
to access the new issue market with the most advantageous timing and with limited competition at
the time of the offering. However, none of these other engagements or relationships would impair
Northland’s ability to fulfill its regulatory duties to the Client.
The compensation for services provided in this Agreement is customary in the municipal securities
market, however, it may pose a conflict of interest. The fees due under this Agreement are in a fixed
amount established at the outset of the Agreement. The amount is usually based upon an analysis by
Client and Northland of, among other things, the expected duration and complexity of the transaction
and the Scope of Services to be performed by Northland. This form of compensation presents a
Agenda Page 32
Municipal Advisory Service Agreement
4
potential conflict of interest because, if the transaction requires more work than originally
contemplated, Northland may suffer a loss. Thus, Northland may recommend less time-consuming
alternatives, or fail to do a thorough analysis of alternatives. This conflict of interest is mitigated by
supervisory policies and procedures to ensure the scope of services within the transaction align with
other comparable engagements. By executing this Agreement, the Client acknowledges and accepts
the potential conflicts of interest posed by the compensation to Northland. Northland does not
participate in any payments to be retained, nor participate in any fee splitting agreements or
arrangements.
Northland is a subsidiary of Northland Capital Holdings, Inc. First National of Nebraska, Inc.
(“FNNI”), is the parent company of Northland Capital Holdings, Inc. and First National Bank of
Omaha.
Under FNNI, Northland and its affiliates are comprised of a securities firm and a commercial bank.
These entities provide investment banking, asset management, financing, financial advisory services
and other commercial and investment banking products and services to a wide range of corporations
and individuals. In addition, Northland and its affiliates currently have, and may in the future have,
investment and commercial banking, trust, and other relationships with parties that may relate to
assets of, or be involved in the issuance of securities and/or instruments by, the Client and its affiliates.
In the ordinary course of their respective businesses, Northland and its affiliates have engaged, and
may in the future engage, in transactions with, and perform services for, the Client and its affiliates for
which they received or will receive customary fees and expenses.
Northland is a broker-dealer that engages in a broad range of securities-related activities to service its
clients, in addition to serving as a Municipal Advisor or Underwriter. Such securities-related activities,
which may include but are not limited to the buying and selling of outstanding securities, including
securities of the Client, may be undertaken on behalf of, or as counterparty to, the Client, and current
or potential investors in the securities of the Client. These other Northland clients may, from time to
time and depending on the specific circumstances, have interests in conflict with those of the Client,
such as when their buying or selling of the Client’s securities may have an adverse effect on the market
for the Client’s securities. However, any potential conflict arising from Northland effecting or
otherwise assisting such other clients in connection with such transactions is mitigated by means of
such activities being engaged in on customary terms through other business units of Northland that
operate independently from Northland’s Municipal Advisory business, thereby reducing or
eliminating the likelihood that the interests of such other clients would have an impact on the services
provided by Northland to the Client under this Agreement. Northland has policies and procedures in
place to ensure that Northland as a broker-dealer or its affiliates are not participating in bidding or
determining market prices for the Client’s transaction that is covered under this Agreement.
Northland Bond Services is a division of First National Bank of Omaha. Northland Bond Services
provides paying agent services to issuers of municipal bonds. The Client is solely responsible for the
decision on the source of paying agent services. Any engagement of Northland Bond Services is
Agenda Page 33
Municipal Advisory Service Agreement
5
outside the scope of this Agreement. No compensation paid to Northland Bond Services is shared with
Northland Securities.
Northland is not aware of any additional material conflicts of interest that could reasonably be
anticipated to impair Northland’s ability to provide advice to or on behalf of the Client in accordance
with the standards of conduct for municipal advisors.
LEGAL AND DISCIPLINARY ACTIONS
The Client can find information about legal or disciplinary events reported by the Securities and
Exchange Commission contained in Form MA or Form MA-I related to Northland at
www.sec.gov/municipal/oms-edgar-links.
SUCCESSORS OR ASSIGNS
The terms and provisions of this Agreement are binding upon and inure to the benefit of the Client
and Northland and their successors or assigns.
TERM OF THIS AGREEMENT
This Agreement may be terminated by thirty (30) days written notice by either the Client or Northland
and it shall terminate sixty (60) days following the closing date related to the issuance of the Debt.
Dated this 3rd day of March, 2025.
Northland Securities, Inc.
By: _________________________________
Tammy Omdal, Managing Director
By: _________________________________
Craig Jones, Managing Director
City of Albertville, Minnesota
By: _________________________________
Its: _________________________________
Agenda Page 34
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL
CITY OF ALBERTVILLE, MINNESOTA
HELD: MARCH 3, 2025
Pursuant to due call and notice thereof, a regular or special meeting of the City Council of
the City of Albertville, Wright County, Minnesota, was duly held at the City Hall on March 3,
2025, at 7:00 P.M. for the purpose in part of authorizing the competitive negotiated sale of the
$14,015,000 General Obligation Bonds, Series 2025A.
The following members were present: ________________________________________
and the following were absent: ______________________________________________
Member _______________ introduced the following resolution and moved its adoption:
CITY OF ALBERTVILLE
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2025-07
RESOLUTION AUTHORIZING THE COMPETITIVE NEGOTIATED SALE OF
GENERAL OBLIGATION BONDS, SERIES 2025A
A. WHEREAS, the City Council of the City of Albertville, Minnesota (the "City"),
has heretofore determined that it is necessary and expedient to issue General Obligation Bonds,
Series 2025A (the "Bonds") to finance street reconstruction projects, burying powerlines, street
lighting, storm sewer, water, and sanitary sewer utility improvements, and park improvements;
and
B. WHEREAS, the City has retained Northland Securities, Inc., in Minneapolis,
Minnesota ("Northland"), as its independent municipal advisor and is therefore authorized to sell
the Bonds by competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60,
Subdivision 2(9); and
C. WHEREAS, the City has retained Taft Stettinius & Hollister LLP, in
Minneapolis, Minnesota as its bond counsel for purposes of this financing.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Albertville,
Minnesota, as follows:
1. Authorization. The City Council hereby authorizes Northland to solicit proposals
for the competitive negotiated sale of the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at the time and place
specified in the Notice of Sale, in substantially the form attached hereto as Attachment A, for the
purpose of considering sealed proposals for and awarding the sale of the Bonds. The Finance
Director, or designee, shall open proposals at the time and place specified in the Notice of Sale.
Agenda Page 35
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 2
3. Notice of Sale. The terms and conditions of the Bonds and the negotiation thereof
are in substantially in the form set forth in the Notice of Sale attached hereto as Attachment A
and hereby approved and made a part hereof.
4. Official Statement. In connection with the competitive negotiated sale of the
Bonds, the Finance Director and other officers or employees of the City are hereby authorized to
cooperate with Northland and participate in the preparation of an official statement for the
Bonds, and to execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Member
_______________ and, after full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof: _________________________________________________
____________________________________________________________________________
and the following voted against the same: __________________________________________
Whereupon the resolution was declared duly passed and adopted.
Adopted by the City Council of the City of Albertville this 3rd day of March 2025.
__________________________________
Jillian Hendrickson, Mayor
ATTEST:
__________________________
Kristine A. Luedke, City Clerk
Agenda Page 36
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 3
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF ALBERTVILLE
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Albertville, Minnesota, DO HEREBY CERTIFY that I have compared the attached and
foregoing extract of minutes with the original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of the City Council duly called and
held on the date therein indicated, insofar as the minutes relate to authorizing the competitive
negotiated sale of the $14,015,000 General Obligation Bonds, Series 2025A.
WITNESS my hand on 3rd day of March 2025.
__________________________________
City Clerk
Agenda Page 37
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 4
ATTACHMENT A
NOTICE OF SALE
$14,015,000 *
GENERAL OBLIGATION BONDS, SERIES 2025A
CITY OF ALBERTVILLE, MINNESOTA
(Book-Entry Only)
NOTICE IS HEREBY GIVEN that these Bonds will be offered for sale according to the following
terms:
TIME AND PLACE:
Proposals (also referred to herein as "bids") will be opened by the City's Finance Director, or
designee, on Monday, July 7, 2025, at 10:30 A.M., CT, at the offices of Northland Securities, Inc.
(the City's "Municipal Advisor"), 150 South 5th Street, Suite 3300, Minneapolis, Minnesota
55402. Consideration of the Proposals for award of the sale will be by the City Council at its
meeting at the City Offices beginning Monday, July 7, 2025 at 7:00 P.M., CT.
SUBMISSION OF PROPOSALS
Proposals may be:
a) submitted to the office of Northland Securities, Inc.,
b) emailed to PublicSale@northlandsecurities.com
c) for proposals submitted prior to the sale, the final price and coupon rates may be submitted
to Northland Securities, Inc. by telephone at 612-851-5900 or 612-851-5915, or
d) submitted electronically.
Notice is hereby given that electronic proposals will be received via PARITY™, or its successor,
in the manner described below, until 10:30 A.M., CT, on Monday, July 7, 2025. Proposals may be
submitted electronically via PARITY™ or its successor, pursuant to this Notice until 10:30 A.M.,
CT, but no Proposal will be received after the time for receiving Proposals specified above. To the
extent any instructions or directions set forth in PARITY™, or its successor, conflict with this
Notice, the terms of this Notice shall control. For further information about PARITY™, or its
successor, potential bidders may contact Northland Securities, Inc. or i-Deal at 1359 Broadway,
2nd floor, New York, NY 10018, telephone 212-849-5021.
Neither the City nor Northland Securities, Inc. assumes any liability if there is a malfunction of
PARITY™ or its successor. All bidders are advised that each Proposal shall be deemed to constitute
a contract between the bidder and the City to purchase the Bonds regardless of the manner in which
the Proposal is submitted.
* The City reserves the right to increase or decrease the principal amount of the Bonds. Any such increase or decrease will be
made in multiples of $5,000 and may be made in any maturity. If any maturity is adjusted, the purchase price will also be adjusted
to maintain the same gross spread.
Agenda Page 38
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 5
BOOK-ENTRY SYSTEM
The Bonds will be issued by means of a book-entry system with no physical distribution of bond
certificates made to the public. The Bonds will be issued in fully registered form and one bond
certificate, representing the aggregate principal amount of the Bonds maturing in each year, will
be registered in the name of Cede & Co. as nominee of Depository Trust Company ("DTC"),
New York, New York, which will act as securities depository of the Bonds.
Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple
thereof of a single maturity through book entries made on the books and records of DTC and its
participants. Principal and interest are payable by the City through Northland Bond Services, a
division of First National Bank of Omaha, Minneapolis, Minnesota (the "Paying
Agent/Registrar"), to DTC, or its nominee as registered owner of the Bonds. Transfer of principal
and interest payments to participants of DTC will be the responsibility of DTC; transfer of
principal and interest payments to beneficial owners by participants will be the responsibility of
such participants and other nominees of beneficial owners. The successful bidder, as a condition
of delivery of the Bonds, will be required to deposit the bond certificates with DTC. The City will
pay reasonable and customary charges for the services of the Paying Agent/Registrar.
DATE OF ORIGINAL ISSUE OF BONDS
Date of Delivery (Estimated to be July 29, 2025)
AUTHORITY/PURPOSE/SECURITY
The Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and 475 and Sections
469.1812 through 469.1815 and 475.58 subdivision 3b, as amended. Proceeds will be used to
finance street reconstruction projects, burying powerlines, street lighting, storm sewer, water, and
sanitary sewer utility improvements, park improvements, and to pay the costs associated with the
issuance of the Bonds. The Bonds are payable from net revenues of the City's storm sewer, water,
and sanitary sewer systems, ad valorem taxes, an annual tax abatement levy and additionally
secured by ad valorem taxes on all taxable property within the City. The full faith and credit of the
City is pledged to their payment and the City has validly obligated itself to levy ad valorem taxes
in the event of any deficiency in the debt service account established for this issue.
INTEREST PAYMENTS
Interest is due semiannually on each February 1 and August 1, commencing February 1, 2026, to
registered owners of the Bonds appearing of record in the Bond Register as of the close of business
on the fifteenth day (whether or not a business day) of the calendar month next preceding such
interest payment date.
Agenda Page 39
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 6
MATURITIES
Principal is due annually on February 1, inclusive, in each of the years and amounts as follows:
Year Amount Year Amount Year Amount Year Amount Year Amount
2027 $715,000 2030 $800,000 2033 $885,000 2036 $990,000 2039 $1,120,000
2028 740,000 2031 820,000 2034 910,000 2037 1,030,000 2040 1,165,000
2029 760,000 2032 845,000 2035 945,000 2038 1,075,000 2041 1,215,000
Proposals for the Bonds may contain a maturity schedule providing for any combination of serial
bonds and term bonds, subject to mandatory redemption, so long as the amount of principal
maturing or subject to mandatory redemption in each year conforms to the maturity schedule set
forth above.
INTEREST RATES
All rates must be in integral multiples of 1/20th or 1/8th of 1%. The rate for any maturity may not
be more than 2.00% less than the rate for any preceding maturity. All Bonds of the same maturity
must bear a single uniform rate from date of issue to maturity.
ESTABLISHMENT OF ISSUE PRICE
(HOLD-THE-OFFERING-PRICE RULE MAY APPLY – BIDS NOT CANCELLABLE)
The winning bidder shall assist the City in establishing the issue price of the Bonds and shall
execute and deliver to the City at closing an "issue price" or similar certificate setting forth the
reasonably expected initial offering price to the public or the sales price or prices of the Bonds,
together with the supporting pricing wires or equivalent communications, substantially in the form
attached hereto as Exhibit A, with such modifications as may be appropriate or necessary, in the
reasonable judgment of the winning bidder, the City and Bond Counsel. All actions to be taken by
the City under this Notice of Sale to establish the issue price of the Bonds may be taken on behalf
of the City by the City's Municipal Advisor and any notice or report to be provided to the City may
be provided to the City's Municipal Advisor.
The City intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining
"competitive sale" for purposes of establishing the issue price of the Bonds) will apply to the initial
sale of the Bonds (the "competitive sale requirements") because:
(1) the City shall disseminate this Notice of Sale to potential underwriters in a manner that is
reasonably designed to reach potential underwriters;
(2) all bidders shall have an equal opportunity to bid;
(3) the City may receive bids from at least three underwriters of municipal bonds who have
established industry reputations for underwriting new issuances of municipal bonds; and
(4) the City anticipates awarding the sale of the Bonds to the bidder who submits a firm offer
to purchase the Bonds at the highest price (or lowest cost), as set forth in this Notice of
Sale.
Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the
purchase of the Bonds, as specified in the bid.
Agenda Page 40
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 7
In the event that the competitive sale requirements are not satisfied, the City shall promptly so
advise the winning bidder. The City may then determine to treat the initial offering price to the
public as of the award date of the Bonds as the issue price of each maturity by imposing on the
winning bidder the Hold-the-Offering-Price Rule as described in the following paragraph (the
"Hold-the-Offering-Price Rule"). Bids will not be subject to cancellation in the event that the City
determines to apply the Hold-the-Offering-Price Rule to the Bonds. Bidders should prepare their
bids on the assumption that the Bonds will be subject to the Hold-the-Offering-Price Rule in
order to establish the issue price of the Bonds.
By submitting a bid, the winning bidder shall (i) confirm that the underwriters have offered or will
offer the Bonds to the public on or before the date of award at the offering price or prices (the
"Initial Offering Price"), or at the corresponding yield or yields, set forth in the bid submitted by
the winning bidder and (ii) agree, on behalf of the underwriters participating in the purchase of the
Bonds, that the underwriters will neither offer nor sell unsold Bonds of any maturity to which the
Hold-the-Offering Price Rule shall apply to any person at a price that is higher than the Initial
Offering Price to the public during the period starting on the award date for the Bonds and ending
on the earlier of the following:
(1) the close of the fifth (5th) business day after the award date; or
(2) the date on which the underwriters have sold at least 10% of a maturity of the Bonds to the
public at a price that is no higher than the Initial Offering Price to the public (the "10%
Test"), at which time only that particular maturity will no longer be subject to the Hold-
the-Offering-Price Rule.
The City acknowledges that, in making the representations set forth above, the winning bidder will
rely on (i) the agreement of each underwriter to comply with the requirements for establishing
issue price of the Bonds, including, but not limited to, its agreement to comply with the Hold-the-
Offering-Price Rule, if applicable to the Bonds, as set forth in an agreement among underwriters
and the related pricing wires, (ii) in the event a selling group has been created in connection with
the initial sale of the Bonds to the public, the agreement of each dealer who is a member of the
selling group to comply with the requirements for establishing issue price of the Bonds, including
but not limited to, its agreement to comply with the Hold-the-Offering-Price Rule, if applicable to
the Bonds, as set forth in a selling group agreement and the related pricing wires, and (iii) in the
event that an underwriter or dealer who is a member of the selling group is a party to a third-party
distribution agreement that was employed in connection with the initial sale of the Bonds to the
public, the agreement of each broker-dealer that is a party to such agreement to comply with the
requirements for establishing issue price of the Bonds, including, but not limited to, its agreement
to comply with the Hold-the-Offering-Price Rule, if applicable to the Bonds, as set forth in the
third-party distribution agreement and the related pricing wires. The City further acknowledges
that each underwriter shall be solely liable for its failure to comply with its agreement regarding
the requirements for establishing issue price of the Bonds, including but not limited to, its
agreement to comply with the Hold-the-Offering-Price Rule, if applicable to the Bonds, and that
no underwriter shall be liable for the failure of any other underwriter, or of any dealer who is a
member of a selling group, or of any broker-dealer that is a party to a third-party distribution
agreement to comply with its corresponding agreement to comply with the requirements for
establishing issue price of the Bonds, including, but not limited to, its agreement to comply with
the Hold-the-Offering-Price Rule if applicable to the Bonds.
Agenda Page 41
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 8
By submitting a bid, each bidder confirms that: (i) any agreement among underwriters, any selling
group agreement and each third-party distribution agreement (to which the bidder is a party)
relating to the initial sale of the Bonds to the public, together with the related pricing wires,
contains or will contain language obligating each underwriter, each dealer who is a member of the
selling group, and each broker-dealer that is a party to such third-party distribution agreement, as
applicable, (A) to comply with the Hold-the-Offering-Price Rule, if applicable if and for so long
as directed by the winning bidder and as set forth in the related pricing wires, (B) to promptly
notify the winning bidder of any sales of Bonds that to its knowledge, are made to a purchaser who
is a related party to an underwriter participating in the initial sale of the Bonds to the public (each
such term being used as defined below), and (C) to acknowledge that, unless otherwise advised by
the underwriter, dealer or broker-dealer, the winning bidder shall assume that each order submitted
by the underwriter, dealer or broker-dealer is a sale to the public, and (ii) any agreement among
underwriters or selling group agreement relating to the initial sale of the Bonds to the public,
together with the related pricing wires, contains or will contain language obligating each
underwriter or dealer that is a party to a third-party distribution agreement to be employed in
connection with the initial sale of the Bonds to the public to require each broker-dealer that is a
party to such retail distribution agreement to comply with the Hold-the-Offering-Price Rule, if
applicable, in each case if and for so long as directed by the winning bidder or the underwriter and
as set forth in the related pricing wires.
Notes: Sales of any Bonds to any person that is a related party to an underwriter participating in
the initial sale of the Bonds to the public (each such term being used as defined below) shall not
constitute sales to the public for purposes of this Notice of Sale. Further, for purposes of this
Notice of Sale:
(1) "public" means any person other than an underwriter or a related party,
(2) "underwriter" means (A) any person that agrees pursuant to a written contract with the
City (or with the lead underwriter to form an underwriting syndicate) to participate in the
initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written
contract directly or indirectly with a person described in clause (A) to participate in the
initial sale of the Bonds to the public (including a member of a selling group or a party to
a third-party distribution agreement participating in the initial sale of the Bonds to the
public).
(3) a purchaser of any of the Bonds is a "related party" to an underwriter if the underwriter
and the purchaser are subject, directly or indirectly, to (A) more than 50% common
ownership of the voting power or the total value of their stock, if both entities are
corporations (including direct ownership by one corporation or another), (B) more than
50% common ownership of their capital interests or profits interests, if both entities are
partnerships (including direct ownership by one partnership of another), or (C) more than
50% common ownership of the value of the outstanding stock of the corporation or the
capital interests or profit interests of the partnership, as applicable, if one entity is a
corporation and the other entity is a partnership (including direct ownership of the
applicable stock or interests by one entity of the other), and
(4) "sale date" means the date that the Bonds are awarded by the City to the winning bidder.
Agenda Page 42
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 9
ADJUSTMENTS TO PRINCIPAL AMOUNT AFTER PROPOSALS
The City reserves the right to increase or decrease the principal amount of the Bonds. Any such
increase or decrease will be made in multiples of $5,000 and may be made in any maturity. If any
maturity is adjusted, the purchase price will also be adjusted to maintain the same gross spread.
Such adjustments shall be made promptly after the sale and prior to the award of Proposals by the
City and shall be at the sole discretion of the City. The successful bidder may not withdraw or
modify its Proposal once submitted to the City for any reason, including post-sale adjustment. Any
adjustment shall be conclusive and shall be binding upon the successful bidder.
OPTIONAL REDEMPTION
Bonds maturing on February 1, 2034 through 2041 are subject to redemption and prepayment at
the option of the City on February 1, 2033 and any date thereafter, at a price of par plus accrued
interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption
is in part, the maturities and principal amounts within each maturity to be redeemed shall be
determined by the City and if only part of the Bonds having a common maturity date are called for
prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds,
but neither the failure to print such numbers on any Bond nor any error with respect thereto shall
constitute cause for a failure or refusal by the successful bidder thereof to accept delivery of and
pay for the Bonds in accordance with terms of the purchase contract. The CUSIP Service Bureau
charge for the assignment of CUSIP identification numbers shall be paid by the successful bidder.
DELIVERY
Delivery of the Bonds will be within thirty days after award, subject to an approving legal opinion
by Taft Stettinius and Hollister, LLP, Bond Counsel. The legal opinion will be paid by the City
and delivery will be anywhere in the continental United States without cost to the successful bidder
at DTC.
TYPE OF PROPOSAL
Proposals of not less than $13,846,820 (98.80%) and accrued interest on the principal sum of
$14,015,000 must be filed with the undersigned prior to the time of sale. Proposals must be
unconditional except as to legality. Proposals for the Bonds should be delivered to Northland
Securities, Inc. and addressed to:
Tina Lannes, Finance Director
5959 Main Avenue NE
PO Box 9
Albertville, Minnesota 55301
Agenda Page 43
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 10
A good faith deposit (the "Deposit") in the amount of $280,300 in the form of a federal wire
transfer (payable to the order of the City) is only required from the apparent winning bidder, and
must be received within two hours after the time stated for the receipt of Proposals. The apparent
winning bidder will receive notification of the wire instructions from the Municipal Advisor
promptly after the sale. If the Deposit is not received from the apparent winning bidder in the time
allotted, the City may choose to reject their Proposal and then proceed to offer the Bonds to the
next lowest bidder based on the terms of their original proposal, so long as said bidder wires funds
for the Deposit amount within two hours of said offer.
The City will retain the Deposit of the successful bidder, the amount of which will be deducted at
settlement and no interest will accrue to the successful bidder. In the event the successful bidder
fails to comply with the accepted Proposal, said amount will be retained by the City. No Proposal
can be withdrawn after the time set for receiving Proposals unless the meeting of the City
scheduled for award of the Bonds is adjourned, recessed, or continued to another date without
award of the Bonds having been made.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The City's computation of the interest rate of each Proposal, in accordance
with customary practice, will be controlling. In the event of a tie, the sale of the Bonds will be
awarded by lot. The City will reserve the right to: (i) waive non-substantive informalities of any
Proposal or of matters relating to the receipt of Proposals and award of the Bonds, (ii) reject all
Proposals without cause, and (iii) reject any Proposal which the City determines to have failed to
comply with the terms herein.
INFORMATION FROM SUCCESSFUL BIDDER
The successful bidder will be required to provide, in a timely manner, certain information relating
to the initial offering price of the Bonds necessary to compute the yield on the Bonds pursuant to
the provisions of the Internal Revenue Code of 1986, as amended.
OFFICIAL STATEMENT
By awarding the Bonds to any underwriter or underwriting syndicate submitting a Proposal
therefor, the City agrees that, no more than seven business days after the date of such award, it
shall provide to the senior managing underwriter of the syndicate to which the Bonds are awarded,
the Final Official Statement in an electronic format as prescribed by the Municipal Securities
Rulemaking Board (MSRB).
FULL CONTINUING DISCLOSURE UNDERTAKING
The City will covenant in the resolution awarding the sale of the Bonds and in a Continuing
Disclosure Undertaking to provide, or cause to be provided, annual financial information,
including audited financial statements of the City, and notices of certain material events, as
required by SEC Rule 15c2-12.
Agenda Page 44
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 11
NOT BANK QUALIFIED
The City will not designate the Bonds as qualified tax-exempt obligations for purposes of Section
265(b)(3) of the Internal Revenue Code of 1986, as amended.
BOND INSURANCE AT UNDERWRITER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the successful bidder, the purchase of any such insurance policy or the
issuance of any such commitment shall be at the sole option and expense of the successful bidder
of the Bonds. Any increase in the costs of issuance of the Bonds resulting from such purchase of
insurance shall be paid by the successful bidder, except that, if the City has requested and received
a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the successful bidder. Failure of the municipal bond
insurer to issue the policy after the Bonds have been awarded to the successful bidder shall not
constitute cause for failure or refusal by the successful bidder to accept delivery on the Bonds.
The City reserves the right to reject any and all Proposals, to waive informalities and to adjourn
the sale.
Dated: March 3, 2025 BY ORDER OF THE ALBERTVILLE CITY COUNCIL
/s/ Tina Lannes
Finance Director
Additional information may be obtained from:
Northland Securities, Inc.
150 South 5th Street, Suite 3300
Minneapolis, Minnesota 55402
Telephone No.: 612-851-5900
Agenda Page 45
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 12
A-12
EXHIBIT A
[FORM OF ISSUE PRICE CERTIFICATE – COMPETITIVE SALE SATISFIED]
The undersigned, on behalf of ______________________________ (the "Underwriter"), hereby certifies
as set forth below with respect to the sale of the General Obligation Bonds, Series 2025A (the "Bonds") of the City
of Albertville, Minnesota (the "Issuer").
1. Reasonably Expected Initial Offering Price.
As of the Sale Date, the reasonably expected initial offering prices of the Bonds to the Public by the
Underwriter are the prices listed in Schedule A (the "Expected Offering Prices"). The Expected Offering Prices
are the prices for the Maturities of the Bonds used by the Underwriter in formulating its bid to purchase the
Bonds. Attached as Schedule B is a true and correct copy of the bid provided by the Underwriter to purchase the
Bonds.
The Underwriter was not given the opportunity to review other bids prior to submitting its bid.
The bid submitted by the Underwriter constituted a firm offer to purchase the Bonds.
2. Defined Terms.
"Maturity" means Bonds with the same credit and payment terms. Bonds with different maturity dates, or
Bonds with the same maturity date but different stated interest rates, are treated as separate Maturities.
"Public" means any person (including an individual, trust, estate, partnership, association, company, or
corporation) other than an Underwriter or a related party to an Underwriter. The term "related party" for purposes
of this certificate generally means any two or more persons who have greater than 50 percent common ownership,
directly or indirectly.
"Sale Date" means the first day on which there is a binding contract in writing for the sale of a Maturity
of the Bonds. The Sale Date of the Bonds is ______________________________.
"Underwriter" means (i) any person that agrees pursuant to a written contract with the Issuer (or with the
lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the Public, and
(ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i)
of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group
or a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public).
The representations set forth in this certificate are limited to factual matters only. Nothing in this
certificate represents the Underwriter's interpretation of any laws, including specifically Sections 103 and 148 of
the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned
understands that the foregoing information will be relied upon by the Issuer with respect to certain of the
representations set forth in the Nonarbitrage Certificate and with respect to compliance with the federal income
tax rules affecting the Bonds, and by Taft Stettinius & Hollister LLP, Bond Counsel in connection with rendering
its opinion that the interest on the Bonds is excluded from gross income for federal income tax purposes, the
preparation of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give to
the Issuer from time to time relating to the Bonds.
Dated: July 29, 2025.
Agenda Page 46
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 13
A-13
[FORM OF ISSUE PRICE CERTIFICATE – HOLD-THE-OFFERING-PRICE RULE APPLIES]
The undersigned, on behalf of ________________________________(the "Underwriter"), on behalf of
itself, hereby certifies as set forth below with respect to the sale and issuance of General Obligation Bonds, Series
2025A (the "Bonds") of the City of Albertville, Minnesota (the "Issuer").
1. Initial Offering Price of the Bonds.
a) The Underwriter offered each Maturity of the Bonds to the Public for purchase at the respective
initial offering prices listed in Schedule A (the "Initial Offering Prices") on or before the Sale Date.
A copy of the pricing wire or equivalent communication for the Bonds is attached to this certificate
as Schedule B.
b) As set forth in the Notice of Sale and bid award, the Underwriter has agreed in writing that, (i) for
each Maturity of the Bonds, it would neither offer nor sell any of the Bonds of such Maturity to
any person at a price that is higher than the Initial Offering Price for such Maturity during the
Holding Period for such Maturity (the "hold-the-offering-price rule"), and (ii) any selling group
agreement shall contain the agreement of each dealer who is a member of the selling group, and
any retail distribution agreement shall contain the agreement of each broker-dealer who is a party
to the retail distribution agreement, to comply with the hold-the-offering-price rule. Pursuant to
such agreement, no Underwriter (as defined below) has offered or sold any Maturity of the Bonds
at a price that is higher than the respective Initial Offering Price for that Maturity of the Bonds
during the Holding Period.
2. Defined Terms.
a) "Holding Period" means, for each Maturity of the Bonds, the period starting on the Sale Date and
ending on the earlier of (i) the close of the fifth business day after the Sale Date
(________________), or (ii) the date on which the Underwriter has sold at least 10% of such
Maturity of the Bonds to the Public at prices that are no higher than the Initial Offering Price for
such Maturity.
b) "Maturity" means Bonds with the same credit and payment terms. Bonds with different maturity
dates, or Bonds with the same maturity date but different stated interest rates, are treated as separate
Maturities.
c) "Public" means any person (including an individual, trust, estate, partnership, association,
company, or corporation) other than an Underwriter or a related party to an Underwriter. The term
"related party" for purposes of this certificate generally means any two or more persons who have
greater than 50 percent common ownership, directly or indirectly.
d) "Sale Date" means the first day on which there is a binding contract in writing for the sale of a
Maturity of the Bonds. The Sale Date of the Bonds is ________________________.
e) "Underwriter" means (i) any person that agrees pursuant to a written contract with the Issuer (or
with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the
Bonds to the Public, and (ii) any person that agrees pursuant to a written contract directly or
indirectly with a person described in clause (i) of this paragraph to participate in the initial sale of
the Bonds to the Public (including a member of a selling group or a party to a retail distribution
agreement participating in the initial sale of the Bonds to the Public).
Agenda Page 47
City of Albertville
Resolution No. 2025-07
Meeting of March 3, 2025
Page 14
A-14
The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate
represents the Representative's interpretation of any laws, including specifically Sections 103 and 148 of the Internal
Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that
the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in
the Nonarbitrage Certificate and with respect to compliance with the federal income tax rules affecting the Bonds,
and by Taft Stettinius & Hollister LLP, Bond Counsel, in connection with rendering its opinion that the interest on
the Bonds is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue
Service Form 8038-G, and other federal income tax advice that it may give to the Issuer from time to time relating
to the Bonds.
Dated: July 29, 2025.
Agenda Page 48
Mayor and Council Request for Action
_____________________________________________________________________________
March 3, 2025
SUBJECT: FIRE DEPARTMENT – PURCHASE OF 2025 FORD F250 4X4 CREW CAB
8' BOX XLT
RECOMMENDATION: It is respectfully requested that the Mayor and City Council consider
the following:
MOTION TO: Authorize the purchase of a new 2025 Ford F250 4X4 Crew Cab 8’ Box XLT,
for the Fire Department, under State Contract; and authorize the purchase and equipping of
emergency equipment and graphic lettering, based on State of Minnesota contract or low quotes,
for a total purchase amount not-to-exceed $70,000.
BACKGROUND: This vehicle will be a replacement for the current Utility #11, which was
purchased in 2011. Utility #11 currently serves as the secondary response vehicle on medical
calls, pulls the UTV and trailer on grass fires, is used to haul dirty fire hose and equipment back
to the Fire Hall after fire calls, and transports AFD members to the fire academy and other
training events.
Once the new Utility #11 has arrived, and outfitted with all emergency response equipment, the
current Utility #11 will be sold.
The Board of Officers is up to date on the current Fire Department CIP and approves of the
purchase of the new Utility #11.
Staff is recommending approval of a vehicle budget not-to-exceed $70,000. Based on the State
contract, the vehicle will be $51,938, and staff believes the cost of outfitting and equipping to be
between $10,000 t o $15,000, and lettering to be approximately $2,500.
KEY ISSUES:
•The current Utility #11 was purchased in 2011.
•The new vehicle order will take approximately three to four months.
•The new vehicle will replace the current Utility #11.
•Once the new Utility #11 has been delivered and outfitted with all emergency response
equipment, the current Utility #11 will be sold.
•The Fire Department Board of Officers recommends the purchase of the new vehicle.
•The purchase of emergency equipment, installation, and lettering will be based on State
of Minnesota contract or by low quote.
POLICY CONSIDERATIONS: It is City policy for the Council to review and approve all
capital purchases and investments.
FINANCIAL CONSIDERATIONS: The cost associated with the vehicle will be funded
through fire department capital reserves and the 2025 capital budget.
Agenda Page 49
Mayor and Council Request for Action – March 3, 2025
Fire – Purchase of New Ford Vehicle Page 2 of 2
LEGAL CONSIDERATIONS: The City has the authority to purchase equipment under the
State of Minnesota contract or by quotes.
Responsible Person: Fire Chief Bullen, Fire Department
Submitted Through: Adam Nafstad, City Administrator-PWD
Supplemental Information:
•Quotes and pricing on file and available upon request
Agenda Page 50
City Administrator’s Update
February 27, 2025
GENERAL ADMINISTRATION
Project Financing: At Monday’s meeting, Tammy Omdal from Northland Securities will be
presenting two public hearings plus the finance plan for potential financing of one or more
City projects. The approval of the Finance Plan, Municipal Advisory Agreement, Street
Reconstruction resolution, Abatement Resolution and Set Sale resolutions does not commit the
City to bonding. The approval of these items set the limit potential bonding.
Joint Governance Meeting: The next Joint Governance meeting with the City of St. Michael and
the STMA School Board is scheduled for Monday, March 31, 2025, at 6 pm at the St. Michael
City Hall.
Spring Newsletter: The Spring newsletter should hit the resident’s mailbox at the end of this
week.
Parks Committee: The Committee and reviewed the Main Avenue NE Improvements, Central
Park Improvements, and discussed other project priorities for Central Park. One of those future
projects is upgrades to the outdoor rink to include pickleball courts. The Committee is planning
for the City’s Park Night Out on Thursday, May 15, 2025.
Custodian/Building Maintenance Positions: Staff is working to fill this position.
Backyard Chickens: Staff will put together information on backyard chickens to be presented at
a meeting this spring.
Code/Zoning Enforcement: The City is working on several properties regarding zoning
ordinance and/or nuisance ordinance violations. Generally, the violations include outdoor
storage of vehicles, materials, and/or equipment, and typically include junk accumulation and
illegal structures.
ENGINEERING/PUBLIC WORKS
Main Avenue Reconstruct: The project is being advertised and bids will be presented at the
first meeting April. Staff will be scheduling resident and business meetings for March and April
and will hold an open house for the public in April.
Central Park Playground: Final design of the park improvements is near complete and the
playground equipment is on order
Public Works Salt Storage: The storage building is on order and scheduled for a May install.
Linwood Park Sport Courts: This project will resume in the spring.
Agenda Page 51
City Administrator’s Update Page 2 of 2 February 27, 2025
City Stormwater Modeling: Staff is working on a grant application for funding to update the
city-wide stormwater model to reflect development that has occurred over the 15 years and
the industry standards for design.
WWTF Improvements: The Contractor is working on system start up.
Generator Improvements: The generator project remains ongoing. The generator and switch
gear for the fire hall are expected to arrive any time and will be set and connected once
received. We have received the control cabinet for the Villas Lift Station but are still waiting for
the generator. Work on Villas Lift Station will need to wait until spring.
Street Capital Improvement Plan: Staff is updating the Street CIP and will present the updated
plan early in the year.
Agenda Page 52