273985 - WHITE - CITV CLERK •D�_1�iR/!1
PINK - - FINANCE �F�1 COUI�CIl I�i �i� �a�y
CANARV - DEPARTMENT G I TY OF SA I NT 1 A U L File NO•
BLUE - MAVOR
. ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1 . On October 23, 1979, the Port Authority of the City of Saint Paul adopted
Resolution No. 1566, giving preliminary approval to the issuance of revenue bonds in the
initial principal amount of approxjmately $595,000 to finance the construction of an
18,000 square foot office and warehouse addition to the Capitol City Distributing Company
facility in Riverview Industrial Park. The lease will be with and be personally guaranteed
by Michael P. Groppoli and wife, Gayle I. Groppoli , and Lauro DiSanto and wife, Lucille F.
DiSanto, with a sublease to Capitql City Distributing Company.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint Paul , shall be issued only with the
consent of the City Council of the City of Saint Paul , by resolution adopted in accordance
with law;
3. The Port Authority of the City of Saint Pau1 has requested that the City Council
give its requisite consent pursuant to said law to facilitate the issuance of said revenue
bonds by the Port Authority of the City of Saint Paul , subject to final approval of the
details of said issue by the Port Authority of the City of Saint Paul .
RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws
of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution
No. 1566, the exact details of which, including, but not limited to, provisions relating
to maturities, interest rates, discount, redemption, and for the issuance of additional
bonds are to be determined by the Port Authority, pursuant to resolution adopted by the
Port Authprity, and the City Council hereby authorizes the issuance of any additional bonds
(including refunding bonds) by the Port Authority, found 'by the Port Authority to be
necessary for carrying out the purposes for which the aforesaid bonds are issued.
COUNC[LMEN
Yeas � Nays � Req�sted by Departm�ent of:
�� c�a-��� [n Favor
—��ezza
Hunt r/
Levine " __ Against BY
Maddox
Show
sCO NOV Ej 1979 Form Approved by City Attorney
Adop by Council: Date `�� `'��p��GCy�'/L�
ertified P� - by C unci ,retary BY
1�1p by lVlavor. Da _ �OV � ,�� Appr e y Mayor for Submis ' n t ncil
�
By. _ �--ti�--V 1-�� BY
��,►SH�9 N 0
� � � � , � �
' � �J �' �i � � i '�' Y
r�+,r���a���
OF THE CITY OF ST. PAUL .
�. Memorondum
TO: BOARD OF C4MMISSIONERS DATE Oct. 16, 1979
(Oct. 23, 1979 Regular Meeting)
f
FROM: J.F. Faue
SUBJECT: CAPITOL CITY DISTRIBUTING COMPANY, INC.
PRELIMINARY & UNDERWRITING AGREEMENT �
�595,000 REVENUE BOND ISSUE
RESOLUTION N0. 1566
1 . THE COMPANY
The company is located at 295 State Street in Riverview Industrial Park
and was financed by a Port Authority revenue bond issue in the amount of
�250,000 dated June 1 , 1975 to construct a 20,000 square foot office/
warehouse on a 105,000 square foot site. The company has been in business
for over 20 years as a distributor of beer and wine. They presently employ
25 people. �
2. TNE PROJECT
� The company proposes to add approximately 18,000 square feet of controlled
environment warehouse along with expanding their office facilities to meet
the demands of their growing business. Their suppliers also require im-
proved storage facilities to insure the high qvality of their product.
3. FINANCING
The expansion is proposed to be financed by the issuance of a $595,000
revenue bond issue to be allocated as follows:
Construction �502,500
Legal & Miscellaneous Expenses 15,000
, � Debt Service Reserve 59,650
Underwriting 17,850
Total $595,000
h9iller & Schroeder Municipals have agreed to underwrite the issue. Consistent
with the terms of the f�irst issue, the principals, Nichael P. Grop�oli ard
Gayle I. Groppoli , and Lauro DiSanto and Lucille F. DiSanto, will rersorally
euarantee the lease and in turn sublease to the company for the full terM
and obligation of the bonds. The total project cost will be �548,C�0. Eond
proceeds vrill. provide $502,500; the difference will be funded by t'�e
principals. Financial statements of the principals and the
' . � .
Board of Commissioners
October 16, 1979�
Page -2-
company are attached. It is noteworthy to compare the 1975 and 1979
projections to the present figures. They are as follows:
PROJECTED YEAR END FIRST 8
1975 1979 1978 MONTHS-1979
Sales �2,600,000 $5,000,000 �4,500,000 $3,500,000
Company Net Income 19,500 50,000 48,600 115,000
Company Net Worth 118,000 303,000
Principals Net Worth 800,000 1 ,900,000
4. TERMS OF THE LEASE
The issue will be for 20 years co-terminous with the present issue and con-
tains a purchase option equal to 10� of the principal amount of the bon�s.
Fiscal and administrative fees for the first 10 years will be $300 per month
or $3,600 annually; the second 10 years, $400 per month or �4,800 annually;
and the remainder of the term, �500 per month or $6,000 annually.
5. RECOMt�1ENDATIONS
Early notice to District 3 was published September 24, 1979. The Port
Authority published notice in the Legal (,edger and the St. Paul Dispatch-
Pioneer Press on 4ctober 5, 1979 as required under the amendment to
Chapter 474. If the project is approved by the Commission, a formal
application will be submitted to the Corr�nissioner of Securities.
The expansion of the company is in keeping with the original plans and
business projections. Staff recommends approval of Resolution No. 1566.
JFF:ca
Httach.
/ .
, . � • . �����+�?�
. . . A.,,,
��� ..� ,.
Resolution No. 1566
RESOLUTION OF .
THE PORT AUTHORITY OF THE CITY OF SAINT PAUL
WHEREAS, the purpose of Chapter 474, Minnesota
Statutes, known as the Minnesota Municipal Industrial Develop-
ment Act (hereinafter called "Act" ) as found and determined by
. the legislature is to promote the welfare of the state by the �
active attraction and encouragement and development of economi-
cally sound industry and commerce to prevent so far .as possible
the emergence of blighted and marginal lands and areas of ' •
chronic unemployment and to aid in the development of existing ' �
areas of blight, marginal land and persistent unemployment; and
WHEREAS, factors necessitating the active promoti�on
and development of economically sound industry and commerce are
the increasing concentration of population in the metropolitan
areas and the rapidly rising in�rease in the amount and cost of
governmental services required to meet the needs of the
increased population and the need for development of land use
which will provide an adequate tax base to finance these
increased costs and access to employment opportunities for such �
� population; and .
WHEREAS, The Port Authority of the City of Saint Paul
(the "Authority") has received from Michael� P. Groppoli, Gayle
I. Groppoli, Lauro DiSanto and Lucille DiSanto (hereinafter .
referred to as "Tenant") a request that the Authority issue its
revenue bonds to finance the expansion of the warehouse and
distribution facilities in the City of St. Paul, which the
Tenant curreritly leases from the Authority pursuant to a lease
dated June 1, 1975 (the "Project") all as is more fully
described in the staff report on file; and
_ - WHEREAS, the Authority desires to facilitate the
selective development of the community, to retain and improve
its tax base and to help it provide the range of services and
employment opportunities required by its population, and said
Project will assist the eity in achieving that objective. Said
Project caill help to increase the assessed valuation of the
City and help maintain a positive relationship between assessed
valuation and debt and enhance the image and reputation of the
City; and �
. . . � � � � � � �`�����
6�TEiEREAS, the Project to be financed by revenue bonds •
will result in" substantial employment opportunities in the
Project; �
WHEREAS, the Authority has been advised by repre-
sentatives of the Company that conventional, cor*imercial .
financing to pay the capital cost of the Project is available �
only on a limited basis and at such high costs of borrowing
that the economic feasibility of operating the Project would be
significantly reduced, but the Company .has also advised this
Authority that with the aid of revenue bond financing, and its
resulting low borrowing cost, the Project is economically more _
feasible; �
WHEREAS, Miller & Schroeder Municipals, Inc. ( the
°Underwriter") has made a proposal in an agreement (the _
"Underwriting Agreement" ) relating to the purchase of the
revenue bonds to be issued to finance the Project;
WHEREAS, the Authority, pursuant to Piinnesota
Statutes, Section 474. 01, Subdivision 7b did place a notice, a ,
copy of which with proof of publication is on file in the
office of the Authority, of • a public hearing on the proposal of �
the Company that the Authority finance the Project hereinbefore
described by the issuance of its industrial revenue bonds; and .
WHEREAS, the Authority did conduct a public hearing
pursuant to said notice at which hearing the recommendations of
the Authority' s staff, as set forth in a staff inemorandum to
the Commissioners, were reviewed and all persons who appeared
' at the hearing were given an opportunity to express their viecvs
. with respect to the proposal. .
NOW, THEREFORE, BE IT RESOLVED by the Commissioners ,
. of the Port Authority of the City of Saint Paul, Minnesota as
follows:
1. On the basis of information available to the
Authority it appears, and the Authority hereby finds, that said
Project constitutes properties, used or useful in connection
with one or more revenue producing enterprises engaged in any
business within the meaning of Subdivision 1 of Section 474. 02 .
of the Act; that the Project furthers the purposes stated in
. Section 474. 01 of the Act, that the availability of the
� financing under the Act and willingness of the Authority to
furnish such financing will be a substantial inducement to the
Company to undertake the Project, and that the effect of the
Project, if undertaken, will be to encourage the development of
economically sound industry and commerce and assist in the
prevention of the emergence of blighted and marginal land, and
- . . . ������ .
will help to prevent chronic unemployment, and will help the
City to �retain and improve its tax base and provide the range
of services and employment opportunities required by its
population, and will help to prevent the movement of talen'ted - �
and educated persons out of the state and to areas within the
state where their services may not be as effectively used and ,
will result in more intensive develo�nent and use of land
within the City and will eventually result in an increase in
the City' s tax base; and that it is in the best� interests of
the_ port district and the people of the City of Saint Paul and
� in furtherance of the general plan of developmerlt to assist the
� Company in financing the Project. •
2. Subject to the mutual agreement of the Authority,
� the Company and the purchaser of the revenue bonds as to the
details of the amendment to lease an� otner documents necessary
to evidence and effect the financing of the Project and the
issuance of the revenue bonds, the Project is hereby approved
and authorized and the issuance of revenue bonds of the
Authority (which may be in the form of a single note) in an
amount not to exceed approximately $595,000 (other than such •
additional revenue bonds as are neeced to complete the Project)
is authorized to finance the costs of the Project and the
recommendations of the Authority' s staff, as set forth in the �
staff inemorandum to the Commissioners which was presented to
the Commissioners, are incorporated 'nerein by reference and
approved.
3. In accordance with Subdivision 7a of Section
474. 01, Minnesota Statutes, the Executive Vice-President of the
AUTHORITY is hereby authorized and directed to submit the
proposal for the above described Project to the Commissioner of
Securities, requesting his approval, and other officers,
employees and agents of the AUTHORITY are hereby authorized to
provide the Commissioner with such preliminary information as
he may require.
4. There has heretofore been filed with the
Authority a form of Preliminary Agreement bet��een the Authority
and Company, relating to the proposed construction and
financing of the Project and a forM of the Underwriting
Agreement. The form of said Agreements have been examined by
� the Commissioners. It is the purpos° of said Agreements to
evidence the commitment of the parties and their intentions
with respect to the proposed Project in order that the Company
may proceed without delay with the comr,encement of the
acquisition, installation and construction of the Project with
the assurance that there has been sufficient "official action"
uncier Section 103(b) of the Internal Revenue Code of 1954, as
amended, to allow for t�e issuance of industrial revenue bonds
. • .
to finance the entire cost of .the Project upon agreement being
reached as to the ultimate details of the Project and its
financing. Said Agreements are hereby approved, ancl the
President and Secretary of the Authority are hereby authorized
and directed to execute said Agreements.
5. Upon execntion of the Preliminary Agreement by
the Company, the staff of the Authority are authorized and
directed to continue negotiations with the Company so as to
resolve the remaining issues necessary to the preparation of
the amendment to lease and other documents necessary to the
adoption by the Authority of its final bond resolution and the
issuance and delivery of the revenue'bonds; provided that the
President (or Vice-President if the President is absent) and
the Secretary (or Assistant Secretary if the Secretary is
absent) of the Authority, or if either of such officers (and
his alternative) are absent, the Treasurer of the Authority in
lieu of such absent officers, are hereby authorized in
accordance with the provisions of Minnesota Statutes, Section
475. 06, Subdivision l, �to accept a final offer of the
Underwriters made by the Underwriters to purchase said bonds •
and to execute an undet�ariting agreement setting forth such
offer on behalf of the Authority. Such acceptance shall bind
the Underwriters to said offer but shall be subject to ap�roval �
and ratification by the Port Authority in a formal supplemental
bond resolution to be adopted prior to the delivery of said
revenue bonds.
6. The revenue bonds and interest thereon shall not
constitute an indebtedness of the Authority or the City of
Saint Paul within the meaning of any constitutional or
statutory limitation and shall not constitute or give rise to a
pecuniary liability of the Authority or the City or a charge
against their general credit or taxing powers and neither the
full faith and credit nor the taxing powers of the Authority or �
the City is pledged for the payment of the bonds or interest
thereon.
7. In order to facilitate completion of the revenue
bond" financing herein contemplated, the City Council is hereby
requested to consent, pursuant to Laws of Minnesota, 1976,
Chapter 234, to the issuance of the revenue bonds (inc2uding
any interim note or notes) herein contemplated and any
additional bonds which the Authority may prior to issuance or
from time . to time thereafter deem necessary to complete the
Project or to refund such revenue bonds; and for such purpose
. ` • . . , , - ��'����� .
p 6✓�
the Executive Vice President of the Authority is hereby
authorized and directed to forward to the City Council copies
of this resolution and said Preliminary Agreement and any
additional available information the City Council may request.
8. The actions of the Executive Vice-President of
the Authority in causing public notice of the public hearing
and in describing the general nature of the Project and
estimating the principal amount of bonds to be issued to
finance the Project and in preparing a draft •of the proposed
application to the Commissioner of Securities, State of
P•iinnesota, for approval of the Project, which has been
available for inspection by the public at the office of the
Authority from and after the publication of notice of the
hearing, are in all respects ratified and confirmed.
�
;�/ '
Adopted October 23, 1979 lI
\
Attest ��� � 'C ��,�
' Pr .
The Port , uthority of the City
� of Saint Paul
n•
G
Secretary ! •
' ,
��„� s�c M1s °" �i � '�� � ; �3. � � i'� � �s� RS x ' x� �,a+.�? '��t�r
��y `� "�'� r .* -�� 3 �i� � � a, r � �� y y.�pxS $ e .f � �g,�a.�".����`.��
�,, ; � ; ' �,'r�`."°,�Al.,vt�h ' � � r 4 �F,C. »,ky s p� r�.� ir'��hs ���. ��i,a
�' 'n-},�:°� � � " . °n T` �ti i f � s ,�'z ,�u _ � �,�'i a �`
�K�� • �, :�; � ` �n ��"r {�,�,� t�"4' a
�� � . �-� � ==i r t t ,� ,����,
�' � � � k'� }: ' xt�� �'rb { �'� �r y, `# - . i �d�°�`�
,�..��.� - � + ` c ..• s : ..r� ' y '�=5 �, '"�d'L� s,j�,�t �.§�`
��ik$t -'+,.•: " � �>,y�+s 'i � m ,�s a£- n��" Y�� �
fi�i#' w� ;� -,z r � w t � i9 3 + r e- + � � �,+„ f&G �
��. d � �`� I y f° � n� �,^-� �; v � '�° :+rtt7* �.�' s'����F�
}t' �y � i''? .''� k;� � [. � ' � � f ib�'+ �}w�"-'
"��4y � ��. � T� F ,S ; �e�#`.te �a' i�.
5 '� ���
��" '' '` , R _ _ '�' J1 tr q� �5:� t�.<,{ ,�'1`��,m�:��-
��� ,} > *},�f � � Y � '�� � '���. K ,£�rt��
r
��g�' c ` � � �F `��` ' �"',�„a ��; �f h. ������+. 4"��` ,
��,r ,� rf ,xC�� +i �y X^t v$ � � S'���i�r�r'q:�+a <.
y n-
, ��°�' �'�
��� � 1 �� � � � �� � � �r��� �
:r y� ,qf
� � � ( {� F 3�'t�4t�* d "�z�t�m��
���i � � � � �. . �� � T - �x 3, �����a iroe'
�� M1 w 1 �� � � � �, � � z f� � 1� ,� � ':
���z�u ; '� � ' f�: �# ', .: sf�4 '`�C^ ",a' xy'$ x`�-a��:, �1'�"�3
� &� "� � r r}��F'."� id.
� r��. k . x � + i'�r ++ a: �+x•:R�,
��'�' � �.� °°` °�' � � r t _ 'ti��F i "'" `�"'..�?f.r � fv����� �,F b ��
�� � �. �: � � � '' .�< .� }
�` �' ,� :'NY �i x �w ��. t rtr r k� i`���.���¢$ �' �:z�"f. �.._..� "2e� �_ .�39 }�� � __ �{3x��%x� ��
.� ,� �. : - - ' �.. r -sr,2. sn��. r'*-' ,��..� t� :L."..,'t s �, :K, :h.�t �^. .
"'P�'y-a"�'° �"7,i,rc; '�Ywx.3��v: iz �,r' �4' �i! �y ��i� :.:� �.:� 9 '.,� r1a��� .�.� � ��c`*6 x°�F�� �P�.� �
,- .Y` �� ;'Y., :i 4�'yb „�'� Y A ���� :...tN�Y ,.'%'i3 t� � +Y, .'ii.i 1
Y
t i�. i � ' " �) � � i i �y.*� ,�s z���,��� r,�, �, �
'`�'�Y d� r e'' i; .r �� 'f-�. `x v - � �. '�`- r 7 lrir i e
���x�x ���� x ;� F 4� �} fr � � ��� � x �� ���Y�� ��
ea aF
�, . '..
���� �U � � �
�p .;; "�. ; 1 '�� r e'z�r �'� x ��Y�'�'���'�Y 1���e'$t ��'
1,� .. .:iIF . � �� S R`� S``i i.
':x � � a r3 ° �'�i ,„ � °�" ,,r _ af"�,z.s�x �
{'�`s + � c ._< w a ,'� °` � � �^ -.. .v �1 ,c{ ��:
e�a� ��� � � ����,' } s-�` �°' t yi �"§ ��T
�� � .� �. 4 Y 4 ik y . }� i} f`"yG .� �� � �.k e
ki �� ��� � 4 � 5 k'k � �� 'S'� �x f t�;. q ��s�..„��.��,`�"����
g� t' ., ' �t _ i, ' a .? i i bd � _ 4p � 4�
�',g�`I 7 ''4 1 �4� z� �M ��f � : 4C : Yy1�'�y <,
� � '� �,1 '1 �,i � t; /�y a����� � ��+�.� T E�3���t� �r ,
r7p (�'
�a� ��.�. ^sar r:� _ '� �j� ��'���,yn�1��`£�.� '�4� � � �r ,����. f 6� '�
�, '�' x
�#�yf ��� ��� ��`� j �,,,. . r r �.e'�- 's�..4 ,i-t`,„ �' .,y�l,� ''� 3' � �ds q;�'�`�Y$�,r��� s
w� '4� .A� I �d
�� !k -ii-` ,^ . _ ��a ''� �}
�Y° �', �" £ -� d�,.�.5�'`+,�
�'3 s,.�'�' �? �.., � , ��
�t{ � ���. �`�
�) '" : Y�a, j - � '� ���
���}*`�,� .�: � � , �w ; f ! :,k �,x �� ,mfi. ��t, i����}�' „�.
�'ir � '������� � ,; 7 �f M rf6up„�+
��}` � ���� ��r ! ,. ' S:i ' } � �-, a.��'������'y.�,,�s��� f �.
`"tad `e i 5 �t a �k F��,'�'t�.'s� fy� �.
�� k :� � " }'� r 4 � j�, 5�4��' e{ �,y'c �}T`P ���a�.1
�" j�,:� d � _ + (' 1 �+ a��� �', � � �;�i 1 a'�s -
�, .�, € . � � �.^� :'� E �,-� e� i K c � -€„� � e
,w �t 4 '� � � '� f � .. 5 � �>
� t ' �� .u, r � u � � � �,a ;a� x �a � '9`-S�'"` -r> b4
$ -- 4 � t- ! ��, ' '� a T'$ ,ro q' v s�q s�,M s.�,,,, �r���� �;"�s
�� .- L 5 C V �� [ . {'E�rv �y.'h�3 y]��('�' % 4_ � ,�, ��,�. } (% �
Y i. I ''t� ^+ . �'1 yA tYy.'9' f 7� ,� S' . � 'S'�J'� 3�Q'C
�..'�t s;� � 4 i' `�cF ;�. `x c* , ,� '� :� �r aw,�.� �..�'�y��r'�`F.��Y'�,�.,�.
����t ���� � .'� , . �: � � � �� -�-4 � � 3 �,t�c� ����, ;3,z� � ���
..F n� "; `r w �*'. r �^ } �. f . sr z g� �y, t� ,y���; �
'��t.� �. t� r : r�� k r ai. �`�'i����°,,,��r',�,'�
'4�y ,�:i , •u,: 2 �s� s �:I `� 'a '°°�r� � �"r. � 4� ,���M1$Ef 7^i`.R �yFf�2`...,�a
�` x a.... +a r: s "'�''� :.�
��,�`s,T`�� �1Y�����°� t•� � f - � - °�� �F "` �����=m �" �".
{ � :a � o "s
s.� ,� �� � _ � " ' .- � _ n r � �y'`x <3�' �,m �f�s�� u� � �'�"'-
���..i +Y�' � F s �qw. _ � s��• �. �� �s�_.
��r3{r �. i�' 6 �' � �� 'R� �� . � � y,. t�r,a'tr-, ,:
3F 6�. s ��R���� ? � + ' �"yk� `� 't;�� "� �..?:
�5�7,%�Y..� �i�.., � " �t��� � � � .�y�,,,� �1$ ,��. � �� t`� �
�. s�R � i. �+ � � ''i�'"' � 3,�
�� . ���
} � s ����•-�, � a � ,�
'�a-d� S Y � 7 .
f�t�"° ...A ��. � r s .K�� �"^i� �`� f✓r r T
� € "',z ��'�' � .:"�. ,,, F x '� �
��m .t�.v � {: � ��lS o�, ,�'��a�� ;t � 4 r a ;-�F§� y�, ::�t s's�r `'xr �"��� ,�`'.,n-
+.. ��t�y- 'a �x a�:.- a �:, Y �, � a A- � ��s k a � -
� +� � ..�.§trri� f l r a � �!v ?g s a � t .� � '��g".S�� 4��r.,
7 , '�R x v a � s �a I 1
� ' ;�-�"�^s " �3 �. � a; �,�'t ,�- �� r�'at�f��.,�r`�
� # � ��z N� v�,s E ` � ,� � �� �tr�j "4 r�i��
�
�..a�ei ,F� r.� .�':, i�� �+'� :.� 3��� � *� ' ��$r� ��. ''� �'�✓��,�'n+�€����t��"�;��4�',�,�
� � � + �. _ � i� .. � a 4 s�� � �� � i a'`�� {'4�S�k�,'� "i''�,.
� .t n� .,� } '�� � �?� � x�'�
� � ',F j ':S. F�. '�:e t ,'t 7t ,pp r� ��,�Yy ,�� � F:� 4 Sk y, r`, rt ��y+Y &���c
��7.� t -�, � .� v a c� � �'��� y�atk� y .� �' 4 �r+wg
� }'��v.� '� ` i�. � �c �: F�� � � r �e� _ ,��r ���.,��a �Y.'�
�ig . S d 3 � r Y � �y `: �, �.�� �+, r
'�^ x,�..a ,.� r h: i � � ..t�x e t, �`* � -, tf-���� �'�fbt�
�f,�.+ �, { ��!4� �� :.,x ., 3 �.t n, [ a���°�'a�g �;a � �,g� _ "� �� '�'�.���,k.'`
�,P 'g t'*� . �. ��,x �r� z� b a'' 2 �� ' - ' ti .w-�' �y�Y"�
-�, - ' �k °4?,�'L�`�' 7. . � ����y k � k�e,c.r� �v ,�'
��j �y����t . � `. t �, t ��� � �� n`'mtf �-�'� � Y �� ' -��r't�+a����"����
� '2 � � Y N i� 2 � . 7�,4 $� N �h.F`� � `"�
��;`4�''r�,;"r r> s �f �� >': t .�� � r i t-� �Y� L �t �4�������
*h'���+�� i .7' �.T,�1 ; `c� ��- F Y' i ��' .�� t� {;���'��a��''?q��,.
'�'� . , y , {; � � � �. i p t��,. n nt��:,� 'L b..;�'�€�a
�yj � t ; 3j r*,t �� V �� ''� � � �4t?t "� �� �Y��g�'��. 5�+���`} ��f�".xt�'� H<�'': .
���� �,�«s x-.,� - �r � ,�� ; � 3 � J � k�� c �a ��,°s .s�, � �'�� �,"� "�
�,'��' ��' � 'S ` � x �.�� ; � p :��. 'P 1�, „3.`s��i �' r fs�`���
�-�k t- 4 � -<-a Y q t� r M N, r �z�k`� � a�^ i .r .�,4 '��
'� L 5 S 1 4
���_jr .� '^ -�� �t � ;�3��,,,��,F § t �'�"�qckE,� '_.3 ��o �',� �s t�'���-.„��'� ° ���,
�� �a�".L �� �,, � , ,� f� �' '�` ��'.w�t i� ; � _� �$�yr # g� ��
���x $_� l i ,p� : �.i Sf ��Sl � xsR���? s'. .- f� ��'i�-�'��„����� q�
Y r
4 �-} � ; '�� }, + �#�. `k i r. +y sx, '��
� � �E 4 � 1 t z z �`s.;�,��"r. ;� `_� ':��'
.�.,s.,,�.. .. ''+ , . . _ . , . . ._ . . . .. . . , .,. ...�.,...„x.`..�3, . . _ ,..... � .��.t_xw�.� µ z s�x