City Council Resolution 2019-84EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF MONTICELLO, MINNESOTA
Held: November 25, 2019
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Monticello, Wright County, Minnesota, was duly called to order on November 25, 2019, at
6:30 P.M.
The following members were present: Dav i A So n, Fain (7a jger, 14 i (qar+) &fuwpP
and the following members were absent: NOV14
Member Fad r introduced the following resolution and moved its adoption:
RESOLUTION 2019-84
RESOLUTION CALLING FOR THE PARTIAL REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2011 A
WHEREAS:
A. The City Council of the City of Monticello, Minnesota issued $10,735,000 General
Obligation Refunding Bonds, Series 2011 A, dated October 19, 2011; and
B. All of said bonds maturing or subject to mandatory redemption on February 1, 2021
through 2023, inclusive, are subject to redemption, in whole or in part, and prepayment at the
option of the City on February 1, 2020, and on any date thereafter at par plus accrued interest, all
as provided in the resolution of the City authorizing the issuance of said bonds; and
C. The City deems it desirable and in the best interest of the City to call $840,000 of the
outstanding bonds maturing or subject to mandatory redemption in the years 2021 through 2023,
inclusive, for redemption on February 1, 2020, in accordance with said resolution authorizing the
issuance of said bonds, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota as follows:
1. $840,000 of the General Obligation Refunding Bonds, Series 2011A, dated October
19, 2011, of the City of Monticello, Minnesota, maturing or subject to mandatory redemption in
the years 2021 through 2023, inclusive, shall be redeemed and prepaid on February 1, 2020, at
100% of their principal amount plus accrued interest for each such bond called.
2. The City Administrator is hereby authorized and directed to give mailed notice of call
to the bank where said bonds are payable and said bank shall provide such notice to the holders
of the bonds as may be required by law. Said notice shall be in substantially the attached form.
3. The City Administrator is hereby authorized and directed to deposit with the bank
where said bonds are payable prior to said call date sufficient funds to pay all principal and
interest due on the bonds as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by member
VI and upon a vote taken thereon, the following voted in favor thereof:
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and the following voted against the same: Node,,
ADOPTED BY the Monticello City Council this 25th day of November, 2019.
CITY OF MONTICELLO
.00 Brian Stumpf, ayor
ATTEST:
Unifer *Sceibe1jCity Clerk
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF MONTICELLO
I, the undersigned, being the duly qualified and acting City Administrator of the City of
Monticello, Wright County, Minnesota, DO HEREBY CERTIFY, that I have carefully compared
the preceding extract of minutes of a meeting of the City Council of said City held on the date
therein indicated with the original minutes thereof on file in my office and that the same is a full,
true and correct transcript thereof insofar as said minutes relate to the topic described in the title
of the resolution set forth in the extract.
WITNESS my hand officially and the official seal of the City on November 25, 2019.
City Administrator
(SEAL)
NOTICE OF PARTIAL CALL FOR REDEMPTION
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2011 A
DATED: OCTOBER 19, 2019
CITY OF MONTICELLO, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello, Minnesota,
there have been called for redemption and prepayment on
FEBRUARY 1, 2020
those outstanding bonds of the City designated as General Obligation Refunding Bonds, Series 2011 A,
dated October 19, 2011, maturing or subject to mandatory redemption in the years 2021 through 2023,
inclusive, totaling $840,000 in principal amount and with the following CUSIP numbers:
Maturity -February 1
Original Amount
Called Amount
CUSIP Number
2021
$3959000
$205,000
614468D45
2022
4101000
215,000
614468D52
2023
420,000
420,000
614468D60
The bonds are being called for redemption at a price of 100% of their principal amount plus accrued
interest to February 1, 2020, on which date all interest on said bonds will cease to accrue. Holders of the
bonds hereby called for redemption are requested to present their bonds for payment to Bond Trust
Services Corporation, 3060 Centre Point Drive, Roseville, MN 55113, on or before February 1, 2020.
Dated: November 25, 2019
BY ORDER OF THE CITY COUNCIL
/s/ Jeff O'Neill
City Administrator
Important Notice: In compliance with the Economic Growth and Tax Relief reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of the payment by the redeeming institutions if they are not provided with your social security
number or federal employer identification number, properly certified. This requirement is fulfilled by
submitting a W-9 Form, which may be obtained at a bank or other financial institution.
Additional Information may be obtained from:
NORTHLAND SECURITIES, INC.
150 South 5th Street, Suite 3300
Minneapolis, Minnesota 55402
Attn: Public Finance
Phone: 612-851-5900 or 800-851-2920