City Council Resolution 1999-13RESOLUTION 99-13
Councilmember Bruce Thielen introduced the following resolution and moved its adoption:
RESOLUTION COMPLYING WITH CRITERIA AND
REQUESTING THE DISBURSEMENT OF PROCEEDS
MONTICELLO HRA TEMPORARY PUBLIC PROJECT REVENUE BONDS,
SERIES 1998
WHEREAS, the City Council of the City of Monticello, Minnesota, has adopted Resolution 98-53 (the
"Resolution") authorizing the issuance of the Monticello Housing and Redevelopment Authority's Temporary Public
Project Revenue Bonds, Series 1998 (the "Bonds"), to provide funding for the construction of a community center (the
"Project"); and
WHEREAS, Section 4 of the Resolution sets forth criteria for the disbursement of the proceeds of the Bonds; and
WHEREAS, the construction of the Project commenced in November 1998 and the bond proceeds are needed to
complete the Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello, Minnesota, as follows:
The City Council declares its intent to complete construction of the Community Center project.
2. The City Council declares its intent to appropriate funds for fiscal year 2000 to pay the interest due on the Bonds
(or any bonds issued to refund the Bonds) on August 1, 2000, and February 1, 2001.
3. The City Council declares its intent to refund the Bonds with long-term financing on or before February 11, 2001.
4. Having made the declarations required by the Resolution, the City Council requests that Firstar Trust Company,
acting as the Trustee, authorize the disbursement of bond proceeds pursuant to the Trust Indenture. The City
Administrator is authorized and directed to furnish the Trustee with the information required by the Trust Indenture
to allow the disbursement of funds.
The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Roger Carlson and, after
full discussion thereof and upon a vote being taken thereon, the following Council members voted in favor thereof:
Roger Belsaas, Clint Herbst, Brian Stumpf, Roger Carlson, Bruce Thielen
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
Dated this 22nd day of March, 1999.
Mayo
ATTEST:
od
V
City Administrator