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273515 M�HITE - UTV CLERK PINK - FINANCE G I TY O F SA I NT PA U L Council CANARV - OEPARTMENT BLUE - MAVOR File NO. '�� Council Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On June 18, 1974, the Port Authority of the City of Saint Paui adopted Resolution No. 901 , giving preliminary approval to the issuance of revenue bonds in the initial principaT amount not to exceed $230,000 to finance the construc�Cion of a 10,000 square foot manufactur- ing facility in Riverview Industrial Park for Rood Tool Company. 2, on July 24, 1979, the Port Authority of �he City of Saint Paul adopted Resolu�ion No. 15�1 , giving pre1iminary approval to the issuance of revenue bonds in the initial principal amount of approximately $415,000 for the purpose of financing the construction bf a 20,000 square foot manufacturing addition to the Rood Tool Co, facility in Riverview Industrial Park. 3. 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; 4. The Port Authority of the City of Saint Paul 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 �he ` aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. }�21 , 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 Authority, 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 �Che aforesaid bonds are issued. COUNCILMEN Yeas Nays Requested by Department of: �� _ '� [n Favor Hozza Hunt -�euiae. __�,�__ A ga i n s t BY Maddox S r edesco 4 1979 Form Approved by City Attorney opted by Co cil: Date T Q � Certifie assed by cil Secret BY � � Approv d by : � : D __.�tlC�16 1979 Appr v y Mayor for Sub i t Council By� - -- By �.1SWED AU G 2 51979 , : ,�� ,� . . _ .- ._ OM Ol : 12/1975 ' ' - _ �� Rev. . 9/8/76 . T - . -. . . . . ... _ _ . . . ... -z�ir� .. � . � ' . . . � . . . . . .._ .. ..-_ ... . . ... .... .. . � . , _ :� ; EXPLANATION OF�ADMIN ISTRATIVE ORDERS, ��.`� � .��":-` ;.., ,:: � RESOLUTIONS, AND ORDINANCES ' �- �� . .��, - . - ' ,.. __ ; :�;,,. �� <.«�,. r«�� = � . s ,� ; , . .i� . . .;, _ . . � .w � ., , - J Y • ` . r > .��.. . . . •: -.. -t'_"�.., ° �.-� -. 'r"i'�s. e�,t_4�t;K�!'�:;W'???��',�` � '�',��,�'�'�"'Am�..�q r' :Xa�',c�,;�s•"��.�'t �'?�,iJ� s�.+at��i!a . .`..,�,tiiC. w�.... �,: ,�t� -. . .. .. . � � . . t � �{ `£'S` l�i°TA��h`'"CY iy RF �.F�' �X Date: July 24, 1979 . � . ' , "s _ :�Y�*,�.'�24.�Y a:e�a :,�� ...L . _ . . _ . . . � __ �`' .' � ' /bc , _ . . s i'" . .�� ,,. �`ti . ^ �. ..,= %++�'�'.; at`w-�� jr - _ .. _ � ,r+ ~ is� +e.r.�t.. �, .;.g ��•...ti. � �'.�: _ _....... ;�. .� _ �... �� .1�a .es2'=' �� s3�: �'+F� ..w-" .._ r-is� x.,` T0: :MAYO �GEORGE:-LATIMER .� x�;��,�-� :��.� Y - -�� -��- - r -,-. --. _ .... . ,,,..:_ : .. _� ,, ..--.._ .� . � - ' , _. .,.,..._.,:. - � . ,`... :.—.. r. .t. _r��+ ...-;. r n ,.nd�.-__�...-, .._ _ . . .... - , . - f _ t. . , FR� 4 ,v"`'�„^.�KY4�` "^_ie �- ' ' _ � E: a ,� St, `Pau]_ Por�Authora ty, �' .� �.... _ �. _ . - - _ . _ - _- �`'�m -. _ �- �. _ .�.. _- RE: ROOD OL CO:., IN �. €�-�� s _:�' ��"� �r .��sq� _ �.w.��-� x �, '� : _ � . " ,�.. .,� �� ..r: ,_ - ° - : � . . $415 OOO. REVENUE BOND ISSUE;� �� "` -• �. � � .�, �-..• � �` . ��.�-a��. :.�.� - ,� �:a� �( -�" ra-- . "W) ` 4 . � . � � ` � _��: a��a.,�.��Y.�: . . . . .. , . � . . . �:�.. _ . _ � . :" .� .-. . ... . . . . . . . .:.,. . ... .. ....._. .. .:� r F...� .:{ ° .. � .. . . . . , . . ... .. , . . .. �... »4fX.a.-_..��:>_. ......_... .. . :'� ... �. .. :.�.-: . . . . ...,..: ' . . . . . . . . �...:- . ..,��, .,....� ..;... �ryy�.. ,.._ ' _.,... ... . . ,_.... . . .. . � " � ACTION REQUESTED �.z F� nri '� �� : _ � - ,�� .. - - �_ � , � ` '�` .�x ,_�a�� '�� . .. �. ..., In accordance with`the Laws of Minnesota,.`Chapter.234�.�it is requeste�d that the City :�--, Council, bq ResoTution; a draft :copy of. whichr�s attached hereto;�-_approve the issuance � of approzimately $415,000 in revenue:=bonds,,for-the purpose of f.inancing the con- - ti . , struction of a 20,000 square, foot'manufactur�ng addition to the Rood Tool Co. facility � �_ .� in Riverview Industrial Park:-�-� -��,�' ��}��,� ,� °��'� �- � � . _ x::�.� c. r,.. €��h�' +K++,Y ��.�,! . .�.,Y-� ,.r� �n, . . _ , �. .... �, ,,-. .. � .. X� .' .. 3 ^'�` • _ � .�.. .. ._ ..� ... . .; �. .a.. _ .,a t 3 � �> .. .:•.'�'s?�.+lt�"� .or '�' - � .. ,� � .. ..,-� ` : � ..; 4? � s o.:. y _ r�,� � .` �� + .µ'� �e� , ,.. -e �r. ,',:,.,� �� -»x _ * . • .. - �' '�."��wp'�.'° ;s:��"��..��`.`e.'n' tt .�,ni T+�+ �' - .�,�r" . 't N'"^x ,_ . .:'.,` � � � 3 . .. . .. _ ..wA-a < 3�� y ' X . . .. , . � � t=� nyR.��k its, _ . . "' ` t : . ' • .: '.. �L .:_ £`a P .�*.�fi y:: � - . . _ y ,�;.a ; -`.i.. . ',... .. . - :. ` ,n.�a �,�,�� ,Y s ' .:E,.�.r'a� � N �,�� ,�t��. - �. . . , .. . , x -y � �eLf� .a . � �. . . +�"Dr�T t^'� ' s'�S�me*.-� .zs' "��.x�t�7 �r"�"�' ,�< `` e "� . ... . .: . .. s'��x a.:. � �. .� ;:.S:G,n;, �.' �`�y,..� .a+ e -' �`h. n ... o'e�d. "�'„� yw : _ . � PURPOSE AND RATIONALE FOR�THIS ACT3QN,.: '� '�� "�` ` � y ... w�fi. � . .-. .. . � � . ::�fy-YT� . "">. ..i,: .,.. b�:,A+.N. �� . �� yk� �'Mi'.. r�f� - , . .' Z - s+W'`'� s . � �. , . . ':: � . . w: .�:`!.• . ... . r . . : . ' ^Y.�... ..s.�.;w � ' " . ' � '' '.._..��. . . .. . .. : : .. � � �....�: � .. . . .:�.. -. . . . ... .. .:- . The purpose;of the=bond issue is .to.�finance�the.construction of a '20,DOO square foot - manufacturing addition :to ,the �Rood "faol Co:-��fac�lity in Riverview IndustriaT Park.:�::.� �- ' `-: ` Rood Tool Co. presently leases �4,500 .square�feet of space on the fifth`floor of the - _ - Rossmor_ building for4storage and subcontracting the assembly of some of their products ,�� . which are manufactured at Forest Lake: Ai1-�of these: operations.would`be transferred � ; � � to the new facility. Preser�t employment is-45, and Mr. Rood estimates� he wi]1 be ' '- able to expand the work force� to 100 once the addition is completed., � . . _ . :f>.�._ . ;: �.�:� - � ,,. .,� -. � -- ��;�•x.. � . ' ATTACHMENTS: ` : ._. . _ - _ . .��:,. - -�:. ...1 , , .� . _., Staff Memorandum :_, > Draft City Council Resolution � � � Port Authority Resolution No. I521' ' `; � � � -- . , . _ ��. -.. :� � � .�.�. . . . . : w: : . .._ :.. ... ,_ .�.,.. . . . ,�.�..�t:�:.�.. .,.�.,:�;� .. ::.... r .$�...�,� . ..::.:..:.,: .. , ,.� �., . _. .�. .�.� _.�. ' _, . . .�.... ... .:_ .�,� .,,.� _,.; . _�-- _ , _ -.. ._ ... r� k: . .. . ,� _�� . _ :_ . . ;w. . ,_ . .. . - .. . .: ,:a. �.,_.. . . . . _,� .. :�� u : � , _x;� .�.. ,��:,��.��.. =:,,.� . :�. . ,�:� �=-, '{ . . . .�._ . _.�_... . _..,.�.w.r.. .�_ .,. . ._ ._ ,. � .v. . _ _..� . _ �.`.�„_ , � . ' s . P O R T ��,�� AUTHORITY OF THE CITY OF ST. PAUL Memo�andum � TO: Board of Commissio rs DATE: July 20, 1979 Meeting Juiy 24, 1 FROM: D. G. Dunshee ROOD TOOL COMPANY EXPANSION SUB.JEGT: pUBLIC HEARING TO CONSIDER ISSUANCE OF $415,000 OF INDUSTRIAL DEVELOPMENT REVENUE BONDS RESOLUTION N0. 1521 In June 1974, the Port Authority Comnission approved the issuance of $230,000 in industrial development revenue bonds to finance the construction of a 10,000 square foot manufacturing facility in Riverview Industrial Park for Rood Tool Company. At the time of the original proposal , the company indicated to the Commission that the building and site would permit two additional 10,000 square foot additions. Mr. Robert Rood of Rool Tool Company has asked that the Commission consider the issuance of an additional $415,000 in industrial development revenue bonds to finance a 20,000 square foot manufacturing addition. ,5t the time the original building was approved in 1974, the company employed 15 people on one shift. Present employment is 45 and Mr. Rood . estimates that once the addition is completed it will permit him to expand the work force to 100. The proposed bond issue wauld be for a term of 24 years and 11 months commencing September 1 , 1979 and terminating July 31 , 2004, which is the same termination date as the original lease. Under the terms of the proposed bond issu� Mr. Rood would have an option to purchase the addition for 10� of the bond issue cost, or $41 ,500, on the following dates: July 31 , 1984; July 31 , 1989; Ju1y 31 , 1994; July 31 , 1999; and July 31 , 2004. Under the terms of the original lease approved in 1974 the corporation has an option to renew the lease for six 5-year terms at 40°6 of the base rent. We propose six 5-year renewal options at the same percentage as the original lease. Since the date of the original construction corporate sales have doubled to $1 ,300,000, and the net worth of the corporation has increased by more than 140% to $274,508. Proceeds from the bond issue would be as follows: Construction $336,275 Expenses 13,000 Capitalized Interest during Construction 14,525 Debt Service Reserve 38,750 Underwriting 12,450 TOTAL � $415,000 Board of Commissioners . July 20, 1979 Page -2- At the present time Rood Too1 Company is leasing 4,500 square feet on the fifth floor of the Rossmor building for storage and subcontracting the assembly of same of those products which they are manufacturing at Forest Lake. Al1 of these operations wiil be transferred to the new facility which will eliminate the double handling of manufactured products. The new 20,000 square foot addition wiTl be devoted to 13,000 square feet of manufacturing space and 13,000 square feet af warehouse space. One half of the new addition and all of the existing addition is air conditioned. In addition to the earnings on the sinking fund and debt service reserve, there will be a fiscai and administrative fee based on $300 per month for the first 10 years, $400 per month for the second 10 years, and $500 per month for the final 4 years and 11 months. On June 15, 1979, the Port Authority notified District 3 of the proposed expansion. As of this date we have not received any comnents either written or oral regarding the expansion. Under amendments to Chapter 474, approved by the Minnesota Legislature this spring, the Port Authority published notice in the Legal Ledger and the St. Pau1 Dispatch-Pioneer Press on July 7 and 9 respectively that the � proposed project wouid be considered by the Port Authority Commission on Tuesday, July 24, 1979. If the project is approved by the Commission, a formal application will be submitted to the Cor�nissioner of Securities . before the bond issue can be closed, Staff recammends approval . DGD:jmo WHITE - C�TV CLERK PINK - FINANCE G I TY OF SA I NT PA U L Council , C4NARV - OEPARTMENT BLUE - MAVOR File N Co�ncil Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On June 18, 1974, the Port Authority of the City of Saint Paul adopted Resolution No. 901 , giving preliminary approval to the issuance of revenue bonds in the initial principal amount not to exceed $230,000 to finance the construction of a 10,000 square foot manufactur- ing facility in Riverview Industrial Park for Rood Tool Company. 2. on July 24, 1979, the Port Authority of the City of Saint Paul adopted Resolution No. 1521 , giving pre1iminary approval to the issuance of revenue bonds in the initial principal amount of approximately $415,000 for the purpose of financing the construction of a 20,000 square foot manufacturing addition to the Rood Tool Co. facility in Riverview Industriai Park. 3. 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 1aw; 4. The Port Authority of the City af Saint Pau1 has requested that the City Council g.ive its requisite consent pursuant to said law to facilitate the issuance of said revenue bonds by the Port Authority of the City of Saint Pau1 , subject to final approval of the details of said issue by the Port Authority of the City of Sain� Paul . RESOLVED, by the City Council of the City of Saint Pau1 , that in accordance with Laws of Mihnesota i976, 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. 1421 , 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 Authority, 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. COUNCIL;V[EN Requested by Department of: Yeas Nays Butler (n Favor Hozza Hunt Levine Against By Maddox Showalter Tedesco Form Approved by City Attorney Adopted by Council: Date Gertified Passed by Council Secretary BY B�: Approved by �1avor. Date Approved by Mayor for Submission to Council B�� -- - BY �.� ,,. . � � " Resolution No. . 1521 . RESOLUTION OF THE PORT�AUTHORITY OF TAE CITY OF SAINT PAUL � � � WHEREAS, the purpose of Chapter 474, ?�iinnesota � � Statutes, known as .the Minnesota� Municipal Industrial Develop- ment Act (hereinafter called "Act") as found and deternined b� the legislature is to promote the welfare of the state by the � active attraction and encouragement and develoor�ent of economi- cally sound industry and commerce to prevent so far as possible the emergence of blighted� and marginal lanc3s and areas of chronic unemployr�ent and to aid in the development of existing • areas of blight, marginal land and persistent unemployment; and � WHEREAS, factors necessitating the active promotion , and c7evelopment of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for developnent of land nse which will provide an adequate tax base to finance these ' increased costs and acces� to employrient opportunities for such � population; and `' . . WHEREAS, The Port Authority of the City of Saint Paul (the "Authority") has received from Rood Tool Co. , Inc. (hereinafter referred to as "Comp�ny" ) a iequest that the Authority issue its revenue bonds to finance the acquisition, installation a�d cons�ruction of adciitional facilities ( the "Project") to the existing manufacturing plant and premises currently leased by the Company from the Authority in t:�e City � of St. Paul, all .as is more fully described in the staff report on file; and . WHEREAS, the Authority desires to facilitate the selective development of the co;nmunity, to retain and inprove its tax base and to help it provide the rang2 of services and enployment opportunities required by its population, and said Project will assist the City in achieving that objective. Saicl Project will help t� increase the assessed valua�ion of the City and help maintain a positive relationship b�tween assessed valuation and debt and enhance the image ancl reputation of the City; and _ ;' . ' � WHEREAS, the Project to be financed by revenue bonds - will result in substantial employnent opportunities in the , Proj ec t; ��HEREAS, the Authority has been advised by �repre- sentatives of the Company that conventional, corunercial . financing to pay the capital cost of the Project is available only on a limi,ted basis and at such high costs of borro�aing � that the�.economic feasibility of operating the Project would be significantly reduced, but the Company has also aavised this Authority that with the aid of revenue bond financing, and its resulting low borrowing cost, the Project is economically more feasible; � � tiJHEREAS, Miller & Schroeder l9unicipals, Inc. (the "Underwriter") has made a proposal in an agreement �the "Underwriting Agreement"j relating to the nurchase of tne - revenue bonds to be issued to finance the Project; WHEREAS, the Authority, pursuant to i•iinnesota � . Statutes, Section 474. 01, Subdivision 7b did glace 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 revenve bonds; and . WHEREAS, the Authority c3id conduct a public hearing pursuant to said notice at which hearing all p°rsons who appeared at the hearing were given ati opportunity to express their views with respect to the proposal. . NOW, THEREFOREt'' BE IT RESOLVED by _ne Comnissioners � of the Port Authority of the City of Saint Paul, 2�linnesota 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 usef�l in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision la of Section 474. Q2 of the Act; tk�at the Project furthers the ourposes stated in Section 474. 01 of the Act, that the availability of tne � financing under the Act and willingness of the Authority � to furnish such financing cvill be a substantial inducenent to the Company to undertake the Project, and that the effec� of the Project, if undertaken, will be to encourage the development of econonically sound industry and com�, erce and assist in the prevention of the emergence of blighted and narginal land, and � . _... � will help to prevent chronic unemoloyraent, and will help the City to retain and improve its tax base and provide the range of services and emnloyment opportunities required by its population, and will help to prevent the move�ent of talented and educated persons out of the state and to areas within the state where their services nay not be as effectively used and will result in more intensive development and use of land � within the City and will eventually result in an increase in ' t�e City's tax base; and that it is in the best interests of the port district and the people of the City of Saint Pa.ul and in furtherance of the general plan of develo��ent to assist the Company in financing the Project. 2. Subject to the mutual agree�ent of the Authority, the Company and the purchaser of the revenue bonds as to the details of an amendment to the existing lease and other documents necessary to evidence and effect th? 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 in an amovnt not to exceed approximately $420,000 (other than such additional revenue flonds as are needed to complete the Project) is authorized to finance the � costs of the Project. 3. In accordance with S��division 7a of Section 474. 01, t�innesota Statutes, the Executive Vice-President of the AUTHORITY is hereby authorized and oirzcted to submit the proposal for the above described Project to the Commissioner of Securiti�s, requesting his approval, and other officers, employees and ag�nts of the AUTHORITY are hereby authorized to . provide the Commissioner With such prelimina=y information� as he may require. ' . 4. There has heretofore bee� �ile3 with the . Authority a forr.i of Preliminary Agree�ent between the Authority and Co�pany, relating to the proposed cons�ruction and financing of the Project and a fo?� oi th� Un�erwriting Agreement. The form of said Agree�ents have been examinea by the Commissioners. It is the purpose of said Agreenents to evidence the commitment of the parties and �h�ir intentions � with respect to the proposed Projec� in o=der t�at the Company may proceed without delay with th� co.^•..��nce�ent of the acquisition, installation and cons�ruction of the Project with the assurance that there has been sufficient "official action" un82r Section 103 (b) of the Internal Revenue Code of 1954, as � amende�, to allow for the issuancz oi industr?al revenue bonds . ( including, if deerned appropriate, any int�ri� note or no�es to _ �... . ' provide temporary tinancing thereof) to finance the entire cost � of the Project upon agreement being reached as to the ultimate details of. the Project and its financing. Said Ag reements are hereby approved, and the President and Secretary of the Authority are hereby authorized and directed to execute said Agreements. � . 5. �Tpon execution of the Preliminary Agreement by � . the Company, the staff of the Authority are authorized �anc� � directed to cantinue negotiations with the Company so as to � resolve the rer�aining issues necessary to the preparation of the lease amendment 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 Presiden� (or Vice-Presic3ent if the Presiden� is absentj 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 � accorc3ance w�th the provisions of Minnesota �tatutes, Section � 475.06, Subdivision 1, to accept a final offer of the � Underwriters made by the Underwriters to purchase said bonds and to execute an underwriting agreement setting forth such offer on behalf of the Authority. Such acceptance shall bind the Underwriters to said offer but shall be subject to approval and ratification by the Port Authority in a formal suppler�ental bond resolution to be adopteci prior to the delivery of said revenue bonds. ` 6. The revenue bonds ( includin3 any interim note or notes) and interest there,on shall not constitute an � indebtedness of the Autho'rity or the City of Saint Paul within the meaning of any constitLtior�al or statutory limi�ation and . shall not constitute or give rise to a pecuniary liability of the Authority or the City or a charge a�ainst their general credit or taxing powers and neither the full faith and credit nor the taxing powers of the Authority or �h� City is pledged for the payment of the bonds (and interim note or notes) or interest thereon. . 7. �In order to facilitate completion of the revenue bond financing herein contemplated, the City Council is hereby requested to consent, nursuant to Laws of i-ii:�nesota, 1976, Chapter 234, to the issuance of the revenue bonds ( including any interim note or notes) herein contemplated and any additional bonds which the Au�hority may prior to issuan�e or frorn time to time thereafter deem necessary to conplete the - Project or to refund such revenue bonds ; ar�d for such purpose . y . � - � �'��.� . � � � . the Executive Vice President of the AuLhority is hereby , authorized and directed to forward to the City Council copies of this resolution and said Prelininary Agreenent and any additional available information �he City Council may request. 8. The actions of the Executive Vice-President of the Authority in causing public notice of the public hearing - anc3 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 o� Securities, State of Minnesota, for approval of the Project, which has been available for insp2ction 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 July .24, 1979 � � J � / � � � �:/�Gl.r� - Attest ry Pr /� The Por� Authority of the City ' � of Saint Paul � , :��2'GLL� �Secreta _ „ � . r �> ^�E"�'�' T� ; zP'p�6' ,�� i+�,�. �t�r,ti� , i '��c� " � ° � L ` � F } ��'s3 ;; � ,4�*¢. "� � t � a �. 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